Full text of Z.7 Flow of Funds Summary Statistics : September 5, 1984

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
September 5, 1984
FLOW OF FUNDS SUMMARY STATISTICS

Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 12.9 percent in the second quarter of 1984, up from a revised
12.3 percent annual rate in the first quarter, according to flow of funds
estimates. While the annualized growth of federal government debt declined
somewhat, to 13.2 percent in the second quarter, growth of the nonfederal
component accelerated to a 12.8 percent annual rate. Among private nonfinancial sectors, households' debt rose markedly faster in the second quarter,
in both consumer credit and mortgages. Nonfinancial business debt also
continued to grow rapidly, partly because of high credit demands resulting
from merger and acquisition activity. Net debt expansion by state and local
governments was down substantially in the second quarter.
This release reflects the usual annual revision of flow of funds
accounts that affects flows, levels of assets and liabilities, and seasonal
adjustments. In this year's revision some tax-exempt debt formerly attributed
to state and local governments now appears as debt of households and nonprofit
institutions to reflect private—purpose borrowing for student loans and nonprofit
hospitals. Domestic nonfinancial sector borrowing was at an annual rate of
almost $700 billion (seasonally adjusted), of which the federal government took
a net of $162 billion, and private sectors $537 billion. The value of outstanding
credit market debt of domestic nonfinancial sectors, seasonally adjusted, stood
at an estimated level of $5590 billion at the end of the second quarter. U.S.
Government debt accounted for nearly 23 percent of this total.
Growth Rates of Major Debt Aggregates _L/
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)
1979
1980
1981
1982
1983

12.0
9.6
9.6
9.3

11.1

1983-1
II
III
IV

12.0

1984-1
II

12.3
12.9

V

9.1
11.4
10.4

U.S.
govt.
(2)

6.0

11.9

11.8

19.4

18.8

21.1

—Private domestic nonfinancial—
State &
HouseNonfin.
local
Total
holds
business
govts.
(3)
(4)
(5)
(6)
13.5
9.0
9.1
6.9
9.1

12.0

5.9
8.3
9.1
12.0

15.6
13.2

12.8

22.5
15.0

11.4

15.2
9.0

13.2
9.7

6.7

5.8

7.4
7.5

10.3

12.9

4.7
5.9
7.5
11.3

9.3
15.4
7.1
10.5

11.4
15.0

12.2
12.9

7.5
1.4

8.6

10.2
6.3
9.3

11.0

11.2

6.2
2.1

11.0

Changes shown are based on end of period data 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
nonfinanclal
sectors
Foreign

Financial
sectors . Total

Memo:
Private
financial assets Ij

1980
1981
1982
1983

9.6
9.6
9.3
11.1

14.9
13.0
6.6
8.3

13.5
15.9
11.3
13.3

10.2
10.5
9.4
11.3

9.7
10.9
9.3
11.2

1983-1
II
III
IV

9.1
11.4
10.4
12.0

3.9
9.5
5.7
13.4

10.7
10.6
14.0
15.3

9.1
11.2
10.6
12.4

9.9
11.3
9.9
11.9

1984-1
II

12.3
12.9

-2.6
20.8

14.9
14.6

12.1
13.4

12.0
14.5

\j Holdings of deposits and credit market claims by households, nonfinanclal
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 from Table 1. Seasonally adjusted levels in
Table 1 are derived by carrying forward year-end levels by seasonally adjusted flows
plus any statistical discontinuities in the data series. Because of these discontinuities, changes in outstandings as printed occasionally give growth rates that differ from
those shown above.
The following list gives the lines in Tables 1 and 2 that are used to calculate
growth rates shown on page 1 of this release:
Growth" Table (column)
Total domestic nonfinanclal
U.S. government
Private domestic nonfinanclal
Households
Nonfinanclal 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 nonfinanclal entities to U.S. sources 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.
Full statements for sectors and transaction types in flows and in amounts
outstanding, may be obtained from Flow of Funds Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.



Z7, SEPTEMBER 5, 1984
Credit Market Debt (Sa)

Credit Market Debt

(Sa)

Table i
Summary of Credit Market Debt Outstanding
SEASONALLY ADJUSTED LEVELS - $ B I L
YEAB
1978

1979

END
1980

1981
Credit

SEASONALLY ADJUSTED LEVELS - SEIL
1982

|
|

1983
I

II

III

IV

*
]

1984
I

II

Market Debt Owed by Nonfinancial Sectors

3218.1

3604.2

3948.3

4328.4

4728.9

4836.1

4973.4

5102.4

5255.3

5414.8

Total credit market debt owed fcy
5589.6
domestic nonfinan. sectors

626.2
619.2
7.0

663.6
658.0
5.6

742. 8
737.8
5.0

830. 1
825.6
4.5

991.4
987.7
3.7

1043.8
1040.1
3.7

1102.4
1098.8
3.6

1143.7
1140.1
3.6

1177.9
1174.4
3.6

1224.0
1220.5
3.5

1264.4
1261.0
3.4

O.S. Government
Treasury issues
Agency issues + mortgages

5
6
7
8
9
10
11
12
13

2591. 9
1772. 0
291. 3
321. 2
1159. 6
759. 9
119. 1
209. 7
70. 8

2940.7
1985.0
321.6
338.5
1324.9
881.5
126.9
233.9
82.7

3205. 5
2177. 0
351. 9
365. 1
1460. 0
978. 2
135. 8
254. 0
92. 0

3498. 3
2336. 0
374. 6
386. 9
1574. 5
1058. 9
135. 3
278. 6
101. 7

3737.5
2486.6
428.4
405.5
1652.7
1105.7
139.6
300.7
106.7

3792. 3
2530. 3
441. 0
411. 0
1678. 3
1122. 5
139. 5
309. 5
106. 8

3871.0
2593.8
459.8
417.0
1717.0
1147.6
141.0
320.9
107.5

3958. 7
2656. 7
470. 8
419. 3
1766. 6
1180. 6
144. 1
333. 5
108. 6

4077.3
2725.9
484.6
421.3
1820.0
1214.4
147.9
348.0
109.6

4190.8
2789.9
496.2
428.6
1865.2
1246.1
151.2
357.9
110.0

4325. 2
2858.4
502.3
433.3
1922.9
1284.0
156.3
371.9
110.6

Private domestic
nonfinancial sectors
Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Borne mortgages
Multi-family resid.
Commercial
Farm

