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FEDERAL RESERVE statistical release Z.7 (788) For immediate release September 20, 1990 FLOW OF FUNDS SOM4ARY STATISTICS Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual rate of 6 percent in the second quarter of 1990, about 1-1/2 percentage points below the pace in the first quarter of this year and in 1989 as a whole. Household and business debt growth slowed in the second quarter. Federal debt growth also moderated in the second quarter, but remained above rates recorded over the past three years. Federal borrowing has been boosted appreciably in some recent quarters by thrift resolution activity. Net borrowing by domestic nonfinancial sectors in the second quarter amounted to $598 billion at a seasonally adjusted annual rate, and the level of total debt outstanding for domestic nonfinancial sectors reached $10.1 trillion. Debt of nonfederal sectors accounted for $7.7 trillion of this total, with the federal component rising to $2.4 trillion (see tables 1 and 2). This release incorporates annual revisions to the Flow of Funds Accounts resulting from benchmarks and updated seasonal adjustment factors A. Growth of Major Debt Aggregates^ (Percent changes; quarterly data are seasonally adjusted annual rates) Total domestic nonfinancial debt (1) 1986 1987 1988 1989 Nonfederal U.S. govt. (2) Total (3) Households (4) Nonfin. business (5) State 6 local govts. (6) 12.3 9.0 9.1 7.4 13.4 8.0 8.0 7.1 11.9 9.3 9.5 7.5 12.8 11.6 10.9 8.9 12.0 7.0 8.3 6.7 7.6 9.6 8.2 4.9 1989-Q1 02 Q3 04 8.2 7.2 7.1 6.4 7.0 4.6 7.7 8.3 8.6 7.9 6.9 5.8 9.1 8.0 8.6 8.4 8.4 8.3 5.6 3.8 6.6 5.4 4.6 2.6 1990--01 02 7.6 6.0 10.9 9.2 6.7 5.0 8.4 5.5 5.9 4.9 1.4 2.3 1. Changes shown are on an end-of-period basis and thus may differ from month-average data in the Board's H.6 release. B. Growth of Debt Aggregates: Supplemental Data (Percent changes; quarterly data are seasonally adjusted annual rates) Foreign Financial Total Memo: Private financial assets 12.3 9.0 9.1 7.4 4.1 1.9 2.6 4.3 23.5 19.6 13.5 9.9 13.7 10.5 9.7 7.8 9.1 7.8 8.7 7.1 8.2 7.2 7.1 6.4 1.3 -2.8 12.3 6.6 17.1 7.0 5.5 8.2 9.7 6.9 6.9 6.8 7.6 8.5 8.0 3.5 Domestic nonfinancial 1986 1987 1988 1989 1989-Q1 Q2 Q3 Q4 7.6 1990-Q1 -1.3 8.7 7.7 7.7 6.0 17.9 Q2 6.3 6.3 4.4 1. 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 calculated by dividing seasonally adjusted flows from table 2 by seasonally adjusted levels at the end of the previous period. Seasonally adjusted quarterly levels in Flow of Funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table 1 can differ from those shown above. The following list gives the lines in tables 1 and 2 that underlie the calculation of growth rates shown on table A, page 1 of this release: Growth Table A (column) Tables 1 and 2 (row) Total domestic nonfinancial U.S. government Private domestic nonfinancial Households Nonfinancial business State & local governments 1 2 3 4 5 6 1 2 5 21 22 20 Debt of domestic residents includes credit market funds borrowed from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of U.S. government-sponsored credit agencies, federally related mortgage pools, and private financial institutions. Credit market debt 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 forms of loans included in table 1. Subscriptions to this summary release, or to the full statements for sectors and transaction types for flows and amounts outstanding (the Z.l release), may be obtained through: Publications Services, Stop 138 Board of Governors of the Federal Reserve System Washington, DC 20551 (202) 452-3245 TABLE 1 27 , S E P T E M B E R 2 0 , 1990 Credit. M a r k e t Debt C r e d i t Market Debt S u m m a r y of Credit Market Debt Outstanding PERIOD-END LEVELS PERIOD-END LEVELS 1987 I I 1988 IV 1990 1989 I I II I III II Credit Market Debt Owed by N o n f i n a n c i a l S e c t o r s 1 5959. 4 6804. 5 7646. 3 8 3 4 3 .,9 9096..0 9267.,7 9438..6 •9603. 6 9803. 5 Tota 9972. 6 10126..6 2 3 4 1376. 8 1373..4 3..4 1600. 4 1597.,1 3.,3 1815. 4 1811. 7 3. 6 1960..3 1955..2 5..2 2117. 8 2095. 2 22. 6 2155..7 2133..4 22..3 2165.,7 2142..1 23..6 2204. 7 2180. 7 24. 0 2268. 0 2245..2 22. 8 2359. 5 2329.,3 30.,2 2397..3 2365..8 31..6 5 4582.,6 5204.,1 5831.,0 6383..6 6978. 2 7111..9 7272..9 7398. 9 7535.,5 7613..1 7729. 3 4989.,1 798..6 866,.2 5091..4 804,.9 887..9 5189. 9 816. 4 903. 5 5283. 2 821.,2 925..3 5356. 3 822. 5 935. 9 5432..2 826,.8 951,.0 d o m e s t i c n o n f i n a n . sectors 1 U.S. g o v e r n m e n t Treasury issues Agency issues 8 mortgages 2 3 4 Private domestic nonfinancial sectors 5 Debt capital instruments Tax-exempt obligations Corporate bonds 6 7 8 6 7 8 3037..9 520..0 469. 1 3485..2 655. 5 542..6 3962..7 679. 1 669. 4 4427..9 728..4 748,.8 4886. 4 790. 8 851..7 9 10 11 12 13 2048..8 1336..2 183,.6 416,.5 112,.4 2287. 1 1490,.2 213,.0 478,.1 105,.9 2614.,2 1720..8 246..2 551..4 95..8 2950..7 1943,.1 270..0 648,.7 88,.9 3243..8 2173,.9 286..7 696..4 86..8 3324,.2 2229,.0 293,.1 716..2 86.,0 3398,.6 2287,.6 298,.3 725,.9 86,.8 3470. 0 2347. 6 301. 2 734. 