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.."oOlCOVf/.

FEDERAL RESERVE statistical release
For immediate release
September 19, 1989

2.7 (788)

FLOW OF FUNDS SUMMARY STATISTICS
This release incorporates revisions to the Flow of Funds Accounts
resulting from the inclusion of annual benchmark data and updated seasonal
adjustment factors.
Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 6-1/2 percent in the second quarter of 1989, down from the 8-3/4 percent
pace in the first quarter. The slowdown was sharpest in the federal component,
which decelerated to a 3-1/4 percent rate, as the Treasury experienced larger-thanusual tax receipts in April.
The slower growth of nonfederal debt was concentrated in the household
sector, where debt grew 6-3/4 percent compared with the 8-1/4 percent pace of the
first quarter. Borrowing by the nonfinancial business and state and local
government sectors edged down in the second quarter.
Net borrowing by all domestic nonfinancial sectors in the second
quarter amounted to $613 billion, at a seasonally adjusted annual rate, and the
period-end level of total debt outstanding for domestic nonfinancial sectors
reached $9.4 trillion. Debt of nonfederal sectors accounted for more than
$7.2 trillion of this total, and the federal component approached $2.2 trillion
(Table 1).
Growth Rates of Major Debt Aggregates-^
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

Nonfederal
U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State
local
govt s
(6)

12.2
9.1
9.2

13.4
8.0
8.0

11.9
9.4
9.5

12.5
10.4
10.0

12.1
9.0
9.9

7.6
6.6
5.5

1988-1
II
III
IV

8.7
9.7
8.6
8.5

10.8
5.6
8.0
6.8

8.1
11.0
8.8
9.0

8.0
11.8
9.6
9.1

8.9
10.9
8.8
9.6

4.3
6.7
5.0
5.4

1989-1
II

8.7
6.6

9.4
3.3

8.4
7.6

8.3
6.8

9.1
8.9

5.2
4.8

1986
1987
1988

changes shown are on an end of period basis and thus may differ from
month-average data in the Board's H.6 release.



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

Memo:
Private
financial assets

12.,2
9.,1
9..2

4.1
2.1
2.8

26.3
20.1
14.0

14,.1
10..7
9..9

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

1988-1
II
III
IV

8..7
9,.7
8,.6
8..5

2.0
2.2
1.7
5.3

12.9
13.6
11.5
15.4

9..3
10..2
9..0
9..7

6,.4
8..1
10..1
6..7

1989-1
II

8..7
6..6

-. 9
1.7

18.4
5.8

10..3
6..3

6..6
7..5

1986
1987
1988

—

Foreign

Total:
All
Sectors

Financial
sectors

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. Seasonally adjusted quarterly
levels in flow of funds statistics are derived by carrying forward year-end levels
by seasonally adjusted flows plus any statistical discontinuities in the data
series. Changes in outstandings as printed can give growth rates that differ from
those shown above.
The following list gives the lines in Tables 1 and 2 that underly the
calculation of growth rates shown on page 1 of this release:
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. holders 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.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types in flows and amounts outstanding (the Z.l release),
may be obtained through Publication Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, DC 20551.



Z7, S E P T E M B E R
Credit Market

TABLE 1

19, 1989
Debt

Credit Market Debt

S u m m a r y of Credit Market Debt O u t s t a n d i n g
PERIOD-END LEVELS

PERIOD-END LEVELS
1988

|
1983

1984

1985

1986

1987

I

Credit Market Debt Owed

5202. 6

1

5951 .8

6795. 1

111

II

j

1989
*

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

8861. 3

8686. 4

8476. 7

8335. 0

7631 . 2

I

I

9091 .3

9265. 4

Total credit market debt owed by
9423.5
domestic n o n f i n a n . sectors

1

2
3
4

1177. 9
1174 . 4
3 .6

1376. 8
1 373 .4
3. 4

1600. 4
1597. 1
3. 3

1815. 4
1811 . 7
3. 6

1960. 3
1955. 2
5. 2

2003. 2
1998. 1
5. 0

2022. 3
2015. 3
7. 0

2063. 9
2051. 7
12. 2

2117. 8
2095. 2
22. 6

2155. 7
2133. 4
22. 3

2165. 7
2142. 1
23. 6

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

2
3
4

5

4024. 6

4575 . 1

5194 . 7

5815. 8

6374. 7

6473. 5

6664 . 1

6797. 4

6973.5

7109. 6

7257. 8

P r i v a t e domestic
n o n f i n a n c i a l sectors

5

5088. 6
771. 3
947. 6

Debt capital i n s t r u m e n t s
Tax-exempt obligations
C o r p o r a t e bonds

6
7
8

3369. 7
2267. 7
294. 6
720. 6
86. 7

Mortgages
Home m o r t g a g e s
M u l t i - f a m i l y resid.
Commercial
Farm

9
10
11
12
13

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

6
7
8

2715 . 1
469 . 0
423. 0

3038 . 0
520 . 0
469 . 2

3485 . 5
655. 5
542. 9

3957. 5
679. 1
6 6 4 ..2

4428. 0
713. 2
764. 1

4511 .0
718. 1
793. 8

4652. 6
72 7. 2
829. 8

4768. 9
746. 1
858. 8

4889. 0
759. 8
885. 0

4984. 4
766 . 1
912. 9

9
10
1 1
12
13

1823. 1
1200. 2
158 . 8
350 ..4
1 1 3 . .7

2048. 8
1 3 3 6 .,2
183 . b
416. 5
1 1 2 . ,4

2287. 1
1490 . 2
213. 0
4 7 8 ., 1
105 ., 9

2 6 1 4 ..2
1720 . 8
2 4 6 . .2
5 5 1 ..4
95 ..8

2950. 7
1943. 1
2 7 0 . ,0
648. 7
8 8 . .9

2999. 1
1978 .0
273. 0
660..2
88..0

3095. 7
2055..3
276.,6
676.,0
87..8

3164..0
2118.,0
281 .,0
677..9
87.,0

3244. 2
2174. 2
286. 8
696. 4
86. 8

3305. 4
2215. 3
292. 6
711 .5
86.,0

14
15
16
17
18

1 3 0 9 . .5
4 3 7 . .7
491 . 1
36 ..8
344 . 0

1537 ,. 1
5 1 9 . .3
5 5 3 .. 1
58 ,.5
4 0 6 ..2

1709 ..3
6 0 1 ..8
5 9 2 ..7
7 2 . .2
4 4 2 .6

1 8 5 8 . .4
659 .8
656 . 1
62 . 9
479 .6

1 9 4 6 .. 7
6 9 2 . .7
6 6 4 . .3
73.8
5 1 6 . .0

2011 ..5
1962. 5
705..8
688..9
687 .2
668,. 3
77,.8
73..5
540..6
531 . 9

2028..5 2084..5
743..7
721 ..2
702..6
687,. 7
85,.4
80,.3
552,.8
539 .4

19
20
21

4 0 2 4 ..6
355 .0
1811 . 6

4575 . 1
383 . 0
2038 .2

5194 .7
473 .9
2315 .5

5815 .8
510 . 1
2615 .6

6 3 7 4 .. 7
543 .7
2869 .3

6664 .1
6473..5
556 .0
547 . 1
2998 .0
2903 .2

6797 .4
565 .7
3075 .0

6973 .5
573 .5
3156 .4

22
23
24
25

1858
188
645
1023

2690
156
1001
1532

2961
145
1109
1706

.7
.5
.4
.8

3023
141
1131
1750

3156
143
1172
1840

.7
.6
.6
.6

3243
137
1205
1900

26
27
28
29
30

227
64
37
21
104

243
82
23
41
96

.0
.3
.3
.2
.2

246
87
22
46
89

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

5429 .8

31

2153
187
769
1196
235
68
30
27
108

.9
.9
.0
.9
. 1
.0
.8
.7
.6

6186 .9

2405
173
898
1333
234
71
27
33
101

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

7029 .9

236
74
26
37
97

.2
.6
.6
.0
.4
.9
.9
.4
. 1

Credit

244 .6
86 . 1
22 .8
42 .5
93 . 1
8721 .3

8578 .0

7867 .6

.2
.3
.7
.2

Market

Debt Owed

3110
143
1151
1814

. 1
.9
.9
.3

245 .9
86 .0
22 .4
44 .0
93 .5
8 9 3 2 .3

2125..3 2169..3
761 ..4
745., 0
718..8
717..5
110,. 1
96,. 1
579 .0
566,.6
7109 .6
578 .5
3214 .6
.6
.9
. 1
.6

