Full text of Z.7 Flow of Funds Summary Statistics : September 28, 1992

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FEDERAL RESERVE statistical release
For immediate release
September 28, 1992

Z.7 (788)

FLOW OF FUNDS SUMMARY STATISTICS
Debt of the domestic nonfinancial sectors grew at a seasonally
adjusted annual rate of 4-3/4 percent in the second quarter of 1992. Heavy
borrowing by the federal government accounted for most of the rise; nonfederal
debt rose at a 2-1/4 percent rate. The rise in household debt remained
moderate, reflecting further paydown of consumer credit and relatively slow
growth of home mortgage debt. Business debt contracted slightly in the second
quarter; the runoff of short-term debt and commercial mortgages that began in
late 1990 continued through mid-1992, more than offsetting further sizable
increases in corporate bonds. Moreover, net equity issuance remained large in
the second quarter at a $36 billion annual rate. Debt growth of state and
local governments picked up further in the second quarter to a 6-1/2 percent
annual rate.
The level of domestic nonfinancial debt outstanding was
$11.5 trillion at the end of the period. Debt of nonfederal sectors accounted
for $8.5 trillion of this total, and federal debt was $2.9 trillion (see
table L.2).
This release incorporates annual benchmark and seasonal adjustment
revisions to the Flow of Funds Accounts. Most of the data revisions were for
the period since 1982, although changes to some series go back much further.
New quarterly seasonal factors were computed for 1982 onward. Additional
details of the revisions will be included in the Z.l release.
A.
Growth of Domestic Nonfinancial Debt*
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Business
(5)

State &
local
&QVtS.
(6)

1988
1989
1990
1991

9., 1
8.,0
6.,6
4.,2

8.0
7.0
11.0
11.1

9.,4
8..2
5.,3
2.. 1

11. 1
9. 6
7. 2
4, 2

8.3
6.9
3.3
-0.6

7 .0
8. 4
5. 9
4.,5

1990-Q1
Q2
Q3
Q4

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

10.9
8.8
11.3
11.1

8..2
5..2
4.,8
2,,8

11.,1
6,.5
6. ,3
4,.3

5.0
3.8
3.2
1.1

9.,1
5.,7
4. 4
4., 1

1991-Q1
Q2
Q3
Q4

4,, 2
5,.0
3,.7
3,.7

9.1
10.8
11.0
11.9

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

4.,3
4,.9
3,,5
3,.8

0.9
1.1
-1.6
-2.8

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

1992-Q1
-02
1. Changes
month-average




5.8
13.3
3.3
5.3
0.8
4.6
4.7
12.3
2_2
-Q.9
W&
shown are on an end-of-period basis and thus may differ from
data in the Board's H.6 release.

B. Growth of Debt Aggregates:
Supplemental Data
(Percent changes; quarterly data are seasonally adjusted annual rates)
Sectors
Domestic
nonfinancial

Memo:
Private
^
financial assets

Foreign

Financial

All
sectors

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

11,,3
10.,6
8,,0
5,,5

9,,3
8,,3
6.,9
4,,5

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

9.,8
7.,4
1,,9
12.. 1

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

8,.8
4,,7
2.,8
1..5

4.,3
4.,0
5.,6
7.,7

4,,6
4.,3
4,, 1
4,,6

4.,6
1,.4
-2,.4
-0,.9

1988
1989
1990
1991

9,, 1
8,,0
6,,6
4,,2

1990-Q1
Q2
Q3
Q4

8.. 8
6..0
6,,2
4..6

4,,5
13..9
9,.0
8,,9

1991-Q1
Q2
Q3
Q4

4,,2
5..0
3., 7
3.,7

22,,7
-21..5
5.,6
14..5

4..1
3.,2
5.,4
4..9
1992-Q1
5.
,8
-0..3
5.
Q2
22.f 5
,7
4. 7
e<,1
1. Holdings of deposits and credit market claims by households, nonfinancial
business, and state and local governments.
Explanatory Notes
Domestic debt includes credit market funds borrowed from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign
financial and nonfinancial entities in U.S. markets only. Financial sectors
consist of U.S. government - sponsored credit agencies, federally related mortgage
pools, and private financial institutions.
Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper, consumer credit, government
loans, and other loans included in table L.2; it excludes trade debt, loans for
the purpose of carrying securities, and funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table F.2 by seasonally adjusted levels at the end of the
previous period.
Seasonally adjusted quarterly levels in Flow of Funds
statistics are derived by carrying forward year-end levels by seasonally
adjusted flows.
Growth rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those shown above.
Subscriptions to this summary release, to the full statements for sectors
and transaction types for flows and amounts outstanding (the Z.l release), or
the diskettes may be obtained through Publications Services, Stop 138, Board of
Governors of the Federal Reserve System, Washington, D.C.
20551,
(202) 452-3245.
This release is also available on the Economic Bulletin Board
of the Department of Commerce.

INTRODUCTION OF COMPUTER DISKETTES
Beginning with this release, the Flow of Funds Accounts are being made
available on two 3-1/2" diskettes. The diskettes contain quarterly data
beginning in 1959 organized in files that correspond to the tables published in
the Z.l release.
One diskette contains the flows and the other diskette
contains the outstandings.
In addition, the outstandings diskette contains
files with the monthly debt aggregate data published in the Board's H.6 release
and its underlying detail.




Z.7, S E P T E M B E R 28, 1992
Credit Market Debt

C r e d i t Market Debt
L . 2 - L . 4 Credit Market Debt

PERIOD-END LEVELS

1986

1987

PERIOD-END LEVELS

1988

1989

I
I

1990 I
IV
I

1991
I

II

III

IV

I
I

1992
I

II

L . 2 Credit M a r k e t Debt Owed by Nonfinancial S e c t o r s

10760 .8 10832 .3 10960 .5 11082 .5 11210 .7 11331 .7 11459 .8 T o t a l domestic

1

7816 .8

8 5 4 9 .2

9316..3 10087 .1

2
3
4

1805 .9
1802 .2
3 .6

1949 .8
1944 .6
5 .2

2104..9
2082,.3
22 .6

2251 .2
2 2 2 7 .0
24 .2

2498 .1
2465 .8
32 .4

2 5 4 8 .8
2522 .4
26 .4

2591 .9
2567 .1
24 .8

2687 .2
2669 .6
17 .6

2776 .4
2 7 5 7 .8
18 .6

2 8 5 9 .7
2 8 4 4 .0
15 .8

2 9 2 3 .3
2 9 0 7 .4
15 .9

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

2
3
4

5
6
7

6010 .9
789 .6
670 .4

6599 .4
8 7 3 .1
749 .1

7211..4
939..4
852..2

7835 .9
1004..4
926..1

8 2 6 2 .6
1055 .6
973 .2

8 2 8 3 .5
1061 .5
992 .3

8 3 6 8 .6
1072 .5
1016 .5

8 3 9 5 .3
1089 .3
1036 .9

8 4 3 4 .3
1101 .4
1051 .8

8 4 7 2 .0
1110 .3
1070 .8

8 5 3 6 .5
1126 .1
1090 .4

P r i v a t e , by transaction
T a x - e x e m p t securities
C o r p o r a t e bonds