9 86. 3 3536 .-6 2404..3 304. 4 742..6 85..3 3597..9 2450..3 309..2 753..7 84. 7 3654 .5 2492,.8 313,.3 763,.3 85,.1 Mortgages Home mortgages M u l t i f a m i l y r % esid. Commercial Farm 9 10 11 12 13 14 15 16 17 18 1544 .8 5 1 9 .3 560,.7 5 8 .5 4 0 6 .2 1718,.9 601..8 602,.3 72 .2 442,.6 1868,.2 659,.8 666,.0 62,.9 479,.6 1955,.7 693 .2 673,.3 73 .8 5 1 5 .3 2091..9 743..5 713..1 85..7 549..6 2122..8 2181,.5 756,.7 741..7 740,.3 725,.6 96,. 1 110,.1 574,.4 559 .4 2208. 9 771..0 750.,7 113..3 574.,0 2252..3 790..6 763..0 107..1 591..7 2256..9 774.,3 756..6 126..0 599,.9 2297,.1 783 .3 764,.8 128,.7 620,.3 O t h e r debt i n s t r u m e n t s Consumer credit Bank loans n.e.c. C o m m e r c i a l paper Other 14 15 16 17 18 19 20 21 4 5 8 2 .6 383 .0 2 0 1 8 .8 5204, 1 4 7 3 .9 2 2 9 6 .0 5831,.0 5 1 0 .1 2596 .1 6383 .6 5 5 8 .9 2 8 9 9 .1 6978 .2 604 .5 3211 .5 7111 .9 612 .4 3277 .8 7272 .9 619 .9 3351 .0 7398..9 629..9 3432..2 7535..5 634. 3522..5 7613..1 634,.3 3564..2 7729,.3 636 .8 3621 .4 22 23 24 25 2180 187 769 1223 .8 .9 .0 .9 2434 173 898 1362 .2 .4 .3 .4 2724 156 997 1570 .8 .6 .6 .6 .6 .5 .4 .6 3162 .2 137 .6 1145 1879 .5 3221 136 1163 1921 .7 .7 .9 .0 3302 139 1177 1984 .0 .5 .6 .8 3336..7 139 .2 1183..0 2014..5 3379..0 139..2 1195..9 2043 .8 3414..7 138 .2 1205..1 2071,.5 3471 143 1218 2108 26 27 28 29 30 233 .6 68 .0 30 .8 27 .7 107 .1 234 71 27 33 101 .8 .8 .9 .9 .1 236 74 26 37 97 .4 .9 .9 .4 .2 2 4 2 .6 8 2 .3 23 .3 41 .2 95 .8 .9 .2 .5 .9 .2 249 90 21 54 82 .3 .4 .6 .4 .9 2 4 8 .5 92 .1 21 .5 52 .7 8 2 .1 255..1 94,.2 22,.6 57 .5 80,.8 31 6193 .0 7882 .7 8 5 8 6 .5 9517 .0 9687 .0 7039 .3 2925 145 1075 1704 251 89 21 49 91 9347 .8 259 94 21 63 80 .2 .5 .4 .0 .3 258 102 19 59 78 .5 .1 .0 .3 .1 .0 .8 .6 .6 271 . I 107 .5 18 .5 65 8 0 .0 By b o r r o w i n g s e c t o r : S t a t e 8 local g o v e r n m e n t s Households 19 20 21 Nonfinancial business Farm Nonfarm noncorporate Corporate 22 23 24 25 F o r e i g n c r e d i t m a r k e t debt held in U.S. Bonds B a n k loans n . e . c . Commercial paper U.S. govt. 8 other loans 26 27 28 29 30 10397 .7 T o t a l n o n f i n a n . d o m e s t i c 8 fgn. 31 9858 .7 10062 .8 10231 .1 10397.7 Credit Market Debt Owed by F i n a n c i a l Sectors Total c r e d i t m a r k e t debt owed by f i n a n c i a l s e c t o r s 1 1 1010. 2 1213. 2 1529. 8 1836. 8 2084. 4 2191. 3 2234.,1 2263. 8 2322. 4 2358..6 2400. 0 2 3 4 5 531. 2 237. 2 289.,0 5.,0 632. 7 257. 8 368. 9 6. 1 810..3 273..0 531..6 5,.7 978.,6 303.,2 670. 4 5..0 1098. 4 348..1 745..3 5..0 1140. 8 364..3 771..5 5..0 1169..5 369..0 795..6 5,.0 1203.,6 370..4 828.,2 5..0 1249..3 373. 3 871. 0 5.,0 1287..5 376.,0 906. 5 . 5..0 1319. 7 378. 9 935. 9 5.,0 U.S. government-related S p o n s o r e d c r e d i t ag. sec. M o r t g a g e p o o l securities L o a n s from U.S. government 6 7 8 9 10 11 479..0 153..0 2..5 29..5 219..5 74..6 580.,5 204. 5 2.,7 32. 252. 4 8 8 .8 719..5 287..4 2..7 36,.1 284,.6 108,.6 858..2 366..3 3.,1 32,.8 322..9 133 986..1 418..0 3..4 34,.2 377,.7 152,.8 1050..5 4 5 8 .6 3,.5 32,.2 392,.5 163 .8 1064..6 466. 3..5 33,.8 399..4 161 .9 1060..2 472.,7 3. 5 34.,1 398..8 151.,1 1073. 0 482. 7 3. 4 36. 0 409. 141. 8 1071..1 492..6 3..2 33..2 409..1 132,.9 1080..3 510. 4 3..3 33. 5 406..8 126..3 P r i v a t e f i n a n c i a l sectors Corporate bonds Mortgages Bank l o a n s n . e . c . O p e n - m a r k e t paper F e d . H o m e L o a n Bank loans 12 13 14 1010..2 242,.2 289 .0 1213,.2 263..9 368 .9 1529 .8 2 7 8 .7 531 .6 1836..8 308..2 670,.4 2084,.4 353 .1 745 .3 2191,.3 369,.3 771,.5 2234,.1 374,.0 795 .6 2263..8 375..4 828..2 2322..4 378..3 871..0 2358,.6 381 .0 906,.5 2400..0 T o t a l , by sector S p o n s o r e d c r e d i t agencies 383..8 Mortgage pools 935,.9 12 13 14 15 16 17 18 19 20 21 22 4 7 9 .0 8 4 .1 8 9 .5 81 .6 2 .9 2 0 3 .0 4 .3 13 .5 719 .5 75 .6 116 .8 119 .8 8 .6 328 .1 6 .5 64 .0 8 5 8 .2 81 .8 131 .1 139 .4 16 .7 378 .8 7 .3 103 .1 986 .1 78 .8 136 .2 159 .3 18 .6 446 .1 11 .4 135 .7 1050 .5 73 .3 140 .0 170 17 .8 4 6 4 .3 11 .1 173 .8 1064 .6 75 .7 141 .2 167 .9 17 .7 478 .0 10 .6 173 .5 1060..2 77,.0 144..0 155 .7 17 .5 481 .2 10 .0 174 .9 1073..0 77,.4 142,.5 145 .2 17 .2 496 .2 10 .1 184 .4 1071 .1 73 .4 140 .8 137 .0 15 .4 501 .3 10 .1 193 .1 1080,.3 76,.1 133,.0 128 .7 16 .3 510,.9 9 .7 2 0 5 .7 P r i v a t e f i n a n c i a l sectors Commercial 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 SCO issuers 15 16 17 18 19 20 21 22 580 79 106 98 4 261 5 25 .5 .2 .2 .9 .4 .2 .6 .0 2 3 4 5 6 7 8 9 10 11 Total Credit Market Debt O u t s t a n d i n g , All S e c t o r s , by Type 1 7203..3 11432..3 11708..3 11921..2 12122..5 12385..1 12589..7 12797..7 T o t a l credit m a r k e t 8252. 5 9412..5 10423..3 2933..9 728,.4 1197,.4 2953,.8 3211..1 790. 