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FEDERAL RESERVE statistical release
Z.7 (788)

[[(
[[

For immediate release
November 23, 1983

FLOW OF FUNDS SUMMARY STATISTICS

Growth of domestic nonfinaneial sector debt in the third quarter slowed to an
annual rate of 9.9 percent, seasonally adjusted, in preliminary flow of funds estimates,
from a 12 percent rate in the second quarter• The principal slowing was in U.S. governm e n t debt, following a 25.4 percent growth rate in the second quarter, but growth in
state and local government debt was also down sharply from its second—quarter surge.
Borrowing by nonfinancial businesses accelerated in the third quarter to a growth rate
of 8.1 percent, the highest since early 1982, and household borrowing continued high.
The dollar volume of borrowing by domestic nonfinancial sectors fell to a
seasonally adjusted annual rate of $492 billion in the third quarter (Table 2), of
which $157 billion was by the U.S. government and $334 billion was private. Total
credit market debt owed by domestic nonfinancial sectors (Table 1) reached an estimated
level of $5080 billion, seasonally adjusted, at the end of the quarter.




Growth Rates of Major Debt Aggregates !y
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)
1978
1979
1980
1981
1982

U.S.
govt.
(2)

— P r i v a t e domestic nonfinancial—
State &
HouseNonfin.
local
Total
holds
business
govts.
(3)
(4)
(5)
(6)

13.0
12.0
9.5
9.6
9.2

9.4
6.0
11.9
11.8
19.4

13.9
13.5
9.0
9.0
6.7

16.9
15.1
8.7
8.2
5.4

12.5
13.2
9.7
11.2
7.1

7.5
7.5
6.9
3.1
11.2

1982-1
II
III
IV

7.7
8.7
9.8
9.3

11.5
13.8
23.4
24.0

6.8
7.4
6.5
5,5

4.7
6.2
4.8
5.7

9.1
7.6
7.8
3.2

5.6
12.4
9.0
16.3

1983-1
II
III

8.8
12.0
9.9

19.8
25.4
14.2

5.9
8.3
8.7

7.0
9.5
9.7

4.2
4.6
8.1

8.3
19.8
6.6

\J

Latest data are preliminary and subject to revision.

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

Financial
sectors

Total

Memo:
Private
financial assets 1 /

1979
1980
1981
1982

12.0
9.5
9.6
9.2

12.5
14.9
13.0
6.6

21.6
13.6
16.2
11.3

13.0
10.2
10.5
9.3

12.0
10.1
11.1
9.1

1983-1
II
III

8.8
12.0
9.9

7.0
9.4
3.3

11.9
8.5
10.2

9.1
11.4
9.7

9.8
10.1
9.4

T7
Holdings of deposits and credit market claims by households, nonfinancial
business and state and local governments.
Explanatory Notes
Growth rates in the summaries above are seasonally adjusted flows from Table 2
divided by seasonally adjusted outstandings 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 nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

Tables 1 and 2 (row)

1
2

1
2

3
4
5
6

5
21
22
20

Debt of domestic residents includes credit market funds raised from both
domestic and foreign sources, while foreign debt represents amounts owed by foreign
financial and nonfinancial entities to U.S. 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.




Z.7 BEL EASE
Credit Market Debt

Credit Barket Debt

Table 1

Summary of Credit market Debt Outstanding
SEASONALLY ADJUSTED LEVELS - IBIL

SEASONALLY ADJUSTED LEVELS - $BIL
TEAB BID
1978
1979

I960

1982
III

1981

1983
II

Ifl

Credit Barket Debt Owed by *onf inancial Sectors

2854.1

3218.1

3604.2

3946-9

4323.8

4501.6

4605.8

4710.1

4813.0

4957.2

Total credit market debt owed by
5080.1 domestic nonfinan. sectors

572.5
564.1
8.4

626.2
619.2
7.0

663.6
658.0
5.6

742.8
737.8
5.0

830.1
825.6
4.5

883.6
879.7
3.9

935.2
931.4
3.8

991.4
987.7
3.7

1040.5
1036.8
3.7

1106.5
1102.9
3.6

1145.8
1142.2
3.6

O.S- Cover*meat
Treasury issues
Agency issues • mortgages

5

2281.5

2591.9

2940.7

3204. 1 3493.7

3618.0

3718.7

3772.6

3850.7

3934.3

Private domestic
nonfimamcial sectors

6
7
8

1572.3
262.9
300.0

1772.0 1985.0
321.6
291.3
338.5
32 1.2

2177.0 2335.4
373.7
351.9
365. 1 387.2

2405.3 2435.5
406.4
394.6
392. 6 398.7

2479.2
424.3
406.0

2525.5
433.9
410.6

2591.3
454.7
416.5

2648.4
462.9
418.0

9
10
11
12
13

1009.4
647.8
109.8
188.0
63.6

1159.6 1324.9
881.5
759.9
119. 1 126.9
233.9
209.7
82.7
70.8

1460.0
978.2
135.8
254.0
92.0

1574.5
1058.9
135.3
278.6
101.7

1618.2
1086.8
137.4
289.3
104.7

1630.3
1096.8
135.5
292.2
105.8

1648.9
1109.7
135.5
296.9
106.9

1680.9
1136.1
140.2
298.1

106.6

1720.1
1165.0
142.7
305.5
106.9

1767.5
1198.3
144.7
316-2
108.4

mortgages
Bone mortgages
flulti-family
resid.
Commercial
Farm

14
15
16
17
18

709.2
248.9
289.1
24.3
146.9

955.6
333.9
383.4
36.5
201.8

1027.1
370.5
388.2
41.7
226.6

1158.3
425.0
412.4
60.9
260.0

1212.7 1235.0
473.3
459.4
424.8
422.0
63.5
64.2
267. 1 273.4

1239.5
478.8
430.7
57.9
272.2

1247.1
480.9
437.7
53.2
275.3

1259.4
480.7
450.1
49.7
279.0

1285.8
484.6
462.3
53.4
285.5

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

3204. 1 3493.7
323.2
313.6
1468.8 1594.2

3618.0
337.9
1637.8

3670.5
345.5
1653.2

3718.7
359.6
1674.4

3772.6
367.0
1706.0

3850.7
385.2
1746.5

3934.3
391.6
1788.7

By borrowing sector:
State • local governments
Bouseholds

19
20
21

1576.3
172.3
393.2
1010.8

1642.3
176.8
407.0
1058.6

1671.8
179.5
411.5
1080.8

1684.8 1699.5
179.3
181.3
417. 1 421.7
1086.4 1098.6

1718.9
179.5
432.9
1106.6

1753.9
181.4
450.1
1122.4

Bonfinancial business
Earn
lonfarn noncorporate
Corporate

22
23
24
25

214.8
54.5
33.0

217.7
57.7
30.2
68.2

226.4
59.9
29.4
74.9

62.2

230.4
60.7
35.6
70.7
63.4

235.8
62.1
36.9
72.6
64.2

foreign credit market debt
237-7 held in O.S.
6 2.5
Bonds
34.9
Bank loans n.e.c.
75.3
Open-market paper
65.1
O.S. Government loans

