Full text of Z.7 Flow of Funds Summary Statistics : September 17, 1993

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
W-'
Z.7 (788)

For immediate release
September 17, 1993

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 5-1/2 percent in the second quarter of 1993, somewhat faster
than in the first quarter, but close to the rate recorded in 1992. Growth of
federal debt was rapid at an 11 percent pace. Nonfederal debt growth was
faster than in the first quarter but, at 3-3/4 percent, remained low by
pre -1991 standards. In the household sector, both mortgage debt and consumer
credit increased a bit faster than earlier in the year. Nonfinancial business
debt was up in the second quarter, but only at a 1 percent rate. Debt of
state and local governments rose at a 6-1/4 percent rate, as low interest
rates continued to induce many governments to refund existing debt by issuing
securities in advance of maturity dates.
The level of domestic nonfinancial debt outstanding was
$12 trillion at the end of the second quarter 1993. Of this total, debt of
nonfederal sectors accounted for $8.8 trillion and the federal government
component was $3.2 trillion.
This release incorporates benchmark and seasonal adjustment revisions
to the flow of funds accounts. Most of the data revisions are for the period
since 1982, although changes to some series go back further. In addition, the
revisions reflect structural changes that incorporate several new sectors and
redefine other sectors. New financial transaction categories were also added
to the accounts. The revisions will be described in the Z.l release.
A. Growth of Domestic Nonfinancial Debt1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Business
(5)

1988
1989
1990
1991
1992

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

8. 0
7. 0
11. 0
11. 1
10. 9

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

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

1991 -Q1
Q2
Q3
Q4

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

7 .7
10. 6
14. 5
10. 1

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

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

-2. 3
-3.5

1992 -Q1
Q2
Q3
Q4

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

11. 7
12. 3
10. 2
7. 9

3. 3
2. 7
3. 7
3. 3

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

4
3
6
4

1993 -Q1
-Q2
1. Changes
month-average




State &
local
govts.
(6)

7 .9
7 .0
3. 4
9
1

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

1

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

1.

1. 1

6..7
7,. 1
7 .6
,
3,.6

3,.4
7. 5
2. 0
3. 5
-1. 1
7,. 1
11, 1
1. 1
5,,6
3, 7
5 T4
6,.2
shown are on an end - of-period basis and thus may differ from
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
nonfinancial

Foreign

F inancial

All
$$C tQrg

Memo :
, Private
fin^nc iftl—

1988
1989
1990
1991
1992

8.8
7.8
6.3
4.4
5.2

2.6
4.0
9.1
4.9
8.1

12.8
10.1
8.2
5.9
7.7

9.3
8.1
6.7
4.7
5.8

8.0
5.0
4.3
-.6
.7

1991-Q1
Q2
Q3
Q4

4.0
5.2
4.6
3.7

20.3
-20.2
8.4
11.8

5.9
3.3
6.6
7.2

4.7
4.3
5.0
4.5

.6
2.1
-2.5
-2.7

1992-Q1
Q2
Q3
Q4

5.4
5.2
5.3
4.5

.6
19.9
12.4
-.2

6.2
7.4
10.5
6.0

5.5
5.9
6.5
4.7

3.5
.1
-.8
.2

1993-Q1
-02
1. Holdings
business, and

3.4
16.0
5.1
4.0
-6.1
5.6
S_s_2
4ul
5_s_4
LJ$
of deposits and credit market claims by households, nonfinancial
state and local governments.

Explanatory Notes
Domestic debt includes credit market funds borrowed from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign
financial and nonfinancial entities in U.S. markets only. Financial sectors
consist of government - sponsored enterprises, federally related mortgage pools,
and private financial institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper, consumer credit, government
loans, and other loans included in table L.2; it excludes trade debt, loans for
the purpose of carrying securities, and funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table F.2 by seasonally adjusted levels at the end of the
previous period. Seasonally adjusted quarterly levels in flow of funds
statistics are derived by carrying forward year-end levels by seasonally
adjusted flows. Growth rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those shown above.
The flow of funds accounts are available
diskettes contain quarterly data beginning in
correspond to the tables published in the Z.l
diskettes contain files with the monthly debt
Board's H.6 release and data from the Balance
(C.9 release).

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

Subscriptions to this summary release, the full statements for sectors and
transaction types for flows and amounts outstanding (the Z.l release), the
C.9 release, and diskettes may be obtained through Publications Services, Stop
402, Board of Governors of the Federal Reserve System, Washington, D.C. 20551,
(202) 452-3245. This release is also available on the Economic Bulletin Board
of the Department of Commerce.
********************************************************************************
A Guide to the Flow of Funds Accounts is available. The Guide explains the
principles underlying the accounts and describes how they are constructed. The
Guide is available from Publication Services for $8.50.




