The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
For use at 12:00 p.m., eastern time June 6, 2013 FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts First Quarter 2013 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt Household net worth – the difference between the values of households’ assets and liabilities – was $70.3 trillion at the end of the first quarter of this year, about $3 trillion more than at the end of 2012. In the first quarter, the value of corporate equities and mutual funds owned by households expanded $1.5 trillion and the value of residential real estate owned by households increased about $784 billion. Domestic nonfinancial debt outstanding was $40.6 trillion at the end of the first quarter of 2013, of which household debt was $12.8 trillion, nonfinancial business debt was $12.9 trillion, and total government debt was $14.9 trillion. Domestic nonfinancial debt growth was 4.6 percent at a seasonally adjusted annual rate in the first quarter of 2013, about ¼ percentage point less than the pace for 2012 as a whole. Household debt edged down at an annual rate of 0.6 percent in the first quarter. Home mortgage debt contracted 2.3 percent, about the same as the decline in 2012. Consumer credit rose at an annual rate of 5.7 percent, slightly less than the increase in 2012. Nonfinancial business debt rose at an annual rate of 5.3 percent in the first quarter, after a 6 percent increase in 2012. As in recent years, corporate bonds accounted for the largest increase. State and local government debt rose at an annual rate of 1.9 percent in the first quarter, after declining slightly in 2012. Federal government debt rose at an annual rate of 10.3 percent in the first quarter of 2013 after a 10.9 percent increase last year. 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 2003 48,027 8.0 11.8 2.2 8.3 10.9 2004 54,894 9.3 11.1 6.7 11.4 9.0 2005 61,200 9.2 11.2 9.0 5.8 7.0 2006 66,069 8.6 9.7 10.9 3.9 3.9 2007 66,862 8.5 6.7 13.6 5.5 4.9 2008 54,164 5.9 -0.2 6.3 0.6 24.2 2009 56,198 3.1 -1.7 -2.3 4.0 22.7 2010 60,222 4.2 -2.6 1.5 2.3 20.2 2011 61,328 3.7 -1.5 4.7 -1.7 11.4 2012 67,346 4.9 0.2 6.0 -0.2 10.9 Q2 61,853 2.7 -2.6 5.4 -2.8 8.2 Q3 59,207 4.3 -1.5 4.0 -0.2 13.7 Q4 61,328 4.9 0.0 5.2 -1.2 12.7 Q1 64,185 4.8 -1.0 4.4 0.0 13.7 Q2 63,930 5.2 1.3 4.9 3.1 10.9 Q3 65,949 2.7 -1.8 4.9 -0.1 6.2 Q4 67,346 6.5 2.2 9.3 -3.7 11.2 Q1 70,349 4.6 -0.6 5.3 1.9 10.3 2011: 2012: 2013: 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates ii iii Release Highlights First Quarter 2013 Topic Description Financial Accounts of the United States The Z.1 statistical release, previously named Flow of Funds Accounts of the United States, has been renamed Financial Accounts of the United States. This change reflects the growing variety of financial data included in this publication, including flow of funds, balance sheets, and Integrated Macroeconomic Accounts, and is more aligned with international terminology. The term “Flow of Funds Accounts” will be gradually transitioned to “Financial Accounts” on the Federal Reserve Board’s website. Publication redesign The cover and introductory material for the Z.1 has been redesigned to enhance usablity and to modernize the style of the publication. “Release Highlights” are now shown separately from “Explanatory Notes” to make new developments and data revisions more accessible to our users. The explanatory notes section has been rewritten to address common questions and methodological information about the accounts. Organization of data tables Data tables have been organized into the following six sections identified by colored tabs: Summary (red), Flows (yellow), Levels (orange), Balance Sheets (blue), Supplements (green), and Integrated Accounts (purple). The flow of funds matrixes have been moved to the front of the summary section. Flow and level credit market debt summary tables, tables corresponding to Bureau of Economic Analysis (BEA) national income and product account tables, and the personal savings tables are also included in the summary section. Integrated Macroeconomic Accounts (IMAs) Annual tables for the Integrated Macroeconomic Accounts, which are jointly produced with BEA, are now included in this statistical release. These tables have previously been published on BEA’s website and in the Flow of Funds online Guide. Quarterly and annual data beginning in 1960 are available for download through the Federal Reserve’s Data Download Program (DDP). Nonfinancial corporate business sector benchmark Assets of the nonfinancial corporate business sector (tables F.102, L.102, B.102, and R.102) have been revised from 2011:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2011. Rest of the world quarterly data on International Investment Position Data for the rest of the world sector (tables F.106 and L.106) have been revised beginning in 2005:Q4 to incorporate newly available quarterly data on the International Investment Position (IIP) from BEA. Previously, IIP data were only available on an annual basis. Credit union revisions The credit union sector (tables F.113 and L.113) has been revised back to 2010:Q4 to reflect improved methodology regarding investments held by natural person credit unions and corporate credit unions. A new asset category, municipal securities, is now shown. iv Topic Description Private pension fund sector benchmark The private pension fund sector (tables F.116, F.116.b, F.116.c, L.116, L.116.b, and L.116.c) has been revised beginning in 2006:Q4 to reflect improved methodology and new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan years 2006, 2008, 2009, and 2010. MBS and other asset-backed corporate and foreign bonds The corporate and foreign bonds instrument tables (tables F.212 and L.212) have been modified to show mortgage-backed securities and other asset-backed corporate and foreign bonds separate from other corporate and foreign bonds for a number of sectors. This additional detail is available for the following sectors: rest of the world, beginning 2002:Q2; U.S.-chartered depository institutions, beginning 1984:Q1; credit unions, beginning 2008:Q1; property-casualty insurance companies, beginning 2011:Q4; life insurance companies, beginning 2011:Q4; and government-sponsored enterprises, beginning 1993:Q1. 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 Financial Accounts 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. Currently, revaluations are not separately identifiable from other changes in volume in most of the Financial Accounts. The sum of revaluations and other volume changes can be measured as the change in levels from one quarter to the next, less the flow. Note that 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. Revaluations are available separately from other changes in volume in the IMA. 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-12ARIMA/88 seasonal adjustment program from Statistics Canada, estimated using the most recent 10 years of vi 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. 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: Data Revisions 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, seasonal factors, and so on) are also described on the series structure page. 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 Flow of Funds Guide Substantially more detail on the construction of the Financial Accounts is available in the Flow of Funds 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. www.federalreserve.gov/apps/fof/ 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 2013:Q1. Unadjusted flows since 2011 for the government sectors and since 2006 for all other sectors were 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 2013: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:Q1; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2011; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2013:Q1. Corporate farm data for 2012. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2010; bank and finance company loans, and mortgage borrowing through 2013:Q1. Noncorporate farm data for 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 2013:Q1; total financial assets through 2010: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 2013:Q1. Rest of the world (tables F.106 and L.106) Balance of payments and International Investment Position data through 2012:Q4. NIPA estimates; bank Call Reports and Treasury International Capital System data through 2013:Q1. Monetary authority (tables F.108 and L.108) All data through 2013:Q1. U.S.-chartered depository institutions (tables F.110 and L.110) All data through 2013:Q1. Foreign banking offices in U.S. (tables F.111 and L.111) All data through 2013:Q1. Banks in U.S.-affiliated areas (tables F.112 and L.112) All data through 2013:Q1. Credit unions (tables F.113 and L.113) All data through 2013:Q1. viii Sector Table Available at time of publication Property-casualty insurance companies (tables F.114 and L.114) All data through 2013:Q1. Life insurance companies (tables F.115 and L.115) All data through 2013:Q1. Private pension funds (tables F.116 and L.116) Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2010. State and local government employee retirement funds (tables F.117 and L.117) Detailed data through 2011:Q2 from the Census Bureau; sample data through 2013:Q1 from the Census Bureau. Federal government retirement funds (tables F.118 and L.118) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2013:Q1. Money market mutual funds (tables F.119 and L.119) All data through 2013:Q1. Mutual funds (tables F.120 and L.120 All data through 2013:Q1. Closed-end funds (tables F.121 and L.121) All data through 2013:Q1. Exchange-traded funds (tables F.121 and L.121) All data through 2013:Q1. Government Sponsored Enterprises (GSEs) (tables F.122 and L.122) Data for Fannie Mae, Freddie Mac, Farmer Mac, FHLB, FICO, FCS, and REFCORP through 2013:Q1. Agency- and GSE-backed mortgage pools (tables F.123 and L.123) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2013:Q1. Issuers of asset-backed securities (ABSs) (tables F.124 and L.124) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2013:Q1. Finance companies (tables F.125 and L.125) All data through 2013:Q1. Real Estate Investment Trusts (REITs) (tables F.126 and L.126) Data from SNL Financial through 2013:Q1. Security brokers and dealers (tables F.127 and L.127) Data for firms filing FOCUS and FOGS reports through 2013:Q1. Holding companies (table F.128 and L.128) All data through 2013:Q1. Funding corporations (tables F.129 and L.129) 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 64 Nonfinancial Business F.101 19 L.101 65 Nonfinancial Corporate Business F.102 20 L.102 66 Nonfinancial Noncorporate Business F.103 21 L.103 67 State and Local Governments F.104 22 L.104 68 Federal Government F.105 23 L.105 69 Sectors x Sectors Rest of the World F.106 24 L.106 70 Financial Business F.107 25 L.107 71 Monetary Authority F.108 26 L.108 72 Private Depository Institutions F.109 27 L.109 73 U.S.-Chartered Depository Institutions, ex. Credit Unions F.110 28 L.110 74 Foreign Banking Offices in U.S. F.111 29 L.111 75 Banks in U.S.-Affiliated Areas F.112 30 L.112 76 Credit Unions F.113 30 L.113 76 Property-Casualty Insurance Companies F.114 31 L.114 77 Life Insurance Companies F.115 31 L.115 77 Private Pension Funds F.116 32 L.116 78 State and Local Government Employee Retirement Funds F.117 33 L.117 79 Federal Government Retirement Funds F.118 33 L.118 79 Money Market Mutual Funds F.119 34 L.119 80 Mutual Funds F.120 34 L.120 80 Closed-End and Exchange-Traded Funds F.121 34 L.121 80 Government-Sponsored Enterprises F.122 35 L.122 81 Agency- and GSE-Backed Mortgage Pools F.123 35 L.123 81 Issuers of Asset-Backed Securities F.124 36 L.124 82 Finance Companies F.125 36 L.125 82 Real Estate Investment Trusts F.126 37 L.126 83 Security Brokers and Dealers F.127 38 L.127 84 Holding Companies F.128 39 L.128 85 Funding Corporations F.129 40 L.129 86 U.S. Official Reserve Assets and SDR Allocations F.200 41 L.200 87 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 41 L.201 87 U.S. Deposits in Foreign Countries F.202 41 L.202 87 Net Interbank Transactions F.203 42 L.203 88 Checkable Deposits and Currency F.204 43 L.204 89 Time and Savings Deposits F.205 44 L.205 90 Money Market Mutual Fund Shares F.206 44 L.206 90 Instruments xi Instruments Federal Funds and Security Repurchase Agreements F.207 45 L.207 91 Open Market Paper F.208 46 L.208 92 Treasury Securities F.209 47 L.209 93 Agency- and GSE-Backed Securities F.210 48 L.210 94 Municipal Securities and Loans F.211 49 L.211 95 Corporate and Foreign Bonds F.212 50 L.212 96 Corporate Equities F.213 51 L.213 97 Mutual Fund Shares F.214 51 L.214 97 Depository Institution Loans Not Elsewhere Classified F.215 52 L.215 98 Other Loans and Advances F.216 53 L.216 99 Total Mortgages F.217 54 L.217 100 Home Mortgages F.218 55 L.218 101 Multifamily Residential Mortgages F.219 55 L.219 101 Commercial Mortgages F.220 56 L.220 102 Farm Mortgages F.221 56 L.221 102 Consumer Credit F.222 57 L.222 103 Trade Credit F.223 57 L.223 103 Security Credit F.224 57 L.224 103 Life Insurance and Pension Fund Reserves F.225 58 L.225 104 Taxes Payable by Businesses F.226 58 L.226 104 Proprietors' Equity in Noncorporate Business F.227 58 L.227 104 Total Miscellaneous Financial Claims F.228 59 L.228 105 Identified Miscellaneous Financial Claims - Part I F.229 60 L.229 106 Identified Miscellaneous Financial Claims - Part II F.230 61 L.230 107 Unidentified Miscellaneous Financial Claims F.231 62 L.231 108 Sector Discrepancies F.11 63 Instrument Discrepancies F.12 63 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.100 109 R.100 112 Nonfinancial Corporate Business B.102 110 R.102 113 Nonfarm Noncorporate Business B.103 111 R.103 114 Balance Sheet and Changes in Net Worth xii Flows Title Table Levels Page Table Page B.100.e 115 Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.100.a 116 L.100.a 117 Consolidated Statement for Federal, State, and Local Governments F.105.c 118 L.105.c 119 Private Pension Funds: Defined Benefit Plans F.116.b 120 L.116.b 121 Private Pension Funds: Defined Contribution Plans F.116.c 120 L.116.c 121 Individual Retirement Accounts (IRAs) F.225.i 120 L.225.i 121 Title Table Page Total Economy–Current Account S.1.a 122 Selected Aggregates for Total Economy and Sectors S.2.a 123 Households and Nonprofit Institutions Serving Households S.3.a 125 Nonfinancial Noncorporate Business S.4.a 128 Nonfinancial Corporate Business S.5.a 131 Financial Business S.6.a 134 Federal Government S.7.a 137 State and Local Governments S.8.a 140 Rest of the World S.9.a 143 Integrated Macroeconomic Accounts for the United States Corporate equities Mutual fund shares Trade credit Security credit Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous Sector discrepancies (1 less 4) 33 34 35 36 37 38 39 40 41 42 -443.9 -26.3 239.4 --30.3 11.5 -321.3 501.8 -23.6 -18.0 -0.5 370.5 -246.5 -151.2 25.6 --2.5 -13.4 -- ----2.5 -140.6 407.7 0.3 -- 839.4 926.7 -- 2403.4 1564.0 1139.3 314.7 118.8 --8.8 ---- U (1) -- ----0.6 --1.5 64.9 20.4 ----14.5 -111.5 1.2 -232.5 154.6 ---------- --87.4 -------- 1959.5 1254.9 704.6 S (2) Households and Nonprofit Organizations 156.7 ----696.1 -0.3 116.7 -- 22.7 -6.3 15.6 -0.0 12.7 ---0.7 0.0 ----21.7 -50.4 33.0 -3.1 -2.3 140.3 892.2 -- 1569.4 1429.1 -62.9 1310.8 58.1 -2.8 ---- U (3) -- --5.4 -36.7 334.7 -400.7 -131.7 -- 717.4 14.2 --15.2 579.6 166.1 -20.8 -36.9 -- ---------- --751.9 -------- 1726.1 1154.4 571.7 S (4) Nonfinancial Business Flow of Funds Matrix for 2012 -18.0 --9.9 --48.7 -14.1 -7.2 0.0 -- -52.0 -6.0 -7.9 -22.9 -0.6 -7.5 ---7.2 -- ------8.7 22.0 -7.0 -5.5 -146.5 -111.4 -- 182.1 328.6 -6.2 311.5 -10.9 ---- U (5) -- ------ --40.4 -- -5.3 ----5.7 --0.4 --- ---------- --35.2 -------- 164.2 222.4 -58.3 S (6) State and Local Governments ---- -113.1 --42.7 --0.8 -13.2 -2.4 -- 82.3 ---31.1 --0.2 -2.5 1.7 109.4 4.3 ----6.7 0.2 --- -1070.8 124.4 -- -915.4 155.3 -1.5 153.2 -0.7 U (7) -- 0.3 ---45.5 --9.3 -- 1140.2 -1140.6 -0.4 ----0.0 -- 0.0 0.0 0.0 ------- --1195.2 -------- -1028.5 141.5 -1170.0 S (8) Federal Government -418.2 -26.3 239.4 52.6 -30.3 658.1 -348.5 494.8 119.1 23.6 35.0 -12.8 378.2 -300.5 -139.1 18.0 -0.0 -18.2 109.4 4.3 ---24.2 -188.9 462.9 -9.8 -7.8 -237.6 1832.0 -- 3239.4 3477.0 1139.3 385.3 1894.3 58.1 0.0 ---- U (9) -- 0.3 -5.4 -36.7 380.8 -400.7 -183.0 64.9 1872.6 14.2 1140.6 -0.4 -4.9 579.6 277.6 -19.1 -269.4 154.6 0.0 0.0 0.0 ------- --2069.6 -------- 2821.2 2773.3 48.0 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) 86.9 14.7 ----98.9 250.5 87.4 -1.6 165.2 1077.5 -7.6 283.9 256.6 139.1 383.9 172.9 39.2 -235.6 45.2 0.2 0.0 0.6 0.4 -64.1 10.2 7.2 -18.0 140.2 56.8 1571.4 -- 253.8 196.9 -5.3 191.6 --- ---- U (11) -- -11.9 239.4 6.4 6.4 90.2 152.0 735.7 -0.0 124.0 -394.0 -58.7 --22.4 --208.0 -124.0 3.5 15.6 -- -----211.3 268.5 516.1 7.1 -14.0 --1514.5 -------- 340.6 184.6 156.0 S (12) Domestic Financial Sectors 61.2 ----273.8 -89.7 153.4 11.1 0.0 410.1 3.4 478.4 21.1 -4.9 -38.8 --49.2 --- 0.0 ----153.8 68.2 46.1 34.8 -39.9 406.2 714.0 -- 406.2 0.0 ----0.0 ---- U (13) -- ----234.2 61.0 -6.3 0.0 43.9 27.6 ----8.5 19.2 5.7 --- 4.5 ---42.0 ------ --307.9 -------- 467.3 -467.3 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 6, 2013 -270.2 -11.6 239.4 52.6 -30.3 833.1 -187.7 735.7 128.6 188.9 1522.6 -17.0 1140.6 -22.8 -4.9 363.0 172.9 -10.0 -253.8 154.6 4.5 0.0 0.6 -23.8 -217.9 267.2 516.1 7.1 92.6 225.4 4117.4 -- 3899.4 3673.9 1139.3 390.6 2085.9 58.1 -- ---- U (15) S (16) -- -11.6 239.4 11.9 -30.3 705.2 -187.7 735.7 189.3 188.9 1522.6 -17.0 1140.6 -22.8 -4.9 363.0 172.9 -10.0 -253.8 154.6 4.5 0.0 0.0 -42.0 -211.3 268.5 516.1 7.1 -14.0 --3892.0 -------- 3629.2 2957.9 671.3 All Sectors ---- Summary -270.2 ---40.7 --127.9 --60.6 -- ----------- ---0.6 -18.2 6.6 1.3 ---106.6 -225.4 --- -270.2 -44.8 ------ (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 fund reserves 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 1186.1 14444.1 -8141.4 888.7 10178.4 5372.4 -776.0 5468.8 28.6 1197.8 96.9 1656.5 2402.0 -20.9 66.1 -- 884.6 7096.9 1110.2 -- ---47.6 -- 55595.2 --- ----24.9 --289.7 303.7 12819.3 ---241.0 -66.3 139.3 9604.6 2768.2 ----- ------ -13437.7 13437.7 ----13456.9 -181.7 2893.5 -- 344.3 61.8 107.3 14.4 40.9 ---71.4 48.5 847.6 955.8 536.9 10.4 ---13.1 -- 19240.2 --- --157.4 8123.2 4559.3 16162.3 -2310.7 -- 12728.3 130.5 --509.1 5795.2 1680.1 1255.2 3358.2 -- ----- ------ -44041.2 19755.6 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2012 --112.3 -115.4 68.3 35.2 0.0 -- 1148.5 62.3 478.4 315.2 10.3 128.1 --154.2 -- 118.0 292.3 119.8 94.5 ------ 2104.2 --- A (5) ------ --752.9 -- 2980.0 ---2964.3 --15.7 --- ----- ------ -3732.9 3732.9 L (6) State and Local Governments --158.1 -142.3 39.9 -50.1 -- 828.5 --0.0 -0.6 -188.8 112.3 526.8 92.0 2.0 --- 102.8 ----- 1415.6 --- A (7) 50.0 ---1491.6 --228.9 -- 11593.7 -11568.9 24.9 ----0.0 -- ----- 54.3 5.2 25.9 --- -13449.6 13449.6 L (8) Federal Government 1186.1 14444.1 270.4 8141.4 14603.3 10286.6 5589.3 2943.6 776.0 7790.1 152.7 1783.5 426.5 1707.7 2530.7 -209.7 404.0 575.3 1942.1 8347.0 1766.9 104.8 102.8 --60.7 -- 78355.2 --- A (9) 50.0 -157.4 8123.2 6075.8 16162.3 -3582.2 303.7 40121.4 130.5 11568.9 24.9 3714.4 5795.2 1746.4 1410.2 12962.7 2768.2 ----- 54.3 5.2 25.9 --- -74661.4 50375.9 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 172.9 ---10307.3 12635.7 2776.6 133.2 736.4 39017.1 604.5 4259.3 6002.2 1941.3 7512.8 2250.6 1503.0 12750.5 2192.9 368.3 639.3 768.4 929.5 35.8 5.2 44.8 43.3 1561.7 70175.6 --- A (11) 1309.0 14444.1 -76.2 18.2 8134.2 4946.5 9323.6 14.2 1208.7 13911.3 449.2 -7529.7 -4985.3 338.7 416.6 191.8 -- 2857.8 9312.4 2649.6 1122.9 ----1828.8 -71005.3 66040.6 L (12) Domestic Financial Sectors ----5149.1 3106.1 957.7 144.7 0.0 9640.1 195.2 5526.1 1125.9 65.4 2580.6 -146.9 --- 540.4 326.0 114.3 -84.7 54.3 ---213.1 20161.1 --- A (13) ----6920.9 4919.5 -69.3 0.0 2414.7 372.7 ---1843.6 165.5 32.8 --- ----- 127.5 --792.1 -- -15244.0 10324.4 L (14) Rest of the World 1359.0 14444.1 270.4 8141.4 30059.7 26028.4 9323.6 3221.4 1512.5 56447.3 952.3 11568.9 7554.6 3714.4 12624.1 2250.6 1859.6 13154.5 2768.2 2850.8 9312.4 2649.6 949.5 192.8 5.2 44.8 104.0 1774.8 168691.8 --- A (15) L (16) 1359.0 14444.1 81.2 8141.4 21130.8 26028.4 9323.6 3665.7 1512.5 56447.3 952.3 11568.9 7554.6 3714.4 12624.1 2250.6 1859.6 13154.5 2768.2 2857.8 9312.4 2649.6 1122.9 181.8 5.2 25.9 792.1 1828.8 -160910.7 126740.9 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 25) and equity in noncorporate business (line 32). 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 6, 2013 ---189.2 --8928.9 --444.3 -- ----------- 7.0 --173.4 -11.0 --18.8 688.1 54.0 -7781.2 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, June 6, 2013 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 1978 1979 1980 1981 1982 13.8 12.1 9.5 10.3 10.4 16.4 15.0 8.2 7.4 5.6 17.5 16.4 10.9 7.2 4.8 17.5 13.9 1.0 5.5 5.0 13.5 13.5 10.1 13.0 9.9 12.1 11.3 8.5 13.8 10.2 15.4 9.0 6.9 8.0 11.2 9.2 5.8 11.8 11.6 19.7 21.7 23.0 14.9 18.4 13.6 18.7 9.6 14.3 12.2 7.5 1983 1984 1985 1986 1987 12.0 14.8 15.6 11.9 9.1 11.1 12.7 16.1 11.3 10.4 10.2 11.4 14.6 13.7 13.4 12.1 18.4 15.9 9.1 4.8 9.1 16.1 11.0 11.6 7.8 8.3 16.7 12.7 14.1 8.8 11.4 11.4 31.8 10.9 12.0 18.9 16.9 16.5 13.6 8.0 13.3 17.5 19.3 26.2 18.3 8.3 3.7 0.5 4.0 2.5 1988 1989 1990 1991 1992 9.1 7.3 6.5 4.4 4.6 9.8 9.1 7.0 5.1 5.4 11.8 10.9 8.9 7.0 6.5 6.7 6.3 1.9 -1.1 1.1 9.9 6.3 3.6 -2.1 -0.3 10.9 7.4 5.3 -2.1 0.7 6.0 5.3 5.0 9.2 1.5 8.0 7.0 11.0 11.1 10.9 13.1 10.5 8.6 5.9 8.5 2.9 3.8 8.3 4.8 6.9 1993 1994 1995 1996 1997 5.6 5.1 5.0 5.1 5.5 6.0 7.7 7.0 6.7 5.9 5.5 5.6 4.9 6.2 6.1 7.4 15.2 14.4 9.0 5.5 3.1 5.4 6.2 6.0 9.2 5.3 7.1 7.1 6.0 9.5 5.3 -3.9 -5.5 -2.0 4.9 8.3 4.7 4.1 4.0 0.6 9.7 14.0 11.4 12.4 12.0 18.7 -2.4 17.7 15.5 10.6 1998 1999 2000 2001 2002 6.5 6.2 5.0 6.4 7.4 7.6 8.0 9.0 9.6 10.6 8.0 9.4 8.7 10.5 13.2 7.2 7.8 11.4 8.6 5.6 11.5 10.4 9.3 5.9 3.0 10.9 9.5 8.5 4.9 1.3 6.2 3.3 1.4 8.8 11.1 -1.4 -1.9 -8.0 -0.2 7.6 19.4 16.6 10.7 10.6 9.6 5.1 2.4 8.4 -1.4 10.8 2003 2004 2005 2006 2007 8.0 9.3 9.2 8.6 8.5 11.8 11.1 11.2 9.7 6.7 14.5 13.6 13.3 11.1 6.9 5.3 5.6 4.5 4.2 6.0 2.2 6.7 9.0 10.9 13.6 1.8 4.8 6.9 9.2 13.5 8.3 11.4 5.8 3.9 5.5 10.9 9.0 7.0 3.9 4.9 10.7 8.6 9.4 10.2 12.7 4.0 12.4 7.9 22.0 9.0 2008 2009 2010 2011 2012 5.9 3.1 4.2 3.7 4.9 -0.2 -1.7 -2.6 -1.5 0.2 -0.6 -1.4 -3.5 -2.3 -2.4 0.8 -4.4 -0.7 3.7 5.9 6.3 -2.3 1.5 4.7 6.0 5.1 -2.0 2.7 7.0 8.1 0.6 4.0 2.3 -1.7 -0.2 24.2 22.7 20.2 11.4 10.9 5.5 -10.6 -5.9 -3.0 -2.8 -10.6 12.4 3.6 1.6 1.9 2007 -- Q1 Q2 Q3 Q4 8.4 8.3 8.7 7.5 7.2 7.3 6.7 4.7 8.4 7.7 6.7 4.2 4.5 5.9 7.4 5.7 11.4 13.8 14.1 12.7 9.9 14.2 14.7 12.7 7.0 5.9 4.2 4.3 6.6 1.4 5.6 5.5 11.1 10.4 16.8 10.0 12.9 18.0 1.4 2.9 2008 -- Q1 Q2 Q3 Q4 6.4 3.4 6.9 6.4 3.7 -0.4 -1.9 -2.1 2.9 -0.4 -2.3 -2.5 5.6 2.4 -2.2 -2.6 8.9 7.5 5.5 2.6 8.8 6.8 4.6 0.1 2.0 0.7 0.6 -0.8 10.5 5.9 36.0 37.6 6.1 6.3 6.6 2.7 10.4 -0.0 -29.0 -26.8 2009 -- Q1 Q2 Q3 Q4 4.2 4.5 2.0 1.4 -1.0 -1.1 -2.4 -2.3 0.2 -1.7 -2.4 -1.8 -3.4 -4.6 -3.9 -6.0 -1.0 -2.1 -3.5 -2.7 -0.7 -1.5 -3.6 -2.2 2.6 5.0 3.8 4.3 25.6 27.1 18.2 13.2 -10.7 -13.5 -10.4 -8.5 11.3 12.9 15.3 7.0 2010 -- Q1 Q2 Q3 Q4 3.8 3.9 4.0 4.7 -3.6 -2.3 -2.7 -1.8 -5.5 -2.9 -3.3 -2.7 -2.3 -3.2 0.4 2.1 0.2 -1.2 3.5 3.3 1.0 -1.3 5.6 5.3 3.1 0.4 1.8 3.9 21.9 22.2 15.4 16.0 -8.0 -7.2 -4.3 -5.3 4.8 -3.2 6.3 6.2 2011 -- Q1 Q2 Q3 Q4 2.6 2.7 4.3 4.9 -2.0 -2.6 -1.5 -0.0 -2.6 -2.4 -1.8 -2.5 2.7 3.7 2.9 5.4 3.9 5.4 4.0 5.2 6.3 8.3 5.8 6.9 -2.8 -2.8 -0.2 -1.2 9.1 8.2 13.7 12.7 -0.7 -4.8 -3.2 -3.5 14.4 3.5 -6.1 -5.0 2012 -- Q1 Q2 Q3 Q4 4.8 5.2 2.7 6.5 -1.0 1.3 -1.8 2.2 -3.3 -2.2 -3.1 -1.0 5.4 6.4 4.9 6.5 4.4 4.9 4.9 9.3 6.1 6.4 6.8 12.1 -0.0 3.1 -0.1 -3.7 13.7 10.9 6.2 11.2 -2.4 -5.0 -2.0 -1.9 -0.2 -5.0 3.8 8.8 2013 -- Q1 4.6 -0.6 -2.3 5.7 5.3 7.6 1.9 10.3 0.6 18.7 1. Data shown are on an end-of-period basis. Summary 4 Z.1, June 6, 2013 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 1978 1979 1980 1981 1982 389.8 388.2 340.3 406.6 451.3 156.8 166.3 105.3 102.7 84.6 105.7 116.5 90.2 67.0 47.4 46.4 43.3 3.4 19.8 18.8 141.1 159.6 135.4 190.8 163.7 82.7 85.8 72.2 126.1 105.8 39.4 26.6 22.2 27.6 41.7 52.5 35.8 77.4 85.5 161.3 73.6 94.9 75.8 107.8 93.6 24.0 15.0 24.2 23.5 16.0 1983 1984 1985 1986 1987 572.6 790.9 957.7 845.0 721.3 175.3 220.4 313.8 258.1 264.3 105.1 127.3 181.5 198.8 221.5 48.2 81.7 84.0 55.8 32.3 164.8 320.8 254.6 296.7 222.6 93.4 207.1 184.2 229.5 164.6 47.3 52.5 163.6 74.2 90.4 185.2 197.2 225.7 216.0 143.9 104.3 156.2 203.2 330.1 291.8 17.3 8.4 1.2 9.7 6.3 1988 1989 1990 1991 1992 784.4 685.3 658.4 473.4 514.3 270.4 276.8 233.2 183.3 203.2 215.7 224.9 200.1 174.6 173.1 46.6 47.0 15.1 -8.8 9.2 308.5 214.8 131.2 -79.3 -9.3 224.4 166.4 130.9 -53.1 17.1 50.4 47.4 47.1 91.2 16.5 155.1 146.4 246.9 278.2 304.0 249.8 224.8 207.8 153.1 236.5 7.4 10.2 23.9 15.1 24.1 1993 1994 1995 1996 1997 667.3 640.0 653.5 706.1 793.2 239.4 324.3 319.0 324.8 305.0 156.3 166.5 153.6 205.1 215.9 61.4 135.0 147.0 105.7 70.3 113.8 205.4 250.8 256.9 414.3 134.4 191.0 205.5 186.5 312.3 57.9 -45.5 -60.8 -20.5 50.8 256.1 155.9 144.4 144.9 23.1 292.9 464.4 433.6 523.2 570.3 69.8 -11.2 78.3 88.0 69.9 1998 1999 2000 2001 2002 998.5 1011.9 865.1 1162.6 1428.5 414.8 474.5 576.0 665.3 811.2 301.1 379.2 384.4 506.9 704.7 97.1 112.4 176.5 150.6 105.2 569.5 571.3 568.1 397.5 215.1 390.5 377.5 375.7 234.0 63.3 66.8 37.3 16.9 105.5 144.6 -52.6 -71.2 -295.9 -5.6 257.6 1026.5 1052.6 790.9 862.2 881.4 37.2 19.0 63.0 -11.2 93.4 2003 2004 2005 2006 2007 1672.4 2095.7 2343.3 2369.4 2554.0 992.8 1054.1 1180.3 1137.4 853.5 871.7 936.5 1048.7 989.8 683.1 105.9 117.2 100.4 96.6 141.9 163.0 500.9 714.4 947.6 1316.7 89.2 246.2 372.7 532.4 855.1 120.5 178.8 141.7 100.9 146.7 396.0 361.9 306.9 183.4 237.1 1071.0 939.0 1113.4 1320.9 1814.2 43.0 155.3 113.0 332.6 170.3 2008 2009 2010 2011 2012 1921.2 1057.9 1472.3 1352.7 1872.6 -25.2 -228.6 -342.5 -201.6 20.4 -61.9 -149.6 -365.3 -229.0 -229.1 19.6 -111.5 -17.9 93.4 154.6 689.3 -270.5 165.0 539.0 717.4 370.5 -150.5 194.6 525.1 646.9 17.9 113.0 69.5 -52.7 -5.3 1239.2 1443.9 1580.2 1067.9 1140.2 896.9 -1808.7 -931.7 -435.3 -394.0 -226.2 211.8 75.3 34.8 43.9 2007 -- Q1 Q2 Q3 Q4 2538.0 2555.3 2735.8 2387.0 929.8 951.7 893.8 638.7 828.3 775.8 690.1 438.3 106.6 140.8 179.7 140.6 1096.5 1373.1 1445.9 1351.4 626.4 920.8 986.0 887.3 189.3 160.5 117.5 119.4 322.4 69.9 278.5 277.5 1581.4 1541.5 2548.1 1585.7 243.3 350.1 28.3 59.6 2008 -- Q1 Q2 Q3 Q4 2082.2 1119.3 2304.7 2178.4 506.7 -50.5 -265.8 -291.4 310.9 -47.7 -248.9 -262.0 139.7 60.8 -56.8 -65.2 978.8 840.6 631.0 306.7 630.2 499.0 343.4 9.2 56.5 20.3 17.8 -22.8 540.2 308.9 1921.7 2185.9 990.6 1037.7 1096.9 462.4 221.3 -0.1 -622.8 -503.3 2009 -- Q1 Q2 Q3 Q4 1446.1 1580.2 694.9 510.2 -136.4 -149.1 -318.4 -310.4 16.7 -176.9 -251.7 -186.4 -86.6 -116.3 -96.4 -146.8 -118.2 -249.6 -409.5 -304.7 -55.9 -112.5 -270.5 -163.2 73.0 142.3 110.7 126.0 1627.7 1836.5 1312.1 999.2 -1832.8 -2312.6 -1717.2 -1372.1 192.3 224.0 287.9 143.1 2010 -- Q1 Q2 Q3 Q4 1344.9 1408.4 1435.5 1700.4 -477.9 -303.3 -352.5 -236.3 -566.9 -292.0 -332.9 -269.4 -54.7 -76.9 10.5 49.5 22.1 -130.9 395.8 373.1 71.1 -98.8 408.7 397.4 93.1 12.6 54.6 117.8 1707.6 1830.1 1337.6 1445.6 -1259.9 -1077.2 -626.0 -763.6 99.5 -68.9 132.0 138.6 2011 -- Q1 Q2 Q3 Q4 943.3 993.2 1608.0 1866.3 -265.2 -340.3 -197.4 -3.3 -256.5 -239.6 -177.1 -242.9 67.1 93.8 73.5 139.3 443.3 624.9 470.9 617.0 471.2 628.3 454.0 546.7 -85.6 -83.3 -4.5 -37.4 850.9 791.8 1339.0 1290.0 -104.0 -694.9 -451.2 -490.9 319.5 80.5 -144.8 -115.9 2012 -- Q1 Q2 Q3 Q4 1821.9 2024.0 1059.2 2585.4 -126.5 161.0 -232.5 279.5 -323.5 -206.5 -293.0 -93.5 141.1 168.7 130.7 177.7 521.4 587.1 604.3 1156.7 491.8 516.8 559.3 1019.5 -1.0 93.0 -2.8 -110.2 1428.1 1182.9 690.2 1259.4 -333.7 -697.4 -275.1 -269.8 -4.1 -115.0 86.2 208.5 2013 -- Q1 1850.5 -77.2 -212.4 157.1 674.9 664.4 55.2 1197.6 88.8 452.4 5 Domestic financial sectors Foreign Summary Z.1, June 6, 2013 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 1978 1979 1980 1981 1982 3207.9 3596.3 3944.3 4351.9 4773.1 1111.2 1278.5 1396.0 1505.9 1575.8 708.6 826.7 926.5 998.2 1031.1 311.3 354.6 358.0 377.9 396.7 1179.3 1337.9 1468.9 1653.4 1801.8 761.1 845.9 913.8 1033.6 1124.1 295.6 322.2 344.4 372.1 413.8 621.9 657.7 735.0 820.5 981.8 412.7 508.9 584.7 689.2 785.5 155.7 168.5 193.4 214.0 208.1 1983 1984 1985 1986 1987 5348.6 6134.8 7110.6 7953.0 8656.1 1731.1 1943.1 2277.7 2534.2 2752.5 1116.2 1242.8 1449.6 1648.3 1827.9 444.9 526.6 610.6 666.4 698.6 1989.5 2313.8 2565.1 2860.8 3111.2 1240.5 1451.2 1632.1 1860.6 2053.0 461.1 513.6 677.9 752.1 842.6 1167.0 1364.2 1589.9 1805.9 1949.8 890.1 1054.9 1259.0 1596.6 1899.7 224.1 232.8 242.5 251.9 259.0 1988 1989 1990 1991 1992 9437.0 10139.3 10825.1 11295.2 11812.7 3039.8 3309.2 3571.6 3758.5 3961.7 2054.2 2259.5 2488.8 2667.0 2840.0 745.2 809.3 824.4 815.6 824.8 3399.3 3638.6 3767.9 3681.7 3675.6 2257.3 2448.4 2577.4 2519.7 2540.0 893.0 940.4 987.4 1078.6 1095.1 2104.9 2251.2 2498.1 2776.4 3080.3 2149.5 2402.8 2613.8 2766.8 3018.9 269.8 287.9 318.2 350.4 372.4 1993 1994 1995 1996 1997 12494.8 13141.1 13810.4 14516.5 15308.2 4203.5 4527.0 4846.1 5183.8 5489.4 2998.7 3165.3 3318.9 3537.0 3752.9 886.2 1021.2 1168.2 1273.9 1344.2 3801.8 4014.3 4280.9 4524.8 4937.0 2686.9 2885.0 3106.2 3279.7 3590.0 1153.0 1107.5 1046.7 1026.2 1076.9 3336.5 3492.3 3636.7 3781.7 3804.8 3317.2 3789.7 4226.3 4749.5 5299.7 468.2 443.1 567.6 657.2 723.6 1998 1999 2000 2001 2002 16306.7 17353.2 18228.1 19373.7 20802.2 5902.9 6377.6 6963.5 7627.8 8439.1 4054.0 4430.8 4814.0 5320.9 6025.6 1441.3 1553.6 1741.3 1891.8 1997.0 5507.9 6113.6 6681.6 7063.0 7278.2 3981.8 4393.7 4769.3 4987.3 5050.6 1143.8 1181.0 1197.9 1303.4 1447.9 3752.2 3681.0 3385.1 3379.5 3637.0 6326.2 7376.5 8168.4 9156.8 10038.2 783.2 748.2 814.5 865.4 1072.8 2003 2004 2005 2006 2007 22518.8 25346.4 27689.6 30059.2 32622.3 9462.0 10536.1 11716.4 12833.3 13689.3 6907.0 7858.4 8907.1 9896.9 10580.1 2102.9 2220.1 2320.6 2361.8 2506.3 7455.3 7967.1 8681.5 9649.9 10973.1 5153.9 5411.0 5783.7 6336.9 7198.5 1568.4 2448.2 2589.8 2690.8 2837.5 4033.1 4395.0 4701.9 4885.3 5122.3 10944.5 11898.3 12957.3 14260.5 16204.5 1253.3 1438.8 1513.9 1882.6 2126.3 2008 2009 2010 2011 2012 34543.4 35473.7 36909.5 38267.5 40121.4 13669.0 13397.0 13059.9 12863.7 12819.3 10523.1 10373.5 9895.2 9666.1 9432.0 2525.9 2420.2 2522.2 2615.7 2768.2 11657.4 11302.8 11426.0 11965.0 12728.3 7564.0 7329.5 7485.9 8012.6 8704.7 2855.4 2968.4 3038.0 2985.3 2980.0 6361.5 7805.4 9385.6 10453.6 11593.7 17101.0 15688.5 14486.0 14045.4 13911.3 1708.8 2090.3 2225.3 2276.7 2414.7 2007 -- Q1 Q2 Q3 Q4 30700.2 31339.0 32025.5 32622.3 13065.7 13303.6 13529.6 13689.3 10104.0 10298.0 10470.5 10580.1 2388.5 2423.7 2471.1 2506.3 9930.5 10273.8 10635.3 10973.1 6500.0 6730.2 6976.7 7198.5 2738.1 2778.2 2807.6 2837.5 4965.9 4983.3 5053.0 5122.3 14783.1 15168.5 15808.1 16204.5 1941.8 2020.8 2077.1 2126.3 2008 -- Q1 Q2 Q3 Q4 33142.8 33422.6 33998.8 34543.4 13816.0 13803.4 13741.9 13669.0 10657.8 10645.9 10588.6 10523.1 2541.2 2556.4 2542.2 2525.9 11217.8 11428.0 11580.8 11657.4 7356.0 7480.7 7561.6 7564.0 2851.6 2856.7 2861.1 2855.4 5257.4 5334.6 5815.0 6361.5 16452.1 16711.5 16985.4 17101.0 2216.1 2145.8 1877.7 1708.8 2009 -- Q1 Q2 Q3 Q4 34843.9 35238.9 35412.6 35473.7 13564.3 13527.0 13447.4 13397.0 10527.3 10483.0 10420.1 10373.5 2504.3 2481.0 2456.9 2420.2 11637.5 11575.1 11472.7 11302.8 7559.6 7531.6 7464.0 7329.5 2873.7 2909.2 2936.9 2968.4 6768.5 7227.6 7555.6 7805.4 17095.5 16517.3 16088.0 15688.5 1732.7 1879.6 2053.1 2090.3 2010 -- Q1 Q2 Q3 Q4 35841.1 36193.2 36552.1 36909.5 13290.3 13214.5 13126.4 13059.9 10230.6 10157.6 10074.4 9895.2 2410.1 2390.9 2393.5 2522.2 11326.7 11294.0 11393.0 11426.0 7364.9 7340.5 7442.9 7485.9 2991.7 2994.8 3008.5 3038.0 8232.3 8689.8 9024.2 9385.6 14865.5 14596.2 14439.7 14486.0 2124.7 2101.6 2231.2 2225.3 2011 -- Q1 Q2 Q3 Q4 37145.3 37399.0 37801.0 38267.5 12993.6 12913.9 12864.5 12863.7 9831.1 9771.2 9726.9 9666.1 2539.0 2562.5 2580.8 2615.7 11536.8 11693.0 11810.7 11965.0 7604.1 7761.5 7875.4 8012.6 3016.6 2995.7 2994.6 2985.3 9598.4 9796.3 10131.1 10453.6 14460.0 14280.9 14168.1 14045.4 2310.1 2356.4 2306.8 2276.7 2012 -- Q1 Q2 Q3 Q4 38718.5 39219.5 39476.5 40121.4 12834.4 12869.7 12751.8 12819.3 9585.3 9528.7 9455.4 9432.0 2650.9 2691.1 2723.8 2768.2 12088.5 12235.3 12438.2 12728.3 8126.8 8257.1 8449.3 8704.7 2985.0 3008.3 3007.6 2980.0 10810.6 11106.3 11278.9 11593.7 14025.4 13851.1 13968.6 13911.3 2309.0 2280.4 2358.6 2414.7 2013 -- Q1 40584.0 12800.0 9378.9 2807.5 12897.0 8868.3 2993.8 11893.2 13933.5 2527.8 1. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, June 6, 2013 F.1 Total Credit Market Borrowing and Lending (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 Credit market borrowing Domestic nonfinancial sectors Q2 Q3 Q4 2013 Q1 4538.5 2591.8 -539.0 615.9 952.3 1522.6 1484.2 1211.6 870.3 2524.2 2391.6 1 2554.0 1921.2 1057.9 1472.3 1352.7 1872.6 1821.9 2024.0 1059.2 2585.4 1850.5 2 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 853.5 855.1 461.6 -25.2 370.5 318.8 -228.6 -150.5 -120.0 -342.5 194.6 -29.6 -201.6 525.1 13.9 20.4 646.9 70.5 -126.5 491.8 29.6 161.0 516.8 70.3 -232.5 559.3 45.0 279.5 1019.5 137.3 -77.2 664.4 10.6 3 4 5 6 7 State and local governments Federal government 146.7 237.1 17.9 1239.2 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -1.0 1428.1 93.0 1182.9 -2.8 690.2 -110.2 1259.4 55.2 1197.6 6 7 8 Rest of the world 170.3 -226.2 211.8 75.3 34.8 43.9 -4.1 -115.0 86.2 208.5 452.4 8 9 Financial sectors 1814.2 896.9 -1808.7 -931.7 -435.3 -394.0 -333.7 -697.4 -275.1 -269.8 88.8 9 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 222.5 0.0 13.4 -0.9 -0.2 8.3 -292.2 0.0 -14.1 -161.7 0.0 -0.4 -73.9 0.0 -2.0 -27.2 0.0 0.9 -41.4 0.0 -5.1 -10.1 0.0 3.3 -97.8 0.0 2.6 40.4 0.0 2.8 -12.1 0.0 -11.4 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.5 282.4 623.3 26.2 271.7 497.0 -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 6.6 -274.9 159.6 15.7 -155.0 136.2 -0.2 -113.2 94.9 -3.0 -75.4 138.4 5.2 43.1 166.3 13 14 15 16 17 18 ABS issuers Finance companies REITs 350.5 34.9 10.2 -413.5 -79.4 -53.8 -736.9 -156.2 -50.0 -497.5 -174.9 -2.1 -248.0 -12.8 28.2 -216.0 -53.7 42.9 -223.4 -25.0 26.6 -263.2 -122.9 57.3 -251.9 81.6 27.4 -125.5 -148.7 60.4 -146.7 -55.2 16.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -4.0 151.9 114.5 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 -23.8 24.8 12.3 6.2 16.5 -360.2 -15.1 -65.2 26.2 20.7 17.3 -69.3 -107.1 -4.3 -24.4 112.3 19 20 21 22 Credit market lending 4538.5 2591.8 -539.0 615.9 952.3 1522.6 1484.2 1211.6 870.3 2524.2 2391.6 22 416.9 242.4 269.5 206.5 -368.5 35.0 -175.0 580.0 -560.3 295.5 -121.4 23 379.5 -75.9 10.0 407.0 -34.6 -10.9 45.6 10.0 -6.7 76.8 2.6 6.6 -273.0 -5.3 1.0 -18.0 21.5 1.2 -180.7 38.3 0.7 449.7 30.3 0.8 -719.4 60.6 0.6 378.6 -43.1 2.8 -233.6 -39.8 0.8 24 25 26 97.4 5.9 -204.3 85.2 -74.8 295.4 35.4 85.0 -90.6 -0.7 -52.0 82.3 -67.1 33.8 -4.2 103.4 -28.3 126.2 -108.5 65.7 10.8 140.3 27 28 23 Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 27 28 State and local governments Federal government 29 Rest of the world 943.4 377.2 123.5 622.9 352.7 410.1 343.8 155.4 684.3 456.7 682.2 29 30 Financial sectors 3178.2 1972.2 -932.1 -213.4 968.1 1077.5 1315.4 476.2 746.2 1772.0 1830.9 30 -38.3 585.4 201.7 -6.4 35.3 245.4 241.9 100.8 -1.9 40.4 1001.6 -336.7 -285.8 -2.8 33.5 271.5 -176.6 -30.8 -19.3 24.0 376.5 126.9 37.7 -4.9 37.6 34.5 357.8 -0.7 -0.1 46.0 -33.4 214.6 -55.2 -0.6 81.6 -23.5 391.3 -39.4 -4.6 35.6 -203.4 117.1 83.9 -2.9 34.4 398.4 708.4 7.7 7.5 32.5 1134.2 93.8 -89.0 -1.1 69.3 31 32 33 34 35 5.3 84.8 -15.9 11.6 33.3 139.8 3.9 151.6 36.2 123.6 -2.5 69.4 -13.7 146.5 -11.0 -109.5 1.1 149.0 13.6 91.6 -8.8 97.4 36 37 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 36 37 Property-casualty insurance companies Life insurance companies 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 247.3 40.5 12.6 -210.5 -26.5 23.9 10.3 -85.8 7.4 124.8 22.1 10.8 52.5 2.2 20.0 -37.5 1.6 13.9 -89.1 35.6 5.5 16.4 -24.3 16.9 -41.8 -32.8 9.4 -35.4 27.8 23.9 -128.4 10.0 -8.7 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 391.8 268.0 -0.4 13.4 727.9 32.4 -40.7 23.0 -619.9 387.1 10.6 46.0 -396.6 353.6 5.2 29.7 -9.8 359.4 -1.2 46.1 -82.7 707.6 11.6 52.3 -87.2 968.1 11.6 65.0 -139.5 642.8 6.3 73.7 9.6 714.7 13.5 30.3 -113.7 504.7 14.8 40.3 104.6 778.2 30.4 28.1 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 239.0 623.3 242.9 497.0 -323.0 415.3 -315.6 186.9 -202.3 165.3 -223.2 132.2 -174.2 159.6 -327.0 136.2 -177.1 94.9 -214.3 138.4 -96.9 166.3 45 46 47 48 49 ABS issuers Finance companies REITs 347.6 7.1 -19.9 -397.0 -81.9 -68.9 -702.3 -217.6 -8.7 -487.8 -104.5 37.1 -243.8 -45.8 102.9 -209.6 -28.1 127.7 -214.3 -54.9 215.8 -251.6 -38.3 90.3 -248.0 -40.6 263.9 -124.5 21.3 -59.3 -142.5 -52.2 -39.9 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 219.7 23.2 -102.8 -85.7 13.9 700.1 -192.1 -16.0 -226.2 32.2 22.1 42.2 5.7 3.1 -20.0 89.1 -39.8 57.8 227.1 64.1 -157.4 -35.4 -158.2 228.9 21.5 -28.1 -22.4 143.3 -36.9 182.0 -171.5 26.0 31.5 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 7 Z.1, June 6, 2013 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 Domestic By instrument 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2554.0 1921.2 1057.9 1472.3 1352.7 1872.6 1821.9 2024.0 1059.2 2585.4 1850.5 1 2554.0 1921.2 1057.9 1472.3 1352.7 1872.6 1821.9 2024.0 1059.2 2585.4 1850.5 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 11.3 237.5 -0.4 235.5 323.0 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 14.2 1140.6 -0.4 -4.9 579.6 -7.8 1431.5 -3.3 2.8 523.2 29.2 1182.8 0.1 109.7 426.0 -35.3 690.5 -0.3 -6.8 587.1 70.6 1257.5 1.9 -125.4 782.0 20.0 1198.6 -1.0 56.7 570.2 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 228.0 305.1 188.4 87.3 -303.1 -164.8 -51.5 -82.4 71.7 62.9 277.6 -19.1 286.8 -111.2 396.4 -15.7 55.4 -13.7 371.9 64.1 67.3 52.0 8 9 1072.2 719.9 89.0 258.6 4.6 141.9 61.2 -119.1 41.7 116.6 22.0 19.6 -300.6 -203.5 4.8 -98.5 -3.4 -111.5 -519.0 -353.9 -11.8 -163.2 9.9 -17.9 -334.7 -255.3 4.9 -89.1 4.9 93.4 -269.4 -241.0 17.2 -52.4 6.9 154.6 -441.0 -341.9 -38.7 -67.3 6.9 141.1 -273.2 -215.8 26.7 -91.0 6.9 168.7 -348.4 -306.4 34.6 -83.5 6.9 130.7 -15.0 -100.0 46.1 32.0 6.9 177.7 -270.3 -227.6 -0.5 -49.2 6.9 157.1 10 11 12 13 14 15 2554.0 1921.2 1057.9 1472.3 1352.7 1872.6 1821.9 2024.0 1059.2 2585.4 1850.5 16 853.5 1316.7 855.1 461.6 -25.2 689.3 370.5 318.8 -228.6 -270.5 -150.5 -120.0 -342.5 165.0 194.6 -29.6 -201.6 539.0 525.1 13.9 20.4 717.4 646.9 70.5 -126.5 521.4 491.8 29.6 161.0 587.1 516.8 70.3 -232.5 604.3 559.3 45.0 279.5 1156.7 1019.5 137.3 -77.2 674.9 664.4 10.6 17 18 19 20 146.7 237.1 17.9 1239.2 113.0 1443.9 69.5 1580.2 -52.7 1067.9 -5.3 1140.2 -1.0 1428.1 93.0 1182.9 -2.8 690.2 -110.2 1259.4 55.2 1197.6 21 22 170.3 -226.2 211.8 75.3 34.8 43.9 -4.1 -115.0 86.2 208.5 452.4 23 -69.3 218.7 24.1 -3.2 -71.0 -158.8 5.1 -1.5 59.4 163.3 -11.2 0.3 -2.7 59.9 17.9 0.2 -53.5 57.8 29.2 1.4 27.6 -8.5 19.2 5.7 32.9 -73.6 29.0 7.7 -54.2 -109.9 44.8 4.3 77.3 -0.0 8.8 0.2 54.4 149.5 -5.9 10.5 117.6 294.3 45.2 -4.7 24 25 26 27 2724.3 1694.9 1269.7 1547.6 1387.5 1916.6 1817.9 1909.0 1145.4 2793.9 2302.9 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 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 1814.2 896.9 -1808.7 -931.7 -435.3 -394.0 -333.7 -697.4 -275.1 -269.8 88.8 1 -111.5 282.4 623.3 709.5 -125.4 271.7 497.0 -282.9 -448.1 -475.3 415.3 -585.9 -102.2 -233.8 186.9 -575.1 -68.2 -187.2 165.3 -325.9 -58.7 -154.6 132.2 -208.0 -6.3 -274.9 159.6 -45.1 -34.7 -155.0 136.2 -434.2 -32.0 -113.2 94.9 -244.0 -161.8 -75.4 138.4 -108.9 22.4 43.1 166.3 -178.6 2 3 4 5 80.1 225.8 4.7 496.4 33.3 6.8 -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -124.0 3.5 15.6 -150.8 -26.5 10.4 -301.2 66.6 24.9 50.1 -43.1 12.2 -93.9 16.9 14.9 -25.7 38.6 22.7 6 7 8 1814.2 896.9 -1808.7 -931.7 -435.3 -394.0 -333.7 -697.4 -275.1 -269.8 88.8 9 10 11 12 U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 222.5 0.0 13.4 -0.9 -0.2 8.3 -292.2 0.0 -14.1 -161.7 0.0 -0.4 -73.9 0.0 -2.0 -27.2 0.0 0.9 -41.4 0.0 -5.1 -10.1 0.0 3.3 -97.8 0.0 2.6 40.4 0.0 2.8 -12.1 0.0 -11.4 10 11 12 13 14 15 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 14.5 282.4 623.3 26.2 271.7 497.0 -6.6 -475.3 415.3 -3.2 -233.8 186.9 1.8 -187.2 165.3 4.8 -154.6 132.2 6.6 -274.9 159.6 15.7 -155.0 136.2 -0.2 -113.2 94.9 -3.0 -75.4 138.4 5.2 43.1 166.3 13 14 15 16 17 18 ABS issuers Finance companies REITs 350.5 34.9 10.2 -413.5 -79.4 -53.8 -736.9 -156.2 -50.0 -497.5 -174.9 -2.1 -248.0 -12.8 28.2 -216.0 -53.7 42.9 -223.4 -25.0 26.6 -263.2 -122.9 57.3 -251.9 81.6 27.4 -125.5 -148.7 60.4 -146.7 -55.2 16.0 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations -4.0 151.9 114.5 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 -23.8 24.8 12.3 6.2 16.5 -360.2 -15.1 -65.2 26.2 20.7 17.3 -69.3 -107.1 -4.3 -24.4 112.3 19 20 21 Summary 8 Z.1, June 6, 2013 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 10 Total 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 4538.5 2591.8 -539.0 615.9 952.3 1522.6 1484.2 1211.6 870.3 2524.2 2391.6 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -169.5 237.5 905.3 235.5 1251.2 -188.8 1239.0 768.9 92.4 -216.3 -461.8 1443.7 -59.9 155.3 -10.9 -80.4 1579.6 -46.2 99.7 -76.6 -88.3 1066.8 -20.8 -52.8 142.6 -17.0 1140.6 -22.8 -4.9 363.0 18.8 1431.5 -118.7 2.8 404.4 -59.7 1182.8 -18.7 109.7 -118.1 10.0 690.5 -18.6 -6.8 343.1 -36.8 1257.5 64.9 -125.4 822.7 159.9 1198.6 208.4 56.7 685.9 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 332.1 527.7 1076.8 141.9 689.9 119.1 68.0 19.6 -749.7 -447.0 -297.2 -111.5 -96.5 -226.9 -518.8 -17.9 132.5 4.3 -325.6 93.4 172.9 -10.0 -253.8 154.6 165.0 -130.1 -430.6 141.1 140.0 55.3 -248.3 168.7 114.3 -56.7 -336.2 130.7 272.2 91.5 -0.1 177.7 86.8 85.9 -247.7 157.1 7 8 9 10 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares -97.9 254.9 812.6 362.4 119.5 548.0 926.5 258.0 632.3 375.2 1241.6 11 -459.5 -786.8 264.8 -336.0 315.5 -64.6 -7.7 -278.0 -218.9 -472.5 -187.7 -400.7 -195.4 -291.8 -302.6 -508.2 -151.9 -397.1 -100.9 -405.8 244.2 -259.5 12 13 147.8 179.6 361.5 -38.5 639.3 -9.9 63.7 316.4 497.1 79.1 191.2 370.1 89.0 164.5 338.4 61.0 152.0 735.7 59.2 37.1 1121.9 83.8 121.8 560.7 -8.6 253.8 784.2 109.6 195.2 476.1 294.2 209.5 997.5 14 15 16 F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net flows through credit markets (from table F.4, line 1) 4538.5 2591.8 -539.0 615.9 952.3 1522.6 1484.2 1211.6 870.3 2524.2 2391.6 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits 0.1 0.0 -0.7 256.0 4.8 0.0 -0.8 -394.3 99.9 3.0 -0.4 -106.0 1.8 0.0 -0.3 25.9 15.9 0.0 0.0 -32.4 4.5 0.0 0.0 -42.0 4.9 0.0 0.0 -124.3 13.2 0.0 0.0 -134.6 3.3 0.0 0.0 165.1 -3.6 0.0 0.0 -74.2 -3.0 0.0 0.0 126.6 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 -53.4 36.7 316.4 283.4 736.8 1823.0 568.4 524.8 -190.6 724.2 -590.9 -7.9 517.2 -141.8 -498.7 -132.9 266.3 298.3 -182.3 -503.2 844.5 234.5 577.4 -204.6 -112.8 -211.3 268.5 539.7 -23.6 7.1 142.7 -73.4 378.9 -87.5 -207.3 -461.9 313.3 473.4 -4.8 -164.5 -249.2 228.0 584.4 -144.5 64.2 -276.9 606.1 721.9 142.5 335.9 1885.9 297.4 87.5 -61.1 -152.7 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables -0.1 -459.5 361.5 202.0 -888.0 264.8 -9.9 -170.0 232.0 315.5 497.1 -23.1 -197.1 -7.7 370.1 225.5 -133.4 -218.9 338.4 48.6 -14.0 -187.7 735.7 189.3 200.0 -195.4 1121.9 253.8 -105.8 -302.6 560.7 166.9 -189.6 -151.9 784.2 208.1 39.3 -100.9 476.1 128.2 -130.9 244.2 997.5 120.9 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 276.5 34.2 567.5 -69.3 -397.9 67.0 53.6 -123.8 -95.9 26.5 30.2 -3.4 123.6 17.2 335.2 19.4 97.8 94.1 263.6 20.5 188.9 -11.6 239.4 11.9 176.2 -9.6 213.1 13.3 155.0 -73.2 181.1 22.6 249.4 11.8 328.5 21.7 174.9 24.6 234.8 -10.1 -142.6 26.7 63.6 61.1 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous 18.4 2425.5 -284.0 2269.9 -32.3 -329.6 143.6 1041.8 -8.6 1158.3 -30.3 705.2 0.6 480.2 -27.4 645.3 -34.9 797.8 -59.3 897.3 -41.1 1182.6 19 20 9470.7 6433.2 -647.5 2461.4 3935.3 3892.0 3772.2 2468.2 3546.7 5780.9 6954.0 21 -1.2 205.3 3.8 -205.0 -36.5 -376.2 -0.8 -330.4 60.7 -590.0 -64.0 2029.8 -4.4 -118.1 29.1 465.4 -32.6 -264.7 -1.1 6.5 22.1 -76.7 -10.5 196.3 -0.7 38.3 20.3 -118.7 -16.0 -39.2 -0.6 -18.2 6.6 -106.6 -40.7 -127.9 -0.8 -54.8 66.2 84.2 -68.2 -255.8 -0.5 -52.3 -291.0 -239.8 -2.8 -315.8 -0.5 128.2 202.8 -317.2 -26.7 569.8 -0.5 -93.9 48.4 46.4 -65.2 -509.9 -0.9 100.9 186.7 -513.7 9.9 -230.7 22 23 24 25 26 27 0.0 1.2 -0.1 -23.9 0.0 -3.3 -2.0 29.0 0.0 0.7 -1.0 105.4 0.0 0.0 -1.1 91.7 0.0 -0.1 0.9 -50.4 0.0 0.6 0.7 60.6 0.0 -46.2 -1.1 17.5 0.0 100.3 -0.3 57.9 0.0 2.6 -0.8 42.3 0.0 -54.2 4.8 124.9 0.0 -45.0 -6.4 137.6 28 29 30 31 9903.4 5304.3 -827.3 2234.1 4101.0 4117.4 4031.1 3212.5 2946.0 6279.9 7315.5 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 RPs 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 6, 2013 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 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 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 50953.0 53353.2 53252.5 53620.8 54589.6 56447.3 55022.6 55232.1 55755.3 56447.3 56999.4 1 32622.3 34543.4 35473.7 36909.5 38267.5 40121.4 38715.1 39100.4 39437.8 40121.4 40570.3 2 13689.3 7198.5 3774.6 13669.0 7564.0 4093.4 13397.0 7329.5 3973.3 13059.9 7485.9 3940.0 12863.7 8012.6 3952.4 12819.3 8704.7 4023.6 12791.0 8125.4 3960.5 12823.0 8257.6 3976.3 12726.0 8459.6 3987.1 12819.3 8704.7 4023.6 12758.4 8859.1 4027.9 3 4 5 2837.5 5122.3 2855.4 6361.5 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2986.3 10851.9 2993.3 11050.1 2985.3 11279.9 2980.0 11593.7 2994.9 11930.1 6 7 8 Rest of the world 2126.3 1708.8 2090.3 2225.3 2276.7 2414.7 2318.3 2297.9 2366.0 2414.7 2532.9 8 9 Financial sectors 16204.5 17101.0 15688.5 14486.0 14045.4 13911.3 13989.3 13833.8 13951.5 13911.3 13896.2 9 991.2 0.5 32.3 990.3 0.0 40.6 718.1 0.0 26.5 942.6 0.0 26.1 868.7 0.0 24.2 840.3 0.0 25.1 840.8 0.0 22.9 844.7 0.0 23.7 822.2 0.0 24.4 840.3 0.0 25.1 820.7 0.0 22.2 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 28.7 2910.2 4464.4 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 48.5 6178.6 1329.9 52.4 6139.8 1377.3 52.4 6111.5 1408.0 51.6 6092.7 1437.0 52.9 6103.5 1462.7 13 14 15 16 17 18 ABS issuers Finance companies REITs 4514.5 1279.6 421.2 4101.0 1200.3 367.4 3287.6 1044.1 317.4 2230.8 1281.0 315.2 1982.8 1262.9 343.4 1766.8 1209.1 386.3 1922.8 1251.8 350.1 1862.0 1235.9 364.4 1800.5 1246.2 371.2 1766.8 1209.1 386.3 1726.1 1191.0 390.3 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 64.8 710.6 786.4 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.6 98.0 1303.9 642.0 102.1 1213.9 617.4 85.8 1428.7 600.6 90.2 1418.6 593.6 89.1 1412.5 625.2 19 20 21 50953.0 53353.2 53252.5 53620.8 54589.6 56447.3 55022.6 55232.1 55755.3 56447.3 56999.4 22 7036.4 7210.6 7878.9 8291.9 7669.9 7790.1 7703.7 7705.0 7746.4 7790.1 7809.9 23 22 23 Total credit market assets held by: Domestic nonfinancial sectors 24 25 26 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4865.4 248.4 106.7 5204.1 213.7 95.8 5648.4 223.7 89.1 5928.1 230.1 95.8 5401.6 224.8 96.8 5468.8 246.3 98.0 5438.4 227.9 96.9 5414.7 234.7 97.1 5419.1 248.3 97.3 5468.8 246.3 98.0 5464.9 230.3 98.2 24 25 26 27 28 State and local governments Federal government 1534.8 281.1 1330.6 366.4 1255.7 661.8 1291.1 746.9 1200.6 746.2 1148.5 828.5 1184.6 755.8 1183.4 775.0 1170.3 811.5 1148.5 828.5 1151.9 864.6 27 28 29 Rest of the world 7272.2 7523.7 7723.4 8498.9 9122.0 9640.1 9190.6 9291.8 9543.7 9640.1 9820.0 29 30 Financial sectors 36644.5 38618.9 37650.2 36830.0 37797.7 39017.1 38128.3 38235.3 38465.3 39017.1 39369.4 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 740.6 9201.0 963.3 92.8 657.9 986.0 9442.9 1063.8 90.9 701.1 1987.7 9131.1 777.9 88.1 734.6 2259.2 9341.5 747.1 68.9 758.6 2635.6 9468.4 784.9 64.0 796.2 2670.1 9815.1 784.1 63.9 842.3 2613.4 9462.8 775.5 63.9 814.6 2610.9 9564.3 760.4 62.7 829.1 2565.1 9622.3 778.3 62.0 837.8 2670.1 9815.1 784.1 63.9 842.3 2939.8 9789.9 766.9 63.6 857.6 31 32 33 34 35 36 37 Property-casualty insurance companies Life insurance companies 869.3 2871.2 853.4 2882.8 886.7 3022.6 890.6 3174.2 926.8 3297.9 924.3 3367.3 923.4 3333.6 920.6 3307.7 920.9 3349.5 924.3 3367.3 922.1 3390.8 36 37 38 39 40 Private pension funds State and local govt. retirement funds Federal government retirement funds 1043.4 849.5 99.4 833.0 823.0 123.3 843.3 737.2 130.7 968.0 759.3 141.5 1020.5 761.5 161.6 983.0 763.0 175.5 998.2 770.4 163.0 1002.3 764.3 167.2 991.9 756.1 169.5 983.0 763.0 175.5 950.9 765.5 173.3 38 39 40 41 42 43 44 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 1962.0 2196.7 171.2 34.1 2689.9 2229.2 130.4 57.1 2070.0 2616.3 141.1 103.0 1673.4 2969.9 146.3 132.7 1663.6 3329.3 145.1 178.8 1580.9 4036.9 156.7 231.1 1600.7 3581.7 148.0 195.1 1528.4 3741.5 149.6 213.5 1520.2 3907.7 153.0 221.1 1580.9 4036.9 156.7 231.1 1562.8 4243.1 164.3 238.2 41 42 43 44 45 46 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2829.5 4464.4 3037.5 4961.4 2714.4 5376.7 6360.5 1139.5 6158.2 1304.8 5935.1 1437.0 6121.9 1329.9 6033.0 1377.3 5971.7 1408.0 5935.1 1437.0 5920.4 1462.7 45 46 47 48 49 ABS issuers Finance companies REITs 4399.8 1816.3 246.5 4002.8 1734.4 177.6 3224.0 1516.7 168.9 2179.0 1440.1 206.0 1935.3 1394.3 308.9 1725.7 1361.2 436.6 1877.5 1382.3 362.9 1819.6 1365.7 385.5 1759.1 1363.8 451.4 1725.7 1361.2 436.6 1686.0 1351.6 426.6 47 48 49 50 51 52 Brokers and dealers Holding companies Funding corporations 803.1 59.1 273.3 717.4 73.0 1008.0 525.3 75.8 778.0 557.5 97.9 818.2 563.2 101.1 797.9 652.3 219.5 855.5 610.7 223.0 776.1 600.5 183.4 847.8 589.1 229.9 837.0 652.3 219.5 855.5 600.4 226.0 866.9 50 51 52 (1) Excludes corporate equities and mutual fund shares. Summary 10 Z.1, June 6, 2013 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2 Domestic By instrument 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 32622.3 34543.4 35473.7 36909.5 38267.5 40121.4 38715.1 39100.4 39437.8 40121.4 40570.3 1 32622.3 34543.4 35473.7 36909.5 38267.5 40121.4 38715.1 39100.4 39437.8 40121.4 40570.3 2 3 4 5 6 7 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds 123.8 5099.2 23.1 3424.8 3729.1 131.5 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 5215.6 130.5 11568.9 24.9 3714.4 5795.2 127.6 10827.5 24.4 3720.0 5346.4 132.1 11025.6 24.5 3732.4 5452.9 136.1 11255.5 24.4 3719.4 5599.7 130.5 11568.9 24.9 3714.4 5795.2 140.2 11905.5 24.6 3728.6 5937.7 3 4 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances 1664.2 1620.0 1852.6 1707.3 1500.2 1458.4 1465.5 1304.4 1542.6 1367.3 1746.4 1410.2 1585.7 1352.7 1685.6 1348.6 1645.7 1397.3 1746.4 1410.2 1748.6 1428.7 8 9 14431.8 11207.4 770.0 2341.7 112.7 2506.3 14493.0 11096.7 816.2 2445.4 134.7 2525.9 14192.4 10893.2 821.0 2346.9 131.3 2420.2 13571.8 10426.3 810.4 2193.9 141.2 2522.2 13237.1 10171.0 815.2 2104.8 146.1 2615.7 12962.7 9925.0 832.4 2052.3 153.0 2768.2 13124.9 10084.8 805.6 2086.8 147.8 2605.9 13052.2 10026.2 812.2 2064.2 149.5 2646.6 12954.2 9936.7 820.9 2045.3 151.3 2705.5 12962.7 9925.0 832.4 2052.3 153.0 2768.2 12894.0 9868.0 832.3 2038.9 154.7 2762.4 10 11 12 13 14 15 32622.3 34543.4 35473.7 36909.5 38267.5 40121.4 38715.1 39100.4 39437.8 40121.4 40570.3 16 13689.3 10973.1 7198.5 3774.6 13669.0 11657.4 7564.0 4093.4 13397.0 11302.8 7329.5 3973.3 13059.9 11426.0 7485.9 3940.0 12863.7 11965.0 8012.6 3952.4 12819.3 12728.3 8704.7 4023.6 12791.0 12085.9 8125.4 3960.5 12823.0 12234.0 8257.6 3976.3 12726.0 12446.7 8459.6 3987.1 12819.3 12728.3 8704.7 4023.6 12758.4 12886.9 8859.1 4027.9 17 18 19 20 2837.5 5122.3 2855.4 6361.5 2968.4 7805.4 3038.0 9385.6 2985.3 10453.6 2980.0 11593.7 2986.3 10851.9 2993.3 11050.1 2985.3 11279.9 2980.0 11593.7 2994.9 11930.1 21 22 2126.3 1708.8 2090.3 2225.3 2276.7 2414.7 2318.3 2297.9 2366.0 2414.7 2532.9 23 413.0 1587.1 102.8 23.4 342.0 1237.3 107.9 21.6 401.3 1570.3 96.8 21.9 398.6 1689.5 115.1 22.1 345.1 1763.8 144.3 23.5 372.7 1843.6 165.5 32.8 362.6 1775.3 153.6 26.7 357.4 1748.0 164.8 27.8 366.4 1802.3 167.0 30.2 372.7 1843.6 165.5 32.8 407.2 1917.2 176.8 31.6 24 25 26 27 34748.6 36252.2 37564.0 39134.8 40544.2 42536.1 41033.4 41398.3 41803.8 42536.1 43103.2 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 16204.5 17101.0 15688.5 14486.0 14045.4 13911.3 13989.3 13833.8 13951.5 13911.3 13896.2 1 1252.1 2910.2 4464.4 6260.8 1126.3 3181.9 4961.4 5977.9 678.2 2706.6 5376.7 5717.5 576.0 6434.5 1139.5 5322.1 507.9 6247.3 1304.8 4996.2 449.2 6092.7 1437.0 4985.3 504.3 6178.6 1329.9 5045.0 472.6 6139.8 1377.3 4946.0 454.7 6111.5 1408.0 5019.6 449.2 6092.7 1437.0 4985.3 453.8 6103.5 1462.7 4936.8 2 3 4 5 293.1 867.1 156.7 789.5 900.5 163.5 424.7 617.9 166.9 373.7 473.2 167.1 399.9 413.1 176.2 338.7 416.6 191.8 362.6 390.2 178.8 299.7 413.3 185.0 365.3 404.4 188.0 338.7 416.6 191.8 332.2 409.7 197.4 6 7 8 16204.5 17101.0 15688.5 14486.0 14045.4 13911.3 13989.3 13833.8 13951.5 13911.3 13896.2 9 991.2 0.5 32.3 990.3 0.0 40.6 718.1 0.0 26.5 942.6 0.0 26.1 868.7 0.0 24.2 840.3 0.0 25.1 840.8 0.0 22.9 844.7 0.0 23.7 822.2 0.0 24.4 840.3 0.0 25.1 820.7 0.0 22.2 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 28.7 2910.2 4464.4 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 48.5 6178.6 1329.9 52.4 6139.8 1377.3 52.4 6111.5 1408.0 51.6 6092.7 1437.0 52.9 6103.5 1462.7 13 14 15 16 17 18 ABS issuers Finance companies REITs 4514.5 1279.6 421.2 4101.0 1200.3 367.4 3287.6 1044.1 317.4 2230.8 1281.0 315.2 1982.8 1262.9 343.4 1766.8 1209.1 386.3 1922.8 1251.8 350.1 1862.0 1235.9 364.4 1800.5 1246.2 371.2 1766.8 1209.1 386.3 1726.1 1191.0 390.3 16 17 18 19 20 21 Brokers and dealers Holding companies Funding corporations 64.8 710.6 786.4 142.6 807.9 1252.8 92.9 1253.7 816.8 129.7 1237.2 704.2 91.8 1220.8 651.8 90.2 1418.6 593.6 98.0 1303.9 642.0 102.1 1213.9 617.4 85.8 1428.7 600.6 90.2 1418.6 593.6 89.1 1412.5 625.2 19 20 21 Summary 11 Z.1, June 6, 2013 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 50953.0 53353.2 53252.5 53620.8 54589.6 56447.3 55022.6 55232.1 55755.3 56447.3 56999.4 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1788.9 5099.2 7397.7 3424.8 11577.0 1599.8 6338.2 8166.7 3517.2 11169.7 1138.0 7781.9 8106.8 3672.5 11654.0 1057.6 9361.5 7598.2 3772.1 11816.3 969.3 10428.3 7577.4 3719.4 11975.5 952.3 11568.9 7554.6 3714.4 12624.1 994.4 10827.5 7533.0 3720.0 12166.7 962.0 11025.6 7541.7 3732.4 12146.9 957.2 11255.5 7543.9 3719.4 12421.6 952.3 11568.9 7554.6 3714.4 12624.1 1001.2 11905.5 7590.8 3728.6 12791.7 2 3 4 5 6 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2060.1 2510.6 14588.5 2506.3 2750.0 2629.3 14656.5 2525.9 2021.7 2098.1 14359.3 2420.2 1954.3 1799.7 13738.9 2522.2 2086.8 1803.9 13413.3 2615.7 2250.6 1859.6 13154.5 2768.2 2101.9 1769.6 13303.7 2605.9 2150.1 1789.6 13237.2 2646.6 2178.0 1831.9 13142.2 2705.5 2250.6 1859.6 13154.5 2768.2 2257.7 1870.0 13091.4 2762.4 7 8 9 10 Memo: Selected claims not included above: 11 Corporate equities 12 Mutual fund shares 25580.9 7822.6 15640.5 5388.0 20085.5 6920.7 23370.8 7873.0 22737.3 7870.9 26028.4 9323.6 25432.9 8797.4 24351.5 8653.4 25742.1 9131.0 26028.4 9323.6 28438.4 10014.6 11 12 2 3 4 5 6 7 8 9 10 Total 2008 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) 50953.0 53353.2 53252.5 53620.8 54589.6 56447.3 55022.6 55232.1 55755.3 56447.3 56999.4 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 67.3 2.2 27.4 1340.9 136.3 74.2 2.2 26.6 946.7 1922.9 175.1 5.2 26.2 840.6 1325.6 175.8 5.2 25.9 866.5 1189.3 183.8 5.2 25.9 834.1 2016.0 181.8 5.2 25.9 792.1 1828.8 184.5 5.2 25.9 803.0 2027.5 181.7 5.2 25.9 769.4 1980.0 184.7 5.2 25.9 810.6 1911.3 181.8 5.2 25.9 792.1 1828.8 175.5 5.2 25.9 823.7 2271.1 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1532.9 5224.5 2382.2 3033.0 2150.4 2101.3 5749.3 2191.6 3757.3 1262.5 2093.4 6326.5 1989.8 3258.6 1496.9 2359.8 6624.9 1807.5 2755.4 1276.0 2594.3 7202.2 1603.0 2642.5 1148.0 2857.8 7803.9 1508.5 2649.6 1122.9 2520.5 7410.5 1504.3 2535.5 1194.6 2594.3 7456.9 1511.1 2467.9 1183.6 2640.4 7595.4 1485.0 2506.9 1149.0 2857.8 7803.9 1508.5 2649.6 1122.9 2877.1 7871.4 1491.0 2554.0 1097.5 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 7822.6 1526.4 1201.5 13236.1 5388.0 1128.5 1179.8 10567.7 6920.7 1091.2 1242.1 11959.2 7873.0 1214.8 1278.3 13209.9 7870.9 1312.6 1352.0 13434.1 9323.6 1512.5 1359.0 14444.1 8797.4 1375.5 1366.9 14117.1 8653.4 1410.2 1342.3 13943.1 9131.0 1482.4 1353.2 14402.2 9323.6 1512.5 1359.0 14444.1 10014.6 1484.5 1379.1 15007.6 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 3398.0 167.7 17197.7 3228.0 44.0 19811.0 3204.9 40.6 19778.8 3430.3 54.3 20240.8 3478.9 75.0 20606.5 3665.7 81.2 21130.8 3532.1 85.5 20863.1 3592.9 83.1 20754.1 3636.9 93.0 21050.0 3665.7 81.2 21130.8 3689.6 109.5 20714.5 16 17 18 19 Total liabilities 111400.3 112734.6 115027.6 118008.3 120974.7 126740.9 123371.8 123187.2 125218.5 126740.9 128591.3 19 2 3 4 5 6 + Financial assets not included in liabilities: 20 Gold 21 Corporate equities 22 Household equity in noncorp. bus. 23 24 25 26 27 28 29 30 31 32 33 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions Security RPs Taxes payable Miscellaneous - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit Totals identified to sectors as assets 11.0 25580.9 9329.1 11.0 15640.5 7730.8 11.0 20085.5 6459.8 11.0 23370.8 7120.5 11.0 22737.3 7673.2 11.0 26028.4 8141.4 11.0 25432.9 7713.7 11.0 24351.5 7784.0 11.0 25742.1 8016.5 11.0 26028.4 8141.4 11.0 28438.4 8194.6 20 21 22 -11.3 1110.0 -41.8 -12.1 779.5 -17.5 -16.5 661.4 5.1 -17.6 668.0 23.8 -18.3 706.3 26.4 -18.8 688.1 54.0 -18.5 692.6 30.0 -18.6 679.5 17.0 -18.7 711.6 64.9 -18.8 688.1 54.0 -19.0 713.3 82.0 23 24 25 723.6 -52.9 -8485.5 143.1 -193.3 -6070.2 520.3 -204.4 -6408.3 413.8 -194.7 -6816.6 300.4 -187.8 -7810.5 173.4 -189.2 -8928.9 336.8 -180.5 -8161.7 301.4 -186.4 -8516.8 204.2 -176.1 -8600.9 173.4 -189.2 -8928.9 70.5 -165.9 -8679.1 26 27 28 0.0 2.8 7.3 206.8 0.0 1.2 5.3 235.7 0.0 2.0 4.2 341.1 0.0 