[Economic Report of the President (2007)] [Administration of George W. Bush] [Online through the Government Printing Office, www.gpo.gov] Table B-74.--Credit market borrowing, 1998-2006 [Billions of dollars; quarterly data at seasonally adjusted annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------- Item 1998 1999 2000 2001 2002 2003 2004 2005 -------------------------------------------------------------------------------------------------------------------------------------------------------- NONFINANCIAL SECTORS DOMESTIC........................................................ 1,028.2 1,032.7 849.6 1,137.9 1,386.7 1,687.5 1,999.5 2,314.1 BY INSTRUMENT................................................. 1,028.2 1,032.7 849.6 1,137.9 1,386.7 1,687.5 1,999.5 2,314.1 Commercial paper.............................................. 24.4 37.4 48.1 -83.0 -57.9 -35.1 16.8 -7.9 Treasury securities........................................... -54.6 -71.0 -294.9 -5.1 257.1 398.4 362.5 307.3 Agency- and GSE-backed securities............................. 2.0 -.2 -1.0 -.5 .5 -2.4 -.6 -.4 Municipal securities.......................................... 84.2 54.4 23.6 122.8 159.4 137.6 130.5 194.7 Corporate bonds............................................... 235.2 221.7 162.6 347.7 132.3 158.3 77.7 59.9 Banks loans n.e.c............................................. 107.6 77.3 95.0 -87.2 -106.6 -77.7 12.5 136.9 Other loans and advances...................................... 68.5 26.1 77.4 4.4 15.7 5.5 20.4 77.3 Mortgages..................................................... 463.7 572.6 557.8 687.9 872.8 999.0 1,262.8 1,454.9 Home........................................................ 356.3 427.3 418.7 529.6 734.0 800.8 1,054.8 1,134.9 Multifamily residential..................................... 25.4 39.1 26.6 40.3 36.8 70.3 48.6 72.0 Commercial.................................................. 75.4 100.0 105.6 110.2 94.3 119.8 151.4 241.8 Farm........................................................ 6.6 6.2 7.0 7.7 7.6 8.0 8.1 6.2 Consumer credit............................................... 97.3 114.5 181.0 151.0 113.4 104.0 116.9 91.3 BY SECTOR..................................................... 1,028.2 1,032.7 849.6 1,137.9 1,386.7 1,687.5 1,999.5 2,314.1 Household sector.............................................. 426.0 495.8 580.0 649.9 813.8 978.4 1,093.5 1,238.6 Nonfinancial business......................................... 587.0 569.6 550.0 387.9 171.4 192.8 428.8 597.3 Corporate................................................... 396.9 370.2 341.8 215.2 15.6 88.6 177.7 279.3 Nonfarm noncorporate........................................ 179.9 194.3 196.8 162.2 148.0 96.5 239.6 305.4 Farm........................................................ 10.2 5.1 11.3 10.5 7.8 7.7 11.5 12.6 State and local governments................................... 67.9 38.5 15.5 105.7 143.9 120.3 115.3 171.3 Federal Government............................................ -52.6 -71.2 -295.9 -5.6 257.6 396.0 361.9 306.9 FOREIGN BORROWING IN THE UNITED STATES.......................... 37.2 19.0 63.0 -13.7 92.9 31.7 123.5 84.7 Commercial paper.............................................. 7.8 16.3 31.7 15.8 58.3 12.9 62.8 38.5 Bonds......................................................... 28.8 7.9 21.2 -18.5 31.6 28.7 61.8 38.0 Bank loans n.e.c.............................................. 6.6 .5 11.4 -7.3 5.3 -7.7 2.5 12.9 Other loans and advances...................................... -6.0 -5.7 -1.3 -3.8 -2.3 -2.1 -3.6 -4.6 NONFINANCIAL DOMESTIC AND FOREIGN BORROWING..................... 1,065.4 1,051.6 912.6 1,124.2 1,479.7 1,719.2 2,123.0 2,398.8 FINANCIAL SECTORS BY INSTRUMENT................................................... 1,024.9 1,024.2 780.6 932.8 872.5 1,009.4 880.3 1,036.8 Open market paper............................................. 161.0 176.2 131.7 -27.4 -63.8 -52.9 55.1 236.1 GSE issues (government-sponsored enterprises)................. 278.9 318.8 235.2 304.1 219.8 243.7 65.0 -84.2 Agency- and GSE-backed mortgage pool securities............... 192.7 274.6 199.7 338.5 326.8 330.5 53.0 134.8 Corporate bonds............................................... 245.0 148.6 159.7 271.1 353.6 455.7 573.2 683.5 Banks loans n.e.c............................................. 32.3 -7.9 7.0 18.7 21.1 -7.2 33.5 9.2 Other loans and advances...................................... 