14
15
16
17
18

819. 9
284. 5
337. 9
25. 4
172. 1

955.6
333.9
383.4
36.5
201.8

1028. 5
370. 5
389. 7
41. 7
226. 6

1162. 3
425. 0
416. 4
60. 9
260. 0

1250.9
479.9
441.7
57.9
271.5

1261. 9
484. 2
448. 3
55. 2
274. 3

1277.2
486.6
459.7
52.5
278.4

1302. 0
491. 1
471. 9
54. 3
284. 8

1351.4
507.2
493.0
56.7
294.6

1400.9
529.6
512.6
55.5
303.2

1466.7
546.8
545. 1
67.9
306.9

19
20
21

2591.9
262.0
1182.5

2940.7
27 9.6
1362.5

3205. 5
296. 9
1487. 0

3498. 3
303. 0
1619. 2

3737.5
334.3
1712.1

3792. 3
342. 1
1739. 3

3871.0
355.3
1779.5

3958. 7
361. 5
1828. 5

4077. 3
371. 0
1887. 5

4190. 8
378. 0
1941. 2

4325.2
379.3
2013.9

By borrowing sector:
State • local governments
Households

19
20
21

22
23
24
25

1147.3
120.3
286.0
741.1

1298.5
141.6
320.4
83 6.5

1421. 7
156. 0
353. 7
912. 0

1576. 1
172. 3
389. 0
1014. 8

1691.1
179.9
42 5.8
1085.4

1710. 9
179. 8
436. 4
1094. 8

1736.2
180.3
450.8
1105.1

1768. 7
181. 5
469. 7
1117. 5

1818. 8
184. 2
489. 6
1144. 9

1871. 6
185. 3
504. 9
1181. 4

1931.9
183.8
526.4
1221.7

Nonfinancial business
Nonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

161.9
43.1
46.4
26.6
45.7

182.5
47.0
48.7
37.8
4 9.0

209.6
47.8
60.2
48.0
53.6

237.0
53.3
64. 1
61.9
57.8

226.4
59.9
29.4
74.9
62.2

228.7
60.7
33.8
70.7
63.4

234.0
62.1
35.1
72.6
64.2

237.3
62.9
34.2
74.9
65.3

245.3
63.6
34.3
80.9
66.5

242. 8
63. 7
33. 3
78. 4
67. 5

255.5
64.5
31.4
90.9
68.7

Foreign credit market debt
held in O.S.
Bonds
Bank loans n.e.c.
Open-market paper
U.S. Government loans

26
27
28
29
30

31

3380.0

3786.7

4157.9

4955.3

5064.8

5207.4

5339.7

5500.5

5657. 6

1

4565.4

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

5845.0 Total nonfinan.domestic • fgn

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

31

Credit Market Debt Owed by Financial Sectors
Total credit market debt owed
by financial sectors

1

1

381.1

464.7

527.6

611.7

683.4

702. 0

720.7

745.8

774.3

805.7

834.6

2
3
4
5

182.6
111.3
70.4
.9

231.8
135.5
94.8
1.5

276.6
159.9
114. 0
2.7

324.0
190.4
129.0
4.6

388.9
205.4
178.5
5.0

406. 1
204. 8
196. 3
5. 0

422.0
203.3
213.7
5.0

439.3
202.7
231.6
5.0

456.7
206.8
244.9
5.0

476. 1
215.5
255.6
5.0

491.0
222.3
263.7
5.0

O.S. Government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. Government

2
3
4
5

6
7
8
9
10
11

198.5
71.2
2.5
28.3
63.9
32.7

232.9
79.0
2.6
27.7
81.8
41.8

251.0
86.1
2.4
26.9
86.6
49.0

287.7
85.3
1.9
27.7
107.6
65.2

294.5
87.8
2.0
29.6
109.1
66.0

295. 9
91. 4
2. 0
29. 1
110. 6
62. 7

298.7
95.6
2. 1
28.4
112.7
59.9

306.5
100.4
2. 1
29.0
116.4
58.6

317.6
105.1
2.1
29.5
122.1
59.0

329.6
106.8
2. 1
23.8
136.6
60.3

34 3.6
110.2
2. 1
27.3
137.2
66.8

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

6
7
8
9
10
11

12
13
14

381.1
112.2
70.4

464.7
137.0
94.8

527.6
162.6
114.0

611.7
195.0
129.0

683.4
210.4
178.5

702. 0
209. 8
196. 3

720.7
208.3
213.7

745.8
207.7
231.6

774.3
211.8
244.9

805.7
220.5
255.6

834.6 Total, by sector
Sponsored credit agencies
227.3
Mortgage pools
263.7

12
13
14

15
16
17
18
19
20

198.5
5.9
29.5
37.8
115.7
9.7

232.9
6. 1
36.0
50.3
132.1
8.4

251.0
6.3
42.9
57.8
137.9
6.2

287.7
6.2
51.2
73.4
150.5
6.4

29 4.5
6.8
53.3
75.9
152.2
6.4

295. 9
7. 1
54. 6
73. 0
154. 7
6. 5

298.7
6.8
56.3
70.9
158.1
6.5

306.5
6.9
59.3
71.4
162.4
6.6

317.6
6.6
61.9
73.2
169.4
6.6

329.6
6.3
66. 1
72.8
177.7
6.6

343.6
6.2
71.9
81.5
177.3
6.7

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Beits

15
16
17
18
19
20

Total Credit Market Debt Outstanding, All Sectors, by Type
1

3761.1

4251.4

4685. 5

5177.1

5638.8

5766. 8

5928.1

6085.5

6274.9

6463. 3

6679. 7 Total credit market debt

2
3
4
5

807.1
291.3
435.4
1162.9

893.2
321.6
464.4
1328.2

1016. 1
351. 9
499. 1
1463. 0

1149.1
374.6
525.4
1576.9

1375.0
428.4
553.2
1655.0

1444. 6
441. 0
563. 2
1680. 7

1519.1
459.8
574.8
1719.3

1577.7
470.8
582.5
1769.0

1629.4
484.6
589.9
1822.3

1694. 8
496. 2
599. 1
1867. 4

1750. 3
502. 3
607. 9
1925. 1

6
7
8
9

337.9
359.2
115.9
251.3

389. 7
457. 6
176. 3
331. 9

416.4
516.8
230.3
387.6

441.7
538.9
241.9
404.7

448. 3
547. 1
236. 5
405. 3

459.7
550.0
237.9
407.5

471.9
554.3
245.7
413.7

493.0
570.9
259.7
425.0

512. 6
586. 6
270. 5
436. 0

545. 1
605. 5
296. 1
447. 4

383.4
410.3
156.2
294. 1

LATEST DATA PBELIHlMAfiY AND SUBJECT TO REVISION




1
2
3

U.S. Government securities
State and local obligations
Corporate and foreign bonds
Mortgages

<\

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

6
7
8
9

5

Z7, SBPTBNBEB 5, 1984
Funds Raised in Credit Markets

Funds Raised in Credit Markets
Table 2
Summary of Net Funds Raised in Credit and Equity Markets

QUARTERLY NET CREDIT FLOWS
1983
III

II

IV

QUARTERLY MET CREDIT FLOSS
|
|

1984
I

|
|

II

I

Net Credit Market Borrowing by Nonfinancial Sectors
Not seasonally adiusted ($ billions)
177.1
141.4
161.7
139.6

1

137.4

2
3
4

46.9
47.0
-.1

47.9
47.9

5

90.5

6
7
8
9
10
11
12
13

428.6

Total net borrowing by domestic
Seasonally adjusted annual rates ($ billions)
nonfinancial sectors
699. 1
611.4
648.7
549.3
516.2

