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For use at 12:00 p.m., eastern time June 5, 2014 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts First Quarter 2014 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits was $81.8 trillion at end of the first quarter this year, about $1.5 trillion more than at end of 2013. In the first quarter, the value of directly and indirectly held corporate equities increased $361 billion and the value of real estate expanded $751 billion. Household debt edged up at an annual rate of 2 percent in the first quarter (excluding charge-offs of home mortgages). Net originations of home mortgages continued to be weak, while consumer credit continued to grow at the pace of the previous two years. Nonfinancial business debt rose at an annual rate of 7.3 percent in the first quarter, after a 6.6 percent increase in the fourth quarter. As in recent years, corporate bonds accounted for most of the increase. Domestic nonfinancial debt outstanding was $42.6 trillion at the end of the first quarter of 2014, of which household debt was $13.2 trillion, nonfinancial business debt was $13.9 trillion, and total government debt was $15.5 trillion. Domestic nonfinancial debt growth2 was 5 percent at a seasonally adjusted annual rate in the first quarter of 2014, about ¼ percentage point less than in the fourth quarter of 2013. State and local government debt declined at an annual rate of 0.7 percent in the first quarter, after declining at a 4.9 percent rate in the fourth quarter. Federal government debt rose at an annual rate of 7.1 percent in the first quarter, a bit slower than the pace of growth in the fourth quarter. Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt Year Household 1 net worth Total Households Business 2 State and local govts. Federal 2004 56,581 9.3 11.1 6.8 11.4 9.0 2005 62,604 9.2 11.2 9.0 5.8 7.0 2006 67,392 8.8 10.2 10.9 3.9 3.9 2007 67,832 8.7 7.0 13.7 5.5 4.9 2008 57,198 6.4 1.1 6.3 0.6 24.2 2009 58,981 3.7 -0.1 -2.1 4.0 22.7 2010 63,364 4.7 -1.1 1.5 2.3 20.2 2011 64,692 4.2 -0.2 4.8 -1.7 11.4 2012 70,815 5.4 1.5 6.3 -0.2 10.9 2013 80,274 4.5 1.5 7.1 -1.3 6.5 Q1 67,122 5.5 1.0 4.7 0.4 13.5 Q2 67,183 5.8 2.7 5.3 2.9 11.0 Q3 69,424 3.8 0.8 5.2 -0.2 7.1 Q4 70,815 6.1 1.5 9.4 -3.8 10.4 Q1 73,784 4.8 0.6 4.9 2.4 10.1 Q2 75,258 3.7 1.6 7.6 1.1 2.5 Q3 77,619 3.9 3.5 8.5 -3.9 1.5 Q4 80,274 5.2 0.2 6.6 -4.9 11.6 Q1 81,764 5.0 2.0 7.3 -0.7 7.1 2012: 2013: 2014: 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown at an annual rate. iii Release Highlights First Quarter 2014 Topic Description Federal funds and security repurchase agreements Additional detail on federal funds and security repurchase agreements is now available on the instrument tables F.207 and L.207 and the sector tables for U.S.-chartered depository institutions (F.110 and L.110), foreign banking offices in U.S. (F.111 and L.111), credit unions (F.113 and L.113), and security brokers and dealers (F.128 and L.128). On these tables, federal funds and security repurchase agreements, previously reported as net liabilities, are now reported separately as assets and liabilities. In addition to changes in presentation, the data have been revised to reflect methodological improvements as well. In particular, while transactions between depository institutions were previously netted out, this instrument category now includes all federal funds and security repurchase agreement transactions, regardless of counterparty. Security credit Data for the security credit instrument category (tables F.224 and L.224) have been revised to reflect methodological improvements. In particular, depository institutions’ security credit assets no longer include security repurchase agreement transactions with security brokers and dealers, as these are now included in the instrument category federal funds and security repurchase agreements. The methodology for the security credit of security brokers and dealers and households has also been improved. In addition, security credit of the rest of the world sector, which was discontinued in 1976:Q1, is no longer shown. Home mortgage loan charge-offs A memo item for total home mortgage loan charge-offs is now shown on the home mortgage instrument table (table F.218). Charge-offs are now excluded from home mortgage loan flows and are instead accounted for as other changes in volume. Data begin 2007:Q1. U.S.-chartered depository institutions As of this publication, separate series for U.S.-chartered commercial banks and savings institutions are no longer available in the online Federal Reserve Data Download Program (DDP). Nonfinancial corporate business benchmark Assets of the nonfinancial corporate business sector (tables F.102, L.102, B.102, and R.102) have been revised from 2012:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2012. Nonfinancial noncorporate business benchmark Data for the noncorporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2011:Q1 forward to reflect new 2011 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI). iv v Explanatory Notes Financial Accounts of the United States The Financial Accounts of the United States (previously referred to as the Flow of Funds Accounts) are organized into the following sections: ■ ■ ■ ■ ■ ■ Matrices summarizing flows and levels across sectors, and tables summarizing credit market borrowing, gross domestic product (GDP), national income, saving, and so on Flow of funds, by sector and financial instrument Levels of financial assets and liabilities, by sector and financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables providing additional detail on selected sectors Integrated Macroeconomic Accounts The Integrated Macroeconomic Accounts (IMA) relate production, income, saving, and capital formation from the national income and product accounts (NIPA) to changes in net worth from the FA on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the Bureau of Economic Analysis and are based on international guidelines and terminology as defined in the System of National Accounts (SNA1993, revised in 2008). Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA guidelines. Nonetheless, a few important differences remain. In particular, in the Financial Accounts: ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate business (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Most debt securities are recorded at book value rather than market value. Concepts of Level and Flow in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the stock or outstanding) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the “economic flow”, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure changes in market value of untraded assets; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In the Financial Accounts, “flow of funds” refers to the exchange of assets, corresponding to the SNA definition of transactions, that is, “flow tables” in the Financial Accounts are equivalent to “transaction tables” in the SNA terminology. In practice, other volume changes are relatively rare, and revaluations only occur for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to the flow. Growth Rates Growth rates calculated from levels will include revaluations and other changes in volume. To isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of the flow in a given period to the level in the preceding period. 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. Growth rates calculated from changes in unadjusted levels printed in table L.2 may differ from those in table D.1. Seasonal Adjustment Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted flows. vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. The Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. The guide allows users to search for series, browse tables of data, and identify links among series within these accounts. It also provides descriptions of each of the published tables and information on the source data underlying each series. The guide is not part of the quarterly release, but it is continually updated and kept consistent with the most recently published data. The guide and the data from the Financial Accounts are available free of charge at the following link: www.federalreserve.gov/apps/fof/ Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. The relationships between different components of a series (for example, levels, seasonally adjusted annual rate flows, unadjusted flows, revaluations, other changes in volume, seasonal factors, and so on) are also described on the series structure page. Production Schedule The Financial Accounts are published online and in print 4 times per year, about 10 weeks following the end of each calendar quarter. The publication and the guide are available online here: www.federalreserve.gov/releases/Z1 This website also provides coded tables and historical annual tables beginning in 1945 that correspond with the tables published in this release. There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program (DDP) here: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) (various tables) Available at time of publication Second estimate, seasonally adjusted, for 2014:Q1. Unadjusted flows since 2012 for the government sectors and since 2006 for all other sectors are unavailable. 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 2014: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. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2013:Q4; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2012; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2014:Q1. Corporate farm data through 2012. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2011; bank and finance company loans, and mortgage borrowing through 2014:Q1. Noncorporate farm data through 2012. State and local governments (tables F.104 and L.104) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2014:Q1; total financial assets through 2011:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Federal government (tables F.105 and L.105) Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2014:Q1. Rest of the world (tables F.106 and L.106) Balance of payments and International Investment Position data through 2013:Q4. NIPA estimates; bank Call Reports and Treasury International Capital System data through 2014:Q1. Monetary authority (tables F.108 and L.108) All data through 2014:Q1. U.S.-chartered depository institutions (tables F.110 and L.110) All data through 2014:Q1. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2014:Q1. Banks in U.S.-affiliated areas (tables F.112 and L.112) All data through 2014:Q1. Credit unions (tables F.113 and L.113) All data through 2014:Q1. viii Sector Table Available at time of publication Property-casualty insurance companies (tables F.114 and L.114) All data through 2013:Q4. Life insurance companies (tables F.115 and L.115) All data through 2013:Q4. Private pension funds (tables F.117 and L.117) Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2011. State and local government employee retirement funds (tables F.118 and L.118) Detailed data through 2012:Q2 from the Census Bureau; sample data through 2013:Q4 from the Census Bureau. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2014:Q1. Money market mutual funds (tables F.120 and L.120) All data through 2014:Q1. Mutual funds (tables F.121 and L.121) All data through 2014:Q1. Closed-end funds (tables F.122 and L.122) All data through 2014:Q1. Exchange-traded funds (tables F.122 and L.122) All data through 2014:Q1. Government Sponsored Enterprises (GSEs) (tables F.123 and L.123) Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO, FCS, and REFCORP through 2014:Q1. Agency- and GSE-backed mortgage pools (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2014:Q1. Issuers of asset-backed securities (ABSs) (tables F.125 and L.125) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2014:Q1. Finance companies (tables F.126 and L.126) All data through 2014:Q1. Real Estate Investment Trusts (REITs) (tables F.127 and L.127) Data from SNL Financial through 2014:Q1. Security brokers and dealers (tables F.128 and L.128) Data for firms filing FOCUS and FOGS reports through 2013:Q4. Holding companies (table F.129 and L.129) All data through 2014:Q1. Funding corporations (tables F.130 and L.130) Estimates for this sector are largely residuals and are derived from data for other sectors. ix List of Data Tables Title Table Page Summaries Flow of Funds Matrix – Flows 1 Flow of Funds Matrix – Assets and Liabilities 2 Credit Market Debt Growth by Sector D.1 3 Credit Market Borrowing by Sector D.2 4 Credit Market Debt Outstanding by Sector D.3 5 Total Credit Market Borrowing and Lending F.1 6 Credit Market Borrowing by Nonfinancial Sectors F.2 7 Credit Market Borrowing by Financial Sectors F.3 7 Credit Market Borrowing, All Sectors, by Instrument F.4 8 Total Liabilities and Its Relation to Total Financial Assets F.5 8 Credit Market Debt Outstanding L.1 9 Credit Market Debt Owed by Nonfinancial Sectors L.2 10 Credit Market Debt Owed by Financial Sectors L.3 10 Credit Market Debt, All Sectors, by Instrument L.4 11 Total Liabilities and Its Relation to Total Financial Assets L.5 11 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 15 Derivation of Measures of Personal Saving F.10 16 Assets and Liabilities of the Personal Sector L.10 17 Flows Title Levels Table Page Table Page Households and Nonprofit Organizations F.100 18 L.100 66 Nonfinancial Business F.101 19 L.101 67 Nonfinancial Corporate Business F.102 20 L.102 68 Nonfinancial Noncorporate Business F.103 21 L.103 69 State and Local Governments F.104 22 L.104 70 Federal Government F.105 23 L.105 71 Sectors x Sectors Rest of the World F.106 24 L.106 72 Financial Business F.107 25 L.107 73 Monetary Authority F.108 26 L.108 74 Private Depository Institutions F.109 27 L.109 75 U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 L.110 76 Foreign Banking Offices in U.S. F.111 29 L.111 77 Banks in U.S.-Affiliated Areas F.112 30 L.112 78 Credit Unions F.113 30 L.113 78 Property-Casualty Insurance Companies F.114 31 L.114 79 Life Insurance Companies F.115 31 L.115 79 Private and Public Pension Funds F.116 32 L.116 80 Private Pension Funds F.117 33 L.117 81 State and Local Government Employee Retirement Funds F.118 34 L.118 82 Federal Government Employee Retirement Funds F.119 34 L.119 82 Money Market Mutual Funds F.120 35 L.120 83 Mutual Funds F.121 35 L.121 83 Closed-End and Exchange-Traded Funds F.122 35 L.122 83 Government-Sponsored Enterprises F.123 36 L.123 84 Agency- and GSE-Backed Mortgage Pools F.124 36 L.124 84 Issuers of Asset-Backed Securities F.125 37 L.125 85 Finance Companies F.126 37 L.126 85 Real Estate Investment Trusts F.127 38 L.127 86 Security Brokers and Dealers F.128 39 L.128 87 Holding Companies F.129 40 L.129 88 Funding Corporations F.130 41 L.130 89 U.S. Official Reserve Assets and SDR Allocations F.200 42 L.200 90 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 42 L.201 90 U.S. Deposits in Foreign Countries F.202 42 L.202 90 Net Interbank Transactions F.203 43 L.203 91 Checkable Deposits and Currency F.204 44 L.204 92 Time and Savings Deposits F.205 45 L.205 93 Instruments xi Instruments Money Market Mutual Fund Shares F.206 45 L.206 93 Federal Funds and Security Repurchase Agreements F.207 46 L.207 94 Open Market Paper F.208 47 L.208 95 Treasury Securities F.209 48 L.209 96 Agency- and GSE-Backed Securities F.210 49 L.210 97 Municipal Securities and Loans F.211 50 L.211 98 Corporate and Foreign Bonds F.212 51 L.212 99 Corporate Equities F.213 52 L.213 100 Mutual Fund Shares F.214 52 L.214 100 Depository Institution Loans Not Elsewhere Classified F.215 53 L.215 101 Other Loans and Advances F.216 54 L.216 102 Total Mortgages F.217 55 L.217 103 Home Mortgages F.218 56 L.218 104 Multifamily Residential Mortgages F.219 56 L.219 104 Commercial Mortgages F.220 57 L.220 105 Farm Mortgages F.221 57 L.221 105 Consumer Credit F.222 58 L.222 106 Trade Credit F.223 59 L.223 107 Security Credit F.224 59 L.224 107 Life Insurance Reserves F.225 60 L.225 108 Pension Entitlements F.226 60 L.226 108 Taxes Payable by Businesses F.227 60 L.227 108 Proprietors' Equity in Noncorporate Business F.228 60 L.228 108 Total Miscellaneous Financial Claims F.229 61 L.229 109 Identified Miscellaneous Financial Claims - Part I F.230 62 L.230 110 Identified Miscellaneous Financial Claims - Part II F.231 63 L.231 111 Unidentified Miscellaneous Financial Claims F.232 64 L.232 112 Sector Discrepancies F.11 65 Instrument Discrepancies F.12 65 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.100 113 R.100 116 Nonfinancial Corporate Business B.102 114 R.102 117 Nonfarm Noncorporate Business B.103 115 R.103 118 Balance Sheet and Changes in Net Worth xii Flows Title Table Levels Page Table Page B.100.e 119 Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.100.a 120 L.100.a 121 Consolidated Statement for Federal, State, and Local Governments F.105.c 122 L.105.c 123 Life Insurance Companies: General Accounts F.115.g 124 L.115.g 125 Life Insurance Companies: Separate Accounts F.115.s 124 L.115.s 125 Private Pension Funds: Defined Benefit Plans F.117.b 126 L.117.b 127 Private Pension Funds: Defined Contribution Plans F.117.c 126 L.117.c 127 Individual Retirement Accounts (IRAs) F.226.i 126 L.226.i 127 Equity Real Estate Investment Trusts F.127.e 128 L.127.e 129 Mortgage Real Estate Investment Trusts F.127.m 128 L.127.m 129 Title Table Page Total Economy–Current Account S.1.a 130 Selected Aggregates for Total Economy and Sectors S.2.a 131 Households and Nonprofit Institutions Serving Households S.3.a 133 Nonfinancial Noncorporate Business S.4.a 136 Nonfinancial Corporate Business S.5.a 139 Financial Business S.6.a 142 Federal Government S.7.a 145 State and Local Governments S.8.a 148 Rest of the World S.9.a 151 Integrated Macroeconomic Accounts for the United States Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business Miscellaneous Sector discrepancies (1 less 4) 33 34 35 36 37 38 39 40 41 42 -597.6 28.7 507.5 --22.1 23.9 -150.8 713.9 -58.5 -241.5 -3.8 -213.3 -83.0 -39.5 106.2 -5.0 -6.5 -6.5 ---3.4 -106.9 197.4 23.1 -- 1019.2 1248.8 -- 2753.2 1733.9 1179.8 413.9 148.1 --7.8 ---- U (1) -- ----3.0 --1.0 35.4 190.1 ----13.1 -30.0 2.0 -2.5 173.8 ---------- --229.6 -------- 2155.6 1397.5 758.1 S (2) Households and Nonprofit Organizations 593.5 ----590.5 -0.8 150.2 -- -49.9 -29.5 2.0 -4.7 -12.3 ---0.3 -5.6 ---44.7 -104.2 67.6 42.5 -0.9 -275.5 949.8 -- 1611.3 1886.8 -88.3 1693.8 106.1 -1.3 ---- U (3) -- ---6.4 -19.8 632.5 -408.6 -125.7 -- 901.9 14.2 --9.3 640.3 96.1 42.3 99.7 -- ---------- --1225.3 -------- 2204.8 1512.3 692.4 S (4) Nonfinancial Business Flow of Funds Matrix for 2013 20.9 --3.7 -6.2 1.4 0.7 8.8 -- -27.4 -7.8 -14.3 -12.6 0.2 2.7 --4.4 -- -----6.5 12.7 4.9 4.3 -274.3 21.9 -- 66.6 340.9 -4.8 326.6 -9.5 ---- U (5) -- ----295.5 --39.6 -- -38.9 ----39.4 --0.5 --- ---------- --296.2 -------- 87.5 237.6 -150.1 S (6) State and Local Governments -114.7 ---18.0 -5.6 -4.8 --1.5 -- 125.4 --0.0 --0.1 -8.5 4.0 113.1 -3.3 ----69.6 -0.5 --- -706.7 172.5 -- -432.9 273.9 -0.7 274.1 --1.0 ---- U (7) -- 0.3 ---102.0 --18.3 -- 759.1 -759.5 -0.4 ----0.0 -- 0.0 0.0 -0.4 ------- --879.3 -------- -547.5 267.5 -815.1 S (8) Federal Government -97.9 28.7 507.5 -14.3 -22.1 626.3 -154.2 715.4 157.4 58.5 -193.3 -41.1 -225.6 -100.3 -51.6 108.8 -13.5 2.1 100.9 -3.3 --48.1 -287.2 277.3 70.5 3.4 -237.3 2393.0 -- 3998.2 4235.5 1179.8 507.7 2442.6 106.1 -0.7 ---- U (9) -- 0.3 --6.4 -19.8 1033.0 -408.6 -184.6 35.4 1812.2 14.2 759.5 -0.4 -43.2 640.3 126.1 44.9 97.1 173.8 0.0 0.0 -0.4 ------- --2630.3 -------- 3900.4 3415.0 485.4 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) -96.9 1.4 ---1026.4 189.1 19.3 -2.2 45.9 1908.5 38.4 547.3 427.8 6.6 405.6 186.1 121.1 102.8 72.8 0.2 0.0 0.7 -9.6 760.1 -3.3 83.1 -106.1 -375.6 166.4 3537.8 -- 386.4 220.0 -14.7 205.2 --- ---- U (11) -- 29.8 507.5 17.7 -2.3 257.3 161.9 635.6 0.3 68.9 211.0 -48.9 -239.9 --87.0 20.9 78.3 7.8 -- ----1107.0 332.6 409.1 28.7 -393.6 --3371.4 -------- 289.5 195.1 94.4 S (12) Domestic Financial Sectors 40.9 ----61.7 -55.4 -99.1 9.8 -- 546.4 2.0 437.7 -87.9 1.7 201.6 --8.7 --- 0.0 ---290.1 49.5 48.7 64.3 56.4 350.8 972.3 -- 351.5 0.7 ----0.7 ---- U (13) -- ----221.6 226.2 --8.6 -- 238.4 34.0 ---162.7 39.1 2.7 --- -3.1 --55.9 -----108.8 --621.5 -------- 392.4 -392.4 S (14) Rest of the World 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. Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 23 24 25 26 27 28 29 30 31 32 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 11 12 13 U.S. official reserve assets 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 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 4 5 6 7 8 9 10 14 15 16 17 18 19 20 21 22 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, June 5, 2014 -153.8 30.0 507.5 -14.3 -22.1 1714.4 -20.5 635.6 165.1 104.3 2261.6 -0.8 759.5 239.5 -43.2 716.0 186.1 125.8 104.9 173.8 -3.1 0.0 0.7 38.5 1050.2 333.4 409.1 28.7 -315.8 279.9 6903.2 -- 4736.1 4456.2 1179.8 522.4 2647.8 106.1 -- ---- U (15) S (16) -- 30.0 507.5 11.3 -22.1 1511.8 -20.5 635.6 176.4 104.3 2261.6 -0.8 759.5 239.5 -43.2 716.0 186.1 125.8 104.9 173.8 -3.1 0.0 -0.4 55.9 1107.0 332.6 409.1 28.7 -502.4 --6623.3 -------- 4582.3 3610.2 972.1 All Sectors ---- Summary -153.8 --25.6 --202.6 --11.3 -- ----------- ---1.1 17.4 56.8 -0.7 ---186.6 -279.9 --- -153.8 126.1 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets 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 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business Miscellaneous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 1242.2 19563.8 -8760.8 897.6 13309.6 6890.1 -815.5 5446.0 15.0 935.4 125.9 1626.3 2578.0 -25.9 80.4 59.1 1004.7 7388.7 1130.4 -- ---48.4 -- 66497.9 --- ----27.9 --255.0 339.2 13146.1 ---227.8 -92.7 141.3 9586.9 3097.4 ----- ------ -13768.2 13768.2 ----14084.7 -211.4 3020.9 -- 260.6 30.3 90.8 8.4 17.5 ---70.0 43.5 927.4 1031.6 601.9 8.8 ---80.6 -- 20228.0 --- --150.0 8741.6 5621.7 20952.4 -2415.1 -- 13604.4 144.5 --518.5 6435.5 1776.1 1232.9 3496.9 -- ----- ------ -51485.2 21791.2 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2013 --123.8 -108.1 165.0 79.8 169.1 -- 1529.7 75.2 583.0 480.1 13.6 168.7 --209.1 -- 124.3 302.5 162.9 129.6 ------ 2894.9 --- A (5) ----1328.2 --786.1 -- 2941.1 ---2924.9 --16.2 --- ----- ------ -5055.5 5055.5 L (6) State and Local Governments --165.8 -147.7 35.1 -48.8 -- 1043.1 --0.0 -0.6 -197.2 115.5 729.8 162.9 1.5 --- 96.4 ----- 1701.2 --- A (7) 50.3 ---3381.5 --253.8 -- 12352.8 -12328.3 24.5 ----0.0 -- ----- 54.4 5.2 25.6 --- -16123.5 16123.5 L (8) Federal Government 1242.2 19563.8 289.6 8760.8 15238.0 13509.7 7181.4 3238.8 815.5 8279.5 120.5 1609.3 614.5 1657.4 2747.2 -223.1 475.0 832.5 2219.3 8724.4 1895.2 138.4 96.4 --129.0 -- 91322.0 --- A (9) 50.3 -150.0 8741.6 10359.3 20952.4 -3710.0 339.2 42044.5 144.5 12328.3 24.5 3671.2 6435.5 1868.8 1390.4 13083.9 3097.4 ----- 54.4 5.2 25.6 --- -86432.4 56738.4 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 174.3 ---13731.8 15770.8 3327.2 131.0 420.8 40828.5 633.9 4915.3 6297.5 1944.2 7890.4 2508.8 1562.5 12811.0 2264.9 372.0 713.0 619.1 2740.2 34.6 5.2 45.5 33.7 2321.8 81269.4 --- A (11) 1366.3 19563.8 -59.1 19.2 8157.3 6487.0 11544.6 14.5 897.1 13947.1 400.2 -7769.7 -4717.0 363.2 494.9 202.2 -- 3186.5 9872.9 2678.3 2931.3 ----2790.8 -83397.6 76891.4 L (12) Domestic Financial Sectors ----4443.8 4670.4 1036.0 155.4 -- 9806.8 197.2 5803.8 882.2 69.6 2718.9 -135.2 --- 590.0 435.5 164.0 822.0 54.4 ---392.2 22570.5 --- A (13) ----6431.3 6511.5 -60.7 -- 2923.2 407.0 ---2204.1 276.7 35.5 --- ---738.9 119.9 --805.9 -- -17591.4 11080.0 L (14) Rest of the World 1416.5 19563.8 289.6 8760.8 33413.5 33950.9 11544.6 3525.2 1236.2 58914.8 951.6 12328.3 7794.1 3671.2 13356.5 2508.8 1920.8 13286.0 3097.4 3181.4 9872.9 2678.3 3700.6 185.4 5.2 45.5 162.7 2714.0 195161.9 --- A (15) L (16) 1416.5 19563.8 90.8 8760.8 24947.9 33950.9 11544.6 3785.3 1236.2 58914.8 951.6 12328.3 7794.1 3671.2 13356.5 2508.8 1920.8 13286.0 3097.4 3186.5 9872.9 2678.3 3670.3 174.3 5.2 25.6 805.9 2790.8 -187421.4 144709.7 All Sectors 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 23) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets Total liabilities and equity Total liabilities 1 2 3 Z.1, June 5, 2014 ---198.8 --8465.7 --260.1 -- ----------- 5.1 ---30.3 -11.0 --19.9 643.2 76.9 -7740.5 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, June 5, 2014 D.1 Credit Market Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1979 1980 1981 1982 1983 12.0 9.4 10.3 10.4 12.0 14.8 8.2 7.3 5.6 11.0 16.4 10.9 7.2 4.8 10.2 13.9 1.0 5.5 5.0 12.1 13.5 10.1 12.9 9.9 9.2 11.3 8.5 13.6 10.3 8.4 9.0 6.9 8.0 11.2 11.4 5.8 11.8 11.6 19.7 18.9 23.0 14.9 18.4 13.6 13.3 9.6 14.3 12.2 7.5 8.3 1984 1985 1986 1987 1988 14.9 15.6 11.9 9.1 9.1 13.0 16.1 11.4 10.4 9.9 11.4 14.6 13.7 13.4 11.8 18.4 15.9 9.1 4.8 6.7 16.1 11.0 11.5 7.8 9.9 16.6 12.6 13.9 8.9 10.9 11.4 31.8 10.9 12.0 6.0 16.9 16.5 13.6 8.0 8.0 17.5 19.3 26.2 18.3 13.1 3.7 0.5 2.9 3.2 -1.2 1989 1990 1991 1992 1993 7.2 6.5 4.4 4.6 5.6 9.1 7.1 5.1 5.4 6.1 10.9 8.8 7.0 6.5 5.5 6.3 1.9 -1.1 1.1 7.4 6.3 3.6 -2.1 -0.3 3.1 7.3 5.3 -2.1 0.6 5.3 5.3 5.0 9.2 1.5 5.3 7.0 11.0 11.1 10.9 8.3 10.5 8.6 5.9 8.5 9.7 -2.1 3.0 3.4 3.9 15.6 1994 1995 1996 1997 1998 5.1 5.0 5.1 5.5 6.5 7.7 7.1 6.7 5.9 7.5 5.6 4.9 6.2 6.1 8.0 15.2 14.4 9.0 5.5 7.2 5.4 6.2 6.0 9.2 11.5 7.1 7.1 6.0 9.5 10.8 -3.9 -5.5 -2.0 4.9 6.2 4.7 4.1 4.0 0.6 -1.4 14.0 11.4 12.4 12.0 19.4 -4.4 15.6 14.5 11.1 4.6 1999 2000 2001 2002 2003 6.2 5.0 6.4 7.4 8.1 8.0 9.0 9.6 10.7 11.9 9.4 8.7 10.6 13.3 14.5 7.8 11.4 8.6 5.6 5.3 10.4 9.3 6.0 3.0 2.2 9.5 8.6 4.9 1.3 1.7 3.3 1.4 8.8 11.1 8.3 -1.9 -8.0 -0.2 7.6 10.9 16.6 10.7 10.6 9.6 10.7 1.5 7.6 -2.2 9.0 4.1 2004 2005 2006 2007 2008 9.3 9.2 8.8 8.7 6.4 11.1 11.2 10.2 7.0 1.1 13.5 13.4 11.2 7.4 0.9 5.6 4.5 5.2 6.1 1.3 6.8 9.0 10.9 13.7 6.3 4.8 6.9 9.2 13.5 5.2 11.4 5.8 3.9 5.5 0.6 9.0 7.0 3.9 4.9 24.2 8.6 9.4 10.3 12.9 6.0 11.9 7.9 21.8 9.2 -10.0 2009 2010 2011 2012 2013 3.7 4.7 4.2 5.4 4.5 -0.1 -1.1 -0.2 1.5 1.5 0.6 -1.8 -0.7 -0.8 -0.1 -3.9 -1.0 4.1 6.2 5.9 -2.1 1.5 4.8 6.3 7.1 -2.0 2.6 6.7 8.3 8.9 4.0 2.3 -1.7 -0.2 -1.3 22.7 20.2 11.4 10.9 6.5 -9.7 -5.7 -2.4 -3.0 1.5 11.9 3.8 5.6 5.0 8.6 2008 -- Q1 Q2 Q3 Q4 6.9 3.9 7.8 6.5 4.7 0.7 0.4 -1.7 4.2 0.9 0.1 -1.6 6.2 2.5 -0.7 -2.8 9.1 7.7 5.6 2.5 9.0 7.0 4.5 -0.2 2.0 0.9 0.7 -1.1 10.7 5.8 36.0 37.5 6.4 6.8 7.1 3.3 11.0 -0.2 -28.4 -25.0 2009 -- Q1 Q2 Q3 Q4 4.9 5.0 2.9 2.0 0.4 0.1 -0.2 -0.7 1.9 0.5 0.1 0.1 -2.8 -5.8 -3.1 -4.1 -0.7 -1.9 -3.3 -2.6 -0.6 -1.5 -3.5 -2.5 2.7 5.1 3.9 4.0 25.8 27.0 18.4 13.0 -9.9 -12.5 -9.8 -7.5 11.4 11.3 15.1 6.7 2010 -- Q1 Q2 Q3 Q4 4.5 4.5 4.6 4.8 -2.2 -0.5 -1.1 -0.8 -3.7 -0.9 -1.5 -1.0 -2.9 -2.5 0.1 1.3 0.6 -1.1 3.4 3.0 1.5 -1.4 5.3 4.9 3.4 0.5 1.8 3.6 22.0 22.0 15.9 15.6 -7.4 -6.4 -4.4 -5.8 5.0 -2.9 6.2 6.5 2011 -- Q1 Q2 Q3 Q4 3.3 3.1 5.1 4.9 -0.1 -1.3 0.1 0.7 -0.8 -0.7 -0.3 -1.0 4.3 3.4 3.9 4.6 3.9 5.6 4.3 5.0 6.0 8.0 5.8 6.5 -2.4 -2.7 -0.3 -1.6 9.1 8.0 14.4 12.1 -0.8 -4.1 -2.6 -2.1 18.2 7.3 -2.1 -1.2 2012 -- Q1 Q2 Q3 Q4 5.5 5.8 3.8 6.1 1.0 2.7 0.8 1.5 -1.0 -0.8 -0.1 -1.2 5.5 7.2 5.2 6.1 4.7 5.3 5.2 9.4 6.5 6.9 6.7 12.1 0.4 2.9 -0.2 -3.8 13.5 11.0 7.1 10.4 -3.7 -4.8 -2.1 -1.4 0.8 -2.9 9.0 12.4 2013 -- Q1 Q2 Q3 Q4 4.8 3.7 3.9 5.2 0.6 1.6 3.5 0.2 -1.0 0.1 1.7 -1.1 6.1 5.5 6.3 5.3 4.9 7.6 8.5 6.6 7.2 9.1 10.6 7.7 2.4 1.1 -3.9 -4.9 10.1 2.5 1.5 11.6 -0.5 0.4 0.5 5.7 14.1 1.6 3.4 14.8 2014 -- Q1 5.0 2.0 -0.9 6.6 7.3 9.3 -0.7 7.1 -2.3 7.2 1. Data shown are on an end-of-period basis. Summary 4 Z.1, June 5, 2014 D.2 Credit Market Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1979 1980 1981 1982 1983 386.5 339.1 405.0 451.6 570.6 163.9 104.2 101.8 84.1 172.4 116.5 90.2 67.0 47.4 105.2 43.3 3.4 19.8 18.8 48.2 160.2 135.3 190.0 164.4 165.7 86.4 72.1 125.3 106.6 94.4 26.6 22.2 27.6 41.7 47.3 35.8 77.4 85.5 161.3 185.2 94.9 75.8 107.8 93.6 104.3 15.0 24.2 23.5 16.0 17.3 1984 1985 1986 1987 1988 794.4 955.4 844.7 721.6 786.3 223.9 311.4 259.5 263.6 272.2 127.6 181.7 199.3 221.6 215.6 81.7 84.0 55.8 32.3 46.6 320.8 254.7 295.0 223.7 308.5 207.1 184.3 227.8 165.6 224.4 52.5 163.6 74.2 90.4 50.4 197.2 225.7 216.0 143.9 155.1 156.2 203.2 330.1 291.8 249.8 8.4 1.2 10.2 11.4 -4.4 1989 1990 1991 1992 1993 684.3 658.8 472.6 514.4 667.3 276.3 233.5 183.6 204.3 239.6 224.9 200.0 174.5 173.0 156.3 47.0 15.1 -8.8 9.2 61.4 214.3 131.3 -80.5 -10.5 113.7 165.9 131.0 -54.3 16.0 134.3 47.4 47.1 91.2 16.5 57.9 146.4 246.9 278.2 304.0 256.1 224.8 207.8 153.1 236.5 292.9 -7.9 11.1 13.4 16.4 67.5 1994 1995 1996 1997 1998 639.0 654.1 706.1 795.7 995.1 324.4 319.5 324.8 306.9 412.2 166.5 153.6 205.1 215.9 301.5 135.0 147.0 105.7 70.3 97.1 204.3 250.9 256.9 415.0 568.7 189.8 205.6 186.5 313.1 389.7 -45.5 -60.8 -20.5 50.8 66.8 155.9 144.4 144.9 23.1 -52.6 464.4 433.6 523.2 570.3 1026.5 -23.2 76.4 89.0 77.7 36.0 1999 2000 2001 2002 2003 1010.7 864.3 1163.7 1429.4 1683.4 473.8 574.4 666.1 812.2 1004.6 379.2 383.5 508.2 706.1 872.0 112.4 176.5 150.6 105.2 105.9 570.9 568.9 397.7 215.0 162.2 377.1 376.5 234.2 63.2 88.4 37.3 16.9 105.5 144.6 120.5 -71.2 -295.9 -5.6 257.6 396.0 1052.6 790.8 862.3 881.6 1071.5 12.9 60.5 -19.0 81.4 45.0 2004 2005 2006 2007 2008 2096.4 2339.0 2433.1 2614.2 2099.4 1051.8 1177.0 1201.1 911.7 145.7 934.6 1053.3 997.4 731.9 93.7 117.2 100.4 120.5 151.3 34.9 504.0 713.5 947.7 1318.8 696.6 249.3 371.9 532.4 855.7 371.2 178.8 141.7 100.9 146.7 17.9 361.9 306.9 183.4 237.1 1239.2 938.8 1113.7 1336.3 1832.8 978.4 152.4 115.8 335.7 175.6 -216.2 2009 2010 2011 2012 2013 1298.1 1664.0 1540.1 2080.6 1812.2 -11.1 -155.6 -20.9 193.6 190.1 66.0 -182.3 -68.7 -75.2 -7.4 -103.6 -25.3 108.5 169.7 173.8 -247.7 169.8 545.7 752.0 901.9 -150.6 189.3 503.0 660.9 771.6 113.0 69.5 -52.7 -5.3 -38.9 1443.9 1580.2 1067.9 1140.2 759.1 -1663.3 -900.1 -339.8 -415.8 211.0 208.1 81.4 128.9 126.2 238.4 2008 -- Q1 Q2 Q3 Q4 2261.2 1291.1 2636.0 2209.5 656.6 98.8 59.1 -231.6 444.1 97.4 9.0 -175.6 163.4 67.6 -17.7 -73.7 998.8 861.8 635.7 290.0 646.1 513.1 340.8 -15.3 56.3 25.5 21.1 -31.2 549.4 305.0 1920.1 2182.3 1044.3 1117.1 1194.3 558.1 238.2 -3.6 -621.2 -478.4 2009 -- Q1 Q2 Q3 Q4 1686.2 1760.5 1040.6 705.1 55.5 11.6 -21.3 -90.3 196.7 49.3 10.3 7.8 -74.1 -153.1 -81.3 -106.0 -84.3 -225.0 -380.4 -301.1 -42.9 -111.3 -264.7 -183.4 76.0 146.2 113.2 116.8 1638.9 1827.7 1329.1 979.8 -1691.9 -2145.5 -1612.2 -1203.6 199.8 201.4 290.0 141.3 2010 -- Q1 Q2 Q3 Q4 1590.4 1629.1 1675.0 1761.4 -300.9 -72.0 -144.1 -105.5 -384.5 -90.9 -151.8 -102.1 -73.3 -64.7 3.6 33.0 69.7 -124.7 386.6 347.7 108.9 -105.7 390.0 364.0 100.9 14.8 54.6 107.8 1720.7 1811.0 1377.9 1411.3 -1165.3 -954.1 -645.9 -834.9 105.5 -63.6 133.7 150.1 2011 -- Q1 Q2 Q3 Q4 1214.8 1162.3 1907.5 1875.7 -16.6 -172.4 8.8 96.7 -77.4 -71.2 -30.3 -96.0 112.8 90.1 106.3 124.8 447.1 642.6 498.1 595.1 445.7 608.8 450.6 506.7 -73.6 -80.0 -10.2 -47.0 857.9 772.1 1410.8 1230.9 -110.3 -593.1 -363.0 -292.5 420.2 178.8 -53.6 -30.0 2012 -- Q1 Q2 Q3 Q4 2119.8 2264.0 1517.5 2420.9 131.8 350.2 99.5 193.0 -100.3 -72.5 -12.1 -116.1 152.4 201.7 148.9 175.7 563.6 640.4 636.8 1167.3 517.1 561.1 549.3 1016.0 13.2 87.8 -6.5 -115.5 1411.2 1185.7 787.7 1176.1 -523.1 -663.8 -287.9 -188.3 19.2 -75.0 230.0 330.4 2013 -- Q1 Q2 Q3 Q4 1939.3 1523.2 1624.1 2162.3 72.8 206.5 452.6 28.6 -94.9 7.2 163.4 -105.2 179.0 162.9 190.6 162.6 624.7 984.1 1113.8 885.0 622.4 798.9 954.2 710.9 73.0 32.8 -116.5 -144.8 1168.7 299.9 174.1 1393.6 -67.0 61.4 62.3 787.4 393.3 45.9 95.6 418.6 2014 -- Q1 2113.4 267.1 -83.8 203.3 993.1 873.2 -20.3 873.6 -319.4 209.9 5 Domestic financial sectors Foreign Summary Z.1, June 5, 2014 D.3 Credit Market Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1979 1980 1981 1982 1983 3596.5 3943.2 4349.2 4770.6 5344.2 1272.8 1389.1 1498.2 1567.5 1719.8 826.7 926.5 998.3 1031.2 1116.4 354.6 358.0 377.9 396.7 444.9 1343.8 1474.7 1658.5 1807.6 1996.2 851.8 919.6 1038.7 1129.9 1247.2 322.2 344.4 372.1 413.8 461.1 657.7 735.0 820.5 981.8 1167.0 508.9 584.7 689.2 785.5 890.1 168.5 193.4 214.0 208.1 224.1 1984 1985 1986 1987 1988 6138.2 7111.8 7953.5 8656.8 9439.6 1939.8 2272.0 2529.5 2747.1 3036.3 1243.3 1450.2 1649.0 1828.6 2054.8 526.6 610.6 666.4 698.6 745.2 2320.6 2572.0 2866.0 3117.4 3405.5 1458.0 1638.9 1865.8 2059.2 2263.5 513.6 677.9 752.1 842.6 893.0 1364.2 1589.9 1805.9 1949.8 2104.9 1054.9 1259.0 1596.6 1899.7 2149.5 232.8 350.1 360.0 372.3 371.3 1989 1990 1991 1992 1993 10141.0 10827.2 11296.4 11813.9 12496.1 3305.1 3567.8 3755.0 3959.4 4201.3 2260.1 2489.3 2667.4 2840.4 2999.0 809.3 824.4 815.6 824.8 886.2 3644.3 3773.8 3686.4 3679.1 3805.2 2454.1 2583.3 2524.4 2543.6 2690.4 940.4 987.4 1078.6 1095.1 1153.0 2251.2 2498.1 2776.4 3080.3 3336.5 2402.8 2613.8 2766.8 3018.9 3317.2 371.3 388.9 419.2 433.6 527.1 1994 1995 1996 1997 1998 13141.4 13811.3 14517.4 15311.1 16306.2 4525.0 4844.5 5182.3 5489.2 5901.4 3165.5 3319.2 3537.3 3753.2 4054.7 1021.2 1168.2 1273.9 1344.2 1441.3 4016.5 4283.3 4527.2 4940.1 5508.8 2887.2 3108.6 3282.1 3593.1 3982.8 1107.5 1046.7 1026.2 1076.9 1143.8 3492.3 3636.7 3781.7 3804.8 3752.2 3789.7 4226.3 4749.5 5299.7 6326.2 490.0 612.6 703.3 777.4 835.8 1999 2000 2001 2002 2003 17351.3 18225.4 19372.1 20801.5 22529.0 6375.3 6959.5 7625.7 8437.9 9472.5 4431.6 4813.9 5322.0 6028.2 6909.9 1553.6 1741.3 1891.8 1997.0 2102.9 6114.0 6682.9 7063.6 7278.7 7455.0 4394.2 4770.7 4987.9 5051.1 5153.5 1181.0 1197.9 1303.4 1447.9 1568.4 3681.0 3385.1 3379.5 3637.0 4033.1 7376.5 8168.4 9156.8 10038.4 10945.2 794.8 858.5 901.5 1096.9 1279.4 2004 2005 2006 2007 2008 25357.4 27696.4 30174.3 32765.4 34727.0 10544.3 11721.3 12946.4 13830.1 13849.6 7859.4 8912.7 9910.0 10611.4 10579.0 2220.1 2320.6 2461.9 2615.7 2650.6 7969.9 8683.4 9651.8 10975.6 11660.5 5413.8 5785.7 6338.9 7201.1 7567.2 2448.2 2589.8 2690.8 2837.5 2855.4 4395.0 4701.9 4885.3 5122.3 6361.5 11898.8 12958.0 14261.3 16204.9 17103.3 1462.0 1539.9 1911.8 2160.8 1753.2 2009 2010 2011 2012 2013 35637.1 37043.2 38434.7 40352.0 42044.5 13546.3 13214.8 13052.9 13044.2 13146.1 10417.6 9912.7 9697.5 9481.7 9386.2 2552.8 2647.4 2755.9 2923.6 3097.4 11317.0 11404.8 11943.0 12734.0 13604.4 7332.5 7455.0 7958.0 8662.4 9407.1 2968.4 3038.0 2985.3 2980.0 2941.1 7805.4 9385.6 10453.6 11593.7 12352.8 15714.4 14454.9 14035.8 13804.0 13947.1 2131.1 2314.0 2513.8 2784.1 2923.2 2008 -- Q1 Q2 Q3 Q4 33309.9 33599.9 34219.8 34727.0 13974.4 13967.9 13950.4 13849.6 10702.6 10695.8 10665.8 10579.0 2656.6 2673.5 2669.1 2650.6 11224.3 11438.1 11590.2 11660.5 7362.5 7490.8 7571.0 7567.2 2851.5 2857.9 2863.2 2855.4 5259.7 5335.9 5816.0 6361.5 16455.5 16717.3 16991.8 17103.3 2254.8 2183.6 1915.9 1753.2 2009 -- Q1 Q2 Q3 Q4 35039.5 35425.8 35619.8 35637.1 13747.2 13699.2 13630.9 13546.3 10582.4 10538.0 10477.7 10417.6 2632.1 2599.6 2579.3 2552.8 11646.7 11587.5 11489.2 11317.0 7566.1 7538.2 7472.1 7332.5 2874.4 2910.9 2939.2 2968.4 6771.3 7228.2 7560.5 7805.4 17104.2 16534.2 16099.0 15714.4 1779.0 1920.3 2094.3 2131.1 2010 -- Q1 Q2 Q3 Q4 36044.6 36401.7 36776.3 37043.2 13464.9 13399.1 13321.3 13214.8 10273.0 10202.5 10122.8 9912.7 2538.1 2521.9 2522.8 2647.4 11350.5 11316.9 11411.2 11404.8 7377.0 7350.6 7448.1 7455.0 2993.6 2997.3 3011.0 3038.0 8235.6 8688.4 9032.8 9385.6 14888.1 14626.3 14443.9 14454.9 2179.7 2169.2 2309.4 2314.0 2011 -- Q1 Q2 Q3 Q4 37306.0 37561.5 38001.8 38434.7 13171.7 13095.5 13063.0 13052.9 9854.5 9798.2 9755.8 9697.5 2675.6 2698.2 2724.7 2755.9 11514.6 11673.3 11796.0 11943.0 7566.4 7718.6 7831.2 7958.0 3019.6 2999.6 2997.0 2985.3 9600.1 9793.2 10145.9 10453.6 14408.2 14235.7 14126.1 14035.8 2437.3 2521.0 2508.6 2513.8 2012 -- Q1 Q2 Q3 Q4 38923.9 39446.0 39779.7 40352.0 13053.7 13099.1 13028.3 13044.2 9638.0 9579.7 9540.8 9481.7 2794.0 2842.5 2879.7 2923.6 12075.3 12233.6 12442.8 12734.0 8077.9 8218.2 8407.4 8662.4 2988.6 3010.5 3008.9 2980.0 10806.4 11102.8 11299.7 11593.7 13950.5 13764.1 13859.4 13804.0 2555.0 2543.4 2675.5 2784.1 2013 -- Q1 Q2 Q3 Q4 40809.1 41164.0 41536.4 42044.5 13036.1 13063.1 13155.1 13146.1 9431.7 9408.9 9428.6 9386.2 2968.4 3009.1 3056.7 3097.4 12888.8 13133.6 13399.5 13604.4 8817.9 9017.6 9244.7 9407.1 2998.2 3006.4 2977.3 2941.1 11885.9 11960.9 12004.4 12352.8 13771.4 13771.4 13771.1 13947.1 2856.4 2779.3 2826.2 2923.2 2014 -- Q1 42558.2 13199.1 9351.4 3148.2 13851.9 9625.2 2936.0 12571.2 13859.1 3012.8 1. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, June 5, 2014 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 1 2 Credit market borrowing Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Federal government Q2 Q3 Q4 2014 Q1 2861.6 -157.0 845.4 1329.2 1790.9 2261.6 2265.6 1630.5 1781.9 3368.3 2003.9 1 2099.4 1298.1 1664.0 1540.1 2080.6 1812.2 1939.3 1523.2 1624.1 2162.3 2113.4 2 145.7 371.2 325.4 -11.1 -150.6 -97.1 -155.6 189.3 -19.5 -20.9 503.0 42.7 193.6 660.9 91.1 190.1 771.6 130.3 72.8 622.4 2.3 206.5 798.9 185.1 452.6 954.2 159.6 28.6 710.9 174.1 267.1 873.2 119.8 3 4 5 17.9 1239.2 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 73.0 1168.7 32.8 299.9 -116.5 174.1 -144.8 1393.6 -20.3 873.6 6 7 8 Rest of the world -216.2 208.1 81.4 128.9 126.2 238.4 393.3 45.9 95.6 418.6 209.9 8 9 Financial sectors 978.4 -1663.3 -900.1 -339.8 -415.8 211.0 -67.0 61.4 62.3 787.4 -319.4 9 -0.9 -0.2 8.3 -292.2 0.0 -14.1 -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 -111.3 0.0 -11.4 -19.4 0.0 4.9 -50.1 0.0 12.5 47.0 0.0 1.7 -22.6 0.0 1.7 10 11 12 26.2 261.3 507.4 -6.6 -518.4 458.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 5.2 43.1 138.8 6.5 136.7 88.9 -2.9 40.2 158.3 22.5 210.1 143.5 7.7 -355.5 101.8 13 14 15 -332.0 -79.4 -53.8 -614.0 -156.2 -27.6 -412.2 -174.9 0.1 -172.6 -13.5 25.6 -143.8 -56.7 35.5 -100.2 4.2 43.2 -153.1 -49.5 8.0 -141.2 0.1 39.6 -75.5 59.3 38.0 -31.0 6.9 87.3 -111.1 -65.3 50.2 16 17 18 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -97.7 -23.9 22.2 -1.6 27.0 -4.2 -24.5 91.9 55.8 -149.7 39.1 -27.8 -36.1 -53.7 65.1 203.8 30.7 13.3 11.2 49.3 19 20 21 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 16 17 18 ABS issuers Finance companies REITs 19 20 21 Brokers and dealers Holding companies Funding corporations 77.7 97.3 466.4 -49.7 -8.0 -434.8 22 Credit market lending 2861.6 -157.0 845.4 1329.2 1790.9 2261.6 2265.6 1630.5 1781.9 3368.3 2003.9 22 220.7 465.3 207.2 -144.8 84.2 -193.3 -348.8 -201.6 -393.6 170.8 -561.7 23 23 Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 269.2 -34.6 -10.9 186.9 10.1 -6.7 50.2 2.6 6.6 -107.5 -7.1 1.0 -43.8 -10.0 1.4 -241.5 -52.3 2.5 -510.0 -88.6 0.7 -367.6 -6.5 3.1 -325.1 -22.4 2.9 236.6 -91.8 3.2 -754.2 47.6 1.6 24 25 26 27 28 State and local governments Federal government -96.5 93.4 -34.1 309.1 64.1 83.6 -50.4 19.1 31.6 105.0 -27.4 125.4 83.8 165.3 44.2 125.1 -158.1 109.1 -79.4 102.2 -5.8 149.0 27 28 29 Rest of the world 377.2 123.5 623.7 239.6 449.7 546.4 561.4 87.7 512.3 1024.3 612.9 29 30 Financial sectors 2263.7 -745.8 14.5 1234.4 1257.1 1908.5 2053.0 1744.4 1663.2 2173.3 1952.8 30 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 245.4 292.8 103.4 -1.9 40.7 1001.6 -280.4 -287.5 -2.8 34.1 271.5 -120.7 -24.4 -19.3 24.9 376.5 173.7 42.5 -4.9 38.6 34.5 424.0 5.8 -0.1 47.0 1086.1 253.7 -7.2 0.3 50.3 1134.2 199.9 -84.9 -1.1 54.4 1083.8 219.7 -39.1 -0.1 61.7 1023.6 63.9 74.7 -3.2 60.2 1102.9 531.4 20.4 5.6 24.7 911.1 612.8 58.2 -0.3 75.4 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies -15.9 11.6 33.3 139.8 3.9 151.6 36.2 125.3 1.0 74.3 25.3 74.8 22.6 41.9 13.0 77.2 27.2 53.2 38.3 126.9 27.9 127.8 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds -4.9 -25.1 23.9 12.7 -85.2 7.4 123.2 19.2 10.9 73.2 12.4 25.6 12.5 6.6 15.4 44.8 64.7 9.6 28.6 40.8 -14.0 70.0 114.9 -44.3 44.2 14.8 -381.4 36.3 88.3 478.2 -2.9 26.7 6.1 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 727.9 32.4 -40.5 23.0 -619.9 387.1 10.5 46.0 -396.6 353.6 5.3 29.7 -9.8 359.4 -1.7 46.1 -82.7 642.0 11.1 52.3 30.9 363.9 13.4 12.2 74.5 670.9 30.6 28.1 117.6 257.6 24.2 13.1 83.7 226.8 -2.8 17.3 -152.1 300.3 1.4 -9.7 -213.1 352.8 2.3 43.8 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 242.9 507.4 -337.8 458.3 -288.4 186.9 -163.2 165.3 -189.4 132.2 59.8 132.4 -137.9 138.8 180.6 88.9 216.0 158.3 -19.5 143.5 -229.4 101.8 45 46 47 48 49 ABS issuers Finance companies REITs -315.5 -62.1 -68.6 -579.4 -214.9 -10.3 -402.5 -103.0 44.1 -168.4 -45.8 120.2 -137.3 -29.6 127.6 -94.7 -31.8 -97.8 -148.9 -35.2 -39.2 -125.6 23.4 -45.9 -69.1 -13.4 -81.0 -35.4 -102.1 -225.1 -105.4 -24.6 -25.9 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations -85.7 13.9 618.6 -192.1 -16.0 -250.4 32.2 22.1 90.3 5.7 3.1 24.4 89.1 -39.8 60.6 -175.4 55.9 37.3 -167.4 26.0 190.1 -330.1 53.0 -69.3 -5.4 177.6 -21.9 -198.8 -32.9 50.5 7.9 -27.2 227.0 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 7 Z.1, June 5, 2014 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2 Domestic By instrument 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2099.4 1298.1 1664.0 1540.1 2080.6 1812.2 1939.3 1523.2 1624.1 2162.3 2113.4 1 2099.4 1298.1 1664.0 1540.1 2080.6 1812.2 1939.3 1523.2 1624.1 2162.3 2113.4 2 7.7 1239.0 0.2 92.4 225.4 -73.1 1443.7 0.1 155.3 411.7 24.5 1579.6 0.7 99.7 438.6 33.4 1066.8 1.1 -52.8 410.8 14.0 1140.6 -0.4 -4.9 579.6 14.2 759.5 -0.4 -43.2 640.3 20.1 1169.7 -1.0 76.5 579.4 -20.1 298.5 1.3 24.7 570.8 92.0 173.6 0.5 -109.7 745.3 -35.2 1396.0 -2.4 -164.4 665.8 72.1 875.5 -1.9 -19.4 662.0 3 4 5 6 7 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 8 9 Depository institution loans n.e.c. Other loans and advances 188.4 87.3 -307.7 -164.8 -53.7 -82.4 70.7 63.6 276.9 -22.7 126.1 44.9 46.9 7.9 160.4 189.5 209.3 8.4 87.9 -26.3 241.4 105.6 8 9 Mortgages Home Multifamily residential Commercial Farm Consumer credit 224.2 43.3 43.9 115.0 22.0 34.9 -63.6 23.7 4.5 -103.2 11.3 -103.6 -317.6 -161.9 -5.3 -158.6 8.1 -25.3 -162.1 -87.3 7.0 -94.8 13.1 108.5 -72.2 -74.0 35.4 -39.3 5.8 169.7 97.1 -1.1 34.2 56.1 8.0 173.8 -139.2 -99.9 -1.9 -45.3 7.9 179.0 135.1 16.6 46.3 64.2 8.0 162.9 314.2 178.0 43.5 84.7 8.1 190.6 78.3 -99.0 48.7 120.6 8.1 162.6 -25.3 -75.7 37.6 4.9 8.0 203.3 10 11 12 13 14 15 2099.4 1298.1 1664.0 1540.1 2080.6 1812.2 1939.3 1523.2 1624.1 2162.3 2113.4 16 145.7 696.6 371.2 325.4 -11.1 -247.7 -150.6 -97.1 -155.6 169.8 189.3 -19.5 -20.9 545.7 503.0 42.7 193.6 752.0 660.9 91.1 190.1 901.9 771.6 130.3 72.8 624.7 622.4 2.3 206.5 984.1 798.9 185.1 452.6 1113.8 954.2 159.6 28.6 885.0 710.9 174.1 267.1 993.1 873.2 119.8 17 18 19 20 17.9 1239.2 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -38.9 759.1 73.0 1168.7 32.8 299.9 -116.5 174.1 -144.8 1393.6 -20.3 873.6 21 22 -216.2 208.1 81.4 128.9 126.2 238.4 393.3 45.9 95.6 418.6 209.9 23 -71.0 -158.8 15.1 -1.5 59.4 163.3 -14.8 0.3 -2.7 59.9 24.0 0.2 -53.5 137.7 43.2 1.4 27.9 62.2 30.4 5.7 34.0 162.7 39.1 2.7 120.7 239.8 33.3 -0.4 13.7 3.9 24.9 3.5 -26.6 77.7 41.0 3.5 28.1 329.3 57.0 4.1 65.2 90.0 54.7 -0.0 24 25 26 27 1883.2 1506.2 1745.4 1668.9 2206.7 2050.6 2332.6 1569.1 1719.7 2580.9 2323.3 28 10 11 12 13 14 15 16 By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign borrowing in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 16 17 18 ABS issuers Finance companies REITs 19 20 21 Brokers and dealers Holding companies Funding corporations 978.4 -1663.3 -900.1 -339.8 -415.8 211.0 -67.0 61.4 62.3 787.4 -319.4 1 -125.4 261.3 507.4 -201.4 -448.1 -518.4 458.3 -448.4 -102.2 -233.8 186.9 -544.6 -68.2 -187.2 165.3 -235.8 -58.8 -154.6 132.2 -221.7 -48.9 107.5 132.4 -87.0 -12.4 43.1 138.8 -299.5 -15.7 136.7 88.9 -313.5 -127.2 40.2 158.3 12.0 -40.4 210.1 143.5 253.1 -51.5 -355.5 101.8 -25.3 2 3 4 5 496.4 33.3 6.8 -435.9 -282.6 11.8 -62.5 -144.7 0.8 32.6 -60.0 13.5 -121.2 3.5 4.8 20.9 78.3 7.8 -4.2 46.5 20.6 34.0 126.3 4.6 -68.7 62.0 -14.3 122.6 78.4 20.2 -15.8 19.1 7.8 6 7 8 978.4 -1663.3 -900.1 -339.8 -415.8 211.0 -67.0 61.4 62.3 787.4 -319.4 9 -0.9 -0.2 8.3 -292.2 0.0 -14.1 -217.6 0.0 -0.4 -50.5 0.0 -2.0 -110.8 0.0 0.9 -33.5 0.0 1.9 -111.3 0.0 -11.4 -19.4 0.0 4.9 -50.1 0.0 12.5 47.0 0.0 1.7 -22.6 0.0 1.7 10 11 12 26.2 261.3 507.4 -6.6 -518.4 458.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 7.8 107.5 132.4 5.2 43.1 138.8 6.5 136.7 88.9 -2.9 40.2 158.3 22.5 210.1 143.5 7.7 -355.5 101.8 13 14 15 -332.0 -79.4 -53.8 -614.0 -156.2 -27.6 -412.2 -174.9 0.1 -172.6 -13.5 25.6 -143.8 -56.7 35.5 -100.2 4.2 43.2 -153.1 -49.5 8.0 -141.2 0.1 39.6 -75.5 59.3 38.0 -31.0 6.9 87.3 -111.1 -65.3 50.2 16 17 18 77.7 97.3 466.4 -49.7 -8.0 -434.8 36.9 -16.5 -65.3 -37.9 -16.5 -52.4 -1.7 -97.7 -23.9 22.2 -1.6 27.0 -4.2 -24.5 91.9 55.8 -149.7 39.1 -27.8 -36.1 -53.7 65.1 203.8 30.7 13.3 11.2 49.3 19 20 21 Summary 8 Z.1, June 5, 2014 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2 3 4 5 6 7 8 9 10 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2861.6 -157.0 845.4 1329.2 1790.9 2261.6 2265.6 1630.5 1781.9 3368.3 2003.9 1 -188.8 1239.0 768.9 92.4 -134.7 -461.8 1443.7 -59.9 155.3 126.6 -80.4 1579.6 -46.2 99.7 -46.0 -88.3 1066.8 -20.8 -52.8 312.8 -16.9 1140.6 -22.8 -4.9 420.1 -0.8 759.5 239.5 -43.2 716.0 128.4 1169.7 181.0 76.5 519.6 -22.2 298.5 227.0 24.7 261.2 -61.8 173.6 199.0 -109.7 834.9 -47.6 1396.0 351.2 -164.4 1248.2 85.7 875.5 -255.6 -19.4 726.7 2 3 4 5 6 699.9 119.1 231.0 34.9 -758.5 -447.0 -51.9 -103.6 -92.2 -226.9 -316.8 -25.3 146.6 4.9 -148.6 108.5 186.1 -13.5 -67.3 169.7 186.1 125.8 104.9 173.8 76.0 53.9 -118.6 179.0 219.4 319.3 139.8 162.9 181.6 73.9 299.9 190.6 267.5 56.3 98.5 162.6 280.3 124.7 -17.5 203.3 7 8 9 10 256.4 815.0 363.2 36.3 476.1 615.0 1226.0 445.7 491.4 297.0 528.1 11 266.3 -334.3 317.9 -62.1 -6.9 -277.4 -302.1 -472.2 -148.8 -399.5 -20.5 -408.6 274.8 -256.2 -61.7 -423.3 -182.6 -452.8 -112.7 -502.1 -15.1 -426.8 12 13 -38.5 639.2 -9.9 63.7 316.4 497.1 79.1 191.4 370.1 6.0 164.1 338.4 82.6 168.1 624.9 226.2 161.9 635.6 295.3 235.7 951.2 313.6 48.0 507.4 91.4 178.8 673.9 204.5 184.9 409.7 364.8 46.9 543.2 14 15 16 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 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 Net flows through credit markets (from table F.4, line 1) 2861.6 -157.0 845.4 1329.2 1790.9 2261.6 2265.6 1630.5 1781.9 3368.3 2003.9 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 4.8 0.0 -0.8 -394.3 99.9 3.0 -0.4 -110.7 1.8 0.0 -0.3 -9.3 15.9 0.0 0.0 -46.3 4.5 0.0 0.0 -30.2 -3.1 0.0 -0.4 55.9 3.5 0.0 0.0 96.8 -0.8 0.0 0.0 315.3 -4.0 0.0 -1.4 -20.1 -11.1 0.0 0.0 -168.6 -14.3 0.0 0.0 -159.7 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 1751.8 568.4 524.8 -182.4 724.2 -536.9 -7.9 517.2 -173.6 -498.7 -142.8 266.3 298.3 -182.7 -503.2 820.5 234.5 577.4 -173.3 -112.8 -194.5 267.7 539.6 -19.2 7.1 1107.0 332.6 307.0 102.1 28.7 1847.5 294.2 130.8 -6.4 -142.8 2005.3 68.8 371.4 46.4 85.0 535.7 162.3 606.7 227.4 270.2 39.6 805.2 119.1 141.2 -97.8 1031.8 224.6 514.2 209.9 -91.1 6 7 8 9 10 11 12 13 14 Security repurchase agreements Corporate equities Mutual fund shares Trade payables -1377.1 266.3 -9.9 -170.6 -377.0 317.9 497.1 13.4 413.7 -6.9 370.1 175.7 251.4 -302.1 338.4 46.2 250.6 -148.8 624.9 149.1 -502.4 -20.5 635.6 176.4 -674.3 274.8 951.2 202.6 -677.4 -61.7 507.4 199.3 -254.2 -182.6 673.9 210.9 -403.8 -112.7 409.7 92.7 132.6 -15.1 543.2 115.5 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension entitlements Taxes payable -352.9 65.2 540.2 -123.8 -5.4 27.4 413.5 -3.4 105.0 14.5 598.3 19.4 -7.4 81.2 484.9 20.6 97.7 -11.9 501.0 11.3 104.3 30.0 507.5 11.3 -9.8 11.7 453.9 27.4 172.3 28.7 468.2 -85.9 44.8 45.3 512.6 35.3 209.9 34.4 595.3 68.4 82.0 65.9 530.3 4.9 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -293.7 1931.9 -81.5 476.3 174.5 978.0 -73.8 1606.1 -28.2 1428.6 -22.1 1511.8 17.1 1967.1 -36.9 1110.2 -51.2 1621.1 -17.5 1348.7 -32.5 1066.1 19 20 6333.7 413.3 3415.9 5090.3 5240.2 6623.3 7710.9 6146.3 6214.7 6421.1 6212.4 21 -0.8 -330.4 44.8 -285.8 -67.0 1422.6 -4.4 -122.5 14.5 164.7 -33.5 14.6 -1.1 -26.6 25.8 65.8 -8.8 67.7 -0.7 25.2 3.5 13.5 -2.3 315.5 -0.6 -29.7 5.7 -18.6 -2.7 435.0 -1.1 17.4 56.8 -186.6 25.6 -202.6 -0.9 22.4 294.7 -344.2 31.0 -212.6 -0.7 286.4 -15.3 -97.2 -38.9 -1137.0 -2.1 -28.6 -202.1 -150.9 24.0 785.8 -0.6 -210.8 149.9 -154.1 86.4 -246.6 -1.0 -19.1 73.1 -44.6 32.9 79.3 22 23 24 25 26 27 0.0 -3.3 -2.0 21.5 0.0 0.7 -1.0 128.0 0.0 0.0 -1.1 9.5 0.0 -0.1 0.9 -67.4 0.0 0.6 0.9 39.7 0.0 0.4 -1.2 11.3 0.0 -44.8 -5.3 -10.1 0.0 96.6 2.4 -29.4 0.0 3.5 1.9 36.7 0.0 -53.6 -3.8 48.0 0.0 -43.8 3.9 -13.6 28 29 30 31 5534.0 252.2 3284.5 4802.3 4810.0 6903.2 7980.6 7079.3 5746.6 6806.3 6145.3 32 2 3 4 5 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security repurchase agreements Taxes payable Miscellaneous 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 32 Totals identified to sectors as assets Summary 9 Z.1, June 5, 2014 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Federal government 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 53583.5 53482.6 53812.2 54984.3 56940.1 58914.8 57406.5 57605.1 58039.4 58914.8 59398.6 1 34727.0 35637.1 37043.2 38434.7 40352.0 42044.5 40791.9 41049.4 41445.4 42044.5 42551.1 2 13849.6 7567.2 4093.2 13546.3 7332.5 3984.5 13214.8 7455.0 3949.8 13052.9 7958.0 3985.0 13044.2 8662.4 4071.6 13146.1 9407.1 4197.3 12987.6 8808.8 4070.4 13012.9 9024.0 4113.3 13116.2 9242.0 4152.2 13146.1 9407.1 4197.3 13147.5 9630.5 4226.5 3 4 5 2855.4 6361.5 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 2931.8 12614.8 6 7 8 Rest of the world 1753.2 2131.1 2314.0 2513.8 2784.1 2923.2 2860.6 2790.1 2832.1 2923.2 3003.3 8 9 Financial sectors 17103.3 15714.4 14454.9 14035.8 13804.0 13947.1 13754.0 13765.5 13761.9 13947.1 13844.1 9 990.3 0.0 40.6 718.1 0.0 26.5 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 674.1 0.0 22.2 680.9 0.0 23.5 659.8 0.0 26.6 686.9 0.0 27.0 662.4 0.0 27.4 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 54.9 3181.9 4961.4 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 59.4 6200.2 1569.4 61.3 6111.4 1585.8 13 14 15 16 17 18 ABS issuers Finance companies REITs 4103.2 1200.3 367.4 3291.0 1044.1 339.8 2235.1 1280.7 339.9 1988.6 1261.9 365.5 1768.9 1205.1 401.0 1615.1 1209.3 444.2 1715.9 1193.0 403.0 1664.0 1196.0 412.9 1632.4 1206.6 422.4 1615.1 1209.3 444.2 1580.8 1194.3 456.8 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.5 112.4 1402.7 620.5 89.1 1412.4 625.2 103.1 1375.0 619.9 96.1 1363.4 612.2 112.4 1402.7 620.5 115.7 1405.5 642.8 19 20 21 53583.5 53482.6 53812.2 54984.3 56940.1 58914.8 57406.5 57605.1 58039.4 58914.8 59398.6 22 7419.6 8158.5 8533.9 8085.7 8208.4 8279.5 8159.5 8204.6 8167.8 8279.5 8137.8 23 22 23 Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5156.0 213.0 95.8 5619.9 223.1 89.1 5834.0 229.4 95.8 5425.5 222.3 96.8 5422.2 212.3 98.2 5446.0 160.0 100.6 5339.7 178.6 98.3 5354.2 179.5 99.1 5328.7 171.8 99.8 5446.0 160.0 100.6 5262.8 160.6 101.0 24 25 26 27 28 State and local governments Federal government 1557.7 397.2 1520.1 706.3 1581.2 793.5 1528.4 812.7 1558.2 917.6 1529.7 1043.1 1578.2 964.7 1590.2 981.7 1544.0 1023.4 1529.7 1043.1 1527.1 1086.2 27 28 29 Rest of the world 7523.7 7723.4 8491.8 9029.7 9606.3 9806.8 9735.3 9484.2 9638.2 9806.8 10057.6 29 30 Financial sectors 38640.2 37600.7 36786.4 37868.9 39125.3 40828.5 39511.7 39916.3 40233.4 40828.5 41203.2 30 31 32 33 34 35 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 986.0 9459.7 1097.1 90.9 701.1 1987.7 9117.4 809.7 88.1 734.6 2259.2 9356.2 785.2 68.9 758.6 2635.6 9489.9 827.7 64.0 796.2 2670.1 9866.3 833.5 63.9 842.3 3756.3 10101.0 826.3 64.1 891.8 2939.8 9833.4 816.4 63.6 855.1 3214.2 9896.3 802.2 63.6 874.1 3475.1 9925.3 819.3 62.7 886.7 3756.3 10101.0 826.3 64.1 891.8 3970.1 10167.7 845.5 64.1 910.1 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies 853.4 2882.8 886.7 3022.6 890.6 3174.2 926.8 3299.6 927.8 3373.9 953.1 3448.7 933.4 3383.9 936.7 3405.1 943.5 3422.5 953.1 3448.7 960.1 3480.3 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 782.7 827.6 123.2 795.5 742.4 130.6 918.6 761.6 141.5 991.8 774.1 167.0 1004.3 780.6 182.4 1049.1 845.3 192.0 1011.4 790.8 178.9 1028.9 819.6 167.8 1040.0 823.3 72.5 1049.1 845.3 192.0 1048.4 852.0 193.5 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 2689.9 2229.2 130.6 57.1 2070.0 2616.3 141.1 103.0 1673.4 2969.9 146.5 132.7 1663.6 3329.3 144.8 178.8 1580.9 3981.3 155.8 231.1 1611.8 4345.2 169.2 243.3 1561.4 4184.4 163.5 238.2 1550.9 4242.8 169.6 241.4 1572.8 4287.7 168.9 245.8 1611.8 4345.2 169.2 243.3 1519.9 4473.2 169.8 254.3 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3037.5 4961.4 2699.7 5376.7 6333.1 1139.5 6133.4 1304.8 5914.8 1437.0 5956.4 1569.4 5899.5 1462.7 5932.8 1498.1 5954.5 1540.8 5956.4 1569.4 5924.1 1585.8 45 46 47 48 49 ABS issuers Finance companies REITs 4005.0 1769.4 177.6 3227.4 1549.7 167.2 2183.3 1405.4 211.1 1941.0 1359.6 331.2 1727.8 1324.9 458.5 1579.4 1293.1 360.6 1675.7 1311.6 448.7 1627.7 1310.6 437.2 1597.8 1311.2 416.9 1579.4 1293.1 360.6 1546.5 1281.5 354.2 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 717.4 73.0 987.5 525.3 75.8 733.3 557.5 97.9 821.6 563.2 101.1 845.6 652.3 219.5 896.2 476.9 161.9 933.5 602.7 226.0 930.5 516.9 239.2 940.6 499.1 229.2 938.0 476.9 161.9 933.5 472.4 155.1 974.7 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 10 Z.1, June 5, 2014 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 Domestic By instrument 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 34727.0 35637.1 37043.2 38434.7 40352.0 42044.5 40791.9 41049.4 41445.4 42044.5 42551.1 1 34727.0 35637.1 37043.2 38434.7 40352.0 42044.5 40791.9 41049.4 41445.4 42044.5 42551.1 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 131.5 6338.2 23.3 3517.2 3954.5 58.4 7781.9 23.5 3672.5 4366.2 82.9 9361.5 24.2 3772.1 4804.8 116.3 10428.3 25.3 3719.4 5215.6 130.3 11568.9 24.9 3714.4 5795.2 144.5 12328.3 24.5 3671.2 6435.5 140.1 11905.5 24.6 3728.6 5940.0 147.2 11887.9 25.0 3721.1 6082.7 171.2 11956.8 25.1 3685.7 6269.0 144.5 12328.3 24.5 3671.2 6435.5 180.2 12590.8 24.0 3660.8 6601.0 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1852.6 1707.3 1474.2 1458.4 1465.6 1269.4 1541.7 1333.0 1742.8 1372.4 1868.8 1390.4 1737.2 1372.6 1779.9 1413.6 1825.3 1404.6 1868.8 1390.4 1911.5 1415.9 8 9 14551.9 11152.6 822.8 2441.8 134.7 2650.6 14249.2 10937.3 827.3 2338.6 146.0 2552.8 13615.2 10443.8 823.5 2193.8 154.1 2647.4 13299.2 10202.5 830.5 2099.0 167.2 2755.9 13079.5 9980.9 865.9 2059.7 173.0 2923.6 13083.9 9887.1 900.0 2115.7 181.0 3097.4 13019.4 9928.6 865.4 2050.5 175.0 2923.8 13025.5 9905.6 877.0 2066.0 177.0 2966.4 13071.1 9916.3 887.9 2087.9 179.0 3036.6 13083.9 9887.1 900.0 2115.7 181.0 3097.4 13063.4 9851.3 909.4 2119.6 183.0 3103.6 10 11 12 13 14 15 34727.0 35637.1 37043.2 38434.7 40352.0 42044.5 40791.9 41049.4 41445.4 42044.5 42551.1 16 13849.6 11660.5 7567.2 4093.2 13546.3 11317.0 7332.5 3984.5 13214.8 11404.8 7455.0 3949.8 13052.9 11943.0 7958.0 3985.0 13044.2 12734.0 8662.4 4071.6 13146.1 13604.4 9407.1 4197.3 12987.6 12879.3 8808.8 4070.4 13012.9 13137.3 9024.0 4113.3 13116.2 13394.2 9242.0 4152.2 13146.1 13604.4 9407.1 4197.3 13147.5 13857.0 9630.5 4226.5 17 18 19 20 2855.4 6361.5 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2941.1 12352.8 2994.9 11930.1 2986.4 11912.9 2953.1 11981.9 2941.1 12352.8 2931.8 12614.8 21 22 1753.2 2131.1 2314.0 2513.8 2784.1 2923.2 2860.6 2790.1 2832.1 2923.2 3003.3 23 342.0 1237.3 152.4 21.6 401.3 1570.3 137.5 21.9 398.6 1731.3 162.0 22.1 345.1 1939.9 205.2 23.5 373.0 2140.7 237.7 32.8 407.0 2204.1 276.7 35.5 407.4 2174.6 246.0 32.7 417.4 2087.0 252.2 33.6 405.9 2129.4 262.5 34.4 407.0 2204.1 276.7 35.5 413.8 2263.7 290.4 35.5 24 25 26 27 36480.3 37768.2 39357.3 40948.5 43136.1 44967.7 43652.5 43839.6 44277.5 44967.7 45554.5 28 10 11 12 13 14 15 16 Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector 17 18 19 20 Household sector Nonfinancial business Corporate Noncorporate 21 22 State and local governments Federal government 23 24 25 26 27 28 Foreign credit market debt held in U.S. Commercial paper Bonds Depository institution loans n.e.c. Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 By instrument 2 3 4 5 Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 9 By sector 17103.3 15714.4 14454.9 14035.8 13804.0 13947.1 13754.0 13765.5 13761.9 13947.1 13844.1 1 1126.3 3181.9 4961.4 5980.2 678.2 2706.6 5376.7 5735.6 576.0 6434.5 1139.5 5282.0 507.9 6247.3 1304.8 4972.3 449.1 6092.7 1437.0 4871.9 400.2 6200.2 1569.4 4717.0 453.8 6103.5 1462.7 4784.0 426.0 6137.6 1498.1 4694.1 399.9 6147.7 1540.8 4679.4 400.2 6200.2 1569.4 4717.0 398.2 6111.4 1585.8 4704.8 2 3 4 5 789.5 900.5 163.5 424.2 617.9 175.3 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 340.6 409.9 199.5 355.9 453.1 200.7 337.1 460.0 197.1 363.2 494.9 202.2 359.1 480.9 204.1 6 7 8 17103.3 15714.4 14454.9 14035.8 13804.0 13947.1 13754.0 13765.5 13761.9 13947.1 13844.1 9 990.3 0.0 40.6 718.1 0.0 26.5 882.9 0.0 26.1 832.4 0.0 24.2 720.3 0.0 25.1 686.9 0.0 27.0 674.1 0.0 22.2 680.9 0.0 23.5 659.8 0.0 26.6 686.9 0.0 27.0 662.4 0.0 27.4 10 11 12 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 54.9 3181.9 4961.4 48.3 2706.6 5376.7 45.1 6434.5 1139.5 46.8 6247.3 1304.8 51.6 6092.7 1437.0 59.4 6200.2 1569.4 52.9 6103.5 1462.7 54.5 6137.6 1498.1 53.8 6147.7 1540.8 59.4 6200.2 1569.4 61.3 6111.4 1585.8 13 14 15 16 17 18 ABS issuers Finance companies REITs 4103.2 1200.3 367.4 3291.0 1044.1 339.8 2235.1 1280.7 339.9 1988.6 1261.9 365.5 1768.9 1205.1 401.0 1615.1 1209.3 444.2 1715.9 1193.0 403.0 1664.0 1196.0 412.9 1632.4 1206.6 422.4 1615.1 1209.3 444.2 1580.8 1194.3 456.8 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.5 112.4 1402.7 620.5 89.1 1412.4 625.2 103.1 1375.0 619.9 96.1 1363.4 612.2 112.4 1402.7 620.5 115.7 1405.5 642.8 19 20 21 Summary 11 Z.1, June 5, 2014 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 53583.5 53482.6 53812.2 54984.3 56940.1 58914.8 57406.5 57605.1 58039.4 58914.8 59398.6 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1599.8 6338.2 8166.7 3517.2 11171.9 1138.0 7781.9 8106.8 3672.5 11672.1 1057.6 9361.5 7598.2 3772.1 11818.2 969.3 10428.3 7577.4 3719.4 12127.8 952.4 11568.9 7554.6 3714.4 12807.8 951.6 12328.3 7794.1 3671.2 13356.5 1001.2 11905.5 7590.8 3728.6 12898.6 990.6 11887.9 7660.7 3721.1 12863.8 976.9 11956.8 7713.6 3685.7 13077.8 951.6 12328.3 7794.1 3671.2 13356.5 992.2 12590.8 7721.1 3660.8 13569.4 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2794.4 2629.3 14715.4 2650.6 2035.9 2098.1 14424.5 2552.8 2001.2 1764.7 13791.3 2647.4 2147.8 1769.7 13488.7 2755.9 2322.7 1821.8 13273.9 2923.6 2508.8 1920.8 13286.0 3097.4 2323.8 1815.2 13218.9 2923.8 2388.1 1900.2 13226.2 2966.4 2424.8 1899.0 13268.2 3036.6 2508.8 1920.8 13286.0 3097.4 2561.0 1932.2 13267.5 3103.6 7 8 9 10 Memo: Selected claims not included above: 11 Corporate equities 12 Mutual fund shares 15640.5 5388.0 20085.5 6920.7 23567.2 7873.0 23088.3 7870.9 26472.1 9323.6 33950.9 11544.6 29030.0 10087.4 29560.2 10299.5 31512.3 10904.9 33950.9 11544.6 34497.0 11775.7 11 12 2 3 4 5 6 7 8 9 10 Total 2009 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) 53583.5 53482.6 53812.2 54984.3 56940.1 58914.8 57406.5 57605.1 58039.4 58914.8 59398.6 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 74.2 2.2 26.6 946.7 1752.4 175.1 5.2 26.2 835.9 1215.5 175.8 5.2 25.9 826.6 1068.5 183.8 5.2 25.9 780.3 1889.0 181.8 5.2 25.9 750.1 1683.8 174.3 5.2 25.6 805.9 2790.8 175.5 5.2 25.9 774.3 2096.9 174.5 5.2 25.9 853.1 2580.5 177.3 5.2 25.6 848.1 2767.7 174.3 5.2 25.6 805.9 2790.8 174.2 5.2 25.6 766.0 2996.2 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security repurchase agreements 2101.3 5749.3 2339.5 3757.3 3661.8 2093.4 6326.5 2105.9 3258.6 3251.3 2359.8 6624.9 1923.2 2755.4 3666.0 2594.3 7202.2 1750.0 2642.5 3922.0 2853.8 7803.9 1659.9 2649.6 4172.7 3186.5 8110.8 1762.0 2678.3 3670.3 2872.9 7869.1 1652.5 2552.1 4008.0 2892.3 7890.1 1682.4 2541.9 3846.5 2924.6 8052.9 1736.8 2637.4 3781.7 3186.5 8110.8 1762.0 2678.3 3670.3 3185.6 8265.0 1810.6 2591.5 3707.4 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension entitlements 5388.0 942.1 1179.8 14071.9 6920.7 936.7 1242.1 15209.5 7873.0 1041.7 1278.3 16751.6 7870.9 1034.2 1352.0 17126.1 9323.6 1131.9 1359.0 18093.8 11544.6 1236.2 1416.5 19563.8 10087.4 1129.5 1370.1 18572.2 10299.5 1172.5 1379.8 18766.0 10904.9 1183.8 1397.4 19115.6 11544.6 1236.2 1416.5 19563.8 11775.7 1256.7 1434.7 19766.4 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3226.9 44.0 22321.5 3240.3 40.6 22738.7 3416.1 53.1 23116.7 3462.2 74.0 23981.4 3608.9 79.5 25069.7 3785.3 90.8 24947.9 3660.7 97.6 25178.0 3721.3 68.8 25106.9 3767.1 80.9 25332.6 3785.3 90.8 24947.9 3816.3 103.2 24803.7 16 17 18 19 Total liabilities 121168.9 123104.9 126773.8 130880.4 137393.3 144709.7 139534.4 140612.4 142778.8 144709.7 145882.7 19 2 3 4 5 6 + Financial assets not included in liabilities: 20 Gold 21 Corporate equities 22 Household equity in noncorp. bus. 11.0 15640.5 7471.3 11.0 20085.5 6216.2 11.0 23567.2 6895.6 11.0 23088.3 7366.9 11.0 26472.1 8038.4 11.0 33950.9 8760.8 11.0 29030.0 8209.8 11.0 29560.2 8398.4 11.0 31512.3 8608.8 11.0 33950.9 8760.8 11.0 34497.0 8868.9 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -12.1 779.5 -11.4 -16.5 657.0 3.0 -17.6 630.4 24.8 -18.3 655.6 28.3 -18.8 625.9 20.1 -19.9 643.2 76.9 -19.0 631.5 49.9 -19.2 703.1 26.6 -19.8 695.9 32.9 -19.9 643.2 76.9 -20.2 638.5 47.1 23 24 25 26 27 28 Security repurchase agreements Taxes payable Miscellaneous 88.5 -198.4 -6490.0 210.6 -210.4 -6288.4 270.2 -209.0 -6870.1 284.2 -198.8 -7450.8 156.2 -200.4 -7816.1 -30.3 -198.8 -8465.7 94.5 -184.6 -7889.9 65.7 -216.0 -8194.7 10.9 -206.5 -8084.9 -30.3 -198.8 -8465.7 -15.5 -193.0 -8621.9 26 27 28 0.0 1.2 5.3 137.8 0.0 2.0 4.2 265.8 0.0 2.5 3.2 279.0 0.0 2.5 4.1 211.6 0.0 2.3 4.9 248.8 0.0 1.4 3.7 260.1 0.0 1.5 3.3 181.8 0.0 1.1 4.1 144.0 0.0 1.3 4.5 157.0 0.0 1.4 3.7 260.1 0.0 1.8 4.4 192.2 29 30 31 32 149991.4 154790.1 163134.2 167828.4 178892.0 195161.9 183916.3 186067.4 190319.5 195161.9 197226.3 33 29 30 31 32 33 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit Totals identified to sectors as assets Summary 12 Z.1, June 5, 2014 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 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 (3) 8 9 10 11 12 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 13 14 15 16 17 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Q2 Q3 Q4 2014 Q1 14720.3 14417.9 14958.3 15533.8 16244.6 16799.7 16535.3 16661.0 16912.9 17089.6 17101.3 1 10005.5 9842.9 10201.9 10711.8 11149.6 11501.5 11379.2 11427.1 11537.7 11662.2 11792.1 2 1102.3 2273.4 6629.8 1023.3 2175.1 6644.5 1070.7 2292.1 6839.1 1129.9 2472.8 7109.1 1202.7 2567.0 7379.9 1263.0 2622.9 7615.7 1244.8 2607.0 7527.4 1257.5 2591.0 7578.6 1274.0 2638.8 7624.8 1275.7 2654.7 7731.9 1272.2 2660.6 7859.3 3 4 5 2424.8 1878.1 2100.8 2232.1 2475.2 2670.0 2555.1 2621.0 2738.0 2766.0 2694.8 6 2456.8 2025.7 2039.3 2195.7 2409.1 2564.0 2491.7 2543.8 2593.2 2627.2 2627.9 7 1941.0 155.1 1365.8 223.8 196.2 1633.4 147.1 1136.6 182.9 166.9 1658.2 134.1 1176.5 184.9 162.8 1809.9 139.6 1296.0 199.1 175.2 1970.0 143.8 1420.2 212.5 193.4 2047.1 148.1 1475.9 217.9 205.2 2001.4 145.7 1442.6 210.0 203.1 2030.6 146.5 1464.2 216.6 203.2 2060.5 149.7 1485.7 219.5 205.6 2095.7 150.4 1511.1 225.4 208.9 2092.8 148.4 1509.9 226.9 207.6 8 9 10 11 12 515.9 425.3 6.8 83.7 0.1 392.2 321.0 4.7 65.8 0.7 381.1 318.3 0.5 58.3 4.0 385.8 317.1 2.7 59.5 6.5 439.1 354.3 13.3 66.2 5.3 516.9 413.9 13.0 75.2 14.7 490.3 392.1 -19.7 71.6 46.3 513.2 411.1 24.9 74.9 2.3 532.6 429.9 31.5 77.9 -6.6 531.5 422.3 15.6 76.5 17.0 535.1 418.1 45.2 75.5 -3.6 13 14 15 16 17 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business -32.0 -31.6 -0.4 -147.6 -139.0 -8.5 61.5 63.7 -2.2 36.4 39.1 -2.7 66.1 71.0 -4.9 106.1 72.4 33.6 63.4 33.0 30.5 77.2 45.0 32.2 144.8 106.3 38.5 138.8 105.3 33.5 66.8 40.3 26.6 18 19 20 21 Net U.S. exports of goods and services -713.2 -392.2 -518.5 -568.7 -547.2 -497.3 -523.1 -509.0 -500.2 -456.9 -501.8 21 22 23 Exports - Imports 1843.1 2556.4 1583.8 1976.0 1843.5 2362.0 2101.1 2669.9 2195.9 2743.1 2259.9 2757.2 2214.2 2737.3 2238.9 2747.9 2265.8 2766.0 2320.6 2777.5 2300.1 2801.9 22 23 3003.2 3089.1 3174.0 3158.7 3167.0 3125.5 3124.1 3121.9 3137.5 3118.4 3116.3 24 2368.6 879.8 1488.7 2442.1 933.7 1508.4 2522.2 1003.9 1518.3 2526.1 1008.7 1517.4 2548.0 1011.7 1536.4 2519.2 971.0 1548.1 2525.3 982.3 1543.0 2517.5 976.0 1541.4 2523.2 972.4 1550.8 2510.8 953.4 1557.3 2527.5 959.0 1568.5 25 26 27 634.6 275.8 358.8 647.0 284.0 363.0 651.8 300.0 351.9 632.6 295.4 337.2 619.0 284.0 334.9 606.3 274.8 331.5 598.8 272.7 326.1 604.4 276.6 327.8 614.4 278.8 335.6 607.6 271.3 336.3 588.8 262.1 326.6 28 29 30 173.0 856.8 683.8 147.2 643.7 496.5 206.0 720.0 514.1 260.8 802.8 542.1 252.8 818.6 565.7 257.8 827.3 569.5 237.4 813.3 575.9 246.8 817.0 570.1 262.9 822.0 559.1 284.0 856.8 572.9 234.8 825.4 590.7 31 32 33 14893.2 14565.1 15164.2 15794.6 16497.4 17057.5 16772.7 16907.9 17175.9 17373.5 17336.1 34 -11.0 17.6 13.8 -20.4 -0.0 -9.7 6.3 12.3 -8.9 0.0 -8.5 -1.1 10.6 -1.0 -0.0 -8.3 -0.9 10.1 -0.9 -0.1 -8.4 -0.4 10.2 -1.4 0.0 -7.8 -1.3 9.5 -1.0 0.7 -8.1 -1.0 9.8 -0.6 -0.0 -7.9 -0.9 9.6 -0.8 0.0 -7.7 -1.5 9.4 -1.1 1.1 -7.6 -1.9 9.2 -1.3 1.6 -7.5 -0.6 9.0 -1.3 0.4 35 36 37 38 39 24 Government consumption expenditures and gross investment 25 26 27 Consumption expenditures (4) Federal State and local 28 29 30 Gross investment (4) Federal State and local Memo: 31 32 33 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Structures, equipment, and intellectual property products. (4) Government inventory investment is included in consumption expenditures. Summary 13 Z.1, June 5, 2014 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2 3 4 National Income Compensation of employees Wages and other labor income Employer social insurance contributions 6 Proprietors’ income with inventory valuation and capital consumption adjustments Rental income of persons (with capital consumption adjustment) 7 Corporate profits with inventory valuation and capital consumption adjustments 5 8 9 10 11 12 Corporate profits with inventory valuation adjustment Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 12430.8 12124.5 12739.5 13395.7 13971.6 14542.4 14324.5 14462.7 14607.9 14774.3 14651.0 1 8079.2 7607.9 471.3 7787.8 7329.7 458.1 7967.3 7497.9 469.4 8278.5 7784.1 494.4 8611.6 8097.3 514.3 8859.4 8328.1 531.2 8748.3 8222.5 525.8 8835.5 8305.2 530.2 8888.3 8355.9 532.4 8965.3 8428.9 536.4 9040.2 8498.2 542.0 2 3 4 1026.5 973.0 1032.7 1155.1 1224.9 1348.8 1334.6 1341.5 1360.7 1358.5 1366.6 5 262.1 333.7 402.8 484.4 541.2 590.6 574.9 587.7 596.6 603.2 611.1 6 1285.1 1392.6 1740.6 1877.7 2009.5 2102.1 2020.6 2087.4 2126.6 2173.7 1960.3 7 1345.5 1474.8 1793.8 1791.3 2180.0 2263.4 2180.0 2248.6 2288.2 2336.8 2305.9 8 1382.4 880.3 95.4 406.7 1468.2 752.5 362.9 352.8 1834.8 1034.3 405.3 395.2 1847.4 1026.7 384.1 436.6 2190.0 1293.7 477.4 418.9 2263.7 1335.7 512.0 416.0 2193.1 1307.7 486.9 398.5 2239.7 1324.7 511.9 403.1 2286.6 1345.2 521.6 419.8 2335.6 1365.1 527.7 442.7 2337.0 1460.0 474.6 402.3 9 10 11 12 309.1 227.4 81.7 269.4 177.8 91.6 370.6 220.6 150.0 374.2 222.3 151.9 434.8 256.9 177.8 418.9 266.9 152.0 408.2 266.6 141.7 418.2 264.1 154.1 417.8 263.7 154.1 431.1 273.2 158.0 457.3 287.0 170.2 13 14 15 13 14 15 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 16 17 18 19 20 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1073.3 808.6 474.2 153.9 180.5 1198.7 568.7 351.7 105.1 111.9 1464.3 563.9 375.5 67.1 121.4 1473.1 701.6 440.3 104.8 156.4 1755.2 770.3 478.8 134.8 156.8 1844.9 902.0 501.6 260.6 139.9 1784.8 763.8 483.3 133.3 147.2 1821.4 1037.3 463.3 411.4 162.6 1868.7 858.3 577.2 192.2 88.9 1904.5 948.8 482.6 305.3 160.9 1879.7 859.8 468.6 170.7 220.6 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 264.7 178.7 -140.2 226.2 630.0 222.9 166.1 240.9 900.3 438.3 188.3 273.8 771.6 364.1 127.3 280.1 984.9 558.0 164.7 262.2 942.8 567.2 99.5 276.1 1021.0 557.8 212.0 251.3 784.2 597.3 -53.7 240.5 1010.4 504.2 175.3 330.9 955.7 609.4 64.5 281.8 1019.9 704.4 133.7 181.7 21 22 23 24 25 Inventory valuation adjustment -37.0 6.7 -41.0 -56.0 -10.0 -0.3 -13.0 8.9 1.7 1.2 -31.1 25 26 27 28 Capital consumption adjustment Domestic nonfinancial Domestic financial -60.4 -29.1 -31.4 -82.2 -41.1 -41.2 -53.3 -15.2 -38.1 86.4 114.9 -28.5 -170.5 -115.1 -55.4 -161.3 -105.8 -55.6 -159.5 -104.3 -55.2 -161.1 -105.4 -55.7 -161.6 -106.0 -55.7 -163.1 -107.4 -55.7 -345.6 -272.3 -73.2 26 27 28 29 Net interest and miscellaneous payments 30 31 32 33 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 693.4 563.1 489.4 456.9 439.6 469.2 477.0 444.0 467.2 488.6 481.8 29 1041.9 52.6 116.4 -21.2 1026.1 58.3 127.2 -20.6 1057.1 55.9 128.5 -22.9 1097.1 60.0 129.6 -23.8 1122.9 57.3 106.9 -27.7 1146.7 58.7 124.4 -40.1 1140.7 58.0 121.9 -35.5 1138.8 58.9 125.8 -39.0 1149.0 59.1 120.1 -41.4 1158.3 58.7 129.9 -44.3 1172.6 56.8 120.8 -45.5 30 31 32 33 National Income, from line 1 above 12430.8 12124.5 12739.5 13395.7 13971.6 14542.4 14324.5 14462.7 14607.9 14774.3 14651.0 34 Plus: 35 Private consumption of fixed capital 36 Government consumption of fixed capital 37 Statistical discrepancy 1936.9 426.5 99.0 1925.7 442.7 72.2 1923.5 458.1 43.1 1974.4 478.1 -53.6 2049.3 493.6 -17.0 2141.4 505.1 -131.4 2103.3 500.5 -155.6 2128.5 503.4 -186.8 2153.5 506.1 -91.7 2180.5 510.5 -91.8 2208.0 513.2 -36.0 35 36 37 173.0 147.2 206.0 260.8 252.8 257.8 237.4 246.8 262.9 284.0 234.8 38 14720.3 14417.9 14958.3 15533.8 16244.6 16799.7 16535.3 16661.0 16912.9 17089.6 17101.3 39 Memo: Calculation of Gross Domestic Product from National Income: (2) 34 38 Less: Net U.S. income receipts from rest of the world 39 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 14 Z.1, June 5, 2014 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 Gross saving 2281.9 2071.7 2255.0 2461.4 2672.2 3015.8 2871.5 2993.4 3051.5 3146.8 2906.3 1 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local -81.5 718.7 167.3 296.7 -129.4 551.3 -800.2 -635.1 -165.1 -296.6 1225.1 554.4 382.1 172.3 670.7 -1521.7 -1249.8 -271.9 -126.6 1440.2 806.0 598.6 207.4 634.2 -1566.8 -1329.5 -237.3 8.8 1470.2 801.9 648.8 153.1 668.2 -1461.3 -1248.3 -213.1 129.3 1491.7 804.3 647.8 156.5 687.4 -1362.3 -1109.7 -252.7 369.2 1342.4 781.2 690.4 90.7 561.3 -973.2 -752.3 -220.9 267.6 1350.5 848.5 670.0 178.6 502.0 -1082.9 -853.1 -229.8 361.6 1212.3 631.9 682.7 -50.7 580.4 -850.7 -653.1 -197.6 391.8 1467.8 850.5 700.1 150.3 617.3 -1075.9 -850.0 -226.0 455.8 1339.1 793.8 709.0 84.7 545.4 -883.4 -653.0 -230.3 185.2 1151.4 643.2 631.6 11.6 508.2 -966.2 -728.9 -237.3 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 2363.4 1936.9 1522.3 1093.9 254.5 173.9 414.6 426.5 226.3 200.2 2368.4 1925.7 1522.4 1092.0 253.0 177.4 403.3 442.7 234.5 208.2 2381.6 1923.5 1523.0 1094.6 251.8 176.7 400.5 458.1 245.3 212.7 2452.6 1974.4 1571.6 1135.8 256.8 179.0 402.9 478.1 256.5 221.7 2542.9 2049.3 1639.4 1188.2 264.5 186.6 409.9 493.6 262.3 231.4 2646.6 2141.4 1707.5 1237.8 275.0 194.6 434.0 505.1 267.5 237.6 2603.8 2103.3 1680.6 1218.5 270.5 191.5 422.7 500.5 265.6 234.9 2631.9 2128.5 1698.9 1231.6 273.4 193.9 429.6 503.4 266.8 236.6 2659.6 2153.5 1715.8 1243.8 276.4 195.6 437.7 506.1 267.8 238.3 2691.0 2180.5 1734.6 1257.4 279.7 197.5 445.9 510.5 269.9 240.6 2721.1 2208.0 1752.8 1270.1 283.4 199.4 455.1 513.2 270.9 242.3 11 12 13 14 15 16 17 18 19 20 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2380.9 2144.0 2298.1 2407.7 2655.2 2884.3 2715.9 2806.7 2959.8 3055.0 2870.4 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 3059.4 2424.8 1844.4 1341.1 307.1 196.2 580.4 634.6 275.8 358.8 2525.1 1878.1 1410.0 1002.9 240.2 166.9 468.1 647.0 284.0 363.0 2752.6 2100.8 1648.4 1244.7 241.0 162.8 452.4 651.8 300.0 351.9 2864.7 2232.1 1775.4 1344.4 255.8 175.2 456.7 632.6 295.4 337.2 3094.2 2475.2 1977.1 1509.9 273.8 193.4 498.1 619.0 284.0 334.9 3276.3 2670.0 2108.1 1572.5 330.4 205.2 561.9 606.3 274.8 331.5 3153.9 2555.1 2017.4 1495.1 319.2 203.1 537.7 598.8 272.7 326.1 3225.4 2621.0 2063.4 1534.1 326.1 203.2 557.6 604.4 276.6 327.8 3352.3 2738.0 2158.4 1616.1 336.6 205.6 579.6 614.4 278.8 335.6 3373.6 2766.0 2193.2 1644.8 339.5 208.9 572.8 607.6 271.3 336.3 3283.5 2694.8 2128.3 1591.4 329.2 207.6 566.5 588.8 262.1 326.6 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -5.4 -53.2 -49.9 13.9 -3.3 -60.5 -3.3 47.8 97.2 -49.4 0.6 -121.4 -83.4 44.6 -6.0 -121.9 -38.1 122.0 177.4 -55.4 0.7 -58.5 -29.4 19.8 -7.8 -41.5 -29.1 59.2 125.3 -66.2 1.7 -47.4 -41.3 -7.3 -1.6 -32.4 -6.2 49.1 112.9 -63.8 -6.6 -26.0 -12.4 -17.1 -4.9 9.6 -13.6 19.5 83.3 -63.9 -0.3 3.4 -7.0 -7.0 0.0 0.0 10.4 -3.7 57.7 -61.4 0.5 -3.3 -10.7 -10.7 0.0 0.0 7.4 3.8 65.2 -61.4 0.4 1.8 -6.6 -6.6 0.0 0.0 8.4 -1.4 57.6 -59.1 -0.6 4.5 -6.0 -6.0 0.0 0.0 10.6 -5.2 60.3 -65.5 -1.2 10.5 -4.7 -4.7 0.0 0.0 15.3 -11.8 47.7 -59.5 0.0 5.3 -8.0 -8.0 0.0 0.0 13.3 -5.3 55.1 -60.4 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -673.1 382.9 -5.8 134.7 -49.3 -91.2 388.8 -1056.1 -781.8 -274.3 -381.7 1466.3 822.4 498.9 18.8 304.7 643.9 -1848.0 -1476.7 -371.4 -455.2 1364.6 753.2 471.8 18.6 262.8 611.4 -1819.8 -1509.5 -310.3 -458.6 1206.3 585.7 393.9 2.5 189.3 620.6 -1664.9 -1400.1 -264.8 -432.4 1074.7 462.0 326.2 -4.3 140.2 612.7 -1507.1 -1214.8 -292.4 -391.7 679.0 256.1 231.3 -55.3 80.1 422.9 -1070.7 -817.3 -253.4 -438.5 746.4 366.8 248.5 -48.6 167.0 379.6 -1184.9 -925.4 -259.6 -419.1 531.2 87.3 200.0 -52.6 -60.1 443.9 -950.3 -720.5 -229.8 -391.9 787.1 322.2 242.2 -60.3 140.3 464.8 -1179.0 -921.3 -257.7 -317.4 651.4 248.1 234.6 -59.8 73.3 403.2 -968.7 -702.1 -266.6 -413.2 623.3 239.8 282.3 -45.9 3.4 383.5 -1036.5 -775.3 -261.2 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) 99.0 72.2 43.1 -53.6 -17.0 -131.4 -155.6 -186.8 -91.7 -91.8 -36.0 52 19.1 19.1 10.8 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). Summary 15 Z.1, June 5, 2014 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business Q2 Q3 2014 Q1 Q4 193.5 272.2 186.7 137.9 139.8 102.5 106.1 99.5 106.2 98.4 101.5 1 7.6 7.6 7.6 0.0 0.0 0.0 40.4 0.0 0.0 0.0 40.4 0.0 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.3 14.3 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 7 145.9 145.9 57.6 2.8 67.7 0.1 16.9 0.8 0.0 0.0 206.9 206.9 63.4 0.0 121.9 8.1 12.9 0.6 0.0 0.0 141.4 141.4 72.1 0.0 41.5 12.7 14.5 0.7 0.0 0.0 123.4 123.4 69.0 0.0 32.4 8.0 12.4 1.6 0.0 0.0 98.7 98.7 66.5 7.6 4.7 8.2 10.6 1.1 0.0 0.0 77.9 77.9 65.5 0.0 0.0 5.7 6.4 0.4 0.0 0.0 83.4 83.4 66.2 0.0 0.0 9.6 7.2 0.4 0.0 0.0 76.2 76.2 63.2 0.0 0.0 5.7 6.9 0.4 0.0 0.0 81.1 81.1 69.4 0.0 0.0 4.5 6.8 0.4 0.0 0.0 71.0 71.0 63.1 0.0 0.0 2.8 4.6 0.4 0.0 0.0 76.1 76.1 63.8 0.0 0.0 7.4 4.5 0.4 0.0 0.0 8 9 10 11 12 13 14 15 16 17 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 33.9 28.3 5.6 24.9 20.6 4.3 19.5 15.1 4.4 14.5 9.6 4.9 19.0 14.1 4.9 24.6 19.2 5.4 22.6 17.6 5.0 23.3 17.8 5.4 25.1 19.6 5.5 27.5 21.9 5.6 25.4 19.7 5.6 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 6.2 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 193.5 272.2 186.7 137.9 139.8 102.5 106.1 99.5 106.2 98.4 101.5 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 75.0 68.1 0.4 67.7 3.7 3.6 0.1 3.3 3.3 0.0 130.0 121.9 0.0 121.9 2.1 0.0 2.1 6.0 0.0 6.0 54.2 41.5 0.0 41.5 4.9 0.0 4.9 7.8 0.0 7.8 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.3 4.7 0.0 4.7 16.7 8.5 8.1 4.9 4.9 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 9.6 0.0 0.0 0.0 9.6 0.0 9.6 0.0 0.0 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 4.5 0.0 0.0 0.0 4.5 0.0 4.5 0.0 0.0 0.0 2.8 0.0 0.0 0.0 2.8 0.0 2.8 0.0 0.0 0.0 7.4 0.0 0.0 0.0 7.4 0.0 7.4 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 91.5 28.3 28.3 63.2 0.0 5.6 57.6 0.0 88.3 20.6 20.6 67.7 0.0 4.3 63.4 0.0 91.8 15.1 15.1 76.7 0.0 4.4 72.1 0.2 83.5 9.6 9.6 73.9 0.0 4.9 69.0 0.0 88.2 14.1 14.1 74.1 2.7 4.9 66.5 0.0 90.1 19.2 19.2 70.9 0.0 5.4 65.5 0.0 88.8 17.6 17.6 71.3 0.0 5.0 66.2 0.0 86.5 17.8 17.8 68.6 0.0 5.4 63.2 0.0 94.5 19.6 19.6 74.9 0.0 5.5 69.4 0.0 90.6 21.9 21.9 68.7 0.0 5.6 63.1 0.0 89.2 19.7 19.7 69.5 0.0 5.6 63.8 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 26.2 9.3 16.9 53.3 0.0 53.3 40.1 0.0 40.1 12.4 0.0 12.4 24.1 13.5 10.6 6.4 0.0 6.4 7.2 0.0 7.2 6.9 0.0 6.9 6.8 0.0 6.8 4.6 0.0 4.6 4.5 0.0 4.5 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.8 0.8 0.0 0.6 0.6 0.0 0.7 0.7 0.0 1.6 1.6 0.0 1.1 1.1 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 46 47 48 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) -67.5 -60.5 7.6 -29.7 -29.3 -0.4 -6.9 -3.2 -28.3 -3.7 -3.3 -89.6 -121.9 0.0 -18.2 -18.2 0.0 -87.1 -11.3 -5.3 38.3 -6.0 -28.3 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 20.9 -7.8 -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.0 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -16.7 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 0.0 -9.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -9.6 0.0 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 0.0 -4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.5 0.0 -2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -2.8 0.0 -7.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -7.4 0.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 54.4 117.6 -63.2 118.6 186.3 -67.7 49.6 126.3 -76.7 39.9 113.8 -73.9 10.6 84.7 -74.1 -12.2 58.7 -70.9 -5.4 65.8 -71.3 -10.3 58.4 -68.6 -13.4 61.5 -74.9 -19.6 49.1 -68.7 -13.1 56.4 -69.5 60 61 62 63 By persons (lines 18-43) 7.7 -28.4 -20.6 2.1 -5.1 18.2 15.5 16.3 18.3 22.8 20.8 63 64 By the rest of the world (lines 21-46) 5.4 -0.6 -0.7 -1.6 6.6 -0.4 -0.4 -0.4 -0.4 -0.4 -0.4 64 (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States. Summary 16 Z.1, June 5, 2014 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1 Net acquisition of financial assets 1142.3 778.3 894.9 1226.3 1297.5 1352.4 1525.5 1346.8 691.3 1846.2 1154.8 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -23.7 180.5 254.4 235.8 -6.6 116.0 101.2 -269.6 -0.6 36.1 161.9 -179.7 -2.8 326.0 375.6 -34.3 -1.8 174.0 413.8 -1.8 3.4 116.6 206.6 25.0 5.8 234.9 93.2 41.1 18.9 -69.5 244.0 98.5 -1.2 -3.5 282.0 57.1 -10.1 304.6 207.1 -96.6 -19.2 528.9 574.3 99.9 2 3 4 5 -113.9 -101.3 147.9 238.9 46.9 -83.9 -313.8 -41.1 531.4 16.7 534.3 -671.0 107.3 211.8 -1.3 339.4 115.9 -1.5 322.5 -3.5 44.3 -289.1 -191.4 232.6 -74.7 -1.8 -228.6 -11.0 -63.4 203.4 -236.9 263.1 168.5 -0.6 214.9 -128.7 -142.4 38.3 -248.7 435.0 330.9 -3.8 -213.3 -83.0 -39.4 106.2 -150.8 713.9 754.2 -3.2 -80.0 -282.6 21.1 -158.2 249.5 1007.2 282.1 -0.8 -141.7 -64.6 5.7 -156.3 -63.3 701.6 -290.7 -0.8 -247.3 -83.4 -80.5 99.1 -684.7 705.3 578.2 -10.4 -384.4 98.6 -103.8 640.1 -104.9 441.4 -666.2 -2.9 -354.7 -319.0 -110.8 41.7 -440.1 518.8 6 7 8 9 10 11 12 13 59.9 540.2 24.6 413.5 6.2 598.3 73.9 484.9 -26.5 501.0 28.7 507.5 2.0 453.9 22.8 468.2 73.8 512.6 16.0 595.3 50.9 530.3 14 15 2.0 -126.4 167.2 81.6 79.2 140.3 -52.1 289.3 68.7 255.2 61.3 16 6 7 8 9 10 11 12 13 Securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 14 15 Life insurance reserves Pension entitlements 16 Miscellaneous and other assets 17 18 19 20 21 22 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1920.7 509.0 379.0 1044.2 -11.0 -0.4 1669.5 386.9 330.0 970.8 -9.7 -8.5 1689.9 376.5 319.0 1005.0 -8.5 -2.2 1765.4 376.5 338.7 1061.2 -8.3 -2.7 1887.0 420.5 356.3 1123.5 -8.4 -4.9 2060.7 489.1 365.9 1179.8 -7.8 33.6 2004.6 463.7 355.7 1162.9 -8.1 30.5 2048.1 486.0 363.1 1174.7 -7.9 32.2 2097.9 507.8 369.2 1190.1 -7.7 38.5 2092.2 498.8 375.8 1191.7 -7.6 33.5 2076.5 493.6 375.3 1188.5 -7.5 26.6 17 18 19 20 21 22 23 24 25 26 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1578.6 395.6 273.4 909.6 1576.8 377.9 278.4 920.6 1570.4 372.0 280.3 918.1 1599.0 369.4 290.2 939.4 1637.5 371.7 302.8 963.1 1672.9 388.4 321.0 963.6 1644.1 381.5 312.1 950.6 1663.7 386.0 317.3 960.4 1682.5 390.6 323.9 968.1 1701.3 395.5 330.6 975.2 1721.5 400.4 338.6 982.5 23 24 25 26 27 Net investment in nonfinancial assets (3) 342.1 92.6 119.4 166.4 249.5 387.8 360.5 384.4 415.3 390.9 355.0 27 113.3 105.6 134.6 -11.0 -0.4 9.0 51.6 50.3 -9.7 -8.5 4.5 38.7 86.9 -8.5 -2.2 7.1 48.4 121.9 -8.3 -2.7 48.9 53.6 160.4 -8.4 -4.9 100.7 45.0 216.3 -7.8 33.6 82.2 43.6 212.3 -8.1 30.5 100.0 45.8 214.3 -7.9 32.2 117.3 45.3 222.0 -7.7 38.5 103.4 45.2 216.4 -7.6 33.5 93.2 36.7 206.0 -7.5 26.6 28 29 30 31 32 462.3 9.7 -147.7 26.9 375.9 384.6 129.5 389.8 689.0 330.2 454.3 33 53.5 230.8 34.9 5.9 -160.7 297.9 36.1 31.8 -103.6 0.7 38.1 6.6 -155.1 -32.9 -25.3 3.4 75.2 -13.0 -84.0 0.7 108.5 2.4 -39.3 38.5 -73.5 -4.0 169.7 1.4 64.9 217.5 -1.4 74.0 173.8 0.9 35.4 101.9 -98.7 -9.3 179.0 -0.0 16.4 42.0 15.9 98.1 162.9 2.7 -21.2 131.4 177.2 97.8 190.6 1.6 44.6 177.2 -99.9 109.3 162.6 -0.6 101.9 56.9 -77.4 66.9 203.3 0.9 50.0 210.7 34 35 36 37 38 39 4.4 -34.4 -28.4 0.6 -10.0 18.2 15.5 16.3 18.3 22.8 20.8 40 1026.4 826.8 1133.7 1366.3 1161.0 1373.9 1772.0 1357.7 436.0 1929.7 1076.2 41 28 29 30 31 32 33 34 35 36 37 38 39 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities Home mortgages Other mortgages Consumer credit Policy loans Security credit Other liabilities 40 Net capital transfers paid (4) 41 Personal saving, FOF concept (FOF) 42 43 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 134.6 -0.6 50.3 0.5 86.9 -1.7 121.9 -0.4 160.4 -1.4 216.3 -1.2 212.3 -1.9 214.3 -0.4 222.0 -2.7 216.4 -0.0 206.0 -2.0 42 43 44 = Personal saving, NIPA concept (FOF) (6) 892.5 776.1 1048.6 1244.9 1002.0 1158.8 1561.5 1143.7 216.6 1713.3 872.2 44 45 Personal saving, NIPA concept (NIPA) 551.3 670.7 634.2 668.2 687.4 561.3 502.0 580.4 617.3 545.4 508.2 45 46 Difference 341.1 105.4 414.4 576.7 314.6 597.6 1059.6 563.4 -400.7 1167.9 364.0 46 10995.4 10937.2 11243.7 11787.4 12245.8 12476.2 12296.9 12417.4 12567.7 12622.8 12719.0 47 9.3 8.1 5.0 3.1 7.6 7.1 6.1 1.0 10.1 9.3 5.6 3.7 11.6 10.6 5.7 4.9 9.5 8.2 5.6 2.6 11.0 9.3 4.5 4.8 14.4 12.7 4.1 8.6 10.9 9.2 4.7 4.5 3.5 1.7 4.9 -3.2 15.3 13.6 4.3 9.3 8.5 6.9 4.0 2.9 48 49 50 51 47 Memo: Disposable personal income 48 49 50 51 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 44) NIPA concept (NIPA data) (line 45) Difference (line 46) (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). (3) Line 17 less line 23. (4) Table F.9, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 44 and 45 are conceptually equivalent but measure saving using different data. Line 44 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 45) is disposable personal income (line 47) less personal outlays (table F.100, line 4). Summary 17 Z.1, June 5, 2014 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 42894.9 46734.0 50655.0 51382.9 55232.6 61658.4 57179.1 57889.0 59569.7 61658.4 62284.3 1 56.9 814.3 6597.4 1656.3 50.2 930.3 6684.1 1386.7 49.7 955.1 6812.2 1207.0 46.9 1281.1 7187.8 1187.9 45.1 1441.5 7556.4 1186.1 48.4 1558.1 7763.0 1211.1 46.5 1463.6 7604.5 1134.5 51.3 1445.2 7617.5 1127.8 51.0 1434.9 7704.8 1170.0 48.4 1558.1 7763.0 1211.1 43.6 1651.4 7927.4 1172.1 2 3 4 5 14214.2 17056.5 19278.6 18809.5 21125.3 25536.7 22577.6 23022.7 24192.4 25536.7 25717.0 6 Open market paper Treasury securities Agency- and GSE-backed securities 6.0 188.7 1057.7 22.7 859.7 358.3 21.1 1134.4 353.7 19.4 715.6 304.6 18.8 941.0 154.2 15.0 935.4 125.9 18.0 966.2 112.9 17.8 1009.0 124.6 17.6 980.8 109.7 15.0 935.4 125.9 14.3 841.2 14.1 7 8 9 10 11 Municipal securities Corporate and foreign bonds 1725.8 1946.5 1833.1 2324.6 1877.4 2248.3 1814.0 2379.0 1671.6 2468.8 1632.2 2578.0 1681.9 2394.8 1675.8 2363.5 1650.8 2409.4 1632.2 2578.0 1609.6 2626.2 10 11 12 13 Corporate equities (2) Mutual fund shares 5931.0 3306.7 7496.1 4115.8 8995.3 4600.2 9025.4 4502.9 10412.8 5408.7 13309.6 6890.1 11456.2 5898.3 11686.6 6095.7 12472.2 6501.9 13309.6 6890.1 13502.0 7058.9 12 13 1049.8 14071.9 2219.2 5295.7 6557.0 1109.2 15209.5 2350.4 5977.0 6882.0 1137.2 16751.6 2568.5 6626.9 7556.2 1203.6 17126.1 2601.7 6679.0 7845.4 1186.1 18093.8 2788.3 7158.1 8147.3 1242.2 19563.8 3041.7 8010.2 8511.9 1194.8 18572.2 2876.2 7458.3 8237.7 1203.0 18766.0 2900.3 7558.8 8306.9 1227.7 19115.6 2955.4 7762.0 8398.2 1242.2 19563.8 3041.7 8010.2 8511.9 1256.7 19766.4 3072.2 8100.9 8593.3 14 15 16 17 18 4339.5 4218.7 4385.2 4465.5 4532.6 4675.8 4521.6 4593.7 4613.3 4675.8 4691.8 19 20072.6 19779.5 19440.9 19319.6 19486.2 19778.2 19441.7 19511.5 19673.1 19778.2 19824.7 20 11119.9 2529.9 2650.6 10917.0 2561.7 2552.8 10430.3 2528.7 2647.4 10192.3 2529.5 2755.9 9971.2 2525.5 2923.6 9877.1 2599.5 3097.4 9919.2 2523.2 2923.8 9896.0 2547.7 2966.4 9906.6 2572.2 3036.6 9877.1 2599.5 3097.4 9840.9 2616.2 3103.6 21 22 23 120.4 164.8 3487.0 121.1 203.0 3423.9 124.5 278.2 3431.8 126.9 238.9 3476.1 128.3 303.7 3633.9 129.2 339.2 3735.8 128.3 307.9 3639.4 128.9 302.6 3669.9 129.3 313.7 3714.8 129.2 339.2 3735.8 129.4 351.7 3782.9 24 25 26 7 8 9 14 15 16 17 18 Life insurance reserves Pension entitlements Life insurance companies Private pension funds Governments 19 Miscellaneous and other assets 20 Total liabilities 21 22 23 Home mortgages Other mortgages Consumer credit 24 25 26 Policy loans Security credit Other liabilities (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15). 18 Z.1, June 5, 2014 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2008 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 12430.6 1435.2 10995.4 10444.0 551.3 12082.1 1144.9 10937.2 10266.5 670.7 12435.2 1191.5 11243.7 10609.5 634.2 13191.3 1404.0 11787.4 11119.1 668.2 13743.8 1498.0 12245.8 11558.4 687.4 14134.7 1658.5 12476.2 11914.9 561.3 13925.9 1629.0 12296.9 11794.9 502.0 14086.2 1668.8 12417.4 11837.0 580.4 14225.3 1657.6 12567.7 11950.4 617.3 14301.3 1678.5 12622.8 12077.4 545.4 14417.3 1698.3 12719.0 12210.8 508.2 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -0.6 134.6 1324.2 7.7 0.5 50.3 1323.8 -28.4 -1.7 86.9 1318.6 -20.6 -0.4 121.9 1342.2 2.1 -1.4 160.4 1373.0 -5.1 -1.2 216.3 1397.5 18.2 -1.9 212.3 1373.3 15.5 -0.4 214.3 1390.0 16.3 -2.7 222.0 1405.8 18.3 -0.0 216.4 1421.1 22.8 -2.0 206.0 1437.7 20.8 6 7 8 9 10 = Gross saving less net capital transfers paid 2001.8 2073.6 2058.5 2129.8 2224.5 2155.6 2070.3 2168.0 2224.2 2160.1 2129.1 10 11 Gross investment 2342.9 2179.1 2473.0 2706.4 2539.1 2753.2 3129.8 2731.3 1823.5 3328.0 2493.1 11 1613.6 425.3 1044.2 155.1 -11.0 1429.3 321.0 970.8 147.1 -9.7 1448.9 318.3 1005.0 134.1 -8.5 1509.6 317.1 1061.2 139.6 -8.3 1613.2 354.3 1123.5 143.8 -8.4 1733.9 413.9 1179.8 148.1 -7.8 1692.5 392.1 1162.9 145.7 -8.1 1724.4 411.1 1174.7 146.5 -7.9 1762.0 429.9 1190.1 149.7 -7.7 1756.9 422.3 1191.7 150.4 -7.6 1747.5 418.1 1188.5 148.4 -7.5 12 13 14 15 16 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 729.3 749.8 1024.1 1196.9 925.9 1019.2 1437.3 1006.9 61.5 1571.1 745.6 17 18 Net acquisition of financial assets 739.7 813.3 916.9 1137.5 1189.0 1248.8 1531.7 1200.6 556.1 1706.8 1073.4 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -23.7 176.7 255.6 234.7 -6.6 101.1 106.0 -267.9 -0.6 38.9 159.0 -182.8 -2.8 328.3 371.8 -35.1 -1.8 159.4 408.7 -2.9 3.4 106.9 197.4 23.1 5.8 234.4 90.7 40.6 18.9 -82.6 232.5 96.0 -1.2 -15.3 271.2 54.8 -10.1 291.2 195.3 -99.1 -19.2 523.5 568.3 98.7 19 20 21 22 23 Credit market instruments 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 Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (8) Consumer credit Municipal securities Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 269.2 186.9 50.2 -107.5 -43.8 -241.5 -510.0 -367.6 -325.1 236.6 -754.2 23 -101.3 147.9 238.9 47.3 -83.9 12.2 1.1 7.1 16.7 534.3 -671.0 107.1 211.8 -5.3 -0.9 -5.8 -1.5 322.5 -3.5 43.7 -289.1 -0.6 -10.9 -10.4 -1.8 -228.6 -11.0 -63.5 203.4 -2.8 0.7 -3.9 -0.6 214.9 -128.7 -142.5 38.3 -2.5 -13.9 -8.8 -3.8 -213.3 -83.0 -39.5 106.2 5.0 -6.5 -6.5 -3.2 -80.0 -282.6 21.0 -158.2 7.1 -6.8 -7.4 -0.8 -141.7 -64.6 5.5 -156.3 5.4 -7.4 -7.6 -0.8 -247.3 -83.4 -80.6 99.1 1.9 -6.5 -7.4 -10.4 -384.4 98.6 -104.0 640.1 5.6 -5.4 -3.6 -2.9 -354.7 -319.0 -110.9 41.7 5.0 -7.9 -5.5 24 25 26 27 28 29 30 31 -313.8 -41.1 -179.6 59.9 540.2 -293.7 55.1 -1.3 339.4 -35.7 24.6 413.5 -81.5 34.9 -191.4 232.6 23.5 6.2 598.3 174.5 8.3 -236.9 263.1 0.9 73.9 484.9 -73.8 70.7 -248.7 435.0 42.0 -26.5 501.0 -28.2 -5.1 -150.8 713.9 58.5 28.7 507.5 -22.1 23.9 249.5 1007.2 -53.9 2.0 453.9 17.1 -5.8 -63.3 701.6 202.0 22.8 468.2 -36.9 8.9 -684.7 705.3 -10.1 73.8 512.6 -51.2 26.0 -104.9 441.4 95.9 16.0 595.3 -17.5 66.6 -440.1 518.8 13.0 50.9 530.3 -32.5 15.7 32 33 34 35 36 37 38 10.4 63.5 -107.2 -59.4 263.1 229.6 94.3 193.7 494.6 135.6 327.8 39 145.7 -11.1 -155.6 -20.9 193.6 190.1 72.8 206.5 452.6 28.6 267.1 40 93.7 34.9 9.3 4.6 6.2 -3.0 66.0 -103.6 5.9 28.3 0.5 -8.3 -182.3 -25.3 -2.2 50.1 2.4 1.7 -68.7 108.5 -7.8 -54.9 1.9 0.0 -75.2 169.7 -14.5 110.8 1.2 1.6 -7.4 173.8 -13.1 30.0 2.0 4.8 -94.9 179.0 -6.5 -8.5 0.5 3.2 7.2 162.9 -14.6 42.6 5.2 3.2 163.4 190.6 -13.4 109.9 0.6 1.6 -105.2 162.6 -18.1 -23.8 1.7 11.2 -83.8 203.3 -1.0 145.3 -0.0 3.2 41 42 43 44 45 46 -160.7 22.2 3.2 38.1 41.4 -4.9 75.2 -29.4 2.7 -39.3 1.2 -0.4 64.9 4.0 0.6 35.4 1.0 3.0 16.4 1.0 4.1 -21.2 1.0 7.4 44.6 1.0 -3.7 101.9 1.0 4.2 50.0 4.0 6.7 47 48 49 -341.1 -105.4 -414.4 -576.7 -314.6 -597.6 -1059.6 -563.4 400.7 -1167.9 -364.0 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. 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 63. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 33) and life insurance reserves (line 35), and pension entitlements (line 36). (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 21. 19 Z.1, June 5, 2014 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Income before taxes 2021.7 1842.4 2201.7 2338.8 2692.4 2874.2 2827.0 2854.9 2897.5 2917.3 3023.4 1 2 Gross saving less net capital transfers paid 1650.9 1693.8 1931.4 2048.3 2119.8 2204.8 2143.6 2205.3 2196.2 2274.0 2113.6 2 3 Gross investment 673.1 1818.5 1644.6 1195.1 1261.8 1611.3 1621.0 1652.1 1449.4 1722.9 1695.0 3 1665.7 1248.7 1480.6 1592.9 1778.0 1886.8 1766.9 1856.9 1957.8 1965.5 1923.7 4 1680.1 90.5 1589.6 1390.0 70.5 1319.5 1420.1 58.8 1361.4 1557.3 62.2 1495.1 1712.3 79.5 1632.8 1782.1 88.3 1693.8 1704.5 51.9 1652.6 1780.6 99.8 1680.9 1814.6 109.3 1705.2 1828.5 92.1 1736.4 1857.5 120.7 1736.8 5 6 7 -32.0 17.6 -147.6 6.3 61.5 -1.1 36.4 -0.9 66.1 -0.4 106.1 -1.3 63.4 -1.0 77.2 -0.9 144.8 -1.5 138.8 -1.9 66.8 -0.6 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) -992.6 569.8 164.1 -397.8 -516.2 -275.5 -145.9 -204.9 -508.4 -242.6 -228.6 10 11 Net acquisition of financial assets -507.0 185.4 784.9 510.8 758.4 949.8 861.3 980.2 924.4 1033.3 566.1 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -25.5 -55.2 -130.7 179.6 -0.9 6.8 85.6 172.1 -73.1 0.7 9.1 76.8 62.8 -154.6 4.3 -5.8 27.3 17.1 -34.6 0.4 1.0 29.7 41.9 19.3 -2.8 44.7 104.2 67.6 42.5 -0.9 46.8 77.7 39.2 -17.6 -1.8 56.6 -79.8 71.8 -9.4 -2.6 12.9 187.6 156.0 126.1 15.6 62.5 231.3 3.6 71.0 -14.9 -64.1 -263.9 52.4 -95.0 7.1 12 13 14 15 16 17 Credit market instruments -45.4 3.4 9.2 -6.1 -8.6 -49.9 -87.9 -3.4 -19.5 -88.7 49.2 17 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -12.2 -15.4 -2.6 -3.4 -1.3 6.8 4.2 1.1 12.0 7.0 1.7 -2.6 -0.1 -4.5 -1.7 -1.6 -8.0 -2.8 -1.1 1.8 -29.5 2.0 -4.7 -12.3 -0.7 -25.5 -28.6 -38.2 -25.6 22.0 6.8 0.5 -29.6 2.8 0.4 0.7 -62.3 8.9 2.4 -12.1 22.6 -8.4 -3.1 9.6 18 19 20 21 22 23 Mortgages Consumer credit -10.7 -1.2 -5.3 -2.1 2.6 -11.4 -0.1 1.9 -0.2 1.7 0.3 -5.6 -0.5 5.6 0.5 -7.6 0.4 5.7 0.6 -26.1 -0.1 28.6 22 23 -16.5 -172.5 -239.8 35.3 -57.5 12.0 11.1 142.8 623.3 -12.8 89.6 435.6 -0.0 91.2 586.7 0.8 150.2 590.5 0.8 196.8 607.3 0.8 187.2 759.0 0.8 154.6 290.2 0.8 62.1 705.5 0.8 61.3 818.4 24 25 26 485.6 -384.4 620.8 908.5 1274.6 1225.3 1007.2 1185.1 1432.8 1275.9 794.8 27 696.6 -247.7 169.8 545.7 752.0 901.9 624.7 984.1 1113.8 885.0 993.1 28 24 25 26 27 28 Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds 7.7 66.0 225.4 -73.1 37.2 411.7 24.5 33.2 438.6 33.4 8.5 410.8 14.0 15.2 579.6 14.2 9.3 640.3 20.1 11.3 579.4 -20.1 6.4 570.8 92.0 20.6 745.3 -35.2 -0.9 665.8 72.1 2.1 662.0 29 30 31 32 33 34 Depository institution loans n.e.c. Other loans and advances Mortgages 183.7 80.2 133.5 -336.0 -166.1 -121.3 -103.8 -85.7 -137.0 125.6 60.8 -93.4 166.1 -24.3 1.5 96.1 42.3 99.7 55.4 6.0 -47.5 117.8 184.5 124.7 99.4 7.3 149.2 111.7 -28.6 172.3 96.1 105.5 55.3 32 33 34 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities -334.3 -219.4 9.8 638.4 -62.1 -65.8 -9.5 82.7 -277.4 186.6 6.4 361.8 -472.2 33.1 10.0 864.2 -399.5 84.5 4.4 867.8 -408.6 125.7 -6.4 632.5 -256.2 155.3 -16.1 477.0 -423.3 119.5 -17.6 560.6 -452.8 150.5 -1.0 657.5 -502.1 77.7 9.1 834.7 -426.8 127.8 -37.9 168.4 35 36 37 38 39 Proprietors’ net investment -305.3 -82.0 173.6 -72.1 -34.7 -19.8 22.4 -38.2 -35.1 -28.4 -29.9 39 977.8 -124.6 286.8 853.2 858.0 593.5 522.6 553.2 746.8 551.1 418.5 40 40 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2008 20 Z.1, June 5, 2014 F.102 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2008 1 2 3 4 5 6 7 8 9 10 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 paid (2) = Total internal funds + IVA Gross investment 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 880.3 227.4 474.2 1063.8 1242.5 183.8 -37.0 -3.7 1393.1 752.5 177.8 351.7 1049.3 1272.3 194.2 6.7 38.3 1434.8 1034.3 220.6 375.5 1077.3 1515.6 218.2 -41.0 20.9 1671.8 1026.7 222.3 440.3 1249.3 1613.4 226.1 -56.0 -6.4 1789.9 1293.7 256.9 478.8 1071.4 1629.4 214.2 -10.0 -16.7 1850.3 1335.7 266.9 501.6 1131.2 1698.4 225.7 -0.3 -5.7 1929.4 1307.7 266.6 483.3 1114.0 1671.8 204.5 -13.0 -9.6 1872.8 1324.7 264.1 463.3 1123.6 1720.9 196.1 8.9 -5.7 1931.5 1345.2 263.7 577.2 1139.0 1643.3 270.1 1.7 -4.5 1919.5 1365.1 273.2 482.6 1148.2 1757.6 232.2 1.2 -2.8 1993.8 1460.0 287.0 468.6 998.8 1703.2 150.2 -31.1 -7.4 1829.7 1 2 3 4 5 6 7 8 9 415.3 1559.4 1385.0 936.7 992.3 1336.0 1350.2 1378.3 1172.7 1442.7 1411.2 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1358.6 1372.6 -31.6 17.6 1008.5 1141.2 -139.0 6.3 1239.6 1177.0 63.7 -1.1 1337.0 1298.8 39.1 -0.9 1504.2 1433.6 71.0 -0.4 1560.0 1489.0 72.4 -1.3 1454.8 1422.9 33.0 -1.0 1533.2 1489.1 45.0 -0.9 1621.9 1517.2 106.3 -1.5 1630.1 1526.7 105.3 -1.9 1594.7 1555.1 40.3 -0.6 11 12 13 14 15 Net lending (+) or net borrowing (-) -943.3 551.0 145.5 -400.3 -511.9 -224.1 -104.6 -154.9 -449.2 -187.4 -183.5 15 16 Net acquisition of financial assets -604.2 302.4 633.2 494.1 684.6 866.0 845.0 872.3 824.3 922.3 514.6 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -25.5 -59.0 -129.4 178.5 -0.9 6.8 70.7 176.9 -71.4 0.7 9.1 79.7 59.9 -157.7 4.3 -5.8 29.7 13.2 -35.4 0.4 1.0 15.1 36.8 18.2 -2.8 44.7 94.6 58.5 40.6 -0.9 46.8 77.3 36.7 -18.1 -1.8 56.6 -92.8 60.3 -11.9 -2.6 12.9 175.8 145.3 123.8 15.6 62.5 217.9 -8.2 68.5 -14.9 -64.1 -269.2 46.5 -96.3 7.1 17 18 19 20 21 22 Credit market instruments -34.6 10.1 2.6 -7.1 -10.0 -52.3 -88.6 -6.5 -22.4 -91.8 47.6 22 -12.2 -7.9 -2.6 -3.0 -7.7 -1.2 -1.3 12.5 4.2 0.9 -4.1 -2.1 12.0 5.1 1.7 -3.2 -1.6 -11.4 -0.1 -5.1 -1.7 -1.6 -0.6 1.9 -8.0 -3.4 -1.1 1.7 -0.8 1.7 -29.5 0.8 -4.7 -12.4 -0.8 -5.6 -0.7 -25.8 -28.6 -38.3 -0.8 5.6 -25.6 20.5 6.8 0.3 -0.8 -7.6 -29.6 1.3 0.4 0.6 -0.8 5.7 -62.3 7.3 2.4 -12.2 -0.8 -26.1 22.6 -9.2 -3.1 9.5 -0.8 28.6 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables -16.5 -169.6 35.3 -31.2 11.1 105.7 -12.8 83.8 -0.0 83.6 0.8 136.5 0.8 193.0 0.8 170.0 0.8 138.6 0.8 44.4 0.8 52.5 29 30 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other -347.3 262.6 11.0 -0.1 -1.1 -619.7 104.5 269.7 -4.0 0.0 -9.3 -152.0 518.5 303.3 11.9 0.1 26.7 176.5 428.1 399.8 10.0 -0.0 8.4 10.0 542.6 365.8 7.4 0.0 2.6 166.8 543.5 333.2 -0.0 0.0 14.7 195.6 598.8 291.4 -6.2 0.3 56.1 257.2 698.2 368.7 7.3 -0.2 4.7 317.8 234.0 300.4 1.3 -0.1 0.8 -68.5 643.0 372.2 -2.6 0.1 -2.6 276.0 789.8 347.0 3.0 0.6 11.3 427.9 31 32 33 34 35 36 339.1 -248.5 487.8 894.4 1196.4 1090.0 949.6 1027.2 1273.6 1109.7 698.1 37 36.8 -212.7 -88.1 30.7 261.4 363.0 366.3 375.7 501.3 208.8 446.5 38 -334.3 -62.1 -277.4 -472.2 -399.5 -408.6 -256.2 -423.3 -452.8 -502.1 -426.8 39 371.2 -150.6 189.3 503.0 660.9 771.6 622.4 798.9 954.2 710.9 873.2 40 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 41 42 43 44 45 46 Commercial paper Municipal securities (5) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances (6) Mortgages 7.7 66.0 225.4 64.2 67.9 -60.1 -73.1 37.2 411.7 -234.0 -160.8 -131.6 24.5 33.2 438.6 -87.0 -90.4 -129.6 33.4 8.5 410.8 68.9 60.2 -78.8 14.0 15.2 579.6 80.4 -33.7 5.3 14.2 9.3 640.3 46.1 37.1 24.5 20.1 11.3 579.4 20.4 22.5 -31.2 -20.1 6.4 570.8 57.5 163.3 21.1 92.0 20.6 745.3 56.3 0.7 39.2 -35.2 -0.9 665.8 50.3 -38.0 69.0 72.1 2.1 662.0 34.2 117.6 -14.8 41 42 43 44 45 46 47 48 49 50 51 52 53 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Claims of pension fund on sponsor Other -225.2 3.1 524.3 189.6 14.7 123.0 196.9 -82.6 -3.3 50.0 104.6 -8.4 82.7 -128.9 156.3 7.2 412.4 157.0 15.4 -14.9 254.8 25.2 8.8 829.6 195.2 3.0 -12.5 644.0 83.2 2.3 849.5 165.1 -0.9 50.1 635.2 118.1 -10.1 619.0 170.0 -1.0 54.9 395.1 137.8 -17.1 462.6 96.4 0.8 48.9 316.5 120.2 -22.2 553.5 143.5 0.4 36.4 373.3 143.1 -5.4 634.5 196.9 -1.1 50.2 388.4 71.1 4.3 825.5 243.3 -3.9 84.1 502.0 118.6 -40.3 173.4 255.3 -0.8 32.6 -113.6 47 48 49 50 51 52 53 977.8 -124.6 286.8 853.2 858.0 593.5 522.6 553.2 746.8 551.1 418.5 54 153.0 -270.4 -235.0 -220.4 -115.2 -138.0 -203.9 -196.6 -23.0 -128.6 -77.4 55 54 55 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, June 5, 2014 F.103 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving = consumption of fixed capital 254.5 253.0 251.8 256.8 264.5 275.4 270.8 273.8 276.7 280.2 283.8 1 2 Gross saving less net capital transfers paid (1) 257.8 259.0 259.6 258.4 269.5 275.4 270.8 273.8 276.7 280.2 283.8 2 3 Gross investment 257.8 259.0 259.6 258.4 269.5 275.4 270.8 273.8 276.7 280.2 283.8 3 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 307.1 307.5 -0.4 240.2 248.8 -8.5 241.0 243.1 -2.2 255.8 258.5 -2.7 273.8 278.7 -4.9 326.8 293.1 33.6 312.1 281.6 30.5 323.7 291.5 32.2 335.9 297.4 38.5 335.3 301.9 33.5 329.0 302.4 26.6 4 5 6 7 Net lending (+) or net borrowing (-) -49.3 18.8 18.6 2.5 -4.3 -51.4 -41.3 -50.0 -59.2 -55.2 -45.1 7 8 Net acquisition of financial assets 97.2 -117.0 151.7 16.7 73.8 83.8 16.3 107.9 100.0 111.0 51.5 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 3.8 -1.2 1.0 14.9 -4.8 -1.7 -2.8 2.9 3.1 -2.3 3.9 0.8 14.6 5.1 1.1 9.7 9.1 2.0 0.4 2.5 0.5 13.0 11.5 2.5 11.9 10.7 2.3 13.4 11.8 2.5 5.3 5.9 1.3 9 10 11 12 Credit market instruments -10.9 -6.7 6.6 1.0 1.4 2.5 0.7 3.1 2.9 3.2 1.6 12 -7.5 -0.4 -3.0 0.0 -5.7 0.2 -1.2 0.0 1.9 0.5 4.2 0.0 0.5 0.1 0.5 0.0 0.7 0.1 0.6 0.0 1.2 0.1 1.1 0.0 0.3 0.0 0.3 0.0 1.5 0.2 1.4 0.0 1.4 0.2 1.3 0.0 1.6 0.2 1.4 0.0 0.8 0.1 0.7 0.0 13 14 15 16 -3.0 107.5 3.4 1.2 102.9 -26.3 -92.5 -9.8 -0.0 -82.7 37.0 104.8 29.7 0.4 74.7 5.8 7.5 -11.6 0.3 18.8 7.6 44.1 15.1 0.2 28.9 13.6 47.0 -5.6 0.6 52.0 3.7 8.5 -7.6 -0.2 16.3 17.2 60.7 -3.1 1.1 62.8 16.1 56.2 -5.1 1.0 60.3 17.7 62.5 -6.5 0.5 68.5 8.9 28.5 -2.5 1.1 29.9 17 18 19 20 21 146.6 -135.8 133.1 14.2 78.2 135.2 57.6 157.9 159.2 166.2 96.6 22 325.4 -97.1 -19.5 42.7 91.1 130.3 2.3 185.1 159.6 174.1 119.8 23 119.5 12.3 193.6 -102.0 -5.3 10.2 -16.8 4.7 -7.3 56.7 0.6 -14.6 85.7 9.3 -3.9 49.9 5.2 75.2 35.0 -16.4 -16.3 60.3 21.2 103.6 43.0 6.6 110.0 61.4 9.4 103.3 61.9 -12.1 70.1 24 25 26 5.7 6.7 114.1 16.8 -6.3 32.8 30.3 -0.7 -50.6 7.9 1.2 34.5 1.3 2.1 18.3 7.6 3.7 13.4 17.4 1.0 14.4 -0.7 4.6 7.1 7.3 4.3 23.0 6.5 4.8 9.2 9.2 2.4 -4.9 27 28 29 -305.3 -82.0 173.6 -72.1 -34.7 -19.8 22.4 -38.2 -35.1 -28.4 -29.9 30 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other Net increase in liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages 27 28 29 Trade payables Taxes payable Miscellaneous liabilities 30 Proprietors’ net investment (1) Net capital transfers paid from table F.9, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. Flows 2008 22 Z.1, June 5, 2014 F.104 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 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 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1909.1 1919.2 1998.5 2029.9 2039.4 2099.2 2078.7 2110.8 2103.2 2104.2 2132.0 1 333.5 947.9 47.4 18.7 105.7 477.8 -22.0 287.8 934.8 45.6 18.6 87.8 566.1 -21.4 297.6 960.4 47.7 18.1 82.6 612.0 -19.8 327.0 988.5 50.7 18.3 80.0 581.8 -16.5 348.8 1004.9 51.4 17.5 78.5 552.6 -14.3 375.7 1026.5 54.8 17.5 81.4 558.6 -15.3 377.1 1021.9 54.5 17.3 80.2 542.7 -14.9 393.1 1020.2 56.0 17.4 80.9 558.4 -15.2 365.6 1029.7 54.0 17.6 81.9 569.9 -15.5 366.9 1034.4 54.7 17.9 82.7 563.2 -15.7 374.5 1039.8 51.6 18.4 83.5 580.2 -15.9 2 3 4 5 6 7 8 2074.1 2191.2 2235.8 2243.0 2292.1 2320.2 2308.5 2308.4 2329.2 2334.5 2369.3 9 1488.7 455.4 127.0 3.0 1508.4 492.6 188.8 1.4 1518.3 523.8 192.1 1.6 1517.4 532.0 192.9 0.5 1536.4 544.3 211.0 0.5 1548.1 561.4 210.1 0.5 1543.0 552.3 212.7 0.5 1541.4 555.9 210.6 0.5 1550.8 568.9 209.0 0.5 1557.3 568.6 208.1 0.5 1568.5 592.4 207.9 0.5 10 11 12 13 -165.1 -271.9 -237.3 -213.1 -252.7 -220.9 -229.8 -197.6 -226.0 -230.3 -237.3 14 200.2 -63.2 208.2 -67.7 212.7 -76.7 221.7 -73.9 231.4 -74.1 237.6 -70.9 234.9 -71.3 236.6 -68.6 238.3 -74.9 240.6 -68.7 242.3 -69.5 15 16 14 Net saving, NIPA basis 15 16 + Consumption of fixed capital - Net capital transfers paid (2) 17 = Gross saving less net capital transfers paid 98.3 4.0 52.2 82.5 52.8 87.5 76.4 107.6 87.2 78.9 74.5 17 18 Gross investment 50.1 -65.9 49.1 34.1 85.2 66.6 80.9 112.3 10.3 62.9 50.9 18 358.8 13.8 363.0 12.3 351.9 10.6 337.2 10.1 334.9 10.2 331.5 9.5 326.1 9.8 327.8 9.6 335.6 9.4 336.3 9.2 326.6 9.0 19 20 -322.5 -441.2 -313.3 -313.3 -259.9 -274.3 -255.0 -225.1 -334.6 -282.7 -284.7 21 19 20 Fixed investment Nonproduced nonfinancial assets 21 Net lending (+) or net borrowing (-) 22 -102.9 14.4 70.1 -16.8 69.0 21.9 170.1 70.9 -90.5 -62.9 56.3 22 23 24 Net acq. of financial assets Checkable deposits and currency Time and savings deposits 8.5 18.5 19.2 9.7 5.7 -6.3 16.8 15.2 -9.0 19.2 6.5 12.7 13.2 16.3 -11.8 -7.3 28.8 30.3 -4.3 11.4 11.6 20.5 23 24 25 26 Money market fund shares Security repurchase agreements 2.6 -12.1 9.8 -4.3 13.7 -1.4 3.4 -3.6 5.4 4.7 4.9 4.3 14.5 12.0 10.1 8.5 -3.6 -2.4 -1.6 -0.8 7.7 6.6 25 26 27 Credit market instruments -96.5 -34.1 64.1 -50.4 31.6 -27.4 83.8 44.2 -158.1 -79.4 -5.8 27 -22.0 -46.5 -18.4 -39.1 -17.4 9.7 13.0 6.8 22.5 -11.2 -32.7 -7.8 -7.2 39.2 -10.0 -7.8 -14.3 -12.6 -2.6 37.4 17.9 -5.3 26.1 3.2 -12.2 -93.5 -38.9 -11.1 -27.2 -32.5 -6.6 -8.4 -4.5 28 29 30 0.4 -5.7 -4.3 1.0 3.3 8.4 1.4 7.4 13.0 0.3 -0.8 1.8 0.3 3.3 6.0 0.2 2.7 4.4 1.0 12.9 17.3 0.7 8.2 11.3 -0.5 -6.2 -6.7 -0.3 -4.1 -4.2 0.5 5.6 7.6 31 32 33 -7.9 -0.7 -2.3 1.7 -0.2 2.8 -2.6 0.2 1.8 0.9 1.4 0.7 6.9 3.5 4.4 2.3 -3.3 -1.7 -2.2 -1.1 3.0 1.5 34 35 -15.4 5.2 -5.3 -4.6 -5.8 25.2 13.1 1.1 -22.4 2.3 2.2 -0.3 5.7 2.1 6.5 8.8 3.7 6.2 8.7 -1.2 12.4 11.2 -0.5 9.7 9.1 9.6 0.8 6.2 6.8 2.0 7.0 -3.8 8.1 36 37 38 219.6 455.7 383.5 296.5 328.9 296.2 425.1 296.1 244.1 219.8 341.1 39 28 29 30 Open market paper Treasury securities Agency- and GSE-backed securities 31 32 33 Municipal securities Corporate and foreign bonds Mortgages 34 35 Corporate equities Mutual fund shares 36 37 38 Trade receivables Taxes receivable Miscellaneous assets 39 Net increase in liabilities 40 Credit market instruments 17.9 113.0 69.5 -52.7 -5.3 -38.9 73.0 32.8 -116.5 -144.8 -20.3 40 41 42 43 44 Municipal securities Short-term (3) Long-term U.S. government loans 17.1 4.6 12.5 0.8 112.2 7.8 104.4 0.8 68.7 -0.7 69.3 0.9 -53.6 -10.6 -42.9 0.9 -5.7 3.8 -9.4 0.4 -39.4 -10.9 -28.6 0.5 71.7 -4.4 76.0 1.3 33.0 8.6 24.4 -0.2 -116.9 -19.4 -97.5 0.5 -145.4 -28.3 -117.2 0.6 -20.5 -7.0 -13.6 0.2 41 42 43 44 38.6 163.0 38.9 303.7 38.5 275.4 38.4 310.7 39.1 295.0 39.6 295.5 39.2 312.8 39.3 224.0 39.9 320.6 40.1 324.6 40.0 321.4 45 46 48.2 69.9 3.1 48.4 -32.4 20.9 -4.6 -4.7 76.9 16.1 23.6 47 45 46 47 Trade payables Claims of pension fund on sponsor (4) Discrepancy (1) Data for employee retirement funds are shown in table F.118. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 23 Z.1, June 5, 2014 F.105 Federal Government 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 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 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2505.7 2230.1 2391.7 2516.7 2663.0 3040.6 2900.1 3166.9 2975.8 3119.5 3092.2 1 1101.7 94.0 233.7 18.8 974.4 33.9 48.6 0.8 857.2 91.4 200.4 14.8 950.8 48.5 66.2 0.7 893.8 96.8 298.7 15.7 970.9 54.6 64.4 -3.1 1077.0 108.6 294.2 16.3 904.3 57.4 66.1 -7.3 1149.2 118.0 351.0 17.8 937.8 52.9 49.7 -13.4 1282.8 120.2 329.5 19.9 1093.8 164.5 54.6 -24.7 1252.0 118.8 321.0 19.2 1081.7 74.1 53.9 -20.6 1275.7 118.6 328.7 19.4 1091.2 299.6 57.4 -23.8 1292.0 119.3 329.3 20.0 1096.7 93.4 51.0 -25.9 1311.6 123.9 338.9 20.8 1105.6 191.0 56.3 -28.6 1323.8 132.7 368.0 21.7 1121.1 104.2 50.3 -29.6 2 3 4 5 6 7 8 9 3140.8 3479.9 3721.3 3764.9 3772.7 3792.9 3753.2 3820.1 3825.7 3772.5 3821.2 10 879.8 1407.4 416.0 388.0 49.6 933.7 1624.9 510.7 353.6 56.9 1003.9 1726.6 555.9 380.6 54.3 1008.7 1745.3 529.0 422.6 59.4 1011.7 1790.5 493.1 420.6 56.8 971.0 1856.7 492.6 414.4 58.2 982.3 1848.1 479.2 386.1 57.5 976.0 1849.0 498.1 438.4 58.5 972.4 1862.8 509.2 422.7 58.6 953.4 1866.8 483.8 410.1 58.2 959.0 1883.7 504.8 417.4 56.3 11 12 13 14 15 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 -752.3 -853.1 -653.1 -850.0 -653.0 -728.9 16 226.3 -0.6 4.8 49.9 234.5 0.5 5.0 64.4 245.3 -1.7 4.9 84.8 256.5 -0.4 4.4 81.4 262.3 -1.4 4.6 79.9 267.5 -1.2 5.3 58.7 265.6 -1.9 5.3 65.8 266.8 -0.4 5.3 58.4 267.8 -2.7 5.3 61.5 269.9 -0.0 5.4 49.1 270.9 -2.0 5.5 56.4 17 18 19 20 16 Net saving, NIPA basis 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 21 = Gross saving less net capital transfers paid -462.9 -1085.1 -1172.2 -1077.2 -930.5 -547.5 -656.7 -449.6 -646.3 -437.6 -518.0 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -533.6 275.8 -20.4 -1023.2 284.0 -8.9 -1117.8 300.0 -1.0 -1061.0 295.4 -0.9 -850.3 284.0 -1.4 -432.9 274.8 -1.0 -859.9 272.7 -0.6 66.2 276.6 -0.8 -463.8 278.8 -1.1 -474.0 271.3 -1.3 -607.1 262.1 -1.3 22 23 24 -789.0 -1298.3 -1416.7 -1355.5 -1133.0 -706.7 -1131.9 -209.6 -741.5 -743.9 -867.9 25 580.0 237.8 281.1 -154.8 116.4 172.5 139.9 208.7 -81.5 422.9 74.6 26 4.2 313.1 -1.3 93.4 54.4 0.0 6.0 13.5 19.5 256.3 4.2 -62.0 -28.0 51.9 -174.2 0.3 309.1 142.0 0.6 66.0 12.6 87.9 0.6 -21.1 35.9 35.4 1.6 148.9 0.1 83.6 -47.2 0.3 3.5 -6.2 133.1 24.1 -0.7 27.1 -3.5 16.2 -257.6 -0.3 19.1 -118.1 -0.1 4.8 4.1 128.5 40.3 4.8 20.8 1.9 4.3 6.7 0.2 105.0 -31.1 -0.2 2.5 1.6 132.1 -13.2 2.6 11.9 -1.0 -3.3 69.6 -0.5 125.4 0.0 -0.1 8.5 4.0 113.1 -4.8 -1.5 -18.0 5.6 3.3 -8.2 -1.7 165.3 0.0 -0.2 10.1 7.2 148.2 -5.2 -14.1 -2.4 2.7 -1.0 130.2 0.9 125.1 0.0 -0.1 8.5 -0.5 117.2 -2.8 14.4 -46.5 -11.6 -4.2 -188.9 0.2 109.1 0.0 -0.1 7.7 3.7 97.7 -10.3 -4.3 1.7 15.3 -11.2 345.3 -1.3 102.2 0.0 -0.0 7.5 5.5 89.2 -1.1 -2.1 -24.9 16.0 -14.4 -35.9 -0.1 149.0 0.0 -0.0 6.6 1.9 140.5 -0.6 -7.5 -24.2 8.2 27 28 29 30 31 32 33 34 35 36 37 38 39 1369.0 1536.1 1697.8 1200.7 1249.4 879.3 1271.8 418.4 660.0 1166.8 942.6 40 0.0 0.0 -0.8 1239.2 -2.4 861.6 379.7 0.2 0.0 22.6 1.0 107.1 63.3 17.6 26.2 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 97.0 61.9 15.6 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 6.3 0.9 110.7 65.7 20.2 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 9.4 1.3 122.1 70.8 19.2 32.1 0.0 0.0 0.0 1140.2 -2.8 107.0 1036.3 -0.4 0.0 15.2 0.3 93.7 40.4 48.2 5.0 0.0 0.0 -0.4 759.1 -3.3 -35.9 798.7 -0.4 0.0 18.3 0.3 102.0 98.2 -9.7 13.4 0.0 0.0 0.0 1168.7 -2.5 646.7 525.5 -1.0 0.0 2.8 0.2 100.1 229.9 -141.3 11.5 0.0 0.0 0.0 299.9 -3.7 -880.3 1182.6 1.3 0.0 31.7 0.8 86.1 -272.6 361.1 -2.5 0.0 0.0 -1.4 174.1 -3.3 -160.7 337.5 0.5 0.0 25.4 -0.5 462.3 -110.3 605.7 -33.0 0.0 0.0 0.0 1393.6 -3.6 250.6 1149.1 -2.4 0.0 13.3 0.5 -240.6 545.9 -864.1 77.7 0.0 0.0 0.0 873.6 -2.9 238.7 639.8 -1.9 0.0 -4.0 -0.0 73.1 142.2 -53.6 -15.5 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 70.6 -61.9 -54.5 -16.2 -80.2 -114.7 203.2 -515.8 -182.5 36.4 89.1 56 308.6 -173.2 148.9 -258.0 7.5 69.6 -54.7 227.7 -185.3 290.4 -79.8 57 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 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acq. of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities Nonmarketable securities held by pension plans (5) Claims of pension fund on sponsor Other Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) 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. (6) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 24 Z.1, June 5, 2014 F.106 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2008 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 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 3378.4 2556.4 683.8 138.3 2608.7 1976.0 496.5 136.1 3018.1 2362.0 514.1 142.0 3360.9 2669.9 542.1 149.0 3453.5 2743.1 565.7 144.6 3479.1 2757.2 569.5 152.5 3465.5 2737.3 575.9 152.4 3474.6 2747.9 570.1 156.6 3480.4 2766.0 559.1 155.3 3496.0 2777.5 572.9 145.6 3538.8 2801.9 590.7 146.2 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2699.9 1843.1 856.8 2227.5 1583.8 643.7 2563.5 1843.5 720.0 2904.0 2101.1 802.8 3014.5 2195.9 818.6 3087.2 2259.9 827.3 3027.5 2214.2 813.3 3055.9 2238.9 817.0 3087.8 2265.8 822.0 3177.4 2320.6 856.8 3125.6 2300.1 825.4 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) 5.4 673.1 -0.6 381.7 -0.7 455.2 -1.6 458.6 6.6 432.4 -0.4 392.4 -0.4 438.5 -0.4 419.1 -0.4 393.0 -0.4 319.0 -0.4 413.6 8 9 Gross investment Nonproduced nonfinancial assets 736.6 -0.0 230.9 0.0 437.9 -0.0 550.4 -0.1 446.3 0.0 351.5 0.7 170.3 -0.0 266.0 0.0 273.3 1.1 696.4 1.6 582.9 0.4 10 11 10 11 12 Net lending (+) or net borrowing (-) 736.6 230.9 437.9 550.5 446.3 350.8 170.3 266.0 272.2 694.8 582.5 12 13 Net acquisition of financial assets 569.9 236.5 1196.8 1108.4 696.8 972.3 904.2 1695.2 209.9 1079.9 1135.9 13 14 15 16 17 18 19 20 21 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements Credit market instruments 0.0 0.0 355.4 64.0 78.5 23.7 -580.4 377.2 0.0 47.6 -201.9 -9.2 -73.2 7.2 -42.7 123.5 0.0 0.0 -61.8 29.5 9.0 -7.1 74.2 623.7 0.0 0.0 213.9 81.8 47.2 24.9 123.3 239.6 0.0 0.0 -136.0 68.3 37.1 20.2 2.6 449.7 0.0 0.0 290.1 49.5 48.7 64.3 56.4 546.4 0.0 0.0 382.0 10.7 -4.1 9.3 221.8 561.4 0.0 0.0 1133.6 33.2 26.0 203.5 -117.4 87.7 0.0 0.0 -161.6 89.5 81.9 15.4 10.4 512.3 0.0 0.0 -193.6 64.5 90.8 29.0 110.6 1024.3 0.0 0.0 193.2 113.4 46.7 -1.0 191.9 612.9 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Miscellaneous assets Foreign direct investment in U.S. (5) Other -45.1 711.6 548.7 162.9 -228.6 -31.3 -197.3 5.9 -21.8 -44.7 105.8 -2.7 6.5 141.9 310.1 -168.2 -41.4 554.4 569.9 -15.5 -226.0 -169.5 -56.6 7.7 -127.3 -44.0 154.9 57.2 6.6 166.5 150.4 16.1 -0.5 740.4 442.0 298.3 -72.3 -96.0 23.8 13.1 -36.8 -20.2 74.6 111.5 19.8 323.5 205.9 117.7 0.7 357.9 169.8 188.0 -41.6 -29.5 -12.1 -1.4 -109.9 33.9 -38.7 147.5 17.7 251.2 230.2 21.0 3.4 589.5 433.2 156.4 -71.8 -126.0 54.2 -2.4 -16.9 -52.2 29.9 182.0 11.5 31.7 166.4 -134.8 2.0 437.7 235.5 202.2 -87.9 -27.2 -60.8 1.7 201.6 -8.7 -55.4 -99.1 9.8 61.7 193.4 -131.7 35.0 531.6 435.5 96.1 -167.4 -88.1 -79.3 -5.5 157.9 9.7 3.1 -95.2 17.4 -202.2 119.9 -322.0 -15.0 65.5 -35.4 100.9 -137.4 -40.1 -97.4 11.7 137.1 25.9 -126.9 -207.6 21.0 641.9 163.7 478.2 -51.4 251.1 34.6 216.5 89.5 81.1 8.3 8.7 269.5 -55.0 284.0 -72.3 14.4 -564.2 217.3 -781.5 39.4 902.8 507.4 395.4 -136.4 -61.7 -74.8 -8.0 242.0 -15.5 -381.9 -21.3 -13.6 371.2 272.6 98.6 9.1 378.6 23.9 354.7 -123.6 -62.0 -61.6 17.8 275.8 55.2 364.2 -17.5 44.6 -412.3 282.3 -694.6 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 -166.7 5.7 758.9 557.9 250.5 621.5 733.9 1429.2 -62.3 385.2 553.4 38 39 40 41 U.S. official reserve assets U.S. private deposits Security repurchase agreements 4.8 -394.3 -366.3 52.3 -110.7 55.7 1.8 -9.3 200.3 15.9 -46.3 71.6 4.5 -30.2 39.7 -3.1 55.9 -108.8 3.5 96.8 -70.5 -0.8 315.3 -159.8 -4.0 -20.1 49.0 -11.1 -168.6 -254.0 -14.3 -159.7 217.4 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Credit market instruments Commercial paper Bonds Depository institution loans n.e.c. Official Banks Other Other loans and advances Foreign corporate equities (6) Trade payables Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Investment by holding companies Other -216.2 -71.0 -158.8 15.1 1.7 5.4 8.0 -1.5 -38.5 -9.9 853.7 1.4 529.8 329.1 -9.1 2.6 208.1 59.4 163.3 -14.8 -0.0 -5.2 -9.6 0.3 63.7 6.1 -269.5 1.7 -543.3 310.4 23.5 -61.7 81.4 -2.7 59.9 24.0 2.1 15.6 6.3 0.2 79.1 25.8 379.7 2.3 -10.1 301.1 10.6 75.8 128.9 -53.5 137.7 43.2 -1.2 16.8 27.6 1.4 6.0 -32.2 414.1 2.6 99.7 409.0 30.6 -127.8 126.2 27.9 62.2 30.4 0.8 0.6 29.1 5.7 82.6 6.3 21.5 2.4 -91.0 388.3 -51.5 -226.8 238.4 34.0 162.7 39.1 1.0 20.0 18.1 2.7 226.2 -8.6 221.6 2.2 -8.9 359.6 -29.0 -102.4 393.3 120.7 239.8 33.3 -0.1 23.0 10.4 -0.4 295.3 -0.3 15.7 0.1 -3.8 333.1 89.8 -403.5 45.9 13.7 3.9 24.9 -0.4 17.1 8.2 3.5 313.6 6.8 908.2 8.3 -25.3 384.6 -146.0 686.4 95.6 -26.6 77.7 41.0 2.1 25.1 13.8 3.5 91.4 3.4 -277.6 0.1 -4.5 372.9 106.5 -752.6 418.6 28.1 329.3 57.0 2.2 14.8 40.0 4.1 204.5 -44.2 239.9 0.3 -1.9 348.0 -166.4 60.0 209.9 65.2 90.0 54.7 -2.7 6.1 51.4 -0.0 364.8 -46.3 -18.5 -2.8 0.6 351.6 40.4 -408.3 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 -63.4 150.8 17.3 -91.9 -13.9 40.9 268.2 153.1 119.7 -377.4 -169.3 58 -713.2 173.0 138.3 -678.5 -392.2 147.2 136.1 -381.2 -518.5 206.0 142.0 -454.5 -568.7 260.8 149.0 -457.0 -547.2 252.8 144.6 -439.0 -497.3 257.8 152.5 -392.0 -523.1 237.4 152.4 -438.1 -509.0 246.8 156.6 -418.7 -500.2 262.9 155.3 -392.6 -456.9 284.0 145.6 -318.6 -501.8 234.8 146.2 -413.2 59 60 61 62 58 59 60 61 62 Net increase in liabilities Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus 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. 25 Z.1, June 5, 2014 F.107 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Gross saving less net capital transfers paid 38.6 350.7 384.5 333.2 331.2 289.5 395.1 131.2 374.5 257.3 289.8 1 2 Gross investment 34.8 195.5 139.5 212.8 305.4 386.4 444.3 505.2 981.6 -385.7 190.1 2 196.3 0.1 196.2 167.5 0.7 166.9 166.8 4.0 162.8 181.7 6.5 175.2 198.7 5.3 193.4 220.0 14.7 205.2 249.5 46.3 203.1 205.5 2.3 203.2 199.0 -6.6 205.6 225.9 17.0 208.9 204.0 -3.6 207.6 3 4 5 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 6 Net lending (+) or net borrowing (-) -161.5 28.0 -27.3 31.1 106.7 166.4 194.9 299.7 782.6 -611.5 -13.9 6 7 Net acqisition of financial assets 4254.3 -1235.3 34.8 2217.2 1980.4 3537.8 4373.5 2923.5 4228.1 2626.2 3238.9 7 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.6 0.0 -0.0 -14.6 1351.5 0.3 3.0 4.0 11.6 -349.5 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -62.9 603.0 0.2 0.0 0.6 0.4 -64.1 0.2 0.0 0.7 -9.6 760.1 0.2 0.0 0.9 21.8 1170.7 0.2 0.0 0.7 -46.7 887.0 0.2 0.0 0.7 -3.2 899.4 0.1 0.0 0.6 -10.2 83.3 0.1 0.0 1.0 -57.3 765.6 8 9 10 11 12 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 66.5 121.7 283.6 -498.1 -30.2 128.7 -174.6 -495.4 -32.3 -108.9 -172.5 270.8 37.1 -47.0 -71.4 117.8 11.1 13.3 -35.0 264.8 -3.3 83.1 -106.1 -375.6 16.4 -16.1 -189.7 -562.0 -19.5 93.8 -215.3 -468.8 55.2 294.4 77.6 -126.9 -65.4 -39.6 -97.0 -344.6 -84.1 36.3 -101.4 -28.4 13 14 15 16 17 Credit market instruments 2263.7 -745.8 14.5 1234.4 1257.1 1908.5 2053.0 1744.4 1663.2 2173.3 1952.8 17 18 19 20 21 22 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -8.1 441.4 725.3 42.2 -23.3 -396.8 365.6 681.3 38.4 38.3 -103.3 502.9 52.6 44.1 272.1 -75.9 974.8 159.4 13.4 220.2 -4.5 299.8 219.9 137.9 395.5 38.4 547.3 427.8 6.6 405.6 99.8 706.1 641.7 98.1 507.2 24.5 326.7 419.0 6.4 272.3 32.2 260.6 231.4 -38.0 472.6 -3.1 896.0 419.1 -40.1 370.2 63.4 868.4 194.6 63.6 403.7 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 699.9 145.5 231.3 9.6 -758.5 -463.8 -66.6 -183.7 -92.2 -209.7 -315.4 -136.7 146.6 -30.9 -155.1 -17.9 186.1 38.7 -60.9 44.7 186.1 121.1 102.8 72.8 76.0 27.0 -135.7 32.7 219.4 279.5 135.8 60.9 181.6 119.3 309.0 94.6 267.5 58.6 102.1 103.1 280.3 58.0 -19.0 39.7 23 24 25 26 225.8 51.1 166.1 63.5 86.1 12.1 -64.1 -59.6 81.4 7.0 189.1 19.3 20.5 34.8 126.9 10.4 231.6 41.8 377.4 -10.0 58.4 39.6 27 28 -14.9 -173.3 -38.0 30.3 -8.6 81.4 -0.8 -8.3 -1.6 55.7 -2.2 45.9 3.9 44.1 -5.1 -29.6 0.4 55.0 -8.0 114.0 23.8 69.0 29 30 8.2 -19.0 7.3 531.3 14.7 375.0 1.4 1026.4 9.7 1765.2 5.9 839.4 -28.5 1067.2 18.3 433.9 14.9 548.6 31 32 27 28 Corporate equities Mutual fund shares 29 30 Trade receivables Security credit 31 32 Life insurance reserves Miscellaneous assets 5.3 585.3 2.8 187.7 33 Net increase in liabilities 4415.8 -1263.3 62.0 2186.1 1873.7 3371.4 4178.6 2623.8 3445.5 3237.7 3252.8 33 34 Net interbank liabilities 1751.8 -536.9 -142.8 820.5 -194.5 1107.0 1847.5 2005.3 535.7 39.6 1031.8 34 35 36 37 38 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 568.4 342.4 724.2 -1377.1 -7.9 343.7 -498.7 -377.0 266.3 115.6 -503.2 413.7 234.5 404.1 -112.8 251.4 267.7 520.4 7.1 250.6 332.6 409.1 28.7 -502.4 294.2 124.3 -142.8 -674.3 68.8 417.8 85.0 -677.4 162.3 834.1 270.2 -254.2 805.2 260.3 -97.8 -403.8 224.6 724.1 -91.1 132.6 35 36 37 38 39 Credit market instruments 40 41 42 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 43 44 45 Depository institution loans n.e.c. Other loans and advances Mortgages 46 47 Corporate equities Mutual fund shares 48 49 Trade payables Security credit 50 51 Life insurance reserves Pension entitlements 52 53 54 Taxes payable Equity in noncorporate business Miscellaneous liabilities 55 Discrepancy 978.4 -1663.3 -900.1 -339.8 -415.8 211.0 -67.0 61.4 62.3 787.4 -319.4 39 -125.4 768.7 -201.4 -448.1 -60.1 -448.4 -102.2 -46.9 -544.6 -68.2 -21.9 -235.8 -58.8 -22.4 -221.7 -48.9 239.9 -87.0 -12.4 182.0 -299.5 -15.7 225.6 -313.5 -127.2 198.5 12.0 -40.4 353.6 253.1 -51.5 -253.7 -25.3 40 41 42 496.4 33.3 6.8 -435.9 -282.6 11.8 -62.5 -144.7 0.8 32.6 -60.0 13.5 -121.2 3.5 4.8 20.9 78.3 7.8 -4.2 46.5 20.6 34.0 126.3 4.6 -68.7 62.0 -14.3 122.6 78.4 20.2 -15.8 19.1 7.8 43 44 45 639.2 -9.9 316.4 497.1 191.4 370.1 164.1 338.4 168.1 624.9 161.9 635.6 235.7 951.2 48.0 507.4 178.8 673.9 184.9 409.7 46.9 543.2 46 47 -24.7 -192.2 48.9 -43.5 -52.0 29.8 -3.8 31.9 -0.0 32.8 0.3 68.9 4.6 -26.2 1.0 193.5 -9.3 0.2 4.9 108.1 -6.0 32.0 48 49 64.2 540.2 26.3 413.5 13.6 598.3 79.9 484.9 -12.2 501.0 29.8 507.5 11.5 453.9 28.0 468.2 45.8 512.6 33.8 595.3 65.9 530.3 50 51 -133.6 11.6 166.5 6.1 0.6 267.2 13.0 0.9 -152.3 10.7 -1.7 -104.6 6.9 6.5 150.0 17.7 -2.3 257.3 43.4 -5.3 1057.3 -68.3 1.3 -676.1 36.3 -16.1 461.9 59.3 10.9 185.9 42.8 -2.6 515.0 52 53 54 3.8 155.2 245.0 120.4 25.8 -96.9 -49.2 -374.0 -607.1 642.9 99.8 55 (1) Sum of financial sectors shown on tables F.108 and F.110 through F.130. Flows 2008 26 Z.1, June 5, 2014 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 3.0 -0.8 -8.6 -0.3 -17.6 -1.3 -1.6 -1.2 -1.2 -1.1 -1.0 1 2 Fixed nonresidential investment 0.6 0.7 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 2 3 Net acquisition of financial assets 1319.3 -3.4 186.0 494.0 7.7 1118.8 1211.2 1116.3 1022.7 1125.2 922.1 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.6 0.0 -0.0 0.3 3.0 4.0 0.3 0.0 0.9 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.9 0.2 0.0 0.7 0.2 0.0 0.7 0.1 0.0 0.6 0.1 0.0 1.0 4 5 6 7 Federal Reserve float (2) -1.5 -0.6 0.7 0.8 0.1 -0.5 -0.4 -0.5 0.6 -1.6 1.7 7 511.1 495.4 15.7 -463.1 -447.4 -15.7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 -0.2 -0.2 0.0 0.4 0.4 0.0 0.2 0.2 0.0 -0.4 -0.4 0.0 -0.2 -0.2 0.0 8 9 10 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 245.4 1001.6 271.5 376.5 34.5 1086.1 1134.2 1083.8 1023.6 1102.9 911.1 12 0.0 -264.7 -209.4 -55.3 19.7 0.0 19.7 0.0 300.7 0.0 300.7 1048.5 908.4 140.2 0.0 244.9 0.0 244.9 71.4 83.8 -12.4 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 0.0 575.2 0.0 575.2 559.7 577.1 -17.4 0.0 548.5 0.0 548.5 535.8 548.7 -13.0 0.0 522.5 0.0 522.5 501.7 535.8 -34.1 0.0 524.3 0.0 524.3 578.6 592.3 -13.7 0.0 498.9 0.0 498.9 412.3 451.8 -39.5 13 14 15 16 17 18 19 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 -347.6 47.5 0.0 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 -44.8 -22.8 0.0 0.0 -3.4 -2.2 -2.5 -4.4 -9.4 -67.6 -15.7 0.0 0.0 -21.0 -20.0 -6.7 -4.2 0.0 -29.9 -8.5 0.0 0.0 -4.9 0.0 -6.8 -9.8 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.7 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 24 25 26 27 28 0.0 530.2 529.7 0.5 25.1 -493.8 -543.5 49.6 1.3 7.8 -10.2 18.0 -26.4 142.9 99.7 43.1 0.0 -27.6 -90.9 63.4 0.0 32.3 -8.6 40.9 0.0 76.6 -3.3 79.9 0.0 31.6 -25.5 57.1 0.0 -2.6 -4.7 2.1 0.0 23.6 -1.0 24.5 0.0 8.3 0.5 7.8 29 30 31 32 1316.7 -8.0 185.1 493.7 7.3 1118.7 1210.4 1116.6 1022.9 1124.9 919.9 33 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 Credit market instruments 13 14 15 16 17 18 19 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 20 21 22 23 24 25 26 27 28 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III) (9) Funding corporations (CPFF) (10) 29 30 31 32 33 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Net increase in liabilities 34 35 Depository institution reserves Vault cash of depository institutions 839.2 2.7 117.0 -2.8 -8.9 -2.2 594.2 8.1 -71.2 7.1 758.0 2.6 1197.2 -25.8 891.6 -4.6 876.6 22.0 66.7 18.6 781.0 -16.9 34 35 36 Checkable deposits and currency 428.2 -117.6 185.0 -122.1 62.1 139.5 -16.8 313.7 -109.1 370.2 -25.8 36 349.3 0.0 90.0 259.3 -173.8 -0.0 80.5 -254.3 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 7.0 0.0 7.0 0.0 69.8 0.1 69.7 0.0 -52.3 0.3 -52.6 0.0 226.5 -0.4 226.9 0.0 -185.9 0.2 -186.1 0.0 290.8 0.3 290.5 0.0 -78.7 0.2 -78.9 0.0 37 38 39 40 1.3 19.4 58.2 1.0 14.0 41.2 0.9 -21.6 56.7 -3.2 51.1 85.0 6.3 -37.4 86.2 1.5 -1.3 69.5 11.0 -28.1 52.6 3.3 -2.7 86.6 -4.3 18.3 62.9 -3.9 7.3 76.0 -4.0 -60.3 117.1 41 42 43 37 38 39 40 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 41 42 43 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 44 Security repurchase agreements 44.4 -10.6 -18.0 40.2 7.3 208.7 -6.9 -41.2 249.0 634.1 100.4 44 45 46 47 Miscellaneous liabilities Federal Reserve Bank stock Other 2.2 2.6 -0.5 6.1 4.6 1.5 29.2 0.9 28.3 -26.7 0.4 -27.1 2.0 0.5 1.5 9.8 0.1 9.7 62.6 0.8 61.8 -43.0 -0.3 -42.7 -15.6 -0.2 -15.4 35.3 0.3 35.1 81.3 2.2 79.1 45 46 47 -0.2 -6.0 -10.0 -1.2 -18.6 -2.0 -2.9 -1.5 -1.6 -1.9 -3.7 48 48 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 27 Z.1, June 5, 2014 F.109 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Gross saving less net capital transfers paid (2) 35.2 90.9 142.9 76.1 27.5 126.9 151.8 89.2 127.2 139.5 109.3 1 2 Fixed nonresidential investment 33.0 29.7 24.7 24.0 25.7 30.7 30.6 30.4 30.8 31.3 30.3 2 3 Net lending (+) or net borrowing (-) 55.0 -302.5 -58.7 -35.3 -71.7 68.2 -74.0 340.2 442.6 -436.1 -46.9 3 4 Net acquisition of financial assets 1174.6 -686.6 -227.4 820.7 498.1 992.6 1181.5 1380.5 920.7 487.7 1564.3 4 5 6 7 Vault cash Reserves at Federal Reserve Federal funds and security repos 2.7 839.2 -125.1 -2.8 117.0 -308.1 -2.2 -8.9 20.9 8.1 594.2 22.5 7.1 -71.2 113.0 2.6 758.0 -98.7 -25.8 1197.2 -219.1 -4.6 891.6 -73.5 22.0 876.6 -3.7 18.6 66.7 -98.7 -16.9 781.0 85.6 5 6 7 8 Credit market instruments 434.9 -536.6 -139.5 249.9 476.7 297.0 168.3 242.2 195.5 582.2 746.0 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 15.3 -20.8 142.2 20.4 -39.3 -15.7 94.7 172.6 3.4 -137.8 0.0 103.0 138.5 29.3 -124.7 0.0 -46.7 133.6 46.8 4.3 0.0 86.6 49.7 68.0 -13.8 0.0 -35.1 42.4 55.1 -16.2 0.0 -69.7 160.0 58.7 -81.9 0.0 -147.2 68.8 65.7 -23.2 0.0 -89.7 -98.3 54.6 51.9 0.0 166.2 39.3 41.6 -11.6 0.0 156.9 49.7 35.5 -54.0 9 10 11 12 13 14 15 16 17 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 209.5 -0.2 38.3 69.7 -410.9 0.0 -179.4 -63.6 -47.4 0.0 -157.2 -81.0 214.1 0.0 -105.8 3.6 216.0 0.0 21.7 48.7 186.6 0.0 -10.7 74.9 76.7 0.0 -12.2 36.7 219.9 0.0 6.4 51.8 182.2 0.0 -0.8 95.6 267.5 0.0 -36.1 115.3 280.4 0.0 220.6 56.9 14 15 16 17 6.3 1.3 4.7 14.1 -0.5 -5.6 1.9 -0.5 2.4 -0.7 0.8 1.5 -2.1 3.8 -4.0 -9.7 1.3 5.1 8.1 6.9 -2.5 8.7 18 19 -12.7 6.4 -7.8 0.8 6.2 4.5 31.0 4.8 -9.2 7.4 10.4 -3.7 27.7 4.8 -8.4 4.7 10.3 -33.0 12.2 8.7 19.0 4.8 20 21 18 19 Corporate equities Mutual fund shares 20 21 Security credit Life insurance reserves 22 21.3 32.1 -102.1 -91.3 -27.4 24.7 26.8 342.2 -153.3 -117.0 -61.5 22 23 Net increase in liabilities 1119.5 -384.1 -168.7 856.1 569.8 924.4 1255.6 1040.3 478.1 923.7 1611.2 23 24 Net interbank liabilities 909.8 -651.1 -131.7 218.2 -130.3 346.5 676.1 1118.3 -362.9 -45.7 267.8 24 25 26 27 Checkable deposits Small time and savings deposits Large time deposits 140.2 524.8 -182.4 109.7 517.2 -173.6 81.3 298.3 -182.7 356.7 577.4 -173.3 205.6 539.6 -19.2 193.1 307.0 102.1 311.0 130.8 -6.4 -245.0 371.4 46.4 271.4 606.7 227.4 435.0 119.1 141.2 250.5 514.2 209.9 25 26 27 28 Federal funds and security repos -164.0 -133.9 6.7 -27.2 -32.0 -97.0 -112.2 -93.9 -103.3 -78.6 167.3 28 29 Credit market instruments 7.2 -306.3 -218.0 -52.4 -109.9 -31.5 -122.8 -14.4 -37.6 48.6 -21.0 29 0.0 0.1 7.1 0.1 -28.5 -278.0 -20.1 -49.2 -148.7 7.6 2.4 -62.5 -33.1 -82.3 5.6 -27.8 -74.9 71.2 -52.2 -114.0 43.5 -41.1 -93.6 120.3 -27.3 -75.3 64.9 9.3 -16.6 55.9 -5.2 -27.2 11.5 30 31 32 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 1.6 7.0 2.2 0.1 1.0 7.4 0.5 -52.9 2.6 24.1 4.9 21.9 2.5 31.3 33 34 -42.2 24.8 113.6 35.6 -216.2 234.8 16.6 166.8 -73.5 125.0 -41.1 12.4 33.4 -31.5 -55.4 -60.3 27.2 76.1 -33.7 -129.8 107.4 -2.4 101.2 -11.8 20.4 101.9 5.4 66.2 -2.5 32.9 370.7 7.7 110.7 67.7 184.7 -90.0 2.2 -100.8 -3.4 12.0 -150.3 6.2 70.2 -93.6 -133.0 277.3 5.4 184.6 19.2 68.0 188.7 6.4 134.4 1.5 46.4 35 36 37 38 39 -52.9 363.7 176.9 87.4 73.5 28.0 195.2 -281.4 -346.1 544.3 125.8 40 -1.7 -2.6 -0.8 -0.1 0.4 1.5 1.2 2.0 1.8 0.8 0.7 41 30 31 32 Miscellaneous assets Open market paper Corporate bonds Other loans and advances 33 34 Corporate equity issues Taxes payable (net) 35 36 37 38 39 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other 40 Discrepancy Memo: 41 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113). (2) Net capital transfers paid from table F.9, line 54. (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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2008 28 Z.1, June 5, 2014 F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q1 1 Gross saving less net capital transfers paid (1) 26.3 82.2 132.2 63.1 12.1 115.7 140.1 78.1 116.1 128.4 98.3 1 2 Fixed nonresidential investment 26.8 24.2 20.3 19.1 20.0 24.9 24.8 24.5 24.8 25.3 24.3 2 3 Net acquisition of financial assets 979.7 -489.2 -338.9 302.9 470.6 634.1 743.0 462.2 767.5 563.6 780.6 3 4 5 6 Vault cash Reserves at Federal Reserve Federal funds and security repos 2.7 597.7 54.9 -2.8 44.4 -308.2 -2.2 -85.6 0.7 8.1 222.9 -25.0 7.1 -0.2 61.1 2.5 454.4 -87.9 -25.8 730.3 -176.1 -4.7 80.4 -86.4 22.0 885.1 -80.0 18.6 121.7 -9.3 -16.9 233.5 -0.3 4 5 6 7 Credit market instruments 292.8 -280.4 -120.7 173.7 424.0 253.7 199.9 219.7 63.9 531.4 612.8 7 8 9 10 11 12 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 15.7 -23.7 136.2 153.9 0.0 19.8 0.0 -37.5 -15.7 68.1 168.0 -13.4 0.1 70.1 0.1 111.3 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -2.0 0.0 -26.1 47.7 40.8 8.5 -23.6 23.9 -1.9 0.0 -80.9 163.7 160.1 11.7 -31.4 19.5 3.7 0.0 -100.3 60.6 59.3 15.0 -45.9 27.3 4.9 0.0 -97.8 -101.1 -79.1 -1.9 -49.7 19.9 9.7 0.0 174.7 67.7 22.8 9.3 32.7 29.0 -26.1 0.0 155.5 54.9 22.0 7.2 44.9 12.8 -32.