26
27
28
29
30

4823.5

4936.5

5043.4

5192.9

707.5

722.5

741 .0

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

2
3
4
5

Private financial sectors
Corporate bonds
mortgages
Bank loans n.e.c.
Open-narket paper
Fed. Bone Loan Bank loans

6
7
8
9
10

1

819.9
284.5
337.9
25.4
172.1

2940.7
293.2
1348.9

19
20
21

2281.5
253.6
1004.1

2591.9
272.7
1171.8

22
23
24
25

1023.9
105.6
255.6
662.6

1147.3 1298.5 142 1.7
156.0
141.6
120.3
320. 4 353.7
286.0
912.0
74 1. 1 836.5

26
27
28
29
30

123.9
38.9
27.1
16.1
41.8

31

2978.0

161.9
43.1
46.4
26.6
45.7
3380.0

182.5
47.0
48.7
37.8
49.0
3786.7

209.6
47.8
60.2
48.0
53.6
4156.4

237.0
53.3
64. 1
61.9
57.8
4560.8

68. 1

59.2

4716.4

61.6

Debt capital instruments
Tax-exempt obligations
Corporate bonds

5317.7 Total nonfinan.domestic • fgn

6
7
8
9

10
11

12
13
14
15
16

17
18

31

Credit Market Debt Owed by Financial Sectors

1
2
3
4
5
6
7
8
9
10
11

307.1
145.5
88.2
56.8
.5
161.5
63.7
2.4
26.0
49.2
20.2

381.6
182.6
111.3
70.4
.9
199.1
71.2
2.5
28.8
63.9
32.7

465.3
231.8
135.5
94.8
1.5
233.5
79.0
2.6
28-3
81.8
41.8

528.6
276.6
159.9
114.0
2.7
252.0
86. 1
2.4
27.9
86.6
49.0

614.0

658.9

668.7

686.8

324.0
190.4
129.0
4.6

354-7
202.2
147.5
5.0

371.2
205.4

160.8

388.9
205.4
178.5
5.0

407.9
205.7
197.2
5.0

422.8
204. 1
213.7
5.0

435.8
201.0
229.7
5.0

290.0
85.3
1.9
30.1
107.6
65-2

304.3
84. 7
2.0
32.7
114.6
70.4

297.5

298.0
87.5

299.6
91.3

299.7
93.9

33-3
109. 1

32.2
111.5
62.4

30.7
113.4
59.6

305.2
9 8.0
2.1
31.6
116.0
57.5

5.0

86.2

2.0

33.0
108.8
67.5

2.0

66.0

2.1

2-1

Total credit market debt owed
by financial sectors

12
13
14

307.1
88.7
56-8

381.6
112.2
7 0.4

465.3
137.0
94.8

528.6
162.6
114.0

614.0
195.0
129.0

658.9
207.2
147.5

668.7
210.4

686.8
210.4
178.5

707.5
210.7
197.2

722.5
209.1
213.7

741.0 Total, by sector
206.0
Sponsored credit agencies
229.7
mortgage pools

15
16
17
18
19
20

161.5
5.7
22-4
24.3
97.9
11.3

199.1
5.9
29.5
37.8
116.2
9.7

233-5
6. 1
36.0
50.3
132.7
8.4

252.0
6.3
42.9
57.8
138.9
6.2

290.0
6.2
51.2
73.4
152.9
6.4

304.3
6. 3
56-0
78.0
157.6
6-4

297.5
6.4
52.1
73.4
159.2
6.4

298.0

299.6
7.1
54.6
73.1
158.3
6.4

299.7

305.2
7.0
59.3
69.6
162.8
6.5

160.8

6.8

53.3
70.4

161. 1
6.4

6.8

56.3
71.5
158.6
6.5

Private financial sectors
Connercial banks
Bank affiliates
Savings and loan assns.
Finance conpanies
Beits

1

11
12

13
14
15
16

17
18

19
20

Total Credit market Debt Outstanding, All Sectors, by Type
1 3285.0
2
3
4
5

716.7
262.9
402.6
1012-7

6
7
8
9

289.1
302.1
89-5
209.4

3761.6

4252.0

807. 1 893.2
321.6
291.3
464.4
435.4
1162.9 1328.2
337.9
359.7
115.9
251.3

383.4
410.9
156.2
294. 1

6058.7 Total credit narket debt

5375. 3

5492.2

5623.3

5750.9

1016. 1 1149.1
373.7
351.9
499. 1 525.7
1463.0 1576.9

1232. 9
394. 6
531. 7
1620. 5

1301.0
406.4
542.6
1632.7

1375.0
424.3
553- 4
1651.3

1443. 1 1524-0
454.7
433.9
572.4
562-7
1683.3 1722.5

157 6.3
462.9
578. 5
1769.9

412.4
519.2
230.3
387.6

422. 0
525. 1
246. 8
401. 7

424.8
536.5
240.5
407.6

430. 7
541. 5
241. 9
405.4

450.1
548.3
235-7
407.7

462.3
551. 1
244- 7
413. 0

388.2
458.6
176.3
331.9

LATEST DATA PBEL1HXNABI AID SUBJECT TO BETISIOB




5915.4

4685. 1 5174.8

437.7
548.7
235.5
406.1

1

O.S- Government securities
State amd local obligations
Corporate and foreign bonds
Mortgages

2
3
4
5

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

6
7
8
9

Z.7 RELEASE
Funds fisised in credit Harketa

Funds Raised in Credit Markets

Table 2

Summary of Met Funds Raised in Credit and Equity Harkets
Quarterly Flows

Quarterly Flows

1982

|
IV|

1983
II

II

1982
III

1983
II

I
I¥ |

Met credit Market Borrowing by Honfinancial Sectors
Not seasonally adjusted ($ millions)

1 121,889 117,463

Seasonally adjusted

87,648 136,398 138,355

381.8

442.7

427.0

rates ($ billions) total net borrowing by domestic
413.9
576.5
491.6
nonfinancial sectors