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

7257 .8
584 .8
3270 .9
3402
137
1247
2016

. 1
.7
.5
.9

250
92
21
52
84

.6
.2
.0
.7
. 7

19
20
21

Nonfarm noncorporate
Corporate

22
23
24
25

F o r e i g n credit market debt
held in U.S.
Bonds
Bank loans n . e . c .
C o m m e r c i a l paper
U.S. govt. 8 other loans

26
27
28
29
30

Nonfinancial

business

.6
.6
.3
.7

3316
134
1229
1952

.2
.4
.7
.3
.9

249.8
89 .2
21 .5
50 .9
88 .2

249
90
21
54
83

9107 .5

9341 .1

9514 .8

9674 .2 Total n o n f i n a n . d o m e s t i c a fgn. 31

.4
.5
.6
.4
.0

by Financial Sectors
T o t a l credit market debt
by f i n a n c i a l sectors

owed
1

1

859. 9

1010. 2

1213. 2

1563. 6

1885. 5

1926. 0

2000. 5

2058. 2

2149. 7

2259. 0

2301 .6

4
5

456 .7
8
244 .9
5 .0

531 .2
237 .2
289. 0
5 .0

632. 7
257. 8
368 .9
6. 1

844. 2
273. 0
565 .4
5. 7

1026 .5
303 .2
718. 3
5. 0

1050. 6
313. 5
732. 1
5. 0

1076. 9
i 1 7.9
754. 0
5. 0

1116. 3
328. 5
782 .8
5. 0

1164. 0
348. 1
810. 9
5. 0

1209. 0
364. 3
839. 7
5. 0

1235.8
369.0
861 .8
5.0

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 s e c u r i t i e s
L o a n s from U.S. government

2
3
4
5

403 .,2
,6

479 .0
153 .,0

28 ., l
195 .5
59.,0

29 .5
219 .5
,6
74 .

580.,5
204.,5
2. 7
. 1
32 ,
.4
252 ,
88 .8

719. 5
287. 4
,7
2 .
36.. 1
284 ..6
108 ..6

985. 7
418..0
,4
3.
34 .
.2
377..4
152,.8

1050..0
458. 0
3. 5
32..2
392..5
163.8

1065.8
463.7
3 .4
34.6
402.2
161.9

P r i v a t e f i n a n c i a l 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
F e d . Home Loan Bank loans

6
7
8
9
10
11

859 . 9
211.
.9
244 ,

1010 .
.2
.2
242 ,
289 .0

10
1 1
12
14
15

403 .2
.8
73
64
.7
179 .0
3
4 .2

.0
. 1
.5
.6
. 9
203 .0
4.3
13 .5

479
84
89
81

1213,.2
263 .9
368 .9
580 .5
79 .2
106 .2
98 .9
4 .4
261 .2
5 .6
25 .0

1563,.6
2 78 .7
,
565 .4
719 .5
75 .6
116 .8
119 .8
8 .6
328 . 1
6 .5
64 .0

859. 0
366.,3
3. 1
32. 8
323..8
133.. 1
1885,.5
308 ,
.2
718 .3
859 .0
8 2 .7
131 . 1
139 .4
16 .7
378 .8
7 .3
103 . 1

Total Credit Market

1

6289 .,7

7197.2

8243. 1

9431 .,2 10463. 5

1629 .,4
469 ..0
.8
1825,.4

1902 .8
520.0
690 .1
2051 .4

2227.,0
655 ..5
819..2
2289,.8

2653..8 2981 ..8
713..2
679.. 1
1026,.4
1212..7
2617,.0 2953..8

8
9

437 . 7
556
253 .8
512 . 1

519.3
613.4
305 . 7
594.4




601 .8
652 .7
358 .5
6 38 .6

659
719
384
691

.8
. 1
.9
. 1

923. 6
397. 9
3.. 1
34..3
353.,4
134.,8

1926..0 2000..5
322 .9
318,.5
754 .0
732,. 1
875 .4
76 .4
131 .0
135 .3
17 . 1
393 .0
8 .7
113 .9

923 .6
77 .2
136 .3
141 .9
17 .6
419 .8
9. 1
121 .8

941 ..9
406.,4
3,
. 1
32..9
358,.0
141 ,
.6
2058 .2
333 .5
782 .8
941 .9
76 .6
136 .3
148 . 1
18 . 1
427 .7
7 .6
127 .5

2149,.7 2259..0
369 .3
353 . 1
839 .7
810 .9
985 .7
78 .8
136 .2
159 .3
18 .6
445 .8
11 .4
135 .7

1050 .0
73 .3
140 .0
170 . 1
17 .8
464 .3
11 . 1
173 .3

2301.6
374 . 0
861 .8
1065.8
78.0
140.4
168. 1
17.9
477.6
11.2
172.7

otal, by sector
S p o n s o r e d credit
M o r t g a g e pools

agencies

12
13
14

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 affiliates
S a v i n g s and loan assns.
M u t u a l S a v i n g s Banks
Finance companies
REITs
C M O Issuers

15
16
17
18
19
20
21
22

Debt O u t s t a n d i n g , All Sectors, by Type

2
5

875. 4
380. 5
3 .1
31 .7
330. 6
129. 5

692 .7
720 .3
4 38 .8
750 .2

10647.,3 10932..8 11165. 7 11490.8
3094..2
3048. 8
727,.2
718.. 1
1313,.7
1260,.4
3098.
.8
3002..2
688
722
446
759

.9
.7
.7
.5

705
744
475
773

.8
.0
.3
.9

3276.7
3175.,2
759.8
746., 1
1392.2
1352. 5
3167.. 1 3247.6
721 ..2
743,.3
484 .6
775 .7

743.7
758.3
513.6
798.8

11773. 8

11975. 8

3359..7 3396. 5
771..3
766.. 1
1503..5
1461,.4
3373.. 1
3308..9
745,.0
771 .4
543 . 1
818 .3

761
774
565
830

.4
.4
.0
.5

U.S. g o v e r n m e n t s e c u r i t i e s
Tax-exempt obligations
C o r p o r a t e and foreign bonds
Mortgages

2
3
4
5

C o n s u m e r credit
Bank loans n . e . c .
O p e n - m a r k e t paper
Other loans

6
7
8
9

TABLE 2

Z7, S E P T E M B E R 19, 1989
F u n d s Raised in Credit M a r k e t s

F u n d s Raised
S u m m a r y of Net Funds Raised

in Credit

QUARTERLY NET FLOWS, $ BILLIONS
I
I

II

1988
III

TffSS)