x

Z. 7» SEPTEMBER 17, 1993
Credit Market Debt

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

PERIOD-END LEVELS

PERIOD-END LEVELS
I
I

1988

III

1991

|
IV I

I

II

1992

III

L.2 Credit Market Debt Owed by Nonfinancial Sectors
1

9301 .7 10054.3 10692.0

2
3
4

2104 .9
2082 .3
22 .6

2251.2
2227.0
24.2

2498.1
2465.8
32.4

2687 .2
2669 .6
17 .6

2776 .4
2757 .8
18 .6

2859 .7
2844 .0
15 .8

2923.3
2907.4
15.9

2998.9
2980.7
18.1

3080.3
3061.6
18.8

3140.2
3120.6
19.6

3201.2
3180.6
20.6

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

2
3
4

5
6
7

7196 .8
939 .4
887 .2

7803.1
1004.7
961.1

8193.9
1062.1
1008.2

8336 .4
1111 .7
. 1071.9

8384 .3
1131 .6
1086 .9

8425 .5
1145 .5
1106 .0

8499.4
1163.7
1125.4

8577.2
1186.4
1140.8

8661.8
1197.3
1154.2

8677.6
1209.9
1173.0

8772.6
1224.0
1189.2

Private* by transaction
Tax-exempt securities
Corporate bonds

5
6
7

8
9
10
11
12

3226 .6
2155 .6
291 .1
696 .8
83 .1

3512.8
2380.5
304.3
747.6
80.5

3715.4
2580.6
305.5
750.8
78.4

3845 .5
2703 .8
302 .9
758 .9
79 .9

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

3917 .2
2791 .7
305 .9
740 .0
79 .6

3940.9
2825.5
301.8
733.8
79.7

3979.0
2880.7
299.0
719.4
79.8

4000.4
2922.6
291.9
706.2
79.8

4015.4
2945.1
290.5
699.7
80.0

4051.2
2990.1
287.8
693.2
80.1

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

8
9
10
11
12

13
14
15
16

742 .1
704 .4
85 .7
611 .4

799.5
750.8
107.1
667.0

813.0
747.8
116.9
730.6

790 .1
710 .3
107 .0
699 .9

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

777 .6
686 .3
110 .4
682 .4

776.9
694.7
112.0
685.8

784.5
686.8
108.2
691.6

809.2
696.3
107.1
697.1

793.9
683.9
114.6
686.9

804.5
693.8
125.0
684.9

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

13
14
15

17
18
19
20
21
22
23

7196 .8
3069 .4
3374 .9
133 .9
1150 .4
2090 .6
752 .5

7803.1
3371.4
3615.7
134.4
1199.6
2281.7
816.1

8193.9
3594.8
3728.5
134.9
1219.0
2374.6
870.5

8336 .4
3703 .4
3719 .2
137
1204 .5
2377 .7
913 .8

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

8425 .5
3782 .6
3697 .6
133 .1
1186
2378 .5
945 .3

8499.4
3836.6
3701.8
136.4
1175.7
2389.7
961.0

8577.2
3898.7
3695.5
137.1
1163.4
2394.9
983.1

8661.8
3976.0
3693.5
135.4
1152.9
2405.3
992.2

8677.6
3979.4
3691.2
132.8
1144.6
2413.9
1007.0

8772.6
4043.2
3707.8
136.0
1137.3
2434.5
1021.6

24
25
26
27
28

251 .4
89,.2
21..5
49,.9
90..7

261.2
94.1
21.4
63.0
82.7

285.1
115.4
18.5
75.3
75.8

289 .3
124 .9
20 .0
78 .0
66 .4

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

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

304.7
136.2
25.5
77.4
65.6

312.9
141.3
26.5
80.7
64.4

313.8
146.9
23.9
77.7
65.4

324.8
165.8
24.3
72.3
62.5

333.2
173.4
25.9
72.1
61.8

29

9553..1 10315.5 10977.1

11023 .6 11160 .6 11285 .2 11422.7 11576.1 11742.1 11817.8 11973.8 Total domestic

Private» by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State 8 local governments
Foreign credit market debt
held in U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

16

17
18
19
20
21

22
23
24
25
26
27
28

11313..0 11459. 5 11573..9 11727.4 :.1889.0 12055.9 12142.6 12307.0 Total domestic and foreign
L. 3 Credit Market Debt Owed by Financial

1

2119. 6

2362.7

2559.4

2653. 1

2709. 7

2751. 2

2805.3

2877.1

2928.8

2962.1

2995.5 Total> by transaction

2
3
4
5

1098. 4
348. 1
745. 3
5. 0

1247.8
373.3
869.5
5.0

1418.4
393.7
1019.9
4.9

1522. 9
394. 7
1123. 3
4. 9

1564.2
402. 9
1156.5
4.8

1590. 3
405. 7
1179.8
4.8

1641.6
417.8
1219.0
4.8

1683.5
434.7
1244.0
4.8

1720.0
443.1
1272.0
4.8

1755.8
451.2
1299.8
4.8

1774.4
468.3
1301.3
4.8

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

6
7
8
9
10
11

1021. 3
442.4
3.5
44.8
377. 7
152.8

1114.8
509.1
4.0
50.9
409.1
141.8

1140.9
549.9
4.3
52.0
417.7
117.1

1130. 3
588. 2
4.8
66. 3
387. 0
83. 9

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

1160. 9
613.8
5. 0
72. 7
393.2
76.3

1163.7
628.6
4.6
63.1
390.5
76.9

1193.6
646.8
4.6
67.3
394.6
80.2

1208.9
665.4
5.1
64.2
394.3
79.9

1206.3
680.4
5.4
56.9
378.7
85.0

1221.0
693.8
5.4
54.6
375.2
92.1

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

12
13
14

2119. 6
353. 1
745. 3

2362.7
378.3
869.5

2559.4
398.5
1019.9

2653. 1
399.5
1123. 3

2709. 7
407. 7
1156.5

2751.2
410.5
1179.8

2805.3
422.6
1219.0

2877.1
439.5
1244.0

2928.8
447.9
1272.0

2962.1
456.0
1299.8

2995.5 Total» by sector
473.1
Govt.-sponsored enterprises
1301.3
Fed. related mortgage pools

12
13
14

15
16
17
18
19
20
21

1021. 3
78.8
136.2
Ill .6
184. 3

1114.8
77.4
142.5
125.4
169.2

1140.9
76.7
114.8
137.9
139.1

1130. 3
66.2
110.6
127.8
100.8

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

1160. 9
63.8
115. 0
137. 6
89.8

1163.7
66.2
112.7
144.8
87.6

1193.6
169.0
114.4
143.3
89.2

1208.9
73.8
114.6
135.7
87.8

1206.3
73.1
119.9
127.6
90.3

1221.0
76.7
122.6
126.1
93.6

15
16
17
18
19
20
21

22
23
24
25

323. 0
8. 3
10. 1
169.0

382.7
14.6
14.8
365.6

389.4
13.0
14.1
380.4

379.1
10.4
13.7
392.2

369.1
13.0
13.9
405.8

-

-

350.4
11.3
11.4
227.3

-

374.4
7.3
12.4
278.3

-

381.5
12.5
13.2
317.7

-

393.0
13.0
14.0
329.4

*

382.2
19.8
14.4
338.2

377.4
11.0
14.5
349.5

0.1

0.2

*

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

22
23
24
25

L.4 Credit Market Debt, All Sectors, by Transactio
1 11672 .7 12678 .2 13536,.5
2
3