2
3
4

57,643
57,715
-72

61,965
62,088
-123

55,641
55,620
21

46,876
46,951
-75

47,860
47,898
-38

118.3
118.5
-.2

206.5
206.8
-.3

224.4
224.9
-.5

196.3
196.2
.1

264.1
264.4
-.3

157.2
157.4
-.2

U.S. Government
Treasury issues
Agency issues • mortgages

2
3
4

5

64,246

55,498

32,007

89,522

90,495

263.6

236.1

202.5

217.6

312.4

334.4

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

40,142
12,698
5,936
21,508
17,750
-867
3,693
932

47,292 37,871
17,895
6,637
8, 142
3,445
21,255 27,789
15,399 20,329
108
1,403
5,263
5,930
485
127

69,486
22,902
6,243
40,341
28,890
2,419
8,265
767

60,279
8,786
1,323
50,170
37,030
2,074
9,821
1,245

140.6
51.7
10.0
78.9
48.2
2.8
23.5
4.5

146.9
47.4
24.8
74.8
56.6
-3.7
17.3
4.5

185.3
71.3
29.1
84.9
60.5
.3
19.8
4.4

184.3
38.6
18.5
127.2
97.6
5.7
24.9
-1.0

263.2
83.1
23.3
156.7
115.9
9.9
29.4
1.5

228.7
32.8
6.3
189.6
133.0
8.0
42-7
5.7

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

6
7
8
9
10
11
12
13

14
15
16
17
18

24,104
8,206 -5,864
6,339 10,290 -2,651
15,291
8, 993 -5,942
-1,303 -10,602
-226
3,777
-475
2,955

20,036 30,216
12, 835 17,142
2,608
5,761
-1,691
3,049
6,284
4,264

123.0
35.9
68.5
3.6
15. 1

89.2
11.1
55.7
-2.8
25.2

17.2
23.6
21.8
-23.3
-4.9

33.3
28.1
8.5
-18.5
15.2

49.2
49.5
-.9
-14.1
14.7

105.8
49.1
15.6
14.9
26.2

Other debt instruments
Consumer credit
Bank loams m.e.c.
Open-market paper
Other

14
15
16
17
18

19
20
21
22
23
24
25

64,246
8,443
24,913
30,890
2,924
4,934
23,032

89,522
20,336
37,717
31,469
4,286
14,767
12,416

90,495
6,963
48,933
34,599
2,229
15,148
17,222

263.6
40.5
100.0
123.0
10.5
37.8
74.8

236.1
30.4
78.4
127.3
10.8
26.5
90.0

202.5
56.2
93.7
52.7
7.3
23.3
22.0

217.6
29.8
117.4
70.4
-2.9
35.3
38.0

312.4
72.8
162.1
77.4
.8
44.8
31.9

334.4
25.5
168.8
140.0
7.9
68.9
63.3

By borrowing sector:
State+local governments
Households
lonfinancial business
Farm
•onfarm moncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

4,713
3,193
-1,062
130
2,452

5,496
1,385
1,433
1,911
767

3,607
392
-329
2,609
935

13.9
1.7
.2
8.5
3.5

11.9
12.8
-11.2
.5
9.8

15.9
3.2
24.6
-16.8
4.8

21.5
5.5
5.3
7.6
3.1

7.7 Fgn. net borrowing in O.S.
1.6
Bonds
-8.0
Bank loans n.e.c.
10.4
Open-market paper
3.7
O.S. Government loans

26
27
28
29
30

89,869 141,894 141,962

395.8

454.5

429.7

598. 1

499.4 Total domestic plus foreign

31

55,498 32,007
14,318
4,425
31,053 17,641
10,327
9,941
-2, 164
-808
6, 879
6,322
5,612
4,427
6,345
2,207
-764
4,346
556

31 126,602 123,808

2,221
806
4,400
-4,195
1,210

25.3
8.8
-3. 1
17.4
2.2
452.3

Bet Credit market Borrowing by Financial Sectors
1

12,214

14,619

10,728

21,913

22,063

105.9

38.9

58.5

81.6

60.1

74.0

2
3
4
5

19,373
6,093
13,280

16,559
-1,729
18,288

15,518
-3,180
18,698

16,520
476
16,044

16,452
650
15,802

68.4
29.0
39.4

66.0
12.6
53.4

70.9
70.8

76.1
1.5
74.6

59.7
—6.5
66.2

51.7
-12.3
64.0

-4,790
5,393
2,862
2,885
28
28
-1,620 -1,249
-75
4,952
-5,985 -1,223

5,611
3,822
27
166
2,527
-931

37.5
-1. 1
.1
1.2
29.7
7.5

-27.1
6.3
.1
1.3
-23.2
-11.6

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

5.5
14.2
-1
-4.3
9.8
-14.4

.4
10.2
.1
-6.0
7.4
-11.4

22.3
16.4
.1
3.7
10.5
-8.4

38.9
12.6
53.4

58.5
70.8

81.6
1.5
74.6

60.1
-6. 5
66.2

-27.1
.8
-15.7
-18.3
6.1
.1

-12.4
1.4
4.0
-12.1
-5.6
.1

5.5
1.1
5.6
-15.0
13.8
.1

.4
-.9
6.6
— 6.6
1.2
.1

6
7
8
9
10
11

-7, 159 -1,940
1,246
1,786
29
29
-469
1,287
-6,209 -3,401
-1,756 -1,641

12
13
14

12,214
6,093
13,280

14,619
-1,729
18,288

10,728
-3,180
18,698

21,913
476
16,044

22,063
650
15,802

15
16
17
18
19
20

-7,159
189
-3,918
-2,702
-742
14

-1,940
343
1,000
-3,931
635
13

-4,790
277
1,389
-6,023
-447
14

5,393
-234
1,655
-1
3,959
14

5,611
169
3,014
207
2,207
14

105.9
29.0
39.4
37.5
.4
12.7
4.4
19.9
.1

by financial sectors

1

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 loams n.e.c.
Open-market paper
Fed. Borne Loan Bank loans

6
7
8
9
10
11

74.0 Total, by sector
Sponsored credit agencies
-12.3
64.0
mortgage pools

12
13
14

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

15
16
17
18
19
20

22.3
.7
12.1
-7.3
16.8
.1

Total Net Credit market Borrowing, All Sectors, by Type
1 138,816 138, 427 100,597 163,807 164,025
2 77,046 78,555 71,174 63,428 64,326
6,637 22,902
8,786
3 12,698 17,895
7,113 10,513
4 10,375 12,135
5,537
5 21,507 21,253 27,802 40,337 50,183

