Full text of Z.7 Flow of Funds Summary Statistics : September 12, 1991

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%

FEDERAL RESERVE statistical release

'

Z.7 (788)

For immediate release
September 12, 1991
FLOW OF FUNDS SUMMARY STATISTICS

\

>

)

Growth of domestic nonfinancial debt remained subdued in the
second quarter of 1991, increasing at about a 4-1/4 percent seasonally
adjusted annual rate. Nonfederal debt grew at less than a 3 percent
annual rate, well below the average pace of recent years. Growth of
debt in each nonfederal sector was relatively slow, although borrowing
by the household sector picked up a bit from the first quarter.
Federal debt continued to rise rapidly, in part reflecting borrowing to
meet deposit insurance program needs.
Net borrowing by domestic nonfinancial sectors in the second
quarter amounted to $463 billion at a seasonally adjusted annual rate,
and the level of total debt outstanding for domestic nonfinancial
sectors was $10.7 trillion at the end of the period. Debt of nonfederal
sectors accounted for $8.1 trillion of this total, and federal debt
was $2.7 trillion (see tables 1 and 2).
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)

1987
1988
1989
1990

9..0
9.. 1
7. 5
6..5

8,.0
8..0
7. 2
12 . 0

9. 3
9. 5
7 .5
4. 9

11 .6
10 .9
8 .9
7 .3

7 .0
8. 2
6 .7
2 .8

9.
8.
4.
2.

1989 -Q4

6.,4

8. 3

5 .9

8 .5

3 .8

2.
,6

1990 -Q1
Q2
Q3
Q4

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

10., 9
9.. 7
11 .
.8
13 .
,2

7 .4
4. 8
4. 7
2 .2

10 .8
7 .0
6 .1
4. 0

4. 8
2 .7
3 .4

2. 5
2. 7
4,
.4
1. 2

2
9
4
8

3

6
2
9
7

1991 -Q1
3.
,9
8.. 0
2 .6
4 .2
9
1 ,. 9
Q2
4.• 3
9., 2
2 .7
5 .1
1
2 ,. 6
1. Changes shown are on an end-of-period basis and thus may differ
from month-average data in the Board's H.6 release.




B. Growth of Debt Aggregates: Supplemental Data
(Percent changes; quarterly data are seasonally adjusted annual rates;
-Sectors
Domestic
no:nxiriancia.i

All
r u L t

Memo:
Private
financiajL

.....

7 .8

1987
1988
1989
1990

9. 0
9. 1
7 .5
6,,5

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

19 . 6
13 ..5
9..9
8.7

10.5
9.7
7.8
7.0

1989 -Q4

6.,4

6., 5

8.. 2

6.8

4.,6

1990 -Q1
Q2
Q3
Q4

8,, 2
.9
5.
6..4
4,.8

,8
15 .
, 7
10.. 9
7,,5

8. 2
7. 2
7. 4
10 .9

8.0
6.3
6.7
6.0

7..3
4.. 7
4.. 1
2,
.2

1

.

4.2
4. 1
.8
17 ,
3 .9
1991 -Q1
3.7
.
7
3
-17 .8
4 .3
Q2
1. Holdings of deposits and credit market claims oy nc
nonfinancial business, and state and local governments,

8 .,

7
,4
7.
4 ., 7

5 .0
.
1.. 8

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 U.S. government-sponsored credit agencies,
federally related mortgage pools, and private financial institutions.
Credit market debt consists of debt securities, mortgages, bank loans,
commercial paper, consumer credit, government loans, and other loans
included in table 1; 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 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 1 can differ from those shown above.
Subscriptions to this summary release, or to the full statements
for sectors and transaction types for flows and amounts outstanding (the
Z.l release), may be obtained through: Publications Services, Stop 138,
Board of Governors of the Federal Reserve System, Washington, D.C. 20551,
(202) 452-3245. This release is also available through the Economic
Bulletin Board of the Department of Commerce.




Z 7 , S E P T E M B E R 12, 1991
C r e d i t M a r k e t Debt

r

''
Table

1:

Credit Market Debt
Summary of Credit Market Debt O u t s t a n d i n g

PERIOD-END LEVELS

1985

198 6

PERIOD-END LEVELS

198 7

I 1989
I IV

1988

I
I

1990
I

II

111

I
I

IV

1991
I

II

Credit Market Debt Owed by Nonfinancial Sectors

1

6804 .
.5

7 646,.3

8343..9

Total credit m a r k e t debt owed by
domestic n o n f i n a n . sectors
9805,.2 10073,.3 10226,.8 10386 .9 10557,.3 10615,.5 10735 .3

9096..0

2470 .2
2437 . 6
32 .6

2624 .7
2598..4
26,.4

2667 .7
2642 .9
24 .8

U.S. g o v e r n m e n t
T r e a s u r y issues
A g e n c y issues 8 m o r t g a g e s

2
3
4

7916 .7

7988,.4

7990..8

8 0 6 7 .7

Private d o m e s t i c
n o n f i n a n c i a l sectors

5

2
3
4

1600,.4
1597 . 1
3,.3

1815,.4
181 1 .7
,
3..6

1960,.3
1955,
5 .2

2117..8
2095..2
22,.6

2269..4
2245 .2
24 ,
.2

2360 .9 2401 ,
.7
.8
2329,. 3 2368 ,
32 .9
.
31 .
,6

5

5204 ,
.0
. 1 5831 ,

6383,:6

6978..2

7535..8

.5
7712 ,

7825.. 1

6
7
8

3485 .
.2
655 .
.5
542 ,
.6

4886,.4
790 ,
.8
851 ,
. 7

5283 .3
821,.2
925.4

5451 .
.9
822 ,
.2
933 ,
.0

5533..8 5608 .8
827..2 . 8 3 7 .9
958 .4
950..2

3536.. 6
. 3
2404 ,
304 .4
742 . 6
85 .3

3696,. 7 3756 .4
.3 2619,.5
2558 ,
300 .5
304..5
750 ,
.0
752 .5
.
84..0
83 .9

3962,. 7 4 4 2 7 .9
728,.4
679 ,
. 1
748 .8
669'.4

9
10
1 1
12
13

2287
1490
213
478
105

. 1 2614, 2
.
1720 .8
.0
246,
,
551 ,
,4
. 1
. 9
95,.8

2950..7
3243,.8
1943 . 1 2173,. 9
286 .7
2 7 0 .0
696..4
648 . 7
88,. 9
86 .8

14
15
16
17
18

1718
601
602
72
442

. 9
,
.8
.3
.
.6
,

.9
1955.. 7 2091 .
743..5
693..2
713.• 1
673.. 3
85.. 7
73..8
549,.6
515,.3

19
20
21

6978,.2
5204 . 1 5831 ..0 6383 .6
604,.5
558.. 9
510,. 1
473 . 9
.5
2879 . 1 3191 ,
. 0 2596 ,
,1
2296 ,

22

2434
173
8 98
1362

24
25

2
.4
,
.
,3
.4

26
27
28
29
30

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

31

704 1 ., 1

1868 ,
,2
659,.8
666 ,
.0
62 ,
479,,6

. 6
.8 2945 ,
2724 ,
156 ,
145 .
.5
. 6 1075 ,
.4
1570 . 6 1 724 .6
,
238,, 3
,9
74 .
.9
26 ,
37 ,
.4
99,, 1

.6
244 ,
8 2 .3
23..3
4 1 .2
.
97.. 7

7884,. 7 8588..5

7535 ,
.8
77 12,.5
633,.8
634 . 1
3654 ,
.8
.8
3501 .
3400,. 0
139,
1195.. 9
.8
2064 .

3182,,2
137,. 6
1 145,. 1.
1899..5
253,.9
89..2
.5
21 .
49
93..2
9349 ,
. 9

261
94
21
63
82

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

3423
137
1208
2078

1213 .2

.8
1529 ,

1836..8

.
,
.
,
.
,
.