5
6
7

2686
1793
246
551
95

3023
2015
270
648
88

.4
.a
.0
.7
.9

3327..3
2257..5
286..7
696..4
86..8

3647..5
2515
304 .4
742..6
85..3

3907 .3
2760 .0
305 .8
757 .6
84..0

3943 .8
2788..9
307,.3
763..7
83,.9

3998 .9
2836..9
310 .5
767..6
83..8

4012
2869
303
756
83

4037
2902
303
748
83

.8
.2
.2

4 0 7 0 .8
2 9 4 3 .9
303 .4
740..7
82..9

4099
2987
295
733
83

692
669
73
518

.0
.5
.8
.5

742.. 1
710..6
85..7
554., 1

791 .
.8
760..7
107..1
598..4

809..3
758..0
116..9
642..6

785..3
748,.3
120..8
631..5

786..7
742..0
119..4
632..6

796 .7
724 .6
98 .5
624..1

775..7
712..5
110..3
621..6

6599.4
2861 .3
3034..6
145 .5
1061 .2
1827.8
703,.6

7211..4
3177.-3
3281..6
137..6
1127.. 1
2016..9
752. 5

7835..9
3508..2
3512,.0
139..2
1177..5
2195..3
815..7

8262..6
3780..6
3618,.0
140..5
1204..2
2273..4
864..0

8283..5
3788..3
3625..2
136..8
1207..1
2281 ..2
870. 1

8368..6
3848..3
3641..8
139..6
1210..8
2291..4
878. 5

8 4 3 4 .3
3938 .6
3593..2
138..8
1180..6
2273..8
902..5

8472..0
3958..8
3603.,2
136..3
1174. 4
2292. 5
910..0

238..3
76..2
23..3
41 .
.2
97..6

244..6
83.. 1
21 ..5
49. 9
90. 1

254..8
88..0
21 .4
63.,0
82. 4

278..6
109.,4
18. 5
75..3
75..4

291 .3
112.
20. 5
87. 0
71 .6

277.,6
114. 8
19.,7
74. 0
69..1

292..7
124..2
.6
21 .
81..8
65..2

282..3
125. 4
22.,0
70. 5
64. 4

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

.4
.0
.2
.4
.8

659 . 1
662 .3
62 .9
480,.2
6010,.9
2584..0
2806..3
156..6
999..7
1650..0
620..6
232.. 1
68..8
26,.9
37..4
99..0
8048..9

8787..5

9560. 9 10341. 9

.2
.5
.1
.5
.1

785..9
734..1
107..0
629..8
8395.-3.
3888,.7
3615,.3
140..4
1191..0
2283..9
891..4
282..2
118..6
20.,0
78..0
65, 6

.3

.4
.3
.0
.5
.6

775..5
708..1
111..7
625..3
8536..5
4010..8
3602..3
140..2
1159..0
2303., 1
923..4
300.,6
128. 5
27.,3
77. 5
67.,3

1

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

8
9
10
11
12

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

13
14
15
16

P r i v a t e , by sector
Households
N o n f i n a n c i a l business
Farm
Nonfarm noncorporate
Corporate
S t a t e 8 local governments
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

11039..4 11123. 6 11238. 2 11364. 7 11503.,4 11614. 0 11760. 4 Total domestic and

foreign

17
18
19
20
21
22
23
24
25
26
27
28
29

L.3 Credit Market Debt Owed by Financial Sectors
2082,.9

2333..0

2524 .2

2546 .3

2571 .1

2608 .2

2667 .8

2686 .9

2 7 3 9 .7 T o t a l , by transaction

2
3
4
5

810
273
531
5

.3
.0
.6
.7

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

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

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

1418,.4
393 .7
1019 .9
4 .9

1452,.1
397,.0
1050,.3
4 .9

1482..8
389 .6
1088..4
4,.9

1524
394
1124
4

.4
.7
.8
.9

1566
402
1158
4

.2
.9
.5
.8

1592
405
1182
4

.9
.7
.4
.8

1641
417
1219
4

.6
.8
.0
.8

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

6
7
8
9
10
11

793
358
2
38
284
108

.4
.8
.7
.6
.6
.6

892..4
398..3
3.. 1
35..0
322..9
133.. 1

984..6
415.. 1
3..4
35..6
377..7
152.,8

1083..7
491 ..9
3..4
37..5
409,.1
141,.8

1105 .8
528 .2
4 .2
38 .6
417 .7
117,. 1

1094,. 1
545 .4
4..3
36..5
400..9
107..0

1088,.4
562..3
4 .2
37..0
390..1
94..7

1083
569
4
39
387
83

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

1101
590
4
41
385
79

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

1093 .9
578 .4
5 .0
41 .3
392..9
76..3

1098
583
5
43
389
76

.1
.3
.1
.7
.2
.9

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

2524,.2
398..5
1019,.9

2546..3
401 ..8
1050..3

2571.
394..4
1088..4

2608,.2
399,.5
1124,.8

2667 .8
407 .7
1158 .5

2686..9
410..5
1182..4

2739..7 T o t a l , by sector
S p o n s o r e d c r e d i t agencies
422..6
M o r t g a g e pools
1219..0

12
13
14

1105,.8
76,.3
114,.8
115..3
16..7
539..8
10..6
232..3

1094..1
68.. 1
114,.4
104,.2
16..4
539..6
10..8
240..6

1088..4
65..9
113,.3
91..0
16..6
540..4
10..8
250..3

1083,.9
64..6
110..6
79..0
15,.2
543..7
11. 0
259.,9

1101 .6
63,.0
112,.3
75,.9
13,.2
557 .9
11 .4
.
268..0

1093..9
60..8
115..0
71 .
.2
13.,5
547., 1
12..7
273..6

1098,. 1
.3
61 ,
112..4
70..7
13..9
541,.8
13,.5
284,.4

15
16
17
18
19
20
21
22

1

12
13
14
15
16
17
18
19
20
21
22

1603 .8

1603 .8
278,.7
531 .6
793..4
75 .6
116 .8
119 .8
8 .6
402,. 1
6,.5
64,.0

1871 .0

1871 .
.0
308..2
670..4
892,.4
81 ,.8
131 . 1
139,.4
16..7
413..0
7..3
103.. 1

2082..9 2333..0
353.. 1
378..3
745..3
871..0
984.,6
78..8
136..2
159..3
18.,6
444.,6
11..4
135.,7

1083..7
77..4
142..5
145..2
17..2
504..2
10..1
187..1

P r i v a t e financial sectors
C o m m e r c i a l banks
D o m e s t i c a f f i l i a t e s (BHCs)
S a v i n g s and loan assns.
M u t u a l s a v i n g s banks
F i n a n c e companies
REITs
SCO issuers

1
2
3
4
5
6
7
8
9
10
11

L . 4 Credit Market Debt, All S e c t o r s , by Transaction
1

9652 .7 10658,.5 11643..9 12674 .9

2
3
4
5

2610..4
789..6
1098..0
2689,.2

6
7
8
9

659..1
727..8
384..9
693..6

692 .0
727..8
437..9
754 .1

10
11
12
13

141.1
699.3
413.5
2947.1

115.3
754.7
460.1
2864.9

2923..4
873 . 1
1223..6
3026..5

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




13563 .6 13669,.9 13809 .3 13973..0 14171 .2 14300 .9 14500,. 1 Total

3198..3 3495..6
939..4 1004,.4
1350..4 1506..0
3330..7 - 3650,.9

3911 .7
1055,.6
1610,.7
3911 .5

3996..1
1061 .
.5
1649..9
3948,.1

4069,.8
1072,.5
1693 .5
4003,.1

4206..7
1089..3
1725..0
4016..7

4337..7
1101 .4
1766,.2
4042..1

4 4 4 7 .8
1110,.3
1774,.6
4075,.8

4560,
1126,.1
1802..2
4104,.4

742..1
767..7
513..4
801..9

791..8
819,.6
579..2
8 2 7 .5

809,.3
8 1 5 .1
609,.9
8 3 9 .9

785,.3
805..3
608..8
814..9

786,.7
798,.7
583 .6
801,.4

785..9
793..2
572..0
784..2

796,.7
788..0
565 .9
773..2

775..7
775..8
573..7
?67..1

775..5
779,.1
578,.4
774..3

118.3
838.4
478.3
3141.6

133.9
903.9
566.2
3819.7

137.4
938.0
602.1
3506.6

132.5
914.1
661.6
4047.2

137.5
920.2
683.7
4104.7

158.1
946.3
744.2
4338.5

188.9
951.6
812.4
4630.0

195.1
950.3
859.3
4502.5

Selected
183.3
960.3
936.7
4565.8

1

U.S. government securities
Tax-exempt securities
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

c l a i m s not included above:
S e c u r i t y credit
Trade credit
M u t u a l fund shares
Corporate equities