2.5 3.2 436.6 0.0 2.5 4.1 386.1 0.0 2.3 4.7 444.3 0.0 2.9 3.7 319.7 0.0 3.4 3.8 302.4 0.0 3.2 3.7 321.6 0.0 2.3 4.7 444.3 0.0 1.5 3.1 409.5 29 30 31 32 152862.5 141245.3 146679.1 153991.8 157987.2 168691.8 163504.3 162748.1 166474.6 168691.8 172819.6 33 Summary 12 Z.1, June 6, 2013 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 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 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 2013 Q1 14028.7 14291.5 13973.7 14498.9 15075.7 15684.8 15478.3 15585.6 15811.0 15864.1 16004.5 1 9772.3 10035.5 9845.9 10215.7 10729.0 11119.6 11007.2 11067.2 11154.4 11249.6 11372.7 2 1188.4 2175.5 6408.3 1108.9 2272.8 6653.8 1029.6 2164.8 6651.5 1079.4 2285.5 6850.9 1146.4 2478.4 7104.2 1218.9 2564.2 7336.4 1204.6 2551.3 7251.3 1200.3 2541.2 7325.7 1218.9 2573.6 7361.9 1252.0 2590.8 7406.9 1273.5 2599.4 7499.8 3 4 5 2295.2 2087.6 1549.3 1737.3 1854.9 2062.3 2032.2 2041.7 2080.1 2095.1 2151.1 6 2266.1 2128.7 1703.5 1679.0 1818.3 2004.2 1959.7 1986.9 1997.9 2072.4 2102.8 7 1637.5 120.2 1104.7 225.0 187.5 1656.3 132.0 1130.9 198.4 195.0 1349.3 123.9 903.0 158.0 164.4 1338.4 109.9 918.1 155.6 154.8 1479.6 112.0 1021.5 173.3 172.9 1621.3 118.8 1119.2 191.6 191.6 1595.5 119.0 1101.4 187.5 187.6 1614.1 119.5 1114.1 191.9 188.6 1610.0 117.5 1111.5 190.8 190.2 1665.5 119.3 1149.8 196.3 200.0 1677.3 120.7 1157.5 194.7 204.5 8 9 10 11 12 628.7 541.7 15.7 80.5 -9.3 472.4 397.2 5.5 69.6 0.1 354.1 295.5 4.4 54.3 -0.1 340.6 288.9 -1.0 48.0 4.7 338.7 286.4 -2.5 48.6 6.3 382.9 314.7 9.8 53.2 5.3 364.2 298.2 9.3 51.9 4.9 372.8 306.2 8.1 52.1 6.4 387.9 319.2 10.1 53.5 5.1 406.9 335.2 11.5 55.4 4.9 425.4 350.8 12.4 57.3 4.9 13 14 15 16 17 29.1 28.2 0.9 -41.1 -40.2 -0.9 -154.2 -145.3 -8.9 58.4 60.7 -2.3 36.6 39.1 -2.5 58.1 66.5 -8.5 72.6 71.9 0.7 54.8 61.0 -6.3 82.3 96.9 -14.6 22.7 36.4 -13.7 48.3 36.2 12.2 18 19 20 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 Net U.S. exports of goods and services -713.1 -709.7 -388.7 -511.6 -568.1 -559.9 -615.8 -576.9 -516.8 -530.2 -543.0 21 22 23 Exports - Imports 1661.7 2374.8 1846.8 2556.5 1587.4 1976.2 1844.4 2356.1 2094.2 2662.3 2184.0 2744.0 2157.9 2773.7 2188.5 2765.4 2198.7 2715.5 2191.1 2721.3 2203.8 2746.8 22 23 2674.2 2878.1 2967.2 3057.5 3059.8 3062.8 3054.6 3053.7 3093.3 3049.7 3023.7 24 2217.8 848.9 1368.9 2381.0 931.7 1449.2 2460.3 987.0 1473.3 2552.0 1055.8 1496.2 2579.5 1061.5 1518.0 2590.5 1059.6 1530.8 2586.9 1055.6 1531.4 2580.3 1054.8 1525.5 2618.7 1086.3 1532.4 2575.9 1041.9 1534.0 2567.1 1031.5 1535.6 25 26 27 456.5 127.4 329.0 497.2 148.4 348.8 506.9 156.6 350.3 505.5 167.3 338.2 480.2 160.5 319.7 472.3 154.6 317.7 467.6 152.1 315.5 473.4 155.9 317.5 474.5 155.1 319.5 473.7 155.4 318.3 456.5 145.8 310.8 28 29 30 123.3 871.0 747.7 169.2 856.1 686.9 143.5 642.4 498.9 209.3 716.5 507.2 251.9 783.7 531.8 243.0 782.3 539.3 214.9 769.6 554.7 247.3 775.1 527.8 243.1 775.8 532.7 266.6 808.5 541.8 232.2 786.7 554.4 31 32 33 14151.9 14460.7 14117.2 14708.2 15327.5 15927.8 15693.2 15832.9 16054.2 16130.8 16236.8 34 -11.3 -1.7 13.8 -1.3 0.5 -11.2 16.3 14.1 -19.2 -0.0 -9.9 4.4 12.7 -7.1 0.0 -9.2 -2.6 11.5 0.2 -0.0 -9.3 -2.1 11.5 -0.1 -0.1 -8.8 -2.8 10.9 0.7 0.0 -9.1 -1.6 11.2 -0.5 0.0 -8.9 -1.9 11.0 -0.2 0.0 -8.8 -4.0 10.8 1.9 0.0 -8.6 -3.6 10.6 1.6 0.0 -8.4 -3.6 10.4 1.7 0.0 35 36 37 38 39 24 Government consumption expenditures and gross investment 25 26 27 Consumption expenditures (3) Federal State and local 28 29 30 Gross investment (3) 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) Government inventory investment is included in consumption expenditures. Summary 13 Z.1, June 6, 2013 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 7 Proprietors’ income with inventory valuation and capital consumption adjustments Rental income of persons (with capital consumption adjustment) 8 Corporate profits with inventory valuation and capital consumption adjustments 6 9 10 11 12 13 Corporate profits with inventory valuation adjustment Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 12396.4 12609.1 12132.6 12811.4 13358.9 13875.9 13707.2 13750.5 13895.9 14150.0 14236.2 1 7855.9 7402.2 459.9 -6.3 8068.3 7603.2 470.1 -5.0 7799.4 7337.5 456.9 5.0 7970.0 7501.9 468.1 0.0 8295.2 7800.3 494.9 0.0 8592.9 8078.1 514.8 0.0 8495.7 7985.4 510.2 0.0 8527.7 8016.8 510.8 0.0 8577.6 8064.8 512.9 0.0 8770.4 8245.3 525.1 0.0 8765.1 8235.4 529.7 0.0 2 3 4 5 1090.4 1097.9 979.4 1103.4 1157.3 1202.3 1184.3 1194.9 1205.4 1224.7 1264.0 6 143.7 231.6 289.7 349.2 409.7 462.6 445.3 452.8 471.0 481.5 505.1 7 1510.6 1248.4 1342.3 1702.4 1827.0 1950.6 1900.1 1921.9 1967.6 2013.0 1969.2 8 1691.1 1315.5 1443.6 1777.7 1791.6 2151.3 2100.8 2124.3 2167.5 2212.5 2155.8 9 1738.4 1042.0 345.5 350.9 1359.9 831.2 122.2 406.6 1440.5 712.9 374.8 352.8 1816.3 990.5 424.3 401.6 1854.1 1007.0 408.3 438.9 2162.2 1247.5 484.7 430.0 2124.5 1240.4 481.2 402.9 2108.2 1229.8 441.9 436.5 2194.4 1256.5 509.6 428.3 2221.7 1263.2 506.2 452.4 2171.9 1249.3 503.2 419.4 10 11 12 13 445.5 293.8 151.7 309.0 227.4 81.6 269.4 177.8 91.6 373.3 222.9 150.4 379.0 246.8 132.2 449.3 307.6 141.7 453.6 304.3 149.3 443.3 304.6 138.8 452.4 307.9 144.5 448.0 313.6 134.4 434.4 311.5 122.9 14 15 16 14 15 16 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 17 18 19 20 21 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1292.9 794.5 484.6 165.2 144.8 1050.9 786.9 474.1 132.2 180.5 1171.1 554.1 351.7 90.5 111.9 1443.0 600.9 385.7 95.3 119.9 1475.1 697.2 425.3 128.7 143.2 1712.9 779.9 467.5 176.3 136.1 1670.9 727.1 432.8 149.1 145.2 1664.9 747.5 454.9 167.4 125.2 1742.0 760.3 455.7 162.6 142.0 1773.7 884.6 526.6 226.1 131.8 1737.6 782.9 483.0 155.0 144.9 17 18 19 20 21 22 23 24 25 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 498.4 263.6 28.7 206.1 264.0 129.6 -91.7 226.1 617.0 183.4 192.7 240.9 842.1 381.9 178.5 281.7 777.9 334.8 147.3 295.7 933.0 472.4 166.7 294.0 943.7 503.3 182.8 257.6 917.4 470.4 135.7 311.3 981.6 492.9 202.4 286.3 889.2 422.9 145.7 320.6 954.7 454.8 225.4 274.5 22 23 24 25 26 Inventory valuation adjustment -47.2 -44.5 3.2 -38.7 -62.6 -10.9 -23.7 16.0 -26.8 -9.2 -16.1 26 27 28 29 Capital consumption adjustment Domestic nonfinancial Domestic financial -180.5 -158.8 -21.7 -67.1 -31.7 -35.4 -101.3 -55.4 -45.9 -75.2 -34.7 -40.5 35.4 62.7 -27.3 -200.6 -148.2 -52.4 -200.7 -148.4 -52.3 -202.4 -149.7 -52.7 -200.0 -147.7 -52.3 -199.5 -147.1 -52.3 -186.6 -135.2 -51.4 27 28 29 30 Net interest and miscellaneous payments 31 32 33 34 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 731.6 870.1 640.5 567.9 527.4 504.3 515.6 489.5 518.2 493.8 541.5 30 1027.2 54.6 103.3 -11.8 1038.6 52.9 123.0 -16.0 1023.2 59.7 133.4 -15.6 1055.0 57.0 140.0 -19.5 1097.9 61.6 132.6 -26.5 1130.0 60.8 128.0 -34.0 1128.5 60.8 130.5 -32.0 1130.9 61.0 127.9 -34.1 1128.4 60.6 123.8 -35.5 1132.2 60.9 129.7 -34.5 1144.9 60.9 147.2 -39.8 31 32 33 34 12396.4 12609.1 12132.6 12811.4 13358.9 13875.9 13707.2 13750.5 13895.9 14150.0 14236.2 35 1476.2 291.3 -12.0 1542.9 311.2 -2.4 1542.8 323.5 118.3 1539.9 333.5 23.3 1587.4 349.4 31.9 1647.8 363.9 40.2 1625.9 359.0 1.1 1642.0 362.8 77.7 1654.2 365.6 138.5 1669.0 368.4 -56.6 1690.5 371.7 -61.5 36 37 38 123.3 169.2 143.5 209.3 251.9 243.0 214.9 247.3 243.1 266.6 232.2 39 14028.7 14291.5 13973.7 14498.9 15075.7 15684.8 15478.3 15585.6 15811.0 15864.1 16004.5 40 Memo: Calculation of Gross Domestic Product from National Income: (2) 35 National Income, from line 1 above 36 37 38 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 39 Less: Net U.S. income receipts from rest of the world 40 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 6, 2013 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 Gross saving 2047.7 1908.2 1555.8 1770.7 1837.5 2020.4 1945.6 1952.4 1982.5 2201.0 2195.7 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 280.2 513.2 270.7 226.3 44.3 242.5 -233.0 -245.2 12.2 54.1 739.8 152.5 237.5 -85.0 587.3 -685.7 -613.5 -72.2 -310.5 1032.0 518.8 324.3 194.5 513.2 -1342.6 -1229.3 -113.2 -102.8 1294.9 728.2 533.1 195.1 566.7 -1397.7 -1308.0 -89.7 -99.3 1240.1 750.7 572.5 178.2 489.4 -1339.4 -1237.4 -102.0 8.7 1211.9 721.4 560.4 161.0 490.5 -1203.2 -1074.3 -129.0 -39.3 1147.1 719.4 551.6 167.8 427.7 -1186.4 -1058.7 -127.6 -52.3 1186.7 731.0 564.8 166.3 455.7 -1239.0 -1115.4 -123.7 -37.3 1189.9 754.8 560.3 194.5 435.1 -1227.2 -1087.2 -140.0 163.6 1324.0 680.5 565.1 115.4 643.5 -1160.4 -1035.8 -124.5 133.6 1032.1 751.9 569.4 182.5 280.2 -898.5 -782.3 -116.2 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 1767.5 1476.2 1190.7 840.1 210.1 140.6 285.5 291.3 112.6 178.7 1854.1 1542.9 1248.3 864.3 211.3 172.7 294.6 311.2 120.0 191.2 1866.3 1542.8 1250.0 862.5 211.0 176.6 292.7 323.5 124.8 198.8 1873.4 1539.9 1245.0 860.1 209.9 175.0 294.9 333.5 130.2 203.3 1936.8 1587.4 1285.7 893.7 215.0 177.0 301.7 349.4 137.0 212.4 2011.7 1647.8 1339.0 933.5 222.4 183.0 308.8 363.9 141.5 222.4 1984.9 1625.9 1321.3 920.8 219.8 180.8 304.6 359.0 139.7 219.2 2004.8 1642.0 1335.1 930.8 221.7 182.6 306.9 362.8 141.0 221.7 2019.8 1654.2 1344.0 937.1 223.3 183.6 310.2 365.6 142.0 223.6 2037.4 1669.0 1355.6 945.5 225.0 185.2 313.4 368.4 143.3 225.1 2062.1 1690.5 1372.1 956.6 227.5 187.9 318.4 371.7 144.9 226.8 11 12 13 14 15 16 17 18 19 20 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2035.7 1905.8 1674.1 1794.0 1869.4 2060.5 1946.7 2030.1 2121.0 2144.4 2134.2 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 2751.7 2295.2 1633.3 1162.2 283.7 187.5 661.9 456.5 127.4 329.0 2584.8 2087.6 1558.4 1096.2 267.2 195.0 529.2 497.2 148.4 348.8 2056.2 1549.3 1129.8 762.0 203.4 164.4 419.4 506.9 156.6 350.3 2242.9 1737.3 1338.5 982.4 201.3 154.8 398.8 505.5 167.3 338.2 2335.1 1854.9 1456.5 1064.3 219.3 172.9 398.4 480.2 160.5 319.7 2534.6 2062.3 1628.8 1205.5 231.6 191.6 433.5 472.3 154.6 317.7 2499.9 2032.2 1615.0 1188.8 238.7 187.6 417.2 467.6 152.1 315.5 2515.1 2041.7 1616.0 1195.4 232.1 188.6 425.7 473.4 155.9 317.5 2554.7 2080.1 1643.5 1230.5 222.7 190.2 436.7 474.5 155.1 319.5 2568.8 2095.1 1640.6 1207.5 233.1 200.0 454.5 473.7 155.4 318.3 2607.7 2151.1 1679.7 1209.2 266.0 204.5 471.4 456.5 145.8 310.8 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 -0.1 -10.0 -1.7 -1.7 0.0 0.0 -8.3 10.0 55.0 -45.1 -5.4 -71.0 -51.2 12.6 -3.3 -60.5 -19.8 65.6 114.3 -48.7 0.6 -141.8 -85.3 42.6 -6.0 -121.9 -56.6 142.4 196.2 -53.8 0.7 -80.7 -30.6 18.6 -7.8 -41.5 -50.1 81.4 145.4 -64.0 1.7 -70.4 -41.7 -7.8 -1.6 -32.4 -28.7 72.1 133.1 -61.0 -6.7 -44.9 -13.8 -16.0 -5.8 8.0 -31.2 38.2 98.0 -59.8 0.5 -43.6 -25.8 -6.6 -0.3 -18.9 -17.8 44.0 101.4 -57.4 0.5 -22.3 -8.7 -8.3 -0.3 -0.1 -13.6 22.7 82.1 -59.4 0.5 -26.2 -12.2 -11.9 -0.3 0.0 -14.0 26.6 87.4 -60.8 -28.3 -87.8 -8.4 -37.2 -22.2 51.0 -79.4 59.4 121.0 -61.6 0.5 -28.1 -12.3 -12.0 -0.3 0.0 -15.7 28.5 83.3 -54.8 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 -715.9 -307.8 -182.2 -106.0 -73.6 -2.6 -125.7 -408.1 -315.0 -93.1 -673.6 263.7 -108.8 -9.5 -52.6 -46.7 372.6 -937.3 -756.2 -181.1 -382.7 1285.6 842.6 500.4 13.6 328.6 443.0 -1668.3 -1457.4 -210.9 -449.5 1201.5 688.6 415.4 16.4 256.8 512.9 -1651.0 -1490.5 -160.5 -467.5 1074.8 653.5 441.5 -2.7 214.7 421.3 -1542.3 -1394.1 -148.2 -467.3 882.5 485.6 344.6 -3.4 144.4 396.9 -1349.9 -1185.4 -164.5 -553.6 785.5 452.6 291.3 -18.6 179.9 332.9 -1339.1 -1172.5 -166.6 -485.4 887.0 536.4 386.1 -10.1 160.4 350.5 -1372.4 -1212.4 -160.0 -434.2 928.6 606.0 417.3 0.9 187.9 322.6 -1362.7 -1187.7 -175.1 -396.1 929.1 347.3 283.6 14.1 49.6 581.8 -1325.2 -1168.9 -156.2 -473.9 538.0 395.2 267.4 -38.1 165.9 142.9 -1011.9 -866.5 -145.3 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) -12.0 -2.4 118.3 23.3 31.9 40.2 1.1 77.7 138.5 -56.6 -61.5 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 44.9 35.8 15.5 20.3 9.1 0.3 8.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 179.8 143.4 62.0 81.3 36.4 1.3 35.1 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 6, 2013 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 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 2013 Q1 Q4 114.5 209.6 289.3 205.8 157.3 163.5 144.4 132.4 133.4 243.8 122.5 1 0.0 0.0 0.0 0.0 0.0 0.0 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 13.4 13.4 13.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53.7 53.7 53.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 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 82.8 82.8 53.7 0.0 0.0 0.0 28.7 0.4 0.0 0.0 161.8 161.8 57.1 2.8 67.7 0.1 33.3 0.8 0.0 0.0 223.9 223.9 62.0 0.0 121.9 8.1 31.3 0.6 0.0 0.0 160.2 160.2 70.7 0.0 41.5 12.3 35.0 0.7 0.0 0.0 142.8 142.8 67.6 0.0 32.4 7.3 33.9 1.6 0.0 0.0 117.7 117.7 64.5 7.5 4.7 7.4 33.1 0.5 0.0 0.0 120.8 120.8 63.9 0.0 18.9 5.3 32.3 0.5 0.0 0.0 104.9 104.9 65.6 0.0 0.1 6.7 32.1 0.5 0.0 0.0 107.0 107.0 66.8 0.0 0.0 8.2 31.5 0.5 0.0 0.0 137.8 137.8 61.5 30.0 0.0 9.3 36.6 0.4 0.0 0.0 99.4 99.4 59.9 0.0 0.0 8.7 30.3 0.5 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 31.7 26.5 5.3 34.0 28.3 5.8 25.0 20.6 4.4 19.8 15.1 4.7 14.5 9.6 4.9 25.2 20.4 4.8 23.6 18.9 4.7 27.5 22.6 4.8 26.3 21.5 4.8 23.5 18.4 5.1 23.1 17.7 5.3 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 6.2 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.2 7.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28.8 28.8 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 114.5 209.6 289.3 205.8 157.3 163.5 144.4 132.4 133.4 243.8 122.5 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 53.8 41.5 0.0 41.5 4.6 0.0 4.6 7.8 0.0 7.8 39.7 32.4 0.0 32.4 5.7 0.0 5.7 1.6 0.0 1.6 24.4 5.4 0.7 4.7 13.2 6.1 7.1 5.8 5.5 0.3 24.1 18.9 0.0 18.9 5.0 0.0 5.0 0.3 0.0 0.3 6.8 0.1 0.0 0.1 6.4 0.0 6.4 0.3 0.0 0.3 8.2 0.0 0.0 0.0 7.9 0.0 7.9 0.3 0.0 0.3 58.5 2.7 2.7 0.0 33.6 24.6 9.0 22.2 21.9 0.3 8.7 0.0 0.0 0.0 8.4 0.0 8.4 0.3 0.0 0.3 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 85.4 26.5 26.5 58.9 0.0 5.3 53.7 0.0 91.1 28.3 28.3 62.8 0.0 5.8 57.1 0.0 87.1 20.6 20.6 66.5 0.0 4.4 62.0 0.0 90.7 15.1 15.1 75.6 0.0 4.7 70.7 0.2 82.1 9.6 9.6 72.5 0.0 4.9 67.6 0.0 91.1 20.4 20.4 70.7 1.4 4.8 64.5 0.0 87.5 18.9 18.9 68.5 0.0 4.7 63.9 0.0 93.0 22.6 22.6 70.4 0.0 4.8 65.6 0.0 93.2 21.5 21.5 71.6 0.0 4.8 66.8 0.0 90.6 18.4 18.4 72.2 5.7 5.1 61.5 0.0 83.0 17.7 17.7 65.2 0.0 5.3 59.9 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 28.7 0.0 28.7 42.6 9.3 33.3 71.7 0.0 71.7 60.7 0.0 60.7 33.9 0.0 33.9 47.5 14.4 33.1 32.3 0.0 32.3 32.1 0.0 32.1 31.5 0.0 31.5 94.2 57.6 36.6 30.3 0.0 30.3 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.4 0.4 0.0 0.8 0.8 0.0 0.6 0.6 0.0 0.7 0.7 0.0 1.6 1.6 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.4 0.4 0.0 0.5 0.5 0.0 46 47 48 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -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 -28.0 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 21.2 -7.8 -39.7 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -5.7 -1.6 -11.0 8.0 13.4 -0.7 0.0 -0.7 -4.7 0.0 0.0 -13.2 -5.8 -24.1 -18.9 0.0 0.0 0.0 0.0 -18.9 0.0 0.0 -5.0 -0.3 -6.8 -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 -6.4 -0.3 -8.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -7.9 -0.3 -4.8 51.0 53.7 -2.7 0.0 -2.7 0.0 0.0 0.0 -33.6 -22.2 -8.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -8.4 -0.3 49 50 51 52 53 54 55 56 57 58 59 -2.6 56.3 -58.9 70.6 133.5 -62.8 136.8 203.3 -66.5 69.6 145.2 -75.6 60.7 133.2 -72.5 26.6 97.3 -70.7 33.3 101.9 -68.5 11.9 82.3 -70.4 13.9 85.5 -71.6 47.2 119.4 -72.2 16.4 81.7 -65.2 60 61 62 3.0 -8.6 -46.6 -40.9 -19.4 -22.3 -8.7 -4.6 -5.2 -70.8 -7.3 63 -0.4 5.4 -0.6 -0.7 -1.6 6.7 -0.5 -0.5 -0.5 28.3 -0.5 64 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) 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 63 By persons (lines 18-43) 64 By the rest of the world (lines 21-46) (1) This table is based on NIPA table 5.10 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 Flow of Funds Accounts. Summary 16 Z.1, June 6, 2013 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1 Net acquisition of financial assets 1803.7 586.2 195.6 689.3 966.8 1010.7 1177.5 1294.1 -184.4 1755.7 1114.3 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -6.8 476.9 242.0 -23.7 248.7 188.7 236.2 -6.4 49.0 172.2 -270.3 1.6 37.6 155.6 -180.4 -1.9 323.1 353.9 11.5 -2.5 147.2 412.3 1.3 -7.5 127.8 457.2 -9.0 -8.1 -1.3 455.3 -5.8 9.9 36.5 45.5 -6.6 -4.5 425.8 691.2 26.6 10.6 121.9 176.8 29.3 2 3 4 5 -177.7 -10.2 -6.0 -72.0 308.8 37.5 127.7 -805.5 242.0 -237.1 -101.3 -2.4 246.3 276.6 47.5 -81.1 -576.8 -45.8 378.0 28.7 -2.8 496.8 -633.6 107.3 58.7 -21.2 344.1 155.6 -2.9 -3.3 420.7 -44.7 44.8 -323.5 -170.8 235.3 -189.2 -2.6 -2.7 -253.7 12.6 -65.5 53.1 -122.8 192.5 179.1 -0.5 -2.8 373.9 -246.5 -151.2 25.6 -321.3 501.8 375.0 3.0 -1.5 265.6 -268.1 -123.9 -53.9 -288.7 842.6 697.5 -3.9 -2.4 751.5 -163.7 23.6 -127.7 77.8 142.3 -618.8 -0.6 -2.2 -134.0 -279.1 -243.3 -47.2 -636.7 724.3 262.8 -0.6 -4.9 612.6 -275.3 -261.1 331.4 -437.4 298.0 739.5 5.9 -2.7 -130.8 -287.8 -16.7 215.3 246.8 709.6 6 7 8 9 10 11 12 13 14 6 7 8 9 10 11 12 13 14 Securities Open market paper U.S. savings bonds Treasury bills and other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 18.0 567.5 61.7 53.6 23.7 30.2 9.0 335.2 86.9 263.6 -26.3 239.4 -46.6 213.1 -82.2 181.1 0.2 328.5 23.5 234.8 11.4 63.6 15 16 17 Miscellaneous and other assets 668.4 57.9 -180.9 175.1 119.0 60.2 67.4 57.6 20.4 95.3 -38.9 17 18 19 20 21 22 23 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2063.9 622.2 345.3 1106.8 -11.3 0.9 1826.4 466.8 330.4 1041.3 -11.2 -0.9 1587.9 349.8 281.9 975.1 -9.9 -8.9 1599.8 336.9 265.5 1008.9 -9.2 -2.3 1680.0 335.0 285.2 1071.6 -9.3 -2.5 1800.4 367.9 310.5 1139.3 -8.8 -8.5 1774.1 350.0 306.5 1125.9 -9.1 0.7 1776.4 358.2 311.5 1121.9 -8.9 -6.3 1796.8 372.6 308.3 1139.3 -8.8 -14.6 1854.1 390.5 315.7 1170.2 -8.6 -13.7 1917.5 408.1 315.3 1190.4 -8.4 12.2 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1346.1 269.8 202.2 874.0 1412.4 272.2 233.7 906.5 1421.1 266.2 237.5 917.4 1420.6 267.2 237.6 915.8 1454.9 271.0 245.7 938.1 1477.4 281.3 249.9 946.2 1458.4 277.6 246.8 934.0 1471.7 280.4 248.3 943.0 1484.5 282.4 251.1 951.0 1495.1 285.0 253.5 956.6 1510.3 288.6 257.4 964.2 24 25 26 27 28 Net investment in nonfinancial assets (3) 717.8 414.0 166.8 179.3 225.2 322.9 315.7 304.7 312.3 359.0 407.2 28 352.4 143.0 232.8 -11.3 0.9 194.7 96.7 134.8 -11.2 -0.9 83.7 44.4 57.7 -9.9 -8.9 69.7 27.9 93.1 -9.2 -2.3 64.0 39.5 133.4 -9.3 -2.5 86.5 60.6 193.2 -8.8 -8.5 72.4 59.7 192.0 -9.1 0.7 77.9 63.1 178.9 -8.9 -6.3 90.2 57.2 188.3 -8.8 -14.6 105.6 62.2 213.6 -8.6 -13.7 119.5 57.9 226.2 -8.4 12.2 29 30 31 32 33 1488.3 284.8 -265.1 -295.9 -176.9 179.4 78.8 158.5 -72.1 552.5 27.2 34 717.1 286.4 141.9 3.6 33.4 305.8 -108.9 230.9 19.6 5.9 -160.7 298.0 -191.1 22.0 -111.5 0.7 38.1 -23.3 -347.2 -43.9 -17.9 3.4 75.2 34.4 -252.0 -26.3 93.4 2.4 -39.3 44.8 -240.5 -17.1 154.6 1.4 64.9 216.3 -340.9 -73.4 141.1 -0.2 115.4 236.7 -215.7 -27.7 168.7 -1.0 -93.1 327.3 -306.5 -22.3 130.7 2.5 98.7 24.7 -99.0 54.9 177.7 4.1 138.4 276.5 -226.4 10.9 157.1 -0.1 9.9 75.8 35 36 37 38 39 40 3.0 -11.9 -52.6 -48.7 -21.0 -28.1 -9.1 -5.0 -5.5 -92.9 -7.6 41 29 30 31 32 33 34 35 36 37 38 39 40 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 41 Net capital transfers paid (4) 42 Personal saving, FOF concept (FOF) 1036.3 703.5 575.0 1115.8 1347.9 1126.1 1405.4 1435.3 194.5 1469.2 1486.7 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) 232.8 0.1 134.8 -0.6 57.7 0.5 93.1 -1.7 133.4 -0.4 193.2 -1.4 192.0 -2.7 178.9 -0.1 188.3 -1.3 213.6 -1.7 226.2 -2.2 43 44 45 = Personal saving, NIPA concept (FOF) (6) 803.4 569.4 516.8 1024.4 1214.9 934.4 1216.1 1256.5 7.5 1257.3 1262.8 45 46 Personal saving, NIPA concept (NIPA) 248.7 592.3 508.2 566.7 489.4 490.5 427.7 455.7 435.1 643.5 280.2 46 47 Difference 554.6 -22.9 8.6 457.7 725.5 443.9 788.4 800.9 -427.6 613.8 982.6 47 10423.6 11024.5 10722.4 11127.1 11549.3 11950.8 11776.4 11861.8 11929.7 12235.2 11998.1 48 9.9 7.7 2.4 5.3 6.4 5.2 5.4 -0.2 5.4 4.8 4.7 0.1 10.0 9.2 5.1 4.1 11.7 10.5 4.2 6.3 9.4 7.8 4.1 3.7 11.9 10.3 3.6 6.7 12.1 10.6 3.8 6.8 1.6 0.1 3.6 -3.6 12.0 10.3 5.3 5.0 12.4 10.5 2.3 8.2 49 50 51 52 Memo: 48 Disposable personal income 49 50 51 52 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 42) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) (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 14) and life insurance and pension reserves (lines 15 and 16)). (3) Line 18 less line 24. (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 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48) less personal outlays (table F.100, line 4). Summary 17 Z.1, June 6, 2013 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 10 Open market paper U.S. savings bonds Treasury bills and other Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 13 14 Corporate equities (2) Mutual fund shares 15 16 17 18 19 Life insurance reserves Pension fund reserves Life insurance companies Private pension funds Governments 20 Miscellaneous and other assets 21 Total liabilities 22 23 24 Home mortgages Other mortgages Consumer credit 25 26 27 Policy loans Security credit Other liabilities 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 47176.4 39407.8 43448.3 46978.3 47390.3 51260.8 49772.6 49087.7 50345.4 51260.8 53317.1 1 80.5 670.6 6272.0 1421.0 56.9 884.3 6460.7 1657.2 50.5 933.3 6618.5 1386.9 52.1 959.6 6740.2 1206.5 50.1 1282.8 7094.2 1187.5 47.6 1419.9 7461.3 1188.8 48.3 1270.4 7205.0 1130.0 46.2 1263.7 7265.4 1102.2 48.7 1259.2 7292.4 1123.5 47.6 1419.9 7461.3 1188.8 50.2 1412.5 7528.8 1138.7 2 3 4 5 20119.7 14388.3 17220.5 19327.1 18672.3 20987.6 20321.8 19800.9 20538.1 20987.6 22459.2 6 107.3 196.4 45.9 874.3 6.0 194.0 127.3 1097.8 34.6 191.2 760.9 435.7 31.7 187.9 1125.4 389.9 29.1 185.2 679.2 372.8 28.6 182.4 1064.6 96.9 29.8 184.7 871.1 273.2 28.9 184.3 916.6 237.6 28.7 183.6 946.9 176.0 28.6 182.4 1064.6 96.9 30.0 181.7 1096.9 10.3 7 8 9 10 1679.3 1899.3 1726.9 1968.1 1834.2 2314.9 1879.0 2251.6 1813.4 2273.3 1662.2 2402.0 1787.0 2244.4 1780.2 2226.0 1714.8 2331.1 1662.2 2402.0 1663.5 2454.6 11 12 10448.0 4869.1 5954.4 3313.9 7518.3 4130.7 8843.9 4617.8 8866.3 4453.0 10178.4 5372.4 9892.2 5039.4 9534.3 4893.1 9960.5 5196.5 10178.4 5372.4 11242.8 5779.3 13 14 1076.8 13236.1 2511.6 6142.4 4582.1 1049.8 10567.7 2223.2 4603.4 3741.1 1109.2 11959.2 2346.9 5479.2 4133.1 1137.2 13209.9 2563.0 6179.7 4467.2 1203.6 13434.1 2594.2 6338.9 4501.0 1186.1 14444.1 2830.9 6672.5 4940.7 1199.4 14117.1 2731.4 6613.3 4772.5 1172.6 13943.1 2681.9 6543.5 4717.8 1180.6 14402.2 2770.3 6756.6 4875.4 1186.1 14444.1 2830.9 6672.5 4940.7 1202.4 15007.6 2946.6 6857.2 5203.9 15 16 17 18 19 4299.6 4342.9 4170.3 4345.7 4465.7 4525.4 4480.4 4493.7 4500.6 4525.4 4517.7 20 19602.2 19892.2 19584.4 19290.5 19119.0 19225.1 19096.8 19125.8 19066.6 19225.1 19187.4 21 11165.2 2301.9 2506.3 11064.0 2529.9 2525.9 10872.9 2551.8 2420.2 10412.8 2506.8 2522.2 10160.8 2478.6 2615.7 9915.3 2458.7 2768.2 10074.9 2459.6 2605.9 10016.3 2452.0 2646.6 9926.8 2445.7 2705.5 9915.3 2458.7 2768.2 9858.6 2460.7 2762.4 22 23 24 114.5 325.5 3188.9 120.4 164.8 3487.1 121.1 203.0 3415.5 124.5 278.2 3446.0 126.9 238.9 3498.2 128.3 303.7 3650.9 126.9 267.7 3561.9 126.6 244.5 3639.9 127.2 269.1 3592.1 128.3 303.7 3650.9 128.2 306.2 3671.2 25 26 27 (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 funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18). 18 Z.1, June 6, 2013 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2007 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 11912.3 1488.7 10423.6 10174.9 248.7 12460.2 1435.7 11024.5 10432.2 592.3 11867.0 1144.6 10722.4 10214.3 508.2 12321.9 1194.8 11127.1 10560.4 566.7 12947.3 1398.0 11549.3 11059.9 489.4 13431.1 1480.4 11950.8 11460.3 490.5 13227.1 1450.8 11776.4 11348.7 427.7 13327.0 1465.2 11861.8 11406.1 455.7 13406.2 1476.5 11929.7 11494.7 435.1 13764.3 1529.1 12235.2 11591.7 643.5 13602.6 1604.4 11998.1 11717.9 280.2 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) 0.1 232.8 1161.8 3.0 -0.6 134.8 1201.2 -8.6 0.5 57.7 1210.1 -46.6 -1.7 93.1 1210.7 -40.9 -0.4 133.4 1239.8 -19.4 -1.4 193.2 1254.9 -22.3 -2.7 192.0 1238.6 -8.7 -0.1 178.9 1250.0 -4.6 -1.3 188.3 1261.2 -5.2 -1.7 213.6 1270.0 -70.8 -2.2 226.2 1282.6 -7.3 6 7 8 9 10 = Gross saving less net capital transfers paid 1640.4 1936.2 1823.1 1909.7 1881.6 1959.5 1864.3 1889.0 1888.5 2196.2 1794.0 10 11 Gross investment 2195.1 1913.3 1831.7 2367.4 2607.2 2403.4 2652.7 2689.9 1460.9 2810.0 2776.6 11 1757.4 541.7 1106.8 120.2 -11.3 1559.3 397.2 1041.3 132.0 -11.2 1384.6 295.5 975.1 123.9 -9.9 1398.5 288.9 1008.9 109.9 -9.2 1460.7 286.4 1071.6 112.0 -9.3 1564.0 314.7 1139.3 118.8 -8.8 1534.0 298.2 1125.9 119.0 -9.1 1538.6 306.2 1121.9 119.5 -8.9 1567.2 319.2 1139.3 117.5 -8.8 1616.1 335.2 1170.2 119.3 -8.6 1653.4 350.8 1190.4 120.7 -8.4 12 13 14 15 16 17 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 17 Net lending (+) or net borrowing (-) 437.7 354.0 447.1 968.9 1146.5 839.4 1118.6 1151.3 -106.3 1193.9 1123.2 18 Net acquisition of financial assets 1340.3 193.4 267.8 725.6 919.2 926.7 1121.6 1229.5 -238.4 1594.3 1053.6 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.4 -73.7 462.0 239.9 -23.7 245.0 189.9 235.1 -6.4 28.6 177.0 -268.6 1.6 55.7 152.7 -183.5 -1.9 316.6 350.3 10.7 -2.5 140.6 407.7 0.3 -7.5 123.9 454.6 -9.6 -8.1 -5.8 452.2 -6.5 9.9 33.2 43.3 -7.0 -4.5 411.0 680.8 24.4 10.6 117.3 173.7 28.6 19 20 21 22 23 Credit market instruments 379.5 407.0 45.6 76.8 -273.0 -18.0 -180.7 449.7 -719.4 378.6 -233.6 23 -10.2 -81.0 -6.0 -75.0 308.8 38.0 127.7 8.5 -12.3 -101.3 251.4 -2.4 253.8 276.6 47.9 -81.1 12.2 1.4 28.7 499.7 -2.8 502.5 -633.6 107.1 58.7 -5.3 -9.7 -2.9 415.5 -3.3 418.7 -44.7 44.3 -323.5 -0.6 -11.2 -2.6 -256.9 -2.7 -254.2 12.6 -65.6 53.1 -2.8 -10.8 -0.5 370.5 -2.8 373.3 -246.5 -151.2 25.6 -2.5 -13.4 3.0 263.7 -1.5 265.2 -268.1 -123.9 -53.9 12.6 -14.1 -3.9 748.7 -2.4 751.1 -163.7 23.5 -127.7 -13.3 -14.0 -0.6 -136.5 -2.2 -134.3 -279.1 -243.4 -47.2 -0.5 -12.2 -0.6 606.3 -4.9 611.2 -275.3 -261.2 331.4 -8.7 -13.3 5.9 -133.9 -2.7 -131.2 -287.8 -16.8 215.3 -4.0 -12.3 24 25 26 27 28 29 30 31 32 -805.5 242.0 210.8 18.0 567.5 18.4 66.1 -576.8 -45.8 -123.8 61.7 53.6 -284.0 55.1 -21.2 344.1 -74.1 23.7 30.2 -32.3 21.1 -170.8 235.3 25.7 9.0 335.2 143.6 44.4 -122.8 192.5 58.1 86.9 263.6 -8.6 46.8 -321.3 501.8 23.6 -26.3 239.4 -30.3 11.5 -288.7 842.6 39.6 -46.6 213.1 0.6 -19.7 77.8 142.3 61.5 -82.2 181.1 -27.4 -5.1 -636.7 724.3 10.1 0.2 328.5 -34.9 10.1 -437.4 298.0 -16.6 23.5 234.8 -59.3 60.9 246.8 709.6 2.2 11.4 63.6 -41.1 -35.4 33 34 35 36 37 38 39 902.6 -160.6 -179.3 -243.2 -227.3 87.4 2.9 78.2 -132.1 400.4 -69.6 40 853.5 -25.2 -228.6 -342.5 -201.6 20.4 -126.5 161.0 -232.5 279.5 -77.2 41 683.1 141.9 21.1 -9.1 3.2 13.3 -61.9 19.6 9.3 4.6 6.2 -3.0 -149.6 -111.5 5.9 33.0 0.5 -6.9 -365.3 -17.9 -2.2 52.4 2.4 -11.9 -229.0 93.4 -7.8 -53.9 1.9 -6.2 -229.1 154.6 -14.5 111.5 1.2 -3.4 -323.5 141.1 -6.5 70.4 -1.2 -6.7 -206.5 168.7 -17.5 221.4 -0.6 -4.5 -293.0 130.7 -15.4 -50.5 2.6 -6.9 -93.5 177.7 -18.5 204.9 4.2 4.6 -212.4 157.1 -6.5 -11.7 0.5 -4.2 42 43 44 45 46 47 33.4 14.6 -160.7 22.2 38.1 16.0 75.2 21.4 -39.3 14.0 64.9 1.5 115.4 6.6 -93.1 2.8 98.7 -0.0 138.4 -3.2 9.9 -6.4 48 49 1.0 3.2 -4.9 2.7 -0.4 0.6 7.5 7.4 1.7 -14.3 4.1 50 -554.6 22.9 -8.6 -457.7 -725.5 -443.9 -788.4 -800.9 427.6 -613.8 -982.6 51 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 51 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (7) Consumer credit Municipal securities Depository institution loans n.e.c. (8) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (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 34) and life insurance and pension reserves (lines 36 and 37). (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. (8) 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 6, 2013 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Income before taxes 2208.0 2030.6 1792.6 2206.9 2290.1 2591.9 2561.5 2563.8 2606.5 2635.7 2668.4 1 2 Gross saving less net capital transfers paid 1252.4 1318.7 1364.9 1588.9 1688.2 1726.1 1685.1 1746.7 1718.5 1753.9 1722.9 2 3 Gross investment 1125.1 384.0 1545.4 1320.5 1337.7 1569.4 1634.9 1595.9 1591.2 1455.5 1738.6 3 1453.4 1379.6 969.9 1176.5 1275.3 1429.1 1420.9 1419.1 1444.1 1432.1 1466.6 4 1426.0 96.2 1329.8 1404.4 75.1 1329.3 1119.7 58.8 1060.9 1120.7 47.0 1073.7 1240.8 46.1 1194.7 1373.8 62.9 1310.8 1350.0 61.2 1288.9 1366.3 60.2 1306.1 1365.9 63.6 1302.3 1413.0 66.8 1346.1 1421.9 69.8 1352.1 5 6 7 29.1 -1.7 -41.1 16.3 -154.2 4.4 58.4 -2.6 36.6 -2.1 58.1 -2.8 72.6 -1.6 54.8 -1.9 82.3 -4.0 22.7 -3.6 48.3 -3.6 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 (-) -328.3 -995.6 575.6 144.0 62.4 140.3 213.9 176.8 147.1 23.4 272.0 10 11 Net acquisition of financial assets 1554.3 -506.7 206.5 721.0 560.1 892.2 749.7 831.7 1057.1 930.1 918.4 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 59.3 -40.7 129.4 -7.5 -25.5 -125.2 -60.7 179.6 -0.9 6.8 162.7 102.1 -73.1 0.7 9.1 57.0 62.8 -154.6 4.3 -5.8 43.7 17.9 -34.6 0.5 -21.7 50.4 33.0 -3.1 -2.3 -50.8 16.0 66.8 -68.4 4.0 -45.7 103.0 -16.4 -46.1 1.2 -1.7 145.3 79.4 28.4 -10.4 11.6 -62.7 2.1 73.6 -3.8 -6.6 219.3 17.5 -38.6 10.5 12 13 14 15 16 17 Credit market instruments -65.9 -45.5 3.3 9.3 -4.3 22.7 39.0 31.1 61.2 -40.3 -39.0 17 18 19 20 21 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities -53.2 -4.1 -2.4 0.6 -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 -4.3 -1.6 -1.4 -6.3 15.6 -0.0 12.7 -19.3 19.4 6.4 13.3 -25.0 45.1 4.9 -3.6 24.6 18.1 5.9 17.8 -5.4 -20.3 -17.2 23.5 6.3 -6.3 -22.2 -18.9 18 19 20 21 22 23 Mortgages Consumer credit -11.0 4.3 -10.7 -1.2 -5.3 -2.2 2.6 -11.4 0.7 2.3 0.7 0.0 0.5 18.7 0.5 9.2 0.5 -5.6 1.4 -22.3 0.6 1.6 22 23 -4.9 214.6 1269.2 -16.5 -172.5 -239.5 35.3 -57.4 26.0 11.1 142.8 579.1 -12.8 87.5 468.0 0.3 116.7 696.1 0.7 219.5 522.9 0.7 102.3 701.4 0.7 127.8 626.4 -1.0 17.3 933.5 -1.0 -9.3 765.6 24 25 26 1882.7 488.9 -369.1 576.9 497.7 751.9 535.8 654.9 910.0 906.7 646.4 27 1316.7 689.3 -270.5 165.0 539.0 717.4 521.4 587.1 604.3 1156.7 674.9 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 11.3 68.4 323.0 7.7 66.0 225.4 -73.1 37.2 411.7 24.5 33.2 438.6 33.4 8.5 410.8 14.2 15.2 579.6 -7.8 10.9 523.2 29.2 35.2 426.0 -35.3 11.0 587.1 70.6 3.8 782.0 20.0 9.3 570.2 29 30 31 32 33 34 Depository institution loans n.e.c. Other loans and advances Mortgages 237.1 301.2 375.8 183.7 80.2 126.2 -336.0 -166.1 -144.1 -103.8 -85.7 -141.8 125.6 60.1 -99.4 166.1 -20.8 -36.9 216.4 -110.5 -110.8 175.0 -16.1 -62.2 105.9 -15.9 -48.5 167.0 59.4 73.9 79.0 50.2 -53.7 32 33 34 -786.8 111.1 -45.8 1271.5 -336.0 -219.4 9.8 640.7 -64.6 -77.6 -9.5 81.6 -278.0 184.1 6.4 356.1 -472.5 21.5 9.9 406.3 -400.7 131.7 5.4 334.7 -291.8 163.7 -8.7 179.6 -508.2 153.3 21.6 434.0 -397.1 150.2 -16.1 599.8 -405.8 59.8 24.8 125.6 -259.5 100.4 17.0 141.6 35 36 37 38 16.0 -295.5 -28.6 143.2 -6.6 -36.7 -28.5 -32.9 -31.0 -54.4 -28.1 39 127.3 934.8 -180.5 268.4 350.4 156.7 50.2 150.8 127.3 298.5 -15.8 40 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2007 20 Z.1, June 6, 2013 F.102 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2007 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 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1042.0 293.8 484.6 681.8 945.4 169.8 -47.2 -0.0 1068.1 831.2 227.4 474.1 831.6 961.2 183.7 -44.5 -3.7 1104.2 712.9 177.8 351.7 805.5 988.9 194.2 3.2 38.3 1148.0 990.5 222.9 385.7 823.3 1205.1 226.0 -38.7 21.2 1371.2 1007.0 246.8 425.3 954.9 1289.8 238.6 -62.6 -5.7 1471.6 1247.5 307.6 467.5 783.7 1256.0 239.5 -10.9 -13.2 1497.8 1240.4 304.3 432.8 770.9 1274.2 209.5 -23.7 -5.0 1465.0 1229.8 304.6 454.9 779.0 1249.4 252.9 16.0 -6.4 1524.7 1256.5 307.9 455.7 787.7 1280.6 233.2 -26.8 -7.9 1494.8 1263.2 313.6 526.6 797.0 1219.9 262.4 -9.2 -33.6 1506.7 1249.3 311.5 483.0 821.1 1275.9 226.7 -16.1 -8.4 1494.8 1 2 3 4 5 6 7 8 9 940.8 169.5 1328.5 1102.8 1121.1 1341.1 1414.8 1373.9 1367.5 1208.2 1510.6 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1146.9 1120.4 28.2 -1.7 1112.4 1136.4 -40.2 16.3 766.5 907.4 -145.3 4.4 975.2 917.1 60.7 -2.6 1056.0 1018.9 39.1 -2.1 1192.7 1128.9 66.5 -2.8 1180.9 1110.7 71.9 -1.6 1181.4 1122.3 61.0 -1.9 1214.5 1121.6 96.9 -4.0 1194.1 1161.3 36.4 -3.6 1202.5 1169.9 36.2 -3.6 11 12 13 14 15 Net lending (+) or net borrowing (-) -206.1 -943.0 562.0 127.7 65.1 148.4 233.9 192.5 153.1 14.1 308.1 15 16 Net acquisition of financial assets 1074.9 -604.0 307.3 614.0 519.0 844.9 722.2 800.0 1034.0 823.2 885.8 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 -7.6 -55.7 127.2 -7.5 -25.5 -129.0 -59.4 178.5 -0.9 6.8 142.3 106.9 -71.4 0.7 9.1 75.1 59.9 -157.7 4.3 -5.8 37.3 14.3 -35.4 0.5 -21.7 43.8 28.4 -4.1 -2.3 -50.8 12.1 64.2 -68.9 4.0 -45.7 98.5 -19.4 -46.7 1.2 -1.7 142.0 77.2 27.9 -10.4 11.6 -77.5 -8.3 71.3 -3.8 -6.6 214.7 14.4 -39.2 10.5 17 18 19 20 21 22 Credit market instruments -75.9 -34.6 10.0 2.6 -5.3 21.5 38.3 30.3 60.6 -43.1 -39.8 22 -53.2 -7.1 -2.4 1.1 -18.4 4.3 -12.2 -7.9 -2.6 -3.0 -7.7 -1.2 -1.3 12.5 4.2 0.9 -4.1 -2.2 12.0 5.1 1.7 -3.2 -1.6 -11.4 0.1 -4.8 -1.6 -1.4 0.2 2.3 -6.3 15.0 -0.0 12.6 0.2 0.0 -19.3 19.1 6.4 13.2 0.2 18.7 -25.0 44.7 4.9 -3.7 0.2 9.2 24.6 17.8 5.9 17.7 0.2 -5.6 -5.4 -21.7 -17.2 23.3 0.2 -22.3 6.3 -6.7 -22.2 -18.9 0.2 1.6 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 -4.9 159.8 -16.5 -169.5 35.3 -31.1 11.1 105.7 -12.8 82.2 0.3 109.9 0.7 215.5 0.7 97.8 0.7 124.5 -1.0 1.7 -1.0 -14.0 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 938.5 307.0 8.3 0.1 -54.8 677.8 -347.0 262.6 10.9 -0.1 -1.1 -619.5 107.7 257.2 -0.9 0.0 -9.3 -139.4 503.9 324.8 3.0 0.1 22.3 153.7 444.3 396.5 15.7 -0.0 8.5 23.6 669.0 332.6 3.3 0.9 -0.4 332.7 507.2 424.6 -9.3 0.5 -11.3 102.7 683.3 217.4 3.6 0.7 -10.4 472.0 613.2 347.2 1.5 1.1 -1.0 264.5 872.4 341.0 17.4 1.3 21.2 491.6 746.9 361.4 -12.2 1.7 -4.2 400.3 31 32 33 34 35 36 1281.0 339.0 -254.7 486.4 453.9 696.5 488.4 607.5 881.0 809.1 577.6 37 68.3 34.5 -215.1 -83.4 52.6 246.1 200.0 8.6 162.2 613.7 404.9 38 -786.8 -336.0 -64.6 -278.0 -472.5 -400.7 -291.8 -508.2 -397.1 -405.8 -259.5 39 855.1 370.5 -150.5 194.6 525.1 646.9 491.8 516.8 559.3 1019.5 664.4 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 11.3 68.4 323.0 96.3 287.5 68.6 7.7 66.0 225.4 64.2 67.9 -60.8 -73.1 37.2 411.7 -234.1 -160.8 -131.5 24.5 33.2 438.6 -83.4 -90.4 -127.9 33.4 8.5 410.8 69.1 59.7 -56.4 14.2 15.2 579.6 72.6 -23.0 -11.7 -7.8 10.9 523.2 99.0 -106.7 -26.8 29.2 35.2 426.0 86.3 -30.1 -29.7 -35.3 11.0 587.1 36.6 -20.3 -19.6 70.6 3.8 782.0 68.7 65.2 29.2 20.0 9.3 570.2 41.2 78.6 -54.8 41 42 43 44 45 46 47 48 49 50 51 52 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 85.1 -49.6 1177.2 211.6 44.8 920.9 -225.2 3.1 526.5 189.5 -25.5 362.5 -85.3 -3.3 48.9 104.7 -8.4 -47.4 155.7 7.2 406.9 156.9 15.4 234.6 18.7 8.8 373.8 206.8 -0.9 168.0 117.7 4.0 328.6 161.5 -4.3 171.4 154.9 -9.5 142.9 112.1 -12.9 43.7 149.5 20.7 428.7 169.1 3.3 256.3 139.8 -16.8 595.7 150.2 -1.4 447.0 26.7 21.6 147.1 214.8 -6.3 -61.4 60.9 16.0 95.8 213.9 -23.9 -94.1 47 48 49 50 51 52 127.3 934.8 -180.5 268.4 350.4 156.7 50.2 150.8 127.3 298.5 -15.8 53 248.7 195.7 -225.5 -191.3 -171.2 -52.4 -69.7 -84.1 -39.3 -16.6 -57.3 54 53 54 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 6, 2013 F.103 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving = consumption of fixed capital 184.3 211.3 211.0 209.9 215.0 222.5 219.8 221.7 223.4 225.1 227.7 1 2 Gross saving less net capital transfers paid (1) 184.3 214.5 217.0 217.7 216.6 228.3 220.1 222.0 223.7 247.3 228.0 2 3 Gross investment 184.3 214.5 217.0 217.7 216.6 228.3 220.1 222.0 223.7 247.3 228.0 3 306.5 305.6 0.9 267.2 268.0 -0.9 203.4 212.3 -8.9 201.3 203.6 -2.3 219.3 221.8 -2.5 236.4 244.8 -8.5 240.0 239.3 0.7 237.8 244.0 -6.3 229.7 244.3 -14.6 238.0 251.7 -13.7 264.2 252.0 12.2 4 5 6 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) -122.2 -52.6 13.6 16.4 -2.7 -8.1 -19.9 -15.7 -6.0 9.3 -36.1 7 8 Net acquisition of financial assets 479.4 97.3 -100.8 106.9 41.0 47.3 27.5 31.7 23.0 106.9 32.6 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds 66.9 14.9 2.2 3.8 -1.2 1.0 20.4 -4.8 -1.7 -18.0 2.9 3.1 6.5 3.6 0.8 6.6 4.6 1.0 3.9 2.6 0.6 4.5 3.0 0.7 3.3 2.2 0.5 14.8 10.4 2.2 4.6 3.1 0.7 9 10 11 12 Credit market instruments 10.0 -10.9 -6.7 6.6 1.0 1.2 0.7 0.8 0.6 2.8 0.8 12 3.0 -0.5 7.4 0.0 -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 0.6 0.1 0.5 0.0 0.4 0.0 0.3 0.0 0.4 0.0 0.4 0.0 0.3 0.0 0.3 0.0 1.4 0.2 1.2 0.0 0.4 0.0 0.4 0.0 13 14 15 16 54.7 330.8 3.7 0.7 326.4 -3.0 107.5 3.4 1.2 102.9 -26.3 -81.7 0.9 -0.0 -82.7 37.0 75.3 0.1 0.4 74.7 5.4 23.7 6.3 0.3 17.1 6.8 27.0 1.9 -0.7 25.9 3.9 15.7 -3.3 0.3 18.8 4.5 18.1 3.1 -1.3 16.3 3.3 13.2 1.7 -0.7 12.1 15.6 61.0 5.9 -1.1 56.2 4.7 18.6 -2.0 -1.6 22.2 17 18 19 20 21 601.6 149.9 -114.4 90.5 43.7 55.4 47.4 47.4 29.0 97.6 68.7 22 461.6 318.8 -120.0 -29.6 13.9 70.5 29.6 70.3 45.0 137.3 10.6 23 140.8 13.7 307.1 119.6 12.3 186.9 -102.0 -5.3 -12.7 -20.4 4.7 -13.9 56.5 0.4 -43.0 93.5 2.2 -25.1 117.4 -3.8 -84.0 88.8 13.9 -32.5 69.3 4.5 -28.8 98.3 -5.8 44.8 37.8 -28.4 1.1 24 25 26 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 26.0 3.8 94.2 5.7 6.7 114.1 7.7 -6.3 32.7 28.4 -0.7 -50.8 2.8 1.1 32.5 14.0 1.4 6.1 8.8 0.8 36.7 3.9 0.9 5.3 10.4 0.7 4.0 33.1 3.2 -21.5 39.5 1.0 45.8 27 28 29 30 Proprietors’ net investment 16.0 -295.5 -28.6 143.2 -6.6 -36.7 -28.5 -32.9 -31.0 -54.4 -28.1 30 (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 2007 22 Z.1, June 6, 2013 F.104 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 Flows 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1923.1 1944.8 1961.4 2042.4 2064.4 2069.5 2050.4 2066.7 2069.2 2091.9 2104.1 1 323.1 932.7 57.8 18.9 114.5 485.1 -9.1 334.4 944.6 47.4 19.0 106.8 505.0 -12.3 287.6 931.8 45.5 19.0 95.0 593.6 -11.1 300.6 959.5 44.5 18.4 88.8 643.2 -12.5 322.8 990.4 47.6 18.3 86.4 612.7 -13.8 335.8 1014.0 48.2 17.5 85.4 584.9 -16.3 325.9 1015.2 50.1 17.8 85.7 571.1 -15.4 334.2 1015.7 46.2 17.5 85.8 583.4 -16.1 335.0 1012.3 48.4 17.3 85.0 587.8 -16.7 348.0 1012.8 48.1 17.2 85.3 597.5 -17.0 359.9 1026.2 48.9 17.2 85.2 583.8 -17.2 2 3 4 5 6 7 8 Current expenditures, NIPA basis 1910.8 2017.0 2074.6 2132.1 2166.3 2198.5 2178.1 2190.3 2209.2 2216.4 2220.3 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 1368.9 433.7 101.1 7.1 0.0 1449.2 456.7 108.1 3.0 0.0 1473.3 495.1 104.8 1.4 0.0 1496.2 528.3 106.0 1.6 0.0 1518.0 538.5 109.2 0.5 0.0 1530.8 554.2 113.0 0.5 0.0 1531.4 534.4 111.9 0.5 0.0 1525.5 551.6 112.8 0.5 0.0 1532.4 563.7 112.6 0.5 0.0 1534.0 567.2 114.8 0.5 0.0 1535.6 568.2 116.0 0.5 0.0 10 11 12 13 14 15 Net saving, NIPA basis 12.2 -72.2 -113.2 -89.7 -102.0 -129.0 -127.6 -123.7 -140.0 -124.5 -116.2 15 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 178.7 -58.9 191.2 -62.8 198.8 -66.5 203.3 -75.6 212.4 -72.5 222.4 -70.7 219.2 -68.5 221.7 -70.4 223.6 -71.6 225.1 -72.2 226.8 -65.2 16 17 18 = Gross saving less net capital transfers paid 249.8 181.8 152.0 189.2 182.9 164.2 160.1 168.5 155.3 172.8 175.9 18 19 Gross investment 271.0 201.2 174.9 223.7 202.9 182.1 180.1 188.4 171.2 188.8 191.9 19 329.0 13.8 348.8 14.1 350.3 12.7 338.2 11.5 319.7 11.5 317.7 10.9 315.5 11.2 317.5 11.0 319.5 10.8 318.3 10.6 310.8 10.4 20 21 2 3 4 5 6 7 8 9 Current receipts, NIPA basis 2008 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net lending (+) or net borrowing (-) 23 Net acq. of financial assets -71.8 -161.7 -188.1 -126.0 -128.3 -146.5 -146.7 -140.1 -159.1 -140.2 -129.3 22 111.9 -104.6 -35.4 -16.5 -140.8 -111.4 -107.3 -6.8 -121.4 -209.9 -33.9 23 24 25 Checkable deposits and currency Time and savings deposits -0.2 33.3 8.5 18.8 19.2 9.3 5.6 -6.9 16.7 15.3 -8.7 22.0 -8.8 3.0 -8.0 34.9 -6.6 42.7 -11.6 7.3 12.8 6.3 24 25 26 27 Money market fund shares Security RPs 17.3 6.4 -3.3 -15.7 8.9 -3.8 7.9 -5.1 -3.3 -8.3 -7.0 -5.5 -3.9 -3.1 -4.5 -3.6 -6.3 -5.0 -13.3 -10.5 1.3 1.1 26 27 28 Credit market instruments 97.4 -204.3 -74.8 35.4 -90.6 -52.0 -67.1 -4.2 -28.3 -108.5 10.8 28 -15.8 36.4 43.9 -81.9 -61.5 -36.1 -73.2 21.0 -31.1 60.2 -7.9 -15.3 23.9 -53.4 -47.0 -6.0 -7.9 -22.9 -3.4 -10.9 -43.1 -3.9 25.8 -15.1 -5.4 -6.4 -5.0 -11.3 -40.2 -28.3 1.1 -18.1 20.5 29 30 31 1.6 14.2 17.3 -0.1 -11.4 -13.3 0.9 3.0 4.5 0.8 1.7 -4.1 -0.2 -6.9 -6.8 -0.6 -7.5 -7.2 -0.3 -4.2 -5.2 -0.4 -4.8 -5.9 -0.5 -6.7 -4.2 -1.1 -14.2 -13.4 0.1 1.4 5.8 32 33 34 -1.9 1.2 7.6 15.6 10.4 -7.9 -15.5 -4.9 -6.6 -2.0 -14.1 -7.2 -37.9 -19.5 7.8 4.0 -19.6 -10.1 -6.4 -3.3 -28.0 9.6 35 36 -12.5 2.7 -31.9 -22.3 2.2 88.3 -18.6 -6.7 28.7 -19.3 -2.2 -11.4 -9.7 6.9 -59.2 0.0 9.9 -48.7 0.0 12.4 17.8 0.0 5.4 -38.6 0.0 10.2 -98.6 0.0 11.6 -75.3 0.0 11.2 -59.0 37 38 39 183.7 57.1 152.7 109.6 -12.5 35.2 39.4 133.3 37.7 -69.7 95.5 40 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 35 36 Corporate equities Mutual fund shares 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 40 Net increase in liabilities 41 Credit market instruments 146.7 17.9 113.0 69.5 -52.7 -5.3 -1.0 93.0 -2.8 -110.2 55.2 41 42 43 44 45 Municipal securities Short-term (3) Long-term U.S. government loans 146.0 16.8 129.2 0.7 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 -1.6 -3.4 1.9 0.5 92.0 36.3 55.7 1.1 -2.4 15.2 -17.6 -0.4 -110.7 -32.9 -77.8 0.5 53.9 -9.4 63.3 1.3 42 43 44 45 37.0 39.2 39.6 40.0 40.2 40.4 40.4 40.3 40.5 40.5 40.3 46 -21.2 -19.4 -22.8 -34.5 -20.0 -18.0 -19.9 -19.9 -15.9 -16.0 -16.0 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.117. (2) Table F.9, line 62. (3) Debt with original maturity of 13 months or less. 23 Z.1, June 6, 2013 F.105 Federal Government 2007 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2654.7 2502.2 2226.5 2395.4 2519.6 2683.4 2664.9 2659.5 2673.4 2735.8 2947.5 1 1165.6 94.5 362.8 14.7 945.3 29.8 44.8 -2.7 1101.3 94.0 233.7 18.8 973.1 30.7 54.4 -3.7 857.0 91.4 200.4 14.8 949.1 48.1 70.2 -4.5 894.2 95.5 305.1 15.1 969.8 53.0 69.8 -7.0 1075.2 107.4 304.2 15.9 905.5 55.3 68.8 -12.7 1144.6 116.0 372.3 17.3 938.6 53.3 59.1 -17.8 1124.9 113.3 375.7 15.4 929.3 54.7 68.3 -16.7 1131.0 115.2 368.1 16.9 931.5 53.2 61.6 -18.0 1141.4 116.1 375.5 17.1 936.0 53.0 53.1 -18.8 1181.1 119.4 369.7 19.9 957.6 52.4 53.2 -17.4 1244.5 118.7 356.7 19.1 1089.2 72.9 69.0 -22.6 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 2900.0 3115.7 3455.8 3703.4 3757.0 3757.7 3723.6 3774.8 3760.6 3771.6 3729.8 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 848.9 1267.5 423.0 313.2 47.4 0.0 931.7 1401.2 440.7 292.1 49.9 0.0 987.0 1621.4 536.1 253.1 58.3 0.0 1055.8 1725.1 585.8 281.4 55.4 0.0 1061.5 1752.9 556.5 325.0 61.1 0.0 1059.6 1792.8 526.4 318.5 60.4 0.0 1055.6 1786.0 515.0 306.7 60.4 0.0 1054.8 1785.6 525.2 348.7 60.6 0.0 1086.3 1796.2 529.9 288.1 60.1 0.0 1041.9 1803.3 535.4 330.6 60.4 0.0 1031.5 1833.3 524.2 280.3 60.5 0.0 11 12 13 14 15 16 17 Net saving, NIPA basis -245.2 -613.5 -1229.3 -1308.0 -1237.4 -1074.3 -1058.7 -1115.4 -1087.2 -1035.8 -782.3 17 18 19 20 21 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 112.6 0.1 4.7 56.3 120.0 -0.6 4.8 65.8 124.8 0.5 5.0 81.4 130.2 -1.7 4.9 103.7 137.0 -0.4 4.4 100.8 141.5 -1.4 4.6 92.5 139.7 -2.7 4.6 83.0 141.0 -0.1 4.6 82.2 142.0 -1.3 4.6 85.5 143.3 -1.7 4.7 119.4 144.9 -2.2 5.3 81.7 18 19 20 21 22 = Gross saving less net capital transfers paid -193.8 -563.5 -1191.4 -1284.6 -1205.2 -1028.5 -1003.9 -1061.0 -1034.0 -1015.0 -722.3 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets -217.8 127.4 -1.3 -650.3 148.4 -19.2 -1146.8 156.6 -7.1 -1222.4 167.3 0.2 -1186.2 160.5 -0.1 -915.4 154.6 0.7 -1378.4 152.1 -0.5 -898.9 155.9 -0.2 -482.7 155.1 1.9 -901.7 155.4 1.6 -1060.2 145.8 1.7 23 24 25 -344.0 -779.5 -1296.3 -1390.0 -1346.6 -1070.8 -1530.0 -1054.7 -639.7 -1058.6 -1207.6 26 -0.5 571.9 224.2 287.6 -165.7 124.4 -49.2 229.0 135.3 182.7 158.2 27 -0.4 25.1 1.2 5.9 0.0 0.0 -2.2 2.1 6.0 0.0 1.2 -35.5 1.9 4.2 313.1 -1.3 85.2 54.4 0.0 6.0 13.5 11.3 256.3 4.2 -61.9 -28.0 51.9 -174.2 0.3 295.4 142.0 0.6 66.0 12.6 74.3 0.6 -21.1 35.9 35.4 1.6 148.9 0.1 85.0 -47.2 0.3 3.5 -1.8 130.2 24.1 -0.7 32.2 -3.5 16.2 -257.6 -0.3 -0.7 -118.1 -0.1 4.8 4.0 108.7 40.3 4.8 29.7 1.9 4.3 6.7 0.2 82.3 -31.1 -0.2 2.5 1.7 109.4 -13.2 2.4 42.7 -0.8 4.6 -121.6 0.5 33.8 -118.5 -0.1 12.2 4.5 135.8 -19.8 -5.2 69.1 -10.7 13.0 96.5 1.4 103.4 -5.8 -0.0 8.4 1.8 99.0 -18.1 6.9 20.0 5.9 3.1 -27.4 -1.0 126.2 0.0 -0.4 -8.0 -0.8 135.5 -9.8 6.0 38.2 0.1 -3.7 79.2 -0.2 65.7 0.0 -0.1 -2.6 1.2 67.2 -5.0 1.9 43.4 1.3 -3.0 -8.1 -1.7 140.3 0.0 -0.2 5.1 3.6 131.9 1.9 -13.0 40.0 1.8 28 29 30 31 32 33 34 35 36 37 38 39 40 343.5 1351.4 1520.5 1677.6 1180.9 1195.2 1480.8 1283.7 775.0 1241.3 1365.8 41 0.0 0.0 -0.7 237.1 -6.0 58.8 184.7 -0.4 0.0 29.3 1.2 76.6 33.3 43.3 0.0 0.0 -0.8 1239.2 -2.4 861.6 379.8 0.2 0.0 22.6 1.0 89.5 63.3 26.2 47.6 3.0 -0.4 1443.9 -2.8 -73.3 1519.8 0.1 0.0 -56.2 1.1 81.4 61.9 19.5 0.0 0.0 -0.3 1580.2 -3.3 -19.0 1601.8 0.7 0.0 6.2 0.9 90.6 65.7 24.9 0.0 0.0 0.0 1067.9 -2.7 -249.5 1319.0 1.1 0.0 8.8 1.3 102.9 70.8 32.1 0.0 0.0 0.0 1140.2 -2.8 107.0 1036.3 -0.4 0.0 9.3 0.3 45.5 40.4 5.0 0.0 0.0 0.0 1428.1 -1.5 612.6 820.4 -3.3 0.0 15.4 0.5 36.8 55.8 -19.0 0.0 0.0 0.0 1182.9 -2.4 -312.7 1497.9 0.1 0.0 -18.7 1.5 118.0 91.7 26.3 0.0 0.0 0.0 690.2 -2.2 74.4 618.3 -0.3 0.0 21.6 -0.2 63.4 85.0 -21.6 0.0 0.0 0.0 1259.4 -4.9 53.8 1208.6 1.9 0.0 18.7 -0.5 -36.4 -70.9 34.5 0.0 0.0 0.0 1197.6 -2.7 646.7 554.6 -1.0 0.0 -10.8 0.2 178.8 167.3 11.5 42 43 44 45 46 47 48 49 50 51 52 53 54 55 24.1 86.8 -44.6 -62.3 -19.0 -113.1 374.5 -162.1 -551.3 -113.3 337.9 56 27.5 308.6 -173.2 148.9 -258.0 7.5 -167.4 198.2 -25.8 24.8 -54.8 57 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 Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) Nonmarketable securities held by pension plans 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) 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) Time and savings deposits (line 30) 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 6, 2013 F.106 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 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 3248.7 2374.8 747.7 126.2 3381.9 2556.5 686.9 138.4 2612.0 1976.2 498.9 137.0 3009.8 2356.1 507.2 146.5 3343.7 2662.3 531.8 149.6 3440.4 2744.0 539.3 157.1 3480.7 2773.7 554.7 152.3 3448.5 2765.4 527.8 155.4 3408.2 2715.5 532.7 160.0 3424.0 2721.3 541.8 160.8 3463.9 2746.8 554.4 162.7 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 2532.6 1661.7 871.0 2702.9 1846.8 856.1 2229.9 1587.4 642.4 2560.9 1844.4 716.5 2877.9 2094.2 783.7 2966.3 2184.0 782.3 2927.5 2157.9 769.6 2963.6 2188.5 775.1 2974.5 2198.7 775.8 2999.6 2191.1 808.5 2990.5 2203.8 786.7 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.4 716.4 5.4 673.6 -0.6 382.7 -0.7 449.5 -1.6 467.4 6.7 467.3 -0.5 553.6 -0.5 485.4 -0.5 434.2 28.3 396.1 -0.5 473.9 8 9 Gross investment Nonproduced nonfinancial assets 618.1 0.5 736.6 -0.0 239.5 0.0 382.7 -0.0 555.1 -0.1 406.2 0.0 664.4 0.0 426.4 0.0 271.4 0.0 262.6 0.0 318.2 0.0 10 11 10 11 12 Net lending (+) or net borrowing (-) 617.6 736.6 239.5 382.7 555.1 406.2 664.4 426.4 271.4 262.6 318.2 12 13 Net acquisition of financial assets 1766.9 584.4 168.2 1148.0 1043.4 714.0 685.5 533.9 571.9 1064.8 1314.5 13 0.0 0.0 -111.4 -5.4 40.3 19.0 -35.2 943.4 -8.3 165.3 98.4 66.8 248.8 236.1 12.7 10.7 424.6 102.3 217.6 39.1 20.8 0.0 638.8 221.2 417.7 0.0 0.0 410.8 64.0 65.5 23.7 -214.0 377.2 -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 0.0 -252.3 310.1 -562.4 0.0 47.6 -270.4 -9.2 -43.1 7.2 -146.4 123.5 -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 0.0 240.3 150.4 89.8 0.0 0.0 -48.2 29.5 16.9 -7.1 -126.1 622.9 -0.5 739.8 442.0 297.8 -72.3 -96.0 23.7 13.1 -37.0 -20.2 73.2 111.5 19.6 0.0 455.8 205.8 250.0 0.0 0.0 221.1 81.8 33.1 -20.8 51.2 352.7 0.7 412.1 171.2 240.9 -24.2 -21.2 -2.9 -1.4 -68.3 33.9 -99.3 147.4 17.2 0.0 258.8 234.0 24.9 0.0 0.0 -153.8 68.2 46.1 34.8 -39.9 410.1 3.4 478.4 354.8 123.6 21.1 -14.4 35.5 -4.9 -38.8 -49.2 -89.7 153.4 11.1 0.0 273.8 174.7 99.2 0.0 0.0 136.1 58.5 -33.8 48.6 -153.3 343.8 46.2 464.0 373.7 90.3 -21.8 -14.8 -7.0 5.0 -63.2 -86.5 -183.2 212.0 15.5 0.0 241.4 92.6 148.9 0.0 0.0 8.2 37.1 53.4 63.8 -137.4 155.4 -57.5 445.3 365.5 79.7 -28.0 -45.8 17.8 -6.0 -153.5 -44.8 -415.1 338.8 7.8 0.0 421.9 197.9 224.0 0.0 0.0 -191.9 92.8 47.1 12.6 75.9 684.3 5.2 622.7 423.1 199.7 87.1 26.6 60.5 10.4 -14.3 -26.7 161.0 -21.0 26.1 0.0 -315.0 167.2 -482.3 0.0 0.0 -567.8 84.2 117.5 14.2 55.4 456.7 19.9 381.6 256.8 124.8 47.1 -23.7 70.8 -28.9 75.8 -38.7 78.4 83.9 -4.9 0.0 747.1 241.0 506.0 0.0 0.0 530.0 10.6 -68.6 4.1 291.6 682.2 35.0 654.5 336.6 317.8 -165.5 -86.3 -79.2 -6.9 162.4 2.6 -172.3 114.7 3.8 0.0 -81.4 248.3 -329.8 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 1149.3 -152.2 -71.3 765.3 488.2 307.9 21.1 107.6 300.5 802.2 996.4 39 0.1 256.0 170.3 -69.3 218.7 24.1 -0.0 8.3 15.8 -3.2 147.8 12.4 0.0 562.7 1.7 23.9 414.0 42.2 80.9 4.8 -394.3 -226.2 -71.0 -158.8 5.1 0.7 2.8 1.6 -1.5 -38.5 -9.9 0.0 511.9 1.4 529.8 329.1 -9.1 -339.3 52.3 -106.0 211.8 59.4 163.3 -11.2 0.6 -5.1 -6.6 0.3 63.7 6.1 0.0 -299.1 1.7 -543.3 289.5 23.5 -70.5 1.8 25.9 75.3 -2.7 59.9 17.9 1.1 11.8 4.9 0.2 79.1 25.8 0.0 557.4 2.3 -10.1 327.9 10.6 226.7 15.9 -32.4 34.8 -53.5 57.8 29.2 -1.7 11.3 19.5 1.4 89.0 -32.2 0.0 413.1 2.6 99.7 419.3 30.6 -139.1 4.5 -42.0 43.9 27.6 -8.5 19.2 -0.7 -1.9 21.7 5.7 61.0 6.3 0.0 234.2 2.6 -91.0 351.4 -51.5 22.6 4.9 -124.3 -4.1 32.9 -73.6 29.0 -0.3 2.1 27.3 7.7 59.2 15.5 0.0 69.8 1.5 -213.4 462.6 77.3 -258.1 13.2 -134.6 -115.0 -54.2 -109.9 44.8 -1.6 11.2 35.2 4.3 83.8 4.5 0.0 255.8 7.0 -74.0 251.9 -77.8 148.7 3.3 165.1 86.2 77.3 -0.0 8.8 -0.3 -14.4 23.6 0.2 -8.6 -2.2 0.0 56.6 1.0 -61.6 363.7 -48.7 -197.8 -3.6 -74.2 208.5 54.4 149.5 -5.9 -0.4 -6.4 1.0 10.5 109.6 7.4 0.0 554.5 1.1 -14.9 327.6 -156.9 397.6 -3.0 126.6 452.4 117.6 294.3 45.2 2.5 25.4 17.3 -4.7 294.2 -7.0 0.0 133.2 -1.3 -3.3 337.0 89.8 -289.0 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 98.3 -63.0 143.2 66.8 -87.7 61.2 -110.8 59.1 162.8 133.5 155.7 59 -713.1 123.3 126.2 -716.0 -709.7 169.2 138.4 -679.0 -388.7 143.5 137.0 -382.2 -511.6 209.3 146.5 -448.8 -568.1 251.9 149.6 -465.8 -559.9 243.0 157.1 -474.1 -615.8 214.9 152.3 -553.2 -576.9 247.3 155.4 -485.0 -516.8 243.1 160.0 -433.7 -530.2 266.6 160.8 -424.4 -543.0 232.2 162.7 -473.4 60 61 62 63 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 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other Net increase in liabilities U.S. official reserve assets U.S. private deposits 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 Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Investment by holding companies Other Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 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 6, 2013 F.107 Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Gross saving less net capital transfers paid 206.8 81.8 371.7 370.9 355.5 340.6 360.9 326.1 388.5 287.0 409.8 1 2 Gross investment 299.8 -87.7 206.8 -47.5 55.7 253.8 131.1 379.6 81.5 422.9 194.5 2 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 178.2 -9.3 187.5 195.1 0.1 195.0 164.3 -0.1 164.4 159.5 4.7 154.8 179.1 6.3 172.9 196.9 5.3 191.6 192.4 4.9 187.6 195.0 6.4 188.6 195.4 5.1 190.2 204.9 4.9 200.0 209.4 4.9 204.5 3 4 5 6 Net lending (+) or net borrowing (-) 121.6 -282.7 42.4 -206.9 -123.4 56.8 -61.3 184.6 -113.9 218.0 -14.9 6 7 Net acqisition of financial assets 5130.5 4565.9 -1658.5 -631.7 1884.8 1571.4 1630.8 395.2 1541.6 2717.9 3904.7 7 0.5 0.0 0.5 34.4 54.2 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 0.3 0.0 0.8 -11.3 -59.6 0.2 0.0 0.5 -28.6 -179.2 0.2 0.0 0.5 28.7 -260.1 0.1 0.0 0.5 12.5 242.5 0.0 0.0 0.9 21.8 1169.2 8 9 10 11 12 30.5 104.0 331.3 241.2 68.2 121.9 289.2 -67.4 -34.7 129.8 -173.1 -83.9 -29.3 -109.6 -165.9 6.5 32.5 -43.5 -64.8 -58.1 10.2 7.2 -18.0 140.2 -93.9 -199.6 -174.1 268.1 -9.6 -57.0 -171.3 273.8 -11.2 228.4 36.5 67.1 155.3 56.9 237.0 -48.3 -3.1 -100.9 -148.2 79.5 13 14 15 16 3178.2 1972.2 -932.1 -213.4 968.1 1077.5 1315.4 476.2 746.2 1772.0 1830.9 17 -82.0 120.9 306.3 184.7 684.7 51.8 352.9 705.3 42.1 -101.9 -374.5 361.7 684.7 38.5 54.0 -149.2 425.3 131.6 44.1 281.8 -110.3 969.5 157.5 15.8 164.9 -7.6 283.9 256.6 139.1 383.9 -7.8 695.2 326.5 108.8 525.8 30.5 -82.1 189.0 96.2 168.0 -13.9 192.7 172.4 208.9 411.8 -39.4 330.0 338.6 142.5 429.8 111.6 702.5 663.4 99.1 306.8 18 19 20 21 22 332.1 419.1 1080.8 131.6 689.9 145.5 77.2 9.6 -749.7 -463.8 -299.2 -183.7 -96.5 -209.7 -504.2 -136.7 132.5 -31.6 -312.7 -17.6 172.9 39.2 -235.6 45.2 165.0 -68.4 -416.3 -13.4 140.0 104.9 -230.8 60.5 114.3 -21.4 -319.4 0.9 272.2 141.6 24.0 132.8 86.8 82.2 -245.2 23.6 23 24 25 26 130.4 84.2 471.9 39.5 170.8 68.4 81.4 17.1 -30.5 13.3 250.5 87.4 334.2 86.1 45.0 74.9 353.2 90.3 269.4 98.5 195.8 164.7 27 28 1.8 65.7 -14.9 -274.2 -38.0 -21.8 -8.6 97.9 -0.8 39.7 -1.6 165.2 6.6 136.7 -8.0 93.5 5.9 239.2 -11.0 191.5 2.0 -144.8 29 30 5.3 616.5 2.8 -416.3 8.2 -219.0 7.3 481.2 14.7 -98.9 36.9 -15.9 9.0 -124.4 11.7 5.0 1.1 -260.2 15.3 821.8 31 32 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 17 Credit market instruments 18 19 20 21 22 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 23 24 25 26 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 27 28 Corporate equities Mutual fund shares 29 30 Trade receivables Security credit 31 32 Life insurance reserves Miscellaneous assets 16.2 857.4 33 Net increase in liabilities 5008.9 4848.6 -1700.9 -424.7 2008.3 1514.5 1692.2 210.6 1655.5 2499.9 3919.6 33 34 Net interbank liabilities -53.4 1823.0 -590.9 -132.9 844.5 -211.3 142.7 -461.9 -249.2 -276.9 1885.9 34 35 36 37 38 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 36.7 599.9 736.8 -0.1 568.4 334.2 724.2 -888.0 -7.9 375.4 -498.7 232.0 266.3 116.1 -503.2 -197.1 234.5 372.8 -112.8 -133.4 268.5 516.1 7.1 -14.0 -73.4 291.4 -207.3 200.0 313.3 468.6 -164.5 -105.8 228.0 439.9 64.2 -189.6 606.1 864.5 335.9 39.3 297.4 26.3 -152.7 -130.9 35 36 37 38 39 Credit market instruments 1814.2 896.9 -1808.7 -931.7 -435.3 -394.0 -333.7 -697.4 -275.1 -269.8 88.8 39 -111.5 905.7 709.5 -125.4 768.7 -282.9 -448.1 -60.1 -585.9 -102.2 -46.9 -575.1 -68.2 -21.9 -325.9 -58.7 -22.4 -208.0 -6.3 -115.4 -45.1 -34.7 -18.9 -434.2 -32.0 -18.3 -244.0 -161.8 63.0 -108.9 22.4 209.4 -178.6 40 41 42 80.1 225.8 4.7 496.4 33.3 6.8 -435.4 -282.6 3.4 -62.9 -144.7 0.2 31.6 -60.0 9.1 -124.0 3.5 15.6 -150.8 -26.5 10.4 -301.2 66.6 24.9 50.1 -43.1 12.2 -93.9 16.9 14.9 -25.7 38.6 22.7 43 44 45 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 179.6 361.5 639.3 -9.9 316.4 497.1 191.2 370.1 164.5 338.4 152.0 735.7 37.1 1121.9 121.8 560.7 253.8 784.2 195.2 476.1 209.5 997.5 46 47 48 49 Trade payables Security credit -2.4 243.0 -24.7 -237.3 48.9 -134.0 -52.0 48.4 -3.8 137.1 -0.0 124.0 12.2 60.8 -15.3 248.1 -2.0 150.6 5.0 36.4 4.5 -152.5 48 49 50 51 Life insurance reserves Pension fund reserves 33.0 567.5 66.0 53.6 25.4 30.2 16.4 335.2 92.8 263.6 -11.9 239.4 -10.1 213.1 -74.6 181.1 12.0 328.5 25.1 234.8 26.5 63.6 50 51 52 53 54 Taxes payable Equity in noncorporate business Miscellaneous liabilities -23.5 2.4 513.7 -133.6 11.5 1024.8 6.1 -3.6 -188.6 13.0 0.4 35.1 10.6 -2.0 236.5 6.4 6.4 90.2 21.9 29.1 186.5 1.0 5.5 -169.8 37.8 -3.9 76.4 -34.9 -4.9 267.8 44.1 -13.0 724.9 52 53 54 -93.0 169.5 164.9 418.3 299.8 86.9 229.8 -53.5 307.1 -135.9 215.3 55 55 Discrepancy (1) Sum of financial sectors shown on tables F.108 and F.110 through F.129. Flows 2007 26 Z.1, June 6, 2013 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 1.2 3.0 -0.7 -8.5 -0.3 3.6 12.3 3.3 3.1 -4.1 -0.1 1 2 Fixed nonresidential investment 0.8 0.6 0.7 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 2 3 Net acquisition of financial assets 43.1 1319.3 -3.4 186.0 494.0 7.7 -186.3 -27.5 -203.0 447.7 1211.2 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.5 0.0 0.5 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 0.3 0.0 0.8 0.2 0.0 0.5 0.2 0.0 0.5 0.1 0.0 0.5 0.0 0.0 0.9 4 5 6 7 Federal Reserve float (2) 0.3 -1.5 -0.6 0.7 0.8 0.1 -0.4 0.0 0.4 0.5 -0.4 7 48.6 48.6 0.0 511.1 495.4 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 -0.8 -0.8 0.0 0.3 0.3 0.0 0.2 0.2 0.0 -0.2 -0.2 0.0 -0.2 -0.2 0.0 8 9 10 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 -38.3 245.4 1001.6 271.5 376.5 34.5 -33.4 -23.5 -203.4 398.4 1134.2 12 0.0 -38.3 -49.2 10.9 0.0 0.0 0.0 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 46.3 0.0 46.3 -33.6 -3.6 -30.1 0.0 -18.6 0.0 -18.6 52.9 72.9 -20.0 0.0 -78.8 -73.7 -5.1 -112.4 -80.1 -32.3 0.0 61.8 0.0 61.8 340.2 366.7 -26.5 0.0 575.2 0.0 575.2 559.7 577.1 -17.4 13 14 15 16 17 18 19 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 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 -46.1 -7.8 0.0 0.0 -7.8 0.0 -27.2 -3.3 0.0 -57.7 -10.1 0.0 0.0 -11.7 0.0 0.0 -36.0 0.0 -12.2 -12.