8 1358,.9 3247,.2 3291..5 798..6 1415,.2 3327,.7 3330..3 804..9 1446..1 3402..1 693..2 729,.5 437,.9 749 .2 743,.5 768 .9 5 1 3 .4 798 .5 741,.7 779,.5 543,.0 811,.0 756..7 795,.6 562,.2 8 2 3 .3 2 3 4 5 1902..8 520..0 690..0 2051,.4 2227..0 655..5 818..9 2289..8 6 7 8 9 519,.3 621,.0 305 .7 593 .0 601..8 662 .4 358 .5 638 .6 2620..0 679,.1 1031,.7 2 6 1 7 .0 659 729 384 691 .8 .0 .9 .1 BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY 3403..3 816..4 1470..5 3473,.6 3512..4 821..2 1502..6 3540,.1 3642..0 822,.5 1530,.7 3601..1 3712..1 826,.8 1568,.9 3657,.7 .0 .4 .6 .8 790..6 820..3 579,.2 818,.8 774,.3 808..9 594,.5 815.8 783 .3 816,.9 600 .5 8 3 1 .6 771 807 569 810 debt 1 U.S. government securities Tax-exempt obligations C o r p o r a t e and foreign bonds Mortgages 2 3 4 5 Consumer credit Bank loans n.e.c. O p e n - m a r k e t paper O t h e r loans 6 7 8 9 TABLE 2 Z 7 , S E P T E M B E R 2 0 , 1990 F u n d s R a i s e d in C r e d i t M a r k e t s F u n d s R a i s e d in C r e d i t M a r k e t s S u m m a r y of Net F u n d s Raised in C r e d i t and E q u i t y M a r k e t s QUARTERLY NET FLOWS, $ BILLIONS QUARTERLY NET FLOWS, $ BILLIONS II 1989 III I (NSA) 1 170 .9 165,.0 1990 1989 III 1990 II I Net C r e d i t M a r k e t B o r r o w i n g by N o n f i n a n c i a l S e c t o r s 2 0 0 .0 142..1 154,.0 666 .5 673 .3 £ 619 .5 II SAARj 749 .9 T o t a l net b o r r o w i n g by domestic nonfinancial sectors 5 9 8 .1 U.S. g o v e r n m e n t Treasury issues Agency issues 8 mortgages 2 3 4 Private domestic nonfinancial sectors 5 1 2 3 4 10 .0 8 .7 1 .3 39 .0 38 .6 0,.4 63..3 64,.4 -1,.1 64..5 57..1 7..4 37,.8 36,.5 1,.3 100 .1 95 .0 5 .1 168 .4 166 .8 1 .6 185 .0 189 .6 -4,.6 247,.6 2 1 8 .1 29..6 2 1 6 .7 211 .4 5 .4 5 160 .9 126..0 136 .7 77..6 116,.2 566 .3 504 .9 434..5 502..3 381 .4 6 7 8 9 10 11 12 13 102 .3 6 .3 21 .6 74 .4 5 8 .7 5 .2 9 .7 0,.8 98 .5 11..5 15,,7 71..4 59..9 2..9 9..0 .5 93,.3 4..8 21,.8 66..6 56..7 3..2 7..6 -1..0 73..1 1..3 10..6 61.,2 46..0 4..8 11..1 .6 75,.9 4,.3 15..0 56..6 42..5 4..1 9..6 0..4 390..1 28..7 86..5 275,.0 211,.3 21:.4 41,.5 0,.9 369 .2 34,.1 62,.7 272,.4 221 .0 11,.8 40,.9 - 1 .3 346..8 19..1 87..2 240,.5 214..3 9,.5 19,.9 -3,.2 362..3 13..5 42..3 306..5 238..4 21..5 47..9 -1,.4 284,.4 21,.6 60,.2 202,.6 144,.1 17,.1 42,.2 - <.8 14 15 16 17 18 5 8 .6 15,.1 14 .7 13 .9 15 .0 2 7 .5 14..3 10,.4 3,.2 - •.4 43 .4 19 .6 12..3 -6..2 17..7 4..5 - 1 6 ..3 - 6 ..3 18..9 8..2 40..3 9..0 8..2 2..6 20..4 176,.2 36,.9 45,.1 39,.5 54 .7 135 .7 37 50,.8 16,.9 30,.9 87,.7 44,.1 7,.7 -6,.9 42..8 139,.9 14..6 21..2 69..7 34..5 97,.0 9,.8 17,.4 -6,.0 75,.8 19 20 21 22 23 24 25 160 .9 7 .4 72 .7 80,.8 2 .8 13 .7 64 .4 126,.0 10,.1 8 0 .7 35,.2 .3 5 .4 30..1 136..7 4..2 90..2 42..3 0..1 12..9 29..3 77..6 0..1 41..3 36..1 - 1 .. 1 9..2 28. 1 116..2 2..6 57..2 56..4 5..6 13. 5 37..2 566,.3 33..3 263..7 269..4 -5..0 56..9 217.,4 504,.9 28,.6 290,.8 185..4 -2..1 40..2 147..3 434..5 16. 5 291..3 126..7 8..9 35..0 82..9 502..3 9..0 294. 8 198. 5 4. 3 32. 5 161..6 381,.4 14..9 198,.0 168..5 6..2 55..9 106..4 26 27 28 29 30 .8 1 .7 .1 - 1 .7 - <.8 6..6 2. 1.,0 4..8 - 1 ..3 4. 5 0..3 -1..2 5 .5 .1 - 1 ..1 7..6 -2. 4 - 3 ..7 - 2 ..6 12..6 5..4 5 5..8 1..9 -6..9 11..5 -3..2 -6..6 -8..7 30.,4 8. 3..7 20..7 -2..1 16. 9 - 1 ..0 -4. 3 22..2 0..1 - 3 ..3 28..3 -6. 7 -16. 5 - 8 ..3 46..3 F g n . net b o r r o w i n g in U.S. 27..0 Bank loans n . e . c . - 5 ..2 C o m m e r c i a l paper 23..0 U . S . govt. 8 other loans 1..4 26 27 28 29 30 31 170 .1 171..6 204..4 141..0 166..6 659..6 703..6 636. 4 746. 6 644..4 T o t a l domestic plus foreign 31 Debt c a p i t a l i n s t r u m e n t s Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multifamily resid. CommercialFarm 6 7 8 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 l o a n s n . e . c . C o m m e r c i a l paper Other loans 14 15 16 17 18 By borrowing sector: State&local governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 24 25 N e t Credit M a r k e t B o r r o w i n g by F i n a n c i a l S e c t o r s Total net b o r r o w i n g by financial s e c t o r s 1 4 2 .8 29,.7 5 8 .5 36..2 41..5 154.1 123,.9 187 .3 201 .7 150,.1 2 3 4 5 2 8 .8 4 .7 2 4 .1 34,.1 1..4 32,.6 45..7 2,.9 42..8 38..1 2..7 35..4 32..3 2..9 29..4 128.8 22.5 106.3 124,.8 13 .2 111,.6 156 .4 -4,.7 161..1 175 .5 14 .5 161 .0 145 .2 17,.3 127..8 6 7 8 9 10 11 14,.1 7 .5 12..8 10..0 .1 1..9 10,.3 -9,.3 - 1 ..9 9. 9 .2 - 2 ..7 9..2 17..8 25.3 28.5 - 8 ..9 0..3 - 2 ..3 - 6 ..6 -.1 10.1 -13.1 .9 26!.7 0..3 2..0 11. 0 -41..0 30..9 39,.6 .4 4,.2 36,.3 -48,.8 26 .2 41 .6 .7 - 2 .2 9 .4 - 2 1 .8 5 .0 69 .0 1,.5 6 .9 - 1 .9 - 4 ,.3 6..6 0..1 0..3 .6 - 1 0 ..8 - 5 .7 -27,.7 -30,.7 12 13 14 4 2 .8 4 .7 2 4 .1 29,.7 1,.4 32 .6 58..5 2 .9 4 2 .8 36..2 2..7 35..4 41..5 2,.9 29,.4 154.1 22.5 106.3 123..9 13..2 111..6 187..3 -4,.7 161,.1 201 .7 14 .5 161 .0 150,.1 T o t a l , by sector Sponsored credit agencies 17,.3 Mortgage pools 127,.8 12 13 14 15 16 17 18 19 20 21 22 14 .1 2 .4 1 .2 - 2 .2 .1 13..8 .7 .4 - 4 .3 1,.3 2,.7 - 1 2 ..2 .2 3.,3 .8 1..4 12 .8 0 .4 -1,.5 - 1 0 ,• 6 .3 15..2 - 1 ..9 - 4 .0 - 1 ..7 - 8 ..1 - 1 ..9 5..2 .1 8..7 9,.2 2 .7 -7,.8 - 8 .4 0,.9 9 .7 .6 12 .6 25.3 2.5 2.9 -16.3 .9 Z,.5 16..5 -44..7 -2..3 23..5 -3..1 5 .7 30,.9 .7 -3,.9 -56,.2 0,.7 52,.6 0, 38..2 26,.2 -4,.9 - 1 2 .8 - 1 5 .9 - 8 .3 33,.8 .5 34,.7 5,.0 3..3 -32..7 -41..1 4..7 22,.6 -2..4 50..5 Private 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 a s s n s . Mutual s a v i n g s banks Finance companies • REITs SCO issuers 15 16 17 18 19 20 21 22 .7 .4 .1 .7 .1 948.,3 423. 