Greenbook/Tealbook

Prefatory Note The attached document represents the most complete and accurate version available based on original files from the FOMC Secretariat at the Board of Governors of the Federal Reserve System. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. Content last modified 05/27/2010. Confidential (FR) Class III FOMC November 5, 2004 CURRENT ECONOMIC AND FINANCIAL CONDITIONS Supplemental Notes Prepared for the Federal Open Market Committee by the staff of the Board of Governors of the Federal Reserve System Contents The Domestic Nonfinancial Economy ........................................................ 1 Labor market Developments............................................................1 Labor Productivity ...........................................................................4 Labor Costs ......................................................................................4 Motor Vehicles.................................................................................6 Tables Changes in Employment ..................................................................2 Selected Unemployment and Labor Force Participation Rates .......3 Labor Output per Hour.....................................................................4 Hourly Compensation and Unit Labor Costs...................................5 Sales of Automobiles and Light Trucks...........................................7 Charts Changes in Private Payroll Employment .........................................2 Aggregate Hours of Production or Nonsupervisory Workers..........2 Labor Force Participation Rate and Unemployment Rate ...............3 Employment-Population Ratio.........................................................3 Persons Working Part-Time for Economic Reasons .......................3 Markup, Nonfarm Businesses..........................................................5 Markup, Nonfinancial Corporations ................................................5 Labor Costs for Production or Nonsupervisory Workers ................5 The Domestic Financial Economy ...........................................................8 Tables Commercial Bank Credit .................................................................8 Selected Financial Market Quotations .............................................9 The International Economy ....................................................................10 Tables Summary of U.S. International Transactions.................................12 Supplemental Notes The Domestic Nonfinancial Economy Labor Market Developments Unemployment was little changed in October, but, hiring picked up again. Private payroll employment increased almost 300,000 from a September level that is 81,000 higher than previously estimated. According to the payroll survey, large increases in jobs in the professional and business services industries and in non-business services—such as health, education, and social assistance—contributed importantly to the step-up in private sector hiring. Those industries accounted for 173,000 of the overall private payroll gain of 296,000. But employment in retail trade, which has remained weak for some time, also turned up last month. In addition, construction employment was sharply higher, boosted by a surge in jobs in specialty trades that was associated with hurricane repair work. In contrast, manufacturing employment edged down for a second month in October, and the factory workweek slipped further. However, the related industries of wholesale trade (6,000) and temporary help services (48,000) experienced noticeable increases, and our contacts in the temporary help industry continue to report strong demand from manufacturing clients. On balance, with the strong gain in private employment overall and the average workweek unchanged, aggregate hours of production or nonsupervisory workers rose 0.3 percent in October to a level ½ percent above the third-quarter average. In the public sector, employment at state and local governments surged 47,000 in October after large increases in the preceding