10
11
12
13

Z . 7 , S E P T E M B E R 2 8 , 1992
F u n d s Raised

F u n d s Raised
F . 2 - F . 5 Funds Raised in Credit and Equity M a r k e t s

ANNUAL FLOWS

ANNUAL FLOWS

F.2 Credit Market Borrowing by N o n f i n a n c i a l S e c t o r s

1 Total domestic
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

U.S. g o v e r n m e n t
T r e a s u r y issues
Agency issues 8 mortgages
P r i v a t e , by t r a n s a c t i o n
Tax-exempt securities
C o r p o r a t e bonds
Mortgages
Home m o r t g a g e s
Multifamily resid.
Commercial
Farm
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
P r i v a t e , by sector
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State&local governments

24 Fgn. b o r r o w i n g in U.S.
Bonds
25
Bank loans n.e.c.
26
C o m m e r c i a l paper
27
U.S. g o v t . 8 other l o a n s
28
29 Total d o m e s t i c plus f o r e i g n

337 .1

384 .9

406,.2

553 .3

765 .4

903

-1

8 9 3 .8

721 .2

775 .8

740 .8

665 .0

452 .5

1

278 .2
292 .0
- 1 3 .8

2
3
4

174 .3 5
45 .8 6
78 .6
7
130 .0 8
142,.2 9
-2..0 10
-9,.4
.8 12

77 .4
77 .9
- .6

8 5 .5
8 5 .9
- •.5

161,.3
162 .2
- •.9

185 .2
185 .3
- •.1

197 .2
197 .4
.2

225..7
225 .8

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

143 .9
142 .4
1 .5

155 .1
137 .7
17 .4

146 .4
144,7
1 .6

246 .9
2 3 8 .7
8 .2

259,.7
23 .9
27 .7
134 .7
97 .2
7 .6
19,.2
10,.7

299,.4
32,.9
22,.8
113,.2
76,.4
4,.8
22,.2
9,.7

244 .9
53 .1
18 .7
93 .2
58,.5
5,.4
25..2
4,.1

368 .1
54 .4
16 .0
193 .4
125 .9
14 .1
51 .0
2 .4

568 .2
58 .7
46 .1
229 .9
143 .8
25 .2
62 .2
-1,.2

677..4
178..6
74..2
250..3
164,.8
29,.8
62..2
-6..6

677,.9
45 .7
127.
350..3
252..6
33..5
73..6
-9..5

577,.3
8 3 .5
78 .8
325,.0
235,.3
24..4
71..6
-6..4

6 2 0 .7
5 3 .7
103
317 .3
241 .8
16 .7
60 .8
-2,.1

5 9 4 .4
65 .0
73 .8
303 .0
245 .3
16 .4
4 2 .7
-1..5

418,.2
51,.2
47,.1
244,.0
219..4
3,.7
21..0

.7
.9
.7
.2

82..3
40..6
14..6
36..9

57,.5
63..6
-9,.3
43..0

32..9
9,.9
1,.6
45 .7

50..1
41,.0
11,.9
43,.6

41,.7
40,.2
21,.4
49,.3

17..5
4 .4
9..7
44..2

-12..5
-33..4
-18..4
-15..8

13
14
15
16

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

48 .9
25 .0
.8
31 .3

81
67
21
62

1

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

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

259..7
111..2
137..7
15..8
55..8
66..2
10..9

299..4
Ill.
172..0
16..3
44..4
111..3
16..3

244..9
85,.9
128 .6
6,.7
69,.8
52..1
30..4

368 .1
185,.7
147,.8
3 .9
83,.9
60,
34..6

568 .2
2 3 2 .7
299..8
.4
123..2
177 .0
35 .7

677..4
284,.9
258,.5
-14..5
130..0
143..0
134..0

677..9
319..4
299..3
- 1 6 ..3
100..7
214..8
59..2

577..3
296..4
197..8
-10..6
65..3
143.
83..0

620..7
318..6
253,.1
-7..5
61,.8
198..8
48..9

594..4
305..6
225..6
1..6
50..4
173.,6
63..2

418..2
254.,2
115. 6
2. 5
26. 7
86. 4
48. 3

174..3
158..0
- 2 2 ..3
0..9
- 2 3 ..6
0..4
38. 5

17
18
19
20
21
22
23

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

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

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

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

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

I..2
3..8
-2..8
6..2
-6..0

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

6.,2
7..4
- 3 ..6
3..8
_1<.4

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

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

23. 9
21. 4
-2. 9
12. 3
-6. 9

14.,1
14. 9
3. 1
6. 4
-10. 2

24
25
26
27
28

361..3

408..4

422..2

570..7

773..7

904..3

903. 5

727..4

782..2

750..9

688. 9

466. 6 29

F.3 Credit Market Borrowing by F i n a n c i a l S e c t o r s

6
7
8
9
10
11

"1

139 .2

1

107..9

96..9

107 .3

162 .3

189 .3

324.

259,.0

211 .4

2 2 0 .1

187

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

1.

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

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

67 .8
.4
66 .4

74 .9
30 .4
44 .4

101 .5
20 .6
79 .9
.1

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

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

119 .8
44 .9
74 .9

151 .0
25 .2
125 .8

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

147..7
9,.2
138..6

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
Fed. H o m e Loan Bank loans

29..9
10..8

60..5
10,.3

39 .5
25 .4

8 7 .8
38 .5
.1
2 .9
32..0
14 .2

146..0
97..6
4..3
24..2
19 .8

87,.2
39,.1
.4
-3,.6
26,.9
24..4

91 .7
16 .2
0 .3
0 .6
54 .8
19 .7

69 .1
46 .8

.2
21 .3
- 7 .0

87..4
45 .6
0 .4
1 .8
24 .0
15..7

1 .9
31 .3
- 1 1 .0

19..7
34..4
.3
.2
8 .6
- 2 4 .7

-8..6 6
57..7 7
.6 8
3..2 9
-32..0 10
- 3 8 ,,0 11

12 T o t a l , by sector
S p o n s o r e d credit a g e n c i e s
13
Mortgage pools
14
Private financial s e c t o r s
C o m m e r c i a l banks
D o m e s t i c a f f i l i a t e s (BHCs)
S a v i n g s and loan assns.
Mutual savings banks
Finance companies
REITs
SCO i s s u e r s

1.

0.

1

2
3
4
5

.9
12,.9
7,.1

1,.3

32,.7
16,.2

32..0
19..7
.1
1..4
9 .9
0 .8

74,.7
25..6
19..2

107,.9
32..4
15..0

96..9
15..3
49..5

107 .3
1 .4
66 .4

162..3
30 .4
44..4

189 .3
21 .7
79 .9

324..1
14..9
163..3

259..0
29..5
142..3

211 .4
44 .9
74 .9

2 2 0 .1
25 .2
125 .8

187 .1
17 .0
150..3

139,.2 12
9.
13
138,.6 14

29,.9
8 .3
6 .7
6,.8
.7
8..0
.6

60..5
11..6
10..8
15..6
0..4
22..4
.3

32,.0
11,.7
7,.1
.7
.6
11,.6
.1
.6

39 .5
5 .0
13 .3
-6,.2
.4
24 .4
.3
3,.6

87..4
7..3
16..1
17 .2
.2
.8
.6
9..3

87..8
- 4 .9
16..6
17..3
1..5
45 .8
.1
11..5

146..0
-3..6
10..7
20..9
4..2
74..1
.9
39..0

87..2
6,.2
14..3
19,.6
8.
.5
.4
39,.1

91 .7
-3..0
5..2
19..9
.9
31..5
3..6
32,.5

69 .1
- 1 .4
6 .2
- 1 4 .1
.4
59 .7
- 1 .9
22 .0

19..7
.1
- 2 7 ..7
- 2 9 ..9
.5
35..6
-1. 9
45.,2

- 8 ..6
- 1 3 ..3
- 2 ..5
- 3 9 ..5
- 3 ..5
14..5

0.

