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For use at 12:00 p.m., eastern time Thursday December 11, 2008 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Third Quarter 2008 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Third Quarter 2008 C Debt of the domestic nonfinancial sectors is estimated to have expanded at a seasonally adjusted annual rate of 7¼ percent in the third quarter of 2008, more than twice as fast as in the previous quarter. The acceleration reflected a pickup in borrowing by the federal government. State and local government debt increased at an annual rate of 3 percent in the third quarter, about 2 percentage points faster than in the previous quarter. Federal government debt surged at an annual rate of 39¼ percent in the third quarter, the largest quarterly growth rate recorded in the flow of funds accounts. Household debt contracted at an annual rate of ¾ percent in the third quarter, after having posted a small increase in the previous quarter. In the third quarter, home mortgage debt decreased at an annual rate of 2½ percent, and consumer credit rose only at an annual rate of 1¼ percent. At the end of the third quarter of 2008, the level of domestic nonfinancial debt outstanding was $33.0 trillion; household debt was $13.9 trillion, nonfinancial business debt was $11.0 trillion, and total government debt was $8.1 trillion. Nonfinancial business debt rose at an annual rate of 3 percent in the third quarter, 2¾ percentage points less than in the previous quarter. The slowdown was concentrated in net bond issuance and commercial mortgage borrowing. Household net worth—the difference between the value of assets and liabilities—was an estimated $56.5 trillion at the end of the third quarter of 2008, $2.8 trillion dollars less than in the preceding quarter. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates P P State and local govts. 6.2 3.3 1.4 8.8 11.1 Federal Total Households Business 1998 1999 2000 2001 2002 6.6 6.4 5.0 6.3 7.3 7.8 8.4 9.1 9.6 10.8 11.7 10.8 9.3 5.8 2.6 2003 2004 2005 2006 2007 8.1 8.9 9.5 9.0 8.6 11.6 11.1 11.0 10.2 6.8 2.5 6.2 8.7 10.5 13.1 8.3 7.4 10.2 8.1 9.3 10.9 9.0 7.0 3.9 4.9 2007:Q1 Q2 Q3 Q4 8.3 8.1 9.1 8.0 7.3 7.2 6.1 5.9 10.5 12.9 14.3 12.2 10.9 10.0 7.2 7.7 5.5 0.3 8.0 5.3 2008:Q1 5.3 3.2 Q2 3.1 0.6 Q3 7.2 -0.8 1. Changes shown are on an end-of-period basis. 7.2 5.6 2.9 3.4 0.8 2.9 8.1 5.9 39.2 -1.4 -1.9 -8.0 -0.2 7.6 Table of Contents Title Table Page Flow of Funds Accounts, Third Quarter 2008 1 Availability of Data for Latest Quarter 3 Debt Growth by Sector D.1 6 Borrowing by Sector D.2 7 Debt Outstanding by Sector D.3 8 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58 Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59 Credit Market Borrowing by Financial Sectors F.3 10 L.3 59 Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60 Total Liabilities and Its Relation to Total Financial Assets F.5 11 L.5 60 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Saving and Investment F.8 14 Net Capital Transfers F.9 14 Derivation of Measures of Personal Saving F.10 15 L.10 61 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 16 L.100 62 Nonfinancial Business F.101 17 L.101 63 Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64 Nonfarm Noncorporate Business F.103 19 L.103 65 Farm Business F.104 19 L.104 65 State and Local Governments F.105 20 L.105 66 Federal Government F.106 21 L.106 66 Rest of the World F.107 22 L.107 67 Monetary Authority F.108 23 L.108 68 Commercial Banking F.109 24 L.109 69 U.S.-Chartered Commercial Banks F.110 25 L.110 70 Foreign Banking Offices in U.S. F.111 26 L.111 71 Bank Holding Companies F.112 27 L.112 72 Banks in U.S.-Affiliated Areas F.113 27 L.113 72 Savings Institutions F.114 28 L.114 73 Credit Unions F.115 29 L.115 74 Property-Casualty Insurance Companies F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Private Pension Funds F.118 30 L.118 75 State and Local Government Employee Retirement Funds F.119 31 L.119 76 Federal Government Retirement Funds F.120 31 L.120 76 Money Market Mutual Funds F.121 32 L.121 77 Mutual Funds F.122 32 L.122 77 Title Sectors Title Flows Table Page Levels Table Page Closed-End and Exchange-Traded Funds F.123 32 L.123 77 Government-Sponsored Enterprises F.124 33 L.124 78 Agency- and GSE-backed Mortgage Pools F.125 33 L.125 78 Issuers of Asset-Backed Securities F.126 34 L.126 79 Finance Companies F.127 34 L.127 79 Real Estate Investment Trusts F.128 35 L.128 80 Security Brokers and Dealers F.129 36 L.129 81 Funding Corporations F.130 36 L.130 81 Gold and Official Foreign Exchange Holdings F.200 37 L.200 82 SDR Certificates and Treasury Currency F.201 37 L.201 82 U.S. Deposits in Foreign Countries F.202 37 L.202 82 Net Interbank Transactions F.203 38 L.203 83 Checkable Deposits and Currency F.204 39 L.204 84 Time and Savings Deposits F.205 40 L.205 85 Money Market Mutual Fund Shares F.206 40 L.206 85 Federal Funds and Security Repurchase Agreements F.207 41 L.207 86 Open Market Paper F.208 41 L.208 86 Treasury Securities F.209 42 L.209 87 Instruments Flows Levels Title Table Page Table Page Agency- and GSE-backed Securities F.210 43 L.210 88 Municipal Securities and Loans F.211 44 L.211 89 Corporate and Foreign Bonds F.212 44 L.212 89 Corporate Equities F.213 45 L.213 90 Mutual Fund Shares F.214 45 L.214 90 Bank Loans Not Elsewhere Classified F.215 46 L.215 91 Other Loans and Advances F.216 47 L.216 92 Total Mortgages F.217 48 L.217 93 Home Mortgages F.218 49 L.218 94 Multifamily Residential Mortgages F.219 49 L.219 94 Commercial Mortgages F.220 50 L.220 95 Farm Mortgages F.221 50 L.221 95 Consumer Credit F.222 51 L.222 96 Trade Credit F.223 51 L.223 96 Security Credit F.224 51 L.224 96 Life Insurance and Pension Fund Reserves F.225 52 L.225 97 Taxes Payable by Businesses F.226 52 L.226 97 Proprietors' Equity in Noncorporate Business F.227 52 L.227 97 Total Miscellaneous Financial Claims F.228 53 L.228 98 Identified Miscellaneous Financial Claims - Part I F.229 54 L.229 99 Identified Miscellaneous Financial Claims - Part II F.230 55 L.230 100 Unidentified Miscellaneous Financial Claims F.231 56 L.231 101 Sector Discrepancies F.11 57 Instrument Discrepancies F.12 57 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 102 R.100 105 Nonfinancial Corporate Business B.102 103 R.102 106 Nonfarm Noncorporate Business B.103 104 R.103 107 Title Reconciliation Balance Sheet and Reconciliation Tables Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 108 L.100.a 109 Consolidated Statement for Federal, State, and Local Governments F.106.c 110 L.106.c 111 Private Pension Funds: Defined Benefit Plans F.118.b 112 L.118.b 113 Private Pension Funds: Defined Contribution Plans F.118.c 112 L.118.c 113 Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 Title Supplementary Tables Flow of Funds Matrix for 2007 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 114 115 B.100.e 116 1 Flow of Funds Accounts, Third Quarter 2008 This publication presents the flow of funds accounts for 2008:Q3. Internal Revenue Service (IRS), Compustat, and Forbes. Data revisions and other changes. The statistics in the attached tables reflect the use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. 7. The market value of residential real estate (B.100, B.102, and B.103) has been revised from 2000:Q1 forward to reflect improved data sources. The value of owner-occupied housing in 2001:Q3, 2003:Q2, and 2005:Q2 is now benchmarked to data from the American Housing Survey, and changes in the value of single-family homes in non-benchmark quarters are now estimated using a repeat-sales house-price index from LoanPerformance (a division of First American CoreLogic). Previously we used a price index from the Federal Housing Finance Agency (formerly the Office of Federal Housing Enterprise Oversight). 1. In the nonfarm noncorporate business sector (tables F.103 and L.103), data have been revised from 2006:Q1 onward, owing to benchmark statistics available from the IRS/SOI for 2006. 2. The monetary authority sector (tables F.108 and L.108) has been expanded to show new asset and liability detail related to recent Federal Reserve actions. 3. The monetary authority sector (tables F.108, and L.108) was modified to include two new additional liability categories: security RPs and deposits due to government-sponsored enterprises. 4 The funding corporation sector (tables F.130, F.215, L.130, and L.215) was modified to include loans extended by the Federal Reserve to American International Group (AIG) in the liability category bank loans n.e.c. 5. Due to the purchase of a large savings institution by a commercial banking organization in 2008:Q3, the U.S.-chartered commercial banks sector (table F.110) reports larger than usual positive flows in certain instrument categories last quarter, while the savings institutions sector (table F.114) reports some larger than usual negative flows. The asset category most affected by these reclassifications is mortgages; the liability categories most affected are time and savings deposits and other loans and advances. 6. The market value of corporate equities for domestic firms (table L.213, lines 2 and 4) has been revised from 1996:Q4 forward to reflect improved data sources and methods: the value of common shares of publicly traded firms is estimated from quarterly aggregates of micro-data from the Center for Research in Security Prices; the value of preferred shares of publicly traded firms is estimated using a perpetual inventory method based on data from Standard and Poor’s and Thomson Financial Services; and the value of closely held firms is estimated using data from the Explanatory notes for tables D.1, D.2, and D.3. Domestic debt comprises credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time. Specifically, outstanding in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t where “t” is the time period. B B B B B B B B 2 Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated as: Percentage change t = (Flow t / Outstanding t-1) * 100 B B B B B B Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction. The distinction between “available” data and “missing” data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Availability of Data. Flow of funds statistics are updated about ten weeks following the end of a quarter. This publication — the Z.1 release — is available from the Board's Publications Services. Flow of funds data are also available electronically through the Internet at the following location: www.federalreserve.gov/releases/Z1 The Internet site also provides quarterly data beginning in 1952, organized in compressed files that correspond to the tables published in this release. There are files for quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, and debt (tables D.1, D.2, and D.3). This data is also available as a customizable download dataset through the Data Download Program (DDP) at the following location: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 A Guide to the Flow of Funds Accounts is available. The 1,200-page Guide, published in two volumes in January 2000, explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. The Guide can be purchased for $20.00 from the Board’s Publications Services. Publications Services accepts orders accompanied by checks as well as credit card orders. The Internet site for this release at the location shown above contains a link to an order form for the Guide that can be mailed or faxed to Publications Services. In addition, the Internet site includes a link to the Guide’s descriptions of the tables in the flow of funds accounts. Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 3 Availability of Data for Latest Quarter Available at time of publication U U Major items missing U U 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 2008:Q3. 2. Households and nonprofit organizations sector (tables F.100 and L.100) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2008:Q3. The source for nonprofit organizations data (tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income. Data for nonprofit organizations are available for 1987 through 2000. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2008:Q3; Internal Revenue Service Statistics of Income (IRS/SOI) preliminary data through 2006; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2008:Q3. Statistics of Income data since 2006. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2006; bank and finance company loans and mortgage borrowing through 2008:Q3. Statistics of Income data since 2006. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, U.S. government loans to farms, and equity in government-sponsored enterprises through 2008:Q3; preliminary data for checkable deposits and currency and trade payables through 2007. Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2008:Q3; total financial assets through 2006:Q2 from the Census Bureau; breakdown of financial assets through 2004:Q2 from the comprehensive annual financial reports of state and local governments. Consumption of fixed capital and undistributed profits since 2006. Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs through 2008:Q3. None. 6. State and local governments (tables F.105 and L.105) 7. Federal government (tables F.106 and L.106) Unadjusted flows since 2007 for the government sectors. Unadjusted flows since 2006 for all other sectors. Total financial assets since 2006:Q2 and selected financial asset detail since 2004:Q2. 4 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2008:Q2. NIPA estimates; data from bank Reports of Condition and from Treasury International Capital System through 2008:Q3. Balance of payments data for 2008:Q3. 9. Monetary authority (tables F.108 and L.108) All data through 2008:Q3. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2008:Q3 for U.S.-chartered commercial banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 2007 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2008:Q3. None. 12. Credit unions (tables F.115 and L.115) All data through 2008:Q3. None. 13. Property-casualty insurance companies (tables F.116 and L.116) All data through 2008:Q2. Data for 2008:Q3. 14. Life insurance companies (tables F.117 and L.117) All data through 2008:Q2. Data for 2008:Q3. 15. Private pension funds (tables F.118 and L.118) Quarterly data through 2008:Q3; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2005. Form 5500 data since 2005. 16. State and local government employee retirement funds (tables F.119 and L.119) Detailed data through 2006:Q2 from the Census Bureau; sample data through 2008:Q2 from the Census Bureau. Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2008:Q3. All data through 2008:Q3. Detailed data since 2006:Q2 and sample data for 2008:Q3. None. 19. Mutual funds (tables F.122 and L.122) All data through 2008:Q3. None. 20. Closed-end funds (tables F.123 and L.123) All data through 2008:Q3. None. 21. Exchange-traded funds (tables F.123 and L.123) All data through 2008:Q3. None. 17. Federal government retirement funds (tables F.120 and L.120) 18. Money market mutual funds (tables F.121 and L.121) None. 5 22. Government-sponsored enterprises (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, FHLBs, Farmer Mac, FCS, FICO and REFCORP through 2008:Q3. None. 23. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) All data through 2008:Q3. None. 24. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2008:Q3. None. 25. Finance companies (tables F.127 and L.127) All data through 2008:Q3. None. 26. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL REIT DataSource through 2008:Q3. None. 27. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2008:Q3. 28. Funding corporations (tables F.130 and L.130) Estimates for this sector are largely residuals and are derived from data for other sectors. None. 6 Z.1, December 11, 2008 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1975 1976 1977 1978 1979 9.3 10.8 12.8 13.8 12.2 8.4 11.3 15.6 16.9 15.4 9.5 12.6 16.6 17.5 16.4 3.8 10.6 15.5 17.5 13.9 4.8 8.6 12.5 13.1 13.4 3.3 7.6 12.0 11.5 10.9 5.4 8.4 8.4 15.4 9.0 23.9 15.6 11.0 9.2 5.8 0.8 9.0 18.9 22.1 22.1 17.4 21.2 11.7 18.7 9.6 1980 1981 1982 1983 1984 9.5 10.4 10.1 12.0 14.8 8.5 7.6 5.6 11.1 12.6 10.9 7.2 4.8 10.2 11.4 1.0 5.5 5.0 12.1 18.4 10.0 12.9 9.2 9.1 16.2 8.3 13.6 9.1 8.1 16.7 6.9 8.0 11.2 11.4 11.4 11.8 11.6 19.7 18.9 16.9 14.5 18.2 13.6 13.4 17.9 14.3 12.2 7.5 8.3 3.7 1985 1986 1987 1988 1989 15.6 11.9 9.0 9.0 7.2 16.1 11.5 10.4 9.9 9.3 14.6 13.7 13.4 11.8 10.9 15.9 9.1 4.8 6.7 6.3 11.0 11.4 7.7 9.8 6.1 12.7 13.8 8.8 10.9 7.2 31.8 10.9 12.0 6.0 5.3 16.5 13.6 8.0 8.0 7.0 19.4 26.2 18.2 13.2 10.5 0.5 4.0 2.5 2.9 3.8 1990 1991 1992 1993 1994 6.5 4.3 4.5 4.8 4.7 6.9 5.1 5.3 6.0 7.6 8.7 6.9 6.4 5.5 5.6 1.9 -1.1 1.1 7.4 15.2 3.6 -2.2 -0.2 0.3 3.9 5.7 -2.1 1.0 1.2 5.1 5.0 9.2 1.5 5.3 -3.9 11.0 11.1 10.9 8.3 4.7 8.8 6.0 8.6 9.6 13.9 8.3 4.8 6.9 18.7 -2.4 1995 1996 1997 1998 1999 5.2 5.4 5.6 6.6 6.4 6.8 6.9 5.8 7.8 8.4 4.8 6.2 6.1 8.0 9.4 14.4 9.0 5.5 7.2 7.8 7.4 6.6 10.0 11.7 10.8 8.8 6.8 10.6 11.0 10.0 -5.5 -2.0 4.9 6.2 3.3 4.1 4.0 0.6 -1.4 -1.9 11.6 12.1 12.1 19.4 16.2 17.7 15.5 10.6 5.1 2.4 2000 2001 2002 2003 2004 5.0 6.3 7.3 8.1 8.9 9.1 9.6 10.8 11.6 11.1 8.7 10.5 13.3 14.2 13.6 11.4 8.7 5.7 5.2 5.5 9.3 5.8 2.6 2.5 6.2 8.5 4.6 0.5 1.8 4.1 1.4 8.8 11.1 8.3 7.4 -8.0 -0.2 7.6 10.9 9.0 10.8 10.7 9.6 10.6 8.9 8.4 -1.4 10.8 3.9 12.4 2005 2006 2007 9.5 9.0 8.6 11.0 10.2 6.8 13.2 11.2 6.8 4.3 4.5 5.5 8.7 10.5 13.1 6.4 8.5 13.2 10.2 8.1 9.3 7.0 3.9 4.9 9.4 10.0 12.4 7.8 21.9 6.6 2002 -- Q1 Q2 Q3 Q4 6.4 7.7 6.4 8.0 10.3 10.0 9.6 11.8 12.1 11.8 13.0 13.7 6.1 7.2 4.5 4.5 4.1 2.4 0.9 2.8 2.7 0.2 -1.9 0.9 6.7 11.4 11.4 13.1 2.4 11.9 7.9 7.4 9.3 9.3 8.0 10.6 15.1 6.6 2.9 17.1 2003 -- Q1 Q2 Q3 Q4 6.4 10.8 7.5 6.8 10.6 12.7 11.3 9.8 12.5 15.6 14.2 11.9 5.6 5.8 5.1 4.0 2.9 3.6 1.7 1.6 2.4 3.7 0.5 0.5 7.5 11.5 6.5 6.8 2.9 20.0 9.7 9.5 11.6 8.2 9.6 11.6 2.9 15.6 -11.2 8.8 2004 -- Q1 Q2 Q3 Q4 8.3 8.7 7.8 9.5 10.0 11.4 9.4 11.9 11.7 14.3 12.0 13.7 6.4 3.4 5.5 6.2 5.6 4.3 6.0 8.3 3.2 1.5 4.1 7.5 9.9 4.2 8.4 6.2 8.5 12.0 7.0 7.3 7.7 9.3 8.0 9.6 11.7 0.9 10.0 25.0 2005 -- Q1 Q2 Q3 Q4 8.6 8.7 9.5 9.9 9.1 11.1 11.4 10.9 10.8 13.1 13.7 12.9 5.0 4.7 4.3 2.7 6.9 8.3 8.2 10.2 4.3 5.9 6.0 8.9 11.7 7.5 12.2 7.9 9.2 4.4 6.0 7.8 8.0 9.7 5.9 12.7 4.6 7.8 9.7 8.4 2006 -- Q1 Q2 Q3 Q4 9.7 9.3 7.5 8.5 11.4 11.6 8.9 7.5 13.5 12.7 9.6 7.3 2.8 5.4 4.7 4.9 10.2 10.3 7.7 12.3 8.1 8.3 4.8 12.0 5.2 7.1 8.1 11.3 6.6 2.6 3.1 3.1 10.6 11.9 7.3 8.9 13.7 12.4 37.0 18.5 2007 -- Q1 Q2 Q3 Q4 8.3 8.1 9.1 8.0 7.3 7.2 6.1 5.9 8.2 7.6 4.9 6.0 5.0 5.4 7.2 4.1 10.5 12.9 14.3 12.2 11.0 13.8 13.7 11.8 10.9 10.0 7.2 7.7 5.5 0.3 8.0 5.3 10.4 10.0 16.6 10.0 9.8 15.4 0.2 0.8 2008 -- Q1 Q2 Q3 5.3 3.1 7.2 3.2 0.6 -0.8 2.6 -0.1 -2.4 4.7 3.9 1.2 7.2 5.6 2.9 6.0 5.6 3.7 3.4 0.8 2.9 8.1 5.9 39.2 5.4 5.7 7.2 13.9 3.5 -26.0 1. Data shown are on an end-of-period basis. Z.1, December 11, 2008 7 Domestic financial sectors Foreign D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1975 1976 1977 1978 1979 192.9 244.7 321.1 390.5 391.6 56.9 83.1 127.9 160.0 169.8 39.7 57.6 85.9 105.7 116.5 7.8 22.0 35.5 46.4 43.3 39.2 73.9 117.1 138.5 159.4 18.0 43.4 73.2 78.7 83.1 11.1 18.5 19.9 39.4 26.6 85.6 69.2 56.3 52.5 35.8 2.1 23.5 53.6 74.7 91.1 14.1 20.5 13.5 24.0 15.0 1980 1981 1982 1983 1984 342.9 409.7 439.7 572.9 791.7 108.3 106.4 83.9 175.6 219.0 90.2 67.0 47.4 105.1 127.3 3.4 19.8 18.8 48.2 81.7 135.0 190.1 152.8 164.8 323.0 70.2 123.4 93.4 90.1 204.9 22.2 27.6 41.7 47.3 52.5 77.4 85.5 161.3 185.2 197.2 73.2 105.1 93.0 104.4 157.8 24.2 23.5 16.0 17.3 8.4 1985 1986 1987 1988 1989 958.9 846.4 718.6 784.4 684.2 313.8 261.1 263.8 271.5 282.9 181.5 198.8 221.5 215.7 224.9 84.0 55.8 32.3 46.6 47.0 255.9 295.1 220.5 307.4 207.6 182.9 223.9 162.7 222.4 160.0 163.6 74.2 90.4 50.4 47.4 225.7 216.0 143.9 155.1 146.4 204.0 328.8 290.6 250.2 225.0 1.2 9.7 6.3 7.4 10.2 1990 1991 1992 1993 1994 656.4 469.5 512.3 561.6 578.3 231.8 184.1 198.8 237.7 322.7 199.2 173.5 171.1 156.5 167.4 15.1 -8.8 9.2 61.4 135.0 130.7 -84.1 -7.0 9.8 145.3 136.4 -52.9 24.3 30.7 130.2 47.1 91.2 16.5 57.9 -45.5 246.9 278.2 304.0 256.1 155.9 211.2 156.0 238.9 291.5 462.0 23.9 15.1 24.1 69.8 -11.2 1995 1996 1997 1998 1999 678.8 733.8 813.6 1006.8 1043.1 309.8 336.4 300.9 426.0 495.0 154.0 205.5 216.1 301.6 380.0 147.0 105.7 70.3 97.1 112.4 285.3 273.0 438.8 566.6 582.0 237.7 199.9 333.9 383.1 383.6 -60.8 -20.5 50.8 66.8 37.3 144.4 144.9 23.1 -52.6 -71.2 439.5 514.0 574.1 1026.8 1027.4 78.3 88.0 69.9 37.2 19.0 2000 2001 2002 2003 2004 864.8 1152.7 1412.3 1677.4 1990.5 583.5 672.2 830.8 984.1 1058.1 385.7 506.9 706.4 859.7 934.8 176.5 150.7 107.9 104.4 115.0 560.3 380.6 179.8 177.2 455.2 361.9 212.7 22.9 87.3 204.0 16.9 105.5 144.1 120.1 115.4 -295.9 -5.6 257.6 396.0 361.9 793.8 872.3 878.8 1065.8 975.4 63.0 -11.2 93.4 42.4 154.7 2005 2006 2007 2322.7 2422.1 2523.4 1167.3 1198.7 876.3 1036.8 993.3 674.5 94.5 104.4 133.6 676.8 888.9 1224.2 332.4 469.4 789.4 171.7 151.1 185.9 306.9 183.4 237.1 1115.4 1297.6 1762.9 112.6 331.3 124.3 2002 -- Q1 Q2 Q3 Q4 1241.8 1508.1 1274.3 1625.0 788.4 785.7 774.7 974.5 643.9 648.4 735.6 797.8 115.0 139.2 87.6 89.9 285.0 166.9 65.8 201.7 129.4 9.4 -91.0 43.7 86.8 150.8 155.6 183.2 81.6 404.8 278.2 265.6 846.6 865.8 770.3 1032.7 130.6 59.3 26.4 157.3 2003 -- Q1 Q2 Q3 Q4 1320.2 2270.9 1617.6 1501.0 898.4 1109.0 1021.9 907.1 755.2 967.7 916.8 798.9 111.9 116.7 105.5 83.6 207.4 261.2 124.1 116.1 116.5 182.7 23.9 25.9 108.4 169.6 98.1 104.3 106.0 731.2 373.5 373.5 1157.9 841.4 1012.3 1251.6 31.3 168.4 -126.3 96.0 2004 -- Q1 Q2 Q3 Q4 1865.6 1994.9 1828.7 2273.0 954.3 1114.0 940.4 1223.6 807.1 1010.2 883.3 1038.6 134.7 72.0 119.0 134.5 414.3 321.1 453.2 632.1 156.7 73.3 203.8 382.1 155.0 67.0 136.4 103.3 342.0 492.8 298.8 314.1 841.3 1033.7 906.4 1120.2 147.1 11.1 129.2 331.6 2005 -- Q1 Q2 Q3 Q4 2100.4 2182.2 2413.2 2594.9 961.7 1197.6 1261.6 1248.2 845.4 1052.5 1137.0 1112.5 111.4 106.0 98.2 62.2 539.6 659.1 665.3 843.3 224.0 308.8 317.8 479.1 197.0 129.9 215.9 144.1 402.2 195.6 270.5 359.2 951.4 1174.8 737.2 1598.1 66.0 113.8 143.3 127.3 2006 -- Q1 Q2 Q3 Q4 2606.0 2547.8 2103.6 2431.1 1337.0 1397.5 1111.0 949.4 1199.5 1166.7 904.5 702.6 65.3 125.6 110.4 116.4 861.8 893.4 686.6 1113.9 444.8 466.6 272.8 693.6 96.5 132.7 155.4 219.8 310.7 124.2 150.6 148.0 1372.6 1583.6 995.2 1239.1 207.7 194.4 596.7 326.6 2007 -- Q1 Q2 Q3 Q4 2409.0 2411.1 2780.1 2493.3 939.7 949.2 813.1 803.1 807.3 768.7 501.4 620.6 119.7 132.1 178.4 104.3 982.1 1241.2 1416.7 1256.7 659.1 850.5 872.4 775.6 219.5 206.2 152.5 165.3 267.8 14.5 397.8 268.2 1483.8 1474.6 2510.6 1582.4 184.4 292.9 3.3 16.4 2008 -- Q1 Q2 Q3 1687.1 1009.9 2348.1 436.1 77.1 -117.4 275.0 -10.5 -258.9 120.3 99.7 30.5 763.7 603.7 321.7 405.4 387.1 260.6 74.6 18.8 65.3 412.7 310.4 2078.5 869.1 936.2 1189.7 280.6 72.5 -547.3 8 Z.1, December 11, 2008 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Domestic financial sectors Total Total 1975 1976 1977 1978 1979 2261.8 2505.3 2826.6 3211.2 3603.0 734.3 818.9 946.7 1105.4 1276.1 459.0 517.0 603.0 708.6 826.7 207.0 229.0 264.9 311.3 354.6 864.2 935.5 1054.3 1188.4 1347.0 571.3 612.1 687.1 761.4 843.8 219.4 237.8 256.2 295.6 322.2 443.9 513.1 569.4 621.9 657.7 260.4 283.9 337.8 412.5 504.9 96.9 115.7 128.6 155.7 168.5 1980 1981 1982 1983 1984 3953.5 4361.7 4783.4 5359.2 6146.2 1396.0 1507.2 1576.4 1732.0 1943.3 926.5 998.2 1031.1 1116.2 1242.8 358.0 377.9 396.7 444.9 526.6 1478.1 1662.0 1811.4 1999.1 2325.1 910.2 1027.3 1117.4 1230.4 1438.3 344.4 372.1 413.8 461.1 513.6 735.0 820.5 981.8 1167.0 1364.2 578.1 682.4 778.1 882.7 1052.4 193.4 214.0 208.1 224.1 232.8 1985 1986 1987 1988 1989 7123.2 7967.0 8670.7 9451.6 10152.9 2277.8 2537.3 2755.1 3043.6 3336.9 1449.6 1648.3 1827.9 2054.2 2277.3 610.6 666.4 698.6 745.2 809.3 2577.6 2871.7 3123.2 3410.1 3624.4 1617.9 1840.8 2034.5 2234.3 2401.3 677.9 752.1 842.6 893.0 940.4 1589.9 1805.9 1949.8 2104.9 2251.2 1257.3 1593.6 1895.5 2145.8 2399.3 242.5 251.9 259.0 269.8 287.9 1990 1991 1992 1993 1994 10836.7 11302.8 11818.3 12394.7 12979.2 3597.8 3785.6 3984.4 4224.5 4546.9 2505.7 2682.9 2854.0 3012.9 3180.3 824.4 815.6 824.8 886.2 1021.2 3753.3 3662.3 3658.5 3680.7 3832.5 2535.8 2480.7 2506.6 2549.8 2686.6 987.4 1078.6 1095.1 1153.0 1107.5 2498.1 2776.4 3080.3 3336.5 3492.3 2613.6 2769.6 3024.1 3321.0 3791.1 318.2 350.4 372.4 468.2 443.1 1995 1996 1997 1998 1999 13673.8 14407.6 15219.7 16226.6 17307.7 4856.7 5193.1 5494.3 5920.3 6416.1 3334.4 3539.8 3755.9 4057.5 4435.2 1168.2 1273.9 1344.2 1441.3 1553.6 4133.7 4406.7 4843.7 5410.3 6029.6 2940.2 3140.0 3472.1 3855.2 4276.0 1046.7 1026.2 1076.9 1143.8 1181.0 3636.7 3781.7 3804.8 3752.2 3681.0 4233.5 4747.5 5301.4 6328.2 7350.6 567.6 657.2 723.6 783.2 748.2 2000 2001 2002 2003 2004 18183.6 19319.3 20731.6 22441.4 24446.7 7010.7 7682.9 8513.7 9500.1 10573.0 4820.9 5327.8 6034.2 6886.0 7835.6 1741.3 1892.0 1999.9 2104.4 2219.4 6589.9 6953.5 7133.3 7340.6 7795.8 4637.9 4833.7 4856.6 4973.9 5177.9 1197.9 1303.4 1447.5 1567.6 1683.0 3385.1 3379.5 3637.0 4033.1 4395.0 8145.1 9143.8 10023.2 10915.2 11906.4 814.5 865.4 1072.8 1252.7 1437.7 2005 2006 2007 26769.4 29188.3 31718.2 11740.3 12939.0 13815.3 8872.5 9865.8 10540.3 2313.9 2418.3 2551.9 8472.6 9358.2 10588.9 5510.3 5976.5 6772.4 1854.7 2005.8 2191.7 4701.9 4885.3 5122.3 12968.7 14265.4 16154.8 1512.3 1879.8 2016.5 2002 -- Q1 Q2 Q3 Q4 19629.7 20006.7 20325.3 20731.6 7880.0 8076.4 8270.1 8513.7 5488.8 5650.9 5834.8 6034.2 1920.7 1955.6 1977.5 1999.9 7024.7 7066.5 7082.9 7133.3 4866.0 4868.4 4845.6 4856.6 1325.1 1362.8 1401.7 1447.5 3399.9 3501.1 3570.6 3637.0 9355.6 9572.0 9764.5 10023.2 898.0 912.9 919.4 1072.8 2003 -- Q1 Q2 Q3 Q4 21061.6 21629.3 22033.7 22441.4 8738.3 9015.5 9271.0 9500.1 6223.0 6464.9 6694.1 6886.0 2027.9 2057.1 2083.5 2104.4 7185.2 7250.5 7281.5 7340.6 4885.7 4931.4 4937.4 4973.9 1474.6 1517.0 1541.5 1567.6 3663.5 3846.3 3939.7 4033.1 10313.2 10524.1 10777.7 10915.2 1080.7 1122.8 1091.2 1252.7 2004 -- Q1 Q2 Q3 Q4 22907.8 23406.5 23878.5 24446.7 9738.7 10017.2 10267.1 10573.0 7087.8 7340.3 7576.0 7835.6 2138.0 2156.0 2185.8 2219.4 7444.2 7524.5 7637.7 7795.8 5013.1 5031.4 5082.3 5177.9 1606.3 1623.1 1657.2 1683.0 4118.6 4241.8 4316.5 4395.0 11125.5 11384.0 11625.6 11906.4 1289.5 1292.2 1324.5 1437.7 2005 -- Q1 Q2 Q3 Q4 24971.8 25517.4 26120.7 26769.4 10813.4 11112.8 11428.2 11740.3 8047.0 8310.1 8594.3 8872.5 2247.3 2273.8 2298.3 2313.9 7930.6 8095.4 8261.8 8472.6 5233.9 5311.1 5390.5 5510.3 1732.2 1764.7 1818.7 1854.7 4495.5 4544.4 4612.1 4701.9 12145.0 12437.9 12549.0 12968.7 1454.2 1482.6 1518.4 1512.3 2006 -- Q1 Q2 Q3 Q4 27417.6 28054.6 28580.5 29188.3 12074.5 12423.9 12701.6 12939.0 9172.4 9464.1 9690.2 9865.8 2330.2 2361.6 2389.2 2418.3 8684.8 8908.1 9079.8 9358.2 5618.2 5734.9 5803.1 5976.5 1878.8 1912.0 1950.8 2005.8 4779.5 4810.6 4848.3 4885.3 13308.9 13705.6 13955.0 14265.4 1564.2 1612.8 1762.0 1879.8 2007 -- Q1 Q2 Q3 Q4 29797.1 30399.8 31094.9 31718.2 13173.9 13411.2 13614.5 13815.3 10067.6 10259.8 10385.2 10540.3 2448.2 2481.2 2525.8 2551.9 9610.3 9920.6 10274.7 10588.9 6147.7 6360.4 6578.5 6772.4 2060.7 2112.2 2150.4 2191.7 4952.2 4955.8 5055.3 5122.3 14763.4 15132.4 15760.4 16154.8 1906.4 1979.7 1980.5 2016.5 2008 -- Q1 Q2 Q3 32140.0 32392.4 32979.5 13924.3 13943.6 13914.2 10609.1 10606.4 10541.7 2582.0 2606.9 2614.5 10779.8 10930.8 11011.2 6873.7 6970.5 7035.6 2210.3 2215.0 2231.3 5225.5 5303.1 5822.7 16371.4 16604.1 16903.4 2086.6 2104.7 1967.6 1. Data shown are on an end-of-period basis. Total State and local governments Foreign 9 Z.1, December 11, 2008 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 2 3 4 5 6 7 8 Total net borrowing Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Q2 Q3 Q4 Q1 2008 Q2 Q3 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 2 1058.1 204.0 245.2 6.0 115.4 361.9 1167.3 332.4 331.6 12.8 171.7 306.9 1198.7 469.4 408.6 10.8 151.1 183.4 876.3 789.4 418.5 16.2 185.9 237.1 939.7 659.1 300.6 22.4 219.5 267.8 949.2 850.5 381.5 9.2 206.2 14.5 813.1 872.4 532.7 11.7 152.5 397.8 803.1 775.6 459.3 21.7 165.3 268.2 436.1 405.4 328.6 29.6 74.6 412.7 77.1 387.1 191.0 25.6 18.8 310.4 -117.4 260.6 76.3 -15.2 65.3 2078.5 3 4 5 6 7 8 9 Rest of the world 154.7 112.6 331.3 124.3 184.4 292.9 3.3 16.4 280.6 72.5 -547.3 9 10 Financial sectors 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 78.4 18.7 0.1 59.5 85.1 36.9 0.0 48.2 177.4 107.5 -0.3 70.2 263.2 131.8 0.0 131.3 91.4 9.3 -0.3 82.4 162.2 37.5 0.1 124.7 481.5 340.6 -0.6 141.5 317.7 139.9 0.9 176.9 228.8 92.0 -0.6 137.4 299.2 9.2 -0.1 290.1 263.2 512.3 0.0 -249.1 11 12 13 14 15 16 Savings institutions Credit unions 89.0 2.3 23.8 3.3 -111.9 4.2 97.3 13.4 4.5 -10.5 -44.2 10.6 354.1 37.9 74.9 15.7 97.9 -15.2 -82.5 27.6 -211.7 32.4 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 3.0 75.0 47.9 437.3 0.4 -84.0 167.3 724.3 2.7 35.6 295.4 807.5 14.5 282.4 626.3 316.2 4.9 66.7 455.0 641.5 12.6 161.4 519.0 579.6 26.9 556.6 644.0 198.5 13.7 344.8 887.1 -154.8 9.6 119.9 533.6 -270.8 9.2 655.3 672.2 -471.2 38.0 203.3 508.3 -419.0 17 18 19 20 21 22 23 24 Finance companies REITs Brokers and dealers Funding corporations 134.3 95.1 15.2 -2.2 33.5 56.1 0.1 105.6 34.8 15.6 6.4 29.9 34.9 9.7 -4.0 109.0 1.9 70.2 59.5 98.8 30.6 -7.1 39.9 10.0 129.1 -16.9 -29.4 128.4 -22.1 -7.5 -85.9 198.8 130.0 -67.2 221.3 -119.0 1.2 -22.3 -136.8 -15.8 -103.6 -29.8 750.4 158.1 21 22 23 24 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 25 344.2 390.9 270.9 314.4 -25.5 74.7 736.5 471.9 -910.7 -45.9 151.2 26 226.8 31.1 11.5 72.4 2.3 184.2 42.3 11.4 154.0 -0.9 157.5 -11.1 -0.1 118.5 6.1 314.9 -65.1 16.7 41.5 6.4 -251.3 81.1 14.2 121.5 8.9 13.1 -82.1 15.4 119.3 9.1 904.5 -182.2 20.3 -9.4 3.3 593.3 -77.1 17.0 -65.5 4.2 -515.3 -303.7 11.5 -114.5 11.3 36.9 -30.3 6.8 -69.5 10.2 94.0 -15.4 3.4 56.2 13.0 27 28 29 30 31 25 26 27 28 29 30 31 Total net lending Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 32 Rest of the world 854.4 749.0 974.8 1012.6 1339.5 1147.8 569.3 993.8 739.2 970.5 226.9 32 33 Financial sectors 1922.1 2410.7 2805.4 3083.5 2763.3 2956.1 3988.3 2626.3 3008.2 1093.9 2612.4 33 34 35 36 37 38 39 40 41 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 51.2 608.0 571.1 23.0 -0.0 13.9 103.5 39.8 26.4 658.4 507.9 144.5 -4.2 10.2 199.3 36.2 34.7 761.7 656.3 103.7 3.3 -1.7 -98.1 30.1 -38.3 750.8 528.9 201.7 23.1 -2.9 65.7 35.3 26.9 178.4 30.1 171.6 -16.8 -6.5 218.0 38.5 32.9 713.6 500.1 219.7 -5.3 -0.9 60.5 22.1 -43.7 1015.2 760.3 234.1 21.4 -0.7 60.4 42.6 -169.4 1096.1 825.2 181.4 93.0 -3.5 -76.2 37.7 -416.7 605.0 423.6 177.5 4.1 -0.1 45.6 41.7 -495.2 210.7 187.5 -79.7 97.7 5.2 14.4 50.8 1071.9 1540.0 1747.8 -169.9 -36.2 -1.7 -1219.1 48.5 34 35 36 37 38 39 40 41 42 43 44 45 46 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 73.6 173.0 -0.3 17.8 4.7 66.9 110.3 44.5 18.1 7.7 47.7 75.6 51.0 76.3 8.4 26.4 82.4 121.3 30.2 11.7 32.8 98.6 126.7 -8.4 14.9 34.7 97.1 83.6 18.6 3.4 34.0 106.9 130.1 61.3 17.5 3.9 27.2 144.8 49.1 11.1 -13.0 101.7 109.1 8.0 40.1 -6.3 76.3 75.8 -5.4 7.9 28.3 67.3 34.1 36.6 28.0 42 43 44 45 46 47 48 49 50 51 52 53 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -124.9 116.6 11.0 3.8 48.9 47.9 427.9 -5.5 124.1 2.2 6.8 -69.1 167.3 727.8 220.0 184.9 6.0 5.7 46.6 295.4 799.6 390.6 271.1 -1.2 12.7 239.0 626.3 313.1 389.9 286.0 -0.9 6.8 -62.7 455.0 629.0 341.1 357.5 13.9 15.6 77.8 519.0 590.6 416.2 188.2 -18.0 9.6 646.9 644.0 216.2 415.4 252.9 0.1 18.9 294.0 887.1 -183.3 1242.6 203.4 -20.2 17.5 327.7 533.6 -298.0 69.7 404.3 -17.5 20.7 435.1 672.2 -418.0 -177.6 34.9 -32.5 26.6 130.8 508.3 -376.2 47 48 49 50 51 52 53 54 55 56 57 Finance companies REITs Brokers and dealers Funding corporations 214.9 87.5 -29.2 46.6 117.2 41.1 82.3 48.6 89.6 26.0 106.2 38.0 12.1 -21.5 219.7 -64.0 39.1 91.3 246.1 -42.7 2.4 -31.7 -89.6 93.1 66.5 -130.5 395.1 129.7 -59.6 -15.1 327.3 -435.9 117.0 -81.2 122.6 321.5 -22.9 0.2 -400.2 421.2 -83.2 -51.8 411.4 586.0 54 55 56 57 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, December 11, 2008 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1990.5 2322.7 2422.1 2523.4 2409.0 2411.1 2780.1 2493.3 1687.1 1009.9 2348.1 1 1990.5 15.3 362.5 -0.6 130.5 75.5 10.8 58.1 2322.7 -7.7 307.3 -0.4 195.0 56.7 137.6 116.1 2422.1 22.4 183.7 -0.3 177.3 215.6 173.4 142.8 2523.4 11.3 237.5 -0.4 215.4 311.2 240.1 282.5 2409.0 18.9 269.1 -1.3 247.0 286.3 70.5 228.2 2411.1 40.9 14.6 -0.1 238.0 381.5 117.1 256.0 2780.1 -30.6 398.6 -0.8 181.5 220.2 448.4 392.6 2493.3 16.0 267.5 0.7 195.1 356.8 324.5 253.3 1687.1 54.6 411.4 1.3 92.5 167.5 252.4 68.4 1009.9 -65.6 310.1 0.3 55.0 337.6 78.6 38.7 2348.1 74.5 2080.2 -1.7 92.1 73.8 332.7 -12.0 2 3 4 5 6 7 8 9 1223.4 1022.3 48.4 150.0 2.7 115.0 1423.7 1112.0 72.6 234.4 4.6 94.5 1402.8 1075.7 53.4 273.8 -0.0 104.4 1092.1 712.1 99.1 274.7 6.3 133.6 1170.6 871.3 65.2 227.9 6.2 119.7 1231.0 813.1 96.4 315.3 6.3 132.1 991.9 531.2 108.7 345.6 6.4 178.4 975.1 632.8 126.1 209.9 6.4 104.3 518.7 270.3 70.2 174.9 3.3 120.3 155.5 -65.2 67.3 150.1 3.3 99.7 -322.0 -327.5 58.8 -56.7 3.4 30.5 10 11 12 13 14 15 1990.5 1058.1 455.2 204.0 245.2 6.0 115.4 361.9 2322.7 1167.3 676.8 332.4 331.6 12.8 171.7 306.9 2422.1 1198.7 888.9 469.4 408.6 10.8 151.1 183.4 2523.4 876.3 1224.2 789.4 418.5 16.2 185.9 237.1 2409.0 939.7 982.1 659.1 300.6 22.4 219.5 267.8 2411.1 949.2 1241.2 850.5 381.5 9.2 206.2 14.5 2780.1 813.1 1416.7 872.4 532.7 11.7 152.5 397.8 2493.3 803.1 1256.7 775.6 459.3 21.7 165.3 268.2 1687.1 436.1 763.7 405.4 328.6 29.6 74.6 412.7 1009.9 77.1 603.7 387.1 191.0 25.6 18.8 310.4 2348.1 -117.4 321.7 260.6 76.3 -15.2 65.3 2078.5 16 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 154.7 112.6 331.3 124.3 184.4 292.9 3.3 16.4 280.6 72.5 -547.3 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 68.7 85.8 3.8 -3.6 38.2 64.5 14.5 -4.6 97.1 227.8 13.8 -7.4 -67.4 170.7 24.1 -3.2 -19.8 223.2 -16.0 -3.0 22.4 231.7 40.7 -1.9 -193.8 173.8 26.3 -3.0 -78.3 54.1 45.3 -4.7 214.6 32.9 35.4 -2.2 40.2 44.5 -9.0 -3.2 -272.6 -291.0 15.6 0.7 25 26 27 28 2145.3 2435.3 2753.5 2647.6 2593.4 2704.0 2783.5 2509.7 1967.7 1082.4 1800.8 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 1 22.2 75.0 47.9 672.3 58.1 74.1 25.9 214.6 -84.0 167.3 742.3 17.0 44.4 13.9 197.6 35.6 295.4 804.9 -64.1 21.2 7.0 -113.3 282.4 626.3 670.1 66.0 225.8 5.7 189.5 66.7 455.0 747.8 44.9 -4.9 -15.2 293.9 161.4 519.0 444.0 51.1 -3.9 9.0 -607.7 556.6 644.0 1087.0 95.9 722.0 12.9 -329.1 344.8 887.1 401.5 72.2 189.8 16.1 -234.5 119.9 533.6 63.1 179.0 188.0 19.9 -230.6 655.3 672.2 -123.0 12.2 -41.0 -9.0 -382.2 203.3 508.3 -537.5 1002.9 390.0 4.9 2 3 4 5 6 7 8 975.4 1115.4 1297.6 1762.9 1483.8 1474.6 2510.6 1582.4 869.1 936.2 1189.7 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 78.4 18.7 0.1 59.5 85.1 36.9 0.0 48.2 177.4 107.5 -0.3 70.2 263.2 131.8 0.0 131.3 91.4 9.3 -0.3 82.4 162.2 37.5 0.1 124.7 481.5 340.6 -0.6 141.5 317.7 139.9 0.9 176.9 228.8 92.0 -0.6 137.4 299.2 9.2 -0.1 290.1 263.2 512.3 0.0 -249.1 10 11 12 13 14 15 Savings institutions Credit unions 89.0 2.3 23.8 3.3 -111.9 4.2 97.3 13.4 4.5 -10.5 -44.2 10.6 354.1 37.9 74.9 15.7 97.9 -15.2 -82.5 27.6 -211.7 32.4 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 3.0 75.0 47.9 437.3 0.4 -84.0 167.3 724.3 2.7 35.6 295.4 807.5 14.5 282.4 626.3 316.2 4.9 66.7 455.0 641.5 12.6 161.4 519.0 579.6 26.9 556.6 644.0 198.5 13.7 344.8 887.1 -154.8 9.6 119.9 533.6 -270.8 9.2 655.3 672.2 -471.2 38.0 203.3 508.3 -419.0 16 17 18 19 20 21 22 23 Finance companies REITs Brokers and dealers Funding corporations 134.3 95.1 15.2 -2.2 33.5 56.1 0.1 105.6 34.8 15.6 6.4 29.9 34.9 9.7 -4.0 109.0 1.9 70.2 59.5 98.8 30.6 -7.1 39.9 10.0 129.1 -16.9 -29.4 128.4 -22.1 -7.5 -85.9 198.8 130.0 -67.2 221.3 -119.0 1.2 -22.3 -136.8 -15.8 -103.6 -29.8 750.4 158.1 20 21 22 23 11 Z.1, December 11, 2008 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 9 10 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1 106.2 362.5 122.3 130.5 833.6 245.1 307.3 82.8 195.0 863.6 317.1 183.7 330.6 177.3 1248.3 -169.4 237.5 908.3 215.4 1152.0 188.7 269.1 520.4 247.0 1257.3 357.3 14.6 680.3 238.0 1057.2 -832.1 398.6 1199.8 181.5 1481.0 -391.5 267.5 1232.7 195.1 812.4 34.6 411.4 654.8 92.5 263.4 -256.0 310.1 1327.8 55.0 259.0 -580.3 2080.2 710.0 92.1 -754.7 2 3 4 5 6 72.7 128.6 1249.3 115.0 169.1 155.8 1437.6 94.5 123.1 156.6 1409.9 104.4 330.2 505.1 1097.8 133.6 99.4 220.3 1155.4 119.7 208.8 250.3 1240.0 132.1 570.6 1111.6 1004.7 178.4 442.0 438.4 991.2 104.3 466.8 254.1 538.7 120.3 81.8 -5.5 146.5 99.7 1351.2 378.6 -317.1 30.5 7 8 9 10 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares 368.7 159.7 -70.0 -197.0 178.4 -120.6 -226.4 -619.3 100.6 780.8 -288.0 11 70.4 -124.4 -100.4 -360.7 -406.9 -602.7 -562.0 -831.2 -307.4 -566.7 -642.2 -799.1 -484.4 -864.9 -814.2 -1093.9 -56.8 -500.0 198.8 -268.3 -82.0 -413.6 12 13 84.8 110.1 298.2 186.7 73.6 260.2 137.4 58.4 336.8 118.0 151.1 365.1 175.0 84.4 485.8 107.0 49.9 521.5 227.4 153.0 258.0 -37.3 317.0 194.9 107.4 335.8 157.4 85.4 381.7 582.0 -56.6 388.2 -206.0 14 15 16 F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net flows through credit markets (from table F.4, line 1) Official foreign exchange SDR certificates Treasury currency Foreign deposits 3120.7 3550.7 4051.1 4410.5 4077.3 4178.6 5294.1 4092.1 2836.7 2018.5 2990.5 1 -3.2 0.0 0.7 89.9 -9.6 0.0 0.8 40.8 -2.6 0.0 0.6 88.0 -0.0 0.0 0.7 216.7 0.1 0.0 0.4 290.4 -0.3 0.0 1.3 370.6 0.1 0.0 1.4 232.3 -0.1 0.0 -0.4 -26.5 1.0 0.0 -0.9 -375.6 5.0 0.0 -0.5 -271.7 -0.8 0.0 -1.2 -143.6 2 3 4 5 19.4 85.4 281.6 252.9 -136.5 -12.4 4.4 314.4 284.4 127.0 -11.2 -19.9 347.0 261.2 305.3 -64.7 30.3 286.4 319.6 741.0 -446.1 58.0 356.4 311.3 462.8 26.9 -80.8 295.2 89.8 491.8 181.1 125.0 228.5 498.6 1202.4 -20.6 19.0 265.4 378.8 807.2 -195.8 44.6 450.4 359.0 1577.2 124.4 -23.2 267.2 -165.2 -156.2 1676.6 1725.1 516.0 -159.6 74.7 6 7 8 9 10 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 86.9 70.4 298.2 194.5 306.1 -100.4 260.2 340.4 407.1 -406.9 336.8 213.8 17.3 -562.0 365.1 318.0 785.4 -307.4 485.8 342.0 168.0 -642.2 521.5 302.6 -121.7 -484.4 258.0 289.3 -762.7 -814.2 194.9 338.1 -67.0 -56.8 157.4 377.8 -1047.5 198.8 582.0 413.8 -968.7 -82.0 -206.0 -251.1 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 179.4 33.1 288.4 28.5 0.2 16.1 238.3 28.1 211.5 65.6 175.8 24.1 276.5 34.2 177.7 25.7 108.6 28.4 92.0 34.3 380.7 36.4 94.8 13.3 -15.3 28.9 190.2 28.5 631.9 43.1 333.9 26.6 433.0 60.3 82.1 26.0 -309.0 49.1 182.8 18.5 252.4 19.4 113.6 17.3 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -18.0 1641.6 -146.5 1394.7 -114.3 2092.4 -49.4 2130.5 34.9 1325.1 -45.3 3541.5 -87.9 2696.8 -99.2 958.5 -34.8 2521.3 7.7 1106.8 39.1 1688.5 19 20 21 Total financial sources 6513.8 6637.7 8025.5 8674.0 8039.7 9744.6 10546.0 6365.7 8195.8 3001.2 7300.1 21 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -0.3 61.9 14.9 -141.1 -20.2 144.3 0.7 15.3 -3.7 87.6 -39.1 152.5 -1.1 104.2 -1.9 202.5 -10.5 -270.7 0.2 154.1 1.7 -296.6 5.7 -94.5 -0.3 301.4 63.0 -43.8 -7.3 -1398.2 0.7 353.8 -48.9 3.5 9.8 383.5 0.9 85.5 2.5 -295.7 -1.6 -329.8 -0.6 -124.1 -9.6 -850.6 22.0 966.6 -0.9 -413.0 2.6 -303.2 -26.1 -347.5 -0.5 -213.6 -26.0 -491.5 1.1 -25.0 -1.2 -103.0 -60.4 -499.2 -46.3 677.6 22 23 24 25 26 27 28 29 30 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 27.9 -0.8 11.2 -6.6 -0.9 -30.7 -3.0 -0.5 144.0 1.2 -1.0 0.9 18.2 5.1 40.0 -6.4 -4.9 11.0 -0.2 3.5 -55.2 -7.0 -7.9 7.9 19.6 12.6 16.3 -9.2 -7.2 72.6 -1.3 6.4 32.2 28 29 30 31 Totals identified to sectors as assets 6416.0 6462.6 7862.4 8902.2 9061.4 9042.4 11136.0 6369.0 9235.4 3700.5 7295.4 31 12 Z.1, December 11, 2008 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment 8 9 10 11 12 13 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 14 15 16 17 18 Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 19 20 21 22 Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 11685.9 12421.9 13178.4 13807.5 13510.9 13737.5 13950.6 14031.2 14150.8 14294.5 14420.5 1 8195.9 8694.1 9207.2 9710.2 9524.9 9657.5 9765.6 9892.7 10002.3 10138.0 10169.5 2 983.9 2343.7 4868.3 1020.8 2514.1 5159.2 1052.0 2685.2 5469.9 1082.8 2833.0 5794.4 1076.6 2761.5 5686.8 1085.3 2817.7 5754.4 1086.2 2846.6 5832.8 1083.0 2906.2 5903.5 1071.0 2950.7 5980.6 1059.3 3026.2 6052.5 1015.1 3046.5 6107.9 3 4 5 1888.6 2086.1 2220.4 2130.4 2117.8 2147.3 2164.0 2092.3 2056.1 2000.9 2013.6 6 1830.0 2042.8 2171.1 2134.0 2133.4 2148.1 2141.0 2113.4 2081.7 2077.0 2062.1 7 1154.5 98.3 783.9 105.9 31.5 134.9 1273.1 101.7 885.5 122.2 34.0 129.7 1414.1 109.1 1000.1 145.7 32.3 126.9 1503.8 116.9 1057.7 153.7 35.2 140.3 1456.4 113.0 1026.7 164.5 33.3 119.0 1493.7 116.0 1051.4 156.1 34.7 135.5 1522.9 118.6 1070.4 140.1 35.9 158.0 1542.1 120.1 1082.3 154.1 36.9 148.8 1553.6 121.5 1090.1 183.8 37.0 121.3 1571.9 124.0 1102.7 196.3 37.0 111.9 1582.7 125.6 1110.0 193.6 37.0 116.5 8 9 10 11 12 13 675.5 574.3 4.4 89.1 7.7 769.6 663.1 4.7 102.5 -0.6 757.0 644.1 4.9 103.8 4.1 630.2 546.2 4.7 86.4 -7.1 677.0 557.5 4.8 92.9 21.9 654.4 562.7 4.8 89.8 -2.8 618.1 577.2 4.7 84.8 -48.6 571.3 487.3 4.5 78.4 1.1 528.1 450.8 4.2 72.4 0.7 505.0 430.5 4.0 69.3 1.2 479.4 409.4 3.8 65.8 0.4 14 15 16 17 18 58.6 48.0 2.5 8.0 43.3 40.9 2.2 0.3 49.3 50.6 2.7 -3.9 -3.6 -5.0 -0.3 1.6 -15.6 -12.9 -0.7 -2.1 -0.9 -3.6 -0.2 2.9 23.0 22.0 1.2 -0.2 -21.1 -25.4 -1.3 5.7 -25.6 -24.5 -1.3 0.2 -76.0 -68.3 -3.6 -4.1 -48.6 -38.6 -2.0 -8.0 19 20 21 22 23 Net U.S. exports of goods and services -615.4 -713.6 -757.3 -707.8 -728.8 -723.1 -682.6 -696.7 -705.7 -718.2 -706.5 23 24 25 Exports - Imports 1182.4 1797.8 1311.5 2025.1 1480.8 2238.1 1662.4 2370.2 1560.5 2289.4 1614.4 2337.5 1714.9 2397.5 1759.7 2456.5 1820.8 2526.5 1923.2 2641.4 1971.3 2677.9 24 25 26 Government consumption expenditures and gross investment 2216.8 2355.3 2508.1 2674.8 2597.0 2655.9 2703.5 2742.9 2798.1 2873.7 2943.9 26 1844.0 723.7 1120.3 1957.5 766.3 1191.2 2081.5 811.8 1269.6 2212.0 856.1 1355.9 2151.2 832.5 1318.7 2195.5 851.1 1344.4 2234.4 869.1 1365.3 2266.8 871.6 1395.2 2324.3 898.0 1426.3 2380.9 918.2 1462.7 2440.1 954.1 1486.1 27 28 29 372.8 101.9 270.9 397.8 109.2 288.6 426.7 120.3 306.3 462.8 123.2 339.6 445.8 117.7 328.0 460.4 123.5 336.9 469.1 124.9 344.2 476.1 126.7 349.4 473.9 128.5 345.3 492.8 138.0 354.9 503.8 143.6 360.2 30 31 32 76.2 437.5 361.3 93.0 573.5 480.5 78.3 725.4 647.1 102.4 861.7 759.3 72.4 788.2 715.8 59.7 852.8 793.2 112.2 898.5 786.3 165.4 907.4 742.0 138.2 843.2 705.1 113.9 822.8 708.9 117.4 805.8 688.4 33 34 35 11762.1 12514.9 13256.6 13910.0 13583.3 13797.2 14062.8 14196.6 14289.0 14408.3 14538.0 36 27 28 29 Consumption expenditures (3) Federal State and local 30 31 32 Gross investment (3) Federal State and local Memo: 33 34 35 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 36 Gross National Product (GNP) = GDP + net U.S. income receipts (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 13 Z.1, December 11, 2008 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 2005 2006 2007 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 10306.8 10974.0 11795.7 12270.9 12087.4 12233.6 12338.6 12424.1 12447.6 12468.6 12477.8 1 6656.4 6263.1 408.3 -15.0 7030.8 6597.7 428.1 5.0 7433.8 6984.1 448.5 1.3 7812.3 7353.9 464.7 -6.3 7709.0 7271.6 462.3 -25.0 7760.1 7298.4 461.7 0.0 7839.3 7374.2 465.1 0.0 7941.0 7471.4 469.6 0.0 8009.7 7533.3 476.4 0.0 8033.5 7555.7 477.8 0.0 8082.7 7603.5 479.2 0.0 2 3 4 5 911.6 874.3 37.3 959.8 925.7 34.1 1014.7 998.6 16.2 1056.2 1012.2 44.0 1037.2 997.9 39.3 1050.2 1007.9 42.3 1063.8 1016.4 47.4 1073.8 1026.7 47.1 1071.7 1030.1 41.6 1076.9 1039.0 38.0 1080.6 1048.2 32.4 6 7 8 118.4 40.9 44.3 40.0 35.1 44.6 41.8 38.6 39.1 58.6 63.1 9 1231.2 1447.9 1668.5 1642.4 1617.8 1672.5 1668.3 1611.1 1593.5 1533.3 1518.7 10 1161.6 1582.8 1834.2 1835.1 1794.7 1859.5 1866.1 1820.2 1641.5 1596.0 1606.9 11 1204.7 660.1 2.3 193.4 348.9 1620.6 952.7 3.1 239.4 425.3 1873.7 1125.9 1.5 267.5 478.8 1886.3 1089.8 2.0 344.7 449.9 1838.9 1084.8 1.9 298.1 454.1 1914.8 1117.3 2.0 302.9 492.7 1897.1 1078.4 2.0 356.4 460.3 1894.3 1078.5 2.1 421.3 392.4 1750.9 937.3 2.3 398.5 412.8 1750.0 990.8 2.5 373.5 383.2 1699.3 1001.4 2.7 372.6 322.7 12 13 14 15 16 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Rest of the world Domestic financial 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Domestic financial 307.4 190.2 0.8 116.4 413.7 273.7 0.9 139.2 468.9 308.7 0.6 159.6 450.4 320.4 0.7 129.3 448.5 319.1 0.7 128.7 468.5 330.2 0.7 137.6 451.1 318.2 0.7 132.2 433.5 314.1 0.7 118.7 402.9 279.2 0.6 123.1 406.8 293.4 0.6 112.8 396.9 295.7 0.6 100.6 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Rest of the world Domestic financial 897.3 539.5 364.2 2.8 47.8 124.7 1206.9 577.4 181.2 3.0 260.9 132.3 1404.8 702.1 471.9 2.5 73.3 154.4 1435.9 788.7 500.9 2.6 117.6 167.6 1390.4 761.5 489.4 2.5 107.7 161.9 1446.3 779.2 493.6 2.5 117.4 165.6 1446.1 797.6 490.1 2.6 135.4 169.6 1460.9 816.4 530.4 2.7 109.8 173.5 1348.0 832.5 491.3 2.7 177.6 160.8 1343.2 846.4 511.4 2.8 164.8 167.4 1302.4 841.4 502.9 2.8 184.3 151.3 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Rest of the world Domestic financial 357.8 105.7 -1.3 145.6 107.8 629.5 497.9 -0.7 -21.4 153.8 702.7 345.2 -1.5 194.2 164.8 647.3 268.5 -1.3 227.1 152.9 629.0 276.3 -1.2 190.4 163.5 667.1 293.5 -1.3 185.4 189.4 648.5 270.1 -1.3 221.1 158.6 644.5 234.1 -1.3 311.5 100.2 515.5 166.8 -1.0 220.9 128.9 496.7 186.0 -0.9 208.7 103.0 461.0 202.7 -0.7 188.3 70.8 27 28 29 30 31 32 Inventory valuation adjustment -43.1 -37.8 -39.5 -51.2 -44.2 -55.3 -31.0 -74.1 -109.4 -154.0 -92.4 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Domestic financial 69.7 62.4 0.0 7.3 -134.8 -116.7 0.0 -18.2 -165.7 -149.0 0.0 -16.7 -192.7 -172.5 0.0 -20.2 -176.9 -159.0 0.0 -18.0 -187.0 -167.4 0.0 -19.6 -197.8 -176.8 0.0 -21.0 -209.2 -187.0 0.0 -22.2 -48.0 -42.8 0.0 -5.2 -62.7 -56.1 0.0 -6.6 -88.2 -80.5 0.0 -7.6 33 34 35 36 37 Net interest and miscellaneous payments 491.2 569.1 631.2 664.4 645.8 660.8 663.0 688.1 662.3 683.4 655.8 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 863.8 44.6 83.0 -4.2 928.2 59.3 70.0 -13.4 976.2 49.7 85.4 -8.6 1015.5 52.3 100.2 -7.9 1002.7 47.5 98.3 -10.8 1012.3 55.9 97.4 -8.5 1019.2 53.5 102.2 -5.5 1027.7 52.3 103.1 -6.7 1025.8 50.6 103.2 -7.1 1039.4 50.8 102.1 -7.7 1042.5 50.4 92.8 -8.0 38 39 40 41 10306.8 10974.0 11795.7 12270.9 12087.4 12233.6 12338.6 12424.1 12447.6 12468.6 12477.8 42 1206.0 230.2 19.2 1359.7 252.3 -71.2 1356.0 268.0 -163.0 1431.1 289.4 -81.4 1402.1 282.2 -188.4 1420.0 287.0 -143.4 1440.1 291.8 -7.8 1462.3 296.3 13.9 1477.5 300.5 63.4 1497.4 305.7 136.6 1587.4 312.2 160.5 43 44 45 76.2 93.0 78.3 102.4 72.4 59.7 112.2 165.4 138.2 113.9 117.4 46 11685.9 12421.9 13178.4 13807.5 13510.9 13737.5 13950.6 14031.2 14150.8 14294.5 14420.5 47 Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above 43 44 45 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 46 Less: Net U.S. income receipts from rest of the world 47 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce. 14 Z.1, December 11, 2008 F.8 Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 1618.1 1844.2 2038.5 1956.0 1974.4 1987.3 1958.9 1903.6 1773.6 1634.6 1650.7 1 2 Net saving 182.0 232.2 414.5 235.6 290.2 280.3 226.9 145.0 -4.4 -168.5 -248.9 2 551.1 494.4 569.5 454.5 492.1 455.9 466.5 403.6 378.7 547.9 396.1 3 3 Net private saving 4 Personal saving 181.7 32.5 70.7 57.4 109.3 31.1 46.8 42.4 20.6 267.9 115.7 4 5 6 7 8 9 Undistributed corporate profits w/IVA & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements 384.4 357.8 -43.1 69.7 -15.0 456.9 629.5 -37.8 -134.8 5.0 497.5 702.7 -39.5 -165.7 1.3 403.4 647.3 -51.2 -192.7 -6.3 407.8 629.0 -44.2 -176.9 -25.0 424.8 667.1 -55.3 -187.0 0.0 419.7 648.5 -31.0 -197.8 0.0 361.2 644.5 -74.1 -209.2 0.0 358.1 515.5 -109.4 -48.0 0.0 280.0 496.7 -154.0 -62.7 0.0 280.4 461.0 -92.4 -88.2 0.0 5 6 7 8 9 -369.1 -262.2 -155.0 -218.9 -202.0 -175.7 -239.5 -258.6 -383.1 -716.4 -645.0 10 -370.6 1.5 -291.7 29.5 -201.1 46.2 -229.3 10.4 -225.2 23.2 -211.4 35.8 -244.3 4.7 -236.3 -22.3 -330.7 -52.4 -649.6 -66.9 -543.2 -101.8 11 12 10 11 12 Net government saving Federal State and local 13 Consumption of fixed captal 1436.1 1612.0 1623.9 1720.5 1684.3 1707.0 1731.9 1758.6 1778.0 1803.1 1899.7 13 14 15 16 Private Domestic business Households and institutions 1206.0 970.2 235.8 1359.7 1062.3 297.4 1356.0 1085.5 270.5 1431.1 1147.0 284.1 1402.1 1123.6 278.4 1420.0 1138.5 281.5 1440.1 1154.4 285.7 1462.3 1171.4 290.9 1477.5 1186.1 291.4 1497.4 1205.6 291.8 1587.4 1266.5 321.0 14 15 16 17 18 19 Government Federal State and local 230.2 94.0 136.1 252.3 99.1 153.2 268.0 105.6 162.3 289.4 111.8 177.6 282.2 109.8 172.5 287.0 111.0 176.0 291.8 112.5 179.3 296.3 113.9 182.4 300.5 115.0 185.5 305.7 116.9 188.8 312.2 119.3 192.9 17 18 19 1637.3 1773.0 1875.5 1874.6 1786.0 1843.9 1951.1 1917.4 1837.0 1771.2 1811.3 20 2261.4 2483.9 2647.0 2593.2 2563.6 2607.6 2633.1 2568.5 2530.0 2493.8 2517.4 21 1888.6 1830.0 1154.5 675.5 58.6 2086.1 2042.8 1273.1 769.6 43.3 2220.4 2171.1 1414.1 757.0 49.3 2130.4 2134.0 1503.8 630.2 -3.6 2117.8 2133.4 1456.4 677.0 -15.6 2147.3 2148.1 1493.7 654.4 -0.9 2164.0 2141.0 1522.9 618.1 23.0 2092.3 2113.4 1542.1 571.3 -21.1 2056.1 2081.7 1553.6 528.1 -25.6 2000.9 2077.0 1571.9 505.0 -76.0 2013.6 2062.1 1582.7 479.4 -48.6 22 23 24 25 26 372.8 397.8 426.7 462.8 445.8 460.4 469.1 476.1 473.9 492.8 503.8 27 2.4 4.0 3.9 1.8 2.2 0.4 2.5 2.3 2.4 2.6 2.6 28 20 21 22 23 24 25 26 27 Gross domestic investment, capital account transactions, and net lending, NIPAs Gross domestic investment Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories Gross government investment 28 Capital account transactions (net) 29 Net lending or net borrowing (-), NIPAs -626.5 -714.9 -775.5 -720.4 -779.8 -764.2 -684.5 -653.3 -695.4 -725.2 -708.7 29 30 Statistical discrepancy (line 20 less line 1) 19.2 -71.2 -163.0 -81.4 -188.4 -143.4 -7.8 13.9 63.4 136.6 160.5 30 (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 13.6 12.0 14.8 2.7 3.3 4.8 5.0 -2.1 -0.3 0.4 -1.6 1 2 3 4 5 6 7 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons - Capital transfers paid to persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business -38.4 24.6 16.1 0.7 46.3 0.0 -42.2 25.0 15.9 2.3 48.9 0.1 -42.4 27.8 16.4 1.7 52.1 0.0 -56.0 26.5 28.7 0.1 53.6 0.0 -49.1 25.0 26.7 0.0 47.3 0.0 -53.4 26.7 26.7 0.2 53.1 0.0 -59.1 26.9 26.8 0.2 59.0 0.0 -62.2 27.4 34.5 0.0 55.1 0.0 -57.2 29.2 34.5 0.0 51.8 0.0 -57.7 29.8 34.5 0.0 52.9 0.0 -65.4 27.8 34.5 0.0 58.6 0.0 2 3 4 5 6 7 8 9 10 State and local Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 52.1 5.8 46.3 54.2 5.3 48.9 57.2 5.1 52.1 58.7 5.1 53.6 52.4 5.1 47.3 58.2 5.1 53.1 64.1 5.1 59.0 60.1 5.1 55.1 56.9 5.1 51.8 58.1 5.1 52.9 63.8 5.2 58.6 8 9 10 11 12 13 Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) - Migrants’ transfers received by persons (net) 2.4 0.7 -1.7 4.1 2.3 -1.8 3.8 1.7 -2.1 2.3 0.1 -2.2 2.2 0.0 -2.2 2.4 0.2 -2.2 2.5 0.2 -2.2 2.2 0.0 -2.2 2.0 0.0 -2.0 2.0 0.0 -2.0 2.0 0.0 -2.0 11 12 13 14 15 16 17 Memo: Acquisition of nonproduced nonfinancial assets (net) Nonfinancial corporate business State and local governments Federal governments Rest of the world -10.6 10.5 0.0 0.0 -9.0 9.4 -0.5 0.1 3.8 9.6 -13.3 -0.1 -10.2 11.0 -1.3 0.5 -9.3 10.6 -1.3 0.1 -8.6 10.9 -4.3 2.0 -13.3 11.1 2.2 -0.0 -9.4 11.2 -1.7 -0.0 -3.0 11.1 -7.7 -0.4 82.2 11.0 -92.6 -0.6 -3.8 11.0 -6.6 -0.6 14 15 16 17 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce. 15 Z.1, December 11, 2008 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Net acquisition of financial assets 1310.9 1060.8 1105.8 1283.7 1311.0 466.2 1971.2 1386.2 1558.1 1090.3 517.