IV

I
I

Q U A R T E R L Y N E T F L O W S , $ BILLIONS
1989
I

II

I
|

Net Credit Market Borrowing

1988
III

II

I

IV

I
I

1989
I

II

-{SKATr~

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

191.5

221.9

155.1

158 .2

826 .0

753 .3

757 .2

788.2

Tote
612 .9

19.1
17.2
1.9

41.7
36.4
5.2

53.8
43.4
10.4

37.9
38.2
—. 3

10 .0
8 .7
1 .3

113 .7
106 .0
7 .7

162 .5
141 .6
20 .9

142 .1
100 .5
41 .6

199.9
201 .1
-1.2

70 .9
65 .8
5. 1

190.6

149.8

168.1

148 .2

712 .3

590 .8

615 .1

588.3

542 .0

6
7
8
9
10
11
12
13

141.6
9.1
36.0
96.5
77.3
3.6
15.8
-.2

121.8

115.1
8.7
26.2

94.4
5.2

104 .2
5 .2
34 .7
64 .2
52 .4
2 .0
9..0
0,.8

561
37
143
379
300
14
65
-1

463
34
115
313
231
19
65
-2

438 .9
34 .3
104 .9
299 .7
214 .0
17 .3
67 .7
0 .7

429.3
30.8
111.6
286.9
205.2
27.2
58.8
-4.4

414
23
138
252
201
8
39
2

14
15
16
17
18

48.9
16.9
19.0
4.3
8.7

28.0

53.0
22.6
14.9
5.1
10.5

22.7
-6.7
4.9
9.8
14.8

44..0
16..4
1 .3
.
13..9
12..4

151 .3
51 .9
58 .8
6..8
33,.7

126,.9
35,.5
7,.3
17.. 1
66..9

176,.2
73,. 1
66,.6
20..0
16, 5

159.0
34.8
22.9
44. 1
57.2

19
20
21
23
24
25

190.6
8.9
89.2
92.5
2.7
20.2
69.7

149.8
9.7
80.3
59.9

168.1
7.8
83.4
77.0
-6.0
28. 7
54.2

117.1
5.0
40.8
71.4
-2.7
23.8
50.3

148. 2
6..3
58. 3
83. 5
2. 8
18. 4
62. 3

712..3
37..0
345. 5
329. 7
-3. 3
83. 6
249. 4

590. 8
28. 1
290. 4
272. 3
— 2. 2
100. 5
174. 0

615., 1
30. 6
282. 1
302. 4
-11.8
98. 2
216. O

588.3
29.7
261.9
296.6
-6.3
91 . 1
211 .8

26
27
28
29
30

1.3
-.1
-.4
1.5
0.4

0.3
1.4
0.3
2.3
-3.6

-.2

1 .2
1 .8
7
-1 .7
1 .7

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

4. 1
5. 9

159. 4

831. 4

11.4
29.0
81.5
62.7
4.4
15.1
-.8
15.4
0.5
2.5
9.7

20.7
39.2

80.2
56.2
5.7
18.5
-.2

3
1
-1
4
-1

in Credit Markets

and Equity M a r k e t s

1 .2

0.2

3.7
-5.3

Net Credit Market B o r r o w i n g

.0
.9
.9
.2
.7
.7
.4
.6

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

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

nonfinancial

sectors

2
3
4

P r i v a t e domestic
n o n f i n a n c i a l sectors

5

Debt capital instruments
T a x - e x e m p t obligations
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.
Commercial
Farm

6
7
8
9
10
11
12
13

127,.8
47,.7
-13,.6
44 ,
.9
48..8

Other debt instruments
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

542.,0
27. 7
220. 2
294 .2
7
76. 3
220. 5

By borrowing sector :
StateSlocal 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

10. 3
-12. 1

13. 0
5. 1
-5. 7
21 .0
-7.4

-2.4
3.2
4.9
10.2
-20.7

757. 3

770. 2

785.8

617. 2 Total

395.4

133.0

4. 2 F g n . net borrowing in U.S.
4.2
11 .1
Bonds
-5. 0
Bank loans n . e . c .
-6. 1
C o m m e r c i a l paper
4. 2
U.S. govt. 8 other loans
domestic

plus

foreign

Total net b o r r o w i n g
by financial s e c t o r s

74 ,
.5

57.7

91.5

76 .8

42 .6

263 .9

232.. 1

2
3
4
5

26 .3
4..4
22 .0

39.4
10.6
28.8

47.7
19.6
28.1

45 .0
16 .2
28 .8

26 .8
4 .7
22 . 1

104 .3
1 1. 1
93 . 1

144,.4
46 .
.5
97,.8

172.5
62.3

216.1
84.9
131.2

105.9
12.7
93.3
-

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 s e c u r i t i e s
L o a n s from U.S. government

6
7
8
9
10
11

48 .2
17 .4

18.3
8.5

145.8
43.0

2 .3
9 .7
- 1 .9

159 .6
71 . 1
0,. 1
5 .7
70,.5
12,.3

87..7
32,.5

-1.4
4.6
6.7

31 .8
12,. 1
0,. 1
-2,.0
10,.6
11 .0
,

15 .8
5 .7

2 .7
.8
5 .3

43.8
11.5
0.3
1.3
19.4
11.2

-5,.6
35.. 1
25..8

-.3
70.4
31.4

179.4
51 .8
0.3
3.0
55.2
69.1

27.1
23.9
-.1
3.5
16.7
-16.9

P r i v a t e f i n a n c i a l 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
F e d . Home Loan Bank loans

12
13
14

74 .5
4 .4
22 .0

57.7
10.6
28.8

91.5
19.6
28.1

76 .8
16 .2
28 .8

42 .6
4 .7
22 .1

263..9
11 .
, 1
93,.1

232.. 1
46..5
97..8

318.3
62.3

395.4
84.9
131.2

133.0 T o t a l , by sector
12.7
Sponsored credit
93.3
M o r t g a g e pools

15
16
17
18
19
20
21
22

48 .2
0 .8
5 .3
6 .5
0 .4
26 .8
0 .4
7 .9

18.3
-.7

43.8
2.2

31 .8
- 5 .4
3 .8
10 .8
.8
14 .1
.2
9 .6

15 .8
4 .6
0 .3
- 2 .0
0. 1
13 .2
0. 1
- .6

159,.6
-1 .6
,
22,.4
19.. 1
1 .. 1
85..4
1 .7
.
31.5

87.. 7
,9
6.. 1
24 ., 1
0..5
40.,7
-5., 9
23.. 1

145.8
3.7

179.4
-13.4
6.4
71.3
-2.8
80

27.1
12.7
2.9
-15.5
-.2
29.0
0.4
-2.3

11.2
0.5
18.0
3.8
8.1

26
27
28
29
30
31

by Financial Sectors

1

6.2
0.6
7.9
-1.5
5.8

1

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 mortgages

110.1

1.2

110.1

0.8

26.3
3.8
63.6
15.0
32.5

1
2
3
4
5
6
7
8
9
10
11

agencies

12
13
14

P r i v a t e financial sectors
C o m m e r c i a l banks
Domestic a f f i l i a t e s
S a v i n g s and loan assns.
M u t u a l S a v i n g s Banks
Finance companies
REITs
CMO Issuers

15
16
17
18
19
20
21
22

Total Net Credit Market B o r r o w i n g , All S e c t o r s , by Type
1
2
3
4
5