7825 . 1 7916 .7
636 .
.9
647 .1
3790 .3
3726,.5

9 3461 .
3479
.7
3
138 .7
.
141
3 1208.. 7 1207
3 2114.. 3 2130

261 . 7
103 . 3
18 . 9
59.. 3
80,.2

273..0
108 .4
,
19..3
65 . 1
80 .
•2

.4
.6
.8
.0

279 .4
108 .9
19 .8
71 .5
79 .3

5669,.9 5709..8
841,.3
842..2
975.. 1
995..3

5787 .5
8 4 7 .6
1019,. 1

Debt capital i n s t r u m e n t s
Tax-exempt obligations
Corporate bonds

3920 .9
3872..3
2730,. 1 2781 .0
307 . 1
306..5
752..0 . 748 .9
83 .9
83..6

Mortgages
Home m o r t g a g e s
Multi family resid.
Commercia 1
Farm

9
10
.1 1
12
13

2318,.5
808,.9
757,.4
116..9
635,.4

2281 ..0 2280,. 1
784 .2
,
782 . 3
740..3
749,,0
119,.9
118,.4
637,.3
629.,9

Other debt i n s t r u m e n t s
C o n s u m e r credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other

14
15
16
17
18

8067 .
.7
7988,.4 7990. 8
652..8
649,. 1
650 ..2
384 7,.2 3853.. 3 3911.. 6
3492,-2
140..5
1208..3
2143,.4
284,.9
116,.1
18..5
75.. 3
75,.0

Nonfinancial

business

22
23
24
25

Foreign credit market debt
285 . 1 held in U.S.
123..0
Bank loans n.e.c.
19 .5
.
C o m m e r c i a l paper
74 . 0
U.S. govt. 8 other loans
68 .
,6

26
27
28
29
30

11020..5 Total nonf i nan.domest i c a fgn. 31

by Financial Sectors

2 084 .4
.

.4
2322 .

2359 .0

2405 .5

2448..8

2527,.7

2540.. 1 2567 . 3

Total credit market debt owed
by financial sectors

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

978 . 6
303 .
.2
670..4
5 .0

10 98..4
348,. 1
745,. 3
5.0

1249.. 3
373.. 3
. 0
871 ,
5 .0

1288 ,
.2
3 78 . 1
905 .2
5 .0

1330 . 1
38 1 .0
,
944 ,
5 .0

1367..9
384..4
978..5
5..0

1418
393
1019
4

.4
. 7
.9
.9

1452 .
.2
397 . 0
1050..4
4.
,9

1485.. 1
389 . 6
1090 . 7
4 .9
,

U.S. g o v e r n m e n t - r e l a t e d
S p o n s o r e d credit ag. sec.
M o r t g a g e pool securities
L o a n s from U.S. government

580
204
2
32
252
88

.
.5
.5
,
.
,7
, 1
.
.4
.
.8

719..5
287..4
. 7
36.. 1
.6
284 ,
108,.6

8 5 8 .2
366 .
.3
3 ., 1
32,.8
.9
322 ,
133,. 1

986 ,
. 1
418.. 0
3 .4
,
34..2
377.. 7
152..8

1073.. 0
482 . 7
3,.4
36.. 0
409.. 1
141 .8
.

1070
491
4
33
409
132

1075 .4
510 .0
4 .0
34 .8
400 .3
126..3

1080..9
514..4
4.. 1
34..9
409.. 6
117..9

1 109,
.3
533 .6
4 .2
36 .7
417..7
117.. 1

1087.. 9
543 ,
.0
.2
.8
34 ,
3 98 .8
,
107,. 0

1082 .2
559 .5
4 .2
,
35 .2
388,. 6
94 ,
.7

P r i v a t e financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n.e.c.
O p e n - m a r k e t paper
Fed. Home Loan Bank loans

12
13
14

1213 .
.2
. 9
263 ,
. 9
368 ,

1529 .
.8
278 . 7
531 . 6

2448..8
389..4
978..5

2527..7
398 .5
1019,.9

2540.. 1 2567..3 Total, by sector
Sponsored credit
394..4
401 ..8
Mortgage p o o l s
1090..7
1050..4

15
16
17
18
19
20
21
22

58 0 .5
79 ,
.2
106 ,
.2
98 . 9
4 .4
261 .
5 .6
.
25.. 0

719..5
75 .
116..8
119,.8
8..6
328,. 1
6,.5
64.,0

1080..9
70..7
122..9
116,.2
16..2
530.,9
10..2
213..8

1 109..3
76,.3
114.8
114..0
16..7
551 .
.8
10,.6
225,.2

1087.. 9
68 . 1
111.. 7
102,.8
16..4
545.. 9
10..6
232..4

6
7
8
9
10
1 1

1836 .8
308..2
670,.4
8 5 8 .2
81 .8
131 . 1
139..4
16.. 7
3 78..8
7..3
103,. 1

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

2322..4 2359,.0 2405..5
385 .9
383 . 0
3 78.. 3
944 .2
905 ,
.0
871 .
.2

2084..4
353 . 1
745 .
.3

1073..0
77..4
142..5
145.
17..2
496 .2
10.. 1
184,.4

986.. 1
78 .8
.
136..2
159.. 3
18..6
446.. 1
11 .4
,
135.. 7

19
20
21

Nonfarm noncorporate
Corporate

3487..3 3503..2
143 .
.0
139., 3
,6
1204,.6
1204 .
2143., 3 2155..5
297..2
1 18 ,, 9
.4
20 .
87 .,0
70., 9

By borrowing sector:
State 8 local g o v e r n m e n t s
Households

632 . 7
257 .8
368
6. 1

2
2
4
5

6
7
8

3853 .4
2710,.0
306..0
753..5
84 ,
.0

10066,.8 10335..0 10499..8 10666 .3 10842,,3 10912. 8

Credit Market Debt Owed

1

3812 .6
2670 .0
304 .5
753 .8
8 4 .3

. 6 2291 .
.3 2307 .9
2252 .6 2260 ,
798 .7
789..4
782,. 3
790 . 6
753 . 6
748 ,
.5
756 . 1
.0
763 ,
131 .8
128 .7
,
107,. 1
126,. 0
623.8
617 ,
.9
603 ,
. 1
591 .
. 7

.

1

2568,.9
2536,.5
32,.4

1070 .8
73,.2
142 .0
137 . 1
15,.4
499 ,
.2
10,.9
193 . 1

1075 .4
71 .6
,
134..3
125,.6
16,.7
509 . 7
10 .4
206,.9

1082..2
65,. 9
110,.3
90 ,
.8
15..8
547..0
10..8
241 ..7

agencies

Private f i n a n c i a l sectors
C o m m e r c i a l banks
Domestic a f f i l i a t e s (BHCs)
S a v i n g s and loan assns.
Mutual s a v i n g s banks
Finance companies
REITs
SCO i s s u e r s

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

Total Credit Market Debt O u t s t a n d i n g , All Sectors, by Type
1

8254.4

9414.4

2
3
4
5

.0
655 .5
818 . 9
2289 .8

2620.,0 2933.9
679., 1
728.4
1197.4
1031 .,7
2617.,0 2 9 5 3 . 8

6
7
8
9

601 ,
.8
662..4
358 ,
.5
640 ,
.5

659..8
72 9..0
384,.9
693.. 1

10425.3

693.2
729.5
437.9
751 . 1

11434.3

12389.1

3211 ,
. 1
790..8
1358,. 9
3247..2
743..5
768..9
513..4
800..5

B I L L I O N S OF D O L L A R S . L A T E S T DATA P R E L I M I N A R Y




12694.0 12905.3 13115.1

3513,.7 3644,. 1 3726..9
822,.2
827..2
821 ,.2
1568..6
1502,.6
1527..9
3540.. 1 3700..7 3760,.5
790..6
820..3
579,.2
821 ,.4

782,.3
800,.7
594 ,
.4
821 . 7

789,.4
810..2
594,.0
828,.6

13370.0 13452.9 13587.7 Total credit m a r k e t debt

3833,.1
837,.9
1581..6
3816..7

3982..5
841..3
1624,.8
3857,.7

798..7
808..3
612..9
8 2 6 .0

808..9
812..6
609..9
832,.3

4072,. 1 4147..9
842,.2
8 4 7 .6
1701 .
.6
1657..3
3876,.5 3925,. 1
782..3
804.. 1
605,.7
812,.7

784,.2
794,.9
581 ,. 1
805,.5

1

U.S. g o v e r n m e n t s e c u r i t i e s
Tax-exempt o b l i g a t i o n s
Corporate and foreign bonds
Mortgages

2
3
4
5

Consumer credit
Bank loans n . e . c .
O p e n - m a r k e t paper
Other loans

6
7
8
9

27, SEPTEMBER 12, 1991
Funds Raised in Credit Markets

Funds
Table

QUARTERLY NET

II

FLOWS,

2:

Summary

of

Net

Funds Raised

in C r e d i t

and

$ BILLIONS

1990
III

IV

CNSA)