0.

0.

a

15
16
17
18
19
20
21
22

.1

74..7

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

1 T o t a l , by t r a n s a c t i o n
2
3
4
5

0.

0

0.

0.

0,

0.

0.
1

0.

15
16
17
18
19
20
21
35..6 22

F.4 Credit Market B o r r o w i n g . All S e c t o r s , by T r a n s a c t i o n s

1 Total
U.S. g o v e r n m e n t s e c u r i t i e s
2
Tax-exempt securities
3
C o r p o r a t e 8 foreign bonds
4
Mortgages
5
6
7
8
9

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 l o a n s

435..9
121..0
23..9
39..6
134..6

516,.3
131,.1
32..9
38..6
113..1

519,.0
225..9
53..1
45..0
93..2

677..9
253..1
54. 4
44..4
193..4

2..6
47..7
19..3
47,.1

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

16..4
49..8
5..7
30 .0

48..9
28..4
26..9
28..4

936..0
2 7 2 .2
58 .7
95 .4
2 3 0 .2
81
63
51
82

.7
.0
.9
.9

1093..6
326..2
178..6
116. 5
250,.3
82..3
40..7
52..8
46..2

.6
.5
.7
.8
.3

986 .4
316 .4
8 3 .5
125 .2
325..4

993 .6
2 7 4 .9
53 .7
126,.3
317 .5

971..0
297..3
65,.0
125..5
303..0

876..0
414,.4
51..2
102..9
244..3

605..8
426..0
45..8
151 .
.2
130 .6

2
3
4
5

57 .5
66..8
26..4
58..6

32..9
2,.7
32,.3
68,.0

50,.1
39,.9
75,.4
55,.8

41..7
41..9
65..9
30..6

17. 5
2..8
30..7
12..4

-12, 5
-27.
- 4 4 ,.0
— 64,.2

6
7
8
9

1227
394
45
227
350

F.5 Funds Raised Through Mutual Funds and C o r p o r a t e E q u i t i e s

1 T o t a l net i s s u e s
M u t u a l funds
2
Corporate equities
3
Nonfinancial corporations
4
Financial corporations
5
F o r e i g n shares
p u r c h a s e d in U . S .
6
B I L L I O N S OF D O L L A R S




18 .4
3,.5
14..9
10..4
2,.1

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

17 .3
9 .4
7 .9
1 .9
4 .7

56..6
29..3
27..3
20..0
3..6

2..4

0..2

1,.4

3..7

.6
.3
.8
.0
.2

21..5
88,.7
-67,.2
-84,.5
13,.6

8 8 .5
160,.9
- 7 2 .4
-85,.0
11,.5

7,.1
70,.2
-63,.2
-75,.5
14..5

- 1 1 8 ,.4
6..1
- 1 2 4 ..5
- 1 2 9 ..5
4..1

- 6 5 ,.7
38 .5
- 1 0 4 ,.2
- 1 2 4 ..2
2,.7

22,.1
67,.9
- 4 5 ,.8
- 6 3 ,.0
9..8

198 .8
150,.5
48 .3
18 .3

1
2
3
4
5

0 .9

3,.7

1,.2

-2..1

0..9

17..2

7..4

30,.2

6

-42
27
-69
-79
8

Z . 7 , S E P T E M B E R 2 8 , 1992
Funds Raised

F u n d s Raised
F . 2 - F . 5 F u n d s Raised

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

SEASONALLY ADJUSTED ANNUAL RATES
1989
III

IV

I
I

SEASONALLY ADJUSTED ANNUAL RATES
1990

I

II

III

IV

I
I

1991
I

II

III

IV

I
I

1992
I

II

F . 2 Credit M a r k e t Borrowing by N o n f i n a n c i a l Sectors

1

746 .6

749 .7

8 8 3 .5

619 .0

653 .9

503 .9

455 .4

544 .4

404 .5

405 .7

648 .2

534 .9 Total domestic

2
3
4

136 .2
129
7 .1

167 .8
172 .4
- 4 .6

2 4 4 .8
2 1 5 .2
29 .6

2 0 3 .8
198 .4
5 .4

2 6 8 .2
269 .5
- 1 .3

2 7 0 .8
271 .8
- 1 .0

2 2 7 .4
251 .4
- 2 4 .0

276 .7
2 8 2 .9
- 6 .2

288 .4
317 .2
- 2 8 .8

320 .4
316 .6
3 .8

368 .9
380
- 1 1 .2

351 .9
351 .5
0 .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

5
6
7
8
9
10
11
12

610 .3
75 .4
63 .3
335 .4
289 .5
11 .6
36 .1
- 1 .9

581 .9
8 0 .6
8 8 .2
2 8 8 .8
2 4 9 .2
13 .0
30 .5
- 3 .9

638 .7
70 .3
27 .5
389 .1
333 .1
1 .2
55 .4
- .7

4 1 5 .2
54 .7
65 .8
2 0 0 .4
188 .5
- 7 .1
18 .6
0 .4

385 .7
39 .2
29 .8
2 1 4 .5
193 .8
16 .6
2 .8
1 .3

233 .0
40 .6
65 .2
172 .1
162 .3
3 .9
7 .2
- 1 .3

2 2 8 .0
35 .6
76 .7
183 .7
153 .0
6 .2
24 .5
- .1

2 6 7 .7
48 .5
96 .5
186 .0
158 .1
12 .9
15 .6
- .7

116 .1
53 .5
81 .7
45 .6
122 .4
- 2 9 .7
- 4 4 .5
- 2 .5

8 5 .3
45 .5
59 .7
104 .8
135 .1
2 .7
-33

279 .3
4 7 .0
76
170 .5
203 .4
- 1 .6
- 3 0 .2
- 1 .1

183 .0
68 .0
78
77 .7
137 .0
- 3 3 .5
- 2 8 .5
2 .7

P r i v a t e , by transaction
Tax-exempt securities
C o r p o r a t e bonds
Mortgages
Home mortgages
M u l t i f a m i l y resid.
Commercial
Farm

13
14
15
16

46 .2
5 0 .4
2 2 .6
16 .9

5 0 .3
25 .6
0
4 8 .3

21 .4
2 2 .8
.4
5 0 .4

14 .4
10 .9
25 .3
51 .6

.6
.4
.1
.3

-10
-15
-14
-28

.4
.0
.3
.3

-7
-34
-15
-5

.8
.5
.9
.2

- 2 4 .0
- 1 8 .2
- 3 6 .3
13 .7

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

3 .1
- 2 6 .9
12 .6
- 3 .2

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

228
160
31
3
13
14
36

.0
.8
.1
.9
.2
.0
.0

2 6 7 .7
188,.8
40,.3
2,. 1
9 .8
28..4
38 .6

116 .1
136 .1
- 5 7 .6
.3
- 6 5 .9
8 .6
37..6

.3
.3
.0
.2
.5
.3
.9

279 .3
208 .8
2 9 .4
- 1 .6
- 2 2 .7
53 .7
41 .1

183 .0
155 .4
- 3 0 .8
7 .0
- 6 7 .6
29 .8
58 .4

17
18
19
20
21
22
23

610
354
184
-4
37
151
71

.3
.6
.2
.7
.7
.2
.6

581
338
174
4
36
133
68

.9
.5
.4
.9
. 1
.5
.9

40
-7
48
70

.8
.6
.2
.4

638 .7
390 .0
174 .8
5 .8
4 5 .1
123..9
73 .9

24
25
26
27
28

23 .3
6 .3
4 .2
19,.1
- 6 .2

17 .4
1 .1
- 4 .8
2 2 .1
.9

11,.5
34,.2
- 9 ,.7
- 1 4 ..9
1,.9

29

769 .9

767,.1

895..0

415
234
133
-3
25
111
47

.2
.6
.2
.6
.4
.4
.4

35 .8
19,.6
1,.3
23,. 1
—8,.2
654..8

-6
-8
-34
4

385
232
116
8
28
79
37

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

233 .0
159 .8
38 .6
.3
7 .9
31 .0
34 .7

23
2
2
25
-5

.9
.0
.0
.6
.6

24 .2
29,.6
- 5 .2
15,.6
- 1 5 ,.8

63 .1
11
8
46,.7
-2,.8

-63..2
10,.6
-3..5
-51..9
-18..3

15..6
15,.5
1,.4
16..0
-17,.2

41 .0
22 .3
6 .5
14 .9
- 2 .7

9 .5
4 .7
1 .4
-7..8
11 .2

677,.8

528..1

518,.5

481..3

420..1

446,.7

85
146
-103
-2
-51
-49
41

-

Consumer credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other loans
P r i v a t e , by sector
Households
N o n f i n a n c i a l business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