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 19.9 -63.2 -25.7 0.0 -43.3 0.0 5.9 2.4 25.1 6.6 1.1 -51.6 -3.8 72.9 30.3 -98.2 -9.7 -6.4 -70.6 -1.4 -10.2 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.3 67.8 -9.0 15.3 0.4 -20.8 4.1 -8.0 53.8 15.2 9.9 -1.2 -14.6 4.6 16.5 53.9 -13.7 3.7 -0.5 -18.8 4.4 -2.5 66.7 10.7 13.7 1.8 -19.9 2.5 12.7 50.0 50.1 13.1 -4.8 -6.0 4.2 43.6 44.8 13.6 9.2 -1.3 -13.8 7.2 12.2 36.2 -75.8 -3.4 -6.5 -19.3 5.9 -52.4 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 138.7 0.0 -0.9 70.1 -285.9 0.0 -178.1 -64.5 -36.3 0.0 -149.2 -70.3 163.6 0.0 -105.3 7.1 218.6 0.0 13.7 28.1 136.4 0.0 -26.3 52.9 76.8 0.0 -9.6 9.8 154.2 0.0 -5.2 32.9 117.6 0.0 -24.9 69.9 197.0 0.0 -65.5 99.1 232.4 0.0 189.3 20.1 23 24 25 26 6.3 1.3 4.7 14.8 -0.6 -5.8 2.0 -0.8 2.4 -1.1 0.8 1.6 -2.1 2.7 -4.0 -8.9 1.3 5.6 8.1 7.1 -2.5 8.6 27 28 -2.2 6.4 19.7 -3.4 0.8 40.9 3.2 4.5 -132.4 12.2 4.8 -95.0 -1.9 7.4 -28.1 7.9 -3.7 4.7 11.7 4.8 -2.3 15.6 4.7 245.7 8.3 -33.0 -105.7 -3.9 8.7 -119.1 21.9 4.8 -81.4 29 30 31 1009.9 -375.7 -250.1 370.0 536.7 634.8 761.6 155.4 647.5 974.6 963.1 32 27 28 Corporate equities Mutual fund shares 29 30 31 Security credit Life insurance reserves Miscellaneous assets 32 Net increase in liabilities 33 34 35 36 37 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 684.2 -1.5 511.1 71.0 103.6 -496.4 -0.6 -463.1 7.5 -40.2 -201.3 0.7 -96.4 -16.8 -88.8 -263.4 0.8 -0.0 40.8 -304.9 -114.2 0.1 -0.1 -29.5 -84.8 190.6 -0.5 0.0 38.5 152.5 375.5 -0.4 -0.2 156.5 219.6 243.4 -0.5 0.4 42.5 200.9 13.1 0.6 0.2 -126.5 138.7 130.4 -1.6 -0.4 81.6 50.8 95.9 1.7 -0.2 40.9 53.5 33 34 35 36 37 38 39 40 41 Checkable deposits Federal government Rest of the world Private domestic 137.9 -39.5 31.2 146.2 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.1 180.0 148.2 0.3 -2.1 150.0 260.1 -0.7 -22.7 283.4 -289.3 0.3 -23.0 -266.6 240.6 0.5 35.6 204.5 381.2 0.9 1.7 378.6 172.8 -1.0 0.3 173.5 38 39 40 41 42 43 44 Small time and savings deposits Large time deposits Federal funds and security repos 480.6 -63.9 -9.7 472.3 -335.7 -195.0 271.7 -133.8 -48.1 537.1 -13.2 -81.5 491.5 -9.1 -52.6 256.7 23.9 -84.7 107.7 -78.4 -90.5 308.8 34.0 -8.6 524.1 -10.5 -95.1 86.3 150.4 -144.7 532.9 -29.7 8.2 42 43 44 45 Credit market instruments -0.9 -292.2 -217.6 -50.5 -110.8 -33.5 -111.3 -19.4 -50.1 47.0 -22.6 45 0.2 0.1 -1.2 0.1 -28.5 -263.9 -20.1 -49.2 -148.3 7.6 2.4 -60.5 -33.1 -82.3 4.6 -27.8 -74.9 69.2 -52.2 -114.0 54.9 -41.1 -93.6 115.3 -27.3 -75.3 52.5 9.3 -16.6 54.3 -5.2 -27.2 9.8 46 47 48 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 1.6 7.0 2.2 0.1 1.0 7.4 0.5 -52.9 2.6 24.1 4.9 21.9 2.5 31.3 49 50 -144.4 113.6 -258.1 358.2 166.8 191.5 -8.9 33.4 -42.3 -94.9 76.1 -171.0 147.2 101.2 45.9 131.3 66.2 65.1 290.2 110.7 179.5 -61.1 -100.8 39.7 -1.2 70.2 -71.4 297.3 184.6 112.7 171.9 134.4 37.5 51 52 53 29.8 171.6 200.8 111.1 58.2 91.5 133.8 -253.2 -28.7 514.2 256.6 54 -1.7 -2.6 -0.8 -0.1 0.4 1.5 1.2 2.0 1.8 0.8 0.7 55 46 47 48 Open market paper Corporate bonds Other loans and advances 49 50 Corporate equity issues Taxes payable (net) 51 52 53 Miscellaneous liabilities Investment by holding companies Other 54 Discrepancy Memo: 55 Consumer leases not included above (2) (1) Net capital transfers paid from table F.9, line 54. (2) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 29 Z.1, June 5, 2014 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 2.2 2.2 2.2 2.8 3.3 3.4 3.4 3.4 3.4 3.5 3.5 1 2 Fixed nonresidential investment 2.6 2.3 1.9 2.3 2.9 3.0 2.9 3.0 3.0 3.1 3.0 2 3 Net acquisition of financial assets 156.5 -251.1 50.3 468.1 -15.8 316.5 378.9 850.6 151.1 -114.8 696.3 3 0.0 238.0 0.0 45.1 0.0 66.7 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 410.1 0.1 873.2 0.0 15.7 0.0 -61.9 -0.0 491.9 4 5 -177.5 103.4 0.1 -287.5 20.3 -24.4 31.7 42.5 58.2 5.8 -1.2 -7.2 1.9 -84.9 9.3 -39.1 72.7 74.7 -88.7 20.4 92.7 58.2 6 7 4 5 Vault cash Reserves at Federal Reserve 6 7 Federal funds and security repos Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 5.1 -6.5 0.0 32.2 0.0 22.0 -19.3 0.0 -157.8 0.0 3.5 -4.8 0.0 -9.4 0.0 -0.5 4.0 0.0 -1.4 0.0 16.1 1.5 0.0 -6.2 0.0 -9.6 -6.7 0.0 -34.1 0.0 11.8 -17.5 0.0 -74.3 0.0 -50.5 -6.4 0.0 -36.6 0.0 9.4 0.1 0.0 1.3 0.0 -8.9 -3.1 0.0 -27.0 0.0 -2.9 -11.5 0.0 16.6 8 9 10 11 12 13 14 15 Depository institution loans n.e.c. Other loans and advances Mortgages 67.6 -0.2 5.2 -126.0 0.0 -6.4 -11.3 0.0 -2.5 42.9 0.0 -2.6 -3.7 0.0 -1.9 43.8 0.0 -0.6 0.0 0.0 -4.9 54.8 0.0 -0.4 62.8 0.0 1.0 57.5 0.0 1.9 48.3 0.0 7.8 13 14 15 0.0 -10.4 0.0 -4.5 0.1 3.1 -0.0 18.8 0.0 -7.3 0.0 2.5 0.0 16.0 0.0 -24.0 0.0 2.0 0.0 16.0 0.0 -2.9 16 17 3.1 -4.4 -15.3 15.0 -0.3 13.1 35.8 31.1 -14.0 -0.6 56.3 18 16 17 Corporate equities Security credit 18 Miscellaneous assets 19 Net increase in liabilities 62.9 -76.0 32.4 470.1 -5.7 242.9 398.4 819.9 -171.4 -75.4 566.8 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 233.0 251.8 -18.8 -152.2 -161.7 9.5 30.7 27.0 3.7 504.6 518.8 -14.2 -1.9 -51.2 49.3 153.4 137.6 15.9 256.4 162.3 94.1 875.6 932.7 -57.1 -347.7 -300.4 -47.4 -170.6 -244.4 73.9 149.1 139.7 9.5 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 1.7 0.1 -120.0 2.6 4.4 148.0 5.7 5.8 -46.5 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 7.5 20.7 64.1 39.0 10.8 6.5 34.5 61.4 225.5 42.2 17.8 -11.8 35.7 -22.7 233.4 23 24 25 26 27 Federal funds and security repos Acceptance liabilities -156.7 -0.2 63.5 0.0 54.8 0.0 54.4 0.0 20.6 0.0 -12.3 0.0 -21.7 0.0 -85.4 0.0 -8.2 0.0 66.1 0.0 159.2 0.0 26 27 28 29 30 31 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 105.0 24.8 35.6 44.6 -142.3 16.6 -73.5 -85.3 -18.1 12.4 -31.5 1.1 37.3 27.2 -33.7 43.8 -38.1 -2.4 -11.8 -23.9 -27.8 5.4 -2.5 -30.7 71.3 7.7 67.7 -4.0 -26.6 2.2 -3.4 -25.5 -136.9 6.2 -93.6 -49.5 -19.1 5.4 19.2 -43.7 12.1 6.4 1.5 4.2 28 29 30 31 -94.0 175.0 -17.6 2.5 10.6 -73.2 19.9 -30.2 -322.1 39.8 -129.0 32 32 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). Flows 2008 30 Z.1, June 5, 2014 F.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Q3 2014 Q1 Q4 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -2.9 -7.3 -14.8 -4.1 0.0 8.8 0.7 23.8 7.8 3.0 -12.8 3 4 Flows Q2 5 6 7 8 9 10 11 12 13 Credit market instruments -1.9 -2.8 -19.3 -4.9 -0.1 0.3 -1.1 -0.1 -3.2 5.6 -0.3 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.6 -2.0 0.5 0.0 -0.7 -3.9 0.9 1.5 0.6 -7.7 -0.9 -1.4 -0.0 -8.0 0.9 3.6 -0.6 -2.2 -0.8 1.0 0.7 -0.8 0.9 0.6 -0.1 -0.7 0.2 1.6 0.1 -1.1 0.2 -0.2 0.8 -0.9 3.0 0.3 2.2 -0.4 0.3 0.6 0.6 -0.4 -0.6 2.5 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -1.7 1.4 0.4 -0.3 -0.3 -0.0 -3.3 -2.5 -4.0 1.1 -2.4 -0.1 1.0 2.3 -0.8 1.3 -1.1 -1.4 0.3 -0.3 -2.1 3.6 -3.0 0.3 1.8 -0.6 -7.7 -0.6 -0.6 4.0 -0.6 -2.0 0.2 9 10 11 -1.0 -4.5 4.5 0.8 0.2 8.6 1.8 23.9 11.1 -2.6 -12.5 12 -3.4 -1.1 -14.8 -3.1 -0.1 8.5 0.8 26.1 12.1 -4.8 -10.1 13 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -0.6 -1.1 1.1 1.1 -1.0 1.4 -2.9 -2.9 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -0.4 2.5 -0.1 -0.1 0.2 6.3 2.5 2.5 1.3 0.8 1.2 1.2 -2.7 16.8 5.9 5.9 1.1 5.7 4.2 4.2 1.2 2.0 -1.2 -1.2 -3.2 -3.5 -2.7 -2.7 14 15 16 17 18 Miscellaneous liabilities -3.8 4.3 -5.9 -3.9 -2.0 -3.0 -3.6 0.3 -3.1 -5.6 2.1 18 -0.5 6.2 -0.0 1.0 -0.1 -0.3 0.1 2.3 4.3 -7.8 2.8 19 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.113 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 6.5 6.3 8.4 10.0 12.0 7.7 8.2 7.6 7.5 7.5 7.3 1 2 Fixed nonresidential investment 3.5 3.1 2.4 2.4 2.7 2.8 2.7 2.8 2.8 2.8 2.8 2 3 Net acquisition of financial assets 41.3 61.0 76.0 53.8 43.3 33.2 59.0 43.9 -5.8 35.9 100.3 3 4 5 Reserves at Federal Reserve Federal funds and security repos 3.5 -2.4 27.5 0.0 10.0 -0.1 11.1 15.9 1.2 -6.2 -5.7 -9.6 56.8 -44.9 -62.0 3.6 -24.2 3.5 6.8 -0.7 55.5 -6.8 4 5 6 Credit market instruments 40.7 34.1 24.9 38.6 47.0 50.3 54.4 61.7 60.2 24.7 75.4 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.4 -1.6 14.4 0.0 -8.4 0.0 5.4 27.8 0.0 -6.7 0.0 5.9 40.9 0.0 -15.7 0.0 -2.5 30.6 3.2 -0.3 0.0 1.7 14.9 1.0 0.3 0.0 -0.2 2.2 0.3 2.2 0.0 -0.4 14.5 4.5 4.6 0.0 3.5 15.6 -1.2 2.9 0.0 -2.2 3.6 1.5 0.2 0.0 -1.8 -25.0 -3.5 1.1 0.0 3.7 6.7 -0.1 2.7 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Home mortgages Consumer credit 4.8 32.2 -0.4 1.3 5.4 0.9 3.5 0.9 -10.7 6.6 4.5 -3.4 0.1 8.3 20.6 5.1 18.7 21.9 -0.4 4.6 26.9 7.2 14.7 18.9 -0.0 31.4 25.7 13.6 24.0 16.2 0.3 25.3 36.8 12 13 14 -0.0 -0.4 -0.7 0.2 0.2 41.1 0.3 -12.1 0.4 0.8 -0.1 -1.6 1.1 -8.5 -0.8 41.5 -0.6 -44.7 -0.2 5.3 0.1 -23.9 15 16 15 16 Mutual fund shares Miscellaneous assets 17 Net increase in liabilities 50.1 68.6 63.8 19.0 38.8 38.2 94.9 38.9 -10.2 29.3 91.4 17 18 Net interbank liabilities -6.8 -1.6 38.1 -21.9 -13.8 2.2 42.9 2.0 -29.3 -6.7 26.0 18 19 20 21 22 Shares/deposits Checkable Small time and savings Large time 45.1 1.6 43.0 0.5 72.0 11.6 43.4 17.0 34.3 5.5 26.1 2.8 41.5 10.7 27.4 3.4 51.3 10.7 34.4 6.2 32.6 7.9 20.1 4.7 50.6 42.6 1.3 6.7 34.5 -11.5 45.9 0.0 15.7 -9.4 16.9 8.2 29.6 9.7 16.2 3.8 61.2 45.4 6.8 8.9 19 20 21 22 23 24 Federal funds and security repos Other loans and advances 2.4 8.3 -2.4 -14.1 0.0 -0.4 0.0 -2.0 0.0 0.9 0.0 1.9 0.0 -11.4 0.0 4.9 0.0 12.5 0.0 1.7 0.0 1.7 23 24 25 Miscellaneous liabilities 1.1 14.7 -8.3 1.3 0.3 1.5 12.8 -2.5 -9.0 4.7 2.6 25 11.8 10.9 -6.3 -27.2 4.8 9.9 41.4 -0.2 0.4 -1.9 -4.5 26 26 Discrepancy 31 Z.1, June 5, 2014 F.114 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving less net capital transfers paid (1) 30.3 41.4 51.4 32.9 27.1 39.6 50.8 36.9 38.7 31.8 20.7 1 2 Fixed nonresidential investment 20.4 20.1 16.8 17.5 18.7 19.5 19.3 19.3 19.6 19.8 19.8 2 3 Net acquisition of financial assets 25.1 40.1 -38.2 24.6 24.2 38.7 30.7 47.6 49.8 26.5 69.7 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements -14.8 12.1 0.8 -0.3 -3.2 0.1 5.0 -4.0 -0.7 -8.5 -5.6 -2.1 12.3 2.2 0.0 -6.7 -2.3 0.0 -18.8 -4.1 -0.1 -4.6 -12.8 -0.9 -0.1 0.3 0.2 -3.4 7.5 0.8 15.6 -6.3 -0.8 4 5 6 7 Credit market instruments -15.9 33.3 3.9 36.2 1.0 25.3 22.6 13.0 27.2 38.3 27.9 7 5.8 -5.6 -11.5 10.6 -15.4 0.2 -9.3 22.9 1.9 -12.6 30.8 -0.5 -1.9 3.2 -0.4 -21.0 24.3 -0.3 0.9 4.6 6.9 -17.4 40.4 0.8 -1.4 -6.7 -8.4 -2.9 19.6 0.7 0.7 6.0 -5.6 -2.3 24.2 2.3 0.0 3.2 -5.3 -1.1 25.0 0.9 -3.2 -3.9 -5.5 -1.8 24.6 2.9 1.4 7.3 -5.6 -2.2 24.5 1.8 4.4 17.3 -6.1 -3.9 22.8 3.7 -1.4 2.0 -9.1 3.5 31.6 1.3 8 9 10 11 12 13 35.4 -0.7 1.3 6.8 -2.8 0.5 -3.7 16.3 -20.9 -0.1 0.8 -22.2 2.9 -0.7 3.4 -1.0 4.6 1.8 4.8 -2.6 3.5 1.2 3.3 14.5 5.8 0.9 8.1 16.4 10.7 0.9 10.4 30.8 0.1 0.9 6.8 14.4 -2.6 1.8 -12.3 -3.6 10.2 1.8 29.5 -8.2 14 15 16 17 14.3 -4.3 2.9 16.9 -6.0 15.4 2.5 10.3 5.8 43.2 16.4 18 1.9 0.4 -28.1 40.2 -1.7 -5.3 5.3 -2.6 0.8 -12.7 5.6 9.2 -1.1 -10.7 -4.4 33.1 0.4 -14.5 3.8 4.4 1.4 -7.6 19.1 2.5 1.1 -3.6 30.4 -25.5 1.3 -6.4 -8.1 23.5 1.5 -9.5 10.7 3.1 1.8 -11.0 43.5 8.8 2.0 -17.0 9.3 22.0 19 20 21 22 -0.8 -23.2 75.7 7.6 -21.7 -3.2 3.2 -19.7 -24.8 28.7 -52.4 23 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Security repurchase agreements Corporate equity issues Taxes payable (net) Miscellaneous liabilities Discrepancy (1) Net capital transfers paid from table F.9, line 51. F.115 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -44.6 13.5 16.6 8.0 2.8 7.0 8.4 7.0 6.2 6.5 3.1 1 2 Fixed nonresidential investment 14.9 14.6 12.5 13.1 14.0 14.6 14.5 14.4 14.7 14.8 14.8 2 3 Net acquisition of financial assets 166.0 116.4 181.5 229.0 127.0 102.7 96.9 -38.6 175.9 176.4 257.8 3 4 5 6 Checkable deposits and currency Money market fund shares Security repurchase agreements 24.4 17.5 5.2 -32.1 -5.5 2.2 1.0 -12.7 0.7 2.0 7.9 -0.8 2.7 -1.4 -1.6 -9.2 -5.9 -0.0 -0.2 -27.4 -6.9 -43.4 -6.2 -0.5 31.9 10.0 5.4 -25.3 0.1 2.0 12.1 -5.0 -7.7 4 5 6 7 Credit market instruments 11.6 139.8 151.6 125.3 74.3 74.8 41.9 77.2 53.2 126.9 127.8 7 -3.4 35.1 -16.7 5.7 -45.5 20.3 16.3 11.5 27.7 5.8 26.1 97.6 -12.6 -16.3 -8.9 23.2 4.0 39.2 102.9 -0.2 -8.6 -11.2 18.8 -1.6 9.4 87.1 7.9 15.0 13.9 5.5 -13.5 9.7 45.0 1.8 11.9 3.2 -9.3 -8.6 9.7 57.6 3.5 18.8 -19.0 -16.7 -6.9 10.1 73.1 -3.3 4.6 -4.6 -9.2 -7.1 10.2 64.8 6.9 16.2 9.0 -6.4 -12.6 7.7 25.7 3.5 26.3 27.2 -5.0 -7.6 10.7 66.7 7.0 28.0 -10.2 12.1 -8.3 -0.3 116.2 4.9 13.5 8 9 10 11 12 13 14 81.8 -10.7 33.4 0.0 45.6 1.0 37.7 1.1 15.3 1.3 13.4 1.4 2.8 1.3 19.2 1.4 -2.8 1.4 34.5 1.4 30.6 1.4 15 16 36.1 -21.4 -5.7 55.7 36.4 28.2 85.4 -86.2 76.9 36.7 98.6 17 153.1 32.2 145.0 203.7 90.4 87.1 74.4 -32.7 182.5 124.4 224.9 18 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 17 Miscellaneous assets 18 Net increase in liabilities 19 20 21 Security repurchase agreements Corporate equity issues Other loans and advances -7.3 -10.7 26.2 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -10.7 -2.9 -2.5 -9.6 22.5 -4.2 -13.2 7.7 19 20 21 22 23 24 25 Life insurance reserves Pension entitlements (2) Taxes payable (net) Miscellaneous liabilities 64.2 107.6 -19.7 -7.2 26.3 -45.7 -7.0 66.7 13.6 93.0 2.6 46.0 79.9 77.9 5.2 50.4 -12.2 72.6 -4.6 36.6 29.8 47.4 -2.3 14.4 11.5 37.0 -0.6 27.4 28.0 26.4 -6.7 -77.6 45.8 58.8 0.0 93.3 33.8 67.6 -1.8 14.5 65.9 76.0 6.1 86.7 22 23 24 25 -72.5 -85.3 -32.3 -30.5 -47.8 -23.1 -28.6 -1.5 -1.9 -60.4 -44.7 26 26 Discrepancy (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on F.115.g and F.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). Flows 2008 32 Z.1, June 5, 2014 F.116 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 1.2 1.4 1.3 1.3 1.3 1.4 1.4 1.4 1.4 1.4 1.4 1 2 Fixed nonresidential investment 2.2 1.6 1.4 1.1 1.3 1.3 1.3 1.3 1.4 1.4 1.4 2 3 Net acquisition of financial assets (2) 431.6 458.9 505.2 407.1 428.4 460.1 417.0 441.9 453.8 527.8 454.4 3 4 5 Checkable deposits and currency Time and savings deposits -5.6 -3.5 -2.9 4.0 2.7 4.9 5.9 4.2 -0.4 -2.1 0.3 7.2 0.5 5.0 2.1 1.1 -1.0 2.9 -0.2 19.6 2.4 13.3 4 5 6 7 Money market fund shares Security repurchase agreements 0.4 -1.2 -12.2 0.1 -7.8 0.1 15.5 0.1 -7.0 -0.3 6.6 0.6 5.0 0.4 0.7 0.1 -1.9 0.2 22.5 1.7 5.6 1.2 6 7 8 Credit market instruments -6.1 -65.1 153.3 111.2 34.4 119.1 55.4 140.6 -322.3 602.8 29.9 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -6.1 15.1 -30.4 1.6 64.3 -9.5 3.0 51.2 8.2 4.5 60.4 17.2 -3.5 78.9 40.1 4.2 68.9 25.6 7.3 68.0 23.0 0.2 41.7 41.9 -2.6 -339.4 18.6 12.1 505.2 18.8 17.7 37.3 -16.8 9 10 11 12 13 Corporate and foreign bonds Mortgages 26.2 -10.8 -116.4 -5.1 87.9 2.4 34.4 -4.7 -76.9 -3.2 26.0 -5.4 -37.7 -4.9 61.9 -4.8 6.5 -5.0 73.4 -7.0 -2.8 -5.5 12 13 35.9 61.2 -68.8 48.9 -50.0 16.9 -124.2 -59.5 -36.7 4.6 -157.1 15.2 -129.1 28.8 -117.7 17.8 -157.1 34.5 -224.7 -20.1 -168.3 27.7 14 15 350.5 303.6 -17.3 555.0 402.0 19.4 385.2 280.7 30.4 454.0 317.4 45.2 435.9 393.4 -3.1 468.2 340.7 22.6 451.0 220.4 -6.6 397.2 621.5 42.0 898.5 976.5 22.2 126.1 -455.5 32.8 542.6 300.4 76.2 16 17 18 432.7 459.2 505.3 407.0 428.3 460.1 417.0 441.9 453.8 527.8 454.3 19 764.1 345.4 86.2 248.3 84.2 562.1 348.5 110.4 136.5 -33.3 632.6 358.2 147.1 51.8 75.6 446.3 348.7 58.5 -26.6 65.7 583.0 340.6 87.8 94.2 60.4 354.1 346.1 114.0 -136.8 30.7 51.3 345.6 71.4 -396.7 31.0 350.1 346.2 95.7 -125.1 33.3 733.7 345.8 108.0 242.2 37.7 281.1 346.8 181.0 -267.8 21.1 ND 345.7 108.7 ND ND 20 21 22 23 24 14 15 Corporate equities Mutual fund shares 16 17 18 Miscellaneous assets Claims of pension fund on sponsor (3) Other 19 Pension entitlements (liabilities) (4) Memo: 20 21 22 23 24 Household retirement assets (5) Defined benefit plans (6) Defined contribution plans (7) Individual retirement plans (IRAs) (8) Annuities at life insurance companies (9) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (5) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (6) Additional detail on private defined benefit plans is available on table L.117.b. (7) Additional detail on private defined contribution plans is available on table L.117.c. (8) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 23. 33 Z.1, June 5, 2014 F.117 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 0.8 0.6 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets (2) 126.3 149.4 182.4 86.4 125.1 144.5 117.8 180.0 140.7 139.6 144.2 3 4 5 Checkable deposits and currency Time and savings deposits -5.5 -4.1 -2.9 2.8 2.1 -0.9 5.7 1.4 -0.3 -1.8 -0.5 -0.5 -0.1 -0.0 1.8 -1.5 -1.4 -0.9 -2.4 0.3 1.1 1.7 4 5 6 7 Money market fund shares Security repurchase agreements 5.1 -1.0 -8.8 0.2 -10.1 -0.2 16.8 0.0 -3.9 -0.1 -1.5 -0.1 -0.3 -0.0 -2.0 -0.1 -5.9 -0.2 2.1 0.0 -6.6 0.2 6 7 8 Credit market instruments -4.9 12.7 123.2 73.2 12.5 44.8 28.6 70.0 44.2 36.3 -2.9 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities -5.9 6.4 -0.2 1.0 35.0 -6.4 -2.7 33.2 6.5 2.1 27.8 3.3 -2.8 48.0 17.1 -4.0 40.1 13.7 1.9 60.1 9.3 -2.6 51.7 16.3 -6.7 27.5 13.6 -8.5 21.2 15.4 5.4 15.8 -7.4 9 10 11 12 13 Corporate and foreign bonds Mortgages 2.9 -8.0 -14.5 -2.4 83.4 2.8 44.6 -4.6 -47.3 -2.5 -2.2 -2.8 -40.0 -2.7 7.5 -2.8 12.8 -3.0 11.0 -2.8 -14.2 -2.5 12 13 14 15 Corporate equities Mutual fund shares -73.2 85.5 -95.4 56.5 25.2 35.1 -63.8 1.5 11.5 54.7 4.5 27.0 14.6 38.9 14.8 26.7 -6.0 43.4 -5.3 -1.1 -4.8 39.5 14 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 124.3 -13.9 14.7 123.0 0.4 184.3 80.0 -8.4 82.7 30.0 8.2 -7.1 15.4 -14.9 14.7 51.6 17.7 3.0 -12.5 43.5 52.7 6.0 -0.9 50.1 -2.5 70.8 7.6 -1.0 54.9 9.3 36.0 6.5 0.8 48.9 -20.2 70.4 5.9 0.4 36.4 27.8 67.4 11.1 -1.1 50.2 7.1 109.6 6.9 -3.9 84.1 22.5 115.9 24.7 -0.8 32.6 59.5 16 17 18 19 20 126.7 149.5 182.5 86.3 125.1 144.5 117.8 180.0 140.6 139.5 144.1 21 57.1 69.2 57.3 92.2 53.3 129.1 50.9 35.5 50.7 74.4 50.7 93.8 50.7 67.1 50.7 129.3 50.7 90.0 50.7 88.9 50.7 93.4 22 23 21 Pension entitlements (liabilities) (5) Memo: 22 23 Net acquisition of financial assets (6) Defined benefit plans Defined contribution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on F.117.b and F.117.c. Flows 2008 34 Z.1, June 5, 2014 F.118 State and Local Government Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 0.7 0.9 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1 2 Fixed nonresidential investment 1.4 1.0 0.9 0.7 0.8 0.9 0.8 0.9 0.9 0.9 0.9 2 3 Net acquisition of financial assets (2) 208.9 215.8 220.7 209.4 203.3 208.4 208.4 208.4 208.4 208.4 208.4 3 4 5 Checkable deposits and currency Time and savings deposits -0.1 0.6 -0.0 1.2 0.5 5.9 0.2 2.8 -0.1 -0.3 0.9 7.7 0.6 5.0 0.3 2.6 0.4 3.8 2.2 19.3 1.3 11.5 4 5 6 7 Money market fund shares Security repurchase agreements -4.8 -0.2 -3.4 -0.1 2.3 0.3 -1.4 0.1 -3.1 -0.1 8.1 0.7 5.3 0.4 2.8 0.2 4.0 0.3 20.3 1.7 12.2 1.0 6 7 8 Credit market instruments -25.1 -85.2 19.2 12.4 6.6 64.7 40.8 114.9 14.8 88.3 26.7 8 -0.2 -15.9 -29.9 0.5 21.9 -3.2 5.7 7.8 1.1 2.4 9.2 13.2 -0.7 18.8 21.4 8.2 16.1 13.6 5.4 17.5 15.9 2.8 30.6 27.6 4.1 12.4 6.8 20.6 4.1 4.2 12.3 9.5 -6.5 9 10 11 -0.1 23.8 -2.8 0.1 -101.9 -2.7 0.7 4.4 -0.4 -0.7 -11.5 -0.1 -0.9 -31.3 -0.7 -0.1 29.5 -2.6 -0.3 4.5 -2.2 -0.2 56.2 -1.9 -0.3 -6.1 -2.0 0.3 63.3 -4.2 -0.0 14.5 -3.1 12 13 14 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 15 16 Corporate equities Mutual fund shares 117.4 -24.3 17.8 -7.6 -80.6 -18.2 -56.2 -61.0 -44.1 -50.1 -170.7 -11.7 -160.0 -10.1 -141.7 -8.9 -141.9 -9.0 -239.3 -19.0 -170.7 -11.7 15 16 17 18 19 Miscellaneous assets Claims of pension fund on sponsor (3) Other 145.3 163.0 -17.7 293.2 303.7 -10.6 291.1 275.4 15.7 312.5 310.7 1.7 294.5 295.0 -0.5 308.8 295.5 13.3 326.4 312.8 13.6 238.2 224.0 14.2 335.8 320.6 15.1 334.8 324.6 10.3 338.1 321.4 16.7 17 18 19 209.5 215.9 220.7 209.3 203.3 208.3 208.3 208.3 208.3 208.3 208.3 20 20 Pension entitlements (liabilities) (4) (1) Defined benefit plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. (4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net acquisition of financial assets (1) Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 96.5 93.7 102.1 111.4 99.9 107.3 90.8 53.6 104.8 179.9 101.9 1 23.9 7.4 10.9 25.6 15.4 9.6 -14.0 -44.3 -381.4 478.2 6.1 2 24.7 -0.2 -0.5 7.4 0.0 -0.0 10.1 0.6 0.2 23.4 0.7 1.4 12.1 1.5 1.7 12.6 -1.7 -1.3 -9.5 -2.2 -2.3 -40.6 -1.9 -1.8 -379.4 -1.8 -0.2 479.9 -0.8 -0.9 12.1 -2.9 -3.1 3 4 5 6 Corporate equities -8.4 8.8 5.4 -4.2 -4.1 9.1 16.3 9.3 -9.2 20.0 7.2 6 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 80.9 63.3 17.6 77.5 61.9 15.6 85.9 65.7 20.2 90.0 70.8 19.2 88.6 40.4 48.2 88.6 98.2 -9.7 88.6 229.9 -141.3 88.6 -272.6 361.1 495.4 -110.3 605.7 -318.3 545.9 -864.1 88.6 142.2 -53.6 7 8 9 96.5 93.7 102.1 111.4 99.9 107.3 90.8 53.6 104.8 179.9 101.9 10 79.5 16.9 75.5 18.2 84.2 18.0 88.4 23.0 86.6 13.3 87.1 20.2 86.5 4.3 87.2 -33.6 86.8 18.0 87.8 92.1 86.6 15.3 11 12 10 Pension entitlements (liabilities) (5) Memo: 11 12 Net acquisition of financial assets Defined benefit plans (6) Defined contibution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) 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. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and National Railroad Retirement Investment Trust. (7) Thrift Savings Plan. 35 Z.1, June 5, 2014 F.120 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Net acquisition of financial assets 724.2 -498.7 -503.2 -112.8 7.1 28.7 -142.8 85.0 270.2 -97.8 -91.1 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements -14.6 5.6 102.7 -63.5 11.6 10.5 169.9 -62.4 8.7 -3.7 -107.7 -0.6 -62.9 5.8 -56.3 11.1 0.4 -3.6 32.8 54.2 -9.6 -3.2 59.4 -51.7 21.8 23.5 -32.8 -208.3 -46.7 49.6 82.0 -133.4 -3.2 -84.6 233.2 88.0 -10.2 -1.2 -44.8 46.8 -57.3 55.3 -9.5 148.2 2 3 4 5 727.9 -56.1 399.5 520.3 12.9 -148.8 -619.9 -108.0 -171.3 -213.1 -69.4 -58.1 -396.6 -116.3 -71.0 -140.2 -53.4 -15.7 -9.8 -40.0 107.9 0.9 -29.4 -49.1 -82.7 -13.3 14.5 -60.2 -20.6 -3.0 30.9 11.3 30.4 17.6 -28.3 0.0 74.5 49.2 54.1 34.0 -65.9 3.1 117.6 137.3 -17.3 34.8 11.1 -48.4 83.7 -30.8 89.7 30.8 0.4 -6.4 -152.1 -110.5 -5.1 -29.4 -58.9 51.7 -213.1 19.1 -139.4 -23.7 -15.7 -53.3 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) -33.9 -8.3 -3.4 -0.8 6.1 2.8 -21.4 15.9 -46.8 63.6 -14.7 12 724.2 -498.7 -503.2 -112.8 7.1 28.7 -142.8 85.0 270.2 -97.8 -91.1 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.121 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 3 Security repurchase agreements -52.7 -40.7 -24.9 -35.3 -33.2 -11.0 -19.6 -8.3 -8.2 -8.0 -3.7 1 -9.9 497.1 370.1 338.4 624.9 635.6 951.2 507.4 673.9 409.7 543.2 2 -7.4 28.6 -15.8 -28.8 54.1 93.0 180.8 81.1 103.0 6.9 59.7 3 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 32.4 -62.5 18.5 -23.4 17.7 69.7 12.4 387.1 28.6 74.0 50.0 89.4 143.8 1.3 353.6 -13.9 121.0 78.4 46.7 122.3 -0.8 359.4 -26.3 73.8 107.0 15.7 170.3 18.9 642.0 27.5 120.6 89.4 86.2 306.0 12.2 363.9 27.7 59.4 -28.5 -13.5 279.3 39.4 670.9 -57.5 220.2 11.8 76.8 388.7 30.8 257.6 32.6 -3.7 -26.3 -22.5 207.6 69.9 226.8 63.1 -18.0 -80.6 -80.9 315.2 28.0 300.3 72.6 39.1 -18.8 -27.3 205.9 28.8 352.8 -139.2 172.5 -44.6 28.8 310.3 25.0 4 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets -38.1 3.2 86.5 -5.1 44.3 -12.0 4.9 2.9 -38.1 -33.1 159.6 19.1 54.6 44.9 165.3 3.4 214.7 129.5 204.0 -101.4 130.8 -0.0 11 12 -9.9 497.1 370.1 338.4 624.9 635.6 951.2 507.4 673.9 409.7 543.2 13 -52.7 -40.7 -24.9 -35.3 -33.2 -11.0 -19.6 -8.3 -8.2 -8.0 -3.7 14 13 Net share issues (liabilities) 14 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115). F.122 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) -61.9 7.6 0.6 -2.9 2.4 -3.2 17.6 14.0 -18.9 -25.5 6.4 1 -40.5 -2.4 -13.3 -24.8 -21.3 10.5 1.2 3.3 6.0 -2.9 5.3 0.7 0.4 4.2 -4.8 -1.7 -0.3 0.9 -2.3 -1.2 11.1 0.3 3.3 7.5 -8.6 13.4 0.6 -1.7 14.5 -16.6 30.6 2.1 1.9 26.6 -13.1 24.2 0.5 -0.2 23.9 -10.2 -2.8 -0.2 -6.0 3.5 -16.2 1.4 -0.0 -2.4 3.9 -27.0 2.3 0.3 3.4 -1.3 4.1 2 3 4 5 6 -61.9 7.6 0.6 -2.9 2.4 -3.2 17.6 14.0 -18.9 -25.5 6.4 7 177.2 116.5 118.0 117.6 185.2 179.0 207.7 60.2 214.4 233.9 57.3 8 23.0 7.4 1.7 13.9 154.2 46.0 14.7 3.6 27.6 70.5 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 52.3 1.2 3.6 47.6 132.9 12.2 -6.5 -0.8 19.5 166.8 28.1 -2.9 2.9 28.2 179.6 13.1 4.8 -1.8 10.1 47.1 17.3 -0.7 -4.0 22.0 197.1 -9.7 -27.0 -0.3 17.5 243.6 43.8 8.7 1.5 33.6 13.5 9 10 11 12 13 177.2 116.5 118.0 117.6 185.2 179.0 207.7 60.2 214.4 233.9 57.3 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Flows 2008 36 Z.1, June 5, 2014 F.123 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 6.7 9.6 10.6 8.8 8.5 -128.1 -38.0 -262.8 -55.9 -155.9 -67.5 1 2 Fixed nonresidential investment 1.7 0.9 3.5 3.3 3.3 3.5 3.4 3.4 3.5 3.5 3.5 2 3 Net acquisition of financial assets 233.5 -360.8 -274.1 -205.7 -176.0 104.4 137.9 -34.3 254.4 59.6 -518.2 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security repos 39.7 21.9 -28.3 11.1 -42.8 7.5 -36.0 0.3 20.7 9.3 -12.7 -38.9 -20.1 -9.1 38.6 29.0 1.1 1.5 46.1 -2.7 171.1 -49.5 4.8 -169.3 102.5 10.8 -71.4 17.0 -8.5 75.5 -144.7 10.3 -100.1 4 5 6 7 Credit market instruments 242.9 -337.8 -288.4 -163.2 -189.4 59.8 -137.9 180.6 216.0 -19.5 -229.4 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 14.1 1.2 207.0 3.0 19.9 -27.4 0.2 45.9 -85.1 -3.4 17.6 -18.1 -3.1 -31.2 -48.3 1.0 -9.9 -22.7 3.1 22.3 -39.9 0.5 3.6 -32.5 3.0 28.5 8.6 -2.5 -94.1 -27.2 1.3 24.4 -17.7 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.0 -77.7 -2.2 -48.6 -4.2 -29.6 -3.9 -30.8 -4.1 -50.0 -3.5 -59.4 -2.6 -22.9 -5.9 -45.2 -4.1 -118.3 -1.4 -51.2 -3.0 -24.8 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 38.1 0.0 4.8 33.3 -284.8 0.0 -0.2 -284.6 -144.7 0.0 7.2 -151.9 -64.2 0.0 -3.5 -60.7 18.6 0.0 8.3 10.3 81.9 0.0 2.9 79.0 28.9 0.0 -19.7 48.7 141.9 0.0 15.2 126.7 63.4 0.0 1.4 62.0 93.2 0.0 14.8 78.4 13.1 0.0 -6.0 19.1 13 14 15 16 17 18 19 20 21 22 23 24 25 Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 62.2 8.8 0.0 8.8 42.5 0.0 42.5 10.9 0.0 2.4 -23.2 0.0 -23.2 14.2 0.0 14.2 11.4 0.0 -71.0 -76.4 -192.7 116.3 2.0 25.3 -23.3 3.4 0.0 -60.5 -66.5 -72.5 5.9 2.8 24.5 -21.7 3.3 0.0 -71.4 -82.5 -44.9 -37.6 6.2 27.5 -21.3 4.9 0.0 72.5 90.4 148.0 -57.6 -21.9 18.9 -40.8 4.1 0.0 -126.8 -116.4 62.9 -179.3 -14.1 26.2 -40.3 3.8 0.0 118.2 129.2 160.2 -31.0 -15.4 21.2 -36.6 4.4 0.0 234.9 256.0 238.1 18.0 -25.1 10.6 -35.7 3.9 0.0 63.7 92.6 130.6 -38.0 -33.2 17.5 -50.7 4.3 0.0 -222.9 -208.7 -66.0 -142.7 -18.5 10.3 -28.7 4.3 0.0 17 18 19 20 21 22 23 24 25 -42.6 1.2 29.3 -0.1 4.1 13.1 61.3 -0.8 -3.5 -4.8 -54.1 26 326.0 -360.2 -237.8 -208.1 -146.6 100.5 35.1 132.9 34.5 199.5 -375.1 27 26 27 Miscellaneous assets Net increase in liabilities 28 Federal funds and security repos -1.0 -0.1 0.1 -0.9 -0.4 0.0 0.9 -0.8 -0.1 0.0 0.1 28 29 Credit market instruments 261.3 -518.4 -233.8 -187.2 -154.6 107.5 43.1 136.7 40.2 210.1 -355.5 29 30 31 32 33 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 261.3 0.0 261.3 0.0 -518.4 0.0 -518.4 0.0 -233.8 -167.4 -66.4 0.0 -187.2 -48.0 -139.2 0.0 -154.6 -17.4 -137.2 0.0 107.5 166.8 -59.3 0.0 43.1 89.1 -45.9 0.0 136.7 181.4 -44.7 0.0 40.2 248.7 -208.5 0.0 210.1 148.1 62.0 0.0 -355.5 -55.7 -299.8 0.0 30 31 32 33 34 Corporate equities 27.6 96.0 38.1 29.2 14.5 2.4 7.8 -10.7 3.3 9.2 -5.9 34 35 Miscellaneous liabilities 38.1 62.3 -42.2 -49.2 -6.1 -9.4 -16.7 7.7 -8.9 -19.8 -13.8 35 97.5 9.3 43.4 3.1 34.6 -135.6 -144.2 -99.0 -279.4 -19.6 72.0 36 36 Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 507.4 458.3 186.9 165.3 132.2 132.4 138.8 88.9 158.3 143.5 101.8 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 502.6 4.6 0.0 0.1 445.6 13.0 0.0 -0.2 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 105.0 27.0 0.0 0.3 98.8 33.7 0.0 -0.2 110.0 29.1 0.0 -0.2 51.4 37.7 0.0 -0.1 123.5 34.8 0.0 -0.1 110.4 33.2 0.0 -0.2 82.2 19.7 0.0 -0.1 2 3 4 5 507.4 458.3 186.9 165.3 132.2 132.4 138.8 88.9 158.3 143.5 101.8 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.123). 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. 37 Z.1, June 5, 2014 F.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Gross saving 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -331.6 -613.6 -411.9 -172.6 -143.8 -100.2 -153.1 -141.2 -75.5 -31.0 -111.1 3 -13.6 -26.0 37.9 -18.3 -224.2 -51.1 -13.8 -96.0 -38.9 -10.9 -3.3 -5.4 -5.8 -0.0 -0.6 1.0 -0.2 -11.5 -11.3 -0.6 -43.6 2.6 -0.3 -12.8 6.8 -0.1 14.1 5.7 0.2 -3.6 2.5 0.0 14.6 4 5 6 -271.5 -231.7 -10.8 -28.9 -248.0 -202.0 -6.1 -39.9 -211.6 -159.1 -8.6 -43.9 -144.6 -119.3 -7.7 -17.6 -134.7 -104.9 -9.6 -20.2 -82.6 -83.4 -6.1 6.9 -101.5 -71.1 -13.8 -16.6 -109.3 -94.7 -11.2 -3.4 -85.0 -84.7 -2.1 1.8 -34.8 -83.1 2.5 45.8 -120.3 -61.6 -4.8 -53.9 7 8 9 10 -42.3 -16.1 -37.8 -34.3 -42.3 -9.5 -4.1 -4.2 3.8 -6.4 -1.4 -5.4 8.1 -4.2 -5.8 -15.6 -4.9 -6.4 -2.8 4.4 -2.1 -5.7 11 12 4 5 6 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial 11 12 Consumer credit Trade credit 13 Net increase in liabilities -332.0 -614.0 -412.2 -172.6 -143.8 -100.2 -153.1 -141.2 -75.5 -31.0 -111.1 13 14 15 Commercial paper Corporate bonds (net) (3) -83.9 -248.2 -266.2 -347.8 -40.3 -371.8 -24.1 -148.4 -9.0 -134.7 -7.1 -93.1 11.1 -164.1 -13.4 -127.8 -11.6 -63.9 -14.4 -16.6 -22.3 -88.8 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 16 -0.4 -46.7 -0.4 -26.8 -0.2 -0.5 0.0 -3.8 0.0 1.3 0.0 2.6 0.0 1.3 0.0 7.1 0.0 1.4 0.0 0.8 0.0 -1.0 17 18 16 Discrepancy Memo: Securitized assets not included above 17 Consumer leases (4) 18 REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.127. F.126 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 90.3 93.5 65.9 93.1 127.0 73.5 84.9 70.3 74.3 64.5 51.4 1 2 Fixed nonresidential investment 42.1 15.5 32.8 44.3 54.0 55.9 55.2 55.6 55.7 57.1 56.8 2 3 Net acquisition of financial assets -56.7 -184.4 -213.2 -19.2 -70.6 -20.9 -46.4 5.6 -43.9 1.1 -14.2 3 4 5 Checkable deposits and currency Time and savings deposits 0.3 0.8 0.5 1.6 -1.7 -5.2 5.1 15.4 -3.8 -11.5 4.2 12.7 9.3 28.0 -0.7 -2.0 16.7 50.1 -8.5 -25.4 4.9 14.8 4 5 -62.1 3.0 16.9 -64.2 -17.9 -214.9 6.3 -91.0 -47.8 -82.4 -103.0 -19.8 -15.2 -54.6 -13.4 -45.8 0.9 3.0 -32.3 -17.4 -29.6 -6.3 11.2 -26.7 -7.8 -31.8 -10.8 2.0 -22.5 -0.6 -35.2 -14.8 20.9 -29.3 -12.1 23.4 -19.7 38.8 -10.6 14.9 -13.4 -0.4 5.1 -22.0 4.0 -102.1 -8.1 -56.6 -28.0 -9.4 -24.6 15.6 -5.0 -20.2 -15.0 6 7 8 9 10 6 7 8 9 10 11 12 Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities 4.4 28.4 -103.3 6.1 -25.7 -6.0 -48.5 -15.2 -97.3 137.1 -9.4 11 -69.1 -250.2 -233.1 -26.0 -82.1 -21.6 -60.0 -2.3 -53.0 28.8 -44.5 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances -79.4 -22.6 -49.6 -7.1 0.0 -156.2 -38.8 -87.0 -30.4 0.0 -174.9 1.7 -111.7 -64.9 0.0 -13.5 10.0 -39.4 15.9 0.0 -56.7 8.2 -81.4 16.4 0.0 4.2 -10.3 4.4 10.1 0.0 -49.5 -32.6 -19.9 3.0 0.0 0.1 5.8 -14.0 8.2 0.0 59.3 31.6 24.4 3.4 0.0 6.9 -46.1 27.1 25.8 0.0 -65.3 -25.4 -19.8 -20.1 0.0 13 14 15 16 17 18 19 20 21 22 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other -0.1 10.4 12.2 -8.4 6.5 -2.8 -91.2 12.8 -32.6 -71.5 0.3 -58.5 13.2 -12.8 -58.8 0.5 -13.0 7.5 -12.0 -8.5 0.2 -25.5 -2.2 -0.9 -22.5 0.1 -25.9 -0.7 -1.0 -24.1 0.8 -11.3 -3.8 -9.5 2.0 -0.6 -1.7 2.5 8.8 -13.0 0.9 -113.2 1.0 1.5 -115.7 -0.9 22.8 -2.4 -5.0 30.1 0.6 20.2 -0.7 21.2 -0.2 18 19 20 21 22 35.8 12.2 13.2 42.0 61.6 17.0 16.1 6.9 9.6 35.2 -35.6 23 -11.8 -25.7 -16.5 7.9 24.3 23.3 23.1 29.4 26.9 13.8 19.2 24 23 Discrepancy Memo: 24 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.125. Flows 2008 38 Z.1, June 5, 2014 F.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Q2 Q3 2014 Q1 Q4 -14.5 5.5 -5.9 -5.8 3.0 4.2 3.6 5.9 2.2 5.2 2.4 1 5.8 0.1 3.6 0.7 2.8 4.0 2.7 6.5 3.0 5.3 3.2 14.7 3.0 46.3 3.1 2.3 3.3 -6.6 3.3 17.0 3.2 -3.6 2 3 -67.6 12.4 39.7 131.2 161.0 -87.5 5.0 -23.0 -125.6 -206.4 15.9 4 1.8 12.4 -5.7 2.5 7.7 -1.3 22.3 -13.5 9.7 -23.5 -4.3 5 -68.6 -10.3 44.1 120.2 127.6 -97.8 -39.2 -45.9 -81.0 -225.1 -25.9 6 Agency- and GSE-backed securities Corporate and foreign bonds 0.7 -22.8 15.6 4.3 38.2 7.2 104.7 3.8 109.5 9.5 -95.6 -0.2 -46.7 13.0 -73.4 -0.4 -82.7 1.1 -179.7 -14.6 -33.7 -4.7 7 8 Mortgages Home Multifamily residential Commercial -46.5 -46.1 -0.9 0.4 -30.2 -25.2 -2.0 -2.9 -1.3 0.2 -0.3 -1.2 11.7 11.0 -0.2 0.9 8.6 6.9 0.1 1.5 -2.0 -3.3 0.5 0.8 -5.5 0.8 1.1 -7.3 27.8 18.3 2.6 6.8 0.6 0.0 -0.4 1.0 -30.8 -32.3 -1.2 2.7 12.6 4.3 -0.8 9.1 9 10 11 12 -0.8 10.2 1.3 8.5 25.8 11.6 21.9 36.4 -54.3 42.2 46.1 13 -56.1 2.5 62.3 168.0 211.0 -1.2 50.4 58.9 -77.3 -36.9 50.5 14 Miscellaneous assets Net increase in liabilities 15 Security repurchase agreements -12.3 11.1 29.9 97.7 102.4 -66.6 5.8 -48.9 -84.1 -139.3 -47.2 15 16 Credit market instruments -53.8 -27.6 0.1 25.6 35.5 43.2 8.0 39.6 38.0 87.3 50.2 16 0.0 -60.3 0.0 -26.6 0.0 1.0 0.0 7.6 0.0 26.7 0.0 38.4 0.0 10.9 0.0 26.6 0.0 34.6 0.0 81.5 0.0 30.3 17 18 -0.3 6.8 -12.7 11.8 -1.8 0.8 4.6 13.5 4.0 4.8 -2.9 7.8 -23.5 20.6 8.3 4.6 17.8 -14.3 -14.4 20.2 12.1 7.8 19 20 12.8 -2.7 24.2 -5.3 28.2 4.1 37.5 7.1 47.6 25.4 46.2 -24.1 64.2 -27.6 63.1 5.1 24.9 -56.2 32.6 -17.5 18.9 28.6 21 22 -8.7 -8.5 10.0 21.8 44.8 72.7 -0.2 82.5 53.9 154.5 37.5 23 -46.7 0.0 -40.6 -0.0 -6.1 -26.8 0.0 -25.7 -0.0 -1.1 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 2.6 0.0 4.0 0.0 -1.4 1.3 0.0 1.7 0.1 -0.6 7.1 0.0 8.2 -0.0 -1.0 1.4 0.0 0.5 -0.0 0.9 0.8 0.0 5.7 -0.1 -4.8 -1.0 0.0 -0.2 -0.2 -0.7 24 25 26 27 28 17 18 Open market paper Corporate bonds 19 20 Depository institution loans n.e.c. Mortgages 21 22 23 24 25 26 27 28 Corporate equity issues Miscellaneous liabilities Discrepancy Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on F.127.e and F.127.m. 39 Z.1, June 5, 2014 F.128 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Q2 Q3 Q4 2014 Q1 -97.9 38.0 26.8 10.0 7.8 16.5 21.8 6.0 20.0 18.0 14.9 1 21.6 25.6 19.4 17.2 18.4 19.2 18.9 19.0 19.3 19.5 19.5 2 Net acquisition of financial assets -1180.4 -236.3 234.4 29.1 173.7 -298.1 -216.6 -168.4 -350.4 -457.0 -362.0 3 4 5 Checkable deposits and currency Security repurchase agreements 15.1 -305.5 -29.4 -103.3 6.2 243.4 14.9 154.6 16.3 55.1 -16.5 -317.2 -66.2 -478.6 40.5 -158.4 -19.8 -260.2 -20.3 -371.7 -25.5 -214.0 4 5 6 Credit market instruments -85.7 -192.1 32.2 5.7 89.1 -175.4 -167.4 -330.1 -5.4 -198.8 7.9 6 -21.4 275.6 -72.5 -11.4 -259.0 3.1 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -5.3 -28.5 38.9 4.6 35.2 -12.7 5.9 89.1 -2.1 -9.1 -85.0 6.9 -12.2 63.0 21.9 -4.3 35.5 -14.8 -1.3 -110.5 -55.4 -8.0 -11.1 10.9 0.1 -144.7 -62.8 17.7 31.9 -9.5 -2.2 -134.9 -112.3 -48.1 -52.8 20.2 6.2 68.6 -80.7 -3.0 -2.8 6.3 -9.2 -231.0 34.0 1.5 -20.6 26.5 -1.8 92.7 -105.2 10.0 -1.9 14.0 7 8 9 10 11 12 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 13 14 Corporate equities Security credit -28.5 -160.7 -4.6 38.1 -18.5 75.2 -5.0 -39.3 9.7 64.9 18.6 35.4 -78.0 16.4 16.5 -21.2 -5.5 44.6 141.5 101.9 40.0 50.0 13 14 15 Miscellaneous assets -615.1 54.9 -104.2 -101.7 -61.4 156.9 557.2 284.2 -104.1 -109.6 -220.4 15 16 Net increase in liabilities 17 Security repurchase agreements 18 Credit market instruments 19 20 Corporate bonds Depository institution loans n.e.c. (1) 21 22 Corporate equity issues Trade payables 23 24 25 26 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. 27 Taxes payable 28 29 30 31 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent companies Other 32 Proprietors’ net investment 33 Discrepancy -988.6 -305.9 220.4 63.3 118.8 -333.1 -285.4 -205.9 -357.7 -483.4 -351.3 16 -865.4 -296.8 195.9 70.5 131.2 -439.3 -492.9 -334.6 -364.5 -565.3 -303.2 17 77.7 -49.7 36.9 -37.9 -1.7 22.2 -4.2 55.8 -27.8 65.1 13.3 18 32.3 45.5 -4.2 -45.5 36.9 0.0 -37.9 0.0 -1.7 0.0 22.2 0.0 -4.2 0.0 55.8 0.0 -27.8 0.0 65.1 0.0 13.3 0.0 19 20 120.2 -24.7 -32.4 48.9 -11.1 -52.0 14.1 -3.8 -50.7 -0.0 -31.0 0.3 -45.4 4.6 -41.6 1.0 0.3 -9.3 -37.1 4.9 0.4 -6.0 21 22 -192.2 -179.6 -2.2 -10.4 -43.5 -35.7 -3.4 -4.5 29.8 23.5 3.2 3.1 31.9 0.9 12.2 18.8 32.8 42.0 -1.9 -7.3 68.9 58.5 7.9 2.5 -26.2 -53.9 11.7 16.0 193.5 202.0 15.6 -24.0 0.2 -10.1 8.3 2.0 108.1 95.9 -3.9 16.0 32.0 13.0 21.9 -2.9 23 24 25 26 0.3 3.2 -2.1 -1.1 0.5 0.6 5.4 0.1 0.6 -3.5 -4.5 27 -116.2 55.8 104.6 -276.6 63.9 2.1 -166.8 228.6 22.2 13.2 -51.2 60.2 -8.6 10.8 40.4 -59.8 0.3 8.0 71.3 -79.0 47.4 6.1 77.8 -36.5 278.7 6.5 36.0 236.2 -81.5 4.1 50.5 -136.1 58.8 3.1 -118.7 174.4 -66.5 10.6 343.4 -420.6 -80.7 8.0 54.4 -143.1 28 29 30 31 11.6 0.6 0.9 -1.7 6.5 -2.3 -5.3 1.3 -16.1 10.9 -2.6 32 72.3 -57.2 -6.6 26.9 -65.5 -37.7 -65.8 -50.5 -6.6 -27.9 6.1 33 (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Flows 2008 40 Z.1, June 5, 2014 F.129 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Gross saving 81.2 97.8 108.1 144.6 176.9 160.9 131.6 186.8 169.9 155.3 158.8 1 2 Fixed nonresidential investment 53.8 54.4 48.3 51.4 54.5 56.8 56.4 56.2 57.1 57.6 57.7 2 3 Net acquisition of financial assets 289.1 87.3 -4.6 44.6 -40.2 309.1 381.9 -127.0 656.2 325.3 172.3 3 4 5 Time and savings deposits Federal funds and security repos -0.1 -6.6 -3.9 19.8 -1.3 2.1 2.4 0.2 3.1 -48.3 2.8 -2.8 -13.6 -0.9 7.9 -14.1 -2.6 11.6 19.5 -8.0 7.4 -0.4 4 5 6 Credit market instruments 13.9 -16.0 22.1 3.1 -39.8 55.9 26.0 53.0 177.6 -32.9 -27.2 6 -4.0 15.9 -0.0 2.0 2.7 -7.0 -8.4 -3.2 13.8 -3.2 7.3 4.3 7.1 12.0 -20.1 4.0 -29.8 -22.1 -4.7 16.7 9.8 14.9 34.0 -2.8 6.4 15.5 1.6 2.6 41.1 -5.1 -2.0 19.0 -8.4 32.3 148.9 4.7 0.3 16.9 -12.6 -37.5 -0.4 -8.3 -7.7 -10.7 7 8 9 10 -1.2 2.1 3.8 2.4 7.3 5.1 5.0 1.1 4.5 9.6 10.1 11 283.1 113.6 0.0 -12.5 -7.3 98.2 -9.1 100.1 85.4 166.8 0.0 9.3 -23.3 -173.1 23.5 82.3 -31.2 33.4 0.0 22.2 -39.5 -24.3 10.6 -33.6 36.5 76.1 0.0 9.3 -20.3 -13.0 30.6 -46.2 37.4 101.2 4.3 10.3 -3.5 52.3 -51.5 -75.6 248.1 66.2 -7.7 3.4 -15.8 62.3 -29.0 168.7 365.3 110.7 -22.9 0.9 -65.6 -24.6 89.8 277.1 -175.0 -100.8 -0.0 -0.6 4.1 72.3 -146.0 -4.0 465.0 70.2 -7.1 21.2 0.7 -157.1 106.5 430.6 337.1 184.6 -0.7 -8.1 -2.3 358.7 -166.4 -28.7 182.4 134.4 -0.5 0.9 9.9 16.8 40.4 -19.4 12 13 14 15 16 17 18 19 247.9 34.8 -64.6 -50.0 -164.3 203.2 304.4 -259.1 541.6 225.7 69.8 20 -7.0 -0.2 0.2 0.4 -1.2 -0.0 -0.1 -0.0 0.0 0.0 -0.0 21 97.3 -8.0 -16.5 -16.5 -97.7 -1.6 -24.5 -149.7 -36.1 203.8 11.2 22 -39.0 123.0 13.3 -18.1 7.8 2.3 3.9 -46.5 26.1 11.1 -91.6 64.0 6.2 16.3 -120.2 -19.9 4.5 13.8 5.2 -46.0 16.3 -28.7 -138.5 17.5 -4.8 58.5 -89.9 -51.3 143.9 111.2 -27.5 46.5 -7.8 23 24 25 7 8 9 10 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances 11 Life insurance reserves 12 13 14 15 16 17 18 19 Miscellaneous assets Net trans. with depository institution subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other 20 Net increase in liabilities 21 Federal funds and security repos 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 26 Corporate equity issues 321.4 68.6 19.8 2.9 0.6 -17.1 -7.0 -21.4 -27.5 -12.5 -2.3 26 27 28 29 Miscellaneous liabilities Equity, etc. Other -163.8 63.0 -226.8 -25.6 35.6 -61.2 -68.2 -22.4 -45.8 -36.8 6.9 -43.8 -66.0 -13.9 -52.1 221.9 -3.7 225.6 336.0 67.8 268.2 -88.0 -119.8 31.8 605.2 -7.5 612.7 34.4 44.7 -10.3 60.9 69.8 -8.9 27 28 29 -13.7 -9.1 -0.3 -1.5 -1.7 -1.9 -2.3 -1.4 -1.9 -1.9 -1.4 30 30 Discrepancy (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 41 Z.1, June 5, 2014 F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1 Net acquisition of financial assets 914.2 -446.1 -114.8 -71.5 39.0 -54.3 154.9 -291.5 -8.0 -72.7 170.4 1 2 3 Money market fund shares Security repurchase agreements 253.6 0.0 -153.7 0.1 -148.0 0.0 -89.2 0.0 -28.8 0.0 -104.5 -0.1 -163.1 -0.5 -197.0 0.0 69.2 0.0 -127.2 0.0 -95.7 0.0 2 3 4 Credit market instruments 618.6 -250.4 90.3 24.4 60.6 37.3 190.1 -69.3 -21.9 50.5 227.0 4 106.2 497.3 15.1 -284.3 43.6 -9.8 39.9 51.9 -1.5 -6.2 32.6 -2.0 -12.4 79.6 -6.5 -8.5 48.1 -2.3 116.6 73.4 0.1 -136.0 71.1 -4.4 -17.2 1.0 -5.8 2.7 46.9 0.8 178.0 47.0 2.0 5 6 7 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 42.1 35.6 6.4 -67.2 -73.5 6.3 -58.4 -31.5 -26.9 19.6 -33.7 53.4 7.2 -11.8 19.0 13.0 -2.5 15.5 128.3 67.7 60.6 -25.2 -3.4 -21.8 -55.2 -93.6 38.4 4.0 19.2 -15.3 39.0 1.5 37.6 9 10 11 914.2 -446.1 -114.8 -71.5 39.0 -54.3 154.9 -291.5 -8.0 -72.7 170.4 12 466.4 -434.8 -65.3 -52.4 -23.9 27.0 91.9 39.1 -53.7 30.7 49.3 13 20.1 1.4 444.9 0.0 -125.1 37.9 -349.6 2.0 -47.4 -3.2 -21.9 7.2 -72.7 71.6 -51.9 0.7 -30.9 35.3 -21.5 -6.8 16.2 11.4 0.0 -0.7 56.1 37.9 0.0 -2.2 61.7 -22.2 0.0 -0.4 -115.1 61.5 0.0 0.0 62.1 -31.4 0.0 0.0 28.9 20.4 0.0 0.0 14 15 16 17 40.0 30.5 3.5 -18.4 -8.6 0.0 0.0 0.0 0.0 0.0 0.0 18 407.8 0.6 -353.2 0.0 760.4 -41.8 0.6 -30.2 2.4 -14.6 -53.0 0.6 -123.5 7.9 62.0 -0.7 0.6 -74.6 1.4 71.9 71.5 0.6 -79.2 0.1 150.1 -81.3 0.6 94.0 0.0 -175.9 63.0 0.6 236.2 0.0 -173.8 -330.6 0.6 298.3 0.0 -629.5 45.7 0.6 -43.6 0.0 88.7 -103.4 0.6 -114.8 0.0 10.8 121.1 0.6 -139.1 0.0 259.5 19 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) 18 Corporate equities (5) 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. Flows 2008 42 Z.1, June 5, 2014 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Flows 1 Q3 2014 Q1 Q4 4.8 99.9 1.8 15.9 4.5 -3.1 3.5 -0.8 -4.0 -11.1 -14.3 1 2 Federal government: SDR allocations 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 4.8 0.1 3.5 1.3 52.3 48.2 3.4 0.7 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 4.5 0.0 4.0 0.4 -3.1 0.0 -3.4 0.3 3.5 0.0 3.0 0.5 -0.8 0.0 -1.1 0.4 -4.0 0.0 -4.3 0.3 -11.1 0.0 -11.3 0.2 -14.3 0.0 -14.4 0.1 3 4 5 6 4.8 99.9 1.8 15.9 4.5 -3.1 3.5 -0.8 -4.0 -11.1 -14.3 7 7 Net change in liabilities Q2 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 4.2 0.0 0.1 3.5 0.6 51.9 0.0 48.2 3.4 0.3 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 4.3 0.0 0.0 4.0 0.2 -3.3 0.0 0.0 -3.4 0.2 3.3 0.0 0.0 3.1 0.2 -1.0 0.0 0.0 -1.2 0.2 -4.2 0.0 0.0 -4.3 0.1 -11.2 0.0 0.0 -11.3 0.1 -14.4 0.0 0.0 -14.4 0.0 8 9 10 11 12 13 14 15 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 0.6 0.0 -0.0 0.6 0.3 0.0 0.0 0.3 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 -0.1 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 0.1 0.0 0.1 0.0 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) 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 0.0 0.0 0.0 0.0 0.0 0.0 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 -0.8 -0.0 -0.4 4.0 -0.3 0.9 0.0 0.7 0.0 0.6 -0.4 0.7 0.0 0.9 0.0 0.7 -1.4 0.7 0.0 0.6 0.0 1.0 3 4 5 Discrepancy (seigniorage) -0.8 -4.4 -1.1 -0.7 -0.6 -1.1 -0.9 -0.7 -2.1 -0.6 -1.0 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 -394.3 -110.7 -9.3 -46.3 -30.2 55.9 96.8 315.3 -20.1 -168.6 -159.7 1 -23.7 -25.5 -14.6 -6.6 6.8 11.6 -0.6 9.1 8.7 -2.8 -5.8 -62.9 -1.8 1.0 0.4 3.4 44.7 -9.6 5.8 46.8 21.8 18.9 56.6 -46.7 -1.2 12.9 -3.2 -10.1 62.5 -10.2 -19.2 -64.1 -57.3 2 3 4 -330.4 -122.5 -26.6 25.2 -29.7 17.4 22.4 286.4 -28.6 -210.8 -19.1 5 43 Z.1, June 5, 2014 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 1751.8 -536.9 -142.8 820.5 -194.5 1107.0 1847.5 2005.3 535.7 39.6 1031.8 1 842.0 684.2 233.0 -0.6 -6.8 114.2 -496.4 -152.2 -1.0 -1.6 -11.1 -201.3 30.7 0.9 38.1 602.3 -263.4 504.6 -1.2 -21.9 -64.1 -114.2 -1.9 -0.4 -13.8 760.6 190.6 153.4 0.2 2.2 1171.4 375.5 256.4 1.3 42.9 887.0 243.4 875.6 -2.7 2.0 898.6 13.1 -347.7 1.1 -29.3 85.3 130.4 -170.6 1.2 -6.7 764.1 95.9 149.1 -3.2 26.0 2 3 4 5 6 1706.9 -551.4 -168.7 817.0 -200.1 1050.2 1552.7 2020.6 737.7 -110.3 958.7 7 355.4 509.6 600.5 238.0 3.5 -201.9 -463.7 41.6 45.1 27.5 -61.8 -95.7 -87.8 66.7 10.0 213.9 0.8 231.0 360.2 11.1 -136.0 0.0 6.9 -72.2 1.2 290.1 -0.5 456.9 309.3 -5.7 382.0 -0.7 704.5 410.1 56.8 1133.6 -0.0 75.7 873.3 -62.0 -161.6 0.8 907.1 15.7 -24.2 -193.6 -2.0 140.4 -61.9 6.8 193.2 1.5 216.6 491.9 55.5 8 9 10 11 12 44.8 14.5 25.8 3.5 5.7 56.8 294.7 -15.3 -202.1 149.9 73.1 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 2.7 2.7 0.0 -2.8 -2.8 0.0 -2.2 -2.2 0.0 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 -25.8 -25.8 0.0 -4.6 -4.7 0.1 22.0 22.0 0.0 18.6 18.6 0.0 -16.9 -16.9 -0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 839.2 597.7 238.0 3.5 117.0 44.4 45.1 27.5 -8.9 -85.6 66.7 10.0 594.2 222.9 360.2 11.1 -71.2 -0.2 -72.2 1.2 758.0 454.4 309.3 -5.7 1197.2 730.3 410.1 56.8 891.6 80.4 873.2 -62.0 876.6 885.1 15.7 -24.2 66.7 121.7 -61.9 6.8 781.0 233.5 491.9 55.5 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans 509.6 509.6 -1.5 511.1 -463.7 -463.7 -0.6 -463.1 -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 0.0 0.0 0.1 -0.1 -0.5 -0.5 -0.5 0.0 -0.7 -0.7 -0.4 -0.2 -0.0 -0.0 -0.5 0.4 0.8 0.8 0.6 0.2 -2.0 -2.0 -1.6 -0.4 1.5 1.5 1.7 -0.2 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 104.8 168.6 63.8 -53.5 -50.2 3.4 -78.4 21.5 99.9 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 153.1 103.2 -49.8 220.5 48.1 -172.3 201.0 22.1 -178.9 134.4 47.6 -86.8 56.3 295.1 238.8 56.0 -27.0 -83.0 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 236.6 48.3 -188.3 -149.6 -25.6 124.0 37.0 53.8 16.8 512.1 296.7 -215.4 -51.6 -90.0 -38.3 136.3 120.6 -15.6 157.0 52.3 -104.8 937.8 788.2 -149.5 -317.6 -417.7 -100.1 -232.2 59.6 291.8 129.2 62.3 -66.8 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -4.3 5.2 -9.5 -9.6 -15.3 5.7 13.6 6.9 6.6 -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 -1.8 1.8 -3.6 1.3 2.6 -1.3 -7.6 -3.3 -4.3 6.8 0.7 6.1 2.1 4.1 -2.0 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 9.7 4.0 5.7 -8.4 -2.0 -6.4 -6.8 -3.4 -3.4 -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 2.7 1.0 1.7 -3.9 2.5 -6.4 13.9 1.0 12.9 -10.9 -4.7 -6.2 10.1 1.6 8.5 34 35 36 355.4 -201.9 -61.8 213.9 -136.0 290.1 382.0 1133.6 -161.6 -193.6 193.2 37 71.0 53.1 0.9 0.6 6.8 7.5 -1.8 -18.8 1.0 1.6 -16.8 -14.0 -0.8 -0.9 -38.1 40.8 21.7 -4.9 1.2 21.9 -29.5 23.0 3.1 0.4 13.8 38.5 52.1 -2.3 -0.2 -2.2 156.5 231.4 -19.2 -1.3 -42.9 42.5 5.1 19.7 2.7 -2.0 -126.5 -99.7 74.2 -1.1 29.3 81.6 71.6 -83.8 -1.2 6.7 40.9 70.1 19.7 3.2 -26.0 38 39 40 41 42 -17.9 -9.3 2.9 -19.1 52.5 13.6 74.9 -37.4 26.8 -9.9 29.2 43 44.8 14.5 25.8 3.5 5.7 56.8 294.7 -15.3 -202.1 149.9 73.1 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. Flows 2008 44 Z.1, June 5, 2014 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 1 Flows Q3 Q4 2014 Q1 568.4 -7.9 266.3 234.5 267.7 332.6 294.2 68.8 162.3 805.2 224.6 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 428.2 349.3 19.4 1.3 58.2 -117.6 -173.8 14.0 1.0 41.2 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 62.1 7.0 -37.4 6.3 86.2 139.5 69.8 -1.3 1.5 69.5 -16.8 -52.3 -28.1 11.0 52.6 313.7 226.5 -2.7 3.3 86.6 -109.1 -185.9 18.3 -4.3 62.9 370.2 290.8 7.3 -3.9 76.0 -25.8 -78.7 -60.3 -4.0 117.1 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 137.9 -39.5 31.2 146.2 94.0 0.3 -28.7 122.4 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.1 180.0 148.2 0.3 -2.1 150.0 260.1 -0.7 -22.7 283.4 -289.3 0.3 -23.0 -266.6 240.6 0.5 35.6 204.5 381.2 0.9 1.7 378.6 172.8 -1.0 0.3 173.5 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 1.7 2.4 -0.7 2.6 5.8 -3.2 5.7 4.1 1.7 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 7.5 2.5 5.0 39.0 14.9 24.1 34.5 7.6 26.9 42.2 24.3 17.9 35.7 16.4 19.3 11 12 13 14 Banks in U.S.-affiliated areas -1.1 1.4 0.5 2.8 2.5 6.3 0.8 16.8 5.7 2.0 -3.5 14 15 Credit unions 1.6 11.6 5.5 10.7 10.7 7.9 42.6 -11.5 -9.4 9.7 45.4 15 266.3 234.5 267.7 332.6 294.2 68.8 162.3 805.2 224.6 16 2 3 4 5 6 Net change in liabilities Q2 16 Net change in assets 568.4 -7.9 17 Household sector 176.7 101.1 38.9 328.3 159.4 106.9 234.4 -82.6 -15.3 291.2 523.5 17 18 19 20 Nonfinancial business Corporate Noncorporate -55.2 -59.0 3.8 85.6 70.7 14.9 76.8 79.7 -2.8 27.3 29.7 -2.3 29.7 15.1 14.6 104.2 94.6 9.7 77.7 77.3 0.4 -79.8 -92.8 13.0 187.6 175.8 11.9 231.3 217.9 13.4 -263.9 -269.2 5.3 18 19 20 21 22 State and local governments Federal government 8.5 313.1 19.2 -174.2 5.7 148.9 16.8 -257.6 -9.0 6.7 6.5 69.6 13.2 -8.2 -11.8 130.2 28.8 -188.9 -4.3 345.3 11.6 -35.9 21 22 23 24 25 Rest of the world Checkable deposits Currency 64.0 34.8 29.2 -9.2 -21.8 12.6 29.5 1.2 28.3 81.8 26.8 55.0 68.3 11.1 57.1 49.5 11.8 37.7 10.7 -9.2 19.8 33.2 -4.8 37.9 89.5 38.9 50.7 64.5 22.1 42.5 113.4 12.7 100.7 23 24 25 26 Financial sectors 66.5 -30.2 -32.3 37.1 11.1 -3.3 16.4 -19.5 55.2 -65.4 -84.1 26 -14.8 24.4 -0.3 -32.1 5.0 1.0 -8.5 2.0 12.3 2.7 -6.7 -9.2 -18.8 -0.2 -4.6 -43.4 -0.1 31.9 -3.4 -25.3 15.6 12.1 27 28 27 28 Property-casualty insurance companies Life insurance companies 29 30 Private pension funds State and local govt. retirement funds -5.5 -0.1 -2.9 -0.0 2.1 0.5 5.7 0.2 -0.3 -0.1 -0.5 0.9 -0.1 0.6 1.8 0.3 -1.4 0.4 -2.4 2.2 1.1 1.3 29 30 31 32 Money market mutual funds Government-sponsored enterprises 5.6 39.7 10.5 11.1 -3.7 -36.0 5.8 9.3 -3.6 -20.1 -3.2 29.0 23.5 46.1 49.6 -49.5 -84.6 102.5 -1.2 17.0 55.3 -144.7 31 32 33 34 35 Finance companies REITs Brokers and dealers 0.3 1.8 15.1 0.5 12.4 -29.4 -1.7 -5.7 6.2 5.1 2.5 14.9 -3.8 7.7 16.3 4.2 -1.3 -16.5 9.3 22.3 -66.2 -0.7 -13.5 40.5 16.7 9.7 -19.8 -8.5 -23.5 -20.3 4.9 -4.3 -25.5 33 34 35 -5.2 -0.3 -1.1 0.8 1.5 -0.7 -50.0 99.1 5.4 -57.4 -39.9 36 36 Mail float 45 Z.1, June 5, 2014 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 8 9 10 11 Net change in liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Q2 Q3 2014 Q1 Q4 342.4 343.7 115.6 404.1 520.4 409.1 124.3 417.8 834.1 260.3 724.1 1 524.8 517.2 298.3 577.4 539.6 307.0 130.8 371.4 606.7 119.1 514.2 2 480.6 0.1 1.1 43.0 472.3 4.4 -2.9 43.4 271.7 5.8 -5.2 26.1 537.1 13.2 -0.4 27.4 491.5 13.8 -0.1 34.4 256.7 27.7 2.5 20.1 107.7 20.7 1.2 1.3 308.8 10.8 5.9 45.9 524.1 61.4 4.2 16.9 86.3 17.8 -1.2 16.2 532.9 -22.7 -2.7 6.8 3 4 5 6 -182.4 -173.6 -182.7 -173.3 -19.2 102.1 -6.4 46.4 227.4 141.2 209.9 7 -63.9 -120.0 1.1 0.5 -335.7 148.0 -2.9 17.0 -133.8 -46.5 -5.2 2.8 -13.2 -163.1 -0.4 3.4 -9.1 -16.2 -0.1 6.2 23.9 71.1 2.5 4.7 -78.4 64.1 1.2 6.7 34.0 6.5 5.9 0.0 -10.5 225.5 4.2 8.2 150.4 -11.8 -1.2 3.8 -29.7 233.4 -2.7 8.9 8 9 10 11 12 Net change in assets 342.4 343.7 115.6 404.1 520.4 409.1 124.3 417.8 834.1 260.3 724.1 12 13 Household sector 255.6 106.0 159.0 371.8 408.7 197.4 90.7 232.5 271.2 195.3 568.3 13 14 15 16 Nonfinancial business Corporate Noncorporate -130.7 -129.4 -1.2 172.1 176.9 -4.8 62.8 59.9 2.9 17.1 13.2 3.9 41.9 36.8 5.1 67.6 58.5 9.1 39.2 36.7 2.5 71.8 60.3 11.5 156.0 145.3 10.7 3.6 -8.2 11.8 52.4 46.5 5.9 14 15 16 17 18 19 State and local governments Federal government Rest of the world 18.5 -1.3 78.5 9.7 0.3 -73.2 -6.3 0.1 9.0 15.2 -0.3 47.2 19.2 0.2 37.1 12.7 -0.5 48.7 16.3 -1.7 -4.1 -7.3 0.9 26.0 30.3 0.2 81.9 11.4 -1.3 90.8 20.5 -0.1 46.7 17 18 19 20 Financial sectors 121.7 128.7 -108.9 -47.0 13.3 83.1 -16.1 93.8 294.4 -39.6 36.3 20 -4.1 0.6 102.7 2.8 1.2 169.9 -0.9 5.9 -107.7 1.4 2.8 -56.3 -1.8 -0.3 32.8 -0.5 7.7 59.4 -0.0 5.0 -32.8 -1.5 2.6 82.0 -0.9 3.8 233.2 0.3 19.3 -44.8 1.7 11.5 -9.5 21 22 23 21.9 0.8 -0.1 -42.8 1.6 -3.9 0.3 -5.2 -1.3 -12.7 15.4 2.4 -9.1 -11.5 3.1 1.1 12.7 2.8 -2.7 28.0 -13.6 4.8 -2.0 7.9 10.8 50.1 -2.6 -8.5 -25.4 19.5 10.3 14.8 7.4 24 25 26 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (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 724.2 -498.7 -503.2 -112.8 7.1 28.7 -142.8 85.0 270.2 -97.8 -91.1 1 2 Net purchases 724.2 -498.7 -503.2 -112.8 7.1 28.7 -142.8 85.0 270.2 -97.8 -91.1 2 234.7 178.5 1.0 -267.9 -71.4 -1.7 -182.8 -157.7 3.1 -35.1 -35.4 0.8 -2.9 18.2 1.1 23.1 40.6 2.0 40.6 -18.1 0.5 96.0 -11.9 2.5 54.8 123.8 2.3 -99.1 68.5 2.5 98.7 -96.3 1.3 3 4 5 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Rest of the world 2.6 23.7 9.8 7.2 13.7 -7.1 3.4 24.9 5.4 20.2 4.9 64.3 14.5 9.3 10.1 203.5 -3.6 15.4 -1.6 29.0 7.7 -1.0 6 7 8 9 Property-casualty insurance companies Life insurance companies 12.1 17.5 -3.2 -5.5 -4.0 -12.7 -5.6 7.9 2.2 -1.4 -2.3 -5.9 -4.1 -27.4 -12.8 -6.2 0.3 10.0 7.5 0.1 -6.3 -5.0 8 9 10 11 Private pension funds State and local govt. retirement funds 5.1 -4.8 -8.8 -3.4 -10.1 2.3 16.8 -1.4 -3.9 -3.1 -1.5 8.1 -0.3 5.3 -2.0 2.8 -5.9 4.0 2.1 20.3 -6.6 12.2 10 11 12 Funding corporations 253.6 -153.7 -148.0 -89.2 -28.8 -104.5 -163.1 -197.0 69.2 -127.2 -95.7 12 Flows 2008 46 Z.1, June 5, 2014 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 Flows 1 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 -1377.1 -377.0 413.7 251.4 250.6 -502.4 -674.3 -677.4 -254.2 -403.8 132.6 1 2 3 Rest of the world Monetary authority -366.3 44.4 55.7 -10.6 200.3 -18.0 71.6 40.2 39.7 7.3 -108.8 208.7 -70.5 -6.9 -159.8 -41.2 49.0 249.0 -254.0 634.1 217.4 100.4 2 3 4 5 6 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -9.7 -156.7 2.4 -195.0 63.5 -2.4 -48.1 54.8 0.0 -81.5 54.4 0.0 -52.6 20.6 0.0 -84.7 -12.3 0.0 -90.5 -21.7 0.0 -8.6 -85.4 0.0 -95.1 -8.2 0.0 -144.7 66.1 0.0 8.2 159.2 0.0 4 5 6 7 8 Property-casualty insurance companies Life insurance companies 1.9 -7.3 -1.7 -0.5 0.8 -2.2 -1.1 0.1 0.4 3.1 1.4 -0.8 1.1 0.5 1.3 0.6 1.5 -1.8 1.8 -2.5 2.0 -4.2 7 8 -1.0 -12.3 -865.4 -7.0 -0.1 11.1 -296.8 -0.2 0.1 29.9 195.9 0.2 -0.9 97.7 70.5 0.4 -0.4 102.4 131.2 -1.2 0.0 -66.6 -439.3 -0.0 0.9 5.8 -492.9 -0.1 -0.8 -48.9 -334.6 -0.0 -0.1 -84.1 -364.5 0.0 0.0 -139.3 -565.3 0.0 0.1 -47.2 -303.2 -0.0 9 10 11 12 -1091.4 -541.8 347.9 237.9 269.2 -315.8 -330.1 -580.2 -103.3 -249.7 177.2 13 -0.9 -12.1 0.7 -4.3 4.3 -1.4 0.4 -3.6 -2.8 4.7 -0.9 4.3 -1.8 12.0 -2.6 8.5 15.6 -2.4 -14.9 -0.8 7.1 6.6 14 15 9 10 11 12 13 Net change in liabilities 2009 Government-sponsored enterprises REITs Brokers and dealers Holding companies Net change in assets 14 15 Nonfinancial corporate business State and local governments 16 17 Rest of the world Monetary authority -580.4 33.5 -42.7 -80.0 74.2 0.0 123.3 0.0 2.6 0.0 56.4 0.0 221.8 0.0 -117.4 0.0 10.4 0.0 110.6 0.0 191.9 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 54.9 -177.5 -2.4 -308.2 0.1 0.0 0.7 20.3 -0.1 -25.0 31.7 15.9 61.1 58.2 -6.2 -87.9 -1.2 -9.6 -176.1 1.9 -44.9 -86.4 9.3 3.6 -80.0 72.7 3.5 -9.3 -88.7 -0.7 -0.3 92.7 -6.8 18 19 20 21 22 Property-casualty insurance companies Life insurance companies 0.8 5.2 0.1 2.2 -0.7 0.7 -2.1 -0.8 0.0 -1.6 0.0 -0.0 -0.1 -6.9 -0.9 -0.5 0.2 5.4 0.8 2.0 -0.8 -7.7 21 22 23 24 Private pension funds State and local govt. retirement funds -1.0 -0.2 0.2 -0.1 -0.2 0.3 0.0 0.1 -0.1 -0.1 -0.1 0.7 -0.0 0.4 -0.1 0.2 -0.2 0.3 0.0 1.7 0.2 1.0 23 24 25 26 Money market mutual funds Mutual funds -63.5 -7.4 -62.4 28.6 -0.6 -15.8 11.1 -28.8 54.2 54.1 -51.7 93.0 -208.3 180.8 -133.4 81.1 88.0 103.0 46.8 6.9 148.2 59.7 25 26 27 28 29 30 Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations -28.3 -305.5 -6.6 0.0 7.5 -103.3 19.8 0.1 20.7 243.4 2.1 0.0 -38.9 154.6 0.2 0.0 38.6 55.1 -48.3 0.0 1.5 -317.2 -2.8 -0.1 171.1 -478.6 -0.9 -0.5 -169.3 -158.4 -14.1 0.0 -71.4 -260.2 11.6 0.0 75.5 -371.7 -8.0 0.0 -100.1 -214.0 -0.4 0.0 27 28 29 30 -285.8 164.7 65.8 13.5 -18.6 -186.6 -344.2 -97.2 -150.9 -154.1 -44.6 31 31 Discrepancy 47 Z.1, June 5, 2014 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 2 Total net issues, all types Commercial paper 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 7 8 9 10 11 12 13 14 15 16 17 Financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases, by sector Q2 Q3 2014 Q1 Q4 -188.8 -461.8 -80.4 -88.3 -16.9 -0.8 128.4 -22.2 -61.8 -47.6 85.7 1 -188.8 -461.9 -79.9 -88.2 -16.8 -0.8 128.3 -22.2 -61.8 -47.6 85.7 2 7.7 -73.1 24.5 33.4 14.0 14.2 20.1 -20.1 92.0 -35.2 72.1 3 -71.0 20.7 -91.7 59.4 -15.2 74.5 -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.9 10.3 17.6 34.0 11.2 22.8 120.7 -41.0 161.7 13.7 40.8 -27.2 -26.6 44.7 -71.3 28.1 0.1 27.9 65.2 29.5 35.7 4 5 6 -125.4 0.0 -83.9 -22.6 0.0 -39.0 20.1 -448.2 0.0 -266.2 -38.8 0.0 -18.1 -125.1 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 10.0 0.0 11.1 -72.7 -58.7 -33.1 -9.0 8.2 0.0 6.2 -30.9 -48.9 -27.8 -7.1 -10.3 0.0 -19.9 16.2 -12.4 -52.3 11.1 -32.6 0.0 5.2 56.1 -15.7 -41.1 -13.4 5.8 0.0 -28.7 61.7 -127.2 -27.2 -11.6 31.6 0.0 -4.8 -115.1 -40.4 9.3 -14.4 -46.1 0.0 -51.3 62.1 -51.5 -5.2 -22.3 -25.4 0.0 -27.5 28.9 7 8 9 10 11 12 13 0.0 0.1 -0.5 -0.1 -0.1 -0.0 0.0 -0.0 -0.0 0.0 0.0 14 0.2 -0.2 0.1 0.0 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 15 16 -188.8 -461.8 -80.4 -88.3 -16.9 -0.8 128.4 -22.2 -61.8 -47.6 85.7 17 -101.3 -12.2 16.7 -1.3 -1.5 12.0 -1.8 -0.1 -0.6 -8.0 -3.8 -29.5 -3.2 -0.7 -0.8 -25.6 -0.8 -29.6 -10.4 -62.3 -2.9 22.6 18 19 -22.0 -45.1 -39.1 -41.4 13.0 -0.5 -11.2 0.7 -7.2 3.4 -7.8 2.0 -2.6 35.0 -5.3 -15.0 -12.2 -51.4 -11.1 39.4 -6.6 9.1 20 21 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 15.7 0.0 -0.4 0.0 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies 5.8 -3.4 -9.3 11.5 -1.9 -8.9 0.9 -11.2 -1.4 13.9 0.7 3.2 0.0 -19.0 -3.2 -4.6 1.4 9.0 4.4 27.2 -1.4 -10.2 26 27 28 29 Private pension funds State and local govt. retirement funds -5.9 -0.2 1.0 0.5 -2.7 5.7 2.1 2.4 -2.8 -0.7 -4.0 8.2 1.9 5.4 -2.6 2.8 -6.7 4.1 -8.5 20.6 5.4 12.3 28 29 30 31 Money market mutual funds Mutual funds -56.1 -62.5 -108.0 28.6 -116.3 -13.9 -40.0 -26.3 -13.3 27.5 11.3 27.7 49.2 -57.5 137.3 32.6 -30.8 63.1 -110.5 72.6 19.1 -139.2 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 14.1 -21.4 106.2 3.0 -24.2 -284.3 0.2 -5.3 39.9 -3.4 5.9 -6.2 -3.1 -12.2 -12.4 1.0 -1.3 -8.5 3.1 0.1 116.6 0.5 -2.2 -136.0 3.0 6.2 -17.2 -2.5 -9.2 2.7 1.3 -1.8 178.0 32 33 34 (1) Excludes banks’ holdings of own acceptances. Flows 2008 48 Z.1, June 5, 2014 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2 3 4 Flows 5 Net issues U.S. savings securities (1) Treasury bills Other Treasury securities Net purchases 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1239.0 1443.7 1579.6 1066.8 1140.6 759.5 1169.7 298.5 173.6 1396.0 875.5 1 -2.4 861.6 379.7 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -2.8 107.0 1036.3 -3.3 -35.9 798.7 -2.5 646.7 525.5 -3.7 -880.3 1182.6 -3.3 -160.7 337.5 -3.6 250.6 1149.1 -2.9 238.7 639.8 2 3 4 1239.0 1443.7 1579.6 1066.8 1140.6 759.5 1169.7 298.5 173.6 1396.0 875.5 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 147.9 -2.4 150.3 534.3 -2.8 537.0 322.5 -3.3 325.8 -228.6 -2.7 -225.9 214.9 -2.8 217.6 -213.3 -3.3 -210.0 -80.0 -2.5 -77.5 -141.7 -3.7 -138.0 -247.3 -3.3 -244.0 -384.4 -3.6 -380.7 -354.7 -2.9 -351.8 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments -7.9 -7.5 -46.5 12.5 -5.7 -17.4 5.1 1.9 6.8 -5.1 0.5 -32.7 -3.4 0.7 39.2 0.8 1.2 -14.3 -25.8 0.3 37.4 20.5 1.5 26.1 1.3 1.4 -93.5 7.3 1.6 -27.2 -9.2 0.8 -8.4 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 711.6 455.3 256.3 554.4 -7.6 562.0 740.4 -40.2 780.5 357.9 -62.6 420.5 589.5 14.0 575.6 437.7 22.7 415.0 531.6 281.9 249.7 65.5 -173.6 239.1 251.1 -221.6 472.6 902.8 204.3 698.5 378.6 67.5 311.0 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities -264.7 -209.4 -55.3 300.7 0.0 300.7 244.9 0.0 244.9 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 575.2 0.0 575.2 548.5 0.0 548.5 522.5 0.0 522.5 524.3 0.0 524.3 498.9 0.0 498.9 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -23.7 5.1 -0.6 -1.6 68.1 22.0 -0.7 5.4 93.0 3.5 0.6 5.9 -43.7 -0.5 -0.0 -2.5 69.3 16.1 -0.6 1.7 -26.1 -9.6 0.7 -0.2 -80.9 11.8 -0.1 -0.4 -100.3 -50.5 0.1 3.5 -97.8 9.4 0.8 -2.2 174.7 -8.9 2.2 -1.8 155.5 -2.9 0.6 3.7 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities -5.6 -5.4 -0.3 22.9 5.0 18.0 3.2 -0.3 3.5 4.6 1.9 2.7 -6.7 -3.3 -3.4 6.0 9.4 -3.4 3.2 6.4 -3.2 -3.9 -0.5 -3.3 7.3 10.7 -3.4 17.3 21.0 -3.7 2.0 -1.3 3.3 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 35.1 17.8 17.3 27.7 -6.3 34.0 23.2 -3.6 26.8 18.8 3.8 15.0 5.5 -4.5 10.0 -9.3 -2.8 -6.5 -16.7 -10.3 -6.5 -9.2 -2.8 -6.4 -6.4 2.5 -8.8 -5.0 -0.7 -4.3 12.1 1.8 10.2 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 6.4 -15.9 24.7 35.0 21.9 7.4 33.2 7.8 10.1 27.8 9.2 23.4 48.0 18.8 12.1 40.1 16.1 12.6 60.1 17.5 -9.5 51.7 30.6 -40.6 27.5 12.4 -379.4 21.2 4.1 479.9 15.8 9.5 12.1 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 399.5 341.9 57.7 -171.3 -160.2 -11.0 -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 30.4 6.7 23.6 54.1 -43.9 98.0 -17.3 -144.3 127.1 89.7 206.5 -116.8 -5.1 8.7 -13.7 -139.4 -128.1 -11.3 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 18.5 0.0 18.5 74.0 0.0 74.0 121.0 -1.7 122.7 73.8 0.4 73.4 120.6 12.2 108.4 59.4 -5.0 64.4 220.2 5.1 215.1 -3.7 0.4 -4.1 -18.0 -0.5 -17.5 39.1 -25.0 64.0 172.5 -45.9 218.4 34 35 36 37 38 Closed-end funds Exchange-traded funds -2.4 7.4 1.2 14.7 0.7 9.2 -0.3 11.4 0.3 1.2 0.6 -6.5 2.1 -2.9 0.5 4.8 -0.2 -0.7 -0.0 -27.0 0.3 8.7 37 38 39 40 Government-sponsored enterprises ABS issuers 1.2 -13.6 19.9 -18.3 45.9 -13.8 17.6 -10.9 -31.2 -5.8 -9.9 1.0 22.3 -11.3 3.6 2.6 28.5 6.8 -94.1 5.7 24.4 2.5 39 40 41 42 Brokers and dealers Holding companies 275.6 -4.0 -67.6 2.7 -28.5 13.8 89.1 7.1 63.0 -29.8 -110.5 9.8 -144.7 6.4 -134.9 41.1 68.6 -8.4 -231.0 0.3 92.7 -0.4 41 42 1239.2 1443.9 1580.2 1067.9 1140.2 759.1 1168.7 299.9 174.1 1393.6 873.6 43 Memo: 43 Federal government borrowing (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11). 49 Z.1, June 5, 2014 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 768.9 -59.9 -46.2 -20.8 -22.8 239.5 181.0 227.0 199.0 351.2 -255.6 1 0.2 261.3 507.4 0.1 -518.4 458.3 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -0.4 107.5 132.4 -1.0 43.1 138.8 1.3 136.7 88.9 0.5 40.2 158.3 -2.4 210.1 143.5 -1.9 -355.5 101.8 2 3 4 768.9 -59.9 -46.2 -20.8 -22.8 239.5 181.0 227.0 199.0 351.2 -255.6 5 6 7 Household sector Nonfinancial corporate business 238.9 -2.6 -671.0 4.2 -3.5 1.7 -11.0 -1.7 -128.7 -1.1 -83.0 -4.7 -282.6 -28.6 -64.6 6.8 -83.4 0.4 98.6 2.4 -319.0 -3.1 6 7 8 9 State and local governments Federal government -18.4 54.4 9.7 142.0 22.5 -47.2 -7.8 -118.1 -10.0 -31.1 -12.6 0.0 17.9 0.0 3.2 0.0 -38.9 0.0 -32.5 0.0 -4.5 0.0 8 9 -228.6 19.7 -226.0 1048.5 -72.3 71.4 -41.6 -197.9 -71.8 61.8 -87.9 543.9 -167.4 559.7 -137.4 535.8 89.5 501.7 -136.4 578.6 -123.6 412.3 10 11 10 11 Rest of the world Monetary authority 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 136.2 -6.5 -2.0 14.4 168.0 -19.3 -3.9 27.8 110.1 -4.8 -7.7 40.9 106.9 4.0 -8.0 30.6 35.5 1.5 -2.2 14.9 47.7 -6.7 -0.8 2.2 163.7 -17.5 -0.7 14.5 60.6 -6.4 -1.1 15.6 -101.1 0.1 -0.9 3.6 67.7 -3.1 -0.4 -25.0 54.9 -11.5 -0.4 6.7 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies -11.5 -16.7 1.9 5.8 -0.4 4.0 6.9 -1.6 -8.4 -13.5 -5.6 -8.6 -5.3 -6.9 -5.5 -7.1 -5.6 -12.6 -6.1 -7.6 -9.1 -8.3 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds -0.2 -29.9 -0.2 -6.4 -3.2 0.0 6.5 1.1 0.6 3.3 13.2 0.7 17.1 21.4 1.5 13.7 13.6 -1.7 9.3 15.9 -2.2 16.3 27.6 -1.9 13.6 6.8 -1.8 15.4 4.2 -0.8 -7.4 -6.5 -2.9 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 520.3 -23.4 207.0 -213.1 50.0 -27.4 -140.2 78.4 -85.1 0.9 107.0 -18.1 -60.2 89.4 -48.3 17.6 -28.5 -22.7 34.0 11.8 -39.9 34.8 -26.3 -32.5 30.8 -80.6 8.6 -29.4 -18.8 -27.2 -23.7 -44.6 -17.7 21 22 23 24 25 ABS issuers REITs -26.0 0.7 -224.2 15.6 -96.0 38.2 -3.3 104.7 -0.0 109.5 -0.2 -95.6 -0.6 -46.7 -0.3 -73.4 -0.1 -82.7 0.2 -179.7 0.0 -33.7 24 25 26 27 Brokers and dealers Holding companies -72.5 15.9 -131.8 -7.0 38.9 -3.2 -2.1 12.0 21.9 -22.1 -55.4 14.9 -62.8 15.5 -112.3 -5.1 -80.7 32.3 34.0 16.9 -105.2 -8.3 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 41. Flows 2008 50 Z.1, June 5, 2014 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Flows 1 Q3 Q4 2014 Q1 92.4 155.3 99.7 -52.8 -4.9 -43.2 76.5 24.7 -109.7 -164.4 -19.4 1 2 3 4 State and local governments Short-term (1) Long-term 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 71.7 -4.4 76.0 33.0 8.6 24.4 -116.9 -19.4 -97.5 -145.4 -28.3 -117.2 -20.5 -7.0 -13.6 2 3 4 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 9.3 66.0 5.9 37.2 -2.2 33.2 -7.8 8.5 -14.5 15.2 -13.1 9.3 -6.5 11.3 -14.6 6.4 -13.4 20.6 -18.1 -0.9 -1.0 2.1 5 6 92.4 155.3 99.7 -52.8 -4.9 -43.2 76.5 24.7 -109.7 -164.4 -19.4 7 47.3 -3.0 -0.4 107.1 0.9 0.2 43.7 -3.2 0.5 -63.5 -1.6 0.1 -142.5 1.7 0.1 -39.5 -12.4 0.1 21.0 -38.3 0.0 5.5 0.3 0.2 -80.6 0.6 0.2 -104.0 -12.2 0.2 -110.9 9.5 0.1 8 9 10 0.4 5.9 1.0 7.7 1.4 13.1 0.3 -1.4 0.3 -2.4 0.2 1.7 1.0 -5.5 0.7 11.7 -0.5 8.7 -0.3 -8.0 0.5 17.8 11 12 7 Net change in liabilities Q2 Net change in assets 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 19.9 0.0 0.5 0.0 2.4 0.0 0.9 0.0 30.3 0.0 -0.9 0.0 42.6 0.0 0.9 3.2 67.8 0.0 -0.8 1.0 53.8 0.0 0.9 0.3 53.9 0.0 0.2 4.5 66.7 0.0 0.2 -1.2 50.0 0.0 3.0 1.5 44.8 0.0 0.3 -3.5 36.2 0.0 -0.6 -0.1 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 10.6 5.7 -0.1 -12.6 26.1 0.1 -21.0 39.2 0.7 -17.4 9.4 -0.7 -2.9 9.7 -0.9 -2.3 9.7 -0.1 -1.1 10.1 -0.3 -1.8 10.2 -0.2 -2.2 7.7 -0.3 -3.9 10.7 0.3 3.5 -0.3 -0.0 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 12.9 17.7 -13.3 1.7 -69.4 89.4 3.3 3.6 -53.4 46.7 0.4 1.7 -29.4 15.7 0.9 1.0 -20.6 86.2 3.3 3.6 -28.3 -13.5 -1.7 -0.8 -65.9 76.8 1.9 2.9 11.1 -22.5 -0.2 -1.8 0.4 -80.9 -6.0 -4.0 -58.9 -27.3 -2.4 -0.3 -15.7 28.8 3.4 1.5 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers -2.0 -11.4 -2.2 -3.3 -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.5 -8.0 -2.6 17.7 -5.9 -48.1 -4.1 -3.0 -1.4 1.5 -3.0 10.0 24 25 (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). 