[Economic Report of the President (2005)]
[Administration of George W. Bush]
[Online through the Government Printing Office, www.gpo.gov]


 
Table B-74.--Credit market borrowing, 1996-2004
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Item                                  1996       1997       1998       1999       2000       2001       2002       2003
--------------------------------------------------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC........................................................      716.8      769.5    1,041.7    1,030.7      837.5    1,118.0    1,317.6    1,659.9

FEDERAL GOVERNMENT............................................      144.9       23.1      -52.6      -71.2     -295.9       -5.6      257.6      396.0

Treasury securities.........................................      146.6       23.2      -54.6      -71.0     -294.9       -5.1      257.1      398.4
Budget agency securities and mortgages......................       -1.6        -.1        2.0        -.2       -1.0        -.5         .5       -2.4

NONFEDERAL, BY INSTRUMENT.....................................      571.9      746.4    1,094.4    1,101.9    1,133.3    1,123.6    1,060.1    1,263.9

Commercial paper............................................        -.9       13.7       24.4       37.4       48.1      -88.3      -64.2      -40.0
Municipal securities and loans..............................       -6.5       56.9       84.2       54.4       23.6      122.9      159.4      135.1
Corporate bonds.............................................      116.3      150.5      235.2      221.7      162.6      348.5      132.3      158.3
Bank loans n.e.c............................................       70.4      106.4      109.8       81.4       97.7      -82.0      -87.2      -82.2
Other loans and advances....................................       22.2       43.1       68.5       26.1       79.6        8.9       20.3       10.0

Mortgages...................................................      266.5      306.0      466.8      568.0      554.4      674.1      816.3      994.3
Home......................................................      228.5      241.8      360.6      425.3      410.9      511.7      677.7      796.7
Multifamily residential...................................        9.9        7.2       25.7       38.5       29.4       41.4       34.7       65.3
Commercial................................................       25.4       53.8       73.9       97.8      107.5      113.4       96.3      124.3
Farm......................................................        2.7        3.2        6.7        6.5        6.6        7.7        7.6        8.1
Consumer credit.............................................      104.0       69.8      105.4      113.0      167.4      139.5       83.2       88.4

NONFEDERAL, BY SECTOR.........................................      571.9      746.4    1,094.4    1,101.9    1,133.3    1,123.6    1,060.1    1,263.9

Household sector............................................      332.8      312.1      438.9      493.9      559.7      622.9      734.1      840.6
Nonfinancial business.......................................      255.0      392.8      587.8      569.5      558.2      394.9      182.0      305.6
Corporate.................................................      182.8      291.8      397.6      374.0      354.4      228.0       28.9      146.6
Nonfarm noncorporate......................................       68.6       94.7      179.9      190.2      192.9      156.4      145.3      151.2
Farm......................................................        3.5        6.2       10.3        5.3       10.9       10.5        7.8        7.7
State and local governments.................................      -15.9       41.5       67.7       38.5       15.5      105.8      143.9      117.8

FOREIGN BORROWING IN THE UNITED STATES..........................       88.0       69.9       31.2       13.0       57.0      -49.8        5.6      -15.7

Commercial paper..............................................       11.3        3.7        7.8       16.3       31.7      -14.2       36.1       22.3
Bonds.........................................................       66.6       59.6       22.8        1.9       15.2      -24.5      -33.5      -28.1
Bank loans n.e.c..............................................        9.1        8.5        6.6         .5       11.4       -7.3        5.3       -7.7
Other loans and advances......................................        1.0       -1.8       -6.0       -5.7       -1.3       -3.8       -2.3       -2.1

NONFINANCIAL DOMESTIC AND FOREIGN BORROWING.....................      804.8      839.5    1,073.0    1,043.7      894.5    1,068.2    1,323.3    1,644.3

FINANCIAL SECTORS

BY INSTRUMENT...................................................      532.7      592.3    1,063.8    1,059.5      805.4      903.2      834.7      989.3

Open market paper.............................................       92.2      166.7      161.0      176.2      131.7      -45.3      -63.5      -63.8
GSE issues (government-sponsored enterprises).................       90.4       99.1      278.9      318.8      235.2      304.1      219.8      243.7
Agency- and GSE-backed mortgage pool securities...............      141.0      114.6      192.7      274.6      199.7      338.5      326.8      330.5
Corporate bonds...............................................      160.6      148.2      287.7      188.7      187.7      265.1      333.3      443.7
Bank loans n.e.c..............................................       12.6       13.3       28.5      -12.8        3.8       13.0        1.3       -4.6
Other loans and advances......................................       27.9       35.6       90.2      107.1       42.5       25.5        6.8       31.2
Mortgages.....................................................        7.9       14.9       24.8        6.9        4.9        2.2       10.1        8.5

BY SECTOR.......................................................      532.7      592.3    1,063.8    1,059.5      805.4      903.2      834.7      989.3