36.2
36.2

49.4
49.5
-. 1

31.2
31.2

209.6
209.5
. 1

234.5
234.8
-.3

165.2
165.4
-.2

136.9
137.1
-. 1

184. 1
184.4
-.3

161.9
162.0
-. 1

U.S. Government
Treasury issues
Agency issues • mortgages

93.5

125.5

90. 1

145.9

219.0

314.8

351.0

474.4

464.6

537.2

Private domestic
nonfinancial sectors

69.3
23.4
6.5
39.4
25.2
1.4
11.7
1.0

65.7
10.0
2.1
53.6
36.3
3. 1
13.2
1.0

69.8
15.0
3.5
51.3
32.6
3.9
14.2
.6

54.7
6.2
5.3
43. 1
30.0
3.3
9.4
.5

74.7
11.5
5.0
58.2
37.8
5.1
14.4
.9

175.0
50.5
22.0
102.5
67. 1
-. 4
35.3
.5

253.8
75.1
24.0
154.7
100.5
6.1
45.4
2.7

251.7
44.0
9.1
198.6
131.8
12.3
50.4
4.2

276.7
55.5
7.8
213.4
135.5
15.6
58.3
4.0

256.2
46.1
29.4
180.8
126.7
12.8
39.4
1.8

273.9
24.4
18.7
230.9
151.7
20.7
56.0
2.5

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

6
7
8
9
10
11
12
13

14
15
16
17
18

21.3
11.3
5.5
-1.7
6.2

27.8
17.2
4.3
2.4
4.0

55.8
27.4
19.9
-1.6
10. 1

35.5
7.6
15.3
3.9
8.6

71.2
31.3
21.0
13.1
5.8

44. 0
26.5
17. 1
-10.7
11.1

61.0
45.3
9.6
-10.5
16.6

99.3
48.7
18.0
7.2
25.4

197.8
84.6
64.5
9.4
39.3

208.4
78.5
90.2
5.2
34.5

263.3
130.1
69.0
49.6
14.7

Other debt instruments
Consumer credit
Bank loans n.e.c.
Open-market paper
ether

14
15
16
17
18

19
20
21
22
23
24
25

90.5
17.8
37.8
34.9
4.5
16.8
13.5

93.5
5.3
54.7
33.5
1.5
18.8
13.2

125.5
10.6
66.7
48.2
-1.0
20.8
28.4

90. 1
1.7
42.6
45.9
.4
11.9
33.6

145.9
6.7
68.9
70.3
2.6
24.0
43.6

219.0
31. 1
108.5
79.4
-.5
42.4
37.5

314.8
52.7
161.0
101.1
2.1
57.8
41.2

351.0
25. 1
195.9
129.9
4.7
75.4
49.8

474.4
38.0
236. 1
200.3
11.1
79.9
109.4

464.6
27.9
215.2
221.5
4.3
61.0
156. 1

537.2
5.3
290.7
241.2
-6. 0
86.0
161.2

By borrowing sector:
State+local governments
Households
Nonfinancial business
Farm
Bonfarm noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

5.6
1.4
1.4
1.9
.9

3.6
.7
-.6
2.3
1.2

-1. 1
.2
-. 6
-2.5
1.8

13.0
.8
-1.5
12.5
1.2

8.9
3.6
17.7
-16.8
4.4

21.6
5.7
4.9
7.6
3.4

13.3
2.9
-3.4
9. 1
4.8

31.7
3.0
.3
23.9
4.5

-6. 3
.9
-4.2
-10.0
7.0

50.5 Fgn. net borrowing in U.S.
3.1
-7.5
Bank loans n.e.c.
Open-market paper
50. 1
O.S. Government loans
4.8

31

143.0

145.0

190.1

437.5

570.9

643.1

642.4

749.7 Total domestic plus foreign

*

7.5
.7
-.4
6.0
1. 1
169.2

138.4

529.5

26
27
28
29
30

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

1

24.5

25.3

30.5

20.4

35.6

73.2

74.7

100.6

114.1

115.3

117.3

2
3
4
5

17.1
.5
16.6

19.3
.9
18.4

16.5
3.2
13.3

16.7
5.5
11.1

16.9
9.2
7.7

68.8
-2.2
71.0

63.7
-5.9
69.6

69.1
-2.5
71.6

69.6
16.2
53.4

77.6
34.9
42.7

61.3
27.4
33.9

-

-

-

-

-

U.S. Government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. Government

2
3
4
5

6
7
8
9
10
11

7.3
4.5

6.0
4.7

14.0
5.2

3.7
.9

18.7
3.6

4.5
13.6

11.0
16.8

31.4
18.9

44.5
18.9

37.7
6.7

56.1
13.7

-.9
5.0
-1.2

-.2
2.5
-.9

2.2
5.6
1.1

-6. 2
10.3
-1.3

2.9
3.9
8.3

-2.0
6.2
-13.3

-3.1
8.2
-10.9

2.7
15.0
-5.3

1.7
22.5
1.3

-22.7
48.2
5.5

14.0
2.5
25.9

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

6
7
8
9
10
11

12
13
14

24.5
.5
16.6

25.3
.9
18.4

30.5
3.2
13.3

20.4
5.5
11. 1

35.6
9.2
7.7

73.2
-2.2
71.0

74.7
-5.9
69.6

100.6
-2.5
71.6

114.1
16.2
53.4

115.3
34.9
42.7

15
16
17
18
19
20

7.3
-.2
1.7
-. 6
6.5

6.0

14.0
-.3
2.6
1.6
10. 1
. 1

3.7
-.2
4.2
-2.5
2.2

18.7
-.2
5.8
10.5
2.5

*

*

4.5
1. 1
5.6
-11.5
9. 1
.2

11.0
-.9
6.6
-8.5
13.7
.2

31.4
.1
12.1
1.8
17.3
.2

44.5
-1.2
10.2
7.2
28.0
.2

3.0
1.4
1.6

*

*

-

37.7
-.9
16.8
-1. 6
23.2
.1

117.3 Total, by sector
Sponsored credit agencies
27.4
Mortgage pools
33.9

12
13
14

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Beits

15
16
17
18
19
20

56.1
-. 6
23.2
34.8
-1.5
.2

Total Net credit Market Borrowing, All Sectors, by Type
1
2
3
4
5

167.5
64.0
23.4
12.4
39.3

6
7
8
9

11.3
6.0
5.2
5.8

170.3
67.2
10.0
7.5
53.6
17.2
3.5
7. 1
4.3

199.7
52.7
15.0
9.4
51.3

158.8
66. 1
6.2
6.5
43. 1

27.4
21.8
10.0
12.3

7.6
8.5
11.7
9.0

225.7
48.1
11.5
9.4
58.2

510. 7
278. 4
50. 5
39. 1
102. 5

645.7
298.3
75.1
46.5
154.6

630.1
234.4
44.0
30.8
198.6

757.2
206.6
55.5
29.7
213.3

757.7
261.8
46.1
37.0
180.6

31.3
22.5
29.5
15.2

26. 5
32. 8
-21. 3
2. 2

45.3
11.4
5.3
9.1

48.7
17.3
31.3
24.9

84.6
66.5
55.8
45.1

78.5
63.3
43.3
47.0

10

12.6

8.4

-24.3

1.7

1.6

1. 5

33.2

-11.6

11
12

124.8
34.3

132.9
39.4

186.0
60.5

137.9
47.7

175.5
29.6

427. 1
208. 1

516.1
201.3

527.7
176.8

867.0 Total net borrowing
U.S. Government securities
223.2
Tax-exempt Obligations
24.4
35.5
Corporate • foreign bonds
230.8
Mortgages