Raised

QUARTERLY

I
I

1991

I
I

I

II

Net

Credit

Market

Borrowing

1990
III

II

by N o n f i n a n c i a l

IV

Sectors

in

Credit

Markets

Equity Markets

I
t

NET

FLOWS,

$ BILLIONS

1991
I

II

(SAAR)

1

1 5 3 .5

1 6 0 .0

1 7 0 .5

5 8 .2

119.8

5 9 6 .9

6 5 7 .7

4 9 9 .3

4 1 1 .4

Total
4 6 2 .6

net b o r r o w i n g by domestic
nonfinancial sectors

1

2
3
4

4 0 .8
3 9 .5
1 .3

6 8 .4
6 8 .8
.3

9 8 .7
9 9 .0
.3

5 5 .8
61 .8
- 6 .0

43.0
44.5
— 1.6

2 2 8 .2
.9
5 .4

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

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

2 0 4 .7
2 2 8 .7
- 2 4 .0

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

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

1 1 2 .7

91 .6

71 .7

2 .4

76.9

3 6 8 .7

371..6

1 7 0 .9

2 0 6 .7

2 2 0 ..9

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

8 2 .0
5 .0
17..2
5 9 ..8
61 ..2
- 4 .. 1
2. 5
0.. 1

75,.0
10..6
8..2
56.
50. 5
4 .
.1
1..3
0..3

61 .1
3 .5
16 .8
4 0 .9
4 0 ..0
1..4
.3
.3

3 9 .9
0 .9
20,.1
18..8
2 0 ..1
0..6
- 1 ,.5
.3

77.8
5.3
23.8
48.6
50.9
0.5
-3.0
0.2

3 0 9 .3
2 4 .5
6 8 .8
2 1 6 ..0
.0
- 1 5 ..5
13.4
-1 .
.9

2 7 5 ..5
30..0
32. 8
212. 7
184. 7
16. 2
9. 9
2. 0

2 1 6 .8
13,.5
67,.1
136,.3
147.
2,.7
- 1 2 ..8
-• 7

2 3 0 .5
11 .3
8 0 .6
1 3 8 .6
136..8
4 .6
- 3 ..0
0..2

2 9 2 ..7
2 7 ..5
95..3
169..9
1 7 6 ..6
2. 9
- 8 ..0
- 1 •6

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

3 0 ..7
7.. 1
7. b
2. b
13. 4

16. 6
9..3
-2. 5
3. 2
6. 7

10..6
10. 3
3. 8
-15. 0
11. 5

-37. 5
- 2 6 ..6
-8. 4
3.,0
-5. 5

-.9
1.9
-8.7
-1.4
7.4

59. 4
2. 8
15. 4
-6. 2
47. 4

96. 0
21 . 3
-2. 5
17. 3
60. 0

-45. 9
2. 5
-24. 2
-41. 7
17. 5

-23. 8
-23. 6
14..2
5..1
-19. 5

-71. 9
-20. 4
-51. 6
6
22. 6

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

14
15
16
17
18

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

7 6 .9
2,.6
57,.9
16,.3
3..7
- 1 ..2
13. 8

3 6 8 .7
17 .2
2 5 7 .5
9 4 .0
- 1 0 .8
3,.5
101..3

371 .6
2 8 .1
2 2 7 .3
116 .2
11 .7
19,.6
84,.8

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

2 0 6 ,.7
12 .2
162,.6
32,.0
4..7
- 1 8 ..7
46. 0

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

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

19
20
21
22
23
24
25

29..7
1 .2
.
I .9
27. 3
8

21 . 1
26. 5
-4. 7
15. 3
-16. 0

50. 6
8. 9
10. 3
45. 5
-14. 1

- 5 33 ...0
0 F g n . n e t b o r r o w i n g in U . S .
.0
Bonds
- 7 .. 1
Bank loans n.e.c.
- 5 2 ..0
Commercial paper
- 1 5 ..8
U.S. govt. 8 other loans

26
27
28
29
30

6 8 7 .,3

520. 4

462. 0

4 0 9 ...7
7 Total

31

19
20
21

112.7
3.2
71.7
37.8
1.3
0.4
36.0

91 .6
10 .2
6 3 .8
17 .7
2,.9
0,.3
14 ,
.4

26
27
28
29
30

11.3
5.2
0.3
5.8

6..5
0..5
0. 5
6. 4
9

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

31

164.8

166. 5

175..9

23
24
25

*

71
2
56
12
-1
0
13

.7
.0
.9
.8
. 1
.5
.4

2
1
7
-5

12.. 3
2..9
1 .9
.
11 .,7
- 4 ..1

-12. 1
4.
9
-13. 0
3

70. 5

107. 7

Net

Credit

41 ..2
25. 8
- 1 .8
2 3 .. 1
-5. 9
6 3 8 ..1

Market

Borrowing

by

Financial

domestic

plus

foreign

Sectors
T o t a l net b o r r o w i n g
by f i n a n c i a l s e c t o r s

1

4 6 .5

4 3 .3

7 8 .9

12.4

27.2

170 .4

1 8 0 .0

2 6 7 .7

1 0 2 .6

95 .4

2
3
4
5

4 1 .9
2 .9
3 9 .0

3 7 .8
3 .4
3 4 .3

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

33.8
3.3
30.5

32.8
-7.4
40.3

184 .0
17 .1
166 .8

139 .2
.3
116 .9

1 7 4 .6
19 .5
1 5 5 .5
- .5

1 5 5 .8
14 .5
141 .3

1 5 0 .6
.4
173 .0

U.S. government-related
S p o n s o r e d credit ag. sec.
Mortgage pool securities
Loans from U.S. government

6
7
8
9
10
11

4 .6
18 .3

2 8 .4
19 .3
0. 1
1 .8
8 . 1
.8

- 2 1 .4
9.4

-5.7
16.5

1. 6
- 8 .8
-6 . b

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

-1.9
-18.9
-10.1

0.4
-10.2
-12.3

- 1 3 .5
71 .2
0 .2
.6
- 5 3 ,.4
- 3 0 ,.9

4 0 .8
18 .0
0 .3
2,.0
51 .0
- 3 0 ,.5

9 3 .1
76 .7
0 .5
3..8
27..6
- 1 5 ,.5

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

- 5 5 .2
63 .2
.1
- 5 ..8
- 5 9 ..7
- 5 2 ..9

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

12
13
14

4 6 .5
2 .9
3 9 .0

4 3 ..3
3..4
34..3

78..9
9..2
4 1 ..3

12.4
3.3
30.5

27.2
-7.4
40.3

170..4
17.. 1
166. 8

180..0
.3
116..9

2 6 7 ..7
19..0
155. 5

102,.6
14..5
141..3

95..4 T o t a l , b y s e c t o r
.4
Sponsored credit
1 7 3 ..0
Mortgage pools

15
16
17
18
19
20
21
22

4 .6
-1 . b
-7 . 6
- 1 1 .4
1 .4
10,.8
.7
13,.8

5. 5
.9
- 1 1 ..4
-9. 4
5
2 1 .4
4
6. 9

28. 4
5. 6
-8. 1
-2. 2
0. 5
21 .1
0. 1
11. 4

-21.4
-8.2
-3.1
-11.2
-.3
-5.7
-.2
7.2

-5.7
-2.2
-1.4
-12.0
-.7
1.3

-13. 5
-13. 9
- 3 2 ., 1
-53. 5
6. 5
27. 0
-2. 7
55. 1

40. 8
-5. 6
4
-31. 9
-4. 2
97. 3
- I .8
27. 5

9 3 ., 1
20. 9
-30. 2
-23. 4
4. 0
75. 7
0. 6
45. 6

- 5 3 ..2
0
-18. 5
-29. 5
-2. 2
-9. 2
7
28. 9

-55. 2
-16. 6
- 7 .. 1
-55. 6
- 1 .4
-11. 7
2
37. 3

.1
.4
.5
.3
.7

5 6 4 ..7
360. 5
11..3
129. 0
1 3 8 ..7

5 0 5 ., 1 T o t a l n e t b o r r o w i n g
392. 4
U.S. government securities
27. 5
Tax-exempt obligations
180. 5
Corporate 8 foreign bonds
169. 8
Mortgages