1
2
3
4
5
6
7
8
9
10
12
13
14
15
16
17
18
19
20
21
22
23

64 .5 Fgn. borrowing in U.S.
12 .6
21 .2
Bank loans n.e.c.
C o m m e r c i a l paper
27,.7
U.S. govt. 8 other loans
2..9

24
25
26
27
28

657..7

599..3 Total domestic plus foreign

29

F . 3 Credit M a r k e t Borrowing by F i n a n c i a l
1

214,.8

203,.1

228..6

176..9

46..1

296.,8

108..9

103..1

144..3

200..5

108..7

217..5 T o t a l , by transaction

1

2
3
4
5

124..7
5..8
119..0

169..7
11..6
158,

168. 5
6.
162..4

172..5
11. 6
160. 9

140., 1
13..7
126..4

188.,3
37.,1
151.,6
5

154..6
13.,1
141. 5

127. 4
-29. 7
157. 1

156.,3
20. 6
135. 8

152..7
32..6
120..1
~ < .1

126. 8
11. 5
115..3

199. 5
48.,3
151..2

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

2
3
4
5

6
7
8
9
10
11

90.,1
128.,3
0..3
2..6
- 4 .,3
- 3 6 ,.8

33. 4
47..9
.4
2..8
34..4
- 5 1 ..3

60. 0
76. 6
0.
1
13. 5
-29. 0

- 9 4 ..0
4. 4
66.,7 - 1 0 4 ,.2
0. 2
0.
2., 1
2.,3
-38. 3
34. 5
-26. 3
-26. 8

108. 6
98. 6
0. 6
1. 4
24. 7
-16. 7

-45. 7
41. 4
0. 2
0
-52. 5
-35.8

-24. 3
72. 6
2
-2. 9
—46. 0
-47. 7

-12. 0
29. 3
0. 9
10. 2
-16. 7
-35. 7

47..8
87. 5
1. 5
4. 5
-12. 7
-33. 0

-18. 0
-24.,2
0..9
7. 2
7. 6
-9. 5

18. 1
25..0
0..2
4. 9
-17. 6
5. 7

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
Fed. Home Loan Bank loans

12
13
14

214. 8
5. 8
119..0

203..1
11. 6
158. 1

228. 6
6. 1
162. 4

176. 9
11. 6
160. 9

46.. 1
13. 7
126. 4

296. 8
36. 7
151 .6

108. 9
13. 1
141. 5

103. 1
-29. 7
157. 1

144. 3
20. 6
135. 8

200. 5
32. 5
120. 1

108. 7
11. 5
115. 3

217. 5 Total, by sector
48. 3
Sponsored credit agencies
M o r t g a g e pools
151 .2

12
13
14

15
16
17
18
19
20
21
22

90., 1
3. 5
16., 1
- 4 2 .,2
,0
-1 .
110.,7
- 3 .,1
6. 1

33. 4
-5.
-4. 5
-55. 9
- 1 .5
59. 0
1
41 .5

60. 0
-3.
-9. 6
-28. 3
-4. 6
78. 8
-4. 0
30. 9

4. 4
-9. 6
-29. 7
-42.2
3. 3
28. 9
-2. 7
56. 2

-94. 0
-6. 3
-41. 2
-28. 2
-2. 2
-47. 2
-1. 4
32. 6

108. 6
14. 7
-30.2
-20. 7
I. 4
81 .9
0. 3
61 .3

-45. 7
-18.4
-9. 3
-42. 9
2. 0
-10. 3
0. 1
33. 2

-24. 3
-11. 7
-3.5
-48. 7
-1. 7
3. 4
8
38. 7

-12.0
-9.2
— 6. 8
-41. 1
-5.5
12. 2

47. 8
-14. 1
9. 6
-25. 1
-8. 7
52. 9
0. 8
32. 3

-18. 0
7. 2
2. 7
-20. 3
4. 3
-39.0
4. 6
22. 4

18. 1
6
-9.2
4. 2
- 1 .2
-20. 9
2. 4
43. 3

15
16
17
18
19
20
21
22

38. 5

Private financial sectors
C o m m e r c i a l banks
Domestic affiliates (BHCs)
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

6
7
8
9
10
11

F . 4 Credit M a r k e t B o r r o w i n g , All S e c t o r s , by Transactions
1
2
3
4
5

984
261
75
197
335

6
7
8
9

46..2
57..2
37,.4
- 2 6 ,. 1

.7
.0
.4
.9
.7

970
337
80
137
288

.2
.5
.6
.2
.4

1123..6
413,.3
70,.3
138..4
389 .2

831..7
376,.3
54..7
152.
200..6

723 .9
408..3
39..2
- 7 2 ..5
214,.6

8 2 4 .9
459 .6
40..6
193..4
172 .8

627..4
382 .0
35..6
129..2
183 .9

584 .4
404..1
48..5
179,.7
185,.8

564 .4
444 .8
53,.5
126..4
46..5

647 .1
473..2
45 .5
169..5
106..2

766 .4
495..7
47..0
56..6
171..4

816 .9 Total
551 .4
U.S. government securities
68 .0
Tax-exempt securities
115..7
Corporate 8 foreign bonds
Mortgages
77,.9

1
2
3
4
5

50,.3
23,.6
56..6
-3..9

40..8
-18. 4
46. 7
43..2

21..4
26..3
- 1 5 ..6
15..9

14,.4
15..3
85,.4
19..2

-6..6
- 1 2 ,.2
6,.1
- 2 8 ..8

-10..4
-5..9
-20..2
— 66 .9

-7..8
—40,.9
- 1 1 3 ,.8
-71..2

-24..0
-6..7
-37..0
-39..1

-8..0
-55..1
-4..9
-79..3

3..1
-18..2
12..4
5

-13..5
.9
6!.7
11..6

6
7
8
9

283..6 Total net issues
223,.3
Mutual funds
60..3
Corporate e q u i t i e s
36..0
N o n f i n a n c i a l corporations
2..9
Financial corporations
F o r e i g n shares
21..4
purchased in U.S.

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

F.5 F u n d s Raised Through Mutual Funds and Corporate Equities
1
2
3
4
5

- 6 0 ,.3
55 .4
-115..6
- 1 4 6 ..3
0..4

12..8
69..6
- 5 6 ..8
- 7 9 ..3
5..6

4..4
56 .9
- 5 2 .5
- 6 9 .0
16 .4

57..1
77..2
- 2 0 ..1
- 4 8 ..0
3..3

6

30..3

16,.9

0..1

24..5

BILLIONS OF DOLLARS.