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5.4 54.4 448.2 -50.6 2.4 -61.6 501.6 50.0 5.3 25.7 500.2 174.8 13.0 -67.9 500.9 256.2 17.4 134.4 849.1 158.0 22.2 -234.9 225.0 331.0 13.9 -183.5 458.9 302.4 -1.6 12.3 470.7 233.6 -22.5 -142.1 392.7 619.5 -16.3 135.2 34.2 -124.7 -38.6 184.6 273.7 108.1 2 3 4 5 6 Securities 173.0 -11.3 -276.9 -255.7 -462.9 -656.6 619.8 -523.1 -249.9 552.5 -268.3 6 30.2 0.6 31.7 29.8 40.3 90.7 -266.6 216.4 28.1 0.7 -93.1 98.2 78.7 67.9 -419.8 228.1 23.4 -2.7 -76.5 -33.5 53.9 192.0 -643.1 209.6 -38.0 -6.0 -143.5 329.5 33.1 138.8 -839.8 270.1 14.1 -8.2 -227.5 156.0 28.2 -218.4 -597.5 390.5 26.8 -6.1 73.2 263.8 61.2 -406.0 -1093.0 423.6 -122.0 -4.5 -44.8 465.2 51.3 560.6 -444.2 158.2 -70.7 -5.0 -374.9 432.9 -8.2 619.1 -1224.6 108.3 -108.9 -4.2 21.1 -59.6 -12.9 -352.7 208.1 59.1 -118.9 -1.1 255.9 -77.1 -3.1 -56.9 79.8 474.0 -134.6 -1.3 144.6 474.7 20.7 -382.4 -139.3 -250.6 7 8 9 10 11 12 13 14 7 8 9 10 11 12 13 14 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 33.1 288.4 16.1 238.3 65.6 175.8 34.2 177.7 28.4 92.0 36.4 94.8 28.9 190.2 43.1 333.9 60.3 82.1 49.1 182.8 19.4 113.6 15 16 17 Miscellaneous and other assets 359.0 325.2 435.2 625.2 494.6 648.3 540.6 817.4 818.1 277.6 125.4 17 18 19 20 21 22 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 1818.8 663.4 235.7 909.1 10.6 1964.0 765.6 257.9 938.0 2.4 1997.8 747.9 287.2 964.0 -1.2 1933.1 632.6 305.8 993.4 1.3 1945.6 650.4 310.8 987.2 -2.8 1957.5 652.4 306.8 995.5 2.7 1954.1 662.0 294.5 996.7 1.0 1875.0 565.6 311.1 994.0 4.3 1847.5 523.2 342.2 983.1 -1.1 1821.7 499.8 357.3 972.2 -7.7 1753.0 475.1 356.2 931.7 -10.0 18 19 20 21 22 23 24 25 26 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 1141.7 233.4 205.8 702.5 1274.5 341.9 195.7 737.0 1264.2 261.1 235.5 767.6 1317.8 273.4 250.2 794.2 1295.2 264.5 248.1 782.7 1311.1 271.9 248.9 790.3 1325.4 278.0 249.1 798.3 1339.3 279.3 254.7 805.3 1319.9 280.1 254.8 784.9 1334.5 284.3 254.6 795.6 1385.9 304.1 279.6 802.2 23 24 25 26 27 Net investment in tangible assets (4) 677.1 689.5 733.7 615.3 650.4 646.4 628.7 535.7 527.5 487.2 367.2 27 430.0 29.9 206.6 10.6 423.7 62.2 201.1 2.4 486.9 51.7 196.4 -1.2 359.2 55.6 199.2 1.3 385.8 62.8 204.5 -2.8 380.6 57.9 205.3 2.7 384.0 45.4 198.3 1.0 286.3 56.4 188.7 4.3 243.1 87.4 198.1 -1.1 215.5 102.7 176.7 -7.7 171.1 76.6 129.5 -10.0 28 29 30 31 1509.9 1695.0 1858.0 1506.7 1326.2 1702.0 1418.6 1580.1 1052.4 43.7 433.9 32 1017.6 151.7 115.0 1.6 81.5 142.5 1104.4 117.1 94.5 0.8 -31.6 409.8 1067.5 241.8 104.4 3.3 59.7 381.3 709.2 282.3 133.6 3.6 33.4 344.5 864.8 187.8 119.7 2.5 -52.5 203.9 812.6 298.2 132.1 4.7 220.3 234.0 527.9 349.0 178.4 6.2 -150.0 507.1 631.6 294.4 104.3 0.9 116.1 432.8 273.2 180.5 120.3 4.9 159.2 314.3 -54.5 171.5 99.7 4.4 -295.4 118.0 -315.5 7.8 30.5 4.0 436.4 270.8 33 34 35 36 37 38 28 29 30 31 32 33 34 35 36 37 38 Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 39 Net capital transfers (5) -16.0 -16.1 -18.6 -5.1 -5.6 -7.3 -7.4 -0.2 -1.7 -2.4 -0.4 39 40 Personal saving, with consumer durables (FOF) 494.0 71.4 0.1 397.4 640.8 -582.1 1188.8 342.1 1035.0 1536.2 451.5 40 41 Less net investment in consumer durables 206.6 201.1 196.4 199.2 204.5 205.3 198.3 188.7 198.1 176.7 129.5 41 42 = Personal saving, without consumer durables (FOF) (6) 287.5 -129.7 -196.3 198.2 436.3 -787.3 990.5 153.4 836.9 1359.5 322.0 42 43 Personal saving (NIPA, excludes consumer durables) 181.7 32.5 70.7 57.4 109.3 31.1 46.8 42.4 20.6 267.9 115.7 43 44 Difference 105.8 -162.1 -267.0 140.8 327.0 -818.4 943.6 111.0 816.2 1091.6 206.3 44 45 Memo: Disposable personal income 8680.9 9062.0 9640.7 10170.5 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 45 46 47 48 49 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 40) Without consumer durables (FOF) (line 42) Without consumer durables (NIPA) (line 43) Difference (line 44) 5.7 3.3 2.1 1.2 0.8 -1.4 0.4 -1.8 0.0 -2.0 0.7 -2.8 3.9 1.9 0.6 1.4 6.4 4.4 1.1 3.3 -5.8 -7.8 0.3 -8.1 11.6 9.7 0.5 9.2 3.3 1.5 0.4 1.1 9.9 8.0 0.2 7.8 14.2 12.6 2.5 10.1 4.2 3.0 1.1 1.9 46 47 48 49 (1) Consolidated statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Includes corporate farms. (4) Line 18 less line 23. (5) Table F.9, line 13 plus line 4 less lines 3 and 9. (6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4). 16 Z.1, December 11, 2008 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital + Net capital transfers (4) 2005 2006 2007 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 9727.2 1046.3 8680.9 8499.2 181.7 10269.8 1207.8 9062.0 9029.5 32.5 10993.9 1353.2 9640.7 9570.0 70.7 11663.2 1492.8 10170.5 10113.1 57.4 11473.0 1459.5 10013.5 9904.2 109.3 11577.5 1489.4 10088.0 10056.9 31.1 11730.4 1501.6 10228.8 10182.0 46.8 11872.1 1520.5 10351.5 10309.2 42.4 11960.5 1535.0 10425.5 10404.9 20.6 12152.2 1346.1 10806.0 10538.2 267.9 12156.8 1473.5 10683.3 10567.6 115.7 1 2 3 4 5 0.0 206.6 940.6 -16.0 0.7 201.1 1036.8 -16.1 0.1 196.4 1040.7 -18.6 0.1 199.2 1080.9 -5.1 -0.7 204.5 1063.8 -5.6 0.3 205.3 1074.5 -7.3 -1.2 198.3 1086.6 -7.4 2.0 188.7 1098.8 -0.2 -2.7 198.1 1079.0 -1.7 0.5 176.7 1090.1 -2.4 -1.7 129.5 1126.0 -0.4 6 7 8 9 10 = Gross saving and net capital transfers 1312.9 1254.9 1289.3 1332.5 1371.4 1303.9 1323.1 1331.7 1293.3 1532.7 1369.1 10 11 Gross investment 1419.9 1092.8 1023.6 1474.5 1700.3 486.4 2269.3 1442.0 2113.2 2624.7 1577.8 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 1581.7 574.3 909.1 98.3 1702.9 663.1 938.0 101.7 1717.2 644.1 964.0 109.1 1656.4 546.2 993.4 116.9 1657.7 557.5 987.2 113.0 1674.2 562.7 995.5 116.0 1692.5 577.2 996.7 118.6 1601.4 487.3 994.0 120.1 1555.4 450.8 983.1 121.5 1526.8 430.5 972.2 124.0 1466.7 409.4 931.7 125.6 12 13 14 15 16 Net financial investment -161.8 -610.1 -693.5 -181.9 42.6 -1187.8 576.8 -159.4 557.9 1097.9 111.1 16 17 Net acquisition of financial assets 995.8 539.6 578.9 743.4 946.3 -3.8 1256.2 775.0 1173.1 896.5 447.7 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5.4 -33.0 444.1 -56.1 2.4 -126.1 468.0 45.2 5.3 -35.0 468.8 168.2 13.0 -124.9 430.5 239.0 17.4 100.3 796.6 146.9 22.2 -277.4 164.1 318.1 13.9 -265.7 358.2 271.4 -1.6 -56.7 403.3 219.4 -22.5 -180.5 339.4 609.9 -16.3 117.4 -2.5 -130.3 -38.6 182.6 248.9 105.4 18 19 20 21 22 Credit market instruments 226.8 184.2 157.5 314.9 -251.3 13.1 904.5 593.3 -515.3 36.9 94.0 22 30.2 27.0 0.6 26.4 29.8 38.6 90.7 2.8 7.7 28.1 -98.4 0.7 -99.1 98.2 78.6 67.9 2.7 7.1 23.4 -79.4 -2.7 -76.7 -33.5 52.6 192.0 -0.3 2.7 -38.0 -159.1 -6.0 -153.1 329.5 32.1 138.8 7.7 3.8 14.1 -243.5 -8.2 -235.2 156.0 27.4 -218.4 9.3 3.9 26.8 58.1 -6.1 64.3 263.8 60.2 -406.0 9.9 0.2 -122.0 -61.2 -4.5 -56.6 465.2 50.1 560.6 6.1 5.7 -70.7 -389.8 -5.0 -384.8 432.9 -9.2 619.1 5.7 5.4 -108.9 10.3 -4.2 14.5 -59.6 -13.6 -352.7 1.4 7.8 -118.9 250.8 -1.1 251.9 -77.1 -3.5 -56.9 1.1 41.3 -134.6 141.4 -1.3 142.7 474.7 20.6 -382.4 2.5 -28.1 23 24 25 26 27 28 29 30 31 -266.6 216.4 103.0 33.1 288.4 -18.0 52.4 -419.8 228.1 -3.0 16.1 238.3 -146.5 52.8 -643.1 209.6 80.4 65.6 175.8 -114.3 40.1 -839.8 270.1 210.8 34.2 177.7 -49.4 67.2 -597.5 390.5 137.9 28.4 92.0 34.9 50.1 -1093.0 423.6 220.7 36.4 94.8 -45.3 118.8 -444.2 158.2 50.0 28.9 190.2 -87.9 78.6 -1224.6 108.3 434.4 43.1 333.9 -99.2 21.3 208.1 59.1 472.4 60.3 82.1 -34.8 94.9 79.8 474.0 30.2 49.1 182.8 7.7 67.7 -139.3 -250.6 -20.9 19.4 113.6 39.1 94.1 32 33 34 35 36 37 38 1157.6 1149.7 1272.5 925.3 903.6 1183.9 679.4 934.4 615.2 -201.4 336.6 39 1058.1 1167.3 1198.7 876.3 939.7 949.2 813.1 803.1 436.1 77.1 -117.4 40 934.8 115.0 10.3 -17.4 0.3 15.0 1036.8 94.5 16.5 12.8 0.0 6.6 993.3 104.4 21.8 48.0 4.8 26.5 674.5 133.6 22.6 11.4 3.2 30.9 807.3 119.7 23.0 -29.0 2.6 16.1 768.7 132.1 22.5 -12.4 4.5 33.6 501.4 178.4 22.7 60.2 5.5 45.0 620.6 104.3 22.2 26.9 0.2 29.0 275.0 120.3 14.5 3.2 4.2 18.9 -10.5 99.7 32.8 -79.3 7.0 27.4 -258.9 30.5 25.6 100.1 3.5 -18.1 41 42 43 44 45 46 81.5 16.5 -31.6 13.0 59.7 13.6 33.4 14.6 -52.5 14.2 220.3 14.5 -150.0 14.8 116.1 15.0 159.2 15.3 -295.4 15.6 436.4 15.8 47 48 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (7) Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 1.6 1.0 0.5 1.0 2.3 0.0 1.6 0.2 4.6 1.4 1.7 49 -107.1 162.1 265.6 -141.9 -328.9 817.5 -946.1 -110.3 -819.9 -1092.0 -208.7 50 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 13 plus line 4 less lines 3 and 9. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 33) and life insurance and pension reserves (lines 35 and 36). (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22. 17 Z.1, December 11, 2008 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Income before taxes 1623.1 1958.7 2191.4 2207.6 2176.0 2236.1 2206.5 2211.7 2069.2 2155.5 2172.8 1 2 Gross saving and net capital transfers 1128.3 1302.1 1307.9 1282.6 1259.0 1268.0 1302.5 1300.9 1281.1 1252.0 1346.2 2 3 Gross investment 1199.6 1155.6 1210.5 1410.8 1341.0 1464.0 1503.1 1335.1 1346.8 1108.0 1123.4 3 1062.8 1183.2 1340.0 1323.9 1297.2 1327.3 1345.5 1325.7 1358.8 1415.4 1357.8 4 1014.8 93.5 921.3 1148.9 107.1 1041.7 1286.9 108.7 1178.1 1337.7 91.1 1246.6 1322.2 97.7 1224.5 1336.8 94.6 1242.2 1335.8 89.5 1246.3 1356.1 82.9 1273.3 1387.4 76.6 1310.8 1409.2 73.3 1336.0 1410.1 69.5 1340.6 5 6 7 58.6 -10.6 43.3 -9.0 49.3 3.8 -3.6 -10.2 -15.6 -9.3 -0.9 -8.6 23.0 -13.3 -21.1 -9.4 -25.6 -3.0 -76.0 82.2 -48.6 -3.8 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net financial investment 136.8 -27.6 -129.5 86.9 43.8 136.7 157.6 9.5 -12.0 -307.5 -234.4 10 1083.5 1342.5 1288.1 1578.8 1349.8 1521.5 2084.4 1359.7 1173.8 515.5 92.0 11 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 15.6 74.8 41.8 30.9 0.4 6.9 138.6 83.5 46.9 8.1 -10.9 -52.3 79.6 73.6 1.0 -0.6 105.2 15.5 150.4 -7.2 -17.5 -33.1 -181.3 17.2 -6.0 40.7 191.6 59.0 82.8 -20.8 3.1 152.5 104.1 305.6 -4.0 -28.8 109.8 80.3 195.9 2.1 -7.6 39.7 141.7 173.5 -11.7 -2.4 -90.6 71.3 75.2 3.9 -17.8 -151.2 166.8 -25.2 -13.0 12 13 14 15 16 Credit market instruments 42.6 53.7 -11.2 -48.3 95.3 -66.7 -161.9 -60.1 -292.1 -23.4 -12.0 17 19.3 5.6 0.1 -1.9 19.4 0.1 16.0 23.6 6.5 0.4 7.0 0.2 12.0 -6.3 -2.4 -2.6 -9.9 -2.1 -64.1 14.6 1.8 3.2 -2.2 -1.6 -12.3 37.7 11.1 43.5 -2.7 18.0 11.9 -23.0 -11.8 -33.2 -2.8 -7.8 -197.0 42.8 11.4 7.2 -1.1 -25.2 -59.0 0.8 -3.4 -4.9 -2.3 8.7 -164.0 -43.3 -18.5 -86.7 -4.2 24.6 -16.4 15.8 4.4 -7.6 -5.8 -13.8 -6.7 16.9 5.6 4.3 -7.0 -25.1 18 19 20 21 22 23 1.4 155.5 720.3 6.7 344.3 653.8 30.7 36.4 1141.1 9.4 284.1 1070.4 9.4 271.6 1194.2 9.4 235.1 990.5 9.4 332.8 1343.0 9.4 297.1 754.0 9.4 287.1 833.8 9.4 379.5 92.6 9.4 -248.7 383.7 24 25 26 946.7 1370.1 1417.6 1492.0 1306.0 1384.8 1926.8 1350.2 1185.8 822.9 326.4 27 455.2 676.8 888.9 1224.2 982.1 1241.2 1416.7 1256.7 763.7 603.7 321.7 28 15.3 5.1 75.5 -7.7 7.4 56.7 22.4 5.0 215.6 11.3 7.6 311.2 18.9 5.3 286.3 40.9 10.0 381.5 -30.6 6.9 220.2 16.0 8.2 356.8 54.6 3.8 167.5 -65.6 4.3 337.6 74.5 2.3 73.8 29 30 31 28.2 57.4 273.6 124.8 115.4 380.2 125.4 137.5 383.0 228.7 278.7 386.7 99.5 224.8 347.3 129.4 250.8 428.6 388.3 386.5 445.5 297.6 252.6 325.5 249.3 63.8 224.7 157.9 30.9 138.6 232.6 -16.6 -44.9 32 33 34 -124.4 121.2 15.1 494.3 -360.7 248.9 13.8 927.7 -602.7 147.0 8.7 1085.6 -831.2 233.9 9.6 911.0 -566.7 243.7 15.8 605.8 -799.1 137.3 -2.1 848.0 -864.9 194.4 10.3 1258.8 -1093.9 360.2 14.6 931.3 -500.0 312.1 10.3 649.6 -268.3 334.7 -1.5 148.4 -413.6 -252.6 1.6 640.0 35 36 37 38 -14.7 -136.4 -109.9 -55.6 25.3 -40.5 -88.5 -118.6 -49.9 5.8 29.3 39 -71.3 146.5 97.4 -128.2 -82.0 -196.0 -200.6 -34.2 -65.7 144.0 222.8 40 11 Net acquisition of financial assets 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 18 Z.1, December 11, 2008 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 9 10 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) + Net capital transfers (2) = Total internal funds + IVA 660.1 190.2 364.2 745.0 850.7 120.9 -43.1 0.0 928.5 952.7 273.7 181.2 622.2 1120.1 -17.2 -37.8 0.1 1065.1 1125.9 308.7 471.9 621.1 966.3 159.1 -39.5 0.0 1086.0 1089.8 320.4 500.9 644.4 912.9 185.3 -51.2 0.0 1047.0 1084.8 319.1 489.4 640.3 916.6 156.5 -44.2 0.0 1028.8 1117.3 330.2 493.6 643.2 936.7 151.2 -55.3 0.0 1032.7 1078.4 318.2 490.1 645.8 915.9 180.1 -31.0 0.0 1065.0 1078.5 314.1 530.4 648.1 882.2 253.5 -74.1 0.0 1061.7 937.3 279.2 491.3 804.1 970.9 179.6 -109.4 0.0 1041.2 990.8 293.4 511.4 806.6 992.5 169.9 -154.0 0.0 1008.5 1001.4 295.7 502.9 823.4 1026.1 153.3 -92.4 0.0 1087.0 1 2 3 4 5 6 7 8 9 Gross investment 999.8 918.6 988.5 1175.2 1110.8 1228.7 1265.6 1095.9 1106.9 864.4 864.2 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 825.7 788.3 48.0 -10.6 922.0 890.2 40.9 -9.0 1059.4 1004.9 50.6 3.8 1047.3 1062.4 -5.0 -10.2 1009.2 1031.4 -12.9 -9.3 1044.0 1056.2 -3.6 -8.6 1083.8 1075.1 22.0 -13.3 1052.0 1086.8 -25.4 -9.4 1066.7 1094.2 -24.5 -3.0 1120.6 1106.6 -68.3 82.2 1071.4 1113.8 -38.6 -3.8 11 12 13 14 15 Net financial investment 174.1 -3.4 -70.8 128.0 101.6 184.7 181.8 43.9 40.1 -256.1 -207.2 15 16 Net acquisition of financial assets 783.1 957.8 871.1 1094.2 959.7 1092.0 1457.9 867.0 838.6 315.9 -7.5 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 15.6 -12.5 37.7 25.3 0.4 6.9 74.0 49.9 42.1 8.1 -10.9 -112.9 48.2 67.0 1.0 -0.6 48.3 -54.9 133.1 -7.2 -17.5 -67.3 -233.9 6.2 -6.0 40.7 149.2 -1.9 70.0 -20.8 3.1 70.3 3.4 274.6 -4.0 -28.8 40.8 12.8 181.8 2.1 -7.6 1.3 88.3 163.9 -11.7 -2.4 -108.3 34.6 69.6 3.9 -17.8 -153.1 142.0 -27.9 -13.0 17 18 19 20 21 22 Credit market instruments 31.1 42.3 -11.1 -65.1 81.1 -82.1 -182.2 -77.1 -303.7 -30.3 -15.4 22 19.3 0.3 0.1 -3.6 14.8 0.1 16.0 17.6 6.5 0.3 1.7 0.2 12.0 -6.4 -2.4 -3.9 -8.3 -2.1 -64.1 5.0 1.8 2.2 -8.3 -1.6 -12.3 29.9 11.1 42.7 -8.3 18.0 11.9 -32.0 -11.8 -34.1 -8.3 -7.8 -197.0 30.9 11.4 6.0 -8.3 -25.2 -59.0 -9.1 -3.4 -6.0 -8.3 8.7 -164.0 -50.0 -18.5 -87.4 -8.3 24.6 -16.4 11.9 4.4 -8.0 -8.3 -13.8 -6.7 15.0 5.6 4.1 -8.3 -25.1 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables 1.4 128.9 6.7 277.7 30.7 -3.5 9.4 203.7 9.4 206.9 9.4 160.2 9.4 233.6 9.4 214.2 9.4 231.3 9.4 346.8 9.4 -264.5 29 30 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 555.2 270.2 18.9 0.0 -9.6 275.6 450.0 21.3 20.7 0.0 -1.7 409.8 862.7 217.9 6.6 0.0 13.0 625.2 827.4 264.3 7.4 0.0 -4.8 560.5 980.8 248.7 11.3 0.0 -8.0 728.8 767.3 225.2 11.4 0.0 34.9 495.9 1049.8 187.0 11.5 0.0 -33.3 884.5 511.8 396.4 -4.7 0.0 -12.7 132.8 667.2 278.0 11.6 0.0 14.5 363.1 -7.4 224.8 17.7 0.0 -17.5 -232.4 332.7 221.2 10.8 0.0 13.9 86.9 31 32 33 34 35 36 37 609.0 961.2 941.9 966.2 858.1 907.3 1276.2 823.2 798.4 572.0 199.7 37 38 Net funds raised in markets 79.5 -28.3 -133.3 -41.8 92.3 51.4 7.5 -318.3 -94.6 118.8 -153.0 38 39 40 Net new equity issues Credit market instruments -124.4 204.0 -360.7 332.4 -602.7 469.4 -831.2 789.4 -566.7 659.1 -799.1 850.5 -864.9 872.4 -1093.9 775.6 -500.0 405.4 -268.3 387.1 -413.6 260.6 39 40 41 42 43 Commercial paper Municipal securities (5) Corporate bonds (4) 15.3 5.1 75.5 -7.7 7.4 56.7 22.4 5.0 215.6 11.3 7.6 311.2 18.9 5.3 286.3 40.9 10.0 381.5 -30.6 6.9 220.2 16.0 8.2 356.8 54.6 3.8 167.5 -65.6 4.3 337.6 74.5 2.3 73.8 41 42 43 44 45 46 Bank loans n.e.c. Other loans and advances (6) Mortgages -1.2 55.1 54.1 -31.9 105.8 202.2 17.0 116.0 93.5 98.7 260.0 100.6 28.3 202.2 118.1 63.4 234.5 120.2 183.8 377.2 114.9 119.5 226.2 49.1 105.6 8.9 65.0 72.2 0.1 38.5 113.0 11.2 -14.2 44 45 46 97.3 6.8 425.5 28.6 -3.1 400.0 199.4 5.1 785.0 42.9 -1.9 744.0 134.6 -0.3 940.8 104.8 -2.0 838.0 188.7 1.3 818.0 143.4 4.4 670.2 213.4 9.0 543.4 84.6 -1.9 460.6 88.3 -9.9 777.5 201.1 8.6 567.8 133.8 -0.0 1134.9 149.2 10.7 974.9 319.2 5.9 816.3 138.7 0.3 677.3 306.3 4.5 582.2 129.3 1.8 451.1 336.6 -4.9 121.5 75.5 1.9 44.1 -280.4 0.0 633.2 114.0 -0.9 520.1 47 48 49 50 51 52 -71.3 146.5 97.4 -128.2 -82.0 -196.0 -200.6 -34.2 -65.7 144.0 222.8 53 18.1 -160.2 132.5 185.6 136.9 162.6 198.9 243.9 205.2 282.0 137.7 54 47 48 49 50 51 52 Net increase in liabilities Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 53 Discrepancy 54 Memo: Financing gap (7) (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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 19 Z.1, December 11, 2008 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 925.7 176.7 971.9 211.6 1049.3 196.0 1073.8 208.1 1051.9 203.4 1076.5 208.1 1080.8 209.8 1086.1 211.0 1090.3 211.0 1126.8 214.1 1139.1 229.6 1 2 3 Gross investment 176.7 211.6 196.0 208.1 203.4 208.1 209.8 211.0 211.0 214.1 229.6 3 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 197.5 195.0 2.5 226.9 224.7 2.2 252.2 249.6 2.7 239.9 240.1 -0.3 256.7 257.4 -0.7 245.7 245.9 -0.2 226.0 224.9 1.2 231.1 232.4 -1.3 254.9 256.2 -1.3 262.0 265.6 -3.6 257.3 259.4 -2.0 4 5 6 7 Net financial investment -20.9 -15.2 -56.2 -31.8 -53.3 -37.6 -16.2 -20.2 -43.9 -47.9 -27.7 7 8 Net acquisition of financial assets 297.3 382.8 410.8 479.5 385.0 424.4 621.3 487.4 331.7 196.1 95.9 8 9 10 11 12 13 14 15 16 17 18 19 20 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 86.3 4.1 5.6 5.3 1.7 4.6 0.0 26.6 163.2 3.5 -0.1 159.7 63.9 33.6 4.8 6.0 0.1 5.3 0.0 66.6 202.5 4.9 -0.1 197.8 58.6 31.4 6.6 0.2 1.3 -1.5 0.0 40.0 274.3 1.6 0.1 272.7 55.2 70.4 17.3 9.6 1.0 6.1 0.0 80.4 239.6 1.7 0.3 237.5 32.4 52.6 11.1 7.7 0.8 5.7 0.0 64.7 210.1 2.7 0.5 207.0 40.7 60.9 12.8 9.0 0.9 5.5 0.0 74.9 219.7 2.7 0.5 216.5 80.4 100.7 31.0 11.9 1.2 7.2 0.0 99.2 289.7 2.7 0.1 286.9 67.2 67.4 14.2 9.9 1.0 6.1 0.0 82.9 238.8 -1.1 0.1 239.8 37.2 53.4 9.5 6.7 0.7 4.1 0.0 55.8 164.3 2.7 0.2 161.3 16.6 36.6 5.6 3.9 0.4 2.5 0.0 32.8 97.7 2.8 0.2 94.8 0.7 24.8 2.7 1.9 0.2 1.3 0.0 15.7 48.6 2.5 0.6 45.5 9 10 11 12 13 14 15 16 17 18 19 20 318.2 398.0 467.0 511.3 438.3 461.9 637.5 507.6 375.5 244.0 123.6 21 245.2 27.2 1.2 216.7 22.2 8.4 68.8 -26.3 331.6 154.5 3.7 173.4 52.0 8.7 142.7 -137.0 408.6 105.2 13.9 289.6 20.0 9.0 144.7 -115.4 418.5 127.7 11.0 279.8 46.3 8.4 93.0 -54.9 300.6 64.7 12.9 223.0 37.3 6.7 62.5 31.2 381.5 64.9 14.5 302.2 43.2 7.8 70.5 -41.0 532.7 207.1 1.4 324.2 57.2 10.3 123.9 -86.6 459.3 173.9 15.3 270.1 47.8 8.6 115.1 -123.2 328.6 142.3 29.9 156.4 32.2 5.8 67.4 -58.5 191.0 78.7 15.5 96.8 18.9 3.4 26.9 3.8 76.3 118.2 -7.9 -34.0 9.1 1.6 6.8 29.8 22 23 24 25 26 27 28 29 21 22 23 24 25 26 27 28 29 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 37.3 -1.3 24.4 4.8 19.6 34.1 -0.7 26.1 5.1 21.0 16.2 -1.5 27.5 5.1 22.4 44.0 -1.3 28.8 5.4 23.3 39.3 -1.2 28.0 5.3 22.7 42.3 -1.3 28.5 5.4 23.1 47.4 -1.3 29.0 5.5 23.5 47.1 -1.3 29.5 5.6 24.0 41.6 -1.0 29.9 5.7 24.2 38.0 -0.9 30.3 5.8 24.6 32.4 -0.7 30.2 6.0 24.2 1 2 3 4 5 6 Gross saving 23.1 25.4 26.0 27.5 26.8 27.2 27.7 28.3 28.9 29.4 29.5 6 7 Gross investment 23.1 25.4 26.0 27.5 26.8 27.2 27.7 28.3 28.9 29.4 29.5 7 39.5 31.5 8.0 34.3 34.0 0.3 28.4 32.3 -3.9 36.8 35.2 1.6 31.2 33.3 -2.1 37.6 34.7 2.9 35.7 35.9 -0.2 42.5 36.9 5.7 37.2 37.0 0.2 32.9 37.0 -4.1 29.0 37.0 -8.0 8 9 10 -16.4 -8.9 -2.5 -9.3 -4.4 -10.4 -7.9 -14.2 -8.3 -3.4 0.5 11 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 11 Net financial investment 12 Net acquisition of financial assets 3.1 2.0 6.2 5.2 5.1 5.1 5.2 5.2 3.5 3.5 3.6 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 1.0 2.0 1.8 0.2 0.7 1.3 1.2 0.1 2.1 4.1 3.9 0.2 1.8 3.4 2.9 0.5 1.7 3.4 2.5 0.8 1.7 3.4 2.5 0.9 1.8 3.4 3.2 0.3 1.8 3.4 3.3 0.2 1.2 2.3 2.0 0.4 1.2 2.3 2.1 0.2 1.2 2.3 1.7 0.7 13 14 15 16 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. 19.5 10.9 8.7 14.4 9.5 15.6 13.1 19.4 11.8 7.0 3.0 17 6.0 2.2 1.1 2.7 1.8 11.6 12.8 2.2 5.9 4.6 -2.5 0.6 10.8 3.3 7.6 -0.0 -7.7 5.5 16.2 2.3 7.6 6.3 -1.1 -0.7 22.4 6.5 9.6 6.2 -6.9 -6.0 9.2 1.1 1.8 6.3 5.8 0.5 11.7 -2.6 7.9 6.4 3.4 -1.9 21.7 4.2 11.1 6.4 -6.8 4.6 29.6 1.3 25.0 3.3 -26.4 8.6 25.6 7.1 15.2 3.3 -20.7 2.0 -15.2 1.4 -19.9 3.4 18.8 -0.5 18 19 20 21 22 23 20 Z.1, December 11, 2008 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1594.3 1714.4 1811.4 1902.8 1877.5 1909.8 1905.5 1918.4 1922.9 1955.4 1947.0 1 249.0 769.2 43.0 23.6 75.4 437.2 -3.0 277.1 829.0 56.3 24.2 85.9 450.3 -8.3 303.3 878.2 60.7 23.1 94.7 456.5 -5.0 325.4 917.8 60.9 22.8 100.3 481.3 -5.7 320.0 905.0 60.8 22.7 98.5 476.3 -5.8 332.3 915.4 63.7 22.7 99.8 481.5 -5.7 323.5 921.0 60.9 22.8 101.1 481.6 -5.3 325.8 929.7 58.2 22.9 101.8 485.9 -5.9 333.7 929.9 53.3 23.3 102.9 486.4 -6.6 346.4 942.4 54.5 23.6 103.9 491.8 -7.1 331.9 947.3 52.3 23.9 104.0 495.4 -7.9 2 3 4 5 6 7 8 Current expenditures, NIPA basis 1592.8 1684.9 1765.3 1892.4 1854.3 1874.0 1900.7 1940.7 1975.3 2022.3 2048.8 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 1120.3 383.8 88.4 0.4 0.0 1191.2 403.5 89.9 0.4 0.0 1269.6 401.0 94.3 0.4 0.0 1355.9 430.8 98.5 7.1 0.0 1318.7 436.8 96.9 1.9 0.0 1344.4 420.7 98.2 10.7 0.0 1365.3 427.6 99.1 8.8 0.0 1395.2 438.3 100.0 7.3 0.0 1426.3 444.2 100.9 4.0 0.0 1462.7 454.5 102.1 3.0 0.0 1486.1 458.4 102.2 2.2 0.0 10 11 12 13 14 15 Net state and local govt. saving, NIPA basis 1.5 29.5 46.2 10.4 23.2 35.8 4.7 -22.3 -52.4 -66.9 -101.8 15 16 17 + Consumption of fixed capital + Net capital transfers (2) 136.1 52.1 153.2 54.2 162.3 57.2 177.6 58.7 172.5 52.4 176.0 58.2 179.3 64.1 182.4 60.1 185.5 56.9 188.8 58.1 192.9 63.8 16 17 18 = Gross saving and net capital transfers 189.7 236.9 265.7 246.6 248.0 270.0 248.1 220.3 190.0 180.0 154.9 18 19 Gross investment 248.4 305.2 326.0 295.2 292.7 313.9 302.8 271.3 236.0 226.2 219.2 19 270.9 10.5 288.6 9.4 306.3 9.6 339.6 11.0 328.0 10.6 336.9 10.9 344.2 11.1 349.4 11.2 345.3 11.1 354.9 11.0 360.2 11.0 20 21 2 3 4 5 6 7 8 9 Current receipts, NIPA basis 2005 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net financial investment 23 Net acq. of financial assets -33.0 7.2 10.1 -55.4 -46.0 -33.9 -52.5 -89.3 -120.4 -139.7 -151.9 22 112.8 211.4 196.1 168.5 210.2 210.0 138.4 115.4 -5.6 -79.2 -44.2 23 24 25 26 27 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -6.2 11.6 3.9 7.7 10.3 12.8 5.1 10.0 6.0 26.2 6.8 13.5 -1.5 36.2 4.9 9.7 -23.4 25.5 4.4 8.6 -12.2 23.0 6.6 12.9 12.2 41.3 4.9 9.7 17.3 54.8 3.9 7.6 -16.1 13.3 -1.1 -2.2 15.3 1.2 -1.2 -21.3 11.4 4.5 1.1 -87.9 24 25 26 27 28 Credit market instruments 72.4 154.0 118.5 41.5 121.5 119.3 -9.4 -65.5 -114.5 -69.5 56.2 28 10.1 24.9 21.9 13.1 92.3 28.4 17.6 35.5 38.3 -7.3 14.5 14.6 11.3 68.4 24.5 16.9 39.5 36.8 -27.3 -9.3 7.6 -30.0 -40.5 -10.3 -66.9 -36.8 -6.3 -17.8 -28.8 -11.9 -77.2 83.2 46.0 29 30 31 0.3 6.9 8.3 0.4 9.0 10.8 0.5 12.1 14.5 0.3 8.8 10.5 0.3 7.8 9.3 0.5 11.7 13.9 0.3 8.7 10.4 0.3 6.9 8.2 -0.1 -2.0 -2.4 0.0 -5.0 -5.9 0.1 1.9 2.3 32 33 34 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 35 36 Corporate equities Mutual fund shares -4.2 -1.3 2.5 0.8 -4.4 -1.3 2.4 0.7 1.4 0.4 -15.1 -4.6 2.3 0.7 21.0 6.4 43.7 13.4 -2.6 12.1 -8.4 -6.1 35 36 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 7.9 26.1 -5.2 10.2 41.4 -35.6 13.8 48.0 -31.1 10.0 49.3 15.3 8.8 47.0 16.1 13.3 51.4 15.4 9.9 51.5 15.3 7.8 47.5 14.5 -2.3 40.3 20.0 -6.8 39.5 -46.0 2.2 36.1 -53.2 37 38 39 145.8 204.3 186.0 223.9 256.2 243.9 190.9 204.7 114.8 60.4 107.7 40 40 Net increase in liabilities 41 Credit market instruments 115.4 171.7 151.1 185.9 219.5 206.2 152.5 165.3 74.6 18.8 65.3 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 115.1 -5.9 121.0 0.3 171.1 5.7 165.3 0.6 150.5 -3.1 153.6 0.6 185.2 17.3 167.9 0.7 218.7 4.9 213.8 0.8 205.5 21.4 184.1 0.7 151.9 8.0 143.9 0.6 164.8 34.9 129.8 0.5 74.2 -4.8 78.9 0.4 17.9 7.5 10.5 0.8 64.2 26.8 37.4 1.1 42 43 44 45 30.4 32.5 34.9 38.1 36.7 37.7 38.4 39.4 40.2 41.6 42.4 46 -58.7 -68.3 -60.3 -48.5 -44.6 -43.9 -54.6 -51.0 -46.0 -46.2 -64.3 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 8. 21 Z.1, December 11, 2008 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 2008.9 2266.9 2510.4 2651.2 2612.7 2648.1 2664.9 2679.2 2672.5 2478.8 2597.0 1 797.4 94.6 250.3 10.0 805.2 23.8 28.8 -1.2 930.7 99.2 341.0 12.1 850.0 24.0 15.0 -5.0 1049.9 98.0 388.9 13.4 902.4 25.7 35.7 -3.6 1167.3 97.7 365.4 14.0 942.3 29.2 37.5 -2.2 1139.5 97.7 365.6 12.4 937.1 28.4 37.0 -5.1 1157.1 96.9 381.5 12.8 936.4 29.0 37.2 -2.8 1178.1 98.2 365.1 13.0 943.3 29.8 37.6 -0.2 1194.7 98.0 349.5 17.9 952.3 29.5 38.2 -0.8 1201.2 95.8 322.5 15.3 968.9 29.9 39.4 -0.5 999.8 96.9 324.4 14.8 971.8 31.7 40.0 -0.6 1141.6 95.2 315.9 14.9 974.8 32.4 22.4 -0.1 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 2379.5 2558.6 2711.6 2880.5 2837.9 2859.5 2909.2 2915.6 3003.2 3128.4 3140.2 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 723.7 1015.3 375.2 221.0 44.2 0.0 766.3 1081.6 396.5 255.4 58.9 0.0 811.8 1180.4 387.7 282.3 49.4 0.0 856.1 1254.2 412.5 312.6 45.2 0.0 832.5 1232.0 418.2 309.6 45.6 0.0 851.1 1250.4 402.3 310.5 45.2 0.0 869.1 1264.1 407.3 323.9 44.8 0.0 871.6 1270.1 422.4 306.4 45.1 0.0 898.0 1305.3 423.9 329.4 46.6 0.0 918.2 1443.1 417.0 302.3 47.8 0.0 954.1 1376.2 419.1 342.6 48.3 0.0 11 12 13 14 15 16 17 Net federal government saving, NIPA basis -370.6 -291.7 -201.1 -229.3 -225.2 -211.4 -244.3 -236.3 -330.7 -649.6 -543.2 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 94.0 0.0 -38.4 99.1 0.7 -42.2 105.6 0.1 -42.4 111.8 0.1 -56.0 109.8 -0.7 -49.1 111.0 0.3 -53.4 112.5 -1.2 -59.1 113.9 2.0 -62.2 115.0 -2.7 -57.2 116.9 0.5 -57.7 119.3 -1.7 -65.4 18 19 20 21 = Gross saving and net capital transfers -315.1 -235.5 -138.0 -173.6 -163.8 -154.1 -189.7 -186.6 -270.3 -590.9 -487.7 21 22 Gross investment -334.2 -266.1 -158.7 -213.2 -253.9 -68.7 -208.0 -322.2 -336.7 -477.0 -647.3 22 101.9 0.0 109.2 -0.5 120.3 -13.3 123.2 -1.3 117.7 -1.3 123.5 -4.3 124.9 2.2 126.7 -1.7 128.5 -7.7 138.0 -92.6 143.6 -6.6 23 24 -436.1 -374.8 -265.6 -335.1 -370.4 -187.9 -335.1 -447.1 -457.6 -522.3 -784.3 25 1.9 29.4 -11.2 4.1 -43.6 -38.7 166.9 -68.2 36.5 -61.5 1377.5 26 -3.1 -31.0 -0.0 -14.4 12.2 -1.0 -2.7 -2.7 0.2 -0.4 25.1 1.2 -0.2 -45.3 -0.4 -0.6 -2.9 -0.5 -0.3 184.7 -0.3 -0.5 -36.0 6.0 0.4 9.3 3.8 4.5 -48.1 -8.0 -1.3 1257.1 4.3 27 28 29 23 24 Fixed investment Nonproduced nonfinancial assets 25 Net financial investment 26 Net acq. of financial assets 27 28 29 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 30 31 32 33 34 Credit market instruments Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (3) 2.3 0.0 -3.0 1.6 3.7 -0.9 0.0 -7.0 2.4 3.7 6.1 0.0 0.6 3.7 1.9 6.4 0.0 -2.2 1.9 6.7 8.9 0.0 1.5 3.3 4.2 9.1 0.0 0.9 3.2 4.9 3.3 0.0 -4.0 -0.1 7.4 4.2 0.0 -7.2 1.0 10.3 11.3 0.0 -1.4 2.1 10.6 10.2 0.0 -6.1 6.1 10.1 13.0 0.0 12.2 -3.4 4.2 30 31 32 33 34 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 10.5 22.6 0.6 9.1 25.8 -1.4 0.4 -13.4 1.0 0.2 -29.4 1.0 -1.3 -5.3 0.1 -1.3 -47.9 5.3 3.2 -21.3 -2.4 0.3 -43.0 0.8 2.1 11.8 -2.2 -4.5 -22.1 6.6 3.5 27.5 73.5 35 36 37 438.0 404.1 254.5 339.2 326.8 149.2 502.0 379.0 494.0 460.9 2161.8 38 0.0 0.7 0.0 0.8 0.0 0.6 0.0 0.7 0.0 0.4 0.0 1.3 0.0 1.4 0.0 -0.4 0.0 -0.9 0.0 -0.5 0.0 -1.2 39 40 361.9 0.6 361.9 -0.6 0.0 306.9 0.7 306.6 -0.4 0.0 183.4 -2.7 186.4 -0.3 0.0 237.1 -6.0 243.4 -0.4 0.0 267.8 -8.2 277.3 -1.3 0.0 14.5 -6.1 20.8 -0.1 0.0 397.8 -4.5 403.2 -0.8 0.0 268.2 -5.0 272.4 0.7 0.0 412.7 -4.2 415.6 1.3 0.0 310.4 -1.1 311.3 0.3 0.0 2078.5 -1.3 2081.6 -1.7 0.0 41 42 43 44 45 15.1 1.1 59.2 40.9 18.3 32.6 1.1 62.8 40.0 22.8 6.9 1.5 62.1 35.8 26.3 22.7 1.2 77.6 33.3 44.3 24.2 -0.1 34.5 28.5 6.1 35.3 2.3 95.8 -26.9 122.6 18.8 -0.0 84.1 46.0 38.0 12.4 2.6 96.2 85.6 10.6 30.0 -0.3 52.6 29.0 23.6 45.8 2.0 103.2 45.3 57.9 -20.5 -0.4 105.4 55.3 50.1 46 47 48 49 50 19.2 30.6 20.6 39.6 90.1 -85.4 18.3 135.5 66.5 -113.9 159.6 51 -3.1 4.6 -5.5 27.5 -27.5 -9.8 184.3 -37.0 32.7 -65.3 1260.1 52 38 Net increase in liabilities 39 40 SDR certificates Treasury currency 41 42 43 44 45 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 46 47 48 49 50 Trade payables Insurance reserves Miscellaneous liabilities (4) Nonmarketable securities held by pension plans Other 51 Discrepancy Memo: 52 Change in cash balance (5) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 2. (3) Student loans. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 22 Z.1, December 11, 2008 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Current taxes and trans. payments to rest of world 2244.0 1797.8 361.3 84.9 2595.9 2025.1 480.5 90.3 2977.7 2238.1 647.1 92.5 3242.7 2370.2 759.3 113.2 3126.4 2289.4 715.8 121.2 3231.0 2337.5 793.2 100.3 3295.4 2397.5 786.3 111.7 3318.1 2456.5 742.0 119.6 3357.0 2526.5 705.1 125.4 3468.6 2641.4 708.9 118.2 3483.3 2677.9 688.4 117.0 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1619.9 1182.4 437.5 1885.0 1311.5 573.5 2206.1 1480.8 725.4 2524.1 1662.4 861.7 2348.8 1560.5 788.2 2467.3 1614.4 852.8 2613.4 1714.9 898.5 2667.1 1759.7 907.4 2664.0 1820.8 843.2 2746.0 1923.2 822.8 2777.2 1971.3 805.8 5 6 7 8 9 Net capital transfers (1) Gross saving and net capital transfers (2) 2.4 626.5 4.1 715.0 3.8 775.4 2.3 720.9 2.2 779.8 2.4 766.2 2.5 684.5 2.2 653.2 2.0 695.0 2.0 724.6 2.0 708.1 8 9 Gross investment Nonproduced nonfinancial assets 530.0 0.0 696.8 0.1 835.1 -0.1 773.0 0.5 1059.7 0.1 775.7 2.0 405.3 -0.0 851.3 -0.0 758.7 -0.4 543.7 -0.6 668.7 -0.6 10 11 10 11 12 13 Net financial investment Net acquisition of financial assets 530.0 696.7 835.2 772.5 1059.6 773.7 405.3 851.4 759.1 544.3 669.2 12 1404.0 1076.0 1831.1 1693.9 2056.7 2664.3 1217.7 837.0 1157.6 502.9 815.7 13 14 15 16 17 18 19 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs -0.4 8.8 22.4 34.1 4.1 204.9 4.5 -12.3 14.9 6.7 0.1 48.2 -0.2 -9.4 11.4 11.5 2.6 109.4 -0.2 -120.7 -5.6 43.8 7.2 78.8 -0.2 -494.4 -20.0 19.5 6.3 640.3 -0.2 80.9 10.8 96.4 6.3 108.0 -0.1 146.9 -9.3 8.5 8.2 -265.9 -0.1 -216.1 -4.0 50.8 8.2 -167.3 -0.1 -453.9 4.5 163.6 8.2 -17.8 -0.1 -130.5 -12.1 -148.9 8.2 -463.4 -0.1 443.0 60.0 49.7 8.2 -367.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other 854.4 37.0 366.9 273.3 93.6 178.2 93.5 84.7 6.5 259.5 6.3 25.0 32.7 -1.1 0.0 219.0 146.0 73.1 749.0 9.9 245.1 112.8 132.3 134.3 88.5 45.8 3.0 328.5 28.3 56.9 32.2 7.9 0.0 167.8 112.6 55.2 974.8 48.0 150.4 208.6 -58.2 222.7 202.6 20.1 5.4 541.0 7.4 119.0 24.0 5.9 0.0 582.2 242.0 340.2 1012.6 -10.7 215.7 58.9 156.8 277.3 236.3 41.0 -1.4 425.0 106.7 176.3 14.0 20.8 0.0 467.0 237.5 229.4 1339.5 38.7 332.9 161.3 171.5 202.6 325.5 -122.9 8.7 721.8 34.7 142.2 21.7 10.0 0.0 391.8 56.1 335.7 1147.8 24.7 -47.6 6.4 -54.1 405.2 255.0 150.1 8.7 713.4 43.4 393.8 19.2 44.6 0.0 756.8 247.4 509.4 569.3 -80.6 166.4 -103.2 269.6 238.9 204.9 34.0 -24.9 32.6 236.8 -94.4 8.6 19.4 0.0 826.5 423.6 402.9 993.8 -25.7 411.1 170.9 240.2 262.3 159.8 102.6 2.0 232.3 111.8 263.6 6.4 9.0 0.0 -107.3 223.0 -330.3 739.2 23.6 607.6 354.6 253.1 188.4 274.6 -86.2 2.0 4.7 -87.1 88.1 10.9 43.4 0.0 571.5 321.7 249.7 970.5 81.2 496.8 229.0 267.8 169.1 318.4 -149.3 6.0 278.9 -61.5 -32.3 23.6 22.3 0.0 265.6 375.1 -109.4 226.9 -194.2 818.6 463.5 355.1 -241.1 -58.3 -182.8 12.0 -126.3 -42.2 41.8 -10.5 1.7 0.0 363.1 367.2 -4.2 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 874.0 379.3 995.9 921.4 997.1 1890.6 812.4 -14.3 398.5 -41.4 146.5 38 -3.2 89.9 -9.6 40.8 -2.6 88.0 -0.0 216.7 0.1 290.4 -0.3 370.6 0.1 232.3 -0.1 -26.5 1.0 -375.6 5.0 -271.7 -0.8 -143.6 39 40 154.7 68.7 85.8 3.8 1.0 4.5 -1.7 -3.7 0.1 84.8 3.5 0.0 544.3 2.0 -0.0 316.2 226.2 112.6 38.2 64.5 14.5 -2.9 4.7 12.7 -4.6 -0.0 186.7 6.3 0.0 42.5 1.3 -2.2 36.2 7.2 331.3 97.1 227.8 13.8 -0.7 3.8 10.7 -7.4 -0.1 137.4 6.2 0.0 435.5 2.0 -0.0 241.2 192.2 124.3 -67.4 170.7 24.1 -0.0 8.3 15.8 -3.3 0.1 118.0 11.2 0.0 451.3 1.7 23.9 333.3 92.5 184.4 -19.8 223.2 -16.0 -0.5 -14.0 -1.6 -3.1 0.0 175.0 9.7 0.0 337.6 1.1 0.2 266.8 69.5 292.9 22.4 231.7 40.7 0.4 30.6 9.7 -1.9 0.0 107.0 22.5 0.0 1097.8 4.7 -0.5 374.5 719.1 3.3 -193.8 173.8 26.3 -0.4 7.6 19.1 -2.8 -0.3 227.4 36.3 0.0 313.0 0.4 -0.1 248.2 64.5 16.4 -78.3 54.1 45.3 0.4 8.8 36.1 -5.4 0.8 -37.3 -23.8 0.0 56.8 0.4 96.0 443.6 -483.2 280.6 214.6 32.9 35.4 0.4 30.6 4.4 -1.6 -0.6 107.4 -10.4 0.0 395.5 0.4 -11.8 356.4 50.5 72.5 40.2 44.5 -9.0 4.6 -4.0 -9.6 -3.0 -0.2 85.4 -6.3 0.0 73.8 4.3 163.8 262.2 -356.4 -547.3 -272.6 -291.0 15.6 -3.2 16.0 2.8 0.1 0.6 -56.6 -17.2 0.0 912.0 3.8 903.0 281.9 -276.7 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 96.5 18.2 -59.7 -52.1 -279.8 -9.5 279.2 -198.1 -63.7 180.8 39.4 58 -615.4 76.2 84.9 -624.1 -713.6 93.0 90.3 -710.9 -757.3 78.3 92.5 -771.6 -707.8 102.4 113.2 -718.6 -728.8 72.4 121.2 -777.6 -723.1 59.7 100.3 -763.8 -682.6 112.2 111.7 -682.0 -696.7 165.4 119.6 -651.0 -705.7 138.2 125.4 -693.0 -718.2 113.9 118.2 -722.6 -706.5 117.4 117.0 -706.1 59 60 61 62 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Other Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 11. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 62 with the sign reversed plus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 23 Z.1, December 11, 2008 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 3.2 6.1 5.7 4.0 4.0 4.0 3.9 3.9 4.4 3.9 3.4 1 2 Fixed nonresidential investment 2.6 1.6 2.4 2.5 2.5 2.5 2.5 2.5 2.5 2.6 2.6 2 3 Net acquisition of financial assets 44.4 37.4 29.6 43.1 44.9 -13.9 60.7 80.5 -8.3 52.0 2353.4 3 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 0.3 0.0 1.0 0.3 0.0 0.1 0.4 0.0 1.7 0.5 0.0 0.5 0.5 0.0 0.7 0.5 0.0 0.6 0.5 0.0 0.5 0.5 0.0 0.2 0.7 0.0 -0.0 0.6 0.0 -0.0 0.6 0.0 -0.0 4 5 6 7 Federal Reserve float 1.2 -0.0 -1.2 0.3 -2.1 -1.7 2.3 2.8 -2.1 -0.3 -1.3 7 -0.0 -0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 48.6 48.6 0.0 -0.2 -0.2 0.0 0.7 0.7 0.0 -0.0 -0.0 0.0 193.7 193.7 0.0 250.6 250.6 0.0 251.6 251.6 0.0 516.0 103.3 412.6 8 9 10 -10.8 13.8 -6.0 5.8 19.1 -48.4 98.8 -46.5 163.6 135.4 -99.3 11 51.2 26.4 34.7 -38.3 26.9 32.9 -43.7 -169.4 -416.7 -495.2 1071.9 12 0.0 51.2 0.0 0.0 26.4 0.0 0.0 34.7 0.0 0.0 -38.3 0.0 0.0 26.9 0.0 0.0 32.9 0.0 0.0 -43.7 0.0 0.0 -169.4 0.0 0.0 -575.7 0.0 0.0 -457.4 0.0 0.0 -11.7 58.0 13 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 0.0 159.0 0.0 0.0 -37.8 0.0 -153.2 115.3 0.0 1025.6 0.0 780.6 0.7 244.3 16 17 18 19 20 1.5 0.0 1.5 -3.2 0.0 -3.2 0.1 0.0 0.1 25.8 24.0 1.8 0.0 0.0 0.0 1.6 0.0 1.6 2.4 0.0 2.4 99.1 96.0 3.1 -4.4 -12.0 7.6 160.0 164.0 -4.0 865.5 904.8 -39.3 21 22 23 41.7 36.1 27.2 39.9 37.7 -15.4 57.1 80.3 -21.6 53.9 2351.1 24 8 9 10 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 11 Security RPs 12 Credit market instruments 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities 16 17 18 19 20 Bank loans n.e.c. Rest of world Brokers and dealers (4) Funding corporations (Maiden Lane) (5) Funding corporations (AIG) 21 22 23 24 Miscellaneous assets Nonofficial foreign currencies (6) Other Net increase in liabilities 25 26 Depository institution reserves Vault cash of commercial banks 1.0 -6.4 -5.0 8.6 -0.3 1.6 2.1 3.3 -7.7 -4.7 -3.1 -1.0 24.6 4.7 -5.6 14.1 8.0 -0.9 39.2 -9.6 755.6 23.8 25 26 27 Checkable deposits and currency 37.7 30.0 23.5 17.8 1.4 18.6 18.6 32.5 -41.9 39.1 1467.3 27 28 29 30 31 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 0.1 -0.1 0.2 0.0 -1.4 -0.1 -1.3 0.0 0.2 0.1 0.1 0.0 11.4 0.0 11.4 0.0 -2.0 0.2 -2.2 0.0 2.5 0.0 2.5 0.0 3.6 0.1 3.5 0.0 41.6 -0.3 41.9 0.0 -42.1 0.3 -42.4 0.0 -0.9 -0.2 -0.7 0.0 1309.9 -0.0 112.0 1198.0 28 29 30 31 32 33 34 Due to rest of the world Due to government-sponsored enterprises Currency outside banks -0.1 0.6 37.1 -0.0 0.9 30.6 0.0 -1.2 24.5 -0.0 0.9 5.5 -0.1 -2.9 6.4 0.4 -0.0 15.7 -0.2 0.0 15.2 -0.1 6.4 -15.4 0.0 -6.4 6.5 0.5 0.2 39.4 -0.6 104.2 53.7 32 33 34 35 Security RPs 5.1 -0.3 -0.9 14.4 30.7 -19.7 13.4 33.2 0.5 -1.1 136.5 35 36 37 38 Miscellaneous liabilities Federal Reserve Bank stock Other 4.2 3.1 1.2 2.8 1.6 1.1 3.2 1.8 1.4 2.5 3.1 -0.7 18.1 2.1 16.0 -10.2 1.0 -11.3 -4.2 4.7 -8.9 6.2 4.7 1.5 12.8 4.4 8.4 -13.7 1.3 -15.0 -32.1 1.8 -33.8 36 37 38 -2.3 3.2 0.9 -1.7 -5.7 -0.1 -2.2 1.1 -11.5 3.3 -1.5 39 39 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. (4) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and AMLF. (5) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (6) Reciprocal currency arrangements (swap lines) with foreign central banks. 