Financial and Business Statistics.Guide to Tabular Presentation
SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RHS Rural Housing Service
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing fight
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding, Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 1.10 RESERVES, MONEY STOCK, AND DEBT MEASURES Percent annual rate of change, seasonally adjusted(1)
1998
Monetary or credit aggregate
Q3 Q4
Reserves of depository
institutions(2)
1 Total -7.7 -1.8
2 Required -8.9 -2.5
3 Nonborrowed -8.6 -.6
4 Monetary base(3) 6.9 8.7
Concepts of money and debt(4)
5 M1 -2.0 5.0
6 M2 6.8(r) 11.0
7 M3 8.6 12.9(r)
8 Debt 6.4(r) 6.3
Nontransaction components
9 In M2(5) 9.9 13.0
10 In M3 only(6) 13.6 18.4(r)
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 15.8 17.6
12 Small time(7) .1 .3
13 Large times(8,9) 3.5 3.8
Thrift institutions
14 Savings, including MMDAs 9.0 10.1
15 Small time(7) -7.3 -6.7
16 Large times(8) .5 10.4
Money market mutual funds
17 Retail 18.8(r) 28.5(r)
18 Institution-only 26.6 41.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 12.5(r) 18.9(r)
20 Eurodollars(10) 21.7 3.2
Debt components(4)
21 Federal -.6(r) -2.8(r)
22 Nonfederal 8.6(r) 9.2(r)
1999 1999
Monetary or credit aggregate
Q1(r) Q2(r) Apr.(r) May(r)
Reserves of depository
institutions(2)
1 Total -1.2 -6.6 7.2 10.4
2 Required 1.0 -5.6 11.5 8.0
3 Nonborrowed -1.3 -6.7 4.4 11.5
4 Monetary base(3) 9.1 10.1 10.3 13.9
Concepts of money and debt(4)
5 M1 2.8 3.5 7.0 -4.0
6 M2 7.2 5.6 8.8 4.5
7 M3 7.6 5.4 8.5 4.9
8 Debt 6.5 6.8 7.5 5.1
Nontransaction components
9 In M2(5) 8.7 6.4 9.4 7.3
10 In M3 only(6) 8.6 4.7 7.9 6.1
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 11.6 9.7 17.7 8.0
12 Small time(7) -5.5 -3.3 -3.1 -1.8
13 Large times(8,9) -.3 -3.2 14.3 -2.5
Thrift institutions
14 Savings, including MMDAs 12.8 14.6 9.3 27.0
15 Small time(7) -6.5 -7.9 -5.2 -9.4
16 Large times(8) 7.6 -7.0 4.1 -14.8
Money market mutual funds
17 Retail 20.5 10.2 12.4 9.1
18 Institution-only 17.9 14.5 21.1 13.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 14.1 -2.7 -32.6 23.2
20 Eurodollars(10) -.8 20.4 21.1 -11.8
Debt components(4)
21 Federal -3.1 -2.3 -1.7 -5.1
22 Nonfederal 9.4 9.5 10.2 8.1
1999
Monetary or credit aggregate
June July Aug.
Reserves of depository
institutions(2)
1 Total -40.4 -24.9 2.6
2 Required -41.7 -20.3 1.1
3 Nonborrowed -41.0 -29.6 1.6
4 Monetary base(3) 6.2 8.0 7.0
Concepts of money and debt(4)
5 M1 -3.9 -1.7 2.9
6 M2 4.2 5.4 5.5
7 M3 5.6 4.8 4.9
8 Debt 5.4 5.1 n.a.
Nontransaction components
9 In M2(5) 6.8 7.6 6.3
10 In M3 only(6) 9.5 3.2 3.4
Time and savings deposits
Commercial banks
11 Savings, including MMDAs 12.1 13.7 7.6
12 Small time(7) -2.0 1.0 3.1
13 Large times(8,9) -7.4 21.0 -9.1
Thrift institutions
14 Savings, including MMDAs 18.2 19.6 4.0
15 Small time(7) -14.4 -4.6 1.5
16 Large times(8) -1.4 10.9 6.8
Money market mutual funds
17 Retail 7.8 1.5 9.9
18 Institution-only 7.7 -4.6 22.9
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 53.2 -.4 6.2
20 Eurodollars(10) -1.5 -26.9 -28.3
Debt components(4)
21 Federal .3 .8 n.a.
22 Nonfederal 6.8 6.3 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (4.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of(l)large time deposits, (2) institutional money fund balances, (3)RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1) Millions of dollars
Average of
daily figures
Factor 1999
June July Aug.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 522,071 525,806 528,020
U.S. government
securities(2)
2 Bought outright--
System account(3) 484,748 486,633 487,746
3 Held under repur-
chase agreements 2,017 1,718 1,296
Federal agency
obligations
4 Bought outright 276 255 247
5 Held under repur-
chase agreements 2,514 3,451 4,751
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 18 75 84
8 Seasonal credit 126 226 273
9 Extended credit 0 0 0
10 Float 281 388 430
11 Other Federal Reserve
assets 32,090 33,061 33,193
12 Gold stock 11,047 11,046 11,007
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 26,950 27,084 27,180
ABSORBING RESERVE FUNDS
15 Currency in circulation 528,619 533,769 536,032
16 Treasury cash holdings 108 70 69
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 5,929 5,221 5,076
18 Foreign 214 213 196
19 Service-related balan-
ces and adjustments 6,961 7,110 7,020
20 Other 232 271 274
21 Other Federal Reserve
liabilities and
capital 17,638 17,611 18,110
22 Reserve balances with
Federal Reserve
Banks(4) 8,566 7,872 7,668
End-of-month figures
June July Aug.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 532,865 527,785 534,796
U.S. government
securities(2)
2 Bought outright--
System account(3) 484,866 486,103 490,198
3 Held under repur-
chase agreements 9,100 3,195 2,575
Federal agency
obligations
4 Bought outright 259 249 238
5 Held under repur-
chase agreements 5,179 3,280 9,195
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 56 82 53
8 Seasonal credit 164 266 285
9 Extended credit 0 0 0
10 Float 272 81 -291
11 Other Federal Reserve
assets 32,968 34,529 32,544
12 Gold stock 11,006 11,048 11,045
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 27,004 27,151 27,207
ABSORBING RESERVE FUNDS
15 Currency in circulation 532,026 533,517 538,374
16 Treasury cash holdings 90 57 84
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 6,720 4,984 5,559
18 Foreign 410 257 166
19 Service-related balan-
ces and adjustments 7,215 7,010 6,923
20 Other 241 229 225
21 Other Federal Reserve
liabilities and
capital 17,662 18,389 18,728
22 Reserve balances with
Federal Reserve
Banks(4) 14,749 9,739 11,190
Average of daily figures for week
ending on date indicated
Factor 1999
July 14 July 21 July 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 527,196 523,374 526,201
U.S. government
securities(2)
2 Bought outright--
System account(3) 486,856 486,839 487,190
3 Held under repur-
chase agreements 1,355 1,607 2,190
Federal agency
obligations
4 Bought outright 257 254 252
5 Held under repur-
chase agreements 5,093 1,239 2,637
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 225 16 18
8 Seasonal credit 205 241 257
9 Extended credit 0 0 0
10 Float 285 252 281
11 Other Federal Reserve
assets 32,920 32,927 33,376
12 Gold stock 11,005 11,006 11,007
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 27,062 27,092 27,121
ABSORBING RESERVE FUNDS
15 Currency in circulation 534,748 533,058 532,879
16 Treasury cash holdings 87 56 53
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 5,264 5,056 4,901
18 Foreign 235 198 205
19 Service-related balan-
ces and adjustments 7,030 7,215 7,311
20 Other 276 287 274
21 Other Federal Reserve
liabilities and
capital 17,584 17,462 17,650
22 Reserve balances with
Federal Reserve
Banks(4) 8,281 6,379 9,296
Wednesday figures
July 14 July 21 July 28
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 532,139 520,437 527,669
U.S. government
securities(2)
2 Bought outright--
System account(3) 487,411 486,677 487,589
3 Held under repur-
chase agreements 3,172 415 2,355
Federal agency
obligations
4 Bought outright 254 254 249
5 Held under repur-
chase agreements 6,986 1,170 4,135
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 2 67 12
8 Seasonal credit 215 252 265
9 Extended credit 0 0 0
10 Float 916 -1,445 -508
11 Other Federal Reserve
assets 33,182 33,005 33,572
12 Gold stock 11,045 11,047 11,047
13 Special drawing rights
certificate account 8,200 8,200 8,200
14 Treasury currency
outstanding 27,062 27,092 27,121
ABSORBING RESERVE FUNDS
15 Currency in circulation 534,634 533,563 534,600
16 Treasury cash holdings 56 53 57
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 5,491 4,566 5,311
18 Foreign 265 169 321
19 Service-related balan-
ces and adjustments 7,030 7,216 7,311
20 Other 276 289 232
21 Other Federal Reserve
liabilities and
capital 17,422 17,125 17,437
22 Reserve balances with
Federal Reserve
Banks(4) 13,271 3,794 8,766
Average of daily figures for week
ending on date indicated
Factor 1999
Aug. 4 Aug. 11 Aug. 18 Aug. 25
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 527,512 527,801 527,977 527,445
U.S. government
securities(2)
2 Bought outright--
System account(3) 485,555 486,151 487,185 489,467
3 Held under repur-
chase agreements 2,733 2,186 1,052 642
Federal agency
obligations
4 Bought outright 249 249 249 247
5 Held under repur-
chase agreements 3,630 4,414 5,647 4,527
6 Acceptances 0 0 0 0
Loans to depository
institutions
7 Adjustment credit 74 217 25 36
8 Seasonal credit 265 261 267 279
9 Extended credit 0 0 0 0
10 Float 759 -64 341 195
11 Other Federal Reserve
assets 34,247 34,387 33,210 32,052
12 Gold stock 11,007 11,047 11,007 11,047
13 Special drawing rights
certificate account 8,200 8,200 8,200 8,200
14 Treasury currency
outstanding 27,151 27,165 27,179 27,193
ABSORBING RESERVE FUNDS
15 Currency in circulation 534,495 535,864 536,357 536,133
16 Treasury cash holdings 57 58 62 83
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 5,105 5,100 5,080 4,851
18 Foreign 220 173 207 180
19 Service-related balan-
ces and adjustments 7,010 7,113 7,005 7,033
20 Other 250 293 267 282
21 Other Federal Reserve
liabilities and
capital 18,272 18,256 17,860 18,044
22 Reserve balances with
Federal Reserve
Banks(4) 8,500 7,356 7,564 7,279
Wednesday figures
Aug. 4 Aug. 11 Aug. 18 Aug. 25
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit out-
standing 526,722 534,827 526,596 532,627
U.S. government
securities(2)
2 Bought outright--
System account(3) 484,987 486,465 488,290 490,096
3 Held under repur-
chase agreements 440 5,660 665 1,195
Federal agency
obligations
4 Bought outright 249 249 249 238
5 Held under repur-
chase agreements 4,800 6,320 4,900 8,250
6 Acceptances 0 0 0 0
Loans to depository
institutions
7 Adjustment credit 56 1,343 20 33
8 Seasonal credit 259 270 282 289
9 Extended credit 0 0 0 0
10 Float 1,796 -463 599 222
11 Other Federal Reserve
assets 34,156 34,982 31,590 32,300
12 Gold stock 11,047 11,047 11,047 11,046
13 Special drawing rights
certificate account 8,200 8,200 8,200 8,200
14 Treasury currency
outstanding 27,151 27,165 27,179 27,193
ABSORBING RESERVE FUNDS
15 Currency in circulation 536,277 537,250 537,091 537,237
16 Treasury cash holdings 58 59 83 84
Deposits, other than
reserve balances,
with Federal Reserve
Banks
17 Treasury 5,622 5,427 4,903 5,401
18 Foreign 167 165 241 164
19 Service-related balan-
ces and adjustments 7,010 7,113 7,005 7,032
20 Other 272 465 263 266
21 Other Federal Reserve
liabilities and
capital 17,987 17,830 17,525 17,934
22 Reserve balances with
Federal Reserve
Banks(4) 5,726 12,930 5,911 10,948
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2. (2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. (4.) Excludes required clearing balances and adjustments to compensate for float. 1.12 RESERVES AND BORROWINGS Depository Institutions Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1996 1997 1998
Dec. Dec. Dec.
1 Reserve balances with
Reserve Banks(2) 13,330 10,664 9,021
2 Total vault cash(3) 44,525 44,740 44,305
3 Applied vault cash(4) 37,844 37,255 35,997
4 Surplus vault cash(5) 6,681 7,485 8,308
5 Total reserves(6) 51,174 47,920 45,018
6 Required reserves 49,758 46,235 43,435
7 Excess reserve
balances at Reserve
Banks(7) 1,416 1,685 1,583
8 Total borrowings at
Reserve Banks(8) 155 324 117
9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
May 5 May 19 June 2(r)
1 Reserve balances with
Reserve Banks(2) 10,547 9,878 10,096
2 Total vault cash(3) 41,595(r) 42,563(r) 42,697
3 Applied vault cash(4) 34,586 34,749 34,962
4 Surplus vault cash(5) 7,010(r) 7,814(r) 7,736
5 Total reserves(6) 45,133 44,626 45,058
6 Required reserves 43,852 43,533 43,623
7 Excess reserve
balances at Reserve
Banks(7) 1,281 1,093 1,434
8 Total borrowings at
Reserve Banks(8) 223 103 117
9 Seasonal borrowings 59 85 106
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1999
Feb. Mar. Apr.
1 Reserve balances with
Reserve Banks(2) 8,578 8,851 9,238
2 Total vault cash(3) 46,468 42,898 42,164(r)
3 Applied vault cash(4) 36,660 34,270 34,407(r)
4 Surplus vault cash(5) 9,809 8,628 7,757
5 Total reserves(6) 45,237 43,121 43,645
6 Required reserves 44,022 41,816 42,486
7 Excess reserve
balances at Reserve
Banks(7) 1,215 1,305 1,159
8 Total borrowings at
Reserve Banks(8) 116 65 166
9 Seasonal borrowings 9 18 39
10 Extended credit(9) 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
June 16 June 30 July 14
1 Reserve balances with
Reserve Banks(2) 8,546 8,309 7,526
2 Total vault cash(3) 41,829 43,426 44,019
3 Applied vault cash(4) 33,492 34,062 33,788
4 Surplus vault cash(5) 8,337 9,365 10,231
5 Total reserves(6) 42,037 42,371 41,314
6 Required reserves 40,883 41,027 40,303
7 Excess reserve
balances at Reserve
Banks(7) 1,154 1,343 1,011
8 Total borrowings at
Reserve Banks(8) 114 180 331
9 Seasonal borrowings 100 158 196
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1999
May(r) June July Aug.
1 Reserve balances with
Reserve Banks(2) 10,070 8,539 7,797 7,802
2 Total vault cash(3) 42,459 42,632 44,059 44,664
3 Applied vault cash(4) 34,805 33,856 34,005 34,070
4 Surplus vault cash(5) 7,654 8,776 10,054 10,594
5 Total reserves(6) 44,875 42,394 41,802 41,871
6 Required reserves 43,619 41,133 40,726 40,744
7 Excess reserve
balances at Reserve
Banks(7) 1,256 1,261 1,076 1,127
8 Total borrowings at
Reserve Banks(8) 127 145 309 344
9 Seasonal borrowings 89 127 226 271
10 Extended credit(9) 0 0 0 0
Biweekly averages of daily
figures for two week periods
ending on dates indicated
1999
July 28 Aug. 11 Aug. 25 Sept. 8
1 Reserve balances with
Reserve Banks(2) 8,041 7,923 7,421 8,470
2 Total vault cash(3) 43,899 44,994 44,786 43,774
3 Applied vault cash(4) 34,198 34,123 34,003 34,128
4 Surplus vault cash(5) 9,702 10,871 10,783 9,646
5 Total reserves(6) 42,238 42,046 41,423 42,598
6 Required reserves 41,098 40,967 40,289 41,397
7 Excess reserve
balances at Reserve
Banks(7) 1,011 1,078 1,134 1,201
8 Total borrowings at
Reserve Banks(8) 266 409 304 318
9 Seasonal borrowings 249 263 273 284
10 Extended credit(9) 0 0 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements, (4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. (5.) Total vault cash (line 2) less applied vault cash (line 3). (6.) Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3). (7.) Total reserves (line 5) less required reserves (line 6). (8.) Also includes adjustment credit. (9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. 1.14 FEDERAL RESERVE BANK INTEREST RATES [TABULAR DATA NOT REPRODUCIBLE IN ASCII] 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$46.5 million 3 12/31/98
2 More than $46.5 million(4) 10 12/31/98
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations, (2.) Transaction accounts include all deposits against which the account holder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the rules that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts, (3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million, Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million. (4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. (5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to zero on Jan. 17,1991. The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983. (6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5). 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1) Millions of dollars
Type of transaction 1996 1997
and maturity
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147
2 Gross sales 0 0
3 Exchanges 426,928 436,257
4 For new bills 426,928 435,907
5 Redemptions 0 0
Others within one year
6 Gross purchases 524 5,549
7 Gross sales 0 0
8 Maturity shifts 30,512 41,716
9 Exchanges -41,394 -27,499
10 Redemptions 2,015 1,996
One to five years
11 Gross purchases 3,898 20,080
12 Gross sales 0 0
13 Maturity shifts -25,022 -37,987
14 Exchanges 31,459 20,274
Five to ten years
15 Gross purchases 1,116 3,449
16 Gross sales 0 0
17 Maturity shifts -5,469 -1,954
18 Exchanges 6,666 5,215
More than ten years
19 Gross purchases 1,655 5,897
20 Gross sales 0 0
21 Maturity shifts -20 -1,775
22 Exchanges 3,270 2,360
All maturities
23 Gross purchases 17,094 44,122
24 Gross sales 0 0
25 Redemptions 2,015 1,996
Matched transactions
26 Gross purchases 3,092,399 3,577,954
27 Gross sales 3,094,769 3,580,274
Repurchase agreements
28 Gross purchases 457,568 810,485
29 Gross sales 450,359 809,268
30 Net change in U.S. Treasury
securities 19,919 41,022
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 409 1,540
Repurchase agreements
34 Gross purchases 75,354 160,409
35 Gross sales 74,842 159,369
36 Net change in federal agency
obligations 103 -500
37 Total net change in System
Open Market Account 20,021 40,522
1999
Type of transaction 1998
and maturity
Jan.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 3,550 0
2 Gross sales 0 0
3 Exchanges 450,835 35,069
4 For new bills 450,835 35,069
5 Redemptions 2,000 0
Others within one year
6 Gross purchases 6,297 0
7 Gross sales 0 0
8 Maturity shifts 46,062 2,865
9 Exchanges -49,434 -400
10 Redemptions 2,676 492
One to five years
11 Gross purchases 12,901 0
12 Gross sales 0 0
13 Maturity shifts -37,777 -2,865
14 Exchanges 37,154 0
Five to ten years
15 Gross purchases 2,294 0
16 Gross sales 0 0
17 Maturity shifts -5,908 0
18 Exchanges 7,439 400
More than ten years
19 Gross purchases 4,884 615
20 Gross sales 0 0
21 Maturity shifts -2,377 0
22 Exchanges 4,842 0
All maturities
23 Gross purchases 29,926 615
24 Gross sales 0 0
25 Redemptions 4,676 492
Matched transactions
26 Gross purchases 4,395,430 365,779
27 Gross sales 4,399,330 363,604
Repurchase agreements
28 Gross purchases 512,671 21,968
29 Gross sales 514,186 37,157
30 Net change in U.S. Treasury
securities 19,835 -12,891
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 25 0
33 Redemptions 322 2
Repurchase agreements
34 Gross purchases 284,316 23,577
35 Gross sales 276,266 31,744
36 Net change in federal agency
obligations 7,703 -8,169
37 Total net change in System
Open Market Account 27,538 -21,060
1999
Type of transaction
and maturity
Feb. Mar.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 36,862 35,065
4 For new bills 36,862 35,065
5 Redemptions 0 0
Others within one year
6 Gross purchases 2,103 1,060
7 Gross sales 0 0
8 Maturity shifts 5,578 3,015
9 Exchanges -7,458 -5,956
10 Redemptions 0 0
One to five years
11 Gross purchases 2,752 2,428
12 Gross sales 0 0
13 Maturity shifts -4,928 -3,015
14 Exchanges 4,778 5,956
Five to ten years
15 Gross purchases 335 346
16 Gross sales 0 0
17 Maturity shifts -650 0
18 Exchanges 1,340 0
More than ten years
19 Gross purchases 0 2,404
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 1,340 0
All maturities
23 Gross purchases 5,190 6,238
24 Gross sales 0 0
25 Redemptions 0 0
Matched transactions
26 Gross purchases 324,078 393,267
27 Gross sales 322,669 394,865
Repurchase agreements
28 Gross purchases 26,098 62,878
29 Gross sales 27,025 53,706
30 Net change in U.S. Treasury
securities 5,672 13,812
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 25
Repurchase agreements
34 Gross purchases 37,416 35,731
35 Gross sales 36,067 34,009
36 Net change in federal agency
obligations 1,349 1,697
37 Total net change in System
Open Market Account 7,021 15,509
1999
Type of transaction
and maturity
Apr. May
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 48,142 37,107
4 For new bills 48,142 37,107
5 Redemptions 0 0
Others within one year
6 Gross purchases 1,677 1,421
7 Gross sales 0 0
8 Maturity shifts 3,768 3,768
9 Exchanges -3,370 -4,607
10 Redemptions 726 0
One to five years
11 Gross purchases 3,362 4,442
12 Gross sales 0 0
13 Maturity shifts -3,768 -3,768
14 Exchanges 3,020 2,562
Five to ten years
15 Gross purchases 945 1,584
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 2,045
More than ten years
19 Gross purchases 262 2,890
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 350 0
All maturities
23 Gross purchases 6,246 10,337
24 Gross sales 0 0
25 Redemptions 726 0
Matched transactions
26 Gross purchases 366,838 356,960
27 Gross sales 364,476 358,362
Repurchase agreements
28 Gross purchases 45,067 27,605
29 Gross sales 48,867 30,531
30 Net change in U.S. Treasury
securities 4,082 6,008
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 0 0
Repurchase agreements
34 Gross purchases 20,623 38,167
35 Gross sales 22,937 36,962
36 Net change in federal agency
obligations -2,314 1,205
37 Total net change in System
Open Market Account 1,768 7,213
1999
Type of transaction
and maturity
June July
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0
2 Gross sales 0 0
3 Exchanges 35,045 42,037
4 For new bills 35,045 42,037
5 Redemptions 0 0
Others within one year
6 Gross purchases 880 951
7 Gross sales 0 0
8 Maturity shifts 2,740 3,279
9 Exchanges -5,540 -368
10 Redemptions 0 41
One to five years
11 Gross purchases 948 0
12 Gross sales 0 0
13 Maturity shifts -2,740 -3,279
14 Exchanges 5,540 0
Five to ten years
15 Gross purchases 65 0
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 373
More than ten years
19 Gross purchases 0 0
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 1,893 951
24 Gross sales 0 0
25 Redemptions 0 41
Matched transactions
26 Gross purchases 380,872 347,067
27 Gross sales 380,464 346,747
Repurchase agreements
28 Gross purchases 17,710 27,707
29 Gross sales 14,614 33,612
30 Net change in U.S. Treasury
securities 5,397 -4,675
FEDERAL AGENCY OBLIGATIONS
Outright transactions
31 Gross purchases 0 0
32 Gross sales 0 0
33 Redemptions 52 10
Repurchase agreements
34 Gross purchases 32,786 46,941
35 Gross sales 32,104 48,840
36 Net change in federal agency
obligations 630 -1,909
37 Total net change in System
Open Market Account 6,028 -6,584
(1.) Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings, (2.) Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1) Millions of dollars
Wednesday
Account 1999
July 28 Aug. 4
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,047 11,047
2 Special drawing rights certificate
account 8,200 8,200
3 Coin 300 305
Loans
4 To depository institutions 276 295
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 249 249
8 Held under repurchase agreements 4,135 4,800
9 Total U.S. Treasury securities 489,944 485,427
10 Bought outright(2) 487,589 484,987
11 Bills 199,934 197,331
12 Notes 209,771 209,771
13 Bonds 77,884 77,884
14 Held under repurchase agreements 2,355 440
15 Total loans and securities 494,605 490,771
16 Items in process of collection 6,692 9,302
17 Bank premises 1,329 1,327
Other assets
18 Denominated in foreign
currencies(3) 14,814 15,505
19 All other(4) 17,502 18,171
20 Total assets 554,488 553,830
LIABILITIES
21 Federal Reserve notes 507,836 509,489
22 Total deposits 22,528 18,763
23 Depository institutions 16,663 12,701
24 U.S. Treasury--General account 5,311 5,622
25 Foreign--Official accounts 321 167
26 Other 232 272
27 Deferred credit items 6,686 7,591
28 Other liabilities and accrued
dividends(5) 4,337 4,219
29 Total liabilities 541,387 540,063
CAPITAL ACCOUNTS
30 Capital paid in 6,296 6.30
31 Surplus 5,952 5,952
32 Other capital accounts 853 1,515
33 Total liabilities and capital
accounts 554,488 553,830
MEMO
34 Marketable U.S. Treasury
securities held in custody for
foreign and international
accounts n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes outstanding
(issued to Banks) 744,902 751,635
36 LESS: Held by Federal Reserve
Banks 237,066 242,145
37 Federal Reserve notes, net
Collateral held against notes,
net 507,836 509,489
38 Gold certificate account 11,047 11,047
39 Special drawing rights certificate
account 8,200 8,200
40 Other eligible assets 0
41 U.S. Treasury and agency securities 488,589 490,243
42 Total collateral 507,836 509,489
Wednesday
Account 1999
Aug. 11 Aug. 18
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,047 11,047
2 Special drawing rights certificate
account 8,200 8,200
3 Coin 300 302
Loans
4 To depository institutions 1,614 302
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 249 249
8 Held under repurchase agreements 6,320 4,900
9 Total U.S. Treasury securities 492,125 488,955
10 Bought outright(2) 486,465 488,290
11 Bills 198,810 199,758
12 Notes 209,771 209,573
13 Bonds 77,884 78,959
14 Held under repurchase agreements 5,660 665
15 Total loans and securities 500,308 494,407
16 Items in process of collection 6,955 7,081
17 Bank premises 1,323 1,323
Other assets
18 Denominated in foreign
currencies(3) 15,509 15,513
19 All other(4) 14,855 15,541
20 Total assets 561,808 552,725
LIABILITIES
21 Federal Reserve notes 510,443 510,297
22 Total deposits 26,674 17,875
23 Depository institutions 20,617 12,467
24 U.S. Treasury--General account 5,427 4,903
25 Foreign--Official accounts 165 241
26 Other 465 263
27 Deferred credit items 6,861 7,028
28 Other liabilities and accrued
dividends(5) 4,528 4,186
29 Total liabilities 548,505 539,386
CAPITAL ACCOUNTS
30 Capital paid in 6,295 6,297
31 Surplus 5,952 5,952
32 Other capital accounts 1,056 1,089
33 Total liabilities and capital
accounts 561,808 552,725
MEMO
34 Marketable U.S. Treasury
securities held in custody for
foreign and international
accounts n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes outstanding
(issued to Banks) 759,846 767,675
36 LESS: Held by Federal Reserve
Banks 249,403 257,379
37 Federal Reserve notes, net
Collateral held against notes,
net 510,443 510,297
38 Gold certificate account 11,047 11,047
39 Special drawing rights certificate
account 8,200 8,200
40 Other eligible assets 0 0
41 U.S. Treasury and agency securities 491,197 491,149
42 Total collateral 510,443 510,297
Wednesday End of month
Account 1999
Aug. 25 June 30
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 11,046
2 Special drawing rights certificate
account 8,200 8,200
3 Coin 302 311
Loans
4 To depository institutions 321 220
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 238 259
8 Held under repurchase agreements 8,250 5,179
9 Total U.S. Treasury securities 491,291 493,966
10 Bought outright(2) 490,096 484,866
11 Bills 199,218 198,127
12 Notes 210,829 208,855
13 Bonds 80,049 77,884
14 Held under repurchase agreements 1,195 9,100
15 Total loans and securities 500,101 499,624
16 Items in process of collection 7,130 7,765
17 Bank premises 1,330 1,321
Other assets
18 Denominated in foreign
currencies(3) 14,799 15,498
19 All other(4) 16,898 17,723
20 Total assets 559,163 559,964
LIABILITIES
21 Federal Reserve notes 510,430 505,423
22 Total deposits 24,206 29,527
23 Depository institutions 18,375 22,156
24 U.S. Treasury--General account 5,401 6,720
25 Foreign--Official accounts 164 410
26 Other 266 241
27 Deferred credit items 6,593 7,352
28 Other liabilities and accrued
dividends(5) 4,558 4,654
29 Total liabilities 545,788 546,956
CAPITAL ACCOUNTS
30 Capital paid in 6,302 6,282
31 Surplus 5,952 5,952
32 Other capital accounts 1,121 775
33 Total liabilities and capital
accounts 559,163 559,964
MEMO
34 Marketable U.S. Treasury
securities held in custody for
foreign and international
accounts n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes outstanding
(issued to Banks) 774,639 726,892
36 LESS: Held by Federal Reserve
Banks 264,208 221,469
37 Federal Reserve notes, net
Collateral held against notes,
net 510,430 505,423
38 Gold certificate account 11,046 11,046
39 Special drawing rights certificate
account 8,200 8,200
40 Other eligible assets 0 0
41 U.S. Treasury and agency securities 491,184 486,177
42 Total collateral 510,430 505,423
End of month
Account 1999
July 31 Aug. 31
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,048 11,045
2 Special drawing rights certificate
account 8,200 8,200
3 Coin 322 294
Loans
4 To depository institutions 348 338
5 Other 0 0
6 Acceptances held under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 249 238
8 Held under repurchase agreements 3,280 9,195
9 Total U.S. Treasury securities 489,298 492,773
10 Bought outright(2) 486,103 490,198
11 Bills 198,447 199,320
12 Notes 209,771 210,829
13 Bonds 77,884 80,049
14 Held under repurchase agreements 3,195 2,575
15 Total loans and securities 493,175 502,544
16 Items in process of collection 5,087 9,328
17 Bank premises 1,327 1,332
Other assets
18 Denominated in foreign
currencies(3) 15,845
19 All other(4) 15,445
20 Total assets 552,378 564,033
LIABILITIES
21 Federal Reserve notes 506,746 511,545
22 Total deposits 22,112 24,750
23 Depository institutions 16,642 18,800
24 U.S. Treasury--General account 4,984 5,559
25 Foreign--Official accounts 257 166
26 Other 229 225
27 Deferred credit items 5,131 9,011
28 Other liabilities and accrued
dividends(5) 4,402 4,605
29 Total liabilities 538,391 549,911
CAPITAL ACCOUNTS
30 Capital paid in 6,296 6,308
31 Surplus 5,952 5,952
32 Other capital accounts 1,739 1,863
33 Total liabilities and capital
accounts 552,378 564,033
MEMO
34 Marketable U.S. Treasury
securities held in custody for
foreign and international
accounts n.a. n.a.
Federal Reserve note statement
35 Federal Reserve notes outstanding
(issued to Banks) 746,929 780,358
36 LESS: Held by Federal Reserve
Banks 240,184 268,813
37 Federal Reserve notes, net
Collateral held against notes,
net 506,746 511,545
38 Gold certificate account 11,048 11,045
39 Special drawing rights certificate
account 8,200 8,200
40 Other eligible assets 0 0
41 U.S. Treasury and agency securities 487,498 492,300
42 Total collateral 506,746 511,545
(1.) Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release. For ordering address, see inside front cover. (2.) Includes securities loaned--fully guaranteed by U.S. Treasury securities pledged with Federal Reserve Banks---and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Valued monthly at market exchange rates. (4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. (5.) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding Millions of dollars
Wednesday
1999
Type of holding and maturity July 28 Aug. 4 Aug. 11
1 Total loans 277 295 478
2 Within fifteen days(1) 245 110 288
3 Sixteen days to ninety days 32 185 190
4 Total U.S. Treasury
securities(2) 489,944 485,427 486,465
5 Within fifteen days(1) 14,331 15,333 21,206
6 Sixteen days to ninety days 101,194 94,861 95,431
7 Ninety-one days to one year 139,542 140,125 140,380
8 One year to five years 122,393 122,624 122,624
9 Five years to ten years 49,861 49,861 49,861
10 More than ten years 62,623 62,623 62,623
11 Total federal agency obligations 4,384 5,049 6,569
12 Within fifteen days(1) 4,135 4,800 6,331
13 Sixteen days to ninety days 31 31 20
14 Ninety-one days to one year 48 48 48
15 One year to five years 20 20 20
16 Five years to ten years 150 150 150
17 More than ten years 0 0 0
End of
Wednesday month
1999 1999
Type of holding and maturity Aug. 18 Aug. 25 June 30
1 Total loans 302 315 193
2 Within fifteen days(1) 278 288 159
3 Sixteen days to ninety days 24 28 34
4 Total U.S. Treasury
securities(2) 488,955 491,291 493,966
5 Within fifteen days(1) 18,796 13,846 24,353
6 Sixteen days to ninety days 99,333 99,148 92,490
7 Ninety-one days to one year 135,094 140,219 142,621
8 One year to five years 122,286 123,110 115,147
9 Five years to ten years 49,748 50,195 49,487
10 More than ten years 63,698 64,773 62,623
11 Total federal agency obligations 5,149 8,488 5,438
12 Within fifteen days(1) 4,911 8,250 5,184
13 Sixteen days to ninety days 27 27 16
14 Ninety-one days to one year 41 41 68
15 One year to five years 20 20 20
16 Five years to ten years 150 150 150
17 More than ten years 0 0 0
End of
month
1999
Type of holding and maturity July 31 Aug. 31
1 Total loans 348 338
2 Within fifteen days(1) 228 189
3 Sixteen days to ninety days 120 149
4 Total U.S. Treasury
securities(2) 489,298 492,763
5 Within fifteen days(1) 7,883 11,187
6 Sixteen days to ninety days 107,061 100,038
7 Ninety-one days to one year 139,477 144,224
8 One year to five years 122,393 122,346
9 Five years to ten years 49,861 50,195
10 More than ten years 62,623 64,773
11 Total federal agency obligations 3,529 5,168
12 Within fifteen days(1) 3,280 4,930
13 Sixteen days to ninety days 31 27
14 Ninety-one days to one year 48 41
15 One year to five years 20 20
16 Five years to ten years 150 150
17 More than ten years 0 0
(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements. (2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1) Billions of dollars, averages of daily figures
Item 1995 1996 1997
Dec. Dec. Dec.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 56.45 50.16 46.86
2 Nonborrowed reserves(4) 56.20 50.01 46.54
3 Nonborrowed reserves plus 56.20 50.01 46.54
extended credit(5)
4 Required reserves 55.16 48.75 45.18
5 Monetary base(6) 434.10 451.37 478.88
Not seasonally adjusted
6 Total reserves(7) 58.02 51.45 48.01
7 Nonborrowed reserves 57.76 51.30 47.69
8 Nonborrowed reserves 57.76 51.30 47.69
plus extended credit(5)
9 Required reserves(8) 56.73 50.04 46.33
10 Monetary base(9) 439.03 456.63 484.98
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.17 47.92
12 Nonborrowed reserves 57.64 51.02 47.60
13 Nonborrowed reserves 57.64 51.02 47.60
plus extended credit(5)
14 Required reserves 56.61 49.76 46.24
15 Monetary base(12) 444.45 463.40 491.79
16 Excess reserves(13) 1.29 1.42 1.69
17 Borrowings from the Federal Reserve .26 .16 .32
Item 1998 1999
Dec. Jan. Feb.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.90 45.13 44.55
2 Nonborrowed reserves(4) 44.79 44.92 44.44
3 Nonborrowed reserves plus 44.79 44.92 44.44
extended credit(5)
4 Required reserves 43.32 43.59 43.34
5 Monetary base(6) 512.32 516.81 520.84
Not seasonally adjusted
6 Total reserves(7) 45.12 46.34 45.25
7 Nonborrowed reserves 45.00 46.14 45.13
8 Nonborrowed reserves 45.00 46.14 45.13
plus extended credit(5)
9 Required reserves(8) 43.54 44.81 44.03
10 Monetary base(9) 518.28 520.01 519.70
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 45.02 46.35 45.24
12 Nonborrowed reserves 44.90 46.14 45.12
13 Nonborrowed reserves 44.90 46.14 45.12
plus extended credit(5)
14 Required reserves 43.44 44.81 44.02
15 Monetary base(12) 525.06 527.59 526.85
16 Excess reserves(13) 1.58 1.53 1.22
17 Borrowings from the Federal Reserve .12 .21 .12
Item 1999
Mar. Apr.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 43.72 43.98
2 Nonborrowed reserves(4) 43.65 43.81
3 Nonborrowed reserves plus 43.65 43.81
extended credit(5)
4 Required reserves 42.41 42.82
5 Monetary base(6) 524.23 528.74
Not seasonally adjusted
6 Total reserves(7) 43.14 43.67
7 Nonborrowed reserves 43.08 43.50
8 Nonborrowed reserves 43.08 43.50
plus extended credit(5)
9 Required reserves(8) 41.84 42.51
10 Monetary base(9) 523.35 526.77
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 43.12 43.65
12 Nonborrowed reserves 43.06 43.48
13 Nonborrowed reserves 43.06 43.48
plus extended credit(5)
14 Required reserves 41.82 42.49
15 Monetary base(12) 530.30 533.49
16 Excess reserves(13) 1.31 1.16
17 Borrowings from the Federal Reserve .07 .17
Item 1999
May June
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.36 42.87
2 Nonborrowed reserves(4) 44.23(r) 42.72
3 Nonborrowed reserves plus 44.23(r) 42.72
extended credit(5)
4 Required reserves 43.11 41.61
5 Monetary base(6) 534.86(r) 537.63
Not seasonally adjusted
6 Total reserves(7) 44.91 42.43
7 Nonborrowed reserves 44.78(r) 42.29
8 Nonborrowed reserves 44.78(r) 42.29
plus extended credit(5)
9 Required reserves(8) 43.65 41.17
10 Monetary base(9) 533.12(r) 535.88
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 44.88 42.39
12 Nonborrowed reserves 44.75 42.25
13 Nonborrowed reserves 44.75 42.25
plus extended credit(5)
14 Required reserves 43.62 41.13
15 Monetary base(12) 539.98(r) 542.82
16 Excess reserves(13) 1.26 1.26
17 Borrowings from the Federal Reserve .13 .15
1999
Item July Aug.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 41.98 42.07
2 Nonborrowed reserves(4) 41.67 41.72
3 Nonborrowed reserves plus 41.67 41.72
extended credit(5)
4 Required reserves 40.90 40.94
5 Monetary base(6) 541.20 544.37
Not seasonally adjusted
6 Total reserves(7) 41.85 41.92
7 Nonborrowed reserves 41.54 41.58
8 Nonborrowed reserves 41.54 41.58
plus extended credit(5)
9 Required reserves(8) 40.77 40.80
10 Monetary base(9) 540.98 543.82
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 41.80 41.87
12 Nonborrowed reserves 41.49 41.53
13 Nonborrowed reserves 41.49 41.53
plus extended credit(5)
14 Required reserves 40.73 40.74
15 Monetary base(12) 548.06 550.82
16 Excess reserves(13) 1.08 1.13
17 Borrowings from the Federal Reserve .31 .34
(1.) Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) (3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). (4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). (5.) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. (6.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (7.) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). (8.) To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). (9.) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (10.) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. (11.) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. (12.) The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 1.21 MONEY STOCK AND DEBT MEASURES(1) Billions of dollars, averages of daily figures
1995 1996
Item Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3
2 M2 3,649.1 3,823.9
3 M3 4,618.5 4,955.6
4 Debt 13,716.1(r) 14,460.8(r)
M1 components
5 Currency(3) 372.3 394.1
6 Travelers checks(4) 8.3 8.0
7 Demand deposits(5) 389.4 403.0
8 Other checkable deposits(6) 356.7 276.2
Nontransaction components
9 In M2(7) 2,522.4 2,742.6
10 In M3 only(8) 969.4 1,131.7
Commercial banks
11 Savings deposits, including MMDAs 775.3 905.2
12 Small time deposits(9) 575.0 593.7
13 Large time deposits(10,11) 346.6 414.8
Thrift institutions
14 Savings deposits, including MMDAs 359.8 367.1
15 Small time deposits(9) 356.7 353.8
16 Large time deposits(10,11) 74.5 78.4
Money market mutual funds
17 Retail 455.5 522.8
18 Institution-only 255.9 313.3
Repurchase agreements and Eurodollars
19 Repurchase agreements(12) 198.7 211.3
20 Eurodollars(12) 93.7 113.9
Debt components
21 Federal debt 3,639.1 3,781.3(r)
22 Nonfederal debt 10,077.0 10,679.5(r)
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9
24 M2 3,671.7 3,843.7
25 M3 4,638.0 4,972.5
26 Debt 13,716.6(r) 14,459.3(r)
M1 components
27 Currency(3) 376.2 397.9
28 Travelers checks(4) 8.5 8.3
29 Demand deposits(5) 407.2 419.9
30 Other checkable deposits(6) 360.5 278.8
Nontransaction components
31 In M2(7) 2,519.3 2,738.9
32 In M3 only(8) 966.4 1,128.8
Commercial banks
33 Savings deposits, including MMDAs 774.1 903.3
34 Small time deposits(9) 573.8 592.7
35 Large time deposits(10, 11) 345.8 413.3
Thrift institutions
36 Savings deposits, including MMDAs 359.2 366.3
37 Small time deposits(9) 355.9 353.2
38 Large time deposits(10) 74.3 78.1
Money market mutual funds
39 Retail 456.1 523.2
40 Institution-only 257.7 316.0
Repurchase agreements and Eurodollars
41 Repurchase agreements(12) 193.8 205.7
42 Eurodollars(12) 94.9 115.7
Debt components
43 Federal debt 3,645.9 3,787.9
44 Nonfederal debt 10,070.7(r) 10,671.4(r)
1997 1998
Item Dec. Dec.
Seasonally adjusted
Measures(2)
1 M1 1,074.9 1,093.4
2 M2 4,046.4(r) 4,401.0(r)
3 M3 5,403.4(r) 5,995.8(r)
4 Debt 15,224.0(r) 16,244.9(r)
M1 components
5 Currency(3) 424.5 459.2
6 Travelers checks(4) 7.7 7.8
7 Demand deposits(5) 396.5 377.5
8 Other checkable deposits(6) 246.2 248.8
Nontransaction components
9 In M2(7) 2,971.5(r) 3,307.6(r)
10 In M3 only(8) 1,357.0(r) 1,594.8(r)
Commercial banks
11 Savings deposits, including MMDAs 1,022.9 1,189.8
12 Small time deposits(9) 626.1 626.0
13 Large time deposits(10,11) 490.2 541.0
Thrift institutions
14 Savings deposits, including MMDAs 377.3 415.2
15 Small time deposits(9) 343.2 325.9
16 Large time deposits(10,11) 85.9 89.1
Money market mutual funds
17 Retail 602.0(r) 750.7(r)
18 Institution-only 379.9 516.2
Repurchase agreements and Eurodollars
19 Repurchase agreements(12) 251.7(r) 297.8(r)
20 Eurodollars(12) 149.3(r) 150.7
Debt components
21 Federal debt 3,800.3(r) 3,750.8(r)
22 Nonfederal debt 11,423.7(r) 12,494.2(r)
Not seasonally adjusted
Measures(2)
23 M1 1,097.4 1,115.3
24 M2 4,064.6(r) 4,417.8(r)
25 M3 5,419.6(r) 6,011.9(r)
26 Debt 15,221.1(r) 16,241.8(r)
M1 components
27 Currency(3) 428.9 464.2
28 Travelers checks(4) 7.9 8.0
29 Demand deposits(5) 412.3 392.4
30 Other checkable deposits(6) 248.3 250.7
Nontransaction components
31 In M2(7) 2,967.2(r) 3,302.5(r)
32 In M3 only(8) 1,355.0(r) 1,594.1(r)
Commercial banks
33 Savings deposits, including MMDAs 1,020.4 1,186.8
34 Small time deposits(9) 625.3 625.4
35 Large time deposits(10, 11) 487.7 537.4
Thrift institutions
36 Savings deposits, including MMDAs 376.4 414.1
37 Small time deposits(9) 342.8 325.6
38 Large time deposits(10) 85.4 88.5
Money market mutual funds
39 Retail 602.3(r) 750.6(r)
40 Institution-only 384.5 523.3
Repurchase agreements and Eurodollars
41 Repurchase agreements(12) 245.1(r) 290.5(r)
42 Eurodollars(12) 152.3 154.5
Debt components
43 Federal debt 3,805.8 3,754.9
44 Nonfederal debt 11,415.3(r) 12,486.8(r)
1999
Item May(r) June
Seasonally adjusted
Measures(2)
1 M1 1,104.7 1,101.1
2 M2 4,505.1 4,520.8
3 M3 6,127.5 6,156.1
4 Debt 16,701.8 16,776.4
M1 components
5 Currency(3) 480.9 484.1
6 Travelers checks(4) 7.8 8.2
7 Demand deposits(5) 369.4 362.9
8 Other checkable deposits(6) 246.5 245.9
Nontransaction components
9 In M2(7) 3,400.4 3,419.8
10 In M3 only(8) 1,622.4 1,635.3
Commercial banks
11 Savings deposits, including MMDAs 1,233.9 1,246.3
12 Small time deposits(9) 613.5 612.5
13 Large time deposits(10,11) 533.5 530.2
Thrift institutions
14 Savings deposits, including MMDAs 441.1 447.8
15 Small time deposits(9) 316.7 312.9
16 Large time deposits(10,11) 88.0 87.9
Money market mutual funds
17 Retail 795.1 800.3
18 Institution-only 544.6 548.1
Repurchase agreements and Eurodollars
19 Repurchase agreements(12) 295.6 308.7
20 Eurodollars(12) 160.6 160.4
Debt components
21 Federal debt 3,702.8 3,703.6
22 Nonfederal debt 12,999.1 13,072.8
Not seasonally adjusted
Measures(2)
23 M1 1,096.7 1,098.3
24 M2 4,484.5 4,508.7
25 M3 6,112.6 6,139.6
26 Debt 16,651.9 16,724.7
M1 components
27 Currency(3) 479.9 483.2
28 Travelers checks(4) 7.9 8.1
29 Demand deposits(5) 363.6 361.3
30 Other checkable deposits(6) 245.3 245.7
Nontransaction components
31 In M2(7) 3,387.8 3,410.4
32 In M3 only(8) 1,628.2 1,630.9
Commercial banks
33 Savings deposits, including MMDAs 1,235.2 1,249.8
34 Small time deposits(9) 612.3 611.1
35 Large time deposits(10, 11) 539.3 535.7
Thrift institutions
36 Savings deposits, including MMDAs 441.6 449.1
37 Small time deposits(9) 316.0 312.2
38 Large time deposits(10) 89.0 88.8
Money market mutual funds
39 Retail 782.7 788.2
40 Institution-only 538.3 540.6
Repurchase agreements and Eurodollars
41 Repurchase agreements(12) 302.1 308.6
42 Eurodollars(12) 159.5 157.3
Debt components
43 Federal debt 3,674.2 3,662.8
44 Nonfederal debt 12,977.7 13,061.9
Item 1999
July Aug.
Seasonally adjusted
Measures(2)
1 M1 1,099.5 1,102.2
2 M2 4,541.0 4,561.9
3 M3 6,180.7 6,206.1
4 Debt 16,847.2 n.a.
M1 components
5 Currency(3) 487.3 490.9
6 Travelers checks(4) 8.6 8.5
7 Demand deposits(5) 362.6 363.1
8 Other checkable deposits(6) 241.0 239.7
Nontransaction components
9 In M2(7) 3,441.5 3,459.7
10 In M3 only(8) 1,639.7 1,644.3
Commercial banks
11 Savings deposits, including MMDAs 1,260.5 1,268.5
12 Small time deposits(9) 613.0 614.6
13 Large time deposits(10,11) 539.5 535.4
Thrift institutions
14 Savings deposits, including MMDAs 455.1 456.6
15 Small time deposits(9) 311.7 312.1
16 Large time deposits(10,11) 88.7 89.2
Money market mutual funds
17 Retail 801.3 807.9
18 Institution-only 546.0 556.4
Repurchase agreements and Eurodollars
19 Repurchase agreements(12) 308.6 310.2
20 Eurodollars(12) 156.8 153.1
Debt components
21 Federal debt 3,706.2 n.a.
22 Nonfederal debt 13,141.0 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,098.0 1,097.4
24 M2 4,531.2 4,556.3
25 M3 6,151.5 6,189.2
26 Debt 16,781.6 n.a.
M1 components
27 Currency(3) 487.8 490.2
28 Travelers checks(4) 8.3 8.2
29 Demand deposits(5) 362.6 361.7
30 Other checkable deposits(6) 239.4 237.4
Nontransaction components
31 In M2(7) 3,433.2 3,458.8
32 In M3 only(8) 1,620.3 1,633.0
Commercial banks
33 Savings deposits, including MMDAs 1,261.4 1,267.7
34 Small time deposits(9) 612.8 614.2
35 Large time deposits(10, 11) 539.3 535.6
Thrift institutions
36 Savings deposits, including MMDAs 455.4 456.3
37 Small time deposits(9) 311.6 311.9
38 Large time deposits(10) 88.7 89.2
Money market mutual funds
39 Retail 792.1 808.8
40 Institution-only 533.4 548.0
Repurchase agreements and Eurodollars
41 Repurchase agreements(12) 305.9 308.4
42 Eurodollars(12) 153.1 151.8
Debt components
43 Federal debt 3,652.3 n.a.
44 Nonfederal debt 13,129.3 n.a.
NOTES TO TABLE 1.21 (1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed m depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) issued by all depository institutions, (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. (4.) Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. (5.) Demand deposits at commercial banks and foreign-related institutions other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. (6.) Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. (7.) Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. (8.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees. (9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. (10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (12.) Includes both overnight and term. 1.26 COMMERCIAL BANKS IN THE UNITED STATES (Assets and Liabilities(1) A. All commercial banks [TABULAR DATA NOT REPRODUCIBLE IN ASCII] B. Domestically chartered commercial banks [TABULAR DATA NOT REPRODUCIBLE IN ASCII] C. Large domestically chartered commercial banks [TABULAR DATA NOT REPRODUCIBLE IN ASCII] D. Small domestically chartered commercial banks [TABULAR DATA NOT REPRODUCIBLE IN ASCII] E. Foreign-related institutions [TABULAR DATA NOT REPRODUCIBLE IN ASCII] 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING A. Commercial Paper Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1994 1995 1996
1 All issuers 595,382 674,904 775,371
Financial companies(1)
2 Dealer-placed paper, 223,038 275,815 361,147
total(2)
3 Directly placed paper, 207,701 210,829 229,662
total(3)
4 Nonfinancial companies(4) 164,643 188,260 184,563
Year ending December 1999
Item
1997 1998 Feb.
1 All issuers 966,699 1,163,303 1,178,303
Financial companies(1)
2 Dealer-placed paper, 513,307 614,142 615,053
total(2)
3 Directly placed paper, 252,536 322,030 320,468
total(3)
4 Nonfinancial companies(4) 200,857 227,132 242,782
1999
Item
Mar. Apr. May
1 All issuers 1,204,627 1,219,789 1,230,009
Financial companies(1)
2 Dealer-placed paper, 684,616 697,030 710,857
total(2)
3 Directly placed paper, 276,424 276,721 268,129
total(3)
4 Nonfinancial companies(4) 243,587 246,038 251,023
1999
Item
June July
1 All issuers 1,221,020 1,242,107
Financial companies(1)
2 Dealer-placed paper, 705,603 712,718
total(2)
3 Directly placed paper, 272,014 277,570
total(3)
4 Nonfinancial companies(4) 243,404 251,819
(1.) Institutions engaged primarily in commercial, savings, and mortgage banking; sales, personal, and mortgage financing; factoring, finance leasing, and other business lending; insurance underwriting; and other investment activities. (2.) Includes all financial-company paper sold by dealers in the open market. (3.) As reported by financial companies that place their paper directly with investors. (4.) Includes public utilities and finns engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. B. Bankers Dollar Acceptances(1) Millions of dollars, not seasonally adjusted, year ending September(2)
Item 1995 1996
1 Total amount of reporting banks' acceptances
in existence 29,242 25,832
2 Amount of other banks' eligible acceptances
held by reporting banks 1,249 709
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 10,516 7,770
4 Amount of eligible acceptances representing
goods stored in, or shipped between, foreign
countries (included in item 1) 11,373 9,361
Item 1997 1998
1 Total amount of reporting banks' acceptances
in existence 25,774 14,363
2 Amount of other banks' eligible acceptances
held by reporting banks 736 523
3 Amount of own eligible acceptances held by
reporting banks (included in item 1) 6,862 4,884
4 Amount of eligible acceptances representing
goods stored in, or shipped between, foreign
countries (included in item 1) 10,467 5,413
(1.) Includes eligible, dollar-denominated bankers acceptances legally payable in the United States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks; that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal Reserve Act (12 U.S.C. [sections] 372). (2.) Data on bankers dollar acceptances are gathered from approximately 65 institutions; includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and agencies of foreign banks, and Edge and agreement corporations. The reporting group is revised every year. 1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)
Percent per year
Date of change Rate Period Average Period
rate
1996--Jan. 1 8.50 1996 8.27 1997--Jan.
Feb. 1 8.25 1997 8.44 Feb.
1998 8.35 Mar.
1997--Mar. 26 8.50 Apr.
1996--Jan. 8.50 May
1998--Sept. 30 8.25 Feb. 8.25 June
Oct. 16 8.00 Mar. 8.25 July
Nov. 18 7.75 Apr. 8.25 Aug.
May 8.25 Sept.
1999--July 1 8.00 June 8.25 Oct.
Aug. 25 8.25 July 8.25 Nov.
Aug. 8.25 Dec.
Sept. 8.25
Oct. 8.25 1998--Jan.
Nov. 8.25 Feb.
Dec. 8.25 Mar.
Apr.
May
June
Date of change Average Period Average
rate rate
1996--Jan. 1 8.25 1998--July 8.50
Feb. 1 8.25 Aug. 8.50
8.30 Sept. 8.49
1997--Mar. 26 8.50 Oct. 8.12
8.50 Nov. 7.89
1998--Sept. 30 8.50 Dec. 7.75
Oct. 16 8.50
Nov. 18 8.50 1999--Jan. 7.75
8.50 Feb. 7.75
1999--July 1 8.50 Mar. 7.75
Aug. 25 8.50 Apr. 7.75
8.50 May 7.75
June 7.75
8.50 July 8.00
8.50 Aug. 8.06
8.50 Sept. 8.25
8.50
8.50
8.50
(1.) The prime rate is one of several base rates that banks use to price short-term business loans. The table shows the date on which a new rate came to be the predominant one quoted by a majority of the twenty-five largest banks by asset size, based on the most recent Call Report. Data in this table also appear in the Board's H. 15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. 1.35 INTEREST RATES Money and Capital Markets Percent per year; figures are averages of business day data unless otherwise noted
Item 1996 1997 1998
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35
2 Discount window borrowing(2,4) 5.02 5.00 4.92
Commercial paper(3,5,6)
Nonfinancial
3 1-month n.a. 5.57 5.40
4 2-month n.a. 5.57 5.38
5 3-month n.a. 5.56 5.34
Financial
6 1-month n.a. 5.59 5.42
7 2-month n.a. 5.59 5.40
8 3-month n.a. 5.60 5.37
Commercial paper (historical)(3,5,7)
9 1 -month 5.43 5.54 n.a.
10 3-month 5.41 5.58 n.a.
11 6-month 5.42 5.62 n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month 5.31 5.44 n.a.
13 3-month 5.29 5.48 n.a.
14 6-month 5.21 5.48 n.a.
Bankers acceptances(3,5,9)
15 3-month 5.31 5.54 5.39
16 6-month 5.31 5.57 5.30
Certificates of deposit,
secondary market(3,10)
17 1-month 5.35 5.54 5.49
18 3-month 5.39 5.62 5.47
19 6-month 5.47 5.73 5.44
20 Eurodollar deposits, 3-month(3,10) 5.38 5.61 5.45
US Treasury bills
Secondary market(3,5,8)
21 3-month 5.01 5.06 4.78
22 6-month 5.08 5.18 4.83
23 1-year 5.22 5.32 4.80
Auction high(3,5,12)
24 3-month 5.02 5.07 4.81
25 6-month 5.09 5.18 4.85
26 1-year 5.23 5.36 4.85
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.52 5.63 5.05
28 2-year 5.84 5.99 5.13
29 3-year 5.99 6.10 5.14
30 5-year 6.18 6.22 5.15
31 7-year 6.34 6.33 5.28
32 10-year 6.44 6.35 5.26
33 20-year 6.83 6.69 5.72
34 30-year 6.71 6.61 5.58
Composite
35 More than 10 years (long-term) 6.80 6.67 5.69
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.52 5.32 4.93
37 Baa 5.79 5.50 5.14
38 Bond Buyer series 5.76 5.52 5.09
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.66 7.54 6.87
Rating group
40 Aaa 7.37 7.27 6.53
41 Aa 7.55 7.48 6.80
42 A 7.69 7.54 6.93
43 Baa 8.05 7.87 7.22
MEMO
Dividend-price ratio(17)
44 Common stocks 2.19 1.77 1.49
Item 1999
May June July Aug.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 4.74 4.76 4.99 5.07
2 Discount window borrowing(2,4) 4.50 4.50 4.50 4.56
Commercial paper(3,5,6)
Nonfinancial
3 1-month 4.79 4.95 5.06 5.18
4 2-month 4.80 4.98 5.08 5.23
5 3-month 4.81 4.98 5.11 5.25
Financial
6 1-month 4.80 4.96 5.08 5.20
7 2-month 4.82 5.00 5.10 5.24
8 3-month 4.83 5.04 5.14 5.28
Commercial paper (historical)(3,5,7)
9 1 -month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 4.86 5.04 5.16 5.30
16 6-month 4.89 5.14 5.42 5.64
Certificates of deposit,
secondary market(3,10)
17 1-month 4.84 5.01 5.13 5.25
18 3-month 4.92 5.13 5.24 5.41
19 6-month 5.03 5.31 5.58 5.83
20 Eurodollar deposits, 3-month(3,10) 4.90 5.09 5.21 5.36
US Treasury bills
Secondary market(3,5,8)
21 3-month 4.50 4.57 4.55 4.72
22 6-month 4.56 4.82 4.58 4.87
23 1-year 4.60 4.82 4.75 4.91
Auction high(3,5,12)
24 3-month 4.51 4.59 4.60 4.76
25 6-month 4.55 4.81 4.62 4.88
26 1-year 4.63 4.89 4.71 4.95
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 4.85 5.10 5.03 5.20
28 2-year 5.25 5.62 5.55 5.68
29 3-year 5.33 5.70 5.62 5.77
30 5-year 5.44 5.81 5.68 5.84
31 7-year 5.64 6.05 5.94 6.15
32 10-year 5.54 5.90 5.79 5.94
33 20-year 6.08 6.36 6.28 6.43
34 30-year 5.81 6.04 5.98 6.07
Composite
35 More than 10 years (long-term) 6.04 6.31 6.22 6.37
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.05 5.22 5.24 5.47
37 Baa 5.43 5.59 5.64 5.93
38 Bond Buyer series 5.18 5.37 5.36 5.58
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.32 7.62 7.57 7.77
Rating group
40 Aaa 6.93 7.23 7.19 7.40
41 Aa 7.23 7.52 7.48 7.68
42 A 7.40 7.69 7.65 7.84
43 Baa 7.72 8.02 7.95 8.15
MEMO
Dividend-price ratio(17)
44 Common stocks 1.24 1.25 1.20 1.25
Item 1999, week ending
July 30 Aug. 6 Aug. 13
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.01 5.06 4.96
2 Discount window borrowing(2,4) 4.50 4.50 4.50
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.07 5.11 5.14
4 2-month 5.09 5.16 5.20
5 3-month 5.12 5.18 5.24
Financial
6 1-month 5.09 5.13 5.17
7 2-month 5.10 5.18 5.22
8 3-month 5.14 5.21 5.27
Commercial paper (historical)(3,5,7)
9 1 -month n.a. n.a. n.a.
10 3-month n.a. n.a. n.a.
11 6-month n.a. n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a. n.a.
13 3-month n.a. n.a. n.a.
14 6-month n.a. n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.17 5.20 5.29
16 6-month 5.46 5.51 5.62
Certificates of deposit,
secondary market(3,10)
17 1-month 5.14 5.17 5.23
18 3-month 5.27 5.35 5.41
19 6-month 5.64 5.75 5.85
20 Eurodollar deposits, 3-month(3,10) 5.20 5.25 5.38
US Treasury bills
Secondary market(3,5,8)
21 3-month 4.59 4.65 4.72
22 6-month 4.61 4.78 4.90
23 1-year 4.80 4.85 4.94
Auction high(3,5,12)
24 3-month 4.54 4.70 4.79
25 6-month 4.52 4.75 4.92
26 1-year n.a. n.a. n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.07 5.13 5.23
28 2-year 5.59 5.64 5.77
29 3-year 5.65 5.73 5.87
30 5-year 5.75 5.86 5.97
31 7-year 6.03 6.14 6.31
32 10-year 5.86 5.95 6.08
33 20-year 6.34 6.42 6.52
34 30-year 6.05 6.12 6.19
Composite
35 More than 10 years (long-term) 6.29 6.37 6.47
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.27 5.38 5.49
37 Baa 5.71 5.80 5.95
38 Bond Buyer series 5.41 5.49 5.57
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.67 7.75 7.89
Rating group
40 Aaa 7.29 7.38 7.53
41 Aa 7.58 7.67 7.81
42 A 7.75 7.82 7.96
43 Baa 8.04 8.13 8.27
MEMO
Dividend-price ratio(17)
44 Common stocks 1.22 1.28 1.27
Item 1999, week ending
Aug. 20 Aug. 27
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.03 5.02
2 Discount window borrowing(2,4) 4.50 4.57
Commercial paper(3,5,6)
Nonfinancial
3 1-month 5.18 5.23
4 2-month 5.24 5.28
5 3-month 5.27 5.30
Financial
6 1-month 5.20 5.26
7 2-month 5.25 5.30
8 3-month 5.32 5.32
Commercial paper (historical)(3,5,7)
9 1 -month n.a. n.a.
10 3-month n.a. n.a.
11 6-month n.a. n.a.
Finance paper, directly placed
(historical)(3,5,8)
12 1-month n.a. n.a.
13 3-month n.a. n.a.
14 6-month n.a. n.a.
Bankers acceptances(3,5,9)
15 3-month 5.33 5.36
16 6-month 5.68 5.70
Certificates of deposit,
secondary market(3,10)
17 1-month 5.28 5.30
18 3-month 5.43 5.42
19 6-month 5.86 5.86
20 Eurodollar deposits, 3-month(3,10) 5.40 5.39
US Treasury bills
Secondary market(3,5,8)
21 3-month 4.65 4.81
22 6-month 4.88 4.89
23 1-year 4.91 4.91
Auction high(3,5,12)
24 3-month 4.68 4.85
25 6-month 4.90 4.95
26 1-year 4.95 n.a.
U.S. TREASURY NOTES AND BONDS
Constant maturities(13)
27 1-year 5.20 5.19
28 2-year 5.68 5.61
29 3-year 5.75 5.69
30 5-year 5.81 5.71
31 7-year 6.12 6.02
32 10-year 5.91 5.81
33 20-year 6.43 6.35
34 30-year 6.03 5.93
Composite
35 More than 10 years (long-term) 6.36 6.28
STATE AND LOCAL NOTES AND BONDS
Moody's series(14)
36 Aaa 5.52 5.49
37 Baa 6.00 5.95
38 Bond Buyer series 5.65 5.61
CORPORATE BONDS
39 Seasoned issues, all industries(16) 7.75 7.67
Rating group
40 Aaa 7.37 7.29
41 Aa 7.66 7.58
42 A 7.82 7.74
43 Baa 8.14 8.06
MEMO
Dividend-price ratio(17)
44 Common stocks 1.25 1.20
(1.) The daily effective federal funds rate is a weighted average of rates on trades through New York brokers. (2.) Weekly figures are averages of seven calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. (3.) Annualized using a 360-day year or bank interest. (4.) Rate for the Federal Reserve Bank of New York. (5.) Quoted on a discount basis. (6.) Interest rates interpolated from data on certain commercial paper trades settled by the Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information. (7.) An average of offering rates on commercial paper for firms whose bond rating is AA or the equivalent. Series ended August 29, 1997. (8.) An average of offering rates on paper directly placed by finance companies. Series ended August 29, 1997. (9.) Representative closing yields for acceptances of the highest-rated money center banks. (10.) An average of dealer offering rates on nationally traded certificates of deposit. (11.) Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. (12.) Auction date for daily data; weekly and monthly averages computed on an issue-date basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before that, they are weighted average yields from multiple-price auctions. (13.) Yields on actively traded issues adjusted to constant maturities. Source: U.S. Department of the Treasury. (14.) General obligation bonds based on Thursday figures; Moody's Investors Service. (15.) State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' A1 rating. Based on Thursday figures. (16.) Daily figures from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. (17.) Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly and G. 13 (415) monthly statistical releases. For ordering address, see inside front cover. 1.36 STOCK MARKET Selected Statistics
Indicator 1996 1997
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 357.98 456.99
2 Industrial 453.57 574.97
3 Transportation 327.30 415.08
4 Utility 126.36 143.87
5 Finance 303.94 424.84
6 Standard & Poor's Corporation
(1941-43= 10)(2) 670.49 873.43
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 570.86 628.34
Volume of trading
(thousands of shares)
8 New York Stock Exchange 409,740 523,254
9 American Stock Exchange 22,567 24,390
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 97,400 126,090
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 22,540 31,410
12 Cash accounts 40,430 52,160
Margin requirements (percent of
market value and effective date)(7)
Mar. 11, 1968
13 Margin stocks 70
14 Convertible bonds 50
15 Short sales 70
1998
Indicator 1998 Dec.
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 550.65 576.05
2 Industrial 684.35 717.14
3 Transportation 468.61 456.70
4 Utility 190.52 215.57
5 Finance 516.65 510.31
6 Standard & Poor's Corporation
(1941-43= 10)(2) 1,085.50 1,190.05
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 682.69 660.76
Volume of trading
(thousands of shares)
8 New York Stock Exchange 666,534 680,397
9 American Stock Exchange 28,870 28,756
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 140,980 140,980
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 40,250 40,250
12 Cash accounts 62,450 62,450
Margin requirements
(percent of market
value and effective
date)(7)
June 8, 1968
13 Margin stocks 80
14 Convertible bonds 60
15 Short sales 80
1999
Indicator Jan. Feb.
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 595.43 588.70
2 Industrial 741.43 736.20
3 Transportation 479.72 477.47
4 Utility 224.75 218.24
5 Finance 523.38 514.75
6 Standard & Poor's Corporation
(1941-43= 10)(2) 1,248.77 1,246.58
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 704.22 699.15
Volume of trading
(thousands of shares)
8 New York Stock Exchange 847,135 756,932
9 American Stock Exchange 31,015 31,774
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 153,240 1,151,530
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 36,880 38,850
12 Cash accounts 59,600 57,910
Margin requirements (percent
of market value and
effective date)(7)
May 6, 1970
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65
1999
Indicator Mar. Apr.
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 603.69 627.75
2 Industrial 751.93 780.84
3 Transportation 491.25 523.08
4 Utility 218.11 228.48
5 Finance 544.08 564.99
6 Standard & Poor's Corporation
(1941-43= 10)(2) 1,281.66 1,334.76
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 711.08 748.29
Volume of trading
(thousands of shares)
8 New York Stock Exchange 776,538 874,818
9 American Stock Exchange 29,563 38,895
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 156,440 172,880
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 40,120 41,200
12 Cash accounts 59,435 60,870
Margin requirements (percent
of market value and
effective date)(7)
Dec. 6, 1971
13 Margin stocks 55
14 Convertible bonds 50
15 Short sales 55
1999
Indicator May June
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 635.62 629.53
2 Industrial 791.72 783.96
3 Transportation 537.88 520.66
4 Utility 242.98 241.36
5 Finance 562.66 546.43
6 Standard & Poor's Corporation
(1941-43= 10)(2) 1,332.07 1,322.55
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 787.02 772.01
Volume of trading
(thousands of shares)
8 New York Stock Exchange 785,778 723,025
9 American Stock Exchange 35,241 28,806
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 177,984 176,930
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 41,250 42,865
12 Cash accounts 61,665 64,100
Margin requirements (percent
of market value and
effective date)(7)
Nov. 24, 1972
13 Margin stocks 65
14 Convertible bonds 50
15 Short sales 65
1999
Indicator July Aug.
Prices and trading volume
(averages of daily
figures)(1)
Common stock prices (indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 648.83 621.03
2 Industrial 809.33 778.82
3 Transportation 528.72 492.13
4 Utility 250.5 241.84
5 Finance 557.92 521.59
6 Standard & Poor's Corporation
(1941-43= 10)(2) 1,380.99 1,327.49
7 American Stock Exchange
(Aug. 31, 1973 = 50)(3) 803.75 781.33
Volume of trading
(thousands of shares)
8 New York Stock Exchange 721,294 709,569
9 American Stock Exchange 25,754 27,795
Customer financing (millions
of dollars, end-of-period
balances)
10 Margin credit at 178,360 176,390
broker--dealers(4)
Free credit balances at brokers(5)
11 Margin accounts(6) 44,330 44,230
12 Cash accounts 60,000 62,600
Margin requirements (percent
of market value and
effective date)(7)
Jan. 3, 1974
13 Margin stocks 50
14 Convertible bonds 50
15 Short sales 50
(1.) Daily data on prices are available upon request to the Board of Governors. For ordering address, see inside front cover. (2.) In July 1976 a financial group, composed of banks and insurance companies, was added to the group of stocks on which the index is based. The index is now based on 400 industrial stocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and 40 financial. (3.) On July 5, 1983, the American Stock Exchange rebased its index, effectively cutting previous readings in half. (4.) Since July 1983, under the revised Regulation T, margin credit at broker-dealers has included credit extended against stocks, convertible bonds, stocks acquired through the exercise of subscription rights, corporate bonds, and government securities. Separate reporting of data for margin stocks, convertible bonds, and subscription issues was discontinued in April 1984. (5.) Free credit balances are amounts in accounts with no unfulfilled commitments to brokers and are subject to withdrawal by customers on demand. (6.) Series initiated in June 1984. (7.) Margin requirements, stated in regulations adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that can be used to purchase and carry "margin securities" (as defined in the regulations) when such credit is collateralized by securities. Margin requirements on securities are the difference between the market value (100 percent) and the maximum loan value of collateral as prescribed by the Board. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971. On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T the initial margin required for writing options on securities, setting it at 30 percent of the current market value of the stock underlying the option. On Sept. 30, 1985, the Board changed the required initial margin, allowing it to be the same as the option maintenance margin required by the appropriate exchange or self-regulatory organization; such maintenance margin rules must be approved by the Securities and Exchange Commission. 1.38 FEDERAL FISCAL AND FINANCING OPERATIONS Millions of dollars
Fiscal year
Type of account or operation 1996 1997
U.S. budget(1)
1 Receipts, total 1,453,062 1,579,292
2 On-budget 1,085,570 1,187,302
3 Off-budget 367,492 391,990
4 Outlays, total 1,560,512 1,601,235
5 On-budget 1,259,608 1,290,609
6 Off-budget 300,904 310,626
7 Surplus or deficit (-), total -107,450 -21,943
8 On-budget -174,038 -103,307
9 Off-budget 66,588 81,364
Source of financing (total)
10 Borrowing from the public 129,712 38,171
11 Operating cash -6,276 604
(decrease, or increase (-))
12 Other -15,986 -16,832
MEMO
13 Treasury operating balance
(level, end of period) 44,225 43,621
14 Federal Reserve Banks 7,700 7,692
15 Tax and loan accounts 36,525 35,930
Fiscal Calendar
year year
Type of account or operation 1998
Mar. Apr.
U.S. budget(1)
1 Receipts, total 1,721,798 130,292 266,142
2 On-budget 1,305,999 92,425 219,403
3 Off-budget 415,799 37,867 46,739
4 Outlays, total 1,652,552 152,701 152,683
5 On-budget 1,335,948 121,999 123,376
6 Off-budget 316,604 30,702 29,307
7 Surplus or deficit (-), total 69,246 -22,409 113,459
8 On-budget -29,949 -29,574 96,027
9 Off-budget 99,195 7,165 17,432
Source of financing (total)
10 Borrowing from the public -51,049 37,013 -85,208
11 Operating cash 4,743 -16,988 -36,512
(decrease, or increase (-))
12 Other -22,940 2,384 8,261
MEMO
13 Treasury operating balance
(level, end of period) 38,878 21,626 58,138
14 Federal Reserve Banks 4,952 5,374 10,040
15 Tax and loan accounts 33,926 16,252 48,098
Calendar
year
Type of account or operation 1999
May June
U.S. budget(1)
1 Receipts, total 98,587 199,479
2 On-budget 62,646 156,901
3 Off-budget 35,941 42,578
4 Outlays, total 122,556 145,911
5 On-budget 91,358 136,113
6 Off-budget 31,197 9,799
7 Surplus or deficit (-), total -23,969 53,568
8 On-budget -28,712 20,788
9 Off-budget 4,744 32,779
Source of financing (total)
10 Borrowing from the public -551 -22,246
11 Operating cash 32,495 -27,459
(decrease, or increase (-))
12 Other -7,975 -3,863
MEMO
13 Treasury operating balance
(level, end of period) 25,643 53,102
14 Federal Reserve Banks 5,506 6,720
15 Tax and loan accounts 20,586 46,382
Calendar
year
Type of account or operation 1999
July Aug.
U.S. budget(1)
1 Receipts, total 121,905 126,314
2 On-budget 87,941 91,544
3 Off-budget 33,964 34,770
4 Outlays, total 147,068 128,827
5 On-budget 117,634 97,684
6 Off-budget 29,434 31,143
7 Surplus or deficit (-), total -25,164 -2,513
8 On-budget -29,693 -6,140
9 Off-budget 4,530 3,627
Source of financing (total)
10 Borrowing from the public 1,193 26,470
11 Operating cash 13,553 3,160
(decrease, or increase (-))
12 Other 10,418 -27,117
MEMO
13 Treasury operating balance
(level, end of period) 39,549 36,389
14 Federal Reserve Banks 4,984 5,559
15 Tax and loan accounts 34,565 30,831
(1.) Since 1990, off-budget items have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the U.S. Postal Service. (2.) Includes special drawing rights (SDRs): reserve position on the U.S. quota in the International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous liability including checks outstanding) and asset accounts; seigniorage Seigniorage The difference between the value of money and the cost to produce it.Notes: Seigniorage may be counted as revenue for a government when the money that is created is worth more than it costs to produce it. This revenue is often used by governments to finance a portion of their expenditures without having to collect taxes. If, for example, it costs the U.S. Government $0.05 to produce a $1 bill, the seigniorage is $0.; increment
on gold; net gain or loss for U.S. currency valuation adjustment; net
gain or loss for IMF loan-valuation adjustment; and profit on sale of
gold.SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the US. Government; fiscal year totals: U.S. Office of Management and Budget, Budget of the US. Government. 1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1) Millions of dollars
Fiscal year Calendar
year
Source or type 1997
1997 1998
H2
RECEIPTS
1 All sources 1,579,292 1,721,798 773,810
2 Individual income taxes, net 737,466 828,586 354,072
3 Withheld 580,207 646,483 306,865
4 Nonwithheld 250,753 281,527 58,069
5 Refunds 93,560 99,476 10,869
Corporation income taxes
6 Gross receipts 204,493 213,249 104,659
7 Refunds 22,198 24,593 10,135
8 Social insurance taxes and
contributions, net 539,371 571,831 260,795
9 Employment taxes and
contributions(2) 506,751 540,014 247,794
10 Unemployment insurance 28,202 27,484 10,724
11 Other net receipts(3) 4,418 4,333 2,280
12 Excise taxes 56,924 57,673 31,133
13 Customs deposits 17,928 18,297 9,679
14 Estate and gift taxes 19,845 24,076 10,262
15 Miscellaneous receipts(4) 25,465 32,658 13,348
OUTLAYS
16 All types 1,601,235 1,652,552 824,368
17 National defense 270,473 268,456 140,873
18 International affairs 15,228 13,109 9,420
19 General science, space, and
technology 17,174 18,219 10,040
20 Energy 1,483 1,270 411
21 Natural resources and
environment 21,369 22,396 11,106
22 Agriculture 9,032 12,206 10,590
23 Commerce and housing credit -14,624 1,014 -3,526
24 Transportation 40,767 40,332 20,414
25 Community and regional
development 11,005 9,720 5,749
26 Education, training,
employment, and social
services 53,008 54,919 26,851
27 Health 123,843 131,440 63,552
28 Social security and Medicare 555,273 572,047 283,109
29 Income security 230,886 233,202 106,353
30 Veterans benefits and
services 39,313 41,781 22,077
31 Administration of justice 20,197 22,832 10,212
32 General government 12,768 13,444 7,302
33 Net interest(5) 244,013 243,359 122,620
34 Undistributed offsetting
receipts(6) -49,973 -47,194 -22,795
Calendar year
Source or type 1998 1999
H1 H2 H1
RECEIPTS
1 All sources 922,630 825,057 965,636
2 Individual income taxes, net 447,514 392,332 481,527
3 Withheld 316,309 339,144 351,068
4 Nonwithheld 219,136 65,204 240,278
5 Refunds 87,989 12,032 109,875
Corporation income taxes
6 Gross receipts 109,353 104,163 106,861
7 Refunds 14,220 14,250 17,092
8 Social insurance taxes and
contributions, net 312,713 268,466 324,831
9 Employment taxes and
contributions(2) 293,520 256,142 306,235
10 Unemployment insurance 17,080 10,121 16,378
11 Other net receipts(3) 2,112 2,202 2,216
12 Excise taxes 29,922 33,366 31,015
13 Customs deposits 8,546 9,838 8,440
14 Estate and gift taxes 12,971 12,359 14,915
15 Miscellaneous receipts(4) 15,829 18,735 15,140
OUTLAYS
16 All types 815,884 877,412 816,828
17 National defense 129,351 140,196 134,414
18 International affairs 4,610 8,297 6,879
19 General science, space, and
technology 9,426 10,142 9,319
20 Energy 957 699 797
21 Natural resources and
environment 10,051 12,671 10,351
22 Agriculture 2,387 16,757 9,803
23 Commerce and housing credit -2,483 4,046 -1,629
24 Transportation 16,196 20,836(r) 17,082
25 Community and regional
development 4,863 6,972 5,368
26 Education, training,
employment, and social
services 25,928 27,760 29,003
27 Health 65,053 67,836 69,320
28 Social security and Medicare 286,305 316,809 261,146
29 Income security 125,196 109,481 126,144
30 Veterans benefits and
services 19,615 22,750 20,105
31 Administration of justice 11,287 12,041 13,149
32 General government 6,139 9,136 6,650
33 Net interest(5) 122,345 116,954 116,655
34 Undistributed offsetting
receipts(6) -21,340 -25,795 -17,724
Calendar year
Source or type 1999
June July Aug.
RECEIPTS
1 All sources 199,479 121,905 126,314
2 Individual income taxes, net 92,993 59,975 60,709
3 Withheld 57,716 59,717 57,476
4 Nonwithheld 37,706 3,262 5,163
5 Refunds 2,438 3,006 1,931
Corporation income taxes
6 Gross receipts 40,610 5,303 5,115
7 Refunds 1,346 1,898 1,418
8 Social insurance taxes and
contributions, net 55,144 46,368 49,389
9 Employment taxes and
contributions(2) 54,380 44,392 44,960
10 Unemployment insurance 370 1,573 4,085
11 Other net receipts(3) 393 403 344
12 Excise taxes 5,880 5,723 5,397
13 Customs deposits 1,599 1,725 1,814
14 Estate and gift taxes 1,857 1,938 2,175
15 Miscellaneous receipts(4) 2,742 2,771 3,131
OUTLAYS
16 All types 145,911 147,068 128,827
17 National defense 24,122 26,153 20,867
18 International affairs 1,053 569 530
19 General science, space, and
technology 1,800 1,597 1,681
20 Energy 557 -13 26
21 Natural resources and
environment 1,906 1,935 1,961
22 Agriculture 2,591 489 726
23 Commerce and housing credit -116 64 -1,386
24 Transportation 3,882 3,375 3,838
25 Community and regional
development 1,201 755 879
26 Education, training,
employment, and social
services 4,143 3,980 4,363
27 Health 12,307 11,685 11,959
28 Social security and Medicare 52,990 51,157 45,607
29 Income security 14,574 20,514 16,495
30 Veterans benefits and
services 3,619 5,130 1,895
31 Administration of justice 2,536 1,935 2,349
32 General government 3,508 1,360 200
33 Net interest(5) 18,518 19,598 19,931
34 Undistributed offsetting
receipts(6) -3,278 -3,214 -3,095
(1.) Functional details do not sum to total outlays for calendar year data because revisions to monthly totals have not been distributed among functions. Fiscal year total for receipts and outlays do not correspond to calendar year data because revisions from the Budget have not been fully distributed across months. (2.) Old-age, disability, and hospital insurance, and railroad retirement accounts. (3.) Federal employee retirement contributions and civil service retirement and disability fund. (4.) Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. (5.) Includes interest received by trust funds. (6.) Rents and royalties for the outer continental shelf, U.S. government contributions for employee retirement, and certain asset sales. SOURCE. Fiscal year totals: U.S. Office of Management and Budget, Budget of the U.S. Government, Fiscal Year 2000; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. 1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION Billions of dollars, end of month
1997
Item
June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,410 5,446 5,536
2 Public debt securities 5,376 5,413 5,502
3 Held by public 3,805 3,815 3,847
4 Held by agencies 1,572 1,599 1,656
5 Agency securities 34 33 34
6 Held by public 26 26 27
7 Held by agencies 7 7 7
8 Debt subject to statutory limit 5,290 5,328 5,417
9 Public debt securities 5,290 5,328 5,416
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,500 5,950 5,950
1998
Item
Mar. 31 June 30 Sept. 30
1 Federal debt outstanding 5,573 5,578 5,556
2 Public debt securities 5,542 5,548 5,526
3 Held by public 3,872 3,790 3,761
4 Held by agencies 1,670 1,758 1,766
5 Agency securities 31 30 29
6 Held by public 26 26 26
7 Held by agencies 5 4 4
8 Debt subject to statutory limit 5,457 5,460 5,440
9 Public debt securities 5,456 5,460 5,439
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998 1999
Item
Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,643 5,681 5,668
2 Public debt securities 5,614 5,652 5,639
3 Held by public 3,787 3,795 3,685
4 Held by agencies 1,827 1,857 1,954
5 Agency securities 29 29 29
6 Held by public 29 28 28
7 Held by agencies 1 1 1
8 Debt subject to statutory limit 5,530 5,566 5,552
9 Public debt securities 5,530 5,566 5,552
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
(1.) Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Treasury Bulletin. 1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership Billions of dollars, end of period
Type and holder 1995 1996 1997
1 Total gross public debt 4,988.7 5,323.2 5,502.4
By type
2 Interest-bearing 4,964.4 5,317.2 5,494.9
3 Marketable 3,307.2 3,459.7 3,456.8
4 Bills 760.7 777.4 715.4
5 Notes 2,010.3 2,112.3 2,106.1
6 Bonds 521.2 555.0 587.3
7 Inflation-indexed notes and
bonds(1) n.a. n.a. 33.0
8 Nonmarketable(2) 1,657.2 1,857.5 2,038.1
9 State and local government
series 104.5 101.3 124.1
10 Foreign issues(3) 40.8 37.4 36.2
11 Government 40.8 47.4 36.2
12 Public .0 .0 .0
13 Savings bonds and notes 181.9 182.4 181.2
14 Government account series(4) 1,299.6 1,505.9 1,666.7
15 Non-interest-bearing 24.3 6.0 7.5
By holder(5)
16 U.S. Treasury and other federal 1,304.5 1,497.2 1,655.7
agencies and trust funds
17 Federal Reserve Banks 391.0 410.9 451.9
18 Private investors 3,307.7 3,431.2 3,414.6
19 Depository institutions 315.4 296.6 300.3
20 Mutual funds 286.4 315.8 321.3
21 Insurance companies 241.5 214.1 176.6
22 State and local treasuries(6) 289.8 257.0 239.3
Individuals
23 Savings bonds 185.0 187.0 186.5
24 Pension funds 474.5 505.1 539.1
25 Private 298.7 314.6 334.3
26 State and Local 175.8 190.5 204.8
27 Foreign and international(7) 835.2 1,102.1 1,241.6
28 Other miscellaneous
investors(6, 8) 679.8 553.5 409.9
1998
Type and holder 1998
Q3 Q4
1 Total gross public debt 5,614.2 5,526.2 5,614.2
By type
2 Interest-bearing 5,605.4 5,518.7 5,605.4
3 Marketable 3,355.5 3,331.0 3,355.5
4 Bills 691.0 637.7 691.0
5 Notes 1,960.7 2,009.1 1,960.7
6 Bonds 621.2 610.4 621.2
7 Inflation-indexed notes and
bonds(1) 50.6 41.9 50.6
8 Nonmarketable(2) 2,249.9 2,187.7 2,249.9
9 State and local government
series 165.3 164.4 165.3
10 Foreign issues(3) 34.3 35.1 34.3
11 Government 34.3 35.1 34.3
12 Public .0 .0 .0
13 Savings bonds and notes 180.3 180.8 180.3
14 Government account series(4) 1,840.0 1,777.3 1,840.0
15 Non-interest-bearing 8.8 7.5 8.8
By holder(5)
16 U.S. Treasury and other federal 1,826.8 1,765.6 1,826.8
agencies and trust funds
17 Federal Reserve Banks 471.7 458.1 471.7
18 Private investors 3,334.0 3,313.2 3,334.0
19 Depository institutions 237.4 244.4 237.4
20 Mutual funds 339.5 319.1 339.5
21 Insurance companies 144.6 150.7 144.6
22 State and local treasuries(6) 269.3 266.4 269.3
Individuals
23 Savings bonds 186.7 186.0 186.6
24 Pension funds 547.0 537.9 547.0
25 Private 345.4 341.4 345.4
26 State and Local 201.6 196.5 201.6
27 Foreign and international(7) 1,278.7 1,224.2 1,278.7
28 Other miscellaneous
investors(6, 8) 330.8 384.5 330.8
1999
Type and holder
Q1 Q2
1 Total gross public debt 5,651.6 5,638.8
By type
2 Interest-bearing 5,643.1 5,629.5
3 Marketable 3,361.3 3,248.5
4 Bills 725.5 647.8
5 Notes 1,912.0 1,868.5
6 Bonds 632.5 632.5
7 Inflation-indexed notes and
bonds(1) 59.2 59.9
8 Nonmarketable(2) 2,281.8 2,381.0
9 State and local government
series 167.5 172.6
10 Foreign issues(3) 33.5 30.9
11 Government 33.5 30.9
12 Public .0 .0
13 Savings bonds and notes 180.6 180.0
14 Government account series(4) 1,870.2 1,967.5
15 Non-interest-bearing 8.5 9.3
By holder(5)
16 U.S. Treasury and other federal 1,857.1 n.a.
agencies and trust funds
17 Federal Reserve Banks 464.5 n.a.
18 Private investors 3,327.6 3,199.3
19 Depository institutions 247.6 n.a.
20 Mutual funds 341.3 n.a.
21 Insurance companies 137.7 n.a.
22 State and local treasuries(6) 266.6 n.a.
Individuals
23 Savings bonds 186.7 186.6
24 Pension funds 544.9 n.a.
25 Private 347.3 n.a.
26 State and Local 197.6 n.a.
27 Foreign and international(7) 1,270.8 1,257.3
28 Other miscellaneous
investors(6, 8) 332.1 n.a.
(1.) The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. (2.) Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. (3.) Nonmarketable series denominated in dollars, and series denominated in foreign currency held by foreigners. (4.) Held almost entirely by U.S. Treasury and other federal agencies and trust funds. (5.) Data for Federal Reserve Banks and U.S. government agencies and trust funds are actual holdings; data for other groups are Treasury estimates. (6.) In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable federal securities was removed from "Other miscellaneous investors" and added to "State and local treasuries." The data shown here have been revised accordingly. (7.) Includes nonmarketable foreign series treasury securities and treasury deposit funds. Excludes treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. (8.) Includes individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and noncorporate businesses, and other investors. SOURCE. U.S. Treasury Department, data by type of security, Monthly Statement of the Public Debt of the United States; data by holder, Treasury Bulletin. 1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1) Millions of dollars, daily averages
1999
Item
May June July
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 30,791 28,954 24,009
Coupon securities, by maturity
2 Five years or less 109,736 98,738 93,047
3 More than five years 76,896 61,981 53,586
4 Inflation-indexed 1,147 1,278 1,372
Federal agency
5 Discount notes 42,161 44,580 43,320
Coupon securities, by maturity
6 One year or less 1,194 677 652
7 More than one year, but less
than or equal to five years 5,966 5,526 4.59
8 More than five years 4,333 4,256 4,278
9 Mortgage-backed 73,553 72,636 69,129
By type of counterparty
With interdealer broker
10 U.S. Treasury 118,422 103,512 93,223
11 Federal agency 4,202 3,636 3,677
12 Mortgage-backed 26,585 26,565 25,013
With other
13 US Treasury 100,149 87,439 78,790
14 Federal agency 49,452 51,402 49,164
15 Mortgage-backed 46,968 46,072 44,117
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills n.a. 0 0
Coupon securities, by maturity
17 Five years or less 3,921 3,813 2,469
18 More than five years 18,045 14,278 12,348
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less
than or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,434 1,725 951
27 More than five years 6,556 4,992 3,892
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less
or than equal to five years 0 0 0
32 More than five years 0 0 0
33 Mortgage-backed 827 779 1,175
1999, week ending
Item
June 30 July 7 July 14
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 25,325 27,182 22,184
Coupon securities, by maturity
2 Five years or less 96,184 88,369 92,147
3 More than five years 59,964 51,859 58,826
4 Inflation-indexed 1,154 2,719 1,831
Federal agency
5 Discount notes 46,320 52,486 40,079
Coupon securities, by maturity
6 One year or less 505 649 681
7 More than one year, but less
than or equal to five years 7,127 3,729 5,195
8 More than five years 2,524 2,266 4,990
9 Mortgage-backed 55,947 75,744 103,433
By type of counterparty
With interdealer broker
10 U.S. Treasury 96,074 89,684 97,134
11 Federal agency 3,373 2,998 3,644
12 Mortgage-backed 21,558 25,896 32,366
With other
13 US Treasury 86,552 80,445 77,853
14 Federal agency 53,103 56,132 47,301
15 Mortgage-backed 34,389 49,849 71,067
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
17 Five years or less 2,272 2,670 2,428
18 More than five years 12,802 12,078 14,767
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less
than or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,453 1,422 493
27 More than five years 0 3,450 4,716
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less
or than equal to five years 0 n.a. n.a.
32 More than five years 0 0 0
33 Mortgage-backed 0 1,911 1,162
1999, week ending
Item
July 21 July 28 Aug. 4
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 25,392 21,697 22,956
Coupon securities, by maturity
2 Five years or less 96,071 95,315 93,758
3 More than five years 48,561 52,692 59,602
4 Inflation-indexed 301 934 630
Federal agency
5 Discount notes 40,327 40,365 43,379
Coupon securities, by maturity
6 One year or less 413 810 788
7 More than one year, but less
than or equal to five years 3,456 5,780 5,109
8 More than five years 5,405 3,835 5,814
9 Mortgage-backed 50,217 49,315 63,647
By type of counterparty
With interdealer broker
10 U.S. Treasury 92,603 93,702 92,648
11 Federal agency 4,026 3,509 5,008
12 Mortgage-backed 19,405 23,394 22,485
With other
13 US Treasury 77,722 76,936 84,297
14 Federal agency 45,575 47,281 50,082
15 Mortgage-backed 30,812 25,921 41,162
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
17 Five years or less 1,460 2,851 3,640
18 More than five years 10,616 11,915 12,391
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less
than or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 967 933 923
27 More than five years 3,720 3,780 3,647
28 Inflation-indexed 0 n.a. 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less
or than equal to five years 0 0 0
32 More than five years 0 0 n.a.
33 Mortgage-backed 740 1,033 810
1999, week ending
Item
Aug. 11 Aug. 18 Aug. 25
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 20,259 25,938 25,259
Coupon securities, by maturity
2 Five years or less 109,543 96,467 97,441
3 More than five years 82,361 78,109 57,413
4 Inflation-indexed 1,011 882 558
Federal agency
5 Discount notes 42,671 45,086 49,259
Coupon securities, by maturity
6 One year or less 475 930 885
7 More than one year, but less
than or equal to five years 6,285 5,273 3,076
8 More than five years 7,213 3,870 2,400
9 Mortgage-backed 95,043 66,965 49,728
By type of counterparty
With interdealer broker
10 U.S. Treasury 118,908 108,038 97,926
11 Federal agency 4,831 4,854 2,494
12 Mortgage-backed 30,892 27,936 20,003
With other
13 US Treasury 94,267 93,358 82,745
14 Federal agency 51,813 50,305 53,126
15 Mortgage-backed 64,152 39,028 29,725
FUTURES TRANSACTIONS(3)
By type of deliverable security
16 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
17 Five years or less 4,586 4,381 6,014
18 More than five years 15,454 14,282 15,022
19 Inflation-indexed 0 0 0
Federal agency
20 Discount notes 0 0 0
Coupon securities, by maturity
21 One year or less 0 0 0
22 More than one year, but less
than or equal to five years 0 0 0
23 More than five years 0 0 0
24 Mortgage-backed 0 0 0
OPTIONS TRANSACTIONS(4)
By type of underlying security
25 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
26 Five years or less 1,978 883 994
27 More than five years 6,026 4,592 4,868
28 Inflation-indexed 0 0 0
Federal agency
29 Discount notes 0 0 0
Coupon securities, by maturity
30 One year or less 0 0 0
31 More than one year, but less
or than equal to five years 0 0 0
32 More than five years 0 n.a. 0
33 Mortgage-backed 1,526 782 888
(1.) Transactions are market purchases and sales of securities as reported to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Monthly averages are based on the number of trading days in the month. Transactions are assumed to be evenly distributed among the trading days of the report week. Immediate, forward, and futures transactions are reported at principal value, which does not include accrued interest; options transactions are reported at the face value of the underlying securities. Dealers report cumulative transactions for each week ending Wednesday. (2.) Outright transactions include immediate and forward transactions. Immediate delivery refers to purchases or sales of securities (other than mortgage-backed federal agency securities) for which delivery is scheduled in five business days or less and "when-issued" securities that settle on the issue date of offering. Transactions for immediate delivery of mortgage-backed agency securities include purchases and sales for which delivery is scheduled in thirty business days or less. Stripped securities are reported at market value by maturity of coupon or corpus. Forward transactions are agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days. (3.) Futures transactions are standardized agreements arranged on an exchange. All futures transactions are included regardless of time to delivery. (4.) Options transactions are purchases or sales of put and call options, whether arranged on an organized exchange or in the over-the-counter market, and include options on futures contracts on U.S. Treasury and federal agency securities. NOTE. "n.a." indicates that data are not published because of insufficient activity. 1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing(1) Millions of dollars
1999
Item
May June July
NET OUTRIGHT POSITIONS(1)
By type of security
1 U.S. Treasury bills 6,146 3,929 4,005
Coupon securities, by maturity
2 Five years or less -33,183 -30,024 -25,332
3 More than five years -11,576 -15,615 -14,263
4 Inflation-indexed 2,523 2,036 3,202
Federal agency
5 Discount notes 19,406 16,953 21,732
Coupon securities, by maturity
6 One year or less 2,439 2,518 3,233
7 More than one year, but less
than or equal to five years 6,001 6,288 7,633
8 More than five years 6,705 6,450 2,882
9 Mortgage-backed 16,251 14,787 18,844
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills n.a. 0 0
Coupon securities, by maturity
11 Five years or less 7,117 8,731 7,576
12 More than five years -4,873 -827 -4,401
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less
than or equal to five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -142 -2,266 -2,059
21 More than five years -1,581 -1,000 89
22 Inflation-indexed n.a. 0 0
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years 0 0 n.a.
25 More than five years n.a. n.a. n.a.
27 Mortgage-backed 7,992 5,880 2,070
Reverse repurchase agreements
28 Overnight and continuing 262,314 272,933 258,349
29 Term 806,177 790,804 821,067
Securities borrowed
30 Overnight and continuing 226,515 244,326 254,405
31 Term 97,977 91,955 90,588
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term 0 0 n.a.
Repurchase agreements
34 Overnight and continuing 660,275 651,952 675,629
35 Term 693,158 674,583 688,157
Securities loaned
36 Overnight and continuing 10,819 13,306 11,458
37 Term 6,566 5,886 6,991
Securities pledged
38 Overnight and continuing 47,279 49,670 55,853
39 Term 9,702 9,290 9,530
Collateralized loans
40 Total 16,223 14,760 17,509
1999, week ending
Item
June 30 July 7 July 14
Positions(2)
NET OUTRIGHT POSITIONS(1)
By type of security
1 U.S. Treasury bills 718 2,005 2,231
Coupon securities, by maturity
2 Five years or less -23,830 -26,206 -20,426
3 More than five years -16,523 -16,843 -16,676
4 Inflation-indexed 1,701 3,250 3,051 ,
Federal agency
5 Discount notes 13,845 23,313 24,717
Coupon securities, by maturity
6 One year or less 2,505 2,991 3,282
7 More than one year, but less
than or equal to five years 7,273 8,095 8,614
8 More than five years 4,389 3,810 3,618
9 Mortgage-backed 13,294 21,758 20,409
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
11 Five years or less 8,162 7,599 6,368
12 More than five years -336 -1,797 -4,517
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less
than or equal to five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -3,348 -3,163 -2,221
21 More than five years -14,100 -833 -409
22 Inflation-indexed 0 0 n.a.
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years n.a. n.a. n.a.
25 More than five years n.a. n.a. n.a.
27 Mortgage-backed 2,765 2,433 2,964
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 294,893 277,344 262,182
29 Term 702,127 778,711 806,537
Securities borrowed
30 Overnight and continuing 25l 029 259,881 256,145
31 Term 901,872 88,437 89,560
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term 0 n.a. n.a.
Repurchase agreements
34 Overnight and continuing 643,332 675,783 686,633
35 Term 603,027 651,619 675,913
Securities loaned
36 Overnight and continuing 17,599 11,098 11,956
37 Term 5,190 6,732 6,184
Securities pledged
38 Overnight and continuing 57,683 56,751 56,164
39 Term 9,491 9,512 9,814
Collateralized loans
40 Total 9,512 13,496 17,095
1999, week ending
Item
July 21 July 28 Aug. 4
Positions(2)
NET OUTRIGHT POSITIONS(1)
By type of security
1 U.S. Treasury bills 6,403 5,990 2,580
Coupon securities, by maturity
2 Five years or less -26,617 -25,421 -31,534
3 More than five years -14,005 -10,817 -11,258
4 Inflation-indexed 2,983 3,570 3,095
Federal agency
5 Discount notes 16,857 21,611 22,734
Coupon securities, by maturity
6 One year or less 3,229 3,160 3,867
7 More than one year, but less
than or equal to five years 7,655 7,135 5,376
8 More than five years 3,470 1,715 347
9 Mortgage-backed 19,606 15,346 13,840
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
11 Five years or less 6,354 8,023 12,151
12 More than five years -9,047 -3,180 -2,218
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by maturity
15 One year or less 0 0 0
16 More than one year, but less
than or equal to five years 0 0 0
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0 0
Coupon securities, by maturity
20 Five years or less -983 -1,906 -1,972
21 More than five years -259 1,586 725
22 Inflation-indexed 0 n.a. n.a.
Federal agency
23 Discount notes 0 0 0
Coupon securities, by maturity
24 One year or less 0 0 0
25 More than one year, but less
than or equal to five years n.a. n.a. n.a.
25 More than five years n.a. n.a. n.a.
27 Mortgage-backed 943 1,233 3,716
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 245,999 248,771 256,246
29 Term 835,362 848,690 855,989
Securities borrowed
30 Overnight and continuing 253,568 248,818 252,560
31 Term 91,383 92,555 91,564
Securities received as pledge
32 Overnight and continuing n.a. n.a. n.a.
33 Term n.a. n,a. n.a.
Repurchase agreements
34 Overnight and continuing 671,765 668,449 675,359
35 Term 691,902 718,720 721,927
Securities loaned
36 Overnight and continuing 11,249 11,455 11,626
37 Term 7,307 7,593 7,337
Securities pledged
38 Overnight and continuing 55,411 55,191 55,603
39 Term 9,456 9,364 9,467
Collateralized loans
40 Total 17,096 21,564 19,340
1999, week ending
Item
Aug. 11 Aug. 18
Positions(2)
NET OUTRIGHT POSITIONS(1)
By type of security
1 U.S. Treasury bills 82 -105
Coupon securities, by maturity
2 Five years or less -32,317 -33,271
3 More than five years -6,537 -8,053
4 Inflation-indexed 3,328 3,286
Federal agency
5 Discount notes 25,937 26,270
Coupon securities, by maturity
6 One year or less 4,051 3,406
7 More than one year, but less
than or equal to five years 5,924 6,975
8 More than five years 331 1,978
9 Mortgage-backed 20,397 18,723
NET FUTURES POSITIONS(4)
By type of deliverable security
10 U.S. Treasury bills 0 0
Coupon securities, by maturity
11 Five years or less 13,851 12,925
12 More than five years -3,923 -6,173
13 Inflation-indexed 0 0
Federal agency
14 Discount notes 0 0
Coupon securities, by maturity
15 One year or less 0 0
16 More than one year, but less
than or equal to five years 0 0
17 More than five years 0 0
18 Mortgage-backed 0 0
NET OPTIONS POSITIONS
By type of deliverable security
19 U.S. Treasury bills 0 0
Coupon securities, by maturity
20 Five years or less -3,326 -2,192
21 More than five years 1,748 -307
22 Inflation-indexed 0 0
Federal agency
23 Discount notes 0 0
Coupon securities, by maturity
24 One year or less 0 0
25 More than one year, but less
than or equal to five years n.a. n.a.
25 More than five years n.a. n.a.
27 Mortgage-backed 3,533 2,464
Financing(5)
Reverse repurchase agreements
28 Overnight and continuing 265,179 284,331
29 Term 905,104 703,068
Securities borrowed
30 Overnight and continuing 250,398 260,815
31 Term 90,094 88,964
Securities received as pledge
32 Overnight and continuing n.a. n.a.
33 Term n.a. n.a.
Repurchase agreements
34 Overnight and continuing 686,176 700,660
35 Term 764,896 580,375
Securities loaned
36 Overnight and continuing 9,344 9,109
37 Term 7,461 7,317
Securities pledged
38 Overnight and continuing 52,507 56,013
39 Term 9,294 7,145
Collateralized loans
40 Total 15,807 19,308
(1.) Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. (2.) Securities positions are reported at market value. (3.) Net outright positions include immediate and forward positions. Net immediate positions include securities purchased or sold (other than mortgage-backed agency securities) that have been delivered or are scheduled to be delivered in five business days or less and "when-issued" securities that settle on the issue date of offering. Net immediate positions for mortgage-backed agency securities include securities purchased or sold that have been delivered or are scheduled to be delivered in thirty business days or less. Forward positions reflect agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days. (4.) Futures positions reflect standardized agreements arranged on an exchange. All futures positions are included regardless of time to delivery. (5.) Overnight financing refers to agreements made on one business day that mature on the next business day; continuing contracts are agreements that remain in effect for more than one business day but have no specific maturity and can be terminated without advance notice by either party; term agreements have a fixed maturity of more than one business day. Financing data are reported in terms of actual funds paid or received, including accrued interest. NOTE. "n.a." indicates that data are not published because of insufficient activity. 1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding Millions of dollars, end of period
Agency 1995 1996
1 Federal and federally sponsored agencies 844,611 925,823
2 Federal agencies 37,347 29,380
3 Defense Department(1) 6 6
4 Export-Import Bank(2, 3) 2,050 1,447
5 Federal Housing Administration(4) 97 84
6 Government National Mortgage
Association certificates of
participation(5) n.a. n.a.
7 Postal Service(6) 5,765 n.a.
8 Tennessee Valley Authority 29,429 27,853
9 United States Railway Association(6) n.a. n.a.
10 Federally sponsored agencies(7) 807,264 896,443
11 Federal Home Loan Banks 243,194 263,404
12 Federal Home Loan Mortgage Corporation 119,961 156,980
13 Federal National Mortgage Association 299,174 331,270
14 Farm Credit Banks(8) 57,379 60,053
15 Student Loan Marketing Association(9) 47,529 44,763
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial Assistance
Corporation(11) 1,261 1,261
18 Resolution Funding Corporation(12) 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 78,681 58,172
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) 2,044 1,431
21 Postal Service(6) 5,765 n.a.
22 Student Loan Marketing Association n.a. n.a.
23 Tennessee Valley Authority 3,200 n.a.
24 United States Railway Association(6) n.a. n.a.
Other lending(14)
25 Farmers Home Administration 21,015 18,325
26 Rural Electrification Administration 17,144 16,702
27 Other 29,513 21,714
Agency 1997 1998
1 Federal and federally sponsored agencies 1,022,609 1,296,477
2 Federal agencies 27,792 26,502
3 Defense Department(1) 6 6
4 Export-Import Bank(2, 3) 552 n.a.
5 Federal Housing Administration(4) 102 205
6 Government National Mortgage
Association certificates of
participation(5) n.a. n.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley Authority 27,786 26,496
9 United States Railway Association(6) n.a. n.a.
10 Federally sponsored agencies(7) 994,817 1,269,975
11 Federal Home Loan Banks 313,919 382,131
12 Federal Home Loan Mortgage Corporation 169,200 287,396
13 Federal National Mortgage Association 369,774 460,291
14 Farm Credit Banks(8) 63,517 63,488
15 Student Loan Marketing Association(9) 37,717 35,399
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial Assistance
Corporation(11) 1,261 1,261
18 Resolution Funding Corporation(12) 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 49,090 44,129
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) 552 n.a.
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway Association(6) n.a. n.a.
Other lending(14)
25 Farmers Home Administration 13,530 9,500
26 Rural Electrification Administration 14,898 14,091
27 Other 20,110 20,538
1999
Agency
Feb. Mar.
1 Federal and federally sponsored agencies 1,324,812 1,347,872
2 Federal agencies 26,180 26,243
3 Defense Department(1) 6 6
4 Export-Import Bank(2, 3) n.a. n.a.
5 Federal Housing Administration(4) 69 80
6 Government National Mortgage
Association certificates of
participation(5) n.a. n.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley Authority 26,174 26,237
9 United States Railway Association(6) n.a. n.a.
10 Federally sponsored agencies(7) 1,298,632 1,321,629
11 Federal Home Loan Banks 383,769 402,364
12 Federal Home Loan Mortgage Corporation 299,171 299,196
13 Federal National Mortgage Association 471,300 475,418
14 Farm Credit Banks(8) 66,622 66,529
15 Student Loan Marketing Association(9) 36,464 36,762
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial Assistance
Corporation(11) 1,261 1,261
18 Resolution Funding Corporation(12) 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 43,151 41,454
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) n.a. n.a.
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway Association(6) n.a. n.a.
Other lending(14)
25 Farmers Home Administration 9,090 8,715
26 Rural Electrification Administration 14,100 13,980
27 Other 19,961 18,759
1999
Agency
Apr. May
1 Federal and federally sponsored agencies 1,377,524 1,404,576
2 Federal agencies 26,100 26,094
3 Defense Department(1) 6 6
4 Export-Import Bank(2, 3) n.a. n.a.
5 Federal Housing Administration(4) 84 88
6 Government National Mortgage
Association certificates of
participation(5) n.a. n.a.
7 Postal Service(6) n.a. n.a.
8 Tennessee Valley Authority 26,094 26,088
9 United States Railway Association(6) n.a. n.a.
10 Federally sponsored agencies(7) 1,351,424 1,378,482
11 Federal Home Loan Banks 415,602 421,655
12 Federal Home Loan Mortgage Corporation 310,387 317,533
13 Federal National Mortgage Association 478,994 492,913
14 Farm Credit Banks(8) 67,527 66,608
15 Student Loan Marketing Association(9) 37,660 38,129
16 Financing Corporation(10) 8,170 8,170
17 Farm Credit Financial Assistance
Corporation(11) 1,261 1,261
18 Resolution Funding Corporation(12) 29,996 29,996
MEMO
19 Federal Financing Bank debt(13) 41,637 41,131
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) n.a. n.a.
21 Postal Service(6) n.a. n.a.
22 Student Loan Marketing Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway Association(6) n.a. n.a.
Other lending(14)
25 Farmers Home Administration 8,550 8,275
26 Rural Electrification Administration 13,999 13,997
27 Other 19,088 18,859
1999
Agency
June
1 Federal and federally sponsored agencies 1,425,396
2 Federal agencies 26,370
3 Defense Department(1) 6
4 Export-Import Bank(2, 3) n.a.
5 Federal Housing Administration(4) 99
6 Government National Mortgage
Association certificates of
participation(5) n.a.
7 Postal Service(6) n.a.
8 Tennessee Valley Authority 26,364
9 United States Railway Association(6) n.a.
10 Federally sponsored agencies(7) 1,399,026
11 Federal Home Loan Banks 437,109
12 Federal Home Loan Mortgage Corporation 314,412
13 Federal National Mortgage Association 499,897
14 Farm Credit Banks(8) 67,749
15 Student Loan Marketing Association(9) 37,959
16 Financing Corporation(10) 8,170
17 Farm Credit Financial Assistance
Corporation(11) 1,261
18 Resolution Funding Corporation(12) 29,996
MEMO
19 Federal Financing Bank debt(13) 40,585
Lending to federal and federally
sponsored agencies
20 Export-Import Bank(3) n.a.
21 Postal Service(6) n.a.
22 Student Loan Marketing Association n.a.
23 Tennessee Valley Authority n.a.
24 United States Railway Association(6) n.a.
Other lending(14)
25 Farmers Home Administration 7,935
26 Rural Electrification Administration 13,877
27 Other 18,773
(1.) Consists of mortgages assumed by the Defense Department between 1957 and 1963 under family housing and homeowners assistance programs. (2.) Includes participation certificates reclassified as debt beginning Oct. 1, 1976. (3.) On-budget since Sept. 30, 1976. (4.) Consists of debentures issued in payment of Federal Housing Administration insurance claims. Once issued, these securities may be sold privately on the securities market. (5.) Certificates of participation issued before fiscal year 1969 by the Government National Mortgage Association acting as trustee for the Farmers Home Administration, the Department of Health, Education, and Welfare, the Department of Housing and Urban Development, the Small Business Administration, and the Veterans Administration. (6.) Off-budget. (7.) Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes Federal Agricultural Mortgage Corporation, therefore details do not sum to total. Some data are estimated. (8.) Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown on line 17. (9.) Before late 1982, the association obtained financing through the Federal Financing Bank (FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22. (10.) The Financing Corporation, established in August 1987 to recapitalize the Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. (11.) The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. (12.) The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. (13.) The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. (14.) Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans. 1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments Millions of dollars
Type of issue or issuer, 1996 1997 1998
or use
1 All issues, new and
refunding(1) 171,222 214,694 262,342
By type of issue
2 General obligation 60,409 69,934 87,015
3 Revenue 110,813 134,989 175,327
By type of issuer
4 State 13,651 18,237 23,506
5 Special district or statutory
authority(2) 113,228 134,919 178,421
6 Municipality, county, or
township 44,343 70,558 60,173
7 Issues for new capital 112,298 135,519 160,568
By use of proceeds
8 Education 26,851 31,860 36,904
9 Transportation 12,324 13,951 19,926
10 Utilities and conservation 9,791 12,219 21,037
11 Social welfare 24,583 27,794 n.a.
12 Industrial aid 6,287 6,667 8,594
13 Other purposes 32,462 35,095 42,450
1999
Type of issue or issuer,
or use
Jan. Feb. Mar.
1 All issues, new and
refunding(1) 16,926 16,233 24,323
By type of issue
2 General obligation 6,925 6,786 8,323
3 Revenue 10,001 9,446 16,000
By type of issuer
4 State 318 1,837 1,895
5 Special district or statutory
authority(2) 12,929 11,145 14,604
6 Municipality, county, or
township 3,679 3,251 7,825
7 Issues for new capital 11,917 10,674 16,201
By use of proceeds
8 Education 2,936 3,751 3,537
9 Transportation 1,706 628 1,640
10 Utilities and conservation 672 394 2,839
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 452 343 1,084
13 Other purposes 4,439 3,207 3,918
1999
Type of issue or issuer,
or use
Apr. May June
1 All issues, new and
refunding(1) 15,758 16,234 23,428
By type of issue
2 General obligation 6,443 5,294 10,997
3 Revenue 9,315 10,94t 12,431
By type of issuer
4 State 907 1,220 1,236
5 Special district or statutory
authority(2) 10,010 11,279 18,414
6 Municipality, county, or
township 4,841 3,735 3,779
7 Issues for new capital 10,474 12,149 19,509
By use of proceeds
8 Education 2,734 2,795 3,793
9 Transportation 1,107 1,791 1,650
10 Utilities and conservation 1,372 603 1,594
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 618 1,058 739
13 Other purposes 2,592 3,760 7,195
1999
Type of issue or issuer,
or use
July Aug.
1 All issues, new and
refunding(1) 18,671 15,746
By type of issue
2 General obligation 6,206 4,268
3 Revenue 12,465 11,478
By type of issuer
4 State 2,194 911
5 Special district or statutory
authority(2) 13,572 11,578
6 Municipality, county, or
township 2,906 3,257
7 Issues for new capital 12,172 12,530
By use of proceeds
8 Education 3,415 2,842
9 Transportation 1,264 1,955
10 Utilities and conservation 535 1,038
11 Social welfare n.a. n.a.
12 Industrial aid 850 585
13 Other purposes 2,729 3,255
(1.) Par amounts of long-term issues based on date of sale. (2.) Includes school districts. SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then. 1.46 NEW SECURITY ISSUES U.S. Corporations Millions of dollars
Type of issue, offering, 1996 1997 1998
or issuer
1 All issues(1) 773,110 929,256 1,128,491(r)
2 Bonds(2) 651,104 811,376 1,001,736(r)
By type of offering
3 Sold in the United States 567,671 708,188 923,771(r)
4 Sold abroad 83,433 103,188 77,965
MEMO
5 Private placements, domestic 43,688 54,990 37,845
By industry group
6 Nonfinancial 167,904 222,603 307,935(r)
7 Financial 483,200 588,773 693,801(r)
8 Stocks(3) 122,006 117,880 126,755
By type of offering
9 Public 122,006 117,880 126,755
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 80,460 60,386 74,113
12 Financial 41,546 57,494 52,642
1998 1999
Type of issue, offering,
or issuer
Dec. Jan. Feb.
1 All issues(1) 82,317(r) 93,665 103,175
2 Bonds(2) 73,647(r) 86,529 92,885
By type of offering
3 Sold in the United States 70,386(r) 76,511 82,871
4 Sold abroad 3,261 10,018 10,014
MEMO
5 Private placements, domestic 3,874 684 648
By industry group
6 Nonfinancial 25,008 21,193 23,131
7 Financial 48,639(r) 65,336 69,754
8 Stocks(3) 8,670 7,136 10,290
By type of offering
9 Public 8,670 7,136 10,290
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 7,559 3,701 8,911
12 Financial 1,111 3,435 1,379
1999
Type of issue, offering,
or issuer
Mar. Apr. May
1 All issues(1) 126,161 85,862 110,475
2 Bonds(2) 116,440 76,721 94,713
By type of offering
3 Sold in the United States 101,024 65,886 86,730
4 Sold abroad 15,416 10,834 7,983
MEMO
5 Private placements, domestic 1,224 n.a. n.a.
By industry group
6 Nonfinancial 39,818 30,676 32,843
7 Financial 76,623 46,045 61,870
8 Stocks(3) 9,721 9,141 15,762
By type of offering
9 Public 9,721 9,141 15,762
10 Private placement(4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 8,534 7,640 10,425
12 Financial 1,187 1,501 5,337
1999
Type of issue, offering,
or issuer
June July
1 All issues(1) 96,608 96,340
2 Bonds(2) 88,338 83,744
By type of offering
3 Sold in the United States 79,031 68,815
4 Sold abroad 9,306 14,929
MEMO
5 Private placements, domestic n.a. n.a.
By industry group
6 Nonfinancial 24,531 26,152
7 Financial 63,807 57,592
8 Stocks(3) 8,270 12,596
By type of offering
9 Public 8,270 12,596
10 Private placement(4) n.a. n.a.
By industry group
11 Nonfinancial 6,436 11,128
12 Financial 1,834 1,468
(1.) Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closed-end, intracorporate transactions, and Yankee bonds. Stock data include ownership securities issued by limited partnerships. (2.) Monthly data include 144(a) offerings. (3.) Monthly data cover only public offerings. (4.) Data are not available. SOURCE. Securities Data Company and the Board of Governors of the Federal Reserve System. 1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1) Millions of dollars
Item 1997 1998
1 Sales of own shares(2) 1,190,900 1,461,430
Redemptions of own shares 918,728 1,217,022
Net sales(3) 272,172 244,408
4 Assets(4) 3,409,315 4,173,531
5 Cash(5) 174,154 191,393
6 Other 3,235,161 3,982,138
1999
Item
Jan. Feb.
1 Sales of own shares(2) 161,889 132,199
Redemptions of own shares 135,713 128,125
Net sales(3) 26,176 4,074
4 Assets(4) 4,298,071 4,180,115
5 Cash(5) 203,470 198,134
6 Other 4,094,601 3,981,982
1999
Item
Mar. Apr.
1 Sales of own shares(2) 164,290 166,324
Redemptions of own shares 146,479 139,035
Net sales(3) 17,811 27,288
4 Assets(4) 4,328,150 4,505,237
5 Cash(5) 198,741 211,243
6 Other 4,129,409 4,293,994
1999
Item
May June
1 Sales of own shares(2) 140,422 138,502
Redemptions of own shares 127,800 117,953
Net sales(3) 12,622 20,550
4 Assets(4) 4,442,880 4,650,385
5 Cash(5) 211,580 214,779
6 Other 4,231,300 4,435,607
1999
Item
July Aug.
1 Sales of own shares(2) 140,926 133,167
Redemptions of own shares 128,173 125,881
Net sales(3) 12,754 7,286
4 Assets(4) 4,585,131 4,550,455
5 Cash(5) 209,061 209,550
6 Other 4,376,070 4,340,905
(1.) Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. (2.) Excludes reinvestment of net income dividends and capital gains distributions and share issue of conversions from one fund to another in the same group. (3.) Excludes sales and redemptions resulting from transfers of shares into or out of money market mutual funds within the same fund family. (4.) Market value at end of period, less current liabilities. (5.) Includes all U.S. Treasury securities and other short-term debt securities. SOURCE. Investment Company Institute. Data based on reports of membership, which comprises substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION Billions of dollars; quarterly data at seasonally adjusted annual rates
Account 1996 1997 1998
1 Profits with inventory valuation
and capital consumption
adjustment 750.4 817.9 824.6
2 Profits before taxes 680.2 734.4 717.8
3 Profits-tax liability 226.1 246.1 240.1
4 Profits after taxes 454.1 488.3 477.7
5 Dividends 261.9 275.1 279.2
6 Undistributed profits 192.3 213.2 198.5
7 Inventory valuation -1.2 6.9 14.5
8 Capital consumption adjustment 71.4 76.6 92.3
1997 1998
Account
Q3 Q4 Q1 Q2
1 Profits with inventory valuation
and capital consumption
adjustment 840.9 820.8 829.2 820.6
2 Profits before taxes 758.9 736.4 719.1 723.5
3 Profits-tax liability 254.2 249.3 239.9 241.6
4 Profits after taxes 504.7 487.1 479.2 481.8
5 Dividends 275.1 276.4 277.3 278.1
6 Undistributed profits 229.5 210.6 201.8 203.7
7 Inventory valuation 4.8 4.3 25.3 7.8
8 Capital consumption adjustment 77.2 80.1 84.9 89.4
1998 1999
Account
Q3 Q4 Q1 Q2
1 Profits with inventory valuation
and capital consumption
adjustment 827.0 821.7 868.8 859.6
2 Profits before taxes 720.5 708.1 752.6 768.2
3 Profits-tax liability 243.2 235.6 250.7 257.5
4 Profits after taxes 477.3 472.5 501.9 510.7
5 Dividends 279.0 282.3 285.6 289.7
6 Undistributed profits 198.3 190.2 216.4 221.0
7 Inventory valuation 11.7 13.4 11.6 -17.1
8 Capital consumption adjustment 94.8 100.2 104.6 108.6
SOURCE. U.S. Department of Commerce, Survey of Current Business. 1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1) Billions of dollars, end of period; not seasonally adjusted
Account 1996 1997 1998
ASSETS
1 Accounts receivable, gross(2) 637.1 663.3 711.7
2 Consumer 244.9 256.8 261.8
3 Business 309.5 318.5 347.5
4 Real estate 82.7 87.9 102.3
5 LESS: Reserves for unearned
income 55.6 52.7 56.3
6 Reserves for losses 13.1 13.0 13.8
7 Accounts receivable, net 568.3 597.6 641.6
8 All other 290.0 312.4 337.9
9 Total assets 858.3 910.0 979.5
LIABILITIES AND CAPITAL
10 Bank loans 19.7 24.1 26.3
11 Commercial paper 177.6 201.5 231.5
Debt
12 Owed to parent 60.3 64.7 61.8
13 Not elsewhere classified 332.5 328.8 339.7
14 All other liabilities 174.7 189.6 203.2
15 Capital, surplus, and
undivided profits 93.5 101.3 117.0
16 Total liabilities and capital 858.3 910.0 979.5
1997 1998
Account
Q4 Q1 Q2 Q3
ASSETS
1 Accounts receivable, gross(2) 663.3 667.2 676.0 687.6
2 Consumer 256.8 251.7 251.3 254.0
3 Business 318.5 325.9 334.9 335.1
4 Real estate 87.9 89.6 89.9 98.5
5 LESS: Reserves for unearned
income 52.7 52.1 53.2 52.4
6 Reserves for losses 13.0 13.1 13.2 13.2
7 Accounts receivable, net 597.6 601.9 609.6 622.0
8 All other 312,4 329.7 340.1 313.7
9 Total assets 910.0 931.6 949.7 935.7
LIABILITIES AND CAPITAL
10 Bank loans 24.1 22.0 22.3 24.9
11 Commercial paper 201.5 211.7 225.9 226.9
Debt
12 Owed to parent 64.7 64.6 60.0 58.3
13 Not elsewhere classified 328.8 338.2 348.7 337.6
14 All other liabilities 189.6 193.1 188.9 185.4
15 Capital, surplus, and
undivided profits 101.3 102.1 103.9 103.6
16 Total liabilities and capital 910.0 931.6 949.7 936.6
1998 1999
Account
Q4 Q1(r) Q2
ASSETS
1 Accounts receivable, gross(2) 711.7 733.8 756.5
2 Consumer 261.8 261.7 269.2
3 Business 347.5 362.8 373.7
4 Real estate 102.3 109.2 113.5
5 LESS: Reserves for unearned
income 56.3 52.9 53.4
6 Reserves for losses 13.8 13.4 13.4
7 Accounts receivable, net 641.6 667.6 689.7
8 All other 337.9 363.3 373.2
9 Total assets 979.5 1,030.8 1,062.9
LIABILITIES AND CAPITAL
10 Bank loans 26.3 24.8 25.1
11 Commercial paper 231.5 222.9 231.0
Debt
12 Owed to parent 61.8 64.6 65.4
13 Not elsewhere classified 339.7 366.7 383.1
14 All other liabilities 203.2 220.3 226.1
15 Capital, surplus, and
undivided profits 117.0 131.5 132.2
16 Total liabilities and capital 979.5 1,030.8 1,062.9
(1.) Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. (2.) Before deduction for unearned income and losses. 1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables(1) Billions of dollars, amounts outstanding
Type of credit 1996 1997 1998
Seasonally adjusted
1 Total 761.9 809.8 874.9
2 Consumer 307.7 327.7 352.5
3 Real estate 111.9 121.1 131.4
4 Business 342.4 361.0 391.0
Not seasonally adjusted
5 Total 769.7 818.1 884.0
6 Consumer 310.6 330.9 356.1
7 Motor vehicles loans 86.7 87.0 103.1
8 Motor vehicle leases 92.5 96.8 93.3
9 Revolving(2) 32.5 38.6 32.3
10 Other(3) 33.2 34.4 33.1
Securitized assets(4)
11 Motor vehicle loans 36.8 44.3 54.8
12 Motor vehicle leases 8.7 10.8 12.7
13 Revolving .0 .0 8.7
14 Other 20.1 19.0 18.1
15 Real estate 111.9 121.1 131.4
16 One- to four-family 52.1 59.0 75.7
17 Other 30.5 28.9 26.6
Securitized real estate
assets(4)
18 One- to four-family 28.9 33.00 29.00
19 Other .4 .2 .1
20 Business 347.2 366.1 396.5
21 Motor vehicles 67.1 63.5 79.6
22 Retail loans 25.1 25.6 28.1
23 Wholesale loans(5) 33.0 27.7 32.8
24 Leases 9.0 10.2 18.7
25 Equipment 194.8 203.9 198.0
26 Loans 59.9 51.5 50.4
27 Leases 134.9 152.3 147.6
28 Other business
receivables(6) 47.6 51.1 69.9
Securitized assets(4)
29 Motor vehicles 24.0 33.0 29.2
30 Retail loans 2.7 2.4 2.6
31 Wholesale loans 21.3 30.5 24.7
32 Leases .0 0.0 1.9
33 Equipment 11.3 10.7 13.0
34 Loans 4.7 4.2 6.6
35 Leases 6.6 6.5 6.4
36 Other business
receivables(6) 2.4 4.0 6.8
Type of credit 1999
Feb. Mar. Apr.
Seasonally adjusted
1 Total 898.4 911.3 919.5(r)
2 Consumer 360.7 363.4 363.2(r)
3 Real estate 135.7 137.5 141.2(r)
4 Business 402.0 410.4 415.2(r)
Not seasonally adjusted
5 Total 897.8 911.9 919.4(r)
6 Consumer 357.4 359.7 360.9(r)
7 Motor vehicles loans 105.0 104.7 106.8
8 Motor vehicle leases 94.5 93.9 94.8
9 Revolving(2) 31.5 31.2 31.5
10 Other(3) 32.5 32.0 32.0
Securitized assets(4)
11 Motor vehicle loans 54.9 59.0 57.8
12 Motor vehicle leases 12.3 12.0 11.8
13 Revolving 8.7 9.1 8.8
14 Other 18.1 17.8 17.6
15 Real estate 135.7 137.5 141.2(r)
16 One- to four-family 80.3 77.7 81.7
17 Other 27.1 31.6 31.6
Securitized real estate
assets(4)
18 One- to four-family 28.30 28.00 27.6(r)
19 Other .1 .3 .3
20 Business 404.6 414.8 416.3
21 Motor vehicles 82.1 84.8 86.2
22 Retail loans 28.9 30.0 30.7
23 Wholesale loans(5) 34.3 36.0 36.5
24 Leases 18.9 18.8 18.9
25 Equipment 200.7 202.3 203.1
26 Loans 51.0 51.6 52.0
27 Leases 149.8 150.7 151.0
28 Other business
receivables(6) 73.3 75.7 75.8
Securitized assets(4)
29 Motor vehicles 28.8 31.0 30.5
30 Retail loans 2.4 2.4 2.4
31 Wholesale loans 24.6 26.6 26.2
32 Leases 1.9 1.9 1.9
33 Equipment 12.9 12.8 12.5
34 Loans 6.2 6.1 5.8
35 Leases 6.7 6.7 6.6
36 Other business
receivables(6) 6.8 8.2 8.3
Type of credit 1999
May June July
Seasonally adjusted
1 Total 931.9(r) 938.1(r) 954.6
2 Consumer 369.5(r) 372.4(r) 375.9
3 Real estate 142.80 141.20 144.2
4 Business 419.50 424.5(r) 434.5
Not seasonally adjusted
5 Total 931.6 942.9 948.8
6 Consumer 368.3 374.6 378.1
7 Motor vehicles loans 105.1 108.6 108.5
8 Motor vehicle leases 95.3 95.6 97.0
9 Revolving(2) 31.7 32.4 32.8
10 Other(3) 32.0 32.6 32.0
Securitized assets(4)
11 Motor vehicle loans 65.8 65.3 68.3
12 Motor vehicle leases 11.6 11.3 11.1
13 Revolving 8.6 9.7 9.7
14 Other 18.3 19.0 18.6
15 Real estate 143.2 141 144.2
16 One- to four-family 83.6 80.5 83.6
17 Other 31.9 33.0 33.1
Securitized real estate
assets(4)
18 One- to four-family 27.40 27.5 27.2
19 Other .3 .2 0.2
20 Business 418.2 427.1 426.6
21 Motor vehicles 84.4 82.8 78.8
22 Retail loans 31.6 30.9 31.7
23 Wholesale loans(5) 33.8 32.7 27.9
24 Leases 19.0 19.2 19.3
25 Equipment 203.7 208.3 208.4
26 Loans 51.7 53 52.9
27 Leases 152.0 155.1 155.5
28 Other business
receivables(6) 76.7 82.6 89.2
Securitized assets(4)
29 Motor vehicles 32.0 32.1 28.4
30 Retail loans 2.2 2.9 2.8
31 Wholesale loans 27.8 27.2 23.5
32 Leases 1.9 2.0 2.0
33 Equipment 13.2 13.3 13.8
34 Loans 6.5 6.7 7.1
35 Leases 6.6 6.6 6.7
36 Other business
receivables(6) 8.3 8.0 7.9
NOTE. This table has been revised to incorporate several changes resulting from the benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996, Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For ordering address, see inside front cover. (1.) Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. Data are shown before deductions for unearned income and losses. Components may not sum to totals because of rounding. (2.) Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. (3.) Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods such as appliances, apparel, boats, and recreation vehicles. (4.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. (5.) Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. (6.) Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes; and wholesale and lease paper for mobile homes, campers, and travel trailers. 1.53 MORTGAGE MARKETS Mortgages on New Homes Millions of dollars except as noted
Item 1996 1997 1998
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 182.4 180.1 195.2
2 Amount of loan (thousands of
dollars) 139.2 140.3 151.1
3 Loan-to-price ratio (percent) 78.2 80.4 80.0
4 Maturity (years) 27.2 28.2 28.4
5 Fees and charges (percent of loan
amount)(2) 1.21 1.02 .89
Yield (percent per year)
Contract rate(1) 7.56 7.57 6.95
Effective rate(1,3) 7.77 7.73 7.08
8 Contract rate (HUD series)(4) 8.03 7.76 7.00
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 8.19 7.89 7.04
10 GNMA securities(6) 7.48 7.26 6.43
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of period)
11 Total 287,052 316,678 414,515
12 FHA/VA insured 30,592 31,925 33,770
13 Conventional 256,460 284,753 380,745
14 Mortgage transactions purchased 68,618 70,465 188,448
(during period)
Mortgage commitments
(during period)
15 Issued(7) 65,859 69,965 193,795
16 To sell(8) 130 1,298 1,880
Federal Home Loan Mortgage
Corporation
Mortgage holdings (end of
period)(8)
17 Total 137,755 164,421 255,010
18 FHA/VA insured 220 177 785
19 Conventional 137,535 164,244 254,225
Mortgage transactions
(during period)
20 Purchases 125,103 117,401 267402
21 Sales 119,702 114,258 250,565
22 Mortgage commitments contracted
(during period)(9) 128,995 120,089 281,899
1999
Item
Feb. Mar. Apr.
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 204.1 211.0 209.4
2 Amount of loan (thousands of
dollars) 155.4 162.9 162.4
3 Loan-to-price ratio (percent) 78.2 79.4 79.5
4 Maturity (years) 28.7 28.8 28.9
5 Fees and charges (percent of loan
amount)(2) .92 .82 .77
Yield (percent per year)
Contract rate(1) 6.78 6.74 6.74
Effective rate(1,3) 6.92 6.86 6.85
8 Contract rate (HUD series)(4) 7.02 7.03 6.93
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(6) 7.10 7.07 7.08
10 GNMA securities(6) 6.42 6.58 6.50
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of period)
11 Total 431,836 440,139 446,025
12 FHA/VA insured 34,000 34,870 36,158
13 Conventional 397,836 405,269 409,867
14 Mortgage transactions purchased 22,029 16,923 14,225
(during period)
Mortgage commitments
(during period)
15 Issued(7) 26,509 16,891 20,192
16 To sell(8) 0 266 75
Federal Home Loan Mortgage
Corporation
Mortgage holdings (end of
period)(8)
17 Total 262,921 277,624 284,006
18 FHA/VA insured 755 754 1,613
19 Conventional 262,166 276,870 282,393
Mortgage transactions
(during period)
20 Purchases 25,225 29,921 26,473
21 Sales 24,231 28,740 25,464
22 Mortgage commitments contracted
(during period)(9) 24,829 32,546 24,050
1999
Item
May June
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars) 207.5 211.0
2 Amount of loan (thousands of
dollars) 161.6 162.0
3 Loan-to-price ratio (percent) 79.8 79.0
4 Maturity (years) 28.7 28.6
5 Fees and charges (percent of loan
amount)(2) .69 .72
Yield (percent per year)
Contract rate(1) 6.78 6.92
Effective rate(1,3) 6.89 7.03
8 Contract rate (HUD series)(4) 7.17 7.59
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5) 7.58 8.13
10 GNMA securities(6) 6.79 7.21
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of period)
11 Total 464,530 473,315(r)
12 FHA/VA insured 38,938 41,143
13 Conventional 425,592 432,172
14 Mortgage transactions purchased 25,640 15,934
(during period)
Mortgage commitments
(during period)
15 Issued(7) 12,517 19,507
16 To sell(8) 178 351
Federal Home Loan Mortgage
Corporation
Mortgage holdings (end of
period)(8)
17 Total 285,881 299,184
18 FHA/VA insured 1,610 1,726(r)
19 Conventional 284,271 29 7,458(r)
Mortgage transactions
(during period)
20 Purchases 22,503 21,950
21 Sales 21,972 20,349
22 Mortgage commitments contracted
(during period)(9) 20,052 21,610
Item 1999
July Aug.
Terms and yields in
primary and secondary
markets
PRIMARY MARKETS
Terms(1)
1 Purchase price (thousands of
dollars)
2 Amount of loan (thousands of 207.6 213.8
dollars)
3 Loan-to-price ratio (percent) 158.2 163.1
4 Maturity (years) 78.6 78.3
5 Fees and charges (percent of loan 28.5 28.5
amount)(2)
.83 .68
Yield (percent per year)
Contract rate(1)
Effective rate(1,3) 7.16 6.99
8 Contract rate (HUD series)(4) 7.29 7.09
7.75 7.87
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (Section 203)(5)
10 GNMA securities(6) 8.00 8.1
7.28 7.53
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings (end of period)
11 Total
12 FHA/VA insured 480,651 495,302
13 Conventional 44,132 47,846
436,519 447,456
14 Mortgage transactions purchased
(during period) 14,004 21,094
Mortgage commitments
(during period)
15 Issued(7)
16 To sell(8) 12,966 18,153
260 478
Federal Home Loan Mortgage
Corporation
Mortgage holdings (end of
period)(8)
17 Total
18 FHA/VA insured 300,093 306,214
19 Conventional 1,735 1,708
298,358 304,506
Mortgage transactions
(during period)
20 Purchases
21 Sales 17,602 18,674
22 Mortgage commitments contracted 16,835 17,468
(during period)(9)
14,988 18,951
(1.) Weighted averages based on sample surveys of mortgages originated by major institutional lender groups for purchase of newly built homes; compiled by the Federal Housing Finance Board in cooperation with the Federal Deposit Insurance Corporation. (2.) Includes all fees, commissions, discounts, and "points" paid (by the borrower or the seller) to obtain a loan. (3.) Average effective interest rate on loans closed for purchase of newly built homes, assuming prepayment at the end of ten years. (4.) Average contract rate on new commitments for conventional first mortgages; from U.S. Department of Housing and Urban Development (HUD). Based on transactions on the first day of the subsequent month, (5.) Average gross yield on thirty-year, minimum-downpayment first mortgages insured by the Federal Housing Administration (FHA) for immediate delivery in the private secondary market. Based on transactions on first day of subsequent month. (6.) Average net yields to investors on fully modified pass-through securities backed by mortgages and guaranteed by the Government National Mortgage Association (GNMA), assuming prepayment in twelve years on pools of thirty-year mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. (7.) Does not include standby commitments issued, but includes standby commitments converted. (8.) Includes participation loans as well as whole loans. (9.) Includes conventional and government-underwritten loans. The Federal Home Loan Mortgage Corporation's mortgage commitments and mortgage transactions include activity under mortgage securities swap programs, whereas the corresponding data for FNMA exclude swap activity. 1.54 MORTGAGE DEBT OUTSTANDING(1) Millions of dollars, end of period
Type of holder and property 1995 1996
1 All holders 4,603,384(r) 4,898,661(r)
By type of property
2 One- to four-family residences 3,509,721(r) 3,719,010(r)
3 Multifamily residences 277,002(r) 294.783(r)
4 Nonfarm, nonresidential 732.100(r) 797,734(r)
5 Farm 84,561 87,134
By type of holder
6 Major financial institutions 1,900,089 1,981,885
7 Commercial banks(2) 1,090,189 1,145,389
8 One- to four-family 646,545 677,603
9 Multifamily 42,521 45,451
10 Nonfarm, nonresidential 377,293 397,452
11 Farm 23,830 24,883
12 Savings institutions(3) 596,763 628,335
13 One- to four-family 482,353 513,712
14 Multifamily 61,987 61,570
15 Nonfarm, nonresidential 52,135 52,723
16 Farm 288 331
17 Life insurance companies 213,137 208,161
18 One- to four-family 8,890 6,977
19 Multifamily 28,714 30,750
20 Nonfarm, nonresidential 165,876 160,314
21 Farm 9,657 10,120
22 Federal and related agencies 308,757 295,192
23 Government National Mortgage
Association 2 2
24 One- to four-family 2 2
25 Multifamily 0 0
26 Farmers Home Administration(4) 41,791 41,596
27 One- to four-family 17,705 17,303
28 Multifamily 11,617 11,685
29 Nonfarm, nonresidential 6,248 6,841
30 Farm 6,221 5,768
31 Federal Housing and Veterans'
Administrations 9,809 6,244
32 One- to four-family 5,180 3,524
33 Multifamily 4,629 2,719
34 Resolution Trust Corporation 1,864 0
35 One- to four-family 691 0
36 Multifamily 647 0
37 Nonfarm, nonresidential 525 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 4,303 2,431
40 One- to four-family 492 365
41 Multifamily 428 413
42 Nonfarm, nonresidential 3,383 1,653
43 Farm 0 0
44 Federal National Mortgage
Association 178,807 168,813
45 One- to four-family 163,648 155,008
46 Multifamily 15,159 13,805
47 Federal Land Banks 28.43 29,602
48 One- to four-family 1,673 1,742
49 Farm 26,755 27,860
50 Federal Home Loan Mortgage
Corporation 43,753 46,504
51 One- to four-family 39,901 41,758
52 Multifamily 3,852 4,746
53 Mortgage pools or trusts(5) 1,863,210 2,064,882
54 Government National Mortgage
Association 472,283 506,340
55 One- to four-family 461,438 494,158
56 Multifamily 10,845 12,182
57 Federal Home Loan Mortgage
Corporation 515,051 554,260
58 One- to four-family 512,238 551,513
59 Multifamily 2,813 2,747
60 Federal National Mortgage
Association 582,959 650,780
61 One- to four-family 569,724 633,210
62 Multifamily 13,235 17,570
63 Farmers Home Administration(4) 11 3
64 One- to four-family 2 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 5 0
67 Farm 4 3
68 Private mortgage conduits 292,906 353,499
69 One- to four-family(6) 227,800 261,900
70 Multifamily 15,584 21,967
71 Nonfarm, nonresidential 49,522 69,633
72 Farm 0 0
73 Individuals and others(7) 31,329(r) 556,702(r)
74 One- to four-family 71,440(r) 360,235(r)
75 Multifamily 64,970(r) 69,179(r)
76 Nonfarm, nonresidential 77,112(r) 109,119(r)
77 Farm 17,806 18,169
Type of holder and property 1997 1998
Q2
1 All holders 5,212,073(r) 5,434,008(r)
By type of property
2 One- to four-family residences 3,954,854(r) 4,117,231(r)
3 Multifamily residences 310,456(r) 323,324(r)
4 Nonfarm, nonresidential 856,464(r) 900,453(r)
5 Farm 90,299 93,001(r)
By type of holder
6 Major financial institutions 2,083,978 2,121,961(r)
7 Commercial banks(2) 1,245,315 1,281,870(r)
8 One- to four-family 745,510 770,116(r)
9 Multifamily 49,670 51,227(r)
10 Nonfarm, nonresidential 423,148 432,208(r)
11 Farm 26,986 28,319
12 Savings institutions(3) 631,822 632,359
13 One- to four-family 520,672 522,088
14 Multifamily 59,543 58,908
15 Nonfarm, nonresidential 51,252 50,978
16 Farm 354 386
17 Life insurance companies 206,841 207,732
18 One- to four-family 7,187 6,814
19 Multifamily 30,402 30,618
20 Nonfarm, nonresidential 158,780 159,456
21 Farm 10,472 10,844
22 Federal and related agencies 286,167 287,161
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multifamily 0 0
26 Farmers Home Administration(4) 41,195 40,921
27 One- to four-family 17,253 17,059
28 Multifamily 11,720 11,722
29 Nonfarm, nonresidential 7,370 7,497
30 Farm 4,852 4,644
31 Federal Housing and Veterans'
Administrations 3,821 3,631
32 One- to four-family 1,767 1,610
33 Multifamily 2,054 2,021
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 724 564
40 One- to four-family 109 85
41 Multifamily 123 96
42 Nonfarm, nonresidential 492 384
43 Farm 0 0
44 Federal National Mortgage
Association 161,308 159,816
45 One- to four-family 149,831 149,383
46 Multifamily 11,477 10,433
47 Federal Land Banks 30,657 31,352
48 One- to four-family 1,804 1,845
49 Farm 28,853 29,507
50 Federal Home Loan Mortgage
Corporation 48,454 50,869
51 One- to four-family 42,629 44,597
52 Multifamily 5,825 6,272
53 Mortgage pools or trusts(5) 2,273,022(r) 2,442,715(r)
54 Government National Mortgage
Association 536,879(r) 537,743(r)
55 One- to four-family 523,225(r) 523,400(r)
56 Multifamily 13,654 14,343
57 Federal Home Loan Mortgage
Corporation 579,385 609,791
58 One- to four-family 576,846 607,469
59 Multifamily 2,539 2,322
60 Federal National Mortgage
Association 709,582 761,359
61 One- to four-family 687,981 737,631
62 Multifamily 21,601 23,728
63 Farmers Home Administration(4) 2 2
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 2
68 Private mortgage conduits 447,173 533,820
69 One- to four-family(6) 318,000 364,316
70 Multifamily 29,218 38,098
71 Nonfarm, nonresidential 99,955 131,406
72 Farm 0 0
73 Individuals and others(7) 568,907(r) 582,171(r)
74 One- to four-family 362,033(r) 370,811(r)
75 Multifamily 72,629(r) 73,536(r)
76 Nonfarm, nonresidential 115,467(r) 118,525(r)
77 Farm 18,779 19,299(r)
Type of holder and property 1998
Q3 Q4
1 All holders 5,568,417(r) 5,722,421(r)
By type of property
2 One- to four-family residences 4,217,417(r) 4,322,453(r)
3 Multifamily residences 330,595(r) 340,782(r)
4 Nonfarm, nonresidential 926,039(r) 962,680(r)
5 Farm 94,367(r) 96,506(r)
By type of holder
6 Major financial institutions 2,137,438(r) 2,195,376(r)
7 Commercial banks(2) 1,295,828(r) 1,337,772(r)
8 One- to four-family 770,340(r) 797,533(r)
9 Multifamily 52,205(r) 52,871(r)
10 Nonfarm, nonresidential 444,596(r) 458,333(r)
11 Farm 28,688 29,035(r)
12 Savings institutions(3) 634,251(r) 643,964(r)
13 One- to four-family 525,844(r) 533,792(r)
14 Multifamily 56,696(r) 56,825(r)
15 Nonfarm, nonresidential 51,312(r) 52,930(r)
16 Farm 399 417
17 Life insurance companies 207,359 213,640
18 One- to four-family 6,594 6,590
19 Multifamily 30,565 31,522
20 Nonfarm, nonresidential 159,189 164.00
21 Farm 11,011 11,524
22 Federal and related agencies 287,125 292,636
23 Government National Mortgage
Association 7 7
24 One- to four-family 7 7
25 Multifamily 0 0
26 Farmers Home Administration(4) 40,907 40,851
27 One- to four-family 17,025 16,895
28 Multifamily 11,736 11,739
29 Nonfarm, nonresidential 7,566 7,705
30 Farm 4,579 4,513
31 Federal Housing and Veterans'
Administrations 3,405 3,674
32 One- to four-family 1,550 1,849
33 Multifamily 1,855 1,825
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 482 361
40 One- to four-family 72 54
41 Multifamily 82 61
42 Nonfarm, nonresidential 328 245
43 Farm 0 0
44 Federal National Mortgage
Association 159,104 157,675
45 One- to four-family 149,069 147,594
46 Multifamily 10,035 10,081
47 Federal Land Banks 32,009 32,983
48 One- to four-family 1,883 1,941
49 Farm 30,126 31,042
50 Federal Home Loan Mortgage
Corporation 51,211 57,085
51 One- to four-family 44,254 49,106
52 Multifamily 6,957 7,979
53 Mortgage pools or trusts(5) 2,548,301(r) 2,632,839(r)
54 Government National Mortgage
Association 541,540(r) 537,446(r)
55 One- to four-family 527,043(r) 522,498(r)
56 Multifamily 14,497 14,948
57 Federal Home Loan Mortgage
Corporation 635,726 646,459
58 One- to four-family 633,124 643,465
59 Multifamily 2,602 2,994
60 Federal National Mortgage
Association 798,460 834,518
61 One- to four-family 770,979 804,205
62 Multifamily 27,481 30,313
63 Farmers Home Administration(4) 2 1
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 2 1
68 Private mortgage conduits 572,573 614,416(r)
69 One- to four-family(6) 391,736 410,900
70 Multifamily 40,895 44,654
71 Nonfarm, nonresidential 139,942 158,862(r)
72 Farm 0 0
73 Individuals and others(7) 595,552(r) 601,570(r)
74 One- to four-family 377,896(r) 386,025(r)
75 Multifamily 74,987(r) 74,971(r)
76 Nonfarm, nonresidential 123,107(r) 120,600(r)
77 Farm 19,562(r) 19,974(r)
Type of holder and property 1999
Q1 Q2
1 All holders 5,861,070(r) 6,013,592
By type of property
2 One- to four-family residences 4,414,500(r) 4,527,176
3 Multifamily residences 351,652(r) 359,796
4 Nonfarm, nonresidential 997,514(r) 1,026,903
5 Farm 97,403(r) 99,717
By type of holder
6 Major financial institutions 2,202,494(r) 2,243,008
7 Commercial banks(2) 1,337,218(r) 1,361,947
8 One- to four-family 782,441(r) 790,465
9 Multifamily 56,170(r) 58,572
10 Nonfarm, nonresidential 469,095(r) 482,367
11 Farm 29,512 30,544
12 Savings institutions(3) 646,213(r) 656.38
13 One- to four-family 534,494(r) 544,659
14 Multifamily 56,763(r) 55,002
15 Nonfarm, nonresidential 54,521(r) 56,279
16 Farm 435 444
17 Life insurance companies 219,063(r) 224,677
18 One- to four-family 6,956(r) 7,285
19 Multifamily 31,528(r) 32,321
20 Nonfarm, nonresidential 168,862(r) 173,106
21 Farm 11,717(r) 11,965
22 Federal and related agencies 288,313(r) 288,235
23 Government National Mortgage
Association 6(r) 8
24 One- to four-family 6(r) 8
25 Multifamily 0 0
26 Farmers Home Administration(4) 40,691 40,691
27 One- to four-family 16,777 16,777
28 Multifamily 11,731 11,731
29 Nonfarm, nonresidential 7,769 7,769
30 Farm 4,413 4,413
31 Federal Housing and Veterans'
Administrations 3,675 3,684
32 One- to four-family 1,850 1,818
33 Multifamily 1,825 1,867
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 315 189
40 One- to four-family 47 28
41 Multifamily 54 32
42 Nonfarm, nonresidential 214 129
43 Farm 0 0
44 Federal National Mortgage
Association 157,185 155,637
45 One- to four-family 147,063 145,033
46 Multifamily 10,122 10,604
47 Federal Land Banks 33,128 33,744
48 One- to four-family 1,949 1,985
49 Farm 31,179 31,758
50 Federal Home Loan Mortgage
Corporation 53,313(r) 54,282
51 One- to four-family 44,140(r) 43,574
52 Multifamily 9,173 10,708
53 Mortgage pools or trusts(5) 2,762,770(r) 2,861,430
54 Government National Mortgage
Association 543,306(r) 553,316
55 One- to four-family 527,912(r) 537,407
56 Multifamily 15,395(r) 15,909
57 Federal Home Loan Mortgage
Corporation 687,179 718,085
58 One- to four-family 684,240 714,844
59 Multifamily 2,939 3,241
60 Federal National Mortgage
Association 881,815 911,435
61 One- to four-family 849,513 877,863
62 Multifamily 32,302 33,572
63 Farmers Home Administration(4) 1 1
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 1 1
68 Private mortgage conduits 650,469(r) 678,594
69 One- to four-family(6) 430,653 447,938
70 Multifamily 48,403 50,713
71 Nonfarm, nonresidential 171,413(r) 179,942
72 Farm 0 0
73 Individuals and others(7) 607,493(r) 620,919
74 One- to four-family 386,458(r) 397,491
75 Multifamily 75,249(r) 75,524
76 Nonfarm, nonresidential 125,640(r) 127,312
77 Farm 20,147(r) 20,592
(1.) Multifamily debt refers to loans on structures of five or more units. (2.) Includes loans held by nondeposit trust companies but not loans held by bank trust departments, (3.) Includes savings banks and savings and loan associations. (4.) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (5.) Outstanding principal balances of mortgage-backed securities insured or guaranteed by the agency indicated. (6.) Includes securitized home equity loans. (7.) Other holders include mortgage companies, real estate investment trusts, state and local credit agencies, state and local retirement funds, noninsured pension funds, credit unions, and finance companies. SOURCE. Based on data from various institutional and government sources. Separation of nonfarm mortgage debt by type of property, if not reported directly, and interpolations and extrapolations, when required for some quarters, are estimated in part by the Federal Reserve. Line 69 from Inside Mortgage Securities and other sources. 1.55 CONSUMER CREDIT(1) Millions of dollars, amounts outstanding, end of period
Holder and type of credit 1996 1997 1998
Seasonally adjusted
1 Total 1,182,439 1,234,122 1,300,491
2 Revolving 499,532 531,295(r) 560,653
3 Nonrevolving 682,907 702,828 739,838
Not seasonally adjusted
4 Total 1,211,590 1,264,103 1,331,742
By major holder
5 Commercial banks 526,769 512,563 508,932
6 Finance companies 152,391 160,022 168,491
7 Credit unions 144,148 152,362 155,406
8 Savings institutions 44,711 47,172 51,611
9 Nonfinancial business 77,745 78,927 74,877
10 Pools of securitized
assets(3) 265,826 313,057 372,425
By major type of credit(4)
11 Revolving 522,860 555,858 586,528
12 Commercial banks 228,615 219,826 210,346
13 Finance companies 32,493 38,608 32,309
14 Credit unions 17,826 19.55 19,930
15 Savings institutions 10,313 11,441 12,450
16 Nonfinancial business 44,901 44,966 39,166
17 Pools of securitized
assets(3) 188,712 221,465 272,327
18 Nonrevolving credit 688,730 708,245 745,214
19 Commercial banks 298,154 292,737 298,586
20 Finance companies 119,898 121,414 136,182
21 Credit unions 126,322 132,810 135,476
22 Savings institutions 34,398 35,731 39,161
23 Nonfinancial business 32,844 33,961 35,711
24 Pools of securitized
assets(3) 77,114 91,592 100,098
1999
Holder and type of credit
Feb. Mar. Apr.(r)
Seasonally adjusted
1 Total 1,325,101 1,332,139 1,331,798
2 Revolving 566,858 567,283 570,084
3 Nonrevolving 758,244 764,857 761,715
Not seasonally adjusted
4 Total 1,318,872 1,318,611 1,321,162
By major holder
5 Commercial banks 500,429 494,039 494,663
6 Finance companies 169,013 167,815 170,145
7 Credit unions 155,203 155,110 155,933
8 Savings institutions 52,953 53,623 54,803
9 Nonfinancial business 67,948 67,138 67,117
10 Pools of securitized
assets(3) 373,326 380,886 378,501
By major type of credit(4)
11 Revolving 567,549 561,542 564,128
12 Commercial banks 197,623 190,028 191,295
13 Finance companies 31,544 31,197 31,327
14 Credit unions 19,202 18,894 19,044
15 Savings institutions 12,399 12,373 12,507
16 Nonfinancial business 34,337 33,754 33,726
17 Pools of securitized
assets(3) 272,444 275,296 276,229
18 Nonrevolving credit 751,323 757,069 757,034
19 Commercial banks 302,806 304,011 303,368
20 Finance companies 137,469 136,618 138,818
21 Credit unions 136,001 136,216 136,889
22 Savings institutions 40,554 41,250 42,296
23 Nonfinancial business 33,611 33,384 33,391
24 Pools of securitized
assets(3) 100,882 105,590 102,272
Holder and type of credit
May(r) June July
Seasonally adjusted
1 Total 1,342,247 1,345,451 1,354,323
2 Revolving 572,236 577,743 583,570
3 Nonrevolving 770,011 767,708 770,753
Not seasonally adjusted
4 Total 1,330,096 1,338,045 1,347,522
By major holder
5 Commercial banks 492,852 477,774 478,084
6 Finance companies 168,490 173,617 173,374
7 Credit unions 156,924 156,658 158,299
8 Savings institutions 55,982 57,161 58,340
9 Nonfinancial business 68,058 68,050 68,236
10 Pools of securitized
assets(3) 387,790 404,785 411,189
By major type of credit(4)
11 Revolving 566,295 571,684 575,757
12 Commercial banks 190,216 178,031 177,098
13 Finance companies 31,296 32,408 32,846
14 Credit unions 19,008 19,189 19,385
15 Savings institutions 12,641 12,775 12,909
16 Nonfinancial business 34,446 34,618 34,794
17 Pools of securitized
assets(3) 278,688 294,663 298,725
18 Nonrevolving credit 763,801 766,361 771,765
19 Commercial banks 302,636 299,743 300,986
20 Finance companies 137,194 141,209 140,528
21 Credit unions 137,916 137,469 138,914
22 Savings institutions 43,341 44,386 45,431
23 Nonfinancial business 33,612 33,432 33,442
24 Pools of securitized
assets(3) 109,102 110,122 112,464
(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover. (2.) Comprises motor vehicle loans, mobile home loans, and all other loans that are not included in revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. (3.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. (4.) Totals include estimates for certain holders for which only consumer credit totals are available. 1.56 TERMS OF CONSUMER CREDIT(1) Percent per year except as noted
1998
Item 1996 1997 1998
Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.05 9.02 8.72 n.a.
2 24-month personal 13.54 13.90 13.74 n.a.
Credit card plan
3 All accounts 15.63 15.77 15.71 n.a.
4 Accounts assessed interest 15.50 15.57 15.59 n.a.
Auto finance companies
5 New car 9.84 7.12 6.30 6.22
6 Used car 13.53 13.27 12.64 11.81
OTHER TERMS(3)
Maturity (months)
7 New car 51.6 54.1 52.1 52.1
8 Used car 51.4 51.0 53.5 56.0
Loan-to-value ratio
9 New car 91 92 92 92
10 Used car 100 99 99 99
Amount financed (dollars)
11 New car 16,987 18,077 19,083 19,628
12 Used car 12,182 12,281 12,691 13,497
1999
Item
Feb. Mar. Apr. May
INTEREST RATES
Commercial banks(2)
1 48-month new car 8.34 n.a. n.a. 8.30
2 24-month personal 13.41 n.a. n.a. 13.26
Credit card plan
3 All accounts 15.41 n.a. n.a. 15.21
4 Accounts assessed interest 14.73 n.a. n.a. 14.94
Auto finance companies
5 New car 6.43 6.31 6.52 6.57
6 Used car 12.08 12.09 12.17 12.16
OTHER TERMS(3)
Maturity (months)
7 New car 53.4 53.0 52.8 52.4
8 Used car 55.9 56.0 56.0 56.1
Loan-to-value ratio
9 New car 92 91 92 92
10 Used car 99 99 99 99
Amount financed (dollars)
11 New car 19,304 19,339 19,435 19,539
12 Used car 13,604 13,653 13,647 13,700
1999
Item
June July
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. n.a.
2 24-month personal n.a. n.a.
Credit card plan
3 All accounts n.a. n.a.
4 Accounts assessed interest n.a. n.a.
Auto finance companies
5 New car 6.60 6.70
6 Used car 12.31 12.69
OTHER TERMS(3)
Maturity (months)
7 New car 52.3 52.0
8 Used car 56.0 56.1
Loan-to-value ratio
9 New car 92 92
10 Used car 99 100
Amount financed (dollars)
11 New car 19,722 19.87
12 Used car 13,816 13,604
(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover. (2.) Data are available for only the second month of each quarter. (3.) At auto finance companies. 1.57 FUNDS RAISED IN U.S. CREDIT MARKETS [TABULAR DATA NOT REPRODUCIBLE IN ASCII] 1.58 SUMMARY OF FINANCIAL TRANSACTIONS(1) Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates
Transaction category or sector 1993 1994 1995
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in credit
markets 948.6 1030.3 1245.4
2 Domestic nonfederal nonfinan-
cial sectors 30.0 231.2 -90.0
3 Household -10.6 268.0 5.5
4 Nonfinancial corporate business 9.1 17.7 -8.8
5 Nonfarm noncorporate business -1.1 .6 4.7
6 State and local governments 32.6 -55.0 -91.4
7 Federal government -18.4 -27.4 .2
8 Rest of the world 129.3 132.3 273.9
9 Financial sectors 807.8 694.1 1061.7
10 Monetary authority 36.2 31.5 12.7
11 Commercial banking 142.2 163.4 265.9
12 U.S.-chartered banks 149.6 148.1 186.5
13 Foreign banking offices
in United States -9.8 11.2 75.4
14 Bank holding companies .0 .9 .3
15 Banks in U.S.-affiliated 2.4 3.3 4.2
areas
16 Savings institutions -23.3 6.7 -7.6
17 Credit unions 21.7 28.1 16.2
18 Bank personal trusts and
estates 9.5 7.1 -8.3
19 Life insurance companies 100.4 72.0 100.0
20 Other insurance companies 27.7 24.9 21.5
21 Private pension funds 50.2 46.1 56.0
22 State and local government
retirement funds 24.7 30.9 33.6
23 Money market mutual funds 20.4 30.0 86.5
24 Mutual funds 159.5 -7.1 52.5
25 Closed-end funds 20.0 -3.7 10.5
26 Government-sponsored
enterprises 87.8 117.8 86.7
27 Federally related mortgage
pools 84.7 115.4 98.2
28 Asset-backed securities
issuers (ABSs) 82.8 69.4 120.6
29 Finance companies -20.9 48.3 49.9
30 Mortgage companies .0 -24.0 -3.4
31 Real estate investment
trusts (REITs) .4 .7 1.4
32 Brokers and dealers 14.8 -44.2 90.1
33 Funding corporations -31.0 -17.8 -21.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 948.6 1,030.3 1,245.4
Other financial sources
35 Official foreign exchange .8 -5.8 8.8
36 Special drawing rights
certificates .0 .0 2.2
37 Treasury currency .4 .7 .6
38 Foreign deposits -18.5 52.9 35.3
39 Net interbank transactions 50.5 89.8 10.0
40 Checkable deposits and
currency 117.3 -9.7 -12.7
41 Small time and savings
deposits -70.3 -39.9 96.6
42 Large time deposits -23.5 19.6 65.6
43 Money market fund shares 20.2 43.3 142.3
44 Security repurchase
agreements 71.3 78.2 110.5
45 Corporate equities 137.7 24.6 -3.1
46 Mutual fund shares 292.0 100.6 147.4
47 Trade payables 52.2 94.0 101.6
48 Security credit 61.4 .1 26.7
49 Life insurance reserves 37.1 35.5 45.8
50 Pension fund reserves 268.0 254.7 235.1
51 Taxes payable 11.4 2.6 6.2
52 Investment in bank personal
trusts 9.0 17.8 4.0
53 Noncorporate proprietors'
equity 24.1 53.6 60.3
54 Miscellaneous 356.0 245.6 444.6
55 Total financial sources 2,337.6 2,088.3 2,773.2
Liabilities not identified
as assets (-)
56 Treasury currency .2 .2 .5
57 Foreign deposits -5.7 43.0 25.1
58 Net interbank liabilities 4.2 -2.7 -3.1
59 Security repurchase agreements 50.5 67.7 20.2
60 Taxes payable 15.8 16.6 21.1
61 Miscellaneous -158.5 -160.1 -221.4
Floats not included in
assets (-)
62 Federal government checkable
deposits -1.5 -4.8 -6.0
63 Other checkable deposits -1.3 -2.8 -3.8
64 Trade credit -4.0 1.5 -11.7
65 Total identified to sectors
as assets 2,438.2 2,130.1 2,953.4
1997
Transaction category or sector 1996 1997
Q4
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in credit
markets 1369.2 1495.1 1918.3
2 Domestic nonfederal nonfinan-
cial sectors 22.5 -88.9 48.1
3 Household 61.4 -86.2 7.5
4 Nonfinancial corporate business .8 -2.3 -13.0
5 Nonfarm noncorporate business -4.3 .6 .6
6 State and local governments -33.7 .I 54.2
7 Federal government -7.4 5.1 9.2
8 Rest of the world 414.4 310.7 203.9
9 Financial sectors 939.7 1268.1 1657.1
10 Monetary authority 12.3 38.3 54.3
11 Commercial banking 187.5 324.3 447.4
12 U.S.-chartered banks 119.6 274.9 357.6
13 Foreign banking offices
in United States 63.3 40.2 69.3
14 Bank holding companies 3.9 5.4 19.4
15 Banks in U.S.-affiliated .7 3.7 1.1
areas
16 Savings institutions 19.9 -4.7 8.9
17 Credit unions 25.5 16.8 16.5
18 Bank personal trusts and
estates -7.7 7.6 8.8
19 Life insurance companies 69.6 94.3 34.1
20 Other insurance companies 22.5 25.2 34.7
21 Private pension funds 52.3 65.5 79.5
22 State and local government
retirement funds 37.3 63.8 42.7
23 Money market mutual funds 88.8 87.5 141.8
24 Mutual funds 48.9 80.9 64.8
25 Closed-end funds 4.7 -2.9 -2.9
26 Government-sponsored
enterprises 84.2 94.3 158.1
27 Federally related mortgage
pools 141.1 114.5 133.0
28 Asset-backed securities
issuers (ABSs) 123.6 162.3 321.9
29 Finance companies 18.4 21.9 -19.7
30 Mortgage companies 8.2 -9.1 -93.6
31 Real estate investment
trusts (REITs) 4.4 20.2 38.9
32 Brokers and dealers -15.7 14.9 71.7
33 Funding corporations 14.0 52.7 126.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 1,369.2 1,495.1 1,918.3
Other financial sources
35 Official foreign exchange -6.3 .7 17.5
36 Special drawing rights
certificates .5 .5 .0
37 Treasury currency .l .0 -1.9
38 Foreign deposits 85.9 106.8 100.6
39 Net interbank transactions -51.6 -19.7 54.3
40 Checkable deposits and
currency 15.8 41.5 72.1
41 Small time and savings
deposits 97.2 97.1 136.7
42 Large time deposits 114.0 122.5 59.2
43 Money market fund shares 145.8 157.6 149.9
44 Security repurchase
agreements 41.4 120.9 103.3
45 Corporate equities -8.6 -76.7 -100.0
46 Mutual fund shares 237.6 265.1 260.9
47 Trade payables 86.1 96.2 122.6
48 Security credit 52.4 111.0 128.0
49 Life insurance reserves 44.5 54.3 37.4
50 Pension fund reserves 246.9 304.0 304.1
51 Taxes payable 16.0 16.8 3.9
52 Investment in bank personal
trusts -8.6 75.0 78.4
53 Noncorporate proprietors'
equity .6 6.1 -43.5
54 Miscellaneous 498.3 513.3 222.2
55 Total financial sources 2,975.1 3,487.1 3,624.1
Liabilities not identified
as assets (-)
56 Treasury currency .9 .6 -2.4
57 Foreign deposits 59.6 106.8 145.5
58 Net interbank liabilities -3.3 -19.9 -38.1
59 Security repurchase agreements 4.5 62.3 185.1
60 Taxes payable 20.4 18.8 14.4
61 Miscellaneous -66.9 -254.9 -640.7
Floats not included in
assets (-)
62 Federal government checkable
deposits .5 -2.7 -10.0
63 Other checkable deposits -4.0 -3.9 -5.0
64 Trade credit -49.9 3.6 15.7
65 Total identified to sectors
as assets 3,015.2 3,577.6 3,959.6
1998
Transaction category or sector
Q1 Q2 Q3
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in credit
markets 2101.7 2129.3 1935.8
2 Domestic nonfederal nonfinan-
cial sectors -49.7 512.7 94.9
3 Household -64.2 385.2 -44.8
4 Nonfinancial corporate business 8.4 -46.9 14.0
5 Nonfarm noncorporate business .0 .0 .0
6 State and local governments 6.1 174.3 125.7
7 Federal government 15.7 12.9 13.8
8 Rest of the world 223.8 321.8 60.8
9 Financial sectors 1912.0 1281.9 1766.3
10 Monetary authority 27.6 11.5 41.6
11 Commercial banking 306.7 132.7 250.1
12 U.S.-chartered banks 268.4 130.0 309.2
13 Foreign banking offices
in United States 17.5 15.2 -68.1
14 Bank holding companies 15.3 -17.6 6.0
15 Banks in U.S.-affiliated 5.5 5.1 2.9
areas
16 Savings institutions 11.8 2.1 17.9
17 Credit unions 16.1 22.7 21.0
18 Bank personal trusts and
estates 2.4 3.1 2.0
19 Life insurance companies 92.1 63.4 65.6
20 Other insurance companies 23.4 -1.5 -7.7
21 Private pension funds 74.5 130.1 95.6
22 State and local government
retirement funds 67.4 78.4 65.6
23 Money market mutual funds 159.3 208.1 255.5
24 Mutual funds 156.4 146.4 92.9
25 Closed-end funds 4.5 4.5 4.5
26 Government-sponsored
enterprises 198.3 150.6 264.7
27 Federally related mortgage
pools 106.7 239.0 261.7
28 Asset-backed securities
issuers (ABSs) 223.9 321.4 248.7
29 Finance companies 28.7 24.0 79.5
30 Mortgage companies 58.8 -56.4 4.5
31 Real estate investment
trusts (REITs) 25.6 6.1 -11.3
32 Brokers and dealers 245.8 -183.1 77.0
33 Funding corporations 82.0 -21.4 -63.3
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 2,101.7 2,129.3 1,935.8
Other financial sources
35 Official foreign exchange 1.0 8.1 8.9
36 Special drawing rights
certificates .0 .0 .0
37 Treasury currency .3 .2 1.7
38 Foreign deposits -46.5 92.9 84.9
39 Net interbank transactions -95.2 39.8 44.2
40 Checkable deposits and
currency 52.6 90.1 -24.9
41 Small time and savings
deposits 99.0 84.9 144.7
42 Large time deposits 187.8 -5.6 81.8
43 Money market fund shares 213.6 247.2 367.9
44 Security repurchase
agreements 250.3 -100.8 231.1
45 Corporate equities -108.8 -109.3 -320.6
46 Mutual fund shares 322.3 377.8 173.4
47 Trade payables 108.3 -57.4 34.6
48 Security credit 159.3 134.3 167.0
49 Life insurance reserves 49.3 53.3 51.7
50 Pension fund reserves 294.7 272.9 279.5
51 Taxes payable 12.2 .9 27.3
52 Investment in bank personal
trusts 50.3 57.5 47.8
53 Noncorporate proprietors'
equity -11.0 -5.4 -61.2
54 Miscellaneous 980.1 376.5 712.6
55 Total financial sources 4,621.2 3,687.3 3,988.1
Liabilities not identified
as assets (-)
56 Treasury currency .2 .3 1.1
57 Foreign deposits -95.7 119.9 69.9
58 Net interbank liabilities 35.1 8.9 22.3
59 Security repurchase agreements 120.8 -170.0 110.2
60 Taxes payable 9.4 2.8 24.2
61 Miscellaneous 61.0 -225.9 -106.7
Floats not included in
assets (-)
62 Federal government checkable
deposits 8.3 -44.4 32.4
63 Other checkable deposits -4.0 -2.9 -3.6
64 Trade credit 41.9 -150.7 -94.5
65 Total identified to sectors
as assets 4,444.8 4,150.0 3,932.8
1998 1999
Transaction category or sector
Q4 Q1 Q2
NET LENDING IN CREDIT
MARKETS(2)
1 Total net lending in credit
markets 2332.7 2481.3 1836.4
2 Domestic nonfederal nonfinan-
cial sectors -318.3 307.5 347.9
3 Household -424.1 244.9 255.1
4 Nonfinancial corporate business 14.1 10.4 39.5
5 Nonfarm noncorporate business .0 .0 .0
6 State and local governments 91.7 52.2 53.3
7 Federal government 11.7 17.5 6.5
8 Rest of the world 390.7 213.3 51.6
9 Financial sectors 2248.6 1943.0 1430.5
10 Monetary authority 3.5 71.8 62.4
11 Commercial banking 531.5 68.9 135.0
12 U.S.-chartered banks 540.2 134.1 231.5
13 Foreign banking offices
in United States -12.1 -54.9 -105.8
14 Bank holding companies -7.4 -6.0 .1
15 Banks in U.S.-affiliated 10.7 -4.4 9.2
areas
16 Savings institutions 113.3 102.7 88.8
17 Credit unions 16.0 37.7 34.7
18 Bank personal trusts and
estates 3.9 3.1 2.2
19 Life insurance companies 86.0 72.6 89.0
20 Other insurance companies 67.5 -19.7 5.0
21 Private pension funds 174.4 60.5 150.0
22 State and local government
retirement funds 48.5 74.3 37.4
23 Money market mutual funds 353.1 227.6 -92.6
24 Mutual funds 103.5 101.5 98.8
25 Closed-end funds 4.5 4.4 4.4
26 Government-sponsored
enterprises 429.5 157.2 259.5
27 Federally related mortgage
pools 162.8 399.3 274.6
28 Asset-backed securities
issuers (ABSs) 312.7 284.6 301.5
29 Finance companies 75.3 92.2 79.6
30 Mortgage companies 6.0 -9.1 10.2
31 Real estate investment
trusts (REITs) -40.8 1.7 -2.2
32 Brokers and dealers -209.1 184.5 -204.5
33 Funding corporations 6.4 27.1 96.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit
markets 2,332.7 2,481.3 1,836.4
Other financial sources
35 Official foreign exchange 8.6 -14.0 -5.4
36 Special drawing rights
certificates .0 -4.0 .0
37 Treasury currency -2.3 .0 .7
38 Foreign deposits -131.9 127.7 114.5
39 Net interbank transactions -122.9 49.1 68.2
40 Checkable deposits and
currency 72.8 61.7 10.3
41 Small time and savings
deposits 281.2 -63.8 104.0
42 Large time deposits 104.4 -5.9 42.6
43 Money market fund shares 313.1 204.9 100.5
44 Security repurchase
agreements -170.3 408.2 -65.6
45 Corporate equities -206.5 -114.7 -241.5
46 Mutual fund shares 224.8 255.3 247.9
47 Trade payables -86.8 155.5 98.4
48 Security credit -27.2 -86.9 89.3
49 Life insurance reserves 59.0 40.8 65.9
50 Pension fund reserves 313.8 284.3 316.4
51 Taxes payable 11.7 -10.3 27.2
52 Investment in bank personal
trusts 67.1 64.1 53.0
53 Noncorporate proprietors'
equity 3.2 -2.5 12.3
54 Miscellaneous 702.0 238.7 1092.8
55 Total financial sources 3,746.3 4,069.6 3,968.0
Liabilities not identified
as assets (-)
56 Treasury currency -3.4 -1.5 .4
57 Foreign deposits -156.5 62.0 73.5
58 Net interbank liabilities -52.8 58.7 -1.7
59 Security repurchase agreements .2 362.2 -14.8
60 Taxes payable 17.4 -22.4 -15.0
61 Miscellaneous -43.9 -568.0 -390.0
Floats not included in
assets (-)
62 Federal government checkable
deposits 14.0 -1.8 -41.4
63 Other checkable deposits -1.8 -1.9 -1.0
64 Trade credit -31.1 55.7 -6.9
65 Total identified to sectors
as assets 4,004.0 4,126.5 4,365.7
(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables F.1 and F.5. For ordering address, see inside front cover. (2.) Excludes corporate equities and mutual fund shares. 1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING(1) Billions of dollars, end of period
Transaction category or sector 1994 1995
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 1,3013.9(r) 13,734.3(r)
By sector and instrument
2 Federal government 3,492.3 3,492.3
3 Treasury securities 3,465.6 3,465.6
4 Budget agency securities
and mortgages 26.7 28.2
5 Nonfederal 9,521.6(r) 10,097.6(r)
By instrument
6 Commercial paper 139.2 157.4
7 Municipal securities and
loans 1,341.7 1,293.5
8 Corporate bonds 1,253.0 1,344.1(r)
9 Bank loans n.e.c. 759.9 863.6(r)
10 Other loans and advances 669.6 736.9
11 Mortgages 4,374.2(r) 4,579.4(r)
12 Home 3,330.0(r) 3,509.8(r)
13 Multifamily residential 261.5 269.1
14 Commercial 699.8 716.0
15 Farm 83.0 84.6
16 Consumer credit 983.9 1,122.8
By borrowing sector
17 Household 4,427.0(r) 4,782.2(r)
18 Nonfinancial business 3,972.9 4,245.2(r)
19 Corporate 2,708.9 2,947.7(r)
20 Nonfarm noncorporate 1,121.8 1,152.4
21 Farm 142.2 145.1
22 State and local government 1,121.7 1,070.2
23 Foreign credit market
debt held in
United States 370.3(r) 441.4(r)
24 Commercial paper 42.7 56.2
25 Bonds 242.3 291.9
26 Bank loans n.e.c. 26.1 34.6
27 Other loans and advances 59.3(r) 58.8(r)
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 13,384.2(r) 14,175.8(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 3,822.2 4,278.8(r)
By instrument
30 Federal government-related 2,172.7 2,376.8
31 Government-sponsored 700.6 806.5
enterprise securities
32 Mortgage pool securities 1,472.1 1,570.3
33 Loans from U.S. government .0 .0
34 Private 1,649.5 1,901.9(r)
35 Open market paper 441.6 486.9
36 Corporate bonds 1,008.8 1,204.7
37 Bankloans n.e.c. 48.9 51.4(r)
38 Other loans and advances 131.6 135.0
39 Mortgages 18.7 24.1
By borrowing sector
40 Commercial banks 94.5 102.6
41 Bank holding companies 133.6 148.0
42 Savings institutions 112.4 115.0
43 Credit unions 5.0 0.4
44 Life insurance companies 6.0 0.5
45 Government-sponsored
enterprises 700.6 806.5
46 Federally related mortgage
pools
47 Issuers of asset-backed 1,472.1 1,570.3
securities (ABSs) 570.1 712.5
48 Brokers and dealers 34.3 29.3
49 Finance companies 433.7 483.9
50 Mortgage companies 18.7 16.5(r)
51 Real estate investment
trusts (REITs) 40.0 44.6
52 Funding corporations 211.0 248.6
All sectors
53 Total credit market debt,
domestic and foreign 17,206.4(r) 18,454.5(r)
54 Open market paper 623.5 700.4
55 U.S. government securities 5,665.0 6,013.6
56 Municipal securities 1,341.7 1,293.5
57 Corporate and foreign bonds 2,504.0 2,840.7(r)
58 Bank loans n.e.c. 834.9 949.6
59 Other loans and advances 860.5(r) 930.6(r)
60 Mortgages 4,393.0(r) 4,603.4(r)
61 Consumer credit 983.9 1,122.8
Transaction category or sector 1996 1997
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 14,477.4(r) 15,261.1(r)
By sector and instrument
2 Federal government 3,636.7 3,718.8
3 Treasury securities 3,608.5 3,755.1
4 Budget agency securities
and mortgages 26.6 25.9
5 Nonfederal 10,695.6(r) 1,1456.3(r)
By instrument
6 Commercial paper 156.4 168.6
7 Municipal securities and
loans 1,296.0 1,367.5
8 Corporate bonds 1,460.4(r) 1,610.9(r)
9 Bank loans n.e.c 934.1(r) 1,040.5(r)
10 Other loans and advances 770.4(r) 839.5
11 Mortgages 4,866.8(r) 5,165.2(r)
12 Home 3,719.0(r) 3,954.8(r)
13 Multifamily residential 284.3 295.0(r)
14 Commercial 776.4(r) 825.1(r)
15 Farm 87.1 90.3
16 Consumer credit 1,211.6 1,264.1
By borrowing sector
17 Household 5,105.1(r) 5,433.3(r)
18 Nonfinancial business 4,527.1(r) 4,903.5(r)
19 Corporate 3,141.0(r) 3,433.8(r)
20 Nonfarm noncorporate 1,236.1 1,313.6
21 Farm 149.9 156.1
22 State and local government 1,063.4 1,119.5
23 Foreign credit market
debt held in
United States 518.7(r) 570.1(r)
24 Commercial paper 67.5 65.1
25 Bonds 347.7 394.9(r)
26 Bank loans n.e.c 43.7 52.1
27 Other loans and advances 59.8(r) 58.0
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 14,996.0(r) 15,831.2(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 4,827.7(r) 5,446.8(r)
By instrument
30 Federal government-related 2,608.3 2,821.1(r)
31 Government-sponsored 896.9 995.3
enterprise securities
32 Mortgage pool securities 1,711.4 1,825.8
33 Loans from U.S. government .0 .0
34 Private 2,219.4(r) 2,625.7(r)
35 Open market paper 579.1 745.7
36 Corporate bonds 1,381.5 1,557.5
37 Bankloans n.e.c. 64.0(r) 77.2(r)
38 Other loans and advances 162.9 198.5
39 Mortgages 31.9 46.8
By borrowing sector
40 Commercial banks 113.6 140.6
41 Bank holding companies 150.0 168.6
42 Savings institutions 140.5 160.3
43 Credit unions 0.4 0.6
44 Life insurance companies 1.6 1.8
45 Government-sponsored
enterprises 896.9 995.3
46 Federally related mortgage
pools
47 Issuers of asset-backed 1,711.4 1,825.8
securities (ABSs) 866.4 1,078.2
48 Brokers and dealers 27.3 35.3
49 Finance companies 529.8 554.5
50 Mortgage companies 20.6(r) 16.0(r)
51 Real estate investment
trusts (REITs) 56.5 96.1
52 Funding corporations 312.7 373.7
All sectors
53 Total credit market debt,
domestic and foreign 19,823.7(r) 21,783.9
54 Open market paper 803.0 979.4
55 U.S. government securities 6,390.0 6,626.0(r)
56 Municipal securities 1,296.0 1,367.5
57 Corporate and foreign bonds 3,189.6(r) 3,563.3(r)
58 Bank loans n.e.c 1,041.7 1,169.8
59 Other loans and advances 993.1(r) 1,095.9
60 Mortgages 4,898.7(r) 5,212.0(r)
61 Consumer credit 1,211.6 1,264.1
Transaction category or sector 1997 1998
Q4 Q1(r)
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 15,261.1(r) 15,522.2
By sector and instrument
2 Federal government 3,804.9 3,830.8
3 Treasury securities 3,778.3 3,804.8
4 Budget agency securities
and mortgages 26.5 25.6
5 Nonfederal 1,1456.3(r) 11,691.4
By instrument
6 Commercial paper 168.6 193.1
7 Municipal securities and
loans 1,367.5 1,397.1
8 Corporate bonds 1,610.9(r) 1,680.6
9 Bank loans n.e.c 1,040.5(r) 1,047.9
10 Other loans and advances 839.5 863.5
11 Mortgages 5,165.2(r) 5,273.3
12 Home 3,954.8(r) 4,037.9
13 Multifamily residential 295.0(r) 300.4
14 Commercial 825.1(r) 843.6
15 Farm 90.3 91.3
16 Consumer credit 1,264.1 1,236.0
By borrowing sector
17 Household 5,433.3(r) 5,494.5
18 Nonfinancial business 4,903.5(r) 5,052.6
19 Corporate 3,433.8(r) 3,559.4
20 Nonfarm noncorporate 1,313.6 1,337.9
21 Farm 156.1 155.3
22 State and local government 1,119.5 1,144.3
23 Foreign credit market
debt held in
United States 570.1(r) 591.6
24 Commercial paper 65.1 76.7
25 Bonds 394.9(r) 405.6
26 Bank loans n.e.c 52.1 53.4
27 Other loans and advances 58.0 55.9
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 15,831.2(r) 16,113.8
Financial sectors
29 Total credit market debt owed
by financial sectors 5,446.8(r) 5,670.1
By instrument
30 Federal government-related 2,821.1(r) 2,878.0
31 Government-sponsored 995.3 1,030.9
enterprise securities
32 Mortgage pool securities 1,825.8 1,847.1
33 Loans from U.S. government .0 .0
34 Private 2,625.7(r) 2,792.1
35 Open market paper 745.7 804.9
36 Corporate bonds 1,557.5 1,640.8
37 Bankloans n.e.c 77.2(r) 90.6
38 Other loans and advances 198.5 206.6
39 Mortgages 46.8 49.1
By borrowing sector
40 Commercial banks 140.6 148.7
41 Bank holding companies 168.6 181.2
42 Savings institutions 160.3 162.9
43 Credit unions 0.6 0.7
44 Life insurance companies 1.8 1.8
45 Government-sponsored
enterprises 995.3 1,030.9
46 Federally related mortgage
pools
47 Issuers of asset-backed 1,825.8 1,847.1
securities (ABSs) 1,078.2 1,142.9
48 Brokers and dealers 35.3 35.1
49 Finance companies 554.5 571.9
50 Mortgage companies 16.0(r) 23.4
51 Real estate investment
trusts (REITs) 96.1 111.9
52 Funding corporations 373.7 411.6
All sectors
53 Total credit market debt,
domestic and foreign 21,278.1(r) 21,278.1(r)
54 Open market paper 979.4 1,074.8
55 U.S. government securities 6,626.0(r) 6,708.7
56 Municipal securities 1,367.5 1,397.1
57 Corporate and foreign bonds 3,563.3(r) 3,727.0
58 Bank loans n.e.c 1,169.8 1,191.9
59 Other loans and advances 1,095.9 1,126.1
60 Mortgages 5,212.0(r) 5,322.4
61 Consumer credit 1,264.1 1,236.0
Transaction category or sector 1998
Q2 Q3
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 15,742.1(r) 15,956.2(r)
By sector and instrument
2 Federal government 3,749.0 3,720.2
3 Treasury securities 3,723.4 3,694.7
4 Budget agency securities
and mortgages 25.6 25.5
5 Nonfederal 11,993.2(r) 12,236.0(r)
By instrument
6 Commercial paper 202.5 216.9
7 Municipal securities and
loans 1,429.3 1,439.9
8 Corporate bonds 1,754.3(r) 1781.63(r)
9 Bank loans n.e.c 1,097.6(r) 1120.6(r)
10 Other loans and advances 873.1(r) 886.8(r)
11 Mortgages 5,379.7(r) 5504(r)
12 Home 4,116.4(r) 4216.4(r)
13 Multifamily residential 305.7(r) 309.7(r)
14 Commercial 864.6(r) 883.6(r)
15 Farm 93.0(r) 94.4(r)
16 Consumer credit 1,256.8 1,286.6
By borrowing sector
17 Household 5,613.2(r) 5,746.1(r)
18 Nonfinancial business 5,209.2(r) 5,311.1(r)
19 Corporate 3,686.4(r) 3,762.5(r)
20 Nonfarm noncorporate 1,361.8 1,385.5
21 Farm 161.0(r) 163.1(r)
22 State and local government 1,170.8 1,178.8
23 Foreign credit market
debt held in
United States 617.1(r) 612.8(r)
24 Commercial paper 71.4 74.0
25 Bonds 435.4(r) 428.6(r)
26 Bank loans n.e.c 55.5 56.4
27 Other loans and advances 54.8 53.8
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 16,359.2(r) 17,195.8
Financial sectors
29 Total credit market debt owed
by financial sectors 5,926.8(r) 6,515.6(r)
By instrument
30 Federal government-related 2,981.4(r) 3,121.7(r)
31 Government-sponsored 1,072.5 1,146.0
enterprise securities
32 Mortgage pool securities 1,908.9(r) 1,975.7(r)
33 Loans from U.S. government .0 .0
34 Private 2,94514(r) 3,07318(r)
35 Open market paper 838.9 874.2
36 Corporate bonds 1,738.7 1,786.2
37 Bankloans n.e.c 88.2(r) 103.2(r)
38 Other loans and advances 225.6 246.2
39 Mortgages 54.1 64.0
By borrowing sector
40 Commercial banks 159.6 169.6
41 Bank holding companies 190.5 196.1
42 Savings institutions 170.7 186.6
43 Credit unions .8 1.0
44 Life insurance companies 116.0 20.0
45 Government-sponsored
enterprises 1,072.5 1,146.0
46 Federally related mortgage
pools
47 Issuers of asset-backed 1,908.9(r) 1,975.7(r)
securities (ABSs) 1,230.4 1,307.0
48 Brokers and dealers 40.1 39.4
49 Finance companies 596.9 589.4
50 Mortgage companies 16.3(r) 16.9(r)
51 Real estate investment
trusts (REITs) 128.0 147.8
52 Funding corporations 410.5 417.9
All sectors
53 Total credit market debt,
domestic and foreign 22,286.0(r) 22,764.5(r)
54 Open market paper 1,112.7 1,165.1
55 U.S. government securities 6,730.3(r) 6,841.9(r)
56 Municipal securities 1,429.3 1,439.9
57 Corporate and foreign bonds 3,928.3(r) 3,996.0(r)
58 Bank loans n.e.c 1,241.3 1,280.3
59 Other loans and advances 1,153.6(r) 1,186.8(r)
60 Mortgages 5,433.7(r) 5,568.0(r)
61 Consumer credit 1,256.8 1,286.6
Transaction category or sector 1998 1999
Q4 Q1(r)
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 16,283.6(r) 16,588.0
By sector and instrument
2 Federal government 3,752.2 3,759.7
3 Treasury securities 31,723.7 3,731.6
4 Budget agency securities
and mortgages 28.5 28.1
5 Nonfederal 12,531.4(r) 12,828.3
By instrument
6 Commercial paper 193.0 223.9
7 Municipal securities and
loans 1,464.3 1,491.0
8 Corporate bonds 1,829.6(r) 1,898.1
9 Bank loans n.e.c 1,148.8(r) 1,165.2
10 Other loans and advances 913.8(r) 947.5
11 Mortgages 5,650.3(r) 5,784.1
12 Home 4,321.1(r) 4,413.8
13 Multifamily residential 317.4(r) 326.6
14 Commercial 915.3(r) 946.3
15 Farm 96.5(r) 97.4
16 Consumer credit 1,331.7 1,318.6
By borrowing sector
17 Household 5,903.6(r) 5,985.9
18 Nonfinancial business 5,428.0(r) 5,619.2
19 Corporate 3,852.2(r) 4,019.2
20 Nonfarm noncorporate 1,411.9 1,437.6
21 Farm 163.8(r) 162.4
22 State and local government 1,199.8 1,223.2
23 Foreign credit market
debt held in
United States 603.7(r) 607.8
24 Commercial paper 72.9 77.2
25 Bonds 420.0(r)
420.2
26 Bank loans n.e.c 58.9 59.1
27 Other loans and advances 52.0 51.3
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 16,887.3(r) 16,568.9(r)
Financial sectors
29 Total credit market debt owed
by financial sectors 6,195.5(r) 6,809.7
By instrument
30 Federal government-related 3,292.0 3,434.1
31 Government-sponsored 1,273.6 1,321.8
enterprise securities
32 Mortgage pool securities 2,018.4 2,112.3
33 Loans from U.S. government .0 .0
34 Private 3,223.6(r) 3,375.6
35 Open market paper 906.7 926.4
36 Corporate bonds 1,849.4 1,969.3
37 Bankloans n.e.c 107.2(r) 104.1
38 Other loans and advances 288.7 299.1
39 Mortgages 71.6 76.6
By borrowing sector
40 Commercial banks 188.6 187.5
41 Bank holding companies 193.5 202.6
42 Savings institutions 212.4 226.9
43 Credit unions 1.0 1.5
44 Life insurance companies 25.0 3.3
45 Government-sponsored
enterprises 1,273.6 1,321.8
46 Federally related mortgage
pools
47 Issuers of asset-backed 2,018.4 2,112.3
securities (ABSs) 1,394.6 1,463.8
48 Brokers and dealers 42.5 34.8
49 Finance companies 597.5 614.4
50 Mortgage companies 17.7(r) 16.5
51 Real estate investment
trusts (REITs) 158.8 165.2
52 Funding corporations 414.4 459.1
All sectors
53 Total credit market debt,
domestic and foreign 23,402.9(r) 24,005.5
54 Open market paper 1,172.6 1,227.6
55 U.S. government securities 7,044.3(r) 7,193.8
56 Municipal securities 1,464.3 1,491.0
57 Corporate and foreign bonds 4,098.9(r) 4,287.6
58 Bank loans n.e.c 1,314.9(r) 1,328.3
59 Other loans and advances 1,254.4(r) 1,297.8
60 Mortgages 5,721.9(r) 5,860.7
61 Consumer credit 1,331.7 1,318.6
Transaction category or sector 1999
Q2
Nonfinancial sectors
1 Total credit market debt
owed by domestic
nonfinancial sectors 16,758.7
By sector and instrument
2 Federal government 3,651.7
3 Treasury securities 3,623.4
4 Budget agency securities
and mortgages 28.3
5 Nonfederal 13,107.0
By instrument
6 Commercial paper 232.4
7 Municipal securities and
loans 1,510.0
8 Corporate bonds 1,963.3
9 Bank loans n.e.c 1,178.4
10 Other loans and advances 945.8
11 Mortgages 5,939.2
12 Home 4,526.0
13 Multifamily residential 335.8
14 Commercial 977.7
15 Farm 99.7
16 Consumer credit 1,338.0
By borrowing sector
17 Household 6,128.1
18 Nonfinancial business 5,740.7
19 Corporate 4,107.9
20 Nonfarm noncorporate 1,466.7
21 Farm 166.2
22 State and local government 1,238.2
23 Foreign credit market
debt held in
United States 596.5
24 Commercial paper 70.1
25 Bonds
415.4
26 Bank loans n.e.c 60.5
27 Other loans and advances 50.4
28 Total credit market debt
owed by nonfinancial
sectors, domestic and
foreign 17,355.2
Financial sectors
29 Total credit market debt owed
by financial sectors 7,073.6
By instrument
30 Federal government-related 3,580.8
31 Government-sponsored 1,398.0
enterprise securities
32 Mortgage pool securities 2,182.8
33 Loans from U.S. government .0
34 Private 3,492.7
35 Open market paper 940.9
36 Corporate bonds 2,042.9
37 Bankloans n.e.c 106.8
38 Other loans and advances 328.6
39 Mortgages 73.6
By borrowing sector
40 Commercial banks 202.7
41 Bank holding companies 202.7
42 Savings institutions 241.6
43 Credit unions 1.8
44 Life insurance companies 4.0
45 Government-sponsored
enterprises 1,398.0
46 Federally related mortgage
pools
47 Issuers of asset-backed 2,182.8
securities (ABSs) 1,542.9
48 Brokers and dealers 30.2
49 Finance companies 639.2
50 Mortgage companies 17.8
51 Real estate investment
trusts (REITs) 160.3
52 Funding corporations 449.6
All sectors
53 Total credit market debt,
domestic and foreign 24,428.7
54 Open market paper 1,243.3
55 U.S. government securities 7,232.5
56 Municipal securities 1,510.0
57 Corporate and foreign bonds 4,421.6
58 Bank loans n.e.c 1,345.6
59 Other loans and advances 1,324.8
60 Mortgages 6,012.7
61 Consumer credit 1,338.0
(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L.2 through L.4. For ordering address, see inside front cover. 1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES(1) Billions of dollars except as noted, end of period
Transaction category or 1994 1995
sector
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 17,206.4 18,454.5
2 Domestic nonfederal
nonfinancial sectors 2,988.8 2,856.8
3 Household 1,932.1 1,895.5
4 Nonfinancial corporate
business 289.2 280.4
5 Nonfarm noncorporate
business 37.6 42.3
6 State and local governments 729.9 638.6
7 Federal government 202.9 202.7
8 Rest of the world 1,216.0 1,531.1
9 Financial sectors 12,798.8 13,863.9
10 Monetary authority 368.2 380.8
11 Commercial banking 3,254.3 3,520.1
12 U.S.-chartered banks 2,869.6 3,056.1
13 Foreign banking offices in
United States 337.1 412.6
14 Bank holding companies 18.4 18.0
15 Banks in U.S.-affiliated
areas 29.2 33.4
16 Savings institutions 920.8 913.3
17 Credit unions 246.8 263.0
18 Bank personal trusts and
estates 248.0 239.7
19 Life insurance companies 1,487.5 1,587.5
20 Other insurance companies 446.4 468.7
21 Private pension funds 660.9 716.9
22 State and local government
retirement funds 497.4 531.0
23 Money market mutual funds 459.0 545.5
24 Mutual funds 718.8 771.3
25 Closed-end funds 86.0 96.4
26 Government-sponsored
enterprises 663.3 750.0
27 Federally related mortgage
pools 1,472.1 1,570.3
28 Asset-backed securities
issuers (ABSs) 532.8 653.4
29 Finance companies 476.2 526.2
30 Mortgage companies 36.5 33.0
31 Real estate investment
trusts (REITs) 24.6 26.0
32 Brokers and dealers 93.3 183.4
33 Funding corporations 106.0 87.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 17,206.4 18,454.5
Other liabilities
35 Official foreign exchange 53.2 63.7
36 Special drawing rights
certificates 8.0 10.2
37 Treasury currency 17.6 18.2
38 Foreign deposits 373.9 418.8
39 Net interbank liabilities 280.1 290.7
40 Checkable deposits and
currency 1,242.0 1,229.3
41 Small time and savings
deposits 2,183.2 2,279.7
42 Large time deposits 411.2 476.9
43 Money market fund shares 602.9 745.3
44 Security repurchase
agreements 549.5 660.0
45 Mutual fund shares 1,477.3 1,852.8
46 Security credit 279.0 305.7
47 Life insurance reserves 520.3 566.2
48 Pension fund reserves 4,948.1 5,767.8
49 Trade payables 1,140.6 1,242.3
50 Taxes payable 101.4 107.6
51 Investment in bank
personal trusts 699.4 803.0
52 Miscellaneous 5,287.2 5,634.7
53 Total liabilities 37,381.6 40,927.2
Financial assets not
included in liabilities (+)
54 Gold and special drawing
rights 21.1 22.1
55 Corporate equities 6,237.9 8,331.3
56 Household equity in
noncorporate business 3,410.5 3,658.3
Liabilities not identified
as assets (-)
57 Treasury currency -5.4 -5.8
58 Foreign deposits 325.4 360.2
59 Net interbank transactions -6.5 -9.0
60 Security repurchase 66.2 86.4
agreements
61 Taxes payable 48.8 62.4
62 Miscellaneous -948.1 -1,350.8
Floats not included in
assets (-)
63 Federal government
checkable deposits 3.4 3.1
64 Other checkable deposits 38.0 34.2
65 Trade credit -245.9 -257.5
66 Total identified to sectors
as assets 47,775.0 54,015.9
Transaction category or 1996 1997
sector
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 19,823.7 21,278.1
2 Domestic nonfederal
nonfinancial sectors 2,924.6 2,781.4
3 Household 2,011.6 1,871.1
4 Nonfinancial corporate
business 270.2 268.0
5 Nonfarm noncorporate
business 38.0 37.4
6 State and local governments 604.8 605.0
7 Federal government 195.3 200.4
8 Rest of the world 1,926.6 2,256.8
9 Financial sectors 14,777.2 16,039.5
10 Monetary authority 393.1 431.4
11 Commercial banking 3,707.7 4,031.9
12 U.S.-chartered banks 3,175.8 3,450.7
13 Foreign banking offices in
United States 475.8 516.1
14 Bank holding companies 22.0 27.4
15 Banks in U.S.-affiliated
areas 34.1 37.8
16 Savings institutions 933.2 928.5
17 Credit unions 288.5 305.3
18 Bank personal trusts and
estates 232.0 239.5
19 Life insurance companies 1,657.0 1,751.3
20 Other insurance companies 491.2 515.3
21 Private pension funds 769.2 834.7
22 State and local government
retirement funds 568.2 632.0
23 Money market mutual funds 634.3 721.9
24 Mutual funds 820.2 901.1
25 Closed-end funds 101.1 98.3
26 Government-sponsored
enterprises 807.9 902.2
27 Federally related mortgage
pools 1,711.4 1,825.8
28 Asset-backed securities
issuers (ABSs) 777.0 939.3
29 Finance companies 544.5 566.4
30 Mortgage companies 41.2 32.1
31 Real estate investment
trusts (REITs) 30.4 50.6
32 Brokers and dealers 167.7 182.6
33 Funding corporations 101.4 149.4
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 19,823.7 21,278.1
Other liabilities
35 Official foreign exchange 53.7 48.9
36 Special drawing rights
certificates 9.7 9.2
37 Treasury currency 18.3 18.3
38 Foreign deposits 516.1 618.8
39 Net interbank liabilities 240.8 219.4
40 Checkable deposits and
currency 1,245.1 1,286.6
41 Small time and savings
deposits 2,377.0 2,474.1
42 Large time deposits 590.9 713.4
43 Money market fund shares 891.1 1,048.7
44 Security repurchase
agreements 701.5 822.4
45 Mutual fund shares 2,342.4 2,989.4
46 Security credit 358.1 469.1
47 Life insurance reserves 610.6 665.0
48 Pension fund reserves 6,642.5 7,894.4
49 Trade payables 1,328.4 1,424.6
50 Taxes payable 123.6 140.4
51 Investment in bank
personal trusts 871.7 1,082.8
52 Miscellaneous 6,098.8 6,663.5
53 Total liabilities 44,843.8 49,867.0
Financial assets not
included in liabilities (+)
54 Gold and special drawing
rights 21.4 21.1
55 Corporate equities 10,062.4 12,776.0
56 Household equity in
noncorporate business 3,864.5 4,213.4
Liabilities not identified
as assets (-)
57 Treasury currency -6.7 -7.3
58 Foreign deposits 431.4 534.0
59 Net interbank transactions -10.6 -32.2
60 Security repurchase 90.9 153.1
agreements
61 Taxes payable 76.7 93.5
62 Miscellaneous -1,714.9 -2,087.0
Floats not included in
assets (-)
63 Federal government
checkable deposits -1.6 -8.1
64 Other checkable deposits 30.1 26.2
65 Trade credit -307.7 -314.5
66 Total identified to sectors
as assets 60,204.6 68,519.7
1997 1998
Transaction category or
sector Q4 Q1
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 21,278.1 21,783.9
2 Domestic nonfederal
nonfinancial sectors 2,781.4 2,761.2
3 Household 1,871.1 1,868.2
4 Nonfinancial corporate
business 268.0 249.6
5 Nonfarm noncorporate
business 37.4 37.4
6 State and local governments 605.0 606.0
7 Federal government 200.4 204.3
8 Rest of the world 2,256.8 2,317.1
9 Financial sectors 16,039.5 16,501.3
10 Monetary authority 431.4 433.8
11 Commercial banking 4,031.9 4,093.4
12 U.S.-chartered banks 3,450.7 3,505.1
13 Foreign banking offices in
United States 516.1 517.9
14 Bank holding companies 27.4 31.2
15 Banks in U.S.-affiliated
areas 37.8 39.2
16 Savings institutions 928.5 931.3
17 Credit unions 305.3 306.7
18 Bank personal trusts and
estates 239.5 240.1
19 Life insurance companies 1,751.3 1,777.3
20 Other insurance companies 515.3 521.1
21 Private pension funds 834.7 853.4
22 State and local government
retirement funds 632.0 648.9
23 Money market mutual funds 721.9 775.0
24 Mutual funds 901.1 940.0
25 Closed-end funds 98.3 99.4
26 Government-sponsored
enterprises 902.2 951.4
27 Federally related mortgage
pools 1,825.8 1,847.1
28 Asset-backed securities
issuers (ABSs) 939.3 989.2
29 Finance companies 566.4 572.0
30 Mortgage companies 32.1 46.8
31 Real estate investment
trusts (REITs) 50.6 57.0
32 Brokers and dealers 182.6 244.0
33 Funding corporations 149.4 173.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 21,278.1 21,783.9
Other liabilities
35 Official foreign exchange 48.9 48.2
36 Special drawing rights
certificates 9.2 9.2
37 Treasury currency 18.3 18.4
38 Foreign deposits 618.8 607.2
39 Net interbank liabilities 219.4 179.6
40 Checkable deposits and
currency 1,286.6 1,259.2
41 Small time and savings
deposits 2,474.1 2,525.4
42 Large time deposits 713.4 760.9
43 Money market fund shares 1,048.7 1,130.7
44 Security repurchase
agreements 822.4 889.3
45 Mutual fund shares 2,989.4 3,339.3
46 Security credit 469.1 505.3
47 Life insurance reserves 665.0 677.3
48 Pension fund reserves 7,894.4 8,583.1
49 Trade payables 1,424.6 1,419.2
50 Taxes payable 140.4 151.7
51 Investment in bank
personal trusts 1,082.8 1,179.5
52 Miscellaneous 6,663.5 6,737.3
53 Total liabilities 49,867.0 51,804.7
Financial assets not
included in liabilities (+)
54 Gold and special drawing
rights 21.1 21.2
55 Corporate equities 12,776.0 14,397.6
56 Household equity in
noncorporate business 4,213.4 4,039.4
Liabilities not identified
as assets (-)
57 Treasury currency -7.3 -7.4
58 Foreign deposits 534.0 510.1
59 Net interbank transactions -32.2 -21.2
60 Security repurchase 153.1 187.4
agreements
61 Taxes payable 93.5 89.6
62 Miscellaneous -2,087.0 -2,259.2
Floats not included in
assets (-)
63 Federal government
checkable deposits -8.1 -10.4
64 Other checkable deposits 26.2 21.4
65 Trade credit -314.5 -358.1
66 Total identified to sectors
as assets 68,519.7 72,110.7
1998
Transaction category or
sector Q2 Q3
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 22,286.0 22,764.5
2 Domestic nonfederal
nonfinancial sectors 2,847.0 2,876.6
3 Household 1,919.2 1,913.4
4 Nonfinancial corporate
business 238.7 244.7
5 Nonfarm noncorporate
business 37.4 37.4
6 State and local governments 651.6 681.1
7 Federal government 207.5 210.9
8 Rest of the world 2,396.0 2,412.2
9 Financial sectors 16,835.5 17,264.8
10 Monetary authority 440.3 446.5
11 Commercial banking 4,136.4 4,195.7
12 U.S.-chartered banks 3,543.6 3,616.2
13 Foreign banking offices in
United States 525.6 510.1
14 Bank holding companies 26.8 28.3
15 Banks in U.S.-affiliated
areas 40.4 41.1
16 Savings institutions 930.8 939.3
17 Credit unions 315.1 320.5
18 Bank personal trusts and
estates 240.9 241.4
19 Life insurance companies 1,793.2 1,810.6
20 Other insurance companies 520.8 518.9
21 Private pension funds 885.9 909.8
22 State and local government
retirement funds 668.5 684.9
23 Money market mutual funds 815.9 869.9
24 Mutual funds 979.1 1,005.9
25 Closed-end funds 100.5 101.7
26 Government-sponsored
enterprises 989.4 1,055.4
27 Federally related mortgage
pools 1,908.9 1,975.7
28 Asset-backed securities
issuers (ABSs) 1,068.9 1,134.2
29 Finance companies 579.0 592.7
30 Mortgage companies 32.7 33.8
31 Real estate investment
trusts (REITs) 58.5 55.7
32 Brokers and dealers 198.3 217.5
33 Funding corporations 172.6 155.1
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 22,286.0 22,764.5
Other liabilities
35 Official foreign exchange 50.1 54.5
36 Special drawing rights
certificates 9.2 9.2
37 Treasury currency 18.4 18.8
38 Foreign deposits 630.4 651.7
39 Net interbank liabilities 189.1 198.7
40 Checkable deposits and
currency 1,320.7 1,282.3
41 Small time and savings
deposits 2,531.0 2,553.8
42 Large time deposits 754.0 776.5
43 Money market fund shares 1,153.7 1,249.7
44 Security repurchase
agreements 861.5 918.9
45 Mutual fund shares 3,438.4 3,137.3
46 Security credit 540.6 579.0
47 Life insurance reserves 690.6 703.5
48 Pension fund reserves 8,730.8 8,194.6
49 Trade payables 1,405.0 1,418.3
50 Taxes payable 144.4 154.7
51 Investment in bank
personal trusts 1,204.9 1,118.9
52 Miscellaneous 6,807.2 7,024.1
53 Total liabilities 52,765.9 52,809.1
Financial assets not
included in liabilities (+)
54 Gold and special drawing
rights 21.0 21.2
55 Corporate equities 14,556.1 12,758.4
56 Household equity in
noncorporate business 4,255.1 4,265.5
Liabilities not identified
as assets (-)
57 Treasury currency -7.4 -7.2
58 Foreign deposits 540.1 557.6
59 Net interbank transactions -17.1 -15.4
60 Security repurchase 140.9 175.2
agreements
61 Taxes payable 95.6 101.9
62 Miscellaneous -2,311.2 -2,449.9
Floats not included in
assets (-)
63 Federal government
checkable deposits -16.1 -12.0
64 Other checkable deposits 24.2 15.7
65 Trade credit -412.2 -440.1
66 Total identified to sectors
as assets 73,561.4 71,928.4
1998 1999
Transaction category or
sector Q4 Q1 Q2
CREDIT MARKET DEBT
OUTSTANDING(2)
1 Total credit market assets 23,402.9 24,005.5 24,428.7
2 Domestic nonfederal
nonfinancial sectors 2,813.0 2,875.4 2,915.9
3 Household 1,805.8 1,874.9 1,889.2
4 Nonfinancial corporate
business 265.4 246.1 257.0
5 Nonfarm noncorporate
business 37.4 37.4 37.4
6 State and local governments 704.4 717.1 732.3
7 Federal government 213.9 218.3 219.9
8 Rest of the world 2,534.3 2,591.8 2,603.3
9 Financial sectors 17,841.7 18,320.0 18,689.7
10 Monetary authority 452.5 466.0 485.1
11 Commercial banking 4,335.7 4,338.4 4,383.3
12 U.S.-chartered banks 3,761.2 3,782.9 3,847.1
13 Foreign banking offices in
United States 504.2 487.8 465.7
14 Bank holding companies 26.5 25.0 25.1
15 Banks in U.S.-affiliated
areas 43.8 42.7 45.0
16 Savings institutions 964.8 990.8 1,011.4
17 Credit unions 324.2 331.0 3,422.0
18 Bank personal trusts and
estates 242.4 243.1 243.7
19 Life insurance companies 1,828.0 1,853.7 1,876.1
20 Other insurance companies 535.7 530.8 532.1
21 Private pension funds 953.4 968.5 1,006.0
22 State and local government
retirement funds 697.0 715.6 724.9
23 Money market mutual funds 965.9 1,036.2 1,001.1
24 Mutual funds 1,025.9 1,050.5 1,078.
25 Closed-end funds 102.8 103.9 105.0
26 Government-sponsored
enterprises 1,163.0 1,201.9 12,671.0
27 Federally related mortgage
pools 2,018.4 2,112.3 2,182.1
28 Asset-backed securities
issuers (ABSs) 1,216.0 1,280.8 1,355.7
29 Finance companies 618.4 639.9 660.9
30 Mortgage companies 35.3 33.0 35.6
31 Real estate investment
trusts (REITs) 45.5 45.9 452.0
32 Brokers and dealers 165.2 211.4 160.2
33 Funding corporations 151.7 166.4 192.2
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 23,402.9 24,005.5 24,428.7
Other liabilities
35 Official foreign exchange 60.1 53.6 50.9
36 Special drawing rights
certificates 9.2 8.2 8.2
37 Treasury currency 18.3 18.3 182.0
38 Foreign deposits 639.9 671.8 700.4
39 Net interbank liabilities 187.7 180.5 196.4
40 Checkable deposits and
currency 1,334.2 1,311.5 1,354.3
41 Small time and savings
deposits 2,626.5 2,638.6 2,646.4
42 Large time deposits 805.5 804.3 809.1
43 Money market fund shares 1,334.2 1,416.0 1,398.1
44 Security repurchase
agreements 875.0 980.3 961.4
45 Mutual fund shares 3,610.5 3,760.8 4,029.9
46 Security credit 577.4 552.7 576.7
47 Life insurance reserves 718.3 730.9 747.4
48 Pension fund reserves 9,160.7 9,335.8 9,770.1
49 Trade payables 1,424.3 1,430.4 1,454.4
50 Taxes payable 153.4 159.6 158.4
51 Investment in bank
personal trusts 1,274.2 1,317.0 1,402.7
52 Miscellaneous 7,094.4 7,087.4 7,184.1
53 Total liabilities 55,306.8 56,463.3 57,897.1
Financial assets not
included in liabilities (+)
54 Gold and special drawing
rights 21.6 20.7 20.8
55 Corporate equities 15,437.7 15,970.3 17,137.5
56 Household equity in
noncorporate business 4,288.4 4,293.4 4,257.7
Liabilities not identified
as assets (-)
57 Treasury currency -8.0 -8.4 -8.5
58 Foreign deposits 539.7 555.1 573.5
59 Net interbank transactions -27.0 -11.3 -10.5
60 Security repurchase 168.4 263.0 255.6
agreements
61 Taxes payable 103.9 90.6 108.2
62 Miscellaneous -2,719.9 -2,953.5 -2,998.9
Floats not included in
assets (-)
63 Federal government
checkable deposits -3.9 -7.2 -12.4
64 Other checkable deposits 23.1 18.9 22.1
65 Trade credit -373.7 -415.3 -432.3
66 Total identified to sectors
as assets 77,351.9 79,215.7 81,816.2
(1.) Data in this table also appear in the Board's Z. 1 (780) quarterly statistical release, tables L. 1 and L.5. For ordering address, see inside front cover. (2.) Excludes corporate equities and mutual fund shares. 2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures Monthly data seasonally adjusted, and indexes 1992= 100, except as noted
Measure 1996 1997 1998
1 Industrial production(1) 119.5 126.8 1313.0
Market groupings
2 Products, total 114.4 119.6 123.5
3 Final, total 115.5 121.1 125.4
4 Consumer goods 111.3 114.1 115.2
5 Equipment 122.7 133.9 144.2
6 Intermediate 110.9 115.2 118.0
7 Materials 127.8 138.2 144.0
Industry groupings
8 Manufacturing 121.4 129.7 135.1
9 Capacity utilization,
manufacturing (percent): 81.4 82.0 80.8
10 Construction contracts(3) 130.9 142.9(r) 157.1(r)
11 Nonagricultural
employment, total(4) 117.3 120.3 123.4
12 Goods-producing, total 2.4 2.4 2.3
13 Manufacturing, total 97.4 98.2 98.5
14 Manufacturing, production
workers 98.6 99.6 99.6
15 Service-producing 123.1 126.5 130.1
16 Personal income, total 165.7(r) 174.9(r) 183.8(r)
17 Wages and salary
disbursements 159.8 171.2 182.6
18 Manufacturing 135.7 144.7 151.1
19 Disposable personal
income(5) 164.5(r) 172.3(r) 179.2(r)
20 Retail sales(5) 162.5 170.1 178.5
Prices(6)
21 Consumer (1982--84=100) 156.9 160.5 163.0
22 Producer finished
goods (1982=100) 131.3 131.8 130.7
1998 1999
Measure
Dec. Jan. Feb.
1 Industrial production(1) 132.3 132.3 132.5
Market groupings
2 Products, total 124.4 124.5 124.6
3 Final, total 125.9 125.8 125.9
4 Consumer goods 114.9 115.2 115.3
5 Equipment 145.6 145.0 145.1
6 Intermediate 119.8 120.3 120.4
7 Materials 145.2 144.9 145.3
Industry groupings
8 Manufacturing 136.7 136.4 136.9
9 Capacity utilization,
manufacturing (percent): 80.0 79.5 79.5
10 Construction contracts(3) 168.0(r) 178.0(r) 167.0
11 Nonagricultural
employment, total(4) 124.8 124.9 125.3
12 Goods-producing, total 102.8 102.6 102.7
13 Manufacturing, total 98.0 97.8 97.6
14 Manufacturing, production
workers 98.8 98.6 98.3
15 Service-producing 131.8 132.1 132.5
16 Personal income, total 187.7(r) 188.8(r) 189.6(r)
17 Wages and salary
disbursements 187.6 189.0 190.2
18 Manufacturing 151.7 152.4 152.8
19 Disposable personal
income(5) 182.7(r) 183.8(r) 184.5(r)
20 Retail sales(5) 184.7 186.8 190.0
Prices(6)
21 Consumer (1982--84=100) 163.9 164.3 164.5
22 Producer finished
goods (1982=100) 131.1 131.4 130.8
Measure
Mar. Apr. May
1 Industrial production(1) 133.3 133.7 134.0
Market groupings
2 Products, total 125.2 125.6 125.8
3 Final, total 126.5 126.8 127.2
4 Consumer goods 115.3 115.5 115.6(r)
5 Equipment 146.7 147.2 148.0(r)
6 Intermediate 121.0 121.5 121.4(r)
7 Materials 146.7 146.9 147.3
Industry groupings
8 Manufacturing 137.5 138.0 138.4
9 Capacity utilization,
manufacturing (percent): 79.5 79.6 79.5
10 Construction contracts(3) 163.0(r) 168. 0 169.0(r)
11 Nonagricultural
employment, total(4) 125.4 125.7 125.7
12 Goods-producing, total 102.5 102.5 102.1
13 Manufacturing, total 97.4 97.2 97.0
14 Manufacturing, production
workers 98.2 98.0 97.8
15 Service-producing 132.7 133.1 133.2
16 Personal income, total 190.2(r) 191.0(r) 191.7(r)
17 Wages and salary
disbursements 190.6 191.7 192.6
18 Manufacturing 152.9 153.5 154.4
19 Disposable personal
income(5) 185.2(r) 186.0(r) 186.4(r)
20 Retail sales(5) 189.8 190.9 192.8
Prices(6)
21 Consumer (1982--84=100) 165.0 166.2 166.2
22 Producer finished
goods (1982=100) 131.1(r) 131.9(r) 132.4
1999
Measure
June July Aug.(p)
1 Industrial production(1) 134.2 135.2 135.6
Market groupings
2 Products, total 125.6(r) 126.0 126.4
3 Final, total 127.1(r) 127.4 128.2
4 Consumer goods 115.9 115.7 116.6
5 Equipment 147.3(r) 148.6 149.1
6 Intermediate 121.0(r) 121.5 121.0
7 Materials 148.2 150.4 150.8
Industry groupings
8 Manufacturing 138.5(r) 139.3 139.9
9 Capacity utilization,
manufacturing (percent): 79.4 79.6 79.8
10 Construction contracts(3) 174.0(r) 164.0 147.0
11 Nonagricultural
employment, total(4) 126.0 126.3 126.4
12 Goods-producing, total 102.1 102.3 101.9
13 Manufacturing, total 96.8 97.1 96.8
14 Manufacturing, production
workers 97.5 98.0 97.6
15 Service-producing 133.6 134.0 134.3
16 Personal income, total 193.1(r) 193.5 n.a.
17 Wages and salary
disbursements 193.6 195.0 n.a.
18 Manufacturing 155.1 156.4 n.a.
19 Disposable personal
income(5) 187.7 188.0 n.a.
20 Retail sales(5) 192.6(r) 194.6 196.8
Prices(6)
21 Consumer (1982--84=100) 166.2 166.7 167.1
22 Producer finished
goods (1982=100) 132.7 132.9 133.7
(1.) Data in this table appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site, http://www.federalreserve.gov/releases/g17. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 1998. The recent annual revision is described in an article in the January 1999 issue of the Bulletin. For a description of the methods of estimating industrial production and capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the references cited therein. For details about the construction of individual industrial production series, see "Industrial Production: 1989 Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. (2.) Ratio of index of production to index of capacity. Based on data from the Federal Reserve, DRI McGraw-Hill, U.S. Department of Commerce, and other sources. (3.) Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Information Systems Company, F.W. Dodge Division, (4.) Based on data from the U.S. Department of Labor, Employment and Earnings. Series covers employees only, excluding personnel in the armed forces. (5.) Based on data from U.S. Department of Commerce, Survey of Current Business. (6.) Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Monthly Labor Review. NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for series mentioned in notes 3 and 6, can also be found in the Survey of Current Business. 2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT Thousands of persons; monthly data seasonally adjusted
Category 1996 1997 1998
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 133,943 136,297 137,673
Employment
2 Nonagricultural industries(3) 123,264 126,159 128,085
3 Agriculture 3,443 3,399 3,378
Unemployment
4 Number 7,236 6,739 6,210
5 Rate (percent of civilian
labor force) 5.4 4.9 4.5
ESTABLISHMENT SURVEY
DATA
6 Nonagricultural payroll 119,608 122,690 125,833
employment(4)
7 Manufacturing 18,495 18,657 18,716
8 Mining 580 592 575
9 Contract construction 5,418 5,686 5,965
10 Transportation and public
utilities 6,253 6,395 6,551
11 Trade 28,079 28,659 29,299
12 Finance 6,911 7,091 7,341
13 Service 34,454 36,040 37,525
14 Government 19,419 19,570 19,862
Category 1999
Jan. Feb. Mar.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,347 139,271 138,816
Employment
2 Nonagricultural industries(3) 130,097 129,817 129,752
3 Agriculture 3,299 3,328 3,281
Unemployment
4 Number 5,950 6,127 5,783
5 Rate (percent of civilian
labor force) 4.3 4.4 4.2
ESTABLISHMENT SURVEY
DATA
6 Nonagricultural payroll 127,378 127,730 127,813
employment(4)
7 Manufacturing 18,585 18,538 18,503
8 Mining 560 553 550
9 Contract construction 6,170 6,238 6,232
10 Transportation and public
utilities 6,708 6,723 6,732
11 Trade 29,480 29,585 29,558
12 Finance 7,570 7,581 7,595
13 Service 38,313 38,458 38,556
14 Government 19,992 20,054 20,087
Category 1999
Apr.(r) May(r) June
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,091 139,019 139,408
Employment
2 Nonagricultural industries(3) 129,685 129,929 130,078
3 Agriculture 3,384 3,295 3,354
Unemployment
4 Number 6,022 5,795 5,975
5 Rate (percent of civilian
labor force) 4.3 4.2 4.3
ESTABLISHMENT SURVEY
DATA
6 Nonagricultural payroll 128,134 128,162 128,443
employment(4)
7 Manufacturing 18,473 18,429 18,396
8 Mining 538 531 526
9 Contract construction 6,277 6,239 6,258
10 Transportation and public
utilities 6,750 6,758 6,781
11 Trade 29,689 29,725 29,789
12 Finance 7,611 7,621 7,636
13 Service 38,697 38,782 38,952
14 Government 20,099 20,077 20,105
Category 1999
July Aug.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 139,254 139,264
Employment
2 Nonagricultural industries(3) 130,015 130,192
3 Agriculture 3,292 3,219
Unemployment
4 Number 5,947 5,853
5 Rate (percent of civilian
labor force) 4.3 4.2
ESTABLISHMENT SURVEY
DATA
6 Nonagricultural payroll 128,781 128,905
employment(4)
7 Manufacturing 18,447 18,384
8 Mining 529 526
9 Contract construction 6,272 6,243
10 Transportation and public
utilities 6,797 6,809
11 Trade 29,906 29,923
12 Finance 7,644 7,655
13 Service 39,030 39,162
14 Government 20,156 20,203
(1.) Beginning January 1994, reflects redesign of current population survey and population controls from the 1990 census, (2.) Persons sixteen years of age and older, including Resident Armed Forces. Monthly figures are based on sample data collected during the calendar week that contains the twelfth day; annual data are averages of monthly figures. By definition, seasonality does not exist in population figures. (3.) Includes self-employed, unpaid family, and domestic service workers. (4.) Includes all full- and part-time employees who worked during, or received pay for, the pay period that includes the twelfth day of the month; excludes proprietors, self-employed persons, household and unpaid family workers, and members of the armed forces. Data are adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this time. SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings. 2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION(1) Seasonally adjusted
1998 1999
Series Q3 Q4 Q1(r) Q2
Output (1992 = 100)
1 Total industry 131.6 132.3 132.7 134.0
2 Manufacturing 134.8 136.4 136.9 138.3
3 Primary processing(3) 120.2 120.6 121.7 121.8
4 Advanced processing(4) 142.1 144.4 144.6 146.6
5 Durable goods 157.9 161.2 162.1 164.9
6 Lumber and products 117.7 119.2 121.6 121.6
7 Primary metals 122.4 119.3 120.4 123.4
8 Iron and steel 118.7 112.9 115.5 120.4
9 Nonferrous 126.8 126.9 126.3 127.1
10 Industrial machinery
and equipment 207.9 211.7 214.6 219.5
11 Electrical machinery 292.7 304.8 310.3 326.9
12 Motor vehicles and parts 137.2 148.5 147.5 151.1
13 Aerospace and miscellaneous
transportation equipment 106.6 105.8 103.1 100.2
14 Nondurable goods 111.3 111.4 111.6 111.6
15 Textile mill products 112.1 110.2 109.7 111.2
16 Paper and products 115.0 114.3 116.3 114.9
17 Chemicals and products 114.4 114.0 114.0 115.1
18 Plastics materials 128.4 131.9 129.6 131.0
19 Petroleum products 112.7 111.9 115.4 112.9
20 Mining 103.6 100.7 98.8 97.9
21 Utilities 119.6 112.9 114.3 116.3
22 Electric 121.2 116.7 116.4 118.7
1998 1999
Series Q3 Q4 Q1 Q2
Capacity (percent of 1992 output)
1 Total industry 161.5 163.5 165.2 166.7
2 Manufacturing 168.1 170.3 172.3 174.0
3 Primary processing(3) 145.1 146.1 146.9 147.7
4 Advanced processing(4) 179.2 182.0 184.5 186.7
5 Durable goods 197.5 201.2 204.4 207.4
6 Lumber and products 143.9 144.9 146.0 147.1
7 Primary metals 143.2 144.4 145.4 145.9
8 Iron and steel 144.6 146.5 147.9 148.8
9 Nonferrous 141.3 141.7 142.1 142.4
10 Industrial machinery
and equipment 242.9 251.6 259.8 266.9
11 Electrical machinery 381.6 396.6 411.0 424.9
12 Motor vehicles and parts 184.9 186.0 186.7 187.1
13 Aerospace and miscellaneous
transportation equipment 128.0 128.5 128.8 128.7
14 Nondurable goods 137.5 138.4 139.1 139.6
15 Textile mill products 135.1 135.2 135.0 134.7
16 Paper and products 132.5 133.4 134.2 135.0
17 Chemicals and products 148.9 149.7 150.3 150.8
18 Plastics materials 141.9 143.2 144.4 145.6
19 Petroleum products 116.8 117.1 117.4 117.7
20 Mining 120.1 120.6 120.9 121.2
21 Utilities 126.5 126.7 126.9 127.1
22 Electric 124.0 124.3 124.5 124.7
1998 1999
Series Q3 Q4 Q1 Q2(r)
Capacity utilization rate
(percent)(2)
1 Total industry 81.5 80.9 80.3 80.4
2 Manufacturing 80.2 80.1 79.5 79.5
3 Primary processing(3) 82.9 82.5 82.8 82.5
4 Advanced processing(4) 79.3 79.3 78.3 78.5
5 Durable goods 79.9 80.1 79.3 79.5
6 Lumber and products 81.8 82.3 83.3 82.7
7 Primary metals 85.5 82.6 82.8 84.6
8 Iron and steel 82.1 77.0 78.1 80.9
9 Nonferrous 89.7 89.6 88.9 89.3
10 Industrial machinery
and equipment 85.6 84.1 82.6 82.2
11 Electrical machinery 76.7 76.9 75.5 76.9
12 Motor vehicles and parts 74.2 79.8 79.0 80.8
13 Aerospace and miscellaneous
transportation equipment 83.3 82.4 80.1 77.9
14 Nondurable goods 80.9 80.5 80.2 79.9
15 Textile mill products 83.0 81.5 81.2 82.5
16 Paper and products 86.8 85.7 86.7 85.1
17 Chemicals and products 76.8 76.1 75.8 76.3
18 Plastics materials 90.5 92.1 89.8 89.9
19 Petroleum products 96.5 95.6 98.3 95.9
20 Mining 86.2 83.5 81.7 80.8
21 Utilities 94.6 89.2 90.0 91.5
22 Electric 97.7 93.9 93.5 95.2
1973 1975 Previous Latest
cycle(5) cycle(6)
High Low High Low High
Capacity utilization rate (percent)(2)
1 Total industry 89.2 72.6 87.3 71.1 85.4
2 Manufacturing 88.5 70.5 86.9 69.0 85.7
3 Primary processing(3) 91.2 68.2 88.1 66.2 88.9
4 Advanced processing(4) 87.2 71.8 86.7 70.4 84.2
5 Durable goods 89.2 68.9 87.7 63.9 84.6
6 Lumber and products 88.7 61.2 87.9 60.8 93.6
7 Primary metals 100.2 65.9 94.2 45.1 92.7
8 Iron and steel 105.8 66.6 95.8 37.0 95.2
9 Nonferrous 90.8 59.8 91.1 60.1 89.3
10 Industrial machinery
and equipment 96.0 74.3 93.2 64.0 85.4
11 Electrical machinery 89.2 64.7 89.4 71.6 84.0
12 Motor vehicles and
parts 93.4 51.3 95.0 45.5 89.1
13 Aerospace and
miscellaneous
transportation
equipment 78.4 67.6 81.9 66.6 87.3
14 Nondurable goods 87.8 71.7 87.5 76.4 87.3
15 Textile mill products 91.4 60.0 91.2 72.3 90.4
16 Paper and products 97.1 69.2 96.1 80.6 93.5
17 Chemicals and products 87.6 69.7 84.6 69.9 86.2
18 Plastics materials 102.0 50.6 90.9 63.4 97.0
19 Petroleum products 96.7 81.1 90.0 66.8 88.5
20 Mining 94.3 88.2 96.0 80.3 88.0
21 Utilities 96.2 82.9 89.1 75.9 92.6
22 Electric 99.0 82.7 88.2 78.9 95.0
Latest 1998 1999
cycle(6)
Low Aug. Mar. Apr.
Capacity utilization rate (percent)(2)
1 Total industry 78.1 82.0 80.5 80.4
2 Manufacturing 76.6 80.7 79.5 79.6
3 Primary processing(3) 77.7 83.1 82.7 82.5
4 Advanced processing(4) 76.1 79.9 78.4 78.6
5 Durable goods 73.1 80.9 79.4 79.5
6 Lumber and products 75.5 82.3 82.5 82.1
7 Primary metals 73.7 86.9 83.8 83.9
8 Iron and steel 71.8 84.7 79.0 80.0
9 Nonferrous 74.2 89.7 89.9 88.9
10 Industrial machinery
and equipment 72.3 85.2 83.0 82.9
11 Electrical machinery 75.0 76.2 75.3 76.7
12 Motor vehicles and
parts 55.9 83.4 79.8 79.9
13 Aerospace and
miscellaneous
transportation
equipment 79.2 83.5 79.5 78.5
14 Nondurable goods 80.7 80.9 80.2 80.2
15 Textile mill products 77.7 82.8 80.8 82.6
16 Paper and products 85.0 87.0 86.6 85.1
17 Chemicals and products 79.3 76.7 76.5 76.4
18 Plastics materials 74.8 92.9 89.4 90.0
19 Petroleum products 85.1 97.7 96.2 97.2
20 Mining 87.0 86.3 81.8 81.1
21 Utilities 83.4 95.1 91.9 91.1
22 Electric 87.1 97.8 95.4 94.9
1999
May(r) June(r) July(r) Aug.(p)
Capacity utilization rate (percent)(2)
1 Total industry 80.4 80.3 80.7 80.8
2 Manufacturing 79.5 79.4 79.6 79.8
3 Primary processing(3) 82.5 82.4 82.8 82.7
4 Advanced processing(4) 78.6 78.4 78.6 78.9
5 Durable goods 79.5 79.5 80.2 80.5
6 Lumber and products 83.6 82.5 82.6 81.5
7 Primary metals 84.1 85.6 87.1 87.4
8 Iron and steel 80.4 82.3 84.2 84.6
9 Nonferrous 88.9 90.0 90.9 91.1
10 Industrial machinery
and equipment 82.1 81.6 81.6 81.9
11 Electrical machinery 76.9 77.2 79.9 80.1
12 Motor vehicles and
parts 80.6 81.8 81.7 85.3
13 Aerospace and
miscellaneous
transportation
equipment 77.9 77.2 76.8 75.9
14 Nondurable goods 80.0 79.6 79.5 79.5
15 Textile mill products 82.4 82.6 83.6 82.8
16 Paper and products 84.6 85.7 84.9 85.2
17 Chemicals and products 76.5 76.0 75.5 76.2
18 Plastics materials 90.4 89.5 88.5 87.7
19 Petroleum products 96.0 94.5 97.2 96.4
20 Mining 80.8 80.5 81.2 81.7
21 Utilities 90.8 92.5 94.6 93.1
22 Electric 94.5 96.4 99.1 97.1
(1.) Data in this table appear in the Board's G.17 (419) monthly statistical release. The data are also available on the Board's web site, http://www.federalreserve.gov/releases/g17. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 1998. The recent annual revision is described in an article in the January 1999 issue of the Bulletin. For a description of the methods of estimating industrial production and capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the references cited therein. For details about the construction of individual industrial production series, see "Industrial Production: 1989 Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. (2.) Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally adjusted index of industrial production to the corresponding index of capacity. (3.) Primary processing includes textiles; lumber; paper; industrial chemicals; synthetic materials; fertilizer materials; petroleum products; rubber and plastics; stone, clay, and glass; primary metals; and fabricated metals. (4.) Advanced processing includes foods; tobacco; apparel; furniture and fixtures; printing and publishing; chemical products such as drugs and toiletries; agricultural chemicals; leather and products; machinery; transportation equipment; instruments; and miscellaneous manufactures. (5.) Monthly highs, 1978-80; monthly lows, 1982. (6.) Monthly highs, 1988-89; monthly lows, 1990-91. 2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value [TABULAR DATA NOT REPRODUCIBLE IN ASCII] 2.14 HOUSING AND CONSTRUCTION Monthly figures at seasonally adjusted annual rates except as noted
Item 1996 1997 1998
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,426 1,441 1,604
2 One-family 1,070 1,062 1,184
3 Two-family or more 356 379 421
4 Started 1,477 1,474 1,617
5 One-family 1,161 1,134 1,271
6 Two-family or more 316 340 346
7 Under construction at
end of period(1) 819 834 935
8 One-family 584 570 638
9 Two-family or more 235 264 297
10 Completed 1,406 1,406 1,473
11 One-family 1,123 1,120 1,158
12 Two-family or more 283 285 315
Merchant builder activity in 361 354 372
one-family units
14 Number sold 757 804 886
15 Number for sale at
end of period(1) 326 287 300
Price of units sold
(thousands of dollars(2)
16 Median 140.0 146.0 152.5
17 Average 166.4 176.2 181.9
EXISTING UNITS (one-family)
18 Number sold 4,196 4,381 4,970
Price of units sold
(thousands of dollars)(2)
19 Median 115.8 121.8 128.4
20 Average 141.8 150.5 159.1
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 581,920(r) 617,877(r) 664,451(r)
22 Private 447,593(r) 474,842(r) 518,987(r)
23 Residential 255,577(r) 265,908(r) 293,569(r)
24 Nonresidential 192,017(r) 208,933(r) 225,418(r)
25 Industrial buildings 32,644(r) 31,355(r) 32,308(r)
26 Commercial buildings 75,829(r) 86,190(r) 95,252(r)
27 Other buildings 30,648(r) 37,198(r) 39,438(r)
28 Public utilities
and other 52,896(r) 54,190(r) 58,421(r)
29 Public 134,326(r) 143,035(r) 145,464(r)
30 Military 2,604(r) 2,559(r) 2,588(r)
31 Highway 39,883(r) 44,295(r) 45,067(r)
32 Conservation and
development 5,827(r) 5,576(r) 5,487(r)
33 Other 86,012(r) 90,605(r) 92,322(r)
Item 1998
Oct. Nov. Dec.
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,726 1,688 1,708
2 One-family 1,210 1,254 1,296
3 Two-family or more 516 434 412
4 Started 1,698 1,654 1,750
5 One-family 1,298 1,375 1,383
6 Two-family or more 400 279 367
7 Under construction at
end of period(1) 968 971 999
8 One-family 659 667 688
9 Two-family or more 309 304 311
10 Completed 1,455 1,600 1,440
11 One-family 1,164 1,254 1,150
12 Two-family or more 291 346 290
Merchant builder activity in 352 389 382
one-family units
14 Number sold 903 985 958
15 Number for sale at
end of period(1) 293 292 295
Price of units sold
(thousands of dollars(2)
16 Median 154.5 151.0 152.5
17 Average 182.8 178.6 183.3
EXISTING UNITS (one-family)
18 Number sold 4,940 5,020 5,340
Price of units sold
(thousands of dollars)(2)
19 Median 128.1 129.4 128.5
20 Average 157.7 159.9 159.6
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 674,253(r) 680,117(r) 690,462(r)
22 Private 528,694(r) 534,743(r) 541,591(r)
23 Residential 302,056(r) 306,299(r) 310,261(r)
24 Nonresidential 226,638(r) 228,444(r) 231,330(r)
25 Industrial buildings 30,928(r) 30,845(r) 30,327(r)
26 Commercial buildings 97,705(r) 99,831(r) 101,605(r)
27 Other buildings 38,749(r) 39,744(r) 42,354(r)
28 Public utilities
and other 59,256(r) 58,024(r) 57,044(r)
29 Public 145,559(r) 145,374(r) 148,871(r)
30 Military 2,407(r) 2,296(r) 2,306(r)
31 Highway 46,301(r) 43,929(r) 44,583(r)
32 Conservation and
development 5,321(r) 5,639(r) 5,406(r)
33 Other 91,530(r) 93,510(r) 96,576(r)
Item 1999
Jan. Feb. Mar. (r)
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,778 1,738 1,654
2 One-family 1,275 1,306 1,242
3 Two-family or more 503 432 412
4 Started 1,820 1,752 1,746
5 One-family 1,393 1,380 1,394
6 Two-family or more 427 372 352
7 Under construction at
end of period(1) 1,011 1,032 1,036
8 One-family 697 712 714
9 Two-family or more 314 320 322
10 Completed 1,648 1,528 1,700
11 One-family 1,292 1,246 1,357
12 Two-family or more 356 282 343
Merchant builder activity in 390 381 383
one-family units
14 Number sold 908 909 885
15 Number for sale at
end of period(1) 295 297 300
Price of units sold
(thousands of dollars(2)
16 Median 152.5 159.9 155.0
17 Average 182.8 191.4 189.4
EXISTING UNITS (one-family)
18 Number sold 5,060 5,140 5,420
Price of units sold
(thousands of dollars)(2)
19 Median 130.3 128.1 129.6
20 Average 162.8 159.6 162.3
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 697,858(r) 710,657(r) 715,396(r)
22 Private 543,471(r) 548,682(r) 555,362
23 Residential 315,828(r) 318,483(r) 323,133
24 Nonresidential 227,643(r) 230,199(r) 232,229
25 Industrial buildings 29,895(r) 28,967(r) 29,052
26 Commercial buildings 100,164(r) 102,802(r) 103,983
27 Other buildings 38,833(r) 40,449(r) 39,840
28 Public utilities
and other 58,751(r) 57,981(r) 59,354
29 Public 154,387(r) 161,975(r) 160,033
30 Military 1,881(r) 2,636(r) 2,223
31 Highway 50,538(r) 54,880(r) 53,099
32 Conservation and
development 6,018(r) 6,271(r) 6,194
33 Other 95,950(r) 98,188(r) 98,517
Item 1999
Apr. (r) May June July
Private residential real estate
activity (thousands of units
except as noted)
NEW UNITS
1 Permits authorized 1,572 1,591 1,641 1,641
2 One-family 1,214 1,243 1,241 1,247
3 Two-family or more 358 348 400 394
4 Started 1,577 1,668 1,607 1,670
5 One-family 1,260 1,389 1,305 1,321
6 Two-family or more 317 279 302 349
7 Under construction at
end of period(1) 1,031 1,029 1,018 1,019
8 One-family 708 708 701 702
9 Two-family or more 323 321 317 317
10 Completed 1,633 1,650 1,668 1,599
11 One-family 1,324 1,344 1,337 1,266
12 Two-family or more 309 306 331 333
Merchant builder activity in 368 365 355 336
one-family units
14 Number sold 952 912 979 980
15 Number for sale at
end of period(1) 300 305 307 311
Price of units sold
(thousands of dollars(2)
16 Median 160.0 151.2 155.0 156.0
17 Average 191.4 186.4 190.7 186.0
EXISTING UNITS (one-family)
18 Number sold 5,250 5,000 5,630 5,400
Price of units sold
(thousands of dollars)(2)
19 Median 130.7 132.8 136.9 136.0
20 Average 163.8 167.4 174.2 171.9
Value of new construction
(millions of dollars)(3)
CONSTRUCTION
21 Total put in place 705,492 699,498 699,149 695,678
22 Private 549,005 548,249 548,925 545,008
23 Residential 322,297 322,090 321,718 318,971
24 Nonresidential 226,708 226,159 227,207 226,037
25 Industrial buildings 26,298 25,102 25,389 24,571
26 Commercial buildings 102,318 104,352 104,858 105,206
27 Other buildings 39,718 38,895 37,794 38,166
28 Public utilities
and other 58,374 57,810 59,166 58,094
29 Public 156,487 151,249 150,224 150,671
30 Military 2,290 2,170 2,189 2,520
31 Highway 50,586 48,354 45,077 46,085
32 Conservation and
development 6,020 5,129 5,839 5,689
33 Other 97,591 95,596 97,119 96,377
(1.) Not at annual rates. (2.) Not seasonally adjusted. (3.) Recent data on value of new construction may not be strictly comparable with data for previous periods because of changes by the Bureau of the Census in its estimating techniques. For a description of these changes, see Construction Reports (C-30-76-5), issued by the Census Bureau in July 1976. SOURCE. Bureau of the Census estimates for all series except (1) mobile homes, which are private, domestic shipments as reported by the Manufactured Housing Institute and seasonally adjusted by the Census Bureau, and (2) sales and prices of existing units, which are published by the National Association of Realtors. All back and current figures are available from the originating agency. Permit authorizations are those reported to the Census Bureau from 19,000 jurisdictions beginning in 1994. 2.15 CONSUMER AND PRODUCER PRICES Percentage changes based on seasonally adjusted data except as noted
Change from 12
months earlier
Item
1998 1999
Aug. Aug.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 1.6 2.3
2 Food 2.2 2.0
3 Energy items -7.7 7.2
4 All items less food and energy 2.5 1.9
5 Commodities 1.1 .2
6 Services 3.1 2.6
PRODUCER PRICES
(1982=100)
7 Finished goods -.8 2.3
8 Consumer foods .2 .4
9 Consumer energy -10.5 10.9
10 Other consumer goods 2.1 2.0
11 Capital equipment -.7 .1
Intermediate materials
12 Excluding foods and feeds - 1.7 1.5
13 Excluding energy -.6 .2
Crude materials
14 Foods -7.4 -3.1
15 Energy -19.1 32.1
16 Other -11.2 -2.1
Change from 3 months earlier
(annual rate)
Item 1998 1999
Sept. Dec. Mar. June
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 1.5 2.0 1.5 2.9
2 Food 2.5 2.8 1.7 1.7
3 Energy items -9.0 -5.1 5.8 14.2
4 All items less food and energy 2.3 2.5 .9 2.3
5 Commodities 1.1 2.5 -3.0 2.0
6 Services 3.0 2.5 2.7 2.5
PRODUCER PRICES
(1982=100)
7 Finished goods .6 2.2 .6(r) 2.5
8 Consumer foods 1.8 .3 2.1 .3
9 Consumer energy -9.2 -8.9 5.7(r) 21.9
10 Other consumer goods 3.0 8.3 -1.3(r) .3
11 Capital equipment .9 .3 -.6(r) .0
Intermediate materials
12 Excluding foods and feeds -2.2 -4.5 .3(r) 5.7
13 Excluding energy -1.8 -2.7 -.9 3.1
Crude materials
14 Foods -19.6 -7.0 4.1 .0
15 Energy -25.3 13.5 -21.1(r) 58.3
16 Other -19.9 -24.3 .9(r) 7.3
Change from 1 month earlier
Item 1999 1999
Apr. May June
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items .7 .0 .0
2 Food .1 .4 .0
3 Energy items 6.1 -1.3 -1.2
4 All items less food and energy .4 .1 .1
5 Commodities .6 -.1 .0
6 Services .4 .2 .1
PRODUCER PRICES
(1982=100)
7 Finished goods .5 .2 -.1
8 Consumer foods -.7(r) .3(r) .4
9 Consumer energy 5.5(r) -.1(r) -.3
10 Other consumer goods .1(r) .1(r) -.1
11 Capital equipment .1(r) .1(r) -.3
Intermediate materials
12 Excluding foods and feeds .8(r) .2 .4
13 Excluding energy .2 .2 .5
Crude materials
14 Foods -2.9(r) 2.6(r) .4
15 Energy 12.6(r) 9.3(r) 3.1
16 Other -.9(r) 2.2(r) .5
Index
level,
Item Change from 1 Aug.
month earlier 1999(1)
July Aug.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items .3 .3 167.1
2 Food .2 .2 164.2
3 Energy items 2.1 2.7 111.3
4 All items less food and energy .2 .1 177.1
5 Commodities .1 -.1 143.0
6 Services .3 .2 196.5
PRODUCER PRICES
(1982=100)
7 Finished goods .2 .5 133.7
8 Consumer foods -.9 .4 135.7
9 Consumer energy 3.4 3.7 83.6
10 Other consumer goods .1 -.1 150.5
11 Capital equipment -.1 .0 136.9
Intermediate materials
12 Excluding foods and feeds .6 .7 125.4
13 Excluding energy .4 .2 133.7
Crude materials
14 Foods -4.8 3.8 100.1
15 Energy 3.7 7.2 85.2
16 Other 2.3 1.8 136.8
(1.) Not seasonally adjusted. (2.) Figures for consumer prices are for all urban consumers and reflect a rental-equivalence measure of homeownership. SOURCE. U.S. Department of Labor, Bureau of Labor Statistics. 2.16 GROSS DOMESTIC PRODUCT AND INCOME Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
Account 1996 1997 1998
GROSS DOMESTIC PRODUCT
1 Total 7,661.6 8,110.9 8,511.0
By source
2 Personal consumption 5,215.7 5,493.7 5,807.9
expenditures
3 Durable goods 643.3 673.0 724.7
4 Nondurable goods 1,539.2 1,600.6 1,662.4
5 Services 3,033.2 3,220.1 3,420.8
6 Gross private domestic
investment 1,131.9 1,256.0 1,367.1
7 Fixed investment 1,099.8 1,188.6 1,307.8
8 Nonresidential 787.9 860.7 938.2
9 Structures 216.9 240.2 246.9
10 Producers' durable
equipment 571.0 620.5 691.3
11 Residential structures 311.8 327.9 369.6
12 Change in business
inventories 32.1 67.4 59.3
13 Nonfarm 24.5 63. 1 52.7
14 Net exports of goods and
services -91.2 -93.4 -151.2
15 Exports 873.8 965.4 959.0
16 Imports 965.0 1,058.8 1,110.2
17 Government consumption
expenditures and gross
investment 1,405.2 1,454.6 1,487.1
18 Federal 518.4 520.2 520.6
19 State and local 886.8 934.4 966.5
By major type of product
20 Final sales, total 7,629.5 8,043.5 8,451.6
21 Goods 2,780.3 2,911.2 3,044.7
22 Durable 1,228.8 1,310.1 1,391.0
23 Nondurable 1,551.6 1,601.0 1,653.7
24 Services 4,179.5 4,414.1 4,641.0
25 Structures 669.7 718.3 765.9
26 Change in business
inventories 32.1 67.4 59.3
27 Durable goods 20.8 33.6 25.2
28 Nondurable goods 11.4 33.8 34.1
MEMO
29 Total GDP in chained
1992 dollars 6,994.8 7,269.8 7,551.9
NATIONAL INCOME
30 Total 6,256.0 6,646.5 6,994.7
31 Compensation of employees 4,409.0 4,687.2 4,981.0
32 Wages and salaries 3,640.4 3,893.6 4,153.9
33 Government and
government enterprises 640.9 664.2 689.3
34 Other 2,999.5 3,229.4 3,464.6
35 Supplement to wages and
salaries 768.6 793.7 827.1
36 Employer contributions
for social insurance 381.7 400.7 420.1
37 Other labor income 387.0 392.9 406.9
38 Proprietors' income(1) 527.7 551.2 577.2
39 Business and professional(1) 488.8 515.8 548.5
40 Farm(1) 38.9 35.5 28.7
41 Rental income of persons(2) 150.2 158.2 162.6
42 Corporate profits(1) 750.4 817.9 824.6
43 Profits before tax(3) 680.2 734.4 717.8
44 Inventory valuation
adjustment -1.2 6.9 14.5
45 Capital consumption
adjustment 71.4 76.6 92.3
46 Net interest 418.6 432.0 449.3
1998
Account
Q2 Q3 Q4
GROSS DOMESTIC PRODUCT
1 Total 8,440.6 8,537.9 8,681.2
By source
2 Personal consumption 5,773.7 5,846.7 5,934.8
expenditures
3 Durable goods 720. 1 718.9 754.5
4 Nondurable goods 1,655.2 1,670.0 1,691.3
5 Services 3,398.4 3,457.7 3,488.9
6 Gross private domestic
investment 1,345.0 1,364.4 1,392.4
7 Fixed investment 1,305.8 1,307.5 1,346.7
8 Nonresidential 941.9 931.6 957.9
9 Structures 245.4 246.2 250.9
10 Producers' durable
equipment 696.6 685.4 706.9
11 Residential structures 363.8 375.8 388.9
12 Change in business
inventories 39.2 57.0 45.7
13 Nonfarm 31.5 49.3 39.3
14 Net exports of goods and
services -159.3 -165.5 -156.2
15 Exports 949.6 936.2 976.8
16 Imports 1,108.9 1,101.7 1,133.0
17 Government consumption
expenditures and gross
investment 1,481.2 1,492.3 1,510.2
18 Federal 520.7 519.4 530.7
19 State and local 960.4 972.9 979.5
By major type of product
20 Final sales, total 8,401.3 8,480.9 8,635.5
21 Goods 3,025.3 3,029.0 3,118.8
22 Durable 1,380.8 1,373.0 1,433.1
23 Nondurable 1,644.4 1,655.9 1,685.7
24 Services 4,619.5 4,678.5 4,727.7
25 Structures 756.6 773.5 789.0
26 Change in business
inventories 39.2 57.0 45.7
27 Durable goods 4.5 19.5 27.0
28 Nondurable goods 34.7 37.5 18.7
MEMO
29 Total GDP in chained
1992 dollars 7,498.6 7,566.5 7,677.7
NATIONAL INCOME
30 Total 6,945.5 7,032.3 7,126.0
31 Compensation of employees 4,945.2 5,011.6 5,084.3
32 Wages and salaries 4,121.6 4,181.1 4,246.8
33 Government and
government enterprises 685.8 692.7 699.2
34 Other 3,435.8 3,488.4 3,547.6
35 Supplement to wages and
salaries 823.5 830.5 837.5
36 Employer contributions
for social insurance 417.9 422.1 426.5
37 Other labor income 405.7 408.4 411.0
38 Proprietors' income(1) 571.7 576.1 596.9
39 Business and professional(1) 544.0 550.9 562.2
40 Farm(1) 27.7 25.2 34.7
41 Rental income of persons(2) 161.0 163.6 167.5
42 Corporate profits(1) 820.6 827.0 821.7
43 Profits before tax(3) 723.5 720.5 708.1
44 Inventory valuation
adjustment 7.8 11.7 13.4
45 Capital consumption
adjustment 89.4 94.8 100.2
46 Net interest 447.1 454.0 455.6
1999
Account
Q1 Q2
GROSS DOMESTIC PRODUCT
1 Total 8,808.7 8,881.9
By source
2 Personal consumption 6,050.6 6,155.9
expenditures
3 Durable goods 771.2 784.6
4 Nondurable goods 1,736.0 1,771.1
5 Services 3,543.4 3,600.1
6 Gross private domestic
investment 1,417.4 1,423.2
7 Fixed investment 1,377.9 1,410.9
8 Nonresidential 972.6 995.1
9 Structures 255.0 256.0
10 Producers' durable
equipment 717.6 739.1
11 Residential structures 405.3 415.8
12 Change in business
inventories 39.5 12.4
13 Nonfarm 36.4 9.9
14 Net exports of goods and
services -196.9 -240.0
15 Exports 962.7 972.6
16 Imports 1,159.6 1,212.7
17 Government consumption
expenditures and gross
investment 1,537.5 1,542.8
18 Federal 536.6 533.0
19 State and local 1,000.9 1,009.8
By major type of product
20 Final sales, total 8,769.1 8,869.6
21 Goods 3,154.1 3,189.0
22 Durable 1,436.1 1,449.6
23 Nondurable 1,718.1 1,739.4
24 Services 4,793.7 4,853.8
25 Structures 821.3 826.8
26 Change in business
inventories 39.5 12.4
27 Durable goods 16.5 -2.4
28 Nondurable goods 23.1 14.7
MEMO
29 Total GDP in chained
1992 dollars 7,759.6 7,794.3
NATIONAL INCOME
30 Total 7,265.2 7,346.6
31 Compensation of employees 5,166.5 5,237.0
32 Wages and salaries 4,317.0 4,378.1
33 Government and
government enterprises 711.2 716.2
34 Other 3,605.7 3,661.9
35 Supplement to wages and
salaries 849.6 858.9
36 Employer contributions
for social insurance 434.9 439.3
37 Other labor income 414.7 419.6
38 Proprietors' income(1) 598.3 610.4
39 Business and professional(1) 575.8 586.7
40 Farm(1) 22.5 23.7
41 Rental income of persons(2) 167.7 170.4
42 Corporate profits(1) 868.8 859.6
43 Profits before tax(3) 752.6 768.2
44 Inventory valuation
adjustment 11.6 -17.1
45 Capital consumption
adjustment 104.6 108.6
46 Net interest 463.9 469.2
(1.) With inventory valuation and capital consumption adjustments. (2.) With capital consumption adjustment. (3.) For after-tax profits, dividends, and the like, see table 1.48. SOURCE. U.S. Department of Commerce, Survey of Current Business. 2.17 PERSONAL INCOME AND SAVING Billions of current dollars except as noted; quarterly data at seasonally adjusted annual rates
Account 1996 1997
PERSONAL INCOME AND SAVING
1 Total personal income 6,425.2 6,784.0
2 Wage and salary
disbursements 3,631.1 3,889.8
3 Commodity-producing
industries 909.0 975.0
4 Manufacturing 674.6 719.5
5 Distributive industries 823.3 879.8
6 Service industries 1,257.9 1,370.8
7 Government and government
enterprises 640.9 664.2
8 Other labor income 387.0 392.9
9 Proprietors' income(1) 527.7 551.2
10 Business and professional(1) 488.8 515.8
11 Farm(1) 38.9 35.5
12 Rental income of persons(2) 150.2 158.2
13 Dividends 248.2 260.3
14 Personal interest income 719.4 747.3
15 Transfer payments 1,068.0 1,110.4
16 Old-age survivors, disability,
and health insurance
benefits 538.0 565.9
17 LESS: Personal contributions
for social insurance 306.3 326.2
18 EQUALS: Personal income 6,425.2 6,784.0
19 LESS: Personal tax and nontax
payments 890.5 989.0
20 EQUALS: Disposable
personal income 5,534.7 5,795.1
21 LESS: Personal outlays 5,376.2 5,674.1
22 EQUALS: Personal saving 158.5 121.0
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 26,335.7 27,136.2
24 Personal consumption
expenditures 17,893.0 18,340.9
25 Disposable personal income 18,989.0 19,349.0
26 Saving rate (percent) 2.9 2.1
GROSS SAVING
27 Gross saving 1,274.5 1,406.3
28 Gross private saving 1,114.5 1,141.6
29 Personal saving 158.5 121.0
30 Undistributed corporate
profits(1) 262.4 296.7
31 Corporate inventory
valuation adjustment -1.2 6.9
Capital consumption allowances
32 Corporate 452.0 477.3
33 Noncorporate 232.3 242.8
34 Gross government saving 160.0 264.7
35 Federal -39.6 49.5
36 Consumption of fixed capital 70.6 70.6
37 Current surplus or deficit (-),
national accounts -110.3 -21.1
38 State and local 199.7 215.2
39 Consumption of fixed capital 77.1 81.1
40 Current surplus or deficit (-),
national accounts 122.6 134.1
41 Gross investment 1,242.3 1,350.5
42 Gross private domestic investment 1,131.9 1,256.0
43 Gross government investment 229.7 235.4
44 Net foreign investment -119.2 -140.9
45 Statistical discrepancy -32.2 -55.8
1998
Account 1998
Q2
PERSONAL INCOME AND SAVING
1 Total personal income 7,126.1 7,081.9
2 Wage and salary
disbursements 4,149.9 4,117.6
3 Commodity-producing
industries 1,026.9 1,023.2
4 Manufacturing 751.5 750.8
5 Distributive industries 939.6 932.2
6 Service industries 1,494.0 1,476.4
7 Government and government
enterprises 689.3 685.8
8 Other labor income 406.9 405.7
9 Proprietors' income(1) 577.2 571.7
10 Business and professional(1) 548.5 544.0
11 Farm(1) 28.7 27.7
12 Rental income of persons(2) 162.6 161.0
13 Dividends 263.1 262.1
14 Personal interest income 764.8 763.0
15 Transfer payments 1,149.0 1,145.8
16 Old-age survivors, disability,
and health insurance
benefits 586.5 585.0
17 LESS: Personal contributions
for social insurance 347.4 345.1
18 EQUALS: Personal income 7,126.1 7,081.9
19 LESS: Personal tax and nontax
payments 1,098.3 1,092.9
20 EQUALS: Disposable
personal income 6,027.9 5,988.9
21 LESS: Personal outlays 6,000.2 5,963.3
22 EQUALS: Personal saving 27.7 25.6
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 27,938.9 27,783.0
24 Personal consumption
expenditures 19,065.0 19,007.8
25 Disposable personal income 19,790.0 19,719.0
26 Saving rate (percent) 0.5 0.4
GROSS SAVING
27 Gross saving 1,468.0 1,448.5
28 Gross private saving 1,090.4 1,079.0
29 Personal saving 27.7 25.6
30 Undistributed corporate
profits(1) 305.4 300.9
31 Corporate inventory
valuation adjustment 14.5 7.8
Capital consumption allowances
32 Corporate 500.6 497.8
33 Noncorporate 252.7 250.7
34 Gross government saving 377.6 369.4
35 Federal 142.5 143.9
36 Consumption of fixed capital 69.7 69.5
37 Current surplus or deficit (-),
national accounts 72.8 74.4
38 State and local 235.2 225.6
39 Consumption of fixed capital 85.0 84.3
40 Current surplus or deficit (-),
national accounts 150.2 141.3
41 Gross investment 1,391.5 1,362.7
42 Gross private domestic investment 1,367.1 1,345.0
43 Gross government investment 237.0 232.5
44 Net foreign investment -212.6 -214.8
45 Statistical discrepancy -76.5 -85.7
1998
Account
Q3 Q4
PERSONAL INCOME AND SAVING
1 Total personal income 7,160.8 7,257.9
2 Wage and salary
disbursements 4,177.1 4,242.8
3 Commodity-producing
industries 1,028.0 1,037.4
4 Manufacturing 750.9 754.1
5 Distributive industries 945.8 961.5
6 Service industries 1,510.6 1,544.6
7 Government and government
enterprises 692.7 699.2
8 Other labor income 408.4 411.0
9 Proprietors' income(1) 576.1 596.9
10 Business and professional(1) 550.9 562.2
11 Farm(1) 25.2 34.7
12 Rental income of persons(2) 163.6 167.5
13 Dividends 263.0 265.7
14 Personal interest income 769.2 769.9
15 Transfer payments 1,152.9 1,158.3
16 Old-age survivors, disability,
and health insurance
benefits 589.0 590.6
17 LESS: Personal contributions
for social insurance 349.5 354.1
18 EQUALS: Personal income 7,160.8 7,257.9
19 LESS: Personal tax and nontax
payments 1,108.4 1,124.9
20 EQUALS: Disposable
personal income 6,052.4 6,133.1
21 LESS: Personal outlays 6,039.8 6,133.6
22 EQUALS: Personal saving 12.6 0.6
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 27,972.1 28,299.8
24 Personal consumption
expenditures 19,156.3 19,336.4
25 Disposable personal income 19,829.0 19,980.0
26 Saving rate (percent) 0.2 .0
GROSS SAVING
27 Gross saving 1,474.5 1,466.6
28 Gross private saving 1,078.7 1,073.7
29 Personal saving 12.6 0.6
30 Undistributed corporate
profits(1) 304.8 303.9
31 Corporate inventory
valuation adjustment 11.7 13.4
Capital consumption allowances
32 Corporate 503.1 508.9
33 Noncorporate 254.2 257.5
34 Gross government saving 395.7 392.9
35 Federal 161.6 135.8
36 Consumption of fixed capital 69.6 70.0
37 Current surplus or deficit (-),
national accounts 92.0 65.8
38 State and local 234.2 257.1
39 Consumption of fixed capital 85.4 86.6
40 Current surplus or deficit (-),
national accounts 148.7 170.5
41 Gross investment 1,372.5 1,402.4
42 Gross private domestic investment 1,364.4 1,392.4
43 Gross government investment 239.7 238.3
44 Net foreign investment -231.6 -228.3
45 Statistical discrepancy -102.0 -64.2
1999
Account
Q1 Q2
PERSONAL INCOME AND SAVING
1 Total personal income 7,349.3 7,442.3
2 Wage and salary
disbursements 4,317.0 4,378.1
3 Commodity-producing
industries 1,048.1 1,060.6
4 Manufacturing 759.2 767.4
5 Distributive industries 971.4 982.3
6 Service industries 1,586.2 1,619.0
7 Government and government
enterprises 711.2 716.2
8 Other labor income 414.7 419.6
9 Proprietors' income(1) 598.3 610.4
10 Business and professional(1) 575.8 586.7
11 Farm(1) 22.5 23.7
12 Rental income of persons(2) 167.7 170.4
13 Dividends 268.8 272.7
14 Personal interest income 771.0 777.8
15 Transfer payments 1,175.2 1,181.3
16 Old-age survivors, disability,
and health insurance
benefits 597.9 601.4
17 LESS: Personal contributions
for social insurance 363.4 367.9
18 EQUALS: Personal income 7,349.3 7,442.3
19 LESS: Personal tax and nontax
payments 1,144.1 1,162.6
20 EQUALS: Disposable
personal income 6,205.2 6,279.6
21 LESS: Personal outlays 6,250.7 6,358.8
22 EQUALS: Personal saving -45.5 -79.1
MEMO
Per capita (chained 1992 dollars)
23 Gross domestic product 28,527.9 28,582.0
24 Personal consumption
expenditures 19,602.7 19,771.9
25 Disposable personal income 20,101.0 20,172.0
26 Saving rate (percent) .7 -1.3
GROSS SAVING
27 Gross saving 1,511.4 1,487.2
28 Gross private saving 1,061.9 1,017.9
29 Personal saving -45.5 -79.1
30 Undistributed corporate
profits(1) 332.5 312.4
31 Corporate inventory
valuation adjustment 11.6 -17.1
Capital consumption allowances
32 Corporate 514.9 521.8
33 Noncorporate 260.0 262.8
34 Gross government saving 449.4 469.3
35 Federal 192.3 210.2
36 Consumption of fixed capital 69.5 69.4
37 Current surplus or deficit (-),
national accounts 122.7 140.8
38 State and local 257.2 259.1
39 Consumption of fixed capital 87.5 89.0
40 Current surplus or deficit (-),
national accounts 169.7 170.2
41 Gross investment 14,183.0 1,366.7
42 Gross private domestic investment 1,417.4 1,423.2
43 Gross government investment 255.6 249.6
44 Net foreign investment -254.7 -306.2
45 Statistical discrepancy -93.1 -120.5
(1.) With inventory valuation and capital consumption adjustments. (2.) With capital consumption adjustment. SOURCE. U.S. Department of Commerce, Survey of Current Business. 3.10 U.S. INTERNATIONAL TRANSACTIONS Summary Millions of dollars; quarterly data seasonally adjusted except as noted(1)
Item credits or debits 1996 1997
1 Balance on current account -129,295 -143,465
2 Balance on goods and services -104,318 -104,730
3 Exports 849,806 938,543
4 Imports -954,124 -1,043,273
5 Income, net 17,210 3,231
6 Investment, net 21,754 8,185
7 Direct 67,746 69,220
8 Portfolio -45,992 -61,035
9 Compensation of employees -4,544 -4,954
10 Unilateral current transfers, net -42,187 -41,966
11 Change in U.S. government
assets other than official
reserve assets, net (increase, -) -989 68
12 Change in U.S. official reserve 6,668 -1,010
assets (increase, -)
13 Gold 0 0
14 Special drawing rights (SDRs) 370 -350
15 Reserve position in
International Monetary Fund -1,280 -3,575
16 Foreign currencies 7,578 2,915
17 Change in U.S. private assets -386,441 -464,354
abroad (increase, -)
18 Bank-reported claims(3) -91,555 -144,822
19 Nonbank-reported claims -86,333 -120,403
20 U.S. purchases of foreign
securities, net -115,859 -89,174
21 U.S. direct investments abroad, net -92,694 -109,955
22 Change in foreign official assets in 127,390 18,119
United States (increase, +)
23 U.S. Treasury securities 115,671 -6,690
24 Other U.S. government obligations 5,008 4,529
25 Other U.S. government liabilities(3) -316 -1,798
26 Other US liabilities reported 5,704 22,286
by U.S. banks(3)
27 Other foreign official assets(4) 1,323 -208
28 Change in foreign private assets in 447,457 733,542
United States (increase, +)
29 U.S. bank-reported liabilities(2) 16,478 149,026
30 U.S. nonbank-reported liabilities 39,404 107,779
31 Foreign private purchases of U.S. 154,996 146,433
Treasury securities, net
32 U.S. currency flows 17,362 24,782
33 Foreign purchases of other U.S. 130,240 196,258
securities, net
34 Foreign direct investments in 88,977 109,264
United States, net
35 Capital account transactions, net(5) 672 292
36 Discrepancy -65,462 -143,192
37 Due to seasonal adjustment
38 Before seasonal adjustment -65,462 -143,192
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) 6,668 -1,010
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 127,706 19,917
41 Change in Organization of Petroleum
Exporting Countries official
assets in United States (part of
line 22) 14,911 112,124
1998
Item credits or debits 1998
Q2
1 Balance on current account -220,562 -52,400
2 Balance on goods and services -164,282 -41,961
3 Exports 933,907 231,889
4 Imports -1,098,189 -273,850
5 Income, net -12,205 -553
6 Investment, net -6,956 735
7 Direct 59,405 16,177
8 Portfolio -66,361 -15,442
9 Compensation of employees -5,249 -1,288
10 Unilateral current transfers, net -44,075 -9,886
11 Change in U.S. government
assets other than official
reserve assets, net (increase, -) -429 -483
12 Change in U.S. official reserve -6,784 -1,945
assets (increase, -)
13 Gold 0 0
14 Special drawing rights (SDRs) -149 72
15 Reserve position in
International Monetary Fund -5,118 -1,031
16 Foreign currencies -1,517 -986
17 Change in U.S. private assets -285,605 -118,089
abroad (increase, -)
18 Bank-reported claims(3) -24,918 -27,704
19 Nonbank-reported claims -25,041 -14,327
20 U.S. purchases of foreign
securities, net -102,817 -32,886
21 U.S. direct investments abroad, net -132,829 -43,172
22 Change in foreign official assets in -21,684 -10,551
United States (increase, +)
23 U.S. Treasury securities -9,957 -20,318
24 Other U.S. government obligations 6,332 254
25 Other U.S. government liabilities(3) -3,113 -807
26 Other US liabilities reported -11,469 9,488
by U.S. banks(3)
27 Other foreign official assets(4) -3,477 832
28 Change in foreign private assets in 524,321 173,017
United States (increase, +)
29 U.S. bank-reported liabilities(2) 40,731 34,138
30 U.S. nonbank-reported liabilities 9,412 18,040
31 Foreign private purchases of U.S. 46,155 25,759
Treasury securities, net
32 U.S. currency flows 16,622 2,349
33 Foreign purchases of other U.S. 218,026 71,785
securities, net
34 Foreign direct investments in 193,375 20,946
United States, net
35 Capital account transactions, net(5) 617 160
36 Discrepancy 10,126 10,291
37 Due to seasonal adjustment 528
38 Before seasonal adjustment 10,126 9,763
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) -6,784 -1,945
40 Foreign official assets in
United States, excluding
line 25 (increase, +) -18,571 -9,744
41 Change in Organization of Petroleum
Exporting Countries official
assets in United States (part of
line 22) -11,499 -657
1998
Item credits or debits
Q3 Q4
1 Balance on current account -63,476 -61,669
2 Balance on goods and services -45,724 -43,262
3 Exports 229,284 236,904
4 Imports -275,008 -280,166
5 Income, net -6,965 -4,933
6 Investment, net -5,637 -3,571
7 Direct 11,834 14,558
8 Portfolio -17,471 -18,129
9 Compensation of employees -1,328 -1,362
10 Unilateral current transfers, net -10,787 -13,474
11 Change in U.S. government
assets other than official
reserve assets, net (increase, -) 185 -50
12 Change in U.S. official reserve -2,026 -2,369
assets (increase, -)
13 Gold 0 0
14 Special drawing rights (SDRs) 188 -227
15 Reserve position in
International Monetary Fund -2,078 -1,924
16 Foreign currencies -136 -218
17 Change in U.S. private assets -60,256 -48,188
abroad (increase, -)
18 Bank-reported claims(3) -33,344 37,192
19 Nonbank-reported claims -20,320 16,202
20 U.S. purchases of foreign
securities, net 14,994 -70,809
21 U.S. direct investments abroad, net -21,586 -30,773
22 Change in foreign official assets in -46,489 24,352
United States (increase, +)
23 U.S. Treasury securities -32,811 31,836
24 Other U.S. government obligations 1,906 1,562
25 Other U.S. government liabilities(3) -224 -1,054
26 Other US liabilities reported -12,866 -7,133
by U.S. banks(3)
27 Other foreign official assets(4) -2,494 -859
28 Change in foreign private assets in 140,036 125,453
United States (increase, +)
29 U.S. bank-reported liabilities(2) 77,313 -21,811
30 U.S. nonbank-reported liabilities 11,875 -53,210
31 Foreign private purchases of U.S. -1,438 24,39l
Treasury securities, net
32 U.S. currency flows 7,277 6,250
33 Foreign purchases of other U.S. 20,103 49,328
securities, net
34 Foreign direct investments in 24,906 120,505
United States, net
35 Capital account transactions, net(5) 148 166
36 Discrepancy 31,878 -37,695
37 Due to seasonal adjustment -10,582 4,144
38 Before seasonal adjustment 42,460 -41,839
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) -2,026 -2,369
40 Foreign official assets in
United States, excluding
line 25 (increase, +) -46,265 25,406
41 Change in Organization of Petroleum
Exporting Countries official
assets in United States (part of
line 22) -11,642 2,057
1999
Item credits or debits
Q1(r) Q2(p)
1 Balance on current account -68,654 -80,673
2 Balance on goods and services -53,974 -65,016
3 Exports 231,904 234,526
4 Imports -285,878 -299,542
5 Income, net -4,340 -4,382
6 Investment, net -2,946 -3,011
7 Direct 14,834 14,103
8 Portfolio -17,780 -17,114
9 Compensation of employees -1,394 -1,371
10 Unilateral current transfers, net -10,340 -11,275
11 Change in U.S. government
assets other than official
reserve assets, net (increase, -) 119 -380
12 Change in U.S. official reserve 4,068 1,159
assets (increase, -)
13 Gold 0 0
14 Special drawing rights (SDRs) 563 -190
15 Reserve position in
International Monetary Fund 3 1,413
16 Foreign currencies 3,502 -64
17 Change in U.S. private assets -19,335 -124,940
abroad (increase, -)
