[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
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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
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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.