51 Z.1, June 5, 2014 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 -134.7 126.6 -46.0 312.8 420.1 716.0 519.6 261.2 834.9 1248.2 726.7 1 2 3 Nonfinancial corporate business Rest of the world (1) 225.4 -158.8 411.7 163.3 438.6 59.9 410.8 137.7 579.6 62.2 640.3 162.7 579.4 239.8 570.8 3.9 745.3 77.7 665.8 329.3 662.0 90.0 2 3 4 Financial sectors -201.4 -448.4 -544.6 -235.8 -221.7 -87.0 -299.5 -313.5 12.0 253.1 -25.3 4 0.1 -248.2 -49.6 -60.3 -28.5 -347.8 -87.0 -26.6 -49.2 -371.8 -111.7 1.0 2.4 -148.4 -39.4 7.6 -82.3 -134.7 -81.4 26.7 -74.9 -93.1 4.4 38.4 -114.0 -164.1 -19.9 10.9 -93.6 -127.8 -14.0 26.6 -75.3 -63.9 24.4 34.6 -16.6 -16.6 27.1 81.5 -27.2 -88.8 -19.8 30.3 5 6 7 8 32.3 123.0 1.4 -4.2 7.8 37.9 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -1.7 16.3 35.3 22.2 4.5 11.4 -4.2 -46.0 37.9 55.8 -138.5 -22.2 -27.8 58.5 61.5 65.1 143.9 -31.4 13.3 46.5 20.4 9 10 11 -134.7 126.6 -46.0 312.8 420.1 716.0 519.6 261.2 834.9 1248.2 726.7 12 -83.9 -5.7 0.0 -21.8 -101.4 79.5 211.8 3.3 0.6 -127.3 -168.7 41.4 -289.1 7.4 0.3 -36.8 -45.5 8.8 203.4 -0.8 -0.1 -109.9 -44.8 -65.1 38.3 3.3 -0.2 -16.9 -36.1 19.2 106.2 2.7 -0.1 201.6 -22.5 224.1 -158.2 12.9 -0.2 157.9 -21.6 179.5 -156.3 8.2 -0.1 137.1 -39.4 176.5 99.1 -6.2 -0.1 269.5 -13.0 282.5 640.1 -4.1 -0.0 242.0 -16.0 258.0 41.7 5.6 -0.0 275.8 -8.6 284.4 13 14 15 16 17 18 5 6 7 8 9 10 11 12 Net issues 2009 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs Brokers and dealers Holding companies Funding corporations Net purchases (3) 13 14 15 16 17 18 Household sector State and local governments Federal government Rest of the world (4) MBS and other ABS Other 19 20 21 22 23 24 25 26 U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other -63.2 -69.1 5.9 32.2 0.0 -8.4 0.5 -8.9 25.1 -47.7 72.9 -157.8 1.5 -6.7 0.3 -7.0 -98.2 -88.1 -10.2 -9.4 -1.4 -15.7 -0.7 -15.0 2.5 -24.8 27.3 -1.4 3.6 -0.3 -0.3 -0.1 -9.0 -1.0 -8.0 -6.2 1.0 0.3 0.7 -0.4 15.2 -1.3 16.5 -34.1 0.6 2.2 2.1 0.1 -13.7 -11.2 -2.5 -74.3 1.6 4.6 4.2 0.4 10.7 -1.9 12.7 -36.6 -0.2 2.9 2.7 0.2 50.1 6.5 43.6 1.3 0.3 0.2 0.3 -0.2 13.6 1.3 12.2 -27.0 0.6 1.1 1.0 0.1 -75.8 -23.3 -52.4 16.6 2.5 2.7 2.6 0.1 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other -15.4 0.0 -15.4 -45.5 0.0 -45.5 30.8 0.0 30.8 97.6 0.0 97.6 24.3 0.0 24.3 102.9 0.0 102.9 40.4 -0.6 41.1 87.1 0.0 87.1 19.6 3.2 16.4 45.0 -24.3 69.3 24.2 8.7 15.5 57.6 9.1 48.5 25.0 7.2 17.8 73.1 9.0 64.1 24.6 7.4 17.2 64.8 9.0 55.8 24.5 7.6 16.9 25.7 9.1 16.6 22.8 12.7 10.1 66.7 9.1 57.6 31.6 3.8 27.9 116.2 12.9 103.3 27 28 29 30 31 32 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 2.9 23.8 -0.5 -14.5 -101.9 -0.0 83.4 4.4 0.2 44.6 -11.5 1.4 -47.3 -31.3 1.7 -2.2 29.5 -1.3 -40.0 4.5 -2.3 7.5 56.2 -1.8 12.8 -6.1 -0.2 11.0 63.3 -0.9 -14.2 14.5 -3.1 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -148.8 69.7 -24.8 13.9 -58.1 143.8 6.0 27.6 -15.7 122.3 4.2 18.7 -49.1 170.3 -2.3 33.6 -3.0 306.0 7.5 47.6 0.0 279.3 14.5 19.5 3.1 388.7 26.6 28.2 -48.4 207.6 23.9 10.1 -6.4 315.2 3.5 22.0 51.7 205.9 3.9 17.5 -53.3 310.3 -1.3 33.6 36 37 38 39 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs -77.7 -64.4 -13.4 3.0 -22.8 -48.6 -50.2 1.6 6.3 4.3 -29.6 -46.5 17.0 -19.8 7.2 -30.8 -32.2 1.4 0.9 3.8 -50.0 -31.2 -18.8 -6.3 9.5 -59.4 -58.8 -0.6 -10.8 -0.2 -22.9 -22.4 -0.6 -14.8 13.0 -45.2 -44.7 -0.6 -19.7 -0.4 -118.3 -117.8 -0.5 -0.4 1.1 -51.2 -50.5 -0.7 -8.1 -14.6 -24.8 -24.3 -0.5 15.6 -4.7 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations -259.0 -0.0 497.3 47.5 -8.4 43.6 35.2 7.3 51.9 -85.0 -20.1 32.6 35.5 -4.7 79.6 -11.1 34.0 48.1 31.9 1.6 73.4 -52.8 -2.0 71.1 -2.8 148.9 1.0 -20.6 -12.6 46.9 -1.9 -7.7 47.0 45 46 47 (1) Net purchases of foreign issues by U.S. residents. (2) Net issuance less net acquisition of corporate bonds held as assets. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. Flows 2008 52 Z.1, June 5, 2014 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Flows 1 Net issues 317.9 -6.9 -302.1 -148.8 -20.5 274.8 -61.7 -182.6 -112.7 -15.1 1 -62.1 -277.4 -472.2 -399.5 -408.6 -256.2 -423.3 -452.8 -502.1 -426.8 2 Rest of the world (2) -38.5 63.7 79.1 6.0 82.6 226.2 295.3 313.6 91.4 204.5 364.8 3 Financial sectors 3 4 15 2014 Q1 Q4 266.3 Nonfinancial corporate business 10 11 12 13 14 Q3 -334.3 2 5 6 7 8 9 Q2 639.2 316.4 191.4 164.1 168.1 161.9 235.7 48.0 178.8 184.9 46.9 4 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 12.1 0.4 -10.7 -61.9 177.2 11.6 -5.3 -0.9 7.6 116.5 11.9 -12.7 -4.8 0.6 118.0 6.4 -10.7 -11.5 -2.9 117.6 1.6 -14.5 -9.9 2.4 185.2 2.2 -7.6 -9.2 -3.2 179.0 1.0 -3.6 -6.6 17.6 207.7 0.5 -6.4 -9.7 14.0 60.2 2.6 -9.5 -10.7 -18.9 214.4 4.9 -11.0 -9.6 -25.5 233.9 2.5 -17.0 -13.2 6.4 57.3 5 6 7 8 9 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (3) 12.8 27.6 120.2 321.4 40.0 24.2 96.0 -32.4 68.6 30.5 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.1 2.9 -18.4 47.6 14.5 -50.7 0.6 -8.6 46.2 2.4 -31.0 -17.1 0.0 64.2 7.8 -45.4 -7.0 0.0 63.1 -10.7 -41.6 -21.4 0.0 24.9 3.3 0.3 -27.5 0.0 32.6 9.2 -37.1 -12.5 0.0 18.9 -5.9 0.4 -2.3 0.0 10 11 12 13 14 266.3 317.9 -6.9 -302.1 -148.8 -20.5 274.8 -61.7 -182.6 -112.7 -15.1 15 -313.8 -7.9 256.3 105.8 -1.3 -2.3 0.6 154.9 -191.4 -0.2 24.1 74.6 -236.9 -2.6 40.3 -38.7 -248.7 1.8 -13.2 29.9 -150.8 1.4 -4.8 -55.4 249.5 6.9 -5.2 3.1 -63.3 4.4 -2.8 -126.9 -684.7 -3.3 -10.3 284.0 -104.9 -2.2 -1.1 -381.9 -440.1 3.0 -0.6 364.2 16 17 18 19 0.0 6.3 0.0 25.1 4.7 0.0 1.3 -0.6 0.1 -26.4 2.0 -0.0 0.0 2.4 0.0 0.0 0.8 0.0 0.0 -2.1 0.0 0.0 -4.0 0.0 0.0 1.3 0.0 0.0 8.1 0.0 0.0 -2.5 0.0 20 21 22 35.4 81.8 -2.8 33.4 -20.9 45.6 2.9 37.7 4.6 15.3 3.5 13.4 5.8 2.8 10.7 19.2 0.1 -2.8 -2.6 34.5 10.2 30.6 23 24 Net purchases 16 17 18 19 Household sector State and local governments Federal government Rest of the world (4) 20 21 22 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 Property-casualty insurance companies Life insurance companies 25 26 27 Private pension funds State and local govt. retirement funds Federal government retirement funds -73.2 117.4 -8.4 -95.4 17.8 8.8 25.2 -80.6 5.4 -63.8 -56.2 -4.2 11.5 -44.1 -4.1 4.5 -170.7 9.1 14.6 -160.0 16.3 14.8 -141.7 9.3 -6.0 -141.9 -9.2 -5.3 -239.3 20.0 -4.8 -170.7 7.2 25 26 27 28 29 30 Mutual funds Closed-end funds Exchange-traded funds -38.1 -21.3 154.2 86.5 -2.9 70.5 44.3 -4.8 88.3 4.9 -1.2 71.6 -38.1 -8.6 132.9 159.6 -16.6 166.8 54.6 -13.1 179.6 165.3 -10.2 47.1 214.7 -16.2 197.1 204.0 -27.0 243.6 130.8 4.1 13.5 28 29 30 31 32 Brokers and dealers Funding corporations -28.5 0.0 -4.6 25.1 -18.5 1.3 -5.0 -26.4 9.7 0.0 18.6 0.0 -78.0 0.0 16.5 0.0 -5.5 0.0 141.5 0.0 40.0 0.0 31 32 (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) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues -9.9 497.1 370.1 338.4 624.9 635.6 951.2 507.4 673.9 409.7 543.2 1 2 Net purchases -9.9 497.1 370.1 338.4 624.9 635.6 951.2 507.4 673.9 409.7 543.2 2 -41.1 -16.5 339.4 35.3 232.6 11.1 263.1 -12.8 435.0 -0.0 713.9 0.8 1007.2 0.8 701.6 0.8 705.3 0.8 441.4 0.8 518.8 0.8 3 4 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world -0.7 -2.7 1.7 57.2 2.8 111.5 0.2 147.5 0.9 182.0 0.7 -99.1 3.5 -95.2 2.3 -207.6 -1.7 -72.3 -1.1 -21.3 1.5 -17.5 5 6 7 8 U.S.-chartered depository institutions Credit unions 1.3 -0.0 14.8 -0.7 -5.8 0.2 -0.8 0.3 -1.1 0.4 1.6 -0.1 2.7 1.1 -8.9 -0.8 5.6 -0.6 7.1 -0.2 8.6 0.1 7 8 9 10 Property-casualty insurance companies Life insurance companies -0.7 -10.7 0.5 0.0 -0.1 1.0 -0.7 1.1 1.8 1.3 1.2 1.4 0.9 1.3 0.9 1.4 0.9 1.4 1.8 1.4 1.8 1.4 9 10 11 12 Private pension funds State and local govt. retirement funds 85.5 -24.3 56.5 -7.6 35.1 -18.2 1.5 -61.0 54.7 -50.1 27.0 -11.7 38.9 -10.1 26.7 -8.9 43.4 -9.0 -1.1 -19.0 39.5 -11.7 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 53 Z.1, June 5, 2014 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Net change in liabilities 699.9 -758.5 -92.2 146.6 186.1 186.1 76.0 219.4 181.6 267.5 280.3 1 2 3 4 Household sector Corporate business Noncorporate business 4.6 64.2 119.5 28.3 -234.0 -102.0 50.1 -87.0 -16.8 -54.9 68.9 56.7 110.8 80.4 85.7 30.0 46.1 49.9 -8.5 20.4 35.0 42.6 57.5 60.3 109.9 56.3 43.0 -23.8 50.3 61.4 145.3 34.2 61.9 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 15.1 1.7 5.4 8.0 -14.8 -0.0 -5.2 -9.6 24.0 2.1 15.6 6.3 43.2 -1.2 16.8 27.6 30.4 0.8 0.6 29.1 39.1 1.0 20.0 18.1 33.3 -0.1 23.0 10.4 24.9 -0.4 17.1 8.2 41.0 2.1 25.1 13.8 57.0 2.2 14.8 40.0 54.7 -2.7 6.1 51.4 5 6 7 8 9 Financial sectors 496.4 -435.9 -62.5 32.6 -121.2 20.9 -4.2 34.0 -68.7 122.6 -15.8 9 -7.1 -0.3 45.5 -30.4 -12.7 -45.5 -64.9 -1.8 0.0 15.9 4.6 0.0 16.4 4.0 0.0 10.1 -2.9 0.0 3.0 -23.5 0.0 8.2 8.3 0.0 3.4 17.8 0.0 25.8 -14.4 0.0 -20.1 12.1 0.0 10 11 12 13.3 444.9 2.3 -349.6 26.1 -21.9 64.0 -51.9 -120.2 -21.5 13.8 0.0 16.3 0.0 17.5 0.0 -89.9 0.0 111.2 0.0 -7.8 0.0 13 14 699.9 -758.5 -92.2 146.6 186.1 186.1 76.0 219.4 181.6 267.5 280.3 15 10 11 12 Finance companies REITs Brokers and dealers 13 14 Holding companies Funding corporations 15 Net change in assets 16 Monetary authority (2) 490.4 -347.6 -44.8 -67.6 -29.9 -0.5 -0.7 -0.5 -0.6 -0.0 -0.1 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 138.7 67.6 -1.7 4.8 -285.9 -126.0 -0.3 1.3 -36.3 -11.3 -3.3 3.5 163.6 42.9 1.1 6.6 218.6 -3.7 1.0 0.1 136.4 43.8 1.3 5.1 76.8 0.0 0.3 -0.4 154.2 54.8 3.6 7.2 117.6 62.8 1.8 -0.0 197.0 57.5 -0.6 13.6 232.4 48.3 -0.6 0.3 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.108. Flows 2008 54 Z.1, June 5, 2014 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Flows 1 Q3 2014 Q1 Q4 119.1 -447.0 -226.9 4.9 -13.5 125.8 53.9 319.3 73.9 56.3 124.7 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 6.1 0.3 4.4 2.1 0.8 -1.5 0.0 0.0 0.0 66.1 -0.2 59.6 3.6 0.8 0.3 0.0 0.0 2.0 3.6 -1.0 -4.3 0.6 0.9 0.2 0.0 0.0 7.2 4.9 -0.5 -0.5 2.9 0.9 1.4 0.0 0.0 0.7 2.5 -0.1 5.2 0.6 0.4 3.2 0.0 0.0 -6.8 8.5 1.1 0.8 2.0 0.5 4.7 0.0 0.0 -0.7 10.2 0.6 2.9 2.1 1.3 5.5 0.0 0.0 -2.2 8.5 2.5 0.7 1.4 -0.2 4.5 0.0 0.0 -0.4 7.8 -1.0 -0.3 3.6 0.5 5.0 0.0 0.0 0.0 7.6 2.3 -0.1 0.9 0.6 3.8 0.0 0.0 0.0 6.6 -0.9 5.3 -2.0 0.2 4.0 0.0 0.0 0.0 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -44.7 -44.7 -44.0 -44.0 -20.2 -20.2 33.9 33.9 -52.2 -52.2 -8.7 -8.7 9.7 9.7 25.9 25.9 -55.0 -55.0 -15.5 -15.5 55.2 55.2 11 12 0.0 -0.2 -0.2 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 2.0 2.0 0.0 -3.2 -3.2 0.0 4.3 4.3 0.0 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 2.6 8.5 -5.9 19.0 20.0 -1.0 4.7 6.3 -1.5 -37.5 -37.8 0.3 -10.7 -6.6 -4.0 17 18 19 13 14 15 16 Total other loans and advances Q2 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 5.9 -0.0 5.9 0.7 -0.0 0.7 3.4 -0.0 3.4 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 1.0 -0.0 -0.0 0.0 2.7 -0.0 2.7 1.6 -0.0 1.6 -0.6 -0.0 -0.5 0.9 -0.0 0.9 20 21 22 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 38.1 0.0 -3.8 8.5 -1.2 8.3 26.2 -284.8 0.0 -0.4 0.2 -263.9 -14.1 -6.6 -144.7 0.0 1.6 5.6 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.6 -60.5 -2.0 1.8 18.6 0.0 0.7 7.6 4.6 0.9 4.8 81.9 0.0 -0.0 2.9 69.2 1.9 7.8 28.9 0.0 0.9 -20.6 54.9 -11.4 5.2 141.9 0.0 -0.7 15.9 115.3 4.9 6.5 63.4 0.0 -1.1 2.5 52.5 12.5 -2.9 93.2 0.0 0.7 14.1 54.3 1.7 22.5 13.1 0.0 3.6 -9.6 9.8 1.7 7.7 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -15.6 -15.6 -23.7 -23.7 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.2 0.2 8.5 8.5 1.8 1.8 -2.0 -2.0 -7.7 -7.7 -0.4 -0.4 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 16.9 15.2 1.7 -91.0 -81.9 -9.1 -15.2 -13.7 -1.5 3.0 2.7 0.3 11.2 10.1 1.1 2.0 1.8 0.2 20.9 18.8 2.1 38.8 34.9 3.9 5.1 4.6 0.5 -56.6 -51.0 -5.7 -5.0 -4.5 -0.5 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 110.5 12.2 14.3 12.4 53.4 3.1 15.1 -67.1 -5.3 -13.3 1.3 -27.4 -12.7 -9.8 -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -13.5 -2.5 0.4 12.2 -2.3 -14.8 -6.5 43.9 5.0 2.6 39.4 -11.7 10.9 -2.3 -26.9 7.1 -3.3 30.8 -52.1 -9.5 0.1 80.6 5.4 4.2 69.9 -14.6 20.2 -4.4 48.3 1.9 1.9 28.0 16.0 6.3 -5.8 73.4 5.6 7.5 28.8 4.1 26.5 0.8 65.0 5.0 4.0 25.0 15.0 14.0 2.0 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 55 Z.1, June 5, 2014 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Net change in mortgages 231.0 -51.9 -316.8 -148.6 -67.3 104.9 -118.6 139.8 299.9 98.5 -17.5 1 2 3 4 5 Home Multifamily residential Commercial Farm 43.3 46.2 119.5 22.0 23.7 6.8 -93.7 11.3 -161.9 -4.8 -158.2 8.1 -87.3 7.1 -81.5 13.1 -74.0 34.2 -33.3 5.8 -1.1 37.5 60.5 8.0 -99.9 16.4 -42.9 7.9 16.6 45.7 69.5 8.0 178.0 41.8 72.0 8.1 -99.0 46.0 143.5 8.1 -75.7 35.8 14.4 8.0 2 3 4 5 231.0 -51.9 -316.8 -148.6 -67.3 104.9 -118.6 139.8 299.9 98.5 -17.5 6 90.7 57.7 -180.6 -68.7 -73.6 -2.5 -91.7 10.4 165.0 -93.9 -80.6 7 133.5 -60.1 193.6 -121.3 -131.6 10.2 -137.0 -129.6 -7.3 -93.4 -78.8 -14.6 1.5 5.3 -3.9 99.7 24.5 75.2 -47.5 -31.2 -16.3 124.7 21.1 103.6 149.2 39.2 110.0 172.3 69.0 103.3 55.3 -14.8 70.1 8 9 10 6 7 Net borrowing Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 0.0 6.8 0.0 11.8 0.0 0.8 0.0 13.5 0.0 4.8 0.0 7.8 0.0 20.6 0.0 4.6 0.0 -14.3 0.0 20.2 0.0 7.8 11 12 13 Net change in assets 231.0 -51.9 -316.8 -148.6 -67.3 104.9 -118.6 139.8 299.9 98.5 -17.5 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1.1 -7.7 -3.0 -0.9 -4.1 -1.2 -10.9 -1.6 4.2 0.7 -0.6 0.5 -13.9 -0.8 0.6 -6.5 -0.8 1.1 -6.8 -0.8 0.3 -7.4 -0.8 1.4 -6.5 -0.8 1.3 -5.4 -0.8 1.4 -7.9 -0.8 0.7 14 15 16 17 18 State and local governments Federal government -4.3 13.5 8.4 12.6 13.0 -6.2 1.8 4.1 6.0 1.6 4.4 4.0 17.3 7.2 11.3 -0.5 -6.7 3.7 -4.2 5.5 7.6 1.9 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -0.9 5.2 1.8 32.2 -178.1 -6.4 -0.3 5.4 -149.2 -2.5 -6.5 0.9 -105.3 -2.6 -2.4 4.5 13.7 -1.9 1.5 8.3 -26.3 -0.6 -2.5 18.7 -9.6 -4.9 -2.3 4.6 -5.2 -0.4 -2.7 14.7 -24.9 1.0 -8.3 31.4 -65.5 1.9 3.4 24.0 189.3 7.8 -1.8 25.3 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 0.2 16.3 -0.5 -16.3 -0.3 -8.6 0.8 15.0 0.7 11.9 2.3 18.8 0.9 4.6 2.9 16.2 1.8 26.3 3.7 28.0 1.3 13.5 23 24 25 26 Private pension funds State and local govt. retirement funds -8.0 -2.8 -2.4 -2.7 2.8 -0.4 -4.6 -0.1 -2.5 -0.7 -2.8 -2.6 -2.7 -2.2 -2.8 -1.9 -3.0 -2.0 -2.8 -4.2 -2.5 -3.1 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 62.2 507.4 2.4 458.3 -71.0 186.9 -60.5 165.3 -71.4 132.2 72.5 132.4 -126.8 138.8 118.2 88.9 234.9 158.3 63.7 143.5 -222.9 101.8 27 28 29 30 31 ABS issuers Finance companies REITs -271.5 -64.2 -46.5 -248.0 -47.8 -30.2 -211.6 -54.6 -1.3 -144.6 -32.3 11.7 -134.7 -26.7 8.6 -82.6 -22.5 -2.0 -101.5 -29.3 -5.5 -109.3 -10.6 27.8 -85.0 -22.0 0.6 -34.8 -28.0 -30.8 -120.3 -20.2 12.6 29 30 31 Flows 2008 56 Z.1, June 5, 2014 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 1 2 3 4 Flows 5 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q3 Q4 2014 Q1 43.3 23.7 -161.9 -87.3 -74.0 -1.1 -99.9 16.6 178.0 -99.0 -75.7 1 93.7 -10.2 -40.2 66.0 -12.4 -29.9 -182.3 -6.8 27.2 -68.7 -3.4 -15.3 -75.2 -0.5 1.7 -7.4 0.3 6.0 -94.9 -1.2 -3.8 7.2 0.7 8.7 163.4 0.8 13.8 -105.2 0.9 5.2 -83.8 1.7 6.4 2 3 4 43.3 23.7 -161.9 -87.3 -74.0 -1.1 -99.9 16.6 178.0 -99.0 -75.7 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.4 -4.8 -1.1 -8.0 -2.5 -0.4 -8.0 -0.9 1.5 -8.0 -0.3 0.2 -8.0 -0.5 0.2 -8.0 -0.5 0.4 -8.0 -0.5 0.1 -8.0 -0.5 0.5 -8.0 -0.5 0.5 -8.0 -0.5 0.5 -8.0 -0.5 0.3 6 7 8 9 10 State and local governments Federal government -1.3 2.7 6.0 5.7 8.2 -2.6 2.1 0.9 4.0 1.1 2.8 0.4 9.5 2.7 6.4 -3.1 -3.0 -2.4 -1.8 4.6 4.3 1.0 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -141.9 -1.5 1.4 32.2 -125.9 -6.0 -0.3 5.4 -48.9 0.1 -2.5 0.9 -37.6 0.3 -2.4 4.5 5.5 0.5 2.3 8.3 -97.2 -0.4 -1.1 18.7 -9.0 -0.2 -0.3 4.6 -82.0 -0.8 -3.0 14.7 -116.6 -0.8 -0.6 31.4 -181.3 0.1 -0.6 24.0 109.8 1.0 -2.0 25.3 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.8 0.1 -1.0 0.2 0.7 -1.0 0.3 -0.1 -0.1 -0.1 -0.3 -0.0 0.5 -0.1 -0.2 0.3 -0.2 -0.9 -0.7 -0.2 -0.8 0.5 -0.2 -0.7 1.4 -0.2 -0.7 -0.2 -0.2 -1.5 -0.3 -0.2 -1.1 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 8.8 502.6 -23.2 445.6 -76.4 175.8 -66.5 148.0 -82.5 105.0 90.4 98.8 -116.4 110.0 129.2 51.4 256.0 123.5 92.6 110.4 -208.7 82.2 18 19 20 21 22 ABS issuers Finance companies REITs -231.7 -74.8 -46.1 -202.0 -45.2 -25.2 -159.1 -50.2 0.2 -119.3 -19.8 11.0 -104.9 -12.2 6.9 -83.4 -17.8 -3.3 -71.1 -20.6 0.8 -94.7 -11.3 18.3 -84.7 -17.5 0.0 -83.1 -21.9 -32.3 -61.6 -21.4 4.3 20 21 22 137.8 239.0 187.6 155.4 143.6 93.4 27.9 26.0 22.4 17.1 14.8 23 1.1 41.6 -0.4 4.6 -25.2 -19.5 -51.2 -21.9 -0.6 -4.1 -15.1 -9.6 -56.1 -31.8 0.0 -6.4 -8.7 -9.3 -56.0 -41.1 -0.0 -6.0 -4.8 -4.0 -64.2 -51.7 -0.0 -6.5 -3.5 -2.4 -57.0 -46.8 0.1 -3.7 -3.1 -3.6 -73.6 -61.6 0.1 -6.7 -3.1 -2.3 -60.2 -46.7 -0.1 -6.0 -4.7 -2.8 -53.4 -48.1 0.4 0.0 -2.3 -3.3 -41.0 -30.8 0.1 -2.1 -2.3 -5.9 -38.9 -36.0 0.0 1.3 -1.6 -2.6 24 25 26 27 28 29 6 7 8 23 24 25 26 27 28 29 Net change in assets Q2 Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 46.2 6.8 -4.8 7.1 34.2 37.5 16.4 45.7 41.8 46.0 35.8 1 2.2 41.7 0.0 2.3 0.2 4.3 0.0 2.3 -0.3 -5.0 0.0 0.4 0.4 6.7 0.0 0.1 1.8 33.6 0.0 -1.1 1.7 32.5 0.0 3.3 -0.1 -1.8 0.0 18.3 2.3 44.0 0.0 -0.6 2.2 41.3 0.0 -1.7 2.4 46.3 0.0 -2.7 1.9 35.7 0.0 -1.8 2 3 4 5 46.2 6.8 -4.8 7.1 34.2 37.5 16.4 45.7 41.8 46.0 35.8 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 -0.1 -1.0 0.0 -0.1 -0.4 0.0 -0.0 1.5 0.0 -0.0 0.2 0.0 -0.0 0.2 0.0 -0.0 0.4 0.0 -0.0 0.1 0.0 -0.0 0.5 0.0 -0.0 0.4 0.0 -0.0 0.5 0.0 -0.0 0.2 7 8 9 10 11 State and local governments Federal government -2.4 0.1 2.0 0.1 4.0 -0.3 -0.2 -0.3 1.7 -0.3 1.3 0.0 6.4 -0.4 4.1 -0.0 -3.1 -0.6 -2.0 1.1 2.8 -0.2 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 14.9 -0.2 -9.0 -0.4 -12.2 -0.5 -6.6 -0.6 10.2 -1.5 29.4 -0.4 10.5 -0.5 29.9 -1.6 33.8 0.7 43.5 0.0 37.5 -0.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -0.1 0.3 -0.9 -3.2 0.3 -0.8 -1.3 0.4 -0.1 2.1 -0.3 -0.0 1.7 -0.3 -0.2 2.5 -0.3 -0.8 -0.5 -0.4 -0.6 2.3 -0.4 -0.6 4.5 -0.4 -0.6 3.8 -0.3 -1.3 1.5 -0.3 -0.9 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 42.5 4.6 14.2 13.0 2.0 11.3 2.8 19.4 6.2 27.0 -21.9 33.7 -14.1 29.1 -15.4 37.7 -25.1 34.8 -33.2 33.2 -18.5 19.7 17 18 19 20 21 ABS issuers Finance companies REITs -10.8 0.2 -0.9 -6.1 -0.7 -2.0 -8.6 -0.7 -0.3 -7.7 -1.5 -0.2 -9.6 -0.8 0.1 -6.1 -0.8 0.5 -13.8 -0.4 1.1 -11.2 -2.2 2.6 -2.1 -0.1 -0.4 2.5 -0.6 -1.2 -4.8 0.1 -0.8 19 20 21 2 3 4 5 6 7 8 9 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets 57 Z.1, June 5, 2014 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Q3 2014 Q1 Q4 119.5 -93.7 -158.2 -81.5 -33.3 60.5 -42.9 69.5 72.0 143.5 14.4 1 -3.0 -58.1 176.1 4.5 -8.3 -123.5 28.7 9.5 1.7 -125.8 -34.5 0.4 0.0 -80.3 -14.5 13.3 1.6 1.8 -42.8 6.0 4.8 21.0 30.2 4.5 3.2 -31.3 -17.1 2.3 3.2 16.7 44.3 5.2 1.6 34.7 48.4 -12.7 11.2 64.1 45.2 22.9 3.2 -20.0 21.6 9.5 2 3 4 5 119.5 -93.7 -158.2 -81.5 -33.3 60.5 -42.9 69.5 72.0 143.5 14.4 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.9 -2.8 -0.8 -0.7 -1.6 -0.3 -1.1 -0.6 1.1 -0.6 -0.2 0.1 -0.3 -0.3 0.2 0.4 -0.3 0.3 -0.2 -0.3 0.1 0.5 -0.3 0.4 0.8 -0.3 0.3 0.7 -0.3 0.4 1.2 -0.3 0.2 7 8 9 10 11 State and local governments Federal government -0.5 10.4 0.4 6.4 0.8 -3.7 -0.0 3.2 0.3 0.8 0.3 3.9 1.3 5.3 0.8 2.5 -0.6 6.5 -0.4 1.2 0.6 0.8 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 117.4 6.8 0.4 -36.8 0.1 -0.0 -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -8.1 -0.9 -0.8 38.8 0.2 -1.4 -13.8 -4.1 -2.1 44.2 2.0 0.3 55.1 1.1 -7.7 69.6 1.8 4.0 38.1 7.3 0.2 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 0.2 14.9 -0.5 -11.5 -0.3 -6.8 0.8 12.3 0.7 9.8 2.3 15.4 0.9 5.2 2.9 12.8 1.8 19.7 3.7 23.7 1.3 11.7 15 16 17 18 Private pension funds State and local govt. retirement funds -8.4 -1.0 -3.4 -0.9 2.5 -0.1 -4.0 -0.0 -2.2 -0.2 -2.3 -0.9 -2.2 -0.7 -2.2 -0.7 -2.4 -0.7 -2.4 -1.4 -2.0 -1.0 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -28.9 0.0 -39.9 0.0 -43.9 0.0 -17.6 0.0 -20.2 0.0 6.9 0.0 -16.6 0.0 -3.4 0.0 1.8 0.0 45.8 0.0 -53.9 19 20 21 22 Finance companies REITs 10.5 0.4 -1.9 -2.9 -3.7 -1.2 -11.0 0.9 -13.8 1.5 -3.8 0.8 -8.3 -7.3 2.9 6.8 -4.3 1.0 -5.5 2.7 1.2 9.1 21 22 7 8 9 Net change in assets Q2 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 22.0 11.3 8.1 13.1 5.8 8.0 7.9 8.0 8.1 8.1 8.0 1 6.0 16.0 4.1 7.2 3.2 4.9 4.5 8.6 2.2 3.6 1.5 6.5 1.4 6.5 1.4 6.6 1.6 6.5 1.5 6.6 1.7 6.3 2 3 22.0 11.3 8.1 13.1 5.8 8.0 7.9 8.0 8.1 8.1 8.0 4 5 6 Household sector Nonfinancial noncorporate business -0.1 -0.1 7.9 -0.0 -1.7 0.1 9.4 0.0 -5.6 0.0 1.1 0.0 1.5 0.0 0.1 0.0 0.7 0.0 2.0 0.0 -1.1 0.0 5 6 7 8 State and local governments Federal government -0.0 0.2 0.0 0.4 0.1 0.4 -0.0 0.3 0.0 0.1 0.0 -0.3 0.1 -0.4 0.1 0.2 -0.0 0.2 -0.0 -1.3 0.0 0.3 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 8.7 0.0 -6.4 -0.0 7.0 0.0 1.7 -0.0 6.1 0.0 2.7 -0.0 2.7 -0.1 2.7 -0.0 2.8 0.0 2.7 -0.0 4.0 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 2.3 0.0 -1.7 0.0 -0.9 0.0 0.6 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 10.9 0.1 11.4 -0.2 3.4 -0.2 3.3 -2.1 4.9 0.3 4.1 -0.2 3.8 -0.2 4.4 -0.1 3.9 -0.1 4.3 -0.2 4.3 -0.1 13 14 (1) Excludes mortgages on farm houses. Flows 2008 58 Z.1, June 5, 2014 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Flows Q1 Q2 Q3 Q4 2014 Q1 1 Net change in liabilities (Households) 34.9 -103.6 -25.3 108.5 169.7 173.8 179.0 162.9 190.6 162.6 203.3 1 2 Net change in assets 34.9 -103.6 -25.3 108.5 169.7 173.8 179.0 162.9 190.6 162.6 203.3 2 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 7.1 -1.2 0.0 -5.8 -2.1 0.0 -10.4 -11.4 0.0 -3.9 1.9 0.0 -8.8 1.7 0.0 -6.5 -5.6 0.0 -7.4 5.6 0.0 -7.6 -7.6 0.0 -7.4 5.7 0.0 -3.6 -26.1 0.0 -5.5 28.6 0.0 3 4 5 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 19.5 70.1 -0.4 87.9 -64.5 0.9 133.1 -70.3 -10.7 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.9 148.2 9.8 26.9 117.2 32.9 18.9 97.7 69.9 25.7 89.2 99.1 16.2 140.5 20.1 36.8 6 7 8 0.0 -42.3 -17.9 0.0 -37.8 -82.4 0.0 -42.3 -13.4 0.0 -4.1 -17.4 0.0 3.8 -7.8 0.0 -1.4 -0.6 0.0 8.1 -12.1 0.0 -5.8 14.9 0.0 -4.9 4.0 0.0 -2.8 -9.4 0.0 -2.1 -15.0 9 10 11 2.3 -23.9 93.7 -37.2 -88.0 -58.2 101.0 -58.4 -69.7 -40.7 80.8 4.2 1.8 17.1 99.9 -10.2 5.0 59.9 119.0 -14.2 10.9 69.5 91.7 1.6 11.0 47.6 147.7 -27.2 8.1 80.9 36.1 37.7 7.5 101.6 134.9 -53.5 17.2 47.8 48.1 49.5 15.9 53.9 154.2 -20.7 12 13 14 15 9 10 11 Government-sponsored enterprises ABS issuers Finance companies Memo: 12 13 14 15 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 59 Z.1, June 5, 2014 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 Net change in trade payables 2 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Federal government 7 8 Rest of the world Brokers and dealers 9 Net change in trade receivables Q2 Q3 2014 Q1 Q4 -170.6 13.4 175.7 46.2 149.1 176.4 202.6 199.3 210.9 92.7 115.5 1 22.2 41.4 -29.4 1.2 4.0 1.0 1.0 1.0 1.0 1.0 4.0 2 -225.2 5.7 -82.6 16.8 156.3 30.3 25.2 7.9 83.2 1.3 118.1 7.6 137.8 17.4 120.2 -0.7 143.1 7.3 71.1 6.5 118.6 9.2 3 4 38.6 22.6 38.9 -56.2 38.5 6.3 38.4 9.4 39.1 15.2 39.6 18.3 39.2 2.8 39.3 31.7 39.9 25.4 40.1 13.3 40.0 -4.0 5 6 -9.9 -24.7 6.1 48.9 25.8 -52.0 -32.2 -3.8 6.3 -0.0 -8.6 0.3 -0.3 4.6 6.8 1.0 3.4 -9.3 -44.2 4.9 -46.3 -6.0 7 8 -192.1 -114.6 166.3 113.6 109.5 165.1 212.7 228.7 174.2 44.7 129.1 9 -169.6 -3.0 -31.2 -26.3 105.7 37.0 83.8 5.8 83.6 7.6 136.5 13.6 193.0 3.7 170.0 17.2 138.6 16.1 44.4 17.7 52.5 8.9 10 11 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world -15.4 4.2 6.5 -4.6 -21.1 6.6 13.1 -0.7 19.8 2.3 4.8 17.7 5.7 2.6 11.5 8.8 -1.5 9.8 8.7 -14.1 17.4 11.2 14.4 21.0 9.1 -4.3 14.4 6.2 -2.1 -13.6 7.0 -7.5 44.6 12 13 14 15 16 Property-casualty insurance companies ABS issuers 1.3 -16.1 -3.7 -34.3 0.8 -9.5 3.4 -4.2 4.8 -6.4 3.3 -5.4 8.1 -4.2 10.4 -15.6 6.8 -6.4 -12.3 4.4 29.5 -5.7 15 16 21.5 128.0 9.5 -67.4 39.7 11.3 -10.1 -29.4 36.7 48.0 -13.6 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities -352.9 -5.4 105.0 -7.4 97.7 104.3 -9.8 172.3 44.8 209.9 82.0 1 2 3 Household sector Brokers and dealers -160.7 -192.2 38.1 -43.5 75.2 29.8 -39.3 31.9 64.9 32.8 35.4 68.9 16.4 -26.2 -21.2 193.5 44.6 0.2 101.9 108.1 50.0 32.0 2 3 4 Net change in assets -352.9 -5.4 105.0 -7.4 97.7 104.3 -9.8 172.3 44.8 209.9 82.0 4 5 Household sector -179.6 -35.7 23.5 0.9 42.0 58.5 -53.9 202.0 -10.1 95.9 13.0 5 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. -2.2 -10.4 -3.4 -4.5 3.2 3.1 12.2 18.8 -1.9 -7.3 7.9 2.5 11.7 16.0 15.6 -24.0 8.3 2.0 -3.9 16.0 21.9 -2.9 6 7 8 Brokers and dealers -160.7 38.1 75.2 -39.3 64.9 35.4 16.4 -21.2 44.6 101.9 50.0 8 Flows 2008 60 Z.1, June 5, 2014 F.225 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 1 2 3 Flows 4 5 6 7 Net change in liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies Q2 Q3 2014 Q1 Q4 65.2 27.4 14.5 81.2 -11.9 30.0 11.7 28.7 45.3 34.4 65.9 1 1.0 64.2 1.1 26.3 0.9 13.6 1.3 79.9 0.3 -12.2 0.3 29.8 0.2 11.5 0.8 28.0 -0.5 45.8 0.5 33.8 -0.0 65.9 2 3 65.2 27.4 14.5 81.2 -11.9 30.0 11.7 28.7 45.3 34.4 65.9 4 59.9 6.4 -1.2 24.6 0.8 2.1 6.2 4.5 3.8 73.9 4.8 2.4 -26.5 7.4 7.3 28.7 -3.7 5.1 2.0 4.8 5.0 22.8 4.7 1.1 73.8 -33.0 4.5 16.0 8.7 9.6 50.9 4.8 10.1 5 6 7 F.226 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 540.2 413.5 598.3 484.9 501.0 507.5 453.9 468.2 512.6 595.3 530.3 1 2 3 Life insurance companies (1) Private pension funds (2) 107.6 126.7 -45.7 149.5 93.0 182.5 77.9 86.3 72.6 125.1 47.4 144.5 37.0 117.8 26.4 180.0 58.8 140.6 67.6 139.5 76.0 144.1 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 209.5 96.5 215.9 93.7 220.7 102.1 209.3 111.4 203.3 99.9 208.3 107.3 208.3 90.8 208.3 53.6 208.3 104.8 208.3 179.9 208.3 101.9 4 5 540.2 413.5 598.3 484.9 501.0 507.5 453.9 468.2 512.6 595.3 530.3 6 6 Net change in assets (Households) (4) (1) Annuities, including those at IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table F.226.i), except those at life insurance companies. F.227 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses -123.8 -3.4 19.4 20.6 11.3 11.3 27.4 -85.9 35.3 68.4 4.9 1 3.1 6.7 -3.3 -6.3 7.2 -0.7 8.8 1.2 2.3 2.1 -10.1 3.7 -17.1 1.0 -22.2 4.6 -5.4 4.3 4.3 4.8 -40.3 2.4 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions -86.0 7.3 6.6 10.6 7.0 0.1 7.4 -52.9 24.1 21.9 31.3 4 5 6 Property-casualty insurance companies Life insurance companies -28.1 -19.7 5.3 -7.0 5.6 2.6 -4.4 5.2 3.8 -4.6 19.1 -2.3 30.4 -0.6 -8.1 -6.7 10.7 0.0 43.5 -1.8 9.3 6.1 5 6 7 8 Finance companies Brokers and dealers -0.1 0.3 -2.8 3.2 0.3 -2.1 0.5 -1.1 0.2 0.5 0.1 0.6 0.8 5.4 -0.6 0.1 0.9 0.6 -0.9 -3.5 0.6 -4.5 7 8 -56.8 30.1 28.2 22.9 14.0 -14.3 -3.6 -47.0 11.3 -18.0 -28.0 9 5.2 -62.0 -5.8 35.9 1.1 27.1 2.2 20.8 2.1 11.9 3.7 -18.0 -1.2 -2.4 -0.5 -46.5 9.6 1.7 6.8 -24.9 -3.8 -24.2 10 11 -67.0 -33.5 -8.8 -2.3 -2.7 25.6 31.0 -38.9 24.0 86.4 32.9 12 9 10 11 12 Net change in business taxes receivable State and local governments Federal government Discrepancy F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers -293.7 -81.5 174.5 -73.8 -28.2 -22.1 17.1 -36.9 -51.2 -17.5 -32.5 1 -305.3 11.6 -82.0 0.6 173.6 0.9 -72.1 -1.7 -34.7 6.5 -19.8 -2.3 22.4 -5.3 -38.2 1.3 -35.1 -16.1 -28.4 10.9 -29.9 -2.6 2 3 61 Z.1, June 5, 2014 F.229 Total Miscellaneous Financial Claims 2008 1 Net change in liabilities 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1931.9 476.3 978.0 1606.1 1428.6 1511.8 1967.1 1110.2 1621.1 1348.7 1066.1 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 3.2 524.3 114.1 -4.9 50.0 32.8 2.7 412.4 -50.6 -0.4 829.6 34.5 0.6 849.5 18.3 3.0 619.0 13.4 4.1 462.6 14.4 7.4 553.5 7.1 -3.7 634.5 23.0 4.2 825.5 9.2 6.7 173.4 -4.9 2 3 4 5 6 7 State and local governments Federal government Rest of the world 163.0 107.1 853.7 303.7 97.0 -269.5 275.4 110.7 379.7 310.7 122.1 414.1 295.0 93.7 21.5 295.5 102.0 221.6 312.8 100.1 15.7 224.0 86.1 908.2 320.6 462.3 -277.6 324.6 -240.6 239.9 321.4 73.1 -18.5 5 6 7 2.2 -144.4 105.0 -3.8 1.1 6.1 358.2 -142.3 4.3 14.7 29.2 -8.9 -18.1 -5.9 -8.3 -26.7 -94.9 37.3 -3.9 1.3 2.0 147.2 -38.1 -2.0 0.3 9.8 131.3 -27.8 -3.0 1.5 62.6 290.2 71.3 -3.6 12.8 -43.0 -61.1 -26.6 0.3 -2.5 -15.6 -1.2 -136.9 -3.1 -9.0 35.3 297.3 -19.1 -5.6 4.7 81.3 171.9 12.1 2.1 2.6 8 9 10 11 12 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 13 14 Property-casualty insurance companies Life insurance companies 40.2 -7.2 -2.6 66.7 9.2 46.0 33.1 50.4 4.4 36.6 2.5 14.4 -25.5 27.4 23.5 -77.6 3.1 93.3 8.8 14.5 22.0 86.7 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs 38.1 10.4 -2.7 62.3 -91.2 -5.3 -42.2 -58.5 4.1 -49.2 -13.0 7.1 -6.1 -25.5 25.4 -9.4 -25.9 -24.1 -16.7 -11.3 -27.6 7.7 -1.7 5.1 -8.9 -113.2 -56.2 -19.8 22.8 -17.5 -13.8 20.2 28.6 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations -116.2 -163.8 407.8 63.9 -25.6 -41.8 22.2 -68.2 -53.0 -8.6 -36.8 -0.7 0.3 -66.0 71.5 47.4 221.9 -81.3 278.7 336.0 63.0 -81.5 -88.0 -330.6 58.8 605.2 45.7 -66.5 34.4 -103.4 -80.7 60.9 121.1 18 19 20 509.3 461.7 910.3 1290.5 993.6 1714.4 2179.7 2247.2 835.4 1595.2 986.8 21 55.1 -347.3 107.5 34.9 104.5 -92.5 8.3 518.5 104.8 70.7 428.1 7.5 -5.1 542.6 44.1 23.9 543.5 47.0 -5.8 598.8 8.5 8.9 698.2 60.7 26.0 234.0 56.2 66.6 643.0 62.5 15.7 789.8 28.5 22 23 24 21 Net change in assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 27 State and local governments Federal government Rest of the world -5.3 -28.0 141.9 25.2 35.4 166.5 -22.4 -3.5 323.5 -0.3 1.9 251.2 6.5 -1.0 31.7 6.2 5.6 61.7 12.4 2.7 -202.2 9.7 -11.6 641.9 0.8 15.3 -564.2 2.0 16.0 371.2 8.1 8.2 -412.3 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 530.2 19.7 3.1 -1.0 -0.4 -493.8 40.9 -4.4 -4.5 0.2 7.8 -132.4 -15.3 4.5 41.1 142.9 -95.0 15.0 0.8 -12.1 -27.6 -28.1 -0.3 0.2 0.8 32.3 4.7 13.1 8.6 -1.6 76.6 -2.3 35.8 1.8 -8.5 31.6 245.7 31.1 23.9 41.5 -2.6 -105.7 -14.0 11.1 -44.7 23.6 -119.1 -0.6 -2.6 5.3 8.3 -81.4 56.3 -12.5 -23.9 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies 6.8 36.1 16.3 -21.4 -22.2 -5.7 -1.0 55.7 -2.6 36.4 14.5 28.2 16.4 85.4 30.8 -86.2 14.4 76.9 -3.6 36.7 -8.2 98.6 33 34 35 36 37 Private pension funds State and local govt. retirement funds Federal government retirement funds 124.3 145.3 80.9 184.3 293.2 77.5 8.2 291.1 85.9 51.6 312.5 90.0 52.7 294.5 88.6 70.8 308.8 88.6 36.0 326.4 88.6 70.4 238.2 88.6 67.4 335.8 495.4 109.6 334.8 -318.3 115.9 338.1 88.6 35 36 37 38 39 Money market mutual funds Mutual funds -33.9 3.2 -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -21.4 44.9 15.9 3.4 -46.8 129.5 63.6 -101.4 -14.7 -0.0 38 39 40 41 42 Government-sponsored enterprises Finance companies REITs -42.6 4.4 -0.8 1.2 28.4 10.2 29.3 -103.3 1.3 -0.1 6.1 8.5 4.1 -25.7 25.8 13.1 -6.0 11.6 61.3 -48.5 21.9 -0.8 -15.2 36.4 -3.5 -97.3 -54.3 -4.8 137.1 42.2 -54.1 -9.4 46.1 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations -615.1 283.1 42.1 54.9 85.4 -67.2 -104.2 -31.2 -58.4 -101.7 36.5 19.6 -61.4 37.4 7.2 156.9 248.1 13.0 557.2 365.3 128.3 284.2 -175.0 -25.2 -104.1 465.0 -55.2 -109.6 337.1 4.0 -220.4 182.4 39.0 43 44 45 1422.6 14.6 67.7 315.5 435.0 -202.6 -212.6 -1137.0 785.8 -246.6 79.3 46 46 Discrepancy Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 62 Z.1, June 5, 2014 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 Flows 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 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 329.1 127.0 233.1 -31.1 262.6 17.6 6.8 4.6 24.2 13.3 310.4 34.6 227.4 48.3 269.7 -0.8 16.3 1.6 11.0 12.5 301.1 40.6 302.5 -42.0 303.3 2.7 -22.2 1.9 6.8 8.7 409.0 64.7 326.5 17.8 399.8 -5.7 -1.0 3.0 9.0 3.9 388.3 34.6 332.7 21.0 365.8 -0.9 -2.6 3.6 11.3 11.2 359.6 12.5 353.2 -6.1 333.2 5.8 14.5 -0.4 -5.3 11.8 333.1 -3.4 315.5 20.9 291.4 0.6 16.4 1.9 8.2 14.5 384.6 22.7 345.7 16.3 368.7 -21.7 30.8 -1.9 -0.6 9.3 372.9 47.4 371.4 -46.0 300.4 34.5 14.4 -2.5 13.4 12.7 348.0 -16.5 380.2 -15.7 372.2 9.7 -3.6 1.0 -42.2 10.9 351.6 19.8 359.7 -27.9 347.0 30.6 -8.2 -1.3 -28.1 11.7 1 2 3 4 5 6 7 8 9 10 189.6 -0.2 24.8 14.9 12.5 12.2 55.8 0.6 310.1 255.7 39.1 15.2 104.6 0.1 16.6 2.4 11.1 12.8 2.1 0.6 150.4 126.8 21.7 2.0 157.0 0.3 12.4 2.8 6.3 13.2 13.2 0.6 205.9 140.5 62.7 2.7 195.2 0.1 27.2 -2.1 -9.1 7.5 10.8 0.6 230.2 98.5 80.9 50.9 165.1 0.6 -2.4 -5.7 2.5 -2.2 8.0 0.6 166.4 59.6 105.7 1.0 170.0 0.1 5.4 4.5 7.4 -0.7 6.1 0.6 193.4 92.8 103.9 -3.4 96.4 -0.1 7.7 6.6 6.0 -3.8 6.5 0.6 119.9 52.4 107.7 -40.2 143.5 -0.1 2.2 -0.2 11.1 2.5 4.1 0.6 163.7 42.1 129.2 -7.6 196.9 0.3 6.2 1.4 7.9 1.0 3.1 0.6 217.3 160.4 60.3 -3.5 243.3 0.2 5.4 10.0 4.8 -2.4 10.6 0.6 272.6 116.4 118.3 37.8 255.3 0.4 6.4 7.6 4.6 -0.7 8.0 0.6 282.3 126.8 117.5 38.0 11 12 13 14 15 16 17 18 19 20 21 22 1.4 1.4 1.7 1.7 2.3 2.3 2.6 2.6 2.4 2.4 2.2 2.2 0.1 0.1 8.3 8.3 0.1 0.1 0.3 0.3 -2.8 -2.8 23 24 2.6 2.6 4.6 4.6 0.9 0.9 0.4 0.4 0.5 0.5 0.1 0.1 0.8 0.8 -0.3 -0.3 -0.2 -0.2 0.3 0.3 2.2 2.2 25 26 -4.2 -0.1 1.2 0.0 -6.5 0.3 1.0 0.0 0.0 -0.0 0.0 0.7 -0.4 -0.3 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.8 0.0 0.2 0.0 -2.2 0.1 0.1 0.5 0.0 0.6 0.0 -0.6 -0.6 1.0 -3.6 0.3 -0.2 0.0 -3.4 0.2 -0.4 1.1 -0.2 1.1 0.0 0.1 0.1 0.1 -0.6 -0.1 1.0 0.0 -2.3 0.1 0.6 5.0 0.1 0.5 0.0 3.3 -2.6 3.7 -4.7 0.6 1.1 0.0 -6.7 0.1 0.2 27 28 29 30 31 32 33 113.6 0.0 -12.5 -7.3 98.2 -9.1 183.0 166.8 0.0 9.3 -23.3 -173.1 23.5 3.1 33.4 0.0 22.2 -39.5 -24.3 10.6 2.4 76.1 0.0 9.3 -20.3 -13.0 30.6 82.7 101.2 4.3 10.3 -3.5 52.3 -51.5 113.1 66.2 -7.7 3.4 -15.8 62.3 -29.0 79.4 110.7 -22.9 0.9 -65.6 -24.6 89.8 88.2 -100.8 -0.0 -0.6 4.1 72.3 -146.0 -171.0 70.2 -7.1 21.2 0.7 -157.1 106.5 34.4 184.6 -0.7 -8.1 -2.3 358.7 -166.4 365.8 134.4 -0.5 0.9 9.9 16.8 40.4 201.9 34 35 36 37 38 39 40 -1.1 -1.1 -9.3 -9.3 26.7 26.7 8.4 8.4 2.6 2.6 14.7 14.7 56.1 56.1 4.7 4.7 0.8 0.8 -2.6 -2.6 11.3 11.3 41 42 35.6 6.4 42.1 -73.5 6.3 -67.2 -31.5 -26.9 -58.4 -33.7 53.4 19.6 -11.8 19.0 7.2 -2.5 15.5 13.0 67.7 60.6 128.3 -3.4 -21.8 -25.2 -93.6 38.4 -55.2 19.2 -15.3 4.0 1.5 37.6 39.0 43 44 45 0.0 0.0 0.0 2.4 1.2 1.2 7.9 4.0 4.0 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 46 47 48 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 19 20 21 22 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 27 28 29 30 31 32 33 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 34 35 36 37 38 39 40 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company subsidiaries: 41 42 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 43 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 46 47 48 Liab.: Funding corporations Asset: Households (2) Federal government (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. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 63 Z.1, June 5, 2014 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 529.8 0.0 529.7 -543.3 0.2 -543.5 -10.1 0.1 -10.2 99.7 -0.1 99.7 -91.0 -0.1 -90.9 -8.9 -0.3 -8.6 -3.8 -0.5 -3.3 -25.3 0.2 -25.5 -4.5 0.1 -4.7 -1.9 -1.0 -1.0 0.6 0.1 0.5 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -5.4 -5.4 0.4 0.4 -1.5 -1.5 -1.8 -1.8 1.2 1.2 -3.2 -3.2 -1.4 -1.4 -5.6 -5.6 -6.1 -6.1 0.4 0.4 -0.5 -0.5 6 7 3.2 3.2 -4.9 -4.9 2.7 2.7 -0.4 -0.4 0.6 0.6 3.0 3.0 4.1 4.1 7.4 7.4 -3.7 -3.7 4.2 4.2 6.7 6.7 8 9 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 17.6 19.5 -3.4 1.5 8.4 9.7 -1.1 -0.1 17.1 17.0 0.4 -0.4 14.8 15.6 -1.8 0.9 -1.8 -2.4 0.4 0.3 0.4 0.2 0.2 -0.0 -5.8 -8.2 1.2 1.2 -1.2 0.2 -1.5 0.1 14.4 12.9 0.2 1.4 -5.7 -4.1 1.1 -2.7 4.0 5.1 -2.0 0.9 10 11 12 13 14 Asset: Household sector 17.6 8.4 17.1 14.8 -1.8 0.4 -5.8 -1.2 14.4 -5.7 4.0 14 Policy payables: 15 Liab.: Property-casualty insurance companies 25.4 -5.0 6.3 35.2 5.8 5.7 -9.2 23.8 8.8 -0.6 14.9 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11.0 11.0 3.4 8.7 -4.0 -9.8 -35.2 11.9 29.7 36.7 10.0 -11.6 -16.7 7.4 15.1 11.4 -0.0 -5.6 4.6 -6.2 -7.6 19.6 7.3 -3.1 12.7 1.3 -5.1 8.6 -2.6 -6.5 14.4 3.0 -2.5 16 17 18 -13.9 -13.9 80.0 80.0 -7.1 -7.1 17.7 17.7 6.0 6.0 7.6 7.6 6.5 6.5 5.9 5.9 11.1 11.1 6.9 6.9 24.7 24.7 19 20 14.7 14.7 -8.4 -8.4 15.4 15.4 3.0 3.0 -0.9 -0.9 -1.0 -1.0 0.8 0.8 0.4 0.4 -1.1 -1.1 -3.9 -3.9 -0.8 -0.8 21 22 -353.2 -353.2 -30.2 -30.2 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 94.0 94.0 236.2 236.2 298.3 298.3 -43.6 -43.6 -114.8 -114.8 -139.1 -139.1 23 24 63.3 63.3 61.9 61.9 65.7 65.7 70.8 70.8 40.4 40.4 98.2 98.2 229.9 229.9 -272.6 -272.6 -110.3 -110.3 545.9 545.9 142.2 142.2 25 26 26.5 26.5 16.6 16.6 22.5 22.5 18.5 18.5 13.3 13.3 12.2 12.2 -4.5 -4.5 -9.5 -9.5 -1.1 -1.1 63.8 63.8 -2.7 -2.7 27 28 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 Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 29 30 31 Liab.: Nonfinancial corporate business State and local governments Federal government 123.0 163.0 17.6 82.7 303.7 15.6 -14.9 275.4 20.2 -12.5 310.7 19.2 50.1 295.0 48.2 54.9 295.5 -9.7 48.9 312.8 -141.3 36.4 224.0 361.1 50.2 320.6 605.7 84.1 324.6 -864.1 32.6 321.4 -53.6 29 30 31 32 33 34 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds 123.0 163.0 17.6 82.7 303.7 15.6 -14.9 275.4 20.2 -12.5 310.7 19.2 50.1 295.0 48.2 54.9 295.5 -9.7 48.9 312.8 -141.3 36.4 224.0 361.1 50.2 320.6 605.7 84.1 324.6 -864.1 32.6 321.4 -53.6 32 33 34 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Flows Postal Savings System deposits: 64 Z.1, June 5, 2014 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Flows 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government Rest of the world 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 15 16 17 Brokers and dealers Holding companies Funding corporations 18 Net change in assets Q2 Q3 Q4 2014 Q1 457.3 102.8 223.7 357.5 462.1 300.0 571.1 101.2 210.9 316.9 -165.2 1 196.9 114.3 -128.9 32.6 254.8 -50.9 644.0 34.4 635.2 17.7 395.1 13.4 316.5 14.5 373.3 7.1 388.4 22.8 502.0 9.1 -113.6 -5.3 2 3 -0.3 2.6 2.9 -61.7 2.4 75.8 13.6 -127.8 -8.3 -226.8 1.3 -102.4 16.1 -403.5 7.0 686.4 -32.0 -752.6 13.9 60.0 -12.8 -408.3 4 5 -0.5 -258.1 44.9 -3.8 1.1 1.5 191.5 -85.1 4.3 14.7 28.3 -42.3 0.9 -5.9 -8.3 -27.1 -171.0 43.9 -3.9 1.3 1.5 45.9 -23.9 -2.0 0.3 9.7 65.1 -30.6 -3.0 1.5 61.8 179.5 -4.1 -3.6 12.8 -42.7 39.7 -25.2 0.3 -2.5 -15.4 -71.4 -49.4 -3.1 -9.0 35.1 112.7 -43.7 -5.6 4.7 79.1 37.5 4.3 2.1 2.6 6 7 8 9 10 -11.0 47.7 6.5 -2.7 -42.1 61.9 -71.5 -5.3 7.4 -37.9 -58.8 4.1 17.7 -41.4 -8.5 7.1 19.6 -5.4 -22.5 25.4 -4.4 -6.7 -24.1 -24.1 19.9 -11.8 2.0 -27.6 -92.8 12.2 -13.0 5.1 38.6 -2.3 -115.7 -56.2 16.6 -25.1 30.1 -17.5 52.4 -8.6 -0.2 28.6 11 12 13 14 -276.6 -163.8 760.4 228.6 -25.6 -14.6 60.2 -68.2 62.0 -59.8 -36.8 71.9 -79.0 -66.0 150.1 -36.5 221.9 -175.9 236.2 336.0 -173.8 -136.1 -88.0 -629.5 174.4 605.2 88.7 -420.6 34.4 10.8 -143.1 60.9 259.5 15 16 17 -965.2 88.1 156.0 42.0 27.1 502.6 783.7 1238.1 -574.8 563.5 -244.5 18 -619.7 102.9 -152.0 -82.7 176.5 74.7 10.0 18.8 166.8 28.9 195.6 52.0 257.2 16.3 317.8 62.8 -68.5 60.3 276.0 68.5 427.9 29.9 19 20 -5.3 -29.4 25.2 32.3 -22.4 -9.8 -0.3 -1.3 6.5 -3.5 6.2 3.7 12.4 3.1 9.7 -20.2 0.8 15.1 2.0 16.7 8.1 11.0 21 22 -168.2 16.1 117.7 21.0 -134.8 -131.7 -322.0 478.2 -781.5 98.6 -694.6 23 0.5 11.4 3.1 -1.0 -0.7 49.6 36.0 -4.4 -4.5 0.6 18.0 -131.4 -15.3 4.5 41.3 43.1 -81.7 15.0 0.8 -12.8 63.4 -26.6 -0.3 0.2 0.7 40.9 2.5 13.1 8.6 -1.1 79.9 1.1 35.8 1.8 -8.7 57.1 273.2 31.1 23.9 41.4 2.1 -131.6 -14.0 11.1 -44.8 24.5 -132.8 -0.6 -2.6 7.9 7.8 -107.0 56.3 -12.5 -23.9 24 25 26 27 28 Life insurance companies Private pension funds State and local govt. retirement funds 27.4 0.4 -17.7 -17.8 30.0 -10.6 -10.2 14.7 15.7 53.9 43.5 1.7 32.1 -2.5 -0.5 24.6 9.3 13.3 79.8 -20.2 13.6 -91.9 27.8 14.2 82.5 7.1 15.1 27.8 22.5 10.3 92.9 59.5 16.7 29 30 31 32 33 Money market mutual funds Mutual funds -33.9 3.2 -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -21.4 44.9 15.9 3.4 -46.8 129.5 63.6 -101.4 -14.7 -0.0 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs -42.6 -19.8 -0.8 1.2 17.4 10.2 29.3 -110.1 1.3 -0.1 -2.9 8.5 4.1 -36.9 25.8 13.1 -0.7 11.6 61.3 -56.8 21.9 -0.8 -14.6 36.4 -3.5 -110.6 -54.3 -4.8 179.3 42.2 -54.1 18.7 46.1 34 35 36 37 38 Brokers and dealers Holding companies -275.1 100.1 72.6 82.3 10.6 -33.6 -31.0 -46.2 6.5 -75.6 51.1 168.7 306.5 277.1 -23.3 -4.0 -73.2 430.6 -5.6 -28.7 -93.1 -19.4 37 38 1422.6 14.6 67.7 315.5 435.0 -202.6 -212.6 -1137.0 785.8 -246.6 79.3 39 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 State and local governments Federal government 23 Rest of the world 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 29 30 31 39 Discrepancy 65 Z.1, June 5, 2014 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2009 2010 2011 2012 2013 2013 Q1 1 All sectors Q3 Q4 2014 Q1 695.9 84.0 83.3 337.3 442.6 -153.8 -119.4 -751.5 554.5 -298.8 97.7 1 -341.1 977.8 -105.4 -124.6 -414.4 286.8 -576.7 853.2 -314.6 858.0 -597.6 593.5 -1059.6 522.6 -563.4 553.2 400.7 746.8 -1167.9 551.1 -364.0 418.5 2 3 48.2 70.6 69.9 -61.9 3.1 -54.5 48.4 -16.2 -32.4 -80.2 20.9 -114.7 -4.6 203.2 -4.7 -515.8 76.9 -182.5 16.1 36.4 23.6 89.1 4 5 Rest of the world -63.4 150.8 17.3 -91.9 -13.9 40.9 268.2 153.1 119.7 -377.4 -169.3 6 Financial sectors 3.8 155.2 245.0 120.4 25.8 -96.9 -49.2 -374.0 -607.1 642.9 99.8 7 -0.2 -6.0 -10.0 -1.2 -18.6 -2.0 -2.9 -1.5 -1.6 -1.9 -3.7 8 2 3 Household sector Nonfinancial corporate business 4 5 State and local governments Federal government 6 7 8 Q2 Monetary authority 9 10 11 12 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 29.8 -94.0 -0.5 11.8 171.6 175.0 6.2 10.9 200.8 -17.6 -0.0 -6.3 111.1 2.5 1.0 -27.2 58.2 10.6 -0.1 4.8 91.5 -73.2 -0.3 9.9 133.8 19.9 0.1 41.4 -253.2 -30.2 2.3 -0.2 -28.7 -322.1 4.3 0.4 514.2 39.8 -7.8 -1.9 256.6 -129.0 2.8 -4.5 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies -0.8 -72.5 -23.2 -85.3 75.7 -32.3 7.6 -30.5 -21.7 -47.8 -3.2 -23.1 3.2 -28.6 -19.7 -1.5 -24.8 -1.9 28.7 -60.4 -52.4 -44.7 13 14 15 16 Mutual funds Government-sponsored enterprises -52.7 97.5 -40.7 9.3 -24.9 43.4 -35.3 3.1 -33.2 34.6 -11.0 -135.6 -19.6 -144.2 -8.3 -99.0 -8.2 -279.4 -8.0 -19.6 -3.7 72.0 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs 0.0 35.8 -8.7 0.0 12.2 -8.5 0.0 13.2 10.0 0.0 42.0 21.8 0.0 61.6 44.8 0.0 17.0 72.7 0.0 16.1 -0.2 0.0 6.9 82.5 0.0 9.6 53.9 0.0 35.2 154.5 -0.0 -35.6 37.5 17 18 19 20 21 Brokers and dealers Holding companies 72.3 -13.7 -57.2 -9.1 -6.6 -0.3 26.9 -1.5 -65.5 -1.7 -37.7 -1.9 -65.8 -2.3 -50.5 -1.4 -6.6 -1.9 -27.9 -1.9 6.1 -1.4 20 21 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 695.9 84.0 83.3 337.3 442.6 -153.8 -119.4 -751.5 554.5 -298.8 97.7 1 2 3 Treasury currency Foreign deposits -0.8 -330.4 -4.4 -122.5 -1.1 -26.6 -0.7 25.2 -0.6 -29.7 -1.1 17.4 -0.9 22.4 -0.7 286.4 -2.1 -28.6 -0.6 -210.8 -1.0 -19.1 2 3 4 5 Net interbank transactions Security repurchase agreements 44.8 -285.8 14.5 164.7 25.8 65.8 3.5 13.5 5.7 -18.6 56.8 -186.6 294.7 -344.2 -15.3 -97.2 -202.1 -150.9 149.9 -154.1 73.1 -44.6 4 5 6 7 8 9 Mail floats State and local governments Federal government Private domestic -5.2 0.0 -3.3 -2.0 -0.3 0.0 0.7 -1.0 -1.1 0.0 0.0 -1.1 0.8 0.0 -0.1 0.9 1.5 0.0 0.6 0.9 -0.7 0.0 0.4 -1.2 -50.0 0.0 -44.8 -5.3 99.1 0.0 96.6 2.4 5.4 0.0 3.5 1.9 -57.4 0.0 -53.6 -3.8 -39.9 0.0 -43.8 3.9 6 7 8 9 10 11 Trade credit Taxes payable 21.5 -67.0 128.0 -33.5 9.5 -8.8 -67.4 -2.3 39.7 -2.7 11.3 25.6 -10.1 31.0 -29.4 -38.9 36.7 24.0 48.0 86.4 -13.6 32.9 10 11 12 Miscellaneous 1422.6 14.6 67.7 315.5 435.0 -202.6 -212.6 -1137.0 785.8 -246.6 79.3 12 13 Nonfinancial -103.8 -77.2 -48.0 49.2 12.4 126.1 150.3 181.4 86.3 86.4 30.5 13 99.0 4.8 72.2 5.0 43.1 4.9 -53.6 4.4 -17.0 4.6 -131.4 5.3 -155.6 5.3 -186.8 5.3 -91.7 5.3 -91.8 5.4 -36.0 5.5 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2008 66 Z.1, June 5, 2014 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 5 6 Levels 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 46662.4 49359.3 53806.9 54992.2 59434.1 66497.9 61547.3 62418.7 64286.4 66497.9 67219.0 1 8172.0 8090.0 8059.4 8736.8 9241.5 9572.3 9260.6 9246.4 9359.1 9572.3 9783.0 2 56.9 294.9 6239.3 1580.9 50.2 396.0 6330.8 1313.0 49.7 423.6 6455.9 1130.2 46.9 752.0 6827.7 1110.2 45.1 897.8 7191.2 1107.4 48.4 1004.7 7388.7 1130.4 46.5 919.7 7238.7 1055.7 51.3 898.1 7248.8 1048.3 51.0 884.8 7333.4 1089.9 48.4 1004.7 7388.7 1130.4 43.6 1096.7 7551.6 1091.1 3 4 5 6 5156.0 5619.9 5834.0 5425.5 5422.2 5446.0 5339.7 5354.2 5328.7 5446.0 5262.8 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 6.0 188.7 1057.7 22.7 859.7 358.3 21.1 1134.4 353.7 19.4 715.6 304.6 18.8 941.0 154.2 15.0 935.4 125.9 18.0 966.2 112.9 17.8 1009.0 124.6 17.6 980.8 109.7 15.0 935.4 125.9 14.3 841.2 14.1 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages Consumer credit (student loans) 1720.9 1946.5 29.7 111.8 94.6 1828.1 2324.6 26.8 110.9 88.8 1871.8 2248.3 26.2 100.1 78.4 1808.3 2379.0 23.4 100.8 74.5 1665.8 2468.8 20.9 86.9 65.6 1626.3 2578.0 25.9 80.4 59.1 1676.1 2394.8 22.7 85.3 63.8 1670.0 2363.5 24.0 83.4 61.9 1644.9 2409.4 24.5 81.8 60.0 1626.3 2578.0 25.9 80.4 59.1 1603.7 2626.2 27.2 78.4 57.8 11 12 13 14 15 5931.0 3306.7 7496.1 4115.8 8995.3 4600.2 9025.4 4502.9 10412.8 5408.7 13309.6 6890.1 11456.2 5898.3 11686.6 6095.7 12472.2 6501.9 13309.6 6890.1 13502.0 7058.9 16 17 737.4 1049.8 14071.9 3468.2 10603.7 701.7 1109.2 15209.5 3210.8 11998.7 725.2 1137.2 16751.6 3508.2 13243.4 726.1 1203.6 17126.1 3861.0 13265.1 757.0 1186.1 18093.8 3867.3 14226.4 815.5 1242.2 19563.8 3295.8 16268.0 743.6 1194.8 18572.2 3645.8 14926.4 794.0 1203.0 18766.0 3745.9 15020.1 791.5 1227.7 19115.6 3765.7 15349.9 815.5 1242.2 19563.8 3295.8 16268.0 818.7 1256.7 19766.4 3353.2 16413.2 18 19 20 21 22 7471.3 766.3 6216.2 800.9 6895.6 808.2 7366.9 878.8 8038.4 873.6 8760.8 897.6 8209.8 872.2 8398.4 874.4 8608.8 880.9 8760.8 897.6 8868.9 901.5 23 24 14278.2 14049.5 13766.5 13566.0 13626.8 13768.2 13575.6 13597.7 13711.5 13768.2 13784.8 25 13849.6 13546.3 13214.8 13052.9 13044.2 13146.1 12987.6 13012.9 13116.2 13146.1 13147.5 26 10579.0 2650.6 259.5 10417.6 2552.8 265.4 9912.7 2647.4 263.2 9697.5 2755.9 255.5 9481.7 2923.6 241.0 9386.2 3097.4 227.8 9432.0 2923.8 239.4 9407.9 2966.4 235.7 9416.1 3036.6 232.4 9386.2 3097.4 227.8 9349.1 3103.6 227.6 27 28 29 26.4 133.2 200.9 -15.9 133.7 192.6 61.0 136.1 194.3 11.5 138.1 194.3 62.6 139.3 195.9 92.7 141.3 200.8 56.3 139.4 196.7 64.6 140.7 197.5 92.3 140.9 197.9 92.7 141.3 200.8 124.4 141.3 201.6 30 31 32 164.8 236.7 27.0 203.0 278.2 22.1 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 307.9 254.3 25.9 302.6 254.5 27.8 313.7 254.8 26.8 339.2 255.0 27.9 351.7 256.0 29.6 33 34 35 16 17 Corporate equities (3) Mutual fund shares 18 19 20 21 22 Security credit Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 23 24 Equity in noncorporate business Miscellaneous assets 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages (5) Consumer credit Municipal securities 30 31 32 Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 19) and pension entitlements (line 20). (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 19. 67 Z.1, June 5, 2014 L.101 Nonfinancial Business (1) 2008 1 Total financial assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 16630.0 16909.9 17761.5 18267.6 19093.3 20228.0 19332.5 19606.4 19873.5 20228.0 20342.9 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 24.7 603.6 670.0 802.4 7.2 31.5 689.3 842.1 729.2 7.9 40.6 766.1 905.0 574.7 12.1 34.8 793.5 922.1 540.0 12.6 35.8 823.2 964.0 559.3 9.7 80.6 927.4 1031.6 601.9 8.8 47.6 842.6 973.8 554.9 9.3 61.7 822.7 991.7 552.6 8.7 64.9 869.6 1030.7 584.1 12.5 80.6 927.4 1031.6 601.9 8.8 64.5 861.4 1044.7 578.1 10.6 2 3 4 5 6 7 Credit market instruments 308.8 312.2 325.2 319.1 310.5 260.6 276.9 278.5 271.7 260.6 261.6 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 57.3 82.3 10.2 31.1 56.0 89.1 14.3 32.2 68.0 96.1 16.0 29.6 67.9 91.6 14.3 28.0 59.8 88.8 13.2 29.8 30.3 90.8 8.4 17.5 56.2 82.4 6.0 20.2 50.2 87.9 7.7 20.4 42.0 88.6 7.8 20.6 30.3 90.8 8.4 17.5 32.9 88.7 7.7 20.0 8 9 10 11 12 13 Mortgages Consumer credit 72.8 55.2 67.5 53.2 70.1 45.5 70.0 47.4 69.7 49.2 70.0 43.5 69.6 42.4 69.7 42.6 69.8 42.8 70.0 43.5 69.9 42.4 12 13 14 15 Mutual fund shares Trade receivables 106.3 2608.3 162.0 2550.8 186.8 2689.9 165.9 2779.5 180.1 2870.7 211.4 3020.9 189.3 2983.6 191.0 3072.0 199.8 3100.2 211.4 3020.9 212.2 3101.2 14 15 16 Miscellaneous assets 11498.7 11584.8 12261.1 12700.2 13340.0 14084.7 13454.5 13627.5 13739.9 14084.7 14208.4 16 17 18 Total liabilities Credit market instruments 19019.5 18634.6 18902.3 19633.2 20767.2 21791.2 20951.3 21198.7 21515.8 21791.2 21942.1 17 11660.5 11317.0 11404.8 11943.0 12734.0 13604.4 12879.3 13137.3 13394.2 13604.4 13857.0 18 19 20 21 Commercial paper Municipal securities Corporate bonds 131.5 415.0 3954.5 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.3 509.1 5795.2 144.5 518.5 6435.5 140.1 510.4 5940.0 147.2 515.0 6082.7 171.2 516.4 6269.0 144.5 518.5 6435.5 180.2 517.7 6601.0 19 20 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages 1826.1 1561.4 3772.0 1490.1 1311.1 3639.1 1404.6 1118.9 3508.2 1530.2 1179.7 3407.3 1680.1 1217.4 3401.8 1776.1 1232.9 3496.9 1680.9 1217.2 3390.7 1715.3 1256.9 3420.1 1732.9 1247.6 3457.1 1776.1 1232.9 3496.9 1787.1 1258.3 3512.7 22 23 24 25 26 Trade payables Taxes payable 2053.4 145.1 1987.6 135.6 2174.2 142.0 2207.3 152.0 2289.4 156.3 2415.1 150.0 2320.4 163.6 2360.4 151.8 2392.9 154.8 2415.1 150.0 2439.9 151.6 25 26 27 Miscellaneous liabilities 5160.5 5194.3 5181.2 5331.0 5587.5 5621.7 5588.1 5549.1 5573.9 5621.7 5493.5 27 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 68 Z.1, June 5, 2014 L.102 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 Levels 1 Total financial assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 12936.9 13333.8 14033.7 14523.2 15275.1 16325.9 15510.1 15757.1 15999.1 16325.9 16427.9 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 24.7 84.2 311.9 727.0 7.2 31.5 155.0 488.8 655.5 7.9 40.6 234.6 548.7 497.8 12.1 34.8 264.3 561.9 462.4 12.6 35.8 279.4 598.8 480.6 9.7 80.6 374.0 657.3 521.1 8.8 47.6 298.8 607.9 476.0 9.3 61.7 275.6 623.0 473.1 8.7 64.9 319.5 659.3 504.0 12.5 80.6 374.0 657.3 521.1 8.8 64.5 306.7 668.9 497.1 10.6 2 3 4 5 6 7 Credit market instruments 213.0 223.1 229.4 222.3 212.3 160.0 178.6 179.5 171.8 160.0 160.6 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 57.3 30.5 10.2 26.2 56.0 43.0 14.3 27.1 68.0 48.0 16.0 23.9 67.9 43.0 14.3 22.3 59.8 39.5 13.2 24.0 30.3 40.3 8.4 11.6 56.2 33.1 6.0 14.5 50.2 38.2 7.7 14.5 42.0 38.5 7.8 14.7 30.3 40.3 8.4 11.6 32.9 38.0 7.7 14.0 8 9 10 11 12 13 Mortgages Consumer credit 33.6 55.2 29.5 53.2 28.0 45.5 27.4 47.4 26.6 49.2 25.8 43.5 26.4 42.4 26.2 42.6 26.0 42.8 25.8 43.5 25.6 42.4 12 13 14 15 Mutual fund shares Trade receivables 106.3 2085.7 162.0 2054.5 186.8 2156.5 165.9 2240.3 180.1 2324.0 211.4 2460.5 189.3 2435.9 191.0 2520.0 199.8 2544.2 211.4 2460.5 212.2 2538.6 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 9376.9 3011.1 311.1 0.4 80.5 5973.8 9555.5 3245.1 307.1 0.5 71.2 5931.6 10127.0 3402.9 319.0 0.6 60.7 6343.8 10558.6 3795.6 329.0 0.5 69.1 6364.4 11154.4 4136.4 336.5 0.6 71.7 6609.2 11852.1 4421.6 336.4 0.6 86.4 7007.1 11266.8 4170.2 334.9 0.6 85.7 6675.3 11424.6 4234.4 336.8 0.6 86.9 6766.0 11522.9 4333.4 337.1 0.6 87.1 6764.8 11852.1 4421.6 336.4 0.6 86.4 7007.1 11968.7 4516.1 337.2 0.7 89.2 7025.4 16 17 18 19 20 21 13225.1 12904.6 13227.9 13879.6 14907.8 15781.2 15085.2 15284.8 15554.2 15781.2 15902.2 22 22 Total liabilities 23 Credit market instruments 7567.2 7332.5 7455.0 7958.0 8662.4 9407.1 8808.8 9024.0 9242.0 9407.1 9630.5 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 131.5 415.0 3954.5 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.3 509.1 5795.2 144.5 518.5 6435.5 140.1 510.4 5940.0 147.2 515.0 6082.7 171.2 516.4 6269.0 144.5 518.5 6435.5 180.2 517.7 6601.0 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 780.1 1384.0 902.2 546.0 1139.1 770.6 477.4 948.3 656.2 546.3 1008.5 577.4 608.1 1036.9 582.7 654.2 1047.2 607.2 604.2 1037.1 577.0 621.0 1076.3 581.8 627.0 1066.1 592.4 654.2 1047.2 607.2 653.8 1071.6 606.2 27 28 29 30 31 Trade payables Taxes payable 1672.7 39.0 1590.2 35.7 1746.5 42.9 1771.7 51.7 1854.9 54.0 1973.0 43.9 1882.0 60.9 1919.9 48.1 1950.4 50.0 1973.0 43.9 1996.4 45.0 30 31 32 33 34 35 36 Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Claims of pension fund on sponsor Other 3946.2 2050.3 84.0 677.4 1134.5 3946.2 1986.4 75.6 497.6 1386.6 3983.5 2128.7 91.1 446.5 1317.2 4098.3 2313.3 94.0 486.6 1204.3 4336.6 2474.4 93.2 440.2 1328.9 4357.2 2604.4 92.2 187.7 1473.0 4333.5 2485.8 93.4 349.7 1404.6 4292.8 2507.4 93.5 335.6 1356.3 4311.8 2531.6 93.2 265.7 1421.4 4357.2 2604.4 92.2 187.7 1473.0 4230.3 2668.0 92.0 165.8 1304.6 32 33 34 35 36 412.9 10016.6 464.3 12512.2 410.0 14371.6 468.6 14501.0 469.0 16132.4 487.5 20952.4 553.9 17855.2 600.1 18178.3 593.8 19367.6 487.5 20952.4 542.2 21222.4 37 38 Memo: 37 38 Trade receivables net of payables Market value of equities 39 40 Securities and mortgages Loans and short-term paper 5271.7 2295.6 5588.9 1743.6 5946.4 1508.6 6286.9 1671.1 6887.0 1775.3 7561.2 1845.9 7027.4 1781.4 7179.5 1844.5 7377.8 1864.2 7561.2 1845.9 7724.9 1905.6 39 40 41 42 Total short-term liabilities (4) Total liquid assets (5) 4007.3 1385.4 3369.5 1641.1 3298.0 1676.7 3494.4 1649.4 3684.2 1721.0 3862.8 1944.0 3724.3 1738.6 3812.5 1743.7 3864.6 1863.2 3862.8 1944.0 3947.0 1852.7 41 42 43 44 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 69.7 30.3 76.2 23.8 79.8 20.2 79.0 21.0 79.5 20.5 80.4 19.6 79.8 20.2 79.6 20.4 79.8 20.2 80.4 19.6 80.2 19.8 43 44 45 Liquid assets/short-term liabilities 34.6 48.7 50.8 47.2 46.7 50.3 46.7 45.7 48.2 50.3 46.9 45 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 69 Z.1, June 5, 2014 L.103 Nonfinancial Noncorporate Business 2008 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3693.1 3576.1 3727.8 3744.5 3818.3 3902.1 3822.4 3849.3 3874.4 3902.1 3915.0 1 519.4 358.1 75.4 534.3 353.3 73.7 531.5 356.2 76.8 529.1 360.1 77.7 543.8 365.2 78.8 553.4 374.3 80.7 543.9 365.8 78.9 547.1 368.7 79.5 550.1 371.4 80.1 553.4 374.3 80.7 554.8 375.8 81.0 2 3 4 95.8 89.1 95.8 96.8 98.2 100.6 98.3 99.1 99.8 100.6 101.0 5 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.5 5.9 44.2 0.0 49.4 5.8 43.2 0.0 49.7 5.8 43.5 0.0 50.1 5.9 43.9 0.0 50.5 5.9 44.2 0.0 50.7 5.9 44.4 0.0 6 7 8 9 522.7 2121.8 111.5 6.4 2003.9 496.3 2029.3 101.7 6.3 1921.3 533.4 2134.1 131.4 6.7 1996.0 539.2 2141.6 119.8 7.0 2014.8 546.8 2185.6 134.9 7.2 2043.6 560.4 2232.6 129.3 7.8 2095.6 547.7 2187.8 133.0 7.1 2047.7 552.0 2202.9 132.2 7.4 2063.4 556.0 2217.0 130.9 7.6 2078.5 560.4 2232.6 129.3 7.8 2095.6 562.6 2239.7 128.6 8.0 2103.1 10 11 12 13 14 5794.4 5730.0 5674.4 5753.6 5859.4 6010.0 5866.1 5913.9 5961.6 6010.0 6039.9 15 4093.2 3984.5 3949.8 3985.0 4071.6 4197.3 4070.4 4113.3 4152.2 4197.3 4226.5 16 1046.1 177.3 2869.9 944.0 172.0 2868.5 927.2 170.6 2852.0 983.9 171.2 2829.9 1072.0 180.6 2819.1 1121.9 185.7 2889.7 1076.7 180.1 2813.7 1094.4 180.6 2838.3 1106.0 181.5 2864.7 1121.9 185.7 2889.7 1133.3 186.7 2906.5 17 18 19 380.6 106.2 1214.3 397.4 99.9 1248.1 427.7 99.2 1197.7 435.5 100.3 1232.7 434.4 102.4 1250.9 442.1 106.1 1264.5 438.5 102.6 1254.5 440.5 103.8 1256.3 442.5 104.9 1262.1 442.1 106.1 1264.5 443.5 106.7 1263.2 20 21 22 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 70 Z.1, June 5, 2014 L.104 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2617.8 2662.0 2750.3 2733.1 2837.1 2894.9 2887.5 2910.4 2883.9 2894.9 2909.4 1 Checkable deposits and currency Time and savings deposits 79.8 238.3 99.0 248.0 104.7 241.6 121.5 256.8 117.8 289.8 124.3 302.5 115.1 293.9 112.4 292.1 116.0 299.7 124.3 302.5 121.0 307.7 2 3 4 5 Money market fund shares Security repurchase agreements 125.7 129.8 135.5 125.5 149.2 124.1 152.6 120.5 158.0 125.2 162.9 129.6 161.7 128.2 164.2 130.4 163.3 129.8 162.9 129.6 164.8 131.2 4 5 6 Credit market instruments 1557.7 1520.1 1581.2 1528.4 1558.2 1529.7 1578.2 1590.2 1544.0 1529.7 1527.1 6 Open market paper Treasury securities Agency- and GSE-backed securities 127.5 601.4 478.3 88.4 584.0 488.0 101.4 590.8 510.5 90.2 558.1 502.6 83.0 597.3 492.6 75.2 583.0 480.1 82.4 606.0 497.1 81.1 613.8 497.9 78.0 584.0 488.2 75.2 583.0 480.1 73.6 579.9 479.0 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 10.4 152.8 187.3 11.4 156.1 192.2 12.8 163.5 202.2 13.1 162.7 201.7 13.4 166.0 205.8 13.6 168.7 209.1 13.6 169.2 209.8 13.8 171.3 212.3 13.7 169.7 210.4 13.6 168.7 209.1 13.7 170.1 210.9 10 11 12 90.8 36.2 111.4 48.3 125.7 58.1 124.4 58.9 138.4 66.1 165.0 79.8 149.4 71.8 152.6 73.4 156.9 75.7 165.0 79.8 167.2 80.9 13 14 143.7 123.0 92.9 139.1 117.1 118.1 152.2 117.8 95.6 154.5 120.0 95.4 160.3 121.3 101.8 169.1 123.8 108.1 162.4 121.8 104.9 165.2 122.6 107.4 167.5 123.4 107.6 169.1 123.8 108.1 170.8 128.6 110.1 15 16 17 4702.0 4714.6 5046.4 5325.9 5364.1 5055.5 5246.9 5253.2 5178.9 5055.5 5100.7 18 10 11 12 Levels 2010 2 3 7 8 9 Total financial assets 2009 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 Credit market instruments 2855.4 2968.4 3038.0 2985.3 2980.0 2941.1 2994.9 2986.4 2953.1 2941.1 2931.8 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 2842.7 55.8 2786.9 12.7 2954.9 63.6 2891.3 13.5 3023.6 63.0 2960.6 14.4 2970.0 52.3 2917.6 15.3 2964.3 56.1 2908.2 15.7 2924.9 45.3 2879.6 16.2 2978.9 54.5 2924.4 16.0 2970.4 39.4 2931.0 16.0 2937.0 46.0 2891.0 16.1 2924.9 45.3 2879.6 16.2 2915.5 43.0 2872.5 16.3 20 21 22 23 591.6 1255.0 630.5 1115.7 669.0 1339.4 707.4 1633.2 746.5 1637.5 786.1 1328.2 756.3 1495.7 766.2 1500.7 776.1 1449.7 786.1 1328.2 796.1 1372.8 24 25 24 25 Trade payables Claims of pension fund on sponsor (3) (1) Data for employee retirement funds are shown in table L.118. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 71 Z.1, June 5, 2014 L.105 Federal Government 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1292.4 1387.1 1611.5 1404.0 1505.3 1701.2 1535.2 1608.9 1606.6 1701.2 1727.0 1 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 41.9 368.0 1.6 94.6 193.6 1.9 95.4 342.1 2.0 103.9 84.3 1.7 102.8 92.0 2.0 96.4 162.9 1.5 99.0 79.4 1.6 98.2 135.2 1.8 99.2 88.5 1.9 96.4 162.9 1.5 95.8 142.4 1.5 2 3 4 5 Credit market instruments 397.2 706.3 793.5 812.7 917.6 1043.1 964.7 981.7 1023.4 1043.1 1086.2 5 54.4 0.0 111.8 95.8 135.1 196.4 0.6 177.9 108.4 223.1 149.2 0.9 181.4 105.8 356.2 31.1 0.8 186.3 109.9 484.7 0.0 0.6 188.7 111.5 616.8 0.0 0.6 197.2 115.5 729.8 0.0 0.6 191.3 113.3 659.5 0.0 0.6 193.4 113.2 674.6 0.0 0.6 195.3 114.1 713.5 0.0 0.6 197.2 115.5 729.8 0.0 0.5 198.8 116.0 770.9 6 7 8 9 10 188.7 64.7 119.4 110.8 67.4 43.6 133.9 145.8 49.9 42.9 144.3 141.4 57.8 47.7 152.8 143.1 39.9 50.3 158.6 142.0 35.1 48.8 165.8 147.7 38.6 48.7 160.4 142.7 37.9 52.0 162.2 139.8 35.3 50.6 164.0 143.6 35.1 48.8 165.8 147.7 34.9 48.8 167.6 149.7 11 12 13 14 9424.3 11003.5 12802.1 13988.3 15245.9 16123.5 15611.5 15622.9 15820.4 16123.5 16415.3 15 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 54.6 5.2 25.6 16 17 18 6361.5 7805.4 9385.6 10453.6 11593.7 12352.8 11930.1 11912.9 11981.9 12352.8 12614.8 19 194.1 1861.2 4282.9 23.3 0.0 191.3 1787.9 5802.7 23.5 0.0 188.0 1768.9 7404.6 24.2 0.0 185.3 1519.5 8723.6 25.3 0.0 182.5 1626.5 9759.9 24.9 0.0 179.2 1590.6 10558.5 24.5 0.0 181.8 1788.2 9935.5 24.6 0.0 181.0 1568.1 10138.9 25.0 0.0 180.0 1527.9 10248.8 25.1 0.0 179.2 1590.6 10558.5 24.5 0.0 178.4 1650.2 10762.2 24.0 0.0 20 21 22 23 24 260.8 46.4 204.6 47.5 210.9 48.4 220.3 49.7 235.5 50.0 253.8 50.3 245.1 50.1 253.7 50.2 258.2 50.1 253.8 50.3 262.0 50.3 25 26 2719.3 1015.3 1535.8 168.2 2859.2 1077.2 1597.6 184.4 3071.6 1142.9 1722.2 206.5 3179.4 1213.7 1741.1 224.6 3281.2 1254.1 1789.6 237.5 3381.5 1352.3 1780.0 249.2 3302.1 1265.5 1800.3 236.3 3321.8 1178.4 1909.6 233.8 3445.2 1161.5 2050.3 233.4 3381.5 1352.3 1780.0 249.2 3402.8 1339.7 1814.7 248.4 27 28 29 30 6 7 8 9 10 11 12 13 14 15 Total financial assets 2009 Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 Credit market instruments 20 21 22 23 24 U.S. savings securities Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 30 Miscellaneous liabilities Nonmarketable securities held by pension plans (3) Claims of pension fund on sponsor Other (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 72 Z.1, June 5, 2014 L.106 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 Levels 1 Total financial assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 15386.1 16021.0 17676.0 19288.1 20644.3 22570.5 21392.1 21513.6 21958.0 22570.5 22970.8 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 7.5 287.9 370.1 55.4 86.0 361.0 54.4 24.2 390.5 54.2 238.1 472.3 54.3 102.1 540.6 54.4 392.2 590.0 52.9 197.6 543.2 53.1 481.0 551.5 54.2 440.6 573.9 54.4 392.2 590.0 54.6 440.4 618.4 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security repurchase agreements 366.7 69.7 623.3 293.5 76.9 561.5 302.5 69.8 635.8 349.7 79.5 763.1 386.8 99.7 765.7 435.5 164.0 822.0 385.8 102.1 821.1 392.3 152.9 791.8 412.8 156.8 794.4 435.5 164.0 822.0 447.2 163.8 870.0 5 6 7 8 Credit market instruments 7523.7 7723.4 8491.8 9029.7 9606.3 9806.8 9735.3 9484.2 9638.2 9806.8 10057.6 8 9 Open market paper 232.9 191.5 191.0 191.7 195.2 197.2 203.9 200.2 187.3 197.2 199.5 9 10 11 12 Treasury securities Official Private 3253.0 2400.5 852.5 3670.6 2879.6 791.0 4458.8 3364.8 1094.1 5006.9 3620.6 1386.3 5573.8 4032.2 1541.6 5803.8 4056.3 1747.5 5721.8 4090.7 1631.1 5594.4 4009.2 1585.2 5654.7 4017.0 1637.7 5803.8 4056.3 1747.5 5960.1 4088.9 1871.2 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 1406.9 940.5 466.4 1154.9 749.0 405.9 1084.0 661.2 422.8 1080.6 639.2 441.4 1016.4 511.1 505.3 882.2 470.7 411.5 957.4 487.0 470.4 897.3 468.9 428.4 924.4 488.8 435.6 882.2 470.7 411.5 897.5 468.4 429.1 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 51.0 2353.5 226.4 58.7 2465.3 182.5 71.7 2524.0 162.3 70.3 2484.0 196.1 67.9 2609.2 143.9 69.6 2718.9 135.2 66.5 2644.1 141.6 69.4 2570.5 152.4 71.6 2661.1 139.1 69.6 2718.9 135.2 74.1 2781.2 145.3 16 17 18 19 20 21 U.S. corporate equities Mutual fund shares Trade receivables 1807.1 255.6 90.1 2476.7 364.1 96.7 2962.2 513.8 116.4 3035.3 735.6 134.2 3467.6 987.1 145.6 4670.4 1036.0 155.4 3903.2 1010.1 150.0 4008.2 965.9 155.2 4276.3 990.2 158.8 4670.4 1036.0 155.4 4840.1 1034.3 166.4 19 20 21 22 23 24 Miscellaneous assets Foreign direct investment in U.S. (2) Other 3984.4 2397.4 1587.0 3925.9 2398.2 1527.7 4114.7 2623.6 1491.1 4396.5 2879.5 1517.0 4488.5 3057.3 1431.1 4443.8 3178.7 1265.1 4490.9 3074.6 1416.3 4477.5 3101.3 1376.2 4461.9 3130.5 1331.3 4443.8 3178.7 1265.1 4278.0 3249.0 1029.0 22 23 24 8990.8 9340.1 10047.8 10562.6 10887.3 11080.0 11036.3 11042.3 11220.5 11080.0 11045.1 25 66.6 946.7 508.4 119.7 835.9 530.5 121.4 826.6 731.8 129.6 780.3 808.0 127.5 750.1 847.7 119.9 805.9 738.9 122.5 774.3 830.1 121.4 853.1 790.1 123.1 848.1 802.4 119.9 805.9 738.9 119.6 766.0 793.3 26 27 28 1753.2 2131.1 2314.0 2513.8 2784.1 2923.2 2860.6 2790.1 2832.1 2923.2 3003.3 29 342.0 1237.3 401.3 1570.3 398.6 1731.3 345.1 1939.9 373.0 2140.7 407.0 2204.1 407.4 2174.6 417.4 2087.0 405.9 2129.4 407.0 2204.1 413.8 2263.7 30 31 25 Total liabilities 26 27 28 U.S. official reserve assets (3) U.S. private deposits Security repurchase agreements 29 Credit market instruments 30 31 Commercial paper Bonds 32 33 34 35 36 Depository institution loans n.e.c. Official Banks Other Other loans and advances 152.4 4.6 42.6 105.2 21.6 137.5 4.5 37.4 95.6 21.9 162.0 6.6 53.0 102.4 22.1 205.2 5.4 69.8 130.0 23.5 237.7 6.2 70.4 161.0 32.8 276.7 7.1 90.5 179.1 35.5 246.0 6.1 76.2 163.6 32.7 252.2 6.1 80.5 165.7 33.6 262.5 6.6 86.8 169.1 34.4 276.7 7.1 90.5 179.1 35.5 290.4 6.4 92.0 192.0 35.5 32 33 34 35 36 37 38 39 40 41 42 43 Trade payables Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Investment by holding companies Other 63.2 5652.7 48.3 554.2 3748.5 101.5 1200.1 69.3 5653.5 50.0 10.9 4077.4 125.1 1390.2 95.1 5958.8 52.3 0.8 4273.6 135.6 1496.5 63.0 6268.0 54.9 100.5 4663.1 166.3 1283.2 69.3 6308.5 57.3 9.5 5077.8 114.7 1049.2 60.7 6431.3 59.5 0.6 5366.0 85.7 919.4 69.2 6379.6 57.3 8.6 5123.8 137.2 1052.7 70.9 6416.6 59.4 2.3 5194.6 100.7 1059.6 71.8 6543.0 59.4 1.1 5309.6 127.3 1045.6 60.7 6431.3 59.5 0.6 5366.0 85.7 919.4 49.2 6313.7 58.8 0.8 5463.8 95.8 694.6 37 38 39 40 41 42 43 2748.4 3995.3 4900.2 4501.4 5390.5 6511.5 5648.7 5632.1 6157.5 6511.5 6653.9 44 Memo: 44 Market value of foreign equities held by U.S. residents (4) (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) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 73 Z.1, June 5, 2014 L.107 Financial Business (1) 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 67402.7 68450.7 69528.1 71143.3 75377.9 81269.4 77221.6 78009.4 79711.2 81269.4 82057.2 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 35.7 2.2 38.7 85.6 1475.9 36.2 5.2 42.7 97.1 1126.4 37.0 5.2 43.5 105.9 1019.6 36.8 5.2 44.2 42.9 1622.6 35.8 5.2 44.8 43.3 1561.7 34.6 5.2 45.5 33.7 2321.8 34.5 5.2 45.0 48.7 1849.4 34.3 5.2 45.1 37.1 2072.9 35.0 5.2 45.3 36.3 2294.2 34.6 5.2 45.5 33.7 2321.8 34.8 5.2 45.7 19.4 2508.7 2 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 378.4 573.0 1178.6 2813.1 348.2 716.2 1004.0 2345.8 327.1 641.2 831.5 2623.8 364.2 594.2 760.1 2741.6 375.4 629.8 725.2 3115.8 372.0 713.0 619.1 2740.2 368.0 627.8 677.7 2954.9 367.4 645.8 623.9 2850.0 385.8 711.2 643.3 2834.0 372.0 713.0 619.1 2740.2 339.4 722.9 593.7 2711.1 7 8 9 10 11 Credit market instruments 38640.2 37600.7 36786.4 37868.9 39125.3 40828.5 39511.7 39916.3 40233.4 40828.5 41203.2 11 1176.1 2212.9 5159.1 1703.8 6719.2 779.4 2578.5 5894.9 1742.2 6725.5 676.0 3081.4 5484.7 1786.3 6881.5 600.1 4056.2 5644.1 1799.7 7101.4 595.6 4368.0 5878.2 1937.6 7563.1 633.9 4915.3 6297.5 1944.2 7890.4 640.7 4529.0 6017.4 1952.1 7689.9 641.4 4582.8 6133.2 1947.5 7757.9 652.0 4648.7 6183.4 1935.0 7837.0 633.9 4915.3 6297.5 1944.2 7890.4 672.0 5120.9 6322.8 1949.4 7991.3 12 13 14 15 16 2794.4 2261.3 14247.7 2365.6 2035.9 1711.0 13945.6 2187.8 2001.2 1394.8 13313.2 2167.3 2147.8 1363.9 13006.5 2149.4 2322.7 1468.3 12799.9 2192.0 2508.8 1562.5 12811.0 2264.9 2323.8 1459.6 12741.0 2158.0 2388.1 1530.4 12747.6 2187.4 2424.8 1540.1 12792.1 2220.3 2508.8 1562.5 12811.0 2264.9 2561.0 1561.0 12792.3 2232.6 17 18 19 20 7622.8 1683.1 9934.0 2230.5 11434.0 2514.0 10845.4 2407.6 12413.3 2681.6 15770.8 3327.2 13482.6 2918.0 13674.8 2973.5 14571.6 3137.3 15770.8 3327.2 15952.8 3389.3 21 22 182.2 204.6 144.2 235.0 135.6 316.4 134.8 308.1 133.2 374.9 131.0 420.8 134.1 385.9 132.9 378.5 133.0 392.2 131.0 420.8 136.9 438.0 23 24 130.0 12358.5 132.8 12451.6 141.1 12565.7 148.4 13218.2 172.9 13939.9 174.3 13731.8 175.4 14002.7 176.8 14075.0 169.7 14083.6 174.3 13731.8 178.0 13777.9 25 26 64754.2 65362.6 66208.8 67804.3 71502.0 76891.4 73112.8 73897.7 75331.7 76891.4 77594.8 27 2 3 4 5 6 Total financial assets 2009 12 13 14 15 16 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17 18 19 20 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 21 22 Corporate equities Mutual fund shares 23 24 Trade receivables Security credit 25 26 Life insurance reserves Miscellaneous assets 27 Total liabilities 28 Net interbank liabilities 1752.4 1215.5 1068.5 1889.0 1683.8 2790.8 2096.9 2580.5 2767.7 2790.8 2996.2 28 29 30 31 32 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2101.3 8088.8 3757.3 3661.8 2093.4 8432.5 3258.6 3251.3 2359.8 8548.1 2755.4 3666.0 2594.3 8952.2 2642.5 3922.0 2853.8 9463.7 2649.6 4172.7 3186.5 9872.9 2678.3 3670.3 2872.9 9521.6 2552.1 4008.0 2892.3 9572.5 2541.9 3846.5 2924.6 9789.7 2637.4 3781.7 3186.5 9872.9 2678.3 3670.3 3185.6 10075.6 2591.5 3707.4 29 30 31 32 33 Credit market instruments 17103.3 15714.4 14454.9 14035.8 13804.0 13947.1 13754.0 13765.5 13761.9 13947.1 13844.1 33 1126.3 8143.4 5980.2 678.2 8083.3 5735.6 576.0 7574.0 5282.0 507.9 7552.1 4972.3 449.1 7529.7 4871.9 400.2 7769.7 4717.0 453.8 7566.2 4784.0 426.0 7635.8 4694.1 399.9 7688.5 4679.4 400.2 7769.7 4717.0 398.2 7697.1 4704.8 34 35 36 789.5 900.5 163.5 424.2 617.9 175.3 373.6 473.2 176.1 400.8 413.1 189.5 342.3 416.6 194.4 363.2 494.9 202.2 340.6 409.9 199.5 355.9 453.1 200.7 337.1 460.0 197.1 363.2 494.9 202.2 359.1 480.9 204.1 37 38 39 5388.0 21.2 777.2 6920.7 70.1 733.7 7873.0 18.1 763.5 7870.9 14.3 795.4 9323.6 14.2 828.2 11544.6 14.5 897.1 10087.4 15.4 821.6 10299.5 15.6 870.0 10904.9 13.3 870.0 11544.6 14.5 897.1 11775.7 13.1 905.1 40 41 42 34 35 36 Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 37 38 39 Depository institution loans n.e.c. Other loans and advances Mortgages 40 41 42 Mutual fund shares Trade payables Security credit 43 44 Life insurance reserves Pension entitlements 1133.4 14071.9 1194.5 15209.5 1229.9 16751.6 1302.3 17126.1 1309.0 18093.8 1366.3 19563.8 1320.1 18572.2 1329.6 18766.0 1347.3 19115.6 1366.3 19563.8 1384.5 19766.4 43 44 45 46 Taxes payable Miscellaneous liabilities -101.1 7507.1 -95.0 7894.0 -88.9 7540.9 -78.0 7545.5 -76.8 8230.0 -59.1 8157.3 -65.9 8386.6 -83.0 8291.0 -73.9 8293.9 -59.1 8157.3 -48.4 8191.3 45 46 2875.4 10.7 3578.1 14.8 4295.4 15.9 4085.9 13.1 4949.1 18.6 6487.0 19.2 5526.2 19.2 5749.8 19.3 5987.3 17.7 6487.0 19.2 6620.7 19.2 47 48 Memo: 47 48 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.108 and L.110 through L.130. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 74 Z.1, June 5, 2014 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 U.S. official reserve assets SDR certificates Treasury currency 5 Federal Reserve float (2) 6 7 8 Interbank loans (2) Discount window (3) AMLF (4) 9 Security repurchase agreements 10 Levels Total financial assets 2 3 4 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2270.6 2267.2 2453.2 2947.2 2954.9 4073.8 3243.8 3526.3 3787.1 4073.8 4290.4 1 35.7 2.2 38.7 36.2 5.2 42.7 37.0 5.2 43.5 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 34.5 5.2 45.0 34.3 5.2 45.1 35.0 5.2 45.3 34.6 5.2 45.5 34.8 5.2 45.7 2 3 4 -1.5 -2.1 -1.4 -0.6 -0.5 -1.0 -0.6 -0.7 -0.6 -1.0 -0.5 5 559.7 544.0 15.7 96.6 96.6 0.0 0.2 0.2 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.0 0.0 0.0 6 7 8 80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 986.0 1987.7 2259.2 2635.6 2670.1 3756.3 2939.8 3214.2 3475.1 3756.3 3970.1 10 11 12 13 14 15 16 17 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 0.0 475.9 18.4 457.5 19.7 0.0 19.7 0.0 776.6 18.4 758.2 1068.3 908.4 159.9 0.0 1021.5 18.4 1003.1 1139.6 992.1 147.5 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 1796.0 0.0 1796.0 1143.4 1070.9 72.4 0.0 1936.6 0.0 1936.6 1277.3 1208.1 69.2 0.0 2072.3 0.0 2072.3 1402.7 1342.1 60.7 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 0.0 2319.6 0.0 2319.6 1650.5 1603.1 47.3 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Depository institution loans n.e.c. Households (TALF) (5) Rest of world Brokers and dealers (6) Funding corporations (Maiden Lane) (7) Funding corporations (AIG) Funding corporations (Maiden Lane II) (8) Funding corporations (Maiden Lane III)(9) Funding corporations (CPFF) (10) 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 142.8 47.5 0.0 0.0 29.2 22.2 16.0 18.5 9.4 98.1 24.7 0.0 0.0 25.8 20.0 13.5 14.1 0.0 30.5 9.0 0.0 0.0 4.9 0.0 6.8 9.8 0.0 0.6 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 24 25 26 0.0 569.8 553.7 16.1 25.1 75.9 10.3 65.6 26.4 83.1 0.1 83.0 0.0 225.8 99.8 126.0 0.0 199.5 8.9 190.6 0.0 233.1 0.3 232.8 0.0 219.9 8.1 211.9 0.0 228.1 1.7 226.5 0.0 226.8 0.5 226.3 0.0 233.1 0.3 232.8 0.0 235.0 0.4 234.6 27 28 29 30 2249.6 2241.6 2426.7 2920.3 2927.6 4046.3 3216.3 3498.8 3759.6 4046.3 4262.3 31 860.0 57.7 977.0 54.9 968.1 52.7 1562.3 60.8 1491.0 71.1 2249.1 73.6 1790.4 59.6 2013.3 60.2 2232.4 62.2 2249.1 73.6 2444.3 64.9 32 33 1220.3 1102.7 1287.8 1165.7 1224.6 1364.1 1226.1 1298.1 1266.5 1364.1 1364.3 34 27 28 29 30 31 Credit market instruments 2009 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other Total liabilities 32 33 Depository institution reserves Vault cash of depository institutions 34 Checkable deposits and currency 35 36 37 38 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 365.7 0.3 106.1 259.3 191.9 0.2 186.6 5.0 340.9 0.2 140.8 200.0 85.9 0.1 85.7 0.0 92.9 0.2 92.7 0.0 162.6 0.2 162.4 0.0 79.4 0.2 79.2 0.0 135.0 0.1 134.9 0.0 88.6 0.2 88.4 0.0 162.6 0.2 162.4 0.0 142.5 0.3 142.2 0.0 35 36 37 38 39 40 41 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 1.4 21.1 832.2 2.4 35.1 873.3 3.4 13.5 930.0 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 9.2 20.2 1117.3 10.1 19.5 1133.6 9.0 24.1 1144.9 8.0 25.9 1167.6 7.0 10.8 1204.0 39 40 41 42 Security repurchase agreements 88.4 77.7 59.7 99.9 107.2 315.9 105.5 95.2 157.4 315.9 341.0 42 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 23.1 21.1 2.1 29.2 25.6 3.6 58.4 26.5 31.9 31.7 26.9 4.8 33.7 27.4 6.3 43.5 27.5 16.0 34.7 27.6 7.2 32.1 27.5 4.6 41.2 27.4 13.7 43.5 27.5 16.0 47.8 28.1 19.8 43 44 45 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (12) Reciprocal currency arrangements (swap lines) with foreign central banks. 75 Z.1, June 5, 2014 L.109 Private Depository Institutions (1) 2008 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 14513.5 13618.6 13727.6 14590.7 14994.1 15927.8 15189.8 15492.5 15741.6 15927.8 16236.9 1 57.7 860.0 643.3 54.9 977.0 335.2 52.7 968.1 356.1 60.8 1562.3 378.6 71.1 1491.0 491.6 73.6 2249.1 392.9 59.6 1790.4 438.8 60.2 2013.3 419.3 62.2 2232.4 417.3 73.6 2249.1 392.9 64.9 2444.3 416.1 2 3 4 11348.8 10749.7 10968.9 11177.8 11605.9 11883.3 11568.5 11636.1 11694.0 11883.3 11987.4 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 15.7 101.9 1400.3 224.4 1087.2 0.0 196.6 1579.9 227.8 940.0 0.0 299.6 1718.1 257.1 795.9 0.0 252.9 1851.7 303.9 800.2 0.0 339.5 1901.3 371.9 786.3 0.0 304.4 1943.8 427.0 770.2 0.0 329.5 1946.9 384.2 765.9 0.0 281.5 1964.2 400.1 760.1 0.0 276.1 1934.5 415.3 773.1 0.0 304.4 1943.8 427.0 770.2 0.0 351.4 1962.0 433.2 756.7 6 7 8 9 10 11 12 13 14 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2304.0 0.0 5014.2 1201.2 1893.1 0.0 4768.9 1143.4 1903.1 0.0 4583.0 1412.0 2117.3 0.0 4436.2 1415.6 2322.2 0.0 4422.4 1462.3 2508.7 0.0 4392.1 1537.1 2323.5 0.0 4381.7 1436.8 2387.8 0.0 4377.8 1464.7 2424.7 0.0 4377.0 1493.3 2508.7 0.0 4392.1 1537.1 2560.9 0.0 4406.8 1516.4 11 12 13 14 20.4 21.6 48.6 47.4 59.8 46.5 54.6 43.5 71.3 48.1 101.3 60.1 80.8 52.6 79.9 50.2 87.8 54.2 101.3 60.1 102.6 63.0 15 16 39.8 110.7 32.0 111.5 38.2 116.0 69.2 120.8 71.1 138.1 81.6 134.4 78.1 139.2 75.9 140.4 78.5 132.2 81.6 134.4 86.3 135.6 17 18 1411.0 1262.2 1121.3 1123.1 1005.8 951.7 981.9 1017.1 983.1 951.7 936.8 19 14237.5 13779.2 13946.6 14926.1 15529.7 16400.9 15735.9 15960.4 16120.9 16400.9 16708.0 20 834.6 183.5 47.8 266.0 121.7 468.1 246.9 507.0 473.1 468.1 487.1 21 15 16 Corporate equities Mutual fund shares 17 18 Security credit Life insurance reserves 19 Miscellaneous assets 20 Total liabilities 21 Net interbank liabilities 22 23 24 Checkable deposits Small time and savings deposits Large time deposits 881.0 5749.3 2339.5 990.7 6326.5 2105.9 1072.0 6624.9 1923.2 1428.6 7202.2 1750.0 1629.2 7803.9 1659.9 1822.3 8110.8 1762.0 1646.9 7869.1 1652.5 1594.2 7890.1 1682.4 1658.1 8052.9 1736.8 1822.3 8110.8 1762.0 1821.2 8265.0 1810.6 22 23 24 25 Federal funds and security repos 861.3 727.3 734.0 706.9 674.9 577.9 650.8 635.1 608.0 577.9 623.7 25 26 Credit market instruments 1030.9 744.6 909.0 856.5 745.4 713.9 696.4 704.4 686.4 713.9 689.8 26 0.5 184.8 845.6 0.6 176.3 567.6 113.0 377.1 418.9 120.6 379.4 356.4 87.5 295.9 362.0 59.7 221.0 433.2 74.4 267.4 354.5 64.2 244.0 396.2 57.3 225.2 403.9 59.7 221.0 433.2 58.4 214.2 417.2 27 28 29 -73.6 -66.2 -59.6 -49.1 -47.6 -47.4 -45.7 -58.9 -52.9 -47.4 -39.6 30 2614.5 71.7 1370.5 276.6 895.6 2766.8 107.7 1599.5 203.1 856.5 2695.3 120.0 1632.8 171.6 770.9 2764.9 193.7 1709.0 137.8 724.5 2942.3 198.1 1889.2 126.0 729.0 2993.3 202.9 1944.2 123.5 722.7 3019.1 200.0 1916.9 142.9 759.3 3006.2 200.6 1880.5 142.1 783.0 2958.5 202.1 1898.1 118.7 739.6 2993.3 202.9 1944.2 123.5 722.7 3050.1 204.5 1977.8 123.9 743.9 31 32 33 34 35 9.5 6.9 6.2 6.0 6.5 7.9 6.8 7.3 7.7 7.9 8.1 36 27 28 29 Open market paper Corporate bonds Other loans and advances 30 Taxes payable (net) 31 32 33 34 35 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other Memo: 36 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113). (2) 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 nonfinancial asset. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 76 Z.1, June 5, 2014 L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 Levels 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other 14 15 16 17 18 19 20 Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 25 26 Corporate equities Mutual fund shares 27 28 29 Security credit Life insurance reserves Miscellaneous assets 30 Total liabilities 31 32 33 34 35 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 36 37 38 39 Checkable deposits Federal government Rest of the world Private domestic 40 41 42 Small time and savings deposits Large time deposits Federal funds and security repos 43 Credit market instruments 44 45 46 Open market paper Corporate bonds Other loans and advances 47 Taxes payable (net) 48 49 50 Miscellaneous liabilities Investment by holding companies Other 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 12202.2 11505.4 11503.7 11849.9 12226.9 12802.7 12297.5 12382.0 12596.7 12802.7 12899.1 1 57.7 617.0 575.1 54.9 661.4 266.9 52.7 575.8 267.6 60.8 798.7 242.6 71.1 798.5 303.7 73.6 1252.9 215.7 59.6 981.1 259.6 60.2 1001.2 238.0 62.2 1222.5 218.0 73.6 1252.9 215.7 64.8 1311.3 215.7 2 3 4 9459.7 9117.4 9356.2 9489.9 9866.3 10101.0 9833.4 9896.3 9925.3 10101.0 10167.7 5 15.7 56.4 1242.5 851.0 0.0 193.9 0.0 197.6 0.0 124.5 1417.4 837.5 3.6 264.0 4.0 308.4 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 0.0 243.2 1669.6 912.8 21.7 454.6 42.9 237.7 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 0.0 230.3 1710.5 952.8 24.7 446.7 47.7 238.6 0.0 194.0 1725.7 967.6 28.4 435.2 54.6 239.8 0.0 186.6 1700.4 947.9 27.9 422.8 59.6 242.2 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 0.0 263.8 1731.0 959.0 32.1 442.2 70.0 227.7 6 7 8 9 10 11 12 13 221.9 652.4 29.0 0.0 285.6 0.0 337.8 224.3 668.2 16.2 17.8 202.9 26.0 405.2 254.6 550.5 6.5 11.4 132.3 24.7 375.6 297.3 553.0 3.5 8.9 110.4 27.4 402.9 365.0 544.0 18.7 9.3 88.4 32.7 394.9 418.9 559.2 28.7 8.0 73.7 37.3 411.4 376.2 540.5 19.7 9.1 83.7 33.8 394.3 392.3 543.2 23.1 9.6 78.7 34.4 397.4 406.4 555.8 26.4 8.4 77.2 35.5 408.3 418.9 559.2 28.7 8.0 73.7 37.3 411.4 425.2 540.2 27.8 6.4 68.9 38.8 398.3 14 15 16 17 18 19 20 1690.7 0.0 4615.2 965.0 1404.8 0.0 4371.9 906.3 1425.9 0.0 4194.9 1185.5 1589.6 0.0 4049.6 1192.6 1797.1 0.0 4028.8 1218.6 1933.5 0.0 3983.5 1271.6 1794.8 0.0 3989.8 1191.2 1847.0 0.0 3982.5 1211.5 1869.5 0.0 3975.3 1231.4 1933.5 0.0 3983.5 1271.6 1969.7 0.0 3991.2 1246.5 21 22 23 24 20.4 19.6 48.6 46.1 59.7 45.0 54.5 41.7 71.3 45.8 101.3 57.9 80.8 50.1 79.9 47.9 87.7 52.0 101.3 57.9 102.6 60.8 25 26 23.7 110.7 1318.3 20.4 111.5 1178.2 23.6 116.0 1007.0 35.8 120.8 1005.2 45.0 138.1 887.2 52.9 134.4 813.0 47.9 139.2 845.7 51.8 140.4 866.4 53.9 132.2 843.0 52.9 134.4 813.0 58.4 135.6 782.3 27 28 29 12092.3 11622.9 11709.0 12156.0 12719.7 13301.9 12788.8 12790.2 12995.2 13301.9 13432.4 30 1130.1 -1.5 559.7 34.7 537.1 633.7 -2.1 96.6 42.2 496.9 428.3 -1.4 0.2 21.3 408.2 164.9 -0.6 0.2 62.1 103.3 36.7 -0.5 0.1 18.7 18.5 227.3 -1.0 0.1 57.2 171.0 96.6 -0.6 0.0 23.8 73.4 135.4 -0.7 0.1 12.4 123.6 191.0 -0.6 0.2 33.1 158.3 227.3 -1.0 0.1 57.2 171.0 212.4 -0.5 0.0 28.6 184.4 31 32 33 34 35 777.5 3.5 62.9 711.1 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 52.0 1378.4 1579.8 1.6 49.9 1528.3 1436.6 1.5 46.3 1388.8 1372.9 1.3 40.5 1331.0 1429.1 1.3 49.5 1378.4 1579.8 1.6 49.9 1528.3 1559.4 1.7 50.0 1507.7 36 37 38 39 5144.6 1365.6 727.2 5617.0 1029.9 532.1 5888.6 896.1 484.0 6425.7 882.9 402.5 6979.2 803.0 349.9 7236.0 826.9 265.2 7018.6 777.6 327.3 7033.2 804.4 325.1 7183.1 799.3 301.3 7236.0 826.9 265.2 7374.9 815.5 267.2 40 41 42 990.3 718.1 882.9 832.4 720.3 686.9 674.1 680.9 659.8 686.9 662.4 43 0.5 184.8 805.0 0.6 176.3 541.1 113.0 377.1 392.8 120.6 379.4 332.3 87.5 295.9 336.9 59.7 221.0 406.2 74.4 267.4 332.3 64.2 244.0 372.7 57.3 225.2 377.3 59.7 221.0 406.2 58.4 214.2 389.8 44 45 46 -73.6 -66.2 -59.6 -49.1 -47.6 -47.4 -45.7 -58.9 -52.9 -47.4 -39.6 47 2030.5 1370.5 660.0 2286.8 1599.5 687.3 2247.6 1632.8 614.7 2236.1 1709.0 527.1 2446.4 1889.2 557.2 2527.3 1944.2 583.1 2503.7 1916.9 586.8 2497.1 1880.5 616.6 2484.5 1898.1 586.4 2527.3 1944.2 583.1 2580.2 1977.8 602.4 48 49 50 9.5 6.9 6.2 6.0 6.5 7.9 6.8 7.3 7.7 7.9 8.1 51 Memo: 51 Consumer leases not included above (1) (1) 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 nonfinancial asset. 77 Z.1, June 5, 2014 L.111 Foreign Banking Offices in U.S. (1) 2008 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Federal funds and security repos 5 Credit market instruments 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1469.2 1218.1 1268.3 1736.4 1720.6 2037.1 1819.4 2027.7 2063.9 2037.1 2215.9 1 0.0 239.0 68.1 0.0 284.1 68.2 0.0 350.8 88.4 0.0 711.0 120.1 0.0 638.8 178.3 0.0 948.0 177.1 0.0 741.3 178.7 0.0 959.6 181.1 0.0 963.5 199.3 0.0 948.0 177.1 0.0 1071.0 200.3 2 3 4 1097.1 809.7 785.2 827.7 833.5 826.3 816.4 802.2 819.3 826.3 845.5 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 35.5 50.6 0.0 405.4 0.0 57.5 31.3 0.0 247.6 0.0 60.9 26.5 0.0 238.2 0.0 60.5 30.6 0.0 236.7 0.0 76.6 32.1 0.0 230.5 0.0 67.0 25.4 0.0 196.4 0.0 79.5 27.7 0.0 211.9 0.0 66.9 26.1 0.0 202.8 0.0 69.3 26.2 0.0 203.1 0.0 67.0 25.4 0.0 196.4 0.0 66.3 22.5 0.0 200.5 6 7 8 9 10 11 12 13 Depository institution loans n.e.c. Other loans and advances Mortgages 561.5 0.0 44.2 435.5 0.0 37.8 424.2 0.0 35.4 467.1 0.0 32.8 463.4 0.0 30.9 507.2 0.0 30.3 467.5 0.0 29.7 476.9 0.0 29.6 490.9 0.0 29.8 507.2 0.0 30.3 524.0 0.0 32.2 11 12 13 14 15 Corporate equities Security credit 0.0 16.1 0.0 11.6 0.1 14.7 0.0 33.5 0.0 26.2 0.0 28.7 0.0 30.2 0.0 24.2 0.0 24.7 0.0 28.7 0.0 28.0 14 15 16 Miscellaneous assets 48.9 44.5 29.2 44.2 43.9 57.0 52.9 60.6 57.1 57.0 71.0 16 1375.7 1319.1 1351.5 1868.1 1869.3 2111.5 1972.8 2185.6 2141.5 2111.5 2257.2 17 -225.6 -249.3 23.6 -377.8 -411.0 33.1 -347.1 -384.0 36.9 157.5 134.8 22.7 155.6 83.6 72.0 309.0 221.2 87.8 219.7 124.2 95.5 438.6 357.4 81.2 351.6 282.3 69.3 309.0 221.2 87.8 346.3 256.1 90.2 18 19 20 17 Total liabilities 18 19 20 Net interbank liabilities To foreign banks To domestic banks 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 13.5 25.6 876.2 16.1 29.9 1024.2 21.9 35.7 977.7 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.5 63.7 67.9 814.4 73.4 70.6 816.0 82.0 85.9 872.4 92.6 90.4 869.5 101.5 84.7 927.8 21 22 23 24 25 Federal funds and security repos Open market paper (2) 131.7 0.0 195.2 0.0 250.0 0.0 304.4 0.0 325.0 0.0 312.7 0.0 323.6 0.0 310.0 0.0 306.7 0.0 312.7 0.0 356.5 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 554.3 71.7 276.6 206.0 431.5 107.7 203.1 120.7 413.3 120.0 171.6 121.7 497.1 193.7 137.8 165.6 465.8 198.1 126.0 141.7 437.4 202.9 123.5 111.1 483.7 200.0 142.9 140.7 477.0 200.6 142.1 134.4 442.8 202.1 118.7 122.0 437.4 202.9 123.5 111.1 440.5 204.5 123.9 112.1 26 27 28 29 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 78 Z.1, June 5, 2014 L.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 1 2 Total financial assets Credit market instruments Q2 Q3 2014 Q1 Q4 102.0 94.7 79.9 75.8 75.8 84.7 76.0 82.0 83.9 84.7 81.5 1 90.9 88.1 68.9 64.0 63.9 64.1 63.6 63.6 62.7 64.1 64.1 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.2 24.4 2.5 0.5 0.5 20.5 3.5 2.0 1.1 12.8 2.5 0.6 1.0 4.8 3.4 4.2 0.4 2.6 2.6 5.2 1.2 1.9 3.6 5.8 0.4 2.4 2.7 5.6 0.4 2.2 2.7 5.5 0.6 1.9 3.5 5.6 1.2 1.9 3.6 5.8 1.3 1.8 3.4 6.4 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 19.7 22.9 19.7 19.4 22.6 19.6 16.1 20.1 15.7 17.1 17.8 15.6 18.1 20.0 14.9 19.4 18.9 13.5 18.1 20.0 14.4 19.0 19.2 14.4 19.5 19.1 12.5 19.4 18.9 13.5 19.2 18.4 13.6 7 8 9 11.1 6.5 11.0 11.8 12.0 20.5 12.4 18.4 21.2 20.5 17.4 10 10 11 Miscellaneous assets 91.0 90.0 75.2 72.1 72.0 80.5 72.2 78.7 81.7 80.5 78.0 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -3.2 14.6 27.4 27.4 -4.2 16.1 24.5 24.5 -3.3 16.6 19.3 19.3 -4.6 19.4 18.9 18.9 -4.9 21.9 18.8 18.8 -4.7 28.2 21.4 21.4 -4.6 22.1 19.1 19.1 -5.3 26.3 20.6 20.6 -5.0 27.7 21.7 21.7 -4.7 28.2 21.4 21.4 -5.5 27.3 20.7 20.7 12 13 14 15 16 Miscellaneous liabilities 24.9 29.2 23.3 19.4 17.3 14.3 16.4 16.5 15.7 14.3 14.8 16 Levels (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.113 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Reserves at Federal Reserve Federal funds and security repos 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Depository institution loans n.e.c. Home mortgages Consumer credit Mutual fund shares Miscellaneous assets Total liabilities 740.1 800.5 875.7 928.5 970.8 1003.3 996.9 1000.7 997.2 1003.3 1040.5 1 4.0 0.1 31.5 0.1 41.5 0.0 52.6 15.9 53.8 9.7 48.1 0.1 68.0 0.4 52.5 0.2 46.4 0.1 48.1 0.1 62.0 0.2 2 3 701.1 734.6 758.6 796.2 842.3 891.8 855.1 874.1 886.7 891.8 910.1 4 0.0 8.8 82.9 0.0 28.9 0.0 14.2 110.7 0.0 22.3 0.0 20.1 151.5 0.0 6.6 0.0 17.6 182.1 3.2 6.3 0.0 19.3 197.0 4.2 6.7 0.0 19.1 199.2 4.6 8.9 0.0 19.2 206.2 5.3 7.8 0.0 20.1 210.2 5.0 8.5 0.0 19.6 206.0 5.4 8.6 0.0 19.1 199.2 4.6 8.9 0.0 20.0 206.7 4.5 9.5 5 6 7 8 9 32.1 312.2 236.2 33.4 316.9 237.1 36.9 317.0 226.5 43.5 320.5 223.0 43.6 327.8 243.6 48.7 345.9 265.6 43.0 328.0 245.5 44.9 332.1 253.1 44.9 340.4 261.9 48.7 345.9 265.6 48.0 351.4 269.9 10 11 12 2.0 32.8 1.3 33.0 1.5 74.1 1.9 61.9 2.3 62.7 2.2 61.1 2.6 70.9 2.4 71.7 2.2 61.8 2.2 61.1 2.2 66.1 13 14 678.5 747.2 810.9 830.0 868.7 906.9 902.1 905.9 902.4 906.9 940.3 15 16 Net interbank liabilities -66.6 -68.1 -30.0 -51.9 -65.7 -63.5 -64.7 -61.8 -64.5 -63.5 -66.1 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 697.4 75.3 551.7 70.4 769.4 86.9 655.2 27.3 803.8 92.4 681.3 30.1 845.3 103.1 708.7 33.5 896.6 113.9 743.1 39.7 929.2 121.7 763.1 44.3 929.3 124.5 763.4 41.3 928.7 121.7 765.7 41.4 924.9 119.3 762.2 43.4 929.2 121.7 763.1 44.3 964.4 133.1 784.7 46.6 17 18 19 20 21 22 Federal funds and security repos Other loans and advances 2.4 40.6 0.0 26.5 0.0 26.1 0.0 24.2 0.0 25.1 0.0 27.0 0.0 22.2 0.0 23.5 0.0 26.6 0.0 27.0 0.0 27.4 21 22 23 Miscellaneous liabilities 4.7 19.4 11.1 12.4 12.7 14.2 15.3 15.5 15.4 14.2 14.6 23 79 Z.1, June 5, 2014 L.114 Property-Casualty Insurance Companies 2008 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1305.5 1380.2 1360.5 1376.6 1438.9 1530.7 1461.0 1475.3 1496.4 1530.7 1553.4 1 27.9 32.8 4.4 27.6 29.6 4.5 32.6 25.6 3.8 24.1 20.0 1.7 36.4 22.3 1.8 29.7 20.0 1.8 31.7 21.3 1.7 30.6 18.1 1.5 30.6 18.1 1.5 29.7 20.0 1.8 33.6 18.4 1.6 2 3 4 853.4 886.7 890.6 926.8 927.8 953.1 933.4 936.7 943.5 953.1 960.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 19.1 65.6 114.3 9.8 88.5 116.2 7.9 91.7 115.8 8.8 96.4 122.7 7.4 89.7 114.3 8.0 95.7 108.7 7.4 90.5 113.0 6.6 89.5 111.6 6.9 91.3 110.2 8.0 95.7 108.7 7.7 96.2 106.4 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 381.9 267.5 5.0 369.4 298.3 4.4 348.4 322.6 4.1 331.0 363.1 4.9 328.1 382.7 5.6 325.8 406.9 7.9 327.8 388.9 5.8 327.4 395.1 6.6 326.8 401.2 7.0 325.8 406.9 7.9 326.7 414.8 8.3 9 10 11 12 13 Corporate equities Mutual fund shares 190.1 7.6 215.6 9.5 214.8 10.2 220.8 9.1 252.2 11.8 309.7 15.5 267.4 12.7 272.4 13.0 280.5 13.8 309.7 15.5 317.4 16.0 12 13 14 15 Trade receivables Miscellaneous assets 86.7 102.6 83.0 123.7 83.8 99.1 87.2 86.9 92.0 94.6 95.2 105.8 94.0 98.7 96.6 106.4 98.3 110.0 95.2 105.8 102.6 103.7 14 15 792.3 804.3 823.2 856.0 886.9 908.8 888.5 892.6 896.5 908.8 917.2 16 2.4 -21.1 811.0 0.6 -15.8 819.5 1.5 -10.1 831.9 0.4 -14.5 870.1 0.8 -10.8 896.9 2.2 8.4 898.2 1.1 -3.2 890.5 1.4 -5.2 896.4 1.8 -2.5 897.2 2.2 8.4 898.2 2.8 10.7 903.7 17 18 19 16 17 18 19 Total liabilities Security repurchase agreements Taxes payable (net) Miscellaneous liabilities L.115 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities 4514.4 4823.9 5167.8 5340.1 5614.7 5977.3 5738.6 5750.8 5857.1 5977.3 6056.4 1 82.8 39.2 8.0 50.7 33.7 10.2 51.7 21.0 10.9 53.7 28.8 10.1 56.4 27.5 8.5 47.2 21.6 8.5 56.3 20.6 6.8 45.5 19.1 6.6 53.5 21.6 8.0 47.2 21.6 8.5 50.2 20.3 6.6 2 3 4 2882.8 3022.6 3174.2 3299.6 3373.9 3448.7 3383.9 3405.1 3422.5 3448.7 3480.3 5 38.3 105.7 366.2 47.1 1817.0 166.1 342.4 49.8 133.5 371.9 73.1 1927.2 140.9 326.1 40.9 156.6 376.0 112.3 2030.2 140.7 317.5 29.7 175.4 374.4 121.8 2117.3 148.6 332.5 43.6 180.9 360.9 131.5 2162.2 150.4 344.4 46.7 171.6 352.3 141.2 2219.8 153.9 363.2 39.3 176.7 359.2 134.0 2180.5 149.6 344.6 39.7 174.4 357.4 136.6 2196.7 151.3 349.1 44.4 172.8 354.3 138.5 2203.1 152.2 357.2 46.7 171.6 352.3 141.2 2219.8 153.9 363.2 44.7 174.6 350.3 141.1 2248.8 155.2 365.7 6 7 8 9 10 11 12 1001.7 121.0 1208.5 140.8 1402.6 155.7 1390.2 150.1 1545.1 159.3 1794.4 184.8 1638.3 167.6 1662.5 168.8 1712.3 175.9 1794.4 184.8 1816.9 185.6 13 14 379.0 357.6 351.9 407.6 444.0 472.2 465.0 443.1 463.3 472.2 496.4 15 4265.0 4532.3 4844.3 5002.2 5248.8 5602.8 5365.9 5381.2 5481.5 5602.8 5676.9 16 12.9 54.9 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.7 52.9 13.8 54.5 13.4 53.8 12.7 59.4 11.7 61.3 17 18 17 18 Security repurchase agreements Other loans and advances 19 20 Life insurance reserves Pension entitlements (2) 1133.4 2219.2 1194.5 2350.4 1229.9 2568.5 1302.3 2601.7 1309.0 2788.3 1366.3 3041.7 1320.1 2876.2 1329.6 2900.3 1347.3 2955.4 1366.3 3041.7 1384.5 3072.2 19 20 21 22 Taxes payable (net) Miscellaneous liabilities -24.4 868.9 -31.4 958.0 -28.8 1019.3 -23.6 1064.6 -28.3 1114.6 -30.5 1153.3 -28.4 1131.5 -30.1 1113.1 -30.1 1141.7 -30.5 1153.3 -29.0 1176.2 21 22 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on L.115.g and L.115.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 80 Z.1, June 5, 2014 L.116 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets (2) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 11723.3 12716.7 14036.0 14376.9 15148.4 16350.0 15534.5 15704.0 15993.6 16350.0 16516.3 1 16.9 57.7 200.8 5.9 14.0 61.7 188.7 5.9 16.7 66.6 180.9 6.0 22.6 70.8 196.3 6.1 22.2 68.7 189.3 5.9 22.5 75.9 195.9 6.5 22.3 70.0 190.5 6.0 22.8 70.3 190.7 6.0 22.5 71.0 190.3 6.0 22.5 75.9 195.9 6.5 23.1 79.2 197.3 6.8 2 3 4 5 1733.5 1668.4 1821.7 1932.9 1967.3 2086.5 1981.2 2016.3 1935.8 2086.5 2093.9 6 76.1 389.1 357.4 868.4 41.2 77.6 453.4 347.9 752.0 36.1 80.6 504.6 356.0 839.9 38.5 85.1 565.0 373.2 874.4 33.8 81.6 644.0 413.3 797.4 30.6 85.8 712.8 438.9 823.4 25.1 83.4 661.0 419.0 788.0 29.3 83.5 671.4 429.5 803.5 28.2 82.8 586.5 434.2 805.1 26.9 85.8 712.8 438.9 823.4 25.1 90.3 722.1 434.7 822.7 23.7 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 2741.1 1532.9 3392.8 2032.7 3872.8 2301.7 3689.3 2205.0 4116.6 2462.3 4999.4 3066.9 4463.3 2685.0 4514.2 2741.4 4716.0 2893.4 4999.4 3066.9 5023.6 3124.7 12 13 14 15 16 Miscellaneous assets Claims of pension fund on sponsor (3) Other 5434.5 3468.2 584.1 5352.5 3210.8 603.5 5769.7 3508.2 633.9 6254.0 3861.0 679.1 6316.2 3867.3 676.0 5896.6 3295.8 698.6 6116.3 3645.8 674.3 6142.3 3745.9 684.9 6158.7 3765.7 690.4 5896.6 3295.8 698.6 5967.7 3353.2 717.7 14 15 16 11852.7 12859.0 14183.1 14524.4 15305.5 16522.1 15696.0 15865.7 16160.2 16522.1 16694.2 17 8976.1 5507.9 3468.2 9315.4 6104.6 3210.8 10164.2 6656.1 3508.2 10513.6 6652.6 3861.0 10887.1 7019.7 3867.3 11236.0 7940.2 3295.8 10974.5 7328.7 3645.8 11061.3 7315.3 3745.9 11148.3 7484.3 3664.0 11236.0 7940.2 3295.8 11322.6 7969.3 3353.2 18 19 20 17247.5 8846.7 2876.6 3681.0 1843.2 19156.2 9173.1 3543.6 4488.0 1951.4 21198.6 10017.2 4018.8 5029.0 2133.5 21538.6 10366.1 4010.8 5001.0 2160.7 23025.7 10730.0 4418.4 5561.0 2316.3 25389.7 11063.9 5286.1 6521.0 2518.7 23775.7 10813.0 4721.5 5852.0 2389.2 24026.3 10899.6 4804.4 5910.0 2412.3 24642.0 10981.7 5011.9 6193.0 2455.4 25389.7 11063.9 5286.1 6521.0 2518.7 ND 11144.7 5371.6 ND ND 21 22 23 24 25 17 Pension entitlements (liabilities) (4) Levels Memo: 18 19 20 21 22 23 24 25 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 15) Household retirement assets (6) Defined benefit plans (7) Defined contribution plans (8) Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded defined benefit pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) Additional detail on private defined benefit plans is available on table L.117.b. (8) Additional detail on private defined contribution plans is available on table L.117.c. (9) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 24. 81 Z.1, June 5, 2014 L.117 Private Pension Funds (1) 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 5260.4 5940.6 6590.3 6642.5 7121.6 7973.7 7421.8 7522.3 7725.5 7973.7 8064.4 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 13.4 30.2 156.2 2.8 10.4 33.0 147.4 2.9 12.6 32.1 137.3 2.7 18.3 33.4 154.1 2.7 18.0 31.6 150.2 2.6 17.5 31.1 148.7 2.5 18.0 31.6 150.1 2.6 18.4 31.2 149.6 2.5 18.1 31.0 148.1 2.5 17.5 31.1 148.7 2.5 17.7 31.5 147.0 2.6 2 3 4 5 6 Credit market instruments 782.7 795.5 918.6 991.8 1004.3 1049.1 1011.4 1028.9 1040.0 1049.1 1048.4 6 44.3 147.4 190.3 374.6 26.1 45.3 182.4 184.0 360.0 23.8 42.6 215.6 190.4 443.4 26.6 44.7 243.4 193.8 488.0 21.9 42.0 291.4 210.9 440.7 19.4 38.0 331.5 224.5 438.5 16.5 42.4 306.4 213.2 430.7 18.7 41.8 319.3 217.3 432.6 18.0 40.1 326.2 220.7 435.8 17.2 38.0 331.5 224.5 438.5 16.5 39.3 335.5 222.7 435.0 15.9 7 8 9 10 11 7 8 9 10 11 Total financial assets (2) 2009 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 1380.4 1362.3 1647.1 1827.5 1938.3 2084.7 1826.1 2052.8 2041.6 2340.6 2483.8 2920.5 2205.9 2553.1 2238.4 2608.7 2346.2 2755.4 2483.8 2920.5 2517.3 2979.0 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1532.6 283.0 84.0 677.4 488.2 1476.7 385.4 75.6 497.6 518.2 1464.1 393.7 91.1 446.5 532.9 1563.2 406.3 94.0 486.6 576.3 1532.7 425.6 93.2 440.2 573.8 1320.6 457.6 92.2 187.7 583.1 1449.1 437.3 93.4 349.7 568.7 1444.5 439.7 93.5 335.6 575.7 1384.1 447.8 93.2 265.7 577.4 1320.6 457.6 92.2 187.7 583.1 1320.8 465.1 92.0 165.8 598.0 14 15 16 17 18 5295.7 5977.0 6626.9 6679.0 7158.1 8010.2 7458.3 7558.8 7762.0 8010.2 8100.9 19 19 Pension entitlements (liabilities) (5) Memo: 20 21 22 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2608.2 1930.8 677.4 2662.7 2165.1 497.6 2872.2 2425.7 446.5 2953.1 2466.4 486.6 3054.3 2614.2 440.2 3105.0 2917.3 187.7 3067.0 2717.3 349.7 3079.7 2744.1 335.6 3092.4 2826.7 265.7 3105.0 2917.3 187.7 3117.7 2951.9 165.8 20 21 22 23 24 Total financial assets (7) Defined benefit plans Defined contribution plans 2572.9 2687.5 2626.3 3314.3 2835.7 3754.6 2916.6 3725.9 3017.8 4103.8 3068.5 4905.1 3030.5 4391.3 3043.2 4479.1 3055.8 4669.6 3068.5 4905.1 3081.2 4983.2 23 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on L.117.b and L.117.c. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 82 Z.1, June 5, 2014 L.118 State and Local Government Employee Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 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 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3704.9 3853.9 4298.2 4478.2 4652.6 4845.9 4700.2 4752.1 4799.3 4845.9 4892.2 1 3.6 27.5 44.6 3.1 3.6 28.7 41.2 3.0 4.1 34.6 43.5 3.4 4.3 37.4 42.2 3.4 4.2 37.1 39.1 3.3 5.0 44.8 47.2 3.9 4.3 38.4 40.4 3.4 4.4 39.0 41.1 3.4 4.5 40.0 42.1 3.5 5.0 44.8 47.2 3.9 5.4 47.7 50.2 4.2 2 3 4 5 827.6 742.4 761.6 774.1 780.6 845.3 790.8 819.6 823.3 845.3 852.0 6 31.7 129.5 161.9 1.3 488.1 15.1 32.3 151.4 158.7 1.4 386.2 12.3 38.0 159.3 159.8 2.1 390.6 11.9 40.3 168.5 172.9 1.4 379.0 11.9 39.6 187.3 194.3 0.5 347.7 11.2 47.9 203.4 207.9 0.4 377.2 8.6 41.0 191.6 198.3 0.4 348.8 10.7 41.7 199.3 205.2 0.4 362.9 10.2 42.7 202.4 206.9 0.3 361.4 9.7 47.9 203.4 207.9 0.4 377.2 8.6 50.9 205.8 206.3 0.4 380.8 7.8 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 1277.0 170.6 1628.8 205.2 1793.6 217.0 1728.8 152.2 1926.9 121.6 2309.4 146.4 2089.7 131.9 2102.1 132.7 2185.3 138.0 2309.4 146.4 2294.5 145.7 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (3) Other 1350.9 1255.0 95.9 1201.0 1115.7 85.3 1440.4 1339.4 101.0 1735.9 1633.2 102.7 1739.8 1637.5 102.2 1443.7 1328.2 115.5 1601.3 1495.7 105.6 1609.9 1500.7 109.2 1562.7 1449.7 113.0 1443.7 1328.2 115.5 1492.5 1372.8 119.7 15 16 17 3799.0 3959.8 4408.7 4589.2 4773.1 4981.4 4825.2 4877.3 4929.4 4981.4 5033.5 18 3799.0 2544.0 1255.0 3959.8 2844.2 1115.7 4408.7 3069.3 1339.4 4589.2 2956.0 1633.2 4773.1 3135.6 1637.5 4981.4 3653.3 1328.2 4825.2 3329.5 1495.7 4877.3 3376.6 1500.7 4929.4 3479.6 1449.7 4981.4 3653.3 1328.2 5033.5 3660.7 1372.8 19 20 21 18 Levels Total financial assets (2) 2 3 4 5 2009 Pension entitlements (liabilities) (4) Memo: 19 20 21 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 16) (1) Defined benefit plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (1) 2 3 4 5 Credit market instruments Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 8 9 Miscellaneous assets Nonmarketable Treasury securities (3) Claims of pension fund on sponsor (4) 10 Pension entitlements (liabilities) (5) 2758.0 2922.2 3147.5 3256.2 3374.2 3530.5 3412.5 3429.6 3468.8 3530.5 3559.8 1 123.2 112.2 5.2 5.8 130.6 119.6 5.2 5.7 141.5 129.7 5.8 5.9 167.0 153.2 6.5 7.3 182.4 165.3 8.1 9.0 192.0 177.9 6.4 7.7 178.9 162.9 7.5 8.5 167.8 152.8 7.0 8.0 72.5 57.9 6.6 8.0 192.0 177.9 6.4 7.7 193.5 180.9 5.7 6.9 2 3 4 5 83.7 116.8 140.9 134.4 148.1 206.2 167.8 173.8 184.5 206.2 211.8 6 2551.1 1015.3 1535.8 2674.8 1077.2 1597.6 2865.1 1142.9 1722.2 2954.8 1213.7 1741.1 3043.7 1254.1 1789.6 3132.3 1352.3 1780.0 3065.9 1265.5 1800.3 3088.0 1178.4 1909.6 3211.8 1161.5 2050.3 3132.3 1352.3 1780.0 3154.4 1339.7 1814.7 7 8 9 2758.0 2922.2 3147.5 3256.2 3374.2 3530.5 3412.5 3429.6 3468.8 3530.5 3559.8 10 Memo: 11 12 13 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 9) 2568.9 1033.1 1535.8 2692.9 1095.4 1597.6 2883.3 1161.1 1722.2 2971.3 1230.2 1741.1 3059.6 1270.0 1789.6 3149.5 1369.6 1780.0 3082.3 1282.0 1800.3 3104.3 1194.7 1909.6 3126.6 1178.0 1948.6 3149.5 1369.6 1780.0 3171.4 1356.7 1814.7 11 12 13 14 15 Total financial assets Defined benefit plans (7) Defined contribution plans (8) 2568.9 189.1 2692.9 229.3 2883.3 264.2 2971.3 284.9 3059.6 314.6 3149.5 381.0 3082.3 330.2 3104.3 325.3 3126.6 342.2 3149.5 381.0 3171.4 388.4 14 15 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan. (3) 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. (4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (7) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and National Railroad Retirement Investment Trust. (8) Thrift Savings Plan. 83 Z.1, June 5, 2014 L.120 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3757.3 3258.6 2755.4 2642.5 2649.6 2678.3 2552.1 2541.9 2637.4 2678.3 2591.5 1 85.6 7.5 396.8 542.4 97.1 17.9 566.6 480.0 105.9 14.2 458.9 479.4 42.9 20.1 402.7 490.5 43.3 16.5 435.4 544.7 33.7 13.3 494.9 493.0 48.7 10.9 429.2 470.3 37.1 27.5 444.3 450.4 36.3 11.0 494.4 489.1 33.7 13.3 494.9 493.0 19.4 15.5 493.4 506.2 2 3 4 5 2689.9 2070.0 1673.4 1663.6 1580.9 1611.8 1561.4 1550.9 1572.8 1611.8 1519.9 6 618.5 577.7 756.2 509.5 228.0 510.5 406.4 543.0 440.1 169.9 394.2 335.4 402.8 386.7 154.2 354.2 443.3 403.7 357.3 105.1 340.8 457.8 343.5 336.7 102.1 352.1 488.2 361.1 308.3 102.1 350.6 470.1 325.3 312.5 102.8 356.6 449.0 345.0 309.6 90.7 357.9 466.5 354.0 305.1 89.1 352.1 488.2 361.1 308.3 102.1 354.3 454.4 326.1 296.4 88.7 7 8 9 10 11 35.2 26.9 23.5 22.7 28.8 31.7 31.5 31.9 33.8 31.7 37.2 12 3757.3 3258.6 2755.4 2642.5 2649.6 2678.3 2552.1 2541.9 2637.4 2678.3 2591.5 13 10299.5 10904.9 11544.6 11775.7 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 5388.0 6920.7 7873.0 7870.9 9323.6 11544.6 10087.4 124.7 153.3 137.5 108.7 262.7 355.7 307.9 328.2 354.0 355.7 370.6 2 2229.2 2616.3 2969.9 3329.3 3981.3 4345.2 4184.4 4242.8 4287.7 4345.2 4473.2 3 51.6 184.0 553.3 389.4 956.2 94.8 80.2 258.0 603.2 478.8 1120.7 75.4 66.3 378.9 681.6 525.5 1243.0 74.6 40.0 452.7 788.6 541.2 1413.4 93.5 77.5 573.3 878.0 627.4 1719.4 105.7 105.2 632.7 849.6 613.9 1998.7 145.1 98.5 628.4 881.0 646.6 1816.6 113.4 100.7 627.4 874.4 641.0 1868.5 130.9 104.6 622.9 854.3 620.7 1947.3 137.9 105.2 632.7 849.6 613.9 1998.7 145.1 110.1 675.8 838.4 621.1 2076.3 151.3 4 5 6 7 8 9 3014.1 20.0 4136.2 14.9 4762.7 2.9 4427.2 5.7 5107.0 -27.4 6852.0 -8.3 5611.2 -16.2 5743.8 -15.3 6246.2 17.0 6852.0 -8.3 6940.3 -8.3 10 11 5388.0 6920.7 7873.0 7870.9 9323.6 11544.6 10087.4 10299.5 10904.9 11544.6 11775.7 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.122 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) 202.9 229.1 243.7 241.1 257.0 283.6 272.0 278.0 279.4 283.6 286.9 1 130.6 3.2 77.9 49.5 72.3 141.1 4.4 81.2 55.6 87.9 146.5 5.1 81.6 59.8 97.2 144.8 4.8 82.5 57.4 96.4 155.8 5.2 85.8 64.9 101.1 169.2 5.7 84.1 79.4 114.3 163.5 5.7 86.2 71.6 108.5 169.6 5.8 86.2 77.6 108.4 168.9 5.8 84.7 78.4 110.5 169.2 5.7 84.1 79.4 114.3 169.8 5.8 84.9 79.1 117.1 2 3 4 5 6 202.9 229.1 243.7 241.1 257.0 283.6 272.0 278.0 279.4 283.6 286.9 7 531.1 773.1 986.8 1042.6 1324.4 1670.6 1434.0 1413.7 1537.3 1670.6 1704.1 8 57.1 27.1 2.3 27.7 474.0 103.0 41.8 5.9 55.4 670.0 132.7 51.0 7.6 74.1 854.1 178.8 62.4 8.6 107.7 863.8 231.1 63.6 12.3 155.3 1093.3 243.3 57.1 11.4 174.8 1427.3 238.2 62.8 13.0 162.3 1195.9 241.4 64.1 12.5 164.9 1172.2 245.8 63.9 11.5 170.4 1291.5 243.3 57.1 11.4 174.8 1427.3 254.3 59.3 11.8 183.2 1449.9 9 10 11 12 13 531.1 773.1 986.8 1042.6 1324.4 1670.6 1434.0 1413.7 1537.3 1670.6 1704.1 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) Levels L.121 Mutual Funds (1) 84 Z.1, June 5, 2014 L.123 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Checkable deposits and currency Time and savings deposits Federal funds and security repos 5 Credit market instruments 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3409.2 3048.5 6722.4 6480.2 6275.1 6361.3 6328.7 6308.3 6339.7 6361.3 6256.8 1 88.3 68.5 115.8 99.4 25.7 123.3 63.4 26.1 151.2 72.7 13.4 112.3 52.6 4.3 150.8 81.6 5.4 152.3 64.1 3.6 193.6 51.7 4.8 151.3 77.4 7.5 133.4 81.6 5.4 152.3 45.4 7.9 127.3 2 3 4 3037.5 2699.7 6333.1 6133.4 5914.8 5956.4 5899.5 5932.8 5954.5 5956.4 5924.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 6.8 16.8 910.0 9.7 36.6 924.5 9.9 82.6 377.0 6.5 100.2 358.9 3.4 69.0 310.6 4.4 59.1 287.9 4.2 74.6 300.6 4.3 75.5 292.5 5.0 82.6 294.7 4.4 59.1 287.9 4.8 65.2 283.5 6 7 8 9 10 Municipal securities Corporate and foreign bonds 31.3 386.6 29.1 296.0 24.9 266.5 21.0 235.7 17.0 185.7 13.4 126.3 16.3 179.9 14.8 168.6 13.8 139.1 13.4 126.3 12.7 120.1 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 980.7 0.0 80.3 900.5 695.9 0.0 80.0 615.9 551.3 0.0 87.3 464.0 487.0 0.0 83.8 403.3 505.7 0.0 92.1 413.6 587.5 0.0 95.0 492.6 498.8 0.0 91.4 407.4 541.0 0.0 90.3 450.7 547.3 0.0 89.7 457.7 587.5 0.0 95.0 492.6 576.9 0.0 98.3 478.5 11 12 13 14 15 Mortgages 705.3 707.7 5021.0 4924.0 4823.5 4877.8 4825.0 4836.1 4872.0 4877.8 4861.0 15 6 7 8 Levels Total financial assets 2 3 4 2009 16 17 18 Home Consolidated trusts (2) Other 456.6 0.0 456.6 433.4 0.0 433.4 4690.7 4141.0 549.7 4587.7 4032.1 555.6 4476.1 3958.0 518.0 4548.2 4087.7 460.5 4480.2 3982.2 498.0 4494.0 4005.6 488.3 4535.2 4064.3 470.9 4548.2 4087.7 460.5 4535.0 4085.6 449.4 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 190.2 0.0 190.2 204.4 0.0 204.4 256.5 75.4 181.1 259.2 99.9 159.4 265.5 127.4 138.1 243.5 146.3 97.2 261.9 133.9 128.0 258.1 139.2 118.8 251.8 141.9 109.9 243.5 146.3 97.2 238.9 148.8 90.1 19 20 21 22 58.5 69.9 73.8 77.1 82.0 86.1 82.9 84.0 85.0 86.1 87.1 22 23 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 Miscellaneous assets 99.1 100.3 148.6 148.5 152.6 165.6 167.9 167.7 166.8 165.6 152.1 24 3390.2 2977.0 6615.1 6377.9 6216.8 6314.9 6223.6 6259.5 6267.3 6314.9 6222.6 25 25 Farm Total liabilities 26 Federal funds and security repos 1.3 1.2 1.3 0.4 0.0 0.0 0.2 0.0 0.0 0.0 0.0 26 27 Credit market instruments 3181.9 2706.6 6434.5 6247.3 6092.7 6200.2 6103.5 6137.6 6147.7 6200.2 6111.4 27 28 29 30 31 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 3181.9 0.0 3181.9 0.0 2706.6 0.0 2706.6 0.0 6434.5 4216.4 2218.1 0.0 6247.3 4132.0 2115.4 0.0 6092.7 4085.4 2007.3 0.0 6200.2 4234.0 1966.2 0.0 6103.5 4116.1 1987.4 0.0 6137.6 4144.9 1992.8 0.0 6147.7 4206.2 1941.5 0.0 6200.2 4234.0 1966.2 0.0 6111.4 4234.5 1876.9 0.0 28 29 30 31 207.0 269.2 179.4 130.2 124.1 114.7 119.9 121.9 119.6 114.7 111.2 32 32 Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.124) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.124 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 4961.4 5376.7 1139.5 1304.8 1437.0 1569.4 1462.7 1498.1 1540.8 1569.4 1585.8 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 4864.0 92.8 0.0 4.7 5266.5 105.7 0.0 4.5 1068.8 66.9 0.0 3.8 1216.8 86.4 0.0 1.7 1321.8 113.4 0.0 1.9 1420.6 147.1 0.0 1.8 1340.2 120.6 0.0 1.9 1366.2 130.1 0.0 1.8 1400.2 138.8 0.0 1.8 1420.6 147.1 0.0 1.8 1432.0 152.0 0.0 1.7 2 3 4 5 6 Total pool securities (liabilities)(2) 4961.4 5376.7 1139.5 1304.8 1437.0 1569.4 1462.7 1498.1 1540.8 1569.4 1585.8 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.123). 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. 85 Z.1, June 5, 2014 L.125 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Memo: Securitized assets not included above 14 Consumer leases (4) 15 REIT assets (5) Securitized liabilities not included above 16 Commercial paper (6) 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 4100.5 3288.7 2235.1 1988.6 1768.9 1615.1 1715.9 1664.0 1632.4 1615.1 1580.8 1 72.2 323.7 379.8 53.9 99.6 252.2 40.1 3.6 167.8 29.2 0.3 162.4 23.4 0.3 161.7 24.3 0.1 150.2 20.5 0.2 150.8 21.2 0.1 147.6 22.9 0.1 151.1 24.3 0.1 150.2 25.0 0.1 153.9 2 3 4 2619.0 1901.2 113.1 604.7 2249.3 1577.6 107.0 564.8 1921.5 1302.2 98.4 520.8 1702.9 1109.0 90.7 503.2 1492.4 928.2 81.1 483.1 1356.1 791.2 74.9 490.0 1454.2 894.6 77.6 482.0 1410.7 855.6 74.8 480.2 1375.2 821.0 74.3 479.9 1356.1 791.2 74.9 490.0 1321.4 767.6 73.7 480.1 5 6 7 8 610.2 95.5 572.5 61.3 50.3 51.8 46.2 47.6 50.0 41.2 48.6 35.7 50.0 40.1 48.2 36.2 48.5 34.6 48.6 35.7 46.2 34.3 9 10 4103.2 3291.0 2235.1 1988.6 1768.9 1615.1 1715.9 1664.0 1632.4 1615.1 1580.8 11 559.3 3544.0 293.1 2998.0 120.2 2114.9 96.0 1892.5 87.0 1681.9 79.9 1535.2 88.0 1627.8 79.6 1584.4 79.2 1553.2 79.9 1535.2 73.7 1507.1 12 13 2.7 45.4 2.3 18.6 0.0 18.1 0.0 14.3 0.0 15.6 0.0 18.3 0.0 16.0 0.0 17.7 0.0 18.1 0.0 18.3 0.0 18.0 14 15 0.0 0.0 112.9 120.6 87.5 59.7 74.4 64.2 57.3 59.7 58.4 16 Levels 1 2009 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) 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 nonfinancial asset. (5) Included in table L.127. (6) Included in table L.110 line 43. L.126 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 5 6 7 8 9 10 11 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments 1851.7 1662.5 1588.5 1569.3 1493.7 1472.8 1480.2 1476.1 1487.9 1472.8 1466.6 1 16.5 49.4 17.0 51.0 26.5 79.6 31.7 95.0 27.8 83.5 32.1 96.2 30.2 90.5 30.0 90.0 34.2 102.5 32.1 96.2 33.3 99.9 2 3 1769.4 1549.7 1405.4 1359.6 1324.9 1293.1 1311.6 1310.6 1311.2 1293.1 1281.5 4 192.4 539.9 482.9 554.3 198.6 448.9 430.3 471.9 84.1 372.7 243.5 705.0 85.0 375.8 211.2 687.6 78.7 387.0 179.5 679.8 67.9 389.0 157.0 679.1 75.0 390.9 174.4 671.3 70.1 394.8 171.2 674.6 70.0 396.9 165.9 678.5 67.9 389.0 157.0 679.1 71.8 385.7 154.1 669.9 5 6 7 8 16.4 44.8 77.0 83.1 57.4 51.4 47.9 45.4 39.9 51.4 51.9 9 1880.5 1630.3 1558.7 1532.7 1445.6 1424.0 1428.8 1422.7 1432.2 1424.0 1410.4 10 1200.3 1044.1 1280.7 1261.9 1205.1 1209.3 1193.0 1196.0 1206.6 1209.3 1194.3 11 12 13 14 15 Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 100.9 924.5 174.9 0.0 62.1 837.5 144.5 0.0 111.0 1078.2 91.5 0.0 121.0 1038.8 102.1 0.0 129.1 957.5 118.5 0.0 118.8 961.9 128.6 0.0 121.8 952.5 118.7 0.0 119.6 949.0 127.5 0.0 124.9 955.1 126.7 0.0 118.8 961.9 128.6 0.0 114.0 956.9 123.4 0.0 12 13 14 15 16 17 18 19 20 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 15.4 664.8 78.1 313.0 273.7 12.7 573.6 90.0 280.5 203.1 6.0 271.9 114.7 175.7 -18.4 6.7 264.1 96.1 163.7 4.3 6.7 233.8 96.3 162.8 -25.3 6.8 207.9 74.8 161.8 -28.7 6.9 228.9 95.3 160.4 -26.9 6.8 219.9 95.9 162.6 -38.7 7.0 218.5 96.2 163.0 -40.7 6.8 207.9 74.8 161.8 -28.7 6.9 209.1 74.7 167.1 -32.7 16 17 18 19 20 111.1 85.4 111.8 119.7 144.0 167.3 149.8 157.2 163.9 167.3 172.1 21 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.125. 86 Z.1, June 5, 2014 L.127 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Checkable deposits and currency 3 Credit market instruments 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 250.6 262.8 302.4 433.4 594.2 506.6 595.5 589.7 558.2 506.6 510.6 1 18.4 30.9 25.1 27.6 35.3 34.0 40.9 37.5 39.9 34.0 32.9 2 177.6 167.2 211.1 331.2 458.5 360.6 448.7 437.2 416.9 360.6 354.2 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 89.6 11.7 105.2 16.0 143.4 23.2 248.1 27.0 357.6 36.5 261.9 36.3 345.9 39.8 327.5 39.7 306.9 40.0 261.9 36.3 253.5 35.1 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 76.3 34.3 4.3 37.7 46.0 8.9 2.3 34.8 44.6 9.0 2.0 33.7 56.1 19.8 1.7 34.6 64.5 26.5 1.9 36.1 62.4 23.1 2.4 36.9 63.1 26.6 2.1 34.3 70.0 31.2 2.8 36.0 70.1 31.1 2.7 36.3 62.4 23.1 2.4 36.9 65.5 24.1 2.2 39.2 6 7 8 9 10 11 Levels Total financial assets 2 2009 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 Credit market instruments 54.6 64.8 66.1 74.7 100.4 112.0 105.9 115.0 101.4 112.0 123.5 10 511.6 489.9 523.9 654.4 817.8 770.4 814.4 813.3 787.8 770.4 778.3 11 79.4 90.5 120.4 218.1 320.6 254.0 322.0 309.8 288.8 254.0 242.2 12 367.4 339.8 339.9 365.5 401.0 444.2 403.0 412.9 422.4 444.2 456.8 13 14 15 Open market paper Corporate bonds 0.0 171.0 0.0 144.4 0.0 145.4 0.0 152.9 0.0 179.6 0.0 218.0 0.0 182.4 0.0 189.0 0.0 197.7 0.0 218.0 0.0 225.6 14 15 16 17 Depository institution loans n.e.c. Mortgages 32.8 163.5 20.2 175.3 18.4 176.1 23.0 189.5 27.0 194.4 24.0 202.2 21.1 199.5 23.2 200.7 27.6 197.1 24.0 202.2 27.1 204.1 16 17 64.9 59.6 63.7 70.8 96.3 72.2 89.4 90.6 76.6 72.2 79.4 18 45.4 0.0 31.8 0.4 13.2 18.6 0.0 6.1 0.4 12.2 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 18.3 0.0 14.2 0.3 3.8 16.0 0.0 10.6 0.3 5.0 17.7 0.0 12.6 0.3 4.8 18.1 0.0 12.8 0.3 5.0 18.3 0.0 14.2 0.3 3.8 18.0 0.0 14.1 0.3 3.6 19 20 21 22 23 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on L.127.e and L.127.m. 87 Z.1, June 5, 2014 L.128 Security Brokers and Dealers 2008 1 Total financial assets 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3503.6 3532.8 3706.5 3408.4 3607.7 3561.9 3473.5 3408.4 3275.6 1 90.7 1185.0 96.9 1428.5 111.8 1583.1 128.2 1638.2 111.7 1321.0 111.6 1518.5 121.8 1478.9 116.8 1413.9 111.7 1321.0 105.4 1267.5 2 3 717.4 525.3 557.5 563.2 652.3 476.9 602.7 516.9 499.1 476.9 472.4 4 Open market paper Treasury securities Agency- and GSE-backed securities 65.7 190.6 242.6 41.5 123.0 110.9 36.2 94.5 149.8 42.1 183.6 147.7 29.9 246.5 169.6 28.7 136.0 114.2 30.0 202.6 153.9 29.4 165.6 125.8 31.0 166.3 105.7 28.7 136.0 114.2 28.2 152.8 87.9 5 6 7 Municipal securities Corporate and foreign bonds Other loans and advances 38.7 123.8 55.9 35.4 154.4 60.1 40.0 189.5 47.4 30.9 104.5 54.3 26.6 140.0 39.6 18.6 128.9 50.4 31.0 148.0 37.2 19.0 134.8 42.2 18.3 134.1 43.8 18.6 128.9 50.4 21.1 128.5 53.9 8 9 10 109.2 164.8 124.2 203.0 117.2 278.2 103.2 238.9 126.7 303.7 172.4 339.2 117.1 307.9 121.4 302.6 126.8 313.7 172.4 339.2 185.0 351.7 11 12 1105.7 1141.0 1025.3 932.6 857.4 987.2 949.8 1020.4 1003.3 987.2 893.6 13 3446.5 3162.7 3404.3 3452.1 3614.4 3313.8 3511.1 3466.1 3379.8 3313.8 3184.2 14 2107.2 1810.4 2006.3 2076.7 2207.9 1768.6 2084.7 2001.0 1909.9 1768.6 1692.8 15 142.6 92.9 129.7 91.8 90.2 112.4 89.1 103.1 96.1 112.4 115.7 16 97.1 45.5 92.9 0.0 129.7 0.0 91.8 0.0 90.2 0.0 112.4 0.0 89.1 0.0 103.1 0.0 96.1 0.0 112.4 0.0 115.7 0.0 17 18 21.2 70.1 18.1 14.3 14.2 14.5 15.4 15.6 13.3 14.5 13.1 19 777.2 737.4 23.7 16.1 733.7 701.7 20.4 11.6 763.5 725.2 23.6 14.7 795.4 726.1 35.8 33.5 828.2 757.0 45.0 26.2 897.1 815.5 52.9 28.7 821.6 743.6 47.9 30.2 870.0 794.0 51.8 24.2 870.0 791.5 53.9 24.7 897.1 815.5 52.9 28.7 905.1 818.7 58.4 28.0 20 21 22 23 2.5 5.7 3.6 2.5 3.1 3.7 4.4 4.4 4.6 3.7 2.6 24 395.9 72.1 672.1 -348.3 450.0 64.4 1119.3 -733.7 483.0 88.5 1122.9 -728.3 471.4 96.3 1163.3 -788.1 470.9 103.5 1629.2 -1261.8 517.5 108.8 1677.0 -1268.3 495.9 105.1 1638.2 -1247.4 471.9 106.1 1651.0 -1285.2 485.8 106.9 1620.4 -1241.5 517.5 108.8 1677.0 -1268.3 455.0 110.8 1690.6 -1346.4 25 26 27 28 Credit market instruments 11 12 Corporate equities Security credit 13 Miscellaneous assets Total liabilities 15 Security repurchase agreements 16 Credit market instruments 17 18 2012 3269.3 4 14 2011 120.1 1288.4 Checkable deposits and currency Security repurchase agreements 8 9 10 2010 3505.6 2 3 5 6 7 2009 Corporate bonds Depository institution loans n.e.c. (1) 19 Trade payables 20 21 22 23 Security credit From households From U.S.-chartered depository institutions From foreign banking offices in U.S. 24 Taxes payable 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent companies Other (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 88 Z.1, June 5, 2014 L.129 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Time and savings deposits Federal funds and security repos 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Levels Total financial assets 2 3 Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Life insurance reserves Miscellaneous assets Net trans. with depository subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other Total liabilities 19 Federal funds and security repos 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2430.3 3317.2 3312.7 3357.3 4319.6 4276.4 4415.0 4372.1 4385.8 4276.4 4319.4 1 0.7 0.3 11.2 48.2 10.0 50.3 12.4 50.5 37.8 11.5 40.7 8.7 34.4 11.3 36.4 7.8 35.8 10.7 40.7 8.7 42.5 8.6 2 3 73.0 75.8 97.9 101.1 219.5 161.9 226.0 239.2 229.2 161.9 155.1 4 3.1 25.8 35.8 8.2 5.8 24.3 31.1 14.6 19.6 21.1 38.3 18.9 26.8 33.1 18.3 22.9 9.0 25.2 79.9 105.3 18.8 31.7 35.7 75.7 10.6 29.1 80.3 106.0 20.9 27.8 79.8 110.7 18.8 32.0 78.0 100.5 18.8 31.7 35.7 75.7 18.7 29.6 33.8 73.0 5 6 7 8 19.3 21.4 25.1 27.6 34.9 39.9 36.1 36.4 37.5 39.9 42.5 9 2337.0 1370.5 0.0 31.2 232.6 155.2 101.5 446.0 3160.6 1599.5 0.0 40.5 209.3 596.1 125.1 590.3 3129.4 1632.8 0.0 62.7 115.0 626.6 135.6 556.7 3165.9 1709.0 0.0 72.0 94.6 613.5 166.3 510.4 4015.8 1889.2 22.4 17.2 91.1 1060.5 114.7 820.7 4025.2 1944.2 14.7 10.7 75.4 1092.8 85.7 801.7 4107.2 1916.9 16.7 17.4 74.7 1054.3 137.2 890.0 4052.2 1880.5 16.7 17.3 75.8 1072.5 100.7 888.8 4072.6 1898.1 14.9 17.7 75.9 1032.3 127.3 906.4 4025.2 1944.2 14.7 10.7 75.4 1092.8 85.7 801.7 4070.8 1977.8 14.6 11.0 77.8 1097.0 95.8 796.8 10 11 12 13 14 15 16 17 1231.5 1802.2 1760.0 1703.1 2252.4 2157.1 2311.5 2276.6 2272.4 2157.1 2157.1 18 0.7 0.6 0.8 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 807.9 1253.7 1237.2 1220.8 1418.6 1402.7 1412.4 1375.0 1363.4 1402.7 1405.5 20 77.7 638.9 91.3 60.8 1028.7 164.2 64.7 982.2 190.3 75.9 890.6 254.3 116.4 1105.3 196.8 96.6 1095.6 210.6 117.7 1093.8 200.9 110.6 1059.2 205.2 109.4 1071.3 182.8 96.6 1095.6 210.6 89.7 1107.2 208.6 21 22 23 422.9 548.0 522.0 481.1 833.8 754.4 899.1 901.5 908.9 754.4 751.6 24 (1) Parent only bank holding companies and savings and loan holding companies that file the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 89 Z.1, June 5, 2014 L.130 Funding Corporations (1) 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2686.9 2236.9 2120.1 2048.3 2077.2 2022.9 2102.7 2057.2 2058.1 2022.9 2049.9 1 2 3 Money market fund shares Security repurchase agreements 905.8 0.0 752.1 0.1 604.1 0.1 514.9 0.1 486.1 0.1 381.6 0.0 445.3 0.0 396.1 0.0 413.4 0.0 381.6 0.0 357.7 0.0 2 3 4 Credit market instruments 987.5 733.3 821.6 845.6 896.2 933.5 930.5 940.6 938.0 933.5 974.7 4 284.4 667.3 35.9 0.1 710.2 22.9 40.0 760.1 21.4 33.8 792.4 19.4 11.4 871.9 12.9 2.9 920.0 10.6 27.3 890.2 12.9 20.7 908.0 11.8 19.3 908.3 10.4 2.9 920.0 10.6 31.9 931.7 11.1 5 6 7 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 793.5 276.6 516.9 726.3 203.1 523.2 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 707.8 123.5 584.3 726.8 142.9 583.9 720.6 142.1 578.5 706.8 118.7 588.1 707.8 123.5 584.3 717.5 123.9 593.6 9 10 11 2686.9 2236.9 2120.1 2048.3 2077.2 2022.9 2102.7 2057.2 2058.1 2022.9 2049.9 12 1252.8 816.8 704.2 651.8 593.5 620.5 625.2 619.9 612.2 620.5 642.8 13 388.0 419.9 444.9 0.0 261.7 457.8 95.3 2.0 167.1 454.6 73.4 9.2 94.3 526.2 21.5 9.8 29.0 561.5 0.0 3.0 45.2 572.9 0.0 2.4 51.7 571.0 0.0 2.5 52.1 565.4 0.0 2.4 29.1 580.8 0.0 2.4 45.2 572.9 0.0 2.4 62.4 578.0 0.0 2.4 14 15 16 17 1434.1 10.2 887.0 0.0 536.8 1420.2 10.8 856.8 1.8 550.7 1415.9 11.4 733.4 7.7 663.4 1396.5 12.0 658.7 8.8 717.0 1483.7 12.6 579.5 8.7 882.8 1402.3 13.2 673.5 8.7 706.9 1477.5 12.8 638.6 8.7 817.4 1437.3 12.9 713.2 8.7 702.5 1445.9 13.1 702.3 8.7 721.9 1402.3 13.2 673.5 8.7 706.9 1407.1 13.4 638.8 8.7 746.3 18 19 20 21 22 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total financial assets 2009 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. (3) Other loans and advances (4) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 90 Z.1, June 5, 2014 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 Rest of the world: SDR allocations 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 18 Levels Total liabilities 2 Discrepancy: monetary gold 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 74.2 175.1 175.8 183.8 181.8 174.3 175.5 174.5 177.3 174.3 174.2 1 7.5 55.4 54.4 54.2 54.3 54.4 52.9 53.1 54.2 54.4 54.6 2 66.6 9.3 7.7 49.6 119.7 57.8 11.4 50.5 121.4 56.8 12.5 52.1 129.6 55.0 22.8 51.9 127.5 55.1 22.6 49.9 119.9 55.2 17.2 47.6 122.5 53.7 21.3 47.5 121.4 53.9 20.6 46.9 123.1 55.0 19.8 48.3 119.9 55.2 17.2 47.6 119.6 55.4 16.2 48.0 3 4 5 6 85.2 186.1 186.8 194.9 192.8 185.4 186.5 185.5 188.3 185.4 185.2 7 41.9 0.0 9.3 7.8 24.8 94.6 0.0 57.8 11.5 25.2 95.4 0.0 56.8 12.6 26.0 103.9 0.0 55.0 23.0 25.8 102.8 0.0 55.1 22.8 24.9 96.4 0.0 55.2 17.4 23.8 99.0 0.0 53.7 21.5 23.8 98.2 0.0 53.9 20.8 23.4 99.2 0.0 55.0 20.1 24.1 96.4 0.0 55.2 17.4 23.8 95.8 0.0 55.4 16.4 24.0 8 9 10 11 12 7.5 55.4 54.4 54.2 54.3 54.4 52.9 53.1 54.2 54.4 54.6 13 35.7 11.0 -0.1 24.8 36.2 11.0 -0.1 25.3 37.0 11.0 -0.1 26.1 36.8 11.0 -0.3 26.0 35.8 11.0 -0.2 25.0 34.6 11.0 -0.2 23.8 34.5 11.0 -0.3 23.7 34.3 11.0 -0.3 23.5 35.0 11.0 -0.2 24.2 34.6 11.0 -0.2 23.8 34.8 11.0 -0.2 24.0 14 15 16 17 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 2.2 2.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 26.6 38.7 26.2 42.7 25.9 43.5 25.9 44.2 25.9 44.8 25.6 45.5 25.9 45.0 25.9 45.1 25.6 45.3 25.6 45.5 25.6 45.7 3 4 5 Discrepancy (seigniorage) -12.1 -16.5 -17.6 -18.3 -18.8 -19.9 -19.0 -19.2 -19.8 -19.9 -20.2 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 946.7 835.9 826.6 780.3 750.1 805.9 774.3 853.1 848.1 805.9 766.0 1 56.9 24.7 85.6 50.2 31.5 97.1 49.7 40.6 105.9 46.9 34.8 42.9 45.1 35.8 43.3 48.4 80.6 33.7 46.5 47.6 48.7 51.3 61.7 37.1 51.0 64.9 36.3 48.4 80.6 33.7 43.6 64.5 19.4 2 3 4 779.5 657.0 630.4 655.6 625.9 643.2 631.5 703.1 695.9 643.2 638.5 5 91 Z.1, June 5, 2014 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Discrepancy 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1752.4 1215.5 1068.5 1889.0 1683.8 2790.8 2096.9 2580.5 2767.7 2790.8 2996.2 1 917.7 1130.1 -225.6 -3.2 -66.6 1031.9 633.7 -377.8 -4.2 -68.1 1020.8 428.3 -347.1 -3.3 -30.0 1623.1 164.9 157.5 -4.6 -51.9 1562.1 36.7 155.6 -4.9 -65.7 2322.7 227.3 309.0 -4.7 -63.5 1850.0 96.6 219.7 -4.6 -64.7 2073.5 135.4 438.6 -5.3 -61.8 2294.6 191.0 351.6 -5.0 -64.5 2322.7 227.3 309.0 -4.7 -63.5 2509.2 212.4 346.3 -5.5 -66.1 2 3 4 5 6 1763.8 1212.4 1043.8 1860.7 1663.8 2714.0 2047.0 2553.9 2734.8 2714.0 2949.1 7 287.9 558.2 674.8 239.0 4.0 86.0 94.5 716.3 284.1 31.5 24.2 -1.2 628.5 350.8 41.5 238.1 -0.4 859.5 711.0 52.6 102.1 -0.4 869.6 638.8 53.8 392.2 -0.9 1326.5 948.1 48.1 197.6 -0.6 1040.7 741.3 68.0 481.0 -0.6 1061.4 959.6 52.5 440.6 -0.4 1284.6 963.5 46.4 392.2 -0.9 1326.5 948.1 48.1 440.4 -0.5 1376.1 1071.1 62.0 8 9 10 11 12 -11.4 3.0 24.8 28.3 20.1 76.9 49.9 26.6 32.9 76.9 47.1 13 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 57.7 57.7 0.0 54.9 54.9 0.0 52.7 52.7 0.0 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 59.6 59.6 0.0 60.2 60.2 0.0 62.2 62.2 0.0 73.6 73.6 0.0 64.9 64.8 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 860.0 617.0 239.0 4.0 977.0 661.4 284.1 31.5 968.1 575.8 350.8 41.5 1562.3 798.7 711.0 52.6 1491.0 798.5 638.8 53.8 2249.1 1252.9 948.0 48.1 1790.4 981.1 741.3 68.0 2013.3 1001.2 959.6 52.5 2232.4 1222.5 963.5 46.4 2249.1 1252.9 948.0 48.1 2444.3 1311.3 1071.0 62.0 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks 558.2 558.2 -1.5 559.7 94.5 94.5 -2.1 96.6 -1.2 -1.2 -1.4 0.2 -0.4 -0.4 -0.6 0.2 -0.4 -0.4 -0.5 0.1 -0.9 -0.9 -1.0 0.1 -0.6 -0.6 -0.6 0.0 -0.6 -0.6 -0.7 0.1 -0.4 -0.4 -0.6 0.2 -0.9 -0.9 -1.0 0.1 -0.5 -0.5 -0.5 0.0 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 552.1 853.5 301.4 498.6 803.3 304.7 420.1 824.8 404.6 110.9 602.6 491.7 23.0 403.6 380.6 176.1 506.8 330.7 78.1 415.6 337.5 128.4 421.1 292.7 162.0 433.1 271.1 176.1 506.8 330.7 190.1 500.1 310.0 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -263.6 812.9 1076.5 -413.2 787.3 1200.5 -376.1 841.2 1217.3 135.9 1137.9 1002.0 84.3 1047.9 963.6 220.6 1168.6 948.0 123.6 1061.0 937.4 358.0 1258.1 900.1 278.6 1153.6 875.0 220.6 1168.6 948.0 252.9 1184.1 931.3 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 31.3 26.7 4.7 21.7 11.3 10.4 35.3 18.2 17.0 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 19.9 11.5 8.4 20.2 12.1 8.1 18.3 11.3 7.0 20.0 11.5 8.5 20.5 12.5 8.0 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 30.7 11.7 19.0 22.3 9.7 12.6 15.5 6.3 9.2 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 15.7 6.7 9.0 14.8 7.3 7.4 18.2 7.6 10.7 15.5 6.4 9.1 18.0 6.8 11.3 34 35 36 287.9 86.0 24.2 238.1 102.1 392.2 197.6 481.0 440.6 392.2 440.4 37 34.7 111.1 52.7 3.2 66.6 42.2 109.3 33.9 4.2 68.1 21.3 91.2 33.1 3.3 30.0 62.1 112.9 28.2 4.6 51.9 18.7 122.0 31.3 4.9 65.7 57.2 174.1 29.0 4.7 63.5 23.8 145.8 26.5 4.6 64.7 12.4 125.1 31.5 5.3 61.8 33.1 152.4 50.0 5.0 64.5 57.2 174.1 29.0 4.7 63.5 28.6 152.7 34.0 5.5 66.1 38 39 40 41 42 76.3 67.0 69.9 50.8 103.3 116.9 122.0 112.6 119.3 116.9 124.2 43 -11.4 3.0 24.8 28.3 20.1 76.9 49.9 26.6 32.9 76.9 47.1 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. Levels Memo: 92 Z.1, June 5, 2014 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 5 6 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2101.3 2093.4 2359.8 2594.3 2853.8 3186.5 2872.9 2892.3 2924.6 3186.5 3185.6 1 1220.3 365.7 21.1 1.4 832.2 1102.7 191.9 35.1 2.4 873.3 1287.8 340.9 13.5 3.4 930.0 1165.7 85.9 64.6 0.2 1015.0 1224.6 92.9 27.2 6.5 1098.1 1364.1 162.6 25.9 8.0 1167.6 1226.1 79.4 20.2 9.2 1117.3 1298.1 135.0 19.5 10.1 1133.6 1266.5 88.6 24.1 9.0 1144.9 1364.1 162.6 25.9 8.0 1167.6 1364.3 142.5 10.8 7.0 1204.0 2 3 4 5 6 777.5 3.5 62.9 711.1 871.6 3.8 34.3 833.5 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 52.0 1378.4 1579.8 1.6 49.9 1528.3 1436.6 1.5 46.3 1388.8 1372.9 1.3 40.5 1331.0 1429.1 1.3 49.5 1378.4 1579.8 1.6 49.9 1528.3 1559.4 1.7 50.0 1507.7 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 13.5 4.7 8.8 16.1 10.5 5.6 21.9 14.6 7.3 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 63.7 28.5 35.1 73.4 32.3 41.2 82.0 34.2 47.9 92.6 40.2 52.4 101.5 44.3 57.2 11 12 13 14 Banks in U.S.