24 Z.1, December 11, 2008 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 67.4 84.8 81.6 93.0 96.2 101.5 98.8 75.4 83.2 70.9 55.6 1 2 Fixed nonresidential investment 22.3 20.8 24.6 26.5 25.7 26.3 26.8 27.1 27.3 27.7 27.9 2 3 Net acquisition of financial assets 762.2 762.6 897.2 935.8 7.8 1083.7 1483.9 1167.9 1189.2 792.0 2152.9 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency -6.4 1.1 1.0 8.6 -4.5 -0.5 1.6 0.4 -0.1 3.3 1.5 -0.6 -4.7 -7.8 -0.8 -1.0 -4.1 -2.2 4.7 23.9 3.1 14.1 -6.0 -2.4 -0.9 7.3 -0.1 -9.6 38.9 0.2 23.8 752.8 -0.1 4 5 6 7 Total bank credit 602.0 691.6 838.0 788.3 189.0 659.5 1121.3 1183.4 405.7 165.5 1364.5 7 0.0 -24.5 95.0 0.0 -10.7 -5.5 0.0 -1.9 45.7 0.0 17.3 -112.9 0.0 12.8 -35.6 0.0 -36.4 -8.1 0.0 47.8 -256.6 0.0 45.0 -151.1 0.0 -31.3 -47.4 0.0 -47.9 313.0 412.6 91.1 -35.2 8 9 10 8.1 82.4 16.9 123.4 22.6 93.3 12.2 198.4 31.1 94.9 15.2 177.7 5.7 296.3 -3.3 224.7 41.4 98.4 7.2 -112.1 78.4 -78.0 11 12 72.7 339.8 34.9 -5.1 169.1 362.4 2.8 34.8 123.1 445.0 34.2 71.5 330.2 242.7 62.9 32.3 99.4 -58.5 34.5 23.3 208.8 280.3 76.0 -60.3 570.6 258.2 93.7 84.8 442.0 490.6 47.3 81.4 307.8 156.6 80.2 -198.6 119.7 -152.5 83.4 -43.8 325.6 668.3 77.2 -163.1 13 14 15 16 -0.3 -0.9 0.1 -1.8 0.7 3.9 1.6 3.6 -3.5 -9.5 2.5 3.6 6.6 14.2 0.6 6.2 -0.2 -1.0 0.6 -2.2 -3.4 -9.0 17 18 -0.4 164.8 0.0 67.4 -0.3 57.7 0.0 143.3 -0.2 -167.5 0.0 431.5 -0.5 331.4 0.9 -22.1 -0.6 777.7 -0.1 597.1 0.0 11.8 19 20 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 13 14 15 16 Bank loans n.e.c. Mortgages Consumer credit Security credit 17 18 Corporate equities Mutual fund shares 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets 21 Net increase in liabilities 941.0 684.3 862.7 972.4 -136.5 1229.5 1641.9 1154.8 797.0 596.8 1683.6 21 22 23 24 25 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 24.9 1.2 14.9 8.8 -16.0 -0.0 -3.7 -12.3 -12.5 -1.2 -1.9 -9.4 -70.0 48.9 1.7 -120.7 -433.7 -2.3 63.0 -494.4 31.0 -1.0 -48.9 80.9 151.7 2.3 2.5 146.9 -29.2 196.5 -9.6 -216.1 -202.9 248.5 2.6 -453.9 94.8 251.3 -26.0 -130.5 897.2 514.7 -60.4 443.0 22 23 24 25 26 27 28 29 Checkable deposits Federal government Rest of the world Private domestic 39.5 -3.2 9.2 33.6 -36.4 7.0 6.4 -49.8 -35.9 -5.9 9.2 -39.2 11.6 14.9 5.0 -8.3 28.6 -25.1 4.7 49.0 -90.8 -11.8 16.9 -95.9 120.2 181.0 -11.7 -49.1 -11.7 -84.6 10.3 62.7 59.0 71.0 8.2 -20.2 -74.4 -56.4 -13.4 -4.6 321.5 -54.1 37.2 338.4 26 27 28 29 30 31 32 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 280.6 192.5 13.1 268.3 243.1 90.3 287.6 264.0 70.5 263.7 298.3 -49.7 257.8 93.6 101.4 225.1 86.7 184.6 244.9 490.9 -284.7 327.2 521.8 -199.9 365.6 307.9 -253.7 85.1 -90.8 -138.7 897.7 229.9 -394.0 30 31 32 33 Credit market instruments 78.4 85.1 177.4 263.2 91.4 162.2 481.5 317.7 228.8 299.2 263.2 33 10.6 59.0 8.8 4.0 56.7 24.4 21.4 76.0 80.0 37.9 118.6 106.7 15.0 84.9 -8.5 17.8 135.1 9.2 45.0 119.4 317.1 73.7 135.0 109.0 -4.4 140.7 92.5 58.1 228.9 12.1 -57.9 -190.2 511.3 34 35 36 17.6 3.2 291.3 -13.8 3.4 60.3 -10.5 3.7 118.6 -23.7 4.0 275.1 -42.9 3.9 -236.6 -34.6 3.9 661.4 -30.4 4.0 463.8 12.9 4.1 211.9 212.9 4.1 75.3 230.1 4.2 187.3 103.5 4.3 -639.7 37 38 39 224.0 -14.3 22.5 103.1 -73.8 220.9 230.0 35.2 -336.3 -152.0 -441.6 40 608.0 0.0 658.4 0.0 761.7 0.0 750.8 -1.8 178.4 0.1 713.6 -1.7 1015.2 -3.3 1096.1 -2.4 605.0 -0.0 210.7 -1.8 1540.0 -3.2 41 42 34 35 36 37 38 39 40 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 41 42 Credit market funds advanced (4) Consumer leases not included above (5) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19). (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 25 Z.1, December 11, 2008 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 4.3 -3.2 -6.0 12.6 -1.1 10.4 -3.7 44.7 24.7 12.9 6.2 1 2 Fixed nonresidential investment 14.1 12.8 15.0 16.2 15.7 16.1 16.4 16.6 16.8 17.0 17.2 2 3 Net acquisition of financial assets 587.8 509.2 699.6 599.1 -94.3 702.1 718.8 1069.8 602.2 440.6 2267.6 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 12 13 14 15 16 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 17 18 19 20 Bank loans n.e.c. Mortgages Consumer credit Security credit 21 22 Corporate equities Mutual fund shares 23 24 25 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities -5.2 3.9 2.3 4.4 -13.1 -6.1 29.5 7.4 5.9 31.0 643.1 4 581.1 499.7 681.7 563.4 38.9 494.2 846.4 874.3 472.6 184.7 1817.8 5 0.0 -19.2 89.7 90.3 -4.8 4.2 0.0 -10.1 -3.3 -2.7 -4.4 3.8 0.0 -2.2 47.5 68.8 -5.1 -16.1 0.0 11.1 -111.4 -54.9 -4.4 -52.0 0.0 4.4 -38.8 18.5 17.3 -74.6 0.0 -4.7 -11.9 -19.0 -28.1 35.2 0.0 24.7 -261.7 -210.7 0.2 -51.2 0.0 20.0 -133.0 -8.5 -7.0 -117.5 0.0 -64.5 -23.1 95.9 21.4 -140.4 0.0 -57.7 250.1 239.6 -8.7 19.2 412.6 107.5 22.7 83.2 2.7 -63.1 6 7 8 9 10 11 8.3 58.8 6.7 15.4 36.7 16.7 47.0 5.1 38.2 3.8 21.7 59.1 8.8 12.7 37.6 12.0 101.7 15.5 64.8 21.4 31.0 13.1 -5.8 -29.8 48.6 16.1 46.4 -12.5 33.1 25.8 4.7 263.2 34.1 62.3 166.8 -3.7 84.1 46.2 193.7 -155.8 41.4 -1.6 7.4 68.5 -77.5 7.1 -22.7 -26.2 -13.9 17.5 77.7 -37.3 -19.5 34.0 -51.8 12 13 14 15 16 65.2 334.0 34.9 10.7 100.0 354.8 2.8 -6.6 59.3 436.8 34.2 20.9 226.9 225.7 62.9 29.3 54.6 -68.8 34.5 21.7 111.6 266.6 76.0 -12.1 402.8 233.0 93.7 65.3 338.4 472.0 47.3 42.3 241.4 149.9 80.2 50.3 85.1 -157.9 83.4 -1.3 255.9 831.5 77.2 82.4 17 18 19 20 -0.3 -0.9 0.1 -1.8 0.7 3.9 1.6 3.6 -3.5 -9.5 2.5 3.6 6.6 14.2 0.6 6.2 -0.3 -1.0 0.6 -2.2 -3.4 -9.0 21 22 -0.5 12.4 -0.0 5.6 0.0 15.6 0.0 31.2 0.0 -120.1 0.0 214.0 0.0 -157.2 0.0 188.1 0.0 123.7 0.0 224.8 0.0 -193.2 23 24 818.1 506.2 738.9 701.9 -154.5 923.6 965.6 1073.1 254.2 286.7 1832.1 25 26 27 28 29 30 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 90.0 1.2 -0.0 33.0 55.8 16.6 -0.0 0.0 0.5 16.1 72.6 -1.2 -0.0 -36.6 110.5 160.7 0.3 48.6 34.5 77.3 -149.2 -2.1 -0.2 20.0 -166.9 190.8 -1.7 0.7 1.4 190.4 370.8 2.3 -0.0 107.6 260.9 230.4 2.8 193.7 9.0 24.8 86.2 -2.1 250.6 -32.6 -129.7 452.3 -0.3 251.6 -37.4 238.5 346.9 -1.3 516.0 -61.1 -106.7 26 27 28 29 30 31 32 33 34 Checkable deposits Federal government Rest of the world Private domestic 38.8 -3.2 9.7 32.3 -36.8 7.0 6.2 -49.9 -36.6 -5.9 9.4 -40.1 9.0 14.9 4.8 -10.7 27.4 -25.1 4.9 47.5 -101.9 -11.8 13.1 -103.2 133.3 181.0 -8.8 -38.9 -22.8 -84.6 9.9 51.9 48.3 71.0 -13.2 -9.4 -72.8 -56.4 -6.0 -10.4 329.6 -54.1 46.7 337.0 31 32 33 34 35 36 37 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 279.7 115.6 14.6 262.9 166.8 57.0 277.8 129.9 21.4 255.0 23.1 -36.1 249.8 -276.6 63.2 211.9 -53.5 214.7 231.7 122.3 -268.2 326.9 300.1 -154.2 342.4 123.8 -225.8 90.7 -211.4 -63.2 921.7 410.0 -318.7 35 36 37 38 39 40 41 42 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -0.4 10.4 8.8 5.9 3.2 -0.0 12.5 24.4 6.2 3.4 0.0 27.5 80.0 9.3 3.7 0.0 25.1 106.7 4.3 4.0 0.0 17.8 -8.5 5.4 3.9 0.0 28.2 9.2 5.3 3.9 0.0 23.5 317.1 1.6 4.0 0.0 30.9 109.0 4.9 4.1 0.0 -0.5 92.5 8.2 4.1 0.0 -2.9 12.1 6.6 4.2 0.0 1.0 511.3 8.0 4.3 38 39 40 41 42 43 44 45 Miscellaneous liabilities Investment by bank holding companies Other 251.7 167.2 84.4 -6.8 40.0 -46.8 153.3 110.0 43.3 150.2 126.1 24.0 -87.6 44.0 -131.6 415.0 89.1 325.9 29.4 184.8 -155.4 243.8 186.6 57.2 -225.2 101.5 -326.7 71.2 -39.8 111.0 -381.9 35.4 -417.3 43 44 45 220.5 -19.0 18.4 99.2 -77.0 215.8 226.6 31.4 -340.1 -158.0 -446.5 46 571.1 0.0 507.9 0.0 656.3 0.0 528.9 -1.8 30.1 0.1 500.1 -1.7 760.3 -3.3 825.2 -2.4 423.6 -0.0 187.5 -1.8 1747.8 -3.2 47 48 46 Discrepancy Memo: 47 48 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 26 Z.1, December 11, 2008 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 6.5 7.1 7.3 7.6 7.5 7.6 7.6 7.7 7.8 7.9 8.0 1 2 Fixed nonresidential investment 7.9 7.6 9.3 9.9 9.7 9.9 10.0 10.1 10.2 10.3 10.4 2 3 Net acquisition of financial assets -117.4 148.8 3.6 218.7 120.1 210.9 520.5 23.3 426.5 -76.3 -8.8 3 4 Reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Bank loans n.e.c. Mortgages Security credit 14 Corporate equities 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets -0.1 0.2 -0.3 0.4 0.5 1.0 -0.8 0.8 0.5 -1.7 133.6 4 7.1 185.9 154.6 204.6 173.4 171.4 254.1 219.6 -70.8 -122.1 -415.4 5 0.0 -5.9 -1.2 0.0 22.4 0.0 0.2 -0.9 0.0 80.6 0.0 -0.8 3.9 0.0 29.8 0.0 3.5 2.1 0.0 77.0 0.0 17.6 -2.3 0.0 90.5 0.0 -32.0 8.4 0.0 133.4 0.0 27.4 6.2 0.0 16.3 0.0 1.1 -3.7 0.0 67.7 0.0 37.9 -31.6 0.0 100.4 0.0 -11.5 -8.0 0.0 -96.3 0.0 -23.6 -9.7 0.0 -45.2 6 7 8 9 10 8.2 -0.6 -15.8 60.7 4.0 41.4 67.1 4.1 50.6 105.0 14.1 3.0 55.1 11.0 1.6 100.6 9.3 -48.2 163.8 20.9 19.5 100.3 15.1 39.1 67.9 3.4 -248.9 31.4 4.8 -42.5 72.8 -164.2 -245.5 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 14 0.1 -124.5 0.1 -37.3 -0.3 -150.4 0.0 13.7 -0.2 -53.6 0.0 38.4 -0.5 267.8 0.9 -197.9 -0.6 497.4 -0.1 47.6 0.0 272.9 15 16 17 Net increase in liabilities -112.2 154.5 9.8 225.3 126.5 217.4 527.2 30.1 433.4 -69.3 -1.7 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks -66.8 -72.6 5.7 -6.0 -8.8 2.8 -71.3 -78.6 7.3 -177.6 -155.8 -21.8 -255.2 -304.1 48.9 -141.8 -51.5 -90.4 -128.1 -33.6 -94.6 -185.1 -234.0 49.0 -187.3 -250.4 63.1 -319.5 -277.4 -42.1 333.0 443.3 -110.3 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits -0.8 -0.7 75.4 0.5 0.5 71.4 -0.0 8.6 132.8 2.6 6.9 273.4 4.8 7.8 370.0 9.4 10.0 137.0 -12.1 8.3 363.7 8.2 1.5 222.9 12.2 24.4 185.2 -3.1 -8.7 117.6 -7.1 -29.4 -185.5 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities -0.2 0.1 33.4 0.0 49.0 -0.3 -13.6 0.0 38.7 -0.3 -30.5 0.1 -17.0 -0.6 -45.7 0.9 -27.1 -0.6 -74.7 -0.1 -73.0 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other -119.2 17.9 33.0 -170.1 54.6 9.4 21.0 24.2 -109.0 15.3 8.6 -132.8 133.6 -9.9 43.7 99.9 -39.1 13.4 135.0 -187.5 233.2 18.9 38.6 175.7 313.0 41.5 -61.8 333.3 27.3 -113.5 62.9 78.0 426.6 33.6 -2.3 395.2 219.3 22.4 -12.6 209.5 -39.8 26.0 -178.7 112.8 26 27 28 29 3.9 5.2 4.2 4.3 4.3 4.2 4.3 4.4 4.5 4.6 4.7 30 23.0 144.5 103.7 201.7 171.6 219.7 234.1 181.4 177.5 -79.7 -169.9 31 30 Discrepancy Memo: 31 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 27 Z.1, December 11, 2008 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 7 8 9 10 11 12 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Q2 Q3 Q4 Q1 2008 Q2 Q3 56.4 80.7 80.1 72.7 89.7 83.4 94.8 22.9 50.6 50.0 41.3 1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 275.8 94.8 195.2 118.0 -12.3 164.8 242.6 76.8 159.8 420.0 -100.1 3 -0.0 -4.2 3.3 23.1 -16.8 -5.3 21.4 93.0 4.1 97.7 -36.2 4 -0.8 1.9 1.3 -2.5 -0.9 -2.3 -3.7 2.7 1.4 -0.0 4.9 -2.9 4.6 -1.3 19.1 0.7 -7.0 5.5 -8.6 -6.6 0.3 -3.9 -2.5 0.9 -0.5 4.6 15.6 1.8 25.5 -11.3 72.1 6.6 -3.0 12.3 -3.7 -1.6 22.1 61.4 9.6 4.7 7.2 -46.7 6.0 -2.7 5 6 7 8 275.9 167.2 76.2 32.4 99.0 40.0 42.7 16.2 191.8 110.0 46.3 35.6 94.9 126.1 -63.0 31.7 4.4 44.0 -97.6 58.0 170.0 89.1 41.0 39.9 221.2 184.8 -13.2 49.6 -16.2 186.6 -182.2 -20.6 155.7 101.5 -18.2 72.4 322.3 -39.8 89.7 272.3 -63.8 35.4 95.7 -194.9 9 10 11 12 13 Net increase in liabilities 219.6 14.3 115.3 45.4 -101.9 81.5 148.0 54.1 109.4 370.2 -141.2 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks 1.7 -23.8 25.6 -26.5 -6.9 -19.6 -13.9 27.4 -41.3 -53.2 -11.0 -42.2 -29.3 -5.9 -23.4 -18.0 40.0 -58.0 -90.9 -10.5 -80.4 -74.5 -67.6 -6.8 -101.8 -28.0 -73.8 -38.0 53.6 -91.6 217.3 110.9 106.4 14 15 16 17 Federal funds and security RPs (net) -1.3 -0.2 0.1 0.1 -0.5 0.3 0.5 -0.1 -0.8 -0.8 -2.2 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 59.5 10.8 48.7 48.2 4.0 44.2 70.2 21.7 48.5 131.3 37.9 93.5 82.4 15.3 67.1 124.7 17.7 106.9 141.5 45.6 95.9 176.9 72.8 104.1 137.4 -3.8 141.2 290.1 58.3 231.8 -249.1 -57.9 -191.3 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other 11.7 148.0 129.4 18.6 -20.0 12.8 48.4 -35.6 -19.9 78.7 -13.8 92.5 -28.0 -4.8 -66.6 61.9 -48.2 -106.2 -107.4 1.2 -39.9 14.4 -71.8 86.2 -32.0 129.0 46.8 82.2 8.0 -56.2 -134.2 77.9 204.7 -130.1 70.9 -201.0 223.5 -104.6 20.2 -124.8 95.5 -202.7 -112.3 -90.3 21 22 23 24 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 25 25 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 15.9 9.8 -1.2 0.1 -5.6 6.0 2.0 -2.0 0.7 7.7 -5.8 3 4 Checkable deposits and currency 1.0 -0.5 -0.1 -0.6 -0.8 -2.2 3.1 -2.4 -0.1 0.2 -0.1 4 5 Credit market instruments 13.9 10.2 -1.7 -2.9 -6.5 -0.9 -0.7 -3.5 -0.1 5.2 -1.7 5 1.4 4.7 -0.2 -0.2 0.1 1.2 0.2 -0.5 -0.2 -5.8 0.8 -0.4 -1.9 -2.4 0.2 0.6 -2.2 0.0 0.2 -0.1 0.1 -0.5 -1.0 0.4 -3.8 -5.7 1.0 1.3 -1.5 -3.2 0.4 0.8 -1.7 -5.0 -0.0 3.3 -0.8 9.6 0.1 -2.8 -0.1 -1.6 0.6 -1.5 6 7 8 9 1.8 3.4 3.1 5.6 0.7 2.9 -0.3 0.9 3.2 -2.3 0.7 2.2 -3.7 -2.1 1.4 -4.3 3.0 1.4 2.2 1.4 2.9 -3.4 0.4 3.1 0.1 1.4 1.8 -1.6 0.1 0.5 -0.3 1.0 0.0 10 11 12 0.9 0.1 0.6 3.6 1.7 9.1 -0.4 3.8 0.9 2.4 -4.1 13 15.5 9.3 -1.3 -0.3 -6.7 6.9 1.1 -2.5 0.1 9.2 -5.5 14 1.6 1.6 1.6 -0.2 4.9 4.9 0.7 1.2 1.2 0.0 1.8 1.8 -3.5 0.3 0.3 1.7 3.2 3.2 -1.0 4.9 4.9 2.9 -1.2 -1.2 -1.6 -1.2 -1.2 1.5 3.1 3.1 -1.1 5.4 5.4 15 16 17 10.8 -0.3 -4.4 -3.9 -3.7 -1.3 -7.6 -3.0 4.0 1.4 -15.3 18 -0.4 -0.5 -0.1 -0.4 -1.1 0.9 -0.9 -0.5 -0.7 1.4 0.3 19 6 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Home mortgages Commercial mortgages Miscellaneous assets Net increase in liabilities 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 28 Z.1, December 11, 2008 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 7.2 10.7 6.1 -1.3 1.2 1.8 -1.1 -7.1 1.8 1.9 2.0 1 2 Fixed nonresidential investment 2.6 2.2 2.6 2.8 2.7 2.8 2.8 2.8 2.9 2.9 2.9 2 3 Net acquisition of financial assets 184.8 140.9 -74.2 99.6 311.8 53.5 175.7 -142.8 62.2 -65.6 -1280.6 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs -0.1 -3.5 0.6 -3.2 -0.5 2.4 -0.5 -0.1 -0.7 -3.3 3.9 9.3 0.6 -0.5 3.3 27.3 0.1 -4.8 -6.4 54.2 1.1 -0.3 -1.9 -13.8 0.7 0.5 13.0 58.2 0.4 2.7 8.3 10.6 0.7 15.1 1.4 -25.9 0.3 -7.2 5.8 -28.7 2.7 -1.0 1.1 -13.3 4 5 6 7 8 Credit market instruments 103.5 199.3 -98.1 65.7 218.0 60.5 60.4 -76.2 45.6 14.4 -1219.1 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 0.0 -3.9 -82.3 0.9 -45.3 -38.0 0.0 4.0 55.8 25.6 7.4 22.9 0.0 0.1 -23.0 -19.7 -3.3 -0.1 0.0 -5.4 -0.6 5.2 -2.2 -3.6 0.0 -19.2 7.4 3.6 6.6 -2.8 0.0 -1.0 -6.3 -3.7 -1.4 -1.3 0.0 2.4 0.5 7.6 -16.4 9.4 0.0 -4.0 -4.1 13.3 2.5 -19.9 0.0 -3.9 -12.1 13.6 1.7 -27.5 0.0 -4.3 17.6 3.7 34.4 -20.6 0.0 0.7 -34.7 -22.0 -14.0 1.3 9 10 11 12 13 14 15 16 17 18 19 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 0.8 -12.7 -2.5 -11.0 0.8 1.5 21.0 -0.6 18.1 3.5 2.1 9.0 3.1 6.8 -0.8 -0.1 49.1 -4.5 39.3 14.3 1.4 71.1 -7.1 61.0 17.3 3.0 61.2 13.2 42.3 5.6 3.0 47.8 -1.3 3.3 45.8 -7.9 16.2 -22.8 50.7 -11.6 -2.2 5.6 7.4 -30.8 29.1 2.5 -2.0 -7.5 -36.6 42.2 -10.8 -101.5 -2.0 -74.4 -25.2 15 16 17 18 19 20 21 22 Other loans and advances Mortgages Consumer credit 1.3 186.8 13.4 3.9 95.3 17.8 6.0 -78.8 -13.5 6.2 21.3 -4.8 5.6 155.6 -3.9 21.2 -28.0 10.3 -14.5 61.6 -40.5 12.5 -104.1 15.0 17.4 54.0 -13.1 -7.8 -1.6 10.0 -8.4 -1015.5 -48.9 20 21 22 -1.1 88.5 -1.0 -58.7 -1.0 15.7 -0.1 3.4 -2.1 52.7 0.6 7.4 1.6 41.4 -0.6 -88.0 2.1 23.2 -2.6 -47.5 -9.8 -41.2 23 24 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 178.2 138.4 -75.7 96.6 306.7 49.2 175.5 -144.9 70.0 -61.4 -1286.8 25 26 27 28 29 Deposits Checkable Small time and savings Large time 40.0 0.5 -14.4 54.0 76.6 3.8 34.0 38.8 24.6 0.9 28.9 -5.2 13.2 -0.2 -3.1 16.5 296.5 13.8 77.2 205.5 26.2 -0.5 30.2 -3.5 -34.2 0.6 -37.9 3.1 -235.8 -14.6 -82.1 -139.2 84.1 7.2 44.3 32.7 65.6 19.2 125.3 -79.0 -825.6 -51.6 -407.7 -366.3 26 27 28 29 30 Security RPs 4.7 -3.6 -15.5 -17.3 -31.3 33.9 -61.5 -10.4 -53.0 5.1 -1.6 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 89.0 2.5 26.5 60.0 23.8 1.0 6.5 16.2 -111.9 2.0 -48.2 -65.7 97.3 -0.3 6.5 91.1 4.5 1.3 -6.0 9.2 -44.2 -0.1 -7.8 -36.3 354.1 -3.1 17.1 340.1 74.9 0.7 22.7 51.4 97.9 1.2 -4.4 101.1 -82.5 0.9 6.5 -89.9 -211.7 -34.0 14.0 -191.7 31 32 33 34 35 36 37 38 39 Corporate equities Taxes payable Miscellaneous liabilities Investment by parent Other 0.6 0.6 43.3 1.2 42.2 1.4 0.7 39.3 1.3 38.0 0.7 -0.5 26.9 1.4 25.5 1.9 0.1 1.4 1.6 -0.1 0.6 -0.4 36.7 1.5 35.2 2.0 -0.7 32.1 1.6 30.5 2.9 1.6 -87.5 1.6 -89.1 2.0 0.1 24.4 1.6 22.7 0.5 -1.1 -58.4 1.7 -60.0 1.5 -0.0 -51.0 1.7 -52.7 3.1 -2.1 -248.9 1.7 -250.6 35 36 37 38 39 -2.0 6.0 2.1 -7.0 -6.6 -5.2 -4.2 -12.0 6.8 3.2 -7.1 40 40 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, December 11, 2008 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 7.9 8.2 8.6 7.8 8.0 7.8 7.6 7.6 7.2 6.2 5.0 1 2 Fixed nonresidential investment 2.2 2.1 2.6 2.7 2.6 2.7 2.7 2.7 2.8 2.8 2.8 2 3 Net acquisition of financial assets 37.5 30.9 30.5 42.5 53.1 40.7 25.2 51.0 93.0 56.4 9.0 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) -1.4 -0.7 2.6 -2.0 -4.5 2.6 6.2 -4.9 -1.6 -1.1 -0.0 -2.6 25.7 -3.7 10.0 0.5 1.4 -3.0 -27.9 -0.3 -8.5 -2.5 2.5 -8.8 36.1 21.7 -7.4 -18.2 11.8 2.6 -33.5 -6.1 -22.3 4 5 6 7 Credit market instruments 39.8 36.2 30.1 35.3 38.5 22.1 42.6 37.7 41.7 50.8 48.5 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 0.1 0.1 -1.1 0.6 -0.0 -1.1 -6.8 -1.5 0.2 -0.3 -13.9 7.2 -0.5 3.0 -4.1 3.9 2.5 -1.7 -12.9 23.9 0.6 1.0 -4.3 -2.7 -2.8 5.2 3.1 1.1 -2.5 7.5 -2.5 -6.6 9.3 -3.4 8.1 -6.7 -8.0 2.7 20.1 -2.3 -3.0 0.2 10.6 -10.2 8 9 10 11 12 13 Home mortgages Consumer credit 30.6 9.5 32.4 13.2 31.0 5.9 31.8 1.2 25.9 0.8 30.2 -2.8 30.9 5.1 40.3 1.5 47.1 -12.7 39.3 -1.0 39.3 11.6 12 13 14 15 Mutual fund shares Miscellaneous assets -0.9 -1.8 -1.0 -0.3 -0.1 0.8 -0.0 11.0 0.4 -17.8 -1.1 21.0 0.1 19.2 0.5 21.5 1.5 -0.6 -0.1 9.6 -1.5 23.9 14 15 16 Net increase in liabilities 33.7 27.5 26.0 39.5 49.4 36.4 22.0 50.3 88.3 59.6 8.7 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 29.5 7.6 15.5 6.4 21.6 7.0 12.1 2.5 24.5 -8.5 30.5 2.5 31.7 1.1 25.8 4.8 47.7 14.1 21.4 12.2 38.4 -8.0 39.9 6.5 11.6 -14.4 21.5 4.5 29.1 12.7 20.2 -3.8 79.3 20.3 40.5 18.5 54.2 -7.1 56.7 4.6 -9.2 -12.0 26.0 -23.2 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 2.3 1.9 3.3 2.6 4.2 -2.7 13.4 -5.6 -10.5 12.2 10.6 -12.6 37.9 -27.5 15.7 5.5 -15.2 24.2 27.6 -22.1 32.4 -14.5 21 22 1.9 2.6 1.6 2.1 1.7 0.7 1.7 4.2 -0.2 6.7 1.8 23 51.9 51.3 47.8 51.9 49.4 56.1 47.7 39.8 29.9 1 23 Discrepancy F.116 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Fixed nonresidential investment 6.0 5.9 6.1 6.5 6.3 6.5 6.6 6.7 6.6 6.6 6.5 2 3 Net acquisition of financial assets 80.3 72.8 61.6 28.2 36.5 22.1 78.4 -24.1 57.6 0.7 50.4 3 4 5 Checkable deposits and currency Security RPs -8.7 10.2 -4.8 5.9 8.9 -2.9 12.8 -12.2 7.2 0.0 5.1 -37.0 48.8 -13.6 -10.0 1.6 -3.4 38.7 -5.0 -6.1 27.2 -20.2 4 5 6 Credit market instruments 7 8 9 10 11 30.1 17.0 73.6 66.9 47.7 26.4 32.8 34.7 34.0 3.9 -13.0 -6.3 28.3 6 Treasury securities Agency- and GSE-backed securities 6.6 -3.3 -2.0 5.8 6.6 4.1 -20.7 3.8 -19.3 4.9 -19.9 4.9 -20.6 5.0 -23.1 0.4 -0.9 -2.0 -0.6 -1.2 14.9 5.2 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 43.6 26.4 0.3 45.4 17.5 0.3 22.1 14.2 0.7 36.1 5.9 1.3 35.7 11.1 0.4 36.5 11.2 2.0 37.4 11.3 1.0 34.6 -9.9 1.9 -5.9 -4.5 0.4 -2.9 -2.3 0.6 22.6 -14.9 0.5 9 10 11 -3.9 0.5 -6.1 0.3 2.3 0.5 0.5 -0.5 0.4 -0.5 4.9 -0.5 10.4 -0.5 -13.7 -0.5 13.0 0.1 4.3 0.1 2.8 0.1 12 13 0.3 8.4 2.4 8.2 4.9 0.2 -1.6 2.9 0.0 -3.4 10.4 4.4 -3.6 2.9 -13.1 7.6 3.4 18.8 3.5 10.4 0.5 11.6 14 15 12 13 Corporate equities Mutual fund shares 14 15 Trade receivables Miscellaneous assets 16 Net increase in liabilities 43.2 54.0 36.9 6.9 -47.6 61.0 23.9 -9.9 31.8 108.2 57.8 16 17 18 19 Corporate equity issues Taxes payable Miscellaneous liabilities -4.0 4.2 43.0 -2.8 4.7 52.2 -8.5 5.2 40.2 -13.2 5.7 14.4 -13.8 5.5 -39.2 -8.6 5.6 64.0 -20.4 5.7 38.6 -10.0 5.9 -5.7 -5.3 6.0 31.1 18.8 6.1 83.3 -7.8 6.2 59.4 17 18 19 -13.0 -7.7 21.1 23.4 -42.5 84.4 -11.6 63.6 15.2 140.7 30.7 20 20 Discrepancy 30 Z.1, December 11, 2008 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 3.3 0.0 21.9 25.4 26.2 25.7 25.2 24.6 21.5 18.3 14.3 1 2 Fixed nonresidential investment 2.7 2.2 2.4 2.6 2.5 2.5 2.6 2.6 2.6 2.6 2.6 2 3 Net acquisition of financial assets 264.4 185.3 225.0 240.5 192.0 242.1 329.9 197.9 334.1 146.2 239.4 3 4 5 Checkable deposits and currency Money market fund shares 6.0 -30.7 -5.5 -7.1 8.3 48.7 2.3 64.3 11.8 66.6 -8.8 57.7 26.3 66.8 -20.2 66.0 46.0 69.6 -4.3 11.9 18.4 -8.4 4 5 6 Credit market instruments 173.0 110.3 75.6 82.4 98.6 97.1 106.9 27.2 101.7 76.3 67.3 6 -7.6 6.6 8.2 -8.0 12.7 11.4 12.9 -8.0 8.8 8.4 -14.9 5.5 -5.5 -13.7 9.8 16.0 -14.6 6.4 -5.7 -14.1 11.3 28.6 -17.3 -5.4 24.2 1.1 6.7 30.7 0.6 3.9 -14.3 11.4 18.9 7 8 9 4.0 145.9 3.5 12.4 2.4 74.7 5.0 12.1 4.1 32.9 6.6 18.3 4.8 42.4 13.9 22.4 5.4 70.6 14.9 17.1 4.9 47.0 17.8 19.5 5.5 74.2 14.3 21.3 3.4 -22.1 8.5 31.5 0.9 35.1 6.8 27.0 0.5 21.1 5.9 13.5 3.5 29.3 7.3 11.0 10 11 12 13 51.5 12.8 65.9 -9.9 71.4 26.9 84.1 31.3 74.4 31.3 98.7 31.3 105.9 31.3 57.1 31.3 54.7 28.0 72.4 28.0 76.4 28.0 14 15 7 8 9 10 11 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Corporate equities Mutual fund shares 51.9 31.7 -6.0 -23.8 -90.7 -33.9 -7.3 36.5 34.1 -38.1 57.8 16 17 Net increase in liabilities 228.0 173.9 202.5 198.7 159.0 201.7 286.3 147.6 288.0 146.0 200.6 17 18 19 20 21 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -17.3 3.0 32.0 200.4 -8.0 0.4 14.9 159.3 -20.0 2.7 64.1 78.3 -30.6 14.5 33.0 115.6 -20.8 4.9 28.5 60.4 -21.6 12.6 34.1 173.5 -29.7 26.9 29.0 129.6 -50.5 13.7 40.4 99.1 -32.0 9.6 60.6 139.9 -10.1 9.2 47.1 105.0 -8.1 38.0 19.8 61.0 18 19 20 21 22 23 Taxes payable Miscellaneous liabilities 3.2 6.7 3.6 3.6 4.0 73.4 4.4 61.7 4.2 81.8 4.3 -1.3 4.4 126.1 4.6 40.4 4.7 105.2 4.8 -10.0 4.9 85.0 22 23 -35.7 -13.7 -3.0 -18.9 -9.3 -17.2 -20.9 -28.2 -27.3 15.5 -27.2 24 24 Miscellaneous assets Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.7 0.7 0.7 1 2 Fixed nonresidential investment 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 2 3 Net acquisition of financial assets 9.8 19.4 10.2 -2.6 -28.1 -109.5 21.8 105.2 -61.9 6.5 -20.8 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.1 -4.6 0.6 1.6 0.3 6.2 1.9 1.7 0.4 1.1 3.4 3.2 0.6 2.7 3.4 10.3 0.5 3.2 3.2 1.7 0.5 3.6 3.5 26.1 0.4 2.2 3.4 2.4 1.0 1.7 3.4 11.1 0.2 2.0 2.6 -4.3 -0.2 4.1 2.6 -14.4 0.2 1.8 2.0 -2.0 4 5 6 7 8 Credit market instruments -0.3 44.5 51.0 121.3 126.7 83.6 130.1 144.8 109.1 75.8 34.1 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 0.3 -4.1 11.3 2.2 3.0 18.6 3.1 14.6 10.7 -5.7 40.1 38.9 2.7 34.9 41.9 5.6 26.9 21.5 -6.3 38.0 48.1 -24.9 60.4 44.2 7.2 36.1 12.3 2.4 26.6 7.8 15.6 4.6 2.0 9 10 11 12 13 Corporate and foreign bonds Mortgages -7.7 -0.2 20.9 -0.2 22.9 -0.3 47.4 0.7 47.9 -0.7 29.1 0.5 49.2 1.0 63.3 1.8 52.5 1.0 37.9 1.1 11.0 0.8 12 13 11.2 36.1 -18.5 10.2 -118.3 41.4 -243.7 39.2 -276.0 45.2 -311.9 37.3 -239.8 46.8 -147.3 27.6 -250.9 42.3 -140.4 34.9 -121.2 36.3 14 15 -34.8 -35.2 -3.1 3.5 -26.9 -18.6 -1.9 -6.4 28.0 20.8 -2.0 9.2 63.6 29.3 4.4 29.9 67.2 42.7 -1.9 26.4 48.0 24.9 8.6 14.5 76.3 34.6 10.7 31.0 63.0 14.9 0.3 47.7 37.1 20.1 1.8 15.2 44.1 27.0 1.9 15.2 27.8 30.6 -0.9 -1.9 16 17 18 19 9.4 18.9 9.9 -3.0 -28.5 -109.8 21.5 104.9 -62.2 6.2 -21.1 20 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 20 Pension fund reserves (liabilities) (3) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 31 Z.1, December 11, 2008 F.119 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 23.8 5.4 37.3 17.3 16.7 44.6 -20.7 28.4 -38.3 11.4 3.2 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 2.5 0.6 -1.9 -3.2 -0.4 -0.1 0.1 -0.6 -2.6 -0.5 1.3 3.0 2.4 0.1 2.3 4.1 12.7 0.8 12.5 21.7 -0.1 -0.0 -0.1 -0.2 0.2 0.0 0.2 0.3 -3.3 -0.2 -3.2 -5.6 0.3 0.0 0.3 0.6 -0.3 -0.0 -0.3 -0.5 -0.3 -0.0 -0.3 -20.6 4 5 6 7 8 Credit market instruments 17.8 18.1 76.3 30.2 -8.4 18.6 61.3 49.1 8.0 -5.4 36.6 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -6.5 2.4 23.7 0.1 2.8 -0.4 4.9 -0.8 36.7 7.2 11.5 22.1 38.6 8.4 16.2 -0.4 3.9 7.6 0.6 21.1 40.6 -10.0 12.5 24.0 1.0 2.0 3.8 -1.0 -1.0 -1.8 -41.0 5.8 61.1 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -2.6 6.0 -5.3 -0.2 14.5 1.3 0.1 37.6 -2.3 -0.8 -8.1 -1.7 -3.1 -62.8 -5.6 -0.0 7.3 0.2 -0.0 -2.9 2.0 -0.1 26.1 -3.4 -1.2 2.5 -0.1 -0.0 -1.1 -0.5 4.6 6.3 -0.2 12 13 14 15 16 Corporate equities Mutual fund shares 1.9 1.5 -5.6 -5.5 -41.2 1.3 -18.9 -2.8 -21.6 -3.2 22.7 3.4 -72.0 -10.7 -4.5 -0.7 -41.8 -6.2 15.6 2.3 -14.4 -2.2 15 16 17 Miscellaneous assets 4.6 -0.6 -0.3 -0.1 2.3 0.5 -0.0 -3.2 0.5 0.0 4.5 17 23.8 5.4 37.3 17.3 16.7 44.6 -20.7 28.4 -38.3 11.4 3.2 18 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 54.7 54.7 50.4 47.8 43.4 -13.5 59.8 101.5 42.7 60.3 70.5 1 4.7 7.7 8.4 11.7 14.9 3.4 17.5 11.1 40.1 7.9 28.0 2 5.4 -0.5 -0.3 7.8 0.0 -0.0 8.3 0.0 -0.0 11.3 0.3 0.1 14.6 0.3 0.1 3.6 -0.1 -0.1 16.7 0.6 0.2 10.4 0.5 0.2 34.2 3.7 2.2 9.1 -0.6 -0.5 28.2 -0.0 -0.2 3 4 5 9.1 40.9 7.0 40.0 6.3 35.8 2.7 33.3 -0.0 28.5 10.0 -26.9 -3.8 46.0 4.8 85.6 -26.4 29.0 7.1 45.3 -12.8 55.3 6 7 54.7 54.7 50.4 47.8 43.4 -13.5 59.8 101.5 42.7 60.3 70.5 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 32 Z.1, December 11, 2008 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Net acquisition of financial assets -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 7.0 2.7 0.4 -18.7 16.2 -1.4 15.7 112.0 -10.6 7.5 23.7 48.7 50.2 -3.9 60.0 175.3 -10.9 -8.9 -4.8 -32.1 -46.1 -9.6 46.9 153.3 129.8 14.7 158.0 384.1 128.1 -11.9 39.7 195.8 67.5 -9.2 144.7 131.1 -39.4 30.3 119.6 -258.2 15.8 15.3 -120.5 317.5 2 3 4 5 -124.9 -54.1 -33.9 -61.1 21.8 2.3 -5.5 86.3 -9.6 -107.4 23.0 2.2 220.0 116.1 -5.9 -28.7 33.5 105.1 390.6 102.9 95.2 80.6 103.2 8.8 389.9 227.0 15.2 5.7 58.7 83.2 341.1 50.9 45.6 38.0 74.4 132.2 416.2 30.5 146.0 127.6 136.7 -24.6 415.4 103.0 174.1 151.0 142.9 -155.6 1242.6 245.0 375.3 434.4 73.9 114.0 69.7 -218.4 18.1 254.3 71.1 -55.5 -177.6 -486.3 608.0 221.4 -98.4 -422.3 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Net share issues (liabilities) -2.9 -10.0 15.9 68.9 129.7 6.2 99.7 40.1 0.6 -78.1 24.2 12 -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 3 Security RPs 3.2 20.5 4.0 10.1 8.7 9.7 10.6 11.5 6.2 4.9 3.4 1 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 2 18.1 2.8 17.4 -0.6 -27.9 11.4 0.0 14.1 15.1 54.6 -124.9 3 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 116.6 18.0 4.8 15.2 4.1 64.9 9.6 124.1 2.9 6.6 20.8 17.4 65.9 10.5 184.9 17.4 5.0 15.7 32.7 106.2 7.9 271.1 -0.4 18.5 66.2 27.8 139.5 19.5 286.0 -35.1 22.0 69.0 58.0 148.7 23.4 357.5 17.0 21.3 66.6 44.8 182.9 24.9 188.2 -4.2 3.3 43.4 5.0 125.3 15.4 252.9 20.6 27.4 85.9 3.4 101.2 14.3 203.4 3.4 14.0 43.8 31.8 106.8 3.6 404.3 58.9 22.5 70.6 52.9 196.5 2.9 34.9 -128.1 25.4 79.7 29.9 21.5 6.4 4 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 158.5 5.1 129.6 3.7 131.3 3.3 91.7 2.8 218.1 9.7 151.0 1.6 65.9 4.0 -68.1 -4.0 -74.4 13.3 134.3 -11.2 -116.1 0.1 11 12 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 13 3.2 20.5 4.0 10.1 8.7 9.7 10.6 11.5 6.2 4.9 3.4 14 13 Net share issues (liabilities) 14 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 Net acquisition of financial assets 32.7 20.7 8.2 17.5 52.6 23.1 2.5 -8.0 -17.2 -36.0 -73.0 1 2 3 4 5 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 11.0 2.3 -0.1 8.9 2.2 0.3 0.2 1.7 6.0 0.2 0.0 5.7 -1.2 -1.7 1.6 -1.0 -0.9 -0.8 -2.2 2.1 13.9 -2.1 -0.9 16.9 -18.0 -0.7 -5.6 -11.7 0.1 -3.4 15.1 -11.5 -20.2 -0.9 -7.6 -11.7 -17.5 -0.2 -9.9 -7.4 -32.5 -1.6 -12.3 -18.6 2 3 4 5 6 Corporate equities 21.7 18.5 2.2 18.7 53.5 9.1 20.5 -8.2 3.0 -18.5 -40.5 6 32.7 20.7 8.2 17.5 52.6 23.1 2.5 -8.0 -17.2 -36.0 -73.0 7 56.4 56.7 74.0 149.9 57.4 69.5 191.0 281.8 33.2 52.9 325.0 8 3.8 2.8 1.0 6.8 4.8 1.9 5.7 3.4 2.4 12.7 6.6 6.2 6.8 3.2 3.6 15.6 8.7 6.9 9.6 4.4 5.2 18.9 10.0 9.0 17.5 5.5 12.0 20.7 6.3 14.5 26.6 15.9 10.7 9 10 11 52.6 50.0 68.3 137.2 50.5 53.9 181.4 262.9 15.7 32.1 298.4 12 56.4 56.7 74.0 149.9 57.4 69.5 191.0 281.8 33.2 52.9 325.0 13 7 Net share issues (liabilities) Exchange-traded funds 8 Net acquisition of financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Net share issues (liabilities) 33 Z.1, December 11, 2008 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 3.8 4.2 4.0 4.7 4.1 4.3 4.9 5.5 4.2 3.6 2.9 1 2 Fixed nonresidential investment 0.6 0.6 0.7 1.2 1.0 1.1 1.2 1.4 1.4 1.4 1.4 2 3 Net acquisition of financial assets 88.5 -63.5 53.5 301.4 60.2 204.9 580.1 360.2 183.4 666.0 84.9 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 10.4 6.5 18.3 -24.5 12.1 14.1 1.8 -1.5 9.7 -2.7 12.8 25.3 -5.2 18.9 139.6 15.7 -7.1 -24.0 -4.0 42.3 -87.4 -17.4 -3.0 73.1 -10.3 -22.1 -43.7 49.0 47.6 40.2 143.3 6.0 -15.7 4 5 6 7 Credit market instruments 48.9 -69.1 46.6 239.0 -62.7 77.8 646.9 294.0 327.7 435.1 130.8 7 -0.9 -0.6 -147.8 8.0 0.2 -135.4 18.5 1.2 -38.1 -4.7 1.3 -10.1 -58.3 1.1 -62.7 49.2 1.2 -36.0 -63.7 0.9 22.3 54.0 2.0 36.1 47.8 1.4 57.4 18.2 1.4 500.1 -10.1 1.6 -67.8 8 9 10 0.3 137.4 -4.9 50.9 -3.6 17.1 -2.8 -18.4 -8.1 41.1 1.7 32.9 -3.5 -82.7 -1.2 -64.9 -3.9 -58.8 -4.3 -116.1 -2.9 -136.9 11 12 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 73.5 -0.3 -0.2 74.1 52.4 0.0 8.1 44.4 33.1 0.0 11.9 21.2 237.7 0.0 11.9 225.8 7.9 0.0 12.8 -4.9 -1.1 0.0 2.7 -3.9 734.8 0.0 12.8 722.0 209.2 0.0 19.4 189.8 225.8 0.0 37.9 188.0 -16.1 0.0 25.0 -41.0 360.7 0.0 -29.2 390.0 13 14 15 16 17 18 19 20 21 Mortgages Home Multifamily residential Farm Consumer credit (2) 7.5 -6.7 14.3 -0.0 -20.6 -40.2 -53.1 10.5 2.3 0.0 18.4 5.2 12.4 0.7 0.0 35.9 -10.9 42.3 4.5 0.0 16.3 -11.7 23.6 4.3 0.0 29.8 -7.1 32.4 4.5 0.0 38.9 7.0 27.4 4.5 0.0 58.7 -31.7 85.8 4.6 0.0 57.9 16.4 40.1 1.4 0.0 51.9 9.6 40.8 1.5 0.0 -13.7 -60.7 46.0 1.1 0.0 17 18 19 20 21 22 23 24 25 26 27 28 Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy 4.5 4.0 -3.2 27.0 -30.3 142.5 -17.8 13.6 -68.3 94.1 -179.6 22 70.9 -81.2 45.2 294.6 61.3 195.6 589.5 332.1 183.0 629.0 109.4 23 75.0 75.0 0.0 -84.0 -84.0 0.0 35.6 35.6 0.0 282.4 282.4 0.0 66.7 66.7 0.0 161.4 161.4 0.0 556.6 556.6 0.0 344.8 344.8 0.0 119.9 119.9 0.0 655.3 655.3 0.0 203.3 203.3 0.0 24 25 26 -4.1 2.8 9.6 12.2 -5.4 34.2 32.9 -12.7 63.1 -26.3 -94.0 27 -14.4 -14.2 -4.9 -3.2 4.2 -6.2 13.1 -24.0 2.4 -34.7 25.9 28 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 45.0 2.9 0.0 -0.1 163.4 3.9 0.0 -0.1 290.9 2.1 0.0 2.3 609.2 15.7 0.0 1.4 444.4 9.7 0.0 0.9 503.0 10.9 0.0 5.1 628.2 16.0 0.0 -0.2 861.1 26.3 0.0 -0.3 520.2 13.8 0.0 -0.4 659.8 13.0 0.0 -0.6 496.2 10.4 0.0 1.7 2 3 4 5 47.9 167.3 295.4 626.3 455.0 519.0 644.0 887.1 533.6 672.2 508.3 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 34 Z.1, December 11, 2008 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances Q2 Q3 Q4 Q1 2008 Q2 Q3 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 1 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 2 438.1 724.9 808.0 316.7 642.0 580.1 199.0 -154.3 -270.3 -470.7 -418.5 3 5.2 -4.4 20.2 19.7 -31.3 21.0 28.7 25.6 56.1 21.0 19.6 72.5 16.0 -2.4 66.5 23.7 -0.8 104.3 20.0 52.7 68.7 24.4 28.9 50.6 -2.8 -3.0 2.2 -11.4 -21.1 -5.2 -21.7 -24.8 16.0 4 5 6 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial 432.1 380.0 6.4 45.7 685.9 571.3 16.5 98.1 629.0 512.2 13.9 102.9 180.5 33.4 22.0 125.1 520.5 355.1 29.6 135.7 463.2 276.3 31.2 155.6 -10.9 -232.3 28.1 193.3 -250.7 -265.4 -1.0 15.6 -289.4 -266.4 -10.3 -12.7 -377.6 -344.3 -11.5 -21.8 -346.1 -312.1 -9.0 -25.0 7 8 9 10 11 12 Consumer credit Trade credit -25.3 10.2 32.5 -2.9 60.2 8.4 19.5 3.6 28.5 13.0 0.2 -10.5 85.7 -17.2 -36.5 29.0 -5.0 27.7 -2.7 -52.8 0.4 -42.4 11 12 13 Net increase in liabilities 437.3 724.3 807.5 316.2 641.5 579.6 198.5 -154.8 -270.8 -471.2 -419.0 13 14 15 Commercial paper Corporate bonds (net) (5) -4.2 441.5 147.9 576.4 162.7 644.8 -193.6 509.8 55.3 586.2 278.8 300.8 -642.1 840.6 -466.4 311.7 -131.4 -139.4 -147.0 -324.1 -124.1 -294.9 14 15 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 16 -0.7 60.7 -0.6 17.5 -0.5 2.4 -0.5 -18.5 -0.5 19.7 -0.5 -17.6 -0.5 -39.5 -0.5 -36.5 -0.4 -79.2 -0.4 -19.4 -0.4 -25.3 17 18 16 Discrepancy 17 18 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.128. (5) Net issuance less net acquisition of corporate bonds held as assets. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 73.2 58.6 73.7 65.8 67.8 69.3 62.1 64.0 71.9 67.2 61.1 1 2 Fixed nonresidential investment 37.0 40.5 40.7 41.5 40.6 41.4 41.8 42.1 42.1 42.1 41.9 2 3 Net acquisition of financial assets 178.5 99.0 34.3 19.9 108.9 45.3 77.3 -151.8 218.1 -4.2 -113.1 3 4 Checkable deposits and currency 3.5 3.7 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 Credit market instruments 214.9 117.2 89.6 12.1 39.1 2.4 66.5 -59.6 117.0 -22.9 -83.2 5 9.8 105.8 99.3 27.6 65.4 24.2 18.8 53.0 17.8 24.9 -62.5 49.7 35.0 -33.4 37.5 5.7 -54.5 51.2 40.1 -25.8 52.2 18.8 -136.4 57.9 82.7 -1.4 35.7 78.7 -115.2 13.7 18.0 -112.4 11.1 6 7 8 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other -39.9 -21.9 -55.3 7.8 69.7 42.9 10.7 -92.2 101.1 18.7 -29.9 9 189.4 63.5 48.5 26.5 68.7 90.2 83.2 -136.2 232.1 6.6 -92.7 10 134.3 33.5 34.8 34.9 1.9 30.6 129.1 -22.1 130.0 1.2 -103.6 11 30.2 74.1 30.0 -15.3 43.6 5.2 5.3 42.4 -12.9 -15.1 -2.8 52.8 7.9 -53.3 47.3 -12.5 -15.1 58.1 -42.5 96.2 75.3 -13.3 -39.1 30.3 -8.5 121.6 16.8 6.7 -60.8 55.3 -49.5 -10.2 -43.9 12 13 14 1.8 53.2 16.1 54.9 -17.7 2.0 28.0 3.7 25.5 -1.2 2.3 11.4 -0.8 26.2 -13.9 2.5 -10.9 7.1 -13.4 -4.6 2.4 64.4 -20.5 -31.1 115.9 2.5 57.2 2.9 69.7 -15.5 2.5 -48.4 25.1 -66.6 -6.9 2.6 -116.7 20.8 -25.5 -112.0 2.6 99.5 42.6 28.9 28.0 2.7 2.7 41.0 -35.0 -3.4 2.8 8.2 55.9 27.8 -75.6 15 16 17 18 19 20 Discrepancy 47.1 -17.4 47.2 30.9 -13.0 72.9 26.2 37.5 43.8 35.8 39.6 20 21 Memo: Consumer leases not included above (2) -4.9 11.2 20.6 16.9 19.0 22.4 16.6 9.7 8.1 -12.1 -13.6 21 (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table F.126. 35 Z.1, December 11, 2008 F.128 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 3.0 -18.4 -8.2 -35.4 -21.4 -27.2 -38.9 -54.2 -18.2 -13.8 -4.2 1 46.3 7.7 41.3 -0.6 28.9 4.1 36.7 -7.1 18.2 21.9 32.4 -2.8 53.3 -48.6 42.9 1.1 15.1 0.7 5.3 1.2 9.8 0.4 2 3 101.6 53.2 39.5 -27.3 84.2 -33.0 -133.3 -27.1 -64.0 4.4 -29.0 4 2.9 1.4 4.9 -1.8 12.6 -12.0 -0.5 -7.5 11.1 -5.8 16.6 5 87.5 41.1 26.0 -21.5 91.3 -31.7 -130.5 -15.1 -81.2 0.2 -51.8 6 Agency- and GSE-backed securities Corporate and foreign bonds 15.8 17.2 -4.0 16.9 24.8 11.8 23.5 -30.3 45.7 -3.6 -2.5 7.6 9.9 -107.9 40.9 -17.4 13.7 -43.4 28.1 -7.4 -24.9 -5.5 7 8 Mortgages Home Multifamily residential Commercial 54.5 51.0 0.1 3.4 28.3 24.6 0.3 3.5 -10.5 -23.7 3.2 10.0 -14.7 -24.5 0.1 9.8 49.2 25.2 2.8 21.2 -36.8 -43.7 0.8 6.1 -32.4 -39.4 -2.2 9.1 -38.6 -40.2 -1.1 2.8 -51.4 -53.0 0.1 1.4 -20.5 -19.6 -0.5 -0.3 -21.3 -18.0 -2.9 -0.4 9 10 11 12 11.2 10.6 8.6 -3.9 -19.6 10.8 -2.3 -4.6 6.1 10.0 6.2 13 151.8 89.0 61.3 24.4 99.9 14.8 -73.4 56.3 -58.0 -6.0 -17.6 14 Miscellaneous assets Net increase in liabilities 15 Security RPs 27.5 13.0 14.8 -5.6 26.1 9.2 -82.3 24.6 -7.8 7.4 -8.9 15 16 Credit market instruments 95.1 56.1 15.6 9.7 70.2 -7.1 -16.9 -7.5 -67.2 -22.3 -29.8 16 0.0 67.6 1.5 25.9 0.0 36.9 5.3 13.9 0.0 11.6 -3.1 7.0 0.0 -2.8 6.8 5.7 0.0 81.8 3.6 -15.2 0.0 -16.8 0.8 9.0 0.0 -33.3 3.4 12.9 0.0 -42.8 19.2 16.1 0.0 -94.7 7.6 19.9 0.0 -1.6 -11.7 -9.0 0.0 -41.8 7.2 4.9 17 18 19 20 21.5 7.8 16.1 3.8 22.2 8.7 17.1 3.2 22.1 -18.6 17.4 -4.8 9.1 16.7 19.8 19.4 21.1 -4.1 14.9 -5.9 11.0 10.0 21 22 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy -0.7 -23.2 -19.5 -13.4 -45.9 -9.1 16.3 -14.9 -28.0 -30.7 -3.0 23 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 60.7 0.0 59.0 -0.0 1.7 17.5 0.0 15.8 0.1 1.6 2.4 0.0 -10.2 0.2 12.3 -18.5 0.0 -20.8 -0.0 2.3 19.7 0.0 17.5 -0.0 2.2 -17.6 0.0 -26.4 -0.0 8.8 -39.5 0.0 -44.5 -0.0 5.0 -36.5 0.0 -29.7 0.0 -6.7 -79.2 0.0 -63.0 -0.0 -16.2 -19.4 0.0 -20.0 0.0 0.6 -25.3 0.0 -22.3 0.0 -3.1 24 25 26 27 28 36 Z.1, December 11, 2008 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Gross saving 20.4 21.9 22.2 38.8 26.1 42.9 45.4 40.7 29.5 26.9 23.5 1 2 Fixed nonresidential investment 12.5 12.2 15.8 17.2 16.7 17.1 17.4 17.7 17.7 17.7 17.7 2 3 Net acquisition of financial assets 231.9 282.2 614.7 350.3 1158.1 826.0 41.9 -624.9 661.1 -912.6 12.6 3 4 Checkable deposits and currency 15.7 -6.4 24.0 24.5 5.5 31.9 -14.1 74.7 69.6 -27.1 173.9 4 5 6 7 8 9 10 11 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances -29.2 -1.3 -82.4 23.5 7.1 18.7 5.2 82.3 12.2 -20.0 -6.3 10.9 77.7 7.7 106.2 4.1 -2.4 37.0 8.0 44.8 14.7 219.7 22.8 7.1 152.2 -0.7 25.9 12.5 246.1 51.3 -26.8 39.0 -9.8 177.4 15.1 -89.6 11.0 -107.4 -100.6 22.2 69.3 16.0 395.1 24.6 33.2 368.1 -35.3 -5.4 9.9 327.3 4.3 129.3 302.2 20.0 -137.7 9.2 122.6 81.5 23.1 31.5 63.8 -79.6 2.3 -400.2 -18.3 11.0 52.5 -57.1 -390.2 1.8 411.4 191.6 247.3 155.4 40.4 -227.5 4.1 5 6 7 8 9 10 11 12 13 14 Corporate equities Security credit Miscellaneous assets 15.2 81.5 148.6 20.1 -31.6 217.7 -0.2 59.7 425.1 25.4 33.4 47.3 52.8 -52.5 906.3 30.8 220.3 632.7 -24.9 -150.0 -164.1 42.8 116.1 -1185.9 -91.4 159.2 401.2 49.2 -295.4 -239.0 -35.4 436.4 -973.8 12 13 14 230.9 282.9 597.5 393.9 1167.8 812.4 76.7 -481.1 804.1 -823.3 81.2 15 15 Net increase in liabilities 16 Security RPs (net) 36.5 206.7 338.3 75.5 658.5 -40.0 293.5 -610.1 247.1 -920.2 -700.7 16 17 18 19 Credit market instruments Corporate bonds Bank loans n.e.c. (1) 15.2 15.2 0.0 0.1 0.1 0.0 6.4 6.4 0.0 -4.0 -4.0 0.0 59.5 59.5 0.0 39.9 39.9 0.0 -29.4 -29.4 0.0 -85.9 -85.9 0.0 221.3 62.3 159.0 -136.8 16.4 -153.2 750.4 -30.2 780.6 17 18 19 20 21 22 23 24 25 Corporate equity issues Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 2.6 7.8 97.9 103.0 -5.1 0.4 3.3 7.0 31.8 -3.0 34.8 -0.1 -7.6 5.2 151.8 80.4 71.5 0.7 32.3 -2.4 243.0 210.8 32.3 -0.6 29.3 13.5 161.2 137.9 23.3 3.0 2.9 55.3 160.4 220.7 -60.3 -0.3 28.0 -13.4 134.8 50.0 84.8 -0.1 69.0 -65.1 515.8 434.4 81.4 -5.1 122.6 -9.4 273.8 472.4 -198.6 -0.6 109.6 -17.6 -13.6 30.2 -43.8 2.3 34.5 -19.0 -184.0 -20.9 -163.1 -0.3 20 21 22 23 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 73.7 6.0 37.0 30.7 44.1 15.3 136.3 -107.4 107.1 4.1 126.7 -23.7 44.0 6.7 95.3 -58.0 233.3 5.7 -76.8 304.5 599.1 0.8 -53.1 651.4 -337.4 -2.2 403.3 -738.5 -319.1 22.6 107.7 -449.4 -65.9 5.0 -50.6 -20.3 151.1 2.5 287.9 -139.3 190.5 -1.0 544.3 -352.8 26 27 28 29 30 Proprietors’ net investment -3.3 -10.1 -4.4 6.2 9.7 -4.8 0.7 19.5 15.0 1.9 9.8 30 6.9 10.5 -10.8 65.2 19.1 12.2 62.7 166.9 154.7 98.5 74.4 31 863.5 1 31 Discrepancy (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 18.9 226.7 142.3 400.5 297.1 91.0 994.6 219.3 1017.2 468.7 2 Money market fund shares -87.3 35.0 0.7 269.6 205.6 17.0 542.0 313.6 714.2 -122.3 -8.1 2 3 4 5 6 Credit market instruments Open market paper Corporate and foreign bonds Other loans and advances 46.6 61.5 -14.5 -0.3 48.6 74.4 -29.4 3.6 38.0 39.0 -7.1 6.1 -64.0 -179.2 109.6 5.6 -42.7 -86.3 36.8 6.8 93.1 127.0 -41.0 7.2 129.7 -378.2 503.5 4.4 -435.9 -379.3 -60.8 4.1 321.5 -68.4 388.9 1.0 421.2 -48.7 469.1 0.8 586.0 -104.7 688.8 1.8 3 4 5 6 7 8 9 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 59.6 33.0 26.5 143.1 21.0 122.1 103.6 8.6 95.0 194.9 43.7 151.3 134.2 135.0 -0.8 -19.0 38.6 -57.7 323.0 -61.8 384.8 341.6 62.9 278.7 -18.5 -2.3 -16.3 169.7 -12.6 182.3 285.6 -178.7 464.3 7 8 9 18.9 226.7 142.3 400.5 297.1 91.0 994.6 219.3 1017.2 468.7 863.5 10 -2.2 -14.4 12.2 0.0 105.6 78.0 27.6 0.0 29.9 8.2 21.6 0.0 109.0 57.5 51.5 0.0 98.8 111.4 -12.5 0.0 10.0 9.8 0.2 0.0 128.4 31.8 96.5 0.0 198.8 76.9 121.9 0.0 -119.0 -90.3 -28.7 0.0 -15.8 -148.4 17.3 115.3 158.1 -150.7 63.9 245.0 11 12 13 14 21.1 61.4 86.9 -127.2 121.1 41.2 174.9 -94.9 112.4 79.8 302.6 -270.0 291.5 91.5 -2.1 202.0 198.3 42.1 539.3 -383.2 81.1 -21.9 237.4 -134.5 866.2 199.0 -85.5 752.7 20.5 146.9 -699.5 573.0 1136.1 101.4 515.4 519.3 484.5 186.4 -38.2 336.4 705.4 129.3 -924.9 1501.0 15 16 17 18 10 Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) 15 16 17 18 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. (3) Loans extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. and to American International Group (AIG). 37 Z.1, December 11, 2008 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority Q2 Q3 Q4 Q1 2008 Q2 Q3 -2.8 -14.1 -2.4 0.1 0.3 -0.1 0.2 0.1 1.1 5.1 -0.8 1 0.4 -4.5 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 2 0.4 0.0 -4.5 -0.0 0.2 -0.0 0.2 0.0 0.2 0.0 0.2 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.1 0.0 3 4 -3.2 -9.6 -2.6 -0.0 0.1 -0.3 0.1 -0.1 1.0 5.0 -0.8 5 0.6 0.3 0.3 0.6 0.3 0.3 0.7 0.4 0.4 1.0 0.5 0.5 1.0 0.5 0.5 0.9 0.5 0.5 1.0 0.5 0.5 1.1 0.5 0.5 1.4 0.7 0.7 1.2 0.6 0.6 1.1 0.6 0.6 6 7 8 -3.8 -3.8 0.0 -10.2 -10.2 0.0 -3.3 -3.3 0.0 -1.0 -1.0 0.0 -0.8 -0.8 0.0 -1.2 -1.2 0.0 -0.9 -0.9 0.0 -1.1 -1.1 0.0 -0.4 -0.4 0.0 3.8 3.8 0.0 -1.9 -1.9 0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. (2) Treasury gold stock. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 0.7 1.0 0.8 0.1 0.6 1.7 0.7 0.5 0.4 0.7 1.3 0.6 1.4 0.5 -0.4 0.2 -0.9 -0.0 -0.5 -0.0 -1.2 -0.0 3 4 5 Discrepancy (seigniorage) -0.3 0.7 -1.1 0.2 -0.3 0.7 0.9 -0.6 -0.9 -0.5 -1.2 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 89.9 40.8 88.0 216.7 290.4 370.6 232.3 -26.5 -375.6 -271.7 -143.6 1 5.4 15.6 7.0 2.4 6.9 16.2 5.3 -10.9 -10.6 13.0 -0.6 50.2 17.4 -17.5 -10.9 22.2 40.7 -46.1 13.9 3.1 129.8 -1.6 -28.8 128.1 -22.5 -7.6 67.5 -16.3 -2.4 -39.4 -38.6 -17.8 15.8 2 3 4 61.9 15.3 104.2 154.1 301.4 353.8 85.5 -124.1 -413.0 -213.6 -103.0 5 38 Z.1, December 11, 2008 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Q3 Q4 Q1 2008 Q2 Q3 19.4 -12.4 -11.2 -64.7 -446.1 26.9 181.1 -20.6 -195.8 124.4 1676.6 1 2 3 4 Monetary authority Depository institution reserves Vault cash -5.4 1.0 -6.4 3.6 -5.0 8.6 1.3 -0.3 1.6 5.4 2.1 3.3 -12.5 -7.7 -4.7 -4.0 -3.1 -1.0 29.4 24.6 4.7 8.5 -5.6 14.1 7.1 8.0 -0.9 29.6 39.2 -9.6 779.4 755.6 23.8 2 3 4 5 6 Commercial banking To monetary authority 24.9 1.2 -16.0 -0.0 -12.5 -1.2 -70.0 48.9 -433.7 -2.3 31.0 -1.0 151.7 2.3 -29.2 196.5 -202.9 248.5 94.8 251.3 897.2 514.7 5 6 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 7 7 Net change in liabilities Q2 To banks in foreign countries 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 14.0 60.7 33.8 -26.8 -24.7 3.5 20.2 16.8 -9.1 111.4 98.8 -12.6 -114.1 83.3 77.8 -5.5 -497.6 -171.3 -53.2 118.1 106.8 215.8 203.4 -12.4 143.5 256.8 92.6 -164.1 -209.2 31.9 68.4 36.6 -438.8 -121.0 30.2 151.2 -143.0 231.5 -227.1 -458.6 439.2 -109.5 189.8 299.3 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -72.2 77.0 149.2 -8.6 59.6 68.2 -79.2 190.6 269.8 -155.2 15.7 170.9 -302.8 -12.8 290.0 -50.9 -0.6 50.4 -32.9 -81.2 -48.4 -234.2 157.3 391.5 -244.0 -73.6 170.4 -282.9 -203.6 79.2 442.3 10.8 -431.5 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 25.6 19.8 -5.8 -19.6 9.2 28.9 -41.3 -22.6 18.7 -42.2 31.9 74.1 -23.4 10.3 33.8 -58.0 11.5 69.5 -80.4 29.2 109.6 -6.8 76.6 83.5 -73.8 14.5 88.3 -91.6 22.7 114.4 106.4 -67.3 -173.7 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 5.2 4.9 0.3 -12.4 -12.6 0.2 0.3 0.9 -0.6 6.6 6.0 0.6 -3.2 -4.4 1.3 25.9 25.4 0.5 -3.5 -4.2 0.7 6.9 7.1 -0.2 15.1 8.6 6.5 -12.5 -7.0 -5.5 -3.7 -2.8 -1.0 18 19 20 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 21 33.0 33.6 18.4 0.2 14.9 0.5 -11.2 -7.1 -0.4 -3.7 -36.6 12.8 14.8 -0.1 -1.9 34.5 16.5 15.4 -0.7 1.7 20.0 65.4 4.1 -1.7 63.0 1.4 31.8 79.8 0.8 -48.9 107.6 30.9 31.0 -2.5 2.5 9.0 -62.1 -53.1 0.7 -9.6 -32.6 65.6 64.3 -1.3 2.6 -37.4 -136.1 -109.9 -0.2 -26.0 -61.1 -13.9 46.3 0.2 -60.4 22 23 24 25 26 24.2 -23.6 -4.3 -7.4 22.1 27.3 -6.3 -11.7 53.0 -7.6 -10.5 40.9 -63.6 -13.0 -4.1 -67.0 127.5 -29.2 -152.1 53.4 -63.9 111.1 27 28 5.7 24.2 18.4 2.8 -4.3 -7.1 7.3 22.1 14.8 -21.8 -6.3 15.4 48.9 53.0 4.1 -90.4 -10.5 79.8 -94.6 -63.6 31.0 49.0 -4.1 -53.1 63.1 127.5 64.3 -42.1 -152.1 -109.9 -110.3 -63.9 46.3 29 30 31 -23.8 -23.6 0.2 -6.9 -7.4 -0.4 27.4 27.3 -0.1 -11.0 -11.7 -0.7 -5.9 -7.6 -1.7 40.0 40.9 0.8 -10.5 -13.0 -2.5 -67.6 -67.0 0.7 -28.0 -29.2 -1.3 53.6 53.4 -0.2 110.9 111.1 0.2 32 33 34 4.6 -8.8 -9.3 -66.4 -509.2 75.8 178.6 -11.0 -198.4 150.4 1737.1 35 8.8 -12.3 -9.4 -120.7 -494.4 80.9 146.9 -216.1 -453.9 -130.5 443.0 36 -4.2 3.5 0.1 54.2 -14.8 -5.0 31.7 205.1 255.5 280.9 1294.1 37 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 1.2 1.2 -0.0 -0.0 -0.0 0.0 -1.2 -1.2 -0.0 48.9 0.3 48.6 -2.3 -2.1 -0.2 -1.0 -1.7 0.7 2.3 2.3 -0.0 196.5 2.8 193.7 248.5 -2.1 250.6 251.3 -0.3 251.6 514.7 -1.3 516.0 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash -5.3 1.1 -6.4 4.1 -4.5 8.6 2.0 0.4 1.6 4.8 1.5 3.3 -12.6 -7.8 -4.7 -5.1 -4.1 -1.0 28.7 23.9 4.7 8.1 -6.0 14.1 6.4 7.3 -0.9 29.3 38.9 -9.6 776.7 752.8 23.8 41 42 43 -0.1 -0.5 -0.7 0.6 0.1 1.1 0.7 0.4 0.7 0.3 2.7 44 14.9 -3.7 -1.9 1.7 63.0 -48.9 2.5 -9.6 2.6 -26.0 -60.4 45 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 39 Z.1, December 11, 2008 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Q3 Q4 Q1 2008 Q2 Q3 85.4 4.4 -19.9 30.3 58.0 -80.8 125.0 19.0 44.6 -23.2 1725.1 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 37.7 0.1 0.6 -0.1 37.1 30.0 -1.4 0.9 -0.0 30.6 23.5 0.2 -1.2 0.0 24.5 17.8 11.4 0.9 -0.0 5.5 1.4 -2.0 -2.9 -0.1 6.4 18.6 2.5 -0.0 0.4 15.7 18.6 3.6 0.0 -0.2 15.2 32.5 41.6 6.4 -0.1 -15.4 -41.9 -42.1 -6.4 0.0 6.5 39.1 -0.9 0.2 0.5 39.4 1467.3 1309.9 104.2 -0.6 53.7 2 3 4 5 6 7 8 9 10 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 39.5 -3.2 9.2 33.6 -36.4 7.0 6.4 -49.8 -35.9 -5.9 9.2 -39.2 11.6 14.9 5.0 -8.3 28.6 -25.1 4.7 49.0 -90.8 -11.8 16.9 -95.9 120.2 181.0 -11.7 -49.1 -11.7 -84.6 10.3 62.7 59.0 71.0 8.2 -20.2 -74.4 -56.4 -13.4 -4.6 321.5 -54.1 37.2 338.4 7 8 9 10 11 12 Savings institutions Credit unions 0.5 7.6 3.8 7.0 0.9 -8.5 -0.2 1.1 13.8 14.1 -0.5 -8.0 0.6 -14.4 -14.6 12.7 7.2 20.3 19.2 -7.1 -51.6 -12.0 11 12 13 Net change in assets 85.4 4.4 -19.9 30.3 58.0 -80.8 125.0 19.0 44.6 -23.2 1725.1 13 14 Household sector -33.0 -126.1 -35.0 -124.9 100.3 -277.4 -265.7 -56.7 -180.5 117.4 182.6 14 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate Farm 74.8 -12.5 86.3 1.0 138.6 74.0 63.9 0.7 -52.3 -112.9 58.6 2.1 105.2 48.3 55.2 1.8 -33.1 -67.3 32.4 1.7 191.6 149.2 40.7 1.7 152.5 70.3 80.4 1.8 109.8 40.8 67.2 1.8 39.7 1.3 37.2 1.2 -90.6 -108.3 16.6 1.2 -151.2 -153.1 0.7 1.2 15 16 17 18 19 20 State and local governments Federal government -6.2 -31.0 10.3 12.2 6.0 -2.7 -1.5 25.1 -23.4 -45.3 -12.2 -2.9 12.2 184.7 17.3 -36.0 -16.1 9.3 15.3 -48.1 11.4 1257.1 19 20 21 22 23 Rest of the world Checkable deposits Currency 22.4 9.1 13.3 14.9 6.4 8.4 11.4 9.2 2.2 -5.6 5.0 -10.7 -20.0 4.6 -24.7 10.8 17.3 -6.5 -9.3 -11.9 2.6 -4.0 10.2 -14.1 4.5 8.2 -3.7 -12.1 -13.0 0.9 60.0 36.6 23.4 21 22 23 24 Financial sectors 31.3 -37.9 56.0 31.9 56.3 20.5 47.3 3.4 155.4 11.2 360.0 24 2 3 4 5 6 Net change in liabilities Q2 25 26 27 Commercial banking Savings institutions Credit unions 1.0 -3.5 -1.4 -0.5 2.4 -2.0 -0.1 -3.3 6.2 -0.6 -0.5 -1.1 -0.8 -4.8 25.7 -2.2 -0.3 0.5 3.1 0.5 -27.9 -2.4 2.7 -2.5 -0.1 15.1 36.1 0.2 -7.2 -18.2 -0.1 -1.0 -33.5 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -8.7 6.0 0.1 2.5 -4.8 -5.5 0.3 -0.4 8.9 8.3 0.4 -2.6 12.8 2.3 0.6 2.4 7.2 11.8 0.5 12.7 5.1 -8.8 0.5 -0.1 48.8 26.3 0.4 0.2 -10.0 -20.2 1.0 -3.3 -3.4 46.0 0.2 0.3 -5.0 -4.3 -0.2 -0.3 27.2 18.4 0.2 -0.3 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 2.7 10.4 3.5 2.9 15.7 -1.4 -24.5 3.7 1.4 -6.4 7.5 1.8 -0.0 4.9 24.0 -3.9 -2.7 0.0 -1.8 24.5 -8.9 -5.2 0.0 12.6 5.5 -9.6 15.7 0.0 -12.0 31.9 14.7 -4.0 0.0 -0.5 -14.1 -11.9 -17.4 0.0 -7.5 74.7 -9.2 -10.3 0.0 11.1 69.6 30.3 49.0 0.0 -5.8 -27.1 15.3 143.3 0.0 16.6 173.9 32 33 34 35 36 27.1 -7.5 -3.5 0.1 23.4 -11.3 3.3 -14.9 32.2 -16.4 5.1 37 37 Mail float 40 Z.1, December 11, 2008 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 2 Net change in liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2008 Q2 Q3 534.4 598.9 608.2 606.0 667.7 385.0 727.1 644.1 809.5 102.0 356.5 1 281.6 314.4 347.0 286.4 356.4 295.2 228.5 265.4 450.4 267.2 516.0 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 280.6 279.7 -0.7 1.6 268.3 262.9 0.5 4.9 287.6 277.8 8.6 1.2 263.7 255.0 6.9 1.8 257.8 249.8 7.8 0.3 225.1 211.9 10.0 3.2 244.9 231.7 8.3 4.9 327.2 326.9 1.5 -1.2 365.6 342.4 24.4 -1.2 85.1 90.7 -8.7 3.1 897.7 921.7 -29.4 5.4 3 4 5 6 7 8 Savings institutions Credit unions -14.4 15.5 34.0 12.1 28.9 30.5 -3.1 25.8 77.2 21.4 30.2 39.9 -37.9 21.5 -82.1 20.2 44.3 40.5 125.3 56.7 -407.7 26.0 7 8 9 Large time deposits (1) 252.9 284.4 261.2 319.6 311.3 89.8 498.6 378.8 359.0 -165.2 -159.6 9 192.5 115.6 75.4 1.6 243.1 166.8 71.4 4.9 264.0 129.9 132.8 1.2 298.3 23.1 273.4 1.8 93.6 -276.6 370.0 0.3 86.7 -53.5 137.0 3.2 490.9 122.3 363.7 4.9 521.8 300.1 222.9 -1.2 307.9 123.8 185.2 -1.2 -90.8 -211.4 117.6 3.1 229.9 410.0 -185.5 5.4 10 11 12 13 54.0 6.4 38.8 2.5 -5.2 2.5 16.5 4.8 205.5 12.2 -3.5 6.5 3.1 4.5 -139.2 -3.8 32.7 18.5 -79.0 4.6 -366.3 -23.2 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets 534.4 598.9 608.2 606.0 667.7 385.0 727.1 644.1 809.5 102.0 356.5 16 17 Household sector 444.1 468.0 468.8 430.5 796.6 164.1 358.2 403.3 339.4 -2.5 248.9 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 41.8 37.7 4.1 83.5 49.9 33.6 79.6 48.2 31.4 15.5 -54.9 70.4 -181.3 -233.9 52.6 59.0 -1.9 60.9 104.1 3.4 100.7 80.3 12.8 67.4 141.7 88.3 53.4 71.3 34.6 36.6 166.8 142.0 24.8 18 19 20 21 22 23 State and local governments Federal government Rest of the world 11.6 -0.0 34.1 12.8 -1.0 6.7 26.2 0.2 11.5 36.2 1.2 43.8 25.5 -0.4 19.5 23.0 -0.5 96.4 41.3 -0.3 8.5 54.8 6.0 50.8 13.3 3.8 163.6 1.2 -8.0 -148.9 4.5 4.3 49.7 21 22 23 24 Financial sectors 2.9 28.9 21.9 78.8 7.9 42.9 215.3 49.0 147.7 188.9 -117.7 24 25 26 Savings institutions Credit unions 0.6 -0.7 -0.5 -4.5 3.9 -4.9 3.3 -0.0 -6.4 -3.7 -1.9 1.4 13.0 -0.3 8.3 2.5 1.4 21.7 5.8 11.8 1.1 -6.1 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises -4.6 0.6 0.4 6.5 6.2 -0.1 15.7 12.1 1.1 -0.5 23.7 -1.5 2.7 0.1 60.0 12.8 3.2 0.8 -4.8 18.9 3.6 -0.0 46.9 -7.1 2.2 0.0 158.0 42.3 1.7 -0.2 39.7 -3.0 2.0 0.0 144.7 -22.1 4.1 -0.0 119.6 47.6 1.8 -0.0 -120.5 6.0 27 28 29 30 74.7 1 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 2 Net purchases 3 4 5 6 7 8 9 10 11 -136.5 127.0 305.3 741.0 462.8 491.8 1202.4 807.2 1577.2 -156.2 74.7 2 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world -56.1 25.3 5.6 3.9 4.1 45.2 42.1 4.8 5.1 0.1 168.2 67.0 6.6 6.8 2.6 239.0 133.1 17.3 4.9 7.2 146.9 6.2 11.1 4.4 6.3 318.1 70.0 12.8 6.6 6.3 271.4 274.6 31.0 4.9 8.2 219.4 181.8 14.2 3.9 8.2 609.9 163.9 9.5 -1.1 8.2 -130.3 69.6 5.6 -1.2 8.2 105.4 -27.9 2.7 1.1 8.2 3 4 5 6 7 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations -30.7 0.6 -1.9 -87.3 -7.1 1.9 0.1 35.0 48.7 3.4 1.3 0.7 64.3 3.4 2.3 269.6 66.6 3.2 12.5 205.6 57.7 3.5 -0.1 17.0 66.8 3.4 0.2 542.0 66.0 3.4 -3.2 313.6 69.6 2.6 0.3 714.2 11.9 2.6 -0.3 -122.3 -8.4 2.0 -0.3 -8.1 8 9 10 11 41 Z.1, December 11, 2008 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 86.9 306.1 407.1 17.3 785.4 168.0 -121.7 -762.7 -67.0 -1047.5 -968.7 1 2 3 4 5 6 Monetary authority Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 5.1 13.1 14.6 -0.2 -1.3 -0.3 90.3 57.0 33.4 -0.2 -0.9 70.5 21.4 49.0 0.1 14.4 -49.7 -36.1 -13.6 0.1 30.7 101.4 63.2 38.7 -0.5 -19.7 184.6 214.7 -30.5 0.3 13.4 -284.7 -268.2 -17.0 0.5 33.2 -199.9 -154.2 -45.7 -0.1 0.5 -253.7 -225.8 -27.1 -0.8 -1.1 -138.7 -63.2 -74.7 -0.8 136.5 -394.0 -318.7 -73.0 -2.2 2 3 4 5 6 7 8 9 Savings institutions REITs Brokers and dealers (net) 4.7 27.5 36.5 -3.6 13.0 206.7 -15.5 14.8 338.3 -17.3 -5.6 75.5 -31.3 26.1 658.5 33.9 9.2 -40.0 -61.5 -82.3 293.5 -10.4 24.6 -610.1 -53.0 -7.8 247.1 5.1 7.4 -920.2 -1.6 -8.9 -700.7 7 8 9 228.0 218.5 204.6 313.9 829.2 164.5 174.0 87.9 236.2 -556.0 -469.5 10 10 Net change in liabilities 2005 Net change in assets 11 12 13 Nonfinancial corporate business State and local governments Rest of the world 0.4 7.7 204.9 8.1 10.0 48.2 1.0 13.5 109.4 -7.2 9.7 78.8 -6.0 8.6 640.3 -20.8 12.9 108.0 -4.0 9.7 -265.9 2.1 7.6 -167.3 -11.7 -2.2 -17.8 3.9 -21.3 -463.4 -13.0 -87.9 -367.9 11 12 13 14 15 16 17 Financial sectors Monetary authority Savings institutions Credit unions (net) 15.0 -10.8 -3.2 2.6 152.1 13.8 -0.1 2.6 80.7 -6.0 9.3 -1.6 232.6 5.8 27.3 -2.6 186.2 19.1 54.2 10.0 64.4 -48.4 -13.8 -3.0 434.2 98.8 58.2 -8.5 245.4 -46.5 10.6 -8.8 267.9 163.6 -25.9 -7.4 -75.2 135.4 -28.7 2.6 -0.7 -99.3 -13.3 -22.3 14 15 16 17 10.2 1.6 -3.2 -18.7 18.1 18.3 5.9 1.7 -0.6 112.0 2.8 14.1 -2.9 3.2 3.0 48.7 17.4 9.7 -12.2 10.3 4.1 175.3 -0.6 25.3 0.0 1.7 21.7 -32.1 -27.9 139.6 -37.0 26.1 -0.2 153.3 11.4 -24.0 -13.6 2.4 0.3 384.1 0.0 -87.4 1.6 11.1 -5.6 195.8 14.1 73.1 38.7 -4.3 0.6 131.1 15.1 -43.7 -6.1 -14.4 -0.5 -258.2 54.6 40.2 -20.2 -2.0 -20.6 317.5 -124.9 -15.7 18 19 20 21 22 23 -141.1 87.6 202.5 -296.6 -43.8 3.5 -295.7 -850.6 -303.2 -491.5 -499.2 24 18 19 20 21 22 23 24 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 Total net issues, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 106.2 245.1 317.1 -169.4 188.7 357.3 -832.1 -391.5 34.6 -256.0 -580.3 1 106.5 245.1 317.4 -169.4 189.1 357.2 -831.5 -392.4 35.2 -255.8 -580.3 2 15.3 68.7 -2.2 71.0 -7.7 38.2 15.7 22.5 22.4 97.1 -1.9 99.1 11.3 -67.4 2.0 -69.3 18.9 -19.8 -3.0 -16.8 40.9 22.4 31.8 -9.4 -30.6 -193.8 2.4 -196.2 16.0 -78.3 -23.4 -54.9 54.6 214.6 -11.1 225.6 -65.6 40.2 31.5 8.7 74.5 -272.6 12.3 -284.9 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 22.4 10.8 -4.2 30.2 0.0 -14.4 214.6 4.0 147.9 -15.3 0.0 78.0 197.9 21.7 162.7 5.3 0.0 8.2 -113.4 37.9 -193.6 -15.1 0.0 57.5 189.9 15.3 55.3 7.9 0.0 111.4 293.9 17.7 278.8 -12.5 0.0 9.8 -607.1 45.6 -642.1 -42.5 0.0 31.8 -330.1 72.8 -466.4 -13.3 0.0 76.9 -233.9 -3.8 -131.4 -8.5 0.0 -90.3 -230.4 58.3 -147.0 6.7 0.0 -148.4 -382.2 -57.9 -124.1 -49.5 0.0 -150.7 7 8 9 10 11 12 13 Bankers acceptances (1) -0.3 0.0 -0.3 0.0 -0.3 0.1 -0.6 0.9 -0.6 -0.1 0.0 13 14 Net purchases, by sector 106.2 245.1 317.1 -169.4 188.7 357.3 -832.1 -391.5 34.6 -256.0 -580.3 14 30.2 19.3 10.1 37.0 28.1 16.0 13.1 9.9 23.4 12.0 17.6 48.0 -38.0 -64.1 -7.3 -10.7 14.1 -12.3 11.3 38.7 26.8 11.9 16.9 24.7 -122.0 -197.0 -27.3 -80.6 -70.7 -59.0 -30.0 -25.7 -108.9 -164.0 -66.9 23.6 -118.9 -16.4 -17.8 81.2 -134.6 -6.7 -77.2 -194.2 15 16 17 18 0.0 0.0 0.0 0.1 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 -0.5 0.0 0.0 0.0 2.5 0.0 0.0 0.0 0.6 0.0 0.0 0.0 -2.8 0.0 0.0 0.0 -2.5 0.0 0.0 0.0 9.3 0.0 0.0 0.0 -8.0 0.0 412.6 0.0 -3.0 19 20 21 22 -7.6 0.3 -6.5 -8.0 2.2 0.1 12.9 3.1 4.9 8.4 -5.7 7.2 -5.5 2.7 38.6 16.0 5.6 -0.4 -5.7 -6.3 0.6 28.6 -24.9 -10.0 24.2 7.2 1.0 30.7 2.4 -1.0 -14.3 15.6 -41.0 23 24 25 -54.1 18.0 -0.9 -1.3 61.5 86.3 2.9 8.0 12.2 74.4 116.1 17.4 18.5 4.1 39.0 102.9 -0.4 -4.7 22.8 -179.2 227.0 -35.1 -58.3 51.3 -86.3 50.9 17.0 49.2 11.0 127.0 30.5 -4.2 -63.7 24.6 -378.2 103.0 20.6 54.0 4.3 -379.3 245.0 3.4 47.8 81.5 -68.4 -218.4 58.9 18.2 -18.3 -48.7 -486.3 -128.1 -10.1 191.6 -104.7 26 27 28 29 30 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks’ holdings of own acceptances. 