1
2
3
4
5

130. 1
75.5
102.3
45.3

6
7
8
9

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

-51.6
23.2
-7.4 Memo: O.S. Govt, cash balance
10
Totals net of changes :
in U.S. Govt, cash balances:
663.0
625.5
706.5 Net borrowing by dom. nonfin. 11
188.6
160.9
169.3
By U.S. Government
12

External Corporate Equity Funds Raised in U. S. Markets
1
2
3
4
5

20.9
7.1
13.8
11.3
.6

11.4
5.8
5.6
4.2
.6

14.3
8.4
5.9
5.0
.6

-.8
14.7
-15.5
-15.9
.7

-17.5
8.2
-25.7
-26.4
.7

6

1.9

.8

.3

-.3

*

81.4
43.2
38.3
31.2
3.0
4. 1

BILLIONS OF DOLLARS. 11/84 BASED ON INCOMPLETE INFORMATION.




85.6
30.4
55.3
45.3
2.6

46.7
24. 1
22.6
16.8
2.4

7.4

3.4

57.4
33.7
23.6
20.0
2.6

-7.0
54.9
-61.9
-63.5
2.9

1.1

-1.4

-67.8 Total net share issues
34.8
Mutual funds
-102.6
All other
-105.5
Nonfinancial corporations
2.9
Financial corporations
Foreign shares
purchased in U.S.
*

1
2
3
4
5
6

27, SEPTEMBER 5, 1984
Households

Households
Table 3
Sector Statements of Saving and Investment
(Billions of dollars)

SEASONALLY ADJUSTED ANNUAL BATES
1979

1980

1981

1982

1983

I
|

I

1983
II
III

IV

|
|

SEASONALLY ADJUSTED ANNUAL BATES
I

1984

II

Households, Personal Trusts, and Nonprofit Organizations
1
2

1951.2
301.0

2165.3
336.5

2429.5
387.7

3
4
5
6
7
8

1650.2
1553.5
96.7
24.4
.9
52.5

1828.9
1718.7
110.2
3 5.3
1.8
32.8

2041.7 2180.5
1904.3 2044.5
137.4
136.0
41.0
49.2
2.7
2.4
39. 1
35.5

9
10
11

174.5
206.4
380.9

180.0
233.2
413.3

220. 1
252.7
472.8

12
13
14
15
16

406.5
328.0
107.3
213.4
7.3

468.4
323.6
100.3
214.7
8.6

17
18

78.5
261.9

2584.6 2744.2
404. 1
404.2

2662.8
401.4

2714.4
411.6

2763.3
395.8

2836.5
407.9

2920.5
418.3

2982.3 Personal income
430.3 - Personal taxes and nontaxes

2340.1
2222.0
118.1
58.7
4.4
61.5

2261.4
2133.4
128. 0
62.7
2.0
44. 8

2302.9
2206.1
96.7
63.2
3.2
60.2

2367.4
2248.4
119.0
45.6
4.9
65.1

2428.6
2300.0
128.6
63.5
7.5
75.9

2502.2
2349.6
152.5
56.9
10.6
83.0

2552.0
2406.3
145.7
63.0
8.0
89.0

223. 1
269. 1
492.2

242.7
280.4
523.2

237.5
275.6
513. 1

223.3
277.2
500.5

234.6
281.2
515.8

275.5
287.7
563.2

303.0
293.1
596. 1

305.7 = Net saving
297.6 + Capita* consumption
603.3 = Gross saving

9
10
11

527.4
341.2
96.0
235.4
9.8

565.9
331.3
75.2
245. 1
11.0

579.5
400.4
108.2
279.8
12.4

611.3
360. 0
88.8
259.4
11.8

571.3
390.7
102.5
276.1
12.2

534.0
413.6
117.0
284.1
12.5

601.6
437.1
124.4
299.8
12.9

650.8
451.2
127.0
310.9
13.3

674.7 Gross investment
466.4
Capital expend, net of sales
132.4
Residential construction
320.3
Consumer durable goods
13.7
Nonprofit plant and equip.

12
13
14
15
16

144.8
276.9

186.2
316.5

234.6
335.5

179.2
376.1

251.3
381.6

180.6
383.8

120.4
319.5

164.4
419.7

199.6
415.7

208.3 Net financial investment
17
508. 1
Net acq. of financial assets 18

=
=
•
•
+

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

1
2
3
4
5
6
7
8

19

201.4

202.2

252.2

211.7

272.6

264.2

269.0

261.4

296.0

363.4

486.3

20
21
22
23
24

130.2
21.3
59.9
14.5
34.4

165.8
10. 1
83.2
43.2
29.2

209.5
35.4
46.9
19.7
107.5

160.2
16.4
136.7
-17.5
24.7

194.1
39.7
213.8
-15.3
-44.1

214.3
67.5
362. 1
-110. 1
-105.2

160.9
65.3
175.4
-17.1
-62.7

202.6
9.7
179.0
20.4
—6. 5

198.7
16.4
138.7
45.5
-1.8

244.3
30.6
77.4
103.5
32.7

302.4
39.1
145.5
90.2
27.6

Deposits
Checkable dep. • curr.
Small time • svgs.dep.
Large time deposits
Money market fund shrs

