| F.102 Nonfarm Nonfinancial Corporate Business | |||||||||||||||||||||||||||||||
| Billions of dollars; quarterly figures are seasonally adjusted annual rates | |||||||||||||||||||||||||||||||
| stock price direction | DOWN | DOWN | DOWN | UP | UP | UP | DOWN | UP | UP | UP | DOWN | ||||||||||||||||||||
| bond price direction | UP | UP | UP | UP | DOWN | DOWN | UP | DOWN | DOWN | DOWN | DOWN | ||||||||||||||||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | 2005 | 2006 | |||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||||||||||||||||||||||||
| 1 | Profits before tax (book) | 309.9 | 336.4 | 424.3 | 622.5 | 931.3 | 874.2 | 930.1 | 933.5 | 987.3 | 1049.4 | 1095.3 | 1 | ||||||||||||||||||
| 2 | - Taxes on corporate income | 111.4 | 96.6 | 135.1 | 184.8 | 250.9 | 237.9 | 244.4 | 255.3 | 265.9 | 280.3 | 292.6 | 2 | ||||||||||||||||||
| 3 | - Net dividends | 243.5 | 252.7 | 290.6 | 364.7 | 226.2 | 362.4 | 300.7 | 124.0 | 117.7 | 375.3 | 383.9 | 3 | ||||||||||||||||||
| 4 | + Capital consumption allowance (1) | 677.5 | 733.9 | 733.4 | 750.2 | 598.8 | 581.7 | 582.2 | 642.2 | 589.2 | 601.9 | 603.0 | 4 | ||||||||||||||||||
| 5 | = U.S. internal funds, book | 632.5 | 720.9 | 732.0 | 823.2 | 1053.0 | 855.6 | 967.3 | 1196.4 | 1192.9 | 995.7 | 1021.7 | 5 | ||||||||||||||||||
| 6 | + Foreign earnings retained abroad | 111.2 | 92.6 | 112.7 | 108.0 | -34.3 | 82.3 | 23.8 | -101.7 | -141.7 | 115.7 | 120.7 | 6 | ||||||||||||||||||
| 7 | + Inventory valuation adjustment (IVA) | 11.3 | -2.2 | -13.6 | -39.8 | -32.6 | -39.2 | -21.0 | -30.9 | -39.2 | -22.9 | -56.8 | 7 | ||||||||||||||||||
| 8 | + Net capital transfers (2) | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8 | ||||||||||||||||||
| 9 | = Total internal funds + IVA | 755.0 | 811.3 | 831.3 | 891.5 | 986.2 | 898.8 | 970.1 | 1063.9 | 1012.0 | 1088.5 | 1085.5 | 9 | ||||||||||||||||||
| 10 | Gross investment | 885.0 | 782.4 | 819.1 | 1000.8 | 954.3 | 863.3 | 885.3 | 1043.6 | 1025.1 | 1125.8 | 1119.4 | 10 | ||||||||||||||||||
| 11 | Capital expenditures | 802.6 | 737.1 | 749.9 | 822.4 | 881.8 | 887.0 | 849.7 | 857.2 | 933.5 | 970.1 | 1008.0 | 11 | ||||||||||||||||||
| 12 | Fixed investment (3) | 841.2 | 734.4 | 747.5 | 786.9 | 872.8 | 843.0 | 861.4 | 882.1 | 904.6 | 942.0 | 959.0 | 12 | ||||||||||||||||||
| 13 | Inventory change + IVA | -30.1 | 13.6 | 13.2 | 46.5 | 19.9 | 55.6 | -0.8 | -15.8 | 40.7 | 39.7 | 59.7 | 13 | ||||||||||||||||||
| 14 | Nonproduced nonfinancial assets | -8.6 | -10.9 | -10.8 | -11.0 | -10.9 | -11.5 | -10.9 | -9.2 | -11.8 | -11.6 | -10.7 | 14 | ||||||||||||||||||
| 15 | Net financial investment | 82.4 | 45.2 | 69.2 | 178.4 | 72.5 | -23.8 | 35.6 | 186.4 | 91.6 | 155.6 | 111.4 | 15 | ||||||||||||||||||
| 16 | Net acquisition of financial assets | 177.6 | 130.1 | 82.6 | 785.2 | 394.7 | 408.6 | 417.1 | 410.9 | 342.1 | 399.3 | 424.3 | 16 | ||||||||||||||||||
| 17 | Foreign deposits | -8.5 | 5.1 | 17.6 | 15.6 | 20.1 | 6.4 | -7.1 | 16.3 | 64.8 | -37.5 | 46.8 | 17 | ||||||||||||||||||
| 18 | Checkable deposits and currency | -64.5 | -34.9 | 51.7 | -34.2 | -44.7 | -71.3 | -48.5 | -27.7 | -31.2 | -55.2 | -171.9 | 18 | ||||||||||||||||||
| 19 | Time and savings deposits | 8.8 | 10.2 | 71.5 | 57.7 | 45.6 | 62.7 | -64.6 | 43.7 | 140.5 | 11.1 | -68.9 | 19 | ||||||||||||||||||
| 20 | Money market fund shares | 110.5 | 27.8 | -38.5 | 27.7 | 35.8 | -10.2 | 23.4 | 50.3 | 79.8 | 13.2 | 69.4 | 20 | ||||||||||||||||||
| 21 | Security RPs | -0.2 | 2.2 | -0.2 | 0.4 | 8.5 | -0.9 | 9.1 | 12.4 | 13.3 | -17.1 | 5.9 | 21 | ||||||||||||||||||
| 22 | Commercial paper | 2.4 | 4.6 | 10.9 | 19.3 | 11.7 | -0.4 | 0.5 | 22.6 | 24.2 | 28.0 | 30.1 | 22 | ||||||||||||||||||
| 23 | Treasury securities | -1.3 | 14.5 | 1.4 | 0.2 | 3.9 | -0.9 | 9.9 | -10.8 | 17.5 | -7.9 | 1.6 | 23 | ||||||||||||||||||
| 24 | Agency- and GSE-backed securities | 2.1 | -0.7 | -4.8 | 0.1 | 1.4 | -0.3 | 3.6 | -4.0 | 6.5 | -2.9 | 0.6 | 24 | ||||||||||||||||||
| 25 | Municipal securities | -2.6 | 2.8 | 3.3 | -0.4 | -2.4 | 2.3 | -12.2 | 2.7 | -2.4 | 7.9 | -1.0 | 25 | ||||||||||||||||||
| 26 | Mortgages | 3.1 | 2.9 | 2.2 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 | 26 | ||||||||||||||||||
| 27 | Consumer credit | -8.1 | 1.8 | -14.1 | 1.3 | -2.5 | 10.5 | 16.6 | -26.0 | -11.1 | 13.6 | 12.0 | 27 | ||||||||||||||||||
| 28 | Trade receivables | -121.7 | -98.5 | -19.4 | 124.1 | 157.3 | 86.0 | 113.3 | 223.6 | 206.4 | -33.3 | 162.8 | 28 | ||||||||||||||||||
| 29 | Mutual fund shares | 4.4 | 0.5 | 11.3 | 2.0 | 7.4 | 7.4 | 7.4 | 7.4 | 7.4 | 7.4 | 7.4 | 29 | ||||||||||||||||||
| 30 | Miscellaneous assets | 253.2 | 191.7 | -10.3 | 555.1 | 136.3 | 301.2 | 349.6 | 84.2 | -189.8 | 455.8 | 313.5 | 30 | ||||||||||||||||||
| 31 | U.S. direct investment abroad (4) | 119.4 | 129.7 | 122.9 | 219.8 | -8.5 | 76.2 | 137.1 | -147.7 | -99.4 | 209.7 | 155.6 | 31 | ||||||||||||||||||
| 32 | Insurance receivables | 10.3 | 17.4 | 18.4 | 18.9 | 20.7 | 11.2 | 14.9 | 42.8 | 13.8 | 4.6 | 14.4 | 32 | ||||||||||||||||||
| 33 | Equity in GSEs | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33 | ||||||||||||||||||
| 34 | Investment in finance co. subs. | 15.1 | 24.7 | 13.7 | 41.3 | -52.7 | -6.3 | 13.7 | 22.3 | -240.6 | 11.8 | 13.9 | 34 | ||||||||||||||||||
| 35 | Other | 108.3 | 19.8 | -165.4 | 275.0 | 176.8 | 220.2 | 183.9 | 166.8 | 136.5 | 229.6 | 129.5 | 35 | ||||||||||||||||||
| 36 | Net increase in liabilities | 95.2 | 84.9 | 13.4 | 606.8 | 322.2 | 432.4 | 381.4 | 224.4 | 250.5 | 243.7 | 312.9 | 36 | ||||||||||||||||||
| 37 | Net funds raised in markets | 167.0 | -26.1 | 39.8 | 48.6 | -88.4 | 20.5 | -52.1 | -160.7 | -161.3 | -91.1 | -190.8 | 37 | ||||||||||||||||||
| 38 | Net new equity issues | -48.1 | -41.6 | -42.0 | -126.6 | -363.6 | -264.3 | -300.1 | -469.9 | -420.0 | -558.0 | -554.8 | 38 | ||||||||||||||||||
| 39 | Credit market instruments | 215.1 | 15.5 | 81.8 | 175.2 | 275.2 | 284.8 | 248.0 | 309.2 | 258.7 | 466.9 | 364.0 | 39 | ||||||||||||||||||
| 40 | Commercial paper | -83.0 | -57.9 | -35.1 | 16.8 | -7.9 | 49.8 | 5.8 | 2.8 | -89.9 | 42.1 | 40.1 | 40 | ||||||||||||||||||
| 41 | Municipal securities (5) | 3.5 | 3.1 | 3.5 | 5.1 | 7.4 | 6.3 | 6.7 | 6.5 | 9.9 | 3.9 | 7.6 | 41 | ||||||||||||||||||
| 42 | Corporate bonds (4) | 347.7 | 132.3 | 158.3 | 77.7 | 59.9 | 34.3 | 30.1 | 99.6 | 75.5 | 213.5 | 207.3 | 42 | ||||||||||||||||||
| 43 | Bank loans n.e.c. | -109.6 | -108.2 | -85.9 | 14.6 | 62.2 | 56.9 | 91.0 | 42.3 | 58.5 | 110.4 | 48.7 | 43 | ||||||||||||||||||
| 44 | Other loans and advances | 3.8 | 12.0 | 1.5 | 17.2 | 71.4 | 80.3 | 62.6 | 40.1 | 102.6 | 17.4 | -2.9 | 44 | ||||||||||||||||||
| 45 | Savings institutions | 1.8 | 1.7 | 5.0 | 0.7 | 1.9 | -2.4 | 8.7 | -2.6 | 4.1 | 1.9 | 6.9 | 45 | ||||||||||||||||||
| 46 | Finance companies | -14.4 | 3.4 | -2.1 | 8.8 | 24.9 | -17.4 | 22.8 | 29.0 | 65.1 | 9.9 | -18.6 | 46 | ||||||||||||||||||
| 47 | U.S. government | -0.2 | -0.3 | 0.7 | 0.5 | 0.8 | 0.4 | 1.0 | 0.9 | 0.8 | 0.9 | 0.8 | 47 | ||||||||||||||||||
| 48 | Acceptance liabilities to banks | -0.3 | 0.3 | -0.2 | -0.4 | 0.0 | 0.0 | 0.0 | 1.3 | -1.2 | 0.2 | 0.2 | 48 | ||||||||||||||||||
| 49 | Rest of the world | -1.6 | 10.1 | -0.8 | 6.3 | 60.6 | 92.8 | 59.2 | 30.3 | 60.0 | 1.7 | 1.3 | 49 | ||||||||||||||||||
| 50 | ABS issuers | 18.5 | -3.3 | -1.1 | 1.4 | -16.8 | 6.9 | -29.1 | -18.7 | -26.3 | 2.8 | 6.4 | 50 | ||||||||||||||||||
| 51 | Mortgages | 52.7 | 34.4 | 39.5 | 43.8 | 82.2 | 57.2 | 51.8 | 117.9 | 102.2 | 79.5 | 63.2 | 51 | ||||||||||||||||||
| 52 | Trade payables | -103.7 | 19.7 | -54.7 | 101.6 | 148.2 | 149.3 | 166.2 | 186.7 | 90.7 | 79.5 | 167.0 | 52 | ||||||||||||||||||
| 53 | Taxes payable | 3.1 | 11.9 | -11.7 | 6.8 | 5.1 | 16.5 | -9.8 | -11.0 | 24.8 | 5.4 | -25.5 | 53 | ||||||||||||||||||
| 54 | Miscellaneous liabilities | 28.9 | 79.3 | 40.0 | 449.8 | 257.3 | 246.2 | 277.2 | 209.5 | 296.3 | 249.9 | 362.2 | 54 | ||||||||||||||||||
| 55 | Foreign direct investment in U.S. | 84.5 | 27.5 | 23.9 | 28.6 | 42.9 | 44.3 | 34.7 | 44.3 | 48.2 | 110.3 | 91.2 | 55 | ||||||||||||||||||
| 56 | Pension fund contributions payable | -24.6 | 1.5 | -0.2 | -3.1 | -1.9 | -4.6 | -6.4 | 9.3 | -5.9 | -2.0 | -2.0 | 56 | ||||||||||||||||||
| 57 | Other | -31.0 | 50.3 | 16.3 | 424.3 | 216.3 | 206.5 | 248.9 | 155.9 | 253.9 | 141.7 | 272.9 | 57 | ||||||||||||||||||
| 58 | Discrepancy | -130.0 | 28.9 | 12.2 | -109.3 | 31.8 | 35.5 | 84.7 | 20.3 | -13.1 | -37.2 | -33.9 | 58 | ||||||||||||||||||
| Memo: | |||||||||||||||||||||||||||||||
| 59 | Financing gap (6) | 158.7 | 18.4 | 31.5 | 38.9 | -138.6 | 70.6 | -96.6 | -308.4 | -220.2 | -2.7 | 43.2 | 59 | ||||||||||||||||||
| (1) Consumption of fixed capital plus capital consumption adjustment. | |||||||||||||||||||||||||||||||
| (2) Table F.9, line 7. | |||||||||||||||||||||||||||||||
| (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively. | |||||||||||||||||||||||||||||||
| (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. | |||||||||||||||||||||||||||||||
| (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. | |||||||||||||||||||||||||||||||
| (6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). | |||||||||||||||||||||||||||||||
