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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.