13966 .1 14169 .3 14325 .1 14532 .7 14766 .1 14984 .7 15104 .7 15302,.5

5

3198 .3
939 .4
1418 .9
3230, 1

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

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

4205,.2
1111..7
1785..0
3850..3

4335 .7
1131,.6
1823 .1
3885,.5

4445 .2
1145..5
1850,.5
3922,.2

4560,.1
1163..7
1890,.2
3945,.5

6
7
8
9

742,.1
770,.8
513..4
859..9

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

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

790..1
796. 6
572.,0
855. 1

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

777..6
780..9
574.,1
829..0

776..9
783..3
579..9
833.,0

784. 5
780. 6
583. 6
841. 0

10

118.3
844.8
478.3
3105.5

133.9
904.2
566.2
3812.9

137.4
936.4
602.1
3543.7

158.1
925.8
744.2
4308.8

188.9
926.7
813.9
4869.4

,
194.6
938.0
860.4
4925.6

193.3
950.0
928.3
4837.0

214.5
970.5
971.2
4995.4

11
12
13

-

BILLIONS OF DOLLARS.




4677,.6 4795,.5
1186,.4 1197,. 3
1928..9 1966..4
3983..6 4005..6

4891 .2
1209,.9
2019,.1
4020..7

4970..9
1224..0
2056..4
4056..6

809..2
784. 5
579.,0
847..2

793..9
765..2
565. 5
839. 2

804. 5
774.,3
572.,3
843. 6

217.3
984.7
1050.2
5540.6

225.1
982.6
1155.7
5725.7

Selected
234.5
991.5
1256.5
5743.8

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

2
3
4
5

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

6
7
8
9

claims not included above:
Security credit
Trade credit
Mutual fund shares
Corporate equities

10
11
12
13

Z.7, SEPTEMBER 17, 1993
Funds Raised

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

ANNUAL FLOWS
1984

1985

1991

1992

F.2 Credit Market Borrowing by Nonfinancial Sectors
1 Total domestic
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

U.S. government
Treasury securities
Budget agency secur.Smtgs.
Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm
Consumer credit
Bank loans n.e.c.
Commercial paper
Other loans
Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

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

382..1

420,.2

561..2

764,.6

934 .6

855..8

739..9

752..6

723,.0

631,.0

475,.5

581,.5

1

155..1
137,.7
17,.4

146,.4
144,.7
1..6

246,.9
238 .7
8 •2

278 .2
292..0
-13..8

304..0
303 .8
0,.2

2
3
4

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

277,.5 5
65,.7 6
67,.3 7
120,.0 8
176,.0 9
-11,.1 10
—45,.5 11
0,.6 12

85..5
85..9
,5

161,.3
162,.2
.9

185..2
185..3
.1

197,.2
197,.4
.2

225 .7
225 .8
.1

216..0
215..6
0..4

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

296..6
32 .9
24..8
106,.8
70..0
4 .8
22..2
9 .7

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

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

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

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

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

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

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

576,.6
65,.3
73,.8
269,.1
212,.5
12,.0
47 .3
-2 .7

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

16 .9
49 .6
14,
51 .0

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

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

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

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

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

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

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

49 .5
36 .4
21 .4
61 .0

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

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

9,.3 13
-4,.7 14
8,. 6 15
11 .2 16

296..6
103..9
176..5
16..3
44..7
115..5
16..3

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

376..0
174..6
166..7
3..9
86..7
76..2
54..6

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

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

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

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

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

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

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

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

277..5 17
215 .9 18
2 .2 19
0,. 6 20
-39 .5 21
41,.0 22
59,.4 23

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

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

17..3
3.
3.^6
6..5
4..1

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

1..2
3..8
-2,.8
6 .2
— 6..0

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

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

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

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

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

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

405,.6

436 .2

578,.6

773 .0

935 .8

865,.6

746,.2

758..9

733..1

654,.9

489,.4

60S,.7 29

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

24
25
26
27
28

F.3 Credit Market Borrowing by Financial Sectors
1 Total, by transaction
2
3
4
5
6
7
8
9
10
11

U.S. government-related
GSEs securities
Mortgage pools securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open market paper
Fed. Home Loan Banks loans

12 Total, by sector
13
Govt.-spons. enterprises
14
Fed. related mortgage pools
15
16
17
18
19
20
21
22
23
24
25

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

104.3

93..0

101.3

155..6

201.,0

323..9

291,.4

239..9

213. 7

193..5

150..4

209.8

1

47.4
30.5
15.0
1.9

64..9
14..9
49..5
0..4

67.8
1.4
66.4

74..9
30. 4
44..4

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

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

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

119.8
44. 9
74. 9

149..5
25..2
124..3

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

145..7
9 .2
136,.6

155.8
40.3
115.6

2
3
4

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

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

54.0
58.7

6
7
8
-4.8 9
-.7 10
0.8 11
209.8 12
40.2 13
115.6 14

-

2.5
21.3
-7.0

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

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

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

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

120..1
49..0
0..3
-3..8
54.8
19..7

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

93 .0
15 .3
49 .5

101.3
1.4
66.4

155,.6
30 .4
44..4

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

323,.9
14,.9
163 .3

291,.4
29 .5
142 .3

239..9
44,.9
74..9

213,.7
25,.2
124,.3

193,.5
17,.0
150 .3

150..4
9..1
136..6

56.9
11.6
10.8
4.3
16.0

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

33.6
5.0
13.3
2.9
-6.6

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

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

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

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

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

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

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

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

54.0
8.8
2.3
2.1
— 6.7

14.8
0.2
-.8

3 .3
1 .6

14.9 .
0.6
-.3
3.7

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

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

51 .5
9 .0
1 .6
42 .0

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

23 .9
-6 .2
1 .8
37 .6

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

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

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

— 3.6
0.1
0.1
51.0

2.1
32.7
16.2

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

104.3
32.4
15.0

56.9
5.9

33.6
16.8

5

15
16
17
18
19
20
21
22
23
24
25

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

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

509..9
131..1
32..9
36..1
106..7

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

679..9
253..1
54..4
45.8
187..7

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

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

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

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

998..8
274..9
53..7
159..0
280,.0

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

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

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

815,.5
459,.8
65,.7
143,.3
120,. 1

1
2
3
4
5

16,.9
54 .7
51,.3
80..2

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

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

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

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

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

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

50..1
39
75..4
66..6

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

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

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

9..3
-7,.2
13,.1
11,.4

6
7
8
9

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




-6,. 1
4,.4
-10,.4
-13,.5
2,.8
0 .2

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

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

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

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

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

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

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

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

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

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

293 .5
215,.4
78,.2
26,.8
20,.8

1
2
3
4
5

1 .4

3 .7

0,.9

3,.7

1,.2

-2,.1

0..9

17..2

7 .4

30..7

30,.6

6

Z.7, SEPTE'MBLK
Funds Raised

1996

Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
|
|

III

1990

IV

I
I

I

II

1991

III

IV

I
I

I

II

1992

III

IV

I
I

I

1993

II

F.2 Credit Market Borrowing by Nonfinancial Sectors
1

657,.3

520,.4

425,.5

565..4

500..0

411..4

603..0

584..6

611 .3

526 .9

400..2

667,.2 Total domestic

352..9
352. 5
0..4

299,.1
290 .1
9 .0

240,.1
237 .4
2 .7

229,.6
226,.4
3,.2

348 .2
344..1
4 .1

U.S. government
Treasury securities
Budget agency secur.Smtgs.
Private» by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

1
2
3
4

2
3
4

256,.0
257..3
-1..3

267,.8
268..8
-1..0

191,.7
215,.7
-24,.0

269..3
275..5
-6..2

379..5
408..2
-28..8

272..5
268..7
3.8

323..8
335.-0
-11..2

5
6
7
8
9
10
11
12

401..4
46..1
29..8
188..1
153..4
20..3
14..8
.4

252,.6
49,.3
65,.2
162,.2
172,.9
4,.4
— 16 .2
1,

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

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

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

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

279..2
68..0
76..3
183..2
216..5
11..6
-46..9
2..0

231..8
76., 6
77..8
71.,0
111..6
-16..3
—24..6
0..4

312 .1
75 .8
61 .3
135 .0
203 .3
-11 .1
-57 .6
0 .4

286 .8
42 .4
53 .7
90 .9
172 .7
-28 .5
-53 .0
- •.3

170,.7
62,.1
75 .0
95 .8
126 .2
-5,.6
-26..0
1..1

319..0
60,.7
65 .0
118,.7
155..4
-10,.6
-26..2
0,.1

13
14
15
16

19..4
15..5
32,.4
70..0

-7,.8
2,.7
-32,.5
13,.6

-16,.1
-59,.5
-25,.1
— 36 .7

-5..1
-30..2
-16.5
-28.8

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

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

-9,.8
-43..6
2..5
2,.6

-14..7
27..3
-2..6
-3..5

13 .5
-24 .3
9 .3
41 .5

48 .2
22 .0
25 .4
4,.2

20,.0
-36,.1
-24,.2
-21,.9

30,.7
35,.9
34,.8
-26,.9

17
18
19
20
21
22
23

401 .4
.
204,.2
153..0
6..6
35,.6
110,.8
44..2

252,.6
176..3
32..9
2,.6
-6,.3
36,.6
43,.4

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

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

138..9
120..5
193..8
154..5
-86..8 -129..0
-4..6
4..3
-57..9
-81..5
— 66,.5
-9..6
74..0
52..8

279..2
202..9
14..2
2..1
-21..7
33..7
62,.1

231..8
176..1
-11..2
3..2
-47..7
33..3
66..9

312..1
217,.6
21 .1
.5
-37 .5
59 .1
73..5

286 .8
267,.0
-15,.3
-2,.5
-50..9
38..0
35,.1

170,.7
139,.7
-39,.9
-1..5
-28,.8
-9..6
70..9

319,.0
216,.8
39,.5
3,.3
-36,.6
72,.8
62,.7

24
25
26
27
28

31..3
2..0
2..0
25..6
1..7

21..8
29..6
-5..2
15..6
-18..2

57,.8
11,.3
8 .1
46..7
-8 .4

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

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

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

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

57 .7
21..9
14..1
27,.8
-6,.1

37..8
20 .3
3,.9
13 .1
0 .5

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

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

26,.9 Fgn. borrowing in U.S.
Bonds
30,.4
Bank loans n.e.c.
6 .3
Commercial paper
.6
U.S. govt. 8 other loans
-9,.2

24
25
26
27
28

29

688 .6

542..2

483 .3

504.,9

523..7

445..6

604..9

642..3

649 .1

526,.3

450,.5

694,.1 Total domestic plus foreign

29

121..2 Total> by transaction

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

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

F.3 Credit Market Borrowing by Financial Sectors
1

148 .4

288..2

151..6

85..7

173..7

190..5

167..6

204..6

294 .8

172..2

148..7

131,.8
33,.6
98..4
.1

165..8
32,.2
133,.6

62.. 6
68 . 7
-6..1

-17,.1
60,.1
0,.9
-21,.2
-75,.5
18..6

58..6
53..6
0..2
-10..6
-18.. 1
33..5

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

1
2
3
4
5

2
3
4
5

150..7
13,.7
137..0

186..8
37.
150,
.5

156,.8
13..1
143,.7

114..1
-29. 7
143.8

161..7
20..6
141..1

150..4
32..6
117..9
- •.1

126..8
11..5
115..3

195..2
48..3
146..9

169 .3
67..7
101..6

6
7
8
9
10
11

-2,.3
-4 .2
1 .0
-8 .4
38 .2
-28..9

101,.5
87 .2
0 .5
-1 .0
28 .1
-13,.4

-5 .2
56 .5
.3
36.
-59 .1
-38 .4

-28..4
62..0
0..9
2..6
-47..3
-46..5

12..0
35..0
1..3
26..0
-11..7
-38..6

40..1
73..7
1..2
3..8
-9..9
-28..6

40..8
28 .6
.4
22,.0
1..1
-10..4

Q 4
59..1
-1,.5
-39..1
-14,.8
5,.8

125..5
73 .0
16 .9
17 .5
18 .1

40..4
74 .2
2,.0
-19..2
-6 .5
-10 .1

12
13
14

148 .4
13 .7
137 .0

288,.2
36,.7
150 .1

151 .6
13 .1
143 .7

85..7
-29..7
143..8

173..7
20..6
141..1

190..5
32. 5
117..9

167,.6
11,.5
115,.3

204..6
48..3
146..9

294 .8
67 .7
101,.6

172..2
33,.5
98,.4

148..7
32,.2
133,.6

121,.2 Total, by sector
Govt.-spons. enterprises
68..7
Fed. related mortgage pools
-6..1