501.7
186.8
51.7
10.7
78.9

493.4
272.6
47.4
43.8
74.8

510.8
295.4
71.3
43.1
84.9

511.3
272.4
38.6
36.0
127.2

658.1
323.9
83.1
39.1
156.7

11.1
45.7
-25.5
23.4

23.6
19.8
-18.7
-8.6

28.1
28.8
-25.5
5.7

49.5
—1.6
1.0
6.4

6
7
8
9

6,339
13,760
-7,382
4,473

10,290 -2,651
9,516 -3,162
-9,657 -4,496
-1,560 -1,820

12,835
2,792
5, 172
5,828

17,142
5,598
8,185
4,268

35.9
69.8
41.9
26.1

10

16,353

-9,772

12,623

9,058

-11.2

38.4

-9.7

91,518 123,775 129,297
59,511 34,253 38,802

393. 1
129.5

404.2
168.1

436.7
234.2

11 105,536 127,235
12 41,290 71,737

-3,870

573.4 Total net borrowing
209.0
O.S. Government securities
32.8
State • local obligations
24.2
Corporate • foreign bonds
189.6
mortgages
49.1
11.2
35.9
21.5

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

1
2
3
4
5
6
7
8
9

-12.6
47.5
7.3 memo: O.S. Govt, cash balance 10
Totals net of changes in O.S. Govt, cash balances:
426.5
529.0
484.3 Bet borrowing by don. nonfln. 11
208.9
216.6
149.9
By O.S. Government
12

External Corporate Equity Funds Raised im 0. S. markets
1
2
3
4
5

7,156
6,222
934
-265
1,094

16,379
5,822
10,557
8,145
1,092

21,505
11,630
9,875
7,794
1,088

22,048
7,773
14,275
11,321
1,117

11,864
5,947
5,917
4,196
1,109

6

105

1,320

993

1,837

612

LATEST DATA PBE1IAIIARI ADD SOBJECT TO BEVISIO*




31.8
12.2
19.6
15. 1
4. 1
.4

30.0
26.2
3.7
-1.1
4.4

64.0
21.8
42.2
32.6
4.4

82.2
42.7
39.5
31.2
4.4

92.0
34.9
57.1
45.3
4.5

.4

5.3

4.0

7.3

49.0 Total net share issues
25.3
mutual funds
23.7
All other
16.8
lonfinancial corporations
4.4
Financial corporations
Foreign shares
purchased in O.S.
2.4

1
2
3
4
5
6

*.7 1B1EASB
Households

l

Table 3

leaseholds

Sector Statements o| Sating and Investment
S1AS0MAI.LI ADJUSTED A M Oil 1AIES
1981

SEASOMALLX ADJUSTED AMMUAL KATES
1982

|
|

II

1982
XII

|
IV|

I

1983
II

Households, Personal Trusts, and Monprofit Organizations
2763.2 Personal income
400. 1 Personal taxes and nontaxes

1
2

1
2

5119.6
751.6

1951.2
301.0

2165.3
336.5

2435.0
387.4

2578.6
402.1

2563.2
404.2

2591.3
399.8

2632.0 2657.7
401.8
404. 1

2713.6
412.6

3
4
5
6
7
8

4368.1
4095.7
272.4
75.7
2.0
161.2

1650.2
1553.5
96.7
24.4
.9
52.5

1828. 9 2047.6
1718.7 1912.4
135.3
110.2
41.0
35.3
1.8
2.7
39.7
32.8

2176.5
2051.1
125.4
47.2
2.4
35.3

2159.0 2191.5
2031.9 2068.4
123.0
127. 1
48.0
42.8
1.5
2.2
33.1
36.9

2227.8 2255.9
2107.0 2134.2
120.8
121.7
56.4
52.3
2. 1
2.1
36.4
35.5

2301.0 2363.1
2209.5 2247.6
115.5
91.5
54.3
60.1
3.0
3. 1
51.5
50.6

9
10
11

511.2
538.2
1049.4

174.5
206.4
380.9

180.0
233.2
413.3

218.7
252.5
471.2

210.2
268.4
478.6

214.2
264.2
478.4

200.5
269.7
470.2

210.8
278.2
489.0

216.7
285.8
502.4

205.3
292.4
497.7

224.2
300.5
524.7

12
13
14
15
16

1118.6
875.7
268.1
587.7
2-0.0

409.1
331.6
110.9
213.4
7.3

469.8
320.2
96.8
214.7
8.6

539.7
342.5
96.6
236. 1
9.8

575.3
333.4
78.0
244.5
10.9

536.7
332.2
78.4
242.9
10.9

604.4
329.7
75.2
243.4
11.1

611.3
343.6
80.4
252. 1
11. 1

606.6
356.9
87.2
258.5
11.2

548.0
390.8
101.8
277.7
11.3

592.8 Gross investment
Capital expend, net of sales
410.7
Residential construction
114.8
Consumer durable goods
284.5
Monprofit plant and equip.
11.4