2 .5
- 2 5 .1
1 .2
- 1 4 ..5

-23. 6
25. 6
-15. 2
-61. 6

-

Total

211.3

Net

Credit

All

Sectors,

by

.9
.6
.9
.4
.8

134.9
75.8
5.3
44.4
48.6

8 0 8 .5
4 1 2 .2
2 4 .5
165,.8
2 1 6 ..2

8 6 7 .3
4 2 5 .4
30,.0
52,.0
2 1 3 .0

1.9
-9.2
-24.6
-7.2

2..8
13..0
- 3 6 ..6
10..6

21..3
.4
95..7
28..6

2 5 4 .9
1 4 9 .4

.2

4 3 .2
4 1 .0

.3
.9
.9
.6

10 .3
4 .3
- 3 ,.0
6..3

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

—4, 4

- 2 ..7

10.8

- 3 8 .,1

2 1 .,1

174. 8
1 0 3 ..1

6 0 ..8
58. 5

109.0
32.1

635. 0
266. 3

636. 6
265. 1

.8

82
89
0
32
18

External

13,.1
18..8
-5 <
.7
- 1 2 ..0
0..3

6

Borrowing,

.8
.2

137.6
24.9

LATEST

Market

5.0
40.7
59.8

6.8

1
2
3
4
5

9.3

82.8

7.1
9.5
-.4

11
12

-

6..0
DATA

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

2..2
16..9
- 1 4 ..6
- 1 5 ..3
0..2

32.6
28.2
4.4
-3.0
0.8

0..5

0..4

6.6

PRELIMINARY




Corporate

Equity Funds

Raised

in

U.S.

agencies

Private financial sectors
Commercial banks
Domestic affiliates (BHCs)
S a v i n g s and loan a s s n s .
Mutual savings banks
Finance companies
REITs
SCO issuers

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
19

20

Type

788
503
13
170
136

-20. 4
-64. 5
-134. 3
-46. 0

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

2 7 ..4
51. 6
-64. 3 Memo: U.S. govt. cash balance
T o t a l s r e t of c h a n g e s in U . S . g o v t . c a s h b a l a n c e s :
471. 9
359. 8
526. 9
Net b o r r o w i n g by d o m . n o n f i n .
3 0 1 .,0
153. 1
306. 1
By U.S. government

1
2
3
4
5
6
7
8
9
10
11
12

Markets

4 4 .5
31,.513,.0
2 .8
1,.1

48, 0
71.0
-22.9
-48.0
1.3

- 2 4 .1
46
- 7 0 ..2
- 7 4 ..0
4,.8

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

108,.0
8 7 ,.8
20..2
- 1 2 ..0
3..4

9 .2

23.8

- 1 ..0

3..2

28. 8

173,
1
7 3 ..9
9 T o t a l net s h a r e i s s u e s
.2
Mutual funds
5 1 ..7
All other
11,.0
Nonfinancial corporations
4..3
Financial corporations
Foreign shares
36..4
p u r c h a s e d in U . S .

1
2
3
4
5
6

Z7, SEPTEMBER
Households

12,

1991

Households
Table

SEASONALLY

3:

Sector

Statements

of S a v i n g

and

Investment

ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1989
IV

Households, Personal

1990
II

Trusts,

and N o n p r o f i t

•
III

1991
I

II

Organizations

1
2

3766.4
571.7

4070.8
591.6

4384.3
658.7

4 6 4 5 .5
699 .4

4469.2
669.6

4 5 6 2 .8
6 7 5 .1

4622.2
696.5

4678.5
709.4

4718.5
716.6

4735.8
714.6

4786.3
716.5

3
4
5
6
7
8

3194.8
3102.2
92.5
73.9
22.4
118.0

3479.2
3333.6
145.6
84.9
6.3
133.8

3725.6
3553.7
171.9
93.3
15.0
133.9

3946
3766
180
88
8
125

.3

3799.6
3625.4
174.2
93.8
8.6
124.1

3 8 8 7 .7
3 6 9 6 .4
191 .3
8 3 .0
1 .9
140 .8

3925.7
3730.6
195.1
83.8
13.6
122.8

3969.1
3802.6
166.5
103.2
10.6
122.5

4001.9
3834.4
167.5
81.9
6.4
115.3

4021.2
3852.6
168.6
84.6
1.2
96.5

4069.8
3899.7
170.1
93.5
17.9
93.9

9
10
11

306.8
390.1
696.9

370.6
412.1
782.7

414.0
432.8
846.8

401 .5
4 5 0 .7
8 5 2 .3

400.7
440.5
841.2

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

415.3
450.8
866.1

402.8
456.0
858.8

371.1
450.4
821.5

350.9
456.9
807.8

375.4
459.3
834.6

12
13
14
15
16

735.6
645.7
204.0
423.4
18.3

854.1
700.8
224.3
457.5
19.0

875.8
731.9
237.8
474.6
19.5

882
722
221
480
20

.7
.3
.1

888.2
732.3
241 .4
471.2
19.7

839
746
234
492
19

.8

970.9
725.5
227.2
478.4
19.9

869.3
718.3
216.0
482.3
20.0

850.1
698.1
208.9
468.5
20.7

909.0
673.7
197.6
455.3
20.7

787.6
660.8
186.8
454.0
20.0

17
18

89.9
381.3

153.3
475.8

143.9
435.1

160 .3
4 1 9 .4

155.9
448.9

92 .8
4 9 5 .0

245.4
491 .%

151.0
369.0

152.1
322.3

235.4
417.1

126.7
340.7

19

326.5

445.3

409.9

2 7 7 .5

315.8

441 .2

264.4

236.0

168.5

308.6

110.6

20
21
22
23
24

144.6
3.1
66.8
4 6.6
28. 1

194.5
5.4
115.3
50.3
23.5

213.9
20.9
90.5
21.3
81.2

92
18
52
-37
59

233.4
90.0
97.4
-17.2
63.2

165
11
100
-12
66

29.4
15.1
11.9
-4.2
6.7

108.2
29.0
52.8
-80.5
106.9

66.6
19.9
43.7
-54.3
57.3

277.1
52.1
97.0
3.5
124.5

-44.3
19.1
10.7
-42.3
- 3 1 .8

Deposits
Checkable dep. 8 curr.
Small time 8 s v g s . d e p .
Large time deposits
M o n e y m k t . fund s h a r e s

20
21
22
23
24

25
26
27
28
29
30

182.0
72.3
58.8
23.3
17.5
10.1

250.8
135.6
50.3
-9.4
28.3
46.0

196.0
145.6
27.4
0.7
20.9
1.4

185 . 1
133.. 1
- 3 ..3
17..5
21 ..3
16..5

82.3
89.7
10.6
14.6
26.2
-58.8

2 7 5 .6
153 .8
1 .. 1
38..9
30.. 1
51 ..6

235.0
164.9
8.5
19.7
19.3
22.7

127.7
135.1
8.4
-74.7
39.2
19.6

101.9
78.4
-31.0
86.1
-3.7
-27.9

31.5
24.8
-6.3
9.1
22.9
-18.9

154.9
158.2
7.7
57.4
3.7
-72.1

Credit mkt. instruments
U.S. govt, securities
Tax-exempt obligations
Corporate 8 fgn. bonds
Mortgages
Open-market paper