42 Z.1, December 11, 2008 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Q3 Q4 Q1 2008 Q2 Q3 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 1 0.6 361.9 0.7 306.6 -2.7 186.4 -6.0 243.4 -8.2 277.3 -6.1 20.8 -4.5 403.2 -5.0 272.4 -4.2 415.6 -1.1 311.3 -1.3 2081.6 2 3 362.5 307.3 183.7 237.5 269.1 14.6 398.6 267.5 411.4 310.1 2080.2 4 Household sector Savings bonds Other Treasury issues 27.0 0.6 26.4 -98.4 0.7 -99.1 -79.4 -2.7 -76.7 -159.1 -6.0 -153.1 -243.5 -8.2 -235.2 58.1 -6.1 64.3 -61.2 -4.5 -56.6 -389.8 -5.0 -384.8 10.3 -4.2 14.5 250.8 -1.1 251.9 141.4 -1.3 142.7 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 0.3 5.3 24.9 17.6 6.0 92.3 -6.4 0.2 35.5 5.0 9.6 14.5 29.9 7.7 68.4 -32.0 9.0 39.5 30.9 11.9 -9.3 -9.1 9.9 -40.5 -50.0 6.7 -36.8 11.9 3.9 -28.8 15.0 1.9 83.2 8 9 10 11 12 Rest of the world Monetary authority 366.9 51.2 245.1 26.4 150.4 34.7 215.7 -38.3 332.9 26.9 -47.6 32.9 166.4 -43.7 411.1 -169.4 607.6 -575.7 496.8 -457.4 818.6 -11.7 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -24.5 -19.2 -5.9 -0.8 1.4 -10.7 -10.1 0.2 -0.9 0.1 -1.9 -2.2 -0.8 1.4 -0.2 17.3 11.1 3.5 4.6 -1.9 12.8 4.4 17.6 -7.0 -2.2 -36.4 -4.7 -32.0 0.3 0.1 47.8 24.7 27.4 -0.5 -3.8 45.0 20.0 1.1 25.5 -1.5 -31.3 -64.5 37.9 -3.0 -1.7 -47.9 -57.7 -11.5 22.1 -0.8 91.1 107.5 -23.6 7.2 -0.1 13 14 15 16 17 18 19 Savings institutions Credit unions -3.9 0.1 4.0 -1.1 0.1 -0.3 -5.4 3.0 -19.2 -1.7 -1.0 1.0 2.4 5.2 -4.0 7.5 -3.9 -3.4 -4.3 2.7 0.7 0.2 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 6.6 6.6 -4.1 2.4 5.4 -2.0 12.7 3.0 2.8 7.8 6.6 -8.0 14.6 -0.8 8.3 -20.7 -14.9 40.1 11.5 11.3 -19.3 -13.7 34.9 8.4 14.6 -19.9 -14.6 26.9 3.9 3.6 -20.6 -14.1 38.0 21.1 16.7 -23.1 -17.3 60.4 12.5 10.4 -0.9 1.1 36.1 2.0 34.2 -0.6 0.6 26.6 -1.0 9.1 14.9 11.4 4.6 5.8 28.2 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers -33.9 4.8 2.3 2.8 -0.6 5.2 -82.4 -9.6 6.6 0.3 4.8 0.2 19.7 -20.0 -5.9 5.0 0.2 3.4 1.2 28.7 -2.4 95.2 18.5 -1.7 6.6 1.3 21.0 7.1 15.2 22.0 -0.8 3.2 1.1 16.0 -26.8 45.6 21.3 -2.1 8.7 1.2 23.7 -107.4 146.0 3.3 -0.7 4.4 0.9 20.0 33.2 174.1 27.4 -3.4 10.0 2.0 24.4 129.3 375.3 14.0 -0.9 5.5 1.4 -2.8 23.1 18.1 22.5 -0.2 6.3 1.4 -11.4 11.0 608.0 25.4 -1.6 15.9 1.6 -21.7 247.3 25 26 27 28 29 30 31 361.9 306.9 183.4 237.1 267.8 14.5 397.8 268.2 412.7 310.4 2078.5 32 2 3 4 5 6 7 Net issues Q2 Savings bonds Other Treasury issues Net purchases Memo: 32 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 43 Z.1, December 11, 2008 F.210 Agency- and GSE-backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments 9 10 11 Federal government Rest of the world Monetary authority 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 17 18 Savings institutions Credit unions 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 27 28 29 ABS issuers REITs Brokers and dealers 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 122.3 82.8 330.6 908.3 520.4 680.3 1199.8 1232.7 654.8 1327.8 710.0 1 -0.6 75.0 47.9 -0.4 -84.0 167.3 -0.3 35.6 295.4 -0.4 282.4 626.3 -1.3 66.7 455.0 -0.1 161.4 519.0 -0.8 556.6 644.0 0.7 344.8 887.1 1.3 119.9 533.6 0.3 655.3 672.2 -1.7 203.3 508.3 2 3 4 122.3 82.8 330.6 908.3 520.4 680.3 1199.8 1232.7 654.8 1327.8 710.0 5 29.8 0.1 21.9 98.2 6.5 28.4 -33.5 -2.4 38.3 329.5 1.8 14.6 156.0 11.1 24.5 263.8 -11.8 36.8 465.2 11.4 7.6 432.9 -3.4 -10.3 -59.6 -18.5 -6.3 -77.1 4.4 -11.9 474.7 5.6 46.0 6 7 8 0.0 178.2 0.0 0.0 134.3 0.0 0.0 222.7 0.0 0.0 277.3 0.0 0.0 202.6 0.0 0.0 405.2 0.0 0.0 238.9 0.0 0.0 262.3 0.0 0.0 188.4 0.0 0.0 169.1 0.0 0.0 -241.1 58.0 9 10 11 95.0 89.7 -1.2 1.9 4.7 -5.5 -3.3 -0.9 -2.3 1.2 45.7 47.5 3.9 -0.0 -5.8 -112.9 -111.4 2.1 -1.3 -2.4 -35.6 -38.8 -2.3 5.5 0.0 -8.1 -11.9 8.4 -3.9 -0.5 -256.6 -261.7 6.2 4.6 -5.7 -151.1 -133.0 -3.7 -11.3 -3.2 -47.4 -23.1 -31.6 12.3 -5.0 313.0 250.1 -8.0 61.4 9.6 -35.2 22.7 -9.7 -46.7 -1.6 12 13 14 15 16 -82.3 -1.1 55.8 -6.8 -23.0 -13.9 -0.6 -4.1 7.4 -12.9 -6.3 -4.3 0.5 3.1 -4.1 -2.5 -12.1 8.1 17.6 20.1 -34.7 10.6 17 18 -3.3 8.2 11.3 23.7 -0.5 5.8 11.4 18.6 -0.4 0.0 4.1 8.8 10.7 36.7 0.0 3.8 5.5 38.9 22.1 0.3 4.9 9.8 41.9 16.2 0.3 4.9 6.4 21.5 7.6 -0.1 5.0 11.3 48.1 40.6 0.6 0.4 -5.4 44.2 24.0 0.5 -2.0 6.7 12.3 3.8 3.7 -1.2 3.9 7.8 -1.8 -0.6 5.2 18.9 2.0 61.1 -0.0 19 20 21 22 23 -61.1 15.2 -147.8 -107.4 20.8 -135.4 -28.7 15.7 -38.1 80.6 66.2 -10.1 5.7 69.0 -62.7 38.0 66.6 -36.0 127.6 43.4 22.3 151.0 85.9 36.1 434.4 43.8 57.4 254.3 70.6 500.1 221.4 79.7 -67.8 24 25 26 -4.4 15.8 23.5 -31.3 -4.0 -6.3 25.6 24.8 37.0 19.6 23.5 152.2 -2.4 45.7 39.0 -0.8 -2.5 -100.6 52.7 9.9 368.1 28.9 40.9 302.2 -3.0 13.7 31.5 -21.1 28.1 52.5 -24.8 -24.9 155.4 27 28 29 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32. 44 Z.1, December 11, 2008 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Net change in liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 6 7 Net change in assets Q2 Q3 Q4 Q1 2008 Q2 Q3 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 1 115.1 -5.9 121.0 171.1 5.7 165.3 150.5 -3.1 153.6 185.2 17.3 167.9 218.7 4.9 213.8 205.5 21.4 184.1 151.9 8.0 143.9 164.8 34.9 129.8 74.2 -4.8 78.9 17.9 7.5 10.5 64.2 26.8 37.4 2 3 4 10.3 16.5 21.8 22.6 23.0 22.5 22.7 22.2 14.5 32.8 25.6 5 5.1 7.4 5.0 7.6 5.3 10.0 6.9 8.2 3.8 4.3 2.3 6 130.5 195.0 177.3 215.4 247.0 238.0 181.5 195.1 92.5 55.0 92.1 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 38.6 -3.6 1.7 0.3 6.5 78.6 0.3 0.1 0.4 3.0 52.6 -3.9 1.3 0.5 5.4 32.1 2.2 1.0 0.3 -1.4 27.4 42.7 0.8 0.3 8.7 60.2 -34.1 0.9 0.5 8.7 50.1 6.0 1.2 0.3 -24.9 -9.2 -6.0 1.0 0.3 2.0 -13.6 -87.4 0.7 -0.1 2.0 -3.5 -8.0 0.4 0.0 6.0 20.6 4.1 0.2 0.1 12.0 8 9 10 11 12 13 14 15 16 17 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 8.1 0.8 43.6 4.0 -2.6 16.9 1.5 45.4 2.4 -0.2 22.6 2.1 22.1 4.1 0.1 12.2 -0.1 36.1 4.8 -0.8 31.1 1.4 35.7 5.4 -3.1 15.2 3.0 36.5 4.9 -0.0 5.7 3.0 37.4 5.5 -0.0 -3.3 -7.9 34.6 3.4 -0.1 41.4 -2.2 -5.9 0.9 -1.2 7.2 2.5 -2.9 0.5 -0.0 78.4 -10.8 22.6 3.5 4.6 13 14 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 21.8 4.1 -0.1 0.3 7.1 23.0 17.4 0.2 -4.9 10.9 33.5 32.7 0.0 -3.6 8.0 103.2 27.8 1.6 -2.8 -0.7 58.7 58.0 -2.2 -8.1 -9.8 74.4 44.8 -0.9 1.7 22.2 136.7 5.0 -5.6 -3.5 -35.3 142.9 3.4 15.1 -1.2 20.0 73.9 31.8 -7.6 -3.9 63.8 71.1 52.9 -9.9 -4.3 -57.1 -98.4 29.9 -12.3 -2.9 40.4 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 Net issues Nonfinancial corporate business Rest of the world (1) Financial sectors Commercial banking Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Net purchases 833.6 863.6 1248.3 1152.0 1257.3 1057.2 1481.0 812.4 263.4 259.0 -754.7 1 75.5 85.8 56.7 64.5 215.6 227.8 311.2 170.7 286.3 223.2 381.5 231.7 220.2 173.8 356.8 54.1 167.5 32.9 337.6 44.5 73.8 -291.0 2 3 672.3 59.0 2.5 441.5 74.1 67.6 15.2 12.2 742.3 56.7 1.0 576.4 43.6 36.9 0.1 27.6 804.9 76.0 2.0 644.8 42.4 11.6 6.4 21.6 670.1 118.6 -0.3 509.8 -2.8 -2.8 -4.0 51.5 747.8 84.9 1.3 586.2 -53.3 81.8 59.5 -12.5 444.0 135.1 -0.1 300.8 -15.1 -16.8 39.9 0.2 1087.0 119.4 -3.1 840.6 96.2 -33.3 -29.4 96.5 401.5 135.0 0.7 311.7 -39.1 -42.8 -85.9 121.9 63.1 140.7 1.2 -139.4 121.6 -94.7 62.3 -28.7 -123.0 228.9 0.9 -324.1 -60.8 -1.6 16.4 17.3 -537.5 -190.2 -34.0 -294.9 -10.2 -41.8 -30.2 63.9 4 5 6 7 8 9 10 11 833.6 863.6 1248.3 1152.0 1257.3 1057.2 1481.0 812.4 263.4 259.0 -754.7 12 13 14 15 Household sector State and local governments Rest of the world (2) 90.7 6.9 259.5 67.9 9.0 328.5 192.0 12.1 541.0 138.8 8.8 425.0 -218.4 7.8 721.8 -406.0 11.7 713.4 560.6 8.7 32.6 619.1 6.9 232.3 -352.7 -2.0 4.7 -56.9 -5.0 278.9 -382.4 1.9 -126.3 13 14 15 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 82.4 -12.7 0.6 26.4 145.9 -7.7 6.0 -0.3 123.4 21.0 -1.5 17.5 74.7 20.9 14.5 -0.0 93.3 9.0 7.2 14.2 32.9 22.9 37.6 -0.0 198.4 49.1 3.9 5.9 42.4 47.4 -8.1 0.1 94.9 71.1 23.9 11.1 70.6 47.9 -62.8 0.1 177.7 61.2 -2.7 11.2 47.0 29.1 7.3 -0.1 296.3 47.8 1.1 11.3 74.2 49.2 -2.9 0.2 224.7 16.2 -6.6 -9.9 -22.1 63.3 26.1 0.2 98.4 5.6 -6.7 -4.5 35.1 52.5 2.5 2.2 -112.1 -2.0 -2.3 -2.3 21.1 37.9 -1.1 -0.5 -78.0 -101.5 -10.2 -14.9 29.3 11.0 6.3 -0.2 16 17 18 19 20 21 22 23 24 25 26 27 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 2.3 64.9 8.9 1.0 2.2 65.9 1.7 1.9 105.1 106.2 5.7 2.4 8.8 139.5 -1.0 6.2 83.2 148.7 2.1 3.6 132.2 182.9 16.9 6.9 -24.6 125.3 -11.7 5.2 -155.6 101.2 -11.5 9.0 114.0 106.8 -11.7 12.0 -55.5 196.5 -7.4 14.5 -422.3 21.5 -18.6 10.7 24 25 26 27 28 29 30 31 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 137.4 17.2 18.7 -14.5 50.9 16.9 77.7 -29.4 17.1 11.8 44.8 -7.1 -18.4 -30.3 25.9 109.6 41.1 -3.6 177.4 36.8 32.9 7.6 69.3 -41.0 -82.7 -107.9 -5.4 503.5 -64.9 -17.4 -137.7 -60.8 -58.8 -43.4 -79.6 388.9 -116.1 -7.4 -390.2 469.1 -136.9 -5.5 -227.5 688.8 28 29 30 31 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. (3) Net issuance less net acquisition of corporate bonds held as assets. 45 Z.1, December 11, 2008 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Net issues 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 10 11 12 13 Financial sectors Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers Net purchases Q2 Q3 Q4 Q1 2008 Q2 Q3 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 1 -124.4 -360.7 -602.7 -831.2 -566.7 -799.1 -864.9 -1093.9 -500.0 -268.3 -413.6 2 84.8 186.7 137.4 118.0 175.0 107.0 227.4 -37.3 107.4 85.4 -56.6 3 110.1 17.6 0.6 -4.0 -17.3 32.7 56.4 21.5 2.6 73.6 -13.8 1.4 -2.8 -8.0 20.7 56.7 16.1 3.3 58.4 -10.5 0.7 -8.5 -20.0 8.2 74.0 22.2 -7.6 151.1 -23.7 1.9 -13.2 -30.6 17.5 149.9 17.1 32.3 84.4 -42.9 0.6 -13.8 -20.8 52.6 57.4 22.1 29.3 49.9 -34.6 2.0 -8.6 -21.6 23.1 69.5 17.4 2.9 153.0 -30.4 2.9 -20.4 -29.7 2.5 191.0 9.1 28.0 317.0 12.9 2.0 -10.0 -50.5 -8.0 281.8 19.8 69.0 335.8 212.9 0.5 -5.3 -32.0 -17.2 33.2 21.1 122.6 381.7 230.1 1.5 18.8 -10.1 -36.0 52.9 14.9 109.6 388.2 103.5 3.1 -7.8 -8.1 -73.0 325.0 11.0 34.5 4 5 6 7 8 9 10 11 12 70.4 -100.4 -406.9 -562.0 -307.4 -642.2 -484.4 -814.2 -56.8 198.8 -82.0 13 -266.6 -4.2 25.0 -419.8 2.5 56.9 -643.1 -4.4 119.0 -839.8 2.4 176.3 -597.5 1.4 142.2 -1093.0 -15.1 393.8 -444.2 2.3 -94.4 -1224.6 21.0 263.6 208.1 43.7 88.1 79.8 -2.6 -32.3 -139.3 -8.4 41.8 14 15 16 14 15 16 Household sector State and local governments Rest of the world (3) 17 18 Commercial banking Savings institutions -0.3 -1.1 0.1 -1.0 0.7 -1.0 1.6 -0.1 -3.5 -2.1 2.5 0.6 6.6 1.6 0.6 -0.6 -0.2 2.1 0.6 -2.6 -3.4 -9.8 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -3.9 51.5 11.2 1.9 9.1 -6.1 65.9 -18.5 -5.6 7.0 2.3 71.4 -118.3 -41.2 6.3 0.5 84.1 -243.7 -18.9 2.7 0.4 74.4 -276.0 -21.6 -0.0 4.9 98.7 -311.9 22.7 10.0 10.4 105.9 -239.8 -72.0 -3.8 -13.7 57.1 -147.3 -4.5 4.8 13.0 54.7 -250.9 -41.8 -26.4 4.3 72.4 -140.4 15.6 7.1 2.8 76.4 -121.2 -14.4 -12.8 19 20 21 22 23 24 25 26 27 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 158.5 21.7 52.6 15.2 129.6 18.5 50.0 20.1 131.3 2.2 68.3 -0.2 91.7 18.7 137.2 25.4 218.1 53.5 50.5 52.8 151.0 9.1 53.9 30.8 65.9 20.5 181.4 -24.9 -68.1 -8.2 262.9 42.8 -74.4 3.0 15.7 -91.4 134.3 -18.5 32.1 49.2 -116.1 -40.5 298.4 -35.4 24 25 26 27 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 1 2 Net purchases 298.2 260.2 336.8 365.1 485.8 521.5 258.0 194.9 157.4 582.0 -206.0 2 216.4 1.4 -1.3 32.7 228.1 6.7 0.8 32.2 209.6 30.7 -1.3 24.0 270.1 9.4 0.7 14.0 390.5 9.4 0.4 21.7 423.6 9.4 -4.6 19.2 158.2 9.4 0.7 8.6 108.3 9.4 6.4 6.4 59.1 9.4 13.4 10.9 474.0 9.4 12.1 23.6 -250.6 9.4 -6.1 -10.5 3 4 5 6 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 Commercial banking Credit unions -0.9 -0.9 -1.8 -1.0 3.9 -0.1 3.6 -0.0 -9.5 0.4 3.6 -1.1 14.2 0.1 6.2 0.5 -1.0 1.5 -2.2 -0.1 -9.0 -1.5 7 8 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.5 12.8 36.1 1.5 0.3 -9.9 10.2 -5.5 0.5 26.9 41.4 1.3 -0.5 31.3 39.2 -2.8 -0.5 31.3 45.2 -3.2 -0.5 31.3 37.3 3.4 -0.5 31.3 46.8 -10.7 -0.5 31.3 27.6 -0.7 0.1 28.0 42.3 -6.2 0.1 28.0 34.9 2.3 0.1 28.0 36.3 -2.2 9 10 11 12 9 10 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 46 Z.1, December 11, 2008 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Total loans by commercial banking, flow of funds basis 442.4 569.1 673.8 668.1 98.7 504.9 1007.3 1061.4 346.0 6.9 908.1 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.0 339.8 34.9 -5.1 0.0 362.4 2.8 34.8 0.0 445.0 34.2 71.5 0.0 242.7 62.9 32.3 0.0 -58.5 34.5 23.3 0.0 280.3 76.0 -60.3 0.0 258.2 93.7 84.8 0.0 490.6 47.3 81.4 0.0 156.6 80.2 -198.6 0.0 -152.5 83.4 -43.8 412.6 668.3 77.2 -163.1 2 3 4 5 6 = Banking sector total bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 307.8 119.7 325.6 6 65.2 8.2 -2.5 1.8 100.0 60.7 2.7 5.6 59.3 67.1 -2.9 -0.3 226.9 105.0 0.7 -2.3 54.6 55.1 -6.6 -3.7 111.6 100.6 0.9 -4.3 402.8 163.8 1.8 2.2 338.4 100.3 6.6 -3.4 241.4 67.9 -1.6 0.1 85.1 31.4 4.7 -1.6 255.9 72.8 -2.7 -0.3 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 159.0 -37.8 1025.6 11 12 = Total bank loans n.e.c. 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 466.8 81.8 1351.2 12 13 Net change in liabilities 72.7 169.1 123.1 330.2 99.4 208.8 570.6 442.0 466.8 81.8 1351.2 13 14.7 152.1 187.2 264.2 54.4 157.7 474.7 369.8 287.8 69.6 348.3 14 -17.4 -1.2 27.2 2.2 12.8 -31.9 154.5 2.2 48.0 17.0 105.2 3.3 11.4 98.7 127.7 2.3 -29.0 28.3 64.7 6.5 -12.4 63.4 64.9 1.1 60.2 183.8 207.1 -2.6 26.9 119.5 173.9 4.2 3.2 105.6 142.3 1.3 -79.3 72.2 78.7 7.1 100.1 113.0 118.2 1.4 15 16 17 18 3.8 1.0 4.5 -1.7 14.5 -2.9 4.7 12.7 13.8 -0.7 3.8 10.7 24.1 -0.0 8.3 15.8 -16.0 -0.5 -14.0 -1.6 40.7 0.4 30.6 9.7 26.3 -0.4 7.6 19.1 45.3 0.4 8.8 36.1 35.4 0.4 30.6 4.4 -9.0 4.6 -4.0 -9.6 15.6 -3.2 16.0 2.8 19 20 21 22 58.1 17.0 -64.1 66.0 44.9 51.1 95.9 72.2 179.0 12.2 1002.9 23 26.5 30.0 1.5 0.0 0.0 6.5 5.2 5.3 0.0 0.0 -48.2 -12.9 -3.1 0.0 0.0 6.5 52.8 6.8 0.0 0.0 -6.0 47.3 3.6 0.0 0.0 -7.8 58.1 0.8 0.0 0.0 17.1 75.3 3.4 0.0 0.0 22.7 30.3 19.2 0.0 0.0 -4.4 16.8 7.6 159.0 0.0 6.5 55.3 -11.7 -153.2 115.3 14.0 -43.9 7.2 780.6 245.0 24 25 26 27 28 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 28 Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations 47 Z.1, December 11, 2008 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Total other loans and advances 128.6 155.8 156.6 505.1 220.3 250.3 1111.6 438.4 254.1 -5.5 378.6 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises -3.0 -0.9 0.3 1.3 -0.3 0.3 -3.7 0.0 -7.0 -0.7 0.8 -2.9 -0.2 0.6 -4.6 0.0 0.6 1.4 1.2 4.8 -0.1 0.6 -7.4 0.0 -2.2 -0.4 -0.3 1.2 -0.0 0.7 -3.3 0.0 1.5 0.0 0.2 3.7 -0.2 0.8 -3.1 0.0 1.0 -0.2 -0.0 2.1 0.2 0.7 -1.9 0.0 -4.0 -0.7 -0.8 -0.4 0.2 0.6 -2.8 0.0 -7.1 -0.7 -0.4 -0.8 -0.4 0.5 -5.4 0.0 -1.4 -0.7 0.6 0.3 -0.3 0.4 -1.6 0.0 -6.0 2.6 -8.2 1.6 0.2 0.8 -3.0 0.0 12.2 -0.4 7.7 3.5 0.3 1.1 0.1 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 6.3 6.3 28.3 28.3 7.4 7.4 106.7 106.7 34.7 34.7 43.4 43.4 236.8 236.8 111.8 111.8 -87.1 -87.1 -61.5 -61.5 -42.2 -42.2 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -0.4 -0.4 0.1 0.0 0.0 -0.0 -0.3 -0.3 -0.1 0.0 -0.1 0.1 -0.2 -0.3 0.0 0.0 0.0 0.0 -0.5 -0.3 -0.3 0.9 0.2 0.8 -0.6 0.0 -0.6 -0.1 0.0 -0.2 0.0 -0.6 0.6 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 1.3 0.7 0.7 3.9 1.9 1.9 6.0 3.0 3.0 6.2 3.1 3.1 5.6 2.8 2.8 21.2 10.6 10.6 -14.5 -7.2 -7.2 12.5 6.3 6.3 17.4 8.7 8.7 -7.8 -3.9 -3.9 -8.4 -4.2 -4.2 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 1.6 -0.1 1.6 0.8 -0.0 0.8 3.3 -0.0 3.4 3.6 -0.0 3.6 2.5 -0.0 2.6 4.7 -0.0 4.8 6.2 -0.0 6.2 0.9 -0.0 1.0 4.9 -0.0 4.9 4.4 -0.0 4.4 4.0 -0.0 4.0 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 73.5 -0.3 -1.7 1.5 8.8 60.0 2.3 3.0 52.4 0.0 1.9 6.1 24.4 16.2 3.3 0.4 33.1 0.0 4.2 7.7 80.0 -65.7 4.2 2.7 237.7 0.0 4.3 7.7 106.7 91.1 13.4 14.5 7.9 0.0 2.9 9.9 -8.5 9.2 -10.5 4.9 -1.1 0.0 1.2 1.6 9.2 -36.3 10.6 12.6 734.8 0.0 5.0 7.8 317.1 340.1 37.9 26.9 209.2 0.0 8.0 11.5 109.0 51.4 15.7 13.7 225.8 0.0 12.6 25.3 92.5 101.1 -15.2 9.6 -16.1 0.0 10.0 15.0 12.1 -89.9 27.6 9.2 360.7 0.0 -9.0 -20.3 511.3 -191.7 32.4 38.0 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 1.4 1.4 -16.8 -16.8 1.2 1.2 -8.5 -8.5 -30.8 -30.8 0.9 0.9 4.9 4.9 -8.9 -8.9 -12.7 -12.7 -17.1 -17.1 -10.7 -10.7 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 9.8 8.8 1.0 27.6 24.9 2.8 18.8 16.9 1.9 24.9 22.4 2.5 35.0 31.5 3.5 5.7 5.1 0.6 40.1 36.1 4.0 18.8 16.9 1.9 82.7 74.5 8.3 78.7 70.8 7.9 18.0 16.2 1.8 31 32 33 34 35 36 37 38 39 40 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 38.1 2.8 1.9 9.6 18.9 5.2 -0.3 66.6 2.7 4.2 10.5 37.8 7.7 3.6 86.5 -0.3 3.2 7.9 54.9 14.7 6.1 136.6 7.7 10.2 19.5 81.0 12.5 5.6 164.0 9.3 12.3 23.4 97.2 15.1 6.8 174.4 9.9 13.1 24.9 103.4 16.0 7.2 107.7 6.1 8.1 15.4 63.8 9.9 4.4 100.3 5.7 7.5 14.3 59.5 9.2 4.1 25.0 1.4 1.9 3.6 14.8 2.3 1.0 20.0 1.1 1.5 2.9 11.9 1.8 0.8 45.0 2.5 3.4 6.4 26.7 4.1 1.8 34 35 36 37 38 39 40 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 48 Z.1, December 11, 2008 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Net change in mortgages 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 1 2 3 4 5 Home Multifamily residential Commercial Farm 1022.3 53.1 171.1 2.7 1112.0 70.7 250.2 4.6 1075.7 54.2 280.0 -0.0 712.1 96.9 282.5 6.3 871.3 69.6 208.3 6.2 813.1 90.5 330.1 6.3 531.2 101.0 366.2 6.4 632.8 126.6 225.4 6.4 270.3 75.1 189.9 3.3 -65.2 67.1 141.3 3.3 -327.5 61.0 -53.9 3.4 2 3 4 5 6 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 6 Household sector 949.8 1043.4 1019.8 705.4 823.4 802.3 546.4 649.6 294.0 16.9 -277.1 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 273.6 54.1 216.7 2.7 380.2 202.2 173.4 4.6 383.0 93.5 289.6 -0.0 386.7 100.6 279.8 6.3 347.3 118.1 223.0 6.2 428.6 120.2 302.2 6.3 445.5 114.9 324.2 6.4 325.5 49.1 270.1 6.4 224.7 65.0 156.4 3.3 138.6 38.5 96.8 3.3 -44.9 -14.2 -34.0 3.4 8 9 10 11 12 13 Federal government REITs 0.0 25.9 0.0 13.9 0.0 7.0 0.0 5.7 0.0 -15.2 0.0 9.0 0.0 12.9 0.0 16.1 0.0 19.9 0.0 -9.0 0.0 4.9 12 13 14 Net change in assets 1249.3 1437.6 1409.9 1097.8 1155.4 1240.0 1004.7 991.2 538.7 146.5 -317.1 14 7.7 14.8 4.6 7.1 1.7 5.3 2.7 -8.3 -1.5 3.8 -8.3 6.1 3.9 -8.3 5.7 0.2 -8.3 5.5 5.7 -8.3 7.2 5.4 -8.3 6.1 7.8 -8.3 4.1 41.3 -8.3 2.5 -28.1 -8.3 1.3 15 16 17 8.3 1.6 10.8 2.4 14.5 3.7 10.5 1.9 9.3 3.3 13.9 3.2 10.4 -0.1 8.2 1.0 -2.4 2.1 -5.9 6.1 2.3 -3.4 18 19 339.8 186.8 30.6 362.4 95.3 32.4 445.0 -78.8 31.0 242.7 21.3 31.8 -58.5 155.6 25.9 280.3 -28.0 30.2 258.2 61.6 30.9 490.6 -104.1 40.3 156.6 54.0 47.1 -152.5 -1.6 39.3 668.3 -1015.5 39.3 20 21 22 0.3 12.4 -0.2 -5.3 0.3 12.1 -0.2 1.3 0.7 18.3 -0.3 -2.3 1.3 22.4 0.7 -1.7 0.4 17.1 -0.7 -5.6 2.0 19.5 0.5 0.2 1.0 21.3 1.0 2.0 1.9 31.5 1.8 -3.4 0.4 27.0 1.0 -0.1 0.6 13.5 1.1 -0.5 0.5 11.0 0.8 -0.2 23 24 25 26 7 Net borrowing 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 Commercial banking Savings institutions (1) Credit unions 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 7.5 47.9 432.1 -40.2 167.3 685.9 18.4 295.4 629.0 35.9 626.3 180.5 16.3 455.0 520.5 29.8 519.0 463.2 38.9 644.0 -10.9 58.7 887.1 -250.7 57.9 533.6 -289.4 51.9 672.2 -377.6 -13.7 508.3 -346.1 27 28 29 30 31 Finance companies REITs 105.8 54.5 65.4 28.3 53.0 -10.5 -62.5 -14.7 -33.4 49.2 -54.5 -36.8 -25.8 -32.4 -136.4 -38.6 -1.4 -51.4 -115.2 -20.5 -112.4 -21.3 30 31 (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, December 11, 2008 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 1 934.8 4.7 82.8 1036.8 7.6 67.6 993.3 8.2 74.2 674.5 2.9 34.7 807.3 6.6 57.5 768.7 0.4 43.9 501.4 3.3 26.5 620.6 1.2 11.1 275.0 -2.9 -1.8 -10.5 -10.7 -44.0 -258.9 -11.9 -56.6 2 3 4 1022.3 1112.0 1075.7 712.1 871.3 813.1 531.2 632.8 270.3 -65.2 -327.5 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 6.1 13.8 1.6 6.1 0.6 1.9 6.1 -9.3 -0.6 6.1 -9.4 2.2 6.1 -9.4 1.7 6.1 -9.4 2.0 6.1 -9.4 2.7 6.1 -9.4 2.2 6.1 -9.4 1.5 39.7 -9.4 0.9 -27.5 -9.4 0.4 6 7 8 9 10 State and local governments Federal government 4.2 -0.5 5.5 -0.4 7.4 0.2 5.3 0.3 4.7 -0.2 7.1 0.3 5.3 0.2 4.2 0.6 -1.2 0.5 -3.0 2.5 1.2 -3.9 9 10 11 12 13 Commercial banking Savings institutions Credit unions 225.2 171.4 30.6 212.0 79.6 32.4 291.5 -86.0 31.0 123.7 11.1 31.8 -106.0 156.9 25.9 140.5 -34.9 30.2 134.7 38.3 30.9 325.7 -115.9 40.3 31.9 11.3 47.1 -294.9 -18.4 39.3 547.0 -859.0 39.3 11 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 0.8 -0.2 -1.9 -0.1 -0.0 0.5 3.6 -0.1 -0.8 -0.2 -0.1 -0.6 -1.0 -0.1 -2.0 0.0 -0.1 0.1 -0.2 0.0 0.7 0.5 -0.3 -1.2 1.3 0.2 -0.0 1.0 0.1 -0.2 0.3 0.3 -0.1 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -6.7 45.0 380.0 -53.1 163.4 571.3 5.2 290.9 512.2 -10.9 609.2 33.4 -11.7 444.4 355.1 -7.1 503.0 276.3 7.0 628.2 -232.3 -31.7 861.1 -265.4 16.4 520.2 -266.4 9.6 659.8 -344.3 -60.7 496.2 -312.1 17 18 19 20 21 Finance companies REITs 101.8 51.0 67.8 24.6 48.3 -23.7 -65.4 -24.5 -18.4 25.2 -57.4 -43.7 -41.7 -39.4 -144.0 -40.2 -36.3 -53.0 -128.3 -19.6 -121.4 -18.0 20 21 182.2 117.6 25.6 12.2 7.1 19.7 139.4 65.5 30.4 12.0 17.2 14.3 150.6 104.6 -14.1 11.0 39.4 9.7 63.4 38.6 42.9 7.2 -12.3 -13.1 42.8 -62.7 88.4 0.3 25.4 -8.6 81.6 71.3 30.9 7.8 -14.5 -13.9 89.5 84.6 27.3 13.0 -29.9 -5.4 39.7 61.3 25.1 7.8 -30.2 -24.4 -11.7 22.9 0.3 1.5 -24.6 -11.8 -0.2 52.6 -0.8 3.2 -25.2 -30.0 -45.6 229.6 -242.4 9.0 -21.6 -20.2 22 23 24 25 26 27 6 7 8 22 23 24 25 26 27 Net change in assets 2005 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing 53.1 70.7 54.2 96.9 69.6 90.5 101.0 126.6 75.1 67.1 61.0 1 1.8 46.6 1.9 70.7 2.0 51.4 1.9 97.2 1.9 63.2 1.9 94.5 1.9 106.8 1.8 124.3 1.7 68.6 1.6 65.7 1.5 57.3 2 3 Federal government REITs 0.0 4.7 0.0 -1.9 0.0 0.8 0.0 -2.1 0.0 4.4 0.0 -5.9 0.0 -7.7 0.0 0.6 0.0 4.9 0.0 -0.2 0.0 2.2 4 5 Net change in assets 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 53.1 70.7 54.2 96.9 69.6 90.5 101.0 126.6 75.1 67.1 61.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.0 0.0 1.6 0.0 0.0 1.9 0.1 0.0 -0.5 0.1 0.1 2.0 0.1 0.1 1.6 0.1 0.1 1.9 0.1 0.1 2.5 0.1 0.1 2.1 0.1 0.1 1.4 0.1 0.1 0.8 0.1 0.1 0.4 7 8 9 10 11 State and local governments Federal government 3.3 0.4 4.3 -0.0 5.8 -0.2 4.2 -0.3 3.7 -0.4 5.6 0.3 4.2 -1.1 3.3 -0.2 -1.0 -0.5 -2.4 0.0 0.9 -0.2 10 11 12 13 Commercial banking Savings institutions 14.2 9.6 20.0 10.8 18.9 -2.6 10.9 -3.1 8.6 -8.7 7.8 -4.2 13.3 8.8 13.8 -8.3 18.1 7.5 12.8 9.4 137.0 -126.9 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 1.9 0.0 -1.6 2.0 -0.0 0.4 2.3 -0.1 -0.7 3.6 0.1 -0.5 1.8 -0.0 -1.7 3.7 0.1 0.1 3.1 0.3 0.6 5.7 0.0 -1.0 3.0 0.9 -0.0 2.7 0.4 -0.1 1.3 1.0 -0.1 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 14.3 2.9 6.4 10.5 3.9 16.5 12.4 2.1 13.9 42.3 15.7 22.0 23.6 9.7 29.6 32.4 10.9 31.2 27.4 16.0 28.1 85.8 26.3 -1.0 40.1 13.8 -10.3 40.8 13.0 -11.5 46.0 10.4 -9.0 17 18 19 20 21 Finance companies REITs -0.1 0.1 0.0 0.3 -0.5 3.2 -0.1 0.1 -1.2 2.8 -0.2 0.8 0.0 -2.2 1.2 -1.1 1.8 0.1 1.7 -0.5 2.8 -2.9 20 21 7 8 9 50 Z.1, December 11, 2008 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 171.1 250.2 280.0 282.5 208.3 330.1 366.2 225.4 189.9 141.3 -53.9 1 15.0 47.6 87.3 21.2 6.6 192.7 35.2 15.8 26.5 83.3 164.0 6.3 30.9 95.8 147.9 7.8 16.1 109.6 102.2 -19.6 33.6 117.8 163.8 14.8 45.0 109.7 190.8 20.6 29.0 46.1 134.7 15.5 18.9 66.3 89.7 15.0 27.4 47.6 75.1 -8.8 -18.1 -3.8 -34.7 2.8 2 3 4 5 171.1 250.2 280.0 282.5 208.3 330.1 366.2 225.4 189.9 141.3 -53.9 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.6 1.0 1.1 0.7 1.0 1.3 0.7 1.0 -0.4 0.7 1.0 1.5 0.7 1.0 1.2 0.7 1.0 1.4 0.7 1.0 1.9 0.7 1.0 1.6 0.7 1.0 1.0 0.7 1.0 0.6 0.8 1.0 0.3 7 8 9 10 11 State and local governments Federal government 0.7 1.8 0.9 2.8 1.2 3.7 0.8 1.9 0.7 3.9 1.1 2.6 0.8 0.8 0.7 0.3 -0.2 2.2 -0.5 3.5 0.2 0.0 10 11 12 13 Commercial banking Savings institutions 98.1 5.9 128.7 4.9 133.8 9.7 105.3 13.1 36.2 7.2 129.2 11.1 107.4 14.3 148.3 19.9 105.2 35.0 128.4 7.4 -17.0 -29.4 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.3 10.1 0.0 -1.8 0.3 10.2 -0.1 0.5 0.7 12.5 -0.2 -0.8 1.3 19.0 0.7 -0.6 0.4 16.3 -0.6 -1.9 2.0 15.8 0.4 0.1 1.0 18.5 0.8 0.7 1.9 25.3 2.0 -1.1 0.4 22.7 -0.1 -0.0 0.6 9.8 0.6 -0.2 0.5 9.4 -0.5 -0.1 14 15 16 17 18 19 Agency- and GSE-backed mortgage pools ABS issuers 0.0 45.7 0.0 98.1 0.0 102.9 0.0 125.1 0.0 135.7 0.0 155.6 0.0 193.3 0.0 15.6 0.0 -12.7 0.0 -21.8 0.0 -25.0 18 19 20 21 Finance companies REITs 4.1 3.4 -2.4 3.5 5.2 10.0 2.9 9.8 -13.8 21.2 3.1 6.1 15.9 9.1 6.5 2.8 33.1 1.4 11.4 -0.3 6.3 -0.4 20 21 7 8 9 Net change in assets 2005 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 1 2 Net change in assets 2.7 4.6 -0.0 6.3 6.2 6.3 6.4 6.4 3.3 3.3 3.4 2 1.0 0.2 0.3 0.2 -4.2 -0.1 -3.1 0.4 -3.0 1.1 -6.6 0.2 -1.2 0.2 -1.5 0.2 0.9 0.2 0.8 0.2 -1.5 0.2 3 4 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 0.1 -0.2 0.1 -0.0 0.1 -0.0 0.1 0.1 0.1 -0.1 0.1 0.1 0.1 0.0 0.1 0.2 -0.0 -0.2 -0.1 0.2 0.0 0.8 5 6 7 8 Commercial banking Savings institutions 2.3 -0.0 1.7 0.0 0.8 0.1 2.8 0.1 2.8 0.2 2.8 0.1 2.8 0.2 2.8 0.1 1.3 0.1 1.3 0.0 1.3 -0.2 7 8 9 10 Life insurance companies State and local govt. retirement funds -0.5 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -0.0 -0.1 2.3 -0.1 0.7 2.3 4.5 1.4 4.3 0.9 4.5 5.1 4.5 -0.2 4.6 -0.3 1.4 -0.4 1.5 -0.6 1.1 1.7 11 12 (1) Excludes mortgages on farm houses. 51 Z.1, December 11, 2008 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1 Net change in liabilities (Households) 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 1 2 Net change in assets 115.0 94.5 104.4 133.6 119.7 132.1 178.4 104.3 120.3 99.7 30.5 2 0.1 0.0 3.7 0.2 0.0 3.7 -2.1 0.0 1.9 -1.6 0.0 6.7 18.0 0.0 4.2 -7.8 0.0 4.9 -25.2 0.0 7.4 8.7 0.0 10.3 24.6 0.0 10.6 -13.8 0.0 10.1 -25.1 0.0 4.2 3 4 5 34.9 13.4 9.5 2.8 17.8 13.2 34.2 -13.5 5.9 62.9 -4.8 1.2 34.5 -3.9 0.8 76.0 10.3 -2.8 93.7 -40.5 5.1 47.3 15.0 1.5 80.2 -13.1 -12.7 83.4 10.0 -1.0 77.2 -48.9 11.6 6 7 8 -20.6 -25.3 99.3 0.0 32.5 24.2 0.0 60.2 17.8 0.0 19.5 49.7 0.0 28.5 37.5 0.0 0.2 51.2 0.0 85.7 52.2 0.0 -36.5 57.9 0.0 -5.0 35.7 0.0 -2.7 13.7 0.0 0.4 11.1 9 10 11 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 9 10 11 Government-sponsored enterprises ABS issuers Finance companies F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 194.5 340.4 213.8 318.0 342.0 302.6 289.3 338.1 377.8 413.8 -251.1 1 2 Household sector 16.5 13.0 13.6 14.6 14.2 14.5 14.8 15.0 15.3 15.6 15.8 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 97.3 22.2 1.8 199.4 52.0 -2.5 134.6 20.0 -7.7 188.7 46.3 -1.1 213.4 37.3 -6.9 88.3 43.2 5.8 133.8 57.2 3.4 319.2 47.8 -6.8 306.3 32.2 -26.4 336.6 18.9 -20.7 -280.4 9.1 18.8 3 4 5 6 7 State and local governments Federal government 30.4 15.1 32.5 32.6 34.9 6.9 38.1 22.7 36.7 24.2 37.7 35.3 38.4 18.8 39.4 12.4 40.2 30.0 41.6 45.8 42.4 -20.5 6 7 8 9 Rest of the world Brokers and dealers 3.5 7.8 6.3 7.0 6.2 5.2 11.2 -2.4 9.7 13.5 22.5 55.3 36.3 -13.4 -23.8 -65.1 -10.4 -9.4 -6.3 -17.6 -17.2 -19.0 8 9 10 Net change in trade receivables 183.3 371.1 69.8 317.1 302.0 291.6 344.5 330.1 361.4 341.2 -283.3 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 128.9 26.6 277.7 66.6 -3.5 40.0 203.7 80.4 206.9 64.7 160.2 74.9 233.6 99.2 214.2 82.9 231.3 55.8 346.8 32.8 -264.5 15.7 11 12 13 14 15 State and local governments Federal government Rest of the world 7.9 10.5 -1.1 10.2 9.1 7.9 13.8 0.4 5.9 10.0 0.2 20.8 8.8 -1.3 10.0 13.3 -1.3 44.6 9.9 3.2 19.4 7.8 0.3 9.0 -2.3 2.1 43.4 -6.8 -4.5 22.3 2.2 3.5 1.7 13 14 15 16 17 Property-casualty insurance companies ABS issuers 0.3 10.2 2.4 -2.9 4.9 8.4 -1.6 3.6 0.0 13.0 10.4 -10.5 -3.6 -17.2 -13.1 29.0 3.4 27.7 3.5 -52.8 0.5 -42.4 16 17 11.2 -30.7 144.0 0.9 40.0 11.0 -55.2 7.9 16.3 72.6 32.2 18 18 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 179.4 0.2 211.5 276.5 108.6 380.7 -15.3 631.9 433.0 -309.0 252.4 1 81.5 0.0 -31.6 0.0 59.7 0.0 33.4 0.0 -52.5 0.0 220.3 0.0 -150.0 0.0 116.1 0.0 159.2 0.0 -295.4 0.0 436.4 0.0 2 3 97.9 103.0 10.7 -15.8 31.8 -3.0 -6.6 41.4 151.8 80.4 20.9 50.6 243.0 210.8 29.3 3.0 161.2 137.9 21.7 1.6 160.4 220.7 -12.1 -48.2 134.8 50.0 65.3 19.5 515.8 434.4 42.3 39.1 273.8 472.4 50.3 -248.9 -13.6 30.2 -1.3 -42.5 -184.0 -20.9 82.4 -245.5 4 5 6 7 8 Net change in assets 179.4 0.2 211.5 276.5 108.6 380.7 -15.3 631.9 433.0 -309.0 252.4 8 9 10 Household sector Rest of the world 103.0 0.0 -3.0 0.0 80.4 0.0 210.8 0.0 137.9 0.0 220.7 0.0 50.0 0.0 434.4 0.0 472.4 0.0 30.2 0.0 -20.9 0.0 9 10 11 12 Commercial banking Brokers and dealers -5.1 81.5 34.8 -31.6 71.5 59.7 32.3 33.4 23.3 -52.5 -60.3 220.3 84.8 -150.0 81.4 116.1 -198.6 159.2 -43.8 -295.4 -163.1 436.4 11 12 52 Z.1, December 11, 2008 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 1 1.1 32.0 1.1 14.9 1.5 64.1 1.2 33.0 -0.1 28.5 2.3 34.1 -0.0 29.0 2.6 40.4 -0.3 60.6 2.0 47.1 -0.4 19.8 2 3 33.1 16.1 65.6 34.2 28.4 36.4 28.9 43.1 60.3 49.1 19.4 4 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 5 200.4 9.4 23.8 54.7 159.3 18.9 5.4 54.7 78.3 9.9 37.3 50.4 115.6 -3.0 17.3 47.8 60.4 -28.5 16.7 43.4 173.5 -109.8 44.6 -13.5 129.6 21.5 -20.7 59.8 99.1 104.9 28.4 101.5 139.9 -62.2 -38.3 42.7 105.0 6.2 11.4 60.3 61.0 -21.1 3.2 70.5 6 7 8 9 288.4 238.3 175.8 177.7 92.0 94.8 190.2 333.9 82.1 182.8 113.6 10 Pension fund reserves: 5 6 7 8 9 10 Net change in liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 28.5 28.1 24.1 25.7 34.3 13.3 28.5 26.6 26.0 18.5 17.3 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 6.8 8.4 5.1 8.7 -0.3 9.0 1.3 8.4 9.0 6.7 -9.9 7.8 -0.0 10.3 5.9 8.6 4.5 5.8 -4.9 3.4 0.0 1.6 2 3 4 5 U.S.-chartered commercial banks Savings institutions 3.2 0.6 3.4 0.7 3.7 -0.5 4.0 0.1 3.9 -0.4 3.9 -0.7 4.0 1.6 4.1 0.1 4.1 -1.1 4.2 -0.0 4.3 -2.1 4 5 6 7 Property-casualty insurance companies Life insurance companies 4.2 3.2 4.7 3.6 5.2 4.0 5.7 4.4 5.5 4.2 5.6 4.3 5.7 4.4 5.9 4.6 6.0 4.7 6.1 4.8 6.2 4.9 6 7 8 9 Finance companies Brokers and dealers 1.8 0.4 2.0 -0.1 2.3 0.7 2.5 -0.6 2.4 3.0 2.5 -0.3 2.5 -0.1 2.6 -5.1 2.6 -0.6 2.7 2.3 2.8 -0.3 8 9 48.7 67.2 34.6 20.0 41.7 3.5 30.1 4.6 52.1 17.4 63.6 10 26.1 22.6 41.4 25.8 48.0 -13.4 49.3 -29.4 47.0 -5.3 51.4 -47.9 51.5 -21.3 47.5 -43.0 40.3 11.8 39.5 -22.1 36.1 27.5 11 12 -20.2 -39.1 -10.5 5.7 -7.3 9.8 -1.6 22.0 -26.1 1.1 -46.3 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers -18.0 -146.5 -114.3 -49.4 34.9 -45.3 -87.9 -99.2 -34.8 7.7 39.1 1 -26.3 11.6 -3.3 -137.0 0.6 -10.1 -115.4 5.5 -4.4 -54.9 -0.7 6.2 31.2 -6.0 9.7 -41.0 0.5 -4.8 -86.6 -1.9 0.7 -123.2 4.6 19.5 -58.5 8.6 15.0 3.8 2.0 1.9 29.8 -0.5 9.8 2 3 4 53 Z.1, December 11, 2008 F.228 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 1641.6 1394.7 2092.4 2130.5 1325.1 3541.5 2696.8 958.5 2521.3 1106.8 1688.5 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 1.6 425.5 68.8 1.0 785.0 142.7 0.5 940.8 144.7 1.0 818.0 93.0 2.3 543.4 62.5 0.0 777.5 70.5 1.6 1134.9 123.9 0.2 816.3 115.1 4.6 582.2 67.4 1.4 121.5 26.9 1.7 633.2 6.8 2 3 4 5 6 Federal government Rest of the world 59.2 544.3 62.8 42.5 62.1 435.5 77.6 451.3 34.5 337.6 95.8 1097.8 84.1 313.0 96.2 56.8 52.6 395.5 103.2 73.8 105.4 912.0 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 4.2 291.3 43.3 1.9 2.8 60.3 39.3 2.6 3.2 118.6 26.9 -2.7 2.5 275.1 1.4 -5.6 18.1 -236.6 36.7 12.2 -10.2 661.4 32.1 -12.6 -4.2 463.8 -87.5 -27.5 6.2 211.9 24.4 5.5 12.8 75.3 -58.4 24.2 -13.7 187.3 -51.0 -22.1 -32.1 -639.7 -248.9 -14.5 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 43.0 6.7 52.2 3.6 40.2 73.4 14.4 61.7 -39.2 81.8 64.0 -1.3 38.6 126.1 -5.7 40.4 31.1 105.2 83.3 -10.0 59.4 85.0 11 12 13 14 Government-sponsored enterprises Finance companies -4.1 53.2 2.8 28.0 9.6 11.4 12.2 -10.9 -5.4 64.4 34.2 57.2 32.9 -48.4 -12.7 -116.7 63.1 99.5 -26.3 2.7 -94.0 8.2 13 14 15 16 17 REITs Brokers and dealers Funding corporations 7.8 73.7 21.1 3.8 44.1 121.1 8.7 107.1 112.4 3.2 44.0 291.5 -18.6 233.3 198.3 -4.8 599.1 81.1 16.7 -337.4 866.2 19.4 -319.1 20.5 -4.1 -65.9 1136.1 -5.9 151.1 484.5 10.0 190.5 705.4 15 16 17 1497.2 1242.2 2363.2 2225.0 2723.3 3158.0 3026.6 -8.1 2868.8 1131.8 1010.8 18 18 Net change in liabilities 2005 Net change in assets 19 20 21 22 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 52.4 555.2 163.2 2.0 52.8 450.0 202.5 1.3 40.1 862.7 274.3 4.1 67.2 827.4 239.6 3.4 50.1 980.8 210.1 3.4 118.8 767.3 219.7 3.4 78.6 1049.8 289.7 3.4 21.3 511.8 238.8 3.4 94.9 667.2 164.3 2.3 67.7 -7.4 97.7 2.3 94.1 332.7 48.6 2.3 19 20 21 22 23 24 25 State and local governments Federal government Rest of the world -5.2 0.6 219.0 -35.6 -1.4 167.8 -31.1 1.0 582.2 15.3 1.0 467.0 16.1 0.1 391.8 15.4 5.3 756.8 15.3 -2.4 826.5 14.5 0.8 -107.3 20.0 -2.2 571.5 -46.0 6.6 265.6 -53.2 73.5 363.1 23 24 25 26 27 28 29 Monetary authority Commercial banking Savings institutions Credit unions 1.5 164.8 88.5 -1.8 -3.2 67.4 -58.7 -0.3 0.1 57.7 15.7 0.8 25.8 143.3 3.4 11.0 0.0 -167.5 52.7 -17.8 1.6 431.5 7.4 21.0 2.4 331.4 41.4 19.2 99.1 -22.1 -88.0 21.5 -4.4 777.7 23.2 -0.6 160.0 597.1 -47.5 9.6 865.5 11.8 -41.2 23.9 26 27 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 8.4 51.9 -34.8 4.6 40.9 8.2 31.7 -26.9 -0.6 40.0 0.2 -6.0 28.0 -0.3 35.8 2.9 -23.8 63.6 -0.1 33.3 -3.4 -90.7 67.2 2.3 28.5 4.4 -33.9 48.0 0.5 -26.9 2.9 -7.3 76.3 -0.0 46.0 7.6 36.5 63.0 -3.2 85.6 18.8 34.1 37.1 0.5 29.0 10.4 -38.1 44.1 0.0 45.3 11.6 57.8 27.8 4.5 55.3 30 31 32 33 34 35 36 37 Money market mutual funds Mutual funds Government-sponsored enterprises -2.9 5.1 4.5 -10.0 3.7 4.0 15.9 3.3 -3.2 68.9 2.8 27.0 129.7 9.7 -30.3 6.2 1.6 142.5 99.7 4.0 -17.8 40.1 -4.0 13.6 0.6 13.3 -68.3 -78.1 -11.2 94.1 24.2 0.1 -179.6 35 36 37 38 39 40 41 Finance companies REITs Brokers and dealers Funding corporations -39.9 11.2 148.6 59.6 -21.9 10.6 217.7 143.1 -55.3 8.6 425.1 103.6 7.8 -3.9 47.3 194.9 69.7 -19.6 906.3 134.2 42.9 10.8 632.7 -19.0 10.7 -2.3 -164.1 323.0 -92.2 -4.6 -1185.9 341.6 101.1 6.1 401.2 -18.5 18.7 10.0 -239.0 169.7 -29.9 6.2 -973.8 285.6 38 39 40 41 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 42 42 Discrepancy 54 Z.1, December 11, 2008 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 316.2 133.3 162.9 20.0 36.2 61.9 -10.3 -15.4 241.2 32.3 231.6 -22.6 333.3 88.0 263.3 -18.0 266.8 71.1 234.9 -39.2 374.5 176.1 261.2 -62.9 248.2 -10.9 268.2 -9.1 443.6 115.6 288.9 39.1 356.4 88.0 225.1 43.2 262.2 31.3 254.6 -23.8 281.9 65.2 210.9 5.8 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 270.2 7.1 8.4 4.8 24.4 1.3 21.3 0.7 8.2 3.8 -1.4 3.6 217.9 2.4 0.2 1.9 14.6 4.3 264.3 11.5 2.9 6.8 41.7 6.0 248.7 -9.9 -3.4 4.6 22.2 4.6 225.2 27.5 4.4 5.2 107.2 5.0 187.0 19.6 2.9 12.9 19.7 6.0 396.4 8.9 7.6 4.4 17.7 8.6 278.0 2.4 18.8 5.9 43.0 8.2 224.8 4.0 10.4 8.3 6.3 8.3 221.2 4.9 11.6 6.0 29.2 9.0 5 6 7 8 9 10 28.6 0.1 17.9 -4.8 20.8 16.1 6.0 61.4 42.9 0.0 9.4 -0.1 0.4 3.7 15.3 41.2 104.8 0.1 15.3 23.6 14.9 -0.8 4.1 79.8 143.4 0.6 -9.9 -4.3 2.4 7.1 6.7 91.5 84.6 -0.0 13.4 -67.8 -1.4 -20.5 5.7 42.1 201.1 0.2 18.9 35.1 10.3 2.9 0.8 -21.9 149.2 1.4 41.5 9.4 0.2 25.1 -2.2 199.0 138.7 0.8 -113.5 6.2 0.4 20.8 22.6 146.9 129.3 0.4 33.6 1.7 7.7 42.6 5.0 101.4 75.5 -0.1 22.4 41.7 5.6 41.0 2.5 186.4 114.0 -0.6 26.0 32.1 11.4 55.9 -1.0 129.3 11 12 13 14 15 16 17 18 146.0 92.9 49.5 3.5 112.6 70.7 41.7 0.2 242.0 117.8 68.8 55.3 237.5 147.4 68.5 21.6 56.1 70.4 76.6 -91.0 247.4 146.6 108.1 -7.3 423.6 276.1 79.5 68.1 223.0 96.6 9.9 116.5 321.7 182.8 31.6 107.4 375.1 188.9 73.6 112.6 367.2 185.5 58.5 123.3 19 20 21 22 2.0 2.0 1.3 1.3 2.0 2.0 1.7 1.7 1.1 1.1 4.7 4.7 0.4 0.4 0.4 0.4 0.4 0.4 4.3 4.3 3.8 3.8 23 24 3.1 3.1 1.6 1.6 1.8 1.8 3.1 3.1 2.1 2.1 1.0 1.0 4.7 4.7 4.7 4.7 4.4 4.4 1.3 1.3 1.8 1.8 25 26 2.5 1.9 0.2 9.1 -0.0 0.4 27.4 8.6 9.8 3.1 3.0 27 0.0 -0.1 0.2 0.0 0.6 1.0 0.2 0.6 0.0 -0.1 0.1 0.0 0.8 1.1 0.1 -0.1 0.0 0.1 0.2 0.0 2.7 -2.9 0.2 0.0 0.0 0.3 0.5 0.0 3.8 3.3 0.6 0.6 0.0 0.5 0.8 0.0 -2.1 1.3 -0.7 0.2 0.0 0.5 0.9 0.0 0.3 -2.3 0.6 0.5 0.0 0.1 0.3 0.0 11.4 12.6 1.8 1.2 0.0 0.1 0.2 0.0 5.6 1.5 0.6 0.6 0.0 0.2 0.4 0.0 7.7 1.3 -0.4 0.7 0.0 0.2 0.2 0.0 0.8 -0.1 1.2 0.8 0.0 0.6 0.7 0.0 9.2 -11.0 1.6 2.0 28 29 30 31 32 33 34 35 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 Liab.: Commercial banking Savings institutions Finance companies Brokers and dealers 167.2 1.2 64.5 10.5 40.0 1.3 27.3 14.2 110.0 1.4 13.1 31.7 126.1 1.6 -8.6 -56.0 44.0 1.5 -23.0 -76.0 89.1 1.6 34.9 4.6 184.8 1.6 -33.3 18.5 186.6 1.6 -12.7 -171.1 101.5 1.7 14.5 -34.3 -39.8 1.7 -17.5 105.5 35.4 1.7 13.9 80.0 36 37 38 39 40 Asset: Bank holding companies 243.5 82.7 156.2 63.1 -53.6 130.1 171.6 4.4 83.3 49.9 131.0 40 -9.6 -9.6 -1.7 -1.7 13.0 13.0 -4.8 -4.8 -8.0 -8.0 34.9 34.9 -33.3 -33.3 -12.7 -12.7 14.5 14.5 -17.5 -17.5 13.9 13.9 41 42 NFC investment in finance company subs.: 41 42 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 43 44 Liab.: Foreign banking offices in U.S. Brokers and dealers 33.0 26.5 21.0 122.1 8.6 95.0 43.7 151.3 135.0 -0.8 38.6 -57.7 -61.8 384.8 62.9 278.7 -2.3 -16.3 -12.6 182.3 -178.7 464.3 43 44 45 Asset: Funding corporations 59.6 143.1 103.6 194.9 134.2 -19.0 323.0 341.6 -18.5 169.7 285.6 45 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. 55 Z.1, December 11, 2008 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -0.0 -0.0 0.0 -2.2 -2.2 0.0 -0.0 -0.0 0.0 23.9 -0.1 24.0 0.2 0.2 0.0 -0.5 -0.5 0.0 -0.1 -0.1 0.0 96.0 0.0 96.0 -11.8 0.2 -12.0 163.8 -0.2 164.0 903.0 -1.8 904.8 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -2.1 -2.1 0.8 0.8 -0.2 -0.2 1.9 1.9 15.1 15.1 -6.5 -6.5 13.7 13.7 -14.6 -14.6 23.2 23.2 -26.2 -26.2 27.9 27.9 6 7 1.6 1.6 1.0 1.0 0.5 0.5 1.0 1.0 2.3 2.3 0.0 0.0 1.6 1.6 0.2 0.2 4.6 4.6 1.4 1.4 1.7 1.7 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 11.4 9.8 1.2 0.5 9.5 7.9 1.0 0.6 14.8 11.5 0.8 2.5 15.5 13.5 0.2 1.8 18.6 9.3 1.1 8.1 6.7 4.5 0.8 1.5 25.7 18.6 4.5 2.6 11.2 21.5 -5.4 -4.9 40.1 31.7 1.6 6.9 4.5 1.4 2.1 1.0 17.8 14.5 0.8 2.5 10 11 12 13 14 Asset: Household sector 11.4 9.5 14.8 15.5 18.6 6.7 25.7 11.2 40.1 4.5 17.8 14 Policy payables: 15 Liab.: Property-casualty insurance companies 47.9 52.3 16.6 18.7 28.6 28.9 29.2 -11.9 29.4 41.7 27.2 15 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 23.6 18.9 3.5 1.8 25.6 20.7 4.9 1.2 4.6 6.6 1.6 3.9 6.7 7.4 1.7 2.9 12.1 11.3 2.7 2.5 12.3 11.4 2.7 2.5 11.8 11.5 2.7 3.2 -9.4 -4.7 -1.1 3.3 13.1 11.6 2.7 2.0 19.1 17.7 2.8 2.1 12.3 10.8 2.5 1.7 16 17 18 19 -35.2 -35.2 -18.6 -18.6 20.8 20.8 29.3 29.3 42.7 42.7 24.9 24.9 34.6 34.6 14.9 14.9 20.1 20.1 27.0 27.0 30.6 30.6 20 21 -3.1 -3.1 -1.9 -1.9 -2.0 -2.0 4.4 4.4 -1.9 -1.9 8.6 8.6 10.7 10.7 0.3 0.3 1.8 1.8 1.9 1.9 -0.9 -0.9 22 23 86.9 86.9 174.9 174.9 302.6 302.6 -2.1 -2.1 539.3 539.3 237.4 237.4 -85.5 -85.5 -699.5 -699.5 515.4 515.4 -38.2 -38.2 -924.9 -924.9 24 25 40.9 40.9 40.0 40.0 35.8 35.8 33.3 33.3 28.5 28.5 -26.9 -26.9 46.0 46.0 85.6 85.6 29.0 29.0 45.3 45.3 55.3 55.3 26 27 17.3 17.3 17.7 17.7 20.8 20.8 44.9 44.9 19.5 19.5 99.8 99.8 41.1 41.1 19.5 19.5 41.7 41.7 44.2 44.2 64.1 64.1 28 29 Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree Health Care Funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 56 Z.1, December 11, 2008 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 Net change in liabilities Q2 Q3 Q4 Q1 2008 Q2 Q3 712.9 743.4 922.9 1121.6 233.7 2395.0 1414.3 443.3 1055.9 -6.7 398.