285..5
45..4
9.. 1
53..3
96,. 6

6
7
8
9

16,.9
21 .
.2
28,.6
14,.4

249.4
81.0
11.4
38.8
81.5

317,. 1
101 ,
.5
8,.7
39,.6
80,.5

15.4
-.7
9.3
12.8

22,.6
15..0
29.. 1
20.. 1

231
83
5
41
61

.7
.0
.2
,
.2
.
.3

-6,.7
3,. 1
24..1
20,.5

202,.0
36,.8
5 .2
42 .2
64,.2
16..4
3..0
22..0
12,.2

1095..3
218,.0
37..9
217,.6
379,.3

989..4
306..8
34..8
154..3
313.. 1

51
61
83
45

35,.5
1 .7
,
62,.5
80..6

.9
.2
.9
.6

10

16..4

4.6

-9,.6

- 1 9 ..7

21..2

1..2

10..6

11
12

193..2
2.,7

186.9
37.1

231,.5
63,.4

174,.8
57..6

136..9
-11..3

824,.8
112,.5

742..6
151..8

1
2
3
4
5

- 3 0 .4
1 .1
- 3 1 .5
- 3 5 .0
4 .7

6

- 1 .2

-22,.0
- 2 ..9
-19,. 1
- 2 3 ..0
3.. 7

73,. 1
60,.7
111 .5
40 .5

1181.3
416.0
30.8
166.6
287.2
34.8
30.8
109.4
105.6

in U.S. Markets

-44,.4
.2
-44,.2
- 4 8 ..8
3..4

-36,.3
5..0
-41,.3
-45,.0
2,.4

-10,.0
8..9
-18,.8
- 2 6 .3
3,.3

-133,.7
-6,.6
-127,.0
-140,.0
19,.0

"73.5
1-5
-75.0
-92.0
14.6

-163.5
11.9
-175.4
-195.0
13.5

-163.4
3.6
-167.0
-180.0
9.5

1 .2
,

1 .3
,

4,.1

-6..0

2.4

6.1

3.6

0.,2

750.2 Total net borrowing
176.8
U.S. government s e c u r i t i e s
23. 1
Tax-exempt obligations
173.9
C o r p o r a t e 8 foreign bonds
252.1
Mortgages

l
2
3
4
5

47.7
-15.1
55.4
36.1

6
7
8
9

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

-17..9
-22.5
14.5
Totals net of changes :
775,.1
810.7
5 98.4
Net borrowing by dom. nonfin. 11
160..0
222.4
56.4
By U.S. government
12

E x t e r n a l C o r p o r a t e E q u i t y F u n d s Raised

L A T E S T DATA P R E L I M I N A R Y




1088..4
314,.6
34,.3
153,.0
300,.8

- 5 2 . 7 Total net share issues
23.9
M u t u a l funds
-76.6
All other
-105.0
N o n f i n a n c i a l corporations
13.1
Financial corporations
F o r e i g n shares
15.2
purchased in U.S.

1
2
3
4
5
6

Z7, SEPTEMBER
Households

TABLE 3

19, 1989

Sector Statements of Saving and

Investment

SEASONALLY ADJUSTED ANNUAL RATES
1986

SEASONALLY ADJUSTED ANNUAL RATES

1987

1988

I
I

I

1988
II

III

I
I

IV

1989
I

II

Households, Personal Trusts, and Nonprofit Organizations
1
2

3108 .8
440 .2

3325 .4
486 .7

3526 .2
512 .9

3777 .6
571 .7

4064 .5
586 .7

3948 .5
572 .2

4026.6
590.8

4097 .6
585 .9

4185 .2
597 .8

4317 .8
628 .3

4399.6 Personal income
652.5 - Personal taxes and nontaxes

1
2

3
4
5
6
7
8

2668 .6
2504 .5
164 . 1
63 .9
6 .0
98 .8

2838 . 7
2713 .3
125 .4
72 .3
4 .9
117 .6

3013 .3
2888 .5
124 .9
78 . 7
17 .5
125 .4

3206
3104
101
73
22
115

3477 .8
3333 . 1
144 .7
84 .9
6 .3
131 .6

3376 .3
3244 .4
131 .9
72 .5
0 .7
129 . 1

3435.8
3302.0
133.8
86.6
9.0
133.1

3511 .7
3362 .0
149 .7
89 .3
6 .9
126 .7

3587 .4
3424 .0
163 .4
91 .0
8 .7
137 .3

3689 .5
3483 .7
205 .8
83 .3
18 .2
132 . 1

3747.1
3549.9
197.2
93.4
15.3
132.4

3
4
5
6
7
8

9
10
11

332 .8
309 .4
642 .2

320 .2
332 .3
652 .5

346 .4
361 .7
708 . 1

313 .8
390 . 1
703 .9

367 .5
412 . 1
779 .5

334 .2
404 .3
738 .6

362.5
409.5
772.0

372 .6
414 .7
787 .3

400 .5
419 .8
820 .3

439 .4
425 .0
864 .4

438.3 = Net saving
430.2 * Capital consumption
868.5 = Gross saving

9
10
11

12
13
14
15
16

700
506
155
335
15

677 .6
548 .9
161 .4
372 .2
15 .2

770
603
181
406
16

766 .4
643 .4
204 .0
421 . 1
18 .3

847 .3
6 98 .5
224 .3
455 .2
19 .0

832 . 1
681 .6
216 .4
446 .4
18 .7

815.1
695.4
221.8
454.6
19.0

874
699
227
452
19

867
718
231
467
19

866
722
236
466
19

915.3 Gross investment
731.6
Capital expend, net of sales
241.2
Residential construction
471.0
Consumer durable goods
19.4
Nonprofit plant and equip.

12
13
14
15
16

17
18

193 .9
427 .3

128 . 7
435 .4

166 .5
465 .6

123 .0
384 .0

148 .7
446 . 1

150 .6
402 .4

119.8
469.2

175 .2
487 .0

19

406 .5

.4
329 .

252 .2

293 .6

366 .0

242 . 1

402.3

20
21
23
24

2 78.. 3
18,.0
153..2
63 .
.0
44..0

154 .5
,
.0
21 ,
143..9
- 2 2 .4
.
12.. 1

216 .9
88..6
120 .
.3
-25..0
33..0

126 .3
18..6
66 .8
19..6
.4
21 .

161 .
.4
2..2
115.. 1
26.. 1
18.. 1

217 .6
-4 . 1
190 .7
-18..7
49..7

75.8
-22.3
125.7
-.1
-27.4

25
26
27
28
29
30

128 .
.2
100..2
26..2
-4 ,
. 1
1 .5
.
4.,4

174..9
82 .
.5
38.. 1
4 .2
.
3. 1
47,.0

35..2
20..9
-24 .5
39..3
1 .7
.
.2

167..3
97..4
42 .
.6
24 . 1
.6
-1 .
4 .8
.