25
26
27
28
29
30

31
32

75.5
-109.5

-2.7
-115.4

38.0
-126.0

50..3
- 5 9 ..5

40..0
-79. 6

61 .8
-66.9

34.9
3.1

64.4
-94.6

70.2
-19.1

113.0
-37.0

Mutual fund shares
Other corporate equities

31
32

33
34

26.0
137.8

25.3
181.0

26.2
148.5

33. 3
165. 0

26.9
241 . 1

36. 7
153. 4

37.9
220.4

32.4
105.9

26.4
180.4

37.8
55.2

18.1
168.9

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

33
34

35
36
37

-91 . 1
-5.8
21.3

-76.5
1 .8
17.0

-85.5
12.3
11.6

-68. 9
9. 2
12. 5

-99.8
22.1
9.8

-102. 9
-4. 1
10. 3

-34.9
-5.0
13.7

-86.3
29.8
13.3

-51.7
16.3
12.6

-41.0
-7.3
12.6

-62.6
17.1
12.6

Net i n v . in n o n c o r p .
Security credit
Miscellaneous assets

35
36
37

38
39
40
41
42

291.3
302.2
233.0
38.0
-4.5

322.5
314.9
230.8
55.0
-4.7

291 .2
285.0
221.6
38.8
0.2

259. 1
254. 0
215. 2
17. 4
-3. 1

293.0
291.8
221.6
46.0
-1.9

402. 3
377. 2
300. 7
31 .9
- 1 .5

246.0
257.5
221 .2
8.0
-5.2

218. 1
227.3
185.2
27.3
-6.0

170.2
154.0
153.5
2.5

181.7
162.6
144.9
-11.6
-11.9

214.0
199.7
175.3
-17.1
-3.2

43
44
45
46

-1.0
32.3
-2.6
6.9

0.9
27.0
-1.8
7.8

1 . 7
13.4
1.6
7.6

4 .1
10. 9
-2.2
11 .7

4.2
10.0
0.6
11.2

4
15. 5
8. 4
22 .6

6.6
10.2
16.7

4.5
12.0
7.0
-2.7

5.7
6.0
-24.1
10.3

0.5
6.2
20.0
14.6

10.0
6.0
9.4
19.4

47
48
49

-15.3
3.2
1.2

3.1
4.1
0.4

0.8
5.0
0.4

- 1 .4
5. 8
0.7

-5.4
6.1
0.5

18. 4
6. 0
0.7

-19.3
7.1
0.6

-17.4
7.4
0.7

12.6
2.8
0.8

14.3
4.0
0.8

7.5
6.0
0.8

50

-38.7

-71.4

-29.0

-30. 1

-47.0

23. 4

-104.8

-10.5

-28.7

-101.3

47.1

.1
.0
.0

.4

.1

.5
.9
.8
.3

66.7
-133.5

.2
.4
.5

.1

.6
.5
.1
.2
.2

1

2
3
4
5

Personal outlays
Personal saving, NIPA basis
Credits from govt, insurance

6
7

8
9

consumption

10
11

C a p i t a l e x p e n d * net of s a l e s
Residential construction
Consumer durable goods
N o n p r o f i t p l a n t and e q u i p .

13
14
15
16

Capital

12

Net

acq.

Dep.

of

financial

8 cr. m k t .

assets

instr.

18

( 1 ) 19

bus.

Net i n c r e a s e in l i a b i l i t i e s
Credit market instruments
Home mortgages
Installment cons, credit
Other consumer credit
T a x - e x e m p t debt
Other mortgages
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Mi s c e l l a n e o u s

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

I

(1) E x c l u d e s

corporate

equities.

Memoranda:

51
52
53
54
55
56

2 0 4 ..0
5 .3
198..7
70..0
2 3 3 ..0
- 9 9 ..0

224.3
5.3
219.1
73.0
230.8
-79.5

57
58
59

423.4
305.4

118.0

5
7
8

60
61

33.5
84.5

2
6

62
63
64

18..3
14..8
3. 5

19..0
15..4
3. 5

65

15.1%

14.5%
4.1%

227..2
4 .9
2 2 2 .4
78..6
221 ..2
- 7 2 ..5

216..0
4..9
211,.1
79..3
185. 2
-48. 5

208.9
4.7
204.2
81.8
153.5
-26.4

197.6
4.0
193.6
82.3
144.9
-29.5

Net p h y s i c a l i n v e s t m e n t :
(A) Residential c o n s t r u c t i o n
186.8
Expenditures
4.4
Mobile homes
182.5
Other
83.6
- Capital consumption
175.3
- Home mortgages
-72.0
= E x c e s s net i n v e s t m e n t

492 . 1
351 .3
140,.8

4 7 8 .4
3 5 5 .6
122,.8

482..3
359,.8
122. 5

4 6 8 .5
353,.2
115,.3

4 5 5 .3
358,.8
96,.5

4 5 4 .0
360
93..9

Expendi tures
- Capital consumption
= Net investment

57
58
59

44., 1
8 0 ..0

30,.4
110..4

2..8
120..0

21. 3
101. 2

2,.5
112. 8

- 2 3 ..6
120..1

- 2 0 ..4
114..2

- Consumer credit
= E x c e s s net i n v e s t m e n t

60
61

19,.7
16,.4
3..3

19 .8
16 .5
3 .2

19..9
16..7
3..2

20..0
16. 9
3. 2

20.7
15.5
5.2

20.7
15.8
4.9

14.9%
4.5%

14.7%
4.9%

15.0%
4.9%

15.1%
4.1%

15.1%
4.1%

15.0%
4.1%

2 3 7 .8
5 . 1
232..8
76..0
2 2 1 ..6
- 5 9 .. 7

221 .7
4 .8
216..8
79..4
215..2
- 7 2 ..9

241 ..4
5..0
236..5
77.. 1
221 ..6
-57. 3

4 7 4 .6
340,.7
133,.9

480..3
355..0
125..3

471 .2
347.. 1
124,. 1

39.. 1
94..8

14.,3
Ill.. 1

19..5
16.. 1
3..4

20.. 1
16..4
3..7

2 3 4 .5
4 .9
2 2 9 .6
77..8
300..7
- 1 4 4 ..0

( C ) N o n p r o f i t p l a n t and e q u i p .
20.0
Expenditures
15.6
- Capital consumption
4.4
= Net i n v e s t m e n t

51
52
53
54
55
56

62
63
64

Percentages:

66

2.8%

15.0%
4.6%

15.0%
4.5%

1 4 . 9 % E f f e c t i v e tax r a t e
4.1% Saving rate, NIPA basis

Percent

of

67

2 1 . 1%

21.9%

22.0%

21.0%

21.5%

21. 7%

21.5%

21.0%

20.0%

19.6%

19. 9 %

68
69
70
71

19. 6%
11 .5 %
8.8%
9 . 1%

19.6%
13.3%
9.0%
8.8%

19.0%
11.3%
7.5%
7.4%

17.8%
10.3%
6.4%
6.2%

18.7%
11.5%
7.5%
7.4%

18. 7 %
12. 4 %
10. 1%
9. 4 %

18.0%
12.2%
6.1%
6.4%

17.5%
9.0%
5.3%
5.5%

17.0%
7.8%
4.1%
3.7%

16.4%
10.1%
4.4%
3.9%

15. 8 %
8 . 1%
5 . 1%
4 . 7%

72

3 2 9 1 .0

3570.4

3833.8

4042.2

3902.0

3 9 7 2 .6


BILLIONS OF DOLLARS.


LATEST DATA

PRELIMINARY.

adj. disposable

4023.1
4082.9
4090.1
4 1 0 6 . 9- 4 1 8 1 .2
w•
(NIPA d i s p o s a b l e i n c o m e • g o v t . I n s u r a n c e c r e d i t s • c a p i t a l

income

65

66
(2):

68
69
70
71
i iiv vine —
gains divid.)

Nonfinanci!lRcirporate Business

Nonfinancial Corporate Business
Table 4:

S e c t o r S t a t e m e n t s of S a v i n g

and

Investment

IV

I
I

SEASONALLY ADJUSTED ANNUAL RATES

1987

1988

1989

SEASONALLY ADJUSTED ANNUAL RATES

1990

I
I

1989
IV

I
I

1990
I

II

III

Nonfinancial Corporate Business, Excluding

1
3
4
5
7

.0
.9
.5
.6

225
96
103
25

.9
,
.2
.8
.8

227
94
118
14

.8
.9
.2
.7

190 .7
78 .2
115 .8
* - 3 .4

199,.0 P r o f i t s before tax ( b o o k )
8 2 . 1 - P r o f i t tax a c c r u a l s ,
113,.5 - D i v i d e n d s
3,.,3 = U.S. u n d i s t r i b u t e d profits

1
2
3
4

-3 . 6
330 .8
351 .0

- 5 .9
332 .4
327 .3

- 8 .4
337 .2
325 .4

-5,.0 + C a p i t a l c o n s u m p t i o n adj.
338,.6 > D e p r e c i a t i o n c h a r g e s , NIPA
336,.9 = U.S. i n t e r n a l f u n d s > book

5
6
7

V

25 .4
.5
374 ,7

35 .2
- 1 9 .8
36 6.4

5 2 .6
- 1 3 .8
366 . 1

44 .0
8. 1
377.5

34 .
.7 + F g n . e a r n i n g s ret. abroad
4.. 1 + Inv .. v a l u a t i o n a d j u s t m e n t
375,. 7 = T o t a l i n t e r n a l f u n d s > IVA

8
9
10

356
384
367
367

386
391
382
382

358 .2
346 .5
373 .2
376 .7
- 4 .0
0 .5
- 3 0 .8
4 .2

374 . 3
317 . 0
350 . 1
354 .8
- 5 .0
0 .3
- 3 5 .3
2 .3

1 1
369.. 9 G r o s s i n v e s t m e n t
. 12
333 . 0 C a p i t a l e x p e n d i t u r e s (1)
13
Fixed i n v e s t m e n t
357 .
14
P l a n t and e q u i p m e n t
355.. 1
15
Home construction
0..8
16
Multifamily residential
1 .. 3
17
Jnvent.ory c h a n g e + IVA
- 2 7 ..2
M i n e r a l rts. from U.S. govt. 18
3 .0
,