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.6 -3.6 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 20 21 22 23 24 25 26 27 28 0.0 25.8 24.0 1.8 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 -152.8 -213.4 60.5 0.0 -5.0 -74.1 69.0 0.0 -1.0 -61.7 60.7 0.0 48.5 -14.6 63.1 0.0 76.7 -3.3 80.1 29 30 31 32 39.9 1316.7 -8.0 185.1 493.7 7.3 -187.6 -28.0 -203.1 447.8 1210.4 33 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security RPs 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 commercial banks 2.1 3.3 839.2 2.7 117.0 -2.8 -8.9 -2.2 594.2 8.1 -71.2 7.1 -49.3 -9.2 -171.8 -7.7 -266.5 5.8 202.7 39.5 1197.2 -27.4 34 35 36 Checkable deposits and currency 17.8 428.2 -117.6 185.0 -122.1 62.1 -166.0 244.0 50.4 120.1 -4.9 36 37 38 39 40 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 11.4 0.0 11.4 0.0 349.3 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 -167.7 0.1 -167.7 0.0 195.2 -0.1 195.4 0.0 -24.1 0.0 -24.1 0.0 24.5 0.1 24.4 0.0 -52.3 0.3 -52.6 0.0 37 38 39 40 41 42 43 Due to rest of the world Due to government-sponsored enterprises Currency outside banks -0.0 0.9 5.5 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 0.0 -111.0 112.6 5.8 -27.7 70.7 16.2 -29.2 87.5 3.2 18.3 74.2 11.0 -28.1 64.5 41 42 43 44 Security RPs 14.4 44.4 -10.6 -18.0 40.2 7.3 -12.9 -44.8 29.1 57.8 -6.9 44 45 46 47 Miscellaneous liabilities Federal Reserve Bank stock Other 2.5 3.1 -0.7 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 49.9 1.3 48.6 -47.8 0.5 -48.3 -21.9 0.1 -22.0 27.6 -0.0 27.6 52.4 0.8 51.5 45 46 47 -2.8 -0.2 -6.0 -10.0 -1.3 2.5 10.4 2.1 2.3 -4.7 -1.5 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 6, 2013 F.109 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving less net capital transfers paid (2) -21.5 32.1 88.3 122.2 68.2 41.5 16.2 48.3 94.0 7.4 137.1 1 2 Fixed nonresidential investment 10.3 34.2 30.9 25.0 26.0 32.7 31.1 30.1 32.4 37.2 40.0 2 3 Net lending (+) or net borrowing (-) 94.2 -40.2 -267.1 -210.0 -110.7 -90.3 -305.3 111.5 -276.4 108.9 -88.9 3 4 Net acquisition of financial assets 952.3 1574.9 -624.4 -228.1 1027.1 422.5 220.5 411.4 334.6 723.4 1229.5 4 3.3 2.1 2.7 839.2 -2.8 117.0 -2.2 -8.9 8.1 594.2 7.1 -71.2 -9.2 -49.3 -7.7 -171.8 5.8 -266.5 39.5 202.7 -27.4 1197.2 5 6 815.9 381.2 -591.8 -202.6 197.4 403.0 240.5 383.0 232.4 756.1 73.0 7 -0.5 10.4 -115.8 12.6 232.2 15.3 -20.8 142.2 20.4 -40.4 -15.7 94.7 172.6 3.4 -136.0 0.0 103.0 138.5 29.3 -126.8 0.0 -46.7 133.6 46.8 6.9 0.0 86.6 49.7 66.0 -5.6 0.0 80.6 293.2 52.7 -147.6 0.0 95.8 -98.9 75.7 -13.5 0.0 39.3 11.7 90.6 84.7 0.0 130.7 -7.1 45.0 54.0 0.0 -67.3 171.2 58.0 -85.8 8 9 10 11 12 332.1 0.0 286.3 58.6 199.5 -0.2 -4.5 69.7 -402.1 0.0 -245.2 -63.6 -51.8 0.0 -213.9 -81.0 200.1 0.0 -146.8 3.6 202.8 0.0 -45.2 48.7 211.1 0.0 -222.1 -27.4 197.7 0.0 22.6 103.5 126.5 0.0 -147.8 27.3 275.8 0.0 166.3 91.3 87.5 0.0 -107.0 16.4 13 14 15 16 1.4 3.6 0.9 1.3 6.3 14.1 -1.7 -5.6 0.9 -0.5 5.1 8.7 8.5 -9.3 3.0 11.4 6.1 11.5 3.0 21.1 -2.7 14.7 17 18 32.3 10.9 -113.5 6.4 -59.9 0.8 22.7 4.5 79.0 4.8 100.3 7.4 21.2 12.4 186.6 4.8 140.5 5.9 53.0 6.4 -154.7 5.3 19 20 5 6 Vault cash Reserves at Federal Reserve 7 Credit market instruments 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 16 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 17 18 Corporate equities Mutual fund shares 19 20 Security credit Life insurance reserves 21 82.8 456.6 -108.0 -34.2 143.1 -38.0 5.7 2.1 198.9 -358.5 124.0 21 22 Net increase in liabilities 858.1 1615.1 -357.3 -18.1 1137.8 512.8 525.7 299.9 611.0 614.5 1318.4 22 23 Net interbank liabilities -58.7 981.0 -705.0 -121.8 242.2 -147.2 201.2 -282.4 11.5 -519.1 716.1 23 24 25 26 Checkable deposits Small time and savings deposits Large time deposits 18.9 316.4 283.4 140.2 524.8 -190.6 109.7 517.2 -141.8 81.3 298.3 -182.3 356.7 577.4 -204.6 206.4 539.7 -23.6 92.6 378.9 -87.5 69.3 473.4 -4.8 177.7 584.4 -144.5 485.9 721.9 142.5 302.3 87.5 -61.1 24 25 26 27 Federal funds and security RPs (net) -79.5 -347.2 291.3 -141.8 -78.6 -112.0 -183.4 -9.2 -216.5 -38.8 -140.6 27 28 Credit market instruments 236.0 7.2 -306.3 -162.1 -75.8 -26.3 -46.4 -6.7 -95.2 43.2 -23.5 28 -0.1 24.8 211.2 0.0 0.1 7.1 0.1 -28.5 -278.0 -20.1 6.7 -148.7 7.6 -21.0 -62.5 -33.1 1.3 5.6 -65.1 50.4 -31.7 -9.0 -50.9 53.2 -45.4 -18.2 -31.6 -13.0 23.7 32.4 -52.3 -7.6 36.4 29 30 31 29 30 31 Miscellaneous assets Open market paper Corporate bonds Other loans and advances 32 33 Corporate equity issues Taxes payable (net) 7.5 -15.6 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 2.1 6.7 3.5 7.7 1.3 9.1 1.1 16.3 2.3 -6.4 1.4 7.6 32 33 34 35 36 37 38 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other 149.6 -0.8 114.0 43.7 -7.3 573.5 24.8 113.6 35.6 399.5 -141.4 16.6 166.8 -73.5 -251.2 191.7 9.3 33.4 -31.5 180.5 303.6 17.9 76.1 -33.7 243.3 67.1 1.6 101.2 -11.8 -24.0 159.1 -26.0 22.3 65.7 97.1 50.0 13.3 174.2 -103.0 -34.6 276.3 9.2 136.6 -42.3 172.8 -217.1 9.9 71.8 32.3 -331.1 428.7 21.5 110.5 67.7 229.1 34 35 36 37 38 -126.1 38.1 324.5 307.2 152.9 99.1 290.4 -93.3 338.1 -138.7 186.1 39 -1.8 -1.7 -2.6 -0.8 -0.1 0.4 -0.4 -0.2 1.0 1.2 1.2 40 39 Discrepancy Memo: 40 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 2007 28 Z.1, June 6, 2013 F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 1 Gross saving less net capital transfers paid (1) 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 Vault cash Reserves at Federal Reserve 6 Credit market instruments Q2 Q3 2013 Q1 Q4 -34.2 22.5 78.8 110.8 54.3 26.1 0.1 34.6 76.9 -6.9 118.7 1 2.4 27.1 24.6 20.0 20.1 26.2 24.7 23.7 26.0 30.6 33.3 2 692.4 956.4 -310.9 -362.0 333.9 401.6 380.0 242.1 200.7 783.5 816.4 3 3.3 1.7 2.7 596.6 -2.8 53.7 -2.2 -89.7 8.1 224.8 7.1 -4.6 -9.2 32.7 -7.7 -167.2 5.8 -165.5 39.5 281.9 -27.4 791.3 4 5 585.4 241.9 -336.7 -176.6 126.9 357.8 214.6 391.3 117.1 708.4 93.8 6 0.0 5.6 -111.0 -49.1 0.0 -5.9 0.0 -56.1 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 -1.9 0.0 25.7 260.2 210.3 5.2 66.5 13.2 -35.0 0.0 138.2 -123.2 -57.5 6.6 -85.5 26.6 -13.3 0.0 -28.5 17.2 2.0 11.4 -2.2 22.0 -16.0 0.0 142.0 -12.0 -80.5 11.4 -21.9 22.4 56.6 0.0 -83.9 163.2 160.0 11.7 -31.6 19.5 3.5 7 8 9 10 11 12 13 14 7 8 9 10 11 12 13 14 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 16 17 18 19 20 21 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 11.9 151.2 11.0 0.0 104.3 0.0 35.8 19.9 -64.1 -25.7 0.0 -43.3 0.0 5.0 2.4 25.9 6.6 1.1 -51.6 -3.8 73.7 30.3 -98.8 -9.7 -6.4 -70.6 -1.4 -10.7 42.6 3.0 -3.1 -2.5 -22.0 2.7 27.8 65.8 -1.2 15.3 0.4 -20.8 4.1 -0.1 46.8 -78.3 -1.3 1.4 -47.0 -5.1 -26.3 81.5 -13.9 62.5 -0.3 -14.5 10.2 -71.8 90.7 55.4 -2.6 -0.3 -3.8 5.0 57.0 44.2 32.2 2.5 0.6 -17.7 6.3 40.5 53.3 -14.7 3.7 -0.5 -18.7 4.4 -3.5 15 16 17 18 19 20 21 22 23 24 25 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 226.6 0.0 243.0 58.1 131.2 0.0 -43.4 70.1 -277.7 0.0 -243.3 -64.5 -35.9 0.0 -205.0 -70.3 156.3 0.0 -145.4 7.1 212.4 0.0 -52.2 28.1 231.2 0.0 -223.0 -48.0 212.7 0.0 20.1 76.0 114.9 0.0 -153.4 20.8 291.0 0.0 147.5 63.5 92.4 0.0 -96.4 -20.1 22 23 24 25 1.4 3.6 0.9 1.3 6.3 14.8 -1.8 -5.8 1.0 -0.8 5.1 8.3 8.5 -10.3 3.0 11.6 6.1 11.1 3.0 20.7 -2.7 13.8 26 27 26 27 Corporate equities Mutual fund shares 28 29 30 Security credit Life insurance reserves Miscellaneous assets 29.3 10.9 56.7 12.8 6.4 93.7 -59.2 0.8 12.2 -5.8 4.5 -84.6 37.3 4.8 -68.2 42.3 7.4 -21.9 -39.4 12.4 170.7 75.8 4.8 -69.4 128.1 5.9 92.3 4.7 6.4 -281.1 -135.7 5.3 77.9 28 29 30 31 Net increase in liabilities 599.6 992.7 -59.6 -141.7 472.8 492.9 704.2 113.5 465.8 688.0 896.0 31 130.9 0.3 48.6 24.1 58.0 746.9 -1.5 511.1 71.3 166.1 -534.3 -0.6 -463.1 23.5 -94.1 -213.0 0.7 -96.4 -28.2 -89.0 -229.4 0.8 -0.0 58.3 -288.5 -125.6 0.1 -0.1 -29.3 -96.4 198.9 -0.4 -0.8 45.0 155.1 -379.7 0.0 0.3 -245.1 -134.9 -55.0 0.4 0.2 47.7 -103.4 -266.7 0.5 -0.2 35.4 -302.3 449.5 -0.4 -0.2 140.8 309.3 32 33 34 35 36 13.5 14.9 5.0 -6.3 137.9 -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 25.6 296.5 176.9 0.3 -4.2 180.8 53.1 -0.2 -13.5 66.8 45.6 1.6 -4.6 48.6 166.3 -0.7 4.6 162.4 442.6 0.5 -3.4 445.5 255.3 -0.8 -22.8 278.8 37 38 39 40 32 33 34 35 36 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 37 38 39 40 Checkable deposits Federal government Rest of the world Private domestic 41 42 43 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 282.7 4.1 -68.4 480.6 -69.0 -255.8 472.3 -329.8 253.5 271.7 -130.2 -194.9 537.1 -35.3 -112.9 491.6 -4.8 -138.2 299.5 25.4 -191.8 416.7 104.1 -37.4 541.5 -153.5 -187.9 708.5 4.6 -135.5 33.8 -107.8 -108.6 41 42 43 44 Credit market instruments 222.5 -0.9 -292.2 -161.7 -73.9 -27.2 -41.4 -10.1 -97.8 40.4 -12.1 44 -0.1 24.8 197.8 0.2 0.1 -1.2 0.1 -28.5 -263.9 -20.1 6.7 -148.3 7.6 -21.0 -60.5 -33.1 1.3 4.6 -65.1 50.4 -26.6 -9.0 -50.9 49.8 -45.4 -18.2 -34.2 -13.0 23.7 29.6 -52.3 -7.6 47.8 45 46 47 45 46 47 Open market paper Corporate bonds Other loans and advances 48 49 Corporate equity issues Taxes payable (net) 7.5 -15.6 12.1 -86.0 11.6 7.3 11.9 6.6 6.4 10.6 2.1 6.7 3.5 7.7 1.3 9.1 1.1 16.3 2.3 -6.4 1.4 7.6 48 49 50 51 52 Miscellaneous liabilities Investment by holding companies Other 22.3 114.0 -91.7 26.7 113.6 -86.9 257.9 166.8 91.2 198.4 33.4 165.1 50.8 76.1 -25.4 111.5 101.2 10.3 349.3 22.3 326.9 -36.2 174.2 -210.4 234.8 136.6 98.2 -101.8 71.8 -173.6 376.9 110.5 266.4 50 51 52 -129.4 31.7 305.5 311.0 173.2 91.2 299.6 -117.8 315.9 -133.0 165.0 53 -1.8 -1.7 -2.6 -0.8 -0.1 0.4 -0.4 -0.2 1.0 1.2 1.2 54 53 Discrepancy Memo: 54 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 6, 2013 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 3.6 2.5 2.5 2.5 3.2 3.4 3.3 3.3 3.4 3.4 3.4 1 2 Fixed nonresidential investment 4.1 2.9 2.6 2.2 2.9 3.1 3.1 3.1 3.1 3.2 3.2 2 3 Net acquisition of financial assets 219.8 576.8 -357.3 69.3 662.2 -32.0 -302.0 189.3 115.3 -130.4 339.7 3 4 Reserves at Federal Reserve 5 Credit market instruments 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Depository institution loans n.e.c. Other loans and advances Mortgages 14 15 16 Corporate equities Security credit 238.0 45.1 66.7 360.2 -72.2 -127.3 34.6 -68.9 -127.2 410.1 4 100.8 -285.8 -30.8 37.7 -0.7 -55.2 -39.4 83.9 7.7 -89.0 5 0.0 3.6 2.0 0.0 77.0 0.0 5.1 -6.5 0.0 32.1 0.0 22.0 -19.3 0.0 -156.7 0.0 3.5 -4.8 0.0 -11.0 0.0 -0.5 4.0 0.0 0.6 0.0 16.1 1.5 0.0 -5.8 0.0 44.5 -6.1 0.0 -72.2 0.0 -42.6 12.9 0.0 0.7 0.0 65.3 -8.3 0.0 29.0 0.0 -2.7 7.6 0.0 19.4 0.0 11.8 -17.5 0.0 -73.2 6 7 8 9 10 105.0 0.0 14.1 65.1 -0.2 5.2 -125.4 0.0 -6.4 -16.1 0.0 -2.5 36.1 0.0 -2.6 -10.7 0.0 -1.9 -15.0 0.0 -6.4 -10.3 0.0 -0.1 -2.1 0.0 0.1 -15.5 0.0 -1.2 -5.2 0.0 -4.9 11 12 13 0.0 3.0 0.0 -126.3 0.0 -0.8 0.1 28.5 -0.0 41.6 0.0 58.0 0.0 60.6 0.0 110.8 0.0 12.4 0.0 48.3 0.0 -19.0 14 15 14.7 364.3 -115.8 4.9 222.7 -17.0 -180.1 83.3 87.9 -59.2 37.5 16 17 Net increase in liabilities 222.9 572.1 -355.9 70.5 666.8 -29.3 -298.2 190.1 121.0 -130.3 347.5 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks -191.1 -169.4 -21.7 240.4 244.7 -4.3 -158.9 -176.3 17.5 48.2 40.8 7.3 496.5 509.6 -13.1 -11.7 -57.5 45.7 -40.7 -19.0 -21.7 169.0 143.1 25.8 106.7 -88.5 195.2 -281.8 -265.5 -16.4 273.3 220.6 52.7 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 2.6 6.9 273.4 1.7 0.1 -123.2 2.6 4.4 173.9 5.7 5.8 -49.6 23.7 13.2 -172.4 16.2 13.8 -24.8 -5.1 36.0 -119.2 18.4 16.8 -114.7 19.9 1.2 6.7 31.7 1.2 127.9 7.5 20.7 39.0 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities -13.6 0.0 -96.3 -0.2 40.3 0.0 52.9 0.0 50.2 0.0 20.0 0.0 20.3 0.0 1.4 0.0 -42.9 0.0 101.0 0.0 -39.8 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 144.8 -0.8 43.7 101.9 549.5 24.8 35.6 489.1 -418.2 16.6 -73.5 -361.2 7.5 9.3 -31.5 29.6 255.5 17.9 -33.7 271.3 -42.7 1.6 -11.8 -32.5 -189.3 -26.0 65.7 -229.1 99.3 13.3 -103.0 189.0 29.4 9.2 -42.3 62.4 -110.3 9.9 32.3 -152.5 46.8 21.5 67.7 -42.3 26 27 28 29 2.6 -5.1 1.3 1.6 5.0 2.9 4.1 1.1 5.9 0.3 8.0 30 30 Miscellaneous assets 0.4 201.7 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 2007 30 Z.1, June 6, 2013 F.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 Q3 2013 Q1 Q4 1 Gross saving 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -0.3 -2.9 -7.3 -14.8 -4.1 0.0 -0.5 11.4 -13.3 2.6 -1.6 3 4 Flows Q2 5 6 7 8 9 10 11 12 13 Credit market instruments -6.4 -1.9 -2.8 -19.3 -4.9 -0.1 -0.6 -4.6 -2.9 7.5 -1.1 4 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -1.9 -2.7 0.7 0.1 -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 1.2 -0.1 0.5 1.9 -1.2 -2.6 -0.8 -1.5 -3.3 0.1 2.0 -2.1 -5.5 -0.7 2.4 -0.1 -0.7 0.2 1.6 5 6 7 8 Depository institution loans n.e.c. Home mortgages Commercial mortgages -4.2 4.3 -2.7 -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 0.4 -1.0 -0.9 0.3 -1.0 -1.1 1.4 -0.8 -0.9 1.7 11.9 -0.2 0.3 -0.3 -2.1 9 10 11 6.1 -1.0 -4.5 4.5 0.8 0.2 0.1 16.0 -10.4 -5.0 -0.6 12 -7.7 -3.4 -1.1 -14.8 -3.1 -0.1 -1.4 12.1 -11.5 0.5 -1.4 13 0.3 1.7 1.1 1.1 -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 0.5 0.7 -0.8 -0.8 -0.6 11.0 3.4 3.4 -2.9 -5.5 -4.1 -4.1 1.5 3.9 1.2 1.2 1.1 -0.3 0.6 0.6 14 15 16 17 -11.9 -3.8 4.3 -5.9 -3.9 -2.0 -1.1 -5.0 5.2 -7.2 -3.4 18 -7.4 -0.5 6.2 -0.0 1.0 -0.1 -0.9 0.7 1.9 -2.0 0.3 19 Miscellaneous assets Net increase in liabilities 14 15 16 17 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 18 Miscellaneous liabilities 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 9.0 7.0 6.8 8.8 10.5 11.9 12.6 10.3 13.7 10.8 14.9 1 2 Fixed nonresidential investment 3.8 3.9 3.5 2.8 2.9 3.2 3.2 3.2 3.2 3.3 3.3 2 3 Net acquisition of financial assets 40.4 44.6 51.1 79.4 35.1 52.8 143.0 -31.4 32.0 67.7 75.1 3 0.0 4.7 18.1 14.1 9.2 5.6 45.4 -39.1 -32.1 48.1 -4.2 4 4 Reserves at Federal Reserve 5 Credit market instruments 35.3 40.4 33.5 24.0 37.6 46.0 81.6 35.6 34.4 32.5 69.3 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -0.5 3.0 -4.1 0.0 3.9 -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 11.0 38.0 5.9 2.4 0.0 -1.7 12.7 -3.2 0.5 0.0 4.0 6.1 -0.2 -1.6 0.0 -6.5 2.7 1.5 0.1 0.0 4.9 26.2 4.5 0.5 6 7 8 9 10 11 12 13 Depository institution loans n.e.c. Home mortgages Consumer credit 4.8 27.7 0.5 4.8 32.0 -0.4 1.3 4.8 0.9 3.5 0.0 -10.7 6.6 3.5 -3.4 0.1 7.3 20.6 -5.5 9.2 20.6 -4.8 4.6 27.5 12.4 7.1 6.5 -1.5 8.4 27.8 0.0 -3.3 36.5 11 12 13 -0.0 5.2 -0.0 -0.4 -0.7 0.2 0.2 41.1 0.3 -12.1 0.4 0.8 1.0 15.0 -0.1 -27.8 0.4 29.2 0.4 -13.3 0.9 9.2 14 15 14 15 Mutual fund shares Miscellaneous assets 16 Net increase in liabilities 43.2 53.7 59.3 68.0 1.3 49.3 121.1 -15.9 35.8 56.2 76.3 16 17 Net interbank liabilities 1.1 -5.7 -10.9 42.2 -23.7 -9.5 42.4 -71.1 -37.3 27.9 -7.8 17 18 19 20 21 Shares/deposits Checkable Small time and savings Large time 31.7 1.1 25.8 4.8 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 95.3 43.9 44.2 7.2 33.2 -5.7 36.5 2.4 49.1 -3.1 45.9 6.4 27.6 7.8 11.0 8.8 79.3 39.9 32.4 7.0 18 19 20 21 22 23 Federal funds and security RPs (net) Other loans and advances 2.6 13.4 4.8 8.3 -2.4 -14.1 0.1 -0.4 -15.9 -2.0 6.2 0.9 -11.8 -5.1 26.8 3.3 14.3 2.6 -4.3 2.8 7.8 -11.4 22 23 24 Miscellaneous liabilities -5.6 1.1 14.7 -8.3 1.3 0.3 0.3 -8.1 7.0 2.2 8.4 24 8.0 12.1 11.5 -5.4 -26.3 5.1 -12.4 22.7 14.3 -4.0 12.8 25 25 Discrepancy 31 Z.1, June 6, 2013 F.114 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Gross saving less net capital transfers paid (1) 55.8 30.1 38.3 44.2 48.3 33.7 52.3 39.3 59.2 -16.1 61.2 1 2 Fixed nonresidential investment 19.5 19.9 19.8 16.9 18.1 19.6 19.3 19.5 19.5 20.1 20.3 2 3 Net acquisition of financial assets 43.0 25.1 38.4 -38.4 28.7 21.0 16.7 19.1 26.7 21.6 -31.6 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 12.8 7.2 1.7 -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 3.8 0.1 20.2 3.5 0.1 0.5 3.7 0.1 14.6 3.8 0.1 13.9 4.0 0.1 -23.2 -4.0 -0.3 4 5 6 7 Credit market instruments 5.3 -15.9 33.3 3.9 36.2 -2.5 -13.7 -11.0 1.1 13.6 -8.8 7 -3.1 -38.7 3.8 36.1 5.9 1.3 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 -1.3 -6.1 -9.0 -3.4 16.7 0.7 -1.4 -7.3 -10.7 -7.3 12.0 1.0 -1.3 -6.9 -10.2 -6.5 13.1 0.8 -1.3 -5.7 -8.4 -2.1 18.2 0.5 -1.2 -4.6 -6.8 2.3 23.5 0.5 -1.2 -2.8 -1.2 -3.1 -1.3 0.8 8 9 10 11 12 13 0.5 -0.5 -1.6 17.6 35.1 -0.4 1.3 6.8 -2.4 0.1 -3.7 14.6 -20.9 -0.1 0.8 -22.5 2.3 -0.1 3.4 3.1 6.5 -0.1 4.8 -3.9 5.3 -0.0 15.8 -14.5 12.2 -0.1 3.6 10.0 -1.6 -0.1 9.8 -1.1 10.1 -0.1 -10.0 -10.1 6.8 -0.1 6.1 -8.1 14 15 16 17 8 9 10 11 12 13 14 15 16 17 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 18 Net increase in liabilities 9.4 14.3 -4.3 3.0 16.9 -2.3 -19.8 -10.9 -0.0 21.4 -49.6 18 19 20 21 22 Security RPs Corporate equity issues Taxes payable (net) Miscellaneous liabilities -0.7 -13.2 -2.4 25.8 1.9 0.4 -28.1 40.2 -1.7 -5.3 5.3 -2.6 0.8 -12.7 5.6 9.3 -1.1 -10.7 -4.4 33.1 0.4 -17.2 3.8 10.7 0.3 -18.1 26.0 -28.0 0.0 -11.3 -20.7 21.2 0.7 -22.2 17.9 3.6 0.7 -17.3 -8.1 46.1 1.1 -23.5 30.2 -57.3 19 20 21 22 2.8 -0.6 -24.3 68.7 18.3 -9.3 -3.5 -10.2 13.0 -36.5 22.9 23 23 Discrepancy (1) Net capital transfers paid from table F.9, line 51. F.115 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 5.1 -44.8 12.6 10.5 18.0 21.3 20.9 20.7 21.9 21.7 22.9 1 2 Fixed nonresidential investment 14.1 14.4 14.2 12.2 13.1 14.2 14.0 14.1 14.1 14.5 14.7 2 3 Net acquisition of financial assets 240.5 167.1 115.3 189.9 220.5 125.4 85.5 -40.5 209.5 247.0 26.0 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs 2.3 -1.6 0.2 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 -4.8 -2.7 -3.4 -5.7 -7.6 12.9 -4.7 -1.0 -10.2 -4.5 -1.0 11.4 -4.3 -1.0 2.8 13.9 -0.8 4 5 6 7 Credit market instruments 84.8 11.6 139.8 151.6 123.6 69.4 146.5 -109.5 149.0 91.6 97.4 7 13.1 -17.3 5.5 -3.4 35.1 -16.7 11.5 27.7 5.8 -8.9 23.2 4.0 -11.2 10.5 -1.2 10.8 4.6 -13.1 12.6 7.1 -5.3 2.3 -4.5 -31.8 -0.4 9.9 -2.5 28.7 6.0 -12.9 11.3 7.9 -9.5 8 9 10 4.8 43.1 13.2 22.4 5.7 -45.5 20.3 16.3 26.1 97.6 -12.6 -16.3 39.2 102.9 -0.2 -8.6 9.3 93.4 7.9 15.0 9.6 43.8 1.8 11.9 12.7 105.9 -7.9 21.4 1.4 -95.9 4.1 14.9 14.3 119.2 4.8 3.8 10.0 46.0 6.2 7.7 3.0 78.1 1.9 4.7 11 12 13 14 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 15 16 Corporate equities Mutual fund shares 84.1 31.3 81.8 -10.7 33.4 0.0 45.6 1.0 37.7 1.1 15.3 1.3 6.4 1.2 16.2 1.3 20.0 1.3 18.5 1.3 18.7 1.3 15 16 17 Miscellaneous assets 39.5 37.2 -22.5 2.8 48.9 44.2 -51.9 44.4 55.0 129.4 -107.2 17 18 Net increase in liabilities 198.7 166.9 30.9 168.1 201.3 90.9 68.4 -97.4 190.5 202.0 6.6 18 19 20 21 Security RPs Corporate equity issues Other loans and advances -1.1 -30.6 14.5 -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 -10.4 4.8 1.6 -11.5 6.6 3.6 -11.9 15.7 4.0 -8.4 -0.2 3.4 -9.7 -3.0 0.5 -7.1 5.2 19 20 21 22 23 24 25 Life insurance reserves Pension fund reserves (1) Taxes payable (net) Miscellaneous liabilities 33.0 116.7 -3.4 69.5 66.0 49.1 -19.7 63.2 25.4 2.6 -7.0 17.9 16.4 145.3 2.6 14.0 92.8 79.7 5.2 33.2 -11.9 110.0 -4.6 -0.0 -10.1 97.0 -14.8 -0.3 -74.6 -47.7 13.9 3.6 12.0 161.5 0.9 20.7 25.1 229.0 -18.5 -24.1 26.5 142.5 -0.6 -160.3 22 23 24 25 -50.8 -59.4 -86.0 -23.5 -14.3 -27.4 -10.1 -50.4 -11.2 -37.7 -11.2 26 26 Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). Flows 2007 32 Z.1, June 6, 2013 F.116 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 1.0 0.8 0.6 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 2 3 Net acquisition of financial assets 324.0 -107.7 26.4 156.5 165.9 25.6 -40.5 89.3 88.9 -35.3 -190.8 3 4 5 Checkable deposits and currency Time and savings deposits -0.4 13.0 -3.7 -3.6 -2.9 3.4 2.1 -2.3 1.7 5.6 -1.3 -6.4 -3.3 -12.5 -1.0 -2.8 -1.2 -4.0 0.3 -6.2 -2.9 -9.3 4 5 6 7 Money market fund shares Security RPs 27.7 0.2 -34.9 -1.0 -6.9 0.2 -10.4 -0.2 6.6 0.3 -10.3 -0.4 -19.5 -0.6 -4.5 -0.2 -7.0 0.6 -10.1 -1.2 -16.5 -0.6 6 7 8 Credit market instruments 247.3 -210.5 10.3 124.8 52.5 -37.5 -89.1 16.4 -41.8 -35.4 -128.4 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 33.4 46.7 67.8 -27.2 -39.1 -63.6 -1.4 35.0 -6.4 -1.1 33.2 6.5 11.8 34.0 7.3 -13.1 44.5 18.5 -22.2 56.0 19.0 -2.4 42.6 25.5 -15.3 47.9 14.5 -12.4 31.4 14.8 -52.8 18.8 0.5 9 10 11 12 13 Corporate and foreign bonds Mortgages 97.3 2.1 -72.7 -7.9 -14.5 -2.4 83.4 2.8 -1.7 1.0 -81.1 -6.2 -132.3 -9.7 -45.4 -3.9 -83.7 -5.2 -63.2 -6.0 -83.7 -11.2 12 13 -285.6 75.3 185.6 77.0 -95.4 56.5 25.2 35.1 -15.7 27.4 78.0 71.1 204.0 87.0 -22.6 54.9 110.8 74.5 19.8 67.9 66.6 137.7 14 15 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 246.6 28.2 44.8 173.6 -116.6 54.6 -25.5 -145.8 61.3 32.6 -8.4 37.1 -17.7 -45.5 15.4 12.3 87.6 8.0 -0.9 80.5 -67.7 -31.6 -4.3 -31.8 -206.5 -51.0 -12.9 -142.6 49.2 5.7 3.3 40.2 -43.1 -43.0 -1.4 1.4 -70.3 -38.1 -6.3 -26.0 -237.6 -58.3 -23.9 -155.4 16 17 18 19 20 Pension fund reserves (liabilities) (3) 324.7 -107.3 26.5 156.6 166.0 25.7 -40.4 89.4 88.9 -35.2 -190.7 20 63.1 260.9 -102.0 -5.7 -31.3 57.7 63.3 93.3 21.8 144.2 -0.6 26.2 53.2 -93.7 -37.0 126.3 56.1 32.8 -74.7 39.4 -195.3 4.4 21 22 Memo: 21 22 Net acquisition of financial assets (4) Defined benefit plans Defined contibution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. (4) Additional detail on defined benefit plans and defined contribution plans is available on F.116.b and F.116.c. 33 Z.1, June 6, 2013 F.117 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 0.6 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1 2 Fixed nonresidential investment 2.1 1.4 0.9 0.8 0.9 1.0 1.0 1.0 1.0 1.0 1.0 2 3 Net acquisition of financial assets 76.9 32.4 -77.3 -48.6 -68.7 53.4 88.6 34.5 -8.1 98.7 -63.2 3 4 5 Checkable deposits and currency Time and savings deposits 0.3 3.0 -0.1 0.3 0.0 1.6 0.6 6.4 0.3 2.8 -0.4 -3.0 -0.4 -3.1 -0.4 -3.8 -0.3 -2.6 -0.3 -2.5 -0.4 -3.4 4 5 6 7 Money market fund shares Security RPs 0.5 0.1 -5.2 -0.2 -2.8 -0.1 3.1 0.4 1.0 0.2 -3.6 -0.3 -3.7 -0.3 -4.5 -0.4 -3.1 -0.2 -3.0 -0.2 -4.1 -0.3 6 7 8 Credit market instruments 40.5 -26.5 -85.8 22.1 2.2 1.6 35.6 -24.3 -32.8 27.8 10.0 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 2.8 -9.1 -3.1 -0.5 -14.3 -30.6 1.0 22.0 -3.0 6.3 8.0 1.8 2.7 14.5 8.2 -3.3 43.4 19.7 -3.4 66.5 34.0 -4.1 27.2 15.6 -2.8 34.7 9.3 -2.8 45.3 19.8 -3.7 44.8 7.4 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -0.1 48.0 2.0 -0.2 22.0 -2.8 0.1 -102.3 -3.7 0.7 5.7 -0.5 1.4 -24.3 -0.2 2.8 -59.1 -2.0 2.5 -61.6 -2.3 3.6 -64.6 -1.9 2.0 -74.1 -1.9 3.3 -36.1 -1.8 2.2 -37.0 -3.6 12 13 14 55.4 -25.6 110.3 -27.6 20.5 -2.3 -84.0 -13.2 -69.0 -14.6 53.0 6.5 60.0 7.3 59.4 7.3 24.8 3.0 67.8 8.3 -57.7 10.9 15 16 2.7 -18.4 -8.5 16.1 8.5 -0.4 -6.8 1.1 3.0 1.0 -18.2 17 78.4 33.0 -77.1 -48.6 -68.7 53.5 88.7 34.5 -8.0 98.8 -63.1 18 15 16 Corporate equities Mutual fund shares 17 Miscellaneous assets 18 Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.118 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 47.8 78.9 78.2 81.9 86.6 50.2 67.9 104.9 86.0 -57.7 174.9 1 12.6 23.9 7.4 10.8 20.0 13.9 5.5 16.9 9.4 23.9 -8.7 2 11.3 -0.2 1.5 24.7 -0.2 -0.5 7.4 0.0 -0.0 10.0 0.6 0.2 17.9 0.7 1.4 12.3 0.6 1.0 2.5 2.0 1.1 13.1 2.4 1.4 10.1 -2.2 1.6 23.5 0.4 0.0 -4.3 -2.2 -2.1 3 4 5 1.9 33.3 -8.4 63.3 8.8 61.9 5.4 65.7 -4.2 70.8 -4.1 40.4 6.5 55.8 -3.8 91.7 -8.4 85.0 -10.8 -70.9 16.3 167.3 6 7 47.8 78.9 78.2 81.9 86.6 50.2 67.9 104.9 86.0 -57.7 174.9 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. Flows 2007 34 Z.1, June 6, 2013 F.119 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2007 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Net acquisition of financial assets 736.8 724.2 -498.7 -503.2 -112.8 7.1 -207.3 -164.5 64.2 335.9 -152.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 34.4 -4.7 74.7 211.1 -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 -11.3 -23.8 -166.8 106.3 -28.6 -1.7 -49.5 103.1 28.7 -3.2 234.6 -129.9 12.5 14.3 112.7 137.2 21.8 22.9 -86.4 -223.2 2 3 4 5 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 391.8 73.7 95.5 102.0 104.6 15.9 727.9 -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 -87.2 34.8 218.6 -278.5 -53.4 -8.8 -139.5 19.4 -110.3 28.3 -54.4 -22.6 9.6 -73.8 81.8 12.7 5.7 -16.9 -113.7 -33.8 -132.3 -3.2 19.5 36.0 104.6 70.6 153.1 -39.7 -83.5 4.0 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) 29.4 -33.9 -8.3 -3.4 -0.8 6.1 -24.7 -48.3 -75.7 173.0 7.6 12 736.8 724.2 -498.7 -503.2 -112.8 7.1 -207.3 -164.5 64.2 335.9 -152.7 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.120 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 3 Security RPs 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 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 14 Discrepancy 13.4 -5.7 -10.6 -6.2 -16.2 -10.3 -8.0 -11.1 -6.7 -15.4 -12.1 1 361.5 -9.9 497.1 370.1 338.4 735.7 1121.9 560.7 784.2 476.1 997.5 2 -0.6 -7.4 28.6 -15.8 -28.8 98.5 390.3 45.7 52.1 -94.0 135.9 3 268.0 -0.4 18.0 64.5 27.7 122.1 36.1 32.4 -62.5 -1.2 -3.7 17.7 69.7 12.4 387.1 28.6 70.0 54.0 89.4 143.8 1.3 353.6 -13.9 43.2 156.1 46.7 122.3 -0.8 359.4 -26.3 70.8 110.0 15.7 170.3 18.9 707.6 93.1 83.8 126.2 86.2 306.0 12.2 968.1 327.3 92.2 156.6 83.1 306.0 2.9 642.8 47.1 100.0 148.0 87.0 240.5 20.1 714.7 101.3 68.4 98.7 107.2 333.5 5.6 504.7 -103.2 74.6 101.5 67.4 344.0 20.3 778.2 86.6 100.1 115.2 68.2 398.1 10.0 4 5 6 7 8 9 10 91.3 2.8 -38.1 3.2 86.5 -5.1 44.3 -12.0 4.9 2.9 -37.2 -33.1 -75.5 -161.0 -66.0 -61.9 -1.5 18.9 -5.9 71.4 83.4 -0.0 11 12 361.5 -9.9 497.1 370.1 338.4 735.7 1121.9 560.7 784.2 476.1 997.5 13 13.4 -5.7 -10.6 -6.2 -16.2 -10.3 -8.0 -11.1 -6.7 -15.4 -12.1 14 (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 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) 18.4 -61.8 7.6 0.4 -2.5 2.9 -29.1 14.5 8.2 17.8 12.0 1 -0.4 -1.7 1.9 -0.5 18.8 -40.7 -2.4 -13.3 -24.9 -21.1 10.6 1.2 3.3 6.1 -3.0 5.2 0.7 0.4 4.1 -4.8 -1.2 -0.3 1.5 -2.4 -1.3 11.6 0.3 3.3 8.0 -8.7 11.6 1.1 2.6 7.9 -40.7 6.3 -0.5 3.4 3.4 8.2 13.5 0.8 2.1 10.7 -5.3 14.8 -0.1 5.0 10.0 3.0 30.4 2.1 2.2 26.0 -18.4 2 3 4 5 6 18.4 -61.8 7.6 0.4 -2.5 2.9 -29.1 14.5 8.2 17.8 12.0 7 150.6 177.2 116.5 118.0 117.6 185.2 212.7 100.2 207.0 221.0 207.7 8 13.4 6.6 0.6 6.2 137.3 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 65.0 -1.7 4.2 62.5 147.7 73.7 21.1 3.3 49.3 26.4 30.3 -18.1 2.9 45.5 176.7 40.3 3.4 4.0 32.9 180.7 28.1 -2.9 2.9 28.2 179.6 9 10 11 12 13 150.6 177.2 116.5 118.0 117.6 185.2 212.7 100.2 207.0 221.0 207.7 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) 35 Z.1, June 6, 2013 F.122 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 4.8 6.7 9.7 10.6 8.9 8.7 9.1 7.6 9.8 8.0 10.7 1 2 Fixed nonresidential investment 1.3 1.7 0.9 3.3 3.3 3.6 3.5 3.6 3.5 3.7 3.7 2 3 Net acquisition of financial assets 301.4 233.7 -345.9 -301.4 -243.9 -209.3 -316.7 -220.6 -108.8 -191.0 -20.9 3 -2.7 12.8 25.3 39.7 21.9 -28.2 11.1 -42.8 7.6 -36.0 0.3 20.6 9.3 -12.7 -38.1 -20.1 -9.1 39.0 -120.8 -9.2 -18.8 41.8 -5.2 126.3 -67.1 -24.2 144.9 65.7 2.2 -96.5 46.1 -2.7 170.2 4 5 6 239.0 242.9 -323.0 -315.6 -202.3 -223.2 -174.2 -327.0 -177.1 -214.3 -96.9 7 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 7 Credit market instruments 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities -4.7 1.3 -11.1 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 -5.2 18.9 -45.0 2.2 -111.9 -21.2 -6.3 -18.7 -74.1 -3.0 -13.1 -53.0 3.1 22.3 -39.9 8 9 10 11 12 Municipal securities Corporate and foreign bonds -2.8 -17.4 -2.0 -77.7 -2.2 -33.8 -4.2 -16.9 -3.9 -33.4 -4.1 -54.6 -3.4 -26.4 -3.3 -107.2 -5.3 -23.6 -4.4 -61.2 31.7 -54.5 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 237.7 0.0 11.9 225.8 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 -23.6 0.0 1.5 -25.1 85.2 0.0 16.3 68.8 -18.9 0.0 13.0 -31.9 31.9 0.0 2.5 29.4 27.0 0.0 -14.6 41.6 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) 35.9 -9.7 0.0 -9.7 42.3 0.0 42.3 3.3 0.0 62.2 8.8 0.0 8.8 42.5 0.0 42.5 10.9 0.0 2.4 -11.3 0.0 -11.3 14.2 0.0 14.2 -0.5 0.0 -110.8 -119.5 -232.5 113.0 2.0 25.3 -23.3 6.7 0.0 -96.9 -103.5 -108.9 5.4 2.8 24.5 -21.7 3.8 0.0 -100.5 -110.4 -74.1 -36.4 6.2 27.1 -20.9 3.7 0.0 -89.4 -101.1 -38.4 -62.7 8.3 25.4 -17.1 3.4 0.0 -170.9 -171.2 -103.0 -68.2 -3.5 20.5 -24.0 3.8 0.0 -30.4 -50.4 -93.2 42.8 16.6 29.0 -12.5 3.5 0.0 -111.4 -119.0 -61.7 -57.4 3.6 33.4 -29.9 4.1 0.0 -86.6 -75.9 41.2 -117.1 -14.1 26.2 -40.3 3.5 0.0 17 18 19 20 21 22 23 24 25 27.0 -42.6 1.2 29.3 -0.1 4.1 6.3 -56.4 14.7 51.8 -137.7 26 325.6 336.4 -317.1 -263.8 -182.1 -160.5 -242.7 -176.7 -129.3 -93.3 35.1 27 26 27 Miscellaneous assets Net increase in liabilities 28 Credit market instruments 282.4 271.7 -475.3 -233.8 -187.2 -154.6 -274.9 -155.0 -113.2 -75.4 43.1 28 29 30 31 32 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 282.4 0.0 282.4 0.0 271.7 0.0 271.7 0.0 -475.3 0.0 -475.3 0.0 -233.8 -207.2 -26.5 0.0 -187.2 -84.4 -102.8 0.0 -154.6 -47.0 -107.7 0.0 -274.9 -13.0 -261.9 0.0 -155.0 -82.5 -72.6 0.0 -113.2 -64.2 -49.0 0.0 -75.4 -28.3 -47.1 0.0 43.1 67.3 -24.2 0.0 29 30 31 32 33 Corporate equities 25.5 27.6 96.0 38.1 29.2 0.6 23.4 -12.5 -4.4 -4.2 7.8 33 34 Miscellaneous liabilities 17.7 37.1 62.2 -68.1 -24.0 -6.5 8.8 -9.2 -11.7 -13.7 -15.8 34 27.7 107.8 37.6 44.9 67.4 53.9 79.7 48.0 -14.2 102.1 63.0 35 35 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.123) 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.123 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 623.3 497.0 415.3 186.9 165.3 132.2 159.6 136.2 94.9 138.4 166.3 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 622.6 -0.7 0.0 1.4 492.2 4.6 0.0 0.1 402.5 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 0.3 140.8 19.0 0.0 -0.2 102.6 31.8 0.0 1.7 74.1 21.0 0.0 -0.2 102.5 36.2 0.0 -0.3 137.4 29.1 0.0 -0.2 2 3 4 5 623.3 497.0 415.3 186.9 165.3 132.2 159.6 136.2 94.9 138.4 166.3 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.122). 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. Flows 2007 36 Z.1, June 6, 2013 F.124 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 Q2 Q3 2013 Q1 Q4 1 Gross saving 0.6 0.5 0.4 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets 351.0 -413.1 -736.6 -497.3 -248.0 -216.0 -223.4 -263.2 -251.9 -125.5 -146.7 3 24.7 18.4 88.6 -13.6 -26.6 37.9 -18.3 -224.9 -51.1 -13.8 -95.4 -38.9 -10.9 -4.3 -5.4 -5.8 -0.5 -0.6 -13.1 -1.6 18.2 -4.4 -0.0 -19.9 -6.6 -0.4 -19.3 0.8 -0.1 18.5 -11.3 -0.4 20.5 4 5 6 183.2 39.8 21.5 121.9 -352.4 -312.7 -10.8 -28.9 -370.2 -323.0 -5.8 -41.4 -297.5 -243.8 -8.7 -45.1 -218.9 -193.2 -7.7 -18.1 -206.3 -182.2 -18.7 -5.5 -236.8 -181.9 -47.4 -7.5 -208.2 -191.2 -9.4 -7.6 -219.5 -185.3 -9.6 -24.6 -160.6 -170.2 -8.4 17.9 -169.6 -150.3 -13.8 -5.5 7 8 9 10 32.8 3.4 -42.3 -16.1 -37.8 -34.3 -42.3 -9.5 -4.2 -4.2 3.7 -6.4 19.1 -9.1 -19.0 -11.6 -2.2 -3.9 16.9 -1.0 18.4 -4.2 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 350.5 -413.5 -736.9 -497.5 -248.0 -216.0 -223.4 -263.2 -251.9 -125.5 -146.7 13 14 15 Commercial paper Corporate bonds (net) (3) -194.2 544.8 -83.9 -329.7 -266.2 -470.7 -40.3 -457.2 -24.1 -223.9 -9.0 -207.0 12.4 -235.8 -31.8 -231.3 32.8 -284.7 -49.5 -76.1 4.3 -151.0 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 -0.5 -17.9 -0.4 -46.7 -0.4 -25.3 -0.2 0.4 0.0 -3.1 0.0 -4.6 0.0 1.1 0.0 -20.1 0.0 8.7 0.0 -7.9 0.0 2.5 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.126. F.125 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 76.0 88.4 90.8 65.5 72.2 58.5 62.6 54.7 69.0 47.8 64.0 1 2 Fixed nonresidential investment 61.9 42.5 14.0 30.7 42.9 46.2 45.6 46.1 45.9 47.3 47.9 2 3 Net acquisition of financial assets 19.9 -59.5 -189.2 -175.6 -19.6 -70.5 -45.9 -144.6 -59.5 -31.9 -43.2 3 4 5 Checkable deposits and currency Time and savings deposits 0.4 1.2 0.3 0.8 0.5 1.6 -1.7 -5.0 4.9 14.7 -3.4 -10.2 -1.5 -4.5 -9.8 -29.4 8.0 24.0 -10.4 -31.1 4.8 14.5 4 5 7.1 4.5 24.9 -62.5 40.2 -81.9 3.0 16.9 -84.0 -17.9 -217.6 6.3 -91.0 -50.5 -82.4 -104.5 -20.0 -15.2 -55.9 -13.4 -45.8 0.9 2.4 -32.1 -17.0 -28.1 -6.3 11.8 -26.4 -7.2 -54.9 -0.4 -16.6 -32.9 -5.0 -38.3 8.0 9.0 -31.3 -24.0 -40.6 -6.3 10.8 -20.7 -24.3 21.3 -26.4 43.8 -20.6 24.5 -52.2 -2.8 0.1 -38.3 -11.2 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 11.2 21.4 26.3 -64.4 6.7 -28.7 15.0 -67.1 -51.0 -11.7 -10.4 11 26.5 -69.1 -250.2 -188.0 -27.1 -82.3 -51.5 -150.1 -62.9 -64.7 -54.0 12 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 34.9 -15.1 -2.8 52.8 0.0 -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 -12.8 10.0 -38.6 15.9 0.0 -53.7 8.2 -78.4 16.4 0.0 -25.0 25.6 -33.6 -17.0 0.0 -122.9 -10.7 -86.1 -26.0 0.0 81.6 15.7 -10.2 76.0 0.0 -148.7 2.1 -183.5 32.8 0.0 -55.2 -12.2 -20.5 -22.5 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 -1.5 -6.9 -5.6 -13.4 12.0 -0.1 10.4 12.2 -8.4 6.5 -2.8 -91.2 12.8 -32.6 -71.5 0.3 -13.4 18.0 -15.9 -15.5 0.4 -14.7 10.2 -12.1 -12.8 0.1 -28.6 0.9 -0.9 -28.6 1.2 -27.7 4.5 -26.9 -5.3 -0.8 -26.5 0.3 -24.6 -2.2 -0.6 -143.8 -1.6 -2.4 -139.9 0.6 83.4 0.4 50.1 32.9 1.5 -0.4 -2.9 -10.0 12.5 18 19 20 21 22 20.7 36.3 15.7 22.3 21.8 0.5 11.5 3.0 19.7 -32.4 5.3 23 16.9 -11.8 -25.7 -16.5 7.9 24.3 17.9 22.8 29.1 27.5 22.7 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.124. 37 Z.1, June 6, 2013 F.126 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 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 2013 Q1 Q4 -18.0 -11.6 7.3 -0.4 -6.4 -12.4 -6.4 -5.7 -15.9 -21.4 -20.2 1 11.2 -9.3 6.0 0.1 3.8 -0.1 2.9 4.7 2.8 6.3 3.2 5.3 3.1 4.9 3.2 6.4 3.2 5.1 3.3 4.9 3.3 4.9 2 3 -26.1 -67.9 -9.3 41.8 118.3 157.7 266.9 101.9 292.4 -30.2 14.1 4 -1.8 1.8 7.9 -2.8 2.1 7.5 16.8 -3.1 14.9 1.5 22.4 5 -19.9 -68.9 -8.7 37.1 102.9 127.7 215.8 90.3 263.9 -59.3 -39.9 6 Agency- and GSE-backed securities Corporate and foreign bonds 23.5 -30.2 0.7 -22.8 15.5 3.8 38.2 5.3 101.4 1.3 111.5 10.1 207.0 13.9 71.2 8.0 244.8 12.2 -77.1 6.2 -50.4 11.2 7 8 Mortgages Home Multifamily residential Commercial -13.2 -23.5 0.2 10.1 -46.9 -46.4 -0.9 0.4 -28.0 -21.7 -2.0 -4.3 -6.3 -3.7 -0.4 -2.3 0.2 -0.7 -0.2 1.1 6.1 5.5 0.1 0.5 -5.0 1.8 -0.0 -6.8 11.1 12.3 0.2 -1.4 7.0 2.4 0.0 4.6 11.6 5.4 0.4 5.8 -0.8 4.8 1.2 -6.7 9 10 11 12 -4.4 -0.8 -8.5 7.4 13.3 22.5 34.3 14.7 13.6 27.5 31.7 13 25.7 -56.1 -28.5 71.0 169.0 210.8 321.6 137.6 336.4 47.7 65.4 14 Miscellaneous assets Net increase in liabilities 15 Security RPs -6.2 -12.3 11.1 30.0 94.9 103.4 173.4 88.7 156.3 -4.8 2.3 15 16 Credit market instruments 10.2 -53.8 -50.0 -2.1 28.2 42.9 26.6 57.3 27.4 60.4 16.0 16 17 18 Open market paper Corporate bonds 0.0 0.7 0.0 -60.3 0.0 -41.3 0.0 -0.1 0.0 15.5 0.0 26.1 0.0 30.0 0.0 24.9 0.0 18.7 0.0 30.6 0.0 12.8 17 18 19 20 Depository institution loans n.e.c. Mortgages 4.8 4.7 -0.3 6.8 -12.1 3.4 -2.2 0.2 3.6 9.1 1.2 15.6 -13.9 10.4 7.6 24.9 -3.5 12.2 14.8 14.9 -19.4 22.7 19 20 17.1 4.6 12.8 -2.7 24.2 -13.8 28.2 14.9 37.5 8.5 47.6 17.0 59.5 62.2 31.1 -39.5 62.7 90.0 37.1 -44.9 64.2 -17.1 21 22 31.9 -5.8 -15.6 21.2 35.3 32.2 40.3 20.4 19.8 48.4 22.9 23 -17.9 0.0 -20.2 -0.0 2.4 -46.7 0.0 -40.6 -0.0 -6.1 -25.3 0.0 -25.7 -0.0 0.4 0.4 0.0 1.1 -0.0 -0.7 -3.1 0.0 -0.7 -0.0 -2.3 -4.6 0.0 3.6 -0.0 -8.1 1.1 0.0 2.6 -0.0 -1.5 -20.1 0.0 0.3 -0.1 -20.4 8.7 0.0 8.8 0.0 -0.1 -7.9 0.0 2.6 -0.0 -10.5 2.5 0.0 1.7 0.1 0.7 24 25 26 27 28 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 Flows 2007 38 Z.1, June 6, 2013 F.127 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 Q2 Q3 Q4 2013 Q1 1 Gross saving -21.3 -98.4 37.6 25.0 19.6 21.5 19.9 25.8 20.3 20.0 18.2 1 2 Fixed nonresidential investment 25.7 21.3 25.3 18.2 18.8 20.4 20.1 20.3 20.2 20.9 21.1 2 3 Net acquisition of financial assets 350.3 -874.8 -133.0 -9.1 -125.4 118.6 646.6 -69.4 22.3 -125.1 111.1 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 24.5 15.1 -29.4 6.2 14.9 16.3 22.1 -48.7 33.2 58.8 -75.6 4 219.7 -85.7 -192.1 32.2 5.7 89.1 227.1 -35.4 21.5 143.3 -171.5 5 22.8 7.1 152.2 -0.7 27.3 11.1 -21.4 250.6 -47.5 -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 6.3 117.8 3.7 15.1 179.1 -94.9 -36.1 -4.8 84.6 -14.1 -74.1 8.9 -5.9 23.0 -17.2 -8.6 33.9 -3.8 -13.1 115.9 16.4 -9.6 3.1 30.6 -0.1 -139.6 -62.8 17.6 4.4 9.0 6 7 8 9 10 11 12 13 Corporate equities Security credit 25.4 33.4 -28.5 -160.7 -4.6 38.1 -18.5 75.2 -5.0 -39.3 9.7 64.9 12.1 115.4 11.8 -93.1 31.6 98.7 -16.8 138.4 -96.9 9.9 12 13 14 Miscellaneous assets 47.3 -615.1 54.9 -104.2 -101.7 -61.4 269.9 96.1 -162.8 -448.8 445.3 14 15 392.4 -683.2 -206.7 -25.0 -92.0 63.6 466.2 -36.5 -31.4 -143.9 55.1 15 16 Security RPs (net) 75.5 -560.3 -57.5 -66.2 -189.4 -15.1 221.3 -143.8 -163.6 25.6 12.8 16 17 Credit market instruments -4.0 77.7 -49.7 36.9 -37.9 -1.7 24.8 16.5 -65.2 17.3 -4.3 17 -4.0 0.0 32.3 45.5 -4.2 -45.5 36.9 0.0 -37.9 0.0 -1.7 0.0 24.8 0.0 16.5 0.0 -65.2 0.0 17.3 0.0 -4.3 0.0 18 19 32.3 -2.4 120.2 -24.7 -32.4 48.9 -11.1 -52.0 14.1 -3.8 -50.7 -0.0 -181.4 12.2 25.1 -15.3 -26.8 -2.0 -19.9 5.0 -46.0 4.5 20 21 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.1 58.1 37.3 41.6 124.0 23.6 42.3 58.0 60.8 39.6 -39.4 60.6 248.1 61.5 75.8 110.8 150.6 10.1 128.1 12.4 36.4 -16.6 4.7 48.3 -152.5 2.2 -135.7 -19.0 22 23 24 25 18 19 Net increase in liabilities Corporate bonds Depository institution loans n.e.c. (1) 20 21 Corporate equity issues Trade payables 22 23 24 25 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 26 Taxes payable -0.6 0.3 3.2 -2.1 -1.1 0.5 1.8 -0.6 3.3 -2.4 5.3 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 46.2 9.0 16.4 20.8 -70.7 55.8 104.6 -231.1 18.4 2.1 -166.8 183.1 20.7 11.7 -52.5 61.5 -9.0 10.4 40.6 -60.1 0.2 7.9 68.7 -76.4 297.7 8.6 262.4 26.7 -171.9 3.3 -113.2 -62.1 76.1 7.5 65.1 3.4 -201.0 12.3 60.3 -273.6 248.3 12.9 -23.6 259.1 27 28 29 30 2.4 11.5 -3.6 0.4 -2.0 6.4 29.1 5.5 -3.9 -4.9 -13.0 31 -4.9 72.0 -61.5 -9.2 34.3 -53.8 -180.5 38.5 -53.6 -19.7 -58.9 32 31 32 Proprietors’ net investment Discrepancy (1) 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). 39 Z.1, June 6, 2013 F.128 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Gross saving 109.8 80.5 96.8 106.5 142.0 173.0 180.5 141.7 132.4 237.6 126.7 1 2 Fixed nonresidential investment 39.5 52.2 53.3 43.6 45.8 49.6 48.8 49.4 49.2 50.8 51.3 2 3 Net acquisition of financial assets 203.3 289.1 87.3 -4.6 44.6 -40.2 26.7 -212.6 -88.6 113.8 381.7 3 4 5 Time and savings deposits Federal funds and security RPs -0.7 -2.6 -0.1 -6.6 -3.9 19.8 -1.3 2.1 2.4 0.2 3.1 -48.3 -3.5 -201.3 33.7 0.2 0.5 0.6 -18.2 7.4 -13.6 -0.9 4 5 6 Credit market instruments 23.2 13.9 -16.0 22.1 3.1 -39.8 64.1 -158.2 -28.1 -36.9 26.0 6 4.6 -1.3 19.2 0.7 -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 9.6 -14.4 -9.6 78.5 -120.1 -77.5 38.9 0.5 4.5 -1.9 -32.2 1.5 -13.2 5.6 -15.7 -13.6 6.4 15.5 1.5 2.6 7 8 9 10 5.3 -1.2 2.1 3.8 2.4 7.3 24.5 4.3 5.8 -5.3 10.0 11 178.2 114.0 0.0 5.3 41.5 -57.5 42.2 32.7 283.1 113.6 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 -38.1 -25.7 10.6 -33.6 36.5 76.1 0.0 9.3 -20.6 -12.8 30.6 -46.2 37.4 101.2 4.3 9.9 -0.5 49.6 -51.5 -75.6 142.9 22.3 0.0 -2.1 -15.5 255.6 77.3 -194.8 -92.6 174.2 10.2 27.7 -14.2 -113.9 -77.8 -98.8 -67.4 136.6 5.3 13.5 -1.4 4.9 -48.7 -177.6 166.8 71.8 1.8 0.7 29.0 52.0 -156.9 168.6 360.0 110.5 -22.9 0.8 -5.8 -84.4 89.8 272.0 12 13 14 15 16 17 18 19 128.1 247.9 34.8 -64.6 -50.0 -164.3 -105.5 -305.4 -171.9 -74.3 305.2 20 -2.5 -7.0 -0.2 0.2 0.4 -1.2 -0.4 -0.3 0.5 -4.5 -0.1 21 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 RPs 22 Credit market instruments 23 24 25 Commercial paper Corporate bonds Depository institution loans n.e.c. 151.9 97.3 -8.0 -16.5 -16.5 -97.7 12.3 -360.2 26.2 -69.3 -24.4 22 35.0 94.4 22.5 -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 -16.2 110.1 -81.6 -0.7 -124.4 -235.1 31.9 16.7 -22.4 9.5 62.7 -141.4 5.2 -45.9 16.3 23 24 25 26 Corporate equity issues -28.0 321.4 68.6 19.8 2.9 0.6 12.7 -14.8 36.5 -31.8 -7.0 26 27 28 29 Miscellaneous liabilities Equity, etc. Other 6.8 -55.1 61.9 -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 -130.1 54.6 -184.6 69.8 51.7 18.1 -235.1 -6.1 -229.0 31.3 -155.9 187.2 336.8 68.6 268.1 27 28 29 -4.9 -12.9 -8.9 2.8 1.5 -0.6 -0.5 -0.6 -0.1 -1.3 -1.1 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. Flows 2007 40 Z.1, June 6, 2013 F.129 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 Flows 1 Q3 2013 Q1 Q4 312.4 1041.8 -422.9 -156.9 -101.4 62.0 -233.4 -34.5 42.8 473.2 22.0 1 2 3 Money market fund shares Security RPs 297.6 0.0 299.7 0.0 -154.7 0.1 -142.0 0.0 -74.7 0.0 -3.0 0.0 -148.5 0.0 -161.1 0.0 47.3 0.0 250.5 0.0 -137.5 -0.5 2 3 4 Credit market instruments -102.8 700.1 -226.2 42.2 -20.0 57.8 -157.4 228.9 -22.4 182.0 31.5 4 -219.1 109.6 6.7 187.7 497.3 15.1 -260.0 43.6 -9.8 -8.2 51.9 -1.5 -50.6 32.6 -2.0 -65.2 129.6 -6.6 -356.4 224.0 -25.0 3.4 228.5 -3.0 -9.5 -10.8 -2.1 101.5 76.6 3.9 -2.1 22.6 11.0 5 6 7 0.0 0.0 25.1 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 8 117.6 43.7 73.9 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 72.5 65.7 6.8 -102.3 -103.0 0.7 17.9 -42.3 60.2 40.7 32.3 8.4 128.5 67.7 60.8 9 10 11 312.4 1041.8 -422.9 -156.9 -101.4 62.0 -233.4 -34.5 42.8 473.2 22.0 12 114.5 466.4 -434.8 -65.3 -52.4 -23.8 6.2 -15.1 20.7 -107.1 112.3 13 62.9 51.5 0.0 0.0 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 -30.8 35.3 -21.5 -6.8 37.0 8.9 -38.3 -1.4 17.6 17.2 -47.6 -2.2 -66.9 98.9 0.0 -11.3 -110.9 16.3 0.0 -12.5 77.3 38.0 0.0 -3.0 14 15 16 17 0.0 40.0 30.5 3.5 -18.4 -8.6 -34.5 0.0 0.0 0.0 0.0 18 197.9 0.6 -2.1 0.0 199.4 535.4 0.6 -353.2 0.0 888.0 -18.5 0.6 -30.2 2.4 8.7 -95.0 0.6 -123.5 7.9 20.0 -30.6 0.6 -74.6 1.4 42.0 94.5 0.6 -79.2 0.1 173.0 -205.1 0.6 -28.9 0.2 -177.0 -19.4 0.6 219.8 0.0 -239.9 22.0 0.6 -198.4 0.0 219.9 580.3 0.6 -309.3 0.0 888.9 -90.3 0.6 189.1 0.0 -280.0 19 20 21 22 23 5 6 7 8 9 10 11 12 13 14 15 16 17 Net acquisition of financial assets Q2 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. 41 Z.1, June 6, 2013 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 2012 Q1 1 Net change in liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Net change in assets Q2 Q3 2013 Q1 Q4 0.1 4.8 99.9 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 -3.0 1 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 0.1 0.2 -1.0 1.0 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 4.9 0.0 4.3 0.6 13.2 0.0 12.7 0.4 3.3 0.0 3.0 0.3 -3.6 0.0 -3.9 0.3 -3.0 0.0 -3.2 0.1 3 4 5 6 0.1 4.8 99.9 1.8 15.9 4.5 4.9 13.2 3.3 -3.6 -3.0 7 -0.4 0.0 0.2 -1.0 0.5 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 4.6 0.0 0.0 4.3 0.3 13.0 0.0 0.0 12.8 0.2 3.1 0.0 0.0 2.9 0.2 -3.7 0.0 0.0 -3.9 0.1 -3.0 0.0 0.0 -3.1 0.1 8 9 10 11 12 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 14 15 Rest of the world Monetary gold (2) SDR allocations 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 0.0 0.0 0.0 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 0.5 0.0 0.0 0.5 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 0.3 0.0 0.0 0.3 0.2 0.0 -0.0 0.2 0.2 0.0 0.1 0.2 0.1 0.0 -0.0 0.1 0.0 0.0 -0.1 0.1 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 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 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.7 0.5 -0.8 -0.0 -0.4 4.0 -0.3 0.9 0.0 0.7 0.0 0.6 0.0 0.8 0.0 0.5 0.0 0.5 0.0 0.5 0.0 0.9 3 4 5 Discrepancy (seigniorage) -1.2 -0.8 -4.4 -1.1 -0.7 -0.6 -0.8 -0.5 -0.5 -0.5 -0.9 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 256.0 -394.3 -106.0 25.9 -32.4 -42.0 -124.3 -134.6 165.1 -74.2 126.6 1 15.4 0.9 34.4 -23.7 -25.5 -14.6 -6.4 6.8 11.6 1.6 9.1 8.7 -1.9 -5.8 -62.9 -2.5 -21.7 0.4 -7.5 -50.8 -11.3 -8.1 -45.7 -28.6 9.9 -1.7 28.7 -4.5 11.6 12.5 10.6 -6.6 21.8 2 3 4 205.3 -330.4 -118.1 6.5 38.3 -18.2 -54.8 -52.3 128.2 -93.9 100.9 5 Flows 2007 42 Z.1, June 6, 2013 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 Flows 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 Q2 Q3 Q4 2013 Q1 -53.4 1823.0 -590.9 -132.9 844.5 -211.3 142.7 -461.9 -249.2 -276.9 1885.9 1 5.4 130.9 -191.1 0.3 1.1 842.0 746.9 240.4 -0.6 -5.7 114.2 -534.3 -158.9 -1.0 -10.9 -11.1 -213.0 48.2 0.9 42.2 602.3 -229.4 496.5 -1.2 -23.7 -64.1 -125.6 -11.7 -0.4 -9.5 -58.5 198.9 -40.7 0.5 42.4 -179.5 -379.7 169.0 -0.6 -71.1 -260.7 -55.0 106.7 -2.9 -37.3 242.2 -266.7 -281.8 1.5 27.9 1169.9 449.5 273.3 1.1 -7.8 2 3 4 5 6 -57.2 1762.3 -619.9 -155.0 824.2 -217.9 76.5 -170.9 -452.0 -325.3 1699.2 7 -111.4 48.9 5.0 0.4 0.0 410.8 509.6 599.3 238.0 4.7 -270.4 -463.7 50.9 45.1 18.1 -48.2 -95.7 -91.9 66.7 14.1 221.1 0.8 232.9 360.2 9.2 -153.8 0.0 2.5 -72.2 5.6 136.1 -1.1 23.4 -127.3 45.4 8.2 0.3 -174.9 34.6 -39.1 -191.9 0.6 -159.7 -68.9 -32.1 -567.8 0.3 321.4 -127.2 48.1 530.0 -0.7 764.0 410.1 -4.2 8 9 10 11 12 3.8 60.7 29.1 22.1 20.3 6.6 66.2 -291.0 202.8 48.4 186.7 13 Memo: 14 15 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 3.3 3.3 2.7 2.7 -2.8 -2.8 -2.2 -2.2 8.1 8.1 7.1 7.1 -9.2 -9.2 -7.7 -7.7 5.8 5.8 39.5 39.5 -27.4 -27.4 14 15 16 17 18 19 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 2.1 1.7 0.4 0.0 839.2 596.6 238.0 4.7 117.0 53.7 45.1 18.1 -8.9 -89.7 66.7 14.1 594.2 224.8 360.2 9.2 -71.2 -4.6 -72.2 5.6 -49.3 32.7 -127.3 45.4 -171.8 -167.2 34.6 -39.1 -266.5 -165.5 -68.9 -32.1 202.7 281.9 -127.2 48.1 1197.2 791.3 410.1 -4.2 16 17 18 19 20 21 22 23 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans 48.9 48.9 0.3 48.6 509.6 509.6 -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 -1.1 -1.1 -0.4 -0.8 0.3 0.3 0.0 0.3 0.6 0.6 0.4 0.2 0.3 0.3 0.5 -0.2 -0.7 -0.7 -0.4 -0.2 20 21 22 23 24 25 26 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 63.9 64.2 0.3 172.6 131.5 -41.1 -109.3 -21.3 88.0 -83.3 22.7 106.0 -290.0 -218.3 71.7 -99.5 -186.6 -87.2 142.7 -153.8 -296.5 -132.8 -172.0 -39.2 -110.0 -101.6 8.4 -297.8 -319.2 -21.5 310.6 122.2 -188.4 24 25 26 27 28 29 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -168.8 4.5 173.3 244.3 7.4 -236.9 -171.2 2.5 173.7 43.9 96.7 52.7 508.2 193.5 -314.6 -56.3 -22.3 34.0 -13.9 187.5 201.4 137.1 -128.4 -265.5 -86.8 8.9 95.7 -261.6 -157.0 104.5 215.1 125.0 -90.1 27 28 29 30 31 32 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 6.6 6.0 0.6 6.2 6.6 -0.4 -10.1 -15.2 5.1 8.8 5.7 3.1 -3.0 -1.5 -1.5 -1.9 -3.1 1.2 -7.3 -12.3 5.1 -3.9 2.2 -6.1 -4.9 -6.6 1.8 8.5 4.6 3.9 -4.3 1.2 -5.5 30 31 32 -111.4 410.8 -270.4 -48.2 221.1 -153.8 136.1 8.2 -191.9 -567.8 530.0 33 24.1 17.7 15.4 -0.3 -1.1 71.3 19.7 -47.3 0.6 5.7 23.5 18.7 -22.2 1.0 10.9 -28.2 -22.7 -1.7 -0.9 -42.2 58.3 45.2 -0.0 1.2 23.7 -29.3 20.2 3.7 0.4 9.5 45.0 29.7 6.5 -0.5 -42.4 -245.1 -226.2 -6.9 0.6 71.1 47.7 253.8 10.9 2.9 37.3 35.4 23.2 4.2 -1.5 -27.9 140.8 149.3 -44.1 -1.1 7.8 34 35 36 37 38 -6.3 -51.6 -4.7 5.6 -13.1 49.4 -15.2 18.9 206.1 -12.1 8.5 39 3.8 60.7 29.1 22.1 20.3 6.6 66.2 -291.0 202.8 48.4 186.7 40 33 34 35 36 37 38 39 40 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 24 and 27 less line 30. (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 40), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 36, 37, 38, and 40. 43 Z.1, June 6, 2013 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 1 Q3 Q4 2013 Q1 36.7 568.4 -7.9 266.3 234.5 268.5 -73.4 313.3 228.0 606.1 297.4 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 17.8 11.4 0.9 -0.0 5.5 428.2 349.3 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 -166.0 -167.7 -111.0 0.0 112.6 244.0 195.2 -27.7 5.8 70.7 50.4 -24.1 -29.2 16.2 87.5 120.1 24.5 18.3 3.2 74.2 -4.9 -52.3 -28.1 11.0 64.5 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 13.5 14.9 5.0 -6.3 137.9 -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 25.6 296.5 176.9 0.3 -4.2 180.8 53.1 -0.2 -13.5 66.8 45.6 1.6 -4.6 48.6 166.3 -0.7 4.6 162.4 442.6 0.5 -3.4 445.5 255.3 -0.8 -22.8 278.8 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 2.6 0.3 2.3 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 -5.1 -0.3 -4.9 18.4 7.5 10.9 19.9 7.4 12.5 31.7 21.2 10.5 7.5 2.5 5.0 11 12 13 14 Banks in U.S.-affiliated areas 1.7 -1.1 1.4 0.5 2.8 2.5 0.7 11.0 -5.5 3.9 -0.3 14 15 Credit unions 1.1 1.6 11.6 5.5 10.7 10.7 43.9 -5.7 -3.1 7.8 39.9 15 568.4 -7.9 266.3 234.5 268.5 -73.4 313.3 228.0 606.1 297.4 16 2 3 4 5 6 Net change in liabilities Q2 16 Net change in assets 36.7 17 Household sector -73.7 245.0 28.6 55.7 316.6 140.6 123.9 -5.8 33.2 411.0 117.3 17 18 19 20 Nonfinancial business Corporate Noncorporate 59.3 -7.6 66.9 -125.2 -129.0 3.8 162.7 142.3 20.4 57.0 75.1 -18.0 43.7 37.3 6.5 50.4 43.8 6.6 16.0 12.1 3.9 103.0 98.5 4.5 145.3 142.0 3.3 -62.7 -77.5 14.8 219.3 214.7 4.6 18 19 20 21 22 State and local governments Federal government -0.2 25.1 8.5 313.1 19.2 -174.2 5.6 148.9 16.7 -257.6 -8.7 6.7 -8.8 -121.6 -8.0 96.5 -6.6 -27.4 -11.6 79.2 12.8 -8.1 21 22 23 24 25 Rest of the world Checkable deposits Currency -5.4 5.2 -10.7 64.0 34.8 29.2 -9.2 -21.8 12.6 29.5 1.2 28.3 81.8 26.8 55.0 68.2 11.0 57.1 58.5 -13.8 72.2 37.1 8.7 28.5 92.8 28.2 64.6 84.2 21.0 63.2 10.6 -9.3 19.8 23 24 25 26 Financial sectors 30.5 68.2 -34.7 -29.3 32.5 10.2 -93.9 -9.6 -11.2 155.3 -3.1 26 27 28 Property-casualty insurance companies Life insurance companies 12.8 2.3 -14.8 24.4 -0.3 -32.1 5.0 1.0 -8.5 2.0 12.3 2.7 20.2 -3.4 0.5 12.9 14.6 -10.2 13.9 11.4 -23.2 2.8 27 28 29 30 Private pension funds State and local govt. retirement funds -0.4 0.3 -3.7 -0.1 -2.9 0.0 2.1 0.6 1.7 0.3 -1.3 -0.4 -3.3 -0.4 -1.0 -0.4 -1.2 -0.3 0.3 -0.3 -2.9 -0.4 29 30 31 32 Money market mutual funds Government-sponsored enterprises -4.7 -2.7 5.6 39.7 10.5 11.1 -3.7 -36.0 5.8 9.3 -3.6 -20.1 -23.8 -120.8 -1.7 41.8 -3.2 -67.1 14.3 65.7 22.9 46.1 31 32 33 34 35 Finance companies REITs Brokers and dealers 0.4 -1.8 24.5 0.3 1.8 15.1 0.5 7.9 -29.4 -1.7 -2.8 6.2 4.9 2.1 14.9 -3.4 7.5 16.3 -1.5 16.8 22.1 -9.8 -3.1 -48.7 8.0 14.9 33.2 -10.4 1.5 58.8 4.8 22.4 -75.6 33 34 35 1.0 -5.2 -0.3 -1.1 0.8 1.3 -47.4 100.0 1.8 -49.4 -51.5 36 36 Mail float Flows 2007 44 Z.1, June 6, 2013 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 Flows 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 Q4 2013 Q1 599.9 334.2 375.4 116.1 372.8 516.1 291.4 468.6 439.9 864.5 26.3 1 316.4 524.8 517.2 298.3 577.4 539.7 378.9 473.4 584.4 721.9 87.5 2 282.7 6.9 1.1 25.8 480.6 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 27.4 491.6 13.8 -0.1 34.4 299.5 36.0 -0.8 44.2 416.7 16.8 3.4 36.5 541.5 1.2 -4.1 45.9 708.5 1.2 1.2 11.0 33.8 20.7 0.6 32.4 3 4 5 6 283.4 -190.6 -141.8 -182.3 -204.6 -23.6 -87.5 -4.8 -144.5 142.5 -61.1 7 4.1 273.4 1.1 4.8 -69.0 -123.2 1.1 0.5 -329.8 173.9 -2.9 17.0 -130.2 -49.6 -5.2 2.8 -35.3 -172.4 -0.4 3.4 -4.8 -24.8 -0.1 6.2 25.4 -119.2 -0.8 7.2 104.1 -114.7 3.4 2.4 -153.5 6.7 -4.1 6.4 4.6 127.9 1.2 8.8 -107.8 39.0 0.6 7.0 8 9 10 11 12 Net change in assets 599.9 334.2 375.4 116.1 372.8 516.1 291.4 468.6 439.9 864.5 26.3 12 13 Household sector 462.0 189.9 177.0 152.7 350.3 407.7 454.6 452.2 43.3 680.8 173.7 13 14 15 16 Nonfinancial business Corporate Noncorporate -40.7 -55.7 14.9 -60.7 -59.4 -1.2 102.1 106.9 -4.8 62.8 59.9 2.9 17.9 14.3 3.6 33.0 28.4 4.6 66.8 64.2 2.6 -16.4 -19.4 3.0 79.4 77.2 2.2 2.1 -8.3 10.4 17.5 14.4 3.1 14 15 16 17 18 19 State and local governments Federal government Rest of the world 33.3 1.2 40.3 18.8 -1.3 65.5 9.3 0.3 -43.1 -6.9 0.1 16.9 15.3 -0.3 33.1 22.0 0.2 46.1 3.0 0.5 -33.8 34.9 1.4 53.4 42.7 -1.0 47.1 7.3 -0.2 117.5 6.3 -1.7 -68.6 17 18 19 20 Financial sectors 104.0 121.9 129.8 -109.6 -43.5 7.2 -199.6 -57.0 228.4 56.9 -100.9 20 21 22 23 Private pension funds State and local govt. retirement funds Money market mutual funds 13.0 3.0 74.7 -3.6 0.3 102.7 3.4 1.6 169.9 -2.3 6.4 -107.7 5.6 2.8 -56.3 -6.4 -3.0 32.8 -12.5 -3.1 -166.8 -2.8 -3.8 -49.5 -4.0 -2.6 234.6 -6.2 -2.5 112.7 -9.3 -3.4 -86.4 21 22 23 24 25 26 Government-sponsored enterprises Finance companies Holding companies 12.8 1.2 -0.7 21.9 0.8 -0.1 -42.8 1.6 -3.9 0.3 -5.0 -1.3 -12.7 14.7 2.4 -9.1 -10.2 3.1 -9.2 -4.5 -3.5 -5.2 -29.4 33.7 -24.2 24.0 0.5 2.2 -31.1 -18.2 -2.7 14.5 -13.6 24 25 26 (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 736.8 724.2 -498.7 -503.2 -112.8 7.1 -207.3 -164.5 64.2 335.9 -152.7 1 2 Net purchases 736.8 724.2 -498.7 -503.2 -112.8 7.1 -207.3 -164.5 64.2 335.9 -152.7 2 239.9 127.2 2.2 235.1 178.5 1.0 -268.6 -71.4 -1.7 -183.5 -157.7 3.1 10.7 -35.4 0.8 0.3 -4.1 1.0 -9.6 -68.9 0.6 -6.5 -46.7 0.7 -7.0 27.9 0.5 24.4 71.3 2.2 28.6 -39.2 0.7 3 4 5 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 7 State and local governments Rest of the world 17.3 19.0 -3.3 23.7 8.9 7.2 7.9 -7.1 -3.3 -20.8 -7.0 34.8 -3.9 48.6 -4.5 63.8 -6.3 12.6 -13.3 14.2 1.3 4.1 6 7 8 9 Property-casualty insurance companies Life insurance companies 7.2 -1.6 12.1 17.5 -3.2 -5.5 -4.0 -12.7 -5.6 7.9 3.8 -4.8 3.5 -5.7 3.7 -4.7 3.8 -4.5 4.0 -4.3 -4.0 13.9 8 9 10 11 Private pension funds State and local govt. retirement funds 27.7 0.5 -34.9 -5.2 -6.9 -2.8 -10.4 3.1 6.6 1.0 -10.3 -3.6 -19.5 -3.7 -4.5 -4.5 -7.0 -3.1 -10.1 -3.0 -16.5 -4.1 10 11 12 Funding corporations 297.6 299.7 -154.7 -142.0 -74.7 -3.0 -148.5 -161.1 47.3 250.5 -137.5 12 45 Z.1, June 6, 2013 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 -0.1 -888.0 232.0 -197.1 -133.4 -14.0 200.0 -105.8 -189.6 39.3 -130.9 1 44.4 -10.6 -18.0 40.2 7.3 -12.9 -44.8 29.1 57.8 -6.9 2 -79.5 -68.4 -13.6 2.6 -347.2 -255.8 -96.3 4.8 291.3 253.5 40.3 -2.4 -141.8 -194.9 52.9 0.1 -78.6 -112.9 50.2 -15.9 -112.0 -138.2 20.0 6.2 -183.4 -191.8 20.3 -11.8 -9.2 -37.4 1.4 26.8 -216.5 -187.9 -42.9 14.3 -38.8 -135.5 101.0 -4.3 -140.6 -108.6 -39.8 7.8 3 4 5 6 Property-casualty insurance companies Life insurance companies -0.7 -1.1 1.9 -7.3 -1.7 -0.5 0.8 -2.2 -1.1 0.1 0.4 3.1 0.3 1.6 0.0 3.6 0.7 4.0 0.7 3.4 1.1 0.5 7 8 REITs Brokers and dealers (net) Holding companies -6.2 75.5 -2.5 -12.3 -560.3 -7.0 11.1 -57.5 -0.2 30.0 -66.2 0.2 94.9 -189.4 0.4 103.4 -15.1 -1.2 173.4 221.3 -0.4 88.7 -143.8 -0.3 156.3 -163.6 0.5 -4.8 25.6 -4.5 2.3 12.8 -0.1 9 10 11 204.9 -297.9 -233.4 -120.5 -14.7 92.6 115.7 134.0 127.6 -7.1 382.7 12 -7.5 6.4 -0.9 -15.7 0.7 -3.8 4.3 -5.1 0.5 -8.3 -2.3 -5.5 4.0 -3.1 1.2 -3.6 -10.4 -5.0 -3.8 -10.5 10.5 1.1 13 14 -35.2 5.8 -214.0 33.5 -146.4 -80.0 -126.1 0.0 51.2 0.0 -39.9 0.0 -153.3 0.0 -137.4 0.0 75.9 0.0 55.4 0.0 291.6 0.0 15 16 Monetary authority 3 4 5 6 Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 7 8 12 2009 14.4 2 9 10 11 2008 Net change in assets 13 14 Nonfinancial corporate business State and local governments 15 16 Rest of the world (net) Monetary authority 17 18 Property-casualty insurance companies Life insurance companies 1.7 0.2 0.8 5.2 0.1 2.2 -0.7 0.7 -2.1 -0.8 0.1 -2.7 0.1 -7.6 0.1 -1.0 0.1 -1.0 0.1 -1.0 -0.3 -0.8 17 18 19 20 Private pension funds State and local govt. retirement funds 0.2 0.1 -1.0 -0.2 0.2 -0.1 -0.2 0.4 0.3 0.2 -0.4 -0.3 -0.6 -0.3 -0.2 -0.4 0.6 -0.2 -1.2 -0.2 -0.6 -0.3 19 20 21 22 Money market mutual funds Mutual funds 211.1 -0.6 -63.5 -7.4 -62.4 28.6 -0.6 -15.8 11.1 -28.8 54.2 98.5 106.3 390.3 103.1 45.7 -129.9 52.1 137.2 -94.0 -223.2 135.9 21 22 23 24 25 Government-sponsored enterprises (net) Holding companies Funding corporations 25.3 -2.6 0.0 -28.2 -6.6 0.0 7.6 19.8 0.1 20.6 2.1 0.0 -38.1 0.2 0.0 39.0 -48.3 0.0 -18.8 -201.3 0.0 126.3 0.2 0.0 144.9 0.6 0.0 -96.5 7.4 0.0 170.2 -0.9 -0.5 23 24 25 -205.0 -590.0 465.4 -76.7 -118.7 -106.6 84.2 -239.8 -317.2 46.4 -513.7 26 26 Discrepancy--unallocated assets Flows 2007 46 Z.1, June 6, 2013 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 Flows 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 2013 Q1 Q4 -169.5 -188.8 -461.8 -80.4 -88.3 -17.0 18.8 -59.7 10.0 -36.8 159.9 1 -169.4 -188.8 -461.9 -79.9 -88.2 -16.9 18.9 -59.7 10.0 -36.8 159.9 2 11.3 7.7 -73.1 24.5 33.4 14.2 -7.8 29.2 -35.3 70.6 20.0 3 -69.3 2.0 -71.3 -71.0 20.7 -91.7 59.4 -15.2 74.5 -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.6 10.3 17.3 32.9 -26.4 59.3 -54.2 -1.8 -52.4 77.3 34.9 42.4 54.4 34.3 20.1 117.6 -44.5 162.0 4 5 6 -111.4 0.0 -194.2 -15.1 0.0 35.0 62.9 -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 -58.6 -33.1 -9.0 8.2 0.0 6.2 -30.8 -6.2 -65.0 12.4 25.6 0.0 -16.2 37.0 -34.7 -9.0 -31.8 -10.7 0.0 -0.7 17.6 -31.9 -45.3 32.8 15.7 0.0 31.9 -66.9 -161.8 -13.0 -49.5 2.1 0.0 9.5 -110.9 22.4 -52.3 4.3 -12.2 0.0 5.2 77.3 7 8 9 10 11 12 13 -0.1 0.0 0.1 -0.5 -0.1 -0.1 -0.1 -0.0 -0.1 0.0 -0.0 14 -0.1 0.0 0.2 -0.2 0.1 0.0 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 -0.1 0.0 0.0 0.0 -0.0 0.0 15 16 -169.5 -188.8 -461.8 -80.4 -88.3 -17.0 18.8 -59.7 10.0 -36.8 159.9 17 18 19 Household sector Nonfinancial corporate business -10.2 -53.2 -101.3 -12.2 28.7 -1.3 -2.9 12.0 -2.6 0.1 -0.5 -6.3 3.0 -19.3 -3.9 -25.0 -0.6 24.6 -0.6 -5.4 5.9 6.3 18 19 20 21 State and local governments Rest of the world -15.8 -8.3 -81.9 -45.1 -73.2 -41.4 60.2 -0.5 23.9 0.7 -6.0 3.4 -3.4 46.2 -3.9 -57.5 -5.4 5.2 -11.3 19.9 1.1 35.0 20 21 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 -0.5 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 22 23 24 25 26 27 Property-casualty insurance companies Life insurance companies -3.1 13.1 5.8 -3.4 -9.3 11.5 -1.9 -8.9 0.9 -11.2 -1.3 10.8 -1.4 12.6 -1.3 2.3 -1.3 -0.4 -1.2 28.7 -1.2 11.3 26 27 28 29 Private pension funds State and local govt. retirement funds 33.4 2.8 -27.2 -0.5 -1.4 1.0 -1.1 6.3 11.8 2.7 -13.1 -3.3 -22.2 -3.4 -2.4 -4.1 -15.3 -2.8 -12.4 -2.8 -52.8 -3.7 28 29 30 31 Money market mutual funds Mutual funds 73.7 -0.4 -56.1 -62.5 -108.0 28.6 -116.3 -13.9 -40.0 -26.3 -13.3 93.1 34.8 327.3 19.4 47.1 -73.8 101.3 -33.8 -103.2 70.6 86.6 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations -4.7 22.8 -219.1 14.1 -21.4 187.7 3.0 -24.2 -260.0 0.2 -5.3 -8.2 -3.4 5.9 -50.6 -3.1 -12.2 -65.2 -5.2 6.3 -356.4 2.2 -36.1 3.4 -6.3 -5.9 -9.5 -3.0 -13.1 101.5 3.1 -0.1 -2.1 32 33 34 (1) Excludes banks’ holdings of own acceptances. 47 Z.1, June 6, 2013 F.209 Treasury Securities 2007 1 2 3 4 5 Net issues Savings bonds Treasury bills Other Treasury securities Net purchases 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 237.5 1239.0 1443.7 1579.6 1066.8 1140.6 1431.5 1182.8 690.5 1257.5 1198.6 1 -6.0 58.8 184.7 -2.4 861.6 379.8 -2.8 -73.3 1519.8 -3.3 -19.0 1601.8 -2.7 -249.5 1319.0 -2.8 107.0 1036.3 -1.5 612.6 820.4 -2.4 -312.7 1497.9 -2.2 74.4 618.3 -4.9 53.8 1208.6 -2.7 646.7 554.6 2 3 4 237.5 1239.0 1443.7 1579.6 1066.8 1140.6 1431.5 1182.8 690.5 1257.5 1198.6 5 6 7 8 Household sector Savings bonds Bills and other Treasury securities -81.0 -6.0 -75.0 251.4 -2.4 253.8 499.7 -2.8 502.5 415.5 -3.3 418.7 -256.9 -2.7 -254.2 370.5 -2.8 373.3 263.7 -1.5 265.2 748.7 -2.4 751.1 -136.5 -2.2 -134.3 606.3 -4.9 611.2 -133.9 -2.7 -131.2 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments -7.1 3.0 36.4 -7.9 -7.5 -61.5 12.5 -5.7 21.0 5.1 1.9 -7.9 -4.8 0.5 -53.4 15.0 0.6 -7.9 19.1 0.4 -10.9 44.7 0.4 25.8 17.8 0.3 -6.4 -21.7 1.4 -40.2 -6.7 0.4 -18.1 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 165.3 49.4 115.9 711.6 455.3 256.3 554.4 -7.6 562.0 739.8 -40.2 780.0 412.1 -62.0 474.1 478.4 13.2 465.2 464.0 -31.4 495.4 445.3 11.6 433.7 622.7 117.3 505.4 381.6 -44.9 426.5 654.5 267.3 387.2 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities -38.3 -49.2 10.9 -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 46.3 0.0 46.3 -18.6 0.0 -18.6 -78.8 -73.7 -5.1 61.8 0.0 61.8 575.2 0.0 575.2 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 5.6 3.6 -1.9 3.0 -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 25.7 44.5 -0.7 11.0 138.2 -42.6 1.9 -1.7 -28.5 65.3 -1.5 4.0 142.0 -2.7 -2.1 -6.5 -83.9 11.8 -0.1 4.9 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities -38.7 -18.0 -20.7 -5.6 -5.4 -0.3 22.9 5.0 18.0 3.2 -0.3 3.5 4.6 1.9 2.7 -6.1 -2.6 -3.6 -7.3 -2.7 -4.6 -6.9 -2.6 -4.3 -5.7 -2.5 -3.2 -4.6 -2.4 -2.2 -2.8 31.8 -34.5 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities -17.3 -2.4 -14.9 35.1 17.8 17.3 27.7 -6.3 34.0 23.2 -3.6 26.8 10.5 3.8 6.7 4.6 -5.7 10.3 7.1 -7.1 14.2 -4.5 -5.9 1.5 9.9 -5.2 15.1 6.0 -4.6 10.6 7.9 4.8 3.1 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 46.7 -9.1 11.3 -39.1 -14.3 24.7 35.0 22.0 7.4 33.2 8.0 10.0 34.0 14.5 17.9 44.5 43.4 12.3 56.0 66.5 2.5 42.6 27.2 13.1 47.9 34.7 10.1 31.4 45.3 23.5 18.8 44.8 -4.3 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 95.5 73.6 21.9 399.5 341.9 57.7 -171.3 -160.2 -11.0 -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 218.6 146.3 72.3 -110.3 -178.9 68.6 81.8 40.3 41.5 -132.3 68.9 -201.2 153.1 27.5 125.6 31 32 33 34 35 36 Mutual funds Closed-end funds Exchange-traded funds 18.0 -1.7 6.6 -1.2 -2.4 7.4 70.0 1.2 14.7 43.2 0.7 9.2 70.8 -0.3 11.4 83.8 0.3 1.2 92.2 1.1 -1.7 100.0 -0.5 21.1 68.4 0.8 -18.1 74.6 -0.1 3.4 100.1 2.1 -2.9 34 35 36 37 38 Government-sponsored enterprises ABS issuers 1.3 24.7 1.2 -13.6 19.9 -18.3 45.9 -13.8 17.6 -10.9 -31.2 -5.8 18.9 -13.1 -111.9 -4.4 -18.7 -6.6 -13.1 0.8 22.3 -11.3 37 38 39 40 Brokers and dealers Holding companies 7.1 4.6 250.6 -4.0 -67.6 2.7 -28.5 13.8 89.1 7.1 63.0 -29.8 117.8 9.6 -4.8 -120.1 23.0 4.5 115.9 -13.2 -139.6 6.4 39 40 237.1 1239.2 1443.9 1580.2 1067.9 1140.2 1428.1 1182.9 690.2 1259.4 1197.6 41 Memo: 41 Federal government borrowing (1) (1) 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). Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 48 Z.1, June 6, 2013 F.210 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 3 4 Flows 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 6 7 Household sector Nonfinancial corporate business 8 9 State and local governments Federal government 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 16 17 Property-casualty insurance companies Life insurance companies 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 24 25 ABS issuers REITs 26 27 Brokers and dealers Holding companies Q2 Q3 Q4 2013 Q1 905.3 768.9 -59.9 -46.2 -20.8 -22.8 -118.7 -18.7 -18.6 64.9 208.4 1 -0.4 282.4 623.3 0.2 271.7 497.0 0.1 -475.3 415.3 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -3.3 -274.9 159.6 0.1 -155.0 136.2 -0.3 -113.2 94.9 1.9 -75.4 138.4 -1.0 43.1 166.3 2 3 4 905.3 768.9 -59.9 -46.2 -20.8 -22.8 -118.7 -18.7 -18.6 64.9 208.4 5 308.8 -2.4 276.6 -2.6 -633.6 4.2 -44.7 1.7 12.6 -1.6 -246.5 -0.0 -268.1 6.4 -163.7 4.9 -279.1 5.9 -275.3 -17.2 -287.8 -22.2 6 7 43.9 0.0 -36.1 54.4 -31.1 142.0 -15.3 -47.2 -47.0 -118.1 -22.9 -31.1 -43.1 -118.5 -15.1 -5.8 -5.0 0.0 -28.3 0.0 20.5 0.0 8 9 248.8 0.0 -228.6 19.7 -226.0 1048.5 -72.3 71.4 -24.2 -197.9 21.1 61.8 -21.8 -33.6 -28.0 52.9 87.1 -112.4 47.1 340.2 -165.5 559.7 10 11 -111.0 2.0 -2.7 -4.1 136.2 -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 14.9 260.2 -6.1 1.2 38.0 -123.2 12.9 -1.2 12.7 17.2 -8.3 -3.3 6.1 -12.0 7.6 -5.5 2.7 163.2 -17.5 -0.7 26.2 12 13 14 15 3.8 5.5 -11.5 -16.7 1.9 5.8 -0.4 4.0 6.9 -1.2 -9.0 -13.1 -10.7 -5.3 -10.2 -31.8 -8.4 -2.5 -6.8 -12.9 -1.2 -9.5 16 17 67.8 -3.1 -0.2 -63.6 -30.6 -0.2 -6.4 -3.0 0.0 6.5 1.8 0.6 7.3 8.2 0.7 18.5 19.7 0.6 19.0 34.0 2.0 25.5 15.6 2.4 14.5 9.3 -2.2 14.8 19.8 0.4 0.5 7.4 -2.2 18 19 20 102.0 64.5 -11.1 520.3 -3.7 207.0 -213.1 54.0 -27.4 -140.2 156.1 -85.1 0.9 110.0 -18.1 -60.2 126.2 -48.3 -278.5 156.6 -45.0 28.3 148.0 -21.2 12.7 98.7 -74.1 -3.2 101.5 -53.0 -39.7 115.2 -39.9 21 22 23 18.4 23.5 -26.6 0.7 -224.9 15.5 -95.4 38.2 -4.3 101.4 -0.5 111.5 -1.6 207.0 -0.0 71.2 -0.4 244.8 -0.1 -77.1 -0.4 -50.4 24 25 152.2 -1.3 -47.5 15.9 -131.8 -7.0 38.9 -3.2 -2.1 12.0 21.9 -22.1 3.7 -14.4 84.6 -77.5 -17.2 -1.9 16.4 5.6 -62.8 15.5 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 35. 49 Z.1, June 6, 2013 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 1 Net change in liabilities Q2 Q3 2013 Q1 Q4 235.5 92.4 155.3 99.7 -52.8 -4.9 2.8 109.7 -6.8 -125.4 56.7 1 2 3 4 State and local governments Short-term (1) Long-term 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 -1.6 -3.4 1.9 92.0 36.3 55.7 -2.4 15.2 -17.6 -110.7 -32.9 -77.8 53.9 -9.4 63.3 2 3 4 5 21.1 9.3 5.9 -2.2 -7.8 -14.5 -6.5 -17.5 -15.4 -18.5 -6.5 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Net change in assets 68.4 66.0 37.2 33.2 8.5 15.2 10.9 35.2 11.0 3.8 9.3 6 235.5 92.4 155.3 99.7 -52.8 -4.9 2.8 109.7 -6.8 -125.4 56.7 7 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 38.0 1.1 -0.5 47.9 -3.0 -0.4 107.1 0.9 0.2 44.3 -3.2 0.5 -65.6 -1.4 0.1 -151.2 12.6 0.1 -123.9 13.2 0.0 23.5 -3.7 0.0 -243.4 17.7 0.0 -261.2 23.3 0.2 -16.8 -18.9 0.0 8 9 10 11 12 State and local governments Rest of the world 1.6 10.7 -0.1 5.9 0.9 7.7 0.8 13.1 -0.2 -1.4 -0.6 -4.9 -0.3 5.0 -0.4 -6.0 -0.5 10.4 -1.1 -28.9 0.1 -6.9 11 12 13 14 15 16 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 11.9 0.0 0.7 0.0 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 65.8 0.0 -0.8 1.0 46.8 0.0 -0.1 5.9 81.5 0.0 -2.6 -3.2 90.7 0.0 0.1 -0.2 44.2 0.0 -0.7 1.5 53.3 0.0 0.2 4.5 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 36.1 4.8 -0.1 10.6 5.7 -0.2 -12.6 26.1 0.1 -21.0 39.2 0.7 -17.4 9.3 1.4 -3.4 9.6 2.8 -7.3 12.7 2.5 -6.5 1.4 3.6 -2.1 14.3 2.0 2.3 10.0 3.3 -3.1 3.0 2.2 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 104.6 27.7 1.9 0.6 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 1.5 1.0 -20.6 86.2 3.3 3.6 -53.4 83.1 2.6 4.2 -54.4 87.0 3.4 3.3 5.7 107.2 2.1 2.9 19.5 67.4 5.0 4.0 -83.5 68.2 2.2 2.9 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers -2.8 -0.7 -2.0 -11.4 -2.2 -3.3 -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.4 15.1 -3.3 -14.1 -5.3 -8.6 -4.4 -9.6 31.7 17.6 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). Flows 2007 50 Z.1, June 6, 2013 F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 Flows 1 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1251.2 -216.3 -10.9 -76.6 142.6 363.0 404.4 -118.1 343.1 822.7 685.9 1 2 3 Nonfinancial corporate business Rest of the world (1) 323.0 218.7 225.4 -158.8 411.7 163.3 438.6 59.9 410.8 57.8 579.6 -8.5 523.2 -73.6 426.0 -109.9 587.1 -0.0 782.0 149.5 570.2 294.3 2 3 4 Financial sectors 709.5 -282.9 -585.9 -575.1 -325.9 -208.0 -45.1 -434.2 -244.0 -108.9 -178.6 4 24.8 544.8 -2.8 0.7 0.1 -329.7 -49.6 -60.3 -28.5 -470.7 -87.0 -41.3 6.7 -457.2 -111.7 -0.1 -21.0 -223.9 -38.6 15.5 1.3 -207.0 -78.4 26.1 50.4 -235.8 -33.6 30.0 -50.9 -231.3 -86.1 24.9 -18.2 -284.7 -10.2 18.7 23.7 -76.1 -183.5 30.6 -7.6 -151.0 -20.5 12.8 5 6 7 8 -4.0 94.4 51.5 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 24.8 110.1 8.9 16.5 -124.4 17.2 -65.2 16.7 98.9 17.3 62.7 16.3 -4.3 -45.9 38.0 9 10 11 1251.2 -216.3 -10.9 -76.6 142.6 363.0 404.4 -118.1 343.1 822.7 685.9 12 5 6 7 8 9 10 11 12 Net issues 2008 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 127.7 14.2 0.0 424.6 134.3 290.3 -81.1 -11.4 0.0 -21.8 -101.4 79.5 58.7 3.0 0.6 -127.3 -168.7 41.4 -323.5 1.7 0.3 -37.0 -45.5 8.6 53.1 -6.9 -0.1 -68.3 -44.8 -23.6 25.6 -7.5 -0.2 -38.8 -36.1 -2.8 -53.9 -4.2 -0.1 -63.2 -46.6 -16.5 -127.7 -4.8 -0.0 -153.5 -25.3 -128.2 -47.2 -6.7 -0.4 -14.3 -49.3 34.9 331.4 -14.2 -0.1 75.8 -23.0 98.8 215.3 1.4 -0.2 162.4 -21.0 183.5 13 14 15 16 17 18 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 151.2 115.3 35.8 77.0 0.1 3.9 0.0 3.9 -64.1 -69.1 5.0 32.1 0.0 -8.4 0.5 -8.9 25.9 -47.7 73.7 -156.7 1.5 -6.7 0.3 -7.0 -98.8 -88.1 -10.7 -11.0 -1.4 -15.7 -0.7 -15.0 3.0 -24.8 27.8 0.6 3.6 -0.3 -0.3 -0.1 -1.2 -1.0 -0.1 -5.8 1.0 0.3 0.7 -0.4 -78.3 -52.0 -26.3 -72.2 0.5 2.4 2.7 -0.3 -13.9 57.9 -71.8 0.7 -0.8 0.5 0.8 -0.3 55.4 -1.7 57.0 29.0 2.0 -1.6 -1.1 -0.5 32.2 -8.3 40.5 19.4 2.4 0.1 0.5 -0.5 -14.7 -11.1 -3.5 -73.2 1.6 0.5 0.5 0.0 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 5.9 0.0 5.9 43.1 0.0 43.1 -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 93.4 0.0 93.4 16.7 2.7 14.0 43.8 -24.3 68.1 12.0 2.7 9.4 105.9 -30.3 136.2 13.1 2.7 10.4 -95.9 -22.6 -73.3 18.2 2.7 15.4 119.2 -22.3 141.5 23.5 2.7 20.7 46.0 -22.0 68.0 -1.3 2.5 -3.8 78.1 9.6 68.5 27 28 29 30 31 32 33 34 35 Private pension funds State and local govt. retirement funds Federal government retirement funds 97.3 48.0 1.5 -72.7 22.0 -0.5 -14.5 -102.3 -0.0 83.4 5.7 0.2 -1.7 -24.3 1.4 -81.1 -59.1 1.0 -132.3 -61.6 1.1 -45.4 -64.6 1.4 -83.7 -74.1 1.6 -63.2 -36.1 0.0 -83.7 -37.0 -2.1 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 15.9 122.1 -0.5 6.2 -148.8 69.7 -24.9 13.9 -58.1 143.8 6.1 27.6 -15.7 122.3 4.1 18.7 -49.1 170.3 -2.4 33.6 -3.0 306.0 8.0 47.6 -8.8 306.0 7.9 62.5 -22.6 240.5 3.4 49.3 -16.9 333.5 10.7 45.5 36.0 344.0 10.0 32.9 4.0 398.1 26.0 28.2 36 37 38 39 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs -17.4 -20.1 2.7 4.5 -30.2 -77.7 -64.4 -13.4 3.0 -22.8 -33.8 -35.4 1.6 6.3 3.8 -16.9 -33.9 17.0 -20.0 5.3 -33.4 -34.8 1.4 0.9 1.3 -54.6 -35.8 -18.8 -6.3 10.1 -26.4 -17.9 -8.5 -0.4 13.9 -107.2 -70.5 -36.6 8.0 8.0 -23.6 -18.3 -5.2 -6.3 12.2 -61.2 -36.3 -24.9 -26.4 6.2 -54.5 -54.0 -0.6 -2.8 11.2 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 27.3 19.2 109.6 -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 -4.7 129.6 179.1 -9.6 224.0 -74.1 38.9 228.5 33.9 -32.2 -10.8 3.1 -15.7 76.6 4.4 1.5 22.6 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. 51 Z.1, June 6, 2013 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 1 Net issues 264.8 315.5 -7.7 -218.9 -187.7 -195.4 -302.6 -151.9 -100.9 244.2 1 -336.0 -64.6 -278.0 -472.5 -400.7 -291.8 -508.2 -397.1 -405.8 -259.5 2 Rest of the world (2) 147.8 -38.5 63.7 79.1 89.0 61.0 59.2 83.8 -8.6 109.6 294.2 3 Financial sectors 3 4 15 2013 Q1 Q4 -459.5 Nonfinancial corporate business 10 11 12 13 14 Q3 -786.8 2 5 6 7 8 9 Q2 179.6 639.3 316.4 191.2 164.5 152.0 37.1 121.8 253.8 195.2 209.5 4 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 7.5 -13.2 -30.6 18.4 150.6 12.1 0.4 -10.7 -61.8 177.2 11.6 -5.3 -0.9 7.6 116.5 11.9 -12.7 -4.8 0.4 118.0 6.4 -10.7 -11.5 -2.5 117.6 2.1 -17.2 -10.4 2.9 185.2 3.5 -18.1 -11.5 -29.1 212.7 1.3 -11.3 -11.9 14.5 100.2 1.1 -22.2 -8.4 8.2 207.0 2.3 -17.3 -9.7 17.8 221.0 1.4 -23.5 -7.1 12.0 207.7 5 6 7 8 9 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (3) 17.1 25.5 32.3 -28.0 0.0 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 0.6 -50.7 0.6 -8.6 59.5 23.4 -181.4 12.7 -34.5 31.1 -12.5 25.1 -14.8 0.0 62.7 -4.4 -26.8 36.5 0.0 37.1 -4.2 -19.9 -31.8 0.0 64.2 7.8 -46.0 -7.0 0.0 10 11 12 13 14 -459.5 264.8 315.5 -7.7 -218.9 -187.7 -195.4 -302.6 -151.9 -100.9 244.2 15 -805.5 -1.9 0.0 217.6 -576.8 7.6 256.3 105.8 -21.2 10.4 0.6 154.9 -170.8 -15.5 24.1 73.2 -122.8 -6.6 40.3 -99.3 -321.3 -14.1 -13.2 -89.7 -288.7 -37.9 -19.8 -183.2 77.8 7.8 -18.1 -415.1 -636.7 -19.6 -9.8 161.0 -437.4 -6.4 -5.0 78.4 246.8 -28.0 1.9 -172.3 16 17 18 19 0.0 1.4 0.0 0.0 0.9 0.0 25.1 6.3 0.0 1.3 -1.8 0.1 -26.4 1.0 -0.0 0.0 5.1 0.0 0.0 8.5 0.0 0.0 3.0 0.0 0.0 6.1 0.0 0.0 3.0 0.0 0.0 -2.7 0.0 20 21 22 0.5 84.1 35.1 81.8 -2.4 33.4 -20.9 45.6 2.3 37.7 6.5 15.3 5.3 6.4 12.2 16.2 -1.6 20.0 10.1 18.5 6.8 18.7 23 24 -285.6 55.4 1.9 185.6 110.3 -8.4 -95.4 20.5 8.8 25.2 -84.0 5.4 -15.7 -69.0 -4.2 78.0 53.0 -4.1 204.0 60.0 6.5 -22.6 59.4 -3.8 110.8 24.8 -8.4 19.8 67.8 -10.8 66.6 -57.7 16.3 25 26 27 91.3 18.8 137.3 -38.1 -21.1 154.2 86.5 -3.0 70.5 44.3 -4.8 88.3 4.9 -1.3 71.6 -37.2 -8.7 132.9 -75.5 -40.7 147.7 -66.0 8.2 26.4 -1.5 -5.3 176.7 -5.9 3.0 180.7 83.4 -18.4 179.6 28 29 30 25.4 0.0 -28.5 0.0 -4.6 25.1 -18.5 1.3 -5.0 -26.4 9.7 0.0 12.1 0.0 11.8 0.0 31.6 0.0 -16.8 0.0 -96.9 0.0 31 32 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 28 29 30 Mutual funds Closed-end funds Exchange-traded funds 31 32 Brokers and dealers Funding corporations (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 361.5 -9.9 497.1 370.1 338.4 735.7 1121.9 560.7 784.2 476.1 997.5 1 2 Net purchases 361.5 -9.9 497.1 370.1 338.4 735.7 1121.9 560.7 784.2 476.1 997.5 2 242.0 -4.9 -45.8 -16.5 344.1 35.3 235.3 11.1 192.5 -12.8 501.8 0.3 842.6 0.7 142.3 0.7 724.3 0.7 298.0 -1.0 709.6 -1.0 3 4 3 4 Household sector Nonfinancial corporate business 5 6 State and local governments Rest of the world 1.2 39.1 15.6 -2.7 -7.9 57.2 -4.9 111.5 -2.0 147.4 -7.2 153.4 -19.5 212.0 4.0 338.8 -10.1 -21.0 -3.3 83.9 9.6 114.7 5 6 7 8 U.S.-chartered depository institutions Credit unions 3.6 -0.0 1.3 -0.0 14.8 -0.7 -5.8 0.2 -0.8 0.3 8.3 0.4 -10.3 1.0 11.6 -0.1 11.1 0.4 20.7 0.4 13.8 0.9 7 8 9 10 Property-casualty insurance companies Life insurance companies -0.5 31.3 -0.4 -10.7 0.1 0.0 -0.1 1.0 -0.1 1.1 -0.1 1.3 -0.0 1.2 -0.1 1.3 -0.1 1.3 -0.1 1.3 -0.1 1.3 9 10 11 12 Private pension funds State and local govt. retirement funds 75.3 -25.6 77.0 -27.6 56.5 -2.3 35.1 -13.2 27.4 -14.6 71.1 6.5 87.0 7.3 54.9 7.3 74.5 3.0 67.9 8.3 137.7 10.9 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. Flows 2007 52 Z.1, June 6, 2013 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Flows Q1 Q2 Q3 Q4 2013 Q1 1 Net change in liabilities 332.1 689.9 -749.7 -96.5 132.5 172.9 165.0 140.0 114.3 272.2 86.8 1 2 3 4 Household sector Corporate business Noncorporate business -9.1 96.3 140.8 4.6 64.2 119.6 33.0 -234.1 -102.0 52.4 -83.4 -20.4 -53.9 69.1 56.5 111.5 72.6 93.5 70.4 99.0 117.4 221.4 86.3 88.8 -50.5 36.6 69.3 204.9 68.7 98.3 -11.7 41.2 37.8 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 24.1 -0.0 8.3 15.8 5.1 0.7 2.8 1.6 -11.2 0.6 -5.1 -6.6 17.9 1.1 11.8 4.9 29.2 -1.7 11.3 19.5 19.2 -0.7 -1.9 21.7 29.0 -0.3 2.1 27.3 44.8 -1.6 11.2 35.2 8.8 -0.3 -14.4 23.6 -5.9 -0.4 -6.4 1.0 45.2 2.5 25.4 17.3 5 6 7 8 9 Financial sectors 80.1 496.4 -435.4 -62.9 31.6 -124.0 -150.8 -301.2 50.1 -93.9 -25.7 9 10 11 12 Finance companies REITs Brokers and dealers 52.8 4.8 0.0 -7.1 -0.3 45.5 -30.4 -12.1 -45.5 -64.9 -2.2 0.0 15.9 3.6 0.0 16.4 1.2 0.0 -17.0 -13.9 0.0 -26.0 7.6 0.0 76.0 -3.5 0.0 32.8 14.8 0.0 -22.5 -19.4 0.0 10 11 12 13 14 Holding companies Funding corporations 22.5 0.0 13.3 444.9 2.3 -349.6 26.1 -21.9 64.0 -51.9 -120.2 -21.5 -81.6 -38.3 -235.1 -47.6 -22.4 0.0 -141.4 0.0 16.3 0.0 13 14 332.1 689.9 -749.7 -96.5 132.5 172.9 165.0 140.0 114.3 272.2 86.8 15 0.0 490.4 -347.6 -44.8 -67.6 -29.9 -46.1 -57.7 -12.2 -3.6 -0.7 16 226.6 105.0 -4.2 4.8 131.2 65.1 -1.7 4.8 -277.7 -125.4 -0.3 1.3 -35.9 -16.1 -3.3 3.5 156.3 36.1 1.1 6.6 212.4 -10.7 1.0 0.1 231.2 -15.0 0.4 -5.5 212.7 -10.3 0.3 -4.8 114.9 -2.1 1.4 12.4 291.0 -15.5 1.7 -1.5 92.4 -5.2 0.3 0.0 17 18 19 20 15 Net change in 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 (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. 53 Z.1, June 6, 2013 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 1 Q3 2013 Q1 Q4 527.7 119.1 -447.0 -226.9 4.3 -10.0 -130.1 55.3 -56.7 91.5 85.9 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 -2.2 -0.4 -0.2 1.1 0.7 -3.3 0.0 0.0 0.0 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 5.1 0.8 0.4 3.2 0.0 0.0 -6.8 12.2 -1.1 6.3 0.2 0.5 7.7 0.0 0.0 -1.4 8.5 0.4 6.2 2.6 1.1 0.4 0.0 0.0 -2.2 -8.0 0.1 3.4 0.5 -0.4 -0.2 0.0 0.0 -11.3 -2.5 0.1 4.4 -0.1 0.5 5.1 0.0 0.0 -12.5 5.1 0.6 2.7 2.3 1.3 1.2 0.0 0.0 -3.0 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 102.3 102.3 -44.7 -44.7 -44.0 -44.0 -20.2 -20.2 33.9 33.9 -49.2 -49.2 -86.5 -86.5 -44.8 -44.8 -26.7 -26.7 -38.7 -38.7 2.6 2.6 11 12 0.0 0.0 -0.1 0.1 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 13 14 15 16 0.7 0.7 0.0 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 78.5 78.5 0.0 0.5 -3.4 3.9 1.5 1.1 0.4 -13.6 -19.0 5.5 2.6 8.5 -5.9 17 18 19 3.6 -0.0 3.6 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 -0.2 -0.0 -0.1 -1.0 -0.0 -1.0 2.5 -0.0 2.6 4.1 -0.0 4.1 -0.1 -0.0 -0.1 20 21 22 237.7 0.0 1.9 10.1 197.8 13.4 14.5 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 -2.7 -60.5 -2.0 1.8 18.6 0.0 8.1 0.2 4.6 0.9 4.8 -23.6 0.0 3.9 -2.4 -26.6 -5.1 6.6 85.2 0.0 5.8 10.5 49.8 3.3 15.7 -18.9 0.0 10.1 2.9 -34.2 2.6 -0.2 31.9 0.0 12.5 -10.0 29.6 2.8 -3.0 27.0 0.0 16.1 -30.7 47.8 -11.4 5.2 23 24 25 26 27 28 29 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 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) 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -4.0 -4.0 -15.6 -15.6 -23.7 -23.7 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.0 0.0 -0.0 -0.0 12.8 12.8 -5.9 -5.9 8.5 8.5 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 24.9 22.4 2.5 16.9 15.2 1.7 -91.0 -81.9 -9.1 -15.2 -13.7 -1.5 2.4 2.1 0.2 11.8 10.6 1.2 -16.6 -14.9 -1.7 9.0 8.1 0.9 10.8 9.7 1.1 43.8 39.4 4.4 0.1 0.1 0.0 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 164.6 8.5 9.6 36.1 92.6 11.1 6.7 110.5 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 -6.6 -94.0 12.6 -7.8 2.9 18.2 -94.9 -25.0 -2.0 -13.3 5.1 20.1 -19.8 8.9 -3.0 -30.6 -0.5 2.2 5.6 -32.1 -3.8 -2.1 72.5 -8.7 2.1 20.3 24.4 30.6 3.9 40.0 -4.0 2.0 10.0 12.0 9.0 11.0 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. Flows 2007 54 Z.1, June 6, 2013 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 1 Net change in mortgages 1076.8 68.0 -297.2 -518.8 -325.6 -253.8 -430.6 -248.3 -336.2 -0.1 -247.7 1 2 3 4 5 Home Multifamily residential Commercial Farm 719.9 86.6 265.6 4.6 -119.1 44.0 121.1 22.0 -203.5 6.6 -96.9 -3.4 -353.9 -10.9 -163.8 9.9 -255.3 4.8 -80.0 4.9 -241.0 16.1 -35.7 6.9 -341.9 -41.1 -54.5 6.9 -215.8 24.6 -64.0 6.9 -306.4 33.9 -70.6 6.9 -100.0 46.8 46.2 6.9 -227.6 17.8 -44.8 6.9 2 3 4 5 6 Flows 2008 1076.8 68.0 -297.2 -518.8 -325.6 -253.8 -430.6 -248.3 -336.2 -0.1 -247.7 6 Household sector 696.4 -65.0 -156.4 -377.2 -235.3 -232.5 -330.2 -211.0 -299.9 -88.9 -216.6 7 8 9 10 Nonfinancial business Corporate Noncorporate 375.8 68.6 307.1 126.2 -60.8 186.9 -144.1 -131.5 -12.7 -141.8 -127.9 -13.9 -99.4 -56.4 -43.0 -36.9 -11.7 -25.1 -110.8 -26.8 -84.0 -62.2 -29.7 -32.5 -48.5 -19.6 -28.8 73.9 29.2 44.8 -53.7 -54.8 1.1 8 9 10 11 12 Federal government REITs 0.0 4.7 0.0 6.8 0.0 3.4 0.0 0.2 0.0 9.1 0.0 15.6 0.0 10.4 0.0 24.9 0.0 12.2 0.0 14.9 0.0 22.7 11 12 13 Net change in assets 1076.8 68.0 -297.2 -518.8 -325.6 -253.8 -430.6 -248.3 -336.2 -0.1 -247.7 13 -12.3 -18.4 7.4 1.4 -7.7 -3.0 -9.7 -4.1 -1.2 -11.2 -1.6 4.2 -10.8 0.2 0.5 -13.4 0.2 0.5 -14.1 0.2 0.3 -14.0 0.2 0.4 -12.2 0.2 0.3 -13.3 0.2 1.2 -12.3 0.2 0.4 14 15 16 17.3 2.1 -13.3 13.5 4.5 12.6 -4.1 -1.8 -6.8 4.0 -7.2 1.7 -5.2 4.5 -5.9 1.8 -4.2 -0.8 -13.4 1.2 5.8 3.6 17 18 243.0 14.1 1.6 27.7 -43.4 5.2 1.8 32.0 -243.3 -6.4 -0.3 4.8 -205.0 -2.5 -6.5 0.0 -145.4 -2.6 -2.4 3.5 -52.2 -1.9 1.5 7.3 -223.0 -6.4 -1.9 9.2 20.1 -0.1 -2.1 4.6 -153.4 0.1 -1.7 7.1 147.5 -1.2 11.7 8.4 -96.4 -4.9 -2.4 -3.3 19 20 21 22 1.3 22.4 0.2 16.3 -0.5 -16.3 -0.3 -8.6 0.8 15.0 0.7 11.9 1.0 21.4 0.8 14.9 0.5 3.8 0.5 7.7 0.8 4.7 23 24 2.1 2.0 -7.9 -2.8 -2.4 -3.7 2.8 -0.5 1.0 -0.2 -6.2 -2.0 -9.7 -2.3 -3.9 -1.9 -5.2 -1.9 -6.0 -1.8 -11.2 -3.6 25 26 7 Net borrowing 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 State and local governments Federal government 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23 24 Property-casualty insurance companies Life insurance companies 25 26 Private pension funds State and local govt. retirement funds 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 35.9 623.3 62.2 497.0 2.4 415.3 -110.8 186.9 -96.9 165.3 -100.5 132.2 -89.4 159.6 -170.9 136.2 -30.4 94.9 -111.4 138.4 -86.6 166.3 27 28 29 30 31 ABS issuers Finance companies REITs 183.2 -62.5 -13.2 -352.4 -84.0 -46.9 -370.2 -50.5 -28.0 -297.5 -55.9 -6.3 -218.9 -32.1 0.2 -206.3 -26.4 6.1 -236.8 -32.9 -5.0 -208.2 -31.3 11.1 -219.5 -20.7 7.0 -160.6 -20.6 11.6 -169.6 -38.3 -0.8 29 30 31 55 Z.1, June 6, 2013 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q2 Q3 Q4 2013 Q1 719.9 -119.1 -203.5 -353.9 -255.3 -241.0 -341.9 -215.8 -306.4 -100.0 -227.6 1 683.1 2.9 33.9 -61.9 -10.2 -46.9 -149.6 -12.4 -41.5 -365.3 -6.8 18.1 -229.0 -3.4 -22.9 -229.1 -0.5 -11.4 -323.5 -1.0 -17.3 -206.5 -0.1 -9.3 -293.0 0.1 -13.5 -93.5 -1.0 -5.5 -212.4 -1.2 -14.0 2 3 4 719.9 -119.1 -203.5 -353.9 -255.3 -241.0 -341.9 -215.8 -306.4 -100.0 -227.6 5 -12.1 -10.9 2.7 0.4 -4.8 -1.1 -8.0 -2.5 -0.4 -8.0 -0.9 1.5 -8.0 0.1 0.2 -8.0 0.1 0.2 -8.0 0.1 0.1 -8.0 0.1 0.1 -8.0 0.1 0.1 -8.0 0.1 0.4 -8.0 0.1 0.1 6 7 8 9.2 0.3 -6.7 2.7 2.3 5.7 -2.7 1.8 -3.6 0.9 -3.5 1.2 -2.7 2.8 -3.1 0.8 -1.8 -1.6 -6.6 2.6 3.3 -0.9 9 10 9 10 State and local governments Federal government 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 135.2 0.0 4.3 27.7 -184.4 -1.5 1.4 32.0 -197.0 -6.0 -0.3 4.8 -101.5 0.1 -2.5 0.0 -77.1 0.3 -2.4 3.5 -47.0 0.5 2.3 7.3 -175.4 0.5 -1.0 9.2 47.8 -0.5 -1.0 4.6 -131.9 1.0 -0.8 7.1 71.3 0.9 11.9 8.4 -104.9 -0.2 -0.3 -3.3 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.9 -0.1 0.7 -0.8 0.1 -1.0 -0.2 0.7 -1.3 -0.3 -0.1 -0.2 0.3 -0.3 -0.1 0.2 0.9 -0.7 1.6 0.3 -0.8 1.7 0.8 -0.7 1.5 1.0 -0.7 -4.2 1.3 -0.6 -0.2 1.6 -1.3 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -9.7 622.6 8.8 492.2 -11.3 402.5 -119.5 175.8 -103.5 148.0 -110.4 105.0 -101.1 140.8 -171.2 102.6 -50.4 74.1 -119.0 102.5 -75.9 137.4 18 19 20 21 22 ABS issuers Finance companies REITs 39.8 -65.4 -23.5 -312.7 -97.3 -46.4 -323.0 -47.8 -21.7 -243.8 -50.0 -3.7 -193.2 -19.8 -0.7 -182.2 -12.2 5.5 -181.9 -28.2 1.8 -191.2 -11.0 12.3 -185.3 -13.2 2.4 -170.2 3.7 5.4 -150.3 -29.7 4.8 20 21 22 65.5 81.5 0.0 7.2 -10.3 -13.1 -18.5 22.0 -0.4 4.6 -25.1 -19.5 -82.5 -53.3 -0.6 -4.1 -15.0 -9.6 -90.4 -66.3 0.0 -6.4 -8.6 -9.3 -75.0 -60.1 -0.0 -6.0 -4.8 -4.0 -83.0 -70.4 -0.0 -6.5 -3.6 -2.4 -88.4 -72.3 0.1 -9.4 -3.7 -2.9 -72.2 -59.4 -0.2 -6.1 -3.4 -3.1 -88.3 -78.1 0.0 -4.4 -4.0 -1.8 -83.3 -71.9 -0.1 -6.1 -3.3 -1.9 -85.9 -74.0 0.1 -6.3 -3.0 -2.7 23 24 25 26 27 28 23 24 25 26 27 28 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 mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 86.6 44.0 6.6 -10.9 4.8 16.1 -41.1 24.6 33.9 46.8 17.8 1 2 3 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business 4.4 84.5 2.1 39.6 0.2 4.6 -0.6 -11.2 0.2 4.6 0.9 16.3 -1.9 -36.8 1.3 25.4 1.7 32.8 2.3 43.8 -0.0 -0.4 2 3 4 5 Federal government REITs 0.0 -2.3 0.0 2.3 0.0 1.8 0.0 0.8 0.0 -0.1 0.0 -1.1 0.0 -2.4 0.0 -2.1 0.0 -0.7 0.0 0.7 0.0 18.2 4 5 6 Net change in assets 86.6 44.0 6.6 -10.9 4.8 16.1 -41.1 24.6 33.9 46.8 17.8 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 -0.3 2.6 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 0.1 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 0.4 0.0 0.0 0.1 7 8 9 10 11 State and local governments Federal government 7.2 -0.3 -5.3 0.1 1.8 0.1 -1.6 -0.3 -2.6 -0.3 -2.9 -0.3 -2.1 0.0 -2.4 -0.6 -1.7 -0.8 -5.4 0.0 2.3 -0.4 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 7.8 0.0 14.9 -0.2 -9.0 -0.4 -12.2 -0.5 -6.6 -0.6 5.0 -1.5 -14.6 -5.7 6.8 -0.5 7.1 0.1 20.6 -0.1 12.7 -0.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 5.8 0.1 0.6 -0.1 0.3 -0.8 -3.2 0.3 -1.1 -1.3 0.4 -0.2 2.1 -0.3 -0.1 1.5 0.9 -0.6 2.5 0.0 -0.7 2.3 1.0 -0.6 1.8 1.0 -0.6 -0.6 1.6 -0.5 0.8 1.9 -1.1 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 42.3 -0.7 42.5 4.6 14.2 13.0 2.0 11.3 2.8 19.4 6.2 27.0 8.3 19.0 -3.5 31.8 16.6 21.0 3.6 36.2 -14.1 29.1 17 18 19 20 21 ABS issuers Finance companies REITs 21.5 -0.1 0.2 -10.8 0.8 -0.9 -5.8 -0.7 -2.0 -8.7 -1.0 -0.4 -7.7 -1.5 -0.2 -18.7 -0.8 0.1 -47.4 -0.6 -0.0 -9.4 -0.6 0.2 -9.6 -1.0 0.0 -8.4 -0.9 0.4 -13.8 -0.4 1.2 19 20 21 7 8 9 Flows 2007 56 Z.1, June 6, 2013 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 3 4 5 Flows 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business Q2 Q3 2013 Q1 Q4 265.6 121.1 -96.9 -163.8 -80.0 -35.7 -54.5 -64.0 -70.6 46.2 -44.8 1 13.3 59.5 185.8 7.0 -3.0 -58.6 178.2 4.5 -6.9 -120.0 28.4 1.6 -11.9 -122.9 -28.3 -0.6 -6.2 -53.8 -29.1 9.2 -3.4 -12.6 -36.5 16.7 -6.7 -24.3 -36.3 12.8 -4.5 -31.5 -54.9 27.0 -6.9 -21.8 -54.7 12.8 4.6 27.4 0.0 14.2 -4.2 -53.9 9.0 4.5 2 3 4 5 265.6 121.1 -96.9 -163.8 -80.0 -35.7 -54.5 -64.0 -70.6 46.2 -44.8 6 2.1 -7.3 2.0 0.9 -2.8 -0.8 -0.7 -1.6 -0.3 -2.5 -0.6 1.1 -4.3 0.1 0.1 -6.1 0.1 0.1 -5.5 0.1 0.1 -5.9 0.1 0.1 -6.4 0.1 0.1 -6.8 0.1 0.3 -7.3 0.1 0.1 7 8 9 1.4 2.1 -1.1 10.4 0.4 6.4 0.2 -3.7 -0.7 3.2 -0.7 0.8 -0.4 1.5 -0.5 1.5 -0.7 1.5 -1.4 -1.5 0.1 5.3 10 11 10 11 State and local governments Federal government 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 98.1 14.1 -2.7 117.4 6.8 0.4 -36.8 0.1 -0.0 -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -11.9 -0.9 -0.8 -36.8 -1.2 -0.9 -35.5 0.9 -1.1 -29.7 -1.0 -0.9 54.3 -2.1 -0.2 -5.3 -4.1 -2.1 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 1.3 16.8 0.2 14.9 -0.5 -11.4 -0.3 -6.9 0.8 12.3 0.7 10.0 1.0 16.9 0.8 10.6 0.5 0.2 0.5 12.1 0.8 3.9 15 16 17 18 Private pension funds State and local govt. retirement funds 2.2 0.7 -8.3 -1.0 -3.4 -1.2 2.5 -0.2 1.6 -0.1 -7.9 -0.7 -10.1 -0.8 -5.7 -0.7 -7.2 -0.7 -8.8 -0.6 -14.7 -1.2 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 121.9 0.0 -28.9 0.0 -41.4 0.0 -45.1 0.0 -18.1 0.0 -5.5 0.0 -7.5 0.0 -7.6 0.0 -24.6 0.0 17.9 0.0 -5.5 19 20 21 22 Finance companies REITs 2.9 10.1 12.6 0.4 -2.0 -4.3 -4.9 -2.3 -10.8 1.1 -13.4 0.5 -4.1 -6.8 -19.7 -1.4 -6.5 4.6 -23.4 5.8 -8.2 -6.7 21 22 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 4.6 22.0 -3.4 9.9 4.9 6.9 6.9 6.9 6.9 6.9 6.9 1 1.8 2.8 6.0 16.1 0.7 -4.1 2.4 7.5 0.6 4.3 0.4 6.5 0.5 6.4 0.5 6.4 0.4 6.5 0.4 6.5 0.4 6.6 2 3 4.6 22.0 -3.4 9.9 4.9 6.9 6.9 6.9 6.9 6.9 6.9 4 5 6 Household sector Nonfinancial noncorporate business -2.3 0.1 0.1 -0.1 -1.0 -0.0 -0.7 0.1 1.6 0.0 0.8 0.0 -0.6 0.0 -0.1 0.0 2.2 0.0 1.6 0.0 2.9 0.0 5 6 7 8 State and local governments Federal government -0.6 0.1 -0.3 0.2 0.0 0.4 0.0 0.4 0.0 0.3 0.0 0.1 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 -0.4 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 1.9 0.0 8.8 0.0 -0.5 -0.0 3.8 0.0 1.2 -0.0 1.8 0.0 3.7 -0.0 1.0 -0.0 1.2 -0.0 1.2 0.1 1.1 -0.1 9 10 11 12 Life insurance companies State and local govt. retirement funds 0.7 0.0 2.3 0.0 -1.5 0.0 -0.2 0.0 0.2 0.0 0.3 0.0 0.5 0.0 0.3 0.0 0.3 0.0 0.3 0.0 0.2 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.3 1.4 10.9 0.1 -0.5 -0.2 6.7 -0.2 3.8 -2.1 3.7 0.3 3.4 -0.2 3.8 1.7 3.5 -0.2 4.1 -0.3 3.5 -0.2 13 14 (1) Excludes mortgages on farm houses. 57 Z.1, June 6, 2013 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 1 Net change in liabilities (Households) 141.9 19.6 -111.5 -17.9 93.4 154.6 141.1 168.7 130.7 177.7 157.1 1 2 Net change in assets 141.9 19.6 -111.5 -17.9 93.4 154.6 141.1 168.7 130.7 177.7 157.1 2 4.3 0.0 6.0 -1.2 0.0 11.3 -2.2 0.0 74.3 -11.4 0.0 130.2 2.3 0.0 108.7 0.0 0.0 109.4 18.7 0.0 135.8 9.2 0.0 99.0 -5.6 0.0 135.5 -22.3 0.0 67.2 1.6 0.0 131.9 3 4 5 3 4 5 Nonfinancial corporate business Nonfinancial noncorporate business Federal government (1) 6 7 U.S.-chartered depository institutions Credit unions 58.1 0.5 70.1 -0.4 -64.5 0.9 -70.3 -10.7 7.1 -3.4 28.1 20.6 -48.0 20.6 76.0 27.5 20.8 6.5 63.5 27.8 -20.1 36.5 6 7 Government-sponsored enterprises ABS issuers Finance companies 0.0 32.8 40.2 0.0 -42.3 -17.9 0.0 -37.8 -82.4 0.0 -42.3 -13.4 0.0 -4.2 -17.0 0.0 3.7 -7.2 0.0 19.1 -5.0 0.0 -19.0 -24.0 0.0 -2.2 -24.3 0.0 16.9 24.5 0.0 18.4 -11.2 8 9 10 8 9 10 (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. F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 202.0 -170.0 -23.1 225.5 48.6 189.3 253.8 166.9 208.1 128.2 120.9 1 2 Household sector 14.6 22.2 16.0 21.4 14.0 1.5 6.6 2.8 -0.0 -3.2 -6.4 2 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 85.1 26.0 -225.2 5.7 -85.3 7.7 155.7 28.4 18.7 2.8 117.7 14.0 154.9 8.8 149.5 3.9 139.8 10.4 26.7 33.1 60.9 39.5 3 4 5 6 State and local governments Federal government 37.0 29.3 39.2 22.6 39.6 -56.2 40.0 6.2 40.2 8.8 40.4 9.3 40.4 15.4 40.3 -18.7 40.5 21.6 40.5 18.7 40.3 -10.8 5 6 7 8 Rest of the world Brokers and dealers 12.4 -2.4 -9.9 -24.7 6.1 48.9 25.8 -52.0 -32.2 -3.8 6.3 -0.0 15.5 12.2 4.5 -15.3 -2.2 -2.0 7.4 5.0 -7.0 4.5 7 8 226.0 -199.0 -128.4 133.7 99.0 128.6 236.4 109.0 165.8 3.3 -16.6 9 10 11 9 Nonfinancial corporate business Nonfinancial noncorporate business 159.8 54.7 -169.5 -3.0 -31.1 -26.3 105.7 37.0 82.2 5.4 109.9 6.8 215.5 3.9 97.8 4.5 124.5 3.3 1.7 15.6 -14.0 4.7 10 11 12 13 14 State and local governments Federal government Rest of the world -12.5 1.2 20.8 -22.3 4.2 6.5 -18.6 -21.1 6.6 -19.3 -0.7 19.6 -9.7 4.8 17.2 0.0 2.4 11.1 0.0 -5.2 15.5 0.0 6.9 7.8 0.0 6.0 26.1 0.0 1.9 -4.9 0.0 -13.0 3.8 12 13 14 15 16 Property-casualty insurance companies ABS issuers -1.6 3.4 1.3 -16.1 -3.7 -34.3 0.8 -9.5 3.4 -4.2 4.8 -6.4 15.8 -9.1 3.6 -11.6 9.8 -3.9 -10.0 -1.0 6.1 -4.2 15 16 -23.9 29.0 105.4 91.7 -50.4 60.6 17.5 57.9 42.3 124.9 137.6 17 17 Net change in trade receivables Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 276.5 -397.9 -95.9 123.6 97.8 188.9 176.2 155.0 249.4 174.9 -142.6 1 33.4 0.0 -160.7 0.0 38.1 0.0 75.2 0.0 -39.3 0.0 64.9 0.0 115.4 0.0 -93.1 0.0 98.7 0.0 138.4 0.0 9.9 0.0 2 3 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 48.4 25.7 -5.8 28.5 137.1 58.1 37.3 41.6 124.0 23.6 42.3 58.0 60.8 39.6 -39.4 60.6 248.1 61.5 75.8 110.8 150.6 10.1 128.1 12.4 36.4 -16.6 4.7 48.3 -152.5 2.2 -135.7 -19.0 4 5 6 7 8 Net change in assets 276.5 -397.9 -95.9 123.6 97.8 188.9 176.2 155.0 249.4 174.9 -142.6 8 9 10 Household sector Rest of the world 210.8 0.0 -123.8 0.0 -74.1 0.0 25.7 0.0 58.1 0.0 23.6 0.0 39.6 0.0 61.5 0.0 10.1 0.0 -16.6 0.0 2.2 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers 29.3 3.0 33.4 12.8 -126.3 -160.7 -59.2 -0.8 38.1 -5.8 28.5 75.2 37.3 41.6 -39.3 42.3 58.0 64.9 -39.4 60.6 115.4 75.8 110.8 -93.1 128.1 12.4 98.7 4.7 48.3 138.4 -135.7 -19.0 9.9 11 12 13 Flows 2007 58 Z.1, June 6, 2013 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 Life insurance reserves: 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 34.2 67.0 26.5 17.2 94.1 -11.6 -9.6 -73.2 11.8 24.6 26.7 1 1.2 33.0 1.0 66.0 1.1 25.4 0.9 16.4 1.3 92.8 0.3 -11.9 0.5 -10.1 1.5 -74.6 -0.2 12.0 -0.5 25.1 0.2 26.5 2 3 34.2 67.0 26.5 17.2 94.1 -11.6 -9.6 -73.2 11.8 24.6 26.7 4 18.0 10.9 5.3 61.7 6.4 -1.2 23.7 0.8 2.1 9.0 4.5 3.8 86.9 4.8 2.4 -26.3 7.4 7.3 -46.6 12.4 24.5 -82.2 4.8 4.3 0.2 5.9 5.8 23.5 6.4 -5.3 11.4 5.3 10.0 5 6 7 567.5 53.6 30.2 335.2 263.6 239.4 213.1 181.1 328.5 234.8 63.6 8 116.7 324.7 49.1 -107.3 2.6 26.5 145.3 156.6 79.7 166.0 110.0 25.7 97.0 -40.4 -47.7 89.4 161.5 88.9 229.0 -35.2 142.5 -190.7 9 10 78.4 47.8 33.0 78.9 -77.1 78.2 -48.6 81.9 -68.7 86.6 53.5 50.2 88.7 67.9 34.5 104.9 -8.0 86.0 98.8 -57.7 -63.1 174.9 11 12 567.5 53.6 30.2 335.2 263.6 239.4 213.1 181.1 328.5 234.8 63.6 13 Pension fund reserves: 8 Net change in liabilities 9 10 Life insurance companies Private pension funds (1) 11 12 State and local govt. retirement funds Federal government retirement funds (2) 13 Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses -69.3 -123.8 -3.4 19.4 20.5 11.9 13.3 22.6 21.7 -10.1 61.1 1 -9.5 0.8 20.7 0.9 -16.8 0.7 21.6 3.2 16.0 1.0 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business -49.6 3.8 3.1 6.7 -3.3 -6.3 7.2 -0.7 8.8 1.1 4.0 1.4 4 U.S.-chartered depository institutions -15.6 -86.0 7.3 6.6 10.6 6.7 7.7 9.1 16.3 -6.4 7.6 4 5 6 Property-casualty insurance companies Life insurance companies -2.4 -3.4 -28.1 -19.7 5.3 -7.0 5.6 2.6 -4.4 5.2 3.8 -4.6 26.0 -14.8 -20.7 13.9 17.9 0.9 -8.1 -18.5 30.2 -0.6 5 6 7 8 Finance companies Brokers and dealers -1.5 -0.6 -0.1 0.3 -2.8 3.2 0.3 -2.1 0.4 -1.1 0.1 0.5 1.2 1.8 -0.8 -0.6 -0.6 3.3 0.6 -2.4 1.5 5.3 7 8 -32.7 -59.8 29.2 29.9 36.6 52.6 81.5 25.4 48.4 55.1 51.1 9 2.7 -35.5 2.2 -61.9 -6.7 35.9 -2.2 32.2 6.9 29.7 9.9 42.7 12.4 69.1 5.4 20.0 10.2 38.2 11.6 43.4 11.2 40.0 10 11 -36.5 -64.0 -32.6 -10.5 -16.0 -40.7 -68.2 -2.8 -26.7 -65.2 9.9 12 9 10 11 12 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers 18.4 -284.0 -32.3 143.6 -8.6 -30.3 0.6 -27.4 -34.9 -59.3 -41.1 1 16.0 2.4 -295.5 11.5 -28.6 -3.6 143.2 0.4 -6.6 -2.0 -36.7 6.4 -28.5 29.1 -32.9 5.5 -31.0 -3.9 -54.4 -4.9 -28.1 -13.0 2 3 59 Z.1, June 6, 2013 F.228 Total Miscellaneous Financial Claims 2007 1 Net change in liabilities 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2425.5 2269.9 -329.6 1041.8 1158.3 705.2 480.2 645.3 797.8 897.3 1182.6 1 1.0 1177.2 94.2 3.2 526.5 114.1 -4.9 48.9 32.7 2.7 406.9 -50.8 -0.4 373.8 32.5 0.6 328.6 6.1 7.5 142.9 36.7 7.4 428.7 5.3 1.7 595.7 4.0 -14.3 147.1 -21.5 4.1 95.8 45.8 2 3 4 Federal government Rest of the world 76.6 562.7 89.5 511.9 81.4 -299.1 90.6 557.4 102.9 413.1 45.5 234.2 36.8 69.8 118.0 255.8 63.4 56.6 -36.4 554.5 178.8 133.2 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.5 22.3 144.8 -11.9 -5.6 2.2 26.7 549.5 -3.8 1.1 6.1 257.9 -418.2 4.3 14.7 29.2 198.4 7.5 -5.9 -8.3 -26.7 50.8 255.5 -3.9 1.3 2.0 111.5 -42.7 -2.0 0.3 49.9 349.3 -189.3 -1.1 0.3 -47.8 -36.2 99.3 -5.0 -8.1 -21.9 234.8 29.4 5.2 7.0 27.6 -101.8 -110.3 -7.2 2.2 52.4 376.9 46.8 -3.4 8.4 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 25.8 69.5 40.2 63.2 -2.6 17.9 9.3 14.0 33.1 33.2 10.7 -0.0 -28.0 -0.3 21.2 3.6 3.6 20.7 46.1 -24.1 -57.3 -160.3 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 17.7 -6.9 4.6 37.1 10.4 -2.7 62.2 -91.2 -13.8 -68.1 -13.4 14.9 -24.0 -14.7 8.5 -6.5 -28.6 17.0 8.8 -27.7 62.2 -9.2 -26.5 -39.5 -11.7 -143.8 90.0 -13.7 83.4 -44.9 -15.8 -0.4 -17.1 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 46.2 6.8 197.9 -70.7 -163.8 535.4 18.4 -25.6 -18.5 20.7 -68.2 -95.0 -9.0 -36.8 -30.6 0.2 -66.0 94.5 297.7 -130.1 -205.1 -171.9 69.8 -19.4 76.1 -235.1 22.0 -201.0 31.3 580.3 248.3 336.8 -90.3 17 18 19 2801.7 240.1 -64.8 845.5 1197.6 833.1 735.9 961.1 228.0 1407.2 1413.2 20 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 20 Net change in assets 21 22 23 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 66.1 938.5 330.8 55.1 -347.0 107.5 21.1 107.7 -81.7 44.4 503.9 75.3 46.8 444.3 23.7 11.5 669.0 27.0 -19.7 507.2 15.7 -5.1 683.3 18.1 10.1 613.2 13.2 60.9 872.4 61.0 -35.4 746.9 18.6 21 22 23 24 25 26 State and local governments Federal government Rest of the world -31.9 1.9 638.8 88.3 -28.0 -252.3 28.7 35.4 240.3 -11.4 -3.5 455.8 -59.2 1.9 258.8 -48.7 -0.8 273.8 17.8 -10.7 241.4 -38.6 5.9 421.9 -98.6 0.1 -315.0 -75.3 1.3 747.1 -59.0 1.8 -81.4 24 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 25.8 56.7 14.7 6.1 5.2 530.2 93.7 364.3 -1.0 -0.4 -493.8 12.2 -115.8 -4.5 0.2 7.8 -84.6 4.9 4.5 41.1 142.9 -68.2 222.7 0.8 -12.1 -27.6 -21.9 -17.0 0.2 0.8 -152.8 170.7 -180.1 0.1 15.0 -5.0 -69.4 83.3 16.0 -27.8 -1.0 92.3 87.9 -10.4 29.2 48.5 -281.1 -59.2 -5.0 -13.3 76.7 77.9 37.5 -0.6 9.2 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies 17.6 39.5 6.8 37.2 14.6 -22.5 -22.5 2.8 3.1 48.9 -3.9 44.2 -14.5 -51.9 10.0 44.4 -1.1 55.0 -10.1 129.4 -8.1 -107.2 32 33 34 35 36 Private pension funds State and local govt. retirement funds Federal government retirement funds 246.6 2.7 33.3 -116.6 -18.4 63.3 61.3 -8.5 61.9 -17.7 16.1 65.7 87.6 8.5 70.8 -67.7 -0.4 40.4 -206.5 -6.8 55.8 49.2 1.1 91.7 -43.1 3.0 85.0 -70.3 1.0 -70.9 -237.6 -18.2 167.3 34 35 36 37 38 Money market mutual funds Mutual funds 29.4 2.8 -33.9 3.2 -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 -24.7 -161.0 -48.3 -61.9 -75.7 18.9 173.0 71.4 7.6 -0.0 37 38 39 40 41 Government-sponsored enterprises Finance companies REITs 27.0 11.2 -4.4 -42.6 21.4 -0.8 1.2 26.3 -8.5 29.3 -64.4 7.4 -0.1 6.7 13.3 4.1 -28.7 22.5 6.3 15.0 34.3 -56.4 -67.1 14.7 14.7 -51.0 13.6 51.8 -11.7 27.5 -137.7 -10.4 31.7 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 47.3 178.2 117.6 -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 7.2 269.9 142.9 72.5 96.1 -92.6 -102.3 -162.8 -67.4 17.9 -448.8 166.8 40.7 445.3 360.0 128.5 42 43 44 -376.2 2029.8 -264.7 196.3 -39.2 -127.9 -255.8 -315.8 569.8 -509.9 -230.7 45 45 Discrepancy Flows Billions of dollars; quarterly figures are seasonally adjusted annual rates 60 Z.1, June 6, 2013 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 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 414.0 200.9 230.5 -17.3 307.0 32.8 17.6 5.8 26.4 24.4 329.1 127.0 233.1 -31.1 262.6 17.6 6.8 4.6 24.2 13.3 289.5 18.2 229.3 42.0 257.2 -3.4 14.6 2.0 8.1 10.9 327.9 41.1 315.3 -28.5 324.8 3.6 -22.5 2.1 6.5 13.3 419.3 52.4 348.6 18.3 396.5 -1.2 3.1 2.6 10.0 8.4 351.4 38.3 312.7 0.5 332.6 2.9 -3.9 2.0 6.7 11.2 462.6 22.8 324.5 115.2 424.6 9.0 -14.5 2.4 27.9 13.1 251.9 58.9 309.4 -116.5 217.4 12.2 10.0 1.9 3.3 7.0 363.7 44.7 287.0 32.0 347.2 -7.1 -1.1 2.0 10.3 12.4 327.6 26.7 329.7 -28.7 341.0 -2.3 -10.1 1.7 -14.8 12.2 337.0 31.8 301.9 3.3 361.4 -16.2 -8.1 1.7 -15.6 13.9 1 2 3 4 5 6 7 8 9 10 211.6 0.3 -0.8 7.1 -1.0 -5.6 9.0 0.6 221.2 142.3 48.2 30.7 189.5 -0.2 24.8 14.9 12.5 12.2 55.8 0.6 310.1 255.7 39.1 15.2 104.7 0.1 16.6 2.4 11.1 12.8 2.1 0.6 150.4 126.8 21.7 2.0 156.9 0.1 9.3 3.0 6.3 18.0 11.7 0.6 205.8 131.6 67.5 6.7 206.8 0.2 17.9 -2.1 -10.0 10.2 10.4 0.6 234.0 93.2 87.4 53.4 161.5 0.1 1.6 0.6 1.4 0.9 7.9 0.6 174.7 58.1 102.7 13.9 112.1 0.1 -26.0 -1.1 -6.3 4.5 8.6 0.6 92.6 8.1 107.0 -22.5 169.1 -0.1 13.3 5.1 6.3 0.3 3.3 0.6 197.9 48.6 81.1 68.2 150.2 0.2 9.2 -3.3 4.4 -1.6 7.5 0.6 167.2 37.7 107.1 22.4 214.8 0.2 9.9 1.8 1.2 0.4 12.3 0.6 241.0 137.9 115.6 -12.5 213.9 0.3 21.5 -2.8 4.9 -2.9 12.9 0.6 248.3 132.5 124.3 -8.5 11 12 13 14 15 16 17 18 19 20 21 22 1.7 1.7 1.4 1.4 1.7 1.7 2.3 2.3 2.6 2.6 2.6 2.6 1.5 1.5 7.0 7.0 1.0 1.0 1.1 1.1 -1.3 -1.3 23 24 3.1 3.1 2.6 2.6 4.6 4.6 0.9 0.9 0.4 0.4 0.5 0.5 1.3 1.3 0.5 0.5 0.1 0.1 -0.0 -0.0 0.8 0.8 25 26 9.1 0.1 0.7 0.0 7.0 0.6 0.6 -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 0.9 -0.7 0.0 -2.2 0.1 0.1 -2.6 0.5 0.3 0.0 -3.1 -0.1 -0.1 -3.2 0.7 -1.3 0.0 -3.3 0.5 0.2 -1.5 1.1 -0.7 0.0 -1.8 -0.1 0.0 -0.0 1.3 -1.1 0.0 -0.4 0.0 0.2 -3.6 1.7 -1.6 0.0 -3.4 0.2 -0.4 27 28 29 30 31 32 33 114.0 0.0 5.3 41.5 -57.5 42.2 145.5 113.6 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 -38.1 -25.7 10.6 2.4 76.1 0.0 9.3 -20.6 -12.8 30.6 82.7 101.2 4.3 9.9 -0.5 49.6 -51.5 113.1 22.3 0.0 -2.1 -15.5 255.6 77.3 337.6 174.2 10.2 27.7 -14.2 -113.9 -77.8 6.2 136.6 5.3 13.5 -1.4 4.9 -48.7 110.2 71.8 1.8 0.7 29.0 52.0 -156.9 -1.8 110.5 -22.9 0.8 -5.8 -84.4 89.8 88.1 34 35 36 37 38 39 40 -54.8 -54.8 -1.1 -1.1 -9.3 -9.3 22.3 22.3 8.5 8.5 -0.4 -0.4 -11.3 -11.3 -10.4 -10.4 -1.0 -1.0 21.2 21.2 -4.2 -4.2 41 42 43.7 73.9 117.6 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 65.7 6.8 72.5 -103.0 0.7 -102.3 -42.3 60.2 17.9 32.3 8.4 40.7 67.7 60.8 128.5 43 44 45 0.0 0.0 0.0 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 0.2 0.1 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 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). 61 Z.1, June 6, 2013 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 23.9 -0.1 24.0 529.8 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 -213.4 -0.1 -213.4 -74.0 0.0 -74.1 -61.6 0.1 -61.7 -14.9 -0.3 -14.6 -3.3 0.0 -3.3 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 1.9 1.9 -5.4 -5.4 0.4 0.4 -1.5 -1.5 -1.8 -1.8 1.2 1.2 17.1 17.1 -15.2 -15.2 -2.1 -2.1 4.8 4.8 -1.4 -1.4 6 7 1.0 1.0 3.2 3.2 -4.9 -4.9 2.7 2.7 -0.4 -0.4 0.6 0.6 7.5 7.5 7.4 7.4 1.7 1.7 -14.3 -14.3 4.1 4.1 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 15.5 13.5 0.2 1.8 17.6 19.5 -3.4 1.5 8.4 9.7 -1.1 -0.1 14.8 14.7 0.4 -0.4 14.4 15.2 -1.8 0.9 -2.4 -3.1 0.4 0.3 -0.9 -4.2 0.8 2.5 -15.7 -19.2 1.5 1.9 18.4 15.3 1.4 1.6 -11.5 -4.3 -2.3 -5.0 -13.5 -14.9 0.3 1.2 10 11 12 13 14 Asset: Household sector 15.5 17.6 8.4 14.8 14.4 -2.4 -0.9 -15.7 18.4 -11.5 -13.5 14 18.7 25.4 -5.0 6.3 35.2 5.8 -27.0 5.9 1.6 42.5 -31.7 15 6.7 8.3 3.7 11.0 10.9 3.4 -5.1 -0.9 0.9 3.2 3.0 0.1 13.2 15.7 6.3 0.6 3.3 1.9 -14.4 -9.3 -3.3 -0.8 3.6 3.1 -1.6 1.5 1.7 19.2 17.4 5.9 -17.4 -12.2 -2.0 16 17 18 28.2 28.2 54.6 54.6 32.6 32.6 -45.5 -45.5 8.0 8.0 -31.6 -31.6 -51.0 -51.0 5.7 5.7 -43.0 -43.0 -38.1 -38.1 -58.3 -58.3 19 20 44.8 44.8 -25.5 -25.5 -8.4 -8.4 15.4 15.4 -0.9 -0.9 -4.3 -4.3 -12.9 -12.9 3.3 3.3 -1.4 -1.4 -6.3 -6.3 -23.9 -23.9 21 22 -2.1 -2.1 -353.2 -353.2 -30.2 -30.2 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 -28.9 -28.9 219.8 219.8 -198.4 -198.4 -309.3 -309.3 189.1 189.1 23 24 33.3 33.3 63.3 63.3 61.9 61.9 65.7 65.7 70.8 70.8 40.4 40.4 55.8 55.8 91.7 91.7 85.0 85.0 -70.9 -70.9 167.3 167.3 25 26 43.9 43.9 26.5 26.5 16.6 16.6 22.5 22.5 18.5 18.5 13.3 13.3 -4.6 -4.6 11.4 11.4 -6.7 -6.7 53.3 53.3 -4.5 -4.5 27 28 Policy payables: 15 Liab.: Property-casualty insurance companies 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 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 (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. Flows Postal Savings System deposits: 62 Z.1, June 6, 2013 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 2012 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 Q3 Q4 2013 Q1 1358.9 1070.8 -232.8 586.6 227.0 205.1 -215.8 57.4 346.7 632.2 165.0 1 920.9 93.9 362.5 114.3 -47.4 32.6 234.6 -50.9 168.0 32.3 171.4 6.0 43.7 36.6 256.3 5.3 447.0 3.9 -61.4 -21.6 -94.1 45.5 2 3 -0.6 80.9 -0.3 -339.3 2.9 -70.5 2.4 226.7 13.6 -139.1 -8.3 22.6 -14.4 -258.1 14.9 148.7 -14.9 -197.8 -18.7 397.6 16.1 -289.0 4 5 -0.7 -91.7 101.9 -11.9 -5.6 -0.5 -86.9 489.1 -3.8 1.1 1.5 91.2 -361.2 4.3 14.7 28.3 165.1 29.6 -5.9 -8.3 -27.1 -25.4 271.3 -3.9 1.3 1.5 10.3 -32.5 -2.0 0.3 48.6 326.9 -229.1 -1.1 0.3 -48.3 -210.4 189.0 -5.0 -8.1 -22.0 98.2 62.4 5.2 7.0 27.6 -173.6 -152.5 -7.2 2.2 51.5 266.4 -42.3 -3.4 8.4 6 7 8 9 10 21.4 6.7 12.0 4.6 -9.0 46.7 6.5 -2.7 -43.5 61.8 -71.5 -13.8 16.1 -63.9 -15.5 14.9 11.5 -16.2 -12.8 8.5 22.7 -5.8 -28.6 17.0 60.0 -5.7 -5.3 62.2 -20.4 9.1 -2.2 -39.5 27.5 -8.1 -139.9 90.0 23.6 -18.5 32.9 -44.9 -94.4 -10.9 12.5 -17.1 11 12 13 14 20.8 6.8 199.4 -231.1 -163.8 888.0 183.1 -25.6 8.7 61.5 -68.2 20.0 -60.1 -36.8 42.0 -76.4 -66.0 173.0 26.7 -130.1 -177.0 -62.1 69.8 -239.9 3.4 -235.1 219.9 -273.6 31.3 888.9 259.1 336.8 -280.0 15 16 17 1735.1 -959.1 31.9 390.3 266.2 333.0 40.0 373.2 -223.1 1142.0 395.7 18 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 677.8 326.4 -619.5 102.9 -139.4 -82.7 153.7 74.7 23.6 17.1 332.7 25.9 102.7 18.8 472.0 16.3 264.5 12.1 491.6 56.2 400.3 22.2 19 20 21 22 State and local governments Federal government -31.9 0.4 88.3 -29.4 28.7 32.3 -11.4 -9.8 -59.2 -1.3 -48.7 -3.5 17.8 -12.2 -38.6 -1.2 -98.6 -0.9 -75.3 0.4 -59.0 3.1 21 22 23 Rest of the world 417.7 -562.4 89.8 250.0 24.9 99.2 148.9 224.0 -482.3 506.0 -329.8 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 1.8 11.9 14.7 6.1 4.6 0.5 85.4 364.3 -1.0 -0.7 49.6 9.9 -115.8 -4.5 0.6 18.0 -84.6 4.9 4.5 41.3 43.1 -59.4 222.7 0.8 -12.8 63.4 -24.3 -17.0 0.2 0.7 60.5 146.5 -180.1 0.1 15.2 69.0 -63.7 83.3 16.0 -28.3 60.7 103.1 87.9 -10.4 29.3 63.1 -283.1 -59.2 -5.0 -13.3 80.1 98.1 37.5 -0.6 9.0 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 32.1 173.6 2.7 28.5 -145.8 -18.4 -19.3 37.1 -8.5 -2.0 12.3 16.1 47.5 80.5 8.5 41.6 -31.8 -0.4 -61.7 -142.6 -6.8 34.9 40.2 1.1 51.2 1.4 3.0 141.8 -26.0 1.0 -112.6 -155.4 -18.2 29 30 31 32 33 Money market mutual funds Mutual funds 29.4 2.8 -33.9 3.2 -8.3 -5.1 -3.4 -12.0 -0.8 2.9 6.1 -33.1 -24.7 -161.0 -48.3 -61.9 -75.7 18.9 173.0 71.4 7.6 -0.0 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 27.0 -15.2 -4.4 -42.6 -2.8 -0.8 1.2 18.2 -8.5 29.3 -70.9 7.4 -0.1 -3.4 13.3 4.1 -35.4 22.5 6.3 -12.9 34.3 -56.4 -70.4 14.7 14.7 -61.3 13.6 51.8 3.1 27.5 -137.7 5.2 31.7 34 35 36 37 38 Brokers and dealers Holding companies 24.9 32.7 -275.1 100.1 74.3 82.3 5.9 -33.6 -35.5 -46.2 6.6 -75.6 285.6 -194.8 -130.8 -98.8 23.3 -177.6 -151.7 168.6 242.3 272.0 37 38 -376.2 2029.8 -264.7 196.3 -39.2 -127.9 -255.8 -315.8 569.8 -509.9 -230.7 39 39 Net change in assets Q2 Discrepancy 63 Z.1, June 6, 2013 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All sectors 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 -419.2 1131.6 51.5 199.0 -202.0 -270.2 -264.6 -826.6 457.5 -447.0 -305.4 1 -554.6 127.3 22.9 934.8 -8.6 -180.5 -457.7 268.4 -725.5 350.4 -443.9 156.7 -788.4 50.2 -800.9 150.8 427.6 127.3 -613.8 298.5 -982.6 -15.8 2 3 -21.2 24.1 -19.4 86.8 -22.8 -44.6 -34.5 -62.3 -20.0 -19.0 -18.0 -113.1 -19.9 374.5 -19.9 -162.1 -15.9 -551.3 -16.0 -113.3 -16.0 337.9 4 5 Rest of the world 98.3 -63.0 143.2 66.8 -87.7 61.2 -110.8 59.1 162.8 133.5 155.7 6 Financial sectors -93.0 169.5 164.9 418.3 299.8 86.9 229.8 -53.5 307.1 -135.9 215.3 7 -2.8 -0.2 -6.0 -10.0 -1.3 2.5 10.4 2.1 2.3 -4.7 -1.5 8 -129.4 2.6 -7.4 8.0 31.7 -5.1 -0.5 12.1 305.5 1.3 6.2 11.5 311.0 1.6 -0.0 -5.4 173.2 5.0 1.0 -26.3 91.2 2.9 -0.1 5.1 299.6 4.1 -0.9 -12.4 -117.8 1.1 0.7 22.7 315.9 5.9 1.9 14.3 -133.0 0.3 -2.0 -4.0 165.0 8.0 0.3 12.8 9 10 11 12 2.8 -50.8 -0.6 -59.4 -24.3 -86.0 68.7 -23.5 18.3 -14.3 -9.3 -27.4 -3.5 -10.1 -10.2 -50.4 13.0 -11.2 -36.5 -37.7 22.9 -11.2 13 14 2 3 Household sector Nonfinancial corporate business 4 5 State and local governments Federal government 6 7 8 2008 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 13 14 Property-casualty insurance companies Life insurance companies 15 16 Mutual funds Government-sponsored enterprises 13.4 27.7 -5.7 107.8 -10.6 37.6 -6.2 44.9 -16.2 67.4 -10.3 53.9 -8.0 79.7 -11.1 48.0 -6.7 -14.2 -15.4 102.1 -12.1 63.0 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs 0.0 20.7 31.9 0.0 36.3 -5.8 0.0 15.7 -15.6 0.0 22.3 21.2 0.0 21.8 35.3 0.0 0.5 32.2 0.0 11.5 40.3 0.0 3.0 20.4 0.0 19.7 19.8 0.0 -32.4 48.4 0.0 5.3 22.9 17 18 19 20 21 Brokers and dealers Holding companies -4.9 -4.9 72.0 -12.9 -61.5 -8.9 -9.2 2.8 34.3 1.5 -53.8 -0.6 -180.5 -0.5 38.5 -0.6 -53.6 -0.1 -19.7 -1.3 -58.9 -1.1 20 21 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 8 9 Mail floats State and local governments Federal government Private domestic -419.2 1131.6 51.5 199.0 -202.0 -270.2 -264.6 -826.6 457.5 -447.0 -305.4 1 -1.2 205.3 -0.8 -330.4 -4.4 -118.1 -1.1 6.5 -0.7 38.3 -0.6 -18.2 -0.8 -54.8 -0.5 -52.3 -0.5 128.2 -0.5 -93.9 -0.9 100.9 2 3 3.8 -205.0 60.7 -590.0 29.1 465.4 22.1 -76.7 20.3 -118.7 6.6 -106.6 66.2 84.2 -291.0 -239.8 202.8 -317.2 48.4 46.4 186.7 -513.7 4 5 1.0 0.0 1.2 -0.1 -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 1.3 0.0 0.6 0.7 -47.4 0.0 -46.2 -1.1 100.0 0.0 100.3 -0.3 1.8 0.0 2.6 -0.8 -49.4 0.0 -54.2 4.8 -51.5 0.0 -45.0 -6.4 6 7 8 9 10 11 Trade credit Taxes payable -23.9 -36.5 29.0 -64.0 105.4 -32.6 91.7 -10.5 -50.4 -16.0 60.6 -40.7 17.5 -68.2 57.9 -2.8 42.3 -26.7 124.9 -65.2 137.6 9.9 10 11 12 Miscellaneous -376.2 2029.8 -264.7 196.3 -39.2 -127.9 -255.8 -315.8 569.8 -509.9 -230.7 12 13 Nonfinancial 13.5 2.6 -128.2 -28.3 -36.3 -44.8 -5.7 -82.3 -143.1 52.0 56.1 13 -12.0 -6.3 4.7 -2.4 -5.0 4.8 118.3 5.0 5.0 23.3 0.0 4.9 31.9 0.0 4.4 40.2 0.0 4.6 1.1 0.0 4.6 77.7 0.0 4.6 138.5 0.0 4.6 -56.6 0.0 4.7 -61.5 0.0 5.3 14 15 16 14 15 16 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Contr. for govt. soc. insur., U.S. affiliated areas Flows 2007 64 Z.1, June 6, 2013 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 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 8 9 10 11 12 Open market paper Treasury securities Savings bonds Bills and other Treasury securities Agency- and GSE-backed securities 13 14 15 16 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 52898.0 43436.0 46303.7 50385.8 51310.1 55595.2 53720.7 53097.9 54581.3 55595.2 57697.7 1 7494.9 8106.2 8022.4 8003.6 8648.8 9139.3 8686.0 8707.6 8752.4 9139.3 9149.7 2 80.5 154.9 5912.7 1346.7 56.9 364.9 6102.6 1581.8 50.5 393.5 6265.1 1313.2 52.1 437.9 6384.0 1129.7 50.1 754.5 6734.3 1109.9 47.6 884.6 7096.9 1110.2 48.3 741.0 6844.5 1052.2 46.2 733.0 6904.1 1024.2 48.7 727.7 6930.6 1045.4 47.6 884.6 7096.9 1110.2 50.2 875.9 7163.6 1059.9 3 4 5 6 4865.4 5204.1 5648.4 5928.1 5401.6 5468.8 5438.4 5414.7 5419.1 5468.8 5464.9 7 107.3 183.0 196.4 -13.4 874.3 6.0 269.4 194.0 75.4 1097.8 34.6 905.9 191.2 714.7 435.7 31.7 1265.2 187.9 1077.3 389.9 29.1 815.8 185.2 630.6 372.8 28.6 1197.8 182.4 1015.4 96.9 29.8 1007.2 184.7 822.4 273.2 28.9 1052.2 184.3 867.9 237.6 28.7 1081.7 183.6 898.1 176.0 28.6 1197.8 182.4 1015.4 96.9 30.0 1229.4 181.7 1047.7 10.3 8 9 10 11 12 1674.1 1899.3 17.6 109.8 1722.0 1968.1 29.7 111.1 1829.1 2314.9 26.8 101.4 1873.3 2251.6 26.2 90.2 1807.7 2273.3 23.4 79.5 1656.5 2402.0 20.9 66.1 1781.3 2244.4 26.5 75.9 1774.4 2226.0 23.2 72.4 1709.1 2331.1 23.1 69.4 1656.5 2402.0 20.9 66.1 1657.7 2454.6 19.9 63.0 13 14 15 16 17 18 Corporate equities (3) Mutual fund shares 10448.0 4869.1 5954.4 3313.9 7518.3 4130.7 8843.9 4617.8 8866.3 4453.0 10178.4 5372.4 9892.2 5039.4 9534.3 4893.1 9960.5 5196.5 10178.4 5372.4 11242.8 5779.3 17 18 19 20 21 Security credit Life insurance reserves Pension fund reserves 866.4 1076.8 13236.1 742.7 1049.8 10567.7 668.6 1109.2 11959.2 694.3 1137.2 13209.9 752.4 1203.6 13434.1 776.0 1186.1 14444.1 762.3 1199.4 14117.1 777.7 1172.6 13943.1 780.2 1180.6 14402.2 776.0 1186.1 14444.1 776.6 1202.4 15007.6 19 20 21 22 23 Equity in noncorporate business Miscellaneous assets 9329.1 712.2 7730.8 766.3 6459.8 787.1 7120.5 830.5 7673.2 877.2 8141.4 888.7 7713.7 872.2 7784.0 870.9 8016.5 873.4 8141.4 888.7 8194.6 879.8 22 23 14253.2 14097.6 13874.8 13636.9 13415.0 13437.7 13374.7 13386.0 13314.1 13437.7 13378.6 24 13689.3 13669.0 13397.0 13059.9 12863.7 12819.3 12791.0 12823.0 12726.0 12819.3 12758.4 25 10580.1 2506.3 250.2 10523.1 2525.9 259.5 10373.5 2420.2 265.4 9895.2 2522.2 263.2 9666.1 2615.7 255.5 9432.0 2768.2 241.0 9584.5 2605.9 253.8 9528.3 2646.6 249.5 9442.1 2705.5 245.6 9432.0 2768.2 241.0 9378.8 2762.4 239.4 26 27 28 21.8 127.0 204.0 26.4 133.2 200.9 10.2 133.7 194.1 61.0 136.1 182.2 12.4 138.1 175.9 66.3 139.3 172.5 34.8 137.8 174.3 88.0 137.6 173.1 23.1 138.3 171.4 66.3 139.3 172.5 66.9 139.4 171.5 29 30 31 325.5 214.5 164.8 236.7 203.0 252.7 278.2 274.1 238.9 288.2 303.7 289.7 267.7 289.8 244.5 290.5 269.1 290.5 303.7 289.7 306.2 288.1 32 33 23.9 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 34 24 25 Total liabilities Credit market instruments 26 27 28 Home mortgages (4) Consumer credit Municipal securities 29 30 31 Depository institution loans n.e.c. (5) Other loans and advances Commercial mortgages 32 33 34 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 18) and life insurance and pension reserves (lines 20 and 21). (4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (5) 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. 65 Z.1, June 6, 2013 L.101 Nonfinancial Business (1) 2007 1 Total financial assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 17358.0 16630.8 16932.5 17720.3 18276.0 19240.2 18492.0 18685.7 18979.8 19240.2 19497.6 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 50.3 658.8 800.7 622.8 8.1 24.7 533.6 740.0 802.4 7.2 31.5 696.4 842.1 729.2 7.9 40.6 753.4 905.0 574.7 12.1 34.8 797.2 922.8 540.1 12.6 13.1 847.6 955.8 536.9 10.4 22.1 801.2 939.5 523.0 13.6 10.6 826.9 935.4 511.4 13.9 10.2 863.3 955.3 518.5 11.3 13.1 847.6 955.8 536.9 10.4 11.4 902.4 960.2 527.3 13.0 2 3 4 5 6 7 Credit market instruments 355.0 309.5 312.9 325.9 321.6 344.3 324.9 331.9 345.6 344.3 328.5 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 69.5 97.7 12.8 34.5 57.3 82.3 10.2 31.1 56.0 89.1 14.3 32.2 68.0 96.1 16.0 29.6 68.0 91.7 14.4 28.2 61.8 107.3 14.4 40.9 62.8 96.6 16.0 31.5 58.0 107.9 17.2 30.6 60.6 112.4 18.7 35.0 61.8 107.3 14.4 40.9 64.2 105.7 8.8 36.2 8 9 10 11 12 13 Mortgages Consumer credit 83.5 57.2 72.8 56.0 67.5 53.8 70.1 46.2 70.7 48.5 71.4 48.5 70.8 47.2 71.0 47.3 71.1 47.8 71.4 48.5 71.6 42.0 12 13 14 15 Mutual fund shares Trade receivables 178.0 2780.0 106.3 2607.6 162.0 2550.2 186.8 2689.2 165.9 2776.8 181.7 2893.5 179.1 2889.5 173.2 2966.2 179.6 2982.0 181.7 2893.5 188.7 2950.1 14 15 16 Miscellaneous assets 11904.3 11499.5 11600.2 12232.6 12704.4 13456.9 12799.2 12916.0 13114.1 13456.9 13616.0 16 17 18 Total liabilities Credit market instruments 18264.9 19019.5 18608.1 18874.9 19137.1 19755.6 19223.0 19337.5 19532.9 19755.6 19882.0 17 10973.1 11657.4 11302.8 11426.0 11965.0 12728.3 12085.9 12234.0 12446.7 12728.3 12886.9 18 19 20 21 Commercial paper Municipal securities Corporate bonds 123.8 349.0 3729.1 131.5 415.0 3954.5 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.5 509.1 5795.2 127.6 495.2 5346.4 132.1 505.3 5452.9 136.1 504.1 5599.7 130.5 509.1 5795.2 140.2 510.4 5937.7 19 20 21 22 23 24 Depository institution loans n.e.c. Other loans and advances Mortgages 1642.4 1481.1 3647.7 1826.1 1561.4 3769.0 1490.1 1311.1 3624.8 1404.6 1153.8 3494.4 1530.2 1213.9 3395.0 1680.1 1255.2 3358.2 1550.9 1199.5 3366.2 1597.7 1195.3 3350.8 1622.6 1243.5 3340.7 1680.1 1255.2 3358.2 1681.7 1273.3 3343.6 22 23 24 25 26 Trade payables Taxes payable 2272.8 135.3 2053.4 145.1 1975.8 135.6 2159.9 142.0 2181.4 151.9 2310.7 157.4 2206.2 162.4 2256.2 160.0 2288.4 160.4 2310.7 157.4 2322.1 174.7 25 26 27 Miscellaneous liabilities 4883.7 5163.6 5193.9 5147.0 4838.8 4559.3 4768.5 4687.4 4637.4 4559.3 4498.3 27 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 66 Z.1, June 6, 2013 L.102 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Levels 1 Total financial assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 13762.1 12937.7 13340.1 14021.0 14535.5 15451.3 14744.3 14929.8 15217.9 15451.3 15700.3 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 50.3 143.2 441.3 548.5 8.1 24.7 14.2 381.9 727.0 7.2 31.5 156.6 488.8 655.5 7.9 40.6 231.7 548.7 497.8 12.1 34.8 268.8 563.0 462.4 12.6 13.1 312.3 591.4 458.3 10.4 22.1 271.8 579.0 445.2 13.6 10.6 296.3 574.2 433.5 13.9 10.2 331.7 593.5 440.5 11.3 13.1 312.3 591.4 458.3 10.4 11.4 365.8 595.0 448.5 13.0 2 3 4 5 6 7 Credit market instruments 248.4 213.7 223.7 230.1 224.8 246.3 227.9 234.7 248.3 246.3 230.3 7 8 9 10 11 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 69.5 38.3 12.8 29.2 57.3 30.5 10.2 26.2 56.0 43.0 14.3 27.1 68.0 48.0 16.0 23.9 68.0 43.2 14.4 22.5 61.8 58.2 14.4 35.1 62.8 48.0 16.0 25.8 58.0 59.1 17.2 24.9 60.6 63.6 18.7 29.3 61.8 58.2 14.4 35.1 64.2 56.5 8.8 30.4 8 9 10 11 12 13 Mortgages Consumer credit 41.4 57.2 33.6 56.0 29.5 53.8 28.0 46.2 28.2 48.5 28.4 48.5 28.2 47.2 28.3 47.3 28.3 47.8 28.4 48.5 28.4 42.0 12 13 14 15 Mutual fund shares Trade receivables 178.0 2254.4 106.3 2084.9 162.0 2053.9 186.8 2155.9 165.9 2238.0 181.7 2347.9 179.1 2349.8 173.2 2425.3 179.6 2440.3 181.7 2347.9 188.7 2403.3 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 9890.0 2892.9 299.9 0.7 81.5 6614.9 9377.7 3011.1 311.1 0.4 80.5 5974.7 9560.2 3219.1 310.2 0.5 71.2 5959.2 10117.3 3434.7 313.2 0.6 61.4 6307.4 10565.2 3794.6 328.7 0.5 69.9 6371.4 11290.0 4046.5 332.2 0.6 69.5 6841.2 10655.9 3903.2 326.3 0.7 67.1 6358.7 10768.1 3919.8 327.2 0.6 64.5 6456.0 10962.6 3988.7 327.7 0.6 64.2 6581.5 11290.0 4046.5 332.2 0.6 69.5 6841.2 11444.3 4233.0 329.3 0.7 68.5 6812.9 16 17 18 19 20 21 12916.0 13225.0 12898.5 13221.4 13433.1 13968.2 13500.9 13597.6 13780.4 13968.2 14073.2 22 22 Total liabilities 23 Credit market instruments 7198.5 7564.0 7329.5 7485.9 8012.6 8704.7 8125.4 8257.6 8459.6 8704.7 8859.1 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 123.8 349.0 3729.1 131.5 415.0 3954.5 58.4 452.2 4366.2 82.9 485.4 4804.8 116.3 493.9 5215.6 130.5 509.1 5795.2 127.6 495.2 5346.4 132.1 505.3 5452.9 136.1 504.1 5599.7 130.5 509.1 5795.2 140.2 510.4 5937.7 24 25 26 27 28 29 Depository institution loans n.e.c. Other loans and advances (3) Mortgages 715.9 1316.1 964.7 780.0 1384.0 899.0 546.0 1139.1 767.6 480.9 979.7 652.2 549.8 1039.3 597.7 609.8 1071.4 588.7 542.4 1023.3 590.5 566.2 1017.3 583.9 574.8 1063.2 581.7 609.8 1071.4 588.7 606.2 1089.9 574.7 27 28 29 30 31 Trade payables Taxes payable 1897.9 35.8 1672.7 39.0 1587.5 35.7 1743.2 42.9 1760.7 51.7 1885.6 55.7 1785.1 61.9 1834.8 59.3 1866.3 59.5 1885.6 55.7 1891.6 72.7 30 31 32 33 34 35 Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 3783.7 1961.9 109.5 1712.2 3949.2 2050.3 84.0 1814.9 3945.7 1986.4 75.6 1883.7 3949.5 2119.9 91.1 1738.5 3608.2 2361.1 90.1 1156.9 3322.2 2514.4 85.8 722.0 3528.5 2389.1 86.9 1052.5 3446.0 2442.4 87.7 915.9 3395.0 2483.0 87.4 824.7 3322.2 2514.4 85.8 722.0 3249.8 2580.2 79.8 589.8 32 33 34 35 356.5 15730.7 412.2 10016.6 466.3 12512.2 412.7 14441.8 477.3 14508.5 462.3 16162.3 564.6 16070.6 590.5 15539.0 574.0 16340.7 462.3 16162.3 511.7 17858.9 36 37 Memo: 36 37 Trade receivables net of payables Market value of equities 38 39 Securities and mortgages Loans and short-term paper 5042.8 2155.8 5268.5 2295.5 5586.0 1743.5 5942.4 1543.5 6307.2 1705.3 6893.0 1811.7 6432.1 1693.3 6542.0 1715.6 6685.5 1774.2 6893.0 1811.7 7022.8 1836.3 38 39 40 41 Total short-term liabilities (4) Total liquid assets (5) 4089.5 1519.1 4007.2 1385.4 3366.7 1642.7 3329.5 1673.7 3517.7 1655.6 3752.9 1736.5 3540.4 1663.2 3609.6 1660.9 3700.0 1738.9 3752.9 1736.5 3800.6 1782.3 40 41 42 43 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 70.1 29.9 69.7 30.3 76.2 23.8 79.4 20.6 78.7 21.3 79.2 20.8 79.2 20.8 79.2 20.8 79.0 21.0 79.2 20.8 79.3 20.7 42 43 44 Liquid assets/short-term liabilities 37.1 34.6 48.8 50.3 47.1 46.3 47.0 46.0 47.0 46.3 46.9 44 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) 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. 67 Z.1, June 6, 2013 L.103 Nonfinancial Noncorporate Business 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 3595.9 3693.2 3592.3 3699.3 3740.6 3788.9 3747.7 3755.9 3761.9 3788.9 3797.3 1 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 515.6 359.3 74.3 519.4 358.1 75.4 539.8 353.3 73.7 521.8 356.2 76.8 528.4 359.8 77.7 535.4 364.4 78.7 529.4 360.5 77.8 530.6 361.3 78.0 531.6 361.8 78.1 535.4 364.4 78.7 536.6 365.2 78.8 2 3 4 5 Credit market instruments 106.7 95.8 89.1 95.8 96.8 98.0 96.9 97.1 97.3 98.0 98.2 5 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.5 5.7 42.5 0.0 49.2 5.8 43.1 0.0 48.6 5.7 42.6 0.0 48.7 5.7 42.7 0.0 48.8 5.7 42.8 0.0 49.2 5.8 43.1 0.0 49.3 5.8 43.2 0.0 6 7 8 9 525.6 2014.3 107.3 5.0 1902.0 522.7 2121.8 111.5 6.4 2003.9 496.3 2040.0 112.4 6.3 1921.3 533.4 2115.3 112.6 6.7 1996.0 538.8 2139.2 119.0 7.0 2013.1 545.6 2166.9 120.7 7.1 2039.0 539.7 2143.3 118.4 7.1 2017.8 540.9 2148.0 119.1 7.0 2021.9 541.7 2151.5 119.4 7.1 2024.9 545.6 2166.9 120.7 7.1 2039.0 546.8 2171.7 120.1 7.1 2044.6 10 11 12 13 14 5349.0 5794.5 5709.6 5653.5 5704.0 5787.5 5722.1 5739.9 5752.5 5787.5 5808.8 15 3774.6 4093.4 3973.3 3940.0 3952.4 4023.6 3960.5 3976.3 3987.1 4023.6 4027.9 16 926.5 165.1 2683.0 1046.1 177.4 2869.9 944.1 172.0 2857.2 923.7 174.1 2842.2 980.4 174.7 2797.3 1070.3 183.9 2769.4 1008.6 176.2 2775.7 1031.5 177.9 2766.9 1047.7 180.3 2759.0 1070.3 183.9 2769.4 1075.5 183.4 2769.0 17 18 19 374.9 99.5 1100.0 380.7 106.2 1214.3 388.3 99.9 1248.1 416.8 99.2 1197.6 420.7 100.3 1230.6 425.1 101.7 1237.0 421.0 100.5 1240.1 421.4 100.7 1241.4 422.1 100.9 1242.4 425.1 101.7 1237.0 430.5 101.9 1248.5 20 21 22 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total financial assets 2008 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 68 Z.1, June 6, 2013 L.104 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2516.7 2356.8 2349.8 2337.5 2198.2 2104.2 2185.8 2180.0 2150.7 2104.2 2108.2 1 Checkable deposits and currency Time and savings deposits 71.4 220.0 79.9 238.9 99.1 248.1 104.6 241.3 121.4 256.5 118.0 292.3 119.0 275.2 117.1 271.0 111.8 284.4 118.0 292.3 115.4 298.5 2 3 4 5 Money market fund shares Security RPs 116.6 132.8 113.3 117.2 122.2 113.3 130.1 108.3 126.8 100.0 119.8 94.5 125.8 99.2 124.6 98.3 123.1 97.1 119.8 94.5 120.1 94.7 4 5 6 Credit market instruments 1534.8 1330.6 1255.7 1291.1 1200.6 1148.5 1184.6 1183.4 1170.3 1148.5 1151.