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 400.0 68.8 744.0 142.7 838.0 144.6 670.2 92.4 460.6 62.5 567.8 70.3 974.9 122.6 677.3 114.2 451.1 67.1 44.1 27.0 520.1 7.3 2 3 4 5 6 Federal government Rest of the world Monetary authority 1.0 226.2 1.2 5.0 7.2 1.1 5.6 192.2 1.4 -0.6 92.5 -0.7 -13.4 69.5 16.0 22.8 719.1 -11.3 -3.0 64.5 -8.9 -8.9 -483.2 1.5 -18.1 50.5 8.4 13.7 -356.4 -15.0 -13.9 -276.7 -33.8 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 73.1 84.4 -170.1 148.0 10.8 -10.1 -46.8 24.2 12.8 -0.3 -15.3 43.3 -132.8 78.7 -4.4 115.2 24.0 99.9 -4.8 -3.9 -429.0 -131.6 -187.5 -106.2 -3.7 514.7 325.9 175.7 14.4 -1.3 299.3 -155.4 333.3 129.0 -7.6 75.9 57.2 78.0 -56.2 -3.0 -57.6 -326.7 395.2 -130.1 4.0 217.3 111.0 209.5 -104.6 1.4 -522.4 -417.3 112.8 -202.7 -15.3 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 42.2 1.9 9.6 -4.5 38.0 2.6 12.4 0.2 25.5 -2.7 22.9 9.7 -0.1 -5.6 14.5 1.2 35.2 12.2 21.9 -20.4 30.5 -12.6 -43.3 40.2 -89.1 -27.5 65.6 -8.2 22.7 5.5 13.9 -6.7 -60.0 24.2 37.3 30.1 -52.7 -22.1 -47.1 -3.2 -250.6 -14.5 25.2 -124.9 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -17.7 7.8 30.7 -127.2 -1.2 3.8 -107.4 -94.9 -13.9 8.7 -23.7 -270.0 -4.6 3.2 -58.0 202.0 115.9 -18.6 304.5 -383.2 -15.5 -4.8 651.4 -134.5 -6.9 16.7 -738.5 752.7 -112.0 19.4 -449.4 573.0 28.0 -4.1 -20.3 519.3 -3.4 -5.9 -139.3 336.4 -75.6 10.0 -352.8 1501.0 16 17 18 19 568.6 590.9 1193.6 1216.0 1631.9 2011.5 1744.1 -523.3 1403.4 18.4 -279.1 20 275.6 159.7 -5.2 409.8 197.8 -35.6 625.2 272.7 -31.1 560.5 237.5 15.3 728.8 207.0 16.1 495.9 216.5 15.4 884.5 286.9 15.3 132.8 239.8 14.5 363.1 161.3 20.0 -232.4 94.8 -46.0 86.9 45.5 -53.2 21 22 23 -1.4 73.1 1.5 -0.5 55.2 -3.2 -1.0 340.2 0.1 -0.6 229.4 1.8 -1.2 335.7 0.0 1.0 509.4 1.6 -2.6 402.9 2.4 0.4 -330.3 3.1 -2.8 249.7 7.6 2.5 -109.4 -4.0 71.4 -4.2 -39.3 24 25 26 -89.5 1.6 -124.5 32.4 0.9 -18.5 2.5 -37.3 16.2 0.1 -105.4 8.7 -150.4 35.6 0.6 61.8 12.8 13.7 31.7 3.6 -104.1 -110.2 -53.6 58.0 1.7 272.6 185.2 38.4 39.9 9.1 124.2 -192.9 267.8 49.6 -0.4 -45.7 168.9 -197.9 -20.6 3.8 679.9 109.2 497.4 72.4 0.9 541.1 218.7 47.6 272.3 2.4 -135.2 -209.1 272.9 -194.9 -4.1 27 28 29 30 31 20 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 32 33 Savings institutions Credit unions 89.7 -2.1 -60.6 -0.5 18.8 0.6 -1.8 10.4 36.3 -17.1 16.2 20.4 15.1 17.4 -74.8 20.9 -1.3 -0.2 -21.1 8.4 -58.0 22.3 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 45.0 3.5 4.6 27.1 -6.4 -0.6 -8.3 9.2 -0.3 -32.3 29.9 -0.1 -97.8 26.4 2.3 -39.6 14.5 0.5 -23.0 31.0 -0.0 31.4 47.7 -3.2 22.9 15.2 0.5 -48.7 15.2 0.0 48.1 -1.9 4.5 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises -2.9 5.1 4.5 -10.0 3.7 4.0 15.9 3.3 -3.2 68.9 2.8 27.0 129.7 9.7 -30.3 6.2 1.6 142.5 99.7 4.0 -17.8 40.1 -4.0 13.6 0.6 13.3 -68.3 -78.1 -11.2 94.1 24.2 0.1 -179.6 37 38 39 40 41 42 Finance companies REITs Brokers and dealers -64.3 11.2 60.5 -20.6 10.6 39.3 -69.9 8.6 118.2 -33.9 -3.9 43.3 47.5 -19.6 362.4 -64.3 10.8 390.3 -9.0 -2.3 -84.6 -109.9 -4.6 -495.0 58.1 6.1 -122.5 12.4 10.0 -209.1 -59.1 6.2 -57.8 40 41 42 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 43 43 Discrepancy 57 Z.1, December 11, 2008 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2007 Q1 1 All sectors Q2 Q3 Q4 Q1 2008 Q2 Q3 93.6 241.3 324.8 -140.5 -808.3 845.6 -582.2 -17.2 -1103.0 -835.9 -155.8 1 -107.1 -71.3 162.1 146.5 265.6 97.4 -141.9 -128.2 -328.9 -82.0 817.5 -196.0 -946.1 -200.6 -110.3 -34.2 -819.9 -65.7 -1092.0 144.0 -208.7 222.8 2 3 State and local governments Federal government Rest of the world -58.7 19.2 96.5 -68.3 30.6 18.2 -60.3 20.6 -59.7 -48.5 39.6 -52.1 -44.6 90.1 -279.8 -43.9 -85.4 -9.5 -54.6 18.3 279.2 -51.0 135.5 -198.1 -46.0 66.5 -63.7 -46.2 -113.9 180.8 -64.3 159.6 39.4 4 5 6 Financial sectors 215.0 -47.8 61.1 190.6 -163.1 363.1 321.6 240.9 -174.1 91.3 -304.6 7 -2.3 224.0 3.2 -14.3 0.9 22.5 -1.7 103.1 -5.7 -73.8 -0.1 220.9 -2.2 230.0 1.1 35.2 -11.5 -336.3 3.3 -152.0 -1.5 -441.6 8 9 -2.0 1.9 6.0 2.6 2.1 1.6 -7.0 2.1 -6.6 1.7 -5.2 0.7 -4.2 1.7 -12.0 4.2 6.8 -0.2 3.2 6.7 -7.1 1.8 10 11 2 3 Household sector Nonfinancial corporate business 4 5 6 7 8 9 Monetary authority Commercial banking 10 11 Savings institutions Credit unions 12 13 Property-casualty insurance companies Life insurance companies -13.0 -35.7 -7.7 -13.7 21.1 -3.0 23.4 -18.9 -42.5 -9.3 84.4 -17.2 -11.6 -20.9 63.6 -28.2 15.2 -27.3 140.7 15.5 30.7 -27.2 12 13 14 15 Mutual funds Government-sponsored enterprises 3.2 -14.4 20.5 -14.2 4.0 -4.9 10.1 -3.2 8.7 4.2 9.7 -6.2 10.6 13.1 11.5 -24.0 6.2 2.4 4.9 -34.7 3.4 25.9 14 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 47.1 -0.7 6.9 0.0 -17.4 -23.2 10.5 0.0 47.2 -19.5 -10.8 0.0 30.9 -13.4 65.2 0.0 -13.0 -45.9 19.1 0.0 72.9 -9.1 12.2 -0.0 26.2 16.3 62.7 0.0 37.5 -14.9 166.9 0.0 43.8 -28.0 154.7 0.0 35.8 -30.7 98.5 0.0 39.6 -3.0 74.4 16 17 18 19 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 93.6 241.3 324.8 -140.5 -808.3 845.6 -582.2 -17.2 -1103.0 -835.9 -155.8 1 -0.3 61.9 0.7 15.3 -1.1 104.2 0.2 154.1 -0.3 301.4 0.7 353.8 0.9 85.5 -0.6 -124.1 -0.9 -413.0 -0.5 -213.6 -1.2 -103.0 2 3 14.9 -141.1 -3.7 87.6 -1.9 202.5 1.7 -296.6 63.0 -43.8 -48.9 3.5 2.5 -295.7 -9.6 -850.6 2.6 -303.2 -26.0 -491.5 -60.4 -499.2 4 5 27.9 -0.8 -6.6 -0.9 -3.0 -0.5 1.2 -1.0 18.2 5.1 -6.4 -4.9 -0.2 3.5 -7.0 -7.9 19.6 12.6 -9.2 -7.2 -1.3 6.4 6 7 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 Mail floats: Federal government Other 8 9 Trade credit Taxes payable 11.2 -20.2 -30.7 -39.1 144.0 -10.5 0.9 5.7 40.0 -7.3 11.0 9.8 -55.2 -1.6 7.9 22.0 16.3 -26.1 72.6 1.1 32.2 -46.3 8 9 10 Miscellaneous 144.3 152.5 -270.7 -94.5 -1398.2 383.5 -329.8 966.6 -347.5 -25.0 677.6 10 11 Nonfinancial -4.2 66.2 161.8 87.7 213.4 143.4 7.8 -13.9 -63.4 -136.6 -160.5 11 19.2 -15.0 -71.2 5.0 -163.0 1.3 -81.4 -6.3 -188.4 -25.0 -143.4 0.0 -7.8 0.0 13.9 0.0 63.4 0.0 136.6 0.0 160.5 0.0 12 13 12 13 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 58 Z.1, December 11, 2008 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 Total credit market debt owed by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 34605.3 37785.9 41244.2 45325.6 46487.1 47475.1 48779.5 49882.3 50621.5 51066.3 51796.3 1 22441.4 24446.7 26769.4 29188.3 29831.3 30369.7 31056.8 31718.2 32181.2 32353.1 32937.8 2 9500.1 4973.9 2198.7 168.0 1567.6 4033.1 10573.0 5177.9 2443.8 174.1 1683.0 4395.0 11740.3 5510.3 2775.4 186.9 1854.7 4701.9 12939.0 5976.5 3184.1 197.7 2005.8 4885.3 13125.0 6147.9 3259.1 199.2 2062.7 5037.4 13374.7 6387.2 3354.7 204.2 2121.7 4927.2 13618.7 6565.6 3486.7 208.5 2144.3 5032.9 13815.3 6772.4 3602.6 214.0 2191.7 5122.3 13876.1 6867.7 3684.6 217.2 2213.1 5322.6 13907.2 6989.2 3732.6 226.3 2223.7 5274.1 13921.2 7016.9 3750.5 223.9 2224.7 5800.6 3 4 5 6 7 8 9 Rest of the world 1252.7 1437.7 1512.3 1879.8 1905.9 1971.7 1973.0 2016.5 2081.1 2099.1 1961.7 9 10 Financial sectors 10915.2 11906.4 12968.7 14265.4 14757.6 15141.8 15758.1 16154.8 16365.7 16619.3 16904.1 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 660.4 338.0 0.6 321.8 738.7 356.7 0.7 381.3 823.9 393.6 0.8 429.5 998.0 497.8 0.5 499.7 1015.6 494.9 0.3 520.3 1062.5 510.6 0.4 551.5 1184.3 597.2 0.3 586.8 1261.2 629.6 0.5 631.1 1312.9 647.2 0.4 665.4 1394.2 655.9 0.3 737.9 1461.5 785.9 0.0 675.6 11 12 13 14 15 16 Savings institutions Credit unions 296.8 9.1 385.8 11.4 409.6 14.7 297.8 18.9 288.3 16.2 289.5 18.9 375.9 28.4 395.1 32.3 407.3 28.5 400.7 35.4 345.3 43.5 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 8.0 2601.3 3326.7 2217.2 11.1 2676.3 3374.6 2654.6 11.5 2592.2 3541.9 3378.8 14.2 2627.8 3837.3 4186.3 15.4 2644.5 3955.7 4344.1 18.6 2684.8 4075.8 4493.3 25.3 2824.0 4243.1 4535.7 28.7 2910.2 4463.5 4502.5 31.1 2940.2 4602.4 4432.8 33.4 3104.0 4761.5 4319.3 42.9 3154.8 4894.9 4207.0 17 18 19 20 21 22 23 24 Finance companies REITs Brokers and dealers Funding corporations 995.3 230.3 47.0 519.3 1129.6 340.2 62.2 517.1 1108.6 396.2 62.4 622.7 1144.2 411.8 68.8 652.5 1234.2 429.4 83.7 722.7 1240.3 427.6 93.6 728.8 1280.4 423.4 86.3 743.0 1279.6 421.5 64.8 788.2 1301.4 404.7 120.1 777.8 1299.3 399.1 85.9 781.2 1281.7 391.7 273.5 799.7 21 22 23 24 34605.3 37785.9 41244.2 45325.6 46487.1 47475.1 48779.5 49882.3 50621.5 51066.3 51796.3 25 4786.8 5212.0 5712.1 6019.8 6196.4 6200.5 6357.2 6336.7 6177.9 6140.3 6153.7 26 3047.5 266.2 73.9 1125.6 273.6 3355.2 297.4 85.4 1198.1 275.9 3648.6 339.6 96.8 1352.0 275.0 3842.8 328.5 96.7 1470.6 281.2 3977.6 330.8 100.3 1501.9 285.8 3956.4 316.2 104.1 1537.2 286.6 4153.8 277.3 109.2 1528.2 288.7 4160.2 263.4 113.4 1512.0 287.6 4116.7 167.2 116.3 1484.7 292.9 4087.7 167.5 118.0 1473.2 293.9 4086.9 169.6 118.9 1479.9 298.4 27 28 29 30 31 32 25 26 27 28 29 30 31 Total credit market assets held by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 32 Rest of the world 3836.1 4634.7 5188.3 6198.2 6531.6 6825.8 6964.3 7367.4 7551.7 7801.0 7853.3 33 Financial sectors 25982.4 27939.3 30343.7 33107.6 33759.2 34448.8 35458.0 36178.1 36891.9 37125.0 37789.2 33 34 35 36 37 38 39 40 41 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions 666.7 5994.3 5390.6 490.3 36.4 76.9 1293.9 516.6 717.8 6602.3 5961.8 513.3 36.4 90.8 1417.4 556.4 744.2 7260.7 6469.7 657.8 32.2 101.0 1616.7 592.6 778.9 8019.1 7122.7 761.6 35.6 99.3 1518.6 622.7 780.9 8025.9 7091.0 805.9 31.4 97.6 1577.5 629.2 790.5 8217.4 7234.7 855.3 30.1 97.4 1595.2 641.0 779.6 8465.0 7417.6 914.8 35.4 97.2 1628.9 652.6 740.6 8757.0 7638.7 963.3 58.7 96.4 1584.3 657.9 631.0 8885.9 7721.0 1008.9 59.7 96.3 1598.8 665.0 509.1 8950.0 7785.3 983.1 84.1 97.6 1606.6 684.7 777.8 9327.0 8212.5 942.2 75.0 97.2 1323.7 697.7 34 35 36 37 38 39 40 41 42 43 44 45 46 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 625.2 2488.3 646.5 657.5 63.6 698.8 2661.4 646.1 675.3 68.2 765.8 2765.4 690.6 693.4 76.0 813.5 2806.1 741.6 769.7 84.3 821.7 2831.3 773.3 767.5 88.1 830.4 2855.4 794.2 772.2 88.9 838.9 2882.4 826.7 787.5 93.3 839.8 2888.6 862.9 799.8 96.1 836.6 2914.2 890.2 801.8 106.1 835.0 2933.3 909.1 800.5 108.1 842.1 2949.7 917.6 809.6 115.1 42 43 44 45 46 47 48 49 50 51 52 53 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 1471.3 1506.4 152.6 4.5 2564.2 3326.7 2119.5 1346.3 1623.0 163.6 8.2 2613.0 3374.6 2547.4 1340.8 1747.1 165.8 15.0 2543.9 3541.9 3275.2 1560.8 1932.0 171.8 20.7 2590.5 3837.3 4074.8 1649.5 2005.4 171.6 22.4 2558.4 3955.7 4229.5 1699.2 2093.5 175.1 26.3 2596.7 4075.8 4381.5 1801.8 2141.6 170.6 28.7 2758.9 4243.1 4428.3 1951.5 2203.1 170.6 33.5 2829.5 4463.5 4388.0 2253.4 2256.7 165.6 37.8 2893.4 4602.4 4311.4 2232.7 2356.6 161.2 43.0 2987.8 4761.5 4211.3 2186.6 2366.3 153.1 49.7 3021.2 4894.9 4109.7 47 48 49 50 51 52 53 54 55 56 57 Finance companies REITs Brokers and dealers Funding corporations 1204.9 96.4 424.1 159.3 1419.8 198.6 394.9 205.9 1537.1 239.8 477.2 254.5 1626.7 265.8 583.4 289.2 1617.2 288.6 677.2 288.3 1615.0 280.7 583.8 336.2 1635.9 248.0 718.2 327.9 1638.8 244.3 803.1 225.2 1648.5 224.0 864.3 304.9 1637.3 224.0 691.8 481.3 1621.9 211.1 830.2 584.4 54 55 56 57 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, December 11, 2008 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 22441.4 24446.7 26769.4 29188.3 29831.3 30369.7 31056.8 31718.2 32181.2 32353.1 32937.8 1 22441.4 82.5 4008.2 24.9 1900.5 2900.1 1088.4 1038.6 24446.7 97.8 4370.7 24.3 2031.0 2975.6 1099.2 1096.7 26769.4 90.1 4678.0 23.8 2225.9 3032.3 1236.8 1212.8 29188.3 112.5 4861.7 23.5 2403.2 3247.9 1410.2 1352.4 29831.3 126.2 5014.3 23.2 2465.6 3319.5 1433.9 1405.5 30369.7 154.3 4904.0 23.2 2533.8 3414.8 1466.2 1479.4 31056.8 131.4 5010.0 23.0 2561.1 3469.9 1572.7 1562.7 31718.2 123.8 5099.2 23.1 2618.6 3559.1 1656.8 1634.9 32181.2 140.0 5299.1 23.5 2643.0 3600.9 1719.5 1648.7 32353.1 139.9 5250.6 23.5 2664.1 3685.3 1742.3 1667.6 32937.8 146.5 5777.5 23.1 2669.0 3703.8 1819.3 1649.1 2 3 4 5 6 7 8 9 9294.0 7231.5 543.5 1424.8 94.1 2104.4 10532.1 8268.5 591.9 1574.8 96.9 2219.4 11955.8 9380.6 664.4 1809.2 101.5 2313.9 13358.6 10456.3 717.8 2083.0 101.5 2418.3 13644.2 10671.6 734.1 2135.5 103.0 2399.0 13961.8 10883.8 758.2 2215.2 104.6 2432.2 14224.0 11035.5 785.4 2296.9 106.2 2502.2 14450.7 11168.4 816.9 2357.7 107.8 2551.9 14576.6 11236.6 834.4 2396.9 108.6 2529.9 14623.9 11228.1 851.3 2435.1 109.4 2555.8 14559.0 11166.8 866.0 2415.9 110.3 2590.5 10 11 12 13 14 15 22441.4 9500.1 7340.6 4973.9 2198.7 168.0 1567.6 4033.1 24446.7 10573.0 7795.8 5177.9 2443.8 174.1 1683.0 4395.0 26769.4 11740.3 8472.6 5510.3 2775.4 186.9 1854.7 4701.9 29188.3 12939.0 9358.2 5976.5 3184.1 197.7 2005.8 4885.3 29831.3 13125.0 9606.1 6147.9 3259.1 199.2 2062.7 5037.4 30369.7 13374.7 9946.2 6387.2 3354.7 204.2 2121.7 4927.2 31056.8 13618.7 10260.9 6565.6 3486.7 208.5 2144.3 5032.9 31718.2 13815.3 10588.9 6772.4 3602.6 214.0 2191.7 5122.3 32181.2 13876.1 10769.5 6867.7 3684.6 217.2 2213.1 5322.6 32353.1 13907.2 10948.1 6989.2 3732.6 226.3 2223.7 5274.1 32937.8 13921.2 10991.4 7016.9 3750.5 223.9 2224.7 5800.6 16 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 1252.7 1437.7 1512.3 1879.8 1905.9 1971.7 1973.0 2016.5 2081.1 2099.1 1961.7 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 275.5 868.9 66.1 42.2 344.2 985.0 69.9 38.6 382.4 1011.6 84.4 34.0 479.5 1275.5 98.3 26.6 474.0 1331.3 74.7 25.8 472.2 1389.2 84.9 25.4 424.2 1432.7 91.5 24.6 412.2 1478.1 102.8 23.4 460.2 1486.3 111.7 22.9 470.2 1497.4 109.4 22.1 401.8 1424.7 113.3 22.0 25 26 27 28 23694.1 25884.4 28281.7 31068.1 31737.2 32341.4 33029.8 33734.6 34262.3 34452.3 34899.6 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 10 11 12 13 Commercial banks Bank holding companies Savings institutions Credit unions 14 15 16 17 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 18 19 20 21 Brokers and dealers Finance companies REITs Funding corporations 10915.2 11906.4 12968.7 14265.4 14757.6 15141.8 15758.1 16154.8 16365.7 16619.3 16904.1 1 935.0 2601.3 3326.7 3277.9 164.0 501.7 104.7 957.1 2676.3 3374.6 3965.1 222.1 575.8 130.6 1171.7 2592.2 3541.9 4652.9 239.1 620.2 144.5 1366.0 2627.8 3837.3 5458.6 175.0 641.4 151.5 1403.5 2644.5 3955.7 5790.8 183.3 624.4 147.7 1483.3 2684.8 4075.8 5901.0 196.8 642.0 150.0 1302.0 2824.0 4243.1 6180.4 225.2 821.8 153.2 1252.6 2910.2 4463.5 6255.9 241.0 867.1 157.2 1184.4 2940.2 4602.4 6290.7 282.9 896.4 162.2 1138.3 3104.0 4761.5 6257.3 286.3 906.7 159.9 1007.0 3154.8 4894.9 6133.0 542.1 1003.6 161.2 2 3 4 5 6 7 8 10915.2 11906.4 12968.7 14265.4 14757.6 15141.8 15758.1 16154.8 16365.7 16619.3 16904.1 9 338.6 321.8 296.8 9.1 357.4 381.3 385.8 11.4 394.3 429.5 409.6 14.7 498.3 499.7 297.8 18.9 495.3 520.3 288.3 16.2 511.0 551.5 289.5 18.9 597.5 586.8 375.9 28.4 630.1 631.1 395.1 32.3 647.5 665.4 407.3 28.5 656.2 737.9 400.7 35.4 785.9 675.6 345.3 43.5 10 11 12 13 8.0 2601.3 3326.7 2217.2 11.1 2676.3 3374.6 2654.6 11.5 2592.2 3541.9 3378.8 14.2 2627.8 3837.3 4186.3 15.4 2644.5 3955.7 4344.1 18.6 2684.8 4075.8 4493.3 25.3 2824.0 4243.1 4535.7 28.7 2910.2 4463.5 4502.5 31.1 2940.2 4602.4 4432.8 33.4 3104.0 4761.5 4319.3 42.9 3154.8 4894.9 4207.0 14 15 16 17 47.0 995.3 230.3 519.3 62.2 1129.6 340.2 517.1 62.4 1108.6 396.2 622.7 68.8 1144.2 411.8 652.5 83.7 1234.2 429.4 722.7 93.6 1240.3 427.6 728.8 86.3 1280.4 423.4 743.0 64.8 1279.6 421.5 788.2 120.1 1301.4 404.7 777.8 85.9 1299.3 399.1 781.2 273.5 1281.7 391.7 799.7 18 19 20 21 60 Z.1, December 11, 2008 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 9 10 11 12 Total 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 34605.3 37785.9 41244.2 45325.6 46487.1 47475.1 48779.5 49882.3 50621.5 51066.3 51796.3 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1292.9 4008.2 5952.9 1900.5 7047.0 1399.1 4370.7 6075.2 2031.0 7925.6 1644.2 4678.0 6158.0 2225.9 8696.8 1958.0 4861.7 6488.6 2403.2 9982.0 2003.7 5014.3 6623.4 2465.6 10441.5 2109.8 4904.0 6783.8 2533.8 10705.1 1857.6 5010.0 7090.1 2561.1 11083.0 1788.6 5099.2 7396.9 2618.6 11293.1 1784.6 5299.1 7566.0 2643.0 11378.0 1748.4 5250.6 7889.0 2664.1 11440.1 1555.3 5777.5 8072.9 2669.0 11261.5 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1318.4 1582.5 9398.6 2104.4 1391.2 1711.1 10662.7 2219.4 1560.3 1866.9 12100.3 2313.9 1683.4 2020.3 13510.1 2418.3 1692.0 2055.7 13791.9 2399.0 1747.9 2146.7 14111.8 2432.2 1889.4 2409.0 14377.2 2502.2 2000.6 2525.5 14608.0 2551.9 2114.1 2568.1 14738.8 2529.9 2138.1 2596.4 14783.9 2555.8 2474.8 2674.7 14720.1 2590.5 7 8 9 10 16638.7 4654.2 18947.2 5436.3 20645.4 6048.9 24079.1 7068.3 24754.1 7328.7 26123.9 7805.2 26367.6 7989.3 25187.4 7829.0 22668.7 7336.4 22222.7 7412.3 19648.4 6588.3 11 12 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 34605.3 37785.9 41244.2 45325.6 46487.1 47475.1 48779.5 49882.3 50621.5 51066.3 51796.3 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 62.3 2.2 26.0 867.1 193.0 62.2 2.2 26.7 957.0 212.2 45.9 2.2 27.5 997.8 201.3 46.0 2.2 28.1 1085.8 190.0 46.6 2.2 28.2 1158.4 50.5 46.1 2.2 28.5 1251.1 65.4 48.7 2.2 28.8 1309.1 112.5 50.0 2.2 28.7 1302.5 122.1 54.8 2.2 28.5 1208.6 44.2 54.9 2.2 28.4 1140.7 85.7 51.4 2.2 28.1 1104.8 460.2 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1437.5 4003.3 1226.8 2016.4 1348.5 1522.8 4284.9 1505.1 1879.8 1435.4 1527.2 4599.3 1789.5 2006.9 1741.5 1507.3 4946.3 2050.8 2312.1 2148.6 1501.5 5076.1 2118.9 2389.7 2360.6 1498.6 5111.9 2146.5 2488.7 2398.1 1499.7 5165.1 2282.0 2799.9 2384.0 1537.6 5232.6 2370.4 3053.2 2165.9 1530.9 5388.7 2448.0 3407.8 2169.8 1540.6 5416.4 2412.7 3343.2 1897.1 1940.5 5541.3 2384.9 3376.5 1676.2 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 4654.2 858.8 1013.2 9722.4 5436.3 1038.2 1060.4 10632.6 6048.9 1038.4 1082.6 11368.9 7068.3 1249.9 1163.7 12483.6 7328.7 1289.0 1172.7 12575.3 7805.2 1379.5 1191.1 13023.6 7989.3 1374.5 1199.6 13158.1 7829.0 1526.4 1201.5 13007.4 7336.4 1647.1 1194.0 12196.2 7412.3 1564.9 1202.2 12109.2 6588.3 1626.9 1187.7 11508.7 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 2465.4 240.4 12287.8 2659.8 268.9 13827.1 3000.2 297.0 15112.3 3217.3 321.0 16447.5 3289.9 340.3 16344.8 3379.7 340.1 16461.3 3447.9 351.8 16797.1 3535.3 346.7 17346.1 3614.1 364.7 18235.9 3735.5 365.0 18321.4 3667.3 373.6 19848.8 16 17 18 19 Total liabilities 77030.3 84597.4 92131.5 101594.2 103560.4 106092.7 108729.8 110539.9 111493.2 111698.8 113163.6 19 20 21 22 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 23.7 16638.7 5560.9 24.6 18947.2 6318.5 19.3 20645.4 7149.4 19.9 24079.1 7672.6 20.0 24754.1 7796.2 20.1 26123.9 7893.4 20.3 26367.6 7923.3 20.5 25187.4 7898.7 20.9 22668.7 7845.7 20.9 22222.7 7845.7 20.5 19648.4 7731.8 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -9.5 705.3 12.7 -9.7 767.2 27.3 -9.1 782.5 25.2 -10.1 886.8 23.2 -10.2 962.1 33.0 -10.0 1050.6 19.9 -9.8 1072.0 20.8 -9.9 1040.9 21.7 -10.2 937.7 15.0 -10.3 884.3 8.8 -10.6 858.5 -50.9 23 24 25 182.1 80.6 -3620.1 36.5 89.1 -3732.5 124.1 76.3 -3624.2 120.4 34.4 -4692.2 148.3 41.5 -5406.8 141.8 27.0 -5854.2 90.7 25.3 -6231.4 -176.3 6.8 -6211.4 -205.8 12.0 -6318.4 -343.6 0.1 -6426.4 -441.9 -3.1 -5413.3 26 27 28 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -17.9 20.8 25.9 11.2 20.0 37.1 1.8 19.2 6.3 0.1 11.4 153.6 1.3 10.0 110.0 -0.8 10.0 69.7 0.8 6.4 65.2 2.8 10.3 154.5 5.9 11.2 108.4 1.7 9.9 78.1 9.1 8.0 95.6 29 30 31 32 Totals identified to sectors as assets 101873.7 112641.4 122543.4 136838.3 140241.4 144676.1 148001.2 148807.1 147472.9 147585.5 145512.8 32 61 Z.1, December 11, 2008 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 31663.1 34990.6 37788.4 42227.8 43432.4 44748.2 45455.8 44962.2 43369.8 43112.2 41102.0 1 52.1 583.1 4316.4 1023.8 57.5 637.5 4790.0 973.2 59.9 576.0 5291.6 1023.2 65.2 609.0 5791.8 1198.0 69.6 641.3 6036.8 1199.4 75.1 587.3 6067.3 1258.2 78.6 513.1 6179.9 1344.4 78.2 541.0 6292.8 1454.3 72.6 506.6 6425.5 1569.4 68.5 510.0 6407.6 1512.7 58.9 524.4 6472.9 1554.3 2 3 4 5 12663.3 14188.7 15411.4 17498.8 18197.4 18841.9 19143.7 18347.4 17165.2 16991.9 15457.2 6 105.9 203.8 282.6 437.9 136.1 204.4 381.2 405.7 164.2 205.1 362.3 501.2 187.7 202.4 294.4 439.4 191.2 200.3 283.0 488.2 197.9 198.6 265.3 548.0 167.4 197.1 234.3 665.0 149.7 196.4 60.7 737.7 122.5 195.3 124.5 733.0 92.7 194.9 141.4 707.0 59.1 194.2 158.2 828.4 7 8 9 10 706.8 1234.2 6787.7 2904.3 747.1 1401.0 7495.9 3417.4 825.8 1506.4 8007.0 3839.3 879.7 1754.9 9275.4 4465.1 883.9 1845.5 9634.0 4671.4 917.7 1743.3 9994.4 4976.8 913.7 1891.0 9975.0 5100.2 912.8 2017.6 9300.2 4972.4 907.1 1948.5 8418.0 4716.4 924.7 1931.6 8193.5 4806.1 912.5 1846.1 7250.0 4208.7 11 12 13 14 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 972.7 1803.2 4561.6 3398.1 1018.8 2027.9 4955.8 3690.4 1039.9 2197.4 5334.8 3879.5 1119.5 2332.4 5923.1 4272.2 1128.6 2354.8 5975.2 4289.5 1146.4 2423.8 6219.0 4425.5 1154.8 2457.5 6284.3 4461.0 1156.1 2437.8 6186.6 4428.3 1148.7 2385.8 5693.8 4162.0 1156.4 2394.6 5628.8 4131.6 1142.0 2340.5 5228.9 3985.1 15 16 17 18 19 Miscellaneous and other assets 2288.9 2650.7 2974.9 3417.7 3539.9 3703.6 3838.5 4039.6 4240.3 4310.0 4338.0 19 13207.9 14732.6 16426.4 18284.8 18567.2 19005.3 19399.6 19791.7 20006.5 20029.2 20179.8 20 20 Total liabilities 21 22 23 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 7212.7 1552.7 2104.4 8245.1 1704.4 2219.4 9349.5 1821.5 2313.9 10417.0 2063.3 2418.3 10630.6 2110.7 2399.0 10842.7 2184.7 2432.2 10993.6 2273.9 2502.2 11126.2 2345.7 2551.9 11195.1 2391.3 2529.9 11189.3 2433.8 2555.8 11131.0 2437.1 2590.5 21 22 23 24 25 26 Policy loans Security credit Other liabilities (3) 105.2 182.5 2050.4 106.8 264.0 2192.9 107.6 232.4 2601.6 110.9 292.1 2983.2 111.5 279.0 3036.3 112.7 334.0 3099.0 114.3 296.5 3219.2 114.5 325.5 3327.9 115.7 365.3 3409.2 116.8 291.5 3442.1 117.8 400.6 3503.0 24 25 26 (1) Combined statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18). (3) Includes corporate farms. 62 Z.1, December 11, 2008 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 35404.3 39189.5 42441.5 46983.9 48213.6 49518.7 50099.7 49456.7 47727.7 47419.2 45271.3 1 5403.8 5789.6 6179.2 6793.8 7052.4 7064.2 7138.9 7351.5 7534.0 7443.7 7548.0 2 52.1 389.0 4002.5 960.2 57.5 356.1 4472.0 904.1 59.9 230.0 4940.0 949.2 65.2 202.3 5408.8 1117.5 69.6 226.1 5640.6 1116.1 75.1 161.5 5655.9 1171.7 78.6 66.8 5743.4 1250.1 78.2 77.4 5839.4 1356.4 72.6 33.4 5958.8 1469.2 68.5 32.4 5931.7 1411.1 58.9 46.3 5990.8 1452.1 3 4 5 6 3047.5 3355.2 3648.6 3842.8 3977.6 3956.4 4153.8 4160.2 4116.7 4087.7 4086.9 7 105.9 441.5 203.8 237.7 437.9 136.1 535.4 204.4 331.0 405.7 164.2 511.3 205.1 306.2 501.2 187.7 440.4 202.4 238.1 439.4 191.2 425.0 200.3 224.7 488.2 197.9 403.3 198.6 204.8 548.0 167.4 367.9 197.1 170.9 665.0 149.7 191.1 196.4 -5.3 737.7 122.5 252.2 195.3 56.9 733.0 92.7 267.7 194.9 72.8 707.0 59.1 283.3 194.2 89.2 828.4 8 9 10 11 12 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 13 14 15 16 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages 704.1 1234.2 3.1 120.7 742.7 1401.0 5.9 128.5 821.3 1506.4 8.7 135.6 873.9 1754.9 8.3 138.2 877.9 1845.5 10.7 139.2 911.5 1743.3 13.1 139.2 907.2 1891.0 14.6 140.7 906.0 2017.6 16.1 142.0 900.2 1948.5 16.4 144.0 917.7 1931.6 16.7 154.3 905.4 1846.1 17.3 147.3 13 14 15 16 17 18 19 20 21 22 23 Corporate equities (3) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets 6787.7 2904.3 475.4 1013.2 9722.4 5560.9 489.1 7495.9 3417.4 578.3 1060.4 10632.6 6318.5 541.5 8007.0 3839.3 575.3 1082.6 11368.9 7149.4 591.1 9275.4 4465.1 655.7 1163.7 12483.6 7672.6 631.2 9634.0 4671.4 690.1 1172.7 12575.3 7796.2 643.8 9994.4 4976.8 745.3 1191.1 13023.6 7893.4 673.5 9975.0 5100.2 757.8 1199.6 13158.1 7923.3 693.1 9300.2 4972.4 866.4 1201.5 13007.4 7898.7 698.4 8418.0 4716.4 984.5 1194.0 12196.2 7845.7 722.1 8193.5 4806.1 992.1 1202.2 12109.2 7845.7 739.1 7250.0 4208.7 986.9 1187.7 11508.7 7731.8 762.6 17 18 19 20 21 22 23 24 25 Total liabilities Credit market instruments 26 27 28 Home mortgages (4) Consumer credit Municipal securities 29 30 31 Bank loans n.e.c. Other loans and advances Commercial mortgages 32 33 34 Security credit Trade payables Deferred and unpaid life insurance premiums 9860.3 11032.7 12181.4 13453.8 13630.9 13939.2 14149.8 14379.2 14484.8 14446.3 14573.7 24 9500.1 10573.0 11740.3 12939.0 13125.0 13374.7 13618.7 13815.3 13876.1 13907.2 13921.2 25 6886.0 2104.4 178.3 7835.6 2219.4 188.6 8872.5 2313.9 205.1 9865.8 2418.3 226.9 10065.1 2399.0 232.0 10266.2 2432.2 238.6 10410.5 2502.2 242.2 10540.3 2551.9 249.5 10609.6 2529.9 252.5 10614.8 2555.8 261.7 10570.7 2590.5 265.8 26 27 28 52.8 118.7 159.9 35.5 119.0 174.9 48.3 119.0 181.5 96.3 123.8 208.0 92.0 124.4 212.4 91.8 125.6 220.3 103.5 126.9 233.4 107.7 127.0 238.9 112.0 128.0 244.1 94.5 129.8 250.5 116.2 130.7 247.4 29 30 31 182.5 156.8 264.0 173.3 232.4 186.3 292.1 199.9 279.0 203.5 334.0 207.1 296.5 210.8 325.5 214.5 365.3 218.4 291.5 222.2 400.6 226.2 32 33 20.9 22.5 22.4 22.8 23.4 23.4 23.8 23.9 25.0 25.4 25.8 34 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 18) and life insurance and pension reserves (lines 20 and 21). (4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. 63 Z.1, December 11, 2008 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 11923.7 13046.8 14409.1 15759.9 16070.5 16484.8 17008.0 17360.6 17565.3 17686.4 17656.7 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 38.1 385.0 676.6 362.6 6.0 53.7 459.9 718.4 393.5 6.4 60.6 598.5 801.9 440.4 14.6 49.7 546.2 881.6 514.0 15.6 45.3 537.9 836.2 518.3 14.1 55.5 585.8 851.0 539.0 8.9 56.3 623.9 877.0 615.4 7.9 49.0 651.4 897.1 664.4 8.4 47.1 661.3 932.5 707.7 5.5 46.6 638.6 950.3 726.5 6.4 42.1 600.9 992.0 720.2 3.2 2 3 4 5 6 7 Credit market instruments 340.1 382.7 436.4 425.2 431.1 420.4 386.5 376.9 283.5 285.5 288.5 7 75.7 77.7 12.1 38.1 78.0 58.5 95.0 83.3 12.2 36.2 97.4 58.6 111.0 106.9 18.8 36.6 104.4 58.8 123.0 100.6 16.4 33.9 94.6 56.8 110.2 110.0 19.1 44.8 93.9 53.0 116.7 104.3 16.2 36.5 93.2 53.5 67.5 115.0 19.0 38.3 92.9 53.8 58.9 115.2 18.2 37.1 92.3 55.2 7.7 104.3 13.6 15.4 91.3 51.2 7.8 108.3 14.7 13.5 89.8 51.3 5.3 112.5 16.1 14.6 88.1 51.9 8 9 10 11 12 13 125.9 2040.1 7949.2 140.5 2195.6 8696.1 156.3 2540.0 9360.5 204.0 2576.4 10547.2 209.7 2685.3 10792.7 222.0 2799.8 11002.6 228.1 2871.0 11342.0 224.8 2860.5 11628.2 211.2 2967.8 11748.7 211.6 3127.3 11693.5 192.2 3051.5 11766.1 14 15 16 13214.9 14049.1 15390.4 16718.3 16987.2 17295.9 17756.9 18081.8 18333.4 18501.6 18514.3 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 2004 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 7340.6 7795.8 8472.6 9358.2 9606.1 9946.2 10260.9 10588.9 10769.5 10948.1 10991.4 18 19 20 21 Commercial paper Municipal securities Corporate bonds 82.5 164.2 2900.1 97.8 169.4 2975.6 90.1 176.7 3032.3 112.5 181.7 3247.9 126.2 182.3 3319.5 154.3 185.1 3414.8 131.4 186.4 3469.9 123.8 189.3 3559.1 140.0 189.5 3600.9 139.9 190.9 3685.3 146.5 191.0 3703.8 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 1035.5 910.2 2248.0 1063.8 967.7 2521.6 1188.5 1083.1 2901.8 1313.9 1217.4 3284.8 1341.9 1269.6 3366.7 1374.3 1342.2 3475.4 1469.2 1424.0 3580.1 1549.1 1496.0 3671.6 1607.6 1508.7 3722.8 1647.8 1525.6 3758.6 1703.1 1506.0 3740.9 22 23 24 1665.0 150.9 4058.4 1786.2 166.0 4301.1 2035.2 179.8 4702.8 2185.4 188.5 4986.2 2231.5 203.1 4946.4 2276.5 199.0 4874.3 2320.7 206.2 4969.1 2419.3 198.1 4875.4 2479.9 212.2 4871.9 2577.7 207.5 4768.4 2508.9 212.1 4801.9 25 26 27 25 26 27 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 64 Z.1, December 11, 2008 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 10108.8 10931.6 11909.0 12842.9 13056.0 13362.9 13729.5 13959.0 14079.9 14151.0 14096.5 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 38.1 190.9 362.8 299.0 6.0 53.7 178.4 400.5 324.3 6.4 60.6 252.4 450.4 366.5 14.6 49.7 139.5 498.6 433.4 15.6 45.3 122.7 440.1 435.0 14.1 55.5 160.0 439.6 452.5 8.9 56.3 177.6 440.5 521.1 7.9 49.0 187.8 443.7 566.5 8.4 47.1 188.1 465.8 607.5 5.5 46.6 161.0 474.4 624.9 6.4 42.1 122.7 509.9 618.0 3.2 2 3 4 5 6 7 Credit market instruments 266.2 297.4 339.6 328.5 330.8 316.2 277.3 263.4 167.2 167.5 169.6 7 75.7 32.8 12.1 35.4 51.8 58.5 95.0 33.1 12.2 31.8 66.6 58.6 111.0 50.7 18.8 32.1 68.3 58.8 123.0 44.3 16.4 28.2 59.9 56.8 110.2 51.8 19.1 38.9 57.8 53.0 116.7 43.8 16.2 30.3 55.7 53.5 67.5 51.5 19.0 31.8 53.7 53.8 58.9 49.2 18.2 30.4 51.6 55.2 7.7 36.7 13.6 8.5 49.5 51.2 7.8 39.7 14.7 6.5 47.4 51.3 5.3 43.5 16.1 7.5 45.3 51.9 8 9 10 11 12 13 8 9 10 11 12 13 Total financial assets 2004 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 14 15 Mutual fund shares Trade receivables 125.9 1702.4 140.5 1831.3 156.3 2109.0 204.0 2105.5 209.7 2198.2 222.0 2294.0 228.1 2340.4 224.8 2309.2 211.2 2402.6 211.6 2553.9 192.2 2474.1 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 7117.4 1718.5 236.6 0.0 138.5 5023.8 7699.1 2056.6 255.5 0.0 128.8 5258.1 8159.7 2164.9 276.2 0.0 156.1 5562.5 9068.1 2405.3 282.7 0.0 169.3 6210.8 9260.2 2473.4 285.6 0.0 163.5 6337.7 9414.3 2531.7 288.4 0.0 172.2 6421.9 9680.4 2587.3 291.3 0.0 163.9 6637.9 9906.0 2712.5 290.1 0.0 160.7 6742.7 9984.9 2792.7 293.0 0.0 164.3 6734.8 9904.7 2853.0 297.4 0.0 160.0 6594.3 9964.6 2916.3 300.1 0.0 163.4 6584.7 16 17 18 19 20 21 9867.4 10349.3 11145.3 11887.3 12050.8 12229.9 12507.1 12669.3 12811.7 12918.7 12908.2 22 22 Total liabilities 23 Credit market instruments 4973.9 5177.9 5510.3 5976.5 6147.9 6387.2 6565.6 6772.4 6867.7 6989.2 7016.9 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 82.5 164.2 2900.1 97.8 169.4 2975.6 90.1 176.7 3032.3 112.5 181.7 3247.9 126.2 182.3 3319.5 154.3 185.1 3414.8 131.4 186.4 3469.9 123.8 189.3 3559.1 140.0 189.5 3600.9 139.9 190.9 3685.3 146.5 191.0 3703.8 24 25 26 27 28 29 Bank loans n.e.c. Other loans and advances (3) Mortgages 548.3 750.3 528.6 547.2 805.4 582.6 515.2 911.2 784.8 532.2 1023.9 878.3 545.5 1071.6 902.9 558.9 1139.7 934.4 601.6 1219.9 956.5 637.4 1283.9 978.9 663.1 1284.0 990.2 679.3 1292.9 1000.9 703.7 1281.0 990.9 27 28 29 1402.7 81.2 3409.5 1192.5 49.8 2167.3 1499.9 88.0 3583.5 1231.2 46.6 2305.6 1699.4 93.1 3842.5 1269.6 44.8 2528.2 1837.3 92.8 3980.8 1383.5 42.8 2554.5 1871.8 105.7 3925.5 1450.0 42.3 2433.1 1907.3 99.7 3835.7 1506.4 44.5 2284.8 1937.7 104.3 3899.5 1526.6 47.2 2325.7 2026.0 94.1 3776.9 1607.4 47.2 2122.3 2080.9 106.7 3756.5 1659.4 47.7 2049.4 2182.2 101.1 3646.2 1688.8 48.2 1909.3 2107.8 105.3 3678.1 1696.8 47.9 1933.4 30 31 32 33 34 35 299.7 10845.4 331.3 12086.2 409.6 12686.8 268.2 14340.3 326.5 14848.1 386.8 15738.4 402.7 15833.1 283.2 15242.9 321.7 13733.3 371.7 13778.7 366.3 12267.6 36 37 30 31 32 33 34 35 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 36 37 Trade receivables net of payables Market value of equities 38 39 Securities and mortgages Loans and short-term paper 3592.9 1381.1 3727.6 1450.3 3993.8 1516.5 4307.9 1668.6 4404.6 1743.3 4534.3 1852.9 4612.8 1952.9 4727.2 2045.1 4780.6 2087.1 4877.1 2112.1 4885.7 2131.2 38 39 40 41 Total short-term liabilities (4) Total liquid assets (5) 2865.0 1178.8 3038.2 1276.0 3308.9 1513.2 3598.6 1552.6 3720.8 1486.8 3859.9 1545.4 3994.9 1601.2 4165.1 1637.0 4274.6 1591.7 4395.3 1593.7 4344.4 1560.5 40 41 42 43 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 72.2 27.8 72.0 28.0 72.5 27.5 72.1 27.9 71.6 28.4 71.0 29.0 70.3 29.7 69.8 30.2 69.6 30.4 69.8 30.2 69.6 30.4 42 43 44 Liquid assets/short-term liabilities 41.1 42.0 45.7 43.1 40.0 40.0 40.1 39.3 37.2 36.3 35.9 44 (1) 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. (2) 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. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 11, plus line 14. 65 Z.1, December 11, 2008 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 8 Treasury securities Municipal securities Mortgages Consumer credit 9 10 11 12 13 14 15 16 17 18 19 20 21 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1752.5 2049.8 2432.6 2843.4 2939.6 3045.7 3201.0 3322.9 3405.8 3454.8 3478.8 1 172.9 313.8 63.6 259.2 318.0 69.2 323.1 351.6 73.9 381.6 383.0 80.5 389.7 396.1 83.3 399.9 411.4 86.5 420.0 436.5 94.3 436.8 453.4 97.8 446.1 466.7 100.2 450.2 475.9 101.6 450.4 482.1 102.3 2 3 4 44.9 2.7 26.3 0.0 50.2 4.3 30.8 0.0 56.2 4.4 36.2 0.0 56.3 5.8 34.6 0.0 58.3 6.0 36.1 0.0 60.5 6.2 37.4 0.0 63.5 6.5 39.2 0.0 65.9 6.7 40.7 0.0 67.6 6.9 41.8 0.0 68.6 7.0 42.4 0.0 69.1 7.1 42.7 0.0 5 6 7 8 337.7 790.6 56.9 2.1 731.6 364.3 953.7 60.5 2.0 891.3 430.9 1156.2 65.3 1.8 1089.1 470.9 1430.6 66.9 1.9 1361.8 487.1 1483.1 67.6 2.0 1413.6 505.8 1538.0 68.2 2.1 1467.7 530.6 1610.5 68.9 2.1 1539.4 551.3 1670.1 68.6 2.2 1599.3 565.2 1711.2 69.3 2.2 1639.7 573.4 1735.6 70.0 2.3 1663.4 577.4 1747.8 70.7 2.4 1674.7 9 10 11 12 13 3172.4 3516.8 4051.8 4634.6 4736.2 4862.2 5042.1 5201.0 5309.3 5369.6 5391.9 14 2198.7 2443.8 2775.4 3184.1 3259.1 3354.7 3486.7 3602.6 3684.6 3732.6 3750.5 15 441.7 131.6 1625.3 468.9 132.8 1842.1 623.4 136.5 2015.5 728.5 150.5 2305.1 744.7 153.6 2360.8 760.9 157.4 2436.4 812.7 156.6 2517.4 856.2 161.5 2584.9 891.8 168.8 2624.0 911.4 172.9 2648.2 941.0 169.8 2639.7 16 17 18 255.3 69.7 648.8 277.4 78.0 717.6 329.4 86.7 860.3 349.4 95.7 1005.4 358.8 97.4 1021.0 369.5 99.3 1038.6 383.8 101.9 1069.6 395.8 104.1 1098.5 403.8 105.5 1115.4 408.5 106.4 1122.1 410.8 106.8 1123.8 19 20 21 (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 62.4 65.5 67.5 73.7 74.9 76.2 77.5 78.8 79.7 80.6 81.5 1 2 Checkable deposits and currency 21.2 22.3 22.9 25.0 25.5 25.9 26.4 26.8 27.1 27.4 27.7 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 41.2 38.7 2.5 43.2 40.5 2.7 44.5 41.7 2.8 48.6 45.6 3.0 49.5 46.2 3.2 50.3 46.9 3.4 51.2 47.6 3.5 52.0 48.5 3.6 52.6 48.9 3.6 53.2 49.5 3.7 53.8 49.9 3.9 3 4 5 175.1 183.0 193.2 196.4 200.1 203.9 207.7 211.5 212.4 213.3 214.2 6 168.0 174.1 186.9 197.7 199.2 204.2 208.5 214.0 217.2 226.3 223.9 7 45.5 28.4 94.1 47.7 29.5 96.9 49.9 35.4 101.5 53.2 43.0 101.5 51.7 44.5 103.0 54.5 45.1 104.6 54.9 47.5 106.2 55.5 50.7 107.8 52.7 55.9 108.6 57.0 59.9 109.4 58.4 55.3 110.3 8 9 10 7.1 8.9 6.4 -1.3 0.9 -0.3 -0.8 -2.4 -4.8 -13.0 -9.7 11 6 7 8 9 10 11 Total financial assets Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages (3) Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. (3) Excludes mortgages on farm houses. 66 Z.1, December 11, 2008 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1908.2 2029.5 2246.9 2460.7 2515.7 2581.4 2610.9 2634.8 2619.9 2603.6 2571.1 1 48.4 159.0 62.7 123.5 42.2 170.6 66.6 131.2 52.5 183.3 71.7 141.2 58.6 209.6 78.5 154.6 51.8 214.2 79.6 156.8 45.5 215.7 81.3 160.0 45.2 228.0 82.5 162.4 57.0 245.7 83.5 164.3 52.1 246.9 83.2 163.8 52.2 242.6 82.9 158.5 52.1 246.2 83.2 136.5 2 3 4 5 1125.6 1198.1 1352.0 1470.6 1501.9 1537.2 1528.2 1512.0 1484.7 1473.2 1479.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 161.6 364.2 351.2 171.7 389.1 373.2 184.8 481.4 401.6 202.4 516.9 439.9 205.3 535.0 446.0 209.5 550.3 455.2 202.7 541.4 457.1 195.2 531.5 454.6 178.4 523.6 453.0 174.0 522.2 450.0 154.7 535.7 461.5 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 4.4 111.3 132.9 4.7 118.2 141.2 5.0 127.2 151.9 5.5 139.4 166.4 5.6 141.3 168.7 5.7 144.2 172.2 5.8 146.4 174.8 5.8 148.1 176.9 5.8 147.6 176.3 5.8 146.4 174.8 5.8 146.9 175.4 10 11 12 84.7 25.9 90.0 27.5 96.8 29.6 106.0 32.5 107.5 32.9 109.7 33.6 111.4 34.1 112.7 34.5 112.3 34.4 109.5 36.7 97.4 31.8 13 14 126.5 68.4 83.5 134.4 89.0 80.0 144.7 126.4 48.6 158.5 185.1 6.8 160.7 197.3 13.0 164.0 211.6 22.9 166.5 225.0 27.5 168.4 238.5 18.1 167.9 251.3 23.5 166.2 263.4 18.5 166.7 271.6 5.7 15 16 17 1987.0 2132.9 2337.1 2523.1 2589.2 2657.6 2689.8 2747.0 2778.5 2799.5 2811.1 18 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 2004 Total liabilities 19 Credit market instruments 1567.6 1683.0 1854.7 2005.8 2062.7 2121.7 2144.3 2191.7 2213.1 2223.7 2224.7 19 20 21 22 23 Municipal securities Short-term Other U.S. government loans 1557.9 106.1 1451.8 9.7 1673.0 100.2 1572.8 10.0 1844.1 105.9 1738.2 10.6 1994.6 102.8 1891.8 11.2 2051.3 105.6 1945.7 11.4 2110.1 103.0 2007.1 11.6 2132.6 105.3 2027.2 11.8 2179.8 120.1 2059.7 11.9 2201.1 120.8 2080.2 12.0 2211.5 114.2 2097.3 12.2 2212.2 121.0 2091.2 12.5 20 21 22 23 419.5 449.9 482.4 517.3 526.5 535.9 545.5 555.4 565.4 575.8 586.4 24 24 Trade payables (1) Data for employee retirement funds are shown in table L.119. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (1) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 14 15 SDR certificates Treasury currency 16 Credit market instruments 17 18 19 20 21 22 23 24 25 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (2) Nonmarketable securities held by pension plans Other 629.6 609.5 614.6 624.8 603.1 626.9 678.1 659.0 653.6 665.6 1009.7 1 55.1 54.1 2.4 54.5 21.9 2.4 35.3 36.8 1.4 34.5 32.9 1.7 34.7 7.1 1.6 34.4 28.0 1.4 36.0 76.9 1.4 36.3 56.5 2.8 39.2 42.9 3.8 39.0 53.8 1.8 44.6 365.1 2.9 2 3 4 273.6 275.9 275.0 281.2 285.8 286.6 288.7 287.6 292.9 293.9 298.4 5 0.0 117.5 73.8 82.4 0.0 114.4 75.4 86.1 0.0 107.4 77.8 89.8 0.0 108.0 81.5 91.7 0.0 108.3 82.3 95.1 0.0 108.6 83.1 94.9 0.0 107.6 83.1 98.0 0.0 105.8 83.4 98.4 0.0 105.4 83.9 103.5 0.0 103.9 85.4 104.6 0.0 107.0 84.6 106.9 6 7 8 9 51.3 91.4 101.7 61.8 90.7 102.3 70.9 94.3 100.9 71.3 101.5 101.8 70.5 101.5 101.9 71.7 101.5 103.2 71.1 101.5 102.6 71.5 101.5 102.8 71.1 101.5 102.2 71.7 101.5 103.9 71.4 105.0 122.3 10 11 12 5096.5 5533.3 5919.2 6167.8 6317.7 6234.9 6372.3 6507.5 6712.0 6696.7 7252.7 13 2.2 26.0 2.2 26.7 2.2 27.5 2.2 28.1 2.2 28.2 2.2 28.5 2.2 28.8 2.2 28.7 2.2 28.5 2.2 28.4 2.2 28.1 14 15 4033.1 4395.0 4701.9 4885.3 5037.4 4927.2 5032.9 5122.3 5322.6 5274.1 5800.6 16 203.8 3804.4 24.9 0.0 204.4 4166.3 24.3 0.0 205.1 4472.9 23.8 0.0 202.4 4659.4 23.5 0.0 200.3 4814.0 23.2 0.0 198.6 4705.4 23.2 0.0 197.1 4812.9 23.0 0.0 196.4 4902.8 23.1 0.0 195.3 5103.8 23.5 0.0 194.9 5055.7 23.5 0.0 194.2 5583.4 23.1 0.0 17 18 19 20 151.2 40.5 843.6 815.0 28.6 166.3 41.6 901.6 855.9 45.7 198.8 42.7 946.1 882.9 63.2 205.7 44.2 1002.4 918.7 83.7 213.7 44.2 992.0 903.4 88.6 226.0 44.7 1006.2 892.8 113.4 230.9 44.7 1032.7 909.0 123.7 228.4 45.4 1080.4 952.0 128.4 237.7 45.3 1075.7 936.9 138.8 252.9 45.8 1093.2 943.5 149.7 248.0 45.7 1128.0 962.3 165.7 21 22 23 24 25 (1) Student loans. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 67 Z.1, December 11, 2008 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 6 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs 7 Credit market instruments 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 8790.8 10523.4 11516.0 13959.6 14510.5 15182.8 15447.9 16048.8 16374.1 16505.6 16671.9 1 109.6 262.9 115.0 18.8 460.2 118.3 285.3 149.2 22.9 665.1 106.0 300.1 155.9 23.0 713.3 96.7 311.6 167.4 25.5 1029.0 -41.2 306.6 172.2 27.1 1189.1 -14.1 309.2 196.3 28.7 1216.1 27.7 306.9 198.5 30.7 1149.6 -24.0 305.9 211.1 32.8 1107.8 -151.2 307.1 252.0 34.8 1103.3 -175.8 304.0 214.8 36.9 987.5 -61.1 319.0 227.3 38.9 895.5 2 3 4 5 6 3836.1 4634.7 5188.3 6198.2 6531.6 6825.8 6964.3 7367.4 7551.7 7801.0 7853.3 7 8 Open market paper 192.8 229.8 239.6 287.6 297.3 303.5 283.3 276.9 282.8 303.1 254.6 8 9 10 11 Treasury securities Official Private 1513.5 986.3 527.2 1813.6 1251.9 561.6 1984.4 1340.6 643.8 2126.2 1558.3 567.9 2209.4 1598.7 610.8 2197.5 1600.3 597.2 2239.1 1574.5 664.7 2432.1 1697.4 734.8 2584.1 1786.0 798.0 2708.2 1843.3 865.0 2912.9 1959.1 953.8 9 10 11 12 13 14 Agency- and GSE-backed securities Official Private 654.8 262.9 391.8 875.0 372.6 502.4 1011.9 487.2 524.7 1262.9 694.2 568.7 1313.5 775.6 537.9 1414.8 839.3 575.5 1474.5 890.5 584.0 1571.3 955.7 615.6 1618.4 1024.4 594.0 1660.7 1104.0 556.7 1600.4 1089.4 511.0 12 13 14 15 16 17 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 19.5 1330.6 125.0 26.0 1559.1 131.2 29.0 1763.8 159.6 34.4 2320.3 166.9 36.5 2500.7 174.1 38.7 2679.1 192.2 32.5 2687.2 247.6 33.0 2780.5 273.6 33.5 2781.7 251.3 35.0 2851.4 242.6 38.0 2819.8 227.7 15 16 17 18 19 20 21 U.S. corporate equities Mutual fund shares Trade receivables Security credit 1674.6 146.1 50.1 0.0 1904.6 195.8 49.0 0.0 2039.1 242.0 56.9 0.0 2472.2 294.1 62.8 0.0 2523.2 304.3 65.3 0.0 2777.3 323.5 76.4 0.0 2822.0 331.2 81.3 0.0 2750.5 324.5 83.5 0.0 2493.6 304.1 94.3 0.0 2418.3 307.3 99.9 0.0 2194.3 273.1 100.3 0.0 18 19 20 21 22 23 24 Miscellaneous assets Foreign direct investment in U.S. (2) Other 2117.4 1581.0 536.4 2498.5 1742.7 755.8 2691.4 1906.0 785.4 3302.1 2151.6 1150.5 3432.5 2165.5 1266.9 3443.6 2230.0 1213.6 3535.8 2336.7 1199.2 3889.2 2422.8 1466.4 4384.3 2503.6 1880.7 4511.7 2600.5 1911.2 4831.3 2692.8 2138.4 22 23 24 4759.7 5856.3 6489.3 7419.7 7469.4 7450.6 7422.2 7997.6 8490.1 8429.3 9594.0 25 62.3 867.1 62.2 957.0 45.9 997.8 46.0 1085.8 46.6 1158.4 46.1 1251.1 48.7 1309.1 50.0 1302.5 54.8 1208.6 54.9 1140.7 51.4 1104.8 26 27 1252.7 1437.7 1512.3 1879.8 1905.9 1971.7 1973.0 2016.5 2081.1 2099.1 1961.7 28 275.5 868.9 344.2 985.0 382.4 1011.6 479.5 1275.5 474.0 1331.3 472.2 1389.2 424.2 1432.7 412.2 1478.1 460.2 1486.3 470.2 1497.4 401.8 1424.7 29 30 66.1 4.5 8.9 52.7 42.0 0.2 69.9 5.5 13.4 51.0 38.3 0.3 84.4 2.6 18.1 63.7 33.7 0.2 98.3 1.9 21.9 74.4 26.4 0.2 74.7 1.8 18.4 54.6 25.6 0.2 84.9 1.9 26.1 57.0 25.1 0.2 91.5 1.8 28.0 61.7 24.4 0.2 102.8 1.9 30.2 70.8 23.1 0.3 111.7 2.0 37.8 71.9 22.7 0.2 109.4 3.1 36.8 69.5 21.9 0.2 113.3 2.3 40.8 70.2 22.0 0.0 31 32 33 34 35 36 44.7 0.0 48.2 0.0 54.5 0.0 60.7 0.0 63.1 0.0 68.7 0.0 77.8 0.0 71.9 0.0 69.3 0.0 67.7 0.0 63.4 0.0 37 38 2532.9 40.0 2.8 2054.5 435.7 3351.3 42.0 2.8 2498.5 808.0 3878.9 43.2 0.6 2651.7 1183.4 4347.4 45.3 0.6 2936.0 1365.6 4295.4 45.6 0.6 3009.3 1239.9 4113.0 46.7 0.5 3105.6 960.3 4013.5 46.8 0.4 3176.6 789.7 4556.7 46.9 24.5 3332.8 1152.5 5076.2 47.0 21.5 3433.4 1574.3 5067.0 48.1 62.5 3503.7 1452.7 6412.7 49.0 288.2 3582.4 2493.0 39 40 41 42 43 2079.4 2560.4 3317.7 4329.0 4540.8 4979.3 5284.3 5170.6 4708.2 4665.4 3624.6 44 25 Total liabilities 26 27 U.S. official foreign exchange and net IMF position U.S. private deposits 28 Credit market instruments 29 30 Commercial paper Bonds 31 32 33 34 35 36 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 37 38 Trade payables Security debt 39 40 41 42 43 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Other Memo: 44 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 68 Z.1, December 11, 2008 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 796.9 841.3 878.7 908.3 902.5 904.5 914.5 951.3 932.4 952.0 1534.4 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 30.8 2.2 35.5 32.3 2.2 36.4 29.9 2.2 36.5 31.4 2.2 38.2 31.8 2.2 38.4 31.7 2.2 38.5 33.1 2.2 38.6 34.2 2.2 38.7 36.5 2.2 38.7 36.7 2.2 38.7 27.2 2.2 38.7 2 3 4 5 Federal Reserve float -0.3 0.9 0.9 -0.3 -0.9 -1.3 -0.7 -0.0 -0.6 -0.6 -1.0 5 6 7 8 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.2 0.2 0.0 48.6 48.6 0.0 111.3 111.3 0.0 174.2 174.2 0.0 303.2 200.0 103.2 6 7 8 9 Security RPs 43.8 33.0 46.8 40.8 33.3 25.3 44.8 46.5 76.0 114.5 83.0 9 666.7 717.8 744.2 778.9 780.9 790.5 779.6 740.6 631.0 509.1 777.8 10 0.0 666.7 0.0 0.0 717.8 0.0 0.0 744.2 0.0 0.0 778.9 0.0 0.0 780.9 0.0 0.0 790.5 0.0 0.0 779.6 0.0 0.0 740.6 0.0 0.0 591.2 0.0 0.0 478.8 0.0 0.0 476.6 14.5 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39.7 0.0 39.7 0.0 0.0 30.3 0.0 1.5 28.8 0.0 286.7 0.0 196.6 29.0 61.1 14 15 16 17 18 18.2 0.0 18.2 18.6 0.0 18.6 18.1 0.0 18.1 17.0 0.0 17.0 16.8 0.0 16.8 17.4 0.0 17.4 16.7 0.0 16.7 40.5 24.0 16.5 37.3 21.0 16.3 77.2 62.0 15.2 303.2 288.2 15.0 19 20 21 10 Total financial assets 2004 Credit market instruments 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities 14 15 16 17 18 Bank loans n.e.c. Rest of world Brokers and dealers (4) Funding corporations (Maiden Lane) (5) Funding corporations (AIG) 19 20 21 22 Miscellaneous assets Nonofficial foreign currencies (6) Other 788.0 829.7 865.8 892.9 885.3 887.0 896.1 932.9 910.6 930.7 1512.5 22 23 24 Total liabilities Depository institution reserves Vault cash of commercial banks 23.1 48.0 24.0 41.5 19.0 50.1 18.7 51.7 18.3 41.2 17.3 43.5 23.0 41.5 20.8 55.0 24.2 45.4 33.5 45.7 222.1 48.0 23 24 25 Checkable deposits and currency 683.1 720.8 750.8 774.4 769.2 774.6 775.3 792.2 775.9 786.3 1149.3 25 6.0 0.3 5.7 0.0 6.2 0.3 5.9 0.0 4.8 0.2 4.6 0.0 5.0 0.3 4.7 0.0 4.5 0.3 4.2 0.0 5.0 0.3 4.6 0.0 5.9 0.3 5.5 0.0 16.4 0.3 16.1 0.0 5.9 0.3 5.6 0.0 5.3 0.3 5.0 0.0 332.7 0.3 33.0 299.5 26 27 28 29 0.2 0.6 676.2 0.1 1.1 713.3 0.1 2.0 743.9 0.2 0.8 768.5 0.1 0.1 764.4 0.2 0.1 769.3 0.2 0.1 769.1 0.1 1.7 773.9 0.1 0.1 769.8 0.3 0.1 780.7 0.1 26.2 790.2 30 31 32 26 27 28 29 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 30 31 32 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 33 Security RPs 25.7 30.8 30.5 29.6 37.3 32.3 35.7 44.0 44.1 43.8 77.9 33 34 35 36 Miscellaneous liabilities Federal Reserve Bank stock Other 8.3 8.8 -0.6 12.5 11.9 0.6 15.3 13.5 1.8 18.5 15.3 3.2 19.4 15.8 3.5 19.3 16.1 3.2 20.7 17.3 3.4 21.0 18.5 2.5 21.0 19.5 1.5 21.3 19.9 1.5 15.2 20.3 -5.1 34 35 36 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. (4) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and the AMLF. (5) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (6) Reciprocal currency arrangements (swap lines) with foreign central banks. 69 Z.1, December 11, 2008 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Bank loans n.e.c. Mortgages Consumer credit Security credit 15 16 Corporate equities Mutual fund shares 17 18 19 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 7824.9 8559.9 9320.1 10202.9 10189.3 10450.3 10887.2 11194.1 11562.5 11694.2 12272.5 1 48.0 19.7 2.5 41.5 20.8 3.5 50.1 16.3 3.0 51.7 16.7 2.9 41.2 16.3 2.7 43.5 15.0 2.1 41.5 20.5 2.9 55.0 18.2 2.3 45.4 21.4 2.3 45.7 30.7 2.3 48.0 218.6 2.3 2 3 4 6222.9 6832.5 7528.9 8380.7 8403.4 8583.0 8857.7 9162.0 9242.2 9288.5 9606.9 5 0.0 132.3 1000.0 0.0 107.8 1095.0 0.0 97.1 1089.6 0.0 95.2 1135.3 0.0 105.3 1126.4 0.0 95.9 1124.3 0.0 103.3 1060.2 0.0 112.5 1022.4 0.0 111.9 1010.6 0.0 99.7 1088.8 103.2 117.6 1080.0 6 7 8 132.7 481.2 140.8 563.6 157.7 687.0 180.2 780.3 188.2 804.0 190.3 848.5 192.8 922.5 192.4 978.7 203.2 1003.3 202.9 975.3 223.4 955.8 9 10 1318.4 2255.8 669.4 200.9 1391.2 2595.6 704.3 195.8 1560.3 2958.0 707.0 230.7 1683.4 3403.1 741.2 302.2 1692.0 3386.4 723.3 319.9 1747.9 3472.1 737.9 300.2 1889.4 3525.1 771.5 320.2 2000.6 3645.7 804.1 334.5 2074.3 3686.0 796.3 297.2 2107.8 3662.2 813.0 281.4 2188.1 3814.8 844.1 239.5 11 12 13 14 15.0 17.1 20.3 18.1 24.1 17.4 35.3 24.5 35.4 22.5 40.9 24.9 43.9 28.9 41.5 29.6 33.0 26.4 31.9 25.5 20.6 19.9 15 16 4.4 1527.5 4.0 1657.5 4.0 1717.8 0.4 1750.4 0.3 1725.4 0.4 1806.3 0.3 1964.2 0.5 1956.1 0.3 2250.9 0.3 2326.7 0.0 2396.7 17 18 7582.8 8361.1 8990.0 9866.4 9869.4 10180.8 10634.0 10966.2 11232.9 11306.0 11734.7 19 20 21 22 23 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 122.0 -0.3 12.7 109.6 146.6 1.0 27.3 118.3 132.2 1.0 25.2 106.0 119.6 -0.3 23.2 96.7 -9.0 -0.8 33.0 -41.2 4.7 -1.1 19.9 -14.1 48.0 -0.5 20.8 27.7 46.3 48.6 21.7 -24.0 -25.4 110.7 15.0 -151.2 6.5 173.6 8.8 -175.8 190.2 302.2 -50.9 -61.1 20 21 22 23 24 25 26 27 Checkable deposits Federal government Rest of the world Private domestic 607.2 30.2 4.0 573.0 646.7 26.9 13.2 606.6 610.3 33.9 19.6 556.8 574.4 28.0 28.8 517.6 566.8 3.9 30.0 533.0 560.6 22.2 34.2 504.2 564.6 71.8 31.3 461.5 586.0 42.9 33.8 509.3 588.7 42.9 35.9 509.9 585.0 50.2 32.5 502.2 637.8 41.5 41.8 554.5 24 25 26 27 28 29 30 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 2979.2 928.1 713.2 3259.8 1120.6 726.4 3528.1 1363.7 816.6 3815.7 1627.7 887.1 3903.6 1641.4 940.0 3934.1 1668.2 977.0 3989.0 1801.8 920.9 4079.5 1926.0 837.4 4195.7 1990.8 807.0 4190.7 1974.1 756.7 4407.1 2043.7 678.4 28 29 30 31 Credit market instruments 660.4 738.7 823.9 998.0 1015.6 1062.5 1184.3 1261.2 1312.9 1394.2 1461.5 31 46.6 378.4 235.3 57.2 437.4 244.1 61.2 494.1 268.5 79.3 570.1 348.5 83.0 591.4 341.2 87.5 625.2 349.8 98.8 655.0 430.5 117.2 688.7 455.2 116.1 723.9 472.9 130.6 781.2 482.4 115.8 733.6 612.1 32 33 34 19.1 1553.6 22.2 1700.0 25.6 1689.5 29.3 1814.5 30.3 1780.8 31.3 1942.4 32.3 2093.2 33.3 2196.6 34.3 2328.9 35.4 2363.5 36.4 2279.6 35 36 5994.3 0.0 6602.3 0.0 7260.7 0.0 8019.1 0.0 8025.9 13.0 8217.4 12.6 8465.0 11.8 8757.0 11.2 8885.9 11.2 8950.0 10.7 9327.0 9.9 37 38 32 33 34 35 36 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 37 38 Credit market funds advanced (4) Consumer leases not included above (5) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) less mutual fund shares (line 16) plus customers’ liability on acceptances (line 17). (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. 