-1.. 1
52..5
-53..6
-74..0
18..2
2..2

28..2
85..2
-57..0
- 6 1 ..0
1..2

112..4
98 .1
14..3
-6..0
-6..7

178..9
125..6
53..3
12.,0
4.,7

235,.2
182..5
52,.7
19..0
.4

268..9
195.-9
72..9
48..0
2..0

271..8
189 .8
82..0
46..0
6,.0

2,.8

27 .0

36..6

34..1

22.,9

30,.0

1
2
3
4
5
6

Z . 7 , SEPTEMBER 2 8 , 1992
Households

Households
F. 100 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

SEASONALLY ADJUSTED ANNUAL RATES

S E A S O N A L L Y A D J U S T E D ANNUAL RATES
I
I

1990

1
2

4 3 8 0 .3
593 .3

4 6 6 4 .2
621 .3

4 8 2 8 .3
618 .7

4 6 9 2 .6
627 .3

4751 .9
623 .8

4 7 5 2 .8
616 .8

4806 .9
617 .2

4846 .2
618 .6

4907 .2
622 .3

4 9 8 0 .5
619 .5

5028 .9 Personal income
617 .1 - P e r s o n a l taxes and nontaxes

1
2

3
4
5

3787 .0
3634 .9
152 .1

4 0 4 2 .9
3867 .3
175 .6

4 2 0 9 .6
4 0 0 9 .9
199 .6

4 0 6 5 .3
3908 .0
157 .3

4128 .1
3938 .8
189 .3

4136 .0
3943 .3
192 .7

4189 .7
3994 .4
195 .3

4 2 2 7 .6
4036 .6
191 .0

4 2 8 4 .9
4065 .4
219 .5

4361 .0
4146 .3
2 1 4 .7

4411 .8 = Disposable personal income
4179 .5 - P e r s o n a l outlays
232 .3 = Personal s a v i n g , NIPA CI)

3
4
5

.6
.9
.6
.3

92 .9
48 .1
526 .5
8 5 8 .6

75 .6
39 .6
534 .5
8 6 9 .3

77 .0
55 .8
5 3 7 .3
8 8 4 .9

8 8 .0
85
4 9 4 .9
8 4 3 .5

82
41
526
849

10
11
12
13
14

917 .8
699 .4
205 .6
459 .4
34 .4

910 .3
691 .5
190 .7
4 6 4 .3
36 .5

8 6 5 .2
655 .6
172 .2
446 . 1
37 .4

15
16

2 1 8 .4
5 2 8 .0

2 1 8 .8
4 7 4 .3

209 .6
388 . 1

.3
.6
.0
.6

17

380 .4

259 .9

18
19
20
21
22

2 0 0 .9
14 .9
8 8 .8
11 .2
8 5 .9

87
22
53
-32
44

23
24
25
26
27
28

179
103
62
-5
19

.5
.5
.4
.8
.5
- •.1

172 .3
101 .7
30 .3
6 .5
.3
21 ,
12,.4

-14,. 1
-75..2
21..9
42..9
18..7
-22. 5

29
30

41 ,
.9
- 1 3 9 ,.1

50,,7
-27.2

31
32

28..8
221..4

33
34
35

85
38
523
843

III

IV

75 .1
40 .0
519 .4
8 2 7 .2

781 .6
685 .3
185 .4
463 .0
36 .9

8 6 4 .9
664 .4
174 .8
4 5 2 .7
36 .9

1089 .0
640 .5
163 .9
439 .5
37 .1

753 .8
646 .8
168 .1
441 .4
37 .3

8 1 5 .8
666 .6
176 .1
453 .0
37 .5

806 .0
668 .5
180 .5
450 .4
37 .6

1019 .4
688 .8
181 .6
469 .4
37 .8

96 .3
321 .4

2 0 0 .5
373 .2

448 .5
597 .9

107 .0
305 .6

149 .2
323 .7

137 .4
329 . 1

330 .6
528 .3

.2
.5
.8
.8

147 .1

56 .5

285 .6

62 .0

- 2 2 5 .9

- 1 0 7 .8

120
45
37
-58
96

.4
.0
.0
.5
.9

48 .6
- 9 .3
64 .0
.4
34,.3

273 .6 - 1 1 2 .4
56 .2
42 .4
92 .6
- 7 .7
- 7 5 .7
-51 . 1
175,.8
-71,.4

- 4 8 .1
97 .8
- 5 1 .6
- 8 7 .8
-6..5

- 4 2 .7
6 .7
6 .8
- 7 2 .7
16..4

26,.7
129..1
0. 4
- 1 4 1 ..8
60..6
- 2 1 ..7

7 .9
- 7 2 ,.4
10..9
65,.1
6..2
- 2 ..1

12..0
- 4 0 ,.2
28..6
70..3
18..3
- 6 5 ..0

174,.4
113..2
35..8
97..8
18..4
- 9 0 .,7

-177..8
-182..8
21 ,
-72,.0
27..9
28..0

129..2
-68. 7

- 1 ,.7
66..8

87..6
-75. 5

109..3
- 7 7 ..1

76..0
-30. 1

25. 7
186. 8

22. 0
268. 1

24..4
117..3

23. 7
253..0

19.,9
284.,1

-32. 5
12.,3
14.,9

-39. 3
9. 2
8. 4

-1. 3
24. 6
10. 8

-54. 0
17. 1
4. 5

- 2 2 .,2
28. 8
21. 2

36
37
38
39
40

309. 6
305. 6
238. 5
41. 6
0. 1

255. 5
254. 2
212. 9
19. 6
-2. 1

178. 5
158. 0
137.
-6.5
-6. 1

225. 1
232. 5
187. 4
24. 8
- 1 0 .5

41
42
43
44

2. 5
13. 4
2. 5
7. 1

4. 1
10. 9
-2.4
11. 2

8.8
10. 6
4. 1
10. 1

45
46
47

-1. 0
4. 2
0. 8

-3. 7
4. 9
0. 1

48

-100. 0

— 66. 8

.6
.4
.6
.6
.2

3 .5
17 .6
50 .8
10 .0
- 7 1 .8
28 .6

I

.5
.7
.6
.1

99
81
497
835

86
66
503
846

II

1992

1991

.3
.3
.1
.7

I

I
I

1990

93
109
463
817

IV

1991

1989

6
7
8
9

III

I
I

295 .2
201
153
-11
-37
96

.6
.8
.7
.2
.6

II

78 .3
52 .8
542 .8
906 .2

•
+
+
=

C r e d i t s from govt. insurance
Net durables in consumption
Capital consumption
G r o s s saving

6
7
8
9

949 .6 Gross investment
10
697 .6 Capital e x p e n d , net of sales
11
189 .0
R e s i d e n t i a l construction
12
Consumer durable goods
470 .6
13
N o n p r o f i t plant and equip. 14
37 .9
252 el
398 .4

Net financial investment
15
Net acq. of financial assets 16

- 5 5 .8

Dep. & cr. mkt. instr.

17

- 1 1 7 .8
8 3 .8
- 8 3 .1
- 7 2 .4
—46,. 1

Deposits
C h e c k a b l e dep. 8 curr.
Small time 8 svgs.dep.
Large time deposits
Money mkt. fund shares

18
19
20
21
22

Credit m k t . instruments
U.S. govt. securities
Tax-exempt securities
Corporate 8 fgn. bonds
Mortgages
O p e n - m a r k e t paper