12
13
14

15
16
17
18
19
20
21
22
23
24
25

-2,.3
-2 .6
-45 .7
52 .1
-33,.4

101..5
19,.8
-32,.5
18 .7
-17,.8

-5 .2
-23 .5
-1 .4
7 .9
-44,.8

-28. 4
-11..3
-4.,3
-36..5
-50..0

12..0
-2..6
-11..2
-11..9
-49..0

40..1
-9.5
7..0
-14.,0
-34..0

40,.8
3,.2
10,.9
16,.1
-18,.3

9..4
5..5
-9,.2
28..6
-5,.4

125 .5
12 .1
6 .6
-5 .7
11 .2

-17..1
5 .4
21..1
-54,.2
7,.9

-15 .6
3 .2
1..5
38 .3

50 .8
-7,.7
0 .8
69 .3

4 .1
9 .3
.3
43 .5

15..1
-2..5
1..7
59..3

16..0
14..0
1..8
54..9

39..0
1 .9
.
3..3
46..5

-35 .6
27,.5
1 .7
35,.3

-20..1
-35,.3
0..3
45,.0

0 .2
21 .2
14 .4
0 .9
64 .4

40,.4
14,.5
0..8
-30,.5
-14,.4
0,
.2
19..9
-6 .4
-2 .7
59 .2

0,. 1
-33,.1
-10 .4
-1..4
47,.5

58..6
10..4
10,.8
-5..7
18..3
0..3
0..6
-41..4
10..3
0..7
54,.3

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

15
16
17
18
19
20
21
22
23
24
25

815,.2 Total
U.S. government securities
410,.8
60,.7
Tax-exempt securities
Corporate 8 foreign bonds
149,.0
Mortgages
118,.9

1
2
3
4
5

Private financial sectors
6
Corporate bonds
7
Mortgages
8
Bank loans n.e.c.
9
Open market paper
10
Fed. Home Loan Banks loans 11

F .4 Credit Market Borrowing, All Sectors., by Transaction

2
3
4
5

837 .0
406 .7
46
27 .6
189 .1

830 .5
455 .0
49 .3
182 .1
162 .7

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

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

6
7
8
9

19 .4
9 .2
96 .2
42 .7

-7 .8
-3 .5
11 .2
-18 .5

-16 .1
-15 .2
-37 .6
-83 .4

-5..1
-31..2
-115..7
-91..2

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

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

772 .5
450,.6
68 .0
109,.8
182 .8

847..0
548.
76..6
158 .8
69,.5

943 .9
468 .5
75 .8
154 .6
135 .0

698 .5
372 .0
42,.4
150.
93..0

599..2
395,.3
62..1
210,.8
96,.7

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

-10..7
-43,.4

-9 .8
-20..2
-4 .5
-4 .2

—14 .7
2 .3
10..3
-3..8

13 .5
-3 .4
39 .9
60 .0

48 .2
-7 .5
6 .8
-6 .5

20,.0
-55,.7
-121,.4
-8,.7

-109..3

30,.7
31,.6
16,.1
-2..6

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

6
7
8
9

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

-7 .5
46 .8
-54 .3
-74 .0
17 .5

42 .6
95 .8
-53 .2
-61 .0
5 .0

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

201.
128.! 9
72..2
12 .0
23 .2

6

2 .2

2 .8

27 .3

37,.1

BILLIONS OF DOLLARS.




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

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

271 .6
174,.4
97 .2
46 .0
22 .1

306 .1
240 .7
65 .3
36 .0
18 .2

283 .3
223 .3
60 .0
11 .0
14 .2

313 .1
223 .0
90 .1
14 .0
28 .6

332,.3
263..8
68 .5
27,.0
9..5

34,.6

23,.7

29 .1

11..2

34 .8

47 .5

31,.9

469,.8 Total net issues
357,.5
Mutual funds
Corporate equities
112,.3
32,.0
Nonfinancial corporations
30,.0
Financial corporations
Foreign shares
50..3
purchased in U.S.

1
2
3
4
5
6

Z. 7» SEPTEMBER 17, 1993
Households

Households
F. 100 Households and Nonprofit Organizations

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

III

1991

IV

I
I

I

II

1992

III

IV

I
I

I

1993

1990

1991

1992

II

1
2

4673 .8
623 .2

4850 .9
620 .4

5144,.9
644 .7

4858 .8
619 .7

4927 .5
628 .7

5017 .8
630 .9

5093 .8
634 .6

5139 .8
642 .8

5328 .3
670 .6

5254 .7
657 .1

5375 .7 Personal income
682 .3 - Personal taxes and nontaxes

1
2

3
4
5

4050 .6
3880 .6
170 .0

4230 .6
4029 .0
201,.6

4500,.2
4261,.5
238,.7

4239 .1
4052 .3
186 .8

4298 .8
4087 .0
211 .8

4386 .9
4169 .5
217 .4

4459 .2
4221 .3
237 .9

4497 .0
4277 .3
219 .7

4657 .7
4378 .0
279 .7

4597 .6
4419 .7
177 .9

4693 .4 = Disposable personal income
4480 .8 - Personal outlays
212 .6 = Personal saving, NIPA (1)

3
4
5

6
7
8
9

86 .0
90 .0
493 .7
839 .7

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

85 .2
67..7
566,.5
958 .1

89 .3
60 .0
527 .0
863,.1

72 .9
54 .5
534 .2
873 .4

87 .7
60 .3
553 .7
919 .0

83 .0
59 .5
559 .6
940 .1

86 .2
61 .6
599 .1
966 .6

83 .9
89 .2
553 .8
1006 .5

72 .7
78 .8
581 .9
911 .2

10
11
12
13
14

926 .8
696 .4
191 .7
468 .2
36 .5

909,.1
668 .4
173 .2
457 .8
37 .4

1006,.8
742,.4
205..7
497,.3
39,.3

935 .9
679,.1
176,.6
465,.1
37 .4

877 .6
687 .2
184 .0
465 .2
38 .0

983 .4
714 .6
192 .0
484 .0
38 .6

965 .0
729 .9
203 .0
487 .8
39 .2

1012 .5
746 .1
205 .6
500 .9
39 .6

1066 .3
778 .9
222 .4
516 .6
39 .9

908 .2
781 .0
225 .3
515 .3
40 .4

15
16

230 .4
439 .2

240 .7
431 .6

264 .4
484 .4

256,.8
450 .1

190 .4
430 .6

268 8
462 .6

235,.0
438,.7

266 .4
488 .2

287 .4
547 .9

127 .2
294 .2

413 .9
634 .6

79 .7
94 .9
581 .2
968 .4

•
•
+
=

Credits from govt, insurance 6
Net durables in consumption
7
8
Capital consumption
Gross saving
9

1209 .5 Gross investment
795 .7 Capital expend, net of sales
Residential construction
223 .3
Consumer durable goods
531 .6
Nonprofit plant and equip.
40 .7

10
11
12
13
14

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

17

17

230 .5

-74 .8

45 .8

-213 .2

-228 .8

214 .4

-7,.6

-53 .5

29,.8

-350 .3

100 .2

18
19
20
21
22

90 .4
12 .4
61 .5
-28 .3
44 .7

-25 1
50 .8
-29 .8
-70 .6
24 .5

5 .5
139 .1
-71 .6
-58 .0
-4 .0

-70..5
114,.4
-88 .1
-79 .0
-17 .8

-105 .4
14 .6
-42 .0
-92 .6
14 .6

95 .1
117 .7
-22 .6
-34 .5
34 .5

-59,.7
71,.4
-82,.5
-67,.8
19,.1

27 .3
211 .7
-95 .1
-61 .2
-28 -1

-40,.4
155,.7
-86,.1
-68,.6
-41,.4

-205 .7
38 .6
-174 .2
-20 .2
-49 .8

193 .9
153 .3
-25 .3
5 .8
60 .2

23
24
25
26
27
28
29
30

140 .1
107,.5
63 .7
43 .7
26 .7
18 .3
-20,.2
7,.9

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

40 .2
2 .4
-27 .6
30,.0
5 .6
-6,.6
7,.7
31,.2

-142 .8
-89 .0
-80,.4
-8,.6
25,.7
-90,.0
-16,.5
27,.1

-123 .3
-201 .2
-187 .5
-13 .6
25 .5
14 .6
16,.7
21,.1

119 .3
95 .9
90,.3
5..6
19,.3
0,.3
16,.6
-12 .7

-80 .7
52,.1
-99 .8
43,.7
14,.0 -166,.0
66 .2
29,.6
53,.5
-18,.2
-52,.2
-10,.4
-27..5
26,.0
45 .2
11,- 1

70..2
-30..2
-48 .9
18 .6
-32,.3
35,.8
15,.7
81..3

-144,.7
22,.1
24,.6
-2,.6
4,.7
-80..0
7..9
-99..3

-93 .7
-8 .9
113,.9
-122,.8
8,.0
-62,.5
30,.2
-60..6

31
32

43,.1
-21,.8

107,.5
-25,.6

179,.2
21..0

109,.6
-40,.1

154,.8
-33,.8

141,.5
-12..2

191..9
27..8

184..0
56 .1

199,.4
12..2

227..5
-43..0

312,.1
— 66 .1

Mutual fund shares
Corporate equities

31
32

33
34
35

25..7
158..1
21..5

25,.7
358,.8
29,.8

28..4
228..4
-7..5

19..4
450,.6
51.

19,.2
419,.6
10..8

33..8
118..0
40..2

22..7
191..6
20..2

27..3
301,.3
-55,.4

29..8
302..9
-35..2

51..4
371..7
-10.. 1

41..0
196..9
35..8

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

33
34
35

36
37
38

-35 .5
9..2
8..4

-12..5
24..6
.9

-13..3
-11..0
13..3

38..9
39..7
-5..9

12..9
73,.5
2..3

-21..9
-61..0
9..8

7..1
-26..7
11. 7

-39,.6
51 .7
,
16..4

1..3
-7..7
15..4

-15..9
41..1
21.8

-7..3
.3
20..7

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

36
37
38

39
40
41
42
43

208. 8
207..7
170. 7
16.,6
-3..1

190..9
168..4
161..4
-3..8
-9..2

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

193..2
154..5
155..6
-7..4
-13..0

240,.2
193. 8
171..8
7..3
-18..0

193.8
202..9
211..7
-8.,2
-1. 6

203..7
176.
106.5
-10.8
-4. 0

221..8
217..6
198..2
11..1
2..4

260. 5
267..0
167..2
39..4
8.8

167..0
139..7
120..7
24..7
-4. 7

220..7
216,.8
149..8
22..4
8..3

44
45
46
47

4..1
10.,9
-2..7
11..2

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

6..2
9..7
11.8
8.•1

18..6
9.,0
-19..5
11..2

9..6
11.,0
3..4
8..6

9.2
9..2
-23.8
6..3

10.8
10.,2
54.4
8,.9

3..1
9..5
-15..5
8..7

1. 6
9. 7
32.,0
8..4

-5.5
9.5
-11.,0
6..0

-1..9
9.,4
17..3
11..4

48
49
50

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

16..3
4. 5
1,,7

-1.8
4. 5
1.,4

30..0
5 .1
3,.6

40..0
6..2
0..1

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

20. 4
5..6
1,6

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

-10..3
2.,4
1.4

23.,4
3. 3
0. 6

-1.5
4..4
1..0

51

-87..0

-47.,9

-48.,7

-72.,8

-4..2

-64..4

-24..9

-45..9

-59.8

3.,1

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

18
19
20
21
22

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

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

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

-241..2 Discrepancy

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

Memo:
Net physical investment:
52
53
54

191,.7
93,.2
98..5

173,.2
97 .6
75..7

205.,7
111..5
94..3

176 .6
97 .7
78 .9

184.0
99..0
85,.0

192..0
105..0
87,.0

203,.0
106,.2
96,.8

205,.6
133,.2
72,.4

222 .4
101 .4
121 .0

225..3
119,
106..1

(A) Residential construction
expenditures
223 .3
- Capital consumption
119 .2
= Net investment
104 .1