70 Z.1, December 11, 2008 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 5838.0 6398.6 6905.5 7614.4 7591.2 7741.8 7986.8 8268.8 8506.4 8533.7 9139.8 1 66.8 61.6 65.5 67.8 56.7 57.4 61.2 72.2 65.7 75.7 232.5 2 5510.4 6099.0 6603.6 7299.1 7270.9 7419.4 7625.7 7855.5 7938.9 8000.8 8431.7 3 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 0.0 93.5 906.4 491.4 161.5 253.5 0.0 74.2 996.1 581.7 156.7 257.7 0.0 64.2 992.7 579.0 152.3 261.5 0.0 61.9 1040.3 647.8 147.2 245.3 0.0 69.9 1030.6 652.4 151.5 226.7 0.0 68.5 1027.6 647.6 144.5 235.5 0.0 70.0 962.2 595.0 144.5 222.7 0.0 73.0 928.9 592.8 142.8 193.3 0.0 64.1 923.2 616.8 148.2 158.2 0.0 49.5 985.7 676.7 146.0 163.0 103.2 71.5 991.4 697.5 146.6 147.2 4 5 6 7 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 132.1 305.8 12.2 92.6 201.0 140.4 364.6 18.9 108.0 237.7 157.2 411.6 23.9 146.2 241.5 178.9 470.7 32.7 158.8 279.1 186.9 474.0 31.3 151.4 291.3 189.2 485.5 28.2 159.7 297.7 191.4 551.4 36.7 175.2 339.4 190.9 572.4 48.2 223.7 300.5 201.7 572.0 50.1 240.8 281.1 201.4 566.3 43.5 237.3 285.5 221.7 557.0 38.7 245.8 272.5 10 11 12 13 14 15 16 17 18 Bank loans n.e.c. Mortgages Consumer credit Security credit 1066.3 2213.3 669.4 91.4 1131.6 2547.3 704.3 102.2 1231.6 2902.1 707.0 95.6 1290.8 3338.9 741.2 116.5 1286.7 3319.7 723.3 122.0 1324.0 3402.0 737.9 118.9 1422.5 3448.7 771.5 135.3 1504.7 3564.6 804.1 145.9 1560.6 3603.2 796.3 158.4 1591.3 3578.1 813.0 158.1 1652.2 3771.5 844.1 178.7 15 16 17 18 19 20 Corporate equities Mutual fund shares 15.0 17.1 20.3 18.1 24.1 17.4 35.3 24.5 35.4 22.5 40.9 24.9 43.9 28.9 41.5 29.6 33.0 26.4 31.9 25.5 20.6 19.9 19 20 3.8 257.0 3.3 234.6 3.3 233.2 0.0 247.4 0.0 263.6 0.0 264.9 0.0 299.9 0.0 341.0 0.0 501.8 0.0 457.2 0.0 475.6 21 22 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 21 22 23 Customers’ liab. on acceptances (1) Miscellaneous assets 6140.4 6925.0 7424.3 8163.1 8150.7 8352.7 8647.9 8925.8 9090.5 9074.4 9511.3 23 24 25 26 27 28 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 184.6 -0.3 0.1 -53.1 238.0 274.4 0.9 0.0 -20.3 293.8 292.5 0.9 0.1 -18.4 309.9 365.1 -0.3 0.1 -55.0 420.3 318.4 -0.9 0.0 -65.8 385.1 353.0 -1.3 0.2 -65.5 419.6 456.8 -0.7 0.2 -32.3 489.6 522.5 -0.0 48.6 -23.8 497.6 533.0 -0.6 111.3 -51.3 473.6 632.2 -0.6 174.2 -59.9 518.5 685.6 -1.0 303.2 -111.9 495.3 24 25 26 27 28 29 30 31 32 Checkable deposits Federal government Rest of the world Private domestic 585.8 30.2 1.5 554.1 624.5 26.9 11.2 586.4 587.7 33.9 17.4 536.5 551.2 28.0 26.7 496.4 543.2 3.9 28.0 511.4 534.3 22.2 31.2 480.8 541.5 71.8 29.0 440.6 560.2 42.9 31.5 485.7 560.2 42.9 28.2 489.0 556.8 50.2 26.7 479.9 611.7 41.5 38.4 531.9 29 30 31 32 33 34 35 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 2951.6 555.7 553.4 3231.3 671.3 568.0 3494.2 838.1 625.0 3771.9 968.0 646.4 3857.8 889.2 693.4 3885.0 880.9 735.8 3936.6 922.4 684.1 4027.0 991.1 610.3 4137.5 1009.9 591.6 4133.8 963.1 559.4 4356.2 1077.6 498.6 33 34 35 36 37 38 39 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 3.8 98.9 235.3 19.1 3.4 109.3 244.1 22.2 3.3 121.7 268.5 25.6 0.0 149.2 348.5 29.3 0.0 153.7 341.2 30.3 0.0 160.8 349.8 31.3 0.0 166.6 430.5 32.3 0.0 174.4 455.2 33.3 0.0 174.2 472.9 34.3 0.0 173.5 482.4 35.4 0.0 173.8 612.1 36.4 36 37 38 39 40 41 42 Miscellaneous liabilities Investment by bank holding companies Other 952.2 689.8 262.4 1176.6 857.0 319.7 1167.6 897.0 270.6 1333.4 1006.9 326.4 1323.5 1017.9 305.6 1421.9 1040.2 381.7 1477.2 1086.4 390.8 1551.9 1133.1 418.8 1576.9 1158.4 418.4 1537.9 1148.5 389.4 1459.3 1157.3 301.9 40 41 42 5390.6 0.0 5961.8 0.0 6469.7 0.0 7122.7 0.0 7091.0 13.0 7234.7 12.6 7417.6 11.8 7638.7 11.2 7721.0 11.2 7785.3 10.7 8212.5 9.9 43 44 Memo: 43 44 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. 71 Z.1, December 11, 2008 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 Total financial assets Q2 Q3 Q4 Q1 2008 Q2 Q3 750.2 632.7 781.5 785.2 799.2 866.9 997.6 1003.9 1094.5 1092.1 1090.7 1 0.9 0.7 0.9 0.6 0.7 1.0 0.8 1.0 1.1 0.7 34.1 2 599.2 606.3 792.1 946.8 1003.5 1036.1 1099.4 1151.4 1147.3 1106.0 1003.0 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 33.7 53.0 0.0 159.8 0.0 27.8 51.8 0.0 182.2 0.0 27.9 50.9 0.0 262.8 0.0 27.1 54.8 0.0 292.5 0.0 31.5 54.2 0.0 315.1 0.0 23.5 56.3 0.0 348.5 0.0 30.3 57.9 0.0 352.6 0.0 30.6 56.9 0.0 369.5 0.0 40.1 49.0 0.0 394.6 0.0 37.2 47.0 0.0 370.5 0.0 31.3 44.6 0.0 359.3 4 5 6 7 8 9 10 11 Bank loans n.e.c. Mortgages Security credit 225.7 17.5 109.5 234.0 16.9 93.7 294.7 20.8 135.1 361.8 24.9 185.6 377.1 27.7 197.9 396.6 30.0 181.2 438.5 35.2 184.9 466.8 39.0 188.6 484.9 39.9 138.8 486.9 41.0 123.2 507.1 0.0 60.8 9 10 11 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 0.6 149.5 0.7 25.0 0.8 -12.3 0.4 -162.6 0.3 -205.4 0.4 -170.6 0.3 -102.8 0.5 -149.0 0.3 -54.2 0.3 -14.9 0.0 53.7 13 14 792.4 680.2 834.7 844.5 860.2 929.5 1061.9 1069.8 1162.2 1161.5 1161.9 15 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 13 14 15 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 16 17 18 Net interbank liabilities To foreign banks To domestic banks -69.0 -95.3 26.4 -135.8 -167.9 32.1 -141.8 -176.7 34.9 -213.1 -255.3 42.2 -287.7 -352.0 64.3 -304.1 -344.9 40.8 -341.8 -353.0 11.1 -390.6 -411.0 20.4 -447.4 -495.7 48.3 -505.2 -542.4 37.2 -429.3 -431.1 1.8 16 17 18 19 20 21 Checkable deposits Small time and savings deposits Large time deposits 9.5 10.2 354.9 8.7 9.5 430.3 9.3 10.0 501.7 9.3 18.6 634.5 10.5 20.5 727.0 12.8 23.0 761.3 9.8 25.1 852.2 11.8 25.5 907.9 14.9 31.6 954.2 14.1 29.4 983.6 12.3 22.1 937.2 19 20 21 22 23 Federal funds and security RPs (net) Acceptance liabilities 157.7 0.6 157.5 0.7 190.9 0.8 239.9 0.5 246.0 0.3 240.5 0.4 235.9 0.3 226.3 0.5 214.7 0.4 196.9 0.3 179.9 0.0 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 328.4 85.2 134.7 108.5 209.2 122.7 167.7 -81.2 263.8 130.2 188.8 -55.1 154.8 148.0 197.3 -190.5 143.6 151.3 231.1 -238.8 195.6 156.1 240.7 -201.2 280.4 166.5 225.3 -111.3 288.4 141.0 241.0 -93.6 393.8 149.4 240.4 4.0 442.4 155.0 237.3 50.1 439.6 161.6 192.6 85.4 24 25 26 27 490.3 513.3 657.8 761.6 805.9 855.3 914.8 963.3 1008.9 983.1 942.2 28 Memo: 28 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 11) less corporate equities (line 12) plus customers’ liability on acceptances (line 13). 72 Z.1, December 11, 2008 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 9 10 11 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1153.1 1429.0 1523.8 1695.3 1692.2 1733.4 1794.0 1813.2 1853.2 1958.2 1933.1 1 36.4 36.4 32.2 35.6 31.4 30.1 35.4 58.7 59.7 84.1 75.0 2 2.7 11.6 14.2 7.9 2.0 13.5 15.5 5.3 1.1 11.2 11.8 8.1 2.5 11.2 16.7 5.1 0.7 12.5 14.6 3.5 0.8 11.6 14.0 3.7 0.7 12.7 17.8 4.2 7.1 9.9 35.9 5.8 6.3 13.0 35.0 5.4 11.8 28.3 37.4 6.6 13.7 16.6 38.8 5.9 3 4 5 6 1116.7 689.8 265.0 161.9 1392.6 857.0 341.3 194.4 1491.6 897.0 384.0 210.6 1659.7 1006.9 406.6 246.2 1660.8 1017.9 382.2 260.7 1703.3 1040.2 392.4 270.7 1758.6 1086.4 389.1 283.1 1754.6 1133.1 343.6 277.9 1793.5 1158.4 339.0 296.0 1874.1 1148.5 361.5 364.1 1858.1 1157.3 385.4 315.4 7 8 9 10 571.5 661.7 627.6 756.7 758.1 796.4 821.7 868.8 878.4 965.9 958.7 11 6.3 39.4 -33.1 8.0 15.5 -7.5 -18.5 8.6 -27.1 -32.4 36.0 -68.4 -39.7 34.6 -74.3 -44.2 44.6 -88.8 -67.0 41.9 -108.9 -85.6 25.0 -110.6 -111.0 18.0 -129.1 -120.5 31.4 -152.0 -66.2 59.2 -125.4 12 13 14 2.1 0.8 0.6 0.8 0.6 0.7 0.9 0.8 0.6 0.4 -0.1 15 12 13 14 Net interbank liabilities To domestic banks To foreign banks 15 Federal funds and security RPs (net) 16 17 18 Credit market instruments Commercial paper Corporate bonds 321.8 42.3 279.5 381.3 53.1 328.2 429.5 57.1 372.4 499.7 78.8 420.9 520.3 82.6 437.7 551.5 87.1 464.4 586.8 98.5 488.4 631.1 116.7 514.4 665.4 115.7 549.7 737.9 130.3 607.6 675.6 115.8 559.8 16 17 18 19 Miscellaneous liabilities 241.4 271.6 216.0 288.6 276.8 288.4 301.0 322.4 323.4 348.0 349.3 19 108.1 106.7 108.2 108.7 108.2 108.4 110.3 108.9 1 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 83.6 99.5 109.3 2.5 3.5 3.0 2.9 2.7 2.1 2.9 2.3 2.3 2.3 2.3 2 76.9 90.8 101.0 99.3 97.6 97.4 97.2 96.4 96.3 97.6 97.2 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2.5 28.9 0.6 1.4 3.8 33.6 0.3 1.3 3.9 34.8 0.5 0.8 3.7 29.0 1.3 0.4 3.1 29.0 1.4 0.4 3.2 28.9 1.1 0.5 2.2 27.4 1.4 0.8 1.8 26.6 1.5 1.0 1.4 25.4 1.5 1.8 1.2 27.8 1.5 1.1 1.2 27.4 1.7 0.7 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 18.5 12.2 12.8 20.3 15.6 15.9 25.9 16.3 18.8 25.6 17.2 22.0 24.7 16.7 22.3 23.6 17.5 22.7 24.2 17.8 23.4 23.3 17.9 24.2 23.3 18.3 24.6 22.9 18.3 24.8 22.9 18.6 24.8 8 9 10 4.3 5.2 5.3 5.9 6.4 8.7 8.6 9.5 9.8 10.4 9.3 11 Miscellaneous assets 78.6 94.0 103.4 102.1 100.4 102.2 102.4 101.8 101.8 104.1 102.7 12 13 14 15 Total liabilities Checkable deposits Small time and savings deposits Large time deposits 11.9 17.5 17.5 13.5 19.0 19.0 13.3 23.9 23.9 14.0 25.2 25.2 13.1 25.2 25.2 13.5 26.1 26.1 13.3 27.3 27.3 14.0 27.0 27.0 13.6 26.7 26.7 14.0 27.5 27.5 13.7 28.8 28.8 13 14 15 16 Miscellaneous liabilities 31.7 42.5 42.2 37.7 36.8 36.5 34.6 33.9 34.8 35.2 31.4 16 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 73 Z.1, December 11, 2008 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 13 14 15 16 17 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 18 19 20 Other loans and advances Mortgages Consumer credit 21 22 23 Corporate equities Miscellaneous assets Total liabilities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1465.9 1649.6 1789.4 1714.9 1793.1 1809.4 1868.2 1815.0 1826.4 1817.3 1518.5 1 3.4 24.8 2.6 12.3 3.3 21.3 3.2 9.1 2.7 23.7 2.7 9.0 2.0 20.4 6.6 18.3 2.0 19.3 5.0 31.9 2.3 19.2 4.6 28.4 2.5 19.3 7.8 43.0 2.6 20.0 9.9 45.6 2.7 23.7 10.2 39.1 2.8 21.9 11.7 32.0 3.5 21.7 12.0 28.6 2 3 4 5 1293.9 1417.4 1616.7 1518.6 1577.5 1595.2 1628.9 1584.3 1598.8 1606.6 1323.7 6 0.0 12.2 198.8 113.8 24.3 60.6 0.0 8.4 136.4 90.4 23.4 22.7 0.0 12.3 192.3 116.0 30.7 45.5 0.0 12.4 169.3 96.3 27.5 45.5 0.0 7.6 171.1 97.2 29.1 44.8 0.0 7.4 169.5 96.3 28.8 44.5 0.0 8.0 169.7 98.2 24.7 46.8 0.0 7.0 168.6 101.5 25.3 41.8 0.0 6.0 165.6 104.9 25.7 35.0 0.0 4.9 170.0 105.8 34.4 29.8 0.0 5.1 161.3 100.3 30.9 30.1 7 8 9 10 11 12 6.3 71.9 10.7 5.7 55.5 7.1 59.2 8.2 40.5 10.5 8.6 80.2 7.7 58.6 13.9 10.7 89.2 10.7 65.4 13.1 11.1 107.0 9.0 80.6 17.4 11.8 122.3 12.3 91.2 18.8 12.6 134.2 12.0 92.0 30.3 10.6 138.3 6.2 104.7 27.3 10.1 139.7 8.1 97.0 34.6 10.7 139.2 6.2 87.8 45.2 8.0 113.8 5.7 69.2 38.9 13 14 15 16 17 56.3 870.6 77.9 57.6 1057.4 91.3 61.5 1152.7 109.1 67.5 1074.0 95.5 68.9 1117.3 94.6 74.2 1112.8 97.2 70.6 1146.9 87.0 73.7 1095.3 90.8 78.1 1111.9 87.5 76.1 1115.7 90.0 74.0 883.6 77.8 18 19 20 30.4 98.5 28.2 167.0 26.2 108.3 24.9 123.9 25.2 132.1 25.0 134.7 24.7 142.0 25.3 127.3 25.7 126.1 25.8 116.5 25.6 103.5 21 22 1419.0 1597.2 1735.5 1659.9 1735.9 1751.6 1811.0 1756.5 1770.1 1761.2 1458.6 23 924.9 80.7 599.1 245.1 990.3 81.2 584.7 324.5 1066.9 85.0 618.7 363.3 1091.5 85.9 647.6 358.0 1170.2 89.4 671.5 409.4 1169.0 89.2 671.3 408.5 1169.1 89.4 670.4 409.3 1104.7 85.7 644.4 374.5 1131.3 87.5 661.1 382.7 1139.9 92.3 684.6 363.0 943.7 79.4 592.9 271.4 24 25 26 27 77.5 82.2 78.7 63.1 55.3 63.8 48.4 45.8 32.5 33.8 33.4 28 24 25 26 27 Deposits Checkable Small time and savings Large time 28 Security RPs 29 30 31 32 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 296.8 5.1 42.4 249.3 385.8 7.6 68.9 309.3 409.6 8.7 75.5 325.5 297.8 10.7 27.3 259.8 288.3 11.0 25.8 251.5 289.5 11.0 23.8 254.6 375.9 10.2 28.1 337.6 395.1 10.4 33.8 350.9 407.3 10.7 32.7 363.9 400.7 10.9 34.3 355.5 345.3 2.4 37.8 305.1 29 30 31 32 33 34 35 36 Taxes payable Miscellaneous liabilities Investment by parent Other 1.3 118.5 9.3 109.2 1.9 136.9 10.5 126.5 2.6 177.7 11.8 165.9 2.1 205.3 13.2 192.1 2.0 220.1 13.6 206.5 1.8 227.5 14.0 213.5 2.2 215.3 14.4 201.0 2.3 208.6 14.8 193.9 2.0 197.0 15.2 181.8 2.0 184.8 15.6 169.1 1.4 134.7 16.1 118.6 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, December 11, 2008 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 5 Credit market instruments 6 7 8 9 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 617.2 654.7 685.7 716.2 740.4 747.1 749.3 758.7 792.8 803.2 801.5 1 41.5 27.1 1.6 40.2 26.4 4.1 38.1 21.9 6.7 44.4 17.0 5.1 59.4 16.4 10.2 52.3 16.9 6.9 42.8 16.4 5.8 43.3 17.0 2.5 61.1 22.7 3.2 48.6 25.8 1.2 37.7 23.8 -3.4 2 3 4 516.6 556.4 592.6 622.7 629.2 641.0 652.6 657.9 665.0 684.7 697.7 5 0.7 8.8 94.3 24.3 0.8 8.9 93.1 25.0 0.8 7.7 86.4 23.5 1.0 7.4 72.5 30.6 1.6 7.0 72.4 36.6 1.7 7.3 73.0 35.9 1.0 8.6 70.9 36.2 0.4 10.4 68.4 34.6 2.7 9.6 73.5 32.9 0.7 10.2 80.8 32.3 0.0 10.3 80.4 29.7 6 7 8 9 10 11 Home mortgages Consumer credit 182.6 205.9 213.2 215.4 245.6 228.6 276.6 234.5 279.3 232.3 290.1 233.0 299.0 236.9 308.4 235.7 316.2 230.1 329.6 231.1 340.4 236.9 10 11 12 13 Mutual fund shares Miscellaneous assets 4.1 26.3 3.1 24.5 2.2 24.2 2.1 24.9 2.2 22.9 1.9 28.0 1.9 29.8 2.1 35.9 2.4 38.4 2.4 40.5 2.0 43.7 12 13 561.5 595.2 622.7 648.7 672.0 677.6 679.0 688.2 721.2 732.4 730.6 14 545.0 66.5 424.9 53.6 574.5 74.1 440.4 60.0 596.1 81.1 452.5 62.5 620.6 72.6 483.0 65.0 645.3 76.1 501.1 68.1 650.4 74.1 506.6 69.7 647.1 70.5 505.7 70.8 652.3 73.7 508.7 69.9 685.1 78.8 531.8 74.5 693.8 77.0 541.2 75.6 685.2 74.0 541.4 69.8 15 16 17 18 9.1 7.4 11.4 9.3 14.7 11.9 18.9 9.2 16.2 10.5 18.9 8.3 28.4 3.5 32.3 3.6 28.5 7.6 35.4 3.2 43.5 1.9 19 20 14 Total liabilities 15 16 17 18 Shares/deposits Checkable Small time and savings Large time 19 20 Other loans and advances Miscellaneous liabilities L.116 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 1059.7 1156.5 1239.6 1329.3 1340.9 1359.6 1381.7 1358.8 1348.9 1344.7 1337.3 1 34.6 52.8 25.9 63.1 21.0 68.9 29.9 66.0 31.7 66.0 33.0 56.8 45.2 53.4 42.7 53.8 41.8 63.4 40.6 61.9 47.4 56.9 2 3 625.2 698.8 765.8 813.5 821.7 830.4 838.9 839.8 836.6 835.0 842.1 4 5 6 Treasury securities Agency- and GSE-backed securities 64.7 115.4 71.3 112.1 69.2 117.9 75.8 122.0 71.0 123.2 66.0 124.5 60.8 125.7 55.1 125.8 54.8 125.3 54.7 125.0 58.4 126.3 5 6 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 224.2 218.9 2.1 267.8 245.3 2.4 313.2 262.8 2.7 335.2 277.0 3.5 344.2 279.8 3.6 353.3 282.6 4.1 362.6 285.4 4.3 371.3 282.9 4.8 369.8 281.8 4.9 369.1 281.2 5.0 374.8 277.5 5.1 7 8 9 178.4 4.3 196.6 5.2 199.5 5.7 227.0 6.9 229.5 6.9 243.5 7.1 248.5 7.1 236.2 6.8 215.6 6.3 212.4 6.3 193.5 5.9 10 11 79.3 85.0 79.6 87.3 82.1 96.5 87.0 99.0 87.0 98.2 89.6 99.3 88.7 100.0 85.4 94.0 86.3 98.7 87.1 101.3 87.3 104.2 12 13 696.5 741.8 797.5 843.3 834.9 852.3 863.4 863.4 872.7 895.0 911.4 14 29.3 667.2 33.5 708.3 38.2 759.3 43.4 800.0 44.7 790.2 46.1 806.2 47.6 815.8 49.0 814.4 50.5 822.1 52.1 843.0 53.6 857.8 15 16 10 11 Corporate equities Mutual fund shares 12 13 Trade receivables Miscellaneous assets 14 15 16 Total liabilities Taxes payable Miscellaneous liabilities 75 Z.1, December 11, 2008 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 Checkable deposits and currency Money market fund shares 4 Credit market instruments 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 12 13 Corporate equities Mutual fund shares 14 Miscellaneous assets 15 Total liabilities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 3772.8 4130.3 4350.7 4685.3 4746.8 4869.3 4960.3 4949.7 4868.1 4875.5 4798.0 1 47.3 151.4 53.3 120.7 47.7 113.6 56.1 162.3 59.0 178.9 56.8 193.4 63.4 210.1 58.3 226.6 69.8 244.0 68.8 247.0 73.4 244.8 2 3 2488.3 2661.4 2765.4 2806.1 2831.3 2855.4 2882.4 2888.6 2914.2 2933.3 2949.7 4 55.9 71.8 348.9 48.2 78.5 357.1 40.2 91.2 368.5 53.1 83.2 377.4 53.8 79.8 379.8 56.6 76.1 381.4 55.9 72.6 384.2 61.4 68.3 382.9 69.3 68.5 384.6 75.9 68.7 385.5 72.3 71.6 390.3 5 6 7 26.1 1610.5 114.2 260.9 30.1 1756.3 117.8 273.3 32.5 1824.8 122.8 285.5 36.6 1822.8 129.3 303.8 37.9 1840.4 133.0 306.4 39.1 1852.2 137.5 312.3 40.5 1870.7 141.1 317.3 41.4 1865.2 143.2 326.2 41.6 1874.0 144.9 331.3 41.7 1879.3 146.4 335.8 42.6 1886.6 148.2 338.1 8 9 10 11 919.3 91.7 1053.9 114.4 1161.8 109.0 1364.8 148.8 1394.0 159.0 1473.3 174.4 1505.1 185.2 1464.6 188.4 1326.4 181.9 1316.4 187.8 1211.8 181.6 12 13 74.7 126.6 153.1 147.1 124.5 116.0 114.2 123.3 131.8 122.3 136.7 14 3539.4 3869.7 4088.4 4412.0 4469.3 4584.4 4671.0 4661.7 4590.6 4602.8 4529.6 15 16 17 18 Other loans and advances Life insurance reserves Pension fund reserves (1) 8.0 972.7 1803.2 11.1 1018.8 2027.9 11.5 1039.9 2197.4 14.2 1119.5 2332.4 15.4 1128.6 2354.8 18.6 1146.4 2423.8 25.3 1154.8 2457.5 28.7 1156.1 2437.8 31.1 1148.7 2385.8 33.4 1156.4 2394.6 42.9 1142.0 2340.5 16 17 18 19 20 Taxes payable Miscellaneous liabilities 24.9 730.6 28.1 783.9 31.6 808.0 35.6 910.2 36.7 933.9 37.8 957.9 38.9 994.4 40.0 999.1 41.2 983.8 42.4 976.0 43.6 960.6 19 20 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20). L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 4520.1 4915.2 5295.6 5885.4 5938.4 6182.8 6247.9 6152.4 5658.4 5592.7 5192.8 1 10.3 60.4 84.3 20.5 10.5 55.8 84.9 26.5 10.8 62.0 86.7 28.2 11.2 63.1 90.1 31.5 11.3 63.9 90.9 31.9 11.4 64.7 91.8 38.4 11.5 65.3 92.6 39.0 11.8 65.7 93.5 41.8 11.8 66.2 94.1 40.7 11.8 67.3 94.8 37.1 11.8 67.7 95.3 36.6 2 3 4 5 646.5 646.1 690.6 741.6 773.3 794.2 826.7 862.9 890.2 909.1 917.6 6 Open market paper Treasury securities Agency- and GSE-backed securities 26.0 113.9 221.4 26.4 109.8 232.8 28.5 112.8 251.4 31.6 127.4 262.1 32.3 136.2 272.5 33.7 142.9 277.9 32.1 152.4 289.9 25.9 167.5 301.0 27.7 176.5 304.0 28.3 183.2 306.0 32.2 184.3 306.5 7 8 9 Corporate and foreign bonds Mortgages 274.8 10.2 267.1 10.0 288.1 9.8 311.0 9.5 323.0 9.3 330.2 9.5 342.6 9.7 358.4 10.2 371.5 10.4 381.0 10.7 383.7 10.9 10 11 2096.6 1126.9 2333.5 1278.2 2537.0 1399.0 2807.3 1602.6 2779.4 1629.7 2853.9 1733.8 2829.0 1765.2 2698.6 1749.3 2371.0 1587.8 2302.8 1567.6 2058.7 1432.5 12 13 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 474.8 317.0 49.8 108.0 479.6 328.4 46.6 104.5 481.3 338.4 44.8 98.2 538.1 387.9 42.8 107.4 558.1 401.8 42.3 114.0 594.5 432.4 44.5 117.6 618.5 446.0 47.2 125.3 628.8 444.3 47.2 137.3 596.6 407.8 47.7 141.1 602.2 409.2 48.2 144.9 572.5 380.2 47.9 144.4 14 15 16 17 18 Pension fund reserves (liabilities) (3) 4561.6 4955.8 5334.8 5923.1 5975.2 6219.0 6284.3 6186.6 5693.8 5628.8 5228.9 18 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 76 Z.1, December 11, 2008 L.119 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 2349.2 2577.5 2721.4 3049.6 3078.1 3214.3 3232.8 3157.1 2919.1 2883.1 2730.3 1 13.7 0.8 13.4 23.4 16.3 1.4 11.6 20.2 15.8 1.3 11.7 19.7 13.3 0.8 13.0 22.6 16.4 1.0 16.1 28.0 16.4 1.0 16.0 28.0 16.5 1.0 16.1 28.1 15.6 1.0 15.3 26.7 15.7 1.0 15.4 26.8 15.6 1.0 15.3 26.7 15.5 1.0 15.2 21.5 2 3 4 5 657.5 675.3 693.4 769.7 767.5 772.2 787.5 799.8 801.8 800.5 809.6 6 Open market paper Treasury securities Agency- and GSE-backed securities 41.6 148.6 235.1 35.2 151.0 258.8 35.2 153.8 258.4 40.1 153.0 295.1 49.8 155.1 299.1 49.7 156.1 301.0 49.8 161.4 311.2 47.4 164.5 317.2 47.6 165.0 318.1 47.4 164.7 317.7 37.1 166.2 333.0 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 4.4 207.4 20.4 1.8 213.5 15.1 1.7 227.9 16.4 1.7 265.6 14.1 0.9 249.9 12.7 0.9 251.7 12.8 0.9 250.9 13.3 0.9 257.5 12.4 0.6 258.1 12.4 0.6 257.8 12.3 1.7 259.4 12.2 10 11 12 1421.0 207.9 1600.9 235.9 1715.8 248.4 1927.5 287.7 1943.3 290.0 2057.8 307.1 2060.4 307.5 1987.1 296.6 1778.0 265.4 1748.1 260.9 1610.8 240.4 13 14 11.3 15.9 15.4 15.1 15.7 15.8 15.8 15.0 15.1 15.1 16.2 15 2399.1 2625.6 2765.2 3086.9 3113.5 3247.6 3263.8 3185.7 2945.2 2906.5 2750.9 16 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 2004 Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 Federal Government Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 958.5 1023.3 1071.5 1141.1 1131.8 1133.2 1152.4 1197.2 1171.5 1179.2 1188.5 1 63.6 68.2 76.0 84.3 88.1 88.9 93.3 96.1 106.1 108.1 115.1 2 55.3 5.1 3.2 60.7 4.6 3.0 68.4 4.6 2.9 76.7 4.7 2.9 80.4 4.8 2.9 81.3 4.7 2.9 85.4 4.9 3.0 88.0 5.0 3.0 96.6 5.9 3.6 98.9 5.8 3.4 105.9 5.8 3.4 3 4 5 79.9 815.0 99.2 855.9 112.6 882.9 138.1 918.7 140.4 903.4 151.4 892.8 150.1 909.0 149.2 952.0 128.5 936.9 127.7 943.5 111.1 962.3 6 7 958.5 1023.3 1071.5 1141.1 1131.8 1133.2 1152.4 1197.2 1171.5 1179.2 1188.5 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 77 Z.1, December 11, 2008 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 2016.4 1879.8 2006.9 2312.1 2389.7 2488.7 2799.9 3053.2 3407.8 3343.2 3376.5 1 71.5 -2.1 166.8 252.6 78.5 0.6 167.2 234.0 94.7 -0.9 183.0 346.0 84.1 6.7 206.7 394.6 81.4 -1.9 205.2 373.0 69.9 -3.5 213.9 412.7 102.3 4.2 260.9 506.4 134.3 2.7 266.7 569.9 151.2 -6.3 301.4 585.9 141.4 2.3 329.2 523.5 145.3 10.6 308.1 603.4 2 3 4 5 1471.3 1346.3 1340.8 1560.8 1649.5 1699.2 1801.8 1951.5 2253.4 2232.7 2186.6 6 459.9 132.1 328.6 292.1 258.7 405.8 98.2 267.5 313.8 261.0 492.2 88.6 160.1 336.8 263.2 608.3 82.7 131.4 370.3 368.3 659.4 90.9 121.8 388.3 389.1 663.4 89.0 126.0 398.7 422.1 665.7 127.4 162.0 430.7 416.0 711.1 177.9 211.9 473.5 377.1 766.0 276.7 309.9 495.3 405.6 701.2 267.2 368.6 504.0 391.7 575.0 421.7 426.0 477.8 286.1 7 8 9 10 11 56.2 53.3 43.3 59.2 82.6 96.5 124.3 128.1 122.2 114.2 122.5 12 2016.4 1879.8 2006.9 2312.1 2389.7 2488.7 2799.9 3053.2 3407.8 3343.2 3376.5 13 7829.0 7336.4 7412.3 6588.3 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 4654.2 5436.3 6048.9 7068.3 7328.7 7805.2 7989.3 94.5 112.6 115.4 132.8 125.8 128.6 128.6 132.2 136.0 149.6 118.4 2 1506.4 1623.0 1747.1 1932.0 2005.4 2093.5 2141.6 2203.1 2256.7 2356.6 2366.3 3 76.2 144.2 447.5 290.2 532.0 16.4 94.2 149.0 462.7 294.3 596.8 26.0 97.1 155.7 483.4 311.7 662.7 36.5 114.5 160.7 499.1 344.4 768.9 44.4 107.7 166.2 516.4 358.9 806.0 50.3 110.6 171.5 533.0 370.1 851.8 56.5 110.6 172.3 543.9 371.3 883.1 60.4 114.1 179.2 565.4 372.2 908.4 63.9 117.7 182.7 576.3 380.1 935.1 64.8 131.2 188.3 594.0 393.4 984.2 65.6 100.1 194.7 613.9 400.9 989.6 67.2 4 5 6 7 8 9 3051.3 2.0 3693.6 7.0 4175.7 10.7 4989.6 14.0 5181.1 16.4 5566.4 16.8 5701.3 17.8 5476.9 16.8 4923.6 20.1 4888.8 17.3 4086.3 17.3 10 11 4654.2 5436.3 6048.9 7068.3 7328.7 7805.2 7989.3 7829.0 7336.4 7412.3 6588.3 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 2 3 4 5 6 7 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 205.6 245.9 271.4 294.3 308.8 322.1 324.2 316.8 297.8 286.3 256.5 1 152.6 4.6 89.3 58.8 163.6 6.8 89.1 67.6 165.8 7.1 89.4 69.3 171.8 7.4 89.4 75.1 171.6 7.2 88.8 75.6 175.1 6.6 88.6 79.8 170.6 6.5 87.2 76.9 170.6 5.6 91.0 74.0 165.6 5.4 89.1 71.1 161.2 5.3 86.6 69.3 153.1 4.9 83.5 64.6 2 3 4 5 53.0 82.3 105.6 122.5 137.2 147.1 153.6 146.2 132.2 125.0 103.5 6 205.6 245.9 271.4 294.3 308.8 322.1 324.2 316.8 297.8 286.3 256.5 7 150.8 227.3 300.8 422.8 444.3 486.4 550.6 607.1 568.4 575.8 578.4 8 4.5 2.1 2.4 8.2 4.9 3.3 15.0 9.7 5.3 20.7 13.1 7.6 22.4 13.9 8.5 26.3 16.1 10.3 28.7 17.2 11.6 33.5 19.7 13.8 37.8 21.0 16.8 43.0 22.6 20.4 49.7 26.6 23.1 9 10 11 146.3 219.0 285.8 402.0 421.9 460.0 521.9 573.7 530.6 532.8 528.7 12 150.8 227.3 300.8 422.8 444.3 486.4 550.6 607.1 568.4 575.8 578.4 13 Exchange-traded funds 8 Total financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Total shares outstanding (liabilities) 78 Z.1, December 11, 2008 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 2794.4 2882.9 2819.4 2872.9 2887.9 2939.1 3084.2 3174.2 3220.1 3386.6 3407.8 1 28.8 16.7 75.3 39.1 23.3 93.6 14.6 35.3 107.7 16.4 33.9 117.4 15.1 38.6 152.3 19.0 36.8 146.3 18.0 47.4 124.5 13.7 46.6 142.7 11.1 41.1 131.8 58.3 53.0 141.9 94.2 54.5 138.0 2 3 4 2564.2 2613.0 2543.9 2590.5 2558.4 2596.7 2758.9 2829.5 2893.4 2987.8 3021.2 5 6.7 13.5 1034.3 5.8 12.9 886.5 13.8 13.1 751.1 32.4 14.2 713.0 17.8 14.5 697.3 30.1 14.8 688.4 14.2 15.1 693.9 27.7 15.5 702.9 39.6 15.9 717.3 9.2 16.2 842.3 6.6 16.6 825.4 6 7 8 9 10 Municipal securities Corporate and foreign bonds 44.4 277.4 44.6 414.8 39.7 465.7 36.1 482.7 34.1 493.0 34.5 501.2 33.6 480.6 33.3 464.4 32.4 449.7 31.3 420.6 30.5 386.4 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 545.8 0.3 43.8 501.7 619.4 0.0 43.6 575.8 671.8 0.0 51.6 620.2 704.9 0.0 63.5 641.4 690.2 0.0 65.7 624.4 708.6 0.0 66.6 642.0 892.0 0.0 70.2 821.8 942.6 0.0 75.5 867.1 980.4 0.0 84.0 896.4 997.0 0.0 90.3 906.7 1087.0 0.0 83.4 1003.6 11 12 13 14 15 16 17 18 19 Mortgages Home Multifamily residential Farm Consumer credit (2) 621.5 514.7 68.2 38.7 20.6 629.0 508.0 82.5 38.6 0.0 588.8 454.9 93.0 40.9 0.0 607.2 460.2 105.4 41.7 0.0 611.5 457.5 111.3 42.7 0.0 619.1 455.9 119.4 43.9 0.0 629.6 458.4 126.2 45.0 0.0 643.1 449.3 147.7 46.1 0.0 658.2 454.1 157.7 46.5 0.0 671.2 456.4 167.9 46.8 0.0 668.6 442.1 179.4 47.1 0.0 15 16 17 18 19 109.4 113.9 117.8 114.6 123.5 140.3 135.4 141.7 142.6 145.6 100.0 20 2747.1 2818.0 2736.8 2782.0 2797.3 2846.2 2993.6 3076.6 3122.4 3279.6 3357.0 21 2601.3 2601.3 0.0 2676.3 2676.3 0.0 2592.2 2592.2 0.0 2627.8 2627.8 0.0 2644.5 2644.5 0.0 2684.8 2684.8 0.0 2824.0 2824.0 0.0 2910.2 2910.2 0.0 2940.2 2940.2 0.0 3104.0 3104.0 0.0 3154.8 3154.8 0.0 22 23 24 145.8 141.7 144.5 154.2 152.8 161.4 169.6 166.4 182.2 175.6 202.1 25 20 21 Miscellaneous assets Total liabilities 22 23 24 Credit market instruments GSE issues (3) U.S. government loans 25 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 3326.7 3374.6 3541.9 3837.3 3955.7 4075.8 4243.1 4463.5 4602.4 4761.5 4894.9 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 3211.2 114.5 0.0 1.0 3256.3 117.4 0.0 0.9 3419.7 121.3 0.0 0.8 3710.6 123.5 0.0 3.2 3826.4 125.9 0.0 3.4 3942.5 128.6 0.0 4.7 4105.9 132.6 0.0 4.6 4319.8 139.2 0.0 4.5 4455.3 142.7 0.0 4.5 4611.3 145.9 0.0 4.3 4741.7 148.5 0.0 4.7 2 3 4 5 6 Total pool securities (liabilities)(2) 3326.7 3374.6 3541.9 3837.3 3955.7 4075.8 4243.1 4463.5 4602.4 4761.5 4894.9 6 (1) GNMA, Fannie Mae, Freddie Mac, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 79 Z.1, December 11, 2008 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 14 15 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (5) Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 2211.7 2649.8 3374.7 4182.7 4340.6 4490.0 4532.4 4499.4 4429.8 4316.4 4204.2 1 2.8 354.9 141.7 8.0 350.5 161.9 27.7 319.2 182.9 56.4 344.8 239.0 60.4 347.1 255.6 66.3 347.0 281.7 71.3 364.5 298.9 77.5 364.4 311.5 76.8 366.5 312.1 73.9 361.7 310.8 68.5 360.1 314.8 2 3 4 1023.4 665.7 66.6 291.0 1455.5 1045.7 73.1 336.7 2141.4 1617.0 89.6 434.8 2770.4 2129.2 103.5 537.7 2897.7 2217.9 110.9 568.8 3013.3 2287.0 118.7 607.6 3006.2 2228.9 125.7 651.5 2950.9 2162.6 125.5 662.8 2875.7 2096.0 122.9 656.8 2780.9 2009.9 120.0 650.9 2689.7 1931.9 117.8 640.0 5 6 7 8 596.8 92.2 571.5 102.3 604.0 99.5 664.2 107.9 668.8 111.1 673.2 108.5 687.3 104.2 683.7 111.4 680.4 118.3 684.1 105.1 676.6 94.6 9 10 2217.2 2654.6 3378.8 4186.3 4344.1 4493.3 4535.7 4502.5 4432.8 4319.3 4207.0 11 529.4 1687.8 525.3 2129.3 673.2 2705.7 835.8 3350.5 829.1 3515.0 903.9 3589.5 728.4 3807.2 642.2 3860.3 588.3 3844.5 558.5 3760.8 509.9 3697.1 12 13 5.5 30.3 4.8 91.1 4.2 108.5 3.6 110.9 3.5 115.8 3.4 111.4 3.2 101.6 3.1 92.4 3.0 72.6 2.9 67.8 2.8 61.4 14 15 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (4) Included in table L.128. (5) Liabilities net of assets. L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table L.126. 1679.5 1858.0 1856.9 1891.2 1892.4 1896.6 1924.3 1911.1 1940.9 1929.8 1910.0 1 37.1 40.6 44.2 44.2 44.2 44.2 44.2 44.2 44.2 44.2 44.2 2 1204.9 1419.8 1537.1 1626.7 1617.2 1615.0 1635.9 1638.8 1648.5 1637.3 1621.9 3 441.7 370.2 393.0 451.5 476.0 492.3 479.2 541.4 516.5 498.0 594.4 534.4 505.4 579.8 532.0 509.2 563.2 542.6 507.8 560.4 567.6 522.9 531.9 584.1 541.9 525.8 580.7 563.9 491.6 581.8 557.0 468.6 596.3 4 5 6 437.4 397.5 275.6 220.3 231.0 237.3 244.3 228.1 248.3 248.3 243.9 7 1674.9 1864.3 1828.3 1876.8 1914.1 1929.6 1958.9 1949.5 1982.9 1974.3 1959.7 8 995.3 1129.6 1108.6 1144.2 1234.2 1240.3 1280.4 1279.6 1301.4 1299.3 1281.7 9 145.1 743.2 106.9 175.3 817.4 136.9 160.0 806.5 142.1 165.3 849.7 129.2 132.5 963.6 138.1 127.0 959.8 153.5 119.8 983.9 176.7 123.5 974.1 182.0 113.5 1004.5 183.4 112.4 989.3 197.6 103.3 986.7 191.7 10 11 12 13.2 666.4 68.1 202.8 395.4 15.0 719.6 71.4 257.7 390.5 17.1 702.7 88.7 312.2 301.7 19.3 713.3 102.5 338.5 272.2 19.9 660.0 97.4 327.0 235.6 20.5 668.8 98.2 344.4 226.2 21.2 657.3 104.4 327.8 225.1 21.8 648.1 109.7 321.4 217.0 22.5 658.9 120.3 328.7 210.0 23.2 651.9 130.6 319.9 201.4 23.9 654.1 144.5 326.9 182.7 13 14 15 16 17 79.0 74.1 85.3 106.0 110.7 116.3 120.5 122.9 124.9 121.9 118.5 18 80 Z.1, December 11, 2008 L.128 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 134.9 251.3 304.4 344.0 365.0 356.8 323.5 316.7 300.7 301.8 294.5 1 9.3 12.2 13.6 18.5 21.6 18.6 18.5 16.6 19.4 18.0 22.1 2 96.4 198.6 239.8 265.8 288.6 280.7 248.0 244.3 224.0 224.0 211.1 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 28.9 18.8 44.7 36.0 40.6 52.8 65.4 64.6 76.8 63.7 76.2 65.6 78.7 38.6 88.9 34.2 92.3 23.4 99.4 21.5 93.1 20.2 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 48.7 37.1 1.6 10.1 118.0 102.9 1.6 13.5 146.3 127.4 1.9 17.0 135.8 103.7 5.1 27.0 148.1 110.0 5.8 32.3 138.9 99.1 6.0 33.9 130.8 89.2 5.4 36.1 121.1 79.2 5.1 36.8 108.3 65.9 5.2 37.2 103.1 61.0 5.0 37.1 97.8 56.5 4.3 37.0 6 7 8 9 10 29.2 40.4 51.0 59.7 54.8 57.5 56.9 55.8 57.3 59.8 61.3 10 11 Total liabilities 314.1 459.3 532.2 571.3 590.8 590.1 569.5 578.6 558.9 553.6 546.5 11 12 Security RPs 41.7 69.2 82.2 97.0 103.5 105.8 85.2 91.4 89.4 91.3 89.0 12 13 Credit market instruments 230.3 340.2 396.2 411.8 429.4 427.6 423.4 421.5 404.7 399.1 391.7 13 0.0 110.9 14.7 104.7 0.0 193.4 16.2 130.6 0.0 230.3 21.5 144.5 0.0 241.9 18.4 151.5 0.0 262.3 19.4 147.7 0.0 258.1 19.5 150.0 0.0 249.8 20.4 153.2 0.0 239.1 25.2 157.2 0.0 215.4 27.1 162.2 0.0 215.0 24.2 159.9 0.0 204.6 26.0 161.2 14 15 16 17 42.2 50.0 53.8 62.5 57.9 56.7 60.9 65.7 64.7 63.2 65.7 18 30.3 0.0 28.9 0.1 1.3 91.1 0.0 87.9 0.1 3.1 108.5 0.0 103.7 0.2 4.7 110.9 0.0 93.5 0.4 17.0 115.8 0.0 97.9 0.4 17.6 111.4 0.0 91.3 0.4 19.8 101.6 0.0 80.2 0.4 21.0 92.4 0.0 72.7 0.4 19.3 72.6 0.0 57.0 0.4 15.3 67.8 0.0 52.0 0.4 15.4 61.4 0.0 46.4 0.4 14.6 19 20 21 22 23 14 15 16 17 18 19 20 21 22 23 Miscellaneous assets Open market paper Corporate bonds Bank loans n.e.c. Mortgages Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 81 Z.1, December 11, 2008 L.129 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 Total financial assets 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1844.9 2127.1 2741.7 3020.3 3169.5 3201.9 3092.0 3244.3 2957.8 2982.9 1 47.2 62.9 56.5 80.5 81.9 89.8 86.3 105.0 122.4 115.6 159.1 2 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 424.1 49.4 37.8 83.7 24.9 219.3 9.0 394.9 48.0 -44.6 107.3 32.0 238.0 14.2 477.2 60.2 -64.6 101.0 42.9 315.7 22.0 583.4 64.3 -67.0 138.0 50.9 360.5 36.7 677.2 77.1 -41.5 147.8 48.4 404.9 40.4 583.8 79.9 -139.3 122.6 54.0 422.2 44.4 718.2 86.0 -95.3 214.6 45.1 420.8 46.9 803.1 87.1 -60.0 290.2 50.1 386.4 49.2 864.3 107.5 -23.7 298.1 66.1 366.5 49.8 691.8 102.9 -93.3 311.2 51.8 269.0 50.3 830.2 150.8 4.1 350.0 61.9 212.1 51.3 3 4 5 6 7 8 9 Corporate equities Security credit Miscellaneous assets 100.5 182.5 858.8 129.1 264.0 994.0 158.3 232.4 1202.6 186.4 292.1 1599.4 202.1 279.0 1780.3 223.1 334.0 1938.8 220.6 296.5 1880.3 224.8 325.5 1633.7 180.1 365.3 1712.2 189.6 291.5 1669.3 156.1 400.6 1436.9 10 11 12 1589.9 1823.1 2158.6 2753.6 3024.8 3171.2 3205.1 3085.5 3239.1 2947.1 2978.3 13 490.4 526.9 733.6 1071.8 1224.5 1219.2 1293.7 1147.3 1196.7 971.5 797.4 14 47.0 47.0 0.0 62.2 62.2 0.0 62.4 62.4 0.0 68.8 68.8 0.0 83.7 83.7 0.0 93.6 93.6 0.0 86.3 86.3 0.0 64.8 64.8 0.0 120.1 80.4 39.7 85.9 84.5 1.5 273.5 76.9 196.6 15 16 17 28.2 676.3 475.4 200.9 1.8 36.0 774.2 578.3 195.8 2.2 43.1 806.0 575.3 230.7 2.1 48.3 957.8 655.7 302.2 2.8 51.7 1010.0 690.1 319.9 3.5 65.5 1045.5 745.3 300.2 3.5 62.1 1078.0 757.8 320.2 3.5 45.8 1200.9 866.4 334.5 2.2 43.5 1281.7 984.5 297.2 2.0 39.1 1273.4 992.1 281.4 2.6 34.3 1226.3 986.9 239.5 2.5 18 19 20 21 22 346.3 87.3 599.3 -340.3 421.7 94.9 636.4 -309.6 511.5 155.9 772.6 -417.1 604.1 145.6 875.7 -417.1 651.4 147.0 856.4 -352.0 743.9 147.2 843.2 -246.4 681.5 146.6 944.0 -409.1 624.5 128.8 970.9 -475.1 595.0 130.0 958.3 -493.3 574.5 130.7 1030.2 -586.4 644.1 130.4 1166.3 -652.6 23 24 25 26 2291.7 2464.2 1 Checkable deposits and currency 3 4 5 6 7 8 9 13 2005 1613.0 2 10 11 12 2004 Total liabilities 14 Security RPs (net) 15 16 17 Credit market instruments Corporate bonds Bank loans n.e.c. (1) 18 19 20 21 22 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 23 24 25 26 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). L.130 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1064.8 1083.7 1310.4 1449.4 1533.4 1580.8 1788.7 1849.9 2103.5 2 Money market fund shares 362.9 275.6 310.6 311.3 362.7 366.9 502.4 580.8 759.4 728.8 726.8 2 3 Credit market instruments 159.3 205.9 254.5 289.2 288.3 336.2 327.9 225.2 304.9 481.3 584.4 3 40.6 111.3 7.3 102.1 96.8 7.0 176.5 67.5 10.6 212.1 60.4 16.8 200.3 69.6 18.4 256.6 59.3 20.2 121.3 185.2 21.3 32.9 170.0 22.4 15.1 267.2 22.6 73.9 384.5 22.8 4.4 556.7 23.3 4 5 6 542.7 134.7 408.0 602.2 167.7 434.5 745.3 188.8 556.6 848.9 197.3 651.6 882.4 231.1 651.4 877.7 240.7 636.9 958.4 225.3 733.1 1043.8 241.0 802.8 1039.2 240.4 798.8 1081.6 237.3 844.3 1153.0 192.6 960.4 7 8 9 1064.8 1083.7 1310.4 1449.4 1533.4 1580.8 1788.7 1849.9 2103.5 2291.7 2464.2 10 519.3 517.1 622.7 652.5 722.7 728.8 743.0 788.2 777.8 781.2 799.7 11 213.7 305.5 0.0 199.3 317.7 0.0 277.3 345.3 0.0 285.6 367.0 0.0 358.9 363.8 0.0 364.9 363.9 0.0 355.0 388.0 0.0 369.7 418.5 0.0 366.4 411.3 0.0 336.8 415.6 28.8 278.0 431.6 90.1 12 13 14 545.6 30.7 678.0 -163.1 566.6 92.1 764.8 -290.3 687.8 133.3 939.7 -385.2 796.8 213.1 1242.3 -658.6 810.7 178.1 1377.1 -744.6 852.0 169.2 1436.5 -753.6 1045.7 236.7 1415.1 -606.2 1061.7 278.0 1240.2 -456.6 1325.7 284.1 1369.1 -327.4 1510.5 323.2 1359.5 -172.3 1664.5 376.6 1128.3 159.5 15 16 17 18 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Open market paper Corporate and foreign bonds Other loans and advances Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. (3) Loans extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. and to American International Group (AIG). 82 Z.1, December 11, 2008 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 Q3 Q4 2008 Q2 Q1 Q3 85.9 86.8 65.1 65.9 66.6 66.1 69.1 70.6 75.8 75.7 71.8 1 23.7 24.6 19.3 19.9 20.0 20.1 20.3 20.5 20.9 20.9 20.5 2 12.6 11.0 13.6 11.0 8.2 11.0 8.9 11.0 9.0 11.0 9.0 11.0 9.3 11.0 9.5 11.0 9.9 11.0 9.9 11.0 9.4 11.0 3 4 62.3 62.2 45.9 46.0 46.6 46.1 48.7 50.0 54.8 54.9 51.4 5 Official foreign currency holdings Treasury Monetary authority 39.7 19.9 19.9 42.7 21.4 21.4 37.8 18.9 18.9 40.9 20.5 20.5 41.7 20.8 20.9 41.5 20.7 20.8 44.3 22.1 22.1 45.8 22.5 23.3 50.5 24.9 25.6 49.6 23.8 25.8 46.6 30.3 16.3 6 7 8 Net IMF position Federal government Monetary authority 22.5 22.6 -0.1 19.5 19.6 -0.1 8.0 8.1 -0.1 5.0 5.1 -0.1 4.8 4.9 -0.1 4.6 4.7 -0.1 4.5 4.6 -0.1 4.2 4.3 -0.1 4.3 4.4 -0.1 5.2 5.3 -0.1 4.8 4.8 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 26.0 35.5 26.7 36.4 27.5 36.5 28.1 38.2 28.2 38.4 28.5 38.5 28.8 38.6 28.7 38.7 28.5 38.7 28.4 38.7 28.1 38.7 3 4 5 Discrepancy (seigniorage) -9.5 -9.7 -9.1 -10.1 -10.2 -10.0 -9.8 -9.9 -10.2 -10.3 -10.6 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 867.1 957.0 997.8 1085.8 1158.4 1251.1 1309.1 1302.5 1208.6 1140.7 1104.8 1 52.1 38.1 71.5 57.5 53.7 78.5 59.9 60.6 94.7 65.2 49.7 84.1 69.6 45.3 81.4 75.1 55.5 69.9 78.6 56.3 102.3 78.2 49.0 134.3 72.6 47.1 151.2 68.5 46.6 141.4 58.9 42.1 145.3 2 3 4 705.3 767.2 782.5 886.8 962.1 1050.6 1072.0 1040.9 937.7 884.3 858.5 5 83 Z.1, December 11, 2008 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net Q2 Q3 Q4 2008 Q2 Q1 Q3 193.0 212.2 201.3 190.0 50.5 65.4 112.5 122.1 44.2 85.7 460.2 1 71.0 23.1 48.0 65.6 24.0 41.5 69.1 19.0 50.1 70.4 18.7 51.7 59.5 18.3 41.2 60.7 17.3 43.5 64.5 23.0 41.5 75.8 20.8 55.0 69.6 24.2 45.4 79.2 33.5 45.7 270.1 222.1 48.0 2 3 4 122.0 -0.3 146.6 1.0 132.2 1.0 119.6 -0.3 -9.0 -0.8 4.7 -1.1 48.0 -0.5 46.3 48.6 -25.4 110.7 6.5 173.6 190.2 302.2 5 6 109.6 118.3 106.0 96.7 -41.2 -14.1 27.7 -24.0 -151.2 -175.8 -61.1 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 128.5 256.7 433.6 176.9 142.4 317.4 467.4 150.0 117.7 320.9 487.7 166.8 108.7 432.3 586.4 154.2 -30.0 395.9 573.1 177.2 3.6 436.8 624.0 187.2 44.5 505.7 647.1 141.4 -5.4 515.5 664.2 148.7 -128.9 493.6 671.8 178.1 -156.6 536.8 615.0 78.2 -42.9 512.9 662.5 149.5 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -95.2 197.4 292.6 -167.4 274.3 441.8 -176.0 333.9 509.9 -255.2 524.5 779.7 -351.6 521.3 872.9 -344.3 521.1 865.5 -352.3 500.8 853.1 -410.4 540.2 950.5 -493.5 521.8 1015.2 -541.4 470.9 1012.3 -430.4 473.6 904.0 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -33.1 13.2 46.3 -7.5 33.0 40.5 -27.1 42.2 69.4 -68.4 19.7 88.1 -74.3 22.2 96.5 -88.8 25.1 113.9 -108.9 32.4 141.3 -110.6 51.6 162.2 -129.1 55.2 184.3 -152.0 60.9 212.8 -125.4 44.0 169.4 15 16 17 18.9 18.7 0.1 24.1 23.6 0.5 11.7 11.0 0.7 12.0 11.9 0.1 11.2 10.8 0.4 17.7 17.2 0.5 16.8 16.1 0.7 18.6 17.9 0.7 22.3 20.0 2.3 19.2 18.3 0.9 18.3 17.6 0.7 18 19 20 12.7 27.3 25.2 23.2 33.0 19.9 20.8 21.7 15.0 8.8 -50.9 21 -53.1 86.0 71.7 1.6 12.7 -20.3 119.3 90.1 1.8 27.3 -18.4 109.6 83.0 1.4 25.2 -55.0 122.4 97.8 1.3 23.2 -65.8 128.0 94.1 0.9 33.0 -65.5 140.0 119.0 1.1 19.9 -32.3 147.8 126.5 0.5 20.8 -23.8 135.6 113.3 0.7 21.7 -51.3 138.6 123.2 0.3 15.0 -59.9 110.9 101.8 0.3 8.8 -111.9 62.4 113.0 0.3 -50.9 22 23 24 25 26 98.1 41.0 122.3 17.4 117.9 10.0 140.0 37.4 158.4 35.5 159.9 45.7 137.6 42.4 133.7 25.7 171.5 18.4 139.0 31.7 114.8 59.5 27 28 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 26.4 98.1 71.7 32.1 122.3 90.1 34.9 117.9 83.0 42.2 140.0 97.8 64.3 158.4 94.1 40.8 159.9 119.0 11.1 137.6 126.5 20.4 133.7 113.3 48.3 171.5 123.2 37.2 139.0 101.8 1.8 114.8 113.0 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 39.4 41.0 1.6 15.5 17.4 1.8 8.6 10.0 1.4 36.0 37.4 1.3 34.6 35.5 0.9 44.6 45.7 1.1 41.9 42.4 0.5 25.0 25.7 0.7 18.0 18.4 0.3 31.4 31.7 0.3 59.2 59.5 0.3 32 33 34 180.3 184.9 176.1 166.8 17.5 45.6 91.7 100.4 29.1 76.9 511.1 35 109.6 118.3 106.0 96.7 -41.2 -14.1 27.7 -24.0 -151.2 -175.8 -61.1 36 70.8 66.5 70.1 70.1 58.7 59.6 64.0 124.4 180.3 252.8 572.3 37 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks -0.3 -0.3 0.1 1.0 0.9 0.0 1.0 0.9 0.1 -0.3 -0.3 0.1 -0.8 -0.9 0.0 -1.1 -1.3 0.2 -0.5 -0.7 0.2 48.6 -0.0 48.6 110.7 -0.6 111.3 173.6 -0.6 174.2 302.2 -1.0 303.2 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 67.6 19.7 48.0 62.3 20.8 41.5 66.4 16.3 50.1 68.4 16.7 51.7 57.5 16.3 41.2 58.4 15.0 43.5 62.0 20.5 41.5 73.2 18.2 55.0 66.9 21.4 45.4 76.4 30.7 45.7 266.6 218.6 48.0 41 42 43 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 3.4 3.3 2.7 2.0 2.0 2.3 2.5 2.6 2.7 2.8 3.5 44 12.7 27.3 25.2 23.2 33.0 19.9 20.8 21.7 15.0 8.8 -50.9 45 84 Z.1, December 11, 2008 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1437.5 1522.8 1527.2 1507.3 1501.5 1498.6 1499.7 1537.6 1530.9 1540.6 1940.5 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 683.1 6.0 0.6 0.2 676.2 720.8 6.2 1.1 0.1 713.3 750.8 4.8 2.0 0.1 743.9 774.4 5.0 0.8 0.2 768.5 769.2 4.5 0.1 0.1 764.4 774.6 5.0 0.1 0.2 769.3 775.3 5.9 0.1 0.2 769.1 792.2 16.4 1.7 0.1 773.9 775.9 5.9 0.1 0.1 769.8 786.3 5.3 0.1 0.3 780.7 1149.3 332.7 26.2 0.1 790.2 2 3 4 5 6 7 8 9 10 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 607.2 30.2 4.0 573.0 646.7 26.9 13.2 606.6 610.3 33.9 19.6 556.8 574.4 28.0 28.8 517.6 566.8 3.9 30.0 533.0 560.6 22.2 34.2 504.2 564.6 71.8 31.3 461.5 586.0 42.9 33.8 509.3 588.7 42.9 35.9 509.9 585.0 50.2 32.5 502.2 637.8 41.5 41.8 554.5 7 8 9 10 11 12 Savings institutions Credit unions 80.7 66.5 81.2 74.1 85.0 81.1 85.9 72.6 89.4 76.1 89.2 74.1 89.4 70.5 85.7 73.7 87.5 78.8 92.3 77.0 79.4 74.0 11 12 1437.5 1522.8 1527.2 1507.3 1501.5 1498.6 1499.7 1537.6 1530.9 1540.6 1940.5 13 2 3 4 5 6 13 Total liabilities 2004 Total assets 14 Household sector 389.0 356.1 230.0 202.3 226.1 161.5 66.8 77.4 33.4 32.4 46.3 14 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate Farm 385.0 190.9 172.9 21.2 459.9 178.4 259.2 22.3 598.5 252.4 323.1 22.9 546.2 139.5 381.6 25.0 537.9 122.7 389.7 25.5 585.8 160.0 399.9 25.9 623.9 177.6 420.0 26.4 651.4 187.8 436.8 26.8 661.3 188.1 446.1 27.1 638.6 161.0 450.2 27.4 600.9 122.7 450.4 27.7 15 16 17 18 19 20 State and local governments Federal government 48.4 54.1 42.2 21.9 52.5 36.8 58.6 32.9 51.8 7.1 45.5 28.0 45.2 76.9 57.0 56.5 52.1 42.9 52.2 53.8 52.1 365.1 19 20 21 22 23 Rest of the world Checkable deposits Currency 262.9 4.2 258.7 285.3 13.3 272.0 300.1 19.7 280.4 311.6 28.9 282.6 306.6 30.1 276.5 309.2 34.4 274.8 306.9 31.4 275.5 305.9 34.0 272.0 307.1 36.0 271.0 304.0 32.8 271.3 319.0 41.9 277.1 21 22 23 24 Financial sectors 295.0 326.3 288.3 344.4 360.7 359.4 372.8 376.2 417.1 448.0 540.0 24 25 26 27 Commercial banking Savings institutions Credit unions 2.5 24.8 41.5 3.5 21.3 40.2 3.0 23.7 38.1 2.9 20.4 44.4 2.7 19.3 59.4 2.1 19.2 52.3 2.9 19.3 42.8 2.3 20.0 43.3 2.3 23.7 61.1 2.3 21.9 48.6 2.3 21.7 37.7 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 34.6 47.3 10.3 13.7 25.9 53.3 10.5 16.3 21.0 47.7 10.8 15.8 29.9 56.1 11.2 13.3 31.7 59.0 11.3 16.4 33.0 56.8 11.4 16.4 45.2 63.4 11.5 16.5 42.7 58.3 11.8 15.6 41.8 69.8 11.8 15.7 40.6 68.8 11.8 15.6 47.4 73.4 11.8 15.5 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -2.1 28.8 37.1 9.3 47.2 0.6 39.1 40.6 12.2 62.9 -0.9 14.6 44.2 13.6 56.5 6.7 16.4 44.2 18.5 80.5 -1.9 15.1 44.2 21.6 81.9 -3.5 19.0 44.2 18.6 89.8 4.2 18.0 44.2 18.5 86.3 2.7 13.7 44.2 16.6 105.0 -6.3 11.1 44.2 19.4 122.4 2.3 58.3 44.2 18.0 115.6 10.6 94.2 44.2 22.1 159.1 32 33 34 35 36 2.9 31.2 21.0 11.4 11.3 9.1 7.2 13.1 17.1 11.6 17.1 37 37 Mail float 85 Z.1, December 11, 2008 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 2 Total liabilities Small time and savings deposits Q2 Q3 Q4 Q1 2008 Q2 Q3 5230.1 5789.9 6388.8 6997.0 7195.0 7258.3 7447.1 7603.0 7836.6 7829.2 7926.2 1 4003.3 4284.9 4599.3 4946.3 5076.1 5111.9 5165.1 5232.6 5388.7 5416.4 5541.3 2 2979.2 2951.6 10.2 17.5 3259.8 3231.3 9.5 19.0 3528.1 3494.2 10.0 23.9 3815.7 3771.9 18.6 25.2 3903.6 3857.8 20.5 25.2 3934.1 3885.0 23.0 26.1 3989.0 3936.6 25.1 27.3 4079.5 4027.0 25.5 27.0 4195.7 4137.5 31.6 26.7 4190.7 4133.8 29.4 27.5 4407.1 4356.2 22.1 28.8 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 599.1 424.9 584.7 440.4 618.7 452.5 647.6 483.0 671.5 501.1 671.3 506.6 670.4 505.7 644.4 508.7 661.1 531.8 684.6 541.2 592.9 541.4 7 8 9 Large time deposits (1) 1226.8 1505.1 1789.5 2050.8 2118.9 2146.5 2282.0 2370.4 2448.0 2412.7 2384.9 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 928.1 555.7 354.9 17.5 1120.6 671.3 430.3 19.0 1363.7 838.1 501.7 23.9 1627.7 968.0 634.5 25.2 1641.4 889.2 727.0 25.2 1668.2 880.9 761.3 26.1 1801.8 922.4 852.2 27.3 1926.0 991.1 907.9 27.0 1990.8 1009.9 954.2 26.7 1974.1 963.1 983.6 27.5 2043.7 1077.6 937.2 28.8 10 11 12 13 14 15 Savings institutions Credit unions 245.1 53.6 324.5 60.0 363.3 62.5 358.0 65.0 409.4 68.1 408.5 69.7 409.3 70.8 374.5 69.9 382.7 74.5 363.0 75.6 271.4 69.8 14 15 5230.1 5789.9 6388.8 6997.0 7195.0 7258.3 7447.1 7603.0 7836.6 7829.2 7926.2 16 4002.5 4472.0 4940.0 5408.8 5640.6 5655.9 5743.4 5839.4 5958.8 5931.7 5990.8 17 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 676.6 362.8 313.8 718.4 400.5 318.0 801.9 450.4 351.6 881.6 498.6 383.0 836.2 440.1 396.1 851.0 439.6 411.4 877.0 440.5 436.5 897.1 443.7 453.4 932.5 465.8 466.7 950.3 474.4 475.9 992.0 509.9 482.1 18 19 20 21 22 23 State and local governments Federal government Rest of the world 159.0 2.4 115.0 170.6 2.4 149.2 183.3 1.4 155.9 209.6 1.7 167.4 214.2 1.6 172.2 215.7 1.4 196.3 228.0 1.4 198.5 245.7 2.8 211.1 246.9 3.8 252.0 242.6 1.8 214.8 246.2 2.9 227.3 21 22 23 24 Financial sectors 274.5 277.4 306.2 328.1 330.1 338.0 398.9 406.9 442.6 487.9 467.1 24 2.6 27.1 3.2 26.4 2.7 21.9 6.6 17.0 5.0 16.4 4.6 16.9 7.8 16.4 9.9 17.0 10.2 22.7 11.7 25.8 12.0 23.8 25 26 60.4 0.8 166.8 16.7 55.8 1.4 167.2 23.3 62.0 1.3 183.0 35.3 63.1 0.8 206.7 33.9 63.9 1.0 205.2 38.6 64.7 1.0 213.9 36.8 65.3 1.0 260.9 47.4 65.7 1.0 266.7 46.6 66.2 1.0 301.4 41.1 67.3 1.0 329.2 53.0 67.7 1.0 308.1 54.5 27 28 29 30 25 26 Savings institutions Credit unions 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 10 Total assets 2016.4 1879.8 2006.9 2312.1 2389.7 2488.7 2799.9 3053.2 3407.8 3343.2 3376.5 1 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 960.2 299.0 63.6 62.7 18.8 904.1 324.3 69.2 66.6 22.9 949.2 366.5 73.9 71.7 23.0 1117.5 433.4 80.5 78.5 25.5 1116.1 435.0 83.3 79.6 27.1 1171.7 452.5 86.5 81.3 28.7 1250.1 521.1 94.3 82.5 30.7 1356.4 566.5 97.8 83.5 32.8 1469.2 607.5 100.2 83.2 34.8 1411.1 624.9 101.6 82.9 36.9 1452.1 618.0 102.3 83.2 38.9 2 3 4 5 6 Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 151.4 84.3 13.4 362.9 120.7 84.9 11.6 275.6 113.6 86.7 11.7 310.6 162.3 90.1 13.0 311.3 178.9 90.9 16.1 362.7 193.4 91.8 16.0 366.9 210.1 92.6 16.1 502.4 226.6 93.5 15.3 580.8 244.0 94.1 15.4 759.4 247.0 94.8 15.3 728.8 244.8 95.3 15.2 726.8 7 8 9 10 86 Z.1, December 11, 2008 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1348.5 1435.4 1741.5 2148.6 2360.6 2398.1 2384.0 2165.9 2169.8 1897.1 1676.2 1 2 3 4 5 6 Monetary authority Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 25.7 713.2 553.4 157.7 2.1 30.8 726.4 568.0 157.5 0.8 30.5 816.6 625.0 190.9 0.6 29.6 887.1 646.4 239.9 0.8 37.3 940.0 693.4 246.0 0.6 32.3 977.0 735.8 240.5 0.7 35.7 920.9 684.1 235.9 0.9 44.0 837.4 610.3 226.3 0.8 44.1 807.0 591.6 214.7 0.6 43.8 756.7 559.4 196.9 0.4 77.9 678.4 498.6 179.9 -0.1 2 3 4 5 6 7 8 9 Savings institutions REITs Brokers and dealers (net) 77.5 41.7 490.4 82.2 69.2 526.9 78.7 82.2 733.6 63.1 97.0 1071.8 55.3 103.5 1224.5 63.8 105.8 1219.2 48.4 85.2 1293.7 45.8 91.4 1147.3 32.5 89.4 1196.7 33.8 91.3 971.5 33.4 89.0 797.4 7 8 9 1166.4 1398.9 1617.4 2028.3 2212.3 2256.3 2293.3 2342.2 2375.6 2240.7 2118.1 10 10 Total liabilities 2004 Total assets 11 12 13 Nonfinancial corporate business State and local governments Rest of the world 6.0 123.5 460.2 6.4 131.2 665.1 14.6 141.2 713.3 15.6 154.6 1029.0 14.1 156.8 1189.1 8.9 160.0 1216.1 7.9 162.4 1149.6 8.4 164.3 1107.8 5.5 163.8 1103.3 6.4 158.5 987.5 3.2 136.5 895.5 11 12 13 14 15 16 17 Financial sectors Monetary authority Savings institutions Credit unions (net) 576.8 43.8 12.3 1.6 596.2 33.0 9.1 4.1 748.4 46.8 9.0 6.7 829.1 40.8 18.3 5.1 852.4 33.3 31.9 10.2 871.4 25.3 28.4 6.9 973.4 44.8 43.0 5.8 1061.7 46.5 45.6 2.5 1103.1 76.0 39.1 3.2 1088.4 114.5 32.0 1.2 1082.9 83.0 28.6 -3.4 14 15 16 17 18 19 20 21 22 23 Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 52.8 20.5 23.4 252.6 94.5 75.3 63.1 26.5 20.2 234.0 112.6 93.6 68.9 28.2 19.7 346.0 115.4 107.7 66.0 31.5 22.6 394.6 132.8 117.4 66.0 31.9 28.0 373.0 125.8 152.3 56.8 38.4 28.0 412.7 128.6 146.3 53.4 39.0 28.1 506.4 128.6 124.5 53.8 41.8 26.7 569.9 132.2 142.7 63.4 40.7 26.8 585.9 136.0 131.8 61.9 37.1 26.7 523.5 149.6 141.9 56.9 36.6 21.5 603.4 118.4 138.0 18 19 20 21 22 23 182.1 36.5 124.1 120.4 148.3 141.8 90.7 -176.3 -205.8 -343.6 -441.9 24 24 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1292.9 1399.1 1644.2 1958.0 2003.7 2109.8 1857.6 1788.6 1784.6 1748.4 1555.3 1 1288.6 1395.0 1640.1 1957.5 2003.4 2109.4 1857.3 1788.1 1784.2 1748.0 1555.3 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 82.5 275.5 15.5 259.9 97.8 344.2 13.3 330.9 90.1 382.4 29.0 353.4 112.5 479.5 27.0 452.5 126.2 474.0 25.8 448.3 154.3 472.2 26.3 445.9 131.4 424.2 27.3 396.9 123.8 412.2 29.0 383.2 140.0 460.2 20.7 439.6 139.9 470.2 28.5 441.8 146.5 401.8 31.3 370.5 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 930.6 42.3 529.4 145.1 0.0 213.7 953.0 53.1 525.3 175.3 0.0 199.3 1167.6 57.1 673.2 160.0 0.0 277.3 1365.5 78.8 835.8 165.3 0.0 285.6 1403.2 82.6 829.1 132.5 0.0 358.9 1482.9 87.1 903.9 127.0 0.0 364.9 1301.7 98.5 728.4 119.8 0.0 355.0 1252.1 116.7 642.2 123.5 0.0 369.7 1184.0 115.7 588.3 113.5 0.0 366.4 1138.0 130.3 558.5 112.4 0.0 336.8 1007.0 115.8 509.9 103.3 0.0 278.0 7 8 9 10 11 12 13 Bankers acceptances (1) 4.4 4.1 4.1 0.5 0.3 0.4 0.3 0.5 0.4 0.3 0.0 13 1292.9 1399.1 1644.2 1958.0 2003.7 2109.8 1857.6 1788.6 1784.6 1748.4 1555.3 14 105.9 75.7 161.6 192.8 136.1 95.0 171.7 229.8 164.2 111.0 184.8 239.6 187.7 123.0 202.4 287.6 191.2 110.2 205.3 297.3 197.9 116.7 209.5 303.5 167.4 67.5 202.7 283.3 149.7 58.9 195.2 276.9 122.5 7.7 178.4 282.8 92.7 7.8 174.0 303.1 59.1 5.3 154.7 254.6 15 16 17 18 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.8 0.0 0.0 0.0 0.8 0.0 0.0 0.0 1.0 0.0 0.0 0.0 1.6 0.0 0.0 0.0 1.7 0.0 0.0 0.0 1.