- 4 .4
113 .b

229
95
117
15

39.7
.6 •
2 95.3
279 . 6
403.8
369 .0

. 18.8
315.4
370.1

.7
328 . 1
343 .0

9,.7
324 .3
359 .8

5 .3
323 . 7
343 .8

1 .2
325 .6
349 .8

31.6
-21.7
380.0

37 .9
- 1 1 .4
369 .5

29 .6
- 1 4 .5
374 .9

38 .2
- 1 1 .4
370 .6

362 .4
3 71 . 2
374 . 7
375 . 6
- 1
0 .8
-7 . 0
3 .5

367 .2
378 .2
360 .7
363 . 7
-4 . 6
1. 6
15 .2
2 .3

348 .6
362 .7
376 .0
375 .8
-1 . 3
1 .5
- 1 6 .2
2 .8

. 3
.4
. 6
.8
. 7
0 .6
, 12 .4
4 .4

K

9

10

.4
372 .4

-27.0
391.4

345
354
320
318

337 . 9
378.3
353 . 1
351 .8
0. 1
1 .2
22 . 0

355.8
382.2
364 .5
3 65.5

-40.5
116.3

-26.5
106.2

- 8 .8
81 . 6

- 1 1 .0
87 . 1

- 14 . 1
105 . 9

-28 . 1
114 .4

15. 0
-7.4
7.0
4.0
4.0
4.4

-11
-13
4
2

.4
.0
.2
.4
.6
12 .4
-9 . 0

22 .2
8 .4
7 .0
6 .0
-14 . 3
- 8 .9
19 . 1
- 4 .0
9 .0

42 .6
- 3 .4
13 .0
.0
2 .8
12 .8
9 .2
- 1 .0
1 1. 2

22 .8
4 .8
5.0
4 .0
2.A
3
2 .4
3. 0
- 2 .8

1. 0
1 .4
32 .0
49 .4
34 .9
. 9
25 . 0

1 .9
1. 6
32 .3
36 . 1
14 . 1
.5
.5

8
2
39
40
71
47

u

16
17
18
19
20

22
24
25
26

. 3
,
. 1
.
.2,
. 0*

30. 9
2. 9
- 8 .8
112 .5
24 . 7
9
4
0 .8
0 .8
.5
3. 6

29

5 .7

30

.8
. 7
61 .5

33
34
35

26 . 0
8. 3
17 .7

1 .2
15.4
2.4

-5.3
8.2
-11.2
-5 . 7
- 1.5
-9. 6

-1.0
4.0

23 .5
0 .5
6 .5
.5
-4 . 3
7. 0
9 .8
.3
1. 7

1 . 3
-2 . 7
6 1 .5
61.4
13.3
0.9
12.4

- .8
0.5
26 .8
64.7
2 3.7
3.2
20.5

0. 1
1 .5
2 6 .4
30 . 1
27 . 6
.5
21 . 1

- 7 .3
.0
53 .3
51 .4
7 .5
8. 7
- 1• 2

11 . 0

16.8

15 .5

16 . 0

18 .0

16 . 0

- 3 .5

6. 0

-5. 1
15.0

- 5 .8

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

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

57 .3
134 .3

36 .8
92 . 3

19
Net financial i n v e s t m e n t
Net acq. of f i n a n c i a l assets 20

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

26 .8
. 1. 7
6 .5
4 .0
3. 6
-26 . 6
21 . 1
5 .4
1 1. 1

31 .5
.8
4 .0
2. 0
.2
2 6 .5
8 . 3
5 .0
4. 3

Liquid a s s e t s
C h e c k a b l e dep. and curr.
Time d e p o s i t s
M o n e y mkt. fund shares
Security RPs
Foreign deposits
U.S. govt. s e c u r i t i e s
Tax-exempt obligations
C o m m e r c i a l paper

21

- 1 0 .4
1. 0
1 .5
- 5 .9
.b
.5
12 .9

3 .2
1 .5
9. 6
93 .3
54 .8
24 .3
30 .5

-2 . 1
.0
17 . 6
43 . 3
18
-7 . 0
25 .2

Consumer credit
M u t u a l fund s h a r e s
Trade credit
M i s c e l l a n e o u s assets
Foreign dir.invest.(2-4)
Equi ty, etc.
Retained earnings

30
31
32
33
34
35
36

1 1.6
-7 . 7

-44

- 1 0 .4

12 .8
2 .0
23 .7

12 .8
0 .5
11 .8

1 18 . 0
10 .8
- 7 4 .0

- 1 9 .3
- 4 0 .8
-61 .0

77 . 1
34 .0
- 1 2 .0

55 .5
20 .5
11 .0

14 .0

14 . 0

37
38
39

10 . 9
.4
-11 . 0

- 1 3 .0

27 . 9

40
41
42

121 . 3
48 .2
- 7 5 .5

156.8
55. 1
-129.5

132.7
35.4
-124.2

90 .3
16 .4
-63 . 0

98 . 1
3 .8
-79

120 . 1
42 .2
- 6 9 .0

142 .5
53 .3
- 4 8 .0

43
44
45
4b
47
48

123 . 7
. 9
7 9 .4
15 . 6
4. 1
2 .3

184.6
0. 1
102.9
11.1
32.8
11.9

154.5
-1.1
73.7
6.5
33.1
20.4

79 .4
. 3
49 . 7
0. 1
1 .4
9. 7

83 . 1
-1 . 7
87 .4
- 12 .0
-4 . 6
- 6 .9

1 1 1.2
- 2 .2
30 .2
-4 . 3
.2
69 .6

101 . 3
1. 3
68 .8
5 .8
9. 9
6 .2

8 4 .8
- 1. 0
32 .8
4.6
- 7 .0
17 .3

2 0 .2
0 .5
67 - 1
-5 . 6
0. 7
-41 . 7

49
50
51
52
53
54

23 .4
. 1
17 .0
0. 1
4 .4
1 .9

25.8
1.3
14.5
-1.0
11.0

26.9
-1.1
12.2
-.4
3.2
13.0

18 .7
- 4 .0
16 .7
.8
.6
13 .4

20 .8
- 2 .3
8 .6
1 .0
4.6
9 .0

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

21 . 7
-5 . 1
26 . 3
0 .3
- 1 2 .8
13 .0

38 . 1
-3 . 6
.4
.2
-8 . 1
27 .6

- .8
- 6 .0
13 . 6
- 3 .5
. 1
- 4 .7

55
56
57
58
59

5.9
19 . 9
4 7 .3
45 .4
1 .9

0.9
43. 1
57.6
51.9
5.7

-.2
27.8
69.7
72.3
-2.7

3 .8
31 . 1
39 . 1
51 .2
- 1 2 .2

60

27 . 1

53.5

24 .2

37.0

24.2

61
62
63

41 .6
94 .0
14 .6

18.4
106.8
28.8

-1.0
111.4
19.2

64
65
66

42. 7%
95. 0%
34 .9%

40.5%
96.6%
48.8%

41.8%
100.5%
41.7%

67
68
69

30 ,
.9
-19,.4
50..3

2 .0
- 2 7 ..0
49..0

15..4
.7
-21 .
37..0

70
71

373..5
369 .0

405..3
403..8

72

4,.5

1. 5

8
21
64
66

.4
.4
.4
.8
.4

7 .7

7 .0

31 .9
104 .4
27 .3

- 4 .7
108 . 1
19 . 1

- 1 0 .5
15 .6
72 .8
84 .4
-11 . 6

17 .3
27 . 3
44 . 7
50 .0
- 5 .3

22 .0

18 .5

16 .4
101 . 1
14 .7

II

2 1 7 .2
91 .8
124 .6
0 .8

239
99
115
23

. 1
. 1
.0
.0

241 .4
101.0
10,4.5
35.9

8

12
13
14

I

Farms

. 1
.9
.2
.8

232
97
112
23

251 .0
, 101 .8
80.5
68.8

217 .
.9
92 .
8 1 .5
.
42..8

1991

6
60
40
46
-6

.4
.9
.0
.8
.8

- 2 0 .2

1. 9
20 . 7
- 1 .2
23 .7
- 2 4 .9
7 .9

.0
.2
.6
. 1
. 1
. 1

9 .5
1. 1
5 . 3
-2 . 7
-53 . 1
.6

- 3 2 .3
- 3 .0
0. 1
0 .3
-13 . 1
-16 . 7

- 8 .5
- 3 .6
13 . 7
0 .4
-1 .6
- 1 7 .4

4
19
19
40
-21

2.0
12 . 3
20 .6
40 . 0
- 1 9 .3

46
-1
80
-2
-4
5

.8
. 1
.2
.2
. 1

3 .2

Q

- 2 1 .0
97 .0
.4

- 1 9 .3
1 15.4
15 .5

- 9 .6
102 .3
24 .3

5 .3
107 .2
24 .9

Net increase in l i a b i l i t i e s
Net funds raised in mkts.
Net new equity issues
Debt i n s t r u m e n t s
T a x - e x e m p t debt (3)
C o r p o r a t e bonds (2)
Mortgages
Bank l o a n s n . e . c .
C o m m e r c i a l paper
Other loans
Savi n g s & l o a n assns.
F i n a n c e companies
U.S. g o v e r n m e n t
A c c e p t . l i a b . t o banks
F o r e ign
P r o f i t taxes p a y a b l e
T r a d e debt
Fgn.dir.invest.in U.S.(4)
E q u i t y . etc.
Retained earnings

41.2%
88.i6%
2.8%

Memorandum items:
T r a d e credit net of trade debt
P r o f i t s tax p a y m e n t s
E a r n i n g s rec. from abroad
Percent ratios:
E f f e c t i v e tax rate
C a p i t a l o u t l a y s / i n t e r n a l funds
Cr. m k t . b o r r o w i n g / c a p . exp.

42. 5%
100.:8%
21. 9%

41 .6%
97.13%
30. 6%

41.18 %
102.15 %
2 6 .3%

41 . 7%
106. 7%
21 .6%

4 2 . 2%
94 .6%
5 .18%

41 .0%
8 3 . 9%
14.'4%

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

15 .2
- 1 4 .5
29,.7

-16..2
- 1 1 .4
-4,.8

12..4
.5
12..9

6.5
-19.8
26.3

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

-35.3
8.1
-43.4

403,.9
370,.1

382..5
343..0

392..7
359,.8

374,. 1
343..8

384..9
349 .8

410.9
351.0

33,.8

39..6

32..9

360 .3
308.9
328..9 T o t a l cap. e x p e n d . before IVA
336..9 L e s s : US i n t e r n a l funds, book
327 .3
325.4
E x c e s s of c a p i t a l e x p e n d i t u r e s
= F i n a n c i n g gap:
over U.S. i n t e r n a l funds
33 .1
-16.5
-7,.9

41.:8 %
100. 4 %
2 1 . 3%

30,.3

35.. 0

59.8

CI) C a p i t a l o u t l a y s on book basis:
- 2 7 ..2 I n v e n t o r y c h a n g e , NIPA
Inv. val. a d j u s t m e n t
4 .1
. Less:
- 3 1 ..3 = Inventory c h a n g e before IVA

(2) C o r p o r a t e b o n d s i n c l u d e net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ;
U.S. direct i n v e s t m e n t abroad is b e f o r e s u b t r a c t i n g net i n f l o w s of
capital from N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U.S. p a r e n t s .
(3) Industrial r e v e n u e b o n d s .
Issued by state and local g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t and secured in interest and
p r i n c i p a l by the i n d u s t r i a l user of the funds.
(4) D i r e c t i n v e s t m e n t t o t a l s and retained e a r n i n g s e x c l u d e
capital g a i n s / l o s s e s i n c l u d e d in b a l a n c e of p a y m e n t s s t a t i s t i c s .
B I L L I O N S O F D O L L A R S . L A T E S T DATA P R E L I M I N A R Y .




27
28
29

37
Insurance r e c e i v a b l e s
E q u i t y in s p o n s o r e d ags. 38
39
Other

5 .8 D i s c r e p a n c y

5 .0
119 .0
23 .6

23
24
25

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

61
62
63
64
65
66

67
68
69
70
71
72

2 7 , SEPTEMBER 12, 1991
F u n d s Raised in C r e d i t M a r k e t s

F u n d s Raised
T a b l e 5:

Summary of Net Funds Raised in C r e d i t

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

ANNUAL FLOWS, $ BILLIONS

1979

1980

in Credit M a r k e t s

ANNUAL FLOWS, $ BILLIONS

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

Net Credit Market Borrowing by Nonfinancial S e c t o r s

1

381 .0

337 .8

383 .6

398,.4

538 . 1

752,.3

8 4 8 .1

836,.9

687..0

760 .8

678 .2

Total net borrowing by domestic
nonfinancial sectors
639 .3

z
3
4

37 .4
38 .8
- 1 .4

79,.2
79 .8
.6

87,.4
87,.8
" •.5

161 ,
.3
162.. 1
.9

186 .6
186 .7
- .1

198,.8
199..0
- •.2

223,.6
223,.7
- •.1

215,.0
214..7
0,.4

144..9
143..4
1,.5

. 157 .5
140 .0
17 .4

151 .6
150 .0
1 .6

272 .5
264 .4
8 .2

U.S. g o v e r n m e n t
Treasury issues
Agency i s s u e s 8 m o r t g a g e s

2
3
4

5

343 .7

258,.7

296,.2

237,. 1

351 .5

553,.5

624,.5

621,.9

542,. 1

603,.3

526 .6

366 .8

Private domestic
n o n f i n a n c i a l sectors

5

6
7
8
9
10
11
12
13

209,.9
27,.7
17,.3
164,.9
116,.6
10,.0
24 .4
14 .0

185,.2
24 .7
27,.7
132,.9
95,.3
7,.6
19,.2
10..7

165 .7
33 .7
.8
109..2
72,.4
4 .8
,
.2
22 ,
9,.7

157,.2
50..4
18,.7
88..2
53,.4
5 .4
25..2
4.. 1

247 . 1
43 .3
16 .0
187 .9
120,.4
14 . 1
.0
51 ,
2..4

319,.9
.0
51 .
46.. 1
.8
136..7
25..2
62..2
-1 .
.2

451,.2
135,.4
73,.5
242,.2
156,.8
29,.8
62 .2
-6..6

465,.8
22 .7
126,.8
316..3
218,.7
33..5
73..6
-9..5

453..2
49 .3
79,.4
324..5
234,.9
24.,4
,6
71 .
-6 .
.4

459 .2
49 .8
102,.9
306.5
.0
231 ,
16..7
60,.8
-2,. 1

379 .8
30,.4
73,.7
275..7
218,.0
16,.4
42,.7
-1,.5

298 .2
20 . 1
49 .7
,3
212,.6
6,.5
9 .3

14
15
16
17
18

133.8
40,.5
48 . 7
9,.0
35,.6

73,.4
2..6
36,.8
4 .0
,
30,.0

130,.5
16 .9
,
50 ,
.5
14 .7
.
48 .
.5

79..9
16..4
53.. 9
-6.. 1
15..8

104..4
48 .9
25 .0
.8
31,.3

233..6
81 ..7
68..0
21.,7
62..2

173..3
82,.5
40,.6
14,.6
35,.6

156.,1
58..0
66..9
-9..3
40.5

88..9
33.,5
10..0
2..3
43..2

144..1
50,.2
39..8
11 .9
,
42,.2

146,.8
39,. 1
39,.9
20.4
47..4

19
20
21
22
23
24
25

343,.7
15., 0
171 .
,5
157,.2
.5
65..6
68 . 1

258 .7
11 .6
117 . 3
129 . 7
15 .8
55 .8
58 .2

296 .2
17,. 1
114,.3
164 .8
,
16 .3
,
.4
44 ,
104 ,
. 1

237.. 1
27,.7
84 .
, 3
125,. 1
6..7
71 .8
.
46 .
.6

351 ,
.5
23,.6
185,.6
142,.3
3,.9
.9
81 .
56,.5

553 .5
28,. 1
.8
231 ,
293..6
.4
123,.2
170,.8

624 .5
90 .9
284 .5
249 . 1
-14,.5
129..3
134..3

.9
621 .
36 ,
.2
293.,0
292..7
-16..3
99,.2
209,, 7

542,. 1
48 .8
302,.2
191 .0
,
-10,.6
77,. 9
123,.7

603..3
45..6
314..9
242..8
-7..5
65..7
184..6

526..6
29..6
285..0
211 ..9
1 .6
.
50.8
159..5

26
27
28
29
30

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

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

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

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

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

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

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

4,.5
7.4
-3..6
2. 1
-1 .4
,

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

362 .0

407 . 1

760,.6

849,.3

31

396,.0

414 .
.4

17,.3
3,. 1
3..6
6,.5
4.
, 1
555,.4

846..6

691 ,
.5

10..9
5..3
, 1
13..3
-7. 5

Debt capital i n s t r u m e n t s
Tax-exempt o b l i g a t i o n s
C o r p o r a t e bonds
Mortgages
Home m o r t g a g e s
M u l t i f a m i l y resid.
Commerci al

6
7
8
9
10
1 1
12
13

Other debt i n s t r u m e n t s
Consumer credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other loans

14
15
16
17
18

By borrowing sector:
State&local governments
Households
N o n f i n a n c i a l business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

*

68 ,
.7
14 .
,3
1 .3
,
9.
,7
43,.4
366
17
254
95
2
13
79

.8
.2
.0
.6
.6
. 7
.4

1

.5 Fgri. net borrowing in U.S.
23 ,
.6
21 ,
Bank loans n.e.c.
-2,.9
C o m m e r c i a l paper
12 .3
,
U.S. govt. S other loans
-7,.5

767,. 1

689., 1

662 .8 Total domestic

plus foreign

Total net borrowing
202,. 1 by financial sectors

26
27
28
29
30
31

Net Credit Market Borrow!ng by Financial Sectors
300.2

247 .6

205.5

74..9
30..4
44..4

101 .
.5
20..6
79..9
1.. 1

154,. 1
15..2
139..2
" •.4

171 .8
30.2
142.3
-.8

119,,8
44,.9
74,.9

151.0
25.2
125.8

167..4
17,. 1
150..3
. 1

U.S. g o v e r n m e n t - r e l a t e d
Sponsored credit ag. sec.
M o r t g a g e pool securities "
L o a n s from U.S. government

75 . 9
34.,3
0..4
1 ,4
24,.0
15..7

99..7
50,.9
0.. 1
.6
32,.0
14..2

.0
131 .
82..9
0., 1
4 .0
.
24 .
.2
19..8

128.4
78.9
0.4
-3.2
27.9
24.4

127..8
51 ,
.7
0..3
1 .4
.
54 ,
,8
19,.7

54.5
36.8
1 .8
26.9
-11.0

34 . 7
49..8
0.. 3
0.. 7
8 .
.6
- 2 4 ..7

P r i v a t e financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n.e.c.
O p e n - m a r k e t paper
Fed. Home Loan Bank loans

285.. 1
14..9
139..2

300.2
29.5
142.3

247..6
44 .9
74,.9

205.5
25.2
125.8

202.. 1 T o t a l , by sector
Sponsored credit
17..0
Mortgage pools
150..3

.0
131 .
-3..6
15..2
20..9
4..2
54..7
0..8
39,.0

128.4
6.2
14.3
19.6
8.1
40.8
0.3
39.1

127,.8
-3,.0
5 .2
19,.9
1 .9
,
67,.7
3,.5
32,.5

54.5
-1.4
6.2
-14. 1
-1.4
46.3
-1.9
20.8

34..7
-1 . 1
- 2 7 ,.7
-31 ,
.2
.5
57.. 1
.9
-1 .
40,. 1

864 .9 Total net borrowing
U.S. g o v e r n m e n t s e c u r i t i e s
440. 0
Tax-exempt o b l i g a t i o n s
20. 1
C o r p o r a t e 8 foreign bonds
121 . 1
M
ortgages
6
228.

.9
. 9
.5
.4

67.8
,
1 .4
6 6,.4

25.. 9
13,. 7
0.. 1
1 .4
,
9,.9
0.8

32..5
18..6
.4
.3
21 .
-7..0

90 .8
15,.3
49 .5

100,.3
1 .4
,
66 ,
.4

25 .9
11 . 7
7. 1
1 .7
.6
5 .5
. 1
0,.6

32,.5
5 .0
13 .3
- 6 .2
.4
17..5
.3
3,.6

65,.4

103 .6

2
3
4
5

47 .9
24 .3
23 . 1
0 .6

44,.8
24,.4
19,.2
1 .2
,

47 .4
30 .5
15 .0
1 .9

64
14
49
0

6
7
8
9
10
11

41 . 7
5 .5

20,.6
1 ., 6

56 .2
6 .0

0 .2
26 .8
9 .2

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

1 .2
32 .7
16 .2

12
13
14

89 .6
24 .8
23 . 1

65 .4
25,.6
19 .2

15
16
17
18
19
20
21
22

41 . 7
9. 1
4. 1
9 .5
0 .7
18 .8
.4

20,.6
8,. 3
6,. 7
6,.8
0,. 7
- 1 .2
,
. 7

56 .2
1 1.6
10 .8
15 .6
0 .4
18 . 1
.4

285.. 1

150..7

89 .6

103 .6
32 .4
15 .0

.3
201 .

100,.3

90 ,
.8

1

150.,7
30..4
44..4
75..9
7..3
16.. 1
17..2
1 .2
.
24..3
0..5
9..3

201..3
21 .
.7
79..9
99..7
-4..9
16..6
17..3
1 .5
.
57..7
.1
11..5

agencies

P r i v a t e f i n a n c i a l sectors
C o m m e r c i a l banks
Domestic a f f i l i a t e s (BHCs)
S a v i n g s and loan assns.
Mutual s a v i n g s banks
Finance companies
REITs
SCO issuers

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

Total Net Credit Market Borrowing, All S e c t o r s , by Type

1
2
3
4
5

485.. 6
84..8
27..7
26..5
164.8

427..4
122,.9
24.,7
30.5
132,.7

510. 7
133. 0
33. 7
34 .3
109. 1

6
7
8
9

40..5
52,.0
37 .5
51 .9

2,.6
47,.6
19,.3
47,.1

16. 9
54. 7
51 ..3
77. 7

10

0 .6

-3,.8

11
12

380 .4
36 .8

341 .7
83 .0

*

505..2
225., 9
50,.4
39..0
88..2
16..4
49..7
5..7
30..0
7..3
391 ,
. 1
154..0

383. 6
87. 4

655.7
254.4
43.3
37.7
187.8
48.9
28.2
26.9
28.4

911,.4
273,.8
.0
51 ,
84,.2
223,. 1
81..7
62,.7
51,.9
82..9

1050..6
324..2
135..4
128.,2
242..2

1131..7
369..5
.7
212..8
316..4

991 ,
.7
317..5
49,.3
165,.7
324,.9

1014..7
277,.2
49,.8
161 ,
.5
306,.7

894. 5
302. 6
30. 4
115. 8
275. 7

82..5
40,.3
52,.8
45,.0

58..0
69..9
26,.4
56,.1

33, 5
3,.2
32,.3
65..5

50,.2
39,.4
75.4
54 .4

39. 1
41.5
60. 6
28. 9

-7.1

6..3

14..4

545.2
193.7

746 .0
192, 5

833..7
209..3

*

836 .9
215,.0

-7,.9
694,.9
152..8

14. 3
9
30. 7
11 .1

Consumer credit
Bank loans n.e.c.
O p e n - m a r k e t paper
Other loans

1
2
3
4
5
6
7
8
9

10
-5. 9
8 . 3 M e m o : U.S. govt. cash balance
10 .4
Totals net of ichanges in U.S. govt. cash balances:
631. 0 Net borrowing by dom. nonfin. 11
750 .4
684.. 1
By U.S. g o v e r n m e n t
12
157. 5
264. 2
147 . 1

E x t e r n a l C o r p o r a t e Equi ty Funds Raised in U.S. M a r k e t s

1
2
3
4
5

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

17 .8
2,.9
14,.9
10 .4
2 .2

-6.8
3..7
-10. 5
-13. 5
2.,7

16,.7
8 .8
7 .9
I .9
4 .7

54.6
27.2
27.3
20.0
3.6

-40.5
29,.3
-69..8
- 7 9 .0
8 .2

17..2
8 4 .4
-67..2
- 8 4 .5
13..6

6

1 .0

2 .4

0..2

1 .4

3.7

0,.9

3,.7


H I S T O R I C A L DATA ON


NET F U N D S R A I S E D

.0
.6

10,.9
73..9
- 6 3 .0
- 7 5 .5
14 .6

1 .2

- 2 .1

86
159
-72
-85
11

.8
.0

-63. 7
- 1 2 4 .2
41. 3
1 .. 1
- 1 2 5 .3 - 1 0 5 .. 1
- 1 2 9 .5 - 1 2 4 ..2
3 .3
2. 4
0 .9

16. 7

9. 6 Total net share issues
Mutual funds
61 .4
All other
-51. 7
Nonfinancial corporations
-63. 0
Financial corporations
4. 3
Foreign shares
purchased in U.S.
6. 9

1
2
3
4
5
6