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 139.3 588.1 467.6 57.4 526.7 431.4 -15.8 547.7 400.3 44.4 539.8 385.0 68.3 486.3 338.1 62.3 478.4 315.2 67.5 484.4 327.3 66.5 490.7 323.5 65.2 483.1 322.3 62.3 478.4 315.2 62.6 474.5 320.3 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 9.5 149.1 181.2 9.4 137.8 167.9 10.3 140.8 172.4 11.1 142.5 168.2 10.9 135.6 161.4 10.3 128.1 154.2 10.8 134.5 160.1 10.7 133.3 158.6 10.6 131.6 157.5 10.3 128.1 154.2 10.4 128.5 155.6 10 11 12 94.5 38.4 60.5 36.1 80.9 37.6 77.9 38.8 72.3 37.2 68.3 35.2 71.7 36.9 71.0 36.6 70.2 36.1 68.3 35.2 68.5 41.3 13 14 69.9 115.7 122.6 47.6 117.9 215.1 29.0 111.1 252.7 9.7 104.7 231.1 0.0 110.0 173.5 0.0 112.3 115.4 0.0 111.9 161.5 0.0 114.1 163.9 0.0 112.3 145.5 0.0 112.3 115.4 0.0 116.0 101.9 15 16 17 3390.9 3448.1 3600.7 3710.3 3697.8 3732.9 3709.0 3726.0 3728.1 3732.9 3757.9 18 10 11 12 Levels 2009 2 3 7 8 9 Total financial assets 2008 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 Credit market instruments 2837.5 2855.4 2968.4 3038.0 2985.3 2980.0 2986.3 2993.3 2985.3 2980.0 2994.9 19 20 21 22 23 Municipal securities Short-term (2) Long-term U.S. government loans 2825.6 51.2 2774.4 11.9 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 2970.9 51.9 2919.0 15.4 2977.7 43.4 2934.3 15.7 2969.7 55.7 2914.0 15.6 2964.3 56.1 2908.2 15.7 2978.9 54.5 2924.4 16.0 20 21 22 23 553.5 592.7 632.3 672.3 712.5 752.9 722.6 732.7 742.8 752.9 763.0 24 24 Trade payables (1) Data for employee retirement funds are shown in table L.117. (2) Debt with original maturity of 13 months or less. 69 Z.1, June 6, 2013 L.105 Federal Government 2007 1 Total financial assets 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 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 Savings bonds Treasury bills Other Treasury securities Budget agency securities Multifamily residential mortgages 25 26 Trade payables Insurance reserves 27 28 29 Miscellaneous liabilities (3) Nonmarketable securities held by pension plans Other 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 681.2 1261.5 1342.7 1564.8 1337.5 1415.6 1296.1 1361.2 1393.1 1415.6 1435.0 1 36.4 56.5 2.8 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 2.0 104.5 42.0 2.0 103.1 89.3 2.2 104.7 83.4 2.1 102.8 92.0 2.0 99.0 79.4 1.6 2 3 4 281.1 366.4 661.8 746.9 746.2 828.5 755.8 775.0 811.5 828.5 864.6 5 0.0 0.0 105.8 82.4 93.0 54.4 0.0 111.8 95.8 104.3 196.4 0.6 177.9 108.4 178.6 149.2 0.9 181.4 106.6 308.8 31.1 0.8 186.3 110.6 417.4 0.0 0.6 188.8 112.3 526.8 1.5 0.8 189.3 111.7 452.6 0.0 0.8 191.4 112.2 470.7 0.0 0.7 189.4 112.0 509.5 0.0 0.6 188.8 112.3 526.8 0.0 0.6 190.0 113.2 560.8 6 7 8 9 10 0.0 60.6 105.0 138.7 188.7 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 50.1 158.1 142.3 48.2 49.0 154.2 140.5 43.6 50.6 155.5 141.9 41.2 51.5 156.8 141.9 39.9 50.1 158.1 142.3 38.6 49.6 159.5 142.7 11 12 13 14 6537.4 7888.4 9405.9 11079.7 12246.5 13449.6 12637.5 12846.7 13097.9 13449.6 13799.6 15 7.7 2.2 27.4 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 54.7 5.2 25.9 53.6 5.2 25.9 54.5 5.2 25.9 54.3 5.2 25.9 52.9 5.2 25.9 16 17 18 5122.3 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 19 196.4 999.5 3903.3 23.1 0.0 194.0 1861.2 4283.0 23.3 0.0 191.2 1787.9 5802.8 23.5 0.0 187.9 1768.9 7404.7 24.2 0.0 185.2 1519.5 8723.7 25.3 0.0 182.4 1626.5 9760.0 24.9 0.0 184.7 1672.6 8970.1 24.4 0.0 184.3 1594.4 9246.9 24.5 0.0 183.6 1613.0 9458.9 24.4 0.0 182.4 1626.5 9760.0 24.9 0.0 181.7 1788.2 9935.6 24.6 0.0 20 21 22 23 24 238.2 45.4 260.8 46.4 204.6 47.5 210.8 48.4 219.6 49.7 228.9 50.0 229.4 49.8 232.1 50.2 234.8 50.1 228.9 50.0 233.6 50.1 25 26 1094.2 952.0 142.2 1183.5 1015.3 168.2 1261.6 1077.2 184.4 1349.4 1142.9 206.5 1438.3 1213.7 224.6 1491.6 1254.1 237.5 1420.6 1197.2 223.4 1429.6 1203.5 226.1 1447.6 1223.3 224.3 1491.6 1254.1 237.5 1501.8 1265.5 236.3 27 28 29 (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) 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 70 Z.1, June 6, 2013 L.106 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Levels 1 Total financial assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 16037.6 15239.6 15806.6 17405.5 18801.8 20161.1 19459.9 19496.8 20085.2 20161.1 20091.0 1 2 3 4 SDR allocations Net interbank assets U.S. checkable deposits and currency 7.7 53.7 306.1 7.5 464.5 370.1 55.4 194.0 361.0 54.4 145.9 390.5 54.2 367.0 472.3 54.3 213.1 540.4 54.7 391.8 486.9 53.6 400.0 496.2 54.5 350.1 519.4 54.3 213.1 540.4 52.9 339.7 543.1 2 3 4 5 6 7 U.S. time deposits Money market fund shares Security RPs (net) 207.6 46.0 338.4 273.1 69.7 114.9 230.0 76.9 31.0 246.9 69.8 -96.1 280.0 79.5 -44.9 326.0 114.3 -84.7 271.5 91.6 -83.2 284.9 107.6 -117.6 296.7 110.7 -98.6 326.0 114.3 -84.7 308.9 115.3 -11.8 5 6 7 8 Credit market instruments 7272.2 7523.7 7723.4 8498.9 9122.0 9640.1 9190.6 9291.8 9543.7 9640.1 9820.0 8 9 Open market paper 278.1 232.9 191.5 191.0 191.7 195.2 203.3 188.9 190.2 195.2 203.9 9 10 11 12 Treasury securities Official Private 2376.4 1736.7 639.8 3253.0 2400.5 852.5 3670.6 2879.6 791.0 4466.6 3364.8 1101.8 5071.1 3653.1 1418.1 5526.1 3985.8 1540.2 5131.5 3696.6 1434.9 5297.1 3820.7 1476.4 5448.8 3925.3 1523.5 5526.1 3985.8 1540.2 5701.4 4059.3 1642.2 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 1582.4 954.3 628.0 1406.9 940.5 466.4 1154.9 749.0 405.9 1084.0 661.2 422.8 1089.6 648.2 441.4 1125.9 631.4 494.5 1088.5 642.4 446.2 1087.7 632.5 455.2 1120.2 639.6 480.6 1125.9 631.4 494.5 1087.2 609.8 477.4 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 45.1 2719.1 271.1 51.0 2353.5 226.4 58.7 2465.3 182.5 71.7 2523.3 162.3 70.3 2503.2 196.1 65.4 2580.6 146.9 71.6 2524.1 171.6 70.1 2482.0 166.0 72.7 2550.8 161.1 65.4 2580.6 146.9 63.7 2618.5 145.2 16 17 18 19 20 21 22 U.S. corporate equities Mutual fund shares Trade receivables Security credit 2811.3 374.3 83.6 0.0 1807.1 255.6 90.1 0.0 2476.7 364.1 96.7 0.0 2962.0 513.8 116.3 0.0 2783.0 735.4 133.5 0.0 3106.1 957.7 144.7 0.0 3109.5 847.8 137.4 0.0 2903.5 901.5 139.3 0.0 3137.5 927.9 145.9 0.0 3106.1 957.7 144.7 0.0 3445.8 1028.7 146.9 0.0 19 20 21 22 23 24 25 Miscellaneous assets Foreign direct investment in U.S. (2) Other 4536.5 2345.9 2190.6 4263.3 2397.4 1865.9 4197.4 2398.2 1799.2 4503.1 2597.7 1905.4 4819.8 2908.8 1911.0 5149.1 3070.4 2078.7 4961.2 2932.2 2029.0 5036.0 2992.7 2043.3 5097.5 3037.5 2060.0 5149.1 3070.4 2078.7 4301.5 3144.8 1156.7 23 24 25 8704.4 8844.2 9079.1 9807.3 10080.6 10324.4 10127.5 10012.3 10264.0 10324.4 10057.2 26 26 Total liabilities 27 28 U.S. official reserve assets (3) U.S. private deposits 59.5 1340.9 66.6 946.7 119.7 840.6 121.4 866.5 129.6 834.1 127.5 792.1 129.8 803.0 128.1 769.4 130.3 810.6 127.5 792.1 122.5 823.7 27 28 29 Credit market instruments 2126.3 1708.8 2090.3 2225.3 2276.7 2414.7 2318.3 2297.9 2366.0 2414.7 2532.9 29 413.0 1587.1 342.0 1237.3 401.3 1570.3 398.6 1689.5 345.1 1763.8 372.7 1843.6 362.6 1775.3 357.4 1748.0 366.4 1802.3 372.7 1843.6 407.2 1917.2 30 31 102.8 1.9 30.2 70.8 23.4 107.9 2.6 33.0 72.4 21.6 96.8 3.2 27.9 65.8 21.9 115.1 4.3 39.7 71.2 22.1 144.3 2.6 51.0 90.7 23.5 165.5 2.0 49.2 114.4 32.8 153.6 2.5 51.6 99.5 26.7 164.8 2.2 54.4 108.3 27.8 167.0 2.1 50.8 114.2 30.2 165.5 2.0 49.2 114.4 32.8 176.8 2.6 55.5 118.7 31.6 32 33 34 35 36 73.1 0.0 63.2 0.0 69.3 0.0 95.1 0.0 63.0 0.0 69.3 0.0 66.9 0.0 68.0 0.0 67.4 0.0 69.3 0.0 67.5 0.0 37 38 5104.6 46.9 24.5 3553.1 110.6 1369.5 6059.0 48.3 554.2 3748.5 101.5 1606.4 5959.1 50.0 10.9 4029.5 125.1 1743.7 6498.9 52.3 0.8 4306.8 135.6 2003.3 6777.2 54.9 100.5 4681.6 166.3 1774.0 6920.9 57.5 9.5 4944.4 114.7 1794.7 6809.6 55.2 47.2 4801.2 185.6 1720.4 6748.9 57.0 28.7 4826.0 166.1 1671.1 6889.7 57.2 13.3 4897.8 154.0 1767.4 6920.9 57.5 9.5 4944.4 114.7 1794.7 6510.6 57.2 8.7 5126.3 137.2 1181.2 39 40 41 42 43 44 5248.0 2748.4 3995.3 4646.9 4158.2 4919.5 4649.6 4306.9 4629.9 4919.5 5106.1 45 30 31 Commercial paper Bonds 32 33 34 35 36 Depository institution loans n.e.c. Official Banks Other Other loans and advances 37 38 Trade payables Security debt 39 40 41 42 43 44 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Investment by holding companies Other Memo: 45 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). 71 Z.1, June 6, 2013 L.107 Financial Business (1) 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 63371.0 62320.5 63943.8 64578.0 66063.5 70175.6 68349.8 67926.5 69284.5 70175.6 71990.1 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 34.2 2.2 38.7 100.2 124.4 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 36.4 5.2 44.4 40.1 1605.7 36.1 5.2 44.5 33.0 1563.0 36.6 5.2 44.6 40.2 1496.2 35.8 5.2 44.8 43.3 1561.7 34.5 5.2 45.0 48.7 1849.4 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 RPs 275.1 462.9 901.0 947.5 378.3 584.8 1190.2 880.1 343.6 729.0 1017.1 824.3 325.6 653.3 851.2 838.0 358.1 609.8 786.4 779.9 368.3 639.3 768.4 929.5 323.7 582.0 742.9 828.2 324.6 570.4 700.1 887.6 327.9 611.3 709.2 935.1 368.3 639.3 768.4 929.5 356.2 629.6 731.4 931.2 7 8 9 10 11 Credit market instruments 36644.5 38618.9 37650.2 36830.0 37797.7 39017.1 38128.3 38235.3 38465.3 39017.1 39369.4 11 1194.8 1854.0 4460.7 1661.7 6809.4 1246.2 2206.9 5166.0 1703.8 6710.3 871.7 2568.6 5905.1 1742.2 6732.4 722.5 2993.9 5574.0 1786.4 6898.1 612.1 3963.3 5731.4 1802.2 7062.7 604.5 4259.3 6002.2 1941.3 7512.8 631.1 4107.7 5826.5 1824.8 7262.9 619.8 4077.7 5875.6 1846.6 7304.8 612.6 4129.6 5906.8 1892.0 7407.4 604.5 4259.3 6002.2 1941.3 7512.8 640.4 4394.5 6164.2 1960.7 7589.5 12 13 14 15 16 2060.1 2116.1 14131.6 2356.1 2750.0 2261.3 14208.9 2365.6 2021.7 1711.0 13909.6 2187.8 1954.3 1429.8 13303.8 2167.3 2086.8 1398.2 12991.1 2149.7 2250.6 1503.0 12750.5 2192.9 2101.9 1382.1 12885.1 2106.2 2150.1 1409.0 12823.0 2128.6 2178.0 1458.4 12732.2 2148.3 2250.6 1503.0 12750.5 2192.9 2257.7 1514.9 12688.0 2159.6 17 18 19 20 12227.1 2362.8 7629.8 1676.0 9942.4 2226.2 11437.0 2515.8 10957.9 2479.4 12635.7 2776.6 12311.4 2694.2 11799.1 2649.0 12532.9 2790.9 12635.7 2776.6 13642.7 2976.7 21 22 197.1 660.0 182.2 385.8 144.2 422.6 135.6 520.5 134.8 560.2 133.2 736.4 136.4 613.3 134.4 632.5 135.9 702.2 133.2 736.4 133.7 707.9 23 24 124.7 8268.8 130.0 9026.3 132.8 9203.7 141.1 9118.7 148.4 9699.1 172.9 10307.3 167.5 10090.2 169.7 10142.1 172.7 10278.5 172.9 10307.3 176.7 10351.7 25 26 60249.3 59436.7 60459.0 60899.2 62397.7 66040.6 64300.1 63878.7 65281.5 66040.6 67715.9 27 2 3 4 5 6 Total financial assets 2008 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 29 30 31 32 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security RPs 33 Credit market instruments 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 136.3 1922.9 1325.6 1189.3 2016.0 1828.8 2027.5 1980.0 1911.3 1828.8 2271.1 28 1532.9 7606.7 3033.0 2150.4 2101.3 7940.9 3757.3 1262.5 2093.4 8316.3 3258.6 1496.9 2359.8 8432.4 2755.4 1276.0 2594.3 8805.2 2642.5 1148.0 2857.8 9312.4 2649.6 1122.9 2520.5 8914.8 2535.5 1194.6 2594.3 8968.0 2467.9 1183.6 2640.4 9080.4 2506.9 1149.0 2857.8 9312.4 2649.6 1122.9 2877.1 9362.4 2554.0 1097.5 29 30 31 32 16204.5 17101.0 15688.5 14486.0 14045.4 13911.3 13989.3 13833.8 13951.5 13911.3 13896.2 33 1252.1 7374.6 6260.8 1126.3 8143.4 5977.9 678.2 8083.3 5717.5 576.0 7574.0 5322.1 507.9 7552.1 4996.2 449.2 7529.7 4985.3 504.3 7508.5 5045.0 472.6 7517.2 4946.0 454.7 7519.5 5019.6 449.2 7529.7 4985.3 453.8 7566.2 4936.8 34 35 36 293.1 867.1 156.7 789.5 900.5 163.5 424.7 617.9 166.9 373.7 473.2 167.1 399.9 413.1 176.2 338.7 416.6 191.8 362.6 390.2 178.8 299.7 413.3 185.0 365.3 404.4 188.0 338.7 416.6 191.8 332.2 409.7 197.4 37 38 39 7822.6 45.8 1200.9 5388.0 21.2 963.6 6920.7 70.1 888.2 7873.0 18.1 936.6 7870.9 14.3 1073.7 9323.6 14.2 1208.7 8797.4 17.3 1107.8 8653.4 13.5 1165.7 9131.0 13.0 1213.2 9323.6 14.2 1208.7 10014.6 15.3 1178.2 40 41 42 40 41 42 Mutual fund shares Trade payables Security credit 43 44 Life insurance reserves Pension fund reserves 1156.1 13236.1 1133.4 10567.7 1194.5 11959.2 1229.9 13209.9 1302.3 13434.1 1309.0 14444.1 1317.1 14117.1 1292.1 13943.1 1303.1 14402.2 1309.0 14444.1 1329.1 15007.6 43 44 45 46 Taxes payable Miscellaneous liabilities 32.4 6091.4 -101.1 7378.0 -95.0 7342.1 -87.8 7220.8 -76.9 7527.9 -76.2 8134.2 -76.9 7838.2 -76.9 7860.2 -67.4 8046.9 -76.2 8134.2 -65.1 8177.9 45 46 4602.2 11.6 2875.4 9.5 3578.1 12.1 4282.1 13.8 4070.5 12.8 4946.5 18.2 4712.8 17.8 4505.6 17.9 4771.5 18.6 4946.5 18.2 5473.4 16.7 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.129. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 72 Z.1, June 6, 2013 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2954.9 2886.7 2883.3 2837.6 2954.9 3243.8 1 35.8 5.2 44.8 36.4 5.2 44.4 36.1 5.2 44.5 36.6 5.2 44.6 35.8 5.2 44.8 34.5 5.2 45.0 2 3 4 -1.5 -2.1 -1.4 -0.6 -0.5 -0.7 -0.7 -0.6 -0.5 -0.6 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 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 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 9 740.6 986.0 1987.7 2259.2 2635.6 2670.1 2613.4 2610.9 2565.1 2670.1 2939.8 10 0.0 740.6 227.8 512.8 0.0 0.0 0.0 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 1661.1 18.4 1642.7 933.3 836.8 96.5 0.0 1659.9 18.4 1641.5 946.5 855.0 91.5 0.0 1645.3 0.0 1645.3 918.4 835.0 83.4 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 0.0 1796.0 0.0 1796.0 1143.4 1070.9 72.4 11 12 13 14 15 16 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 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 19.0 7.1 0.0 0.0 2.9 0.0 0.0 9.0 0.0 4.5 4.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.5 1.5 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 0.4 0.4 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 40.5 24.0 16.5 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 0.0 188.1 46.5 141.6 0.0 187.2 28.0 159.3 0.0 186.5 12.6 174.0 0.0 199.5 8.9 190.6 0.0 219.9 8.1 211.9 27 28 29 30 932.8 2249.6 2241.6 2426.7 2920.3 2927.6 2859.5 2855.9 2810.2 2927.6 3216.3 31 20.8 55.0 860.0 57.7 977.0 54.9 968.1 52.7 1562.3 60.8 1491.0 71.1 1549.9 56.5 1507.0 56.6 1440.4 56.3 1491.0 71.1 1790.4 59.7 32 33 792.1 1220.3 1102.7 1287.8 1165.7 1224.6 1122.7 1178.4 1185.9 1224.6 1226.1 34 16.4 0.3 16.1 0.0 365.7 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 43.6 0.2 43.5 0.0 91.5 0.1 91.4 0.0 85.6 0.1 85.4 0.0 92.9 0.2 92.7 0.0 79.4 0.2 79.2 0.0 35 36 37 38 0.1 1.7 773.9 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 0.2 36.9 1042.1 1.6 29.9 1055.3 5.7 22.6 1072.1 6.5 27.2 1098.1 9.2 20.2 1117.3 39 40 41 46.5 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 39 40 41 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 2013 Q1 36.8 5.2 44.2 Security RPs Total liabilities Q4 2947.2 9 31 Q3 37.0 5.2 43.5 -0.0 Corporate equities (11) Miscellaneous assets Nonofficial foreign currencies (12) Other 2012 2453.2 48.6 48.6 0.0 27 28 29 30 Q2 36.2 5.2 42.7 Interbank loans (2) Discount window (3) AMLF (4) 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) Q1 2267.2 Federal Reserve float (2) 18 19 20 21 22 23 24 25 26 2012 35.7 2.2 38.7 6 7 8 Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 2011 2270.6 5 Credit market instruments 2010 34.2 2.2 38.7 U.S. official reserve assets SDR certificates Treasury currency 11 12 13 14 15 16 17 2009 951.3 2 3 4 10 Levels Total financial assets 2008 42 Security RPs 44.0 88.4 77.7 59.7 99.9 107.2 96.7 85.5 92.7 107.2 105.5 42 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 21.0 18.5 2.5 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 33.7 27.2 6.5 28.5 27.3 1.1 34.9 27.4 7.5 33.7 27.4 6.3 34.7 27.6 7.2 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. 73 Z.1, June 6, 2013 L.109 Private Depository Institutions (1) 2007 1 Total financial assets 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 14130.7 13419.4 13582.2 14692.7 15058.0 14592.6 14762.1 14821.7 15058.0 15244.1 1 55.0 20.8 57.7 860.0 54.9 977.0 52.7 968.1 60.8 1562.3 71.1 1491.0 56.5 1549.9 56.6 1507.0 56.3 1440.4 71.1 1491.0 59.7 1790.4 2 3 10915.0 11298.8 10731.7 10916.1 11113.5 11505.4 11116.7 11216.5 11300.3 11505.4 11478.0 4 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.4 122.7 1258.2 204.0 1119.1 15.7 101.9 1400.3 224.4 1081.5 0.0 196.6 1579.9 227.8 936.2 0.0 299.6 1718.1 257.1 790.0 0.0 252.9 1851.7 303.9 796.8 0.0 339.5 1901.4 369.9 791.3 0.0 280.6 1929.0 315.3 759.9 0.0 294.7 1906.0 334.1 756.6 0.0 327.0 1905.4 356.6 777.7 0.0 339.5 1901.4 369.9 791.3 0.0 330.8 1948.3 382.2 769.8 5 6 7 8 9 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 2060.1 0.5 5018.6 1131.5 2259.5 0.0 5014.2 1201.2 1878.9 0.0 4768.9 1143.4 1856.3 0.0 4583.0 1412.0 2056.4 0.0 4436.2 1415.6 2250.0 0.0 4391.0 1462.3 2082.9 0.0 4370.3 1378.7 2145.6 0.0 4373.9 1405.7 2176.5 0.0 4334.1 1422.8 2250.0 0.0 4391.0 1462.3 2257.3 0.0 4352.8 1436.7 10 11 12 13 88.8 31.6 33.8 21.6 63.6 47.4 73.6 46.5 67.4 43.5 87.1 61.5 80.4 48.8 75.0 49.4 83.4 55.0 87.1 61.5 96.8 69.8 14 15 Vault cash Reserves at Federal Reserve 4 Credit market instruments 10 11 12 13 2009 12394.2 2 3 5 6 7 8 9 2008 14 15 Corporate equities Mutual fund shares 16 17 Security credit Life insurance reserves 334.5 104.3 221.0 110.7 219.6 111.5 242.3 116.0 321.3 120.8 432.7 138.1 345.5 133.8 388.1 135.0 433.0 136.4 432.7 138.1 401.7 139.4 16 17 18 Miscellaneous assets 844.3 1527.1 1213.5 1166.9 1403.2 1271.1 1260.9 1334.6 1316.9 1271.1 1208.4 18 11893.5 13621.7 13222.9 13539.6 14736.7 15307.1 14805.3 14956.4 15134.7 15307.1 15519.5 19 60.6 1005.2 293.6 168.5 393.0 266.7 421.1 416.4 414.6 266.7 421.1 20 740.8 5224.5 2382.2 881.0 5749.3 2191.6 990.7 6326.5 1989.8 1072.0 6624.9 1807.5 1428.6 7202.2 1603.0 1633.1 7803.9 1508.5 1397.7 7410.5 1504.3 1415.9 7456.9 1511.1 1454.4 7595.4 1485.0 1633.1 7803.9 1508.5 1651.0 7871.4 1491.0 21 22 23 839.0 491.8 844.2 678.7 605.5 493.5 575.1 584.2 552.7 493.5 473.3 24 1024.0 1030.9 744.6 968.7 892.9 865.3 863.7 868.5 846.6 865.3 842.9 25 0.8 184.8 838.4 0.5 184.8 845.6 0.6 176.3 567.6 113.0 436.8 418.9 120.6 415.8 356.4 87.5 415.8 362.0 104.4 427.2 332.2 102.1 414.4 351.9 90.7 409.9 346.0 87.5 415.8 362.0 74.4 413.9 354.5 26 27 28 12.4 -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 29 1610.0 94.2 1256.9 241.0 17.9 2345.5 71.7 1370.5 276.6 626.6 2099.7 107.7 1599.5 203.1 189.4 2279.0 114.8 1632.8 171.6 359.8 2660.6 153.1 1709.0 137.8 660.7 2783.8 162.3 1889.2 126.0 606.3 2685.5 146.6 1782.2 154.3 602.5 2753.8 149.9 1825.7 128.5 649.6 2832.2 152.2 1871.3 117.9 690.8 2783.8 162.3 1889.2 126.0 606.3 2814.8 167.7 1916.8 142.9 587.4 30 31 32 33 34 11.2 9.5 6.9 6.2 6.0 6.5 6.0 5.9 6.2 6.5 6.8 35 19 Total liabilities 20 Net interbank liabilities 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 24 Federal funds and security RPs (net) 25 Credit market instruments 26 27 28 Open market paper Corporate bonds Other loans and advances 29 Taxes payable (net) 30 31 32 33 34 Miscellaneous liabilities Foreign direct investment in U.S. Investment by holding companies Investment by funding corporations Other Memo: 35 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 74 Z.1, June 6, 2013 L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Levels 1 Total financial assets 2 3 Vault cash Reserves at Federal Reserve 4 Credit market instruments 5 6 7 8 9 10 11 12 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 13 14 15 16 17 18 19 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 20 21 22 23 Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 24 25 Corporate equities Mutual fund shares 26 27 28 Security credit Life insurance reserves Miscellaneous assets 29 Total liabilities 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 10545.3 11663.3 11265.5 11294.5 11711.8 12056.2 11663.2 11764.0 11825.4 12056.2 12149.3 1 55.0 19.8 57.7 616.4 54.9 670.1 52.7 580.4 60.8 805.2 71.1 800.7 56.5 813.4 56.6 771.6 56.3 730.2 71.1 800.7 59.7 998.5 2 3 9201.0 9442.9 9131.1 9341.5 9468.4 9815.1 9462.8 9564.3 9622.3 9815.1 9789.9 4 0.0 80.1 1106.3 697.1 0.0 174.1 0.0 235.1 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 1669.7 912.8 21.7 454.6 42.9 237.7 0.0 187.8 1699.2 946.8 14.4 482.0 25.1 230.9 0.0 212.5 1668.4 932.4 16.0 460.6 31.8 227.6 0.0 227.8 1672.7 932.9 18.9 460.0 37.3 223.6 0.0 243.2 1669.7 912.8 21.7 454.6 42.9 237.7 0.0 230.3 1710.5 952.8 24.7 446.7 47.7 238.6 5 6 7 8 9 10 11 12 202.0 714.6 54.7 0.0 328.9 0.0 330.9 221.9 650.5 29.0 0.0 285.6 0.0 335.9 224.3 667.1 16.2 17.8 202.9 26.0 404.1 254.6 548.9 6.5 11.4 132.3 24.7 374.0 297.3 551.8 3.5 8.9 110.4 27.4 401.8 363.1 550.7 18.7 9.3 88.4 32.7 401.6 307.2 532.3 3.1 9.3 97.4 27.3 395.2 327.4 528.8 18.8 9.2 93.7 29.9 377.2 350.0 542.6 18.1 9.1 92.8 31.1 391.5 363.1 550.7 18.7 9.3 88.4 32.7 401.6 374.2 547.0 19.6 9.1 83.7 33.8 400.7 13 14 15 16 17 18 19 1544.6 0.0 4658.6 894.9 1675.8 0.0 4615.2 965.0 1419.6 0.0 4371.9 906.3 1412.9 0.0 4194.9 1185.5 1569.2 0.0 4049.6 1192.6 1772.6 0.0 3997.4 1218.6 1596.2 0.0 3984.5 1155.7 1666.4 0.0 3986.4 1174.5 1698.4 0.0 3944.6 1186.1 1772.6 0.0 3997.4 1218.6 1775.9 0.0 3962.9 1189.1 20 21 22 23 88.8 29.6 33.8 19.6 63.6 46.1 73.6 45.0 67.4 41.7 87.1 59.2 80.4 46.7 75.0 47.3 83.4 52.8 87.1 59.2 96.8 67.3 24 25 145.9 104.3 901.0 158.6 110.7 1223.5 158.0 111.5 1030.1 152.3 116.0 933.1 189.6 120.8 958.0 243.0 138.1 842.0 190.8 133.8 878.7 209.8 135.0 904.4 241.8 136.4 902.1 243.0 138.1 842.0 209.0 139.4 788.7 26 27 28 10106.2 11212.0 11110.9 11304.0 11836.1 12386.6 11962.9 12039.8 12216.2 12386.6 12505.6 29 30 31 32 33 34 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 527.5 -0.0 48.6 0.6 478.3 1238.0 -1.5 559.7 35.4 644.4 697.2 -2.1 96.6 52.4 550.3 480.9 -1.4 0.2 20.8 461.3 233.7 -0.6 0.2 61.4 172.8 129.1 -0.5 0.1 53.1 76.3 281.3 -0.7 0.0 69.6 212.4 224.3 -0.7 0.1 63.6 161.3 230.4 -0.6 0.1 67.4 163.4 129.1 -0.5 0.1 53.1 76.3 235.0 -0.6 0.0 79.8 155.8 30 31 32 33 34 35 36 37 38 Checkable deposits Federal government Rest of the world Private domestic 639.6 42.9 31.7 564.9 777.5 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 1435.6 1.3 51.8 1382.4 1219.8 1.3 52.7 1165.8 1232.0 1.2 51.5 1179.3 1267.7 1.1 52.7 1214.0 1435.6 1.3 51.8 1382.4 1441.7 1.5 46.1 1394.0 35 36 37 38 39 40 41 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 4664.0 1378.2 615.3 5144.6 1309.2 359.6 5617.0 979.4 674.1 5888.6 849.1 455.5 6425.7 813.9 347.9 6979.3 738.2 209.8 6598.7 743.4 308.2 6636.4 777.4 301.8 6775.6 749.1 273.1 6979.3 738.2 209.8 7018.7 709.0 189.1 39 40 41 42 Credit market instruments 991.2 990.3 718.1 942.6 868.7 840.3 840.8 844.7 822.2 840.3 820.7 42 0.3 184.8 806.1 0.5 184.8 805.0 0.6 176.3 541.1 113.0 436.8 392.8 120.6 415.8 332.3 87.5 415.8 336.9 104.4 427.2 309.3 102.1 414.4 328.2 90.7 409.9 321.6 87.5 415.8 336.9 74.4 413.9 332.3 43 44 45 12.4 -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 46 1278.0 1256.9 21.1 1466.4 1370.5 95.9 1619.9 1599.5 20.4 1805.9 1632.8 173.1 1934.7 1709.0 225.7 2102.3 1889.2 213.1 2023.4 1782.2 241.2 2073.4 1825.7 247.6 2144.3 1871.3 273.1 2102.3 1889.2 213.1 2137.4 1916.8 220.6 47 48 49 11.2 9.5 6.9 6.2 6.0 6.5 6.0 5.9 6.2 6.5 6.8 50 43 44 45 Open market paper Corporate bonds Other loans and advances 46 Taxes payable (net) 47 48 49 Miscellaneous liabilities Investment by holding companies Other Memo: 50 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. 75 Z.1, June 6, 2013 L.111 Foreign Banking Offices in U.S. (1) 2007 1 Total financial assets 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1624.8 1267.5 1336.7 1999.0 1967.0 1909.5 1976.7 1978.0 1967.0 2039.1 1 239.0 284.1 350.8 711.0 638.8 679.1 687.8 670.6 638.8 741.3 2 963.3 1063.8 777.9 747.1 784.9 784.1 775.5 760.4 778.3 784.1 766.9 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 30.4 57.1 0.0 369.5 0.0 35.5 50.6 0.0 401.6 0.0 57.5 31.3 0.0 244.9 0.0 60.9 26.5 0.0 233.9 0.0 60.5 30.6 0.0 234.5 0.0 76.6 32.1 0.0 228.7 0.0 71.6 29.0 0.0 216.4 0.0 61.0 32.3 0.0 216.6 0.0 77.3 30.2 0.0 223.9 0.0 76.6 32.1 0.0 228.7 0.0 79.5 27.7 0.0 210.4 4 5 6 7 8 Depository institution loans n.e.c. Other loans and advances Mortgages 466.8 0.5 39.0 531.9 0.0 44.2 406.5 0.0 37.8 390.4 0.0 35.4 426.6 0.0 32.8 415.8 0.0 30.9 427.2 0.0 31.2 419.3 0.0 31.2 415.7 0.0 31.2 415.8 0.0 30.9 419.5 0.0 29.7 9 10 11 0.0 188.6 0.0 62.3 0.0 61.6 0.1 90.1 0.0 131.7 0.0 189.7 0.0 154.7 0.0 178.3 0.0 191.3 0.0 189.7 0.0 192.6 12 13 -104.9 259.7 143.9 148.7 371.4 354.4 300.2 350.2 338.0 354.4 338.4 14 1067.5 1639.6 1283.7 1354.1 2020.9 1991.6 1932.5 1999.8 2002.6 1991.6 2065.7 15 -404.1 -424.6 20.5 -163.7 -179.9 16.2 -322.5 -356.2 33.7 -274.4 -315.4 41.0 222.2 194.2 27.9 210.4 136.8 73.6 205.8 179.4 26.5 266.0 238.7 27.2 264.1 186.7 77.4 210.4 136.8 73.6 274.2 183.9 90.3 16 17 18 3 Credit market instruments 12 13 Corporate equities Security credit 14 Miscellaneous assets 15 2010 1.0 Reserves at Federal Reserve 9 10 11 2009 1048.0 2 4 5 6 7 8 2008 Total liabilities 16 17 18 Net interbank liabilities To foreign banks To domestic banks 19 20 21 Checkable deposits Small time and savings deposits Large time deposits 11.8 25.5 907.9 13.5 25.6 784.7 16.1 29.9 958.6 21.9 35.7 909.0 45.6 48.9 736.6 61.8 62.7 711.8 44.3 57.9 706.8 48.9 62.1 678.2 53.9 62.4 679.8 61.8 62.7 711.8 63.7 67.9 721.6 19 20 21 22 23 Federal funds and security RPs (net) Open market paper (2) 226.3 0.5 130.0 0.0 170.3 0.0 223.2 0.0 273.4 0.0 293.4 0.0 287.8 0.0 295.3 0.0 288.2 0.0 293.4 0.0 293.9 0.0 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other 299.6 94.2 241.0 -35.6 849.4 71.7 276.6 501.1 431.3 107.7 203.1 120.5 438.7 114.8 171.6 152.4 694.2 153.1 137.8 403.3 651.5 162.3 126.0 363.2 629.8 146.6 154.3 328.9 649.4 149.9 128.5 371.0 654.3 152.2 117.9 384.1 651.5 162.3 126.0 363.2 644.5 167.7 142.9 333.9 24 25 26 27 (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 76 Z.1, June 6, 2013 L.112 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 Total financial assets Credit market instruments Q2 Q3 2013 Q1 Q4 104.9 102.0 94.7 79.9 75.8 75.8 75.7 78.5 75.2 75.8 75.4 1 92.8 90.9 88.1 68.9 64.0 63.9 63.9 62.7 62.0 63.9 63.6 2 3 4 5 6 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1.8 26.3 2.0 0.5 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 0.9 5.1 3.4 4.3 1.3 4.8 2.8 4.1 1.0 4.0 2.8 4.6 0.4 2.6 2.6 5.2 0.4 2.4 2.7 5.6 3 4 5 6 7 8 9 Depository institution loans n.e.c. Home mortgages Commercial mortgages 21.4 21.5 19.3 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 17.2 17.5 15.4 17.3 17.3 15.1 17.6 17.0 14.9 18.1 20.0 14.9 18.1 19.9 14.4 7 8 9 12.1 11.1 6.5 11.0 11.8 12.0 11.8 15.8 13.2 12.0 11.8 10 10 11 Miscellaneous assets 94.4 91.0 90.0 75.2 72.1 72.0 71.7 74.7 71.9 72.0 71.6 11 12 13 14 15 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -2.6 15.7 26.3 26.3 -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 -4.4 19.5 18.7 18.7 -4.6 22.3 19.6 19.6 -5.3 20.9 18.5 18.5 -4.9 21.9 18.8 18.8 -4.6 21.8 19.0 19.0 12 13 14 15 16 Miscellaneous liabilities 28.8 24.9 29.2 23.3 19.4 17.3 19.1 17.9 19.2 17.3 16.5 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 Reserves at Federal Reserve 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 14 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 696.0 740.6 791.7 871.1 906.1 958.9 944.3 942.9 943.1 958.9 980.3 1 0.0 4.7 22.8 36.9 46.1 51.6 57.4 47.6 39.6 51.6 50.6 2 657.9 701.1 734.6 758.6 796.2 842.3 814.6 829.1 837.8 842.3 857.6 3 0.4 10.4 68.4 0.0 34.6 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 20.3 195.7 4.7 6.9 0.0 19.9 200.6 3.9 7.0 0.0 20.9 198.5 3.8 6.6 0.0 19.3 197.0 4.2 6.7 0.0 20.5 207.7 5.3 6.8 4 5 6 7 8 27.3 280.2 236.6 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 42.3 321.6 223.0 42.5 324.0 231.2 44.7 326.4 236.7 43.6 327.8 243.6 43.8 325.9 247.6 9 10 11 2.1 36.0 2.0 32.8 1.3 33.0 1.5 74.1 1.9 61.9 2.3 62.7 2.1 70.2 2.1 64.1 2.2 63.6 2.3 62.7 2.5 69.6 12 13 625.4 679.0 738.3 806.3 807.6 856.9 838.2 842.0 843.9 856.9 876.6 14 15 Net interbank liabilities -60.3 -65.9 -76.8 -34.7 -58.4 -67.9 -61.6 -69.3 -74.6 -67.9 -83.5 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 652.3 73.7 508.7 69.9 697.4 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 39.7 884.6 114.1 735.2 35.3 887.4 112.7 738.8 35.9 888.3 111.9 738.9 37.5 896.6 113.9 743.1 39.7 931.1 123.8 765.8 41.4 16 17 18 19 20 21 Federal funds and security RPs (net) Other loans and advances -2.5 32.3 2.3 40.6 -0.1 26.5 -0.0 26.1 -15.9 24.2 -9.7 25.1 -20.9 22.9 -12.9 23.7 -8.6 24.4 -9.7 25.1 -9.7 22.2 20 21 22 Miscellaneous liabilities 3.6 4.7 19.4 11.1 12.4 12.7 13.3 13.1 14.4 12.7 16.4 22 77 Z.1, June 6, 2013 L.114 Property-Casualty Insurance Companies 2007 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs 5 Credit market instruments 6 7 8 9 10 11 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1385.8 1305.5 1377.1 1373.7 1395.7 1444.8 1423.3 1420.3 1441.1 1444.8 1450.5 1 42.7 20.7 3.6 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 23.8 1.9 29.1 20.9 1.8 29.3 21.8 1.8 32.9 22.8 1.8 36.4 23.8 1.9 30.6 22.8 1.8 2 3 4 869.3 853.4 886.7 890.6 926.8 924.3 923.4 920.6 920.9 924.3 922.1 5 Open market paper Treasury securities Agency- and GSE-backed securities 13.3 71.3 125.8 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 90.2 113.6 8.4 94.5 120.0 8.1 92.8 117.4 7.8 91.4 115.3 7.4 90.2 113.6 7.1 89.5 113.3 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 371.3 282.9 4.8 381.9 267.5 5.0 369.4 298.3 4.4 348.4 322.6 4.1 331.0 363.1 4.9 327.6 379.8 5.6 329.2 366.1 5.2 327.5 369.3 5.4 327.0 373.9 5.5 327.6 379.8 5.6 326.8 379.4 5.8 9 10 11 12 13 Corporate equities Mutual fund shares 236.2 6.8 193.3 4.4 219.8 5.3 219.2 5.7 224.4 5.5 258.3 5.7 248.9 5.7 244.4 5.5 257.9 5.7 258.3 5.7 273.4 6.0 12 13 14 15 Trade receivables Miscellaneous assets 85.4 121.1 86.7 102.6 83.0 120.6 83.8 112.3 87.2 105.9 92.0 102.4 91.1 102.3 92.0 104.8 94.5 104.6 92.0 102.4 93.5 100.3 14 15 818.6 792.3 804.3 823.1 855.2 890.2 881.9 882.0 881.9 890.2 883.7 16 0.5 7.0 811.1 2.4 -21.1 811.0 0.6 -15.8 819.5 1.5 -10.1 831.8 0.4 -14.5 869.4 0.8 -10.8 900.2 0.5 -8.0 889.5 0.5 -13.2 894.8 0.6 -8.7 890.0 0.8 -10.8 900.2 1.1 -3.2 885.8 17 18 19 16 17 18 19 Total liabilities Security RPs Taxes payable (net) Miscellaneous liabilities L.115 Life Insurance Companies 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 RPs 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 4949.7 4515.5 4823.9 5176.3 5340.1 5613.0 5501.7 5436.8 5560.0 5613.0 5731.9 1 58.3 21.6 2.7 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 24.0 7.4 52.9 27.4 8.2 56.1 26.2 7.9 53.5 25.1 7.7 56.4 24.0 7.4 57.1 27.5 7.2 2 3 4 2871.2 2882.8 3022.6 3174.2 3297.9 3367.3 3333.6 3307.7 3349.5 3367.3 3390.8 5 41.7 70.6 382.9 38.3 105.7 366.2 49.8 133.5 371.9 40.9 156.6 376.0 29.7 167.1 374.7 40.5 171.8 361.6 33.1 168.9 373.4 35.0 167.8 365.5 37.4 170.3 364.8 40.5 171.8 361.6 43.6 173.7 359.2 6 7 8 41.4 1862.6 145.8 326.2 47.1 1817.0 166.1 342.4 73.1 1927.2 140.9 326.1 112.3 2030.2 140.7 317.5 121.6 2123.6 148.6 332.5 131.2 2167.4 150.4 344.4 124.8 2150.1 146.6 336.7 125.1 2126.1 147.7 340.5 128.7 2155.9 148.9 343.5 131.2 2167.4 150.4 344.4 131.9 2186.9 150.9 344.5 9 10 11 12 1464.6 188.4 1001.7 121.0 1208.5 140.8 1402.6 155.7 1390.2 150.1 1545.1 159.3 1524.3 159.1 1478.3 153.2 1543.7 159.3 1545.1 159.3 1654.9 167.6 13 14 342.9 380.1 357.6 360.3 409.3 453.5 396.3 407.4 421.2 453.5 426.7 15 4661.7 4266.5 4532.5 4850.8 5001.3 5248.8 5156.5 5085.2 5198.9 5248.8 5362.3 16 17 18 Security RPs Other loans and advances 20.2 28.7 12.9 54.9 12.4 48.3 10.3 45.1 10.4 46.8 13.5 51.6 10.8 48.5 11.7 52.4 12.7 52.4 13.5 51.6 13.7 52.9 17 18 19 20 Life insurance reserves Pension fund reserves (1) 1156.1 2511.6 1133.4 2223.2 1194.5 2346.9 1229.9 2563.0 1302.3 2594.2 1309.0 2830.9 1317.1 2731.4 1292.1 2681.9 1303.1 2770.3 1309.0 2830.9 1329.1 2946.6 19 20 21 22 Taxes payable (net) Miscellaneous liabilities -4.7 949.8 -24.4 866.4 -31.4 961.7 -28.8 1031.4 -23.6 1071.2 -28.3 1072.1 -27.3 1076.1 -23.9 1070.9 -23.6 1084.1 -28.3 1072.1 -28.4 1048.5 21 22 (1) 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 78 Z.1, June 6, 2013 L.116 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 4568.1 5442.7 6143.1 6302.3 6636.0 6576.7 6506.9 6720.1 6636.0 6820.7 1 17.1 46.1 13.4 42.6 10.4 46.0 12.6 43.7 14.3 49.3 13.0 42.9 13.5 46.2 13.2 45.5 12.9 44.5 13.0 42.9 12.3 40.6 2 3 Money market fund shares Security RPs 128.5 3.7 93.6 2.8 86.7 2.9 76.3 2.7 82.8 2.9 72.5 2.6 77.9 2.8 76.8 2.7 75.0 2.9 72.5 2.6 68.4 2.4 4 5 Credit market instruments 1043.4 833.0 843.3 968.0 1020.5 983.0 998.2 1002.3 991.9 983.0 950.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 121.8 186.5 253.9 94.6 147.4 190.3 93.2 182.4 184.0 92.0 215.6 190.4 103.9 249.6 197.8 90.8 294.1 216.2 98.3 263.6 202.5 97.7 274.2 208.9 93.9 286.2 212.5 90.8 294.1 216.2 77.6 298.8 216.3 7 8 9 Corporate and foreign bonds Mortgages 447.2 34.1 374.6 26.1 360.0 23.8 443.4 26.6 441.7 27.5 360.6 21.4 408.7 25.1 397.3 24.1 376.4 22.8 360.6 21.4 339.7 18.6 10 11 Checkable deposits and currency Time and savings deposits 4 5 6 10 11 2009 6108.2 2 3 7 8 9 Levels Total financial assets 2008 12 13 Corporate equities Mutual fund shares 1935.5 1830.7 1380.4 1362.3 1647.1 1827.5 1938.3 2084.7 1949.0 2072.4 2171.1 2306.6 2128.6 2245.1 2083.7 2212.1 2196.6 2328.4 2171.1 2306.6 2283.3 2461.3 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 1103.0 370.5 109.5 623.1 840.3 279.0 84.0 477.3 978.9 388.9 75.6 514.4 1016.9 399.2 91.1 526.7 1111.1 413.7 90.1 607.2 1044.3 383.1 85.8 575.4 1064.4 406.0 86.9 571.5 1070.6 401.3 87.7 581.6 1067.9 398.6 87.4 581.9 1044.3 383.1 85.8 575.4 1001.4 385.0 79.8 536.5 14 15 16 17 18 Pension fund reserves (liabilities) (3) 6142.4 4603.4 5479.2 6179.7 6338.9 6672.5 6613.3 6543.5 6756.6 6672.5 6857.2 18 2515.7 3592.5 1894.9 2673.2 2129.1 3313.6 2389.6 3753.5 2450.7 3851.6 2547.4 4088.6 2549.0 4027.8 2516.5 3990.4 2590.0 4130.1 2547.4 4088.6 2566.1 4254.6 19 20 Memo: 19 20 Total financial assets (4) Defined benefit plans Defined contibution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of nonfinancial and financial assets. These liabilities are assets of the household sector. (4) Additional detail on defined benefit plans and defined contribution plans is available on L.116.b and L.116.c. 79 Z.1, June 6, 2013 L.117 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 3285.9 2428.6 2722.2 2949.3 2872.6 3193.5 3130.7 3061.3 3177.7 3193.5 3413.1 1 2 3 Checkable deposits and currency Time and savings deposits 3.6 26.6 3.5 26.9 3.5 28.5 4.1 34.9 4.4 37.7 4.0 34.7 4.3 36.9 4.2 35.9 4.1 35.3 4.0 34.7 3.9 33.8 2 3 4 5 Money market fund shares Security RPs 48.9 3.3 43.7 3.0 40.9 3.0 44.0 3.4 45.0 3.6 41.4 3.3 44.1 3.5 43.0 3.4 42.2 3.3 41.4 3.3 40.4 3.2 4 5 6 Credit market instruments 849.5 823.0 737.2 759.3 761.5 763.0 770.4 764.3 756.1 763.0 765.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 31.6 144.2 191.2 31.0 129.9 160.6 32.1 151.9 157.6 38.4 160.0 159.4 41.0 174.4 167.5 37.8 217.9 187.2 40.2 191.0 176.1 39.1 197.8 180.0 38.5 206.5 182.3 37.8 217.9 187.2 36.8 229.0 189.1 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 1.5 463.1 17.9 1.3 485.1 15.1 1.4 382.8 11.4 2.2 388.5 10.9 3.6 364.2 10.7 6.4 305.1 8.7 4.2 348.8 10.1 5.1 332.6 9.6 5.6 314.1 9.2 6.4 305.1 8.7 7.0 295.8 7.8 10 11 12 1935.7 305.2 1267.2 166.7 1617.8 205.2 1778.2 223.2 1701.9 208.0 1993.2 243.6 1927.1 235.5 1872.5 228.8 1984.2 242.5 1993.2 243.6 2188.6 271.9 13 14 113.0 94.6 86.1 102.2 110.6 110.2 109.0 109.2 110.0 110.2 105.7 15 3385.1 2518.8 2808.3 3041.8 2991.4 3358.4 3259.2 3200.7 3329.3 3358.4 3592.6 16 7 8 9 10 11 12 Total financial assets 2009 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Pension fund reserves (liabilities) (1) Levels 1 2008 (1) Equal to the value of nonfinancial and financial assets. These liabilities are assets of the household sector. L.118 Federal Government Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 1197.0 1222.3 1324.7 1425.4 1509.6 1582.3 1513.3 1517.0 1546.1 1582.3 1611.2 1 99.4 123.3 130.7 141.5 161.6 175.5 163.0 167.2 169.5 175.5 173.3 2 87.7 5.4 6.3 112.4 5.2 5.8 119.8 5.2 5.7 129.8 5.8 5.9 147.7 6.5 7.3 160.0 7.2 8.3 148.3 7.0 7.6 151.6 7.6 7.9 154.1 7.1 8.3 160.0 7.2 8.3 158.9 6.6 7.8 3 4 5 145.7 952.0 83.7 1015.3 116.8 1077.2 140.9 1142.9 134.4 1213.7 152.7 1254.1 153.1 1197.2 146.3 1203.5 153.3 1223.3 152.7 1254.1 172.3 1265.5 6 7 1197.0 1222.3 1324.7 1425.4 1509.6 1582.3 1513.3 1517.0 1546.1 1582.3 1611.2 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 80 Z.1, June 6, 2013 L.119 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 1 100.2 1.9 294.0 605.9 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 40.1 3.2 375.5 498.2 33.0 6.0 365.8 514.9 40.2 11.3 396.9 513.2 43.3 16.5 435.4 544.7 48.7 10.9 429.4 470.7 2 3 4 5 1962.0 2689.9 2070.0 1673.4 1663.6 1580.9 1600.7 1528.4 1520.2 1580.9 1562.8 6 674.6 178.2 235.9 496.6 376.8 618.5 577.7 756.2 509.5 228.0 510.5 406.4 543.0 440.1 169.9 394.2 335.4 402.8 386.7 154.2 354.2 443.3 403.7 357.3 105.1 340.8 457.8 343.5 336.7 102.1 355.5 473.8 327.3 341.2 102.9 326.5 444.6 334.6 325.4 97.3 319.4 456.3 331.4 320.1 93.0 340.8 457.8 343.5 336.7 102.1 351.1 470.5 325.6 312.6 103.0 7 8 9 10 11 69.0 35.2 26.9 23.5 22.7 28.8 17.8 19.9 25.1 28.8 31.5 12 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 13 8653.4 9131.0 9323.6 10014.6 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). Levels L.120 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 132.2 124.7 153.3 137.5 108.7 207.2 206.2 217.7 230.7 207.2 241.1 2 2196.7 2229.2 2616.3 2969.9 3329.3 4036.9 3581.7 3741.5 3907.7 4036.9 4243.1 3 114.1 178.6 563.5 371.6 886.5 82.4 51.6 177.4 559.8 389.4 956.2 94.8 80.2 247.4 613.8 478.8 1120.7 75.4 66.3 290.7 769.9 525.5 1243.0 74.6 40.0 361.4 879.9 541.2 1413.4 93.5 133.1 445.2 1006.1 627.4 1719.4 105.7 132.1 384.5 919.1 561.9 1489.9 94.2 143.0 409.5 956.1 583.7 1550.0 99.2 155.9 426.6 980.7 610.5 1633.4 100.6 133.1 445.2 1006.1 627.4 1719.4 105.7 166.4 470.3 1034.9 644.4 1818.9 108.2 4 5 6 7 8 9 5476.9 16.8 3014.1 20.0 4136.2 14.9 4762.7 2.9 4427.2 5.7 5107.0 -27.4 5044.0 -34.5 4744.2 -50.0 5037.8 -45.3 5107.0 -27.4 5557.8 -27.4 10 11 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10014.6 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115). L.121 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) 316.4 202.9 229.2 243.7 241.6 257.9 246.3 246.3 253.8 257.9 271.5 1 171.2 5.6 91.2 74.3 145.2 130.4 3.2 77.9 49.4 72.5 141.1 4.4 81.2 55.5 88.1 146.3 5.1 81.6 59.6 97.4 145.1 4.8 83.1 57.2 96.5 156.7 5.2 86.3 65.2 101.2 148.0 5.1 83.7 59.2 98.3 149.6 5.0 84.5 60.0 96.8 153.0 5.2 85.1 62.7 100.9 156.7 5.2 86.3 65.2 101.2 164.3 5.7 86.9 71.7 107.3 2 3 4 5 6 316.4 202.9 229.2 243.7 241.6 257.9 246.3 246.3 253.8 257.9 271.5 7 607.8 531.1 773.1 986.8 1042.6 1324.4 1185.4 1157.9 1268.2 1324.4 1434.0 8 34.1 19.7 0.6 13.8 573.7 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 1093.3 195.1 62.0 9.7 123.4 990.4 213.5 67.3 10.5 135.7 944.5 221.1 62.7 11.3 147.1 1047.1 231.1 63.6 12.3 155.3 1093.3 238.2 62.8 13.0 162.3 1195.9 9 10 11 12 13 607.8 531.1 773.1 986.8 1042.6 1324.4 1185.4 1157.9 1268.2 1324.4 1434.0 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) 81 Z.1, June 6, 2013 L.122 Government-Sponsored Enterprises (GSEs) (1) 2007 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 5 Credit market instruments 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 3174.3 3407.9 3062.0 6748.5 6504.6 6295.3 6432.7 6370.4 6326.1 6295.3 6299.7 1 13.7 46.6 142.7 88.3 68.5 114.5 99.4 25.7 122.1 63.4 26.1 150.0 72.7 13.4 111.9 52.6 4.3 150.8 42.5 11.1 107.2 52.9 9.8 138.7 36.1 3.7 174.9 52.6 4.3 150.8 64.1 3.6 193.4 2 3 4 2829.5 3037.5 2714.4 6360.5 6158.2 5935.1 6121.9 6033.0 5971.7 5935.1 5920.4 5 Open market paper Treasury securities Agency- and GSE-backed securities 27.7 15.5 702.9 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 5.2 104.9 347.7 5.7 77.0 342.4 4.2 72.3 323.9 3.4 69.0 310.6 4.2 74.6 300.6 6 7 8 9 10 Municipal securities Corporate and foreign bonds 33.3 464.4 31.3 386.6 29.1 310.8 24.9 293.9 21.0 260.5 17.0 205.9 20.2 253.9 19.4 227.1 18.1 221.2 17.0 205.9 24.9 192.3 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 942.6 0.0 75.5 867.1 980.7 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 92.1 413.6 467.3 0.0 86.6 380.7 491.3 0.0 87.0 404.3 487.6 0.0 89.3 398.3 505.7 0.0 92.1 413.6 498.8 0.0 91.4 407.4 11 12 13 14 15 Mortgages 643.1 705.3 707.7 5021.0 4924.0 4823.5 4922.8 4870.2 4844.5 4823.5 4825.0 15 6 7 8 16 17 18 Home Consolidated trusts (2) Other 447.9 0.0 447.9 456.6 0.0 456.6 445.3 0.0 445.3 4699.3 4141.0 558.3 4595.8 4032.1 563.7 4485.4 3958.0 527.4 4591.6 4033.8 557.9 4539.0 3998.2 540.8 4508.3 3978.0 530.3 4485.4 3958.0 527.4 4489.6 3982.2 507.4 16 17 18 19 20 21 Multifamily residential Consolidated trusts (2) Other 147.7 0.0 147.7 190.2 0.0 190.2 204.4 0.0 204.4 256.5 75.4 181.1 259.2 99.9 159.4 265.5 127.0 138.5 261.3 106.2 155.1 260.4 111.3 149.1 264.6 118.6 146.0 265.5 127.0 138.5 261.9 133.5 128.4 19 20 21 22 47.6 58.5 58.0 65.2 69.0 72.7 69.8 70.8 71.6 72.7 73.5 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 141.7 99.1 100.3 148.6 148.5 152.6 150.1 135.9 139.6 152.6 118.2 24 3081.3 3390.2 2977.0 6589.1 6377.9 6216.8 6311.4 6270.3 6239.1 6216.8 6223.6 25 25 Farm Total liabilities 26 Credit market instruments 2910.2 3181.9 2706.6 6434.5 6247.3 6092.7 6178.6 6139.8 6111.5 6092.7 6103.5 26 27 28 29 30 GSE issues (4) Consolidated trusts (2) Other U.S. government loans 2910.2 0.0 2910.2 0.0 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 4085.0 2007.7 0.0 6178.6 4140.0 2038.6 0.0 6139.8 4109.6 2030.3 0.0 6111.5 4096.6 2014.9 0.0 6092.7 4085.0 2007.7 0.0 6103.5 4115.7 1987.8 0.0 27 28 29 30 171.1 208.2 270.4 154.6 130.6 124.1 132.8 130.5 127.5 124.1 120.2 31 31 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.123) 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.123 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 4464.4 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 4371.8 88.1 0.0 4.5 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 1237.2 91.1 0.0 1.6 1276.2 99.1 0.0 2.0 1301.7 104.3 0.0 2.0 1321.8 113.4 0.0 1.9 1340.2 120.6 0.0 1.9 2 3 4 5 6 Total pool securities (liabilities)(2) 4464.4 4961.4 5376.7 1139.5 1304.8 1437.0 1329.9 1377.3 1408.0 1437.0 1462.7 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.122). 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 82 Z.1, June 6, 2013 L.124 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Levels Memo: Securitized assets not included above 14 Consumer leases (4) 15 REIT assets (5) Securitized liabilities not included above 16 Commercial paper (6) 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 4511.4 4098.3 3285.2 2230.8 1982.8 1766.8 1922.8 1862.0 1800.5 1766.8 1726.1 1 85.8 352.0 341.9 72.2 325.3 379.8 53.9 100.4 252.2 40.1 5.0 167.8 29.2 0.7 162.4 23.4 0.2 161.7 25.9 0.3 166.9 24.8 0.3 161.9 23.2 0.2 157.1 23.4 0.2 161.7 20.5 0.1 166.9 2 3 4 2967.6 2210.0 124.0 633.6 2615.2 1897.2 113.2 604.7 2245.0 1574.3 107.4 563.3 1915.7 1298.7 98.7 518.3 1696.8 1105.6 91.1 500.2 1490.5 923.4 72.4 494.7 1637.6 1060.1 79.2 498.3 1585.5 1012.3 76.9 496.4 1530.6 965.9 74.5 490.2 1490.5 923.4 72.4 494.7 1448.1 885.8 68.9 493.3 5 6 7 8 652.5 111.7 610.2 95.5 572.5 61.3 50.3 51.8 46.2 47.6 49.9 41.2 46.7 45.3 47.0 42.4 47.9 41.4 49.9 41.2 50.4 40.1 9 10 4514.5 4101.0 3287.6 2230.8 1982.8 1766.8 1922.8 1862.0 1800.5 1766.8 1726.1 11 643.1 3871.4 559.3 3541.7 293.1 2994.5 120.2 2110.7 96.0 1886.8 87.0 1679.8 97.7 1825.1 85.2 1776.8 86.8 1713.7 87.0 1679.8 87.9 1638.2 12 13 3.1 92.1 2.7 45.4 2.3 20.1 0.0 20.5 0.0 17.4 0.0 12.9 0.0 17.7 0.0 12.7 0.0 14.9 0.0 12.9 0.0 13.5 14 15 0.0 0.0 0.0 112.9 120.6 87.5 104.3 102.1 90.7 87.5 74.4 16 (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.126. (6) Included in table L.110 line 43. L.125 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 1911.2 1851.7 1662.5 1629.5 1609.8 1534.4 1593.7 1555.1 1554.4 1534.4 1519.1 1 16.2 48.6 16.5 49.4 17.0 51.0 26.6 79.8 31.5 94.4 28.1 84.2 31.1 93.3 28.6 85.9 30.6 91.9 28.1 84.2 29.3 87.8 2 3 1816.3 1734.4 1516.7 1440.1 1394.3 1361.2 1382.3 1365.7 1363.8 1361.2 1351.6 4 189.4 523.0 531.9 572.1 192.4 539.9 447.9 554.3 198.6 448.9 397.4 471.9 83.9 407.7 243.6 705.0 84.8 410.0 211.5 688.0 78.5 421.8 180.1 680.8 84.7 410.2 206.7 680.7 86.7 410.4 192.7 676.0 85.1 412.6 188.5 677.5 78.5 421.8 180.1 680.8 77.8 426.7 174.6 672.5 5 6 7 8 30.1 51.5 77.8 83.0 89.7 61.0 87.0 74.8 68.0 61.0 50.5 9 1949.6 1880.5 1630.3 1589.9 1562.8 1475.5 1545.3 1505.3 1503.8 1475.5 1457.6 10 1279.6 1200.3 1044.1 1281.0 1262.9 1209.1 1251.8 1235.9 1246.2 1209.1 1191.0 11 12 13 14 15 Open market paper Corporate bonds Depository institution loans n.e.c. Other loans and advances 123.5 974.1 182.0 0.0 100.9 924.5 174.9 0.0 62.1 837.5 144.5 0.0 111.0 1078.4 91.5 0.0 121.0 1039.8 102.1 0.0 129.1 961.4 118.5 0.0 122.8 1031.4 97.5 0.0 122.5 1009.9 103.5 0.0 123.1 1007.3 115.8 0.0 129.1 961.4 118.5 0.0 121.8 956.3 112.9 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 15.5 654.4 68.6 321.4 264.4 15.4 664.8 78.1 313.0 273.7 12.7 573.6 90.0 280.5 203.1 7.2 301.7 103.1 177.7 20.9 7.8 292.1 116.4 165.6 10.2 7.7 258.7 119.5 164.7 -25.5 8.1 285.4 117.5 158.9 9.0 7.7 261.7 117.6 152.7 -8.6 7.5 250.0 117.2 152.1 -19.3 7.7 258.7 119.5 164.7 -25.5 8.1 258.5 118.8 162.2 -22.5 16 17 18 19 20 122.9 111.1 85.4 111.8 119.7 144.0 124.2 129.9 137.2 144.0 149.7 21 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.124. 83 Z.1, June 6, 2013 L.126 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 Miscellaneous assets 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 318.5 250.6 241.2 283.0 401.3 559.0 468.0 493.5 566.6 559.0 562.5 1 16.6 18.4 26.3 23.5 25.6 33.1 29.8 29.0 32.7 33.1 38.7 2 246.5 177.6 168.9 206.0 308.9 436.6 362.9 385.5 451.4 436.6 426.6 3 88.9 34.4 89.6 11.7 105.1 15.5 143.3 20.8 244.7 22.1 356.2 32.2 296.4 25.6 314.2 27.6 375.4 30.6 356.2 32.2 343.6 35.0 4 5 123.1 80.7 5.2 37.3 76.3 34.3 4.3 37.7 48.3 12.6 2.3 33.4 41.9 8.9 1.9 31.2 42.1 8.1 1.7 32.3 48.3 13.6 1.8 32.8 40.9 8.6 1.7 30.6 43.6 11.7 1.7 30.2 45.4 12.3 1.7 31.4 48.3 13.6 1.8 32.8 48.1 14.8 2.1 31.1 6 7 8 9 55.4 54.6 46.1 53.5 66.8 89.3 75.4 79.0 82.4 89.3 97.2 10 11 Total liabilities 580.5 511.6 458.8 501.7 633.2 796.4 698.7 725.4 793.8 796.4 796.7 11 12 Security RPs 91.7 79.4 90.4 120.5 215.4 318.7 258.7 280.9 319.9 318.7 319.3 12 13 Credit market instruments 421.2 367.4 317.4 315.2 343.4 386.3 350.1 364.4 371.2 386.3 390.3 13 14 15 Open market paper Corporate bonds 0.0 231.3 0.0 171.0 0.0 129.8 0.0 129.7 0.0 145.1 0.0 171.2 0.0 152.6 0.0 158.9 0.0 163.5 0.0 171.2 0.0 174.4 14 15 16 17 Depository institution loans n.e.c. Mortgages 33.2 156.7 32.8 163.5 20.7 166.9 18.5 167.1 22.1 176.2 23.4 191.8 18.6 178.8 20.5 185.0 19.6 188.0 23.4 191.8 18.5 197.4 16 17 67.6 64.9 51.1 66.0 74.4 91.4 90.0 80.1 102.6 91.4 87.1 18 92.1 0.0 72.4 0.4 19.3 45.4 0.0 31.8 0.4 13.2 20.1 0.0 6.1 0.4 13.7 20.5 0.0 7.2 0.4 13.0 17.4 0.0 6.5 0.3 10.7 12.9 0.0 10.0 0.3 2.5 17.7 0.0 7.1 0.3 10.3 12.7 0.0 7.2 0.3 5.2 14.9 0.0 9.4 0.3 5.2 12.9 0.0 10.0 0.3 2.5 13.5 0.0 10.5 0.3 2.7 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 Levels 2007 84 Z.1, June 6, 2013 L.127 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 3092.0 2217.2 2084.2 2075.1 1949.7 2068.3 2063.8 2052.9 2048.8 2068.3 2049.3 1 2 Checkable deposits and currency 105.0 120.1 90.7 96.9 111.8 128.2 117.4 105.2 113.5 128.2 109.3 2 3 Credit market instruments 803.1 717.4 525.3 557.5 563.2 652.3 610.7 600.5 589.1 652.3 600.4 3 4 5 6 Open market paper Treasury securities Agency- and GSE-backed securities 87.1 -60.0 290.2 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 43.7 203.8 148.7 34.7 201.2 169.8 33.2 190.2 165.5 29.9 246.5 169.6 29.9 202.6 153.9 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds Other loans and advances 50.1 382.8 52.8 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 34.7 149.3 30.6 31.2 130.8 32.8 29.0 139.3 31.9 26.6 140.0 39.6 31.0 141.1 41.8 7 8 9 224.8 325.5 109.2 164.8 124.2 203.0 117.2 278.2 103.2 238.9 126.7 303.7 116.3 267.7 113.5 244.5 127.9 269.1 126.7 303.7 112.4 306.2 10 11 1633.7 1105.7 1141.0 1025.3 932.6 857.4 951.8 989.3 949.2 857.4 921.0 12 3019.4 2158.1 1977.7 1975.8 1870.9 1978.3 1978.0 1967.7 1957.9 1978.3 1960.0 13 1147.3 586.9 470.9 404.7 215.3 189.2 251.7 219.9 169.2 189.2 184.7 14 64.8 142.6 92.9 129.7 91.8 90.2 98.0 102.1 85.8 90.2 89.1 15 64.8 0.0 97.1 45.5 92.9 0.0 129.7 0.0 91.8 0.0 90.2 0.0 98.0 0.0 102.1 0.0 85.8 0.0 90.2 0.0 89.1 0.0 16 17 45.8 21.2 70.1 18.1 14.3 14.2 17.3 13.5 13.0 14.2 15.3 18 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 1073.7 752.4 189.6 131.7 1208.7 776.0 243.0 189.7 1107.8 762.3 190.8 154.7 1165.7 777.7 209.8 178.3 1213.2 780.2 241.8 191.3 1208.7 776.0 243.0 189.7 1178.2 776.6 209.0 192.6 19 20 21 22 2.2 2.5 5.7 3.6 2.5 3.1 3.0 2.8 3.7 3.1 4.4 23 558.4 62.6 567.5 -71.7 441.4 72.1 672.1 -302.8 450.0 64.4 1119.3 -733.7 483.1 88.5 1121.6 -727.0 473.3 98.1 1162.2 -787.1 472.9 105.5 1629.9 -1262.4 500.2 100.3 1350.2 -950.3 463.6 101.1 1322.0 -959.5 473.0 103.0 1513.8 -1143.8 472.9 105.5 1629.9 -1262.4 488.2 108.7 1624.0 -1244.4 24 25 26 27 10 11 Corporate equities Security credit 12 Miscellaneous assets 13 Levels Total financial assets 2008 Total liabilities 14 Security RPs (net) 15 Credit market instruments 16 17 Corporate bonds Depository institution loans n.e.c. (1) 18 Trade payables 19 20 21 22 Security credit Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 23 Taxes payable 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Investment by funding corporations Other (1) 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). 85 Z.1, June 6, 2013 L.128 Holding Companies (1) 2007 1 Total financial assets 2 3 Time and savings deposits Federal funds and security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 17 18 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 RPs 20 Credit market instruments 21 22 23 24 Commercial paper Corporate bonds Depository institution loans n.e.c. Miscellaneous liabilities 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2141.3 2430.3 3317.2 3312.7 3357.3 4319.6 4094.8 4041.6 4250.1 4319.6 4415.0 1 0.8 6.9 0.7 0.3 11.2 48.2 10.0 50.3 12.4 50.5 37.8 11.5 19.1 0.3 27.5 0.3 39.0 0.4 37.8 11.5 34.5 11.3 2 3 59.1 73.0 75.8 97.9 101.1 219.5 223.0 183.4 229.9 219.5 226.0 4 7.1 9.9 35.9 6.3 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 39.6 45.7 84.6 53.1 9.6 26.3 94.3 53.2 12.3 23.8 86.0 107.8 9.0 25.2 79.9 105.3 10.6 29.1 80.3 106.0 5 6 7 8 20.5 19.3 21.4 25.1 27.6 34.9 33.7 34.8 36.2 34.9 37.4 9 2054.0 1256.9 0.0 43.7 239.9 57.0 110.6 345.9 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 62.7 116.3 625.2 135.6 556.7 3165.9 1709.0 0.0 72.0 95.7 612.5 166.3 510.4 4015.8 1889.2 22.4 12.6 95.2 1061.1 114.7 820.7 3818.8 1782.2 27.1 159.5 91.8 798.8 185.6 773.7 3795.6 1825.7 29.7 166.5 88.3 770.3 166.1 749.0 3944.6 1871.3 25.3 93.2 87.9 947.1 154.0 765.9 4015.8 1889.2 22.4 12.6 95.2 1061.1 114.7 820.7 4105.9 1916.8 16.7 12.8 93.7 1040.0 137.2 888.7 10 11 12 13 14 15 16 17 1046.6 1231.5 1802.2 1760.0 1703.1 2252.4 2037.7 1948.4 2217.2 2252.4 2311.6 18 7.7 0.7 0.6 0.8 1.2 0.0 1.1 1.1 1.2 0.0 0.0 19 710.6 807.9 1253.7 1237.2 1220.8 1418.6 1303.9 1213.9 1428.7 1418.6 1412.5 20 116.7 516.0 77.9 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 87.2 982.3 234.5 87.0 951.2 175.7 117.0 1081.9 229.8 116.4 1105.3 196.8 117.7 1093.9 200.9 21 22 23 328.3 422.9 548.0 522.0 481.1 833.8 732.6 733.5 787.4 833.8 899.1 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 86 Z.1, June 6, 2013 L.129 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1706.1 2782.5 2355.8 2196.9 2095.2 2157.1 2054.4 2060.3 2065.8 2157.1 2166.1 1 Money market fund shares Security RPs 681.3 0.0 981.0 0.0 826.3 0.1 684.3 0.1 609.7 0.1 606.7 0.1 572.5 0.1 532.2 0.1 544.1 0.1 606.7 0.1 572.3 0.0 2 3 4 Credit market instruments 273.3 1008.0 778.0 818.2 797.9 855.5 776.1 847.8 837.0 855.5 866.9 4 82.5 170.0 20.8 304.9 667.3 35.9 44.9 710.2 22.9 36.6 760.1 21.4 -13.9 792.4 19.4 -79.2 921.9 12.9 -85.5 848.4 13.2 -70.0 905.4 12.4 -77.6 902.7 11.9 -79.2 921.9 12.9 -76.2 927.5 15.6 5 6 7 0.0 0.0 25.1 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 751.5 241.0 510.5 793.5 276.6 516.9 726.3 203.1 523.2 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 705.7 154.3 551.4 680.1 128.5 551.6 684.6 117.9 566.7 694.8 126.0 568.8 726.9 142.9 584.0 9 10 11 1706.1 2782.5 2355.8 2196.9 2095.2 2157.1 2054.4 2060.3 2065.8 2157.1 2166.1 12 786.4 1252.8 816.8 704.2 651.8 593.6 642.0 617.4 600.6 593.6 625.2 13 367.9 418.5 0.0 0.0 388.0 419.9 444.9 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 29.1 561.5 0.0 3.0 92.2 528.4 11.9 9.5 75.8 532.7 0.0 8.9 37.1 557.4 0.0 6.1 29.1 561.5 0.0 3.0 51.9 571.0 0.0 2.3 14 15 16 17 919.7 9.6 1240.2 0.0 -330.2 1529.7 10.2 887.0 0.0 632.5 1539.0 10.8 856.8 1.8 669.6 1492.8 11.4 733.4 7.7 740.3 1443.4 12.0 658.7 8.8 763.9 1563.5 12.6 579.5 8.7 962.6 1412.4 12.2 651.5 8.8 739.9 1442.9 12.3 706.5 8.7 715.4 1465.2 12.5 656.9 8.7 787.2 1563.5 12.6 579.5 8.7 962.6 1540.9 12.8 626.8 8.7 892.6 18 19 20 21 22 8 9 10 11 12 13 14 15 16 17 Levels 2009 2 3 5 6 7 18 19 20 21 22 Total financial assets 2008 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. 87 Z.1, June 6, 2013 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Total liabilities 2 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 Discrepancy: monetary gold 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 67.3 74.2 175.1 175.8 183.8 181.8 184.5 181.7 184.7 181.8 175.5 1 7.7 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 2 59.5 9.5 4.2 45.8 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 49.9 129.8 55.5 23.2 51.1 128.1 54.3 23.2 50.5 130.3 55.2 23.5 51.6 127.5 55.1 22.6 49.9 122.5 53.7 21.3 47.5 3 4 5 6 78.3 85.2 186.1 186.8 194.9 192.8 195.5 192.7 195.8 192.8 186.5 7 36.4 0.0 9.5 4.4 22.5 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 24.9 104.5 0.0 55.5 23.5 25.5 103.1 0.0 54.3 23.5 25.2 104.7 0.0 55.2 23.7 25.8 102.8 0.0 55.1 22.8 24.9 99.0 0.0 53.7 21.5 23.8 8 9 10 11 12 7.7 7.5 55.4 54.4 54.2 54.3 54.7 53.6 54.5 54.3 52.9 13 34.2 11.0 -0.1 23.3 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 36.4 11.0 -0.3 25.6 36.1 11.0 -0.3 25.3 36.6 11.0 -0.2 25.8 35.8 11.0 -0.2 25.0 34.5 11.0 -0.3 23.7 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 Levels 1 2008 (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 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 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 27.4 38.7 26.6 38.7 26.2 42.7 25.9 43.5 25.9 44.2 25.9 44.8 25.9 44.4 25.9 44.5 25.9 44.6 25.9 44.8 25.9 45.0 3 4 5 Discrepancy (seigniorage) -11.3 -12.1 -16.5 -17.6 -18.3 -18.8 -18.5 -18.6 -18.7 -18.8 -19.0 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 1340.9 946.7 840.6 866.5 834.1 792.1 803.0 769.4 810.6 792.1 823.7 1 80.5 50.3 100.2 56.9 24.7 85.6 50.5 31.5 97.1 52.1 40.6 105.9 50.1 34.8 42.9 47.6 13.1 43.3 48.3 22.1 40.1 46.2 10.6 33.0 48.7 10.2 40.2 47.6 13.1 43.3 50.2 11.4 48.7 2 3 4 1110.0 779.5 661.4 668.0 706.3 688.1 692.6 679.5 711.6 688.1 713.3 5 88 Z.1, June 6, 2013 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 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 Q2 Q3 Q4 2013 Q1 136.3 1922.9 1325.6 1189.3 2016.0 1828.8 2027.5 1980.0 1911.3 1828.8 2271.1 1 75.8 527.5 -404.1 -2.6 -60.3 917.7 1238.0 -163.7 -3.2 -65.9 1031.9 697.2 -322.5 -4.2 -76.8 1020.8 480.9 -274.4 -3.3 -34.7 1623.1 233.7 222.2 -4.6 -58.4 1562.1 129.1 210.4 -4.9 -67.9 1606.4 281.3 205.8 -4.4 -61.6 1563.6 224.3 266.0 -4.6 -69.3 1496.7 230.4 264.1 -5.3 -74.6 1562.1 129.1 210.4 -4.9 -67.9 1850.0 235.0 274.2 -4.6 -83.5 2 3 4 5 6 178.1 1940.4 1320.5 1165.5 1989.6 1774.8 1997.5 1963.0 1846.4 1774.8 2189.1 7 53.7 48.6 74.8 1.0 0.0 464.5 558.2 674.1 239.0 4.7 194.0 94.5 725.0 284.1 22.8 145.9 -1.2 633.1 350.8 36.9 367.0 -0.4 866.0 711.0 46.1 213.1 -0.4 871.7 638.8 51.6 391.8 -0.7 869.9 679.1 57.4 400.0 -0.6 828.2 687.8 47.6 350.1 -0.5 786.5 670.6 39.6 213.1 -0.4 871.7 638.8 51.6 339.7 -0.6 1058.1 741.3 50.6 8 9 10 11 12 -41.8 -17.5 5.1 23.8 26.4 54.0 30.0 17.0 64.9 54.0 82.0 13 Levels Memo: 14 15 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions 55.0 55.0 57.7 57.7 54.9 54.9 52.7 52.7 60.8 60.8 71.1 71.1 56.5 56.5 56.6 56.6 56.3 56.3 71.1 71.1 59.7 59.7 14 15 16 17 18 19 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 20.8 19.8 1.0 0.0 860.0 616.4 239.0 4.7 977.0 670.1 284.1 22.8 968.1 580.4 350.8 36.9 1562.3 805.2 711.0 46.1 1491.0 800.7 638.8 51.6 1549.9 813.4 679.1 57.4 1507.0 771.6 687.8 47.6 1440.4 730.2 670.6 39.6 1491.0 800.7 638.8 51.6 1790.4 998.5 741.3 50.6 16 17 18 19 20 21 22 23 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks 48.6 48.6 -0.0 48.6 558.2 558.2 -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 -0.7 -0.7 -0.7 0.0 -0.6 -0.6 -0.7 0.1 -0.5 -0.5 -0.6 0.1 -0.4 -0.4 -0.5 0.1 -0.6 -0.6 -0.6 0.0 20 21 22 23 24 25 26 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 496.2 650.7 154.5 668.8 782.2 113.3 559.6 760.8 201.3 476.2 783.5 307.3 186.2 565.3 379.0 86.8 378.6 291.9 222.8 526.8 304.0 172.2 483.8 311.6 172.7 458.4 285.7 86.8 378.6 291.9 166.5 409.2 242.6 24 25 26 27 28 29 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -424.0 529.0 953.0 -179.6 536.4 716.1 -350.9 538.9 889.8 -306.9 635.6 942.5 201.2 829.1 627.9 144.9 806.8 661.9 187.6 876.0 688.4 245.4 843.9 598.4 193.9 846.1 652.2 144.9 806.8 661.9 190.7 838.1 647.4 27 28 29 30 31 32 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 18.6 17.9 0.7 24.7 24.5 0.3 14.6 9.3 5.4 23.4 14.9 8.5 20.4 13.4 7.0 18.6 10.4 8.2 18.7 10.4 8.3 17.7 10.9 6.7 16.5 9.3 7.2 18.6 10.4 8.2 17.5 10.7 6.8 30 31 32 53.7 464.5 194.0 145.9 367.0 213.1 391.8 400.0 350.1 213.1 339.7 33 0.6 134.3 113.2 2.6 60.3 35.4 117.5 65.8 3.2 65.9 52.4 129.8 43.7 4.2 76.8 20.8 103.7 41.9 3.3 34.7 61.4 131.2 41.9 4.6 58.4 53.1 172.4 45.6 4.9 67.9 69.6 143.4 47.3 4.4 61.6 63.6 140.2 49.3 4.6 69.3 67.4 194.5 49.6 5.3 74.6 53.1 172.4 45.6 4.9 67.9 79.8 209.4 39.3 4.6 83.5 34 35 36 37 38 133.7 82.1 77.4 82.9 69.8 119.2 73.8 76.6 127.0 119.2 129.6 39 -41.8 -17.5 5.1 23.8 26.4 54.0 30.0 17.0 64.9 54.0 82.0 40 33 34 35 36 37 38 39 40 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 24 and 27 less line 30. (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 40), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 36, 37, 38, and 40. 