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0 2.7 0.0 0.0 0.0 0.7 0.0 103.2 0.0 0.0 19 20 21 22 55.9 26.0 41.6 48.2 26.4 35.2 40.2 28.5 35.2 53.1 31.6 40.1 53.8 32.3 49.8 56.6 33.7 49.7 55.9 32.1 49.8 61.4 25.9 47.4 69.3 27.7 47.6 75.9 28.3 47.4 72.3 32.2 37.1 23 24 25 459.9 76.2 6.7 49.4 40.6 405.8 94.2 5.8 48.0 102.1 492.2 97.1 13.8 60.2 176.5 608.3 114.5 32.4 64.3 212.1 659.4 107.7 17.8 77.1 200.3 663.4 110.6 30.1 79.9 256.6 665.7 110.6 14.2 86.0 121.3 711.1 114.1 27.7 87.1 32.9 766.0 117.7 39.6 107.5 15.1 701.2 131.2 9.2 102.9 73.9 575.0 100.1 6.6 150.8 4.4 26 27 28 29 30 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 19 20 21 22 Monetary authority Commercial banking (1) Savings institutions Credit unions 23 24 25 Life insurance companies Private pension funds State and local govt. retirement funds 26 27 28 29 30 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks’ holdings of own acceptances. 87 Z.1, December 11, 2008 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 4008.2 4370.7 4678.0 4861.7 5014.3 4904.0 5010.0 5099.2 5299.1 5250.6 5777.5 1 203.8 3804.4 204.4 4166.3 205.1 4472.9 202.4 4659.4 200.3 4814.0 198.6 4705.4 197.1 4812.9 196.4 4902.8 195.3 5103.8 194.9 5055.7 194.2 5583.4 2 3 4008.2 4370.7 4678.0 4861.7 5014.3 4904.0 5010.0 5099.2 5299.1 5250.6 5777.5 4 Household sector Savings bonds Other Treasury issues 441.5 203.8 237.7 535.4 204.4 331.0 511.3 205.1 306.2 440.4 202.4 238.1 425.0 200.3 224.7 403.3 198.6 204.8 367.9 197.1 170.9 191.1 196.4 -5.3 252.2 195.3 56.9 267.7 194.9 72.8 283.3 194.2 89.2 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 32.8 44.9 364.2 33.1 50.2 389.1 50.7 56.2 481.4 44.3 56.3 516.9 51.8 58.3 535.0 43.8 60.5 550.3 51.5 63.5 541.4 49.2 65.9 531.5 36.7 67.6 523.6 39.7 68.6 522.2 43.5 69.1 535.7 8 9 10 11 12 Rest of the world Monetary authority 1513.5 666.7 1813.6 717.8 1984.4 744.2 2126.2 778.9 2209.4 780.9 2197.5 790.5 2239.1 779.6 2432.1 740.6 2584.1 591.2 2708.2 478.8 2912.9 476.6 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 132.3 93.5 33.7 2.7 2.5 107.8 74.2 27.8 2.0 3.8 97.1 64.2 27.9 1.1 3.9 95.2 61.9 27.1 2.5 3.7 105.3 69.9 31.5 0.7 3.1 95.9 68.5 23.5 0.8 3.2 103.3 70.0 30.3 0.7 2.2 112.5 73.0 30.6 7.1 1.8 111.9 64.1 40.1 6.3 1.4 99.7 49.5 37.2 11.8 1.2 117.6 71.5 31.3 13.7 1.2 13 14 15 16 17 18 19 Savings institutions Credit unions 12.2 8.8 8.4 8.9 12.3 7.7 12.4 7.4 7.6 7.0 7.4 7.3 8.0 8.6 7.0 10.4 6.0 9.6 4.9 10.2 5.1 10.3 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 64.7 71.8 113.9 148.6 55.3 71.3 78.5 109.8 151.0 60.7 69.2 91.2 112.8 153.8 68.4 75.8 83.2 127.4 153.0 76.7 71.0 79.8 136.2 155.1 80.4 66.0 76.1 142.9 156.1 81.3 60.8 72.6 152.4 161.4 85.4 55.1 68.3 167.5 164.5 88.0 54.8 68.5 176.5 165.0 96.6 54.7 68.7 183.2 164.7 98.9 58.4 71.6 184.3 166.2 105.9 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers 132.1 144.2 4.6 2.1 13.5 2.8 37.8 98.2 149.0 6.8 4.9 12.9 8.0 -44.6 88.6 155.7 7.1 9.7 13.1 27.7 -64.6 82.7 160.7 7.4 13.1 14.2 56.4 -67.0 90.9 166.2 7.2 13.9 14.5 60.4 -41.5 89.0 171.5 6.6 16.1 14.8 66.3 -139.3 127.4 172.3 6.5 17.2 15.1 71.3 -95.3 177.9 179.2 5.6 19.7 15.5 77.5 -60.0 276.7 182.7 5.4 21.0 15.9 76.8 -23.7 267.2 188.3 5.3 22.6 16.2 73.9 -93.3 421.7 194.7 4.9 26.6 16.6 68.5 4.1 25 26 27 28 29 30 31 4033.1 4395.0 4701.9 4885.3 5037.4 4927.2 5032.9 5122.3 5322.6 5274.1 5800.6 32 2 3 4 5 6 7 Total liabilities 2004 Savings bonds Other Treasury issues Total assets Memo: 32 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 88 Z.1, December 11, 2008 L.210 Agency- and GSE-backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 5952.9 6075.2 6158.0 6488.6 6623.4 6783.8 7090.1 7396.9 7566.0 7889.0 8072.9 1 24.9 2601.3 3326.7 24.3 2676.3 3374.6 23.8 2592.2 3541.9 23.5 2627.8 3837.3 23.2 2644.5 3955.7 23.2 2684.8 4075.8 23.0 2824.0 4243.1 23.1 2910.2 4463.5 23.5 2940.2 4602.4 23.5 3104.0 4761.5 23.1 3154.8 4894.9 2 3 4 5952.9 6075.2 6158.0 6488.6 6623.4 6783.8 7090.1 7396.9 7566.0 7889.0 8072.9 5 Household sector Nonfinancial corporate business State and local governments 437.9 12.1 351.2 405.7 12.2 373.2 501.2 18.8 401.6 439.4 16.4 439.9 488.2 19.1 446.0 548.0 16.2 455.2 665.0 19.0 457.1 737.7 18.2 454.6 733.0 13.6 453.0 707.0 14.7 450.0 828.4 16.1 461.5 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 654.8 0.0 0.0 875.0 0.0 0.0 1011.9 0.0 0.0 1262.9 0.0 0.0 1313.5 0.0 0.0 1414.8 0.0 0.0 1474.5 0.0 0.0 1571.3 0.0 0.0 1618.4 0.0 0.0 1660.7 0.0 0.0 1600.4 14.5 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 1000.0 906.4 53.0 11.6 28.9 1095.0 996.1 51.8 13.5 33.6 1089.6 992.7 50.9 11.2 34.8 1135.3 1040.3 54.8 11.2 29.0 1126.4 1030.6 54.2 12.5 29.0 1124.3 1027.6 56.3 11.6 28.9 1060.2 962.2 57.9 12.7 27.4 1022.4 928.9 56.9 9.9 26.6 1010.6 923.2 49.0 13.0 25.4 1088.8 985.7 47.0 28.3 27.8 1080.0 991.4 44.6 16.6 27.4 12 13 14 15 16 17 18 Savings institutions Credit unions 198.8 94.3 136.4 93.1 192.3 86.4 169.3 72.5 171.1 72.4 169.5 73.0 169.7 70.9 168.6 68.4 165.6 73.5 170.0 80.8 161.3 80.4 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 115.4 348.9 221.4 235.1 5.1 112.1 357.1 232.8 258.8 4.6 117.9 368.5 251.4 258.4 4.6 122.0 377.4 262.1 295.1 4.7 123.2 379.8 272.5 299.1 4.8 124.5 381.4 277.9 301.0 4.7 125.7 384.2 289.9 311.2 4.9 125.8 382.9 301.0 317.2 5.0 125.3 384.6 304.0 318.1 5.9 125.0 385.5 306.0 317.7 5.8 126.3 390.3 306.5 333.0 5.8 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 328.6 447.5 1034.3 267.5 462.7 886.5 160.1 483.4 751.1 131.4 499.1 713.0 121.8 516.4 697.3 126.0 533.0 688.4 162.0 543.9 693.9 211.9 565.4 702.9 309.9 576.3 717.3 368.6 594.0 842.3 426.0 613.9 825.4 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 354.9 28.9 83.7 350.5 44.7 107.3 319.2 40.6 101.0 344.8 65.4 138.0 347.1 76.8 147.8 347.0 76.2 122.6 364.5 78.7 214.6 364.4 88.9 290.2 366.5 92.3 298.1 361.7 99.4 311.2 360.1 93.1 350.0 27 28 29 6 7 8 Total assets 2004 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 32. 89 Z.1, December 11, 2008 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets Q2 Q3 Q4 Q1 2008 Q2 Q3 1900.5 2031.0 2225.9 2403.2 2465.6 2533.8 2561.1 2618.6 2643.0 2664.1 2669.0 1 1557.9 106.1 1451.8 1673.0 100.2 1572.8 1844.1 105.9 1738.2 1994.6 102.8 1891.8 2051.3 105.6 1945.7 2110.1 103.0 2007.1 2132.6 105.3 2027.2 2179.8 120.1 2059.7 2201.1 120.8 2080.2 2211.5 114.2 2097.3 2212.2 121.0 2091.2 2 3 4 178.3 164.2 188.6 169.4 205.1 176.7 226.9 181.7 232.0 182.3 238.6 185.1 242.2 186.4 249.5 189.3 252.5 189.5 261.7 190.9 265.8 191.0 5 6 1900.5 2031.0 2225.9 2403.2 2465.6 2533.8 2561.1 2618.6 2643.0 2664.1 2669.0 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 704.1 35.4 2.7 4.4 19.5 742.7 31.8 4.3 4.7 26.0 821.3 32.1 4.4 5.0 29.0 873.9 28.2 5.8 5.5 34.4 877.9 38.9 6.0 5.6 36.5 911.5 30.3 6.2 5.7 38.7 907.2 31.8 6.5 5.8 32.5 906.0 30.4 6.7 5.8 33.0 900.2 8.5 6.9 5.8 33.5 917.7 6.5 7.0 5.8 35.0 905.4 7.5 7.1 5.8 38.0 8 9 10 11 12 13 14 15 16 17 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 132.7 6.3 224.2 26.1 4.4 140.8 7.1 267.8 30.1 1.8 157.7 8.6 313.2 32.5 1.7 180.2 10.7 335.2 36.6 1.7 188.2 11.1 344.2 37.9 0.9 190.3 11.8 353.3 39.1 0.9 192.8 12.6 362.6 40.5 0.9 192.4 10.6 371.3 41.4 0.9 203.2 10.1 369.8 41.6 0.6 202.9 10.7 369.1 41.7 0.6 223.4 8.0 374.8 42.6 1.7 13 14 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 292.1 290.2 89.3 44.4 24.9 313.8 294.3 89.1 44.6 32.0 336.8 311.7 89.4 39.7 42.9 370.3 344.4 89.4 36.1 50.9 388.3 358.9 88.8 34.1 48.4 398.7 370.1 88.6 34.5 54.0 430.7 371.3 87.2 33.6 45.1 473.5 372.2 91.0 33.3 50.1 495.3 380.1 89.1 32.4 66.1 504.0 393.4 86.6 31.3 51.8 477.8 400.9 83.5 30.5 61.9 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 7047.0 7925.6 8696.8 9982.0 10441.5 10705.1 11083.0 11293.1 11378.0 11440.1 11261.5 1 2 3 Nonfinancial corporate business Rest of the world (1) 2900.1 868.9 2975.6 985.0 3032.3 1011.6 3247.9 1275.5 3319.5 1331.3 3414.8 1389.2 3469.9 1432.7 3559.1 1478.1 3600.9 1486.3 3685.3 1497.4 3703.8 1424.7 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 3277.9 378.4 5.1 3965.1 437.4 7.6 4652.9 494.1 8.7 5458.6 570.1 10.7 5790.8 591.4 11.0 5901.0 625.2 11.0 6180.4 655.0 10.2 6255.9 688.7 10.4 6290.7 723.9 10.7 6257.3 781.2 10.9 6133.0 733.6 2.4 4 5 6 7 8 9 10 11 ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations 1687.8 743.2 110.9 47.0 305.5 2129.3 817.4 193.4 62.2 317.7 2705.7 806.5 230.3 62.4 345.3 3350.5 849.7 241.9 68.8 367.0 3515.0 963.6 262.3 83.7 363.8 3589.5 959.8 258.1 93.6 363.9 3807.2 983.9 249.8 86.3 388.0 3860.3 974.1 239.1 64.8 418.5 3844.5 1004.5 215.4 80.4 411.3 3760.8 989.3 215.0 84.5 415.6 3697.1 986.7 204.6 76.9 431.6 7 8 9 10 11 12 Total liabilities 7047.0 7925.6 8696.8 9982.0 10441.5 10705.1 11083.0 11293.1 11378.0 11440.1 11261.5 12 13 14 15 Total assets Household sector State and local governments Rest of the world (2) 1234.2 111.3 1330.6 1401.0 118.2 1559.1 1506.4 127.2 1763.8 1754.9 139.4 2320.3 1845.5 141.3 2500.7 1743.3 144.2 2679.1 1891.0 146.4 2687.2 2017.6 148.1 2780.5 1948.5 147.6 2781.7 1931.6 146.4 2851.4 1846.1 146.9 2819.8 13 14 15 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 481.2 71.9 24.3 218.9 1610.5 274.8 207.4 3.2 563.6 59.2 25.0 245.3 1756.3 267.1 213.5 3.0 687.0 80.2 23.5 262.8 1824.8 288.1 227.9 2.9 780.3 89.2 30.6 277.0 1822.8 311.0 265.6 2.9 804.0 107.0 36.6 279.8 1840.4 323.0 249.9 2.9 848.5 122.3 35.9 282.6 1852.2 330.2 251.7 2.9 922.5 134.2 36.2 285.4 1870.7 342.6 250.9 3.0 978.7 138.3 34.6 282.9 1865.2 358.4 257.5 3.0 1003.3 139.7 32.9 281.8 1874.0 371.5 258.1 3.6 975.3 139.2 32.3 281.2 1879.3 381.0 257.8 3.4 955.8 113.8 29.7 277.5 1886.6 383.7 259.4 3.4 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises REITs Brokers and dealers Funding corporations 258.7 532.0 58.8 2.4 277.4 18.8 219.3 111.3 261.0 596.8 67.6 3.3 414.8 36.0 238.0 96.8 263.2 662.7 69.3 5.3 465.7 52.8 315.7 67.5 368.3 768.9 75.1 7.6 482.7 64.6 360.5 60.4 389.1 806.0 75.6 8.5 493.0 63.7 404.9 69.6 422.1 851.8 79.8 10.3 501.2 65.6 422.2 59.3 416.0 883.1 76.9 11.6 480.6 38.6 420.8 185.2 377.1 908.4 74.0 13.8 464.4 34.2 386.4 170.0 405.6 935.1 71.1 16.8 449.7 23.4 366.5 267.2 391.7 984.2 69.3 20.4 420.6 21.5 269.0 384.5 286.1 989.6 64.6 23.1 386.4 20.2 212.1 556.7 24 25 26 27 28 29 30 31 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. (3) Liabilities net of assets. 90 Z.1, December 11, 2008 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 4 Rest of the world (2) Financial corporations 5 Q3 Q4 Q1 2008 Q2 Q3 16638.7 18947.2 20645.4 24079.1 24754.1 26123.9 26367.6 25187.4 22668.7 22222.7 19648.4 1 10845.4 12086.2 12686.8 14340.3 14848.1 15738.4 15833.1 15242.9 13733.3 13778.7 12267.6 2 2079.4 3713.9 2560.4 4300.6 3317.7 4640.9 4329.0 5409.8 4540.8 5365.3 4979.3 5406.2 5284.3 5250.2 5170.6 4773.9 4708.2 4227.2 4665.4 3778.6 3624.6 3756.2 3 4 16638.7 18947.2 20645.4 24079.1 24754.1 26123.9 26367.6 25187.4 22668.7 22222.7 19648.4 5 Household sector State and local governments Rest of the world (3) 6787.7 84.7 1674.6 7495.9 90.0 1904.6 8007.0 96.8 2039.1 9275.4 106.0 2472.2 9634.0 107.5 2523.2 9994.4 109.7 2777.3 9975.0 111.4 2822.0 9300.2 112.7 2750.5 8418.0 112.3 2493.6 8193.5 109.5 2418.3 7250.0 97.4 2194.3 6 7 8 9 10 11 12 13 14 15 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 15.0 30.4 178.4 919.3 2096.6 1421.0 79.9 20.3 28.2 196.6 1053.9 2333.5 1600.9 99.2 24.1 26.2 199.5 1161.8 2537.0 1715.8 112.6 35.3 24.9 227.0 1364.8 2807.3 1927.5 138.1 35.4 25.2 229.5 1394.0 2779.4 1943.3 140.4 40.9 25.0 243.5 1473.3 2853.9 2057.8 151.4 43.9 24.7 248.5 1505.1 2829.0 2060.4 150.1 41.5 25.3 236.2 1464.6 2698.6 1987.1 149.2 33.0 25.7 215.6 1326.4 2371.0 1778.0 128.5 31.9 25.8 212.4 1316.4 2302.8 1748.1 127.7 20.6 25.6 193.5 1211.8 2058.7 1610.8 111.1 9 10 11 12 13 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 3051.3 53.0 146.3 100.5 3693.6 82.3 219.0 129.1 4175.7 105.6 285.8 158.3 4989.6 122.5 402.0 186.4 5181.1 137.2 421.9 202.1 5566.4 147.1 460.0 223.1 5701.3 153.6 521.9 220.6 5476.9 146.2 573.7 224.8 4923.6 132.2 530.6 180.1 4888.8 125.0 532.8 189.6 4086.3 103.5 528.7 156.1 16 17 18 19 14035.6 15711.2 16528.1 18752.0 19162.1 20005.0 19870.1 18769.3 16843.1 16439.7 14995.8 20 6 7 8 Holdings at market value Q2 Memo: 20 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 10, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 4654.2 5436.3 6048.9 7068.3 7328.7 7805.2 7989.3 7829.0 7336.4 7412.3 6588.3 1 2 Holdings at market value 4654.2 5436.3 6048.9 7068.3 7328.7 7805.2 7989.3 7829.0 7336.4 7412.3 6588.3 2 2904.3 125.9 25.9 146.1 3417.4 140.5 27.5 195.8 3839.3 156.3 29.6 242.0 4465.1 204.0 32.5 294.1 4671.4 209.7 32.9 304.3 4976.8 222.0 33.6 323.5 5100.2 228.1 34.1 331.2 4972.4 224.8 34.5 324.5 4716.4 211.2 34.4 304.1 4806.1 211.6 36.7 307.3 4208.7 192.2 31.8 273.1 3 4 5 6 17.1 4.1 18.1 3.1 17.4 2.2 24.5 2.1 22.5 2.2 24.9 1.9 28.9 1.9 29.6 2.1 26.4 2.4 25.5 2.4 19.9 2.0 7 8 4.3 91.7 1126.9 207.9 5.2 114.4 1278.2 235.9 5.7 109.0 1399.0 248.4 6.9 148.8 1602.6 287.7 6.9 159.0 1629.7 290.0 7.1 174.4 1733.8 307.1 7.1 185.2 1765.2 307.5 6.8 188.4 1749.3 296.6 6.3 181.9 1587.8 265.4 6.3 187.8 1567.6 260.9 5.9 181.6 1432.5 240.4 9 10 11 12 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 Commercial banking Credit unions 9 10 11 12 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 91 Z.1, December 11, 2008 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1 Total loans by commercial banking, flow of funds basis 4444.6 4886.9 5456.0 6129.8 6121.5 6258.1 6506.2 6784.9 6853.8 6864.4 7086.5 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.0 2255.8 669.4 200.9 0.0 2595.6 704.3 195.8 0.0 2958.0 707.0 230.7 0.0 3403.1 741.2 302.2 0.0 3386.4 723.3 319.9 0.0 3472.1 737.9 300.2 0.0 3525.1 771.5 320.2 0.0 3645.7 804.1 334.5 0.0 3686.0 796.3 297.2 0.0 3662.2 813.0 281.4 103.2 3814.8 844.1 239.5 2 3 4 5 6 = Banking sector total bank loans n.e.c. 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 1318.4 1391.2 1560.3 1683.4 1692.0 1747.9 1889.4 2000.6 2074.3 2107.8 2188.1 6 1066.3 225.7 7.9 18.5 1131.6 234.0 5.3 20.3 1231.6 294.7 8.1 25.9 1290.8 361.8 5.1 25.6 1286.7 377.1 3.5 24.7 1324.0 396.6 3.7 23.6 1422.5 438.5 4.2 24.2 1504.7 466.8 5.8 23.3 1560.6 484.9 5.4 23.3 1591.3 486.9 6.6 22.9 1652.2 507.1 5.9 22.9 7 8 9 10 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39.7 30.3 286.7 11 12 = Total bank loans n.e.c. 1318.4 1391.2 1560.3 1683.4 1692.0 1747.9 1889.4 2000.6 2114.1 2138.1 2474.8 12 13 Total liabilities 1318.4 1391.2 1560.3 1683.4 1692.0 1747.9 1889.4 2000.6 2114.1 2138.1 2474.8 13 1154.4 1169.1 1321.2 1508.4 1508.7 1551.1 1664.2 1759.6 1831.2 1851.7 1932.6 14 52.8 548.3 441.7 45.5 35.5 547.2 468.9 47.7 48.3 515.2 623.4 49.9 96.3 532.2 728.5 53.2 92.0 545.5 744.7 51.7 91.8 558.9 760.9 54.5 103.5 601.6 812.7 54.9 107.7 637.4 856.2 55.5 112.0 663.1 891.8 52.7 94.5 679.3 911.4 57.0 116.2 703.7 941.0 58.4 15 16 17 18 66.1 4.5 8.9 52.7 69.9 5.5 13.4 51.0 84.4 2.6 18.1 63.7 98.3 1.9 21.9 74.4 74.7 1.8 18.4 54.6 84.9 1.9 26.1 57.0 91.5 1.8 28.0 61.7 102.8 1.9 30.2 70.8 111.7 2.0 37.8 71.9 109.4 3.1 36.8 69.5 113.3 2.3 40.8 70.2 19 20 21 22 164.0 222.1 239.1 175.0 183.3 196.8 225.2 241.0 282.9 286.3 542.1 23 42.4 106.9 14.7 0.0 0.0 68.9 136.9 16.2 0.0 0.0 75.5 142.1 21.5 0.0 0.0 27.3 129.2 18.4 0.0 0.0 25.8 138.1 19.4 0.0 0.0 23.8 153.5 19.5 0.0 0.0 28.1 176.7 20.4 0.0 0.0 33.8 182.0 25.2 0.0 0.0 32.7 183.4 27.1 39.7 0.0 34.3 197.6 24.2 1.5 28.8 37.8 191.7 26.0 148.7 90.1 24 25 26 27 28 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 28 Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations 92 Z.1, December 11, 2008 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1 Total other loans and advances 1582.5 1711.1 1866.9 2020.3 2055.7 2146.7 2409.0 2525.5 2568.1 2596.4 2674.7 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 116.7 13.1 8.1 39.4 4.4 9.7 42.0 0.0 113.7 12.2 8.4 40.8 4.0 10.0 38.3 0.0 106.7 11.5 9.2 37.9 3.8 10.6 33.7 0.0 107.3 12.9 10.4 42.7 3.7 11.2 26.4 0.0 107.7 12.9 10.5 43.6 3.7 11.4 25.6 0.0 108.0 12.9 10.5 44.1 3.8 11.6 25.1 0.0 107.0 12.7 10.3 44.0 3.8 11.8 24.4 0.0 105.2 12.5 10.2 43.8 3.7 11.9 23.1 0.0 104.8 12.3 10.3 43.9 3.6 12.0 22.7 0.0 103.3 13.0 8.3 44.3 3.7 12.2 21.9 0.0 106.4 12.9 10.2 45.2 3.8 12.5 22.0 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 125.0 125.0 131.2 131.2 159.6 159.6 166.9 166.9 174.1 174.1 192.2 192.2 247.6 247.6 273.6 273.6 251.3 251.3 242.6 242.6 227.7 227.7 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 4.4 4.2 0.2 4.0 3.8 0.3 4.0 3.8 0.2 0.4 0.3 0.2 0.3 0.1 0.2 0.4 0.1 0.2 0.3 0.1 0.2 0.5 0.2 0.3 0.3 0.1 0.2 0.3 0.1 0.2 0.0 0.0 0.0 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 56.3 28.2 28.2 57.6 28.8 28.8 61.5 30.7 30.7 67.5 33.7 33.7 68.9 34.4 34.4 74.2 37.1 37.1 70.6 35.3 35.3 73.7 36.9 36.9 78.1 39.0 39.0 76.1 38.1 38.1 74.0 37.0 37.0 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 105.2 0.8 104.5 106.8 0.7 106.1 107.6 0.7 106.9 110.9 0.6 110.2 111.5 0.6 110.9 112.7 0.6 112.1 114.3 0.6 113.6 114.5 0.6 113.9 115.7 0.6 115.1 116.8 0.6 116.2 117.8 0.6 117.2 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 545.8 0.3 19.8 24.0 235.3 249.3 9.1 8.0 619.4 0.0 18.1 25.5 244.1 309.3 11.4 11.1 671.8 0.0 20.0 31.6 268.5 325.5 14.7 11.5 704.9 0.0 24.2 39.3 348.5 259.8 18.9 14.2 690.2 0.0 25.0 40.8 341.2 251.5 16.2 15.4 708.6 0.0 25.3 41.4 349.8 254.6 18.9 18.6 892.0 0.0 26.5 43.7 430.5 337.6 28.4 25.3 942.6 0.0 28.5 47.0 455.2 350.9 32.3 28.7 980.4 0.0 31.7 52.3 472.9 363.9 28.5 31.1 997.0 0.0 34.1 56.2 482.4 355.5 35.4 33.4 1087.0 0.0 31.9 51.5 612.1 305.1 43.5 42.9 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 103.9 103.9 105.3 105.3 88.5 88.5 89.7 89.7 82.0 82.0 82.2 82.2 83.4 83.4 81.2 81.2 78.0 78.0 73.8 73.8 71.1 71.1 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 441.7 397.6 44.2 451.5 406.4 45.2 479.2 431.3 47.9 498.0 448.2 49.8 505.4 454.8 50.5 509.2 458.3 50.9 507.8 457.1 50.8 522.9 470.6 52.3 541.9 487.7 54.2 563.9 507.5 56.4 557.0 501.3 55.7 31 32 33 34 35 36 37 38 39 40 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 83.4 3.1 9.8 16.4 37.8 9.0 7.3 121.5 5.9 11.7 26.0 56.7 14.2 7.0 188.1 8.7 15.9 36.5 94.5 22.0 10.6 274.6 8.3 19.1 44.4 149.3 36.7 16.8 315.6 10.7 22.2 50.3 173.6 40.4 18.4 359.2 13.1 25.4 56.5 199.5 44.4 20.2 386.2 14.6 27.4 60.4 215.5 46.9 21.3 411.2 16.1 29.3 63.9 230.3 49.2 22.4 417.5 16.4 29.8 64.8 234.0 49.8 22.6 422.5 16.7 30.2 65.6 237.0 50.3 22.8 433.7 17.3 31.0 67.2 243.7 51.3 23.3 34 35 36 37 38 39 40 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 93 Z.1, December 11, 2008 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 9398.6 10662.7 12100.3 13510.1 13791.9 14111.8 14377.2 14608.0 14738.8 14783.9 14720.1 1 7231.5 564.8 1508.3 94.1 8268.5 617.9 1679.4 96.9 9380.6 688.5 1929.6 101.5 10456.3 742.7 2209.6 101.5 10671.6 760.1 2257.2 103.0 10883.8 782.7 2340.7 104.6 11035.5 808.0 2427.5 106.2 11168.4 839.6 2492.1 107.8 11236.6 858.4 2535.1 108.6 11228.1 875.2 2571.2 109.4 11166.8 890.4 2552.6 110.3 2 3 4 5 9398.6 10662.7 12100.3 13510.1 13791.9 14111.8 14377.2 14608.0 14738.8 14783.9 14720.1 6 Household sector 7045.9 8010.5 9054.0 10073.8 10277.5 10486.4 10643.9 10779.2 10853.8 10865.4 10818.1 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 2248.0 528.6 1625.3 94.1 2521.6 582.6 1842.1 96.9 2901.8 784.8 2015.5 101.5 3284.8 878.3 2305.1 101.5 3366.7 902.9 2360.8 103.0 3475.4 934.4 2436.4 104.6 3580.1 956.5 2517.4 106.2 3671.6 978.9 2584.9 107.8 3722.8 990.2 2624.0 108.6 3758.6 1000.9 2648.2 109.4 3740.9 990.9 2639.7 110.3 8 9 10 11 12 13 Federal government REITs 0.0 104.7 0.0 130.6 0.0 144.5 0.0 151.5 0.0 147.7 0.0 150.0 0.0 153.2 0.0 157.2 0.0 162.2 0.0 159.9 0.0 161.2 12 13 9398.6 10662.7 12100.3 13510.1 13791.9 14111.8 14377.2 14608.0 14738.8 14783.9 14720.1 14 7 14 Total liabilities 2004 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 120.7 51.8 26.3 128.5 66.6 30.8 135.6 68.3 36.2 138.2 59.9 34.6 139.2 57.8 36.1 139.2 55.7 37.4 140.7 53.7 39.2 142.0 51.6 40.7 144.0 49.5 41.8 154.3 47.4 42.4 147.3 45.3 42.7 15 16 17 18 19 State and local governments Federal government 132.9 73.8 141.2 75.4 151.9 77.8 166.4 81.5 168.7 82.3 172.2 83.1 174.8 83.1 176.9 83.4 176.3 83.9 174.8 85.4 175.4 84.6 18 19 20 21 22 Commercial banking Savings institutions (1) Credit unions 2255.8 870.6 182.6 2595.6 1057.4 213.2 2958.0 1152.7 245.6 3403.1 1074.0 276.6 3386.4 1117.3 279.3 3472.1 1112.8 290.1 3525.1 1146.9 299.0 3645.7 1095.3 308.4 3686.0 1111.9 316.2 3662.2 1115.7 329.6 3814.8 883.6 340.4 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.1 260.9 10.2 20.4 2.4 273.3 10.0 15.1 2.7 285.5 9.8 16.4 3.5 303.8 9.5 14.1 3.6 306.4 9.3 12.7 4.1 312.3 9.5 12.8 4.3 317.3 9.7 13.3 4.8 326.2 10.2 12.4 4.9 331.3 10.4 12.4 5.0 335.8 10.7 12.3 5.1 338.1 10.9 12.2 23 24 25 26 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 621.5 3326.7 1023.4 629.0 3374.6 1455.5 588.8 3541.9 2141.4 607.2 3837.3 2770.4 611.5 3955.7 2897.7 619.1 4075.8 3013.3 629.6 4243.1 3006.2 643.1 4463.5 2950.9 658.2 4602.4 2875.7 671.2 4761.5 2780.9 668.6 4894.9 2689.7 27 28 29 30 31 Finance companies REITs 370.2 48.7 476.0 118.0 541.4 146.3 594.4 135.8 579.8 148.1 563.2 138.9 560.4 130.8 531.9 121.1 525.8 108.3 491.6 103.1 468.6 97.8 30 31 (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, December 11, 2008 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 Commercial banking Savings institutions Credit unions 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 20 21 Finance companies REITs 22 23 24 25 26 27 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 7231.5 8268.5 9380.6 10456.3 10671.6 10883.8 11035.5 11168.4 11236.6 11228.1 11166.8 1 6886.0 18.8 326.7 7835.6 23.5 409.4 8872.5 31.1 477.0 9865.8 39.4 551.2 10065.1 41.0 565.5 10266.2 41.1 576.5 10410.5 41.9 583.1 10540.3 42.2 585.9 10609.6 41.5 585.4 10614.8 38.8 574.4 10570.7 35.8 560.3 2 3 4 7231.5 8268.5 9380.6 10456.3 10671.6 10883.8 11035.5 11168.4 11236.6 11228.1 11166.8 5 106.3 26.1 9.7 112.4 39.9 11.3 118.5 40.6 13.3 124.6 31.2 12.7 126.1 28.9 13.1 127.6 26.6 13.6 129.2 24.2 14.3 130.7 21.9 14.9 132.2 19.5 15.2 142.1 17.2 15.5 135.3 14.8 15.6 6 7 8 67.8 15.3 72.0 14.8 77.5 14.4 84.9 14.6 86.1 14.5 87.8 14.6 89.2 14.7 90.2 14.8 89.9 14.9 89.1 15.6 89.4 14.6 9 10 1355.8 702.8 182.6 1581.0 874.2 213.2 1793.0 953.8 245.6 2084.5 867.8 276.6 2056.0 911.5 279.3 2106.8 905.3 290.1 2128.8 933.5 299.0 2208.2 879.0 308.4 2217.3 884.9 316.2 2158.0 884.5 329.6 2280.2 691.6 340.4 11 12 13 7.1 1.7 7.3 7.9 1.4 5.4 7.7 1.4 5.9 11.3 1.3 5.1 11.1 1.3 4.6 11.1 1.3 4.6 11.0 1.3 4.8 11.1 1.2 4.5 11.4 1.3 4.5 11.7 1.3 4.4 11.8 1.4 4.4 14 15 16 514.7 3211.2 665.7 508.0 3256.3 1045.7 454.9 3419.7 1617.0 460.2 3710.6 2129.2 457.5 3826.4 2217.9 455.9 3942.5 2287.0 458.4 4105.9 2228.9 449.3 4319.8 2162.6 454.1 4455.3 2096.0 456.4 4611.3 2009.9 442.1 4741.7 1931.9 17 18 19 320.2 37.1 422.0 102.9 489.8 127.4 538.1 103.7 527.3 110.0 510.0 99.1 503.2 89.2 472.7 79.2 458.0 65.9 420.5 61.0 395.2 56.5 20 21 593.4 366.0 95.6 51.7 16.1 64.0 775.6 483.5 121.2 63.9 23.2 83.7 914.9 549.0 151.6 75.9 40.4 98.0 1065.5 653.6 137.6 86.9 79.8 107.6 1076.2 637.9 159.6 87.0 86.1 105.5 1096.6 655.8 167.4 88.9 82.5 102.0 1119.0 676.9 174.2 92.2 75.0 100.6 1128.9 692.3 180.5 94.1 67.5 94.5 1126.0 698.0 180.5 94.5 61.4 91.6 1125.9 711.1 180.3 95.3 55.1 84.1 1114.5 768.5 119.7 97.6 49.7 79.0 22 23 24 25 26 27 (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 10 11 State and local governments Federal government 12 13 Commercial banking Savings institutions 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 20 21 Finance companies REITs 564.8 617.9 688.5 742.7 760.1 782.7 808.0 839.6 858.4 875.2 890.4 1 30.4 513.1 32.4 559.5 34.4 630.0 36.5 681.3 37.0 697.1 37.4 720.8 37.9 747.5 38.3 778.6 38.6 795.8 39.0 812.3 39.3 826.6 2 3 0.0 21.3 0.0 26.0 0.0 24.1 0.0 24.9 0.0 26.0 0.0 24.5 0.0 22.6 0.0 22.8 0.0 24.0 0.0 23.9 0.0 24.5 4 5 564.8 617.9 688.5 742.7 760.1 782.7 808.0 839.6 858.4 875.2 890.4 6 1.5 1.0 8.8 1.5 1.0 10.4 1.5 1.1 12.3 1.6 1.1 11.7 1.6 1.1 12.1 1.6 1.1 12.6 1.6 1.2 13.2 1.7 1.2 13.7 1.7 1.2 14.1 1.7 1.2 14.3 1.7 1.2 14.4 7 8 9 53.1 14.5 56.5 15.0 60.8 14.9 66.6 14.8 67.5 14.7 68.9 14.7 69.9 14.5 70.8 14.4 70.5 14.3 69.9 14.3 70.1 14.3 10 11 104.5 77.9 118.7 87.5 138.7 98.4 157.6 95.8 159.7 93.6 161.6 92.6 165.0 94.8 168.4 92.7 172.9 94.6 176.1 96.9 210.4 65.2 12 13 38.6 2.2 6.1 40.5 2.2 4.5 42.4 2.1 4.9 44.8 2.0 4.2 45.2 2.0 3.8 46.1 2.0 3.8 46.9 2.1 4.0 48.3 2.1 3.7 49.1 2.3 3.7 49.8 2.4 3.7 50.1 2.7 3.7 14 15 16 68.2 114.5 66.6 82.5 117.4 73.1 93.0 121.3 89.6 105.4 123.5 103.5 111.3 125.9 110.9 119.4 128.6 118.7 126.2 132.6 125.7 147.7 139.2 125.5 157.7 142.7 122.9 167.9 145.9 120.0 179.4 148.5 117.8 17 18 19 5.7 1.6 5.6 1.6 5.6 1.9 5.1 5.1 4.8 5.8 4.8 6.0 4.8 5.4 5.1 5.1 5.5 5.2 6.0 5.0 6.7 4.3 20 21 95 Z.1, December 11, 2008 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1508.3 1679.4 1929.6 2209.6 2257.2 2340.7 2427.5 2492.1 2535.1 2571.2 2552.6 1 159.9 479.3 785.6 83.4 174.9 526.7 873.2 104.6 181.5 719.2 908.5 120.4 208.0 802.4 1072.7 126.6 212.4 824.9 1098.2 121.7 220.3 855.9 1139.1 125.4 233.4 876.7 1186.8 130.6 238.9 898.4 1220.4 134.5 244.1 910.0 1242.8 138.2 250.5 923.1 1261.5 136.0 247.4 915.8 1252.8 136.7 2 3 4 5 1508.3 1679.4 1929.6 2209.6 2257.2 2340.7 2427.5 2492.1 2535.1 2571.2 2552.6 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 9.2 24.7 6.7 9.9 25.6 7.9 10.5 26.6 9.2 11.2 27.6 8.8 11.4 27.8 9.1 11.5 28.0 9.5 11.7 28.3 9.9 11.9 28.5 10.3 12.1 28.8 10.6 12.3 29.0 10.8 12.5 29.3 10.8 7 8 9 10 11 State and local governments Federal government 10.6 40.5 11.3 42.4 12.2 45.2 13.3 48.9 13.5 49.9 13.8 50.6 14.0 50.8 14.2 50.8 14.1 51.4 14.0 52.3 14.0 52.3 10 11 12 13 Commercial banking Savings institutions 762.6 89.2 860.7 95.1 989.4 100.0 1123.2 109.6 1132.3 111.4 1164.6 114.2 1191.4 117.7 1228.5 122.7 1254.8 131.5 1286.9 133.3 1282.7 126.0 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.1 203.9 6.4 6.9 2.4 214.1 6.4 5.1 2.7 224.3 6.3 5.6 3.5 236.7 6.2 4.8 3.6 239.2 6.0 4.3 4.1 244.1 6.1 4.3 4.3 248.4 6.3 4.5 4.8 255.7 6.8 4.2 4.9 259.7 6.8 4.2 5.0 263.3 7.0 4.2 5.1 265.2 6.9 4.2 14 15 16 17 18 19 Agency- and GSE-backed mortgage pools ABS issuers 0.0 291.0 0.0 336.7 0.0 434.8 0.0 537.7 0.0 568.8 0.0 607.6 0.0 651.5 0.0 662.8 0.0 656.8 0.0 650.9 0.0 640.0 18 19 20 21 Finance companies REITs 44.2 10.1 48.4 13.5 46.0 17.0 51.1 27.0 47.6 32.3 48.4 33.9 52.4 36.1 54.0 36.8 62.3 37.2 65.2 37.1 66.7 37.0 20 21 7 8 9 Total assets 2004 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 94.1 96.9 101.5 101.5 103.0 104.6 106.2 107.8 108.6 109.4 110.3 1 2 Total assets 94.1 96.9 101.5 101.5 103.0 104.6 106.2 107.8 108.6 109.4 110.3 2 3 4 Household sector Nonfarm noncorporate business 3.7 1.1 4.7 1.2 5.0 1.4 0.8 1.4 0.1 1.7 -1.6 1.7 -1.9 1.8 -2.2 1.8 -2.0 1.9 -1.8 1.9 -2.2 2.0 3 4 5 6 State and local governments Federal government 1.3 3.4 1.4 3.2 1.5 3.2 1.7 3.2 1.7 3.2 1.7 3.2 1.7 3.2 1.8 3.3 1.8 3.2 1.7 3.3 1.8 3.5 5 6 7 8 Commercial banking Savings institutions 32.9 0.6 35.2 0.6 36.9 0.6 37.8 0.7 38.5 0.8 39.2 0.8 39.9 0.8 40.6 0.9 40.9 0.9 41.2 0.9 41.5 0.9 7 8 9 10 Life insurance companies State and local govt. retirement funds 11.4 0.0 10.9 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 11.0 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 38.7 1.0 38.6 0.9 40.9 0.8 41.7 3.2 42.7 3.4 43.9 4.7 45.0 4.6 46.1 4.5 46.5 4.5 46.8 4.3 47.1 4.7 11 12 (1) Excludes mortgages on farm houses. 96 Z.1, December 11, 2008 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 1 Total liabilities (Households) 2104.4 2219.4 2313.9 2418.3 2399.0 2432.2 2502.2 2551.9 2529.9 2555.8 2590.5 1 2 Total assets 2104.4 2219.4 2313.9 2418.3 2399.0 2432.2 2502.2 2551.9 2529.9 2555.8 2590.5 2 58.5 0.0 82.4 58.6 0.0 86.1 58.8 0.0 89.8 56.8 0.0 91.7 53.0 0.0 95.1 53.5 0.0 94.9 53.8 0.0 98.0 55.2 0.0 98.4 51.2 0.0 103.5 51.3 0.0 104.6 51.9 0.0 106.9 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 669.4 77.9 205.9 704.3 91.3 215.4 707.0 109.1 228.6 741.2 95.5 234.5 723.3 94.6 232.3 737.9 97.2 233.0 771.5 87.0 236.9 804.1 90.8 235.7 796.3 87.5 230.1 813.0 90.0 231.1 844.1 77.8 236.9 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 20.6 596.8 393.0 0.0 571.5 492.3 0.0 604.0 516.5 0.0 664.2 534.4 0.0 668.8 532.0 0.0 673.2 542.6 0.0 687.3 567.6 0.0 683.7 584.1 0.0 680.4 580.7 0.0 684.1 581.8 0.0 676.6 596.3 9 10 11 9 10 11 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 8 9 Rest of the world Brokers and dealers 10 Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 State and local governments Federal government Rest of the world 16 17 Property-casualty insurance companies ABS issuers 18 Discrepancy 2465.4 2659.8 3000.2 3217.3 3289.9 3379.7 3447.9 3535.3 3614.1 3735.5 3667.3 1 156.8 173.3 186.3 199.9 203.5 207.1 210.8 214.5 218.4 222.2 226.2 2 1402.7 255.3 7.1 1499.9 277.4 8.9 1699.4 329.4 6.4 1837.3 349.4 -1.3 1871.8 358.8 0.9 1907.3 369.5 -0.3 1937.7 383.8 -0.8 2026.0 395.8 -2.4 2080.9 403.8 -4.8 2182.2 408.5 -13.0 2107.8 410.8 -9.7 3 4 5 419.5 151.2 449.9 166.3 482.4 198.8 517.3 205.7 526.5 213.7 535.9 226.0 545.5 230.9 555.4 228.4 565.4 237.7 575.8 252.9 586.4 248.0 6 7 44.7 28.2 48.2 36.0 54.5 43.1 60.7 48.3 63.1 51.7 68.7 65.5 77.8 62.1 71.9 45.8 69.3 43.5 67.7 39.1 63.4 34.3 8 9 2439.5 2622.8 2993.9 3063.7 3179.8 3309.9 3382.7 3380.8 3505.8 3657.4 3571.7 10 1702.4 337.7 1831.3 364.3 2109.0 430.9 2105.5 470.9 2198.2 487.1 2294.0 505.8 2340.4 530.6 2309.2 551.3 2402.6 565.2 2553.9 573.4 2474.1 577.4 11 12 126.5 51.3 50.1 134.4 61.8 49.0 144.7 70.9 56.9 158.5 71.3 62.8 160.7 70.5 65.3 164.0 71.7 76.4 166.5 71.1 81.3 168.4 71.5 83.5 167.9 71.1 94.3 166.2 71.7 99.9 166.7 71.4 100.3 13 14 15 79.3 92.2 79.6 102.3 82.1 99.5 87.0 107.9 87.0 111.1 89.6 108.5 88.7 104.2 85.4 111.4 86.3 118.3 87.1 105.1 87.3 94.6 16 17 25.9 37.1 6.3 153.6 110.0 69.7 65.2 154.5 108.4 78.1 95.6 18 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 858.8 1038.2 1038.4 1249.9 1289.0 1379.5 1374.5 1526.4 1647.1 1564.9 1626.9 1 2 3 Household sector Rest of the world 182.5 0.0 264.0 0.0 232.4 0.0 292.1 0.0 279.0 0.0 334.0 0.0 296.5 0.0 325.5 0.0 365.3 0.0 291.5 0.0 400.6 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 676.3 475.4 91.4 109.5 774.2 578.3 102.2 93.7 806.0 575.3 95.6 135.1 957.8 655.7 116.5 185.6 1010.0 690.1 122.0 197.9 1045.5 745.3 118.9 181.2 1078.0 757.8 135.3 184.9 1200.9 866.4 145.9 188.6 1281.7 984.5 158.4 138.8 1273.4 992.1 158.1 123.2 1226.3 986.9 178.7 60.8 4 5 6 7 858.8 1038.2 1038.4 1249.9 1289.0 1379.5 1374.5 1526.4 1647.1 1564.9 1626.9 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 475.4 0.0 578.3 0.0 575.3 0.0 655.7 0.0 690.1 0.0 745.3 0.0 757.8 0.0 866.4 0.0 984.5 0.0 992.1 0.0 986.9 0.0 9 10 11 12 Commercial banking Brokers and dealers 200.9 182.5 195.8 264.0 230.7 232.4 302.2 292.1 319.9 279.0 300.2 334.0 320.2 296.5 334.5 325.5 297.2 365.3 281.4 291.5 239.5 400.6 11 12 97 Z.1, December 11, 2008 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 Life insurance reserves: 1 Total liabilities 1013.2 1060.4 1082.6 1163.7 1172.7 1191.1 1199.6 1201.5 1194.0 1202.2 1187.7 1 2 3 Federal government Life insurance companies 40.5 972.7 41.6 1018.8 42.7 1039.9 44.2 1119.5 44.2 1128.6 44.7 1146.4 44.7 1154.8 45.4 1156.1 45.3 1148.7 45.8 1156.4 45.7 1142.0 2 3 4 Total assets (Households) 1013.2 1060.4 1082.6 1163.7 1172.7 1191.1 1199.6 1201.5 1194.0 1202.2 1187.7 4 9722.4 10632.6 11368.9 12483.6 12575.3 13023.6 13158.1 13007.4 12196.2 12109.2 11508.7 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 1803.2 4561.6 2027.9 4955.8 2197.4 5334.8 2332.4 5923.1 2354.8 5975.2 2423.8 6219.0 2457.5 6284.3 2437.8 6186.6 2385.8 5693.8 2394.6 5628.8 2340.5 5228.9 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 2399.1 958.5 2625.6 1023.3 2765.2 1071.5 3086.9 1141.1 3113.5 1131.8 3247.6 1133.2 3263.8 1152.4 3185.7 1197.2 2945.2 1171.5 2906.5 1179.2 2750.9 1188.5 8 9 9722.4 10632.6 11368.9 12483.6 12575.3 13023.6 13158.1 13007.4 12196.2 12109.2 11508.7 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 240.4 268.9 297.0 321.0 340.3 340.1 351.8 346.7 364.7 365.0 373.6 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 81.2 69.7 88.0 78.0 93.1 86.7 92.8 95.7 105.7 97.4 99.7 99.3 104.3 101.9 94.1 104.1 106.7 105.5 101.1 106.4 105.3 106.8 2 3 4 5 U.S.-chartered commercial banks Savings institutions 19.1 1.3 22.2 1.9 25.6 2.6 29.3 2.1 30.3 2.0 31.3 1.8 32.3 2.2 33.3 2.3 34.3 2.0 35.4 2.0 36.4 1.4 4 5 6 7 Property-casualty insurance companies Life insurance companies 29.3 24.9 33.5 28.1 38.2 31.6 43.4 35.6 44.7 36.7 46.1 37.8 47.6 38.9 49.0 40.0 50.5 41.2 52.1 42.4 53.6 43.6 6 7 8 9 Finance companies Brokers and dealers 13.2 1.8 15.0 2.2 17.1 2.1 19.3 2.8 19.9 3.5 20.5 3.5 21.2 3.5 21.8 2.2 22.5 2.0 23.2 2.6 23.9 2.5 8 9 159.8 179.7 220.7 286.6 298.8 313.1 326.5 340.0 352.8 364.9 376.7 10 68.4 91.4 89.0 90.7 126.4 94.3 185.1 101.5 197.3 101.5 211.6 101.5 225.0 101.5 238.5 101.5 251.3 101.5 263.4 101.5 271.6 105.0 11 12 80.6 89.1 76.3 34.4 41.5 27.0 25.3 6.8 12.0 0.1 -3.1 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total household equity Nonfarm noncorporate business Farm business Brokers and dealers 5560.9 6318.5 7149.4 7672.6 7796.2 7893.4 7923.3 7898.7 7845.7 7845.7 7731.8 1 4422.9 1133.2 4.8 4973.3 1340.8 4.4 5623.2 1529.9 -3.7 5955.9 1717.2 -0.4 6036.8 1758.8 0.6 6100.5 1791.9 1.0 6092.0 1830.4 0.9 6024.3 1871.9 2.5 5917.3 1926.1 2.4 5873.9 1968.5 3.2 5742.7 1986.9 2.2 2 3 4 98 Z.1, December 11, 2008 L.228 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 12287.8 13827.1 15112.3 16447.5 16344.8 16461.3 16797.1 17346.1 18235.9 18321.4 19848.8 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 20.9 3409.5 648.8 22.5 3583.5 717.6 22.4 3842.5 860.3 22.8 3980.8 1005.4 23.4 3925.5 1021.0 23.4 3835.7 1038.6 23.8 3899.5 1069.6 23.9 3776.9 1098.5 25.0 3756.5 1115.4 25.4 3646.2 1122.1 25.8 3678.1 1123.8 2 3 4 5 6 Federal government Rest of the world 843.6 2532.9 901.6 3351.3 946.1 3878.9 1002.4 4347.4 992.0 4295.4 1006.2 4113.0 1032.7 4013.5 1080.4 4556.7 1075.7 5076.2 1093.2 5067.0 1128.0 6412.7 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 8.3 1553.6 118.5 7.4 12.5 1700.0 136.9 9.3 15.3 1689.5 177.7 11.9 18.5 1814.5 205.3 9.2 19.4 1780.8 220.1 10.5 19.3 1942.4 227.5 8.3 20.7 2093.2 215.3 3.5 21.0 2196.6 208.6 3.6 21.0 2328.9 197.0 7.6 21.3 2363.5 184.8 3.2 15.2 2279.6 134.7 1.9 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 667.2 730.6 708.3 783.9 759.3 808.0 800.0 910.2 790.2 933.9 806.2 957.9 815.8 994.4 814.4 999.1 822.1 983.8 843.0 976.0 857.8 960.6 11 12 13 14 Government-sponsored enterprises Finance companies 145.8 666.4 141.7 719.6 144.5 702.7 154.2 713.3 152.8 660.0 161.4 668.8 169.6 657.3 166.4 648.1 182.2 658.9 175.6 651.9 202.1 654.1 13 14 15 16 17 REITs Brokers and dealers Funding corporations 42.2 346.3 545.6 50.0 421.7 566.6 53.8 511.5 687.8 62.5 604.1 796.8 57.9 651.4 810.7 56.7 743.9 852.0 60.9 681.5 1045.7 65.7 624.5 1061.7 64.7 595.0 1325.7 63.2 574.5 1510.5 65.7 644.1 1664.5 15 16 17 15907.9 17559.6 18736.5 21139.7 21751.7 22315.4 23028.6 23557.5 24554.4 24747.8 25262.1 18 18 Total liabilities 2004 Total assets 19 20 21 22 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 489.1 7117.4 790.6 41.2 541.5 7699.1 953.7 43.2 591.1 8159.7 1156.2 44.5 631.2 9068.1 1430.6 48.6 643.8 9260.2 1483.1 49.5 673.5 9414.3 1538.0 50.3 693.1 9680.4 1610.5 51.2 698.4 9906.0 1670.1 52.0 722.1 9984.9 1711.2 52.6 739.1 9904.7 1735.6 53.2 762.6 9964.6 1747.8 53.8 19 20 21 22 23 24 25 State and local governments Federal government Rest of the world 83.5 101.7 2117.4 80.0 102.3 2498.5 48.6 100.9 2691.4 6.8 101.8 3302.1 13.0 101.9 3432.5 22.9 103.2 3443.6 27.5 102.6 3535.8 18.1 102.8 3889.2 23.5 102.2 4384.3 18.5 103.9 4511.7 5.7 122.3 4831.3 23 24 25 26 27 28 29 Monetary authority Commercial banking Savings institutions Credit unions 18.2 1527.5 98.5 26.3 18.6 1657.5 167.0 24.5 18.1 1717.8 108.3 24.2 17.0 1750.4 123.9 24.9 16.8 1725.4 132.1 22.9 17.4 1806.3 134.7 28.0 16.7 1964.2 142.0 29.8 40.5 1956.1 127.3 35.9 37.3 2250.9 126.1 38.4 77.2 2326.7 116.5 40.5 303.2 2396.7 103.5 43.7 26 27 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 85.0 74.7 474.8 11.3 815.0 87.3 126.6 479.6 15.9 855.9 96.5 153.1 481.3 15.4 882.9 99.0 147.1 538.1 15.1 918.7 98.2 124.5 558.1 15.7 903.4 99.3 116.0 594.5 15.8 892.8 100.0 114.2 618.5 15.8 909.0 94.0 123.3 628.8 15.0 952.0 98.7 131.8 596.6 15.1 936.9 101.3 122.3 602.2 15.1 943.5 104.2 136.7 572.5 16.2 962.3 30 31 32 33 34 35 36 37 Money market mutual funds Mutual funds Government-sponsored enterprises 56.2 2.0 109.4 53.3 7.0 113.9 43.3 10.7 117.8 59.2 14.0 114.6 82.6 16.4 123.5 96.5 16.8 140.3 124.3 17.8 135.4 128.1 16.8 141.7 122.2 20.1 142.6 114.2 17.3 145.6 122.5 17.3 100.0 35 36 37 38 39 40 41 Finance companies REITs Brokers and dealers Funding corporations 437.4 29.2 858.8 542.7 397.5 40.4 994.0 602.2 275.6 51.0 1202.6 745.3 220.3 59.7 1599.4 848.9 231.0 54.8 1780.3 882.4 237.3 57.5 1938.8 877.7 244.3 56.9 1880.3 958.4 228.1 55.8 1633.7 1043.8 248.3 57.3 1712.2 1039.2 248.3 59.8 1669.3 1081.6 243.9 61.3 1436.9 1153.0 38 39 40 41 -3620.1 -3732.5 -3624.2 -4692.2 -5406.8 -5854.2 -6231.4 -6211.4 -6318.4 -6426.4 -5413.3 42 42 Discrepancy 99 Z.1, December 11, 2008 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 2054.5 1718.5 56.3 85.0 27.9 151.3 15.4 2498.5 2056.6 91.2 87.3 36.5 202.5 24.3 2651.7 2164.9 102.8 96.5 43.3 217.4 26.7 2936.0 2405.3 105.4 99.0 43.0 242.0 41.4 3009.3 2473.4 103.6 98.2 44.1 247.5 42.5 3105.6 2531.7 111.0 99.3 45.4 274.3 43.8 3176.6 2587.3 116.1 100.0 48.7 279.2 45.2 3332.8 2712.5 126.7 94.0 57.6 304.3 37.8 3433.4 2792.7 128.0 98.7 59.0 315.1 39.8 3503.7 2853.0 129.6 101.3 61.1 316.7 41.9 3582.4 2916.3 131.2 104.2 62.6 324.0 44.1 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 1192.5 2.4 85.2 68.2 46.6 68.1 87.3 30.7 1231.2 2.4 122.7 61.4 66.6 71.4 94.9 92.1 1269.6 2.4 130.2 60.1 65.8 88.7 155.9 133.3 1383.5 2.8 148.0 84.2 71.9 102.5 145.6 213.1 1450.0 2.8 151.3 67.3 71.5 97.4 147.0 178.1 1506.4 2.9 156.1 76.0 74.1 98.2 147.2 169.2 1526.6 3.3 166.5 78.4 74.2 104.4 146.6 236.7 1607.4 3.6 141.0 79.9 74.4 109.7 128.8 278.0 1659.4 3.7 149.4 80.3 76.4 120.3 130.0 284.1 1688.8 3.7 155.0 90.7 77.8 130.6 130.7 323.2 1696.8 3.6 161.6 98.8 80.6 144.5 130.4 376.6 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 1581.0 1742.7 1906.0 2151.6 2165.5 2230.0 2336.7 2422.8 2503.6 2600.5 2692.8 16 40.0 40.0 42.0 42.0 43.2 43.2 45.3 45.3 45.6 45.6 46.7 46.7 46.8 46.8 46.9 46.9 47.0 47.0 48.1 48.1 49.0 49.0 17 18 8.8 8.8 11.9 11.9 13.5 13.5 15.3 15.3 15.8 15.8 16.1 16.1 17.3 17.3 18.5 18.5 19.5 19.5 19.9 19.9 20.3 20.3 19 20 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 42.3 44.8 46.7 46.9 46.9 47.0 53.8 56.0 58.4 59.2 60.0 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 2.1 2.5 0.0 18.7 16.4 1.4 1.1 0.0 2.0 2.7 0.0 19.3 17.4 1.7 1.7 0.0 1.8 2.8 0.0 20.2 18.5 1.8 1.6 0.0 1.9 3.0 0.0 22.9 15.6 1.9 1.6 0.0 2.0 3.2 0.0 22.4 15.9 1.7 1.7 0.0 2.1 3.4 0.0 22.4 15.3 1.9 1.8 0.0 2.1 3.5 0.0 25.3 18.5 2.3 2.1 0.0 2.2 3.6 0.0 26.7 18.8 2.5 2.2 0.0 2.2 3.6 0.0 28.6 19.2 2.4 2.4 0.0 2.3 3.7 0.0 28.8 19.1 2.7 2.6 0.0 2.4 3.9 0.0 31.1 16.4 3.1 3.1 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 Liab.: Commercial banking Savings institutions Finance companies Brokers and dealers 689.8 9.3 64.3 191.4 857.0 10.5 128.8 201.9 897.0 11.8 156.1 216.1 1006.9 13.2 169.3 224.1 1017.9 13.6 163.5 205.1 1040.2 14.0 172.2 206.2 1086.4 14.4 163.9 210.8 1133.1 14.8 160.7 168.1 1158.4 15.2 164.3 159.5 1148.5 15.6 160.0 185.9 1157.3 16.1 163.4 205.9 30 31 32 33 34 Asset: Bank holding companies 954.8 1198.2 1281.0 1413.5 1400.1 1432.6 1475.5 1476.6 1497.5 1509.9 1542.7 34 138.5 138.5 128.8 128.8 156.1 156.1 169.3 169.3 163.5 163.5 172.2 172.2 163.9 163.9 160.7 160.7 164.3 164.3 160.0 160.0 163.4 163.4 35 36 NFC inv. in finance company subs.: 35 36 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 37 38 Liab.: Foreign banking offices in U.S. Brokers and dealers 134.7 408.0 167.7 434.5 188.8 556.6 197.3 651.6 231.1 651.4 240.7 636.9 225.3 733.1 241.0 802.8 240.4 798.8 237.3 844.3 192.6 960.4 37 38 39 Asset: Funding corporations 542.7 602.2 745.3 848.9 882.4 877.7 958.4 1043.8 1039.2 1081.6 1153.0 39 100 Z.1, December 11, 2008 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 Q2 Q3 Q4 2008 Q2 Q1 Q3 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 2.8 2.8 0.0 2.8 2.8 0.0 0.6 0.6 0.0 0.6 0.6 0.0 0.6 0.6 0.0 0.5 0.5 0.0 0.4 0.4 0.0 24.5 0.5 24.0 21.5 0.5 21.0 62.5 0.5 62.0 288.2 0.0 288.2 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 20.5 20.5 18.4 18.4 19.2 19.2 19.0 19.0 22.7 22.7 21.1 21.1 24.6 24.6 20.9 20.9 26.7 26.7 20.1 20.1 27.1 27.1 6 7 20.9 20.9 22.5 22.5 22.4 22.4 22.8 22.8 23.4 23.4 23.4 23.4 23.8 23.8 23.9 23.9 25.0 25.0 25.4 25.4 25.8 25.8 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 199.5 121.5 40.5 37.5 211.0 131.3 41.7 38.0 217.3 138.3 42.7 36.3 232.1 149.8 43.5 38.8 236.7 152.1 43.8 40.8 238.4 153.2 44.0 41.2 244.8 157.9 45.1 41.9 247.6 163.3 43.7 40.6 257.6 171.2 44.1 42.4 258.8 171.5 44.6 42.6 263.2 175.1 44.8 43.2 10 11 12 13 14 Asset: Household sector 199.5 211.0 217.3 232.1 236.7 238.4 244.8 247.6 257.6 258.8 263.2 14 Policy payables: 15 Liab.: Property-casualty insurance companies 599.0 646.9 699.2 715.8 722.9 730.2 737.5 734.5 741.8 752.2 759.0 15 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 266.8 236.6 56.9 38.7 290.4 255.5 60.5 40.5 316.0 276.2 65.3 41.7 320.5 282.7 66.9 45.6 323.6 285.6 67.6 46.2 326.7 288.4 68.2 46.9 329.6 291.3 68.9 47.6 327.3 290.1 68.6 48.5 330.5 293.0 69.3 48.9 335.3 297.4 70.0 49.5 338.4 300.1 70.7 49.9 16 17 18 19 317.0 317.0 328.4 328.4 338.4 338.4 387.9 387.9 401.8 401.8 432.4 432.4 446.0 446.0 444.3 444.3 407.8 407.8 409.2 409.2 380.2 380.2 20 21 49.8 49.8 46.6 46.6 44.8 44.8 42.8 42.8 42.3 42.3 44.5 44.5 47.2 47.2 47.2 47.2 47.7 47.7 48.2 48.2 47.9 47.9 22 23 678.0 678.0 764.8 764.8 939.7 939.7 1242.3 1242.3 1377.1 1377.1 