Commercial banking............................................       13.0       46.1       72.9       67.2       60.0       52.9       49.7       49.2
U.S.-chartered commercial banks.............................       11.7       29.5       52.8       41.8       36.8       30.2       29.9       13.9
Foreign banking offices in U.S..............................        -.7       -2.4       -4.8        -.4         .0        -.9        -.4        -.1
Bank holding companies......................................        2.0       19.0       24.9       25.8       23.2       23.6       20.3       35.4
Savings institutions..........................................       25.5       19.7       52.2       48.0       27.3       -2.0      -23.4        6.1
Government-sponsored enterprises..............................       90.4       99.1      278.9      318.8      235.2      304.1      219.8      243.7
Agency- and GSE-backed mortgage pools.........................      141.0      114.6      192.7      274.6      199.7      338.5      326.8      330.5
Asset-backed securities issuers...............................      133.3      155.5      298.9      192.6      182.3      256.2      191.6      200.1
Finance companies.............................................       50.6       33.8       57.1       70.7       81.9        1.3       42.2      117.3
REITS (real estate investment trusts).........................       11.9       39.6       62.7       10.4        4.5        3.2       26.2       32.3
Brokers and dealers...........................................       -2.0        8.1        7.2      -17.2       15.6        1.4       -1.7        6.4
Funding corporations..........................................       63.8       79.9       40.0       91.6        -.3      -54.6        -.5       -1.4
Other \1\.....................................................        5.3       -4.3        1.3        2.9        -.7        2.1        4.0        5.1

ALL SECTORS

BY INSTRUMENT...................................................    1,337.5    1,431.8    2,136.7    2,103.2    1,699.9    1,971.4    2,158.0    2,633.6

Open market paper.............................................      102.6      184.1      193.1      229.9      211.6     -147.8      -91.5      -81.6
Treasury securities...........................................      146.6       23.2      -54.6      -71.0     -294.9       -5.1      257.1      398.4
Agency- and GSE-backed securities.............................      229.8      213.6      473.6      593.1      433.9      642.1      547.2      571.9
Municipal securities..........................................       -6.5       56.9       84.2       54.4       23.6      122.9      159.4      135.1
Corporate and foreign bonds...................................      343.5      358.3      545.7      412.4      365.5      589.1      432.1      573.9
Bank loans n.e.c..............................................       92.1      128.2      145.0       69.0      112.8      -76.2      -80.6      -94.5
Other loans and advances......................................       51.1       76.9      152.7      127.5      120.8       30.6       24.7       39.1
Mortgages.....................................................      274.4      320.9      491.6      574.9      559.2      676.3      826.5    1,002.9
Consumer credit...............................................      104.0       69.8      105.4      113.0      167.4      139.5       83.2       88.4
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Credit unions, life insurance companies, and mortgage companies.

See next page for continuation of table.


Table B-74.--Credit market borrowing, 1996-2004--Continued
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
----------------------------------------------------------------------------------------------------------------
2003                                   2004
Item                ----------------------------------------------------------------------------
I          II        III         IV         I          II        III
----------------------------------------------------------------------------------------------------------------
NONFINANCIAL SECTORS

DOMESTIC...........................    1,482.9    2,297.1    1,514.0    1,345.7    2,024.7    1,592.0    1,710.0

FEDERAL GOVERNMENT...............      184.0      723.0      317.1      360.0      483.9      444.9      207.0

Treasury securities............      185.6      722.5      317.0      368.6      482.9      448.6      208.9
Budget agency securities and          -1.6         .5         .1       -8.6        1.1       -3.6       -1.9
mortgages.....................

NONFEDERAL, BY INSTRUMENT........    1,298.9    1,574.0    1,196.9      985.7    1,540.7    1,147.0    1,502.9

Commercial paper...............       -9.3      -81.4        4.8      -74.3       34.4       32.9       23.0
Municipal securities and loans.      119.9      182.6      130.0      107.7      167.5       82.0      241.4
Corporate bonds................      169.5      297.0       96.1       70.6      114.2        5.7       33.8
Bank loans n.e.c...............      -84.9      -42.1     -111.0      -90.8      -46.5       91.7      -12.4
Other loans and advances.......        4.2       -9.9      -22.9       68.7       23.2      -30.7       24.0

Mortgages......................    1,009.7    1,119.1      991.0      857.6    1,121.1      918.0    1,069.8
Home.........................      859.6      907.1      769.0      651.1      945.8      732.8      860.9
Multifamily residential......       39.4       69.9       64.9       87.0       15.0       47.2       29.7
Commercial...................      102.4      135.2      148.6      110.9      153.4      127.4      170.2
Farm.........................        8.3        6.9        8.5        8.6        6.9       10.6        8.9
Consumer credit................       89.7      108.8      108.9       46.1      126.8       47.5      123.4

NONFEDERAL, BY SECTOR............    1,298.9    1,574.0    1,196.9      985.7    1,540.7    1,147.0    1,502.9

Household sector...............      918.3      988.3      835.3      620.3    1,052.9      810.5      887.9
Nonfinancial business..........      281.0      419.6      252.6      269.1      339.1      273.0      386.5
Corporate....................      167.1      272.9       71.9       74.6      195.8       92.4      194.4
Nonfarm noncorporate.........      107.6      143.8      168.8      184.7      138.7      167.6      171.5
Farm.........................        6.3        2.9       12.0        9.8        4.5       12.9       20.6
State and local governments....       99.5      166.1      109.1       96.3      148.8       63.5      228.5

FOREIGN BORROWING IN THE UNITED           17.8      -61.8      -64.7       46.0       70.8      -63.8        9.0
STATES............................

Commercial paper.................       52.0       72.9      -56.0       20.2      100.1      -29.6       24.9
Bonds............................      -29.9     -100.2       -8.8       26.5      -19.6      -39.7        2.3
Bank loans n.e.c.................       -4.0      -31.4        5.3        -.7       -6.7        7.0       -9.0
Other loans and advances.........        -.2       -3.0       -5.3        -.0       -2.9       -1.5       -9.3

NONFINANCIAL DOMESTIC AND FOREIGN      1,500.7    2,235.3    1,449.3    1,391.7    2,095.5    1,528.2    1,718.9
BORROWING.........................

FINANCIAL SECTORS

BY INSTRUMENT......................      972.2      857.7    1,053.4    1,073.9      672.0      873.9      688.3

Open market paper................      -27.7      -50.6      -62.5     -114.3      149.6       10.8      -64.4
GSE issues (government-sponsored       225.8      192.4      459.9       96.9       18.2      234.4      108.0
enterprises)....................
Agency- and GSE-backed mortgage        272.2      266.9      307.6      475.3       80.1       74.0       59.4
pool securities.................
Corporate bonds..................      497.1      395.6      319.9      562.4      295.7      407.1      555.3
Bank loans n.e.c.................      -38.6       12.1       14.6       -6.5       25.3      -34.4       51.2
Other loans and advances.........       43.9       38.2         .7       41.9       76.0      166.1      -30.9
Mortgages........................        -.4        3.1       13.2       18.1       27.2       15.9        9.8

BY SECTOR..........................      972.2      857.7    1,053.4    1,073.9      672.0      873.9      688.3

Commercial banking...............       80.9       28.0        2.8       85.2      187.6        7.1       60.1
U.S.-chartered commercial banks       15.7       28.7       -6.0       17.1       85.0       -9.3       -2.0
Foreign banking offices in U.S.        -.5        -.2         .1         .3        -.1         .3         .4
Bank holding companies.........       65.7        -.6        8.7       67.8      102.8       16.1       61.7
Savings institutions.............      -18.0       16.9         .4       25.0       -7.0      184.4      -21.0
Government-sponsored enterprises.      225.8      192.4      459.9       96.9       18.2      234.4      108.0
Agency- and GSE-backed mortgage        272.2      266.9      307.6      475.3       80.1       74.0       59.4
pools...........................
Asset-backed securities issuers..      256.5      240.1      166.6      137.4      126.3      300.6      357.0
Finance companies................       45.6      171.1      104.1      148.2      134.0      -19.7       89.8
REITS (real estate investment           17.5       12.5       43.7       55.7       67.8       43.6       84.4
trusts).........................
Brokers and dealers..............       38.4      -16.2        9.9       -6.6       51.9        2.5       33.2
Funding corporations.............       46.2      -57.0      -48.0       53.3       16.2       39.5      -83.5
Other \1\........................        7.2        3.1        6.4        3.5       -3.1        7.6        1.0

ALL SECTORS

BY INSTRUMENT......................    2,473.0    3,093.0    2,502.7    2,465.6    2,767.5    2,402.1    2,407.2

Open market paper................       15.0      -59.2     -113.7     -168.5      284.2       14.2      -16.4
Treasury securities..............      185.6      722.5      317.0      368.6      482.9      448.6      208.9
Agency- and GSE-backed securities      496.4      459.9      767.5      563.6       99.3      304.7      165.4
Municipal securities.............      119.9      182.6      130.0      107.7      167.5       82.0      241.4
Corporate and foreign bonds......      636.6      592.4      407.2      659.6      390.2      373.0      591.4
Bank loans n.e.c.................     -127.5      -61.4      -91.1      -98.0      -28.0       64.3       29.8
Other loans and advances.........       48.0       25.4      -27.4      110.6       96.3      133.9      -16.2
Mortgages........................    1,009.3    1,122.1    1,004.2      875.8    1,148.3      933.9    1,079.5
Consumer credit..................       89.7      108.8      108.9       46.1      126.8       47.5      123.4
----------------------------------------------------------------------------------------------------------------
Source: Board of Governors of the Federal Reserve System.