17
18

242.8
696.3

77.5
257.9

149.6
277.2

197. 1
320.5

241.9
335.2

204.6
312.6

274.7
359.4

267.7
382. 1

249.7
389.6

157.2
362.8

17
182.1 Met financial investment
Met acq. of financial assets 18
354.3

19

548.8

224.7

217.6

273.3

226.1

195.3

250.6

243.5

243.9

217.1

277.6

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

20
21
22
23
24

409.9
65.0
289.2
46.2
9.5

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

167.9
,22.8
13 5.4
-15.0
24.7

139.0
.5
86.8
11. 1
40.5

194.9
19.8
127.6
-40.6
88.1

242.9
160.3
75.3
45.0
398.6
225.2
-41.9 -125.8
-68. 1 -105.2

151.1
50.6
171.8
-8.5
-62.7

228.5
17.0
158.0
60.0
-6. 5

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

138.9
62.4
6.2
6.7
32.4
31.3

89.9
45.7
10.4
5.7
20.0
6.2

59. 1
32.6
7.0
.6
22.2
-3.2

73.9
48.7
9.4
-8.9
23.1
1.7

58.2
29.5
29.9
-9.4
16.4
-8.2

56.3
22.5
41.6
-30.3
21.6
.9

55.7
10.7
27. 1
10.9
18.2
-11.2

83.2
45.5
36.3
3.8
8.4
-10.9

1.0
.1
22.0
-10.9
-4.8
-5.5

66.0
27.9
68.9
-14.5
-3.5
-12.7

49.1
31.3
18.7
-1.1
-4. 1
4.3

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

-1.8
-12.2

.1
-15.3

5.2
-5. 1

6.8
-38.5

18.6
-15.1

12.2

26.2
-25.8

21.8
-11.8

42.7
-35.1

34.9
-6.2

25.3
-17.5

fluteal fund shares
Other corporate equities

31
32

33
34

35.0
177.0

12.5
55.6

11.5
78.2

10. 1
91.7

14.1
106.3

13.9
106.6

14.6
105.0

14.8
122.4

15.0
130.9

15.3
125.3

15.5
124.3

life insurance reserves
Pension fund reserves

33
34

35
36
37

-74.5
3.4
20.7

-28.8
1.8
7.2

-41.0
5.2
5.6

-27.0
-2.1
6. 1

-24.9
3.3
6.8

-22.1
6.8

-25.7
7.6
6.9

-23.2
7.7
6.9

-18.0
3.2
7.0

-34. 6
4.0
7.1

-79.1
1.3
6.8

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

35
36
37

38
39
40
41
42
43
44
45

453.5
441.5
294.1
3.6
112.0
13.9
8.5
9.3

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

123.4
120.6
78.8
2.3
18.2
5.9
4.3
11. 1

93.3
86.8
56.3
2.6
13. 1
5.2
2.4
7.2

108.1
100.0
47.6
2.7
21.7
14.2
4.9
9.0

84.7
78.4
55.0
2.7
9.2
2.0
.4
9.2

114.4
93.7
57.1
2.6
17.0
6.5
6.0
3.7

139.9
117.4
89.1
2.5
24.2
3.9
-5.0
2.7

205.6
162. 1
106.3
2.5
37.5
12-0
-.3
4.2

172.3
166.8
127.8
2.5
42.4
6.7
-14.7
4.2

let increase in liabilities
Credit narket instruments
Home mortgages
Other mortgages
Installment cons, credit
Cther consumer credit
Bank loans n.e.c.
Other loans

38
39
40
41
42
43
44
45

46
47
48

4.9
4.2
2.9

1.0
1.7
1.3

6.5
2.3
1.2

-1.6
2.7
1.8

3.3
2.4
.8

5.0
2.3
.7

3.3
2.3
.6

17.5
2.5
.7

9.0
12.6
.8

29.9
12.7
.9

9.7
-7.3
1.0

49

-69.1

-28.2

-56.5

-68.4

-96.7

-58.4

-134.3

-122.3

-104.2

-50.2

=

*

Disposable personal income
Personal outlays
Personal saving, MIA basis
Credits from govt, insnrance
Capital gains dividends
Met durables in consumption
Met saving
Capital consumption
Gross saving

Security credit
Trade debt
Miscellaneous

-68. 1 Discrepancy

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

46
47
48
49

(1) Excludes corporate equities.
Memoranda:

50
51
52
53
54
55

268.1
12.6
255.5
95.5
294.1
-121.6

110.9
5.0
105.9
39.1
121.2
-49.4

96.8
4.5
92.4
44. 1
98.3
-45.5

96.6
4.9
91.7
48.3
78.8
-30.4

78.0
4.8
73.2
50.9
56.3
-29.2

78.4
5.1
73.3
49.9
47.6
-19. 1

75.2
4.7
70.6
51.0
55.0
-30.8

80.4
4.7
75.7
53.0
57.7
-30.3

87.2
5.6
81.5
54.7
89.1
-56.7

101.8
5.9
95.8
56.2
106.3
-60.7

Met physical investment:
(A) Residential construction
114.8
Expenditures
6.0
Bobile homes
108.8
Other
58.0
- Capital consumption
127.8
- Home mortgages
-71.0
= Excess net investment

50
51
52
53
5*
55

56
57
58

587.7
426.5
161.2

213.4
160.9
52.5

214.7
182.0
32.8

236.1
196.4
39.7

244.5
209.2
35.3

242.9
206. 1
36.9

243.4
210.3
33.1

252.1
216.5
35.5

258.5
222.1
36.4

277.7
227.1
50.6

(B) Consumer durables
284.5
Expenditures
233.0
- Capital consumption
51.5
= Met investment

56
57
58

59
60

125,9
35.2

45.4
7.1

4.9
27.9

24. 1
15.6

18.3
16.9

35.9
1.0

11.1
21.9

23.6
12.0

28.1
8.3

*9.5
1.1

49.1
2.4

- Consumer credit
= Excess net investment

59
60

61
62
63
64

20.0
16.2
3.6
.2

7.3
6.3
1.5
-.6

8.6
7.2
1.9
-.6

9.8
7.8
2.3
-.4

10.9
8.3
2.6
-.1

10.9
8.2
2.7

11.1
8.4
2.7

11. 1

11.2

*

*

11.3
9.1
2.5
-_3

(C) Monprofit plant and equip.
11.4
Expenditures
9.4
- Capital consunption
2-5
- Monprofit mortgages
-.6
= Excess net investnent

61
62
63
64

14.5 Effective tax rate
4.9 Saving rate, MIA basis

8.7

2.6
-.2

8.9
2.5
-.2

Per cent ratios:
65
66

15.4
5.9

15.5
6.0

15.9
6.6

15.6
5.8

15.8
5.9

15.4
5.6

15.4
5.4

15. 1
5.4

15.2
4.0

22.7

14.7
6.2

22.1

22.5

21.5

21.7

21.0

21.4

21.7

21.1

21.7 Gross saving

15.0
14.2
4.9
4.5

14.7
16.1
3.8
3.5

15. 1
16.7
5.0
4. 1

15.4

16.5
15.3
8.7
6.9

17.0
14.6
7.1
7.0

65
66

Per cent of disposable income adj. (2):
67

23.6

68
69
70
71

19.7
15.7
10.2
9.9

19.8
15.4
10.8
10.5

17.2
14.9
6.8
6.3

16.4
15.3
5.9
5.8

15.0
15.1
4.2
3.9

12

4445.e

1675.5

1865.9

2091.3

2226.0

LATSSf M f A PBS1IBIMA8T AMD SUBJECT TO BEfXSIOM




16.8
6.0
5.1

Capital expenditures
Acquisition of tinan. assets
Met increase in liabilities
Credit market, borrowing

68
69
70
71

2209.2 2235.8 2282.3 2314.5 2364.2 2420.4 (2) Disposable income adj.
72
(MIA disposable income • govt, insurance credits • capital gains divid.)