1 13. 5 112. 1 305. 7 794.5 T o t a l net b o r r o w i n g U.S. g o v e r n m e n t securities 361.9 Tax-exempt obligations 21.6 C o r p o r a t e 8 foreign bonds 156.2 Mortgages 202.6 4 4 .1 7 .5 51 .6 -6,.0 14. 6 12. 2 62. 7 4. 3 - - 9..6 40.4 -2.8 -1.4 U.S. g o v e r n m e n t - r e l a t e d Sponsored c r e d i t ag. sec. Mortgage pool s e c u r i t i e s L o a n s from U.S. government Private 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 . H o m e L o a n B a n k loans 1 2 3 4 5 6 7 8 9 10 11 T o t a l N e t C r e d i t M a r k e t B o r r o w i n g , All S e c t o r s , by Type 1 2 3 4 5 212..9 38 .8 6,.3 30,.8 74,.4 201..3 73,.1 11,.5 24,.4 71,.5 263..0 109,.0 4..8 32,.1 66..5 177..2 102..6 1..3 28..1 61..0 208..0 70..1 4..3 38..3 56..6 813..7 228..9 28..7 126..5 275..0 827..5 293,.2 34,.1 97,.6 272..7 6 7 8 9 15,.1 16,.1 19,.2 12,.3 14,.3 11,.8 7,.4 - 1 2 ..5 19..6 12..9 9..6 8..3 - 1 6 ,.3 - 1 1 ..5 15,.2 - 3 ..3 9..0 8..0 6..0 15..7 36,.9 41,.9 42,.9 32..9 37..1 56 .5 48..5 -12..2 10 28,.5 - 3 .0 - 1 1 ..8 - 1 0 ..0 13..3 20..7 -22.,7 11 12 142..4 - 1 8 .,6 168..0 42..0 211..8 75..1 152..1 74.,5 140. 7 24. 5 645..8 79. 4 696..0 191..1 823 341 19 125 240 9.8 6.5 -10.7 46.6 Consumer c r e d i t Bank loans n . e . c . O p e n - m a r k e t paper O t h e r loans 1 2 3 4 5 6 7 8 9 U.S. g o v t , cash balance 10 -51.0 Memo: -7,.3 21. 5 Totals net of ichanges :In U.S. g o v t , cash balances: Net borrowing by dom. nonfin. 11 649.2 626,.8 728. 4 By U.S. g o v e r n m e n t 12 267.8 226. 2 192..4 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 in U.S. M a r k e t s 1 2 3 4 5 - 8 ..4 9..6 - 1 7 ..9 - 2 4 ..7 2.,3 - 1 6 ..7 10,,7 - 2 7 ,.5 - 3 6 .6 1,.6 0,.5 15 .4 - 1 4 ,.9 - 1 9 .8 1,.1 3,.4 19,.1 - 1 5 ..8 - 1 7 ..3 1..6 15..0 20..1 -5..1 - 1 2 ..0 1..4 - 3 8 .1 34..0 -72..1 -98..7 9..2 -54..6 57,.9 -112,.5 -146,.3 6,.3 14,.6 72,.4 -57,.8 -79,.3 4,.3 - 8 ..3 5 3 .1 - 6 1 ..4 -69..0 6..4 6 4 ,4 7 .5 3 .8 .1 5 .5 17 .4 2 7 .5 17 .2 1..2 L A T E S T DATA P R E L I M I N A R Y 55 .7 T o t a l net share issues 76..5 M u t u a l funds All other - 2 0 ..8 -48..0 N o n f i n a n c i a l corporations Financial corporations 5..5 Foreign shares purchased in U.S. 21..7 1 2 3 4 5 6 TABLE 3 11* S E P T E M B E R 2 0 , 1990 Households Households Sector S t a t e m e n t s of S a v i n g and Investment SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1989 1988 IV I I 1989 I II III 1990 IV I II H o u s e h o l d s , P e r s o n a l T r u s t s , and N o n p r o f i t O r g a n i z a t i o n s 1 3526.2 512.9 3766.4 571.7 4 0 7 0 .8 591 .6 4 3 8 4 .3 658 .7 4 1 8 6 .2 6 0 7 .4 4 3 0 2 .2 640 .4 4 3 6 2 .9 665 .5 4 4 0 2 .8 ' 659 .4 4469.2 669.6 4562.8 675.1 4626.2 Personal income 694.4 - P e r s o n a l t a x e s and 3 4 5 6 7 3013.3 2888.5 124.9 78.7 17.5 125.4 3194.8 3102.2 92.5 73.9 22.4 3725 .6 3553 .7 171 .9 8 5 .8 15 .0 133 .9 3578 .8 3430 .4 148 .4 8 7 .6 6 .1 143 .0 3661 .8 3472 .0 189 .8 90 .0 17 .2 132 .1 3697 .4 3528 .5 168 .9 93 .2 17 .5 135 .0 3743 .4 3588 .9 154 .5 78 .0 16 .7 144 .3 3799.6 3625.4 174.2 118.0 3479 .2 3333 .6 145 .6 8 4 .9 6 .3 133 .8 124.1 3887.7 3696.4 191.3 78.7 7.2 140.8 3931.8 3732.7 199.1 78.5 18.9 123.7 346.4 361.7 708.1 306.8 390.1 696.9 370 .6 4 1 2 .1 782 .7 4 0 6 .5 4 3 2 .8 8 3 9 .3 385 .1 4 1 9 .8 8 0 4 .9 429 .1 4 2 5 .0 8 5 4 •1 414 .6 4 3 0 .2 8 4 4 .8 393 .5 435 .3 8 2 8 .9 388.7 440.5 829.2 417.9 445.7 863.6 4 2 0 . 2 = Net s a v i n g 450.8 • Capital consumption 8 7 1 . 1 = G r o s s saving 766.6 603.8 181.7 406.0 735.6 645.7 204.0 423.4 18.3 854 700 224 457 19 850 731 237 474 19 806 721 229 473 19 913 .8 728 .6 235..6 473 .6 19..4 902 .4 747 .0 240 .4 487 .1 19 .5 784.1 732.3 241.4 471.2 19.7 758 .6 2 4 6 .7 4 9 2 .1 19 .8 906.4 G r o s s i n v e s t m e n t 12 751 .4 C a p i t a l e x p e n d , net of sales 13 252 .2 Residential construction 14 4 7 9 .3 Consumer durable goods 15 19 .9 N o n p r o f i t plant and equip. 16 162.8 465.7 89.9 381.3 153 .3 475 .8 185..2 464. 8 155..4 446..3 51.8 344.3 204 5 2 3 .7 155 .0 353 .1 19 302.6 326.5 20 21 22 234.4 91.2 120.4 144.6 3.1 2 8 9 10 11 12 13 14 15 16 17 18 16.1 .9 .9 .8 .6 .5 .2 85..4 381;.0 83. 5 384. 4 445..3 382..1 386..0 419. 7 410. 6 471..2 226.9 455 .2 2 3 9 .0 194.,5 5. 4 115. 3 50. 3 23. 5 210. 2 15. 9 90. 5 22. 6 81. 2 194. 3 18. 8 49. 0 63. 0 63. 6 137. 5 10. 0 12. 2 80. 4 35. 0 241. 6 -32. 1 102. 6 55. 6 115. 4 240. 5 4. 6 151. 7 -26. 9 111. 1 221.2 81.2 169 .5 26 .8 97 .0 - 2 0 .6 66 .3 4 8 .7 - 3 3 .1 125 .2 - 5 0 .7 7 .3 Deposits C h e c k a b l e d e p . 8 curr. S m a l l time 8 s v g s . d e p . L a r g e time d e p o s i t s M o n e y m k t . fund shares 20 21 22 23 24 72.3 58.8 23.3 17.5 10.1 250. 8 135. 6 50. 3 - 9 .4 28. 3 46. 0 171. 9 134. 8 29. 2 -12.6 20. 9 4 191. 6 102. 2 60. 6 - 3 2 .5 15. 2 46. 2 282. 2 209. 4 59. 6 -27. 9 7. 0 34. 1 169. 1 143. 6 3. 9 8. 8 25. 2 -12.4 230. 