90.2 107.1 42.5 25.5 6.8 31.2 74.1 44.3 Mortgages..................................................... 24.8 6.9 4.9 2.2 8.2 8.3 26.3 13.1 BY SECTOR....................................................... 1,024.9 1,024.2 780.6 932.8 872.5 1,009.4 880.3 1,036.8 Commercial banking............................................ 72.9 67.2 60.0 52.9 49.7 49.2 77.7 85.1 U.S.-chartered commercial banks............................. 52.8 41.8 36.8 30.2 29.9 13.9 18.1 36.8 Foreign banking offices in U.S.............................. -4.8 -.4 -.0 -.9 -.4 -.1 .1 .0 Bank holding companies...................................... 24.9 25.8 23.2 23.6 20.3 35.4 59.5 48.2 Savings institutions.......................................... 52.2 48.0 27.3 -2.0 -23.4 6.1 64.4 16.2 Credit unions................................................. .6 2.2 .0 1.5 2.0 2.2 2.3 3.3 Life insurance companies...................................... .7 .7 -.7 .6 2.0 2.9 3.0 .4 Government-sponsored enterprises.............................. 278.9 318.8 235.2 304.1 219.8 243.7 65.0 -84.2 Agency- and GSE-backed mortgage pools......................... 192.7 274.6 199.7 338.5 326.8 330.5 53.0 134.8 Asset-backed securities issuers............................... 256.2 150.5 156.2 220.4 182.8 211.1 332.1 661.0 Finance companies............................................. 60.9 75.5 86.4 10.9 66.2 111.0 134.4 33.4 REITs......................................................... 62.7 12.3 2.6 3.2 24.5 31.9 98.4 58.5 Brokers and dealers........................................... 7.2 -17.2 15.6 1.4 -1.7 6.4 15.2 .1 Funding corporations.......................................... 40.0 91.6 -1.6 1.1 23.7 14.4 34.6 128.1 ALL SECTORS, BY INSTRUMENT TOTAL........................................................... 2,090.3 2,075.8 1,693.2 2,057.0 2,352.2 2,728.6 3,003.3 3,435.6 Open market paper............................................. 193.1 229.9 211.6 -94.5 -63.5 -75.1 134.7 266.7 Treasury securities........................................... -54.6 -71.0 -294.9 -5.1 257.1 398.4 362.5 307.3 Agency- and GSE-backed securities............................. 473.6 593.1 433.9 642.1 547.2 571.9 117.5 50.2 Municipal securities.......................................... 84.2 54.4 23.6 122.8 159.4 137.6 130.5 194.7 Corporate and foreign bonds................................... 509.0 378.2 343.5 600.3 517.5 642.7 712.7 781.4 Bank loans n.e.c.............................................. 146.5 69.8 113.3 -75.8 -80.2 -92.6 48.5 159.0 Other loans and advances...................................... 152.7 127.5 118.6 26.1 20.2 34.5 90.9 117.0 Mortgages..................................................... 488.5 579.5 562.7 690.1 881.1 1,007.3 1,289.1 1,468.0 Consumer credit............................................... 97.3 114.5 181.0 151.0 113.4 104.0 116.9 91.3 -------------------------------------------------------------------------------------------------------------------------------------------------------- See next page for continuation of table. Table B-74.--Credit market borrowing, 1998-2006--Continued [Billions of dollars; quarterly data at seasonally adjusted annual rates] ---------------------------------------------------------------------------------------------------------------- 2005 2006 Item ---------------------------------------------------------------------------- I II III IV I II III ---------------------------------------------------------------------------------------------------------------- NONFINANCIAL SECTORS DOMESTIC........................... 2,249.3 2,046.5 2,454.5 2,506.1 2,534.0 1,835.1 1,847.7 BY INSTRUMENT.................... 2,249.3 2,046.5 2,454.5 2,506.1 2,534.0 1,835.1 1,847.7 Commercial paper................. 49.8 5.8 2.8 -89.9 42.1 40.1 -14.3 Treasury securities.............. 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 Agency- and GSE-backed securities -.7 -1.4 -.4 .8 -1.0 .2 -1.0 Municipal securities............. 188.2 147.4 237.6 205.3 77.6 160.5 195.5 Corporate bonds.................. 34.3 30.1 99.6 75.5 213.5 207.3 119.6 Banks loans n.e.c................ 108.4 212.2 39.5 187.7 263.7 128.5 155.0 Other loans and advances......... 76.3 73.6 40.3 119.2 48.3 90.4 67.4 Mortgages........................ 