89 Z.1, June 6, 2013 L.204 Checkable Deposits and Currency 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1532.9 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2877.1 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 792.1 16.4 1.7 0.1 773.9 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 1122.7 43.6 36.9 0.2 1042.1 1178.4 91.5 29.9 1.6 1055.3 1185.9 85.6 22.6 5.7 1072.1 1224.6 92.9 27.2 6.5 1098.1 1226.1 79.4 20.2 9.2 1117.3 2 3 4 5 6 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 639.6 42.9 31.7 564.9 777.5 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 1435.6 1.3 51.8 1382.4 1219.8 1.3 52.7 1165.8 1232.0 1.2 51.5 1179.3 1267.7 1.1 52.7 1214.0 1435.6 1.3 51.8 1382.4 1441.7 1.5 46.1 1394.0 7 8 9 10 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 11.8 2.3 9.5 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 44.3 18.9 25.4 48.9 20.8 28.1 53.9 22.6 31.2 61.8 27.9 33.9 63.7 28.5 35.1 11 12 13 14 Banks in U.S.-affiliated areas 15.7 14.6 16.1 16.6 19.4 21.9 19.5 22.3 20.9 21.9 21.8 14 15 Credit unions 73.7 75.3 86.9 92.4 103.1 113.9 114.1 112.7 111.9 113.9 123.8 15 1532.9 2101.3 2093.4 2359.8 2594.3 2857.8 2520.5 2594.3 2640.4 2857.8 2877.1 16 2 3 4 5 6 16 Total liabilities 2008 Total assets 17 Household sector 154.9 364.9 393.5 437.9 754.5 884.6 741.0 733.0 727.7 884.6 875.9 17 18 19 20 Nonfinancial business Corporate Noncorporate 658.8 143.2 515.6 533.6 14.2 519.4 696.4 156.6 539.8 753.4 231.7 521.8 797.2 268.8 528.4 847.6 312.3 535.4 801.2 271.8 529.4 826.9 296.3 530.6 863.3 331.7 531.6 847.6 312.3 535.4 902.4 365.8 536.6 18 19 20 21 22 State and local governments Federal government 71.4 56.5 79.9 368.0 99.1 193.6 104.6 342.1 121.4 84.3 118.0 92.0 119.0 42.0 117.1 89.3 111.8 83.4 118.0 92.0 115.4 79.4 21 22 23 24 25 Rest of the world Checkable deposits Currency 306.1 34.2 272.0 370.1 69.0 301.1 361.0 47.2 313.8 390.5 48.4 342.1 472.3 75.2 397.1 540.4 86.2 454.2 486.9 71.8 415.1 496.2 73.9 422.3 519.4 81.0 438.4 540.4 86.2 454.2 543.1 83.9 459.2 23 24 25 26 Financial sectors 275.1 378.3 343.6 325.6 358.1 368.3 323.7 324.6 327.9 368.3 356.2 26 27 28 Property-casualty insurance companies Life insurance companies 42.7 58.3 27.9 82.8 27.6 50.7 32.6 51.7 24.1 53.7 36.4 56.4 29.1 52.9 29.3 56.1 32.9 53.5 36.4 56.4 30.6 57.1 27 28 29 30 Private pension funds State and local govt. retirement funds 17.1 3.6 13.4 3.5 10.4 3.5 12.6 4.1 14.3 4.4 13.0 4.0 13.5 4.3 13.2 4.2 12.9 4.1 13.0 4.0 12.3 3.9 29 30 31 32 Money market mutual funds Government-sponsored enterprises 1.9 13.7 7.5 88.3 17.9 99.4 14.2 63.4 20.1 72.7 16.5 52.6 3.2 42.5 6.0 52.9 11.3 36.1 16.5 52.6 10.9 64.1 31 32 33 34 35 Finance companies REITs Brokers and dealers 16.2 16.6 105.0 16.5 18.4 120.1 17.0 26.3 90.7 26.6 23.5 96.9 31.5 25.6 111.8 28.1 33.1 128.2 31.1 29.8 117.4 28.6 29.0 105.2 30.6 32.7 113.5 28.1 33.1 128.2 29.3 38.7 109.3 33 34 35 10.0 6.4 6.3 5.7 6.5 7.0 6.6 7.2 7.0 7.0 4.5 36 36 Mail float Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 90 Z.1, June 6, 2013 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 3 4 5 6 7 8 9 10 11 Levels 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 2013 Q1 7606.7 7940.9 8316.3 8432.4 8805.2 9312.4 8914.8 8968.0 9080.4 9312.4 9362.4 1 5224.5 5749.3 6326.5 6624.9 7202.2 7803.9 7410.5 7456.9 7595.4 7803.9 7871.4 2 4664.0 25.5 26.3 508.7 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 6979.3 62.7 18.8 743.1 6598.7 57.9 18.7 735.2 6636.4 62.1 19.6 738.8 6775.6 62.4 18.5 738.9 6979.3 62.7 18.8 743.1 7018.7 67.9 19.0 765.8 3 4 5 6 2382.2 2191.6 1989.8 1807.5 1603.0 1508.5 1504.3 1511.1 1485.0 1508.5 1491.0 7 1378.2 907.9 26.3 69.9 1309.2 784.7 27.4 70.4 979.4 958.6 24.5 27.3 849.1 909.0 19.3 30.1 813.9 736.6 18.9 33.5 738.2 711.8 18.8 39.7 743.4 706.8 18.7 35.3 777.4 678.2 19.6 35.9 749.1 679.8 18.5 37.5 738.2 711.8 18.8 39.7 709.0 721.6 19.0 41.4 8 9 10 11 7606.7 7940.9 8316.3 8432.4 8805.2 9312.4 8914.8 8968.0 9080.4 9312.4 9362.4 12 5912.7 6102.6 6265.1 6384.0 6734.3 7096.9 6844.5 6904.1 6930.6 7096.9 7163.6 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 800.7 441.3 359.3 740.0 381.9 358.1 842.1 488.8 353.3 905.0 548.7 356.2 922.8 563.0 359.8 955.8 591.4 364.4 939.5 579.0 360.5 935.4 574.2 361.3 955.3 593.5 361.8 955.8 591.4 364.4 960.2 595.0 365.2 14 15 16 17 18 19 State and local governments Federal government Rest of the world 220.0 2.8 207.6 238.9 1.6 273.1 248.1 1.9 230.0 241.3 2.0 246.9 256.5 1.7 280.0 292.3 2.0 326.0 275.2 2.0 271.5 271.0 2.2 284.9 284.4 2.1 296.7 292.3 2.0 326.0 298.5 1.6 308.9 17 18 19 20 Financial sectors 462.9 584.8 729.0 653.3 609.8 639.3 582.0 570.4 611.3 639.3 629.6 20 46.1 26.6 294.0 42.6 26.9 396.8 46.0 28.5 566.6 43.7 34.9 458.9 49.3 37.7 402.7 42.9 34.7 435.4 46.2 36.9 375.5 45.5 35.9 365.8 44.5 35.3 396.9 42.9 34.7 435.4 40.6 33.8 429.4 21 22 23 46.6 48.6 0.8 68.5 49.4 0.7 25.7 51.0 11.2 26.1 79.8 10.0 13.4 94.4 12.4 4.3 84.2 37.8 11.1 93.3 19.1 9.8 85.9 27.5 3.7 91.9 39.0 4.3 84.2 37.8 3.6 87.8 34.5 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 3033.0 3757.3 3258.6 2755.4 2642.5 2649.6 2535.5 2467.9 2506.9 2649.6 2554.0 1 1346.7 548.5 74.3 1581.8 727.0 75.4 1313.2 655.5 73.7 1129.7 497.8 76.8 1109.9 462.4 77.7 1110.2 458.3 78.7 1052.2 445.2 77.8 1024.2 433.5 78.0 1045.4 440.5 78.1 1110.2 458.3 78.7 1059.9 448.5 78.8 2 3 4 116.6 46.0 113.3 69.7 122.2 76.9 130.1 69.8 126.8 79.5 119.8 114.3 125.8 91.6 124.6 107.6 123.1 110.7 119.8 114.3 120.1 115.3 5 6 20.7 21.6 32.8 39.2 29.6 33.7 25.6 21.0 20.0 28.8 23.8 24.0 20.9 27.4 21.8 26.2 22.8 25.1 23.8 24.0 22.8 27.5 7 8 9 10 Private pension funds State and local govt. retirement funds 128.5 48.9 93.6 43.7 86.7 40.9 76.3 44.0 82.8 45.0 72.5 41.4 77.9 44.1 76.8 43.0 75.0 42.2 72.5 41.4 68.4 40.4 9 10 11 Funding corporations 681.3 981.0 826.3 684.3 609.7 606.7 572.5 532.2 544.1 606.7 572.3 11 91 Z.1, June 6, 2013 L.207 Federal Funds and Security Repurchase Agreements 2007 1 Total liabilities 2 Monetary authority 3 4 5 6 Private depository institutions (net) U.S.-chartered depository institutions (net) Foreign banking offices in U.S. (net) Credit unions (net) 7 8 Property-casualty insurance companies Life insurance companies 9 10 11 12 REITs Brokers and dealers (net) Holding companies Total assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2150.4 1262.5 1496.9 1276.0 1148.0 1122.9 1194.6 1183.6 1149.0 1122.9 1097.5 1 44.0 88.4 77.7 59.7 99.9 107.2 96.7 85.5 92.7 107.2 105.5 2 839.0 615.3 226.3 -2.5 491.8 359.6 130.0 2.3 844.2 674.1 170.3 -0.1 678.7 455.5 223.2 -0.0 605.5 347.9 273.4 -15.9 493.5 209.8 293.4 -9.7 575.1 308.2 287.8 -20.9 584.2 301.8 295.3 -12.9 552.7 273.1 288.2 -8.6 493.5 209.8 293.4 -9.7 473.3 189.1 293.9 -9.7 3 4 5 6 0.5 20.2 2.4 12.9 0.6 12.4 1.5 10.3 0.4 10.4 0.8 13.5 0.5 10.8 0.5 11.7 0.6 12.7 0.8 13.5 1.1 13.7 7 8 91.7 1147.3 7.7 79.4 586.9 0.7 90.4 470.9 0.6 120.5 404.7 0.8 215.4 215.3 1.2 318.7 189.2 0.0 258.7 251.7 1.1 280.9 219.9 1.1 319.9 169.2 1.2 318.7 189.2 0.0 319.3 184.7 0.0 9 10 11 1426.8 1119.4 976.6 862.3 847.6 949.5 857.8 882.2 944.8 949.5 1027.1 12 13 14 Nonfinancial corporate business State and local governments 8.1 132.8 7.2 117.2 7.9 113.3 12.1 108.3 12.6 100.0 10.4 94.5 13.6 99.2 13.9 98.3 11.3 97.1 10.4 94.5 13.0 94.7 13 14 15 16 Rest of the world (net) Monetary authority 338.4 46.5 114.9 80.0 31.0 0.0 -96.1 0.0 -44.9 0.0 -84.7 0.0 -83.2 0.0 -117.6 0.0 -98.6 0.0 -84.7 0.0 -11.8 0.0 15 16 17 18 Property-casualty insurance companies Life insurance companies 3.6 2.7 4.4 8.0 4.5 10.2 3.8 10.9 1.7 10.1 1.9 7.4 1.8 8.2 1.8 7.9 1.8 7.7 1.9 7.4 1.8 7.2 17 18 19 20 Private pension funds State and local govt. retirement funds 3.7 3.3 2.8 3.0 2.9 3.0 2.7 3.4 2.9 3.6 2.6 3.3 2.8 3.5 2.7 3.4 2.9 3.3 2.6 3.3 2.4 3.2 19 20 21 22 Money market mutual funds Mutual funds 605.9 132.2 542.4 124.7 480.0 153.3 479.4 137.5 490.5 108.7 544.7 207.2 498.2 206.2 514.9 217.7 513.2 230.7 544.7 207.2 470.7 241.1 21 22 23 24 25 Government-sponsored enterprises (net) Holding companies Funding corporations 142.7 6.9 0.0 114.5 0.3 0.0 122.1 48.2 0.1 150.0 50.3 0.1 111.9 50.5 0.1 150.8 11.5 0.1 107.2 0.3 0.1 138.7 0.3 0.1 174.9 0.4 0.1 150.8 11.5 0.1 193.4 11.3 0.0 23 24 25 723.6 143.1 520.3 413.8 300.4 173.4 336.8 301.4 204.2 173.4 70.5 26 26 Discrepancy--unallocated assets Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 92 Z.1, June 6, 2013 L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2 Commercial paper 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1788.9 1599.8 1138.0 1057.6 969.3 952.3 994.4 962.0 957.2 952.3 1001.2 1 1788.1 1599.3 1137.4 1057.5 969.2 952.3 994.4 962.0 957.2 952.3 1001.2 2 3 Nonfinancial corporate business 123.8 131.5 58.4 82.9 116.3 130.5 127.6 132.1 136.1 130.5 140.2 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial 413.0 29.0 384.0 342.0 49.7 292.3 401.3 34.5 366.8 398.6 30.6 368.0 345.1 30.2 314.9 372.7 40.4 332.3 362.6 32.8 329.8 357.4 40.7 316.7 366.4 39.2 327.2 372.7 40.4 332.3 407.2 34.4 372.8 4 5 6 1251.3 0.0 643.1 123.5 0.0 116.7 367.9 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 94.3 449.2 87.5 87.0 129.1 0.0 116.4 29.1 504.2 104.3 97.7 122.8 0.0 87.2 92.2 472.6 102.1 85.2 122.5 0.0 87.0 75.8 454.7 90.7 86.8 123.1 0.0 117.0 37.1 449.2 87.5 87.0 129.1 0.0 116.4 29.1 453.8 74.4 87.9 121.8 0.0 117.7 51.9 7 8 9 10 11 12 13 0.8 0.5 0.6 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 14 0.3 0.5 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 15 16 7 8 9 10 11 12 13 14 15 16 17 Levels Total outstanding, all types 2008 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. 1788.9 1599.8 1138.0 1057.6 969.3 952.3 994.4 962.0 957.2 952.3 1001.2 17 18 19 Holdings, by sector Household sector Nonfinancial corporate business 107.3 69.5 6.0 57.3 34.6 56.0 31.7 68.0 29.1 68.0 28.6 61.8 29.8 62.8 28.9 58.0 28.7 60.6 28.6 61.8 30.0 64.2 18 19 20 21 State and local governments Rest of the world 139.3 278.1 57.4 232.9 -15.8 191.5 44.4 191.0 68.3 191.7 62.3 195.2 67.5 203.3 66.5 188.9 65.2 190.2 62.3 195.2 62.6 203.9 20 21 22 23 24 25 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 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 13.3 41.7 19.1 38.3 9.8 49.8 7.9 40.9 8.8 29.7 7.4 40.5 8.4 33.1 8.1 35.0 7.8 37.4 7.4 40.5 7.1 43.6 26 27 28 29 Private pension funds State and local govt. retirement funds 121.8 31.6 94.6 31.0 93.2 32.1 92.0 38.4 103.9 41.0 90.8 37.8 98.3 40.2 97.7 39.1 93.9 38.5 90.8 37.8 77.6 36.8 28 29 30 31 Money market mutual funds Mutual funds 674.6 114.1 618.5 51.6 510.5 80.2 394.2 66.3 354.2 40.0 340.8 133.1 355.5 132.1 326.5 143.0 319.4 155.9 340.8 133.1 351.1 166.4 30 31 32 33 34 Government-sponsored enterprises Brokers and dealers Funding corporations 27.7 87.1 82.5 6.8 65.7 304.9 9.7 41.5 44.9 9.9 36.2 36.6 6.5 42.1 -13.9 3.4 29.9 -79.2 5.2 43.7 -85.5 5.7 34.7 -70.0 4.2 33.2 -77.6 3.4 29.9 -79.2 4.2 29.9 -76.2 32 33 34 (1) Excludes banks’ holdings of own acceptances. 93 Z.1, June 6, 2013 L.209 Treasury Securities 2007 1 2 3 4 5 Total liabilities Savings bonds Treasury bills Other Treasury securities Total assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 5099.2 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 1 196.4 999.5 3903.3 194.0 1861.2 4283.0 191.2 1787.9 5802.8 187.9 1768.9 7404.7 185.2 1519.5 8723.7 182.4 1626.5 9760.0 184.7 1672.6 8970.1 184.3 1594.4 9246.9 183.6 1613.0 9458.9 182.4 1626.5 9760.0 181.7 1788.2 9935.6 2 3 4 5099.2 6338.2 7781.9 9361.5 10428.3 11568.9 10827.5 11025.6 11255.5 11568.9 11905.5 5 6 7 8 Household sector Savings bonds Bills and other Treasury securities 183.0 196.4 -13.4 269.4 194.0 75.4 905.9 191.2 714.7 1265.2 187.9 1077.3 815.8 185.2 630.6 1197.8 182.4 1015.4 1007.2 184.7 822.4 1052.2 184.3 867.9 1081.7 183.6 898.1 1197.8 182.4 1015.4 1229.4 181.7 1047.7 6 7 8 9 10 11 Nonfinancial corporate business Nonfinancial noncorporate business State and local governments 38.3 59.3 588.1 30.5 51.8 526.7 43.0 46.1 547.7 48.0 48.1 539.8 43.2 48.5 486.3 58.2 49.2 478.4 48.0 48.6 484.4 59.1 48.7 490.7 63.6 48.8 483.1 58.2 49.2 478.4 56.5 49.3 474.5 9 10 11 12 13 14 Rest of the world Treasury bills Other Treasury securities 2376.4 300.5 2075.9 3253.0 758.0 2495.0 3670.6 750.4 2920.2 4466.6 710.3 3756.3 5071.1 647.7 4423.4 5526.1 661.7 4864.4 5131.5 634.2 4497.4 5297.1 630.1 4667.0 5448.8 679.1 4769.7 5526.1 661.7 4864.4 5701.4 720.2 4981.2 12 13 14 15 16 17 Monetary authority Treasury bills Other Treasury securities 740.6 227.8 512.8 475.9 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 1661.1 18.4 1642.7 1659.9 18.4 1641.5 1645.3 0.0 1645.3 1666.1 0.0 1666.1 1796.0 0.0 1796.0 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 80.1 30.4 1.8 10.4 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 19.3 187.8 71.6 0.9 20.3 212.5 61.0 1.3 19.9 227.8 77.3 1.0 20.9 243.2 76.6 0.4 19.3 230.3 79.5 0.4 20.5 18 19 20 21 22 23 24 Property-casualty insurance companies Treasury bills Other Treasury securities 71.3 16.2 55.1 65.6 10.8 54.8 88.5 15.8 72.8 91.7 15.5 76.2 96.4 17.4 78.9 90.2 14.9 75.4 94.5 16.7 77.8 92.8 16.1 76.7 91.4 15.5 75.9 90.2 14.9 75.4 89.5 22.8 66.7 22 23 24 25 26 27 Life insurance companies Treasury bills Other Treasury securities 70.6 2.3 68.3 105.7 20.1 85.6 133.5 13.9 119.6 156.6 10.2 146.4 167.1 14.0 153.1 171.8 8.3 163.5 168.9 12.2 156.7 167.8 10.7 157.1 170.3 9.4 160.8 171.8 8.3 163.5 173.7 9.5 164.2 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Federal government retirement funds 186.5 144.2 87.7 147.4 129.9 112.4 182.4 151.9 119.8 215.6 160.0 129.8 249.6 174.4 147.7 294.1 217.9 160.0 263.6 191.0 148.3 274.2 197.8 151.6 286.2 206.5 154.1 294.1 217.9 160.0 298.8 229.0 158.9 28 29 30 31 32 33 Money market mutual funds Treasury bills Other Treasury securities 178.2 136.9 41.3 577.7 478.7 98.9 406.4 318.5 87.9 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 473.8 285.4 188.4 444.6 239.8 204.9 456.3 245.0 211.3 457.8 282.8 175.0 470.5 276.1 194.3 31 32 33 34 35 36 Mutual funds Closed-end funds Exchange-traded funds 178.6 5.6 19.7 177.4 3.2 27.1 247.4 4.4 41.8 290.7 5.1 51.0 361.4 4.8 62.4 445.2 5.2 63.6 384.5 5.1 62.0 409.5 5.0 67.3 426.6 5.2 62.7 445.2 5.2 63.6 470.3 5.7 62.8 34 35 36 37 38 Government-sponsored enterprises ABS issuers 15.5 85.8 16.8 72.2 36.6 53.9 82.6 40.1 100.2 29.2 69.0 23.4 104.9 25.9 77.0 24.8 72.3 23.2 69.0 23.4 74.6 20.5 37 38 39 40 Brokers and dealers Holding companies -60.0 7.1 190.6 3.1 123.0 5.8 94.5 19.6 183.6 26.8 246.5 9.0 203.8 39.6 201.2 9.6 190.2 12.3 246.5 9.0 202.6 10.6 39 40 5122.3 6361.5 7805.4 9385.6 10453.6 11593.7 10851.9 11050.1 11279.9 11593.7 11930.1 41 Memo: 41 Federal government debt (1) (1) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 94 Z.1, June 6, 2013 L.210 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2 3 4 Levels 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 7397.7 8166.7 8106.8 7598.2 7577.4 7554.6 7533.0 7541.7 7543.9 7554.6 7590.8 1 23.1 2910.2 4464.4 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 24.4 6178.6 1329.9 24.5 6139.8 1377.3 24.4 6111.5 1408.0 24.9 6092.7 1437.0 24.6 6103.5 1462.7 2 3 4 7397.7 8166.7 8106.8 7598.2 7577.4 7554.6 7533.0 7541.7 7543.9 7554.6 7590.8 5 6 7 Household sector Nonfinancial corporate business 874.3 12.8 1097.8 10.2 435.7 14.3 389.9 16.0 372.8 14.4 96.9 14.4 273.2 16.0 237.6 17.2 176.0 18.7 96.9 14.4 10.3 8.8 6 7 8 9 State and local governments Federal government 467.6 0.0 431.4 54.4 400.3 196.4 385.0 149.2 338.1 31.1 315.2 0.0 327.3 1.5 323.5 0.0 322.3 0.0 315.2 0.0 320.3 0.0 8 9 10 11 Rest of the world Monetary authority 1582.4 0.0 1406.9 19.7 1154.9 1068.3 1084.0 1139.6 1089.6 941.7 1125.9 1003.4 1088.5 933.3 1087.7 946.5 1120.2 918.4 1125.9 1003.4 1087.2 1143.4 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 1106.3 57.1 26.3 68.4 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 1669.7 32.1 2.6 197.0 1699.2 29.0 5.1 195.7 1668.4 32.3 4.8 200.6 1672.7 30.2 4.0 198.5 1669.7 32.1 2.6 197.0 1710.5 27.7 2.4 207.7 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies 125.8 382.9 114.3 366.2 116.2 371.9 115.8 376.0 122.7 374.7 113.6 361.6 120.0 373.4 117.4 365.5 115.3 364.8 113.6 361.6 113.3 359.2 16 17 18 19 20 Private pension funds State and local govt. retirement funds Federal government retirement funds 253.9 191.2 5.4 190.3 160.6 5.2 184.0 157.6 5.2 190.4 159.4 5.8 197.8 167.5 6.5 216.2 187.2 7.2 202.5 176.1 7.0 208.9 180.0 7.6 212.5 182.3 7.1 216.2 187.2 7.2 216.3 189.1 6.6 18 19 20 21 22 23 Money market mutual funds Mutual funds Government-sponsored enterprises 235.9 563.5 702.9 756.2 559.8 910.0 543.0 613.8 924.5 402.8 769.9 377.0 403.7 879.9 358.9 343.5 1006.1 310.6 327.3 919.1 347.7 334.6 956.1 342.4 331.4 980.7 323.9 343.5 1006.1 310.6 325.6 1034.9 300.6 21 22 23 24 25 ABS issuers REITs 352.0 88.9 325.3 89.6 100.4 105.1 5.0 143.3 0.7 244.7 0.2 356.2 0.3 296.4 0.3 314.2 0.2 375.4 0.2 356.2 0.1 343.6 24 25 26 27 Brokers and dealers Holding companies 290.2 9.9 242.6 25.8 110.9 24.3 149.8 21.1 147.7 33.1 169.6 25.2 148.7 45.7 169.8 26.3 165.5 23.8 169.6 25.2 153.9 29.1 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 Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 35. 95 Z.1, June 6, 2013 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2012 Q1 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets Q2 Q3 Q4 2013 Q1 3424.8 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 1 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 2970.9 51.9 2919.0 2977.7 43.4 2934.3 2969.7 55.7 2914.0 2964.3 56.1 2908.2 2978.9 54.5 2924.4 2 3 4 250.2 349.0 259.5 415.0 265.4 452.2 263.2 485.4 255.5 493.9 241.0 509.1 253.8 495.2 249.5 505.3 245.6 504.1 241.0 509.1 239.4 510.4 5 6 3424.8 3517.2 3672.5 3772.1 3719.4 3714.4 3720.0 3732.4 3719.4 3714.4 3728.6 7 1674.1 29.2 5.3 1722.0 26.2 4.9 1829.1 27.1 5.1 1873.3 23.9 5.6 1807.7 22.5 5.7 1656.5 35.1 5.8 1781.3 25.8 5.7 1774.4 24.9 5.7 1709.1 29.3 5.7 1656.5 35.1 5.8 1657.7 30.4 5.8 8 9 10 9.5 45.1 9.4 51.0 10.3 58.7 11.1 71.7 10.9 70.3 10.3 65.4 10.8 71.6 10.7 70.1 10.6 72.7 10.3 65.4 10.4 63.7 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 202.0 0.0 2.0 0.0 221.9 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 3.2 363.1 0.0 2.6 4.2 307.2 0.0 3.4 4.7 327.4 0.0 2.8 3.9 350.0 0.0 2.8 3.8 363.1 0.0 2.6 4.2 374.2 0.0 2.7 5.3 13 14 15 16 17 18 19 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 371.3 41.4 1.5 381.9 47.1 1.3 369.4 73.1 1.4 348.4 112.3 2.2 331.0 121.6 3.6 327.6 131.2 6.4 329.2 124.8 4.2 327.5 125.1 5.1 327.0 128.7 5.6 327.6 131.2 6.4 326.8 131.9 7.0 17 18 19 20 21 22 23 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 496.6 371.6 91.2 0.6 509.5 389.4 77.9 2.3 440.1 478.8 81.2 5.9 386.7 525.5 81.6 7.6 357.3 541.2 83.1 8.6 336.7 627.4 86.3 12.3 341.2 561.9 83.7 9.7 325.4 583.7 84.5 10.5 320.1 610.5 85.1 11.3 336.7 627.4 86.3 12.3 312.6 644.4 86.9 13.0 20 21 22 23 24 25 Government-sponsored enterprises Brokers and dealers 33.3 50.1 31.3 38.7 29.1 35.4 24.9 40.0 21.0 30.9 17.0 26.6 20.2 34.7 19.4 31.2 18.1 29.0 17.0 26.6 24.9 31.0 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). Levels 2007 96 Z.1, June 6, 2013 L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 11577.0 11169.7 11654.0 11816.3 11975.5 12624.1 12166.7 12146.9 12421.6 12624.1 12791.7 1 Nonfinancial corporate business Rest of the world (1) 3729.1 1587.1 3954.5 1237.3 4366.2 1570.3 4804.8 1689.5 5215.6 1763.8 5795.2 1843.6 5346.4 1775.3 5452.9 1748.0 5599.7 1802.3 5795.2 1843.6 5937.7 1917.2 2 3 4 Financial sectors 6260.8 5977.9 5717.5 5322.1 4996.2 4985.3 5045.0 4946.0 5019.6 4985.3 4936.8 4 184.8 3871.4 974.1 231.3 184.8 3541.7 924.5 171.0 176.3 2994.5 837.5 129.8 436.8 2110.7 1078.4 129.7 415.8 1886.8 1039.8 145.1 415.8 1679.8 961.4 171.2 427.2 1825.1 1031.4 152.6 414.4 1776.8 1009.9 158.9 409.9 1713.7 1007.3 163.5 415.8 1679.8 961.4 171.2 413.9 1638.2 956.3 174.4 5 6 7 8 64.8 516.0 418.5 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 98.0 982.3 528.4 102.1 951.2 532.7 85.8 1081.9 557.4 90.2 1105.3 561.5 89.1 1093.9 571.0 9 10 11 11577.0 11169.7 11654.0 11816.3 11975.5 12624.1 12166.7 12146.9 12421.6 12624.1 12791.7 12 1899.3 149.1 0.0 2719.1 846.7 1872.5 1968.1 137.8 0.0 2353.5 584.0 1769.5 2314.9 140.8 0.6 2465.3 484.8 1980.5 2251.6 142.5 0.9 2523.3 441.4 2081.9 2273.3 135.6 0.8 2503.2 415.5 2087.7 2402.0 128.1 0.6 2580.6 387.4 2193.2 2244.4 134.5 0.8 2524.1 407.2 2116.9 2226.0 133.3 0.8 2482.0 404.4 2077.6 2331.1 131.6 0.7 2550.8 393.4 2157.3 2402.0 128.1 0.6 2580.6 387.4 2193.2 2454.6 128.5 0.6 2618.5 382.5 2236.0 13 14 15 16 17 18 714.6 383.7 330.9 369.5 0.5 34.6 0.0 34.6 650.5 314.6 335.9 401.6 0.5 28.9 3.3 25.7 667.1 262.9 404.1 244.9 2.0 22.3 3.6 18.6 548.9 174.9 374.0 233.9 0.6 6.6 6.1 0.5 551.8 150.1 401.8 234.5 4.2 6.3 5.9 0.4 550.7 149.1 401.6 228.7 5.2 6.7 6.6 0.1 532.3 137.1 395.2 216.4 4.3 6.9 6.5 0.4 528.8 151.6 377.2 216.6 4.1 7.0 6.7 0.3 542.6 151.1 391.5 223.9 4.6 6.6 6.5 0.2 550.7 149.1 401.6 228.7 5.2 6.7 6.6 0.1 547.0 146.3 400.7 210.4 5.6 6.8 6.7 0.1 19 20 21 22 23 24 25 26 282.9 0.0 282.9 1862.6 0.0 1862.6 267.5 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 2123.6 434.9 1688.7 379.8 74.0 305.8 2167.4 410.6 1756.8 366.1 71.9 294.2 2150.1 427.4 1722.7 369.3 72.6 296.7 2126.1 421.7 1704.4 373.9 73.3 300.6 2155.9 416.1 1739.8 379.8 74.0 305.8 2167.4 410.6 1756.8 379.4 74.6 304.8 2186.9 413.1 1773.9 27 28 29 30 31 32 9 10 11 12 Levels 2009 2 3 5 6 7 8 Total liabilities 2008 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 447.2 463.1 6.3 374.6 485.1 5.8 360.0 382.8 5.7 443.4 388.5 5.9 441.7 364.2 7.3 360.6 305.1 8.3 408.7 348.8 7.6 397.3 332.6 7.9 376.4 314.1 8.3 360.6 305.1 8.3 339.7 295.8 7.8 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 376.8 886.5 74.3 13.8 228.0 956.2 49.4 27.7 169.9 1120.7 55.5 55.4 154.2 1243.0 59.6 74.1 105.1 1413.4 57.2 107.7 102.1 1719.4 65.2 155.3 102.9 1489.9 59.2 123.4 97.3 1550.0 60.0 135.7 93.0 1633.4 62.7 147.1 102.1 1719.4 65.2 155.3 103.0 1818.9 71.7 162.3 36 37 38 39 40 41 42 43 44 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 464.4 373.4 90.9 189.4 34.4 386.6 309.1 77.5 192.4 11.7 310.8 302.9 7.9 198.6 15.5 293.9 269.0 24.8 83.9 20.8 260.5 234.3 26.2 84.8 22.1 205.9 198.5 7.4 78.5 32.2 253.9 229.8 24.1 84.7 25.6 227.1 212.2 14.9 86.7 27.6 221.2 207.6 13.6 85.1 30.6 205.9 198.5 7.4 78.5 32.2 192.3 185.0 7.3 77.8 35.0 40 41 42 43 44 45 46 47 Brokers and dealers Holding companies Funding corporations 382.8 35.9 170.0 123.8 35.8 667.3 154.4 31.1 710.2 189.5 38.3 760.1 104.5 18.3 792.4 140.0 79.9 921.9 149.3 84.6 848.4 130.8 94.3 905.4 139.3 86.0 902.7 140.0 79.9 921.9 141.1 80.3 927.5 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. 97 Z.1, June 6, 2013 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2012 2012 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 Rest of the world (2) 4 5 6 7 8 9 Financial corporations Holdings at market value Household sector State and local governments Federal government Rest of the world (3) Q2 Q3 Q4 2013 Q1 25580.9 15640.5 20085.5 23370.8 22737.3 26028.4 25432.9 24351.5 25742.1 26028.4 28438.4 1 15730.7 10016.6 12512.2 14441.8 14508.5 16162.3 16070.6 15539.0 16340.7 16162.3 17858.9 2 5248.0 2748.4 3995.3 4646.9 4158.2 4919.5 4649.6 4306.9 4629.9 4919.5 5106.1 3 4602.2 2875.4 3578.1 4282.1 4070.5 4946.5 4712.8 4505.6 4771.5 4946.5 5473.4 4 25580.9 15640.5 20085.5 23370.8 22737.3 26028.4 25432.9 24351.5 25742.1 26028.4 28438.4 5 10448.0 94.5 0.0 2811.3 5954.4 60.5 188.7 1807.1 7518.3 80.9 67.4 2476.7 8843.9 77.9 49.9 2962.0 8866.3 72.3 57.8 2783.0 10178.4 68.3 39.9 3106.1 9892.2 71.7 48.2 3109.5 9534.3 71.0 43.6 2903.5 9960.5 70.2 41.2 3137.5 10178.4 68.3 39.9 3106.1 11242.8 68.5 38.6 3445.8 6 7 8 9 0.0 88.8 0.0 0.0 33.8 0.0 25.1 63.6 0.0 26.4 73.6 0.1 0.0 67.4 0.0 0.0 87.1 0.0 0.0 80.4 0.0 0.0 75.0 0.0 0.0 83.4 0.0 0.0 87.1 0.0 0.0 96.8 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 236.2 1464.6 193.3 1001.7 219.8 1208.5 219.2 1402.6 224.4 1390.2 258.3 1545.1 248.9 1524.3 244.4 1478.3 257.9 1543.7 258.3 1545.1 273.4 1654.9 13 14 15 16 17 Private pension funds State and local govt. retirement funds Federal government retirement funds 1935.5 1935.7 145.7 1380.4 1267.2 83.7 1647.1 1617.8 116.8 1938.3 1778.2 140.9 1949.0 1701.9 134.4 2171.1 1993.2 152.7 2128.6 1927.1 153.1 2083.7 1872.5 146.3 2196.6 1984.2 153.3 2171.1 1993.2 152.7 2283.3 2188.6 172.3 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds 5476.9 145.2 573.7 3014.1 72.5 474.0 4136.2 88.1 670.0 4762.7 97.4 854.1 4427.2 96.5 863.8 5107.0 101.2 1093.3 5044.0 98.3 990.4 4744.2 96.8 944.5 5037.8 100.9 1047.1 5107.0 101.2 1093.3 5557.8 107.3 1195.9 18 19 20 21 22 Brokers and dealers Funding corporations 224.8 0.0 109.2 0.0 124.2 25.1 117.2 26.4 103.2 0.0 126.7 0.0 116.3 0.0 113.5 0.0 127.9 0.0 126.7 0.0 112.4 0.0 21 22 19064.3 12009.3 14899.4 17335.9 17223.8 19442.2 19249.1 18570.5 19495.1 19442.2 21546.6 23 Memo: 23 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 11, 12, 13, 19, 20, 21, and 22; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10014.6 1 2 Holdings at market value 7822.6 5388.0 6920.7 7873.0 7870.9 9323.6 8797.4 8653.4 9131.0 9323.6 10014.6 2 4869.1 178.0 3313.9 106.3 4130.7 162.0 4617.8 186.8 4453.0 165.9 5372.4 181.7 5039.4 179.1 4893.1 173.2 5196.5 179.6 5372.4 181.7 5779.3 188.7 3 4 38.4 374.3 36.1 255.6 37.6 364.1 38.8 513.8 37.2 735.4 35.2 957.7 36.9 847.8 36.6 901.5 36.1 927.9 35.2 957.7 41.3 1028.7 5 6 29.6 2.1 19.6 2.0 46.1 1.3 45.0 1.5 41.7 1.9 59.2 2.3 46.7 2.1 47.3 2.1 52.8 2.2 59.2 2.3 67.3 2.5 7 8 6.8 188.4 4.4 121.0 5.3 140.8 5.7 155.7 5.5 150.1 5.7 159.3 5.7 159.1 5.5 153.2 5.7 159.3 5.7 159.3 6.0 167.6 9 10 1830.7 305.2 1362.3 166.7 1827.5 205.2 2084.7 223.2 2072.4 208.0 2306.6 243.6 2245.1 235.5 2212.1 228.8 2328.4 242.5 2306.6 243.6 2461.3 271.9 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. Levels 2007 98 Z.1, June 6, 2013 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2060.1 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2257.7 1 2 3 4 Household sector Corporate business Noncorporate business 21.8 715.9 926.5 26.4 780.0 1046.1 10.2 546.0 944.1 61.0 480.9 923.7 12.4 549.8 980.4 66.3 609.8 1070.3 34.8 542.4 1008.6 88.0 566.2 1031.5 23.1 574.8 1047.7 66.3 609.8 1070.3 66.9 606.2 1075.5 2 3 4 5 6 7 8 Rest of the world Foreign official institutions Foreign banks Other foreign 102.8 1.9 30.2 70.8 107.9 2.6 33.0 72.4 96.8 3.2 27.9 65.8 115.1 4.3 39.7 71.2 144.3 2.6 51.0 90.7 165.5 2.0 49.2 114.4 153.6 2.5 51.6 99.5 164.8 2.2 54.4 108.3 167.0 2.1 50.8 114.2 165.5 2.0 49.2 114.4 176.8 2.6 55.5 118.7 5 6 7 8 9 Financial sectors 293.1 789.5 424.7 373.7 399.9 338.7 362.6 299.7 365.3 338.7 332.2 9 182.0 33.2 0.0 174.9 32.8 45.5 144.5 20.7 0.0 91.5 18.5 0.0 102.1 22.1 0.0 118.5 23.4 0.0 97.5 18.6 0.0 103.5 20.5 0.0 115.8 19.6 0.0 118.5 23.4 0.0 112.9 18.5 0.0 10 11 12 77.9 0.0 91.3 444.9 164.2 95.3 190.3 73.4 254.3 21.5 196.8 0.0 234.5 11.9 175.7 0.0 229.8 0.0 196.8 0.0 200.9 0.0 13 14 2060.1 2750.0 2021.7 1954.3 2086.8 2250.6 2101.9 2150.1 2178.0 2250.6 2257.7 15 10 11 12 Finance companies REITs Brokers and dealers 13 14 Holding companies Funding corporations 15 Levels Total liabilities 2008 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 0.0 490.4 142.8 98.1 30.5 0.6 19.0 4.5 1.5 0.6 0.4 16 1544.6 466.8 21.4 27.3 1675.8 531.9 19.7 32.1 1419.6 406.5 19.4 33.4 1412.9 390.4 16.1 36.9 1569.2 426.6 17.1 43.5 1772.6 415.8 18.1 43.6 1596.2 427.2 17.2 42.3 1666.4 419.3 17.3 42.5 1698.4 415.7 17.6 44.7 1772.6 415.8 18.1 43.6 1775.9 419.5 18.1 43.8 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. 99 Z.1, June 6, 2013 L.216 Other Loans and Advances 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2510.6 2629.3 2098.1 1799.7 1803.9 1859.6 1769.6 1789.6 1831.9 1859.6 1870.0 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 105.2 12.5 10.9 46.8 11.9 23.1 0.0 0.0 0.0 111.3 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 75.4 56.5 15.7 26.8 0.0 0.0 3.0 188.8 10.9 71.7 55.9 15.4 25.4 0.0 0.0 9.5 191.0 11.0 73.3 56.5 15.7 25.5 0.0 0.0 8.9 189.0 11.0 74.2 56.6 15.6 25.5 0.0 0.0 6.1 188.3 11.0 75.4 56.5 15.7 26.8 0.0 0.0 3.0 189.6 11.2 76.1 57.0 16.0 27.1 0.0 0.0 2.3 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 271.1 271.1 226.4 226.4 182.5 182.5 162.3 162.3 196.1 196.1 146.9 146.9 171.6 171.6 166.0 166.0 161.1 161.1 146.9 146.9 145.2 145.2 11 12 0.0 0.5 0.2 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 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 6.3 6.3 0.0 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 53.1 51.8 1.3 53.2 51.0 2.3 107.8 103.2 4.7 105.3 99.3 6.1 106.0 101.4 4.6 17 18 19 13 14 15 16 Total other loans and advances 2008 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 114.5 0.6 113.9 120.4 0.6 119.8 121.1 0.5 120.6 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 126.9 0.4 126.4 126.6 0.4 126.2 127.2 0.4 126.8 128.3 0.4 127.8 128.2 0.4 127.8 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) 942.6 0.0 9.5 66.0 806.1 32.3 28.7 980.7 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 6.9 85.2 336.9 25.1 51.6 467.3 0.0 7.3 79.3 309.3 22.9 48.5 491.3 0.0 6.6 80.4 328.2 23.7 52.4 487.6 0.0 6.7 82.5 321.6 24.4 52.4 505.7 0.0 6.9 85.2 336.9 25.1 51.6 498.8 0.0 7.7 83.7 332.3 22.2 52.9 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 93.7 93.7 78.1 78.1 54.4 54.4 4.0 4.0 0.1 0.1 1.8 1.8 0.1 0.1 0.1 0.1 3.2 3.2 1.8 1.8 3.9 3.9 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 523.0 470.7 52.3 539.9 485.9 54.0 448.9 404.0 44.9 407.7 366.9 40.8 410.0 369.0 41.0 421.8 379.6 42.2 410.2 369.2 41.0 410.4 369.3 41.0 412.6 371.3 41.3 421.8 379.6 42.2 426.7 384.1 42.7 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 453.8 17.6 31.9 82.4 248.3 52.8 20.8 564.3 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 19.4 361.5 20.9 22.6 105.7 160.0 39.6 12.9 351.6 26.5 20.2 94.2 166.8 30.6 13.2 351.1 23.2 21.5 99.2 161.9 32.8 12.4 343.4 23.1 22.0 100.6 153.9 31.9 11.9 361.5 20.9 22.6 105.7 160.0 39.6 12.9 371.5 19.9 23.1 108.2 163.0 41.8 15.6 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. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 100 Z.1, June 6, 2013 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 1 2 3 4 5 6 7 Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Levels Total mortgages Total assets Q2 Q3 Q4 2013 Q1 14588.5 14656.5 14359.3 13738.9 13413.3 13154.5 13303.7 13237.2 13142.2 13154.5 13091.4 1 11207.4 792.7 2475.7 112.7 11096.7 841.2 2583.8 134.7 10893.2 847.8 2486.9 131.3 10426.3 838.0 2333.3 141.2 10171.0 842.8 2253.3 146.1 9925.0 858.9 2217.6 153.0 10084.8 832.6 2238.5 147.8 10026.2 838.7 2222.7 149.5 9936.7 847.2 2207.1 151.3 9925.0 858.9 2217.6 153.0 9868.0 863.3 2205.4 154.7 2 3 4 5 14588.5 14656.5 14359.3 13738.9 13413.3 13154.5 13303.7 13237.2 13142.2 13154.5 13091.4 6 10784.1 10724.0 10567.6 10077.3 9842.1 9604.6 9758.8 9701.4 9613.5 9604.6 9550.3 7 3647.7 964.7 2683.0 3769.0 899.0 2869.9 3624.8 767.6 2857.2 3494.4 652.2 2842.2 3395.0 597.7 2797.3 3358.2 588.7 2769.4 3366.2 590.5 2775.7 3350.8 583.9 2766.9 3340.7 581.7 2759.0 3358.2 588.7 2769.4 3343.6 574.7 2769.0 8 9 10 0.0 156.7 0.0 163.5 0.0 166.9 0.0 167.1 0.0 176.2 0.0 191.8 0.0 178.8 0.0 185.0 0.0 188.0 0.0 191.8 0.0 197.4 11 12 14588.5 14656.5 14359.3 13738.9 13413.3 13154.5 13303.7 13237.2 13142.2 13154.5 13091.4 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 109.8 41.4 42.1 111.1 33.6 39.1 101.4 29.5 37.9 90.2 28.0 42.1 79.5 28.2 42.5 66.1 28.4 43.1 75.9 28.2 42.6 72.4 28.3 42.7 69.4 28.3 42.8 66.1 28.4 43.1 63.0 28.4 43.2 14 15 16 17 18 State and local governments Federal government 181.2 82.4 167.9 95.8 172.4 108.4 168.2 106.6 161.4 110.6 154.2 112.3 160.1 111.7 158.6 112.2 157.5 112.0 154.2 112.3 155.6 113.2 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 4658.6 39.0 40.8 280.2 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 3997.4 30.9 34.9 327.8 3984.5 31.2 32.9 321.6 3986.4 31.2 32.4 324.0 3944.6 31.2 32.0 326.4 3997.4 30.9 34.9 327.8 3962.9 29.7 34.3 325.9 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.8 326.2 5.0 342.4 4.4 326.1 4.1 317.5 4.9 332.5 5.6 344.4 5.2 336.7 5.4 340.5 5.5 343.5 5.6 344.4 5.8 344.5 23 24 25 26 Private pension funds State and local govt. retirement funds 34.1 17.9 26.1 15.1 23.8 11.4 26.6 10.9 27.5 10.7 21.4 8.7 25.1 10.1 24.1 9.6 22.8 9.2 21.4 8.7 18.6 7.8 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 643.1 4464.4 705.3 4961.4 707.7 5376.7 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4922.8 1329.9 4870.2 1377.3 4844.5 1408.0 4823.5 1437.0 4825.0 1462.7 27 28 29 30 31 ABS issuers Finance companies REITs 2967.6 531.9 123.1 2615.2 447.9 76.3 2245.0 397.4 48.3 1915.7 243.6 41.9 1696.8 211.5 42.1 1490.5 180.1 48.3 1637.6 206.7 40.9 1585.5 192.7 43.6 1530.6 188.5 45.4 1490.5 180.1 48.3 1448.1 174.6 48.1 29 30 31 101 Z.1, June 6, 2013 L.218 Home Mortgages (1) 2007 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 11207.4 11096.7 10893.2 10426.3 10171.0 9925.0 10084.8 10026.2 9936.7 9925.0 9868.0 1 10580.1 42.2 585.1 10523.1 32.7 540.9 10373.5 20.3 499.4 9895.2 13.6 517.6 9666.1 10.2 494.7 9432.0 9.7 483.3 9584.5 9.9 490.3 9528.3 9.9 488.0 9442.1 9.9 484.6 9432.0 9.7 483.3 9378.8 9.4 479.8 2 3 4 11207.4 11096.7 10893.2 10426.3 10171.0 9925.0 10084.8 10026.2 9936.7 9925.0 9868.0 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 90.8 25.0 15.4 91.2 20.2 14.3 83.2 17.7 13.9 75.2 16.8 15.4 67.2 16.9 15.5 59.2 17.0 15.7 65.2 16.9 15.6 63.2 17.0 15.6 61.2 17.0 15.6 59.2 17.0 15.7 57.2 17.0 15.8 6 7 8 9 10 State and local governments Federal government 92.8 13.7 86.1 16.4 88.4 22.1 85.7 23.9 82.1 24.8 78.6 25.9 81.4 25.5 80.7 25.7 80.2 25.3 78.6 25.9 79.4 25.7 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 3068.0 0.0 21.5 280.2 2883.6 7.0 22.9 312.2 2686.6 0.9 22.6 316.9 2612.0 1.1 20.1 317.0 2534.9 1.3 17.8 320.5 2487.9 1.8 20.0 327.8 2481.8 1.4 17.5 321.6 2490.6 1.3 17.3 324.0 2454.2 1.6 17.0 326.4 2487.9 1.8 20.0 327.8 2451.3 1.8 19.9 325.9 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 9.4 1.2 6.4 8.6 1.3 5.4 8.4 2.0 4.1 8.1 1.9 3.9 8.5 1.6 3.9 8.6 2.5 3.1 8.9 1.7 3.6 9.3 1.9 3.5 9.7 2.2 3.3 8.6 2.5 3.1 8.6 2.9 2.8 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 447.9 4371.8 456.6 4864.0 445.3 5266.5 4699.3 1068.8 4595.8 1216.8 4485.4 1321.8 4591.6 1237.2 4539.0 1276.2 4508.3 1301.7 4485.4 1321.8 4489.6 1340.2 18 19 20 21 22 ABS issuers Finance companies REITs 2210.0 472.7 80.7 1897.2 375.4 34.3 1574.3 327.7 12.6 1298.7 169.5 8.9 1105.6 149.7 8.1 923.4 132.6 13.6 1060.1 146.1 8.6 1012.3 137.2 11.7 965.9 134.9 12.3 923.4 132.6 13.6 885.8 129.1 14.8 20 21 22 1132.8 872.7 0.0 94.1 71.4 94.5 1115.6 894.7 0.8 98.7 46.3 75.1 1033.1 841.4 0.3 94.6 31.3 65.5 928.4 783.3 0.3 88.2 22.7 33.9 853.4 723.1 0.3 82.2 17.9 29.9 769.4 652.7 0.2 75.7 14.3 26.5 831.4 705.1 0.3 79.8 17.0 29.2 812.3 690.2 0.2 78.3 16.1 27.4 790.2 670.7 0.2 77.2 15.1 27.0 769.4 652.7 0.2 75.7 14.3 26.5 747.9 634.2 0.3 74.1 13.5 25.8 23 24 25 26 27 28 6 7 8 23 24 25 26 27 28 Total assets 2008 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 mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 841.2 847.8 838.0 842.8 858.9 832.6 838.7 847.2 858.9 863.3 1 38.5 731.5 40.8 775.4 41.0 779.9 40.5 769.8 40.8 774.5 41.6 790.8 40.3 765.3 40.6 771.6 41.0 779.8 41.6 790.8 41.6 790.7 2 3 0.0 22.7 0.0 25.1 0.0 26.8 0.0 27.7 0.0 27.6 0.0 26.5 0.0 27.0 0.0 26.5 0.0 26.3 0.0 26.5 0.0 31.0 4 5 792.7 841.2 847.8 838.0 842.8 858.9 832.6 838.7 847.2 858.9 863.3 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.6 14.3 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 14.5 0.0 0.4 14.5 0.0 0.4 14.6 0.0 0.4 14.7 0.0 0.4 14.7 7 8 9 10 11 State and local governments Federal government 72.8 14.4 67.5 14.5 69.4 14.7 67.7 14.4 65.1 14.1 62.2 13.7 64.6 14.1 64.0 13.9 63.6 13.7 62.2 13.7 62.8 13.6 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 261.1 0.0 276.0 4.3 267.0 4.0 254.9 3.5 248.3 2.9 253.3 1.4 244.7 1.5 246.4 1.4 248.2 1.4 253.3 1.4 256.5 1.3 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 51.8 2.1 5.4 51.8 2.4 4.5 48.5 2.7 3.4 47.2 3.1 3.3 49.4 2.9 3.2 50.9 3.8 2.6 50.0 2.9 3.0 50.6 3.1 2.9 51.0 3.4 2.7 50.9 3.8 2.6 51.1 4.2 2.3 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 147.7 88.1 190.2 92.8 204.4 105.7 256.5 66.9 259.2 86.4 265.5 113.4 261.3 91.1 260.4 99.1 264.6 104.3 265.5 113.4 261.9 120.6 17 18 19 20 21 ABS issuers Finance companies REITs 124.0 5.1 5.2 113.2 5.8 4.3 107.4 5.1 2.3 98.7 5.1 1.9 91.1 3.6 1.7 72.4 2.8 1.8 79.2 3.5 1.7 76.9 3.3 1.7 74.5 3.1 1.7 72.4 2.8 1.8 68.9 2.7 2.1 19 20 21 7 8 9 Total assets 792.7 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 102 Z.1, June 6, 2013 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2475.7 2583.8 2486.9 2333.3 2253.3 2217.6 2238.5 2222.7 2207.1 2217.6 2205.4 1 204.0 861.2 1276.6 134.0 200.9 796.7 1447.7 138.4 194.1 676.7 1476.1 140.1 182.2 565.0 1446.7 139.4 175.9 511.2 1417.6 148.6 172.5 498.7 1381.1 165.3 174.3 504.0 1408.5 151.8 173.1 496.3 1394.8 158.5 171.4 492.8 1381.1 161.8 172.5 498.7 1381.1 165.3 171.5 484.1 1383.4 166.4 2 3 4 5 2475.7 2583.8 2486.9 2333.3 2253.3 2217.6 2238.5 2222.7 2207.1 2217.6 2205.4 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 19.1 15.8 11.5 20.0 13.0 10.7 19.2 11.4 10.4 16.7 10.8 11.5 12.4 10.8 11.7 6.3 10.9 11.8 11.0 10.9 11.7 9.6 10.9 11.7 8.0 10.9 11.7 6.3 10.9 11.8 4.5 10.9 11.8 7 8 9 10 11 State and local governments Federal government 14.6 51.0 13.5 61.4 13.9 67.8 14.1 64.1 13.4 67.2 12.7 68.0 13.3 67.6 13.2 68.0 13.1 68.4 12.7 68.0 12.7 69.3 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1286.8 39.0 19.3 1404.2 32.8 19.7 1367.4 32.9 19.6 1273.2 30.8 15.7 1210.3 28.5 15.6 1198.4 27.6 14.9 1201.1 28.2 15.4 1192.2 28.4 15.1 1184.8 28.1 14.9 1198.4 27.6 14.9 1197.0 26.6 14.4 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.8 252.2 5.0 267.1 4.4 255.7 4.1 248.8 4.9 261.1 5.6 271.1 5.2 264.2 5.4 267.0 5.5 269.1 5.6 271.1 5.8 271.0 15 16 17 18 Private pension funds State and local govt. retirement funds 30.8 6.1 22.4 5.1 19.0 3.9 21.5 3.7 23.1 3.6 15.1 3.0 20.6 3.4 19.1 3.3 17.3 3.1 15.1 3.0 11.5 2.7 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 633.6 0.0 604.7 0.0 563.3 0.0 518.3 0.0 500.2 0.0 494.7 0.0 498.3 0.0 496.4 0.0 490.2 0.0 494.7 0.0 493.3 19 20 21 22 Finance companies REITs 54.0 37.3 66.6 37.7 64.6 33.4 68.9 31.2 58.2 32.3 44.7 32.8 57.1 30.6 52.2 30.2 50.6 31.4 44.7 32.8 42.7 31.1 21 22 7 8 9 Levels Total liabilities 2008 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 5 6 Household sector Nonfinancial noncorporate business 7 8 State and local governments Federal government 112.7 134.7 131.3 141.2 146.1 153.0 147.8 149.5 151.3 153.0 154.7 1 22.8 89.9 28.8 105.9 29.6 101.7 33.1 108.1 35.5 110.6 38.7 114.3 36.3 111.5 37.1 112.5 37.9 113.4 38.7 114.3 39.5 115.2 2 3 112.7 134.7 131.3 141.2 146.1 153.0 147.8 149.5 151.3 153.0 154.7 4 -0.0 0.8 -0.0 0.8 -1.0 0.8 -1.7 0.8 -0.1 0.8 0.6 0.9 -0.3 0.9 -0.3 0.9 0.2 0.9 0.6 0.9 1.4 0.9 5 6 1.0 3.3 0.7 3.5 0.7 3.9 0.7 4.3 0.7 4.5 0.7 4.6 0.7 4.6 0.7 4.6 0.7 4.6 0.7 4.6 0.7 4.5 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 42.8 0.0 51.5 0.1 51.0 0.0 54.8 0.0 56.0 0.0 57.8 0.0 56.9 0.0 57.2 0.0 57.5 0.0 57.8 0.0 58.1 0.0 9 10 11 12 Life insurance companies State and local govt. retirement funds 12.8 0.0 15.0 0.0 13.5 0.0 13.3 0.0 13.5 0.0 13.8 0.0 13.6 0.0 13.7 0.0 13.7 0.0 13.8 0.0 13.9 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 47.6 4.5 58.5 4.7 58.0 4.5 65.2 3.8 69.0 1.7 72.7 1.9 69.8 1.6 70.8 2.0 71.6 2.0 72.7 1.9 73.5 1.9 13 14 (1) Excludes mortgages on farm houses. 103 Z.1, June 6, 2013 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1 Total liabilities (Households) 2506.3 2525.9 2420.2 2522.2 2615.7 2768.2 2605.9 2646.6 2705.5 2768.2 2762.4 1 2 Total assets 2506.3 2525.9 2420.2 2522.2 2615.7 2768.2 2605.9 2646.6 2705.5 2768.2 2762.4 2 57.2 0.0 93.0 56.0 0.0 104.3 53.8 0.0 178.6 46.2 0.0 308.8 48.5 0.0 417.4 48.5 0.0 526.8 47.2 0.0 452.6 47.3 0.0 470.7 47.8 0.0 509.5 48.5 0.0 526.8 42.0 0.0 560.8 3 4 5 3 4 5 Nonfinancial corporate business Nonfinancial noncorporate business Federal government (1) 6 7 U.S.-chartered depository institutions Credit unions 894.9 236.6 965.0 236.2 906.3 237.1 1185.5 226.5 1192.6 223.0 1218.6 243.6 1155.7 223.0 1174.5 231.2 1186.1 236.7 1218.6 243.6 1189.1 247.6 6 7 Government-sponsored enterprises ABS issuers Finance companies 0.0 652.5 572.1 0.0 610.2 554.3 0.0 572.5 471.9 0.0 50.3 705.0 0.0 46.2 688.0 0.0 49.9 680.8 0.0 46.7 680.7 0.0 47.0 676.0 0.0 47.9 677.5 0.0 49.9 680.8 0.0 50.4 672.5 8 9 10 8 9 10 (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. L.223 Trade Credit 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 3398.0 3228.0 3204.9 3430.3 3478.9 3665.7 3532.1 3592.9 3636.9 3665.7 3689.6 1 214.5 236.7 252.7 274.1 288.2 289.7 289.8 290.5 290.5 289.7 288.1 2 1897.9 374.9 1672.7 380.7 1587.5 388.3 1743.2 416.8 1760.7 420.7 1885.6 425.1 1785.1 421.0 1834.8 421.4 1866.3 422.1 1885.6 425.1 1891.6 430.5 3 4 553.5 238.2 592.7 260.8 632.3 204.6 672.3 210.8 712.5 219.6 752.9 228.9 722.6 229.4 732.7 232.1 742.8 234.8 752.9 228.9 763.0 233.6 5 6 73.1 45.8 63.2 21.2 69.3 70.1 95.1 18.1 63.0 14.3 69.3 14.2 66.9 17.3 68.0 13.5 67.4 13.0 69.3 14.2 67.5 15.3 7 8 3191.2 2992.2 2863.8 2993.8 3092.8 3221.4 3212.4 3290.5 3315.2 3221.4 3280.2 9 2254.4 525.6 2084.9 522.7 2053.9 496.3 2155.9 533.4 2238.0 538.8 2347.9 545.6 2349.8 539.7 2425.3 540.9 2440.3 541.7 2347.9 545.6 2403.3 546.8 10 11 69.9 60.6 83.6 47.6 64.7 90.1 29.0 43.6 96.7 9.7 42.9 116.3 0.0 47.7 133.5 0.0 50.1 144.7 0.0 49.0 137.4 0.0 50.6 139.3 0.0 51.5 145.9 0.0 50.1 144.7 0.0 49.6 146.9 12 13 14 85.4 111.7 86.7 95.5 83.0 61.3 83.8 51.8 87.2 47.6 92.0 41.2 91.1 45.3 92.0 42.4 94.5 41.4 92.0 41.2 93.5 40.1 15 16 206.8 235.7 341.1 436.6 386.1 444.3 319.7 302.4 321.6 444.3 409.5 17 L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered depository institutions From foreign banking offices in U.S. 8 Total assets 1526.4 1128.5 1091.2 1214.8 1312.6 1512.5 1375.5 1410.2 1482.4 1512.5 1484.5 1 325.5 0.0 164.8 0.0 203.0 0.0 278.2 0.0 238.9 0.0 303.7 0.0 267.7 0.0 244.5 0.0 269.1 0.0 303.7 0.0 306.2 0.0 2 3 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 888.2 668.6 158.0 61.6 936.6 694.3 152.3 90.1 1073.7 752.4 189.6 131.7 1208.7 776.0 243.0 189.7 1107.8 762.3 190.8 154.7 1165.7 777.7 209.8 178.3 1213.2 780.2 241.8 191.3 1208.7 776.0 243.0 189.7 1178.2 776.6 209.0 192.6 4 5 6 7 1526.4 1128.5 1091.2 1214.8 1312.6 1512.5 1375.5 1410.2 1482.4 1512.5 1484.5 8 9 10 Household sector Rest of the world 866.4 0.0 742.7 0.0 668.6 0.0 694.3 0.0 752.4 0.0 776.0 0.0 762.3 0.0 777.7 0.0 780.2 0.0 776.0 0.0 776.6 0.0 9 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. Brokers and dealers 145.9 188.6 325.5 158.6 62.3 164.8 158.0 61.6 203.0 152.3 90.1 278.2 189.6 131.7 238.9 243.0 189.7 303.7 190.8 154.7 267.7 209.8 178.3 244.5 241.8 191.3 269.1 243.0 189.7 303.7 209.0 192.6 306.2 11 12 13 Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 104 Z.1, June 6, 2013 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 Life insurance reserves: 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 1201.5 1179.8 1242.1 1278.3 1352.0 1359.0 1366.9 1342.3 1353.2 1359.0 1379.1 1 45.4 1156.1 46.4 1133.4 47.5 1194.5 48.4 1229.9 49.7 1302.3 50.0 1309.0 49.8 1317.1 50.2 1292.1 50.1 1303.1 50.0 1309.0 50.1 1329.1 2 3 1201.5 1179.8 1242.1 1278.3 1352.0 1359.0 1366.9 1342.3 1353.2 1359.0 1379.1 4 1076.8 104.3 20.5 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 1199.4 133.8 33.7 1172.6 135.0 34.8 1180.6 136.4 36.2 1186.1 138.1 34.9 1202.4 139.4 37.4 5 6 7 13236.1 10567.7 11959.2 13209.9 13434.1 14444.1 14117.1 13943.1 14402.2 14444.1 15007.6 8 Pension fund reserves: 8 9 10 Life insurance companies Private pension funds (1) 2511.6 6142.4 2223.2 4603.4 2346.9 5479.2 2563.0 6179.7 2594.2 6338.9 2830.9 6672.5 2731.4 6613.3 2681.9 6543.5 2770.3 6756.6 2830.9 6672.5 2946.6 6857.2 9 10 11 12 State and local govt. retirement funds Federal government retirement funds (2) 3385.1 1197.0 2518.8 1222.3 2808.3 1324.7 3041.8 1425.4 2991.4 1509.6 3358.4 1582.3 3259.2 1513.3 3200.7 1517.0 3329.3 1546.1 3358.4 1582.3 3592.6 1611.2 11 12 13236.1 10567.7 11959.2 13209.9 13434.1 14444.1 14117.1 13943.1 14402.2 14444.1 15007.6 13 13 Levels Total liabilities Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 167.7 44.0 40.6 54.3 75.0 81.2 85.5 83.1 93.0 81.2 109.5 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 35.8 99.5 39.0 106.2 35.7 99.9 42.9 99.2 51.7 100.3 55.7 101.7 61.9 100.5 59.3 100.7 59.5 100.9 55.7 101.7 72.7 101.9 2 3 4 U.S.-chartered depository institutions 12.4 -73.6 -66.2 -59.6 -49.1 -47.9 -52.6 -50.3 -46.3 -47.9 -46.0 4 5 6 Property-casualty insurance companies Life insurance companies 7.0 -4.7 -21.1 -24.4 -15.8 -31.4 -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 -8.0 -27.3 -13.2 -23.9 -8.7 -23.6 -10.8 -28.3 -3.2 -28.4 5 6 7 8 Finance companies Brokers and dealers 15.5 2.2 15.4 2.5 12.7 5.7 7.2 3.6 7.8 2.5 7.7 3.1 8.1 3.0 7.7 2.8 7.5 3.7 7.7 3.1 8.1 4.4 7 8 220.7 237.3 245.0 249.0 262.8 270.4 266.0 269.5 269.1 270.4 275.4 9 115.7 105.0 117.9 119.4 111.1 133.9 104.7 144.3 110.0 152.8 112.3 158.1 111.9 154.2 114.1 155.5 112.3 156.8 112.3 158.1 116.0 159.5 10 11 -52.9 -193.3 -204.4 -194.7 -187.8 -189.2 -180.5 -186.4 -176.1 -189.2 -165.9 12 9 10 11 12 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 9329.1 7730.8 6459.8 7120.5 7673.2 8141.4 7713.7 7784.0 8016.5 8141.4 8194.6 1 9317.5 11.6 7721.3 9.5 6447.7 12.1 7106.7 13.8 7660.4 12.8 8123.2 18.2 7695.8 17.8 7766.1 17.9 7997.9 18.6 8123.2 18.2 8177.9 16.7 2 3 105 Z.1, June 6, 2013 L.228 Total Miscellaneous Financial Claims 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 17197.7 19811.0 19778.8 20240.8 20606.5 21130.8 20863.1 20754.1 21050.0 21130.8 20714.5 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 23.9 3783.7 1100.0 27.0 3949.2 1214.3 22.1 3945.7 1248.1 24.7 3949.5 1197.6 24.3 3608.2 1230.6 24.9 3322.2 1237.0 26.2 3528.5 1240.1 28.0 3446.0 1241.4 28.4 3395.0 1242.4 24.9 3322.2 1237.0 25.9 3249.8 1248.5 2 3 4 5 6 Federal government Rest of the world 1094.2 5104.6 1183.5 6059.0 1261.6 5959.1 1349.4 6498.9 1438.3 6777.2 1491.6 6920.9 1420.6 6809.6 1429.6 6748.9 1447.6 6889.7 1491.6 6920.9 1501.8 6510.6 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 21.0 1278.0 299.6 28.8 3.6 23.1 1466.4 849.4 24.9 4.7 29.2 1619.9 431.3 29.2 19.4 58.4 1805.9 438.7 23.3 11.1 31.7 1934.7 694.2 19.4 12.4 33.7 2102.3 651.5 17.3 12.7 33.7 2023.4 629.8 19.1 13.3 28.5 2073.4 649.4 17.9 13.1 34.9 2144.3 654.3 19.2 14.4 33.7 2102.3 651.5 17.3 12.7 34.7 2137.4 644.5 16.5 16.4 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 811.1 949.8 811.0 866.4 819.5 961.7 831.8 1031.4 869.4 1071.2 900.2 1072.1 889.5 1076.1 894.8 1070.9 890.0 1084.1 900.2 1072.1 885.8 1048.5 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 171.1 654.4 67.6 208.2 664.8 64.9 270.4 573.6 51.1 154.6 301.7 66.0 130.6 292.1 74.4 124.1 258.7 91.4 132.8 285.4 90.0 130.5 261.7 80.1 127.5 250.0 102.6 124.1 258.7 91.4 120.2 258.5 87.1 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 558.4 328.3 919.7 441.4 422.9 1529.7 450.0 548.0 1539.0 483.1 522.0 1492.8 473.3 481.1 1443.4 472.9 833.8 1563.5 500.2 732.6 1412.4 463.6 733.5 1442.9 473.0 787.4 1465.2 472.9 833.8 1563.5 488.2 899.1 1540.9 17 18 19 25683.2 25881.3 26187.1 27057.4 28417.1 30059.7 29024.7 29270.9 29650.9 30059.7 29393.7 20 20 Total liabilities 2008 Total assets 21 22 23 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 712.2 9890.0 2014.3 766.3 9377.7 2121.8 787.1 9560.2 2040.0 830.5 10117.3 2115.3 877.2 10565.2 2139.2 888.7 11290.0 2166.9 872.2 10655.9 2143.3 870.9 10768.1 2148.0 873.4 10962.6 2151.5 888.7 11290.0 2166.9 879.8 11444.3 2171.7 21 22 23 24 25 26 State and local governments Federal government Rest of the world 122.6 138.7 4536.5 215.1 110.8 4263.3 252.7 145.8 4197.4 231.1 141.4 4503.1 173.5 143.1 4819.8 115.4 142.3 5149.1 161.5 140.5 4961.2 163.9 141.9 5036.0 145.5 141.9 5097.5 115.4 142.3 5149.1 101.9 142.7 4301.5 24 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 40.5 901.0 -104.9 12.1 36.0 569.8 1223.5 259.7 11.1 32.8 75.9 1030.1 143.9 6.5 33.0 83.1 933.1 148.7 11.0 74.1 225.8 958.0 371.4 11.8 61.9 199.5 842.0 354.4 12.0 62.7 188.1 878.7 300.2 11.8 70.2 187.2 904.4 350.2 15.8 64.1 186.5 902.1 338.0 13.2 63.6 199.5 842.0 354.4 12.0 62.7 219.9 788.7 338.4 11.8 69.6 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies 121.1 342.9 102.6 380.1 120.6 357.6 112.3 360.3 105.9 409.3 102.4 453.5 102.3 396.3 104.8 407.4 104.6 421.2 102.4 453.5 100.3 426.7 32 33 34 35 36 Private pension funds State and local govt. retirement funds Federal government retirement funds 1103.0 113.0 952.0 840.3 94.6 1015.3 978.9 86.1 1077.2 1016.9 102.2 1142.9 1111.1 110.6 1213.7 1044.3 110.2 1254.1 1064.4 109.0 1197.2 1070.6 109.2 1203.5 1067.9 110.0 1223.3 1044.3 110.2 1254.1 1001.4 105.7 1265.5 34 35 36 37 38 Money market mutual funds Mutual funds 69.0 16.8 35.2 20.0 26.9 14.9 23.5 2.9 22.7 5.7 28.8 -27.4 17.8 -34.5 19.9 -50.0 25.1 -45.3 28.8 -27.4 31.5 -27.4 37 38 39 40 41 Government-sponsored enterprises Finance companies REITs 141.7 30.1 55.4 99.1 51.5 54.6 100.3 77.8 46.1 148.6 83.0 53.5 148.5 89.7 66.8 152.6 61.0 89.3 150.1 87.0 75.4 135.9 74.8 79.0 139.6 68.0 82.4 152.6 61.0 89.3 118.2 50.5 97.2 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 1633.7 2054.0 751.5 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 4015.8 694.8 951.8 3818.8 705.7 989.3 3795.6 680.1 949.2 3944.6 684.6 857.4 4015.8 694.8 921.0 4105.9 726.9 42 43 44 -8485.5 -6070.2 -6408.3 -6816.6 -7810.5 -8928.9 -8161.7 -8516.8 -8600.9 -8928.9 -8679.1 45 45 Discrepancy Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, June 6, 2013 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 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 3553.1 2892.9 150.3 121.1 25.6 177.9 185.3 3748.5 3011.1 201.5 102.6 25.0 221.0 187.4 4029.5 3219.1 257.6 120.6 28.1 187.3 216.8 4306.8 3434.7 273.9 112.3 44.6 210.5 230.8 4681.6 3794.6 270.9 105.9 54.8 217.2 238.1 4944.4 4046.5 258.9 102.4 64.7 227.0 245.1 4801.2 3903.2 274.7 102.3 55.4 224.2 241.4 4826.0 3919.8 277.4 104.8 55.9 225.0 243.2 4897.8 3988.7 274.4 104.6 56.4 227.6 246.3 4944.4 4046.5 258.9 102.4 64.7 227.0 245.1 5126.3 4233.0 256.4 100.3 65.1 223.1 248.6 1 2 3 4 5 6 7 1961.9 3.6 94.2 76.6 68.7 68.6 62.6 9.6 2345.9 2050.3 3.6 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 2119.9 5.1 114.8 70.6 84.2 103.1 88.5 11.4 2597.7 2361.1 5.8 153.1 73.0 89.2 116.4 98.1 12.0 2908.8 2514.4 6.2 162.3 75.7 74.1 119.5 105.5 12.6 3070.4 2389.1 6.2 146.6 72.8 87.6 117.5 100.3 12.2 2932.2 2442.4 6.1 149.9 74.0 89.2 117.6 101.1 12.3 2992.7 2483.0 6.2 152.2 73.2 90.3 117.2 103.0 12.5 3037.5 2514.4 6.2 162.3 75.7 74.1 119.5 105.5 12.6 3070.4 2580.2 6.3 167.7 75.0 75.3 118.8 108.7 12.8 3144.8 8 9 10 11 12 13 14 15 16 46.9 46.9 48.3 48.3 50.0 50.0 52.3 52.3 54.9 54.9 57.5 57.5 55.2 55.2 57.0 57.0 57.2 57.2 57.5 57.5 57.2 57.2 17 18 18.5 18.5 21.1 21.1 25.6 25.6 26.5 26.5 26.9 26.9 27.4 27.4 27.2 27.2 27.3 27.3 27.4 27.4 27.4 27.4 27.6 27.6 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 56.0 51.8 51.8 49.0 43.1 41.2 42.4 41.6 41.3 41.2 40.4 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) 0.7 5.0 0.0 45.5 2.5 2.2 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 7.1 0.0 28.4 2.9 2.2 0.7 7.1 0.0 29.8 2.8 2.1 0.6 7.0 0.0 29.0 2.9 2.1 0.6 7.1 0.0 28.5 2.9 2.1 0.6 7.1 0.0 28.4 2.9 2.2 0.7 7.1 0.0 27.6 3.0 2.1 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 1256.9 0.0 43.7 239.9 57.0 110.6 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 62.7 116.3 625.2 135.6 1709.0 0.0 72.0 95.7 612.5 166.3 1889.2 22.4 12.6 95.2 1061.1 114.7 1782.2 27.1 159.5 91.8 798.8 185.6 1825.7 29.7 166.5 88.3 770.3 166.1 1871.3 25.3 93.2 87.9 947.1 154.0 1889.2 22.4 12.6 95.2 1061.1 114.7 1916.8 16.7 12.8 93.7 1040.0 137.2 28 29 30 31 32 33 34 Asset: Holding companies 1708.1 1891.0 2570.3 2572.7 2655.4 3195.1 3045.1 3046.6 3178.7 3195.1 3217.2 34 81.5 81.5 80.5 80.5 71.2 71.2 61.4 61.4 69.9 69.9 69.5 69.5 67.1 67.1 64.5 64.5 64.2 64.2 69.5 69.5 68.5 68.5 35 36 Liab.: Foreign banking offices in U.S. Brokers and dealers 241.0 510.5 276.6 516.9 203.1 523.2 171.6 496.4 137.8 549.7 126.0 568.8 154.3 551.4 128.5 551.6 117.9 566.7 126.0 568.8 142.9 584.0 37 38 Asset: Funding corporations 751.5 793.5 726.3 667.9 687.6 694.8 705.7 680.1 684.6 694.8 726.9 39 0.0 0.0 0.0 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 8.8 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 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). 107 Z.1, June 6, 2013 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 2013 Q1 Q4 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 24.5 0.5 24.0 554.2 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 47.2 0.7 46.5 28.7 0.7 28.0 13.3 0.7 12.6 9.5 0.7 8.9 8.7 0.7 8.1 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 20.9 20.9 15.5 15.5 15.9 15.9 14.4 14.4 12.6 12.6 13.7 13.7 16.8 16.8 13.0 13.0 12.5 12.5 13.7 13.7 13.4 13.4 6 7 23.9 23.9 27.0 27.0 22.1 22.1 24.7 24.7 24.3 24.3 24.9 24.9 26.2 26.2 28.0 28.0 28.4 28.4 24.9 24.9 25.9 25.9 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 247.6 163.3 43.7 40.6 265.2 182.7 40.4 42.1 273.6 192.4 39.2 42.0 288.4 207.1 39.7 41.6 302.8 222.3 37.9 42.6 300.3 219.2 38.3 42.8 302.6 221.3 38.1 43.2 298.6 216.5 38.5 43.7 303.2 220.3 38.8 44.1 300.3 219.2 38.3 42.8 297.0 215.5 38.4 43.1 10 11 12 13 14 Asset: Household sector 247.6 265.2 273.6 288.4 302.8 300.3 302.6 298.6 303.2 300.3 297.0 14 Policy payables: 15 Liab.: Property-casualty insurance companies 734.5 759.9 754.8 761.2 796.4 802.1 789.6 791.1 791.5 802.1 794.2 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 327.3 299.9 107.3 337.3 311.1 111.5 332.2 310.2 112.4 335.4 313.2 112.6 348.6 328.7 119.0 349.2 332.2 120.7 345.0 326.3 118.4 344.8 327.2 119.1 344.4 327.7 119.4 349.2 332.2 120.7 344.8 329.3 120.1 16 17 18 370.5 370.5 279.0 279.0 388.9 388.9 399.2 399.2 413.7 413.7 383.1 383.1 406.0 406.0 401.3 401.3 398.6 398.6 383.1 383.1 385.0 385.0 19 20 109.5 109.5 84.0 84.0 75.6 75.6 91.1 91.1 90.1 90.1 85.8 85.8 86.9 86.9 87.7 87.7 87.4 87.4 85.8 85.8 79.8 79.8 21 22 1240.2 1240.2 887.0 887.0 856.8 856.8 733.4 733.4 658.7 658.7 579.5 579.5 651.5 651.5 706.5 706.5 656.9 656.9 579.5 579.5 626.8 626.8 23 24 952.0 952.0 1015.3 1015.3 1077.2 1077.2 1142.9 1142.9 1213.7 1213.7 1254.1 1254.1 1197.2 1197.2 1203.5 1203.5 1223.3 1223.3 1254.1 1254.1 1265.5 1265.5 25 26 137.3 137.3 163.8 163.8 180.4 180.4 202.9 202.9 221.4 221.4 234.8 234.8 220.3 220.3 223.1 223.1 221.5 221.5 234.8 234.8 233.6 233.6 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 (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. Levels Life insurance company reserves: 10 11 12 13 108 Z.1, June 6, 2013 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 4775.4 6728.0 6197.8 6239.8 5635.4 5333.9 5433.9 5227.9 5316.1 5333.9 4567.1 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 1712.2 1096.4 1814.9 1210.7 1883.7 1243.3 1738.5 1192.4 1156.9 1224.8 722.0 1230.8 1052.5 1233.9 915.9 1235.3 824.7 1236.2 722.0 1230.8 589.8 1242.2 2 3 4 5 Federal government Rest of the world 4.9 1369.5 4.3 1606.4 4.0 1743.7 3.6 2003.3 3.2 1774.0 2.8 1794.7 3.1 1720.4 3.0 1671.1 2.9 1767.4 2.8 1794.7 2.6 1181.2 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 2.5 21.1 -35.6 28.8 3.6 2.1 95.9 501.1 24.9 4.7 3.6 20.4 120.5 29.2 19.4 31.9 173.1 152.4 23.3 11.1 4.8 225.7 403.3 19.4 12.4 6.3 213.1 363.2 17.3 12.7 6.5 241.2 328.9 19.1 13.3 1.1 247.6 371.0 17.9 13.1 7.5 273.1 384.1 19.2 14.4 6.3 213.1 363.2 17.3 12.7 7.2 220.6 333.9 16.5 16.4 6 7 8 9 10 11 12 13 14 Life insurance companies Government-sponsored enterprises Finance companies REITs 219.3 94.3 264.4 67.6 230.8 141.0 273.7 64.9 189.3 202.8 203.1 51.1 196.9 91.2 20.9 66.0 193.4 74.9 10.2 74.4 302.0 69.2 -25.5 91.4 120.4 73.5 9.0 90.0 115.3 75.8 -8.6 80.1 198.9 73.8 -19.3 102.6 302.0 69.2 -25.5 91.4 278.4 66.4 -22.5 87.1 11 12 13 14 15 16 17 Brokers and dealers Holding companies Funding corporations -71.7 328.3 -330.2 -302.8 422.9 632.5 -733.7 548.0 669.6 -727.0 522.0 740.3 -787.1 481.1 763.9 -1262.4 833.8 962.6 -950.3 732.6 739.9 -959.5 733.5 715.4 -1143.8 787.4 787.2 -1262.4 833.8 962.6 -1244.4 899.1 892.6 15 16 17 13260.9 12798.3 12606.1 13056.3 13445.9 14262.7 13595.6 13744.7 13917.0 14262.7 13246.2 18 6614.9 1902.0 5974.7 2003.9 5959.2 1921.3 6307.4 1996.0 6371.4 2013.1 6841.2 2039.0 6358.7 2017.8 6456.0 2021.9 6581.5 2024.9 6841.2 2039.0 6812.9 2044.6 19 20 122.6 91.4 215.1 62.0 252.7 94.3 231.1 84.5 173.5 83.2 115.4 79.8 161.5 80.2 163.9 79.9 145.5 79.6 115.4 79.8 101.9 80.5 21 22 18 Levels Total liabilities 2008 Total assets 19 20 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 State and local governments Federal government 23 Rest of the world 2190.6 1865.9 1799.2 1905.4 1911.0 2078.7 2029.0 2043.3 2060.0 2078.7 1156.7 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 16.5 665.9 -104.9 12.1 33.5 16.1 946.5 259.7 11.1 30.0 65.6 691.3 143.9 6.5 30.6 83.0 581.5 148.7 11.0 71.9 126.0 617.0 371.4 11.8 59.1 190.6 513.6 354.4 12.0 59.8 141.6 530.1 300.2 11.8 67.4 159.3 557.7 350.2 15.8 61.2 174.0 559.3 338.0 13.2 60.6 190.6 513.6 354.4 12.0 59.8 211.9 463.8 338.4 11.8 66.6 24 25 26 27 28 29 30 31 Life insurance companies Private pension funds State and local govt. retirement funds 291.2 623.1 113.0 324.9 477.3 94.6 304.5 514.4 86.1 288.2 526.7 102.2 328.1 607.2 110.6 361.8 575.4 110.2 312.7 571.5 109.0 321.4 581.6 109.2 334.2 581.9 110.0 361.8 575.4 110.2 333.6 536.5 105.7 29 30 31 32 33 Mutual funds Money market mutual funds 16.8 69.0 20.0 35.2 14.9 26.9 2.9 23.5 5.7 22.7 -27.4 28.8 -34.5 17.8 -50.0 19.9 -45.3 25.1 -27.4 28.8 -27.4 31.5 32 33 34 35 36 Government-sponsored enterprises Finance companies REITs 141.7 -147.8 55.4 99.1 -169.5 54.6 100.3 -109.5 46.1 148.6 -127.5 53.5 148.5 -127.6 66.8 152.6 -166.0 89.3 150.1 -137.2 75.4 135.9 -150.3 79.0 139.6 -159.5 82.4 152.6 -166.0 89.3 118.2 -172.6 97.2 34 35 36 37 38 Brokers and dealers Holding companies 208.1 345.9 31.3 446.0 67.5 590.3 61.1 556.7 35.8 510.4 32.7 820.7 58.8 773.7 39.7 749.0 46.0 765.9 32.7 820.7 45.6 888.7 37 38 -8485.5 -6070.2 -6408.3 -6816.6 -7810.5 -8928.9 -8161.7 -8516.8 -8600.9 -8928.9 -8679.1 39 39 Discrepancy 109 Z.1, June 6, 2013 B.100 Balance Sheet of Households and Nonprofit Organizations (1) 2007 1 Assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 81114.9 68261.5 70072.8 73858.5 74742.7 80784.1 77559.8 77316.3 79263.4 80784.1 83727.7 1 2 Nonfinancial assets 28216.9 24825.6 23769.0 23472.8 23432.6 25188.9 23839.0 24218.3 24682.1 25188.9 26030.0 2 3 4 5 23486.6 20823.8 2662.8 19975.2 17582.8 2392.4 18892.7 17155.7 1737.0 18583.8 16623.9 1959.9 18382.9 16233.2 2149.7 19969.0 17690.9 2278.1 18738.8 16592.9 2145.9 19074.0 16913.7 2160.3 19505.3 17258.2 2247.1 19969.0 17690.9 2278.1 20752.8 18453.3 2299.5 3 4 5 6 7 Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) 262.0 4468.3 283.6 4566.8 294.8 4581.6 304.9 4584.1 317.5 4732.2 334.5 4885.5 322.0 4778.2 325.9 4818.5 329.8 4847.0 334.5 4885.5 338.3 4938.9 6 7 8 Financial assets 52898.0 43436.0 46303.7 50385.8 51310.1 55595.2 53720.7 53097.9 54581.3 55595.2 57697.7 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 7494.9 80.5 154.9 5912.7 1346.7 8106.2 56.9 364.9 6102.6 1581.8 8022.4 50.5 393.5 6265.1 1313.2 8003.6 52.1 437.9 6384.0 1129.7 8648.8 50.1 754.5 6734.3 1109.9 9139.3 47.6 884.6 7096.9 1110.2 8686.0 48.3 741.0 6844.5 1052.2 8707.6 46.2 733.0 6904.1 1024.2 8752.4 48.7 727.7 6930.6 1045.4 9139.3 47.6 884.6 7096.9 1110.2 9149.7 50.2 875.9 7163.6 1059.9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 4865.4 107.3 183.0 196.4 -13.4 874.3 1674.1 1899.3 17.6 109.8 5204.1 6.0 269.4 194.0 75.4 1097.8 1722.0 1968.1 29.7 111.1 5648.4 34.6 905.9 191.2 714.7 435.7 1829.1 2314.9 26.8 101.4 5928.1 31.7 1265.2 187.9 1077.3 389.9 1873.3 2251.6 26.2 90.2 5401.6 29.1 815.8 185.2 630.6 372.8 1807.7 2273.3 23.4 79.5 5468.8 28.6 1197.8 182.4 1015.4 96.9 1656.5 2402.0 20.9 66.1 5438.4 29.8 1007.2 184.7 822.4 273.2 1781.3 2244.4 26.5 75.9 5414.7 28.9 1052.2 184.3 867.9 237.6 1774.4 2226.0 23.2 72.4 5419.1 28.7 1081.7 183.6 898.1 176.0 1709.1 2331.1 23.1 69.4 5468.8 28.6 1197.8 182.4 1015.4 96.9 1656.5 2402.0 20.9 66.1 5464.9 30.0 1229.4 181.7 1047.7 10.3 1657.7 2454.6 19.9 63.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 10448.0 4869.1 866.4 1076.8 13236.1 9329.1 712.2 5954.4 3313.9 742.7 1049.8 10567.7 7730.8 766.3 7518.3 4130.7 668.6 1109.2 11959.2 6459.8 787.1 8843.9 4617.8 694.3 1137.2 13209.9 7120.5 830.5 8866.3 4453.0 752.4 1203.6 13434.1 7673.2 877.2 10178.4 5372.4 776.0 1186.1 14444.1 8141.4 888.7 9892.2 5039.4 762.3 1199.4 14117.1 7713.7 872.2 9534.3 4893.1 777.7 1172.6 13943.1 7784.0 870.9 9960.5 5196.5 780.2 1180.6 14402.2 8016.5 873.4 10178.4 5372.4 776.0 1186.1 14444.1 8141.4 888.7 11242.8 5779.3 776.6 1202.4 15007.6 8194.6 879.8 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Liabilities Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Depository institution loans n.e.c. Other loans and advances Commercial mortgages (9) 41 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 42 Net worth 43 44 45 46 47 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 (10) Owners’ equity as percentage of 50 household real estate (11) 14253.2 14097.6 13874.8 13636.9 13415.0 13437.7 13374.7 13386.0 13314.1 13437.7 13378.6 31 13689.3 10580.1 2506.3 250.2 21.8 127.0 204.0 13669.0 10523.1 2525.9 259.5 26.4 133.2 200.9 13397.0 10373.5 2420.2 265.4 10.2 133.7 194.1 13059.9 9895.2 2522.2 263.2 61.0 136.1 182.2 12863.7 9666.1 2615.7 255.5 12.4 138.1 175.9 12819.3 9432.0 2768.2 241.0 66.3 139.3 172.5 12791.0 9584.5 2605.9 253.8 34.8 137.8 174.3 12823.0 9528.3 2646.6 249.5 88.0 137.6 173.1 12726.0 9442.1 2705.5 245.6 23.1 138.3 171.4 12819.3 9432.0 2768.2 241.0 66.3 139.3 172.5 12758.4 9378.8 2762.4 239.4 66.9 139.4 171.5 32 33 34 35 36 37 38 325.5 214.5 164.8 236.7 203.0 252.7 278.2 274.1 238.9 288.2 303.7 289.7 267.7 289.8 244.5 290.5 269.1 290.5 303.7 289.7 306.2 288.1 39 40 23.9 27.0 22.1 24.7 24.3 24.9 26.2 28.0 28.4 24.9 25.9 41 66861.7 54163.9 56197.9 60221.6 61327.7 67346.5 64185.0 63930.3 65949.3 67346.5 70349.1 42 14660.2 14445.1 215.1 1404.7 14410.4 14195.4 215.0 1489.5 14132.3 13918.5 213.8 1439.0 14215.5 14002.9 212.6 1450.8 14363.4 14152.6 210.8 1502.3 14632.7 14421.6 211.1 1509.9 14317.7 14108.6 209.2 1506.4 14379.2 14170.2 209.1 1512.4 14521.4 14311.2 210.2 1510.3 14632.7 14421.6 211.1 1509.9 14903.1 14689.1 214.0 1510.8 43 44 45 46 10423.6 11024.5 10722.4 11127.1 11549.3 11950.8 11776.4 11861.8 11929.7 12235.2 11998.1 47 641.4 491.3 524.1 541.2 531.0 563.5 545.0 539.0 552.8 550.4 586.3 48 10243.7 7059.7 6782.2 6728.7 6567.1 8258.9 7008.4 7385.4 7816.1 8258.9 9074.5 49 49.2 40.2 39.5 40.5 40.5 46.7 42.2 43.7 45.3 46.7 49.2 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) Net worth of nonfinancial noncorporate business (table B.103, line 32) and owners’ equity in unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (9) Liabilities of nonprofit organizations. (10) Line 4 less line 33. (11) Line 49 divided by line 4. Balance Sheets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 110 Z.1, June 6, 2013 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 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 Balance Sheets 21 Assets Nonfinancial assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 30533.0 28875.8 26197.3 28071.5 29682.8 31386.9 29962.9 30235.0 30968.9 31386.9 31771.8 1 16770.9 15938.1 12857.2 14050.4 15147.3 15935.5 15218.6 15305.2 15750.9 15935.5 16071.5 2 10925.8 4012.2 1832.9 9960.7 4190.8 1786.6 7062.8 4124.6 1669.8 8040.9 4182.1 1827.4 8866.6 4313.6 1967.1 9404.6 4474.4 2056.5 8859.1 4358.7 2000.8 8920.1 4393.5 1991.6 9281.0 4430.6 2039.3 9404.6 4474.4 2056.5 9485.0 4510.3 2076.2 3 4 5 13762.1 12937.7 13340.1 14021.0 14535.5 15451.3 14744.3 14929.8 15217.9 15451.3 15700.3 6 50.3 143.2 441.3 548.5 8.1 69.5 38.3 12.8 29.2 41.4 57.2 2254.4 178.0 9890.0 24.7 14.2 381.9 727.0 7.2 57.3 30.5 10.2 26.2 33.6 56.0 2084.9 106.3 9377.7 31.5 156.6 488.8 655.5 7.9 56.0 43.0 14.3 27.1 29.5 53.8 2053.9 162.0 9560.2 40.6 231.7 548.7 497.8 12.1 68.0 48.0 16.0 23.9 28.0 46.2 2155.9 186.8 10117.3 34.8 268.8 563.0 462.4 12.6 68.0 43.2 14.4 22.5 28.2 48.5 2238.0 165.9 10565.2 13.1 312.3 591.4 458.3 10.4 61.8 58.2 14.4 35.1 28.4 48.5 2347.9 181.7 11290.0 22.1 271.8 579.0 445.2 13.6 62.8 48.0 16.0 25.8 28.2 47.2 2349.8 179.1 10655.9 10.6 296.3 574.2 433.5 13.9 58.0 59.1 17.2 24.9 28.3 47.3 2425.3 173.2 10768.1 10.2 331.7 593.5 440.5 11.3 60.6 63.6 18.7 29.3 28.3 47.8 2440.3 179.6 10962.6 13.1 312.3 591.4 458.3 10.4 61.8 58.2 14.4 35.1 28.4 48.5 2347.9 181.7 11290.0 11.4 365.8 595.0 448.5 13.0 64.2 56.5 8.8 30.4 28.4 42.0 2403.3 188.7 11444.3 7 8 9 10 11 12 13 14 15 16 17 18 19 20 12916.0 13225.0 12898.5 13221.4 13433.1 13968.2 13500.9 13597.6 13780.4 13968.2 14073.2 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Depository institution loans n.e.c. Other loans and advances Mortgages 7198.5 123.8 349.0 3729.1 715.9 1316.1 964.7 7564.0 131.5 415.0 3954.5 780.0 1384.0 899.0 7329.5 58.4 452.2 4366.2 546.0 1139.1 767.6 7485.9 82.9 485.4 4804.8 480.9 979.7 652.2 8012.6 116.3 493.9 5215.6 549.8 1039.3 597.7 8704.7 130.5 509.1 5795.2 609.8 1071.4 588.7 8125.4 127.6 495.2 5346.4 542.4 1023.3 590.5 8257.6 132.1 505.3 5452.9 566.2 1017.3 583.9 8459.6 136.1 504.1 5599.7 574.8 1063.2 581.7 8704.7 130.5 509.1 5795.2 609.8 1071.4 588.7 8859.1 140.2 510.4 5937.7 606.2 1089.9 574.7 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1897.9 35.8 3783.7 1672.7 39.0 3949.2 1587.5 35.7 3945.7 1743.2 42.9 3949.5 1760.7 51.7 3608.2 1885.6 55.7 3322.2 1785.1 61.9 3528.5 1834.8 59.3 3446.0 1866.3 59.5 3395.0 1885.6 55.7 3322.2 1891.6 72.7 3249.8 29 30 31 32 Net worth (market value) 17617.0 15650.8 13298.9 14850.1 16249.6 17418.7 16462.0 16637.4 17188.4 17418.7 17698.6 32 170.8 6644.8 15730.7 40.9 45.8 89.3 172.7 7203.6 10016.6 48.3 75.5 64.0 173.7 6894.2 12512.2 55.1 58.6 94.1 173.3 7147.1 14441.8 50.4 51.8 97.3 171.0 7516.7 14508.5 49.3 55.2 89.3 170.4 7666.4 16162.3 50.0 53.9 92.8 169.5 7566.5 16070.6 49.4 50.6 97.6 169.2 7625.8 15539.0 49.6 53.1 93.4 169.9 7644.9 16340.7 49.2 51.8 95.1 170.4 7666.4 16162.3 50.0 53.9 92.8 172.6 7700.8 17858.9 50.1 49.6 100.9 33 34 35 36 37 38 22897.4 22451.5 22884.2 23855.1 24782.2 26143.6 25147.0 25420.2 25826.7 26143.6 26564.1 39 9135.4 3841.6 3630.1 1663.6 9513.9 4145.8 3738.5 1629.5 9544.1 4336.5 3714.8 1492.7 9834.1 4519.1 3755.5 1559.5 10246.8 4705.9 3857.1 1683.8 10692.2 4919.7 3988.7 1783.8 10402.6 4759.7 3889.4 1753.5 10490.4 4811.3 3922.3 1756.8 10608.8 4860.4 3953.3 1795.1 10692.2 4919.7 3988.7 1783.8 10863.8 4994.1 4024.6 1845.0 40 41 42 43 9981.5 9226.6 9985.8 10633.7 11349.1 12175.4 11646.0 11822.6 12046.3 12175.4 12490.9 44 73.1 3330.7 72.1 76.6 3624.8 82.0 78.8 3811.3 73.4 80.4 3951.8 70.4 81.9 4112.5 70.6 83.9 4311.7 71.5 82.4 4161.1 69.8 82.8 4210.2 69.8 83.3 4259.3 70.2 83.9 4311.7 71.5 84.4 4363.2 70.9 45 46 47 33 34 35 36 37 38 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: 39 40 41 42 43 44 Assets (8) Nonfinancial assets Real estate Equipment and software Inventories Net worth (historical cost) (9) Memo: Historical-cost value of structures: 45 Residential 46 Nonresidential 47 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 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 111 Z.1, June 6, 2013 B.103 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Assets 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 14666.5 13515.9 12157.3 12760.2 13364.4 13910.7 13417.9 13506.0 13750.3 13910.7 13986.7 1 2 Nonfinancial assets 11070.6 9822.7 8565.0 9061.0 9623.8 10121.8 9670.2 9750.1 9988.4 10121.8 10189.4 2 3 4 5 Real estate (1) Residential Nonresidential 10158.6 5858.0 4300.5 8883.2 4927.5 3955.7 7650.5 4524.8 3125.6 8105.4 4664.9 3440.5 8610.7 4861.6 3749.0 9183.0 5241.0 3942.0 8668.8 4916.1 3752.7 8773.0 4987.7 3785.3 9028.4 5127.7 3900.7 9183.0 5241.0 3942.0 9276.3 5383.2 3893.1 3 4 5 6 7 8 Equipment and software (2) Residential (3) Nonresidential 667.4 47.4 619.9 701.7 48.7 653.0 694.6 46.1 648.6 702.2 44.3 657.9 730.8 46.1 684.7 657.3 47.6 609.7 716.0 47.3 668.7 696.2 47.5 648.7 678.5 47.3 631.2 657.3 47.6 609.7 629.6 47.7 581.9 6 7 8 9 Inventories (2) 244.6 237.7 219.9 253.4 282.4 281.6 285.4 281.0 281.6 281.6 283.4 9 10 Financial assets 3595.9 3693.2 3592.3 3699.3 3740.6 3788.9 3747.7 3755.9 3761.9 3788.9 3797.3 10 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 515.6 359.3 74.3 519.4 358.1 75.4 539.8 353.3 73.7 521.8 356.2 76.8 528.4 359.8 77.7 535.4 364.4 78.7 529.4 360.5 77.8 530.6 361.3 78.0 531.6 361.8 78.1 535.4 364.4 78.7 536.6 365.2 78.8 11 12 13 14 Credit market instruments 106.7 95.8 89.1 95.8 96.8 98.0 96.9 97.1 97.3 98.0 98.2 14 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 48.1 5.6 42.1 0.0 48.5 5.7 42.5 0.0 49.2 5.8 43.1 0.0 48.6 5.7 42.6 0.0 48.7 5.7 42.7 0.0 48.8 5.7 42.8 0.0 49.2 5.8 43.1 0.0 49.3 5.8 43.2 0.0 15 16 17 18 525.6 2014.3 107.3 5.0 1902.0 522.7 2121.8 111.5 6.4 2003.9 496.3 2040.0 112.4 6.3 1921.3 533.4 2115.3 112.6 6.7 1996.0 538.8 2139.2 119.0 7.0 2013.1 545.6 2166.9 120.7 7.1 2039.0 539.7 2143.3 118.4 7.1 2017.8 540.9 2148.0 119.1 7.0 2021.9 541.7 2151.5 119.4 7.1 2024.9 545.6 2166.9 120.7 7.1 2039.0 546.8 2171.7 120.1 7.1 2044.6 19 20 21 22 23 5349.0 5794.5 5709.6 5653.5 5704.0 5787.5 5722.1 5739.9 5752.5 5787.5 5808.8 24 3774.6 4093.4 3973.3 3940.0 3952.4 4023.6 3960.5 3976.3 3987.1 4023.6 4027.9 25 926.5 165.1 2683.0 1046.1 177.4 2869.9 944.1 172.0 2857.2 923.7 174.1 2842.2 980.4 174.7 2797.3 1070.3 183.9 2769.4 1008.6 176.2 2775.7 1031.5 177.9 2766.9 1047.7 180.3 2759.0 1070.3 183.9 2769.4 1075.5 183.4 2769.0 26 27 28 374.9 99.5 1100.0 380.7 106.2 1214.3 388.3 99.9 1248.1 416.8 99.2 1197.6 420.7 100.3 1230.6 425.1 101.7 1237.0 421.0 100.5 1240.1 421.4 100.7 1241.4 422.1 100.9 1242.4 425.1 101.7 1237.0 430.5 101.9 1248.5 29 30 31 9317.5 7721.3 6447.7 7106.7 7660.4 8123.2 7695.8 7766.1 7997.9 8123.2 8177.9 32 3072.5 1594.6 3047.3 1691.6 3017.4 1599.8 3004.3 1612.0 2975.5 1666.8 2967.0 1623.4 2949.9 1659.1 2946.1 1652.5 2958.7 1636.6 2967.0 1623.4 3004.9 1605.7 33 34 40.5 53.0 61.6 55.4 51.6 49.5 51.5 51.2 49.9 49.5 49.3 35 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 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: 33 34 35 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 24. Included in table B.100, line 29. (6) Line 25 divided by line 32. Balance Sheets 2007 112 Z.1, June 6, 2013 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2007 1 2 Change in net worth (1) Net investment 2008 792.3 -12697.8 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2034.0 4023.6 1106.1 6018.8 2857.4 -254.7 2019.0 1397.1 3002.7 1 1033.3 712.1 621.6 1156.7 1367.3 1148.4 279.8 197.4 174.6 496.6 278.5 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 595.6 1757.4 1161.8 358.1 1559.3 1201.2 174.5 1384.6 1210.1 187.9 1398.5 1210.7 220.9 1460.7 1239.8 309.1 1564.0 1254.9 -1.7 308.0 309.6 60.3 372.8 312.5 110.5 425.8 315.3 140.0 457.5 317.5 9.6 330.3 320.6 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 437.7 1340.3 902.6 354.0 193.4 -160.6 447.1 267.8 -179.3 968.9 725.6 -243.2 1146.5 919.2 -227.3 839.4 926.7 87.4 281.5 238.9 -42.6 137.2 153.4 16.2 64.2 52.1 -12.1 356.6 482.4 125.9 268.8 209.8 -59.0 6 7 8 -278.8 -13268.8 1024.9 2811.8 17.4 4836.1 2597.8 -375.7 1714.5 899.4 2729.6 9 9 10 11 12 13 14 15 16 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Equity investment under PPIP Holding gains on assets at current cost (2) -1867.6 922.2 431.9 119.7 115.1 0.0 -3717.5 -3916.8 -1509.3 -1314.3 -2810.8 0.0 -1190.8 1585.1 472.7 -1238.7 1397.0 -0.3 -386.8 1496.4 251.7 517.0 934.5 -1.0 -271.8 145.2 -357.3 561.3 -59.8 -0.2 1507.4 1633.4 417.6 498.4 779.3 -0.1 410.2 1116.8 346.7 56.6 667.6 -0.0 323.9 -363.4 -195.0 67.8 -209.0 -0.0 371.5 568.3 151.9 236.3 386.5 0.0 401.8 311.8 114.0 137.7 -65.8 0.0 836.8 1020.8 199.7 80.7 591.4 0.0 10 11 12 13 14 15 -52.1 -32.5 -43.9 -89.2 16.8 -34.5 -0.6 -3.7 -17.2 -12.9 -2.0 16 17 18 Consumer durable goods Equipment and software -58.1 5.9 -36.3 3.8 -42.9 -1.1 -90.6 1.3 14.7 2.2 -39.9 5.4 -2.0 1.4 -4.4 0.7 -18.5 1.3 -14.9 2.0 -3.2 1.1 17 18 19 Other volume changes (3) 90.0 -108.6 431.4 144.3 -295.5 68.7 -19.7 -72.8 147.1 14.1 -3.3 19 66861.7 10423.6 54163.9 11024.5 56197.9 10722.4 60221.6 11127.1 61327.7 11549.3 67346.5 11950.8 64185.0 11776.4 63930.3 11861.8 65949.3 11929.7 67346.5 12235.2 70349.1 11998.1 20 21 Memo: Balance Sheets 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other volume changes (line 19). (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. 113 Z.1, June 6, 2013 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2007 1 2 Change in net worth (1) Net investment 2008 2009 2010 2011 2012 2012 Q1 Q2 Q3 Q4 2013 Q1 2043.4 -1966.2 -2351.9 1551.2 1399.6 1169.1 212.3 175.4 551.1 230.3 279.9 1 -639.4 -985.3 399.8 5.6 -181.1 19.4 17.9 -16.2 14.1 3.6 37.9 2 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 353.5 1146.9 840.6 -47.2 293.6 1112.4 863.2 -44.5 -97.6 766.5 861.0 3.2 155.9 975.2 857.9 -38.7 226.3 1056.0 892.3 -62.6 271.7 1192.7 931.9 -10.9 68.9 295.2 229.8 -3.5 54.6 295.3 232.2 8.6 77.6 303.6 233.8 -7.8 70.7 298.5 236.0 -8.2 62.4 300.6 239.1 -0.9 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -206.1 1074.9 1281.0 -943.0 -604.0 339.0 562.0 307.3 -254.7 127.7 614.0 486.4 65.1 519.0 453.9 148.4 844.9 696.5 22.0 144.4 122.5 56.2 207.5 151.2 35.8 255.9 220.1 34.4 237.0 202.7 40.3 185.2 144.9 7 8 9 Net corporate equity issues -786.8 -336.0 -64.6 -278.0 -472.5 -400.7 -72.9 -127.0 -99.3 -101.4 -64.9 10 10 11 Holding gains on assets at market value (2) 1568.7 -1207.8 -2966.8 908.7 739.9 451.4 -22.2 29.9 344.4 99.4 40.0 11 12 13 Real estate Mutual fund shares 1559.0 9.7 -1152.6 -55.2 -2987.3 20.4 895.1 13.6 748.0 -8.1 435.9 15.5 -35.2 13.0 35.9 -6.1 338.1 6.2 97.0 2.4 32.7 7.3 12 13 229.8 9.7 139.3 18.8 32.7 9.0 30.0 -61.2 1.3 38.9 95.1 14 14 Holding gains on assets less liabilities at current cost (2) 15 16 17 18 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 51.4 60.9 145.1 27.7 103.4 -50.5 -144.4 -101.2 -11.6 31.6 -49.2 -168.5 46.3 58.3 -109.2 -23.4 65.8 38.0 -36.6 34.4 69.5 11.9 -80.7 -8.3 22.3 12.1 -4.8 -0.4 11.5 -15.8 -48.7 8.2 15.7 15.8 -32.5 -2.4 20.1 -0.1 5.3 -13.7 9.8 9.8 88.6 13.1 15 16 17 18 19 Other volume changes (4) 884.3 217.2 75.8 618.0 808.0 689.3 186.6 223.0 191.3 88.4 107.0 19 17617.0 15650.8 13298.9 14850.1 16249.6 17418.7 16462.0 16637.4 17188.4 17418.7 17698.6 20 20 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 19). (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 32. Balance Sheets Memo: 114 Z.1, June 6, 2013 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2007 2008 2009 2010 2011 2012 2012 Q1 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities Q2 Q3 Q4 2013 Q1 136.3 -1596.1 -1273.6 659.0 553.7 462.8 35.4 70.3 231.7 125.4 54.6 1 0.0 -3.3 -6.0 -7.8 -1.6 -5.8 -0.1 -0.1 -0.1 -5.5 -0.1 2 16.0 -292.2 -22.6 151.0 -5.0 -30.9 -23.3 1.3 -2.9 -6.0 -24.2 3 122.2 306.5 184.3 55.9 267.2 211.3 -7.6 203.4 211.0 -8.6 201.3 209.9 4.3 219.3 215.0 13.9 236.4 222.5 -11.3 43.6 54.9 13.8 69.3 55.4 6.5 62.4 55.8 4.8 61.1 56.3 -8.3 48.6 56.9 4 5 6 -122.2 479.4 601.6 -52.6 97.3 149.9 13.6 -100.8 -114.4 16.4 106.9 90.5 -2.7 41.0 43.7 -8.1 47.3 55.4 11.4 6.9 -4.5 -13.8 7.9 21.7 -6.4 5.8 12.2 0.7 26.7 26.0 8.4 8.1 -0.2 7 8 9 10 Proprietor’s net investment (2) 16.0 -295.5 -28.6 143.2 -6.6 -36.7 -23.4 1.2 -2.9 -11.5 -24.3 10 11 Holding gains on real estate (3) 132.1 -1310.3 -1236.4 468.8 516.1 580.9 66.5 103.4 251.7 159.3 100.7 11 -388.4 520.5 -936.9 -373.4 -399.2 -837.2 150.4 318.4 206.6 309.5 388.2 192.7 56.9 9.6 74.2 29.2 142.2 109.5 115.0 44.3 143.5 -42.8 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -12.2 11.0 -13.7 35.8 42.5 -90.5 -8.9 -37.3 -20.0 -24.4 -24.9 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories -0.4 -34.9 23.1 0.2 16.7 -6.0 -2.9 -1.9 -8.9 -2.5 2.4 35.8 0.9 10.1 31.5 2.3 -100.5 7.6 1.4 -13.1 2.8 0.4 -34.8 -2.9 -0.0 -24.2 4.2 0.5 -28.4 3.4 0.4 -24.1 -1.2 15 16 17 0.3 -1.3 5.1 11.2 1.7 9.1 1.2 3.0 2.9 2.0 3.1 18 9317.5 7721.3 6447.7 7106.7 7660.4 8123.2 7695.8 7766.1 7997.9 8123.2 8177.9 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) Balance Sheets (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18). (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 32. 115 Z.1, June 6, 2013 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 2007 1 Assets 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 81114.9 68261.5 70072.8 73858.5 74742.7 80784.1 77559.8 77316.3 79263.4 80784.1 83727.7 1 2 Nonfinancial assets 28216.9 24825.6 23769.0 23472.8 23432.6 25188.9 23839.0 24218.3 24682.1 25188.9 26030.0 2 3 Financial assets 52898.0 43436.0 46303.7 50385.8 51310.1 55595.2 53720.7 53097.9 54581.3 55595.2 57697.7 3 7494.9 4865.4 8106.2 5204.1 8022.4 5648.4 8003.6 5928.1 8648.8 5401.6 9139.3 5468.8 8686.0 5438.4 8707.6 5414.7 8752.4 5419.1 9139.3 5468.8 9149.7 5464.9 4 5 20923.5 12451.3 15917.1 18451.6 18006.2 20608.7 20145.6 19359.3 20356.4 20608.7 22499.6 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 10448.0 5954.4 7518.3 8843.9 8866.3 10178.4 9892.2 9534.3 9960.5 10178.4 11242.8 7 8 Indirectly held 10475.5 6496.9 8398.8 9607.8 9139.9 10430.2 10253.4 9825.0 10396.0 10430.2 11256.7 8 1466.8 3304.6 1243.1 2061.5 2149.4 145.7 3409.0 956.9 2242.0 870.1 1371.9 1360.4 83.7 1853.9 1220.3 2852.4 1056.8 1795.6 1740.5 116.8 2468.8 1420.5 3339.5 1222.3 2117.2 1913.2 140.9 2793.5 1395.7 3286.2 1209.8 2076.4 1818.9 134.4 2504.7 1556.5 3651.7 1344.5 2307.2 2126.6 152.7 2942.7 1535.6 3613.3 1331.4 2281.8 2062.1 153.1 2889.4 1489.4 3508.7 1293.1 2215.6 1998.0 146.3 2682.6 1555.7 3701.9 1368.1 2333.8 2118.0 153.3 2867.1 1556.5 3651.7 1344.5 2307.2 2126.6 152.7 2942.7 1668.5 3869.0 1407.2 2461.9 2339.5 172.3 3207.3 9 10 11 12 13 14 15 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 19614.3 17674.3 16715.9 18002.4 19253.6 20378.5 19450.7 19616.4 20053.4 20378.5 20583.5 16 17 Liabilities 14253.2 14097.6 13874.8 13636.9 13415.0 13437.7 13374.7 13386.0 13314.1 13437.7 13378.6 17 18 Net worth 66861.7 54163.9 56197.9 60221.6 61327.7 67346.5 64185.0 63930.3 65949.3 67346.5 70349.1 18 17513.1 10210.4 13108.2 15303.7 14967.1 17127.8 16740.8 16057.7 16860.3 17127.8 18742.4 19 25.8 39.6 18.2 28.7 22.7 34.4 25.0 36.6 24.1 35.1 25.5 37.1 26.0 37.5 25.0 36.5 25.7 37.3 25.5 37.1 26.9 39.0 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 14) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Estimates of equity shares (lines 7 through 15) could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans. 116 Z.1, June 6, 2013 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 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 7 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 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 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 117 Z.1, June 6, 2013 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 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. 118 Z.1, June 6, 2013 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 1 2 3 4 5 6 7 8 9 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 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 4197.0 1488.7 1027.2 420.6 14.7 964.2 144.2 149.2 -11.8 4051.6 1435.7 1038.6 281.0 18.8 992.1 137.5 163.9 -16.0 3705.3 1144.6 1023.2 245.9 14.8 968.1 143.1 181.2 -15.6 3906.8 1194.8 1055.0 349.5 15.1 988.2 141.8 181.9 -19.5 4086.1 1398.0 1097.9 351.8 15.9 923.8 141.7 183.7 -26.5 4284.9 1480.4 1130.0 420.5 17.3 956.1 138.8 176.0 -34.0 4260.1 1450.8 1128.5 425.9 15.4 947.1 140.3 184.2 -32.0 4259.3 1465.2 1130.9 414.4 16.9 949.0 139.0 178.1 -34.1 4272.0 1476.5 1128.4 423.9 17.1 953.3 138.0 170.4 -35.5 4348.3 1529.1 1132.2 417.8 19.9 974.8 137.7 171.3 -34.5 4586.7 1604.4 1144.9 405.6 19.1 1106.4 158.1 188.0 -39.8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 4430.0 2217.8 1701.2 42.2 414.3 54.6 0.0 4737.3 2381.0 1857.9 45.3 400.2 52.9 0.0 5047.9 2460.3 2116.5 53.5 357.9 59.7 0.0 5304.4 2552.0 2253.4 54.7 387.4 57.0 0.0 5425.5 2579.5 2291.4 58.7 434.2 61.6 0.0 5488.2 2590.5 2347.0 58.4 431.5 60.8 0.0 5446.5 2586.9 2320.4 59.7 418.6 60.8 0.0 5498.3 2580.3 2337.1 58.4 461.5 61.0 0.0 5499.2 2618.7 2359.9 59.3 400.7 60.6 0.0 5508.7 2575.9 2370.5 56.0 445.4 60.9 0.0 5485.2 2567.1 2401.4 59.4 396.3 60.9 0.0 10 11 12 13 14 15 16 17 18 19 20 21 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) -233.0 291.3 0.1 4.7 -2.6 -685.7 311.2 -0.6 4.8 3.0 -1342.6 323.5 0.5 5.0 14.9 -1397.7 333.5 -1.7 4.9 28.1 -1339.4 349.4 -0.4 4.4 28.3 -1203.2 363.9 -1.4 4.6 21.8 -1186.4 359.0 -2.7 4.6 14.5 -1239.0 362.8 -0.1 4.6 11.8 -1227.2 365.6 -1.3 4.6 13.9 -1160.4 368.4 -1.7 4.7 47.2 -898.5 371.7 -2.2 5.3 16.4 17 18 19 20 21 22 = Gross saving less net capital transfers 56.1 -381.7 -1039.3 -1095.4 -1022.3 -864.3 -843.8 -892.6 -878.8 -842.2 -546.4 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets 53.2 456.5 12.5 -449.1 497.2 -5.1 -971.9 506.9 5.6 -998.7 505.5 11.8 -983.3 480.2 11.4 -733.3 472.3 11.6 -1198.4 467.6 10.7 -710.5 473.4 10.8 -311.6 474.5 12.8 -712.9 473.7 12.2 -868.3 456.5 12.1 23 24 25 -415.8 74.3 -0.4 24.9 34.4 17.3 6.4 -941.2 527.9 4.2 321.6 17.6 -3.3 -15.7 -1484.4 166.9 51.9 -155.1 9.6 8.9 -3.8 -1516.0 278.2 1.6 154.5 -6.8 7.9 -5.1 -1474.9 -253.9 16.2 -240.9 15.0 -3.3 -8.3 -1217.3 20.6 4.3 -2.1 22.1 -7.0 -5.5 -1676.7 -146.2 4.6 -130.5 3.5 -3.9 -3.1 -1194.8 195.4 13.0 88.5 36.3 -4.5 -3.6 -798.9 20.7 3.1 -34.0 41.7 -6.3 -5.0 -1198.8 12.5 -3.7 67.6 7.1 -13.3 -10.5 -1336.9 141.1 -3.0 4.7 4.6 1.3 1.1 26 27 28 29 30 31 32 66.3 -15.8 43.9 1.6 14.2 19.3 6.0 -2.9 -1.9 1.2 -11.3 -32.7 -30.0 -58.4 -81.9 18.3 -0.1 -11.4 0.1 11.3 5.2 263.9 15.6 -18.1 -59.8 60.3 198.8 -73.2 110.9 0.9 3.6 17.0 74.3 65.2 11.0 -7.9 -39.7 29.2 64.1 127.5 60.2 -62.5 0.8 2.0 -6.0 130.2 2.7 8.5 -4.9 -20.1 29.9 -14.8 -38.7 23.9 -165.1 -0.2 -7.0 -2.8 108.7 4.0 33.7 -2.0 -4.9 36.6 -57.3 37.8 -6.0 -53.9 -0.6 -7.6 -5.5 109.4 2.1 -27.2 -7.2 2.4 52.6 -49.5 -22.9 -3.4 -161.7 -0.3 -4.3 -0.7 135.8 11.6 -57.7 -19.5 -5.2 81.5 7.2 72.3 -3.9 -20.9 -0.4 -4.9 -4.1 99.0 7.4 -10.3 4.0 6.9 25.4 -32.8 104.8 -5.4 -5.0 -0.5 -7.1 -5.1 135.5 -7.6 -29.4 -10.1 6.0 48.4 -98.4 -3.1 -11.3 -28.3 -1.1 -14.3 -12.2 67.2 -3.1 -11.4 -3.3 1.9 55.1 -74.0 168.0 1.1 20.5 0.1 1.3 9.3 131.9 3.8 -26.0 9.6 -13.0 51.1 -57.2 33 34 35 36 37 38 39 40 41 42 43 44 45 490.1 0.0 0.0 -0.7 346.7 -6.0 207.0 -0.4 146.0 0.0 66.4 1.2 76.6 1469.2 0.0 0.0 -0.8 1317.8 -2.4 1302.9 0.2 17.1 0.0 61.8 1.0 89.5 1651.3 47.6 3.0 -0.4 1535.0 -2.8 1425.5 0.1 112.2 0.0 -16.5 1.1 81.4 1794.2 0.0 0.0 -0.3 1656.9 -3.3 1590.8 0.7 68.7 0.0 46.2 0.9 90.6 1221.0 0.0 0.0 0.0 1067.8 -2.7 1123.0 1.1 -53.6 0.0 49.0 1.3 102.9 1237.9 0.0 0.0 0.0 1142.4 -2.8 1151.2 -0.4 -5.7 0.0 49.7 0.3 45.5 1530.6 0.0 0.0 0.0 1437.4 -1.5 1443.9 -3.3 -1.6 0.0 55.9 0.5 36.8 1390.1 0.0 0.0 0.0 1249.1 -2.4 1159.3 0.1 92.0 0.0 21.6 1.5 118.0 819.6 0.0 0.0 0.0 694.3 -2.2 699.2 -0.3 -2.4 0.0 62.1 -0.2 63.4 1211.3 0.0 0.0 0.0 1188.9 -4.9 1302.6 1.9 -110.7 0.0 59.3 -0.5 -36.4 1478.1 0.0 0.0 0.0 1269.6 -2.7 1219.4 -1.0 53.9 0.0 29.5 0.2 178.8 46 47 48 49 50 51 52 53 54 55 56 57 58 2.9 67.4 -67.4 -96.8 -39.0 -131.0 354.6 -182.1 -567.2 -129.3 321.9 59 -689.5 273.6 -415.8 -1182.9 241.7 -941.2 -1849.5 365.1 -1484.4 -1903.2 387.2 -1516.0 -1819.6 344.7 -1474.9 -1675.6 458.3 -1217.3 -1654.0 -22.7 -1676.7 -1712.5 517.7 -1194.8 -1701.7 902.9 -798.9 -1634.1 435.3 -1198.8 -1355.0 18.1 -1336.9 60 61 62 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Supplements 2008 46 47 48 49 50 51 52 53 54 55 56 57 58 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 RPs 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) 59 Discrepancy 60 61 62 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 17 less line 24. (7) Line 18 less the sum of lines 19, 20, 21, 25, and 59. (8) Line 60 plus line 61. 119 Z.1, June 6, 2013 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 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 RPs 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 20 Total liabilities 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2597.9 3079.0 3131.3 3348.2 3034.2 3025.7 2982.0 3034.8 3045.1 3025.7 3052.7 1 36.4 127.9 222.9 116.6 132.8 41.9 447.9 240.4 113.3 117.2 94.6 292.7 250.1 122.2 113.3 95.4 446.7 243.2 130.1 108.3 103.9 205.7 258.2 126.8 100.0 102.8 209.9 294.3 119.8 94.5 104.5 161.1 277.2 125.8 99.2 103.1 206.4 273.1 124.6 98.3 104.7 195.2 286.6 123.1 97.1 102.8 209.9 294.3 119.8 94.5 99.0 194.9 300.1 120.1 94.7 2 3 4 5 6 1215.9 1157.5 1356.3 1483.8 1445.1 1482.9 1440.6 1452.0 1483.2 1482.9 1526.0 7 139.3 467.6 9.5 149.1 263.6 93.0 93.9 57.4 485.8 9.4 137.8 263.7 104.3 99.1 -15.8 596.8 10.3 141.4 280.7 178.6 164.3 44.4 534.3 11.1 143.4 274.8 308.8 167.0 68.3 369.2 10.9 136.4 272.0 417.4 171.0 62.3 315.2 10.3 128.7 266.5 526.8 173.1 67.5 328.7 10.8 135.3 271.8 452.6 173.9 66.5 323.5 10.7 134.1 270.8 470.7 175.7 65.2 322.3 10.6 132.3 269.5 509.5 173.8 62.3 315.2 10.3 128.7 266.5 526.8 173.1 62.6 320.3 10.4 129.0 268.8 560.8 174.0 8 9 10 11 12 13 14 94.5 38.4 249.1 36.1 148.2 37.6 127.8 38.8 130.1 37.2 108.2 35.2 119.8 36.9 114.7 36.6 111.3 36.1 108.2 35.2 107.1 41.3 15 16 130.5 220.7 261.4 112.4 237.3 325.9 72.7 245.0 398.6 52.6 249.0 372.4 47.7 262.8 316.7 50.1 270.4 257.7 49.0 266.0 301.9 50.6 269.5 305.8 51.5 269.1 287.4 50.1 270.4 257.7 49.6 275.4 244.6 17 18 19 9328.4 10797.1 12445.4 14235.8 15442.7 16688.5 15846.6 16066.3 16327.4 16688.5 17067.0 20 7.7 2.2 27.4 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 54.7 5.2 25.9 53.6 5.2 25.9 54.5 5.2 25.9 54.3 5.2 25.9 52.9 5.2 25.9 21 22 23 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 7359.8 196.4 4314.7 23.1 2825.6 0.0 8677.5 194.0 5617.5 23.3 2842.7 0.0 10212.6 191.2 7043.0 23.5 2954.9 0.0 11869.4 187.9 8633.8 24.2 3023.6 0.0 12937.2 185.2 9756.8 25.3 2970.0 0.0 14079.7 182.4 10908.1 24.9 2964.3 0.0 13338.4 184.7 10158.3 24.4 2970.9 0.0 13537.0 184.3 10350.6 24.5 2977.7 0.0 13766.5 183.6 10588.8 24.4 2969.7 0.0 14079.7 182.4 10908.1 24.9 2964.3 0.0 14434.5 181.7 11249.3 24.6 2978.9 0.0 24 25 26 27 28 29 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 791.7 45.4 1094.2 853.4 46.4 1183.5 836.9 47.5 1261.6 883.1 48.4 1349.4 932.1 49.7 1438.3 981.8 50.0 1491.6 952.0 49.8 1420.6 964.8 50.2 1429.6 977.6 50.1 1447.6 981.8 50.0 1491.6 996.6 50.1 1501.8 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. 120 Z.1, June 6, 2013 F.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2007 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 1 Net acquisition of financial assets 63.1 -102.0 -31.3 63.3 21.8 -0.6 53.2 -37.0 56.1 -74.7 -195.3 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.1 3.2 0.1 0.2 -2.3 -5.3 -14.8 -1.0 -2.6 3.4 0.4 0.2 2.7 -0.2 -5.1 -0.2 0.9 3.7 2.6 0.3 -1.1 -3.8 -4.6 -0.4 -1.8 -6.4 -7.6 -0.6 -0.6 -2.3 -2.7 -0.2 -0.6 -2.4 -2.8 -0.2 -1.2 -4.3 -5.2 -0.4 -1.6 -5.9 -7.1 -0.6 2 3 4 5 6 Credit market instruments 7 8 9 10 11 111.6 -141.4 4.1 71.7 23.0 -32.6 -57.1 -5.4 -36.0 -31.8 -79.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 3.7 16.0 27.7 -7.7 -28.8 -47.0 3.2 12.7 -6.6 -1.0 7.4 2.7 3.8 17.5 4.5 -4.2 26.0 12.5 -7.0 33.5 13.7 -2.5 24.7 19.9 -2.6 25.0 9.9 -4.7 20.9 6.5 -26.5 12.7 2.2 7 8 9 Corporate and foreign bonds Mortgages 64.4 -0.2 -52.1 -5.8 -3.3 -2.0 61.4 1.2 -3.3 0.6 -62.7 -4.2 -91.1 -6.3 -44.6 -2.9 -64.9 -3.5 -50.3 -4.2 -60.3 -7.6 10 11 -195.8 21.5 113.2 13.6 -41.8 -8.0 -4.1 -10.8 -21.7 -16.9 45.2 15.2 142.8 48.1 -30.7 -10.3 74.2 25.0 -5.5 -1.9 -21.4 53.2 12 13 123.3 8.1 36.0 79.2 -64.0 10.4 -16.8 -57.6 13.1 -8.4 -5.3 26.8 9.5 -13.2 13.4 9.3 29.8 0.7 -2.0 31.2 -18.6 -2.8 -2.9 -13.0 -64.2 -9.6 -7.6 -47.0 15.2 4.7 1.6 9.0 -1.1 -4.9 -0.6 4.4 -24.3 -1.2 -4.9 -18.2 -132.5 -15.5 -15.1 -101.9 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.116.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 260.9 -5.7 57.7 93.3 144.2 26.2 -93.7 126.3 32.8 39.4 4.4 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.7 9.7 27.6 0.0 -1.4 1.7 -20.1 0.0 -0.3 0.0 -7.3 0.0 -0.5 -2.1 -5.3 0.0 0.9 1.9 3.9 0.0 -0.2 -2.5 -5.7 0.0 -1.5 -6.1 -11.9 0.0 -0.4 -0.5 -1.8 0.0 -0.5 -1.7 -4.2 0.8 1.5 -1.9 -4.9 -0.8 -1.2 -3.4 -9.4 0.0 2 3 4 5 6 Credit market instruments 135.7 -69.1 6.2 53.1 29.4 -4.9 -32.0 21.7 -5.7 -3.5 -48.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 29.7 30.7 40.0 -19.5 -10.3 -16.6 -4.6 22.2 0.2 -0.1 25.9 3.8 8.0 16.5 2.8 -8.9 18.4 6.0 -15.2 22.5 5.4 0.0 17.9 5.7 -12.7 22.9 4.6 -7.7 10.5 8.3 -26.3 6.1 -1.7 7 8 9 Corporate and foreign bonds Mortgages 32.9 2.3 -20.6 -2.2 -11.2 -0.4 22.0 1.6 1.7 0.4 -18.4 -2.0 -41.2 -3.4 -0.8 -1.1 -18.8 -1.7 -12.9 -1.7 -23.4 -3.6 10 11 7 8 9 Supplements 10 11 12 13 Corporate equities Mutual fund shares -89.8 53.8 72.4 63.3 -53.6 64.5 29.3 45.9 6.0 44.3 32.8 55.8 61.2 38.8 8.1 65.3 36.6 49.5 25.3 69.7 88.0 84.5 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 123.3 20.2 8.8 94.3 -52.7 44.2 -8.7 -88.2 48.2 41.0 -3.1 10.3 -27.2 -32.3 2.1 3.0 57.8 7.3 1.1 49.3 -49.1 -28.8 -1.5 -18.8 -142.3 -41.5 -5.3 -95.6 34.0 1.1 1.7 31.2 -41.9 -38.1 -0.8 -3.0 -46.0 -36.8 -1.4 -7.8 -105.2 -42.7 -8.8 -53.6 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; 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 275.7 247.5 198.6 88.7 20.1 164.4 -72.6 320.1 113.0 297.2 ND 1 22.2 5.0 17.9 44.0 122.2 64.4 44.2 7.2 28.9 48.0 -117.4 236.5 30.7 8.7 -6.0 -41.0 148.9 57.3 26.6 3.0 11.9 -24.0 123.5 -52.4 20.3 1.2 16.2 9.0 44.0 -70.6 24.4 1.4 -0.1 7.0 86.7 45.0 12.4 3.2 -7.1 -28.0 145.5 -198.6 26.8 2.4 -1.7 8.0 61.4 223.2 26.3 1.8 -3.2 16.0 144.6 -72.5 32.0 -1.8 11.7 32.0 -4.6 227.9 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 fund reserves (table F.225), 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). 121 Z.1, June 6, 2013 L.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 2008 2009 2010 2011 2012 Q1 Q2 2012 Q3 Q4 2013 Q1 2515.7 1894.9 2129.1 2389.6 2450.7 2547.4 2549.0 2516.5 2590.0 2547.4 2566.1 1 10.0 29.6 54.3 3.7 7.7 24.3 39.5 2.8 5.0 27.7 39.8 2.9 7.7 27.5 34.7 2.7 8.6 31.2 37.3 2.9 7.5 27.4 32.7 2.6 8.2 29.6 35.4 2.8 8.0 29.0 34.7 2.7 7.8 28.5 34.0 2.7 7.5 27.4 32.7 2.6 7.1 25.9 30.9 2.4 2 3 4 5 680.8 539.4 543.5 615.1 638.2 605.6 623.9 622.6 613.5 605.6 585.7 6 Open market paper Treasury securities Agency- and GSE-backed securities 35.8 128.1 169.8 28.0 99.3 122.8 31.2 112.1 116.3 30.2 119.4 119.0 34.0 136.9 123.5 29.8 163.0 136.0 32.2 145.3 126.9 31.6 151.5 131.9 31.0 157.7 134.4 29.8 163.0 136.0 23.2 166.1 136.5 7 8 9 Corporate and foreign bonds Mortgages 322.3 24.8 270.2 19.0 266.9 17.0 328.3 18.2 325.0 18.8 262.2 14.6 302.2 17.2 291.0 16.5 274.8 15.6 262.2 14.6 247.2 12.7 10 11 1000.2 346.9 726.1 257.3 863.8 322.9 1010.7 349.8 1017.1 342.8 1134.9 382.5 1115.8 376.1 1091.4 367.8 1153.6 388.8 1134.9 382.5 1178.4 412.3 12 13 390.2 72.0 71.9 246.3 297.9 54.0 55.1 188.7 323.4 58.1 49.8 215.5 341.4 53.5 63.1 224.8 372.7 55.6 61.1 256.0 354.2 53.0 58.2 243.0 357.3 53.8 59.2 244.2 360.3 54.2 59.6 246.5 361.1 54.1 59.5 247.5 354.2 53.0 58.2 243.0 323.3 51.3 54.5 217.5 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.116.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 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 3592.5 2673.2 3313.6 3753.5 3851.6 4088.6 4027.8 3990.4 4130.1 4088.6 4254.6 1 7.0 16.5 74.2 0.0 5.7 18.2 54.1 0.0 5.4 18.3 46.8 0.0 4.8 16.2 41.6 0.0 5.7 18.1 45.5 0.0 5.5 15.6 39.8 0.0 5.3 16.6 42.5 0.0 5.2 16.5 42.1 0.0 5.1 16.0 41.0 0.2 5.5 15.6 39.8 0.0 5.2 14.7 37.5 0.0 2 3 4 5 362.7 293.6 299.8 352.9 382.3 377.4 374.3 379.7 378.3 377.4 365.2 6 86.0 58.3 84.1 66.5 48.1 67.5 61.9 70.3 67.7 61.8 96.2 71.4 69.9 112.7 74.2 61.0 131.1 80.2 66.1 118.3 75.6 66.1 122.8 77.0 62.9 128.5 78.1 61.0 131.1 80.2 54.4 132.6 79.8 7 8 9 124.9 9.3 104.4 7.2 93.2 6.7 115.1 8.4 116.8 8.8 98.4 6.8 106.5 7.9 106.3 7.7 101.6 7.2 98.4 6.8 92.5 5.9 10 11 935.4 1483.8 654.3 1104.9 783.3 1504.7 927.6 1734.9 931.9 1729.6 1036.2 1924.1 1012.8 1869.0 992.3 1844.3 1043.0 1939.6 1036.2 1924.1 1104.9 2049.1 12 13 712.8 298.5 37.6 376.8 542.4 224.9 28.9 288.5 655.4 330.7 25.8 298.9 675.5 345.7 27.9 301.9 738.4 358.2 29.0 351.2 690.1 330.1 27.6 332.4 707.1 352.1 27.7 327.3 710.3 347.1 28.1 335.1 706.8 344.5 27.9 334.4 690.1 330.1 27.6 332.4 678.0 333.6 25.4 319.0 14 15 16 17 Supplements 1 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 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 4748.0 3681.0 4363.0 4839.0 4872.0 5407.0 5229.0 5126.0 5347.0 5407.0 ND 1 281.8 58.2 426.0 223.0 1998.0 1760.9 326.0 65.5 381.6 271.0 1275.0 1361.9 356.7 74.2 405.5 230.0 1667.0 1629.6 383.3 77.2 436.0 206.0 1933.0 1803.5 403.6 78.4 446.0 215.0 1896.0 1832.9 428.0 79.9 460.0 222.0 2154.0 2063.1 406.7 79.3 458.0 208.0 2081.0 1996.0 413.4 79.8 449.0 210.0 2026.0 1947.7 420.0 80.3 458.0 214.0 2135.0 2039.7 428.0 79.9 460.0 222.0 2154.0 2063.1 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 fund reserves (table L.225), 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). 122 Z.1, June 6, 2013 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 10664.4 11125.5 11875.6 12718.1 13619.5 14040.7 14294.0 13855.4 14475.6 15043.8 1 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 1305.0 1354.1 1432.8 1541.4 1660.7 1767.5 1854.1 1866.3 1873.4 1936.8 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 9359.4 6116.4 5002.9 1113.5 721.4 2521.6 9771.5 6388.3 5160.3 1228.0 757.7 2625.4 10442.8 6699.6 5416.8 1282.7 817.0 2926.3 11176.7 7071.5 5712.4 1359.1 869.3 3236.0 11958.8 7483.6 6076.8 1406.9 935.5 3539.8 12273.2 7863.0 6422.6 1440.4 972.6 3437.5 12439.9 8079.1 6556.6 1522.5 985.7 3375.1 11989.1 7807.2 6283.2 1524.0 963.5 3218.4 12602.1 7977.2 6411.7 1565.4 998.0 3627.0 13107.0 8303.2 6669.3 1633.9 1036.2 3767.6 3 4 5 6 7 8 313.5 264.4 353.3 284.6 448.6 357.4 573.0 475.9 721.1 648.6 871.0 747.7 856.1 686.9 642.4 498.9 716.5 507.2 783.7 531.8 9 10 9 10 Plus: Income receipts from the rest of the world Less: Income payments from 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 9408.5 2521.6 6110.8 4997.3 1113.5 762.8 -41.4 3985.1 2393.8 1468.2 519.2 949.1 111.6 11.4 3930.4 2497.0 1420.2 471.1 949.1 1.8 11.4 9840.2 2625.4 6382.6 5154.6 1228.0 806.8 -49.1 3940.7 2234.9 1543.6 558.0 985.7 148.2 14.1 3866.3 2326.3 1511.5 525.9 985.7 14.5 14.1 10534.1 2926.3 6693.4 5410.7 1282.7 863.4 -46.4 4435.5 2420.2 1807.4 718.6 1088.8 192.5 15.3 4338.1 2527.9 1745.1 656.3 1088.8 49.8 15.3 11273.8 3236.0 7065.0 5706.0 1359.1 930.2 -60.9 5123.8 2963.9 2122.4 995.8 1126.6 20.7 16.8 5020.3 3099.8 1861.5 735.0 1126.6 42.1 16.8 12031.2 3539.8 7477.0 6070.1 1406.9 986.8 -51.4 6067.1 3667.9 2132.7 940.4 1192.3 248.4 18.0 5988.0 3845.8 2054.8 862.5 1192.3 69.5 18.0 12396.4 3437.5 7855.9 6415.5 1440.4 1027.2 -54.6 6802.7 4272.7 2249.5 1088.0 1161.5 261.6 18.8 6672.3 4493.2 2104.7 943.2 1161.5 55.5 18.8 12609.1 3375.1 8068.3 6545.9 1522.5 1038.6 -52.9 6511.0 3925.3 2298.1 1104.0 1194.1 265.5 22.0 6331.0 4151.9 2117.6 923.5 1194.1 39.4 22.0 12132.6 3218.4 7799.4 6275.3 1524.0 1023.2 -59.7 5047.8 2844.7 1923.8 850.4 1073.4 262.8 16.0 4896.4 3046.1 1812.4 738.6 1073.4 21.9 16.0 12811.4 3627.0 7970.0 6404.6 1565.4 1055.0 -57.0 5099.5 2600.0 2133.1 923.4 1209.6 349.4 17.1 4883.1 2785.1 2013.1 803.5 1209.6 67.7 17.1 13358.9 3767.6 8295.2 6661.3 1633.9 1097.9 -61.6 5270.6 2551.8 2318.0 1042.5 1275.5 383.2 17.5 5010.7 2730.8 2174.9 899.3 1275.5 87.5 17.5 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) 9408.5 1239.3 1242.8 2003.2 2009.1 442.7 506.8 9840.2 1241.1 1244.1 2098.9 2105.1 472.6 544.1 10534.1 1349.8 1353.9 2230.3 2236.5 485.4 572.1 11273.8 1616.6 1621.0 2360.1 2366.7 513.7 617.8 12031.2 1820.6 1825.7 2510.0 2517.9 516.4 604.9 12396.4 1924.0 1934.1 2652.1 2660.7 560.5 668.0 12609.1 1735.5 1744.7 2834.6 2845.2 596.1 714.7 12132.6 1405.3 1413.9 3068.6 3079.7 703.4 820.7 12811.4 1559.5 1568.2 3225.0 3236.6 760.4 886.6 13358.9 1765.7 1777.0 3198.1 3210.8 726.4 851.9 32 33 34 35 36 37 38 39 Equals: Disposable income, net 9335.0 9759.5 10436.9 11158.9 11929.7 12270.2 12470.6 11995.6 12664.9 13209.3 39 40 Less: Final consumption expenditures 9079.1 9560.9 10131.0 10781.4 11394.3 11990.1 12416.5 12306.2 12767.7 13308.6 40 41 Equals: Net saving 256.0 198.6 305.9 377.5 535.4 280.2 54.1 -310.5 -102.8 -99.3 41 42 43 44 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) 10664.4 -22.1 10642.3 11125.5 16.7 11142.2 11875.6 -22.4 11853.3 12718.1 -95.1 12623.0 13619.5 -242.3 13377.2 14040.7 -12.0 14028.7 14294.0 -2.4 14291.5 13855.4 118.3 13973.7 14475.6 23.3 14498.9 15043.8 31.9 15075.7 42 43 44 123 Z.1, June 6, 2013 S.2.a Selected Aggregates for Total Economy and Sectors 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 10664.4 1298.0 1807.8 5307.7 883.2 418.4 949.3 11125.5 1347.2 1901.2 5503.7 922.3 449.2 1001.8 11875.6 1423.8 2085.6 5877.5 964.5 480.5 1043.7 12718.1 1506.4 2220.2 6302.8 1085.8 504.1 1098.8 13619.5 1602.8 2401.6 6740.3 1189.4 528.9 1156.4 14040.7 1685.8 2511.6 6946.0 1118.6 555.3 1223.2 14294.0 1805.7 2591.1 6991.4 1031.0 585.3 1289.4 13855.4 1844.8 2369.2 6590.8 1111.2 617.8 1321.6 14475.6 1851.2 2499.3 6952.4 1185.1 650.5 1337.1 15043.8 1892.1 2601.0 7366.7 1168.1 662.7 1353.3 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 256.0 282.2 171.3 109.3 -252.8 -54.1 198.6 304.7 175.1 134.1 -376.4 -38.8 305.9 303.2 248.0 142.5 -379.5 -8.4 377.5 148.2 338.6 147.7 -283.0 25.9 535.4 257.9 295.4 134.8 -203.8 51.0 280.2 242.5 226.3 44.3 -245.2 12.2 54.1 587.3 237.5 -85.0 -613.5 -72.2 -310.5 513.2 324.3 194.5 -1229.3 -113.2 -102.8 566.7 533.1 195.1 -1308.0 -89.7 -99.3 489.4 572.5 178.2 -1237.4 -102.0 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 29.1 0.0 -0.0 0.0 23.9 -52.4 -0.6 13.1 0.0 -0.1 0.0 40.6 -51.5 -2.2 1.4 -5.0 -6.7 16.2 38.9 -47.5 2.8 -21.9 -13.1 -15.5 27.7 59.8 -49.8 12.8 16.8 0.0 -0.0 0.0 42.7 -57.4 -2.0 3.0 0.0 -0.0 0.0 56.3 -58.9 -0.4 -8.6 -3.3 -3.7 -60.5 133.5 -62.8 5.4 -46.6 -6.0 38.3 -121.9 203.3 -66.5 -0.6 -40.9 -7.8 21.2 -41.5 145.2 -75.6 -0.7 -19.4 -1.6 -5.7 -32.4 133.2 -72.5 -1.6 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 1978.4 522.0 190.8 785.7 136.4 90.1 253.3 2069.1 586.7 197.0 794.2 135.4 96.2 259.6 2276.0 690.4 216.8 841.4 155.1 103.3 269.1 2514.3 781.0 235.4 950.7 155.3 110.5 281.6 2692.2 777.7 247.7 1079.1 162.7 120.7 304.4 2722.6 661.9 282.8 1134.0 187.5 127.4 329.0 2625.9 529.2 268.0 1136.5 195.0 148.4 348.8 2210.4 419.4 212.3 907.3 164.4 156.6 350.3 2184.5 398.8 203.6 921.8 154.8 167.3 338.2 2298.5 398.4 221.8 1025.2 172.9 160.5 319.7 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 1305.0 185.5 146.6 654.5 107.4 89.2 121.8 1354.1 200.5 153.4 669.0 113.0 90.8 127.3 1432.8 222.2 162.7 695.6 120.5 94.8 137.1 1541.4 245.1 175.5 743.0 127.3 100.4 150.1 1660.7 268.1 189.6 800.9 132.8 106.6 162.7 1767.5 285.5 210.1 840.1 140.6 112.6 178.7 1854.1 294.6 211.3 864.3 172.7 120.0 191.2 1866.3 292.7 211.0 862.5 176.6 124.8 198.8 1873.4 294.9 209.9 860.1 175.0 130.2 203.3 1936.8 301.7 215.0 893.7 177.0 137.0 212.4 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 12.0 -1.5 13.5 16.4 0.9 15.5 64.9 10.5 54.4 50.0 2.6 47.4 60.0 0.0 59.9 29.1 0.9 28.2 -41.1 -0.9 -40.2 -154.2 -8.9 -145.3 58.4 -2.3 60.7 36.6 -2.5 39.1 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 -430.0 -75.0 -42.8 29.8 80.3 -278.0 -144.4 -534.9 -86.2 -44.5 37.3 111.7 -422.2 -131.1 -599.4 -157.6 -59.6 57.1 91.7 -426.8 -104.2 -632.6 -356.6 -49.5 99.7 92.0 -352.4 -66.0 -558.2 -258.2 -58.2 -55.2 104.9 -247.2 -44.3 -703.9 -125.7 -73.6 -94.0 -2.6 -315.0 -93.1 -671.1 372.6 -52.6 -7.1 -46.7 -756.2 -181.1 -501.0 443.0 13.6 382.1 328.6 -1457.4 -210.9 -472.9 512.9 16.4 392.1 256.8 -1490.5 -160.5 -499.3 421.3 -2.7 409.6 214.7 -1394.1 -148.2 38 39 40 41 42 43 44 -22.1 452.1 16.7 518.2 -22.4 621.8 -95.1 727.7 -242.3 800.5 -12.0 715.9 -2.4 673.6 118.3 382.7 23.3 449.5 31.9 467.5 45 46 -668.4 -265.3 -89.2 52.8 21.6 -292.2 -96.2 -489.8 -97.4 -93.8 74.1 209.0 -476.9 -104.7 -411.4 30.9 -112.8 166.0 14.8 -434.1 -76.3 -542.6 -286.6 -112.3 -19.8 307.0 -380.4 -50.4 -693.1 -405.2 -131.0 -138.4 273.8 -265.3 -27.0 -184.9 437.7 -122.2 -206.1 121.6 -344.0 -71.8 -1865.6 354.0 -52.6 -943.0 -282.7 -779.5 -161.7 -419.3 447.1 13.6 562.0 42.4 -1296.3 -188.1 -610.0 968.9 16.4 127.7 -206.9 -1390.0 -126.0 -389.4 1146.5 -2.7 65.1 -123.4 -1346.6 -128.3 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 500.4 531.1 535.4 713.8 807.4 617.6 736.6 239.5 382.7 555.1 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 177.0 -30.3 -174.0 70.0 -4.9 37.5 28.0 439.7 104.5 184.2 3.0 -86.9 11.4 -117.8 1223.3 121.8 309.3 -61.6 -30.3 -641.8 -81.7 368.5 -17.8 333.9 154.8 -34.2 -1.8 -274.6 205.2 67.3 678.7 418.3 7.5 -13.1 74.3 883.8 16.3 805.4 -81.1 16.6 108.0 -252.0 7.6 -300.1 -673.3 -362.3 72.4 9.6 -284.8 493.3 -29.5 254.1 385.8 150.0 19.2 -444.9 693.5 146.7 389.8 -518.5 81.4 8.4 -244.9 563.1 -6.5 521.2 -222.0 40.5 8.6 158.5 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 -1464.8 383.2 2986.1 340.6 29.9 87.5 -292.2 5179.0 502.0 -2346.2 -589.2 31.5 121.3 -333.3 5341.9 1121.2 -24.0 -217.6 115.0 513.5 -375.8 5768.2 1324.9 116.6 -97.8 95.7 450.1 -695.9 4422.5 257.1 -1403.6 -843.4 104.3 590.1 -582.3 -330.9 120.0 -116.7 1200.0 70.9 499.1 -795.3 -13301.3 -1299.4 4180.1 1964.3 -7.2 400.5 1173.0 980.9 -1250.1 -5387.7 -872.4 -165.8 -114.7 -852.5 2722.6 504.6 -1280.0 -245.9 -8.8 207.5 14.5 34.3 558.6 233.5 250.2 16.8 415.9 985.7 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 124 Z.1, June 6, 2013 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 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -1034.6 352.9 2983.4 519.9 -251.7 123.3 187.9 5910.3 606.5 -1986.8 -452.2 -472.4 145.4 67.2 6867.1 1248.0 540.0 -153.0 -333.7 -89.1 164.4 6306.8 1320.1 804.6 177.0 -281.3 524.1 -242.8 4868.9 324.5 -429.4 -290.2 -134.6 685.5 292.5 792.3 136.3 915.0 1163.2 -214.1 678.2 -331.3 -12697.8 -1596.1 3747.9 1577.5 -681.7 400.7 1561.8 2034.0 -1273.6 -4847.5 -170.2 -1448.4 -142.3 -914.7 4023.6 659.0 -378.4 -527.8 -1380.6 201.9 219.1 1106.1 553.7 1332.8 238.8 -1313.3 395.1 1611.7 69 70 71 72 73 74 75 125 Z.1, June 6, 2013 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1298.0 1347.2 1423.8 1506.4 1602.8 1685.8 1805.7 1844.8 1851.2 1892.1 1 185.5 200.5 222.2 245.1 268.1 285.5 294.6 292.7 294.9 301.7 2 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 1112.5 489.4 412.6 76.8 104.0 519.1 1146.7 520.6 435.2 85.4 110.0 516.1 1201.6 550.7 456.7 94.0 116.4 534.4 1261.3 571.1 473.4 97.8 121.3 568.9 1334.7 603.5 502.0 101.5 131.1 600.2 1400.3 634.6 532.0 102.6 133.9 631.9 1511.1 671.5 562.3 109.2 142.0 697.6 1552.1 700.9 579.2 121.7 151.1 700.1 1556.3 714.9 591.4 123.6 152.4 689.0 1590.4 737.0 611.7 125.3 155.3 698.1 3 4 5 6 7 8 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) 8340.7 519.1 6110.8 4997.3 1113.5 2259.7 912.9 1346.8 397.7 949.1 548.9 8652.0 516.1 6382.6 5154.6 1228.0 2299.6 890.9 1408.8 423.1 985.7 546.4 9149.5 534.4 6693.4 5410.7 1282.7 2498.6 861.5 1637.1 548.3 1088.8 576.9 9655.5 568.9 7065.0 5706.0 1359.1 2669.9 988.3 1681.6 555.0 1126.6 648.3 10366.8 600.2 7477.0 6070.1 1406.9 3023.4 1128.9 1894.5 702.2 1192.3 733.8 10895.1 631.9 7855.9 6415.5 1440.4 3219.9 1266.5 1953.4 791.9 1161.5 812.6 11320.8 697.6 8068.3 6545.9 1522.5 3360.9 1383.4 1977.5 783.4 1194.1 806.0 10483.6 700.1 7799.4 6275.3 1524.0 2701.1 1094.5 1606.6 533.2 1073.4 717.0 10840.9 689.0 7970.0 6404.6 1565.4 2809.1 1017.8 1791.3 581.7 1209.6 627.1 11377.3 698.1 8295.2 6661.3 1633.9 2961.9 1010.0 1951.8 676.3 1275.5 577.9 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) 8340.7 1050.4 1247.9 751.5 34.2 99.6 8652.0 1000.3 1316.0 778.9 25.7 105.7 9149.5 1047.8 1398.6 827.3 16.9 116.1 9655.5 1208.6 1482.7 872.7 25.8 131.0 10366.8 1352.4 1583.6 921.8 21.4 138.7 10895.1 1488.7 1687.9 959.5 30.5 150.6 11320.8 1435.7 1842.4 987.3 36.8 154.2 10483.6 1144.6 2100.5 963.1 39.6 156.9 10840.9 1194.8 2236.9 983.3 47.4 164.7 11377.3 1398.0 2274.3 919.3 44.9 160.8 20 21 22 23 24 25 26 Equals: Disposable income, net 7721.4 8108.8 8573.8 8951.7 9558.9 10014.7 10622.9 10359.1 10782.4 11218.4 26 27 Less: Final consumption expenditures 7439.2 7804.1 8270.6 8803.5 9301.0 9772.3 10035.5 9845.9 10215.7 10729.0 27 28 Equals: Net saving 282.2 304.7 303.2 148.2 257.9 242.5 587.3 513.2 566.7 489.4 28 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 253.2 282.2 29.1 291.5 304.7 13.1 301.9 303.2 1.4 170.1 148.2 -21.9 241.1 257.9 16.8 239.4 242.5 3.0 595.9 587.3 -8.6 559.8 513.2 -46.6 607.6 566.7 -40.9 508.8 489.4 -19.4 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 328.1 522.0 439.3 82.6 185.5 -8.3 377.8 586.7 498.9 87.8 200.5 -8.5 459.5 690.4 594.4 95.9 222.2 -8.7 526.7 781.0 681.9 99.1 245.1 -9.2 499.3 777.7 670.1 107.5 268.1 -10.2 365.1 661.9 541.7 120.2 285.5 -11.3 223.4 529.2 397.2 132.0 294.6 -11.2 116.8 419.4 295.5 123.9 292.7 -9.9 94.7 398.8 288.9 109.9 294.9 -9.2 87.4 398.4 286.4 112.0 301.7 -9.3 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) -75.0 -86.2 -157.6 -356.6 -258.2 -125.7 372.6 443.0 512.9 421.3 38 39 Net lending (+) or borrowing (-), capital account (line 38) -75.0 -86.2 -157.6 -356.6 -258.2 -125.7 372.6 443.0 512.9 421.3 39 40 Net acquisition of financial assets 517.8 935.5 1184.5 876.1 805.9 1340.3 193.4 267.8 725.6 919.2 40 295.4 -16.0 310.2 1.3 0.0 265.6 -31.2 294.6 2.2 0.0 394.8 -58.2 447.6 5.4 0.0 372.8 -113.9 484.3 2.4 0.0 446.5 -40.0 481.3 5.2 0.0 403.7 -73.7 462.0 15.4 0.0 411.2 245.0 189.9 -23.7 0.0 199.2 28.6 177.0 -6.4 0.0 209.9 55.7 152.7 1.6 0.0 665.0 316.6 350.3 -1.9 0.0 41 42 43 44 45 18.3 -5.9 4.5 -144.3 -132.8 83.6 213.3 30.2 -4.9 8.9 10.7 128.0 15.7 -128.3 234.0 6.4 0.6 -7.1 94.2 118.4 21.5 210.3 14.7 0.7 -102.6 171.4 78.1 47.9 109.5 19.0 -2.7 -92.2 -7.9 35.0 158.3 383.3 -10.2 -6.0 -75.0 308.8 38.0 127.7 393.4 -101.3 -2.4 253.8 276.6 47.9 -81.1 60.6 28.7 -2.8 502.5 -633.6 107.1 58.7 88.6 -2.9 -3.3 418.7 -44.7 44.3 -323.5 -259.4 -2.6 -2.7 -254.2 12.6 -65.6 53.1 46 47 48 49 50 51 52 -33.6 -41.5 7.9 67.3 63.0 4.3 116.1 105.8 10.3 7.8 -0.3 8.1 63.5 80.8 -17.3 206.9 219.2 -12.3 -110.2 -111.6 1.4 -89.1 -79.4 -9.7 13.9 25.1 -11.2 44.6 55.3 -10.8 53 54 55 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 52 Debt securities Open market paper U.S. savings bonds Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 53 54 55 Loans Short term Long term (mortgages) Integrated Accounts Financial account 126 Z.1, June 6, 2013 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 56 57 58 59 60 61 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) 62 63 64 65 66 67 68 69 Insurance, pension and standardized guarantee schemes Net equity in life insurance and pension funds Net equity in life insurance reserves Net equity in pension fund reserves Prepayments of premiums and reserves against claims Net equity in reserves of property-casualty insurance companies Net equity in other life insurance company reserves Net equity in Retiree Health Care Funds 70 Net incurrence of liabilities 71 Debt securities (municipals) 72 73 74 75 76 77 78 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 79 Insurance, pension and standardized guarantee schemes 80 Other accounts payable (trade debt) 81 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-70) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 -144.3 -161.8 79.4 -32.7 -29.2 0.0 151.9 -98.8 263.9 -113.9 100.7 0.0 -34.1 -271.8 169.9 -56.1 123.8 0.0 -184.5 -414.4 179.9 44.4 5.6 0.0 -225.8 -638.3 177.1 174.8 60.6 0.0 -305.2 -805.5 242.0 239.9 18.4 0.0 -671.5 -576.8 -45.8 235.1 -284.0 0.0 23.2 -21.2 344.1 -268.6 -32.3 1.2 28.6 -170.8 235.3 -183.5 143.6 4.0 72.5 -122.8 192.5 10.7 -8.6 0.7 56 57 58 59 60 61 382.0 334.8 60.1 274.7 47.1 21.6 10.2 15.4 420.5 364.1 66.8 297.3 56.4 22.9 13.9 19.6 473.7 421.2 33.1 388.1 52.5 23.6 11.4 17.4 469.8 411.7 16.1 395.6 58.0 25.6 9.5 23.0 412.3 374.8 57.8 317.1 37.4 4.6 14.8 18.1 651.6 585.5 18.0 567.5 66.1 6.7 15.5 43.9 170.5 115.4 61.7 53.6 55.1 11.0 17.6 26.5 73.8 53.9 23.7 30.2 19.9 -5.1 8.4 16.6 384.6 344.2 9.0 335.2 40.4 3.2 14.8 22.5 396.6 350.5 86.9 263.6 46.1 13.2 14.4 18.5 62 63 64 65 66 67 68 69 783.1 1032.9 1153.6 1162.8 1211.2 902.6 -160.6 -179.3 -243.2 -227.3 70 12.6 13.8 14.7 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 71 750.5 33.6 105.2 -23.6 0.2 -48.2 716.9 1013.3 135.3 105.9 -3.4 -1.5 34.3 878.0 1120.9 179.4 117.2 -19.6 0.3 81.5 941.5 1133.6 77.1 100.4 8.2 0.0 -31.6 1056.5 1180.7 173.0 96.6 12.0 4.8 59.7 1007.7 865.8 169.4 141.9 -9.1 3.2 33.4 696.4 -195.2 -130.2 19.6 4.6 6.2 -160.7 -65.0 -196.4 -39.9 -111.5 33.0 0.5 38.1 -156.4 -265.1 112.1 -17.9 52.4 2.4 75.2 -377.2 -233.1 2.1 93.4 -53.9 1.9 -39.3 -235.3 72 73 74 75 76 77 78 0.9 0.9 1.6 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 79 19.1 4.8 16.5 13.0 13.6 14.6 22.2 16.0 21.4 14.0 80 -265.3 -97.4 30.9 -286.6 -405.2 437.7 354.0 447.1 968.9 1146.5 81 177.0 243.2 0.0 124.1 190.3 439.7 242.6 0.0 208.3 11.2 1223.3 249.7 12.0 773.1 -188.5 368.5 249.5 50.4 -1.3 -69.9 205.2 238.8 0.0 113.4 147.0 883.8 232.8 0.0 87.7 -563.3 7.6 134.8 8.3 -116.9 18.6 493.3 57.7 0.0 431.5 -4.1 693.5 93.1 0.0 144.3 -456.0 563.1 133.4 0.0 -295.5 -725.1 82 83 84 85 86 997.8 1072.2 -77.9 3.6 1257.0 1338.8 -85.2 3.4 2342.2 2375.2 -37.6 4.6 2851.6 2892.9 -45.6 4.4 345.5 381.3 -43.2 7.3 -1919.8 -1867.6 -58.1 5.9 -3750.0 -3717.5 -36.3 3.8 -1234.8 -1190.8 -42.9 -1.1 -476.1 -386.8 -90.6 1.3 -255.0 -271.8 14.7 2.2 87 88 89 90 -2462.6 -1500.6 -474.5 380.9 0.0 -868.4 3922.0 1723.3 427.3 513.8 0.0 1257.7 2999.6 1000.6 327.1 1122.4 0.0 549.5 2916.6 1076.6 45.2 1315.0 0.0 479.8 4077.1 2790.6 381.9 261.9 0.0 642.7 1588.9 922.2 431.9 119.7 0.0 115.1 -9551.2 -3916.8 -1509.3 -1314.3 0.0 -2810.8 2215.7 1585.1 472.7 -1238.7 -0.3 1397.0 3198.6 1496.4 251.7 517.0 -1.0 934.5 289.3 145.2 -357.3 561.3 -0.2 -59.8 91 92 93 94 95 96 -1464.8 5179.0 5341.9 5768.2 4422.5 -330.9 -13301.3 980.9 2722.6 34.3 97 -1034.6 5910.3 6867.1 6306.8 4868.9 792.3 -12697.8 2034.0 4023.6 1106.1 98 50875.6 57848.8 65889.5 73358.0 79417.4 81114.9 68261.5 70072.8 73858.5 74742.7 99 19976.7 16278.0 3524.7 174.0 21848.8 17976.3 3682.0 190.6 24882.0 20779.7 3894.1 208.1 28451.7 24130.0 4098.0 223.7 29542.2 25005.3 4293.6 243.2 28216.9 23486.6 4468.3 262.0 24825.6 19975.2 4566.8 283.6 23769.0 18892.7 4581.6 294.8 23472.8 18583.8 4584.1 304.9 23432.6 18382.9 4732.2 317.5 100 101 102 103 Other changes in volume account 82 83 84 85 86 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-[40-70]) (4)) Revaluation account 87 88 89 90 Nonfinancial assets Real estate Consumer durable goods Equipment and software 91 92 93 94 95 96 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 97 Changes in net worth due to nominal holding gains/losses 98 Change in net worth (lines 32+38+82+97) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 99 100 101 102 103 Total assets Nonfinancial assets Real estate Consumer durable goods Equipment and software 127 Z.1, June 6, 2013 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars; quarterly figures are seasonally adjusted annual rates 104 2003 2004 2005 2006 2007 2008 2009 2010 2011 30898.8 35999.9 41007.5 44906.3 49875.3 52898.0 43436.0 46303.7 50385.8 51310.1 104 105 106 107 108 109 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 4157.3 464.1 49.9 3643.3 0.0 4481.5 458.0 52.1 3971.5 0.0 4901.8 399.8 57.5 4444.5 0.0 5274.5 285.8 59.9 4928.8 0.0 5744.5 239.6 65.2 5439.8 0.0 6148.2 154.9 80.5 5912.7 0.0 6524.4 364.9 56.9 6102.6 0.0 6709.1 393.5 50.5 6265.1 0.0 6873.9 437.9 52.1 6384.0 0.0 7538.9 754.5 50.1 6734.3 0.0 105 106 107 108 109 110 111 112 113 114 115 116 Debt securities Open market paper U.S. savings bonds Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 2511.8 82.2 194.9 68.3 256.1 671.5 1238.8 2726.9 77.3 203.8 203.4 385.4 687.2 1169.8 3758.9 83.7 204.4 263.2 417.9 1522.7 1267.1 4078.4 98.4 205.1 234.9 585.9 1600.8 1353.3 4261.1 117.5 202.4 146.6 635.6 1636.1 1523.0 4738.0 107.3 196.4 -13.4 874.3 1674.1 1899.3 5063.2 6.0 194.0 75.4 1097.8 1722.0 1968.1 5520.2 34.6 191.2 714.7 435.7 1829.1 2314.9 5811.7 31.7 187.9 1077.3 389.9 1873.3 2251.6 5298.7 29.1 185.2 630.6 372.8 1807.7 2273.3 110 111 112 113 114 115 116 117 118 119 Loans Short term Long term (mortgages) 532.1 415.5 116.6 599.4 478.5 120.9 715.5 584.3 131.3 723.4 584.0 139.4 786.9 664.7 122.1 993.8 884.0 109.8 883.5 772.4 111.1 796.8 695.4 101.4 810.6 720.4 90.2 855.2 775.8 79.5 117 118 119 120 121 122 123 124 125 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) 14142.0 5163.5 2222.9 1068.4 5687.1 0.0 16958.2 6788.0 2914.1 954.5 6301.6 0.0 19374.2 7516.9 3411.2 898.4 7547.8 0.0 21626.5 8179.0 3636.2 942.7 8868.5 0.0 24824.3 10331.3 4195.2 1106.8 9191.0 0.0 25992.9 10448.0 4869.1 1346.7 9329.1 0.0 18581.0 5954.4 3313.9 1581.8 7730.8 0.0 19423.0 7518.3 4130.7 1313.2 6459.8 0.9 21715.7 8843.9 4617.8 1129.7 7120.5 3.8 22106.8 8866.3 4453.0 1109.9 7673.2 4.4 120 121 122 123 124 125 126 127 128 129 130 131 132 133 Insurance, pension and standardized guarantee schemes Net equity in life insurance and pension funds Net equity in life insurance reserves Net equity in pension fund reserves Prepayments of premiums and reserves against claims Net equity in reserves of property-casualty insurance companies Net equity in other life insurance company reserves Net equity in Retiree Health Care Funds 9555.7 9110.7 920.9 8189.8 444.9 243.9 185.6 15.4 11233.9 10732.6 1013.2 9719.4 501.3 266.8 199.5 35.0 12257.0 11703.3 1060.4 10642.9 553.8 290.4 211.0 52.4 13203.5 12594.8 1082.6 11512.2 608.7 316.0 217.3 75.4 14258.4 13612.3 1055.2 12557.2 646.1 320.5 232.1 93.5 15025.1 14312.9 1076.8 13236.1 712.2 327.3 247.6 137.3 12383.8 11617.5 1049.8 10567.7 766.3 337.3 265.2 163.8 13854.6 13068.4 1109.2 11959.2 786.3 332.2 273.6 180.4 15173.7 14347.0 1137.2 13209.9 826.7 335.4 288.4 202.9 15510.5 14637.7 1203.6 13434.1 872.8 348.6 302.8 221.4 126 127 128 129 130 131 132 133 50875.6 57848.8 65889.5 73358.0 79417.4 81114.9 68261.5 70072.8 73858.5 74742.7 134 8759.2 9822.2 10995.8 12157.5 13348.1 14253.2 14097.6 13874.8 13636.9 13415.0 135 163.9 177.7 197.6 212.7 229.1 250.2 259.5 265.4 263.2 255.5 136 8423.4 2244.0 1997.0 -21.4 120.2 148.2 6179.4 9466.8 2399.7 2102.9 -4.4 118.7 182.5 7067.1 10602.5 2579.1 2220.1 -24.0 119.0 264.0 8023.4 11736.2 2656.2 2320.6 -15.8 119.0 232.4 9079.9 12896.3 2808.6 2361.8 30.9 123.8 292.1 10087.6 13764.7 2980.6 2506.3 21.8 127.0 325.5 10784.1 13574.4 2850.4 2525.9 26.4 133.2 164.8 10724.0 13334.6 2767.0 2420.2 10.2 133.7 203.0 10567.6 13074.9 2997.5 2522.2 61.0 136.1 278.2 10077.3 12847.1 3005.0 2615.7 12.4 138.1 238.9 9842.1 137 138 139 140 141 142 143 20.0 20.9 22.5 22.4 22.8 23.9 27.0 22.1 24.7 24.3 144 152.0 156.8 173.3 186.3 199.9 214.5 236.7 252.7 274.1 288.2 145 42116.3 48026.6 54893.7 61200.5 66069.3 66861.7 54163.9 56197.9 60221.6 61327.7 146 134 135 Financial assets 2002 Total liabilities and net worth Liabilities 136 Debt securities (municipals) 137 138 139 140 141 142 143 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Security credit Long term (mortgages) 144 Insurance, pension and standardized guarantee schemes 145 Other accounts payable (trade debt) 146 Net worth 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) 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 128 Z.1, June 6, 2013 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1807.8 1901.2 2085.6 2220.2 2401.6 2511.6 2591.1 2369.2 2499.3 2601.0 1 146.6 153.4 162.7 175.5 189.6 210.1 211.3 211.0 209.9 215.0 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 1661.2 485.1 409.4 75.7 117.9 1058.2 1747.8 523.1 439.1 84.0 123.6 1101.1 1922.9 573.6 481.8 91.8 139.5 1209.8 2044.7 626.3 525.5 100.8 143.5 1274.9 2212.0 693.1 584.9 108.2 160.7 1358.3 2301.5 758.1 644.4 113.8 177.7 1365.7 2379.9 776.4 655.5 120.9 177.4 1426.1 2158.2 739.7 621.8 117.9 164.4 1254.0 2289.4 754.1 633.5 120.7 172.4 1362.9 2386.0 787.4 660.6 126.8 173.6 1425.0 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 15.4 1058.2 16.8 1059.6 165.5 894.1 0.0 0.0 19.8 1101.1 15.7 1096.9 162.5 934.4 0.0 0.0 19.9 1209.8 16.7 1206.6 171.8 1034.7 0.1 0.0 21.9 1274.9 15.8 1268.8 200.2 1068.6 0.1 0.0 22.5 1358.3 15.3 1351.1 228.7 1122.4 0.1 0.0 20.7 1365.7 16.7 1361.6 259.1 1102.5 0.1 0.0 16.1 1426.1 19.6 1429.6 270.4 1159.0 0.1 0.0 22.1 1254.0 12.9 1244.8 241.3 1003.5 0.0 0.0 24.3 1362.9 11.8 1350.4 232.6 1117.7 0.1 0.0 24.6 1425.0 10.2 1410.6 225.0 1185.4 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) 15.4 15.4 19.8 19.8 19.9 19.9 21.9 21.9 22.5 22.5 20.7 20.7 16.1 16.1 22.1 22.1 24.3 24.3 24.6 24.6 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 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 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 42.8 190.8 125.7 65.1 146.6 -1.5 44.5 197.0 124.0 73.0 153.4 0.9 64.6 216.8 136.8 80.0 162.7 10.5 62.5 235.4 149.0 86.4 175.5 2.6 58.2 247.7 162.6 85.0 189.6 0.0 73.6 282.8 202.2 80.5 210.1 0.9 55.9 268.0 198.4 69.6 211.3 -0.9 -7.6 212.3 158.0 54.3 211.0 -8.9 -8.6 203.6 155.6 48.0 209.9 -2.3 4.3 221.8 173.3 48.6 215.0 -2.5 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -42.8 -44.5 -59.6 -49.5 -58.2 -73.6 -52.6 13.6 16.4 -2.7 30 -42.8 -44.5 -59.6 -49.5 -58.2 -73.6 -52.6 13.6 16.4 -2.7 31 78.6 80.4 370.8 437.3 519.8 479.4 97.3 -100.8 106.9 41.0 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 17.2 2.7 14.5 50.7 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 15.6 20.4 -4.8 -15.1 -18.0 2.9 10.1 6.5 3.6 33 34 35 36 37 38 Debt securities Treasury securities Municipal securities -0.1 0.0 -0.1 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 0.5 0.5 0.1 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) -0.6 0.0 -0.6 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 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 2.4 2.3 0.1 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 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) 4.5 4.7 4.6 5.5 4.4 3.7 3.4 0.9 0.1 6.3 45 55.4 18.9 36.5 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 22.5 5.4 17.1 46 47 48 167.8 174.3 483.6 549.6 650.8 601.6 149.9 -114.4 90.5 43.7 49 151.8 26.3 23.7 2.6 125.5 73.8 9.7 10.3 -0.6 64.1 254.7 34.1 32.9 1.2 220.6 341.6 164.2 157.9 6.3 177.5 415.2 132.0 115.3 16.8 283.2 461.6 154.5 140.8 13.7 307.1 318.8 131.9 119.6 12.3 186.9 -120.0 -107.3 -102.0 -5.3 -12.7 -29.6 -15.7 -20.4 4.7 -13.9 13.9 57.0 56.5 0.4 -43.0 50 51 52 53 54 129 Z.1, June 6, 2013 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 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) 2003 2004 2005 2006 2007 2008 2009 2010 2011 -29.6 -29.9 0.2 103.8 104.1 -0.4 128.1 128.0 0.1 6.9 6.8 0.1 67.6 67.4 0.2 16.3 16.0 0.3 -295.6 -295.5 -0.2 -28.5 -28.6 0.1 143.3 143.2 0.1 -6.5 -6.6 0.2 55 56 57 45.6 25.4 1.5 18.7 -3.3 -26.2 -0.5 23.4 100.8 23.7 8.4 68.8 201.0 49.7 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 34.1 7.7 -6.3 32.6 -23.2 28.4 -0.7 -50.9 36.3 2.8 1.1 32.3 58 59 60 61 -89.2 -93.8 -112.8 -112.3 -131.0 -122.2 -52.6 13.6 16.4 -2.7 62 -30.3 0.0 -30.3 104.5 0.0 104.5 121.8 6.6 115.2 -17.8 24.5 -42.3 67.3 0.0 67.3 16.3 0.0 16.3 -300.1 4.4 -304.4 -29.5 0.0 -29.5 146.7 0.0 146.7 -6.5 0.0 -6.5 63 64 65 383.2 407.8 351.8 55.9 -34.1 -0.5 -33.6 9.5 502.0 527.1 382.4 144.6 -37.0 -1.3 -35.7 12.0 1121.2 1155.5 704.3 451.2 -33.6 -0.4 -33.2 -0.8 1324.9 1354.5 986.7 367.8 -37.9 1.3 -39.1 8.2 257.1 288.1 -48.4 336.5 -35.3 1.2 -36.5 4.3 120.0 132.1 -388.4 520.5 -35.3 -0.4 -34.9 23.1 -1299.4 -1310.3 -936.9 -373.4 17.0 0.2 16.7 -6.0 -1250.1 -1236.4 -399.2 -837.2 -4.8 -2.9 -1.9 -8.9 504.6 468.8 150.4 318.4 -0.0 -2.5 2.4 35.8 558.6 516.1 206.6 309.5 11.0 0.9 10.1 31.5 66 67 68 69 70 71 72 73 383.2 502.0 1121.2 1324.9 257.1 120.0 -1299.4 -1250.1 504.6 558.6 74 352.9 606.5 1248.0 1320.1 324.5 136.3 -1596.1 -1273.6 659.0 553.7 75 Other changes in volume account 63 64 65 Total other volume changes Disaster losses Other volume changes 66 67 68 69 70 71 72 73 Nonfinancial assets Real estate Residential Nonresidential Equipment and software Residential Nonresidential Inventories Revaluation account 74 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 75 Change in net worth (lines 24+30+63+74) 76 8894.4 9570.6 11173.9 13036.9 13944.9 14666.5 13515.9 12157.3 12760.2 13364.4 76 77 78 79 80 81 82 83 84 Total assets Nonfinancial assets Real estate Residential (4) Nonresidential Equipment and software Residential Nonresidential Inventories 7186.2 6493.4 4110.0 2383.4 510.1 37.6 472.4 182.7 7782.0 7058.2 4519.5 2538.7 528.2 37.9 490.3 195.6 9014.4 8251.2 5248.8 3002.4 557.9 39.5 518.4 205.4 10440.3 9630.3 6246.6 3383.8 593.7 42.9 550.8 216.2 10828.4 9970.7 6225.4 3745.3 637.1 46.2 591.0 220.6 11070.6 10158.6 5858.0 4300.5 667.4 47.4 619.9 244.6 9822.7 8883.2 4927.5 3955.7 701.7 48.7 653.0 237.7 8565.0 7650.5 4524.8 3125.6 694.6 46.1 648.6 219.9 9061.0 8105.4 4664.9 3440.5 702.2 44.3 657.9 253.4 9623.8 8610.7 4861.6 3749.0 730.8 46.1 684.7 282.4 77 78 79 80 81 82 83 84 85 Financial assets 1708.2 1788.6 2159.4 2596.7 3116.5 3595.9 3693.2 3592.3 3699.3 3740.6 85 453.7 184.5 269.2 504.4 190.6 313.8 598.1 297.5 300.6 698.2 374.1 324.1 793.2 448.8 344.4 875.0 515.6 359.3 877.5 519.4 358.1 893.1 539.8 353.3 878.0 521.8 356.2 888.2 528.4 359.8 86 87 88 86 87 88 Currency and deposits Currency and transferable deposits Time and savings deposits 89 90 91 Debt securities Treasury securities Municipal securities 46.2 42.8 3.4 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 54.2 48.5 5.7 89 90 91 92 93 94 Loans Short term (consumer credit) Long term (mortgages) 26.2 0.0 26.2 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 92 93 94 95 96 97 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 64.9 61.3 3.6 67.8 63.6 4.2 70.7 66.5 4.2 73.1 69.0 4.1 76.5 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 95 96 97 98 Insurance, pension and standardized guarantee schemes (3) 84.5 89.2 93.7 99.2 103.6 107.3 111.5 112.4 112.6 119.0 98 99 100 101 Other accounts receivable Trade receivables Other (miscellaneous assets) 1032.8 362.8 670.0 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 2551.9 538.8 2013.1 99 100 101 Integrated Accounts Balance sheet account (end of period) 130 Z.1, June 6, 2013 S.4.a Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 102 103 Total liabilities and net worth Liabilities 104 105 106 107 108 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 109 Equity and investment fund shares (direct investment in the U.S.) 110 111 112 113 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 114 Net worth 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 8894.4 9570.6 11173.9 13036.9 13944.9 14666.5 13515.9 12157.3 12760.2 13364.4 102 3212.2 3282.0 3637.2 4180.2 4763.6 5349.0 5794.5 5709.6 5653.5 5704.0 103 2227.6 597.0 469.3 127.7 1630.6 2301.4 606.7 479.7 127.1 1694.7 2556.1 640.9 512.6 128.3 1915.2 2897.7 805.0 670.4 134.6 2092.7 3313.0 937.1 785.7 151.4 2375.9 3774.6 1091.6 926.5 165.1 2683.0 4093.4 1223.4 1046.1 177.4 2869.9 3973.3 1116.1 944.1 172.0 2857.2 3940.0 1097.8 923.7 174.1 2842.2 3952.4 1155.1 980.4 174.7 2797.3 104 105 106 107 108 4.0 3.3 3.0 3.3 3.6 3.6 3.6 4.8 5.1 5.8 109 980.6 287.4 70.2 623.1 977.3 261.2 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 1697.5 380.7 106.2 1210.7 1731.6 388.3 99.9 1243.3 1708.3 416.8 99.2 1192.4 1745.8 420.7 100.3 1224.8 110 111 112 113 5682.2 6288.7 7536.6 8856.8 9181.2 9317.5 7721.3 6447.7 7106.7 7660.4 114 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Flow of Funds Accounts. 