204 .
.5
141 .
.3
24..6
17..4
5..3
16 .
.0

24,.5
107..8
6..9
-36..6
-15..8
-37..8

326.5
89.4
31.1
79.5
44.7
81 .8

31
32

.0
24 .
-77..3

73.. 1
-1 . 7
-97..9 -115..8

-4..0
-52.,4

-11.4
-122.7

1 .0
.
-94 .
.8

7. 5
-193..2

33
34

5.
.2
152. 5

10.. 7
174 .8

17. 5
185. 3

.0
26 .
169 . 1

13. 4
249. 4

25. 8
231.,4

13.1
243.8

10..2
172..3

4..3
350. 2

35
36
37

-86.5
1 .0
2. 0

-89.,2
13 .5
30. 4

-47. 2
9. 0
32. 4

-95..2
-6 .8
22.. 1

-93. 4
6. 5
21 .8

-60..0
.6
20 .. 1

-93.7
19.1
18.6

-95. 6
5. 5
21 .6

-124. 6
2. 0
26. 7

38
39
40
41
42

233. 4
231 .5
134. 7
75. 0
6. 6

306. 7
284 .6
153. 3
77. 0
5. 5

299. 1
289 .2
214. 9
55. 0
3. 0

261 ..0
271 .9
233 ..0
36. 7
-3 .8

297. 4
286. 8
229 .0
53. 2
-2. 1

251 .8
0
172. 4
49. 8
-6.. 1

349.4
345.5
300.7
56.1
-4.2

311. 8
290. 4
231 .8
43. 5
-7. 9

43
44
45
46

10. 2
5
4
2. 9

30 .2
2 .4
6 .9
9. 3

-2.2
2. 4
9. 6
6. 6

-1 .0
2. 3
-2. 3
6 .9

0. 9
2. 3
-3. 0
6 .6

1 .2
2. 3
7. 0
2 .4

47
48
49

- 2 .4
5. 3
-1 .0

19. 4
2. 5
0. 1

8 .2
3. 0
-1 .3

-15. 3
3. 2
1 .2

3. 1
4. 1
3. 4

16. 8
3. 5
2. 5

50

-57. 9

-25. 1

-62.2

-62 .5

- 6 7 .7

-93.5

. 1
.2
.4
.6
.2

68..5
-102..8

.3
.8
.7
.0
. 1

141 ..4
-125..0

.0
.2
.8
.9
.4
.7

.5
.4
.9
.5
.0

.3
.2
.7
.4
.2

.0
.3
.6
.4
.3

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

149 .0
425..5

143 .7
421 .7

183.7 Net financial investment
17
413.3
Net acq. of financial assets 18

466..7

352..7

366 .9

402.9

141 .4
.
-24..0
63..4
109..4
-7,.3

210..8
59..3
80..4
13..7
57..4

140..3
127.1
-24 .7
.
-106.4
30,.6
92.6
90..3
43.9
44.. 1
96.9

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

20
21
22
23
24

325..3
205..9
44 . 1
13..8
3..7
57..8

141 .
.8
162..2
16..2
12..7
-11 .
.5
-37..8

226..6
219.. 9
29..9
0..8
-30..8
6,,8

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

25
26
27
28
29
30

-10..0
-157. 5

275.8
183.2
-17.6
56.5
45.1
8.7
14.8
-106.0

Dep. 8 cr. mkt. instr. (1) 19

Mutual fund shares
Other corporate equities

31
32

12.. 3
270. 4

5.5
142.3

Life insurance reserves
Pension fund reserves

33
34

-88. 8
-7. 6
35. 8

-92.7
4.6
41.9

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

35
36
37

276. 5
282., 1
211 .0
63. 3
9. 8

278., 1
261 .9
204 .3
46. 5
-11. 7

229.6

-I . 1
2.3
-12.4
4.1

2. 8
2. 3
2. 7
15. 3

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

2 .2
16. 5
4. 1

-3.3
4.0
3.2

9. 3
8. 4
3. 7

-10. 3
0. 7
4. 1

7. 5
4 .6
4. 0

-87. 2

-47. 0

-1 .6

-43. 1

=
=
+
+
+

220.2
205.0
43.4
4.3

-.8
2.2
-34 . 3
0.3
0.3
4.6
4.5

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
Mi scellaneous

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

-46.8 Discrepancy
CI) Excludes corporate equities.

221..8
5..2
216..6
72..6
300..7
-151..5

227.9
5.5
222.3
73.4
231 .8
-77.3

231 .7
5.7
226.0
74.1
211.0
-53.4

236.6
5.5
231.1
74.8
204.3
-42.5

Net physical investment:
(A) Residential construction
241.2
Expenditures
5.2
Mobile homes
235.9
Other
75.6
- Capital consumption
205.0
- Home mortgages
-39.4
= Excess net investment

51
52
53
54
55
56

446..4
317..3
129.. I

454.6
321.5
133.1

452 .5
325..8
126..7

467 .4
330 . 1
137..3

466 .4
334 .3
132.. 1

471.0
338.6
132.4

Expenditures
- Capital consumption
= Net investment

57
58
59

51 . 1
80 .5

43..7
85,.4

51.9
81.1

35..5
91..2

73..1
64..3

34..8
97..3

47.7
84.7

- Consumer credit
= Excess net investment

60
61

2.0

18.3
14.8
3.5

19 .0
15 .4
3 .5

18..7
15..2
3..6

19.0
15.4
3.6

19..0
15..5
3..5

19..2
15..7
3..5

19..3
15..9
3..4

(C)
19.4
16.0
3.4

Expenditures
- Capital consumption
= Net investment

62
63
64

14.6%
4.4%

14.5%
4.1%

15.1%
3.1%

14. 4%
4. 1%

14. 4%
3. 9%

14. 6%
3. 8%

14. 2%
4. 2%

14.2%
4.5%

14. 5%
5. 5%

23.4%

22.3%

22.7%

21.3%

21 .8%

21 .4%

21. 8%

21 .8%

22.2%

22. 8 %

22. 5%

18.4%
15.6%
8.5%
8.4%

18.8%

14.9%
10.5%
9.7%

19.4%
14.9%
9.6%
9.3%

19.4%
11.6%
7.9%

8.2%

19. 5%
12. 5%
8. 3%
8. 0%

19. 7%
11 .6%
7. 3%
6. 6%

19. 6%
13. 2%
9.8%
9. 7%

19. 3%
13. 4%
8. 6%
8. 0%

19.4%
11.5%
7.4%
7.6%

19. 0%
11 .1%
7. 3%
6. 9%

18. 9%
10. 7%
5. 9%
5. 7%

2738.5

2915.8

3109.5

3302.2

3569'.0

3449 .5

3531 .4

3608i.O

3687.1

51
52
53
54
55
56

155..4
6..2
149..2
60..0
134..7
-39..2

161 .4
.
181..7
6.. 1
5 .3
155..4
176..4
64 .
.4
67.. 1
153..3
214..9
-56..2 -100..2

204..0
5 .4
198 .7
70..0
233..0
-99..0

.3
224 ,
5 .3
219..0
73..0
229..0
-77..6

216
4
211
71
172
-27

57
58
59

335.6
236.7
98.8

372.2
254.6
117.6

280.6
125.4

421.1
305.4
115.7

455 .2
323 .7
131 .6

60
61

81.6
17.2

82.5
35.1

58.0
67.4

82.8

32.9

62
63
64

15.2
12.7
2.5

15.2
13.3
1.9

16.1

65
66

14.1%
6.1%

406.0

14. 1

.4
.8
.6
.9
.4
.8

Percent ratios:
14. 8%
5. 2%

NIPA basis

65
66

Percent of

68

69
70
71


BILLIONS OF DOLLARS.


LATEST DATA PRELIMINARY.

3791 .0 3855 .8
govt, insurance credits + capital gains divid.)

68
69
70
71

TABLE 4

Z7, SEPTEMBER 19, 1989
Nonfinancial Corporate Business

N o n f i n a n c i a l C o r p o r a t e Business
Sector S t a t e m e n t s of Saving

and

Investment
S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

SEASONALLY ADJUSTED ANNUAL RATES

1984

1985

1987

1986

1988

I
I

1989

1988
II

I

I

III

II

N o n f i n a n c i a l C o r p o r a t e Business , Excluding Farms

196.0
73.3
81.0
41.8

170.3
69.6
84.0
16.7

156.5
75.2
91.8
-10.4

197.2
92.7
96.9
7.5

233.4
105.0
109.0
19.4

218.7
97.9
105.8
15.1

234.9
106.2
107.6

237.7
107.0
108.6
22.2

242.2
109.0
114. 1
19.1

242.1
110.2
114.5
17.5

2 2 1 . 2 P r o f i t s before tax (book)
99.0 - Profit tax a c c r u a l s
116.6 - D o m e s t i c net d i v i d e n d s
2.6 = Domestic u n d i s t . profits

1
2
3
4

30.9
238.4

55.2
251.0

44.7

335.0

15.8
348.3

38.9
295.6
26.3
380.2

42.0
290.2
30.3
377.7

40.7
293.6
30.5
385.9

38.9
296.6
16.3
374.0

33.9
302.1

322.9

49.5
265.9
17.6
322.7

383.2

29.2
306.9
16.5
370.1

24.8
310.9
18.1
356.4

C a p i t a l c o n s u m p t i o n adj.
D e p r e c i a t i o n charges, NIPA
E a r n i n g s rec. from abroad
U.S. i n t e r n a l funds, book