18 Bank-reported claims(3) 27,771 -37,082
19 Nonbank-reported claims -13,853 -26,429
20 U.S. purchases of foreign
securities, net 8,132 -26,387
21 U.S. direct investments abroad, net -41,385 -35,042
22 Change in foreign official assets in 4,708 -986
United States (increase, +)
23 U.S. Treasury securities 800 -6,708
24 Other U.S. government obligations 5,993 5,792
25 Other U.S. government liabilities(3) -1,594 -770
26 Other US liabilities reported -589 1,202
by U.S. banks(3)
27 Other foreign official assets(4) 98 -502
28 Change in foreign private assets in 84,152 242,033
United States (increase, +)
29 U.S. bank-reported liabilities(2) -14,184 49,374
30 U.S. nonbank-reported liabilities 20,188 -710
31 Foreign private purchases of U.S. -8,781 -5,517
Treasury securities, net
32 U.S. currency flows 2,440 3,057
33 Foreign purchases of other U.S. 61,540 77,272
securities, net
34 Foreign direct investments in 22,949 118,557
United States, net
35 Capital account transactions, net(5) 166 180
36 Discrepancy -5,224 -36,393
37 Due to seasonal adjustment 5,264 582
38 Before seasonal adjustment -10,488 -36,975
MEMO
Changes in official assets
39 U.S. official reserve assets
(increase, -) 4,068 1,159
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 6,302 -216
41 Change in Organization of Petroleum
Exporting Countries official
assets in United States (part of
line 22) 2,058 1,774
(1.) Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41. (2.) Reporting banks included all types of depository institutions as well as some brokers and dealers. (3.) Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. (4.) Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. (5.) Consists of capital transfers (such as those of accompanying migrants entering or leaving the country and debt forgiveness) and the acquisition and disposal of nonproduced nonfinancial assets. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business. 3.11 U.S. FOREIGN TRADE(1) Millions of dollars; monthly data seasonally adjusted
Item 1996 1997 1998
1 Goods and services,
balance -104,318 -104,731 -164,282
2 Merchandise -191,270 -196,652 -246,932
3 Services 86,952 91,921 82,650
4 Goods and services,
exports 849,806 938,543 933,907
5 Merchandise 612,057 679,715 670,246
6 Services 237,749 258,828 263,661
7 Goods and services,
imports -954,124 -1,043,273 -1,098,189
8 Merchandise -803,327 -876,366 -917,178
9 Services -150,797 -166,907 -181,011
1999
Item
Jan.(r) Feb.(r) Mar.(r)
1 Goods and services,
balance -16,146 -18,515 -19,311
2 Merchandise -23,349 -25,172 -25,680
3 Services 7,203 6,657 6,369
4 Goods and services,
exports 77,833 77,025 77,047
5 Merchandise 55,263 54,704 54,326
6 Services 22,570 22,321 22,721
7 Goods and services,
imports -93,979 -95,540 -96,358
8 Merchandise -78,612 -79,876 -80,006
9 Services -15,367 -15,664 -16,352
1999
Item
Apr.(r) May(r) June(r) July(p)
1 Goods and services,
balance -18,787 -21,390 -24,604 -25,184
2 Merchandise -25,334 -27,899 -31,179 -31,695
3 Services 6,547 6,509 6,575 6,511
4 Goods and services,
exports 78,113 77,978 78,623 79,036
5 Merchandise 55,269 55,121 55,472 55,829
6 Services 22,844 22,857 23,151 23,207
7 Goods and services,
imports -96,900 -99,368 -103,227 -104,220
8 Merchandise -80,603 -83,020 -86,651 -87,524
9 Services -16,297 -16,348 -16,576 -16,696
(1.) Data show monthly values consistent with quarterly figures in the U.S. balance of payments accounts. SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of Economic Analysis. 3.12 U.S. RESERVE ASSETS Millions of dollars, end of period
Asset 1996 1997 1998
1 Total 75,090 69,954 81,755
2 Gold stock, including
Exchange Stabilization
Fund(1) 11,049 11,050 11,041
3 Special drawing
rights(2,3) 10,312 10,027 10,603
4 Reserve position in
International Monetary
Fund(2) 15,435 18,071 24,111
5 Foreign currencies(4) 38,294 30,809 36,001
Asset 1999
Feb. Mar. Apr. May
1 Total 75,322 74,359 73,694 72,121
2 Gold stock, including
Exchange Stabilization
Fund(1) 11,048 11,049 11,049 11,049
3 Special drawing
rights(2,3) 9,474 9,682 9,634 9,784
4 Reserve position in
International Monetary
Fund(2) 24,283 23,231 23,054 21,689
5 Foreign currencies(4) 30,517 30,397 29,957 29,599
Asset 1999
June July Aug. Sept.(p)
1 Total 71,689 73,305 72,649(r) 73,413
2 Gold stock, including
Exchange Stabilization
Fund(1) 11,046 11,048 11,046(r) 11,046
3 Special drawing
rights(2,3) 9,719 9,925 10,152 10,284
4 Reserve position in
International Monetary
Fund(2) 21,462 21,462 19,885 19,978
5 Foreign currencies(4) 29,462 30,870 31,566 32,105
(1.) Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. (2.) Special drawing fights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974. (3.) Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, as follows: 1970--$867 million; 1971--$717 million; 1972--$710 million; 1979--$1,139 million; 1980--$1,152 million; 1981--$1,093 million; plus net transactions in SDRs. (4.) Valued at current market exchange rates. 3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS(1) Millions of dollars, end of period
Asset 1996 1997 1998
1 Deposits 167 457 167
Held in custody
2 U.S. Treasury
securities(2) 638,049 620,885 607,574
3 Earmarked gold(3) 11,197 10,763 10,343
Asset 1999
Feb. Mar. Apr. May
1 Deposits 200 166 260 157
Held in custody
2 U.S. Treasury
securities(2) 615,139 610,649 606,662 606,579
3 Earmarked gold(3) 10,347 10,347 10,340 10,340
Asset 1999
June July Aug. Sept.(p)
1 Deposits 409 257 166 243
Held in custody
2 U.S. Treasury
securities(2) 611,372 619,004 626,669 634,086
3 Earmarked gold(3) 10,329 10,329 10,271 10,155
(1.) Excludes deposits and U.S. Treasury securities held for international and regional organizations. (2.) Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, in each case measured at face (not market) value. (3.) Held in foreign and international accounts and valued at $42.22 per fine troy ounce; not included in the gold stock of the United States. 3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS Foreign official institutions Central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate andMillions of dollars, end of period
Item 1996 1997 1999
Jan.(r)
1 Total(1) 776,505 759,387 764,568
By type
2 Liabilities reported by banks
in the United States(2) 135,384 125,332 124,910
3 U.S. Treasury bills and
certificates(3) U.S. Treasury
bonds and notes 148,301 134,177 137,106
4 Marketable 428,004 432,127 433,590
5 Nonmarketable(4) 5,994 6,074 6,114
6 U.S. securities other than
U.S. Treasury securities(5) 58,822 61,677 62,848
By area
7 Europe(1) 252,289 256,026 258,298
8 Canada 36,177 36,715 37,471
9 Latin America and Caribbean 96,942 79,422 73,987
10 Asia 400,144 400,171 407,756
11 Africa 9,981 10,059 10,144
12 Other countries 7,058 3,080 2,998
1999
Item
Feb.(r) Mar.(r) Apr.(r)
1 Total(1) 765,480 765,689 766,569
By type
2 Liabilities reported by banks
in the United States(2) 127,989 124,743 135,791
3 U.S. Treasury bills and
certificates(3) U.S. Treasury
bonds and notes 138,235 141,941 135,765
4 Marketable 429,891 425,046 418,350
5 Nonmarketable(4) 6,151 6,191 6,231
6 U.S. securities other than
U.S. Treasury securities(5) 63,214 67,768 70,432
By area
7 Europe(1) 256,238 253,970 245,500
8 Canada 38,462 39,611 38,563
9 Latin America and Caribbean 75,986 72,828 81,379
10 Asia 408,606 412,353 414,051
11 Africa 9,838 9,906 9,656
12 Other countries 2,436 3,107 3,506
1999
Item
May(r) June(r) July(p)
1 Total(1) 760,410 765,707 773,513
By type
2 Liabilities reported by banks
in the United States(2) 124,270 126,179 125,892
3 U.S. Treasury bills and
certificates(3) U.S. Treasury
bonds and notes 136,199 138,518 147,492
4 Marketable 421,573 421,970 420,197
5 Nonmarketable(4) 6,143 5,982 6,022
6 U.S. securities other than
U.S. Treasury securities(5) 72,225 73,058 73,910
By area
7 Europe(1) 242,386 241,989 240,546
8 Canada 38,181 39,001 39,147
9 Latin America and Caribbean 81,075 76,828 77,851
10 Asia 411,739 421,282 430,050
11 Africa 9,326 8,377 8,376
12 Other countries 3,789 4,316 3,629
(1.) Includes the Bank for International Settlements. (2.) Principally demand deposits, time deposits, bankers acceptances, commercial paper, negotiable time certificates of deposit, and borrowings under repurchase agreements. (3.) Includes nonmarketable certificates of indebtedness and Treasury bills issued to official institutions of foreign countries. (4.) Excludes notes issued to foreign official nonreserve agencies. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. (5.) Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the department by banks (including Federal Reserve Banks) and securities dealers in the United States, and on the 1994 benchmark survey of foreign portfolio investment in the United States. 3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States(1) Payable in Foreign Currencies Millions of dollars, end of period
Item 1995 1996 1997
1 Banks' liabilities 109,713 103,383 117,524
2 Banks' claims 74,016 66,018 83,038
3 Deposits 22,696 22,467 28,661
4 Other claims 51,320 43,551 54,377
5 Claims of banks'
domestic customers(2) 6,145 10,978 8,191
1998 1999
Item
Sept. Dec. Mar. June
1 Banks' liabilities 92,934 101,125 101,359 97,751
2 Banks' claims 67,901 78,152 80,642 67,864
3 Deposits 27,293 45,985 42,147 41,895
4 Other claims 40,608 32,167 38,495 25,969
5 Claims of banks'
domestic customers(2) 8,453 20,718 11,039 23,474
(1.) Data on claims exclude foreign currencies held by U.S. monetary authorities. (2.) Assets owned by customers of the reporting bank located in the United States that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. 3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States [TABULAR DATA NOT REPRODUCIBLE IN ASCII] 3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Area or country 1996 1997 1998
1 Total, all
foreigners 599,925 708,225 735,124(r)
2 Foreign countries 597,321 705,762 731,507(r)
3 Europe 165,769 199,880 233,362(r)
4 Austria 1,662 1,354 1,043
5 Belgium and
Luxembourg 6,727 6,641 7,187
6 Denmark 492 980 2,383
7 Finland 971 1,233 1,070
8 France 15,246 16,239 15,251
9 Germany 8,472 12,676 15,922
10 Greece 568 402 575
11 Italy 6,457 6,230 7,283
12 Netherlands 7,117 6,141 5,734
13 Norway 808 555 827
14 Portugal 418 777 669
15 Russia 1,669 1,248 789
16 Spain 3,211 2,942 5,735
17 Sweden 1,739 1,854 4,223
18 Switzerland 19,798 28,846 46,880
19 Turkey 1,109 1,558 1,982
20 United Kingdom 85,234 103,143 106,349(r)
21 Yugoslavia(2) 115 52 53
22 Other Europe and
other former
U.S.S.R.(3) 3,956 7,009 9,407(r)
23 Canada 26,436 27,189 47,212
24 Latin America
and Caribbean 274,153 343,730 342,564(r)
25 Argentina 7,400 8,924 9,553
26 Bahamas 71,871 89,379 96,455
27 Bermuda 4,129 8,782 4,969
28 Brazil 17,259 21,696 16,193
29 British West
Indies 105,510 145,471 153,752(r)
30 Chile 5,136 7,913 8,261
31 Colombia 6,247 6,945 6,523
32 Cuba 0 0 0
33 Ecuador 1,031 1,311 1,400
34 Guatemala 620 886 1,127
35 Jamaica 345 424 239
36 Mexico 18,425 19,428 21,143
37 Netherlands
Antilles 25,209 17,838 6,779
38 Panama 2,786 4,364 3,584
39 Peru 2,720 3,491 3,260
40 Uruguay 589 629 1,126
41 Venezuela 1,702 2,129 3,089
42 Other 3,174 4,120 5,111
43 Asia 122,478 125,092 98,616(r)
China
44 Mainland 1,401 1,579 1,311
45 Taiwan 1,894 922 1,041
46 Hong Kong 12,802 13,991 9,080(r)
47 India 1,946 2,200 1,440
48 Indonesia 1,762 2,651 1,954
49 Israel 633 768 1,166
50 Japan 59,967 59,549 46,712
51 Korea (South) 18,901 18,162 8,238
52 Philippines 1,697 1,689 1,465
53 Thailand 2,679 2,259 1,806
54 Middle Eastern
oil-exporting
countries(4) 10,424 10,790 16,130(r)
55 Other 8,372 10,532 8,273(r)
56 Africa 2,776 3,530 3,122
57 Egypt 247 247 257
58 Morocco 524 511 372
59 South Africa 584 805 643
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 420 1,212 936
62 Other 1,001 755 914
63 Other 5,709 6,341 6,631
64 Australia 4,577 5,300 6,167
65 Other 1,132 1,041 464
66 Nonmonetary
international
and regional
organizations(6) 2,604 2,463 3,617(r)
1999
Area or country
Jan. Feb. Mar.(r)
1 Total, all
foreigners 718,119(r) 712,828(r) 710,790
2 Foreign countries 713,113(r) 707,402(r) 706,170
3 Europe 225,776(r) 230,307(r) 226,441
4 Austria 2,634 1,824 2,759
5 Belgium and
Luxembourg 5,599 7,073 5,451
6 Denmark 1,816 1,656 1,619
7 Finland 963 1,233 1,351
8 France 18,575 18,583 15,187
9 Germany 15,115 16,362 16,879
10 Greece 533 637 554
11 Italy 6,168 5,714 6,035
12 Netherlands 5,828 6,048 6,690
13 Norway 646(r) 561 596
14 Portugal 584 888 1,205
15 Russia 742 723(r) 971
16 Spain 4,560 4,260 3,041
17 Sweden 4,338 4,664 4,439
18 Switzerland 46,122 50,905 51,677
19 Turkey 1,796 1,871(r) 2,078
20 United Kingdom 98,950(r) 97,422(r) 97,275
21 Yugoslavia(2) 53 54 54
22 Other Europe and
other former
U.S.S.R.(3) 10,754(r) 9,829(r) 8,580
23 Canada 42,925 40,801 41,264
24 Latin America
and Caribbean 344,347 340,678 341,434
25 Argentina 9,713 10,184 10,399
26 Bahamas 93,000 91,104 88,639
27 Bermuda 5,547 6,033 4,096
28 Brazil 15,616 15,357 15,143
29 British West
Indies 158,010 155,326 162,867
30 Chile 8,232 8,085 8,082
31 Colombia 6,433 6,462 6,222
32 Cuba 0 0 0
33 Ecuador 1,403 1,341 1,219
34 Guatemala 1,107 1,255 1,052
35 Jamaica 333 602 318
36 Mexico 21,128 21,564 20,532
37 Netherlands
Antilles 7,403 6,571 6,661
38 Panama 3,549 3,390 3,320
39 Peru 3,364 3,353 3,232
40 Uruguay 997 934 838
41 Venezuela 3,312 3,684 3,506
42 Other 5,200 5,433 5,308
43 Asia 90,806(r) 86,492(r) 88,048
China
44 Mainland 2,691 2,400 3,398
45 Taiwan 728 778 1,331
46 Hong Kong 8,329(r) 6,806(r) 8,014
47 India 1,483 1,529 1,701
48 Indonesia 1,948 2,110 1,897
49 Israel 833 774 1,082
50 Japan 41,817 39,141 39,971
51 Korea (South) 8,679 8,479 9,119
52 Philippines 1,310 1,589 1,540
53 Thailand 1,759 1,708 1,720
54 Middle Eastern
oil-exporting
countries(4) 14,312(r) 12,815(r) 12,151
55 Other 6,917(r) 8,363(r) 6,124
56 Africa 2,899 3,087 2,938
57 Egypt 302 264 260
58 Morocco 378 361 422
59 South Africa 802 933 798
60 Zaire 0 0 0
61 Oil-exporting
countries(5) 516 625 325
62 Other 901 904 1,133
63 Other 6,360 6,037 6,045
64 Australia 5,866 5,367 5,638
65 Other 494 670 407
66 Nonmonetary
international
and regional
organizations(6) 5,006 5,426 4,620
1999
Area or country
Apr.(r) May(r) June(r) July(p)
1 Total, all
foreigners 735,899 750,505 751,224 720,129
2 Foreign countries 730,646 746,018 747,151 715,722
3 Europe 236,306 265,798 300,777 292,697
4 Austria 2,389 2,902 2,514 3,855
5 Belgium and
Luxembourg 7,533 9,811 10,028 9,214
6 Denmark 2,297 2,141 1,901 1,763
7 Finland 1,349 1,480 1,730 2,197
8 France 15,942 15,800 18,253 19,944
9 Germany 17,188 18,367 20,793 23,965
10 Greece 651 585 537 628
11 Italy 6,727 6,434 6,783 7,451
12 Netherlands 7,251 8,588 8,724 9,334
13 Norway 970 753 717 821
14 Portugal 1,060 1,134 1,122 1,056
15 Russia 787 1,016 768 831
16 Spain 2,949 4,516 6,178 4,606
17 Sweden 4,141 2,950 3,005 3,199
18 Switzerland 48,477 65,498 75,553 66,927
19 Turkey 1,943 1,918 2,281 2,220
20 United Kingdom 105,246 112,945 131,671 125,261
21 Yugoslavia(2) 55 54 54 50
22 Other Europe and
other former
U.S.S.R.(3) 9,351 8,906 8,165 9,375
23 Canada 40,756 41,116 37,071 31,537
24 Latin America
and Caribbean 365,120 352,479 326,012 311,673
25 Argentina 10,075 10,318 10,772 10,492
26 Bahamas 84,023 78,480 71,993 77,048
27 Bermuda 4,426 6,276 6,111 7,813
28 Brazil 14,788 14,891 14,858 14,577
29 British West
Indies 193,306 184,928 166,497 146,862
30 Chile 7,810 7,545 7,531 7,152
31 Colombia 6,105 5,877 5,570 5,591
32 Cuba 0 0 0 0
33 Ecuador 1,135 1,104 1,061 985
34 Guatemala 1,062 1,157 1,032 1,075
35 Jamaica 326 327 303 311
36 Mexico 19,434 19,314 18,633 18,977
37 Netherlands
Antilles 5,711 5,867 5,483 5,101
38 Panama 4,329 3,298 3,351 3,064
39 Peru 3,111 3,053 2,974 2,710
40 Uruguay 772 724 1,050 1,105
41 Venezuela 3,138 3,245 3,479 3,501
42 Other 5,569 6,075 5,314 5,309
43 Asia 79,232 77,631 74,692 72,240
China
44 Mainland 3,461 3,006 3,745 3,236
45 Taiwan 866 763 870 812
46 Hong Kong 6,309 4,977 7,102 5,333
47 India 1,703 1,458 1,568 1,708
48 Indonesia 1,911 2,061 1,760 1,791
49 Israel 803 1,236 1,955 1,433
50 Japan 32,639 30,596 27,093 25,900
51 Korea (South) 11,119 12,326 11,317 12,753
52 Philippines 1,546 1,808 1,669 1,380
53 Thailand 1,732 1,623 1,850 1,683
54 Middle Eastern
oil-exporting
countries(4) 11,669 10,569 10,127 9,396
55 Other 5,474 7,208 5,636 6,815
56 Africa 2,688 2,448 2,629 2,499
57 Egypt 228 221 241 252
58 Morocco 463 444 454 431
59 South Africa 567 640 724 598
60 Zaire 0 0 0 0
61 Oil-exporting
countries(5) 257 288 340 297
62 Other 1,173 855 870 921
63 Other 6,544 6,546 5,970 5,076
64 Australia 6,060 6,093 5,636 4,811
65 Other 484 453 334 265
66 Nonmonetary
international
and regional
organizations(6) 5,253 4,487 4,073 4,407
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia. (3.) Includes the Bank for International Settlements. Since December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia. (4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States Trucial States: see United Arab Emirates.). (5.) Comprises Algeria, Gabon, Libya, and Nigeria. (6.) Excludes the Bank for International Settlements, which is included in "Other Europe." 3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Type of claim 1996 1997 1998(r)
1 Total 743,919 852,852 875,986
2 Banks' claims 599,925 708,225 735,124
3 Foreign public
borrowers 22,216 20,581 23,572
4 Own foreign
offices(2) 341,574 431,685 484,456
5 Unaffiliated
foreign banks 113,682 109,230 106,087
6 Deposits 33,826 30,995 27,208
7 Other 79,856 78,235 78,879
8 All other
foreigners 122,453 146,729 121,009
9 Claims of banks'
domestic
customers(3) 143,994 144,627 140,862
10 Deposits 77,657 73,110 78,491
11 Negotiable and
readily
transferable
instruments(4) 51,207 53,967 48,752
12 Outstanding
collections and
other claims 15,130 17,550 13,619
MEMO
13 Customer liability
on acceptances 10,388 9,624 4,519
14 Dollar deposits
in banks abroad,
reported by
nonbanking business
enterprises in the
United
States(5) 39,661 33,816 39,978
1999
Type of claim
Jan. Feb.(r) Mar.(r)
1 Total 862,754
2 Banks' claims 718,119(r) 712,828 710,790
3 Foreign public
borrowers 30,330(r) 31,515 34,773
4 Own foreign
offices(2) 459,017 461,705 467,948
5 Unaffiliated
foreign banks 106,523(r) 102,561 93,813
6 Deposits 30,564(r) 29,406 25,070
7 Other 75,959(r) 73,155 68,743
8 All other
foreigners 122,249(r) 117,047 114,256
9 Claims of banks'
domestic
customers(3) 151,964
10 Deposits 91,380
11 Negotiable and
readily
transferable
instruments(4) 47,990
12 Outstanding
collections and
other claims 12,594
MEMO
13 Customer liability
on acceptances 4,485
14 Dollar deposits
in banks abroad,
reported by
nonbanking business
enterprises in the
United
States(5) 38,941 39,055 33,038
Type of claim 1999
Apr.(r) May(r) June(r) July(p)
1 Total 898,793
2 Banks' claims 735,899 750,505 751,224 720,129
3 Foreign public
borrowers 35,807 36,634 37,336 38,457
4 Own foreign
offices(2) 485,347 492,109 489,533 460,218
5 Unaffiliated
foreign banks 93,591 99,765 104,102 99,724
6 Deposits 23,979 25,251 24,295 24,979
7 Other 69,612 74,514 79,807 74,745
8 All other
foreigners 121,154 121,997 120,253 121,730
9 Claims of banks'
domestic
customers(3) 147,569
10 Deposits 93,597
11 Negotiable and
readily
transferable
instruments(4) 43,616
12 Outstanding
collections and
other claims 10,356
MEMO
13 Customer liability
on acceptances 4,437
14 Dollar deposits
in banks abroad,
reported by
nonbanking business
enterprises in the
United
States(5) 33,474 31,210 29,501 32,857
(1.) For banks' claims, data are monthly; for claims of banks' domestic customers, data are for quarter ending with month indicated. Reporting banks include all types of depository institution as well as some brokers and dealers. (2.) For U.S. banks, includes amounts due from own foreign branches and foreign subsidiaries consolidated in quarterly Consolidated Reports of Condition filed with bank regulatory agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consists principally of amounts due from the head office or parent foreign bank, and from foreign branches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank. (3.) Assets held by reporting banks in the accounts of their domestic customers. (4.) Principally negotiable time certificates of deposit, bankers acceptances, and commercial paper. (5.) Includes demand and time deposits and negotiable and nonnegotiable certificates of deposit denominated in U.S. dollars issued by banks abroad. 3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Banks in the United States(1) Payable in U.S. Dollars Millions of dollars, end of period
Maturity, by borrower
and area(2) 1995 1996 1997
1 Total 224,932 258,106 276,550
By borrower
2 Maturity of one year
or less 178,857 211,859 205,781
3 Foreign public borrowers 14,995 15,411 12,081
4 All other foreigners 163,862 196,448 193,700
5 Maturity of more than
one year 46,075 46,247 70,769
6 Foreign public borrowers 7,522 6,790 8,499
7 All other foreigners 38,553 39,457 62,270
By area
Maturity of one year
or less
8 Europe 55,622 55,690 58,294
9 Canada 6,751 8,339 9,917
10 Latin America and
Caribbean 72,504 103,254 97,207
11 Asia 40,296 38,078 33,964
12 Africa 1,295 1,316 2,211
13 All other(3) 2,389 5,182 4,188
Maturity of more than
one year
14 Europe 4,995 6,965 13,240
15 Canada 2,751 2,645 2,525
16 Latin America and
Caribbean 27,681 24,943 42,049
17 Asia 7,941 9,392 10,235
18 Africa 1,421 1,361 1,236
19 All other(3) 1,286 941 1,484
1998 1999
Maturity, by borrower
and area(2)
Sept. Dec. Mar.(r) June(p)
1 Total 281,342 250,547 242,463 259,219
By borrower
2 Maturity of one year
or less 208,710 186,653 175,490 186,868
3 Foreign public borrowers 14,842 13,699 20,921 24,558
4 All other foreigners 193,868 172,954 154,569 162,310
5 Maturity of more than
one year 72,632 63,894 66,973 72,351
6 Foreign public borrowers 10,926 9,840 13,290 11,657
7 All other foreigners 61,706 54,054 53,683 60.69
By area
Maturity of one year
or less
8 Europe 68,980 68,684 66,887 84,731
9 Canada 8,795 10,947 7,816 6,690
10 Latin America and
Caribbean 100,161 81,911 71,214 65,853
11 Asia 22,320 18,005 21,347 21,957
12 Africa 1,762 1,835 1,57l 1,543
13 All other(3) 6,692 5,271 6,655 6,094
Maturity of more than
one year
14 Europe 15,264 14,923 16,949 18,754
15 Canada 2,982 3,140 2,781 3,276
16 Latin America and
Caribbean 39,165 33,443 33,539 36,902
17 Asia 12,147 10,018 10,972 10,471
18 Africa 1,170 1,233 1.16 1,105
19 All other(3) 1,904 1,137 1,572 1,843
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Maturity is time remaining until maturity. (3.) Includes nonmonetary international and regional organizations. 3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices of U.S. Banks1 Billions of dollars, end of period
Area or country 1995 1996 1997
June
1 Total 551.9 645.3 678.8
2 G-10 countries and Switzerland 206.0 228.3 250.0
3 Belgium and Luxembourg 13.6 11.7 9.4
4 France 19.4 16.6 17.9
5 Germany 27.3 29.8 34.1
6 Italy 11.5 16.0 20.2
7 Netherlands 3.7 4.0 6.4
8 Sweden 2.7 2.6 3.6
9 Switzerland 6.7 5.3 5.4
10 United Kingdom 82.4 104.7 110.6
11 Canada 10.3 14.0 15.7
12 Japan 28.5 23.7 26.8
13 Other industrialized countries 50.2 65.7 71.7
14 Austria .9 1.1 1.5
15 Denmark 2.6 1.5 2.8
16 Finland .8 .8 1.4
17 Greece 5.7 6.7 6.1
18 Norway 3.2 8.0 4.7
19 Portugal 1.3 .9 1.1
20 Spain 11.6 13.2 15.4
21 Turkey 1.9 2.7 3.4
22 Other Western Europe 4.7 4.7 5.5
23 South Africa 1.2 2.0 1.9
24 Australia 16.4 24.0 27.8
25 OPEC(2) 22.1 19.7 22.3
26 Ecuador .7 1.1 .9
27 Venezuela 2.7 2.4 2.1
28 Indonesia 4.8 5.2 5.6
29 Middle East countries 13.3 10.7 12.5
30 African countries .6 .4 1.2
31 Non-OPEC developing countries 112.6 130.3 140.6
Latin America
32 Argentina 12.9 14.3 16.4
33 Brazil 13.7 20.7 27.3
34 Chile 6.8 7.0 7.6
35 Colombia 2.9 4.1 3.3
36 Mexico 17.3 16.2 16.6
37 Peru .8 1.6 1.4
38 Other 2.8 3.3 3.4
Asia
China
39 Mainland 1.8 2.5 3.6
40 Taiwan 9.4 10.3 10.6
41 India 4.4 4.3 5.3
42 Israel .5 .5 .8
43 Korea (South) 19.1 21.5 16.3
44 Malaysia 4.4 6.0 6.4
45 Philippines 4.1 5.8 7.0
46 Thailand 4.9 5.7 7.3
47 Other Asia 4.5 4.1 4.7
Africa
48 Egypt .4 .7 1.1
49 Morocco .7 .7 .7
50 Zaire .0 .1 .0
51 Other Africa(3) .9 .9 .9
52 Eastern Europe 4.2 6.9 7.1
53 Russia(4) 1.0 3.7 4.2
54 Other 3.2 3.2 2.9
55 Offshore banking centers 99.2 134.7 129.6
56 Bahamas 11.0 20.3 16.1
57 Bermuda 6.3 4.5 7.9
58 Cayman Islands and other
British West Indies 32.4 37.2 35.1
59 Netherlands Antilles 10.3 26.1 15.8
60 panama(5) 1.4 2.0 2.6
61 Lebanon .1 .1 .1
62 Hong Kong, China 25.0 27.9 35.2
63 Singapore 13.1 16.7 16.7
64 Other(6) .1 .3 .1
65 Miscellaneous and
unallocated(7) 57.6 59.6 57.6
Area or country 1997 1998
Sept. Dec. Mar.
1 Total 711.0 719.3 739.1
2 G-10 countries and Switzerland 247.8 242.8 249.0
3 Belgium and Luxembourg 11.4 11.0 11.2
4 France 20.2 15.4 15.5
5 Germany 34.7 28.6 25.5
6 Italy 19.3 15.5 19.7
7 Netherlands 7.2 6.2 7.3
8 Sweden 4.1 3.3 4.8
9 Switzerland 4.8 7.2 5.6
10 United Kingdom 108.3 113.4 120.1
11 Canada 15.1 13.7 13.5
12 Japan 22.6 28.6 25.8
13 Other industrialized countries 73.8 64.5 74.3
14 Austria 1.7 1.5 1.7
15 Denmark 3.7 2.4 2.0
16 Finland 1.9 1.3 1.5
17 Greece 6.2 5.1 6.1
18 Norway 4.6 3.6 4.0
19 Portugal 1.4 .9 .7
20 Spain 13.9 11.7 16.5
21 Turkey 4.4 4.5 4.9
22 Other Western Europe 6.1 8.2 9.9
23 South Africa 1.9 2.2 3.7
24 Australia 28.0 23.1 23.2
25 OPEC(2) 22.9 26.0 25.7
26 Ecuador 1.2 1.3 1.3
27 Venezuela 2.2 2.5 3.3
28 Indonesia 6.5 6.7 5.5
29 Middle East countries 11.8 14.4 14.3
30 African countries 1.1 1.2 1.4
31 Non-OPEC developing countries 137.0 138.7 147.4
Latin America
32 Argentina 17.1 18.4 19.3
33 Brazil 26.1 28.6 32.4
34 Chile 8.0 8.7 9.0
35 Colombia 3.4 3.4 3.3
36 Mexico 16.4 17.4 17.7
37 Peru 1.8 2.0 2.1
38 Other 3.6 4.1 4.0
Asia
China
39 Mainland 4.3 3.2 4.2
40 Taiwan 9.7 9.0 11.7
41 India 4.9 4.9 5.0
42 Israel 1.0 .7 .7
43 Korea (South) 16.2 15.6 16.2
44 Malaysia 5.6 5.1 4.5
45 Philippines 5.7 5.7 5.0
46 Thailand 6.2 5.4 5.5
47 Other Asia 4.5 4.3 4.2
Africa
48 Egypt .9 .9 1.0
49 Morocco .7 .6 .6
50 Zaire .0 .0 .0
51 Other Africa(3) .9 .8 1.1
52 Eastern Europe 9.8 9.1 12.0
53 Russia(4) 5.1 5.1 7.5
54 Other 4.7 4.0 4.6
55 Offshore banking centers 138.9 139.0 129.3
56 Bahamas 19.8 23.3 29.2
57 Bermuda 9.8 9.8 9.0
58 Cayman Islands and other
British West Indies 45.7 43.4 24.9
59 Netherlands Antilles 21.7 14.6 14.0
60 panama(5) 2.1 3.1 3.2
61 Lebanon .1 .1 .1
62 Hong Kong, China 27.2 32.2 33.8
63 Singapore 12.7 12.7 15.0
64 Other(6) .1 .1 .2
65 Miscellaneous and
unallocated(7) 80.8 99.1 101.3
Area or country 1998
June Sept. Dec.
1 Total 749.7(r) 738.9(r) 714.1(r)
2 G-10 countries and Switzerland 278.3(r) 268.3(r) 255.8(r)
3 Belgium and Luxembourg 16.2(r) 15.1(r) 13.4(r)
4 France 20.5 19.9 18.4(r)
5 Germany 28.8 28.9 31.1(r)
6 Italy 19.5 18.0(r) 11.5(r)
7 Netherlands 8.3 8.1 7.9(r)
8 Sweden 3.1 2.2(r) 2.3(r)
9 Switzerland 6.9 7.5(r) 8.3(r)
10 United Kingdom 134.9 130.4(r) 21.5(r)
11 Canada 16.5 15.6(r) 16.7
12 Japan 23.7 22.8(r) 24.7(r)
13 Other industrialized countries 72.1 71.6(r) 68.5(r)
14 Austria 1.9 2.1 1.4
15 Denmark 2.1 2.8 2.2(r)
16 Finland 1.4 1.6 1.5(r)
17 Greece 5.8 5.8(r) 6.0(r)
18 Norway 3.4 3.3(r) 3.2
19 Portugal 1.3 1.1(r) 1.3
20 Spain 15.2 17.5 13.6(r)
21 Turkey 6.5 5.2 4.8
22 Other Western Europe 9.6 10.3 10.6(r)
23 South Africa 5.0 3.7 3.5
24 Australia 20.0 18.2 20.3
25 OPEC(2) 25.3 25.9(r) 27.1(r)
26 Ecuador 1.2 1.2 1.2
27 Venezuela 3.2 3.1 3.2
28 Indonesia 5.1 4.7 4.8(r)
29 Middle East countries 15.5 16.1 17.0(r)
30 African countries .3 .8 1.0
31 Non-OPEC developing countries 141.7(r) 140.6(r) 147.9(r)
Latin America
32 Argentina 20.2 22.3 22.3
33 Brazil 27.2(r) 24.9 24.2
34 Chile 9.1 9.3(r) 8.3
35 Colombia 3.6 3.4 3.2
36 Mexico 17.9 18.4 25.3(r)
37 Peru 2.2 2.2 2.2
38 Other 4.4 4.6 5.4
Asia
China
39 Mainland 3.9 2.8 3.0
40 Taiwan 11.3 12.2(r) 12.8
41 India 4.9 5.3 5.3
42 Israel .9 .9 1.1
43 Korea (South) 14.5 12.9 13.7(r)
44 Malaysia 4.7 5.1(r) 5.7(r)
45 Philippines 5.4 4.7 5.1
46 Thailand 4.9 5.3 4.6
47 Other Asia 3.7 3.1 2.9
Africa
48 Egypt 1.5 1.7 1.3
49 Morocco .6 .5 .5
50 Zaire .0 .0 .0
51 Other Africa(3) .8 1.1 1.0
52 Eastern Europe 10.9 6.0 5.2
53 Russia(4) 6.8 2.8 2.2
54 Other 4.1 3.2 3.1
55 Offshore banking centers 125.8(r) 121.9(r) 94.1(r)
56 Bahamas 24.7 29.0(r) 33.0
57 Bermuda 9.3 10.4 4.6(r)
58 Cayman Islands and other
British West Indies 34.2(r) 30.6(r) 15.4(r)
59 Netherlands Antilles 10.5 6.0 2.6
60 panama(5) 3.3 4.0 3.9(r)
61 Lebanon .2 .1 .1
62 Hong Kong, China 30.0 30.6 23.4(r)
63 Singapore 13.5 11.1 11.2(r)
64 Other(6) .2 .2 .2
65 Miscellaneous and
unallocated(7) 95.7 104.5 115.5(r)
Area or country 1999
Mar. June
1 Total 678.3(r) 667.3
2 G-10 countries and Switzerland 246.4(r) 255.7
3 Belgium and Luxembourg 14.1(r) 14.8
4 France 19.5 18.4
5 Germany 32.0(r) 29.2
6 Italy 13.2 11.6
7 Netherlands 8.9 10.9
8 Sweden 3.6 2.3
9 Switzerland 7.3 7.8
10 United Kingdom 110.6(r) 122.7
11 Canada 15.7 16.5
12 Japan 21.3 21.6
13 Other industrialized countries 75.8(r) 76.5
14 Austria 2.5 2.7
15 Denmark 3.2 2.8
16 Finland 1.4 .8
17 Greece 6.2 5.7
18 Norway 2.9(r) 2.9
19 Portugal 1.3 1.2
20 Spain 14.3 15.8
21 Turkey 5.0 4.7
22 Other Western Europe 10.1 10.1
23 South Africa 3.4 3.4
24 Australia 25.3(r) 26.5
25 OPEC(2) 26.0(r) 25.9
26 Ecuador 1.1 1.0
27 Venezuela 3.4 3.1
28 Indonesia 4.5(r) 4.9
29 Middle East countries 16.6 16.4
30 African countries .4 .4
31 Non-OPEC developing countries 143.7(r) 145.3
Latin America
32 Argentina 23.5 22.0
33 Brazil 23.6 24.7
34 Chile 8.5 8.2
35 Colombia 3.2 3.1
36 Mexico 18.9 18.0
37 Peru 2.2 2.1
38 Other 5.4 5.5
Asia
China
39 Mainland 5.1 5.3
40 Taiwan 11.7(r) 11.9
41 India 5.5(r) 6.5
42 Israel 1.1 2.0
43 Korea (South) 13.3 14.9
44 Malaysia 5.9 5.9
45 Philippines 5.3 5.6
46 Thailand 4.5 4.1
47 Other Asia 3.0 2.8
Africa
48 Egypt 1.4 1.4
49 Morocco .5 .5
50 Zaire .0 .0
51 Other Africa(3) 1.2 .9
52 Eastern Europe 6.1(r) 5.1
53 Russia(4) 2.2(r) 1.9
54 Other 3.9 3.2
55 Offshore banking centers 83.0(r) 70.6
56 Bahamas 30.2 16.1
57 Bermuda 3.8 5.6
58 Cayman Islands and other
British West Indies 6.3(r) 7.0
59 Netherlands Antilles 2.7 1.2
60 panama(5) 3.9 3.9
61 Lebanon .1 .1
62 Hong Kong, China 22.8(r) 21.9
63 Singapore 13.1 14.6
64 Other(6) .2 .1
65 Miscellaneous and
unallocated(7) 97.3(r) 88.1
(1.) The banking offices covered by these data include U.S. offices and foreign branches of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository institutions as well as some types of brokers and dealers. To eliminate duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign branch of the same banking institution. These data are on a gross claims basis and do not necessarily reflect the ultimate country risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. (2.) Organization of |