three months. The strength in hiring has been in education—both at the state level and at the local level. However, states also have been adding non-education jobs for most of this year following a long streak of reductions beginning around mid-2002 and ending early in 2004. These recent trends seem consistent with the fiscal strengthening of the sector. The household survey also reported a relatively strong monthly increase in employment and only a small rise in unemployment in October, but jobless rates and labor force participation rates for most demographic groups were little different than a month earlier. However, the number of individuals not in the labor force reporting that they want jobs jumped almost ½ million. Other indicators of the strength of the labor market were mixed. The number of job losers on temporary layoff remained below the levels of last -2Changes in Employment (Thousands of employees; seasonally adjusted) 2004 Measure and sector 2003 Q1 Q2 Q3 Aug. Average monthly change Nonfarm payroll employment (establishment survey) Private Previous Manufacturing Construction Wholesale trade Retail trade Transportation and utilities Information Financial activities Professional and business services Temporary help services Nonbusiness services1 Total government Total employment (household survey) Memo: Aggregate hours of private production workers (percent change)2 Average workweek (hours)3 Manufacturing (hours) Sept. Oct. Monthly change -5 -1 -1 -48 7 -3 -5 -5 -10 6 23 15 34 -4 168 198 195 195 7 26 8 46 14 -2 7 26 8 59 3 -60 209 218 218 16 19 5 14 8 4 15 73 23 60 -8 244 141 92 65 2 11 8 -4 7 -8 9 35 20 30 48 150 198 141 96 14 20 3 11 4 -7 9 28 15 61 57 21 139 95 59 -14 9 10 -6 9 -8 24 44 34 25 44 -201 337 296 ... -5 71 6 21 10 5 17 97 48 76 41 298 -.8 33.7 40.4 2.3 33.8 41.0 2.2 33.7 40.9 3.1 33.8 40.8 -.1 33.7 40.9 .4 33.8 40.8 .3 33.8 40.7 1. Nonbusiness services comprises education and health, leisure and hospitality, and "other." 2. Establishment survey. Annual data are percent changes from Q4 to Q4. Quarterly data are percent changes from preceding quarter at an annual rate. Monthly data are percent changes from preceding month. 3. Establishment survey. ... Not applicable. Changes in Private Payroll Employment Thousands 500 500 Aggregate Hours of Production or Nonsupervisory Workers 106 2002 = 100 106 104 104 3-month moving average 400 400 Oct. 300 300 200 200 100 100 0 Oct. 102 100 100 98 98 96 96 0 -100 -100 -200 -200 -300 -300 -400 102 1997 1998 1999 2000 2001 2002 2003 2004 -400 94 1997 1998 1999 2000 2001 2002 2003 2004 94 -3Selected Unemployment and Labor Force Participation Rates (Percent; seasonally adjusted) 2004 Rate and group 2003 H1 Q3 Aug. Sept. Oct. Civilian unemployment rate 16 years and older Teenagers 20-24 years old Men, 25 years and older Women, 25 years and older 6.0 17.4 10.0 5.1 4.6 5.6 16.8 9.6 4.5 4.5 5.5 17.1 9.3 4.4 4.3 5.4 17.0 9.0 4.4 4.3 5.4 16.6 9.5 4.3 4.3 5.5 17.2 9.8 4.3 4.2 Labor force participation rate Total Teenagers 20-24 years old Men, 25 years and older Women, 25 years and older 66.2 44.5 75.4 75.5 59.6 65.9 43.6 74.9 75.3 59.2 66.0 43.9 74.9 75.4 59.3 66.0 44.1 74.9 75.4 59.2 65.9 43.4 74.5 75.2 59.3 65.9 43.8 75.8 75.2 59.1 Labor Force Participation Rate and Unemployment Rate Percent 67.4 Percent 7.0 67.2 6.5 67.0 6.0 Participation rate (left scale) 66.8 5.5 66.6 Oct. 5.0 66.4 4.5 66.2 65.8 4.0 Unemployment rate (right scale) 66.0 1994 1995 1996 1997 1998 1999 2000 65.0 64.5 64.5 64.0 64.0 63.5 63.5 63.0 Oct. 63.0 62.5 62.5 62.0 62.0 61.5 61.5 61.0 1994 1996 1998 2000 2002 2004 61.0 2002 2003 (Percent of household employment) 4.0 3.5 2004 Persons Working Part-Time for Economic Reasons Employment-Population Ratio Percent 65.0 2001 Percent 4.0 Oct. 3.5 3.5 3.0 3.0 2.5 2.5 2.0 1994 1996 1998 2000 2002 2004 2.0 -4- summer, but the number of workers on part-time schedules for economic reasons increased in November. Labor Output per Hour (Percent change from preceding period at compound annual rate; based on seasonally adjusted data) 2003 Sector Total business All persons All employees1 Nonfinancial corporations2 2001 3.3 3.4 2.0 2002 3.5 3.7 5.1 2003 5.6 6.1 6.6 Q4 3.1 3.3 5.0 2004 Q1 3.7 2.9 0.1 Q2 3.9 3.3 2.7 Q3 1.9 2.9 ... Note. Annual changes are from fourth quarter of preceding year to fourth quarter of year shown. 