8 175. 4 42. 8 -32. 1 21. 0 23. 6 0.7 30.3 -46.7 2 8 5 .7 251 .9 1 .9 31 .2 7 .3 - 6 .6 190 .3 116 .5 0 .4 45 12 .8 15 .5 Credit mkt. instruments U.S. g o v t , s e c u r i t i e s Tax-exempt obligations C o r p o r a t e 8 fgn. bonds . Mortgages O p e n - m a r k e t paper 25 26 27 28 29 30 54. 0 -106.0 66.7 -117.8 45..3 -79..3 67..3 -63..2 M u t u a l fund s h a r e s Other corporate equities 31 32 22.6 27.4 209.9 31. 5 147. 2 33..9 190. 8 Life insurance reserves P e n s i o n fund r e s e r v e s 33 34 -99.6 -78. 2 -4. 1 1 6. -121. 0 8 7. 1 Net inv. in n o n c o r p . bus. Security credit Miscellaneous assets 35 36 37 292.5 291.3 319. 7 294. 8 245. 4 18. 8 -4.2 198. 1 198. 0 153. 5 13. 4 -3.6 3. 7 15. 5 7. 1 8. 5 6. 8 17. 2 2. 5 8.2 18. 2 6. 0 0. 7 -7. 7 7. 1 0. 6 -16.8 39.6 28.1 25 68.2 182.0 46.6 29 30 -13.0 -22.7 52.9 36.8 14.3 31 32 139.6 -124.5 75.5 -109.5 -2. 7 -115.4 38. 0 -113.0 9. 5 -199.3 1. 2 -165.6 30. 2 62.6 27 28 9 10 11 119..0 410..0 66.8 .7 .3 .0 8.6 nontaxes D i s p o s a b l e p e r s o n a l income Personal outlays Personal saving, NIPA basis C r e d i t s from g o v t , i n s u r a n c e Capital gains dividends Net d u r a b l e s in c o n s u m p t i o n 8 0 3 .3 719 .8 234 .2 4 6 6 .4 19..3 23 24 26 .1 .8 .3 .5 .0 81.8 = = • • • 34 152 .2 137 .8 181 .0 141 .8 225 .7 174.0 105 .8 35 36 37 - 4 7 .0 9 .0 16 .4 - 9 1 .1 - 5 .8 21 .8 - 7 6 .5 1 .8 17 .0 - 8 8 .5 12 .3 11 .0 - 8 4 .6 - 3 .8 17 .2 -90.3 7.6 8.6 - 8 0 .4 22 .2 13 .0 -84.0 -2.7 13.8 38 39 40 41 42 302 .8 2 9 3 .0 2 1 4 .9 5 5 .3 2 .7 291 .3 302 .2 233 .0 38 .0 - 4 .5 322 .5 314 .9 2 3 0 .8 55 .0 - 4 .7 291 .0 2 8 4 .8 221 .6 38 .8 0 .2 2 9 5 .6 2 8 8 .5 2 0 8 .9 5 7 .1 - 5 .9 300.9 293.2 224.9 42.5 -4.3 279 .6 263 .7 212 .4 36 .5 0 .4 290.8 290.8 227.6 30.4 6.7 43 44 45 46 - 2 .2 6 .1 9 .6 6 .6 - 1 .0 32 .3 - 2 .6 6 .9 0 .9 27 .0 .8 7 .8 1 .7 13 .4 1 .6 7 .4 0 .5 25 .3 - 3 .5 6 .0 17.3 7.4 5.5 .8 10 .7 - 1 .2 5 .7 3.2 15.6 -.3 7.7 47 48 49 8 .2 3 .0 - 1 .3 - 1 5 .3 3 .2 1 .2 3 .1 4 .1 0 .4 0 .8 5 .0 0 .4 5 .5 0 .7 1 .1 3.1 4.6 10 .8 4 .6 0,.5 -5.2 4.7 0.5 50 - 5 8 .5 - 3 8 .7 - 7 1 .4 - 1 1 .7 - 1 .7 50.8 77.4 95.6 -18.9 63.2 5.7 10.7 10.6 22.1 8.8 221.6 46.0 -1.9 4.2 10.0 0.6 10.7 -5.4 6.1 0.5 -69..0 -99.0 let f i n a n c i a l i n v e s t m e n t 17 Net acq. of f i n a n c i a l a s s e t s 18 D e p . & cr. m k t . instr. (1) 19 Net i n c r e a s e in l i a b i l i t i e s Credit market instruments Home mortgages I n s t a l l m e n t c o n s , credit O t h e r c o n s u m e r credit T a x - e x e m p t debt Other mortgages Bank loans n . e . c . O t h e r loans Security credit T r a d e debt Miscellaneous 38 39 40 41 42 43 44 45 46 47 48 49 -35.3 1 50 CI) Memoranda: Net p h y s i c a l i n v e s t m e n t : (A) R e s i d e n t i a l c o n s t r u c t i o n 252.2 Expenditures 4.8 Mobile homes 247.4 Other 78.6 - Capital consumption 153.5 - Home mortgages 20.1 = E x c e s s net i n v e s t m e n t 51 52 53 54 55 56 (B) C o n s u m e r d u r a b l e s 479.3 Expenditures 355.6 - Capital consumption 123.7 = Net i n v e s t m e n t 57 58 59 9.8 113.9 - Consumer credit = E x c e s s net i n v e s t m e n t 60 61 (C) N o n p r o f i t p l a n t and equip. 19.9 Expenditures 16.7 - Capital consumption 3.2 = Net investment 63 64 51 52 53 54 55 56 181..7 5..3 176. 4 67. 1 214. 9 -100.2 204..0 5 .3 198..7 70..0 233..0 -99. 0 224. 3 5. 3 219. 1 73. 0 230. 8 -79.5 237. 8 5..1 232. 8 76. 0 221. 6 -59. 7 229. 0 5. 6 223. 4 74. 208. 9 -54.0 234.2 5.4 228.8 74.8 224.9 -65.6 235. 6 5. 1 230. 5 75. 6 212. 4 -52. 3 240.4 4.8 235.6 76.3 227.6 -63.5 -57.3 246.7 4.9 241.8 77.8 245.4 -76.5 57 58 59 406. 0 280. 6 125. 4 423. 4 305. 4 118. 0 457. 5 323. 7 133. 8 474. 6 340. 7 133. 9 473. 1 330. 1 143. 0 466.4 334.3 132.1 473. 6 338. 6 135. 0 487.1 342.8 144.3 471.2 347.1 124.1 492.1 351.3 140.8 60 61 58. 0 67. 4 33. 5 84. 5 50. 2 83. 6 39. 1 94. 8 51.2 91. 9 38.2 93.9 36. 9 98. 1 37.1 107.2 80.0 126.2 62 63 64 16. 1 14. 1 2. 0 18. 3 14. 8 3. 5 19. 0 15. 4 3. 5 19. 5 16. 1 3. 4 19. 2 15. 7 3. 5 19.3 15.9 3.4 19. 4 16. 0 3. 4 19.5 16.2 3.3 19.7 16.4 3.3 19.8 16.5 3.2 65 66 14.5% 4.1* 15.1% 2.8% 14.5% 4.1% 15.0% 4.6% 14.5% 4.1% 14 .8% 5 .1% 15 .2% 4 .5% 14 .9% 4 .1% 14 .9% 4 .5% 14 .7% 4 .9% 67 22.7% 21. 1% 21.9% 21.9% 21.9% 22..6% 22..1% 21..5% 21..3% 21..7% 21..6% G r o s s saving 68 69 70 71 19.4% 14.9% 9.7% 9.4% 19. 6% 11. 5% 8.8% 9. 1% 19.6% 13.3% 9.0% 8.8% 19.1% 10.7% 7.6% 7.4% 19.6% 10.3% 8.0% 7.8% 19.,0% 10. 1% 7. 9% 7. 7% 19..1% 12..2% 7. 3% 6. 9 % 19..4% 11..6% 7. 5 % 7. 5 % 18 .8% 8..8% 7..5% 7..4% 19..0% 13..1% 8..0% 7. 4 % 18, 6% 8. 7% 4. 9% 4. 9 % 72 3109.5 3291 .0 3570.4 3826.3 3672.4 241.4 5.0 236.5 77.1 221.6 44.1 14.6 62 Percentages: 15 .0% E f f e c t i v e tax rate 5 .0% Saving r a t e , N I P A b a s i s Percent Of adj. d i s p o s a b l e i n c o m e BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY. 65 66 (2): Capital expenditures A c q u i s i t i o n of f i n a n . a s s e t s N e t i n c r e a s e in l i a b i l i t i e s Credit market borrowing 68 69 70 71 3769.0 3808.1 3838.1 3890.0 3973.6 4 0 2 9 . 