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For use at 12:00 p.m., eastern time Thursday June 10, 2004 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings First Quarter 2004 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics First Quarter 2004 Domestic nonfinancial debt rose at a seasonally adjusted annual rate of 8-1/2 percent in the first quarter of 2004, somewhat faster than the 6-1/2 percent pace of the previous quarter. The pickup in debt growth early this year mainly reflected faster borrowing by the federal and state and local government sectors and the household sector. quarter of 2004, after having expanded at a 7-1/4 percent pace in the previous quarter; mortgage borrowing and consumer credit both contributed to the pickup. Debt of nonfinancial businesses increased at an annual rate of 4 percent in the first quarter of 2004, close to the fourth-quarter pace. Among the components of nonfinancial business borrowing, net issuance of corporate bonds and commercial paper was stronger early this year than at the end of 2003, but borrowing in the form of mortgages, bank loans, and other types of loans was somewhat weaker. On a seasonally adjusted basis, federal government debt increased 11-1/2 percent at an annual rate in the first quarter of 2004, after having risen at a 9 percent pace in the previous quarter. In the state and local government sector, debt growth rose to an annual rate of 9-1/2 percent, as a noticeable increase in the net issuance of longer-term municipal securities more than offset a decline in net short-term issuance. Household debt grew at an annual rate of 11 percent in the first The level of domestic nonfinancial debt outstanding was $22.8 trillion at the end of the first quarter of 2004. Debt of nonfederal sectors was $18.6 trillion, and federal debt held by the public was $4.1 trillion. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1994 1995 1996 1997 1998 4.6 5.3 5.2 5.3 6.8 4.7 4.1 4.0 0.6 -1.4 4.6 5.7 5.7 7.0 9.6 7.6 7.1 6.8 5.8 7.9 3.8 7.2 6.2 9.0 12.2 -4.0 -5.5 -1.5 4.0 6.3 1999 2000 2001 2002 2003 6.3 4.9 6.2 7.0 8.2 -1.9 -8.0 -0.2 7.6 10.9 8.8 8.4 7.7 6.8 7.6 8.2 8.8 9.0 9.7 10.4 10.6 9.4 6.1 2.9 4.3 3.4 1.3 8.9 11.1 8.2 6.9 11.3 7.2 6.4 4.5 20.4 8.2 9.0 7.5 9.3 7.0 5.9 10.8 11.7 10.2 7.3 3.8 5.9 3.2 3.9 5.7 12.4 6.1 7.6 8.0 10.9 4.1 9.6 2003: Q1 Q2 Q3 Q4 2004: Q1 8.6 11.6 1. Changes shown are on an end-of-period basis. Table of Contents Title Table Page Flow of Funds Accounts, First Quarter 2004 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 Bank Personal Trusts and Estates F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Other Insurance Companies F.118 30 L.118 75 Private Pension Funds F.119 31 L.119 76 State and Local Government Employee Retirement Funds F.120 31 L.120 76 Federal Government Retirement Funds F.121 31 L.121 76 Money Market Mutual Funds F.122 32 L.122 77 Title Sectors Title Flows Table Page Levels Table Page Mutual Funds F.123 32 L.123 77 Closed-End and Exchange-Traded Funds F.124 32 L.124 77 Government-Sponsored Enterprises F.125 33 L.125 78 Agency- and GSE-backed Mortgage Pools F.126 33 L.126 78 Issuers of Asset-Backed Securities F.127 34 L.127 79 Finance Companies F.128 34 L.128 79 Mortgage Companies F.129 35 L.129 80 Real Estate Investment Trusts F.130 35 L.130 80 Security Brokers and Dealers F.131 36 L.131 81 Funding Corporations F.132 36 L.132 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 Table Page Title 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 Investment in Bank Personal Trusts F.227 52 L.227 97 Proprietors' Equity in Noncorporate Business F.228 52 Total Miscellaneous Financial Claims F.229 53 L.229 98 Identified Miscellaneous Financial Claims - Part I F.230 54 L.230 99 Identified Miscellaneous Financial Claims - Part II F.231 55 L.231 100 Unidentified Miscellaneous Financial Claims F.232 56 L.232 101 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.119.b 112 L.119.b 113 Private Pension Funds: Defined Contribution Plans F.119.c 112 L.119.c 113 Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 Title Supplementary Tables Flow of Funds Matrix for 2003 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 114 115 B.100.e 116 1 Flow of Funds Accounts, First Quarter 2004 This publication presents the flow of funds accounts for 2004:Q1. 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. 1. Data for investment and depreciation flows of all sectors, and capital stocks for the household, nonfarm nonfinancial corporate business, and nonfarm noncorporate business sectors have been revised beginning in 1945 to reflect advance annual estimates of fixed assets from the Bureau of Economic Analysis of the Department of Commerce. 2. Investment in nonproduced nonfinancial assets by the nonfinancial corporate business sector (table F.102), state and local government sector (table F.105), federal government sector (table F.106), and rest of the world sector (table F.107) are now shown in the sector tables and in table F.9 as memo items. Estimates are from the Bureau of Economic Analysis of the Department of Commerce, and a description of nonproduced nonfinancial assets can be found in the July 1999 Survey of Current Business (page 63). 3. Assets of the nonfarm nonfinancial corporate business sector (tables F.102 and L.102) were revised from 2001:Q1 onward to reflect final data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2001 and advance data for 2002. 4. For the private pension fund sector (tables F.119 and L.119), estimates have been revised to reflect figures from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 1999. 5. The federally related mortgage pool sector (tables F.126 and L.126) has been renamed to agencyand GSE-backed mortgage pools. The instrument category agency securities (F.210 and L.210) has been renamed to agency- and GSE-backed securities. 6. For the savings institution sector (tables F.114 and L.114), a breakdown of agency- and GSE-backed securities and corporate bonds into mortgage passthrough securities, CMOs and other structured MBS, and other is now shown. This additional detail is similar to that shown for the U.S.-chartered commercial bank sector (tables F.110 and L.110). 7. In the issuers of asset-backed securities (ABS) sector (tables F.127 and L.127), data for home mortgage assets have been revised from 1990:Q4 onward to incorporate new source data. Home equity loans held by ABS issuers (tables F.218 and L.218, line 28) have also been revised to remove subprime firstlien mortgages. 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. 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. 2 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: 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: Percentage change t = (Flow t / Outstanding t-1) * 100 http://www.federalreserve.gov/releases/Z1 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. 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). 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 Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 2004:Q1. Unadjusted flows since 2002. 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 2004:Q1. 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 2003:Q4; Internal Revenue Service Statistics of Income (IRS/SOI) advance data through 2002; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2004:Q1. Statistics of Income data since 2002. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2001; bank and finance company loans and mortgage borrowing through 2004:Q1. Statistics of Income data since 2001. 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 2004:Q1; preliminary data for checkable deposits and currency and trade payables through 2003. Consumption of fixed capital and undistributed profits since 2000. 6. State and local governments (tables F.105 and L.105) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2004:Q1; selected financial assets through 1999:Q2 from the comprehensive annual financial reports of state and local governments that account for most of the holdings of the sector, and data from Standard & Poor's on local government investment pools. Selected financial asset items since 1999:Q2. 4 Data from the Monthly Treasury Statement of Receipts and Outlays through 2004:Q1; Treasury data for loan programs through 2004:Q1. None. 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2003:Q4; NIPA estimates; data from bank Reports of Condition and Treasury International Capital System through 2004:Q1. Balance of payments data for 2004:Q1. 9. Monetary authority (tables F.108 and L.108) All data through 2004:Q1. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2004:Q1 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 2002 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2004:Q1. None. 12. Credit unions (tables F.115 and L.115) All data through 2004:Q1. None. 13. Bank personal trusts and estates (tables F.116 and L.116) All data through 2003:Q4; total assets for 2004:Q1. Asset detail for 2004:Q1. 14. Life insurance companies (tables F.117 and L.117) All data through 2003:Q3; preliminary data for 2003:Q4. Final data since 2003:Q3. 15. Other insurance companies (tables F.118 and L.118) All data through 2003:Q3; preliminary data for 2003:Q4. Final data since 2003:Q3. 16. Private pension funds (tables F.119 and L.119) Quarterly data through 2004:Q1; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 1999. Form 5500 data since 1999. 17. State and local government employee retirement funds (tables F.120 and L.120) All data through 2003:Q2. Data since 2003:Q2. 18. Federal government retirement funds (tables F.121 and L.121) Data from the Monthly Treasury Statement, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2004:Q1. None. 7. Federal government (tables F.106 and L.106) 5 19. Money market mutual funds (tables F.122 and L.122) All data through 2004:Q1. None. 20. Mutual funds (tables F.123 and L.123) All data through 2004:Q1. None. 21. Closed-end funds (tables F.124 and L.124) All data through 2004:Q1. None. 22. Exchange-traded funds (tables F.124 and L.124) All data through 2004:Q1. None. 23. Government-sponsored enterprises (tables F.125 and L.125) Data for Fannie Mae, FHLBs, FCS, Sallie Mae, FICO, and REFCORP through 2004:Q1. Data after 2002:Q4 for Freddie Mac. 24. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) All data through 2004:Q1. None. 25. Issuers of asset-backed securities (ABSs) (tables F.127 and L.127) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2004:Q1. None. 26. Finance companies (tables F.128 and L.128) All data through 2004:Q1. None. 27. Mortgage companies (tables F.129 and L.129) Mortgage data through 1997:Q4. Data after 1997:Q4. 28. Real estate investment trusts (REITs) (tables F.130 and L.130) Data from SNL REIT DataSource through 2004:Q1. None. 29. Security brokers and dealers (tables F.131 and L.131) Data for firms filing FOCUS and FOGS reports through 2004:Q1. None. 30. Funding corporations (tables F.132 and L.132) Estimates for this sector are largely residuals and are derived from data for other sectors. 6 Z.1, June 10, 2004 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1969 1970 1971 1972 1973 7.2 6.9 9.5 10.0 10.7 -1.1 4.2 8.3 4.6 2.0 9.7 7.6 9.8 11.4 12.9 7.7 4.4 9.2 11.3 12.4 7.0 4.4 8.5 11.2 11.7 8.3 3.4 11.7 13.1 13.3 11.6 10.3 10.1 12.5 14.7 11.4 12.9 7.8 9.9 17.5 9.6 8.7 10.9 8.4 7.8 32.8 14.5 8.7 17.2 28.9 6.9 5.7 9.7 7.9 10.3 1974 1975 1976 1977 1978 9.2 9.3 10.8 12.8 13.8 3.4 23.9 15.6 11.0 9.2 10.5 6.2 9.6 13.3 15.0 8.8 8.2 11.2 15.5 16.9 9.7 9.1 12.4 16.5 17.5 4.6 3.8 10.6 15.5 17.5 13.0 4.9 8.6 12.5 13.1 11.5 3.4 7.7 12.0 11.4 6.9 5.4 8.4 8.4 15.4 23.6 0.8 9.0 18.9 22.1 20.5 17.4 21.5 11.6 18.6 1979 1980 1981 1982 1983 12.2 9.5 10.4 10.1 12.0 5.8 11.8 11.6 19.7 18.9 13.7 9.0 10.1 7.9 10.2 15.2 8.5 7.6 5.6 11.2 16.2 11.0 7.2 4.7 10.3 13.9 1.0 5.5 5.0 12.1 13.5 10.0 12.9 9.2 9.1 11.1 8.3 13.6 9.1 8.0 9.0 6.9 8.0 11.2 11.4 22.1 14.5 18.2 13.6 13.4 9.5 14.0 11.9 7.2 8.2 1984 1985 1986 1987 1988 14.7 15.7 11.9 9.0 9.1 16.9 16.5 13.6 8.0 8.0 14.1 15.4 11.4 9.3 9.4 12.6 15.8 11.4 10.4 9.8 11.3 14.0 13.6 13.4 11.7 18.4 15.9 9.1 4.8 6.7 16.2 11.5 11.4 7.7 9.8 16.7 12.7 13.9 8.9 11.0 11.4 31.8 10.9 12.0 6.4 17.9 19.4 26.2 18.2 13.2 3.6 0.5 4.1 2.6 3.0 1989 1990 1991 1992 1993 7.3 6.5 4.3 4.6 4.8 7.0 11.0 11.1 10.9 8.3 7.4 5.2 2.2 2.5 3.5 9.3 7.0 5.2 5.3 5.9 11.0 8.9 7.0 6.5 5.5 6.3 1.9 -1.1 1.1 7.4 6.1 3.5 -2.2 -0.2 0.4 7.2 5.6 -2.1 1.0 1.4 5.6 5.0 8.6 1.6 5.3 10.5 9.5 6.9 10.1 9.5 4.0 9.0 5.2 7.9 21.9 1994 1995 1996 1997 1998 4.6 5.3 5.2 5.3 6.8 4.7 4.1 4.0 0.6 -1.4 4.6 5.7 5.7 7.0 9.6 7.6 7.1 6.8 5.8 7.9 5.6 4.9 6.3 6.3 8.2 15.2 14.4 8.9 4.9 7.3 3.8 7.2 6.2 9.0 12.2 5.0 8.5 6.3 9.4 11.6 -4.0 -5.5 -1.5 4.0 6.3 13.6 11.5 12.3 12.2 19.5 -3.6 20.9 19.5 13.2 5.1 1999 2000 2001 2002 2003 6.3 4.9 6.2 7.0 8.2 -1.9 -8.0 -0.2 7.6 10.9 8.8 8.4 7.7 6.8 7.6 8.2 8.8 9.0 9.7 10.4 9.1 8.4 9.9 12.0 12.7 7.8 10.7 8.0 4.4 4.9 10.6 9.4 6.1 2.9 4.3 9.9 8.5 5.0 0.9 3.2 3.4 1.3 8.9 11.1 8.2 16.2 10.6 10.7 9.1 9.6 2.0 8.7 -7.0 0.9 -2.2 1998 -- Q1 Q2 Q3 Q4 7.0 7.3 5.7 6.7 -0.7 -0.3 -3.1 -1.4 9.5 9.8 8.5 9.2 7.7 7.9 7.5 7.7 7.7 7.5 7.4 9.4 6.2 9.3 8.1 4.7 12.2 12.8 10.3 11.6 12.0 12.4 9.0 11.2 7.1 6.4 5.3 5.9 16.7 19.0 17.9 19.3 15.9 14.5 -3.8 -5.9 1999 -- Q1 Q2 Q3 Q4 7.3 5.4 6.8 5.3 -2.7 -2.0 -2.8 -0.2 10.3 7.5 9.5 6.8 9.1 7.6 9.3 6.0 9.5 8.3 10.0 7.5 11.0 7.4 8.3 3.8 12.5 8.6 10.8 8.9 12.9 8.3 9.8 7.0 6.0 1.8 4.5 1.1 18.9 15.3 15.6 11.3 3.1 -5.6 9.9 0.8 2000 -- Q1 Q2 Q3 Q4 5.3 5.2 4.0 4.8 -6.3 -10.8 -8.1 -8.0 8.5 9.3 6.9 7.9 8.3 9.0 8.6 8.0 7.6 8.7 8.2 7.9 10.2 10.6 10.3 10.1 10.4 11.6 6.2 8.4 10.2 10.5 5.1 7.4 0.2 -0.5 2.0 3.7 8.8 11.4 10.0 10.8 18.8 -3.1 10.6 7.8 2001 -- Q1 Q2 Q3 Q4 5.9 5.3 6.6 6.5 -0.6 -8.0 5.5 2.5 7.4 8.3 6.9 7.4 8.6 9.2 8.5 8.7 8.2 10.9 9.5 9.5 10.8 6.6 4.4 9.3 6.0 7.3 5.3 5.2 5.1 6.5 4.2 3.9 8.2 8.4 6.1 11.7 10.9 9.4 12.1 8.8 -1.9 -9.2 -17.8 0.3 2002 -- Q1 Q2 Q3 Q4 5.7 7.5 6.2 7.9 3.0 12.4 7.4 6.8 6.3 6.4 5.9 8.1 9.6 8.6 8.6 10.6 10.9 10.6 11.1 13.4 6.2 5.5 4.2 1.4 2.7 2.8 1.8 4.1 1.2 0.5 -0.5 2.2 5.7 12.5 10.7 13.7 9.3 8.9 7.7 9.6 9.9 0.5 -6.8 0.1 2003 -- Q1 Q2 Q3 Q4 6.9 11.3 7.2 6.4 4.5 20.4 8.2 9.0 7.5 9.3 7.0 5.9 10.8 11.7 10.2 7.3 13.4 13.6 12.0 9.5 4.3 6.2 6.0 2.8 3.8 5.9 3.2 3.9 3.5 5.7 1.5 2.1 5.7 12.4 6.1 7.6 10.7 7.5 9.9 9.0 2.9 -9.5 -9.4 7.2 2004 -- Q1 8.6 11.6 8.0 10.9 12.5 6.1 4.1 3.8 9.6 7.3 10.5 1. Data shown are on an end-of-period basis. Z.1, June 10, 2004 7 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1969 1970 1971 1972 1973 89.0 91.3 135.4 156.0 184.0 -3.2 12.1 24.9 15.0 6.9 92.2 79.3 110.5 141.0 177.0 31.9 19.5 42.3 56.9 69.5 18.2 12.4 24.6 35.0 40.6 9.9 4.4 15.6 19.5 22.5 48.1 47.7 51.8 70.2 93.4 32.6 41.1 28.1 38.5 75.0 12.1 12.1 16.4 14.0 14.1 27.6 16.2 11.1 23.9 47.0 3.2 2.8 5.1 4.4 6.3 1974 1975 1976 1977 1978 175.5 192.7 244.8 321.2 390.7 11.9 85.6 69.2 56.3 52.5 163.6 107.1 175.6 264.8 338.2 55.7 56.0 82.9 127.8 160.5 37.4 38.8 57.5 85.9 106.2 8.9 7.8 22.0 35.5 46.4 94.4 39.9 74.2 117.1 138.3 56.6 18.7 43.7 73.3 78.5 13.4 11.1 18.5 19.9 39.4 49.6 2.1 23.5 53.6 74.7 13.8 14.1 20.5 13.5 24.0 1979 1980 1981 1982 1983 391.9 343.7 410.0 439.9 573.6 35.8 77.4 85.5 161.3 185.2 356.1 266.3 324.5 278.6 388.4 169.2 109.4 106.4 84.1 176.8 115.9 91.3 67.0 47.6 106.3 43.3 3.4 19.8 18.8 48.2 160.3 134.8 190.5 152.8 164.3 84.1 70.0 123.7 93.3 89.6 26.6 22.2 27.6 41.7 47.3 91.1 73.2 105.1 93.0 104.4 15.0 24.2 23.5 16.0 17.3 1984 1985 1986 1987 1988 791.2 963.0 845.3 719.0 787.6 197.2 225.7 216.0 143.9 155.1 594.0 737.3 629.3 575.1 632.5 218.3 307.2 259.6 262.6 270.4 126.6 175.0 197.4 220.4 214.3 81.7 84.0 55.8 32.3 46.6 323.2 266.5 295.5 222.0 308.1 205.1 181.8 224.9 163.4 222.9 52.5 163.6 74.2 90.4 54.0 157.8 204.0 328.8 290.6 250.2 8.4 1.2 9.7 6.3 7.4 1989 1990 1991 1992 1993 687.4 656.0 465.7 515.1 566.6 146.4 246.9 278.2 304.0 256.1 541.0 409.1 187.5 211.1 310.5 283.8 234.3 186.5 201.3 236.6 225.5 201.4 175.7 174.0 157.4 47.0 15.1 -8.8 9.2 61.4 207.2 127.7 -84.4 -7.1 16.2 159.9 133.8 -53.7 24.1 34.4 50.1 47.2 85.4 16.9 57.7 225.0 229.1 182.5 282.7 294.2 10.2 23.9 15.1 24.1 69.8 1994 1995 1996 1997 1998 571.6 684.7 716.5 761.8 1033.7 155.9 144.4 144.9 23.1 -52.6 415.8 540.3 571.5 738.7 1086.4 323.1 325.2 332.5 304.5 436.2 169.3 157.7 211.2 223.9 311.5 134.8 147.0 103.6 62.1 96.8 138.9 276.0 254.9 392.7 582.5 126.5 227.1 182.8 291.8 392.4 -46.3 -60.9 -15.9 41.5 67.7 465.0 446.6 532.6 591.5 1063.1 -13.9 78.5 88.4 71.8 31.2 1999 2000 2001 2002 2003 1024.6 844.2 1128.5 1339.5 1685.3 -71.2 -295.9 -5.6 257.5 396.0 1095.8 1140.1 1134.1 1082.0 1289.3 489.9 563.7 634.3 740.3 869.5 373.1 373.5 477.2 638.4 756.1 112.1 165.2 137.7 81.4 94.8 567.3 560.9 394.0 197.8 302.2 372.5 357.2 227.3 40.9 155.7 38.5 15.5 105.8 143.9 117.6 1052.8 802.8 895.7 847.3 968.4 13.0 57.0 -49.7 5.9 -14.9 1998 -- Q1 Q2 Q3 Q4 1055.0 1128.1 892.4 1059.4 -26.9 -12.9 -116.2 -54.4 1081.9 1141.1 1008.6 1113.9 426.6 443.2 428.0 447.1 290.8 290.0 289.9 375.4 82.4 126.0 112.7 66.0 579.0 628.4 522.2 600.3 405.5 432.1 322.5 409.6 76.3 69.5 58.4 66.5 912.0 1075.8 1063.9 1200.8 96.6 91.6 -25.2 -38.1 1999 -- Q1 Q2 Q3 Q4 1177.5 882.5 1134.1 904.3 -101.2 -75.0 -102.4 -6.2 1278.6 957.5 1236.5 910.5 541.2 463.3 576.7 378.4 389.1 346.1 426.7 330.5 157.0 108.7 123.8 58.8 669.4 474.0 607.3 518.6 486.8 323.9 390.4 288.8 68.0 20.3 52.4 13.4 1230.8 1043.3 1105.2 831.8 19.9 -35.9 62.6 5.3 2000 -- Q1 Q2 Q3 Q4 917.3 903.0 699.9 856.7 -232.7 -389.6 -284.9 -276.4 1150.0 1292.6 984.7 1133.0 532.7 593.9 574.8 553.4 339.2 397.6 381.3 376.0 156.8 167.6 166.7 169.8 615.5 704.9 387.0 536.3 425.7 449.5 223.0 330.3 1.8 -6.2 23.0 43.3 663.9 878.6 792.1 876.6 122.9 -21.5 72.1 54.6 2001 -- Q1 Q2 Q3 Q4 1067.9 975.6 1233.8 1236.7 -19.3 -269.3 181.9 84.3 1087.2 1244.9 1051.9 1152.4 601.7 660.9 622.8 651.9 397.9 536.1 484.1 490.8 186.1 116.2 79.4 169.2 387.7 481.5 353.8 353.0 230.3 296.5 197.5 184.8 97.8 102.5 75.3 147.5 909.3 810.5 1063.9 799.1 -13.2 -64.7 -123.0 1.9 2002 -- Q1 Q2 Q3 Q4 1094.2 1453.2 1223.2 1587.2 102.8 421.4 261.5 244.4 991.4 1031.9 961.8 1342.8 732.1 676.2 689.5 863.4 581.4 577.0 624.2 771.3 115.2 104.1 79.9 26.2 184.8 191.6 126.8 288.1 56.4 25.1 -25.3 107.3 74.5 164.1 145.5 191.4 860.0 839.2 741.3 948.6 65.2 3.1 -45.9 1.0 2003 -- Q1 Q2 Q3 Q4 1427.7 2357.1 1544.2 1412.4 164.2 749.0 317.5 353.4 1263.4 1608.1 1226.6 1059.1 908.8 1005.2 903.9 659.9 795.8 838.8 764.3 625.6 83.4 120.6 118.9 56.6 272.8 422.0 231.1 282.9 166.0 278.7 72.1 105.9 81.9 180.9 91.6 116.2 1078.9 775.2 1048.7 970.9 19.3 -63.5 -61.6 46.3 2004 -- Q1 1927.3 466.0 1461.3 1008.2 840.2 123.4 303.3 187.6 149.7 805.7 68.4 8 Z.1, June 10, 2004 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate State and local governments Domestic financial sectors 462.0 512.5 563.6 633.7 726.5 317.8 361.3 389.5 427.9 492.6 138.3 150.3 166.7 180.7 194.8 111.5 127.8 138.9 162.8 209.8 49.2 52.1 56.6 61.1 67.4 201.9 207.0 229.0 264.9 311.3 820.5 862.2 933.8 1052.7 1186.5 548.9 569.4 610.4 685.5 759.5 208.2 219.4 237.8 256.2 295.6 258.3 260.4 283.9 337.8 412.5 81.2 95.6 116.0 129.4 157.6 831.2 932.0 1003.7 1036.8 1123.1 354.6 358.0 377.9 396.7 444.9 1346.1 1477.0 1661.2 1810.6 1997.8 842.9 909.1 1026.5 1116.6 1229.1 322.2 344.4 372.1 413.8 461.1 504.9 578.1 682.4 778.1 882.7 172.9 197.2 220.7 212.6 229.8 1949.5 2277.5 2535.6 2752.2 3039.6 1249.1 1449.3 1646.6 1825.0 2049.9 526.6 610.6 666.4 698.6 745.2 2323.9 2587.0 2881.5 3134.6 3422.2 1437.1 1615.5 1839.5 2033.9 2234.2 513.6 677.9 752.1 841.0 895.0 1052.4 1257.3 1593.6 1895.5 2145.8 238.0 239.3 241.0 247.4 254.8 7914.9 8351.4 8535.6 8749.8 9075.1 3333.8 3597.2 3787.3 3988.6 4227.6 2273.6 2504.1 2683.5 2857.5 3017.3 809.3 824.4 815.6 824.8 886.2 3636.0 3761.9 3670.6 3666.7 3695.3 2401.1 2533.1 2477.3 2502.9 2549.8 945.2 992.3 1077.7 1094.5 1152.2 2399.3 2630.3 2812.8 3111.1 3410.7 265.0 288.9 304.0 318.8 388.6 3492.3 3636.7 3781.7 3804.8 3752.2 9497.2 10037.0 10608.5 11345.7 12432.1 4550.4 4875.6 5208.1 5512.8 5949.1 3186.6 3344.3 3555.4 3779.3 4090.8 1021.0 1168.0 1271.7 1333.8 1430.6 3840.9 4116.4 4371.3 4762.2 5344.7 2682.9 2909.6 3092.3 3382.3 3774.7 1105.9 1045.0 1029.1 1070.7 1138.3 3883.4 4332.6 4865.2 5447.7 6510.8 375.0 453.7 542.1 607.9 639.3 17243.5 18098.8 19228.0 20567.4 22299.2 3681.0 3385.1 3379.5 3637.0 4033.1 13562.5 14713.7 15848.4 16930.4 18266.1 6439.3 7014.1 7648.4 8388.7 9281.4 4463.9 4837.4 5314.7 5953.1 6709.2 1542.7 1719.0 1856.7 1938.1 2032.9 5946.4 6507.3 6901.9 7099.7 7425.1 4181.6 4538.8 4766.7 4807.6 4986.4 1176.9 1192.3 1298.1 1442.0 1559.6 7563.6 8370.4 9263.5 10110.8 11079.2 652.5 709.5 659.7 665.6 650.7 1998 -- Q1 Q2 Q3 Q4 15414.3 15696.3 15919.4 16184.3 3798.1 3794.8 3765.8 3752.2 11616.2 11901.5 12153.6 12432.1 5619.5 5730.3 5837.3 5949.1 3852.0 3924.5 3997.0 4090.8 1354.4 1385.9 1414.1 1430.6 4907.0 5064.1 5194.6 5344.7 3483.7 3591.7 3672.4 3774.7 1089.7 1107.1 1121.7 1138.3 5675.7 5944.7 6210.6 6510.8 632.1 655.0 648.7 639.3 1999 -- Q1 Q2 Q3 Q4 16480.4 16701.0 17017.4 17243.5 3726.9 3708.1 3682.5 3681.0 12753.5 12992.9 13334.9 13562.5 6084.7 6200.5 6344.7 6439.3 4188.1 4274.6 4381.3 4463.9 1469.8 1497.0 1528.0 1542.7 5513.5 5632.0 5816.7 5946.4 3897.9 3978.9 4109.4 4181.6 1155.4 1160.4 1173.5 1176.9 6818.6 7079.4 7355.7 7563.6 644.3 635.3 650.9 652.5 2000 -- Q1 Q2 Q3 Q4 17472.8 17698.6 17884.7 18098.8 3622.8 3525.4 3454.2 3385.1 13850.1 14173.2 14430.5 14713.7 6572.5 6720.9 6875.7 7014.1 4548.7 4648.1 4743.4 4837.4 1581.9 1623.7 1676.5 1719.0 6100.3 6276.5 6373.2 6507.3 4288.1 4400.4 4456.2 4538.8 1177.3 1175.8 1181.5 1192.3 7729.6 7949.3 8151.3 8370.4 683.2 677.8 695.8 709.5 2001 -- Q1 Q2 Q3 Q4 18365.8 18610.3 18918.8 19228.0 3380.3 3313.0 3358.4 3379.5 14985.6 15297.4 15560.3 15848.4 7164.5 7329.8 7485.5 7648.4 4936.9 5070.9 5192.0 5314.7 1765.5 1794.5 1814.4 1856.7 6604.2 6725.2 6813.6 6901.9 4596.4 4671.1 4720.4 4766.7 1216.8 1242.4 1261.2 1298.1 8595.1 8797.7 9063.7 9263.5 706.2 690.0 659.2 659.7 2002 -- Q1 Q2 Q3 Q4 19501.5 19864.8 20170.6 20567.4 3405.2 3510.6 3575.9 3637.0 16096.3 16354.3 16594.7 16930.4 7831.5 8000.5 8172.9 8388.7 5460.0 5604.3 5760.3 5953.1 1885.5 1911.5 1931.5 1938.1 6948.1 6996.0 7027.7 7099.7 4780.8 4787.0 4780.7 4807.6 1316.7 1357.8 1394.2 1442.0 9478.5 9688.3 9873.6 10110.8 676.0 676.8 665.3 665.6 2003 -- Q1 Q2 Q3 Q4 20924.3 21513.6 21899.7 22299.2 3678.1 3865.3 3944.7 4033.1 17246.3 17648.3 17954.9 18266.1 8615.9 8867.2 9093.2 9281.4 6152.1 6361.8 6552.8 6709.2 1958.9 1989.0 2018.8 2032.9 7167.9 7273.4 7331.2 7425.1 4849.1 4918.7 4936.7 4986.4 1462.5 1507.7 1530.6 1559.6 10380.5 10574.3 10836.5 11079.2 670.4 654.5 639.1 650.7 2004 -- Q1 22781.0 4149.6 18631.4 9533.4 6919.3 2063.8 7500.9 5033.3 1597.1 11280.6 667.8 Total Federal government Total nonfederal 1969 1970 1971 1972 1973 1332.3 1422.5 1557.7 1713.7 1898.2 287.4 299.5 324.4 339.4 346.3 1044.8 1123.0 1233.4 1374.3 1551.9 444.6 460.2 503.0 559.9 630.6 280.5 289.0 313.0 348.0 387.8 129.2 133.7 149.2 168.8 193.0 1974 1975 1976 1977 1978 2073.1 2264.7 2508.3 2829.6 3214.5 358.2 443.9 513.1 569.4 621.9 1714.8 1820.8 1995.3 2260.2 2592.6 686.1 739.2 823.6 951.4 1110.5 425.1 463.9 521.7 607.6 713.7 1979 1980 1981 1982 1983 3606.5 3957.9 4366.4 4788.3 5364.8 657.7 735.0 820.5 981.8 1167.0 2948.9 3222.9 3545.9 3806.5 4197.8 1280.6 1401.5 1512.7 1582.1 1738.9 1984 1985 1986 1987 1988 6151.2 7132.3 7975.1 8677.6 9461.7 1364.2 1589.9 1805.9 1949.8 2104.9 4787.0 5542.5 6169.3 6727.8 7356.8 1989 1990 1991 1992 1993 10166.2 10849.6 11311.9 11830.2 12411.6 2251.2 2498.1 2776.4 3080.3 3336.5 1994 1995 1996 1997 1998 12989.5 13673.8 14390.2 15150.5 16184.3 1999 2000 2001 2002 2003 1. Data shown are on an end-of-period basis. Business Foreign 9 Z.1, June 10, 2004 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Q2 Q3 Q4 2004 Q1 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1 1033.7 1024.6 844.2 1128.5 1339.5 1685.3 1427.7 2357.1 1544.2 1412.4 1927.3 2 -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 3 1086.4 1095.8 1140.1 1134.1 1082.0 1289.3 1263.4 1608.1 1226.6 1059.1 1461.3 4 436.2 392.4 179.9 10.1 67.7 489.9 372.5 190.2 4.6 38.5 563.7 357.2 192.9 10.9 15.5 634.3 227.3 156.4 10.3 105.8 740.3 40.9 148.3 8.6 143.9 869.5 155.7 139.5 7.1 117.6 908.8 166.0 104.5 2.3 81.9 1005.2 278.7 134.2 9.0 180.9 903.9 72.1 148.5 10.6 91.6 659.9 105.9 170.7 6.3 116.2 1008.2 187.6 115.5 0.3 149.7 5 6 7 8 9 10 Rest of the world 31.2 13.0 57.0 -49.7 5.9 -14.9 19.3 -63.5 -61.6 46.3 68.4 10 11 Financial sectors 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 72.9 52.8 -4.8 24.9 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 52.9 30.2 -0.9 23.6 49.9 30.0 -0.4 20.3 49.3 13.9 -0.1 35.4 78.6 13.3 -0.3 65.7 30.5 31.3 -0.2 -0.6 1.8 -7.0 -0.0 8.7 86.3 18.1 0.3 67.8 186.0 82.5 -0.0 103.5 12 13 14 15 16 17 Savings institutions Credit unions 52.2 0.6 48.0 2.2 27.3 0.0 7.4 1.5 -13.7 2.0 -0.6 2.2 48.8 2.8 -25.6 1.6 -28.4 3.3 2.9 1.0 28.0 -2.7 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.7 278.3 192.6 298.9 0.7 318.2 273.8 191.5 -0.7 234.1 199.4 183.0 0.6 290.8 338.5 254.0 2.0 225.9 328.1 193.5 2.9 233.2 329.8 205.2 4.4 195.4 283.5 273.6 1.5 199.9 246.0 227.9 3.1 437.5 333.1 169.9 2.5 99.8 456.6 149.5 0.1 36.1 95.1 135.2 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 57.1 0.0 62.7 7.2 40.0 70.7 0.0 6.3 -17.2 91.5 81.9 0.0 2.7 15.6 -0.4 1.3 0.0 2.5 1.4 -55.2 42.2 0.0 19.8 -1.7 -0.6 117.3 0.0 23.8 6.4 -0.9 35.0 0.0 17.5 38.4 101.0 188.8 0.0 12.9 -16.2 -92.0 101.6 0.0 36.4 9.9 -19.5 143.8 0.0 28.2 -6.6 6.9 133.7 0.0 54.2 51.9 87.9 22 23 24 25 26 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 27 238.6 125.3 -79.7 -31.6 -8.9 207.5 -133.8 92.1 524.6 347.1 -289.3 28 105.5 -14.7 13.3 134.5 118.3 -18.5 -2.9 28.4 -88.3 25.1 1.3 -17.8 -101.9 2.6 7.1 60.6 -61.7 23.3 3.7 25.8 176.9 13.9 1.4 15.2 -87.9 35.5 -0.2 -81.2 -14.3 49.6 4.1 52.7 477.3 16.4 0.8 30.0 332.6 -45.9 0.9 59.4 -320.0 21.5 0.1 9.1 29 30 31 32 11.6 172.5 6.4 139.7 11.6 225.9 6.0 319.8 9.8 439.1 -2.6 519.7 -17.4 398.1 -8.4 738.0 20.1 274.4 -4.8 668.4 6.6 1155.0 33 34 1705.4 1818.9 1546.2 1680.3 1752.7 1914.3 2279.1 2247.0 1712.2 1418.9 1929.2 35 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 44 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 Bank personal trusts and estates 21.1 305.6 312.1 -11.6 -0.9 6.0 36.2 18.9 -12.8 25.7 312.2 318.6 -17.0 6.2 4.4 67.7 27.5 27.8 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 0.8 39.9 205.2 191.6 -0.6 4.2 10.0 42.8 41.5 -28.1 77.7 404.4 393.8 6.2 3.1 1.3 35.4 42.7 0.9 37.2 300.1 323.3 -43.0 8.6 11.3 126.3 50.7 -2.4 23.7 351.5 327.1 4.4 20.8 -0.7 195.0 44.2 -2.7 36.3 613.9 540.3 17.1 39.7 16.8 95.3 75.9 -2.5 39.8 -2.1 116.5 -113.2 -26.1 20.6 62.3 87.2 -2.5 49.2 237.4 309.1 -80.4 0.2 8.4 152.5 -4.6 -2.0 1.8 818.1 784.5 20.0 1.2 12.5 234.8 43.3 12.9 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 76.9 5.8 -26.1 72.1 2.7 53.5 -3.0 99.3 46.9 2.9 57.9 -8.7 3.8 54.6 2.1 130.9 9.0 -15.8 -17.7 9.7 233.0 39.9 21.1 14.1 13.0 195.9 65.8 4.1 13.0 6.3 308.2 56.2 7.3 0.1 28.5 236.8 49.7 24.3 22.4 2.5 116.4 68.7 -11.8 11.4 -0.8 122.3 88.4 -3.3 18.3 -4.8 130.8 43.2 43.8 4.6 0.8 45 46 47 48 49 50 51 52 53 54 55 56 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 244.0 127.3 4.9 0.0 313.8 192.6 259.2 182.0 48.4 9.6 0.0 291.2 273.8 173.4 143.0 20.9 -5.6 0.0 253.6 199.4 153.2 246.0 126.1 3.2 0.0 307.8 338.5 227.9 -25.3 144.2 8.6 3.7 210.9 328.1 170.8 -113.1 137.7 36.2 0.7 258.1 329.8 184.3 -164.3 215.6 26.1 -1.1 313.4 283.5 249.8 251.1 249.9 60.1 0.4 122.3 246.0 207.3 -242.9 -15.2 42.5 1.6 636.8 333.1 149.9 -296.5 100.6 16.1 2.0 -40.1 456.6 130.1 -274.0 198.2 8.8 5.1 14.5 95.1 116.5 50 51 52 53 54 55 56 57 58 59 60 61 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 77.3 0.0 -5.1 6.8 -15.8 97.1 0.0 -2.6 -34.7 120.2 108.6 0.0 -7.1 68.9 24.9 -4.8 0.0 6.7 92.4 -80.9 21.2 0.0 23.1 28.4 -43.1 84.2 0.0 16.8 79.7 102.8 -0.4 0.0 -8.6 65.9 287.3 59.5 0.0 31.0 -85.2 -50.0 180.4 0.0 18.6 24.0 214.7 97.5 0.0 26.2 313.9 -40.9 175.7 0.0 58.3 -175.0 371.8 57 58 59 60 61 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, June 10, 2004 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency securities and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1033.7 1024.6 844.2 1128.5 1339.5 1685.3 1427.7 2357.1 1544.2 1412.4 1927.3 1 -52.6 -54.6 2.0 -71.2 -71.0 -0.2 -295.9 -294.9 -1.0 -5.6 -5.0 -0.5 257.5 257.0 0.5 396.0 398.4 -2.4 164.2 165.8 -1.6 749.0 748.5 0.5 317.5 317.5 0.1 353.4 362.0 -8.6 466.0 465.0 1.1 2 3 4 1086.4 24.4 84.2 235.2 109.8 68.5 1095.8 37.4 54.4 221.7 82.9 26.1 1140.1 48.1 23.6 162.6 101.8 79.6 1134.1 -88.3 122.9 348.5 -82.0 8.9 1082.0 -64.2 159.4 132.3 -87.1 20.1 1289.3 -40.0 135.4 162.4 -81.4 10.3 1263.4 -9.3 103.5 186.8 -83.1 -24.1 1608.1 -81.4 194.7 297.0 -43.3 17.7 1226.6 4.8 112.3 96.1 -105.2 -26.4 1059.1 -74.3 131.2 69.7 -93.9 74.0 1461.3 34.4 170.1 103.4 -47.7 -18.8 5 6 7 8 9 10 467.5 366.6 23.1 71.3 6.5 96.8 561.2 421.4 35.4 98.7 5.8 112.1 559.2 415.0 30.1 107.5 6.5 165.2 686.4 522.1 44.6 112.2 7.5 137.7 840.1 688.6 41.2 101.8 8.4 81.4 1007.8 818.0 54.0 128.4 7.4 94.8 1006.3 854.2 33.4 110.0 8.7 83.4 1102.9 908.4 52.9 133.1 8.5 120.6 1026.1 823.6 50.8 146.3 5.4 118.9 895.8 685.7 78.9 124.1 7.1 56.6 1096.3 904.7 20.9 163.8 7.1 123.4 11 12 13 14 15 16 1086.4 436.2 582.5 392.4 179.9 10.1 67.7 1095.8 489.9 567.3 372.5 190.2 4.6 38.5 1140.1 563.7 560.9 357.2 192.9 10.9 15.5 1134.1 634.3 394.0 227.3 156.4 10.3 105.8 1082.0 740.3 197.8 40.9 148.3 8.6 143.9 1289.3 869.5 302.2 155.7 139.5 7.1 117.6 1263.4 908.8 272.8 166.0 104.5 2.3 81.9 1608.1 1005.2 422.0 278.7 134.2 9.0 180.9 1226.6 903.9 231.1 72.1 148.5 10.6 91.6 1059.1 659.9 282.9 105.9 170.7 6.3 116.2 1461.3 1008.2 303.3 187.6 115.5 0.3 149.7 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 31.2 13.0 57.0 -49.7 5.9 -14.9 19.3 -63.5 -61.6 46.3 68.4 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 7.8 22.8 6.6 -6.0 16.3 1.9 0.5 -5.7 31.7 15.2 11.4 -1.3 -14.2 -24.5 -7.3 -3.8 36.1 -33.5 5.3 -2.1 22.3 -27.2 -7.7 -2.2 52.0 -28.9 -4.0 0.2 72.9 -102.2 -31.4 -2.7 -56.0 -5.5 5.3 -5.3 20.2 27.9 -0.7 -1.1 100.1 -22.5 -8.0 -1.1 25 26 27 28 1065.0 1037.5 901.2 1078.8 1345.3 1670.5 1447.0 2293.6 1482.6 1458.7 1995.7 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 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 1 161.0 278.3 192.6 287.7 28.5 90.2 24.8 176.2 318.2 273.8 186.8 -14.4 107.1 5.1 131.7 234.1 199.4 189.3 -0.4 42.5 6.2 -45.3 290.8 338.5 262.4 13.1 34.9 1.3 -63.5 225.9 328.1 333.1 1.1 16.6 5.9 -63.8 233.2 329.8 446.3 -5.3 24.7 3.6 1.3 195.4 283.5 529.2 -35.3 108.4 -3.5 -67.5 199.9 246.0 379.8 15.4 -1.7 3.3 -30.4 437.5 333.1 316.2 13.4 -28.9 7.8 -158.6 99.8 456.6 559.9 -14.7 20.9 6.9 187.4 36.1 95.1 329.9 31.5 109.0 16.7 2 3 4 5 6 7 8 1063.1 1052.8 802.8 895.7 847.3 968.4 1078.9 775.2 1048.7 970.9 805.7 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 72.9 52.8 -4.8 24.9 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 52.9 30.2 -0.9 23.6 49.9 30.0 -0.4 20.3 49.3 13.9 -0.1 35.4 78.6 13.3 -0.3 65.7 30.5 31.3 -0.2 -0.6 1.8 -7.0 -0.0 8.7 86.3 18.1 0.3 67.8 186.0 82.5 -0.0 103.5 10 11 12 13 14 15 Savings institutions Credit unions 52.2 0.6 48.0 2.2 27.3 0.0 7.4 1.5 -13.7 2.0 -0.6 2.2 48.8 2.8 -25.6 1.6 -28.4 3.3 2.9 1.0 28.0 -2.7 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.7 278.3 192.6 298.9 0.7 318.2 273.8 191.5 -0.7 234.1 199.4 183.0 0.6 290.8 338.5 254.0 2.0 225.9 328.1 193.5 2.9 233.2 329.8 205.2 4.4 195.4 283.5 273.6 1.5 199.9 246.0 227.9 3.1 437.5 333.1 169.9 2.5 99.8 456.6 149.5 0.1 36.1 95.1 135.2 16 17 18 19 20 21 22 23 24 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 57.1 0.0 62.7 7.2 40.0 70.7 0.0 6.3 -17.2 91.5 81.9 0.0 2.7 15.6 -0.4 1.3 0.0 2.5 1.4 -55.2 42.2 0.0 19.8 -1.7 -0.6 117.3 0.0 23.8 6.4 -0.9 35.0 0.0 17.5 38.4 101.0 188.8 0.0 12.9 -16.2 -92.0 101.6 0.0 36.4 9.9 -19.5 143.8 0.0 28.2 -6.6 6.9 133.7 0.0 54.2 51.9 87.9 20 21 22 23 24 11 Z.1, June 10, 2004 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 8 9 10 Total 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 193.1 -54.6 472.9 84.2 545.7 229.9 -71.0 591.7 54.4 410.4 211.6 -294.9 432.5 23.6 367.0 -147.8 -5.0 628.8 122.9 586.4 -91.5 257.0 554.5 159.4 431.9 -81.6 398.4 560.6 135.4 581.5 44.1 165.8 477.3 103.5 687.0 -76.0 748.5 446.4 194.7 574.5 -81.6 317.5 770.7 112.3 406.8 -212.7 362.0 547.8 131.2 657.5 322.0 465.0 132.3 170.1 410.8 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 145.0 152.7 492.3 96.8 69.0 127.5 566.3 112.1 112.8 120.8 565.4 165.2 -76.2 40.0 687.7 137.7 -80.6 34.6 846.0 81.4 -94.4 32.7 1011.4 94.8 -122.4 84.6 1002.8 83.4 -59.3 13.2 1106.2 120.6 -86.5 -60.6 1033.8 118.9 -109.3 93.8 902.8 56.6 -24.2 89.1 1113.0 123.4 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 166.2 192.7 244.7 300.2 229.5 384.7 287.5 437.2 422.9 391.1 480.9 11 -113.3 -215.5 1.5 -110.4 5.3 -118.2 99.0 -47.4 47.1 -41.6 96.6 -57.3 112.1 -67.0 107.6 -50.2 127.9 -44.9 38.8 -67.0 64.1 -104.0 12 13 101.4 0.9 279.5 114.3 -2.4 191.2 106.7 16.8 239.4 109.1 37.3 201.2 17.7 71.0 182.4 91.3 62.5 288.1 137.5 41.5 175.5 67.6 90.2 329.6 120.0 52.8 295.0 40.2 65.7 352.2 78.2 89.9 416.9 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 2128.1 2090.3 1704.0 1974.5 2192.6 2638.9 2526.0 3068.8 2531.3 2429.6 2801.5 1 6.6 0.0 0.6 6.5 -8.7 -3.0 1.0 61.1 -0.4 -4.0 2.4 134.2 4.3 0.0 1.3 30.7 9.9 0.0 1.0 23.9 1.1 0.0 0.6 -20.8 4.9 0.0 0.6 -16.9 0.6 0.0 1.6 159.7 7.1 0.0 0.1 -297.2 -8.2 0.0 -0.0 71.3 -2.3 0.0 0.8 -251.2 2 3 4 5 -31.8 47.3 152.4 91.8 287.2 15.0 151.2 45.1 131.1 249.1 15.1 -71.4 188.8 116.2 233.3 -28.0 204.3 267.2 68.6 428.6 17.3 43.5 271.1 50.4 -16.8 -4.4 34.3 229.5 62.0 -207.8 12.6 220.2 258.9 176.5 -394.5 -180.2 79.7 456.8 49.1 213.8 102.5 -110.9 84.4 -22.0 -223.1 47.4 -51.9 118.0 44.6 -427.7 -166.8 -42.3 212.0 320.8 -298.9 6 7 8 9 10 91.3 -113.3 279.5 115.5 169.8 1.5 191.2 262.5 113.2 5.3 239.4 402.3 22.3 99.0 201.2 -77.6 105.0 47.1 182.4 27.4 322.3 96.6 288.1 184.6 39.6 112.1 175.5 106.4 526.2 107.6 329.6 216.9 126.2 127.9 295.0 200.9 597.1 38.8 352.2 214.4 563.6 64.1 416.9 190.8 11 12 13 14 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 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 103.2 48.0 216.9 14.7 104.4 50.8 127.3 22.9 146.1 50.2 174.5 25.9 3.1 77.2 183.4 14.5 -87.0 60.1 209.3 28.9 132.5 53.7 243.1 28.5 220.6 73.8 212.0 73.6 698.8 56.9 218.0 35.0 -108.4 44.7 221.6 18.8 -281.1 39.4 321.0 -13.5 283.4 66.9 258.8 64.6 15 16 17 18 19 20 21 Investment in bank personal trusts Noncorporate proprietors’ equity Miscellaneous -46.1 -78.8 969.0 -8.1 -79.3 1125.0 56.6 -9.6 1404.0 -59.9 -24.9 628.0 -2.4 -55.6 457.9 -26.3 -31.8 833.3 -26.6 -42.5 930.0 -26.4 -2.0 445.4 -26.4 -38.1 1788.5 -25.5 -44.5 169.2 29.8 -34.6 1947.8 19 20 21 22 Total financial sources 4288.5 4700.3 4926.1 4017.7 3565.9 4858.1 4662.5 6456.1 4722.9 3590.8 6425.8 22 23 24 25 26 27 28 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -0.1 -8.5 3.8 57.7 20.8 -198.8 -0.7 42.8 0.1 31.9 10.8 -260.9 -1.2 73.5 20.4 112.4 32.6 -417.2 -0.1 11.1 17.2 -58.8 24.2 -420.2 -0.6 18.9 7.1 9.2 15.7 42.7 -0.3 5.4 -4.8 201.8 -7.8 -231.3 -0.2 -10.8 32.8 204.7 8.2 -563.8 0.5 244.2 -31.2 334.3 16.7 -271.5 -0.8 -296.3 39.2 6.5 -10.9 517.4 -0.7 84.3 -60.1 261.7 -45.1 -607.3 0.1 -241.6 38.8 86.7 33.1 481.7 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 2.6 -3.1 -32.2 -7.4 -0.8 -2.9 9.0 1.7 10.8 5.7 4.5 14.6 0.1 7.3 10.5 -107.5 10.0 -16.1 70.5 8.9 12.1 -113.0 9.7 -28.1 -171.4 10.4 -20.2 -216.1 11.0 -28.3 -182.7 11.7 11.6 29 30 31 32 Totals identified to sectors as assets 4446.3 4887.5 5084.3 4419.5 3455.1 5008.8 4900.1 6294.5 4649.1 4191.4 6186.4 32 12 Z.1, June 10, 2004 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 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 1999 2000 2001 2002 2003 Q1 Q2 2003 Q3 Q4 2004 Q1 8747.0 9268.5 9817.0 10100.8 10480.9 10987.9 10735.9 10846.8 11106.9 11262.0 11459.6 1 5879.5 6282.5 6739.4 7045.4 7385.3 7757.4 7600.7 7673.6 7836.3 7919.1 8053.1 2 750.2 1683.6 3445.7 817.6 1804.8 3660.0 863.3 1947.2 3928.8 881.9 2013.6 4149.8 911.3 2086.0 4388.0 941.6 2209.7 4606.1 898.2 2175.7 4526.8 926.2 2170.8 4576.6 975.1 2230.0 4631.2 967.0 2262.2 4689.9 955.9 2328.7 4768.5 3 4 5 1509.1 1625.7 1735.4 1607.2 1589.3 1670.6 1605.2 1624.4 1689.0 1763.6 1818.6 6 1438.4 1558.8 1679.0 1643.4 1583.9 1673.0 1606.2 1630.1 1699.5 1756.1 1790.2 7 1052.5 58.3 706.9 90.0 19.9 177.4 1133.9 58.7 797.3 123.5 15.9 138.6 1232.1 63.1 878.6 140.6 18.4 131.3 1174.1 66.2 843.3 123.5 18.9 122.3 1080.2 65.3 767.4 107.2 20.1 120.1 1110.6 68.2 783.0 115.4 21.9 122.1 1071.8 66.6 756.3 118.1 21.1 109.8 1086.9 67.5 767.3 113.5 21.4 117.1 1124.4 68.7 792.3 115.3 22.2 125.9 1159.2 70.1 816.1 114.6 22.8 135.5 1178.6 70.5 829.3 106.8 23.2 148.8 8 9 10 11 12 13 385.8 329.9 2.8 41.7 11.4 424.9 359.8 3.3 60.1 1.6 446.9 377.3 3.5 66.1 0.1 469.2 401.6 3.7 63.4 0.6 503.7 429.8 3.8 68.0 2.1 562.4 481.0 4.2 76.0 1.2 534.4 458.0 4.0 72.2 0.3 543.2 464.7 4.0 73.4 1.1 575.1 491.7 4.3 77.7 1.5 596.9 509.6 4.4 80.7 2.1 611.6 519.3 4.5 84.0 3.7 14 15 16 17 18 70.8 65.9 3.5 1.4 66.9 66.1 3.5 -2.7 56.5 54.9 2.9 -1.3 -36.1 -34.4 -1.8 0.1 5.4 8.3 0.4 -3.4 -2.4 -0.1 -0.0 -2.3 -1.0 -1.1 -0.1 0.2 -5.7 -2.9 -0.2 -2.7 -10.5 -5.9 -0.3 -4.3 7.5 9.3 0.5 -2.3 28.4 31.3 1.6 -4.5 19 20 21 22 23 Net U.S. exports of goods and services -160.0 -260.5 -379.5 -366.6 -426.3 -494.9 -487.5 -505.5 -490.5 -496.2 -528.5 23 24 25 Exports - Imports 955.9 1115.9 991.3 1251.8 1096.3 1475.8 1035.1 1401.7 1006.8 1433.1 1048.9 1543.8 1021.0 1508.5 1020.2 1525.7 1048.5 1539.0 1105.8 1602.0 1134.4 1662.9 24 25 26 Government consumption expenditures and gross investment 1518.3 1620.8 1721.7 1814.7 1932.5 2054.9 2017.5 2054.3 2072.1 2075.5 2116.4 26 1256.0 454.6 801.4 1334.0 475.1 858.9 1417.1 499.3 917.8 1497.8 531.7 966.1 1595.4 590.8 1004.7 1708.6 663.0 1045.6 1681.7 635.9 1045.8 1709.8 668.9 1040.9 1718.6 672.3 1046.3 1724.2 674.7 1049.5 1757.9 696.5 1061.4 27 28 29 262.4 75.8 186.5 286.8 80.8 206.1 304.6 79.5 225.1 317.0 81.2 235.8 337.1 88.7 248.4 346.3 94.3 252.0 335.8 87.1 248.7 344.5 95.8 248.7 353.5 97.3 256.2 351.3 96.8 254.5 358.5 105.9 252.6 30 31 32 21.4 287.1 265.8 33.8 320.8 287.1 39.0 382.7 343.7 35.2 319.0 283.8 21.5 299.1 277.7 43.7 317.3 273.6 27.8 296.8 269.0 33.3 299.5 266.2 37.8 312.1 274.3 75.9 360.7 284.8 53.2 348.0 294.8 33 34 35 8768.3 9302.2 9855.9 10135.9 10502.3 11031.6 10763.7 10880.1 11144.7 11337.9 11512.8 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, June 10, 2004 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 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 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 7752.8 8236.8 8795.4 8981.3 9290.8 9707.7 9434.8 9585.0 9797.5 10013.4 10182.9 1 5019.4 4713.1 307.0 -0.7 5357.2 5028.7 323.4 5.2 5782.7 5439.2 343.5 0.0 5940.5 5585.6 354.9 0.0 6019.1 5655.0 364.1 0.0 6203.0 5824.1 378.8 0.0 6115.9 5739.6 374.9 1.4 6164.8 5789.6 376.6 -1.4 6229.5 5849.6 379.9 0.0 6301.7 5917.8 383.9 0.0 6409.4 6011.8 396.1 1.5 2 3 4 5 627.8 598.4 29.4 678.3 649.7 28.6 728.4 705.7 22.7 770.7 745.7 25.0 797.7 783.4 14.3 846.9 827.4 19.5 813.5 800.5 13.0 838.8 818.8 20.0 860.9 839.4 21.5 874.2 850.9 23.3 894.1 875.2 18.9 6 7 8 137.5 147.4 150.3 163.1 173.0 164.2 163.2 153.4 157.0 183.0 187.7 9 801.6 851.3 818.0 770.4 904.2 1070.0 927.1 1022.8 1124.3 1205.7 1220.0 10 738.5 776.8 759.4 705.9 742.8 843.8 780.8 793.6 864.2 936.5 886.4 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Financial 718.3 449.1 0.3 102.9 166.0 775.9 456.7 1.3 121.6 196.3 773.4 422.0 1.9 145.8 203.8 696.8 307.8 1.8 161.5 225.7 745.0 334.4 2.1 153.4 255.2 856.4 420.3 2.2 165.1 268.7 808.9 396.2 2.2 148.7 261.8 792.4 381.1 2.3 148.5 260.5 866.0 431.3 2.3 157.8 274.6 958.2 472.6 2.3 205.3 278.0 925.0 440.1 2.3 183.3 299.3 12 13 14 15 16 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Financial 248.3 158.2 0.4 89.7 258.6 170.8 0.5 87.4 265.2 169.7 0.5 95.0 201.2 108.2 0.5 92.4 195.1 101.0 0.6 93.5 224.9 128.8 0.6 95.5 213.9 119.2 0.6 94.1 211.4 117.1 0.6 93.7 230.6 132.9 0.7 97.0 243.7 146.0 0.6 97.1 244.8 139.2 0.7 104.9 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Foreign subsidiaries Financial 470.0 351.6 239.6 1.4 42.5 68.2 517.3 337.4 222.7 1.9 41.7 71.0 508.3 378.0 249.7 1.7 29.5 97.1 495.6 373.2 246.7 1.5 35.3 89.8 550.0 398.3 255.6 1.6 39.3 101.8 631.5 431.0 270.1 1.7 46.9 112.4 595.0 420.3 264.1 1.7 44.6 109.9 581.0 427.5 273.1 1.7 39.1 113.6 635.4 434.3 269.1 1.7 51.6 111.9 714.5 441.8 274.0 1.7 52.1 114.0 680.2 449.8 272.1 1.8 62.7 113.2 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Financial 118.3 51.3 -1.6 60.5 8.1 179.9 63.2 -1.1 79.8 38.0 130.3 2.6 -0.2 116.3 11.7 122.4 -47.1 -0.2 126.2 43.6 151.7 -22.2 -0.1 114.1 59.9 200.5 21.5 -0.1 118.2 60.9 174.7 12.9 -0.1 104.1 57.8 153.5 -9.1 -0.0 109.4 53.2 201.1 29.3 -0.1 106.2 65.7 272.7 52.7 -0.1 153.2 66.9 230.4 28.7 -0.1 120.6 81.2 27 28 29 30 31 32 Inventory valuation adjustment 20.2 0.9 -14.1 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Financial 63.1 67.6 1.1 -5.6 74.5 77.5 1.1 -4.2 58.6 65.3 1.3 -8.0 64.5 75.4 1.5 -12.4 161.5 156.0 1.5 4.0 226.2 205.4 1.6 19.2 146.3 138.1 1.6 6.6 229.2 208.6 1.5 19.1 260.1 233.9 1.6 24.6 269.2 241.1 1.7 26.4 333.6 296.6 1.6 35.4 33 34 35 36 37 Net interest and miscellaneous payments 487.1 495.4 559.1 568.5 582.4 583.2 589.3 581.7 579.9 581.8 588.3 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 639.8 35.4 64.8 10.4 674.0 44.2 67.4 10.1 708.9 44.3 87.1 5.4 729.8 55.3 92.5 1.2 760.1 38.2 89.9 2.8 788.7 48.3 95.2 5.0 774.2 44.8 90.2 6.2 782.1 56.9 92.5 5.8 791.4 46.3 97.1 3.7 806.9 45.1 101.1 4.1 819.4 42.3 102.9 3.4 38 39 40 41 7752.8 8236.8 8795.4 8981.3 9290.8 9707.7 9434.8 9585.0 9797.5 10013.4 10182.9 42 851.2 179.0 -14.7 914.3 187.0 -35.7 990.8 197.0 -127.2 1061.1 205.9 -112.3 1077.8 210.8 -77.0 1092.7 218.2 13.0 1090.4 215.3 23.2 1086.0 217.4 -8.4 1089.9 219.2 38.1 1104.3 221.0 -0.8 1114.8 223.4 -8.7 43 44 45 21.4 33.8 39.0 35.2 21.5 43.7 27.8 33.3 37.8 75.9 53.2 46 8747.0 9268.5 9817.0 10100.8 10480.9 10987.9 10735.9 10846.8 11106.9 11262.0 11459.6 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, June 10, 2004 F.8 Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 1598.8 1674.3 1770.6 1658.0 1539.3 1484.8 1388.5 1437.0 1486.0 1627.6 1632.1 1 2 Net saving 568.6 573.1 582.8 391.1 250.7 173.9 82.8 133.6 176.9 302.3 293.9 2 477.7 419.0 343.3 323.2 494.1 587.6 443.9 572.8 658.7 674.9 711.3 3 3 Net private saving 4 Personal saving 276.8 158.6 168.4 127.2 183.2 173.5 151.0 188.9 199.3 154.7 185.9 4 5 6 7 8 9 Undistributed corporate profits w/IVA & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements 201.7 118.3 20.2 63.1 -0.7 255.3 179.9 0.9 74.5 5.2 174.9 130.3 -14.1 58.6 0.0 196.1 122.4 9.1 64.5 0.0 310.9 151.7 -2.2 161.5 0.0 414.1 200.5 -12.6 226.2 0.0 292.9 174.7 -28.1 146.3 0.0 383.9 153.5 1.2 229.2 0.0 459.4 201.1 -1.8 260.1 0.0 520.2 272.7 -21.7 269.2 0.0 525.4 230.4 -38.6 333.6 0.0 5 6 7 8 9 10 11 12 Net government saving Federal State and local 90.9 154.1 239.5 67.8 -243.4 -413.7 -361.1 -439.2 -481.8 -372.6 -417.4 10 39.0 52.0 103.6 50.4 189.5 50.0 50.5 17.3 -240.1 -3.3 -413.1 -0.6 -320.5 -40.6 -424.6 -14.6 -494.9 13.1 -412.3 39.7 -440.9 23.5 11 12 13 Consumption of fixed captal 1030.2 1101.2 1187.8 1266.9 1288.6 1310.9 1305.7 1303.4 1309.1 1325.3 1338.2 13 14 15 16 Private Domestic business Households and institutions 851.2 718.3 133.0 914.3 769.8 144.5 990.8 836.1 154.8 1061.1 893.6 167.5 1077.8 902.6 175.2 1092.7 908.1 184.5 1090.4 908.0 182.4 1086.0 902.8 183.2 1089.9 905.1 184.8 1104.3 916.6 187.7 1114.8 924.9 189.9 14 15 16 17 18 19 Government Federal State and local 179.0 82.8 96.2 187.0 84.8 102.1 197.0 87.2 109.8 205.9 88.3 117.6 210.8 89.1 121.8 218.2 90.9 127.3 215.3 90.0 125.3 217.4 90.5 126.9 219.2 91.3 127.9 221.0 91.8 129.2 223.4 92.9 130.5 17 18 19 1584.1 1638.6 1643.4 1545.8 1462.3 1497.8 1411.7 1428.6 1524.1 1626.8 1623.4 20 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 1771.5 1912.5 2040.0 1924.2 1926.4 2016.8 1941.0 1968.9 2042.5 2114.9 2177.1 21 1509.1 1625.7 1735.4 1607.2 1589.3 1670.6 1605.2 1624.4 1689.0 1763.6 1818.6 22 1438.4 1052.5 385.8 70.8 1558.8 1133.9 424.9 66.9 1679.0 1232.1 446.9 56.5 1643.4 1174.1 469.2 -36.1 1583.9 1080.2 503.7 5.4 1673.0 1110.6 562.4 -2.4 1606.2 1071.8 534.4 -1.0 1630.1 1086.9 543.2 -5.7 1699.5 1124.4 575.1 -10.5 1756.1 1159.2 596.9 7.5 1790.2 1178.6 611.6 28.4 23 24 25 26 262.4 286.8 304.6 317.0 337.1 346.3 335.8 344.5 353.5 351.3 358.5 27 0.8 4.9 0.8 1.1 1.3 1.5 1.6 1.3 3.2 0.0 1.7 28 28 Capital account transactions (net) 29 Net lending or net borrowing (-), NIPAs -188.1 -278.8 -397.4 -379.5 -465.4 -520.6 -530.9 -541.6 -521.6 -488.1 -555.4 29 30 Statistical discrepancy (line 20 less line 1) -14.7 -35.7 -127.2 -112.3 -77.0 13.0 23.2 -8.4 38.1 -0.8 -8.7 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 32.4 32.5 35.6 35.6 32.9 29.1 30.5 25.9 28.7 31.2 31.0 1 2 3 4 5 6 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business -3.6 25.2 0.0 28.8 0.0 -7.4 28.8 4.2 31.9 0.0 -8.1 28.1 0.0 36.2 0.0 -12.9 27.9 0.0 40.8 0.0 -18.7 25.6 0.2 44.1 0.0 -22.8 22.1 0.1 44.7 0.1 -13.8 23.5 0.4 36.9 0.0 -28.4 18.7 0.1 46.9 0.0 -29.6 21.7 0.1 51.2 0.0 -19.5 24.6 0.0 43.7 0.4 -19.2 24.2 0.0 43.4 0.0 2 3 4 5 6 7 8 9 State and local Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 36.0 7.2 28.8 39.9 7.9 31.9 43.7 7.5 36.2 48.5 7.7 40.8 51.7 7.6 44.1 51.9 7.2 44.7 44.2 7.4 36.9 54.2 7.3 46.9 58.3 7.1 51.2 50.7 7.0 43.7 50.1 6.7 43.4 7 8 9 10 11 12 Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) - Migrants’ transfers received by persons (net) 0.7 0.0 -0.7 4.9 4.2 -0.7 0.8 0.0 -0.8 1.1 0.0 -1.1 1.3 0.2 -1.1 1.2 0.1 -1.1 1.5 0.4 -1.1 1.2 0.1 -1.1 1.2 0.1 -1.1 1.1 0.0 -1.1 1.1 0.0 -1.1 10 11 12 13 14 15 16 Memo: Acquisition of nonproduced nonfinancial assets (net) Nonfinancial corporate business State and local governments Federal governments Rest of the world -1.9 7.6 -5.7 -0.0 -7.7 8.6 -1.0 0.0 -8.5 8.8 -0.3 0.0 -8.0 8.6 -0.7 0.1 -8.8 8.6 0.2 0.0 -8.1 8.6 -0.3 -0.3 -5.8 8.6 -2.7 -0.1 -7.5 8.6 -1.0 -0.1 -10.0 8.6 3.4 -2.0 -9.0 8.6 -0.7 1.1 -8.0 8.6 0.0 -0.6 13 14 15 16 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce. 15 Z.1, June 10, 2004 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Net acquisition of financial assets 910.7 691.6 602.0 787.0 618.1 986.4 811.5 1449.7 951.5 733.0 995.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 0.1 18.7 175.6 140.3 5.2 -36.1 127.2 120.2 20.0 -63.8 308.7 154.5 -5.0 94.3 258.6 168.0 10.7 -4.3 291.4 -40.6 -9.0 -51.8 319.1 -107.9 26.1 -135.8 401.6 -200.5 -23.5 -57.4 390.1 170.6 -17.9 -148.2 242.7 -101.4 -20.7 134.3 242.0 -300.5 -1.0 58.9 627.6 -149.2 2 3 4 5 6 Securities 118.0 107.8 -401.9 -145.5 -25.4 282.6 201.8 146.8 522.2 259.7 -215.5 6 7.5 0.1 -32.1 41.2 5.8 91.1 -247.5 251.8 4.1 -0.2 28.7 108.3 23.5 -55.3 -81.9 80.5 4.8 -1.7 -166.5 78.8 10.2 -22.4 -474.2 169.1 -30.8 5.6 -81.5 -47.2 52.3 -4.6 -231.9 192.7 5.8 4.5 -68.5 -143.0 102.9 28.4 -73.0 117.5 -4.1 8.9 -4.5 255.0 55.5 -142.6 -195.6 310.0 24.4 9.5 -73.8 -33.3 23.2 -48.9 104.8 195.8 -30.0 10.5 405.0 -162.1 36.9 -282.4 -177.6 346.5 6.1 10.2 -128.1 672.9 55.1 -147.6 -272.1 325.7 -16.7 5.5 -221.1 542.4 106.6 -91.7 -437.6 372.1 21.6 3.9 -55.1 -290.1 94.9 -103.9 -330.4 443.5 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 48.0 216.9 50.8 127.3 50.2 174.5 77.2 183.4 60.1 209.3 53.7 243.1 73.8 212.0 56.9 218.0 44.7 221.6 39.4 321.0 66.9 258.8 15 16 17 18 Investment in bank personal trusts Miscellaneous and other assets -46.1 239.2 -8.1 197.4 56.6 303.3 -59.9 215.8 -2.4 119.3 -26.3 282.8 -26.6 259.1 -26.4 574.6 -26.4 214.3 -25.5 83.4 29.8 319.7 17 18 19 20 21 22 23 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 1231.7 371.6 168.2 687.1 4.8 1369.5 420.0 198.1 750.6 0.8 1463.0 443.3 222.1 796.0 1.6 1486.4 464.9 208.6 814.6 -1.7 1533.9 497.8 192.6 846.5 -2.9 1636.6 557.0 205.5 876.5 -2.3 1572.1 530.1 205.8 836.0 0.1 1599.7 538.1 202.4 862.1 -2.9 1678.5 569.4 206.2 907.6 -4.6 1696.2 590.4 207.6 900.1 -1.8 1690.8 603.3 200.5 889.7 -2.9 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 808.2 143.0 139.0 526.1 857.0 155.7 147.8 553.6 913.1 164.6 158.5 590.1 963.2 175.6 166.4 621.2 998.2 177.7 174.4 646.2 1008.3 182.7 180.6 645.0 997.8 179.7 181.4 636.7 1002.2 179.1 182.1 641.0 1010.5 179.6 183.7 647.1 1022.8 192.3 175.5 655.1 1033.3 202.0 168.9 662.3 24 25 26 27 28 Net investment in tangible assets (4) 423.5 512.5 549.8 523.2 535.7 628.3 574.3 597.6 668.1 673.4 657.5 28 228.5 29.2 161.0 4.8 264.3 50.3 197.0 0.8 278.7 63.7 205.9 1.6 289.3 42.2 193.5 -1.7 320.1 18.2 200.3 -2.9 374.3 24.8 231.5 -2.3 350.4 24.4 199.3 0.1 359.0 20.3 221.1 -2.9 389.7 22.5 260.5 -4.6 398.1 32.1 245.0 -1.8 401.3 31.6 227.4 -2.9 29 30 31 32 783.1 884.1 923.8 817.6 907.4 1153.9 1176.4 1601.4 1087.0 750.8 1292.9 33 365.2 105.6 96.8 0.1 21.6 193.8 419.3 101.2 112.1 -5.1 75.2 181.4 413.0 114.9 165.2 2.8 7.2 220.6 520.0 107.4 137.7 2.2 -38.8 89.1 687.9 102.0 81.4 1.1 -48.2 83.3 816.2 117.8 94.8 -0.4 34.3 91.2 852.7 87.3 83.4 -1.7 45.3 109.3 906.5 109.8 120.6 1.3 355.7 107.5 822.1 121.8 118.9 -1.8 -83.4 109.5 683.5 152.1 56.6 0.4 -180.4 38.7 901.1 102.4 123.4 0.9 66.3 98.8 34 35 36 37 38 39 29 30 31 32 33 34 35 36 37 38 39 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) 40 Net capital transfers (5) -33.1 -37.4 -36.5 -36.7 -34.2 -30.4 -32.0 -27.1 -29.9 -32.8 -32.1 40 41 Personal saving, with consumer durables (FOF) 584.3 357.4 264.5 529.3 280.6 491.3 241.4 472.9 562.5 688.4 392.6 41 42 Less net investment in consumer durables 161.0 197.0 205.9 193.5 200.3 231.5 199.3 221.1 260.5 245.0 227.4 42 43 = Personal saving, without consumer durables (FOF) (6) 423.3 160.3 58.6 335.8 80.3 259.8 42.1 251.8 302.0 443.4 165.2 43 44 Personal saving (NIPA, excludes consumer durables) 276.8 158.6 168.4 127.2 183.2 173.5 151.0 188.9 199.3 154.7 185.9 44 45 Difference 146.5 1.7 -109.8 208.6 -102.9 86.3 -108.9 62.9 102.7 288.7 -20.7 45 46 Memo: Disposable personal income 6395.9 6694.9 7194.0 7469.4 7857.2 8216.5 8039.3 8145.7 8317.8 8363.3 8527.1 46 47 48 49 50 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 39) Without consumer durables (FOF) (line 41) Without consumer durables (NIPA) (line 42) Difference (line 43) 9.1 6.6 4.3 2.3 5.3 2.4 2.4 0.0 3.7 0.8 2.3 -1.5 7.1 4.5 1.7 2.8 3.6 1.0 2.3 -1.3 6.0 3.2 2.1 1.1 3.0 0.5 1.9 -1.4 5.8 3.1 2.3 0.8 6.8 3.6 2.4 1.2 8.2 5.3 1.8 3.5 4.6 1.9 2.2 -0.2 47 48 49 50 (1) Consolidated statement for household sector, 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), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17). (3) Includes corporate farms. (4) Line 19 less line 24. (5) Table F.9, line 12 less lines 3 and 8. (6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4). 16 Z.1, June 10, 2004 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 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) 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 7423.0 1027.0 6395.9 6119.2 276.8 7802.4 1107.5 6694.9 6536.4 158.6 8429.7 1235.7 7194.0 7025.6 168.4 8713.1 1243.7 7469.4 7342.2 127.2 8910.3 1053.1 7857.2 7674.0 183.2 9208.0 991.5 8216.5 8043.1 173.5 9048.7 1009.4 8039.3 7888.3 151.0 9145.9 1000.2 8145.7 7956.8 188.9 9256.3 938.5 8317.8 8118.5 199.3 9381.0 1017.7 8363.3 8208.6 154.7 9518.3 991.2 8527.1 8341.2 185.9 1 2 3 4 5 4.4 161.0 659.4 -33.1 3.8 197.0 695.1 -37.4 1.8 205.9 741.8 -36.5 3.3 193.5 785.1 -36.7 -1.7 200.3 817.3 -34.2 -0.6 231.5 824.6 -30.4 -5.7 199.3 814.5 -32.0 -1.4 221.1 819.4 -27.1 -0.7 260.5 827.0 -29.9 5.3 245.0 837.6 -32.8 -2.2 227.4 846.8 -32.1 6 7 8 9 10 = Gross saving and net capital transfers 1068.5 1017.1 1081.4 1072.3 1164.8 1198.5 1127.1 1200.9 1256.2 1209.9 1225.9 10 11 Gross investment 1211.1 1015.1 968.8 1276.4 1062.2 1284.0 1022.5 1263.7 1358.1 1491.6 1205.8 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 1075.3 329.9 687.1 58.3 1169.2 359.8 750.6 58.7 1236.3 377.3 796.0 63.1 1282.4 401.6 814.6 66.2 1341.5 429.8 846.5 65.3 1425.7 481.0 876.5 68.2 1360.6 458.0 836.0 66.6 1394.3 464.7 862.1 67.5 1468.0 491.7 907.6 68.7 1479.8 509.6 900.1 70.1 1479.6 519.3 889.7 70.5 12 13 14 15 16 Net financial investment 135.8 -154.1 -267.6 -6.0 -279.3 -141.7 -338.1 -130.6 -109.9 11.8 -273.8 16 17 Net acquisition of financial assets 600.9 417.2 307.3 593.1 420.7 770.9 626.3 1239.3 718.8 499.1 810.3 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 0.1 -15.7 162.9 130.6 5.2 -75.4 108.2 112.1 20.0 -120.4 288.6 145.8 -5.0 93.2 251.5 158.4 10.7 -17.5 289.2 -42.9 -9.0 -62.7 317.4 -99.7 26.1 -144.7 405.8 -195.0 -23.5 -71.3 386.1 175.8 -17.9 -161.0 241.8 -89.0 -20.7 126.1 235.7 -290.6 -1.0 57.1 631.2 -133.7 18 19 20 21 22 Credit market instruments 105.5 118.3 -88.3 -101.9 -61.7 176.9 -87.9 -14.3 477.3 332.6 -320.0 22 7.5 -37.7 0.1 -37.8 41.2 6.1 91.1 -2.8 4.1 29.4 -0.2 29.5 108.3 23.6 -55.3 8.2 4.8 -171.2 -1.7 -169.5 78.8 10.4 -22.4 11.2 -30.8 -78.6 5.6 -84.1 -47.2 51.2 -4.6 8.0 5.8 -66.3 4.5 -70.8 -143.0 102.7 28.4 10.7 -4.1 2.1 8.9 -6.8 255.0 55.2 -142.6 11.3 24.4 -64.0 9.5 -73.6 -33.3 23.0 -48.9 10.9 -30.0 410.7 10.5 400.2 -162.1 36.6 -282.4 12.9 6.1 -120.0 10.2 -130.2 672.9 54.9 -147.6 11.0 -16.7 -218.3 5.5 -223.8 542.4 106.4 -91.7 10.4 21.6 -53.6 3.9 -57.6 -290.1 94.7 -103.9 11.4 23 24 25 26 27 28 29 30 -247.5 251.8 61.2 48.0 216.9 -46.1 -78.8 12.1 -81.9 80.5 47.2 50.8 127.3 -8.1 -79.3 12.4 -474.2 169.1 88.6 50.2 174.5 56.6 -9.6 6.5 -231.9 192.7 41.9 77.2 183.4 -59.9 -24.9 18.5 -73.0 117.5 -41.6 60.1 209.3 -2.4 -55.6 28.7 -195.6 310.0 62.7 53.7 243.1 -26.3 -31.8 32.1 104.8 195.8 67.8 73.8 212.0 -26.6 -42.5 37.0 -177.6 346.5 342.0 56.9 218.0 -26.4 -2.0 29.1 -272.1 325.7 -46.8 44.7 221.6 -26.4 -38.1 58.9 -437.6 372.1 -112.3 39.4 321.0 -25.5 -44.5 3.5 -330.4 443.5 127.2 66.9 258.8 29.8 -34.6 15.3 31 32 33 34 35 36 37 38 465.2 571.3 574.9 599.1 700.0 912.6 964.4 1369.9 828.7 487.3 1084.1 39 436.2 489.9 563.7 634.3 740.3 869.5 908.8 1005.2 903.9 659.9 1008.2 40 311.5 96.8 12.0 7.7 -0.3 8.6 373.1 112.1 10.4 -6.9 -5.4 6.6 373.5 165.2 5.8 6.8 2.0 10.4 477.2 137.7 13.8 -16.5 0.6 21.5 638.4 81.4 12.9 -3.1 0.1 10.5 756.1 94.8 14.7 -6.3 -1.2 11.3 795.8 83.4 19.3 1.6 -2.5 11.2 838.8 120.6 11.0 33.0 0.5 1.3 764.3 118.9 17.9 -10.5 -2.6 15.9 625.6 56.6 10.4 -49.3 -0.2 17.0 840.2 123.4 15.9 8.3 0.2 20.2 41 42 43 44 45 46 21.6 8.7 75.2 4.1 7.2 3.8 -38.8 4.0 -48.2 7.0 34.3 7.9 45.3 7.5 355.7 7.8 -83.4 8.0 -180.4 8.3 66.3 8.6 47 48 -1.4 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.5 0.9 49 -142.6 2.1 112.6 -204.1 102.6 -85.5 104.7 -62.7 -102.0 -281.8 20.0 50 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 Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) 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) 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 12 less lines 3 and 8. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. 17 Z.1, June 10, 2004 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Income before taxes 1137.2 1195.9 1211.9 1142.4 1198.1 1329.8 1272.0 1278.5 1352.2 1416.7 1405.8 1 2 Gross saving and net capital transfers 839.3 905.2 908.3 951.4 1044.0 1139.0 1032.7 1111.7 1171.8 1239.9 1228.4 2 3 Gross investment 876.0 1003.1 1072.8 1066.3 967.4 1159.2 1049.9 1141.2 1199.7 1245.9 1257.5 3 930.2 1059.3 1155.2 1008.6 963.1 989.9 964.8 966.4 991.2 1037.2 1068.2 4 861.4 44.5 816.8 1000.1 63.4 936.7 1107.2 69.6 1037.6 1052.7 67.1 985.6 966.6 71.8 894.8 1000.4 80.1 920.3 971.6 76.1 895.5 979.7 77.4 902.3 1011.7 81.9 929.8 1038.7 85.1 953.6 1047.8 88.6 959.3 5 6 7 70.8 -1.9 66.9 -7.7 56.5 -8.5 -36.1 -8.0 5.4 -8.8 -2.4 -8.1 -1.0 -5.8 -5.7 -7.5 -10.5 -10.0 7.5 -9.0 28.4 -8.0 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 -54.2 -56.1 -82.4 57.8 4.3 169.2 85.1 174.7 208.5 208.7 189.2 10 11 Net acquisition of financial assets 791.0 1154.8 1455.2 335.5 267.2 709.3 593.9 792.7 728.2 722.6 758.5 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7.4 57.5 6.0 48.3 -0.4 0.9 95.3 43.3 36.6 1.6 -7.4 107.1 20.5 45.2 -1.6 -8.5 -48.4 0.9 120.1 -0.2 4.4 22.7 -1.4 29.2 2.2 22.8 134.9 15.2 -61.0 -0.5 20.1 109.4 34.2 -43.9 -1.5 -11.3 221.0 37.8 -67.3 2.6 41.9 193.9 -43.0 -116.6 4.0 40.5 15.1 32.0 -16.0 -7.0 -4.8 -26.5 -10.8 -35.8 3.2 12 13 14 15 16 17 Credit market instruments -1.3 -21.4 26.4 9.7 27.0 15.3 35.3 53.7 17.2 -44.9 21.6 17 3.3 2.5 2.6 -2.0 -5.1 -2.7 8.2 -5.0 1.8 -0.9 -28.0 2.5 10.2 1.7 3.0 6.7 0.9 4.0 2.4 1.1 1.7 -1.5 6.4 -0.4 4.5 17.1 -1.2 3.5 3.2 -0.1 15.2 4.7 -3.5 6.5 0.8 -8.4 6.2 16.5 0.0 -2.8 1.7 13.7 33.4 9.6 -9.5 -2.0 1.1 21.1 28.8 -1.2 -1.2 15.4 0.5 -25.1 -7.4 -6.1 -3.3 15.2 -0.1 -43.3 18.4 -8.0 -8.1 -13.4 -0.6 33.2 18 19 20 21 22 23 6.7 113.2 553.7 7.4 242.9 748.2 12.0 352.6 900.4 2.0 -127.6 387.5 10.5 -11.6 184.2 -4.6 178.8 408.3 -4.6 67.9 377.0 -4.6 207.3 353.5 -4.6 211.0 424.3 -4.6 228.9 478.6 -4.6 166.8 649.5 24 25 26 845.2 1210.9 1537.7 277.7 263.0 540.1 508.8 617.9 519.7 513.9 569.2 27 582.5 567.3 560.9 394.0 197.8 302.2 272.8 422.0 231.1 282.9 303.3 28 18 19 20 21 22 23 24 25 26 27 28 Net financial investment 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 24.4 5.8 235.2 37.4 5.1 221.7 48.1 1.4 162.6 -88.3 3.5 348.5 -64.2 3.1 132.3 -40.0 3.3 162.4 -9.3 2.7 186.8 -81.4 3.0 297.0 4.8 3.1 96.1 -74.3 4.6 69.7 34.4 4.7 103.4 29 30 31 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 102.1 67.6 147.4 89.8 31.8 181.6 95.0 78.7 175.2 -65.5 8.1 187.7 -84.0 19.5 191.1 -75.0 11.3 240.3 -84.6 -22.0 199.2 -76.3 16.9 262.8 -94.7 -24.0 245.9 -44.5 74.1 253.3 -56.0 -19.1 236.0 32 33 34 -215.5 89.1 9.0 468.9 -110.4 213.6 15.9 613.9 -118.2 360.8 18.6 764.2 -47.4 -111.3 7.1 71.3 -41.6 6.1 20.0 132.1 -57.3 149.5 17.3 180.5 -67.0 75.9 62.4 207.0 -50.2 158.2 23.0 105.3 -44.9 181.3 6.8 198.1 -67.0 182.7 -23.0 211.5 -104.0 148.4 50.1 202.7 35 36 37 38 -88.7 -89.5 -48.6 -36.1 -51.5 -52.1 -42.2 -40.3 -52.7 -73.3 -31.2 39 -36.8 -97.9 -164.5 -115.0 76.6 -20.2 -17.3 -29.4 -28.0 -6.0 -29.0 40 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, June 10, 2004 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 8 9 10 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 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 449.1 158.2 239.6 559.0 610.3 60.5 20.2 0.0 691.0 456.7 170.8 222.7 599.3 662.6 79.8 0.9 0.0 743.3 422.0 169.7 249.7 631.1 633.7 116.3 -14.1 0.0 735.9 307.8 108.2 246.7 683.8 636.7 126.2 9.1 0.0 772.0 334.4 101.0 255.6 772.1 749.9 114.1 -2.2 0.0 861.7 420.3 128.8 270.1 826.6 848.1 118.2 -12.6 0.1 953.8 396.2 119.2 264.1 759.0 771.9 104.1 -28.1 0.0 847.9 381.1 117.1 273.1 825.9 816.8 109.4 1.2 0.0 927.4 431.3 132.9 269.1 853.2 882.5 106.2 -1.8 0.0 986.9 472.6 146.0 274.0 868.4 921.2 153.2 -21.7 0.4 1053.1 440.1 139.2 272.1 929.7 958.4 120.6 -38.6 0.0 1040.4 1 2 3 4 5 6 7 8 9 Gross investment 727.7 841.2 900.4 887.0 785.1 974.0 865.1 956.9 1014.8 1059.1 1069.5 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 773.8 709.7 65.9 -1.9 858.9 800.5 66.1 -7.7 928.5 882.1 54.9 -8.5 804.6 847.0 -34.4 -8.0 770.7 771.2 8.3 -8.8 779.0 787.2 -0.1 -8.1 753.3 760.2 -1.1 -5.8 761.0 771.4 -2.9 -7.5 780.8 796.6 -5.9 -10.0 820.9 820.6 9.3 -9.0 857.1 833.8 31.3 -8.0 11 12 13 14 15 Net financial investment -46.1 -17.7 -28.2 82.4 14.4 195.0 111.8 195.9 234.1 238.2 212.4 15 16 Net acquisition of financial assets 569.9 969.9 1209.2 177.6 121.3 545.9 450.9 622.7 548.2 561.9 604.0 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7.4 23.0 -6.8 38.6 -0.4 0.9 56.0 24.3 28.4 1.6 -7.4 50.5 0.5 36.5 -1.6 -8.5 -49.5 -6.2 110.5 -0.2 4.4 9.5 -3.6 26.9 2.2 22.8 123.9 13.5 -52.7 -0.5 20.1 100.5 38.4 -38.5 -1.5 -11.3 207.1 33.8 -62.2 2.6 41.9 181.2 -43.9 -104.1 4.0 40.5 6.9 25.8 -6.1 -7.0 -4.8 -28.3 -7.2 -20.3 3.2 17 18 19 20 21 22 23 24 25 26 27 28 29 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 3.3 -3.2 2.6 -1.6 -13.0 -2.7 85.0 6.7 8.2 -4.2 1.8 -0.7 -26.0 2.5 203.4 7.4 10.2 -1.3 3.0 6.9 2.3 4.0 283.0 12.0 2.4 -1.6 1.7 -2.6 3.1 -0.4 -129.4 2.0 4.5 14.8 -1.2 3.3 2.0 -0.1 -34.4 10.5 15.2 2.3 -3.5 6.3 2.0 -8.4 128.4 -4.6 6.2 16.7 0.0 -3.0 2.0 13.7 31.3 -4.6 33.4 4.8 -9.5 -2.2 2.0 21.1 158.5 -4.6 28.8 -3.3 -1.2 15.2 2.0 -25.1 145.2 -4.6 -7.4 -8.9 -3.3 15.0 2.0 -43.3 178.5 -4.6 18.4 -10.5 -8.1 -13.6 2.0 33.2 107.2 -4.6 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 431.0 129.2 1.7 0.0 -6.4 306.5 666.3 194.4 1.0 0.0 26.8 444.1 810.6 128.4 -0.3 0.0 7.4 675.2 256.4 97.0 10.3 0.0 -1.7 150.7 82.5 117.0 17.4 0.0 -5.5 -46.4 301.2 134.8 17.9 0.0 5.8 142.6 269.6 110.4 24.2 0.0 -2.1 137.1 249.1 103.2 17.6 0.0 17.7 110.7 312.1 145.9 28.8 0.0 -0.5 137.9 373.8 179.9 1.2 0.0 8.0 184.7 537.4 199.4 9.4 0.0 8.4 320.1 30 31 32 33 34 35 616.0 987.6 1237.4 95.2 107.0 350.9 339.1 426.8 314.1 323.7 391.6 36 176.9 -215.5 392.4 24.4 5.8 235.2 76.2 262.1 -110.4 372.5 37.4 5.1 221.7 44.1 239.0 -118.2 357.2 48.1 1.4 162.6 48.0 179.8 -47.4 227.3 -88.3 3.5 348.5 -103.3 -0.7 -41.6 40.9 -64.2 3.1 132.3 -96.5 98.4 -57.3 155.7 -40.0 3.3 162.4 -49.4 99.0 -67.0 166.0 -9.3 2.7 186.8 -60.3 228.5 -50.2 278.7 -81.4 3.0 297.0 -41.1 27.2 -44.9 72.1 4.8 3.1 96.1 -71.7 38.9 -67.0 105.9 -74.3 4.6 69.7 -24.4 83.6 -104.0 187.6 34.4 4.7 103.4 -33.1 37 38 39 40 41 42 43 36 37 38 39 40 41 42 43 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. 44 45 46 47 48 49 50 51 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 54.3 2.7 33.1 -0.1 -4.3 -1.0 23.8 -3.3 23.4 3.2 48.8 -0.3 -2.2 -22.7 -3.3 40.8 65.9 4.3 57.0 -0.4 -0.0 -2.2 7.2 31.2 7.8 1.8 -10.3 -0.2 -0.3 -1.6 18.5 59.0 16.0 1.7 7.5 -0.3 0.3 10.1 -3.3 50.2 5.5 5.0 2.0 0.7 -0.2 -0.8 -1.1 73.8 -20.1 2.3 -12.9 1.2 -0.4 -40.3 30.1 66.2 14.7 1.6 -4.1 0.6 -1.5 34.6 -16.5 86.6 -42.4 18.5 -1.3 0.4 0.6 -37.7 -22.9 82.2 70.0 -2.2 26.1 0.8 0.5 40.0 4.8 60.2 -14.7 -13.4 57.1 1.0 -3.7 -45.5 -10.2 92.9 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 57.6 4.8 376.6 144.4 21.4 210.8 178.5 7.0 540.0 247.0 -7.6 300.6 313.3 7.0 678.2 181.1 1.2 495.8 -103.7 3.1 16.0 71.4 1.3 -56.6 -15.8 11.9 111.6 22.7 1.3 87.6 100.9 7.6 144.0 44.4 1.3 98.3 27.1 43.0 170.0 33.1 1.3 135.6 117.4 13.3 67.5 26.7 1.3 39.5 122.3 2.1 162.5 48.0 1.3 113.2 136.8 -28.0 176.0 69.7 1.3 104.9 95.2 44.4 168.4 38.0 1.3 129.1 52 53 54 55 56 57 58 Discrepancy -36.8 -97.9 -164.5 -115.0 76.6 -20.2 -17.3 -29.4 -28.0 -6.0 -29.0 58 59 Memo: Financing gap (6) 143.3 195.4 308.9 158.7 23.1 -56.5 9.5 -57.0 -99.9 -78.6 -62.8 59 (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 6. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 19 Z.1, June 10, 2004 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 658.8 131.4 710.6 144.5 767.3 154.1 809.6 160.7 849.5 163.3 890.0 166.0 862.8 165.6 877.3 165.2 899.3 165.7 920.7 167.5 946.8 168.8 1 2 3 Gross investment 131.4 144.5 154.1 160.7 163.3 166.0 165.6 165.2 165.7 167.5 168.8 3 135.2 131.7 3.5 187.1 183.6 3.5 209.6 206.7 2.9 185.0 186.8 -1.8 175.7 175.2 0.4 191.3 191.4 -0.0 190.2 190.2 -0.1 186.8 186.9 -0.2 192.6 192.9 -0.3 195.8 195.3 0.5 192.4 190.8 1.6 4 5 6 -3.8 -42.6 -55.5 -24.3 -12.4 -25.3 -24.6 -21.6 -26.9 -28.3 -23.7 7 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 7 Net financial investment 8 Net acquisition of financial assets 218.8 184.1 246.0 155.7 141.4 158.6 137.5 165.4 172.2 159.4 152.5 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 32.7 12.7 9.7 5.7 -0.4 7.9 0.0 28.2 122.2 0.4 -0.1 121.9 38.7 19.1 8.1 -0.8 -0.1 -2.0 0.0 39.4 81.7 0.2 0.0 81.4 56.4 20.1 8.7 3.0 -0.3 -1.4 0.0 69.6 89.9 -0.1 -0.0 90.0 0.5 7.1 9.6 2.7 1.1 3.3 0.0 1.8 129.6 2.5 -0.1 127.3 12.8 2.2 2.3 2.3 0.2 1.2 0.0 22.8 97.6 4.2 0.0 93.4 10.9 1.7 -8.2 2.4 0.2 -1.2 0.0 50.4 102.5 4.3 0.4 97.7 8.9 -4.3 -5.5 -0.2 0.2 -0.3 0.0 36.6 101.9 5.8 0.3 95.9 13.8 4.0 -5.1 4.8 0.2 -0.9 0.0 48.8 99.9 4.2 -0.2 95.9 12.7 0.9 -12.4 2.1 0.2 -1.5 0.0 65.8 104.5 6.9 0.5 97.1 8.1 6.3 -9.9 2.7 0.2 -2.1 0.0 50.4 103.6 0.3 1.2 102.1 1.7 -3.6 -15.6 2.5 0.2 -2.6 0.0 59.6 110.3 2.3 0.7 107.4 9 10 11 12 13 14 15 16 17 18 19 20 222.6 226.6 301.4 180.0 153.8 184.0 162.1 187.0 199.1 187.7 176.2 21 179.9 24.8 10.9 144.2 30.8 4.1 92.3 -84.4 190.2 46.5 8.6 135.1 34.7 8.9 73.9 -81.1 192.9 44.3 11.1 137.5 46.6 11.7 86.0 -35.7 156.4 37.8 -2.6 121.2 -4.9 4.0 55.3 -30.8 148.3 13.4 2.4 132.5 21.0 8.1 20.6 -44.2 139.5 -25.2 5.6 159.1 46.7 9.7 36.5 -48.4 104.5 -22.9 3.1 124.3 41.6 19.4 37.0 -40.4 134.2 -30.6 -2.9 167.7 43.0 9.7 37.8 -37.6 148.5 -25.8 16.0 158.3 57.9 4.7 35.6 -47.5 170.7 -21.6 6.4 186.0 44.4 5.0 35.5 -68.0 115.5 -21.4 0.9 136.0 52.8 5.6 34.2 -32.0 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 29.4 -0.5 17.4 2.0 15.4 28.6 0.0 17.4 2.0 15.4 22.7 1.1 17.2 2.0 15.2 25.0 1.3 17.3 2.0 15.3 14.3 1.5 17.6 2.1 15.5 19.5 1.5 17.7 2.1 15.6 13.0 1.4 17.7 2.1 15.7 20.0 1.5 17.7 2.1 15.6 21.5 1.5 17.7 2.1 15.6 23.3 1.5 17.7 2.1 15.6 18.9 1.5 17.7 2.1 15.6 1 2 3 4 5 6 Gross saving 16.9 17.4 18.3 18.6 19.1 19.2 19.2 19.2 19.2 19.3 19.2 6 7 Gross investment 16.9 17.4 18.3 18.6 19.1 19.2 19.2 19.2 19.2 19.3 19.2 7 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 21.3 19.9 1.4 13.3 15.9 -2.7 17.1 18.4 -1.3 19.0 18.9 0.1 16.8 20.1 -3.4 19.6 21.9 -2.3 21.3 21.1 0.2 18.7 21.4 -2.7 17.9 22.2 -4.3 20.5 22.8 -2.3 18.7 23.2 -4.5 8 9 10 11 Net financial investment -4.3 4.1 1.2 -0.4 2.3 -0.4 -2.1 0.5 1.3 -1.3 0.5 11 12 Net acquisition of financial assets 2.3 0.8 0.1 2.1 4.5 4.8 5.6 4.6 7.8 1.2 1.9 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 1.7 0.5 0.4 0.1 0.6 0.2 0.2 -0.0 0.2 -0.1 -0.1 -0.0 0.6 1.5 1.4 0.1 0.4 4.1 4.0 0.1 0.1 4.7 4.1 0.6 0.1 5.5 5.6 -0.1 0.1 4.5 4.1 0.5 0.1 7.7 6.6 1.1 0.1 1.1 0.3 0.9 0.1 1.8 2.2 -0.3 13 14 15 16 6.6 -3.3 -1.1 2.5 2.2 5.2 7.7 4.1 6.5 2.5 1.4 17 10.1 1.2 2.4 6.5 0.8 -4.3 4.6 -0.9 -0.2 5.8 0.4 -8.4 10.9 2.7 1.6 6.5 0.9 -12.9 10.3 -0.0 2.9 7.5 -2.6 -5.2 8.6 -0.9 1.1 8.4 0.9 -7.4 7.1 -0.4 0.1 7.4 1.9 -3.8 2.3 -1.4 -5.0 8.7 7.2 -1.8 9.0 -4.6 5.1 8.5 -2.2 -2.7 10.6 2.8 2.4 5.4 1.0 -5.2 6.3 1.5 -2.2 7.1 1.5 -5.3 0.3 -1.5 -5.3 7.1 0.4 0.8 18 19 20 21 22 23 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. 20 Z.1, June 10, 2004 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 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 Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1163.1 1236.7 1319.6 1382.7 1424.6 1500.9 1441.2 1478.0 1527.9 1556.3 1557.5 1 201.2 558.8 34.9 10.4 80.9 266.7 10.3 214.5 590.2 35.8 9.8 85.3 290.8 10.4 236.6 621.1 35.6 11.0 92.2 315.4 7.7 243.7 643.8 30.2 13.2 95.7 350.8 5.4 221.9 672.5 31.1 13.5 95.5 384.2 5.9 226.4 700.6 37.3 13.9 94.1 422.3 6.5 215.1 685.9 33.9 13.7 94.4 391.6 6.6 205.6 694.4 35.0 13.8 93.9 427.9 7.4 239.7 705.1 38.8 13.9 93.8 430.4 6.2 245.1 717.0 41.3 14.0 94.2 439.1 5.6 243.7 727.9 42.5 14.1 94.1 429.0 6.2 2 3 4 5 6 7 8 1111.2 1186.3 1269.5 1365.4 1427.9 1501.5 1481.8 1492.6 1514.8 1516.6 1534.0 9 801.4 235.8 73.6 0.4 0.0 858.9 252.4 74.6 0.4 0.0 917.8 271.7 79.6 0.5 0.0 966.1 305.1 86.6 7.7 0.0 1004.7 332.3 90.0 1.0 0.0 1045.6 362.3 93.2 0.4 0.0 1045.8 343.7 92.0 0.3 0.0 1040.9 358.4 92.7 0.6 0.0 1046.3 375.7 93.5 -0.7 0.0 1049.5 371.3 94.6 1.2 0.0 1061.4 376.3 95.6 0.7 0.0 10 11 12 13 14 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 15 Net state and local govt. saving, NIPA basis 52.0 50.4 50.0 17.3 -3.3 -0.6 -40.6 -14.6 13.1 39.7 23.5 15 16 17 + Consumption of fixed capital + Net capital transfers (2) 96.2 36.0 102.1 39.9 109.8 43.7 117.6 48.5 121.8 51.7 127.3 51.9 125.3 44.2 126.9 54.2 127.9 58.3 129.2 50.7 130.5 50.1 16 17 18 = Gross saving and net capital transfers 184.1 192.4 203.6 183.4 170.1 178.6 128.9 166.5 199.3 219.6 204.1 18 19 Gross investment 242.9 224.5 226.7 204.9 175.3 189.0 142.2 170.0 210.1 233.8 214.0 19 186.5 7.6 206.1 8.6 225.1 8.8 235.8 8.6 248.4 8.6 252.0 8.6 248.7 8.6 248.7 8.6 256.2 8.6 254.5 8.6 252.6 8.6 20 21 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net financial investment 23 Net acq. of financial assets 24 25 26 Checkable deposits and currency Time and savings deposits Security RPs 27 Credit market instruments 48.8 9.9 -7.1 -39.5 -81.7 -71.6 -115.1 -87.3 -54.7 -29.3 -47.2 22 146.9 77.5 35.8 91.5 86.6 70.0 -9.3 117.6 60.9 110.9 126.6 23 -3.9 12.8 7.2 3.9 11.0 5.0 1.0 9.4 19.7 5.1 7.7 -13.4 8.5 17.1 -2.1 6.2 22.3 29.9 -0.5 46.2 11.0 4.1 13.2 37.5 6.8 12.9 24.1 14.5 16.8 46.8 8.0 44.4 42.6 24 25 26 134.5 28.4 -17.8 60.6 25.8 15.2 -81.2 52.7 30.0 59.4 9.1 27 28 29 30 Open market paper Treasury securities Agency- and GSE-backed securities 28.0 30.0 63.6 6.9 -2.5 11.0 22.6 -29.1 -18.0 -26.5 50.2 19.9 -3.8 22.1 2.1 -32.4 26.1 8.6 -18.6 -37.8 -12.0 -13.5 37.9 12.0 -44.8 33.7 16.2 -52.7 70.7 18.0 10.7 10.4 -9.4 28 29 30 31 32 33 Municipal securities Corporate and foreign bonds Mortgages -1.4 10.2 4.1 -1.5 10.1 4.3 0.6 1.7 4.5 0.3 11.9 4.7 -1.4 1.8 5.0 3.8 4.0 5.2 2.6 -20.6 5.1 1.7 9.5 5.2 5.1 14.6 5.2 5.6 12.5 5.3 1.8 -9.7 5.3 31 32 33 9.4 -12.3 3.5 4.3 -1.2 0.8 22.8 5.1 6.7 2.0 -6.2 -3.0 -7.7 9.0 -6.5 -3.4 -3.6 -5.6 -6.9 -11.9 -3.6 -17.4 34 35 2.8 -3.5 10.5 11.0 14.8 8.9 3.6 -0.0 10.4 18.4 19.9 -14.2 25.6 -11.6 17.3 2.7 16.6 -20.4 19.9 -27.8 22.1 21.3 36 37 34 35 Corporate equities Mutual fund shares 36 37 Taxes receivable Miscellaneous assets 38 98.2 67.6 42.8 131.0 168.4 141.6 105.9 204.9 115.6 140.2 173.7 38 39 Credit market instruments 67.7 38.5 15.5 105.8 143.9 117.6 81.9 180.9 91.6 116.2 149.7 39 40 41 42 43 Municipal securities Short-term Other U.S. government loans 66.5 -6.3 72.7 1.2 38.9 2.6 36.3 -0.4 16.5 1.4 15.1 -1.0 105.5 23.8 81.7 0.2 143.4 25.2 118.2 0.5 117.4 6.5 110.9 0.3 81.4 -7.3 88.8 0.4 180.6 5.2 175.4 0.3 91.4 10.2 81.2 0.2 116.2 18.0 98.2 0.1 149.6 5.6 144.0 0.1 40 41 42 43 30.5 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 44 -58.7 -32.1 -23.2 -21.5 -5.2 -10.4 -13.2 -3.5 -10.8 -14.2 -9.9 45 44 45 Net increase in liabilities Trade payables Discrepancy (1) Data for retirement funds are shown in table F.120. (2) Table F.9, line 7. 21 Z.1, June 10, 2004 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 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 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1773.9 1891.2 2053.9 2017.8 1860.6 1850.9 1863.6 1864.0 1788.9 1887.0 1884.5 1 825.8 81.1 204.3 5.7 613.8 21.5 21.6 0.1 893.0 83.9 212.9 5.9 651.7 21.5 22.7 -0.4 999.1 87.8 219.5 7.3 691.7 25.2 25.7 -2.3 1000.0 86.0 161.8 7.2 715.4 24.4 27.4 -4.2 831.1 87.6 154.8 7.2 736.7 20.6 25.8 -3.1 765.1 88.1 178.7 6.8 763.0 24.3 26.6 -1.5 794.3 88.3 171.0 6.8 755.1 22.5 26.0 -0.4 794.6 87.7 167.9 6.9 758.5 23.7 26.3 -1.6 698.8 86.3 182.8 6.7 765.1 24.9 26.8 -2.5 772.6 89.9 192.9 6.9 773.2 25.9 27.1 -1.5 747.5 91.5 193.1 7.2 794.4 26.1 27.5 -2.8 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 1734.9 1787.5 1864.4 1967.3 2100.7 2264.0 2184.1 2288.6 2283.8 2299.3 2325.4 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 454.6 719.2 227.4 298.9 35.0 0.0 475.1 738.0 248.0 282.7 43.8 0.0 499.3 772.5 265.6 283.3 43.8 0.0 531.7 840.2 290.3 257.5 47.6 0.0 590.8 920.0 323.4 229.4 37.2 0.0 663.0 972.2 362.1 218.9 47.9 0.0 635.9 951.5 335.9 217.7 44.5 1.4 668.9 969.7 369.8 222.5 56.3 -1.4 672.3 979.7 369.2 215.6 47.0 0.0 674.7 987.7 373.4 219.6 43.9 0.0 696.5 1001.8 371.2 215.8 41.6 1.5 11 12 13 14 15 16 17 Net federal government saving, NIPA basis 39.0 103.6 189.5 50.5 -240.1 -413.1 -320.5 -424.6 -494.9 -412.3 -440.9 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 82.8 4.4 -3.6 84.8 3.8 -7.4 87.2 1.8 -8.1 88.3 3.3 -12.9 89.1 -1.7 -18.7 90.9 -0.6 -22.8 90.0 -5.7 -13.8 90.5 -1.4 -28.4 91.3 -0.7 -29.6 91.8 5.3 -19.5 92.9 -2.2 -19.2 18 19 20 21 = Gross saving and net capital transfers 113.7 177.3 266.8 122.6 -168.0 -344.4 -238.6 -361.1 -432.5 -345.3 -365.0 21 22 Gross investment 86.2 185.2 277.2 78.2 -180.4 -330.6 -109.6 -663.5 -245.3 -303.9 -423.3 22 23 24 Fixed investment Nonproduced nonfinancial assets 75.8 -5.7 80.8 -1.0 79.5 -0.3 81.2 -0.7 88.7 0.2 94.3 -0.3 87.1 -2.7 95.8 -1.0 97.3 3.4 96.8 -0.7 105.9 0.0 23 24 25 Net financial investment 16.0 105.4 198.0 -2.3 -269.3 -424.6 -194.0 -758.3 -346.0 -400.0 -529.2 25 -8.6 71.4 -70.7 51.2 16.6 -3.0 -48.4 25.0 2.5 8.7 -42.9 26 6.0 -16.7 1.3 -7.1 66.2 0.7 -0.6 -65.1 1.0 4.6 41.1 4.2 8.8 -18.7 17.1 -0.8 8.2 -25.2 0.1 -24.4 -36.7 0.5 -11.5 37.5 5.6 43.7 -74.8 -9.5 25.1 -26.8 -2.4 -46.9 -2.2 27 28 29 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) 11.6 0.0 3.4 -0.8 9.0 6.4 0.0 -7.1 -0.1 13.6 11.6 0.0 -3.6 -0.9 16.1 6.0 0.0 -5.9 -1.1 13.1 9.8 0.0 -3.4 0.5 12.7 -2.6 0.0 -1.5 -2.5 1.3 -17.4 0.0 0.5 -9.4 -8.6 -8.4 0.0 -2.7 0.2 -5.9 20.1 0.0 -3.2 -1.5 24.8 -4.8 0.0 -0.6 0.8 -5.0 6.6 0.0 -0.5 8.0 -0.9 30 31 32 33 34 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 1.5 -8.9 -3.5 4.6 1.6 -0.9 5.3 -21.5 -1.4 7.3 -13.4 1.3 -3.3 2.8 0.3 -0.3 16.4 1.3 -14.7 39.8 4.9 7.0 1.0 -1.1 -6.7 13.1 1.5 13.1 11.7 -0.1 -7.7 9.3 0.4 35 36 37 -24.6 -34.0 -268.7 53.5 285.9 421.5 145.6 783.3 348.5 408.7 486.3 38 0.0 0.6 -3.0 1.0 -4.0 2.4 0.0 1.3 0.0 1.0 0.0 0.6 0.0 0.6 0.0 1.6 0.0 0.1 0.0 -0.0 0.0 0.8 39 40 -52.6 0.1 -54.7 2.0 0.0 -71.2 -0.2 -70.8 -0.2 0.0 -295.9 -1.7 -293.2 -1.0 0.0 -5.6 5.6 -10.6 -0.5 0.0 257.5 4.5 252.5 0.5 0.0 396.0 8.9 389.5 -2.4 0.0 164.2 9.5 156.3 -1.6 0.0 749.0 10.5 738.0 0.5 0.0 317.5 10.2 307.3 0.1 0.0 353.4 5.5 356.5 -8.6 0.0 466.0 3.9 461.0 1.1 0.0 41 42 43 44 45 -8.0 1.3 34.1 41.2 -7.1 -0.4 1.4 38.2 41.1 -2.9 4.4 1.4 22.9 20.9 2.0 3.4 1.4 53.0 60.8 -7.8 1.8 1.6 24.1 24.5 -0.4 1.7 1.1 22.1 24.7 -2.6 0.0 0.1 -19.3 -9.7 -9.7 -2.4 1.7 33.4 33.9 -0.5 0.5 0.5 29.8 29.6 0.3 8.6 2.2 44.5 44.8 -0.3 -6.9 -0.0 26.4 25.0 1.4 46 47 48 49 50 27.5 -8.0 -10.4 44.4 12.4 -13.8 -129.0 302.4 -187.2 -41.4 58.4 51 -12.8 59.4 -55.1 50.9 -1.6 -124.5 9.4 -87.0 -202.5 -217.7 -231.9 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, June 10, 2004 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 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 1430.4 1115.9 265.8 48.8 1586.0 1251.8 287.1 47.2 1875.6 1475.8 343.7 56.1 1732.5 1401.7 283.8 47.1 1770.1 1433.1 277.7 59.3 1885.2 1543.8 273.6 67.8 1847.1 1508.5 269.0 69.6 1860.0 1525.7 266.2 68.1 1879.0 1539.0 274.3 65.7 1954.6 1602.0 284.8 67.8 2036.1 1662.9 294.8 78.4 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1243.1 955.9 287.1 1312.1 991.3 320.8 1479.0 1096.3 382.7 1354.1 1035.1 319.0 1306.0 1006.8 299.1 1366.2 1048.9 317.3 1317.8 1021.0 296.8 1319.7 1020.2 299.5 1360.6 1048.5 312.1 1466.5 1105.8 360.7 1482.4 1134.4 348.0 5 6 7 8 9 Net capital transfers (1) Gross saving and net capital transfers (2) 0.7 188.1 4.9 278.8 0.8 397.4 1.1 379.6 1.3 465.4 1.2 520.3 1.5 530.8 1.2 541.5 1.2 519.6 1.1 489.2 1.1 554.8 8 9 75.0 -0.0 231.8 0.0 455.5 0.0 414.6 0.1 526.7 0.0 575.6 -0.3 563.9 -0.1 596.6 -0.1 418.4 -2.0 723.6 1.1 564.3 -0.6 10 11 10 11 12 13 Gross investment Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets 75.0 231.7 455.5 414.5 526.7 575.9 564.0 596.6 420.4 722.5 564.9 12 393.4 708.5 942.2 640.3 680.0 810.5 880.6 476.8 811.5 1073.2 945.1 13 14 15 16 17 18 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs -0.1 -27.1 14.8 13.0 -18.8 0.0 -5.7 39.9 15.0 8.0 -0.7 20.8 -4.2 1.9 11.4 -0.6 -45.6 24.2 -20.1 59.4 -0.8 4.2 23.2 12.0 39.4 0.6 0.5 30.0 -3.7 93.9 3.6 -46.6 32.0 29.9 -114.7 -0.4 -162.3 57.5 -8.7 95.9 -0.8 61.4 -19.2 -114.6 248.4 0.1 149.3 49.8 78.5 145.9 -0.4 -238.3 71.4 -121.7 270.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private U.S. corporate bonds (4) Loans to U.S. corporate business 172.5 37.6 18.7 -9.9 28.6 11.1 6.3 4.7 106.2 -1.0 139.7 -13.0 -32.3 12.2 -44.5 63.4 20.4 43.1 144.4 -22.7 225.9 9.5 -87.2 -10.2 -76.9 137.3 40.9 96.4 168.4 -2.2 319.8 6.2 3.3 10.7 -7.4 106.1 20.9 85.2 205.8 -1.6 439.1 17.3 139.4 43.1 96.2 106.7 30.4 76.3 165.6 10.1 519.7 20.3 268.5 128.5 140.0 -23.3 24.8 -48.1 255.1 -0.8 398.1 17.2 145.3 89.2 56.2 29.3 37.9 -8.6 246.6 -40.3 738.0 55.6 370.2 141.4 228.8 6.1 13.2 -7.1 271.7 34.6 274.4 -26.5 267.7 69.5 198.1 -164.5 13.4 -177.9 235.4 -37.7 668.4 34.9 290.8 213.8 77.0 36.1 34.7 1.4 266.7 40.0 1155.0 11.5 679.8 382.1 297.7 250.8 76.7 174.1 258.3 -45.5 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other 42.0 -6.5 0.0 203.8 179.0 24.7 112.3 -5.1 0.0 404.5 289.4 115.0 193.6 -0.4 0.0 493.9 321.3 172.6 121.4 -3.1 0.0 185.0 151.6 33.4 53.2 3.1 0.0 106.7 39.6 67.1 37.0 -3.3 0.0 135.8 82.0 53.8 -10.3 1.0 0.0 587.6 137.9 449.7 82.3 -0.1 0.0 -325.4 89.9 -415.4 -13.2 -6.5 0.0 381.5 7.4 374.2 89.1 -7.5 0.0 -100.5 92.7 -193.2 6.9 -12.6 0.0 -185.6 2.1 -187.7 29 30 31 32 33 34 318.4 476.8 486.7 225.8 153.3 234.6 316.7 -119.9 391.0 350.7 380.2 35 6.6 6.5 -8.7 61.1 -0.4 134.2 4.3 30.7 9.9 23.9 1.1 -20.8 4.9 -16.9 0.6 159.7 7.1 -297.2 -8.2 71.3 -2.3 -251.2 36 37 31.2 7.8 22.8 6.6 0.7 -0.7 6.6 -1.0 -5.0 13.0 16.3 1.9 0.5 0.2 -3.2 3.5 -4.8 -0.9 57.0 31.7 15.2 11.4 0.6 3.4 7.4 -0.6 -0.7 -49.7 -14.2 -24.5 -7.3 0.8 -7.4 -0.7 -1.1 -2.6 5.9 36.1 -33.5 5.3 0.8 -0.8 5.3 -1.8 -0.4 -14.9 22.3 -27.2 -7.7 -0.5 -1.5 -5.7 -2.2 0.0 19.3 52.0 -28.9 -4.0 -1.5 1.5 -3.9 -1.1 1.3 -63.5 72.9 -102.2 -31.4 -0.1 -2.3 -29.1 -3.5 0.8 -61.6 -56.0 -5.5 5.3 -1.2 -4.1 10.6 -3.4 -1.9 46.3 20.2 27.9 -0.7 0.6 -0.9 -0.5 -0.9 -0.2 68.4 100.1 -22.5 -8.0 1.5 2.9 -12.5 -2.7 1.6 38 39 40 41 42 43 44 45 46 101.4 -3.9 0.0 176.7 1.6 -0.1 142.6 32.6 114.3 4.2 0.0 292.9 1.5 0.6 224.9 65.9 106.7 0.8 0.0 188.4 1.5 0.0 159.2 27.6 109.1 -2.2 0.0 133.6 1.7 -0.1 120.0 12.0 17.7 -10.1 0.0 106.2 1.7 0.1 137.8 -33.5 91.3 10.7 0.0 167.1 1.4 0.1 154.8 10.8 137.5 34.6 0.0 137.2 1.5 -0.1 135.1 0.7 67.6 2.3 0.0 -286.6 1.5 0.3 117.0 -405.3 120.0 -1.8 0.0 624.4 1.4 0.1 168.6 454.3 40.2 7.8 0.0 193.3 1.2 0.3 198.3 -6.4 78.2 -8.6 0.0 495.7 1.8 0.3 226.5 267.1 47 48 49 50 51 52 53 54 113.1 47.0 -58.1 -35.0 -61.3 -55.4 -33.1 -55.0 101.2 -234.4 -9.5 55 -160.0 21.4 48.8 -187.4 -260.5 33.8 47.2 -273.9 -379.5 39.0 56.1 -396.6 -366.6 35.2 47.1 -378.5 -426.3 21.5 59.3 -464.1 -494.9 43.7 67.8 -519.0 -487.5 27.8 69.6 -529.3 -505.5 33.3 68.1 -540.3 -490.5 37.8 65.7 -518.4 -496.2 75.9 67.8 -488.1 -528.5 53.2 78.4 -553.7 56 57 58 59 35 36 37 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 38 39 40 41 42 43 44 45 46 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 47 48 49 50 51 52 53 54 Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (4,5) Other 55 Discrepancy (FOF basis) (7) 56 57 58 59 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 10. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 58 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, June 10, 2004 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving -1.5 0.8 5.3 1.1 -1.8 -0.8 -0.8 -0.8 -0.8 -0.8 -0.8 1 2 Fixed nonresidential investment 0.3 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 32.8 130.0 -60.9 47.0 70.7 43.2 78.9 47.3 40.3 6.5 30.1 3 0.8 0.0 0.7 -1.6 -3.0 1.7 0.9 -4.0 3.6 0.3 0.0 1.4 1.9 0.0 1.6 1.3 0.0 0.9 1.2 0.0 0.8 0.5 0.0 1.1 2.3 0.0 0.9 1.3 0.0 0.7 0.5 0.0 0.7 4 5 6 -1.1 0.0 28.9 7 8 9 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 0.9 -2.0 6.5 -1.9 0.2 110.3 1.1 -0.1 -97.3 -0.9 -0.1 6.9 0.4 0.0 -10.8 -0.7 0.0 4.3 -6.5 -0.0 60.3 2.7 3.0 4.2 0.1 -2.4 0.0 0.7 -0.4 -47.5 Credit market instruments 21.1 25.7 33.7 39.9 77.7 37.2 23.7 36.3 39.8 49.2 1.8 10 0.0 21.4 -0.3 0.0 0.0 25.8 -0.2 0.0 0.0 33.7 -0.1 0.0 0.0 40.0 -0.1 0.0 0.0 77.7 0.0 0.0 0.0 37.3 -0.0 0.0 0.0 23.7 0.0 0.0 0.0 36.3 0.0 0.0 0.0 39.8 0.0 0.0 0.0 49.2 -0.0 0.0 0.0 1.8 0.0 0.0 11 12 13 14 4.9 -1.3 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.8 15 10 11 12 13 14 15 16 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets 32.1 129.6 -61.3 46.5 69.6 42.8 74.5 49.2 35.5 11.8 26.7 16 17 18 Depository institution reserves Vault cash of commercial banks -4.5 -2.9 -2.3 24.5 -5.0 -22.2 -1.6 2.9 5.1 0.5 0.5 0.1 29.7 3.2 3.0 4.7 -1.0 5.2 -29.6 -12.5 19.8 14.1 17 18 19 20 21 22 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 38.3 0.5 -0.3 38.0 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 77.7 12.5 0.6 64.6 26.0 -3.0 2.8 26.2 9.4 -10.2 -3.4 23.0 38.4 5.7 0.3 32.4 33.8 4.1 -0.3 30.1 19 20 21 22 23 24 25 Miscellaneous liabilities Federal Reserve Bank stock Other 1.3 0.5 0.8 -1.3 0.5 -1.8 1.1 0.6 0.6 -2.8 0.4 -3.2 22.6 1.0 21.5 4.3 0.5 3.8 -36.0 0.5 -36.5 15.5 0.6 14.9 22.0 0.4 21.7 15.5 0.4 15.1 -41.0 0.5 -41.5 23 24 25 -2.5 -0.2 4.5 0.2 -3.2 -1.6 -5.6 0.8 -5.9 4.2 -4.5 26 26 Net increase in liabilities 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. 24 Z.1, June 10, 2004 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 41.1 49.8 67.5 65.3 71.2 84.7 77.7 80.0 92.2 88.7 98.6 1 2 Fixed nonresidential investment 30.5 31.0 28.9 27.4 24.7 25.1 24.2 24.5 25.5 26.3 26.9 2 3 Net acquisition of financial assets 419.1 345.7 475.5 350.2 476.4 476.1 713.9 740.0 -75.9 526.3 1281.1 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency -2.9 -4.6 0.6 24.5 -5.1 0.3 -22.2 -1.9 -0.5 2.9 -2.2 1.1 0.5 4.4 -0.3 0.1 -0.4 -0.0 3.2 30.4 2.2 4.7 3.3 -0.3 5.2 -3.8 -2.4 -12.5 -31.6 0.3 14.1 15.2 2.9 4 5 6 7 Total bank credit 336.1 301.5 411.9 216.0 408.3 332.0 438.6 617.8 20.5 250.8 905.3 7 -56.0 92.0 14.8 36.4 -44.4 22.3 -21.9 55.6 43.2 140.5 4.0 83.6 9.3 181.2 -41.1 295.2 5.6 -268.7 42.1 126.9 30.4 380.2 8 9 8.2 37.8 5.9 39.6 3.4 58.1 6.1 97.8 1.5 2.7 10.8 49.3 10.6 54.8 17.1 9.9 15.0 39.5 0.4 93.2 10.3 72.7 10 11 253.2 -0.2 145.0 91.7 -3.6 20.3 200.5 0.3 69.0 158.4 -9.2 -18.0 369.7 0.2 112.8 164.6 41.7 50.4 70.5 0.0 -76.2 129.8 17.0 0.0 219.4 0.0 -80.6 268.5 28.7 2.8 188.1 0.0 -94.4 197.7 49.3 35.5 202.3 0.0 -122.4 210.3 6.9 107.5 334.7 0.0 -59.3 342.8 50.1 1.1 229.5 0.0 -86.5 268.4 25.9 21.8 -13.9 0.0 -109.3 -30.5 114.1 11.7 416.5 0.0 -24.2 343.2 7.6 89.8 12 13 14 15 16 17 1.3 -0.4 2.0 2.3 0.3 2.5 0.2 7.8 -0.6 1.7 2.3 -6.2 0.6 -20.1 -0.1 2.2 8.6 -8.9 0.1 2.0 -0.1 -4.7 18 19 -9.3 99.1 -3.1 27.6 -0.7 89.0 -2.9 135.3 -0.0 63.6 -0.2 144.6 0.9 238.6 -0.7 115.3 -1.3 -94.2 0.3 318.9 -2.1 345.6 20 21 8 9 Treasury securities Agency- and GSE-backed securities 10 11 Municipal securities Corporate and foreign bonds 12 13 14 15 16 17 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 18 19 Corporate equities Mutual fund shares 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets 22 Net increase in liabilities 444.5 286.6 573.5 353.2 500.1 481.3 587.3 705.2 138.0 494.8 1378.7 22 23 24 25 26 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks -24.4 -1.1 3.8 -27.1 -7.2 -1.7 0.1 -5.7 42.3 1.0 20.4 20.8 -29.4 -1.0 17.2 -45.6 11.8 0.4 7.1 4.2 -5.1 -0.7 -4.8 0.5 -20.2 -6.5 32.8 -46.6 -187.8 5.6 -31.2 -162.3 98.3 -2.3 39.2 61.4 89.4 0.3 -60.1 149.3 -200.7 -1.1 38.8 -238.3 23 24 25 26 27 28 29 30 Checkable deposits Federal government Rest of the world Private domestic -33.5 -14.6 -1.5 -17.4 3.4 36.4 13.4 -46.4 -85.5 -33.2 -9.7 -42.6 102.2 45.3 0.5 56.3 -57.4 -16.4 1.6 -42.6 -68.6 -100.5 13.3 18.6 64.6 33.5 11.7 19.3 -9.5 -121.5 48.9 63.1 -171.4 -117.6 -26.8 -27.0 -158.3 -196.6 19.6 18.8 -146.5 -233.7 78.9 8.3 27 28 29 30 31 32 33 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 183.7 72.1 87.0 72.0 119.6 110.8 211.6 92.8 66.1 249.4 32.7 -42.3 269.7 -2.5 115.5 230.5 18.9 167.2 245.2 125.9 62.6 438.4 -27.4 399.2 72.6 -25.5 -66.7 165.7 2.5 273.7 306.4 258.7 457.5 31 32 33 34 Credit market instruments 72.9 67.2 60.0 52.9 49.9 49.3 78.6 30.5 1.8 86.3 186.0 34 -1.5 27.6 46.9 6.1 20.4 40.6 0.6 32.6 26.8 -8.3 37.0 24.2 -2.5 22.0 30.3 -6.3 46.9 8.6 -14.0 83.0 9.6 -20.8 27.1 24.2 4.0 6.1 -8.3 5.8 71.6 8.9 57.5 40.0 88.5 35 36 37 -11.2 1.7 96.3 -10.2 1.9 -70.9 -12.5 2.1 196.5 -8.1 2.4 -6.5 -10.7 2.6 121.2 -2.4 2.9 88.8 -2.6 2.8 30.5 10.6 2.9 48.3 -0.4 2.9 226.4 -17.3 3.0 49.8 -0.6 3.1 514.8 38 39 40 36.0 -40.3 136.6 40.9 70.2 64.8 -73.1 20.7 280.7 30.8 169.3 41 305.6 312.2 357.9 205.2 404.4 300.1 351.5 613.9 -2.1 237.4 818.1 42 35 36 37 38 39 40 41 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 42 Credit market funds advanced (4) (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 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20). 25 Z.1, June 10, 2004 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 1.7 -6.3 13.8 2.6 -5.0 9.8 13.1 -2.4 22.9 5.5 43.1 1 2 Fixed nonresidential investment 22.7 22.5 20.4 18.8 16.4 16.5 15.9 16.1 16.7 17.3 17.6 2 3 Net acquisition of financial assets 303.5 342.3 332.3 229.7 388.9 405.7 582.9 663.3 -14.8 391.3 876.9 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 11 12 13 14 15 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 16 17 18 19 20 21 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 22 23 Corporate equities Mutual fund shares 24 25 26 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities -5.7 18.9 -23.1 0.6 4.2 0.1 33.9 7.9 -3.7 -37.8 28.3 4 329.5 316.6 350.2 209.0 391.9 331.9 355.3 595.3 96.8 280.0 799.4 5 -42.0 81.7 53.8 8.9 19.1 -2.0 29.4 -17.8 5.0 42.2 -35.0 18.2 14.1 -9.8 13.9 -31.4 73.7 52.8 57.2 -36.2 29.9 121.1 84.3 -9.2 46.0 7.1 85.1 56.6 2.4 26.1 -6.1 180.1 125.1 81.7 -26.7 -48.8 278.5 239.8 -0.7 39.3 17.4 -254.0 -215.5 -83.4 44.9 65.9 135.7 76.9 11.8 46.9 20.9 378.4 346.5 20.7 11.2 6 7 8 9 10 8.2 32.4 0.9 20.3 11.2 5.8 43.6 0.6 6.0 37.0 3.2 52.2 -0.4 7.7 44.9 6.3 64.5 21.2 2.8 40.5 1.5 5.0 -13.3 8.1 10.2 10.7 47.0 0.2 25.2 21.6 10.4 20.0 -5.6 43.0 -17.4 17.0 -27.1 -1.0 1.2 -27.3 14.6 82.2 4.5 22.8 54.8 0.6 113.0 3.0 33.8 76.3 10.1 38.7 6.4 7.3 25.0 11 12 13 14 15 248.2 -0.1 144.1 95.9 -3.6 11.9 235.5 -0.1 92.4 161.1 -9.2 -8.8 308.7 0.2 98.1 161.6 41.7 7.1 88.0 0.0 -62.0 125.8 17.0 7.2 233.2 0.0 -58.6 265.7 28.7 -2.7 185.9 0.0 -70.9 195.2 49.3 12.3 170.3 0.0 -91.6 206.0 6.9 49.1 373.5 0.0 -66.5 337.7 50.1 52.2 236.9 0.0 -14.2 245.9 25.9 -20.7 -37.3 0.0 -111.1 -9.0 114.1 -31.4 356.2 0.0 -8.1 338.7 7.6 18.0 16 17 18 19 20 21 1.3 -0.4 2.0 2.3 0.3 2.5 0.2 7.8 -0.6 1.7 2.3 -6.2 0.6 -20.1 -0.1 2.2 8.6 -8.9 0.1 2.0 -0.1 -4.7 22 23 -4.6 -15.8 -2.5 9.2 -0.7 5.9 -2.3 22.4 0.3 -7.6 -0.2 73.9 1.4 192.3 -0.6 60.8 -1.3 -106.6 -0.1 149.2 -1.7 50.9 24 25 360.5 329.8 473.7 283.9 476.5 473.4 508.4 698.6 255.8 430.7 1017.9 26 20.4 0.9 -2.0 -2.5 24.0 33.7 -1.9 0.2 -14.3 49.7 76.9 1.1 -0.1 30.5 45.4 2.0 -0.9 -0.1 16.5 -13.6 57.1 0.4 0.0 20.8 35.9 25.2 -0.7 0.0 -66.9 92.8 -66.4 -6.5 -0.0 -59.7 -0.2 -146.8 2.7 3.0 -168.3 15.9 165.2 0.1 -2.4 8.4 159.1 148.8 0.7 -0.4 -47.9 196.4 -100.7 -1.1 0.0 -21.8 -77.8 27 28 29 30 31 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 32 33 34 35 Checkable deposits Federal government Rest of the world Private domestic -34.5 -14.6 -1.2 -18.7 2.9 36.4 12.8 -46.4 -85.0 -33.2 -9.3 -42.5 98.7 45.3 2.9 50.5 -55.6 -16.4 2.0 -41.2 -71.3 -100.5 13.7 15.6 64.3 33.5 14.1 16.7 -23.0 -121.5 47.5 51.1 -163.4 -117.6 -25.3 -20.5 -163.0 -196.6 18.5 15.1 -147.7 -233.7 78.0 8.0 32 33 34 35 36 37 38 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 186.4 34.8 66.8 73.0 61.6 128.5 210.6 87.9 15.4 240.4 -25.2 -31.2 273.6 24.3 73.6 228.2 2.9 168.2 248.5 91.4 -78.9 437.3 9.0 383.6 67.0 -31.6 60.0 160.1 -57.1 307.9 302.5 103.8 423.7 36 37 38 39 40 41 42 43 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -4.6 10.5 46.9 3.8 1.7 -2.5 3.7 40.6 3.6 1.9 -0.6 10.6 26.8 4.0 2.1 -2.3 8.3 24.2 7.2 2.4 0.3 -0.6 30.3 4.7 2.6 -0.2 5.5 8.6 7.2 2.9 1.3 2.4 9.6 3.6 2.8 -0.7 7.7 24.2 10.9 2.9 -1.3 2.6 -8.3 10.2 2.9 -0.1 9.3 8.9 4.0 3.0 -1.7 -4.2 88.5 5.1 3.1 39 40 41 42 43 44 45 46 Miscellaneous liabilities Investment by bank holding companies Other 28.3 55.3 -27.0 -17.2 2.9 -20.1 124.9 53.6 71.3 -40.5 60.7 -101.2 66.1 53.1 13.0 96.1 50.5 45.6 229.7 43.2 186.5 -6.5 67.9 -74.4 152.4 50.5 101.9 8.9 40.5 -31.6 345.6 73.1 272.6 44 45 46 36.1 -41.3 134.9 38.0 66.3 61.0 -77.3 16.8 276.8 27.6 166.4 47 312.1 318.6 339.5 191.6 393.8 323.3 327.1 540.3 116.5 309.1 784.5 48 47 Discrepancy Memo: 48 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24). 26 Z.1, June 10, 2004 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 5.0 6.0 7.0 7.8 8.1 8.2 8.2 8.1 8.1 8.2 8.3 1 2 Fixed nonresidential investment 7.3 8.0 8.0 8.2 7.8 8.2 7.8 8.0 8.3 8.5 8.7 2 3 Net acquisition of financial assets -4.8 -55.5 38.4 3.1 9.2 -68.6 2.7 -132.4 -145.5 0.8 121.2 3 4 Reserves at Federal Reserve 5 Total bank credit 6 7 8 9 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 13 14 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 15 Corporate equities 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets -1.9 0.4 -1.0 0.2 0.6 -0.4 -0.4 0.1 5.1 -6.3 1.0 4 1.5 -25.7 67.2 -7.2 12.0 -19.8 63.3 -33.9 -70.8 -37.8 92.3 5 -10.3 5.2 0.0 5.6 9.7 4.9 0.0 -4.6 -0.5 0.4 0.0 8.3 9.8 -22.0 0.0 30.6 12.9 10.9 0.0 0.3 -6.5 -7.1 0.0 1.3 14.5 1.8 0.0 17.5 0.6 12.4 0.0 13.0 -17.6 -33.2 0.0 -6.8 -23.6 -9.2 0.0 -18.5 9.7 -5.6 0.0 35.1 6 7 8 9 1.0 -0.1 -1.7 -5.7 8.4 -35.7 0.4 -22.4 -4.5 -9.3 59.0 -0.1 14.6 1.2 43.2 -25.6 0.0 -19.1 0.7 -7.2 -12.0 0.0 -18.6 1.1 5.5 -7.5 0.0 -29.0 -1.8 23.2 29.5 0.0 -28.7 -0.2 58.4 -59.8 0.0 -10.1 1.4 -51.1 -13.1 0.0 -73.4 17.8 42.4 13.4 0.0 -3.7 -26.0 43.1 53.1 0.0 -19.1 0.4 71.8 10 11 12 13 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 -4.7 0.3 -0.6 -29.7 -0.0 -27.7 -0.6 10.7 -0.4 -3.1 -0.0 -48.4 -0.4 -59.7 -0.1 -98.4 0.0 -79.8 0.5 44.5 -0.4 28.3 16 17 18 Net increase in liabilities -2.0 -52.4 42.0 7.1 13.6 -63.7 7.4 -127.6 -140.6 5.8 126.3 18 19 20 21 Net interbank liabilities To foreign banks To domestic banks -55.0 -51.7 -3.3 -45.0 -51.2 6.2 -40.8 -57.1 16.2 -16.1 -35.3 19.2 -42.3 -32.3 -10.0 -41.3 -47.5 6.3 50.3 -9.6 59.9 -76.1 -39.0 -37.1 -78.5 -97.4 18.9 -60.7 -44.1 -16.5 -99.1 -159.8 60.6 19 20 21 22 23 24 Checkable deposits Small time and savings deposits Large time deposits -0.2 -3.7 36.3 0.6 -1.8 57.2 -0.4 -0.4 3.4 0.4 4.5 53.3 -0.7 -2.3 -25.1 1.0 0.9 14.6 -1.9 -2.7 35.0 8.2 1.0 -36.5 -4.9 3.0 3.5 2.5 2.4 56.4 -1.6 3.8 154.8 22 23 24 25 26 Federal funds and security RPs (net) Acceptance liabilities 19.7 -4.8 -17.9 -0.4 52.3 -0.0 -11.0 -0.9 39.5 -0.4 -1.9 -0.1 121.5 -0.3 5.2 -0.2 -100.4 -0.0 -33.8 0.3 37.2 -0.0 25 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 5.8 5.5 11.8 -11.4 -45.0 19.4 2.5 -66.9 27.9 9.7 45.6 -27.5 -23.1 8.4 -30.8 -0.7 44.8 -1.5 24.7 21.7 -37.0 2.9 -1.7 -38.2 -194.5 12.8 -17.0 -190.2 -29.0 -4.1 -14.0 -10.9 36.7 3.1 -25.8 59.5 38.8 -0.1 50.0 -11.1 31.3 0.6 108.4 -77.7 27 28 29 30 0.5 1.1 2.5 3.6 4.7 4.9 5.1 5.0 4.7 4.7 4.7 31 -11.6 -17.0 23.9 -0.6 6.2 -43.0 4.4 17.1 -113.2 -80.4 20.0 32 31 Discrepancy Memo: 32 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 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16). 27 Z.1, June 10, 2004 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 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 2004 Q1 34.2 49.9 46.5 54.8 67.8 66.5 56.2 74.2 61.0 74.8 47.1 1 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 110.6 55.2 100.7 100.5 83.4 126.6 122.6 192.3 65.9 125.6 265.8 3 -0.9 6.2 -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 4 -3.1 1.1 -0.7 1.7 7.9 -1.3 1.2 -1.6 -7.9 -0.5 -2.8 -0.9 0.4 1.4 2.1 0.3 0.1 4.5 -2.4 0.9 1.4 0.9 1.3 5.0 0.1 2.8 18.8 -1.1 4.1 -2.1 21.4 16.2 2.5 5.2 -34.5 0.7 -1.1 -2.3 -0.5 4.1 -2.3 3.6 -1.1 1.0 5 6 7 8 111.6 55.3 44.1 12.1 49.0 2.9 17.3 28.9 112.9 53.6 38.4 20.9 96.4 60.7 29.8 5.9 80.3 53.1 -0.2 27.3 118.0 50.5 45.0 22.4 101.8 43.2 33.9 24.7 152.6 67.9 79.3 5.4 92.0 50.5 30.3 11.3 125.4 40.5 36.7 48.2 264.6 73.1 113.8 77.8 9 10 11 12 13 Net increase in liabilities 76.6 5.4 54.4 45.8 15.7 60.3 66.6 118.3 5.1 51.0 218.9 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks 10.2 9.6 0.6 4.1 8.2 -4.1 6.2 -26.3 32.5 -15.3 -18.6 3.3 -3.0 -3.6 0.6 10.9 55.8 -44.8 -4.2 32.7 -36.8 35.1 174.2 -139.1 11.6 11.9 -0.3 1.3 4.3 -3.0 -0.8 -0.1 -0.8 14 15 16 17 Federal funds and security RPs (net) 0.5 0.1 -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 24.9 7.8 17.1 25.8 9.1 16.7 23.2 1.2 22.0 23.6 -5.1 28.7 20.3 -2.3 22.6 35.4 -6.0 41.4 65.7 -15.0 80.7 -0.6 -19.9 19.3 8.7 5.3 3.5 67.8 5.5 62.3 103.5 59.2 44.2 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -15.0 56.0 24.7 31.2 -13.8 -10.8 -38.6 27.8 -16.5 43.1 10.3 32.8 -15.3 52.9 -8.9 61.8 -15.4 11.5 -44.0 55.4 -9.6 22.6 -37.5 60.1 -6.2 -8.6 -53.0 44.4 -0.2 73.6 -22.8 96.4 -10.6 21.7 -21.5 43.2 -21.4 3.7 -52.5 56.2 -5.7 125.5 90.1 35.4 21 22 23 24 -0.2 -0.3 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 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 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 3 Net acquisition of financial assets 9.8 3.7 4.0 17.0 -5.0 12.3 5.6 16.8 18.4 8.5 17.2 3 4 Checkable deposits and currency 0.6 0.3 -0.5 1.1 -0.3 -0.0 2.2 -0.3 -2.4 0.3 2.9 4 5 Credit market instruments 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 6.0 4.4 6.7 10.0 1.3 11.3 -0.7 16.8 20.6 8.4 12.5 5 -0.7 3.9 -0.1 0.5 -0.7 3.3 0.1 -0.5 -1.0 4.3 0.1 0.3 -0.6 2.5 -0.2 0.6 0.3 3.9 0.0 -0.3 2.0 4.7 0.1 -0.3 0.7 -3.5 0.2 -1.6 3.0 6.4 0.0 2.6 3.3 13.3 0.4 -1.3 0.9 2.7 -0.2 -0.9 2.1 3.9 0.2 0.1 6 7 8 9 0.9 1.1 0.4 0.5 0.6 1.2 1.1 1.0 0.8 4.5 -0.9 4.2 -4.4 1.4 0.3 0.5 2.7 1.6 -1.0 4.0 0.5 1.1 2.4 1.3 0.3 1.6 3.1 1.4 2.7 1.7 2.1 2.4 1.7 10 11 12 3.1 -1.0 -2.1 5.9 -6.1 1.1 4.1 0.3 0.2 -0.2 1.8 13 9.4 3.8 3.4 16.4 -5.8 11.4 4.8 15.9 17.7 7.2 15.6 14 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 1.2 1.0 1.0 0.0 0.8 0.8 -0.1 1.4 1.4 3.1 4.6 4.6 -1.2 -1.7 -1.7 1.6 1.4 1.4 2.1 -0.6 -0.6 5.3 0.2 0.2 -3.1 2.6 2.6 2.3 3.2 3.2 2.9 0.2 0.2 15 16 17 18 Miscellaneous liabilities 6.3 2.2 0.7 4.2 -1.2 7.1 3.9 10.3 15.6 -1.5 12.3 18 -0.4 0.1 -0.7 -0.5 -0.7 -0.9 -0.8 -0.9 -0.7 -1.3 -1.6 19 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, June 10, 2004 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 4.4 7.2 7.3 8.5 9.1 9.3 9.3 9.3 9.3 9.3 10.4 1 2 Fixed nonresidential investment 4.2 4.0 3.8 3.4 3.0 3.0 2.9 2.9 3.0 3.1 3.2 2 3 Net acquisition of financial assets 60.9 61.9 67.2 81.0 59.1 115.4 203.2 127.7 117.9 12.9 339.8 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.1 3.2 0.5 5.5 2.8 -1.0 -0.1 -4.2 -3.1 1.6 0.1 4.3 0.6 2.0 0.8 12.5 0.7 3.7 0.4 -0.3 0.9 -0.4 0.0 -6.1 -0.7 -3.2 0.2 10.5 -0.3 14.2 0.2 -16.5 2.8 -6.2 -0.1 -3.4 2.0 -6.4 -0.2 -15.2 4.5 2.9 1.4 41.1 4 5 6 7 8 Credit market instruments 36.2 67.7 56.2 42.8 35.4 126.3 195.0 95.3 62.3 152.5 234.8 8 0.0 -4.4 -11.6 -6.8 0.0 -4.7 0.0 -0.0 3.4 -1.5 0.0 5.0 0.0 -1.4 -6.7 -6.7 0.0 0.0 0.0 2.7 21.0 6.7 0.0 14.3 0.0 -2.2 14.7 17.0 0.0 -2.3 0.0 3.0 22.6 5.4 0.0 17.1 0.0 0.0 39.9 33.1 0.0 6.9 0.0 3.0 24.9 4.2 0.0 20.7 0.0 5.2 3.6 -23.5 0.0 27.0 0.0 4.0 21.8 7.9 0.0 14.0 0.0 0.0 38.9 44.3 0.7 -6.1 9 10 11 12 13 14 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 15 16 17 18 19 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 0.4 29.9 -1.9 0.0 31.8 0.5 23.3 5.1 0.0 18.2 0.2 -2.5 0.6 0.0 -3.2 1.3 -25.6 -5.8 0.0 -19.7 1.0 -4.0 -2.6 0.0 -1.4 0.8 -8.8 0.1 0.0 -8.9 0.3 8.1 -3.9 0.0 11.9 0.9 -25.9 -0.6 0.0 -25.3 2.3 -27.3 2.0 0.0 -29.3 -0.3 10.0 2.9 0.0 7.1 0.8 -23.9 -5.3 -15.3 -3.3 15 16 17 18 19 20 21 22 Other loans and advances Mortgages Consumer credit 5.3 12.1 4.4 6.5 24.1 9.9 8.7 54.9 3.0 3.6 35.3 4.5 3.3 23.1 -0.6 10.0 89.5 9.2 4.5 142.5 -0.3 3.1 68.8 20.6 37.0 45.9 -4.3 -4.5 100.8 20.6 -26.8 231.0 14.6 20 21 22 1.5 13.8 -0.7 -2.7 0.4 7.7 3.2 19.1 2.0 17.2 -1.0 -4.3 1.7 -0.4 2.7 32.0 -3.6 66.2 -4.8 -115.0 3.0 52.3 23 24 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 57.7 60.8 66.3 78.3 54.0 107.6 189.8 122.8 118.2 -0.5 324.9 25 26 27 28 29 Deposits Checkable Small time and savings Large time -2.6 36.1 -54.3 15.7 6.1 36.8 -39.2 8.5 27.5 43.4 -35.8 19.9 46.8 50.7 -30.7 26.9 67.0 54.4 -31.6 44.2 59.3 57.4 -30.5 32.4 72.1 53.2 -26.6 45.5 88.2 61.4 -25.7 52.5 55.0 57.6 -5.2 2.6 21.9 57.6 -64.6 28.9 75.2 58.6 -41.4 57.9 26 27 28 29 30 Security RPs 9.5 21.4 -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 52.2 -0.2 10.3 42.1 48.0 0.2 -15.7 63.5 27.3 3.5 7.4 16.3 7.4 -2.6 1.5 8.5 -13.7 -0.2 4.2 -17.7 -0.6 1.7 -13.2 11.0 48.8 5.4 -48.2 91.6 -25.6 0.3 3.2 -29.0 -28.4 0.6 -1.9 -27.1 2.9 0.5 -6.1 8.5 28.0 3.4 1.5 23.1 31 32 33 34 35 36 37 38 Taxes payable Miscellaneous liabilities Investment by parent Other 0.2 -1.5 0.4 -1.9 0.0 -14.7 0.5 -15.3 0.4 17.1 0.7 16.5 -0.7 19.0 0.8 18.2 -0.3 15.9 0.9 15.0 -0.2 29.0 1.0 27.9 -0.4 55.9 1.0 54.9 -0.0 45.0 1.0 43.9 0.7 87.1 1.0 86.1 -1.1 -72.1 1.1 -73.2 2.2 233.1 1.1 232.0 35 36 37 38 -3.0 2.0 2.7 2.4 1.1 -1.5 -6.9 1.5 6.6 -7.3 -7.8 39 39 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, June 10, 2004 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 5.3 5.8 6.7 6.7 9.8 11.1 11.1 11.1 11.1 11.1 12.2 1 2 Fixed nonresidential investment 2.4 2.5 2.4 2.4 2.2 2.3 2.2 2.3 2.3 2.4 2.5 2 3 Net acquisition of financial assets 37.7 23.0 26.5 64.4 55.3 56.6 67.0 95.7 19.3 44.3 19.5 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 1.0 6.4 3.4 17.3 -6.8 2.4 0.3 -1.1 -5.3 10.1 7.4 -1.5 1.6 1.6 -0.8 3.2 1.8 -0.1 73.0 9.9 -8.4 -17.0 -2.7 5.7 -26.1 1.2 -4.8 -17.1 -1.0 6.8 43.3 -2.5 -8.9 4 5 6 7 Credit market instruments 18.9 27.5 28.0 41.5 42.7 50.7 44.2 75.9 87.2 -4.6 43.3 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 0.2 -2.5 7.3 1.5 -3.5 2.9 -0.6 -1.4 -0.4 1.2 -0.8 19.6 1.2 0.4 16.8 -2.0 1.1 18.2 -2.9 -2.0 27.2 1.9 5.9 38.3 -1.2 1.5 45.7 -5.8 -0.7 -38.5 2.5 -1.5 6.5 8 9 10 11 12 Home mortgages Consumer credit 10.8 3.0 14.1 12.5 13.8 16.5 16.4 5.1 18.2 6.2 23.2 10.1 15.8 6.1 17.7 12.0 27.4 13.9 31.9 8.6 14.7 21.0 11 12 13 14 Mutual fund shares Miscellaneous assets 1.2 6.8 -1.1 -16.4 -0.3 4.9 1.5 5.4 -0.2 10.4 0.5 0.5 -0.5 -51.2 4.5 29.3 1.9 -40.0 -3.7 63.8 0.4 -56.2 13 14 15 Net increase in liabilities 34.7 20.8 22.0 60.8 50.1 51.3 62.3 92.4 13.4 37.1 16.5 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 33.6 6.4 23.1 4.1 17.7 2.3 12.3 3.1 22.4 5.9 13.0 3.5 61.1 3.5 48.6 9.0 46.7 5.0 33.1 8.7 48.0 7.6 29.6 10.8 70.0 24.7 40.2 5.1 70.0 1.9 44.1 24.0 11.4 -6.4 17.0 0.8 40.6 10.4 16.9 13.3 -37.1 11.7 -53.1 4.2 16 17 18 19 20 21 Other loans and advances Miscellaneous liabilities 0.6 0.5 2.2 0.9 0.0 -0.4 1.5 -1.8 2.0 1.4 2.2 1.2 2.8 -10.4 1.6 20.8 3.3 -1.4 1.0 -4.4 -2.7 56.3 20 21 -0.1 1.0 -0.2 0.7 2.4 3.5 4.2 5.6 2.9 1.5 6.7 22 22 Discrepancy F.116 Bank Personal Trusts and Estates (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets -45.8 -9.8 55.0 -63.5 -3.7 -26.7 -27.0 -26.9 -26.9 -26.0 29.5 1 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6.2 -0.5 -2.1 8.8 8.4 -0.1 0.9 7.5 7.0 -0.1 0.2 6.9 -4.6 0.5 2.7 -7.9 0.1 -0.7 -0.6 1.3 -0.1 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 0.1 0.4 8.7 -9.0 0.0 0.4 8.7 -9.0 2 3 4 5 6 Credit market instruments -12.8 27.8 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 6 Open market paper Treasury securities Agency- and GSE-backed securities -4.5 -3.1 -1.4 0.6 -0.0 5.7 -2.4 -1.0 0.3 -3.1 -4.8 -10.3 -0.2 -0.4 -0.9 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.2 -2.5 -0.4 0.1 0.5 7 8 9 Municipal securities Corporate and foreign bonds Mortgages -1.1 -2.6 -0.2 10.8 11.3 -0.6 -1.2 5.0 0.1 -3.5 -6.6 0.2 5.3 -2.7 -0.2 -2.6 3.9 -0.4 -2.6 3.7 -0.4 -2.6 3.9 -0.4 -2.6 3.9 -0.4 -2.4 4.0 -0.4 5.6 7.1 0.0 10 11 12 -74.3 26.6 -28.8 -14.7 -2.5 48.5 -32.5 -6.1 -39.4 37.3 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 2.0 5.0 13 14 8.4 -2.5 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 15 -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 16 -0.2 1.7 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 17 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Net increase in liabilities (2) 17 Discrepancy (1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies. (2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector. 30 Z.1, June 10, 2004 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving -7.8 -2.9 -5.0 -5.5 -4.8 -5.8 -5.2 -7.3 -5.3 -5.2 -3.4 1 2 Fixed nonresidential investment 11.0 11.8 10.7 9.3 7.9 7.9 7.6 7.7 8.0 8.3 8.4 2 3 Net acquisition of financial assets 187.0 169.3 203.5 250.6 279.8 256.7 450.6 296.9 169.9 109.6 256.0 3 4 5 Checkable deposits and currency Money market fund shares -2.7 17.6 0.0 21.4 -0.5 10.5 31.9 31.0 -1.6 -13.5 -7.6 -8.3 34.2 -28.2 -1.6 2.7 5.4 -4.2 -68.3 -3.5 0.7 -29.2 4 5 6 Credit market instruments 76.9 53.5 57.9 130.9 233.0 195.9 308.2 236.8 116.4 122.3 130.8 6 7.5 -14.1 -9.6 2.0 -9.3 7.0 -4.5 -4.6 11.0 -11.9 -4.4 18.1 14.7 24.8 77.4 0.0 4.6 30.1 43.5 11.8 41.4 -12.3 8.4 39.4 -16.1 4.2 19.8 -15.0 -5.9 19.7 46.9 2.0 2.0 7 8 9 1.7 84.5 0.1 6.8 1.7 41.5 -5.0 15.7 -1.0 49.0 2.9 5.2 -0.4 120.2 2.2 7.1 1.2 106.8 1.0 7.0 1.5 149.9 -0.5 10.3 1.3 201.4 -1.7 10.6 2.7 186.1 1.3 11.3 1.3 96.5 -1.9 12.5 0.7 115.7 0.4 6.7 0.4 67.6 0.8 11.0 10 11 12 13 82.5 9.4 116.9 10.0 111.3 5.6 70.2 2.1 52.7 2.6 56.6 7.2 62.9 4.8 60.2 8.0 54.4 8.0 48.8 8.0 74.8 2.0 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 Policy loans Mortgages Corporate equities Mutual fund shares 3.5 -32.6 18.7 -15.5 6.7 12.9 68.7 -9.2 -10.2 2.5 76.9 16 17 Net increase in liabilities 173.1 152.9 195.1 248.5 259.7 225.6 397.2 246.7 165.2 93.4 253.9 17 18 19 20 21 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -4.7 0.7 46.7 122.6 -6.0 0.7 49.4 94.1 -0.8 -0.7 48.7 142.6 -0.9 0.6 75.8 138.5 -6.5 2.0 58.5 148.5 -4.0 2.9 52.6 130.8 -6.5 4.4 73.7 136.5 -3.7 1.5 55.2 121.8 -6.2 3.1 44.1 91.0 0.6 2.5 37.2 173.8 -3.2 0.1 67.0 167.6 18 19 20 21 22 23 Taxes payable Miscellaneous liabilities 1.2 6.6 1.3 13.4 1.6 3.6 2.0 32.4 2.4 54.7 2.8 40.6 2.6 186.5 2.7 69.2 2.8 30.2 2.9 -123.7 3.0 19.4 22 23 -32.9 -31.0 -24.1 -17.0 -32.9 -44.7 -66.1 -65.2 -17.9 -29.7 -13.9 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 Other Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 5.9 6.0 -1.0 -9.2 1.6 7.7 2.9 6.9 9.2 11.8 17.1 1 2 Fixed nonresidential investment 10.4 12.0 13.3 12.5 12.2 12.9 12.4 12.6 13.1 13.6 13.9 2 3 Net acquisition of financial assets 16.5 -9.0 8.9 16.6 75.2 93.9 90.7 123.7 88.6 72.5 77.9 3 4 5 Checkable deposits and currency Security RPs -0.2 7.4 0.2 -14.4 -0.6 10.0 9.4 -8.1 12.8 14.2 8.6 8.4 17.0 -9.4 23.8 27.0 -4.1 8.8 -2.3 7.3 -2.3 13.5 4 5 6 Credit market instruments 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Trade receivables Miscellaneous assets 5.8 -3.0 -8.7 9.0 39.9 65.8 56.2 49.7 68.7 88.4 43.2 6 -20.8 -1.2 -9.7 5.9 -8.6 8.6 -0.0 10.1 9.2 19.0 7.2 13.1 5.7 9.6 5.3 9.7 7.6 13.9 10.3 19.0 5.4 4.0 7 8 16.5 11.6 -0.3 -9.1 10.0 -0.0 -14.9 6.4 -0.3 -10.3 8.9 0.2 9.2 2.4 0.1 21.6 23.8 0.1 18.0 23.0 0.0 15.9 19.1 -0.2 22.6 24.7 -0.0 30.1 28.4 0.7 16.2 17.6 0.1 9 10 11 -5.0 1.6 6.9 -1.7 2.0 7.7 0.7 1.0 6.4 -0.3 5.3 1.3 -1.1 4.9 4.5 -2.0 4.4 8.6 -1.7 17.9 10.6 2.9 9.4 10.9 6.4 2.6 6.2 -15.5 -12.1 6.7 1.0 13.2 9.3 12 13 14 15 Net increase in liabilities 2.9 8.0 3.6 29.8 52.2 50.2 49.4 68.4 72.3 10.5 34.1 15 16 17 18 Corporate equity issues Taxes payable Miscellaneous liabilities -4.7 2.0 5.6 -7.8 2.0 13.8 -4.5 2.3 5.8 0.5 2.7 26.5 6.2 3.2 42.8 4.1 3.7 42.3 -1.1 3.5 47.0 18.3 3.6 46.4 -3.3 3.8 71.7 2.5 3.9 4.1 2.7 4.0 27.4 16 17 18 -18.1 11.0 -19.5 -8.5 -33.7 -48.9 -50.7 -61.0 -20.2 -63.8 -40.6 19 19 Discrepancy 31 Z.1, June 10, 2004 F.119 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 0.9 1.0 1.1 1.1 1.3 1.3 1.3 1.3 1.3 1.3 1.4 1 2 Fixed nonresidential investment 2.0 2.0 1.8 2.1 1.4 1.2 1.2 1.2 1.2 1.2 1.2 2 3 Net acquisition of financial assets -15.8 -75.7 -50.6 -52.4 -11.5 42.3 16.6 22.9 62.2 67.3 36.8 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.0 28.3 1.9 1.2 1.2 -29.0 11.7 3.7 0.4 2.9 4.6 0.9 -1.0 4.2 -10.6 0.8 0.5 0.9 2.8 1.9 0.3 2.5 2.9 -0.7 0.7 3.4 2.9 -1.3 1.2 4.5 2.9 -1.3 0.0 3.3 2.9 -1.3 -0.9 -1.4 3.0 0.8 1.3 3.3 3.0 0.8 4 5 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages -26.1 3.0 -33.2 -16.6 21.0 -0.3 99.3 7.0 2.3 38.2 50.0 1.7 3.8 -1.7 -9.6 9.0 5.0 1.2 -15.8 -2.2 -21.7 7.9 -1.1 1.3 21.1 10.9 -1.3 1.9 8.0 1.7 4.1 -6.0 -2.1 -5.3 15.6 2.0 7.3 -0.8 0.2 -4.0 10.5 1.6 24.3 -7.6 3.6 2.5 23.3 2.5 -11.8 -1.2 -8.5 -18.5 14.6 1.9 -3.3 -14.3 -3.7 -1.1 13.9 2.0 43.8 0.3 2.2 5.3 33.2 2.8 8 9 10 11 12 13 14 15 16 17 18 19 Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other -30.5 -3.5 13.8 -14.8 21.4 7.2 -260.2 102.5 -4.9 -9.9 -7.6 12.6 -55.1 1.2 -9.3 -11.8 1.2 1.2 -32.7 -3.8 6.6 2.4 1.3 2.9 -66.8 11.0 17.1 13.0 1.3 2.9 25.1 -0.9 9.0 6.6 1.3 1.1 -19.0 6.1 16.4 11.3 1.3 3.8 9.2 -8.6 -9.3 -5.0 1.3 -5.5 60.2 -6.5 15.3 16.9 1.3 -3.0 50.2 5.2 13.8 3.4 1.3 9.1 -19.1 -7.4 11.0 3.7 1.3 6.0 14 15 16 17 18 19 20 Pension fund reserves (liabilities) (3) -14.7 -74.7 -49.9 -51.4 -11.4 42.1 16.4 22.8 62.0 67.2 36.6 20 0.8 0.8 0.8 0.8 1 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (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. F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.6 0.7 0.8 0.9 0.8 0.8 0.8 2 Fixed nonresidential investment 1.3 1.3 1.3 1.7 0.9 0.6 0.6 0.6 0.6 0.6 0.6 2 3 Net acquisition of financial assets 60.4 58.8 53.1 25.6 26.7 22.2 16.9 26.1 22.0 23.9 16.7 3 4 5 6 Checkable deposits and currency Time and savings deposits Security RPs 4.7 -0.4 8.9 -0.7 -0.3 2.8 -0.1 -0.6 4.3 0.4 -0.4 0.6 -1.9 0.1 0.2 1.6 0.3 2.9 6.2 1.3 1.6 0.4 0.0 2.2 0.4 0.0 1.7 -0.7 -0.1 6.1 1.4 -0.4 4.2 4 5 6 7 8 9 10 11 12 13 14 15 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities Miscellaneous assets 72.1 8.9 0.8 19.1 1.7 35.1 6.5 -28.2 3.3 46.9 2.8 -6.6 22.9 -0.2 30.4 -2.6 -6.2 16.3 54.6 4.3 -15.5 37.6 -1.5 29.7 -0.0 -18.4 13.3 -17.7 0.6 -18.3 -14.5 -0.2 11.4 3.4 22.3 20.3 14.1 0.2 -1.1 -0.3 -0.9 9.4 6.8 20.0 -5.7 13.0 -2.1 -5.3 8.1 0.1 2.0 10.3 19.0 -14.6 0.1 1.6 3.8 -2.8 0.6 -12.0 8.9 18.6 -11.0 22.4 2.2 21.3 2.4 -0.6 -12.7 9.8 15.3 -14.1 11.4 1.7 -21.9 12.5 0.4 8.0 10.7 12.5 -4.0 18.3 -13.9 -24.4 20.1 0.2 24.7 11.6 29.5 -29.1 4.6 4.2 -7.8 -7.2 0.4 2.5 12.4 2.3 4.6 7 8 9 10 11 12 13 14 15 16 Pension fund reserves (liabilities) (1) 61.1 59.4 53.6 26.3 26.8 22.1 16.7 26.0 21.8 23.8 16.5 16 (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.121 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 47.9 48.5 28.2 69.9 45.4 48.2 42.3 47.4 46.7 56.2 38.1 1 2 3 4 5 6 7 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets 2.7 2.3 0.3 0.1 4.0 41.2 2.9 2.9 -0.0 -0.0 4.4 41.1 2.1 2.0 0.1 0.0 5.2 20.9 9.7 7.2 1.7 0.8 -0.6 60.8 13.0 9.4 2.4 1.2 7.9 24.5 6.3 4.7 1.1 0.6 17.2 24.7 28.5 15.2 8.9 4.4 23.5 -9.7 2.5 2.3 0.1 0.1 11.0 33.9 -0.8 2.7 -2.4 -1.1 17.9 29.6 -4.8 -1.3 -2.3 -1.1 16.2 44.8 0.8 2.1 -0.8 -0.4 12.2 25.0 2 3 4 5 6 7 8 Pension fund reserves (liabilities) (2) 47.9 48.5 28.2 69.9 45.4 48.2 42.3 47.4 46.7 56.2 38.1 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Liabilities of the sector are assets of the household sector. 32 Z.1, June 10, 2004 F.122 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 Q1 Q2 2003 Q3 Q4 2004 Q1 1 Net acquisition of financial assets 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 7.4 -2.6 15.7 12.9 12.2 -1.2 33.3 0.1 48.2 4.5 -18.0 43.4 33.1 2.3 77.1 44.0 -10.1 -5.8 -14.8 46.2 -39.9 -0.6 -47.7 -21.8 -52.2 13.7 -67.5 -66.3 -49.7 -23.7 29.3 -21.8 -25.0 7.6 26.9 -98.3 -32.8 -0.2 -179.6 99.4 -3.9 -18.1 -18.4 48.1 2 3 4 5 244.0 78.2 17.5 77.5 26.0 44.8 182.0 104.7 0.1 17.1 17.5 42.5 143.0 89.6 -13.3 -5.8 34.3 38.2 246.0 30.3 45.3 133.2 36.2 1.1 -25.3 -44.9 4.5 5.7 1.8 7.7 -113.1 -135.1 -10.0 2.2 14.6 15.2 -164.3 -281.2 38.8 -3.4 32.4 49.1 251.1 0.3 45.5 94.9 72.2 38.2 -242.9 -167.9 -55.5 24.3 -13.4 -30.4 -296.5 -91.6 -68.7 -107.1 -32.9 3.9 -274.0 -184.2 -12.0 -88.1 33.6 -23.3 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) 9.6 22.6 12.2 26.1 -7.0 15.4 -57.8 28.6 108.6 -18.0 -32.7 12 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 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.123 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets -9.1 4.1 -1.5 -7.4 -3.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6 1 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 2 3 Security RPs 13.1 9.9 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -1.7 3 4 5 6 7 8 9 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 127.3 13.1 4.6 21.6 22.8 65.2 48.4 9.9 -23.7 36.2 -3.2 29.2 20.9 25.7 6.3 4.1 -8.9 -6.2 126.1 -31.8 -8.5 85.3 23.0 58.1 144.2 -11.8 19.7 61.5 23.8 50.9 137.7 12.8 9.4 25.3 12.9 77.4 215.6 24.4 32.4 52.0 22.1 84.7 249.9 -7.1 37.4 67.5 38.1 114.1 -15.2 -0.5 -20.1 -29.8 -10.1 45.2 100.6 34.2 -12.2 11.4 1.5 65.6 198.2 25.2 11.3 35.4 19.9 106.4 4 5 6 7 8 9 Corporate equities Miscellaneous assets 143.3 -4.2 136.4 -3.5 193.1 -0.4 109.8 -2.9 31.4 0.1 136.8 1.0 -42.6 3.0 75.8 0.3 299.9 5.4 214.2 -4.7 220.3 -0.0 10 11 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 12 -9.1 4.1 -1.5 -7.4 -3.3 -2.6 -2.6 -2.6 -2.6 -2.6 -2.6 13 10 11 12 Net share issues (liabilities) 13 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.124 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 2 3 4 5 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 6 Corporate equities 7 Net share issues (liabilities) -6.8 -4.8 -5.5 1.9 18.0 43.4 31.4 61.2 59.6 21.6 34.1 1 4.9 -1.0 1.3 4.7 9.6 -1.2 9.0 1.8 -5.6 -0.9 -2.0 -2.7 3.2 0.1 7.0 -3.8 8.6 -2.8 11.3 0.0 36.2 1.4 3.2 31.6 26.1 0.3 4.1 21.7 60.1 2.9 -1.2 58.5 42.5 1.3 8.4 32.9 16.1 0.9 1.7 13.4 8.8 5.4 -1.8 5.2 2 3 4 5 -11.8 -14.5 0.1 -1.3 9.4 7.2 5.3 1.1 17.0 5.5 25.3 6 -6.8 -4.8 -5.5 1.9 18.0 43.4 31.4 61.2 59.6 21.6 34.1 7 6.0 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 8 Exchange-traded funds 8 Net acquisition of financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 2.0 1.8 0.7 0.1 0.6 -1.1 -1.8 0.7 0.4 -1.0 1.5 1.6 2.0 -0.4 2.0 1.2 0.8 5.1 3.6 1.5 9 10 11 12 Corporate equities 6.0 12.2 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 12 6.0 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 13 13 Net share issues (liabilities) 33 Z.1, June 10, 2004 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 2.3 3.0 3.0 3.3 3.5 3.6 3.6 3.6 3.6 3.6 3.6 1 2 Fixed nonresidential investment 0.7 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 1.0 1.0 2 3 Net acquisition of financial assets 304.4 316.7 241.7 334.3 242.4 269.7 217.2 242.3 568.8 50.5 47.8 3 4 5 Checkable deposits and currency Federal funds and security RPs 2.5 -13.4 7.4 12.7 -9.7 -14.8 1.7 11.9 10.2 -1.1 0.8 -2.1 16.7 -46.5 -14.3 52.7 0.4 -64.4 0.4 49.9 7.7 34.6 4 5 6 Credit market instruments 313.8 291.2 253.6 307.8 210.9 258.1 313.4 122.3 636.8 -40.1 14.5 6 26.9 -0.7 163.1 -27.1 5.8 178.7 10.9 10.2 145.0 35.6 -8.7 186.6 -28.1 -24.7 182.8 -1.5 0.2 132.2 -4.4 3.4 66.5 16.5 -0.5 -44.0 -34.9 -0.4 572.3 16.6 -1.5 -66.1 6.7 -3.8 -98.1 7 8 9 7 8 9 Open market paper Treasury securities Agency- and GSE-backed securities 10 11 Municipal securities Corporate and foreign bonds 4.1 20.7 1.4 23.7 -1.8 25.8 6.0 15.5 -1.7 7.0 3.1 10.4 1.2 41.8 4.3 32.2 5.3 -5.1 1.8 -27.5 -0.1 -7.8 10 11 12 13 14 15 Other loans and advances Sallie Mae Farm Credit System FHLB loans 93.5 -0.3 3.3 90.4 108.1 -0.3 0.9 107.6 45.3 0.1 3.1 42.1 37.7 -0.0 2.9 34.9 18.5 -0.4 2.0 16.9 24.7 0.1 0.0 24.6 104.9 -0.1 -3.4 108.4 -1.4 -0.1 0.4 -1.7 -29.2 0.6 -0.3 -29.5 24.4 -0.1 3.5 21.0 109.9 0.0 0.9 109.0 12 13 14 15 16 17 18 19 20 Mortgages Home Multifamily residential Farm Consumer credit (2) 7.5 5.3 -0.0 2.2 -1.2 -4.8 -10.3 4.3 1.1 5.4 22.2 15.8 4.5 2.0 -3.9 32.7 20.2 8.2 4.3 2.4 59.6 46.0 8.5 5.1 -2.6 105.3 98.3 4.2 2.9 -16.3 106.3 98.7 4.9 2.7 -6.3 131.1 117.9 7.5 5.7 -16.0 145.2 144.7 -0.9 1.4 -16.3 38.8 31.9 5.2 1.7 -26.5 25.9 19.1 4.2 2.6 -18.4 16 17 18 19 20 1.5 5.5 12.5 12.8 22.4 12.8 -66.5 81.6 -4.0 40.2 -9.1 21 21 22 23 24 25 26 27 Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy 299.3 312.7 234.4 323.6 233.6 260.1 208.3 232.0 556.8 43.0 45.1 22 278.3 278.3 0.0 318.2 318.2 0.0 234.1 234.1 0.0 290.8 290.8 0.0 225.9 225.9 0.0 233.2 233.2 0.0 195.4 195.4 0.0 199.9 199.9 0.0 437.5 437.5 0.0 99.8 99.8 0.0 36.1 36.1 0.0 23 24 25 21.0 -5.5 0.3 32.8 7.7 26.9 13.0 32.1 119.3 -56.7 9.0 26 -3.5 -1.8 -5.1 -8.1 -6.2 -7.0 -6.2 -7.6 -9.4 -4.8 -0.1 27 (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997. (2) SLMA student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.126 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 182.1 10.5 0.0 -0.0 264.6 9.2 0.0 -0.0 190.9 8.5 0.0 0.0 322.9 15.6 0.0 0.0 315.2 12.9 0.0 0.0 309.7 20.1 0.0 0.0 275.1 8.4 0.0 0.0 237.2 8.9 0.0 0.0 309.1 24.1 0.0 0.0 417.3 39.3 0.0 0.0 108.2 -13.1 0.0 0.0 2 3 4 5 192.6 273.8 199.4 338.5 328.1 329.8 283.5 246.0 333.1 456.6 95.1 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, 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, June 10, 2004 F.127 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 2.4 2.2 1.6 1.4 1.2 1.2 1.2 1.2 1.2 1.1 1.1 1 2 Fixed nonresidential investment 4.2 -0.7 -1.6 1.7 0.1 1.0 3.0 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 297.1 194.4 186.1 253.8 194.5 205.4 271.8 228.8 170.7 150.3 136.0 3 21.8 23.8 36.8 -3.3 8.3 7.2 14.2 18.5 46.5 -3.3 8.9 -1.1 -50.6 30.1 19.6 -16.5 107.3 -22.9 -40.8 4.8 -155.1 -10.2 4 5 141.6 80.2 13.0 48.5 80.8 38.8 8.1 33.9 68.7 33.4 5.6 29.7 116.8 72.2 6.0 38.6 90.1 58.2 5.5 26.4 184.5 132.9 8.1 43.6 205.9 172.6 2.4 30.9 205.5 143.4 8.2 53.9 107.0 56.9 8.1 42.1 219.7 158.6 13.8 47.3 289.6 234.5 6.6 48.4 6 7 8 9 72.0 37.9 59.0 21.1 68.9 33.0 78.4 25.9 37.4 23.8 -8.0 21.1 64.3 22.0 -1.4 21.5 -41.4 20.8 -53.6 20.2 -7.7 19.6 10 11 298.9 191.5 183.0 254.0 193.5 205.2 273.6 227.9 169.9 149.5 135.2 12 125.7 173.3 139.0 52.5 125.0 57.9 120.0 134.0 -13.0 206.4 -35.6 240.8 -47.1 320.7 14.0 213.8 33.2 136.6 -142.5 292.0 24.4 110.9 13 14 4 5 Agency- and GSE-backed securities (1) Other loans and advances 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 10 11 12 13 14 Consumer credit Trade credit Net increase in liabilities Commercial paper Corporate bonds 15 Discrepancy 0.0 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 15 16 17 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) 1.8 2.9 -2.9 -1.0 -3.2 -2.2 0.3 -1.2 -1.1 6.0 -0.2 15.0 1.8 3.6 -0.9 13.0 -0.9 23.4 -0.8 19.9 -0.8 21.6 16 17 (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.130. F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 25.2 32.8 33.8 55.8 58.6 61.4 58.5 61.1 62.3 63.6 68.4 1 2 Fixed nonresidential investment 27.2 42.4 39.4 30.7 31.7 36.8 30.8 35.3 39.0 42.3 44.8 2 3 Net acquisition of financial assets 88.8 150.9 136.6 18.8 33.7 190.0 31.2 226.8 369.3 132.4 120.1 3 4 Checkable deposits and currency 2.3 2.5 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 4 5 6 7 8 Credit market instruments Other loans and advances Mortgages Consumer credit 77.3 36.8 24.7 15.8 97.1 54.2 24.6 18.3 108.6 63.3 26.4 18.9 -4.8 -11.5 -11.0 17.6 21.2 8.3 13.2 -0.3 84.2 2.2 24.4 57.6 -0.4 -14.4 6.4 7.6 59.5 -4.5 24.0 40.0 180.4 -1.4 40.5 141.4 97.5 29.0 26.8 41.6 175.7 63.5 38.3 73.9 5 6 7 8 9 Miscellaneous assets 9.3 51.3 25.3 20.8 9.5 102.5 28.5 164.1 185.6 31.6 -59.0 9 75.8 138.7 166.1 21.3 64.2 220.7 35.0 320.3 370.5 156.9 197.6 10 57.1 30.7 24.2 2.2 70.7 -2.9 64.7 8.9 81.9 8.4 72.9 0.5 1.3 -80.3 66.6 14.9 42.2 -17.1 62.0 -2.8 117.3 -5.2 114.3 8.1 35.0 -30.5 54.2 11.2 188.8 64.3 108.4 16.1 101.6 -46.3 133.1 14.8 143.8 -8.3 161.7 -9.6 133.7 38.8 62.4 32.5 11 12 13 14 0.8 0.8 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 15 17.8 2.6 -12.8 28.0 67.2 13.2 53.5 0.5 83.3 14.9 14.7 53.7 18.9 7.8 -3.3 14.5 20.7 -3.6 -11.0 35.3 101.8 18.0 11.5 72.2 -1.5 61.5 -4.1 -58.9 130.0 4.8 35.4 89.8 267.3 3.8 -1.1 264.5 11.5 2.0 16.0 -6.5 62.2 1.6 16.9 43.7 16 17 18 19 -15.1 -21.7 23.9 27.6 57.4 55.3 31.5 119.3 24.5 45.7 101.1 20 -2.2 6.3 5.3 -4.6 -20.2 -13.3 -5.9 -20.6 -5.2 -21.4 -13.7 21 10 Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.127. 35 Z.1, June 10, 2004 F.129 Mortgage Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages 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 2 3 4 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 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 6 7 (1) No data are available after 1997:Q4. F.130 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 8.2 8.4 0.2 12.9 13.0 6.8 6.0 6.2 6.4 8.6 8.6 1 2 3 Fixed nonresidential investment Multifamily residential investment 64.7 11.4 9.2 1.6 0.4 0.1 3.3 0.6 11.9 2.1 7.1 1.2 1.8 0.3 6.2 1.1 8.4 1.5 11.9 2.1 21.2 3.7 2 3 4 Net acquisition of financial assets 6.4 -2.3 -6.3 8.1 22.7 23.4 -0.3 32.8 28.3 32.6 67.5 4 5 Checkable deposits and currency 0.8 0.3 -0.0 0.9 -0.6 2.8 4.9 -0.5 6.1 0.8 1.3 5 6 Credit market instruments -5.1 -2.6 -7.1 6.7 23.1 16.8 -8.6 31.0 18.6 26.2 58.3 6 -8.1 -0.4 1.1 -0.3 0.3 -0.8 5.7 2.1 8.0 4.6 -5.3 2.2 -14.9 3.2 7.0 -4.1 -15.7 7.8 2.4 2.1 25.4 8.3 7 8 3.4 0.8 0.1 2.5 -3.3 -2.4 -0.6 -0.4 -6.6 -4.6 -0.4 -1.7 -1.1 0.1 -0.3 -1.0 10.5 9.5 -0.2 1.2 19.8 19.0 0.0 0.8 3.1 4.0 0.0 -0.9 28.1 27.4 0.0 0.6 26.5 25.4 -0.1 1.2 21.7 19.3 0.2 2.2 24.6 19.6 1.2 3.8 9 10 11 12 10.7 -0.1 0.9 0.5 0.2 3.7 3.4 2.4 3.6 5.6 8.0 13 86.4 17.7 2.7 16.5 43.0 38.3 6.9 49.4 45.1 51.9 104.7 14 0.5 -3.8 7.8 13.5 1.4 -11.1 18.3 -6.1 4.4 23.1 15 7 8 9 10 11 12 13 14 Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Net increase in liabilities 15 Security RPs -9.8 16 Credit market instruments 62.7 6.3 2.7 2.5 19.8 23.8 17.5 12.9 36.4 28.2 54.2 16 0.2 21.7 16.0 24.8 -0.1 8.9 -7.6 5.1 0.0 4.8 -8.3 6.2 0.7 3.8 -3.3 1.3 0.1 14.0 -0.3 5.9 -0.5 20.8 -0.2 3.6 1.6 17.8 1.6 -3.5 -3.8 17.2 -3.9 3.3 1.2 26.9 0.5 7.8 -1.0 21.3 1.0 6.9 0.0 40.0 -2.5 16.7 17 18 19 20 19.8 13.6 6.6 4.4 2.0 1.8 6.1 0.1 8.4 1.4 13.3 -0.1 2.3 -1.9 16.3 1.9 18.1 -3.3 16.6 2.8 25.8 1.6 21 22 11.9 17.7 8.8 17.3 19.2 13.4 11.0 15.4 13.4 13.9 20.9 23 2.9 0.1 1.8 0.4 0.6 -1.0 -1.3 0.0 0.1 0.1 -2.2 -0.2 -0.9 -0.5 -0.6 -1.2 -0.9 -0.2 -0.1 -0.0 6.0 -1.2 7.3 -0.0 -0.0 15.0 -1.0 16.1 -0.1 -0.0 3.6 -1.4 5.0 -0.1 -0.0 13.0 -1.0 14.1 -0.0 -0.0 23.4 -1.4 24.9 -0.0 -0.0 19.9 -0.4 20.5 -0.1 -0.0 21.6 -0.4 22.0 -0.0 -0.0 24 25 26 27 28 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 36 Z.1, June 10, 2004 F.131 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Gross saving 2.5 4.0 -14.1 6.9 13.3 9.6 9.2 9.0 9.0 11.2 12.1 1 2 Fixed nonresidential investment 18.4 21.8 30.0 26.7 22.9 23.0 22.1 22.4 23.3 24.1 24.5 2 3 Net acquisition of financial assets 142.0 79.8 220.4 244.3 -130.2 277.6 260.5 530.3 145.2 174.5 501.0 3 4 Checkable deposits and currency 3.7 3.3 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 20.8 4 5 Credit market instruments 6.8 -34.7 68.9 92.4 28.4 79.7 65.9 -85.2 24.0 313.9 -175.0 5 3.8 21.2 0.5 -0.1 -18.6 -2.0 -58.4 15.0 -1.2 12.0 13.2 39.4 -2.3 -0.7 19.3 9.0 13.1 14.1 7.7 48.6 -4.7 -13.7 14.1 2.0 30.7 5.9 41.7 -8.1 3.8 36.4 12.8 -34.5 145.1 -7.3 -50.2 -19.3 -208.8 45.2 11.7 86.1 16.8 174.1 -214.3 7.8 39.5 13.1 236.0 -8.4 3.1 70.1 -2.9 -202.7 40.2 1.6 -11.2 6 7 8 9 10 -6.0 21.6 115.9 7.7 75.2 28.3 9.6 7.2 133.0 17.3 -38.8 156.6 3.2 -48.2 -110.8 3.8 34.3 157.0 -12.7 45.3 162.2 35.5 355.7 226.6 -12.2 -83.4 215.7 4.5 -180.4 23.4 44.4 66.3 544.6 11 12 13 149.4 87.2 249.4 253.8 -130.3 281.4 264.5 534.6 149.4 176.9 502.7 14 4.6 7.2 2.5 37.1 -17.2 7.6 56.9 15.6 -4.2 51.0 1.4 6.7 -9.0 -1.7 10.2 133.7 6.4 -7.7 -25.3 38.4 12.1 93.5 -16.2 -27.6 195.3 9.9 9.0 271.3 -6.6 -24.5 96.6 51.9 1.0 15 16 17 -1.0 81.6 61.2 20.3 -0.1 11.9 29.2 47.2 -18.0 0.9 5.1 138.9 88.6 50.4 -0.1 3.3 41.9 41.9 0.0 -0.2 -1.8 -38.9 -41.6 2.8 -0.5 -9.2 98.2 62.7 35.5 0.4 -35.7 175.3 67.8 107.5 1.1 27.0 343.1 342.0 1.1 1.2 -11.1 -25.0 -46.8 21.8 0.2 -17.1 -100.7 -112.3 11.7 -0.9 25.4 217.1 127.2 89.8 0.5 18 19 20 21 22 44.7 1.7 99.0 -55.9 7.5 3.6 61.9 -58.0 -1.9 5.1 60.2 -67.2 138.5 -1.3 62.9 76.9 -84.5 -5.2 6.8 -86.1 39.3 3.4 57.6 -21.7 98.9 0.2 207.0 -108.3 75.3 13.5 31.2 30.5 -43.5 -0.5 -11.5 -31.5 26.6 0.5 3.7 22.5 113.6 9.0 31.9 72.8 23 24 25 26 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 14 Net increase in liabilities 15 16 17 Security RPs (net) Corporate bonds Corporate equity issues 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 27 28 Proprietors’ net investment Discrepancy 9.9 10.2 39.0 11.2 -4.1 20.4 -0.3 38.4 14.6 28.8 -3.4 27 -8.4 -10.4 -15.1 -10.3 -9.6 -9.6 -8.9 -9.0 -10.1 -10.5 -10.7 28 F.132 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 9 Net increase in liabilities 124.8 254.4 120.7 58.1 -9.7 87.8 321.4 15.6 140.6 -126.2 313.7 1 80.0 59.9 20.4 137.5 6.3 -32.6 -120.9 109.0 -7.0 -111.4 -94.1 2 -15.8 -20.3 4.5 120.2 124.0 -3.8 24.9 29.8 -4.9 -80.9 -126.7 45.8 -43.1 -52.7 9.6 102.8 47.8 54.9 287.3 222.2 65.1 -50.0 -95.6 45.5 214.7 158.5 56.2 -40.9 -93.8 52.9 371.8 361.3 10.5 3 4 5 60.7 11.8 48.9 74.4 2.5 71.9 75.5 45.6 29.8 1.5 -30.8 32.3 27.1 24.7 2.4 17.7 -1.7 19.4 155.0 -17.0 172.1 -43.4 -14.0 -29.4 -67.1 -25.8 -41.3 26.1 50.0 -23.9 36.1 108.4 -72.3 6 7 8 124.8 254.4 120.7 58.1 -9.7 87.8 321.4 15.6 140.6 -126.2 313.7 9 10 11 12 Credit market instruments Open market paper Corporate bonds 40.0 6.0 34.0 91.5 34.1 57.4 -0.4 -2.3 1.9 -55.2 -77.4 22.2 -0.6 -31.0 30.5 -0.9 -16.3 15.4 101.0 91.3 9.6 -92.0 -121.3 29.3 -19.5 -22.6 3.1 6.9 -12.6 19.5 87.9 66.7 21.3 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 84.8 20.7 70.0 -5.9 163.0 -17.0 16.3 163.7 121.1 75.8 88.7 -43.4 113.4 56.7 70.1 -13.4 -9.1 27.6 -2.9 -33.9 88.7 18.6 102.6 -32.4 220.5 54.1 -30.9 197.3 107.5 48.5 245.1 -186.1 160.1 -47.5 175.1 32.5 -133.1 19.2 21.0 -173.3 225.8 -51.9 311.5 -33.9 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 37 Z.1, June 10, 2004 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 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 2004 Q1 6.8 -8.7 0.3 4.9 10.7 0.5 1.3 1.0 7.9 -8.3 -1.9 1 0.1 -0.0 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 2 0.1 -0.0 -0.0 0.0 0.7 -0.0 0.6 -0.0 0.8 -0.0 -0.6 0.0 -3.6 -0.0 0.4 0.0 0.8 -0.0 -0.1 0.0 0.4 0.0 3 4 6.6 -8.7 -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.3 5 Official foreign currency holdings Treasury Monetary authority 1.5 0.8 0.8 -3.3 -1.6 -1.6 1.9 0.9 0.9 0.7 0.3 0.3 3.8 1.9 1.9 2.6 1.3 1.3 2.3 1.2 1.2 1.0 0.5 0.5 4.7 2.3 2.3 2.5 1.3 1.3 0.9 0.5 0.5 6 7 8 Net IMF position Federal government Monetary authority 5.1 5.1 0.0 -5.5 -5.5 0.0 -2.3 -2.3 0.0 3.6 3.6 0.0 6.1 6.1 0.0 -1.5 -1.5 0.0 2.6 2.6 0.0 -0.4 -0.4 0.0 2.4 2.4 0.0 -10.7 -10.7 0.0 -3.3 -3.3 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 -3.0 -3.0 -4.0 -4.0 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 0.6 0.7 1.0 1.7 2.4 3.6 1.3 1.4 1.0 1.6 0.6 0.9 0.6 0.8 1.6 1.1 0.1 0.9 -0.0 0.7 0.8 0.7 3 4 5 Discrepancy (seigniorage) -0.1 -0.7 -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 0.1 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 6.5 61.1 134.2 30.7 23.9 -20.8 -16.9 159.7 -297.2 71.3 -251.2 1 0.1 7.4 7.4 5.2 0.9 12.2 20.0 -7.4 48.2 -5.0 -8.5 33.1 10.7 4.4 -10.1 -9.0 22.8 -39.9 26.1 20.1 -52.2 -23.5 -11.3 -49.7 -17.9 41.9 -25.0 -20.7 40.5 -32.8 -1.0 -4.8 -3.9 2 3 4 -8.5 42.8 73.5 11.1 18.9 5.4 -10.8 244.2 -296.3 84.3 -241.6 5 38 Z.1, June 10, 2004 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries Q2 Q3 Q4 2004 Q1 -31.8 15.0 15.1 -28.0 17.3 -4.4 12.6 -180.2 102.5 47.4 -166.8 1 -7.5 -4.5 -2.9 22.2 -2.3 24.5 -27.1 -5.0 -22.2 1.4 -1.6 2.9 5.6 5.1 0.5 0.6 0.5 0.1 32.8 29.7 3.2 7.6 3.0 4.7 4.2 -1.0 5.2 -42.1 -29.6 -12.5 33.9 19.8 14.1 2 3 4 -24.4 -1.1 -7.2 -1.7 42.3 1.0 -29.4 -1.0 11.8 0.4 -5.1 -0.7 -20.2 -6.5 -187.8 5.6 98.3 -2.3 89.4 0.3 -200.7 -1.1 5 6 -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates -32.0 23.0 23.6 0.5 -7.0 48.4 30.0 -18.4 21.8 45.8 75.2 29.5 -44.3 -12.3 22.8 35.1 13.9 46.1 -0.9 -47.0 -2.5 89.8 123.7 33.9 -59.7 -13.3 74.1 87.4 -173.2 4.5 259.7 255.2 91.7 188.6 63.5 -125.2 131.3 179.5 97.6 -81.9 -232.7 -72.5 7.4 79.9 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -55.7 33.3 88.9 -51.2 14.9 66.1 -56.5 -14.3 42.2 -35.4 29.7 65.0 -32.8 13.0 45.8 -47.5 19.5 67.0 -9.6 104.3 113.9 -38.5 186.2 224.7 -96.7 -96.6 0.1 -45.2 -115.8 -70.6 -159.4 15.3 174.6 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates 0.6 -0.1 -0.7 -4.1 5.5 9.6 32.5 30.9 -1.6 3.3 12.2 8.8 0.6 2.0 1.4 -44.8 -40.2 4.6 -36.8 -37.5 -0.7 -139.1 -123.3 15.9 -0.3 -3.8 -3.5 -3.0 3.8 6.8 -0.8 4.8 5.5 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. -5.0 -1.0 -4.0 -1.3 -1.3 -0.0 1.0 0.4 0.6 1.3 1.3 -0.0 9.7 10.2 -0.6 -2.9 -3.0 0.0 -13.1 -13.1 0.0 -10.9 -11.4 0.5 30.3 29.5 0.7 -18.0 -16.9 -1.1 5.7 5.3 0.4 18 19 20 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 21 -2.5 6.4 2.0 0.6 3.8 -14.3 16.3 16.4 -0.3 0.1 30.5 11.2 -9.1 -0.1 20.4 16.5 1.5 -15.8 0.1 17.2 20.8 19.0 10.9 1.0 7.1 -66.9 -3.6 1.3 -0.1 -4.8 -59.7 8.1 -22.7 -2.0 32.8 -168.3 35.7 65.3 1.5 -31.2 8.4 23.5 -14.5 -1.2 39.2 -47.9 -81.8 -23.1 1.4 -60.1 -21.8 44.0 5.0 0.2 38.8 22 23 24 25 26 -1.3 10.2 22.6 8.0 7.1 -26.4 3.4 -18.4 0.9 -2.6 7.5 55.7 37.2 30.6 28.2 175.7 4.4 10.7 -39.7 5.7 65.6 0.2 27 28 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 -3.3 -1.3 2.0 6.2 22.6 16.4 16.2 7.1 -9.1 19.2 3.4 -15.8 -10.0 0.9 10.9 6.3 7.5 1.3 59.9 37.2 -22.7 -37.1 28.2 65.3 18.9 4.4 -14.5 -16.5 -39.7 -23.1 60.6 65.6 5.0 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 9.6 10.2 0.6 8.2 8.0 -0.3 -26.3 -26.4 -0.1 -18.6 -18.4 0.1 -3.6 -2.6 1.0 55.8 55.7 -0.1 32.7 30.6 -2.0 174.2 175.7 1.5 11.9 10.7 -1.2 4.3 5.7 1.4 -0.1 0.2 0.2 32 33 34 -35.6 14.9 -5.3 -45.2 10.2 0.4 -20.3 -149.0 63.3 107.5 -205.5 35 -27.1 -5.7 20.8 -45.6 4.2 0.5 -46.6 -162.3 61.4 149.3 -238.3 36 -8.6 20.6 -26.1 0.4 6.0 -0.1 26.3 13.3 1.9 -41.8 32.8 37 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks -1.1 0.9 -2.0 -1.7 -1.9 0.2 1.0 1.1 -0.1 -1.0 -0.9 -0.1 0.4 0.4 0.0 -0.7 -0.7 0.0 -6.5 -6.5 -0.0 5.6 2.7 3.0 -2.3 0.1 -2.4 0.3 0.7 -0.4 -1.1 -1.1 0.0 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash -7.6 -4.6 -2.9 19.4 -5.1 24.5 -24.1 -1.9 -22.2 0.7 -2.2 2.9 4.9 4.4 0.5 -0.3 -0.4 0.1 33.5 30.4 3.2 7.9 3.3 4.7 1.4 -3.8 5.2 -44.1 -31.6 -12.5 29.4 15.2 14.1 41 42 43 0.1 2.8 -3.1 0.6 0.7 0.9 -0.7 -0.3 2.8 2.0 4.5 44 3.8 0.1 20.4 17.2 7.1 -4.8 32.8 -31.2 39.2 -60.1 38.8 45 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 39 Z.1, June 10, 2004 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 1 Net change in liabilities 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits Q2 Q3 Q4 2004 Q1 47.3 151.2 -71.4 204.3 43.5 34.3 220.2 79.7 -110.9 -51.9 -42.3 1 38.3 0.5 -0.3 38.0 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 77.7 12.5 0.6 64.6 26.0 -3.0 2.8 26.2 9.4 -10.2 -3.4 23.0 38.4 5.7 0.3 32.4 33.8 4.1 -0.3 30.1 2 3 4 5 -33.5 -14.6 -1.5 -17.4 3.4 36.4 13.4 -46.4 -85.5 -33.2 -9.7 -42.6 102.2 45.3 0.5 56.3 -57.4 -16.4 1.6 -42.6 -68.6 -100.5 13.3 18.6 64.6 33.5 11.7 19.3 -9.5 -121.5 48.9 63.1 -171.4 -117.6 -26.8 -27.0 -158.3 -196.6 19.6 18.8 -146.5 -233.7 78.9 8.3 6 7 8 9 36.1 6.4 36.8 2.3 43.4 5.9 50.7 3.5 54.4 5.0 57.4 7.6 53.2 24.7 61.4 1.9 57.6 -6.4 57.6 10.4 58.6 11.7 10 11 10 11 Savings institutions Credit unions 12 Net change in assets 47.3 151.2 -71.4 204.3 43.5 34.3 220.2 79.7 -110.9 -51.9 -42.3 12 13 Household sector -15.7 -75.4 -120.4 93.2 -17.5 -62.7 -144.7 -71.3 -161.0 126.1 57.1 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 57.5 23.0 32.7 1.7 95.3 56.0 38.7 0.6 107.1 50.5 56.4 0.2 -48.4 -49.5 0.5 0.6 22.7 9.5 12.8 0.4 134.9 123.9 10.9 0.1 109.4 100.5 8.9 0.1 221.0 207.1 13.8 0.1 193.9 181.2 12.7 0.1 15.1 6.9 8.1 0.1 -26.5 -28.3 1.7 0.1 14 15 16 17 18 19 State and local governments Federal government -3.9 -16.7 3.9 66.2 1.0 -65.1 5.1 41.1 8.5 -18.7 6.2 8.2 -0.5 -24.4 4.1 -11.5 6.8 43.7 14.5 25.1 8.0 -46.9 18 19 20 21 22 Rest of the world Checkable deposits Currency 14.8 -1.8 16.6 39.9 13.3 26.6 -4.2 -9.5 5.3 24.2 0.4 23.8 23.2 1.7 21.5 30.0 13.4 16.6 32.0 12.3 19.7 57.5 51.7 5.8 -19.2 -30.2 11.1 49.8 19.9 29.9 71.4 78.6 -7.2 20 21 22 23 Financial sectors 11.8 29.5 -0.4 79.0 18.0 15.2 169.0 -16.7 -14.1 -77.5 65.7 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 0.6 3.2 1.0 -0.5 0.3 -1.0 17.3 -0.1 -0.5 1.6 0.3 -0.1 1.1 2.0 10.1 0.5 -0.3 3.7 1.6 -0.7 -0.0 -0.4 3.2 0.4 2.2 -3.2 73.0 0.4 -0.3 14.2 -17.0 0.4 -2.4 -6.2 -26.1 0.4 0.3 -6.4 -17.1 0.4 2.9 2.9 43.3 0.4 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -2.7 -0.2 -1.0 4.7 0.0 0.2 1.2 -0.7 -0.5 -0.6 0.4 -0.1 31.9 9.4 -1.0 0.4 -1.6 12.8 0.5 -1.9 -7.6 8.6 0.3 1.6 34.2 17.0 0.7 6.2 -1.6 23.8 1.2 0.4 5.4 -4.1 0.0 0.4 -68.3 -2.3 -0.9 -0.7 0.7 -2.3 1.3 1.4 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -2.6 2.5 2.3 0.8 3.7 -1.2 7.4 2.5 0.3 3.3 4.5 -9.7 2.6 -0.0 1.6 2.3 1.7 2.9 0.9 16.8 -5.8 10.2 3.1 -0.6 -2.9 -0.6 0.8 3.3 2.8 2.9 13.7 16.7 3.2 4.9 -0.2 -23.7 -14.3 3.2 -0.5 -2.4 7.6 0.4 3.3 6.1 1.1 -0.2 0.4 3.3 0.8 13.2 -18.1 7.7 3.4 1.3 20.8 32 33 34 35 36 -0.5 -8.2 10.7 10.2 7.3 -97.5 79.4 -103.4 -161.0 -205.1 -171.0 37 37 Mail float 40 Z.1, June 10, 2004 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 Net change in liabilities Small time and savings deposits 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 244.2 176.2 305.0 335.8 321.5 291.6 435.3 505.9 62.4 162.6 532.8 1 152.4 45.1 188.8 267.2 271.1 229.5 258.9 456.8 84.4 118.0 212.0 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 183.7 186.4 -3.7 1.0 72.0 73.0 -1.8 0.8 211.6 210.6 -0.4 1.4 249.4 240.4 4.5 4.6 269.7 273.6 -2.3 -1.7 230.5 228.2 0.9 1.4 245.2 248.5 -2.7 -0.6 438.4 437.3 1.0 0.2 72.6 67.0 3.0 2.6 165.7 160.1 2.4 3.2 306.4 302.5 3.8 0.2 3 4 5 6 7 8 Savings institutions Credit unions -54.3 23.1 -39.2 12.3 -35.8 13.0 -30.7 48.6 -31.6 33.1 -30.5 29.6 -26.6 40.2 -25.7 44.1 -5.2 17.0 -64.6 16.9 -41.4 -53.1 7 8 9 Large time deposits (1) 91.8 131.1 116.2 68.6 50.4 62.0 176.5 49.1 -22.0 44.6 320.8 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 72.1 34.8 36.3 1.0 119.6 61.6 57.2 0.8 92.8 87.9 3.4 1.4 32.7 -25.2 53.3 4.6 -2.5 24.3 -25.1 -1.7 18.9 2.9 14.6 1.4 125.9 91.4 35.0 -0.6 -27.4 9.0 -36.5 0.2 -25.5 -31.6 3.5 2.6 2.5 -57.1 56.4 3.2 258.7 103.8 154.8 0.2 10 11 12 13 14 15 Savings institutions Credit unions 15.7 4.1 8.5 3.1 19.9 3.5 26.9 9.0 44.2 8.7 32.4 10.8 45.5 5.1 52.5 24.0 2.6 0.8 28.9 13.3 57.9 4.2 14 15 16 Net change in assets 244.2 176.2 305.0 335.8 321.5 291.6 435.3 505.9 62.4 162.6 532.8 16 17 Household sector 162.9 108.2 288.6 251.5 289.2 317.4 405.8 386.1 241.8 235.7 631.2 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 6.0 -6.8 12.7 43.3 24.3 19.1 20.5 0.5 20.1 0.9 -6.2 7.1 -1.4 -3.6 2.2 15.2 13.5 1.7 34.2 38.4 -4.3 37.8 33.8 4.0 -43.0 -43.9 0.9 32.0 25.8 6.3 -10.8 -7.2 -3.6 18 19 20 21 22 23 State and local governments Federal government Rest of the world 12.8 1.3 13.0 11.0 0.7 15.0 9.4 1.0 1.9 7.7 4.2 -20.1 17.1 17.1 12.0 22.3 -25.2 -3.7 46.2 -36.7 29.9 13.2 37.5 -8.7 12.9 -74.8 -114.6 16.8 -26.8 78.5 44.4 -2.2 -121.7 21 22 23 24 Financial sectors 48.3 -1.9 -16.5 91.7 -12.5 -34.4 -44.0 40.1 40.0 -173.6 -8.0 24 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 0.5 6.4 -2.1 -0.1 -6.8 0.9 0.1 -1.1 0.2 0.8 7.4 2.7 0.4 1.6 -0.6 0.0 1.8 8.7 0.2 9.9 8.7 0.2 -2.7 8.7 -0.1 1.2 8.7 -0.2 -1.0 8.7 1.4 -2.5 8.7 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds 28.3 -0.4 15.7 -29.0 -0.3 33.3 2.9 -0.6 -18.0 4.2 -0.4 77.1 0.9 0.1 -14.8 2.5 0.3 -47.7 3.4 1.3 -67.5 4.5 0.0 29.3 3.3 0.0 26.9 -1.4 -0.1 -179.6 3.3 -0.4 -18.4 28 29 30 (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 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 1 2 Net purchases 287.2 249.1 233.3 428.6 -16.8 -207.8 -394.5 213.8 -223.1 -427.7 -298.9 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 130.6 38.6 9.7 112.1 28.4 8.1 145.8 36.5 8.7 158.4 110.5 9.6 -42.9 26.9 2.3 -99.7 -52.7 -8.2 -195.0 -38.5 -5.5 175.8 -62.2 -5.1 -89.0 -104.1 -12.4 -290.6 -6.1 -9.9 -133.7 -20.3 -15.6 3 4 5 6 7 8 9 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 8.8 17.6 1.9 80.0 7.5 21.4 11.7 59.9 6.9 10.5 4.6 20.4 -7.9 31.0 -10.6 137.5 1.3 -13.5 2.8 6.3 -9.2 -8.3 2.9 -32.6 -9.2 -28.2 2.9 -120.9 -9.2 2.7 2.9 109.0 -9.2 -4.2 2.9 -7.0 -9.0 -3.5 3.0 -111.4 -9.0 -29.2 3.0 -94.1 6 7 8 9 41 Z.1, June 10, 2004 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 1 Q3 Q4 2004 Q1 91.3 169.8 113.2 22.3 105.0 322.3 39.6 526.2 126.2 597.1 563.6 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 87.0 66.8 19.7 0.5 110.8 128.5 -17.9 0.1 66.1 15.4 52.3 -1.6 -42.3 -31.2 -11.0 -0.1 115.5 73.6 39.5 2.4 167.2 168.2 -1.9 0.9 62.6 -78.9 121.5 20.0 399.2 383.6 5.2 10.4 -66.7 60.0 -100.4 -26.4 273.7 307.9 -33.8 -0.4 457.5 423.7 37.2 -3.4 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 9.5 -9.8 4.6 21.4 0.5 37.1 -6.0 -3.8 56.9 5.8 7.8 51.0 -15.0 13.5 -9.0 20.1 1.4 133.7 13.4 -11.1 -25.3 15.3 18.3 93.5 3.8 -6.1 195.3 47.8 4.4 271.3 -13.6 23.1 96.6 6 7 8 33.6 138.0 0.8 81.1 95.8 120.5 -165.1 191.9 119.8 335.4 476.9 9 -0.4 7.2 -18.8 1.6 5.0 8.0 -1.6 19.7 11.4 -0.2 -13.4 59.4 2.2 -2.1 39.4 -0.5 29.9 93.9 -1.5 11.0 -114.7 2.6 37.5 95.9 4.0 24.1 248.4 -7.0 46.8 145.9 3.2 42.6 270.4 10 11 12 45.6 6.5 5.5 3.4 123.4 110.3 -4.2 2.4 -28.7 -97.3 4.3 -5.3 35.3 6.9 12.5 -1.5 56.3 -10.8 -0.3 -0.8 -2.8 4.3 -6.1 -0.1 -59.9 60.3 10.5 -8.4 55.8 4.2 -16.5 5.7 -156.8 0.0 -3.4 -4.8 149.7 -47.5 -15.2 6.8 160.7 28.9 41.1 -8.9 13 14 15 16 7.4 1.2 8.9 12.9 13.1 -13.4 -14.4 3.7 2.8 0.1 9.9 12.7 10.0 0.9 4.3 43.4 25.7 -14.8 -8.1 0.8 0.6 44.0 -31.8 11.9 14.2 1.9 0.2 46.2 6.8 -1.1 8.4 -0.7 2.9 -21.8 12.5 -2.1 -9.4 -1.3 1.6 -66.3 -0.6 -46.5 27.0 -1.3 2.2 -21.8 3.6 52.7 8.8 -1.3 1.7 -98.3 4.8 -64.4 7.3 0.8 6.1 99.4 42.1 49.9 13.5 0.8 4.2 48.1 -1.7 34.6 17 18 19 20 21 22 57.7 31.9 112.4 -58.8 9.2 201.8 204.7 334.3 6.5 261.7 86.7 23 9 Net change in liabilities Q2 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 17 18 19 20 21 22 23 Other 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 193.1 229.9 211.6 -147.8 -91.5 -81.6 44.1 -76.0 -81.6 -212.7 322.0 1 202.5 232.8 212.2 -144.6 -91.4 -81.3 43.1 -75.2 -80.3 -213.0 323.7 2 24.4 7.8 -1.6 9.4 37.4 16.3 8.2 8.1 48.1 31.7 10.9 20.8 -88.3 -14.2 -23.3 9.1 -64.2 36.1 4.8 31.3 -40.0 22.3 -3.7 25.9 -9.3 52.0 -1.6 53.6 -81.4 72.9 10.1 62.8 4.8 -56.0 -19.7 -36.3 -74.3 20.2 -3.4 23.6 34.4 100.1 -1.1 101.2 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 170.3 7.8 125.7 30.7 0.2 6.0 179.2 9.1 139.0 -2.9 -0.1 34.1 132.4 1.2 125.0 8.4 0.0 -2.3 -42.1 -5.1 120.0 -80.3 0.7 -77.4 -63.3 -2.3 -13.0 -17.1 0.1 -31.0 -63.6 -6.0 -35.6 -5.2 -0.5 -16.3 0.3 -15.0 -47.1 -30.5 1.6 91.3 -66.6 -19.9 14.0 64.3 -3.8 -121.3 -29.1 5.3 33.2 -46.3 1.2 -22.6 -158.8 5.5 -142.5 -8.3 -1.0 -12.6 189.1 59.2 24.4 38.8 0.0 66.7 7 8 9 10 11 12 13 Bankers acceptances (1) -9.4 -2.9 -0.7 -3.2 -0.2 -0.2 1.0 -0.9 -1.3 0.2 -1.7 13 14 Net purchases, by sector 193.1 229.9 211.6 -147.8 -91.5 -81.6 44.1 -76.0 -81.6 -212.7 322.0 14 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 7.5 3.3 28.0 37.6 4.1 8.2 6.9 -13.0 4.8 10.2 22.6 9.5 -30.8 2.4 -26.5 6.2 5.8 4.5 -3.8 17.3 -4.1 15.2 -32.4 20.3 24.4 6.2 -18.6 17.2 -30.0 33.4 -13.5 55.6 6.1 28.8 -44.8 -26.5 -16.7 -7.4 -52.7 34.9 21.6 18.4 10.7 11.5 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 -0.2 0.0 0.2 -4.5 0.0 0.3 0.0 1.5 0.6 0.0 0.2 0.0 -0.6 -2.4 0.0 0.0 0.0 1.2 -3.1 0.0 0.0 0.0 1.2 -0.2 0.0 0.0 0.0 -2.0 -0.4 0.0 0.0 0.0 -2.9 -0.4 0.0 0.0 0.0 1.9 -0.4 0.0 0.0 0.0 -1.2 -0.4 0.0 0.0 0.0 -5.8 -0.4 0.0 0.0 0.0 2.5 -0.4 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 7.5 3.0 8.9 2.0 7.0 2.8 -4.5 -1.7 4.3 -11.9 -2.2 0.6 14.7 10.9 0.2 0.0 -6.0 -2.1 43.5 -0.8 1.6 -12.3 -7.6 2.2 -16.1 -1.2 1.7 -15.0 -14.3 -13.9 46.9 0.3 4.2 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 78.2 13.1 26.9 3.8 -20.3 104.7 9.9 -27.1 -2.0 124.0 89.6 25.7 10.9 13.2 29.8 30.3 -31.8 35.6 9.0 -126.7 -44.9 -11.8 -28.1 -4.7 -52.7 -135.1 12.8 -1.5 5.9 47.8 -281.2 24.4 -4.4 12.8 222.2 0.3 -7.1 16.5 -19.3 -95.6 -167.9 -0.5 -34.9 16.8 158.5 -91.6 34.2 16.6 13.1 -93.8 -184.2 25.2 6.7 -2.9 361.3 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 42 Z.1, June 10, 2004 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 1 0.1 -54.7 -0.2 -70.8 -1.7 -293.2 5.6 -10.6 4.5 252.5 8.9 389.5 9.5 156.3 10.5 738.0 10.2 307.3 5.5 356.5 3.9 461.0 2 3 -54.6 -71.0 -294.9 -5.0 257.0 398.4 165.8 748.5 317.5 362.0 465.0 4 -37.7 0.1 -37.8 29.4 -0.2 29.5 -171.2 -1.7 -169.5 -78.6 5.6 -84.1 -66.3 4.5 -70.8 2.1 8.9 -6.8 -64.0 9.5 -73.6 410.7 10.5 400.2 -120.0 10.2 -130.2 -218.3 5.5 -223.8 -53.6 3.9 -57.6 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments -3.2 5.7 30.0 -4.2 -0.8 -2.5 -1.3 3.0 -29.1 -1.6 2.7 50.2 14.8 2.3 22.1 2.3 2.4 26.1 16.7 -0.2 -37.8 4.8 4.8 37.9 -3.3 2.1 33.7 -8.9 2.7 70.7 -10.5 2.5 10.4 8 9 10 11 12 Rest of the world Monetary authority 18.7 21.4 -32.3 25.8 -87.2 33.7 3.3 40.0 139.4 77.7 268.5 37.3 145.3 23.7 370.2 36.3 267.7 39.8 290.8 49.2 679.8 1.8 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 -56.0 -42.0 -10.3 -3.1 -0.7 14.8 -2.0 9.7 7.9 -0.7 -44.4 -35.0 -0.5 -7.9 -1.0 -21.9 -31.4 9.8 0.4 -0.6 43.2 29.9 12.9 0.1 0.3 4.0 7.1 -6.5 1.4 2.0 9.3 -6.1 14.5 0.1 0.7 -41.1 -48.8 0.6 4.1 3.0 5.6 17.4 -17.6 2.5 3.3 42.1 65.9 -23.6 -1.1 0.9 30.4 20.9 9.7 -2.3 2.1 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates -4.4 -2.5 -3.1 -0.0 -3.5 -0.0 -1.4 -1.4 -1.0 2.7 -0.8 -4.8 -2.2 0.4 -0.4 3.0 1.1 -0.3 0.0 -2.0 -0.3 3.0 5.9 -0.3 5.2 1.5 -0.3 4.0 -0.7 -0.2 0.0 -1.5 0.1 18 19 20 21 22 23 24 25 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -14.1 -20.8 -33.2 0.8 2.3 -9.3 -9.7 2.3 -6.6 2.9 -4.6 -8.6 -9.6 -15.5 2.0 -4.4 -0.0 -21.7 -18.3 7.2 24.8 9.2 -1.3 -1.1 9.4 4.6 7.2 -2.1 -5.3 4.7 11.8 5.7 0.2 3.8 15.2 8.4 5.3 3.6 21.3 2.3 4.2 7.6 -8.5 -21.9 2.7 -5.9 10.3 -3.7 -24.4 -1.3 2.0 5.4 2.2 -7.8 2.1 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 Brokers and dealers 17.5 4.6 -1.0 0.0 -0.7 21.2 0.1 -23.7 -1.2 0.0 5.8 -58.4 -13.3 6.3 -0.9 0.0 10.2 39.4 45.3 -8.5 0.1 0.0 -8.7 13.1 4.5 19.7 -2.8 2.0 -24.7 -13.7 -10.0 9.4 1.4 0.1 0.2 41.7 38.8 32.4 0.3 -1.8 3.4 -34.5 45.5 37.4 2.9 -1.0 -0.5 -208.8 -55.5 -20.1 1.3 2.0 -0.4 174.1 -68.7 -12.2 0.9 1.2 -1.5 236.0 -12.0 11.3 5.4 3.6 -3.8 -202.7 26 27 28 29 30 31 -52.6 -71.2 -295.9 -5.6 257.5 396.0 164.2 749.0 317.5 353.4 466.0 32 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, June 10, 2004 F.210 Agency- and GSE-backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 472.9 591.7 432.5 628.8 554.5 560.6 477.3 446.4 770.7 547.8 132.3 1 2.0 278.3 192.6 -0.2 318.2 273.8 -1.0 234.1 199.4 -0.5 290.8 338.5 0.5 225.9 328.1 -2.4 233.2 329.8 -1.6 195.4 283.5 0.5 199.9 246.0 0.1 437.5 333.1 -8.6 99.8 456.6 1.1 36.1 95.1 2 3 4 472.9 591.7 432.5 628.8 554.5 560.6 477.3 446.4 770.7 547.8 132.3 5 Household sector Nonfinancial corporate business State and local governments 41.2 2.6 63.6 108.3 1.8 11.0 78.8 3.0 -18.0 -47.2 1.7 19.9 -143.0 -1.2 2.1 255.0 -3.5 8.6 -33.3 0.0 -12.0 -162.1 -9.5 12.0 672.9 -1.2 16.2 542.4 -3.3 18.0 -290.1 -8.1 -9.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 11.1 -0.3 0.0 63.4 -0.2 0.0 137.3 -0.1 0.0 106.1 -0.1 0.0 106.7 0.0 0.0 -23.3 -0.0 0.0 29.3 0.0 0.0 6.1 0.0 0.0 -164.5 0.0 0.0 36.1 -0.0 0.0 250.8 0.0 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 92.0 81.7 5.2 1.1 3.9 36.4 29.4 4.9 -1.3 3.3 22.3 18.2 0.4 -0.5 4.3 55.6 73.7 -22.0 1.4 2.5 140.5 121.1 10.9 4.5 3.9 83.6 85.1 -7.1 0.9 4.7 181.2 180.1 1.8 2.8 -3.5 295.2 278.5 12.4 -2.1 6.4 -268.7 -254.0 -33.2 5.2 13.3 126.9 135.7 -9.2 -2.3 2.7 380.2 378.4 -5.6 3.6 3.9 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates -11.6 7.3 -1.4 3.4 2.9 5.7 -6.7 -0.4 0.3 21.0 19.6 -10.3 14.7 16.8 -0.9 22.6 18.2 -2.6 39.9 27.2 -2.6 24.9 38.3 -2.6 3.6 45.7 -2.6 21.8 -38.5 -2.5 38.9 6.5 0.5 17 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -9.6 -1.2 -16.6 19.1 0.3 7.0 5.9 38.2 22.9 -0.0 11.0 8.6 9.0 37.6 0.1 18.1 10.1 7.9 -14.5 1.7 77.4 19.0 1.9 -0.3 2.4 30.1 13.1 -5.3 8.1 1.1 41.4 9.6 -4.0 -2.8 8.9 39.4 9.7 2.5 2.4 0.1 19.8 13.9 -18.5 12.5 -2.4 19.7 19.0 -1.1 20.1 -2.3 2.0 4.0 5.3 -7.2 -0.8 20 21 22 23 24 25 26 27 Money market mutual funds Mutual funds Government-sponsored enterprises 77.5 21.6 163.1 17.1 36.2 178.7 -5.8 4.1 145.0 133.2 85.3 186.6 5.7 61.5 182.8 2.2 25.3 132.2 -3.4 52.0 66.5 94.9 67.5 -44.0 24.3 -29.8 572.3 -107.1 11.4 -66.1 -88.1 35.4 -98.1 25 26 27 28 29 30 ABS issuers REITs Brokers and dealers 21.8 -8.1 0.5 36.8 1.1 15.0 8.3 0.3 -2.3 14.2 5.7 14.1 46.5 8.0 14.1 8.9 -5.3 -8.1 -50.6 -14.9 145.1 19.6 7.0 45.2 107.3 -15.7 -214.3 -40.8 2.4 -8.4 -155.1 25.4 40.2 28 29 30 6 7 8 Net purchases 1999 (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 FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, 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, June 10, 2004 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 1 2 3 4 State and local governments Short-term (1) Long-term 66.5 -6.3 72.7 38.9 2.6 36.3 16.5 1.4 15.1 105.5 23.8 81.7 143.4 25.2 118.2 117.4 6.5 110.9 81.4 -7.3 88.8 180.6 5.2 175.4 91.4 10.2 81.2 116.2 18.0 98.2 149.6 5.6 144.0 2 3 4 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 12.0 10.4 5.8 13.8 12.9 14.7 19.3 11.0 17.9 10.4 15.9 5 6 7 Net change in liabilities 1999 Net change in assets 5.8 5.1 1.4 3.5 3.1 3.3 2.7 3.0 3.1 4.6 4.7 6 84.2 54.4 23.6 122.9 159.4 135.4 103.5 194.7 112.3 131.2 170.1 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 6.1 -1.6 -0.4 -1.4 23.6 -0.7 -0.1 -1.5 10.4 6.9 -0.3 0.6 51.2 -2.6 1.1 0.3 102.7 3.3 0.2 -1.4 55.2 6.3 0.2 3.8 23.0 -3.0 0.2 2.6 36.6 -2.2 0.2 1.7 54.9 15.2 0.2 5.1 106.4 15.0 0.2 5.6 94.7 -13.6 0.2 1.8 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 8.2 0.4 -1.1 5.9 0.5 10.8 3.4 0.2 -1.2 6.1 1.3 -3.5 1.5 1.0 5.3 10.8 0.8 -2.6 10.6 0.3 -2.6 17.1 0.9 -2.6 15.0 2.3 -2.6 0.4 -0.3 -2.4 10.3 0.8 5.6 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 1.7 16.5 1.7 1.7 -9.1 -0.2 -1.0 -14.9 -1.5 -0.4 -10.3 -0.2 1.2 9.2 -0.9 1.5 21.6 0.1 1.3 18.0 0.6 2.7 15.9 -0.6 1.3 22.6 0.4 0.7 30.1 0.2 0.4 16.2 0.4 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 26.0 22.8 1.3 4.1 -0.1 17.5 -3.2 9.0 1.4 -1.2 34.3 -8.9 -2.0 -1.8 -0.7 36.2 23.0 7.0 6.0 7.7 1.8 23.8 11.3 -1.7 2.0 14.6 12.9 3.2 3.1 3.8 32.4 22.1 4.1 1.2 -7.3 72.2 38.1 -1.2 4.3 11.7 -13.4 -10.1 8.4 5.3 7.8 -32.9 1.5 1.7 1.8 3.1 33.6 19.9 -1.8 -0.1 1.6 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 Net issues 545.7 410.4 367.0 586.4 431.9 581.5 687.0 574.5 406.8 657.5 410.8 1 2 3 Nonfinancial corporate business Rest of the world (1) 235.2 22.8 221.7 1.9 162.6 15.2 348.5 -24.5 132.3 -33.5 162.4 -27.2 186.8 -28.9 297.0 -102.2 96.1 -5.5 69.7 27.9 103.4 -22.5 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 287.7 27.6 -0.2 186.8 20.4 0.2 189.3 32.6 3.5 262.4 37.0 -2.6 333.1 22.0 -0.2 446.3 46.9 1.7 529.2 83.0 5.4 379.8 27.1 0.3 316.2 6.1 0.6 559.9 71.6 0.5 329.9 40.0 3.4 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 173.3 24.2 21.7 7.2 34.0 52.5 64.7 8.9 -17.2 57.4 57.9 72.9 4.8 15.6 1.9 134.0 66.6 3.8 1.4 22.2 206.4 62.0 14.0 -1.7 30.5 240.8 114.3 20.8 6.4 15.4 320.7 54.2 17.8 38.4 9.6 213.8 108.4 17.2 -16.2 29.3 136.6 133.1 26.9 9.9 3.1 292.0 161.7 21.3 -6.6 19.5 110.9 62.4 40.0 51.9 21.3 7 8 9 10 11 545.7 410.4 367.0 586.4 431.9 581.5 687.0 574.5 406.8 657.5 410.8 12 91.1 10.2 106.2 -55.3 10.1 144.4 -22.4 1.7 168.4 -4.6 11.9 205.8 28.4 1.8 165.6 -142.6 4.0 255.1 -48.9 -20.6 246.6 -282.4 9.5 271.7 -147.6 14.6 235.4 -91.7 12.5 266.7 -103.9 -9.7 258.3 13 14 15 37.8 29.9 -2.6 84.5 11.6 21.0 35.1 0.1 39.6 23.3 11.3 41.5 10.0 50.0 30.4 -0.0 58.1 -2.5 5.0 49.0 6.4 5.0 29.7 0.0 97.8 -25.6 -6.6 120.2 8.9 -1.1 11.4 0.8 2.7 -4.0 -2.7 106.8 2.4 8.0 9.4 1.2 49.3 -8.8 3.9 149.9 23.8 15.6 2.0 0.6 54.8 8.1 3.7 201.4 23.0 10.5 -12.0 4.4 9.9 -25.9 3.9 186.1 19.1 23.3 -12.7 0.1 39.5 -27.3 3.9 96.5 24.7 14.6 8.0 -1.1 93.2 10.0 4.0 115.7 28.4 13.9 24.7 -1.1 72.7 -23.9 7.1 67.6 17.6 33.2 2.5 -0.4 16 17 18 19 20 21 22 23 44.8 65.2 4.7 0.0 20.7 -0.4 -18.6 4.5 42.5 29.2 1.8 0.0 23.7 -0.3 12.0 -3.8 38.2 -6.2 -2.7 0.0 25.8 -0.8 19.3 -4.9 1.1 58.1 -3.8 0.0 15.5 2.1 48.6 45.8 7.7 50.9 0.0 1.8 7.0 4.6 30.7 9.6 15.2 77.4 31.6 0.6 10.4 2.2 36.4 54.9 49.1 84.7 21.7 0.7 41.8 3.2 -50.2 65.1 38.2 114.1 58.5 1.5 32.2 -4.1 86.1 45.5 -30.4 45.2 32.9 -0.4 -5.1 7.8 39.5 56.2 3.9 65.6 13.4 0.8 -27.5 2.1 70.1 52.9 -23.3 106.4 5.2 1.5 -7.8 8.3 -11.2 10.5 24 25 26 27 28 29 30 31 12 Net purchases 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 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 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 45 Z.1, June 10, 2004 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 Net issues 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 1 -215.5 -110.4 -118.2 -47.4 -41.6 -57.3 -67.0 -50.2 -44.9 -67.0 -104.0 2 Rest of the world (2) 101.4 114.3 106.7 109.1 17.7 91.3 137.5 67.6 120.0 40.2 78.2 3 Financial sectors Commercial banking Life insurance companies Other insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers 0.9 -11.2 -4.7 -4.7 -6.8 6.0 19.8 2.5 -2.4 -10.2 -6.0 -7.8 -4.8 12.2 6.6 7.6 16.8 -12.5 -0.8 -4.5 -5.5 42.4 2.0 -4.2 37.3 -8.1 -0.9 0.5 1.9 31.0 6.1 6.7 71.0 -10.7 -6.5 6.2 18.0 45.3 8.4 10.2 62.5 -2.4 -4.0 4.1 43.4 15.8 13.3 -7.7 41.5 -2.6 -6.5 -1.1 31.4 6.0 2.3 12.1 90.2 10.6 -3.7 18.3 61.2 15.0 16.3 -27.6 52.8 -0.4 -6.2 -3.3 59.6 -24.1 18.1 9.0 65.7 -17.3 0.6 2.5 21.6 66.3 16.6 -24.5 89.9 -0.6 -3.2 2.7 34.1 30.1 25.8 1.0 4 5 6 7 8 9 10 11 Nonfinancial corporate business 3 12 2000 -113.3 2 4 5 6 7 8 9 10 11 1999 Net purchases -113.3 1.5 5.3 99.0 47.1 96.6 112.1 107.6 127.9 38.8 64.1 12 -247.5 9.4 42.0 -81.9 3.5 112.3 -474.2 -1.2 193.6 -231.9 22.8 121.4 -73.0 6.7 53.2 -195.6 -6.2 37.0 104.8 -7.7 -10.3 -177.6 -6.5 82.3 -272.1 -3.6 -13.2 -437.6 -6.9 89.1 -330.4 -3.6 6.9 13 14 15 Commercial banking Savings institutions Bank personal trusts and estates 1.3 1.5 -74.3 2.0 -0.7 -28.8 0.3 0.4 -2.5 0.2 3.2 -32.5 -0.6 2.0 -39.4 2.3 -1.0 -18.7 0.6 1.7 -18.7 -0.1 2.7 -18.7 8.6 -3.6 -18.7 0.1 -4.8 -18.7 -0.1 3.0 2.0 16 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 82.5 -5.0 -30.5 -28.2 4.0 116.9 -1.7 -260.2 -6.2 4.4 111.3 0.7 -55.1 -18.4 5.2 70.2 -0.3 -32.7 22.3 -0.6 52.7 -1.1 -66.8 20.0 7.9 56.6 -2.0 25.1 19.0 17.2 62.9 -1.7 -19.0 18.6 23.5 60.2 2.9 9.2 15.3 11.0 54.4 6.4 60.2 12.5 17.9 48.8 -15.5 50.2 29.5 16.2 74.8 1.0 -19.1 2.3 12.2 19 20 21 22 23 24 25 26 27 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 143.3 -11.8 6.0 -6.0 136.4 -14.5 12.2 7.7 193.1 0.1 42.4 9.6 109.8 -1.3 31.0 17.3 31.4 9.4 41.6 3.2 136.8 7.2 15.1 3.8 -42.6 5.3 7.2 -12.7 75.8 1.1 14.6 35.5 299.9 17.0 -25.6 -12.2 214.2 5.5 64.2 4.5 220.3 25.3 25.0 44.4 24 25 26 27 13 14 15 Household sector State and local governments Rest of the world (3) 16 17 18 (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 Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 1 2 Net purchases 279.5 191.2 239.4 201.2 182.4 288.1 175.5 329.6 295.0 352.2 416.9 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 251.8 6.7 -12.3 80.5 7.4 4.3 169.1 12.0 0.8 192.7 2.0 5.1 117.5 10.5 2.0 310.0 -4.6 -3.0 195.8 -4.6 9.0 346.5 -4.6 -3.4 325.7 -4.6 -5.6 372.1 -4.6 -11.9 443.5 -4.6 -17.4 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates -0.4 1.2 26.6 2.3 -1.1 -14.7 2.5 -0.3 48.5 7.8 1.5 -6.1 1.7 -0.2 37.3 -6.2 0.5 -15.0 -20.1 -0.5 -15.0 2.2 4.5 -15.0 -8.9 1.9 -15.0 2.0 -3.7 -15.0 -4.7 0.4 5.0 6 7 8 Life insurance companies Private pension funds 9.4 -3.5 10.0 102.5 5.6 1.2 2.1 -3.8 2.6 11.0 7.2 -0.9 4.8 6.1 8.0 -8.6 8.0 -6.5 8.0 5.2 2.0 -7.4 9 10 9 10 46 Z.1, June 10, 2004 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Total loans by commercial banking, flow of funds basis 253.2 200.5 369.7 70.5 219.4 188.1 202.3 334.7 229.5 -13.9 416.5 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit -0.2 91.7 -3.6 20.3 0.3 158.4 -9.2 -18.0 0.2 164.6 41.7 50.4 0.0 129.8 17.0 0.0 0.0 268.5 28.7 2.8 0.0 197.7 49.3 35.5 0.0 210.3 6.9 107.5 0.0 342.8 50.1 1.1 0.0 268.4 25.9 21.8 0.0 -30.5 114.1 11.7 0.0 343.2 7.6 89.8 2 3 4 5 6 = Banking sector total bank loans n.e.c. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 6 144.1 -1.7 1.7 0.9 92.4 -22.4 -1.6 0.5 98.1 14.6 -0.9 1.1 -62.0 -19.1 0.3 4.5 -58.6 -18.6 0.9 -4.4 -70.9 -29.0 5.0 0.5 -91.6 -28.7 -1.1 -1.0 -66.5 -10.1 16.2 1.1 -14.2 -73.4 0.7 0.3 -111.1 -3.7 4.1 1.4 -8.1 -19.1 1.0 2.1 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 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 12 13 Net change in liabilities 145.0 69.0 112.8 -76.2 -80.6 -94.4 -122.4 -59.3 -86.5 -109.3 -24.2 13 116.4 83.4 113.2 -89.3 -81.7 -89.1 -87.1 -74.8 -99.9 -94.6 -55.7 14 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 7.7 76.2 24.8 1.2 -6.9 44.1 46.5 -0.9 6.8 48.0 44.3 2.7 -16.5 -103.3 37.8 -0.0 -3.1 -96.5 13.4 -0.9 -6.3 -49.4 -25.2 -0.4 1.6 -60.3 -22.9 -1.4 33.0 -41.1 -30.6 -4.6 -10.5 -71.7 -25.8 2.8 -49.3 -24.4 -21.6 1.5 8.3 -33.1 -21.4 -1.5 15 16 17 18 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 6.6 0.7 -0.7 6.6 0.5 0.2 -3.2 3.5 11.4 0.6 3.4 7.4 -7.3 0.8 -7.4 -0.7 5.3 0.8 -0.8 5.3 -7.7 -0.5 -1.5 -5.7 -4.0 -1.5 1.5 -3.9 -31.4 -0.1 -2.3 -29.1 5.3 -1.2 -4.1 10.6 -0.7 0.6 -0.9 -0.5 -8.0 1.5 2.9 -12.5 19 20 21 22 28.5 -14.4 -0.4 13.1 1.1 -5.3 -35.3 15.4 13.4 -14.7 31.5 23 10.3 2.2 0.0 16.0 -15.7 8.9 0.0 -7.6 7.4 0.5 0.0 -8.3 1.5 14.9 0.0 -3.3 4.2 -2.8 0.0 -0.3 -13.2 8.1 0.0 -0.2 -48.2 11.2 0.0 1.6 3.2 16.1 0.0 -3.9 -1.9 14.8 0.0 0.5 -6.1 -9.6 0.0 1.0 1.5 32.5 0.0 -2.5 24 25 26 27 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 47 Z.1, June 10, 2004 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Total other loans and advances 152.7 127.5 120.8 40.0 34.6 32.7 84.6 13.2 -60.6 93.8 89.1 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 3.5 -0.3 -0.1 4.0 -0.3 1.2 -1.0 0.0 -7.1 -0.4 -0.3 -0.9 -0.3 -0.4 -4.8 0.0 -3.6 -0.6 -0.4 -1.1 0.1 -1.0 -0.6 0.0 -5.9 -1.6 -0.2 -3.2 0.0 0.2 -1.1 0.0 -3.5 -0.8 -0.3 -0.7 -0.3 0.5 -1.8 0.0 -1.5 -0.7 0.7 0.7 -0.2 0.3 -2.2 0.0 0.5 -0.8 1.2 1.0 -0.3 0.4 -1.1 0.0 -2.7 -0.8 0.6 0.9 -0.3 0.3 -3.5 0.0 -3.2 -0.7 0.4 0.6 -0.2 0.2 -3.4 0.0 -0.7 -0.6 0.8 0.2 -0.2 0.1 -0.9 0.0 -0.6 -0.6 1.0 1.9 -0.2 0.1 -2.7 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -1.0 -1.0 -22.7 -22.7 -2.2 -2.2 -1.6 -1.6 10.1 10.1 -0.8 -0.8 -40.3 -40.3 34.6 34.6 -37.7 -37.7 40.0 40.0 -45.5 -45.5 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -9.3 -4.3 -5.0 -3.1 -2.2 -0.9 -0.7 -0.0 -0.7 -2.9 -0.3 -2.6 -0.0 0.3 -0.4 -0.2 -0.2 0.0 0.9 -0.4 1.3 -0.7 -1.5 0.8 -1.3 0.6 -1.9 0.3 0.5 -0.2 -2.1 -3.7 1.6 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 5.3 2.7 2.7 6.5 3.2 3.2 8.7 4.3 4.3 3.6 1.8 1.8 3.3 1.7 1.7 10.0 5.0 5.0 4.5 2.3 2.3 3.1 1.6 1.6 37.0 18.5 18.5 -4.5 -2.2 -2.2 -26.8 -13.4 -13.4 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.1 -0.0 0.1 -5.1 -0.0 -5.0 2.8 -0.0 2.9 2.2 0.0 2.2 1.1 0.0 1.0 -0.4 0.0 -0.5 -1.7 0.0 -1.7 1.3 0.0 1.3 -1.8 0.0 -1.9 0.4 0.1 0.4 0.9 0.1 0.8 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans 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) 93.5 -0.1 0.6 2.7 46.9 42.1 0.6 0.7 108.1 0.1 0.9 0.0 40.6 63.5 2.2 0.7 45.3 -0.3 1.5 1.5 26.8 16.3 0.0 -0.7 37.7 -0.1 0.0 2.9 24.2 8.5 1.5 0.6 18.5 -0.2 0.6 1.4 30.3 -17.7 2.0 2.0 24.7 -0.0 -0.3 0.3 8.6 11.0 2.2 2.9 104.9 -0.1 1.3 -4.7 9.6 91.6 2.8 4.4 -1.4 -0.1 -4.9 5.4 24.2 -29.0 1.6 1.5 -29.2 0.0 -3.0 2.6 -8.3 -27.1 3.3 3.1 24.4 0.0 5.5 -2.0 8.9 8.5 1.0 2.5 109.9 -0.0 6.0 -5.0 88.5 23.1 -2.7 0.1 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 23.8 23.8 -3.3 -3.3 7.2 7.2 18.5 18.5 -3.3 -3.3 -1.1 -1.1 30.1 30.1 -16.5 -16.5 -22.9 -22.9 4.8 4.8 -10.2 -10.2 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 36.8 33.1 3.7 54.2 48.8 5.4 63.3 57.0 6.3 -11.5 -10.3 -1.1 8.3 7.5 0.8 2.2 2.0 0.2 -14.4 -12.9 -1.4 -4.5 -4.1 -0.5 -1.4 -1.3 -0.1 29.0 26.1 2.9 63.5 57.1 6.3 31 32 33 48 Z.1, June 10, 2004 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Net change in mortgages 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 1 2 3 4 5 Home Multifamily residential Commercial Farm 366.6 31.3 87.9 6.5 421.4 37.1 102.1 5.8 415.0 32.2 111.7 6.5 522.1 45.0 113.1 7.5 688.6 43.2 105.8 8.4 818.0 55.2 130.8 7.4 854.2 32.2 107.7 8.7 908.4 54.0 135.3 8.5 823.6 53.3 151.5 5.4 685.7 81.2 128.7 7.1 904.7 26.4 174.9 7.1 2 3 4 5 6 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 6 Household sector 320.1 379.7 383.9 498.7 649.0 767.5 807.0 840.1 780.2 642.5 860.4 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 147.4 -3.3 144.2 6.5 181.6 40.8 135.1 5.8 175.2 31.2 137.5 6.5 187.7 59.0 121.2 7.5 191.1 50.2 132.5 8.4 240.3 73.8 159.1 7.4 199.2 66.2 124.3 8.7 262.8 86.6 167.7 8.5 245.9 82.2 158.3 5.4 253.3 60.2 186.0 7.1 236.0 92.9 136.0 7.1 8 9 10 11 12 13 Federal government REITs 0.0 24.8 0.0 5.1 0.0 6.2 0.0 1.3 0.0 5.9 0.0 3.6 0.0 -3.5 0.0 3.3 0.0 7.8 0.0 6.9 0.0 16.7 12 13 14 Net change in assets 492.3 566.3 565.4 687.7 846.0 1011.4 1002.8 1106.2 1033.8 902.8 1113.0 14 -2.8 -13.0 7.9 8.2 -26.0 -2.0 11.2 2.3 -1.4 8.0 3.1 3.3 10.7 2.0 1.2 11.3 2.0 -1.2 10.9 2.0 -0.3 12.9 2.0 -0.9 11.0 2.0 -1.5 10.4 2.0 -2.1 11.4 2.0 -2.6 15 16 17 7 Net borrowing 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 4.1 -0.8 4.3 -0.1 4.5 -0.9 4.7 -1.1 5.0 0.5 5.2 -2.5 5.1 -9.4 5.2 0.2 5.2 -1.5 5.3 0.8 5.3 8.0 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 91.7 12.1 10.8 -0.2 158.4 24.1 14.1 -0.6 164.6 54.9 13.8 0.1 129.8 35.3 16.4 0.2 268.5 23.1 18.2 -0.2 197.7 89.5 23.2 -0.4 210.3 142.5 15.8 -0.4 342.8 68.8 17.7 -0.4 268.4 45.9 27.4 -0.4 -30.5 100.8 31.9 -0.4 343.2 231.0 14.7 0.0 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 6.8 -0.3 -0.3 6.5 15.7 -0.0 1.7 -2.6 5.2 -0.3 1.2 -0.0 7.1 0.2 1.3 3.4 7.0 0.1 1.7 6.8 10.3 0.1 2.0 10.3 10.6 0.0 1.6 8.9 11.3 -0.2 2.5 9.8 12.5 -0.0 1.9 10.7 6.7 0.7 2.0 11.6 11.0 0.1 2.8 12.4 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 7.5 192.6 141.6 -4.8 273.8 80.8 22.2 199.4 68.7 32.7 338.5 116.8 59.6 328.1 90.1 105.3 329.8 184.5 106.3 283.5 205.9 131.1 246.0 205.5 145.2 333.1 107.0 38.8 456.6 219.7 25.9 95.1 289.6 28 29 30 31 32 33 Finance companies Mortgage companies REITs 24.7 0.0 3.4 24.6 0.0 -3.3 26.4 0.0 -6.6 -11.0 0.0 -1.1 13.2 0.0 10.5 24.4 0.0 19.8 6.4 0.0 3.1 24.0 0.0 28.1 40.5 0.0 26.5 26.8 0.0 21.7 38.3 0.0 24.6 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, June 10, 2004 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 1 311.5 1.4 53.7 373.1 2.1 46.2 373.5 2.0 39.5 477.2 2.1 42.8 638.4 0.7 49.5 756.1 1.8 60.1 795.8 1.5 56.9 838.8 1.8 67.7 764.3 1.5 57.7 625.6 2.2 57.9 840.2 3.6 60.8 2 3 4 366.6 421.4 415.0 522.1 688.6 818.0 854.2 908.4 823.6 685.7 904.7 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business -4.8 -2.7 2.9 7.2 -6.9 -0.9 7.2 1.2 -0.3 7.4 1.9 1.0 8.7 1.0 1.3 9.5 1.0 1.6 9.2 1.0 1.5 9.4 1.0 1.6 9.6 1.0 1.7 9.8 1.0 1.8 10.0 1.0 1.9 6 7 8 9 10 State and local governments Federal government 3.3 -0.3 3.5 -0.4 3.7 -0.7 3.8 -0.6 4.0 -0.9 4.2 -0.9 4.1 -1.0 4.2 -1.0 4.2 -0.8 4.3 -0.6 4.3 -0.5 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 51.5 12.8 10.8 -0.2 82.6 14.7 14.1 -0.6 86.1 46.0 13.8 0.1 58.2 26.4 16.4 0.2 198.2 10.8 18.2 -0.2 125.0 72.0 23.2 -0.4 136.9 130.3 15.8 -0.4 273.1 51.1 17.7 -0.4 177.4 29.0 27.4 -0.4 -87.4 77.4 31.9 -0.4 239.5 206.4 14.7 0.0 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.6 0.1 2.8 -0.7 0.7 -0.9 -1.0 1.1 -0.0 0.0 1.3 1.2 -0.3 1.7 2.4 -0.1 2.1 3.6 -2.7 1.8 3.1 -0.6 2.3 3.4 -0.1 2.1 3.7 3.2 2.2 4.1 0.4 2.7 4.4 15 16 17 18 19 20 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 5.3 182.1 80.2 -10.3 264.6 38.8 15.8 190.9 33.4 20.2 322.9 72.2 46.0 315.2 58.2 98.3 309.7 132.9 98.7 275.1 172.6 117.9 237.2 143.4 144.7 309.1 56.9 31.9 417.3 158.6 19.1 108.2 234.5 18 19 20 21 22 23 Finance companies Mortgage companies REITs 22.5 0.0 0.8 18.2 0.0 -2.4 22.4 0.0 -4.6 -10.5 0.0 0.1 14.9 0.0 9.5 17.2 0.0 19.0 4.1 0.0 4.0 20.7 0.0 27.4 32.8 0.0 25.4 11.3 0.0 19.3 38.3 0.0 19.6 21 22 23 29.3 2.9 0.5 0.7 2.7 22.5 40.4 12.7 3.7 3.7 2.0 18.2 90.3 45.5 13.1 7.3 2.1 22.4 26.0 23.6 5.1 4.2 3.5 -10.5 65.4 44.7 0.6 3.1 2.1 14.9 101.4 62.7 17.1 3.8 0.6 17.2 62.0 42.7 20.0 -3.0 -1.7 4.1 86.3 59.1 -1.8 4.2 4.1 20.7 109.2 58.2 19.0 1.6 -2.4 32.8 148.2 90.9 31.3 12.3 2.4 11.3 122.0 96.2 -18.4 4.3 1.6 38.3 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Net change in assets 1999 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens. Excludes home equity loans held by mortgage companies and individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing 31.3 37.1 32.2 45.0 43.2 55.2 32.2 54.0 53.3 81.2 26.4 1 1.1 21.9 1.3 34.1 1.4 28.7 1.5 43.1 1.5 39.7 1.7 52.3 1.6 31.8 1.6 51.3 1.7 49.1 1.8 77.1 1.8 19.0 2 3 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 0.0 8.2 0.0 1.7 0.0 2.1 0.0 0.4 0.0 1.9 0.0 1.2 0.0 -1.1 0.0 1.1 0.0 2.6 0.0 2.3 0.0 5.5 4 5 6 Net change in assets 31.3 37.1 32.2 45.0 43.2 55.2 32.2 54.0 53.3 81.2 26.4 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.0 -0.3 2.6 -0.0 -0.2 -0.8 -0.0 -0.1 -0.3 -0.0 0.1 1.5 0.0 0.0 -0.7 0.0 0.0 -3.0 0.0 0.0 -2.1 0.0 0.0 -2.7 0.0 0.0 -3.3 0.0 0.0 -3.9 0.0 0.0 -4.5 7 8 9 10 11 State and local governments Federal government 0.9 -0.3 0.9 -0.0 1.0 0.3 1.0 -0.2 1.0 0.5 1.1 0.2 1.1 -0.1 1.1 0.7 1.1 0.0 1.1 0.4 1.1 0.9 10 11 12 13 Commercial banking Savings institutions 5.0 -2.5 13.0 2.3 10.1 1.9 7.0 3.3 9.3 4.1 10.7 9.3 10.6 4.3 13.3 11.8 10.7 8.9 8.2 12.3 11.3 14.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 1.1 -0.1 1.8 1.1 0.2 -0.7 0.9 0.0 -0.0 2.0 -0.0 0.9 1.2 -0.0 1.9 1.5 -0.0 2.9 0.6 -0.1 2.5 2.4 0.0 2.7 1.8 -0.0 3.0 1.1 -0.0 3.2 0.7 0.0 3.5 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -0.0 10.5 13.0 4.3 9.2 8.1 4.5 8.5 5.6 8.2 15.6 6.0 8.5 12.9 5.5 4.2 20.1 8.1 4.9 8.4 2.4 7.5 8.9 8.2 -0.9 24.1 8.1 5.2 39.3 13.8 4.2 -13.1 6.6 17 18 19 20 21 22 Finance companies Mortgage companies REITs -0.3 0.0 0.1 0.2 0.0 -0.6 0.1 0.0 -0.4 -0.2 0.0 -0.3 -1.0 0.0 -0.2 0.1 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.5 0.0 0.2 -0.2 0.0 1.2 20 21 22 7 8 9 50 Z.1, June 10, 2004 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 87.9 102.1 111.7 113.1 105.8 130.8 107.7 135.3 151.5 128.7 174.9 1 8.6 -5.8 68.5 16.6 6.6 37.3 54.8 3.4 10.4 27.8 69.3 4.2 21.5 55.5 35.3 0.9 10.5 48.0 43.3 3.9 11.3 70.4 46.6 2.4 11.2 63.1 35.6 -2.3 1.3 83.1 48.7 2.2 15.9 79.0 51.5 5.2 17.0 56.3 50.9 4.7 20.2 87.5 56.1 11.2 2 3 4 5 87.9 102.1 111.7 113.1 105.8 130.8 107.7 135.3 151.5 128.7 174.9 6 0.9 -10.0 2.0 0.8 -19.0 -0.5 1.7 1.1 -0.3 -0.6 1.1 0.7 0.6 1.0 0.3 0.6 1.0 -0.1 0.6 1.0 0.0 0.6 1.0 -0.1 0.6 1.0 -0.2 0.6 1.0 -0.3 0.6 1.0 -0.4 7 8 9 10 11 State and local governments Federal government -0.1 0.1 -0.1 0.6 -0.1 -0.4 -0.1 -0.1 -0.1 1.2 -0.1 -1.6 -0.1 -7.8 -0.1 0.9 -0.1 -0.8 -0.1 1.5 -0.1 7.8 10 11 12 13 Commercial banking Savings institutions 33.2 1.8 60.0 7.1 66.2 6.9 63.0 5.6 58.4 8.2 59.4 8.2 60.0 7.8 54.0 5.9 77.7 7.9 45.8 11.1 89.2 10.1 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 5.2 -0.3 -0.3 1.9 13.8 -0.0 0.7 -1.0 4.7 -0.3 0.1 -0.0 4.6 0.2 -0.0 1.2 6.7 0.1 -0.0 2.5 8.2 0.1 -0.1 3.8 10.5 0.0 -0.2 3.3 11.8 -0.2 0.1 3.6 10.7 -0.0 -0.1 4.0 -0.2 0.7 -0.1 4.3 9.6 0.1 0.1 4.6 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 48.5 2.5 0.0 2.5 0.0 33.9 6.1 0.0 -0.4 0.0 29.7 3.9 0.0 -1.7 0.0 38.6 -0.3 0.0 -1.0 0.0 26.4 -0.7 0.0 1.2 0.0 43.6 7.1 0.0 0.8 0.0 30.9 2.6 0.0 -0.9 0.0 53.9 3.3 0.0 0.6 0.0 42.1 7.7 0.0 1.2 0.0 47.3 15.0 0.0 2.2 0.0 48.4 0.2 0.0 3.8 18 19 20 21 22 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 1 2 Net change in assets 6.5 5.8 6.5 7.5 8.4 7.4 8.7 8.5 5.4 7.1 7.1 2 1.1 0.4 0.2 0.3 2.3 -0.6 1.2 0.2 1.4 0.2 1.1 0.3 1.1 0.3 2.8 0.3 0.8 0.3 -0.1 0.3 0.7 0.3 3 4 -0.0 -0.3 -0.0 -0.2 0.0 -0.1 0.0 -0.2 0.0 -0.3 0.0 -0.3 0.0 -0.4 0.0 -0.3 0.0 0.1 0.0 -0.5 0.0 -0.2 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 2.1 0.1 2.8 0.1 2.2 0.1 1.5 0.0 2.5 0.0 2.6 0.1 2.8 0.0 2.3 0.0 2.5 0.1 2.9 0.0 3.2 0.0 7 8 9 10 Life insurance companies State and local govt. retirement funds 1.1 0.0 1.5 0.0 0.6 0.0 0.5 0.0 -0.6 0.0 0.7 0.0 2.2 0.0 -2.3 0.0 0.2 0.0 2.7 0.0 0.4 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2.2 -0.0 1.1 -0.0 2.0 0.0 4.3 0.0 5.1 0.0 2.9 0.0 2.7 0.0 5.7 0.0 1.4 0.0 1.7 0.0 2.6 0.0 11 12 51 Z.1, June 10, 2004 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Net change in liabilities (Households) 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 1 2 Net change in assets 96.8 112.1 165.2 137.7 81.4 94.8 83.4 120.6 118.9 56.6 123.4 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government -2.7 0.0 9.0 2.5 0.0 13.6 4.0 0.0 16.1 -0.4 0.0 13.1 -0.1 0.0 12.7 -8.4 0.0 1.3 13.7 0.0 -8.6 21.1 0.0 -5.9 -25.1 0.0 24.8 -43.3 0.0 -5.0 33.2 0.0 -0.9 3 4 5 6 7 8 Commercial banking Savings institutions Credit unions -3.6 4.4 3.0 -9.2 9.9 12.5 41.7 3.0 16.5 17.0 4.5 5.1 28.7 -0.6 6.2 49.3 9.2 10.1 6.9 -0.3 6.1 50.1 20.6 12.0 25.9 -4.3 13.9 114.1 20.6 8.6 7.6 14.6 21.0 6 7 8 Government-sponsored enterprises ABS issuers Finance companies -1.2 72.0 15.8 5.4 59.0 18.3 -3.9 68.9 18.9 2.4 78.4 17.6 -2.6 37.4 -0.3 -16.3 -8.0 57.6 -6.3 64.3 7.6 -16.0 -1.4 40.0 -16.3 -41.4 141.4 -26.5 -53.6 41.6 -18.4 -7.7 73.9 9 10 11 9 10 11 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 115.5 262.5 402.3 -77.6 27.4 184.6 106.4 216.9 200.9 214.4 190.8 1 8.7 4.1 3.8 4.0 7.0 7.9 7.5 7.8 8.0 8.3 8.6 2 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 57.6 30.8 0.8 178.5 34.7 0.4 313.3 46.6 0.9 -103.7 -4.9 -2.6 -15.8 21.0 0.9 100.9 46.7 1.9 27.1 41.6 7.2 117.4 43.0 -2.2 122.3 57.9 1.0 136.8 44.4 1.5 95.2 52.8 0.4 3 4 5 6 7 State and local governments Federal government 30.5 -8.0 29.1 -0.4 27.4 4.4 25.2 3.4 24.5 1.8 24.0 1.7 24.0 0.0 24.0 -2.4 24.0 0.5 24.0 8.6 24.0 -6.9 6 7 8 9 Rest of the world Brokers and dealers -3.9 -1.0 4.2 11.9 0.8 5.1 -2.2 3.3 -10.1 -1.8 10.7 -9.2 34.6 -35.7 2.3 27.0 -1.8 -11.1 7.8 -17.1 -8.6 25.4 8 9 10 Net change in trade receivables 147.7 265.4 391.5 -92.2 16.9 200.8 94.2 245.0 221.1 242.7 179.2 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 85.0 28.2 203.4 39.4 283.0 69.6 -129.4 1.8 -34.4 22.8 128.4 50.4 31.3 36.6 158.5 48.8 145.2 65.8 178.5 50.4 107.2 59.6 11 12 13 14 Federal government Rest of the world 1.5 -6.5 4.6 -5.1 5.3 -0.4 7.3 -3.1 -3.3 3.1 -0.3 -3.3 -14.7 1.0 7.0 -0.1 -6.7 -6.5 13.1 -7.5 -7.7 -12.6 13 14 15 16 Other insurance companies ABS issuers 1.6 37.9 2.0 21.1 1.0 33.0 5.3 25.9 4.9 23.8 4.4 21.1 17.9 22.0 9.4 21.5 2.6 20.8 -12.1 20.2 13.2 19.6 15 16 -32.2 -2.9 10.8 14.6 10.5 -16.1 12.1 -28.1 -20.2 -28.3 11.6 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 103.2 104.4 146.1 3.1 -87.0 132.5 220.6 698.8 -108.4 -281.1 283.4 1 2 3 Net change in liabilities Household sector Rest of the world 21.6 0.0 75.2 0.0 7.2 0.0 -38.8 0.0 -48.2 0.0 34.3 0.0 45.3 0.0 355.7 0.0 -83.4 0.0 -180.4 0.0 66.3 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. 81.6 61.2 11.9 8.4 29.2 47.2 -8.8 -9.3 138.9 88.6 7.1 43.2 41.9 41.9 7.2 -7.2 -38.9 -41.6 -2.7 5.5 98.2 62.7 12.3 23.2 175.3 67.8 49.1 58.4 343.1 342.0 52.2 -51.1 -25.0 -46.8 -20.7 42.4 -100.7 -112.3 -31.4 43.1 217.1 127.2 18.0 71.8 4 5 6 7 8 Net change in assets 103.2 104.4 146.1 3.1 -87.0 132.5 220.6 698.8 -108.4 -281.1 283.4 8 9 10 Household sector Rest of the world 61.2 0.0 47.2 0.0 88.6 0.0 41.9 0.0 -41.6 0.0 62.7 0.0 67.8 0.0 342.0 0.0 -46.8 0.0 -112.3 0.0 127.2 0.0 9 10 11 12 Commercial banking Brokers and dealers 20.3 21.6 -18.0 75.2 50.4 7.2 0.0 -38.8 2.8 -48.2 35.5 34.3 107.5 45.3 1.1 355.7 21.8 -83.4 11.7 -180.4 89.8 66.3 11 12 52 Z.1, June 10, 2004 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 1 1.3 46.7 1.4 49.4 1.4 48.7 1.4 75.8 1.6 58.5 1.1 52.6 0.1 73.7 1.7 55.2 0.5 44.1 2.2 37.2 -0.0 67.0 2 3 48.0 50.8 50.2 77.2 60.1 53.7 73.8 56.9 44.7 39.4 66.9 4 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 5 122.6 -14.7 61.1 47.9 94.1 -74.7 59.4 48.5 142.6 -49.9 53.6 28.2 138.5 -51.4 26.3 69.9 148.5 -11.4 26.8 45.4 130.8 42.1 22.1 48.2 136.5 16.4 16.7 42.3 121.8 22.8 26.0 47.4 91.0 62.0 21.8 46.7 173.8 67.2 23.8 56.2 167.6 36.6 16.5 38.1 6 7 8 9 216.9 127.3 174.5 183.4 209.3 243.1 212.0 218.0 221.6 321.0 258.8 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 Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by 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 14.7 22.9 25.9 14.5 28.9 28.5 73.6 35.0 18.8 -13.5 64.6 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4.8 4.1 7.0 8.9 7.0 11.7 3.1 4.0 11.9 8.1 7.6 9.7 43.0 19.4 13.3 9.7 2.1 4.7 -28.0 5.0 44.4 5.6 2 3 4 5 U.S.-chartered commercial banks Savings institutions 1.7 0.2 1.9 0.0 2.1 0.4 2.4 -0.7 2.6 -0.3 2.9 -0.2 2.8 -0.4 2.9 -0.0 2.9 0.7 3.0 -1.1 3.1 2.2 4 5 6 7 Life insurance companies Other insurance companies 1.2 2.0 1.3 2.0 1.6 2.3 2.0 2.7 2.4 3.2 2.8 3.7 2.6 3.5 2.7 3.6 2.8 3.8 2.9 3.9 3.0 4.0 6 7 8 9 Finance companies Brokers and dealers 0.8 -0.1 0.8 0.9 1.0 -0.1 1.2 -0.2 1.4 -0.5 1.6 0.4 1.5 1.1 1.6 1.2 1.6 0.2 1.7 -0.9 1.7 0.5 8 9 -6.1 12.1 -6.7 -9.8 13.1 36.3 65.4 18.3 29.7 31.6 31.5 10 2.8 -8.9 10.5 1.6 14.8 -21.5 3.6 -13.4 10.4 2.8 19.9 16.4 25.6 39.8 17.3 1.0 16.6 13.1 19.9 11.7 22.1 9.3 11 12 20.8 10.8 32.6 24.2 15.7 -7.8 8.2 16.7 -10.9 -45.1 33.1 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Investment in Bank Personal Trusts and Estates Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Liab.: Bank personal trusts and estates -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 1 2 Asset: Household sector -46.1 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 2 F.228 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 -78.8 -79.3 -9.6 -24.9 -55.6 -31.8 -42.5 -2.0 -38.1 -44.5 -34.6 1 -84.4 -4.3 9.9 -81.1 -8.4 10.2 -35.7 -12.9 39.0 -30.8 -5.2 11.2 -44.2 -7.4 -4.1 -48.4 -3.8 20.4 -40.4 -1.8 -0.3 -37.6 -2.7 38.4 -47.5 -5.2 14.6 -68.0 -5.3 28.8 -32.0 0.8 -3.4 2 3 4 53 Z.1, June 10, 2004 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 969.0 1125.0 1404.0 628.0 457.9 833.3 930.0 445.4 1788.5 169.2 1947.8 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business -1.4 376.6 92.3 2.1 540.0 73.9 0.1 678.2 86.0 -0.4 16.0 55.3 0.9 111.6 20.6 0.9 144.0 36.5 2.8 170.0 37.0 1.2 67.5 37.8 0.1 162.5 35.6 -0.5 176.0 35.5 0.9 168.4 34.2 2 3 4 5 6 Federal government Rest of the world 34.1 176.7 38.2 292.9 22.9 188.4 53.0 133.6 24.1 106.2 22.1 167.1 -19.3 137.2 33.4 -286.6 29.8 624.4 44.5 193.3 26.4 495.7 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 1.3 96.3 -1.5 0.5 -1.3 -70.9 -14.7 0.9 1.1 196.5 17.1 -0.4 -2.8 -6.5 19.0 -1.8 22.6 121.2 15.9 1.4 4.3 88.8 29.0 1.2 -36.0 30.5 55.9 -10.4 15.5 48.3 45.0 20.8 22.0 226.4 87.1 -1.4 15.5 49.8 -72.1 -4.4 -41.0 514.8 233.1 56.3 7 8 9 10 11 12 Life insurance companies Other insurance companies 6.6 5.6 13.4 13.8 3.6 5.8 32.4 26.5 54.7 42.8 40.6 42.3 186.5 47.0 69.2 46.4 30.2 71.7 -123.7 4.1 19.4 27.4 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 21.0 17.8 0.0 -5.5 67.2 0.0 0.3 83.3 0.0 32.8 18.9 0.0 7.7 20.7 0.0 26.9 101.8 0.0 13.0 -1.5 0.0 32.1 130.0 0.0 119.3 267.3 0.0 -56.7 11.5 0.0 9.0 62.2 0.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 13.6 44.7 84.8 4.4 7.5 163.0 1.8 -1.9 121.1 0.1 138.5 113.4 1.4 -84.5 -9.1 -0.1 39.3 88.7 -1.9 98.9 220.5 1.9 75.3 107.5 -3.3 -43.5 160.1 2.8 26.6 -133.1 1.6 113.6 225.8 16 17 18 1167.8 1385.9 1821.2 1048.2 415.3 1064.6 1493.8 716.9 1271.2 776.5 1466.1 19 19 Net change in liabilities 1999 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 12.1 431.0 122.2 0.5 12.4 666.3 81.7 0.2 6.5 810.6 89.9 -0.1 18.5 256.4 129.6 1.5 28.7 82.5 97.6 4.1 32.1 301.2 102.5 4.7 37.0 269.6 101.9 5.5 29.1 249.1 99.9 4.5 58.9 312.1 104.5 7.7 3.5 373.8 103.6 1.1 15.3 537.4 110.3 1.8 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world -3.5 -3.5 203.8 11.0 -0.9 404.5 8.9 -1.4 493.9 -0.0 1.3 185.0 18.4 0.3 106.7 -14.2 1.3 135.8 -11.6 4.9 587.6 2.7 -1.1 -325.4 -20.4 1.5 381.5 -27.8 -0.1 -100.5 21.3 0.4 -185.6 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 4.9 99.1 13.8 6.8 8.4 -1.3 27.6 -2.7 -16.4 -2.5 1.1 89.0 7.7 4.9 1.2 -0.4 135.3 19.1 5.4 7.7 -0.2 63.6 17.2 10.4 -2.6 0.3 144.6 -4.3 0.5 9.5 -0.5 238.6 -0.4 -51.2 9.5 -0.5 115.3 32.0 29.3 9.5 -0.6 -94.2 66.2 -40.0 9.5 2.6 318.9 -115.0 63.8 9.6 -0.8 345.6 52.3 -56.2 9.6 27 28 29 30 31 32 33 34 35 36 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 3.5 6.9 13.8 3.3 41.2 -32.6 7.7 -4.9 16.3 41.1 18.7 6.4 -9.3 13.3 20.9 -15.5 1.3 6.6 20.3 60.8 6.7 4.5 17.1 -5.7 24.5 12.9 8.6 9.0 -14.6 24.7 68.7 10.6 16.4 -11.0 -9.7 -9.2 10.9 -9.3 -14.1 33.9 -10.2 6.2 15.3 -4.0 29.6 2.5 6.7 13.8 -29.1 44.8 76.9 9.3 11.0 4.6 25.0 32 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises 9.6 -4.2 1.5 22.6 -3.5 5.5 12.2 -0.4 12.5 26.1 -2.9 12.8 -7.0 0.1 22.4 15.4 1.0 12.8 -57.8 3.0 -66.5 28.6 0.3 81.6 108.6 5.4 -4.0 -18.0 -4.7 40.2 -32.7 -0.0 -9.1 37 38 39 40 41 42 43 Finance companies REITs Brokers and dealers Funding corporations 9.3 10.7 115.9 60.7 51.3 -0.1 28.3 74.4 25.3 0.9 133.0 75.5 20.8 0.5 156.6 1.5 9.5 0.2 -110.8 27.1 102.5 3.7 157.0 17.7 28.5 3.4 162.2 155.0 164.1 2.4 226.6 -43.4 185.6 3.6 215.7 -67.1 31.6 5.6 23.4 26.1 -59.0 8.0 544.6 36.1 40 41 42 43 -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 44 44 Discrepancy 54 Z.1, June 10, 2004 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 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 142.6 72.4 44.2 26.0 224.9 98.9 64.2 61.8 159.2 78.0 93.6 -12.4 120.0 50.4 72.0 -2.5 137.8 18.1 94.2 25.6 154.8 23.0 127.0 4.8 135.1 19.6 104.9 10.7 117.0 19.4 105.1 -7.5 168.6 16.6 129.4 22.7 198.3 36.4 168.8 -6.9 226.5 31.8 182.2 12.6 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 129.2 2.0 0.7 6.9 0.5 3.4 194.4 4.5 2.4 7.7 11.8 4.1 128.4 10.9 2.2 6.4 10.6 0.7 97.0 0.9 2.9 1.3 17.3 0.6 117.0 3.2 3.3 4.5 7.7 2.1 134.8 5.0 0.6 8.6 2.9 2.7 110.4 6.8 4.2 10.6 0.9 2.2 103.2 3.6 -6.3 10.9 3.0 2.7 145.9 2.3 3.3 6.2 9.1 1.9 179.9 7.4 1.4 6.7 -1.3 4.1 199.4 6.2 2.1 9.3 6.8 2.8 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 144.4 0.2 5.5 2.7 1.3 2.6 1.7 20.7 247.0 0.2 19.4 11.7 11.3 13.2 3.6 -17.0 181.1 0.1 9.7 27.9 6.6 14.9 5.1 75.8 71.4 0.1 8.4 8.1 0.4 7.8 -1.3 56.7 22.7 0.2 -1.5 0.8 -1.3 -3.6 -5.2 27.6 44.4 -0.0 2.9 -2.2 -3.1 18.0 3.4 18.6 33.1 -0.2 12.8 -9.3 -14.2 61.5 0.2 54.1 26.7 0.1 -4.1 -1.5 1.9 4.8 13.5 48.5 48.0 -0.2 3.1 1.9 -1.2 3.8 -0.5 -47.5 69.7 0.2 -0.1 0.4 1.1 2.0 0.5 19.2 38.0 0.0 0.6 1.3 3.5 1.6 9.0 -51.9 11 12 13 14 15 16 17 18 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts 179.0 147.1 2.8 29.1 289.4 221.6 4.1 63.8 321.3 259.6 -0.3 61.9 151.6 137.3 -29.1 43.4 39.6 70.3 6.8 -37.4 82.0 53.9 38.6 -10.5 137.9 130.8 32.3 -25.2 89.9 21.4 28.4 40.2 7.4 30.1 50.2 -72.9 92.7 33.5 43.3 16.0 2.1 -1.5 19.1 -15.5 19 20 21 22 1.6 1.6 1.5 1.5 1.5 1.5 1.7 1.7 1.7 1.7 1.4 1.4 1.5 1.5 1.5 1.5 1.4 1.4 1.2 1.2 1.8 1.8 23 24 0.5 0.5 0.5 0.5 0.6 0.6 0.4 0.4 1.0 1.0 0.5 0.5 0.5 0.5 0.6 0.6 0.4 0.4 0.4 0.4 0.5 0.5 25 26 4.1 6.1 2.2 2.8 2.0 3.5 4.8 2.3 4.6 2.4 7.3 27 0.0 -0.1 0.1 0.0 2.0 1.8 0.1 0.0 0.0 0.0 -0.0 0.0 3.0 2.7 0.2 0.1 0.0 -0.0 -0.0 0.0 0.8 1.3 0.1 0.0 0.0 -0.1 0.1 0.0 1.4 1.2 0.2 -0.1 0.0 0.0 0.1 0.0 2.3 -1.0 0.3 0.2 0.0 0.4 0.6 0.0 1.2 0.4 0.2 0.7 0.0 0.3 -0.1 0.0 1.8 2.2 0.3 0.3 0.0 -0.2 0.5 0.0 1.7 -0.8 0.3 0.8 0.0 0.5 1.1 0.0 0.6 1.1 0.3 1.0 0.0 1.2 0.9 0.0 0.6 -0.9 0.1 0.5 0.0 0.7 -0.3 0.0 1.6 4.5 0.5 0.3 28 29 30 31 32 33 34 35 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 (FNMA) 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 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 55.3 0.4 -6.4 0.0 50.1 2.9 0.5 26.8 0.0 -10.0 53.6 0.7 7.4 0.0 30.4 60.7 0.8 -1.7 0.0 30.7 53.1 0.9 -5.5 0.0 4.4 50.5 1.0 5.8 0.0 38.2 43.2 1.0 -2.0 0.0 35.0 67.9 1.0 17.7 0.0 60.6 50.5 1.0 -0.5 0.0 29.8 40.5 1.1 8.0 0.0 27.6 73.1 1.1 8.4 0.0 104.2 36 37 38 39 40 41 Asset: Bank holding companies 99.4 20.2 92.0 90.4 53.0 95.5 77.1 147.1 80.7 77.1 186.8 41 -6.4 -6.4 26.8 26.8 7.4 7.4 -1.7 -1.7 -5.5 -5.5 5.8 5.8 -2.1 -2.1 17.7 17.7 -0.5 -0.5 8.0 8.0 8.4 8.4 42 43 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers 11.8 48.9 2.5 71.9 45.6 29.8 -30.8 32.3 24.7 2.4 -1.7 19.4 -17.0 172.1 -14.0 -29.4 -25.8 -41.3 50.0 -23.9 108.4 -72.3 44 45 46 Asset: Funding corporations 60.7 74.4 75.5 1.5 27.1 17.7 155.0 -43.4 -67.1 26.1 36.1 46 (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, June 10, 2004 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government -0.1 -0.1 0.6 0.6 0.0 0.0 -0.1 -0.1 0.1 0.1 0.1 0.1 -0.1 -0.1 0.3 0.3 0.1 0.1 0.3 0.3 0.3 0.3 1 2 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 3 4 6.8 6.8 -7.8 -7.8 -0.0 -0.0 8.7 8.7 1.9 1.9 -7.1 -7.1 11.5 11.5 1.4 1.4 -9.6 -9.6 -31.7 -31.7 17.6 17.6 5 6 -1.4 -1.4 2.1 2.1 0.1 0.1 -0.4 -0.4 0.9 0.9 0.9 0.9 2.8 2.8 1.2 1.2 0.1 0.1 -0.5 -0.5 0.9 0.9 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 10.3 7.3 0.7 2.4 11.4 10.2 1.2 -0.0 6.9 3.9 1.1 1.9 6.5 3.1 1.0 2.4 10.2 10.1 0.1 0.0 13.1 10.6 -0.0 2.5 11.3 6.7 0.5 4.1 10.4 8.6 4.3 -2.5 28.3 16.6 3.4 8.3 2.2 10.4 -8.2 0.1 5.3 3.6 0.2 1.5 9 10 11 12 13 Asset: Household sector 10.3 11.4 6.9 6.5 10.2 13.1 11.3 10.4 28.3 2.2 5.3 13 Policy payables: 14 Liab.: Other insurance companies 4.3 2.5 -0.8 26.1 44.1 45.4 61.2 44.5 72.9 3.0 23.9 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 1.8 1.7 0.4 0.4 1.1 1.0 0.2 0.2 -0.3 -0.3 -0.1 -0.1 11.9 10.3 2.5 1.4 18.5 17.4 4.2 4.0 19.0 17.9 4.3 4.1 25.6 24.2 5.8 5.6 18.7 17.6 4.2 4.1 30.6 28.8 6.9 6.6 1.3 1.2 0.3 0.3 10.0 9.4 2.3 2.2 15 16 17 18 -14.8 -14.8 -9.9 -9.9 -11.8 -11.8 2.4 2.4 13.0 13.0 6.6 6.6 11.3 11.3 -5.0 -5.0 16.9 16.9 3.4 3.4 3.7 3.7 19 20 21.4 21.4 -7.6 -7.6 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 21 22 70.0 70.0 16.3 16.3 88.7 88.7 70.1 70.1 -2.9 -2.9 102.6 102.6 -30.9 -30.9 245.1 245.1 175.1 175.1 21.0 21.0 311.5 311.5 23 24 41.2 41.2 41.1 41.1 20.9 20.9 60.8 60.8 24.5 24.5 24.7 24.7 -9.7 -9.7 33.9 33.9 29.6 29.6 44.8 44.8 25.0 25.0 25 26 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds 56 Z.1, June 10, 2004 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1999 2000 2001 2002 2003 2003 Q1 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority Q2 Q3 Q4 2004 Q1 349.9 432.6 639.2 85.9 108.0 284.6 361.2 -220.4 1278.4 -280.9 1088.7 1 210.8 92.1 300.6 73.7 495.8 85.9 -56.6 55.2 87.6 20.3 98.3 36.5 135.6 37.1 39.5 37.7 113.2 35.8 104.9 35.4 129.1 34.2 2 3 -7.1 32.6 0.8 -2.9 65.9 -1.8 2.0 27.6 0.6 -7.8 12.0 -3.2 -0.4 -33.5 21.5 -2.6 10.8 3.8 -9.7 0.7 -36.5 -0.5 -405.3 14.9 0.3 454.3 21.7 -0.3 -6.4 15.1 1.4 267.1 -41.5 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 23.8 -27.0 -11.4 56.0 6.3 -95.6 -20.1 -66.9 -10.8 2.2 87.6 71.3 -27.5 43.1 0.7 -44.8 -101.2 -0.7 52.9 4.2 44.9 13.0 21.7 11.5 -1.2 37.1 45.6 -38.2 22.6 7.1 -8.5 186.5 -190.2 -8.6 3.9 -1.4 -74.4 -10.9 73.6 10.3 198.6 101.9 59.5 21.7 15.6 -40.5 -31.6 -11.1 3.7 -1.5 332.7 272.6 -77.7 125.5 12.3 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises -1.9 0.5 8.4 10.1 -15.3 0.9 0.3 -3.7 16.5 -0.4 -19.4 -1.9 18.2 -1.8 15.3 21.4 15.0 1.4 30.7 3.7 27.9 1.2 23.0 30.5 54.9 -10.4 173.2 -3.4 43.9 20.8 65.3 28.4 86.1 -1.4 -16.9 124.4 -73.2 -4.4 -129.6 -27.4 232.0 56.3 9.1 -15.9 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 28.0 13.6 -55.9 -5.9 0.5 4.4 -58.0 163.7 53.7 1.8 -67.2 -43.4 14.5 0.1 76.9 -13.4 35.3 1.4 -86.1 -33.9 72.2 -0.1 -21.7 -32.4 -58.9 -1.9 -108.3 197.3 89.8 1.9 30.5 -186.1 264.5 -3.3 -31.5 32.5 -6.5 2.8 22.5 -173.3 43.7 1.6 72.8 -33.9 16 17 18 19 548.7 693.5 1056.5 506.1 65.4 515.9 925.1 51.1 761.0 326.4 607.0 20 306.5 121.9 -3.5 444.1 81.4 11.0 675.2 90.0 8.9 150.7 127.3 -0.0 -46.4 93.4 18.4 142.6 97.7 -14.2 137.1 95.9 -11.6 110.7 95.9 2.7 137.9 97.1 -20.4 184.7 102.1 -27.8 320.1 107.4 21.3 21 22 23 -5.0 24.7 4.9 -3.0 115.0 -1.3 -2.9 172.6 1.1 -0.3 33.4 -0.4 -1.5 67.1 -0.2 -0.2 53.8 0.3 3.5 449.7 -0.5 -2.9 -415.4 -0.5 -0.0 374.2 -0.6 -1.6 -193.2 2.6 -1.7 -187.7 -0.8 24 25 26 -4.9 -20.3 0.3 12.1 3.1 -0.6 1.3 -29.7 28.9 -1.0 -15.3 -6.4 -27.7 20.9 -2.1 42.2 19.7 10.7 5.9 5.9 4.0 -14.2 -3.1 27.3 -6.1 42.4 67.2 -48.4 22.4 1.1 152.3 183.1 -59.7 24.7 4.1 -37.8 54.8 -98.4 5.4 0.3 -178.2 -109.9 -79.8 11.3 0.2 233.3 140.8 44.5 48.2 -0.2 150.5 42.6 28.3 77.8 1.8 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 34 Savings institutions Credit unions Bank personal trusts and estates 5.1 6.7 8.4 2.4 -16.6 -2.5 6.5 4.8 1.2 9.2 5.2 7.7 16.2 10.1 -2.6 2.4 0.2 9.5 -14.2 -51.4 9.5 31.4 29.0 9.5 74.7 -40.3 9.5 -82.3 63.8 9.6 30.2 -56.7 9.6 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 4.1 7.2 3.3 -37.3 12.6 16.3 16.4 1.2 13.3 -17.9 2.9 20.3 2.3 2.9 -5.7 10.7 1.1 -14.6 61.4 3.8 -11.0 -4.9 -5.5 -14.1 -14.6 -3.0 -4.0 1.0 9.1 -29.1 73.6 6.0 4.6 35 36 37 38 39 40 Money market mutual funds Mutual funds Government-sponsored enterprises 9.6 -4.2 1.5 22.6 -3.5 5.5 12.2 -0.4 12.5 26.1 -2.9 12.8 -7.0 0.1 22.4 15.4 1.0 12.8 -57.8 3.0 -66.5 28.6 0.3 81.6 108.6 5.4 -4.0 -18.0 -4.7 40.2 -32.7 -0.0 -9.1 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 8.8 10.7 42.6 39.5 -0.1 7.9 14.8 0.9 43.7 3.5 0.5 85.8 1.8 0.2 -110.0 99.5 3.7 51.7 27.6 3.4 190.9 161.1 2.4 -21.1 176.5 3.6 38.7 32.9 5.6 -1.8 -65.8 8.0 230.2 41 42 43 -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 44 44 Discrepancy 57 Z.1, June 10, 2004 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 All sectors 1999 2000 2001 2002 2003 2003 Q1 Q2 Q3 Q4 2004 Q1 -142.4 -156.7 -31.0 -289.5 187.8 -163.8 -260.9 170.0 35.7 -599.8 248.1 1 -142.6 -36.8 2.1 -97.9 112.6 -164.5 -204.1 -115.0 102.6 76.6 -85.5 -20.2 104.7 -17.3 -62.7 -29.4 -102.0 -28.0 -281.8 -6.0 20.0 -29.0 2 3 State and local governments Federal government Rest of the world -58.7 27.5 113.1 -32.1 -8.0 47.0 -23.2 -10.4 -58.1 -21.5 44.4 -35.0 -5.2 12.4 -61.3 -10.4 -13.8 -55.4 -13.2 -129.0 -33.1 -3.5 302.4 -55.0 -10.8 -187.2 101.2 -14.2 -41.4 -234.4 -9.9 58.4 -9.5 4 5 6 Financial sectors -45.1 -67.8 112.6 41.7 62.7 21.4 -173.0 18.3 262.4 -21.9 218.1 7 Monetary authority Commercial banking -2.5 36.0 -0.2 -40.3 4.5 136.6 0.2 40.9 -3.2 70.2 -1.6 64.8 -5.6 -73.1 0.8 20.7 -5.9 280.7 4.2 30.8 -4.5 169.3 8 9 10 11 12 Savings institutions Credit unions Bank personal trusts and estates -3.0 -0.1 -0.2 2.0 1.0 1.7 2.7 -0.2 1.6 2.4 0.7 3.7 1.1 2.4 1.4 -1.5 3.5 0.4 -6.9 4.2 0.4 1.5 5.6 0.4 6.6 2.9 0.4 -7.3 1.5 0.5 -7.8 6.7 0.2 10 11 12 13 14 Life insurance companies Other insurance companies -32.9 -18.1 -31.0 11.0 -24.1 -19.5 -17.0 -8.5 -32.9 -33.7 -44.7 -48.9 -66.1 -50.7 -65.2 -61.0 -17.9 -20.2 -29.7 -63.8 -13.9 -40.6 13 14 15 16 Mutual funds Government-sponsored enterprises -9.1 -3.5 4.1 -1.8 -1.5 -5.1 -7.4 -8.1 -3.3 -6.2 -2.6 -7.0 -2.6 -6.2 -2.6 -7.6 -2.6 -9.4 -2.6 -4.8 -2.6 -0.1 15 16 17 18 19 20 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 -15.1 11.9 -8.4 0.0 -21.7 17.7 -10.4 -0.0 23.9 8.8 -15.1 0.0 27.6 17.3 -10.3 0.0 57.4 19.2 -9.6 -0.0 55.3 13.4 -9.6 -0.0 31.5 11.0 -8.9 0.0 119.3 15.4 -9.0 0.0 24.5 13.4 -10.1 0.0 45.7 13.9 -10.5 0.0 101.1 20.9 -10.7 17 18 19 20 2 3 Household sector Nonfinancial corporate business 4 5 6 7 8 9 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -142.4 -156.7 -31.0 -289.5 187.8 -163.8 -260.9 170.0 35.7 -599.8 248.1 1 2 3 Treasury currency Foreign deposits -0.1 -8.5 -0.7 42.8 -1.2 73.5 -0.1 11.1 -0.6 18.9 -0.3 5.4 -0.2 -10.8 0.5 244.2 -0.8 -296.3 -0.7 84.3 0.1 -241.6 2 3 4 5 Net interbank transactions Security RPs 3.8 57.7 0.1 31.9 20.4 112.4 17.2 -58.8 7.1 9.2 -4.8 201.8 32.8 204.7 -31.2 334.3 39.2 6.5 -60.1 261.7 38.8 86.7 4 5 6 7 Mail floats: Federal government Other 2.6 -3.1 -7.4 -0.8 9.0 1.7 5.7 4.5 0.1 7.3 -107.5 10.0 70.5 8.9 -113.0 9.7 -171.4 10.4 -216.1 11.0 -182.7 11.7 6 7 8 9 Trade credit Taxes payable -32.2 20.8 -2.9 10.8 10.8 32.6 14.6 24.2 10.5 15.7 -16.1 -7.8 12.1 8.2 -28.1 16.7 -20.2 -10.9 -28.3 -45.1 11.6 33.1 8 9 10 Miscellaneous -198.8 -260.9 -417.2 -420.2 42.7 -231.3 -563.8 -271.5 517.4 -607.3 481.7 10 11 Nonfinancial 15.4 30.5 127.1 112.3 77.0 -13.0 -23.3 8.4 -38.1 0.8 8.7 11 -14.7 -0.7 -35.7 5.2 -127.2 0.0 -112.3 0.0 -77.0 0.0 13.0 0.0 23.2 0.0 -8.4 0.0 38.1 0.0 -0.8 0.0 -8.7 0.0 12 13 12 13 All types Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 58 Z.1, June 10, 2004 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 21206.2 23334.4 25459.6 27178.7 29151.2 31343.7 31884.1 32592.9 33250.7 34029.1 34625.5 1 15150.5 16184.3 17243.5 18098.8 19228.0 20567.4 20877.5 21416.6 21828.5 22299.2 22725.5 2 3 Federal government 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 3 4 Nonfederal sectors 11345.7 12432.1 13562.5 14713.7 15848.4 16930.4 17177.0 17609.7 17914.0 18266.1 18556.5 4 5512.8 3382.3 1225.4 154.5 1070.7 5949.1 3774.7 1405.3 164.7 1138.3 6439.3 4181.6 1595.5 169.3 1176.9 7014.1 4538.8 1788.4 180.2 1192.3 7648.4 4766.7 1944.7 190.5 1298.1 8388.7 4807.6 2093.0 199.1 1442.0 8544.1 4849.7 2119.3 197.8 1466.1 8813.1 4920.2 2153.2 202.3 1521.0 9054.8 4935.7 2189.3 204.4 1529.8 9281.4 4986.4 2232.5 206.2 1559.6 9458.8 5030.8 2261.6 204.3 1601.0 5 6 7 8 9 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 10 Rest of the world 607.9 639.3 652.5 709.5 659.7 665.6 669.9 653.1 639.4 650.7 667.2 10 11 Financial sectors 5447.7 6510.8 7563.6 8370.4 9263.5 10110.8 10336.6 10523.2 10782.8 11079.2 11232.8 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 309.2 133.4 7.2 168.6 382.1 186.2 2.4 193.5 449.3 228.0 2.0 219.3 509.3 264.8 2.0 242.5 562.1 294.9 1.1 266.1 612.0 325.0 0.7 286.4 627.6 324.3 0.5 302.8 639.5 336.4 0.5 302.7 638.9 333.6 0.5 304.8 661.3 338.9 0.6 321.8 703.7 355.4 0.6 347.7 12 13 14 15 16 17 Savings institutions Credit unions 160.3 0.6 212.4 1.1 260.4 3.4 287.7 3.4 295.1 4.9 281.4 6.9 287.2 7.6 277.0 8.0 277.9 8.8 280.9 9.1 281.4 8.4 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 1.8 995.3 1825.8 1066.3 2.5 1273.6 2018.4 1365.3 3.2 1591.7 2292.2 1556.8 2.5 1825.8 2491.6 1743.8 3.1 2114.0 2830.1 1997.8 5.1 2339.9 3158.2 2191.2 6.3 2388.7 3226.3 2249.6 6.6 2438.7 3288.8 2307.1 7.4 2548.1 3370.3 2347.2 8.0 2573.0 3488.0 2396.4 8.1 2582.1 3509.2 2420.0 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 568.3 16.0 96.1 35.3 372.6 625.5 16.0 158.8 42.5 412.6 696.1 16.0 165.1 25.3 504.0 778.0 16.0 167.8 40.9 503.7 779.2 16.0 170.2 42.3 448.4 821.4 16.0 190.0 40.6 447.9 820.0 16.0 194.4 50.2 462.7 871.0 16.0 197.6 46.2 426.8 896.3 16.0 206.7 48.6 416.5 938.7 16.0 213.8 47.0 447.0 961.1 16.0 227.3 60.0 455.5 22 23 24 25 26 21206.2 23334.4 25459.6 27178.7 29151.2 31343.7 31884.1 32592.9 33250.7 34029.1 34625.5 27 3010.2 3240.8 3427.0 3310.7 3265.5 3212.5 3144.6 3181.2 3282.6 3420.0 3286.3 28 2093.6 257.5 54.2 605.0 2191.1 242.9 67.5 739.4 2370.3 224.3 64.6 767.8 2245.4 249.4 65.9 750.0 2129.8 252.1 73.0 810.6 2024.1 275.4 76.7 836.4 1984.6 266.7 76.6 816.7 1991.1 279.8 77.6 832.7 2076.6 291.6 77.8 836.7 2201.0 289.3 78.1 851.6 2077.7 276.0 78.1 854.5 29 30 31 32 209.8 2097.7 221.6 2278.2 261.1 2354.6 272.7 2621.1 278.7 2953.7 288.5 3436.8 284.1 3535.5 282.0 3722.5 287.0 3799.5 285.8 3956.5 287.5 4243.6 33 34 15888.5 17593.9 19416.9 20974.2 22653.3 24406.0 24919.9 25407.3 25881.5 26366.7 26808.1 35 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 44 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 Bank personal trusts and estates 431.4 4031.9 3450.7 516.1 27.4 37.8 928.5 305.3 207.0 452.5 4336.1 3761.4 504.5 26.5 43.8 964.7 324.2 194.1 478.1 4648.3 4080.0 487.4 32.7 48.3 1032.4 351.7 222.0 511.8 5006.3 4419.5 511.3 20.5 55.0 1088.6 379.7 222.8 551.7 5210.5 4610.1 510.7 24.7 65.0 1131.4 421.2 194.7 629.4 5614.9 5003.9 516.9 27.8 66.3 1166.8 463.9 195.6 641.5 5673.6 5055.6 519.0 33.0 66.1 1214.4 473.7 194.9 652.1 5831.6 5200.8 517.6 42.9 70.3 1238.8 495.3 194.3 656.1 5832.4 5230.3 490.3 36.4 75.5 1261.4 517.7 193.7 666.7 5961.5 5361.7 485.8 36.4 77.6 1293.1 514.5 193.2 674.1 6135.7 5525.9 492.4 36.7 80.7 1370.6 524.3 196.4 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 1751.1 515.3 647.1 632.5 27.5 1828.0 521.1 621.1 704.6 30.2 1886.0 518.2 720.4 751.4 33.1 1943.9 509.4 724.2 806.0 35.1 2074.8 518.4 708.3 788.4 44.8 2307.8 558.3 729.5 802.4 57.8 2377.6 572.3 731.3 802.5 64.9 2437.4 584.7 737.4 808.1 65.5 2472.8 601.9 734.4 810.9 65.3 2503.7 624.0 733.6 815.5 64.1 2528.6 634.8 744.5 816.6 64.3 45 46 47 48 49 50 51 52 53 54 55 56 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 721.9 901.1 96.3 0.0 938.3 1825.8 927.4 965.9 1028.4 101.2 0.0 1252.0 2018.4 1186.7 1147.8 1076.8 110.8 0.0 1543.2 2292.2 1360.0 1290.9 1097.7 105.3 0.0 1803.9 2491.6 1517.2 1536.9 1223.8 108.5 0.0 2110.0 2830.1 1745.1 1511.6 1368.0 117.1 3.7 2320.9 3158.2 1915.8 1485.5 1415.6 123.6 3.4 2387.0 3226.3 1968.2 1480.3 1480.9 138.6 3.5 2419.0 3288.8 2020.6 1438.1 1478.5 149.3 3.9 2583.8 3370.3 2055.8 1398.5 1505.7 153.3 4.5 2579.0 3488.0 2100.1 1344.7 1548.6 155.5 5.7 2570.1 3509.2 2119.0 50 51 52 53 54 55 56 57 58 59 60 61 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 568.2 32.1 50.6 182.6 166.7 645.5 32.1 45.5 189.4 152.3 742.6 32.1 42.9 154.7 272.2 851.2 32.1 35.8 223.6 297.1 846.4 32.1 42.5 316.0 217.8 867.6 32.1 65.6 344.4 174.7 861.1 32.1 63.5 390.9 215.9 883.5 32.1 71.2 341.1 202.4 924.2 32.1 75.9 375.0 247.9 951.8 32.1 82.4 424.1 277.5 989.0 32.1 97.0 412.8 334.4 57 58 59 60 61 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, June 10, 2004 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency secur. and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 15150.5 16184.3 17243.5 18098.8 19228.0 20567.4 20877.5 21416.6 21828.5 22299.2 22725.5 1 3804.8 3778.3 26.5 3752.2 3723.7 28.5 3681.0 3652.7 28.3 3385.1 3357.8 27.3 3379.5 3352.7 26.8 3637.0 3609.8 27.3 3700.6 3673.7 26.9 3806.9 3779.9 27.0 3914.5 3887.5 27.0 4033.1 4008.2 24.9 4168.9 4143.8 25.1 2 3 4 11345.7 168.6 1318.7 1610.9 1040.4 757.5 12432.1 193.0 1402.9 1846.0 1150.2 826.1 13562.5 230.3 1457.2 2067.7 1233.2 852.4 14713.7 278.4 1480.9 2230.3 1335.0 932.1 15848.4 190.1 1603.7 2578.8 1253.5 941.0 16930.4 126.0 1763.1 2711.0 1166.5 961.1 17177.0 127.1 1791.1 2757.7 1141.8 957.1 17609.7 107.5 1850.7 2832.0 1128.8 966.7 17914.0 108.4 1863.5 2856.0 1096.5 958.0 18266.1 85.9 1898.5 2873.4 1131.5 971.4 18556.5 95.5 1943.3 2899.3 1116.1 968.0 5 6 7 8 9 10 5115.9 3939.5 284.6 801.7 90.0 1333.8 5583.4 4306.1 307.7 873.0 96.6 1430.6 6179.0 4727.5 343.3 1005.8 102.3 1542.7 6738.2 5142.5 373.5 1113.3 108.9 1719.0 7424.6 5664.6 418.1 1225.6 116.3 1856.7 8264.7 6353.2 459.3 1327.4 124.8 1938.1 8490.7 6546.3 467.6 1349.7 127.0 1911.5 8782.7 6788.9 480.9 1383.7 129.2 1941.4 9048.3 7005.0 493.6 1419.2 130.4 1983.3 9272.5 7171.2 513.3 1455.8 132.2 2032.9 9519.6 7375.9 518.5 1491.1 134.1 2014.8 11 12 13 14 15 16 11345.7 5512.8 4762.2 3382.3 1225.4 154.5 1070.7 12432.1 5949.1 5344.7 3774.7 1405.3 164.7 1138.3 13562.5 6439.3 5946.4 4181.6 1595.5 169.3 1176.9 14713.7 7014.1 6507.3 4538.8 1788.4 180.2 1192.3 15848.4 7648.4 6901.9 4766.7 1944.7 190.5 1298.1 16930.4 8388.7 7099.7 4807.6 2093.0 199.1 1442.0 17177.0 8544.1 7166.8 4849.7 2119.3 197.8 1466.1 17609.7 8813.1 7275.7 4920.2 2153.2 202.3 1521.0 17914.0 9054.8 7329.4 4935.7 2189.3 204.4 1529.8 18266.1 9281.4 7425.1 4986.4 2232.5 206.2 1559.6 18556.5 9458.8 7496.7 5030.8 2261.6 204.3 1601.0 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 607.9 639.3 652.5 709.5 659.7 665.6 669.9 653.1 639.4 650.7 667.2 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 65.1 427.7 52.1 63.0 72.9 450.6 58.7 57.1 89.2 452.5 59.2 51.6 120.9 467.7 70.5 50.3 106.7 443.2 63.2 46.6 142.8 409.8 68.6 44.4 155.7 402.5 67.6 44.1 173.1 377.0 59.7 43.3 160.4 375.6 61.0 42.4 165.1 382.6 60.9 42.2 190.0 376.9 58.9 41.5 25 26 27 28 15758.5 16823.6 17896.0 18808.3 19887.7 21233.0 21547.4 22069.7 22467.9 22949.9 23392.7 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 22 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 5447.7 6510.8 7563.6 8370.4 9263.5 10110.8 10336.6 10523.2 10782.8 11079.2 11232.8 1 745.7 995.3 1825.8 1558.3 77.3 198.5 46.8 906.7 1273.6 2018.4 1846.0 105.8 288.7 71.6 1082.9 1591.7 2292.2 2032.7 91.5 395.8 76.7 1214.7 1825.8 2491.6 2226.0 91.1 438.3 82.9 1169.4 2114.0 2830.1 2488.4 104.2 473.2 84.2 1105.9 2339.9 3158.2 2821.5 105.3 489.8 90.1 1076.5 2388.7 3226.3 2956.5 92.9 506.5 89.2 1036.5 2438.7 3288.8 3064.1 98.7 506.5 90.1 1025.7 2548.1 3370.3 3137.9 102.8 506.2 92.0 1042.1 2573.0 3488.0 3267.8 100.0 514.5 93.7 1055.0 2582.1 3509.2 3353.3 104.2 531.2 97.9 2 3 4 5 6 7 8 5447.7 6510.8 7563.6 8370.4 9263.5 10110.8 10336.6 10523.2 10782.8 11079.2 11232.8 9 140.6 168.6 160.3 0.6 188.6 193.5 212.4 1.1 230.0 219.3 260.4 3.4 266.7 242.5 287.7 3.4 296.0 266.1 295.1 4.9 325.6 286.4 281.4 6.9 324.8 302.8 287.2 7.6 336.8 302.7 277.0 8.0 334.0 304.8 277.9 8.8 339.5 321.8 280.9 9.1 356.0 347.7 281.4 8.4 10 11 12 13 1.8 995.3 1825.8 1066.3 2.5 1273.6 2018.4 1365.3 3.2 1591.7 2292.2 1556.8 2.5 1825.8 2491.6 1743.8 3.1 2114.0 2830.1 1997.8 5.1 2339.9 3158.2 2191.2 6.3 2388.7 3226.3 2249.6 6.6 2438.7 3288.8 2307.1 7.4 2548.1 3370.3 2347.2 8.0 2573.0 3488.0 2396.4 8.1 2582.1 3509.2 2420.0 14 15 16 17 35.3 568.3 16.0 96.1 372.6 42.5 625.5 16.0 158.8 412.6 25.3 696.1 16.0 165.1 504.0 40.9 778.0 16.0 167.8 503.7 42.3 779.2 16.0 170.2 448.4 40.6 821.4 16.0 190.0 447.9 50.2 820.0 16.0 194.4 462.7 46.2 871.0 16.0 197.6 426.8 48.6 896.3 16.0 206.7 416.5 47.0 938.7 16.0 213.8 447.0 60.0 961.1 16.0 227.3 455.5 18 19 20 21 22 60 Z.1, June 10, 2004 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 10 11 12 Total 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 21206.2 23334.4 25459.6 27178.7 29151.2 31343.7 31884.1 32592.9 33250.7 34029.1 34625.5 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 979.4 3778.3 2847.6 1318.7 3596.9 1172.6 3723.7 3320.5 1402.9 4142.6 1402.4 3652.7 3912.2 1457.2 4553.0 1614.0 3357.8 4344.8 1480.9 4924.0 1466.2 3352.7 4970.9 1603.7 5510.5 1374.7 3609.8 5525.4 1763.1 5942.3 1359.2 3673.7 5641.9 1791.1 6116.8 1317.1 3779.9 5754.5 1850.7 6273.0 1294.5 3887.5 5945.4 1863.5 6369.4 1293.1 4008.2 6085.9 1898.5 6523.8 1340.4 4143.8 6116.4 1943.3 6629.5 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1169.8 1019.0 5162.7 1333.8 1314.8 1171.9 5655.0 1430.6 1383.8 1299.9 6255.7 1542.7 1496.6 1420.7 6821.1 1719.0 1421.0 1460.7 7508.8 1856.7 1340.4 1495.3 8354.8 1938.1 1302.3 1507.6 8579.9 1911.5 1287.2 1516.4 8872.7 1941.4 1260.3 1506.6 9140.3 1983.3 1292.4 1528.0 9366.2 2032.9 1279.1 1540.7 9617.5 2014.8 7 8 9 10 13292.8 2989.4 15547.3 3613.1 19522.8 4538.5 17627.0 4435.3 15310.6 4135.5 11870.9 3638.4 11424.8 3587.8 13275.0 4071.6 13746.6 4242.6 15472.7 4653.2 15782.9 4890.4 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) 21206.2 23334.4 25459.6 27178.7 29151.2 31343.7 31884.1 32592.9 33250.7 34029.1 34625.5 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 48.9 9.2 19.3 618.5 219.4 60.1 9.2 19.9 624.9 189.4 50.1 6.2 20.9 686.1 202.4 46.1 2.2 23.2 820.3 221.2 46.8 2.2 24.5 851.0 191.4 55.8 2.2 25.5 874.9 205.9 57.6 2.2 25.6 870.7 175.5 58.9 2.2 26.0 910.6 123.8 61.3 2.2 26.0 836.3 163.7 62.3 2.2 26.0 854.1 202.9 61.5 2.2 26.2 791.3 123.9 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 1286.1 2474.2 713.4 1042.5 822.4 1333.3 2626.5 805.3 1329.7 913.8 1484.5 2671.6 936.4 1578.8 1083.6 1413.1 2860.4 1052.6 1812.1 1196.8 1603.2 3127.6 1121.1 2240.7 1231.8 1646.7 3398.7 1171.5 2223.9 1336.8 1680.4 3502.5 1209.1 2156.1 1323.1 1703.1 3575.2 1222.5 2120.8 1450.0 1670.6 3601.2 1222.1 2058.0 1483.2 1681.0 3628.3 1233.5 2016.0 1659.1 1651.1 3721.6 1332.8 1971.9 1773.5 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 2989.4 469.1 665.0 7323.4 3613.1 572.2 718.3 8210.5 4538.5 676.6 783.9 9095.5 4435.3 822.7 819.1 9067.3 4135.5 825.9 880.0 8655.1 3638.4 738.8 920.9 7980.3 3587.8 796.6 936.3 7902.1 4071.6 971.9 963.7 8502.7 4242.6 940.2 978.0 8679.5 4653.2 871.3 999.6 9256.6 4890.4 945.4 1019.5 9422.8 12 13 14 15 16 17 18 19 Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 1967.4 141.3 942.5 7334.0 2082.9 156.0 1001.0 8313.8 2345.4 178.9 1130.4 9317.7 2747.7 204.8 1095.8 10523.4 2670.1 219.2 960.7 11178.3 2697.5 248.1 840.9 11717.7 2701.1 271.2 819.6 12003.4 2759.6 276.6 877.0 11924.7 2823.4 284.8 885.0 12221.6 2882.2 276.6 932.4 11980.3 2907.1 297.2 955.0 12072.3 16 17 18 19 20 Total liabilities 50292.1 55914.3 62247.0 66342.8 69116.4 71068.2 71904.8 74133.8 75430.4 77246.7 78591.1 20 21 22 23 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 21.1 13292.8 4117.5 21.6 15547.3 4369.4 21.4 19522.8 4602.2 21.6 17627.0 4990.6 21.8 15310.6 5098.7 23.2 11870.9 5289.0 22.4 11424.8 5347.8 22.8 13275.0 5386.4 23.1 13746.6 5502.1 23.7 15472.7 5650.6 23.7 15782.9 5717.5 21 22 23 24 25 26 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -6.3 535.0 -32.2 -6.4 525.5 -26.5 -7.1 568.2 -28.5 -8.5 641.6 -4.3 -8.6 652.8 11.1 -9.1 671.7 15.3 -9.2 668.9 19.3 -9.1 730.0 6.8 -9.3 655.9 18.1 -9.5 677.0 12.0 -9.4 616.6 14.7 24 25 26 172.9 94.4 -1399.3 230.6 106.5 -1947.1 262.5 106.9 -2355.8 374.9 116.9 -3425.6 329.7 89.3 -3755.8 338.9 124.2 -3655.7 379.0 117.5 -3740.7 284.0 122.6 -3680.2 285.1 107.3 -3407.5 364.3 93.7 -3721.0 372.5 89.1 -4055.7 27 28 29 27 28 29 Security RPs Taxes payable Miscellaneous 30 31 32 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -8.1 26.2 128.1 -3.9 23.1 95.9 -9.8 22.3 97.0 -2.3 24.0 107.8 -12.3 28.6 122.4 -11.7 35.9 132.9 27.4 34.2 87.5 -17.1 40.1 57.6 -52.5 35.2 58.3 -117.6 45.8 116.7 -139.7 44.9 69.8 30 31 32 33 Totals identified to sectors as assets 68212.8 76854.9 87737.7 91157.5 92090.4 90609.0 91115.9 95283.3 97011.6 100932.1 103112.4 33 61 Z.1, June 10, 2004 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 24248.2 27181.7 31572.3 30396.2 29026.2 26573.9 26413.1 28180.1 28750.4 30456.5 30971.6 1 37.2 600.0 2651.7 605.2 38.3 618.7 2827.3 745.5 43.5 582.6 2954.5 865.7 63.5 518.8 3263.2 1020.1 58.5 613.1 3521.8 1188.2 69.2 608.8 3813.2 1147.6 75.7 591.3 3940.9 1128.3 69.8 555.4 4018.2 1082.2 65.3 501.7 4094.8 1049.8 60.2 557.0 4132.3 1039.6 59.9 593.6 4343.2 1032.8 2 3 4 5 10224.5 11598.3 14521.6 12720.5 11135.7 9098.3 8870.6 9843.8 10189.6 11171.7 11172.8 6 56.1 186.5 581.8 219.6 63.7 186.6 549.1 253.3 67.7 186.4 649.4 352.4 72.6 184.8 450.0 423.5 41.8 190.3 358.8 372.3 47.6 194.9 255.2 220.4 53.7 196.9 296.0 209.6 46.1 199.1 355.4 186.0 47.7 201.5 330.7 335.7 43.5 203.8 326.7 477.4 48.9 204.4 290.1 379.2 7 8 9 10 423.7 560.2 6238.9 1957.7 429.4 651.4 7069.7 2394.9 452.9 594.8 9234.7 2983.2 463.1 576.4 7650.1 2900.1 515.4 571.8 6341.6 2743.6 618.3 600.1 4727.3 2434.5 625.5 512.7 4555.2 2421.1 657.7 454.6 5194.7 2750.0 654.4 412.5 5315.9 2891.3 673.8 379.5 5901.0 3165.9 699.9 356.6 5828.2 3365.6 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 632.7 1086.1 3736.2 2533.3 684.7 1248.1 4158.9 2837.0 748.9 1428.1 4628.9 3073.5 782.7 1453.1 4483.5 3167.1 842.2 1462.1 4104.6 3126.2 881.6 1488.0 3582.3 2949.4 896.9 1506.3 3528.3 2906.8 923.9 1602.5 3848.0 3091.9 938.1 1641.6 3939.7 3138.1 959.1 1728.7 4249.0 3319.3 979.0 1784.2 4333.4 3345.6 15 16 17 18 19 20 Investment in bank personal trusts Miscellaneous and other assets 942.5 1198.8 1001.0 1423.9 1130.4 1594.6 1095.8 1827.8 960.7 2013.1 840.9 2094.7 819.6 2148.3 877.0 2267.5 885.0 2306.7 932.4 2307.1 955.0 2372.0 19 20 7668.4 8450.9 9335.1 10270.1 11087.4 11994.8 12214.2 12636.2 12922.0 13171.9 13417.7 21 21 Total liabilities 22 23 24 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 3931.5 923.8 1333.8 4296.8 1029.4 1430.6 4716.0 1130.6 1542.7 5129.1 1245.5 1719.0 5649.1 1352.9 1856.7 6337.0 1454.9 1938.1 6529.7 1477.9 1911.5 6771.8 1504.9 1941.4 6987.6 1536.4 1983.3 7153.2 1549.5 2032.9 7357.0 1576.1 2014.8 22 23 24 25 26 27 Policy loans Security credit Other liabilities (3) 104.6 131.2 1243.5 104.7 152.8 1436.7 100.0 227.9 1617.9 102.8 235.1 1838.6 105.0 196.4 1927.3 106.1 148.2 2010.5 105.7 159.5 2029.9 106.0 248.5 2063.6 105.5 227.6 2081.6 105.6 182.5 2148.2 105.9 199.1 2164.9 25 26 27 (1) Combined statement for household sector, 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), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. 62 Z.1, June 10, 2004 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 27515.7 30484.3 34939.6 33937.0 32536.6 30170.5 30044.1 31821.8 32473.4 34301.4 34860.7 1 3622.3 3901.2 4051.3 4385.2 4883.3 5122.7 5220.4 5206.6 5192.2 5268.7 5513.4 2 37.2 436.8 2566.0 582.3 38.3 421.1 2728.9 712.9 43.5 345.7 2837.0 825.0 63.5 225.3 3125.6 970.7 58.5 318.5 3377.1 1129.2 69.2 301.0 3666.3 1086.2 75.7 281.3 3795.1 1068.3 69.8 241.9 3871.4 1023.5 65.3 184.9 3947.8 994.2 60.2 238.3 3983.7 986.5 59.9 274.4 4195.5 983.6 3 4 5 6 2093.6 2191.1 2370.3 2245.4 2129.8 2024.1 1984.6 1991.1 2076.6 2201.0 2077.7 7 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 56.1 736.1 186.5 549.6 219.6 63.7 697.8 186.6 511.2 253.3 67.7 798.7 186.4 612.3 352.4 72.6 594.6 184.8 409.8 423.5 41.8 506.3 190.3 316.0 372.3 47.6 404.9 194.9 210.0 220.4 53.7 447.8 196.9 250.9 209.6 46.1 508.2 199.1 309.1 186.0 47.7 485.4 201.5 283.9 335.7 43.5 483.0 203.8 279.2 477.4 48.9 446.4 204.4 242.0 379.2 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 420.5 560.2 101.1 426.6 651.4 98.2 450.2 594.8 106.5 460.7 576.4 117.7 511.9 571.8 125.7 614.6 600.1 136.5 621.7 512.7 139.3 653.9 454.6 142.1 650.5 412.5 144.9 669.8 379.5 147.7 695.9 356.6 150.7 13 14 15 6238.9 1957.7 215.5 665.0 7323.4 942.5 4117.5 339.5 7069.7 2394.9 276.7 718.3 8210.5 1001.0 4369.4 351.5 9234.7 2983.2 323.9 783.9 9095.5 1130.4 4602.2 364.3 7650.1 2900.1 412.4 819.1 9067.3 1095.8 4990.6 370.9 6341.6 2743.6 454.3 880.0 8655.1 960.7 5098.7 389.4 4727.3 2434.5 412.7 920.9 7980.3 840.9 5289.0 418.1 4555.2 2421.1 429.6 936.3 7902.1 819.6 5347.8 427.3 5194.7 2750.0 515.1 963.7 8502.7 877.0 5386.4 434.6 5315.9 2891.3 503.4 978.0 8679.5 885.0 5502.1 449.3 5901.0 3165.9 475.4 999.6 9256.6 932.4 5650.6 450.2 5828.2 3365.6 507.2 1019.5 9422.8 955.0 5717.5 454.0 16 17 18 19 20 21 22 23 5780.6 6245.8 6817.5 7403.5 8002.6 8702.6 8871.8 9232.0 9454.9 9638.4 9834.8 24 5512.8 5949.1 6439.3 7014.1 7648.4 8388.7 8544.1 8813.1 9054.8 9281.4 9458.8 25 3779.3 1333.8 114.9 4090.8 1430.6 126.9 4463.9 1542.7 137.3 4837.4 1719.0 143.0 5314.7 1856.7 156.9 5953.1 1938.1 169.8 6131.6 1911.5 173.6 6356.8 1941.4 177.3 6558.1 1983.3 180.6 6709.2 2032.9 184.4 6897.8 2014.8 187.3 26 27 28 66.5 123.2 95.1 74.2 122.9 103.7 67.3 117.8 110.3 74.1 119.8 120.7 57.6 120.4 142.2 54.6 120.5 152.7 50.9 119.9 156.6 61.1 120.0 156.5 51.9 119.3 161.6 94.7 119.3 140.9 92.7 119.3 146.9 29 30 31 131.2 118.0 152.8 126.8 227.9 130.9 235.1 134.7 196.4 138.7 148.2 145.7 159.5 147.5 248.5 149.5 227.6 151.5 182.5 153.6 199.1 155.7 32 33 18.6 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.1 34 16 17 18 19 20 21 22 23 24 25 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Total liabilities Credit market instruments 26 27 28 Home mortgages (3) 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 (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) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17), life insurance and pension reserves (lines 19 and 20), and bank personal trusts (line 21). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. 63 Z.1, June 10, 2004 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 6644.3 7872.8 9335.4 11260.1 11544.3 11724.4 11834.6 12090.2 12271.1 12518.2 12679.2 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 23.1 415.1 205.1 110.7 4.6 30.5 472.5 211.0 159.0 4.2 31.5 567.8 254.4 195.6 5.8 24.0 674.9 274.9 240.8 4.2 15.5 626.5 275.8 360.9 4.0 20.0 649.2 274.4 390.1 6.2 25.0 648.5 283.0 379.1 5.8 22.2 717.2 292.4 362.3 6.5 32.6 779.6 281.7 333.1 7.5 42.8 784.1 289.7 329.1 5.7 41.6 746.0 287.0 320.2 6.5 2 3 4 5 6 7 Credit market instruments 311.7 310.3 288.9 315.3 325.0 352.1 343.3 357.4 369.4 367.4 354.1 7 36.1 59.1 8.0 30.6 99.0 78.9 39.4 61.6 10.6 28.6 93.9 76.2 47.6 56.6 12.4 27.7 65.9 78.7 57.8 58.3 15.4 34.4 66.8 82.7 60.2 59.3 17.2 32.8 73.3 82.3 64.7 76.5 15.9 36.3 76.4 82.2 62.5 80.6 15.9 35.6 76.9 71.7 71.6 83.0 13.6 35.1 77.2 77.1 80.7 82.7 13.3 39.0 77.3 76.5 79.9 81.1 12.4 42.8 77.3 73.8 80.9 79.1 10.4 39.4 77.1 67.1 8 9 10 11 12 13 75.0 1571.5 3927.5 98.0 1684.7 4902.4 127.0 1927.6 5936.8 124.0 2280.2 7321.8 111.0 2152.6 7673.0 97.0 2141.0 7794.5 92.5 2182.0 7875.5 106.2 2261.1 7965.0 108.5 2321.5 8037.2 121.0 2319.7 8258.7 122.5 2387.2 8414.1 14 15 16 8516.6 9662.7 10924.8 12477.9 12894.2 13237.1 13351.5 13505.1 13635.7 13754.1 13875.0 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 1998 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 4762.2 5344.7 5946.4 6507.3 6901.9 7099.7 7166.8 7275.7 7329.4 7425.1 7496.7 18 19 20 21 Commercial paper Municipal securities Corporate bonds 168.6 142.0 1610.9 193.0 147.8 1846.0 230.3 152.8 2067.7 278.4 154.2 2230.3 190.1 157.7 2578.8 126.0 160.8 2711.0 127.1 160.9 2757.7 107.5 162.0 2832.0 108.4 162.8 2856.0 85.9 164.1 2873.4 95.5 164.6 2899.3 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 973.9 625.4 1241.4 1076.0 693.1 1388.8 1165.8 724.9 1604.8 1260.8 803.6 1780.0 1195.9 811.6 1967.8 1111.9 831.2 2158.9 1090.9 827.7 2202.5 1067.8 837.1 2269.4 1044.6 829.0 2328.6 1036.8 842.4 2422.4 1023.4 838.9 2474.9 22 23 24 1158.7 99.2 2496.4 1247.9 108.1 2962.0 1461.5 124.0 3393.0 1822.2 142.6 4005.7 1711.0 149.7 4131.6 1717.1 169.8 4250.6 1711.2 190.1 4283.4 1753.7 192.5 4283.1 1812.1 197.6 4296.5 1866.6 187.1 4275.3 1879.0 204.0 4295.3 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, June 10, 2004 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 5808.7 6816.1 8093.8 9772.5 9898.9 9933.1 10007.5 10220.6 10356.6 10563.5 10685.8 1 23.1 251.9 119.4 87.8 4.6 30.5 275.0 112.6 126.4 4.2 31.5 331.0 136.9 154.9 5.8 24.0 381.4 137.3 191.4 4.2 15.5 331.9 131.1 301.9 4.0 20.0 341.4 127.5 328.8 6.2 25.0 338.4 137.2 319.1 5.8 22.2 403.7 145.6 303.6 6.5 32.6 462.9 134.6 277.6 7.5 42.8 465.3 141.1 276.0 5.7 41.6 426.8 139.3 271.0 6.5 2 3 4 5 6 7 8 9 10 11 12 13 14 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 36.1 26.8 8.0 27.4 80.2 78.9 1366.6 75.0 39.4 23.6 10.6 25.7 67.3 76.2 1451.6 98.0 47.6 19.4 12.4 25.0 41.2 78.7 1655.0 127.0 57.8 18.1 15.4 31.9 43.5 82.7 1938.1 124.0 60.2 16.5 17.2 29.3 46.6 82.3 1808.7 111.0 64.7 31.3 15.9 32.6 48.7 82.2 1774.3 97.0 62.5 35.5 15.9 31.8 49.2 71.7 1806.1 92.5 71.6 36.7 13.6 31.3 49.7 77.1 1873.0 106.2 80.7 35.8 13.3 35.1 50.2 76.5 1917.0 108.5 79.9 33.6 12.4 38.8 50.7 73.8 1902.6 121.0 80.9 31.0 10.4 35.4 51.2 67.1 1955.2 122.5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 3622.8 933.1 188.1 0.0 23.5 2478.0 4475.0 1041.0 189.8 0.0 17.1 3227.0 5427.5 1227.7 190.8 0.0 43.9 3965.1 6722.6 1320.4 190.4 0.0 51.3 5160.5 6942.7 1369.6 200.8 0.0 49.6 5322.7 6962.5 1496.1 218.2 0.0 44.1 5204.1 7016.7 1526.5 224.2 0.0 43.6 5222.4 7080.1 1555.7 228.6 0.0 48.0 5247.7 7124.3 1594.8 235.8 0.0 47.9 5245.8 7319.6 1630.9 236.1 0.0 49.9 5402.7 7446.9 1681.8 238.5 0.0 52.0 5474.6 15 16 17 18 19 20 6628.8 7457.6 8407.3 9611.4 9809.5 9944.9 10009.1 10100.9 10168.6 10220.5 10292.1 21 21 Total liabilities 22 Credit market instruments 3382.3 3774.7 4181.6 4538.8 4766.7 4807.6 4849.7 4920.2 4935.7 4986.4 5030.8 22 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 168.6 142.0 1610.9 692.7 193.0 147.8 1846.0 768.8 230.3 152.8 2067.7 813.0 278.4 154.2 2230.3 861.0 190.1 157.7 2578.8 758.3 126.0 160.8 2711.0 661.9 127.1 160.9 2757.7 649.2 107.5 162.0 2832.0 632.1 108.4 162.8 2856.0 615.0 85.9 164.1 2873.4 612.5 95.5 164.6 2899.3 607.0 23 24 25 26 27 28 29 30 31 32 33 34 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 507.7 9.4 273.7 8.4 10.8 143.3 62.1 260.5 562.0 12.1 306.8 8.3 6.6 142.3 85.9 257.2 585.4 15.3 355.6 8.0 4.4 119.5 82.6 332.3 651.3 19.7 412.6 7.6 4.3 117.3 89.8 363.5 659.1 21.5 402.3 7.4 4.1 115.7 108.3 422.6 675.1 23.1 409.7 7.0 4.4 125.8 105.0 472.8 671.7 23.7 408.5 7.3 4.7 115.0 112.5 483.1 680.7 24.1 410.2 7.5 4.4 126.1 108.4 505.9 669.3 28.7 401.0 7.6 4.2 125.2 102.7 524.3 680.7 28.1 411.7 7.8 4.2 125.0 103.9 569.8 677.8 24.8 428.0 8.0 3.7 111.9 101.3 586.5 27 28 29 30 31 32 33 34 992.1 59.2 2195.1 750.6 93.5 1351.0 1049.7 64.1 2569.1 892.6 114.9 1561.6 1228.2 71.0 2926.4 1085.5 107.3 1733.6 1541.4 78.0 3453.1 1066.6 108.5 2278.0 1437.7 81.0 3524.1 1069.1 109.8 2345.2 1421.9 93.0 3622.5 1181.5 111.1 2329.9 1404.9 108.4 3646.1 1179.2 111.4 2355.5 1435.9 108.4 3636.3 1175.6 111.8 2348.9 1479.6 112.4 3640.9 1182.7 112.1 2346.1 1522.8 100.6 3610.8 1225.9 112.4 2272.4 1523.0 116.1 3622.2 1220.9 112.8 2288.5 35 36 37 38 39 40 35 36 37 38 39 40 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 41 42 Trade receivables net of payables Market value of equities 374.5 9765.7 401.9 11577.8 426.9 15155.6 396.6 12678.8 371.0 10796.2 352.4 7906.9 401.3 7646.1 437.1 8820.3 437.4 9042.0 379.8 10139.5 432.2 10206.6 41 42 43 44 Securities and mortgages Loans and short-term paper 2013.3 1369.0 2251.0 1523.8 2552.9 1628.7 2748.0 1790.7 3159.1 1607.6 3344.6 1462.9 3401.7 1448.0 3499.8 1420.3 3543.0 1392.7 3607.3 1379.1 3650.4 1380.4 43 44 45 46 Total short-term liabilities (3) Total liquid assets (4) 2420.3 660.2 2637.5 746.1 2927.9 891.4 3410.2 985.6 3126.3 1018.6 2977.8 1065.4 2961.3 1063.8 2964.7 1140.7 2984.6 1188.6 3002.4 1216.8 3019.4 1165.4 45 46 47 48 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 59.5 40.5 59.6 40.4 61.1 38.9 60.5 39.5 66.3 33.7 69.6 30.4 70.1 29.9 71.1 28.9 71.8 28.2 72.3 27.7 72.6 27.4 47 48 49 Liquid assets/short-term liabilities 27.3 28.3 30.4 28.9 32.6 35.8 35.9 38.5 39.8 40.5 38.6 49 (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 (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. (4) Sum of lines 2 through 10, plus line 14. 65 Z.1, June 10, 2004 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 773.8 992.7 1176.8 1422.7 1578.4 1719.8 1754.2 1795.5 1838.6 1878.4 1916.5 1 146.2 85.7 22.9 178.9 98.5 32.6 217.6 117.5 40.7 274.1 137.6 49.4 274.5 144.7 59.0 287.3 146.9 61.3 289.6 145.8 60.0 293.0 146.8 58.7 296.2 147.0 55.6 298.2 148.6 53.1 298.6 147.7 49.2 2 3 4 32.2 3.2 18.7 0.0 38.0 2.8 26.7 0.0 37.2 2.7 24.7 0.0 40.2 2.4 23.3 0.0 42.8 3.5 26.6 0.0 45.2 3.7 27.8 0.0 45.1 3.8 27.7 0.0 46.3 3.8 27.5 0.0 46.8 3.9 27.1 0.0 47.5 3.9 26.6 0.0 48.1 4.0 26.0 0.0 5 6 7 8 204.9 259.9 45.2 1.7 213.0 233.1 382.1 45.6 1.6 334.9 272.6 463.8 45.9 1.6 416.3 342.1 553.7 45.8 1.6 506.2 343.9 683.3 48.3 1.5 633.5 366.7 780.9 52.5 1.5 726.9 375.9 806.3 53.9 1.6 750.8 388.1 831.3 55.0 1.5 774.8 404.5 857.4 56.7 1.7 799.1 417.1 883.3 56.8 2.0 824.6 432.0 910.9 57.4 2.1 851.4 9 10 11 12 13 1714.5 2020.9 2328.3 2665.5 2876.0 3073.9 3124.7 3181.2 3241.8 3306.2 3358.5 14 1225.4 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 15 237.3 97.2 890.9 262.1 108.1 1035.1 308.6 116.7 1170.1 352.9 127.8 1307.6 390.7 125.3 1428.8 404.1 127.6 1561.3 398.3 128.6 1592.4 390.7 128.2 1634.3 384.2 131.2 1673.9 378.8 133.3 1720.4 373.5 133.7 1754.4 16 17 18 147.8 39.9 301.3 178.6 44.1 392.9 213.3 53.0 466.5 259.9 64.6 552.6 255.0 68.7 607.5 276.0 76.8 628.1 286.4 81.7 637.3 297.1 84.1 646.8 311.6 85.3 655.6 322.7 86.5 664.5 335.9 87.9 673.1 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 61.7 64.0 64.8 64.9 67.0 71.5 72.9 74.1 76.0 76.3 76.8 1 2 Checkable deposits and currency 16.9 18.6 19.2 19.4 20.1 20.5 20.5 20.5 20.5 20.6 20.6 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 44.8 43.3 1.5 45.4 43.7 1.7 45.6 43.9 1.6 45.5 43.9 1.6 47.0 45.3 1.7 51.1 49.3 1.8 52.4 50.7 1.8 53.6 51.7 1.9 55.5 53.3 2.2 55.8 53.4 2.4 56.2 53.9 2.3 3 4 5 173.3 184.3 189.3 201.0 208.8 218.3 217.7 223.0 225.3 227.3 224.5 6 154.5 164.7 169.3 180.2 190.5 199.1 197.8 202.3 204.4 206.2 204.3 7 43.9 20.6 90.0 45.1 23.0 96.6 44.2 22.8 102.3 46.9 24.4 108.9 46.9 27.3 116.3 46.0 28.4 124.8 43.4 27.4 127.0 45.0 28.2 129.2 45.4 28.5 130.4 45.5 28.5 132.2 42.9 27.4 134.1 8 9 10 18.8 19.6 20.0 20.9 18.3 19.2 20.0 20.7 20.9 21.1 20.1 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 Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 66 Z.1, June 10, 2004 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1033.3 1180.3 1257.8 1293.5 1385.0 1471.6 1469.9 1502.1 1513.9 1541.7 1574.0 1 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 32.2 78.4 151.4 28.3 91.1 158.5 32.2 102.1 163.5 33.2 111.5 183.3 38.2 119.2 169.9 46.7 136.3 167.7 43.1 145.7 170.5 45.0 146.3 179.9 44.9 150.4 185.9 53.0 158.5 197.6 51.4 167.4 208.2 2 3 4 5 Credit market instruments 6 7 8 9 10 11 Total financial assets 1998 605.0 739.4 767.8 750.0 810.6 836.4 816.7 832.7 836.7 851.6 854.5 5 Open market paper Treasury securities Agency- and GSE-backed securities 74.0 239.3 115.4 102.0 269.3 179.0 108.9 266.8 190.0 131.5 237.7 172.0 105.0 287.9 191.9 101.2 310.0 194.0 96.6 301.2 191.0 93.2 313.5 194.0 82.0 318.4 198.1 68.8 336.2 202.6 71.5 339.4 200.2 6 7 8 Municipal securities Corporate and foreign bonds Mortgages 3.9 51.0 121.3 2.5 61.2 125.4 1.0 71.3 129.8 1.6 73.0 134.3 1.9 84.9 139.0 0.5 86.7 143.9 1.2 81.5 145.2 1.6 83.9 146.5 2.9 87.6 147.8 4.3 90.7 149.1 4.7 88.3 150.5 9 10 11 12 13 Corporate equities Mutual fund shares 79.0 33.6 102.0 21.3 115.0 25.6 115.1 26.4 126.3 31.5 112.9 33.5 104.7 35.7 119.9 34.9 122.0 33.5 138.0 30.5 140.0 26.2 12 13 14 15 Taxes receivable Miscellaneous assets 26.9 27.0 28.1 11.5 33.5 18.1 45.6 28.5 50.1 39.2 59.5 78.6 63.7 89.8 69.0 74.6 74.4 66.1 80.1 32.4 84.2 42.0 14 15 16 1619.7 1717.8 1785.4 1828.3 1959.2 2127.6 2157.7 2218.6 2233.4 2269.3 2316.6 16 17 Credit market instruments 1070.7 1138.3 1176.9 1192.3 1298.1 1442.0 1466.1 1521.0 1529.8 1559.6 1601.0 17 18 19 20 21 Municipal securities Short-term Other U.S. government loans 1061.8 47.5 1014.3 8.9 1128.2 41.2 1087.1 10.1 1167.1 43.7 1123.4 9.7 1183.6 45.1 1138.5 8.7 1289.2 69.0 1220.2 8.9 1432.6 94.2 1338.4 9.4 1456.6 92.8 1363.8 9.5 1511.4 92.4 1418.9 9.6 1520.1 95.2 1425.0 9.6 1550.0 100.7 1449.3 9.7 1591.3 102.5 1488.8 9.7 18 19 20 21 549.0 579.5 608.6 635.9 661.1 685.6 691.6 697.6 703.6 709.6 715.6 22 22 Total liabilities Trade payables (1) Data for employee retirement funds are shown in table L.120. 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 442.3 445.4 560.5 513.8 614.9 611.8 599.2 622.5 639.2 634.0 623.4 1 42.0 41.6 3.4 51.0 23.2 4.7 44.4 87.9 5.4 41.0 24.3 6.3 43.1 66.9 10.5 51.1 47.5 27.6 51.7 23.3 18.4 52.9 41.8 27.8 54.8 53.3 9.1 55.1 54.1 2.4 54.3 22.7 1.9 2 3 4 209.8 221.6 261.1 272.7 278.7 288.5 284.1 282.0 287.0 285.8 287.5 5 0.0 135.7 45.7 28.3 0.0 139.3 44.9 37.4 0.0 132.4 77.7 50.9 0.0 128.8 76.9 67.0 0.0 122.9 75.8 80.1 0.0 119.4 76.3 92.8 0.0 119.6 73.9 90.6 0.0 118.9 74.0 89.1 0.0 118.1 73.6 95.3 0.0 118.0 73.8 94.1 0.0 117.8 75.8 93.9 6 7 8 9 20.8 20.0 104.8 22.3 21.4 101.3 22.9 38.5 100.4 28.1 42.4 99.0 35.5 79.8 100.3 32.2 64.3 100.6 29.8 90.0 101.8 31.5 85.0 101.5 29.9 103.1 101.9 31.9 102.8 101.9 31.3 123.9 102.0 10 11 12 4546.8 4529.4 4498.1 4227.2 4288.3 4574.5 4617.6 4736.1 4854.1 4998.3 5120.9 13 9.2 19.3 9.2 19.9 6.2 20.9 2.2 23.2 2.2 24.5 2.2 25.5 2.2 25.6 2.2 26.0 2.2 26.0 2.2 26.0 2.2 26.2 14 15 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 16 186.5 3591.8 26.5 0.0 186.6 3537.0 28.5 0.0 186.4 3466.2 28.3 0.0 184.8 3173.0 27.3 0.0 190.3 3162.4 26.8 0.0 194.9 3414.9 27.3 0.0 196.9 3476.8 26.9 0.0 199.1 3580.8 27.0 0.0 201.5 3686.0 27.0 0.0 203.8 3804.4 24.9 0.0 204.4 3939.4 25.1 0.0 17 18 19 20 72.9 32.3 608.3 601.7 6.6 65.0 33.6 649.6 642.9 6.7 64.5 35.0 690.6 684.0 6.6 69.0 36.4 711.3 704.9 6.4 72.3 37.8 772.0 765.8 6.2 74.1 39.4 796.3 790.3 6.0 75.9 39.4 773.9 767.8 6.1 76.6 39.8 784.6 778.6 6.0 77.3 39.9 794.1 788.1 6.0 75.8 40.5 820.8 815.0 5.8 76.0 40.5 807.1 801.2 5.9 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, June 10, 2004 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 4627.3 5199.8 5819.9 6590.6 6979.2 7375.3 7580.2 7767.4 7765.9 8003.7 8426.6 1 173.0 243.6 73.6 90.8 145.9 258.4 86.6 72.0 140.3 298.3 101.6 79.9 161.1 294.1 103.5 91.3 115.5 318.3 83.3 150.7 119.7 341.5 95.3 190.1 92.1 349.5 102.8 161.5 49.5 363.8 100.6 361.8 76.4 359.0 72.0 423.9 120.2 371.5 91.6 460.3 43.8 389.4 61.2 528.0 2 3 4 5 2097.7 2278.2 2354.6 2621.1 2953.7 3436.8 3535.5 3722.5 3799.5 3956.5 4243.6 6 7 Open market paper 77.8 115.3 102.3 111.9 118.1 135.4 139.7 153.6 147.0 155.7 158.6 7 8 9 10 Treasury securities Official Private 1165.7 615.1 550.6 1185.0 622.9 562.0 1080.4 617.7 462.8 1026.1 625.2 401.0 1039.7 650.7 389.0 1214.2 710.6 503.6 1250.6 732.9 517.7 1343.1 768.2 574.9 1410.0 785.6 624.4 1482.7 839.1 643.6 1652.7 934.6 718.1 8 9 10 11 12 13 Agency- and GSE-backed securities Official Private 209.4 33.1 176.3 227.8 46.8 181.0 300.2 76.1 224.1 445.2 124.7 320.5 553.8 148.1 405.7 669.4 187.4 482.0 676.7 196.9 479.8 678.2 200.2 478.0 637.1 203.5 433.6 646.1 212.2 433.9 708.8 231.4 477.5 11 12 13 14 15 U.S. corporate bonds (1) Loans to U.S. corporate business 501.6 143.3 607.8 142.3 752.1 119.5 920.6 117.3 1126.3 115.7 1291.9 125.8 1353.6 115.0 1421.5 126.1 1480.3 125.2 1547.0 125.0 1611.6 111.9 14 15 16 17 18 U.S. corporate equities Trade receivables Security credit 952.9 59.0 0.0 1250.3 52.5 0.0 1611.5 47.4 0.0 1625.6 47.0 0.0 1533.9 43.9 0.0 1222.7 47.0 0.0 1154.1 47.3 0.0 1363.8 47.2 0.0 1394.9 45.6 0.0 1619.8 43.7 0.0 1655.4 40.6 0.0 16 17 18 19 20 21 Miscellaneous assets Foreign direct investment in U.S. (2) Other 936.7 824.1 112.6 1055.9 1000.7 55.2 1186.3 1216.0 -29.7 1646.8 1316.2 330.6 1779.9 1383.2 396.7 1922.2 1521.0 401.2 2137.6 1555.2 582.4 1758.3 1580.5 177.8 1594.6 1582.8 11.8 1340.1 1603.0 -262.9 1464.7 1602.6 -137.8 19 20 21 2562.0 2776.1 3147.8 3488.0 3566.9 3757.1 3940.7 3664.4 3589.5 3414.3 3255.0 22 22 Total liabilities 23 24 U.S. official foreign exchange and net IMF position U.S. private deposits 48.9 618.5 60.1 624.9 50.1 686.1 46.1 820.3 46.8 851.0 55.8 874.9 57.6 870.7 58.9 910.6 61.3 836.3 62.3 854.1 61.5 791.3 23 24 25 Credit market instruments 607.9 639.3 652.5 709.5 659.7 665.6 669.9 653.1 639.4 650.7 667.2 25 65.1 427.7 72.9 450.6 89.2 452.5 120.9 467.7 106.7 443.2 142.8 409.8 155.7 402.5 173.1 377.0 160.4 375.6 165.1 382.6 190.0 376.9 26 27 52.1 2.1 13.8 36.3 53.2 9.7 58.7 2.8 13.1 42.8 52.4 4.7 59.2 3.0 9.9 46.4 47.8 3.9 70.5 3.5 13.2 53.8 47.2 3.1 63.2 4.3 5.9 53.1 46.0 0.5 68.6 5.1 5.1 58.4 44.3 0.2 67.6 4.7 5.5 57.4 44.0 0.1 59.7 4.7 4.9 50.1 43.1 0.1 61.0 4.4 3.9 52.8 42.3 0.1 60.9 4.6 3.7 52.7 42.0 0.2 58.9 4.9 4.4 49.5 41.4 0.1 28 29 30 31 32 33 48.8 0.0 44.9 0.0 49.1 0.0 49.9 0.0 47.8 0.0 37.6 0.0 46.3 0.0 46.9 0.0 46.4 0.0 48.4 0.0 46.2 0.0 34 35 1237.9 30.8 2.1 1068.1 136.9 1406.9 32.4 2.0 1196.0 176.5 1710.1 33.9 2.6 1414.4 259.3 1862.3 35.4 2.6 1529.7 294.6 1961.5 37.1 2.6 1598.1 323.8 2123.2 38.7 2.7 1751.9 330.0 2296.3 39.1 2.6 1788.8 465.7 1995.0 39.5 2.7 1821.3 131.5 2006.0 39.9 2.7 1866.4 97.1 1798.9 40.1 2.8 1906.6 -150.7 1688.7 40.6 2.9 1964.7 -319.4 36 37 38 39 40 1207.8 1475.0 2003.7 1852.9 1612.7 1345.2 1270.2 1516.9 1661.3 1949.0 2040.1 41 26 27 Commercial paper Bonds 28 29 30 31 32 33 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 34 35 Trade payables Security debt 36 37 38 39 40 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 41 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, June 10, 2004 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 534.0 566.8 696.9 636.0 683.0 753.6 756.7 769.0 778.9 796.9 787.9 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 28.0 9.2 25.6 30.7 9.2 26.3 27.1 6.2 28.0 26.6 2.2 31.6 25.5 2.2 33.0 27.9 2.2 34.6 28.3 2.2 34.8 28.8 2.2 35.1 29.6 2.2 35.3 30.8 2.2 35.5 30.9 2.2 35.7 2 3 4 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 0.7 2.0 23.8 1.6 0.0 30.4 -0.2 0.2 140.6 0.9 0.1 43.4 -0.0 0.0 50.3 0.4 0.0 39.5 -1.2 0.0 31.8 -0.5 0.8 31.8 -0.5 0.2 37.5 -0.3 0.1 43.8 -0.6 0.1 27.5 5 6 7 8 Credit market instruments 431.4 452.5 478.1 511.8 551.7 629.4 641.5 652.1 656.1 666.7 674.1 8 0.0 430.7 0.7 0.0 0.0 452.1 0.3 0.0 0.0 478.0 0.2 0.0 0.0 511.7 0.1 0.0 0.0 551.7 0.0 0.0 0.0 629.4 0.0 0.0 0.0 641.5 0.0 0.0 0.0 652.1 0.0 0.0 0.0 656.1 0.0 0.0 0.0 666.7 0.0 0.0 0.0 674.1 0.0 0.0 9 10 11 12 13.2 16.1 16.8 19.3 20.3 19.6 19.3 18.9 18.5 18.2 18.1 13 528.8 560.9 690.5 629.2 675.7 745.3 747.2 760.0 768.7 788.0 778.2 14 9 10 11 12 13 14 Total financial assets 1998 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets Total liabilities 15 16 Depository institution reserves Vault cash of commercial banks 30.8 45.0 26.3 42.1 24.0 66.6 19.0 44.4 17.5 47.3 22.5 47.8 26.8 38.5 27.7 39.5 29.1 40.4 23.1 47.9 25.0 41.0 15 16 17 18 19 20 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 443.5 5.7 0.5 437.4 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 654.7 7.1 0.3 647.3 662.1 7.3 1.0 653.8 665.5 7.6 0.1 657.8 682.5 6.0 0.2 676.3 681.4 6.3 0.1 675.1 17 18 19 20 21 22 23 Miscellaneous liabilities Federal Reserve Bank stock Other 9.5 5.4 4.0 10.7 6.0 4.8 9.4 6.4 3.0 10.6 7.0 3.6 7.7 7.4 0.4 30.3 8.4 21.9 27.2 8.5 18.7 30.7 8.7 22.0 33.7 8.7 25.0 34.5 8.8 25.7 30.8 9.0 21.9 21 22 23 (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. 69 Z.1, June 10, 2004 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 5174.6 5628.6 5982.5 6468.7 6829.0 7329.2 7430.8 7619.1 7639.0 7812.2 8043.9 1 45.0 29.1 1.4 42.1 24.4 2.0 66.6 19.3 2.2 44.4 17.4 1.7 47.3 15.2 2.8 47.8 19.5 2.5 38.5 24.0 3.0 39.5 25.0 3.0 40.4 25.7 2.4 47.9 19.1 2.5 41.0 19.9 3.2 2 3 4 4144.5 4483.6 4788.5 5200.8 5411.3 5811.4 5891.8 6058.3 6061.4 6202.7 6403.2 5 6 7 Treasury securities Agency- and GSE-backed securities 270.1 571.2 214.1 663.2 228.9 699.6 184.5 721.8 162.7 777.4 205.8 917.9 136.7 961.2 127.2 1035.0 127.5 967.8 133.8 999.5 145.4 1094.6 6 7 8 9 Municipal securities Corporate and foreign bonds 96.7 143.1 104.8 180.9 110.8 220.5 114.1 278.6 120.2 376.4 121.7 379.1 123.2 470.8 127.1 473.3 131.9 483.1 132.5 506.4 133.9 524.6 8 9 3052.9 2.7 1169.8 1245.3 512.6 122.5 3304.6 1.1 1314.8 1337.0 508.9 142.8 3505.1 1.4 1383.8 1495.4 499.8 124.8 3874.8 1.5 1496.6 1660.1 541.5 175.2 3944.4 0.0 1421.0 1789.8 558.4 175.2 4163.8 0.0 1340.4 2058.3 587.2 177.9 4184.4 0.0 1302.3 2099.4 575.3 207.4 4272.8 0.0 1287.2 2193.1 584.2 208.3 4327.0 0.0 1260.3 2263.9 593.7 209.1 4398.3 0.0 1292.4 2256.0 636.4 213.5 4472.5 0.0 1279.1 2329.5 624.7 239.2 10 11 12 13 14 15 2.6 8.1 6.8 9.1 11.3 12.4 11.9 15.0 8.9 21.3 3.5 19.6 2.0 13.5 6.7 16.3 9.7 14.5 15.1 17.1 16.0 16.2 16 17 20.6 934.0 11.3 1065.2 8.2 1097.7 7.5 1196.9 4.6 1347.9 4.6 1443.4 4.8 1468.7 4.5 1488.8 4.3 1504.8 4.4 1535.7 3.9 1572.8 18 19 5053.0 5505.7 5833.5 6407.1 6770.3 7330.6 7415.9 7593.9 7667.8 7850.7 8085.9 20 10 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 16 17 Corporate equities Mutual fund shares 18 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 21 22 23 24 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 143.5 2.8 -32.2 173.0 121.0 1.7 -26.5 145.9 111.8 -0.0 -28.5 140.3 157.8 1.0 -4.3 161.1 126.6 0.0 11.1 115.5 135.5 0.5 15.3 119.7 110.2 -1.2 19.3 92.1 56.5 0.2 6.8 49.5 94.2 -0.3 18.1 76.4 131.9 -0.3 12.0 120.2 58.0 -0.5 14.7 43.8 21 22 23 24 25 26 27 28 Checkable deposits Federal government Rest of the world Private domestic 656.4 27.8 31.7 597.0 622.9 13.2 30.2 579.6 626.4 49.6 43.6 533.2 540.9 16.4 33.9 490.6 628.8 47.5 34.5 546.9 571.4 31.1 36.1 504.3 575.6 43.6 39.0 493.0 575.2 17.4 51.3 506.5 526.5 -6.8 44.6 488.8 502.8 -69.5 49.5 522.8 456.4 -123.3 69.2 510.5 25 26 27 28 29 30 31 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1761.5 601.0 552.2 1945.2 673.1 639.2 2017.1 792.6 750.0 2228.7 885.4 816.1 2478.1 918.1 786.5 2747.8 915.6 902.0 2833.5 940.5 896.6 2913.7 934.8 992.4 2935.5 933.6 972.8 2978.3 934.5 1069.2 3079.5 992.8 1160.4 29 30 31 32 Credit market instruments 309.2 382.1 449.3 509.3 562.1 612.0 627.6 639.5 638.9 661.3 703.7 32 58.5 192.6 58.1 56.9 220.2 104.9 63.1 240.6 145.6 63.6 273.2 172.4 55.4 310.2 196.6 52.9 332.2 226.9 49.4 352.9 225.3 44.2 359.7 235.6 45.2 361.2 232.5 46.6 379.1 235.5 61.0 389.1 253.5 33 34 35 5.4 1023.7 7.1 1115.2 9.0 1077.4 11.1 1257.8 13.5 1256.6 16.2 1430.1 16.9 1414.9 17.6 1464.2 18.3 1548.1 19.1 1553.7 19.8 1615.4 36 37 4031.9 4336.1 4648.3 5006.3 5210.5 5614.9 5673.6 5831.6 5832.4 5961.5 6135.7 38 33 34 35 36 37 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 38 Credit market funds advanced (4) (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 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18). 70 Z.1, June 10, 2004 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 9 10 11 12 13 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 14 15 16 17 18 19 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 20 21 Corporate equities Mutual fund shares 22 23 24 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 3742.2 4080.6 4431.2 4774.1 5014.5 5427.1 5519.2 5683.7 5704.5 5839.8 5996.5 1 71.2 65.5 84.4 61.3 61.9 66.1 61.3 63.4 63.7 66.2 59.7 2 3512.2 3844.6 4164.5 4515.2 4718.6 5102.3 5158.3 5324.2 5350.0 5481.6 5650.8 3 166.8 497.2 247.7 107.0 142.4 124.8 578.9 301.5 115.9 161.5 122.8 608.3 283.7 120.9 203.8 87.9 626.5 297.8 111.0 217.6 56.5 700.2 350.6 168.2 181.4 86.4 821.3 434.9 159.1 227.4 89.3 866.4 466.2 179.5 220.7 77.9 936.0 526.1 179.3 230.5 81.2 872.5 472.2 158.5 241.8 93.5 906.4 491.5 161.4 253.5 102.6 1001.0 578.1 166.6 256.3 4 5 6 7 8 96.1 85.8 3.0 22.5 60.4 104.4 118.2 3.9 42.8 71.5 110.2 161.8 4.5 48.8 108.5 113.4 214.0 4.1 56.5 153.4 119.7 278.5 25.3 59.3 193.9 121.2 283.5 12.0 67.4 204.2 122.7 288.5 10.6 78.1 199.8 126.6 281.8 10.3 78.4 193.0 131.3 302.3 11.4 84.2 206.7 131.9 330.6 12.2 92.6 225.8 133.3 340.2 13.8 94.4 232.0 9 10 11 12 13 2655.6 2.3 867.9 1208.4 512.6 64.4 2902.3 0.8 1012.0 1304.3 508.9 76.3 3137.8 0.7 1104.3 1465.4 499.8 67.6 3446.5 0.9 1202.4 1627.0 541.5 74.7 3533.6 0.0 1140.5 1752.8 558.4 81.9 3766.7 0.0 1081.9 2018.5 587.2 79.2 3775.8 0.0 1050.6 2058.5 575.3 91.5 3878.9 0.0 1039.3 2150.9 584.2 104.5 3938.6 0.0 1029.5 2216.1 593.7 99.4 3987.1 0.0 1045.5 2213.6 636.4 91.5 4041.4 0.0 1034.7 2286.0 624.7 96.0 14 15 16 17 18 19 2.6 8.1 6.8 9.1 11.3 12.4 11.9 15.0 8.9 21.3 3.5 19.6 2.0 13.5 6.7 16.3 9.7 14.5 15.1 17.1 16.0 16.2 20 21 13.7 145.2 9.1 161.5 6.6 175.6 5.9 191.7 3.6 230.4 3.9 254.7 4.3 295.2 4.1 292.0 3.8 287.0 3.8 288.2 3.3 282.6 22 23 3959.7 4353.3 4685.6 5169.7 5455.3 5948.0 6023.6 6189.5 6273.2 6422.7 6616.4 24 25 26 27 28 29 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 2.9 0.7 2.0 -50.2 50.4 25.2 1.6 0.0 -50.9 74.4 56.9 -0.2 0.2 -67.3 124.1 137.5 0.9 0.1 -33.0 169.5 138.2 -0.0 0.0 -17.8 155.9 192.4 0.4 0.0 0.2 191.8 177.7 -1.2 0.0 -15.2 194.0 133.0 -0.5 0.8 -61.5 194.3 173.5 -0.5 0.2 -57.8 231.6 219.1 -0.3 0.1 -65.2 284.6 195.4 -0.6 0.1 -72.8 268.8 25 26 27 28 29 30 31 32 33 Checkable deposits Federal government Rest of the world Private domestic 640.3 27.8 26.0 586.5 605.8 13.2 24.8 567.9 608.7 49.6 37.6 521.5 523.7 16.4 28.3 479.0 608.2 47.5 31.2 529.5 552.7 31.1 33.2 488.4 556.8 43.6 36.7 476.4 552.9 17.4 48.6 486.9 506.3 -6.8 42.3 470.8 481.4 -69.5 46.9 504.0 434.7 -123.3 66.4 491.5 30 31 32 33 34 35 36 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1738.0 369.3 471.7 1924.4 404.1 538.4 1997.4 465.7 667.0 2208.0 553.6 682.4 2448.3 528.4 663.9 2722.0 552.7 737.4 2808.5 569.1 698.7 2888.4 572.5 786.6 2908.8 569.7 802.9 2950.2 555.7 905.6 3050.4 575.2 990.3 34 35 36 37 38 39 40 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 13.7 61.6 58.1 5.4 9.1 72.1 104.9 7.1 6.6 75.8 145.6 9.0 6.0 86.4 172.4 11.1 3.7 94.7 196.6 13.5 3.9 94.1 226.9 16.2 4.3 94.7 225.3 16.9 4.1 96.6 235.6 17.6 3.8 97.3 232.5 18.3 3.8 99.6 235.5 19.1 3.3 98.6 253.5 19.8 37 38 39 40 41 42 43 Miscellaneous liabilities Investment by bank holding companies Other 598.7 413.6 185.1 662.0 469.0 193.0 653.1 471.9 181.2 788.6 525.4 263.2 759.8 586.1 173.7 849.6 639.2 210.4 871.7 650.1 221.6 902.2 667.0 235.2 960.2 679.6 280.5 952.7 689.8 263.0 995.0 708.0 287.0 41 42 43 3450.7 3761.4 4080.0 4419.5 4610.1 5003.9 5055.6 5200.8 5230.3 5361.7 5525.9 44 Memo: 44 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22). 71 Z.1, June 10, 2004 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 9 10 11 12 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 13 Corporate equities 14 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 811.3 806.5 750.9 789.4 791.9 801.1 778.5 750.1 728.0 732.5 736.6 1 2.9 1.0 1.4 0.5 0.6 1.2 1.1 1.1 2.4 0.9 1.1 2 567.2 568.7 543.0 610.2 603.0 615.0 634.4 620.9 599.6 607.1 635.0 3 95.1 62.2 0.0 41.3 84.8 67.4 0.0 46.9 94.5 72.4 0.0 42.4 94.0 72.7 0.0 50.7 103.8 50.7 0.0 81.3 116.7 61.6 0.0 81.6 44.3 60.0 0.0 164.0 44.5 63.1 0.0 167.2 40.1 54.8 0.0 165.5 34.2 52.5 0.0 160.9 36.6 51.1 0.0 169.6 4 5 6 7 368.6 0.4 284.0 26.1 58.0 369.6 0.3 282.4 20.4 66.5 333.8 0.6 260.0 15.9 57.2 392.8 0.6 274.6 17.1 100.5 367.2 0.0 256.1 17.9 93.3 355.2 0.0 237.5 19.0 98.7 366.1 0.0 231.2 18.9 115.9 346.2 0.0 223.1 19.3 103.8 339.2 0.0 205.7 23.7 109.8 359.6 0.0 220.4 17.2 121.9 377.7 0.0 217.2 17.3 143.1 8 9 10 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 6.9 234.3 2.2 234.5 1.6 204.9 1.6 177.1 1.0 187.2 0.6 184.2 0.5 142.5 0.4 127.6 0.5 125.5 0.6 123.9 0.5 100.0 14 15 830.8 828.8 776.4 818.4 824.8 838.4 817.0 789.8 769.0 774.7 780.1 16 17 18 19 Net interbank liabilities To foreign banks To domestic banks 148.2 144.4 3.8 93.2 92.7 0.4 48.2 41.5 6.7 7.4 -15.5 22.9 -9.3 -50.9 41.6 -51.6 -83.1 31.5 -61.1 -103.8 42.7 -78.8 -111.8 33.0 -84.6 -122.2 37.6 -92.8 -130.7 37.8 -142.9 -191.0 48.1 17 18 19 20 21 22 Checkable deposits Small time and savings deposits Large time deposits 8.8 13.1 221.3 8.6 9.4 257.6 9.1 7.5 314.8 8.7 7.2 318.2 9.1 11.6 371.5 8.4 9.4 346.4 8.0 8.7 355.2 10.0 8.9 346.0 8.8 9.7 346.9 9.4 10.3 361.0 9.0 11.2 399.7 20 21 22 23 24 Federal funds and security RPs (net) Acceptance liabilities 80.7 7.2 100.4 2.4 82.5 2.0 134.8 2.0 123.9 1.1 163.4 0.7 191.8 0.5 197.1 0.5 167.7 0.5 161.5 0.6 168.8 0.6 23 24 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 351.5 38.8 78.8 233.9 357.3 46.1 90.6 220.6 312.2 62.0 93.0 157.2 340.1 64.2 138.7 137.2 316.9 71.6 107.9 137.4 361.8 80.7 132.6 148.5 314.0 83.9 128.3 101.8 306.2 82.9 124.8 98.5 320.0 83.7 118.3 118.0 324.8 83.6 130.8 110.3 333.7 83.8 157.9 91.9 25 26 27 28 516.1 504.5 487.4 511.3 510.7 516.9 519.0 517.6 490.3 485.8 492.4 29 Memo: 29 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 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14). 72 Z.1, June 10, 2004 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 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 19 Miscellaneous liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 575.3 685.9 741.2 841.9 942.4 1025.8 1056.5 1104.6 1121.0 1152.4 1218.9 1 27.4 26.5 32.7 20.5 24.7 27.8 33.0 42.9 36.4 36.4 36.7 2 4.0 5.5 15.5 2.4 0.9 6.6 14.8 4.1 8.8 5.4 15.9 2.6 0.8 4.8 13.2 1.6 1.2 6.2 15.3 1.9 1.3 10.7 12.9 2.9 1.3 11.4 17.6 2.6 2.4 10.9 23.0 6.7 3.0 12.2 14.3 6.8 2.7 11.6 14.2 7.9 2.1 12.5 13.9 8.1 3 4 5 6 547.9 413.6 89.9 44.4 659.5 469.0 134.0 56.5 708.5 471.9 151.3 85.4 821.4 525.4 189.7 106.3 917.8 586.1 219.5 112.2 998.1 639.2 219.3 139.5 1023.5 650.1 227.8 145.7 1061.7 667.0 247.6 147.1 1084.7 679.6 255.2 149.9 1116.0 689.8 264.3 161.9 1182.2 708.0 292.8 181.4 7 8 9 10 218.8 270.6 314.6 358.7 413.4 473.1 503.0 538.3 544.9 570.8 603.0 11 -7.6 14.3 -21.9 2.7 23.9 -21.3 6.7 32.1 -25.4 12.9 5.8 7.1 -2.3 -12.8 10.4 -5.3 -16.4 11.1 -6.4 -8.2 1.8 2.4 35.3 -32.9 5.3 38.3 -33.0 5.6 39.4 -33.8 5.4 39.4 -34.0 12 13 14 -0.2 0.4 0.5 -1.1 -1.2 1.2 6.2 8.8 2.2 2.1 1.2 15 168.6 37.6 131.0 193.5 45.4 148.1 219.3 54.5 164.8 242.5 55.7 186.8 266.1 50.6 215.5 286.4 48.3 238.1 302.8 44.6 258.2 302.7 39.6 263.1 304.8 40.9 263.9 321.8 42.3 279.5 347.7 57.1 290.6 16 17 18 57.9 74.1 88.1 104.4 150.8 190.9 200.4 224.5 232.7 241.4 248.8 19 63.3 80.2 75.2 76.6 80.8 85.4 87.5 91.8 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 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Home mortgages Commercial mortgages Miscellaneous assets Total liabilities 45.8 55.5 59.2 1.4 2.0 2.2 1.7 2.8 2.5 3.0 3.0 2.4 2.5 3.2 2 37.8 43.8 48.3 55.0 65.0 66.3 66.1 70.3 75.5 77.6 80.7 3 4.2 6.3 0.5 0.4 3.6 10.2 0.5 1.0 2.8 13.5 0.6 0.5 1.8 17.8 0.7 0.8 1.2 20.3 0.5 1.4 1.5 24.2 0.5 1.1 1.7 23.4 0.5 0.7 2.4 25.0 0.5 1.4 3.2 28.3 0.6 1.0 3.4 28.9 0.6 0.8 4.0 29.9 0.6 0.8 4 5 6 7 15.5 6.4 4.4 16.3 7.5 4.8 16.9 8.1 6.0 18.0 9.1 6.8 22.5 8.2 11.0 18.1 9.6 11.3 17.9 10.6 11.4 18.2 11.2 11.7 18.2 11.6 12.5 18.6 12.3 12.9 19.1 12.9 13.3 8 9 10 6.6 9.7 8.7 6.6 12.5 6.4 7.5 7.5 7.6 7.5 8.0 11 43.7 53.1 56.9 60.4 76.8 71.0 72.3 76.2 80.7 82.5 86.4 12 13 14 15 Checkable deposits Small time and savings deposits Large time deposits 7.3 10.4 10.4 8.5 11.4 11.4 8.5 12.2 12.2 8.4 13.6 13.6 11.5 18.1 18.1 10.3 16.4 16.4 10.9 16.3 16.3 12.2 16.3 16.3 11.4 17.0 17.0 12.0 17.8 17.8 12.7 17.8 17.8 13 14 15 16 Miscellaneous liabilities 15.6 21.9 24.1 24.8 29.0 27.8 28.8 31.4 35.2 34.9 38.0 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, June 10, 2004 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1028.6 1088.6 1150.5 1217.7 1299.1 1357.4 1407.8 1437.1 1471.7 1475.2 1556.5 1 1.8 15.2 1.0 9.2 1.9 18.4 1.5 14.8 4.7 17.4 1.3 10.6 1.7 19.0 1.4 14.9 2.3 21.0 2.2 27.4 3.0 24.7 2.6 27.1 2.8 23.9 2.6 29.7 2.7 27.4 2.7 25.6 3.4 25.9 2.7 24.8 3.9 24.3 2.6 21.0 5.1 25.0 3.0 31.2 2 3 4 5 928.5 964.7 1032.4 1088.6 1131.4 1166.8 1214.4 1238.8 1261.4 1293.1 1370.6 6 0.0 14.6 155.3 124.1 0.0 31.2 0.0 10.2 143.7 117.2 0.0 26.5 0.0 10.1 147.1 115.7 0.0 31.4 0.0 8.7 140.4 109.0 0.0 31.4 0.0 11.4 161.4 115.7 0.0 45.7 0.0 9.2 176.2 132.7 0.0 43.5 0.0 9.2 186.1 141.0 0.0 45.2 0.0 10.0 192.4 142.0 0.0 50.3 0.0 11.2 193.3 136.2 0.0 57.1 0.0 12.2 198.7 138.1 0.0 60.6 0.0 12.2 228.4 124.9 44.5 59.1 7 8 9 10 11 12 2.1 58.7 15.1 0.0 43.6 2.5 88.6 13.2 0.0 75.4 3.0 111.9 18.4 0.0 93.6 3.2 109.4 19.0 0.0 90.4 4.5 83.9 13.2 0.0 70.7 5.5 79.9 10.6 0.0 69.3 5.5 81.9 9.6 0.0 72.3 5.8 75.4 9.5 0.0 65.9 6.3 68.6 10.0 0.0 58.6 6.3 71.1 10.7 0.0 60.4 6.5 65.1 9.4 41.9 13.8 13 14 15 16 17 18.8 631.8 47.2 24.2 644.0 51.6 30.6 668.1 61.5 39.3 723.0 64.6 42.9 758.2 69.1 46.2 781.4 68.5 47.4 815.9 68.4 48.2 833.6 73.6 57.4 852.1 72.5 56.3 870.9 77.7 49.6 927.5 81.3 18 19 20 23.3 49.7 24.5 62.8 23.8 60.2 24.2 67.8 27.9 87.0 29.1 104.2 29.9 104.4 30.6 109.3 31.1 122.6 30.4 99.9 28.2 93.5 21 22 1001.0 1058.8 1119.6 1185.8 1264.1 1318.1 1367.4 1397.7 1430.3 1431.6 1515.6 23 695.8 149.5 448.2 98.1 693.2 185.6 393.9 113.7 699.3 222.3 354.7 122.2 726.7 265.8 318.9 142.1 773.6 316.5 288.2 168.9 840.5 370.9 256.5 213.1 860.5 384.2 251.8 224.5 875.1 399.5 238.0 237.6 893.1 413.9 240.9 238.3 899.8 428.3 226.0 245.5 946.7 443.0 218.3 285.4 24 25 26 27 41.8 51.3 72.7 66.7 72.4 57.4 60.8 64.6 65.6 77.5 74.1 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 160.3 2.8 19.4 138.0 212.4 2.6 29.7 180.1 260.4 2.7 14.0 243.7 287.7 6.3 21.5 260.0 295.1 3.6 23.0 268.5 281.4 3.4 27.2 250.8 287.2 4.8 15.1 267.3 277.0 4.8 15.9 256.2 277.9 5.0 15.4 257.5 280.9 5.1 13.9 261.8 281.4 6.0 14.3 261.2 29 30 31 32 33 34 35 36 Taxes payable Miscellaneous liabilities Investment by parent Other 1.8 101.4 5.0 96.4 2.0 99.8 5.4 94.4 2.0 85.1 6.0 79.2 2.5 102.3 6.6 95.7 1.7 121.3 7.4 113.9 1.5 137.2 8.3 128.9 1.4 157.5 8.5 148.9 1.4 179.5 8.8 170.8 1.6 192.3 9.1 183.2 1.3 172.1 9.3 162.8 1.8 211.5 9.6 201.9 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, June 10, 2004 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 353.8 391.5 414.5 441.1 505.5 560.8 589.2 609.4 612.5 617.3 634.5 1 8.1 17.0 3.5 9.1 23.4 6.8 26.4 16.6 9.3 26.7 15.5 4.0 36.8 23.0 2.5 38.4 24.5 1.7 54.8 28.7 4.4 52.4 27.6 2.4 45.6 27.3 2.8 41.5 26.4 1.6 50.4 27.5 4.3 2 3 4 305.3 324.2 351.7 379.7 421.2 463.9 473.7 495.3 517.7 514.5 524.3 5 0.2 15.6 51.0 0.4 13.1 58.4 1.9 9.6 61.3 1.2 8.2 60.9 2.4 7.4 80.6 3.6 7.8 97.3 2.9 7.3 107.2 3.4 8.7 116.2 3.1 9.1 125.7 1.6 8.9 115.5 2.3 8.5 120.3 6 7 8 9 10 Home mortgages Consumer credit 86.0 152.4 96.9 155.4 111.0 167.9 124.9 184.4 141.3 189.6 159.4 195.7 162.4 193.9 168.4 198.6 176.5 203.4 182.6 205.9 185.4 207.7 9 10 11 12 Mutual fund shares Miscellaneous assets 2.4 17.6 3.6 24.3 2.5 8.0 2.2 12.9 3.7 18.3 3.5 28.7 3.4 24.1 4.5 27.2 5.0 14.1 4.1 29.2 4.2 23.8 11 12 320.6 355.3 376.1 398.1 458.9 509.0 536.2 555.6 557.3 560.3 576.7 13 315.4 36.6 264.4 14.4 349.0 43.0 287.5 18.5 366.7 45.4 299.8 21.6 389.1 51.3 312.7 25.1 450.2 54.7 361.3 34.1 496.9 59.7 394.4 42.8 527.1 65.9 417.1 44.1 540.0 66.4 423.6 50.1 539.9 64.8 424.9 50.3 544.9 67.4 424.0 53.6 548.8 70.3 423.8 54.7 14 15 16 17 0.6 4.6 1.1 5.2 3.4 6.0 3.4 5.6 4.9 3.8 6.9 5.1 7.6 1.5 8.0 7.6 8.8 8.5 9.1 6.3 8.4 19.5 18 19 13 Total liabilities 14 15 16 17 Shares/deposits Checkable Small time and savings Large time 18 19 Other loans and advances Miscellaneous liabilities L.116 Bank Personal Trusts and Estates (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 917.7 976.3 1104.1 1067.8 929.1 807.9 786.5 843.8 851.7 899.0 921.5 1 48.2 0.8 10.0 37.4 54.4 0.3 7.8 46.2 62.7 0.3 8.7 53.7 69.8 0.2 8.9 60.6 65.1 0.7 11.7 52.8 65.2 0.0 11.1 54.1 65.2 0.1 13.3 51.8 65.1 0.2 15.4 49.5 65.1 0.3 17.6 47.2 65.1 0.4 19.8 44.9 65.1 0.5 22.0 42.7 2 3 4 5 207.0 194.1 222.0 222.8 194.7 195.6 194.9 194.3 193.7 193.2 196.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 21.0 20.4 40.8 16.5 17.3 39.4 17.1 17.3 45.2 14.7 16.3 45.5 11.6 11.5 35.1 11.4 11.2 34.2 11.3 11.1 33.6 11.2 11.0 32.9 11.1 10.9 32.2 11.0 10.9 31.6 10.9 10.9 31.7 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 90.7 31.1 3.0 89.5 28.5 2.8 100.3 39.8 2.2 99.1 44.9 2.3 95.6 38.3 2.5 100.9 35.6 2.3 100.3 36.5 2.2 99.6 37.5 2.1 98.9 38.5 2.0 98.4 39.5 1.9 99.7 41.2 1.9 10 11 12 362.2 285.7 360.1 344.7 407.3 391.5 356.8 396.8 280.7 359.1 181.1 339.1 170.1 327.1 192.7 360.0 194.4 364.5 213.1 391.2 218.3 403.0 13 14 14.6 23.0 20.5 21.7 29.4 26.8 29.2 31.6 34.0 36.4 38.8 15 942.5 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 16 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Credit market instruments 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities (2) (1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies. (2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector. 75 Z.1, June 10, 2004 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 Policy loans Mortgages 12 13 Corporate equities Mutual fund shares 14 Miscellaneous assets 15 Total liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 2514.8 2769.5 3067.9 3135.7 3224.6 3335.0 3420.2 3590.7 3663.9 3770.0 3848.8 1 8.1 92.8 5.4 110.4 5.5 131.8 5.0 142.3 36.8 173.3 35.3 159.8 43.8 152.7 43.4 153.4 44.8 152.3 27.7 151.4 27.8 144.2 2 3 1751.1 1828.0 1886.0 1943.9 2074.8 2307.8 2377.6 2437.4 2472.8 2503.7 2528.6 4 65.9 85.5 226.7 73.4 71.3 217.0 75.8 62.8 224.4 71.2 58.1 235.4 59.3 53.7 253.5 74.0 78.5 330.9 79.2 81.4 341.3 76.4 83.5 351.1 79.0 84.6 356.0 74.1 83.1 361.0 79.6 83.6 361.5 5 6 7 16.7 1046.0 103.7 206.8 18.4 1130.4 103.8 213.6 20.1 1173.2 99.0 230.8 19.1 1222.2 101.9 235.9 18.7 1342.4 104.1 243.0 19.9 1449.3 105.1 250.0 20.2 1499.6 104.7 251.1 20.9 1546.1 105.0 254.3 21.2 1570.3 104.6 257.1 21.4 1599.2 104.7 260.3 21.5 1616.1 104.9 261.5 8 9 10 11 539.7 57.2 683.2 73.2 909.0 98.7 891.9 97.0 811.3 88.3 708.9 76.6 706.7 75.5 809.4 85.5 844.6 90.3 928.6 98.9 966.9 102.4 12 13 65.7 69.2 36.9 55.6 40.1 46.8 64.0 61.7 59.1 59.7 78.9 14 2359.7 2599.7 2882.8 2942.8 3034.8 3140.4 3220.2 3373.8 3439.2 3538.3 3623.2 15 16 17 18 Other loans and advances Life insurance reserves Pension fund reserves (1) 1.8 632.7 1086.1 2.5 684.7 1248.1 3.2 748.9 1428.1 2.5 782.7 1453.1 3.1 842.2 1462.1 5.1 881.6 1488.0 6.3 896.9 1506.3 6.6 923.9 1602.5 7.4 938.1 1641.6 8.0 959.1 1728.7 8.1 979.0 1784.2 16 17 18 19 20 Taxes payable Miscellaneous liabilities 13.7 625.4 14.9 649.5 16.2 686.4 17.8 686.8 19.7 707.6 22.1 743.6 22.8 788.0 23.4 817.4 24.1 827.9 24.9 817.6 25.6 826.3 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 Other 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 5 6 Treasury securities Agency- and GSE-backed securities 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10 11 12 13 14 15 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 843.5 876.4 872.7 862.0 858.1 918.8 937.0 982.7 1007.6 1045.0 1068.5 1 4.2 35.2 4.0 42.7 4.3 28.3 3.7 38.3 13.1 30.2 25.9 44.4 30.2 42.0 36.1 48.8 35.1 51.0 34.5 52.8 34.0 56.2 2 3 515.3 521.1 518.2 509.4 518.4 558.3 572.3 584.7 601.9 624.0 634.8 4 91.1 70.8 70.4 69.7 60.6 75.5 52.1 84.1 52.0 94.2 61.2 113.2 62.6 115.6 64.0 118.0 65.8 121.5 68.4 126.3 69.8 127.2 5 6 191.6 159.5 2.2 208.1 171.1 2.0 199.0 181.1 1.9 184.1 187.5 1.6 173.8 196.4 1.9 183.0 198.9 2.0 187.5 204.6 2.0 191.4 209.4 1.9 197.1 215.6 1.9 204.6 222.7 2.1 208.7 227.1 2.1 7 8 9 186.0 59.9 42.8 200.1 61.5 47.0 207.9 63.6 50.6 194.3 64.6 51.8 173.9 69.9 52.6 152.3 74.8 63.1 147.4 79.3 65.8 162.9 81.6 68.5 167.3 82.3 70.0 182.7 79.3 71.7 186.9 82.5 74.0 10 11 12 535.7 543.1 551.8 562.7 590.1 636.5 649.1 661.6 680.5 682.5 690.4 13 13.4 522.3 15.4 527.7 17.4 534.4 19.7 543.0 22.4 567.7 25.6 610.9 26.5 622.6 27.4 634.2 28.4 652.2 29.3 653.2 30.3 660.0 14 15 76 Z.1, June 10, 2004 L.119 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 3689.2 4104.8 4571.2 4422.3 4039.7 3513.4 3458.4 3777.0 3867.7 4175.9 4259.2 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6.6 119.4 61.4 27.6 5.7 147.7 63.4 28.8 6.9 118.8 75.1 32.5 7.3 121.7 79.6 33.4 6.3 125.8 69.0 34.2 6.8 126.7 71.8 36.1 7.0 127.5 72.5 35.8 7.3 128.7 73.2 35.5 7.3 129.5 73.9 35.2 7.1 129.1 74.7 35.4 7.4 130.0 75.4 35.6 2 3 4 5 6 Credit market instruments 7 8 9 10 11 Total financial assets 1998 647.1 621.1 720.4 724.2 708.3 729.5 731.3 737.4 734.4 733.6 744.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 31.3 118.3 211.4 34.3 85.1 194.8 41.3 87.5 233.0 39.6 77.9 242.0 37.4 56.2 249.9 48.3 54.9 251.7 48.1 54.9 250.7 46.2 55.8 251.3 45.9 53.7 246.7 42.3 52.7 246.4 42.4 53.3 247.7 7 8 9 Corporate and foreign bonds Mortgages 276.5 9.7 297.5 9.3 347.5 11.0 352.5 12.2 351.4 13.5 359.4 15.2 362.0 15.6 367.8 16.2 371.5 16.7 374.9 17.2 383.2 17.9 10 11 1666.6 569.6 1947.9 668.2 2081.2 897.6 1956.1 873.7 1697.8 776.9 1288.2 634.6 1243.7 618.9 1449.3 714.3 1514.1 735.0 1709.2 824.5 1747.1 850.3 12 13 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 590.9 381.9 93.5 115.4 622.2 384.6 114.9 122.7 638.9 396.4 107.3 135.3 626.4 381.4 108.5 136.5 621.3 372.2 109.8 139.3 619.8 366.5 111.1 142.2 621.6 367.1 111.4 143.1 631.4 377.9 111.8 141.8 638.2 385.1 112.1 141.0 662.2 406.5 112.4 143.3 668.9 411.3 112.8 144.8 14 15 16 17 18 Pension fund reserves (liabilities) (3) 3736.2 4158.9 4628.9 4483.5 4104.6 3582.3 3528.3 3848.0 3939.7 4249.0 4333.4 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. L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1817.1 2054.1 2226.8 2289.6 2179.6 1963.8 1932.6 2094.9 2125.2 2269.9 2303.3 1 5.3 2.4 28.6 10.0 2.0 37.5 9.2 1.7 40.4 9.1 1.1 44.7 9.5 0.6 45.3 7.7 0.7 45.5 9.2 1.1 45.9 9.3 1.1 46.5 9.4 1.1 46.9 9.2 1.1 48.4 9.6 1.0 49.5 2 3 4 632.5 704.6 751.4 806.0 788.4 802.4 802.5 808.1 810.9 815.5 816.6 5 Open market paper Treasury securities Agency- and GSE-backed securities 28.6 253.2 87.0 37.5 254.0 106.1 40.4 247.4 129.0 44.7 231.9 166.6 45.3 213.6 152.1 45.5 212.5 151.8 45.9 213.5 151.1 46.5 218.8 151.7 46.9 213.3 154.8 43.4 207.2 159.8 44.5 205.3 158.0 6 7 8 Municipal securities Corporate and foreign bonds Mortgages 1.5 244.5 17.6 3.3 279.6 24.1 3.0 310.0 21.5 1.6 339.7 21.5 1.4 351.1 24.9 0.5 360.5 31.6 0.6 357.5 33.9 0.5 354.4 36.3 0.6 356.4 39.0 0.6 362.5 41.9 0.7 363.2 45.0 9 10 11 1084.8 63.5 1233.9 66.1 1343.2 81.0 1335.1 93.5 1221.9 113.8 1001.6 105.9 970.7 103.1 1130.4 99.5 1158.4 98.5 1304.5 91.2 1334.3 92.4 12 13 1842.0 2085.4 2262.3 2331.5 2226.4 2013.4 1982.4 2144.9 2175.3 2319.8 2352.9 14 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.121 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 Pension fund reserves (liabilities) (2) 659.1 718.0 776.2 799.2 862.0 896.6 885.0 907.2 922.9 959.0 952.2 1 27.5 30.2 33.1 35.1 44.8 57.8 64.9 65.5 65.3 64.1 64.3 2 25.8 1.0 0.6 28.1 1.3 0.8 31.0 1.3 0.8 33.0 1.4 0.8 40.2 3.1 1.6 49.6 5.5 2.8 53.4 7.7 3.9 53.9 7.7 3.9 54.6 7.1 3.6 54.3 6.5 3.3 54.8 6.3 3.2 3 4 5 29.9 601.7 44.9 642.9 59.1 684.0 59.1 704.9 51.4 765.8 48.5 790.3 52.3 767.8 63.1 778.6 69.4 788.1 79.9 815.0 86.7 801.2 6 7 659.1 718.0 776.2 799.2 862.0 896.6 885.0 907.2 922.9 959.0 952.2 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Liabilities of the sector are assets of the household sector. 77 Z.1, June 10, 2004 L.122 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.8 2058.0 2016.0 1971.9 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 23.2 1.5 111.3 126.6 30.6 -1.0 127.0 139.5 42.9 -2.2 160.4 139.6 91.1 2.2 142.4 183.0 124.2 4.6 219.5 227.0 114.1 -1.3 204.6 273.2 101.1 -1.7 193.4 262.1 88.6 -8.1 183.8 258.7 82.4 -6.5 184.4 229.0 74.2 -1.9 156.9 251.4 73.2 -10.7 158.2 269.0 2 3 4 5 6 Credit market instruments 721.9 965.9 1147.8 1290.9 1536.9 1511.6 1485.5 1480.3 1438.1 1398.5 1344.7 6 336.0 86.2 96.3 167.0 36.4 414.2 103.6 173.8 193.0 81.2 519.0 103.8 190.9 210.4 123.7 608.6 90.4 185.2 244.7 161.9 638.9 135.7 318.4 281.0 163.0 594.0 140.2 324.1 282.8 170.7 543.5 148.2 318.1 292.7 183.0 517.7 144.2 326.9 299.0 192.5 471.7 134.2 350.9 296.5 184.9 458.9 130.2 326.2 297.3 185.9 432.2 125.7 300.0 306.7 180.0 7 8 9 10 11 7 8 9 10 11 12 13 Total financial assets 1998 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 58.1 67.7 90.4 102.5 128.6 121.6 115.8 117.4 130.6 137.0 137.4 12 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.8 2058.0 2016.0 1971.9 13 4071.6 4242.6 4653.2 4890.4 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 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 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 57.8 70.9 80.8 106.5 74.8 81.5 81.4 82.3 83.5 94.0 93.6 2 901.1 1028.4 1076.8 1097.7 1223.8 1368.0 1415.6 1480.9 1478.5 1505.7 1548.6 3 57.8 136.4 213.3 219.8 273.8 70.9 141.0 234.9 242.6 339.0 80.8 117.3 271.1 239.4 368.2 106.5 123.6 275.2 230.5 361.9 74.8 115.1 360.5 253.4 420.1 63.0 134.7 422.0 277.3 470.9 62.8 142.8 435.0 282.8 492.1 63.9 152.2 451.9 292.3 520.6 65.2 147.2 444.4 289.8 531.9 75.8 144.1 447.3 290.2 548.3 75.3 147.0 456.1 295.2 574.9 4 5 6 7 8 2018.7 11.8 2506.2 7.7 3376.7 4.2 3227.3 3.8 2836.1 0.8 2188.0 0.9 2089.1 1.7 2506.6 1.7 2677.5 3.1 3051.6 1.9 3246.3 1.9 9 10 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4890.4 11 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.124 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) 145.9 148.8 152.1 141.9 139.5 150.8 157.5 178.2 194.4 205.2 214.9 1 96.3 9.8 59.4 27.1 101.2 8.8 60.7 31.8 110.8 7.6 69.7 33.5 105.3 6.7 67.7 30.9 108.5 6.7 74.7 27.1 117.1 3.9 86.0 27.1 123.6 4.0 87.1 32.5 138.6 4.7 86.7 47.2 149.3 5.1 88.8 55.4 153.3 5.3 89.3 58.7 155.5 6.7 88.8 60.0 2 3 4 5 49.6 47.6 41.3 36.6 31.1 33.7 33.9 39.6 45.1 51.9 59.4 6 145.9 148.8 152.1 141.9 139.5 150.8 157.5 178.2 194.4 205.2 214.9 7 6.7 15.6 33.9 65.6 83.0 102.0 100.6 121.3 119.5 150.8 161.3 8 Exchange-traded funds 8 Total financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 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 3.7 2.0 1.8 3.4 1.5 1.9 3.5 1.3 2.3 3.9 1.8 2.2 4.5 2.1 2.4 5.7 3.0 2.8 9 10 11 12 Corporate equities 6.7 15.6 33.9 65.6 83.0 98.2 97.2 117.7 115.5 146.3 155.6 12 6.7 15.6 33.9 65.6 83.0 102.0 100.6 121.3 119.5 150.8 161.3 13 13 Total shares outstanding (liabilities) 78 Z.1, June 10, 2004 L.125 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 3 Checkable deposits and currency Federal funds and security RPs 4 Credit market instruments 5 6 7 Open market paper Treasury securities Agency- and GSE-backed securities 8 9 Municipal securities Corporate and foreign bonds 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1099.4 1403.8 1720.6 1969.4 2300.8 2543.3 2597.6 2658.2 2800.4 2813.0 2824.9 1 1.9 90.4 4.4 77.0 11.8 89.7 2.1 74.9 3.9 85.9 14.0 84.9 18.2 73.2 14.6 86.4 14.7 70.3 14.8 82.8 16.8 91.4 2 3 938.3 1252.0 1543.2 1803.9 2110.0 2320.9 2387.0 2419.0 2583.8 2579.0 2570.1 4 34.0 25.9 326.5 60.9 25.2 489.6 33.8 30.9 668.3 44.7 41.2 813.3 80.3 31.8 998.7 52.2 7.2 1181.5 51.1 8.0 1198.1 55.2 7.9 1187.2 46.5 7.8 1330.2 50.6 7.4 1313.7 52.3 6.5 1289.2 5 6 7 5.2 47.1 9.2 67.8 10.6 91.5 8.8 117.2 14.8 132.7 13.1 139.7 13.4 150.2 14.5 158.2 15.8 156.9 16.3 150.1 16.3 148.1 8 9 10 11 12 13 Other loans and advances Sallie Mae Farm Credit System FHLB 230.7 1.4 31.6 197.8 324.2 1.1 34.9 288.2 432.3 0.8 35.8 395.7 477.6 0.8 38.9 437.9 515.3 0.8 41.8 472.7 533.8 0.4 43.8 489.6 549.8 0.4 43.1 506.3 549.4 0.3 42.8 506.3 548.8 0.5 42.5 505.9 558.5 0.5 43.8 514.2 575.6 0.5 44.3 530.9 10 11 12 13 14 15 16 17 18 Mortgages Home Multifamily residential Farm Consumer credit (2) 239.4 194.3 16.2 28.9 29.5 246.8 199.6 16.2 31.0 28.4 242.0 189.3 20.5 32.2 33.8 264.2 205.1 25.0 34.2 37.0 296.9 225.3 33.2 38.5 39.4 356.5 271.3 41.7 43.5 36.8 381.1 294.0 42.9 44.2 35.2 415.3 324.9 44.8 45.6 31.3 450.5 359.9 44.6 46.0 27.2 461.8 369.6 45.9 46.4 20.6 466.1 372.2 46.9 47.1 16.0 14 15 16 17 18 68.8 70.4 75.8 88.4 101.1 123.5 119.1 138.2 131.6 136.4 146.6 19 1069.8 1369.2 1681.8 1923.3 2255.2 2488.7 2540.6 2600.2 2741.3 2748.8 2763.0 20 995.3 995.3 0.0 1273.6 1273.6 0.0 1591.7 1591.7 0.0 1825.8 1825.8 0.0 2114.0 2114.0 0.0 2339.9 2339.9 0.0 2388.7 2388.7 0.0 2438.7 2438.7 0.0 2548.1 2548.1 0.0 2573.0 2573.0 0.0 2582.1 2582.1 0.0 21 22 23 74.6 95.6 90.1 97.5 141.2 148.8 151.8 161.5 193.2 175.8 180.9 24 19 20 Miscellaneous assets Total liabilities 21 22 23 Credit market instruments GSE issues (3) U.S. government loans 24 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997. (2) SLMA student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.126 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1825.8 2018.4 2292.2 2491.6 2830.1 3158.2 3226.3 3288.8 3370.3 3488.0 3509.2 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1788.1 37.8 0.0 0.0 1970.2 48.3 0.0 0.0 2234.7 57.5 0.0 0.0 2425.6 66.0 0.0 0.0 2748.5 81.6 0.0 0.0 3063.7 94.5 0.0 0.0 3129.7 96.6 0.0 0.0 3189.9 98.9 0.0 0.0 3265.4 104.9 0.0 0.0 3373.4 114.7 0.0 0.0 3397.8 111.4 0.0 0.0 2 3 4 5 6 Total pool securities (liabilities)(2) 1825.8 2018.4 2292.2 2491.6 2830.1 3158.2 3226.3 3288.8 3370.3 3488.0 3509.2 6 (1) GNMA, FNMA, FHLMC, 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, June 10, 2004 L.127 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1055.5 1352.6 1547.1 1737.2 1990.9 2185.5 2243.4 2301.1 2341.5 2390.9 2414.7 1 2 3 Agency- and GSE-backed securities (1) Other loans and advances 171.6 62.1 193.5 85.9 230.3 82.6 238.6 89.8 252.8 108.3 299.4 105.0 290.4 112.5 294.9 108.4 322.5 102.7 308.2 103.9 273.5 101.3 2 3 4 5 6 7 Mortgages (2) Home Multifamily residential Commercial 376.3 280.4 20.9 74.9 517.9 360.6 33.9 123.4 598.7 399.4 42.0 157.3 667.4 432.8 47.5 187.1 784.3 505.0 53.5 225.7 874.4 563.2 59.0 252.1 922.2 606.3 59.6 256.2 974.0 642.2 61.7 270.1 999.9 656.4 63.7 279.8 1058.9 696.1 67.1 295.7 1127.2 754.7 68.8 303.8 4 5 6 7 8 9 Consumer credit Trade receivables 317.4 128.1 389.4 165.9 448.4 187.0 521.3 220.0 599.7 245.9 637.1 269.7 643.1 275.2 643.3 280.5 630.7 285.7 629.1 290.8 617.0 295.7 8 9 1066.3 1365.3 1556.8 1743.8 1997.8 2191.2 2249.6 2307.1 2347.2 2396.4 2420.0 10 256.1 810.2 381.8 983.5 520.8 1036.0 645.8 1097.9 765.8 1231.9 752.8 1438.4 728.3 1521.3 719.8 1587.3 731.0 1616.2 717.3 1679.2 710.1 1709.9 11 12 10.8 11.1 12.7 13.9 9.7 12.9 6.6 10.7 6.8 9.5 5.7 15.6 6.2 16.5 6.0 19.7 5.7 25.6 5.5 30.6 5.3 36.0 13 14 10 11 12 13 14 Total financial assets 1998 Total liabilities Commercial paper Corporate bonds 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. (4) Included in table L.130. L.128 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 763.9 852.7 1003.5 1140.1 1158.9 1192.6 1190.5 1246.8 1336.4 1382.6 1401.4 1 20.6 22.8 25.3 27.9 30.8 33.8 34.6 35.4 36.2 37.1 37.9 2 2 Checkable deposits and currency 3 4 5 6 Credit market instruments Other loans and advances Mortgages Consumer credit 568.2 304.1 96.5 167.5 645.5 340.9 121.2 183.3 742.6 395.1 145.8 201.6 851.2 458.4 172.3 220.5 846.4 447.0 161.3 238.1 867.6 455.3 174.5 237.8 861.1 453.9 173.9 233.2 883.5 455.8 183.4 244.3 924.2 445.6 194.7 284.0 951.8 457.5 198.9 295.4 989.0 475.6 206.2 307.2 3 4 5 6 7 Miscellaneous assets 175.1 184.4 235.7 261.0 281.8 291.3 294.9 327.9 375.9 393.7 374.4 7 780.8 856.6 995.3 1161.4 1182.7 1246.9 1245.8 1325.4 1415.3 1467.6 1505.8 8 568.3 202.6 341.5 24.2 625.5 233.3 365.6 26.5 696.1 230.4 430.3 35.4 778.0 238.8 503.2 35.9 779.2 158.6 569.9 50.8 821.4 141.5 631.9 48.0 820.0 127.3 645.4 47.3 871.0 145.3 672.5 53.2 896.3 132.9 705.8 57.6 938.7 136.3 746.2 56.2 961.1 138.8 761.8 60.5 9 10 11 12 6.5 7.3 8.1 9.1 10.2 11.6 12.0 12.4 12.8 13.2 13.6 13 206.0 35.7 47.1 123.2 223.8 37.2 34.3 152.3 291.1 48.6 87.8 154.6 374.3 63.2 102.5 208.5 393.2 68.5 99.2 225.5 413.9 58.8 88.2 266.9 413.8 74.1 87.2 252.5 442.1 75.3 96.0 270.7 506.2 76.3 95.8 334.1 515.7 76.8 99.8 339.2 531.1 77.2 104.0 349.9 14 15 16 17 98.8 96.6 102.9 108.2 103.5 83.3 81.8 76.7 75.4 70.0 66.6 18 8 Total liabilities 9 10 11 12 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.127. 80 Z.1, June 10, 2004 L.129 Mortgage Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 Q3 2004 Q1 Q4 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 2 3 4 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 5 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 6 7 62.1 70.2 92.8 92.8 101.0 108.0 116.2 133.1 1 (1) No data are available after 1997:Q4. L.130 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 64.3 70.7 68.4 3.3 4.1 4.4 4.3 5.2 4.6 5.8 5.7 7.2 7.4 7.7 2 50.6 45.5 42.9 35.8 42.5 65.6 63.5 71.2 75.9 82.4 97.0 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 21.2 6.5 13.1 6.1 14.2 5.7 14.5 4.9 20.2 7.0 28.3 11.7 24.5 12.5 26.3 11.4 22.4 13.4 23.0 13.9 29.3 16.0 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 22.9 14.0 2.1 6.9 26.3 14.8 2.1 9.4 23.0 12.4 1.6 9.0 16.3 7.9 1.2 7.3 15.2 7.9 0.9 6.4 25.7 17.4 0.8 7.5 26.5 18.4 0.8 7.3 33.5 25.3 0.8 7.5 40.1 31.6 0.7 7.8 45.5 36.4 0.8 8.3 51.7 41.3 1.1 9.3 6 7 8 9 10.5 21.2 21.1 22.0 22.5 22.6 23.5 24.1 25.0 26.4 28.4 10 139.0 205.6 216.8 217.5 227.8 262.4 263.6 271.8 278.6 287.4 307.1 11 10 Miscellaneous assets 11 Total liabilities 12 Security RPs 24.9 15.1 15.7 11.9 19.7 33.2 30.4 35.0 33.4 34.5 40.3 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Mortgages 96.1 0.0 31.6 17.6 46.8 158.8 0.2 53.4 33.6 71.6 165.1 0.1 62.2 26.0 76.7 167.8 0.2 67.0 17.7 82.9 170.2 0.8 70.8 14.4 84.2 190.0 0.9 84.9 14.1 90.1 194.4 1.3 89.3 14.5 89.2 197.6 0.4 93.6 13.5 90.1 206.7 0.7 100.4 13.7 92.0 213.8 0.4 105.7 13.9 93.7 227.3 0.5 115.7 13.3 97.9 13 14 15 16 17 18 Miscellaneous liabilities 18.0 31.6 36.0 37.8 37.9 39.2 38.8 39.3 38.4 39.1 39.5 18 11.1 4.9 5.7 0.4 0.0 13.9 5.0 7.5 0.8 0.6 12.9 3.7 7.6 0.9 0.7 10.7 3.5 6.7 0.4 0.1 9.5 2.6 6.5 0.3 0.1 15.6 1.3 13.8 0.3 0.1 16.5 1.0 15.1 0.3 0.1 19.7 0.7 18.6 0.3 0.1 25.6 0.4 24.8 0.3 0.1 30.6 0.3 30.0 0.3 0.1 36.0 0.2 35.5 0.2 0.1 19 20 21 22 23 19 20 21 22 23 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 81 Z.1, June 10, 2004 L.131 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total financial assets 2 Checkable deposits and currency 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 Corporate equities Security credit Miscellaneous assets Total liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 779.2 921.2 1001.0 1221.4 1465.6 1335.4 1385.5 1512.1 1560.7 1613.0 1724.5 1 21.7 25.4 28.7 30.3 47.1 44.2 44.2 43.6 43.9 47.2 52.4 2 182.6 189.4 154.7 223.6 316.0 344.4 390.9 341.1 375.0 424.1 412.8 3 24.3 -5.3 50.4 13.2 100.0 28.0 15.8 50.9 13.1 81.4 26.0 -42.6 66.0 11.9 93.4 39.2 -3.3 63.7 11.3 112.7 48.2 9.8 77.8 19.0 161.3 43.5 -3.9 91.8 21.0 192.0 46.7 17.5 128.1 19.2 179.4 41.9 -63.2 139.4 22.1 201.0 46.1 8.1 85.8 24.1 210.8 49.4 37.8 83.7 24.9 228.4 48.6 19.6 93.8 25.3 225.6 4 5 6 7 8 51.9 131.2 391.8 54.4 152.8 499.3 66.9 227.9 522.8 77.2 235.1 655.1 85.1 196.4 821.0 74.9 148.2 723.7 67.7 159.5 723.2 87.6 248.5 791.3 86.8 227.6 827.5 100.5 182.5 858.8 113.7 199.1 946.5 9 10 11 729.2 866.8 935.8 1151.4 1382.2 1250.6 1298.7 1423.7 1467.5 1519.3 1631.8 12 13 14 Security RPs (net) Corporate bonds 203.5 35.3 208.2 42.5 245.2 25.3 302.2 40.9 353.2 42.3 344.2 40.6 335.2 50.2 358.0 46.2 411.4 48.6 477.9 47.0 498.8 60.0 13 14 15 16 17 18 19 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 19.9 337.9 215.5 122.5 1.3 18.9 419.5 276.7 142.8 1.3 30.9 448.7 323.9 124.8 2.2 35.9 587.6 412.4 175.2 2.1 39.2 629.5 454.3 175.2 1.9 37.4 590.6 412.7 177.9 1.3 28.5 637.1 429.6 207.4 1.6 35.3 723.4 515.1 208.3 1.9 32.5 712.6 503.4 209.1 2.0 28.2 688.8 475.4 213.5 1.8 34.5 746.3 507.2 239.2 1.9 15 16 17 18 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 131.1 8.5 254.5 -131.9 176.4 10.7 353.5 -187.8 183.6 13.9 415.5 -245.8 182.7 20.1 475.7 -313.1 316.1 13.6 538.6 -236.1 236.4 13.3 545.4 -322.3 246.1 13.3 597.1 -364.4 258.9 16.7 604.9 -362.7 260.3 16.6 602.1 -358.3 275.7 16.7 603.0 -344.0 290.3 18.9 611.0 -339.6 20 21 22 23 L.132 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 612.7 738.9 993.0 1113.8 1173.4 1163.7 1213.5 1216.3 1243.3 1251.6 1294.0 1 2 Money market fund shares 157.9 237.9 297.7 318.1 455.6 461.9 431.7 459.0 457.2 429.3 405.8 2 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 166.7 133.6 33.1 152.3 114.7 37.6 272.2 238.4 33.8 297.1 268.2 28.9 217.8 143.0 74.8 174.7 90.3 84.4 215.9 115.3 100.7 202.4 90.3 112.1 247.9 121.8 126.1 277.5 138.1 139.3 334.4 192.5 142.0 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 288.0 78.8 209.2 348.7 90.6 258.2 423.1 93.0 330.1 498.6 138.7 359.9 500.0 107.9 392.2 527.1 132.6 394.5 565.9 128.3 437.6 555.0 124.8 430.2 538.2 118.3 419.9 544.8 130.8 413.9 553.8 157.9 395.8 6 7 8 612.7 738.9 993.0 1113.8 1173.4 1163.7 1213.5 1216.3 1243.3 1251.6 1294.0 9 10 11 12 9 Total liabilities Credit market instruments Open market paper Corporate bonds 372.6 228.5 144.2 412.6 234.4 178.2 504.0 268.5 235.5 503.7 266.2 237.5 448.4 188.8 259.7 447.9 157.7 290.1 462.7 170.2 292.6 426.8 126.9 299.9 416.5 115.9 300.7 447.0 141.5 305.5 455.5 144.6 310.8 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 240.1 -84.6 333.3 -8.6 326.3 -63.9 403.3 -13.0 489.0 -80.9 419.5 150.4 610.1 -5.1 508.2 107.0 725.0 51.6 578.3 95.1 715.8 79.2 575.4 61.2 750.8 103.1 567.7 80.0 789.6 128.2 628.9 32.4 826.8 121.7 672.7 32.4 804.6 97.8 678.0 28.8 838.6 98.3 755.9 -15.6 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 82 Z.1, June 10, 2004 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 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 2004 Q1 Q4 70.0 81.8 71.5 67.6 68.7 79.0 80.0 81.7 84.4 85.9 85.2 1 21.1 21.6 21.4 21.6 21.8 23.2 22.4 22.8 23.1 23.7 23.7 2 10.0 11.0 10.6 11.0 10.3 11.0 10.5 11.0 10.8 11.0 12.2 11.0 11.4 11.0 11.7 11.0 12.1 11.0 12.6 11.0 12.7 11.0 3 4 48.9 60.1 50.1 46.1 46.8 55.8 57.6 58.9 61.3 62.3 61.5 5 Official foreign currency holdings Treasury Monetary authority 30.8 13.8 17.0 36.0 16.2 19.8 32.2 16.0 16.1 31.2 15.6 15.7 29.0 14.4 14.6 33.8 16.9 16.9 34.8 17.4 17.4 35.7 17.8 17.8 37.3 18.6 18.6 39.7 19.9 19.9 39.8 19.9 19.9 6 7 8 Net IMF position Federal government Monetary authority 18.1 18.2 -0.1 24.1 24.2 -0.1 18.0 18.0 -0.1 14.8 14.9 -0.1 17.9 17.9 -0.1 22.0 22.1 -0.1 22.9 23.0 -0.1 23.2 23.3 -0.1 24.1 24.2 -0.1 22.5 22.6 -0.1 21.6 21.7 -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 9.2 9.2 9.2 9.2 6.2 6.2 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 19.3 25.6 19.9 26.3 20.9 28.0 23.2 31.6 24.5 33.0 25.5 34.6 25.6 34.8 26.0 35.1 26.0 35.3 26.0 35.5 26.2 35.7 3 4 5 Discrepancy (seigniorage) -6.3 -6.4 -7.1 -8.5 -8.6 -9.1 -9.2 -9.1 -9.3 -9.5 -9.4 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 618.5 624.9 686.1 820.3 851.0 874.9 870.7 910.6 836.3 854.1 791.3 1 37.2 23.1 23.2 38.3 30.5 30.6 43.5 31.5 42.9 63.5 24.0 91.1 58.5 15.5 124.2 69.2 20.0 114.1 75.7 25.0 101.1 69.8 22.2 88.6 65.3 32.6 82.4 60.2 42.8 74.2 59.9 41.6 73.2 2 3 4 535.0 525.5 568.2 641.6 652.8 671.7 668.9 730.0 655.9 677.0 616.6 5 83 Z.1, June 10, 2004 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 219.4 189.4 202.4 221.2 191.4 205.9 175.5 123.8 163.7 202.9 123.9 1 75.8 30.8 45.0 68.4 26.3 42.1 90.6 24.0 66.6 63.4 19.0 44.4 64.8 17.5 47.3 70.4 22.5 47.8 65.3 26.8 38.5 67.3 27.7 39.5 69.5 29.1 40.4 71.0 23.1 47.9 65.9 25.0 41.0 2 3 4 143.5 2.8 121.0 1.7 111.8 -0.0 157.8 1.0 126.6 0.0 135.5 0.5 110.2 -1.2 56.5 0.2 94.2 -0.3 131.9 -0.3 58.0 -0.5 5 6 173.0 145.9 140.3 161.1 115.5 119.7 92.1 49.5 76.4 120.2 43.8 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 188.8 62.0 173.1 111.1 156.7 85.1 196.7 111.6 149.8 133.5 226.7 93.2 171.6 179.3 302.0 122.7 127.3 167.0 324.8 157.8 141.1 213.1 323.9 110.8 110.2 212.1 342.5 130.4 64.9 209.5 407.4 197.9 99.4 254.2 423.2 169.1 138.7 302.9 447.7 144.7 63.7 288.5 449.5 161.0 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 148.6 99.7 -48.8 92.9 133.0 40.1 41.7 147.9 106.2 -14.8 133.6 148.4 -50.2 163.3 213.5 -83.0 176.2 259.3 -103.7 202.3 306.0 -111.6 248.9 360.5 -121.8 224.7 346.5 -130.5 195.8 326.3 -190.7 199.6 390.3 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -21.9 3.0 24.9 -21.3 2.9 24.2 -25.4 8.3 33.8 7.1 39.3 32.2 10.4 51.4 41.0 11.1 53.4 42.4 1.8 44.0 42.2 -32.9 13.2 46.2 -33.0 12.3 45.3 -33.8 13.2 47.0 -34.0 14.4 48.4 15 16 17 15.8 11.7 4.1 10.8 10.6 0.2 9.5 9.4 0.2 10.5 9.8 0.7 11.8 11.1 0.7 21.4 21.3 0.1 18.1 18.0 0.1 15.4 15.2 0.2 23.0 22.6 0.4 18.5 18.3 0.1 19.9 19.7 0.2 18 19 20 -32.2 -26.5 -28.5 -4.3 11.1 15.3 19.3 6.8 18.1 12.0 14.7 21 -50.2 22.0 53.8 0.3 -32.2 -50.9 30.2 55.8 0.9 -26.5 -67.3 44.4 72.2 0.6 -28.5 -33.0 59.4 63.1 0.6 -4.3 -17.8 59.6 47.9 0.7 11.1 0.2 75.8 58.8 1.7 15.3 -15.2 78.6 58.0 1.2 19.3 -61.5 79.8 71.4 1.6 6.8 -57.8 86.9 67.5 1.3 18.1 -65.2 73.6 60.0 1.6 12.0 -72.8 83.4 67.1 1.7 14.7 22 23 24 25 26 57.6 14.6 56.3 24.8 78.9 32.8 86.0 6.4 89.5 -12.1 90.3 -14.7 100.8 -7.1 104.4 36.9 105.1 39.6 97.9 41.0 115.2 41.0 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 3.8 57.6 53.8 0.4 56.3 55.8 6.7 78.9 72.2 22.9 86.0 63.1 41.6 89.5 47.9 31.5 90.3 58.8 42.7 100.8 58.0 33.0 104.4 71.4 37.6 105.1 67.5 37.8 97.9 60.0 48.1 115.2 67.1 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 14.3 14.6 0.3 23.9 24.8 0.9 32.1 32.8 0.6 5.8 6.4 0.6 -12.8 -12.1 0.7 -16.4 -14.7 1.7 -8.2 -7.1 1.2 35.3 36.9 1.6 38.3 39.6 1.3 39.4 41.0 1.6 39.4 41.0 1.7 32 33 34 251.6 215.9 230.8 225.5 180.3 190.5 156.2 117.0 145.6 190.9 109.2 35 173.0 145.9 140.3 161.1 115.5 119.7 92.1 49.5 76.4 120.2 43.8 36 78.6 70.0 90.6 64.4 64.8 70.8 64.1 67.5 69.2 70.7 65.4 37 2.8 0.7 2.0 1.7 1.6 0.0 -0.0 -0.2 0.2 1.0 0.9 0.1 0.0 -0.0 0.0 0.5 0.4 0.0 -1.2 -1.2 0.0 0.2 -0.5 0.8 -0.3 -0.5 0.2 -0.3 -0.3 0.1 -0.5 -0.6 0.1 38 39 40 74.1 29.1 45.0 66.5 24.4 42.1 85.9 19.3 66.6 61.8 17.4 44.4 62.5 15.2 47.3 67.4 19.5 47.8 62.5 24.0 38.5 64.5 25.0 39.5 66.1 25.7 40.4 67.1 19.1 47.9 60.9 19.9 41.0 41 42 43 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 1.8 1.9 4.7 1.7 2.3 3.0 2.8 2.7 3.4 3.9 5.1 44 -32.2 -26.5 -28.5 -4.3 11.1 15.3 19.3 6.8 18.1 12.0 14.7 45 84 Z.1, June 10, 2004 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1286.1 1333.3 1484.5 1413.1 1603.2 1646.7 1680.4 1703.1 1670.6 1681.0 1651.1 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 443.5 5.7 0.5 437.4 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 654.7 7.1 0.3 647.3 662.1 7.3 1.0 653.8 665.5 7.6 0.1 657.8 682.5 6.0 0.2 676.3 681.4 6.3 0.1 675.1 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 656.4 27.8 31.7 597.0 622.9 13.2 30.2 579.6 626.4 49.6 43.6 533.2 540.9 16.4 33.9 490.6 628.8 47.5 34.5 546.9 571.4 31.1 36.1 504.3 575.6 43.6 39.0 493.0 575.2 17.4 51.3 506.5 526.5 -6.8 44.6 488.8 502.8 -69.5 49.5 522.8 456.4 -123.3 69.2 510.5 6 7 8 9 Savings institutions Credit unions 149.5 36.6 185.6 43.0 222.3 45.4 265.8 51.3 316.5 54.7 370.9 59.7 384.2 65.9 399.5 66.4 413.9 64.8 428.3 67.4 443.0 70.3 10 11 10 11 12 Total liabilities 1998 1286.1 1333.3 1484.5 1413.1 1603.2 1646.7 1680.4 1703.1 1670.6 1681.0 1651.1 12 13 Total assets Household sector 436.8 421.1 345.7 225.3 318.5 301.0 281.3 241.9 184.9 238.3 274.4 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 415.1 251.9 146.2 16.9 472.5 275.0 178.9 18.6 567.8 331.0 217.6 19.2 674.9 381.4 274.1 19.4 626.5 331.9 274.5 20.1 649.2 341.4 287.3 20.5 648.5 338.4 289.6 20.5 717.2 403.7 293.0 20.5 779.6 462.9 296.2 20.5 784.1 465.3 298.2 20.6 746.0 426.8 298.6 20.6 14 15 16 17 18 19 State and local governments Federal government 32.2 41.6 28.3 23.2 32.2 87.9 33.2 24.3 38.2 66.9 46.7 47.5 43.1 23.3 45.0 41.8 44.9 53.3 53.0 54.1 51.4 22.7 18 19 20 21 22 Rest of the world Checkable deposits Currency 243.6 32.2 211.4 258.4 30.4 228.0 298.3 43.7 254.6 294.1 34.2 259.9 318.3 34.6 283.7 341.5 36.3 305.2 349.5 39.3 310.1 363.8 52.3 311.6 359.0 44.7 314.4 371.5 49.7 321.8 389.4 69.3 320.0 20 21 22 23 Financial sectors 98.7 110.5 140.0 139.6 218.6 236.5 273.1 270.4 266.2 251.7 262.0 23 1.4 15.2 8.1 0.8 2.0 18.4 9.1 0.3 2.2 17.4 26.4 0.3 1.7 19.0 26.7 0.2 2.8 21.0 36.8 0.7 2.5 24.7 38.4 0.0 3.0 23.9 54.8 0.1 3.0 27.4 52.4 0.2 2.4 25.9 45.6 0.3 2.5 24.3 41.5 0.4 3.2 25.0 50.4 0.5 24 25 26 27 8.1 4.2 6.6 5.3 5.4 4.0 5.7 10.0 5.5 4.3 6.9 9.2 5.0 3.7 7.3 9.1 36.8 13.1 6.3 9.5 35.3 25.9 6.8 7.7 43.8 30.2 7.0 9.2 43.4 36.1 7.3 9.3 44.8 35.1 7.3 9.4 27.7 34.5 7.1 9.2 27.8 34.0 7.4 9.6 28 29 30 31 1.5 1.9 20.6 3.3 21.7 -1.0 4.4 22.8 4.1 25.4 -2.2 11.8 25.3 4.4 28.7 2.2 2.1 27.9 4.3 30.3 4.6 3.9 30.8 5.2 47.1 -1.3 14.0 33.8 4.6 44.2 -1.7 18.2 34.6 5.8 44.2 -8.1 14.6 35.4 5.7 43.6 -6.5 14.7 36.2 7.2 43.9 -1.9 14.8 37.1 7.4 47.2 -10.7 16.8 37.9 7.7 52.4 32 33 34 35 36 18.1 19.3 12.5 21.7 16.2 24.2 61.6 23.0 -17.4 -71.7 -94.8 37 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 37 Mail float 85 Z.1, June 10, 2004 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Total liabilities Small time and savings deposits 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 3187.6 3431.8 3608.0 3912.9 4248.8 4570.2 4711.6 4797.8 4823.3 4861.8 5054.4 1 2474.2 2626.5 2671.6 2860.4 3127.6 3398.7 3502.5 3575.2 3601.2 3628.3 3721.6 2 1761.5 1738.0 13.1 10.4 1945.2 1924.4 9.4 11.4 2017.1 1997.4 7.5 12.2 2228.7 2208.0 7.2 13.6 2478.1 2448.3 11.6 18.1 2747.8 2722.0 9.4 16.4 2833.5 2808.5 8.7 16.3 2913.7 2888.4 8.9 16.3 2935.5 2908.8 9.7 17.0 2978.3 2950.2 10.3 17.8 3079.5 3050.4 11.2 17.8 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 448.2 264.4 393.9 287.5 354.7 299.8 318.9 312.7 288.2 361.3 256.5 394.4 251.8 417.1 238.0 423.6 240.9 424.9 226.0 424.0 218.3 423.8 7 8 9 Large time deposits (1) 713.4 805.3 936.4 1052.6 1121.1 1171.5 1209.1 1222.5 1222.1 1233.5 1332.8 9 601.0 369.3 221.3 10.4 673.1 404.1 257.6 11.4 792.6 465.7 314.8 12.2 885.4 553.6 318.2 13.6 918.1 528.4 371.5 18.1 915.6 552.7 346.4 16.4 940.5 569.1 355.2 16.3 934.8 572.5 346.0 16.3 933.6 569.7 346.9 17.0 934.5 555.7 361.0 17.8 992.8 575.2 399.7 17.8 10 11 12 13 98.1 14.4 113.7 18.5 122.2 21.6 142.1 25.1 168.9 34.1 213.1 42.8 224.5 44.1 237.6 50.1 238.3 50.3 245.5 53.6 285.4 54.7 14 15 3187.6 3431.8 3608.0 3912.9 4248.8 4570.2 4711.6 4797.8 4823.3 4861.8 5054.4 16 2566.0 2728.9 2837.0 3125.6 3377.1 3666.3 3795.1 3871.4 3947.8 3983.7 4195.5 17 205.1 119.4 85.7 211.0 112.6 98.5 254.4 136.9 117.5 274.9 137.3 137.6 275.8 131.1 144.7 274.4 127.5 146.9 283.0 137.2 145.8 292.4 145.6 146.8 281.7 134.6 147.0 289.7 141.1 148.6 287.0 139.3 147.7 18 19 20 78.4 3.4 73.6 91.1 4.7 86.6 102.1 5.4 101.6 111.5 6.3 103.5 119.2 10.5 83.3 136.3 27.6 95.3 145.7 18.4 102.8 146.3 27.8 100.6 150.4 9.1 72.0 158.5 2.4 91.6 167.4 1.9 61.2 21 22 23 261.1 309.5 307.5 291.1 382.8 370.3 366.6 359.3 362.5 335.9 341.6 24 1.0 17.0 10.0 1.5 23.4 7.8 1.3 16.6 8.7 1.4 15.5 8.9 2.2 23.0 11.7 2.6 24.5 11.1 2.6 28.7 13.3 2.7 27.6 15.4 2.7 27.3 17.6 2.6 26.4 19.8 3.0 27.5 22.0 25 26 27 119.4 2.4 111.3 147.7 2.0 127.0 118.8 1.7 160.4 121.7 1.1 142.4 125.8 0.6 219.5 126.7 0.7 204.6 127.5 1.1 193.4 128.7 1.1 183.8 129.5 1.1 184.4 129.1 1.1 156.9 130.0 1.0 158.2 28 29 30 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 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 21 22 23 State and local governments Federal government Rest of the world 24 Financial sectors 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds (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 1042.5 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.8 2058.0 2016.0 1971.9 1 2 3 4 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 582.3 87.8 22.9 712.9 126.4 32.6 825.0 154.9 40.7 970.7 191.4 49.4 1129.2 301.9 59.0 1086.2 328.8 61.3 1068.3 319.1 60.0 1023.5 303.6 58.7 994.2 277.6 55.6 986.5 276.0 53.1 983.6 271.0 49.2 2 3 4 5 6 7 8 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 37.4 92.8 61.4 157.9 46.2 110.4 63.4 237.9 53.7 131.8 75.1 297.7 60.6 142.3 79.6 318.1 52.8 173.3 69.0 455.6 54.1 159.8 71.8 461.9 51.8 152.7 72.5 431.7 49.5 153.4 73.2 459.0 47.2 152.3 73.9 457.2 44.9 151.4 74.7 429.3 42.7 144.2 75.4 405.8 5 6 7 8 86 Z.1, June 10, 2004 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 822.4 913.8 1083.6 1196.8 1231.8 1336.8 1323.1 1450.0 1483.2 1659.1 1773.5 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 552.2 471.7 80.7 -0.2 639.2 538.4 100.4 0.4 750.0 667.0 82.5 0.5 816.1 682.4 134.8 -1.1 786.5 663.9 123.9 -1.2 902.0 737.4 163.4 1.2 896.6 698.7 191.8 6.2 992.4 786.6 197.1 8.8 972.8 802.9 167.7 2.2 1069.2 905.6 161.5 2.1 1160.4 990.3 168.8 1.2 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 41.8 24.9 203.5 51.3 15.1 208.2 72.7 15.7 245.2 66.7 11.9 302.2 72.4 19.7 353.2 57.4 33.2 344.2 60.8 30.4 335.2 64.6 35.0 358.0 65.6 33.4 411.4 77.5 34.5 477.9 74.1 40.3 498.8 6 7 8 649.5 683.1 821.1 821.9 902.1 997.9 944.1 1166.0 1198.1 1294.7 1401.0 9 9 Total liabilities 1998 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 4.6 151.4 90.8 4.2 158.5 72.0 5.8 163.5 79.9 4.2 183.3 91.3 4.0 169.9 150.7 6.2 167.7 190.1 5.8 170.5 161.5 6.5 179.9 361.8 7.5 185.9 423.9 5.7 197.6 460.3 6.5 208.2 528.0 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 402.7 23.8 9.2 3.5 448.4 30.4 14.8 6.8 571.8 140.6 10.6 9.3 543.1 43.4 14.9 4.0 577.6 50.3 27.4 2.5 633.9 39.5 27.1 1.7 606.4 31.8 29.7 4.4 617.9 31.8 25.6 2.4 580.9 37.5 24.8 2.8 631.1 43.8 21.0 1.6 658.3 27.5 31.2 4.3 13 14 15 16 17 18 19 20 21 22 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 35.2 27.6 28.6 126.6 57.8 90.4 42.7 28.8 37.5 139.5 70.9 77.0 28.3 32.5 40.4 139.6 80.8 89.7 38.3 33.4 44.7 183.0 106.5 74.9 30.2 34.2 45.3 227.0 74.8 85.9 44.4 36.1 45.5 273.2 81.5 84.9 42.0 35.8 45.9 262.1 81.4 73.2 48.8 35.5 46.5 258.7 82.3 86.4 51.0 35.2 46.9 229.0 83.5 70.3 52.8 35.4 48.4 251.4 94.0 82.8 56.2 35.6 49.5 269.0 93.6 91.4 17 18 19 20 21 22 172.9 230.6 262.5 374.9 329.7 338.9 379.0 284.0 285.1 364.3 372.5 23 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 979.4 1172.6 1402.4 1614.0 1466.2 1374.7 1359.2 1317.1 1294.5 1293.1 1340.4 1 958.5 1161.0 1393.8 1606.1 1461.4 1370.1 1354.4 1312.5 1290.2 1288.7 1336.5 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 168.6 65.1 20.0 45.0 193.0 72.9 18.5 54.4 230.3 89.2 26.7 62.5 278.4 120.9 37.6 83.3 190.1 106.7 14.3 92.4 126.0 142.8 19.1 123.7 127.1 155.7 18.5 137.1 107.5 173.1 20.3 152.8 108.4 160.4 16.7 143.7 85.9 165.1 15.4 149.6 95.5 190.0 15.0 174.9 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 724.8 37.6 256.1 202.6 0.0 228.5 895.2 45.4 381.8 233.3 0.2 234.4 1074.3 54.5 520.8 230.4 0.1 268.5 1206.7 55.7 645.8 238.8 0.2 266.2 1164.6 50.6 765.8 158.6 0.8 188.8 1101.3 48.3 752.8 141.5 0.9 157.7 1071.6 44.6 728.3 127.3 1.3 170.2 1031.9 39.6 719.8 145.3 0.4 126.9 1021.4 40.9 731.0 132.9 0.7 115.9 1037.7 42.3 717.3 136.3 0.4 141.5 1051.1 57.1 710.1 138.8 0.5 144.6 7 8 9 10 11 12 13 Bankers acceptances (1) 20.9 11.5 8.6 7.9 4.8 4.6 4.8 4.6 4.3 4.4 3.9 13 979.4 1172.6 1402.4 1614.0 1466.2 1374.7 1359.2 1317.1 1294.5 1293.1 1340.4 14 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 56.1 36.1 74.0 77.8 63.7 39.4 102.0 115.3 67.7 47.6 108.9 102.3 72.6 57.8 131.5 111.9 41.8 60.2 105.0 118.1 47.6 64.7 101.2 135.4 53.7 62.5 96.6 139.7 46.1 71.6 93.2 153.6 47.7 80.7 82.0 147.0 43.5 79.9 68.8 155.7 48.9 80.9 71.5 158.6 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 2.7 0.0 0.2 21.0 0.0 1.1 0.0 0.4 16.5 0.0 1.4 0.0 1.9 17.1 0.0 1.5 0.0 1.2 14.7 0.0 0.0 0.0 2.4 11.6 0.0 0.0 0.0 3.6 11.4 0.0 0.0 0.0 2.9 11.3 0.0 0.0 0.0 3.4 11.2 0.0 0.0 0.0 3.1 11.1 0.0 0.0 0.0 1.6 11.0 0.0 0.0 0.0 2.3 10.9 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 65.9 31.3 28.6 73.4 34.3 37.5 75.8 41.3 40.4 71.2 39.6 44.7 59.3 37.4 45.3 74.0 48.3 45.5 79.2 48.1 45.9 76.4 46.2 46.5 79.0 45.9 46.9 74.1 42.3 43.4 79.6 42.4 44.5 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 336.0 57.8 34.0 24.3 133.6 414.2 70.9 60.9 28.0 114.7 519.0 80.8 33.8 26.0 238.4 608.6 106.5 44.7 39.2 268.2 638.9 74.8 80.3 48.2 143.0 594.0 63.0 52.2 43.5 90.3 543.5 62.8 51.1 46.7 115.3 517.7 63.9 55.2 41.9 90.3 471.7 65.2 46.5 46.1 121.8 458.9 75.8 50.6 49.4 138.1 432.2 75.3 52.3 48.6 192.5 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 87 Z.1, June 10, 2004 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 3673.7 3779.9 3887.5 4008.2 4143.8 1 186.5 3591.8 186.6 3537.0 186.4 3466.2 184.8 3173.0 190.3 3162.4 194.9 3414.9 196.9 3476.8 199.1 3580.8 201.5 3686.0 203.8 3804.4 204.4 3939.4 2 3 3778.3 3723.7 3652.7 3357.8 3352.7 3609.8 3673.7 3779.9 3887.5 4008.2 4143.8 4 Household sector Savings bonds Other Treasury issues 736.1 186.5 549.6 697.8 186.6 511.2 798.7 186.4 612.3 594.6 184.8 409.8 506.3 190.3 316.0 404.9 194.9 210.0 447.8 196.9 250.9 508.2 199.1 309.1 485.4 201.5 283.9 483.0 203.8 279.2 446.4 204.4 242.0 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 26.8 32.2 239.3 23.6 38.0 269.3 19.4 37.2 266.8 18.1 40.2 237.7 16.5 42.8 287.9 31.3 45.2 310.0 35.5 45.1 301.2 36.7 46.3 313.5 35.8 46.8 318.4 33.6 47.5 336.2 31.0 48.1 339.4 8 9 10 11 12 Rest of the world Monetary authority 1165.7 430.7 1185.0 452.1 1080.4 478.0 1026.1 511.7 1039.7 551.7 1214.2 629.4 1250.6 641.5 1343.1 652.1 1410.0 656.1 1482.7 666.7 1652.7 674.1 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 270.1 166.8 95.1 4.0 4.2 214.1 124.8 84.8 0.9 3.6 228.9 122.8 94.5 8.8 2.8 184.5 87.9 94.0 0.8 1.8 162.7 56.5 103.8 1.2 1.2 205.8 86.4 116.7 1.3 1.5 136.7 89.3 44.3 1.3 1.7 127.2 77.9 44.5 2.4 2.4 127.5 81.2 40.1 3.0 3.2 133.8 93.5 34.2 2.7 3.4 145.4 102.6 36.6 2.1 4.0 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates 14.6 15.6 20.4 10.2 13.1 17.3 10.1 9.6 17.3 8.7 8.2 16.3 11.4 7.4 11.5 9.2 7.8 11.2 9.2 7.3 11.1 10.0 8.7 11.0 11.2 9.1 10.9 12.2 8.9 10.9 12.2 8.5 10.9 18 19 20 21 22 23 24 25 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 85.5 91.1 118.3 253.2 25.8 71.3 70.4 85.1 254.0 28.1 62.8 60.6 87.5 247.4 31.0 58.1 52.1 77.9 231.9 33.0 53.7 52.0 56.2 213.6 40.2 78.5 61.2 54.9 212.5 49.6 81.4 62.6 54.9 213.5 53.4 83.5 64.0 55.8 218.8 53.9 84.6 65.8 53.7 213.3 54.6 83.1 68.4 52.7 207.2 54.3 83.6 69.8 53.3 205.3 54.8 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 Brokers and dealers 86.2 136.4 9.8 0.0 25.9 -5.3 103.6 141.0 8.8 0.0 25.2 15.8 103.8 117.3 7.6 0.0 30.9 -42.6 90.4 123.6 6.7 0.0 41.2 -3.3 135.7 115.1 6.7 0.0 31.8 9.8 140.2 134.7 3.9 2.0 7.2 -3.9 148.2 142.8 4.0 1.5 8.0 17.5 144.2 152.2 4.7 1.3 7.9 -63.2 134.2 147.2 5.1 1.8 7.8 8.1 130.2 144.1 5.3 2.1 7.4 37.8 125.7 147.0 6.7 3.0 6.5 19.6 26 27 28 29 30 31 3804.8 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 32 2 3 4 5 6 7 Total liabilities 1998 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, June 10, 2004 L.210 Agency- and GSE-backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 2847.6 3320.5 3912.2 4344.8 4970.9 5525.4 5641.9 5754.5 5945.4 6085.9 6116.4 1 26.5 995.3 1825.8 28.5 1273.6 2018.4 28.3 1591.7 2292.2 27.3 1825.8 2491.6 26.8 2114.0 2830.1 27.3 2339.9 3158.2 26.9 2388.7 3226.3 27.0 2438.7 3288.8 27.0 2548.1 3370.3 24.9 2573.0 3488.0 25.1 2582.1 3509.2 2 3 4 2847.6 3320.5 3912.2 4344.8 4970.9 5525.4 5641.9 5754.5 5945.4 6085.9 6116.4 5 Household sector Nonfinancial corporate business State and local governments 219.6 8.0 115.4 253.3 10.6 179.0 352.4 12.4 190.0 423.5 15.4 172.0 372.3 17.2 191.9 220.4 15.9 194.0 209.6 15.9 191.0 186.0 13.6 194.0 335.7 13.3 198.1 477.4 12.4 202.6 379.2 10.4 200.2 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 209.4 0.7 0.0 227.8 0.3 0.0 300.2 0.2 0.0 445.2 0.1 0.0 553.8 0.0 0.0 669.4 0.0 0.0 676.7 0.0 0.0 678.2 0.0 0.0 637.1 0.0 0.0 646.1 0.0 0.0 708.8 0.0 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 571.2 497.2 62.2 5.5 6.3 663.2 578.9 67.4 6.6 10.2 699.6 608.3 72.4 5.4 13.5 721.8 626.5 72.7 4.8 17.8 777.4 700.2 50.7 6.2 20.3 917.9 821.3 61.6 10.7 24.2 961.2 866.4 60.0 11.4 23.4 1035.0 936.0 63.1 10.9 25.0 967.8 872.5 54.8 12.2 28.3 999.5 906.4 52.5 11.6 28.9 1094.6 1001.0 51.1 12.5 29.9 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 155.3 51.0 40.8 143.7 58.4 39.4 147.1 61.3 45.2 140.4 60.9 45.5 161.4 80.6 35.1 176.2 97.3 34.2 186.1 107.2 33.6 192.4 116.2 32.9 193.3 125.7 32.2 198.7 115.5 31.6 228.4 120.3 31.7 17 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 226.7 70.8 211.4 87.0 1.0 217.0 69.7 194.8 106.1 1.3 224.4 75.5 233.0 129.0 1.3 235.4 84.1 242.0 166.6 1.4 253.5 94.2 249.9 152.1 3.1 330.9 113.2 251.7 151.8 5.5 341.3 115.6 250.7 151.1 7.7 351.1 118.0 251.3 151.7 7.7 356.0 121.5 246.7 154.8 7.1 361.0 126.3 246.4 159.8 6.5 361.5 127.2 247.7 158.0 6.3 20 21 22 23 24 25 26 27 Money market mutual funds Mutual funds Government-sponsored enterprises 96.3 213.3 326.5 173.8 234.9 489.6 190.9 271.1 668.3 185.2 275.2 813.3 318.4 360.5 998.7 324.1 422.0 1181.5 318.1 435.0 1198.1 326.9 451.9 1187.2 350.9 444.4 1330.2 326.2 447.3 1313.7 300.0 456.1 1289.2 25 26 27 28 29 30 ABS issuers REITs Brokers and dealers 171.6 21.2 50.4 193.5 13.1 50.9 230.3 14.2 66.0 238.6 14.5 63.7 252.8 20.2 77.8 299.4 28.3 91.8 290.4 24.5 128.1 294.9 26.3 139.4 322.5 22.4 85.8 308.2 23.0 83.7 273.5 29.3 93.8 28 29 30 6 7 8 Total assets 1998 (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 FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, 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, June 10, 2004 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1791.1 1850.7 1863.5 1898.5 1943.3 1 1061.8 47.5 1014.3 1128.2 41.2 1087.1 1167.1 43.7 1123.4 1183.6 45.1 1138.5 1289.2 69.0 1220.2 1432.6 94.2 1338.4 1456.6 92.8 1363.8 1511.4 92.4 1418.9 1520.1 95.2 1425.0 1550.0 100.7 1449.3 1591.3 102.5 1488.8 2 3 4 114.9 142.0 126.9 147.8 137.3 152.8 143.0 154.2 156.9 157.7 169.8 160.8 173.6 160.9 177.3 162.0 180.6 162.8 184.4 164.1 187.3 164.6 5 6 1318.7 1402.9 1457.2 1480.9 1603.7 1763.1 1791.1 1850.7 1863.5 1898.5 1943.3 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 420.5 27.4 3.2 3.9 426.6 25.7 2.8 2.5 450.2 25.0 2.7 1.0 460.7 31.9 2.4 1.6 511.9 29.3 3.5 1.9 614.6 32.6 3.7 0.5 621.7 31.8 3.8 1.2 653.9 31.3 3.8 1.6 650.5 35.1 3.9 2.9 669.8 38.8 3.9 4.3 695.9 35.4 4.0 4.7 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 96.7 2.1 90.7 104.8 2.5 89.5 110.8 3.0 100.3 114.1 3.2 99.1 120.2 4.5 95.6 121.7 5.5 100.9 123.2 5.5 100.3 127.1 5.8 99.6 131.9 6.3 98.9 132.5 6.3 98.4 133.9 6.5 99.7 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 16.7 191.6 1.5 18.4 208.1 3.3 20.1 199.0 3.0 19.1 184.1 1.6 18.7 173.8 1.4 19.9 183.0 0.5 20.2 187.5 0.6 20.9 191.4 0.5 21.2 197.1 0.6 21.4 204.6 0.6 21.5 208.7 0.7 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 167.0 219.8 59.4 5.2 13.2 193.0 242.6 60.7 9.2 13.1 210.4 239.4 69.7 10.6 11.9 244.7 230.5 67.7 8.8 11.3 281.0 253.4 74.7 14.8 19.0 282.8 277.3 86.0 13.1 21.0 292.7 282.8 87.1 13.4 19.2 299.0 292.3 86.7 14.5 22.1 296.5 289.8 88.8 15.8 24.1 297.3 290.2 89.3 16.3 24.9 306.7 295.2 88.8 16.3 25.3 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 Total liabilities 3596.9 4142.6 4553.0 4924.0 5510.5 5942.3 6116.8 6273.0 6369.4 6523.8 6629.5 1 2 3 Nonfinancial corporate business Rest of the world (1) 1610.9 427.7 1846.0 450.6 2067.7 452.5 2230.3 467.7 2578.8 443.2 2711.0 409.8 2757.7 402.5 2832.0 377.0 2856.0 375.6 2873.4 382.6 2899.3 376.9 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 1558.3 192.6 2.8 1846.0 220.2 2.6 2032.7 240.6 2.7 2226.0 273.2 6.3 2488.4 310.2 3.6 2821.5 332.2 3.4 2956.5 352.9 4.8 3064.1 359.7 4.8 3137.9 361.2 5.0 3267.8 379.1 5.1 3353.3 389.1 6.0 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 810.2 341.5 31.6 35.3 144.2 983.5 365.6 53.4 42.5 178.2 1036.0 430.3 62.2 25.3 235.5 1097.9 503.2 67.0 40.9 237.5 1231.9 569.9 70.8 42.3 259.7 1438.4 631.9 84.9 40.6 290.1 1521.3 645.4 89.3 50.2 292.6 1587.3 672.5 93.6 46.2 299.9 1616.2 705.8 100.4 48.6 300.7 1679.2 746.2 105.7 47.0 305.5 1709.9 761.8 115.7 60.0 310.8 7 8 9 10 11 3596.9 4142.6 4553.0 4924.0 5510.5 5942.3 6116.8 6273.0 6369.4 6523.8 6629.5 12 560.2 51.0 501.6 651.4 61.2 607.8 594.8 71.3 752.1 576.4 73.0 920.6 571.8 84.9 1126.3 600.1 86.7 1291.9 512.7 81.5 1353.6 454.6 83.9 1421.5 412.5 87.6 1480.3 379.5 90.7 1547.0 356.6 88.3 1611.6 13 14 15 143.1 58.7 31.1 1046.0 159.5 276.5 244.5 0.6 180.9 88.6 28.5 1130.4 171.1 297.5 279.6 0.8 220.5 111.9 39.8 1173.2 181.1 347.5 310.0 0.8 278.6 109.4 44.9 1222.2 187.5 352.5 339.7 0.8 376.4 83.9 38.3 1342.4 196.4 351.4 351.1 1.6 379.1 79.9 35.6 1449.3 198.9 359.4 360.5 2.8 470.8 81.9 36.5 1499.6 204.6 362.0 357.5 3.9 473.3 75.4 37.5 1546.1 209.4 367.8 354.4 3.9 483.1 68.6 38.5 1570.3 215.6 371.5 356.4 3.6 506.4 71.1 39.5 1599.2 222.7 374.9 362.5 3.3 524.6 65.1 41.2 1616.1 227.1 383.2 363.2 3.2 16 17 18 19 20 21 22 23 36.4 273.8 27.1 0.0 47.1 6.5 100.0 33.1 81.2 339.0 31.8 0.0 67.8 6.1 81.4 37.6 123.7 368.2 33.5 0.0 91.5 5.7 93.4 33.8 161.9 361.9 30.9 0.0 117.2 4.9 112.7 28.9 163.0 420.1 27.1 0.0 132.7 7.0 161.3 74.8 170.7 470.9 27.1 1.8 139.7 11.7 192.0 84.4 183.0 492.1 32.5 1.9 150.2 12.5 179.4 100.7 192.5 520.6 47.2 2.3 158.2 11.4 201.0 112.1 184.9 531.9 55.4 2.2 156.9 13.4 210.8 126.1 185.9 548.3 58.7 2.4 150.1 13.9 228.4 139.3 180.0 574.9 60.0 2.8 148.1 16.0 225.6 142.0 24 25 26 27 28 29 30 31 12 Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 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 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 90 Z.1, June 10, 2004 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 13292.8 15547.3 19522.8 17627.0 15310.6 11870.9 11424.8 13275.0 13746.6 15472.7 15782.9 1 2 Nonfinancial corporate business 9765.7 11577.8 15155.6 12678.8 10796.2 7906.9 7646.1 8820.3 9042.0 10139.5 10206.6 2 3 4 Rest of the world (2) Financial corporations 1207.8 2319.3 1475.0 2494.5 2003.7 2363.4 1852.9 3095.3 1612.7 2901.8 1345.2 2618.8 1270.2 2508.5 1516.9 2937.8 1661.3 3043.3 1949.0 3384.2 2040.1 3536.2 3 4 13292.8 15547.3 19522.8 17627.0 15310.6 11870.9 11424.8 13275.0 13746.6 15472.7 15782.9 5 6238.9 79.0 952.9 7069.7 102.0 1250.3 9234.7 115.0 1611.5 7650.1 115.1 1625.6 6341.6 126.3 1533.9 4727.3 112.9 1222.7 4555.2 104.7 1154.1 5194.7 119.9 1363.8 5315.9 122.0 1394.9 5901.0 138.0 1619.8 5828.2 140.0 1655.4 6 7 8 2.6 23.3 362.2 6.8 24.5 360.1 11.3 23.8 407.3 11.9 24.2 356.8 8.9 27.9 280.7 3.5 29.1 181.1 2.0 29.9 170.1 6.7 30.6 192.7 9.7 31.1 194.4 15.1 30.4 213.1 16.0 28.2 218.3 9 10 11 5 6 7 8 Issues at market value 1998 Holdings at market value Household sector State and local governments Rest of the world (3) 9 10 11 Commercial banking Savings institutions Bank personal trusts and estates 12 13 14 15 16 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 539.7 186.0 1666.6 1084.8 29.9 683.2 200.1 1947.9 1233.9 44.9 909.0 207.9 2081.2 1343.2 59.1 891.9 194.3 1956.1 1335.1 59.1 811.3 173.9 1697.8 1221.9 51.4 708.9 152.3 1288.2 1001.6 48.5 706.7 147.4 1243.7 970.7 52.3 809.4 162.9 1449.3 1130.4 63.1 844.6 167.3 1514.1 1158.4 69.4 928.6 182.7 1709.2 1304.5 79.9 966.9 186.9 1747.1 1334.3 86.7 12 13 14 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 2018.7 49.6 6.7 51.9 2506.2 47.6 15.6 54.4 3376.7 41.3 33.9 66.9 3227.3 36.6 65.6 77.2 2836.1 31.1 83.0 85.1 2188.0 33.7 98.2 74.9 2089.1 33.9 97.2 67.7 2506.6 39.6 117.7 87.6 2677.5 45.1 115.5 86.8 3051.6 51.9 146.3 100.5 3246.3 59.4 155.6 113.7 17 18 19 20 11788.1 13747.8 17158.0 15388.5 13316.1 10163.0 9806.5 11343.6 11660.9 13027.2 13211.2 21 Memo: 21 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, 13, 18, 19, and 20; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4890.4 1 2 Holdings at market value 2989.4 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4890.4 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 1957.7 75.0 33.6 2394.9 98.0 21.3 2983.2 127.0 25.6 2900.1 124.0 26.4 2743.6 111.0 31.5 2434.5 97.0 33.5 2421.1 92.5 35.7 2750.0 106.2 34.9 2891.3 108.5 33.5 3165.9 121.0 30.5 3365.6 122.5 26.2 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 8.1 2.4 285.7 9.1 3.6 344.7 12.4 2.5 391.5 15.0 2.2 396.8 21.3 3.7 359.1 19.6 3.5 339.1 13.5 3.4 327.1 16.3 4.5 360.0 14.5 5.0 364.5 17.1 4.1 391.2 16.2 4.2 403.0 6 7 8 Life insurance companies Private pension funds 57.2 569.6 73.2 668.2 98.7 897.6 97.0 873.7 88.3 776.9 76.6 634.6 75.5 618.9 85.5 714.3 90.3 735.0 98.9 824.5 102.4 850.3 9 10 9 10 91 Z.1, June 10, 2004 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Total loans by commercial banking, flow of funds basis 3052.9 3304.6 3505.1 3874.8 3944.4 4163.8 4184.4 4272.8 4327.0 4398.3 4472.5 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 2.7 1245.3 512.6 122.5 1.1 1337.0 508.9 142.8 1.4 1495.4 499.8 124.8 1.5 1660.1 541.5 175.2 0.0 1789.8 558.4 175.2 0.0 2058.3 587.2 177.9 0.0 2099.4 575.3 207.4 0.0 2193.1 584.2 208.3 0.0 2263.9 593.7 209.1 0.0 2256.0 636.4 213.5 0.0 2329.5 624.7 239.2 2 3 4 5 6 = Banking sector total bank loans n.e.c. 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.3 1292.4 1279.1 6 867.9 284.0 2.4 15.5 1012.0 282.4 4.1 16.3 1104.3 260.0 2.6 16.9 1202.4 274.6 1.6 18.0 1140.5 256.1 1.9 22.5 1081.9 237.5 2.9 18.1 1050.6 231.2 2.6 17.9 1039.3 223.1 6.7 18.2 1029.5 205.7 6.8 18.2 1045.5 220.4 7.9 18.6 1034.7 217.2 8.1 19.1 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 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.3 1292.4 1279.1 12 13 Total liabilities 1169.8 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.3 1292.4 1279.1 13 1092.5 1209.0 1292.3 1405.5 1316.8 1235.0 1209.4 1188.6 1157.6 1192.4 1175.0 14 66.5 692.7 237.3 43.9 74.2 768.8 262.1 45.1 67.3 813.0 308.6 44.2 74.1 861.0 352.9 46.9 57.6 758.3 390.7 46.9 54.6 661.9 404.1 46.0 50.9 649.2 398.3 43.4 61.1 632.1 390.7 45.0 51.9 615.0 384.2 45.4 94.7 612.5 378.8 45.5 92.7 607.0 373.5 42.9 15 16 17 18 52.1 2.1 13.8 36.3 58.7 2.8 13.1 42.8 59.2 3.0 9.9 46.4 70.5 3.5 13.2 53.8 63.2 4.3 5.9 53.1 68.6 5.1 5.1 58.4 67.6 4.7 5.5 57.4 59.7 4.7 4.9 50.1 61.0 4.4 3.9 52.8 60.9 4.6 3.7 52.7 58.9 4.9 4.4 49.5 19 20 21 22 77.3 105.8 91.5 91.1 104.2 105.3 92.9 98.7 102.8 100.0 104.2 23 19.4 24.2 16.0 17.6 29.7 26.5 16.0 33.6 14.0 35.4 16.0 26.0 21.5 35.9 16.0 17.7 23.0 50.8 16.0 14.4 27.2 48.0 16.0 14.1 15.1 47.3 16.0 14.5 15.9 53.2 16.0 13.5 15.4 57.6 16.0 13.7 13.9 56.2 16.0 13.9 14.3 60.5 16.0 13.3 24 25 26 27 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 Financial sectors Savings institutions Finance companies Mortgage companies REITs 92 Z.1, June 10, 2004 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Total other loans and advances 1019.0 1171.9 1299.9 1420.7 1460.7 1495.3 1507.6 1516.4 1506.6 1528.0 1540.7 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 134.8 17.9 8.4 40.9 5.5 8.9 53.2 0.0 138.4 17.6 8.3 44.8 5.1 10.1 52.4 0.0 131.5 17.2 8.0 43.9 4.9 9.7 47.8 0.0 127.9 16.6 7.6 42.8 5.0 8.7 47.2 0.0 121.9 15.0 7.4 39.6 5.0 8.9 46.0 0.0 118.5 14.2 7.0 38.9 4.7 9.4 44.3 0.0 118.6 14.0 7.3 39.1 4.7 9.5 44.0 0.0 117.9 13.8 7.5 39.4 4.6 9.6 43.1 0.0 117.1 13.6 7.6 39.5 4.5 9.6 42.3 0.0 117.0 13.5 7.8 39.6 4.5 9.7 42.0 0.0 116.8 13.3 8.0 40.1 4.4 9.7 41.4 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 143.3 143.3 142.3 142.3 119.5 119.5 117.3 117.3 115.7 115.7 125.8 125.8 115.0 115.0 126.1 126.1 125.2 125.2 125.0 125.0 111.9 111.9 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 20.6 10.8 9.7 11.3 6.6 4.7 8.2 4.4 3.9 7.5 4.3 3.1 4.6 4.1 0.5 4.6 4.4 0.2 4.8 4.7 0.1 4.5 4.4 0.1 4.3 4.2 0.1 4.4 4.2 0.2 3.9 3.7 0.1 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 18.8 9.4 9.4 24.2 12.1 12.1 30.6 15.3 15.3 39.3 19.7 19.7 42.9 21.5 21.5 46.2 23.1 23.1 47.4 23.7 23.7 48.2 24.1 24.1 57.4 28.7 28.7 56.3 28.1 28.1 49.6 24.8 24.8 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 104.6 1.0 103.7 104.7 0.9 103.8 100.0 0.9 99.0 102.8 0.9 101.9 105.0 0.9 104.1 106.1 0.9 105.1 105.7 1.0 104.7 106.0 1.0 105.0 105.5 1.0 104.6 105.6 1.0 104.7 105.9 1.0 104.9 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans 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) 230.7 0.7 16.5 15.1 58.1 138.0 0.6 1.8 324.2 0.6 17.1 17.8 104.9 180.1 1.1 2.5 432.3 0.7 17.9 17.9 145.6 243.7 3.4 3.2 477.6 0.4 19.5 19.4 172.4 260.0 3.4 2.5 515.3 0.4 19.5 22.3 196.6 268.5 4.9 3.1 533.8 0.2 20.1 23.7 226.9 250.8 6.9 5.1 549.8 0.2 20.4 22.7 225.3 267.3 7.6 6.3 549.4 0.2 19.2 23.6 235.6 256.2 8.0 6.6 548.8 0.2 18.5 24.0 232.5 257.5 8.8 7.4 558.5 0.2 19.8 24.0 235.5 261.8 9.1 8.0 575.6 0.2 21.3 22.9 253.5 261.2 8.4 8.1 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 62.1 62.1 85.9 85.9 82.6 82.6 89.8 89.8 108.3 108.3 105.0 105.0 112.5 112.5 108.4 108.4 102.7 102.7 103.9 103.9 101.3 101.3 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 304.1 273.7 30.4 340.9 306.8 34.1 395.1 355.6 39.5 458.4 412.6 45.8 447.0 402.3 44.7 455.3 409.7 45.5 453.9 408.5 45.4 455.8 410.2 45.6 445.6 401.0 44.6 457.5 411.7 45.7 475.6 428.0 47.6 31 32 33 93 Z.1, June 10, 2004 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm Q3 Q4 2004 Q1 5162.7 5655.0 6255.7 6821.1 7508.8 8354.8 8579.9 8872.7 9140.3 9366.2 9617.5 1 3939.5 300.1 833.1 90.0 4306.1 331.3 921.0 96.6 4727.5 368.7 1057.2 102.3 5142.5 400.8 1168.9 108.9 5664.6 445.9 1282.0 116.3 6353.2 489.0 1387.8 124.8 6546.3 497.1 1409.5 127.0 6788.9 510.6 1444.0 129.2 7005.0 523.9 1480.9 130.4 7171.2 544.2 1518.6 132.2 7375.9 550.8 1556.7 134.1 2 3 4 5 5162.7 5655.0 6255.7 6821.1 7508.8 8354.8 8579.9 8872.7 9140.3 9366.2 9617.5 6 Household sector 3874.5 4194.5 4574.2 4958.1 5456.8 6105.8 6288.2 6513.3 6719.7 6850.1 7044.7 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1241.4 260.5 890.9 90.0 1388.8 257.2 1035.1 96.6 1604.8 332.3 1170.1 102.3 1780.0 363.5 1307.6 108.9 1967.8 422.6 1428.8 116.3 2158.9 472.8 1561.3 124.8 2202.5 483.1 1592.4 127.0 2269.4 505.9 1634.3 129.2 2328.6 524.3 1673.9 130.4 2422.4 569.8 1720.4 132.2 2474.9 586.5 1754.4 134.1 8 9 10 11 12 13 Federal government REITs 0.0 46.8 0.0 71.6 0.0 76.7 0.0 82.9 0.0 84.2 0.0 90.1 0.0 89.2 0.0 90.1 0.0 92.0 0.0 93.7 0.0 97.9 12 13 5162.7 5655.0 6255.7 6821.1 7508.8 8354.8 8579.9 8872.7 9140.3 9366.2 9617.5 14 7 14 Total liabilities Q2 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 101.1 80.2 18.7 98.2 67.3 26.7 106.5 41.2 24.7 117.7 43.5 23.3 125.7 46.6 26.6 136.5 48.7 27.8 139.3 49.2 27.7 142.1 49.7 27.5 144.9 50.2 27.1 147.7 50.7 26.6 150.7 51.2 26.0 15 16 17 18 19 State and local governments Federal government 121.3 45.7 125.4 44.9 129.8 77.7 134.3 76.9 139.0 75.8 143.9 76.3 145.2 73.9 146.5 74.0 147.8 73.6 149.1 73.8 150.5 75.8 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 1245.3 631.8 86.0 3.0 1337.0 644.0 96.9 2.8 1495.4 668.1 111.0 2.2 1660.1 723.0 124.9 2.3 1789.8 758.2 141.3 2.5 2058.3 781.4 159.4 2.3 2099.4 815.9 162.4 2.2 2193.1 833.6 168.4 2.1 2263.9 852.1 176.5 2.0 2256.0 870.9 182.6 1.9 2329.5 927.5 185.4 1.9 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 206.8 2.2 9.7 17.6 213.6 2.0 9.3 24.1 230.8 1.9 11.0 21.5 235.9 1.6 12.2 21.5 243.0 1.9 13.5 24.9 250.0 2.0 15.2 31.6 251.1 2.0 15.6 33.9 254.3 1.9 16.2 36.3 257.1 1.9 16.7 39.0 260.3 2.1 17.2 41.9 261.5 2.1 17.9 45.0 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 239.4 1825.8 376.3 246.8 2018.4 517.9 242.0 2292.2 598.7 264.2 2491.6 667.4 296.9 2830.1 784.3 356.5 3158.2 874.4 381.1 3226.3 922.2 415.3 3288.8 974.0 450.5 3370.3 999.9 461.8 3488.0 1058.9 466.1 3509.2 1127.2 28 29 30 31 32 33 Finance companies Mortgage companies REITs 96.5 32.1 22.9 121.2 32.1 26.3 145.8 32.1 23.0 172.3 32.1 16.3 161.3 32.1 15.2 174.5 32.1 25.7 173.9 32.1 26.5 183.4 32.1 33.5 194.7 32.1 40.1 198.9 32.1 45.5 206.2 32.1 51.7 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, June 10, 2004 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 3939.5 4306.1 4727.5 5142.5 5664.6 6353.2 6546.3 6788.9 7005.0 7171.2 7375.9 1 3779.3 8.0 152.2 4090.8 9.3 205.9 4463.9 11.5 252.1 4837.4 13.5 291.6 5314.7 15.6 334.4 5953.1 16.2 383.9 6131.6 16.6 398.1 6356.8 17.1 415.0 6558.1 17.4 429.5 6709.2 18.0 444.0 6897.8 18.9 459.2 2 3 4 3939.5 4306.1 4727.5 5142.5 5664.6 6353.2 6546.3 6788.9 7005.0 7171.2 7375.9 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 77.9 29.8 7.0 73.1 27.1 10.0 80.3 20.2 9.0 87.4 21.4 8.7 94.9 23.3 9.7 103.6 24.3 11.0 105.9 24.6 11.4 108.2 24.8 11.8 110.6 25.1 12.2 113.1 25.3 12.6 115.6 25.6 13.1 6 7 8 9 10 State and local governments Federal government 65.8 19.1 69.1 18.8 72.6 18.4 76.3 17.7 80.1 17.1 84.1 16.2 85.2 15.9 86.2 15.7 87.3 15.5 88.3 15.3 89.4 15.2 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 745.5 520.7 86.0 3.0 797.0 533.5 96.9 2.8 879.6 548.2 111.0 2.2 965.6 594.2 124.9 2.3 1023.9 620.6 141.3 2.5 1222.1 631.4 159.4 2.3 1244.8 662.9 162.4 2.2 1320.7 676.2 168.4 2.1 1368.9 690.4 176.5 2.0 1347.1 703.4 182.6 1.9 1394.7 753.8 185.4 1.9 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 7.2 5.7 5.6 6.6 5.8 8.4 5.9 6.6 7.5 4.9 7.7 7.5 4.9 9.0 8.7 4.7 10.7 11.1 4.0 11.1 11.9 3.8 11.7 12.7 3.8 12.2 13.7 4.6 12.8 14.7 4.7 13.5 15.8 15 16 17 18 19 20 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 194.3 1788.1 280.4 199.6 1970.2 360.6 189.3 2234.7 399.4 205.1 2425.6 432.8 225.3 2748.5 505.0 271.3 3063.7 563.2 294.0 3129.7 606.3 324.9 3189.9 642.2 359.9 3265.4 656.4 369.6 3373.4 696.1 372.2 3397.8 754.7 18 19 20 21 22 23 Finance companies Mortgage companies REITs 67.5 21.8 14.0 90.0 21.8 14.8 108.2 21.8 12.4 130.6 21.8 7.9 120.1 21.8 7.9 135.0 21.8 17.4 133.9 21.8 18.4 142.5 21.8 25.3 151.8 21.8 31.6 152.2 21.8 36.4 159.5 21.8 41.3 21 22 23 331.9 174.0 55.5 29.0 5.9 67.5 361.2 176.9 55.9 29.7 8.6 90.0 401.5 189.5 59.7 33.4 10.7 108.2 491.8 235.0 72.8 40.7 12.7 130.6 517.8 258.6 77.9 44.9 16.2 120.1 583.2 303.3 78.5 48.1 18.4 135.0 596.5 314.0 83.5 47.3 17.9 133.9 621.6 328.7 83.0 48.4 19.0 142.5 650.0 343.3 87.8 48.8 18.4 151.8 684.6 366.0 95.6 51.8 19.0 152.2 712.8 390.1 91.0 52.9 19.4 159.5 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Total assets 1998 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens. Excludes home equity loans held by mortgage companies and 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 300.1 331.3 368.7 400.8 445.9 489.0 497.1 510.6 523.9 544.2 550.8 1 22.5 262.1 23.5 284.2 24.7 318.6 25.9 347.5 27.3 390.8 28.8 430.5 29.2 438.4 29.6 451.3 30.0 463.6 30.4 482.9 30.9 487.6 2 3 0.0 15.4 0.0 23.6 0.0 25.3 0.0 27.4 0.0 27.8 0.0 29.7 0.0 29.4 0.0 29.7 0.0 30.4 0.0 30.9 0.0 32.3 4 5 300.1 331.3 368.7 400.8 445.9 489.0 497.1 510.6 523.9 544.2 550.8 6 1.5 1.4 6.2 1.5 1.1 8.8 1.4 0.9 8.0 1.4 0.8 7.7 1.4 0.9 9.2 1.4 1.0 8.5 1.4 1.0 8.0 1.4 1.0 7.3 1.4 1.0 6.5 1.5 1.0 5.5 1.5 1.0 4.4 7 8 9 10 11 State and local governments Federal government 46.5 13.9 47.4 13.6 48.3 13.6 49.3 13.9 50.3 13.7 51.3 14.3 51.6 14.2 51.9 14.4 52.1 14.4 52.4 14.5 52.7 14.7 10 11 12 13 Commercial banking Savings institutions 49.7 59.5 54.6 57.0 67.7 59.3 77.8 61.3 84.9 64.6 94.2 68.7 96.8 69.8 100.1 72.7 102.8 74.9 104.9 78.0 107.7 81.6 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 30.4 1.0 5.0 31.5 0.9 6.7 32.8 1.1 6.0 33.7 1.1 6.0 35.6 1.1 7.0 36.8 1.1 8.9 37.0 1.1 9.5 37.6 1.1 10.2 38.0 1.1 10.9 38.3 1.1 11.7 38.5 1.1 12.6 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 16.2 37.8 20.9 16.2 48.3 33.9 20.5 57.5 42.0 25.0 66.0 47.5 33.2 81.6 53.5 41.7 94.5 59.0 42.9 96.6 59.6 44.8 98.9 61.7 44.6 104.9 63.7 45.9 114.7 67.1 46.9 111.4 68.8 17 18 19 20 21 22 Finance companies Mortgage companies REITs 2.8 5.2 2.1 2.5 5.2 2.1 2.8 5.2 1.6 2.9 5.2 1.2 2.7 5.2 0.9 1.7 5.2 0.8 1.6 5.2 0.8 1.6 5.2 0.8 1.6 5.2 0.7 1.7 5.2 0.8 1.7 5.2 1.1 20 21 22 95 Z.1, June 10, 2004 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 3 4 5 6 7 8 9 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 833.1 921.0 1057.2 1168.9 1282.0 1387.8 1409.5 1444.0 1480.9 1518.6 1556.7 1 95.1 230.0 476.6 31.4 103.7 224.3 545.0 48.0 110.3 296.1 599.4 51.4 120.7 324.1 668.5 55.6 142.2 379.7 703.6 56.4 152.7 427.7 746.9 60.4 156.6 437.3 755.8 59.8 156.5 459.2 768.0 60.3 161.6 476.8 780.8 61.6 140.9 521.4 793.5 62.8 146.9 536.7 807.6 65.6 2 3 4 5 833.1 921.0 1057.2 1168.9 1282.0 1387.8 1409.5 1444.0 1480.9 1518.6 1556.7 6 5.1 49.1 4.9 6.0 39.1 6.9 6.8 20.1 6.4 8.6 21.2 6.1 7.9 22.4 6.8 8.6 23.4 7.1 8.7 23.6 7.1 8.9 23.8 7.1 9.1 24.1 7.0 9.2 24.3 7.0 9.4 24.6 6.9 7 8 9 7.7 7.8 7.6 7.9 7.5 41.5 7.4 41.1 7.2 41.0 7.1 42.1 7.1 40.2 7.1 40.4 7.0 40.2 7.0 40.5 7.0 42.5 10 11 10 11 State and local governments Federal government 12 13 Commercial banking Savings institutions 423.1 51.3 456.3 53.0 516.3 60.1 582.6 67.0 645.6 72.5 704.0 80.7 719.0 82.7 732.6 84.1 752.0 86.1 763.4 88.9 785.7 91.4 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 158.8 2.2 3.0 7.0 164.0 2.0 2.6 8.9 179.0 1.9 3.3 8.0 183.8 1.6 3.4 8.0 188.4 1.9 3.4 9.2 195.0 2.0 3.4 11.7 196.1 2.0 3.3 12.5 199.4 1.9 3.4 13.4 201.8 1.9 3.4 14.4 203.2 2.1 3.3 15.5 204.1 2.1 3.3 16.6 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 74.9 26.2 5.1 6.9 0.0 123.4 28.7 5.1 9.4 0.0 157.3 34.8 5.1 9.0 0.0 187.1 38.8 5.1 7.3 0.0 225.7 38.5 5.1 6.4 0.0 252.1 37.8 5.1 7.5 0.0 256.2 38.5 5.1 7.3 0.0 270.1 39.3 5.1 7.5 0.0 279.8 41.2 5.1 7.8 0.0 295.7 45.0 5.1 8.3 0.0 303.8 45.0 5.1 9.3 18 19 20 21 22 L.221 Farm Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 90.0 96.6 102.3 108.9 116.3 124.8 127.0 129.2 130.4 132.2 134.1 1 2 Total assets 90.0 96.6 102.3 108.9 116.3 124.8 127.0 129.2 130.4 132.2 134.1 2 16.5 0.6 17.7 1.0 17.9 1.3 20.2 0.7 21.5 0.9 22.9 1.2 23.2 1.3 23.6 1.3 23.7 1.4 24.0 1.5 24.3 1.6 3 4 1.4 4.9 1.4 4.5 1.4 4.3 1.4 4.1 1.4 4.0 1.4 3.7 1.4 3.6 1.4 3.5 1.4 3.6 1.4 3.4 1.4 3.4 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 27.0 0.4 29.0 0.4 31.8 0.5 34.0 0.5 35.5 0.5 38.0 0.6 38.7 0.6 39.7 0.6 40.2 0.6 40.6 0.6 41.4 0.6 7 8 9 10 Life insurance companies State and local govt. retirement funds 10.5 0.0 11.5 0.0 13.0 0.0 13.6 0.0 14.1 0.0 13.5 0.0 14.1 0.0 13.5 0.0 13.5 0.0 14.2 0.0 14.3 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 28.9 0.0 31.0 0.0 32.2 0.0 34.2 0.0 38.5 0.0 43.5 0.0 44.2 0.0 45.6 0.0 46.0 0.0 46.4 0.0 47.1 0.0 11 12 96 Z.1, June 10, 2004 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 1 Total liabilities (Households) 1333.8 1430.6 1542.7 1719.0 1856.7 1938.1 1911.5 1941.4 1983.3 2032.9 2014.8 1 2 Total assets 1333.8 1430.6 1542.7 1719.0 1856.7 1938.1 1911.5 1941.4 1983.3 2032.9 2014.8 2 78.9 0.0 28.3 76.2 0.0 37.4 78.7 0.0 50.9 82.7 0.0 67.0 82.3 0.0 80.1 82.2 0.0 92.8 71.7 0.0 90.6 77.1 0.0 89.1 76.5 0.0 95.3 73.8 0.0 94.1 67.1 0.0 93.9 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 512.6 47.2 152.4 508.9 51.6 155.4 499.8 61.5 167.9 541.5 64.6 184.4 558.4 69.1 189.6 587.2 68.5 195.7 575.3 68.4 193.9 584.2 73.6 198.6 593.7 72.5 203.4 636.4 77.7 205.9 624.7 81.3 207.7 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 29.5 317.4 167.5 28.4 389.4 183.3 33.8 448.4 201.6 37.0 521.3 220.5 39.4 599.7 238.1 36.8 637.1 237.8 35.2 643.1 233.2 31.3 643.3 244.3 27.2 630.7 284.0 20.6 629.1 295.4 16.0 617.0 307.2 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 1967.4 2082.9 2345.4 2747.7 2670.1 2697.5 2701.1 2759.6 2823.4 2882.2 2907.1 1 2 Household sector 118.0 126.8 130.9 134.7 138.7 145.7 147.5 149.5 151.5 153.6 155.7 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 992.1 147.8 18.8 1049.7 178.6 19.6 1228.2 213.3 20.0 1541.4 259.9 20.9 1437.7 255.0 18.3 1421.9 276.0 19.2 1404.9 286.4 20.0 1435.9 297.1 20.7 1479.6 311.6 20.9 1522.8 322.7 21.1 1523.0 335.9 20.1 3 4 5 6 7 State and local governments Federal government 549.0 72.9 579.5 65.0 608.6 64.5 635.9 69.0 661.1 72.3 685.6 74.1 691.6 75.9 697.6 76.6 703.6 77.3 709.6 75.8 715.6 76.0 6 7 8 9 Rest of the world Brokers and dealers 48.8 19.9 44.9 18.9 49.1 30.9 49.9 35.9 47.8 39.2 37.6 37.4 46.3 28.5 46.9 35.3 46.4 32.5 48.4 28.2 46.2 34.5 8 9 10 Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 Federal government Rest of the world 15 16 Other insurance companies ABS issuers 17 Discrepancy 1839.3 1987.0 2248.4 2639.9 2547.7 2564.7 2613.5 2702.0 2765.1 2765.4 2837.3 10 1366.6 204.9 1451.6 233.1 1655.0 272.6 1938.1 342.1 1808.7 343.9 1774.3 366.7 1806.1 375.9 1873.0 388.1 1917.0 404.5 1902.6 417.1 1955.2 432.0 11 12 20.8 59.0 22.3 52.5 22.9 47.4 28.1 47.0 35.5 43.9 32.2 47.0 29.8 47.3 31.5 47.2 29.9 45.6 31.9 43.7 31.3 40.6 13 14 59.9 128.1 61.5 165.9 63.6 187.0 64.6 220.0 69.9 245.9 74.8 269.7 79.3 275.2 81.6 280.5 82.3 285.7 79.3 290.8 82.5 295.7 15 16 128.1 95.9 97.0 107.8 122.4 132.9 87.5 57.6 58.3 116.7 69.8 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 469.1 572.2 676.6 822.7 825.9 738.8 796.6 971.9 940.2 871.3 945.4 1 2 3 Household sector Rest of the world 131.2 0.0 152.8 0.0 227.9 0.0 235.1 0.0 196.4 0.0 148.2 0.0 159.5 0.0 248.5 0.0 227.6 0.0 182.5 0.0 199.1 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. 337.9 215.5 64.4 58.0 419.5 276.7 76.3 66.5 448.7 323.9 67.6 57.2 587.6 412.4 74.7 100.5 629.5 454.3 81.9 93.3 590.6 412.7 79.2 98.7 637.1 429.6 91.5 115.9 723.4 515.1 104.5 103.8 712.6 503.4 99.4 109.8 688.8 475.4 91.5 121.9 746.3 507.2 96.0 143.1 4 5 6 7 469.1 572.2 676.6 822.7 825.9 738.8 796.6 971.9 940.2 871.3 945.4 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 215.5 0.0 276.7 0.0 323.9 0.0 412.4 0.0 454.3 0.0 412.7 0.0 429.6 0.0 515.1 0.0 503.4 0.0 475.4 0.0 507.2 0.0 9 10 11 12 Commercial banking Brokers and dealers 122.5 131.2 142.8 152.8 124.8 227.9 175.2 235.1 175.2 196.4 177.9 148.2 207.4 159.5 208.3 248.5 209.1 227.6 213.5 182.5 239.2 199.1 11 12 97 Z.1, June 10, 2004 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 Life insurance reserves: 1 Total liabilities 665.0 718.3 783.9 819.1 880.0 920.9 936.3 963.7 978.0 999.6 1019.5 1 2 3 Federal government Life insurance companies 32.3 632.7 33.6 684.7 35.0 748.9 36.4 782.7 37.8 842.2 39.4 881.6 39.4 896.9 39.8 923.9 39.9 938.1 40.5 959.1 40.5 979.0 2 3 4 Total assets (Households) 665.0 718.3 783.9 819.1 880.0 920.9 936.3 963.7 978.0 999.6 1019.5 4 7323.4 8210.5 9095.5 9067.3 8655.1 7980.3 7902.1 8502.7 8679.5 9256.6 9422.8 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 1086.1 3736.2 1248.1 4158.9 1428.1 4628.9 1453.1 4483.5 1462.1 4104.6 1488.0 3582.3 1506.3 3528.3 1602.5 3848.0 1641.6 3939.7 1728.7 4249.0 1784.2 4333.4 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 1842.0 659.1 2085.4 718.0 2262.3 776.2 2331.5 799.2 2226.4 862.0 2013.4 896.6 1982.4 885.0 2144.9 907.2 2175.3 922.9 2319.8 959.0 2352.9 952.2 8 9 7323.4 8210.5 9095.5 9067.3 8655.1 7980.3 7902.1 8502.7 8679.5 9256.6 9422.8 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by 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 141.3 156.0 178.9 204.8 219.2 248.1 271.2 276.6 284.8 276.6 297.2 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 59.2 39.9 64.1 44.1 71.0 53.0 78.0 64.6 81.0 68.7 93.0 76.8 108.4 81.7 108.4 84.1 112.4 85.3 100.6 86.5 116.1 87.9 2 3 4 5 U.S.-chartered commercial banks Savings institutions 5.4 1.8 7.1 2.0 9.0 2.0 11.1 2.5 13.5 1.7 16.2 1.5 16.9 1.4 17.6 1.4 18.3 1.6 19.1 1.3 19.8 1.8 4 5 6 7 Life insurance companies Other insurance companies 13.7 13.4 14.9 15.4 16.2 17.4 17.8 19.7 19.7 22.4 22.1 25.6 22.8 26.5 23.4 27.4 24.1 28.4 24.9 29.3 25.6 30.3 6 7 8 9 Finance companies Brokers and dealers 6.5 1.3 7.3 1.3 8.1 2.2 9.1 2.1 10.2 1.9 11.6 1.3 12.0 1.6 12.4 1.9 12.8 2.0 13.2 1.8 13.6 1.9 8 9 46.9 49.5 72.0 87.9 129.9 123.9 153.7 154.0 177.5 182.9 208.0 10 26.9 20.0 28.1 21.4 33.5 38.5 45.6 42.4 50.1 79.8 59.5 64.3 63.7 90.0 69.0 85.0 74.4 103.1 80.1 102.8 84.2 123.9 11 12 94.4 106.5 106.9 116.9 89.3 124.2 117.5 122.6 107.3 93.7 89.1 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Investment in Bank Personal Trusts and Estates Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Liab.: Bank personal trusts and estates 942.5 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 1 2 Asset: Household sector 942.5 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 2 98 Z.1, June 10, 2004 L.229 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 7334.0 8313.8 9317.7 10523.4 11178.3 11717.7 12003.4 11924.7 12221.6 11980.3 12072.3 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18.6 2195.1 301.3 17.2 2569.1 392.9 19.4 2926.4 466.5 19.6 3453.1 552.6 19.1 3524.1 607.5 20.0 3622.5 628.1 20.7 3646.1 637.3 21.0 3636.3 646.8 21.0 3640.9 655.6 20.9 3610.8 664.5 21.1 3622.2 673.1 2 3 4 5 6 Federal government Rest of the world 608.3 1237.9 649.6 1406.9 690.6 1710.1 711.3 1862.3 772.0 1961.5 796.3 2123.2 773.9 2296.3 784.6 1995.0 794.1 2006.0 820.8 1798.9 807.1 1688.7 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 9.5 1023.7 101.4 4.6 10.7 1115.2 99.8 5.2 9.4 1077.4 85.1 6.0 10.6 1257.8 102.3 5.6 7.7 1256.6 121.3 3.8 30.3 1430.1 137.2 5.1 27.2 1414.9 157.5 1.5 30.7 1464.2 179.5 7.6 33.7 1548.1 192.3 8.5 34.5 1553.7 172.1 6.3 30.8 1615.4 211.5 19.5 7 8 9 10 11 12 Life insurance companies Other insurance companies 625.4 522.3 649.5 527.7 686.4 534.4 686.8 543.0 707.6 567.7 743.6 610.9 788.0 622.6 817.4 634.2 827.9 652.2 817.6 653.2 826.3 660.0 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 74.6 206.0 16.0 95.6 223.8 16.0 90.1 291.1 16.0 97.5 374.3 16.0 141.2 393.2 16.0 148.8 413.9 16.0 151.8 413.8 16.0 161.5 442.1 16.0 193.2 506.2 16.0 175.8 515.7 16.0 180.9 531.1 16.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 18.0 131.1 240.1 31.6 176.4 326.3 36.0 183.6 489.0 37.8 182.7 610.1 37.9 316.1 725.0 39.2 236.4 715.8 38.8 246.1 750.8 39.3 258.9 789.6 38.4 260.3 826.8 39.1 275.7 804.6 39.5 290.3 838.6 16 17 18 8733.4 10260.9 11673.5 13949.0 14934.1 15373.4 15744.1 15604.9 15629.1 15701.4 16128.1 19 339.5 3622.8 259.9 44.8 351.5 4475.0 382.1 45.4 364.3 5427.5 463.8 45.6 370.9 6722.6 553.7 45.5 389.4 6942.7 683.3 47.0 418.1 6962.5 780.9 51.1 427.3 7016.7 806.3 52.4 434.6 7080.1 831.3 53.6 449.3 7124.3 857.4 55.5 450.2 7319.6 883.3 55.8 454.0 7446.9 910.9 56.2 20 21 22 23 19 Total liabilities 1998 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 27.0 104.8 936.7 11.5 101.3 1055.9 18.1 100.4 1186.3 28.5 99.0 1646.8 39.2 100.3 1779.9 78.6 100.6 1922.2 89.8 101.8 2137.6 74.6 101.5 1758.3 66.1 101.9 1594.6 32.4 101.9 1340.1 42.0 102.0 1464.7 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 13.2 934.0 49.7 17.6 14.6 16.1 1065.2 62.8 24.3 23.0 16.8 1097.7 60.2 8.0 20.5 19.3 1196.9 67.8 12.9 21.7 20.3 1347.9 87.0 18.3 29.4 19.6 1443.4 104.2 28.7 26.8 19.3 1468.7 104.4 24.1 29.2 18.9 1488.8 109.3 27.2 31.6 18.5 1504.8 122.6 14.1 34.0 18.2 1535.7 99.9 29.2 36.4 18.1 1572.8 93.5 23.8 38.8 27 28 29 30 31 32 33 34 35 36 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 65.7 42.8 590.9 63.5 601.7 69.2 47.0 622.2 66.1 642.9 36.9 50.6 638.9 81.0 684.0 55.6 51.8 626.4 93.5 704.9 40.1 52.6 621.3 113.8 765.8 46.8 63.1 619.8 105.9 790.3 64.0 65.8 621.6 103.1 767.8 61.7 68.5 631.4 99.5 778.6 59.1 70.0 638.2 98.5 788.1 59.7 71.7 662.2 91.2 815.0 78.9 74.0 668.9 92.4 801.2 32 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises 58.1 11.8 68.8 67.7 7.7 70.4 90.4 4.2 75.8 102.5 3.8 88.4 128.6 0.8 101.1 121.6 0.9 123.5 115.8 1.7 119.1 117.4 1.7 138.2 130.6 3.1 131.6 137.0 1.9 136.4 137.4 1.9 146.6 37 38 39 40 41 42 43 Finance companies REITs Brokers and dealers Funding corporations 175.1 10.5 391.8 288.0 184.4 21.2 499.3 348.7 235.7 21.1 522.8 423.1 261.0 22.0 655.1 498.6 281.8 22.5 821.0 500.0 291.3 22.6 723.7 527.1 294.9 23.5 723.2 565.9 327.9 24.1 791.3 555.0 375.9 25.0 827.5 538.2 393.7 26.4 858.8 544.8 374.4 28.4 946.5 553.8 40 41 42 43 -1399.3 -1947.1 -2355.8 -3425.6 -3755.8 -3655.7 -3740.7 -3680.2 -3407.5 -3721.0 -4055.7 44 44 Discrepancy 99 Z.1, June 10, 2004 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 1068.1 933.1 44.2 8.6 42.8 35.1 4.2 1196.0 1041.0 31.2 11.1 47.0 58.0 7.7 1414.4 1227.7 35.2 16.2 50.6 69.9 14.7 1529.7 1320.4 43.5 17.5 51.8 76.6 20.0 1598.1 1369.6 44.5 20.2 52.6 96.6 14.6 1751.9 1496.1 47.4 23.9 63.1 104.0 17.4 1788.8 1526.5 49.4 24.9 65.8 104.2 17.9 1821.3 1555.7 50.2 23.3 68.5 105.0 18.6 1866.4 1594.8 51.1 24.2 70.0 107.2 19.1 1906.6 1630.9 52.4 24.5 71.7 106.9 20.1 1964.7 1681.8 54.3 25.0 74.0 108.6 20.8 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 Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 750.6 3.9 38.8 25.2 46.2 35.7 8.5 -84.6 892.6 3.4 46.1 27.3 47.3 37.2 10.7 -63.9 1085.5 3.3 62.0 32.1 51.5 48.6 13.9 -80.9 1066.6 3.4 64.2 42.9 60.9 63.2 20.1 -5.1 1069.1 3.2 71.6 46.2 59.4 68.5 13.6 51.6 1181.5 3.4 80.7 45.6 58.5 58.8 13.3 79.2 1179.2 3.3 83.9 43.2 55.0 74.1 13.3 103.1 1175.6 3.4 82.9 42.9 55.4 75.3 16.7 128.2 1182.7 3.3 83.7 43.3 55.1 76.3 16.6 121.7 1225.9 3.3 83.6 43.4 55.4 76.8 16.7 97.8 1220.9 3.4 83.8 43.8 56.3 77.2 18.9 98.3 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 824.1 1000.7 1216.0 1316.2 1383.2 1521.0 1555.2 1580.5 1582.8 1603.0 1602.6 16 30.8 30.8 32.4 32.4 33.9 33.9 35.4 35.4 37.1 37.1 38.7 38.7 39.1 39.1 39.5 39.5 39.9 39.9 40.1 40.1 40.6 40.6 17 18 5.4 5.4 6.0 6.0 6.4 6.4 7.0 7.0 7.4 7.4 8.4 8.4 8.5 8.5 8.7 8.7 8.7 8.7 8.8 8.8 9.0 9.0 19 20 21.5 25.5 31.6 33.8 36.5 38.5 39.7 40.3 41.4 42.0 43.8 21 0.0 1.7 1.5 0.0 8.0 9.9 0.2 0.2 0.0 1.6 1.7 0.0 10.0 11.8 0.3 0.2 0.0 1.6 1.6 0.0 13.0 14.5 0.5 0.3 0.0 1.6 1.6 0.0 13.8 15.7 0.6 0.4 0.0 1.5 1.7 0.0 15.2 17.0 0.9 0.3 0.0 1.5 1.8 0.0 17.5 16.0 1.2 0.5 0.0 1.6 1.8 0.0 18.0 16.6 1.2 0.6 0.0 1.5 1.9 0.0 18.4 16.4 1.3 0.8 0.0 1.7 2.2 0.0 18.6 16.7 1.4 1.0 0.0 2.0 2.4 0.0 18.7 16.4 1.4 1.1 0.0 2.1 2.3 0.0 19.1 17.6 1.5 1.2 22 23 24 25 26 27 28 29 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 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) 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: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 413.6 5.0 23.5 16.0 45.3 469.0 5.4 17.1 16.0 95.4 471.9 6.0 43.9 16.0 85.4 525.4 6.6 51.3 16.0 115.8 586.1 7.4 49.6 16.0 146.4 639.2 8.3 44.1 16.0 150.9 650.1 8.5 43.6 16.0 159.6 667.0 8.8 48.0 16.0 174.7 679.6 9.1 47.9 16.0 182.2 689.8 9.3 49.9 16.0 189.1 708.0 9.6 52.0 16.0 215.1 30 31 32 33 34 35 Asset: Bank holding companies 503.5 603.0 623.1 715.1 805.6 858.5 877.8 914.6 934.8 954.1 1000.8 35 23.5 23.5 17.1 17.1 43.9 43.9 51.3 51.3 49.6 49.6 44.1 44.1 43.6 43.6 48.0 48.0 47.9 47.9 49.9 49.9 52.0 52.0 36 37 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 78.8 209.2 90.6 258.2 93.0 330.1 138.7 359.9 107.9 392.2 132.6 394.5 128.3 437.6 124.8 430.2 118.3 419.9 130.8 413.9 157.9 395.8 38 39 40 Asset: Funding corporations 288.0 348.7 423.1 498.6 500.0 527.1 565.9 555.0 538.2 544.8 553.8 40 100 Z.1, June 10, 2004 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 2004 Q1 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 2.1 2.1 2.0 2.0 2.6 2.6 2.6 2.6 2.6 2.6 2.7 2.7 2.6 2.6 2.7 2.7 2.7 2.7 2.8 2.8 2.9 2.9 1 2 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 3 4 18.0 18.0 24.9 24.9 17.1 17.1 17.0 17.0 25.7 25.7 27.6 27.6 30.5 30.5 30.8 30.8 28.4 28.4 20.5 20.5 24.9 24.9 5 6 18.6 18.6 17.2 17.2 19.4 19.4 19.6 19.6 19.1 19.1 20.0 20.0 20.7 20.7 21.0 21.0 21.0 21.0 20.9 20.9 21.1 21.1 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 140.0 75.7 36.4 27.8 150.3 83.0 37.1 30.2 162.0 93.5 38.4 30.1 168.9 97.4 39.5 32.0 175.4 100.5 40.4 34.4 185.6 110.6 40.6 34.5 188.5 112.3 40.7 35.5 191.1 114.4 41.8 34.9 198.1 118.6 42.6 36.9 198.7 121.2 40.5 37.0 200.0 122.1 40.6 37.3 9 10 11 12 13 Asset: Household sector 140.0 150.3 162.0 168.9 175.4 185.6 188.5 191.1 198.1 198.7 200.0 13 Policy payables: 14 Liab.: Other insurance companies 476.2 480.4 482.9 482.1 508.2 552.4 567.7 578.8 597.0 597.8 603.8 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 199.5 188.1 45.2 43.3 201.3 189.8 45.6 43.7 202.3 190.8 45.9 43.9 202.0 190.4 45.8 43.9 214.0 200.8 48.3 45.3 232.4 218.2 52.5 49.3 238.9 224.2 53.9 50.7 243.5 228.6 55.0 51.7 251.2 235.8 56.7 53.3 251.5 236.1 56.8 53.4 254.0 238.5 57.4 53.9 15 16 17 18 381.9 381.9 384.6 384.6 396.4 396.4 381.4 381.4 372.2 372.2 366.5 366.5 367.1 367.1 377.9 377.9 385.1 385.1 406.5 406.5 411.3 411.3 19 20 93.5 93.5 114.9 114.9 107.3 107.3 108.5 108.5 109.8 109.8 111.1 111.1 111.4 111.4 111.8 111.8 112.1 112.1 112.4 112.4 112.8 112.8 21 22 333.3 333.3 403.3 403.3 419.5 419.5 508.2 508.2 578.3 578.3 575.4 575.4 567.7 567.7 628.9 628.9 672.7 672.7 678.0 678.0 755.9 755.9 23 24 601.7 601.7 642.9 642.9 684.0 684.0 704.9 704.9 765.8 765.8 790.3 790.3 767.8 767.8 778.6 778.6 788.1 788.1 815.0 815.0 801.2 801.2 25 26 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds 101 Z.1, June 10, 2004 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 Total liabilities 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 2503.7 2864.0 3234.0 3943.2 4203.8 4297.8 4460.7 4195.2 4356.1 3978.4 3871.3 1 1351.0 297.5 1561.6 389.6 1733.6 463.2 2278.0 549.2 2345.2 604.3 2329.9 624.7 2355.5 634.0 2348.9 643.4 2346.1 652.3 2272.4 661.2 2288.5 669.7 2 3 Federal government Rest of the world Monetary authority 6.6 136.9 4.0 6.7 176.5 4.8 6.6 259.3 3.0 6.4 294.6 3.6 6.2 323.8 0.4 6.0 330.0 21.9 6.1 465.7 18.7 6.0 131.5 22.0 6.0 97.1 25.0 5.8 -150.7 25.7 5.9 -319.4 21.9 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 492.5 185.1 233.9 57.9 15.6 509.6 193.0 220.6 74.1 21.9 450.6 181.2 157.2 88.1 24.1 529.5 263.2 137.2 104.4 24.8 491.0 173.7 137.4 150.8 29.0 577.6 210.4 148.5 190.9 27.8 552.7 221.6 101.8 200.4 28.8 589.5 235.2 98.5 224.5 31.4 666.5 280.5 118.0 232.7 35.2 649.5 263.0 110.3 241.4 34.9 665.7 287.0 91.9 248.8 38.0 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 96.4 4.6 78.4 35.1 94.4 5.2 87.4 45.2 79.2 6.0 95.9 41.4 95.7 5.6 93.7 46.7 113.9 3.8 113.8 79.0 128.9 5.1 145.9 82.7 148.9 1.5 189.2 81.6 170.8 7.6 205.6 90.4 183.2 8.5 201.3 123.3 162.8 6.3 168.9 113.3 201.9 19.5 171.2 112.2 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 123.2 18.0 -131.9 -8.6 152.3 31.6 -187.8 -13.0 154.6 36.0 -245.8 150.4 208.5 37.8 -313.1 107.0 225.5 37.9 -236.1 95.1 266.9 39.2 -322.3 61.2 252.5 38.8 -364.4 80.0 270.7 39.3 -362.7 32.4 334.1 38.4 -358.3 32.4 339.2 39.1 -344.0 28.8 349.9 39.5 -339.6 -15.6 16 17 18 19 3903.0 4811.1 5589.8 7368.8 7959.6 7953.5 8201.4 7875.4 7763.6 7699.5 7927.1 20 2478.0 213.0 27.0 3227.0 334.9 11.5 3965.1 416.3 18.1 5160.5 506.2 28.5 5322.7 633.5 39.2 5204.1 726.9 78.6 5222.4 750.8 89.8 5247.7 774.8 74.6 5245.8 799.1 66.1 5402.7 824.6 32.4 5474.6 851.4 42.0 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 71.9 112.6 13.2 66.9 55.2 16.1 63.9 -29.7 16.8 61.0 330.6 19.3 60.7 396.7 20.3 59.2 401.2 19.6 60.0 582.4 19.3 59.3 177.8 18.9 59.3 11.8 18.5 58.9 -262.9 18.2 58.5 -137.8 18.1 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 372.9 87.6 234.3 44.4 6.6 415.1 114.3 234.5 56.5 9.7 419.9 121.0 204.9 85.4 8.7 417.4 127.4 177.1 106.3 6.6 475.2 163.3 187.2 112.2 12.5 511.6 181.4 184.2 139.5 6.4 515.0 219.3 142.5 145.7 7.5 496.9 214.7 127.6 147.1 7.5 491.7 208.7 125.5 149.9 7.6 501.6 208.2 123.9 161.9 7.5 489.6 200.2 100.0 181.4 8.0 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 21.7 17.3 14.6 26.2 24.0 23.0 28.6 7.4 20.5 35.1 12.3 21.7 44.3 17.4 29.4 60.5 27.6 26.8 57.4 22.9 29.2 62.1 25.9 31.6 77.5 12.7 34.0 62.9 27.8 36.4 51.0 22.2 38.8 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 38.3 115.4 63.5 40.7 122.7 66.1 0.9 135.3 81.0 18.2 136.5 93.5 0.5 139.3 113.8 2.4 142.2 105.9 17.8 143.1 103.1 16.5 141.8 99.5 12.9 141.0 98.5 13.1 143.3 91.2 31.5 144.8 92.4 35 36 37 38 39 40 Mutual funds Money market mutual funds Government-sponsored enterprises 11.8 58.1 68.8 7.7 67.7 70.4 4.2 90.4 75.8 3.8 102.5 88.4 0.8 128.6 101.1 0.9 121.6 123.5 1.7 115.8 119.1 1.7 117.4 138.2 3.1 130.6 131.6 1.9 137.0 136.4 1.9 137.4 146.6 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 140.0 10.5 54.4 126.4 21.2 88.4 165.7 21.1 88.6 184.4 22.0 126.9 185.2 22.5 228.2 187.2 22.6 130.9 190.6 23.5 137.6 222.9 24.1 143.8 268.7 25.0 135.7 286.8 26.4 160.7 265.8 28.4 169.9 41 42 43 -1399.3 -1947.1 -2355.8 -3425.6 -3755.8 -3655.7 -3740.7 -3680.2 -3407.5 -3721.0 -4055.7 44 44 Discrepancy 102 Z.1, June 10, 2004 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 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 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 39661.9 43633.3 49157.1 49468.3 49293.9 48339.1 48492.2 50572.8 51620.5 54126.0 54987.9 1 12146.2 13149.0 14217.4 15531.3 16757.3 18168.6 18448.0 18751.0 19147.1 19824.6 20127.2 2 9588.7 8652.2 936.5 10464.0 9406.8 1057.2 11373.6 10254.1 1119.4 12501.1 11268.3 1232.8 13592.8 12362.3 1230.5 14874.8 13573.0 1301.9 15132.2 13809.3 1322.8 15403.5 14060.3 1343.2 15758.1 14385.0 1373.1 16397.5 14989.3 1408.2 16636.0 15203.2 1432.7 3 4 5 71.0 2486.6 76.7 2608.3 83.0 2760.9 89.5 2940.7 94.5 3070.1 98.0 3195.7 98.7 3217.1 99.5 3248.0 101.2 3287.8 103.0 3324.1 104.7 3386.6 6 7 27515.7 30484.3 34939.6 33937.0 32536.6 30170.5 30044.1 31821.8 32473.4 34301.4 34860.7 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 3622.3 37.2 436.8 2566.0 582.3 3901.2 38.3 421.1 2728.9 712.9 4051.3 43.5 345.7 2837.0 825.0 4385.2 63.5 225.3 3125.6 970.7 4883.3 58.5 318.5 3377.1 1129.2 5122.7 69.2 301.0 3666.3 1086.2 5220.4 75.7 281.3 3795.1 1068.3 5206.6 69.8 241.9 3871.4 1023.5 5192.2 65.3 184.9 3947.8 994.2 5268.7 60.2 238.3 3983.7 986.5 5513.4 59.9 274.4 4195.5 983.6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 2093.6 56.1 736.1 186.5 549.6 219.6 420.5 560.2 101.1 2191.1 63.7 697.8 186.6 511.2 253.3 426.6 651.4 98.2 2370.3 67.7 798.7 186.4 612.3 352.4 450.2 594.8 106.5 2245.4 72.6 594.6 184.8 409.8 423.5 460.7 576.4 117.7 2129.8 41.8 506.3 190.3 316.0 372.3 511.9 571.8 125.7 2024.1 47.6 404.9 194.9 210.0 220.4 614.6 600.1 136.5 1984.6 53.7 447.8 196.9 250.9 209.6 621.7 512.7 139.3 1991.1 46.1 508.2 199.1 309.1 186.0 653.9 454.6 142.1 2076.6 47.7 485.4 201.5 283.9 335.7 650.5 412.5 144.9 2201.0 43.5 483.0 203.8 279.2 477.4 669.8 379.5 147.7 2077.7 48.9 446.4 204.4 242.0 379.2 695.9 356.6 150.7 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business (6) Miscellaneous assets 6238.9 1957.7 215.5 665.0 7323.4 942.5 4117.5 339.5 7069.7 2394.9 276.7 718.3 8210.5 1001.0 4369.4 351.5 9234.7 2983.2 323.9 783.9 9095.5 1130.4 4602.2 364.3 7650.1 2900.1 412.4 819.1 9067.3 1095.8 4990.6 370.9 6341.6 2743.6 454.3 880.0 8655.1 960.7 5098.7 389.4 4727.3 2434.5 412.7 920.9 7980.3 840.9 5289.0 418.1 4555.2 2421.1 429.6 936.3 7902.1 819.6 5347.8 427.3 5194.7 2750.0 515.1 963.7 8502.7 877.0 5386.4 434.6 5315.9 2891.3 503.4 978.0 8679.5 885.0 5502.1 449.3 5901.0 3165.9 475.4 999.6 9256.6 932.4 5650.6 450.2 5828.2 3365.6 507.2 1019.5 9422.8 955.0 5717.5 454.0 23 24 25 26 27 28 29 30 5780.6 6245.8 6817.5 7403.5 8002.6 8702.6 8871.8 9232.0 9454.9 9638.4 9834.8 31 5512.8 3779.3 1333.8 114.9 66.5 123.2 95.1 5949.1 4090.8 1430.6 126.9 74.2 122.9 103.7 6439.3 4463.9 1542.7 137.3 67.3 117.8 110.3 7014.1 4837.4 1719.0 143.0 74.1 119.8 120.7 7648.4 5314.7 1856.7 156.9 57.6 120.4 142.2 8388.7 5953.1 1938.1 169.8 54.6 120.5 152.7 8544.1 6131.6 1911.5 173.6 50.9 119.9 156.6 8813.1 6356.8 1941.4 177.3 61.1 120.0 156.5 9054.8 6558.1 1983.3 180.6 51.9 119.3 161.6 9281.4 6709.2 2032.9 184.4 94.7 119.3 140.9 9458.8 6897.8 2014.8 187.3 92.7 119.3 146.9 32 33 34 35 36 37 38 131.2 118.0 152.8 126.8 227.9 130.9 235.1 134.7 196.4 138.7 148.2 145.7 159.5 147.5 248.5 149.5 227.6 151.5 182.5 153.6 199.1 155.7 39 40 18.6 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.1 41 33881.3 37387.5 42339.5 42064.8 41291.3 39636.5 39620.3 41340.8 42165.5 44487.7 45153.2 42 6836.5 6654.6 57.9 124.1 662.3 7304.2 7112.7 62.0 129.5 711.9 7886.9 7685.3 67.0 134.6 762.1 8467.2 8255.1 72.2 139.9 815.2 9159.3 8935.6 77.3 146.4 871.0 9586.7 9357.8 79.6 149.3 902.6 9809.8 9577.1 81.0 151.7 918.4 9938.1 9703.8 81.6 152.7 928.4 10094.1 9857.7 82.4 154.0 942.2 10364.0 10122.9 84.1 157.0 960.7 10608.9 10363.7 85.6 159.5 980.8 43 44 45 46 47 5988.8 6395.9 6694.9 7194.0 7469.4 7857.2 8039.3 8145.7 8317.8 8363.3 8527.1 48 565.7 584.6 632.4 584.7 552.8 504.5 492.8 507.5 506.9 531.9 529.5 49 4872.9 5316.0 5790.2 6430.8 7047.7 7619.9 7677.7 7703.5 7826.9 8280.1 8305.4 50 56.3 56.5 56.5 57.1 57.0 56.1 55.6 54.8 54.4 55.2 54.6 51 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c. Other loans and advances Commercial mortgages (8) 39 40 Security credit Trade payables (8) Deferred and unpaid life insurance premiums 41 42 Net worth 43 44 45 46 47 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 48 49 50 51 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (9) Owners’ equity as percentage of household real estate (10) (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) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 33. (10) Line 50 divided by line 4. 103 Z.1, June 10, 2004 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 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 13218.3 14812.8 16520.9 18870.1 18937.2 19258.9 19417.7 19684.0 19945.3 20302.3 20565.3 1 7409.6 7996.7 8427.1 9097.6 9038.3 9325.9 9410.2 9463.4 9588.7 9738.8 9879.5 2 3665.8 2614.1 1129.6 4108.9 2722.7 1165.2 4283.8 2891.2 1252.1 4671.2 3092.8 1333.6 4573.0 3200.7 1264.5 4770.5 3258.3 1297.0 4821.4 3269.2 1319.6 4873.1 3280.5 1309.8 4955.2 3323.1 1310.4 5048.9 3367.9 1322.0 5118.2 3405.4 1355.9 3 4 5 5808.7 6816.1 8093.8 9772.5 9898.9 9933.1 10007.5 10220.6 10356.6 10563.5 10685.8 6 23.1 251.9 119.4 87.8 4.6 36.1 26.8 8.0 27.4 80.2 78.9 1366.6 75.0 3622.8 30.5 275.0 112.6 126.4 4.2 39.4 23.6 10.6 25.7 67.3 76.2 1451.6 98.0 4475.0 31.5 331.0 136.9 154.9 5.8 47.6 19.4 12.4 25.0 41.2 78.7 1655.0 127.0 5427.5 24.0 381.4 137.3 191.4 4.2 57.8 18.1 15.4 31.9 43.5 82.7 1938.1 124.0 6722.6 15.5 331.9 131.1 301.9 4.0 60.2 16.5 17.2 29.3 46.6 82.3 1808.7 111.0 6942.7 20.0 341.4 127.5 328.8 6.2 64.7 31.3 15.9 32.6 48.7 82.2 1774.3 97.0 6962.5 25.0 338.4 137.2 319.1 5.8 62.5 35.5 15.9 31.8 49.2 71.7 1806.1 92.5 7016.7 22.2 403.7 145.6 303.6 6.5 71.6 36.7 13.6 31.3 49.7 77.1 1873.0 106.2 7080.1 32.6 462.9 134.6 277.6 7.5 80.7 35.8 13.3 35.1 50.2 76.5 1917.0 108.5 7124.3 42.8 465.3 141.1 276.0 5.7 79.9 33.6 12.4 38.8 50.7 73.8 1902.6 121.0 7319.6 41.6 426.8 139.3 271.0 6.5 80.9 31.0 10.4 35.4 51.2 67.1 1955.2 122.5 7446.9 7 8 9 10 11 12 13 14 15 16 17 18 19 20 6628.8 7457.6 8407.3 9611.4 9809.5 9944.9 10009.1 10100.9 10168.6 10220.5 10292.1 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 3382.3 168.6 142.0 1610.9 692.7 507.7 260.5 3774.7 193.0 147.8 1846.0 768.8 562.0 257.2 4181.6 230.3 152.8 2067.7 813.0 585.4 332.3 4538.8 278.4 154.2 2230.3 861.0 651.3 363.5 4766.7 190.1 157.7 2578.8 758.3 659.1 422.6 4807.6 126.0 160.8 2711.0 661.9 675.1 472.8 4849.7 127.1 160.9 2757.7 649.2 671.7 483.1 4920.2 107.5 162.0 2832.0 632.1 680.7 505.9 4935.7 108.4 162.8 2856.0 615.0 669.3 524.3 4986.4 85.9 164.1 2873.4 612.5 680.7 569.8 5030.8 95.5 164.6 2899.3 607.0 677.8 586.5 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 992.1 59.2 2195.1 1049.7 64.1 2569.1 1228.2 71.0 2926.4 1541.4 78.0 3453.1 1437.7 81.0 3524.1 1421.9 93.0 3622.5 1404.9 108.4 3646.1 1435.9 108.4 3636.3 1479.6 112.4 3640.9 1522.8 100.6 3610.8 1523.0 116.1 3622.2 29 30 31 32 Net worth (market value) 6589.5 7355.2 8113.6 9258.8 9127.7 9314.0 9408.6 9583.1 9776.7 10081.8 10273.2 32 84.9 3346.4 90.3 3530.7 94.9 3709.5 100.0 3973.4 105.7 4229.6 109.5 4328.0 111.7 4387.7 112.9 4419.9 114.3 4470.1 117.1 4542.5 119.5 4622.2 33 34 9765.7 51.3 34.6 148.2 11577.8 51.3 32.6 157.4 15155.6 51.5 27.6 186.8 12678.8 49.0 35.8 136.9 10796.2 52.2 44.2 118.3 7906.9 51.6 60.8 84.9 7646.1 51.5 63.4 81.3 8820.3 51.3 55.8 92.0 9042.0 50.5 54.6 92.5 10139.5 49.5 49.2 100.6 10206.6 49.0 49.3 99.4 35 36 37 38 11328.5 12634.1 14277.5 16370.3 16700.8 16966.1 17092.3 17351.8 17522.6 17777.7 17965.8 39 5519.8 2125.2 2295.6 1099.0 5818.0 2238.6 2442.1 1137.3 6183.7 2359.4 2625.5 1198.8 6597.8 2492.7 2834.9 1270.2 6801.9 2637.5 2954.8 1209.5 7033.1 2750.6 3036.8 1245.6 7084.8 2772.9 3056.4 1255.5 7131.2 2795.2 3078.7 1257.3 7166.1 2816.0 3107.0 1243.1 7214.3 2838.5 3139.5 1236.3 7280.0 2861.6 3174.3 1244.1 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) 4699.7 5176.5 5870.3 6758.9 6891.3 7021.2 7083.2 7250.9 7354.0 7557.2 7673.7 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 35.8 1889.0 72.0 37.6 2003.4 72.9 39.7 2120.2 71.2 42.0 2259.6 67.2 44.5 2401.9 69.2 47.0 2499.8 68.5 47.6 2521.8 68.5 48.3 2544.5 67.9 49.0 2567.1 67.1 49.8 2589.9 66.0 50.5 2612.3 65.6 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, June 10, 2004 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1997 1 2 Assets Tangible assets 1998 1999 2000 2001 2002 Q1 Q2 2003 Q3 Q4 2004 Q1 4950.1 5504.9 6019.9 6725.9 7028.5 7416.7 7530.1 7638.1 7796.0 8003.9 8114.0 1 4176.2 4512.2 4843.1 5303.1 5450.1 5696.9 5775.9 5842.6 5957.4 6125.4 6197.4 2 3674.5 2723.5 951.0 3949.9 2912.6 1037.3 4230.5 3157.2 1073.3 4639.1 3456.3 1182.8 4751.5 3604.1 1147.4 4983.8 3811.0 1172.9 5059.7 3880.8 1178.9 5125.2 3936.0 1189.2 5233.9 4026.9 1207.0 5395.6 4169.5 1226.0 5460.9 4225.9 1235.0 3 4 5 442.3 39.9 402.3 501.0 41.3 459.7 546.7 42.8 503.9 593.8 45.2 548.7 632.0 47.0 585.0 644.8 48.1 596.7 646.8 48.0 598.8 648.5 47.7 600.8 654.5 48.1 606.4 660.3 48.2 612.1 665.2 48.4 616.7 6 7 8 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 59.5 61.3 65.9 70.2 66.6 68.3 69.5 68.9 69.0 69.6 71.4 9 10 Financial assets 773.8 992.7 1176.8 1422.7 1578.4 1719.8 1754.2 1795.5 1838.6 1878.4 1916.5 10 146.2 85.7 22.9 178.9 98.5 32.6 217.6 117.5 40.7 274.1 137.6 49.4 274.5 144.7 59.0 287.3 146.9 61.3 289.6 145.8 60.0 293.0 146.8 58.7 296.2 147.0 55.6 298.2 148.6 53.1 298.6 147.7 49.2 11 12 13 32.2 3.2 18.7 0 38.0 2.8 26.7 0 37.2 2.7 24.7 0 40.2 2.4 23.3 0 42.8 3.5 26.6 0 45.2 3.7 27.8 0 45.1 3.8 27.7 0 46.3 3.8 27.5 0 46.8 3.9 27.1 0 47.5 3.9 26.6 0 48.1 4.0 26.0 0 14 15 16 17 204.9 259.9 45.2 1.7 213.0 233.1 382.1 45.6 1.6 334.9 272.6 463.8 45.9 1.6 416.3 342.1 553.7 45.8 1.6 506.2 343.9 683.3 48.3 1.5 633.5 366.7 780.9 52.5 1.5 726.9 375.9 806.3 53.9 1.6 750.8 388.1 831.3 55.0 1.5 774.8 404.5 857.4 56.7 1.7 799.1 417.1 883.3 56.8 2.0 824.6 432.0 910.9 57.4 2.1 851.4 18 19 20 21 22 1714.5 2020.9 2328.3 2665.5 2876.0 3073.9 3124.7 3181.2 3241.8 3306.2 3358.5 23 1225.4 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 24 237.3 97.2 890.9 262.1 108.1 1035.1 308.6 116.7 1170.1 352.9 127.8 1307.6 390.7 125.3 1428.8 404.1 127.6 1561.3 398.3 128.6 1592.4 390.7 128.2 1634.3 384.2 131.2 1673.9 378.8 133.3 1720.4 373.5 133.7 1754.4 25 26 27 147.8 39.9 301.3 178.6 44.1 392.9 213.3 53.0 466.5 259.9 64.6 552.6 255.0 68.7 607.5 276.0 76.8 628.1 286.4 81.7 637.3 297.1 84.1 646.8 311.6 85.3 655.6 322.7 86.5 664.5 335.9 87.9 673.1 28 29 30 3235.6 3484.0 3691.6 4060.3 4152.5 4342.8 4405.4 4457.0 4554.1 4697.6 4755.5 31 1812.6 834.9 1909.9 879.5 2010.0 921.6 2113.0 970.6 2228.0 1017.2 2291.9 1030.4 2335.7 1042.5 2357.0 1048.1 2384.5 1057.8 2438.6 1072.9 2486.6 1089.6 32 33 37.9 40.3 43.2 44.0 46.8 48.2 48.1 48.3 48.1 47.5 47.6 34 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) 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 29. (6) Line 24 divided by line 31. 105 Z.1, June 10, 2004 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 1 2 Change in net worth (1) Net investment Q2 Q3 Q4 2004 Q1 3780.2 3506.2 4952.0 -274.7 -773.4 -1654.8 -16.2 1720.5 824.7 2322.2 665.5 1 377.1 551.6 320.0 227.0 491.3 244.9 127.8 -9.3 94.7 246.1 172.2 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 349.0 976.8 627.7 415.8 1075.3 659.4 474.1 1169.2 695.1 494.5 1236.3 741.8 497.3 1282.4 785.1 524.1 1341.5 817.3 115.5 319.1 203.6 151.9 356.7 204.8 174.8 381.5 206.8 159.0 368.4 209.4 137.9 349.6 211.7 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 28.1 378.6 350.5 135.8 600.9 465.2 -154.1 417.2 571.3 -267.6 307.3 574.9 -6.0 593.1 599.1 -279.3 420.7 700.0 12.4 181.6 169.2 -161.2 199.0 360.2 -80.0 142.9 222.9 87.2 247.4 160.2 34.2 230.7 196.4 6 7 8 3441.0 3002.2 4622.4 -432.2 -1180.7 -1764.1 -115.2 1754.1 753.0 2123.4 482.7 9 350.1 1634.5 192.0 348.9 627.6 1078.4 185.4 330.8 645.6 2246.9 507.8 312.0 841.2 -1110.4 -252.1 398.0 799.2 -1076.6 -349.2 132.9 978.6 -1541.3 -426.6 246.0 192.8 -183.8 -70.5 75.2 175.4 698.8 224.5 34.5 244.3 170.5 77.2 123.8 542.7 683.9 190.2 159.8 159.5 24.4 80.8 78.2 10 11 12 13 791.6 675.5 772.6 -217.6 -611.8 -903.3 -114.3 556.9 122.5 493.0 124.7 14 123.8 104.5 137.6 -91.2 -75.2 -117.5 -14.6 64.0 14.6 53.8 15.2 15 -37.0 -40.9 -45.1 -26.6 -64.8 -75.6 -28.7 -24.7 -24.9 -24.5 5.7 16 -35.5 -1.5 -39.2 -1.7 -44.5 -0.6 -26.1 -0.5 -64.1 -0.8 -74.6 -0.9 -28.4 -0.3 -24.3 -0.3 -25.4 0.4 -24.9 0.4 5.6 0.1 17 18 -0.9 -6.7 54.8 -43.0 -19.2 -60.0 -0.2 0.4 2.0 -22.9 4.9 19 33881.3 5988.8 37387.5 6395.9 42339.5 6694.9 42064.8 7194.0 41291.3 7469.4 39636.5 7857.2 39620.3 8039.3 41340.8 8145.7 42165.5 8317.8 44487.7 8363.3 45153.2 8527.1 20 21 9 10 11 12 13 14 15 16 17 18 19 Holding gains on assets stated at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Investment in bank personal trusts and estates Holding gains on assets stated at current cost (2) Consumer durable goods Equipment and software Other factors (3) Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19). (2) Calculated as change in amount outstanding during period 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 42. 106 Z.1, June 10, 2004 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 Q2 Q3 Q4 2004 Q1 With tangible assets valued at either market or replacement cost: 1 658.4 765.8 758.4 1145.1 -131.1 186.3 94.6 174.5 193.6 305.1 191.5 1 182.2 2.5 215.8 238.9 230.0 138.4 23.8 86.2 84.8 121.4 64.6 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 270.6 751.8 465.2 14.1 8.8 264.1 773.8 491.4 20.2 4.1 343.9 858.9 521.8 0.9 1.7 385.2 928.5 565.9 -14.1 0.6 195.0 804.6 608.4 9.1 0.3 165.6 770.7 616.1 -2.2 0.3 40.8 188.3 155.2 -6.2 0.1 37.0 190.2 154.3 0.8 0.1 47.8 195.2 154.8 -4.9 0.1 52.9 205.2 156.8 -2.3 0.1 66.2 214.3 158.3 -8.2 0.1 3 4 5 6 7 Net financial investment Net acquisition of financial assets - Net increase in liabilities -11.1 272.4 283.5 -46.1 569.9 616.0 -17.7 969.9 987.6 -28.2 1209.2 1237.4 82.4 177.6 95.2 14.4 121.3 107.0 -0.2 84.6 84.8 61.8 168.5 106.7 48.3 126.8 78.5 85.2 166.1 80.9 24.4 122.3 97.9 8 9 10 11 Net corporate equity issues -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -16.8 -26.0 11 12 13 14 Holding gains on assets stated at market value (2) Real estate Mutual fund shares 367.2 348.9 18.4 409.5 393.2 16.3 115.0 93.3 21.6 291.1 306.2 -15.0 -201.6 -186.7 -15.0 109.9 134.4 -24.5 37.3 40.7 -3.4 56.0 41.2 14.8 76.8 73.3 3.5 97.1 83.5 13.6 61.4 58.7 2.7 12 13 14 15 16 17 18 19 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. -10.0 -28.0 -12.3 -17.6 -48.0 -56.2 -27.2 -10.2 -21.3 -2.4 59.4 -8.7 21.8 -7.8 -54.1 174.1 -2.8 12.5 -35.7 -200.1 -19.3 -14.9 -25.5 -47.8 -68.9 -78.1 -19.8 22.0 9.5 89.8 10.1 -6.5 16.6 0 0.0 -17.1 -8.9 -8.3 0 -0.0 13.6 16.4 -2.8 0 0.0 21.6 14.6 7.0 0 -0.0 22.7 4.8 17.9 0.0 -0.0 15 16 17 18 19 20 Other factors (4) 119.0 409.9 368.2 441.0 -140.1 16.2 23.4 49.5 18.3 65.0 42.7 20 6589.5 7355.2 8113.6 9258.8 9127.7 9314.0 9408.6 9583.1 9776.7 10081.8 10273.2 21 2 3 4 5 6 7 8 9 10 Change in net worth (1) Net investment Memo: 21 Net worth outstanding (market value) With tangible assets valued at historical cost: 22 23 Change in net worth (5) Net investment flow 397.3 476.8 693.7 888.7 132.4 129.9 62.0 167.7 103.1 203.1 116.5 22 182.2 2.5 215.8 238.9 230.0 138.4 23.8 86.2 84.8 121.4 64.6 23 24 25 26 27 28 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 270.6 751.8 465.2 14.1 8.8 264.1 773.8 491.4 20.2 4.1 343.9 858.9 521.8 0.9 1.7 385.2 928.5 565.9 -14.1 0.6 195.0 804.6 608.4 9.1 0.3 165.6 770.7 616.1 -2.2 0.3 40.8 188.3 155.2 -6.2 0.1 37.0 190.2 154.3 0.8 0.1 47.8 195.2 154.8 -4.9 0.1 52.9 205.2 156.8 -2.3 0.1 66.2 214.3 158.3 -8.2 0.1 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets - Net increase in liabilities -11.1 272.4 283.5 -46.1 569.9 616.0 -17.7 969.9 987.6 -28.2 1209.2 1237.4 82.4 177.6 95.2 14.4 121.3 107.0 -0.2 84.6 84.8 61.8 168.5 106.7 48.3 126.8 78.5 85.2 166.1 80.9 24.4 122.3 97.9 29 30 31 32 Net corporate equity issues -77.4 -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -16.8 -26.0 32 -15.2 4.4 -13.0 -5.7 -44.5 23.9 8.0 9.9 -9.2 -2.7 1.2 33 18.4 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 34 33 Valuation adjustment on reproducible assets (6) 34 Holding gains on mutual fund shares (2) 35 36 37 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Direct investment abroad - Foreign direct investment in U.S. 30.3 -17.6 -48.0 -18.8 -21.3 -2.4 46.4 -7.8 -54.1 164.3 -35.7 -200.1 21.1 -47.8 -68.9 -80.3 9.5 89.8 -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 35 36 37 Other factors (4) 181.6 472.4 422.9 506.3 -59.4 72.4 33.6 56.8 24.1 70.8 48.0 38 4699.7 5176.5 5870.3 6758.9 6891.3 7021.2 7083.2 7250.9 7354.0 7557.2 7673.7 39 38 Memo: 39 Net worth outstanding (historical cost) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38). (6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. 107 Z.1, June 10, 2004 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 1997 1998 1999 2000 2001 2002 2003 Q1 1 2 Change in net worth (1) Net investment (2) Q2 Q3 Q4 2004 Q1 249.4 248.4 207.6 368.7 92.2 190.2 62.6 51.6 97.1 143.5 57.9 1 -71.6 -84.4 -81.1 -35.7 -30.8 -44.2 -18.9 -1.2 -11.2 -17.1 -13.7 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital -15.8 106.7 122.4 3.8 135.2 131.4 42.6 187.1 144.5 55.5 209.6 154.1 24.3 185.0 160.7 12.4 175.7 163.3 -2.4 39.0 41.4 13.9 55.2 41.3 6.4 47.9 41.4 7.5 49.4 41.9 0.5 42.7 42.2 3 4 5 6 Net acquisition of financial assets 130.7 218.8 184.1 246.0 155.7 141.4 34.4 41.4 43.1 39.8 38.1 6 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 94.7 31.0 4.3 56.5 179.9 30.8 4.1 92.3 190.2 34.7 8.9 73.9 192.9 46.6 11.7 86.0 156.4 -4.9 4.0 55.3 148.3 21.0 8.1 20.6 26.4 10.4 4.8 9.2 33.9 10.7 2.4 9.4 36.1 14.5 1.2 8.9 43.1 11.1 1.3 8.9 29.1 13.2 1.4 8.6 7 8 9 10 11 12 13 Holding gains on assets stated at market value (real estate) (3) Residential Nonresidential 285.1 190.6 94.5 281.6 178.7 102.9 241.1 218.6 22.6 344.8 268.2 76.6 68.9 119.9 -51.1 202.6 171.0 31.6 68.8 59.0 9.8 53.7 43.7 10.0 96.3 78.4 17.9 148.4 128.8 19.5 55.8 41.4 14.4 11 12 13 14 15 16 17 Holding gains on assets stated at current cost (3) Residential equipment and software Nonresidential equipment and software Inventories 29.1 0.2 30.3 -1.4 43.4 0.5 44.4 -1.6 38.9 0.3 37.5 1.1 50.9 1.1 48.4 1.4 44.9 0.8 45.8 -1.8 23.6 0.3 22.0 1.3 10.6 -0.4 9.8 1.2 -2.9 -0.6 -1.9 -0.5 10.0 0.1 9.9 0.1 7.1 -0.3 6.9 0.5 8.2 -0.2 7.1 1.4 14 15 16 17 18 Other factors (4) 6.8 7.8 8.6 8.8 9.3 8.2 2.0 2.1 2.1 5.1 7.5 18 3235.6 3484.0 3691.6 4060.3 4152.5 4342.8 4405.4 4457.0 4554.1 4697.6 4755.5 19 Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding during period less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 108 Z.1, June 10, 2004 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 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 -6.6 32.0 1 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 28.1 100.5 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 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 46.0 25.0 7 34.4 6.4 4.5 0.0 6.6 -0.8 -10.4 13.8 2.6 0.5 9.7 0.9 6.2 4.8 4.6 -0.5 8.2 -0.7 -29.9 6.1 3.6 0.0 7.9 -0.1 -3.3 6.8 3.1 0.2 5.6 0.9 15.6 5.1 2.3 0.3 4.5 0.9 1.2 6.4 2.9 0.4 2.4 -0.1 1.3 16.4 7.6 0.1 11.9 0.9 6.7 13.9 6.4 0.0 11.7 0.6 1.5 8.9 4.1 -0.1 8.3 0.6 7.5 11.6 5.4 0.1 15.4 0.9 4.1 17.5 8.1 0.1 15.4 0.8 4.8 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 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 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 1.8 0.2 -0.0 5.8 3.5 -5.2 -0.0 13.8 3.3 -1.1 0.3 9.7 4.0 -2.8 0.4 12.9 2.0 2.4 -0.2 5.4 1.4 5.0 0.1 7.7 3.6 6.4 0.1 -7.4 0.7 8.9 -0.1 -9.6 6.6 0.2 0.0 4.7 10.0 4.8 -0.2 -1.2 12.0 3.1 -0.1 8.6 10.4 -3.5 0.1 6.6 5.8 3.4 -0.3 10.4 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.1 16.2 5.5 9.3 10.5 9.4 13.7 5.9 14.2 6.0 14.0 5.2 16.0 7.9 28.6 8.0 16.8 8.9 15.8 8.7 21.2 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, June 10, 2004 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 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1957.6 1979.1 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 5 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 473.5 498.5 6 67.3 55.7 26.3 0.1 51.1 2.6 56.9 69.5 28.9 0.6 60.8 3.5 63.2 74.3 33.5 0.1 69.0 2.8 33.3 80.3 37.1 0.2 77.0 2.8 29.9 87.1 40.3 0.4 82.6 3.7 45.5 92.2 42.6 0.8 87.1 4.6 46.7 98.5 45.5 1.1 89.5 4.5 48.0 114.9 53.1 1.2 101.4 5.3 54.7 128.8 59.5 1.3 113.1 6.0 56.1 137.6 63.6 1.2 121.4 6.6 63.7 149.2 69.0 1.3 136.8 7.4 67.7 166.8 77.1 1.5 152.2 8.3 72.6 172.2 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 19 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 301.2 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.9 15.5 0.3 59.0 83.3 10.3 0.3 72.8 86.6 9.2 0.5 82.5 90.6 6.4 0.9 95.5 92.6 8.8 0.7 100.9 94.0 13.8 0.8 108.5 97.6 19.9 0.9 101.5 98.3 28.8 0.8 91.9 104.9 29.0 0.9 96.6 114.9 34.1 0.7 95.1 126.9 37.2 0.6 103.7 137.3 33.7 0.7 110.3 143.0 37.1 0.4 120.7 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 57.9 57.4 63.3 66.8 73.9 76.2 87.6 82.1 101.8 88.1 115.8 93.2 131.8 101.1 160.4 109.1 177.2 118.0 193.0 126.8 214.2 130.9 231.2 134.7 276.6 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, June 10, 2004 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1998 1 2 3 4 5 6 7 8 9 1999 2000 2001 2002 2003 Q1 Q2 2003 Q3 Q4 2004 Q1 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 2724.3 1027.0 639.8 239.2 5.7 624.2 102.4 75.5 10.4 2895.0 1107.5 674.0 248.7 5.9 661.4 106.8 80.6 10.1 3126.1 1235.7 708.9 255.0 7.3 702.7 117.5 93.8 5.4 3124.3 1243.7 729.8 192.0 7.2 728.5 120.0 101.9 1.2 2980.6 1053.1 760.1 185.9 7.2 750.3 116.1 105.3 2.8 3012.8 991.5 788.7 215.9 6.8 776.8 118.3 109.8 5.0 2994.0 1009.4 774.2 204.9 6.8 768.8 116.9 106.8 6.2 2996.5 1000.2 782.1 202.9 6.9 772.3 117.6 108.7 5.8 2970.5 938.5 791.4 221.6 6.7 779.0 118.7 110.9 3.7 3090.0 1017.7 806.9 234.2 6.9 787.2 120.1 112.9 4.1 3101.5 991.2 819.4 235.6 7.2 808.5 120.2 116.0 3.4 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 2633.3 1256.0 954.9 14.6 372.5 35.4 0.0 2741.0 1334.0 990.4 15.1 357.3 44.2 0.0 2886.6 1417.1 1044.1 18.3 362.8 44.3 0.0 3056.4 1497.8 1145.3 14.0 344.1 55.3 0.0 3224.0 1595.4 1252.3 18.8 319.3 38.2 0.0 3426.4 1708.6 1334.4 23.1 312.1 48.3 0.0 3355.1 1681.7 1295.2 25.1 309.7 44.8 1.4 3435.7 1709.8 1328.1 24.3 315.2 56.9 -1.4 3452.3 1718.6 1355.4 22.9 309.1 46.3 0.0 3462.6 1724.2 1359.0 20.1 314.2 45.1 0.0 3518.9 1757.9 1378.1 30.7 311.4 42.3 1.5 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) 90.9 179.0 4.4 32.4 154.1 187.0 3.8 32.5 239.5 197.0 1.8 35.6 67.8 205.9 3.3 35.6 -243.4 210.8 -1.7 32.9 -413.7 218.2 -0.6 29.1 -361.1 215.3 -5.7 30.5 -439.2 217.4 -1.4 25.9 -481.8 219.2 -0.7 28.7 -372.6 221.0 5.3 31.2 -417.4 223.4 -2.2 31.0 17 18 19 20 21 = Gross saving and net capital transfers 297.9 369.7 470.3 306.1 2.1 -165.8 -109.6 -194.6 -233.1 -125.7 -160.8 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets 329.0 262.4 1.9 409.8 286.8 7.7 504.0 304.6 8.5 283.1 317.0 7.9 -5.1 337.1 8.8 -141.5 346.3 8.4 32.6 335.8 5.9 -493.5 344.5 7.6 -35.2 353.5 12.0 -70.1 351.3 7.9 -209.3 358.5 8.6 22 23 24 64.8 115.3 190.9 -41.8 -351.0 -496.2 -309.1 -845.6 -400.7 -429.3 -576.4 25 25 Net financial investment 26 27 28 29 30 Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 107.1 6.0 -20.6 14.1 7.2 151.7 -7.1 70.1 11.6 5.0 -4.8 -0.6 -64.1 10.4 19.7 92.1 4.6 46.2 11.8 -13.4 80.7 8.8 -10.2 34.2 -2.1 40.6 -0.8 14.5 -2.9 29.9 -20.3 0.1 -24.9 9.5 11.0 104.4 0.5 -7.4 50.7 37.5 29.4 5.6 50.5 -61.8 24.1 48.9 -9.5 39.7 -10.0 46.8 73.2 -2.4 -39.0 42.2 42.6 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 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 114.9 28.0 63.6 -1.4 10.2 3.3 9.0 2.3 9.4 -12.3 1.5 -6.1 -7.0 37.6 6.9 11.0 -1.5 10.1 4.2 13.6 -6.8 3.5 4.3 4.6 12.1 10.1 24.0 22.6 -18.0 0.6 1.7 3.7 16.1 -2.6 -1.2 0.8 5.3 -6.7 7.5 16.1 -26.5 19.9 0.3 11.9 3.6 13.1 -6.2 22.8 5.1 7.3 -9.8 1.3 12.9 -3.8 2.1 -1.4 1.8 5.5 12.7 -3.9 6.7 2.0 -3.3 13.1 18.7 -13.8 -32.4 8.6 3.8 4.0 2.7 1.3 -1.7 -6.2 -3.0 -0.3 36.3 -13.0 -61.3 -18.6 -12.0 2.6 -20.6 -4.3 -8.6 0.1 -7.7 9.0 -14.7 65.4 -6.7 6.1 -13.5 12.0 1.7 9.5 5.4 -5.9 -3.0 -6.5 -3.4 7.0 18.3 1.6 16.2 -44.8 16.2 5.1 14.6 3.7 24.8 -3.4 -3.6 -5.6 -6.7 29.7 -18.9 -16.2 -52.7 18.0 5.6 12.5 6.1 -5.0 -0.7 -6.9 -11.9 13.1 31.6 -27.9 5.2 10.7 -9.4 1.8 -9.7 13.4 -0.9 -0.6 -3.6 -17.4 -7.7 31.5 21.7 31 32 33 34 35 36 37 38 39 40 41 42 43 42.4 0.0 0.6 -16.1 0.1 -84.7 2.0 66.5 0.0 22.5 1.3 34.1 36.4 -3.0 1.0 -29.8 -0.2 -68.3 -0.2 38.9 0.0 28.7 1.4 38.2 -195.7 -4.0 2.4 -250.2 -1.7 -264.1 -1.0 16.5 0.0 31.8 1.4 22.9 134.0 0.0 1.3 49.7 5.6 -60.8 -0.5 105.5 0.0 28.6 1.4 53.0 431.7 0.0 1.0 378.8 4.5 230.3 0.5 143.4 0.0 26.3 1.6 24.1 536.8 0.0 0.6 487.3 8.9 363.4 -2.4 117.4 0.0 25.7 1.1 22.1 288.8 0.0 0.6 283.4 9.5 194.0 -1.6 81.4 0.0 24.0 0.1 -19.3 950.0 0.0 1.6 891.7 10.5 700.1 0.5 180.6 0.0 21.6 1.7 33.4 430.1 0.0 0.1 375.2 10.2 273.6 0.1 91.4 0.0 24.5 0.5 29.8 478.1 0.0 -0.0 398.8 5.5 285.8 -8.6 116.2 0.0 32.6 2.2 44.5 649.5 0.0 0.8 605.3 3.9 450.7 1.1 149.6 0.0 17.1 -0.0 26.4 44 45 46 47 48 49 50 51 52 53 54 55 -31.2 -40.1 -33.6 23.0 7.2 -24.2 -142.2 298.9 -197.9 -55.6 48.5 56 -171.4 236.2 64.8 -132.7 248.0 115.3 -65.1 256.0 190.9 -249.1 207.3 -41.8 -580.5 239.2 -341.3 -760.0 274.0 -485.9 -696.9 425.8 -271.1 -783.7 -61.4 -845.1 -835.3 439.0 -396.3 -723.9 292.7 -431.2 -775.9 199.2 -576.7 57 58 59 44 45 46 47 48 49 50 51 52 53 54 55 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) 56 Discrepancy 57 58 59 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 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, June 10, 2004 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 Q1 Q2 2003 Q3 Q4 2004 Q1 1346.3 1541.8 1561.0 1703.0 1764.1 1829.9 1758.4 1801.6 1825.0 1829.9 1848.3 1 2 3 4 5 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 51.0 51.5 95.8 158.5 44.4 120.1 107.5 163.5 41.0 57.4 117.8 183.3 43.1 105.1 129.7 169.9 51.1 94.3 163.9 167.7 55.1 107.1 160.9 197.6 51.7 66.4 164.1 170.5 52.9 86.9 174.0 179.9 54.8 98.2 159.5 185.9 55.1 107.1 160.9 197.6 54.3 74.1 169.3 208.2 2 3 4 5 6 Credit market instruments 681.6 752.3 776.4 792.5 805.4 791.6 790.1 791.6 795.7 791.6 792.9 6 102.0 179.0 2.5 61.2 170.3 37.4 129.2 108.9 190.0 1.0 71.3 207.5 50.9 122.7 131.5 172.0 1.6 73.0 211.2 67.0 120.1 105.0 191.9 1.9 84.9 214.8 80.1 113.9 101.2 194.0 0.5 86.7 220.2 92.8 110.0 68.8 202.6 4.3 90.7 222.9 94.1 108.3 96.6 191.0 1.2 81.5 219.2 90.6 110.1 93.2 194.0 1.6 83.9 220.5 89.1 109.3 82.0 198.1 2.9 87.6 221.4 95.3 108.5 68.8 202.6 4.3 90.7 222.9 94.1 108.3 71.5 200.2 4.7 88.3 226.3 93.9 108.1 7 8 9 10 11 12 13 7 8 9 10 11 12 13 Total financial assets 1999 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 14 15 Corporate equities Mutual fund shares 102.0 21.3 115.0 25.6 115.1 26.4 126.3 31.5 112.9 33.5 138.0 30.5 104.7 35.7 119.9 34.9 122.0 33.5 138.0 30.5 140.0 26.2 14 15 16 17 18 Trade receivables Taxes receivable Miscellaneous assets 22.3 49.5 112.7 22.9 72.0 118.5 28.1 87.9 127.5 35.5 129.9 139.5 32.2 123.9 179.2 31.9 182.9 134.3 29.8 153.7 191.6 31.5 154.0 176.1 29.9 177.5 168.0 31.9 182.9 134.3 31.3 208.0 144.0 16 17 18 5967.8 6007.0 5809.1 5950.7 6382.6 6921.7 6464.6 6631.6 6759.4 6921.7 7088.4 19 9.2 19.9 6.2 20.9 2.2 23.2 2.2 24.5 2.2 25.5 2.2 26.0 2.2 25.6 2.2 26.0 2.2 26.0 2.2 26.0 2.2 26.2 20 21 4611.1 186.6 3267.8 28.5 1128.2 0.0 4581.3 186.4 3199.4 28.3 1167.1 0.0 4331.1 184.8 2935.4 27.3 1183.6 0.0 4380.8 190.3 2874.5 26.8 1289.2 0.0 4759.6 194.9 3104.9 27.3 1432.6 0.0 5246.9 203.8 3468.2 24.9 1550.0 0.0 4855.9 196.9 3175.6 26.9 1456.6 0.0 5004.8 199.1 3267.3 27.0 1511.4 0.0 5116.2 201.5 3367.6 27.0 1520.1 0.0 5246.9 203.8 3468.2 24.9 1550.0 0.0 5420.9 204.4 3600.0 25.1 1591.3 0.0 22 23 24 25 26 27 644.4 33.6 649.6 673.1 35.0 690.6 704.9 36.4 711.3 733.5 37.8 772.0 759.7 39.4 796.3 785.4 40.5 820.8 767.5 39.4 773.9 774.2 39.8 784.6 780.9 39.9 794.1 785.4 40.5 820.8 791.6 40.5 807.1 28 29 30 19 Total liabilities 20 21 SDR certificates Treasury currency 22 23 24 25 26 27 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 28 29 30 Trade payables Insurance reserves Miscellaneous liabilities (4) (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 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, June 10, 2004 F.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1 Net acquisition of financial assets 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -88.5 -71.3 -67.6 -25.5 20.6 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.1 5.5 0.0 1.8 0.0 -9.1 0.0 -1.1 -0.0 6.4 0.0 -0.0 0.8 13.1 0.0 -4.2 0.3 4.8 0.0 -0.2 0.2 10.8 0.0 3.2 0.4 13.3 0.0 0.3 0.6 15.1 0.0 0.6 0.2 -9.3 0.0 2.0 0.2 3.2 0.0 1.3 -0.5 -3.2 0.0 0.5 0.1 4.1 0.0 1.2 0.1 3.8 0.0 0.8 2 3 4 5 6 Credit market instruments 7 8 9 10 11 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 84.6 -0.1 -17.6 -11.0 -1.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.8 -8.9 12.8 -1.1 -11.0 11.5 -0.0 -5.6 15.9 -4.2 10.1 30.7 -0.2 2.0 4.7 3.2 -4.6 -10.8 0.3 3.7 8.6 0.6 -20.2 -16.7 2.0 4.1 32.0 1.3 -7.2 0.8 -2.0 -13.7 -2.9 1.3 -4.2 -4.9 0.7 -0.8 -1.9 7 8 9 Corporate and foreign bonds Mortgages 13.8 -6.8 20.8 -3.1 14.0 -1.4 2.7 -3.7 17.4 0.2 3.1 0.1 26.5 0.6 16.4 -0.3 46.5 0.1 4.8 0.2 0.9 0.0 -3.2 0.0 0.8 -0.2 10 11 2.0 1.4 8.7 2.3 6.8 4.4 -3.8 3.7 -51.1 1.9 -55.3 -2.2 -100.9 1.3 -54.6 3.3 -154.6 -4.5 -71.1 -0.3 -37.8 -2.0 -25.2 -0.5 8.1 2.5 12 13 4.1 -2.2 8.2 -1.9 -6.1 -5.0 5.6 -6.7 7.3 -0.6 7.4 0.6 0.1 -5.1 6.2 -1.0 -6.9 -6.0 -0.3 -0.6 11.7 2.3 -0.3 9.7 -1.2 -5.6 3.5 0.9 5.9 -3.8 8.0 1.8 -7.0 -14.4 2.7 4.8 -4.5 -4.7 0.0 0.2 -6.9 -2.2 0.0 -4.7 5.7 1.8 0.0 3.9 6.7 4.9 0.0 1.8 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.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars 1 Net acquisition of financial assets 63.2 52.4 51.4 40.4 53.4 38.7 29.4 33.4 12.9 20.7 15.2 13.9 21.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.3 0.1 1.0 1.9 -0.1 -8.0 1.0 1.3 0.2 -9.9 6.5 0.9 0.1 -6.3 5.3 -2.0 0.4 -0.2 6.0 0.2 0.4 -5.5 10.8 1.3 0.8 -5.8 13.1 0.6 -1.5 13.3 1.9 0.6 1.0 -19.6 11.7 1.7 0.2 -0.3 4.6 -0.4 -0.4 7.4 -10.6 0.3 0.3 -3.3 2.8 0.6 0.1 -1.3 2.9 -1.5 2 3 4 5 6 Credit market instruments 12.6 8.8 13.3 4.1 -7.6 2.4 6.1 -5.9 14.7 3.9 1.8 32.1 5.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.4 3.6 0.0 0.9 2.6 -0.9 0.7 1.2 -1.8 -2.0 6.7 10.2 0.7 -2.5 -2.0 2.4 -0.2 0.2 0.9 -1.2 -0.9 2.5 -13.0 0.1 5.0 -1.8 6.3 -3.1 -2.4 8.2 -0.2 -8.0 10.7 9.6 3.0 6.8 -6.7 -1.3 -3.4 7 8 9 Corporate and foreign bonds Mortgages 7.4 0.1 6.9 -0.6 13.2 -0.2 -9.3 -1.4 -4.3 0.5 -0.5 0.5 7.2 0.1 4.5 -0.0 3.6 1.6 0.2 1.0 -2.0 1.3 11.1 1.7 14.8 2.2 10 11 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 10.8 9.8 27.6 13.0 13.4 22.4 4.1 20.1 -21.0 43.1 -20.4 25.3 -41.3 41.4 24.1 -6.8 -105.7 107.1 16.0 1.5 5.1 -1.8 -41.6 11.5 17.1 -3.4 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 27.3 23.0 3.9 0.4 8.8 10.6 4.4 -6.2 4.6 12.9 4.9 -13.2 15.0 8.9 5.5 0.6 32.6 23.7 4.4 4.5 24.2 12.2 4.3 7.7 14.7 4.6 3.6 6.5 7.8 -11.0 13.4 5.5 2.1 4.5 -10.3 7.9 -4.8 -7.0 1.2 1.0 13.5 4.7 1.3 7.6 11.4 11.1 1.3 -1.0 2.4 1.8 1.3 -0.7 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. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars 1 Total held at: 67.4 58.5 49.1 53.0 58.5 65.3 70.6 84.8 110.4 112.6 95.6 109.3 124.7 1 2 3 4 Commercial banking Saving institutions Credit unions 16.6 -3.8 3.6 -0.5 -8.3 0.9 -2.9 -9.1 -0.3 -1.1 -6.3 -0.0 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 0.4 1.3 3.5 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 7.1 -0.1 40.7 3.3 4.9 3.0 38.0 20.5 12.6 5.0 59.6 -15.7 13.2 13.7 11.5 22.1 11.2 12.9 63.7 -35.0 10.3 13.8 49.5 -6.1 47.5 3.0 93.3 -68.4 24.6 25.0 87.6 -46.9 40.8 21.0 93.8 -39.6 19.5 4.0 51.4 30.7 26.6 18.0 31.4 15.1 82.2 13.0 15.9 -9.9 38.8 -14.0 96.4 -1.8 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). 113 Z.1, June 10, 2004 L.119.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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2071.7 1957.5 1762.4 1541.9 1797.4 1 1.0 56.8 0.0 16.9 1.0 47.6 0.0 15.8 1.0 54.1 0.0 15.8 1.8 67.1 0.0 11.6 2.1 71.9 0.0 11.4 2.2 82.7 0.0 14.6 2.6 96.0 0.0 14.9 3.2 111.1 0.0 15.5 3.4 101.7 0.0 17.5 3.6 104.9 0.0 18.9 3.1 101.7 0.0 19.4 3.3 105.8 0.0 20.6 3.4 109.6 0.0 21.4 2 3 4 5 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.0 557.6 557.5 539.9 528.9 527.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 16.9 84.7 124.3 15.8 73.7 135.8 15.8 68.1 151.7 11.6 78.2 182.4 11.4 80.2 187.1 14.6 75.6 176.4 14.9 79.3 185.0 15.5 59.1 168.3 17.5 63.2 200.2 18.9 56.1 201.0 16.9 42.4 198.1 18.2 38.1 193.2 18.9 37.3 191.3 7 8 9 Corporate and foreign bonds Mortgages 123.9 13.0 144.7 9.9 158.7 8.5 161.4 4.7 178.8 4.9 181.9 5.0 208.4 5.6 224.8 5.3 271.3 5.3 276.1 5.5 277.0 5.5 273.9 5.5 274.7 5.4 10 11 12 13 Corporate equities Mutual fund shares 458.6 11.4 484.5 15.6 555.6 22.3 559.9 39.0 699.6 54.8 785.8 63.8 876.0 81.4 986.6 101.0 1069.9 122.8 961.9 117.8 814.5 102.3 622.9 80.9 827.5 109.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 144.3 77.3 25.1 41.9 135.5 69.6 30.7 35.2 143.5 69.7 38.0 35.8 158.2 79.2 44.2 34.8 158.3 80.3 43.9 34.2 176.4 88.9 43.6 43.9 182.6 90.7 47.1 44.8 194.9 93.3 55.1 46.6 198.7 89.6 57.8 51.4 192.8 83.4 57.8 51.6 181.4 76.7 57.8 46.9 179.6 71.0 57.8 50.8 199.0 88.6 57.8 52.6 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.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 877.0 956.1 1087.9 1157.9 1428.3 1627.7 1942.5 2219.4 2499.6 2464.8 2277.3 1971.4 2378.4 1 2.0 59.2 18.8 10.4 2.0 51.1 19.8 11.6 2.2 41.3 26.3 12.6 2.3 35.0 31.6 10.6 2.7 34.7 37.5 10.7 3.1 29.3 48.4 12.1 4.0 23.4 61.4 12.7 2.5 36.7 63.4 13.2 3.5 17.0 75.1 14.9 3.6 16.8 79.6 14.5 3.2 24.1 69.0 14.9 3.5 20.9 71.8 15.5 3.6 19.6 74.7 14.0 2 3 4 5 126.9 135.8 149.0 153.1 145.5 147.9 154.0 148.1 162.7 166.6 168.4 200.5 206.0 6 Open market paper Treasury securities Agency- and GSE-backed securities 12.7 32.4 21.7 13.6 35.0 20.7 14.3 36.3 18.9 12.3 43.0 29.1 13.0 40.5 27.1 15.4 40.2 27.3 16.3 39.0 26.4 18.8 26.0 26.5 23.8 24.2 32.8 20.7 21.8 41.0 20.5 13.8 51.7 30.1 16.8 58.6 23.4 15.4 55.1 7 8 9 Corporate and foreign bonds Mortgages 54.8 5.3 61.8 4.7 75.0 4.5 65.7 3.1 61.4 3.6 61.0 4.0 68.1 4.1 72.7 4.1 76.2 5.7 76.4 6.7 74.4 8.0 85.5 9.7 100.3 11.8 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 347.6 55.0 389.2 80.6 458.7 119.9 453.8 166.9 578.3 272.0 659.4 348.5 790.6 488.2 961.2 567.1 1011.4 774.8 994.2 755.9 883.2 674.6 665.3 553.7 881.7 715.6 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 257.1 167.2 19.3 70.6 266.1 178.0 23.7 64.4 278.0 198.2 28.6 51.3 304.7 218.7 34.1 51.9 346.8 252.0 38.5 56.4 379.1 272.2 42.8 64.1 408.3 291.3 46.4 70.6 427.2 291.3 59.8 76.1 440.2 306.8 49.5 83.9 433.6 297.9 50.8 84.9 440.0 295.5 52.0 92.5 440.2 295.5 53.3 91.4 463.2 317.9 54.6 90.7 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: 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2619.0 2445.0 2979.0 1 2 3 4 Commercial banking Saving institutions Credit unions 149.2 102.5 31.1 148.6 94.2 32.1 145.8 85.1 31.8 144.7 78.9 31.8 151.1 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 53.9 43.3 166.0 55.1 46.8 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 49.7 39.6 143.0 260.9 55.6 42.6 187.0 312.9 69.5 47.6 263.7 349.6 78.7 61.3 275.4 385.3 94.3 74.2 381.6 476.9 110.3 88.0 483.0 526.9 160.0 91.0 655.0 568.0 190.1 116.0 818.0 777.3 245.5 137.0 1078.0 947.5 245.5 141.0 1048.0 944.4 251.0 159.0 961.0 993.4 308.3 172.0 819.0 883.0 370.0 158.0 1079.0 1104.0 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). 114 Flow of Funds Matrix for 2003 Z.1, June 10, 2004 (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 U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) 1 2 3 Gross saving and net cap. transfers Capital consumption Net saving (1 less 2) ---- 1198.5 824.6 404.4 ---- 1139.0 804.9 334.0 ---- 178.6 127.3 51.3 ---- -344.4 90.9 -435.3 ---- 2171.8 1847.7 354.4 ---- 520.3 -520.3 ---- 188.2 108.2 80.1 ---- 2880.3 1955.9 924.4 ---- 2360.0 1955.9 404.1 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 1284.0 1425.7 876.5 481.0 68.2 --- -------- 1159.2 989.9 -80.1 920.3 -2.4 -8.1 -------- 189.0 260.6 --252.0 -8.6 -------- -330.6 94.0 --94.3 --0.3 -------- 2301.6 2770.2 876.5 561.2 1334.8 -2.4 0.3 -------- 575.6 -0.3 -----0.3 -------- 166.8 123.3 -1.2 122.1 --- -------- 3044.0 2893.3 876.5 562.4 1456.9 -2.4 -- -------- -163.8 -13.0 ------ 2317.4 2893.3 941.6 562.4 1456.9 -2.4 -- 11 12 13 Net financial investment Financial uses Financial sources -141.7 770.9 -- --912.6 169.2 709.3 -- --540.1 -71.6 70.0 -- --141.6 -424.6 -3.0 -- --421.5 -468.6 1547.2 -- --2015.8 575.9 810.5 -- --234.6 43.4 2651.1 -- --2607.6 150.7 5008.8 -- --4858.1 -150.7 -150.7 -- -575.9 234.6 810.5 ----9.0 --62.7 317.4 -99.7 -- ---------- ---22.8 -134.9 15.2 -61.0 -0.5 ---------- -----6.2 22.3 -29.9 ---------- -0.8 ----8.2 -25.2 --- -0.0 0.6 ------- -0.8 --13.8 -86.6 329.7 -160.7 29.4 -0.0 0.6 ------- 0.6 ---0.5 30.0 -3.7 -93.9 1.1 ---20.8 ------ 1.3 0.0 0.9 -39.9 -0.1 15.2 -34.4 -47.2 -2.8 -----4.4 34.3 291.6 -207.8 322.3 1.1 0.0 0.9 -26.1 0.4 131.8 291.6 -207.8 120.5 1.1 0.0 0.6 -20.8 -4.4 34.3 291.6 -207.8 322.3 ---0.3 5.4 -4.8 -97.5 --201.8 ---------- 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 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 176.9 -4.1 2.1 255.0 55.2 -142.6 --11.3 -- 869.5 ---14.7 --6.3 -1.2 767.5 94.8 15.3 15.2 4.7 -3.5 6.5 ---0.8 -8.4 302.2 -40.0 --3.3 162.4 -75.0 11.3 240.3 -- 15.2 -32.4 26.1 8.6 3.8 4.0 --5.2 -- 117.6 ---117.4 --0.3 --- -2.6 --0.0 ----1.5 -2.5 1.3 396.0 -398.4 -2.4 ----0.0 -- 204.9 -21.2 32.9 260.0 65.5 -138.6 --1.5 14.8 -7.1 1685.3 -40.0 398.4 -2.4 135.4 162.4 -81.4 10.3 1007.8 94.8 519.7 20.3 268.5 -23.3 -255.1 --0.8 --- -14.9 22.3 ----27.2 -7.7 -2.2 --- 1914.3 -80.6 97.0 323.8 69.9 465.0 -94.4 35.1 996.6 101.9 968.4 -63.8 -563.0 -446.3 -5.3 24.7 3.6 -- 2638.9 -81.6 398.4 560.6 135.4 581.5 -94.4 32.7 1011.4 94.8 2638.9 -81.6 398.4 560.6 135.4 581.5 -94.4 32.7 1011.4 94.8 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -195.6 310.0 -62.7 --7.9 34.3 --4.6 178.8 -- -57.3 -149.5 -- -6.2 -3.0 --- --24.0 -- ---0.3 -- --1.7 -- -201.8 302.5 178.5 62.7 -57.3 -183.1 34.3 37.0 --3.3 0.0 91.3 -10.7 0.0 261.4 -14.4 25.6 69.8 62.5 288.1 -9.2 98.2 96.6 288.1 200.8 132.5 96.6 288.1 184.6 132.5 ---16.1 -- ----- 37 38 39 40 41 42 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 53.7 243.1 --26.3 -31.8 32.1 -----0.9 -----408.3 --17.3 --52.1 180.5 --19.9 ---14.2 ------- --16.4 --1.3 1.1 ----22.1 53.7 243.1 36.3 -26.3 -31.8 427.5 1.1 41.8 17.3 --52.1 203.5 -----135.8 -----167.1 -----501.3 52.6 243.1 11.2 -26.3 20.4 462.7 53.7 243.1 36.3 -26.3 -31.8 1064.6 53.7 243.1 28.5 -26.3 -31.8 833.3 ---7.8 ---231.3 ------- 43 Sector discrepancies (1 less 4) -85.5 -- -20.2 -- -10.4 -- -13.8 -- -129.9 -- -55.4 -- 21.4 -- -163.8 -- -163.8 42.6 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 2003 Z.1, June 10, 2004 (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 34301.4 --- -9638.4 9638.4 12518.2 --- -29693.2 13754.1 1541.7 --- -2269.3 2269.3 634.0 --- -4998.3 4998.3 48995.3 --- -46599.1 30660.0 8003.7 --- -5368.1 3414.3 43933.0 --- -46407.6 43172.4 100932.1 --- -98370.0 77246.7 -2562.1 --- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----60.2 -- -------- -----42.8 -- -------- -------- -------- 12.6 22.6 19.9 ----- ---2.2 26.0 --- 12.6 22.6 19.9 --102.9 -- ---2.2 26.0 --- ------120.2 -22.5 39.7 --854.1 -- 11.0 -0.1 19.9 2.2 35.5 74.2 70.7 ------202.9 23.7 22.5 39.7 2.2 35.5 177.1 190.9 -22.5 39.7 2.2 26.0 854.1 202.9 -23.7 ----9.5 677.0 12.0 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 238.3 3983.7 986.5 -- ----- 784.1 289.7 329.1 5.7 ----- 53.0 158.5 -197.6 ----- 54.1 2.4 --- ----- 1129.5 4434.3 1315.6 203.3 ----- 371.5 91.6 -460.3 ----- 251.7 335.9 700.4 631.1 1681.0 4861.8 2016.0 1659.1 1752.7 4861.8 2016.0 1294.7 1681.0 4861.8 2016.0 1659.1 -71.7 --364.3 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 2201.0 43.5 483.0 477.4 669.8 379.5 --147.7 -- 9281.4 ---184.4 -94.7 119.3 6850.1 2032.9 367.4 79.9 81.1 12.4 42.8 ---77.3 73.8 7425.1 85.9 --164.1 2873.4 1036.8 842.4 2422.4 -- 851.6 68.8 336.2 202.6 4.3 90.7 --149.1 -- 1559.6 ---1550.0 --9.7 --- 285.8 --0.0 ---118.0 73.8 94.1 4033.1 -4008.2 24.9 ----0.0 -- 3705.8 192.2 900.3 692.4 716.9 470.2 -118.0 448.0 167.9 22299.2 85.9 4008.2 24.9 1898.5 2873.4 1131.5 971.4 9272.5 2032.9 3956.5 155.7 1482.7 646.1 -1547.0 -125.0 --- 650.7 165.1 ---382.6 60.9 42.2 --- 26366.7 945.2 1625.2 4747.4 1181.6 4506.6 1292.4 1285.1 8918.2 1865.0 11079.2 1042.1 -6061.1 -3267.8 100.0 514.5 93.7 -- 34029.1 1293.1 4008.2 6085.9 1898.5 6523.8 1292.4 1528.0 9366.2 2032.9 34029.1 1293.1 4008.2 6085.9 1898.5 6523.8 1292.4 1528.0 9366.2 2032.9 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 5901.0 3165.9 -475.4 --153.6 182.5 -121.0 2319.7 -- 10139.5 -1866.6 -- 138.0 30.5 --- --709.6 -- --31.9 -- --75.8 -- 6039.0 3317.4 2351.6 475.4 10139.5 -2805.6 182.5 1619.8 -43.7 0.0 1949.0 -48.4 0.0 7813.9 1335.8 370.0 396.0 3384.2 4653.2 28.2 688.8 15472.7 4653.2 2765.4 871.3 15472.7 4653.2 2882.2 871.3 --116.7 -- 29 30 31 32 33 34 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 999.6 9256.6 -932.4 5650.6 450.2 -----20.9 -----8258.7 --187.1 -5799.6 4275.3 --80.1 --32.4 ------- --102.8 --101.9 40.5 ----820.8 999.6 9256.6 182.9 932.4 5650.6 8843.2 40.5 842.1 187.1 -5799.6 5117.0 -----1340.1 -----1798.9 -----5518.1 959.1 9256.6 89.5 932.4 -149.0 5064.5 999.6 9256.6 182.9 932.4 5650.6 15701.4 999.6 9256.6 276.6 932.4 5650.6 11980.3 --93.7 ---3721.0 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 33). 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, June 10, 2004 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 1 Assets 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 26941.1 28455.7 29418.9 32618.1 35531.0 39661.9 43633.3 49157.1 49468.3 49293.9 48339.1 54126.0 1 2 Tangible assets 9780.6 10096.3 10416.4 11020.3 11482.8 12146.2 13149.0 14217.4 15531.3 16757.3 18168.6 19824.6 2 3 Financial assets 17160.5 18359.4 19002.5 21597.8 24048.2 27515.7 30484.3 34939.6 33937.0 32536.6 30170.5 34301.4 3 4 5 Deposits Credit market instruments 3219.7 1675.0 3156.1 1646.1 3109.6 1931.7 3298.0 1931.4 3440.8 2119.0 3622.3 2093.6 3901.2 2191.1 4051.3 2370.3 4385.2 2245.4 4883.3 2129.8 5122.7 2024.1 5268.7 2201.0 4 5 6 Equity shares at market value 4896.2 5683.8 5680.9 7599.4 9165.3 11794.7 13731.4 17208.6 15274.9 13060.4 9988.7 13003.5 6 7 Directly held 2869.2 3232.4 3096.4 4141.0 4862.0 6238.9 7069.7 9234.7 7650.1 6341.6 4727.3 5901.0 7 8 Indirectly held 2027.0 2451.4 2584.5 3458.4 4303.3 5555.8 6661.6 7973.9 7624.7 6718.8 5261.4 7102.4 8 268.7 113.3 928.4 490.8 437.5 428.5 2.4 285.7 262.0 163.5 1096.1 565.5 530.6 497.3 4.4 428.0 263.6 199.6 1135.9 578.6 557.3 507.6 6.2 471.6 365.2 274.7 1490.4 729.9 760.5 678.9 11.5 637.9 439.3 373.3 1701.3 825.9 875.5 828.5 18.8 942.1 555.1 510.5 2053.5 931.0 1122.5 1084.8 29.9 1322.0 599.2 665.4 2457.0 1056.7 1400.3 1233.9 44.9 1661.2 698.6 904.4 2749.0 1161.2 1587.8 1343.2 59.1 2219.5 645.5 882.8 2591.8 1047.6 1544.2 1335.1 59.1 2110.3 527.0 806.5 2230.6 884.7 1345.8 1221.9 51.4 1881.5 385.0 692.5 1669.8 671.5 998.3 1001.6 48.5 1464.0 469.7 922.1 2250.0 899.0 1351.0 1304.5 79.9 2076.2 9 10 11 12 13 14 15 16 9 10 11 12 13 14 15 16 Bank personal trusts and estates Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 17 Other 7369.6 7873.4 8280.3 8769.0 9323.1 10005.2 10660.7 11309.5 12031.6 12463.0 13035.0 13828.3 17 18 Liabilities 4139.9 4408.0 4735.4 5072.8 5429.9 5780.6 6245.8 6817.5 7403.5 8002.6 8702.6 9638.4 18 19 Net worth 22801.2 24047.7 24683.4 27545.3 30101.1 33881.3 37387.5 42339.5 42064.8 41291.3 39636.5 44487.7 19 3976.8 4621.0 4594.6 6190.6 7511.0 9778.9 11440.7 14704.2 12892.1 10953.8 8308.7 10782.2 20 18.2 28.5 20.0 31.0 19.3 29.9 23.3 35.2 25.8 38.1 29.7 42.9 31.5 45.0 35.0 49.3 30.9 45.0 26.5 40.1 20.7 33.1 24.0 37.9 21 22 Memo: 20 21 22 Equity shares excluding defined benefit plans (line 6 minus lines 12, 14 and part of line 15) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 16) 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