1. Assumes that the growth rate of hours of non-employees equals the growth rate of hours of all employees. 2. All corporations doing business in the United States except banks, stock and commodity brokers, and finance and insurance companies. The sector accounts for about two-thirss of business employment Labor Productivity Output per hour of all persons in the nonfarm business sector is now reported to have increased at an annual rate of 1.9 percent in the third quarter, a marked deceleration from the upward-revised second-quarter rate of 3.9 percent. The BLS reported that output increased at a 4.1 percent rate in the third quarter and that hours worked increased at a 2.1 percent rate. In the next release, the hours figure may be revised to incorporate information from today’s labor market report. More important, the BLS figure for output comes from the BEA’s advance estimate of third-quarter GDP; our current estimate of output is a bit lower, mainly because of this week’s data on construction put-in-place. We now estimate that productivity posted a gain at a rate of 1.5 percent last quarter. Over the four quarters ending in the third quarter, the BLS reported that productivity rose 3.1 percent, well below the increase of 5.2 percent over the preceding four quarters. Labor Costs Average hourly earnings of production or nonsupervisory workers rose 0.3 percent in November to a level 2.6 percent higher than a year earlier. The twelve-month change in this measure of wages is now up 1 percentage point from the low reached in February; it stood at 2.2 percent in October 2003. Hourly compensation of all persons in the nonfarm business sector is estimated to have risen at an annual rate of 3.6 percent in the third quarter, keeping the year-over-year -5Hourly Compensation and Unit Labor Costs (Percent change from preceding period at compound annual rate; based on seasonally adjusted data) 2003 Category 2004 2003:Q3 to 2002 2003 Q4 Q1 Q2 Q3 Compensation per hour Nonfarm business Nonfinancial corporations 1 2.9 2.5 5.4 5.0 4.4 4.2 2.0 2.3 4.9 4.7 3.6 n.a. 3.7 n.a. Unit labor costs Nonfarm business Nonfinancial corporations 1 -.6 -2.4 -.2 -1.5 1.2 -.8 -1.6 2.1 1.0 1.9 1.6 n.a. .6 n.a. 2004:Q3 Note. Annual changes are from fourth quarter of preceding year to fourth quarter of year shown. 1. All corporations doing business in the United States except banks, stock and commodity brokers, and finance and insurance companies. The sector accounts for about two-thirds of business employment. Markup, Nonfinancial Corporations Markup, Nonfarm Businesses 1.66 1.66 1.59 1.59 1.64 1.64 1.57 1.57 1.62 1.62 1.55 1.55 1.60 1.60 1.53 1.53 1.58 1.58 1.51 1.56 1.56 1.49 1.49 1.54 1.54 1.47 1.47 1.52 1.52 1.45 1.51 Average, 1968-present Average, 1968-present 1990 1992 1994 1996 1998 2000 2002 2004 1990 1992 1994 1996 1998 2000 2002 2004 1.45 Note. Markup defined as ratio of output price to unit labor costs. Note. Markup defined as ratio of output price to unit labor costs. Labor Costs for Production or Nonsupervisory Workers (12-month change) 4.5 Percent 4.5 4.0 4.0 3.5 3.5 3.0 3.0 Sept. ECI wages and salaries 2.5 Oct. Average hourly earnings 2.0 2.0 1.5 1.0 2.5 1.5 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1.0 -6- change in compensation per hour at 3.7 percent.1 Over the four quarters ending in 2003:Q3, the rise in hourly compensation was 4.6 percent. Unit labor costs rose at an annual rate of 1.6 percent in the third quarter but were up only 0.6 percent from a year earlier. Motor Vehicles Sales of light motor vehicle dropped back ½ million units in October to an annual rate of 16.9 million units. Sales of light trucks slipped ¾ million units, while sales of cars moved up. The slowdown in light truck sales last month brought sales back to the average pace prevailing in the second and third quarters. Among the Big Three automakers, Chrysler was the only firm to see an increase in sales in October. Sales at GM tumbled 1 million units, while sales at Ford edged down. The sharp decline at GM follows a steep run-up in the preceding month when special promotions boosted sales of GM light trucks. Foreign manufacturers significantly outperformed the overall market in October. Sales of foreign nameplates built in North America as well as those built elsewhere posted strong gains. The increases were widespread and boosted the market share of Asian automakers to almost 36 percent. 