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 131 Z.1, June 6, 2013 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 5307.7 5503.7 5877.5 6302.8 6740.3 6946.0 6991.4 6590.8 6952.4 7366.7 1 654.5 669.0 695.6 743.0 800.9 840.1 864.3 862.5 860.1 893.7 2 4653.1 3544.2 2936.7 607.5 461.9 647.1 4834.7 3651.3 2979.0 672.3 484.2 699.2 5181.9 3786.7 3105.5 681.2 517.7 877.5 5559.8 3976.3 3267.5 708.8 558.4 1025.1 5939.4 4182.3 3462.3 720.0 593.3 1163.7 6106.0 4361.0 3636.2 724.8 607.7 1137.4 6127.1 4441.2 3681.4 759.8 615.2 1070.8 5728.3 4173.7 3435.3 738.5 589.2 965.4 6092.3 4252.0 3508.4 743.6 612.2 1228.2 6473.0 4472.7 3687.5 785.2 645.8 1354.5 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 324.6 647.1 396.9 249.2 50.3 97.5 719.4 401.4 305.1 1.5 11.4 373.2 699.2 420.0 237.0 55.8 127.2 746.0 370.8 349.2 12.0 14.1 500.5 877.5 481.8 253.1 66.3 162.4 858.7 372.2 430.8 40.5 15.3 689.8 1025.1 614.7 296.8 300.2 17.8 950.0 428.2 471.1 34.0 16.8 678.9 1163.7 643.6 357.1 79.6 206.8 1128.4 503.2 550.7 56.5 18.0 589.2 1137.4 689.1 382.8 92.3 214.1 1237.3 596.3 576.9 45.3 18.8 522.9 1070.8 634.6 310.6 108.0 216.0 1182.5 546.2 582.2 32.1 22.0 579.5 965.4 572.7 222.2 138.7 211.8 958.6 433.7 490.9 18.1 16.0 845.2 1228.2 594.4 188.7 125.4 280.3 977.4 393.4 511.1 55.8 17.1 910.9 1354.5 638.0 190.9 137.8 309.3 1081.6 429.2 563.2 71.7 17.5 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) 324.6 97.1 56.3 373.2 132.9 65.2 500.5 187.0 65.5 689.8 271.9 79.3 678.9 307.6 75.8 589.2 293.8 69.1 522.9 227.4 58.1 579.5 177.8 77.4 845.2 222.9 89.3 910.9 246.8 91.5 20 21 22 23 Equals: Disposable income, net 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 23 24 Equals: Net saving 171.3 175.1 248.0 338.6 295.4 226.3 237.5 324.3 533.1 572.5 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 171.3 171.3 -0.0 175.2 175.1 -0.1 254.7 248.0 -6.7 354.2 338.6 -15.5 295.5 295.4 -0.0 226.4 226.3 -0.0 241.1 237.5 -3.7 286.0 324.3 38.3 511.8 533.1 21.2 578.2 572.5 -5.7 25 26 27 28 141.5 137.9 197.6 254.5 350.6 320.4 248.2 -96.1 119.7 168.6 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 785.7 654.5 -3.2 13.5 794.2 669.0 -2.9 15.5 841.4 695.6 -2.7 54.4 950.7 743.0 -0.6 47.4 1079.1 800.9 12.5 59.9 1134.0 840.1 -1.7 28.2 1136.5 864.3 16.3 -40.2 907.3 862.5 4.4 -145.3 921.8 860.1 -2.6 60.7 1025.2 893.7 -2.1 39.1 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 29.8 37.3 57.1 99.7 -55.2 -94.0 -7.1 382.1 392.1 409.6 33 29.8 37.3 57.1 99.7 -55.2 -94.0 -7.1 382.1 392.1 409.6 34 141.2 87.6 780.1 945.7 700.9 1074.9 -604.0 307.3 614.0 519.0 35 2.9 -12.3 10.2 5.1 133.0 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 -129.0 -59.4 -25.5 256.1 142.3 106.9 6.8 144.1 75.1 59.9 9.1 45.7 37.3 14.3 -5.8 36 37 38 39 21.3 4.6 14.5 -0.7 2.8 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 -7.8 0.1 -4.8 -1.6 -1.4 40 41 42 43 44 6.9 3.9 2.9 -13.7 -15.9 2.2 15.4 0.6 14.8 10.2 8.5 1.7 -12.2 -3.8 -8.4 -21.7 -3.2 -18.4 -9.8 -2.1 -7.7 -5.6 -1.5 -4.1 -8.7 -7.1 -1.6 3.0 2.8 0.2 45 46 47 143.5 5.7 -0.2 131.1 0.0 6.9 103.3 -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 -1.1 211.8 -71.4 35.3 257.2 0.0 -9.3 200.6 -157.7 11.1 324.8 0.1 22.3 356.7 -35.4 -12.8 396.5 -0.0 8.5 48 49 50 51 52 53 Capital account 34 Net lending (+) or borrowing (-), capital account (line 33) 35 Net acquisition of financial assets 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 Loans Short term (security RPs and consumer credit) Long term (mortgages) 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 Integrated Accounts Financial account 132 Z.1, June 6, 2013 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 54 Insurance, pension and standardized guarantee schemes (2) 55 56 57 Other accounts receivable Trade receivables Other (miscellaneous assets) 58 Net incurrence of liabilities 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds 63 64 65 66 67 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 71 Insurance, pension and standardized guarantee schemes 72 73 74 75 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 76 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 77 78 79 80 81 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-[35-58]) (3) Less: Inventory valuation adjustment 2003 2004 2005 2006 2007 2008 2009 2010 2011 18.1 19.1 19.7 21.2 7.6 8.3 10.9 -0.9 3.0 15.7 54 -51.5 -98.4 46.9 -165.0 -17.7 -147.2 388.5 128.8 259.7 610.8 277.6 333.2 456.6 -15.5 472.1 837.6 159.8 677.8 -788.9 -169.5 -619.5 -170.4 -31.1 -139.4 259.4 105.7 153.7 105.8 82.2 23.6 55 56 57 88.3 13.5 614.1 965.5 839.3 1281.0 339.0 -254.7 486.4 453.9 58 87.5 -57.9 2.9 142.5 124.4 -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 59 60 61 62 -24.2 -71.5 -103.4 31.9 47.3 -35.2 -84.0 -91.4 7.3 48.8 126.7 55.1 4.0 51.1 71.6 275.1 83.1 -27.1 110.2 192.0 237.9 150.0 22.1 127.9 87.9 452.5 383.9 96.3 287.5 68.6 71.4 132.1 64.2 67.9 -60.8 -526.3 -394.9 -234.1 -160.8 -131.5 -301.7 -173.8 -83.4 -90.4 -127.9 72.4 128.7 69.1 59.7 -56.4 63 64 65 66 67 58.3 -16.2 74.5 0.7 -39.6 40.2 -27.0 -122.7 95.7 -243.1 -341.8 98.7 -374.7 -565.7 191.0 -575.3 -786.8 211.6 -146.4 -336.0 189.5 40.1 -64.6 104.7 -121.1 -278.0 156.9 -265.7 -472.5 206.8 68 69 70 1.5 -0.2 -3.1 -1.9 -2.0 44.8 -25.5 -8.4 15.4 -0.9 71 -34.7 19.8 11.9 -66.4 -76.2 -54.7 -11.7 -9.7 398.1 97.7 6.8 293.6 837.8 199.0 -1.8 640.6 683.6 109.0 -0.8 575.3 956.4 85.1 -49.6 920.9 140.4 -225.2 3.1 362.5 -135.9 -85.3 -3.3 -47.4 397.4 155.7 7.2 234.6 195.5 18.7 8.8 168.0 72 73 74 75 52.8 74.1 166.0 -19.8 -138.4 -206.1 -943.0 562.0 127.7 65.1 76 -174.0 0.0 -199.6 -23.0 -2.6 184.2 0.0 136.2 -36.7 -11.3 309.3 9.2 157.0 -108.9 -34.3 333.9 22.7 400.0 119.5 -30.7 678.7 0.0 723.9 83.2 -38.0 805.4 0.0 870.2 112.1 -47.2 -673.3 5.8 212.4 935.9 -44.5 254.1 0.0 77.4 -179.8 3.2 389.8 0.0 615.5 264.4 -38.7 521.2 0.0 803.1 344.5 -62.6 77 78 79 80 81 Other changes in volume account Revaluation account 82 83 84 85 Nonfinancial assets Real estate Equipment and software Inventories 284.7 260.3 6.7 17.7 309.5 263.1 29.5 16.9 1265.0 1140.7 86.9 37.4 1002.9 882.6 86.1 34.2 1029.1 881.2 137.7 10.2 1671.3 1559.0 51.4 60.9 -1099.7 -1152.6 103.4 -50.5 -2967.3 -2987.3 -11.6 31.6 999.8 895.1 46.3 58.3 851.8 748.0 65.8 38.0 82 83 84 85 86 87 88 Financial assets Mutual fund shares Direct investment abroad -26.8 -17.9 -9.0 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 -28.8 20.4 -49.2 -95.5 13.6 -109.2 -44.7 -8.1 -36.6 86 87 88 89 90 91 Liabilities Corporate equity Foreign direct investment in the United States -2728.2 -2640.0 -88.2 2681.7 2672.5 9.2 1378.2 1366.1 12.1 980.7 939.8 41.0 2463.8 2481.5 -17.7 1942.9 1915.2 27.7 -5479.4 -5378.2 -101.2 2391.6 2560.2 -168.5 2184.2 2207.6 -23.4 573.6 539.2 34.4 89 90 91 2986.1 -2346.2 -24.0 116.6 -1403.6 -116.7 4180.1 -5387.7 -1280.0 233.5 92 2983.4 -1986.8 540.0 804.6 -429.4 915.0 3747.9 -4847.5 -378.4 1332.8 93 20205.2 20795.9 23066.4 25269.3 27395.1 30533.0 28875.8 26197.3 28071.5 29682.8 94 10258.1 5695.7 3256.0 1306.4 10672.5 6012.0 3310.4 1350.1 12121.8 7206.4 3439.2 1476.1 13360.7 8170.7 3601.6 1588.4 14727.5 9180.0 3851.0 1696.5 16770.9 10925.8 4012.2 1832.9 15938.1 9960.7 4190.8 1786.6 12857.2 7062.8 4124.6 1669.8 14050.4 8040.9 4182.1 1827.4 15147.3 8866.6 4313.6 1967.1 95 96 97 98 9947.0 10123.4 10944.6 11908.6 12667.6 13762.1 12937.7 13340.1 14021.0 14535.5 99 472.1 160.2 291.3 20.6 605.1 204.2 362.8 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 14.2 381.9 24.7 676.9 156.6 488.8 31.5 821.0 231.7 548.7 40.6 866.6 268.8 563.0 34.8 100 101 102 103 92 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 93 Change in net worth (lines 28+33+77+92) (4) 94 Total assets Integrated Accounts Balance sheet account (end of period) 95 96 97 98 Nonfinancial assets (5) Real estate Equipment and software Inventories 99 Financial assets 100 101 102 103 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 133 Z.1, June 6, 2013 S.5.a Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 104 105 106 107 108 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 145.2 64.8 31.4 16.9 32.1 156.0 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 23.9 148.1 68.0 43.2 14.4 22.5 104 105 106 107 108 109 110 111 112 113 Loans Short term Security repurchases Consumer credit Long term (mortgages) 130.5 81.0 6.2 74.8 49.6 116.8 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 68.3 128.3 68.5 15.5 53.0 59.8 106.7 65.3 8.1 57.2 41.4 96.8 63.2 7.2 56.0 33.6 91.2 61.7 7.9 53.8 29.5 86.3 58.3 12.1 46.2 28.0 89.3 61.1 12.6 48.5 28.2 109 110 111 112 113 114 115 116 117 118 119 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 2041.4 319.7 90.9 1611.9 0.3 18.5 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 4108.3 655.5 162.0 3219.1 0.5 71.2 4181.4 497.8 186.8 3434.7 0.6 61.4 4493.3 462.4 165.9 3794.6 0.5 69.9 114 115 116 117 118 119 120 Insurance, pension and standardized guarantee schemes (2) 224.0 243.0 262.7 284.0 291.6 299.9 311.1 310.2 313.2 328.7 120 121 122 123 Other accounts receivable Trade receivables Other (miscellaneous assets) 6933.9 1719.5 5214.4 6831.8 1701.8 5130.0 7172.3 1830.6 5341.6 7677.9 2108.2 5569.6 8163.2 2094.6 6068.6 8869.3 2254.4 6614.9 8059.6 2084.9 5974.7 8013.1 2053.9 5959.2 8463.2 2155.9 6307.4 8609.4 2238.0 6371.4 121 122 123 124 Total liabilities and net worth 20205.2 20795.9 23066.4 25269.3 27395.1 30533.0 28875.8 26197.3 28071.5 29682.8 124 18162.4 20739.9 22470.4 23868.6 26423.8 28646.7 23241.6 25410.7 27663.2 27941.7 125 125 Liabilities 126 127 128 129 Debt securities Open market paper Municipal securities Corporate bonds 3152.2 119.8 160.6 2871.8 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 5215.6 126 127 128 129 130 131 132 133 134 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 1898.3 1428.3 693.4 734.9 470.0 1877.3 1356.3 614.1 742.2 521.0 2004.0 1411.4 618.0 793.3 592.6 2279.0 1494.5 591.0 903.5 784.6 2537.7 1641.6 613.0 1028.5 896.1 2996.7 2031.9 715.9 1316.1 964.7 3063.1 2164.1 780.0 1384.0 899.0 2452.8 1685.1 546.0 1139.1 767.6 2112.8 1460.6 480.9 979.7 652.2 2186.7 1589.0 549.8 1039.3 597.7 130 131 132 133 134 135 136 137 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 9464.9 8212.3 1252.5 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 16561.7 14441.8 2119.9 16869.6 14508.5 2361.1 135 136 137 138 Insurance, pension and standardized guarantee schemes 49.9 49.8 46.6 44.8 64.7 109.5 84.0 75.6 91.1 90.1 138 139 140 141 142 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 3597.0 1458.6 93.0 2045.5 3389.1 1403.9 81.2 1904.0 3514.3 1501.6 88.0 1924.8 3804.1 1700.6 86.2 2017.4 3697.1 1812.9 85.4 1798.8 3646.0 1897.9 35.8 1712.2 3526.6 1672.7 39.0 1814.9 3506.9 1587.5 35.7 1883.7 3524.5 1743.2 42.9 1738.5 2969.3 1760.7 51.7 1156.9 139 140 141 142 2042.8 56.0 596.0 1400.7 971.3 1886.3 5634.2 786.7 408.3 1741.1 143 143 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Flow of Funds Accounts. 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 Flow of Funds Accounts. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 134 Z.1, June 6, 2013 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Current account 1 Gross value added 883.2 922.3 964.5 1085.8 1189.4 1118.6 1031.0 1111.2 1185.1 1168.1 1 2 Less: Consumption of fixed capital 107.4 113.0 120.5 127.3 132.8 140.6 172.7 176.6 175.0 177.0 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 775.8 447.3 371.1 76.3 37.6 290.9 809.3 467.3 393.6 73.7 39.9 302.1 844.1 497.4 420.0 77.4 43.4 303.3 958.5 541.8 454.5 87.3 46.1 370.6 1056.7 584.4 492.4 92.0 50.5 421.8 978.1 610.3 521.0 89.2 53.4 314.4 858.3 610.4 513.3 97.1 51.2 196.7 934.6 561.4 471.6 89.8 58.7 314.4 1010.0 582.6 487.3 95.3 61.0 366.5 991.1 613.1 514.3 98.8 61.5 316.5 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 212.7 290.9 1211.7 1128.0 69.6 14.1 1289.9 1068.7 220.9 166.0 54.9 0.3 0.0 231.8 302.1 1108.6 1010.4 77.3 20.9 1179.0 948.6 227.9 176.7 51.2 2.5 0.0 252.0 303.3 1338.1 1205.9 102.0 30.1 1389.3 1100.4 279.7 225.6 54.1 9.3 0.0 271.7 370.6 1711.5 1570.2 138.3 3.0 1810.4 1480.4 321.9 263.9 58.0 8.0 0.0 274.5 421.8 2255.2 2057.5 156.0 41.6 2402.5 2007.9 381.7 311.8 69.9 12.9 0.0 200.6 314.4 2732.7 2483.9 201.2 47.6 2846.5 2411.0 425.4 366.4 59.0 10.1 0.0 42.3 196.7 2358.4 2099.8 209.1 49.5 2512.7 2129.1 376.4 341.3 35.1 7.3 0.0 314.3 314.4 1617.9 1409.3 157.6 51.0 1618.1 1296.3 318.0 248.1 69.9 3.7 0.0 368.1 366.5 1542.4 1276.2 197.1 69.1 1540.8 1144.6 384.3 292.4 91.9 11.8 0.0 328.9 316.5 1518.9 1237.4 207.5 74.0 1506.5 1064.5 426.3 336.2 90.1 15.7 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) 212.7 95.2 8.1 231.8 110.9 -13.2 252.0 119.1 -9.6 271.7 140.5 -16.6 274.5 165.6 -26.0 200.6 151.7 4.6 42.3 81.6 45.6 314.3 91.6 28.2 368.1 150.4 22.5 328.9 132.2 18.5 22 23 24 25 Equals: Disposable income, net 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 25 26 Equals: Net saving 109.3 134.1 142.5 147.7 134.8 44.3 -85.0 194.5 195.1 178.2 26 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 109.3 109.3 0.0 134.1 134.1 0.0 126.3 142.5 16.2 120.0 147.7 27.7 134.8 134.8 0.0 44.3 44.3 0.0 -24.5 -85.0 -60.5 316.4 194.5 -121.9 236.6 195.1 -41.5 210.6 178.2 -32.4 27 28 29 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 29.0 136.4 107.4 22.3 135.4 113.0 34.6 155.1 120.5 28.0 155.3 127.3 29.9 162.7 132.8 46.9 187.5 140.6 22.2 195.0 172.7 -12.1 164.4 176.6 -20.2 154.8 175.0 -4.1 172.9 177.0 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 80.3 111.7 91.7 92.0 104.9 -2.6 -46.7 328.6 256.8 214.7 33 Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 80.3 111.7 91.7 92.0 104.9 -2.6 -46.7 328.6 256.8 214.7 34 2298.7 2769.6 2995.4 3413.6 4175.5 5130.5 4565.9 -1658.5 -631.7 1884.8 35 36 Monetary gold -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 36 37 Currency and deposits -9.9 -47.3 43.9 -12.3 74.7 177.5 1011.2 225.0 -141.0 527.6 37 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 874.0 0.0 -130.2 195.2 511.9 69.6 203.1 24.5 1075.2 0.0 -157.0 87.8 432.5 110.7 576.6 24.7 460.4 0.0 35.5 -50.2 -198.9 79.5 553.6 40.9 654.0 0.0 208.8 45.6 -247.3 115.6 491.3 40.0 1112.0 0.0 242.5 89.0 93.0 131.2 520.4 35.8 1247.8 0.0 -82.0 120.9 306.3 184.7 684.7 33.3 1113.4 0.0 51.8 352.9 705.3 42.1 -101.9 63.3 829.3 3.0 -374.5 361.7 684.7 38.5 54.0 61.9 799.3 0.0 -149.2 425.3 131.6 44.1 281.8 65.7 1268.2 0.0 -110.3 969.5 157.5 15.8 164.9 70.8 38 39 40 41 42 43 44 45 46 47 48 Loans Short term Long term (mortgages) 928.3 32.7 895.5 1104.8 115.9 988.9 1569.3 358.3 1211.1 1954.8 539.2 1415.6 2006.6 606.9 1399.8 2343.1 1262.3 1080.8 1621.4 1544.2 77.2 -2808.6 -2509.4 -299.2 -949.3 -445.1 -504.2 -148.0 164.7 -312.7 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 397.3 169.4 101.0 -1.6 1.9 23.4 1.0 102.2 329.7 257.6 -2.6 -79.0 2.5 24.3 0.5 126.4 656.9 332.4 94.9 -111.6 2.4 43.8 3.1 291.9 536.2 285.0 46.8 16.0 2.0 11.5 1.6 173.2 547.4 183.7 92.5 40.9 -0.0 25.8 1.8 202.8 927.3 130.4 84.2 331.3 8.3 107.0 3.1 263.1 1089.4 471.9 39.5 289.2 -5.3 66.4 2.6 225.0 38.8 170.8 68.4 -173.1 0.0 32.2 4.6 -64.1 -122.7 81.4 17.1 -165.9 -3.2 3.1 0.9 -56.0 37.4 -30.5 13.3 -64.8 -6.2 22.8 0.4 102.4 49 50 51 52 53 54 55 56 135 Z.1, June 6, 2013 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 57 Insurance, pension and standardized guarantee schemes 14.6 -17.3 -36.8 -2.3 4.9 90.2 37.6 22.1 -19.1 13.9 57 58 Other accounts receivable 94.3 324.5 301.6 283.2 429.9 344.6 -307.1 34.9 -198.9 185.7 58 59 Net incurrence of liabilities 2277.0 2560.6 2980.5 3106.5 3901.8 5008.9 4848.6 -1700.9 -424.7 2008.3 59 60 Currency and deposits 383.2 465.7 612.5 617.7 616.2 536.5 2209.1 240.1 344.4 1450.0 60 61 62 63 64 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 845.5 546.7 398.8 -99.9 1010.0 586.2 487.3 -63.5 806.0 115.8 668.6 21.7 1039.5 80.4 744.9 214.2 1304.6 328.2 780.0 196.4 1503.7 905.7 709.5 -111.5 360.4 768.7 -282.9 -125.4 -1094.1 -60.1 -585.9 -448.1 -724.2 -46.9 -575.1 -102.2 -415.9 -21.9 -325.9 -68.2 61 62 63 64 65 66 67 Loans Short term Long term (mortgages) 106.0 94.8 11.2 365.2 356.3 8.9 308.9 283.4 25.5 424.8 410.7 14.1 571.2 564.6 6.6 602.0 597.3 4.7 -77.7 -84.5 6.8 -1079.8 -1083.1 3.4 -452.6 -452.8 0.2 -15.6 -24.7 9.1 65 66 67 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 351.9 -23.6 71.5 180.9 2.0 9.6 0.6 109.7 1.0 250.5 -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 1.6 931.6 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1467.9 736.8 179.6 361.5 9.1 9.3 2.4 166.1 3.1 1717.3 724.2 639.3 -9.9 -4.2 120.7 11.5 233.0 2.6 266.9 -498.7 316.4 497.1 0.0 45.7 -3.6 -94.5 4.6 69.1 -503.2 191.2 370.1 -2.7 48.8 0.4 -36.4 0.9 491.3 -112.8 164.5 338.4 -5.9 27.1 -2.0 81.6 0.4 68 69 70 71 72 73 74 75 76 77 Insurance, pension and standardized guarantee schemes 399.8 405.5 444.2 471.0 411.1 663.0 217.3 91.6 327.2 414.1 77 78 Other accounts payable 190.6 63.7 159.3 -144.4 67.1 235.8 422.2 -125.7 11.3 84.4 78 21.6 209.0 14.8 307.0 273.8 121.6 -282.7 42.4 -206.9 -123.4 79 70.0 0.0 128.7 58.7 3.0 0.0 -94.3 -97.2 -61.6 1.7 13.5 76.8 154.8 1.7 -61.9 -215.0 418.3 0.0 249.4 -168.9 -81.1 0.0 -205.3 -124.1 -362.3 0.6 -126.9 236.0 385.8 0.0 671.9 286.2 -518.5 0.0 -54.7 463.8 -222.0 0.0 116.1 338.1 80 81 82 83 32.8 23.4 9.4 40.0 21.1 18.9 88.4 69.4 18.9 101.9 83.1 18.8 98.9 74.7 24.3 57.3 45.8 11.5 64.8 59.3 5.6 -53.7 -46.6 -7.1 4.1 1.3 2.8 43.4 34.9 8.5 84 85 86 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-[35-59]) (3) Other changes in volume account Revaluation account 84 85 86 Nonfinancial assets Structures (nonresidential) Equipment and software 87 88 89 90 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad -1603.4 -1469.2 -162.6 28.4 2145.3 1862.7 252.6 30.0 1178.7 1004.2 123.9 50.6 928.9 614.6 283.7 30.7 1245.0 957.3 252.0 35.7 603.8 625.3 -67.3 45.8 -5784.6 -5069.2 -726.3 10.8 2664.2 2141.7 481.8 40.7 1744.5 1413.3 272.5 58.7 -506.3 -448.6 -49.7 -8.0 87 88 89 90 91 92 93 94 95 96 97 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent -1911.2 -366.9 -678.1 -15.1 -1.9 -849.2 0.0 2774.6 795.9 726.8 8.4 11.4 1232.2 -0.1 1484.7 459.1 483.8 4.0 2.4 535.4 -0.0 1128.6 262.4 352.4 9.4 1.7 473.6 29.0 2187.3 716.1 682.6 22.5 4.9 727.9 33.2 -538.9 -985.4 396.0 -56.7 -0.6 111.5 -3.7 -7684.1 -2366.0 -2424.7 -157.6 -13.6 -2722.1 0.0 3482.8 386.2 1035.6 17.9 6.3 1361.2 675.6 1994.5 512.8 582.2 16.8 1.3 915.5 -34.0 -713.1 -376.1 -340.4 42.1 1.0 -39.4 -0.3 91 92 93 94 95 96 97 340.6 -589.2 -217.6 -97.8 -843.4 1200.0 1964.3 -872.4 -245.9 250.2 98 519.9 -452.2 -153.0 177.0 -290.2 1163.2 1577.5 -170.2 -527.8 238.8 99 40066.2 44878.3 49109.9 53399.9 59147.3 64962.8 63998.8 65556.1 66174.2 67699.1 100 1147.9 667.2 480.7 1194.1 685.6 508.6 1296.9 755.7 541.2 1404.4 838.9 565.4 1511.0 914.0 597.0 1591.7 967.2 624.5 1678.2 1034.3 643.9 1612.4 987.7 624.7 1596.3 978.9 617.3 1635.6 1002.6 632.9 101 102 103 98 Changes in net worth due to nominal holding gains/losses 99 Change in net worth (lines 30+33+80+98) Balance sheet account (end of period) 100 101 102 103 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment and software Integrated Accounts Changes in balance sheet account 136 Z.1, June 6, 2013 S.6.a Financial Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2003 2004 2005 2006 2007 2008 2009 2010 2011 104 Financial assets 38918.3 43684.2 47813.0 51995.6 57636.3 63371.0 62320.5 63943.8 64578.0 66063.5 104 105 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 105 106 Currency and deposits 779.0 734.4 779.4 764.4 816.8 996.6 2043.7 2283.3 2188.1 2715.8 106 107 108 109 110 111 112 113 114 Debt securities SDR certificates Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Nonmarketable government securities 12633.4 2.2 950.0 1632.2 4304.0 1040.3 3914.4 790.3 13546.1 2.2 793.0 1644.0 4571.9 1151.0 4569.0 815.0 14026.5 2.2 828.5 1593.8 4393.0 1230.5 5122.6 855.9 14661.3 2.2 1037.3 1639.4 4145.8 1346.1 5607.7 882.9 15686.9 2.2 1276.8 1733.1 4154.5 1477.0 6124.7 918.7 16934.7 2.2 1194.8 1854.0 4460.7 1661.7 6809.4 952.0 18050.6 2.2 1246.2 2206.9 5166.0 1703.8 6710.3 1015.3 18902.5 5.2 871.7 2568.6 5905.1 1742.2 6732.4 1077.2 19122.8 5.2 722.5 2993.9 5574.0 1786.4 6898.1 1142.9 20390.7 5.2 612.1 3963.3 5731.4 1802.2 7062.7 1213.7 107 108 109 110 111 112 113 114 115 116 117 Loans Short term Long term (mortgages) 13333.0 5347.8 7985.2 14482.0 5496.2 8985.9 16066.2 5854.4 10211.8 18021.1 6393.6 11627.5 20011.4 6960.6 13050.8 22344.1 8212.5 14131.6 23965.2 9756.3 14208.9 21184.0 7274.3 13909.6 20214.0 6910.2 13303.8 20066.0 7074.9 12991.1 115 116 117 118 119 120 121 122 123 124 125 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 9536.3 5973.9 1201.9 692.6 35.2 255.1 8.4 1369.0 12011.3 8094.3 1452.0 613.7 37.7 309.4 8.8 1495.4 13846.9 9430.8 1670.8 502.1 40.1 403.8 11.9 1787.3 15312.0 10330.4 2001.4 518.1 42.0 446.0 13.5 1960.6 17148.2 11471.4 2345.9 569.7 42.0 507.4 15.3 2196.5 18679.3 12227.1 2362.8 901.0 50.3 660.2 18.5 2459.6 13984.1 7629.8 1676.0 1190.2 45.0 737.4 21.1 2684.6 17363.2 9942.4 2226.2 1017.1 45.0 810.3 25.6 3296.6 18985.0 11437.0 2515.8 851.2 41.7 872.1 26.5 3240.6 18516.1 10957.9 2479.4 786.4 35.5 886.9 26.9 3343.0 118 119 120 121 122 123 124 125 126 Insurance, pension and standardized guarantee schemes 319.5 387.7 397.6 405.5 526.1 628.6 520.0 619.4 656.1 676.6 126 127 Other accounts receivable 2306.1 2511.7 2685.4 2820.3 3435.8 3776.7 3746.0 3580.3 3401.0 3687.2 127 128 Total liabilities and net worth 40066.2 44878.3 49109.9 53399.9 59147.3 64962.8 63998.8 65556.1 66174.2 67699.1 128 40411.4 45675.6 50060.2 54173.2 60210.9 64863.1 62321.6 64049.1 65195.0 66481.0 129 129 Liabilities 130 Currency and deposits 6373.9 6839.1 7477.1 8095.4 8712.3 9248.2 11420.9 11654.6 11995.6 13427.9 130 131 132 133 134 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 9312.8 5509.0 2805.9 997.9 10158.1 5944.5 3279.2 934.4 10978.9 6060.3 3962.7 956.0 11963.9 6140.7 4653.0 1170.2 13254.0 6468.9 5421.6 1363.5 14887.5 7374.6 6260.8 1252.1 15247.6 8143.4 5977.9 1126.3 14479.0 8083.3 5717.5 678.2 13472.1 7574.0 5322.1 576.0 13056.1 7552.1 4996.2 507.9 131 132 133 134 135 136 137 Loans Short term Long term (mortgages) 2448.0 2351.0 97.0 2813.2 2707.3 105.9 3122.1 2990.7 131.4 3546.9 3401.4 145.5 4114.9 3962.9 152.1 4716.9 4560.2 156.7 4639.2 4475.7 163.5 3691.1 3524.2 166.9 3226.8 3059.7 167.1 3211.1 3035.0 176.2 135 136 137 138 139 140 141 142 143 144 145 146 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 10401.4 2217.0 2852.0 3638.0 39.1 243.5 5.0 1398.6 8.4 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 17537.2 2296.3 5408.0 7065.0 46.9 427.8 9.8 2268.1 15.3 18354.7 3033.0 4602.2 7822.6 56.0 380.4 11.6 2430.5 18.5 15110.0 3757.3 2875.4 5388.0 51.8 343.5 9.5 2663.5 21.1 17498.4 3258.6 3578.1 6920.7 51.8 407.0 12.1 3244.5 25.6 18646.5 2755.4 4282.1 7873.0 49.0 472.6 13.8 3174.1 26.5 18464.1 2642.5 4070.5 7870.9 43.1 541.9 12.8 3255.4 26.9 138 139 140 141 142 143 144 145 146 147 Insurance, pension and standardized guarantee schemes 10059.0 11807.6 12848.0 13807.0 14954.5 15744.8 13005.2 14571.1 15888.5 16249.3 147 148 Other accounts payable 1816.3 1863.4 1840.8 1613.8 1637.9 1910.9 2898.7 2155.0 1965.7 2072.6 148 -345.1 -797.3 -950.3 -773.3 -1063.5 99.6 1677.2 1507.0 979.2 1218.0 149 149 Integrated Accounts 2002 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 137 Z.1, June 6, 2013 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Current account 1 Gross value added 418.4 449.2 480.5 504.1 528.9 555.3 585.3 617.8 650.5 662.7 1 2 Less: Consumption of fixed capital 89.2 90.8 94.8 100.4 106.6 112.6 120.0 124.8 130.2 137.0 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 329.2 329.0 217.4 111.6 0.2 358.4 354.7 234.9 119.8 3.7 385.7 385.4 250.1 135.4 0.3 403.7 407.2 263.4 143.8 -3.5 422.3 425.2 271.7 153.5 -2.9 442.7 445.4 283.4 162.0 -2.7 465.3 469.0 296.7 172.3 -3.7 493.0 497.6 312.3 185.2 -4.5 520.2 527.2 328.6 198.6 -7.0 525.6 538.3 332.2 206.1 -12.7 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) -162.3 0.2 86.8 -40.5 20.3 15.4 0.0 4.8 229.1 -146.1 3.7 89.3 -49.0 22.8 16.4 0.0 6.4 212.9 -149.2 0.3 94.3 -46.0 23.2 16.3 0.1 6.8 221.0 -197.0 -3.5 98.8 -60.5 23.7 16.4 0.2 7.0 255.4 -207.5 -2.9 99.4 -51.0 26.1 18.2 0.3 7.7 279.2 -239.1 -2.7 94.5 -47.4 29.8 22.2 0.2 7.3 313.2 -221.1 -3.7 94.0 -49.9 30.7 20.1 0.6 10.0 292.1 -176.5 -4.5 91.4 -58.3 48.1 24.5 18.7 4.8 253.1 -195.4 -7.0 95.5 -55.4 53.0 29.8 17.0 6.2 281.4 -236.0 -12.7 107.4 -61.1 55.3 30.3 18.7 6.4 325.0 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) -162.3 986.7 739.3 924.6 26.1 327.5 -146.1 980.9 762.8 972.7 25.6 366.6 -149.2 1059.5 807.6 1024.9 29.0 380.1 -197.0 1284.9 852.6 1089.2 33.6 402.1 -207.5 1458.9 904.6 1193.1 38.3 394.0 -239.1 1543.1 945.3 1267.5 44.8 423.0 -221.1 1353.7 973.1 1401.2 54.4 440.7 -176.5 1072.2 949.1 1621.4 70.2 536.1 -195.4 1214.4 969.8 1725.1 69.8 585.8 -236.0 1395.3 905.5 1752.9 68.8 556.5 17 18 19 20 21 22 23 24 25 Equals: Disposable income, net Plus: Wage accruals less disbursements Less: Final consumption expenditures 337.7 0.0 590.5 283.9 0.0 660.3 341.9 0.0 721.4 482.8 0.0 765.8 607.2 0.0 811.0 603.7 0.0 848.9 318.3 0.0 931.7 -242.4 0.0 987.0 -252.3 0.0 1055.8 -175.9 0.0 1061.5 23 24 25 26 Equals: Net saving -252.8 -376.4 -379.5 -283.0 -203.8 -245.2 -613.5 -1229.3 -1308.0 -1237.4 26 -276.7 -252.8 23.9 -417.0 -376.4 40.6 -418.4 -379.5 38.9 -342.8 -283.0 59.8 -246.5 -203.8 42.7 -301.6 -245.2 56.3 -746.9 -613.5 133.5 -1432.6 -1229.3 203.3 -1453.2 -1308.0 145.2 -1370.6 -1237.4 133.2 27 28 29 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 33 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 34 Net lending (+) or borrowing (-), capital account (lines 27-30) 1.3 5.2 8.5 9.5 0.8 13.5 9.2 24.8 37.3 23.4 30 90.1 89.2 0.3 96.2 90.8 -0.2 103.3 94.8 0.0 110.5 100.4 -0.5 120.7 106.6 -13.3 127.4 112.6 -1.3 148.4 120.0 -19.2 156.6 124.8 -7.1 167.3 130.2 0.2 160.5 137.0 -0.1 31 32 33 -278.0 -422.2 -426.8 -352.4 -247.2 -315.0 -756.2 -1457.4 -1490.5 -1394.1 34 -278.0 -422.2 -426.8 -352.4 -247.2 -315.0 -756.2 -1457.4 -1490.5 -1394.1 35 8.4 34.2 4.3 30.2 -14.2 -0.5 571.9 224.2 287.6 -165.7 36 0.5 0.0 0.5 -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 37 38 39 2.9 0.3 2.6 -17.1 17.1 0.1 -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 40 41 42 43 44 45 0.0 0.0 0.0 0.0 0.0 0.0 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 46 47 48 8.0 7.5 8.0 -0.5 0.5 -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 5.9 3.8 6.0 -2.2 2.1 30.8 17.3 11.3 6.0 13.5 152.9 140.4 74.3 66.0 12.6 131.9 133.7 130.2 3.5 -1.8 117.5 113.5 108.7 4.8 4.0 49 50 51 52 53 35 Net lending (+) or borrowing (-) (line 34) 36 Net acquisition of financial assets 37 38 39 Monetary gold and SDRs Monetary gold SDR holdings 40 41 42 43 44 45 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 46 47 48 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 49 50 51 52 53 Loans Short term Consumer credit Other loans and advances Long term (mortgages) Integrated Accounts Financial account 138 Z.1, June 6, 2013 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 54 55 56 57 58 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 63 Net incurrence of liabilities 2003 2004 2005 2006 2007 2008 2009 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 54 55 56 57 58 -4.5 -3.3 -2.8 1.5 52.9 19.1 33.5 0.4 34.2 10.5 22.3 1.4 35.2 9.2 25.3 0.6 -16.9 -11.6 -6.3 1.0 -33.9 1.2 -35.5 0.4 -87.2 4.2 -61.9 -29.4 47.1 -21.1 35.9 32.3 21.6 -0.7 32.2 -9.8 33.1 4.8 29.7 -1.3 59 60 61 62 300.6 511.1 438.4 410.5 251.1 343.5 1351.4 1520.5 1677.6 1180.9 63 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47.6 0.0 0.0 64 SDR allocations 65 Currency and deposits 66 67 68 69 70 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 71 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 72 73 74 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds 16.9 1.6 15.4 20.7 1.1 19.6 18.5 1.1 17.4 24.2 1.1 23.0 19.6 1.5 18.1 45.1 1.2 43.9 27.5 1.0 26.5 17.7 1.1 16.6 75 76 77 Other accounts payable Trade payables Other (miscellaneous liabilities) 0.6 1.0 -0.4 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 -292.2 -476.9 -434.1 -380.4 -265.3 -344.0 -779.5 -4.9 0.0 9.3 14.2 -86.9 0.0 -32.2 54.7 -30.3 0.0 -23.0 7.3 -34.2 0.5 -6.6 28.0 7.5 0.0 25.6 18.0 16.6 0.0 45.5 28.9 28.0 24.6 3.4 29.0 25.9 3.1 114.0 92.4 21.5 97.2 88.7 8.5 103.9 86.6 17.3 Addendum: Net lending (+) or borrowing (-), financial account (lines 36-63) 2011 1.5 0.0 1.5 0.0 0.0 64 78 2010 1.0 0.6 0.7 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 65 282.1 0.0 257.1 0.5 24.5 420.7 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 66 67 68 69 70 0.0 0.0 71 23.4 0.9 22.5 19.8 1.3 18.5 72 73 74 8.5 6.2 2.4 22.4 8.8 13.6 75 76 77 -1296.3 -1390.0 -1346.6 78 72.4 0.0 95.8 23.3 150.0 0.0 -11.0 -161.1 81.4 0.0 -19.2 -100.5 40.5 0.0 -6.9 -47.4 79 80 81 82 70.6 57.7 12.9 60.6 48.9 11.7 -44.0 -42.6 -1.4 33.9 16.3 17.6 57.1 43.9 13.2 83 84 85 Other changes in volume account 79 80 81 82 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 34-[36-63]) (2) 83 84 85 Nonfinancial assets Structures Equipment and software 86 87 88 89 90 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 2.4 0.9 1.5 0.0 0.0 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 86 87 88 89 90 91 92 Liabilities SDR allocations 0.5 0.5 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 91 92 93 Changes in net worth due to nominal holding gains/losses 29.9 31.5 115.0 95.7 104.3 70.9 -7.2 -165.8 -8.8 16.8 93 -251.7 -472.4 -333.7 -281.3 -134.6 -214.1 -681.7 -1448.4 -1380.6 -1313.3 94 2131.5 2173.3 2277.1 2387.5 2498.5 2628.7 3298.0 3367.0 3660.2 3513.6 95 1478.7 972.5 506.2 1513.6 998.0 515.5 1636.5 1087.7 548.8 1743.8 1171.1 572.7 1861.9 1253.1 608.8 1947.5 1308.6 638.9 2036.4 1358.1 678.3 2024.3 1320.4 703.9 2095.3 1345.8 749.5 2176.1 1394.4 781.7 96 97 98 652.8 659.7 640.6 643.7 636.6 681.2 1261.5 1342.7 1564.8 1337.5 99 12.2 0.0 12.2 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 55.0 100 101 102 Revaluation account Changes in balance sheet account 94 Change in net worth (lines 30+34+79+93) Integrated Accounts Balance sheet account (end of period) 95 Total assets 96 97 98 Nonfinancial assets (3) Structures Equipment and software 99 Financial assets 100 101 102 Monetary gold and SDRs Monetary gold SDR holdings 139 Z.1, June 6, 2013 S.7.a Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 103 104 105 106 107 108 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 109 110 111 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 112 113 114 115 116 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 117 118 119 120 121 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 122 123 124 125 126 127 2004 2005 2006 2007 2008 2009 2010 2011 116.7 16.9 22.1 47.5 27.6 2.6 101.8 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 0.7 103 104 105 106 107 108 0.0 0.0 0.0 0.0 0.0 0.0 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 0.8 109 110 111 275.0 199.9 80.5 119.4 75.1 272.4 199.8 82.4 117.5 72.6 274.7 200.5 86.1 114.4 74.2 273.8 197.2 89.8 107.4 76.6 275.2 194.9 86.9 108.0 80.3 281.1 198.8 93.0 105.8 82.4 311.9 216.1 104.3 111.8 95.8 464.9 356.5 178.6 177.9 108.4 596.8 490.2 308.8 181.4 106.6 714.3 603.7 417.4 186.3 110.6 112 113 114 115 116 38.6 0.0 38.6 0.0 0.0 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 4.4 117 118 119 120 121 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 210.4 32.2 90.7 87.6 232.8 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 83.2 122 123 124 125 Total liabilities and net worth 2131.5 2173.3 2277.1 2387.5 2498.5 2628.7 3298.0 3367.0 3660.2 3513.6 126 4604.4 5118.4 5556.0 5947.6 6193.2 6537.4 7888.4 9405.9 11079.7 12246.5 127 Liabilities 128 SDR allocations 129 Currency and deposits 130 131 132 133 134 Debt securities SDR certificates Treasury securities including savings bonds Federal agency securities Nonmarketable securities held by pension plans 135 Loans (mortgages) 136 137 138 139 140 141 142 2003 6.7 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 128 25.5 26.0 26.7 27.5 28.1 27.4 26.6 26.2 25.9 25.9 129 4429.5 2.2 3609.8 27.3 790.3 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 1213.7 130 131 132 133 134 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 135 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds 54.7 39.4 15.4 75.5 40.5 35.0 93.9 41.6 52.4 118.1 42.7 75.4 137.7 44.2 93.5 182.7 45.4 137.3 210.2 46.4 163.8 227.9 47.5 180.4 251.3 48.4 202.9 271.1 49.7 221.4 136 137 138 Other accounts payable Trade payables Other (miscellaneous liabilities) 88.0 82.0 6.0 159.5 153.6 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 4.0 214.4 210.8 3.6 222.8 219.6 3.2 139 140 141 -2472.8 -2945.2 -3278.8 -3560.1 -3694.7 -3908.8 -4590.5 -6038.9 -7419.6 -8732.9 142 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 140 Z.1, June 6, 2013 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Current account 1 Gross value added 949.3 1001.8 1043.7 1098.8 1156.4 1223.2 1289.4 1321.6 1337.1 1353.3 1 2 Less: Consumption of fixed capital 121.8 127.3 137.1 150.1 162.7 178.7 191.2 198.8 203.3 212.4 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 827.5 821.4 655.7 165.7 6.1 874.5 871.2 678.4 192.8 3.3 906.7 905.7 702.7 203.0 1.0 948.7 948.6 728.1 220.5 0.1 993.7 995.0 763.4 231.6 -1.3 1044.6 1053.6 805.7 248.0 -9.1 1098.2 1110.5 847.4 263.1 -12.3 1122.8 1133.9 862.9 270.9 -11.1 1133.8 1146.3 862.6 283.7 -12.5 1140.9 1154.8 863.1 291.6 -13.8 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) 677.4 6.1 676.0 -0.9 79.6 71.5 1.6 6.6 83.5 709.5 3.3 717.5 -0.1 74.0 64.6 1.7 7.6 85.1 761.2 1.0 769.1 -0.4 77.1 66.7 2.0 8.5 85.6 832.0 0.1 831.4 -0.4 88.3 76.4 2.1 9.8 87.3 896.2 -1.3 887.4 -0.4 103.5 90.9 2.3 10.3 93.0 929.9 -9.1 932.7 -7.1 114.5 100.6 2.4 11.5 101.1 928.0 -12.3 944.6 -3.0 106.8 91.9 2.9 12.0 108.1 909.6 -11.1 931.8 -1.4 95.0 81.8 2.1 11.1 104.8 928.2 -12.5 959.5 -1.6 88.8 75.7 2.2 10.9 106.0 953.2 -13.8 990.4 -0.5 86.4 73.0 2.2 11.2 109.2 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) 677.4 252.7 15.9 333.0 382.3 709.5 260.2 20.1 353.4 421.3 761.2 290.3 24.1 384.3 439.4 832.0 331.7 24.8 404.8 454.3 896.2 361.6 21.8 402.9 456.7 929.9 380.9 18.9 433.7 485.1 928.0 381.7 19.0 456.7 505.0 909.6 333.1 19.0 495.1 593.6 928.2 345.1 18.4 528.3 643.2 953.2 370.4 18.3 538.5 612.7 17 18 19 20 21 22 Equals: Disposable income, net 995.3 1057.7 1130.7 1238.0 1333.4 1381.1 1377.0 1360.1 1406.6 1416.0 22 23 Less: Final consumption expenditures 1049.4 1096.5 1139.1 1212.0 1282.3 1368.9 1449.2 1473.3 1496.2 1518.0 23 24 Equals: Net saving -54.1 -38.8 -8.4 25.9 51.0 12.2 -72.2 -113.2 -89.7 -102.0 24 Capital account 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) -1.7 -54.1 -52.4 12.6 -38.8 -51.5 39.2 -8.4 -47.5 75.7 25.9 -49.8 108.4 51.0 -57.4 71.2 12.2 -58.9 -9.4 -72.2 -62.8 -46.7 -113.2 -66.5 -14.1 -89.7 -75.6 -29.5 -102.0 -72.5 25 26 27 28 142.7 143.7 143.4 141.7 152.8 164.2 171.7 164.2 146.5 118.8 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 253.3 121.8 11.2 259.6 127.3 11.4 269.1 137.1 11.4 281.6 150.1 10.3 304.4 162.7 11.1 329.0 178.7 13.8 348.8 191.2 14.1 350.3 198.8 12.7 338.2 203.3 11.5 319.7 212.4 11.5 29 30 31 32 Net lending (+) or borrowing (-), capital account (lines 25-28) -144.4 -131.1 -104.2 -66.0 -44.3 -93.1 -181.1 -210.9 -160.5 -148.2 32 -144.4 -131.1 -104.2 -66.0 -44.3 -93.1 -181.1 -210.9 -160.5 -148.2 33 Integrated Accounts Financial account 33 Net lending (+) or borrowing (-) (line 32) 34 Net acquisition of financial assets 76.6 44.8 132.7 123.4 108.4 111.9 -104.6 -35.4 -16.5 -140.8 34 35 36 37 Currency and deposits Currency and transferable deposits Time and savings deposits 14.0 5.2 8.8 27.3 7.0 20.3 4.2 -3.5 7.7 19.0 15.8 3.2 22.3 5.4 16.9 33.0 -0.2 33.3 27.3 8.5 18.8 28.4 19.2 9.3 -1.3 5.6 -6.9 32.0 16.7 15.3 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 91.5 14.3 26.2 41.7 0.1 9.1 35.8 2.9 10.2 16.7 0.5 5.4 110.8 8.0 46.7 41.6 1.2 13.4 111.8 -4.2 94.3 15.6 0.9 5.1 72.0 -2.8 45.8 21.0 1.1 6.9 80.2 -15.8 36.4 43.9 1.6 14.2 -190.9 -81.9 -61.5 -36.1 -0.1 -11.4 -79.3 -73.2 21.0 -31.1 0.9 3.0 39.5 60.2 -7.9 -15.3 0.8 1.7 -83.7 23.9 -53.4 -47.0 -0.2 -6.9 38 39 40 41 42 43 44 45 46 Loans Short term (security repurchases) Long term (mortgages) -21.7 -16.3 -5.3 9.9 3.2 6.8 25.1 8.3 16.8 6.0 -0.9 7.0 9.5 0.4 9.1 23.6 6.4 17.3 -29.0 -15.7 -13.3 0.6 -3.8 4.5 -9.2 -5.1 -4.1 -15.1 -8.3 -6.8 44 45 46 47 48 49 50 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 14.0 1.6 10.3 2.1 -19.0 5.9 -19.6 -5.2 8.6 14.0 -5.4 0.0 5.8 9.5 -4.2 0.5 -0.4 11.1 -10.0 -1.6 16.6 17.3 -1.9 1.2 19.9 -3.3 7.6 15.6 11.4 8.9 10.4 -7.9 -12.5 7.9 -15.5 -4.9 -11.9 -3.3 -6.6 -2.0 47 48 49 50 51 52 53 54 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) -21.2 2.6 2.5 -26.2 -9.2 -2.5 0.9 -7.6 -16.0 -4.7 11.3 -22.6 -19.3 -14.4 15.4 -20.3 5.0 -14.4 11.4 8.0 -41.6 -12.5 2.7 -31.9 68.2 -22.3 2.2 88.3 3.4 -18.6 -6.7 28.7 -32.9 -19.3 -2.2 -11.4 -62.0 -9.7 6.9 -59.2 51 52 53 54 141 Z.1, June 6, 2013 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 Other accounts payable (trade payables) 61 Addendum: Net lending (+) or borrowing (-), financial account (lines 34-55) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 172.8 149.5 209.0 173.8 135.4 183.7 57.1 152.7 109.6 -12.5 55 143.9 25.2 118.7 120.5 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 56 57 58 0.6 0.1 0.3 0.6 0.6 0.7 0.8 0.8 0.9 0.9 59 28.3 29.0 30.2 32.1 34.4 37.0 39.2 39.6 40.0 40.2 60 -96.2 -104.7 -76.3 -50.4 -27.0 -71.8 -161.7 -188.1 -126.0 -128.3 61 37.5 0.0 -10.7 -48.2 11.4 0.0 -14.9 -26.3 -641.8 0.0 -669.8 -28.0 -1.8 10.7 -28.1 -15.5 -13.1 0.0 -30.4 -17.3 108.0 0.0 86.8 -21.2 9.6 0.0 -9.8 -19.4 19.2 0.0 -3.7 -22.8 8.4 0.0 -26.1 -34.5 8.6 0.0 -11.3 -20.0 62 63 64 65 Other changes in volume account 62 63 64 65 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 32-[34-55]) (2) 66 67 68 Nonfinancial assets Structures Equipment and software 112.5 113.8 -1.3 92.6 93.4 -0.8 498.1 494.6 3.5 444.6 442.0 2.6 575.3 573.3 2.0 488.0 485.9 2.1 460.0 450.8 9.1 -134.1 -134.2 0.1 188.9 188.6 0.2 414.5 408.5 6.0 66 67 68 69 Equity and investment fund shares -25.0 28.8 15.4 5.5 14.8 11.1 -59.5 19.4 18.7 1.4 69 70 Changes in net worth due to nominal holding gains/losses 87.5 121.3 513.5 450.1 590.1 499.1 400.5 -114.7 207.5 415.9 70 71 Change in net worth (lines 28+32+62+70) 123.3 145.4 -89.1 524.1 685.5 678.2 400.7 -142.3 201.9 395.1 71 6555.6 6850.5 7671.3 8369.2 9190.0 10051.9 10509.7 10520.1 10831.6 11214.2 72 Revaluation account Changes in balance sheet account 72 Total assets 73 74 75 Nonfinancial assets (3) Structures Equipment and software 4755.7 4545.4 210.3 4981.3 4765.2 216.1 5606.0 5387.4 218.6 6174.9 5945.3 229.6 6894.6 6653.3 241.3 7535.2 7278.7 256.5 8152.9 7874.9 278.0 8170.3 7883.2 287.0 8494.1 8199.6 294.5 9016.0 8708.8 307.1 73 74 75 76 Financial assets 1799.9 1869.3 2065.3 2194.3 2295.4 2516.7 2356.8 2349.8 2337.5 2198.2 76 77 78 79 Currency and deposits Currency and transferable deposits Time and savings deposits 185.5 46.8 138.7 212.8 53.8 159.0 217.0 50.4 166.7 236.1 66.2 169.9 258.4 71.6 186.8 291.4 71.4 220.0 318.8 79.9 238.9 347.2 99.1 248.1 345.9 104.6 241.3 377.9 121.4 256.5 77 78 79 80 81 82 83 84 85 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 943.0 151.3 354.7 328.8 4.1 104.2 978.7 154.2 364.9 345.5 4.6 109.6 1089.5 162.1 411.6 387.1 5.9 122.9 1201.4 157.9 505.9 402.7 6.8 128.1 1273.4 155.1 551.7 423.7 7.9 135.0 1353.6 139.3 588.1 467.6 9.5 149.1 1162.7 57.4 526.7 431.4 9.4 137.8 1083.4 -15.8 547.7 400.3 10.3 140.8 1122.9 44.4 539.8 385.0 11.1 142.5 1039.2 68.3 486.3 338.1 10.9 135.6 80 81 82 83 84 85 86 87 88 Loans Short term (security repurchases) Long term (mortgages) 239.9 115.6 124.4 249.9 118.7 131.1 274.9 127.0 147.9 281.0 126.1 154.9 290.4 126.5 164.0 314.1 132.8 181.2 285.1 117.2 167.9 285.7 113.3 172.4 276.5 108.3 168.2 261.3 100.0 161.4 86 87 88 89 90 91 92 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 162.2 58.7 79.3 24.3 172.0 64.5 81.6 25.8 196.0 78.6 87.8 29.7 207.4 88.1 87.6 31.6 221.7 99.3 88.4 34.0 249.4 116.6 94.5 38.4 209.8 113.3 60.5 36.1 240.6 122.2 80.9 37.6 246.7 130.1 77.9 38.8 236.2 126.8 72.3 37.2 89 90 91 92 93 94 95 96 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 269.3 118.4 74.0 76.9 255.9 115.9 74.9 65.0 287.7 111.2 86.2 90.3 268.5 96.8 101.6 70.2 251.4 82.4 112.9 56.1 308.2 69.9 115.7 122.6 380.5 47.6 117.9 215.1 392.9 29.0 111.1 252.7 345.5 9.7 104.7 231.1 283.5 0.0 110.0 173.5 93 94 95 96 97 Total liabilities and net worth 6555.6 6850.5 7671.3 8369.2 9190.0 10051.9 10509.7 10520.1 10831.6 11214.2 97 1838.6 1988.1 2898.0 3071.9 3207.2 3390.9 3448.1 3600.7 3710.3 3697.8 98 1438.3 95.7 1342.6 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 99 100 101 98 99 100 101 Liabilities Debt securities (municipals) Short term Other Integrated Accounts Balance sheet account (end of period) 142 Z.1, June 6, 2013 S.8.a State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 102 Loans (short term) 103 Other accounts payable (trade payables) 104 Net worth 2003 2004 2005 2006 2007 2008 2009 2010 2011 9.6 9.7 10.0 10.6 11.2 11.9 12.7 13.5 14.4 15.3 102 390.7 419.7 449.9 482.0 516.4 553.5 592.7 632.3 672.3 712.5 103 4717.0 4862.4 4773.2 5297.3 5982.8 6661.0 7061.7 6919.4 7121.3 7516.4 104 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. 143 Z.1, June 6, 2013 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 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 1768.1 1430.2 264.4 73.5 1910.5 1545.1 284.6 80.7 2253.4 1798.9 357.4 97.1 2618.6 2027.8 475.9 115.0 2990.5 2240.3 648.6 101.5 3248.7 2374.8 747.7 126.2 3381.9 2556.5 686.9 138.4 2612.0 1976.2 498.9 137.0 3009.8 2356.1 507.2 146.5 3343.7 2662.3 531.8 149.6 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 1316.5 1003.0 313.5 1394.3 1041.0 353.3 1628.8 1180.2 448.6 1878.1 1305.1 573.0 2192.1 1471.0 721.1 2532.6 1661.7 871.0 2702.9 1846.8 856.1 2229.9 1587.4 642.4 2560.9 1844.4 716.5 2877.9 2094.2 783.7 5 6 7 8 Equals: Net saving (current external balance) 451.6 516.1 624.6 740.5 798.4 716.0 679.0 382.2 448.8 465.8 8 451.6 516.1 624.6 740.5 798.4 716.0 679.0 382.2 448.8 465.8 9 -0.6 -2.2 2.8 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 10 0.1 0.1 0.0 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.1 11 452.1 518.2 621.8 727.7 800.5 715.9 673.6 382.7 449.5 467.5 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) 452.1 518.2 621.8 727.7 800.5 715.9 673.6 382.7 449.5 467.5 13 14 Net acquisition of U.S. financial assets 770.4 820.4 1398.6 1100.3 1854.1 1766.9 584.4 168.2 1148.0 1043.4 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 0.0 0.0 0.0 47.6 0.0 47.6 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 63.1 18.9 -0.6 41.2 3.6 53.8 10.6 4.0 5.2 34.0 39.7 13.3 9.1 34.1 -16.8 28.9 8.4 6.4 6.7 7.3 54.8 2.2 9.2 11.5 31.9 -76.6 -10.7 5.2 40.3 -111.4 540.2 29.2 34.8 65.5 410.8 -322.7 12.6 -21.8 -43.1 -270.4 -1.7 28.3 1.2 16.9 -48.2 336.0 55.0 26.8 33.1 221.1 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 457.1 18.1 160.9 127.1 3.5 147.5 583.6 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 -127.3 643.1 -0.5 739.8 -72.3 13.1 -37.0 318.9 0.7 412.1 -24.2 -1.4 -68.3 23 24 25 26 27 28 29 30 31 32 Loans (short term) Security repurchases (net) Loans to U.S. corporate business Security credit 25.6 15.5 10.1 0.0 86.0 86.9 -0.8 0.0 76.5 70.3 6.3 0.0 76.8 45.5 31.3 0.0 8.6 2.4 6.2 0.0 67.1 -35.2 102.3 0.0 -258.7 -214.0 -44.7 0.0 -190.3 -146.4 -44.0 0.0 -146.3 -126.1 -20.2 0.0 85.1 51.2 33.9 0.0 29 30 31 32 33 34 35 36 37 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 138.4 1.1 54.4 -1.5 84.4 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 57.2 150.4 383.4 -7.1 73.2 111.5 205.8 261.3 -20.8 -99.3 147.4 234.0 33 34 35 36 37 38 39 40 Other accounts receivable Trade receivables Other (miscellaneous assets) 86.2 2.6 83.6 -0.8 1.3 -2.1 226.5 -1.1 227.5 72.0 7.9 64.1 434.7 5.9 428.8 438.5 20.8 417.7 -555.9 6.5 -562.4 96.4 6.6 89.8 269.6 19.6 250.0 42.1 17.2 24.9 38 39 40 270.0 289.4 863.2 386.5 1046.7 1149.3 -152.2 -71.3 765.3 488.2 41 0.5 -0.6 0.4 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 42 41 Net incurrence of liabilities 42 SDR holdings 43 44 45 46 47 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 24.3 0.6 2.6 21.0 0.1 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 -101.8 0.7 3.4 -106.0 0.2 27.8 0.5 1.3 25.9 0.1 -14.9 -0.5 18.1 -32.4 -0.1 43 44 45 46 47 48 49 50 Debt securities Commercial paper Bonds 90.4 58.8 31.6 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 4.3 -53.5 57.8 48 49 50 51 52 53 54 55 Loans (short term) Other loans and advances Depository institution loans n.e.c. Security debt Nonoff. foreign currencies (swap lines) 3.0 -2.3 5.3 0.0 0.0 -4.6 -2.1 -2.5 0.0 0.0 0.2 -3.6 3.8 0.0 0.0 9.9 -4.6 14.5 0.0 0.0 6.4 -7.4 13.8 0.0 0.0 44.9 -3.2 24.1 0.0 24.0 533.3 -1.5 5.1 0.0 529.7 -554.3 0.3 -11.2 0.0 -543.5 7.9 0.2 17.9 0.0 -10.2 130.3 1.4 29.2 0.0 99.7 51 52 53 54 55 Integrated Accounts Financial account 144 Z.1, June 6, 2013 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 56 57 58 59 60 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 172.3 17.0 1.5 154.5 -0.6 313.1 118.0 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 -9.1 378.3 63.7 1.7 289.5 23.5 419.9 79.1 2.3 327.9 10.6 541.6 89.0 2.6 419.3 30.6 56 57 58 59 60 61 62 63 Other accounts payable Trade payables Other (miscellaneous liabilities) -20.5 -4.9 -15.5 -101.3 6.1 -107.4 243.5 3.5 240.0 5.1 6.3 -1.1 203.7 6.2 197.5 93.3 12.4 80.9 -349.2 -9.9 -339.3 -64.3 6.1 -70.5 252.5 25.8 226.7 -171.3 -32.2 -139.1 61 62 63 500.4 531.1 535.4 713.8 807.4 617.6 736.6 239.5 382.7 555.1 64 28.0 -20.3 -48.3 -117.8 -130.6 -12.8 -81.7 4.7 86.4 -274.6 -260.7 13.9 74.3 67.4 -6.9 -252.0 -153.7 98.3 -284.8 -347.8 -63.0 -444.9 -301.7 143.2 -244.9 -178.1 66.8 158.5 70.8 -87.7 65 66 67 -407.7 438.0 182.2 -53.9 382.5 264.3 -1610.5 492.7 595.6 372.3 68 0.5 0.6 0.3 -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 69 -14.3 29.4 -0.6 -43.1 -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 -26.0 239.1 152.6 56.2 1.4 94.9 270.4 192.5 29.7 48.2 70 71 72 73 -393.8 -273.8 -17.1 -102.9 487.0 447.8 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 -149.6 444.0 412.1 38.2 -6.3 102.0 -79.7 74.2 77.1 74 75 76 77 64 Addendum: Net lending, financial account (lines 14-41) Other changes in volume account 65 66 67 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 12-[14-41]) (2) Revaluation account 68 Financial assets 69 SDR allocations 70 71 72 73 Debt securities Treasury securities Agency- and GSE-backed securities Corporate bonds 74 75 76 77 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 78 -115.5 771.2 558.0 642.1 964.8 1059.5 -2783.4 1345.3 581.1 -613.4 78 79 SDR holdings 0.9 1.1 0.5 -0.9 0.4 0.5 -0.2 0.2 -1.0 -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 5.8 4.3 1.5 0.0 0.0 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 80 81 82 83 84 85 Debt securities (corporate bonds) 114.1 137.5 30.2 -37.9 36.2 92.8 -191.0 169.7 59.2 16.5 85 86 87 88 Equity and investment fund shares Corporate equities U.S. direct investment abroad -236.2 -255.6 19.5 625.3 587.4 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 1174.7 1183.2 -8.5 522.0 572.5 -50.5 -622.3 -577.7 -44.6 86 87 88 -292.2 -333.3 -375.8 -695.9 -582.3 -795.3 1173.0 -852.5 14.5 985.7 89 187.9 67.2 164.4 -242.8 292.5 -331.3 1561.8 -914.7 219.1 1611.7 90 7850.7 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.6 17405.5 18801.8 91 89 Liabilities Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 90 Change in net worth (lines 12+65+89) Financial balance sheet account (end of period) (3) Integrated Accounts 91 Total financial assets 92 SDR allocations 6.7 7.3 7.6 7.0 7.4 7.7 7.5 55.4 54.4 54.2 92 93 94 95 96 97 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 525.4 248.1 25.3 143.3 108.7 520.6 258.7 4.2 115.0 142.7 560.3 272.0 13.3 149.2 125.9 589.2 280.4 19.7 155.9 133.2 644.0 282.6 28.9 167.4 165.1 567.4 272.0 34.2 207.6 53.7 1107.7 301.1 69.0 273.1 464.5 785.0 313.8 47.2 230.0 194.0 783.3 342.1 48.4 246.9 145.9 1119.3 397.1 75.2 280.0 367.0 93 94 95 96 97 98 99 100 101 102 103 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate bonds 3177.2 126.6 1285.5 630.6 11.5 1123.0 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 8336.6 191.0 4466.6 1084.0 71.7 2523.3 8925.9 191.7 5071.1 1089.6 70.3 2503.2 98 99 100 101 102 103 145 Z.1, June 6, 2013 S.9.a Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 154.4 28.5 125.8 0.0 240.4 115.4 125.0 0.0 316.9 185.7 131.2 0.0 393.8 231.2 162.5 0.0 533.4 364.6 168.8 0.0 609.5 338.4 271.1 0.0 341.3 114.9 226.4 0.0 213.5 31.0 182.5 0.0 66.2 -96.1 162.3 0.0 151.3 -44.9 196.1 0.0 104 105 106 107 104 105 106 107 Loans (short term) Security repurchases (net) Loans to U.S. corporate business Security credit 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 2835.7 16.3 1221.6 98.0 1500.0 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 6143.3 69.8 2962.0 513.8 2597.7 6506.6 79.5 2783.0 735.4 2908.8 108 109 110 111 112 113 114 115 Other accounts receivable Trade receivables Other (miscellaneous assets) 1151.3 48.8 1102.5 951.7 50.1 901.6 1324.8 49.0 1275.8 1370.7 56.9 1313.8 1906.1 62.8 1843.3 2274.2 83.6 2190.6 1955.9 90.1 1865.9 1895.9 96.7 1799.2 2021.7 116.3 1905.4 2044.5 133.5 1911.0 113 114 115 116 Total liabilities and net worth 7850.7 8851.6 10579.1 11599.4 14067.7 16037.6 15239.6 15806.6 17405.5 18801.8 116 117 Total liabilities 5715.4 6649.2 8212.3 9475.4 11651.2 13952.4 11592.7 13074.4 14454.2 14238.9 117 118 SDR holdings 12.2 12.6 13.6 8.2 8.9 9.5 9.3 57.8 56.8 55.0 118 119 120 121 122 123 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 889.6 33.8 22.0 831.1 2.6 932.1 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 0.5 903.2 50.5 11.4 840.6 0.7 931.9 52.1 12.5 866.5 0.8 909.5 51.9 22.8 834.1 0.7 119 120 121 122 123 124 125 126 Debt securities Commercial paper Bonds 960.0 257.2 702.7 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 2088.1 398.6 1689.5 2108.9 345.1 1763.8 124 125 126 127 128 129 130 131 Loans (short term) Other loans and advances Depository institution loans n.e.c. Security debt Nonoff. foreign currencies (swap lines) 112.9 44.3 68.6 0.0 0.0 108.2 42.2 66.1 0.0 0.0 108.5 38.6 69.9 0.0 0.0 118.4 34.0 84.4 0.0 0.0 124.8 26.6 98.3 0.0 0.0 150.2 23.4 102.8 0.0 24.0 683.3 21.6 107.9 0.0 553.7 128.9 21.9 96.8 0.0 10.3 137.3 22.1 115.1 0.0 0.1 267.6 23.5 144.3 0.0 99.8 127 128 129 130 131 132 133 134 135 136 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 3268.5 1374.0 38.6 1867.0 -11.1 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 8199.8 3995.3 50.0 4029.5 125.1 9141.7 4646.9 52.3 4306.8 135.6 9060.9 4158.2 54.9 4681.6 166.3 132 133 134 135 136 137 138 139 Other accounts payable Trade payables Other (miscellaneous liabilities) 472.4 38.6 433.8 244.1 44.7 199.4 629.6 48.2 581.4 869.3 54.5 814.8 1237.4 60.7 1176.7 1442.6 73.1 1369.5 1669.6 63.2 1606.4 1813.1 69.3 1743.7 2098.4 95.1 2003.3 1837.0 63.0 1774.0 137 138 139 2135.3 2202.5 2366.8 2124.0 2416.5 2085.2 3646.9 2732.2 2951.3 4562.9 140 140 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