5
6
7
8

9
10
11

19.2
-5.8
336.3

18.9
-1.7
352.3

15.5
6.8
344.9

23.3
-18.9
352.6

17.4
-25.0
372.6

12.1

10.1

28.8

-20.7
369.1

-28.8
367.2

-30.4
372 .4

18.5
-20.1
381.6

30.1
-38.3
361.9

30.3 + F g n . e a r n i n g s ret. abroad
- 2 0 . 7 + Inv. v a l u a t i o n adjustment
366.0 = Total i n t e r n a l funds + IVA

9
10
11

12
13
14
15
16
17
18
19

314.3
367.9
308.4
306.7

317.9
339.9
329.1
328.1
-.3
1.3
6.4
4.4

282.3
328.8
318 .2
314.5
2.4
1.3
3.5
7.2

320.3
348.3
318.4
316.2
1 . 1

332.4
359.2
338 .5
337 .7
-1.0

333.0
380.7
352.2
351.0

26.9
2.9

337.6
380.4
350.9
349.6
0.1
1.2
26.3
3.3

22.7
5.8

340.5
391 .8
356.8
354.5
1.9
0.3
32.9

2.6

344.6
390.1
356.0
355.1
-.5
1.4
31 .4
2.7

2.1

322.4
376.0
362.8
360.9
0.6
1.4
9.8
3.3

329.7 G r o s s investment
388.8 C a p i t a l e x p e n d i t u r e s CI)
368.5
Fixed investment
369.4
Plant and equipment
-2.0
Home c o n s t r u c t i o n
1.2
M u l t i - f a m i l y residential
18.7
Inventory change + IVA
1.6
M i n e r a l rts. from U.S. govt.

12
13
14
15
16
17
18
19

-28. 0
105. 6

-42.9
92.9

-26.9
111.7

-47.8
93.3

-45.5
110.8

-51.3
55.9

-53.6
69.6

- 5 9 . 2 Net f i n a n c i a l investment
20
84.4
Net acq. of financial assets 21

7. 7
-8. 0
4. 1
5. 8
0. 8
-2.8
3. 6
2. 6
1 .7

71.9
6.7
16.8

8.5
1.3
5.1
6.3
6.4
-5.9
-4.3
-.9
0.4

58.2
14.7
9.5
3.9
4.6
-5.5
21.7
4.4
4.8

1.3
40.1
0.4

15.5
-15.0
-9.9
7.0
16.9
25 .5
-4.3
-4.7
0.1

7.1
-10.8
— .6
6.9
4.2
5 . 1
2.0
-1.4

1 .8

Liquid assets
C h e c k a b l e dep. and curr.
Time d e p o s i t s
Money m k t . fund shares
S e c u r i t y RPs
F o r e i g n 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

22
23
24
25
26
27
28
29
30

5.3

-11 .8
6.0

C o n s u m e r credit
M u t u a l fund shares
Trade credit
M i s c e l l a n e o u s assets
Foreign dir.invest.(2,5)
E q u i t y , etc.
R e t a i n e d earnings

31
32
33
34
35
36
37

11.8

1.7
51.7
7.9

12.2

280.2

20
21

-53. 6
105. 1

-22.0
83.0

-46.5
119.3

22
23
24
25
26
27
28
29
30

24. 1
12. 7
3. 7
4. 9
0. 5
-5. 1
4 .2
1
3. 4

27.6
19.8
5.9
-3.2
9.5
-2.1
-3.6
0.8
0.5

75.7
20.0
7.2
5.3
12.2
5.9
14.5
3.1
7.6

31
32
33
34
35
36
37

2. 0
2. 8
48. 1
28. 0
13. 2
- 4 .6
17. 8

1 . 7
4.5
41.7
7.6
9.7
-3.3
13.0

1.0

35.0
15.7
8.0
4.7
8.2
-12.1
6.6
1.5
2.4

1 .8
18. 1

8.0

16.9
-2.7
18.3
6.9

1.1

21 . 1

1.2

47.8
28.4
8.9
19.5

-4.2

-4.0

-8.8

-9.6

2. 4
2. 1
66 .4
26. 9
33. 1
6. 9
26. 2

2.6
-2.2
16.6
40.9
15.0
-.4
15.3

— 6.0
-8.0
24.5
29.4
11.3

8.0

-7.8

3.3

18.8

4.2
0 . 1
7.4

10. 9
0. 4
-17. 4

-1.0

4.0

0.2

27.0

14.1

11.0

38
39
40

5. 1
9. 6

5.1
0.1
-7.3

41
42
43

158. 7
95. 1
-74. 5

105.0
50.9
-81.5

165 .8
123.0
-80.8

133..6
69..0
-76..5

135.8
77.0
-130.5

138.6
95.5
-95.0

141 . 1
109.4
-140.0

44
45
46

169.,6
20 .
-5
46 .1

132.4
22.6
73.8

203.7
-9.9
121.3

145.5
.9
99 .9

207.5
0.1
120.9

190.5
1.6

249.4
-1.6
143.9

47
48
49
50

- 1 .3

-17.9
-.3
-4.1
-13.5

28.3
1.9
0.5
25.9

15 .6
0 .9
0 .7
13 .9

17.2
0.1
1.0
16.2

12. 8
8
1. 2
12.,4

25. 8
0. 8
25. 0

51
52
53
54
55
56

48 .9
13 .0
21 .7
2 .8
16 .5
1 .2

29.9
1 .5
14.6
-2.1
12.7
— 2 .6

49.7
11.1
-9.3
- .2
11.3
1 .5

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

32.6
11.0
11.6
-.6
15.8
-1.0

9..6
28 .8
2..4
-4,.1
23 .8
- 3 .2

54.8
5.,6
6..8
5.. 1
11 .2
.
-2..2

57
58
59
60
61

4 .4
33 .7
25 .6
22 .5
3. 1

-.4
34.0
20.5
20.4
0.1

3.6
3.1
36.1
35.4
0.7

- .7
18 .0
47 .3
45 .4
1 .9

-1.9
3.2
57.6
51.9
5.7

7 .1
- 7 .4
43 .3
41 .3
1 .9

62

22 .0

34.4

62.6

32 .4

35.0

36 .7

- 1 .8
0 .5

28.8

30.8
7.9
-2.5
10.4

0 . 1
3.2
16.2
24.1
12.4
2.1
10.3

22.5
55.5

118.8

0.6

5.0
-34.4
-9.2
-4.4
3.1

5.4
2.6
7.5
61.7
43. 1
13.3
29.8

0.5
-3.2
7.3
47.9
29.7
0.9

1.6

28.0

10.8

0.8
12.2

12.1

+
+
+
=

22.4
143.5
115.5
-105.0

216.0
-.8
104.9

211.8
1.1
111.6

220.5
-3.8
138.9

13. 8
4
1 .1
13. 1

16. 6
1 .5
0. 9
14. 2

15. 2
0. 5
1 .0
13. 7

-9. 6
- 1 .6
0. 9
-8. 9

Mortgages
Home m o r t g a g e s
Multi-family
Commercial

47
48
49
50

.3
12..7
17.. 1
-2..4
16,.7
.5

66. 1
- 3 ..0
20..0
-1 . 1
.5
11 .
1 .7
.

3. 8
23. 2
44., 1
1 .3
,
12.,4
" •.8

20.8
15. 7
44. 9
2.,4
14..8
- 3 ..6

Bank loans n.e.c.
L o a n s from foreign
C o m m e r c i a l paper
A c c e p t , liabs. to bks.
N o n b a n k finance loans
U.S. government loans

51
52
53
54
55
56

-14..8
- 9 .6
56 .2
51 .8
4 .4

5 .9
14 .5
53 .8
47 .4
6 .4

-5,.9
15 . 1
77 .0
67 .0
10 .0

17..6
- 1 0 .0
83 .8
8 7 .0
- 3 .3

34 .3

27 .8

41 . 1

39 .5

174.0
1 . 1
115.9

22 .0
88 . 1

-13 . 1
- 9 .0
50 . 1
46 .8
3 .3

Debt i n s t r u m e n t s
T a x - e x e m p t debt
C o r p o r a t e bonds

(3)
(2)

Profit taxes payable
Trade debt
Fgn.dir.invest.in U.S.(5)
E q u i t y , etc.
R e t a i n e d earnings

36 .3 D i s c r e p a n c y
16 .5
127 .2

7.7
74.9

13.1
74. 1

48.4
95.9

13.5
109.2

31 .8
86 .9

32 .2
107 .8

- 7 .3
120 .8

- 2 .9
121 .2

65
66
67

65.4
104.2
142.3

78.5
53.9
87.6

139.7
64.0
70.8

114.6
30.9
48.3

138.2
69.3
70.5

133.2
57.3
57.1

168.1
81.3
56.8

130.7
43.3
63.7

120.7
95.3
104.5

127.8
84.0
91.6

125.6
95.0
72.9

68
69
70

37.3%
109.4%
46.0%

40.8%
96.4%
38.9%

48.0%
95.3%
61.9%

47.0%
98.7%
41.7%

45.0%
102.1%
54.5%

44.7%
97.3%
53.0%

45.2%
103.6%
65.5%

45.0%
104.7%
44.5%

102.6%

45.0%

55. 1%

45.5%
103.8%
56.3%

44.7%
106.2%
56.7%

71
72
73

51 ,
.7
-5..8
57 .5

6..4
-1,.7
8 .0

3,.5
6,.8
-3,.3

26.,9
- 1 8 ..9
45..9

26.3
-25.0
51.3

18..1
- 2 0 ..7
38..8

22.,7
- 2 8 .8
51,.5

31 .
.4
-30,.4
61,.8

32.9
-20.1
53.0

9.8
-38.3
48.1

74
75

373 .7
322,.9

341 .5
335 .0

322.. 1
322,.7

367,.2
348,.3

405.4
380.2

379,.9
377,.7

409,.5
385 .9

420,.5
374 .0

76

50 .8

6 .5

18 .9

25.3

2 .3

23 .6

46 .5

411.9
414.3
383.2
370.1
= Financing
28.7
44.2

Memorandum items:
Trade credit net of trade debt
P r o f i t s tax p a y m e n t s
Debt s u b t o t a l s :
S e c u r i t i e s and m o r t g a g e s
L o a n s and s h o r t - t e r m paper
Total s h o r t - t e r m liab. (4)
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
C r . m k t . b o r r o w i n g / c a p . exp.

(1) C a p i t a l o u t l a y s on book basis:
18.7 I n v e n t o r y c h a n g e , NIPA
-20.7 Less:
Inv. val. adjustment
39.4 = Inventory change before IVA
409.5 T o t a l cap. expend, before IVA
356.4 L e s s : US internal funds, book
gap:
E x c e s s of c a p i t a l expenditures
53.2
over U.S. internal funds

(2) C o r p o r a t e bonds include 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 investment abroad is before s u b t r a c t i n g net inflows 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 revenue bonds.
Issued by state and local g o v e r n m e n t s
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Loans and short-term paper, taxes payable and trade debt.
(5) Direct investment totals and retained e a r n i n g s exclude
capital gains/losses included in balance of p a y m e n t s s t a t i s t i c s .
L A T E S T DATA P R E L I M I N A R Y .

41
42
43

123.1
31.8
-180.0

82.0

14.4
70.6

B I L L I O N S OF D O L L A R S .



Net increase in liabilities
Net funds raised in mkts.
Net new equity issues

107.2
21.0
-195.0

156.2

-92.0

63
64

.6

Insurance r e c e i v a b l e s
38
E q u i t y in sponsored ags. 39
Other
40

44
45
46

57
58
59
60
61
62
63
64
65
66
67
68
69
70

TABLE 5
Z7, S E P T E M B E R 19, 1989
F u n d s Raised in Credit M a r k e t s

F u n d s Raised
S u m m a r y of Net F u n d s Raised

in Credit

ANNUAL FLOWS, $ BILLIONS

ANNUAL FLOWS, $ BILLIONS

Net Credit Market Borrowing

536..8

750. 7

846..3

8 3 1 .,1

693. 2

Total net borrowing by domestic
n o n f i n a n c i a l sectors
765.,9

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

U.S. government
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

258.,3

295..0

234., 1

350,.2

551..9

622,.7

616..1

548..3

608,.4

P r i v a t e domestic
n o n f i n a n c i a l sectors

5

157.,2
50..4
18.,7
88..2
53.,4
5.4
25,.2
4,. 1

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

320..0
51,.0
46 . 1
222 .8
136..7
25.2
62,.2
-1..2

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

460..3
22..7
121 ..3
316,.3
218,.7
33,.5
73..6
-9,.5

458..5
34.. 1
99..9
324 .5
234..9
24 .4
71 .6
— 6.4

462..6
34,.0
120,.9
307,.7
. 1
18 .9
,
61 . 7
-2 . 1

Debt capital instruments
Tax-exempt obligations
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.
Commercial
Farm

6
7
8
9
10
11
12
13

76,.9
16,.4
50..9
-6., 1
15.8

103..0
49..0
23 .6
.8
31 .3

231
81
66
21
62

171
82
38
14
35

.3
,
.5
.6
.6
.6

155,.8
58,.0
66..7
-9,.3
40..5

89,.7
32,.9
10.8
2,.3
43 .8

145.8
51 ,
. 1
38..4
11 .6
,
44 .8

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

350 .2
23 .6
186 . 1
140 .5
3 .9
81 .9
54 .8

551
28
231
292

622
90
284
247
-14
129
132

.7
.9
.6
.2
.5
.3
.4

616,. 1
36 .2
289 .2
290 .7
- 1 6 .3
103 .2
203 .7

608 .4
29.8
28 6 .8
291 .8
- 7 .5
91 .9
207 .5

By borrowing s e c t o r :
StateSlocal governments
Households
N o n f i n a n c i a l business
Farm
Nonfarm n o n c o r p o r a t e
Corporate

19
20
21

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

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

315,.8

372., 1

381.,0

337.,4

382. 4

2
3
4

56.8
57,,6
.9

53..7
55., 1
-1.,4

37. 4
38. 8
,4
-1 .

79.,2
79. 8
- •,6

5

259,.0

343.,7

6
7
8
9
10
11
12
13

.6
171 ,
20,.3
22..9
128..4
.3
93 .
8 .4
18 .2
8 .5

202..5
29 .
.5
21 . 1
151 .8
110,.2
10,.9
.9
21 ,
8 .8

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

14
15
16
17
18

87 .4
36 .7
26 .3
1 .6
•
22 .7

115 . 9
45 . 1
40 .3
2,.7
27 .8

133,.8
40..5
48,.7
9..0
35..6

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

129,.3
16,.9
49 .2
14..7
48..5

318
17
165
135
16
47
71

.4
. 7
.6
. 1
.3
.9
.0

343,. 7
15 .0
171 .5
157 .2
23 .5
65 .6
68 . 1

258.. 3
11 .6
117 .3
129 .3
15 .8
55 .8
57 .8

24 .0
4 .0
18 .3
1. 0
0. 7

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

19
20
21
23
24
25
26
27
28
29
30

259
10
136
112
13
32
66

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

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

by N o n f i n a n c i a l S e c t o r s

395. 3

1

318..4

in Credit Markets

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

24 .2
1 .2
1 1.8
2 .4
8 .8

Net Credit

295
17
113
164
16
44
103

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

23.5
5 .5
3 .0
3 .9
11 . 1

Market

234,. 1
27 .7
84..0
122,.4
6,.7
.8
71 .
43..9
16 .0
6 .6
- 5 .5
I .9
13 .0

Borrowing

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

.9
.6
.3
.7
.2

.9
. 1
.5
.3
.4
123 .2
169 .6
8 .4
3 .8
- 6 .6
6 .2
5 .0

548
33
271
242
-10
107
145

.3
.6
.9
.8
.6
.9
.5

4 .9
7.4
- 3 .6
2 .1
- 1 .0

6 .8 F g n . net borrowing in U.S.
6 .9
Bank loans n . e . c .
-1 .8
C o m m e r c i a l paper
9 .6
U.S. govt. 8 other loans
- 7 .9
domestic

plus

7 72.7 Total

foreign

201 .3

318..9

315. 0

264.,2

187 .
.9
15.,2
173,. 1
.4

185.8
30.,2
156. 4
-• 8

137..5
44. 9
92..6

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 s e c u r i t i e s
L o a n s from U.S. government

2
3
4
5

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
F e d . Home Loan Bank loans

6
7
8
9
10
1 1

by F i n a n c i a l Sectors
Total net borrowing
by f i n a n c i a l s e c t o r s

73 .3

89.,6

65 .4

103 .6

90 .8

100,.3

150.7

2
3
4
5

22 .0
7 .0
16 . 1
- 1. 1

37 . 1
23 . 1
13 .6
0 .4

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 .9
14 .9
49 .5
0 .4

67 .8
1 .4
6 6 .4

74.9
30.4
44.4
-

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

6
7
8
9
10
11

28 .8
12 .0

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

25 .9
13 .7
0. 1
1 .4
9 .9
0 .8

32 .5
18 .6

.2
12 .8
4. 3

36 .2
7 .8
0 .2
1 .8
13 .9
12 .5

75.9
34.3
0.4
1.4
24.0
15.7

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

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

129..2
78..9
0,.4
-3..3
28..8
.4
24 .

126..7
51 ,
.7
0..3
1 .4
,
53 . 6
19 .7

12
13
14

50 .8
5 .9
16 . 1

73 . 3
23 .5
13 .6

89.. 6
.8
24 ,
23,. 1

65 .4
25 .6
19 .2

103 . 6
32 .4
15 .0

90 .8
15 .3
49 .5

150.7
30.4
44.4

201 ,.3
21 .
.7
79,.9

318 . 9
14 .9
173 . 1

315,.0
29.5
156..4

264 .2 Total, by sector
Sponsored credit
44 .9
M o r t g a g e pools
92..6

15
16
17
18
19
20
21
22

28 .8
3. 7
3 .8
5 .2
0. 7
17 .9
- 2 .5

36 .2
.5
7 .5
14 .6
0 .4
14 .6
.4

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

20 .6
8 .3
6 .7
6 .8
0 .7
-1 .3
.5

56 .2
11 .6
10 .8
15 .6
0 .4
18 .0
.2

25 .9
11 .7
7. 1
1 .7
.6
5.4

131 .0
- 3 .6
15 .2
20 .9
4 .2
54 .5
1 .0
39 .0

129 .2
7. 1
14,.3
19 .6
8 . 1
40 .3
0 .8
39 .1

126 .7
-3,.9
5.2
19 .9
1 .9
.
67 .0
4 .1
32 .5

0 .6

.4
21 .3
-7 . 0
100 .3
1 .4
66 .4
32
5
13
-6

.5
.0
.3
.2
.4
17 .4
.2
3 .6

75.9
7.3
16.1
17.2
1 .2
24.0
0.8
9.3

99..7
-4..9
16..6
17 .3
1 .5
57 .2
0 .5
11 .5

6
7
8
9

36..7
29.. 1
15.,0
30. 8

10
11
12

1., 1
314..7
55,.7

45.. 1
60..3
17,.7
.5
41 ,

485
84
27
26
164

.6
.8
.7
.5
.8

40
52
37
51

.5
.0
.5
.9

427..0
122..9
24..7
30,.5
132,.7
2..6
47,.2
19,.3
47,. I

3,.8

0 .6

-3,.8

368,.3
49 .9

380,.4
36..8

341,.3
83,.0

509
133
33
34
109

.5
.0
.7
.3
. 1

502.. 1
225..9
50..4
39..0
88..2

.9
.5
.3
.7

16..4
46..7
5..7
30,.0

382 .4
8 7 .4

388..1
154..0

16
53
51
77

7..3

654.4
254 .4
43 .3
37 .8
187 .8
49..0
26..8
26 .9
28 .4
-7..

6..7
1..0
5 .8
2,.7
2,.6

2,.0
. 1
2,.1
. 1
2,.5

6

0,.4

.4

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

20,.3
2,.9
17,.4
12,.9
2,.2

- 4 .8
3..7
- 8 .5
- 1 1 ..5
2..7

21,.2
8,.8
12..4
6..4
4.,7

1,.0

2,.4

0,.2

.4

H I S T O R I C A L DATA ON NET F U N D S R A I S E D




81 .6
61,.1
51,.9
82,.9

1048,.8
324,.2
135..4
128..4
242..2

1159.8
403.4
22.7
207.3
316.4

1013.2
331.5
34.1
186.3
324.9

82..5
38 .3
52,.8
45 .0

58.0
69.7
26.4
56.1

32.9
3.8
33.2
66.5

1

6..3

14 .4

543,.9
193,.7

744,.4
192,.5

831 .9
209 .3

E x t e r n a l C o r p o r a t e E q u i t y F u n d s Raised

1
2
3
4
5

909,.8
273,.8
51,.0
84,.3
223,. 1

12
13
14

P r i v a t e financial sectors
C o m m e r c i a l banks
Domestic a f f i l i a t e s
S a v i n g s and loan assns.
M u t u a l S a v i n g s Banks
Finance companies
REITs
CMO Issuers

15
16
17
18
19
20
21
22

58..1
27..2
30..8
23,.5
3,. 6
3..7

1036. 9 Total net b o r r o w i n g
U.S. government s e c u r i t i e s
294. 9
Tax-exempt obligations
34. 0
C o r p o r a t e 8 foreign bonds
179. 5
Mortgages
308. 0
51 . 1
38. 0
74. 9
56. 6

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

*
-7.9
10. 4 M e m o : U.S. govt, cash balance
Totals net of ichanges in U.S. govt. cash b a l a n c e s :
Net borrowing by dom. nonfin
701.1
755. 5
831.2
By U.S. g o v e r n m e n t
215.0
152.8
147. 1

in U.S. M a r k e t s

- 3 6 ..0
29..3
- 6 5 ..3
-74,.5
8,.2

20.
8 4 .4
-64,.3
- 8 1 .5
13,.5

90 .5
159 .0
-68,.5
- 8 0 .8
11 .1

14..3
71,.6
- 5 7 ..3
- 7 6 ..5
21..4

0 . .9

3,.7

1,.2

- 2 ..1

1

agencies

Total Net Credit Market B o r r o w i n g , All S e c t o r s , by Type
469 .4
90..5
29 .5
32 .9
151 .9

26
27
28
29
30

698.1

50 .8

380.. 1
79.,9
20..3
39,.9
128..3

23
24
25

840.9

1

1
2
3
4
5

1

-117,.9 Total net share issues
.7
M u t u a l funds
All other
- 1 1 7 ..2
-130,.5
Nonfinancial corporations
Financial corporations
12,.4
F o r e i g n shares
0..9
purchased in U.S.