1 The new estimates of hours worked released today suggest only a small change to the preliminary estimate. -7- Sales of Automobiles and Light Trucks (Millions of units at an annual rate, FRB seasonals) 2004 2004 2002 2003 Q2 Q3 Aug. Sept. Oct. 16.82 16.64 16.54 17.07 16.56 17.46 16.91 8.10 8.72 7.61 9.03 7.47 9.07 7.33 9.74 7.15 9.40 7.33 10.13 7.54 9.38 North American1 Autos Big Three Transplants Light trucks Big Three Transplants 13.52 5.88 3.74 2.14 7.65 6.61 1.04 13.33 5.53 3.39 2.14 7.80 6.60 1.20 13.15 5.29 3.09 2.20 7.85 6.50 1.35 13.81 5.30 3.05 2.25 8.51 7.06 1.46 13.37 5.15 2.93 2.23 8.21 6.75 1.47 14.17 5.26 3.10 2.16 8.91 7.53 1.39 13.14 5.07 2.87 2.20 8.07 6.53 1.54 Foreign produced Autos Light trucks 3.29 2.23 1.07 3.31 2.08 1.23 3.39 2.18 1.21 3.27 2.03 1.23 3.19 2.00 1.19 3.29 2.07 1.22 3.78 2.47 1.31 Total Autos Light trucks Note. Components may not sum to totals because of rounding. Data on sales of trucks and imported autos for the most recent month are preliminary and subject to revision. 1. Excludes some vehicles produced in Canada that are classified as imports by the industry. -8- Commercial Bank Credit (Percent change, annual rate, except as noted; seasonally adjusted) Type of credit Total 1. Adjusted1 2. Reported 3. 4. 5. 6. Securities Adjusted1 Reported Treasury and agency Other2 7. 8. 9. 10. 11. 12. 13. 14. Loans3 Total Business Real estate Home equity Other Consumer Adjusted4 Other5 Level, Oct. 2004e ($ billions) 2003 Q1 2004 Q2 2004 Q3 2004 Sept. 2004 Oct.e 2004 5.9 5.6 11.3 11.9 11.8 8.7 4.8 5.4 12.4 12.4 2.0 2.3 6,442 6,616 8.7 7.3 8.8 5.0 17.9 19.5 24.2 12.2 14.4 3.7 11.1 -8.1 -7.8 -4.9 -4.1 -6.3 6.8 7.1 -4.8 26.9 -5.8 -4.2 -30.6 39.0 1,719 1,893 1,148 744 4.9 -9.4 11.1 30.8 8.8 5.4 5.8 6.7 8.8 -5.1 10.1 37.8 6.2 11.4 10.4 20.5 10.8 -2.5 21.1 38.5 18.4 4.2 -2.2 -.5 9.7 6.1 7.9 37.2 3.2 19.6 12.3 11.4 14.5 3.8 11.7 37.8 7.2 2.9 1.6 50.5 4.9 4.7 14.6 44.8 9.3 -6.6 3.5 -17.5 4,724 880 2,487 383 2,103 670 1,040 688 Note. Data are adjusted to remove estimated effects of consolidation related to FIN 46 and for breaks caused by reclassifications. Monthly levels are pro rata averages of weekly (Wednesday) levels. Quarterly levels (not shown) are simple averages of monthly levels. Annual levels (not shown) are levels for the fourth quarter. Growth rates are percentage changes in consecutive levels, annualized but not compounded. 1. Adjusted to remove effects of mark-to-market accounting rules (FIN 39 and FAS 115). 2. Includes private mortgage-backed securities, securities of corporations, state and local governments, foreign governments, and any trading account assets that are not Treasury or agency securities, including revaluation gains on derivative contracts. 3. Excludes interbank loans. 4. Includes an estimate of outstanding loans securitized by commercial banks. 5. Includes security loans and loans to farmers, state and local governments, and all others not elsewhere classified. Also includes lease financing receivables. e Estimated. -9III-T-1 Selected Financial Market Quotations (One-day quotes in percent except as noted) 2003 Change to Nov. 4 from selected dates (percentage points) 2004 Instrument Dec. 31 June 28 Sept. 20 Nov. 4 2003 Dec. 31 2004 June 28 2004 Sept. 20 1.00 1.00 1.50 1.75 .75 .75 .25 0.93 1.00 1.36 1.74 1.70 1.88 1.94 2.14 1.01 1.14 .58 .40 .24 .26 Commercial paper (A1/P1 rates)2 1-month 3-month 1.00 1.05 1.28 1.45 1.74 1.83 1.96 2.08 .96 1.03 .68 .63 .22 .25 Large negotiable CDs 1 1-month 3-month 6-month 1.06 1.09 1.16 1.30 1.53 1.82 1.78 1.86 2.02 2.04 2.17 2.31 .98 1.08 1.15 .74 .64 .49 .26 .31 .29 Eurodollar deposits 3 1-month 3-month 1.04 1.07 1.29 1.51 1.77 1.87 1.99 2.14 .95 1.07 .70 .63 .22 .27 Bank prime rate 4.00 4.00 4.50 4.75 .75 .75 .25 Intermediate- and long-term U.S. Treasury4 2-year 10-year 30-year 1.83 4.40 5.22 2.88 4.90 5.55 2.43 4.21 4.96 2.63 4.22 4.91 .80 -.18 -.31 -.25 -.68 -.64 .20 .01 -.05 Short-term FOMC intended federal funds rate Treasury bills 1 3-month 6-month U.S. Treasury 10-year indexed note 2.00 2.23 1.80 1.66 -.34 -.57 -.14 Municipal revenue (Bond Buyer) 5 5.04 5.37 5.03 4.99 -.05 -.38 -.04 Private instruments 10-year swap 10-year FNMA6 10-year AA 7 10-year BBB 7 5-year high yield 7 4.66 4.72 5.05 5.74 7.94 5.21 5.30 5.59 6.18 8.30 4.51 4.55 4.86 5.44 7.66 4.48 4.84 5.38 7.30 -.18 -.21 -.36 -.64 -.73 -.75 -.80 -1.00 -.03 -.02 -.06 -.36 Home mortgages (FHLMC survey rate) 30-year fixed 1-year adjustable 5.85 3.72 6.21 4.19 5.70 4.00 5.70 4.00 -.15 .28 -.51 -.19 .00 .00 Record high Change to Nov. 4 from selected dates (percent) 2004 Stock exchange index Dow-Jones Industrial S&P 500 Composite Nasdaq Russell 2000 Wilshire 5000 Level Date June 28 Sept. 20 Nov. 4 Record high 2004 June 28 2004 Sept. 20 11,723 1,527 5,049 606 14,752 1-14-00 3-24-00 3-10-00 4-5-04 3-24-00 10,357 1,133 2,020 584 11,056 10,205 1,122 1,908 571 10,937 10,315 1,162 2,024 602 11,371 -12.01 -23.95 -59.92 -.70 -22.92 -.41 2.50 .19 3.09 2.85 1.08 3.52 6.06 5.50 3.97 1. Secondary market. 2. Financial commercial paper. 3. Bid rates for Eurodollar deposits collected around 9:30 a.m. eastern time. 4. Derived from a smoothed Treasury yield curve estimated using off-the-run securities. 5. Most recent Thursday quote. 6. Constant maturity yields estimated from Fannie Mae domestic noncallable coupon securities. 7. Derived from smoothed corporate yield curves estimated using Merrill Lynch bond data. _______________________________________________________________________ NOTES: June 28, 2004, is the day before the beginning of the current tightening period. September 20, 2004, is the day before the most recent FOMC meeting. _______________________________________________________________________ -10- The International Economy U.S. International Financial Transactions Private foreign purchases of U.S. securities (line 4 of the Summary of U.S. International Transactions table) recovered somewhat to $32 billion in September after recording a relatively subdued $26 billion inflow in August. For the third quarter, private inflows were $117 billion, similar to the inflows recorded in each of the first two quarters of the year. For the first nine months of the year, private inflows into U.S. securities amounted to $366 billion, close to the $372 inflows recorded for all of 2003. Private foreign investors sold $8 billion in agency bonds (line 4b) in September but made record monthly purchases of $39 billion in corporate debt (line 4c). These movements may reflect portfolio reshuffling following the news of investigations of accounting irregularities at Fannie Mae in September. For the third quarter, net purchases of agency and corporate debt combined amounted to $99 billion, a record quarterly inflow. Private foreign investors purchased $4 billion in Treasury securities in September (line 4a), about offsetting net sales recorded in August, and bringing quarterly inflows to a modest $14 billion. Foreigners were net sellers of U.S. equities in September for the second consecutive month (line 4d); for the quarter they acquired only $4 billion in U.S. equities. Following a strong $29 billion inflow in August, net foreign official inflows (line 1) moderated only slightly to $20 billion in September, reflecting sizable inflows from Norway, Russia, and China. For the third quarter, foreign official inflows were $60 billion, about half of the blistering pace recorded in the first quarter of the year. For the first nine months of the year, foreign official inflows were $262 billion, exceeding the $245 billion recorded for the year 2003. U.S. investors made