-affiliated areas 14.6 16.1 16.6 19.4 21.9 28.2 22.1 26.3 27.7 28.2 27.3 14 15 Credit unions 75.3 86.9 92.4 103.1 113.9 121.7 124.5 121.7 119.3 121.7 133.1 15 2101.3 2093.4 2359.8 2594.3 2853.8 3186.5 2872.9 2892.3 2924.6 3186.5 3185.6 16 16 Levels Total liabilities 2009 Total assets 17 Household sector 294.9 396.0 423.6 752.0 897.8 1004.7 919.7 898.1 884.8 1004.7 1096.7 17 18 19 20 Nonfinancial business Corporate Noncorporate 603.6 84.2 519.4 689.3 155.0 534.3 766.1 234.6 531.5 793.5 264.3 529.1 823.2 279.4 543.8 927.4 374.0 553.4 842.6 298.8 543.9 822.7 275.6 547.1 869.6 319.5 550.1 927.4 374.0 553.4 861.4 306.7 554.8 18 19 20 21 22 State and local governments Federal government 79.8 368.0 99.0 193.6 104.7 342.1 121.5 84.3 117.8 92.0 124.3 162.9 115.1 79.4 112.4 135.2 116.0 88.5 124.3 162.9 121.0 142.4 21 22 23 24 25 Rest of the world Checkable deposits Currency 370.1 69.0 301.1 361.0 47.2 313.8 390.5 48.4 342.1 472.3 75.2 397.1 540.6 86.3 454.2 590.0 98.1 491.9 543.2 84.0 459.2 551.5 82.9 468.7 573.9 92.6 481.3 590.0 98.1 491.9 618.4 101.3 517.1 23 24 25 26 Financial sectors 378.4 348.2 327.1 364.2 375.4 372.0 368.0 367.4 385.8 372.0 339.4 26 27 28 Property-casualty insurance companies Life insurance companies 27.9 82.8 27.6 50.7 32.6 51.7 24.1 53.7 36.4 56.4 29.7 47.2 31.7 56.3 30.6 45.5 30.6 53.5 29.7 47.2 33.6 50.2 27 28 29 30 Private pension funds State and local govt. retirement funds 13.4 3.6 10.4 3.6 12.6 4.1 18.3 4.3 18.0 4.2 17.5 5.0 18.0 4.3 18.4 4.4 18.1 4.5 17.5 5.0 17.7 5.4 29 30 31 32 Money market mutual funds Government-sponsored enterprises 7.5 88.3 17.9 99.4 14.2 63.4 20.1 72.7 16.5 52.6 13.3 81.6 10.9 64.1 27.5 51.7 11.0 77.4 13.3 81.6 15.5 45.4 31 32 33 34 35 Finance companies REITs Brokers and dealers 16.5 18.4 120.1 17.0 30.9 90.7 26.5 25.1 96.9 31.7 27.6 111.8 27.8 35.3 128.2 32.1 34.0 111.7 30.2 40.9 111.6 30.0 37.5 121.8 34.2 39.9 116.8 32.1 34.0 111.7 33.3 32.9 105.4 33 34 35 6.4 6.3 5.7 6.5 7.2 5.1 4.8 5.1 5.9 5.1 6.2 36 36 Mail float 93 Z.1, June 5, 2014 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2009 2010 2011 2012 2013 2013 Q1 1 2 3 4 5 6 7 8 9 10 11 12 Total liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Q2 Q3 Q4 2014 Q1 8088.8 8432.5 8548.1 8952.2 9463.7 9872.9 9521.6 9572.5 9789.7 9872.9 10075.6 1 5749.3 6326.5 6624.9 7202.2 7803.9 8110.8 7869.1 7890.1 8052.9 8110.8 8265.0 2 5144.6 25.6 27.4 551.7 5617.0 29.9 24.5 655.2 5888.6 35.7 19.3 681.3 6425.7 48.9 18.9 708.7 6979.2 62.7 18.8 743.1 7236.0 90.4 21.4 763.1 7018.6 67.9 19.1 763.4 7033.2 70.6 20.6 765.7 7183.1 85.9 21.7 762.2 7236.0 90.4 21.4 763.1 7374.9 84.7 20.7 784.7 3 4 5 6 2339.5 2105.9 1923.2 1750.0 1659.9 1762.0 1652.5 1682.4 1736.8 1762.0 1810.6 7 1365.6 876.2 27.4 70.4 1029.9 1024.2 24.5 27.3 896.1 977.7 19.3 30.1 882.9 814.6 18.9 33.5 803.0 798.4 18.8 39.7 826.9 869.5 21.4 44.3 777.6 814.4 19.1 41.3 804.4 816.0 20.6 41.4 799.3 872.4 21.7 43.4 826.9 869.5 21.4 44.3 815.5 927.8 20.7 46.6 8 9 10 11 8088.8 8432.5 8548.1 8952.2 9463.7 9872.9 9521.6 9572.5 9789.7 9872.9 10075.6 12 6239.3 6330.8 6455.9 6827.7 7191.2 7388.7 7238.7 7248.8 7333.4 7388.7 7551.6 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 670.0 311.9 358.1 842.1 488.8 353.3 905.0 548.7 356.2 922.1 561.9 360.1 964.0 598.8 365.2 1031.6 657.3 374.3 973.8 607.9 365.8 991.7 623.0 368.7 1030.7 659.3 371.4 1031.6 657.3 374.3 1044.7 668.9 375.8 14 15 16 17 18 19 State and local governments Federal government Rest of the world 238.3 1.6 366.7 248.0 1.9 293.5 241.6 2.0 302.5 256.8 1.7 349.7 289.8 2.0 386.8 302.5 1.5 435.5 293.9 1.6 385.8 292.1 1.8 392.3 299.7 1.9 412.8 302.5 1.5 435.5 307.7 1.5 447.2 17 18 19 20 Financial sectors 573.0 716.2 641.2 594.2 629.8 713.0 627.8 645.8 711.2 713.0 722.9 20 30.2 27.5 396.8 33.0 28.7 566.6 32.1 34.6 458.9 33.4 37.4 402.7 31.6 37.1 435.4 31.1 44.8 494.9 31.6 38.4 429.2 31.2 39.0 444.3 31.0 40.0 494.4 31.1 44.8 494.9 31.5 47.7 493.4 21 22 23 68.5 49.4 0.7 25.7 51.0 11.2 26.1 79.6 10.0 13.4 95.0 12.4 4.3 83.5 37.8 5.4 96.2 40.7 3.6 90.5 34.4 4.8 90.0 36.4 7.5 102.5 35.8 5.4 96.2 40.7 7.9 99.9 42.5 24 25 26 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 24 25 26 Government-sponsored enterprises Finance companies Holding companies (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 Total assets 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Rest of the world 7 8 Property-casualty insurance companies Life insurance companies 3757.3 3258.6 2755.4 2642.5 2649.6 2678.3 2552.1 2541.9 2637.4 2678.3 2591.5 1 1580.9 727.0 75.4 1313.0 655.5 73.7 1130.2 497.8 76.8 1110.2 462.4 77.7 1107.4 480.6 78.8 1130.4 521.1 80.7 1055.7 476.0 78.9 1048.3 473.1 79.5 1089.9 504.0 80.1 1130.4 521.1 80.7 1091.1 497.1 81.0 2 3 4 125.7 69.7 135.5 76.9 149.2 69.8 152.6 79.5 158.0 99.7 162.9 164.0 161.7 102.1 164.2 152.9 163.3 156.8 162.9 164.0 164.8 163.8 5 6 32.8 39.2 29.6 33.7 25.6 21.0 20.0 28.8 22.3 27.5 20.0 21.6 21.3 20.6 18.1 19.1 18.1 21.6 20.0 21.6 18.4 20.3 7 8 9 10 Private pension funds State and local govt. retirement funds 156.2 44.6 147.4 41.2 137.3 43.5 154.1 42.2 150.2 39.1 148.7 47.2 150.1 40.4 149.6 41.1 148.1 42.1 148.7 47.2 147.0 50.2 9 10 11 Funding corporations 905.8 752.1 604.1 514.9 486.1 381.6 445.3 396.1 413.4 381.6 357.7 11 Levels 2008 94 Z.1, June 5, 2014 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3661.8 3251.3 3666.0 3922.0 4172.7 3670.3 4008.0 3846.5 3781.7 3670.3 3707.4 1 Rest of the world Monetary authority 508.4 88.4 530.5 77.7 731.8 59.7 808.0 99.9 847.7 107.2 738.9 315.9 830.1 105.5 790.1 95.2 802.4 157.4 738.9 315.9 793.3 341.0 2 3 4 5 6 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 727.2 131.7 2.4 532.1 195.2 0.0 484.0 250.0 0.0 402.5 304.4 0.0 349.9 325.0 0.0 265.2 312.7 0.0 327.3 323.6 0.0 325.1 310.0 0.0 301.3 306.7 0.0 265.2 312.7 0.0 267.2 356.5 0.0 4 5 6 7 8 Property-casualty insurance companies Life insurance companies 2.4 12.9 0.6 12.4 1.5 10.3 0.4 10.4 0.8 13.5 2.2 12.7 1.1 13.7 1.4 13.8 1.8 13.4 2.2 12.7 2.8 11.7 7 8 1.3 79.4 2107.2 0.7 1.2 90.5 1810.4 0.6 1.3 120.4 2006.3 0.8 0.4 218.1 2076.7 1.2 0.0 320.6 2207.9 0.0 0.0 254.0 1768.6 0.0 0.2 322.0 2084.7 0.0 0.0 309.8 2001.0 0.0 0.0 288.8 1909.9 0.0 0.0 254.0 1768.6 0.0 0.0 242.2 1692.8 0.0 9 10 11 12 3573.4 3040.7 3395.8 3637.8 4016.4 3700.6 3913.6 3780.8 3770.7 3700.6 3722.9 13 13 Levels 2010 2 3 9 10 11 12 Total liabilities 2009 Government-sponsored enterprises REITs Brokers and dealers Holding companies Total assets 14 15 Nonfinancial corporate business State and local governments 7.2 129.8 7.9 125.5 12.1 124.1 12.6 120.5 9.7 125.2 8.8 129.6 9.3 128.2 8.7 130.4 12.5 129.8 8.8 129.6 10.6 131.2 14 15 16 17 Rest of the world Monetary authority 623.3 80.0 561.5 0.0 635.8 0.0 763.1 0.0 765.7 0.0 822.0 0.0 821.1 0.0 791.8 0.0 794.4 0.0 822.0 0.0 870.0 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 575.1 68.1 0.1 266.9 68.2 0.1 267.6 88.4 0.0 242.6 120.1 15.9 303.7 178.3 9.7 215.7 177.1 0.1 259.6 178.7 0.4 238.0 181.1 0.2 218.0 199.3 0.1 215.7 177.1 0.1 215.7 200.3 0.2 18 19 20 21 22 Property-casualty insurance companies Life insurance companies 4.4 8.0 4.5 10.2 3.8 10.9 1.7 10.1 1.8 8.5 1.8 8.5 1.7 6.8 1.5 6.6 1.5 8.0 1.8 8.5 1.6 6.6 21 22 23 24 Private pension funds State and local govt. retirement funds 2.8 3.1 2.9 3.0 2.7 3.4 2.7 3.4 2.6 3.3 2.5 3.9 2.6 3.4 2.5 3.4 2.5 3.5 2.5 3.9 2.6 4.2 23 24 25 26 Money market mutual funds Mutual funds 542.4 124.7 480.0 153.3 479.4 137.5 490.5 108.7 544.7 262.7 493.0 355.7 470.3 307.9 450.4 328.2 489.1 354.0 493.0 355.7 506.2 370.6 25 26 27 28 29 30 Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations 115.8 1288.4 0.3 0.0 123.3 1185.0 48.2 0.1 151.2 1428.5 50.3 0.1 112.3 1583.1 50.5 0.1 150.8 1638.2 11.5 0.1 152.3 1321.0 8.7 0.0 193.6 1518.5 11.3 0.0 151.3 1478.9 7.8 0.0 133.4 1413.9 10.7 0.0 152.3 1321.0 8.7 0.0 127.3 1267.5 8.6 0.0 27 28 29 30 88.5 210.6 270.2 284.2 156.2 -30.3 94.5 65.7 10.9 -30.3 -15.5 31 31 Discrepancy 95 Z.1, June 5, 2014 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 Total outstanding, all types Commercial paper 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1599.8 1138.0 1057.6 969.3 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 1 1599.3 1137.4 1057.5 969.2 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 2 3 Nonfinancial corporate business 131.5 58.4 82.9 116.3 130.3 144.5 140.1 147.2 171.2 144.5 180.2 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 342.0 49.7 292.3 401.3 34.5 366.8 398.6 30.6 368.0 345.1 30.2 314.9 373.0 40.4 332.6 407.0 51.6 355.4 407.4 34.4 373.0 417.4 51.2 366.2 405.9 57.5 348.4 407.0 51.6 355.4 413.8 49.6 364.3 4 5 6 1125.8 0.0 559.3 100.9 0.0 77.7 388.0 677.6 0.0 293.1 62.1 0.0 60.8 261.7 575.9 112.9 120.2 111.0 0.0 64.7 167.1 507.8 120.6 96.0 121.0 0.0 75.9 94.3 449.1 87.5 87.0 129.1 0.0 116.4 29.0 400.2 59.7 79.9 118.8 0.0 96.6 45.2 453.8 74.4 88.0 121.8 0.0 117.7 51.7 426.0 64.2 79.6 119.6 0.0 110.6 52.1 399.9 57.3 79.2 124.9 0.0 109.4 29.1 400.2 59.7 79.9 118.8 0.0 96.6 45.2 398.2 58.4 73.7 114.0 0.0 89.7 62.4 7 8 9 10 11 12 13 0.5 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.5 0.0 0.6 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 1599.8 1138.0 1057.6 969.3 952.4 951.6 1001.2 990.6 976.9 951.6 992.2 17 6.0 57.3 22.7 56.0 21.1 68.0 19.4 67.9 18.8 59.8 15.0 30.3 18.0 56.2 17.8 50.2 17.6 42.0 15.0 30.3 14.3 32.9 18 19 127.5 232.9 88.4 191.5 101.4 191.0 90.2 191.7 83.0 195.2 75.2 197.2 82.4 203.9 81.1 200.2 78.0 187.3 75.2 197.2 73.6 199.5 20 21 7 8 9 10 11 12 13 14 15 16 17 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Holdings, by sector 18 19 Household sector Nonfinancial corporate business 20 21 State and local governments Rest of the world 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies 19.1 38.3 9.8 49.8 7.9 40.9 8.8 29.7 7.4 43.6 8.0 46.7 7.4 39.3 6.6 39.7 6.9 44.4 8.0 46.7 7.7 44.7 26 27 28 29 Private pension funds State and local govt. retirement funds 44.3 31.7 45.3 32.3 42.6 38.0 44.7 40.3 42.0 39.6 38.0 47.9 42.4 41.0 41.8 41.7 40.1 42.7 38.0 47.9 39.3 50.9 28 29 30 31 Money market mutual funds Mutual funds 618.5 51.6 510.5 80.2 394.2 66.3 354.2 40.0 340.8 77.5 352.1 105.2 350.6 98.5 356.6 100.7 357.9 104.6 352.1 105.2 354.3 110.1 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 6.8 65.7 284.4 9.7 41.5 0.1 9.9 36.2 40.0 6.5 42.1 33.8 3.4 29.9 11.4 4.4 28.7 2.9 4.2 30.0 27.3 4.3 29.4 20.7 5.0 31.0 19.3 4.4 28.7 2.9 4.8 28.2 31.9 32 33 34 (1) Excludes banks’ holdings of own acceptances. Levels 2008 96 Z.1, June 5, 2014 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 Levels 5 Total liabilities U.S. savings securities (1) Treasury bills Other Treasury securities Total assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 6338.2 7781.9 9361.5 10428.3 11568.9 12328.3 11905.5 11887.9 11956.8 12328.3 12590.8 1 194.1 1861.2 4282.9 191.3 1787.9 5802.7 188.0 1768.9 7404.6 185.3 1519.5 8723.6 182.5 1626.5 9759.9 179.2 1590.6 10558.5 181.8 1788.2 9935.5 181.0 1568.1 10138.9 180.0 1527.9 10248.8 179.2 1590.6 10558.5 178.4 1650.2 10762.2 2 3 4 6338.2 7781.9 9361.5 10428.3 11568.9 12328.3 11905.5 11887.9 11956.8 12328.3 12590.8 5 6 7 8 Household sector U.S. savings securities (1) Bills and other Treasury securities 188.7 194.1 -5.4 859.7 191.3 668.4 1134.4 188.0 946.4 715.6 185.3 530.3 941.0 182.5 758.5 935.4 179.2 756.2 966.2 181.8 784.4 1009.0 181.0 828.1 980.8 180.0 800.8 935.4 179.2 756.2 841.2 178.4 662.9 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 30.5 51.8 601.4 43.0 46.1 584.0 48.0 48.1 590.8 43.0 48.6 558.1 39.5 49.3 597.3 40.3 50.5 583.0 33.1 49.4 606.0 38.2 49.7 613.8 38.5 50.1 584.0 40.3 50.5 583.0 38.0 50.7 579.9 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 3253.0 758.0 2495.0 3670.6 750.4 2920.2 4458.8 710.3 3748.5 5006.9 647.7 4359.2 5573.8 664.0 4909.8 5803.8 686.0 5117.7 5721.8 723.9 4997.9 5594.4 675.4 4919.0 5654.7 645.0 5009.6 5803.8 686.0 5117.7 5960.1 688.9 5271.2 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 475.9 18.4 457.5 776.6 18.4 758.2 1021.5 18.4 1003.1 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 1796.0 0.0 1796.0 1936.6 0.0 1936.6 2072.3 0.0 2072.3 2208.8 0.0 2208.8 2319.6 0.0 2319.6 15 16 17 18 19 20 21 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 56.4 35.5 1.2 8.8 124.5 57.5 0.5 14.2 217.5 60.9 1.1 20.1 173.9 60.5 1.0 17.6 243.2 76.6 0.4 19.3 217.1 67.0 1.2 19.1 230.3 79.5 0.4 19.2 194.0 66.9 0.4 20.1 186.6 69.3 0.6 19.6 217.1 67.0 1.2 19.1 263.8 66.3 1.3 20.0 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 65.6 10.8 54.8 88.5 15.8 72.8 91.7 15.5 76.2 96.4 17.4 78.9 89.7 14.1 75.6 95.7 23.5 72.1 90.5 15.7 74.8 89.5 15.6 73.9 91.3 18.3 73.1 95.7 23.5 72.1 96.2 23.2 73.0 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 105.7 20.1 85.6 133.5 13.9 119.6 156.6 10.2 146.4 175.4 14.0 161.4 180.9 9.5 171.4 171.6 6.7 164.9 176.7 6.9 169.8 174.4 6.2 168.2 172.8 6.8 166.0 171.6 6.7 164.9 174.6 7.1 167.4 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 147.4 129.5 112.2 182.4 151.4 119.6 215.6 159.3 129.7 243.4 168.5 153.2 291.4 187.3 165.3 331.5 203.4 177.9 306.4 191.6 162.9 319.3 199.3 152.8 326.2 202.4 57.9 331.5 203.4 177.9 335.5 205.8 180.9 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 577.7 478.7 98.9 406.4 318.5 87.9 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 488.2 289.5 198.6 470.1 276.0 194.2 449.0 223.2 225.7 466.5 272.5 194.0 488.2 289.5 198.6 454.4 264.5 189.8 31 32 33 34 35 36 Mutual funds Treasury bills Other Treasury securities 184.0 0.0 184.0 258.0 0.0 258.0 378.9 29.7 349.2 452.7 30.1 422.6 573.3 42.3 531.0 632.7 37.3 595.4 628.4 43.6 584.8 627.4 43.7 583.8 622.9 43.6 579.4 632.7 37.3 595.4 675.8 25.8 650.0 34 35 36 37 38 Closed-end funds Exchange-traded funds 3.2 27.1 4.4 41.8 5.1 51.0 4.8 62.4 5.2 63.6 5.7 57.1 5.7 62.8 5.8 64.1 5.8 63.9 5.7 57.1 5.8 59.3 37 38 39 40 Government-sponsored enterprises ABS issuers 16.8 72.2 36.6 53.9 82.6 40.1 100.2 29.2 69.0 23.4 59.1 24.3 74.6 20.5 75.5 21.2 82.6 22.9 59.1 24.3 65.2 25.0 39 40 41 42 Brokers and dealers Holding companies 190.6 3.1 123.0 5.8 94.5 19.6 183.6 26.8 246.5 9.0 136.0 18.8 202.6 10.6 165.6 20.9 166.3 18.8 136.0 18.8 152.8 18.7 41 42 6361.5 7805.4 9385.6 10453.6 11593.7 12352.8 11930.1 11912.9 11981.9 12352.8 12614.8 43 Memo: 43 Federal government debt (2) (1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities. (2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). 97 Z.1, June 5, 2014 L.210 Agency- and GSE-Backed Securities (1) 2008 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 6 7 Household sector Nonfinancial corporate business 8 9 State and local governments Federal government 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 8166.7 8106.8 7598.2 7577.4 7554.6 7794.1 7590.8 7660.7 7713.6 7794.1 7721.1 1 23.3 3181.9 4961.4 23.5 2706.6 5376.7 24.2 6434.5 1139.5 25.3 6247.3 1304.8 24.9 6092.7 1437.0 24.5 6200.2 1569.4 24.6 6103.5 1462.7 25.0 6137.6 1498.1 25.1 6147.7 1540.8 24.5 6200.2 1569.4 24.0 6111.4 1585.8 2 3 4 8166.7 8106.8 7598.2 7577.4 7554.6 7794.1 7590.8 7660.7 7713.6 7794.1 7721.1 5 1057.7 10.2 358.3 14.3 353.7 16.0 304.6 14.3 154.2 13.2 125.9 8.4 112.9 6.0 124.6 7.7 109.7 7.8 125.9 8.4 14.1 7.7 6 7 478.3 54.4 488.0 196.4 510.5 149.2 502.6 31.1 492.6 0.0 480.1 0.0 497.1 0.0 497.9 0.0 488.2 0.0 480.1 0.0 479.0 0.0 8 9 10 11 Rest of the world Monetary authority 1406.9 19.7 1154.9 1068.3 1084.0 1139.6 1080.6 941.7 1016.4 1003.4 882.2 1547.4 957.4 1143.4 897.3 1277.3 924.4 1402.7 882.2 1547.4 897.5 1650.5 10 11 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1242.5 50.6 24.4 82.9 1417.4 31.3 20.5 110.7 1527.2 26.5 12.8 151.5 1634.1 30.6 4.8 182.1 1669.6 32.1 2.6 197.0 1717.3 25.4 1.9 199.2 1710.5 27.7 2.4 206.2 1725.7 26.1 2.2 210.2 1700.4 26.2 1.9 206.0 1717.3 25.4 1.9 199.2 1731.0 22.5 1.8 206.7 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies 114.3 366.2 116.2 371.9 115.8 376.0 122.7 374.4 114.3 360.9 108.7 352.3 113.0 359.2 111.6 357.4 110.2 354.3 108.7 352.3 106.4 350.3 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 190.3 161.9 5.2 184.0 158.7 5.2 190.4 159.8 5.8 193.8 172.9 6.5 210.9 194.3 8.1 224.5 207.9 6.4 213.2 198.3 7.5 217.3 205.2 7.0 220.7 206.9 6.6 224.5 207.9 6.4 222.7 206.3 5.7 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 756.2 553.3 910.0 543.0 603.2 924.5 402.8 681.6 377.0 403.7 788.6 358.9 343.5 878.0 310.6 361.1 849.6 287.9 325.3 881.0 300.6 345.0 874.4 292.5 354.0 854.3 294.7 361.1 849.6 287.9 326.1 838.4 283.5 21 22 23 24 25 ABS issuers REITs 323.7 89.6 99.6 105.2 3.6 143.4 0.3 248.1 0.3 357.6 0.1 261.9 0.2 345.9 0.1 327.5 0.1 306.9 0.1 261.9 0.1 253.5 24 25 26 27 Brokers and dealers Holding companies 242.6 25.8 110.9 24.3 149.8 21.1 147.7 33.1 169.6 25.2 114.2 31.7 153.9 29.1 125.8 27.8 105.7 32.0 114.2 31.7 87.9 29.6 26 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 41. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 98 Z.1, June 5, 2014 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 1 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Levels Total liabilities 2 3 4 Total assets Q2 Q3 Q4 2014 Q1 3517.2 3672.5 3772.1 3719.4 3714.4 3671.2 3728.6 3721.1 3685.7 3671.2 3660.8 1 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2978.9 54.5 2924.4 2970.4 39.4 2931.0 2937.0 46.0 2891.0 2924.9 45.3 2879.6 2915.5 43.0 2872.5 2 3 4 259.5 415.0 265.4 452.2 263.2 485.4 255.5 493.9 241.0 509.1 227.8 518.5 239.4 510.4 235.7 515.0 232.4 516.4 227.8 518.5 227.6 517.7 5 6 3517.2 3672.5 3772.1 3719.4 3714.4 3671.2 3728.6 3721.1 3685.7 3671.2 3660.8 7 1720.9 26.2 4.9 1828.1 27.1 5.1 1871.8 23.9 5.6 1808.3 22.3 5.7 1665.8 24.0 5.8 1626.3 11.6 5.9 1676.1 14.5 5.8 1670.0 14.5 5.8 1644.9 14.7 5.9 1626.3 11.6 5.9 1603.7 14.0 5.9 8 9 10 10.4 51.0 11.4 58.7 12.8 71.7 13.1 70.3 13.4 67.9 13.6 69.6 13.6 66.5 13.8 69.4 13.7 71.6 13.6 69.6 13.7 74.1 11 12 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 State and local governments Rest of the world 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 221.9 0.0 2.5 0.0 224.3 0.0 3.5 0.0 254.6 0.0 2.5 0.0 297.3 0.0 3.4 3.2 365.0 0.0 2.6 4.2 418.9 0.0 3.6 4.6 376.2 0.0 2.7 5.3 392.3 0.0 2.7 5.0 406.4 0.0 3.5 5.4 418.9 0.0 3.6 4.6 425.2 0.0 3.4 4.5 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 381.9 47.1 1.3 369.4 73.1 1.4 348.4 112.3 2.1 331.0 121.8 1.4 328.1 131.5 0.5 325.8 141.2 0.4 327.8 134.0 0.4 327.4 136.6 0.4 326.8 138.5 0.3 325.8 141.2 0.4 326.7 141.1 0.4 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 509.5 389.4 77.9 2.3 440.1 478.8 81.2 5.9 386.7 525.5 81.6 7.6 357.3 541.2 82.5 8.6 336.7 627.4 85.8 12.3 308.3 613.9 84.1 11.4 312.5 646.6 86.2 13.0 309.6 641.0 86.2 12.5 305.1 620.7 84.7 11.5 308.3 613.9 84.1 11.4 296.4 621.1 84.9 11.8 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers 31.3 38.7 29.1 35.4 24.9 40.0 21.0 30.9 17.0 26.6 13.4 18.6 16.3 31.0 14.8 19.0 13.8 18.3 13.4 18.6 12.7 21.1 24 25 (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). 99 Z.1, June 5, 2014 L.212 Corporate and Foreign Bonds 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 11171.9 11672.1 11818.2 12127.8 12807.8 13356.5 12898.6 12863.8 13077.8 13356.5 13569.4 1 2 3 Nonfinancial corporate business Rest of the world (1) 3954.5 1237.3 4366.2 1570.3 4804.8 1731.3 5215.6 1939.9 5795.2 2140.7 6435.5 2204.1 5940.0 2174.6 6082.7 2087.0 6269.0 2129.4 6435.5 2204.1 6601.0 2263.7 2 3 4 Financial sectors 5980.2 5735.6 5282.0 4972.3 4871.9 4717.0 4784.0 4694.1 4679.4 4717.0 4704.8 4 184.8 3544.0 924.5 171.0 176.3 2998.0 837.5 144.4 377.1 2114.9 1078.2 145.4 379.4 1892.5 1038.8 152.9 295.9 1681.9 957.5 179.6 221.0 1535.2 961.9 218.0 267.4 1627.8 952.5 182.4 244.0 1584.4 949.0 189.0 225.2 1553.2 955.1 197.7 221.0 1535.2 961.9 218.0 214.2 1507.1 956.9 225.6 5 6 7 8 97.1 638.9 419.9 92.9 1028.7 457.8 129.7 982.2 454.6 91.8 890.6 526.2 90.2 1105.3 561.5 112.4 1095.6 572.9 89.1 1093.8 571.0 103.1 1059.2 565.4 96.1 1071.3 580.8 112.4 1095.6 572.9 115.7 1107.2 578.0 9 10 11 11171.9 11672.1 11818.2 12127.8 12807.8 13356.5 12898.6 12863.8 13077.8 13356.5 13569.4 12 1946.5 152.8 0.0 2353.5 584.0 1769.5 2324.6 156.1 0.6 2465.3 484.8 1980.5 2248.3 163.5 0.9 2524.0 441.4 2082.6 2379.0 162.7 0.8 2484.0 415.5 2068.5 2468.8 166.0 0.6 2609.2 403.9 2205.3 2578.0 168.7 0.6 2718.9 394.9 2324.0 2394.8 169.2 0.6 2644.1 407.2 2236.9 2363.5 171.3 0.6 2570.5 403.3 2167.1 2409.4 169.7 0.6 2661.1 398.9 2262.2 2578.0 168.7 0.6 2718.9 394.9 2324.0 2626.2 170.1 0.5 2781.2 393.3 2387.9 13 14 15 16 17 18 652.4 314.6 337.8 405.4 0.5 28.9 3.3 25.7 668.2 262.9 405.2 247.6 2.0 22.3 3.6 18.6 550.5 174.9 375.6 238.2 0.6 6.6 6.1 0.5 553.0 150.1 402.9 236.7 4.2 6.3 5.9 0.4 544.0 149.1 394.9 230.5 5.2 6.7 6.6 0.1 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 540.5 146.3 394.3 211.9 5.6 7.8 7.6 0.2 543.2 145.8 397.4 202.8 5.5 8.5 8.3 0.2 555.8 147.4 408.3 203.1 5.6 8.6 8.4 0.2 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 540.2 141.9 398.3 200.5 6.4 9.5 9.3 0.2 19 20 21 22 23 24 25 26 267.5 0.0 267.5 1817.0 0.0 1817.0 298.3 0.0 298.3 1927.2 0.0 1927.2 322.6 0.0 322.6 2030.2 0.0 2030.2 363.1 71.3 291.8 2117.3 434.9 1682.3 382.7 74.5 308.2 2162.2 410.6 1751.6 406.9 83.2 323.7 2219.8 419.7 1800.1 388.9 76.3 312.7 2180.5 412.9 1767.6 395.1 78.1 316.9 2196.7 415.1 1781.5 401.2 80.0 321.2 2203.1 417.4 1785.7 406.9 83.2 323.7 2219.8 419.7 1800.1 414.8 84.1 330.7 2248.8 422.9 1825.9 27 28 29 30 31 32 5 6 7 8 9 10 11 12 Total liabilities 2009 U.S.-chartered depository institutions ABS issuers (net) (2) Finance companies REITs Brokers and dealers Holding companies Funding corporations Total assets (3) 13 14 15 16 17 18 Household sector State and local governments Federal government Rest of the world (4) MBS and other ABS Other 19 20 21 22 23 24 25 26 U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 27 28 29 30 31 32 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 374.6 488.1 5.8 360.0 386.2 5.7 443.4 390.6 5.9 488.0 379.0 7.3 440.7 347.7 9.0 438.5 377.2 7.7 430.7 348.8 8.5 432.6 362.9 8.0 435.8 361.4 8.0 438.5 377.2 7.7 435.0 380.8 6.9 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 228.0 956.2 49.5 27.7 169.9 1120.7 55.6 55.4 154.2 1243.0 59.8 74.1 105.1 1413.4 57.4 107.7 102.1 1719.4 64.9 155.3 102.1 1998.7 79.4 174.8 102.8 1816.6 71.6 162.3 90.7 1868.5 77.6 164.9 89.1 1947.3 78.4 170.4 102.1 1998.7 79.4 174.8 88.7 2076.3 79.1 183.2 36 37 38 39 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 386.6 309.1 77.5 192.4 11.7 296.0 288.2 7.9 198.6 16.0 266.5 241.6 24.8 84.1 23.2 235.7 209.5 26.2 85.0 27.0 185.7 178.3 7.4 78.7 36.5 126.3 119.4 6.8 67.9 36.3 179.9 172.7 7.3 75.0 39.8 168.6 161.5 7.1 70.1 39.7 139.1 132.1 7.0 70.0 40.0 126.3 119.4 6.8 67.9 36.3 120.1 113.4 6.7 71.8 35.1 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 123.8 35.8 667.3 154.4 31.1 710.2 189.5 38.3 760.1 104.5 18.3 792.4 140.0 79.9 871.9 128.9 35.7 920.0 148.0 80.3 890.2 134.8 79.8 908.0 134.1 78.0 908.3 128.9 35.7 920.0 128.5 33.8 931.7 45 46 47 (1) Holdings of foreign issues by U.S. residents. (2) Liabilities net of assets. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 100 Z.1, June 5, 2014 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 1 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 Levels Issues at market value 2 Financial corporations Holdings at market value Household sector State and local governments Federal government Rest of the world (3) Q2 Q3 Q4 2014 Q1 15640.5 20085.5 23567.2 23088.3 26472.1 33950.9 29030.0 29560.2 31512.3 33950.9 34497.0 1 10016.6 12512.2 14371.6 14501.0 16132.4 20952.4 17855.2 18178.3 19367.6 20952.4 21222.4 2 2748.4 3995.3 4900.2 4501.4 5390.5 6511.5 5648.7 5632.1 6157.5 6511.5 6653.9 3 2875.4 3578.1 4295.4 4085.9 4949.1 6487.0 5526.2 5749.8 5987.3 6487.0 6620.7 4 15640.5 20085.5 23567.2 23088.3 26472.1 33950.9 29030.0 29560.2 31512.3 33950.9 34497.0 5 5931.0 90.8 188.7 1807.1 7496.1 111.4 67.4 2476.7 8995.3 125.7 49.9 2962.2 9025.4 124.4 57.8 3035.3 10412.8 138.4 39.9 3467.6 13309.6 165.0 35.1 4670.4 11456.2 149.4 38.6 3903.2 11686.6 152.6 37.9 4008.2 12472.2 156.9 35.3 4276.3 13309.6 165.0 35.1 4670.4 13502.0 167.2 34.9 4840.1 6 7 8 9 0.0 20.4 0.0 25.1 48.6 0.0 26.4 59.7 0.1 0.0 54.5 0.0 0.0 71.3 0.0 0.0 101.3 0.0 0.0 80.8 0.0 0.0 79.9 0.0 0.0 87.7 0.0 0.0 101.3 0.0 0.0 102.6 0.0 10 11 12 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 13 14 Property-casualty insurance companies Life insurance companies 190.1 1001.7 215.6 1208.5 214.8 1402.6 220.8 1390.2 252.2 1545.1 309.7 1794.4 267.4 1638.3 272.4 1662.5 280.5 1712.3 309.7 1794.4 317.4 1816.9 13 14 15 16 17 Private pension funds State and local govt. retirement funds Federal government retirement funds 1380.4 1277.0 83.7 1647.1 1628.8 116.8 1938.3 1793.6 140.9 1826.1 1728.8 134.4 2041.6 1926.9 148.1 2483.8 2309.4 206.2 2205.9 2089.7 167.8 2238.4 2102.1 173.8 2346.2 2185.3 184.5 2483.8 2309.4 206.2 2517.3 2294.5 211.8 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds 3014.1 72.3 474.0 4136.2 87.9 670.0 4762.7 97.2 854.1 4427.2 96.4 863.8 5107.0 101.1 1093.3 6852.0 114.3 1427.3 5611.2 108.5 1195.9 5743.8 108.4 1172.2 6246.2 110.5 1291.5 6852.0 114.3 1427.3 6940.3 117.1 1449.9 18 19 20 21 22 Brokers and dealers Funding corporations 109.2 0.0 124.2 25.1 117.2 26.4 103.2 0.0 126.7 0.0 172.4 0.0 117.1 0.0 121.4 0.0 126.8 0.0 172.4 0.0 185.0 0.0 21 22 (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. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 5388.0 6920.7 7873.0 7870.9 9323.6 11544.6 10087.4 10299.5 10904.9 11544.6 11775.7 1 2 Holdings at market value 5388.0 6920.7 7873.0 7870.9 9323.6 11544.6 10087.4 10299.5 10904.9 11544.6 11775.7 2 3306.7 106.3 4115.8 162.0 4600.2 186.8 4502.9 165.9 5408.7 180.1 6890.1 211.4 5898.3 189.3 6095.7 191.0 6501.9 199.8 6890.1 211.4 7058.9 212.2 3 4 36.2 255.6 48.3 364.1 58.1 513.8 58.9 735.6 66.1 987.1 79.8 1036.0 71.8 1010.1 73.4 965.9 75.7 990.2 79.8 1036.0 80.9 1034.3 5 6 19.6 2.0 46.1 1.3 45.0 1.5 41.7 1.9 45.8 2.3 57.9 2.2 50.1 2.6 47.9 2.4 52.0 2.2 57.9 2.2 60.8 2.2 7 8 7.6 121.0 9.5 140.8 10.2 155.7 9.1 150.1 11.8 159.3 15.5 184.8 12.7 167.6 13.0 168.8 13.8 175.9 15.5 184.8 16.0 185.6 9 10 1362.3 170.6 1827.5 205.2 2084.7 217.0 2052.8 152.2 2340.6 121.6 2920.5 146.4 2553.1 131.9 2608.7 132.7 2755.4 138.0 2920.5 146.4 2979.0 145.7 11 12 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 7 8 U.S.-chartered depository institutions Credit unions 9 10 Property-casualty insurance companies Life insurance companies 11 12 Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 101 Z.1, June 5, 2014 L.215 Depository Institution Loans Not Elsewhere Classified (1) 2008 1 Total liabilities 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2794.4 2035.9 2001.2 2147.8 2322.7 2508.8 2323.8 2388.1 2424.8 2508.8 2561.0 1 26.4 780.1 1046.1 -15.9 546.0 944.0 61.0 477.4 927.2 11.5 546.3 983.9 62.6 608.1 1072.0 92.7 654.2 1121.9 56.3 604.2 1076.7 64.6 621.0 1094.4 92.3 627.0 1106.0 92.7 654.2 1121.9 124.4 653.8 1133.3 2 3 4 Rest of the world Foreign official institutions Foreign banks Other foreign 152.4 4.6 42.6 105.2 137.5 4.5 37.4 95.6 162.0 6.6 53.0 102.4 205.2 5.4 69.8 130.0 237.7 6.2 70.4 161.0 276.7 7.1 90.5 179.1 246.0 6.1 76.2 163.6 252.2 6.1 80.5 165.7 262.5 6.6 86.8 169.1 276.7 7.1 90.5 179.1 290.4 6.4 92.0 192.0 5 6 7 8 Financial sectors 789.5 424.2 373.6 400.8 342.3 363.2 340.6 355.9 337.1 363.2 359.1 9 2 3 4 Household sector Corporate business Noncorporate business 5 6 7 8 9 10 11 12 Finance companies REITs Brokers and dealers 174.9 32.8 45.5 144.5 20.2 0.0 91.5 18.4 0.0 102.1 23.0 0.0 118.5 27.0 0.0 128.6 24.0 0.0 118.7 21.1 0.0 127.5 23.2 0.0 126.7 27.6 0.0 128.6 24.0 0.0 123.4 27.1 0.0 10 11 12 13 14 Holding companies Funding corporations 91.3 444.9 164.2 95.3 190.3 73.4 254.3 21.5 196.8 0.0 210.6 0.0 200.9 0.0 205.2 0.0 182.8 0.0 210.6 0.0 208.6 0.0 13 14 2794.4 2035.9 2001.2 2147.8 2322.7 2508.8 2323.8 2388.1 2424.8 2508.8 2561.0 15 15 Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 490.4 142.8 98.1 30.5 0.6 0.1 0.4 0.3 0.1 0.1 0.1 16 1690.7 561.5 19.7 32.1 1404.8 435.5 19.4 33.4 1425.9 424.2 16.1 36.9 1589.6 467.1 17.1 43.5 1797.1 463.4 18.1 43.6 1933.5 507.2 19.4 48.7 1794.8 467.5 18.1 43.0 1847.0 476.9 19.0 44.9 1869.5 490.9 19.5 44.9 1933.5 507.2 19.4 48.7 1969.7 524.0 19.2 48.0 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 102 Z.1, June 5, 2014 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Levels 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2629.3 2098.1 1764.7 1769.7 1821.8 1920.8 1815.2 1900.2 1899.0 1920.8 1932.2 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Rest of the world Government-sponsored enterprises Finance companies Funding corporations 111.3 12.8 15.3 48.9 12.7 21.6 0.0 0.0 0.0 177.4 12.6 74.9 52.4 13.5 21.9 0.0 0.0 2.0 180.9 11.6 70.6 53.0 14.4 22.1 0.0 0.0 9.2 185.8 11.2 70.1 55.9 15.3 23.5 0.0 0.0 9.8 188.3 11.0 75.3 56.5 15.7 26.7 0.0 0.0 3.0 196.8 12.1 76.1 58.5 16.2 31.5 0.0 0.0 2.4 190.9 11.2 76.1 57.0 16.0 28.1 0.0 0.0 2.5 193.0 11.8 76.2 57.4 16.0 29.2 0.0 0.0 2.4 194.9 11.6 76.2 58.3 16.1 30.5 0.0 0.0 2.4 196.8 12.1 76.1 58.5 16.2 31.5 0.0 0.0 2.4 198.5 11.9 77.5 58.0 16.3 32.5 0.0 0.0 2.4 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 226.4 226.4 182.5 182.5 162.3 162.3 196.1 196.1 143.9 143.9 135.2 135.2 141.6 141.6 152.4 152.4 139.1 139.1 135.2 135.2 145.3 145.3 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 8.2 8.2 0.0 14.6 14.6 0.0 18.9 18.9 0.0 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 106.0 101.4 4.6 110.7 106.4 4.3 100.5 96.6 3.9 75.7 71.7 4.0 73.0 70.0 3.0 17 18 19 13 14 15 16 Total other loans and advances 2009 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 120.4 0.6 119.8 121.1 0.5 120.6 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 129.2 0.4 128.8 128.3 0.4 127.8 128.9 0.4 128.5 129.3 0.4 128.9 129.2 0.4 128.8 129.4 0.4 129.0 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 980.7 0.0 5.8 74.5 805.0 40.6 54.9 695.9 0.0 5.3 74.7 541.1 26.5 48.3 551.3 0.0 6.9 80.3 392.8 26.1 45.1 487.0 0.0 6.0 77.7 332.3 24.2 46.8 505.7 0.0 6.7 85.3 336.9 25.1 51.6 587.5 0.0 6.7 88.3 406.2 27.0 59.4 498.8 0.0 7.5 83.9 332.3 22.2 52.9 541.0 0.0 6.5 83.8 372.7 23.5 54.5 547.3 0.0 6.1 83.6 377.3 26.6 53.8 587.5 0.0 6.7 88.3 406.2 27.0 59.4 576.9 0.0 8.2 90.1 389.8 27.4 61.3 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 78.1 78.1 54.4 54.4 4.0 4.0 0.1 0.1 1.8 1.8 1.9 1.9 3.9 3.9 4.4 4.4 3.9 3.9 1.9 1.9 1.8 1.8 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 539.9 485.9 54.0 448.9 404.0 44.9 372.7 335.5 37.3 375.8 338.2 37.6 387.0 348.3 38.7 389.0 350.1 38.9 390.9 351.8 39.1 394.8 355.3 39.5 396.9 357.2 39.7 389.0 350.1 38.9 385.7 347.1 38.6 32 33 34 35 36 37 38 39 40 41 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 564.3 29.7 46.3 94.8 301.7 55.9 35.9 403.4 26.8 20.4 75.4 197.8 60.1 22.9 350.2 26.2 16.7 74.6 163.8 47.4 21.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 361.6 20.9 22.6 105.7 160.0 39.6 12.9 405.4 25.9 25.1 145.1 148.3 50.4 10.6 354.9 22.7 21.7 113.4 146.9 37.2 12.9 375.0 24.0 22.8 130.9 143.3 42.2 11.8 387.1 24.5 23.2 137.9 147.3 43.8 10.4 405.4 25.9 25.1 145.1 148.3 50.4 10.6 421.7 27.2 26.1 151.3 152.1 53.9 11.1 35 36 37 38 39 40 41 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 103 Z.1, June 5, 2014 L.217 Total Mortgages 2008 1 2 3 4 5 6 7 Total mortgages Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Total assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 14715.4 14424.5 13791.3 13488.7 13273.9 13286.0 13218.9 13226.2 13268.2 13286.0 13267.5 1 11152.6 847.9 2580.2 134.7 10937.3 854.7 2486.5 146.0 10443.8 851.2 2342.2 154.1 10202.5 858.4 2260.7 167.2 9980.9 892.6 2227.3 173.0 9887.1 930.1 2287.8 181.0 9928.6 896.7 2218.7 175.0 9905.6 908.1 2235.6 177.0 9916.3 918.6 2254.3 179.0 9887.1 930.1 2287.8 181.0 9851.3 939.0 2294.1 183.0 2 3 4 5 14715.4 14424.5 13791.3 13488.7 13273.9 13286.0 13218.9 13226.2 13268.2 13286.0 13267.5 6 10779.9 10610.2 10107.0 9891.9 9677.7 9586.9 9628.7 9605.4 9614.0 9586.9 9550.7 7 3772.0 902.2 2869.9 3639.1 770.6 2868.5 3508.2 656.2 2852.0 3407.3 577.4 2829.9 3401.8 582.7 2819.1 3496.9 607.2 2889.7 3390.7 577.0 2813.7 3420.1 581.8 2838.3 3457.1 592.4 2864.7 3496.9 607.2 2889.7 3512.7 606.2 2906.5 8 9 10 0.0 163.5 0.0 175.3 0.0 176.1 0.0 189.5 0.0 194.4 0.0 202.2 0.0 199.5 0.0 200.7 0.0 197.1 0.0 202.2 0.0 204.1 11 12 14715.4 14424.5 13791.3 13488.7 13273.9 13286.0 13218.9 13226.2 13268.2 13286.0 13267.5 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 111.8 33.6 39.1 110.9 29.5 37.9 100.1 28.0 42.1 100.8 27.4 42.5 86.9 26.6 43.1 80.4 25.8 44.2 85.3 26.4 43.2 83.4 26.2 43.5 81.8 26.0 43.9 80.4 25.8 44.2 78.4 25.6 44.4 14 15 16 17 18 State and local governments Federal government 187.3 95.8 192.2 108.4 202.2 105.8 201.7 109.9 205.8 111.5 209.1 115.5 209.8 113.3 212.3 113.2 210.4 114.1 209.1 115.5 210.9 116.0 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4615.2 44.2 42.6 312.2 4371.9 37.8 42.3 316.9 4194.9 35.4 35.8 317.0 4049.6 32.8 33.4 320.5 4028.8 30.9 34.9 327.8 3983.5 30.3 32.4 345.9 3989.8 29.7 34.3 328.0 3982.5 29.6 33.6 332.1 3975.3 29.8 31.6 340.4 3983.5 30.3 32.4 345.9 3991.2 32.2 32.0 351.4 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 5.0 342.4 4.4 326.1 4.1 317.5 4.9 332.5 5.6 344.4 7.9 363.2 5.8 344.6 6.6 349.1 7.0 357.2 7.9 363.2 8.3 365.7 23 24 25 26 Private pension funds State and local govt. retirement funds 26.1 15.1 23.8 12.3 26.6 11.9 21.9 11.9 19.4 11.2 16.5 8.6 18.7 10.7 18.0 10.2 17.2 9.7 16.5 8.6 15.9 7.8 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 705.3 4961.4 707.7 5376.7 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4877.8 1569.4 4825.0 1462.7 4836.1 1498.1 4872.0 1540.8 4877.8 1569.4 4861.0 1585.8 27 28 29 30 31 ABS issuers Finance companies REITs 2619.0 482.9 76.3 2249.3 430.3 46.0 1921.5 243.5 44.6 1702.9 211.2 56.1 1492.4 179.5 64.5 1356.1 157.0 62.4 1454.2 174.4 63.1 1410.7 171.2 70.0 1375.2 165.9 70.1 1356.1 157.0 62.4 1321.4 154.1 65.5 29 30 31 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 104 Z.1, June 5, 2014 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 11152.6 10937.3 10443.8 10202.5 9980.9 9887.1 9928.6 9905.6 9916.3 9887.1 9851.3 1 10579.0 32.7 540.9 10417.6 20.3 499.4 9912.7 13.6 517.6 9697.5 10.2 494.8 9481.7 9.7 489.5 9386.2 10.0 490.9 9432.0 9.4 487.2 9407.9 9.6 488.1 9416.1 9.8 490.5 9386.2 10.0 490.9 9349.1 10.4 491.8 2 3 4 11152.6 10937.3 10443.8 10202.5 9980.9 9887.1 9928.6 9905.6 9916.3 9887.1 9851.3 5 91.2 20.2 14.3 83.2 17.7 13.9 75.2 16.8 15.4 67.2 16.4 15.5 59.2 16.0 15.8 51.2 15.5 16.2 57.2 15.8 15.8 55.2 15.7 15.9 53.2 15.6 16.0 51.2 15.5 16.2 49.2 15.3 16.2 6 7 8 9 10 State and local governments Federal government 96.4 16.4 99.0 22.1 104.1 23.1 103.9 24.0 106.0 25.2 107.7 25.6 108.0 25.8 109.3 25.1 108.4 24.5 107.7 25.6 108.6 25.9 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2884.5 7.0 22.9 312.2 2693.4 0.9 22.6 316.9 2615.6 1.1 20.1 317.0 2538.0 1.3 17.8 320.5 2509.1 1.8 20.0 327.8 2392.8 1.4 18.9 345.9 2470.2 1.8 20.0 328.0 2443.7 1.6 19.2 332.1 2413.6 1.4 19.1 340.4 2392.8 1.4 18.9 345.9 2380.7 1.7 18.4 351.4 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 8.6 1.3 5.4 8.7 2.0 4.4 9.0 1.9 4.3 9.0 1.6 4.3 9.5 1.6 4.0 9.7 1.4 3.1 9.3 1.5 3.8 9.4 1.5 3.7 9.8 1.4 3.5 9.7 1.4 3.1 9.6 1.3 2.8 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 456.6 4864.0 433.4 5266.5 4690.7 1068.8 4587.7 1216.8 4476.1 1321.8 4548.2 1420.6 4480.2 1340.2 4494.0 1366.2 4535.2 1400.2 4548.2 1420.6 4535.0 1432.0 18 19 20 21 22 ABS issuers Finance companies REITs 1901.2 416.1 34.3 1577.6 366.0 8.9 1302.2 169.5 9.0 1109.0 149.7 19.8 928.2 132.6 26.5 791.2 114.7 23.1 894.6 129.7 26.6 855.6 126.2 31.2 821.0 122.1 31.1 791.2 114.7 23.1 767.6 111.5 24.1 20 21 22 1115.9 894.7 0.8 98.7 46.6 75.1 1033.3 841.4 0.3 94.6 31.5 65.5 928.5 783.3 0.3 88.2 22.8 33.9 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.5 26.5 702.9 596.2 0.4 72.0 11.4 22.9 748.1 634.2 0.3 74.0 13.7 25.9 730.5 620.1 0.2 72.5 12.5 25.2 715.1 605.9 0.3 72.5 11.9 24.4 702.9 596.2 0.4 72.0 11.4 22.9 691.5 585.6 0.4 72.3 10.9 22.3 23 24 25 26 27 28 23 24 25 26 27 28 Total assets 2010 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Levels Total liabilities 2009 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 854.7 851.2 858.4 892.6 930.1 896.7 908.1 918.6 930.1 939.0 1 41.1 781.7 41.4 786.0 41.2 782.3 41.5 789.0 43.3 822.6 45.0 855.0 43.3 822.1 43.8 833.1 44.4 843.5 45.0 855.0 45.5 864.0 2 3 0.0 25.1 0.0 27.3 0.0 27.8 0.0 27.9 0.0 26.7 0.0 30.0 0.0 31.3 0.0 31.1 0.0 30.7 0.0 30.0 0.0 29.6 4 5 847.9 854.7 851.2 858.4 892.6 930.1 896.7 908.1 918.6 930.1 939.0 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.5 13.3 0.0 0.5 12.9 0.0 0.4 14.3 0.0 0.4 14.5 0.0 0.4 14.7 0.0 0.4 15.1 0.0 0.4 14.7 0.0 0.4 14.8 0.0 0.4 14.9 0.0 0.4 15.1 0.0 0.4 15.1 7 8 9 10 11 State and local governments Federal government 74.9 14.5 76.9 14.7 80.9 14.4 80.7 14.1 82.3 13.7 83.7 13.8 83.9 13.6 84.9 13.6 84.2 13.5 83.7 13.8 84.4 13.7 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 276.0 4.3 267.0 4.0 254.9 3.5 248.3 2.9 258.5 1.4 287.9 1.1 261.1 1.3 268.6 0.9 277.1 1.1 287.9 1.1 297.3 0.9 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 51.8 2.4 4.5 48.5 2.7 3.7 47.2 3.1 3.6 49.4 2.9 3.6 51.1 2.5 3.4 53.6 2.2 2.6 50.9 2.4 3.2 51.5 2.3 3.1 52.6 2.2 2.9 53.6 2.2 2.6 54.0 2.1 2.4 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 190.2 92.8 204.4 105.7 256.5 66.9 259.2 86.4 265.5 113.4 243.5 147.1 261.9 120.6 258.1 130.1 251.8 138.8 243.5 147.1 238.9 152.0 17 18 19 20 21 ABS issuers Finance companies REITs 113.1 5.3 4.3 107.0 4.6 2.3 98.4 5.1 2.0 90.7 3.6 1.7 81.1 2.8 1.9 74.9 2.0 2.4 77.6 2.7 2.1 74.8 2.2 2.8 74.3 2.1 2.7 74.9 2.0 2.4 73.7 2.0 2.2 19 20 21 7 8 9 Total assets 847.9 105 Z.1, June 5, 2014 L.220 Commercial Mortgages 2008 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2580.2 2486.5 2342.2 2260.7 2227.3 2287.8 2218.7 2235.6 2254.3 2287.8 2294.1 1 200.9 799.4 1441.4 138.4 192.6 675.9 1470.1 147.9 194.3 565.3 1434.2 148.3 194.3 485.0 1419.7 161.7 195.9 486.8 1376.9 167.7 200.8 507.8 1407.1 172.1 196.7 481.1 1372.6 168.3 197.5 484.8 1383.7 169.6 197.9 494.2 1395.8 166.4 200.8 507.8 1407.1 172.1 201.6 505.5 1412.5 174.5 2 3 4 5 2580.2 2486.5 2342.2 2260.7 2227.3 2287.8 2218.7 2235.6 2254.3 2287.8 2294.1 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 20.0 13.0 10.7 19.2 11.4 10.4 18.1 10.8 11.5 17.5 10.6 11.7 17.2 10.2 11.8 17.6 9.9 12.1 17.1 10.2 11.8 17.2 10.1 11.9 17.4 10.0 12.0 17.6 9.9 12.1 17.9 9.8 12.2 7 8 9 10 11 State and local governments Federal government 15.0 61.4 15.4 67.8 16.2 64.1 16.1 67.2 16.5 68.0 16.7 71.9 16.8 69.3 17.0 69.9 16.8 71.6 16.7 71.9 16.9 72.1 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1404.2 32.8 19.7 1367.4 32.9 19.6 1273.2 30.8 15.7 1210.3 28.5 15.6 1202.2 27.6 14.9 1241.0 27.8 13.5 1198.8 26.6 14.4 1209.8 27.1 14.4 1223.6 27.4 12.5 1241.0 27.8 13.5 1250.5 29.6 13.6 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 5.0 267.1 4.4 255.6 4.1 248.8 4.9 261.1 5.6 270.9 7.9 286.3 5.8 271.2 6.6 274.8 7.0 281.4 7.9 286.3 8.3 288.3 15 16 17 18 Private pension funds State and local govt. retirement funds 22.4 5.1 19.0 4.2 21.5 4.1 17.4 4.0 15.3 3.8 13.0 2.9 14.7 3.6 14.2 3.5 13.6 3.3 13.0 2.9 12.5 2.7 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 604.7 0.0 564.8 0.0 520.8 0.0 503.2 0.0 483.1 0.0 490.0 0.0 482.0 0.0 480.2 0.0 479.9 0.0 490.0 0.0 480.1 19 20 21 22 Finance companies REITs 61.6 37.7 59.7 34.8 68.9 33.7 57.9 34.6 44.1 36.1 40.3 36.9 42.0 34.3 42.7 36.0 41.7 36.3 40.3 36.9 40.6 39.2 21 22 7 8 9 Total assets 2009 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business Total assets 134.7 146.0 154.1 167.2 173.0 181.0 175.0 177.0 179.0 181.0 183.0 1 28.9 105.8 33.0 113.0 36.2 117.9 40.7 126.5 42.9 130.1 44.4 136.6 43.3 131.7 43.6 133.3 44.0 134.9 44.4 136.6 44.8 138.2 2 3 134.7 146.0 154.1 167.2 173.0 181.0 175.0 177.0 179.0 181.0 183.0 4 5 6 Household sector Nonfinancial noncorporate business 0.7 0.8 8.5 0.8 6.8 0.8 16.2 0.8 10.6 0.9 11.6 0.9 11.0 0.9 11.0 0.9 11.2 0.9 11.6 0.9 11.4 0.9 5 6 7 8 State and local governments Federal government 0.9 3.5 1.0 3.9 1.0 4.3 1.0 4.5 1.0 4.6 1.0 4.2 1.0 4.5 1.1 4.5 1.1 4.6 1.0 4.2 1.1 4.3 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 50.6 0.1 44.2 0.0 51.2 0.0 52.9 0.0 59.0 0.0 61.7 0.0 59.7 0.0 60.4 0.0 61.0 0.0 61.7 0.0 62.7 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 15.0 0.0 13.3 0.0 12.4 0.0 13.0 0.0 13.0 0.0 13.6 0.0 13.1 0.0 13.3 0.0 13.5 0.0 13.6 0.0 13.8 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 58.5 4.7 69.9 4.5 73.8 3.8 77.1 1.7 82.0 1.9 86.1 1.8 82.9 1.9 84.0 1.8 85.0 1.8 86.1 1.8 87.1 1.7 13 14 (1) Excludes mortgages on farm houses. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, June 5, 2014 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1 Total liabilities (Households) 2650.6 2552.8 2647.4 2755.9 2923.6 3097.4 2923.8 2966.4 3036.6 3097.4 3103.6 1 2 Total assets 2650.6 2552.8 2647.4 2755.9 2923.6 3097.4 2923.8 2966.4 3036.6 3097.4 3103.6 2 94.6 55.2 0.0 88.8 53.2 0.0 78.4 45.5 0.0 74.5 47.4 0.0 65.6 49.2 0.0 59.1 43.5 0.0 63.8 42.4 0.0 61.9 42.6 0.0 60.0 42.8 0.0 59.1 43.5 0.0 57.8 42.4 0.0 3 4 5 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 135.1 965.0 236.2 223.1 906.3 237.1 356.2 1185.5 226.5 484.7 1192.6 223.0 616.8 1218.6 243.6 729.8 1271.6 265.6 659.5 1191.2 245.5 674.6 1211.5 253.1 713.5 1231.4 261.9 729.8 1271.6 265.6 770.9 1246.5 269.9 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 610.2 554.3 0.0 572.5 471.9 0.0 50.3 705.0 0.0 46.2 687.6 0.0 50.0 679.8 0.0 48.6 679.1 0.0 50.0 671.3 0.0 48.2 674.6 0.0 48.5 678.5 0.0 48.6 679.1 0.0 46.2 669.9 9 10 11 1004.7 777.2 730.7 138.1 916.8 719.0 831.6 85.4 840.0 713.3 912.4 181.7 841.7 751.0 1012.3 150.9 846.7 808.9 1131.3 136.7 857.6 878.4 1223.0 138.3 805.5 820.8 1168.2 129.2 815.4 841.0 1177.3 132.7 820.9 866.4 1211.0 138.2 857.6 878.4 1223.0 138.3 817.7 891.9 1261.6 132.5 12 13 14 15 9 10 11 Memo: Levels 12 13 14 15 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 107 Z.1, June 5, 2014 L.223 Trade Credit 2008 1 Total trade payables 2 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 State and local governments Federal government 7 8 Rest of the world Brokers and dealers 9 Total trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 State and local governments Federal government Rest of the world 15 16 Property-casualty insurance companies ABS issuers 17 Discrepancy 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3226.9 3240.3 3416.1 3462.2 3608.9 3785.3 3660.7 3721.3 3767.1 3785.3 3816.3 1 236.7 278.2 248.8 250.0 254.0 255.0 254.3 254.5 254.8 255.0 256.0 2 1672.7 380.6 1590.2 397.4 1746.5 427.7 1771.7 435.5 1854.9 434.4 1973.0 442.1 1882.0 438.5 1919.9 440.5 1950.4 442.5 1973.0 442.1 1996.4 443.5 3 4 591.6 260.8 630.5 204.6 669.0 210.9 707.4 220.3 746.5 235.5 786.1 253.8 756.3 245.1 766.2 253.7 776.1 258.2 786.1 253.8 796.1 262.0 5 6 63.2 21.2 69.3 70.1 95.1 18.1 63.0 14.3 69.3 14.2 60.7 14.5 69.2 15.4 70.9 15.6 71.8 13.3 60.7 14.5 49.2 13.1 7 8 3089.1 2974.5 3137.1 3250.6 3360.1 3525.2 3478.9 3577.4 3610.1 3525.2 3624.1 9 2085.7 522.7 2054.5 496.3 2156.5 533.4 2240.3 539.2 2324.0 546.8 2460.5 560.4 2435.9 547.7 2520.0 552.0 2544.2 556.0 2460.5 560.4 2538.6 562.6 10 11 143.7 64.7 90.1 139.1 43.6 96.7 152.2 42.9 116.4 154.5 47.7 134.2 160.3 50.3 145.6 169.1 48.8 155.4 162.4 48.7 150.0 165.2 52.0 155.2 167.5 50.6 158.8 169.1 48.8 155.4 170.8 48.8 166.4 12 13 14 86.7 95.5 83.0 61.3 83.8 51.8 87.2 47.6 92.0 41.2 95.2 35.7 94.0 40.1 96.6 36.2 98.3 34.6 95.2 35.7 102.6 34.3 15 16 137.8 265.8 279.0 211.6 248.8 260.1 181.8 144.0 157.0 260.1 192.2 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Household sector Brokers and dealers Total assets 5 Household sector 6 7 U.S.-chartered depository institutions Foreign banking offices in U.S. 8 Brokers and dealers 942.1 936.7 1041.7 1034.2 1131.9 1236.2 1129.5 1172.5 1183.8 1236.2 1256.7 1 164.8 777.2 203.0 733.7 278.2 763.5 238.9 795.4 303.7 828.2 339.2 897.1 307.9 821.6 302.6 870.0 313.7 870.0 339.2 897.1 351.7 905.1 2 3 942.1 936.7 1041.7 1034.2 1131.9 1236.2 1129.5 1172.5 1183.8 1236.2 1256.7 4 737.4 701.7 725.2 726.1 757.0 815.5 743.6 794.0 791.5 815.5 818.7 5 23.7 16.1 20.4 11.6 23.6 14.7 35.8 33.5 45.0 26.2 52.9 28.7 47.9 30.2 51.8 24.2 53.9 24.7 52.9 28.7 58.4 28.0 6 7 164.8 203.0 278.2 238.9 303.7 339.2 307.9 302.6 313.7 339.2 351.7 8 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 108 Z.1, June 5, 2014 L.225 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 2 3 4 5 6 7 Total liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 1179.8 1242.1 1278.3 1352.0 1359.0 1416.5 1370.1 1379.8 1397.4 1416.5 1434.7 1 46.4 1133.4 47.5 1194.5 48.4 1229.9 49.7 1302.3 50.0 1309.0 50.3 1366.3 50.1 1320.1 50.2 1329.6 50.1 1347.3 50.3 1366.3 50.3 1384.5 2 3 1179.8 1242.1 1278.3 1352.0 1359.0 1416.5 1370.1 1379.8 1397.4 1416.5 1434.7 4 1049.8 110.7 19.3 1109.2 111.5 21.4 1137.2 116.0 25.1 1203.6 120.8 27.6 1186.1 138.1 34.9 1242.2 134.4 39.9 1194.8 139.2 36.1 1203.0 140.4 36.4 1227.7 132.2 37.5 1242.2 134.4 39.9 1256.7 135.6 42.5 5 6 7 L.226 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 1 Total liabilities 14071.9 15209.5 16751.6 17126.1 18093.8 19563.8 18572.2 18766.0 19115.6 19563.8 19766.4 1 2 3 Life insurance companies (1) Private pension funds (2) 2219.2 5295.7 2350.4 5977.0 2568.5 6626.9 2601.7 6679.0 2788.3 7158.1 3041.7 8010.2 2876.2 7458.3 2900.3 7558.8 2955.4 7762.0 3041.7 8010.2 3072.2 8100.9 2 3 4 5 State and local govt. retirement funds Federal government retirement funds (3) 3799.0 2758.0 3959.8 2922.2 4408.7 3147.5 4589.2 3256.2 4773.1 3374.2 4981.4 3530.5 4825.2 3412.5 4877.3 3429.6 4929.4 3468.8 4981.4 3530.5 5033.5 3559.8 4 5 14071.9 15209.5 16751.6 17126.1 18093.8 19563.8 18572.2 18766.0 19115.6 19563.8 19766.4 6 6 Total assets (Households) (4) (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs) (table L.226.i), except those at life insurance companies. L.227 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 44.0 40.6 53.1 74.0 79.5 90.8 97.6 68.8 80.9 90.8 103.2 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 39.0 106.2 35.7 99.9 42.9 99.2 51.7 100.3 54.0 102.4 43.9 106.1 60.9 102.6 48.1 103.8 50.0 104.9 43.9 106.1 45.0 106.7 2 3 4 U.S.-chartered depository institutions -73.6 -66.2 -59.6 -49.1 -47.6 -47.4 -45.7 -58.9 -52.9 -47.4 -39.6 4 5 6 Property-casualty insurance companies Life insurance companies -21.1 -24.4 -15.8 -31.4 -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 8.4 -30.5 -3.2 -28.4 -5.2 -30.1 -2.5 -30.1 8.4 -30.5 10.7 -29.0 5 6 7 8 Finance companies Brokers and dealers 15.4 2.5 12.7 5.7 6.0 3.6 6.7 2.5 6.7 3.1 6.8 3.7 6.9 4.4 6.8 4.4 7.0 4.6 6.8 3.7 6.9 2.6 7 8 242.4 250.9 262.1 272.8 279.9 289.6 282.2 284.8 287.4 289.6 296.2 9 123.0 119.4 117.1 133.9 117.8 144.3 120.0 152.8 121.3 158.6 123.8 165.8 121.8 160.4 122.6 162.2 123.4 164.0 123.8 165.8 128.6 167.6 10 11 -198.4 -210.4 -209.0 -198.8 -200.4 -198.8 -184.6 -216.0 -206.5 -198.8 -193.0 12 9 10 11 12 Total business taxes receivable State and local governments Federal government Discrepancy L.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 7471.3 6216.2 6895.6 7366.9 8038.4 8760.8 8209.8 8398.4 8608.8 8760.8 8868.9 1 7460.6 10.7 6201.4 14.8 6879.7 15.9 7353.8 13.1 8019.8 18.6 8741.6 19.2 8190.6 19.2 8379.0 19.3 8591.1 17.7 8741.6 19.2 8849.7 19.2 2 3 109 Z.1, June 5, 2014 L.229 Total Miscellaneous Financial Claims 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 22321.5 22738.7 23116.7 23981.4 25069.7 24947.9 25178.0 25106.9 25332.6 24947.9 24803.7 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27.0 3946.2 1214.3 22.1 3946.2 1248.1 24.7 3983.5 1197.7 24.3 4098.3 1232.7 24.9 4336.6 1250.9 27.9 4357.2 1264.5 25.9 4333.5 1254.5 27.8 4292.8 1256.3 26.8 4311.8 1262.1 27.9 4357.2 1264.5 29.6 4230.3 1263.2 2 3 4 5 6 7 State and local governments Federal government Rest of the world 1255.0 2719.3 5652.7 1115.7 2859.2 5653.5 1339.4 3071.6 5958.8 1633.2 3179.4 6268.0 1637.5 3281.2 6308.5 1328.2 3381.5 6431.3 1495.7 3302.1 6379.6 1500.7 3321.8 6416.6 1449.7 3445.2 6543.0 1328.2 3381.5 6431.3 1372.8 3402.8 6313.7 5 6 7 8 9 10 11 12 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23.1 2030.5 554.3 24.9 4.7 29.2 2286.8 431.5 29.2 19.4 58.4 2247.6 413.3 23.3 11.1 31.7 2236.1 497.1 19.4 12.4 33.7 2446.4 465.8 17.3 12.7 43.5 2527.3 437.4 14.3 14.2 34.7 2503.7 483.7 16.4 15.3 32.1 2497.1 477.0 16.5 15.5 41.2 2484.5 442.8 15.7 15.4 43.5 2527.3 437.4 14.3 14.2 47.8 2580.2 440.5 14.8 14.6 8 9 10 11 12 13 14 Property-casualty insurance companies Life insurance companies 811.0 868.9 819.5 958.0 831.9 1019.3 870.1 1064.6 896.9 1114.6 898.2 1153.3 890.5 1131.5 896.4 1113.1 897.2 1141.7 898.2 1153.3 903.7 1176.2 13 14 15 16 17 Government-sponsored enterprises Finance companies REITs 207.0 664.8 64.9 269.2 573.6 59.6 179.4 271.9 63.7 130.2 264.1 70.8 124.1 233.8 96.3 114.7 207.9 72.2 119.9 228.9 89.4 121.9 219.9 90.6 119.6 218.5 76.6 114.7 207.9 72.2 111.2 209.1 79.4 15 16 17 18 19 20 Brokers and dealers Holding companies Funding corporations 395.9 422.9 1434.1 450.0 548.0 1420.2 483.0 522.0 1415.9 471.4 481.1 1396.5 470.9 833.8 1483.7 517.5 754.4 1402.3 495.9 899.1 1477.5 471.9 901.5 1437.3 485.8 908.9 1445.9 517.5 754.4 1402.3 455.0 751.6 1407.1 18 19 20 28811.5 29027.1 29986.8 31432.2 32885.9 33413.5 33068.0 33301.6 33417.5 33413.5 33425.7 21 21 Total liabilities 2009 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 766.3 9376.9 2121.8 800.9 9555.5 2029.3 808.2 10127.0 2134.1 878.8 10558.6 2141.6 873.6 11154.4 2185.6 897.6 11852.1 2232.6 872.2 11266.8 2187.8 874.4 11424.6 2202.9 880.9 11522.9 2217.0 897.6 11852.1 2232.6 901.5 11968.7 2239.7 22 23 24 25 26 27 State and local governments Federal government Rest of the world 92.9 110.8 3984.4 118.1 145.8 3925.9 95.6 141.4 4114.7 95.4 143.1 4396.5 101.8 142.0 4488.5 108.1 147.7 4443.8 104.9 142.7 4490.9 107.4 139.8 4477.5 107.6 143.6 4461.9 108.1 147.7 4443.8 110.1 149.7 4278.0 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 569.8 1318.3 48.9 11.1 32.8 75.9 1178.2 44.5 6.5 33.0 83.1 1007.0 29.2 11.0 74.1 225.8 1005.2 44.2 11.8 61.9 199.5 887.2 43.9 12.0 62.7 233.1 813.0 57.0 20.5 61.1 219.9 845.7 52.9 12.4 70.9 228.1 866.4 60.6 18.4 71.7 226.8 843.0 57.1 21.2 61.8 233.1 813.0 57.0 20.5 61.1 235.0 782.3 71.0 17.4 66.1 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies 102.6 379.0 123.7 357.6 99.1 351.9 86.9 407.6 94.6 444.0 105.8 472.2 98.7 465.0 106.4 443.1 110.0 463.3 105.8 472.2 103.7 496.4 33 34 35 36 37 Private pension funds State and local govt. retirement funds Federal government retirement funds 1532.6 1350.9 2551.1 1476.7 1201.0 2674.8 1464.1 1440.4 2865.1 1563.2 1735.9 2954.8 1532.7 1739.8 3043.7 1320.6 1443.7 3132.3 1449.1 1601.3 3065.9 1444.5 1609.9 3088.0 1384.1 1562.7 3211.8 1320.6 1443.7 3132.3 1320.8 1492.5 3154.4 35 36 37 38 39 Money market mutual funds Mutual funds 35.2 20.0 26.9 14.9 23.5 2.9 22.7 5.7 28.8 -27.4 31.7 -8.3 31.5 -16.2 31.9 -15.3 33.8 17.0 31.7 -8.3 37.2 -8.3 38 39 40 41 42 Government-sponsored enterprises Finance companies REITs 99.1 16.4 54.6 100.3 44.8 64.8 148.6 77.0 66.1 148.5 83.1 74.7 152.6 57.4 100.4 165.6 51.4 112.0 167.9 47.9 105.9 167.7 45.4 115.0 166.8 39.9 101.4 165.6 51.4 112.0 152.1 51.9 123.5 40 41 42 43 44 45 Brokers and dealers Holding companies Funding corporations 1105.7 2337.0 793.5 1141.0 3160.6 726.3 1025.3 3129.4 667.9 932.6 3165.9 687.6 857.4 4015.8 694.8 987.2 4025.2 707.8 949.8 4107.2 726.8 1020.4 4052.2 720.6 1003.3 4072.6 706.8 987.2 4025.2 707.8 893.6 4070.8 717.5 43 44 45 -6490.0 -6288.4 -6870.1 -7450.8 -7816.1 -8465.7 -7889.9 -8194.7 -8084.9 -8465.7 -8621.9 46 46 Discrepancy Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 110 Z.1, June 5, 2014 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 3748.5 3011.1 201.5 102.6 25.0 221.0 187.4 4077.4 3245.1 261.7 123.7 28.9 186.9 231.0 4273.6 3402.9 280.1 99.1 46.3 206.0 239.3 4663.1 3795.6 274.3 86.9 56.9 215.5 234.0 5077.8 4136.4 302.6 94.6 70.6 227.6 245.9 5366.0 4421.6 306.0 105.8 65.7 219.5 247.4 5123.8 4170.2 304.6 98.7 71.0 229.6 249.5 5194.6 4234.4 301.9 106.4 70.6 229.5 251.8 5309.6 4333.4 308.4 110.0 69.9 232.8 255.0 5366.0 4421.6 306.0 105.8 65.7 219.5 247.4 5463.8 4516.1 315.7 103.7 65.4 212.5 250.3 1 2 3 4 5 6 7 2050.3 3.7 71.7 51.2 60.3 78.1 72.1 10.2 2397.4 1986.4 4.8 107.7 64.7 69.4 90.0 64.4 10.8 2398.2 2128.7 5.3 120.0 70.7 84.3 114.7 88.5 11.4 2623.6 2313.3 5.9 193.7 73.8 88.5 96.1 96.3 12.0 2879.5 2474.4 6.4 198.1 72.4 93.7 96.3 103.5 12.6 3057.3 2604.4 6.5 202.9 75.7 92.4 74.8 108.8 13.2 3178.7 2485.8 6.4 200.0 74.1 95.2 95.3 105.1 12.8 3074.6 2507.4 6.3 200.6 74.0 98.0 95.9 106.1 12.9 3101.3 2531.6 6.4 202.1 74.3 99.9 96.2 106.9 13.1 3130.5 2604.4 6.5 202.9 75.7 92.4 74.8 108.8 13.2 3178.7 2668.0 6.6 204.5 77.6 93.5 74.7 110.8 13.4 3249.0 8 9 10 11 12 13 14 15 16 48.3 48.3 50.0 50.0 52.3 52.3 54.9 54.9 57.3 57.3 59.5 59.5 57.3 57.3 59.4 59.4 59.4 59.4 59.5 59.5 58.8 58.8 17 18 21.1 21.1 25.6 25.6 26.5 26.5 26.9 26.9 27.4 27.4 27.5 27.5 27.6 27.6 27.5 27.5 27.4 27.4 27.5 27.5 28.1 28.1 19 20 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 16 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Levels 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: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 51.8 51.8 49.0 43.1 41.2 41.7 40.4 40.6 40.5 41.7 40.6 21 22 23 24 25 26 27 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.4 6.4 0.0 39.0 2.8 3.2 0.5 6.3 0.0 39.7 2.4 2.9 0.6 6.7 0.0 36.7 2.2 2.9 0.5 7.0 0.0 30.6 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.8 0.0 27.8 2.4 3.2 0.6 7.1 0.0 27.6 3.0 2.1 0.6 7.4 0.0 27.6 3.0 2.1 0.6 7.6 0.0 27.0 3.0 2.3 0.6 7.8 0.0 27.8 2.4 3.2 0.7 8.0 0.0 26.2 2.4 3.2 22 23 24 25 26 27 Holding company net transactions with subsidiaries: 28 29 30 31 32 33 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1370.5 0.0 31.2 232.6 155.2 101.5 1599.5 0.0 40.5 209.3 596.1 125.1 1632.8 0.0 62.7 115.0 626.6 135.6 1709.0 0.0 72.0 94.6 613.5 166.3 1889.2 22.4 17.2 91.1 1060.5 114.7 1944.2 14.7 10.7 75.4 1092.8 85.7 1916.9 16.7 17.4 74.7 1054.3 137.2 1880.5 16.7 17.3 75.8 1072.5 100.7 1898.1 14.9 17.7 75.9 1032.3 127.3 1944.2 14.7 10.7 75.4 1092.8 85.7 1977.8 14.6 11.0 77.8 1097.0 95.8 28 29 30 31 32 33 34 Asset: Holding companies 1891.0 2570.3 2572.7 2655.4 3195.1 3223.5 3217.2 3163.4 3166.2 3223.5 3274.0 34 80.5 80.5 71.2 71.2 60.7 60.7 69.1 69.1 71.7 71.7 86.4 86.4 85.7 85.7 86.9 86.9 87.1 87.1 86.4 86.4 89.2 89.2 35 36 Liab.: Foreign banking offices in U.S. Brokers and dealers 276.6 516.9 203.1 523.2 171.6 496.4 137.8 549.7 126.0 568.8 123.5 584.3 142.9 583.9 142.1 578.5 118.7 588.1 123.5 584.3 123.9 593.6 37 38 Asset: Funding corporations 793.5 726.3 667.9 687.6 694.8 707.8 726.8 720.6 706.8 707.8 717.5 39 0.0 0.0 0.0 1.8 0.9 0.9 7.7 3.8 3.8 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 40 41 42 NFC investment in finance company subsidiaries: 35 36 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 37 38 39 Equity investment under Public-Private Inv. Program: 40 41 42 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 111 Z.1, June 5, 2014 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 2014 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 554.2 0.5 553.7 10.9 0.7 10.3 0.8 0.8 0.1 100.5 0.7 99.8 9.5 0.7 8.9 0.6 0.4 0.3 8.6 0.5 8.1 2.3 0.6 1.7 1.1 0.6 0.5 0.6 0.4 0.3 0.8 0.4 0.4 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 15.5 15.5 15.9 15.9 14.4 14.4 12.6 12.6 13.7 13.7 10.6 10.6 13.4 13.4 12.0 12.0 10.5 10.5 10.6 10.6 10.4 10.4 6 7 27.0 27.0 22.1 22.1 24.7 24.7 24.3 24.3 24.9 24.9 27.9 27.9 25.9 25.9 27.8 27.8 26.8 26.8 27.9 27.9 29.6 29.6 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 265.2 182.7 40.4 42.1 273.6 192.4 39.2 42.0 290.7 209.4 39.7 41.6 305.5 225.0 37.9 42.6 303.7 222.6 38.3 42.8 304.2 222.8 38.5 42.8 302.3 220.6 38.6 43.1 302.0 220.6 38.2 43.2 305.6 223.8 38.2 43.5 304.2 222.8 38.5 42.8 305.2 224.1 38.0 43.0 10 11 12 13 14 Asset: Household sector 265.2 273.6 290.7 305.5 303.7 304.2 302.3 302.0 305.6 304.2 305.2 14 Policy payables: 15 Liab.: Property-casualty insurance companies 759.9 754.8 761.2 796.4 802.1 807.8 799.8 805.8 808.0 807.8 811.6 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 337.3 311.1 111.5 346.0 307.1 101.7 310.8 319.0 131.4 347.5 329.0 119.8 330.8 336.5 134.9 342.1 336.4 129.3 331.9 334.9 133.0 336.8 336.8 132.2 340.0 337.1 130.9 342.1 336.4 129.3 345.7 337.2 128.6 16 17 18 283.0 283.0 385.4 385.4 393.7 393.7 406.3 406.3 425.6 425.6 457.6 457.6 437.3 437.3 439.7 439.7 447.8 447.8 457.6 457.6 465.1 465.1 19 20 84.0 84.0 75.6 75.6 91.1 91.1 94.0 94.0 93.2 93.2 92.2 92.2 93.4 93.4 93.5 93.5 93.2 93.2 92.2 92.2 92.0 92.0 21 22 887.0 887.0 856.8 856.8 733.4 733.4 658.7 658.7 579.5 579.5 673.5 673.5 638.6 638.6 713.2 713.2 702.3 702.3 673.5 673.5 638.8 638.8 23 24 1015.3 1015.3 1077.2 1077.2 1142.9 1142.9 1213.7 1213.7 1254.1 1254.1 1352.3 1352.3 1265.5 1265.5 1178.4 1178.4 1161.5 1161.5 1352.3 1352.3 1339.7 1339.7 25 26 163.8 163.8 180.4 180.4 202.9 202.9 221.4 221.4 234.8 234.8 246.9 246.9 233.6 233.6 231.3 231.3 231.0 231.0 246.9 246.9 246.2 246.2 27 28 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 Retiree health care funds (2): 27 28 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 29 30 31 Liab.: Nonfinancial corporate business State and local governments Federal government 677.4 1255.0 1535.8 497.6 1115.7 1597.6 446.5 1339.4 1722.2 486.6 1633.2 1741.1 440.2 1637.5 1789.6 187.7 1328.2 1780.0 349.7 1495.7 1800.3 335.6 1500.7 1909.6 265.7 1449.7 2050.3 187.7 1328.2 1780.0 165.8 1372.8 1814.7 29 30 31 32 33 34 Asset: Private pension funds State and local govt. retirement funds Federal government retirement funds 677.4 1255.0 1535.8 497.6 1115.7 1597.6 446.5 1339.4 1722.2 486.6 1633.2 1741.1 440.2 1637.5 1789.6 187.7 1328.2 1780.0 349.7 1495.7 1800.3 335.6 1500.7 1909.6 265.7 1449.7 2050.3 187.7 1328.2 1780.0 165.8 1372.8 1814.7 32 33 34 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Levels Life insurance company reserves: 10 11 12 13 112 Z.1, June 5, 2014 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 1 Q3 Q4 2014 Q1 5766.3 5902.6 5618.7 5198.7 5230.0 4978.5 5351.8 5152.3 5242.9 4978.5 4581.5 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 1134.5 1210.7 1386.6 1243.3 1317.2 1192.4 1204.3 1226.8 1328.9 1244.5 1473.0 1257.9 1404.6 1248.2 1356.3 1250.0 1421.4 1255.6 1473.0 1257.9 1304.6 1256.6 2 3 4 5 Federal government Rest of the world 4.3 1200.1 4.0 1390.2 3.6 1496.5 3.2 1283.2 2.8 1049.2 2.3 919.4 2.6 1052.7 2.5 1059.6 2.4 1045.6 2.3 919.4 2.2 694.6 4 5 6 7 8 9 10 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.1 660.0 205.5 24.9 4.7 3.6 687.3 120.4 29.2 19.4 31.9 614.7 121.4 23.3 11.1 4.8 527.1 165.3 19.4 12.4 6.3 557.2 141.4 17.3 12.7 16.0 583.1 110.8 14.3 14.2 7.2 586.8 140.4 16.4 15.3 4.6 616.6 134.1 16.5 15.5 13.7 586.4 121.8 15.7 15.4 16.0 583.1 110.8 14.3 14.2 19.8 602.4 111.9 14.8 14.6 6 7 8 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 229.3 139.7 273.7 64.9 189.1 201.6 203.1 59.6 187.9 115.9 -18.4 63.7 192.3 74.5 4.3 70.8 274.4 69.2 -25.3 96.3 288.4 62.4 -28.7 72.2 279.4 66.2 -26.9 89.4 256.2 69.3 -38.7 90.6 270.7 68.7 -40.7 76.6 288.4 62.4 -28.7 72.2 301.5 60.2 -32.7 79.4 11 12 13 14 15 16 17 Brokers and dealers Holding companies Funding corporations -348.3 422.9 536.8 -733.7 548.0 550.7 -728.3 522.0 663.4 -788.1 481.1 717.0 -1261.8 833.8 882.8 -1268.3 754.4 706.9 -1247.4 899.1 817.4 -1285.2 901.5 702.5 -1241.5 908.9 721.9 -1268.3 754.4 706.9 -1346.4 751.6 746.3 15 16 17 12256.4 12191.0 12488.8 12649.5 13046.1 13444.2 13241.8 13347.0 13327.8 13444.2 13203.5 18 5973.8 2003.9 5931.6 1921.3 6343.8 1996.0 6364.4 2014.8 6609.2 2043.6 7007.1 2095.6 6675.3 2047.7 6766.0 2063.4 6764.8 2078.5 7007.1 2095.6 7025.4 2103.1 19 20 92.9 62.0 118.1 94.3 95.6 84.5 95.4 83.2 101.8 79.8 108.1 83.4 104.9 80.5 107.4 75.5 107.6 79.3 108.1 83.4 110.1 86.2 21 22 18 Levels Total liabilities Q2 Total assets 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 State and local governments Federal government 23 Rest of the world 1587.0 1527.7 1491.1 1517.0 1431.1 1265.1 1416.3 1376.2 1331.3 1265.1 1029.0 23 24 25 26 27 28 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 16.1 1041.2 48.9 11.1 30.0 65.6 835.3 44.5 6.5 30.6 83.0 649.3 29.2 11.0 71.9 126.0 660.8 44.2 11.8 59.1 190.6 515.1 43.9 12.0 59.8 232.8 441.1 57.0 20.5 58.8 211.9 472.6 52.9 12.4 67.9 226.5 497.4 60.6 18.4 68.7 226.3 469.6 57.1 21.2 58.8 232.8 441.1 57.0 20.5 58.8 234.6 401.9 71.0 17.4 63.7 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 323.8 488.2 95.9 303.7 518.2 85.3 278.0 532.9 101.0 324.3 576.3 102.7 346.4 573.8 102.2 375.4 583.1 115.5 366.0 568.7 105.6 342.7 575.7 109.2 364.3 577.4 113.0 375.4 583.1 115.5 398.3 598.0 119.7 29 30 31 32 33 Mutual funds Money market mutual funds 20.0 35.2 14.9 26.9 2.9 23.5 5.7 22.7 -27.4 28.8 -8.3 31.7 -16.2 31.5 -15.3 31.9 17.0 33.8 -8.3 31.7 -8.3 37.2 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 99.1 -204.6 54.6 100.3 -142.1 64.8 148.6 -129.0 66.1 148.5 -132.4 74.7 152.6 -170.2 100.4 165.6 -168.1 112.0 167.9 -181.7 105.9 167.7 -184.1 115.0 166.8 -192.9 101.4 165.6 -168.1 112.0 152.1 -160.6 123.5 34 35 36 37 38 Brokers and dealers Holding companies 31.3 446.0 53.2 590.3 52.6 556.7 39.9 510.4 31.9 820.7 66.3 801.7 61.7 890.0 55.4 888.8 46.0 906.4 66.3 801.7 4.5 796.8 37 38 -6490.0 -6288.4 -6870.1 -7450.8 -7816.1 -8465.7 -7889.9 -8194.7 -8084.9 -8465.7 -8621.9 39 39 Discrepancy 113 Z.1, June 5, 2014 B.100 Balance Sheet of Households and Nonprofit Organizations (1) 2008 1 2 3 4 5 6 7 8 9 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 71476.2 73030.3 77130.1 78258.0 84441.4 94042.3 87359.3 88855.8 91330.1 94042.3 95548.6 1 24813.9 23671.0 23323.3 23265.8 25007.3 27544.4 25812.0 26437.2 27043.7 27544.4 28329.6 2 19861.4 17444.1 2417.3 268.5 105.4 4578.6 18693.4 16913.9 1779.5 279.5 110.0 4588.1 18330.9 16347.4 1983.6 290.6 115.0 4586.7 18111.2 15939.7 2171.5 304.6 123.6 4726.4 19711.8 17394.5 2317.2 315.1 132.4 4848.0 22069.7 19407.5 2662.2 323.7 140.0 5011.0 20462.3 18093.7 2368.6 317.2 134.6 4897.9 21044.4 18573.4 2471.0 319.2 136.2 4937.4 21610.4 19026.4 2584.0 321.5 138.1 4973.8 22069.7 19407.5 2662.2 323.7 140.0 5011.0 22820.4 20165.4 2654.9 326.2 141.6 5041.4 3 4 5 6 7 8 46662.4 49359.3 53806.9 54992.2 59434.1 66497.9 61547.3 62418.7 64286.4 66497.9 67219.0 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8172.0 56.9 294.9 6239.3 1580.9 8090.0 50.2 396.0 6330.8 1313.0 8059.4 49.7 423.6 6455.9 1130.2 8736.8 46.9 752.0 6827.7 1110.2 9241.5 45.1 897.8 7191.2 1107.4 9572.3 48.4 1004.7 7388.7 1130.4 9260.6 46.5 919.7 7238.7 1055.7 9246.4 51.3 898.1 7248.8 1048.3 9359.1 51.0 884.8 7333.4 1089.9 9572.3 48.4 1004.7 7388.7 1130.4 9783.0 43.6 1096.7 7551.6 1091.1 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Consumer credit (student loans) 5156.0 6.0 188.7 1057.7 1720.9 1946.5 29.7 111.8 94.6 5619.9 22.7 859.7 358.3 1828.1 2324.6 26.8 110.9 88.8 5834.0 21.1 1134.4 353.7 1871.8 2248.3 26.2 100.1 78.4 5425.5 19.4 715.6 304.6 1808.3 2379.0 23.4 100.8 74.5 5422.2 18.8 941.0 154.2 1665.8 2468.8 20.9 86.9 65.6 5446.0 15.0 935.4 125.9 1626.3 2578.0 25.9 80.4 59.1 5339.7 18.0 966.2 112.9 1676.1 2394.8 22.7 85.3 63.8 5354.2 17.8 1009.0 124.6 1670.0 2363.5 24.0 83.4 61.9 5328.7 17.6 980.8 109.7 1644.9 2409.4 24.5 81.8 60.0 5446.0 15.0 935.4 125.9 1626.3 2578.0 25.9 80.4 59.1 5262.8 14.3 841.2 14.1 1603.7 2626.2 27.2 78.4 57.8 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 5931.0 3306.7 737.4 1049.8 14071.9 7471.3 766.3 7496.1 4115.8 701.7 1109.2 15209.5 6216.2 800.9 8995.3 4600.2 725.2 1137.2 16751.6 6895.6 808.2 9025.4 4502.9 726.1 1203.6 17126.1 7366.9 878.8 10412.8 5408.7 757.0 1186.1 18093.8 8038.4 873.6 13309.6 6890.1 815.5 1242.2 19563.8 8760.8 897.6 11456.2 5898.3 743.6 1194.8 18572.2 8209.8 872.2 11686.6 6095.7 794.0 1203.0 18766.0 8398.4 874.4 12472.2 6501.9 791.5 1227.7 19115.6 8608.8 880.9 13309.6 6890.1 815.5 1242.2 19563.8 8760.8 897.6 13502.0 7058.9 818.7 1256.7 19766.4 8868.9 901.5 24 25 26 27 28 29 30 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (9) Consumer credit Municipal securities (10) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 41 Security credit Trade payables (10) Deferred and unpaid life insurance premiums 42 43 44 45 46 47 Net worth Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) Disposable personal income (SAAR) Household net worth as percentage of 48 disposable personal income (SAAR) Owners’ equity in household real 49 estate (11) Owners’ equity as percentage of 50 household real estate (12) 14278.2 14049.5 13766.5 13566.0 13626.8 13768.2 13575.6 13597.7 13711.5 13768.2 13784.8 31 13849.6 10579.0 2650.6 259.5 26.4 133.2 200.9 13546.3 10417.6 2552.8 265.4 -15.9 133.7 192.6 13214.8 9912.7 2647.4 263.2 61.0 136.1 194.3 13052.9 9697.5 2755.9 255.5 11.5 138.1 194.3 13044.2 9481.7 2923.6 241.0 62.6 139.3 195.9 13146.1 9386.2 3097.4 227.8 92.7 141.3 200.8 12987.6 9432.0 2923.8 239.4 56.3 139.4 196.7 13012.9 9407.9 2966.4 235.7 64.6 140.7 197.5 13116.2 9416.1 3036.6 232.4 92.3 140.9 197.9 13146.1 9386.2 3097.4 227.8 92.7 141.3 200.8 13147.5 9349.1 3103.6 227.6 124.4 141.3 201.6 32 33 34 35 36 37 38 164.8 236.7 27.0 203.0 278.2 22.1 278.2 248.8 24.7 238.9 250.0 24.3 303.7 254.0 24.9 339.2 255.0 27.9 307.9 254.3 25.9 302.6 254.5 27.8 313.7 254.8 26.8 339.2 255.0 27.9 351.7 256.0 29.6 39 40 41 57198.0 58980.9 63363.7 64692.0 70814.6 80274.1 73783.7 75258.1 77618.6 80274.1 81763.8 42 12985.7 12780.0 205.6 1537.8 12680.7 12479.0 201.7 1487.7 12730.1 12526.6 203.5 1500.8 12846.1 12640.3 205.8 1554.1 13218.9 13010.0 208.9 1600.3 14154.5 13930.8 223.7 1682.8 13451.5 13238.9 212.6 1619.6 13654.4 13438.6 215.8 1644.1 13863.9 13644.8 219.1 1661.1 14154.5 13930.8 223.7 1682.8 14469.3 14240.6 228.7 1695.9 43 44 45 46 10995.4 10937.2 11243.7 11787.4 12245.8 12476.2 12296.9 12417.4 12567.7 12622.8 12719.0 47 520.2 539.3 563.5 548.8 578.3 643.4 600.0 606.1 617.6 635.9 642.8 48 6865.1 6496.3 6434.7 6242.1 7912.8 10021.3 8661.7 9165.5 9610.3 10021.3 10816.3 49 39.4 38.4 39.4 39.2 45.5 51.6 47.9 49.3 50.5 51.6 53.6 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.103, line 33) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Liabilities of nonprofit organizations. (11) Line 4 less line 33. (12) Line 49 divided by line 4. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 114 Z.1, June 5, 2014 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 With nonfinancial 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 Balance Sheets 22 Assets Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 29540.0 27214.6 29012.5 30596.4 32225.6 34837.6 32695.8 33377.0 34138.3 34837.6 34996.5 1 16603.1 13880.8 14978.8 16073.2 16950.5 18511.7 17185.6 17619.9 18139.2 18511.7 18568.6 2 9358.5 3894.2 1539.3 1811.1 6776.5 3826.9 1572.1 1705.3 7578.2 3887.7 1639.3 1873.6 8318.5 4023.7 1719.8 2011.2 8884.9 4146.9 1819.1 2099.6 10202.1 4245.8 1901.9 2162.0 9058.7 4169.7 1842.1 2115.1 9455.8 4191.0 1858.2 2114.9 9903.1 4218.6 1880.1 2137.4 10202.1 4245.8 1901.9 2162.0 10165.5 4279.4 1920.8 2202.9 3 4 5 6 12936.9 13333.8 14033.7 14523.2 15275.1 16325.9 15510.1 15757.1 15999.1 16325.9 16427.9 7 24.7 84.2 311.9 727.0 7.2 57.3 30.5 10.2 26.2 33.6 55.2 2085.7 106.3 9376.9 31.5 155.0 488.8 655.5 7.9 56.0 43.0 14.3 27.1 29.5 53.2 2054.5 162.0 9555.5 40.6 234.6 548.7 497.8 12.1 68.0 48.0 16.0 23.9 28.0 45.5 2156.5 186.8 10127.0 34.8 264.3 561.9 462.4 12.6 67.9 43.0 14.3 22.3 27.4 47.4 2240.3 165.9 10558.6 35.8 279.4 598.8 480.6 9.7 59.8 39.5 13.2 24.0 26.6 49.2 2324.0 180.1 11154.4 80.6 374.0 657.3 521.1 8.8 30.3 40.3 8.4 11.6 25.8 43.5 2460.5 211.4 11852.1 47.6 298.8 607.9 476.0 9.3 56.2 33.1 6.0 14.5 26.4 42.4 2435.9 189.3 11266.8 61.7 275.6 623.0 473.1 8.7 50.2 38.2 7.7 14.5 26.2 42.6 2520.0 191.0 11424.6 64.9 319.5 659.3 504.0 12.5 42.0 38.5 7.8 14.7 26.0 42.8 2544.2 199.8 11522.9 80.6 374.0 657.3 521.1 8.8 30.3 40.3 8.4 11.6 25.8 43.5 2460.5 211.4 11852.1 64.5 306.7 668.9 497.1 10.6 32.9 38.0 7.7 14.0 25.6 42.4 2538.6 212.2 11968.7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 13225.1 12904.6 13227.9 13879.6 14907.8 15781.2 15085.2 15284.8 15554.2 15781.2 15902.2 22 23 24 25 26 27 28 29 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances Mortgages 7567.2 131.5 415.0 3954.5 780.1 1384.0 902.2 7332.5 58.4 452.2 4366.2 546.0 1139.1 770.6 7455.0 82.9 485.4 4804.8 477.4 948.3 656.2 7958.0 116.3 493.9 5215.6 546.3 1008.5 577.4 8662.4 130.3 509.1 5795.2 608.1 1036.9 582.7 9407.1 144.5 518.5 6435.5 654.2 1047.2 607.2 8808.8 140.1 510.4 5940.0 604.2 1037.1 577.0 9024.0 147.2 515.0 6082.7 621.0 1076.3 581.8 9242.0 171.2 516.4 6269.0 627.0 1066.1 592.4 9407.1 144.5 518.5 6435.5 654.2 1047.2 607.2 9630.5 180.2 517.7 6601.0 653.8 1071.6 606.2 23 24 25 26 27 28 29 30 31 32 Trade payables Taxes payable Miscellaneous liabilities 1672.7 39.0 3946.2 1590.2 35.7 3946.2 1746.5 42.9 3983.5 1771.7 51.7 4098.3 1854.9 54.0 4336.6 1973.0 43.9 4357.2 1882.0 60.9 4333.5 1919.9 48.1 4292.8 1950.4 50.0 4311.8 1973.0 43.9 4357.2 1996.4 45.0 4230.3 30 31 32 33 Net worth (market value) 16314.9 14310.0 15784.6 16716.8 17317.7 19056.4 17610.5 18092.2 18584.1 19056.4 19094.4 33 166.1 7257.4 10016.6 46.4 75.5 61.4 163.5 6882.9 12512.2 51.2 58.6 87.4 166.3 7114.3 14371.6 47.2 51.9 91.0 168.4 7456.1 14501.0 47.6 54.9 86.7 169.1 7655.8 16132.4 50.0 53.7 93.2 180.7 8040.1 20952.4 49.4 44.9 109.9 172.0 7744.0 17855.2 50.0 49.3 101.4 174.5 7858.4 18178.3 49.9 49.6 100.5 177.0 7938.3 19367.6 49.7 47.7 104.2 180.7 8040.1 20952.4 49.4 44.9 109.9 184.6 8101.0 21222.4 50.4 45.4 111.1 34 35 36 37 38 39 23529.7 23980.1 25015.2 25965.1 27248.6 28787.4 27633.1 27970.5 28359.2 28787.4 29069.0 40 34 35 36 37 38 39 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With nonfinancial assets stated at historical cost: 40 Assets (8) 41 42 43 44 45 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 10592.8 4032.6 3494.4 1436.2 1629.5 10646.4 4209.8 3463.8 1480.1 1492.7 10981.5 4379.6 3502.6 1539.7 1559.5 11441.9 4542.0 3608.6 1609.9 1681.4 11973.6 4736.0 3748.7 1685.0 1803.9 12461.5 4938.9 3894.5 1763.4 1864.8 12123.0 4779.9 3785.1 1704.8 1853.2 12213.4 4823.6 3821.3 1723.5 1845.0 12360.0 4884.0 3856.4 1743.2 1876.3 12461.5 4938.9 3894.5 1763.4 1864.8 12641.1 5007.5 3930.2 1784.4 1919.0 41 42 43 44 45 46 Net worth (historical cost) (9) 10304.6 11075.6 11787.3 12085.5 12340.8 13006.1 12547.9 12685.7 12804.9 13006.1 13166.9 46 79.0 3509.2 73.4 80.7 3682.7 66.2 81.6 3811.2 63.2 82.6 3953.7 65.8 84.2 4130.5 70.2 86.5 4318.0 72.3 84.7 4173.0 70.2 85.3 4219.3 71.1 85.9 4268.6 72.2 86.5 4318.0 72.3 87.1 4365.8 73.1 47 48 49 Memo: Historical-cost value of structures: 47 Residential 48 Nonresidential 49 Debt/net worth (percent) (10) (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 23 divided by line 33. (6) Line 23 divided by line 36 (7) Line 36 divided by line 33. (8) Sum of lines 7 and 41. (9) Line 40 less line 22. (10) Line 23 divided by line 46. 115 Z.1, June 5, 2014 B.103 Balance Sheet of Nonfinancial Noncorporate Business 2008 1 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 13255.0 11931.4 12554.1 13107.4 13879.2 14751.6 14056.6 14292.9 14552.7 14751.6 14889.6 1 2 Nonfinancial assets 9561.9 8355.3 8826.3 9362.9 10060.9 10849.5 10234.3 10443.5 10678.3 10849.5 10974.6 2 3 4 5 Real estate (1) Residential Nonresidential 8488.5 4757.9 3730.6 7300.5 4268.7 3031.8 7719.9 4408.2 3311.7 8193.9 4581.9 3612.0 8857.4 4965.0 3892.4 9775.3 5480.5 4294.8 9060.0 5105.7 3954.4 9296.4 5222.0 4074.5 9562.0 5359.2 4202.9 9775.3 5480.5 4294.8 9926.8 5640.8 4286.0 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 663.3 46.6 616.8 657.1 44.0 613.1 667.4 42.2 625.2 693.7 43.7 650.0 712.9 44.1 668.8 622.3 42.9 579.4 693.0 44.1 648.9 670.7 43.5 627.2 649.4 43.1 606.3 622.3 42.9 579.4 597.9 43.0 554.9 6 7 8 Intellectual property products (2) Inventories (2) 171.0 239.0 175.8 221.9 183.0 256.0 191.0 284.4 201.8 288.8 154.7 297.3 191.1 290.1 180.6 295.8 168.6 298.4 154.7 297.3 138.4 311.5 9 10 3693.1 3576.1 3727.8 3744.5 3818.3 3902.1 3822.4 3849.3 3874.4 3902.1 3915.0 11 519.4 358.1 75.4 534.3 353.3 73.7 531.5 356.2 76.8 529.1 360.1 77.7 543.8 365.2 78.8 553.4 374.3 80.7 543.9 365.8 78.9 547.1 368.7 79.5 550.1 371.4 80.1 553.4 374.3 80.7 554.8 375.8 81.0 12 13 14 95.8 89.1 95.8 96.8 98.2 100.6 98.3 99.1 99.8 100.6 101.0 15 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.6 5.7 42.5 0.0 49.3 5.8 43.1 0.0 50.5 5.9 44.2 0.0 49.4 5.8 43.2 0.0 49.7 5.8 43.5 0.0 50.1 5.9 43.9 0.0 50.5 5.9 44.2 0.0 50.7 5.9 44.4 0.0 16 17 18 19 522.7 2121.8 111.5 6.4 2003.9 496.3 2029.3 101.7 6.3 1921.3 533.4 2134.1 131.4 6.7 1996.0 539.2 2141.6 119.8 7.0 2014.8 546.8 2185.6 134.9 7.2 2043.6 560.4 2232.6 129.3 7.8 2095.6 547.7 2187.8 133.0 7.1 2047.7 552.0 2202.9 132.2 7.4 2063.4 556.0 2217.0 130.9 7.6 2078.5 560.4 2232.6 129.3 7.8 2095.6 562.6 2239.7 128.6 8.0 2103.1 20 21 22 23 24 5794.4 5730.0 5674.4 5753.6 5859.4 6010.0 5866.1 5913.9 5961.6 6010.0 6039.9 25 4093.2 3984.5 3949.8 3985.0 4071.6 4197.3 4070.4 4113.3 4152.2 4197.3 4226.5 26 1046.1 177.3 2869.9 944.0 172.0 2868.5 927.2 170.6 2852.0 983.9 171.2 2829.9 1072.0 180.6 2819.1 1121.9 185.7 2889.7 1076.7 180.1 2813.7 1094.4 180.6 2838.3 1106.0 181.5 2864.7 1121.9 185.7 2889.7 1133.3 186.7 2906.5 27 28 29 380.6 106.2 1214.3 397.4 99.9 1248.1 427.7 99.2 1197.7 435.5 100.3 1232.7 434.4 102.4 1250.9 442.1 106.1 1264.5 438.5 102.6 1254.5 440.5 103.8 1256.3 442.5 104.9 1262.1 442.1 106.1 1264.5 443.5 106.7 1263.2 30 31 32 7460.6 6201.4 6879.7 7353.8 8019.8 8741.6 8190.6 8379.0 8591.1 8741.6 8849.7 33 2881.7 1682.0 2815.4 1586.0 2839.6 1595.4 2861.5 1646.2 2875.3 1682.6 3058.3 1841.5 2920.4 1724.6 2959.1 1768.7 2999.7 1802.0 3058.3 1841.5 3122.9 1874.5 34 35 54.9 64.3 57.4 54.2 50.8 48.0 49.7 49.1 48.3 48.0 47.8 36 9 10 11 Assets 2009 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 Credit market instruments 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: 34 35 36 Replacement-cost value of structures: Residential Nonresidential 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 25. Included in table B.100, line 31. (6) Line 26 divided by line 33. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 116 Z.1, June 5, 2014 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2008 1 2 Change in net worth (1) Net investment 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 9 10 11 12 13 14 15 16 17 18 19 20 21 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 -10634.1 1782.8 4382.8 1328.3 6122.5 9459.6 2969.2 1474.4 2360.5 2655.5 1489.7 1 1018.7 855.2 1154.3 1364.2 1166.1 1355.6 493.8 217.9 131.7 512.2 313.9 2 289.4 1613.6 1324.2 105.4 1429.3 1323.8 130.3 1448.9 1318.6 167.3 1509.6 1342.2 240.2 1613.2 1373.0 336.4 1733.9 1397.5 79.8 423.1 343.3 83.6 431.1 347.5 89.0 440.5 351.4 83.9 439.2 355.3 77.5 436.9 359.4 3 4 5 729.3 739.7 10.4 749.8 813.3 63.5 1024.1 916.9 -107.2 1196.9 1137.5 -59.4 925.9 1189.0 263.1 1019.2 1248.8 229.6 414.0 389.2 -24.9 134.3 181.0 46.7 42.6 177.6 134.9 428.3 501.1 72.8 236.4 266.8 30.4 6 7 8 -11583.2 417.3 2522.0 95.8 4713.1 7800.3 2449.8 1105.9 2185.9 2058.7 1217.9 9 -3646.1 -3886.4 -1333.3 -1169.4 -86.9 -1461.2 0.0 -1203.9 1566.4 469.7 -1185.3 34.8 735.9 -0.3 -385.9 1690.6 251.8 489.7 21.7 455.0 -1.0 -244.6 192.0 -270.3 537.6 -7.4 -111.4 -0.2 1560.8 1636.1 360.8 701.3 18.9 435.3 -0.1 2255.3 3047.6 767.4 740.0 27.5 962.5 0.0 728.4 1004.6 178.7 165.0 8.2 364.9 0.0 555.8 255.4 18.8 196.6 2.5 76.8 0.0 537.3 938.9 259.6 222.4 6.2 221.5 0.0 433.8 848.7 310.3 156.0 10.5 299.4 0.0 729.9 326.8 -25.0 114.5 1.7 70.0 0.0 10 11 12 13 14 15 16 -26.8 -41.0 -85.4 22.2 -35.0 -50.5 -2.7 -13.9 -18.0 -15.8 -19.4 17 -32.0 3.9 1.2 -40.8 -0.5 0.3 -88.3 1.4 1.5 17.9 2.0 2.3 -38.8 0.6 3.2 -53.3 0.2 2.6 -3.2 -0.3 0.8 -14.2 -0.2 0.4 -19.0 0.4 0.6 -17.0 0.3 0.8 -21.0 1.1 0.5 18 19 20 -42.8 551.3 791.8 -153.9 278.4 354.1 28.2 164.6 61.0 100.4 -22.8 21 57198.0 10995.4 58980.9 10937.2 63363.7 11243.7 64692.0 11787.4 70814.6 12245.8 80274.1 12476.2 73783.7 12296.9 75258.1 12417.4 77618.6 12567.7 80274.1 12622.8 81763.8 12719.0 22 23 Memo: Balance Sheets 22 23 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 117 Z.1, June 5, 2014 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2008 1 2 Change in net worth (1) Net investment 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 -1953.3 -2004.9 1474.6 932.2 601.0 1738.6 292.8 481.7 491.9 472.2 38.0 1 -975.0 400.3 56.2 -613.8 -583.7 -309.3 -66.9 -54.5 -133.4 -54.5 -103.5 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 302.7 1358.6 1092.9 -37.0 -88.6 1008.5 1090.4 6.7 188.2 1239.6 1092.4 -41.0 258.7 1337.0 1134.4 -56.0 327.7 1504.2 1186.6 -10.0 323.4 1560.0 1237.0 -0.3 62.4 363.7 304.6 -3.3 73.8 383.3 307.3 2.2 93.8 405.5 311.3 0.4 93.3 407.5 313.9 0.3 88.7 398.7 317.8 -7.8 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -943.3 -604.2 339.1 551.0 302.4 -248.5 145.5 633.2 487.8 -400.3 494.1 894.4 -511.9 684.6 1196.4 -224.1 866.0 1090.0 -65.2 172.7 237.9 -22.5 233.5 256.1 -114.0 204.2 318.3 -22.3 255.5 277.8 -85.5 89.7 175.1 7 8 9 Net corporate equity issues -334.3 -62.1 -277.4 -472.2 -399.5 -408.6 -64.0 -105.8 -113.2 -125.5 -106.7 10 10 11 Holding gains on assets at market value (2) -1205.1 -2624.5 755.4 685.8 499.0 1261.5 175.9 380.5 420.7 284.4 -81.9 11 12 13 Real estate Mutual fund shares -1149.9 -55.2 -2644.9 20.4 741.8 13.6 693.8 -8.1 484.8 14.2 1230.9 30.6 166.8 9.0 379.0 1.5 412.1 8.7 273.0 11.4 -82.4 0.6 12 13 8.0 165.6 3.4 135.8 52.8 2.6 -25.3 -30.5 52.0 6.4 34.8 14 104.8 12.8 -66.5 -10.1 3.0 39.9 48.4 22.2 63.6 62.2 27.6 42.5 21.1 45.2 7.4 -6.3 27.3 -10.4 -3.6 8.8 4.0 -4.8 3.0 -9.2 2.7 8.0 -3.7 -0.6 7.5 -1.5 7.9 3.7 23.1 15 16 17 -144.4 -101.2 -35.7 -168.5 -145.6 -14.8 -7.1 -10.7 -24.9 -4.0 -48.1 -40.0 -47.8 -13.3 -34.1 -14.6 14.6 -30.5 19.3 18.2 0.0 0.0 18 19 218.8 53.8 659.6 724.4 632.9 783.8 209.1 186.2 152.6 235.9 188.5 20 16314.9 14310.0 15784.6 16716.8 17317.7 19056.4 17610.5 18092.2 18584.1 19056.4 19094.4 21 14 15 16 17 Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) 18 19 Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 33. Balance Sheets Memo: 21 118 Z.1, June 5, 2014 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2008 2009 2010 2011 2012 2013 2013 Q1 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment Q2 Q3 2014 Q1 Q4 -1458.8 -1259.2 678.3 474.2 666.0 721.8 170.7 188.5 212.0 150.6 108.0 1 -3.3 -6.0 -7.8 -1.6 -4.9 0.0 0.0 0.0 0.0 0.0 0.0 2 -302.1 -76.0 181.4 -70.5 -29.8 -19.8 6.4 -9.6 -9.1 -7.5 -6.5 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 52.6 307.1 254.5 -12.8 240.2 253.0 -10.8 241.0 251.8 -0.9 255.8 256.8 9.3 273.8 264.5 51.4 326.8 275.4 10.3 78.0 67.7 12.5 80.9 68.4 14.8 84.0 69.2 13.8 83.8 70.0 11.3 82.2 71.0 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -49.3 97.2 146.6 18.8 -117.0 -135.8 18.6 151.7 133.1 2.5 16.7 14.2 -4.3 73.8 78.2 -51.4 83.8 135.2 -10.3 4.1 14.4 -12.5 27.0 39.5 -14.8 25.0 39.8 -13.8 27.8 41.6 -11.3 12.9 24.2 7 8 9 10 Proprietor’s net investment (2) -305.3 -82.0 173.6 -72.1 -34.7 -19.8 6.4 -9.6 -9.1 -7.5 -6.5 10 11 Holding gains on real estate (3) -1175.0 -1188.9 437.1 487.2 671.1 908.6 202.2 234.4 262.2 209.7 147.9 11 -808.9 -366.1 -479.2 -709.8 156.4 280.7 188.2 299.0 398.1 273.0 512.3 396.3 141.1 61.2 115.8 118.5 135.7 126.5 119.7 90.0 158.3 -10.3 12 13 16.2 -4.9 44.7 50.4 26.2 -171.4 -39.2 -37.6 -42.2 -52.3 -34.1 14 0.1 21.9 1.5 -7.3 -2.7 6.1 0.2 -8.6 -2.3 8.8 2.0 36.2 1.3 15.6 2.4 31.1 1.0 11.2 4.6 9.3 0.2 -94.9 -51.5 -25.2 0.4 -21.4 -12.0 -6.2 -0.2 -23.3 -11.7 -2.4 -0.2 -21.9 -13.0 -7.1 0.3 -28.4 -14.8 -9.5 0.8 -25.4 -17.2 7.6 15 16 17 18 5.3 16.6 22.8 8.7 3.4 4.4 1.4 1.3 1.1 0.7 0.7 19 7460.6 6201.4 6879.7 7353.8 8019.8 8741.6 8190.6 8379.0 8591.1 8741.6 8849.7 20 12 13 14 15 16 17 18 19 Residential Nonresidential Holding gains on assets at current cost (3) Residential equipment Nonresidential equipment Intellectual property products Inventories Other volume changes (4) Memo: Balance Sheets 20 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 19). (2) Shown on table F.103, line 30. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 33. 119 Z.1, June 5, 2014 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 2008 1 Assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 71476.2 73030.3 77130.1 78258.0 84441.4 94042.3 87359.3 88855.8 91330.1 94042.3 95548.6 1 2 Nonfinancial assets 24813.9 23671.0 23323.3 23265.8 25007.3 27544.4 25812.0 26437.2 27043.7 27544.4 28329.6 2 3 Financial assets 46662.4 49359.3 53806.9 54992.2 59434.1 66497.9 61547.3 62418.7 64286.4 66497.9 67219.0 3 8172.0 5156.0 8090.0 5619.9 8059.4 5834.0 8736.8 5425.5 9241.5 5422.2 9572.3 5446.0 9260.6 5339.7 9246.4 5354.2 9359.1 5328.7 9572.3 5446.0 9783.0 5262.8 4 5 10194.5 13091.8 15461.4 15105.2 17368.1 22417.5 19091.3 19545.9 20892.9 22417.5 22778.7 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 5931.0 7496.1 8995.3 9025.4 10412.8 13309.6 11456.2 11686.6 12472.2 13309.6 13502.0 7 8 Indirectly held 4263.5 5595.7 6466.1 6079.7 6955.3 9107.9 7635.0 7859.2 8420.7 9107.9 9276.7 8 956.9 1373.1 83.7 1849.8 1220.3 1798.7 116.8 2459.9 1420.5 2121.7 140.9 2782.9 1395.7 2016.9 134.4 2532.8 1556.5 2288.1 148.1 2962.6 1825.5 2986.8 206.2 4089.4 1654.4 2531.9 167.8 3281.0 1678.8 2607.2 173.8 3399.4 1733.8 2778.2 184.5 3724.2 1825.5 2986.8 206.2 4089.4 1846.3 3058.3 211.8 4160.3 9 10 11 12 9 10 11 12 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) Mutual funds 13 Other 23139.9 22557.6 24452.1 25724.8 27402.4 29062.1 27855.7 28272.2 28705.7 29062.1 29394.5 13 14 Liabilities 14278.2 14049.5 13766.5 13566.0 13626.8 13768.2 13575.6 13597.7 13711.5 13768.2 13784.8 14 15 Net worth 57198.0 58980.9 63363.7 64692.0 70814.6 80274.1 73783.7 75258.1 77618.6 80274.1 81763.8 15 14.3 21.8 17.9 26.5 20.0 28.7 19.3 27.5 20.6 29.2 23.8 33.7 21.9 31.0 22.0 31.3 22.9 32.5 23.8 33.7 23.8 33.9 16 17 Memo: 16 17 Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Estimates of equity shares (lines 7 through 12) 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. (2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 13. 120 Z.1, June 5, 2014 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 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 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements (2) 7 Credit market instruments 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 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. Supplements 1994 121 Z.1, June 5, 2014 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 repurchase agreements (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c. Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 122 Z.1, June 5, 2014 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2 3 4 5 6 7 8 9 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 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 4043.8 1435.2 1041.9 281.1 18.8 993.1 139.6 155.4 -21.2 3691.2 1144.9 1026.1 246.0 14.8 969.4 136.3 174.3 -20.6 3885.0 1191.5 1057.1 346.3 15.7 989.0 137.2 171.1 -22.9 4074.1 1404.0 1097.1 345.0 16.3 922.6 137.4 175.4 -23.8 4259.2 1498.0 1122.9 402.4 17.8 955.3 131.4 159.1 -27.7 4695.8 1658.5 1146.7 384.3 19.9 1111.3 246.0 169.2 -40.1 4547.3 1629.0 1140.7 375.4 19.2 1099.0 154.3 165.1 -35.5 4832.0 1668.8 1138.8 384.7 19.4 1108.6 380.6 170.0 -39.0 4623.3 1657.6 1149.0 383.2 20.0 1114.3 175.3 165.3 -41.4 4780.6 1678.5 1158.3 393.6 20.8 1123.5 273.7 176.5 -44.3 4761.4 1698.3 1172.6 419.6 21.7 1139.4 187.7 167.6 -45.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 4844.0 2368.6 1862.8 45.0 515.0 52.6 5213.0 2442.1 2117.5 52.7 542.4 58.3 5451.8 2522.2 2250.5 50.6 572.7 55.9 5535.4 2526.1 2277.4 56.5 615.5 60.0 5621.6 2548.0 2334.8 49.9 631.6 57.3 5669.0 2519.2 2418.1 48.6 624.5 58.7 5630.1 2525.3 2400.4 47.6 598.8 58.0 5682.7 2517.5 2404.9 52.4 649.0 58.9 5699.3 2523.2 2431.8 53.5 631.7 59.1 5664.0 2510.8 2435.4 40.8 618.3 58.7 5727.6 2527.5 2476.1 41.9 625.4 56.8 10 11 12 13 14 15 16 17 18 19 20 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -800.2 426.5 -0.6 4.8 -13.3 -1521.7 442.7 0.5 5.0 -3.4 -1566.8 458.1 -1.7 4.9 8.1 -1461.3 478.1 -0.4 4.4 7.5 -1362.3 493.6 -1.4 4.6 5.8 -973.2 505.1 -1.2 5.3 -12.2 -1082.9 500.5 -1.9 5.3 -5.4 -850.7 503.4 -0.4 5.3 -10.3 -1075.9 506.1 -2.7 5.3 -13.4 -883.4 510.5 -0.0 5.4 -19.6 -966.2 513.2 -2.0 5.5 -13.1 16 17 18 19 20 21 = Gross saving less net capital transfers -364.6 -1081.1 -1120.1 -994.7 -877.7 -460.0 -580.4 -342.0 -559.1 -358.6 -443.5 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets -483.4 634.6 -6.6 -1089.1 647.0 3.4 -1068.7 651.8 9.6 -1026.9 632.6 9.2 -765.1 619.0 8.9 -366.3 606.3 8.5 -778.9 598.8 9.2 178.5 604.4 8.8 -453.5 614.4 8.2 -411.1 607.6 7.8 -556.1 588.8 7.7 22 23 24 -1111.5 522.8 4.2 321.6 17.2 2.6 -12.1 -1739.5 268.8 51.9 -155.0 10.0 9.8 -4.3 -1730.1 343.5 1.6 154.5 -6.3 13.7 -1.4 -1668.8 -139.8 16.2 -240.8 15.0 3.4 -3.6 -1392.9 145.8 4.3 -2.3 19.4 5.4 4.7 -981.1 208.2 -3.3 76.1 12.2 4.9 4.3 -1386.9 271.3 3.3 4.9 14.6 14.5 12.0 -434.8 253.8 -1.0 118.4 -6.3 10.1 8.5 -1076.1 -78.9 -4.2 -160.1 30.5 -3.6 -2.4 -1026.6 386.7 -11.2 341.0 10.1 -1.6 -0.8 -1152.7 139.2 -14.4 -24.3 20.4 7.7 6.6 25 26 27 28 29 30 31 42.6 -22.0 36.0 0.4 -5.7 9.2 19.5 5.2 248.5 -0.7 -11.2 -56.8 -33.2 291.6 -39.1 151.6 1.0 3.9 21.0 87.9 65.2 -1.8 1.7 -25.7 30.1 60.6 140.0 13.0 -24.7 1.4 7.7 6.8 133.1 2.7 23.8 2.8 12.4 28.2 -25.9 0.6 -11.2 -126.0 0.3 -0.9 5.9 128.5 4.0 37.7 0.2 7.1 22.9 1.7 97.0 -7.2 -41.1 0.3 3.2 7.7 132.1 2.1 -11.4 0.9 8.4 14.0 5.4 111.9 -7.8 -12.6 0.2 2.6 8.4 113.1 7.9 -3.4 0.7 7.3 -14.3 11.8 210.4 -2.6 17.9 1.0 12.7 24.4 148.2 8.8 1.7 3.5 -5.4 -3.6 15.2 143.5 -5.3 3.2 0.7 8.1 10.9 117.2 8.7 1.6 2.3 25.6 -47.0 -1.9 44.1 -12.2 -38.9 -0.5 -6.3 -3.0 97.7 7.3 -13.6 -1.7 4.8 11.3 16.1 49.4 -11.1 -32.5 -0.3 -4.1 1.3 89.2 6.9 -3.3 -1.1 4.1 -18.0 18.1 151.4 -6.6 -4.5 0.5 5.6 9.6 140.5 6.4 2.4 1.5 -0.6 -28.0 16.4 32 33 34 35 36 37 38 39 40 41 42 43 44 1634.2 0.0 0.0 -0.8 1302.8 -2.4 1287.9 0.2 17.1 0.0 61.2 1.0 270.1 2008.4 47.6 3.0 -0.4 1573.5 -2.8 1464.0 0.1 112.2 0.0 -17.3 1.1 400.7 2073.6 0.0 0.0 -0.3 1642.1 -3.3 1576.0 0.7 68.7 0.0 44.7 0.9 386.2 1529.0 0.0 0.0 0.0 1047.0 -2.7 1102.2 1.1 -53.6 0.0 47.8 1.3 432.8 1538.7 0.0 0.0 0.0 1095.3 -2.8 1104.2 -0.4 -5.7 0.0 54.3 0.3 388.7 1189.3 0.0 0.0 -0.4 734.0 -3.3 777.1 -0.4 -39.4 0.0 57.9 0.3 397.5 1658.2 0.0 0.0 0.0 1203.0 -2.5 1134.9 -1.0 71.7 0.0 42.0 0.2 412.9 688.6 0.0 0.0 0.0 306.8 -3.7 276.2 1.3 33.0 0.0 71.0 0.8 310.1 997.2 0.0 0.0 -1.4 150.7 -3.3 270.4 0.5 -116.9 0.0 65.3 -0.5 783.0 1413.2 0.0 0.0 0.0 1275.4 -3.6 1426.9 -2.4 -145.4 0.0 53.3 0.5 84.0 1291.8 0.0 0.0 0.0 861.5 -2.9 886.8 -1.9 -20.5 0.0 35.9 -0.0 394.5 45 46 47 48 49 50 51 52 53 54 55 56 57 118.8 8.0 -51.4 32.2 -112.6 -93.8 198.6 -520.5 -105.6 52.5 112.6 58 -1434.8 323.3 -1111.5 -2168.7 429.2 -1739.5 -2218.6 488.6 -1730.1 -2093.9 425.2 -1668.8 -1981.3 588.4 -1392.9 -1579.5 598.4 -981.1 -1681.7 294.8 -1386.9 -1455.1 1020.4 -434.8 -1690.3 614.2 -1076.1 -1491.0 464.4 -1026.6 -1555.0 402.3 -1152.7 59 60 61 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Supplements 2009 45 46 47 48 49 50 51 52 53 54 55 56 57 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 58 Discrepancy 59 60 61 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) 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. (2) Table F.9, line 60 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) 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. (6) Line 16 less line 23. (7) Line 17 less the sum of lines 18, 19, 20, 24, and 58. (8) Line 59 plus line 60. 123 Z.1, June 5, 2014 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3296.1 3451.7 3756.6 3563.7 3729.4 3996.9 3800.7 3889.6 3890.3 3996.9 4040.3 1 41.9 447.8 239.8 125.7 129.8 94.6 292.7 249.9 135.5 125.5 95.4 446.8 243.6 149.2 124.1 103.9 205.8 258.5 152.6 120.5 102.8 209.8 291.9 158.0 125.2 96.4 287.2 304.1 162.9 129.6 99.0 194.5 295.5 161.7 128.2 98.2 247.6 293.9 164.2 130.4 99.2 204.5 301.6 163.3 129.8 96.4 287.2 304.1 162.9 129.6 95.8 263.5 309.2 164.8 131.2 2 3 4 5 6 1340.8 1628.9 1769.5 1767.7 1862.8 1973.6 1920.8 1942.1 1967.4 1973.6 2017.2 7 127.5 532.8 10.4 152.8 283.1 135.1 99.1 88.4 684.4 11.4 156.6 300.6 223.1 164.3 101.4 659.7 12.8 164.4 308.0 356.2 167.0 90.2 533.7 13.1 163.5 311.5 484.7 171.0 83.0 492.6 13.4 166.7 317.3 616.8 173.1 75.2 480.1 13.6 169.3 324.6 729.8 181.0 82.4 497.1 13.6 169.8 323.1 659.5 175.3 81.1 497.9 13.8 171.9 325.5 674.6 177.4 78.0 488.2 13.7 170.3 324.5 713.5 179.2 75.2 480.1 13.6 169.3 324.6 729.8 181.0 73.6 479.0 13.7 170.7 326.8 770.9 182.6 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 279.5 36.2 178.8 48.3 175.7 58.1 182.2 58.9 178.3 66.1 200.1 79.8 188.1 71.8 190.5 73.4 192.3 75.7 200.1 79.8 202.1 80.9 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 208.5 242.4 203.7 182.8 250.9 263.9 195.1 262.1 237.0 202.2 272.8 238.5 210.6 279.9 243.9 217.9 289.6 255.7 211.2 282.2 247.7 217.2 284.8 247.2 218.1 287.4 251.2 217.9 289.6 255.7 219.6 296.2 259.8 17 18 19 13512.1 15120.6 17243.2 18740.8 19997.0 20579.8 20236.3 20246.3 20399.2 20579.8 20919.8 20 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 52.9 5.2 25.9 53.1 5.2 25.9 54.2 5.2 25.6 54.4 5.2 25.6 54.6 5.2 25.6 21 22 23 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Treasury bills and other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 8602.8 194.1 5542.7 23.3 2842.7 0.0 10176.3 191.3 7006.7 23.5 2954.9 0.0 11818.4 188.0 8582.7 24.2 3023.6 0.0 12865.4 185.3 9684.9 25.3 2970.0 0.0 13960.8 182.5 10789.0 24.9 2964.3 0.0 14694.7 179.2 11566.1 24.5 2924.9 0.0 14302.9 181.8 11117.7 24.6 2978.9 0.0 14269.5 181.0 11093.2 25.0 2970.4 0.0 14334.9 180.0 11192.7 25.1 2937.0 0.0 14694.7 179.2 11566.1 24.5 2924.9 0.0 14950.4 178.4 11832.6 24.0 2915.5 0.0 24 25 26 27 28 29 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 852.4 46.4 3974.2 835.1 47.5 3974.9 879.9 48.4 4411.0 927.7 49.7 4812.6 982.0 50.0 4918.8 1040.0 50.3 4709.7 1001.4 50.1 4797.8 1019.9 50.2 4822.4 1034.3 50.1 4895.0 1040.0 50.3 4709.7 1058.2 50.3 4775.6 30 31 32 Supplements (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 124 Z.1, June 5, 2014 F.115.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Net acquisition of financial assets 132.8 92.1 126.9 176.4 56.5 84.6 71.5 31.7 80.7 154.5 234.1 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 21.8 17.5 5.2 -27.4 -5.5 2.2 -2.0 -12.7 0.7 3.0 7.9 -0.8 1.4 -1.4 -1.6 -4.8 -5.9 -0.0 4.5 -27.4 -6.9 -38.7 -6.2 -0.5 36.2 10.0 5.4 -21.2 0.1 2.0 12.1 -5.0 -7.7 2 3 4 5 Credit market instruments 6 7 8 9 10 11 12 12.5 139.0 111.7 122.4 37.9 70.1 37.4 72.6 48.4 121.8 127.0 5 Open market paper Treasury securities Agency- and GSE-backed securities 0.1 36.3 -36.5 15.5 26.1 2.7 -12.0 15.2 -5.6 -12.6 10.3 -1.5 15.9 1.3 -4.9 1.4 -11.3 -6.6 -20.7 -18.3 -5.2 -6.4 -10.8 -5.4 7.2 -8.0 -10.9 25.4 -8.2 -4.7 -10.2 12.1 -8.3 6 7 8 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 3.0 -22.5 20.2 12.0 25.9 93.4 -12.6 -12.0 39.5 83.4 -0.2 -8.6 9.2 93.3 7.9 15.8 9.0 1.6 1.9 13.1 9.2 57.0 3.5 16.9 9.6 72.5 -3.3 2.9 9.7 64.3 6.9 14.4 7.2 25.1 3.5 24.3 10.3 66.1 7.0 25.9 -0.5 115.6 4.9 13.5 9 10 11 12 13 14 Corporate equities Mutual fund shares 5.1 -1.8 1.5 -0.1 4.0 -0.1 0.3 0.7 -2.5 0.2 0.8 -0.2 -9.3 -0.7 6.5 -0.1 -15.6 0.0 21.7 0.0 2.0 0.0 13 14 15 Miscellaneous assets 72.4 -17.6 25.3 43.0 22.5 24.6 73.9 -1.9 -3.7 30.0 105.7 15 16 122.3 12.4 91.2 151.2 17.8 68.7 46.8 38.2 86.8 102.8 201.1 16 17 18 19 Net increase in liabilities Security repurchase agreements Corporate equity issues Other loans and advances -7.3 -10.7 26.2 -0.5 -0.9 -6.6 -2.2 -4.8 -3.2 0.1 -11.5 1.8 3.1 -9.9 4.8 -0.8 -9.2 7.8 0.5 -6.6 5.2 0.6 -9.7 6.5 -1.8 -10.7 -2.9 -2.5 -9.6 22.5 -4.2 -13.2 7.7 17 18 19 20 21 22 23 Life insurance reserves Pension entitlements (1) Taxes payable (net) Miscellaneous liabilities 53.0 66.3 -19.7 14.4 36.8 -89.7 -7.0 80.3 32.0 41.7 2.6 25.2 73.0 28.8 5.2 53.8 -6.2 3.0 -4.6 27.7 28.3 30.6 -2.3 14.2 10.1 9.4 -0.6 28.9 26.5 9.8 -6.7 11.2 44.3 47.0 0.0 10.9 32.4 56.0 -1.8 5.9 63.3 72.2 6.1 69.3 20 21 22 23 (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.115.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 33.2 24.3 54.6 52.6 70.5 18.1 25.4 -70.3 95.2 21.9 23.7 1 2 Checkable deposits and currency 2.6 -4.7 3.0 -0.9 1.3 -4.4 -4.7 -4.6 -4.3 -4.1 0.0 2 3 Credit market instruments -0.9 0.8 39.9 3.0 36.4 4.7 4.5 4.6 4.7 5.2 0.8 3 -3.5 -1.1 19.8 -4.0 1.6 3.1 3.1 8.0 9.6 1.4 8.5 -0.0 -2.0 4.2 -8.5 1.8 2.0 -2.0 1.7 1.6 -1.7 1.8 1.6 -1.7 1.8 1.6 -1.7 1.8 3.2 -2.9 0.0 0.0 0.0 4 5 6 2.7 -23.0 0.0 4.3 0.2 4.2 -0.0 -4.3 -0.3 19.5 -0.0 -0.0 0.2 -6.2 -0.0 -0.8 0.7 43.3 -0.1 -1.1 0.5 0.6 0.0 1.9 0.5 0.5 0.0 1.8 0.5 0.6 0.0 1.9 0.5 0.6 0.0 2.0 0.4 0.6 0.0 2.0 0.2 0.6 0.0 0.0 7 8 9 10 76.7 -8.9 31.9 0.1 41.6 1.1 37.5 0.4 17.7 1.1 12.6 1.5 12.1 2.0 12.7 1.4 12.8 1.4 12.8 1.4 28.6 1.4 11 12 -36.3 -3.8 -31.0 12.7 13.9 3.6 11.5 -84.4 80.6 6.6 -7.1 13 4 5 6 Supplements 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 11 12 Corporate equities Mutual fund shares 13 Miscellaneous assets 14 Net increase in liabilities 30.8 19.8 53.8 52.5 72.7 18.5 27.5 -70.9 95.7 21.6 23.8 14 15 16 17 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 11.1 41.2 -21.6 -10.5 44.0 -13.6 -18.4 51.3 20.8 6.9 49.2 -3.5 -5.9 69.7 8.9 1.4 16.9 0.2 1.4 27.5 -1.4 1.4 16.5 -88.8 1.4 11.8 82.4 1.4 11.6 8.6 2.6 3.8 17.3 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17). 125 Z.1, June 5, 2014 L.115.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 Credit market instruments 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 3157.2 3208.3 3335.5 3512.5 3570.3 3657.0 3591.0 3599.7 3630.2 3657.0 3715.6 1 61.8 39.2 8.0 34.4 33.7 10.2 32.4 21.0 10.9 35.3 28.8 10.1 36.7 27.5 8.5 31.9 21.6 8.5 37.8 20.6 6.8 28.1 19.1 6.6 37.2 21.6 8.0 31.9 21.6 8.5 34.9 20.3 6.6 2 3 4 2636.2 2775.3 2887.0 3009.3 3047.3 3117.3 3056.1 3076.2 3092.4 3117.3 3148.8 5 17.7 87.6 286.5 33.2 113.7 289.2 21.2 128.9 283.5 8.6 139.2 282.0 24.5 140.5 277.1 25.9 129.2 270.5 19.8 135.9 275.8 19.7 133.2 274.4 24.0 131.2 271.7 25.9 129.2 270.5 23.8 132.2 268.4 6 7 8 42.9 1708.3 165.5 327.8 68.8 1814.3 140.4 315.7 108.3 1897.7 140.2 307.1 117.5 1991.0 148.1 322.9 126.6 1992.6 150.0 336.0 135.7 2049.6 153.6 352.8 129.0 2010.8 149.2 335.7 131.4 2026.8 150.9 339.7 133.2 2033.1 151.8 347.4 135.7 2049.6 153.6 352.8 135.6 2078.6 154.8 355.3 9 10 11 12 13 14 Corporate equities Mutual fund shares 110.1 2.2 70.3 2.4 74.3 2.6 75.3 3.1 74.0 3.4 76.5 3.7 75.2 3.4 76.0 3.4 77.3 3.5 76.5 3.7 77.8 3.7 13 14 15 Miscellaneous assets 299.7 282.1 307.4 350.5 372.9 397.5 391.1 390.3 390.3 397.5 423.5 15 2898.3 2911.6 3007.6 3170.3 3198.0 3275.9 3211.4 3223.4 3247.8 3275.9 3329.5 16 12.9 54.9 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 12.7 59.4 13.7 52.9 13.8 54.5 13.4 53.8 12.7 59.4 11.7 61.3 17 18 932.7 1256.7 -24.4 665.4 969.5 1167.0 -31.4 745.7 1001.5 1208.7 -28.8 771.0 1074.5 1237.4 -23.6 824.8 1068.3 1240.4 -28.3 852.5 1096.6 1270.9 -30.5 866.7 1070.8 1242.8 -28.4 859.7 1077.4 1245.2 -30.1 862.6 1088.5 1257.0 -30.1 865.3 1096.6 1270.9 -30.5 866.7 1112.4 1289.0 -29.0 884.1 19 20 21 22 16 Total liabilities 17 18 Security repurchase agreements Other loans and advances 19 20 21 22 Life insurance reserves Pension entitlements (1) Taxes payable (net) Miscellaneous liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22). L.115.s Life Insurance Companies: Separate Accounts 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 11 12 Corporate equities Mutual fund shares 13 Miscellaneous assets 14 15 16 17 Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1357.2 1615.6 1832.4 1827.6 2044.4 2320.3 2147.6 2151.1 2226.8 2320.3 2340.8 1 21.0 16.3 19.3 18.4 19.7 15.3 18.5 17.4 16.3 15.3 15.3 2 246.6 247.4 287.3 290.2 326.6 331.4 327.8 328.9 330.1 331.4 331.6 3 20.6 18.1 79.7 16.6 19.8 82.8 19.7 27.7 92.4 21.1 36.2 92.4 19.1 40.4 83.8 20.9 42.4 81.8 19.5 40.8 83.4 20.0 41.2 83.0 20.4 41.6 82.6 20.9 42.4 81.8 20.9 42.4 81.8 4 5 6 4.2 108.8 0.6 14.7 4.3 112.9 0.6 10.4 4.0 132.5 0.5 10.3 4.3 126.2 0.5 9.6 4.9 169.6 0.4 8.5 5.4 170.1 0.4 10.4 5.1 169.7 0.4 8.9 5.2 169.9 0.4 9.4 5.3 170.0 0.4 9.8 5.4 170.1 0.4 10.4 5.5 170.3 0.4 10.4 7 8 9 10 891.6 118.8 1138.1 138.4 1328.2 153.1 1314.9 147.0 1471.0 155.9 1717.9 181.1 1563.1 164.2 1586.5 165.4 1635.0 172.4 1717.9 181.1 1739.1 181.9 11 12 79.3 75.5 44.5 57.2 71.1 74.7 74.0 52.9 73.0 74.7 72.9 13 1366.7 1620.7 1836.6 1831.9 2050.8 2327.0 2154.5 2157.8 2233.7 2327.0 2347.5 14 200.7 962.5 203.5 225.0 1183.4 212.2 228.4 1359.9 248.4 227.8 1364.3 239.8 240.7 1547.9 262.1 269.7 1770.8 286.5 249.3 1633.4 271.8 252.2 1655.1 250.6 258.8 1698.5 276.5 269.7 1770.8 286.5 272.1 1783.2 292.2 15 16 17 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17). Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 126 Z.1, June 5, 2014 F.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 1 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 57.1 57.3 53.3 50.9 50.7 50.7 50.7 50.7 50.7 50.7 50.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -4.2 -5.5 -15.1 -1.0 -2.6 3.4 0.4 0.2 2.7 -0.2 -5.1 -0.2 1.8 1.2 -0.3 0.0 -0.4 -1.3 -1.5 -0.1 -0.3 -0.9 -0.9 -0.1 -0.1 -0.2 -0.2 -0.0 -0.5 -1.4 -1.6 -0.1 -0.7 -2.0 -2.1 -0.2 0.1 0.1 0.2 0.0 0.6 1.9 -0.8 0.2 2 3 4 5 6 Credit market instruments -52.9 4.1 71.7 78.0 3.0 32.9 11.1 38.0 40.8 41.7 -1.4 6 -7.9 -10.9 -23.3 -3.1 -7.7 3.2 12.7 -6.6 -3.3 -2.0 -1.0 7.4 2.7 61.4 1.2 1.1 19.3 14.3 45.8 -2.4 -1.7 27.1 12.4 -32.9 -1.9 -4.2 25.9 9.3 4.1 -2.2 -0.2 36.5 7.5 -30.7 -2.0 -1.5 31.1 9.2 1.4 -2.2 -8.0 19.0 9.9 22.0 -2.2 -7.2 16.8 10.7 23.7 -2.3 2.3 10.4 -1.4 -10.9 -1.7 7 8 9 10 11 7 8 9 10 11 Net acquisition of financial assets (1) 2009 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares -70.1 52.0 -41.8 -8.0 -4.1 -10.8 -65.4 12.5 1.9 0.7 -25.5 -10.3 -12.8 11.0 -24.2 -9.4 -27.3 -10.6 -37.8 -32.4 -7.3 -2.8 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 154.0 4.0 16.7 123.0 10.2 101.7 -2.4 -5.3 82.7 26.8 -0.4 -8.2 13.4 -14.9 9.3 23.1 12.7 1.7 -12.5 21.2 48.4 1.1 -0.7 50.1 -2.1 55.8 -0.6 -1.2 54.9 2.7 41.8 0.5 0.5 48.9 -8.0 49.8 -0.5 -0.1 36.4 14.1 52.8 1.3 -0.9 50.2 2.1 78.8 -3.7 -4.3 84.1 2.7 60.4 1.5 -0.4 32.6 26.7 14 15 16 17 18 57.5 57.3 53.4 50.8 50.7 50.7 50.7 50.7 50.7 50.7 50.7 19 19 Net increase in pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. F.117.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 69.2 92.2 129.1 35.5 74.4 93.8 67.1 129.3 90.0 88.9 93.4 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -1.3 1.3 20.3 0.0 -0.3 -0.6 -9.1 0.0 -0.5 -0.7 -5.0 0.0 4.0 0.2 17.2 0.0 0.1 -0.5 -2.4 0.0 -0.3 0.3 -0.6 0.0 -0.0 0.2 -0.1 0.0 2.2 -0.2 -0.4 0.0 -0.8 1.2 -3.8 0.0 -2.4 0.2 2.0 0.0 0.5 -0.1 -5.8 0.0 2 3 4 5 6 Credit market instruments 48.1 8.6 51.5 -4.8 9.4 11.9 17.5 32.0 3.5 -5.4 -1.5 6 2.0 17.3 23.1 6.0 -0.3 -2.2 22.2 0.2 -11.2 -0.4 -1.7 25.9 3.8 22.0 1.6 1.1 8.5 -11.0 -1.2 -2.2 -1.1 20.9 4.7 -14.4 -0.7 0.2 14.3 4.3 -6.3 -0.7 2.1 23.6 1.8 -9.3 -0.7 -1.2 20.6 7.1 6.1 -0.7 1.3 8.5 3.7 -9.2 -0.8 -1.3 4.4 4.8 -12.7 -0.5 3.1 5.4 -6.0 -3.3 -0.7 7 8 9 10 11 -3.0 33.5 -53.6 64.5 29.3 45.9 1.6 -11.0 9.5 54.0 30.1 37.3 27.4 27.9 39.0 36.1 21.3 54.0 32.5 31.3 2.5 42.3 12 13 -29.7 -17.9 -2.0 -9.8 82.6 82.5 -3.1 3.2 8.6 1.2 2.1 5.4 28.5 5.0 1.3 22.2 4.3 4.9 -0.1 -0.5 15.1 8.2 0.3 6.6 -5.8 6.0 0.4 -12.2 20.6 6.4 0.5 13.8 14.6 9.9 -0.2 4.9 30.8 10.6 0.4 19.8 55.5 23.2 -0.5 32.8 14 15 16 17 69.2 92.2 129.1 35.5 74.4 93.8 67.1 129.3 90.0 88.9 93.4 18 Supplements 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Net increase in pension entitlements (liabilities) (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.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 248.3 136.5 51.8 -26.6 94.2 -136.8 -396.7 -125.1 242.2 -267.8 ND 1 44.2 7.2 23.3 47.0 -117.0 243.6 30.7 8.7 -12.4 -42.0 149.7 1.8 26.6 3.0 17.4 -24.0 124.2 -95.4 20.3 1.2 12.2 9.0 43.0 -112.4 24.4 1.4 12.2 7.0 86.4 -37.2 -0.4 -0.7 16.7 10.0 103.0 -265.4 -15.4 0.1 6.0 -24.0 176.0 -539.4 38.4 0.1 -6.9 56.0 -31.1 -181.6 2.3 -0.1 21.1 24.0 119.8 75.0 -26.9 -2.8 46.5 -16.0 147.1 -415.8 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 127 Z.1, June 5, 2014 L.117.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets (1) 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 6 Credit market instruments 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 2572.9 2626.3 2835.7 2916.6 3017.8 3068.5 3030.5 3043.2 3055.8 3068.5 3081.2 1 7.7 24.3 39.5 2.8 5.0 27.7 39.8 2.9 7.7 27.5 34.7 2.7 9.5 28.7 34.3 2.7 9.1 27.4 32.8 2.6 8.8 26.6 31.9 2.5 9.0 27.4 32.7 2.6 8.9 27.0 32.3 2.5 8.8 26.5 31.8 2.5 8.8 26.6 31.9 2.5 8.9 27.0 31.6 2.6 2 3 4 5 539.4 543.5 615.1 693.2 696.2 729.1 699.0 708.5 718.7 729.1 728.8 6 28.0 99.3 122.8 270.2 19.0 31.2 112.1 116.3 266.9 17.0 30.2 119.4 119.0 328.3 18.2 31.3 138.8 133.3 374.1 15.8 29.6 165.8 145.8 341.1 13.9 25.4 191.7 155.1 345.2 11.8 29.5 174.9 147.6 333.4 13.4 29.2 182.7 149.9 333.8 12.9 27.2 187.5 152.4 339.3 12.3 25.4 191.7 155.1 345.2 11.8 26.0 194.3 154.7 342.5 11.3 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 726.1 257.3 863.8 322.9 1010.7 349.8 929.5 356.6 1035.5 397.3 1227.5 471.0 1104.7 427.9 1115.3 431.9 1167.0 452.0 1227.5 471.0 1247.2 478.5 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 975.9 54.6 55.1 677.4 188.7 820.6 57.8 49.8 497.6 215.5 787.5 53.0 63.1 446.5 224.8 862.0 64.5 64.8 486.6 246.0 817.0 68.8 64.1 440.2 244.0 571.2 73.9 62.9 187.7 246.7 727.2 71.3 64.2 349.7 242.0 716.7 71.4 64.2 335.6 245.5 648.6 73.0 63.9 265.7 246.0 571.2 73.9 62.9 187.7 246.7 556.5 74.6 62.8 165.8 253.4 14 15 16 17 18 2608.2 2662.7 2872.2 2953.1 3054.3 3105.0 3067.0 3079.7 3092.4 3105.0 3117.7 19 19 Pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.117.c Private Pension Funds: Defined Contribution Plans (1) 1 Total financial assets 2687.5 3314.3 3754.6 3725.9 4103.8 4905.1 4391.3 4479.1 4669.6 4905.1 4983.2 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 5.7 5.9 116.8 0.0 5.4 5.3 107.6 0.0 4.8 4.6 102.6 0.0 8.8 4.7 119.8 0.0 8.9 4.2 117.4 0.0 8.7 4.5 116.8 0.0 8.9 4.3 117.4 0.0 9.5 4.2 117.3 0.0 9.3 4.5 116.3 0.0 8.7 4.5 116.8 0.0 8.8 4.5 115.4 0.0 2 3 4 5 6 Credit market instruments 243.4 252.0 303.5 298.6 308.1 320.0 312.5 320.5 321.3 320.0 319.6 6 16.3 48.1 67.5 104.4 7.2 14.1 70.3 67.7 93.2 6.7 12.4 96.2 71.4 115.1 8.4 13.5 104.7 60.4 114.0 6.1 12.4 125.6 65.1 99.6 5.5 12.6 139.8 69.5 93.3 4.8 12.9 131.5 65.6 97.2 5.3 12.6 136.6 67.4 98.8 5.1 12.9 138.7 68.3 96.5 4.9 12.6 139.8 69.5 93.3 4.8 13.4 141.2 68.0 92.5 4.6 7 8 9 10 11 654.3 1104.9 783.3 1504.7 927.6 1734.9 896.6 1696.1 1006.1 1943.4 1256.3 2449.5 1101.1 2125.2 1123.1 2176.8 1179.2 2303.4 1256.3 2449.5 1270.1 2500.5 12 13 556.7 228.3 28.9 299.4 656.1 327.6 25.8 302.7 676.6 340.6 27.9 308.1 701.2 341.7 29.2 330.3 715.7 356.8 29.1 329.8 749.4 383.7 29.3 336.4 721.9 366.0 29.2 326.7 727.8 368.3 29.3 330.2 735.5 374.8 29.2 331.4 749.4 383.7 29.3 336.4 764.3 390.5 29.2 344.6 14 15 16 17 2687.5 3314.3 3754.6 3725.9 4103.8 4905.1 4391.3 4479.1 4669.6 4905.1 4983.2 18 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 18 Pension entitlements (liabilities) (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. Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted L.226.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 3681.0 4488.0 5029.0 5001.0 5561.0 6521.0 5852.0 5910.0 6193.0 6521.0 ND 1 326.0 65.5 376.0 268.0 1276.0 1369.5 356.7 74.2 399.0 226.0 1669.0 1763.1 383.3 77.2 435.0 202.0 1936.0 1995.5 403.6 78.4 441.0 211.0 1898.0 1968.9 428.0 79.9 472.0 218.0 2156.0 2207.1 427.6 79.2 523.0 228.0 2619.0 2644.2 424.2 79.9 487.0 212.0 2308.0 2341.0 433.8 79.9 488.0 226.0 2319.0 2363.3 434.4 79.9 500.0 232.0 2454.0 2492.8 427.6 79.2 523.0 228.0 2619.0 2644.2 ND ND ND ND ND ND 2 3 4 5 6 7 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5). 128 Z.1, June 5, 2014 F.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2013 2013 Q1 Q2 Q3 Q4 2014 Q1 1 Net acquisition of financial assets 2.2 29.7 -0.8 8.1 14.1 13.3 -5.3 19.9 24.8 13.6 29.3 1 2 Checkable deposits and currency 2.1 10.3 -4.1 -2.3 4.1 1.0 -2.8 7.0 19.1 -19.1 -3.4 2 3 Credit market instruments 2.4 6.2 0.7 2.3 1.5 -1.9 -11.2 1.4 -0.3 2.4 3.1 3 4 Corporate and foreign bonds 0.2 2.1 0.4 -0.6 -0.2 -1.8 -4.0 -0.3 -1.0 -2.0 0.6 4 5 6 7 8 Mortgages Home Multifamily residential Commercial 2.2 0.0 0.2 2.0 4.0 0.0 -0.2 4.2 0.4 0.0 0.0 0.3 2.9 0.1 -0.0 2.9 1.6 0.0 0.1 1.5 -0.1 0.0 -0.0 -0.1 -7.1 -0.1 -0.2 -6.9 1.7 0.0 0.9 0.7 0.6 -0.0 -0.2 0.9 4.4 0.1 -0.6 4.9 2.5 -0.1 -0.1 2.7 5 6 7 8 -2.3 13.2 2.6 8.1 8.5 14.2 8.7 11.5 6.1 30.3 29.6 9 9 10 11 Miscellaneous assets Net increase in liabilities Credit market instruments 12 13 Corporate bonds Depository institution loans n.e.c. 14 15 16 Mortgages Multifamily residential Commercial 17 Miscellaneous liabilities 2.3 2.9 -0.4 37.4 38.5 36.4 -3.2 20.2 48.0 80.5 49.7 10 7.9 6.6 0.1 32.8 33.9 34.5 3.9 20.5 38.8 74.8 47.6 11 -1.4 2.5 4.7 -9.8 1.0 -1.8 13.2 6.1 27.6 1.4 28.9 -2.2 3.7 -20.4 10.0 5.9 35.4 17.8 66.5 -11.9 29.1 10.7 12 13 6.8 2.3 4.5 11.8 2.3 9.5 0.8 0.4 0.4 13.5 0.1 13.3 4.8 -1.1 6.0 7.8 3.3 4.5 20.6 18.3 2.3 4.6 -0.6 5.2 -14.3 -1.7 -12.7 20.2 -2.7 22.9 7.8 -1.8 9.5 14 15 16 -5.5 -3.8 -0.5 4.6 4.6 1.9 -7.1 -0.4 9.2 5.7 2.2 17 123.1 146.9 -100.7 10.4 -43.0 -150.4 -220.0 -13.4 1 F.127.m Mortgage Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Checkable deposits and currency 3 Credit market instruments -17.3 40.5 -0.3 2.1 -1.6 4.8 3.6 -2.3 25.1 -20.6 -9.4 -4.4 -0.9 2 -71.0 -16.4 43.3 117.9 126.1 -95.8 -28.0 -47.3 -80.6 -227.5 -29.0 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 0.7 -23.0 15.6 2.2 38.2 6.8 104.7 4.4 109.5 9.7 -95.6 1.6 -46.7 17.1 -73.4 -0.1 -82.7 2.1 -179.7 -12.6 -33.7 -5.3 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial -48.8 -46.1 -1.1 -1.6 -34.2 -25.3 -1.8 -7.1 -1.7 0.1 -0.3 -1.5 8.8 10.9 -0.2 -1.9 6.9 6.8 0.1 -0.0 -1.9 -3.3 0.5 0.9 1.7 0.9 1.3 -0.4 26.1 18.3 1.7 6.1 -0.0 0.0 -0.2 0.1 -35.2 -32.4 -0.6 -2.2 10.1 4.4 -0.7 6.4 6 7 8 9 1.5 -3.0 -1.2 0.4 17.2 -2.6 13.2 24.9 -60.4 11.8 16.5 10 10 11 Supplements -69.8 Miscellaneous assets -71.2 -24.6 34.4 93.1 124.9 -83.8 -10.6 -24.4 -150.3 -150.0 -18.1 11 12 Security repurchase agreements -12.3 11.1 29.9 97.7 102.4 -66.6 5.8 -48.9 -84.1 -139.3 -47.2 12 13 Credit market instruments -61.7 -34.2 -0.1 -7.2 1.6 8.7 4.1 19.0 -0.8 12.5 2.7 13 0.0 -58.9 -2.8 0.0 -31.4 -2.8 0.0 -0.0 -0.0 0.0 -5.7 -1.5 0.0 -0.9 2.5 0.0 9.5 -0.8 0.0 7.2 -3.1 0.0 16.7 2.4 0.0 -0.8 0.0 0.0 15.0 -2.5 0.0 1.2 1.5 14 15 16 2.8 -1.5 4.6 2.5 20.9 -25.9 -20.5 5.5 -65.4 -23.2 26.4 17 -46.7 0.0 -40.6 -0.0 -6.1 -26.8 0.0 -25.7 -0.0 -1.1 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 2.6 0.0 4.0 0.0 -1.4 1.3 0.0 1.7 0.1 -0.6 7.1 0.0 8.2 -0.0 -1.0 1.4 0.0 0.5 -0.0 0.9 0.8 0.0 5.7 -0.1 -4.8 -1.0 0.0 -0.2 -0.2 -0.7 18 19 20 21 22 14 15 16 17 18 19 20 21 22 Net increase in liabilities Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 129 Z.1, June 5, 2014 L.127.e Equity Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 1 Total financial assets 2009 2010 2011 2012 2013 Q1 Q2 2013 Q3 Q4 2014 Q1 65.4 95.1 94.3 102.3 116.4 129.7 115.1 120.1 126.3 129.7 137.0 1 2 Checkable deposits and currency 13.1 23.4 19.3 17.0 21.1 22.1 20.4 22.1 26.9 22.1 21.3 2 3 Credit market instruments 14.4 20.6 21.3 23.6 25.0 23.1 22.2 22.6 22.5 23.1 23.8 3 4 Corporate and foreign bonds 5 6 7 8 Mortgages Home Multifamily residential Commercial 9 10 11 Miscellaneous assets Total liabilities Credit market instruments 2.9 5.0 5.4 4.8 4.6 2.8 3.6 3.5 3.3 2.8 2.9 4 11.5 0.1 0.5 10.9 15.5 0.1 0.3 15.1 15.9 0.1 0.3 15.5 18.8 0.2 0.3 18.3 20.4 0.2 0.4 19.9 20.3 0.2 0.3 19.8 18.6 0.2 0.3 18.1 19.0 0.2 0.5 18.3 19.2 0.2 0.5 18.5 20.3 0.2 0.3 19.8 20.9 0.2 0.3 20.4 5 6 7 8 37.9 51.1 53.7 61.8 70.3 84.5 72.5 75.4 76.9 84.5 91.9 9 344.3 347.2 346.8 384.1 422.6 459.0 421.8 426.9 438.9 459.0 471.4 10 294.1 300.8 300.9 333.6 367.5 402.0 368.5 373.6 383.3 402.0 413.9 11 12 13 Corporate bonds Depository institution loans n.e.c. 102.6 28.0 107.3 18.2 108.4 16.4 121.6 22.5 149.2 23.9 178.1 21.7 150.2 18.8 152.7 20.3 161.5 24.7 178.1 21.7 185.4 24.4 12 13 14 15 16 Mortgages Multifamily residential Commercial 163.5 25.1 138.4 175.3 27.3 147.9 176.1 27.8 148.3 189.5 27.9 161.7 194.4 26.7 167.7 202.2 30.0 172.1 199.5 31.3 168.3 200.7 31.1 169.6 197.1 30.7 166.4 202.2 30.0 172.1 204.1 29.6 174.5 14 15 16 50.2 46.4 45.9 50.5 55.1 57.0 53.3 53.2 55.5 57.0 57.5 17 331.1 477.8 376.9 480.4 469.6 432.0 376.9 373.6 1 17 Miscellaneous liabilities L.127.m Mortgage Real Estate Investment Trusts (REITs) 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 185.2 167.7 208.1 5.3 7.4 5.8 10.7 14.2 11.9 20.5 15.3 13.0 11.9 11.7 2 163.1 146.6 189.9 307.6 433.5 337.6 426.5 414.6 394.4 337.6 330.3 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 89.6 8.7 105.2 11.0 143.4 17.8 248.1 22.2 357.6 31.9 261.9 33.6 345.9 36.2 327.5 36.2 306.9 36.7 261.9 33.6 253.5 32.2 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 64.8 34.2 3.8 26.8 30.5 8.8 2.0 19.7 28.7 8.8 1.6 18.2 37.3 19.6 1.4 16.3 44.1 26.3 1.5 16.3 42.1 22.9 2.0 17.2 44.4 26.4 1.8 16.2 50.9 31.0 2.2 17.7 50.9 31.0 2.2 17.7 42.1 22.9 2.0 17.2 44.6 23.9 1.9 18.8 6 7 8 9 16.7 13.7 12.5 12.8 30.1 27.5 33.4 39.6 24.5 27.5 31.6 10 10 11 Miscellaneous assets 167.3 142.7 177.2 270.3 395.2 311.4 392.5 386.4 348.9 311.4 306.8 11 12 Security repurchase agreements 79.4 90.5 120.4 218.1 320.6 254.0 322.0 309.8 288.8 254.0 242.2 12 13 Credit market instruments 73.3 39.1 39.0 31.9 33.5 42.2 34.5 39.2 39.0 42.2 42.8 13 0.0 68.4 4.8 0.0 37.1 2.0 0.0 37.0 2.0 0.0 31.3 0.5 0.0 30.4 3.1 0.0 39.9 2.3 0.0 32.2 2.3 0.0 36.4 2.9 0.0 36.1 2.9 0.0 39.9 2.3 0.0 40.2 2.6 14 15 16 14.7 13.2 17.8 20.3 41.2 15.2 36.0 37.4 21.1 15.2 21.9 17 45.4 0.0 31.8 0.4 13.2 18.6 0.0 6.1 0.4 12.2 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 18.3 0.0 14.2 0.3 3.8 16.0 0.0 10.6 0.3 5.0 17.7 0.0 12.6 0.3 4.8 18.1 0.0 12.8 0.3 5.0 18.3 0.0 14.2 0.3 3.8 18.0 0.0 14.1 0.3 3.6 18 19 20 21 22 14 15 16 17 18 19 20 21 22 Total liabilities Open market paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages Supplements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 130 Z.1, June 5, 2014 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11524.3 12283.5 13129.2 14073.2 14460.1 14621.2 14345.7 14915.2 15587.5 16261.6 1 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 1727.2 1831.7 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2452.6 2542.9 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9797.1 6372.7 5146.1 1226.6 758.9 2665.4 10451.8 6748.8 5431.2 1317.6 817.6 2885.5 11147.2 7097.9 5703.1 1394.8 873.6 3175.7 11937.1 7513.7 6068.8 1444.9 940.5 3483.0 12195.8 7908.8 6405.7 1503.1 980.0 3307.0 12257.9 8090.0 6543.6 1546.4 989.4 3178.6 11977.3 7795.7 6260.1 1535.6 967.8 3213.9 12533.6 7975.3 6385.6 1589.8 1001.2 3557.0 13134.9 8286.6 6646.8 1639.8 1037.2 3811.2 13718.8 8620.0 6935.1 1684.9 1065.6 4033.2 3 4 5 6 7 8 356.1 288.1 451.4 361.4 575.8 482.3 724.2 655.7 875.5 749.1 856.8 683.8 643.7 496.5 720.0 514.1 802.8 542.1 818.6 565.7 9 10 9 10 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 9865.1 2665.4 6365.4 5138.8 1226.6 808.0 -49.1 4363.3 2628.5 1571.1 603.0 968.1 149.0 14.6 4287.9 2719.8 1539.0 571.0 968.1 14.5 14.6 10541.9 2885.5 6740.5 5422.9 1317.6 863.9 -46.4 4812.7 2795.0 1808.0 775.5 1032.5 192.5 17.1 4714.3 2901.7 1745.7 713.2 1032.5 49.8 17.1 11240.8 3175.7 7087.8 5692.9 1394.8 934.5 -60.9 5548.9 3385.2 2123.9 1069.4 1054.5 20.4 19.4 5445.2 3520.6 1863.0 808.5 1054.5 42.1 19.4 12005.6 3483.0 7503.2 6058.2 1444.9 991.9 -51.5 6528.4 4109.9 2150.5 1018.6 1131.8 247.8 20.3 6449.4 4287.1 2072.6 940.7 1131.8 69.5 20.3 12322.3 3307.0 7899.1 6396.0 1503.1 1034.6 -54.6 7187.0 4661.4 2241.5 1174.9 1066.6 261.4 22.6 7051.0 4878.7 2101.1 1034.5 1066.6 48.5 22.6 12430.8 3178.6 8079.2 6532.8 1546.4 1041.9 -52.6 6802.0 4188.5 2322.1 1186.9 1135.2 265.6 25.9 6618.3 4411.4 2141.6 1006.4 1135.2 39.4 25.9 12124.5 3213.9 7787.8 6252.2 1535.6 1026.1 -58.3 5703.0 3420.8 2001.1 918.5 1082.6 262.8 18.3 5548.0 3618.6 1889.3 806.6 1082.6 21.9 18.3 12739.5 3557.0 7967.3 6377.5 1589.8 1057.1 -55.9 5653.1 3194.8 2102.5 943.1 1159.4 336.6 19.2 5439.1 3376.0 1981.1 821.7 1159.4 62.8 19.2 13395.7 3811.2 8278.5 6638.7 1639.8 1097.1 -60.0 5935.4 3190.5 2362.2 1059.4 1302.8 361.1 21.6 5666.5 3358.2 2205.8 903.0 1302.8 81.0 21.6 13971.6 4033.2 8611.6 6926.8 1684.9 1122.9 -57.3 6052.1 3108.0 2554.6 1166.1 1388.5 368.1 21.5 5790.9 3265.7 2397.8 1009.4 1388.5 105.9 21.5 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 9865.1 1241.6 1244.6 2099.8 2105.9 456.8 528.3 10541.9 1347.9 1352.1 2233.5 2239.7 468.2 554.8 11240.8 1616.5 1620.9 2364.3 2370.9 494.1 598.1 12005.6 1821.0 1825.5 2515.3 2523.2 497.2 586.6 12322.3 1923.9 1933.4 2658.3 2666.9 532.5 640.1 12430.8 1735.1 1744.3 2840.4 2851.1 563.0 681.4 12124.5 1405.8 1414.4 3070.9 3081.9 671.0 787.5 12739.5 1553.5 1562.0 3223.0 3234.6 719.3 841.2 13395.7 1765.3 1778.2 3182.9 3195.6 694.5 817.9 13971.6 1918.3 1932.8 3272.2 3285.5 643.7 760.4 32 33 34 35 36 37 38 39 Equals: Disposable income, net 9784.5 10444.9 11125.8 11903.8 12196.5 12292.6 11988.4 12597.5 13246.7 13827.0 39 40 Less: Final consumption expenditures 9519.9 10126.7 10770.4 11387.3 11954.2 12374.1 12285.0 12724.1 13237.9 13697.6 40 41 Equals: Net saving 264.5 318.3 355.5 516.5 242.4 -81.5 -296.6 -126.6 8.8 129.3 41 42 43 44 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) 11524.3 -12.1 11512.2 12283.5 -6.5 12277.0 13129.2 -33.8 13095.4 14073.2 -215.3 13857.9 14460.1 20.2 14480.3 14621.2 99.0 14720.3 14345.7 72.2 14417.9 14915.2 43.1 14958.3 15587.5 -53.6 15533.8 16261.6 -17.0 16244.6 42 43 44 131 Z.1, June 5, 2014 S.2.a Selected Aggregates for Total Economy and Sectors 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1 2 3 4 5 6 7 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 11524.3 1427.0 1911.9 5724.4 885.6 498.1 1077.2 12283.5 1510.9 2079.1 6107.9 922.1 525.8 1137.7 13129.2 1599.5 2218.8 6532.1 1034.3 552.7 1191.7 14073.2 1689.4 2440.1 6988.0 1127.6 577.6 1250.3 14460.1 1749.6 2513.9 7203.9 1068.8 605.4 1318.5 14621.2 1855.3 2632.7 7258.1 852.3 637.6 1385.2 14345.7 1913.6 2466.7 6861.4 1015.7 668.8 1419.4 14915.2 1927.5 2545.9 7243.1 1039.9 704.5 1454.2 15587.5 1971.9 2766.5 7636.4 1025.1 719.7 1468.0 16261.6 2025.4 2906.4 8030.8 1090.3 716.7 1491.9 1 2 3 4 5 6 7 8 9 10 11 12 13 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 264.5 410.8 273.2 105.5 -403.5 -121.4 318.3 413.2 312.7 100.5 -399.8 -108.4 355.5 242.7 411.7 73.1 -305.4 -66.6 516.5 336.9 386.5 60.6 -228.1 -39.4 242.4 317.2 313.1 -48.5 -266.7 -72.7 -81.5 551.3 296.7 -129.4 -635.1 -165.1 -296.6 670.7 382.1 172.3 -1249.8 -271.9 -126.6 634.2 598.6 207.4 -1329.5 -237.3 8.8 668.2 648.8 153.1 -1248.3 -213.1 129.3 687.4 647.8 156.5 -1109.7 -252.7 8 9 10 11 12 13 14 15 16 17 18 19 20 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 13.1 0.0 -0.1 0.0 41.1 -52.0 -2.2 1.4 -5.0 -6.7 16.2 39.3 -48.0 2.8 -21.9 -13.1 -15.5 27.7 60.3 -50.4 12.8 16.6 0.0 -0.0 0.0 43.2 -57.8 -2.0 6.8 0.0 -0.0 0.0 53.0 -59.3 -0.4 7.7 -3.3 -3.7 -60.5 117.6 -63.2 5.4 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.1 -1.6 -6.4 -32.4 113.8 -73.9 -1.6 -5.1 -4.9 -16.7 9.6 84.7 -74.1 6.6 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 2473.9 653.9 238.3 960.0 156.5 196.4 268.9 2701.3 765.9 260.3 1010.1 176.5 211.0 277.5 2981.2 865.0 289.2 1133.4 180.0 222.9 290.8 3166.0 860.1 305.0 1259.9 188.7 238.0 314.3 3201.5 736.1 313.5 1348.2 211.5 251.4 340.8 3091.4 580.4 307.5 1372.7 196.2 275.8 358.8 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2828.3 456.7 258.5 1305.3 175.2 295.4 337.2 3028.1 498.1 278.7 1438.9 193.4 284.0 334.9 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 1727.2 290.8 183.6 818.0 130.0 170.3 134.5 1831.7 323.4 196.4 850.2 139.3 178.6 143.8 1982.0 362.1 214.4 909.9 148.9 189.4 157.3 2136.0 396.2 232.6 979.4 156.8 200.7 170.3 2264.4 413.7 245.6 1040.3 165.4 212.8 186.6 2363.4 414.6 254.5 1093.9 173.9 226.3 200.2 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2452.6 402.9 256.8 1135.8 179.0 256.5 221.7 2542.9 409.9 264.5 1188.2 186.6 262.3 231.4 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 19.3 1.0 18.3 63.9 10.0 53.9 59.6 3.2 56.4 67.0 0.6 66.3 34.5 1.2 33.3 -32.0 -0.4 -31.6 -147.6 -8.5 -139.0 61.5 -2.2 63.7 36.4 -2.7 39.1 66.1 -4.9 71.0 35 36 37 38 39 40 41 42 43 44 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -503.6 43.1 -55.6 115.1 78.9 -469.8 -215.2 -612.4 -22.0 -68.9 107.4 47.1 -470.7 -205.4 -690.5 -229.3 -64.9 146.3 14.3 -397.3 -159.7 -582.5 -133.4 -73.0 26.1 28.8 -294.2 -136.6 -729.1 -0.8 -69.1 -28.5 -94.6 -354.9 -181.2 -772.2 388.8 -49.3 35.7 -91.2 -781.8 -274.3 -454.0 643.9 18.8 426.6 304.7 -1476.7 -371.4 -498.3 611.4 18.6 428.7 262.8 -1509.5 -310.3 -405.0 620.6 2.5 447.5 189.3 -1400.1 -264.8 -415.4 612.7 -4.3 343.2 140.2 -1214.8 -292.4 38 39 40 41 42 43 44 -12.1 515.7 -6.5 618.9 -33.8 724.3 -215.3 797.8 20.2 709.0 99.0 673.1 72.2 381.7 43.1 455.2 -53.6 458.6 -17.0 432.4 45 46 -445.4 99.2 -55.6 74.1 189.7 -530.9 -221.9 -354.2 235.2 -68.9 166.1 -54.7 -474.1 -157.8 -349.7 -205.8 -64.9 -19.9 340.3 -422.8 23.4 -512.6 -240.6 -73.0 -138.6 254.4 -310.4 -4.3 -366.6 242.0 -69.1 -206.5 117.6 -390.6 -60.1 -1536.3 729.3 -49.3 -943.3 -161.5 -789.0 -322.5 -392.0 749.8 18.8 551.0 28.0 -1298.3 -441.2 -569.3 1024.1 18.6 145.5 -27.3 -1416.7 -313.3 -838.6 1196.9 2.5 -400.3 31.1 -1355.5 -313.3 -876.5 925.9 -4.3 -511.9 106.7 -1133.0 -259.9 47 48 49 50 51 52 53 54 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 54 55 56 57 58 59 60 61 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 537.0 66.3 131.9 -702.7 -94.4 338.6 15.4 1591.1 77.9 294.3 -425.4 -27.7 -698.5 -83.5 343.9 -65.3 327.3 29.2 -46.3 215.9 -10.4 625.7 9.4 644.3 -426.9 31.3 323.4 9.6 622.2 -36.8 756.8 -80.2 10.8 229.7 -91.3 432.3 -303.3 -722.2 1221.3 87.8 -976.4 63.4 707.5 -71.4 172.3 -1076.3 122.4 357.2 -150.8 1291.4 188.7 415.5 -880.7 -21.5 34.3 -17.3 544.3 -65.0 -72.4 -164.6 47.0 -44.4 91.9 752.0 -36.2 -215.8 -416.0 68.3 321.6 13.9 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 4472.0 508.8 -2468.9 111.9 47.7 120.5 -463.9 5096.7 1142.1 29.8 101.4 115.7 516.3 -371.0 5414.7 1171.1 51.4 126.5 115.3 478.9 -956.6 3842.5 429.7 -1450.6 23.6 116.8 621.8 -514.9 -493.1 105.8 -312.8 1336.0 93.3 466.0 -949.0 -11610.0 -1158.8 4182.7 497.5 1.2 350.4 825.2 376.3 -1193.8 -5016.6 455.7 -157.9 -71.8 -1192.2 2436.6 481.9 -1378.0 136.9 18.5 197.3 -395.5 118.0 537.6 220.0 249.2 23.0 394.4 945.6 4678.1 697.3 -1479.2 -31.7 32.1 243.9 -303.8 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 132 Z.1, June 5, 2014 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates Integrated Accounts 69 70 71 72 73 74 75 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 5406.7 575.1 -2063.8 -485.4 -491.3 389.7 67.2 7099.7 1225.0 643.4 -239.7 -351.1 -242.6 164.4 6023.1 1118.9 805.9 201.1 -296.8 678.5 -242.8 4788.5 439.1 -419.7 -342.6 -123.3 963.6 292.5 439.6 69.0 757.1 1207.3 -215.6 682.3 -331.3 -10634.1 -1458.8 3760.9 1649.9 -663.6 -727.7 1561.8 1782.8 -1259.2 -4500.5 -326.4 -1471.6 81.3 -961.3 4382.8 678.3 -384.8 -494.9 -1458.8 71.1 42.4 1328.3 474.2 802.8 270.1 -1292.0 210.9 1496.1 6122.5 666.0 -1030.5 -300.7 -1093.9 386.9 142.5 69 70 71 72 73 74 75 133 Z.1, June 5, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1427.0 1510.9 1599.5 1689.4 1749.6 1855.3 1913.6 1927.5 1971.9 2025.4 1 290.8 323.4 362.1 396.2 413.7 414.6 403.3 400.5 402.9 409.9 2 1293.2 590.9 490.9 100.0 130.8 571.5 1335.9 616.8 516.0 100.8 135.1 584.0 1440.7 658.2 549.9 108.3 143.2 639.3 1510.3 686.6 566.1 120.5 152.4 671.3 1527.1 695.2 577.3 117.9 152.8 679.1 1569.0 717.5 596.6 120.8 154.2 697.4 1615.5 747.6 620.3 127.4 156.1 711.8 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1136.3 517.7 432.5 85.2 108.8 509.7 1187.5 545.6 452.2 93.4 114.7 527.2 1237.5 563.4 466.2 97.1 120.7 553.4 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 8718.5 509.7 6365.4 5138.8 1226.6 2389.8 989.5 1400.3 432.3 968.1 546.5 9245.7 527.2 6740.5 5422.9 1317.6 2537.5 942.9 1594.5 562.1 1032.5 559.5 9734.1 10438.3 10937.5 553.4 571.5 584.0 7087.8 7503.2 7899.1 5692.9 6058.2 6396.0 1394.8 1444.9 1503.1 2722.2 3071.6 3234.6 1089.4 1216.1 1351.5 1632.8 1855.5 1883.1 578.3 723.7 816.5 1054.5 1131.8 1066.6 629.3 707.9 780.2 11248.6 10638.0 10895.4 11549.9 12087.8 639.3 671.3 679.1 697.4 711.8 8079.2 7787.8 7967.3 8278.5 8611.6 6532.8 6252.2 6377.5 6638.7 6926.8 1546.4 1535.6 1589.8 1639.8 1684.9 3303.6 2895.7 2900.2 3188.6 3348.3 1363.0 1265.2 1196.2 1205.3 1212.9 1940.6 1630.5 1704.0 1983.3 2135.4 805.4 547.8 544.6 680.5 746.9 1135.2 1082.6 1159.4 1302.8 1388.5 773.5 716.8 651.2 614.6 583.9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 8718.5 1000.9 1316.6 779.3 26.3 106.1 9245.7 1046.0 1399.9 829.2 16.8 116.3 9734.1 10438.3 10937.5 1208.5 1352.1 1487.9 1486.3 1588.2 1692.2 873.3 922.6 961.4 25.7 21.5 30.6 131.2 138.9 149.3 11248.6 10638.0 10895.4 11549.9 12087.8 1435.2 1144.9 1191.5 1404.0 1498.0 1847.3 2101.5 2234.0 2260.3 2316.8 988.2 964.4 984.1 918.2 950.7 36.6 38.7 43.0 46.7 41.4 152.3 155.2 160.6 154.6 160.4 20 21 22 23 24 25 26 Equals: Disposable income, net 8175.2 8671.0 9033.0 9634.4 10061.7 10556.8 10513.6 10836.1 11380.0 11837.0 26 27 Less: Final consumption expenditures 7764.4 8257.8 8790.3 9297.5 9744.4 10005.5 27 28 Equals: Net saving 410.8 413.2 242.7 336.9 317.2 551.3 670.7 634.2 668.2 687.4 28 9842.9 10201.9 10711.8 11149.6 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 397.7 410.8 13.1 411.9 413.2 1.4 264.6 242.7 -21.9 320.3 336.9 16.6 310.4 317.2 6.8 543.7 551.3 7.7 699.1 670.7 -28.4 654.8 634.2 -20.6 666.1 668.2 2.1 692.5 687.4 -5.1 29 30 31 32 33 34 35 36 37 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 354.6 653.9 541.9 112.0 290.8 -8.5 433.8 765.9 643.8 122.1 323.4 -8.7 493.8 865.0 738.9 126.1 362.1 -9.1 453.8 860.1 722.7 137.4 396.2 -10.1 311.2 736.1 582.3 153.9 413.7 -11.2 154.9 580.4 425.3 155.1 414.6 -11.0 55.2 468.1 321.0 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.5 456.7 317.1 139.6 402.9 -8.3 79.8 498.1 354.3 143.8 409.9 -8.4 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 38 43.1 -22.0 -229.3 -133.4 -0.8 388.8 643.9 611.4 620.6 612.7 39 1143.8 1386.4 953.6 1034.3 1202.8 739.7 813.3 916.9 1137.5 1189.0 40 269.9 -31.2 299.0 2.2 0.0 389.4 -58.2 442.2 5.4 0.0 370.2 -113.9 481.6 2.4 0.0 451.9 -40.0 486.7 5.2 0.0 419.3 -75.4 479.4 15.4 0.0 408.7 176.7 255.6 -23.7 0.0 200.5 101.1 106.0 -6.6 0.0 197.3 38.9 159.0 -0.6 0.0 697.3 328.3 371.8 -2.8 0.0 566.3 159.4 408.7 -1.8 0.0 41 42 43 44 45 40.2 -4.9 22.1 133.5 15.8 -126.2 244.7 6.4 -10.6 109.8 118.5 20.5 168.2 14.7 -121.2 153.3 77.8 43.5 89.4 19.0 -103.8 -29.9 34.8 169.3 542.4 -10.2 -37.1 331.4 37.9 220.3 248.8 -101.3 147.9 238.9 47.3 -83.9 198.8 16.7 534.3 -671.0 107.1 211.8 72.1 -1.5 322.5 -3.5 43.7 -289.1 -101.5 -1.8 -228.6 -11.0 -63.5 203.4 -18.6 -0.6 214.9 -128.7 -142.5 38.3 46 47 48 49 50 51 84.6 79.6 5.1 127.4 117.0 10.4 -0.9 -9.0 8.1 70.8 87.9 -17.1 220.4 233.3 -12.9 -159.2 -160.4 1.1 -47.6 -46.8 -0.9 1.6 12.5 -10.9 -5.1 -5.9 0.7 16.8 30.7 -13.9 52 53 54 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 51 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 52 53 54 Loans Short term Long term (mortgages) Integrated Accounts Financial account 134 Z.1, June 5, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 55 56 57 58 59 60 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 61 62 63 64 65 66 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 67 Net incurrence of liabilities 2003 2004 2005 2006 98.5 -109.5 259.7 -113.9 62.2 0.0 -90.9 -281.0 165.9 -56.1 80.2 0.0 -242.4 -421.7 176.7 44.4 -41.8 0.0 -265.2 -653.9 167.0 218.0 3.7 0.0 650.6 22.9 68.5 525.8 13.9 19.6 715.8 23.6 33.1 630.3 11.4 17.4 658.6 25.6 15.1 585.4 9.5 23.0 1044.6 1151.3 13.8 14.7 1025.1 146.8 105.9 8.0 -1.5 34.3 878.3 2007 2008 2009 2010 2011 2012 -666.4 -1104.2 232.9 239.4 -34.6 0.0 -413.9 -313.8 -41.1 234.7 -293.7 0.0 -10.2 -1.3 339.4 -267.9 -81.5 1.2 37.0 -191.4 232.6 -182.8 174.5 4.0 -82.0 -236.9 263.1 -35.1 -73.8 0.7 155.3 -248.7 435.0 -2.9 -28.2 0.0 55 56 57 58 59 60 687.3 4.6 57.8 592.1 14.8 18.1 687.1 6.7 18.2 602.8 15.5 43.9 655.2 11.0 59.9 540.2 17.6 26.5 471.8 8.7 24.6 413.5 8.4 16.6 608.9 -35.2 6.2 598.3 17.1 22.5 628.8 36.7 73.9 484.9 14.8 18.5 469.3 -16.7 -26.5 501.0 -1.8 13.3 61 62 63 64 65 66 1159.4 1274.9 960.7 10.4 63.5 -107.2 -59.4 263.1 67 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 68 1118.6 179.0 117.2 -20.0 0.3 81.5 939.6 1130.3 69.2 100.4 0.3 0.0 -31.6 1061.0 1244.4 229.1 120.5 44.2 4.8 59.7 1015.2 924.0 178.8 151.3 -9.1 3.2 33.4 745.2 -24.3 -114.9 34.9 4.6 6.2 -160.7 90.7 21.1 -36.6 -103.6 28.3 0.5 38.1 57.7 -78.2 102.4 -25.3 50.1 2.4 75.2 -180.6 -52.4 16.2 108.5 -54.9 1.9 -39.3 -68.7 273.0 346.6 169.7 110.8 1.2 64.9 -73.6 69 70 71 72 73 74 75 68 Debt securities (municipals) 69 70 71 72 73 74 75 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 76 Insurance, pension and standardized guarantee schemes 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 76 77 Other accounts payable (trade debt) 4.8 16.5 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 77 99.2 235.2 -205.8 -240.6 242.0 729.3 749.8 1024.1 1196.9 925.9 78 537.0 239.7 0.0 241.2 -56.1 1591.1 254.8 -12.0 1091.2 -257.1 343.9 252.4 -50.4 118.5 -23.4 625.7 239.6 0.0 493.2 107.1 622.2 231.1 0.0 148.3 -242.8 432.3 134.6 -8.3 -34.5 -340.5 707.5 50.3 0.0 551.3 -105.9 1291.4 86.9 0.0 791.8 -412.7 544.3 121.9 0.0 -153.9 -576.3 752.0 160.4 -20.9 299.2 -313.2 79 80 81 82 83 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 79 80 81 82 83 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-78) (5) Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 1273.7 1360.3 -88.0 -0.3 1.6 2401.9 2434.2 -34.5 1.1 1.0 2845.1 2886.7 -44.1 0.4 2.1 355.9 399.8 -46.9 1.5 1.5 -1912.3 -1859.3 -55.6 0.1 2.6 -3673.0 -1244.9 -3646.1 -1203.9 -32.0 -40.8 3.9 -0.5 1.2 0.3 -471.2 -385.9 -88.3 1.4 1.5 -222.4 -244.6 17.9 2.0 2.3 1525.8 1560.8 -38.8 0.6 3.2 84 85 86 87 88 89 90 91 92 93 94 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 3198.3 1723.2 427.2 520.8 0.0 527.0 2694.8 1003.5 328.0 1149.6 0.0 213.8 2569.5 1076.8 45.0 1185.7 0.0 262.0 3486.5 2289.9 345.6 433.3 0.0 417.7 1419.2 929.3 274.6 104.9 0.0 110.4 -7937.1 1621.2 -3886.4 1566.4 -1333.3 469.7 -1169.4 -1185.3 0.0 -0.3 -1548.1 770.7 2907.9 1690.6 251.8 489.7 -1.0 476.8 340.4 192.0 -270.3 537.6 -0.2 -118.8 3152.3 1636.1 360.8 701.3 -0.1 454.2 89 90 91 92 93 94 4472.0 5096.7 5414.7 3842.5 -493.1 -11610.0 376.3 2436.6 118.0 4678.1 95 5406.7 7099.7 6023.1 4788.5 439.6 -10634.1 1782.8 4382.8 1328.3 6122.5 96 59313.9 67584.9 74766.4 80853.8 82226.1 71476.2 73030.3 77130.1 78258.0 84441.4 97 21918.1 24993.7 28533.5 29581.1 28208.8 17983.4 20816.7 24127.4 24958.8 23385.8 3679.2 3899.5 4107.8 4300.5 4476.0 173.1 190.6 206.9 226.3 246.1 82.4 86.8 91.4 95.5 100.9 24813.9 23671.0 23323.3 23265.8 25007.3 98 19861.4 18693.4 18330.9 18111.2 19711.8 99 4578.6 4588.1 4586.7 4726.4 4848.0 100 268.5 279.5 290.6 304.6 315.1 101 105.4 110.0 115.0 123.6 132.4 102 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 32+38+79+95) Changes in balance sheet account Balance sheet account (end of period) Integrated Accounts 97 98 99 100 101 102 Total assets Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 135 Z.1, June 5, 2014 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 103 Financial assets 2004 2005 2006 2007 37395.8 42591.2 46232.9 51272.7 54017.3 2008 2009 2010 2011 2012 46662.4 49359.3 53806.9 54992.2 59434.1 103 104 105 106 107 108 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 4534.8 458.0 52.1 4024.8 0.0 4949.7 399.8 57.5 4492.4 0.0 5319.9 285.8 59.9 4974.1 0.0 5798.0 239.6 65.2 5493.2 0.0 6217.4 153.2 80.5 5983.6 0.0 6591.1 294.9 56.9 6239.3 0.0 6777.1 396.0 50.2 6330.8 0.0 6929.2 423.6 49.7 6455.9 0.0 7626.5 752.0 46.9 6827.7 0.0 8134.1 897.8 45.1 7191.2 0.0 104 105 106 107 108 109 110 111 112 113 114 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 2734.5 77.3 418.2 384.8 687.2 1166.9 3777.2 83.7 474.5 432.9 1522.9 1263.2 4054.5 98.4 427.6 582.9 1600.7 1344.9 4201.9 117.5 327.7 610.7 1635.7 1510.3 4818.9 107.3 205.7 872.0 1673.6 1960.2 4919.8 6.0 188.7 1057.7 1720.9 1946.5 5393.3 22.7 859.7 358.3 1828.1 2324.6 5629.4 21.1 1134.4 353.7 1871.8 2248.3 5226.9 19.4 715.6 304.6 1808.3 2379.0 5248.7 18.8 941.0 154.2 1665.8 2468.8 109 110 111 112 113 114 115 116 117 Loans Short term Long term (mortgages) 646.4 524.2 122.2 773.8 641.1 132.6 772.9 632.1 140.8 912.5 788.9 123.6 1132.9 1022.1 110.7 973.6 861.8 111.8 928.3 817.4 110.9 929.9 829.8 100.1 924.8 824.0 100.8 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 16737.8 19121.4 21162.1 24446.5 25090.5 6793.0 7515.5 8170.6 10306.1 10131.2 2910.0 3403.9 3625.7 4173.6 4681.1 954.5 898.4 942.8 1106.7 1346.1 6080.3 7303.6 8423.0 8860.1 8932.1 0.0 0.0 0.0 0.0 0.0 18289.9 19141.9 21625.2 22009.9 24971.7 118 5931.0 7496.1 8995.3 9025.4 10412.8 119 3306.7 4115.8 4600.2 4502.9 5408.7 120 1580.9 1313.0 1130.2 1110.2 1107.4 121 7471.3 6216.2 6895.6 7366.9 8038.4 122 0.0 0.9 3.8 4.4 4.4 123 124 125 126 127 128 129 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 12742.3 13969.2 14923.6 15913.8 16757.8 266.8 290.4 316.0 320.5 327.3 1013.2 1060.4 1082.6 1055.2 1076.8 11227.9 12355.1 13232.3 14212.5 14968.8 199.5 211.0 217.3 232.1 247.6 35.0 52.4 75.4 93.5 137.3 15888.0 17118.7 18693.2 19204.2 20149.2 124 337.3 346.0 310.8 347.5 330.8 125 1049.8 1109.2 1137.2 1203.6 1186.1 126 14071.9 15209.5 16751.6 17126.1 18093.8 127 265.2 273.6 290.7 305.5 303.7 128 163.8 180.4 202.9 221.4 234.8 129 59313.9 67584.9 74766.4 80853.8 82226.1 71476.2 73030.3 77130.1 78258.0 84441.4 130 9832.7 11004.1 12162.4 13461.3 14394.0 14278.2 14049.5 13766.5 13566.0 13626.8 131 130 131 Total liabilities and net worth Liabilities 132 Debt securities (municipals) 133 134 135 136 137 138 139 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 140 Insurance, pension and standardized guarantee schemes 141 Other accounts payable (trade debt) 142 Net worth 177.7 197.6 212.7 229.1 250.2 9477.3 10610.8 11741.0 13009.5 13905.4 2407.3 2586.3 2655.5 2908.7 3090.1 2102.9 2220.1 2320.6 2461.9 2615.7 3.2 -16.8 -16.5 30.9 21.8 118.7 119.0 119.0 123.8 127.0 182.5 264.0 232.4 292.1 325.5 7070.0 8024.5 9085.5 10100.7 10815.4 259.5 265.4 263.2 255.5 930.5 115 843.6 116 86.9 117 241.0 132 13755.0 13483.8 13229.8 13036.3 13107.0 133 2975.1 2873.6 3122.8 3144.4 3429.3 134 2650.6 2552.8 2647.4 2755.9 2923.6 135 26.4 -15.9 61.0 11.5 62.6 136 133.2 133.7 136.1 138.1 139.3 137 164.8 203.0 278.2 238.9 303.7 138 10779.9 10610.2 10107.0 9891.9 9677.7 139 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 140 156.8 173.3 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 141 49481.2 56580.8 62604.0 67392.5 67832.1 57198.0 58980.9 63363.7 64692.0 70814.6 142 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. NPISHs Nonprofit institutions serving households n.e.c. Not elsewhere classified 136 Z.1, June 5, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1911.9 2079.1 2218.8 2440.1 2513.9 2632.7 2466.7 2545.9 2766.5 2906.4 1 183.6 196.4 214.4 232.6 245.6 254.5 253.0 251.8 256.8 264.5 2 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1728.3 532.2 447.5 84.8 111.4 1084.6 1882.7 599.1 503.5 95.6 125.4 1158.3 2004.4 664.7 557.9 106.8 130.2 1209.4 2207.5 747.4 631.2 116.3 147.0 1313.0 2268.3 827.5 701.8 125.7 157.6 1283.2 2378.3 843.4 712.1 131.3 157.9 1377.1 2213.6 805.4 675.0 130.4 145.4 1262.8 2294.1 816.2 684.6 131.6 150.7 1327.2 2509.7 851.4 716.7 134.6 157.8 1500.5 2641.9 895.2 754.5 140.7 162.7 1584.