2 ( 2 ) A dis = 72 hd uj. u bposab ol x e income — (NIPA disposable income + govt* insurance c r e d i t s • c a p i t a l g a i n s d i v i d e ) TABLE 4 Z7» S E P T E M B E R 2 0 , 1990 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector S t a t e m e n t s of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1989 1988 IV I I I I I I 1989 I II III 1990 I II N o n f i n a n c i a l C o r p o r a t e B u s i n e s s , Excluding F a r m s 1 2 3 4 156.5 75.2 74.1 7.3 217. 2 92. 9 81. 5 42.8 251.0 101.8 80.5 68.8 241. 4 101. 0 104. 5 35. 9 260.5 107.3 107.0 46.0 260.2 105.1 82.5 72.7 246.3 101.2 101.0 44.2 228.2 95.1 118.5 14.7 P r o f i t s before tax ( b o o k ) - P r o f i t tax accruals - Dividends = U.S. undistributed p r o f i t s 232.8 99.2 106.3 27.4 225.9 96.2 103.8 25.8 227.8 94.9 5.3 323.7 343.8 1.1 • C a p i t a l c o n s u m p t i o n adj. 325.7 • D e p r e c i a t i o n c h a r g e s , NIPA 341.5 = U.S. internal f u n d s , book 118.2 14.7 5 6 7 49.5 265.3 322.1 46. 6 279. 6 369. 0 39.7 295.3 403.8 18. 8 315. 4 370. 1 32.9 302.5 408.1 27.6 307.0 380.5 22.9 310.4 377.5 15.0 320.0 362.4 9.7 324.3 359.8 8 9 10 15.5 6.8 344.3 22. 9 -19.4 372. 4 14.5 -27.0 391.4 31. 6 -21.7 380. 0 13.4 -22.5 399.0 42.4 -43.0 379.9 25.3 -23.1 379.7 29.2 —6 • 1 385.5 29.6 -14.5 374.9 38.2 -11.4 370.6 34.7 + F g n . earnings ret. abroad 1.2 + Inv. valuation a d j u s t m e n t 377.4 = Total internal funds • IVA 11 12 13 14 15 16 17 18 301.3 330.4 319.8 316.1 2,4 1.3 3.5 7.2 345. 3 354. 1 320. 2 318. 0 1 1. 0 30. 9 2. 9 337.9 378.3 353.1 351.8 0.1 1.2 22.0 3.3 351. 4 382. 2 364. 5 365. 5 -2.2 1. 2 15. 4 2. 4 369.3 384.6 356.0 353.7 1.9 0.3 26.5 2.1 346.9 377.4 365.5 363.7 0.4 1.4 341.3 388.3 365.2 364.8 -.7 351.4 378.2 360.7 363.7 —4.6 346.5 343.4 371.5 371.6 -1.3 8.6 366.0 385.1 366.6 365.8 -4.1 0.9 21.5 1.6 15.2 2.3 -30.9 3.3 344.5 G r o s s investment 372.7 C a p i t a l e x p e n d i t u r e s (1) 357.9 Fixed investment 362.8 Plant and equipment -5.9 Home construction 1.0 Multifamily residential 10.4 Inventory change • IVA 4.4 M i n e r a l rts. from U.S. govt. 19 20 -29.1 150.8 -8.8 112. 5 -40.5 116.3 -30.8 104. 3 -15.2 85.0 -30.5 101.2 -47.0 180.2 -19.1 61.3 -26.8 3.1 124.4 21 22 23 24 25 26 27 28 29 60.8 18.8 7.2 3.6 12.2 5.9 14.5 3.1 -4.4 24.,7 9.,6 4..1 0..8 0..8 -2. 5 3..6 2..6 5..7 -5.1 15.0 -88.5 11.9 -9.3 -2.7 -1.8 -51.8 -18.1 -4.4 -12.4 21.2 64.8 3.0 -3.9 17.7 -3.3 8.2 -11.2 -5.7 1.5 — 9.6 17. 3 -2. 3 5. 8 4. 0 -1. 2 4. 4 5. 1 -3. 0 4. 4 3.8 -1.4 5.6 -14.4 -31.3 20.7 -5.4 -13.0 -7.9 5.9 2.4 -10.3 15.2 -7.7 -.5 -10.0 30 31 32 33 34 35 36 0.1 3.8 29.5 56.7 12.4 3.3 9.0 2,.8 - 2 ,.7 61,.5 26 .2 26 .0 8 .3 17 .7 1.3 -2.7 61.5 61.4 13.3 0.9 12.4 .8 0..5 25..8 61,.6 23,.7 3,.2 20,.5 -3.2 -1.8 103.8 74.7 -1.3 6.0 -7.3 -5.7 -.5 4.7 0.7 16.6 43.3 28.7 4.2 24.5 -7.3 51.8 42.1 7.5 8.7 -1.2 18.2 26.2 5.0 0.7 18.9 90.9 35.8 3.3 32.5 70.1 38.5 13.6 24.9 11.5 40.4 20.7 -3.7 24.4 37 38 39 20.2 0.1 24.0 10 .9 0 .4 - 1 1 .0 11.0 17 .4 8.0 19.2 18.4 15.0 17.0 20.0 20.4 37.0 2 0 .5 68.0 17.6 11.6 40 41 42 179.8 124.7 -85.0 121 .3 4 8 .2 - 7 5 .5 156.8 55.1 -129.5 135 .2 35 .3 - 1 2 4 .2 100.2 -28.7 -194.5 101.4 3.6 -79.3 121.3 92.6 -69.0 119.5 58.4 -48.0 43 44 45 46 47 48 49 209.7 -9.9 126.8 28.6 1.9 0.5 26.1 123 .7 .9 79 .4 15 .6 0 .9 0 .7 13 .9 184.6 0.1 102.9 11.1 0.1 1.0 10.1 159 .5 - 1 .1 73 .6 6 .5 - 1 .8 0 .9 7 .4 165.8 -.8 87.1 14.7 1.5 0.9 12.3 190.3 1.1 58.2 20.5 0.3 82.9 -1.7 87.2 106.4 -12.0 161.6 0.7 42.3 22.9 -3.7 0.9 -9.2 -1.0 0.9 23.0 50 51 52 53 54 55 56 57 49.9 -9.3 23.7 3.3 8.0 1.5 -.2 11.1 4 .1 2 .3 2 3 .4 .1 17 .0 0 .1 4 .4 1 .9 32.8 11.9 25.8 1.3 14.5 -1.0 33 .1 2 0 .4 2 6 .9 - 1 .1 12 .2 .4 3 .2 13 .0 15.8 39.0 10.0 0.7 10.2 0.6 1.4 -3.0 45.5 32.3 32.7 -.7 2.5 19.2 5.4 10.5 8.4 69.7 17.6 -1.5 4.6 3.6 —5.3 0.4 —6.0 38.6 -2.5 26.4 4.5 3.8 6.4 58 59 60 61 62 5.3 13.7 36.1 35.4 0.7 5 .9 19 .9 4 7 .3 45 .4 1 .9 0.9 43.1 57.6 51.9 5.7 .2 30 .4 69 .7 72 .3 - 2 .7 3.4 49.9 75.6 65.9 9.7 -1.0 24.7 89.9 0.5 36.3 71.6 17.6 15.3 -12.3 63 43.0 2 7 .1 53.5 2 8 .6 29.6 64 65 66 15.8 74.1 17.6 41.6 94.0 14.6 18.4 106.8 28.8 -4.5 111.4 19.2 67 68 69 145.5 64.2 83.2 94.0 29.7 55.5 114.1 70.5 114.6 70 71 72 48.0% 95.9% 63.4% 42.7% 95.0% 34.9% 73 74 75 3..5 6..8 - 3 .3 76 77 78 -21.9 -1.0 4.3 19.8 23.5 -9.4 -4.7 10.6 16.0 70.1 22.8 -3.4 1.0 12.2 0.2 10.4 16.6 20.1 16.1 2.4 6.0 -2.8 36.7 131.7 18.0 -172.3 227.2 118.7 -98.7 80.4 1.0 -146.3 1.6 74.6 1.0 1.1 2.8 32.7 -15.4 9.2 6.5 -.3 -1.3 23.1 -2.0 13.0 1.9 1.4 34.7 6.4 7.3 -1.5 -3.9 2.6 14.0 0.3 9.4 3.2 1.6 Consumer credit M u t u a l fund s h a r e s Trade credit M i s c e l l a n e o u s assets Foreign d i r . i n v e s t . ( 2 , 5 ) E q u i t y , etc. Retained e a r n i n g s 30 31 32 33 34 35 36 Insurance r e c e i v a b l e s 37 E q u i t y in sponsored ags. 38 Other 39 Net increase in l i a b i l i t i e s Net funds raised in m k t s . Net new equity i s s u e s Debt i n s t r u m e n t s Tax-exempt debt (3) Corporate b o n d s (2) Mortgages Home m o r t g a g e s Multifamily Commercial 48.8 16.9 -4.6 -6.9 -1.4 9.8 -2.3 0.2 4.6 9.0 68.6 -8.8 35.4 52.7 51.7 8.4 25.0 64.4 66.8 