small net sales of foreign securities (line 5) in September, following small net purchases in August. For the third quarter, U.S. investors acquired $19 billion in foreign securities, reflecting moderate purchases of foreign bonds (line 5a) and stocks (line 5b), as well as an acquisition of stocks through a merger-related stock-swap (line 5c). A series break in reported net purchases of foreign bonds makes it difficult to compare current transactions in foreign bonds with the reported sales recorded in previous quarters. -11- The volatile banking sector (line 3) recorded an outflow of $25 billion in September and $22 billion for the third quarter, reversing much of the inflow recorded in the second quarter. Summary of U.S. International Transactions (Billions of dollars, not seasonally adjusted except as noted) 2002 Official financial flows 1. Change in foreign official assets in the U.S. (increase, +) a. G-10 countries b. OPEC countries c. All other countries 2. Change in U.S. official reserve assets (decrease, +) Private financial flows Banks 3. Change in net foreign positions of banking offices in the U.S.1 Securities2 4. Foreign net purchases of U.S. securities (+) a. Treasury securities b. Agency bonds c. Corporate and municipal bonds d. Corporate stocks3 5. U.S. net acquisitions (-) of foreign securities a. Bonds b. Stock purchases c. Stock swaps3 Other flows (quarterly data, s.a.) 6. U.S. direct investment (-) abroad 7. Foreign direct investment in U.S. 8. Foreign holdings of U.S. currency 9. Other (inflow, + )4 U.S. current account balance (s.a.) Capital account balance (s.a.) Statistical discrepancy (s.a.) 5 2003 2003 Q4 Q1 Q2 2004 Q3 Aug. Sept. 113.0 246.5 85.1 129.4 74.6 59.6 27.2 20.1 116.7 245.0 30.7 114.7 -7.5 6.1 93.5 124.2 82.9 128.8 46.6 96.5 10.5 3.7 25.8 28.6 73.4 45.6 -2.6 30.4 59.6 20.3 .1 39.3 27.7 19.1 -1.3 9.9 20.1 -2.3 .8 21.6 -3.7 1.5 2.2 .6 1.1 .0 -.5 .0 457.2 299.3 83.5 9.3 72.2 n.a. … … 64.3 100.7 -42.2 38.5 -22.2 13.9 -24.5 92.3 128.9 119.9 117.0 8.8 65.8 30.1 14.4 2.2 6.7 36.0 14.2 57.6 51.4 51.2 84.7 23.6 5.1 2.7 3.7 25.9 -5.3 11.6 21.8 -2.1 31.6 4.1 -8.1 39.4 -3.9 116.8 390.1 372.8 101.5 121.2 84.2 -14.8 145.7 226.1 58.8 40.3 15.5 33.5 -14.8 -3.2 -27.1 13.5 -27.9 -12.7 -18.8 -8.7 -8.6 .0 -2.9 -1.7 .2 -1.5 1.4 .3 1.0 .0 -134.8 -173.8 -53.7 -47.6 -60.7 72.4 39.9 10.7 10.2 32.7 21.5 16.6 7.5 -1.8 8.8 -24.4 56.3 -47.6 -20.0 -39.8 -473.9 -530.7 -127.0 -147.2 -166.2 n.a. n.a. n.a. n.a. n.a. … … … … … … … … … … n.a. n.a. … … … … -1.3 -95.0 -76.9 24.2 -83.6 -17.4 -3.1 -12.0 -26.3 -7.0 -16.5 -2.8 -.3 -41.4 -18.3 3.1 -21.4 .0 -.4 8.9 -.3 19.7 NOTE. Data in lines 1 through 5 differ in timing and coverage from the balance of payments data published by the Department of Commerce. Details may not sum to totals because of rounding. 1. Changes in dollar-denominated positions of all depository institutions and bank holding companies plus certain transactions between broker-dealers and unaffiliated foreigners (particularly borrowing and lending under repurchase agreements). Includes changes in custody liabilities other than U.S. Treasury bills. 2. Includes commissions on securities transactions and therefore does not match exactly the data on U.S. international transactions published by the Department of Commerce. 3. Includes (4d) or represents (5c) stocks acquired through mergers. 4. Transactions by nonbanking concerns and other banking and official transactions not shown elsewhere plus amounts resulting from adjustments made by the Department of Commerce and revisions in lines 1 through 5 since publication of the quarterly data in the Survey of Current Business 5. Consists of transactions in nonproduced nonfinancial assets and capital transfers. n.a. Not available. ... Not applicable. 

Federal Reserve (2004, November 9). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_20041110_part1

@misc{wtfs_greenbook_20041110_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {2004},
  month = {Nov},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_20041110_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}