1,125.1 1,438.7 1,667.8 1,588.0 1,307.7 1,168.5 1,028.6 Home........................... 901.3 1,135.7 1,322.5 1,180.2 1,025.2 872.1 685.9 Multifamily residential........ 51.0 80.3 65.0 91.8 52.7 43.5 36.4 Commercial..................... 167.6 211.1 271.9 316.6 219.4 237.4 288.6 Farm........................... 5.3 11.5 8.5 -.5 10.4 15.5 17.7 Consumer credit.................. 97.4 113.6 102.9 51.4 49.5 155.9 135.8 BY SECTOR........................ 2,249.3 2,046.5 2,454.5 2,506.1 2,534.0 1,835.1 1,847.7 Household sector................. 1,009.8 1,288.4 1,322.9 1,333.4 1,139.7 1,110.6 841.6 Nonfinancial business............ 503.3 606.4 650.9 628.5 797.7 716.9 669.8 Corporate...................... 287.2 251.7 313.0 265.3 468.5 423.8 388.3 Nonfarm noncorporate........... 211.8 336.7 316.3 356.9 300.3 268.1 258.0 Farm........................... 4.4 18.0 21.6 6.4 28.8 25.0 23.5 State and local governments...... 166.5 126.5 216.8 175.3 65.2 123.7 176.3 Federal Government............... 569.7 25.1 263.9 368.9 531.5 -116.1 160.1 FOREIGN BORROWING IN THE UNITED 56.2 84.5 84.7 113.3 109.3 101.6 412.7 STATES............................ Commercial paper................. 6.2 10.0 78.5 59.1 62.6 -58.9 249.3 Bonds............................ 41.3 84.4 8.5 17.9 50.6 139.1 176.7 Bank loans n.e.c................. 12.1 -5.3 5.2 39.5 7.6 28.2 -5.2 Other loans and advances......... -3.4 -4.6 -7.4 -3.1 -11.5 -6.9 -8.1 NONFINANCIAL DOMESTIC AND FOREIGN 2,305.5 2,131.0 2,539.2 2,619.5 2,643.3 1,936.7 2,260.4 BORROWING......................... FINANCIAL SECTORS BY INSTRUMENT...................... 709.1 1,173.5 773.3 1,491.3 1,113.0 1,392.0 763.6 Open market paper................ 180.1 301.5 243.5 219.3 261.4 308.5 316.2 GSE issues (government-sponsored -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 enterprises).................... Agency- and GSE-backed morgage 47.3 136.6 163.4 191.8 327.3 306.4 280.8 pool securities................. Corporate bonds.................. 613.0 757.2 535.9 828.0 330.3 439.0 342.9 Bank loans n.e.c................. 16.8 -44.3 29.4 35.0 9.7 -35.2 -20.2 Other loans and advances......... 38.8 87.4 25.2 25.9 16.7 44.6 29.0 Mortgages........................ 22.7 19.3 19.9 -9.6 22.9 14.5 6.1 BY SECTOR.......................... 709.1 1,173.5 773.3 1,491.3 1,113.0 1,392.0 763.5 Commercial banking............... 149.3 47.1 82.8 61.2 62.5 195.0 48.4 U.S.-chartered commercial banks 61.5 25.2 31.2 29.4 25.6 81.9 15.4 Foreign banking offices in U.S. -.1 .5 .1 -.3 .3 -.2 -.1 Bank holding companies......... 87.9 21.4 51.5 32.1 36.6 113.4 33.1 Savings institutions............. -4.9 49.4 6.9 13.3 9.6 -24.7 41.1 Credit unions.................... 1.5 3.1 .3 8.1 -.2 6.8 2.2 Life insurance companies......... -1.6 2.3 .4 .6 2.8 1.3 2.4 Government-sponsored enterprises. -209.6 -84.2 -243.9 200.9 144.8 314.3 -191.1 Agency- and GSE-backed mortgage 47.3 136.6 163.4 191.8 327.3 306.4 280.8 pools........................... Asset-backed securities issuers.. 427.0 691.5 720.3 805.3 305.0 377.1 379.4 Finance companies................ 108.7 -27.2 -150.2 202.2 22.5 66.2 -39.6 REITs............................ 73.0 92.8 66.0 2.4 66.6 59.3 24.7 Brokers and dealers.............. 11.2 -5.2 28.0 -33.4 35.1 6.5 5.0 Funding corporations............. 107.1 267.1 99.4 38.9 137.0 83.7 210.3 ALL SECTORS, BY INSTRUMENT TOTAL.............................. 3,014.7 3,304.5 3,312.5 4,110.8 3,756.3 3,328.8 3,024.0 Open market paper................ 236.2 317.3 324.8 188.5 366.1 289.7 551.1 Treasury securities.............. 570.4 26.5 264.2 368.1 532.5 -116.4 161.1 Agency- and GSE-backed securities -163.0 51.1 -80.9 393.5 471.1 621.0 88.7 Municipal securities............. 188.2 147.4 237.6 205.3 77.6 160.5 195.5 Corporate and foreign bonds...... 688.6 871.7 644.0 921.4 594.3 785.4 639.2 Banks loans n.e.c................ 137.3 162.6 74.0 262.2 281.0 121.5 129.5 Other loans and advances......... 111.8 156.4 58.1 141.9 53.5 128.1 88.3 Mortgages........................ 1,147.8 1,458.0 1,687.7 1,578.4 1,330.6 1,183.0 1,034.7 Consumer credit.................. 97.4 113.6 102.9 51.4 49.5 155.9 135.8 ---------------------------------------------------------------------------------------------------------------- Source: Board of Governors of the Federal Reserve System.