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 19.8 1084.6 16.7 1081.5 163.5 917.9 0.0 0.0 20.1 1158.3 17.3 1155.5 170.3 985.1 0.1 0.0 21.8 1209.4 18.1 1205.7 198.8 1006.8 0.1 0.0 22.7 1313.0 19.1 1309.5 227.6 1081.8 0.1 0.0 19.8 1283.2 17.7 1281.1 254.2 1026.8 0.1 0.0 15.3 1377.1 13.6 1375.4 263.1 1112.2 0.1 0.0 21.3 1262.8 9.4 1251.0 242.7 1008.3 0.0 0.0 23.1 1327.2 8.4 1312.6 237.9 1074.5 0.1 0.0 25.2 1500.5 1.2 1476.5 227.4 1249.0 0.2 0.0 26.5 1584.0 5.0 1562.5 226.0 1336.2 0.2 0.0 9 10 11 12 13 14 15 16 17 18 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 19.8 19.8 20.1 20.1 21.8 21.8 22.7 22.7 19.8 19.8 15.3 15.3 21.3 21.3 23.1 23.1 25.2 25.2 26.5 26.5 17 18 19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 0.0 0.0 0.0 5.0 0.0 -5.0 13.1 0.0 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 -3.3 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 21 22 23 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 55.6 238.3 150.1 88.1 183.6 1.0 73.9 260.3 162.2 98.1 196.4 10.0 78.0 289.2 180.5 108.7 214.4 3.2 73.0 305.0 198.9 106.2 232.6 0.6 69.1 313.5 215.0 98.5 245.6 1.2 52.6 307.5 223.8 83.7 254.5 -0.4 -12.8 248.8 182.9 65.8 253.0 -8.5 -10.8 243.1 184.9 58.3 251.8 -2.2 -0.9 258.5 199.1 59.5 256.8 -2.7 9.3 278.7 212.5 66.2 264.5 -4.9 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 30 -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 31 80.5 370.8 437.2 519.8 479.4 97.2 -117.0 151.7 16.7 73.8 32 Integrated Accounts Financial account 31 Net lending (+) or borrowing (-) (line 30) 32 Net acquisition of financial assets 33 34 35 Currency and deposits Currency and transferable deposits Time and savings deposits 50.8 6.1 44.7 93.7 106.9 -13.2 100.1 76.6 23.5 94.9 74.6 20.3 81.8 66.9 14.9 2.5 3.8 -1.2 10.1 14.9 -4.8 0.1 -2.8 2.9 1.5 -2.3 3.9 19.7 14.6 5.1 33 34 35 36 37 38 Debt securities Treasury securities Municipal securities 1.4 2.1 -0.7 7.0 5.3 1.7 6.1 6.0 0.1 1.5 0.2 1.3 2.5 3.0 -0.5 -7.9 -7.5 -0.4 -5.5 -5.7 0.2 2.5 1.9 0.5 0.6 0.5 0.1 0.8 0.7 0.1 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 0.1 0.0 0.1 4.6 0.0 4.6 5.3 0.0 5.3 -1.5 0.0 -1.5 7.4 0.0 7.4 -3.0 0.0 -3.0 -1.2 0.0 -1.2 4.2 0.0 4.2 0.5 0.0 0.5 0.6 0.0 0.6 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 2.9 2.3 0.6 3.0 2.9 0.0 2.4 2.4 -0.1 3.3 3.2 0.2 2.9 2.2 0.7 2.2 1.0 1.2 -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 1.3 1.1 0.2 42 43 44 45 Insurance, pension and standardized guarantee schemes (3) 46 47 48 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 4.7 4.6 5.5 4.4 3.7 3.4 -9.8 29.7 -11.6 15.1 45 20.6 -25.1 45.8 258.1 26.6 231.4 317.8 66.6 251.2 417.2 40.0 377.2 381.1 54.7 326.4 100.0 -3.0 102.9 -109.0 -26.3 -82.7 111.8 37.0 74.7 24.6 5.8 18.8 36.4 7.6 28.9 46 47 48 136.1 439.7 502.1 592.8 548.5 146.6 -135.8 133.1 14.2 78.2 49 73.9 9.7 10.4 -0.6 64.1 254.7 34.1 32.9 1.2 220.6 341.6 164.2 157.8 6.3 177.4 415.2 132.0 115.2 16.8 283.2 463.1 154.5 140.8 13.7 308.7 325.4 131.8 119.5 12.3 193.6 -97.1 -107.3 -102.0 -5.3 10.2 -19.5 -12.2 -16.8 4.7 -7.3 42.7 57.3 56.7 0.6 -14.6 91.1 95.0 85.7 9.3 -3.9 50 51 52 53 54 137 Z.1, June 5, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 2004 2005 2006 2007 2008 2009 2010 2011 2012 65.5 65.6 -0.1 84.2 84.4 -0.2 -40.5 -40.6 0.1 9.7 10.6 -0.9 -38.4 -38.2 -0.2 -305.5 -305.3 -0.2 -81.9 -82.0 0.1 174.0 173.6 0.3 -72.0 -72.1 0.1 -34.1 -34.7 0.6 55 56 57 -3.3 -26.2 -0.5 23.4 100.8 23.7 8.4 68.8 201.0 49.6 8.7 142.7 168.0 14.4 9.0 144.6 123.7 26.0 3.8 93.9 126.7 5.7 6.7 114.3 43.2 16.8 -6.3 32.6 -21.4 30.3 -0.7 -50.9 43.4 7.9 1.2 34.4 21.1 1.3 2.1 17.7 58 59 60 61 -55.6 -68.9 -64.9 -73.0 -69.1 -49.3 18.8 18.6 2.5 -4.3 62 66.3 0.0 66.3 77.9 -6.6 84.5 -65.3 -24.5 -40.8 9.4 0.0 9.4 -36.8 0.0 -36.8 -303.3 -4.4 -298.9 -71.4 0.0 -71.4 188.7 0.0 188.7 -65.0 0.0 -65.0 -36.2 -8.6 -27.6 63 64 65 508.8 493.3 376.8 116.5 1.8 -1.4 3.2 1.6 12.1 1142.1 1128.0 667.3 460.6 13.1 -0.5 13.5 1.1 0.0 1171.1 1149.4 806.9 342.5 10.3 1.1 9.2 2.6 8.8 429.7 409.4 77.3 332.2 14.0 0.7 13.3 2.7 3.6 105.8 71.8 -378.1 450.0 8.1 -0.5 8.6 2.8 23.1 -1158.8 -1175.0 -808.9 -366.1 22.1 0.1 21.9 1.5 -7.3 -1193.8 -1188.9 -479.2 -709.8 3.4 -2.7 6.1 0.2 -8.6 481.9 437.1 156.4 280.7 6.5 -2.3 8.8 2.0 36.2 537.6 487.2 188.2 299.0 16.9 1.3 15.6 2.4 31.1 697.3 671.1 398.1 273.0 12.3 1.0 11.2 4.6 9.3 66 67 68 69 70 71 72 73 74 508.8 1142.1 1171.1 429.7 105.8 -1158.8 -1193.8 481.9 537.6 697.3 75 575.1 1225.0 1118.9 439.1 69.0 -1458.8 -1259.2 678.3 474.2 666.0 76 Other changes in volume account 63 64 65 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 75 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 76 Change in net worth (lines 24+30+63+75) 77 9349.4 10929.6 12591.5 13614.1 14268.3 13255.0 11931.4 12554.1 13107.4 13879.2 77 78 79 80 81 82 83 84 85 86 Total assets Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 7560.8 6753.6 4303.3 2450.2 489.9 37.0 452.9 121.1 196.2 8770.2 7913.2 4998.2 2915.0 521.0 38.5 482.5 129.7 206.2 9994.8 9079.7 5820.3 3259.4 555.8 41.7 514.0 141.2 218.2 10497.6 9527.4 5925.7 3601.7 595.8 44.4 551.4 152.0 222.4 10672.5 9636.0 5565.9 4070.0 627.3 45.5 581.8 162.4 246.8 9561.9 8488.5 4757.9 3730.6 663.3 46.6 616.8 171.0 239.0 8355.3 7300.5 4268.7 3031.8 657.1 44.0 613.1 175.8 221.9 8826.3 7719.9 4408.2 3311.7 667.4 42.2 625.2 183.0 256.0 9362.9 8193.9 4581.9 3612.0 693.7 43.7 650.0 191.0 284.4 10060.9 8857.4 4965.0 3892.4 712.9 44.1 668.8 201.8 288.8 78 79 80 81 82 83 84 85 86 87 Financial assets 1788.6 2159.4 2596.7 3116.5 3595.9 3693.1 3576.1 3727.8 3744.5 3818.3 87 504.4 190.6 313.8 598.1 297.5 300.6 698.2 374.1 324.1 793.2 448.8 344.4 875.0 515.6 359.3 877.5 519.4 358.1 887.6 534.3 353.3 887.7 531.5 356.2 889.3 529.1 360.1 909.0 543.8 365.2 88 89 90 88 89 90 Currency and deposits Currency and transferable deposits Time and savings deposits 91 92 93 Debt securities Treasury securities Municipal securities 47.6 44.9 2.7 54.5 50.2 4.3 60.6 56.2 4.4 62.1 56.3 5.8 64.6 59.3 5.3 56.7 51.8 4.9 51.2 46.1 5.1 53.7 48.1 5.6 54.3 48.6 5.7 55.0 49.3 5.8 91 92 93 94 95 96 Loans Short term (consumer credit) Long term (mortgages) 26.3 0.0 26.3 30.8 0.0 30.8 36.2 0.0 36.2 34.6 0.0 34.6 42.1 0.0 42.1 39.1 0.0 39.1 37.9 0.0 37.9 42.1 0.0 42.1 42.5 0.0 42.5 43.1 0.0 43.1 94 95 96 97 98 99 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 67.8 63.6 4.2 70.7 66.5 4.2 73.1 69.0 4.1 76.4 72.2 4.3 79.3 74.3 5.0 81.7 75.4 6.4 80.0 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 85.9 78.8 7.2 97 98 99 100 Insurance, pension and standardized guarantee schemes (3) 101 102 103 Other accounts receivable Trade receivables Other (miscellaneous assets) 89.2 93.7 99.2 103.6 107.3 111.5 101.7 131.4 119.8 134.9 100 1053.4 337.7 715.7 1311.5 364.3 947.1 1629.3 430.9 1198.4 2046.5 470.9 1575.6 2427.6 525.6 1902.0 2526.6 522.7 2003.9 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2553.9 539.2 2014.8 2590.4 101 546.8 102 2043.6 103 Integrated Accounts Balance sheet account (end of period) 138 Z.1, June 5, 2014 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 104 105 Total liabilities and net worth Liabilities 106 107 108 109 110 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 111 Equity and investment fund shares (direct investment in the U.S.) 112 113 114 115 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 116 Net worth 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 9349.4 10929.6 12591.5 13614.1 14268.3 13255.0 11931.4 12554.1 13107.4 13879.2 104 3282.0 3637.2 4180.2 4763.6 5348.9 5794.4 5730.0 5674.4 5753.6 5859.4 105 2301.5 606.8 479.7 127.1 1694.7 2556.1 640.9 512.6 128.3 1915.3 2897.7 805.0 670.4 134.6 2092.7 3312.9 937.1 785.7 151.4 2375.9 3774.5 1091.5 926.5 165.0 2683.0 4093.2 1223.4 1046.1 177.3 2869.9 3984.5 1116.1 944.0 172.0 2868.5 3949.8 1097.8 927.2 170.6 2852.0 3985.0 1155.1 983.9 171.2 2829.9 4071.6 1252.6 1072.0 180.6 2819.1 3.3 3.0 3.3 3.6 3.6 3.7 4.8 5.3 5.9 977.3 261.2 69.7 646.5 1078.1 284.9 78.0 715.2 1279.1 334.5 86.7 857.9 1447.1 348.9 95.7 1002.5 1570.8 374.9 99.5 1096.4 1697.5 380.6 106.2 1210.7 1740.7 397.4 99.9 1243.3 1719.3 427.7 99.2 1192.4 1762.7 435.5 100.3 1226.8 1781.4 434.4 102.4 1244.5 6067.4 7292.4 8411.3 8850.5 8919.4 7460.6 6201.4 6879.7 7353.8 8019.8 116 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Net equity in reserves of property-casualty insurance companies. (4) Farm houses are included in the household sector. n.e.c. Not elsewhere classified 106 107 108 109 110 6.4 111 112 113 114 115 139 Z.1, June 5, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 5724.4 6107.9 6532.1 6988.0 7203.9 7258.1 6861.4 7243.1 7636.4 8030.8 1 818.0 850.2 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1135.8 1188.2 2 4906.5 3595.7 2962.2 633.4 495.8 815.1 5257.7 3762.8 3099.9 662.9 530.9 964.1 5622.2 3930.3 3238.0 692.3 573.2 1118.7 6008.7 4129.3 3420.9 708.5 610.1 1269.3 6163.6 4305.3 3572.1 733.3 632.5 1225.8 6164.2 4358.0 3619.5 738.5 632.7 1173.5 5769.4 4088.4 3377.5 710.9 605.9 1075.1 6148.6 4168.0 3446.1 721.9 633.0 1347.6 6500.6 4374.3 3624.7 749.6 664.2 1462.1 6842.7 4600.8 3824.8 776.0 685.3 1556.5 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 467.9 815.1 420.2 236.4 55.8 128.0 767.4 391.6 349.2 12.0 14.7 561.7 964.1 480.6 251.9 66.3 162.4 883.0 394.6 430.8 40.5 17.1 757.8 1118.7 614.6 296.9 300.3 17.4 975.6 451.0 471.1 34.0 19.4 764.6 1269.3 644.1 357.6 79.7 206.9 1148.8 521.1 550.7 56.6 20.3 669.1 1225.8 687.4 379.4 92.3 215.7 1244.1 605.7 576.9 38.9 22.6 575.9 1173.5 626.9 302.8 108.0 216.1 1224.6 584.5 582.2 32.1 25.9 633.3 1075.1 565.0 214.6 138.7 211.7 1006.8 480.0 490.4 18.1 18.2 902.4 1347.6 580.3 177.5 134.4 268.3 1025.4 444.5 509.9 51.8 19.2 960.4 1462.1 568.2 180.0 96.8 291.5 1069.9 445.6 537.1 65.7 21.6 997.2 1556.5 577.2 177.8 98.7 300.8 1136.5 451.8 577.4 85.8 21.5 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 467.9 132.9 61.8 561.7 187.0 62.0 757.8 271.9 74.2 764.6 307.7 70.4 669.1 293.8 62.2 575.9 227.4 51.7 633.3 177.8 73.4 902.4 220.6 83.2 960.4 222.3 89.3 997.2 256.9 92.5 20 21 22 23 Equals: Disposable income, net 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 23 24 Equals: Net saving 273.2 312.7 411.7 386.5 313.1 296.7 382.1 598.6 648.8 647.8 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 273.3 273.2 -0.1 319.3 312.7 -6.7 427.2 411.7 -15.5 386.5 386.5 -0.0 313.1 313.1 -0.0 300.4 296.7 -3.7 343.8 382.1 38.3 577.7 598.6 20.9 655.2 648.8 -6.4 664.5 647.8 -16.7 25 26 27 28 158.2 211.9 280.9 360.4 341.6 264.7 -82.8 149.0 207.7 321.3 28 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 960.0 818.0 -2.1 18.3 1010.1 850.2 -1.8 53.9 1133.4 909.9 1.0 56.4 1259.9 979.4 13.6 66.3 1348.2 1040.3 0.4 33.3 1372.7 1093.9 17.6 -31.6 1141.9 1092.0 6.3 -139.0 1181.0 1094.6 -1.1 63.7 1305.3 1135.8 -0.9 39.1 1438.9 1188.2 -0.4 71.0 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 33 115.1 107.4 146.3 26.1 -28.5 35.7 426.6 428.7 447.5 343.2 34 Capital account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 87.6 780.2 945.7 700.7 1074.6 -604.2 302.4 633.2 494.1 684.6 35 133.0 44.0 71.5 17.6 56.2 3.0 37.7 15.6 120.6 60.8 49.9 9.9 -84.8 -117.2 46.6 -14.2 -62.3 -7.6 -55.7 0.9 -214.0 -59.0 -129.4 -25.5 254.5 70.7 176.9 6.8 148.7 79.7 59.9 9.1 37.1 29.7 13.2 -5.8 53.0 15.1 36.8 1.0 36 37 38 39 10.8 10.9 2.3 -5.7 3.3 16.2 19.3 0.3 0.1 -3.6 40.4 16.0 18.1 6.0 0.3 -1.2 11.7 -6.7 -2.2 -4.0 -61.7 -53.2 -7.1 -2.4 1.1 -25.7 -12.2 -7.9 -2.6 -3.0 16.3 -1.3 12.5 4.2 0.9 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 -10.9 -8.0 -3.4 -1.1 1.7 40 41 42 43 44 Loans Short term (security repos and consumer credit) Long term (mortgages) -13.7 -15.9 2.2 15.4 0.6 14.8 10.2 8.5 1.7 -14.0 -5.5 -8.4 -21.6 -3.2 -18.4 -9.8 -2.0 -7.7 -5.5 -1.4 -4.1 -8.7 -7.1 -1.6 1.8 2.4 -0.6 -1.9 -1.1 -0.8 45 46 47 48 49 50 51 52 53 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 103.3 -30.4 5.8 125.3 0.1 2.6 284.1 10.3 -1.3 272.4 0.1 2.6 142.5 52.7 0.7 24.7 0.0 64.4 334.9 69.1 23.6 219.2 0.1 22.9 374.6 127.2 -4.9 307.0 0.1 -54.8 423.5 178.5 -16.5 262.6 -0.1 -1.1 224.3 -71.4 35.3 269.7 0.0 -9.3 183.6 -157.7 11.1 303.3 0.1 26.7 359.9 -35.4 -12.8 399.8 -0.0 8.4 386.5 18.2 -0.0 365.8 0.0 2.6 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 19.1 19.7 21.3 7.6 8.3 11.0 -4.0 11.9 10.0 7.4 54 36 37 38 39 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 45 46 47 Integrated Accounts Financial account 140 Z.1, June 5, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2004 2005 2006 2007 2008 2009 2010 2011 2012 -164.9 -17.7 -147.1 388.6 128.8 259.8 610.8 277.6 333.2 458.1 -13.8 471.9 837.3 159.8 677.5 -789.3 -169.6 -619.7 -183.2 -31.2 -152.0 282.2 105.7 176.5 93.8 83.8 10.0 250.5 83.6 166.8 55 56 57 13.5 614.2 965.6 839.3 1281.1 339.1 -248.5 487.8 894.4 1196.4 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds 124.4 -37.3 3.3 158.4 119.5 15.3 10.6 93.6 97.6 -7.7 41.9 63.5 294.5 22.4 53.3 218.8 402.6 11.3 68.4 323.0 299.1 7.7 66.0 225.4 375.8 -73.1 37.2 411.7 496.3 24.5 33.2 438.6 452.7 33.4 8.5 410.8 608.8 14.0 15.2 579.6 59 60 61 62 63 64 65 66 67 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) -36.0 -84.0 -91.4 7.3 48.0 129.8 55.1 4.0 51.1 74.7 274.2 83.1 -27.1 110.2 191.1 237.9 150.0 22.1 127.9 87.9 453.0 383.9 96.3 287.6 69.1 72.1 132.1 64.2 67.9 -60.1 -526.4 -394.8 -234.0 -160.8 -131.6 -307.0 -177.4 -87.0 -90.4 -129.6 50.2 129.1 68.9 60.2 -78.8 52.1 46.7 80.4 -33.7 5.3 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 0.4 -39.6 40.0 -26.7 -122.7 96.0 -243.1 -341.8 98.7 -373.7 -565.7 192.0 -574.7 -786.8 212.1 -144.8 -334.3 189.6 42.5 -62.1 104.6 -120.4 -277.4 157.0 -277.0 -472.2 195.2 -234.4 -399.5 165.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 56.3 -0.2 56.5 77.8 -3.1 81.0 90.7 -1.9 92.6 146.1 -2.0 148.1 -1.0 4.5 -5.6 137.8 14.7 123.0 74.3 -8.4 82.7 0.6 15.4 -14.9 -9.6 3.0 -12.5 49.2 -0.9 50.1 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities -131.6 -54.7 -11.7 -65.1 313.7 97.7 6.8 209.3 746.1 199.0 -1.8 548.8 534.4 109.0 -0.8 426.2 1001.2 85.1 -49.6 965.7 -25.1 -225.2 3.1 196.9 -214.7 -82.6 -3.3 -128.9 418.2 156.3 7.2 254.8 678.0 25.2 8.8 644.0 720.8 83.2 2.3 635.2 74 75 76 77 74.1 166.1 -19.9 -138.6 -206.5 -943.3 551.0 145.5 -400.3 -511.9 78 131.9 0.0 163.3 40.9 -9.6 294.3 -9.2 205.3 -58.6 -39.5 327.3 -22.7 484.0 166.2 -32.1 644.3 0.0 773.4 164.7 -35.7 756.8 0.0 895.2 178.0 -39.5 -722.2 -5.8 225.6 979.0 -37.0 172.3 0.0 54.6 -124.3 6.7 415.5 0.0 657.7 283.2 -41.0 -72.4 0.0 719.3 847.8 -56.0 -215.8 -6.9 636.1 855.1 -10.0 79 80 81 82 83 187.0 164.7 -20.1 22.0 20.4 1318.5 1197.7 71.0 11.8 38.0 937.7 811.5 53.0 29.3 43.9 981.1 873.2 80.9 22.2 4.7 1474.7 1341.2 33.8 31.2 68.5 -1098.7 -1149.9 104.8 12.8 -66.5 -2612.1 -2644.9 -10.1 3.0 39.9 876.0 741.8 48.4 22.2 63.6 826.1 693.8 62.2 27.6 42.5 558.5 484.8 21.1 45.2 7.4 84 85 86 87 88 26.1 18.2 7.9 89.2 11.9 77.2 94.5 8.1 86.3 31.0 15.2 15.9 154.8 9.7 145.1 -199.6 -55.2 -144.4 -15.3 20.4 -35.7 -131.9 13.6 -145.6 -15.2 -8.1 -7.1 -10.7 14.2 -24.9 89 90 91 2682.0 2672.5 9.5 1377.9 1366.1 11.8 980.7 939.8 41.0 2462.7 2481.5 -18.8 1942.3 1915.2 27.1 -5481.0 -5379.8 -101.2 2389.2 2557.7 -168.5 2122.0 2136.8 -14.8 591.0 601.6 -10.7 2027.0 2031.0 -4.0 92 93 94 -2468.9 29.8 51.4 -1450.6 -312.8 4182.7 -5016.6 -1378.0 220.0 -1479.2 95 -2063.8 643.4 805.9 -419.7 757.1 3760.9 -4500.5 -384.8 802.8 -1030.5 96 21490.6 23864.5 26068.7 28204.2 31184.2 29540.0 27214.6 29012.5 30596.4 32225.6 97 11367.3 5806.5 3018.8 1181.5 1360.4 12919.8 7040.2 3161.2 1226.6 1491.7 14159.9 7911.7 3318.5 1305.5 1624.2 15536.6 8879.8 3541.7 1384.3 1730.9 17422.6 10366.4 3710.5 1473.6 1872.2 16603.1 9358.5 3894.2 1539.3 1811.1 13880.8 6776.5 3826.9 1572.1 1705.3 14978.8 7578.2 3887.7 1639.3 1873.6 16073.2 8318.5 4023.7 1719.8 2011.2 16950.5 8884.9 4146.9 1819.1 2099.6 98 99 100 101 102 10123.4 10944.8 11908.9 12667.6 13761.6 12936.9 13333.8 14033.7 14523.2 15275.1 103 605.1 204.2 362.8 38.1 661.3 207.2 400.5 53.7 781.9 268.0 450.4 63.6 697.1 150.8 497.0 49.3 634.8 143.2 441.3 50.3 420.8 84.2 311.9 24.7 675.3 155.0 488.8 31.5 824.0 234.6 548.7 40.6 861.1 264.3 561.9 34.8 914.0 279.4 598.8 35.8 104 105 106 107 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Less: Inventory valuation adjustment Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 Financial assets Mutual fund shares Direct investment abroad 92 93 94 Liabilities Corporate equity Foreign direct investment in the United States 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 28+33+79+95) (4) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 105 106 107 Total assets Nonfinancial assets (5) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 141 Z.1, June 5, 2014 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 156.0 75.7 33.7 11.2 35.4 172.2 95.0 34.0 11.3 31.8 212.6 111.0 52.1 17.4 32.1 211.4 122.7 45.5 15.2 28.1 149.7 69.5 38.3 12.8 29.2 124.1 57.3 30.5 10.2 26.2 140.4 56.0 43.0 14.3 27.1 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 136.5 59.8 39.5 13.2 24.0 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 116.8 65.1 6.0 59.1 51.8 132.2 65.6 6.4 59.2 66.6 142.4 74.1 14.6 59.6 68.3 127.5 67.7 15.5 52.1 59.8 105.8 64.5 8.1 56.4 41.4 96.1 62.4 7.2 55.2 33.6 90.6 61.0 7.9 53.2 29.5 85.6 57.6 12.1 45.5 28.0 87.4 60.0 12.6 47.4 27.4 85.5 58.9 9.7 49.2 26.6 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 2170.6 289.3 114.9 1745.1 0.4 21.0 2543.9 299.6 125.6 2094.7 0.5 23.6 2809.9 352.2 134.4 2205.7 0.5 117.0 3175.9 421.3 173.2 2440.7 0.6 140.1 3701.6 548.5 178.0 2892.9 0.7 81.5 3925.3 727.0 106.3 3011.1 0.4 80.5 4134.3 655.5 162.0 3245.1 0.5 71.2 4148.8 497.8 186.8 3402.9 0.6 60.7 4493.5 462.4 165.9 3795.6 0.5 69.1 4869.3 480.6 180.1 4136.4 0.6 71.7 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 243.0 262.7 284.0 291.6 300.0 311.1 307.1 319.0 329.0 336.5 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 6831.8 1701.8 5130.0 7172.4 1830.6 5341.8 7678.1 2108.2 5569.9 8164.0 2095.4 6068.6 8869.7 2255.2 6614.4 8059.5 2085.7 5973.8 7986.1 2054.5 5931.6 8500.3 2156.5 6343.8 8604.7 2240.3 6364.4 8933.2 2324.0 6609.2 125 126 127 128 Total liabilities and net worth 21490.6 23864.5 26068.7 28204.2 31184.2 29540.0 27214.6 29012.5 30596.4 32225.6 128 20739.9 22470.4 23868.7 26423.9 28646.8 23241.7 25416.8 27599.4 28380.6 31040.3 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 3276.6 82.5 163.9 3030.2 3407.1 97.8 185.4 3123.8 3504.7 90.1 227.3 3187.3 3799.2 112.5 280.6 3406.1 4201.9 123.8 349.0 3729.1 4501.0 131.5 415.0 3954.5 4876.8 58.4 452.2 4366.2 5373.1 82.9 485.4 4804.8 5825.8 116.3 493.9 5215.6 6434.6 130.3 509.1 5795.2 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 1876.9 1356.3 614.1 742.2 520.7 2006.8 1411.4 618.0 793.3 595.4 2281.0 1494.5 591.0 903.5 786.5 2539.7 1641.6 613.1 1028.5 898.1 2999.2 2032.0 715.9 1316.1 967.2 3066.3 2164.1 780.1 1384.0 902.2 2455.7 1685.2 546.0 1139.1 770.6 2081.9 1425.7 477.4 948.3 656.2 2132.1 1554.7 546.3 1008.5 577.4 2227.7 1645.0 608.1 1036.9 582.7 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 12147.2 10845.2 1302.0 13498.4 12088.6 1409.8 14236.0 12686.6 1549.4 16325.1 14602.3 1722.7 17692.7 15730.7 1961.9 12066.9 10016.6 2050.3 14498.6 12512.2 1986.4 16500.3 14371.6 2128.7 16814.3 14501.0 2313.3 18606.8 16132.4 2474.4 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 78.0 49.8 28.2 80.9 46.6 34.3 14.6 44.8 -30.1 35.9 64.7 -28.8 48.5 69.3 -20.8 761.4 84.0 677.4 573.2 75.6 497.6 537.6 91.1 446.5 580.7 94.0 486.6 533.3 93.2 440.2 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 3361.1 1403.9 81.2 1876.0 3477.2 1501.6 88.0 1887.7 3832.3 1700.6 86.2 2045.5 3724.0 1812.9 85.4 1825.7 3704.5 1897.9 35.8 1770.8 2846.2 1672.7 39.0 1134.5 3012.5 1590.2 35.7 1386.6 3106.5 1746.5 42.9 1317.2 3027.7 1771.7 51.7 1204.3 3237.8 1854.9 54.0 1328.9 145 146 147 148 750.8 1394.2 2200.1 1780.4 2537.4 6298.3 1797.8 1413.0 2215.8 1185.3 149 149 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) Net equity in reserves of property-casualty insurance companies. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 142 Z.1, June 5, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current account 1 Gross value added 885.6 922.1 1034.3 1127.6 1068.8 852.3 1015.7 1039.9 1025.1 1090.3 1 2 Less: Consumption of fixed capital 130.0 139.3 148.9 156.8 165.4 173.9 177.4 176.7 179.0 186.6 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 755.6 460.5 390.6 69.9 42.9 252.2 782.8 498.5 423.0 75.5 46.6 237.7 885.5 535.4 449.4 86.0 49.5 300.6 970.8 579.8 490.8 89.0 52.5 338.5 903.4 618.2 527.1 91.1 54.7 230.5 678.4 612.9 517.9 95.0 55.6 9.9 838.4 549.0 466.2 82.8 64.2 225.2 863.3 572.5 486.4 86.1 64.8 226.0 846.0 610.1 514.3 95.9 61.0 174.9 903.7 633.6 538.3 95.3 61.5 208.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 206.6 252.2 1439.2 1304.9 113.2 21.1 1484.8 1210.4 271.9 221.8 50.1 2.5 0.0 213.1 237.7 1675.2 1499.9 145.2 30.1 1699.7 1360.7 329.8 282.4 47.4 9.3 0.0 200.3 300.6 2078.1 1886.6 188.6 2.9 2178.4 1785.2 385.1 337.5 47.7 8.0 0.0 205.2 338.5 2657.4 2403.6 212.9 40.9 2790.8 2338.0 440.0 390.0 50.0 12.8 0.0 110.7 230.5 3096.1 2786.6 263.7 45.7 3215.8 2708.9 497.4 457.6 39.8 9.5 0.0 -1.7 9.9 2718.3 2398.5 270.3 49.5 2729.9 2275.4 447.2 424.2 23.0 7.3 0.0 290.8 225.2 2096.6 1834.4 211.1 51.1 2031.0 1636.7 390.6 316.2 74.4 3.7 0.0 375.8 226.0 2027.0 1714.0 244.8 68.3 1877.3 1469.7 396.7 311.8 84.9 10.9 0.0 324.9 174.9 2040.0 1709.2 261.1 69.6 1890.0 1455.2 419.7 366.0 53.8 15.1 0.0 322.4 208.6 1990.3 1625.8 297.2 67.3 1876.5 1372.4 484.2 431.9 52.3 19.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 206.6 110.9 -9.7 213.1 119.1 -6.5 200.3 140.5 -13.4 205.2 165.7 -21.1 110.7 151.7 7.5 -1.7 81.7 46.0 290.8 91.6 26.9 375.8 150.0 18.4 324.9 151.9 19.8 322.4 177.8 -12.0 22 23 24 25 Equals: Disposable income, net 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 25 26 Equals: Net saving 105.5 100.5 73.1 60.6 -48.5 -129.4 172.3 207.4 153.1 156.5 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 105.5 105.5 0.0 84.3 100.5 16.2 45.4 73.1 27.7 60.6 60.6 0.0 -48.5 -48.5 0.0 -68.9 -129.4 -60.5 294.2 172.3 -121.9 248.9 207.4 -41.5 185.5 153.1 -32.4 146.9 156.5 9.6 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 26.5 156.5 130.0 37.2 176.5 139.3 31.1 180.0 148.9 31.9 188.7 156.8 46.1 211.5 165.4 22.3 196.2 173.9 -10.5 166.9 177.4 -13.9 162.8 176.7 -3.8 175.2 179.0 6.8 193.4 186.6 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 78.9 47.1 14.3 28.8 -94.6 -91.2 304.7 262.8 189.3 140.2 34 3144.3 3714.8 3754.8 4600.3 5517.5 4254.3 -1235.3 34.8 2217.2 1980.4 35 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 -47.3 43.9 -12.3 74.8 170.5 1009.3 228.5 -143.4 528.8 -37.3 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 44 45 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 1078.6 0.0 -153.5 88.5 431.8 110.7 576.5 24.7 464.6 0.0 40.7 -42.6 -209.8 79.5 555.9 40.9 652.7 0.0 204.7 52.0 -249.3 115.6 489.7 40.0 1109.4 0.0 241.1 85.4 97.0 131.2 519.0 35.8 1052.0 0.0 -95.5 36.0 283.0 184.7 610.5 33.3 1240.7 0.0 -8.1 441.4 725.3 42.2 -23.3 63.3 791.8 3.0 -396.8 365.6 681.3 38.4 38.3 61.9 834.1 0.0 -103.3 502.9 52.6 44.1 272.1 65.7 1362.6 0.0 -75.9 974.8 159.4 13.4 220.2 70.8 1089.0 0.0 -4.5 299.8 219.9 137.9 395.5 40.4 38 39 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 1152.3 162.8 989.5 1879.7 665.6 1214.1 2064.8 653.2 1411.6 2110.5 710.3 1400.2 2694.1 1563.4 1130.7 1455.7 1224.3 231.3 -2944.3 -2877.7 -66.6 -508.3 -192.9 -315.4 151.8 306.9 -155.1 438.0 498.9 -60.9 46 47 48 49 50 51 52 53 54 55 56 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 330.3 256.6 -2.0 -78.0 2.5 24.3 0.5 126.4 657.2 330.8 95.5 -110.3 2.4 43.8 3.1 291.9 531.0 283.7 47.0 12.0 2.0 11.5 1.6 173.2 505.7 184.8 97.1 -6.6 -0.0 25.8 1.8 202.8 1224.8 422.1 90.0 331.2 8.3 107.0 3.1 263.1 849.3 225.8 51.1 283.6 -5.3 66.4 2.6 225.0 36.2 166.1 63.5 -174.6 0.0 40.7 4.6 -64.1 -134.9 86.1 12.1 -172.5 -3.2 -2.3 0.9 -56.0 -89.4 -64.1 -59.6 -71.4 -6.2 9.2 0.4 102.4 194.7 81.4 7.0 -35.0 -2.0 22.5 0.5 120.3 49 50 51 52 53 54 55 56 143 Z.1, June 5, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 57 Insurance, pension and standardized guarantee schemes 273.1 239.2 194.1 252.6 199.2 313.0 471.5 300.0 344.9 413.8 57 58 Other accounts receivable 357.3 430.2 324.5 547.3 177.0 -613.7 181.0 -312.7 -81.6 -117.6 58 59 Net incurrence of liabilities 2954.6 3769.5 3414.5 4345.9 5399.9 4415.8 -1263.3 62.0 2186.1 1873.7 59 450.3 601.8 608.9 620.6 548.7 2146.1 262.3 334.1 1457.3 595.0 60 1010.5 586.2 487.8 -63.5 805.8 115.8 668.3 21.7 1039.8 80.4 745.2 214.2 1319.9 328.2 795.3 196.4 1522.3 905.7 728.1 -111.5 442.0 768.7 -201.4 -125.4 -956.5 -60.1 -448.4 -448.1 -693.7 -46.9 -544.6 -102.2 -325.8 -21.9 -235.8 -68.2 -302.9 -22.4 -221.7 -58.8 61 62 63 64 324.7 315.8 8.9 609.9 584.4 25.5 547.3 533.2 14.1 589.9 583.4 6.6 882.8 878.1 4.7 -155.5 -162.3 6.8 -1646.0 -1657.8 11.8 -59.6 -60.5 0.8 197.7 184.3 13.5 130.7 125.8 4.8 65 66 67 250.5 -212.6 66.0 288.1 3.2 23.9 -3.4 84.9 0.5 649.7 -136.4 118.1 296.3 2.5 50.2 -4.2 320.1 3.1 698.0 125.1 78.4 260.2 1.9 13.9 -1.2 218.1 1.6 931.5 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1469.0 736.8 179.6 361.5 9.1 9.3 3.6 166.1 3.1 1717.3 724.2 639.2 -9.9 -4.2 120.7 11.6 233.0 2.6 271.0 -498.7 316.4 497.1 0.0 45.7 0.6 -94.5 4.6 73.8 -503.2 191.4 370.1 -2.7 48.5 0.9 -32.0 0.9 498.8 -112.8 164.1 338.4 -5.9 34.9 -1.7 81.5 0.4 980.3 7.1 168.1 624.9 -1.8 0.7 6.5 174.4 0.5 68 69 70 71 72 73 74 75 76 60 Currency and deposits 61 62 63 64 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 65 66 67 Loans Short term Long term (mortgages) 68 69 70 71 72 73 74 75 76 Equity and investment fund shares Money market mutual fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 77 Insurance, pension and standardized guarantee schemes 695.8 720.2 663.4 666.7 690.3 633.5 523.2 628.3 632.4 498.8 77 78 Other accounts payable 222.8 382.1 -142.8 217.2 286.8 -367.6 282.7 -220.8 -274.4 -28.1 78 189.7 -54.7 340.3 254.4 117.6 -161.5 28.0 -27.3 31.1 106.7 79 -702.7 0.0 -813.5 -110.8 -425.4 -1.7 -322.0 101.7 29.2 -1.7 -295.1 -326.0 -426.9 0.0 -652.5 -225.6 -80.2 0.0 -292.4 -212.2 1221.3 -0.6 1292.2 70.3 -1076.3 0.0 -799.5 276.8 -880.7 0.0 -590.7 290.1 -164.6 0.0 -6.4 158.2 -416.0 -2.0 -380.6 33.4 80 81 82 83 79 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-59) 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Other changes in volume account Revaluation account 84 85 86 87 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 12.4 17.2 -3.4 -1.5 71.7 63.9 8.1 -0.3 78.4 75.1 2.0 1.2 71.9 66.9 2.9 2.1 36.3 38.1 -3.1 1.4 65.6 59.0 5.3 1.3 -48.7 -47.0 -0.6 -1.0 6.3 1.4 5.0 -0.0 41.9 35.0 6.0 0.9 26.2 15.8 6.6 3.7 84 85 86 87 88 89 90 91 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 2145.3 1862.7 252.7 30.0 1178.7 1004.1 124.0 50.6 928.9 614.4 283.9 30.7 1779.9 1456.5 287.7 35.7 760.0 622.4 91.8 45.8 -5991.2 -5099.8 -902.2 10.8 2683.0 2145.0 483.8 54.2 1726.1 1413.9 271.5 40.7 -583.6 -524.4 -46.8 -12.3 1804.6 1486.5 266.9 51.2 88 89 90 91 92 93 94 95 96 97 98 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 2045.8 795.9 726.8 8.4 11.4 503.3 0.0 1149.0 459.1 483.8 4.0 2.4 199.7 0.0 880.8 262.4 352.4 9.4 1.7 254.8 0.0 1828.2 716.1 682.6 22.5 4.8 402.1 0.0 -539.6 -985.4 396.0 -56.7 -0.6 107.0 0.0 -6423.1 -2366.0 -2424.7 -157.6 -13.6 -1461.2 0.0 2178.6 386.3 1035.6 17.9 3.6 735.9 -0.6 1595.5 525.9 582.2 34.1 0.3 455.0 -2.0 -790.9 -373.5 -340.4 35.9 -1.1 -111.4 -0.3 1862.5 695.0 717.8 15.5 -1.0 435.3 -0.1 92 93 94 95 96 97 98 111.9 101.4 126.5 23.6 1336.0 497.5 455.7 136.9 249.2 -31.7 99 -485.4 -239.7 201.1 -342.6 1207.3 1649.9 -326.4 -494.9 270.1 -300.7 100 47740.5 52621.5 57064.8 62898.1 69121.6 69085.8 70074.5 71144.3 72797.7 77063.2 101 1194.4 690.2 400.4 103.9 1301.7 759.9 427.4 114.4 1409.5 841.3 447.3 120.8 1513.3 916.3 469.8 127.1 1595.7 969.3 487.8 138.5 1683.0 1035.8 493.6 153.7 1623.8 988.3 468.4 167.1 1616.3 979.3 469.3 167.7 1654.4 1001.8 479.9 172.7 1685.4 1005.8 497.0 182.5 102 103 104 105 99 Changes in net worth due to nominal holding gains/losses 100 Change in net worth (lines 30+33+80+99) Balance sheet account (end of period) 101 102 103 104 105 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products Integrated Accounts Changes in balance sheet account 144 Z.1, June 5, 2014 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2004 2005 2006 2007 2008 2009 2010 2011 2012 106 Financial assets 46546.1 51319.8 55655.4 61384.9 67525.9 67402.7 68450.7 69528.1 71143.3 75377.9 106 107 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107 108 Currency and deposits 734.4 779.4 764.4 814.1 986.9 2032.0 2275.1 2177.5 2706.4 2693.3 108 109 110 111 112 113 114 115 116 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 13552.2 2.2 796.6 1636.1 4577.3 1151.0 4574.1 815.0 14036.8 2.2 837.3 1593.5 4387.5 1230.5 5130.0 855.9 14670.2 2.2 1042.0 1645.5 4138.2 1346.1 5613.4 882.9 15693.3 2.2 1280.1 1735.5 4150.8 1477.0 6129.1 918.7 16745.3 2.2 1184.5 1771.5 4433.9 1661.6 6739.6 952.0 17988.5 2.2 1176.1 2212.9 5159.1 1703.8 6719.2 1015.3 18802.9 5.2 779.4 2578.5 5894.9 1742.2 6725.5 1077.2 19058.0 5.2 676.0 3081.4 5484.7 1786.3 6881.5 1142.9 20420.3 5.2 600.1 4056.2 5644.1 1799.7 7101.4 1213.7 21601.7 5.2 595.6 4368.0 5878.2 1937.6 7563.1 1254.1 109 110 111 112 113 114 115 116 117 118 119 Loans Short term Long term (mortgages) 15822.3 6833.3 8989.0 17716.9 7498.9 10218.0 19781.7 8152.1 11629.6 21829.1 8775.6 13053.4 24481.0 10328.6 14152.4 25800.3 11552.6 14247.7 22567.9 8622.4 13945.6 21817.0 8503.8 13313.2 21817.2 8810.8 13006.5 22282.6 9482.6 12799.9 117 118 119 120 121 122 123 124 125 126 127 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 11995.9 8077.4 1452.4 614.7 37.7 309.4 8.8 1495.4 13831.8 9412.3 1671.9 504.4 40.1 403.8 11.9 1787.3 15291.7 10310.4 2002.8 516.4 42.0 446.0 13.5 1960.6 17129.7 11452.2 2352.4 563.9 42.0 507.4 15.3 2196.5 19114.5 12496.8 2534.2 895.0 50.3 660.2 18.5 2459.6 13972.6 7622.8 1683.1 1178.6 45.0 737.4 21.1 2684.6 17367.9 9934.0 2230.5 1004.0 45.0 832.3 25.6 3296.6 18959.1 11434.0 2514.0 831.5 41.7 870.7 26.5 3240.6 18286.1 10845.4 2407.6 760.1 35.5 867.5 26.9 3343.0 20712.1 12413.3 2681.6 725.2 33.5 941.3 27.4 3889.9 120 121 122 123 124 125 126 127 128 Insurance, pension and standardized guarantee schemes 1896.2 2107.5 2112.2 2150.4 2243.6 3992.2 3826.7 4158.7 4533.9 4583.9 128 129 Other accounts receivable 2534.1 2836.4 3024.1 3757.2 3943.6 3606.0 3599.0 3346.8 3368.4 3493.3 129 130 Total liabilities and net worth 47740.5 52621.5 57064.8 62898.1 69121.6 69085.8 70074.5 71144.3 72797.7 77063.2 130 48771.0 53891.6 58133.9 64309.8 69326.0 67640.3 68955.4 70520.2 71903.4 76469.6 131 6846.8 7474.0 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 132 10158.8 5944.5 3279.9 934.4 10979.4 6060.3 3963.1 956.0 11964.7 6140.7 4653.8 1170.2 13254.8 6468.9 5422.4 1363.5 14888.0 7374.6 6261.3 1252.1 15249.8 8143.4 5980.2 1126.3 14497.1 8083.3 5735.6 678.2 13432.1 7574.0 5282.0 576.0 13032.3 7552.1 4972.3 507.9 12850.8 7529.7 4871.9 449.1 133 134 135 136 3872.5 3766.7 105.9 4482.5 4351.1 131.4 5029.8 4884.3 145.5 5616.5 5464.5 152.1 6499.3 6342.6 156.7 6343.8 6180.3 163.5 4768.4 4593.2 175.3 4720.7 4544.6 176.1 4913.1 4723.5 189.5 5106.5 4912.1 194.4 137 138 139 131 Liabilities 132 Currency and deposits 133 134 135 136 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 137 138 139 Loans Short term Long term (mortgages) 140 141 142 143 144 145 146 147 148 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 12194.3 2004.4 3713.9 4652.9 42.3 275.7 13.0 1483.4 8.8 13793.2 1868.0 4291.1 5433.0 44.8 329.9 11.2 1803.4 11.9 15146.2 1993.1 4631.9 6045.6 46.7 353.2 11.7 2050.4 13.5 17537.1 2296.3 5408.0 7065.0 46.9 427.8 9.7 2268.1 15.3 18355.7 3033.0 4602.2 7822.6 56.0 380.4 12.6 2430.5 18.5 15111.2 3757.3 2875.4 5388.0 51.8 343.5 10.7 2663.5 21.1 17501.1 3258.6 3578.1 6920.7 51.8 407.0 14.8 3244.5 25.6 18678.2 2755.4 4295.4 7873.0 49.0 489.6 15.9 3173.4 26.5 18497.5 2642.5 4085.9 7870.9 43.1 560.4 13.1 3254.6 26.9 21441.6 2649.6 4949.1 9323.6 41.2 576.6 18.6 3855.6 27.4 140 141 142 143 144 145 146 147 148 149 Insurance, pension and standardized guarantee schemes 13316.0 14560.1 15527.1 16608.4 17457.9 16513.4 17817.8 19427.1 19936.5 20934.3 149 150 Other accounts payable 2382.6 2602.4 2383.2 2589.4 2873.0 3023.8 2710.3 2271.5 2076.1 2121.5 150 -1030.5 -1270.2 -1069.0 -1411.7 -204.4 1445.5 1119.1 624.2 894.3 593.6 151 151 Integrated Accounts 2003 Net worth Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. SDRs Special Drawing Rights 145 Z.1, June 5, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current account 1 Gross value added 498.1 525.8 552.7 577.6 605.4 637.6 668.8 704.5 719.7 716.7 1 2 Less: Consumption of fixed capital 170.3 178.6 189.4 200.7 212.8 226.3 234.5 245.3 256.5 262.3 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 327.8 321.1 234.8 86.3 6.7 347.2 342.3 249.9 92.4 4.9 363.3 362.4 263.5 98.9 0.9 376.9 375.1 271.7 103.5 1.8 392.6 390.5 283.3 107.3 2.0 411.3 410.4 296.7 113.7 0.8 434.3 433.5 312.2 121.3 0.7 459.1 462.2 328.5 133.7 -3.1 463.2 470.5 331.7 138.9 -7.3 454.5 467.9 328.0 139.9 -13.4 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -221.2 6.7 90.2 -49.0 23.5 16.5 0.0 7.0 292.6 -226.6 4.9 95.2 -46.0 25.3 16.6 0.1 8.7 306.1 -277.4 0.9 99.4 -60.5 27.2 17.3 0.2 9.7 344.4 -293.5 1.8 99.2 -51.1 29.0 18.8 0.3 9.9 372.3 -325.6 2.0 94.6 -47.5 33.4 22.1 0.2 11.1 408.2 -308.9 0.8 94.0 -49.6 33.9 19.5 0.6 13.8 388.0 -269.9 0.7 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -323.2 -7.3 108.6 -59.4 57.4 28.5 18.8 10.1 422.6 -320.0 -13.4 118.0 -56.8 52.9 22.2 21.1 9.6 420.6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -221.2 980.8 763.2 973.1 25.5 350.3 -226.6 1058.8 808.9 1025.5 29.0 363.0 -277.4 1285.2 853.4 1090.9 32.0 384.2 -293.5 1459.2 905.7 1196.7 36.8 375.8 -325.6 1542.5 947.2 1272.2 41.0 401.3 -308.9 1354.1 974.4 1407.4 48.6 416.0 -269.9 1072.4 950.8 1624.9 66.2 510.7 -286.6 1208.2 970.9 1726.6 64.4 555.9 -323.2 1387.5 904.3 1745.3 66.1 529.0 -320.0 1518.0 937.8 1790.5 49.7 493.1 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 224.9 628.5 281.6 681.4 418.0 723.4 535.8 763.9 531.6 798.4 244.7 879.8 -316.1 933.7 -325.6 1003.9 -239.6 1008.7 -98.0 1011.7 23 24 25 Equals: Net saving -403.5 -399.8 -305.4 -228.1 -266.7 -635.1 -1249.8 -1329.5 -1248.3 -1109.7 25 -444.6 -403.5 41.1 -439.1 -399.8 39.3 -365.8 -305.4 60.3 -271.3 -228.1 43.2 -319.7 -266.7 53.0 -752.7 -635.1 117.6 -1436.1 -1249.8 186.3 -1455.9 -1329.5 126.3 -1362.0 -1248.3 113.8 -1194.3 -1109.7 84.7 26 27 28 25.1 31.6 31.5 22.9 35.3 29.1 40.6 53.7 38.0 20.4 29 196.4 170.3 -0.9 211.0 178.6 -0.8 222.9 189.4 -2.0 238.0 200.7 -14.4 251.4 212.8 -3.3 275.8 226.3 -20.4 284.0 234.5 -8.9 300.0 245.3 -1.0 295.4 256.5 -0.9 284.0 262.3 -1.4 30 31 32 -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 33 -469.8 -470.7 -397.3 -294.2 -354.9 -781.8 -1476.7 -1509.5 -1400.1 -1214.8 34 35.1 5.3 30.8 -14.4 0.6 580.0 237.8 281.1 -154.8 116.4 35 -0.6 0.0 -0.6 0.4 -0.0 0.4 -4.5 0.0 -4.5 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 36 37 38 -16.9 0.3 -1.5 9.3 -25.2 0.2 -34.6 0.3 -3.8 -31.0 -0.0 -0.0 -0.9 0.3 -10.2 12.2 -1.0 -2.2 -5.5 0.4 -3.3 -2.7 0.2 -0.0 25.7 0.5 -1.0 25.1 1.2 -0.1 316.0 0.6 3.5 313.1 -1.3 0.0 -170.0 0.3 3.4 -174.2 0.3 0.2 150.6 0.3 1.3 148.9 0.1 0.1 -240.0 -0.2 18.2 -257.6 -0.3 -0.1 11.0 0.2 4.0 6.7 0.2 -0.1 39 40 41 42 43 44 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 142.5 142.0 0.6 -46.9 -47.2 0.3 -118.2 -118.1 -0.1 -31.3 -31.1 -0.2 45 46 47 -2.6 -0.1 1.9 -2.0 -2.5 2.3 0.7 3.7 -3.0 1.6 -0.9 -3.3 3.7 -7.0 2.4 5.9 2.2 1.6 0.6 3.7 6.9 4.8 7.0 -2.2 2.1 39.0 25.5 19.5 6.0 13.5 166.5 154.0 87.9 66.0 12.6 130.5 136.7 133.1 3.5 -6.2 137.4 133.3 128.5 4.8 4.1 136.2 134.6 132.1 2.5 1.6 48 49 50 51 52 1.4 0.0 1.4 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.3 0.0 1.3 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.7 0.0 1.7 0.0 0.0 257.7 256.3 1.4 0.0 0.0 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.5 40.3 2.6 0.0 0.7 -10.7 -13.2 2.4 0.0 0.0 53 54 55 56 57 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 45 46 47 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 48 49 50 51 52 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 53 54 55 56 57 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program Integrated Accounts Financial account 146 Z.1, June 5, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2004 2005 2006 2007 2008 2009 2010 2011 2012 53.8 19.1 34.4 0.4 35.1 10.5 23.3 1.4 35.8 9.2 26.0 0.6 -17.1 -11.6 -6.5 1.0 -33.8 1.2 -35.4 0.4 -87.2 4.2 -62.0 -29.4 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 24.2 4.8 20.8 -1.3 11.1 2.6 11.9 -3.5 58 59 60 61 566.0 479.4 453.6 296.0 391.2 1369.0 1536.1 1697.8 1200.7 1249.4 62 63 SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 63 64 Currency and deposits 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 64 65 66 67 68 69 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 420.7 0.0 398.4 -2.4 24.7 402.8 0.0 362.5 -0.6 40.9 346.9 0.0 307.3 -0.4 40.0 219.1 0.0 183.7 -0.3 35.8 270.4 0.0 237.5 -0.4 33.3 1302.5 0.0 1239.0 0.2 63.3 1508.8 3.0 1443.7 0.1 61.9 1645.9 0.0 1579.6 0.7 65.7 1138.7 0.0 1066.8 1.1 70.8 1180.6 0.0 1140.6 -0.4 40.4 65 66 67 68 69 70 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 70 71 72 73 74 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 75.6 1.1 19.6 54.9 59.5 1.1 17.4 41.0 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 92.7 1.2 43.9 47.7 45.1 1.0 26.5 17.6 33.3 1.1 16.6 15.6 43.5 0.9 22.5 20.2 39.1 1.3 18.5 19.2 61.9 0.3 13.3 48.2 71 72 73 74 75 76 77 Other accounts payable Trade payables Other (miscellaneous liabilities) 69.1 71.7 -2.6 16.4 15.4 1.0 38.7 33.7 5.0 11.8 6.2 5.6 28.7 29.3 -0.6 22.2 22.6 -0.3 -53.2 -56.2 2.9 8.7 6.3 2.4 23.0 9.4 13.6 6.9 15.2 -8.3 75 76 77 -530.9 -474.1 -422.8 -310.4 -390.6 -789.0 -1298.3 -1416.7 -1355.5 -1133.0 78 -94.4 0.0 -33.3 61.1 -27.7 0.0 -24.2 3.5 -46.3 -0.5 -20.3 25.5 31.3 0.0 47.4 16.1 10.8 0.0 46.5 35.7 87.8 0.0 95.0 7.2 122.4 0.0 -55.9 -178.4 -21.5 0.0 -114.3 -92.8 47.0 0.0 2.5 -44.6 68.3 0.0 -13.4 -81.8 79 80 81 82 45.2 25.3 4.0 16.0 114.8 91.6 10.9 12.2 116.8 94.1 7.3 15.4 116.4 95.2 10.4 10.8 93.0 60.7 7.6 24.8 69.0 44.0 11.8 13.2 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 63.3 46.6 11.0 5.7 41.2 34.7 5.5 0.9 83 84 85 86 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 79 80 81 82 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-82]) (2) Revaluation account 83 84 85 86 Nonfinancial assets Structures Equipment Intellectual property products 87 88 89 90 91 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 3.1 1.1 2.1 0.0 0.0 1.3 0.5 0.8 0.0 0.0 -2.1 -0.9 -1.2 0.0 0.0 0.8 0.4 0.3 0.0 0.0 0.7 0.5 0.2 0.0 0.0 -67.9 -0.2 -0.0 -67.7 0.0 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -40.5 -0.1 -7.8 -32.4 -0.2 -9.0 0.1 -4.3 -4.7 -0.1 87 88 89 90 91 92 93 Liabilities SDR allocations 0.6 0.6 0.3 0.3 -0.6 -0.6 0.4 0.4 0.4 0.4 -0.2 -0.2 0.2 0.2 -1.0 -1.0 -0.2 -0.2 0.1 0.1 92 93 94 Changes in net worth due to nominal holding gains/losses 47.7 115.7 115.3 116.8 93.3 1.2 -157.9 18.5 23.0 32.1 94 -491.3 -351.1 -296.8 -123.3 -215.6 -663.6 -1471.6 -1458.8 -1292.0 -1093.9 95 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.0 4463.3 4626.9 96 2130.4 999.1 474.9 656.3 2277.1 1088.2 498.3 690.6 2426.5 1176.5 520.7 729.3 2579.8 1266.6 550.7 762.4 2711.3 1325.4 576.7 809.3 2829.2 1369.8 616.2 843.2 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3059.2 1404.1 709.6 945.5 3121.6 1435.6 730.5 955.5 97 98 99 100 659.7 640.6 643.7 658.3 703.9 1292.4 1387.1 1611.5 1404.0 1505.3 101 12.6 0.0 12.6 13.6 0.0 13.6 8.2 0.0 8.2 8.9 0.0 8.9 9.5 0.0 9.5 9.3 0.0 9.3 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 102 103 104 Changes in balance sheet account 95 Change in net worth (lines 29+33+79+94) 96 Total assets Integrated Accounts Balance sheet account (end of period) 97 98 99 100 101 102 103 104 Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 147 Z.1, June 5, 2014 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 105 106 107 108 109 110 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 111 112 113 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 114 115 116 117 118 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 119 120 121 122 123 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 124 125 126 127 128 129 2005 2006 2007 2008 2009 2010 2011 2012 101.8 19.9 22.7 54.1 2.4 2.8 68.0 21.4 19.6 21.9 2.4 2.8 65.9 18.9 8.1 36.8 1.4 0.6 60.8 20.5 5.2 32.9 1.7 0.6 86.7 22.5 4.4 56.5 2.8 0.5 402.7 24.8 7.8 368.0 1.6 0.5 233.0 25.2 11.5 193.6 1.9 0.7 383.4 26.0 12.6 342.1 2.0 0.8 135.6 25.8 23.0 84.3 1.7 0.7 142.4 24.9 22.8 92.0 2.0 0.7 105 106 107 108 109 110 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 111 112 113 272.4 199.8 82.4 117.5 72.6 274.7 200.5 86.1 114.4 74.2 273.8 197.2 89.8 107.4 76.6 296.9 216.6 108.7 108.0 80.3 303.8 221.4 115.7 105.8 82.4 342.8 247.0 135.1 111.8 95.8 509.3 400.9 223.1 177.9 108.4 643.4 537.6 356.2 181.4 105.8 780.8 670.9 484.7 186.3 109.9 917.0 805.5 616.8 188.7 111.5 114 115 116 117 118 40.0 0.0 40.0 0.0 0.0 42.0 0.0 42.0 0.0 0.0 43.2 0.0 43.2 0.0 0.0 45.3 0.0 45.3 0.0 0.0 46.9 0.0 46.9 0.0 0.0 237.0 188.7 48.3 0.0 0.0 118.2 67.4 50.0 0.0 0.9 106.1 49.9 52.3 0.0 3.8 117.0 57.8 54.9 0.0 4.4 101.5 39.9 57.3 0.0 4.4 119 120 121 122 123 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 232.8 51.3 93.7 87.9 242.3 61.8 91.2 89.3 252.5 71.0 91.6 89.9 246.5 59.4 96.1 91.0 257.0 60.6 105.0 91.4 246.2 64.7 119.4 62.0 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.7 50.3 158.6 79.8 124 125 126 127 Total liabilities and net worth 2790.1 2917.7 3070.2 3238.1 3415.2 4121.6 4229.2 4569.0 4463.3 4626.9 128 6442.4 6921.2 7370.4 7661.6 8054.2 9424.3 11003.5 12802.1 13988.3 15245.9 129 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 130 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 131 4850.2 2.2 4008.2 24.9 815.0 5253.1 2.2 4370.7 24.3 855.9 5587.0 2.2 4678.0 23.8 882.9 5806.1 2.2 4861.7 23.5 918.7 6076.5 2.2 5099.2 23.1 952.0 7379.0 2.2 6338.2 23.3 1015.3 8887.8 5.2 7781.9 23.5 1077.2 10533.8 5.2 9361.5 24.2 1142.9 11672.5 5.2 10428.3 25.3 1213.7 12853.0 5.2 11568.9 24.9 1254.1 132 133 134 135 136 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 137 1399.4 40.5 35.0 1324.0 1459.1 41.6 52.4 1365.2 1540.9 42.7 75.4 1422.8 1606.0 44.2 93.5 1468.3 1699.5 45.4 137.3 1516.8 1746.1 46.4 163.8 1535.8 1825.5 47.5 180.4 1597.6 1973.5 48.4 202.9 1722.2 2012.2 49.7 221.4 1741.1 2074.4 50.0 234.8 1789.6 138 139 140 141 159.5 153.6 5.8 174.6 169.0 5.6 208.1 202.7 5.4 214.0 208.9 5.1 243.1 238.2 4.9 265.1 260.8 4.3 208.6 204.6 4.0 214.5 210.9 3.6 223.5 220.3 3.2 238.3 235.5 2.8 142 143 144 -3652.3 -4003.4 -4300.2 -4423.5 -4639.0 -5302.7 -6774.2 -8233.1 -9525.1 -10619.0 145 Liabilities 130 SDR allocations 131 Currency and deposits 132 133 134 135 136 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 137 Loans (mortgages) 138 139 140 141 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 142 143 144 Other accounts payable Trade payables Other (miscellaneous liabilities) 145 2004 Net worth Integrated Accounts Note. The Federal government accounts exclude Federal employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. IMF International Monetary Fund SDRs Special Drawing Rights 148 Z.1, June 5, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1077.2 1137.7 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1468.0 1491.9 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 134.5 143.8 157.3 170.3 186.6 200.2 208.2 212.7 221.7 231.4 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 942.6 945.4 678.5 266.9 -2.8 993.9 1000.6 702.7 297.9 -6.7 1034.4 1041.8 728.0 313.7 -7.3 1080.0 1091.1 763.3 327.8 -11.1 1131.9 1150.4 805.6 344.9 -18.5 1185.0 1207.1 847.4 359.7 -22.0 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1246.3 1262.8 862.8 400.0 -16.5 1260.6 1274.8 869.3 405.5 -14.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 673.5 -2.8 717.8 -0.1 73.8 64.5 1.7 7.6 115.2 728.0 -6.7 768.7 -0.4 76.8 66.4 2.0 8.5 110.5 804.2 -7.3 835.1 -0.4 88.6 76.8 2.0 9.8 111.8 868.3 -11.1 892.7 -0.4 107.2 94.7 2.1 10.4 120.1 910.7 -18.5 940.0 -7.1 117.9 104.2 2.2 11.5 121.5 901.6 -22.0 947.9 -3.0 105.7 91.0 2.6 12.1 127.0 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 858.5 -16.5 988.5 -0.5 80.0 66.3 2.3 11.4 192.9 857.7 -14.3 1004.9 -0.5 78.5 64.2 2.4 11.9 211.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) 673.5 260.8 19.9 353.6 405.0 728.0 289.2 24.7 385.0 422.4 804.2 331.4 24.6 406.6 436.4 868.3 361.7 21.5 403.9 438.9 910.7 381.4 18.9 433.3 460.9 901.6 381.0 18.7 455.4 477.8 811.0 333.4 18.6 492.6 566.1 829.5 345.3 18.1 523.8 612.0 858.5 377.7 18.3 532.0 581.8 857.7 400.2 17.5 544.3 552.6 17 18 19 20 21 22 Equals: Disposable income, net 1005.7 1079.2 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1304.3 1283.7 22 23 Less: Final consumption expenditures 1127.1 1187.6 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1517.4 1536.4 23 24 Equals: Net saving -121.4 -108.4 -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -213.1 -252.7 24 -69.5 -121.4 -52.0 -60.4 -108.4 -48.0 -16.2 -66.6 -50.4 18.4 -39.4 -57.8 -13.4 -72.7 -59.3 -101.8 -165.1 -63.2 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -139.2 -213.1 -73.9 -178.6 -252.7 -74.1 25 26 27 145.8 145.0 143.5 155.0 167.9 172.5 167.2 149.7 125.7 113.8 28 268.9 134.5 11.4 277.5 143.8 11.3 290.8 157.3 10.0 314.3 170.3 11.0 340.8 186.6 13.6 358.8 200.2 13.8 363.0 208.2 12.3 351.9 212.7 10.6 337.2 221.7 10.1 334.9 231.4 10.2 29 30 31 -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 32 -215.2 -205.4 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -264.8 -292.4 33 Capital account 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 28 29 30 31 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 32 Net lending (+) or borrowing (-), capital account (lines 25-28) Integrated Accounts Financial account 33 Net lending (+) or borrowing (-) (line 32) 34 Net acquisition of financial assets 46.2 171.2 254.1 205.0 238.6 -102.9 14.4 70.1 -16.8 69.0 34 35 36 37 Currency and deposits Currency and transferable deposits Time and savings deposits 27.3 7.0 20.3 4.2 -3.5 7.7 19.0 15.8 3.2 22.3 5.4 16.8 32.8 -0.2 33.0 27.0 8.5 18.5 28.9 19.2 9.7 -0.7 5.7 -6.3 32.0 16.8 15.2 10.2 -9.0 19.2 35 36 37 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 22.8 -0.7 7.1 12.0 0.4 3.9 95.7 2.7 43.1 36.8 1.1 11.9 155.6 -0.1 107.3 35.7 1.2 11.5 109.9 -1.4 58.3 39.0 1.4 12.6 135.6 -2.3 77.4 44.5 1.6 14.4 -92.2 -22.0 -46.5 -18.4 0.4 -5.7 -42.5 -39.1 -17.4 9.7 1.0 3.3 51.1 13.0 6.8 22.5 1.4 7.4 -52.2 -11.2 -32.7 -7.8 0.3 -0.8 25.6 -7.2 39.2 -10.0 0.3 3.3 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 6.6 1.7 5.0 22.0 7.1 14.9 20.3 5.7 14.6 21.8 5.7 16.1 25.0 6.2 18.8 -16.3 -12.1 -4.3 4.1 -4.3 8.4 11.7 -1.4 13.0 -1.8 -3.6 1.8 10.8 4.7 6.0 44 45 46 47 48 49 50 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares -4.7 4.8 -7.9 -1.6 21.5 12.8 5.3 3.4 21.5 13.6 4.4 3.5 23.8 15.4 4.5 3.9 27.3 17.9 5.0 4.4 -5.9 2.6 -7.9 -0.7 9.1 9.8 -2.3 1.7 16.3 13.7 -0.2 2.8 1.0 3.4 -2.6 0.2 8.1 5.4 1.8 0.9 47 48 49 50 51 52 53 54 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) -5.8 -1.9 0.8 -4.7 27.8 8.5 12.9 6.4 37.7 17.4 14.3 6.0 27.3 8.9 12.1 6.4 17.9 7.8 3.0 7.2 -15.4 -15.4 5.2 -5.3 14.8 -4.6 -5.8 25.2 -8.3 13.1 1.1 -22.4 4.2 2.3 2.2 -0.3 14.3 5.7 2.1 6.5 51 52 53 54 149 Z.1, June 5, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 55 Net incurrence of liabilities 56 57 58 Debt securities (municipals) Short term Other 59 Loans (short term) 60 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 61 Other accounts payable (trade payables) 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 34-55) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 268.1 329.0 230.7 209.4 298.7 219.6 455.7 383.5 296.5 328.9 55 120.5 10.4 110.1 178.5 22.2 156.3 141.1 -1.7 142.8 100.3 -8.2 108.5 146.0 16.8 129.2 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 56 57 58 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 59 118.8 120.2 57.1 74.2 115.3 163.0 303.7 275.4 310.7 295.0 60 28.8 30.0 31.9 34.3 36.7 38.6 38.9 38.5 38.4 39.1 61 -221.9 -157.8 23.4 -4.3 -60.1 -322.5 -441.2 -313.3 -313.3 -259.9 62 338.6 0.0 345.2 6.6 -698.5 0.0 -746.1 -47.6 215.9 -10.7 43.5 -183.1 323.4 0.0 191.1 -132.3 229.7 0.0 108.5 -121.2 -976.4 0.0 -928.2 48.2 357.2 0.0 427.1 69.9 34.3 0.0 37.4 3.1 -44.4 0.0 4.0 48.4 321.6 -7.6 296.8 -32.4 63 64 65 66 Other changes in volume account 63 64 65 66 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 32-62) (2) Revaluation account 67 68 69 70 Nonfinancial assets Structures Equipment Intellectual property products 91.5 91.5 -0.6 0.6 504.5 501.0 2.6 0.9 473.4 472.2 0.4 0.8 605.0 602.7 1.1 1.1 460.9 457.9 0.6 2.4 411.4 403.0 6.6 1.8 -105.2 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.5 386.1 4.6 1.9 225.4 225.3 -1.3 1.3 67 68 69 70 71 Equity and investment fund shares 29.0 11.8 5.4 16.9 5.1 -61.0 33.4 21.6 1.9 18.5 71 72 Changes in net worth due to nominal holding gains/losses 120.5 516.3 478.9 621.8 466.0 350.4 -71.8 197.3 394.4 243.9 72 389.7 -242.6 678.5 963.6 682.3 -727.7 81.3 71.1 210.9 386.9 73 Changes in balance sheet account 73 Change in net worth (lines 28+32+63+72) 74 6899.9 7721.2 8576.9 9547.8 10406.3 10811.1 10905.0 11307.9 11798.3 12223.4 74 75 76 77 78 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products 5024.4 4760.4 196.6 67.5 5662.8 5388.1 203.3 71.4 6259.0 5976.8 206.9 75.3 7008.0 6715.1 212.7 80.2 7623.1 7314.8 221.5 86.9 8193.3 7863.3 236.4 93.6 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9065.2 8703.7 250.8 110.7 9386.3 9020.8 249.8 115.7 75 76 77 78 79 Financial assets 1875.5 2058.4 2317.9 2539.8 2783.2 2617.8 2662.0 2750.3 2733.1 2837.1 79 80 81 82 Currency and deposits Currency and transferable deposits Time and savings deposits 212.8 53.8 159.0 217.0 50.4 166.7 236.1 66.2 169.9 258.3 71.6 186.7 291.1 71.4 219.8 318.1 79.8 238.3 347.0 99.0 248.0 346.3 104.7 241.6 378.3 121.5 256.8 407.7 117.8 289.8 80 81 82 83 84 85 86 87 88 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 965.8 150.6 361.8 340.8 4.5 108.1 1061.5 153.4 404.9 377.6 5.7 119.9 1217.1 153.2 512.2 413.3 6.9 131.4 1327.0 151.8 570.5 452.3 8.3 144.0 1462.6 149.5 647.9 496.7 10.0 158.4 1370.4 127.5 601.4 478.3 10.4 152.8 1327.9 88.4 584.0 488.0 11.4 156.1 1379.0 101.4 590.8 510.5 12.8 163.5 1326.8 90.2 558.1 502.6 13.1 162.7 1352.4 83.0 597.3 492.6 13.4 166.0 83 84 85 86 87 88 89 90 91 Loans Short term Long term (mortgages) 246.6 117.2 129.3 268.5 124.3 144.2 288.8 130.0 158.9 310.6 135.7 174.9 335.2 141.9 193.3 317.0 129.8 187.3 317.7 125.5 192.2 326.3 124.1 202.2 322.2 120.5 201.7 331.0 125.2 205.8 89 90 91 92 93 94 95 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 186.5 63.5 93.5 29.5 219.7 76.3 107.6 35.8 246.6 89.9 116.1 40.7 287.2 105.2 132.9 49.1 319.7 123.1 141.6 55.0 252.7 125.7 90.8 36.2 295.2 135.5 111.4 48.3 333.1 149.2 125.7 58.1 336.0 152.6 124.4 58.9 362.6 158.0 138.4 66.1 92 93 94 95 96 97 98 99 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 263.8 116.6 75.1 72.2 291.6 125.0 88.0 78.6 329.3 142.5 102.3 84.5 356.7 151.3 114.4 90.9 374.6 159.1 117.4 98.2 359.6 143.7 123.0 92.9 374.3 139.1 117.1 118.1 365.6 152.2 117.8 95.6 369.8 154.5 120.0 95.4 383.4 160.3 121.3 101.8 96 97 98 99 100 Total liabilities and net worth 6899.9 7721.2 8576.9 9547.8 10406.3 10811.1 10905.0 11307.9 11798.3 12223.4 100 2144.9 3208.7 3385.9 3393.2 3569.4 4702.0 4714.6 5046.4 5325.9 5364.1 101 101 Liabilities Integrated Accounts Balance sheet account (end of period) 150 Z.1, June 5, 2014 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 102 103 104 Debt securities (municipals) Short term Other 105 Loans (short term) 106 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 107 108 Other accounts payable (trade payables) Net worth 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1558.8 106.1 1452.7 2438.2 44.2 2393.9 2579.2 42.5 2536.7 2679.6 34.3 2645.2 2825.6 51.2 2774.4 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 102 103 104 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 105 156.3 310.5 314.0 186.2 178.9 1255.0 1115.7 1339.4 1633.2 1637.5 106 420.1 450.1 482.0 516.2 553.0 591.6 630.5 669.0 707.4 746.5 107 4755.0 4512.4 5191.0 6154.6 6836.9 6109.1 6190.4 6261.5 6472.4 6859.3 108 Integrated Accounts Note. The state and local government accounts exclude state and local employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. 151 Z.1, June 5, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Current account 1 2 3 4 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 1913.0 1544.3 288.1 80.7 2256.2 1797.9 361.4 96.9 2623.3 2026.1 482.3 114.9 2998.4 2240.9 655.7 101.7 3250.3 2375.5 749.1 125.7 3378.4 2556.4 683.8 138.3 2608.7 1976.0 496.5 136.1 3018.1 2362.0 514.1 142.0 3360.9 2669.9 542.1 149.0 3453.5 2743.1 565.7 144.6 1 2 3 4 5 6 7 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world 1399.5 1043.4 356.1 1634.6 1183.1 451.4 1886.1 1310.4 575.8 2202.7 1478.5 724.2 2541.3 1665.7 875.5 2699.9 1843.1 856.8 2227.5 1583.8 643.7 2563.5 1843.5 720.0 2904.0 2101.1 802.8 3014.5 2195.9 818.6 5 6 7 8 Equals: Net saving (current external balance) 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 8 513.5 621.7 737.1 795.7 709.1 678.5 381.2 454.5 457.0 439.0 9 -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.6 10 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 0.0 11 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 12 Capital account 9 Net saving 10 Less: Net capital transfers 11 Less: Acquisition of nonproduced nonfinancial assets 12 Net lending (+) or borrowing (-), capital account (lines 9-10-11) 13 Net lending (+) or borrowing (-) (line 12) 515.7 618.9 724.3 797.8 709.0 673.1 381.7 455.2 458.6 432.4 13 14 Net acquisition of U.S. financial assets 800.2 1396.8 1112.4 1874.0 1802.4 569.9 236.5 1196.8 1108.4 696.8 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 15 16 17 Monetary gold and SDRs Monetary gold SDR allocations 18 19 20 21 22 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 31.9 10.6 4.0 6.0 11.3 28.9 13.3 9.1 35.1 -28.6 24.6 8.4 6.4 20.3 -10.6 50.7 2.2 9.2 34.0 5.3 -74.2 -10.7 5.2 40.7 -109.5 497.9 29.2 34.8 78.5 355.4 -284.3 12.6 -21.8 -73.2 -201.9 -23.3 28.3 1.2 9.0 -61.8 343.0 55.0 26.8 47.2 213.9 -30.6 57.1 11.1 37.1 -136.0 18 19 20 21 22 23 24 25 26 27 28 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 583.6 66.2 276.4 12.3 8.0 220.8 848.1 37.0 366.9 178.2 6.5 259.5 720.7 9.9 245.1 134.3 3.0 328.5 967.4 46.7 150.3 224.0 5.4 541.0 841.1 -8.3 165.3 248.8 10.7 424.6 421.9 -45.1 711.6 -228.6 5.9 -21.8 167.5 -41.4 554.4 -226.0 7.7 -127.3 643.9 -0.5 740.4 -72.3 13.1 -36.8 205.7 0.7 357.9 -41.6 -1.4 -109.9 501.9 3.4 589.5 -71.8 -2.4 -16.9 23 24 25 26 27 28 29 30 31 Loans (short term) Security repurchases Loans to U.S. corporate business 119.2 120.1 -0.8 211.2 204.9 6.3 79.5 48.2 31.3 60.9 54.6 6.2 182.5 80.2 102.3 -625.0 -580.4 -44.7 -86.7 -42.7 -44.0 54.0 74.2 -20.2 157.1 123.3 33.9 -49.7 2.6 -52.2 29 30 31 32 33 34 35 36 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 97.7 2.6 5.2 26.2 63.8 207.8 4.1 25.0 32.7 146.0 201.9 0.1 56.9 32.3 112.6 388.6 4.1 96.2 45.2 243.2 496.8 19.0 217.6 39.1 221.2 436.9 23.7 105.8 -2.7 310.1 369.7 7.2 154.9 57.2 150.4 384.8 -7.1 74.6 111.5 205.9 363.9 24.9 -38.7 147.5 230.2 398.5 20.2 29.9 182.0 166.4 32 33 34 35 36 37 38 39 Other accounts receivable Trade receivables Other (miscellaneous assets) -32.3 1.3 -33.5 100.9 -1.1 101.9 85.8 7.9 77.9 406.4 5.9 400.5 356.3 20.8 335.4 -161.7 6.5 -168.2 22.7 6.6 16.1 137.4 19.8 117.7 38.7 17.7 21.0 -123.3 11.5 -134.8 37 38 39 269.1 861.4 398.6 1066.6 1184.7 -166.7 5.7 758.9 557.9 250.5 40 40 Net incurrence of liabilities 41 SDR holdings -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 41 42 43 44 45 46 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 35.2 0.6 -1.5 36.0 0.2 86.6 0.6 -3.8 89.9 -0.0 29.0 0.6 -10.2 40.8 -2.2 84.6 0.7 -3.3 87.2 -0.0 255.8 1.0 -1.0 256.0 -0.1 -389.5 1.3 3.5 -394.3 0.0 -106.5 0.7 3.4 -110.7 0.2 -7.4 0.5 1.3 -9.3 0.1 -28.8 -0.5 18.1 -46.3 -0.1 -25.8 0.4 4.0 -30.2 -0.1 42 43 44 45 46 47 48 49 Debt securities Commercial paper Bonds 47.6 18.9 28.7 155.0 69.2 85.8 103.1 38.6 64.5 326.2 98.4 227.8 149.4 -69.3 218.7 -229.8 -71.0 -158.8 222.7 59.4 163.3 57.2 -2.7 59.9 84.2 -53.5 137.7 90.1 27.9 62.2 47 48 49 50 51 52 53 54 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 180.5 183.2 -2.1 -0.5 0.0 132.0 134.7 -3.6 1.0 0.0 15.4 2.7 -4.6 17.3 0.0 61.8 52.3 -7.4 16.9 0.0 165.6 115.3 -3.2 29.4 24.0 177.0 -366.3 -1.5 15.1 529.7 -502.4 55.7 0.3 -14.8 -543.5 214.3 200.3 0.2 24.0 -10.2 215.9 71.6 1.4 43.2 99.7 -15.2 39.7 5.7 30.4 -90.9 50 51 52 53 54 Integrated Accounts Financial account 152 Z.1, June 5, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 55 56 57 58 59 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 60 61 62 Other accounts payable Trade payables Other (miscellaneous liabilities) 63 Addendum: Net lending, financial account (lines 14-40) 2004 2005 2006 2007 2008 2009 2010 2011 2012 313.1 118.0 1.4 149.6 44.1 377.4 84.8 2.0 316.2 -25.6 243.8 186.7 1.3 36.2 19.6 425.6 137.3 2.0 244.9 41.3 605.7 147.8 1.7 414.0 42.2 282.8 -38.5 1.4 329.1 -9.1 399.3 63.7 1.7 310.4 23.5 393.1 79.1 2.3 301.1 10.6 448.2 6.0 2.6 409.0 30.6 421.8 82.6 2.4 388.3 -51.5 55 56 57 58 59 -306.7 6.1 -312.8 109.9 3.5 106.4 11.8 6.3 5.5 168.3 6.2 162.1 8.1 12.4 -4.3 -7.3 -9.9 2.6 -55.6 6.1 -61.7 101.6 25.8 75.8 -159.9 -32.2 -127.8 -220.5 6.3 -226.8 60 61 62 531.1 535.4 713.8 807.4 617.6 736.6 230.9 437.9 550.5 446.3 63 15.4 0.0 -15.4 -83.5 0.0 83.5 -10.4 0.0 10.4 9.6 0.0 -9.6 -91.3 0.0 91.3 63.4 0.0 -63.4 -150.8 0.0 150.8 -17.3 0.0 17.3 91.9 0.0 -91.9 13.9 0.0 -13.9 64 65 66 180.5 328.9 -80.0 614.2 202.9 -1382.4 398.4 458.2 503.7 659.5 67 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 68 Other changes in volume account 64 65 66 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 12-63) (2) Revaluation account 67 Financial assets 68 SDR allocations 69 70 71 72 Debt securities Treasury securities Agency- and GSE-backed securities Corporate bonds -49.7 -48.4 12.5 -13.8 -55.8 -66.9 41.7 -30.7 -195.4 -74.3 3.4 -124.4 34.8 -8.5 26.7 16.6 129.1 85.0 70.0 -26.0 -125.7 164.9 53.2 -343.8 76.2 -136.8 -26.0 239.1 144.7 47.9 1.4 95.5 298.3 190.2 38.1 70.0 127.0 -22.6 7.6 142.1 69 70 71 72 73 74 75 76 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 487.0 447.8 21.9 17.3 237.7 205.0 17.0 15.8 142.1 77.5 14.0 50.6 347.3 312.8 29.6 4.9 134.8 145.6 18.5 -29.3 -1484.6 -1110.0 -116.0 -258.6 416.3 514.7 51.2 -149.6 468.7 410.9 38.2 19.6 196.5 186.8 -15.9 25.7 483.5 402.5 69.6 11.4 73 74 75 76 -257.5 146.7 -26.2 231.7 -61.3 228.1 -94.4 -154.3 9.0 48.9 77 644.3 699.9 876.6 1129.1 1151.9 -2207.5 1590.6 853.7 -441.9 963.3 78 77 78 Other accounts receivable (miscellaneous assets) Liabilities 79 SDR holdings 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 79 80 81 82 83 84 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 7.4 5.3 2.1 0.0 0.0 3.1 2.4 0.8 0.0 0.0 -6.7 -5.5 -1.2 0.0 0.0 2.7 2.4 0.3 0.0 0.0 4.1 3.9 0.2 0.0 0.0 2.5 2.5 -0.0 0.0 0.0 0.6 0.3 0.3 0.0 0.0 0.9 1.0 -0.2 0.0 0.0 -7.5 0.3 -7.8 0.0 0.0 -6.6 -2.3 -4.3 0.0 0.0 80 81 82 83 84 85 Debt securities (corporate bonds) 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 101.0 70.9 138.5 85 86 87 88 Equity and investment fund shares Corporate equities U.S. direct investment abroad 625.3 587.4 37.9 524.0 396.2 127.8 687.6 570.6 117.0 925.5 873.9 51.5 962.1 771.2 190.9 -2594.7 -2461.0 -133.7 1201.6 1183.2 18.5 720.9 825.8 -104.9 -424.3 -404.8 -19.4 832.8 806.5 26.3 86 87 88 89 Other accounts payable (miscellaneous liabilities) -126.9 142.0 234.6 164.4 92.4 575.9 218.3 31.9 -80.9 -1.5 89 -463.9 -371.0 -956.6 -514.9 -949.0 825.2 -1192.2 -395.5 945.6 -303.8 90 67.2 164.4 -242.8 292.5 -331.3 1561.8 -961.3 42.4 1496.1 142.5 91 8946.9 10672.6 11705.0 14193.3 16198.6 15386.1 16021.0 17676.0 19288.1 20644.3 92 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 93 496.8 258.7 4.2 158.1 75.9 525.7 272.0 13.3 193.2 47.3 550.3 280.4 19.7 213.5 36.7 601.0 282.6 28.9 247.5 42.0 526.8 272.0 34.2 288.2 -67.5 1024.7 301.1 69.0 366.7 287.9 740.4 313.8 47.2 293.5 86.0 717.1 342.1 48.4 302.5 24.2 1060.1 397.1 75.2 349.7 238.1 1029.4 454.2 86.3 386.8 102.1 94 95 96 97 98 90 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 91 Change in net worth (lines 12+64+90) 92 Total financial assets Integrated Accounts Financial balance sheet account (end of period) (3) 93 SDR allocations 94 95 96 97 98 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 153 Z.1, June 5, 2014 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 3711.1 192.8 1513.5 655.3 19.5 1330.0 4503.4 229.8 1813.6 875.2 26.0 1558.9 5028.8 239.6 1984.4 1012.9 29.0 1762.9 6030.9 286.3 2126.2 1263.6 34.4 2320.5 7001.1 278.1 2376.4 1582.4 45.1 2719.1 7297.3 232.9 3253.0 1406.9 51.0 2353.5 7541.0 191.5 3670.6 1154.9 58.7 2465.3 8329.6 191.0 4458.8 1084.0 71.7 2524.0 8833.5 191.7 5006.9 1080.6 70.3 2484.0 9462.4 195.2 5573.8 1016.4 67.9 2609.2 99 100 101 102 103 104 585.2 460.2 125.0 796.4 665.1 131.2 875.9 713.3 162.5 1197.8 1029.0 168.8 1380.2 1109.1 271.1 849.7 623.3 226.4 744.0 561.5 182.5 798.0 635.8 162.3 959.3 763.1 196.1 909.6 765.7 143.9 105 106 107 3420.5 18.8 1674.6 146.1 1581.0 3866.0 22.9 1904.6 195.8 1742.7 4210.0 23.0 2039.1 242.0 1906.0 4946.0 27.0 2448.1 316.8 2154.1 5577.6 46.0 2811.3 374.3 2345.9 4529.8 69.7 1807.1 255.6 2397.4 5315.9 76.9 2476.7 364.1 2398.2 6169.4 69.8 2962.2 513.8 2623.6 6729.9 79.5 3035.3 735.6 2879.5 7611.8 99.7 3467.6 987.1 3057.3 108 109 110 111 112 99 100 101 102 103 104 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 105 106 107 Loans (short term) Security repurchases Loans to U.S. corporate business 108 109 110 111 112 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 113 114 115 Other accounts receivable Trade receivables Other (miscellaneous assets) 725.9 50.1 675.9 973.5 49.0 924.5 1033.1 56.9 976.2 1410.2 62.8 1347.5 1705.2 83.6 1621.6 1677.1 90.1 1587.0 1624.4 96.7 1527.7 1607.5 116.4 1491.1 1651.1 134.2 1517.0 1576.8 145.6 1431.1 113 114 115 116 Total liabilities and net worth 8946.9 10672.6 11705.0 14193.3 16198.6 15386.1 16021.0 17676.0 19288.1 20644.3 116 117 Total liabilities 6744.4 8305.8 9581.0 11776.8 14113.4 11739.2 13335.4 14948.0 15064.0 16277.8 117 118 SDR holdings 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 118 119 120 121 122 123 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 932.1 39.7 22.5 867.1 2.8 1021.9 42.7 19.5 957.0 2.8 1044.2 37.8 8.0 997.8 0.6 1131.5 40.9 5.0 1085.0 0.6 1391.4 45.8 4.2 1340.9 0.5 1004.4 49.6 7.7 946.7 0.5 898.5 50.5 11.4 835.9 0.7 891.9 52.1 12.5 826.6 0.8 855.6 51.9 22.8 780.3 0.7 823.2 49.9 22.6 750.1 0.7 119 120 121 122 123 124 125 126 Debt securities Commercial paper Bonds 1145.1 276.1 868.9 1330.3 345.3 985.0 1395.5 384.0 1011.6 1757.8 482.3 1275.5 2000.1 413.0 1587.1 1579.3 342.0 1237.3 1971.7 401.3 1570.3 2129.9 398.6 1731.3 2285.0 345.1 1939.9 2513.7 373.0 2140.7 124 125 126 127 128 129 130 131 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 479.1 344.8 42.2 92.2 0.0 611.1 479.4 38.6 93.1 0.0 626.5 482.1 34.0 110.4 0.0 818.3 664.4 26.6 127.4 0.0 955.4 770.7 23.4 137.3 24.0 1236.1 508.4 21.6 152.4 553.7 700.2 530.5 21.9 137.5 10.3 916.0 731.8 22.1 162.0 0.1 1136.6 808.0 23.5 205.2 99.8 1127.1 847.7 32.8 237.7 8.9 127 128 129 130 131 132 133 134 135 136 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 4207.0 2079.4 40.0 2054.5 33.1 5108.4 2560.4 42.0 2498.5 7.5 6039.8 3317.7 43.2 2651.7 27.1 7390.8 4329.0 45.3 2948.2 68.4 8958.6 5248.0 46.9 3553.1 110.6 6646.8 2748.4 48.3 3748.5 101.5 8247.7 3995.3 50.0 4077.4 125.1 9361.7 4900.2 52.3 4273.6 135.6 9385.7 4501.4 54.9 4663.1 166.3 10640.3 5390.5 57.3 5077.8 114.7 132 133 134 135 136 137 138 139 Other accounts payable Trade payables Other (miscellaneous liabilities) -31.5 44.7 -76.2 220.4 48.2 172.2 466.8 54.5 412.3 669.4 60.7 608.8 798.4 73.1 725.3 1263.3 63.2 1200.1 1459.5 69.3 1390.2 1591.6 95.1 1496.5 1346.2 63.0 1283.2 1118.5 69.3 1049.2 137 138 139 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2685.6 2728.0 4224.0 4366.5 140 140 Net worth (external account) Integrated Accounts (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes nonfinancial assets, including nonproduced nonfinancial assets. IBRD International Bank for Reconstruction and Development IMF International Monetary Fund SDRs Special Drawing Rights n.e.c. Not elsewhere classified
@FedFRASER