ionfinancial Corporate Easiness

Hoofioancial corporate Business

Table 4
Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL BATES

SEASOIALLI ADJUSTED ANBUAL BATES
1982
III

1983
II

I
1*1

Nonfinancial Corporate Business, Excluding Fares
516.5
196.8
140.9
178.8

190.9
68.9
54.7
67.3

177.4
66.7
61.7
49. 0

-38.9
381.2
31.4
552.5

-13.7
147.7
15.1
216.4

-14.3
167.8

9
SO
11

23.6
-62.1
513.9

15.5
-43.1

12
13
14
15
16
17
18
19

459. 7
578.3
507.6
49 8.6
4.0
5.0
61.9

189.8
219.4
205.7
203.9
-. 8
9.0
4.7

2.5
-3.2
5.0

20
21

-118.6
234.9

-29.7
127.3

22
23
24
25
26

33.4
9.5
11.6
10.9
6.4

27
28
29

-9.6
-.8
5.4

30
31
32
33
34
35

182.6
65.3
67.6
49.7

131.4
41.3
71.1
19.0

136.5
43.7
70.0
22.9

134.4
42.1
71.6
20.7

117.9
33.6
72.6
11.6

119.6
41.9
73.9
3.8

149.0
55. 1
74.5
19.4

173.7
64.0
76.1
33.4

Doeestic andist. profits

220.7

18.2

189.7
14.4
245.0

207.3
14.2
241.3

— 1.6
205.7
14.5
241.5

2.0
209.6
13.3
245.7

6.5
212.4
13.6
244. 1

15.8
212.6
10.8
243.0

27.1
213.9
9.2
269.6

38.8
216.8
13. 1
302.1

U.S. internal funds, book

11.7
-42.9
189.5

9.3
-23.6
230.6

7.6
-8.4
240.5

7.2
-8. 5
240.2

7.4
-9.0
244.0

10.5
-10.3
244.3

9.4
-1.7
250.7

11.3
-10.6
270.3

7.6
-18.6
291. 1

Total internal funds » 111

182.8

9.7
4.8

231.2
244.7
241.8
.5
2.3
-21.3
7.8

189.6
242.2
248.2
245.6
.4
2.2
-11.3
5.2

187.1
240.1
238.8
235.5
1.0
2.3
-1.9
3.2

191.8
200.2
235.6
231.4
1.7
2.5
-49. 1
13.7

203.5
202.4
236.7
228.5
5.3
2.8
-37.0
2.7

212.7
252.9
244.3
235.2
6.0
3. 1
-9.7
18.4

241.9
281.5
257.3
250.2
3.3
3.8
17.1
7.1

apital expenditures (1)
fixed investment
Plant and equipment
Hone construction
Multi-family residential
Inventory change • IfA
mineral rts. froa U.S. Govt.

-44.7
98.9

-72.5
62.7

-48.4
19.8

-52.5
37. 1

-53.0
30.3

-8.4
21.8

1.1
73.8

-40.2
85.8

-39.6 Bet financial investment
20
56.9
Bet acg. of financial assets 21

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

20.2
-.1
5.3
3.7
2.4

31. 1
-.8
3.4
3. 1
3.5

15.9
.1
9.8
-2.3
-4.0

35.5
-1.4
5.3
14.7
-1.9

63.4
3.9
14.4
14.4
11.7

43.8
6.5
13.0
.4
3.0

11.5
1.9
-1.0
5.9
3.0

Liquid assets
Demand dep. and currency
Time deposits
Security Bp's
Poreigs deposits

22
23
24
25
26

. 1

-1.4

3.9

-3.2
-.2
-U1

.5
-.4
21.8

15.0
.7
-3.4

14.2
.7
4.0

14.0
1.4
3.4

25.8
.6
-5.7

-8.2
.5
9.4

O.S. Goet. securities
State*local obligations
Commercial paper

27
28
29

5.6
124.6
71.4
43.7
14.3
29.4

1.6
71.4
35.1
26.6
7.6
19.0

.4
49. 1
32.3
21.9
4.9
17.0

2. 1
23.6
21.6
12.8
-.7
13.5

.1
-14.8
14.2
5.9
.6
5.3

2.4
-8.2
11.9
7.4
2.9
4.5

-1.0
-3.0
18.3
6.3
1.6
4.7

1.4
-32. 1
17.0
.5
—6.3
6.8

-.8
-5.9
17.2
2. 1
-3.5
5.6

3.3
21.4
17.3
3.0
-8.8
11.8

2.3
26.3
16.8
4.2
-1.8
6.0

Consumer credit
30
Trade credit
31
miscellaneous assets
32
foreign dir. invest. (2) 33
Equity, etc.
34
Betained earnings
35

36
37
38

14.8
.2
12.7

5.5
.1
2.9

4.7

3.7

2.5
.3
9.2

2.7

2.7

2.8

2.9

5.2

2.7
.1
5.5

2.6

5.7

13.9

12.3

11.5

9.7

Insurance receivables
36
Equity in sponsored ags. 37
Other
38

39
40
41

353.5
228.4
13.8

156.9
88.2
-7.8

143.7
90.9
12.9

135.2
92.2
-11.5

68.2
84.1
11.4

89.7
89.9
15. 1

83.4
89.0
-1.1

30.2
54.6
32.6

72.7
69.2
31.2

126.0
77. 1
45.3

96.6
80.1
16.8

42
43
44

214.7
18.8
71.7

96.0
10.0
17.3

78.0
10.9
26.7

103. 7
13.4
22. 1

72.7
15.1
18.8

74.8
13.3
10.0

90.0
17.2
24.8

22.0
15.5
29.1

38.0
9.8
18.5

31.9
11.5
23.3

63.3
8.3
6.3

45
46
47
48

10.6
3.2
6.3
1.2

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
.3
1.0
-1.2

-1.4
.8
-1.2
-1.0

.7
1.4
.2
-1.0

5.2
4.2
1.8
—. 8

3.9
4.8
-. 1
-.7

2.0
2.6

49
50
51
52
53

62.8
8.3
3.2
37.3
1.9

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

41.5
-4.7
.7
-.5
1.8

49.5
.3
1.6
-1.0
.8

44.9
-11.4
4.3
8.4
3.3

12. 1
-25.0
.9
-13.6
2.4

5.8
-2-9
-7.8
9.5
-.1

-1.8
-14.4
.2
7.8
1.3

54
55
56
57
58

12.3
95.2
17.6
11.1
6.5

2-5
54.4
11.9
7.9
4.0

-1.7
40.8
13.7
7.5
6.2

-6.8
27.8
22.0
18.2
J. 8

-16.2
-10.1
10.4
10.6
-.2

-10.7
-1. 1
11.6
11.5
*

-11.3
-4.8
10.5
11.1
-.6

-16.0
-19.5
11. 1
11.8
-. 6

-1.8
-2.9
8.2
8.0
.2

59

54.2

-1.0

13. 1

41.6

50.5

56.9

52.5

47.2

60
61

29.4
185.3

62
63
64

101.1
22 1.0

65
66
67

38.1
112.5
37.1

68
69
70

188.8

2.6

176.4

221.2

219.3
217.8

-1.0

189.1

261.6

247. 1
246.2
-1.8

2.6

.5

2.0

7.4
. 1
6.2

57.7

1.9

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

19

39
40
41
42
43
44

23.7
.5
7.2
14.0
1.4

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

49
50
51
52
53

22.4
20.4
6.0
4.2
1.7

-.6
11.0
6.0
5.6
.4

Profit taxes payable
54
Trade debt
55
Pgiudirect invest, in O.S. 56
Equity, etc.
57
Betained earnings
58