3.0 1.0 -10.5 9.6 29.4 37.6 -2.4 -8.2 32.1 -3.9 33.0 38.5 19.5 23.4 24.1 33.0 D i s c r e p a n c y 53.8 113.4 33.4 -8.7 93.8 8.2 -17.4 134.7 21.2 -18.9 112.9 20.1 26.8 104.4 27.3 8.6 100.9 14.7 79.0 80.4 110.6 101.1 64.8 118.1 79.8 110.5 134.3 101.8 115.6 152.5 61.1 86.2 112.9 73.5 9.4 42.8 65.9 95.7 94.9 40.5% 96.6% 48.8% 41.8% 100.5% 41.7% 40.4% 96.3% 43.1% 41.2% 99.3% 50.4% 41.0% 102.2% 55.9% 42.6% 99.8% 38.2% 42.5% 100.8% 21.9% 41.6% 92.6% 47.0% 30..9 - 1 9 ..4 50,.3 22..0 - 2 7 ..0 49..0 15..4 - 2 1 ..7 37..0 26..5 -22..5 49..0 8..6 - 4 3 ..0 51..6 21,.5 -23,.1 44,.6 16,.1 -6,.1 22 .2 15 .2 - 1 4 ,.5 2 9 .7 -30.9 -11.4 -19.5 323 .7 322 .1 373,.5 3 6 9 .0 4 0 5 .3 4 0 3 .8 403,• 9 370,.1 407,.1 4 0 8 .1 420..4 380 .5 411 .4 377 .5 391 .2 362 .4 1 .6 4 .5 1 .5 33 .8 - 1 .0 39 .9 33 .8 2 8 .8 BILLIONS OF DOLLARS. 11.0 - 19.2 12.8 -1.2 102.2 20.6 -1.2 13.2 20.8 8.6 1.0 16.1 0.6 60.2 12.7 -4.7 0.9 16.5 28.2 Bank loans n . e . c . Commercial paper Other loans S a v i n g s & l o a n assns. Finance companies U.S. government Accept.liab.to banks Foreign P r o f i t taxes payable Trade debt Fgn.dir.invest.in U.S.(5) E q u i t y , etc. Retained e a r n i n g s M e m o r a n d u m items: - 3 . 8 T r a d e credit net of trade debt 117.5 P r o f i t s tax payments 17.1 E a r n i n g s rec. from abroad Debt subtotals: 73.5 S e c u r i t i e s and m o r t g a g e s 32.9 L o a n s and short-term paper 65.8 T o t a l short-term liab. (4) P e r c e n t ratios: 4 1 . 6 % E f f e c t i v e tax rate 9 8 . 7 % C a p i t a l outlays/internal funds 2 8 . 5 % 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 outlays on book basis: ventory c h a n g e , NIPA 10. ss: Inv. val. adjustment 1, 9 371 5 T o t a l cap. e x p e n d , before IVA 354.8 392 .7 341 5 L e s s : U S internal funds, book 343.8 359 .8 E x c e s s of capital e x p e n d i t u r e s s F i n a n c i n g gap: over U.S. internal funds 29 9 11.0 32 .9 ( 2 ) C o r p o r a t e bonds include net i s s u e s by N e t h e r l a n d s A n t i l l e s subsidiaries? U.S. direct investment abroad is before subtracting 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. parents. (3) industrial revenue bonds. Issued by state and local governments to finance private i n v e s t m e n t and secured in interest and p r i n c i p a l by the industrial user of the funds. ( 4 ) L o a n s and short-term p a p e r , taxes payable and trade debt. ( 5 ) D i r e c t investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. LATEST DATA PRELIMINARY. 16 17 18 21 22 23 24 25 26 27 28 29 42.7 39.5 33.4 1.0 12 13 14 15 Liquid assets C h e c k a b l e dep. and c u r r . Time deposits M o n e y m k t . fund s h a r e s S e c u r i t y RPs Foreign deposits U.S. govt, s e c u r i t i e s Tax-exempt obligations C o m m e r c i a l paper 147.3 -.2 11 - 2 8 . 2 Net financial investment 19 91.3 Net acq. of financial a s s e t s 20 217.4 -3.8 86.5 19.1 —. 5 0.9 18.7 62.7 -1.4 -3.3 0.9 0.9 9 10 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 64 65 66 67 68 69 70 71 72 73 74 75 76 77 TABLE 5 Z 7 , S E P T E M B E R 2 0 , 1990 F u n d s R a i s e d in Credit M a r k e t s F u n d s Raised in Credit M a r k e t s S u m m a r y of Net F u n d s R a i s e d in C r e d i t and E q u i t y M a r k e t s ANNUAL FLOWS, $ BILLIONS ANNUAL FLOWS, $ BILLIONS 1980 1981 1982 1983 1984 1985 1986 1988 1989 Net Credit M a r k e t B o r r o w i n g by N o n f i n a n c i a l S e c t o r s 5 3 8 .1 752 .3 8 4 8 .1 8 3 6 .9 687 .0 760 .8 T o t a l net b o r r o w i n g by domestic 676.5 n o n f i n a n c i a l sectors 1 -.9 186 .6 186 .7 .1 198 .8 199 .0 .2 223 .6 223 .7 .1 215 .0 214 .7 O .4 144 .9 143 .4 1.5 157 .5 140 .0 17 .4 150.2 150.0 0.2 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 4 296 .2 237.1 351 .5 553 .5 624 .5 621 .9 542 .1 603 .3 526.3 P r i v a t e domestic n o n f i n a n c i a l sectors 5 185 .2 2 4 .7 2 7 .7 132 .9 95 .3 7 .6 19 .2 10 .7 165 .7 33 .7 2 2 .8 109 .2 72 .4 4 .8 22 .2 9 .7 157.2 50.4 18.7 53.4 5.4 25.2 4.1 2 4 7 .1 43 .3 16 .0 187 .9 120 .4 14 .1 51 .0 2 .4 319 .9 51 .0 46 222 .8 136 .7 25 .2 62 .2 - 1 .2 451 .2 135 .4 73 .5 2 4 2 .2 156 .8 29 .8 62 .2 - 6 .6 465 .8 22 .7 126 .8 316 .3 218 .7 33 .5 73 .6 - 9 .5 453 .2 49 .3 79 .4 324 .5 234 .9 24 .4 71 .6 - 6 .4 459 .2 49 .8 102 .9 306 .5 231 .0 16 .7 60 .8 -2 . 1 379.7 30.4 73.6 275.7 218.0 16.4 42.7 -1.5 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 13 133 .8 40,.5 4 8 .7 9,.0 35..6 73 .4 2 .6 36..8 4..0 30..0 130 .5 16,.9 50,.5 14,.7 48..5 79.9 16.4 53.9 — 15.8 104,.4 48,.9 25..0 .8 31.,3 233 .6 81 .7 68,.0 21,.7 62..2 173 .3 82,.5 40..6 14..6 35..6 156,.1 58,.0 66..9 -9..3 40.,5 8 8 .9 33 .5 10,.0 2,.3 43..2 144 .1 50,.2 39,.8 11,.9 42..2 146.6 39.1 39.9 20.4 47.1 Other debt instruments C o n s u m e r credit Bank loans n.t.c. C o m m e r c i a l paper Other loans 14 15 16 17 18 318.,4 17. 7 165. 6 135. 1 16. 3 47. 9 71. 0 343. 7 15. 0 171. 5 157. 2 23. 5 65. 6 68. 1 258. 7 11. 6 117. 3 129. 7 15. 8 55. 8 58. 2 296..2 17,.1 114. 3 164. 8 16. 3 44. 4 104. 1 237.1 27.7 84.3 125.1 6.7 71.8 46.6 351. 5 23. 