20
21
22
23
24

25
26
27
28
29
30

71.2
35.4
10.4
-1.4
20.2
6.6

36.4
13.4
7.0
-5.7
22.6
-. 8

78.5
51.0
41.0
1.2
-7.9
-6.8

50.0
51.2
33.0
9.0
-24.9
-18.3

108.0
79.3
66.5
-12.3
-7.9
-17.6

58.8
38.2
28.7
11.3
-1.0
-18.4

97.3
35.0
35.9
-3.1
2.2
27.3

119.1
104. 1
17.4
11.8
-.4
-13.7

183.9
153.0
26.0
2.9
5.3
-3.4

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

25
26
27
28
29
30

31
32

.1
-18.4

5.2
-13.2

6.3
-36.3

18.4
-26.2

32.8
-28.8

43.2
-48.4

30.4
-27.9

24.1
-38.3

33.7
-.8

54.9
34.8
-89. 1 -121.3

33
34

10.7
84.3

9.7
106.5

9.2
107.9

7.2
143.0

8.0
146.0

7.7
139.8

8.0
149.7

8.1
143.9

8.1
150.7

8.0
106.5

35
36
37

-25.1
1.8
7.2

-44.4
5.2
5*6

-26.8
-2.*
6.1

-28.6
3.3
6.8

-65.0
3.3
7.2

-35.2
3.2
7.1

-56.6
4.0
7.2

-88.4
1.3
7.3

-79.9
4.6
7.3

38
3*
44
41
42

183.3
179.3
121.2
38.4
7.1

132.1
122.1
98.3
2.9
3.4

130.3
127.5
78.7
20.8
5.9

100.9
94.5
51.6
15.8
5.2

197.0
175.4
103.2
40.2
11.0

130.3
108.5
58.9
22.6
3.9

203.2
161.0
91.2
33.3
12.1

199. 1
195.9
126.6
42.0
6.7

43
44
45
46

2.9
1.5
1.9
6.4

3.1
1.9
3.6
8.8

4.4
2.3
4.3
11.1

8.3
2.6
3.5
7.5

11.2
2.5
3.9
3.3

10.5
2.5
7.9
2.3

12.1
2.5
6.0
3.8

47
48
49

1.0
1.7
1.3

6.5
2.3
1.2

-1.6
2.7
1.8

3.3
2.4
.8

19.2
1.8
.6

9.0
12. 1
.6

50

-25.7

-55.2

-54.6

-73.7

-56.4

42.6
51.4
24.3
11.5
10.3 ' 32.7
-8. 1
-5.2
23.3
20.4
-8. 0
-7.3

-98.2

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

Mutual fund shares
Other corporate equities

31
32

8.1
146.4

Life insurance reserves
Pension fund reserves

33
34

-36.6
1.3
7.3

-59.3
6.2
7.3

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

35
36
37

255.2
236.1
136.0
63. 1
21.4

216. 1
215.2
122.7
67.8
10.7

299.8
290.7
148.9
101.5
28.5

12.0
2.5
1.6
4.5

10.2
2.4
.3
2.6

10.4
2.5
-1.2
2.3

10.6
2.4
-6. 1
4.8

29.9
11.7
.6

11.0
-8.4
.6

26.9
-8.4
.6

-1.4
1.6
.6

6.9
1.6
.6

-70.8

-18.2

-38.3

-54.7

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

-71.4 Discrepancy

38
39
40
41
42
43
44
45
46
47
48
49
50

(1) Excludes corporate equities.

51
52
53
54
55
56

107.3
5.0
102.3
39.1
121.2
-53.0

100.3
4.5
95.8
44.1
98.3
-42.1

96.0
4.9
91.2
48.5
78.7
-31.1

75.2
4.8
70.4
51. 1
51.6
-27.5

108.2
6.3
101.8
53.2
103.2
-48.2

88.8
5.8
83.0
52.3
58.9
-22.4

102.5
6.2
96.3
52.6
91.2
-41.3

117.0
6.6
110.4
53.4
126,6
-63.0

124.4
6.8
117.7
54.7
136.0
-66.3

127.0
6.7
120.3
55.8
122.7
-51.5

Net physical investment:
(A) Residential construction
Expenditures
132.4
Mobile homes
6.8
Other
125.6
- Capital consumption
56.7
— Home mortgages
148.9
= Excess net investment
-73.3

57
58
59

213.4
160.9
52.5

214.7
182.0
32.8

235.4
196.3
39.1

245.1
209.6
35.5

279.8
218.3
61.5

259.4
214.6
44. 8

276.1
215.8
60.2

284.1
218.9
65. 1

299.8
223.8
75.9

310.9
227.9
83.0

IB) Consumer durables
Expenditures
320.3
- Capital consumption
231.3
= Net investment
89.0

60
61

45.4
7.1

6.3
26.5

26.7
12.4

21.0
14.5

51.3
10.3

26.5
18.3

45.3
14.9

48.7
16.4

84.6
-8.6

78.5
4.5

62
63
64

7.3
6.3
1.0

8.6
7.2
1.4

9.8
7.8
1.9

11.0
8.3
2.6

12.4
8.9
3.5

11.8
8.7
3. 1

12.2
8.8
3.4

12.5
8.9
3.6

12.9
9.2
3.8

15.1
5.7

15.2
4.2

14.3
5.0

51
52
53
54
55
56
57
58
59

- Consumer credit
* Excess net investment

60
61

13.3
9.4
4.0

(C) Nonprofit plant and equip.
Expenditures
13.7
9.5
- Capital consumption
- Net investment
4.2

62
63
64

14.4
5.3

14.3
6. 1

14.4 Effective tax rate
5.7 Saving rate, NIA basis

130. 1
-41. 1

Per cent ratios:
65
66

65
66

15.4
5.9

15.5
6.0

16.0
6.7

15.6
6.2

14.7
5.0

67

22.7

22.1

22.7

22.0

21.8

22. 1

21.1

21.3

22.5

23.2

23.0 Gross saving

67

68
69
70
71

19.6
15.6
10.9
10.7

17.3
14.8
7.1
6.5

16.4
15.2
6.2
6.1

14.8
15.0
4.5
4.2

16.7
15.7
8.2
7.3

15.5
16.4
5.6
4.7

16.5
16.2
8.6
6.8

17.1
13.2
8.2
8. 1

17.5
16.8
10.2
9.4

17.6
16.2
8.4
8.4

17.8
19.4
11.4
11.1

68
69
70
71

72

1675.5

1865.9

2085.4

2232.1

2403.2

Per cent of disposable income adj. (2):

LATEST DATA P18LIEINA1Y AND SUBJECT TO REVISION




Capital expenditures
Acquisition of finan. assets
Net increase in liabilities
Credit market borrowing

2326. 1 2369.2 2417.9 2499.6 2569.6 2623.0 (2) Disposable income adj.
72
(NIA disposable income • <govt, insurance credits + capital gains divid.)

Z7, SEPTEMBER 5, 1984
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Table 4
Sector Statements of Saving and Investment
(Billions of dollars)

SEASONALLY ADJUSTED ANNUAL BATES
1979

1980

1981

1982

1983

1
1

1983
I

II

IV

III

1
|

SEASONALLY ADJUSTED ANNUAL BATES
1984
I

II

Nonfinancial Corporate Business, Excluding Farms
1
2
3
4

190.9
68.9
54.7
67.3

177.4
66.7
61.7
49.0

177.2
63.6
67.6
46.0

123.7
44.3
69.0
10.4

148.9
58.0
72.2
18.6

110.9
41.9
70. 4
-1.3

142.6
56.4
71.0
15.1

170.5
67.0
72.9
30.6

171.6
66.7
74.7
30.2

189.0
74.5
76.9
37.6

190.0
74.8
79. 1
36.0

Profits before tax
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

1
2
3
4

5
6
7
8

-13.7
147.7
15.1
216.4

-14.3
167.8
18.2
220.7

-6.0
189.5
14.5
244. 1

4.0
207. 1
12.6
234.0

33.0
215.2
9.9
276.8

22. 2
211.4
9.7
241. 9

30.4
212.5
8.5
266.6

36.4
217.3
10. 1
294.4

43. 1
219.7
11.2
304.2

46.9
222.8
11.4
318.8

51.2
225.9
11.5
324.6

•
•
•
=

Capital consumption adj.
Depreciation charges, NIPA
Earnings rec. from abroad
U.S. internal funds, book