57.6

49.3 1

-.6

59
fleeorandum iteas:

8.3
69.0

-4.2
71.0

-4.6
56.7

-7. 1
53. 1

1.9
53.5

-12.6
48.6

-3.0
41.7

.9
32.6

15.3 •
63.6 i

28.7
67.3
124.2

39.6
38.5
77.6

34.0
69.7
90.6

33.8
38.9

12.6

23.5
51.3
39.5

40.6
49.4
33.3

45.2
-23.2
-58.7

33.5
4.5
-.2

38.8
-6.9
35.9

16.5 «
46.7 ;
57.2 :

116.2

36.1

43.8

37.6
116.7
35.3

35.7
113.4
39.6

31.4
96.1
31.4

32.0
100. 8
30.9

31.3
98.4
37.5

28.5
81.9
11.0

35.0
80.7
18.8

37.0
93.6
12.6

36.8 1
96.7 <
22.5 <

61.9
—62. 1
124.0

9.0
-4 3. 1
52.1

-3.2
-42.9
39.7

9.7
-23.6
33.3

-21.3
-8.4
-12.9

-11.3
-8.5
-2.7

-1.9
-9.0
7.2

-49. 1
-10.3
-38.8

-37.0
-1.7
-35.3

-9.7
-10.6
.9

71
72

640.4
552.5

262.6
216.4

264.0
220.7

285.2
245.0

239.6
241.3

250.7
241.5

249.2
245.7

210.5
244. 1

73

87.9

46.2

43.3

40.2

-1.7

9.2

3.5

-33. 6

204.1
263.5
300.1 Total cap. expend, before ITA
243.0
269.6
302.1 U.S. internal funds, book
Financing gap: Excess of capital expenditures
-39.0
-6.1
-2.1
over O.S. internal funds

Debt subtotals;

Per cent ratios:

(4)

(1) Capital outlays om book basis:
17.1 Inventory change, BIPA
-18.6 Less: Inv. val. adjustment
35.7 Inventory change before ITA

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries,
and U.S. foreign direct investment is before subtracting reflows of
capital froa Netherlands Antilles subsidiaries' foreign financing.
(3) Industrial revenue bonds, issued by state and local governments
to finance private investnent and secured in interest and
principal by the industrial user of the funds.
(4) Loans (except nortgages),, short-term paper, profit taxes payable, aad
trade debt. Includes loans due in note than one year and excludes
current naturities of securities and mortgages.




16

17
18

45
46
47
48

17.1

LATEST DATA PBBLIfllBABI ABD SUBJECT TO BEVISIOB

12
13
14
15

mortgages
Home mortgages
Haiti-family
Commercial

68.1

113.5

9
10
11

62
63
64

68
69
70
71
72
73

1.7 RELEASE
Fends Baised in Credit Markets

TabU 5

Summary of Met Fund* Baised ia Credit aed Equity Markets
AMBUAL PLOWS - $ BI1.
1971

1972

AMMOAL FLOSS - $ Bit.
1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

Met Credit Market Borrowing by
1

137.8

16 1.2

2
3
4

24.9
26.0
-1.1

15. 1
14.3
.8

147.7
8.3
7.9
.4

175.3

193.0

24 3.5

319.4

369.8

386.0

343.2

377.2

11.8
12.0
-.2

85.4
85.8
-.4

69.0
69. 1
1

56.8
57.7
-.9

53.7
55.1
-1.4

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.fi
.5

Total met borrowing by domestic
395.8
nonfinancial sectors

1

161.2
162. 1
-.9

2
3
4

5

112.9

146. 1

179.4

163.5

107.6

174.5

262.6

316.2

348.7

264.0

289.8

234.6

6
7
8
9
10
11
12
13

86.7
17.4
18.8
50.5
28.0
9.9
10.2
2.4

102. 1
14.7
12.2
75.2
42.5
12.7
16.4
3.6

104.3
14.7
9.2
80.4
45.6
10.4
18.9
5.5

100.6
16.5
19.7
64.4
37.3
6.9
15. 1
5.0

100.9
16. 1
27.2
57.6
42.0
11.0
4.6

123.6
15.7
22.8
85. 1
63.9
3.9
11.6
5.7

171. 1
21.9
22.9
126.3
94.0
7. 1
18. 1
7. 1

199.7
28.4
21.1
150.2
112.2
9.2
21.7
7.2

211.2
30.3
17.3
163.6
120.0
7.8
23.9
11.8

192.0
30.3
26.7
135.1
96.7
8.8
20.2
9.3

158.4
21.9
22.1
114.5
75.9
4.3
24.6
9.7

152.9
50.5
18.8
83.6
57.2
1.3
20.0
5.2

14
15
16
17
18

26.2
14.7
7.4
-.4
4.4

44.0
19.8
16.4
.8
6.9

62.9
9.9
32.9
6.6
13.5

6.7
9.6
-10.4
-2.6
10. 1

50.9
25.4
4.5
4.0
16.9

91.6
40.2
27. 1
2.9
21.3

116.5
48.8
37.4
5.2
25. 1

137.5
45.4
51.2
11. 1
29.7

72.0
4.9
36.7
5.7
24.8

131.5
24.1
54.7
19.2
33.4

19
20
21
22
23
24
25

112.9
17.7
44.7
50.5
4.5
20.2
25.8

146. 1
14.5
64.9
66.7
5.8
28.4
32.4

179.4
13.2
77.7
88.5
9.9
29.8
48.8

163.5
15.5
53.9
94. 1
7.8
20.2
66. 1

107.6
13.7
52.1
41.8
8.5
12.5
20.9

174.5
15.2
89.5
69.8
10.2
15.4
44.2

316.2
19.1
169.4
127.6
14.6
32.4
80.6

348.7
20.5
176.4
151.7
21.4
34.4
96.0

264.0
20.3
117.5
126.1
14.4
33.7
78.0

289.8
9.7
120.6
159.6
16.3
39.6
103.7

26
27
28
29
30

4.7
.9
1.7
.3
1.8

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

20.2
3.9
2-3
11.2
2.9

27.2
.8
11.5
10.1
4.7

27.2
5.4
3.7
13.9
4.2

31

1*2.5

204.4

262.8

406.3

370.3

404.4

0.3. Government
Treasury issues
Agency issues • mortgages

166.3

75. 1
24.3
37.0
2.5
11.3

194.0

190.3

262.6
15.4
137.3
110.0
12.3
28.0
69.7
13.5
5. 1
3. 1
2.4
3.0
332.9

33.8
4.2
19. 1
6.6
3.9
403.6

aomfinancial sectors

5

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

6
7
8
9
10
11
12
13

81.7
18.3
54.4
-3.3
12.2

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

14
15
16
17
18

234.6
36.3
86.8
111.5
9.0
29.8
72.7

By borrowiag sector:
State+local governaeats
Households
lonfiaancial business
Para
Bonfare noncorporate
Corporate