6 185. 6 142. 3 3. 9 81. 9 56. 5 553. 5 28. 1 231. 8 293. 6 4 123. 2 170. 8 624. 5 90. 9 284. 5 249. 1 -14.5 129. 3 134. 3 621. 9 36. 2 293. 0 292. 7 - 1 6 . 3. 99. 2 209. 7 542. j 48. 8 302. 2 191. 0 -10. 6 77. 9 123. 7 603. 3 45. 6 314. 9 242. 8 -7.5 65. 7 184. 6 526.3 29.6 284.8 211.9 1.6 50.8 159.5 By borrowing sector: S t a t e S l o c a l governments Households N o n f i n a n c i a l business Farm N o n f a r m noncorporate Corporate 19 20 21 22 23 24 25 26 27 28 29 30 24. 0 4. 0 18. 3 1 .0 0. 7 15. 0 3. 7 3. 1 1. 7 6. 5 24. 2 1. 2 11. 8 2. 4 8.8 23. 5 5. 5 3. 0 3. 9 11. 1 16.0 -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 0 11. 5 -3. 9 4. 5 7. 4 -3. 6 2. 1 - 1 .4 6. 3 6. 9 - 1 .8 8. 7 -7.5 31 396. 1 396. 0 362. 0 407. 1 760. 6 849. 3 846. 6 691. 5 1 372 .1 381 .0 337 .8 383 .6 2 3 4 53 .7 55 .1 - 1 .4 37 .4 38 .8 .4 1 79 .2 79 .8 - .6 8 7 .4 8 7 .8 .5 162.1 5 318 .4 343 .7 2 5 8 .7 6 7 8 9 10 11 12 13 2 0 2 .5 29 .5 21 .1 151 .8 110 .2 10 .9 21 .9 8 .8 2 0 9 .9 2 7 .7 17 .3 164 .9 116 .6 10 .0 24 .4 14 .0 14 15 16 17 18 115 .9 45 4 0 .3 2..7 27..8 19 20 21 22 23 24 25 - 161.3 88.2 6.1 6.6 555. 4 10.9 F g n . net borrowing in U.S. 5.3 Bonds -.1 Bank loans n.e.c. 13.3 C o m m e r c i a l paper -7.5 U.S. govt. 8 other loans 26 27 28 29 30 767. 1 687.4 Total domestic plus foreign 31 Net C r e d i t M a r k e t Borrowing by F i n a n c i a l S e c t o r s Total net borrowing by financial sectors 1 73.3 89.6 65.4 103.6 90 .8 100.3 150.7 201.3 285.1 300.2 247.6 205.5 2 3 4 5 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 66.4 74.9 30.4 44.4 101.5 154.1 15.2 139.2 -.4 171 .8 30.2 142.3 119.8 44.9 74.9 151.0 25.2 125.8 6 7 8 9 10 11 36.2 7.8 0.2 1.8 13.9 12.5 41.7 5.5 20.6 1.6 56.2 6.0 32.5 -.4 21.3 -7.0 131 .0 8 2 .9 0 .0 24 .2 19 .8 128 .4 78 .9 0 .4' - 3 .2 27 .9 24 .4 127 .8 51 .7 0 .3 1 .4 54 .8 19 .7 54 .5 36 .8 -1.0 12.9 7.1 75.9 34.3 0.4 1.4 24.0 15.7 99.7 50.9 0.2 26.8 9.2 25 .9 13 .7 0. 1 .4 9 .9 0..8 1 .8 26 .9 - 1 1 .0 12 13 14 73.3 23.5 13.6 89.6 24.8 23. 1 65.4 25.6 19.2 103.6 32.4 15.0 90 .8 15..3 49. 5 100.3 1.4 66.4 150.7 30.4 44.4 201 .3 21.7 79.9 285 . 1 14.. 9 139,.2 300,.2 29..5 142,.3 2 4 7 .6 44 .9 74..9 205 .5 T o t a l , by sector 25 .2 S p o n s o r e d credit agencies 125 .8 M o r t g a g e pools 12 13 14 15 16 17 18 19 20 21 22 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 -1.2 -.7 56.2 11.6 10.8 15.6 0.4 18.1 -.4 99.7 -4.9 17.2 17.3 1.5 57.7 -.1 11.5 131..0 .6 15. 2 20. 9 2 54. 7 0.8 39. 0 128..4 6..2 14.,3 19. 6 1 40. 8 0.3 39. 1 127,.8 -3..0 5..2 19. 9 1 .9 67. 7 3. 5 32. 5 54 .5 -1,.4 6,.2 - 1 4 .. 1 .4 46.,3 -I. 9 20. 8 15 16 17 18 19 20 - 32.5 5.0 13.3 -6.2 -.4 17.5 -.3 3.6 75.9 7.3 - 25. 9 7 7. 1 1. 7 6 si 5 1 0. 6 1 .2 32.7 16.2 18.6 16.1 1.2 24.3 0.5 9.3 20.6 79.9 1.1 0.1 2.6 32.0 14.2 16.6 1 U.S. government-related S p o n s o r e d credit ag. sec. M o r t g a g e pool securities L o a n s from U.S. government 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 P r i v a t e financial 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 savings banks F i n a n c e companies REITs S C O issuers 10 11 22 Total Net C r e d i t 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 4 6 9 .4 90 .5 29 .5 32 .9 151 .9 485 .6 8 4 .8 27 .7 26 .5 164 .8 4 2 7 .4 122 .9 24 .7 30 .5 132,.7 510.7 133.0 33.7 34.3 109.1 5 0 5 .2 225 .9 50 .4 39 .0 88..2 655.7 254.4 43.3 37.7 187.8 911.4 273.8 51.0 84.2 223.1 1050.6 324.2 135.4 1131.7 369.5 22.7 242.2 6 7 8 9 45,.1 60..3 17..7 41 . .5 4 0 .5 52,.0 37..5 51..9 2,.6 47.. 6 19..3 47..1 16.9 54.7 51.3 77.7 16..4 49..7 5..7 30.,0 48.9 26.9 28.4 81.7 62.7 51.9 82.9 82.5 40.3 52.8 45.0 10 3. 8 0..6 -3.8 7. 3 -7.1 6.3 14.4 11 12 368. 3 49. 9 380. 4 36. 8 341. 7 83. 0 391. 1 154. 0 545.2 193.7 746.0 192.5 833.7 209.3 * 383.6 87.4 28.2 128.2 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 1014.7 277.2 49.8 161.5 306.7 58.0 69.9 26.4 56.1 33.5 3.2 32.3 65.5 50.2 39.4 75.4 54.4 212.8 836.9 215.0 2.5 - 6 .8 3,.7 -10..5 - 1 3 ..5 2..7 16 .7 8 .8 7 .9 1 .9 4 .7 5 4 .6 2 7 .2 2 7 .3 20,.0 3..6 -40,.5 29,.3 -69..8 - 7 9 ..0 8. 2 17 .2 84,.4 -67,.2 -84..5 13..6 8 6 .8 159 .0 -72,.2 -85,.0 11..6 10 .9 73 .9 - 6 3 .0 -75,.5 14..6 -.4 1.0 2..4 0..2 1..4 3..7 0. 9 3.,7 1. 2 - 2 ..1 39.1 41.5 60.6 28.6 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 in U.S. M a r k e t s 17 .8 2..9 14..9 10..4 2..2 HISTORICAL DATA ON NET FUNDS RAISED 8 9 2 . 9 Total net borrowing 301.2 U.S. government securities 30.4 T a x - e x e m p t obligations 115.7 C o r p o r a t e 8 foreign bonds 275.7 Mortgages -7.9 10.4 -5.9 Memo: U.S. govt, cash balance 10 T o t a l s net of c h a n g e s in U.S. govt, cash balances: 694.9 750.4 682.4 Net borrowing by dom. nonfin. 11 152.8 147.1 156.1 By U.S. government 12 -3.8 0.4 -4.1 -7.8 2.7 2.1 -.1 6 316.4 991.7 317.5 49.3 165.7 324.9 - 1 2 4 .2 - 6 0 . 7 Total net share issues 1,. 1 41.3 M u t u a l funds - 1 2 5 ..3 - 1 0 2 . 0 All other - 1 2 9 ..5 - 1 2 4 . 2 N o n f i n a n c i a l corporations 3..3 5.5 F i n a n c i a l corporations F o r e i g n shares 0. 9 16.7 p u r c h a s e d in U.S.
@FedFRASER