5
6
7
8

9
10
11

15.5
-43.1
188.8

11.7
-42.9
189.5

9.9
-23.6
230.4

9.8
-9.5
234.3

14.9
-11.2
280.5

12.8
-4.3
250.4

15.2
-12.1
269.7

17.4
-19.3
292.5

14.4
-9.2
309.3

14.3
-13.5
319.6

14.6 + Fgn. earnings ret. abroad
- 7 . 4 • Inv. valuation adjustment
331.8 = Total internal funds • IVA

9
10
11

12
13
14
15
16
17
18
19

187.3
219.4
205.7
203.9
-.8
2.6
9.0
4.7

171.9
221.2
219.3
217.8
-1.0
2.5
-3.2
5.0

200.4
271.3
249.4
24 8.5
-1.7
2.6
17.0
4.8

183.0
229.6
244.0
241. 1
.5
2.3
-22. 1
7.8

228.4
256.2
251.5
244.3
3.5
3.8
-3. 1
7.8

198.9
206.9
235.0
226.7
5.2
3. 1
-30.8
2.7

211.0
255.3
241.8
232.6
5.8
3.5
-4.9
18.4

244.7
270.6
253.1
245.9
3.2
4.0
10.4
7. 1

259.0
291.9
276.3
272.1
-.3
4.5
12.7
2.9

299.5
354.5
291.7
284.3
2.5
4.8
56.4
6.4

323.2 Gross investment
363.4 Capital expenditures (1)
Fixed investment
312.5
Plant and eguipment
306.0
Home construction
1.7
Multi-family residential
4.8
Inventory change • IVA
40.8
Mineral rts. from U.S. Govt.
10.1

12
13
14
15
16
17
18
19

20
21

-32.1
124.3

-49.2
96.5

-70.9
62.9

-46.6
28.4

-27.8
128.1

-8. 1
75.4

-44.4
135.1

-25.9
124.8

-32.8
177.0

-54.9
142. 1

20
- 4 0 . 2 Net financial investment
Net acq. of financial assets 21
110.7

22
23
24
25
26

18.6
6.3
4.7
2.6
1.5

16.4
3.8
4.0
6.6
1.1

17.9
-10.5
14.9

27
28
29

1.6

3.0

1.9

3.4
-.2
-2.3

10.0

30
31
32
33
34
35

1.6
69.4
34.6
26.6
7.6
19.0

.5
47.4
32.3
21.9
4.9
17.0

2.6
20.8
21.6
13.0
-.5
13.5

4.7

3.7

36
37
38

5.5
. 1
2.5

.5

*

72.3
-.7
23.9
36.4
5.3

16.9
1.2
8.1
14.3
2.0

23.7
-4. 1
-18.5
16.0
3. 1

Liquid assets
Demand dep. and currency
lime deposits
Security RP*s
Foreign deposits

22
23
24
25
26

11.4
.5
14.5

-1.3
.2
8.4

-8. 1
-.2
-.4

6. 2
-.4
21.3

U.S. Govt, securities
Tax exempt obligations
Commercial paper

27
28
29

*

8.1
78.1
18.4
8.9
6.1
2.8

5.8
92.4
27.0
18.7
-5. 1
23.8

8.4
69.9
8.7
1.4
-10. 6
12.0

27. 1
9.5
5.3
3.7
-2.5

47.9
-.6
16.6
11.2
4.8

40.5
-9.3
12.6
14.4
12.3

46.7
7.0
18.9
.4
1.6

32. 1
.8
11.1
-6.3

3.2
. 1
7.9

4.4
.7
10.7

-3. 6
1. 4
12.8

11.2
.6
6.9

3.4
57.6
19.2
8.8
-.3
9. 1

.9
15.8
18.2
4. 9
-3.6
8.4

4.6
63.5
20.4
7.0
-4.4
11.5

72.9
19.8
14.5
.9
13.6

4.3

3. 8

4.4

4.6

4.3

4.2

4.2

6.1

9.5

9.0

.8

5.2

4.0

3. 1

155.9
87.8
28.3

83.5
68.7
31.2

179.5
86.5
45.3

150.7
66.6
16.8

209.8
129.4
20.0

197.0
92.6
-63.5

41.2
11.5
24.0

49.8
8.3
9. 1

109.4
8.1
7.8

156. 1
8.0
29.4

.6
-11.9
12.6
4.4
-2.0
6.4
2.7
. 1
5.4

5.7

4.9

39
40
41

156.4
88.2
-7.8

145.7
90.9
12.9

133.8
91.5
-11.5

75.0
81.4
11.4

42
43
44

96.0
10.0
17.3

78. 1
10.9
26.7

102.9
13.4
21.8

70.0
15. 1
18.7

59.5
9.4
15.7

37.5
9.8
22. 0

45
46
47
48

1.4
-.6
2.4
-.4

2.0
-.8
3.0
-.2

-1.9
-1.4
.8
-1. 3

-1.3
.4
-.6
-1. 1

2.9
2.8
.8
-.7

4.0
4. 1
.7
-.8

49
50
51
52
53

45.9
9.0
1.0
10.2
1.2

29. 1
4.0
.8
3. 1
1.5

42.9
14.7
2.2
8.7
1.2

41.5
-5. 6
.7
-.5
1.3

18.9
-.5
-.4
13.8
-.5

4. 1
-5.6
-2.6
5.9
-.2

54
55
56
57
58

2.5
53.8
11.9
7.9
4.0

-1.7
39.6
16.9
10.7
6.2

-6. 8
26.0
23. 1
19. 4
3.8

-14. 1
-7.2
14.9
16.2
-1.3

5.8
51.0
11.3
9.9
1.4

-1.0
6.6
9. 2
9.6
-.4

59

1.5

17.6

30.0

51.3

52.1

51.5

5.0
4.6
1. 1
-.7

2.8
2.6
.9
-.6

-.2
-.3
.6
-.5

2.4
2.0
.8
-.4

12.6
1.5
2.8
13.8
-1.1

58.0
14.1
-2.4
25.8
-1.9

86.0
-1.6
3.4
27.7
.8

19.8
60.0
13.3
12.2
1. 1

3.9
66.9
13.3
11.3
2.0

.4
70.7
9.4
6.6
2.8

13.2
83.7
7.4
3.6
3.8

58.7

47.8

50.3

20.0

.8
-11.8
.6
9.5
1.4

150.8
55.7
-105.5
161.2
8.9
18.7

Consumer credit
Trade credit
Miscellaneous assets
Foreign dir. invest.
Equity, etc.
Retained earnings

36
Insurance receivables
Equity in sponsored ags. 37
38
Other
Net increase in liabilities
Bet funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt
Corporate bonds