19
20
21
22
23
24
25

15.7 Pgm. net borrowing in O.S.
6.6
Bonds
-6. 1 Bank loaas n.e.c.
10.7
Opea-narket paper
4.5
O.S. Government loaas

26
27
28
29
30

41 1.5 Total donestic plus foreign

31

Met Credit Market Borrowing by Financial Sectors
1
2
3
4
5

10.1
5.9
1. 1
4.8

Total net borrowing
by financial sectors

23.8

45.8

39.0

7.3

21.0

45.8

74.6

82.5

63.3

85.4

69.3

8.4
3.5
4.9

19.9
16.3
3.6

20.7
16.6
3.4
.7

10.3
2.3
7. 1
.9

14.3
2.5
12.2
-.4

22.0
7.0
16. 1
-1. 1

37.1
23. 1
13.6
.4

47.9
24.3
23. 1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

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

2
3
4
5

1

18.3
3. 1
.2
4.6
3.8
6.7

-3.0
3.2
.4
-3.7
1. 1
-4.0

6.7
9.8
.4
-3.7
2.2
-2.0

23.8
10. 1

34.6
7.8

-.3
9.6
4.3

37.5
7.5
.1
2.8
14.6
12.5

-.4
18.0
9.2

18.5
7. 1
-.1
4
4.8
7.1

38.0
-.9
.5
2.2
20.9
16.2

4.4
2.3
.1
3.2
-2-0
.8

Private financial sectors
Corporate bonds
Mortgages
Bank loaas n.e.c.
Open-earket paper
Fed. Borne Loan Bank loans

6
7
8
9
10
11

6
7
8
9
10
11

4.2
4.9
.1
1.9
-.1
-2.7

15.4
7.0
.5
6.0
1.9
*

25.9
4.4
.3
9.0
4.9
7.2

12
13
14

10.1
1.1
4.8

23.8
3.5
4.9

45.8
16.3
3.6

39.0
17.3
3.4

7.3
3.2
7.1

21.0
2. 1
12.2

45.8
5.9
16. 1

74.6
23.5
13.6

82.5
24.8
23. 1

63.3
25.6
19.2

85-4
32.4
15.0

69.3 Total, by sector
15.3
Sponsored credit agencies
*9.5
Mortgage pools

12
13
14

15
16
17
18
19
20

4.2
.9
.8
-2.0
2.7
1.9

15.4

25.9
3.2
7.6
9.5
5.6

18.3
.2
4.4
6. 2
6.0
1.5

-3.0
.2
.6
-4.2
.5
-.1

6.7
.7
5.4
-1.7
4.3
-1.9

23.8
.6
2.0
6.9
16.9
-2.5

37.5
.2
7.2
13.5

34.6
.2
6.5
12.6
16.6
-1.3

18.5
.2
6.9
7.4
6.3
-2.2

38.0

2.6
.5
6.6
4.6

4.4
.6
1.9
-3.1
4.9

15
16
17
18
19
20

1 1
.

1. 1
8

-1.4

-. 1

8.3
15.5
14. 1
.2

-1

Private financial sectors
Commercial banks
Bank affiliates
Savings amd loam assns.
Finance coapanies
Beits

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

152.6
30.9
17.4
24.7
50.6

19 0. 1
23.6
14.7
20.3
75.6

239.8
28.3
14.7
14.6
80.7

229.3
31.9
16.5
24.9
64.5

211.6
94.9
16. 1
36.7
57.9

283. 8
83. 8
15.7
41. 2
85- 4

378. 7
79. 9
21. 9
38. 1
126.2

478.2
90.5
28.4
32.8
150.2

488.7
84.8
30.3
29.0
163-5

433.7
122.9
30.3
34.6
134.9

489.8
133.0
21.9
26.7
113.9

6
7
8
9

14.7
11.0
-.1
3.5

19.8
26. 1
1.6
8.4

24.3
48.8
8.3
20. 2

9.9
4 1.5
17.7
22.5

9.6
-12. 1
-1.2
9.8

25. 4
6-4
8. 1
17.8

40. 2
29. 9
15. 0
27. 5

48.8
59.3
26.4
41.9

45.4
53.0
40.3
42-4

4-9
47.8
20.6
37.8

24.1
60.6
54.0
55.8

10

3.2

-.3

-1.7

-4.6

2.9

3.2

1. 1

3.8

.6

11
12

134.6
21.7

161.5
15.4

189.3
9.9

179.9
16.4

190.2
82.5

240. 4
6 5.9

318. 3
55. 7

366.1
49.9

385.4
36. 8

480.8 Total net borrowing
U.S. Government securities
225.8
State • local obligations
50.5
27.7
Corporate • foreign bonds
83.6
Mortgages

1
2
3
4
5

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

6
7
8
9

18.3
51.5
5.4
17.9

*
-3.8
7.2 Memo: O.S. Govt, cash balance 10
Totals net of changes in O.S. Govt, cash balances:
388.6 Met borrowing by don. nonfin. 11
347.0
377.2
By 0.5. Government
12
154.0
87.4
83.0

External Corporate Equity Funds Baised in 0. S. Rackets
1
2
3
4
5

14.6
.9
13.7
11.4
2.2

6

*

13.7
-. 1
13.8
10.9
3.3

10.2
-.2
10.4
7.9
2m 7

5.7
.9
4.8
4. 1
1.0

-.4

-.2

-.2

HISTORICAL DATA OB MET FUMD5 BAISED




10.6
-.3
10.9
9.9
.8
.2

10.6
-2.4
1 J. 1
10.5
2.% ,
.3

6. 5
.9
5.6
2. 7
2,5

1.9
-3.8
-. 1
- 1
-3-9
1.9
1
-7. 8
2-5 . « « " ^
r
i '

_

22.2
5.2
17.1
12.9
2.1
• H :

-3-7
6.8
-10.6
-11.5
.9

35.4 Total net share issues
Mutual funds
18.6
16.8
All other
Monfinancial corporations
1 1-4
Financial corporations
4. 1
Foreign shares
1.3
purchased in O.S.
f
4

1
2
3
4
5
v

6
•S -