23
24
25
26
27
28

-65.. 1
- 1 9 0 ,.9
2..2
75..6
10., 1
37. 9

93 .6
138,.3
25,.2
— 64,.4
62..0
- 6 7 ..5

62 .0
72 .6
-8..9
-62,.7
6..8
54,.1

150..3
- 5 4 ..1

181..3
-109. 7

176..8
16..2

208,.2
-12..2

Mutual fund shares
Corporate equities

29
30

29. 4
193. 9

19. 4
339. 6

19. 2
254, 7

21.,2
112. 7

24..6
225. 5

Life insurance reserves
Pension fund reserves

31
32

- 2 1 .,3
-12. 0
9. 4

-34. 1
- 2 .8
11. 3

44. 9
39. 7
9. 8

5. 1
73. 5
12. 7

-20.4
-59. 6
-13.8

30. 4
-35. 3
13. 1

Net inv. in noncorp. bus.
Security credit
M i s c e l l a n e o u s assets

33
34
35

172. 7
159. 8
156. 4
1. 4
-8.0

149. 4
160. 8
147. 8
-9.8
"• 6

198. 6
188. 8
153. 0
-11. 7
3. 9

174. 5
136. 1
117. 3
-11. 1
-12. 9

191 .6
146. 3
130. 1
6. 7
-14. 7

197. 7
208. 8
196. 0
-4. 7
7. 8

146. 3
155. 4
129. 5
-18.2
4. 6

4. 5
12. 0
17. 2
-3.0

5. 7
6. 0
-10.4
8. 6

0. 5
11. 2
-3.6
15. 2

6. 5
11. 0
20. 8
5. 2

18. 6
9. 0
3. 6
11 .6

9. 6
11. 0
-4. 6
8. 2

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

10. 8
10. 2
11. 4
7. 0

16. 3
2. 5
1 .7

-13.2
6. 1
2

8. 3
2. 6
1- 9

- 7 .8
-5. 6
1 .9

2. 8
5. 7
1. 3

30. 0
4. 7
3. 6

40. 0
5. 2
0. 1

-14. 7
3.8
2

-13.0
4. 1
-• 2

-15.6

54. 2

-18. 9

- 2 6 1 .8

89. 5

42. 7

63. 3

-134.6

Net increase in liabilities
Credit market instruments
Home m o r t g a g e s
Installment cons, credit
Other consumer credit
T a x - e x e m p t debt
Other m o r t g a g e s
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Mi scellaneous

- 4 3 . 4 Discrepancy

36
37
38
39
40
41
42
43
44
45
46
47
48

Memoranda:
Net physical i n v e s t m e n t :
49
50
51

205..6
92..1
113..5

190,.7
93,.2
97,.5

172,.2
97 .5
74,.6

185,.4
93,.7
91 ,
.8

174 .8
94,.5
80,.2

163..9
96 .4
67,.5

168..1
97..1
71..0

176,A
97..3
78..8

180..5
99,.2
.3
81 ,

181 .6
98..9
82..7

52
53

238,.5
- 1 2 5 ..0

212,.9
- 1 1 5 ..4

137 .1
- 6 2 .4

187 .4
- 9 5 ,.6

156..4
-76..2

147..8
-80,.3

153..0
- 8 2 ..1

117..3
-38..5

130,.1
-48,.8

196..0
- 1 1 3 ..2

464 .3
379..2
8 5 .1

446,.1
404..5
41..6

463 .0
381 .5
81,.5

452..7
386..0
66..7

439,.5
399 .5
40,.0

441 .
.4
402..5
38 .9

453..0
404..9
48,.1

450 .4
410,.8
39,.6

469 .4
413 .6
55 .8

17,.5
67..6

-12..5
54..2

14 .4
67 .1

-6..6
73..3

-10..4
50,.3

-7..8
46,.6

-24,.0
72..1

-8,.0
47,.6

3 .1
52,.7

54
55
56

459,.4
350.. 1
109..3

57
58

41..7
67..6

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




(A) Residential c o n s t r u c t i o n
expenditures
189,.0
99..9
- Capital consumption
= Net investment
89..1

49
50
51

129..5
- 4 0 ..4

52
53

- Home m o r t g a g e s
= E x c e s s net investment

(B) Consumer durables
470 .6
expenditures
417 .8
- Capital consumption
= Net investment
52 .8

54
55
56

- 1 3 .5
66,.4

57
58

- Consumer credit
= E x c e s s net investment

Z . 7 , S E P T E M B E R 2 8 , 1992
Nonfinancial Corporations

Nonfinancial C o r p o r a t i o n s
F.104 Nonfarm Nonfinancial Corporate Business

SEASONALLY ADJUSTED ANNUAL RATES

S E A S O N A L L Y ADJUSTED ANNUAL R A T E S
|
I

1990
III

I
I

IV

1991
I

II

III

IV

I
I

1992

1989

1990

1991

I

1
2
3
4

232,.4
99..1
101..2
32,.2

232,.1
92..3
117,.8
22,.0

206..2
80..7
116..5
8..9

244..8
97..5
117,.2
30..0

224,.9
89,.7
123,.7
11,.5

201.7
78.4
118.2
5.0

204..0
79,.9
114..7
9 .4

210,.2
82,.9
113,.1
14,.2

2 0 8 .8
81 .7
120,.1
7,.0

226.6
89.8
106.3
30.5

253
100
112
40

P r o f i t s before tax (book)
- Profit tax accruals
- Dividends
= U.S. undistributed profits

2
3
4

5
6
7

37,.4
315,. 1
384 .6

27,.0
327,.0
376,.0

17..8
338..5
365,. 1

23..9
328..4
382,.4

19,.9
332,.3
363..7

14.6
336.0
355.6

14..6
338 .2
362..2

18,.5
338 .7
371 .4

23,.3
341,.0
371 .3

32.4
339.8
402.7

35 .8 + Capital consumption adj.
344 .4 + Depreciation charges. NIPA
421 .1 = U.S. internal funds, book

5
6
7

8
9
10

32,.8
-17,.5
399,.9

45,.7
- 1 4 ,.2
407,.5

48,.3
3,
416,.5

42,.1
-32,.6
391 .9

60 .2
- 2 1 .2
402 .7

55.2
6.7
417.5

46..8
9,.9
418 .9

40 .4
- 4 .8
407 .0

50 .8
0,.7
422 .8

41.8
-5.4
439.1

36 .6 + F g n . earnings ret. abroad
- 1 5 .5 • Inv. valuation adjustment
442 .2 = Total internal funds + IVA

8
9
10

11
12
13
14
15
16
17

379 .9
406 .0
373 .4
1 .6
371 .7
30 .3
2 .4

378 .5
395 . 1
388 .5
1 .4
387 . 1
3. 1
3 .5

400,.4
363,.9
370 .9
.1
369,.8
- 9 .8
2 .8

405,.2
401 .8
394,. 1
1,.4
392 .7
5 .2
2 .5

353 .3
362 .2
385 .9
1 .3
384 .6
- 2 7 .9
4 .2

397.0
353.5
377.3
1.2
376.1
-26.1
2.3

378 .5
351,.3
373,.9
1
372 .8
- 2 5 .7
3 .0

4 0 8 .7
371 .5
369 .6
1 .1
368 .5
- 1 .1
3 .1

4 1 7 .4
379 .2
362 .8
1 .1
361 .7
13 .8
2 .7

412.5
354.1
364.6
1.4
363.2
-12.6
2.1

413 .0 G r o s s investment
390 .9 Capital expenditures CI)
Fixed investment
382 .7
Residential construction
1 .4
Plant and equipment
381 .2
Inventory change • IVA
6 .1
Mineral rts. from U.S. govt.
2. 1

11
12
13
14
15
16
17

18
19

-26 . 1
106 .2

- 1 6 .6
8 7 .3

- 8 .9
- 1 .5

43.6
-7.8

27 .2
85 .8

37 .2
119 .5

38 .2
58 .5

58.3
152.7

22 .2
149 .7

18
Net financial investment
Net acq. of financial assets 19

20
21
22
23
24
25
26
27
28

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

17 .6
- 1 .9
-4 . 1
10 .2
- 1 .9
12 .0
3 .9
- 2 .0
1 .5

48 .6
38 .3
- 1 3 .0
4 .7
-8 . 1
- 7 .9
31 .7
6 .0
- 3 .0

68.3
19.6
-19.9
4.7
7.4
42.1
11.3
0.4
2.7

42 .9
5 .0
- 1 .9
4 .5
3 .4
30 .5
2 .7
6 .0
- 7 .3

Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt. securities
Tax-exempt securities
Commercial paper