55
56

170,.7
-72..1

161 .4
-85 .7

170,.9
-76 .6

155 .6
-76,.7

171,.8
211,.7
-86,.9 -124,.7

106 .5
-9,.7

198,.2
-125,.9

167 .2
-46 .2

120..7
-14,.5

149 .8
-45 .7

57
58
59

468,.2
378,.1
90,.0

457 .8
404 .7
53 .1

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

465,.1
405,.1
60,.0

465..2
410..7
54..5

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

487 .8
428,.3
59 .5

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

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

515..3
436. 5
78..8

(B) Consumer durables
expenditures
531 .6
- Capital consumption
436 .7
= Net investment
94 .9

60
61

13,.4
76..6

-13..1
66,.2

9..3
58..3

-20,.4
80..5

-10..7
65..2

-9..8
70..1

-14,.7
74,.3

13..5
48..1

48,.2
40,.9

20..0
58..7

BILLIONS OF DOLLARS.




30 .7
64 .2

- Home mortgages
= Excess net investment

- Consumer credit
= Excess net investment

52
53
54
55
56
57
58
59
60
61

Z.7, SEPTEMBER 17, 1993
Nonfinancial Corporations

Nonfinancial Corporations,
F.104 Nonfarm Nonfinancial Corporate Business
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
|
|

III

1991

I
I

IV

I

II

1992

HI

IV

I
I

I

1993

II

1
2
3
4

231.3
93.4
117.4
20.5

213.7
82.4
93.2
38.2

254.4
97.8
104.4
52.2

217.2
83.9
88.2
45.0

222.4
85.5
90. 1
46.8

234.4
90.4
93. 1
50.9

259.5
100.4
99.5
59. 6

251.3
94.9
105.2
51.2

272.5
105.4
119.9
47.2

267.9
106.0
126.6
35.3

281.7
112. 1
127.3
42. 3

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

1
2
3
4

5
6
7

32.8
326.6
379.8

12.5
338.6
389.3

27.2
349.5
429.0

10.2
339.5
394.7

13.7
341.2
401. 7

20.4
341.6
412. 9

26. 1
344.4
430.2

27.6
362.7
441.5

34.8
349.2
431.3

35.3
354.5
425. 1

34.9 • Capital consumption adj.
357.5 • Depreciation charges, NIPA
434. 7 = U.S. internal funds* book

5
6
7

8
9
10

40.6
-11.0
409.4

43.6
5.0
437.8

39.0
-5.3
462.7

35.2
-3.0
426.9

46.8
1.9
450.4

46. 3
-4.6
454. 6

35.7
-13.7
452.2

34.7
-7.8
468.4

39.3
4.9
475.5

48.2
-12.7
460. 6

44. 0 • Fgn. earnings ret. abroad
-13.0 • Inv. valuation adjustment
465. 7 a Total internal funds + IVA

8
9
10

11
12
13
14
15
16
17

388.6
407.3
400.3
1.4
398.9
3.6
3.5

415.8
381.6
387.0
1.1
386.0
-8.1
2.8

414.0
397.2
392.5
1.3
391.2
2.2
2.6

407.3
388.3
385. 1
1.0
384. 1
0.2
3. 1

447.8
393. 6
378.8
1.
377. 7
12.2
2. 7

417. 1
369. 9
378. 0
1.2
376.8
-10.3
2. 1

419.8
401.2
393.2
1.2
392. 0
5. 9
2. 1

396.9
402.7
395.4
I.3
394.1
4.2
3.1

422.1
415.2
403.3
1.4
401.9
9.0
2.9

423. 0
446.4
412.2
1.4
410.8
31.3
2.8

416. 0 Gross investment
447.2 Capital expenditures CI)
Fixed investment
428.2
Residential construction
1.4
Plant and equipment
426.8
Inventory
change • IVA
16.2
Mineral rts. from U.S. govt.
2.8