(3)
(2)

42
43
44
45
46
47
48

76.6
37.6
6.0
11.6
.6

Bank loams n.e.c.
Commercial paper
Acceptances
Finance company loans
U.S. Government loans

49
50
51
52
53

11.0
68.0
16.1
12. 1
4.0

54
Profit taxes payable
55
Trade debt
Fgn.direct invest, in U.S. 56
Equity, etc.
57
Retained earnings
58

8.6 Discrepancy

15.6
68.1

7.7
69.0

-5. 1
71. 1

-4.8
58.3

6.5
52.4

9. 2
43. 8

3.5
36.0

6.0
63.4

7.5
66.3

8.7
61.7

1.9
63.4

62
63
64

28.7
67.3
123.7

39.6
38.5
76.4

33. 3
69. 7
88. 8

32.5
37.5
16.3

28.1
31.4
88.2

35. 8
1. 7
7. 3

40.6
.6
80.3

20.2
29.6
100.5

15.7
93.6
164.7

39.8
116.3
213.2

28.8
132.5
211.5

65
66
67

36.1
116.2
43.8

37.6
116.7
35.3

35. 9
117. 8
37. 9

35.8
98.0
30.5

39.0
91.3
23.2

37. 8
82. 6
18. 1

39.6
94.7
16.1

39.3
92.5
18.4

38.9
94.4
37.5

39.4
110.9
44.0

39.4
109.5
44.4

68
69
70

9.0
-43.1
52.1

-3.2
-42.9
39.7

17. 0
-23. 6
40. 6

-22. 1
-9.5
-12.7

-3. 1
-11.2
8.1

-30. 8
-4. 3
-26. 5

-4.9
-12.1
7.2

10.4
-19.3
29.6

12.7
-9.2
22.0

56.4
-13.5
69.9

71
72

262.6
216.4

264.0
220.7

294. 9
244. 1

239. 1
234.0

267.4
276.8

211. 2
241. 9

267.4
266.6

289.9
294.4

73

46.2

43.3

50. 8

5. 1

-9.4

-30. 7

.8

-4.5

Memorandum items:
Trade credit net of trade debt
Profits tax payments
Debt subtotals:
Securities and mortgages
Loans and short-term paper
Total short-term liab. (4)
Per cent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.

(1) Capital outlays on book basis:
40.8 Inventory change, NIPA
- 7 . 4 Less:
Inv. val. adjustment
48.2 Inventory change before IVA

370.8 Total cap. expend, before IVA
301.1
367.9
318.8
324.6 U.S. internal funds, book
304.2
Financing gap:
Excess of capital expenditures
46.2
over U.S. internal funds
-3.1
49.2

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries,
and U.S. foreign direct investment is before subtracting reflows of
capital from Netherlands Antilles subsidiaries* foreign financing.
(3) Industrial revenue bonds.
Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Loans (except mortgages), short-term paper, profit taxes payable, and
trade debt.
Includes loans due in more than one year and excludes
current maturities of securities and mortgages.




39
40
41

Mortgages
Home mortgages
Multi-family
Commercial

1.2
1.4
.1
-.3

60
61

LATEST DATA PRELIMINARY AND SUBJECT TO REVISION

30
31
32
(2) 33
34
35

59
60
61
62
63
64
65
66
67
68
69
70
71
72
73

17, SEPTEMBER 5, 19#*
Funds Baised in Credit Barkets

Funds Raised in Credit Markets
Table 5
Summary of Net Fends Raised in Credit and Equity Barkets

Aliqil FLOWS - $ BIL.
1972

1973

AB10AL FLOBS - $ BIl.
1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

Met Credit Barket Borrowing by Bonfinancial Sectors
386.0

344.6

380.4

404.1

Total net borrowing by domestic
526.4
nonfinancial sectors

1

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.8
-.5

161.3
162.1
-.9

186.6
186.7
-.1

O.S. Government
Treasury issues
Agency issues • mortgages

2
3
4

316.2

348.6

265.4

293.1

242.8

339.8

Private domestic
nonfinancial sectors

5

171.1
21.9
22.9
126.3
94.0
7.1
18.1
7.1

199.7
28.4
21. 1
150.2
112.2
9.2
21.7
7.2

211.2
30.3
17.3
163.6
120.0
7.8
23.9
11.8

192.0
30.3
26.7
135.1
96.7
8.8
20.2
9.3

159.1
22.7
21.8
114.6
76.0
4.3
24.6
9.7

158.9
53.8
18.7
86.5
52.5
5.5
23.6
5.0

239.3
56.3
15.7
167.3
108.7
8.4
47.3
2.9

Debt capital instrunents
Tax-exempt obligations
Corporate bonds
flortgages
Home mortgages
Bulti-family resid.
Connercial
Farn

6
7
8
9
10
11
12
13

50.9
25.4
4.5
4.0
16.9

91.6
40.2
27.1
2.9
21.3

116.5
48.8
37.4
5.2
25.1

137.5
45.4
51.2
11.1
29.7

73.4
6.3
36.7
5.7
24.8

134.0
26.7
54.7
19.2
33.4

83.9
21.0
55.5
-4.1
11.5

100.5
51.3
27.3
-1.2
23.1

other debt instrememts
Consumer credit
Bank loans n.e.c.
Open-narket pager
Other

14
15
16
17
18

107.6
12.3
53.5
41.8
8.5
12.5
20.9

174.5
13.2
91.5
69.8
10.2
15.4
44.2

262.6
12.0
140.7
110.0
12.3
28.0
69.7

316.2
16.5
172.0
127.6
14.6
32.4
80.6

348.6
17.6
179.3
151.7
21.4
34.4
96.0

265.4
17.2
122.1
126.1
14.4
33.7
78.1

293.1
6.2
127.5
159.4
16.3
40.2
102.9

242.8
31.3
94.5
117. 1
7.6
39.5
70.0

339.8
36.7
175.4
127.7
4.3
63.9
59.5

By borrowing sector:
StateHocal governnents
Bouseholds
Bonfinancial business
Farn
lonfarn noncorporate
Corporate