20
21
22
23
24
25
26
27
28

29
30
31

2. 1
- 1 .6
44 .5

3 .2
- 1 .3
11 .3

- 2 .9
1 .8
50.8

Consumer credit
Mutual fund shares
Trade credit

29
30
31

32
33
34
35
36

55.5
21 .0
14 .6

56 .5
27 .7
14 .3

19 .9

14 .5

57 . 1
47 . 1
13 .8
0. 1
- 3 .9

M i s c e l l a n e o u s assets
Foreign dir. invest. (2)
Insurance receivables
Equity in sponsored ags.
Other

32
33
34
35
36

37
38
39

132 .3
49 .4
- 1 2 4 .2

103 .9
23 .4
- 6 3 .0

40
41
42
43
44
45

173 .6
.9
73 .8
17 .0
34 .2
21 .4

36 .6
64 .0

3 .4
123 .0

44 .3
10 .4
3 .7
5 .2
- 3 .8
6 .9
2 0 .5
1 .8
.4

25,.2
- 2 3 .5
6 .5
12 .3
.6
15 .4
4. 1
4 .6
6 .4

50 .9
- 2 .9
- 1 0 .5
9 .2
- 1 .3
37 .2
2 .4
.9
17 .7

17.4
9.7
5.7
6.8
-6.4
1.4
-2.0
-5.1
7.2

.8
2 .7
- 1 1 .6

10 .5
2 .7
44 .6

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

-7.0
-2.2
-53.1

-3 . 1
6 .5
" .5

11 .5
4 .6
8 .7

- 4 .6
2 .1
- 1 .4

-3.2
1.2
32.0

29 .3
26 .7
14 . 1
0 .5
- 1 1 .9

39 .9
60 .3
13 .2

19 .3
- 2 .0
15 .5

32 .9
10 .9
13 .3

33 .3
26 .8
15 .2

13 .8
31 .7
14 .0

- 3 3 .6

5 .9

37.2
37.3
13.8
2.0
-15.9

8 .8

- 8 .7

- 3 1 .9

54.5
52.2
14.0
0.1
-11.9

27 .5
18 .7
18 .3

119 .6
5 .4
- 7 4 .0

7 .4
- 3 0 .0
- 6 1 .0

-51.3
8.0
-6.0

58 .6
40 .4
12 .0

8 2 .3
27 .6
19 .0

20 .3
- 1 .3
48 .0

94.4
99.7
46.0

61 .4
49 .9
18 .9
- 2 5 .2 .
4 .6
17 .6
4 .3
5 .0
-2 . 1
1 .5
15 .1
18 .9
29 .0
23 .4
8 .7
- 2 .3
- 1 7 .0
11 .0

II
.9
.4
.6
.9

127 .5
65 .8
36 .0

Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

40
41
42
43
44
45

0 .4
- 1 .2
78 .6
- 8 .4
- 2 4 .9
- 1 8 .4

79
-1
29
-3
-9
25

.4
.0
.8
.7
.9
.3

31 .0
0.5
65 .2
1 .6
.6
-34 . 1

14.0
-1.2
76.7
2.3
-6.0
-14.3

28 .4
2 .7
96 .5
1 .8
- 4 3 .3
- 1 5 .9

8 .6
- 1 .0
81 .7
-22 . 1
- 8 .7
- 3 6 .3

- 4 9 .3
- 5 .2
59 .7
- 1 5 .4
- 4 1 .4
- 7 .0

53.7
-3.2
76.1
-15.3
-8.2
12.6

- 1 .6
- 5 .2
.5
- 4 .0
- 2 .2
5 .2
5. 1

-43.5
-3.7
-2.3
—. 6
-19.3
-17.7
0.1

- 1 3 .5
- 3 .7
2 .4
- 1 .2
3 .4
-16 . 1
1 .7

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

- 3 9 .9
- 2 .0
- 1 0 .8
.6
- 6 .7
-22 . 1
2 .3

-8.4
-3.5
0.1
-.2
-12.7
9.1
-1.2

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

Other loans
SavingsSloan assns.
Finance companies
U.S. government
Accept.liab.to banks
Forei gn
SCO issuers

46
47
48
49
50
51
52

-35.8
-40. 1
16.6
-2.4
19.0

- 9 .8
26 . 1
1 .9
4
- 2 .2

10 .4
29 .6
14 .8
9 .3
5 .5

-4.8
27 .4
-1 . 1
3 .7
- 4 .8

-4.2
24.0
-25.1
-24.2
-.9

2. 1
37 .6
22 .0
20 .3
1 .7

Taxes payable
Trade debt
M i s c e l l a n e o u s liabilities
Fgn. dir. invest. in US
Pen. fund contr. payable

53
54
55
56
57

20.5

40 .3

- 1 .7

5 .4

28 .0
-1 . 1
13 . 1
.4
3 .2
12 .8
0 .3

23 .3
- 4 .0
11 .6
.8
- 6 .6
21 .4
1. 7

- 2 5 .5
- 3 .5
.4
.8
- 5 .9
- 1 6 .5
.7

38 .9
- 3 .9
15 .7
0 .4
- 4 .5
29 .9
1 .4

53
54
55
56
57

-3 . 1
30 .5
55 .4
51 .9
3 .5

- 1 .0
40 .3
41 . 1
40 .7
0 .4

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

6 .9
71 .8
35 .5
37 .8
- 2 .3

- 3 .5
- 1 1 .5
52 .5
47 .3
5 .3

58

20 .0

29 .0

16 .1

- 1 3 .4

49 .4

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

37
38
39

8 6 .4
.3
47 . 1
4.8
1 .8
9 .7

46
47
48
49
50
51
52

29
-1
78
-12
-30
-3

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

x

26.6

29 .2 Discrepancy

- 5 1 .5
13 .1

-13.0
19.6

- 2 6 .6
19 .5

- 2 0 .9
21 .5

- 2 8 .9
12 .0

8.0
27.0

102.5%
19. 7%

8 9 . 9%
8.!5%

84.6%
3.9%

83.8%
8.10%

91.;2%
2. 3%

8 9 . 6%
•-12. 9%

80.6%
15.1%

8 8 . 3% Capital outlays/internal funds 61
62
7.i6% Cr. m k t . borrowing/cap. exp.

- 9 .8
3
- 1 2 ^9

5 .2
- 3 2 .6
37 .8

- 2 7 .9
- 2 1 .2
- 6 .7

-26.1
6.7
-32.8

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

.1
- 4 .8
3 .7

13 .8
0 .7
13 - 1

-12.6
-5.4
-7.2

(1 ) Capital outlays on book basis:
6 .1 Inventory change, NIPA
Inv. val. adjustment
- 1 5 .5 L e s s :
21 .6 = Inventory change before IVA

63
64
65

360 .8
365 . 1

434 .4
382 .4

383 .4
363 .7

346.8
355.6

341 .4
362 .2

376 .3
371 .4

378 .5
371 .3

359.5
402.7

406 .4 Total cap. expend, before IVA
421 - 1 L e s s : US internal funds, book

66
67

52 .1

19 .7

-8.8

- 2 0 .8

4 .9

= F i n a n c i n g gap:
E x c e s s of capital expenditures
over U.S. internal funds
-43.1
- 1 4 .7
7 .2

68

59
60

13 .9
26 .7

- 2 9 .0
20 .0

- 2 2 .3
18 .2

61
62

101.!5%
42 .7%

96. 9%
21.8%

8 7 . 3%
0. 1*

63
64
65

30 .3
- 1 7 .5
47 .8

3. 1
- 1 4 .2
17 .3

66
67

423 .5
384 .6

409 .3
376 .0

68

38 .9

33 .3

- 4 .4

-27 . 1
22 .5

(2) Corporate bonds include net issues by N e t h e r l a n d s Antillean financial
subsidiarie s; U S. direct i n v e s t m e n t abroad excludes net inflows from
those bond issues.
(3) Industrial revenue b o n d s .
Issued by state and local governments
to finance private investment and secured in interest and
principal by the i n d u s t r i a l user of the funds.
B I L L I O N S OF D O L L A R S .




58

Memoranda:
13 .2 Trade credit net of trade debt 59
60
24 .3 E a r n i n g s rec. from abroad