11
12
13
14
15
16
17

18
19

-18.7
94.7

34.2
69.6

16.7
140.6

19.0
73.0

54..2
91.2

47.2
150. 9

18.6
166. 1

-5.7
117.3

6.9
127.8

-23.4
3

-31.2
114. 1

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

15.2
8.1
-.9
-3.2
10.2
-5.9
13.9
-7.1
-7.9
0.8
-1.4
1.5

27.2
11.3
0.9
3.5
5.2
0.5
-2.8
7.3
5.7
1.6
1.8
—. 4

-5.3
-12.2
-1.5
-6.0
4.6
-14.9
-9.1
33.3
31.3
2.0
0.3
0.2

54.2
15.9
0.9
4. 6
4 3
-1,2
11. 6
15. 9
14..3
1.6
8. 7
-6 4

32. 6
19.4
.5
-4..9
4. 7
-2.2
1..2
10..7
9..1
.1.6
6 .0
-1 .6

-2.4
16. 3
-2.8
-10.6
4..7
-17..9
-21..3
35..2
33..2
2,.0
-5 .9

-5.4
2.8
-1. 7
-6.2
4.5
-14. 1
-28.8
40. 9
38. 9
2..0
5.8
-8.5

-6.5
-45.6
-1.2
-4.5
4.7
-18.0
24.3
29.3
27.3
2.0
-2.7
7.2

-6.7
-22.1
-.2
-2.7
4.5
-9.5
-10.5
27.8
25.8
2.0
4.0

2.0

-22.8
-4.3
-3..0
3.8
4. 6
7.6
-11..9
-17..4
-23..4
6..0
4
-1.8

15.0
-6.6
4
9. 6
4..6
3..0
0..9
1..2
.8
2..0
2..0
0.>6

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

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

-4,.1
2..1
-1,.6

-4,.1
1..2
47..4

-1..3
1.8
45..3

12.6

3.2
0.4
22.9

1..1
.7
34 5

1..2
-1..0
30..8

Consumer credit
Mutual fund shares
Trade credit

32
33
34

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

95.3
27.0
13.4
-.1
0.1
54.9

108.2
28.7
13.3

-12..3
16..2
13..0
0..1
8..2
-49,.8

68.,0
46..2
12,.8

77 .4

125.8
43..8
13..8
0..1
0..8
67,.3

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

35
36
37
38
39
40

18
Net financial investment
Net acq. of financial assets 19

32
33
34

1.7
-1.3
16.9

-4.5
2.7
-7.9

2.6
0.9
32.9

8 .9
4 .6
-7 .8

35
36
37
38
39
40

62.3
25.1
14.3

109.5
29.2
13.6

13..1
25 .6
15 .2

62 .2
38 .4
14 .0

6.2
16.8

52.0
26.3
14.1
0.5
2.2
8.9

1.7
65.0

4 .7
-32 .3

-4 .1
13 .9

41
42
43

113.4
37.7
-63.0

35.4
6.9
18.3

123.8
67.8
26.8

54 .0
9 .4
19 .0

37 .0
-18 .5
48 .0

103 .7
79 .7
46 .0

147 .6
69 .3
36 .0

123.1
70.1
11.0

121.0

52.0
14.0

23,.1
17 .4
27 .0

145 .3
104 .8
32 .0

44
45
46
47
48
49

100.7
-.3
47.1
-2.7
1.8
9.7

-11.3
-1.2
78.8
0.1
-24.9
-18.4

41.0
67.3
-25.7
-12.0
8.6

-9 .6
-1 .0
81 .6
-27 .4
-11 .2
-26 .9

—66 .5
-5 .2
60 .2
-7 .8
-37 .3
-5 .0

33 .7
-3 .2
76 .3
-23 .4
-16 .1
2 .5

33 .3
-1 .4
77 .8
-13 .9
-18 .3
-2 .6

59.1
-1.0
61.3
-33.3
-6.4
9.3

38.0
5.4
53.7
-32.4
-7.3
25.4

-9 .6
-3 .7
75 .0
-14 .9
-23 .6
-24 .2

72 .8
.6
65 .0
-6 .5
13 .8
34 .8

50
51
52
53
54
55
56

45.0
— 6.3
11.7
— .8
-6.6
45.4
1.7

-45.7
-5.3
-.3
-.8
-5.9
-35.1
1.7

2.9
-5.1
1.8
-.1
-2.9
6.3
2.9

-24 .7
-8 .2
7 .8
.8
-4 .4
-21 .8
2 .6

-71 .6
-2 .5
-10 .8
.6
-6 .4
-53 .5
2 .3

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

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

29.1
-2.3

-6.8
-11.3
7.5
0.1
0.9
-8.3
4.3

-18 .2
-2 .5
-9 .5
0 .1
2 .3
-10 .5
1.9

-33 .7
.4
-5 .1
0 .3
-6 .5
-22 .5
0 .6

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

50
51
52
53
54
55
56

57
58
59
60
61

-5.0
29.3
51.4
56.0
-4.6

-9.4
4.7
33.2
12.2
20.9

6.8
35.2
14.0
5.8
8.1

.1
16 .6
28 .1
9 .0
19 .1

-4 .9
23 .8
36 .7
11 .6
25 .1

7 .0
40 .8
-23 .8
-18 .8
-5 .0

5 .8
40 .8
31 .7
30 .9
0 .8

5.4
27.1
20.5
II.7

8.8

9.1
32.4
27.4
-.4
27.8

7 .0
21 .1
-22 .3
-35 .8
13 .5

5 .4
16 .8
18 .3
14 .9
3 .4

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

57
58
59
60
61

62

20.8

22.0

48.7

19 .5

2 .6

37 .6

32 .4

71.4

53.4

37 .6

49 .7 Discrepancy

63
64

-12.5
25.2

-12.6
23.3

-2.4
23.3

-24 .4
24 .5

-25 .4
21 .7

6 .7
24 .9

4 .5
25 .8

-11.2
26.8

-9.5
15.4

13.4
10.8

Memo:
14.0 Trade credit net of trade debt 63
11.5 Earnings rec. from abroad
64

65
66
67

3.6
-11.0
14.6

-8.1
5.0
-13.1

2.2
-5.3
7.5

0 .2
-3 .0
3 .2

12 .2
.9
10 .3

-10 .3
-4 .6
-5 .7

5 .9
-13 .7
19 .6

4.2
-7.8

9.0
4.9
4.1

31.3
-12.7
44.0

68
69

418.4
379.8

376.7
389.3

402.5
429.0

391 .3
394 .7

391 .7
401 .7

374 .5
412 .9

414 .9
430 .2

410.5
441.5

70

38.5

-12.6

-26.4

-3 .3

-10 .0

-38 .4

-15 .2

410.3
459.1
460.2 Total cap. expend, before IVA
431.3
425.1
434.7 Less: US internal funds, book
= Financing gap: Excess of capital expenditures
-21.0
34.0
25.5
over U.S. internal funds

110.1%
24.0%

96.7%
-3.0%

93.8%
10.1%

99. 1%
-2.4%

97.5%
-16.9%

90.6%
9.0%

96.4%
8.0%

92.9%
14.3%

95.1%
9.2%

71

0.1
15.9

2.0

-1.6
25.3
5.6

12.0

5.9
60.2

108.0%
-2.1%

6,.0
3 .0

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt C4)
Corporate bonds C2)
Mortgages
Bank loans n.e.c.
Commercial paper

C D Capital outlays on book basis:
16.2 Inventory change, NIPA
-13.0 Less: Inv. val. adjustment
29.2 = Inventory change before IVA




44
45
46
47
48
49

62

65
66
67
68
69
70

105.8% Capital exp./US internal funds 71
15.8% Cr. mkt. borrowing/capital exp 72

(2) Through 1992:Q4, corporate bonds include net issues by Netherlands
Antillean financial subsidiaries, and U.S. direct investment abroad
excludes net inflows from those bond issues.
(3) Equity in the Federal National Mortgage Association.
(4) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
BILLIONS OF DOLLARS.

41
42
43