19
20
21
22
23
24
25

15.0
2.1
4.0
7.3
1.6

11.3
6.2
2.0
.3
2.8

19.3
8.6
5.6
1.9
3.3

13.5
5.1
3.1
2.4
3.0

33.8
4.2
19.1
6.6
3.9

20.2
3.9
2.3
11.2
2.9

27.2
.8
11.5
10.1
4.7

27.2
5.4
3.7
13.9
4.2

15.7
6.7
-6.2
10.7
4.5

190.3

204.*

262.8

332.9

403.6

406.2

371.8

407.6

419.8

1

161.2

187.7

175.3

193.0

243.5

319.4

2
3

4

15.1
14.3
.8

8.3
7.9
.4

11.8
12.0
-.2

85.4
85.8
-.4

69.0
69.1
-.1

56.8
57.6
-.9

5

146.1

179.4

163.5

107.6

174.5

262.6

6
7
8
9
10
11
12
13

102.1
14.7
12.2
75.2
42.5
12.7
16.4
3.6

104.3
14.7
9.2
80.4
45.6
10.4
18.9
5.5

100.6
16.5
19.7
64.4
37.3
6.9
15.1
5.0

100.9
16.1
27.2
57.6
42.0
11.0
4.6

123.6
15.7
22.8
85.1
63.9
3.9
11.6
5.7

14
15
16
17
18

44.0
19.8
16.4
.8
6.9

75.1
24.3
37.0
2.5
11.3

62.9
9.9
32.9
6.6
13.5

6.7
9.6
-10.4
-2.6
10.1

19
20
21
22
23
24
25

146.1
14.5
64.9
66.7
5.8
28.4
32.4

179.4
12.8
78.1
88.5
9.9
29.8
48.8

163.5
14.6
54.8
94.1
7.8
20.2
66.1

26
27
28
29
30

5.1
1.0
3.7
-1.0
1.5

6.3
1.0
2.8
.9
1.7

31

166.3

194.0

369.8
53.7
55. 1
-1.4

18.9 Fgn. net borrowing in O.S.
3.8
Bonds
4.9
Bank loans n.e.c.
Open-market paper
6.0
O.S. Government loans
4.3

26
27
28
29
30

545.3 Total donestic plus foreign

31

Bet Credit Barket Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

1

23.8

45.8

39.0

7.3

21.0

45.8

74.1

82.4

62.9

84.1

69.0

90.7

2
3
4
5

8.4
3.5
4.9

19.9
16.3
3.6
-

10.3
2.3
7.1
.9

14.3
2.5
12.2
-.4

22.0
7.0
16.1
-1.1

37.1
23.1
13.6
.4

47.9
24.3
23.1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

67.8
1.4
66.4

-

20.7
16.6
3.4
.7

O.S. Government-related
Sponsored credit ag. sec.
Bortgage pool securities
loans from O.S. Government

2
3
4
5

6
7
8
9
10
11

15.4
7.0
.5
6.0
1.9

25.9
4.4
.3
~9v0
4.9
7.2

18.3
3.1
.2
4.6
3.8
6.7

-3.0
3.2
.4
-3.7
1.1
-4.0

6.7
9.8
.4
-3.7
2.2
-2.0

23.8
10.1

34.5
7.8
—.5
18.0
9.2

18.1
7.1
• -.1
-.9
4.8
7.1

36.7
-.8
-.5
.9
20.9
16.2

4.1
2.5
.1
1.9
-1.2
.8

22.9
17.1

—.3
9.6
4.3

37.0
7.5
.1
2.3
14.6
12.5

-.2
13.0
-7.0

Private financial sectors
Corporate bonds
flortgages
Bank loans n.e.c.
Open-market paper
Fed. Bone Loan Bank loans

6
7
8
9
10
11

12
13
14

23.8
3.5
4.9

45.8
16.3
3.6

39.0
17.3
3.4

7.3
3.2
7.1

21.0
2.1
12.2

45.8
5.9
16.1

74. 1
23.5
13.6

82.4
24.8
23.1

62.9
25.6
19.2

84.1
32.4
15.0

69.0
15.3
49.5

90.7 Total, by sector
Sponsored credit agencies
1.4
Bortgage pools
66.4

12
13
14

15
16
17
18
19
20

15.4
1.1
2.6
.5
6.6
4.6

25.9

18.3
.2
4.4
6.2
6.0
1.5

-3.0
.2
.6
-4.2
.5
-.1

6.7
.7
5.4
-1.7
4.3
-1.9

23.8
.6
2.0
6.9
16.9
-2.5

37.0
.2
7.2
13.5
17.6
-1.4

34.5
.2
6.5
12.6
16.5
-1.3

18.1
.2
6.9
7.4
5.8
-2.2

36.7
-.1
8.3
15.5
12.8
.2

4.1
.6
1.9
2.5
-.9
.1

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance conpanies
Beits

15
16
17
18
19
20

3.2
7.6
9.5
5.6

22.9
-.2
8.6
-2.7
17.0
.2

Total Met Credit Barket Borrowing, ill Sectors, by Type
283.8
83.8
15.7
41.2
85.4

378.7
79.9
21.9
38.0
126.2

477.7
90.5
28.4
32.8
150.2

488.7
84.8
30.3
29.0
163.5

434.7
122.9
30.3
34.6
134.9

491.8
133.0
22.7
26.4
113.9

488.8
225.9
53.8
27.8
86.5

40.2
29.9
15.0
27.5

48.8
58.8
26.4
41.9

45.4
52.9
40.3
42.4

6.3
47.3
20.6
37.8

26.7
59.3
54.0
55.8

21.0
51.2
5.4
17.2

1
2
3
4
5

190.1
23.6
14.7
20.3
75.6

239.8
28.3
14.7
14.6
80.7

229.3
31.9
16.5
24.9
64.5

211.6
94.9
16.1
36.7
57.9

6
7
9

19.8
26.1
1.6
8.4

24.3
48.8
8.3
20.2

9.9
41.5
17.7
22.5

9.6
-12.1
-1.2
9.8

-.3

-1.7

—4. 6

2.9

3.2

1.1

12

161.5
15.4

189.3
9.9

179.9
16.4

190.2
82.5

240.4
65.9

318.3
55.7

25.4
6.4
8. 1
17.8

3.8
366. 1
49.9

.6

-3.8

385.4
36.8

348.4
83.0

635.9 Total net borrowing
O.S. Government securities
254.4
Tax-exempt Obligations
56.3
Corporate • foreign bonds
36.5
flortgages
167.2

1
2
3
4
5

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

6
7
8
9

51.3
32.0
17.8
20.3

*
-7.1 flemo: O.S. Govt, cash balance 10
7.3
Totals net of changes in O.S. Govt, cash balances:
533.5 Met borrowiag by dom. nonfin. 11
380.5
396.8
12
By O.S. Governnent
193.7
154.0
87.4

External Corporate Bgaity Funds Raised in 0. S. Barkets
1
2
3
4
5

13.7
-.1
13.8
10.9
3.3

10.2
-.2
10.4
7.9
2.7

5.7
.9
4.8
4.1
1.0

10.6
-.3
10.9
9.9
.8

10.6
-2.4
13.1
10.5
2.2

6.5
.9
5.6
2.7
2.5

6

-.4

-.2

-.2

.2

.3

.4

HISTORICAL DATA OH MET FOMDS RAISED




1.9
-. 1
1.9
-. 1
2.5
-.5

-3.8
.1
-3.9
-7.8
3.2

22.2
5.2
17.1
12.9
2.1

-4.1
6.3
-10.4
-11.5
.8

35.3
18.4
16.9
11.4
4.0

.8

2.1

.3

1.5

67.8 Total net share issues
32.8
Mutual funds
34.9
All other
28.3
lonfinancial corporations
2.7
Financial corporations
Foreign shares
4.0
purchased in O.S.

1
2
3
4
5
6