1436.5 1436.5 1415.1 1415.1 1240.2 1240.2 1369.1 1369.1 1359.5 1359.5 1128.3 1128.3 24 25 815.0 815.0 855.9 855.9 882.9 882.9 918.7 918.7 903.4 903.4 892.8 892.8 909.0 909.0 952.0 952.0 936.9 936.9 943.5 943.5 962.3 962.3 26 27 22.8 22.8 40.1 40.1 57.8 57.8 78.6 78.6 83.5 83.5 108.4 108.4 118.7 118.7 123.6 123.6 134.0 134.0 145.0 145.0 161.0 161.0 28 29 Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree Health Care Funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 101 Z.1, December 11, 2008 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 Total liabilities Q2 Q3 Q4 Q1 2008 Q2 Q3 4200.0 4620.5 5046.5 5160.2 4801.2 4605.2 4601.0 4929.3 5504.9 5314.2 6541.9 1 2167.3 646.5 2305.6 715.2 2528.2 857.9 2554.5 1002.5 2433.1 1018.1 2284.8 1035.7 2325.7 1066.4 2122.3 1094.9 2049.4 1111.7 1909.3 1118.4 1933.4 1120.3 2 3 Federal government Rest of the world Monetary authority 5.8 435.7 -0.6 5.6 808.0 0.6 5.4 1183.4 1.8 5.1 1365.6 3.2 5.2 1239.9 3.5 5.0 960.3 3.2 5.0 789.7 3.4 4.9 1152.5 2.5 4.9 1574.3 1.5 4.7 1452.7 1.5 4.7 2493.0 -5.1 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 644.0 262.4 108.5 241.4 31.7 552.6 319.7 -81.2 271.6 42.5 473.6 270.6 -55.1 216.0 42.2 462.3 326.4 -190.5 288.6 37.7 380.4 305.6 -238.8 276.8 36.8 505.4 381.7 -201.2 288.4 36.5 615.1 390.8 -111.3 301.0 34.6 681.5 418.8 -93.6 322.4 33.9 780.6 418.4 4.0 323.4 34.8 822.7 389.4 50.1 348.0 35.2 768.1 301.9 85.4 349.3 31.4 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 109.2 7.4 167.5 83.1 126.5 9.3 177.9 78.5 165.9 11.9 186.5 78.7 192.1 9.2 218.3 88.3 206.5 10.5 223.8 83.2 213.5 8.3 213.0 93.3 201.0 3.5 229.4 91.2 193.9 3.6 232.7 89.6 181.8 7.6 242.0 97.1 169.1 3.2 230.3 96.3 118.6 1.9 236.6 115.1 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 395.4 42.2 -340.3 -163.1 390.5 50.0 -309.6 -290.3 301.7 53.8 -417.1 -385.2 272.2 62.5 -417.1 -658.6 235.6 57.9 -352.0 -744.6 226.2 56.7 -246.4 -753.6 225.1 60.9 -409.1 -606.2 217.0 65.7 -475.1 -456.6 210.0 64.7 -493.3 -327.4 201.4 63.2 -586.4 -172.3 182.7 65.7 -652.6 159.5 16 17 18 19 7820.1 8353.0 8670.7 9852.4 10208.0 10459.4 10832.5 11140.7 11823.3 11740.6 11955.2 20 5023.8 731.6 83.5 5258.1 891.3 80.0 5562.5 1089.1 48.6 6210.8 1361.8 6.8 6337.7 1413.6 13.0 6421.9 1467.7 22.9 6637.9 1539.4 27.5 6742.7 1599.3 18.1 6734.8 1639.7 23.5 6594.3 1663.4 18.5 6584.7 1674.7 5.7 21 22 23 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 58.9 536.4 18.2 57.5 755.8 18.6 57.1 785.4 18.1 56.0 1150.5 17.0 55.7 1266.9 16.8 56.0 1213.6 17.4 55.3 1199.2 16.7 55.4 1466.4 16.5 54.7 1880.7 16.3 55.4 1911.2 15.2 73.2 2138.4 15.0 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 488.9 173.2 149.5 161.9 4.3 336.8 112.2 25.0 194.4 5.2 300.3 96.6 -12.3 210.6 5.3 193.4 103.9 -162.6 246.2 5.9 183.5 121.8 -205.4 260.7 6.4 224.1 115.4 -170.6 270.7 8.7 330.1 141.2 -102.8 283.1 8.6 307.7 169.2 -149.0 277.9 9.5 577.3 325.6 -54.2 296.0 9.8 638.4 278.8 -14.9 364.1 10.4 671.4 293.1 53.7 315.4 9.3 27 28 29 30 31 32 33 Savings institutions Credit unions 61.5 24.9 131.2 22.8 70.6 22.4 89.4 23.0 93.5 21.1 98.3 26.2 99.0 27.4 87.6 33.4 80.3 36.0 77.2 37.8 60.0 40.6 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 24.8 108.0 11.3 65.9 104.5 15.9 85.9 98.2 15.4 79.7 107.4 15.1 55.3 114.0 15.7 45.4 117.6 15.8 39.6 125.3 15.8 39.6 137.3 15.0 45.4 141.1 15.1 33.2 144.9 15.1 45.2 144.4 16.2 34 35 36 37 38 39 Mutual funds Money market mutual funds Government-sponsored enterprises 2.0 56.2 109.4 7.0 53.3 113.9 10.7 43.3 117.8 14.0 59.2 114.6 16.4 82.6 123.5 16.8 96.5 140.3 17.8 124.3 135.4 16.8 128.1 141.7 20.1 122.2 142.6 17.3 114.2 145.6 17.3 122.5 100.0 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 286.1 29.2 165.4 195.1 40.4 204.9 58.2 51.0 236.2 -21.6 59.7 315.8 -16.5 54.8 360.6 -37.0 57.5 458.6 -35.0 56.9 419.9 -76.2 55.8 355.6 -66.8 57.3 303.2 -68.4 59.8 267.8 -80.1 61.3 264.5 40 41 42 -3620.1 -3732.5 -3624.2 -4692.2 -5406.8 -5854.2 -6231.4 -6211.4 -6318.4 -6426.4 -5413.3 43 43 Discrepancy 102 Z.1, December 11, 2008 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 56563.7 63153.4 69566.2 75045.0 76316.0 77542.3 77780.0 76549.1 74231.0 73799.9 71113.6 1 21159.4 23963.9 27124.7 28061.2 28102.5 28023.6 27680.3 27092.4 26503.2 26380.7 25842.3 2 17595.6 16174.0 1421.5 20199.8 18616.9 1582.9 23184.7 21368.1 1816.6 23952.9 21890.6 2062.3 23952.7 21831.1 2121.6 23829.8 21629.3 2200.5 23448.6 21186.3 2262.3 22820.8 20487.9 2332.8 22173.6 19820.5 2353.1 22012.7 19657.5 2355.2 21438.3 19100.7 2337.7 3 4 5 183.4 3380.3 199.3 3564.8 214.2 3725.8 230.8 3877.4 234.9 3914.9 238.9 3954.9 242.2 3989.5 246.2 4025.5 249.6 4080.0 254.2 4113.8 258.0 4146.0 6 7 35404.3 39189.5 42441.5 46983.9 48213.6 49518.7 50099.7 49456.7 47727.7 47419.2 45271.3 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5403.8 52.1 389.0 4002.5 960.2 5789.6 57.5 356.1 4472.0 904.1 6179.2 59.9 230.0 4940.0 949.2 6793.8 65.2 202.3 5408.8 1117.5 7052.4 69.6 226.1 5640.6 1116.1 7064.2 75.1 161.5 5655.9 1171.7 7138.9 78.6 66.8 5743.4 1250.1 7351.5 78.2 77.4 5839.4 1356.4 7534.0 72.6 33.4 5958.8 1469.2 7443.7 68.5 32.4 5931.7 1411.1 7548.0 58.9 46.3 5990.8 1452.1 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 3047.5 105.9 441.5 203.8 237.7 437.9 704.1 1234.2 3.1 120.7 3355.2 136.1 535.4 204.4 331.0 405.7 742.7 1401.0 5.9 128.5 3648.6 164.2 511.3 205.1 306.2 501.2 821.3 1506.4 8.7 135.6 3842.8 187.7 440.4 202.4 238.1 439.4 873.9 1754.9 8.3 138.2 3977.6 191.2 425.0 200.3 224.7 488.2 877.9 1845.5 10.7 139.2 3956.4 197.9 403.3 198.6 204.8 548.0 911.5 1743.3 13.1 139.2 4153.8 167.4 367.9 197.1 170.9 665.0 907.2 1891.0 14.6 140.7 4160.2 149.7 191.1 196.4 -5.3 737.7 906.0 2017.6 16.1 142.0 4116.7 122.5 252.2 195.3 56.9 733.0 900.2 1948.5 16.4 144.0 4087.7 92.7 267.7 194.9 72.8 707.0 917.7 1931.6 16.7 154.3 4086.9 59.1 283.3 194.2 89.2 828.4 905.4 1846.1 17.3 147.3 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 6787.7 2904.3 475.4 1013.2 9722.4 5560.9 489.1 7495.9 3417.4 578.3 1060.4 10632.6 6318.5 541.5 8007.0 3839.3 575.3 1082.6 11368.9 7149.4 591.1 9275.4 4465.1 655.7 1163.7 12483.6 7672.6 631.2 9634.0 4671.4 690.1 1172.7 12575.3 7796.2 643.8 9994.4 4976.8 745.3 1191.1 13023.6 7893.4 673.5 9975.0 5100.2 757.8 1199.6 13158.1 7923.3 693.1 9300.2 4972.4 866.4 1201.5 13007.4 7898.7 698.4 8418.0 4716.4 984.5 1194.0 12196.2 7845.7 722.1 8193.5 4806.1 992.1 1202.2 12109.2 7845.7 739.1 7250.0 4208.7 986.9 1187.7 11508.7 7731.8 762.6 24 25 26 27 28 29 30 9860.3 11032.7 12181.4 13453.8 13630.9 13939.2 14149.8 14379.2 14484.8 14446.3 14573.7 31 9500.1 6886.0 2104.4 178.3 52.8 118.7 159.9 10573.0 7835.6 2219.4 188.6 35.5 119.0 174.9 11740.3 8872.5 2313.9 205.1 48.3 119.0 181.5 12939.0 9865.8 2418.3 226.9 96.3 123.8 208.0 13125.0 10065.1 2399.0 232.0 92.0 124.4 212.4 13374.7 10266.2 2432.2 238.6 91.8 125.6 220.3 13618.7 10410.5 2502.2 242.2 103.5 126.9 233.4 13815.3 10540.3 2551.9 249.5 107.7 127.0 238.9 13876.1 10609.6 2529.9 252.5 112.0 128.0 244.1 13907.2 10614.8 2555.8 261.7 94.5 129.8 250.5 13921.2 10570.7 2590.5 265.8 116.2 130.7 247.4 32 33 34 35 36 37 38 182.5 156.8 264.0 173.3 232.4 186.3 292.1 199.9 279.0 203.5 334.0 207.1 296.5 210.8 325.5 214.5 365.3 218.4 291.5 222.2 400.6 226.2 39 40 20.9 22.5 22.4 22.8 23.4 23.4 23.8 23.9 25.0 25.4 25.8 41 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Bank loans n.e.c. Other loans and advances Commercial mortgages (9) 39 40 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 41 42 Net worth 46703.3 52120.6 57384.8 61591.2 62685.2 63603.0 63630.2 62169.9 59746.2 59353.7 56539.9 42 43 44 45 46 47 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 10657.4 10239.3 259.7 158.5 957.8 11997.5 11545.1 281.0 171.4 1062.1 13431.2 12942.0 302.5 186.7 1179.0 14387.2 13877.9 312.5 196.8 1284.8 14520.8 14009.5 313.6 197.7 1306.3 14521.5 14012.5 312.0 197.0 1319.5 14568.7 14060.0 311.6 197.0 1332.5 14593.2 14085.3 310.9 196.9 1358.7 14515.6 14011.9 308.2 195.5 1379.3 14400.6 13902.3 304.7 193.6 1403.2 14347.4 13852.4 302.5 192.5 1441.3 43 44 45 46 47 8162.5 8680.9 9062.0 9640.7 10013.5 10088.0 10228.8 10351.5 10425.5 10806.0 10683.3 48 572.2 600.4 633.3 638.9 626.0 630.5 622.1 600.6 573.1 549.3 529.2 49 9288.0 10781.3 12495.7 12024.8 11766.0 11363.1 10775.9 9947.6 9210.9 9042.7 8530.0 50 57.4 57.9 58.5 54.9 53.9 52.5 50.9 48.6 46.5 46.0 44.7 51 48 49 50 51 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (10) Owners’ equity as percentage of household real estate (11) (1) Sector includes farm households. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. (9) Liabilities of nonprofit organizations. (10) Line 4 less line 33. (11) Line 50 divided by line 4. 103 Z.1, December 11, 2008 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 With tangible assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Assets Tangible assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 20074.1 21681.2 23754.1 25963.4 26491.4 27223.9 27909.1 28560.9 28884.4 29094.9 29031.6 1 9965.3 10749.7 11845.1 13120.5 13435.4 13861.0 14179.6 14602.0 14804.5 14943.9 14935.1 2 5369.7 3250.3 1345.3 5918.0 3351.4 1480.3 6741.7 3501.0 1602.3 7707.8 3715.1 1697.7 7952.3 3765.5 1717.5 8305.5 3813.3 1742.1 8575.5 3848.0 1756.1 8904.4 3895.6 1802.0 9012.5 3931.9 1860.1 9031.4 3984.6 1927.8 8987.8 4037.7 1909.6 3 4 5 10108.8 10931.6 11909.0 12842.9 13056.0 13362.9 13729.5 13959.0 14079.9 14151.0 14096.5 6 38.1 190.9 362.8 299.0 6.0 75.7 32.8 12.1 35.4 51.8 58.5 1702.4 125.9 7117.4 53.7 178.4 400.5 324.3 6.4 95.0 33.1 12.2 31.8 66.6 58.6 1831.3 140.5 7699.1 60.6 252.4 450.4 366.5 14.6 111.0 50.7 18.8 32.1 68.3 58.8 2109.0 156.3 8159.7 49.7 139.5 498.6 433.4 15.6 123.0 44.3 16.4 28.2 59.9 56.8 2105.5 204.0 9068.1 45.3 122.7 440.1 435.0 14.1 110.2 51.8 19.1 38.9 57.8 53.0 2198.2 209.7 9260.2 55.5 160.0 439.6 452.5 8.9 116.7 43.8 16.2 30.3 55.7 53.5 2294.0 222.0 9414.3 56.3 177.6 440.5 521.1 7.9 67.5 51.5 19.0 31.8 53.7 53.8 2340.4 228.1 9680.4 49.0 187.8 443.7 566.5 8.4 58.9 49.2 18.2 30.4 51.6 55.2 2309.2 224.8 9906.0 47.1 188.1 465.8 607.5 5.5 7.7 36.7 13.6 8.5 49.5 51.2 2402.6 211.2 9984.9 46.6 161.0 474.4 624.9 6.4 7.8 39.7 14.7 6.5 47.4 51.3 2553.9 211.6 9904.7 42.1 122.7 509.9 618.0 3.2 5.3 43.5 16.1 7.5 45.3 51.9 2474.1 192.2 9964.6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 9867.4 10349.3 11145.3 11887.3 12050.8 12229.9 12507.1 12669.3 12811.7 12918.7 12908.2 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 4973.9 82.5 164.2 2900.1 548.3 750.3 528.6 5177.9 97.8 169.4 2975.6 547.2 805.4 582.6 5510.3 90.1 176.7 3032.3 515.2 911.2 784.8 5976.5 112.5 181.7 3247.9 532.2 1023.9 878.3 6147.9 126.2 182.3 3319.5 545.5 1071.6 902.9 6387.2 154.3 185.1 3414.8 558.9 1139.7 934.4 6565.6 131.4 186.4 3469.9 601.6 1219.9 956.5 6772.4 123.8 189.3 3559.1 637.4 1283.9 978.9 6867.7 140.0 189.5 3600.9 663.1 1284.0 990.2 6989.2 139.9 190.9 3685.3 679.3 1292.9 1000.9 7016.9 146.5 191.0 3703.8 703.7 1281.0 990.9 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1402.7 81.2 3409.5 1499.9 88.0 3583.5 1699.4 93.1 3842.5 1837.3 92.8 3980.8 1871.8 105.7 3925.5 1907.3 99.7 3835.7 1937.7 104.3 3899.5 2026.0 94.1 3776.9 2080.9 106.7 3756.5 2182.2 101.1 3646.2 2107.8 105.3 3678.1 29 30 31 32 Net worth (market value) 10206.7 11331.9 12608.8 14076.0 14440.6 14994.0 15402.0 15891.7 16072.7 16176.1 16123.4 32 116.1 4519.2 126.9 5001.8 140.8 5578.1 151.4 6077.5 152.6 6165.0 152.6 6215.1 153.0 6265.6 153.3 6379.0 152.6 6466.1 151.4 6568.4 150.9 6738.0 33 34 10845.4 48.7 45.9 106.3 12086.2 45.7 42.8 106.7 12686.8 43.7 43.4 100.6 14340.3 42.5 41.7 101.9 14848.1 42.6 41.4 102.8 15738.4 42.6 40.6 105.0 15833.1 42.6 41.5 102.8 15242.9 42.6 44.4 95.9 13733.3 42.7 50.0 85.4 13778.7 43.2 50.7 85.2 12267.6 43.5 57.2 76.1 35 36 37 38 17293.0 18403.7 19763.8 21147.2 21507.7 21938.8 22445.6 22770.7 23068.0 23270.7 23327.4 39 7184.1 2864.7 3050.3 1269.2 7472.1 2978.3 3104.2 1389.6 7854.8 3123.0 3212.4 1519.3 8304.3 3320.1 3365.5 1618.7 8451.7 3377.9 3399.8 1673.9 8575.8 3454.8 3435.3 1685.7 8716.1 3517.9 3469.8 1728.5 8811.8 3586.2 3502.8 1722.8 8988.1 3654.5 3533.3 1800.3 9119.7 3725.1 3559.4 1835.2 9231.0 3796.0 3576.7 1858.3 40 41 42 43 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 39 40 41 42 43 Assets (8) Tangible assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 7425.6 8054.4 8618.5 9259.8 9456.9 9708.9 9938.5 10101.5 10256.3 10352.0 10419.2 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 49.6 2623.4 67.0 52.6 2735.7 64.3 55.8 2869.7 63.9 59.2 3064.2 64.5 60.0 3118.6 65.0 60.8 3175.9 65.8 61.6 3236.5 66.1 62.3 3299.1 67.0 62.9 3363.7 67.0 63.5 3432.6 67.5 64.0 3503.5 67.3 45 46 47 (1) At market value. (2) At replacement (current) cost. (3) 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. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 104 Z.1, December 11, 2008 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2003 1 2 Assets Tangible assets 2004 2005 2006 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 7595.3 8490.2 9675.0 10590.4 10773.0 10962.6 11134.1 11225.3 11226.6 11243.6 11134.6 1 5842.9 6440.4 7242.5 7747.1 7833.4 7917.0 7933.1 7902.5 7820.8 7788.8 7655.8 2 5367.1 4130.4 1236.7 5936.7 4628.6 1308.2 6704.3 5251.3 1452.9 7173.8 5541.4 1632.4 7252.5 5579.3 1673.3 7328.2 5590.4 1737.8 7339.0 5552.8 1786.2 7299.6 5452.3 1847.3 7210.0 5348.4 1861.6 7167.5 5301.7 1865.8 7027.9 5169.9 1858.0 3 4 5 405.0 40.3 364.7 425.7 41.8 383.9 453.9 45.2 408.7 483.9 48.4 435.6 490.5 48.9 441.6 497.0 49.6 447.4 501.7 49.8 451.9 508.0 49.9 458.1 513.0 50.1 462.9 519.7 50.3 469.5 527.4 51.0 476.3 6 7 8 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 70.8 77.9 84.3 89.4 90.4 91.7 92.4 94.8 97.9 101.5 100.5 9 10 Financial assets 1752.5 2049.8 2432.6 2843.4 2939.6 3045.7 3201.0 3322.9 3405.8 3454.8 3478.8 10 172.9 313.8 63.6 259.2 318.0 69.2 323.1 351.6 73.9 381.6 383.0 80.5 389.7 396.1 83.3 399.9 411.4 86.5 420.0 436.5 94.3 436.8 453.4 97.8 446.1 466.7 100.2 450.2 475.9 101.6 450.4 482.1 102.3 11 12 13 44.9 2.7 26.3 0 50.2 4.3 30.8 0 56.2 4.4 36.2 0 56.3 5.8 34.6 0 58.3 6.0 36.1 0 60.5 6.2 37.4 0 63.5 6.5 39.2 0 65.9 6.7 40.7 0 67.6 6.9 41.8 0 68.6 7.0 42.4 0 69.1 7.1 42.7 0 14 15 16 17 337.7 790.6 56.9 2.1 731.6 364.3 953.7 60.5 2.0 891.3 430.9 1156.2 65.3 1.8 1089.1 470.9 1430.6 66.9 1.9 1361.8 487.1 1483.1 67.6 2.0 1413.6 505.8 1538.0 68.2 2.1 1467.7 530.6 1610.5 68.9 2.1 1539.4 551.3 1670.1 68.6 2.2 1599.3 565.2 1711.2 69.3 2.2 1639.7 573.4 1735.6 70.0 2.3 1663.4 577.4 1747.8 70.7 2.4 1674.7 18 19 20 21 22 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 Treasury securities Municipal securities Mortgages Consumer credit 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 23 24 25 26 27 28 29 30 31 Liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) 3172.4 3516.8 4051.8 4634.6 4736.2 4862.2 5042.1 5201.0 5309.3 5369.6 5391.9 23 2198.7 2443.8 2775.4 3184.1 3259.1 3354.7 3486.7 3602.6 3684.6 3732.6 3750.5 24 441.7 131.6 1625.3 468.9 132.8 1842.1 623.4 136.5 2015.5 728.5 150.5 2305.1 744.7 153.6 2360.8 760.9 157.4 2436.4 812.7 156.6 2517.4 856.2 161.5 2584.9 891.8 168.8 2624.0 911.4 172.9 2648.2 941.0 169.8 2639.7 25 26 27 255.3 69.7 648.8 277.4 78.0 717.6 329.4 86.7 860.3 349.4 95.7 1005.4 358.8 97.4 1021.0 369.5 99.3 1038.6 383.8 101.9 1069.6 395.8 104.1 1098.5 403.8 105.5 1115.4 408.5 106.4 1122.1 410.8 106.8 1123.8 28 29 30 4422.9 4973.3 5623.2 5955.9 6036.8 6100.5 6092.0 6024.3 5917.3 5873.9 5742.7 31 2451.2 1008.0 2678.0 1097.7 2925.7 1201.3 3102.4 1292.3 3124.1 1308.2 3117.7 1316.1 3122.0 1324.0 3122.5 1345.2 3100.9 1360.7 3070.8 1379.0 3056.4 1411.5 32 33 49.7 49.1 49.4 53.5 54.0 55.0 57.2 59.8 62.3 63.5 65.3 34 Memo: 32 33 Replacement-cost value of structures: Residential Nonresidential 34 Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 23. Included in table B.100, line 28. (6) Line 24 divided by line 31. 105 Z.1, December 11, 2008 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 2 Change in net worth (1) Net investment Q2 Q3 Q4 Q1 2008 Q2 Q3 5938.2 5417.3 5264.2 4206.3 1094.0 917.9 27.1 -1460.3 -2423.7 -392.5 -2813.8 1 506.0 479.3 56.0 -17.0 203.0 -224.5 236.9 178.1 310.9 286.0 58.6 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 585.8 1459.0 873.2 641.1 1581.7 940.6 666.0 1702.9 1036.8 676.5 1717.2 1040.7 112.6 378.5 266.0 151.9 420.6 268.6 172.2 443.9 271.7 138.8 413.5 274.7 73.9 343.6 269.8 107.3 379.8 272.5 108.7 390.2 281.5 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities -79.8 944.3 1024.1 -161.8 995.8 1157.6 -610.1 539.6 1149.7 -693.5 578.9 1272.5 90.5 267.5 177.0 -376.5 -68.1 308.4 64.7 275.3 210.6 39.4 268.7 229.4 237.1 342.6 105.6 178.7 140.3 -38.5 -50.1 77.4 127.4 6 7 8 5298.9 4877.2 5157.9 4218.9 782.0 1174.7 -190.2 -1495.4 -2734.0 -630.8 -2872.2 9 1412.7 1709.5 411.5 473.9 2194.1 974.8 296.7 775.6 2551.6 930.9 193.8 977.4 299.5 1911.4 416.2 637.5 -53.0 530.4 84.4 127.1 -198.5 632.9 201.5 101.0 -495.9 78.2 96.2 47.9 -708.4 -377.0 -144.9 -0.6 -662.4 -910.5 -297.3 -31.9 -217.1 -246.5 -25.5 -9.8 -646.9 -921.8 -522.6 -127.6 10 11 12 13 1291.3 635.9 504.2 954.3 93.0 437.8 83.4 -264.5 -831.9 -132.0 -653.3 14 -98.2 -22.2 -39.7 -43.3 -13.1 -11.0 -15.4 -10.7 5.0 -9.1 1.8 15 9 10 11 12 13 14 15 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Holding gains on assets at current cost (2) 16 17 Consumer durable goods Equipment and software -98.4 0.2 -22.1 -0.1 -40.0 0.2 -44.8 1.5 -13.7 0.5 -11.4 0.3 -15.0 -0.4 -11.2 0.5 5.0 0.0 -10.4 1.3 -0.2 1.9 16 17 18 Other volume changes (3) 231.4 83.1 90.1 47.8 122.1 -21.3 -4.2 -132.3 -5.6 -38.7 -2.0 18 46703.3 8162.5 52120.6 8680.9 57384.8 9062.0 61591.2 9640.7 62685.2 10013.5 63603.0 10088.0 63630.2 10228.8 62169.9 10351.5 59746.2 10425.5 59353.7 10806.0 56539.9 10683.3 19 20 Memo: 19 20 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18). (2) Calculated as change in amount outstanding less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 41. 106 Z.1, December 11, 2008 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2003 1 2 Change in net worth (1) Net investment 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 2008 Q2 Q3 650.8 1125.1 1276.9 1467.2 364.5 553.5 408.0 489.7 181.0 103.5 -52.8 1 149.4 246.4 -134.2 -348.5 -82.1 -76.5 -101.5 -151.5 -64.7 -47.4 -95.5 2 3 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 121.2 749.9 653.1 -13.6 -10.8 196.8 825.7 682.6 -43.1 -10.6 230.0 922.0 738.9 -37.8 -9.0 325.0 1059.4 770.0 -39.5 3.8 65.9 252.3 199.8 -11.1 -2.3 74.2 261.0 202.7 -13.7 -2.2 74.7 271.0 205.6 -6.1 -3.3 76.8 263.0 208.8 -20.3 -2.3 83.5 266.7 211.7 -27.8 -0.7 81.4 280.1 215.7 -37.5 20.6 65.3 267.9 226.0 -22.5 -0.9 3 4 5 6 7 8 9 10 Net financial investment Net acquisition of financial assets - Net increase in liabilities 69.2 82.6 13.4 174.1 783.1 609.0 -3.4 957.8 961.2 -70.8 871.1 941.9 -6.3 208.2 214.5 49.1 275.9 226.8 40.0 359.1 319.0 45.2 251.0 205.8 -23.2 176.4 199.6 -61.8 81.2 143.0 -57.4 -7.4 49.9 8 9 10 11 Net corporate equity issues -41.1 -124.4 -360.7 -602.7 -141.7 -199.8 -216.2 -273.5 -125.0 -67.1 -103.4 11 306.5 514.5 775.0 887.5 216.2 312.6 237.2 281.5 50.7 -26.0 -107.3 12 287.3 19.1 501.4 13.1 765.9 9.1 870.4 17.1 212.9 3.3 302.6 10.0 233.4 3.8 287.1 -5.6 66.7 -16.0 -24.1 -1.9 -85.6 -21.7 13 14 12 13 14 Holding gains on assets at market value (2) Real estate Mutual fund shares 15 Holding gains on assets less liabilities at current cost (2) 42.1 153.2 190.8 98.9 7.3 30.4 9.4 42.7 49.7 81.3 12.5 15 16 17 18 19 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 20.2 15.1 12.0 5.2 51.6 43.9 67.8 10.2 55.9 43.3 87.1 -4.5 80.3 5.3 22.4 9.1 22.0 12.0 0 26.6 18.6 11.8 0 -0.0 6.9 2.4 0 -0.0 21.9 31.9 42.8 53.9 13.2 36.5 0 -0.0 34.1 47.2 0 0.0 43.7 -31.1 -0.0 0.0 16 17 18 19 20 Other volume changes (4) 152.9 211.1 445.3 829.3 223.1 286.9 262.9 316.9 145.3 95.6 137.4 20 10206.7 11331.9 12608.8 14076.0 14440.6 14994.0 15402.0 15891.7 16072.7 16176.1 16123.4 21 Memo: 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Table B.102, line 32. 107 Z.1, December 11, 2008 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 2003 2004 2005 2006 2007 Q1 1 2 Change in net worth (1) Net investment (2) 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 Net acquisition of financial assets Q2 Q3 Q4 Q1 2008 Q2 Q3 441.4 550.4 649.9 332.6 81.0 63.7 -8.4 -67.7 -107.0 -43.4 -131.3 1 38.5 -26.3 -137.0 -115.4 -4.6 -2.7 -17.7 -29.9 -26.9 8.4 11.5 2 31.5 192.9 161.4 20.9 197.5 176.7 15.2 226.9 211.6 56.2 252.2 196.0 0.8 51.6 50.8 17.2 69.2 52.0 6.9 59.3 52.4 7.0 59.7 52.7 -1.4 51.3 52.8 19.7 73.2 53.5 9.8 67.2 57.4 3 4 5 95.5 297.3 382.8 410.8 96.2 106.1 155.3 121.9 82.9 49.0 24.0 6 132.0 14.3 2.6 31.0 115.9 11.9 2.2 28.8 82.0 8.0 1.5 16.9 48.0 4.7 0.9 6.7 17.9 2.3 0.4 1.7 7 8 9 10 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 91.6 -25.7 -0.5 23.2 245.2 22.2 8.4 68.8 331.6 52.0 8.7 142.7 408.6 20.0 9.0 144.7 75.0 9.3 1.7 15.6 95.6 10.8 1.9 17.6 11 Holding gains on real estate (3) 415.6 581.9 799.5 444.3 77.2 71.4 10.0 -38.7 -87.6 -49.2 -147.7 11 350.1 65.5 470.7 111.2 632.9 166.5 251.8 192.5 30.4 46.8 5.3 66.1 -41.5 51.5 -102.1 63.4 -103.4 15.8 -44.5 -4.6 -130.0 -17.7 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -8.0 0.2 -8.3 9.6 9.7 -4.3 -0.1 2.9 9.9 -0.3 6.7 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories -1.4 -8.1 1.5 -0.3 -4.0 4.6 1.5 -14.0 4.3 1.2 6.0 2.4 0.1 8.3 1.2 0.3 -5.9 1.3 -0.2 -0.3 0.4 -0.2 0.3 2.7 -0.1 6.6 3.4 -0.1 -4.6 4.5 0.7 6.5 -0.5 15 16 17 -4.7 -5.4 -4.3 -6.0 -1.2 -0.7 -0.7 -2.0 -2.4 -2.3 -1.8 18 4422.9 4973.3 5623.2 5955.9 6036.8 6100.5 6092.0 6024.3 5917.3 5873.9 5742.7 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 108 Z.1, December 11, 2008 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net financial investment 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 7 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 Net increase in liabilities Credit market instruments 22 23 24 25 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.5 0.2 -0.0 5.8 3.2 -5.2 -0.0 13.8 3.0 -1.1 0.3 9.7 3.8 -2.8 0.4 12.9 2.4 2.4 -0.2 5.4 1.1 5.0 0.1 7.7 3.2 6.4 0.1 -7.4 0.2 8.9 -0.1 -9.6 6.1 0.2 0.0 4.7 7.1 4.8 -0.2 -1.2 11.8 1.2 -0.1 10.5 10.4 -6.8 0.1 9.8 5.8 -0.2 -0.3 14.0 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 109 Z.1, December 11, 2008 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.6 15.5 0.3 59.0 82.7 10.3 0.3 72.8 85.7 9.2 0.5 82.5 89.5 6.4 0.9 95.5 91.9 8.8 0.7 100.9 93.0 13.8 0.8 108.5 96.1 19.9 0.9 101.5 96.4 28.8 0.8 91.9 102.4 29.0 0.9 96.6 109.6 34.1 0.7 95.1 121.3 35.3 0.6 105.6 131.7 31.4 0.7 112.5 137.5 31.2 0.4 126.6 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 110 Z.1, December 11, 2008 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 1 2 3 4 5 6 7 8 9 2005 2006 2007 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 3254.1 1046.3 863.8 293.3 10.0 828.8 99.1 117.0 -4.2 3620.4 1207.8 928.2 397.2 12.1 874.3 109.8 104.3 -13.4 3963.8 1353.2 976.2 449.7 13.4 925.5 120.4 134.2 -8.6 4177.8 1492.8 1015.5 426.3 14.0 965.1 129.5 142.6 -7.9 4117.3 1459.5 1002.7 426.4 12.4 959.8 126.9 140.4 -10.8 4181.1 1489.4 1012.3 445.2 12.8 959.1 128.8 142.0 -8.5 4194.4 1501.6 1019.2 426.0 13.0 966.0 130.9 143.3 -5.5 4218.1 1520.5 1027.7 407.7 17.9 975.3 131.3 144.5 -6.7 4215.6 1535.0 1025.8 375.8 15.3 992.2 132.7 145.9 -7.1 4049.9 1346.1 1039.4 378.9 14.8 995.4 135.6 147.4 -7.7 4157.5 1473.5 1042.5 368.2 14.9 998.7 136.4 131.2 -8.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 3623.2 1844.0 1399.1 26.2 309.3 44.6 0.0 3882.6 1957.5 1485.0 35.5 345.3 59.3 0.0 4118.8 2081.5 1581.4 29.6 376.5 49.7 0.0 4396.7 2212.0 1685.0 36.3 411.1 52.3 0.0 4319.3 2151.2 1668.8 45.3 406.5 47.5 0.0 4356.8 2195.5 1671.1 25.5 408.7 55.9 0.0 4434.0 2234.4 1691.7 31.5 422.9 53.5 0.0 4476.7 2266.8 1708.4 42.8 406.4 52.3 0.0 4598.7 2324.3 1749.5 44.0 430.3 50.6 0.0 4766.3 2380.9 1897.6 32.6 404.4 50.8 0.0 4802.5 2440.1 1834.6 32.5 444.8 50.4 0.0 10 11 12 13 14 15 16 17 18 19 20 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) + Net capital transfers (3) -369.1 230.2 0.0 13.6 -262.2 252.3 0.7 12.0 -155.0 268.0 0.1 14.8 -218.9 289.4 0.1 2.7 -202.0 282.2 -0.7 3.3 -175.7 287.0 0.3 4.8 -239.5 291.8 -1.2 5.0 -258.6 296.3 2.0 -2.1 -383.1 300.5 -2.7 -0.3 -716.4 305.7 0.5 0.4 -645.0 312.2 -1.7 -1.6 17 18 19 20 21 = Gross saving and net capital transfers -125.3 1.4 127.7 73.0 84.2 115.9 58.5 33.6 -80.2 -410.8 -332.7 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -85.8 372.8 10.6 39.2 397.8 9.0 167.3 426.7 -3.7 82.0 462.8 9.7 38.7 445.8 9.3 245.2 460.4 6.6 94.8 469.1 13.3 -50.8 476.1 9.4 -100.7 473.9 3.3 -250.8 492.8 -81.6 -428.0 503.8 4.4 22 23 24 -469.2 89.4 -3.1 -37.2 11.6 3.9 7.7 -367.6 147.9 -14.4 22.5 11.8 5.1 10.0 -255.6 148.8 -2.7 3.3 26.5 6.8 13.5 -390.6 157.4 -0.4 23.6 37.3 4.9 9.7 -416.3 97.4 -0.2 -68.8 25.1 4.4 8.6 -221.8 131.1 -0.6 -15.1 22.5 6.6 12.9 -387.7 314.0 -0.3 196.9 41.0 4.9 9.7 -536.4 87.2 -0.5 -18.6 60.8 3.9 7.6 -577.9 67.2 0.4 -6.8 17.1 -1.1 -2.2 -662.0 -112.7 4.5 -32.8 -6.8 -1.2 -21.3 -936.2 1249.0 -1.3 1268.5 8.8 1.1 -87.9 25 26 27 28 29 30 31 49.5 10.1 21.9 0.3 6.9 9.9 3.7 -3.3 -4.2 -1.3 18.4 48.7 -4.6 60.1 13.1 28.4 0.4 9.0 13.1 3.7 -7.7 2.5 0.8 19.4 67.2 -37.0 88.5 17.6 38.3 0.5 12.1 18.2 1.9 -0.0 -4.4 -1.3 14.2 34.6 -30.1 32.7 -7.3 14.6 0.3 8.8 12.3 6.7 -2.9 2.4 0.7 10.2 20.0 16.3 61.2 11.3 24.5 0.3 7.8 12.5 4.2 0.6 1.4 0.4 7.5 41.7 16.2 88.2 16.9 36.8 0.5 11.7 17.1 4.9 0.2 -15.1 -4.6 12.0 3.5 20.7 2.6 -27.3 7.6 0.3 8.7 10.4 7.4 -4.6 2.3 0.7 13.1 30.1 13.0 -21.3 -30.0 -10.3 0.3 6.9 9.2 10.3 -7.7 21.0 6.4 8.1 4.6 15.3 -66.9 -66.9 -6.3 -0.1 -2.0 -0.3 10.6 -1.8 43.7 13.4 -0.2 52.1 17.8 -31.3 -17.8 -11.9 0.0 -5.0 0.2 10.1 -6.9 -2.6 12.1 -11.3 17.4 -39.4 -15.1 -77.2 46.0 0.1 1.9 -1.1 4.2 11.1 -8.4 -6.1 5.6 63.6 20.3 32 33 34 35 36 37 38 39 40 41 42 43 44 558.6 0.0 0.7 452.1 0.6 337.0 -0.6 115.1 0.0 45.5 1.1 59.2 515.5 0.0 0.8 385.7 0.7 214.3 -0.4 171.1 0.0 65.1 1.1 62.8 404.4 0.0 0.6 298.4 -2.7 150.9 -0.3 150.5 0.0 41.8 1.5 62.1 548.0 0.0 0.7 407.8 -6.0 228.9 -0.4 185.2 0.0 60.7 1.2 77.6 513.7 0.0 0.4 418.1 -8.2 208.9 -1.3 218.7 0.0 60.9 -0.1 34.5 352.9 0.0 1.3 180.5 -6.1 -18.7 -0.1 205.5 0.0 73.0 2.3 95.8 701.7 0.0 1.4 559.0 -4.5 412.5 -0.8 151.9 0.0 57.2 -0.0 84.1 623.7 0.0 -0.4 473.5 -5.0 312.9 0.7 164.8 0.0 51.8 2.6 96.2 645.2 0.0 -0.9 523.6 -4.2 452.4 1.3 74.2 0.0 70.2 -0.3 52.6 549.3 0.0 -0.5 357.2 -1.1 340.1 0.3 17.9 0.0 87.5 2.0 103.2 2185.2 0.0 -1.2 2059.5 -1.3 1998.4 -1.7 64.2 0.0 21.9 -0.4 105.4 45 46 47 48 49 50 51 52 53 54 55 56 -39.5 -37.7 -39.7 -8.9 45.5 -129.3 -36.3 84.5 20.5 -160.1 95.3 57 -741.9 272.2 -469.7 -660.0 291.5 -368.5 -581.6 324.9 -256.7 -681.8 290.0 -391.8 -647.8 229.7 -418.0 -636.0 413.1 -222.9 -708.6 319.7 -389.0 -734.7 197.4 -537.3 -857.0 277.3 -579.7 -1209.3 546.0 -663.3 -1148.8 211.3 -937.5 58 59 60 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 32 33 34 35 36 37 38 39 40 41 42 43 44 Credit market instruments Open market paper Agency- and GSE-backed securities (4) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (5) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 45 46 47 48 49 50 51 52 53 54 55 56 Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (7) 57 Discrepancy 58 59 60 Memo: Net govt. saving less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (8) Line 17 less line 23. (9) Line 18 plus line 20 less sum of lines 19, 24, and 56. (10) Line 57 plus line 58. 111 Z.1, December 11, 2008 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 5 6 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 20 Total liabilities 21 22 SDR certificates Treasury currency 23 24 25 26 27 28 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 29 30 31 Trade payables Insurance reserves Miscellaneous liabilities (4) 2005 2006 2007 Q1 Q2 2007 Q3 Q4 Q1 2008 Q2 Q3 2239.9 2369.4 2557.4 2750.4 2572.3 2646.4 2735.9 2750.4 2737.9 2734.7 3032.7 1 54.5 64.1 173.0 66.6 131.2 35.3 89.3 184.8 71.7 141.2 34.5 91.5 211.2 78.5 154.6 36.3 113.5 248.6 83.5 164.3 34.7 58.9 215.8 79.6 156.8 34.4 73.5 217.1 81.3 160.0 36.0 122.2 229.4 82.5 162.4 36.3 113.5 248.6 83.5 164.3 39.2 94.9 250.6 83.2 163.8 39.0 106.0 244.4 82.9 158.5 44.6 417.2 249.1 83.2 136.5 2 3 4 5 6 1074.9 1135.0 1223.6 1256.2 1241.3 1261.8 1263.7 1256.2 1242.0 1232.7 1230.2 7 171.7 373.2 4.7 118.2 216.6 86.1 104.5 184.8 401.6 5.0 127.2 229.7 89.8 96.8 202.4 439.9 5.5 139.4 247.9 91.7 96.8 195.2 454.6 5.8 148.1 260.2 98.4 93.9 205.3 446.0 5.6 141.3 251.1 95.1 96.9 209.5 455.2 5.7 144.2 255.3 94.9 97.0 202.7 457.1 5.8 146.4 257.9 98.0 95.8 195.2 454.6 5.8 148.1 260.2 98.4 93.9 178.4 453.0 5.8 147.6 260.2 103.5 93.5 174.0 450.0 5.8 146.4 260.2 104.6 91.7 154.7 461.5 5.8 146.9 259.9 106.9 94.5 8 9 10 11 12 13 14 90.0 27.5 96.8 29.6 106.0 32.5 112.7 34.5 107.5 32.9 109.7 33.6 111.4 34.1 112.7 34.5 112.3 34.4 109.5 36.7 97.4 31.8 15 16 196.2 179.7 182.2 215.6 220.7 149.5 229.8 286.6 108.6 239.9 340.0 120.9 231.2 298.8 114.9 235.7 313.1 126.1 237.6 326.5 130.1 239.9 340.0 120.9 239.0 352.8 125.8 237.9 364.9 122.4 238.1 376.7 128.0 17 18 19 7267.0 7764.2 8162.8 8711.1 8360.5 8330.5 8509.0 8711.1 8954.9 8961.7 9515.6 20 2.2 26.7 2.2 27.5 2.2 28.1 2.2 28.7 2.2 28.2 2.2 28.5 2.2 28.8 2.2 28.7 2.2 28.5 2.2 28.4 2.2 28.1 21 22 5678.8 204.4 3777.2 24.3 1673.0 0.0 6064.5 205.1 3991.5 23.8 1844.1 0.0 6362.9 202.4 4142.4 23.5 1994.6 0.0 6770.6 196.4 4371.3 23.1 2179.8 0.0 6553.8 200.3 4279.0 23.2 2051.3 0.0 6487.0 198.6 4155.1 23.2 2110.1 0.0 6624.0 197.1 4271.5 23.0 2132.6 0.0 6770.6 196.4 4371.3 23.1 2179.8 0.0 7000.0 195.3 4580.2 23.5 2201.1 0.0 6963.4 194.9 4533.5 23.5 2211.5 0.0 7477.2 194.2 5047.7 23.1 2212.2 0.0 23 24 25 26 27 28 616.1 41.6 901.6 681.2 42.7 946.1 723.1 44.2 1002.4 783.8 45.4 1080.4 740.1 44.2 992.0 761.9 44.7 1006.2 776.4 44.7 1032.7 783.8 45.4 1080.4 803.1 45.3 1075.7 828.8 45.8 1093.2 834.5 45.7 1128.0 29 30 31 (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 112 Z.1, December 11, 2008 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1 Net acquisition of financial assets -21.9 -35.9 -43.2 -46.5 -66.6 -75.3 -63.2 -34.6 -13.2 -37.1 -32.4 -38.6 -41.4 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.3 8.3 0.0 -0.4 0.2 14.3 0.0 3.0 0.4 16.8 0.0 0.1 0.6 16.4 0.0 0.0 0.2 -19.7 0.0 -0.3 1.2 -23.7 0.0 -9.0 0.6 -35.1 0.0 -1.5 -0.2 -5.5 0.0 -0.6 0.1 2.3 0.0 1.1 0.1 -4.8 0.0 0.4 0.1 5.6 0.0 0.7 0.2 0.4 0.0 0.3 0.2 1.6 0.0 0.2 2 3 4 5 6 Credit market instruments 7 8 9 10 11 21.8 -11.2 37.3 -23.7 89.0 -123.7 -19.6 -36.5 73.3 -10.5 33.8 24.3 104.8 6 Open market paper Treasury securities Agency- and GSE-backed securities -0.4 1.6 3.2 3.0 -5.1 -12.3 0.1 3.2 7.1 0.1 -20.6 -18.2 0.4 18.6 30.4 -7.4 -11.7 -37.3 -0.3 -0.4 1.8 -1.4 -12.7 -17.9 -0.9 14.3 35.6 -0.3 -6.9 7.7 0.6 1.4 16.1 0.3 11.8 -2.4 -4.5 32.8 36.7 7 8 9 Corporate and foreign bonds Mortgages 17.4 0.1 3.1 0.0 26.5 0.5 15.4 -0.4 39.6 0.0 -66.1 -1.3 -21.3 0.6 -4.7 0.2 24.3 -0.1 -10.8 -0.1 15.9 -0.2 14.6 -0.1 40.3 -0.5 10 11 -60.8 14.1 -63.1 7.6 -105.3 7.3 -52.5 7.8 -128.9 5.9 85.1 41.7 39.6 -17.6 -16.0 20.2 -34.9 -41.6 -12.6 11.2 -43.6 -8.7 -114.7 16.4 -232.5 18.0 12 13 -5.2 -5.6 1.6 -1.3 13.4 2.7 1.6 9.0 0.3 -5.3 5.4 0.2 4.9 -3.4 8.0 0.3 -12.8 -14.2 -7.5 8.9 -47.0 -5.2 -17.4 -24.4 -29.6 -1.0 -25.8 -2.8 3.9 11.0 -4.5 -2.6 -13.4 -10.7 -0.0 -2.6 -20.9 -24.5 -2.0 5.5 -20.4 -17.0 -1.9 -1.5 34.5 20.1 -0.2 14.5 66.2 29.5 -0.2 36.9 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 54.9 39.6 27.4 88.1 51.8 51.9 43.4 51.5 39.8 46.9 51.8 48.8 38.8 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.6 -0.2 6.3 0.7 0.6 -5.4 11.2 1.9 1.0 -5.8 13.4 1.1 -1.4 13.3 2.3 1.1 1.1 -19.6 12.1 2.3 2.1 0.8 4.2 3.9 -1.4 -1.3 -6.1 -7.4 0.5 1.6 9.4 2.0 0.1 0.7 -0.2 0.3 0.1 0.2 0.6 1.1 0.2 0.6 1.9 1.0 0.2 0.7 3.4 2.9 0.4 1.0 3.4 10.1 2 3 4 5 6 Credit market instruments -4.9 5.1 7.1 16.6 18.2 -1.3 -16.4 27.9 -4.1 10.1 10.6 26.7 16.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.3 -1.9 -1.6 3.0 0.3 1.0 1.5 -1.2 -0.9 3.0 7.4 1.0 5.6 -1.9 9.1 1.3 1.8 4.4 -8.0 -7.2 3.4 3.6 9.3 -1.5 -2.3 -1.1 2.7 0.6 2.9 3.6 1.5 1.6 2.5 2.7 2.8 13.1 -1.2 7.3 2.2 7 8 9 Corporate and foreign bonds Mortgages -3.4 0.7 0.2 0.7 7.6 0.3 5.0 0.2 3.5 1.8 -10.2 1.5 -1.8 -2.8 16.1 0.4 -3.4 -0.0 3.2 -0.1 5.0 0.0 8.3 -0.2 7.0 1.2 10 11 -30.2 57.8 -28.4 38.0 -45.4 48.0 21.0 45.8 -51.5 93.5 -22.3 75.6 67.0 35.7 -45.5 39.7 10.9 37.9 23.8 24.8 25.1 18.9 -3.6 24.9 -11.2 21.3 12 13 24.7 13.4 3.8 7.6 16.7 2.1 3.8 10.8 7.9 -4.6 3.0 9.6 -10.7 -20.1 4.8 4.5 -4.2 -4.3 -10.8 10.9 -11.1 -30.4 -1.7 21.0 -26.7 12.9 1.2 -40.7 16.0 1.2 6.0 8.8 -5.7 -7.3 -0.1 1.8 -13.9 -10.8 -1.1 -2.0 -6.4 -1.6 0.0 -4.9 -6.4 0.7 -1.8 -5.3 -2.6 -0.3 4.7 -7.0 14 15 16 17 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Total held at: 122.2 132.8 151.8 191.5 219.7 239.8 182.9 200.4 192.5 228.1 262.0 303.5 348.5 1 2 3 4 Commercial banking Saving institutions Credit unions 6.5 -1.9 1.2 0.7 -3.9 0.9 0.1 -6.0 1.2 -0.5 -5.3 0.3 -3.4 -3.1 0.9 8.9 -2.3 0.4 3.1 -1.8 3.2 5.4 -0.7 3.4 0.5 1.0 3.5 1.9 -1.1 0.9 7.3 0.1 1.6 26.7 3.9 3.9 8.7 13.5 5.0 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 11.2 12.9 62.5 29.8 10.3 8.9 53.3 62.5 47.5 2.0 94.6 12.4 24.6 24.0 89.7 58.6 40.8 23.0 95.6 65.8 19.5 7.0 49.7 156.5 26.6 24.0 33.2 94.6 82.2 16.0 18.7 75.4 5.2 -16.0 104.3 94.0 -14.6 -15.0 70.4 185.8 21.8 9.0 73.2 149.0 -0.5 32.0 103.3 134.2 23.8 45.0 114.1 138.3 5 6 7 8 (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6). 113 Z.1, December 11, 2008 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1466.1 1590.2 1763.5 1907.7 2074.6 1979.0 1810.2 1639.3 1994.5 2132.2 2281.3 2531.5 2613.0 1 2.1 75.4 0.0 11.2 2.2 89.7 0.0 14.2 2.6 106.4 0.0 14.2 3.2 122.9 0.0 14.3 3.4 103.2 0.0 14.0 4.7 79.5 0.0 4.9 5.3 44.3 0.0 3.5 5.1 38.8 0.0 2.8 5.1 41.1 0.0 3.9 5.2 36.3 0.0 4.4 5.3 42.0 0.0 5.1 5.5 42.3 0.0 5.4 5.8 44.0 0.0 5.6 2 3 4 5 460.1 448.9 486.3 462.6 551.6 427.9 408.3 371.8 445.1 434.7 468.5 492.8 597.6 6 Open market paper Treasury securities Agency- and GSE-backed securities 11.2 79.7 185.6 14.2 74.7 173.3 14.2 77.9 180.4 14.4 57.2 162.2 14.8 75.9 192.6 7.4 64.2 155.3 7.1 63.9 157.1 5.7 51.2 139.2 4.8 65.5 174.8 4.5 58.6 182.5 5.1 60.0 198.5 5.5 71.8 196.1 1.0 104.6 232.8 7 8 9 Corporate and foreign bonds Mortgages 178.8 4.8 181.9 4.9 208.4 5.4 223.8 5.0 263.3 5.0 197.2 3.7 175.9 4.4 171.3 4.6 195.6 4.5 184.7 4.4 200.6 4.2 215.2 4.1 255.6 3.6 10 11 12 13 Corporate equities Mutual fund shares 688.8 68.5 764.3 91.0 844.0 122.3 949.1 156.6 1006.3 199.0 1076.0 236.4 1060.7 180.8 917.6 188.8 1170.8 197.4 1294.2 233.6 1392.8 253.4 1532.7 296.4 1395.8 333.6 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 160.1 80.7 45.8 33.5 179.9 89.9 47.5 42.5 187.7 92.0 52.8 42.8 199.1 95.1 60.9 43.1 197.2 91.9 53.4 52.0 149.7 86.1 36.0 27.6 107.4 72.4 10.2 24.8 114.4 86.4 5.7 22.2 131.0 105.7 5.7 19.6 123.9 95.0 3.7 25.2 114.3 88.8 1.8 23.7 156.4 116.5 1.6 38.2 230.7 154.2 1.4 75.1 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1432.7 1634.2 1949.3 2236.2 2519.2 2488.6 2238.0 2037.9 2525.6 2783.0 3014.2 3353.9 3539.4 1 2.8 34.8 37.9 11.3 3.4 29.4 49.1 13.2 4.3 23.7 62.5 14.3 2.9 37.0 64.8 15.4 4.0 17.4 76.9 17.7 6.1 18.2 81.1 21.6 4.7 17.0 75.1 14.2 5.1 18.6 84.5 16.2 5.2 19.3 84.3 16.5 5.3 19.5 84.9 22.1 5.5 20.0 86.7 23.1 5.7 20.8 90.1 26.0 6.0 21.8 93.5 36.2 2 3 4 5 148.3 153.4 160.5 177.2 195.3 194.0 177.5 205.4 201.3 211.5 222.1 248.8 265.3 6 Open market paper Treasury securities Agency- and GSE-backed securities 13.7 41.0 27.5 16.6 41.3 28.5 18.1 40.1 27.5 21.1 47.5 28.6 26.6 45.6 37.7 27.9 47.4 42.1 19.9 40.2 45.4 23.6 49.5 44.0 21.3 48.4 46.7 21.9 51.3 50.3 23.4 52.8 52.8 26.1 55.6 66.0 24.9 62.9 68.1 7 8 9 Corporate and foreign bonds Mortgages 62.3 3.8 62.5 4.4 70.1 4.7 75.1 4.9 78.6 6.7 68.4 8.2 66.6 5.4 82.6 5.8 79.3 5.8 82.4 5.6 87.4 5.6 95.8 5.4 102.8 6.6 10 11 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 568.0 288.5 638.8 381.6 759.7 537.8 920.1 633.3 959.9 857.5 894.6 895.3 848.0 782.1 670.9 743.1 925.8 929.4 1039.4 1044.6 1144.2 1145.6 1274.6 1306.2 1302.8 1415.7 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 341.1 241.4 37.9 61.8 365.4 251.1 41.7 72.6 386.5 259.7 44.7 82.1 385.4 249.2 49.6 86.7 390.4 254.1 38.7 97.6 377.6 222.0 37.0 118.6 319.5 203.4 38.2 77.9 294.0 163.2 44.2 86.6 343.7 211.3 44.1 88.4 355.8 233.5 43.0 79.3 367.0 249.6 43.0 74.5 381.8 271.4 41.2 69.1 398.1 290.1 45.8 62.1 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total held at: 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2619.0 2533.0 2993.0 3299.0 3652.0 4220.0 4747.0 1 2 3 4 Commercial banking Saving institutions Credit unions 151.1 76.9 33.0 151.9 73.0 33.8 152.0 67.0 35.0 151.5 61.8 35.3 148.1 58.7 36.2 157.0 56.4 36.7 160.1 54.6 39.9 165.6 53.8 43.3 166.1 54.8 46.8 168.0 53.7 47.7 175.3 53.8 49.3 202.0 57.6 53.2 210.7 71.2 58.2 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 94.3 74.1 376.4 482.1 110.3 83.0 481.0 533.9 160.0 85.0 654.0 575.0 190.1 109.0 819.0 783.3 245.5 132.0 1081.0 949.5 245.5 139.0 1049.0 945.4 251.0 163.0 963.3 987.1 308.3 179.0 824.0 959.0 338.4 163.0 1093.0 1130.9 347.0 148.0 1277.0 1257.7 381.0 157.0 1433.0 1402.6 406.0 189.0 1698.0 1614.2 435.0 234.0 1907.0 1830.9 5 6 7 8 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6). 114 Flow of Funds Matrix for 2007 Z.1, December 11, 2008 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Gross saving and net cap. transfers Capital consumption Net saving (1 less 2) ---- 1332.5 1080.9 251.6 ---- 1282.6 1053.7 228.8 ---- 246.6 177.6 69.1 ---- -173.6 111.8 -285.4 ---- 2688.2 2424.0 264.1 ---- 720.9 -720.9 ---- 265.1 90.6 174.5 ---- 3674.3 2514.6 1159.6 ---- 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 1474.5 1656.4 993.4 546.2 116.9 --- -------- 1410.8 1323.9 -91.1 1246.6 -3.6 -10.2 -------- 295.2 350.6 -5.8 333.8 -11.0 -------- -213.2 121.9 -2.6 120.6 --1.3 -------- 2967.3 3452.9 993.4 645.7 1817.9 -3.6 -0.5 -------- 773.0 0.5 ----0.5 -------- 74.5 133.2 --7.1 140.3 --- -------- 3814.8 3586.6 993.4 638.6 1958.2 -3.6 -- -------- -140.5 87.7 ------ 11 12 13 Net financial investment Financial uses Financial sources -181.9 743.4 -- --925.3 86.9 1578.8 -- --1492.0 -55.4 168.5 -- --223.9 -335.1 4.1 -- --339.2 -485.6 2494.9 -- --2980.5 772.5 1693.9 -- --921.4 -58.7 4713.4 -- --4772.1 228.2 8902.2 -- --8674.0 -228.2 -228.2 -- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs ---13.0 --124.9 430.5 239.0 -- ---------- ----0.6 -105.2 15.5 150.4 -7.2 ---------- ------1.5 36.2 4.9 9.7 ---------- -0.4 ----25.1 1.2 --- -0.0 0.7 ------- -0.4 --12.4 -3.9 483.4 394.3 2.5 -0.0 0.7 ------- -0.2 ----120.7 -5.6 43.8 7.2 78.8 -0.0 --216.7 ------ 0.5 0.0 0.5 50.2 54.2 31.9 78.8 339.5 232.6 -----64.7 30.3 606.0 741.0 17.3 -0.0 0.0 0.5 62.6 -66.4 30.2 606.0 741.0 313.9 -0.0 0.0 0.7 216.7 -64.7 30.3 606.0 741.0 17.3 --0.2 154.1 1.7 0.1 ---296.6 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 314.9 -38.0 -159.1 329.5 32.1 138.8 -7.7 3.8 -- 876.3 ---22.6 -11.4 3.2 705.4 133.6 -48.3 -64.1 14.6 1.8 3.2 ----2.2 -1.6 1224.2 11.3 --7.6 311.2 228.7 278.7 386.7 -- 41.5 -7.3 14.5 14.6 0.3 8.8 --10.5 -- 185.9 ---185.2 --0.7 --- 6.4 --0.0 ----2.2 1.9 6.7 237.1 -237.5 -0.4 ----0.0 -- 314.4 -109.4 -130.0 346.0 35.6 147.6 -5.5 13.9 5.1 2523.4 11.3 237.5 -0.4 215.4 311.2 240.1 282.5 1092.1 133.6 1012.6 -10.7 215.7 277.3 -1.4 425.0 -106.7 --- 124.3 -67.4 ---170.7 24.1 -3.2 --- 3083.5 -49.3 151.7 285.1 181.2 579.3 330.2 392.9 1083.9 128.5 1762.9 -113.3 -908.7 -670.1 66.0 225.8 5.7 -- 4410.5 -169.4 237.5 908.3 215.4 1152.0 330.2 505.1 1097.8 133.6 4410.5 -169.4 237.5 908.3 215.4 1152.0 330.2 505.1 1097.8 133.6 ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -839.8 270.1 -210.8 --14.6 33.4 -9.4 284.1 -- -831.2 -233.9 -- 2.4 0.7 10.0 -- --38.1 -- --0.2 -- --22.7 -- -837.4 280.3 294.3 210.8 -831.2 -309.2 33.4 176.3 14.0 20.8 0.0 118.0 -11.2 0.0 99.1 70.8 2.0 65.7 151.1 365.1 -2.4 243.0 -562.0 365.1 317.1 276.5 -562.0 365.1 318.0 276.5 --0.9 -- 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 34.2 177.7 --49.4 67.2 ----1.0 ----1070.4 --9.6 -55.6 911.0 --49.3 -15.3 ------ ---29.4 -1.0 1.2 ---77.6 34.2 177.7 20.0 -49.4 1153.9 1.2 -9.6 -55.6 989.6 ----467.0 ----451.3 ----604.1 33.0 177.7 16.0 6.2 689.6 34.2 177.7 20.0 -49.4 2225.0 34.2 177.7 25.7 -49.4 2130.5 --5.7 --94.5 42 Sector discrepancies (1 less 4) -141.9 -- -128.2 -- -48.5 -- 39.6 -- -279.1 -- -52.1 -- 190.6 -- -140.5 -- -140.5 General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Flow of Funds Matrix for 2007 Z.1, December 11, 2008 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Total financial assets Total liabilities and equity Total liabilities 49456.7 --- -14379.2 14379.2 17360.6 --- -41220.9 18081.8 2634.8 --- -2747.0 2747.0 659.0 --- -6507.5 6507.5 70111.2 --- -64854.6 41715.4 16048.8 --- -13168.2 7997.6 62647.2 --- -65610.5 60834.1 148807.1 --- -143626.0 110539.9 -5181.1 --- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----78.2 -- -------- -----49.0 -- -------- -------- -------- 9.5 4.3 22.5 ----- ---2.2 28.7 --- 9.5 4.3 22.5 --127.3 -- ---2.2 28.7 --- -------24.0 -4.2 45.8 --1302.5 -- 11.0 -0.1 23.3 2.2 38.7 134.3 124.4 ------122.1 20.5 4.2 45.8 2.2 38.7 261.6 100.4 -4.2 45.8 2.2 28.7 1302.5 122.1 -20.5 ----9.9 1040.9 21.7 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 77.4 5839.4 1356.4 -- ----- 651.4 897.1 664.4 8.4 ----- 57.0 245.7 83.5 164.3 ----- 56.5 2.8 --- ----- 842.3 6985.0 2104.3 172.7 ----- 305.9 211.1 32.8 1107.8 ----- 376.2 406.9 916.1 1061.7 1537.6 7603.0 3053.2 2165.9 1524.5 7603.0 3053.2 2342.2 1537.6 7603.0 3053.2 2165.9 13.1 ---176.3 15 16 17 18 19 20 21 22 23 24 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 4160.2 149.7 191.1 737.7 906.0 2017.6 -16.1 142.0 -- 13815.3 ---249.5 -107.7 127.0 10779.2 2551.9 376.9 58.9 115.2 18.2 37.1 ---92.3 55.2 10588.9 123.8 --189.3 3559.1 1549.1 1496.0 3671.6 -- 1512.0 195.2 531.5 454.6 5.8 148.1 --176.9 -- 2191.7 ---2179.8 --11.9 --- 287.6 --0.0 ---105.8 83.4 98.4 5122.3 -5099.2 23.1 ----0.0 -- 6336.7 403.7 837.8 1210.5 949.0 2165.7 -121.9 494.6 153.6 31718.2 123.8 5099.2 23.1 2618.6 3559.1 1656.8 1634.9 14450.7 2551.9 7367.4 276.9 2432.1 1571.3 33.0 2780.5 -273.6 --- 2016.5 412.2 ---1478.1 102.8 23.4 --- 36178.1 1107.9 1829.3 4615.1 1636.6 6346.8 2000.6 2130.0 14113.4 2398.3 16154.8 1252.6 -7373.7 -6255.9 241.0 867.1 157.2 -- 49882.3 1788.6 5099.2 7396.9 2618.6 11293.1 2000.6 2525.5 14608.0 2551.9 49882.3 1788.6 5099.2 7396.9 2618.6 11293.1 2000.6 2525.5 14608.0 2551.9 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 9300.2 4972.4 -866.4 --214.5 325.5 -224.8 2860.5 -- 15242.9 -2419.3 -- 112.7 34.5 168.4 -- --555.4 -- --71.5 -- --228.4 -- 9412.9 5231.7 3100.4 866.4 15242.9 -3417.6 325.5 2750.5 324.5 83.5 0.0 5170.6 -71.9 0.0 13024.0 2272.7 196.8 660.0 4773.9 7829.0 45.8 1200.9 25187.4 7829.0 3380.8 1526.4 25187.4 7829.0 3535.3 1526.4 --154.5 -- 29 30 31 32 33 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 1201.5 13007.4 -7898.7 698.4 ----23.9 ----11628.2 --198.1 7896.2 4875.4 --238.5 -18.1 ------ --101.5 -102.8 45.4 ---1080.4 1201.5 13007.4 340.0 7898.7 12447.5 45.4 -198.1 7896.2 5979.7 ----3889.2 ----4556.7 ----7220.8 1156.1 13007.4 148.6 2.5 6809.7 1201.5 13007.4 340.0 7898.7 23557.5 1201.5 13007.4 346.7 7898.7 17346.1 --6.8 --6211.4 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 25) and equity in noncorporate business (line 32). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities. 115 116 Z.1, December 11, 2008 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1996 1 Assets 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 35292.6 39185.4 43502.4 49092.8 49619.4 50002.9 49599.0 56563.7 63153.4 69566.2 75045.0 76549.1 1 2 Tangible assets 11772.5 12388.1 13411.8 14538.8 16233.6 17740.5 19257.1 21159.4 23963.9 27124.7 28061.2 27092.4 2 3 Financial assets 23520.1 26797.2 30090.6 34554.0 33385.8 32262.4 30341.9 35404.3 39189.5 42441.5 46983.9 49456.7 3 4 5 Deposits Credit market instruments 3519.3 2534.8 3686.8 2522.8 3903.1 2582.8 4078.3 2744.9 4408.7 2654.1 4912.0 2585.0 5192.7 2762.3 5403.8 3047.5 5789.6 3355.2 6179.2 3648.6 6793.8 3842.8 7351.5 4160.2 4 5 6 Equity shares at market value 8701.1 11204.1 13581.8 17210.2 15354.8 13493.8 10614.3 14139.5 16008.9 17402.5 20075.3 20625.4 6 7 Directly held 4712.2 6144.3 7511.2 9769.9 8147.3 6829.5 5161.2 6787.7 7495.9 8007.0 9275.4 9300.2 7 8 Indirectly held 3988.9 5059.8 6070.6 7440.4 7207.5 6664.3 5453.1 7351.8 8513.0 9395.5 10800.0 11325.2 8 373.3 1724.4 821.4 902.9 892.5 18.8 979.9 510.5 2089.0 926.6 1162.4 1114.4 29.9 1316.0 665.4 2462.4 1057.8 1404.7 1268.4 43.0 1631.3 904.4 2812.6 1154.3 1658.3 1512.5 56.9 2153.9 882.8 2871.2 1248.0 1623.2 1428.5 56.6 1968.4 806.5 2630.2 1184.6 1445.6 1386.6 49.1 1791.8 692.5 2223.6 1031.1 1192.4 1157.4 45.9 1333.7 887.3 2923.2 1300.2 1623.0 1557.3 79.9 1904.1 1028.9 3301.8 1452.9 1848.9 1761.2 99.2 2321.9 1140.1 3605.2 1567.7 2037.4 1887.3 112.6 2650.4 1334.7 4044.6 1741.9 2302.7 2130.6 138.1 3151.9 1466.8 4036.1 1629.2 2406.9 2194.6 149.2 3478.5 9 10 11 12 13 14 15 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 8764.9 9383.6 10022.9 10520.6 10968.1 11271.6 11772.7 12813.5 14035.7 15211.1 16271.9 17319.6 16 17 Liabilities 5414.9 5762.1 6217.0 6794.4 7400.1 8031.2 8833.9 9860.3 11032.7 12181.4 13453.8 14379.2 17 18 Net worth 29877.7 33423.3 37285.4 42298.4 42219.3 41971.7 40765.1 46703.3 52120.6 57384.8 61591.2 62169.9 18 6987.2 9163.1 11255.6 14543.4 12678.3 10922.5 8418.9 11264.2 12775.5 13928.0 16181.4 16780.2 19 24.7 37.0 28.6 41.8 31.2 45.1 35.1 49.8 30.9 46.0 27.0 41.8 21.4 35.0 25.0 39.9 25.3 40.9 25.0 41.0 26.8 42.7 26.9 41.7 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 14) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15 could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER