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For use at 12:00 noon, eastern time June 7, 2018 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts First Quarter 2018 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits rose to $100.8 trillion during the first quarter of 2018. The value of directly and indirectly held corporate equities decreased $0.4 trillion and the value of real estate increased $0.5 trillion. annual rate of 4.2 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 2.9 percent. Nonfinancial business debt rose at an annual rate of 4.4 percent in the first quarter of 2018, about the same as in the previous quarter. Domestic nonfinancial debt outstanding was $49.8 trillion at the end of the first quarter of 2018, of which household debt was $15.3 trillion, nonfinancial business debt was $14.4 trillion, and total government debt was $20.1 trillion. Domestic nonfinancial debt expanded 7.2 percent at an annual rate in the first quarter of 2018, up from an annual rate of 2.9 percent in the previous quarter. Household debt increased 3.3 percent at an annual rate in the first quarter of 2018. Consumer credit grew at an Federal government debt increased 15.3 percent at an annual rate in the first quarter of 2018, due primarily to the debt ceiling increase and the restoration of government trust funds that were affected by the Treasury’s extraordinary measures. State and local government debt contracted at an annual rate of 4.2 percent in the first quarter of 2018, after expanding at an annual rate of 4.3 percent in the previous quarter. Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total 2008 56,274 5.8 2009 58,082 2010 62,045 2011 Households Businesses Federal government State and local gov’ts 0.1 5.7 21.4 1.4 3.6 0.4 -4.0 20.4 4.6 4.4 -0.6 -0.7 18.5 2.5 63,117 3.7 -0.0 2.7 10.8 -1.3 2012 68,806 4.6 1.1 4.5 10.1 -0.0 2013 78,552 3.8 1.6 4.7 6.7 -1.7 2014 83,517 4.1 2.2 6.2 5.4 -1.2 2015 86,535 4.3 2.3 6.8 5.0 0.3 2016 91,955 4.5 3.3 5.5 5.6 1.0 2017 99,740 3.8 3.8 5.7 2.8 -0.1 Q1 87,063 5.5 2.4 9.2 6.2 0.7 Q2 87,807 4.4 3.7 4.1 5.7 2.2 Q3 90,091 5.2 4.2 6.1 6.3 0.8 Q4 91,955 2.7 2.8 2.2 3.6 0.4 Q1 94,138 1.8 3.9 6.1 -2.6 -3.3 Q2 95,482 4.1 3.9 5.9 3.6 -1.2 Q3 97,266 6.0 2.7 6.0 10.3 -0.2 Q4 99,740 2.9 4.6 4.4 -0.2 4.3 Q1 100,768 7.2 3.3 4.4 15.3 -4.2 2016: 2017: 2018: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. 2. Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights First Quarter 2018 Topic Description “Flows” now referred to as “transactions” As of this publication, the term “flow” is being replaced by the term “transactions.” The concept being referred to, which is the acquisition of assets or incurrence of liabilities, is not being changed. The change in terminology is intended to prevent confusion with the broader concept sometimes called “economic flow,” which is the change in level from one period to the next and is composed of transactions, revaluations, and other changes in volume. The new terminology brings the Financial Accounts of the United States into better alignment with international guidelines in the System of National Accounts 2008 (SNA2008). Tax on foreign earnings retained abroad required in the December 2017 Tax Cuts and Jobs Act The 2017 Tax Cuts and Jobs Act requires corporations to pay taxes on all foreign earnings retained abroad after 1986 until the end of the company’s most recent fiscal year. Payments may be spread over an eight-year period. The Bureau of Economic Analysis (BEA) shows this tax assessment as a capital transfer in 2017:Q4 (table F.5) from corporations to the federal government. These capital transfers appear on the Financial Accounts’ sector tables as part of “gross savings less net capital transfers” for the nonfinancial corporate business, U.S.chartered depository institutions, property and casualty insurance companies, life insurance companies, finance companies, and brokers and dealers sectors (tables F.103, F.111, F.115, F.116, F.128, and F.130). On the instrument table taxes payable by businesses (tables F.228 and L.228), these tax assessments have been added to the federal government sector as taxes receivable and as taxes payable for the corresponding business sectors. The taxes receivable and payable will be reduced over the next eight years as payments are made. For additional information, see the Financial Accounts technical Q&A on the effects of the Tax Cuts and Jobs Act on Financial Accounts transactions. “Total internal funds + IVA” renamed “Gross savings less net capital transfers paid” for the nonfinancial corporate business sector The nonfinancial corporate business sector series “Total internal funds + IVA” (table F.103) has been renamed “Gross savings less net capital transfers paid,” consistent with the language in the SNA2008 and in other sector tables. There was no change in the calculation of the series. In addition, the calculation of the sector’s financing gap shown as a memo item has been corrected to exclude the sector’s net capital transfers paid. Changes to the components of liquid assets of the nonfinancial business sector Liquid asset components of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised back to 2010:Q4 to incorporate the Census Bureau’s Quarterly Financial Report data for the service industry. Also, the allocation of deposits between checkable deposits and currency, and time and savings deposits for the nonfinancial corporate business sector and the nonfinancial noncorporate business sector (tables F.104, L.104, B.104, and R.104) has been re-estimated back to 2004:Q1 because of a change in methodology. iv Topic Description Nonfinancial corporate business benchmark Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2016:Q1 forward to reflect new data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2016. Corporate credit unions The credit union sector (tables F.114 and L.114) has been revised from 1997:Q1 to 2010:Q4 to incorporate data from the National Credit Union Administration (NCUA) for all corporate credit unions. Previously, the Financial Accounts included only natural person credit unions and the U.S. Central Credit Union for this period. Additionally, U.S. Central Credit Union holdings of non-agency-related mortgage-backed securities, assetbacked securities, and commercial mortgage-backed securities have been reclassified from the instrument category agencyand GSE-backed securities to corporate and foreign bonds based on NCUA Form 5310 data. Foreign financial sector issuance of commercial paper in the United States Foreign financial sector issuance of commercial paper in the United States (tables F.209 and L.209) has been revised back to 2003:Q1 because of a change in the method for estimating foreign versus domestic issuance of asset-backed commercial paper. This change aligns the Financial Accounts with the BEA’s International Transactions Accounts measure of foreign issuance of commercial paper in the United States. Depository institution loans n.e.c. The instrument category depository institution loans n.e.c. (tables F.215 and L.215) has been revised due to several changes in methodology. First, depository institution loans n.e.c. to holding companies have been reclassified as corporate and foreign bonds (tables F.131, L.131, F.213 and L.213). Additionally, depository institution loans n.e.c. to the rest of the world sector (tables F.133 and L.133) have been changed in two ways: Loans to foreign banks have been reclassified as interbank transactions (tables F.203 and L.203) to be consistent with the treatment recommended in the SNA2008 and, beginning in 2010:Q1, loans to foreign non-depository financial institutions have been added to depository institution loans n.e.c. of the rest of the world sector. v vi Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, “Financial Accounts of the United States,” or Financial Accounts, is organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing transactions and levels across sectors and tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Transactions of financial assets and liabilities, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by 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 equity detail of the household and nonprofit organization sector and data on nonprofit organizations Integrated Macroeconomic Accounts (IMA) The IMA relate production, income, saving, and capital formation from the Bureau of Economic Analysis’s (BEA) 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 BEA and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008). Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA2008 guidelines. Nonetheless, a few important differences remain, in particular, the following in the Financial Accounts: ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Some debt securities are recorded at book value rather than market value. Concepts of Levels and Transactions 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 holding gains and losses; 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 practice, other volume changes are relatively rare, and revaluations occur mainly for series carried at market value (such as corporate equities, real estate, and some debt securities), so for many series the change in the level is equal to the transactions element. Growth Rates Growth rates calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on the growth of a given asset or liability, users should calculate the ratio of transactions in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing transactions at a seasonally adjusted annual rate 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 may differ from those in table D.1. Seasonal Adjustment Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of transaction 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 transactions. vii Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the “Financial Accounts,” major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. Sources of funds are gross savings less net capital transfers paid and net increase in liabilities; uses of funds are capital expenditures and the net acquisition of financial assets. If a sector’s sources of funds are greater than its uses of funds, the sector is a net lender of funds in the accounts. In the reverse case, the sector would be a net borrower of funds. Most of the data for deriving gross savings come from the BEA’s NIPA. 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. Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. 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. Some data submissions to international organizations are also available in the guide. The guide is updated with the quarterly release and is available online: www.federalreserve.gov/apps/fof Enhanced Financial Accounts and Data Visualization Additional supplementary information is available online in the Enhanced Financial Accounts, which augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and more-disaggregated data. Links to the Enhanced Financial Accounts are available from both the Financial Accounts Guide page and the main release page. In addition, interactive online data visualizations are available for selected components of the Financial Accounts and Enhanced Financial Accounts. Links are available also on the same pages. Production Schedule The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online: www.federalreserve.gov/releases/Z1 This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, levels outstanding, balance sheets, debt tables, supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program online: www.federalreserve.gov/datadownload/default.htm 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 viii ix Description of Most Recent Data Available Sector Table Available at time of publication National income and product accounts (NIPA) (various tables) Second estimate, seasonally adjusted, for 2018:Q1. Unadjusted transactions through 2016:Q4 for the government sectors. Many BEA series are downloaded via Haver Analytics. Households and nonprofit organizations sector (tables F.101 and L.101) 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 2018:Q1. The source for nonprofit organizations data (tables F.101.a and L.101.a) is the Internal Revenue Service Statistics of Income (IRS/SOI). Data for nonprofit organizations are available annually for 1987 through 2014. Nonfinancial corporate business (tables F.103 and L.103) Quarterly Financial Report (QFR) of the Census Bureau through 2018:Q1; IRS/SOI data through 2016; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2018:Q1. Corporate farm data through 2016. Nonfinancial noncorporate business (tables F.104 and L.104) IRS/SOI data through 2014; bank and finance company loans, and mortgage borrowing through 2018:Q1. Noncorporate farm data through 2016. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays, Monthly Statement of the Public Debt, and loan programs through 2018:Q1. State and local governments (tables F.107 and L.107) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2018:Q1; total financial assets from Census Bureau through 2015:Q2; additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2. Monetary authority (tables F.109 and L.109) All data through 2018:Q1. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2018:Q1. Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2018:Q1. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2018:Q1. Credit unions (tables F.114 and L.114) Credit Union National Association and corporate credit union Call Report data through 2018:Q1. Credit union Call Report data through 2017:Q4. Property-casualty insurance companies (tables F.115 and L.115) All data through 2018:Q1. x Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) All data through 2018:Q1. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2016. Investment Company Institute data through 2017:Q4. Annual actuarial liability data from the BEA through 2016:Q4. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2018:Q1. Annual actuarial liability data from the BEA through 2016:Q4. State and local government employee retirement funds (tables F.120 and L.120) Detailed annual survey data through 2016:Q2 and quarterly survey data through 2017:Q4 from the Census Bureau. Investment Company Institute data through 2017:Q4. Annual actuarial liability data from the BEA through 2016:Q4. Money market funds (tables F.121 and L.121) All data through 2018:Q1. Mutual funds (tables F.122 and L.122) All data through 2018:Q1. Closed-end funds (tables F.123 and L.123) All data through 2018:Q1. Exchange-traded funds (tables F.124 and L.124) All data through 2018:Q1. Government sponsored enterprises (GSEs) (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, FICO, REFCORP, Farmer Mac, FCS, amd FHLB through 2018:Q1. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) Data for Freddie Mac, Fannie Mae, Farmer Mac and Ginnie Mae through 2018:Q1. Issuers of asset-backed securities (ABS) (tables F.127 and L.127) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2018:Q1. Finance companies (tables F.128 and L.128) All data through 2018:Q1. Real estate investment trusts (REITs) (tables F.129 and L.129) All data through 2018:Q1. Security brokers and dealers (tables F.130 and L.130) Data for firms filing FOCUS and FOGS reports through 2017:Q3. Holding companies (table F.131 and L.131) All data through 2018:Q1. Funding corporations (tables F.132 and L.132) Estimates for this sector are largely residuals and are derived from data for other sectors. Rest of the world (tables F.133 and L.133) NIPA estimates, bank Call Reports, and Treasury International Capital System through 2018:Q1. Balance of Payments and International Investment Position data through 2017:Q4. xi List of Data Tables Title Table Page Summaries Financial Accounts Matrix—Transactions 1 Financial Accounts Matrix—Levels 3 Debt Growth by Sector D.1 5 Borrowing by Sector D.2 6 Debt Outstanding by Sector D.3 7 Derivation of U.S. Net Wealth B.1 8 Distribution of Gross Domestic Product F.2 9 Distribution of National Income F.3 10 Saving and Investment F.4 11 Net Capital Transfers F.5 12 Derivation of Measures of Personal Saving F.6 13 Assets and Liabilities of the Personal Sector L.6 14 Transactions Title Levels Table Page Table Page F.100 15 L.100 77 Households and Nonprofit Organizations F.101 16 L.101 78 Nonfinancial Business F.102 17 L.102 79 Nonfinancial Corporate Business F.103 18 L.103 80 Nonfinancial Noncorporate Business F.104 19 L.104 81 F.105 20 L.105 82 Federal Government F.106 21 L.106 83 State and Local Governments F.107 22 L.107 84 F.108 23 L.108 85 Monetary Authority F.109 24 L.109 86 Private Depository Institutions F.110 25 L.110 87 U.S.-Chartered Depository Institutions F.111 26 L.111 88 Foreign Banking Offices in U.S. F.112 27 L.112 89 Banks in U.S.-Affiliated Areas F.113 28 L.113 90 Credit Unions F.114 29 L.114 90 F.115 29 L.115 91 Sectors Domestic Nonfinancial General Government Domestic Financial Property-Casualty Insurance Companies xii Sectors Life Insurance Companies F.116 30 L.116 92 Life Insurance Companies: General Accounts F.116.g 31 L.116.g 93 Life Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93 F.117 32 L.117 94 F.118 33 L.118 95 Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96 Private Pension Funds: Defined Contribution Plans F.118.c 34 L.118.c 96 F.119 35 L.119 97 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 36 L.119.b 98 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 37 L.119.c 98 F.120 37 L.120 99 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 100 Money Market Funds F.121 39 L.121 101 Mutual Funds F.122 39 L.122 101 Closed-End Funds F.123 40 L.123 102 Exchange-Traded Funds F.124 40 L.124 102 Government-Sponsored Enterprises F.125 41 L.125 103 Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103 Issuers of Asset-Backed Securities F.127 42 L.127 104 Finance Companies F.128 43 L.128 105 Real Estate Investment Trusts (REITs) F.129 44 L.129 106 Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107 Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107 Security Brokers and Dealers F.130 46 L.130 108 Holding Companies F.131 47 L.131 109 Funding Corporations F.132 48 L.132 110 F.133 49 L.133 111 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xiii Instruments U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 50 L.201 112 U.S. Deposits in Foreign Countries F.202 50 L.202 112 Net Interbank Transactions F.203 51 L.203 113 Checkable Deposits and Currency F.204 52 L.204 114 Time and Savings Deposits F.205 53 L.205 115 Money Market Fund Shares F.206 53 L.206 115 Federal Funds and Security Repurchase Agreements F.207 54 L.207 116 Debt Securities F.208 55 L.208 117 Open Market Paper F.209 56 L.209 118 Treasury Securities F.210 57 L.210 119 Agency- and GSE-Backed Securities F.211 58 L.211 120 Municipal Securities F.212 59 L.212 121 Corporate and Foreign Bonds F.213 60 L.213 122 F.214 61 L.214 123 Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124 Other Loans and Advances F.216 63 L.216 125 Total Mortgages F.217 64 L.217 126 Home Mortgages F.218 65 L.218 127 Multifamily Residential Mortgages F.219 65 L.219 127 Commercial Mortgages F.220 66 L.220 128 Farm Mortgages F.221 66 L.221 128 F.222 67 L.222 129 Corporate Equities F.223 68 L.223 130 Mutual Fund Shares F.224 68 L.224 130 Trade Credit F.225 69 L.225 131 Life Insurance Reserves F.226 69 L.226 131 Pension Entitlements F.227 70 L.227 132 Taxes Payable by Businesses F.228 70 L.228 132 Proprietors' Equity in Noncorporate Business F.229 70 L.229 132 Direct Investment F.230 71 L.230 133 Loans Consumer Credit xiv Total Miscellaneous Financial Claims F.231 72 L.231 134 Identified Miscellaneous Financial Claims—Part I F.232 73 L.232 135 Identified Miscellaneous Financial Claims—Part II F.233 74 L.233 136 Unidentified Miscellaneous Financial Claims F.234 75 L.234 137 Sector Discrepancies F.7 76 Instrument Discrepancies F.8 76 Balance Sheet Title Change in Net Worth Table Page Table Page Households and Nonprofit Organizations B.101 138 R.101 141 Nonfinancial Corporate Business B.103 139 R.103 142 Nonfarm Noncorporate Business B.104 140 R.104 143 Balance Sheet and Change in Net Worth Transactions Title Table Page Levels Table Page Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.101.a Title 145 B.101.e 144 L.101.a 146 Table Page Total Economy—Current Account S.1.a 147 Selected Aggregates for Total Economy and Sectors S.2.a 148 Households and Nonprofit Institutions Serving Households S.3.a 150 Nonfinancial Noncorporate Business S.4.a 153 Nonfinancial Corporate Business S.5.a 156 Financial Business S.6.a 159 Central Bank S.61.a 162 Private Depository Institutions S.62.a 164 Insurance Companies S.63.a 167 Pension Funds S.64.a 170 Other Financial Business S.65.a 173 Federal Government S.7.a 176 State and Local Governments S.8.a 179 Rest of the World S.9.a 182 Integrated Macroeconomic Accounts for the United States Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities 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 repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous Sector discrepancies (1 less 4) 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 32 33 34 35 36 37 38 39 40 41 42 43 44 -252.5 7.6 375.6 -44.1 --42.3 83.5 349.4 19.6 -31.8 --24.0 -2.5 -5.3 -109.8 --44.4 56.7 -47.1 -75.0 ---10.9 -42.7 236.7 30.4 -- 523.5 1101.3 -- 2662.0 2138.5 1383.8 619.9 144.5 --9.8 ---- U (1) -- ------1.8 --15.8 558.6 2.8 35.4 331.9 188.5 1.6 ---1.6 -- ---------- --577.8 -------- 2409.5 1597.2 812.2 S (2) Households and Nonprofit Organziations 124.3 ----333.6 -429.1 -5.4 262.7 -0.6 --0.3 -0.9 37.8 24.5 3.3 -0.1 10.1 -- ---106.3 -144.2 68.1 -1.1 -25.6 -218.8 1359.7 -- 1975.2 2194.0 -129.3 2049.6 15.7 -0.6 ---- U (3) -- --216.0 48.7 -243.0 431.1 -378.8 -248.3 467.0 76.2 130.0 260.8 -- 303.1 25.9 --13.1 264.2 ---------- --1578.5 -------- 2099.6 1756.0 343.5 S (4) Nonfinancial Business -54.6 --297.6 ---10.2 -0.1 --1.0 100.2 -2.4 1.6 96.3 0.0 --0.0 -0.0 -1.7 -----170.2 0.4 --- -438.2 235.3 -- -155.8 282.3 -0.2 282.6 --0.5 ---- U (5) -- -0.2 -----202.7 --24.0 0.0 --0.0 -- 447.0 -447.0 -0.1 --- 0.0 0.0 0.0 ------- --673.5 -------- -210.4 273.8 -484.2 S (6) Federal Government -18.1 --3.1 ---5.8 4.4 2.3 17.7 10.7 --10.7 -- 56.1 2.8 9.0 35.2 0.7 8.3 -----3.6 14.5 8.3 6.6 -172.0 133.1 -- 177.7 349.6 -5.7 333.0 -10.9 ---- U (7) -- ------266.2 --42.5 0.4 -0.4 --- -4.1 ----4.1 -- ---------- --305.1 -------- 159.6 264.5 -104.9 S (8) State and Local Governments -200.8 7.6 375.6 300.6 44.1 333.6 -487.4 87.8 357.1 299.1 78.6 --21.6 10.1 90.1 -16.0 27.3 -32.1 91.9 -36.4 -66.7 -1.7 --117.1 -20.4 319.7 37.6 -19.0 -305.5 2829.5 -- 4659.1 4964.5 1383.8 755.2 2809.8 15.7 0.0 ---- U (9) -- -0.2 -216.0 48.7 -243.0 901.8 -378.8 -330.7 1026.1 79.0 165.8 592.7 188.5 747.6 25.9 447.0 -0.1 10.6 264.2 0.0 0.0 0.0 ------- --3134.9 -------- 4458.2 3891.6 566.6 S (10) Domestic Nonfinancial Sectors (Billions of dollars; seasonally adjusted) Financial Accounts Matrix--Transactions for 2017 -196.0 10.4 ---29.0 -994.1 -24.0 -66.6 9.6 919.8 99.0 136.7 585.6 98.5 833.4 59.3 155.5 232.0 39.8 346.9 0.0 0.0 0.8 1.9 196.0 3.5 23.2 76.9 287.3 243.3 3295.5 -- 497.1 253.7 --1.7 255.4 --- ---- U (11) -- 18.2 375.6 63.3 -4.6 -43.8 497.5 388.4 313.0 -4.2 16.4 11.4 1.9 3.1 -- 396.2 -35.5 -346.7 -85.0 ----294.8 104.5 359.9 119.2 70.2 --3052.2 -------- 301.0 217.3 83.8 S (12) Domestic Financial Sectors 162.8 -----286.9 -- 139.6 22.5 18.1 57.0 -57.0 --- 676.9 -5.6 323.6 22.7 7.2 328.8 0.0 ---99.7 79.9 17.0 4.7 43.6 325.8 1445.9 -- 325.8 -0.0 -----0.0 ---- -- ----362.6 -3.6 193.8 -4.4 12.9 8.6 4.3 --- 350.5 90.6 ---259.9 -1.7 --226.5 -----32.6 --1120.1 -------- 488.6 -488.6 S (14) Rest of the World U (13) 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. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, June 7, 2018 -234.1 18.1 375.6 300.6 44.1 362.6 286.9 1481.4 203.4 313.0 326.8 1055.4 99.0 172.0 595.8 188.5 1494.3 81.1 447.0 346.6 10.6 609.0 -1.7 0.0 0.8 119.0 295.7 103.8 359.9 119.2 312.0 263.7 7570.8 -- 5481.9 5218.2 1383.8 753.5 3065.2 15.7 -- ---- U (15) S (16) ---- -234.1 ---21.3 ----78.6 --4.2 ------ ------- ---0.8 107.5 -0.9 0.7 ---274.4 -263.7 --- -234.1 29.6 ------ (17) Instrument Discrepancy Summary -- 18.1 375.6 279.4 44.1 362.6 286.9 1402.8 203.4 313.0 330.9 1055.4 99.0 172.0 595.8 188.5 1494.3 81.1 447.0 346.6 10.6 609.0 -1.7 0.0 0.0 226.5 294.8 104.5 359.9 119.2 37.6 --7307.2 -------- 5247.8 4108.9 1139.0 All Sectors 1 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities 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 repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous Sector discrepancies (1 less 4) 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 32 33 34 35 36 37 38 39 40 41 42 43 44 ---- 157005005 153040005 153050005 -152090205 --153090005 153064105 153064205 163070005 154023005 -153069005 153065005 163066223 154022005 -153061105 153061705 153062005 153063005 ---153091003 -153020005 153030005 153034005 -- 155000005 154090005 -- 155090005 155050005 155111003 155012005 165013005 -155420003 U (1) -- ------543077073 --163170005 154123005 153168005 153169005 153165005 153166000 163162003 ---163162003 -- ---------- --154190005 -------- 156000105 156300005 156006305 S (2) Households and Nonprofit Organziations ---- 107005005 ----103092005 -143090005 -103064203 143070005 144023005 --143065005 143066005 144022005 103069100 143061105 103061703 143062005 -- ---103091003 -143020005 143030005 143034005 102051003 145000005 144090005 -- 145090005 145050005 -145012005 145013005 145020005 105420005 U (3) -- --143178005 112090205 -143192005 143190005 103164103 -143170005 144123005 143168005 143169005 143165005 -- 104122005 103169100 --103162000 103163003 ---------- --144190005 -------- 146000105 146300005 146006305 S (4) Nonfinancial Business ---- 317005005 --313078005 ---313090005 313064105 -313070000 314023005 -313069005 313065005 313066220 314022005 --313061703 -313063763 313011005 ----313020005 313030003 --- 315000005 314090005 -- 315090005 315050005 -315012065 315013005 -315420003 U (5) -- 313140003 -----313190005 --313170005 313165403 --313165403 -- 314122005 -313161105 313161705 --- 313111303 713014003 313112003 ------- --314190005 -------- 316000105 316300003 316006305 S (6) Federal Government ---- 217005005 --213078005 ---213093003 213064103 213064203 213070003 213065005 --213065005 -- 214022005 213069103 213061105 213061703 213062003 213063003 -----213020005 213030005 213034003 212051003 215000005 214090005 -- 205090005 205050005 -215012063 215013005 -205420003 U (7) -- ------223073045 --213170003 213169203 -213169203 --- 213162005 ---213162005 -- ---------- --214190005 -------- 206000105 206300003 206006305 S (8) State and Local Governments ---- 387005005 153040005 153050005 383078005 152090205 103092005 -383090005 383064105 383064205 383070005 384023005 -383069005 383065005 383066005 384022005 383069105 383061105 383061705 383062005 383063005 313011005 --383091005 -383020005 383030005 383034005 382051005 385000005 384090005 -- 385090005 385050005 155111003 385012005 385013005 145020005 385420005 U (9) -- 313140003 -143178005 112090205 -143192005 383190005 103164103 -383170005 384123005 383168005 383169005 383165005 153166000 384122005 103169100 313161105 313161705 383162005 103163003 313111303 713014003 313112003 ------- --384190005 -------- 386000105 386300005 386006305 S (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Transactions ---- 797005005 793040005 ---793092005 -793090005 793064105 793064205 793070005 794023005 793068005 793069005 793065005 793066005 794022005 793069175 793061105 793061705 793062005 793063005 713011005 713014003 713012003 633091003 794010005 793020005 793030005 793034005 792050005 795000005 794090005 -- 795090005 795019005 -645012063 795013005 --- U (11) S (12) -- 543140005 153050005 793178005 662090205 -793192005 793190005 793164105 653164205 663170003 794123005 793168005 793169005 643165005 -- 794122005 793169175 -423161705 -793163005 ----794110005 793120005 703130005 634090005 792150005 --794190005 -------- 796000105 796300005 796006305 Domestic Financial Sectors 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. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, June 7, 2018 ---- 267005005 -----263092001 -- 263064105 263064203 263070003 263069500 -263069500 --- 264022005 263069103 263061105 263061705 263062003 263063005 263011005 ---264016005 263020005 263030005 263034003 262051003 265000005 264090005 -- 265090005 265420005 ----265420005 U (13) -- ----263192005 -263190005 263164103 -263170003 264123005 263168005 263169005 --- 264122005 263169105 ---263163005 263111005 --263191005 ----262151003 --264190005 -------- 266000105 -266000105 S (14) Rest of the World ---- 897005005 883140005 153050005 893078005 152090205 263192005 263092001 893090005 893064105 653164205 893070005 894123005 793068005 893169005 893065005 153166000 894122005 893169175 313161105 893161705 383162005 893163005 893011005 713014003 713012003 893091005 894010005 893020005 703130005 634090005 892050005 895000005 894090005 -- 895090005 895050005 155111003 885012005 885013005 145020005 -- U (15) S (16) -- 883140005 153050005 893178005 152090205 263192005 263092001 893190005 893064105 653164205 893170005 894123005 793068005 893169005 893065005 153166000 894122005 893169175 313161105 893161705 383162005 893163005 893111005 713014003 313112003 263191005 794110005 793120005 703130005 634090005 892150005 --894190005 -------- 896000105 886300005 896006305 All Sectors ---- 907005005 --903078005 ---903090005 --903070005 ------ ------- --903012005 903091005 904010005 903020005 --902050005 905000005 --- 907005005 906000105 ------ (17) Instrument Discrepancy Summary 2 Total liabilities and equity Total liabilities 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 repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 2 3 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 32 33 1047.2 -- -- 11821.6 -- 23292.6 1387.3 296.2 8628.6 17949.5 36.6 112.4 817.5 -- 966.5 820.4 1641.4 492.0 1366.6 -- 4320.3 -- 1053.4 9283.5 1151.5 -- 36.5 -- -- -- -- -- 81234.6 A (1) -- 33.1 -- -- -- -- -- -- 364.8 -- -- 3832.7 10327.4 462.6 293.1 14915.8 -- 216.9 -- -- -- 216.9 -- -- -- -- -- -- -- -- -- 15530.7 15530.7 L (2) Households and Nonprofit Organizations 13821.6 -- 5562.7 -- -- -- -- 3937.7 276.5 -- 41.8 69.8 -- -- 111.7 -- 34.4 13.7 109.7 185.2 343.0 83.9 560.4 1157.4 1455.7 -- 197.0 -- -- -- -- -- 27507.4 -- 5952.6 3914.8 -- 11758.3 373.7 -- -- 3187.7 -- 26873.4 -- 4330.3 1499.6 2309.5 8139.3 5357.6 567.6 -- -- 206.7 6131.8 -- -- -- -- -- -- -- -- -- 27699.9 66331.6 L (4) Nonfinancial Business A (3) Financial Accounts Matrix--Levels for 2017 196.4 -- -- -- 458.6 -- -- 64.0 -- 33.2 1145.6 121.2 200.2 -- 1467.0 0.5 -- 0.0 -- -- 0.5 -- -- 1.9 232.0 -- -- -- -- 91.0 -- -- 2544.4 A (5) -- 2299.0 -- -- -- -- -- 51.1 320.2 -- -- -- 0.0 -- -- 0.0 -- -- 24.4 16430.9 -- 16455.3 -- -- -- -- -- -- 25.3 5.2 50.3 19206.4 19206.4 L (6) Federal Government 133.1 -- -- -- 154.4 -- -- 223.5 104.2 212.7 -- 237.6 -- -- 237.6 191.7 15.4 455.4 722.6 64.7 1449.8 152.4 190.2 391.9 96.2 -- -- -- -- -- -- -- 3346.0 A (7) 1674.0 -- -- -- -- -- -- 947.2 -- -- -- -- 18.2 -- 18.2 -- 3079.3 -- -- -- 3079.3 -- -- -- -- -- -- -- -- -- 5718.7 5718.7 -- L (8) State and Local Governments 15198.4 -- 5562.7 11821.6 613.0 23292.6 1387.3 4521.3 9009.3 18195.4 1224.0 541.0 1017.7 -- 2782.7 1012.5 1691.2 961.1 2198.9 249.9 6113.6 236.2 1804.0 10834.7 2935.3 -- 233.5 -- -- 91.0 -- -- 114632.5 A (9) -- 9958.7 3914.8 -- 11758.3 373.7 -- 51.1 4820.0 -- 26873.4 3832.7 14657.7 1980.4 2602.6 23073.4 5357.6 3863.8 24.4 16430.9 206.7 25883.3 -- -- -- -- -- -- 25.3 5.2 50.3 68155.7 106787.4 L (10) Domestic Nonfinancial Sectors 14069.0 -- 942.5 -- -- -- 225.2 154.2 6079.8 20556.8 2608.7 14356.2 2281.7 3387.0 22633.6 8074.2 2071.1 6896.2 7921.7 579.1 25542.3 2892.5 930.2 287.0 428.2 2025.4 3.7 49.4 5.2 32.2 -- -- 96857.2 A (11) 8322.7 744.2 -- 63.3 163.9 23292.6 1561.4 32.5 15899.0 9887.4 -- 239.5 1525.5 302.9 2068.0 4808.0 -- 8842.8 -- 238.1 13888.8 2976.0 2847.3 11692.4 4214.4 2168.1 -- -- -- -- 89871.2 99821.9 -- L (12) Domestic Financial Sectors (Billions of dollars; amounts outstanding end of period, not seasonally adjusted) -- 4658.9 -- -- -- -- -- 193.7 809.9 7035.6 -- -- 260.3 -- 260.3 3864.4 101.5 1009.9 6310.3 136.9 11423.0 776.3 113.1 570.7 847.7 157.2 -- -- -- 50.3 -- -- 26896.7 A (13) 155.1 -- 6505.1 -- -- -- -- 51.6 -- 9027.0 -- -- 53.7 481.5 535.2 2785.6 -- -- -- 521.2 3306.8 868.2 -- -- -- -- 716.5 -- -- 112.1 12250.7 21277.7 -- L (14) Rest of the World 29267.4 4658.9 6505.1 11821.6 613.0 23292.6 1612.5 4869.2 15899.0 45787.8 3832.7 14897.2 3559.7 3387.0 25676.6 12951.1 3863.8 8867.2 16430.9 965.9 43078.9 3905.0 2847.3 11692.4 4211.2 2182.6 237.2 49.4 5.2 173.4 -- -- L (16) -- 18436.5 4658.9 6505.1 11821.6 537.6 23292.6 1612.5 4904.0 15899.0 45787.8 3832.7 14897.2 3559.7 3387.0 25676.6 12951.1 3863.8 8867.2 16430.9 965.9 43078.9 3844.1 2847.3 11692.4 4214.4 2168.1 716.5 25.3 5.2 162.4 170277.5 227887.0 All Sectors 238386.3 A (15) 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 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, June 7, 2018 Summary -10830.9 -- -- -- -75.4 -- -- 34.8 -- -- -- -- -- -- -- -- -- -- -- -- -- -60.9 -- -- 3.2 -14.5 479.3 -24.1 -- -11.0 -- -- -10499.4 (17) Instrument Discrepancy 3 Total liabilities and equity Total liabilities 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 repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 2 3 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 32 33 153090005 -- -- 152090205 -- 153050005 153040005 163070005 153064205 153064105 163066223 153065005 153069005 -- 154023005 153063005 153062005 153061705 153061105 -- 154022005 -- 153034005 153030005 153020005 -- 153091003 -- -- -- -- -- 154090005 A (1) -- 543077073 -- -- -- -- -- -- 163170005 -- -- 153166000 153165005 153169005 153168005 154123005 -- 163162003 -- -- -- 163162003 -- -- -- -- -- -- -- -- -- 154190005 154190005 L (2) Households and Nonprofit Organizations 143090005 -- 103092005 -- -- -- -- 143070005 103064203 -- 143066005 143065005 -- -- 144023005 -- 143062005 103061703 143061105 103069100 144022005 102051003 143034005 143030005 143020005 -- 103091003 -- -- -- -- -- 144090005 A (3) -- 143190005 143192005 -- 112090205 143178005 -- -- 143170005 -- 103164103 -- 143165005 143169005 143168005 144123005 103163003 103162000 -- -- 103169100 104122005 -- -- -- -- -- -- -- -- -- 144190005 144194005 L (4) Nonfinancial Business 313090005 -- -- -- 313078005 -- -- 313070000 -- 313064105 313066220 313065005 313069005 -- 314023005 313063763 -- 313061703 -- -- 314022005 -- -- 313030003 313020005 -- -- -- -- 313011005 -- -- 314090005 A (5) -- 313190005 -- -- -- -- -- 313140003 313170005 -- -- -- 313165403 -- -- 313165403 -- -- 313161705 313161105 -- 314122005 -- -- -- -- -- -- 313112003 713014003 313111303 314190005 314190005 L (6) Federal Government 213093003 -- -- -- 213078005 -- -- 213070003 213064203 213064103 -- 213065005 -- -- 213065005 213063003 213062003 213061703 213061105 213069103 214022005 212051003 213034003 213030005 213020005 -- -- -- -- -- -- -- 214090005 A (7) -- 223073045 -- -- -- -- -- -- 213170003 -- -- -- -- 213169203 -- 213169203 -- 213162005 -- -- -- 213162005 -- -- -- -- -- -- -- -- -- 214190005 214190005 L (8) State and Local Governments 383090005 -- 103092005 152090205 383078005 153050005 153040005 383070005 383064205 383064105 383066005 383065005 383069005 -- 384023005 383063005 383062005 383061705 383061105 383069105 384022005 382051005 383034005 383030005 383020005 -- 383091005 -- -- 313011005 -- -- 384090005 A (9) -- 383190005 143192005 -- 112090205 143178005 -- 313140003 383170005 -- 103164103 153166000 383165005 383169005 383168005 384123005 103163003 383162005 313161705 313161105 103169100 384122005 -- -- -- -- -- -- 313112003 713014003 313111303 384190005 384194005 L (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Levels 793090005 -- 793092005 -- -- -- 793040005 793070005 793064205 793064105 793066005 793065005 793069005 793068005 794023005 793063005 793062005 793061705 793061105 793069175 794022005 792050005 793034005 793030005 793020005 794010005 633091003 713012003 713014003 713011005 -- -- 794090005 A (11) L (12) -- 793190005 793192005 -- 662090205 793178005 153050005 543140005 663170003 653164205 793164105 -- 643165005 793169005 793168005 794123005 793163005 -- 423161705 -- 793169175 794122005 792150005 634090005 703130005 793120005 794110005 -- -- -- -- 794190005 794194005 Domestic Financial Sectors -- 263092001 -- -- -- -- -- 263070003 263064203 263064105 -- -- 263069500 -- 263069500 263063005 263062003 263061705 263061105 263069103 264022005 262051003 263034003 263030005 263020005 264016005 -- -- -- 263011005 -- -- 264090005 A (13) L (14) -- 263190005 -- 263192005 -- -- -- -- 263170003 -- 263164103 -- -- 263169005 263168005 264123005 263163005 -- -- -- 263169105 264122005 262151003 -- -- -- -- 263191005 -- -- 263111005 264190005 264194005 Rest of the World 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 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, June 7, 2018 893090005 263092001 263192005 152090205 893078005 153050005 883140005 893070005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893163005 383162005 893161705 313161105 893169175 894122005 892050005 634090005 703130005 893020005 894010005 893091005 713012003 713014003 893011005 -- -- 894090005 A (15) L (16) -- 893190005 263092001 263192005 152090205 893178005 153050005 883140005 893170005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893163005 383162005 893161705 313161105 893169175 894122005 892150005 634090005 703130005 793120005 794110005 263191005 313112003 713014003 893111005 894190005 894194005 All Sectors Summary 903090005 -- -- -- 903078005 -- -- 903070005 -- -- -- -- -- -- -- -- -- -- -- -- -- 902050005 -- -- 903020005 904010005 903091005 903012005 -- 903011005 -- -- 907005015 (17) Instrument Discrepancy 4 5 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FG384104005 Total FG154104005 Households Home mortgage FG153165105 Business Consumer credit FG153166000 Total FG144104005 Corporate FG104104005 Federal government FG314104005 State and local governments FG214104005 Domestic financial sectors FG794104005 Foreign FG264104005 1980 1981 1982 1983 1984 9.6 10.2 10.2 12.1 14.8 8.8 7.2 5.6 11.4 12.6 10.9 7.2 4.8 10.2 11.4 1.0 5.5 5.0 12.1 18.4 9.9 12.9 9.2 9.2 16.1 8.2 13.6 9.2 8.4 16.6 11.9 11.8 19.1 18.5 16.8 6.9 8.0 11.2 11.4 11.4 15.3 17.2 13.4 13.1 17.7 12.5 24.3 18.2 3.8 11.5 1985 1986 1987 1988 1989 16.1 12.0 9.0 9.2 7.5 16.8 11.4 9.7 9.8 9.4 14.6 13.7 13.4 11.8 10.9 15.9 9.1 4.8 6.7 6.3 11.0 11.5 7.7 9.9 6.3 12.6 13.9 8.8 11.0 7.3 17.7 13.9 8.7 8.6 7.6 31.8 10.9 12.0 6.0 5.3 21.1 24.9 15.7 12.9 10.2 1.7 2.6 3.6 0.5 -0.2 1990 1991 1992 1993 1994 6.6 4.7 4.7 5.8 5.2 6.8 5.6 5.2 6.1 7.5 8.8 7.0 6.5 5.5 5.6 1.9 -1.1 1.1 7.4 15.2 3.6 -2.1 -0.3 3.1 5.4 5.4 -2.1 0.6 5.2 7.1 11.0 11.2 10.9 8.4 5.1 5.0 9.2 1.5 5.3 -3.9 8.6 6.8 8.1 11.3 13.5 5.1 2.8 4.5 15.6 -2.9 1995 1996 1997 1998 1999 4.8 5.3 5.6 6.7 6.7 6.9 7.0 6.5 8.1 9.4 4.9 6.2 6.1 8.0 9.4 14.4 9.0 5.5 7.2 7.8 5.9 5.5 8.5 11.4 10.4 6.6 5.2 8.6 10.7 9.5 4.2 4.8 1.5 -0.3 -0.7 -5.5 -2.0 4.9 6.2 3.3 11.9 13.0 12.1 19.5 16.7 15.9 14.1 10.4 4.9 2.8 2000 2001 2002 2003 2004 4.8 5.7 6.7 7.8 9.1 8.8 8.6 9.7 12.3 11.6 8.7 10.6 13.3 14.5 13.4 11.4 8.6 5.6 5.3 5.6 9.1 4.7 2.3 1.0 5.8 8.3 3.2 0.1 -0.0 3.3 -6.3 1.3 6.8 9.5 8.3 1.4 8.8 11.1 8.3 11.4 11.7 10.2 8.7 11.1 9.5 7.4 -1.3 7.5 1.2 8.4 2005 2006 2007 2008 2009 8.8 8.5 8.2 5.8 3.6 10.8 10.5 7.3 0.1 0.4 13.7 11.2 7.4 0.9 0.8 4.5 5.2 6.1 1.3 -3.6 8.0 10.0 12.5 5.7 -4.0 5.3 7.7 11.6 4.0 -5.0 6.6 3.9 4.7 21.4 20.4 6.7 4.4 6.2 1.4 4.6 9.0 10.4 13.7 4.6 -9.6 7.8 21.4 15.5 -10.4 14.6 2010 2011 2012 2013 2014 4.4 3.7 4.6 3.8 4.1 -0.6 -0.0 1.1 1.6 2.2 -1.5 -0.7 -0.7 0.0 0.3 -1.1 4.2 5.9 6.0 7.2 -0.7 2.7 4.5 4.7 6.2 -0.8 5.4 4.5 5.9 5.9 18.5 10.8 10.1 6.7 5.4 2.5 -1.3 -0.0 -1.7 -1.2 -5.2 -2.2 -2.7 1.7 2.1 9.5 7.2 8.4 9.5 8.5 2015 2016 2017 4.3 4.5 3.8 2.3 3.3 3.8 1.4 2.5 3.3 7.1 6.8 5.2 6.8 5.5 5.7 6.7 5.0 6.1 5.0 5.6 2.8 0.3 1.0 -0.1 1.1 2.8 2.6 0.8 1.8 10.9 2013 -- Q1 Q2 Q3 Q4 4.6 2.1 2.8 5.5 1.4 0.8 1.8 2.5 -0.2 -0.3 0.6 0.1 6.5 4.9 6.3 5.8 3.7 4.5 6.6 3.7 4.5 5.5 8.9 4.2 10.0 2.3 1.8 12.1 0.3 -2.1 -2.5 -2.6 -0.4 1.4 -0.1 5.9 12.5 5.6 9.5 10.0 2014 -- Q1 Q2 Q3 Q4 4.1 4.0 4.4 3.6 1.1 3.7 2.1 1.8 0.0 0.1 0.0 0.9 7.1 7.4 7.0 6.4 6.1 5.2 6.3 6.8 5.9 4.3 6.1 6.8 6.8 4.3 6.7 3.3 -2.4 -0.7 -2.7 0.8 -0.5 2.1 3.6 3.2 5.2 16.2 3.0 8.3 2015 -- Q1 Q2 Q3 Q4 2.8 4.6 1.9 7.7 1.8 3.7 0.7 3.0 0.5 1.9 1.3 1.8 6.6 7.5 7.1 6.3 7.4 8.2 5.2 5.8 8.3 8.6 5.3 4.0 0.3 3.4 0.6 15.6 1.5 0.3 0.3 -0.9 -1.2 1.9 2.0 1.6 5.1 2.4 -3.7 -0.6 2016 -- Q1 Q2 Q3 Q4 5.5 4.4 5.2 2.7 2.4 3.7 4.2 2.8 1.7 2.6 2.7 2.8 6.7 6.3 7.1 6.2 9.2 4.1 6.1 2.2 10.5 3.2 5.9 0.2 6.2 5.7 6.3 3.6 0.7 2.2 0.8 0.4 3.7 3.8 3.3 0.5 -3.7 1.1 -0.5 9.9 2017 -- Q1 Q2 Q3 Q4 1.8 4.1 6.0 2.9 3.9 3.9 2.7 4.6 3.8 3.1 2.8 3.4 5.1 4.5 4.0 6.7 6.1 5.9 6.0 4.4 7.4 6.3 7.3 2.9 -2.6 3.6 10.3 -0.2 -3.3 -1.2 -0.2 4.3 1.9 3.5 3.5 1.6 8.7 5.4 12.5 14.5 2018 -- Q1 7.2 3.3 2.9 4.2 4.4 4.0 15.3 -4.2 0.1 13.7 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary Z.1, June 7, 2018 Summary 6 Z.1, June 7, 2018 D.2 Borrowing by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FA384104005 Total FA154104005 Households Home mortgage FA153165105 Business Consumer credit FA153166000 Total FA144104005 Corporate FA104104005 Federal government FA314104005 State and local governments FA214104005 Domestic financial sectors FA794104005 Foreign FA264104005 1980 1981 1982 1983 1984 354.9 414.4 454.0 594.6 811.0 113.7 101.6 85.8 181.7 222.0 90.2 67.0 47.4 105.2 127.6 3.4 19.8 18.8 48.2 81.7 132.7 189.7 153.1 165.8 320.8 69.5 125.0 95.3 94.5 207.1 86.3 95.5 173.4 199.8 215.7 22.2 27.6 41.7 47.3 52.5 82.1 106.7 97.1 107.5 164.7 19.4 42.8 40.6 10.3 30.4 1985 1986 1987 1988 1989 1015.2 879.2 737.5 821.3 730.7 331.4 264.6 250.8 273.9 288.9 181.7 199.4 221.6 215.6 224.9 84.0 55.8 32.3 46.6 47.0 254.7 294.9 222.1 309.1 213.4 184.3 227.7 164.0 225.0 165.1 265.6 245.5 174.2 187.9 180.9 163.6 74.2 90.4 50.4 47.4 232.8 333.6 263.4 252.5 224.5 5.0 7.7 10.7 1.6 -0.6 1990 1991 1992 1993 1994 688.7 531.8 548.0 708.6 673.3 229.3 204.5 199.1 244.7 320.4 200.0 174.5 173.0 156.3 166.5 15.1 -8.8 9.2 61.4 135.0 132.1 -80.5 -11.4 112.7 205.0 131.8 -54.3 15.1 133.4 190.5 280.2 316.6 343.8 293.2 193.5 47.1 91.2 16.5 57.9 -45.5 210.6 182.1 232.2 351.5 468.4 18.1 10.4 17.0 61.7 -14.3 1995 1996 1997 1998 1999 659.3 758.8 840.4 1065.4 1141.6 318.3 346.6 345.3 453.1 568.7 153.6 205.1 215.9 301.5 379.2 147.0 105.7 70.3 97.1 112.4 236.5 232.7 381.0 556.9 565.8 191.1 162.2 279.0 377.9 372.0 165.3 200.0 63.4 -11.4 -30.1 -60.8 -20.5 50.8 66.8 37.3 468.2 574.7 601.9 1088.0 1112.4 75.3 85.2 71.6 37.7 22.3 2000 2001 2002 2003 2004 878.0 1094.0 1349.9 1677.5 2117.6 585.8 622.5 765.2 1064.5 1122.7 383.5 508.2 706.3 874.9 928.8 176.5 150.6 105.2 105.9 117.2 550.3 310.8 158.0 71.7 413.0 357.9 147.3 6.2 -2.2 158.3 -275.0 55.2 282.1 420.7 402.8 16.9 105.5 144.6 120.5 179.0 909.3 887.9 842.6 1171.4 1091.9 57.1 -10.5 62.3 11.7 95.6 2005 2006 2007 2008 2009 2292.4 2422.8 2531.2 1935.3 1278.4 1173.4 1268.4 968.8 13.6 60.1 1080.1 998.9 733.2 96.9 89.1 100.4 120.1 150.2 34.3 -94.6 604.8 818.6 1121.0 578.2 -425.6 263.0 403.2 657.7 252.7 -328.5 346.9 219.1 270.4 1302.5 1505.8 167.3 116.7 171.0 41.0 138.1 1138.6 1421.6 2063.8 793.6 -1726.0 98.9 283.8 252.0 -203.7 227.4 2010 2011 2012 2013 2014 1573.4 1367.4 1791.2 1528.8 1699.0 -85.0 -1.0 147.7 222.1 300.4 -160.1 -67.9 -69.6 4.8 26.4 -28.2 110.3 163.2 175.1 221.2 -66.3 270.1 463.7 504.1 701.3 -46.8 326.9 288.4 395.0 417.5 1645.9 1138.7 1180.6 857.3 735.9 78.7 -40.3 -0.8 -54.7 -38.6 -857.7 -337.3 -396.7 250.7 318.4 186.8 160.6 207.4 269.2 253.8 2015 2016 2017 1867.9 2044.8 1773.7 320.9 469.0 560.2 131.9 234.8 324.4 234.4 230.6 188.5 813.2 701.4 770.1 502.7 402.2 512.8 724.6 842.7 447.0 9.2 31.7 -3.7 160.7 431.3 412.6 27.1 58.2 363.4 2013 -- Q1 Q2 Q3 Q4 1874.0 837.2 1128.1 2276.0 188.6 111.2 248.6 340.0 -20.5 -31.3 58.5 12.4 190.0 144.2 190.3 176.0 393.7 492.5 722.0 408.2 300.7 375.4 611.2 292.8 1283.0 300.8 236.1 1609.3 8.7 -67.3 -78.6 -81.6 -60.0 210.8 -21.1 872.9 354.2 162.4 267.8 292.6 2014 -- Q1 Q2 Q3 Q4 1700.7 1677.4 1870.3 1547.8 157.5 507.5 284.5 252.1 1.4 13.2 2.9 88.2 218.8 232.1 223.3 210.4 688.0 588.3 729.8 799.2 414.6 306.9 445.1 503.3 929.9 601.9 938.8 473.1 -74.7 -20.3 -82.8 23.4 -76.1 317.9 544.9 486.7 155.4 494.1 98.1 267.8 2015 -- Q1 Q2 Q3 Q4 1212.3 2010.4 840.4 3408.7 247.1 512.5 99.7 424.5 47.6 180.6 124.3 174.9 218.8 253.6 244.6 220.5 880.0 992.3 648.7 732.0 620.2 660.2 411.9 318.5 38.5 497.4 81.6 2280.8 46.7 8.3 10.4 -28.6 -189.7 287.3 301.6 243.5 167.5 80.8 -121.2 -18.8 2016 -- Q1 Q2 Q3 Q4 2469.1 2006.6 2422.8 1280.5 339.3 525.4 604.2 407.3 161.7 248.3 256.0 273.4 230.4 218.0 251.4 222.5 1168.3 538.7 803.9 294.8 838.7 264.0 490.8 15.2 939.6 873.7 990.2 567.1 21.9 68.8 24.6 11.4 554.7 583.8 511.5 75.4 -120.3 37.0 -16.8 332.8 2017 -- Q1 Q2 Q3 Q4 860.4 1932.0 2891.1 1411.2 562.8 581.4 402.8 693.9 373.0 305.0 281.8 337.8 187.1 164.5 149.5 253.1 814.7 810.1 837.5 618.2 617.1 542.3 636.1 255.5 -413.7 577.7 1655.7 -31.9 -103.5 -37.2 -4.9 131.0 297.5 545.8 553.5 253.4 289.0 185.6 442.1 537.0 2018 -- Q1 3512.8 503.5 287.5 162.1 620.9 357.5 2518.6 -130.2 15.3 527.4 (1) Debt securities and loans. 7 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Total LA384104005 Total LA154104005 Households Home mortgage LA153165105 Business Consumer credit LA153166000 Total LA144104005 Corporate LA104104005 Federal government LA314104005 State and local governments LA214104005 Domestic financial sectors LA794104005 Foreign LA264104005 1980 1981 1982 1983 1984 4051.5 4464.7 4900.3 5497.7 6308.4 1420.2 1526.6 1597.9 1759.6 1977.7 926.5 998.3 1031.2 1116.4 1243.3 358.0 377.9 396.7 444.9 526.6 1474.7 1658.5 1807.6 1996.2 2320.6 919.6 1038.7 1129.9 1247.2 1458.0 812.2 907.7 1081.0 1280.8 1496.5 344.4 372.1 413.8 461.1 513.6 620.2 723.6 823.4 931.1 1104.5 175.8 222.5 267.2 265.0 287.3 1985 1986 1987 1988 1989 7341.7 8218.0 8937.1 9754.5 10502.2 2329.8 2592.3 2802.0 3084.2 3365.6 1450.2 1649.0 1828.6 2054.8 2260.1 610.6 666.4 698.6 745.2 809.3 2572.0 2866.0 3110.8 3407.7 3645.7 1638.9 1865.8 2052.6 2265.8 2455.5 1762.0 2007.5 2181.7 2369.6 2550.5 677.9 752.1 842.6 893.0 940.4 1338.2 1679.8 1955.5 2208.1 2461.1 290.1 298.6 309.0 350.9 354.2 1990 1991 1992 1993 1994 11218.2 11746.7 12297.8 13021.2 13700.9 3624.0 3832.1 4031.2 4278.3 4598.6 2489.3 2667.4 2840.4 2999.1 3165.5 824.4 815.6 824.8 886.2 1021.2 3776.0 3688.6 3680.4 3805.6 4016.9 2585.5 2526.6 2544.9 2690.7 2887.6 2830.8 3147.4 3491.1 3784.3 3977.8 987.4 1078.6 1095.1 1153.0 1107.5 2674.9 2857.0 3104.7 3461.6 3938.1 368.3 375.3 395.5 484.6 473.4 1995 1996 1997 1998 1999 14375.9 15135.0 15973.4 17038.8 18212.4 4917.0 5276.3 5621.7 6074.8 6641.1 3319.2 3537.3 3753.2 4054.7 4431.6 1168.2 1273.9 1344.2 1441.3 1553.6 4269.2 4489.4 4868.3 5425.2 6025.3 3094.5 3244.3 3521.3 3899.1 4305.5 4143.1 4343.1 4406.5 4395.1 4365.0 1046.7 1026.2 1076.9 1143.8 1181.0 4409.3 4984.0 5565.7 6653.8 7763.8 602.5 688.9 763.5 805.9 776.7 2000 2001 2002 2003 2004 19100.3 20177.3 21527.2 23237.0 26138.4 7236.8 7859.3 8624.6 9707.3 10855.3 4813.9 5322.0 6028.3 6912.9 7856.6 1741.3 1891.8 1997.0 2102.9 2220.1 6575.6 6869.4 7027.4 7113.2 7550.3 4663.3 4793.7 4799.8 4811.7 4994.1 4090.0 4145.2 4427.3 4848.0 5250.9 1197.9 1303.4 1447.9 1568.4 2481.9 8674.2 9688.3 10530.9 11537.6 12644.3 837.1 829.4 944.4 1139.7 1264.9 2005 2006 2007 2008 2009 28417.8 30855.0 33363.0 35159.7 36119.4 12028.7 13313.1 14253.8 14140.5 13977.5 8936.6 9935.6 10638.0 10607.9 10468.2 2320.6 2456.7 2609.5 2643.8 2555.0 8155.1 8972.0 10097.9 10664.5 10143.2 5257.1 5658.6 6322.8 6570.5 6157.8 5584.8 5803.9 6074.3 7376.8 8882.6 2649.3 2765.9 2937.0 2977.9 3116.0 13728.4 15117.0 17291.4 18004.2 16551.6 1325.2 1629.6 1959.4 1561.8 1968.5 2010 2011 2012 2013 2014 37446.7 38658.8 40348.5 41768.8 43420.5 13728.4 13579.5 13586.6 13720.2 13975.3 9985.4 9769.5 9558.4 9474.6 9455.8 2646.8 2757.1 2918.3 3093.4 3314.6 9995.0 10257.6 10760.4 11244.5 11943.8 6044.1 6371.0 6702.9 7082.5 7500.4 10528.6 11667.3 12847.8 13705.1 14441.1 3194.7 3154.5 3153.6 3098.9 3060.3 15335.2 14919.1 14707.1 14892.7 15191.5 2246.5 2466.7 2826.2 2972.8 3281.2 2015 2016 2017 45137.2 47145.5 48956.7 14159.9 14598.6 15132.8 9573.4 9777.9 10076.2 3413.6 3644.2 3832.7 12742.2 13437.5 14271.2 7992.8 8390.4 8968.0 15165.6 16008.3 16455.3 3069.5 3101.2 3097.5 15172.1 15580.6 15956.8 3223.1 3323.0 3842.0 2013 -- Q1 Q2 Q3 Q4 40789.2 40972.5 41232.3 41768.8 13607.3 13610.3 13651.4 13720.2 9526.8 9494.2 9487.7 9474.6 2965.7 3001.8 3049.4 3093.4 10857.5 10979.4 11158.8 11244.5 6778.0 6871.9 7024.6 7082.5 13168.6 13243.8 13302.8 13705.1 3155.8 3139.0 3119.3 3098.9 14676.5 14714.0 14695.5 14892.7 2881.7 2833.2 2916.7 2972.8 2014 -- Q1 Q2 Q3 Q4 42179.1 42585.8 43036.2 43420.5 13745.5 13860.4 13919.9 13975.3 9460.9 9452.2 9441.4 9455.8 3148.1 3206.1 3262.0 3314.6 11415.7 11562.1 11739.0 11943.8 7185.9 7262.6 7368.9 7500.4 13937.6 14088.1 14322.8 14441.1 3080.3 3075.2 3054.5 3060.3 14865.1 14938.2 15073.3 15191.5 3052.6 3241.5 3214.5 3281.2 2015 -- Q1 Q2 Q3 Q4 43705.6 44196.0 44396.1 45137.2 14020.0 14136.5 14151.9 14159.9 9450.6 9484.1 9505.7 9573.4 3369.3 3432.7 3493.8 3413.6 12162.9 12410.4 12572.1 12742.2 7655.3 7820.4 7923.4 7992.8 14450.7 14575.0 14595.4 15165.6 3072.0 3074.1 3076.7 3069.5 15137.3 15202.1 15270.8 15172.1 3304.4 3277.0 3220.1 3223.1 2016 -- Q1 Q2 Q3 Q4 45744.9 46238.4 46836.1 47145.5 14235.6 14359.2 14502.7 14598.6 9604.7 9659.0 9715.4 9777.9 3471.2 3525.7 3588.6 3644.2 13033.8 13168.1 13368.6 13437.5 8202.3 8268.3 8391.0 8390.4 15400.5 15619.0 15866.5 16008.3 3075.0 3092.2 3098.3 3101.2 15305.0 15443.5 15566.0 15580.6 3288.0 3349.3 3363.3 3323.0 2017 -- Q1 Q2 Q3 Q4 47418.4 47893.4 48609.7 48956.7 14732.5 14870.3 14964.8 15132.8 9864.4 9933.0 9997.3 10076.2 3691.0 3732.1 3769.5 3832.7 13705.7 13907.9 14116.9 14271.2 8609.3 8744.9 8903.9 8968.0 15904.9 16049.3 16463.2 16455.3 3075.3 3066.0 3064.8 3097.5 15629.4 15761.9 15896.6 15956.8 3450.5 3546.6 3692.3 3842.0 2018 -- Q1 49831.1 15255.0 10144.5 3873.3 14426.2 9057.2 17084.9 3064.9 15958.6 3927.3 (1) Debt securities and loans. Data are shown on an end-of-period basis. Summary Z.1, June 7, 2018 Summary 8 Z.1, June 7, 2018 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 U.S. net wealth (1) Q2 Q3 Q4 2018 Q1 1 FL892090005 77609.2 78959.8 83883.2 92871.6 86306.6 87950.0 89993.3 92871.6 93089.4 1 2 3 4 5 6 LM152010005 LM155035005 LM165015205 LM165013765 LM155111005 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 28540.8 30279.8 32041.9 34036.1 32483.0 32998.3 33425.7 34036.1 34597.4 23035.7 24575.9 26172.2 27884.8 26506.5 26979.5 27347.2 27884.8 28374.4 317.9 328.1 337.5 348.5 340.1 343.0 345.6 348.5 351.5 132.5 139.3 144.1 152.0 146.4 148.6 150.4 152.0 154.0 5054.6 5236.5 5388.1 5650.8 5489.9 5527.2 5582.6 5650.8 5717.5 2 3 4 5 6 7 8 9 10 11 LM112010005 LM115035005 LM115015205 LM115013765 LM115020005 Nonfin. noncorporate businesses nonfinancial assets Real estate Equipment Intellectual property products Inventories 11274.6 11964.1 12651.9 13385.7 12730.4 12987.1 13154.0 13385.7 13501.4 7 9917.4 10607.7 11274.3 11973.0 11337.3 11583.3 11750.9 11973.0 12069.9 8 838.1 860.5 882.1 896.5 885.6 889.4 892.5 896.5 900.6 9 222.8 232.3 239.8 258.5 245.0 250.3 254.8 258.5 263.1 10 296.3 263.6 255.8 257.8 262.5 264.1 255.9 257.8 267.8 11 12 LM662090205 Fin. noncorporate businesses nonfinancial assets (2) 13 14 15 LM883164105 LM103164103 LM793164105 Market value of domestic corporations (3) Nonfinancial corporate equity Financial corporate equity 16 17 18 19 LM315015005 LM315014665 LM315013265 LM315013765 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 3264.0 1510.4 746.0 1007.5 20 21 22 23 LM212010095 LM215015605 LM215013265 LM215013765 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 9965.7 10098.5 10446.0 10859.9 10572.5 10653.3 10781.5 10859.9 11005.4 20 9589.9 9718.4 10060.1 10465.6 10184.6 10262.7 10389.1 10465.6 10608.8 21 249.5 249.7 251.1 253.6 251.8 252.9 253.1 253.6 254.2 22 126.3 130.4 134.8 140.6 136.1 137.7 139.3 140.6 142.4 23 24 FL882090265 25 26 27 FL264194005 LM263164103 FL264190005 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 17536.1 17423.7 18102.5 21277.7 19029.1 19785.2 20648.5 21277.7 21171.2 25 6770.6 6756.2 6997.0 9027.0 7568.6 8068.2 8622.1 9027.0 8916.4 26 10765.5 10667.6 11105.5 12250.7 11460.5 11717.0 12026.4 12250.7 12254.8 27 28 29 30 FL264090005 LM263064105 FL264090035 Less: Foreign financial claims on U.S. Foreign holdings of U.S. corporate equities Other foreign financial claims 22981.1 22951.8 24152.6 26896.7 24873.5 25595.1 26327.4 26896.7 26900.8 28 5920.6 5500.9 5768.9 7035.6 6177.1 6311.5 6667.3 7035.6 7002.2 29 17060.5 17450.9 18383.7 19861.0 18696.5 19283.6 19660.1 19861.0 19898.7 30 31 32 33 FL892090005 FC892090005 PC892090005 A. U.S. net wealth (line 1) Change in U.S. net wealth Percent change in U.S. net wealth 77609.2 78959.8 83883.2 92871.6 86306.6 87950.0 89993.3 92871.6 93089.4 31 4509.2 1350.7 4923.4 8988.4 2423.3 1643.5 2043.3 2878.3 217.8 32 6.2 1.7 6.2 10.7 2.9 1.9 2.3 3.2 0.2 33 34 35 36 FL152090005 FC152090005 PC152090005 B. Household net worth (5) Change in household net worth Percent change in household net worth 83516.9 86535.5 91955.4 99740.0 94138.0 95482.3 97266.2 99740.0 100768.3 34 4964.6 3018.6 5419.9 7784.6 2182.5 1344.4 1783.8 2473.8 1028.3 35 6.3 3.6 6.3 8.5 2.4 1.4 1.9 2.5 1.0 36 Net U.S. financial claims on the rest of the world 40.6 45.4 61.0 63.3 62.6 61.8 63.0 63.3 61.1 12 29968.4 28832.0 31418.9 36760.8 32971.5 33716.6 34883.7 36760.8 36239.8 13 22630.0 21521.1 23064.6 26873.4 24265.3 24683.5 25559.5 26873.4 26495.0 14 7338.4 7310.9 8354.3 9887.4 8706.3 9033.2 9324.1 9887.4 9744.8 15 -5444.9 3268.2 1509.0 744.5 1014.7 -5528.1 3313.7 1543.4 748.1 1022.2 -6050.2 3384.9 1571.2 757.0 1056.6 -5618.9 3330.9 1548.4 749.1 1033.4 -5844.4 3342.8 1548.7 752.1 1042.0 -5809.9 3364.3 1562.6 751.6 1050.2 -5678.9 3384.9 1571.2 757.0 1056.6 -5618.9 3414.0 1585.0 761.7 1067.4 16 17 18 19 -5729.7 24 Memo: (1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24). (2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers. (3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q) because of differences in the valuation of assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 9 Z.1, June 7, 2018 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 1 FA086902005 2 FA156901001 Gross domestic product (GDP) 3 4 5 FA155011001 FA156901035 FA156901041 6 FA835019905 7 FA835019005 8 9 10 11 12 FA835013001 FA165013005 FA105013005 FA115013005 FA795013005 13 14 15 16 17 FA835012001 FA155012005 FA105012005 FA115012005 FA645012063 18 19 20 FA145020005 FA105020005 FA115020005 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 FA266903005 22 23 FA266903011 FA266903001 24 FA366902005 25 26 27 FA366901005 FA316901001 FA206901001 Consumption expenditures (5) Federal State and local 28 29 30 FA365019005 FA315019001 FA205019001 Gross investment (5) Federal State and local Personal consumption expenditures (2) Durable goods Nondurable goods Services Q2 Q3 Q4 2018 Q1 17427.6 18120.7 18624.5 19390.6 19057.7 19250.0 19500.6 19754.1 19956.8 1 11863.7 12332.3 12820.7 13395.5 13191.6 13307.0 13429.1 13654.3 13775.9 2 1296.4 2674.1 7893.2 1367.1 2666.0 8299.1 1411.0 2710.4 8699.3 1473.8 2821.5 9100.2 1443.2 2787.6 8960.7 1456.6 2790.6 9059.8 1477.6 2823.8 9127.7 1517.8 2884.0 9252.5 1501.7 2914.8 9359.4 3 4 5 2916.4 3093.6 3057.2 3212.8 3128.7 3178.1 3249.2 3295.3 3378.1 6 2838.4 2981.6 3022.1 3197.2 3128.9 3173.3 3207.3 3279.2 3355.7 7 Nonresidential Nonprofit organizations (4) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 2268.3 137.1 1628.6 280.1 222.5 2336.2 146.4 1665.9 281.7 242.3 2316.3 151.4 1632.1 282.8 250.0 2449.6 144.5 1720.2 329.4 255.4 2383.4 141.8 1674.9 314.4 252.2 2433.6 142.5 1708.9 329.1 253.1 2468.4 145.3 1733.1 333.6 256.4 2513.0 148.5 1764.0 340.6 260.0 2577.1 8 151.3 9 1808.2 10 352.9 11 264.7 12 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 570.2 473.8 -0.6 89.1 7.8 645.4 535.1 8.4 101.9 -0.0 705.9 585.2 3.6 111.6 5.5 747.6 619.9 11.2 118.1 -1.7 745.5 620.6 13.2 118.2 -6.5 739.7 613.6 6.4 116.9 2.9 738.9 610.0 18.5 116.2 -5.9 766.2 635.5 6.8 121.2 2.7 78.0 70.1 7.8 111.9 96.4 15.5 35.1 30.6 4.5 15.7 12.1 3.6 -0.1 -1.6 1.5 4.9 4.0 0.8 41.9 34.1 7.8 16.0 11.8 4.3 22.4 18 17.4 19 4.9 20 Net U.S. exports of goods and services -509.5 -524.0 -521.2 -571.6 -582.8 -567.2 -534.1 -602.0 -640.7 21 Exports - Imports 2373.6 2883.2 2264.9 2789.0 2214.6 2735.8 2344.0 2915.6 2295.6 2878.4 2314.9 2882.1 2345.9 2880.1 2419.6 3021.6 2468.3 22 3109.0 23 3157.0 3218.9 3267.8 3353.8 3320.2 3332.1 3356.5 3406.6 3443.5 24 2562.7 954.5 1608.2 2610.8 960.0 1650.8 2658.1 964.5 1693.6 2732.2 977.8 1754.4 2701.3 968.0 1733.4 2714.5 970.8 1743.7 2740.9 981.1 1759.8 2772.2 991.5 1780.8 2801.3 25 1005.3 26 1796.0 27 594.4 263.7 330.7 608.1 264.0 344.1 609.7 267.0 342.7 621.6 282.8 338.8 618.9 276.4 342.5 617.5 285.0 332.5 615.6 282.5 333.1 634.3 287.4 346.9 642.2 28 292.0 29 350.3 30 234.5 847.2 612.6 204.5 812.9 608.4 197.1 844.3 647.2 216.8 934.7 717.9 214.3 895.9 681.7 202.4 914.8 712.4 228.3 952.1 723.9 222.3 975.9 753.6 216.2 31 1011.9 32 795.6 33 Gross private domestic investment Fixed investment (3) Government consumption expenditures and gross investment 778.7 641.2 12.3 121.8 3.4 13 14 15 16 17 Memo: 31 32 33 FA266904005 FA266904001 FA266904101 Net U.S. income receipts from rest of world U.S. income receipts - U.S. income payments 34 FA086902105 Gross national product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 FA155420003 FA105420005 FA315420003 FA205420003 FA265420005 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local governments Rest of the world 17662.1 18325.2 18821.6 19607.4 19272.0 19452.4 19728.9 19976.4 20173.1 34 -8.5 1.7 -2.6 9.5 -0.0 -9.2 29.6 -30.7 10.2 0.0 -9.4 7.5 -8.6 10.5 0.0 (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.101, line 4. (3) Structures, equipment, and intellectual property products. (4) Included in the households and nonprofit organizations sector (table F.101). (5) Government inventory investment is included in consumption expenditures. -9.8 -0.6 -0.5 10.9 -0.0 -9.6 -0.7 -0.4 10.7 0.0 -9.7 -0.5 -0.6 10.8 0.0 -9.8 -0.9 -0.3 10.9 0.0 -10.0 -0.4 -0.7 11.1 -0.1 -10.1 -0.6 -0.5 11.3 0.0 35 36 37 38 39 Summary 10 Z.1, June 7, 2018 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 National income Q2 Q3 Q4 2018 Q1 1 FA086010005 2 3 4 FA156025105 FA156020101 FA156401101 Compensation of employees Wages and salaries Supplements to wages and salaries 15144.0 15739.6 16052.0 16609.8 16388.2 16498.7 16710.8 16841.7 17027.5 9256.5 7476.8 1779.7 9708.3 7858.9 1849.4 9978.6 10309.3 10166.3 10243.0 10356.1 10471.7 10607.9 8085.2 8353.2 8232.1 8295.2 8392.6 8493.0 8612.4 1893.4 1956.1 1934.2 1947.9 1963.5 1978.7 1995.5 2 3 4 1 5 6 FA146111105 FA116112103 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1315.8 611.7 1318.8 662.5 1341.9 707.3 1386.0 743.9 1380.2 730.8 1378.6 740.3 1381.9 747.2 1403.1 757.4 1420.0 761.7 5 6 7 FA096060035 Corporate profits with IVA and CCAdj 2140.6 2117.5 2073.5 2164.6 2109.0 2123.4 2213.7 2212.5 2200.1 7 8 FA096060025 Corporate profits with IVA 2253.2 2210.9 2161.6 2198.6 2201.8 2220.8 2311.3 2060.4 2058.6 8 9 10 11 12 FA096060005 FA106060005 FA796060005 FA266060005 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2249.1 1367.6 483.9 397.5 2158.5 1275.7 497.9 385.0 2158.9 1262.4 501.8 394.7 2247.7 1303.0 511.9 432.8 2276.8 1326.8 523.7 426.3 2254.3 1348.9 489.9 415.5 2333.8 1349.4 536.9 447.5 2125.8 1186.9 497.3 441.6 2140.0 9 1193.3 10 500.7 11 446.0 12 13 14 15 FA096231001 FA106231005 FA796231003 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 505.3 291.8 213.6 507.4 281.1 226.3 471.0 274.1 196.9 466.7 279.0 187.8 466.3 277.5 188.8 479.6 294.1 185.5 475.5 289.4 186.1 445.6 255.0 190.6 328.2 13 164.6 14 163.5 15 16 17 18 19 20 FA096060015 FA096121073 FA106121075 FA796121073 FA266121073 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1743.8 986.4 598.3 240.2 147.9 1651.1 1039.9 651.8 246.9 141.3 1687.9 981.9 685.2 137.0 159.6 1781.0 990.2 707.3 124.9 158.0 1810.5 988.1 696.2 122.2 169.6 1774.7 994.2 728.7 127.4 138.1 1858.4 998.6 649.9 113.7 235.0 1680.3 979.9 754.3 136.4 89.2 1811.8 983.3 -169.9 -33.5 1186.7 16 17 18 19 20 21 22 23 24 FA096006401 FA106006405 FA796006403 FA266006403 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 757.4 477.5 30.2 249.7 611.2 342.9 24.7 243.7 706.0 303.0 167.9 235.1 790.8 316.7 199.3 274.8 822.4 353.1 212.7 256.7 780.5 326.1 177.0 277.5 859.8 410.1 237.1 212.5 700.4 177.6 170.3 352.4 828.5 1198.7 370.6 -740.7 21 22 23 24 25 FA105020601 Inventory valuation adjustment (IVA) 4.1 52.4 2.7 -49.1 -75.0 -33.6 -22.6 -65.4 -81.4 25 26 27 28 FA096310003 FA106310005 FA796310003 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial -112.6 -75.0 -37.6 -93.5 -52.3 -41.2 -88.2 -41.0 -47.2 -33.9 7.7 -41.6 -92.8 -44.6 -48.2 -97.4 -49.0 -48.3 -97.6 -50.1 -47.5 152.2 174.6 -22.4 141.5 26 165.1 27 -23.6 28 29 FA086130003 Net interest and miscellaneous payments 30 FA366240005 Taxes on production and imports 31 FA366402005 Less: Subsidies 32 33 34 35 FA146403005 FA156403101 FA366403145 FA266403101 36 FA366402105 535.0 583.4 570.6 586.4 588.2 598.3 599.8 559.4 553.1 29 1221.6 1255.8 1288.0 1330.1 1309.2 1321.3 1331.4 1358.4 1388.0 30 58.1 57.3 61.8 61.3 61.0 60.1 61.4 62.7 58.9 31 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 138.9 45.6 102.2 -9.0 165.0 53.1 112.4 -0.6 164.0 57.4 105.9 0.7 161.8 59.5 99.2 3.1 176.5 58.4 116.8 1.3 164.6 59.2 93.0 12.4 152.7 59.9 93.5 -0.7 153.5 60.7 93.5 -0.6 169.7 61.6 103.3 4.7 Current surplus of government enterprises -17.9 -14.3 -10.1 -11.0 -11.0 -10.7 -10.6 -11.7 -14.3 36 32 33 34 35 Memo: Calculation of gross domestic product from National income: 37 FA086010005 National Income, from line 1 above 38 39 40 FA836300005 FA366300005 FA087005005 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 41 FA266904005 Less: Net U.S. income receipts from rest of world 42 FA086902005 Equals: Gross domestic product (2) 15144.0 15739.6 16052.0 16609.8 16388.2 16498.7 16710.8 16841.7 17027.5 37 2231.1 516.9 -229.9 2319.6 521.9 -255.9 2390.5 526.2 -147.2 2496.4 538.3 -37.1 2452.5 533.6 -102.4 2484.0 536.7 -67.0 2512.1 540.0 -34.0 2537.1 542.9 54.8 2572.6 38 547.8 39 25.1 40 234.5 204.5 197.1 216.8 214.3 202.4 228.3 222.3 216.2 41 17427.6 18120.7 18624.5 19390.6 19057.7 19250.0 19500.6 19754.1 19956.8 42 (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 (line 37) to Gross domestic product (line 42) is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 11 Z.1, June 7, 2018 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 3426.2 1 FA886000115 Gross saving 3356.7 3507.0 3353.2 3386.6 3362.7 3348.9 3483.5 3351.2 2 3 4 5 6 7 8 9 10 FA896006005 FA836006005 FA826006005 FA106012005 FA796012005 FA156006005 FA366006005 FA316006005 FA206006005 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 608.6 1387.7 648.9 619.2 29.7 738.8 -779.1 -610.2 -168.9 665.5 1398.5 570.1 548.2 22.0 828.4 -733.0 -586.7 -146.4 436.5 1301.1 620.6 467.3 153.3 680.6 -864.7 -697.3 -167.4 351.9 1195.1 707.7 476.0 231.7 487.4 -843.3 -664.4 -178.8 376.6 1209.2 654.6 449.4 205.2 554.6 -832.6 -652.8 -179.8 328.2 1175.3 649.6 465.5 184.1 525.7 -847.1 -641.9 -205.2 431.4 1223.2 739.6 476.4 263.2 483.7 -791.8 -617.0 -174.8 271.2 1172.8 787.1 512.6 274.5 385.7 -901.6 -746.0 -155.6 11 12 13 14 15 16 17 18 19 20 FA886300095 FA836300005 FA826300003 FA106300003 FA116300001 FA796300081 FA156300003 FA366300005 FA316300003 FA206300003 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 2748.0 2231.1 1775.0 1285.7 299.0 190.3 456.1 516.9 271.0 245.9 2841.5 2319.6 1846.9 1336.1 310.9 199.9 472.7 521.9 271.3 250.6 2916.7 2390.5 1895.3 1364.9 320.7 209.6 495.3 526.2 271.3 254.9 3034.7 2496.4 1973.3 1422.5 335.3 215.5 523.1 538.3 273.8 264.5 2986.2 2452.5 1940.9 1399.5 329.5 212.0 511.6 533.6 272.8 260.8 3020.7 2484.0 1964.2 1416.1 333.4 214.7 519.8 536.7 273.6 263.2 3052.1 2512.1 1984.3 1430.4 337.4 216.5 527.8 540.0 273.9 266.1 3080.0 2537.1 2003.9 1444.1 340.8 219.0 533.2 542.9 274.9 268.0 21 FA885090015 3126.7 3251.1 3206.0 3349.4 3260.3 3282.0 3449.5 3406.0 3451.3 21 22 23 24 25 26 27 28 29 30 31 FA885019905 FA835019905 FA825019905 FA105019985 FA115050085 FA795013005 FA155019005 FA365019005 FA315019001 FA205019001 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 3510.8 2916.4 2305.4 1706.0 377.0 222.5 611.0 594.4 263.7 330.7 3701.7 3093.6 2412.1 1770.7 399.1 242.3 681.5 608.1 264.0 344.1 3666.9 3057.2 2320.6 1671.8 398.9 250.0 736.6 609.7 267.0 342.7 3834.4 3212.8 2448.4 1772.7 420.3 255.4 764.5 621.6 282.8 338.8 3747.7 3128.7 2366.3 1703.6 410.5 252.2 762.4 618.9 276.4 342.5 3795.7 3178.1 2422.0 1755.0 413.9 253.1 756.1 617.5 285.0 332.5 3864.7 3249.2 2493.9 1813.5 424.0 256.4 755.3 615.6 282.5 333.1 3929.6 3295.3 2511.3 1818.6 432.7 260.0 784.0 634.3 287.4 346.9 4020.3 3378.1 2585.7 1880.5 440.5 264.7 792.4 642.2 292.0 350.3 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 FA265430003 FA835430005 FA825430005 FA105430005 FA115440005 FA795440005 FA155430005 FA365430005 FA315430005 FA205430005 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 0.4 5.8 5.0 -5.0 0.0 10.0 0.8 -5.4 55.7 -61.2 0.4 38.5 26.4 26.4 0.0 0.0 12.1 -38.1 20.6 -58.7 0.4 17.3 12.0 10.2 0.0 1.8 5.4 -16.9 45.0 -61.9 3.6 245.2 277.8 179.7 -13.1 111.2 -32.6 -241.6 -178.6 -63.1 0.4 8.2 24.6 -3.0 0.0 27.6 -16.4 -7.8 53.7 -61.5 0.4 9.4 -2.0 -2.0 0.0 0.0 11.4 -9.0 54.0 -63.0 13.2 -47.2 90.2 -104.9 -52.3 247.4 -137.4 60.4 128.1 -67.7 0.4 1010.6 998.5 828.5 0.0 170.0 12.0 -1010.2 -950.1 -60.1 0.2 9.9 -1.7 -1.7 0.0 0.0 11.6 -9.7 50.8 -60.5 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 FA885000905 FA835000905 FA825000905 FA105000995 FA115000905 FA795000905 FA155000905 FA365000905 FA315000905 FA205000905 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 -384.4 466.7 -116.5 -26.0 -78.0 -12.5 583.2 -851.1 -658.6 -192.5 -451.0 330.1 -277.4 -168.8 -88.2 -20.4 607.5 -781.1 -600.0 -181.2 -461.4 470.0 36.1 3.1 -78.2 111.2 433.9 -931.4 -738.0 -193.4 -488.6 196.3 -82.3 -91.0 -71.9 80.6 278.6 -684.9 -494.9 -190.0 -487.7 422.4 102.2 45.9 -81.0 137.3 320.2 -910.2 -710.0 -200.1 -514.1 404.8 126.8 61.6 -80.5 145.6 278.0 -918.9 -707.4 -211.5 -428.4 499.4 105.9 164.2 -34.2 -24.1 393.5 -927.8 -753.7 -174.1 -524.0 -541.2 -664.1 -635.6 -91.9 63.4 122.8 17.2 191.6 -174.4 -569.2 559.8 359.1 200.3 -95.1 253.9 200.6 -1129.0 -976.1 -152.9 42 43 44 45 46 47 48 49 50 51 52 FA087005005 Statistical discrepancy (line 21 less line 1) -229.9 -255.9 -147.2 -37.1 -102.4 -67.0 -34.0 54.8 53 54 55 56 57 58 59 FA895404005 FA835404005 FA825404003 FA155404003 FA365404005 FA315404003 FA215404003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 131.4 121.0 36.0 85.0 10.4 0.0 10.4 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 0.0 525.8 484.0 144.0 340.0 41.8 0.0 41.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross domestic investment, capital account transactions, and net lending, NIPAs Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 1 305.7 2 1350.0 3 888.7 4 592.4 5 296.3 6 461.3 7 -1044.3 8 -910.0 9 -134.3 10 3120.5 2572.6 2029.3 1461.6 345.4 222.3 543.3 547.8 276.7 271.2 11 12 13 14 15 16 17 18 19 20 25.1 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (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.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2. (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). 53 54 55 56 57 58 59 Summary 12 Z.1, June 7, 2018 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 Capital transfers paid, by sector 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA895410005 111.0 96.9 105.6 461.5 129.7 103.3 510.6 1102.4 102.5 1 2 3 4 5 6 7 FA825410005 FA795410005 FA515410073 FA795410003 FA105410003 FA115410003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 10.0 10.0 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.5 1.8 0.0 1.8 4.7 0.0 321.6 114.1 64.7 49.4 207.5 0.0 27.6 27.6 0.0 27.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 258.7 258.7 258.7 0.0 0.0 0.0 1000.0 170.0 0.0 170.0 830.0 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 FA365410005 FA315410005 FA205400033 FA315410073 FA315410093 FA315410043 FA315410053 FA315410063 FA205410073 FA205410073 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments (2) Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to rest of world (net) State and local Disaster-related insurance benefits 77.2 77.2 65.7 0.0 0.0 6.7 4.5 0.4 0.0 0.0 71.6 71.6 63.8 0.0 0.0 3.2 4.1 0.4 0.0 0.0 73.7 73.7 66.9 0.0 0.0 2.1 4.2 0.4 0.0 0.0 95.1 93.8 66.5 19.0 0.0 1.7 6.2 0.4 1.2 1.2 75.4 75.4 66.7 0.0 0.0 2.3 6.0 0.4 0.0 0.0 76.2 76.2 68.3 0.0 0.0 1.5 6.0 0.4 0.0 0.0 155.1 150.2 65.8 76.0 0.0 2.0 6.0 0.4 4.9 4.9 73.5 73.5 65.2 0.0 0.0 1.1 6.9 0.3 0.0 0.0 73.9 73.9 65.7 0.0 0.0 1.1 6.9 0.2 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155410035 FA315400053 FA205400053 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 23.8 18.8 5.0 25.4 20.2 5.2 25.5 20.0 5.5 27.5 21.9 5.6 26.7 21.3 5.5 27.1 21.6 5.5 27.3 21.8 5.6 28.9 22.9 6.0 28.6 18 22.6 19 6.0 20 21 22 23 FA265410005 FA265410073 FA265410003 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17.4 17.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69.4 69.4 0.0 0.0 0.0 0.0 0.0 21 0.0 22 0.0 23 24 FA895400005 Capital transfers received, by sector 111.0 96.9 105.6 461.5 129.7 103.3 510.6 1102.4 102.5 24 25 26 27 28 29 30 31 32 33 34 FA825400005 FA795400005 FA515400073 FA795400003 FA105400005 FA105400073 FA105400003 FA115400005 FA115400075 FA115400003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 6.7 0.0 0.0 0.0 6.7 0.0 6.7 -0.0 0.0 -0.0 3.2 0.0 0.0 0.0 3.2 0.0 3.2 0.0 0.0 0.0 2.1 0.0 0.0 0.0 2.1 0.0 2.1 0.0 0.0 0.0 43.2 2.8 2.8 0.0 27.2 25.5 1.7 13.1 13.1 0.0 2.3 0.0 0.0 0.0 2.3 0.0 2.3 0.0 0.0 0.0 1.5 0.0 0.0 0.0 1.5 0.0 1.5 0.0 0.0 0.0 167.7 11.3 11.3 0.0 104.0 102.0 2.0 52.3 52.3 0.0 1.1 0.0 0.0 0.0 1.1 0.0 1.1 0.0 0.0 0.0 1.1 0.0 0.0 0.0 1.1 0.0 1.1 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FA365400005 FA315400005 FA315400053 FA315400003 FA205400005 FA205400073 FA205400053 FA205400033 FA205400003 By government Federal Estate and gift taxes paid by persons Other State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 89.5 18.8 18.8 0.0 70.7 0.0 5.0 65.7 0.0 89.2 20.2 20.2 0.0 69.0 0.0 5.2 63.8 0.0 92.5 20.0 20.0 0.0 72.4 0.0 5.5 66.9 0.0 347.1 271.9 21.9 250.0 75.2 3.0 5.6 66.5 0.0 93.4 21.3 21.3 0.0 72.2 0.0 5.5 66.7 0.0 95.4 21.6 21.6 0.0 73.8 0.0 5.5 68.3 0.0 105.4 21.8 21.8 0.0 83.6 12.2 5.6 65.8 0.0 1094.1 1022.9 22.9 1000.0 71.2 0.0 6.0 65.2 0.0 94.3 22.6 22.6 0.0 71.7 0.0 6.0 65.7 0.0 35 36 37 38 39 40 41 42 43 44 45 46 FA155400005 FA155400073 FA155400003 By persons Disaster-related insurance benefits Other 14.5 0.0 14.5 4.1 0.0 4.1 10.7 0.0 10.7 50.3 37.2 13.1 33.6 0.0 33.6 6.0 0.0 6.0 154.9 148.9 6.0 6.9 0.0 6.9 6.9 44 0.0 45 6.9 46 47 48 49 FA265400005 FA265400033 FA265400003 By the rest of the world Capital transfers paid by U.S. government Other 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 20.9 0.4 20.6 0.4 0.4 0.0 0.4 0.4 0.0 82.6 0.4 82.2 0.3 0.3 0.0 0.2 47 0.2 48 0.0 49 3.3 10.0 0.0 0.0 10.0 0.0 0.0 0.0 0.0 0.0 -6.7 0.0 -3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.2 0.0 4.4 1.8 0.0 0.0 1.8 0.0 0.0 0.0 0.0 0.0 2.6 0.0 278.4 111.2 67.1 3.2 17.6 0.0 12.7 10.7 0.0 0.0 180.3 -13.1 25.3 27.6 0.0 0.0 27.6 0.0 0.0 0.0 0.0 0.0 -2.3 0.0 -1.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.5 0.0 91.0 247.4 247.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -104.0 -52.3 998.9 170.0 21.0 12.7 42.8 0.0 50.8 42.8 0.0 0.0 828.9 0.0 -12.3 58.4 -70.7 -17.6 51.4 -69.0 -18.8 53.6 -72.4 -252.0 -178.1 -74.0 -18.0 54.1 -72.2 -19.2 54.6 -73.8 49.7 128.4 -78.6 -1020.6 -949.4 -71.2 -20.4 62 51.3 63 -71.7 64 9.3 -0.4 21.2 -0.4 14.8 -0.4 -22.8 -3.6 -6.8 -0.4 21.1 -0.4 -127.6 -13.2 22.0 -0.3 21.7 65 -0.2 66 Addenda: Net capital transfers paid by sector 50 51 52 53 54 55 56 57 58 59 60 61 FA825440005 FA795440005 FA515440005 FA545410003 FA765440005 FA405400033 FA615410003 FA665410003 FA735400033 FA505400033 FA105440005 FA115440005 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies Life insurance companies U.S.-chartered depository institutions Government-sponsored enterprises Finance companies Brokers and dealers Holding companies (GMAC) Funding corporations (AIG) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) 62 63 64 FA365440005 FA315440005 FA205440005 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-39) 65 66 FA155440005 FA265440005 By persons (lines 18-44) By the rest of the world (lines 21-47) (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States. -1.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.1 0.0 50 51 52 53 54 55 56 57 58 59 60 61 Summary 13 Z.1, June 7, 2018 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FA174090005 Net acquisition of financial assets 1538.2 1438.9 1433.1 1316.0 1445.4 1512.8 845.1 1460.5 1791.1 1 2 3 4 5 FA153091003 FA173020005 FA173030005 FA173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -6.4 144.1 458.6 -84.2 -14.4 68.1 510.0 17.4 -5.6 -37.2 744.7 -15.1 10.9 42.8 300.5 35.8 12.3 496.0 353.8 211.9 8.5 -86.3 198.6 81.0 17.5 -330.3 566.6 -18.0 5.2 91.9 82.9 -131.8 6.1 317.2 551.6 -186.8 2 3 4 5 6 7 8 9 10 11 12 13 FA174022005 FA173061105 FA153061705 FA173062005 FA153063005 FA174023005 FA153064105 FA153064205 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Corporate equities (2) Mutual fund shares -162.3 -255.7 81.0 -63.7 76.1 46.2 132.6 251.1 237.3 303.7 196.3 -56.8 -205.8 -58.2 -142.3 124.3 -54.5 153.1 -74.0 30.6 -164.2 -2.0 -109.3 140.7 -106.0 -40.8 56.7 -46.9 -75.0 -29.6 83.5 349.4 -683.1 -326.4 -48.2 -194.7 -113.8 57.9 214.1 183.9 160.7 675.0 -277.1 -75.9 -161.2 -4.1 413.4 159.8 -172.2 -634.0 377.0 -49.0 133.8 -98.0 -331.1 626.3 270.6 122.3 175.2 132.0 -158.9 -74.3 37.5 427.7 415.6 539.9 -214.0 -182.2 271.9 -90.9 -38.3 237.7 6 7 8 9 10 11 12 13 14 15 16 FA163070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements 27.5 35.1 331.9 17.1 34.8 359.6 18.7 15.4 431.4 19.6 7.6 375.6 19.6 12.6 412.2 19.6 -8.1 341.7 19.6 12.7 263.6 19.6 13.4 484.9 18.9 14 24.0 15 280.0 16 17 FA173099005 Miscellaneous and other assets 364.0 285.1 306.1 226.0 154.2 228.3 288.5 233.0 256.0 17 18 19 20 21 22 23 FA175050005 FA175012005 FA175013005 FA155111003 FA155420003 FA115020005 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2200.4 562.9 417.2 1220.9 -8.5 7.8 2352.3 637.1 428.0 1280.8 -9.2 15.5 2450.8 696.7 434.3 1324.8 -9.4 4.5 2589.6 738.0 473.9 1383.8 -9.8 3.6 2542.0 738.8 456.2 1355.1 -9.6 1.5 2560.8 730.4 471.6 1367.6 -9.7 0.8 2590.4 726.2 478.9 1387.4 -9.8 7.8 2665.1 756.7 489.0 1425.1 -10.0 4.3 2671.9 763.0 504.1 1410.0 -10.1 4.9 18 19 20 21 22 23 24 25 26 27 FA176300005 FA176320005 FA176330005 FA156300103 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1760.5 423.1 332.1 1005.3 1818.0 438.9 344.7 1034.3 1886.9 461.4 354.6 1071.0 1932.9 481.8 377.0 1074.2 1894.2 473.3 368.0 1052.9 1926.3 479.4 374.2 1072.8 1945.8 484.8 380.9 1080.1 1965.4 489.6 384.9 1090.9 1993.7 496.5 393.0 1104.2 24 25 26 27 28 FA172010005 Net investment in nonfinancial assets (3) 439.9 534.3 563.9 656.7 647.8 634.5 644.7 699.7 678.3 28 29 30 31 32 33 FA175012865 FA175013865 FA155111005 FA155420003 FA115020005 139.9 85.1 215.6 -8.5 7.8 198.1 83.3 246.5 -9.2 15.5 235.4 79.6 253.9 -9.4 4.5 256.2 97.0 309.7 -9.8 3.6 265.5 88.3 302.2 -9.6 1.5 251.0 97.5 294.9 -9.7 0.8 241.4 98.0 307.3 -9.8 7.8 267.1 104.1 334.2 -10.0 4.3 266.4 111.2 305.8 -10.1 4.9 34 FA174190005 Net increase in liabilities 707.9 732.0 850.1 894.8 822.6 939.6 682.2 1135.0 35 36 37 38 39 FA173165105 FA173165205 FA153166000 FA153169005 FA173199005 Home mortgages Other mortgages Consumer credit Other loans and advances Other liabilities 32.4 188.5 221.2 33.2 232.6 145.8 200.6 234.4 -76.5 227.8 250.7 215.9 230.6 -10.2 163.2 341.8 202.4 188.5 35.4 126.7 386.3 151.5 187.1 14.5 83.2 322.0 210.3 164.5 64.2 178.6 303.3 175.4 149.5 -11.3 65.3 355.6 272.5 253.1 74.1 179.8 40 FA175440005 Net capital transfers paid (4) 9.3 21.2 14.8 -35.9 -6.8 21.1 -179.9 22.0 21.7 40 41 FA176007025 Personal saving, FOF concept (FOF) 1279.5 1262.4 1161.7 1041.9 1263.8 1228.9 627.7 1047.2 1634.2 41 42 43 44 FA155111005 FA313154015 FA156600075 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 215.6 -1.9 5.3 246.5 -2.4 5.2 253.9 -2.0 5.1 309.7 -2.1 5.5 302.2 -2.3 5.5 294.9 -2.7 5.5 307.3 -2.6 5.5 334.2 -0.9 5.6 305.8 42 -2.1 43 5.8 44 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 1071.1 1023.5 914.9 739.9 969.4 942.2 328.5 719.4 1336.3 45 46 FA156007015 Personal saving, NIPA concept (NIPA) 738.8 828.4 680.6 487.4 554.6 525.7 483.7 385.7 461.3 46 47 FA176007085 Difference 332.3 195.1 234.3 252.5 414.8 416.5 -155.1 333.8 875.0 47 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 48 FA156012005 Memo: Disposable personal income 49 50 51 52 FA176007026 FA176007006 FA156007016 FA176007086 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) 29 30 31 32 33 856.8 34 298.1 202.4 162.1 22.9 171.3 35 36 37 38 39 13032.6 13615.0 13968.6 14380.4 14226.4 14331.6 14410.8 14552.9 14763.3 48 9.82 8.22 5.67 2.55 9.27 7.52 6.08 1.43 8.32 6.55 4.87 1.68 7.25 5.15 3.39 1.76 8.88 6.81 3.90 2.92 8.57 6.57 3.67 2.91 4.36 2.28 3.36 -1.08 7.20 4.94 2.65 2.29 11.07 9.05 3.12 5.93 49 50 51 52 (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, line 61 plus line 65. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Lines 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 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 14 Z.1, June 7, 2018 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL174090005 2 3 4 5 LM153091003 FL173020005 FL173030005 FL173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 45.6 1400.0 8751.5 1118.3 31.2 25.6 36.5 28.7 30.8 35.2 36.5 38.0 1469.7 1421.6 1464.4 1506.9 1476.9 1385.5 1464.4 1505.5 9266.7 10011.6 10273.1 10143.4 10087.2 10239.5 10273.1 10497.0 1135.7 1120.6 1156.3 1108.2 1082.0 1125.7 1156.3 1042.5 2 3 4 5 6 FL174022005 Debt securities 4117.0 4702.4 4661.6 4393.9 4548.3 4378.5 4327.3 4393.9 4923.5 6 7 8 FL173061105 FL153061705 Treasury securities Agency- and GSE-backed securities 855.6 261.8 1240.4 500.4 1465.3 446.5 1435.3 492.0 1409.1 470.5 1487.7 373.8 1371.3 457.6 1435.3 492.0 1694.7 513.9 7 8 9 10 FL173062005 FL153063005 Municipal securities Corporate and foreign bonds 1713.1 1286.5 1659.7 1301.8 1716.2 1033.6 1646.2 820.4 1689.4 979.3 1673.1 843.9 1636.4 862.0 1646.2 820.4 1645.2 9 1069.6 10 11 12 13 14 FL174023005 FL153069005 FL173065005 FL173066005 Loans Other loans and advances Mortgages Consumer credit 1097.8 893.2 157.0 47.6 1039.6 842.6 152.0 44.9 1037.5 841.6 154.1 41.9 1007.9 817.5 153.8 36.6 1052.0 857.9 153.8 40.3 1051.0 856.7 155.3 38.9 1026.5 835.1 153.8 37.6 1007.9 817.5 153.8 36.6 15 16 LM153064105 LM153064205 Corporate equities (2) Mutual fund shares 17 18 FL163070005 FL153040005 Trade receivables Life insurance reserves 19 20 21 22 FL153050005 FL543150005 FL574190005 FL363150005 Pension entitlements Life insurance companies Private pension funds Governments 23 FL173099005 24 FL174190005 25 26 27 FL173165105 FL173165205 FL153166000 Home mortgages Other mortgages Consumer credit 9927.8 10056.9 10275.7 10590.2 10333.9 10416.4 10509.4 10590.2 10626.9 25 2926.7 3127.3 3343.1 3545.5 3381.0 3433.6 3477.4 3545.5 3596.1 26 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 27 28 29 FL153169005 FL173199005 Other loans and advances Other liabilities 514.0 4090.4 Miscellaneous and other assets Total liabilities 64474.9 65656.9 69443.8 75369.6 71221.6 72046.1 73444.9 75369.6 75844.8 985.2 796.7 153.5 34.9 1 11 12 13 14 14315.3 13837.2 15221.4 17949.5 15984.1 16482.4 17043.2 17949.5 17626.5 15 6828.7 6758.5 7240.3 8628.6 7665.3 7917.0 8300.9 8628.6 8676.8 16 240.7 1282.8 257.9 1309.1 276.5 1340.0 296.2 1387.3 281.4 1355.3 286.3 1360.9 291.2 1373.8 296.2 1387.3 300.9 17 1390.8 18 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 2832.8 2877.6 3015.5 3220.2 3081.8 3120.4 3163.9 3220.2 3193.2 8383.9 8274.0 8735.5 9528.8 8978.7 9121.9 9299.0 9528.8 9498.4 9406.7 9759.5 10085.5 10543.5 10200.9 10306.8 10417.5 10543.5 10624.2 4653.9 4938.0 5250.5 5483.4 5286.6 5344.0 5415.8 5483.4 19 20 21 22 5542.5 23 20773.4 21365.3 22182.3 23051.3 22297.1 22549.2 22758.5 23051.3 23175.2 24 437.4 4330.1 427.2 4492.0 462.6 4620.3 430.9 4511.3 446.9 4557.0 444.1 4573.6 462.6 4620.3 468.3 28 4661.4 29 (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 16), life insurance reserves (line 18), and pension entitlements (line 19). 15 Z.1, June 7, 2018 F.100 Domestic Nonfinancial Sectors (1) 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FA386000105 Gross saving less net capital transfers paid 4359.0 4560.4 4308.4 4458.2 4324.5 4325.3 4662.6 4520.4 4366.5 1 2 FA385090005 Gross investment 4131.2 4816.3 4571.9 4659.1 4368.9 4802.5 4583.5 4881.4 4640.9 2 3 4 5 6 7 8 FA385050005 FA155111003 FA385012005 FA385013005 FA145020005 FA385420005 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 4501.4 1220.9 568.3 2634.2 78.0 0.0 4740.2 1280.8 652.8 2694.7 111.9 0.0 4736.3 1324.8 706.4 2669.9 35.1 0.0 4964.5 1383.8 755.2 2809.8 15.7 0.0 4857.0 1355.1 758.0 2744.1 -0.1 0.0 4907.3 1367.6 742.6 2792.2 4.9 -0.0 5001.5 1387.4 750.5 2821.7 41.9 -0.0 5092.1 1425.1 769.6 2881.2 16.0 0.1 5162.2 1410.0 781.4 2948.4 22.4 0.0 3 4 5 6 7 8 9 FA385000005 Net lending (+) or net borrowing (-) -370.2 76.1 -164.4 -305.5 -488.1 -104.9 -418.1 -210.7 -521.3 9 10 FA384090005 Net acqisition of financial assets 2816.9 3210.4 3322.1 2829.5 1554.5 3190.6 2438.9 4133.7 3528.0 10 11 12 FA313011005 FA383091005 U.S. official reserve assets Foreign deposits -3.8 -17.0 -6.4 -34.5 2.2 -2.0 -1.7 117.1 -1.1 -12.2 0.5 83.1 -0.3 383.9 -6.1 13.8 -5.4 11 17.5 12 13 14 15 16 FA383020005 FA383030005 FA383034005 FA382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 274.2 449.0 -60.2 41.6 233.2 516.7 42.3 19.5 183.7 770.3 -118.7 37.0 20.4 319.7 37.6 -19.0 -341.3 315.6 120.0 -35.5 544.5 225.6 44.8 -43.7 -341.6 582.7 50.3 -45.1 220.0 154.9 -64.8 48.4 977.9 517.2 -144.7 -17.4 13 14 15 16 17 18 19 20 21 22 FA384022005 FA383069105 FA383061105 FA383061705 FA383062005 FA383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -137.3 26.5 -229.8 53.8 -63.6 75.9 222.8 -4.3 325.4 158.9 -55.4 -201.9 24.4 -11.7 219.2 -57.0 28.8 -154.9 -16.0 27.3 -32.1 91.9 -36.4 -66.7 -626.6 23.9 -335.1 -36.9 -170.1 -108.4 156.5 50.4 590.4 -246.6 -72.0 -165.5 -82.7 -2.3 -610.7 423.4 -37.9 144.8 488.9 37.5 227.0 227.7 134.5 -137.7 463.1 41.4 515.5 -183.3 -186.7 276.3 17 18 19 20 21 22 23 24 25 26 FA384023005 FA383069005 FA383065005 FA383066005 Loans Other loans and advances Mortgages Consumer credit 163.5 53.9 2.8 106.8 54.8 -48.5 2.5 100.8 113.5 -0.9 16.1 98.3 78.6 -21.6 10.1 90.1 163.6 63.4 -0.3 100.4 62.8 -3.6 -0.1 66.5 37.2 -81.0 13.8 104.5 50.7 -65.4 27.1 88.9 3.0 -73.6 -2.9 79.4 23 24 25 26 27 28 FA383064105 FA383064205 Corporate equities Mutual fund shares 130.9 266.2 -140.1 132.8 -104.4 132.3 87.8 357.1 216.9 190.7 410.6 164.0 -325.3 634.7 48.8 438.9 -20.0 27 244.2 28 29 30 31 FA383070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements 159.4 35.1 331.9 114.3 34.8 359.6 303.7 15.4 431.4 299.1 7.6 375.6 191.7 12.6 412.2 251.3 -8.1 341.7 342.4 12.7 263.6 410.9 13.4 484.9 362.8 29 24.0 30 280.0 31 32 33 34 FA383078005 FA152090205 FA103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad 5.0 143.7 291.1 3.5 24.5 260.4 26.8 49.3 253.8 300.6 44.1 333.6 90.5 55.2 388.2 -27.9 51.3 304.4 82.6 32.0 218.0 1057.2 37.9 423.6 -20.1 32 79.9 33 -440.3 34 35 FA383090005 36 FA384190005 37 38 39 FA313111303 FA713014003 FA313112003 U.S. official reserve assets SDR certificates Treasury currency 40 41 42 43 44 45 FA384122005 FA103169100 FA313161105 FA313161705 FA383162005 FA103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 46 47 48 49 50 FA384123005 FA383168005 FA383169005 FA383165005 FA153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 51 FA103164103 Corporate equities 52 FA383170005 Trade payables 53 54 FA313140003 FA143178005 Life insurance reserves Taxes payable 55 56 FA112090205 FA143192005 Equity in noncorporate business Foreign direct investment in U.S. 57 FA383190005 58 FA387005005 Miscellaneous assets Net increase in liabilities Miscellaneous liabilities Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. 743.7 1372.3 1203.5 487.4 414.0 629.3 593.7 312.6 1206.3 35 3187.1 3134.3 3486.5 3134.9 2042.7 3295.5 2856.9 4344.5 4049.3 36 0.0 0.0 -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 37 0.0 38 0.0 39 1012.2 37.5 736.0 -0.1 -46.6 285.4 1135.2 -3.0 724.4 0.2 14.0 399.6 1165.1 1.8 842.8 -0.1 42.5 278.2 747.6 25.9 447.0 -0.1 10.6 264.2 -71.1 11.4 -412.7 -0.9 -107.1 438.2 821.5 32.5 577.1 0.7 -9.7 220.9 2031.6 68.8 1655.8 -0.1 -30.4 337.5 208.5 -9.2 -32.0 0.1 189.6 60.0 2655.7 3.5 2517.6 1.1 -139.8 273.4 40 41 42 43 44 45 686.8 176.8 106.0 182.9 221.2 732.7 207.6 -87.9 378.7 234.4 879.7 132.2 5.4 511.5 230.6 1026.1 79.0 165.8 592.7 188.5 931.5 80.3 111.7 552.4 187.1 1110.5 59.6 302.9 583.5 164.5 859.5 85.5 112.2 512.3 149.5 1202.7 90.7 136.4 722.5 253.1 857.1 135.3 19.9 539.7 162.1 46 47 48 49 50 -394.5 -549.6 -576.8 -378.8 -403.3 -267.7 -539.1 -305.1 -386.0 51 224.2 143.7 326.1 330.7 264.1 266.5 380.4 411.7 404.4 52 0.8 5.5 -0.1 2.2 0.1 -5.4 -0.2 216.0 -1.1 10.7 -0.5 16.1 0.6 -18.0 0.3 855.4 0.4 53 -10.5 54 141.0 187.0 18.8 438.1 40.2 389.1 48.7 243.0 56.7 264.2 58.8 261.5 34.9 226.2 44.4 220.3 86.5 55 213.6 56 1324.4 1213.4 1268.5 901.8 991.0 1028.9 -119.1 1706.3 228.1 57 227.7 -256.0 -263.5 -200.8 -44.4 -477.2 79.2 -361.0 -274.4 58 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 16 Z.1, June 7, 2018 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 2 3 4 5 FA156010001 FA156210005 FA156012005 FA156900005 FA156007015 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 10 FA313154015 FA156600075 FA155111005 FA156300005 FA155440005 + Government insurance and pension reserves (3) - Contr. for govt. soc. insur., U.S.-affiliated areas + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -1.9 5.3 215.6 1461.5 9.3 -2.4 5.2 246.5 1507.0 21.2 -2.0 5.1 253.9 1566.2 14.8 -2.1 5.5 309.7 1597.2 -22.8 -2.3 5.5 302.2 1564.5 -6.8 -2.7 5.5 294.9 1592.6 21.1 -2.6 5.5 307.3 1607.9 -127.6 -0.9 5.6 334.2 1624.1 22.0 -2.1 6 5.8 7 305.8 8 1647.6 9 21.7 10 11 FA156000105 = Gross saving less net capital transfers paid 2399.4 2553.1 2478.8 2409.5 2420.3 2383.8 2518.3 2315.5 2385.1 11 12 FA155090005 Gross investment 2731.6 2748.2 2713.1 2662.0 2835.1 2800.3 2363.1 2649.2 3260.0 12 13 14 15 16 17 FA155050005 FA155111003 FA155012005 FA165013005 FA155420003 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 1823.4 1220.9 473.8 137.1 -8.5 1953.2 1280.8 535.1 146.4 -9.2 2052.0 1324.8 585.2 151.4 -9.4 2138.5 1383.8 619.9 144.5 -9.8 2107.9 1355.1 620.6 141.8 -9.6 2114.1 1367.6 613.6 142.5 -9.7 2132.9 1387.4 610.0 145.3 -9.8 2199.1 1425.1 635.5 148.5 -10.0 2192.3 1410.0 641.2 151.3 -10.1 18 FA155000005 Net lending (+) or net borrowing (-) 908.3 795.1 661.1 523.5 727.2 686.3 230.3 450.1 1067.7 18 19 FA154090005 Net acquisition of financial assets 1236.5 1130.4 1144.1 1101.3 1311.4 1285.1 649.1 1159.5 1595.7 19 20 21 22 23 FA153091003 FA153020005 FA153030005 FA153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -6.4 74.8 442.9 -87.1 -14.4 26.9 481.8 11.4 -5.6 -62.0 696.5 -21.0 10.9 42.7 236.7 30.4 12.3 505.2 295.7 208.1 8.5 -88.2 133.7 75.7 17.5 -322.5 507.6 -22.0 5.2 76.4 10.0 -140.2 6.1 300.2 492.3 -192.0 20 21 22 23 24 25 26 27 28 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -164.0 -257.7 81.0 -63.3 76.1 233.0 299.7 196.3 -57.0 -205.8 -58.7 149.2 -74.0 30.3 -164.2 -109.8 -44.4 56.7 -47.1 -75.0 -685.8 -329.0 -48.2 -194.8 -113.8 156.9 671.5 -277.1 -76.2 -161.2 -175.1 -636.7 377.0 -49.2 133.8 264.5 116.6 175.2 131.6 -158.9 411.9 536.4 -214.0 -182.4 271.9 24 25 26 27 28 29 30 31 32 FA154023005 FA153069005 FA153065005 FA163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 46.6 51.8 -1.0 -4.2 -60.6 -50.6 -7.4 -2.7 -4.4 -1.1 -0.2 -3.1 -31.8 -24.0 -2.5 -5.3 56.4 65.5 -2.9 -6.2 -6.3 -4.8 4.1 -5.6 -99.6 -86.5 -7.9 -5.2 -77.7 -70.4 -3.2 -4.1 -93.0 -83.1 -3.2 -6.7 29 30 31 32 33 34 FA153064105 FA153064205 Corporate equities (6) Mutual fund shares 132.6 251.1 -142.3 124.3 -109.3 140.7 83.5 349.4 214.1 183.9 413.4 159.8 -331.1 626.3 37.5 427.7 -38.3 33 237.7 34 35 36 37 38 39 FA163070005 FA153040005 FA153050005 FA152090205 FA153090005 Trade receivables Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets 27.5 35.1 331.9 143.7 8.0 17.1 34.8 359.6 24.5 34.2 18.7 15.4 431.4 49.3 53.1 19.6 7.6 375.6 44.1 42.3 19.6 12.6 412.2 55.2 21.9 19.6 -8.1 341.7 51.3 27.0 19.6 12.7 263.6 32.0 120.1 19.6 13.4 484.9 37.9 0.4 18.9 24.0 280.0 79.9 68.0 40 FA154190005 328.3 335.3 483.0 577.8 584.1 598.9 418.8 709.4 528.0 40 41 FA163162003 Debt securities (municipal securities) -6.9 -8.1 -3.4 1.6 -0.5 12.6 -12.3 6.5 7.3 41 42 43 44 45 46 47 FA154123005 FA153165105 FA153166000 FA153168005 FA153169005 FA163165505 Loans Home mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 307.3 26.4 221.2 19.8 33.2 6.7 329.0 131.9 234.4 31.6 -76.5 7.8 472.5 234.8 230.6 9.6 -10.2 7.6 558.6 324.4 188.5 2.8 35.4 7.5 563.3 373.0 187.1 -18.8 14.5 7.5 568.8 305.0 164.5 27.7 64.2 7.5 415.1 281.8 149.5 -12.4 -11.3 7.5 687.4 337.8 253.1 15.0 74.1 7.5 48 49 FA163170005 FA543077073 Trade payables Deferred and unpaid life insurance premiums 26.7 1.2 12.6 1.7 14.3 -0.3 15.8 1.8 15.8 5.5 15.8 1.7 15.8 0.2 15.8 -0.3 14.8 48 9.8 49 50 FA157005005 -332.3 -195.1 -234.3 -252.5 -414.8 -416.5 155.1 -333.8 -875.0 50 Net increase in liabilities Discrepancy 14818.2 15553.0 15928.7 16429.1 16245.2 16339.6 16468.9 16662.6 16839.8 1785.6 1937.9 1960.1 2048.6 2018.8 2007.9 2058.1 2109.7 2076.5 13032.6 13615.0 13968.6 14380.4 14226.4 14331.6 14410.8 14552.9 14763.3 12293.8 12786.7 13288.0 13893.0 13671.8 13805.9 13927.2 14167.3 14302.0 738.8 828.4 680.6 487.4 554.6 525.7 483.7 385.7 461.3 496.2 287.5 162.1 16.1 22.9 7.6 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual transactions and year-end outstandings of nonprofit organizations. (2) See table F.6 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.5, line 65. (5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). 1 2 3 4 5 13 14 15 16 17 35 36 37 38 39 42 43 44 45 46 47 17 Z.1, June 7, 2018 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA146110005 Income before taxes 2875.4 2802.6 2820.7 2916.6 2930.6 2954.0 2959.9 2821.8 2846.4 1 2 FA146000105 Gross saving less net capital transfers paid 2207.6 2198.3 2147.4 2099.6 2182.8 2229.9 2443.4 1542.1 2455.3 2 3 FA145090005 Gross investment 1539.4 2186.2 2093.8 1975.2 2079.0 2263.4 2311.4 1247.3 2219.6 3 4 FA145050005 2076.8 2199.4 2072.7 2194.0 2119.9 2165.5 2242.4 2248.3 2316.9 4 5 6 7 FA145019005 FA145012005 FA145013005 Fixed investment Residential Nonresidential 1997.2 88.5 1908.7 2057.9 110.3 1947.6 2030.1 115.2 1914.9 2179.0 129.3 2049.6 2120.7 131.4 1989.4 2161.2 123.2 2037.9 2201.4 134.7 2066.7 2232.6 128.0 2104.6 2295.2 134.1 2161.1 5 6 7 8 9 FA145020005 FA105420005 Change in inventories Nonproduced nonfinancial assets 78.0 1.7 111.9 29.6 35.1 7.5 15.7 -0.6 -0.1 -0.7 4.9 -0.5 41.9 -0.9 16.0 -0.4 22.4 -0.6 8 9 10 FA145000005 Net lending (+) or net borrowing (-) -537.5 -13.3 21.2 -218.8 -41.0 97.9 69.0 -1000.9 -97.3 10 11 FA144090005 Net acquisition of financial assets 1365.3 1816.0 1814.6 1359.7 1056.2 1540.0 1417.5 1425.1 1377.5 11 12 13 14 FA103091003 FA143020005 FA143030005 Foreign deposits Checkable deposits and currency Time and savings deposits -10.6 124.4 -7.0 -20.1 108.6 20.4 3.6 185.3 67.4 106.3 144.2 68.1 -24.5 167.7 53.4 74.6 289.0 78.1 366.4 7.4 61.2 8.5 112.6 79.5 11.4 12 218.5 13 61.0 14 15 16 FA143034005 FA102051003 Money market fund shares Security repurchase agreements 24.8 39.5 24.6 14.0 -107.0 29.5 -1.1 -25.6 -93.4 -39.8 -26.6 -40.2 61.3 -53.9 54.4 31.5 43.0 15 -20.9 16 17 18 19 20 21 FA144022005 FA103069100 FA143061105 FA103061703 FA143062005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 41.4 35.8 4.9 1.0 -0.3 0.2 0.6 -0.2 -1.4 1.3 -5.0 -11.8 7.8 1.3 -2.3 37.8 24.5 3.3 -0.1 10.1 41.8 22.0 -2.8 -1.8 24.3 63.8 51.8 6.5 1.0 4.5 4.7 -6.1 0.9 -0.6 10.4 41.0 30.3 8.5 1.0 1.2 39.6 39.9 4.1 0.2 -4.7 22 23 24 FA144023005 FA143065005 FA143066005 Loans Mortgages Consumer credit 1.9 1.6 0.3 4.9 4.8 0.1 3.0 1.2 1.7 -0.6 0.3 -0.9 16.3 -0.3 16.6 -26.2 0.3 -26.5 9.3 -0.2 9.5 -1.8 1.6 -3.3 13.7 22 0.2 23 13.5 24 25 26 FA103064203 FA143070005 Mutual fund shares Trade receivables 15.2 125.9 7.4 79.2 -11.0 264.5 5.4 262.7 5.4 168.7 5.4 206.5 5.4 283.5 5.4 392.0 5.4 25 320.4 26 27 28 FA103092005 FA143090005 U.S. direct investment abroad Miscellaneous assets 291.1 718.7 260.4 1316.4 253.8 1130.7 333.6 429.1 388.2 372.6 304.4 611.2 218.0 454.2 423.6 278.3 -440.3 27 1125.8 28 29 FA144190005 1902.7 1829.3 1793.5 1578.5 1097.1 1442.2 1348.5 2426.0 1474.8 29 30 31 32 33 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities Corporate bonds 322.2 37.5 -0.7 285.4 409.8 -3.0 13.2 399.6 295.1 1.8 15.2 278.2 303.1 25.9 13.1 264.2 446.7 11.4 -2.9 438.2 268.8 32.5 15.4 220.9 393.5 68.8 -12.9 337.5 103.6 -9.2 52.8 60.0 260.9 3.5 -16.0 273.4 30 31 32 33 34 35 36 37 FA144123005 FA143168005 FA143169005 FA143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 379.1 157.0 72.4 149.8 403.4 176.0 -11.7 239.1 406.3 122.6 14.7 269.0 467.0 76.2 130.0 260.8 368.0 99.1 97.0 171.9 541.2 31.9 238.2 271.1 444.0 97.9 123.1 223.0 514.6 75.7 61.7 377.3 360.0 119.2 -3.8 244.7 34 35 36 37 38 FA103164103 Corporate equities -394.5 -549.6 -576.8 -378.8 -403.3 -267.7 -539.1 -305.1 -386.0 38 39 40 FA143170005 FA143178005 Trade payables Taxes payable 159.3 5.5 74.8 2.2 239.6 -5.4 248.3 216.0 188.4 10.7 198.6 16.1 286.3 -18.0 319.9 855.4 323.1 39 -10.5 40 41 FA143192005 Foreign direct investment in U.S. 187.0 438.1 389.1 243.0 264.2 261.5 226.2 220.3 213.6 41 42 FA143190005 Miscellaneous liabilities 1103.2 1031.9 1005.4 431.1 165.8 364.9 520.8 672.9 627.2 42 43 FA112090205 Proprietors’ net investment 141.0 18.8 40.2 48.7 56.7 58.8 34.9 44.4 86.5 43 44 FA107005005 668.2 12.2 53.6 124.3 103.8 -33.4 132.0 294.8 235.7 44 Capital expenditures Net increase in liabilities Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 17 18 19 20 21 Transactions 2014 18 Z.1, June 7, 2018 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 2 3 4 5 6 7 FA106060005 FA106231005 FA106121075 FA105020601 FA106300015 FA106006065 FA105440005 Profits before tax - Taxes on corporate income - Net dividends + Inventory valuation adjustment (IVA) + Capital consumption allowance (1) + Foreign earnings retained abroad - Net capital transfers paid (2) 1367.6 291.8 598.3 4.1 1209.2 211.0 -6.7 1275.7 281.1 651.8 52.4 1284.0 204.9 -3.2 1262.4 274.1 685.2 2.7 1322.8 200.8 2.6 1303.0 279.0 707.3 -49.1 1428.1 235.4 180.3 1326.8 277.5 696.2 -75.0 1352.9 219.8 -2.3 1348.9 294.1 728.7 -33.6 1364.3 237.8 -1.5 1349.4 289.4 649.9 -22.6 1379.0 182.6 -104.0 1186.9 255.0 754.3 -65.4 1616.1 301.4 828.9 1193.3 164.6 -169.9 -81.4 1623.4 -632.7 -1.1 1 2 3 4 5 6 7 8 FA106000105 = Gross savings less net capital transfers paid 1908.5 1887.4 1826.7 1750.8 1853.1 1896.2 2053.1 1200.7 2109.2 8 9 FA105090005 Gross investment 1240.4 1875.2 1773.1 1626.5 1749.3 1929.6 1921.2 905.9 1873.4 9 10 11 12 13 FA105050005 FA105019005 FA105020005 FA105420005 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 1699.9 1628.0 70.1 1.7 1800.3 1674.3 96.4 29.6 1673.8 1635.7 30.6 7.5 1742.9 1731.4 12.1 -0.6 1685.8 1688.1 -1.6 -0.7 1718.8 1715.3 4.0 -0.5 1784.9 1751.6 34.1 -0.9 1782.2 1770.9 11.8 -0.4 1837.3 1820.5 17.4 -0.6 10 11 12 13 14 FA105000005 Net lending (+) or net borrowing (-) -459.5 74.9 99.3 -116.5 63.5 210.8 136.3 -876.3 36.2 14 15 FA104090005 Net acquisition of financial assets 922.7 1488.7 1485.4 1096.3 865.4 1253.5 1186.5 1079.7 1095.7 15 16 17 18 19 20 FA103091003 FA103020005 FA103030003 FA103034003 FA102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -10.6 55.1 -22.7 21.9 39.5 -20.1 67.4 -7.7 18.6 14.0 3.6 160.5 19.2 -112.9 29.5 106.3 144.1 4.3 -6.5 -25.6 -24.5 177.0 -4.8 -97.2 -39.8 74.6 287.1 13.3 -31.8 -40.2 366.4 15.3 2.2 57.3 -53.9 8.5 97.1 6.6 46.0 31.5 11.4 201.5 1.7 37.9 -20.9 16 17 18 19 20 21 22 23 24 25 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 39.7 35.8 2.9 1.0 0.1 -4.1 0.6 -4.3 -1.4 1.0 -9.2 -11.8 3.9 1.3 -2.6 34.0 24.5 -0.3 -0.1 9.8 39.1 22.0 -5.3 -1.8 24.1 60.1 51.8 3.0 1.0 4.2 1.8 -6.1 -1.7 -0.6 10.2 34.9 30.3 2.9 1.0 0.8 35.9 39.9 0.7 0.2 -4.9 21 22 23 24 25 26 27 28 FA104023005 FA103065003 FA103066005 Loans Mortgages Consumer credit 2.3 1.9 0.3 2.4 2.3 0.1 0.6 -1.1 1.7 -2.8 -1.8 -0.9 14.7 -1.8 16.6 -28.3 -1.8 -26.5 7.6 -1.8 9.5 -5.1 -1.8 -3.3 11.6 26 -1.8 27 13.5 28 29 30 FA103064203 FA103070005 Mutual fund shares Trade receivables 15.2 104.7 7.4 32.1 -11.0 218.8 5.4 220.8 5.4 139.1 5.4 165.7 5.4 252.1 5.4 326.2 5.4 29 280.2 30 31 32 33 34 35 36 FA103092005 FA103090005 FA103076005 FA103092405 FA103094105 FA103093005 U.S. direct investment abroad (4) Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance co. subs. Other 291.1 386.5 10.4 0.1 15.8 360.2 260.4 1118.3 2.3 0.1 2.2 1113.7 253.8 932.5 6.6 0.1 -13.1 938.9 333.6 282.7 13.9 0.3 12.6 255.9 388.2 268.4 -10.5 0.5 -0.0 278.3 304.4 443.3 22.5 -0.3 16.4 404.6 218.0 314.3 71.4 0.6 -9.6 251.8 423.6 105.1 -27.8 0.3 43.6 88.9 37 FA104190005 Net increase in liabilities 1382.2 1413.8 1386.1 1212.8 802.0 1042.7 1050.2 1956.0 38 39 40 41 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) 322.2 37.5 -0.7 285.4 409.8 -3.0 13.2 399.6 295.1 1.8 15.2 278.2 303.1 25.9 13.1 264.2 446.7 11.4 -2.9 438.2 268.8 32.5 15.4 220.9 393.5 68.8 -12.9 337.5 103.6 -9.2 52.8 60.0 260.9 3.5 -16.0 273.4 38 39 40 41 42 43 44 45 FA104123005 FA103168005 FA103169005 FA103165005 Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages 95.3 70.3 63.1 -38.0 92.9 78.1 -17.5 32.4 107.1 50.1 12.1 44.9 209.6 34.5 126.6 48.5 170.4 52.0 103.7 14.6 273.4 -9.5 231.7 51.2 242.7 88.3 120.7 33.7 151.9 7.2 50.3 94.4 96.6 60.7 -3.3 39.2 42 43 44 45 46 FA103164103 Corporate equities -394.5 -549.6 -576.8 -378.8 -403.3 -267.7 -539.1 -305.1 -386.0 46 47 48 FA103170005 FA103178005 Trade payables Taxes payable 150.1 -1.4 22.4 -1.3 194.6 -8.8 210.3 213.0 166.7 8.5 149.2 13.1 244.8 -20.3 280.6 850.6 294.4 47 -13.4 48 49 50 51 52 53 FA103192005 FA103190005 FA573074005 FA573073005 FA103193005 Foreign direct investment in U.S. Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 185.2 1025.3 -2.9 51.9 976.2 436.2 1003.4 14.7 93.6 895.2 386.8 988.0 5.6 50.0 932.5 241.7 413.8 6.4 55.4 352.0 264.1 148.9 8.5 90.1 50.2 258.2 347.6 1.8 4.0 341.9 225.0 503.8 6.1 49.8 447.9 219.5 654.9 9.3 77.7 567.9 213.1 593.9 4.2 27.1 562.6 54 FA107005005 668.2 12.2 53.6 124.3 103.8 -33.4 132.0 294.8 235.7 54 2.3 117.9 47.9 227.5 52.5 60.4 -85.7 882.9 -904.6 55 55 FA105005305 Discrepancy Memo: Financing gap (7) -440.3 971.4 9.0 0.7 7.5 954.2 31 32 33 34 35 36 1059.5 37 (1) Consumption of fixed capital plus the capital consumption adjustment. (2) Table F.5, line 60. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, 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) The financing gap is the difference between capital expenditures (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6). 49 50 51 52 53 19 Z.1, June 7, 2018 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA116300005 Gross saving = consumption of fixed capital 299.0 311.0 320.7 335.7 329.7 333.8 337.9 341.4 346.1 1 2 FA116000105 Gross saving less net capital transfers paid (1) 299.0 311.0 320.7 348.8 329.7 333.8 390.3 341.4 346.1 2 3 FA116000105 Gross investment 299.0 311.0 320.7 348.8 329.7 333.8 390.3 341.4 346.1 3 4 5 6 FA115050005 FA115019005 FA115020005 Capital expenditures Fixed investment (2) Change in inventories 377.0 369.2 7.8 399.1 383.6 15.5 398.9 394.4 4.5 451.1 447.5 3.6 434.1 432.6 1.5 446.8 445.9 0.8 457.6 449.8 7.8 466.0 461.7 4.3 479.6 474.7 4.9 4 5 6 7 FA115000005 Net lending (+) or net borrowing (-) -78.0 -88.1 -78.2 -102.3 -104.4 -113.0 -67.3 -124.6 -133.5 7 8 FA114090005 Net acquisition of financial assets 442.6 327.3 329.2 263.4 190.7 286.5 231.0 345.4 281.9 8 9 10 11 FA113020005 FA113030003 FA113034003 Checkable deposits and currency Time and savings deposits Money market funds 69.3 15.7 2.9 41.2 28.1 6.0 24.8 48.2 5.8 0.1 63.7 5.4 -9.3 58.2 3.8 1.9 64.8 5.2 -7.8 59.0 4.0 15.5 73.0 8.4 17.0 9 59.3 10 5.1 11 12 13 14 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 1.7 2.0 -0.3 4.3 4.0 0.3 4.2 3.9 0.3 3.8 3.6 0.3 2.7 2.5 0.2 3.7 3.5 0.2 2.9 2.7 0.2 6.0 5.6 0.4 3.7 12 3.4 13 0.2 14 15 16 17 FA114023005 FA113065005 FA113066003 Loans Mortgages Consumer credit -0.4 -0.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.2 2.2 0.0 1.5 1.5 0.0 2.1 2.1 0.0 1.6 1.6 0.0 3.4 3.4 0.0 2.1 15 2.1 16 0.0 17 18 19 20 21 22 FA113070003 FA113090005 FA113076005 FA113092405 FA113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other 21.2 332.2 12.6 0.7 318.9 47.1 198.0 -10.2 0.5 207.7 45.7 198.2 -3.0 0.7 200.5 41.9 146.3 3.3 2.5 140.5 29.6 104.2 -3.3 0.7 106.8 40.8 167.9 6.6 0.8 160.5 31.3 140.0 16.1 8.2 115.6 65.8 173.3 -6.1 0.3 179.1 40.2 154.4 0.3 -1.0 155.1 23 FA114190005 520.6 415.5 407.3 365.7 295.2 399.5 298.3 470.0 415.4 23 24 25 26 27 FA114123005 FA113168005 FA113169005 FA113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 283.8 86.7 9.3 187.8 310.5 98.0 5.8 206.7 299.2 72.5 2.6 224.1 257.4 41.7 3.4 212.3 197.7 47.1 -6.7 157.3 267.8 41.4 6.5 219.9 201.4 9.6 2.4 189.4 362.7 68.5 11.4 282.8 263.4 58.5 -0.5 205.5 28 29 FA113170005 FA113178003 Trade payables Taxes payable 9.2 6.8 52.4 3.5 44.9 3.3 37.9 3.1 21.6 2.2 49.4 3.0 41.5 2.3 39.3 4.8 28.8 28 2.9 29 30 31 FA115114005 FA113193003 Foreign direct investment in U.S. Miscellaneous liabilities 1.8 77.9 1.9 28.5 2.3 17.4 1.3 17.3 0.1 16.9 3.3 17.3 1.2 17.0 0.8 18.0 0.5 30 33.2 31 32 FA112090205 Proprietors’ net investment 141.0 18.8 40.2 48.7 56.7 58.8 34.9 44.4 86.5 32 Net increase in liabilities (1) Net capital transfers paid from table F.5, line 61. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. 18 19 20 21 22 24 25 26 27 Transactions 2014 20 Z.1, June 7, 2018 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 2 3 4 5 6 7 8 9 FA366010115 FA366210005 FA366240005 FA366231005 FA316231061 FA366601005 FA366150105 FA366403105 FA366402105 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 5527.9 1785.6 1221.6 494.4 20.5 1160.5 150.4 712.8 -17.9 5792.1 1937.9 1255.8 496.3 21.0 1213.2 125.1 757.0 -14.3 5868.3 1960.1 1288.0 459.4 21.4 1250.5 125.1 774.0 -10.1 6078.4 2048.6 1330.1 455.5 22.4 1308.1 137.9 786.8 -11.0 6054.5 2018.8 1309.2 454.9 21.7 1289.6 155.2 816.1 -11.0 6002.5 2007.9 1321.3 468.8 22.1 1299.3 139.0 754.7 -10.7 6121.0 2058.1 1331.4 463.7 22.4 1314.0 139.0 803.0 -10.6 6135.8 2109.7 1358.4 434.7 23.3 1329.5 118.4 773.6 -11.7 6071.6 2076.5 1388.0 317.0 23.2 1361.7 116.9 802.5 -14.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA366900015 FA366901005 FA366404005 FA366403005 FA366130005 FA366402005 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 6307.0 2562.7 2518.1 547.6 620.5 58.1 6525.1 2610.8 2651.5 585.4 620.2 57.3 6733.0 2658.1 2731.9 609.2 672.1 61.8 6921.7 2732.2 2812.5 612.6 703.1 61.3 6887.1 2701.3 2794.9 618.2 711.7 61.0 6849.6 2714.5 2799.4 595.2 680.3 60.1 6912.9 2740.9 2820.4 617.1 673.1 61.4 7037.3 2772.2 2835.2 619.8 747.4 62.7 7115.9 2801.3 2870.1 629.4 756.2 58.9 10 11 12 13 14 15 16 17 18 19 FA366006005 FA366300005 FA313154015 FA365440095 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) - Net capital transfers (3) -779.1 516.9 -1.9 -12.3 -733.0 521.9 -2.4 -17.6 -864.7 526.2 -2.0 -18.8 -843.3 538.3 -2.1 -252.0 -832.6 533.6 -2.3 -18.0 -847.1 536.7 -2.7 -19.2 -791.8 540.0 -2.6 49.7 -901.6 542.9 -0.9 -1020.6 -1044.3 547.8 -2.1 -20.4 16 17 18 19 20 FA366000105 = Gross saving less net capital transfers -248.0 -191.1 -317.8 -50.8 -278.7 -288.4 -299.0 662.8 -473.9 20 21 22 23 FA365090005 FA365019005 FA365420005 Gross investment Fixed investment Nonproduced nonfinancial assets -139.8 594.4 6.9 -118.1 608.1 -20.5 -235.0 609.7 1.9 21.8 621.6 10.4 -545.2 618.9 10.3 -261.2 617.5 10.2 -91.1 615.6 10.7 984.8 634.3 10.4 -838.7 21 642.2 22 10.7 23 24 FA365000005 Net lending (+) or net borrowing (-) -741.0 -705.7 -846.7 -610.2 -1174.4 -889.0 -717.3 340.1 -1491.7 24 25 FA364090005 Net acquisition of financial assets 215.1 264.0 363.4 368.5 -813.0 365.5 372.3 1549.2 554.8 25 26 27 28 29 30 FA313011005 FA363020005 FA363030005 FA213034003 FA212051003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -3.8 75.1 13.0 2.1 2.2 -6.4 97.6 14.5 6.3 5.5 2.2 60.4 6.4 9.3 7.4 -1.7 -166.5 14.9 8.3 6.6 -1.1 -1014.2 -33.4 5.3 4.3 0.5 343.7 13.8 -4.3 -3.4 -0.3 -26.5 13.9 11.0 8.8 -6.1 31.0 65.4 21.0 16.9 -5.4 459.2 -36.1 4.3 3.4 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 FA364022005 FA213069103 FA213061105 FA363061705 FA213062003 FA363063005 FA364023005 FA363065005 FA313066220 FA313069005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Mortgages Consumer credit Other loans and advances -14.7 -9.3 23.0 -28.2 -0.0 -0.2 115.0 2.3 110.7 2.0 -10.5 -4.9 26.0 -35.9 0.3 4.0 110.6 5.1 103.4 2.1 88.2 0.2 62.2 15.7 0.8 9.4 114.9 15.2 99.6 0.2 56.1 2.8 9.0 35.2 0.7 8.3 111.0 12.3 96.3 2.4 17.4 1.8 -3.3 13.1 0.4 5.4 90.9 2.9 90.1 -2.1 -64.2 -1.5 -87.6 29.5 -0.3 -4.3 95.2 -4.5 98.5 1.3 87.7 3.7 25.0 46.9 0.9 11.1 127.6 21.9 100.2 5.5 183.4 7.2 101.8 51.5 1.7 21.2 130.2 28.8 96.4 5.0 11.6 1.5 -25.1 30.5 0.4 4.3 82.2 0.1 72.6 9.5 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 FA363064105 FA213064203 FA363070005 FA363078005 FA363090005 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets -1.7 -0.1 6.0 5.0 17.0 2.1 1.1 17.9 3.5 21.8 4.9 2.6 20.6 26.8 19.7 4.3 2.3 16.8 300.6 16.0 2.9 1.5 3.3 90.5 19.6 -2.8 -1.2 25.1 -27.9 -9.0 5.9 3.0 39.3 82.6 19.3 11.3 5.8 -0.8 1057.2 33.9 18.3 1.2 23.6 -20.1 12.5 41 42 43 44 45 46 FA364190005 956.1 969.7 1210.0 978.6 361.4 1254.4 1089.6 1209.1 2046.5 46 47 48 49 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 0.0 0.0 -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 47 0.0 48 0.0 49 50 51 52 53 54 55 56 FA364122005 FA313161105 FA313161705 FA213162005 FA364123005 FA313165403 FA213169203 Debt securities Treasury securities Budget agency securities Municipal securities Loans Multifamily residential mortgages Other loans and advances 697.0 736.0 -0.1 -39.0 0.4 0.0 0.4 733.5 724.4 0.2 8.9 0.3 0.0 0.3 873.4 842.8 -0.1 30.7 0.9 0.0 0.9 442.9 447.0 -0.1 -4.1 0.4 0.0 0.4 -517.4 -412.7 -0.9 -103.7 0.2 0.0 0.2 540.0 577.1 0.7 -37.7 0.5 0.0 0.5 1650.4 1655.8 -0.1 -5.3 0.4 0.0 0.4 98.4 -32.0 0.1 130.3 0.7 0.0 0.7 57 58 59 FA363170005 FA313140003 FA363190005 Trade payables Insurance reserves Miscellaneous liabilities 38.2 0.8 220.1 56.3 -0.1 179.8 72.3 0.1 263.4 66.6 -0.2 468.9 60.0 -1.1 819.7 52.1 -0.5 662.3 78.3 0.6 -640.1 76.0 0.3 1033.7 66.5 57 0.4 58 -408.9 59 60 FA367005005 -108.2 -73.0 -82.7 -72.6 266.6 -27.2 -207.9 -322.0 364.8 60 61 62 FA374090005 FA374190005 191.8 932.8 237.5 943.2 299.5 1146.2 358.4 968.5 -810.3 364.1 452.8 1341.8 346.0 1063.3 1445.0 1104.9 578.6 61 2070.3 62 Net increase in liabilities Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) 2387.5 2517.6 1.1 -131.1 0.9 0.0 0.9 50 51 52 53 54 55 56 (1) Sum of the federal government and state and local governments sectors. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.5, line 62 less line 12. (4) Excludes Treasury securities and municipal securities held by state and local governments (lines 33 and 35) and federal government loans to state and local governments (line 55). 21 Z.1, June 7, 2018 F.106 Federal Government 2014 1 FA316010105 2 3 4 5 6 7 8 9 FA316210001 FA316240001 FA316231005 FA316231061 FA316601001 FA316150105 FA316403105 FA316402101 Current receipts, NIPA basis 10 FA316900005 11 12 13 14 15 FA316901001 FA316404001 FA316403001 FA316130001 FA316402001 16 FA316006005 Net saving, NIPA basis 17 18 19 FA316300003 FA313154015 FA315440095 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 20 FA316000105 21 22 23 FA315090005 FA315019001 FA315420003 24 FA315000005 25 FA314090005 26 27 28 29 30 31 32 33 34 35 36 37 38 39 FA313011005 FA313020005 FA313030003 FA314022005 FA313061703 FA313063763 FA314023005 FA313069005 FA313065005 FA313066220 FA313064105 FA313070000 FA313078005 FA313090005 40 FA314190005 41 42 43 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 44 45 46 47 48 49 FA314122005 FA313161105 FA313161205 FA313161305 FA313161705 FA313165403 Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans (multifamily residential mortgages) 50 51 52 53 54 FA313170005 FA313140003 FA313190005 FA343073005 FA313190015 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor Other 55 FA317005005 56 FA314000105 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 3291.2 3441.4 3452.1 3588.0 3589.2 3556.4 3618.4 3588.2 3478.3 1 1403.0 135.4 436.6 20.5 1140.9 75.1 87.8 -8.0 1528.5 140.2 437.1 21.0 1193.4 48.9 77.0 -4.7 1540.5 137.0 401.2 21.4 1230.2 46.8 78.3 -3.5 1603.9 132.3 401.3 22.4 1287.5 58.5 86.5 -4.3 1574.0 128.8 408.8 21.7 1269.2 76.5 113.5 -3.4 1586.5 131.6 410.4 22.1 1278.9 59.9 70.7 -3.8 1613.8 132.8 407.8 22.4 1293.4 59.4 92.8 -4.1 1641.1 135.9 378.0 23.3 1308.6 38.3 68.8 -5.8 1595.1 150.1 264.2 23.2 1340.7 36.7 77.3 -8.9 2 3 4 5 6 7 8 9 3901.4 4028.0 4149.4 4252.5 4242.0 4198.3 4235.5 4334.1 4388.3 10 954.5 1901.2 547.6 440.6 57.6 960.0 1987.4 585.4 438.4 56.7 964.5 2039.3 609.2 475.1 61.3 977.8 2096.4 612.6 504.9 60.8 968.0 2082.7 618.2 512.7 60.5 970.8 2090.4 595.2 482.3 59.6 981.1 2101.2 617.1 475.3 60.8 991.5 2111.2 619.8 549.5 62.1 1005.3 2137.6 629.4 557.7 58.3 -610.2 -586.7 -697.3 -664.4 -652.8 -641.9 -617.0 -746.0 -910.0 16 271.0 -1.9 58.4 271.3 -2.4 51.4 271.3 -2.0 53.6 273.8 -2.1 -178.1 272.8 -2.3 54.1 273.6 -2.7 54.6 273.9 -2.6 128.4 274.9 -0.9 -949.4 276.7 17 -2.1 18 51.3 19 = Gross saving less net capital transfers paid -395.6 -364.3 -477.6 -210.4 -431.8 -420.2 -468.9 479.3 -682.5 20 Gross investment Fixed investment Nonproduced nonfinancial assets -335.6 263.7 -2.6 -302.5 264.0 -30.7 -437.9 267.0 -8.6 -155.8 282.8 -0.5 -698.4 276.4 -0.4 -379.6 285.0 -0.6 -291.4 282.5 -0.3 746.1 287.4 -0.7 -1048.8 21 292.0 22 -0.5 23 Net lending (+) or net borrowing (-) -596.7 -535.8 -696.3 -438.2 -974.4 -664.1 -573.6 459.3 -1340.3 24 Net acquisition of financial assets 173.6 234.4 211.0 235.3 -853.8 412.3 234.0 1148.7 525.9 25 -3.8 60.8 0.2 -0.0 0.0 -0.0 114.5 2.0 1.7 110.7 -1.6 -5.2 -3.7 12.5 -6.4 109.9 0.0 -0.0 0.0 -0.0 104.8 2.1 -0.7 103.4 -0.0 12.7 -1.0 14.4 2.2 65.7 -0.2 0.0 0.0 0.0 103.0 0.2 3.2 99.6 -0.1 3.8 23.5 13.2 -1.7 -170.2 0.4 0.0 0.0 0.0 100.2 2.4 1.6 96.3 -0.1 -1.0 297.6 10.2 -1.1 -1028.2 -1.2 0.0 0.0 0.0 83.9 -2.1 -4.1 90.1 0.0 -8.6 85.5 15.8 0.5 343.1 0.4 0.0 0.0 0.0 100.1 1.3 0.4 98.5 -0.5 12.8 -38.1 -6.0 -0.3 4.3 0.6 0.0 0.0 0.0 113.5 5.5 7.8 100.2 -0.0 19.9 84.4 11.6 -6.1 0.1 1.7 0.0 0.0 0.0 103.5 5.0 2.2 96.4 0.0 -28.0 1058.4 19.1 -5.4 449.3 -0.1 0.0 0.0 0.0 76.6 9.5 -5.5 72.6 16.0 6.4 -26.4 9.5 770.3 770.1 907.3 673.5 120.7 1076.4 807.6 689.4 1866.1 40 0.0 0.0 -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 41 0.0 42 0.0 43 735.9 736.0 646.7 89.4 -0.1 0.0 724.6 724.4 688.1 36.3 0.2 0.0 842.7 842.8 711.2 131.5 -0.1 0.0 447.0 447.0 554.4 -107.3 -0.1 0.0 -413.7 -412.7 51.9 -464.6 -0.9 0.0 577.7 577.1 999.9 -422.8 0.7 0.0 1655.7 1655.8 678.2 977.6 -0.1 0.0 -31.9 -32.0 487.5 -519.5 0.1 0.0 2518.6 2517.6 1748.7 768.8 1.1 0.0 44 45 46 47 48 49 -1.1 0.8 35.0 21.6 13.4 15.8 -0.1 29.9 18.9 10.9 31.1 0.1 33.5 14.9 18.6 24.0 -0.2 202.7 189.9 12.8 17.9 -1.1 517.6 552.9 -35.3 10.1 -0.5 489.1 470.3 18.8 35.9 0.6 -884.7 -914.3 29.6 32.3 0.3 688.7 650.5 38.2 22.2 0.4 -675.1 -683.6 8.5 50 51 52 53 54 -60.0 -61.8 -39.7 -54.6 266.7 -40.6 -177.6 -266.8 366.3 55 62.1 109.9 65.3 -170.2 -1046.9 294.2 26.0 46.0 435.0 56 Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 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.5, line 63 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 marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. (6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). 11 12 13 14 15 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 22 Z.1, June 7, 2018 F.107 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 1 FA206010105 2 3 4 5 6 7 8 FA206210001 FA206240001 FA206231001 FA206601001 FA206150105 FA206403105 FA206402101 Current receipts, NIPA basis 9 FA206900005 10 11 12 13 14 FA206901001 FA206404001 FA206403001 FA206130001 FA206402001 15 FA206006005 Net saving, NIPA basis 16 17 FA206300003 FA205440005 18 19 20 21 FA205019001 FA205420003 Fixed investment Nonproduced nonfinancial assets 22 FA215000005 Net lending (+) or net borrowing (-) 23 FA214090005 Net acquisition of financial assets 24 25 FA213020005 FA213030005 26 27 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 2236.7 2350.7 2416.3 2490.4 2465.2 2446.1 2502.6 2547.6 2593.3 1 382.6 1086.2 57.8 19.6 75.3 625.0 -9.9 409.4 1115.6 59.2 19.8 76.3 680.0 -9.6 419.6 1151.0 58.1 20.3 78.2 695.6 -6.6 444.8 1197.8 54.3 20.6 79.4 700.4 -6.8 444.8 1180.4 46.1 20.4 78.7 702.6 -7.7 421.4 1189.7 58.4 20.4 79.1 684.0 -6.9 444.4 1198.6 55.9 20.6 79.6 710.1 -6.6 468.5 1222.5 56.7 20.8 80.1 704.8 -5.9 481.4 1237.9 52.8 21.0 80.2 725.2 -5.4 2 3 4 5 6 7 8 2405.6 2497.0 2583.7 2669.2 2645.1 2651.3 2677.4 2703.2 2727.6 9 1608.2 616.9 0.0 180.0 0.5 1650.8 664.0 0.0 181.7 0.5 1693.6 692.6 0.0 197.0 0.5 1754.4 716.1 0.0 198.2 0.6 1733.4 712.2 0.0 199.0 0.5 1743.7 709.0 0.0 198.0 0.5 1759.8 719.2 0.0 197.8 0.6 1780.8 724.0 0.0 197.9 0.6 1796.0 732.5 0.0 198.5 0.6 10 11 12 13 14 -168.9 -146.4 -167.4 -178.8 -179.8 -205.2 -174.8 -155.6 -134.3 15 + Consumption of fixed capital - Net capital transfers paid (2) 245.9 -70.7 250.6 -69.0 254.9 -72.4 264.5 -74.0 260.8 -72.2 263.2 -73.8 266.1 -78.6 268.0 -71.2 271.2 16 -71.7 17 FA206000105 = Gross saving less net capital transfers paid 147.7 173.2 159.9 159.6 153.1 131.8 169.9 183.6 208.6 18 FA205090005 Gross investment 195.8 184.4 202.9 177.7 153.2 118.4 200.3 238.8 210.1 19 330.7 9.5 344.1 10.2 342.7 10.5 338.8 10.9 342.5 10.7 332.5 10.8 333.1 10.9 346.9 11.1 350.3 20 11.3 21 -144.3 -170.0 -150.4 -172.0 -200.0 -224.9 -143.8 -119.2 -151.5 22 41.5 29.6 152.3 133.1 40.7 -46.9 138.3 400.4 28.9 23 Checkable deposits and currency Time and savings deposits 14.3 12.8 -12.3 14.5 -5.3 6.6 3.6 14.5 14.0 -32.2 0.5 13.4 -30.9 13.2 30.9 63.7 9.9 24 -36.0 25 FA213034003 FA212051003 Money market fund shares Security repurchase agreements 2.1 2.2 6.3 5.5 9.3 7.4 8.3 6.6 5.3 4.3 -4.3 -3.4 11.0 8.8 21.0 16.9 4.3 26 3.4 27 28 29 30 31 32 33 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -14.7 -9.3 23.0 -28.2 -0.0 -0.2 -10.5 -4.9 26.0 -35.9 0.3 4.0 88.2 0.2 62.2 15.7 0.8 9.4 56.1 2.8 9.0 35.2 0.7 8.3 17.4 1.8 -3.3 13.1 0.4 5.4 -64.2 -1.5 -87.6 29.5 -0.3 -4.3 87.7 3.7 25.0 46.9 0.9 11.1 183.4 7.2 101.8 51.5 1.7 21.2 34 FA213065005 Loans (mortgages) 0.6 5.8 12.0 10.7 7.0 -4.9 14.1 26.6 5.6 34 35 36 FA213064103 FA213064203 Corporate equities Mutual fund shares -0.1 -0.1 2.1 1.1 5.0 2.6 4.4 2.3 2.9 1.5 -2.3 -1.2 5.9 3.0 11.3 5.8 2.3 35 1.2 36 37 38 39 FA213070003 FA213078005 FA213093003 Trade receivables Taxes receivable Miscellaneous assets 11.1 8.8 4.5 5.2 4.4 7.4 16.8 3.3 6.5 17.7 3.1 5.8 11.9 5.0 3.7 12.3 10.2 -3.0 19.4 -1.8 7.7 27.2 -1.1 14.7 17.2 37 6.3 38 3.0 39 40 FA214190005 185.8 199.6 302.7 305.1 240.8 178.0 282.0 519.6 180.3 40 41 42 43 FA213162005 FA213162400 FA213162200 Debt securities (municipal securities) Short-term (3) Long-term -39.0 -6.4 -32.6 8.9 -5.9 14.8 30.7 -2.8 33.5 -4.1 4.8 -8.9 -103.7 0.2 -103.9 -37.7 3.0 -40.7 -5.3 15.1 -20.4 130.3 1.0 129.3 -131.1 41 5.4 42 -136.5 43 44 FA213169203 Loans (U.S. government loans) 45 46 FA213170003 FA223073045 Trade payables Claims of pension fund on sponsor (4) 47 FA217005005 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Other current transfer payments Interest payments Subsidies Net increase in liabilities Discrepancy (1) Data for state and local government employee retirement funds are shown on table F.120. (2) Table F.5, line 64. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 11.6 1.5 -25.1 30.5 0.4 4.3 28 29 30 31 32 33 0.4 0.3 0.9 0.4 0.2 0.5 0.4 0.7 0.9 44 39.4 185.1 40.5 149.9 41.2 229.9 42.5 266.2 42.1 302.1 42.0 173.2 42.4 244.6 43.7 345.0 44.3 45 266.2 46 -48.2 -11.2 -43.0 -18.1 -0.1 13.4 -30.4 -55.2 -1.5 47 23 Z.1, June 7, 2018 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA796000105 Gross saving less net capital transfers paid 213.0 221.9 364.0 301.0 387.5 385.3 189.5 241.9 463.8 1 2 FA795090005 Gross investment 298.1 408.2 514.2 497.1 708.5 337.6 380.7 561.5 966.1 2 3 4 5 FA795019005 FA645012063 FA795013005 Capital expenditures Fixed residential investment Fixed nonresidential investment 230.3 7.8 222.5 242.3 -0.0 242.3 255.5 5.5 250.0 253.7 -1.7 255.4 245.7 -6.5 252.2 256.0 2.9 253.1 250.6 -5.9 256.4 262.7 2.7 260.0 268.1 3.4 264.7 3 4 5 6 FA795000005 Net lending (+) or net borrowing (-) 67.8 166.0 258.7 243.3 462.8 81.6 130.2 298.8 697.9 6 7 FA794090005 Net acqisition of financial assets 2623.4 1264.6 2366.2 3295.5 4719.3 2625.2 2915.6 2922.0 2815.2 7 8 9 10 11 12 FA713011005 FA713014003 FA713012003 FA633091003 FA794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.2 0.0 0.8 -9.8 151.4 0.1 0.0 1.3 -13.4 -388.5 -0.1 0.0 1.0 -9.2 -210.1 0.0 0.0 0.8 1.9 196.0 0.1 0.0 1.0 6.9 1593.3 0.1 0.0 0.8 -1.3 -678.3 0.0 0.0 0.8 9.1 359.8 -0.1 0.0 0.8 -7.3 -490.9 13 14 15 16 FA793020005 FA793030005 FA793034005 FA792050005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -13.8 10.1 67.9 10.6 -10.2 -91.9 -14.5 57.1 33.8 -326.3 91.4 68.3 3.5 23.2 76.9 287.3 -33.7 75.4 -103.9 223.1 -70.9 -47.9 22.1 772.2 204.1 73.1 196.3 -297.9 -85.3 -7.7 193.0 452.0 -147.9 -68.2 204.2 -641.2 13 14 15 16 17 18 19 20 21 22 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 931.6 -55.4 645.7 104.5 12.7 224.1 593.9 17.7 356.3 36.9 63.0 120.0 1173.0 -82.0 722.9 330.2 6.5 195.4 833.4 59.3 155.5 232.0 39.8 346.9 732.9 45.5 -348.4 361.4 58.3 616.1 89.2 -120.8 -534.4 555.9 49.9 138.6 1994.3 324.4 1535.5 -146.1 0.8 279.8 517.2 -12.1 -30.7 156.9 50.1 353.0 2288.5 32.5 1700.1 126.8 50.8 378.3 17 18 19 20 21 22 23 24 25 26 27 FA794023005 FA793068005 FA793069005 FA793065005 FA793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 748.9 295.1 150.1 189.3 114.4 740.7 286.1 -59.2 380.2 133.5 878.6 172.0 78.0 496.4 132.3 919.8 99.0 136.7 585.6 98.5 745.6 58.5 42.4 558.0 86.7 1046.6 132.4 232.9 583.3 98.0 862.6 145.6 182.1 489.8 45.0 1024.5 59.6 89.3 711.5 164.1 814.7 174.8 34.3 522.9 82.7 23 24 25 26 27 28 29 FA793064105 FA793064205 Corporate equities Mutual fund shares 27.2 3.1 211.7 -37.8 -18.5 -160.0 -24.0 -66.6 -232.1 -21.7 187.1 -32.5 -69.1 -160.8 18.3 -51.2 30 31 32 33 FA793070005 FA793040005 FA793092005 FA793090005 Trade receivables Life insurance reserves U.S. direct investment abroad Miscellaneous assets 1.3 10.9 22.4 660.8 9.0 10.6 21.3 175.4 0.4 9.6 46.7 787.7 9.6 10.4 29.0 994.1 29.7 9.6 45.0 1648.4 15.6 9.4 30.7 1282.3 4.8 12.5 13.6 -287.5 -11.5 10.2 26.9 1333.1 37.3 8.9 -50.9 -146.6 34 FA794190005 Net increase in liabilities 2555.6 1098.6 2107.5 3052.2 4256.5 2543.6 2785.4 2623.2 2117.3 34 35 FA794110005 Net interbank liabilities 89.8 -444.3 -349.2 294.8 2267.0 -1192.2 635.2 -530.9 994.5 35 36 37 38 39 FA793120005 FA703130005 FA634090005 FA792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 343.9 513.2 6.8 9.0 255.4 406.2 30.1 -26.5 279.1 517.1 -26.6 -21.3 104.5 359.9 119.2 70.2 -287.4 465.3 6.0 -274.1 500.2 253.0 62.0 703.3 -29.2 648.9 264.7 -482.5 234.3 72.5 144.0 334.1 902.6 455.0 50.9 -1009.5 36 37 38 39 40 41 42 43 FA794122005 FA793169175 FA423161705 FA793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 152.8 -67.7 150.3 70.3 119.4 -40.5 220.4 -60.5 358.1 3.3 351.7 3.1 396.2 -35.5 346.7 85.0 233.5 -44.1 246.7 30.9 504.4 -72.6 387.3 189.8 516.3 -30.6 327.4 219.4 330.6 5.5 425.4 -100.3 79.8 13.0 72.1 -5.2 40 41 42 43 44 45 46 47 FA794123005 FA793168005 FA793169005 FA643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 165.5 29.7 126.6 9.3 41.3 20.1 17.2 4.0 73.2 2.8 69.4 1.0 16.4 11.4 1.9 3.1 64.1 14.0 44.8 5.3 41.4 21.2 20.6 -0.4 37.2 21.6 24.3 -8.7 -77.2 -11.4 -81.9 16.1 -64.5 15.8 -60.6 -19.7 44 45 46 47 48 49 FA793164105 FA653164205 Corporate equities Mutual fund shares 235.6 309.7 232.9 96.7 245.3 24.6 388.4 313.0 477.0 173.3 346.3 306.5 273.4 372.3 457.0 399.8 234.9 48 131.7 49 50 51 52 FA663170003 FA543140005 FA153050005 Trade payables Life insurance reserves Pension entitlements 3.4 45.2 331.9 8.4 45.5 359.6 10.4 24.9 431.4 -4.2 18.2 375.6 -5.6 23.3 412.2 -12.4 1.8 341.7 9.6 24.6 263.6 -8.2 23.2 484.9 7.9 50 32.4 51 280.0 52 53 54 55 56 FA793178005 FA662090205 FA793192005 FA793190005 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities 20.4 2.7 25.3 300.3 -6.6 5.8 38.6 -63.8 3.1 9.1 79.3 449.1 63.3 -4.6 43.8 497.5 -30.7 -1.5 64.9 669.2 8.3 -7.5 57.6 629.2 47.4 -2.9 33.3 173.6 228.2 -6.5 19.4 518.0 -50.9 -6.6 0.1 78.8 57 FA797005005 -85.1 -186.3 -150.2 -196.0 -321.1 47.8 -191.2 -319.6 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.132. -0.1 8 0.0 9 0.5 10 -10.0 11 633.1 12 -6.7 28 -100.4 29 30 31 32 33 53 54 55 56 -502.3 57 Transactions 2014 24 Z.1, June 7, 2018 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA716000105 Gross saving 5.7 -10.6 0.6 -8.0 -8.6 -7.0 -9.7 -6.7 -7.1 1 2 FA715013005 Fixed nonresidential investment 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 2 3 FA714090005 Net acquisition of financial assets 481.6 -13.3 -32.6 -3.6 80.4 -28.6 -23.3 -42.7 -206.4 3 4 5 6 FA713011005 FA713014003 FA713012003 U.S. official reserve assets SDR certificates Treasury currency 0.2 0.0 0.8 0.1 0.0 1.3 -0.1 0.0 1.0 0.0 0.0 0.8 0.1 0.0 1.0 0.1 0.0 0.8 0.0 0.0 0.8 -0.1 0.0 0.8 -0.1 0.0 0.5 4 5 6 7 FA713022003 Federal Reserve float (2) 0.4 0.5 -0.8 -0.1 0.9 -0.3 -0.4 -0.7 0.9 7 8 9 10 FA713068705 FA713068703 FA763069143 Interbank loans (2) Discount window (3) AMLF (4) 0.1 0.1 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.1 0.1 0.0 -0.2 -0.2 0.0 0.5 0.5 0.0 0.2 0.2 0.0 -0.2 -0.2 0.0 11 FA712051000 Security repurchase agreements 12 13 14 15 16 17 18 19 FA714022005 FA713069603 FA713061103 FA713061113 FA713061125 FA713061705 FA713061903 FA713061703 Debt securities 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 FA713068005 21 22 23 24 FA713064103 FA713090005 FA713091103 FA713093005 25 FA714190005 26 27 FA713113003 FA703025005 28 FA713120005 29 30 31 32 FA713123005 FA713123023 FA713123030 FA713123043 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 33 34 FA713124005 FA713122605 Due to government-sponsored enterprises Due to rest of the world 35 FA713125005 Currency outside banks 36 37 38 FA712151003 FA712151103 FA712151115 39 40 41 FA713190005 FA713164003 FA713193005 42 FA717005005 -0.5 8 -0.5 9 0.0 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 480.7 0.0 252.6 0.0 252.6 228.1 246.7 -18.5 5.1 0.0 0.2 0.0 0.2 4.9 10.6 -5.7 -20.8 0.0 2.1 0.0 2.1 -22.8 -6.1 -16.8 2.3 0.0 -9.4 0.0 -9.4 11.7 23.5 -11.8 102.6 0.0 3.1 0.0 3.1 99.5 110.9 -11.4 -13.5 0.0 2.8 0.0 2.8 -16.3 4.6 -20.9 -12.5 0.0 1.4 0.0 1.4 -13.8 -8.5 -5.4 -67.2 0.0 -44.8 0.0 -44.8 -22.4 -12.9 -9.5 Loans (depository institution loans n.e.c.) (5) -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Corporate equities (6) Miscellaneous assets Nonofficial foreign currencies (7) Other 0.0 -0.5 1.3 -1.8 0.0 -20.2 -0.5 -19.7 0.0 -11.8 4.6 -16.4 0.0 -6.8 6.5 -13.3 0.0 -24.1 -2.0 -22.1 0.0 -16.3 -8.0 -8.3 0.0 -11.3 2.2 -13.5 0.0 24.7 33.8 -9.1 480.6 5.3 -32.6 -3.6 80.4 -28.6 -23.3 -42.7 -196.4 25 Depository institution reserves Vault cash of depository institutions 148.9 2.0 -387.6 -1.4 -211.0 1.7 194.8 1.2 1580.6 12.0 -679.7 1.1 363.9 -3.9 -485.6 -4.4 632.2 26 0.4 27 Checkable deposits and currency 145.0 167.6 159.2 -61.4 -959.0 390.2 155.4 167.6 426.1 28 61.0 -0.0 61.1 0.0 110.1 0.1 110.0 0.0 65.6 -0.1 65.7 0.0 -170.2 0.0 -170.3 0.0 -1046.1 0.4 -1046.5 0.0 294.2 -0.3 294.5 0.0 25.4 0.0 25.3 0.0 45.7 0.1 45.6 0.0 432.9 0.4 432.5 0.0 -12.9 -2.7 -25.9 -0.0 10.9 -0.0 1.3 0.1 -19.0 -0.0 -33.1 0.0 18.0 -0.0 39.3 0.4 -93.0 33 -0.0 34 99.7 83.4 82.7 107.4 106.1 129.1 112.0 82.2 86.2 35 Security repurchase agreements Reverse repurchase agreement operations (8) Other 193.9 199.0 -5.0 202.6 77.9 124.7 12.8 -6.2 19.0 -161.3 -148.8 -12.5 -499.7 -486.0 -13.7 198.8 208.1 -9.3 -372.8 -331.1 -41.7 28.7 14.0 14.6 -1162.3 36 -1148.9 37 -13.4 38 Miscellaneous liabilities Federal Reserve Bank stock Other -9.3 1.1 -10.4 24.2 0.9 23.3 4.7 1.0 3.7 23.1 0.9 22.2 -53.5 0.6 -54.1 60.9 1.0 59.9 -165.9 1.4 -167.2 251.0 0.8 250.2 -92.8 39 1.1 40 -93.9 41 3.9 7.2 -0.2 -8.9 -9.5 -7.9 -10.6 -7.6 2.0 42 Net increase in liabilities Discrepancy 0.0 11 -159.3 0.0 -117.0 0.0 -117.0 -42.2 -42.2 0.0 12 13 14 15 16 17 18 19 0.0 20 0.0 -48.0 -28.2 -19.7 21 22 23 24 29 30 31 32 (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 as part of line 24. (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 the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector; to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (6) 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. (7) Reciprocal currency arrangements (swap lines) with foreign central banks. (8) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). 25 Z.1, June 7, 2018 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA706000105 Gross saving less net capital transfers paid 2 FA705013005 Fixed nonresidential investment 3 FA705000005 4 5 6 7 Q2 Q3 2018 Q1 Q4 -56.1 -64.3 -17.5 -33.2 -12.0 -68.6 -22.0 -30.2 -6.7 1 29.1 30.3 32.2 25.6 29.1 24.9 24.2 24.2 23.2 2 Net lending (+) or net borrowing (-) -66.7 12.6 27.5 8.0 -82.6 20.8 -233.8 327.8 81.2 3 FA704090005 Net acquisition of financial assets 986.2 539.2 742.0 868.9 2058.5 9.4 848.2 559.6 1139.4 4 FA703025005 FA713113003 FA702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 2.0 148.9 10.6 -1.4 -387.6 25.2 1.7 -211.0 -16.8 1.2 194.8 80.7 12.0 1580.6 -97.8 1.1 -679.7 197.4 -3.9 363.9 -31.9 -4.4 -485.6 254.9 0.4 632.2 49.4 5 6 7 8 9 10 11 12 13 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 216.7 0.0 195.4 26.2 31.0 -35.9 203.3 0.0 36.8 155.2 47.4 -36.0 271.0 0.0 105.5 131.3 50.6 -16.4 149.8 -0.0 -20.2 166.7 20.6 -17.2 269.2 -0.0 42.8 152.3 27.0 47.1 -41.2 0.0 -123.7 139.8 11.6 -69.0 116.7 0.0 -34.1 162.6 6.0 -17.7 254.4 0.0 34.1 212.0 37.7 -29.3 -75.1 0.6 34.8 -9.8 -57.9 -42.8 8 9 10 11 12 13 14 15 16 17 18 FA704023005 FA703068005 FA703069005 FA703065005 FA703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 553.9 295.2 0.0 149.9 108.8 681.6 286.1 0.0 255.7 139.8 609.9 172.0 0.0 296.2 141.7 437.9 99.0 0.0 216.4 122.5 260.0 58.5 0.0 150.6 50.9 487.4 132.4 0.0 256.7 98.3 467.2 145.6 0.0 218.5 103.1 537.1 59.6 0.0 239.9 237.6 429.4 174.8 0.0 161.0 93.6 14 15 16 17 18 19 20 FA703064105 FA703064205 Corporate equities Mutual fund shares 0.7 -0.9 2.0 -1.0 -6.9 -1.9 -0.7 0.2 -3.8 1.2 0.1 -5.1 0.2 2.3 0.7 2.3 11.5 19 -20.6 20 21 FA763040005 Life insurance reserves 5.9 6.5 5.6 6.4 5.6 5.4 8.5 6.2 4.9 21 22 23 FA763092000 FA703090005 U.S. direct investment abroad Miscellaneous assets 1.6 46.7 -3.6 14.2 -6.5 96.9 3.2 -4.6 3.8 27.7 -3.4 47.4 -6.8 -68.1 19.2 -25.3 -9.2 22 116.6 23 24 FA704190005 Net increase in liabilities 1052.9 526.6 714.4 860.9 2141.1 -11.4 1082.0 231.8 1058.3 24 25 FA704110005 Net interbank liabilities -61.2 -55.3 -140.0 98.8 674.5 -513.6 275.2 -40.9 361.8 25 26 27 FA703127005 FA703130005 Checkable deposits Time and savings deposits 198.8 513.2 87.8 406.2 119.9 517.1 165.9 359.9 671.6 465.3 109.9 253.0 -184.6 648.9 66.7 72.5 476.5 26 455.0 27 28 FA702150005 Federal funds and security repos 25.4 -4.0 32.5 96.2 14.2 159.6 148.2 62.8 -189.9 28 29 30 31 FA704122005 FA703169175 FA763163005 Debt securities Open market paper Corporate bonds -17.2 -5.2 -12.0 -9.3 -0.9 -8.4 -21.4 -4.5 -16.9 -13.0 0.7 -13.6 -12.1 1.5 -13.6 -18.2 -2.9 -15.3 11.2 6.7 4.5 -32.9 -2.7 -30.2 -5.4 29 -3.0 30 -2.4 31 32 FA703169005 Loans (other loans and advances) 66.6 39.7 69.8 28.2 -16.2 26.2 125.9 -23.0 9.1 32 33 34 35 FA763164103 FA763178003 FA753192003 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. 2.7 20.1 3.7 9.5 -8.1 2.0 4.6 0.7 6.0 7.4 31.8 4.9 10.3 -29.1 18.2 2.5 18.1 -5.4 3.9 43.9 4.7 12.9 94.3 2.3 1.9 33 -55.1 34 1.3 35 36 37 38 39 FA703190005 FA763194735 FA753194503 FA703193005 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 300.8 195.9 -20.3 125.2 58.1 42.1 2.2 13.8 125.3 110.5 -5.6 20.4 80.8 91.3 -20.1 9.6 344.6 174.7 41.4 128.5 -43.6 108.1 -84.0 -67.7 4.8 179.1 -30.6 -143.8 17.3 -96.7 -7.1 121.2 40 FA707005005 -18.5 -107.2 -77.3 -66.8 41.5 -114.3 187.6 -382.2 -111.1 40 0.7 -0.6 1.3 1.9 1.7 3.9 1.2 0.9 0.9 41 460.5 144.2 167.7 271.9 633.0 -102.5 302.5 254.5 91.1 42 Discrepancy 3.1 -122.1 43.8 81.4 36 37 38 39 Memo: 41 FA763066303 Consumer leases not included above (2) 42 FA703139105 Uninsured deposits (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (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 is included in line 1, and fixed investment is included in line 2. (3) Includes checkable deposits (line 26) and time and savings deposits (line 27) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Transactions 2014 26 Z.1, June 7, 2018 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA766000105 Gross saving less net capital transfers paid -73.1 -80.4 -35.0 -48.2 -29.0 -85.1 -36.0 -42.5 -24.5 1 2 FA765013005 Fixed nonresidential investment 21.9 23.3 24.8 17.7 21.4 17.1 16.2 16.2 14.9 2 3 FA764090005 Net acquisition of financial assets 870.9 587.6 742.4 507.5 1292.1 -45.4 415.6 367.9 767.7 3 4 5 6 FA763025000 FA763013005 FA762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 2.0 210.9 -30.4 -1.4 -197.8 24.8 1.7 -90.3 8.7 1.2 47.3 4.0 12.0 834.3 -114.0 1.1 -518.5 138.0 -3.9 57.3 -145.4 -4.4 -183.7 137.3 0.5 264.5 74.0 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA764022005 FA763069175 FA763061100 FA763061705 FA763061803 FA763061303 FA763061603 FA763061403 FA763061795 FA763062000 FA763063005 FA763063673 FA763063653 FA763063663 FA763063693 FA763063095 Debt securities 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 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 241.5 0.0 203.3 43.0 26.2 12.2 13.0 14.6 -23.0 32.7 -37.4 -6.0 -2.5 -5.6 5.4 -28.8 214.4 0.0 14.8 164.4 149.9 19.1 -0.1 15.3 -19.7 47.4 -12.2 -8.0 -2.5 -12.0 10.6 -0.3 276.4 0.0 96.0 136.7 141.6 21.6 -22.4 28.6 -32.6 50.3 -6.6 -5.2 0.4 -11.3 -10.6 20.0 110.4 0.0 -43.2 148.6 123.4 17.8 -2.6 13.5 -3.4 21.1 -16.1 -4.5 -0.4 -7.2 -6.7 2.7 243.8 0.0 3.9 147.0 110.3 14.8 -4.0 16.4 9.6 27.3 65.6 -2.1 6.0 -1.3 -13.6 76.5 -48.2 0.0 -136.6 145.0 139.5 12.2 -11.0 10.8 -6.6 10.9 -67.5 -4.3 -2.5 -7.2 -6.4 -47.1 171.9 0.0 -3.7 175.9 149.5 19.3 6.3 11.0 -10.3 8.6 -8.9 -5.5 -4.4 -9.6 -2.1 12.7 74.1 0.0 -36.6 126.6 94.2 24.9 -1.7 15.6 -6.3 37.5 -53.4 -5.9 -0.9 -10.5 -4.8 -31.4 -30.4 0.0 22.3 15.0 -16.2 8.0 14.8 13.5 -5.1 -56.7 -11.0 -4.3 -2.1 -7.8 1.7 1.5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA764023005 FA763068005 FA763069703 FA763065005 FA763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 425.3 235.9 0.0 117.9 71.5 524.1 210.8 0.0 213.0 100.2 496.2 146.1 0.0 246.4 103.8 353.4 104.4 0.0 164.7 84.4 176.6 71.2 0.0 101.9 3.5 378.2 129.4 0.0 200.6 48.3 394.6 125.8 0.0 178.6 90.1 464.3 91.2 0.0 177.5 195.6 348.3 217.4 0.0 115.1 15.7 23 24 25 26 27 28 29 FA763064105 FA763064203 Corporate equities Mutual fund shares 0.7 -0.7 2.0 -0.9 -6.9 -1.8 -0.7 0.0 -3.8 1.0 0.1 -5.0 0.2 1.8 0.7 2.4 11.5 28 -21.0 29 30 31 32 FA763040005 FA763092000 FA763090005 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 5.9 1.6 14.1 6.5 -3.6 19.6 5.6 -6.5 59.3 6.4 3.2 -17.7 5.6 3.8 132.8 5.4 -3.4 6.9 8.5 -6.8 -62.6 6.2 19.2 -148.2 4.9 30 -9.2 31 124.8 32 33 FA764190005 997.7 544.1 758.2 529.8 1355.2 -102.2 760.9 105.4 627.4 33 34 35 36 37 38 FA764110005 FA713022003 FA713068705 FA764112005 FA764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 71.0 0.4 0.1 -25.0 95.6 -42.2 0.5 -0.0 -6.8 -35.9 -89.6 -0.8 -0.1 -4.3 -84.5 -16.9 -0.1 0.1 3.7 -20.5 409.8 0.9 -0.2 381.8 27.2 -378.9 -0.3 0.5 -397.8 18.7 105.4 -0.4 0.2 185.8 -80.1 -204.0 -0.7 -0.2 -155.2 -47.9 76.0 0.9 -0.5 418.7 -343.1 34 35 36 37 38 39 40 41 42 FA763127005 FA763123005 FA763129205 FA763122605 Checkable deposits Federal government Private domestic Rest of the world 136.2 0.9 130.0 5.3 50.3 -0.2 63.4 -12.9 113.3 -0.1 98.4 15.0 116.2 -0.3 116.4 0.0 550.6 0.4 543.0 7.1 70.6 -0.3 81.0 -10.1 -155.5 0.0 -204.0 48.5 -1.0 -1.4 45.7 -45.3 440.5 2.2 415.3 23.0 39 40 41 42 43 44 FA763130005 FA762150005 Time and savings deposits Federal funds and security repos 446.3 -33.2 484.0 -39.4 580.8 -34.2 287.6 7.9 123.8 -16.2 135.0 17.6 601.2 16.0 290.3 14.2 286.9 43 -54.1 44 45 46 47 FA764122005 FA763169175 FA763163005 Debt securities Open market paper Corporate bonds -17.2 -5.2 -12.0 -9.3 -0.9 -8.4 -21.4 -4.5 -16.9 -13.0 0.7 -13.6 -12.1 1.5 -13.6 -18.2 -2.9 -15.3 11.2 6.7 4.5 -32.9 -2.7 -30.2 -5.4 45 -3.0 46 -2.4 47 48 FA763169305 Loans (other loans and advances) 58.2 30.4 67.7 20.1 -10.2 20.4 110.4 -40.3 42.4 48 49 50 51 52 53 FA763164103 FA763178003 FA763190005 FA763194735 FA763193005 Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other 2.7 20.1 313.6 195.9 117.7 9.5 -8.1 68.8 42.1 26.7 4.6 0.7 136.4 110.5 25.8 7.4 31.8 88.9 91.3 -2.4 10.3 -29.1 328.5 174.7 153.8 2.5 18.1 30.7 108.1 -77.4 3.9 43.9 24.5 179.1 -154.7 12.9 94.3 -28.1 -96.7 68.6 54 FA767005005 31.9 -147.2 -43.9 -43.6 12.6 -159.0 293.0 -321.2 -179.7 54 55 FA763066303 Consumer leases not included above (1) 0.7 -0.6 1.3 1.9 1.7 3.9 1.2 0.9 0.9 55 56 FA763139105 Uninsured deposits (2) 375.3 242.1 298.2 201.3 245.8 -197.9 303.7 453.6 -11.7 56 Net increase in liabilities Discrepancy 1.9 -55.1 -105.6 -122.1 16.5 49 50 51 52 53 Memo: (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; depreciation is included in line 1, and fixed investment is included in line 2. (2) Includes checkable deposits (line 39) and time and savings deposits (line 43) not insured by the Federal Deposit Insurance Corporation. 27 Z.1, June 7, 2018 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA756330005 Gross saving 4.3 3.5 3.2 3.2 3.2 3.2 3.2 3.3 3.3 1 2 FA755013005 Fixed nonresidential investment 4.0 3.3 3.1 3.3 3.2 3.3 3.4 3.4 3.5 2 3 FA754090005 Net acquisition of financial assets 45.4 -133.0 -101.6 282.2 597.2 29.0 409.2 93.2 136.7 3 4 5 FA753025003 FA753013003 Vault cash Reserves at Federal Reserve 0.0 -59.3 -0.0 -198.4 -0.0 -122.5 0.0 142.3 0.0 644.4 -0.0 -97.0 0.0 311.3 0.0 -289.6 -0.0 267.8 4 5 6 FA752050005 Federal funds and security repos 41.1 0.4 -25.4 76.6 16.2 59.2 113.3 117.6 -25.0 6 7 8 9 10 11 12 FA754022005 FA753069603 FA753061103 FA753061703 FA753062003 FA753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -14.5 0.0 -10.5 -4.9 0.0 0.9 -9.0 0.0 13.3 2.6 0.0 -24.9 10.7 0.0 24.2 -2.0 0.0 -11.5 27.3 0.0 5.5 22.5 0.0 -0.6 -39.2 0.0 -22.5 3.0 0.0 -19.8 15.4 0.0 11.7 4.3 0.0 -0.6 -40.8 0.0 -28.3 -6.4 0.0 -6.0 173.8 0.0 61.0 89.0 0.0 23.8 -41.2 7 0.0 8 -1.1 9 -8.4 10 0.0 11 -31.7 12 13 14 15 16 FA754023005 FA753068005 FA753069703 FA753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 63.7 56.5 0.0 7.3 87.0 73.3 0.0 13.8 30.8 14.9 0.0 15.8 -3.9 -13.4 0.0 9.5 -13.1 -18.2 0.0 5.1 10.7 -6.1 0.0 16.8 -0.3 -2.7 0.0 2.4 -13.0 -26.7 0.0 13.7 -43.7 -49.0 0.0 5.3 17 18 FA753064103 FA753093005 Corporate equities Miscellaneous assets 0.0 14.4 0.0 -13.0 -0.0 4.9 0.0 39.9 0.0 -11.0 0.0 40.7 0.0 25.6 0.0 104.4 0.0 17 -21.1 18 19 FA754190005 Net increase in liabilities -2.4 -95.5 -137.2 261.1 627.5 75.8 305.4 35.8 203.9 19 20 21 22 FA754110005 FA754116005 FA754112005 Net interbank liabilities To foreign banks To domestic banks -131.9 -130.0 -1.9 -18.7 -23.7 5.0 -49.5 -55.9 6.5 111.5 120.2 -8.7 175.1 164.7 10.5 -75.4 -73.6 -1.8 189.6 220.1 -30.5 156.7 169.8 -13.1 202.0 20 225.8 21 -23.8 22 23 24 FA753127005 FA753130005 Checkable deposits Time and savings deposits 45.2 33.8 16.4 -121.4 -2.9 -140.6 34.1 25.6 76.4 285.1 26.1 63.3 -11.6 9.3 45.5 -255.0 -27.2 23 115.8 24 25 FA752150005 Federal funds and security repos 58.5 35.3 66.7 88.3 30.3 142.0 132.2 48.6 -135.8 25 26 FA753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 27 FA753192003 Foreign direct investment in U.S. 3.7 2.0 6.0 4.9 18.2 -5.4 4.7 2.3 1.3 27 28 29 30 FA753190005 FA753194503 FA753193005 Miscellaneous liabilities Investment by funding corporations Other -11.7 -20.3 8.6 -9.2 2.2 -11.3 -17.1 -5.6 -11.4 -3.4 -20.1 16.7 42.2 41.4 0.8 -74.8 -84.0 9.2 -18.8 -30.6 11.8 37.7 -7.1 44.8 47.8 28 43.8 29 4.0 30 31 FA757005005 -47.4 37.7 -35.6 -21.2 30.2 46.8 -104.0 -57.6 67.0 31 32 FA753139105 79.0 -105.0 -143.4 59.8 361.6 89.4 -2.4 -209.5 88.6 32 Discrepancy 13 14 15 16 Memo: Uninsured deposits (3) (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. (3) All checkable deposits (line 23) and time and savings deposits (line 24) are considered uninsured according to the Federal Deposit Insurance Act. Transactions 2014 28 Z.1, June 7, 2018 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA746330005 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 FA745013005 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 FA744090005 Net acquisition of financial assets 8.2 -3.6 6.9 -3.4 1.9 3.1 -31.7 13.0 9.8 3 4 FA743013003 Reserves at Federal Reserve 0.9 -0.2 0.8 3.1 3.2 4.2 4.7 0.3 6.5 4 5 6 7 8 9 10 11 12 13 FA744022003 FA743061103 FA743061703 FA743062003 FA743063005 FA744023003 FA743068005 FA743065103 FA743065505 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages -1.2 0.2 -0.1 -0.9 -0.4 -4.3 -2.3 -1.5 -0.5 0.8 1.1 0.1 -0.6 0.2 -5.8 -2.0 -1.5 -2.2 1.2 0.8 -0.3 -0.4 1.1 -1.9 -1.2 -0.7 -0.0 1.7 1.9 -0.0 -0.4 0.3 -0.6 -0.8 0.3 -0.1 3.6 3.0 0.0 -0.2 0.7 -3.6 -2.1 -0.9 -0.5 0.9 1.4 -0.6 -0.2 0.3 -0.4 0.7 -0.7 -0.4 -3.1 -1.6 0.2 -1.4 -0.3 -1.8 -2.2 -0.5 0.8 5.6 4.7 0.3 -0.0 0.5 3.3 0.4 3.1 -0.1 4.5 4.7 0.9 -0.0 -1.0 -2.4 -0.3 -1.5 -0.7 5 6 7 8 9 10 11 12 13 14 FA743093005 Miscellaneous assets 12.8 1.5 6.6 -7.7 -1.3 -1.6 -31.5 3.8 1.2 14 15 FA744190005 7.4 -3.3 7.0 -3.9 1.9 2.7 -32.2 12.0 9.1 15 16 17 18 19 FA744110005 FA743127003 FA743130003 FA743193005 0.3 5.2 4.1 -2.2 0.0 1.6 -2.9 -2.1 -0.1 5.7 2.5 -1.2 0.1 0.3 -4.6 0.3 0.2 4.6 -1.6 -1.3 0.2 4.4 -3.4 1.5 -1.6 -15.3 -14.4 -0.9 1.6 7.5 1.1 1.8 20 FA747005005 -0.8 0.3 0.1 -0.5 -0.1 -0.4 -0.5 -1.0 -0.7 20 2.2 0.7 4.2 2.9 12.5 2.7 -4.5 0.9 7.3 21 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities Discrepancy 0.0 5.9 4.4 -1.3 16 17 18 19 Memo: 21 FA743139105 Uninsured deposits (2) (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. (2) Includes checkable deposits (line 17) and time and savings deposits (line 18) not insured by the Federal Deposit Insurance Corporation. F.114 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA476000105 Gross saving 12.5 12.5 14.2 11.6 13.8 13.2 10.6 8.9 14.3 1 2 FA475013005 Fixed nonresidential investment 3.1 3.6 4.2 4.5 4.3 4.4 4.5 4.6 4.7 2 3 4 5 FA474090005 Net acquisition of financial assets 61.8 88.2 94.3 82.6 167.2 22.8 55.0 85.5 225.2 3 FA473013005 FA472050053 Reserves at Federal Reserve Federal funds and security repos -3.7 -0.0 8.8 0.0 1.0 0.0 2.1 0.1 98.7 0.0 -68.3 0.2 -9.4 0.2 -12.6 -0.0 93.4 0.4 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FA474022005 FA473069153 FA473061105 FA473061705 FA473062005 FA473063005 FA474023000 FA473068005 FA473065100 FA473066000 FA473064205 FA473090005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. Home mortgages Consumer credit Mutual fund shares Miscellaneous assets -9.0 0.0 2.5 -11.7 -0.8 1.0 69.2 5.1 26.9 37.2 -0.2 5.4 -2.8 0.0 7.6 -11.9 0.6 0.9 76.3 4.1 32.7 39.5 -0.1 6.1 -17.3 0.0 -15.6 -3.2 0.8 0.7 84.8 12.1 34.7 38.0 -0.1 25.9 10.4 -0.0 15.6 -4.4 -0.0 -0.8 89.0 8.8 42.1 38.1 0.1 -19.1 61.1 -0.0 58.3 2.2 -0.1 0.6 100.0 7.6 45.0 47.4 0.2 -92.8 -9.2 0.0 -0.2 -8.8 1.0 -1.1 98.9 8.4 40.4 50.1 -0.1 1.3 -11.3 0.0 -0.5 -7.1 -1.3 -2.4 74.7 24.7 37.1 12.9 0.5 0.4 0.9 0.0 4.9 -4.0 0.3 -0.3 82.5 -5.3 45.8 42.0 -0.1 14.7 -8.0 0.6 9.0 -17.3 -1.2 0.9 127.2 6.7 42.7 77.8 0.4 11.7 6 7 8 9 10 11 12 13 14 15 16 17 18 FA474190005 50.2 81.3 86.5 73.9 156.6 12.3 48.0 78.7 217.9 18 19 20 21 22 23 24 FA474110005 FA473127003 FA473130005 FA472150053 FA473169333 FA473193005 -0.6 12.2 29.0 0.0 8.4 1.2 5.6 19.5 46.4 0.0 9.3 0.5 -0.8 3.8 74.3 -0.0 2.0 7.2 4.1 15.3 51.3 -0.0 8.2 -5.0 89.4 40.0 58.1 0.0 -6.0 -24.8 -59.5 8.8 58.2 0.0 5.8 -1.0 -18.3 -2.2 52.9 -0.0 15.5 0.0 4.8 14.6 36.1 -0.0 17.3 5.9 83.8 57.4 47.9 0.0 -33.3 62.1 25 FA477005005 -2.2 2.0 2.2 -1.5 -1.2 -1.7 -0.9 -2.4 2.4 25 4.1 6.4 8.7 7.9 13.1 3.3 5.7 9.4 6.9 26 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities Discrepancy 19 20 21 22 23 24 Memo: 26 FA473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 20) and time and savings deposits (line 21) not insured by the National Credit Union Share Insurance Fund. 29 Z.1, June 7, 2018 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA516000105 Gross saving less net capital transfers paid (1) 65.2 102.3 101.8 10.3 79.0 69.2 -161.2 54.3 81.3 1 2 FA515013005 Fixed nonresidential investment 22.0 26.3 28.3 29.9 29.2 29.8 30.2 30.3 31.3 2 3 FA514090005 Net acquisition of financial assets 30.8 61.6 46.0 76.2 145.9 96.8 113.8 -51.9 100.4 3 4 5 FA513020003 FA513034003 Checkable deposits and currency Money market fund shares 5.9 -1.8 -2.8 3.2 -7.1 -6.7 3.9 4.1 3.4 2.3 0.1 2.2 39.4 4.8 -27.3 7.0 7.7 4.6 4 5 6 FA512051003 Security repurchase agreements 0.1 0.0 -0.4 0.0 -0.1 -0.1 0.1 0.2 -0.8 6 7 8 9 10 11 12 FA514022005 FA513069103 FA513061103 FA513061703 FA513062003 FA513063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13.7 -0.1 6.3 0.1 -15.4 22.7 20.4 0.9 -1.5 -6.5 9.4 18.0 41.7 10.7 10.7 4.0 1.0 15.3 31.5 -8.6 32.8 5.4 -9.7 11.6 -17.4 -12.1 18.9 -0.6 -16.2 -7.4 25.2 -10.3 25.6 5.5 -8.2 12.7 32.0 -7.0 36.1 5.2 -12.3 10.0 86.3 -5.0 50.7 11.5 -2.0 31.2 0.1 7 -6.7 8 -31.0 9 4.6 10 13.6 11 19.5 12 13 FA513065503 Loans (commercial mortgages) 2.0 2.4 2.6 2.3 -2.9 5.9 3.5 2.6 3.4 13 14 15 FA513064105 FA513064203 Corporate equities Mutual fund shares 3.4 1.2 -1.9 0.7 2.1 -3.6 9.4 1.2 20.9 1.2 15.6 1.2 -2.3 1.2 3.3 1.2 24.9 14 2.5 15 16 17 18 19 20 FA513070003 FA513092003 FA513090005 FA513092403 FA513093005 Trade receivables U.S. direct investment abroad Miscellaneous assets Equity in FHLB Other 5.7 8.2 -7.5 0.0 -7.5 6.3 4.9 28.4 0.0 28.4 0.6 2.0 14.9 0.0 14.9 11.1 -1.3 13.9 -0.0 13.9 29.6 6.4 102.4 0.0 102.4 19.0 14.4 13.2 0.2 12.9 4.5 5.8 24.7 -0.2 24.9 -8.8 -31.9 -84.6 -0.0 -84.6 21 FA514190005 -5.7 -3.6 12.8 60.7 53.6 84.2 203.6 -98.6 51.5 21 22 FA512151003 Security repurchase agreements 23 FA513164103 Corporate equity issues 24 FA513169333 25 26 Net increase in liabilities 36.4 -25.6 47.3 0.2 47.1 16 17 18 19 20 -0.4 0.4 -1.0 -0.0 -0.0 -0.1 0.1 -0.1 -0.2 22 -16.9 -22.0 -19.5 -12.8 -21.4 -16.7 -6.7 -6.3 -4.7 23 Loans (other loans and advances) 0.1 0.2 0.5 -0.2 0.1 3.9 -3.8 -0.8 3.9 24 FA513178005 FA513192003 Taxes payable Foreign direct investment in U.S. -0.5 0.9 0.8 13.2 1.0 31.3 4.7 1.9 -1.7 0.9 -5.3 7.0 2.3 5.6 23.6 -5.9 3.7 25 -3.1 26 27 28 29 30 FA513190005 FA513194733 FA513176003 FA513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other 11.1 0.1 14.7 -3.7 3.9 -0.8 15.5 -10.8 0.4 -0.2 21.0 -20.4 67.1 0.6 34.5 32.0 75.8 -1.4 -26.6 103.8 95.4 1.9 54.7 38.8 206.1 0.7 181.0 24.5 -109.0 1.1 -71.1 -39.0 31 FA517005005 6.7 10.9 40.3 -35.0 -42.5 26.8 -101.6 -22.8 1.1 31 32 FA513200003 0.0 0.0 0.3 1.9 6.7 1.5 1.7 -2.3 1.3 32 Discrepancy 52.0 1.8 23.7 26.5 27 28 29 30 Memo: Securities lending (2) (1) Net capital transfers paid from table F.5, line 52. (2) Liability for securities lending collateral, included in line 30. Transactions 2014 30 Z.1, June 7, 2018 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA546000105 Gross saving less net capital transfers paid (2) 23.5 18.4 22.3 19.8 22.8 23.1 22.2 11.2 20.6 1 2 FA545013005 Fixed nonresidential investment 16.1 18.9 20.4 21.6 21.1 21.5 21.8 21.9 22.6 2 3 FA544090005 Net acquisition of financial assets 126.5 115.1 130.4 71.8 128.4 88.1 110.8 -40.1 34.3 3 4 5 FA543020005 FA543034005 Checkable deposits and currency Money market fund shares 5.0 3.9 8.8 2.6 -7.5 -12.8 16.8 3.6 3.6 6.5 31.7 3.3 0.9 7.0 30.8 -2.2 -11.2 -13.6 4 5 6 FA542051073 Security repurchase agreements 0.0 -0.5 -0.3 -0.4 0.0 -0.5 -0.3 -1.0 -0.8 6 7 8 9 10 11 12 FA544022005 FA543069105 FA543061105 FA543061705 FA543062005 FA543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 79.1 -8.1 14.0 -13.2 7.7 78.8 84.9 -7.5 6.9 -2.7 7.3 80.9 141.8 1.9 20.4 11.2 8.7 99.5 76.9 -8.7 0.0 8.6 7.3 69.6 117.4 5.9 -0.9 10.7 8.6 93.1 43.6 -2.1 -2.6 5.5 5.1 37.7 86.0 -16.3 -2.2 11.3 9.3 83.9 60.5 -22.5 5.7 7.0 6.4 63.8 138.5 7 0.8 8 4.2 9 16.6 10 7.5 11 109.4 12 13 14 15 FA544023005 FA543069005 FA543065005 Loans Other loans and advances Mortgages 29.5 7.9 21.6 41.3 -0.4 41.8 37.4 2.8 34.5 46.4 5.5 40.9 62.2 -2.0 64.2 64.1 10.5 53.7 46.3 14.8 31.5 13.1 -1.2 14.3 67.0 13 4.8 14 62.3 15 16 17 FA543064105 FA543064205 Corporate equities Mutual fund shares -5.0 -53.6 31.9 -34.6 100.2 -167.0 -15.3 -77.5 -17.6 -78.7 -8.8 -68.0 -16.1 -62.3 -18.7 -101.0 46.3 16 -80.5 17 18 FA543092073 U.S. direct investment abroad 0.1 -0.4 1.4 2.3 3.6 5.0 -3.6 4.2 -6.7 18 19 20 21 22 FA543090005 FA543092473 FA543077073 FA543093005 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 67.4 0.1 1.2 66.0 -18.8 0.5 1.7 -20.9 37.3 0.4 -0.3 37.3 18.9 0.4 1.8 16.8 31.2 1.1 5.5 24.5 17.6 -0.3 1.7 16.2 52.9 0.0 0.2 52.6 -25.9 0.7 -0.3 -26.3 23 FA544190005 96.0 112.8 117.5 75.3 89.2 108.2 34.4 69.2 17.3 23 24 FA542151073 Security repurchase agreements 1.0 -0.5 0.2 -0.3 0.2 2.4 -2.3 -1.3 -8.9 24 25 FA543164173 Corporate equity issues -14.9 -10.0 -5.9 -19.9 -30.2 -13.3 -17.2 -19.0 -17.8 25 26 FA543169373 Loans (other loans and advances) 1.8 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 26 27 28 FA543140005 FA543150005 Life insurance reserves Pension entitlements (3) 45.2 23.6 45.5 91.3 24.9 32.3 18.2 -22.7 23.3 -6.9 1.8 -16.9 24.6 -47.1 23.2 -20.0 32.4 27 -49.5 28 29 30 FA543178075 FA543192073 Taxes payable Foreign direct investment in U.S. -0.5 1.4 0.8 8.8 1.0 10.8 2.1 8.0 -1.7 0.5 -5.3 15.8 2.3 5.5 13.1 10.3 -0.8 29 7.7 30 31 32 33 34 35 36 FA543190005 FA543194733 FA673090543 FA543195005 FA593095005 FA543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (4) Other reserves (5) Unallocated insurance contracts Other 38.4 0.8 9.2 5.8 -14.5 37.1 -29.2 0.5 1.6 3.4 -21.5 -13.3 44.1 1.3 6.9 22.9 0.1 13.0 83.2 2.5 12.1 15.6 21.7 31.2 92.4 1.4 11.2 25.7 12.0 42.0 123.2 2.6 15.3 6.6 15.7 83.0 65.3 1.5 25.1 9.4 21.5 7.6 52.0 4.6 -3.0 20.6 37.6 -7.7 38.0 -2.7 9.9 36.9 -14.8 8.6 37 FA547005005 -23.1 -2.9 -11.0 1.7 -37.4 21.7 -76.0 98.6 -19.1 37 38 FA543200073 -2.4 -4.0 -2.2 1.1 12.8 -1.3 2.7 -9.8 16.2 38 Net increase in liabilities Discrepancy -104.8 1.4 9.8 -116.0 19 20 21 22 31 32 33 34 35 36 Memo: Securities lending (6) (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s. (2) Net capital transfers paid from table F.5, line 53. (3) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 35. (4) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (5) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (6) Liability for securities lending collateral, included in line 36. 31 Z.1, June 7, 2018 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA544090075 Net acquisition of financial assets 150.7 82.3 165.9 138.3 224.5 170.6 180.9 -22.7 185.8 1 2 3 FA543020073 FA543034073 Checkable deposits and currency Money market fund shares 4.8 6.1 10.9 0.6 -11.6 -10.2 6.3 5.8 -5.0 9.6 22.0 5.6 -10.1 8.4 18.4 -0.2 -12.8 -15.1 2 3 4 FA542051073 Security repurchase agreements 0.0 -0.5 -0.3 -0.4 0.0 -0.5 -0.3 -1.0 -0.8 4 5 6 7 8 9 10 FA544022075 FA543069170 FA543061173 FA543061773 FA543062073 FA543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 71.9 -9.6 11.2 -11.6 7.1 74.8 34.6 -4.7 3.9 -8.0 6.8 36.7 126.5 4.4 12.5 7.8 6.3 95.5 79.5 -4.0 -0.5 7.5 7.4 69.1 128.1 11.3 6.5 9.2 8.6 92.5 52.4 2.8 2.3 4.8 5.2 37.3 96.7 -11.7 6.1 9.8 9.3 83.2 40.9 -18.3 -16.7 6.1 6.4 63.4 115.5 5 0.1 6 1.2 7 11.2 8 6.9 9 96.0 10 11 12 13 FA544023075 FA543069075 FA543065070 Loans Other loans and advances Mortgages 28.1 7.9 20.2 26.1 -5.1 31.2 36.5 3.0 33.5 45.0 5.6 39.3 60.8 -1.9 62.7 62.7 10.6 52.1 44.8 14.9 29.9 11.6 -1.1 12.7 65.3 11 4.5 12 60.8 13 14 15 FA543064175 FA543064273 Corporate equities Mutual fund shares 5.0 0.5 3.0 -0.2 3.1 0.9 6.3 -0.3 4.0 -0.3 12.8 -0.3 5.5 -0.3 2.9 -0.3 15.7 14 1.2 15 16 17 FA543092073 FA543090075 U.S. direct investment abroad Miscellaneous assets 0.1 34.1 -0.4 8.2 1.4 19.7 2.3 -6.2 3.6 23.7 5.0 10.9 -3.6 39.7 4.2 -99.3 -6.7 16 23.4 17 18 FA544190075 122.8 63.1 151.3 144.8 153.8 145.1 141.6 138.8 167.2 18 19 FA542151073 Security repurchase agreements 1.0 -0.5 0.2 -0.3 0.2 2.4 -2.3 -1.3 -8.9 19 20 FA543164173 Corporate equity issues -14.9 -10.0 -5.9 -19.9 -30.2 -13.3 -17.2 -19.0 -17.8 20 21 FA543169373 Loans (other loans and advances) 1.8 6.2 10.1 6.7 11.8 0.5 3.5 10.9 16.2 21 22 23 FA543140073 FA543150075 Life insurance reserves Pension entitlements (1) 46.1 47.6 3.8 66.2 23.4 66.4 39.4 12.6 44.1 26.0 18.3 -5.4 50.6 18.6 44.4 11.3 51.6 22 67.9 23 24 25 FA543178075 FA543192073 Taxes payable Foreign direct investment in U.S. -0.5 1.4 0.8 8.8 1.0 10.8 2.1 8.0 -1.7 0.5 -5.3 15.8 2.3 5.5 13.1 10.3 -0.8 24 7.7 25 26 FA543190075 Miscellaneous liabilities 40.3 -12.1 45.1 96.3 103.2 132.1 80.7 69.1 51.3 26 Net increase in liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090085 Net acquisition of financial assets -24.2 32.9 -35.5 -66.5 -96.1 -82.5 -70.0 -17.4 -151.4 1 2 3 FA543020083 FA543034385 Checkable deposits and currency Money market fund shares 0.2 -2.1 -2.1 1.9 4.1 -2.6 10.4 -2.2 8.7 -3.1 9.8 -2.3 11.0 -1.4 12.3 -2.0 1.6 1.5 2 3 4 5 6 7 8 9 FA544022085 FA543069183 FA543061183 FA543061783 FA543062083 FA543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 7.2 1.5 2.8 -1.6 0.6 4.0 50.2 -2.8 3.0 5.4 0.5 44.2 15.3 -2.4 7.9 3.5 2.4 4.0 -2.6 -4.8 0.5 1.2 -0.0 0.5 -10.7 -5.3 -7.4 1.4 -0.0 0.7 -8.8 -4.9 -4.9 0.7 -0.0 0.3 -10.6 -4.5 -8.3 1.5 -0.0 0.7 19.6 -4.2 22.4 1.0 -0.0 0.4 23.1 0.7 3.0 5.4 0.6 13.4 4 5 6 7 8 9 10 11 12 FA544023085 FA543069483 FA543065083 Loans Other loans and advances Mortgages 1.4 0.0 1.4 15.2 4.7 10.6 0.9 -0.1 1.0 1.5 -0.1 1.6 1.4 -0.1 1.5 1.5 -0.1 1.6 1.5 -0.1 1.6 1.5 -0.1 1.6 1.7 10 0.3 11 1.4 12 13 14 FA543064183 FA543064285 Corporate equities Mutual fund shares -10.0 -54.0 28.9 -34.4 97.1 -167.9 -21.6 -77.2 -21.6 -78.4 -21.6 -67.7 -21.6 -62.0 -21.6 -100.7 30.6 13 -81.6 14 15 FA543090085 Miscellaneous assets 33.3 -26.9 17.6 25.2 7.5 6.7 13.1 73.4 -128.3 15 16 FA544190085 Net increase in liabilities -26.8 49.7 -33.7 -69.6 -64.6 -36.9 -107.2 -69.6 -149.9 16 17 18 19 FA543140083 FA543150085 FA543190085 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -0.9 -24.0 -1.9 41.7 25.1 -17.1 1.4 -34.1 -1.0 -21.1 -35.4 -13.1 -20.8 -32.9 -10.9 -16.5 -11.5 -8.9 -26.1 -65.7 -15.4 -21.2 -31.3 -17.1 -19.2 17 -117.4 18 -13.4 19 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 19). Transactions 2014 32 Z.1, June 7, 2018 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA596330005 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 FA595013005 Fixed nonresidential investment 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA594090005 Net acquisition of financial assets (2) 308.4 268.5 399.3 398.5 419.2 358.7 310.9 505.0 329.6 3 4 5 FA593020005 FA593030005 Checkable deposits and currency Time and savings deposits 5.6 1.2 4.2 -5.2 13.1 -0.5 -3.7 -1.5 -2.7 -2.0 -1.5 -0.5 9.4 -0.6 -19.8 -2.8 -4.3 -1.0 4 5 6 7 FA593034005 FA592051005 Money market fund shares Security repurchase agreements -1.5 0.1 -3.9 -0.4 12.9 1.1 -9.7 -0.7 -10.7 -0.7 -5.5 -0.3 8.6 0.6 -31.0 -2.5 -7.3 -0.7 6 7 8 9 10 11 12 13 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 238.3 0.6 116.1 16.2 -0.2 105.5 78.4 -4.3 55.2 -12.2 0.0 39.7 177.0 12.7 128.8 18.3 -0.5 17.6 63.7 -8.1 -33.0 27.0 1.2 76.6 -296.4 -8.0 -403.3 21.4 1.3 92.2 -265.8 -3.0 -309.8 32.4 0.9 13.8 1161.3 7.3 1050.1 7.6 -1.4 97.8 -344.3 -28.8 -469.1 46.8 4.0 102.8 934.8 -7.7 854.0 24.9 1.2 62.4 8 9 10 11 12 13 14 FA593065005 Loans (mortgages) 3.3 -1.9 -0.3 -0.7 -2.6 5.7 -0.2 -5.7 -0.6 14 15 16 FA593064105 FA593064205 Corporate equities Mutual fund shares -270.1 56.3 -41.6 -2.8 -183.2 12.5 -245.7 9.6 -344.2 54.6 -95.3 39.4 -211.0 -102.0 -332.1 46.3 -218.5 15 -1.9 16 17 18 19 20 21 FA593090005 FA593095005 FA573074005 FA593073005 FA593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 275.2 -14.5 -2.9 258.6 33.9 241.6 -21.5 14.7 262.4 -14.0 366.7 0.1 5.6 294.7 66.4 587.1 21.7 6.4 511.5 47.5 1024.1 12.0 8.5 945.2 58.3 682.5 15.7 1.8 647.5 17.5 -555.2 21.5 6.1 -619.9 37.1 1197.0 37.6 9.3 1073.2 76.9 -370.9 -14.8 4.2 -390.3 29.9 22 FA594190005 308.3 268.3 399.1 398.3 419.1 358.5 310.8 504.9 329.5 22 23 24 25 26 27 FA153050015 FA594190045 FA594090055 FA893131573 FA543150015 552.3 292.2 16.1 234.3 9.6 686.1 292.2 -23.9 339.2 78.6 666.7 287.2 111.9 255.3 12.3 505.9 288.5 109.8 140.2 -32.6 420.6 288.6 130.5 24.6 -23.2 367.2 287.8 70.8 39.9 -31.2 278.9 288.3 22.5 16.4 -48.3 957.0 289.5 215.4 480.0 -27.9 ND 288.8 40.7 ND ND Net increase in pension entitlements (liabilities) 17 18 19 20 21 Memo: Household retirement assets (6) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (7) Annuities at life insurance companies (8) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. (6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts. (8) Annuities held in IRAs are excluded. They are included in line 26. 23 24 25 26 27 33 Z.1, June 7, 2018 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA576330005 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA575013005 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA574090005 Net acquisition of financial assets (2) 26.9 -48.1 134.6 54.0 85.6 23.7 -20.1 126.7 11.6 3 4 5 FA573020005 FA573030005 Checkable deposits and currency Time and savings deposits 3.3 1.9 0.8 -4.5 1.7 -1.0 2.2 -1.1 2.5 -1.7 0.5 -0.3 2.1 -1.0 3.5 -1.4 1.5 -0.7 4 5 6 7 FA573034005 FA572051005 Money market fund shares Security repurchase agreements 0.9 0.2 -4.6 -0.4 0.2 -0.1 -1.5 -0.1 -3.0 -0.2 -1.9 -0.0 -0.4 -0.1 -0.7 -0.2 0.3 -0.1 6 7 8 9 10 11 12 FA574022005 FA573069105 FA573061105 FA573061705 FA573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 95.5 2.0 14.2 9.2 70.1 -14.1 -4.9 -12.6 -0.7 4.0 49.1 -1.0 10.3 3.7 36.2 60.0 -1.1 13.6 4.4 43.0 72.0 -1.7 13.9 5.4 54.3 15.0 -0.3 2.9 1.1 11.3 57.7 -1.0 13.4 4.2 41.0 95.2 -1.3 24.2 6.9 65.5 42.0 8 -0.6 9 10.3 10 3.1 11 29.3 12 13 FA573065005 Loans (mortgages) 1.7 -2.0 -0.2 -0.2 -0.3 -0.1 -0.2 -0.2 -0.1 13 14 15 FA573064105 FA573064205 Corporate equities Mutual fund shares -183.9 40.6 -52.4 -41.8 -67.4 66.9 -126.9 24.8 -169.7 46.4 -63.5 55.1 -120.0 -44.7 -154.3 42.4 -92.0 14 19.9 15 16 17 18 19 20 FA573090005 FA573095005 FA573074005 FA573073005 FA573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 66.8 -8.1 -2.9 51.9 25.9 71.1 -21.4 14.7 93.6 -15.8 85.4 6.7 5.6 50.0 23.1 96.8 6.5 6.4 55.4 28.6 139.6 7.3 8.5 90.1 33.6 18.9 6.1 1.8 4.0 7.0 86.5 3.1 6.1 49.8 27.5 142.3 9.3 9.3 77.7 46.0 21 FA574190005 26.8 -48.1 134.6 53.9 85.6 23.7 -20.1 126.6 11.6 21 -0.8 27.6 -5.4 -42.7 -17.7 152.3 -18.3 72.3 -18.3 103.9 -18.3 42.0 -18.3 -1.7 -18.3 145.0 -18.3 22 30.0 23 Net increase in pension entitlements (liabilities) 40.8 -10.7 4.2 27.1 20.2 16 17 18 19 20 Memo: 22 23 FA574090045 FA574090055 Net acquisition of financial assets Defined benefit plans (5) Defined contribution plans (6) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.118.b. (6) Additional detail on defined contribution plans is available on table F.118.c. Transactions 2014 34 Z.1, June 7, 2018 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Net acquisition of financial assets (1) Q2 Q3 2018 Q1 Q4 1 FA574090045 -0.8 -5.4 -17.7 -18.3 -18.3 -18.3 -18.3 -18.3 -18.3 1 2 3 FA573020043 FA573030043 Checkable deposits and currency Time and savings deposits 2.1 2.0 -0.8 -4.5 0.6 -1.1 0.6 -1.2 0.9 -1.8 0.2 -0.4 0.6 -1.1 0.8 -1.6 0.4 -0.8 2 3 4 5 FA573034043 FA572051043 Money market fund shares Security repurchase agreements 2.3 0.2 -5.4 -0.4 -1.3 -0.1 -1.5 -0.1 -2.2 -0.2 -0.4 -0.0 -1.4 -0.1 -1.9 -0.2 -0.9 -0.1 4 5 6 7 8 9 10 FA574022045 FA573069143 FA573061143 FA573061743 FA573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 67.6 2.1 6.3 4.4 54.7 -17.7 -5.0 -6.9 0.0 -5.9 20.8 -1.2 -0.4 1.8 20.6 22.6 -1.3 -0.4 2.0 22.4 33.3 -2.0 -0.7 2.9 33.0 6.8 -0.4 -0.1 0.6 6.8 20.9 -1.2 -0.4 1.8 20.7 29.5 -1.7 -0.6 2.6 29.2 13.9 6 -0.8 7 -0.3 8 1.2 9 13.8 10 11 FA573065043 Loans (mortgages) 0.1 -0.6 -0.3 -0.3 -0.4 -0.1 -0.3 -0.4 -0.2 11 12 13 FA573064143 FA573064243 Corporate equities Mutual fund shares -141.5 1.0 -49.5 -30.5 -83.4 -12.7 -90.9 -13.9 -133.7 -20.4 -27.5 -4.2 -84.0 -12.8 -118.3 -18.1 -56.0 12 -8.5 13 14 15 16 17 18 FA573090045 FA573095405 FA573074043 FA573073005 FA573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 65.4 -3.0 -3.9 51.9 20.4 104.1 -3.0 13.2 93.6 0.3 59.9 -2.6 4.0 50.0 8.6 66.3 -2.8 4.3 55.4 9.3 106.1 -4.2 6.4 90.1 13.7 7.3 -0.9 1.3 4.0 2.8 59.8 -2.6 4.0 49.8 8.6 91.8 -3.7 5.6 77.7 12.2 19 FA574190043 -0.8 -5.4 -17.7 -18.4 -18.4 -18.4 -18.4 -18.4 Net increase in pension entitlements (liabilities) 33.8 -1.7 2.7 27.1 5.8 14 15 16 17 18 -18.4 19 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA574090055 Net acquisition of financial assets 27.6 -42.7 152.3 72.3 103.9 42.0 -1.7 145.0 30.0 1 2 3 FA573020033 FA573030033 Checkable deposits and currency Time and savings deposits 1.1 -0.1 1.6 0.0 1.2 0.1 1.6 0.1 1.6 0.1 0.3 0.0 1.5 0.1 2.7 0.2 1.2 0.1 2 3 4 5 FA573034055 FA572051033 Money market fund shares Security repurchase agreements -1.5 0.0 0.8 0.0 1.5 0.0 -0.1 0.0 -0.9 0.0 -1.5 0.0 1.0 0.0 1.2 0.0 1.2 0.0 4 5 6 7 8 9 10 FA574022035 FA573069133 FA573061133 FA573061733 FA573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 27.9 -0.1 7.9 4.8 15.4 3.7 0.1 -5.6 -0.7 9.9 28.3 0.2 10.7 1.9 15.6 37.3 0.3 14.1 2.5 20.6 38.7 0.3 14.6 2.5 21.3 8.2 0.1 3.1 0.5 4.5 36.8 0.2 13.8 2.4 20.3 65.8 0.4 24.8 4.3 36.2 28.1 6 0.2 7 10.6 8 1.8 9 15.5 10 11 FA573065033 Loans (mortgages) 1.6 -1.4 0.1 0.1 0.1 0.0 0.1 0.1 0.1 11 12 13 FA573064133 FA573064255 Corporate equities Mutual fund shares -42.4 39.6 -2.9 -11.3 16.0 79.7 -36.0 38.7 -36.0 66.8 -36.0 59.3 -36.0 -31.8 -36.0 60.4 -36.0 12 28.4 13 14 15 16 17 FA573090055 FA573095505 FA573074033 FA573093033 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 1.4 -5.1 1.0 5.5 -33.1 -18.4 1.5 -16.2 25.4 9.3 1.6 14.6 30.6 9.3 2.1 19.2 33.5 11.5 2.2 19.9 11.6 7.0 0.5 4.2 26.7 5.7 2.1 18.9 50.5 13.0 3.7 33.8 18 FA574090055 27.6 -42.7 152.3 72.3 103.9 42.0 -1.7 145.0 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 7.0 -9.0 1.6 14.4 14 15 16 17 30.0 18 35 Z.1, June 7, 2018 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA344090005 2 FA343020033 Net acquisition of financial assets (1) Checkable deposits and currency 3 4 5 6 7 FA344022005 FA343061105 FA343061705 FA343062033 FA343063005 8 Q2 Q3 2018 Q1 Q4 107.4 112.1 110.1 112.3 112.4 110.9 112.1 113.9 120.2 1 0.3 -0.0 -0.0 0.2 0.2 0.2 0.2 0.2 0.2 2 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 86.7 87.3 -0.5 -0.0 0.0 93.1 91.6 0.2 -0.0 1.3 100.9 99.8 0.4 0.0 0.7 -84.1 -84.7 0.3 -0.0 0.2 -443.8 -444.4 0.2 0.0 0.4 -364.4 -365.1 0.3 0.0 0.4 1032.1 1030.9 1.0 -0.0 0.3 -560.3 -560.1 -0.2 0.0 -0.1 805.0 805.7 -0.5 0.0 -0.3 3 4 5 6 7 FA343064105 Corporate equities -1.2 0.0 -5.6 6.3 3.0 4.8 -6.0 23.5 -1.4 8 9 FA343073005 Claims of pension fund on sponsor (misc. assets) (3) 21.6 18.9 14.9 189.9 552.9 470.3 -914.3 650.5 -683.6 9 10 FA344090005 107.4 112.1 110.1 112.3 112.4 110.9 112.1 113.9 120.2 10 89.0 18.4 93.1 19.0 97.7 12.4 98.0 14.4 98.1 14.3 97.2 13.7 97.7 14.3 98.9 15.0 98.2 11 22.0 12 Net increase in pension entitlements (liabilities) Memo: 11 12 FA344090045 FA344090055 Net acquisition of financial assets Defined benefit plans (4) Defined contibution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Additional detail on defined benefit plans is available on table F.119.b (5) Additional detail on defined contribution plans is available on table F.119.c. Transactions 2014 36 Z.1, June 7, 2018 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA344090045 2 FA343020033 Net acquisition of financial assets (2) Checkable deposits and currency 3 4 5 6 7 FA344022045 FA343061165 FA343061733 FA343062033 FA343063033 8 Q2 Q3 2018 Q1 Q4 89.0 93.1 97.7 98.0 98.1 97.2 97.7 98.9 98.2 1 0.3 -0.0 -0.0 0.2 0.2 0.2 0.2 0.2 0.2 2 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 68.3 68.8 -0.2 -0.0 -0.2 76.0 75.4 0.1 -0.0 0.6 84.0 83.8 0.2 0.0 0.0 68.4 68.5 0.0 -0.0 -0.1 -21.6 -21.9 0.0 0.0 0.2 -236.2 -236.3 0.0 0.0 0.0 494.0 495.2 -0.1 -0.0 -1.0 37.3 37.0 0.1 0.0 0.3 175.4 175.2 -0.0 0.0 0.2 3 4 5 6 7 FA343064135 Corporate equities -1.2 -1.8 -1.2 -1.9 -2.9 -2.0 0.2 -2.8 -2.1 8 9 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) 21.6 18.9 14.9 31.2 122.4 335.1 -396.7 64.1 -75.3 9 10 FA344190045 89.0 93.1 97.7 98.0 98.1 97.2 97.7 98.9 98.2 10 Net increase in pension entitlements (liabilities) (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA344090025 Net acquisition of financial assets 18.4 19.0 12.4 14.4 14.3 13.7 14.3 15.0 22.0 1 2 3 4 5 FA344022025 FA343061155 FA343061723 FA343063023 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 18.4 18.5 -0.3 0.2 17.1 16.2 0.1 0.8 16.8 16.0 0.1 0.7 -152.5 -153.2 0.3 0.4 -422.2 -422.5 0.2 0.2 -128.2 -128.8 0.3 0.3 538.1 535.7 1.1 1.2 -597.7 -597.1 -0.3 -0.3 629.6 630.5 -0.4 -0.5 2 3 4 5 6 FA343064125 Corporate equities 0.0 1.9 -4.5 8.2 6.0 6.8 -6.2 26.3 0.7 6 7 FA343073053 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 0.0 158.7 430.6 135.2 -517.5 586.4 -608.3 7 8 FA344090025 18.4 19.0 12.4 14.4 14.3 13.7 14.3 15.0 22.0 8 Net increase in pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 37 Z.1, June 7, 2018 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA226330005 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 FA225013005 Fixed nonresidential investment 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA224090005 Net acquisition of financial assets (1) 174.1 204.5 154.6 232.2 221.3 224.1 218.9 264.5 197.8 3 4 5 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits 2.1 -0.7 3.5 -0.7 11.4 0.5 -6.0 -0.4 -5.4 -0.3 -2.2 -0.1 7.1 0.4 -23.6 -1.4 -6.0 -0.4 4 5 6 7 FA223034005 FA222051043 Money market fund shares Security repurchase agreements -2.4 -0.1 0.7 0.1 12.7 1.2 -8.1 -0.6 -7.7 -0.5 -3.6 -0.2 9.0 0.7 -30.4 -2.4 -7.6 -0.6 6 7 8 9 10 11 12 13 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 56.1 -1.4 14.7 7.6 -0.2 35.5 -0.6 0.6 -23.8 -11.7 0.0 34.3 27.0 13.7 18.7 14.3 -0.5 -19.3 87.8 -7.0 38.0 22.3 1.2 33.4 75.4 -6.3 27.2 15.7 1.3 37.5 83.5 -2.6 52.3 30.9 0.9 2.1 71.5 8.2 5.8 2.3 -1.4 56.5 120.8 -27.5 66.7 40.1 4.0 37.4 87.8 -7.0 38.0 22.3 1.2 33.4 8 9 10 11 12 13 14 FA223065043 Loans (mortgages) 1.7 0.1 -0.1 -0.5 -2.3 5.7 -0.0 -5.5 -0.5 14 15 16 FA223064145 FA223064205 Corporate equities Mutual fund shares -85.0 15.8 10.8 39.0 -110.2 -54.4 -125.1 -15.3 -177.6 8.1 -36.6 -15.7 -85.0 -57.4 -201.2 3.9 -125.1 15 -21.7 16 17 18 19 20 FA223090005 FA223095505 FA223073045 FA223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 186.8 -6.4 185.1 8.1 151.6 -0.1 149.9 1.8 266.5 -6.6 229.9 43.3 300.4 15.3 266.2 18.9 331.6 4.7 302.1 24.7 193.3 9.6 173.2 10.4 272.6 18.4 244.6 9.6 404.2 28.3 345.0 30.9 271.9 -4.1 266.2 9.7 21 FA224190005 174.1 204.4 154.4 232.1 221.1 223.9 218.8 264.3 197.7 21 204.1 -29.9 204.6 -0.1 207.3 -52.8 209.1 23.1 209.1 12.2 209.1 15.0 209.1 9.9 209.1 55.4 209.1 22 -11.3 23 Net increase in pension entitlements (liabilities) 17 18 19 20 Memo: 22 23 FA224090045 FA224090055 Net acquisition of financial assets Defined benefit plans (4) Defined contibution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. (4) Additional detail on defined benefit plans is available on table F.120.b. (5) Additional detail on defined contribution plans is available on table F.120.c. Transactions 2014 38 Z.1, June 7, 2018 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 Net acquisition of financial assets (1) 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA224090045 204.1 204.6 207.3 209.1 209.1 209.1 209.1 209.1 209.1 1 2 3 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits 2.1 -0.7 3.5 -0.7 11.4 0.5 -6.0 -0.4 -5.4 -0.3 -2.2 -0.1 7.1 0.4 -23.6 -1.4 -6.0 -0.4 2 3 4 5 FA223034043 FA222051043 Money market fund shares Security repurchase agreements -1.6 -0.1 0.6 0.1 15.1 1.2 -7.7 -0.6 -6.9 -0.5 -2.9 -0.2 9.0 0.7 -30.1 -2.4 -7.7 -0.6 4 5 6 7 8 9 10 11 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 56.1 -1.4 14.7 7.6 -0.2 35.5 -0.6 0.6 -23.8 -11.7 0.0 34.3 27.0 13.7 18.7 14.3 -0.5 -19.3 87.8 -7.0 38.0 22.3 1.2 33.4 75.4 -6.3 27.2 15.7 1.3 37.5 83.5 -2.6 52.3 30.9 0.9 2.1 71.5 8.2 5.8 2.3 -1.4 56.5 120.8 -27.5 66.7 40.1 4.0 37.4 87.8 6 -7.0 7 38.0 8 22.3 9 1.2 10 33.4 11 12 FA223065043 Loans (mortgages) 1.7 0.1 -0.1 -0.5 -2.3 5.7 -0.0 -5.5 -0.5 12 13 14 FA223064145 FA223064243 Corporate equities Mutual fund shares -85.0 41.8 10.8 37.4 -110.2 15.6 -125.1 -14.9 -177.6 -0.1 -36.6 -16.6 -85.0 -36.7 -201.2 -6.2 -125.1 13 -14.9 14 15 16 17 FA223090045 FA223073045 FA223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 189.9 185.1 4.8 153.4 149.9 3.5 246.9 229.9 17.1 276.5 266.2 10.3 326.8 302.1 24.7 178.5 173.2 5.3 242.1 244.6 -2.5 358.7 345.0 13.7 276.5 15 266.2 16 10.3 17 18 FA224190043 204.0 204.5 207.2 208.9 208.9 208.9 208.9 208.9 208.9 18 Net increase in pension entitlements (liabilities) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA224090055 Net acquisition of financial assets 2 FA223034055 Money market fund shares 3 FA223064255 Mutual fund shares 4 5 6 FA223090055 FA223095505 FA223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 7 FA224090055 Net increase in pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. -29.9 -0.1 -52.8 23.1 12.2 15.0 9.9 55.4 -11.3 1 -0.8 0.1 -2.3 -0.4 -0.8 -0.7 -0.0 -0.2 0.2 2 -26.0 1.6 -70.0 -0.3 8.2 0.9 -20.6 10.1 -6.8 3 -3.1 -6.4 3.3 -1.8 -0.1 -1.7 19.6 -6.6 26.2 23.9 15.3 8.6 4.7 4.7 0.0 14.8 9.6 5.2 30.5 18.4 12.0 45.5 28.3 17.2 -4.6 -4.1 -0.6 4 5 6 -29.9 -0.1 -52.8 23.1 12.2 15.0 9.9 55.4 -11.3 7 39 Z.1, June 7, 2018 F.121 Money Market Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA634090005 Net acquisition of financial assets 2 3 4 5 FA633091003 FA633020000 FA633030000 FA632051000 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 7 8 9 10 11 FA634022005 FA633069175 FA633061105 FA633061700 FA633062000 FA633063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 FA633093005 13 FA634090005 Miscellaneous assets Net share issues (liabilities) Q2 Q3 Q4 2018 Q1 6.8 30.1 -26.6 119.2 6.0 62.0 264.7 144.0 50.9 1 -9.8 -17.9 20.4 152.9 -13.4 11.9 -78.4 44.8 -9.2 22.0 -298.2 100.9 1.9 -7.5 32.6 156.2 6.9 -54.2 122.6 240.6 -1.3 -26.3 -48.2 312.7 9.1 113.2 83.9 -50.6 -7.3 -62.8 -27.8 122.0 -10.0 -43.0 -47.5 -472.8 2 3 4 5 -124.2 -19.2 -77.1 23.3 -26.9 -24.2 72.2 -39.8 63.9 76.9 -13.6 -15.1 164.3 -195.0 313.3 210.4 -106.2 -58.2 -63.6 44.4 -94.1 4.7 -19.9 1.3 -226.7 -59.0 -250.4 80.0 -4.8 7.5 -147.8 101.4 -184.9 -46.5 -14.0 -3.8 103.9 80.5 31.7 15.6 -28.9 4.9 16.2 54.6 27.4 -30.3 -31.9 -3.5 698.4 6 -68.8 7 675.2 8 71.9 9 25.0 10 -4.8 11 -14.7 -7.0 -6.4 -0.4 -83.3 -27.2 5.3 103.6 -74.3 12 6.8 30.1 -26.6 119.2 6.0 62.0 264.7 144.0 50.9 13 -2.7 1.9 -3.2 -3.7 -5.8 -4.7 -1.4 -2.8 2.0 14 Memo: 14 FA634090503 Variable annuity money market funds included above (1) Open-end investment companies including variable annuity money market funds. F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA656006403 Gross saving -77.0 -85.9 23.6 1.1 1.5 1.0 1.0 1.0 1.0 1 2 FA654090000 Net acquisition of financial assets 309.7 96.7 24.6 313.0 173.3 306.5 372.3 399.8 131.7 2 3 FA652051003 Security repurchase agreements 9.9 -12.4 2.3 14.0 37.6 -7.6 26.0 -0.1 -20.8 3 4 5 6 7 8 9 FA654022005 FA653069100 FA653061105 FA653061703 FA653062003 FA653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 93.1 9.9 193.3 -200.4 15.1 75.1 116.7 -12.4 155.3 -98.2 16.2 55.8 246.6 2.3 91.6 14.5 41.4 96.8 374.1 14.0 195.1 -4.9 40.0 129.9 396.5 19.3 119.3 -69.3 45.7 281.5 407.5 -7.4 -86.5 423.7 44.1 33.6 372.0 35.8 497.5 -314.3 40.7 112.1 320.5 8.2 249.9 -59.6 29.5 92.5 378.7 -37.7 114.9 62.2 53.8 185.6 4 5 6 7 8 9 10 FA653069803 Loans (other loans and advances) 9.4 -15.6 18.6 25.7 34.5 40.5 22.9 4.8 -3.9 10 11 12 FA653064100 FA653093005 Corporate equities Miscellaneous assets 94.5 102.8 56.8 -48.7 -115.5 -127.4 -136.8 36.0 -224.3 -71.1 -87.5 -46.3 -74.3 25.7 -161.0 235.6 -88.7 11 -133.6 12 13 FA653164205 Net share issues (liabilities) 309.7 96.7 24.6 313.0 173.3 306.5 372.3 399.8 131.7 13 14 FA657005005 Discrepancy -77.0 -85.9 23.6 1.1 1.5 1.0 1.0 1.0 1.0 14 -46.7 -44.4 -60.1 -92.6 -94.8 -81.3 -77.4 -116.7 -108.5 15 -0.8 120.0 56.6 93.1 40.8 -101.9 127.1 8.3 35.0 28.2 -162.5 12.1 -17.5 155.5 37.0 -158.4 118.2 -3.1 315.6 40.7 -65.2 44.8 -2.8 338.2 42.4 -133.5 143.0 -0.9 291.8 47.2 -230.5 101.9 -11.8 306.6 49.6 -204.3 182.9 3.2 325.8 23.4 -177.9 172.7 -6.6 269.4 56.8 Memo: 15 FA654090500 16 17 18 19 20 FA654091603 FA654092603 FA654091403 FA654091303 FA654091203 Variable annuity mutual funds included above Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. Quarterly figures for net acquisition of financial assets by investment objective (lines 16 through 20) are not seasonally adjusted and therefore may not sum to total net acquisition of financial assets (line 2). 16 17 18 19 20 Transactions 2014 40 Z.1, June 7, 2018 F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA554090005 2 3 4 5 FA554022005 FA553061103 FA553062003 FA553063003 6 FA553064103 7 FA554090005 Net acquisition of financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Q2 Q3 2018 Q1 Q4 4.9 1.8 1.6 0.5 2.8 -2.4 1.5 0.3 -0.6 1 0.6 -0.2 0.6 0.3 0.5 -0.5 -0.1 1.0 1.5 -2.2 0.6 3.2 1.1 0.0 0.1 0.9 2.4 0.2 0.0 2.2 0.9 -0.0 0.6 0.3 -0.2 0.1 -0.2 -0.1 1.3 -0.1 0.1 1.3 -0.0 -0.1 -0.0 0.1 2 3 4 5 4.3 1.3 0.1 -0.5 0.4 -3.3 1.7 -1.0 -0.5 6 4.9 1.8 1.6 0.5 2.8 -2.4 1.5 0.3 -0.6 7 3.8 0.5 0.3 0.6 -0.2 0.2 1.0 0.7 -0.1 -0.1 0.2 -0.2 1.4 0.6 -0.5 -0.1 -0.4 0.7 0.1 0.2 0.1 0.3 1.5 0.0 0.8 -3.1 -0.2 0.5 0.6 -0.2 1.9 -0.2 0.2 -0.2 -0.2 0.6 -1.5 0.7 0.1 0.6 240.8 231.0 283.9 470.8 535.7 447.9 349.0 550.6 249.9 1 51.6 13.2 3.2 35.2 55.3 14.3 3.9 37.2 83.9 14.3 6.2 63.4 121.9 27.5 5.2 89.2 140.0 36.9 2.5 100.6 132.8 22.7 5.8 104.3 128.3 36.4 4.8 87.1 86.4 14.0 7.5 64.9 63.8 40.9 2.8 20.1 2 3 4 5 190.7 173.5 188.4 347.3 392.9 307.0 218.3 471.1 174.4 6 -1.4 2.1 11.7 1.6 2.8 8.1 2.4 -6.9 11.8 7 240.8 231.0 283.9 470.8 535.7 447.9 349.0 550.6 249.9 8 143.0 46.6 -1.4 1.6 47.8 3.2 63.1 109.7 2.1 1.1 51.0 3.9 167.5 20.2 11.7 1.1 77.3 6.2 186.0 159.8 1.6 2.5 115.8 5.2 236.5 155.0 2.8 2.2 136.7 2.5 81.2 224.4 8.1 2.3 126.1 5.8 110.6 106.1 2.4 2.5 122.6 4.8 315.7 153.6 -6.9 2.9 77.8 7.5 13.2 159.4 11.8 2.8 59.9 2.7 9 10 11 12 13 14 Memo: 8 9 10 11 12 FA554091603 FA554092603 FA554091303 FA554091203 FA554092303 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds -0.0 8 -0.5 9 0.0 10 -0.0 11 -0.0 12 F.124 Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA564090005 Net acquisition of financial assets 2 3 4 5 FA564022005 FA563061103 FA563062003 FA563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 6 FA563064103 Corporate equities 7 FA563093003 Miscellaneous assets (1) 8 FA564090005 Net share issues (liabilities) Memo: 9 10 11 12 13 14 FA564091603 FA564092603 FA563093003 FA564091403 FA564091303 FA564091203 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 41 Z.1, June 7, 2018 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA406000105 Gross saving 7.4 6.9 7.1 5.4 6.7 5.8 5.0 4.0 7.2 1 2 FA405013005 Fixed nonresidential investment 3.6 2.4 1.6 1.7 1.6 1.7 1.7 1.7 1.8 2 3 FA404090005 Net acquisition of financial assets 50.2 102.8 203.0 141.3 182.6 74.2 208.0 100.2 168.9 3 4 5 6 FA403020005 FA403030005 FA402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos -16.6 -2.1 10.3 -24.0 -0.7 20.2 7.8 3.4 2.1 0.7 1.7 10.6 -27.7 -1.6 90.8 -35.2 1.4 -21.6 18.9 2.4 2.8 46.8 4.4 -29.7 -103.3 4.8 92.6 4 5 6 7 8 9 10 11 12 FA404022005 FA403069105 FA403061105 FA403061705 FA403062005 FA403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -18.9 1.5 5.2 7.8 -2.6 -30.8 -25.3 -0.5 23.2 -14.3 -2.6 -31.1 -4.2 0.5 14.9 5.9 -2.4 -23.2 -38.9 0.5 -1.1 -20.0 -1.2 -17.0 -23.5 -2.0 22.1 -19.7 -0.7 -23.2 -37.0 2.1 -13.8 -8.9 -1.8 -14.6 -66.5 0.2 -22.1 -22.7 -1.7 -20.2 -28.5 1.5 9.3 -28.5 -0.6 -10.1 13 14 15 16 17 18 19 20 21 22 23 24 25 26 FA404023005 FA403069305 FA403069385 FA403069345 FA403069330 FA403065005 FA403065105 FA403065195 FA403065185 FA403065405 FA403065495 FA403065485 FA403065605 FA403066005 Loans Other loans and advances Sallie Mae Farm Credit System FHLB loans Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 88.5 84.3 0.0 11.2 73.1 4.3 3.2 28.1 -24.8 -2.7 18.3 -21.0 3.8 0.0 139.1 74.4 0.0 8.8 65.6 64.7 48.0 82.6 -34.6 8.4 22.4 -14.0 8.3 0.0 191.3 78.9 0.0 5.9 73.1 112.4 79.0 117.7 -38.6 26.2 36.6 -10.4 7.1 0.0 207.0 32.5 0.0 4.7 27.8 174.4 137.6 185.6 -48.0 31.7 40.7 -9.0 5.1 0.0 249.7 -29.8 0.0 -7.3 -22.5 279.5 231.2 270.3 -39.1 43.6 41.9 1.7 4.8 0.0 135.4 34.6 0.0 6.3 28.3 100.8 88.3 134.1 -45.8 6.9 38.7 -31.8 5.6 0.0 240.8 124.9 0.0 3.4 121.5 115.9 82.8 108.5 -25.7 27.9 38.7 -10.8 5.2 0.0 201.9 0.5 0.0 16.5 -16.1 201.4 148.1 229.5 -81.4 48.4 43.5 4.9 4.9 0.0 185.2 27.2 0.0 -0.2 27.4 158.0 161.8 187.6 -25.8 -5.1 18.9 -24.0 1.3 0.0 27 FA403093005 Miscellaneous assets -11.0 -6.5 2.6 -39.8 -105.2 31.3 9.6 -94.7 -25.5 27 28 FA404190005 70.0 87.4 201.0 154.3 -13.1 213.9 181.3 235.2 -114.9 28 29 FA402150005 Federal funds and security repos 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29 30 31 32 FA403161705 FA403161795 FA403161785 Debt securities (GSE issues) (4) Consolidated trusts (2) Other 75.3 46.4 28.9 93.5 104.9 -11.4 194.2 154.3 39.9 153.1 226.3 -73.2 28.2 312.1 -283.9 198.4 172.8 25.6 153.1 147.2 5.9 232.7 272.9 -40.3 -122.4 30 206.5 31 -328.9 32 33 FA403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33 34 FA403164105 Corporate equities -1.7 -1.4 3.2 0.9 -4.8 8.5 1.5 -1.6 13.1 34 35 FA403190005 -3.6 -4.6 3.7 0.3 -36.5 7.1 26.6 4.1 -5.7 35 36 FA407005005 23.5 -10.9 3.6 16.8 -190.7 143.8 -23.4 137.3 -278.4 36 Net increase in liabilities Miscellaneous liabilities Discrepancy 15.0 7 3.0 8 20.0 9 -5.9 10 -0.7 11 -1.4 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 (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 (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.125). (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.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA413065005 Net acquisition of financial assets 75.0 126.9 157.5 193.6 218.5 188.9 174.3 192.7 194.5 1 2 3 4 5 FA413065105 FA413065405 FA413065505 FA413065605 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 50.8 24.3 0.0 -0.1 94.1 32.2 0.0 0.7 115.8 41.3 0.0 0.3 141.1 53.4 0.0 -1.0 186.6 31.9 0.0 -0.0 146.0 46.7 0.0 -3.8 123.0 51.4 0.0 -0.0 109.0 83.8 0.0 -0.0 146.6 48.3 0.0 -0.4 2 3 4 5 6 FA413065005 75.0 126.9 157.5 193.6 218.5 188.9 174.3 192.7 194.5 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 (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). 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. Transactions 2014 42 Z.1, June 7, 2018 F.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 2018 Q1 Q4 1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA675013025 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA674090005 Net acquisition of financial assets -58.0 -51.1 -96.7 -40.0 -98.5 10.6 -63.3 -8.8 -53.2 3 4 5 6 FA674022005 FA673061103 FA673061703 Debt securities Treasury securities Agency- and GSE-backed securities (1) 5.5 5.5 0.0 0.9 1.0 -0.1 -8.3 -8.3 0.0 -8.3 -8.3 0.0 -18.2 -18.2 0.0 -15.1 -15.1 0.0 -3.3 -3.3 0.0 3.3 3.3 0.0 5.4 5.4 0.0 4 5 6 7 8 9 10 11 12 13 FA674023005 FA673069005 FA673065005 FA673065105 FA673065405 FA673065505 FA673066000 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit -68.3 9.1 -78.0 -64.6 -2.4 -11.1 0.6 -56.3 -1.0 -51.5 -70.6 -6.4 25.5 -3.8 -95.2 1.0 -100.2 -62.9 -14.2 -23.2 4.0 -42.3 6.5 -32.7 -28.7 -4.7 0.7 -16.1 -91.6 -9.1 -109.3 -23.1 -16.6 -69.7 26.8 13.8 39.2 -24.8 -41.7 -10.1 27.1 -0.6 -85.4 -24.3 -37.5 -29.9 2.7 -10.3 -23.5 -6.2 20.1 40.6 -20.1 5.1 55.6 -67.0 -69.3 -15.2 -50.2 -52.7 -6.9 9.5 -4.0 7 8 9 10 11 12 13 14 15 FA673070003 FA673090543 Trade credit Miscellaneous assets (funding agreements) (3) -4.4 9.2 2.7 1.6 -0.1 6.9 -1.5 12.1 0.1 11.2 -3.4 15.3 0.3 25.1 -2.8 -3.0 0.9 14 9.9 15 16 FA674122005 Net increase in liabilities -58.0 -51.1 -96.7 -40.0 -98.5 10.6 -63.3 -8.8 -53.2 16 17 18 FA673169105 FA673163005 Commercial paper Corporate bonds (net) (4) -45.5 -12.5 -2.7 -48.4 4.7 -101.4 -11.3 -28.7 -45.8 -52.8 14.4 -3.8 -18.7 -44.6 5.0 -13.7 -3.9 17 -49.3 18 19 FA677005005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 0.0 12.4 0.0 -29.6 0.0 -8.7 0.0 -24.4 0.0 -38.7 0.0 -31.2 0.0 -18.2 0.0 -9.5 0.0 20 7.4 21 Discrepancy Memo: 20 21 FA675013263 FA643065045 Securitized assets not included above Consumer leases (5) REIT assets (6) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Net issuance less net acquisition of corporate bonds held as assets. (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (6) Included in table F.129. 43 Z.1, June 7, 2018 F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA616000105 Gross saving less net capital transfers paid (2) 81.9 101.8 115.9 106.9 123.4 118.0 112.2 74.0 119.9 1 2 FA615013005 Fixed nonresidential investment 89.3 97.7 96.0 101.1 97.4 99.7 102.2 104.9 106.5 2 3 FA614090005 Net acquisition of financial assets 33.5 -10.9 -58.5 -39.3 -65.5 -13.2 -96.4 17.7 -65.1 3 4 5 FA613020003 FA613030003 Checkable deposits and currency Time and savings deposits -0.2 -0.5 0.1 0.4 -9.6 -28.9 -2.2 -6.6 -7.0 -21.1 -2.6 -7.8 -2.5 -7.5 3.4 10.0 -5.0 -15.1 4 5 6 FA613063003 Debt securities (corporate and foreign bonds) 4.6 2.2 9.9 -10.6 -13.0 -12.3 -15.0 -2.3 -0.3 6 7 8 9 10 FA614023005 FA613069500 FA613065000 FA613066005 Loans Other loans and advances Mortgages Consumer credit 6.5 10.2 -8.7 5.0 -17.2 13.6 -28.3 -2.4 -51.1 -16.7 -21.0 -13.4 -23.1 -0.8 -14.4 -7.9 12.3 28.3 -25.0 9.0 -8.4 0.2 -8.9 0.3 -70.9 -26.6 -9.7 -34.6 -25.5 -5.1 -14.0 -6.5 15.2 7 24.1 8 -2.1 9 -6.9 10 11 12 FA613092003 FA613090005 U.S. direct investment abroad Miscellaneous assets 4.6 18.5 9.2 -5.6 33.4 -12.1 16.9 -13.8 20.9 -57.7 3.3 14.6 19.3 -19.9 24.3 7.9 -6.0 11 -53.9 12 13 FA614190005 21.6 -23.1 -98.8 -56.8 -101.4 3.3 -123.5 -5.8 -57.0 13 14 15 16 FA614122005 FA613169100 FA613163005 Debt securities Open market paper Corporate bonds 2.0 -1.1 3.0 -16.0 -3.1 -12.9 -67.1 4.6 -71.7 -49.9 0.7 -50.6 -100.3 -4.7 -95.6 -50.1 -4.5 -45.6 13.0 -11.1 24.0 -62.2 23.1 -85.3 29.4 14 -3.2 15 32.6 16 17 18 19 FA614123005 FA613168003 FA613169005 Loans Depository institution loans n.e.c. Other loans and advances 10.2 10.5 -0.3 15.3 13.7 1.6 0.0 0.2 -0.2 -11.3 -11.3 -0.1 -5.9 -5.2 -0.7 -5.1 -4.5 -0.7 2.1 1.5 0.6 -36.5 -36.9 0.4 7.6 17 7.9 18 -0.3 19 20 21 FA613178005 FA613192003 Taxes payable Foreign direct investment in U.S. 1.0 7.6 0.8 -5.5 0.3 -1.4 11.8 0.9 -0.6 5.1 0.2 -0.8 -3.8 -0.2 51.4 -0.8 -2.8 20 -2.4 21 22 23 24 FA613190005 FA613194003 FA613193005 Miscellaneous liabilities Investment by parent Other 0.8 1.0 -0.1 -17.7 -6.7 -11.0 -30.6 -24.0 -6.5 -8.2 6.5 -14.8 0.3 -8.4 8.7 59.2 13.5 45.7 -134.6 -22.4 -112.2 42.3 43.6 -1.3 -88.8 22 -23.8 23 -65.0 24 25 FA617005005 -19.2 -8.2 -20.5 -11.7 -9.9 34.8 -17.2 -54.4 21.4 25 26 FA613066303 21.6 23.5 13.4 3.7 -1.0 7.1 5.9 2.8 -1.6 26 Net increase in liabilities Discrepancy Memo: Consumer leases not included above (3) (1) Includes retail captive finance companies and mortgage companies. (2) Net capital transfers paid from table F.5, line 56. (3) See footnote (5), table F.127. Transactions 2014 44 Z.1, June 7, 2018 F.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA646000105 Gross saving 2 3 FA645013005 FA645012063 Fixed nonresidential investment Multifamily residential investment 4 FA644090005 5 6 7 8 Q2 Q3 Q4 2018 Q1 -25.8 -66.6 -68.8 -47.3 -51.1 -46.6 -55.1 -36.2 -55.9 1 8.2 7.8 10.3 -0.0 11.4 5.5 12.3 -1.7 12.0 -6.5 12.3 2.9 12.3 -5.9 12.6 2.7 13.1 3.4 2 3 Net acquisition of financial assets 45.3 -65.8 21.2 71.8 29.1 20.9 168.5 68.5 -2.7 4 FA643020005 Checkable deposits and currency 4.3 -2.9 2.0 2.8 19.7 -10.4 27.8 -25.9 -18.1 5 FA644022005 FA643061773 FA643063005 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 7.7 8.5 -0.9 -44.7 -49.6 4.9 -26.4 -27.4 1.0 52.4 50.5 1.9 36.8 31.7 5.1 20.9 21.6 -0.7 109.2 107.7 1.5 42.6 40.8 1.8 -27.2 -30.3 3.1 6 7 8 9 10 11 12 FA643065005 FA643065105 FA643065405 FA643065505 Loans (mortgages) Home Multifamily residential Commercial 19.9 8.5 -3.3 14.7 -29.4 2.2 -0.3 -31.4 14.7 14.3 -0.2 0.6 5.9 6.4 1.2 -1.7 -15.0 6.8 1.2 -23.0 5.3 23.9 0.5 -19.1 -6.4 -2.2 0.3 -4.5 39.6 -2.9 2.7 39.8 -3.4 9 -13.6 10 0.2 11 10.1 12 13 FA643090005 Miscellaneous assets 13.4 11.2 31.0 10.7 -12.4 5.1 37.9 12.2 45.9 13 14 FA644190005 117.7 1.1 44.6 119.6 74.0 87.9 197.7 118.6 21.7 14 15 FA642151073 Security repurchase agreements 10.0 -45.5 -10.6 51.0 24.2 13.3 107.2 59.4 1.3 15 16 17 18 FA644122005 FA643169173 FA643163005 Debt securities Open market paper Corporate bonds 46.9 0.0 46.9 -7.8 0.0 -7.8 21.8 0.0 21.8 21.3 0.0 21.3 19.6 0.0 19.6 13.0 0.0 13.0 12.8 0.0 12.8 39.6 0.0 39.6 26.5 16 0.0 17 26.5 18 19 20 21 22 FA644123005 FA643168005 FA643169373 FA643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 21.3 7.2 4.9 9.3 29.2 7.3 17.9 4.0 -15.3 -9.2 -7.1 1.0 1.0 4.7 -6.8 3.1 -7.0 5.1 -17.4 5.3 3.7 5.7 -1.6 -0.4 -17.4 -4.0 -4.7 -8.7 24.6 12.0 -3.5 16.1 23 FA643164103 Corporate equity issues 32.7 27.1 32.4 41.8 46.7 43.3 57.1 20.2 28.4 23 24 FA643193005 Miscellaneous liabilities 6.9 -1.9 16.3 4.5 -9.6 14.7 38.0 -25.2 -18.1 24 25 FA647005005 30.7 -10.0 -62.4 -10.1 -11.8 5.1 -32.3 -1.4 -48.0 25 26 27 28 29 30 FA643065045 FA643061743 FA643065143 FA643065443 FA643065543 12.4 0.0 3.2 0.3 8.8 -29.6 0.0 10.0 -0.2 -39.4 -8.7 0.0 2.8 -0.8 -10.7 -24.4 0.0 -5.8 1.2 -19.8 -38.7 0.0 -10.1 1.6 -30.1 -31.2 0.0 2.9 0.8 -34.9 -18.2 0.0 -4.3 0.3 -14.1 -9.5 0.0 -11.5 2.2 -0.1 Net increase in liabilities Discrepancy -16.5 4.7 -1.5 -19.7 19 20 21 22 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.129.e and F.129.m. 7.4 0.0 1.3 -0.3 6.3 26 27 28 29 30 45 Z.1, June 7, 2018 F.129.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA644090085 Net acquisition of financial assets 15.7 6.4 15.8 41.2 75.6 4.3 59.1 25.6 -13.6 1 2 FA643020083 Checkable deposits and currency 3.0 -2.3 2.9 4.7 23.1 -8.9 30.1 -25.5 -16.0 2 3 FA643063083 Debt securities (corporate and foreign bonds) 0.5 -0.4 0.4 2.0 3.3 0.1 1.8 2.6 1.9 3 4 5 6 7 FA643065085 FA643065183 FA643065483 FA643065583 Loans (mortgages) Home Multifamily residential Commercial 2.6 0.0 -0.1 2.7 0.1 0.0 0.1 0.0 -0.1 0.0 0.2 -0.3 12.1 0.1 0.2 11.9 15.1 0.0 0.2 14.9 -0.4 0.1 0.2 -0.7 1.1 0.1 0.2 0.8 32.7 0.1 0.2 32.5 -9.7 -0.0 0.2 -9.8 4 5 6 7 8 FA643093085 Miscellaneous assets 9.7 9.0 12.6 22.4 34.0 13.5 26.1 15.9 10.2 8 9 FA644190085 49.6 45.3 26.6 49.3 59.4 39.2 47.1 51.5 -7.6 9 10 FA643163083 Debt securities (corporate bonds) 28.8 30.5 25.1 37.5 53.5 33.1 35.5 27.7 11 12 13 14 15 FA644123085 FA643168083 FA643165005 FA643165483 FA643165583 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 15.5 6.2 9.3 1.4 7.9 11.1 7.1 4.0 -0.3 4.3 -8.2 -9.3 1.0 2.3 -1.3 6.3 3.2 3.1 -4.7 7.8 12.4 7.1 5.3 -7.8 13.1 -1.2 -0.8 -0.4 -4.6 4.2 -4.1 4.6 -8.7 -4.8 -3.9 18.0 1.9 16.1 -1.7 17.8 16 FA643193085 Miscellaneous liabilities 5.3 3.6 9.8 5.6 -6.5 7.4 15.6 5.8 Net increase in liabilities 23.4 10 -11.9 7.8 -19.7 -3.2 -16.5 11 12 13 14 15 -19.1 16 F.129.m Mortgage Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA644090075 Net acquisition of financial assets 29.5 -72.2 5.4 30.6 -46.5 16.6 109.4 42.9 10.9 1 2 FA643020073 Checkable deposits and currency 1.3 -0.6 -0.9 -1.9 -3.4 -1.5 -2.3 -0.5 -2.1 2 3 4 5 FA644022075 FA643061773 FA643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 7.2 8.5 -1.4 -44.3 -49.6 5.4 -26.8 -27.4 0.6 50.5 50.5 -0.0 33.5 31.7 1.8 20.8 21.6 -0.8 107.4 107.7 -0.3 40.1 40.8 -0.7 -29.1 -30.3 1.2 3 4 5 6 7 8 9 FA643065075 FA643065173 FA643065473 FA643065573 Loans (mortgages) Home Multifamily residential Commercial 17.3 8.5 -3.2 12.0 -29.5 2.2 -0.4 -31.4 14.8 14.2 -0.3 0.9 -6.3 6.3 1.0 -13.6 -30.2 6.8 1.0 -37.9 5.7 23.8 0.3 -18.4 -7.6 -2.3 0.1 -5.4 6.9 -3.0 2.5 7.3 6.3 -13.6 -0.0 20.0 6 7 8 9 10 FA643090075 11 FA644190075 12 FA642151073 13 14 15 Miscellaneous assets 3.7 2.2 18.4 -11.7 -46.4 -8.4 11.8 -3.6 35.7 10 35.4 -71.2 -14.4 28.5 -32.1 5.4 93.6 46.9 1.0 11 Security repurchase agreements 10.0 -45.5 -10.6 51.0 24.2 13.3 107.2 59.4 1.3 12 FA644122075 FA643169173 FA643163075 Debt securities Open market paper Corporate bonds 18.1 0.0 18.1 -38.3 0.0 -38.3 -3.3 0.0 -3.3 -16.2 0.0 -16.2 -33.9 0.0 -33.9 -20.1 0.0 -20.1 -22.7 0.0 -22.7 11.9 0.0 11.9 3.2 13 0.0 14 3.2 15 16 17 18 FA644123075 FA643168073 FA643169373 Loans Depository institution loans n.e.c. Other loans and advances 5.8 1.0 4.9 18.1 0.2 17.9 -7.1 0.1 -7.1 -5.3 1.5 -6.8 -19.4 -2.0 -17.4 4.9 6.5 -1.6 -13.3 -8.6 -4.7 6.6 10.1 -3.5 -4.5 16 -3.0 17 -1.5 18 19 FA643193075 Miscellaneous liabilities 1.5 -5.5 6.5 -1.1 -3.1 7.4 22.4 -31.0 1.0 19 20 21 22 23 24 FA643065045 FA643061743 FA643065143 FA643065443 FA643065543 12.4 0.0 3.2 0.3 8.8 -29.6 0.0 10.0 -0.2 -39.4 -8.7 0.0 2.8 -0.8 -10.7 -24.4 0.0 -5.8 1.2 -19.8 -38.7 0.0 -10.1 1.6 -30.1 -31.2 0.0 2.9 0.8 -34.9 -18.2 0.0 -4.3 0.3 -14.1 -9.5 0.0 -11.5 2.2 -0.1 Net increase in liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 7.4 0.0 1.3 -0.3 6.3 20 21 22 23 24 Transactions 2014 46 Z.1, June 7, 2018 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Q2 Q3 Q4 2018 Q1 1 FA666000105 Gross saving less net capital transfers paid (1) 16.0 24.3 18.1 30.3 41.6 39.3 45.7 -5.6 36.6 1 2 FA665013005 Fixed nonresidential investment 15.6 17.6 18.9 20.0 19.5 19.9 20.2 20.4 21.0 2 3 FA664090005 Net acquisition of financial assets -153.7 -210.7 -21.6 226.4 358.3 567.3 -377.5 357.6 225.5 3 4 5 FA663020003 FA662051003 Checkable deposits and currency Security repurchase agreements 0.0 -168.2 -5.7 -19.5 13.1 -20.6 -7.2 22.0 31.0 -55.1 -26.7 263.0 -3.0 -244.4 -30.3 124.3 29.2 -283.0 4 5 6 7 8 9 10 11 FA664022005 FA663069103 FA663061105 FA663061703 FA663062003 FA663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -89.2 -7.8 -75.9 7.7 0.2 -13.5 -36.7 -1.4 5.1 -12.2 -4.9 -23.3 5.0 -5.7 32.3 -16.6 7.1 -12.1 31.9 -1.3 62.8 -9.9 -3.9 -15.8 120.2 -8.2 65.1 54.9 -5.2 13.6 123.4 0.9 123.6 26.3 5.9 -33.3 -184.7 -0.8 -3.1 -103.7 -15.6 -61.5 68.5 2.9 65.5 -17.3 -0.6 17.9 101.1 6 4.6 7 83.8 8 3.7 9 5.7 10 3.4 11 12 FA663069005 Loans (other loans and advances) 38.5 -90.1 -8.4 45.8 21.3 83.6 34.8 43.4 29.1 12 13 FA663064103 Corporate equities 8.7 -10.3 -3.6 18.3 -56.5 59.2 14.4 55.8 44.0 13 14 15 FA663092003 FA663090005 U.S. direct investment abroad Miscellaneous assets 7.8 48.7 11.2 -59.6 16.4 -23.5 7.9 107.9 10.3 287.0 11.4 53.3 -1.1 6.6 11.0 84.8 -3.5 14 308.7 15 16 FA664190005 17 FA662151003 Security repurchase agreements 18 FA663163003 19 20 21 Net increase in liabilities -169.1 -202.5 -32.7 205.1 326.4 538.5 -415.1 370.6 221.1 16 -220.9 -179.4 -55.2 84.5 187.2 329.3 -363.2 184.7 350.1 17 Debt securities (corporate bonds) 11.5 7.4 -2.2 54.9 2.3 144.4 38.8 34.2 8.9 18 FA664123005 FA663168005 FA153067005 Loans Depository institution loans n.e.c. (2) Other loans and advances 65.4 12.0 53.5 -49.3 -1.0 -48.3 8.1 11.8 -3.7 -8.0 17.9 -25.9 81.3 14.0 67.3 12.2 20.0 -7.8 -73.1 24.1 -97.2 -52.4 13.5 -65.9 -84.8 19 3.2 20 -88.0 21 22 FA663164103 Corporate equity issues -11.7 3.5 -21.5 -12.5 -11.1 -14.7 -5.8 -18.2 -16.0 22 23 24 FA663170003 FA663178005 Trade payables Taxes payable 3.4 0.3 8.4 -0.8 10.4 0.1 -4.2 13.0 -5.6 2.5 -12.4 0.6 9.6 2.8 -8.2 46.0 7.9 23 4.1 24 25 26 27 28 FA663192005 FA663190005 FA663194005 FA663193005 Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent companies Other 11.1 -31.0 29.6 -60.6 2.0 -0.1 140.5 -140.5 -109.4 127.9 190.7 -62.8 16.3 65.6 -81.5 147.1 7.9 63.3 -239.4 302.7 24.3 62.2 -193.0 255.2 -12.6 -8.7 147.0 -155.7 45.6 145.6 -40.6 186.1 29 FA662090205 Proprietors’ net investment 2.7 5.8 9.1 -4.6 -1.5 -7.5 -2.9 -6.5 -6.6 29 30 FA667005005 -15.0 14.9 -12.0 -11.1 -9.8 -9.4 -12.1 -13.0 11.2 30 Discrepancy 3.5 -46.0 75.6 -121.7 25 26 27 28 (1) Net capital transfers paid from table F.5, line 57. (2) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 47 Z.1, June 7, 2018 F.131 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA736000105 Gross saving 171.9 195.5 160.6 215.6 183.9 251.0 251.3 176.1 266.9 1 2 FA735013005 Fixed nonresidential investment 37.8 38.0 40.2 42.4 41.4 42.3 42.9 43.0 44.3 2 3 FA734090005 Net acquisition of financial assets 91.2 -72.8 374.4 358.2 422.9 803.8 214.7 -8.5 60.4 3 4 5 FA733030003 FA732051003 Time and savings deposits Security repurchase agreements -8.9 -5.1 -7.9 -0.4 -2.1 -0.1 -3.0 5.1 -22.5 7.7 7.2 29.1 -5.1 -0.3 8.4 -16.2 -9.3 -4.3 4 5 6 7 8 9 FA734022605 FA733061103 FA733061703 FA733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.2 -2.8 0.0 2.6 -20.6 -3.7 -4.3 -12.7 3.5 -0.4 1.4 2.5 14.9 3.5 -7.8 19.2 13.6 15.9 0.5 -2.8 67.1 27.6 -27.3 66.8 -52.6 -52.9 -1.6 1.8 31.6 23.5 -3.0 11.1 48.6 15.1 31.3 2.2 6 7 8 9 10 FA733069005 Loans (other loans and advances) -10.9 -40.9 -1.4 18.0 -4.5 -0.8 42.2 35.2 -7.9 10 11 FA733040005 Life insurance reserves 5.0 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 11 12 13 14 15 16 17 18 19 FA733090005 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733093005 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 111.2 195.9 0.1 0.8 -14.8 6.5 -14.6 -62.7 -7.1 42.1 -0.8 0.5 -8.9 92.9 -6.9 -126.0 370.4 110.5 -0.2 1.3 -10.9 154.3 0.4 115.0 319.3 91.3 0.6 2.5 -6.1 -53.3 -3.7 288.0 424.6 174.7 -1.4 1.4 -8.4 -289.0 5.0 542.3 697.2 108.1 1.9 2.6 -3.0 -63.6 37.7 613.6 226.6 179.1 0.7 1.5 -12.8 166.3 -34.2 -74.0 -71.5 -96.7 1.1 4.6 -0.0 -26.8 -23.4 69.9 20 FA734190005 -40.1 -224.6 219.5 113.0 227.7 541.1 -100.2 -216.7 -244.5 20 21 FA732151003 Security repurchase agreements -0.0 0.1 -0.0 -0.0 -0.1 -0.1 0.1 -0.0 0.5 21 22 23 24 FA734122005 FA733169103 FA733163003 Debt securities Commercial paper Corporate bonds -8.3 -19.6 11.3 -88.0 -71.3 -16.7 134.2 -3.4 137.6 125.3 2.2 123.0 143.9 4.3 139.6 207.8 0.1 207.8 193.0 3.9 189.1 -43.8 0.6 -44.4 -52.1 22 -5.8 23 -46.3 24 25 FA733164103 Corporate equity issues -0.3 -6.5 -33.5 -87.8 -50.9 -108.6 -109.8 -81.8 -19.3 25 26 FA733192003 Foreign direct investment in U.S. (2) 27 28 29 FA733193005 FA733164005 FA733193015 Miscellaneous liabilities Equity, etc. Other 30 FA737005005 Net increase in liabilities Discrepancy 29.3 -122.1 1.8 -2.7 -31.3 24.6 91.0 67.9 12 13 14 15 16 17 18 19 0.0 17.5 141.3 11.2 31.8 16.1 29.6 -32.7 -7.4 26 -31.4 -0.3 -31.2 -147.7 -57.7 -90.1 -22.5 7.2 -29.6 64.3 -168.8 233.1 103.0 -49.2 152.2 425.8 -229.1 655.0 -213.2 -116.8 -96.4 -58.4 -279.9 221.5 -166.2 27 -190.2 28 24.0 29 2.8 5.6 -34.5 -72.1 -52.7 -54.0 -106.6 -75.1 -82.4 30 (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Transactions 2014 48 Z.1, June 7, 2018 F.132 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA504090005 Net acquisition of financial assets 44.1 115.5 218.2 68.3 121.8 -365.6 339.2 177.9 457.6 1 2 3 FA503034003 FA502051003 Money market fund shares Security repurchase agreements 67.3 0.0 -16.4 0.0 97.9 0.0 78.8 0.0 -101.9 0.0 22.1 0.0 175.8 0.0 219.2 0.0 220.6 0.0 2 3 4 5 6 FA504022005 FA503069105 FA503063005 Debt securities Open market paper Corporate and foreign bonds -27.5 -32.2 4.7 81.3 82.7 -1.4 86.6 90.6 -4.1 34.3 27.3 7.1 129.1 109.6 19.4 -199.4 -202.4 3.0 219.7 224.6 -5.0 -12.0 -22.9 10.9 166.0 144.2 21.8 4 5 6 7 FA503069805 Loans (other loans and advances) 1.5 0.8 3.0 3.5 3.7 25.1 -6.4 -8.5 -23.9 7 8 FA503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 10 11 FA503094505 FA753194503 FA663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers 2.8 -20.3 23.1 49.7 2.2 47.6 30.7 -5.6 36.3 -48.3 -20.1 -28.2 91.0 41.4 49.6 -213.4 -84.0 -129.4 -49.9 -30.6 -19.3 -20.9 -7.1 -13.7 94.9 9 43.8 10 51.1 11 12 FA504190005 44.1 115.5 218.2 68.3 121.8 -365.6 339.2 177.9 457.6 12 13 14 15 FA504122005 FA503169105 FA503163005 Debt securities Open market paper Corporate bonds 25.8 3.6 22.2 63.7 37.5 26.3 37.9 2.0 35.8 -49.0 -27.8 -21.3 31.9 0.5 31.4 -190.4 -79.7 -110.7 -16.6 -11.5 -5.1 -21.0 -20.5 -0.5 53.7 13 28.9 14 24.8 15 16 17 18 FA504123005 FA713068505 FA503169205 Loans Depository institution loans n.e.c. (3) Other loans and advances (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 0.0 0.0 0.0 0.0 16 0.0 17 0.0 18 19 20 FA503164105 FA503192003 Corporate equities (5) Foreign direct investment in U.S. 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 19 0.6 20 21 22 23 24 FA503190005 FA663097005 FA503194305 FA503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) 17.7 47.1 0.0 -29.4 51.2 -13.8 0.0 64.9 179.8 -40.5 0.0 220.3 116.8 70.9 0.0 45.9 89.4 194.2 0.0 -104.8 -175.7 30.1 0.0 -205.8 355.2 -49.9 0.0 405.0 198.3 109.0 0.0 89.3 Net increase in liabilities 403.3 217.7 0.0 185.6 21 22 23 24 (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. 49 Z.1, June 7, 2018 F.133 Rest of the World 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 2 3 4 FA266905005 FA266903001 FA266904101 FA266400101 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Curr. taxes and trans. payments to rest of world 3750.2 2883.2 612.6 254.4 3659.7 2789.0 608.4 262.3 3660.1 2735.8 647.2 277.1 3918.4 2915.6 717.9 285.0 3841.2 2878.4 681.7 281.1 3885.1 2882.1 712.4 290.6 3882.7 2880.1 723.9 278.8 4064.8 3021.6 753.6 289.6 4194.8 3109.0 795.6 290.2 1 2 3 4 5 6 7 8 FA266900005 FA266903011 FA266904001 FA266400201 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 3366.1 2373.6 847.2 145.3 3209.1 2264.9 812.9 131.3 3199.1 2214.6 844.3 140.3 3433.5 2344.0 934.7 154.8 3353.9 2295.6 895.9 162.4 3371.3 2314.9 914.8 141.7 3467.5 2345.9 952.1 169.4 3541.2 2419.6 975.9 145.7 3625.8 2468.3 1011.9 145.6 5 6 7 8 9 10 FA265440005 FA266000105 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.4 384.4 -0.4 451.0 -0.4 461.4 -3.6 488.6 -0.4 487.7 -0.4 514.1 -13.2 428.4 -0.3 523.9 -0.2 9 569.2 10 11 12 FA265090005 FA265420005 Gross investment Nonproduced nonfinancial assets 275.5 -0.0 227.6 0.0 331.4 0.0 325.8 -0.0 290.1 0.0 706.8 0.0 671.3 0.0 -365.2 -0.1 313.9 11 0.0 12 13 FA265000005 Net lending (+) or net borrowing (-) 275.6 227.6 331.4 325.8 290.1 706.8 671.3 -365.1 313.9 13 14 FA264090005 Net acquisition of financial assets 1152.1 550.4 739.9 1445.9 1489.4 1919.2 1840.2 534.5 753.0 14 15 16 17 18 19 20 21 FA263011205 FA313111303 FA264016005 FA263020005 FA263030005 FA263034003 FA262051003 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements 0.0 0.0 -34.5 82.8 54.2 -0.9 105.7 0.0 0.0 -59.6 32.6 -18.6 2.3 -145.3 0.0 0.0 -140.4 61.1 73.1 0.8 66.8 0.0 0.0 99.7 79.9 17.0 4.7 43.6 0.0 0.0 191.8 107.4 74.3 -10.1 87.9 0.0 0.0 -54.9 72.5 75.3 -4.9 63.4 0.0 0.0 139.9 85.7 -6.8 18.2 -63.9 0.0 0.0 122.0 53.8 -74.6 15.8 87.2 0.0 0.0 -117.3 91.3 6.0 -8.6 -117.7 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 FA264022005 FA263069103 FA263061105 FA263061110 FA263061120 FA263061705 FA263062003 FA263063005 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) 533.6 7.7 320.2 -13.9 334.1 -8.1 4.3 209.6 406.6 -2.3 42.7 53.1 -10.4 24.8 6.5 334.9 349.1 37.0 -99.3 -52.4 -47.0 78.4 7.3 325.8 676.9 -5.6 323.6 55.4 268.2 22.7 7.2 328.8 383.4 -27.6 270.7 -36.9 307.6 -78.8 4.8 214.3 1217.4 18.3 521.1 274.2 246.9 78.7 12.5 586.9 1034.2 -54.0 731.1 57.3 673.8 50.1 6.6 300.4 72.5 41.2 -228.3 -73.0 -155.3 40.9 4.9 213.7 474.5 78.9 302.0 8.5 293.5 129.6 -3.9 -32.1 22 23 24 25 26 27 28 29 30 31 32 33 34 FA263069500 FA263064105 FA263064203 FA263070003 FA263092001 Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Foreign direct investment in U.S. (5) 31.0 114.7 40.4 12.6 212.3 36.9 -191.3 1.7 8.4 476.7 -4.3 -194.2 52.4 7.3 468.3 57.0 139.6 22.5 18.1 286.9 48.2 238.5 4.3 34.7 329.1 90.8 -36.2 175.0 1.6 319.1 41.2 406.9 -101.5 26.9 259.4 47.7 -50.7 12.1 9.1 239.8 11.8 192.0 -12.1 19.5 213.7 30 31 32 33 34 35 FA264190005 876.5 322.8 408.4 1120.1 1199.4 1212.4 1169.0 899.6 439.1 35 36 37 38 FA263111005 FA263191005 FA262151003 U.S. official reserve assets U.S. private deposits Security repurchase agreements -3.6 -119.0 17.0 -6.3 -246.0 76.3 2.1 -89.9 115.3 -1.7 226.5 -32.6 -1.0 255.1 54.6 0.6 206.3 -26.2 -0.2 341.1 -99.5 -6.2 103.5 -59.0 -5.5 36 116.0 37 -63.5 38 39 40 41 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds 162.8 8.9 153.9 -31.3 54.6 -85.9 23.3 -61.7 85.0 350.5 90.6 259.9 327.2 74.5 252.8 137.3 -12.0 149.3 397.9 229.8 168.1 539.5 70.3 469.3 490.5 39 136.3 40 354.2 41 42 43 44 FA264123005 FA263168005 FA263169005 Loans Depository institution loans n.e.c. Other loans and advances 91.0 88.6 2.4 58.4 58.5 -0.1 34.9 36.9 -2.0 12.9 8.6 4.3 -38.3 -35.8 -2.4 48.3 51.6 -3.3 44.3 38.4 5.8 -2.5 -19.6 17.1 36.9 42 23.7 43 13.2 44 45 FA263164103 Foreign corporate equities (6) 431.6 196.9 14.4 193.8 149.6 482.9 278.4 -135.6 316.3 45 46 47 48 49 50 51 FA263170003 FA263192005 FA263190005 FA313092803 FA263191103 FA263194735 Trade payables U.S. direct investment abroad (4,5) Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies -5.8 313.5 -11.0 2.3 1.3 -14.6 -1.7 281.7 -5.2 2.2 -0.5 -6.9 0.9 300.5 7.0 2.0 4.6 0.4 4.4 362.6 3.6 0.8 6.5 -3.7 15.3 433.2 3.7 0.6 -2.0 5.0 -1.5 335.1 29.7 0.0 -8.0 37.7 4.9 231.7 -29.5 2.5 2.2 -34.2 -0.9 450.4 10.4 -0.0 33.8 -23.4 52 FA267005005 108.9 223.4 129.9 162.8 197.7 -192.7 -242.9 889.1 53 54 55 56 57 FA266903005 FA266904005 FA266400101 FA266400201 FA266000005 -509.5 234.5 254.4 145.3 -384.0 -524.0 204.5 262.3 131.3 -450.6 -521.2 197.1 277.1 140.3 -460.9 -571.6 216.8 285.0 154.8 -485.0 -582.8 214.3 281.1 162.4 -487.4 -567.2 202.4 290.6 141.7 -513.7 -534.1 228.3 278.8 169.4 -415.2 -602.0 222.3 289.6 145.7 -523.6 Net increase in liabilities Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Curr. taxes and trans. payments to rest of world + Curr. taxes and trans. payments from rest of world = Balance on current account, NIPAs (1) Table F.5, line 66. (2) Line 1 minus line 5 minus line 9. Also equal to line 57 with the sign reversed minus line 9. (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) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. -23.2 -491.3 62.8 0.0 -28.2 91.0 46 47 48 49 50 51 255.3 52 -640.7 216.2 290.2 145.6 -569.0 53 54 55 56 57 Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 50 Z.1, June 7, 2018 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA893111005 2 FA313111303 Net change in liabilities Federal government: SDR allocations 3 4 5 6 FA263111005 FA313011303 FA263111403 FA263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 FA893011005 8 9 10 11 12 FA313011005 FA313011205 FA313011303 FA313011405 FA313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 13 14 15 FA263011005 FA263011205 FA313111303 16 17 18 19 FA713011005 FA713011203 FA713011405 FA713011505 Q2 Q3 2018 Q1 Q4 -3.6 -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -5.5 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 -3.6 0.0 -3.8 0.2 -6.3 0.0 -6.5 0.2 2.1 0.7 1.3 0.1 -1.7 0.1 -1.8 0.0 -1.0 0.0 -1.0 0.0 0.6 0.1 0.3 0.2 -0.2 0.1 -0.4 0.0 -6.2 0.1 -6.1 -0.1 -5.5 0.1 -5.4 -0.2 3 4 5 6 -3.6 -6.3 2.1 -1.7 -1.0 0.6 -0.2 -6.2 -5.5 7 -3.8 0.0 0.0 -3.9 0.1 -6.4 0.0 0.0 -6.5 0.1 2.2 0.0 0.7 1.5 0.0 -1.7 0.0 0.1 -1.8 0.0 -1.1 0.0 0.0 -1.1 0.0 0.5 0.0 0.1 0.3 0.1 -0.3 0.0 0.1 -0.4 0.0 -6.1 0.0 0.1 -6.1 -0.1 -5.4 8 0.0 9 0.1 10 -5.4 11 -0.1 12 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 0.0 14 0.0 15 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.2 0.0 0.1 0.1 0.1 0.0 0.0 0.1 -0.1 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.0 -0.0 0.1 0.0 0.0 0.0 0.0 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.1 16 17 18 19 Net change in assets (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 FA713014003 FA713014003 3 4 FA313112003 FA713012003 5 FA903012005 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Liab: Federal government Asset: Monetary authority -0.3 0.8 -0.0 1.3 0.0 1.0 0.0 0.8 0.0 1.0 0.0 0.8 0.0 0.8 0.0 0.8 0.0 0.5 3 4 Discrepancy (seigniorage) -1.1 -1.3 -1.0 -0.8 -1.0 -0.8 -0.8 -0.8 -0.5 5 Treasury currency: F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA263191005 Total rest of the world liability -119.0 -246.0 -89.9 226.5 255.1 206.3 341.1 103.5 116.0 1 2 3 4 FA153091003 FA103091003 FA633091003 Held by: Household sector Nonfinancial corporate business Money market funds -6.4 -10.6 -9.8 -14.4 -20.1 -13.4 -5.6 3.6 -9.2 10.9 106.3 1.9 12.3 -24.5 6.9 8.5 74.6 -1.3 17.5 366.4 9.1 5.2 8.5 -7.3 6.1 11.4 -10.0 2 3 4 5 FA903091005 Discrepancy--unallocated assets -92.3 -198.0 -78.7 107.5 260.4 124.5 -51.9 97.0 108.4 5 51 Z.1, June 7, 2018 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA794110005 2 3 4 5 6 FA714110005 FA764110005 FA754110005 FA744110005 FA474110005 7 FA894010005 8 9 10 11 12 13 FA714010005 FA763020005 FA753020005 FA743013003 FA473013005 FA264016005 14 FA904010005 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 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy Q2 Q3 Q4 2018 Q1 89.8 -444.3 -349.2 294.8 2267.0 -1192.2 635.2 -530.9 994.5 1 151.0 71.0 -131.9 0.3 -0.6 -389.0 -42.2 -18.7 0.0 5.6 -209.3 -89.6 -49.5 -0.1 -0.8 196.0 -16.9 111.5 0.1 4.1 1592.5 409.8 175.1 0.2 89.4 -678.6 -378.9 -75.4 0.2 -59.5 360.0 105.4 189.6 -1.6 -18.3 -490.0 -204.0 156.7 1.6 4.8 632.7 76.0 202.0 0.0 83.8 2 3 4 5 6 116.9 -448.1 -350.5 295.7 1785.1 -733.3 499.8 -368.9 515.8 7 0.5 213.0 -59.3 0.9 -3.7 -34.5 0.5 -199.2 -198.5 -0.2 8.8 -59.6 -0.8 -88.6 -122.6 0.8 1.0 -140.4 -0.0 48.5 142.3 3.1 2.1 99.7 0.7 846.3 644.4 3.2 98.7 191.8 0.3 -517.4 -97.0 4.2 -68.3 -54.9 -0.2 53.4 311.3 4.7 -9.4 139.9 -1.0 -188.1 -289.6 0.3 -12.6 122.0 0.4 265.0 267.8 6.5 93.4 -117.3 8 9 10 11 12 13 -27.1 3.8 1.3 -0.9 481.9 -458.9 135.4 -161.9 478.7 14 0.4 15 0.5 16 -0.0 17 Memo: 15 16 17 FA703025005 FA763025000 FA753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 2.0 2.0 0.0 -1.4 -1.4 -0.0 1.7 1.7 -0.0 1.2 1.2 0.0 12.0 12.0 0.0 1.1 1.1 -0.0 -3.9 -3.9 0.0 -4.4 -4.4 0.0 18 19 20 21 22 FA713113003 FA763013005 FA753013003 FA743013003 FA473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 148.9 210.9 -59.3 0.9 -3.7 -387.6 -197.8 -198.4 -0.2 8.8 -211.0 -90.3 -122.5 0.8 1.0 194.8 47.3 142.3 3.1 2.1 1580.6 834.3 644.4 3.2 98.7 -679.7 -518.5 -97.0 4.2 -68.3 363.9 57.3 311.3 4.7 -9.4 -485.6 -183.7 -289.6 0.3 -12.6 632.2 264.5 267.8 6.5 93.4 18 19 20 21 22 23 24 25 26 FA714010005 FA714010005 FA713022003 FA713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans 0.5 0.5 0.4 0.1 0.5 0.5 0.5 -0.0 -0.8 -0.8 -0.8 -0.1 -0.0 -0.0 -0.1 0.1 0.7 0.7 0.9 -0.2 0.3 0.3 -0.3 0.5 -0.2 -0.2 -0.4 0.2 -1.0 -1.0 -0.7 -0.2 0.4 0.4 0.9 -0.5 23 24 25 26 27 28 29 FA764116205 FA763192605 FA763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 93.5 29.2 -64.3 -37.5 -26.8 10.7 -94.8 -105.7 -10.9 -21.8 31.7 53.6 14.3 -38.3 -52.6 15.5 192.2 176.7 -78.3 -65.9 12.4 -38.7 38.9 77.6 -338.5 27 -255.0 28 83.6 29 30 31 32 FA754116205 FA753192605 FA753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -124.5 -123.8 0.7 -23.7 -130.8 -107.1 -58.9 -35.4 23.6 123.8 116.0 -7.7 160.4 198.3 37.9 -72.2 -43.0 29.2 226.5 192.5 -34.0 180.4 116.4 -64.1 216.0 30 40.8 31 -175.2 32 33 34 35 FA264116205 FA764016205 FA754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 1.4 0.8 0.7 -2.7 -2.6 -0.1 9.8 2.8 7.0 -0.6 2.0 -2.5 -5.4 4.8 -10.1 1.4 -1.3 2.6 2.1 0.9 1.1 -0.3 3.5 -3.8 4.2 33 8.9 34 -4.7 35 36 37 38 FA264135125 FA764035125 FA754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -0.7 -5.1 4.4 1.2 1.7 -0.5 -16.7 -9.4 -7.3 0.9 -2.9 3.8 -0.7 -10.4 9.7 -14.6 -7.4 -7.1 6.3 -0.1 6.5 12.6 6.2 6.4 -4.7 36 -4.6 37 -0.1 38 39 40 41 FA264035125 FA274135123 FA284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -2.8 -2.3 -0.5 0.0 0.8 -0.7 6.4 3.7 2.7 -1.9 0.3 -2.2 11.1 7.2 3.8 -11.4 -5.5 -5.9 0.1 -1.1 1.2 -7.4 0.6 -8.0 4.6 39 -0.4 40 5.0 41 42 FA264016005 -34.5 -59.6 -140.4 99.7 191.8 -54.9 139.9 122.0 -117.3 42 -25.0 -28.3 -1.4 -0.3 0.6 -6.8 -6.4 -4.6 -0.0 -5.6 -4.3 5.2 3.0 0.1 0.8 3.7 -6.5 -1.5 -0.1 -4.1 381.8 398.8 6.4 -0.2 -89.4 -397.8 -396.9 2.7 -0.2 59.5 185.8 145.9 -9.5 1.6 18.3 -155.2 -173.9 -5.6 -1.6 -4.8 -3.3 0.4 9.5 -10.2 16.9 1.0 -39.9 -18.7 -5.0 48 -27.1 3.8 1.3 -0.9 481.9 -458.9 135.4 -161.9 478.7 49 43 44 45 46 47 FA764112005 FA764112205 FA754012205 FA743020005 FA474012205 48 FA754112205 49 FA904010005 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): 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) 418.7 413.7 18.8 -0.0 -83.8 43 44 45 46 47 (1) Sum of lines 27 and 30 less line 33 and line 36 plus line 39. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 49), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 45, 46, 47, and 49. Transactions 2014 52 Z.1, June 7, 2018 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 Net change in liabilities 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA793120005 343.9 255.4 279.1 104.5 -287.4 500.2 -29.2 234.3 902.6 1 2 3 4 5 6 FA713120005 FA713123005 FA713124005 FA713122605 FA713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 145.0 61.0 -12.9 -2.7 99.7 167.6 110.1 -25.9 -0.0 83.4 159.2 65.6 10.9 -0.0 82.7 -61.4 -170.2 1.3 0.1 107.4 -959.0 -1046.1 -19.0 -0.0 106.1 390.2 294.2 -33.1 0.0 129.1 155.4 25.4 18.0 -0.0 112.0 167.6 45.7 39.3 0.4 82.2 426.1 432.9 -93.0 -0.0 86.2 2 3 4 5 6 7 8 9 10 FA763127005 FA763123005 FA763122605 FA763129205 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 136.2 0.9 5.3 130.0 50.3 -0.2 -12.9 63.4 113.3 -0.1 15.0 98.4 116.2 -0.3 0.0 116.4 550.6 0.4 7.1 543.0 70.6 -0.3 -10.1 81.0 -155.5 0.0 48.5 -204.0 -1.0 -1.4 -45.3 45.7 440.5 7 2.2 8 23.0 9 415.3 10 11 12 13 FA753127005 FA753122603 FA753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 45.2 14.0 31.2 16.4 7.2 9.2 -2.9 3.8 -6.6 34.1 10.0 24.1 76.4 17.2 59.3 26.1 19.3 6.8 -11.6 -26.2 14.5 45.5 29.7 15.9 -27.2 11 0.4 12 -27.6 13 14 FA743127003 Banks in U.S.-affiliated areas 5.2 1.6 5.7 0.3 4.6 4.4 -15.3 7.5 5.9 14 15 FA473127003 Credit unions 12.2 19.5 3.8 15.3 40.0 8.8 -2.2 14.6 57.4 15 16 FA793120005 343.9 255.4 279.1 104.5 -287.4 500.2 -29.2 234.3 902.6 16 17 FA153020005 Household sector 18 19 20 FA143020005 FA103020005 FA113020005 Nonfinancial business Corporate Noncorporate 21 22 FA313020005 FA213020005 Federal government State and local governments 23 FA793020005 Domestic financial sectors 24 25 FA513020003 FA543020005 26 27 28 Net change in assets 74.8 26.9 -62.0 42.7 505.2 -88.2 -322.5 76.4 300.2 17 124.4 55.1 69.3 108.6 67.4 41.2 185.3 160.5 24.8 144.2 144.1 0.1 167.7 177.0 -9.3 289.0 287.1 1.9 7.4 15.3 -7.8 112.6 97.1 15.5 218.5 18 201.5 19 17.0 20 60.8 14.3 109.9 -12.3 65.7 -5.3 -170.2 3.6 -1028.2 14.0 343.1 0.5 4.3 -30.9 0.1 30.9 449.3 21 9.9 22 -13.8 -10.2 33.8 3.5 -33.7 -70.9 204.1 -85.3 -147.9 23 Property-casualty insurance companies Life insurance companies 5.9 5.0 -2.8 8.8 -7.1 -7.5 3.9 16.8 3.4 3.6 0.1 31.7 39.4 0.9 -27.3 30.8 7.7 24 -11.2 25 FA573020005 FA343020033 FA223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 3.3 0.3 2.1 0.8 -0.0 3.5 1.7 -0.0 11.4 2.2 0.2 -6.0 2.5 0.2 -5.4 0.5 0.2 -2.2 2.1 0.2 7.1 3.5 0.2 -23.6 1.5 26 0.2 27 -6.0 28 29 30 FA633020000 FA403020005 Money market funds Government-sponsored enterprises -17.9 -16.6 11.9 -24.0 22.0 7.8 -7.5 0.7 -54.2 -27.7 -26.3 -35.2 113.2 18.9 -62.8 46.8 -43.0 29 -103.3 30 31 32 33 FA613020003 FA643020005 FA663020003 Finance companies REITs Brokers and dealers -0.2 4.3 0.0 0.1 -2.9 -5.7 -9.6 2.0 13.1 -2.2 2.8 -7.2 -7.0 19.7 31.0 -2.6 -10.4 -26.7 -2.5 27.8 -3.0 3.4 -25.9 -30.3 -5.0 31 -18.1 32 29.2 33 34 35 36 FA263020005 FA263027003 FA263025003 Rest of the world Checkable deposits Currency 82.8 16.6 66.3 32.6 -5.7 38.4 61.1 18.7 42.3 79.9 10.2 69.7 107.4 24.3 83.1 72.5 9.2 63.3 85.7 22.3 63.4 53.8 -15.2 69.0 91.3 34 23.4 35 67.9 36 37 FA903020005 Mail float 0.6 -0.2 0.5 0.7 -19.7 -45.9 22.6 45.7 -18.7 37 53 Z.1, June 7, 2018 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA703130005 2 3 4 5 FA763130005 FA753130005 FA743130003 FA473130005 Net change in liabilities 6 FA703130005 7 FA153030005 Household sector 8 9 10 FA143030005 FA103030003 FA113030003 Nonfinancial business Corporate Noncorporate 11 12 FA313030003 FA213030005 13 FA793030005 14 15 16 FA573030005 FA223030043 FA633030000 17 18 19 FA403030005 FA613030003 FA733030003 20 FA263030005 Q2 Q3 Q4 2018 Q1 513.2 406.2 517.1 359.9 465.3 253.0 648.9 72.5 455.0 1 446.3 33.8 4.1 29.0 484.0 -121.4 -2.9 46.4 580.8 -140.6 2.5 74.3 287.6 25.6 -4.6 51.3 123.8 285.1 -1.6 58.1 135.0 63.3 -3.4 58.2 601.2 9.3 -14.4 52.9 290.3 -255.0 1.1 36.1 286.9 115.8 4.4 47.9 2 3 4 5 513.2 406.2 517.1 359.9 465.3 253.0 648.9 72.5 455.0 6 442.9 481.8 696.5 236.7 295.7 133.7 507.6 10.0 492.3 7 -7.0 -22.7 15.7 20.4 -7.7 28.1 67.4 19.2 48.2 68.1 4.3 63.7 53.4 -4.8 58.2 78.1 13.3 64.8 61.2 2.2 59.0 79.5 6.6 73.0 61.0 8 1.7 9 59.3 10 Federal government State and local governments 0.2 12.8 0.0 14.5 -0.2 6.6 0.4 14.5 -1.2 -32.2 0.4 13.4 0.6 13.2 1.7 63.7 -0.1 11 -36.0 12 Domestic financial sectors 10.1 -91.9 -326.3 23.2 75.4 -47.9 73.1 -7.7 -68.2 13 Private pension funds State and local govt. retirement funds Money market funds 1.9 -0.7 20.4 -4.5 -0.7 -78.4 -1.0 0.5 -298.2 -1.1 -0.4 32.6 -1.7 -0.3 122.6 -0.3 -0.1 -48.2 -1.0 0.4 83.9 -1.4 -1.4 -27.8 -0.7 14 -0.4 15 -47.5 16 Government-sponsored enterprises Finance companies Holding companies -2.1 -0.5 -8.9 -0.7 0.4 -7.9 3.4 -28.9 -2.1 1.7 -6.6 -3.0 -1.6 -21.1 -22.5 1.4 -7.8 7.2 2.4 -7.5 -5.1 4.4 10.0 8.4 4.8 17 -15.1 18 -9.3 19 54.2 -18.6 73.1 17.0 74.3 75.3 -6.8 -74.6 6.0 20 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 F.206 Money Market Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA634090005 Net issues 6.8 30.1 -26.6 119.2 6.0 62.0 264.7 144.0 50.9 1 2 FA634090005 Net purchases 6.8 30.1 -26.6 119.2 6.0 62.0 264.7 144.0 50.9 2 3 4 5 FA153034005 FA103034003 FA113034003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -87.1 21.9 2.9 11.4 18.6 6.0 -21.0 -112.9 5.8 30.4 -6.5 5.4 208.1 -97.2 3.8 75.7 -31.8 5.2 -22.0 57.3 4.0 -140.2 46.0 8.4 -192.0 37.9 5.1 3 4 5 6 FA213034003 State and local governments 2.1 6.3 9.3 8.3 5.3 -4.3 11.0 21.0 4.3 6 7 8 FA513034003 FA543034005 Property-casualty insurance companies Life insurance companies -1.8 3.9 3.2 2.6 -6.7 -12.8 4.1 3.6 2.3 6.5 2.2 3.3 4.8 7.0 7.0 -2.2 4.6 -13.6 7 8 9 10 FA573034005 FA223034005 Private pension funds State and local govt. retirement funds 0.9 -2.4 -4.6 0.7 0.2 12.7 -1.5 -8.1 -3.0 -7.7 -1.9 -3.6 -0.4 9.0 -0.7 -30.4 0.3 9 -7.6 10 11 FA503034003 Funding corporations 67.3 -16.4 97.9 78.8 -101.9 22.1 175.8 219.2 220.6 11 12 FA263034003 Rest of the world -0.9 2.3 0.8 4.7 -10.1 -4.9 18.2 15.8 -8.6 12 Transactions 2014 54 Z.1, June 7, 2018 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Net change in liabilities Q2 Q3 Q4 2018 Q1 1 FA892150005 26.0 49.8 94.1 37.6 -219.5 677.0 -582.1 275.0 -1073.0 1 2 FA712151003 Monetary authority 193.9 202.6 12.8 -161.3 -499.7 198.8 -372.8 28.7 -1162.3 2 3 4 5 FA762150005 FA762152005 FA762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements -33.2 -19.7 -13.5 -39.4 0.8 -40.1 -34.2 -6.5 -27.8 7.9 13.2 -5.3 -16.2 -8.3 -7.9 17.6 11.8 5.9 16.0 30.0 -14.0 14.2 19.2 -5.0 -54.1 -8.0 -46.1 3 4 5 6 7 8 FA752150005 FA752152005 FA752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 58.5 8.3 50.2 35.3 -0.3 35.6 66.7 6.9 59.8 88.3 3.3 85.0 30.3 54.2 -23.8 142.0 0.1 141.8 132.2 58.9 73.4 48.6 -100.0 148.6 -135.8 40.0 -175.8 6 7 8 9 FA472150053 Credit unions 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 9 10 11 FA512151003 FA542151073 Property-casualty insurance companies Life insurance companies -0.4 1.0 0.4 -0.5 -1.0 0.2 -0.0 -0.3 -0.0 0.2 -0.1 2.4 0.1 -2.3 -0.1 -1.3 12 13 14 15 FA402150005 FA642151073 FA662151003 FA732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.1 10.0 -220.9 -0.0 -0.1 -45.5 -179.4 0.1 0.0 -10.6 -55.2 -0.0 0.0 51.0 84.5 -0.0 0.0 24.2 187.2 -0.1 0.0 13.3 329.3 -0.1 0.0 107.2 -363.2 0.1 0.0 59.4 184.7 -0.0 16 FA262151003 17 FA892050005 18 19 FA102051003 FA212051003 Nonfinancial corporate business State and local governments 20 FA712051000 Monetary authority 21 22 23 FA762050005 FA762052005 FA762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 24 25 26 FA752050005 FA752052005 FA752051005 27 28 29 Rest of the world -0.2 10 -8.9 11 0.0 1.3 350.1 0.5 12 13 14 15 17.0 76.3 115.3 -32.6 54.6 -26.2 -99.5 -59.0 -63.5 16 157.9 -68.6 172.0 312.0 275.4 791.9 -406.9 587.6 -776.3 17 39.5 2.2 14.0 5.5 29.5 7.4 -25.6 6.6 -39.8 4.3 -40.2 -3.4 -53.9 8.8 31.5 16.9 -20.9 18 3.4 19 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 -30.4 -16.4 -14.0 24.8 -11.2 36.0 8.7 1.9 6.8 4.0 3.2 0.8 -114.0 14.6 -128.5 138.0 -33.3 171.3 -145.4 33.7 -179.1 137.3 -2.2 139.5 74.0 21 1.2 22 72.7 23 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 41.1 -0.0 41.1 0.4 -0.4 0.8 -25.4 -0.2 -25.2 76.6 0.3 76.3 16.2 -0.7 16.9 59.2 1.6 57.6 113.3 -1.4 114.7 117.6 1.5 116.1 -25.0 24 0.3 25 -25.3 26 FA472050053 FA472052053 FA472051053 Credit unions Federal funds Security repurchase agreements -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.0 0.0 0.2 0.0 0.2 0.2 0.0 0.2 -0.0 0.0 -0.0 0.4 27 0.0 28 0.4 29 30 31 32 33 FA512051003 FA542051073 FA572051005 FA222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.1 0.0 0.2 -0.1 0.0 -0.5 -0.4 0.1 -0.4 -0.3 -0.1 1.2 0.0 -0.4 -0.1 -0.6 -0.1 0.0 -0.2 -0.5 -0.1 -0.5 -0.0 -0.2 0.1 -0.3 -0.1 0.7 0.2 -1.0 -0.2 -2.4 34 35 FA632051000 FA652051003 Money market funds Mutual funds 152.9 9.9 44.8 -12.4 100.9 2.3 156.2 14.0 240.6 37.6 312.7 -7.6 -50.6 26.0 122.0 -0.1 -472.8 34 -20.8 35 36 37 FA402050005 FA402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 10.3 23.3 20.2 -10.4 2.1 6.3 10.6 16.9 90.8 119.1 -21.6 -15.2 2.8 60.1 -29.7 -96.5 92.6 36 111.2 37 38 39 40 FA662051003 FA732051003 FA502051003 Brokers and dealers Holding companies Funding corporations -168.2 -5.1 0.0 -19.5 -0.4 0.0 -20.6 -0.1 0.0 22.0 5.1 0.0 -55.1 7.7 0.0 263.0 29.1 0.0 -244.4 -0.3 0.0 124.3 -16.2 0.0 -283.0 38 -4.3 39 0.0 40 41 FA262051003 Rest of the world 105.7 -145.3 66.8 43.6 87.9 63.4 -63.9 87.2 -117.7 41 42 FA902050005 -131.9 118.4 -78.0 -274.4 -494.9 -114.9 -175.2 -312.5 -296.7 42 199.0 207.9 -9.0 77.9 52.8 25.1 -6.2 -20.6 14.3 -148.8 -115.3 -33.5 -486.0 -298.5 -187.5 208.1 136.1 72.0 -331.1 -257.3 -73.8 14.0 -41.4 55.4 -1148.9 43 -1062.1 44 -86.9 45 Net change in assets Discrepancy -0.8 -0.8 -0.1 -0.6 30 31 32 33 Memo: Federal Reserve’s reverse repurchase agreement operations: 43 44 45 FA712151103 FA632051103 FA792051115 Liability: Monetary authority (4) Asset: Money market funds (5) Other financial institutions (6) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Included in line 2. (5) Included in line 34. (6) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 55 Z.1, June 7, 2018 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 FA894122005 Net issues 1327.9 1223.3 1546.5 1494.3 489.6 1463.2 2945.8 1078.6 3226.1 1 2 3 4 5 6 FA893169175 FA313161105 FA893161705 FA383162005 FA893163005 -21.2 736.0 150.2 -46.6 509.6 11.1 724.4 220.6 14.0 253.1 -56.6 842.8 351.6 42.5 366.2 81.1 447.0 346.6 10.6 609.0 41.7 -412.7 245.7 -107.1 721.9 -52.1 577.1 388.0 -9.7 559.9 268.1 1655.8 327.3 -30.4 725.0 66.6 -32.0 425.5 189.6 429.0 152.8 2517.6 73.2 -139.8 622.4 2 3 4 5 6 7 FA894122005 1327.9 1223.3 1546.5 1494.3 489.6 1463.2 2945.8 1078.6 3226.1 7 8 FA384122005 1012.2 1135.2 1165.1 747.6 -71.1 821.5 2031.6 208.5 2655.7 8 9 10 FA163162003 FA104122005 Nonprofit organizations (2) Nonfinancial corporate business -6.9 322.2 -8.1 409.8 -3.4 295.1 1.6 303.1 -0.5 446.7 12.6 268.8 -12.3 393.5 6.5 103.6 7.3 9 260.9 10 11 12 FA314122005 FA213162005 Federal government State and local governments 735.9 -39.0 724.6 8.9 842.7 30.7 447.0 -4.1 -413.7 -103.7 577.7 -37.7 1655.7 -5.3 -31.9 130.3 2518.6 11 -131.1 12 13 FA794122005 152.8 119.4 358.1 396.2 233.5 504.4 516.3 330.6 79.8 13 14 15 16 17 18 19 FA764122005 FA753169603 FA403161705 FA413065005 FA674122005 FA614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies -17.2 0.0 75.3 75.0 -58.0 2.0 -9.3 0.0 93.5 126.9 -51.1 -16.0 -21.4 0.0 194.2 157.5 -96.7 -67.1 -13.0 0.0 153.1 193.6 -40.0 -49.9 -12.1 0.0 28.2 218.5 -98.5 -100.3 -18.2 0.0 198.4 188.9 10.6 -50.1 11.2 0.0 153.1 174.3 -63.3 13.0 -32.9 0.0 232.7 192.7 -8.8 -62.2 -5.4 0.0 -122.4 194.5 -53.2 29.4 14 15 16 17 18 19 20 21 22 23 FA644122005 FA663163003 FA734122005 FA504122005 REITs Brokers and dealers Holding companies Funding corporations 46.9 11.5 -8.3 25.8 -7.8 7.4 -88.0 63.7 21.8 -2.2 134.2 37.9 21.3 54.9 125.3 -49.0 19.6 2.3 143.9 31.9 13.0 144.4 207.8 -190.4 12.8 38.8 193.0 -16.6 39.6 34.2 -43.8 -21.0 26.5 8.9 -52.1 53.7 20 21 22 23 24 FA264122005 162.8 -31.3 23.3 350.5 327.2 137.3 397.9 539.5 490.5 24 25 FA894122005 1327.9 1223.3 1546.5 1494.3 489.6 1463.2 2945.8 1078.6 3226.1 25 26 FA384022005 27 28 29 FA154022005 FA104022005 FA114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 30 31 FA314022005 FA214022005 Federal government State and local governments 32 FA794022005 33 34 35 36 37 FA714022005 FA764022005 FA754022005 FA744022003 FA474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 38 39 FA514022005 FA544022005 40 41 42 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds By sector Net issues Domestic nonfinancial sectors Domestic financial sectors Rest of the world Net purchases Domestic nonfinancial sectors -137.3 222.8 24.4 -16.0 -626.6 156.5 -82.7 488.9 463.1 26 -164.0 39.7 1.7 233.0 -4.1 4.3 -58.7 -9.2 4.2 -109.8 34.0 3.8 -685.8 39.1 2.7 156.9 60.1 3.7 -175.1 1.8 2.9 264.5 34.9 6.0 411.9 27 35.9 28 3.7 29 -0.0 -14.7 -0.0 -10.5 0.0 88.2 0.0 56.1 0.0 17.4 0.0 -64.2 0.0 87.7 0.0 183.4 0.0 30 11.6 31 931.6 593.9 1173.0 833.4 732.9 89.2 1994.3 517.2 2288.5 32 480.7 241.5 -14.5 -1.2 -9.0 5.1 214.4 -9.0 0.8 -2.8 -20.8 276.4 10.7 1.2 -17.3 2.3 110.4 27.3 1.7 10.4 102.6 243.8 -39.2 3.6 61.1 -13.5 -48.2 15.4 0.9 -9.2 -12.5 171.9 -40.8 -3.1 -11.3 -67.2 74.1 173.8 5.6 0.9 -159.3 -30.4 -41.2 4.5 -8.0 Property-casualty insurance companies Life insurance companies 13.7 79.1 20.4 84.9 41.7 141.8 31.5 76.9 -17.4 117.4 25.2 43.6 32.0 86.0 86.3 60.5 0.1 38 138.5 39 FA574022005 FA344022005 FA224022045 Private pension funds Federal government retirement funds State and local govt. retirement funds 95.5 86.7 56.1 -14.1 93.1 -0.6 49.1 100.9 27.0 60.0 -84.1 87.8 72.0 -443.8 75.4 15.0 -364.4 83.5 57.7 1032.1 71.5 95.2 -560.3 120.8 42.0 40 805.0 41 87.8 42 43 44 45 46 FA634022005 FA654022005 FA554022005 FA564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds -124.2 93.1 0.6 51.6 72.2 116.7 0.5 55.3 164.3 246.6 1.5 83.9 -63.6 374.1 1.1 121.9 -226.7 396.5 2.4 140.0 -147.8 407.5 0.9 132.8 103.9 372.0 -0.2 128.3 16.2 320.5 1.3 86.4 698.4 378.7 -0.0 63.8 43 44 45 46 47 48 49 50 FA404022005 FA674022005 FA613063003 FA644022005 Government-sponsored enterprises ABS issuers Finance companies REITs -18.9 5.5 4.6 7.7 -25.3 0.9 2.2 -44.7 -4.2 -8.3 9.9 -26.4 -38.9 -8.3 -10.6 52.4 -23.5 -18.2 -13.0 36.8 -37.0 -15.1 -12.3 20.9 -66.5 -3.3 -15.0 109.2 -28.5 3.3 -2.3 42.6 15.0 5.4 -0.3 -27.2 47 48 49 50 51 52 53 FA664022005 FA734022605 FA504022005 Brokers and dealers Holding companies Funding corporations -89.2 -0.2 -27.5 -36.7 -20.6 81.3 5.0 3.5 86.6 31.9 14.9 34.3 120.2 13.6 129.1 123.4 67.1 -199.4 -184.7 -52.6 219.7 68.5 31.6 -12.0 101.1 51 48.6 52 166.0 53 54 FA264022005 533.6 406.6 349.1 676.9 383.4 1217.4 1034.2 72.5 474.5 54 Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (table F.101). 33 34 35 36 37 Transactions By instrument 1 56 Z.1, June 7, 2018 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA893169175 2 FA893169105 3 FA103169100 4 5 6 Net issues Q2 Q3 2018 Q1 Q4 -21.2 11.1 -56.6 81.1 41.7 -52.1 268.1 66.6 152.8 1 -21.2 11.1 -56.6 81.1 41.7 -52.1 268.1 66.6 152.8 2 Nonfinancial corporate business 37.5 -3.0 1.8 25.9 11.4 32.5 68.8 -9.2 3.5 3 FA263169105 FA263169110 FA263169123 Foreign issues in U.S. Nonfinancial Financial 8.9 -6.4 15.3 54.6 -1.1 55.7 -61.7 0.5 -62.2 90.6 0.5 90.1 74.5 -46.2 120.6 -12.0 -42.7 30.7 229.8 58.0 171.8 70.3 33.0 37.3 136.3 -20.1 156.4 4 5 6 7 8 9 10 11 12 13 FA793169100 FA763169103 FA673169105 FA613169100 FA643169173 FA733169103 FA503169105 Domestic financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations -67.7 -5.2 -45.5 -1.1 0.0 -19.6 3.6 -40.5 -0.9 -2.7 -3.1 0.0 -71.3 37.5 3.3 -4.5 4.7 4.6 0.0 -3.4 2.0 -35.5 0.7 -11.3 0.7 0.0 2.2 -27.8 -44.1 1.5 -45.8 -4.7 0.0 4.3 0.5 -72.6 -2.9 14.4 -4.5 0.0 0.1 -79.7 -30.6 6.7 -18.7 -11.1 0.0 3.9 -11.5 5.5 -2.7 5.0 23.1 0.0 0.6 -20.5 13.0 -3.0 -3.9 -3.2 0.0 -5.8 28.9 7 8 9 10 11 12 13 14 FA703169605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 FA763169603 FA753169603 0.0 0.0 0.0 0.0 0.0 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 0.0 16 17 FA893169175 -21.2 11.1 -56.6 81.1 41.7 -52.1 268.1 66.6 152.8 17 18 FA103069100 Nonfinancial corporate business 35.8 0.6 -11.8 24.5 22.0 51.8 -6.1 30.3 39.9 18 19 FA213069103 State and local governments -9.3 -4.9 0.2 2.8 1.8 -1.5 3.7 7.2 1.5 19 20 21 22 23 FA713069603 FA763069175 FA753069603 FA473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 24 25 FA513069103 FA543069105 Property-casualty insurance companies Life insurance companies -0.1 -8.1 0.9 -7.5 10.7 1.9 -8.6 -8.7 -12.1 5.9 -10.3 -2.1 -7.0 -16.3 -5.0 -22.5 -6.7 24 0.8 25 26 27 FA573069105 FA223069143 Private pension funds State and local govt. retirement funds 2.0 -1.4 -4.9 0.6 -1.0 13.7 -1.1 -7.0 -1.7 -6.3 -0.3 -2.6 -1.0 8.2 -1.3 -27.5 -0.6 26 -7.0 27 28 29 FA633069175 FA653069100 Money market funds Mutual funds -19.2 9.9 -39.8 -12.4 -195.0 2.3 44.4 14.0 -59.0 19.3 101.4 -7.4 80.5 35.8 54.6 8.2 -68.8 28 -37.7 29 30 31 32 FA403069105 FA663069103 FA503069105 Government-sponsored enterprises Brokers and dealers Funding corporations 1.5 -7.8 -32.2 -0.5 -1.4 82.7 0.5 -5.7 90.6 0.5 -1.3 27.3 -2.0 -8.2 109.6 2.1 0.9 -202.4 0.2 -0.8 224.6 1.5 2.9 -22.9 3.0 30 4.6 31 144.2 32 33 FA263069103 Rest of the world 7.7 -2.3 37.0 -5.6 -27.6 18.3 -54.0 41.2 78.9 33 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases (1) Excludes banks’ holdings of own acceptances. 20 21 22 23 57 Z.1, June 7, 2018 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA313161105 2 3 4 5 FA313161205 FA313161110 FA313161275 FA313161283 Net issues Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 6 7 8 9 10 11 FA313161305 FA313161400 FA213061120 FA343061123 FA343061145 FA313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities 12 FA893061105 13 14 15 FA153061105 FA313161400 FA153061185 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 FA103061103 FA113061003 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 FA213061105 FA213061120 FA213061103 State and local governments SLGS (line 8) Other Treasury securities 21 22 23 FA713061103 FA713061113 FA713061125 24 25 26 27 Net purchases Q2 Q3 2018 Q1 Q4 736.0 724.4 842.8 447.0 -412.7 577.1 1655.8 -32.0 2517.6 1 646.7 -133.9 781.9 -1.4 688.1 54.3 632.4 1.4 711.2 304.6 408.6 -2.0 554.4 136.9 419.1 -1.6 51.9 -535.7 587.5 0.0 999.9 623.7 382.5 -6.3 678.2 238.0 440.2 0.0 487.5 221.5 266.0 0.0 1748.7 1055.9 692.8 0.0 2 3 4 5 89.4 -3.3 -4.1 18.6 70.2 8.0 36.3 -4.3 -41.3 15.7 74.3 -8.0 131.5 -5.8 34.6 15.4 85.8 1.6 -107.3 -5.4 -17.3 -153.6 70.0 -1.1 -464.6 -6.2 -20.3 -422.7 -22.0 6.6 -422.8 -5.8 -73.9 -129.2 -230.1 16.2 977.6 -4.6 -10.0 534.4 495.5 -37.7 -519.5 -5.0 34.9 -596.7 36.9 10.5 768.8 6 -5.7 7 -38.7 8 631.0 9 175.2 10 7.0 11 736.0 724.4 842.8 447.0 -412.7 577.1 1655.8 -32.0 2517.6 12 -257.7 -3.3 -254.5 299.7 -4.3 304.0 149.2 -5.8 155.0 -44.4 -5.4 -39.0 -329.0 -6.2 -322.8 671.5 -5.8 677.3 -636.7 -4.6 -632.1 116.6 -5.0 121.6 536.4 13 -5.7 14 542.1 15 2.9 2.0 -4.3 4.0 3.9 3.9 -0.3 3.6 -5.3 2.5 3.0 3.5 -1.7 2.7 2.9 5.6 0.7 16 3.4 17 23.0 -4.1 27.1 26.0 -41.3 67.3 62.2 34.6 27.5 9.0 -17.3 26.3 -3.3 -20.3 17.0 -87.6 -73.9 -13.6 25.0 -10.0 35.0 101.8 34.9 67.0 -25.1 18 -38.7 19 13.7 20 Monetary authority Treasury bills Other Treasury securities 252.6 0.0 252.6 0.2 0.0 0.2 2.1 0.0 2.1 -9.4 0.0 -9.4 3.1 0.0 3.1 2.8 0.0 2.8 1.4 0.0 1.4 -44.8 0.0 -44.8 -117.0 21 0.0 22 -117.0 23 FA763061100 FA753061103 FA743061103 FA473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 203.3 -10.5 0.2 2.5 14.8 13.3 1.1 7.6 96.0 24.2 0.8 -15.6 -43.2 5.5 1.9 15.6 3.9 -22.5 3.0 58.3 -136.6 11.7 1.4 -0.2 -3.7 -28.3 -1.6 -0.5 -36.6 61.0 4.7 4.9 28 29 30 FA513061103 FA513061113 FA513061125 Property-casualty insurance companies Treasury bills Other Treasury securities 6.3 3.4 2.9 -1.5 -4.0 2.5 10.7 8.1 2.6 32.8 25.5 7.3 18.9 16.5 2.4 25.6 18.4 7.2 36.1 27.6 8.5 50.7 39.7 11.0 -31.0 28 -34.5 29 3.4 30 31 32 33 FA543061105 FA543061113 FA543061125 Life insurance companies Treasury bills Other Treasury securities 14.0 1.6 12.4 6.9 -2.5 9.4 20.4 6.0 14.4 0.0 -0.4 0.4 -0.9 2.5 -3.4 -2.6 -0.6 -2.0 -2.2 0.8 -3.0 5.7 -4.2 9.9 4.2 31 -4.9 32 9.2 33 34 35 36 FA573061105 FA573061143 FA573061133 Private pension funds Defined benefit plans Defined contribution plans 14.2 6.3 7.9 -12.6 -6.9 -5.6 10.3 -0.4 10.7 13.6 -0.4 14.1 13.9 -0.7 14.6 2.9 -0.1 3.1 13.4 -0.4 13.8 24.2 -0.6 24.8 10.3 34 -0.3 35 10.6 36 37 38 39 FA343061105 FA343061165 FA343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 87.3 68.8 18.5 91.6 75.4 16.2 99.8 83.8 16.0 -84.7 68.5 -153.2 -444.4 -21.9 -422.5 -365.1 -236.3 -128.8 1030.9 495.2 535.7 -560.1 37.0 -597.1 805.7 37 175.2 38 630.5 39 40 FA223061143 State and local govt. retirement funds 14.7 -23.8 18.7 38.0 27.2 52.3 5.8 66.7 38.0 40 41 42 43 FA633061105 FA633061110 FA633061120 Money market funds Treasury bills Other Treasury securities -77.1 -49.6 -27.5 63.9 -8.6 72.4 313.3 178.9 134.5 -94.1 46.6 -140.6 -250.4 -214.5 -35.9 -184.9 101.7 -286.6 31.7 165.4 -133.7 27.4 133.7 -106.3 675.2 41 766.3 42 -91.1 43 44 45 46 FA653061105 FA653061113 FA653061125 Mutual funds Treasury bills Other Treasury securities 193.3 -10.2 203.5 155.3 11.7 143.6 91.6 13.7 77.9 195.1 21.4 173.7 119.3 -13.5 132.8 -86.5 -44.5 -42.0 497.5 90.0 407.5 249.9 53.5 196.4 114.9 44 22.7 45 92.2 46 47 48 49 50 51 52 FA553061103 FA563061103 FA403061105 FA673061103 FA663061105 FA733061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies -0.2 13.2 5.2 5.5 -75.9 -2.8 -0.5 14.3 23.2 1.0 5.1 -3.7 -2.2 14.3 14.9 -8.3 32.3 -0.4 0.0 27.5 -1.1 -8.3 62.8 3.5 0.2 36.9 22.1 -18.2 65.1 15.9 -0.0 22.7 -13.8 -15.1 123.6 27.6 0.1 36.4 -22.1 -3.3 -3.1 -52.9 -0.1 14.0 9.3 3.3 65.5 23.5 53 54 55 FA263061105 FA263061110 FA263061120 Rest of the world Treasury bills Other Treasury securities 320.2 -13.9 334.1 42.7 53.1 -10.4 -99.3 -52.4 -47.0 323.6 55.4 268.2 270.7 -36.9 307.6 521.1 274.2 246.9 731.1 57.3 673.8 -228.3 -73.0 -155.3 22.3 -1.1 4.7 9.0 -0.1 40.9 20.0 5.4 83.8 15.1 24 25 26 27 47 48 49 50 51 52 302.0 53 8.5 54 293.5 55 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. Transactions 2014 58 Z.1, June 7, 2018 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 1 FA893161705 2 3 4 FA313161705 FA403161705 FA413065005 Net issues 5 FA893061705 6 7 FA153061705 FA103061703 Household sector Nonfinancial corporate business 8 9 FA313061703 FA213061703 10 11 12 13 14 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 150.2 220.6 351.6 346.6 245.7 388.0 327.3 425.5 73.2 1 -0.1 75.3 75.0 0.2 93.5 126.9 -0.1 194.2 157.5 -0.1 153.1 193.6 -0.9 28.2 218.5 0.7 198.4 188.9 -0.1 153.1 174.3 0.1 232.7 192.7 1.1 -122.4 194.5 2 3 4 150.2 220.6 351.6 346.6 245.7 388.0 327.3 425.5 73.2 5 81.0 1.0 196.3 -1.4 -74.0 1.3 56.7 -0.1 -48.2 -1.8 -277.1 1.0 377.0 -0.6 175.2 1.0 -214.0 0.2 6 7 Federal government State and local governments 0.0 -28.2 0.0 -35.9 0.0 15.7 0.0 35.2 0.0 13.1 0.0 29.5 0.0 46.9 0.0 51.5 0.0 30.5 8 9 FA713061705 Monetary authority 228.1 4.9 -22.8 11.7 99.5 -16.3 -13.8 -22.4 -42.2 10 FA763061705 FA753061703 FA743061703 FA473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 43.0 -4.9 -0.1 -11.7 164.4 2.6 0.1 -11.9 136.7 -2.0 -0.3 -3.2 148.6 22.5 -0.0 -4.4 147.0 3.0 0.0 2.2 145.0 4.3 -0.6 -8.8 175.9 -6.4 0.2 -7.1 126.6 89.0 0.3 -4.0 15.0 -8.4 0.9 -17.3 15 16 FA513061703 FA543061705 Property-casualty insurance companies Life insurance companies 0.1 -13.2 -6.5 -2.7 4.0 11.2 5.4 8.6 -0.6 10.7 5.5 5.5 5.2 11.3 11.5 7.0 4.6 15 16.6 16 17 18 19 FA573061705 FA343061705 FA223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 9.2 -0.5 7.6 -0.7 0.2 -11.7 3.7 0.4 14.3 4.4 0.3 22.3 5.4 0.2 15.7 1.1 0.3 30.9 4.2 1.0 2.3 6.9 -0.2 40.1 3.1 17 -0.5 18 22.3 19 20 21 22 FA633061700 FA653061703 FA403061705 Money market funds Mutual funds Government-sponsored enterprises 23.3 -200.4 7.8 76.9 -98.2 -14.3 210.4 14.5 5.9 4.7 -4.9 -20.0 80.0 -69.3 -19.7 -46.5 423.7 -8.9 15.6 -314.3 -22.7 -30.3 -59.6 -28.5 71.9 20 62.2 21 -5.9 22 23 24 FA673061703 FA643061773 ABS issuers REITs 0.0 8.5 -0.1 -49.6 0.0 -27.4 0.0 50.5 0.0 31.7 0.0 21.6 0.0 107.7 0.0 40.8 0.0 23 -30.3 24 25 26 FA663061703 FA733061703 Brokers and dealers Holding companies 7.7 0.0 -12.2 -4.3 -16.6 1.4 -9.9 -7.8 54.9 0.5 26.3 -27.3 -103.7 -1.6 -17.3 -3.0 3.7 25 31.3 26 27 FA263061705 Rest of the world -8.1 24.8 78.4 22.7 -78.8 78.7 50.1 40.9 129.6 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 11 12 13 14 (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.106, line 44. 59 Z.1, June 7, 2018 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 1 FA383162005 2 3 4 FA213162005 FA213162400 FA213162200 Net issues State and local governments Short-term (1) Long-term 5 6 FA163162003 FA103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FA383162005 8 9 10 FA153062005 FA103062003 FA113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 FA213062003 State and local governments -0.0 0.3 0.8 0.7 12 13 14 15 FA763062000 FA753062003 FA743062003 FA473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 32.7 0.0 -0.9 -0.8 47.4 0.0 -0.6 0.6 50.3 0.0 -0.4 0.8 21.1 0.0 -0.4 -0.0 16 17 FA513062003 FA543062005 Property-casualty insurance companies Life insurance companies -15.4 7.7 9.4 7.3 1.0 8.7 -9.7 7.3 18 19 FA343062033 FA223062043 Federal government retirement funds State and local govt. retirement funds -0.0 -0.2 -0.0 0.0 0.0 -0.5 20 21 22 23 FA633062000 FA653062003 FA553062003 FA563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -26.9 15.1 0.6 3.2 -13.6 16.2 -0.1 3.9 24 25 FA403062005 FA663062003 Government-sponsored enterprises Brokers and dealers -2.6 0.2 26 FA263062003 Rest of the world 4.3 Net purchases (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (table F.101). Q2 Q3 2018 Q1 Q4 -46.6 14.0 42.5 10.6 -107.1 -9.7 -30.4 189.6 -139.8 1 -39.0 -6.4 -32.6 8.9 -5.9 14.8 30.7 -2.8 33.5 -4.1 4.8 -8.9 -103.7 0.2 -103.9 -37.7 3.0 -40.7 -5.3 15.1 -20.4 130.3 1.0 129.3 -131.1 5.4 -136.5 2 3 4 -6.9 -0.7 -8.1 13.2 -3.4 15.2 1.6 13.1 -0.5 -2.9 12.6 15.4 -12.3 -12.9 6.5 52.8 7.3 -16.0 5 6 -46.6 14.0 42.5 10.6 -107.1 -9.7 -30.4 189.6 -139.8 7 -63.3 0.1 -0.3 -57.0 1.0 0.3 30.3 -2.6 0.3 -47.1 9.8 0.3 -194.8 24.1 0.2 -76.2 4.2 0.2 -49.2 10.2 0.2 131.6 0.8 0.4 -182.4 8 -4.9 9 0.2 10 0.4 -0.3 0.9 1.7 27.3 0.0 -0.2 -0.1 10.9 0.0 -0.2 1.0 8.6 0.0 -1.4 -1.3 37.5 0.0 -0.0 0.3 -16.2 8.6 -8.2 5.1 -12.3 9.3 -2.0 6.4 13.6 16 7.5 17 -0.0 1.2 0.0 1.3 0.0 0.9 -0.0 -1.4 0.0 4.0 0.0 18 1.2 19 -106.2 41.4 0.6 6.2 -19.9 40.0 0.1 5.2 -4.8 45.7 0.0 2.5 -14.0 44.1 0.6 5.8 -28.9 40.7 -0.2 4.8 -31.9 29.5 0.1 7.5 -2.6 -4.9 -2.4 7.1 -1.2 -3.9 -0.7 -5.2 -1.8 5.9 -1.7 -15.6 -0.6 -0.6 -0.7 24 5.7 25 6.5 7.3 7.2 4.8 12.5 6.6 4.9 -3.9 26 0.4 11 -56.7 0.0 -0.0 -1.2 25.0 53.8 -0.0 2.8 12 13 14 15 20 21 22 23 Transactions 2014 60 Z.1, June 7, 2018 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA893163005 2 FA103163003 Net issues Nonfinancial corporate business 3 FA793163005 Domestic financial sectors 4 5 6 7 FA763163005 FA673163005 FA613163005 FA643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 8 9 10 FA663163003 FA733163003 FA503163005 Brokers and dealers Holding companies Funding corporations 11 FA263163005 12 FA893163005 13 14 15 FA153063005 FA313063763 FA213063003 Household sector Federal government State and local governments 16 17 18 FA763063005 FA763063605 FA763063095 U.S.-chartered depository institutions MBS and other ABS Other 19 20 FA753063005 FA743063005 21 22 23 Rest of the world (2) Q2 Q3 Q4 2018 Q1 509.6 253.1 366.2 609.0 721.9 559.9 725.0 429.0 622.4 1 285.4 399.6 278.2 264.2 438.2 220.9 337.5 60.0 273.4 2 70.3 -60.5 3.1 85.0 30.9 189.8 219.4 -100.3 -5.2 3 -12.0 -12.5 3.0 46.9 -8.4 -48.4 -12.9 -7.8 -16.9 -101.4 -71.7 21.8 -13.6 -28.7 -50.6 21.3 -13.6 -52.8 -95.6 19.6 -15.3 -3.8 -45.6 13.0 4.5 -44.6 24.0 12.8 -30.2 -13.7 -85.3 39.6 -2.4 -49.3 32.6 26.5 4 5 6 7 11.5 11.3 22.2 7.4 -16.7 26.3 -2.2 137.6 35.8 54.9 123.0 -21.3 2.3 139.6 31.4 144.4 207.8 -110.7 38.8 189.1 -5.1 34.2 -44.4 -0.5 8.9 8 -46.3 9 24.8 10 153.9 -85.9 85.0 259.9 252.8 149.3 168.1 469.3 354.2 11 509.6 253.1 366.2 609.0 721.9 559.9 725.0 429.0 622.4 12 76.1 -0.0 -0.2 -205.8 -0.0 4.0 -164.2 0.0 9.4 -75.0 0.0 8.3 -113.8 0.0 5.4 -161.2 0.0 -4.3 133.8 0.0 11.1 -158.9 0.0 21.2 271.9 13 0.0 14 4.3 15 -37.4 -8.6 -28.8 -12.2 -11.9 -0.3 -6.6 -26.7 20.0 -16.1 -18.7 2.7 65.6 -11.0 76.5 -67.5 -20.4 -47.1 -8.9 -21.6 12.7 -53.4 -22.0 -31.4 -11.0 16 -12.5 17 1.5 18 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 0.9 -0.4 -24.9 0.2 -11.5 1.1 -0.6 0.3 -19.8 0.7 -0.6 0.3 -6.0 -0.3 23.8 0.5 -31.7 19 -1.0 20 FA473063005 FA473063605 FA473063095 Credit unions MBS and other ABS Other 1.0 1.0 -0.0 0.9 0.9 -0.0 0.7 0.7 0.0 -0.8 -0.9 0.1 0.6 0.3 0.3 -1.1 -0.9 -0.2 -2.4 -2.5 0.1 -0.3 -0.5 0.2 0.9 21 0.8 22 0.1 23 24 25 26 FA513063003 FA513063603 FA513063095 Property-casualty insurance companies MBS and other ABS Other 22.7 10.3 12.5 18.0 5.5 12.6 15.3 1.9 13.4 11.6 2.4 9.3 -7.4 1.3 -8.7 12.7 2.3 10.4 10.0 2.6 7.5 31.2 3.4 27.9 19.5 24 4.2 25 15.3 26 27 28 29 FA543063005 FA543063673 FA543063095 Life insurance companies MBS and other ABS Other 78.8 28.3 50.5 80.9 -0.9 81.8 99.5 8.3 91.3 69.6 3.0 66.7 93.1 3.1 90.0 37.7 2.6 35.0 83.9 3.4 80.6 63.8 2.9 60.9 109.4 27 19.0 28 90.4 29 30 31 32 FA573063005 FA343063005 FA223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 70.1 0.0 35.5 4.0 1.3 34.3 36.2 0.7 -19.3 43.0 0.2 33.4 54.3 0.4 37.5 11.3 0.4 2.1 41.0 0.3 56.5 65.5 -0.1 37.4 29.3 30 -0.3 31 33.4 32 33 34 35 36 FA633063003 FA653063005 FA553063003 FA563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds -24.2 75.1 0.3 35.2 -15.1 55.8 1.0 37.2 -58.2 96.8 3.2 63.4 1.3 129.9 0.9 89.2 7.5 281.5 2.2 100.6 -3.8 33.6 0.3 104.3 4.9 112.1 -0.1 87.1 -3.5 92.5 1.3 64.9 37 38 39 FA403063005 FA403063605 FA403063095 Government-sponsored enterprises MBS and other ABS Other -30.8 -30.2 -0.7 -31.1 -30.4 -0.8 -23.2 -22.5 -0.7 -17.0 -16.6 -0.5 -23.2 -22.8 -0.4 -14.6 -14.1 -0.5 -20.2 -19.7 -0.5 -10.1 -9.7 -0.4 -1.4 37 -0.9 38 -0.4 39 40 41 FA613063003 FA643063005 Finance companies REITs 4.6 -0.9 2.2 4.9 9.9 1.0 -10.6 1.9 -13.0 5.1 -12.3 -0.7 -15.0 1.5 -2.3 1.8 -0.3 40 3.1 41 42 43 44 FA663063005 FA733063003 FA503063005 Brokers and dealers Holding companies Funding corporations -13.5 2.6 4.7 -23.3 -12.7 -1.4 -12.1 2.5 -4.1 -15.8 19.2 7.1 13.6 -2.8 19.4 -33.3 66.8 3.0 -61.5 1.8 -5.0 17.9 11.1 10.9 3.4 42 2.2 43 21.8 44 45 46 47 FA263063005 FA263063603 FA263063095 Rest of the world (4) MBS and other ABS Other 209.6 -2.7 212.3 334.9 8.1 326.8 325.8 -19.0 344.8 328.8 -8.3 337.1 214.3 -24.5 238.8 586.9 -9.9 596.8 300.4 2.4 298.0 213.7 -1.2 214.9 -32.1 45 -12.7 46 -19.4 47 Net purchases (3) (1) Net issuance less net acquisition of corporate bonds held as assets. (2) Net purchases of foreign issues by U.S. residents. (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. -4.8 185.6 0.1 20.1 33 34 35 36 61 Z.1, June 7, 2018 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 FA894123005 2 3 FA793068005 FA893169005 4 5 6 7 8 9 Net change in total loans 943.3 832.4 987.8 1055.4 957.3 1200.2 941.0 1122.9 829.4 1 Depository institution loans n.e.c. Other loans and advances 295.1 234.9 286.1 -70.9 172.0 72.8 99.0 172.0 58.5 154.0 132.4 320.2 145.6 142.3 59.6 71.6 174.8 -27.5 2 3 FA893065005 FA893065105 FA893065405 FA893065505 FA893065603 Mortgages Home Multifamily residential Commercial Farm 192.2 33.9 56.6 90.1 11.6 382.7 147.7 93.3 129.7 12.0 512.5 252.5 108.9 133.9 17.2 595.8 342.8 115.1 127.7 10.1 557.6 387.2 92.1 68.4 10.0 583.2 322.7 90.1 160.3 10.1 503.6 304.7 100.9 87.9 10.2 738.6 356.6 177.5 194.4 10.2 520.0 299.2 83.3 134.7 2.9 4 5 6 7 8 FA153166000 Consumer credit 221.2 234.4 230.6 188.5 187.1 164.5 149.5 253.1 162.1 9 By sector 10 FA894123005 11 FA384123005 Net change in liabilities 943.3 832.4 987.8 1055.4 957.3 1200.2 941.0 1122.9 829.4 10 686.8 732.7 879.7 1026.1 931.5 1110.5 859.5 1202.7 857.1 11 12 13 14 FA154123005 FA104123005 FA114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 307.3 95.3 283.8 329.0 92.9 310.5 472.5 107.1 299.2 558.6 209.6 257.4 563.3 170.4 197.7 568.8 273.4 267.8 415.1 242.7 201.4 687.4 151.9 362.7 496.2 12 96.6 13 263.4 14 15 16 FA313165403 FA213169203 Federal government State and local governments 0.0 0.4 0.0 0.3 0.0 0.9 0.0 0.4 0.0 0.2 0.0 0.5 0.0 0.4 0.0 0.7 0.0 15 0.9 16 17 FA794123005 165.5 41.3 73.2 16.4 64.1 41.4 37.2 -77.2 -64.5 17 18 19 20 21 FA763169305 FA473169333 FA513169333 FA543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 58.2 8.4 0.1 1.8 30.4 9.3 0.2 6.2 67.7 2.0 0.5 10.1 20.1 8.2 -0.2 6.7 -10.2 -6.0 0.1 11.8 20.4 5.8 3.9 0.5 110.4 15.5 -3.8 3.5 -40.3 17.3 -0.8 10.9 42.4 -33.3 3.9 16.2 22 23 FA403169283 FA614123005 Government-sponsored enterprises Finance companies 0.0 10.2 0.0 15.3 0.0 0.0 0.0 -11.3 0.0 -5.9 0.0 -5.1 0.0 2.1 0.0 -36.5 0.0 22 7.6 23 24 25 26 FA644123005 FA664123005 FA504123005 REITs Brokers and dealers Funding corporations 21.3 65.4 0.0 29.2 -49.3 0.0 -15.3 8.1 0.0 1.0 -8.0 0.0 -7.0 81.3 0.0 3.7 12.2 0.0 -17.4 -73.1 0.0 24.6 -52.4 0.0 -16.5 24 -84.8 25 0.0 26 27 FA264123005 91.0 58.4 34.9 12.9 -38.3 48.3 44.3 -2.5 36.9 27 28 FA894123005 943.3 832.4 987.8 1055.4 957.3 1200.2 941.0 1122.9 829.4 28 29 FA384023005 163.5 54.8 113.5 78.6 163.6 62.8 37.2 50.7 3.0 29 30 31 32 FA154023005 FA104023005 FA114023005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 46.6 2.3 -0.4 -60.6 2.4 2.4 -4.4 0.6 2.4 -31.8 -2.8 2.2 56.4 14.7 1.5 -6.3 -28.3 2.1 -99.6 7.6 1.6 -77.7 -5.1 3.4 -93.0 30 11.6 31 2.1 32 33 34 FA314023005 FA213065005 Federal government State and local governments 114.5 0.6 104.8 5.8 103.0 12.0 100.2 10.7 83.9 7.0 100.1 -4.9 113.5 14.1 103.5 26.6 76.6 33 5.6 34 35 FA794023005 748.9 740.7 878.6 919.8 745.6 1046.6 862.6 1024.5 814.7 35 36 37 38 39 40 FA713068005 FA764023005 FA754023005 FA744023003 FA474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -0.1 425.3 63.7 -4.3 69.2 0.0 524.1 87.0 -5.8 76.3 0.0 496.2 30.8 -1.9 84.8 0.0 353.4 -3.9 -0.6 89.0 0.0 176.6 -13.1 -3.6 100.0 0.0 378.2 10.7 -0.4 98.9 0.0 394.6 -0.3 -1.8 74.7 0.0 464.3 -13.0 3.3 82.5 0.0 348.3 -43.7 -2.4 127.2 36 37 38 39 40 41 42 43 44 FA513065503 FA544023005 FA573065005 FA223065043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.0 29.5 1.7 1.7 2.4 41.3 -2.0 0.1 2.6 37.4 -0.2 -0.1 2.3 46.4 -0.2 -0.5 -2.9 62.2 -0.3 -2.3 5.9 64.1 -0.1 5.7 3.5 46.3 -0.2 -0.0 2.6 13.1 -0.2 -5.5 3.4 67.0 -0.1 -0.5 41 42 43 44 45 46 47 48 49 FA653069803 FA404023005 FA413065005 FA674023005 FA614023005 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 9.4 88.5 75.0 -68.3 6.5 -15.6 139.1 126.9 -56.3 -17.2 18.6 191.3 157.5 -95.2 -51.1 25.7 207.0 193.6 -42.3 -23.1 34.5 249.7 218.5 -91.6 12.3 40.5 135.4 188.9 13.8 -8.4 22.9 240.8 174.3 -85.4 -70.9 4.8 201.9 192.7 -6.2 -25.5 -3.9 185.2 194.5 -69.3 15.2 45 46 47 48 49 50 51 52 53 FA643065005 FA663069005 FA733069005 FA503069805 REITs Brokers and dealers Holding companies Funding corporations 19.9 38.5 -10.9 1.5 -29.4 -90.1 -40.9 0.8 14.7 -8.4 -1.4 3.0 5.9 45.8 18.0 3.5 -15.0 21.3 -4.5 3.7 5.3 83.6 -0.8 25.1 -6.4 34.8 42.2 -6.4 39.6 43.4 35.2 -8.5 -3.4 29.1 -7.9 -23.9 50 51 52 53 54 FA263069500 31.0 36.9 -4.3 57.0 48.2 90.8 41.2 47.7 Domestic nonfinancial sectors Domestic financial sectors Rest of the world Net change in assets Domestic nonfinancial sectors Domestic financial sectors Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 18 19 20 21 11.8 54 Transactions By instrument 1 62 Z.1, June 7, 2018 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 Net change in liabilities Q2 Q3 2018 Q1 Q4 1 FA793068005 295.1 286.1 172.0 99.0 58.5 132.4 145.6 59.6 174.8 1 2 3 4 FA153168005 FA103168005 FA113168005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 19.8 70.3 86.7 31.6 78.1 98.0 9.6 50.1 72.5 2.8 34.5 41.7 -18.8 52.0 47.1 27.7 -9.5 41.4 -12.4 88.3 9.6 15.0 7.2 68.5 16.1 60.7 58.5 2 3 4 5 FA793168005 Domestic financial sectors 29.7 20.1 2.8 11.4 14.0 21.2 21.6 -11.4 15.8 5 6 7 8 FA613168003 FA643168005 FA663168005 Finance companies REITs Brokers and dealers 10.5 7.2 12.0 13.7 7.3 -1.0 0.2 -9.2 11.8 -11.3 4.7 17.9 -5.2 5.1 14.0 -4.5 5.7 20.0 1.5 -4.0 24.1 -36.9 12.0 13.5 7.9 4.7 3.2 6 7 8 9 FA713068505 Funding corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 13 FA263168005 FA263168465 FA263168485 FA263168495 88.6 1.1 28.2 59.4 58.5 1.3 20.2 37.0 36.9 -2.2 2.8 36.4 8.6 -3.1 -32.7 44.4 -35.8 -5.5 -39.7 9.4 51.6 -5.9 -26.2 83.7 38.4 -1.1 -8.8 48.4 -19.6 -0.0 -55.9 36.3 23.7 1.3 25.4 -3.0 10 11 12 13 14 FA793068005 295.1 286.1 172.0 99.0 58.5 132.4 145.6 59.6 174.8 14 15 FA713068005 Monetary authority (2) -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 18 19 FA763068005 FA753068005 FA743068005 FA473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 235.9 56.5 -2.3 5.1 210.8 73.3 -2.0 4.1 146.1 14.9 -1.2 12.1 104.4 -13.4 -0.8 8.8 71.2 -18.2 -2.1 7.6 129.4 -6.1 0.7 8.4 125.8 -2.7 -2.2 24.7 91.2 -26.7 0.4 -5.3 Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Net change in assets (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to the household, broker and dealer, and funding corporation sectors. 217.4 -49.0 -0.3 6.7 16 17 18 19 63 Z.1, June 7, 2018 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 1 FA893169005 Net change in total other loans and advances 234.9 -70.9 72.8 172.0 154.0 320.2 142.3 71.6 2 3 4 5 6 7 8 9 10 FA313069205 FA153169203 FA103169205 FA113169205 FA213169203 FA403169283 FA313069223 FA503169205 FA263169205 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 2.1 1.2 -1.4 -1.2 0.4 0.0 0.0 0.0 3.1 2.1 2.3 0.6 -3.2 0.3 0.0 0.0 0.0 2.2 0.2 2.3 -0.9 -0.8 0.9 0.0 0.0 0.0 -1.5 2.4 2.7 -1.1 -0.4 0.4 0.0 0.0 0.0 0.7 -2.1 2.5 -1.4 -0.6 0.2 0.0 0.0 0.0 -2.8 1.3 2.1 -0.3 0.4 0.5 0.0 0.0 0.0 -1.6 5.5 2.4 -2.2 0.4 0.4 0.0 0.0 0.0 4.5 5.0 3.8 -0.4 -1.7 0.7 0.0 0.0 0.0 2.6 9.5 2 5.2 3 0.2 4 1.3 5 0.9 6 0.0 7 0.0 8 0.0 9 2.0 10 11 12 FA263069500 FA263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 31.0 31.0 36.9 36.9 -4.3 -4.3 57.0 57.0 48.2 48.2 90.8 90.8 41.2 41.2 47.7 47.7 11.8 11 11.8 12 13 14 15 16 FA763069703 FA753069703 FA103169705 FA263169705 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 19 FA733069005 FA733069013 FA733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world -10.9 -10.1 -0.8 -40.9 -38.5 -2.4 -1.4 -0.8 -0.6 18.0 14.4 3.6 -4.5 -4.9 0.3 -0.8 0.9 -1.7 42.2 40.9 1.3 35.2 20.7 14.5 -7.9 17 -19.1 18 11.2 19 20 21 22 FA153169405 FA313069403 FA543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies 1.7 -0.0 1.7 1.3 -0.0 1.4 -0.1 -0.0 -0.1 1.9 -0.0 1.9 0.5 -0.0 0.5 0.6 -0.0 0.6 3.5 -0.0 3.5 3.0 -0.0 3.0 1.3 20 -0.0 21 1.3 22 23 24 25 26 27 28 29 FA403069330 FA763169335 FA473169333 FA513169333 FA543169373 FA613169333 FA643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts 73.1 58.2 8.4 0.1 1.8 -0.3 4.9 65.6 30.4 9.3 0.2 6.2 1.6 17.9 73.1 67.7 2.0 0.5 10.1 -0.2 -7.1 27.8 20.1 8.2 -0.2 6.7 -0.1 -6.8 -22.5 -10.2 -6.0 0.1 11.8 -0.7 -17.4 28.3 20.4 5.8 3.9 0.5 -0.7 -1.6 121.5 110.4 15.5 -3.8 3.5 0.6 -4.7 -16.1 -40.3 17.3 -0.8 10.9 0.4 -3.5 27.4 42.4 -33.3 3.9 16.2 -0.3 -1.5 23 24 25 26 27 28 29 30 31 32 33 34 FA403069395 FA153169305 FA183169305 FA113169305 FA763169383 Govt.-sponsored enterprises loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 11.2 0.0 1.6 9.5 0.0 8.8 0.0 1.2 7.7 0.0 5.9 0.0 0.9 5.0 0.0 4.7 0.0 0.9 3.8 0.0 -7.3 0.0 1.7 -8.9 0.0 6.3 0.0 0.2 6.1 0.0 3.4 0.0 -1.3 4.7 0.0 16.5 0.0 2.9 13.6 0.0 -0.2 0.0 4.1 -4.2 0.0 30 31 32 33 34 35 36 FA673069505 FA673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -1.9 -1.9 0.0 0.0 0.3 0.3 0.1 0.1 0.1 0.1 -0.0 -0.0 0.0 0.0 0.2 0.2 0.0 35 0.0 36 37 38 39 FA613069500 FA103169535 FA113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 10.2 9.2 1.0 13.6 12.2 1.4 -16.7 -15.0 -1.7 -0.8 -0.7 -0.1 28.3 25.5 2.8 0.2 0.2 0.0 -26.6 -23.9 -2.7 -5.1 -4.6 -0.5 24.1 37 21.7 38 2.4 39 40 41 FA663067003 FA663067003 Margin accounts at brokers and dealers Liab.: Household sector 30.4 30.4 -80.1 -80.1 -12.4 -12.4 30.7 30.7 11.4 11.4 61.4 61.4 -17.2 -17.2 67.2 67.2 16.4 40 16.4 41 42 43 FA153067005 FA153067005 Cash accounts at brokers and dealers Asset: Household sector 53.5 53.5 -48.3 -48.3 -3.7 -3.7 -25.9 -25.9 67.3 67.3 -7.8 -7.8 -97.2 -97.2 -65.9 -65.9 -88.0 42 -88.0 43 44 45 46 47 48 49 50 FA103169803 FA153069803 FA543069873 FA653069803 FA673069803 FA663069803 FA503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 34.7 -1.6 6.3 9.4 11.0 8.2 1.5 -29.8 -2.3 -1.8 -15.6 -1.0 -10.0 0.8 31.9 2.6 3.0 18.6 0.8 4.0 3.0 56.0 1.8 3.6 25.7 6.4 15.1 3.5 34.5 -1.8 -2.6 34.5 -9.2 9.9 3.7 139.8 3.0 9.8 40.5 39.2 22.2 25.1 66.0 10.6 11.3 22.9 -24.4 52.0 -6.4 -16.3 -4.5 -4.2 4.8 19.9 -23.8 -8.5 -22.0 4.9 3.4 -3.9 -15.2 12.6 -23.9 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 (1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. -27.5 0.0 0.0 0.0 0.0 1 13 14 15 16 44 45 46 47 48 49 50 Transactions 2014 64 Z.1, June 7, 2018 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA893065005 Net change in mortgages 192.2 382.7 512.5 595.8 557.6 583.2 503.6 738.6 520.0 1 2 3 4 5 FA893065105 FA893065405 FA893065505 FA893065603 Home Multifamily residential Commercial Farm 33.9 56.6 90.1 11.6 147.7 93.3 129.7 12.0 252.5 108.9 133.9 17.2 342.8 115.1 127.7 10.1 387.2 92.1 68.4 10.0 322.7 90.1 160.3 10.1 304.7 100.9 87.9 10.2 356.6 177.5 194.4 10.2 299.2 83.3 134.7 2.9 2 3 4 5 6 FA893065005 192.2 382.7 512.5 595.8 557.6 583.2 503.6 738.6 520.0 6 7 FA153165005 Household sector 33.1 139.6 242.4 331.9 380.5 312.5 289.3 345.3 295.1 7 8 9 10 FA143165005 FA103165005 FA113165005 Nonfinancial business Corporate Noncorporate 149.8 -38.0 187.8 239.1 32.4 206.7 269.0 44.9 224.1 260.8 48.5 212.3 171.9 14.6 157.3 271.1 51.2 219.9 223.0 33.7 189.4 377.3 94.4 282.8 244.7 8 39.2 9 205.5 10 11 12 FA313165403 FA643165005 Federal government REITs 0.0 9.3 0.0 4.0 0.0 1.0 0.0 3.1 0.0 5.3 0.0 -0.4 0.0 -8.7 0.0 16.1 0.0 11 -19.7 12 13 FA893065005 Net change in assets 192.2 382.7 512.5 595.8 557.6 583.2 503.6 738.6 520.0 13 14 15 16 FA153065005 FA103065003 FA113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -1.0 1.9 -0.4 -7.4 2.3 2.4 -0.2 -1.1 2.4 -2.5 -1.8 2.2 -2.9 -1.8 1.5 4.1 -1.8 2.1 -7.9 -1.8 1.6 -3.2 -1.8 3.4 -3.2 14 -1.8 15 2.1 16 17 18 FA313065005 FA213065005 Federal government State and local governments 1.7 0.6 -0.7 5.8 3.2 12.0 1.6 10.7 -4.1 7.0 0.4 -4.9 7.8 14.1 2.2 26.6 -5.5 17 5.6 18 19 20 21 22 FA763065005 FA753065005 FA743065003 FA473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 117.9 7.3 -2.1 26.9 213.0 13.8 -3.8 32.7 246.4 15.8 -0.7 34.7 164.7 9.5 0.2 42.1 101.9 5.1 -1.4 45.0 200.6 16.8 -1.1 40.4 178.6 2.4 0.3 37.1 177.5 13.7 2.9 45.8 23 24 FA513065503 FA543065005 Property-casualty insurance companies Life insurance companies 2.0 21.6 2.4 41.8 2.6 34.5 2.3 40.9 -2.9 64.2 5.9 53.7 3.5 31.5 2.6 14.3 3.4 23 62.3 24 25 26 FA573065005 FA223065043 Private pension funds State and local govt. retirement funds 1.7 1.7 -2.0 0.1 -0.2 -0.1 -0.2 -0.5 -0.3 -2.3 -0.1 5.7 -0.2 -0.0 -0.2 -5.5 -0.1 25 -0.5 26 27 28 FA403065005 FA413065005 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 4.3 75.0 64.7 126.9 112.4 157.5 174.4 193.6 279.5 218.5 100.8 188.9 115.9 174.3 201.4 192.7 158.0 27 194.5 28 29 30 31 FA673065005 FA613065000 FA643065005 ABS issuers Finance companies REITs -78.0 -8.7 19.9 -51.5 -28.3 -29.4 -100.2 -21.0 14.7 -32.7 -14.4 5.9 -109.3 -25.0 -15.0 -24.8 -8.9 5.3 -37.5 -9.7 -6.4 40.6 -14.0 39.6 -50.2 29 -2.1 30 -3.4 31 Net borrowing (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 115.1 5.3 -2.2 42.7 19 20 21 22 65 Z.1, June 7, 2018 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065105 2 3 4 FA153165105 FA103165105 FA113165105 Net borrowing 5 FA893065105 6 7 8 FA153065103 FA103065105 FA113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FA313065105 FA213065103 Federal government State and local governments 11 12 13 14 FA763065105 FA753065103 FA743065103 FA473065100 15 16 17 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 33.9 147.7 252.5 342.8 387.2 322.7 304.7 356.6 299.2 1 26.4 1.5 5.9 131.9 1.9 13.9 234.8 1.8 15.9 324.4 1.0 17.4 373.0 0.9 13.4 305.0 0.7 17.0 281.8 1.4 21.5 337.8 1.0 17.8 287.5 1.1 10.6 2 3 4 33.9 147.7 252.5 342.8 387.2 322.7 304.7 356.6 299.2 5 -3.4 1.2 -0.1 -3.4 1.4 0.9 -3.4 -0.7 0.9 -3.4 -1.1 0.8 -3.4 -1.1 0.6 -3.4 -1.1 0.8 -3.4 -1.1 0.6 -3.4 -1.1 1.2 -3.4 -1.1 0.8 6 7 8 1.2 0.7 1.6 3.4 1.5 6.3 -0.8 5.7 -3.8 3.8 2.0 -2.3 -1.3 7.4 0.1 13.9 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 15.4 1.5 -1.5 26.9 50.9 -1.4 -1.5 32.7 81.1 -0.3 -0.7 34.7 51.2 -0.1 0.3 42.1 -41.3 -0.1 -0.9 45.0 72.1 -0.1 -0.7 40.4 98.4 -0.1 -0.5 37.1 75.5 -0.2 3.1 45.8 27.8 -0.0 -1.5 42.7 FA543065105 FA573065103 FA223065143 Life insurance companies Private pension funds State and local govt. retirement funds 3.5 0.0 0.6 4.2 -0.1 0.0 3.5 -0.1 -0.0 3.5 -0.1 -0.2 3.7 -0.1 -0.8 4.6 -0.1 2.1 2.7 -0.1 -0.0 3.3 -0.1 -2.0 3.0 15 -0.1 16 -0.2 17 18 19 FA403065105 FA413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.2 50.8 48.0 94.1 79.0 115.8 137.6 141.1 231.2 186.6 88.3 146.0 82.8 123.0 148.1 109.0 161.8 18 146.6 19 20 21 22 FA673065105 FA613065105 FA643065105 ABS issuers Finance companies REITs -64.6 -9.8 8.5 -70.6 -14.6 2.2 -62.9 -16.5 14.3 -28.7 -11.4 6.4 -23.1 -15.7 6.8 -41.7 -8.1 23.9 -29.9 -8.7 -2.2 -20.1 -13.3 -2.9 -52.7 20 -2.3 21 -13.6 22 23 FV893065153 24 25 26 27 28 29 FA893065125 FA763065125 FA753065203 FA473065125 FA673065123 FA613065123 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 53.0 50.4 31.9 27.3 7.1 8.0 6.5 5.8 -24.9 -22.9 0.1 1.7 -1.7 -2.0 -34.2 -31.7 -0.0 2.0 -1.6 -3.0 -38.2 -35.5 -0.1 2.6 -1.8 -3.3 -28.8 -32.7 -0.1 5.9 0.4 -2.3 -38.6 -43.8 -0.0 2.0 4.7 -1.5 -22.0 -27.7 -0.0 10.1 -0.8 -3.5 -29.0 -30.8 -0.0 4.5 -1.5 -1.2 -25.7 -28.4 -0.1 6.8 -1.0 -3.1 -11.4 9 3.0 10 11 12 13 14 3.8 23 -47.9 -54.7 -0.1 7.8 -2.2 1.3 24 25 26 27 28 29 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from transactions (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065405 2 3 4 5 FA103165405 FA113165405 FA313165403 FA643165483 6 FA893065405 7 8 9 FA153065403 FA103065403 FA113065403 10 11 Net borrowing 56.6 93.3 108.9 115.1 92.1 90.1 100.9 177.5 83.3 1 2.8 52.5 0.0 1.4 4.7 88.9 0.0 -0.3 5.3 101.2 0.0 2.3 6.0 113.9 0.0 -4.7 5.0 94.9 0.0 -7.8 4.7 90.0 0.0 -4.6 5.3 100.4 0.0 -4.8 9.0 170.2 0.0 -1.7 4.3 82.2 0.0 -3.2 2 3 4 5 56.6 93.3 108.9 115.1 92.1 90.1 100.9 177.5 83.3 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.0 -0.1 0.0 0.0 0.8 0.0 -0.0 0.8 0.0 -0.0 0.7 0.0 -0.0 0.5 0.0 -0.0 0.7 0.0 -0.0 0.5 0.0 -0.0 1.1 0.0 -0.0 0.7 7 8 9 FA313065405 FA213065403 Federal government State and local governments -0.6 -0.1 -0.3 2.0 -0.3 4.6 0.1 4.1 -0.3 2.7 0.9 -2.1 -1.5 5.5 1.4 10.5 2.3 10 2.1 11 12 13 FA763065403 FA753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 38.0 0.2 51.0 1.2 43.3 2.1 24.3 1.4 33.2 -0.6 34.8 3.2 10.1 0.3 18.9 2.5 31.3 12 3.7 13 14 15 16 FA543065405 FA573065403 FA223065443 Life insurance companies Private pension funds State and local govt. retirement funds 2.8 -0.0 0.5 5.8 -0.3 0.0 4.8 -0.3 -0.0 5.8 -0.3 -0.2 6.2 -0.3 -0.7 7.7 -0.3 1.7 4.2 -0.3 -0.0 5.0 -0.3 -1.6 5.8 14 -0.3 15 -0.2 16 17 18 FA403065405 FA413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -2.7 24.3 8.4 32.2 26.2 41.3 31.7 53.4 43.6 31.9 6.9 46.7 27.9 51.4 48.4 83.8 -5.1 17 48.3 18 19 20 21 FA673065405 FA613065403 FA643065405 ABS issuers Finance companies REITs -2.4 0.1 -3.3 -6.4 -0.8 -0.3 -14.2 0.6 -0.2 -4.7 -2.4 1.2 -16.6 -8.7 1.2 -10.1 -0.6 0.5 2.7 -0.2 0.3 5.1 -0.2 2.7 -6.9 19 1.3 20 0.2 21 Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Transactions 2014 66 Z.1, June 7, 2018 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA893065505 2 3 4 5 FA163165505 FA103165505 FA113165505 FA643165583 Net borrowing 6 FA893065505 7 8 9 FA153065505 FA103065503 FA113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FA313065505 FA213065503 12 13 14 Q2 Q3 2018 Q1 Q4 90.1 129.7 133.9 127.7 68.4 160.3 87.9 194.4 134.7 1 6.7 -46.6 122.1 7.9 7.8 21.7 95.9 4.3 7.6 32.8 94.8 -1.3 7.5 37.6 74.9 7.8 7.5 4.8 42.9 13.1 7.5 41.9 106.7 4.2 7.5 23.2 61.1 -3.9 7.5 80.4 88.8 17.8 7.6 31.8 111.8 -16.5 2 3 4 5 90.1 129.7 133.9 127.7 68.4 160.3 87.9 194.4 134.7 6 0.3 0.8 -0.1 -0.1 0.9 0.7 0.0 -0.4 0.6 0.1 -0.7 0.6 0.0 -0.7 0.4 0.1 -0.7 0.6 0.0 -0.7 0.4 0.1 -0.7 0.9 0.0 -0.7 0.6 7 8 9 Federal government State and local governments 0.2 -0.0 -2.7 0.4 1.4 0.9 1.6 0.8 -0.5 0.5 0.9 -0.4 5.7 1.1 0.1 2.1 3.0 10 0.4 11 FA763065503 FA753065503 FA743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 60.1 5.5 -0.5 105.2 13.9 -2.2 116.7 14.1 -0.0 85.5 8.3 -0.1 106.3 6.0 -0.5 90.0 13.6 -0.4 66.4 2.1 0.8 79.3 11.5 -0.1 55.0 12 1.7 13 -0.7 14 15 16 FA513065503 FA543065505 Property-casualty insurance companies Life insurance companies 2.0 14.9 2.4 31.7 2.6 25.5 2.3 31.0 -2.9 53.8 5.9 40.8 3.5 24.0 2.6 5.5 3.4 15 53.3 16 17 18 FA573065505 FA223065545 Private pension funds State and local govt. retirement funds 1.7 0.6 -1.6 0.0 0.2 -0.0 0.2 -0.2 0.1 -0.8 0.3 2.0 0.2 -0.0 0.2 -1.9 0.3 17 -0.2 18 19 20 FA413065505 FA673065505 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -11.1 0.0 25.5 0.0 -23.2 0.0 0.7 0.0 -69.7 0.0 27.1 0.0 -10.3 0.0 55.6 0.0 19 9.5 20 21 22 FA613065503 FA643065505 Finance companies REITs 1.1 14.7 -12.9 -31.4 -5.1 0.6 -0.6 -1.7 -0.6 -23.0 -0.2 -19.1 -0.9 -4.5 -0.6 39.8 -1.0 21 10.1 22 11.6 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 1 4.4 7.3 4.0 8.0 5.0 12.2 3.9 6.2 3.8 6.1 3.9 6.2 3.8 6.4 4.1 6.0 2.0 0.8 2 3 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets (1) Liability of the households and nonprofit organizations sector (table F.101). F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065603 Net borrowing 2 3 FA183165605 FA233165605 4 FA893065603 11.6 12.0 17.2 10.1 10.0 10.1 10.2 10.2 2.9 4 5 6 FA153065605 FA113065603 Household sector Nonfinancial noncorporate business 2.1 -0.0 -3.8 0.0 3.2 0.0 0.9 0.0 0.5 0.0 7.5 0.0 -4.5 0.0 0.2 0.1 0.2 0.0 5 6 7 8 FA313065605 FA213065603 Federal government State and local governments 0.9 -0.0 0.7 0.0 0.6 0.1 0.6 0.1 0.5 0.0 -3.5 -0.0 5.0 0.1 0.6 0.1 0.6 0.0 7 8 9 10 FA763065633 FA753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 4.4 0.2 5.9 0.0 5.2 -0.0 3.8 -0.1 3.7 -0.2 3.8 -0.0 3.8 -0.0 3.8 -0.1 1.1 9 -0.1 10 11 12 FA543065633 FA223065643 Life insurance companies State and local govt. retirement funds 0.4 0.0 0.1 0.0 0.7 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.2 11 0.0 12 13 14 FA403065605 FA413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.8 -0.1 8.3 0.7 7.1 0.3 5.1 -1.0 4.8 -0.0 5.6 -3.8 5.2 -0.0 4.9 -0.0 1.3 13 -0.4 14 Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets (1) Excludes mortgages on farm houses. 67 Z.1, June 7, 2018 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA153166000 Net change in liabilities (Households) 221.2 234.4 230.6 188.5 187.1 164.5 149.5 253.1 162.1 1 2 FA153166000 Net change in assets 221.2 234.4 230.6 188.5 187.1 164.5 149.5 253.1 162.1 2 3 4 5 FA163066223 FA103066005 FA113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business -4.2 0.3 0.0 -2.7 0.1 0.0 -3.1 1.7 0.0 -5.3 -0.9 0.0 -6.2 16.6 0.0 -5.6 -26.5 0.0 -5.2 9.5 0.0 -4.1 -3.3 0.0 -6.7 13.5 0.0 3 4 5 6 7 8 FA313066220 FA763066000 FA473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 110.7 71.5 37.2 103.4 100.2 39.5 99.6 103.8 38.0 96.3 84.4 38.1 90.1 3.5 47.4 98.5 48.3 50.1 100.2 90.1 12.9 96.4 195.6 42.0 72.6 15.7 77.8 6 7 8 9 10 11 FA403066005 FA673066000 FA613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 0.6 5.0 0.0 -3.8 -2.4 0.0 4.0 -13.4 0.0 -16.1 -7.9 0.0 26.8 9.0 0.0 -0.6 0.3 0.0 -23.5 -34.6 0.0 -67.0 -6.5 0.0 9 -4.0 10 -6.9 11 12 13 14 15 FA153166100 FA153166400 FA153166220 FA153166205 33.5 79.1 90.7 17.9 48.0 80.7 83.9 21.8 61.5 72.2 87.8 9.1 59.1 36.2 82.7 10.5 43.8 48.0 82.8 12.5 44.4 29.0 77.8 13.3 48.0 15.5 80.9 5.0 100.4 52.4 89.1 11.2 -0.3 59.1 63.4 40.0 Memo: Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. Assets of the households and nonprofit organizations sector (table F.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 12 13 14 15 Transactions 2014 68 Z.1, June 7, 2018 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA893064105 2 FA103164103 Net issues Nonfinancial corporate business 3 FA793164105 Domestic financial sectors 4 5 6 7 8 FA763164103 FA513164103 FA543164173 FA554090005 FA564090005 9 10 11 12 13 FA643164103 FA403164105 FA663164103 FA733164103 FA503164105 14 FA263164103 15 FA893064105 16 17 18 FA153064105 FA313064105 FA213064103 Household sector Federal government State and local governments 19 20 21 FA713064103 FA763064105 FA753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 22 23 24 25 26 FA513064105 FA543064105 FA573064105 FA343064105 FA223064145 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 27 28 29 FA653064100 FA553064103 FA563064103 Mutual funds Closed-end funds Exchange-traded funds 30 31 FA663064103 FA503064105 32 FA263064105 Q2 Q3 2018 Q1 Q4 272.8 -119.8 -317.1 203.4 223.3 561.5 12.6 16.3 165.2 1 -394.5 -549.6 -576.8 -378.8 -403.3 -267.7 -539.1 -305.1 -386.0 2 235.6 232.9 245.3 388.4 477.0 346.3 273.4 457.0 234.9 3 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 2.7 -16.9 -14.9 4.9 240.8 9.5 -22.0 -10.0 1.8 231.0 4.6 -19.5 -5.9 1.6 283.9 7.4 -12.8 -19.9 0.5 470.8 10.3 -21.4 -30.2 2.8 535.7 2.5 -16.7 -13.3 -2.4 447.9 3.9 -6.7 -17.2 1.5 349.0 12.9 -6.3 -19.0 0.3 550.6 1.9 -4.7 -17.8 -0.6 249.9 4 5 6 7 8 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (2) 32.7 -1.7 -11.7 -0.3 0.0 27.1 -1.4 3.5 -6.5 0.0 32.4 3.2 -21.5 -33.5 0.0 41.8 0.9 -12.5 -87.8 0.0 46.7 -4.8 -11.1 -50.9 0.0 43.3 8.5 -14.7 -108.6 0.0 57.1 1.5 -5.8 -109.8 0.0 20.2 -1.6 -18.2 -81.8 0.0 28.4 13.1 -16.0 -19.3 0.0 9 10 11 12 13 431.6 196.9 14.4 193.8 149.6 482.9 278.4 -135.6 316.3 14 272.8 -119.8 -317.1 203.4 223.3 561.5 12.6 16.3 165.2 15 132.6 -1.6 -0.1 -142.3 -0.0 2.1 -109.3 -0.1 5.0 83.5 -0.1 4.4 214.1 0.0 2.9 413.4 -0.5 -2.3 -331.1 -0.0 5.9 37.5 0.0 11.3 -38.3 16 16.0 17 2.3 18 0.0 0.7 0.0 0.0 2.0 0.0 0.0 -6.9 -0.0 0.0 -0.7 0.0 0.0 -3.8 0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.0 0.7 0.0 0.0 19 11.5 20 0.0 21 3.4 -5.0 -183.9 -1.2 -85.0 -1.9 31.9 -52.4 0.0 10.8 2.1 100.2 -67.4 -5.6 -110.2 9.4 -15.3 -126.9 6.3 -125.1 20.9 -17.6 -169.7 3.0 -177.6 15.6 -8.8 -63.5 4.8 -36.6 -2.3 -16.1 -120.0 -6.0 -85.0 3.3 -18.7 -154.3 23.5 -201.2 94.5 4.3 190.7 56.8 1.3 173.5 -115.5 0.1 188.4 -136.8 -0.5 347.3 -224.3 0.4 392.9 -87.5 -3.3 307.0 -74.3 1.7 218.3 -161.0 -1.0 471.1 -88.7 27 -0.5 28 174.4 29 Brokers and dealers Funding corporations 8.7 0.0 -10.3 0.0 -3.6 0.0 18.3 0.0 -56.5 0.0 59.2 0.0 14.4 0.0 55.8 0.0 44.0 30 0.0 31 Rest of the world (4) 114.7 -191.3 -194.2 139.6 238.5 -36.2 406.9 -50.7 192.0 32 Rest of the world (3) Net purchases 24.9 46.3 -92.0 -1.4 -125.1 22 23 24 25 26 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) 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. (3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (4) Net purchases of U.S. issues by foreign residents. F.224 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA653164205 Net issues 309.7 96.7 24.6 313.0 173.3 306.5 372.3 399.8 131.7 1 2 FA653164205 Net purchases 309.7 96.7 24.6 313.0 173.3 306.5 372.3 399.8 131.7 2 3 4 FA153064205 FA103064203 Household sector Nonfinancial corporate business 251.1 15.2 124.3 7.4 140.7 -11.0 349.4 5.4 183.9 5.4 159.8 5.4 626.3 5.4 427.7 5.4 237.7 5.4 3 4 5 FA213064203 State and local governments -0.1 1.1 2.6 2.3 1.5 -1.2 3.0 5.8 1.2 5 6 7 FA763064203 FA473064205 U.S.-chartered depository institutions Credit unions -0.7 -0.2 -0.9 -0.1 -1.8 -0.1 0.0 0.1 1.0 0.2 -5.0 -0.1 1.8 0.5 2.4 -0.1 -21.0 0.4 6 7 8 9 FA513064203 FA543064205 Property-casualty insurance companies Life insurance companies 1.2 -53.6 0.7 -34.6 -3.6 -167.0 1.2 -77.5 1.2 -78.7 1.2 -68.0 1.2 -62.3 1.2 -101.0 2.5 -80.5 8 9 10 11 FA573064205 FA223064205 Private pension funds State and local govt. retirement funds 40.6 15.8 -41.8 39.0 66.9 -54.4 24.8 -15.3 46.4 8.1 55.1 -15.7 -44.7 -57.4 42.4 3.9 19.9 10 -21.7 11 12 FA263064203 Rest of the world 40.4 1.7 52.4 22.5 4.3 175.0 -101.5 12.1 -12.1 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 69 Z.1, June 7, 2018 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FA893170005 Net change in trade payables 221.7 150.4 337.4 330.9 273.8 252.5 394.9 402.6 389.2 1 2 FA163170005 Nonprofit organizations (1) 26.7 12.6 14.3 15.8 15.8 15.8 15.8 15.8 14.8 2 3 4 FA103170005 FA113170005 Nonfinancial corporate business Nonfinancial noncorporate business 150.1 9.2 22.4 52.4 194.6 44.9 210.3 37.9 166.7 21.6 149.2 49.4 244.8 41.5 280.6 39.3 294.4 28.8 3 4 5 6 FA313170005 FA213170003 Federal government State and local governments -1.1 39.4 15.8 40.5 31.1 41.2 24.0 42.5 17.9 42.1 10.1 42.0 35.9 42.4 32.3 43.7 22.2 44.3 5 6 7 8 FA663170003 FA263170003 Brokers and dealers Rest of the world 3.4 -5.8 8.4 -1.7 10.4 0.9 -4.2 4.4 -5.6 15.3 -12.4 -1.5 9.6 4.9 -8.2 -0.9 7.9 -23.2 7 8 9 FA893070005 173.3 131.6 311.4 326.8 256.1 268.5 374.1 408.4 419.6 9 10 FA163070005 Nonprofit organizations (1) 11 12 FA103070005 FA113070003 Nonfinancial corporate business Nonfinancial noncorporate business 13 14 15 16 FA313070000 FA213070003 FA513070003 FA673070003 17 FA263070003 18 FA903070005 Net change in trade receivables 27.5 17.1 18.7 19.6 19.6 19.6 19.6 19.6 18.9 10 104.7 21.2 32.1 47.1 218.8 45.7 220.8 41.9 139.1 29.6 165.7 40.8 252.1 31.3 326.2 65.8 280.2 11 40.2 12 Federal government State and local governments Property-casualty insurance companies ABS issuers -5.2 11.1 5.7 -4.4 12.7 5.2 6.3 2.7 3.8 16.8 0.6 -0.1 -1.0 17.7 11.1 -1.5 -8.6 11.9 29.6 0.1 12.8 12.3 19.0 -3.4 19.9 19.4 4.5 0.3 -28.0 27.2 -8.8 -2.8 Rest of the world 12.6 8.4 7.3 18.1 34.7 1.6 26.9 9.1 19.5 17 48.4 18.8 26.0 4.2 17.7 -16.0 20.8 -5.8 -30.4 18 46.0 45.4 25.0 18.1 22.1 1.3 25.2 23.5 32.8 1 0.8 45.2 -0.1 45.5 0.1 24.9 -0.2 18.2 -1.1 23.3 -0.5 1.8 0.6 24.6 0.3 23.2 0.4 32.4 2 3 46.0 45.4 25.0 18.1 22.1 1.3 25.2 23.5 32.8 4 35.1 5.9 5.0 34.8 6.5 4.1 15.4 5.6 4.0 7.6 6.4 4.0 12.6 5.6 4.0 -8.1 5.4 4.0 12.7 8.5 4.0 13.4 6.2 4.0 24.0 4.9 4.0 5 6 7 Discrepancy 6.4 17.2 36.4 0.9 13 14 15 16 (1) Included in the households and nonprofit organizations sector (table F.101). F.226 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA883140005 2 3 FA313140003 FA543140005 4 FA883140005 5 6 7 FA153040005 FA763040005 FA733040005 Net change in liabilities Federal government Life insurance companies Net change in assets Household sector U.S.-chartered depository institutions Holding companies Transactions 2014 70 Z.1, June 7, 2018 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 1 FA153050005 2 3 FA543150005 FA574190005 Net change in liabilities Life insurance companies (1) Private pension funds (2) 4 5 FA344090005 FA224190005 Federal government retirement funds (3) State and local govt. retirement funds 6 FA153050005 Net change in assets (Households) (4) 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 331.9 359.6 431.4 375.6 412.2 341.7 263.6 484.9 280.0 1 23.6 26.8 91.3 -48.1 32.3 134.6 -22.7 53.9 -6.9 85.6 -16.9 23.7 -47.1 -20.1 -20.0 126.6 -49.5 11.6 2 3 107.4 174.1 112.1 204.4 110.1 154.4 112.3 232.1 112.4 221.1 110.9 223.9 112.1 218.8 113.9 264.3 120.2 197.7 4 5 331.9 359.6 431.4 375.6 412.2 341.7 263.6 484.9 280.0 6 234.3 0.1 -1.6 13.9 -10.0 84.9 146.9 339.2 18.0 -0.2 12.7 -4.0 60.9 251.8 255.3 36.6 1.5 20.0 29.0 14.2 154.0 140.2 -13.1 -0.4 9.9 -3.0 81.7 65.2 24.6 -20.8 0.3 16.2 0.0 75.7 -46.8 39.9 -32.3 0.6 14.4 -28.0 64.4 20.8 16.4 -3.1 -0.2 1.1 16.0 4.8 -2.3 480.0 3.9 -2.5 7.9 0.0 181.7 289.0 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 Memo: 7 8 9 10 11 12 13 FA893131573 FA763131573 FA473131573 FA543131503 FA633131573 FA653131573 FA153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Asset of the household and nonprofit organizations sector (table F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market fund and mutual fund sectors (lines 11 and 12). F.228 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893178005 2 3 FA103178005 FA113178003 4 Net change in taxes payable by all businesses 25.9 -4.4 -2.3 279.4 -20.0 24.4 29.4 1083.6 -61.4 1 Nonfinancial corporate business Nonfinancial noncorporate business -1.4 6.8 -1.3 3.5 -8.8 3.3 213.0 3.1 8.5 2.2 13.1 3.0 -20.3 2.3 850.6 4.8 -13.4 2.9 2 3 FA763178003 U.S.-chartered depository institutions 20.1 -8.1 0.7 31.8 -29.1 18.1 43.9 94.3 -55.1 4 5 6 FA513178005 FA543178075 Property-casualty insurance companies Life insurance companies -0.5 -0.5 0.8 0.8 1.0 1.0 4.7 2.1 -1.7 -1.7 -5.3 -5.3 2.3 2.3 23.6 13.1 3.7 -0.8 5 6 7 8 FA613178005 FA663178005 Finance companies Brokers and dealers 1.0 0.3 0.8 -0.8 0.3 0.1 11.8 13.0 -0.6 2.5 0.2 0.6 -3.8 2.8 51.4 46.0 -2.8 4.1 7 8 9 FA893078005 5.0 3.5 26.8 300.6 90.5 -27.9 82.6 1057.2 -20.1 9 10 11 FA313078005 FA213078005 -3.7 8.8 -1.0 4.4 23.5 3.3 297.6 3.1 85.5 5.0 -38.1 10.2 84.4 -1.8 1058.4 -1.1 -26.4 10 6.3 11 12 FA903078005 20.8 -7.9 -29.1 -21.3 -110.5 52.3 -53.3 26.4 -41.3 12 143.7 24.5 49.3 44.1 55.2 51.3 32.0 37.9 79.9 1 141.0 2.7 18.8 5.8 40.2 9.1 48.7 -4.6 56.7 -1.5 58.8 -7.5 34.9 -2.9 44.4 -6.5 86.5 -6.6 2 3 Net change in business taxes receivable Federal government State and local governments Discrepancy F.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA152090205 2 3 FA112090205 FA662090205 Total household investment Nonfinancial noncorporate business Brokers and dealers 71 Z.1, June 7, 2018 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 FA263192005 FA263192101 FA263192113 FA263192125 FA263192193 FA263192305 FA263192313 FA263092313 Liab.: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 313.5 330.4 18.8 311.6 18.8 -16.8 -6.8 10.1 281.7 296.5 5.6 290.9 19.1 -14.8 14.4 29.2 300.5 329.7 31.1 298.6 19.8 -29.2 -11.1 18.1 362.6 374.9 30.3 344.6 20.3 -12.3 25.9 38.2 433.2 394.1 48.8 345.3 20.2 39.0 81.5 42.4 335.1 374.3 21.4 352.8 20.3 -39.1 8.6 47.7 231.7 271.4 9.3 262.1 20.4 -39.7 38.2 77.9 450.4 459.9 41.8 418.1 20.5 -9.5 -24.8 -15.4 -491.3 -458.3 18.3 -476.6 20.6 -33.0 -17.1 15.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA103092005 FA263192193 FA763092000 FA513092003 FA543092073 FA613092003 FA663092003 Asset: Nonfinancial corporate business Of which: Current-cost adjustment U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 291.1 18.8 1.6 8.2 0.1 4.6 7.8 260.4 19.1 -3.6 4.9 -0.4 9.2 11.2 253.8 19.8 -6.5 2.0 1.4 33.4 16.4 333.6 20.3 3.2 -1.3 2.3 16.9 7.9 388.2 20.2 3.8 6.4 3.6 20.9 10.3 304.4 20.3 -3.4 14.4 5.0 3.3 11.4 218.0 20.4 -6.8 5.8 -3.6 19.3 -1.1 423.6 20.5 19.2 -31.9 4.2 24.3 11.0 -440.3 20.6 -9.2 -25.6 -6.7 -6.0 -3.5 9 10 11 12 13 14 15 Foreign direct investment in U.S.: 16 17 18 19 20 21 22 23 24 25 FA103192005 FA263092193 FA115114005 FA753192003 FA513192003 FA543192073 FA613192003 FA663192005 FA733192003 FA503192003 Liab.: Nonfinancial corporate business Of which: Current-cost adjustment Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Funding corporations 185.2 10.6 1.8 3.7 0.9 1.4 7.6 11.1 0.0 0.6 436.2 10.9 1.9 2.0 13.2 8.8 -5.5 2.0 17.5 0.6 386.8 11.2 2.3 6.0 31.3 10.8 -1.4 -109.4 141.3 0.6 241.7 11.5 1.3 4.9 1.9 8.0 0.9 16.3 11.2 0.6 264.1 11.3 0.1 18.2 0.9 0.5 5.1 7.9 31.8 0.6 258.2 11.4 3.3 -5.4 7.0 15.8 -0.8 24.3 16.1 0.6 225.0 11.5 1.2 4.7 5.6 5.5 -0.2 -12.6 29.6 0.6 219.5 11.6 0.8 2.3 -5.9 10.3 -0.8 45.6 -32.7 0.6 213.1 11.7 0.5 1.3 -3.1 7.7 -2.4 3.5 -7.4 0.6 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 FA263092001 FA263092101 FA263092113 FA263092125 FA263092193 FA263092303 FA263092323 FA263192323 Asset: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 212.3 146.4 51.6 94.8 10.6 65.9 81.2 15.3 476.7 390.2 309.4 80.7 10.9 86.5 86.8 0.2 468.3 351.8 254.1 97.7 11.2 116.6 109.5 -7.0 286.9 293.7 185.2 108.5 11.5 -6.8 16.8 23.7 329.1 358.6 249.8 108.9 11.3 -29.5 -10.2 19.3 319.1 274.0 192.9 81.1 11.4 45.1 51.1 6.0 259.4 292.8 179.0 113.9 11.5 -33.4 44.0 77.4 239.8 249.3 119.3 130.0 11.6 -9.5 -17.6 -8.0 213.7 207.1 95.0 112.2 11.7 6.6 7.7 1.2 26 27 28 29 30 31 32 33 Memo: Direct investment, asset/liability presentation: 34 35 36 37 38 FA263192035 FA263192101 FA263192345 FA263192313 FA263192323 Net U.S. acquisition of direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 7) U.S. affiliates’ claims (line 32) 338.9 330.4 8.5 -6.8 15.3 311.1 296.5 14.7 14.4 0.2 311.6 329.7 -18.2 -11.1 -7.0 424.4 374.9 49.5 25.9 23.7 494.9 394.1 100.7 81.5 19.3 388.8 374.3 14.6 8.6 6.0 386.9 271.4 115.6 38.2 77.4 427.0 459.9 -32.9 -24.8 -8.0 -474.2 -458.3 -15.9 -17.1 1.2 34 35 36 37 38 39 40 41 42 43 FA263092035 FA263092101 FA263092345 FA263092313 FA263092323 Net U.S. incurrence of direct investment liabilities Equity (line 26) Intercompany debt U.S. parents’ liabilities (line 8) U.S. affiliates’ liabilities (line 31) 237.7 146.4 91.2 10.1 81.2 506.2 390.2 116.0 29.2 86.8 479.4 351.8 127.6 18.1 109.5 348.7 293.7 55.0 38.2 16.8 390.8 358.6 32.2 42.4 -10.2 372.8 274.0 98.8 47.7 51.1 414.7 292.8 121.9 77.9 44.0 216.4 249.3 -32.9 -15.4 -17.6 230.8 207.1 23.7 15.9 7.7 39 40 41 42 43 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Transactions U.S. direct investment abroad: 1 2 3 4 5 6 7 8 72 Z.1, June 7, 2018 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2014 1 FA893190005 2 3 4 FA543077073 FA103190005 FA113193003 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 FA313190005 FA223073045 7 8 9 10 11 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1613.8 1144.3 1724.5 1402.8 1663.9 1687.8 25.0 2234.6 369.6 1 1.2 1025.3 77.9 1.7 1003.4 28.5 -0.3 988.0 17.4 1.8 413.8 17.3 5.5 148.9 16.9 1.7 347.6 17.3 0.2 503.8 17.0 -0.3 654.9 18.0 9.8 593.9 33.2 2 3 4 Federal government State and local governments 35.0 185.1 29.9 149.9 33.5 229.9 202.7 266.2 517.6 302.1 489.1 173.2 -884.7 244.6 688.7 345.0 -675.1 266.2 5 6 FA713190005 FA763190005 FA753190005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -9.3 313.6 -11.7 -2.2 1.2 24.2 68.8 -9.2 -2.1 0.5 4.7 136.4 -17.1 -1.2 7.2 23.1 88.9 -3.4 0.3 -5.0 -53.5 328.5 42.2 -1.3 -24.8 60.9 30.7 -74.8 1.5 -1.0 -165.9 24.5 -18.8 -0.9 0.0 251.0 -28.1 37.7 1.8 5.9 -92.8 7 -105.6 8 47.8 9 -1.3 10 62.1 11 12 13 FA513190005 FA543190005 Property-casualty insurance companies Life insurance companies 11.1 38.4 3.9 -29.2 0.4 44.1 67.1 83.2 75.8 92.4 95.4 123.2 206.1 65.3 -109.0 52.0 52.0 12 38.0 13 14 15 16 FA403190005 FA613190005 FA643193005 Government-sponsored enterprises Finance companies REITs -3.6 0.8 6.9 -4.6 -17.7 -1.9 3.7 -30.6 16.3 0.3 -8.2 4.5 -36.5 0.3 -9.6 7.1 59.2 14.7 26.6 -134.6 38.0 4.1 42.3 -25.2 -5.7 14 -88.8 15 -18.1 16 17 18 19 FA663190005 FA733193005 FA503190005 Brokers and dealers Holding companies Funding corporations -31.0 -31.4 17.7 -0.1 -147.7 51.2 127.9 -22.5 179.8 65.6 64.3 116.8 63.3 103.0 89.4 62.2 425.8 -175.7 -8.7 -213.2 355.2 145.6 -58.4 198.3 -46.0 17 -166.2 18 403.3 19 20 FA263190005 Rest of the world -11.0 -5.2 7.0 3.6 3.7 29.7 -29.5 10.4 62.8 20 21 FA893090005 1404.5 1547.7 1991.2 1481.4 2062.4 1911.6 306.1 1645.6 1059.7 21 22 23 24 FA153090005 FA103090005 FA113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 8.0 386.5 332.2 34.2 1118.3 198.0 53.1 932.5 198.2 42.3 282.7 146.3 21.9 268.4 104.2 27.0 443.3 167.9 120.1 314.3 140.0 0.4 105.1 173.3 68.0 22 971.4 23 154.4 24 25 26 FA213093003 FA313090005 State and local governments Federal government 4.5 12.5 7.4 14.4 6.5 13.2 5.8 10.2 3.7 15.8 -3.0 -6.0 7.7 11.6 14.7 19.1 3.0 25 9.5 26 27 28 29 30 31 FA713090005 FA763090005 FA753093005 FA743093005 FA473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -0.5 14.1 14.4 12.8 5.4 -20.2 19.6 -13.0 1.5 6.1 -11.8 59.3 4.9 6.6 25.9 -6.8 -17.7 39.9 -7.7 -19.1 -24.1 132.8 -11.0 -1.3 -92.8 -16.3 6.9 40.7 -1.6 1.3 -11.3 -62.6 25.6 -31.5 0.4 24.7 -148.2 104.4 3.8 14.7 32 33 FA513090005 FA543090005 Property-casualty insurance companies Life insurance companies -7.5 67.4 28.4 -18.8 14.9 37.3 13.9 18.9 102.4 31.2 13.2 17.6 24.7 52.9 -84.6 -25.9 47.3 32 -104.8 33 34 35 36 FA573090005 FA343073005 FA223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 66.8 21.6 186.8 71.1 18.9 151.6 85.4 14.9 266.5 96.8 189.9 300.4 139.6 552.9 331.6 18.9 470.3 193.3 86.5 -914.3 272.6 142.3 650.5 404.2 40.8 34 -683.6 35 271.9 36 37 38 39 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds -14.7 102.8 -1.4 -7.0 -48.7 2.1 -6.4 -127.4 11.7 -0.4 36.0 1.6 -83.3 -71.1 2.8 -27.2 -46.3 8.1 5.3 25.7 2.4 103.6 235.6 -6.9 -74.3 37 -133.6 38 11.8 39 40 41 42 43 FA403093005 FA673090543 FA613090005 FA643090005 Government-sponsored enterprises ABS issuers Finance companies REITs -11.0 9.2 18.5 13.4 -6.5 1.6 -5.6 11.2 2.6 6.9 -12.1 31.0 -39.8 12.1 -13.8 10.7 -105.2 11.2 -57.7 -12.4 31.3 15.3 14.6 5.1 9.6 25.1 -19.9 37.9 -94.7 -3.0 7.9 12.2 -25.5 9.9 -53.9 45.9 44 45 46 FA663090005 FA733090005 FA503094505 Brokers and dealers Holding companies Funding corporations 48.7 111.2 2.8 -59.6 -7.1 49.7 -23.5 370.4 30.7 107.9 319.3 -48.3 287.0 424.6 91.0 53.3 697.2 -213.4 6.6 226.6 -49.9 84.8 -71.5 -20.9 308.7 44 29.3 45 94.9 46 47 FA903090005 209.3 -403.4 -266.7 -78.6 -398.5 -223.8 -281.1 589.0 -690.1 47 Net change in assets Discrepancy -48.0 124.8 -21.1 1.2 11.7 27 28 29 30 31 40 41 42 43 73 Z.1, June 7, 2018 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 FA313092803 FA313092803 Liab.: Rest of the world Asset: Federal government 2.3 2.3 2.2 2.2 2.0 2.0 0.8 0.8 0.6 0.6 0.0 0.0 2.5 2.5 -0.0 -0.0 0.0 0.0 1 2 1.1 1.1 0.9 0.9 1.0 1.0 0.9 0.9 0.6 0.6 1.0 1.0 1.4 1.4 0.8 0.8 1.1 1.1 3 4 1.2 0.1 0.7 0.0 -0.6 0.6 0.0 0.1 -0.0 0.3 1.3 0.1 0.5 0.0 -1.4 0.4 0.0 0.5 0.1 1.1 2.7 0.1 0.7 0.0 1.9 0.1 0.0 0.4 -0.0 -0.5 4.2 0.3 2.5 0.0 0.7 0.6 -0.0 0.4 -0.0 -0.4 -3.8 0.5 0.7 0.0 -5.4 0.1 0.0 1.1 -0.0 -0.9 8.0 -0.3 0.8 0.0 7.3 0.5 0.2 -0.3 -0.1 -0.1 9.4 0.6 8.2 0.0 0.4 0.5 -0.2 0.0 0.0 -0.3 3.2 0.3 0.3 0.0 0.6 1.5 -0.0 0.7 0.0 -0.2 -1.8 0.7 -1.0 0.0 -1.4 -1.7 0.2 1.4 0.0 -0.0 5 6 7 8 9 10 11 12 13 14 195.9 0.1 0.8 -14.8 6.5 -14.6 173.9 42.1 -0.8 0.5 -8.9 92.9 -6.9 119.0 110.5 -0.2 1.3 -10.9 154.3 0.4 255.4 91.3 0.6 2.5 -6.1 -53.3 -3.7 31.3 174.7 -1.4 1.4 -8.4 -289.0 5.0 -117.6 108.1 1.9 2.6 -3.0 -63.6 37.7 83.6 179.1 0.7 1.5 -12.8 166.3 -34.2 300.6 -96.7 1.1 4.6 -0.0 -26.8 -23.4 -141.4 -122.1 1.8 -2.7 -31.3 24.6 91.0 -38.6 15 16 17 18 19 20 21 15.8 15.8 2.2 2.2 -13.1 -13.1 12.6 12.6 -0.0 -0.0 16.4 16.4 -9.6 -9.6 43.6 43.6 7.5 22 7.5 23 -20.3 23.1 2.8 2.2 47.6 49.7 -5.6 36.3 30.7 -20.1 -28.2 -48.3 41.4 49.6 91.0 -84.0 -129.4 -213.4 -30.6 -19.3 -49.9 -7.1 -13.7 -20.9 43.8 24 51.1 25 94.9 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 0.0 28 0.0 29 Federal Reserve Bank stock: 3 4 FA713164003 FA713164003 5 6 7 8 9 10 11 12 13 14 FA403192405 FA103092405 FA113092405 FA313092403 FA763092405 FA473092403 FA513092403 FA543092473 FA613092403 FA643092473 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 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) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) Holding company net transactions with subsidiaries: 15 16 17 18 19 20 21 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733094703 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: 22 23 FA103094105 FA103094105 24 25 26 FA753194503 FA663194505 FA503094505 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 27 28 29 FA503194305 FA153094305 FA313094303 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). Transactions Federal government equity in IBRD, etc.: 1 2 74 Z.1, June 7, 2018 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 Nonofficial foreign currencies: Transactions 1 2 3 FA263191103 FA313091105 FA713091103 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 1.3 0.0 1.3 -0.5 0.0 -0.5 4.6 0.0 4.6 6.5 0.0 6.5 -2.0 0.0 -2.0 -8.0 0.0 -8.0 2.2 0.0 2.2 33.8 0.0 33.8 -28.2 0.0 -28.2 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -1.5 -1.5 -0.5 -0.5 -0.4 -0.4 -0.3 -0.3 1.8 1.8 3.2 3.2 -5.5 -5.5 -0.7 -0.7 1.8 1.8 6 7 9.2 9.2 1.6 1.6 6.9 6.9 12.1 12.1 11.2 11.2 15.3 15.3 25.1 25.1 -3.0 -3.0 9.9 9.9 8 9 1.2 1.2 1.7 1.7 -0.3 -0.3 1.8 1.8 5.5 5.5 1.7 1.7 0.2 0.2 -0.3 -0.3 9.8 10 9.8 11 Postal Savings System deposits: 4 5 FA313131003 FA313131003 6 7 FA403197033 FA403197033 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Funding agreements backing securities: 8 9 FA673090543 FA673090543 10 11 FA543077073 FA543077073 Liab.: Life insurance companies (2) Asset: ABS issuers Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 14 15 FA543195005 FA543195105 FA543195205 FA543195373 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 5.8 5.5 0.2 0.1 3.4 8.1 -5.3 0.6 22.9 21.9 -0.7 1.7 15.6 13.4 -0.5 2.6 25.7 18.9 0.6 6.2 6.6 6.5 1.8 -1.8 9.4 2.6 2.8 4.0 20.6 25.6 -7.1 2.0 36.9 26.0 2.0 8.9 12 13 14 15 16 FA543195005 Asset: Household sector 5.8 3.4 22.9 15.6 25.7 6.6 9.4 20.6 36.9 16 Policy payables: 17 FA513176003 Liab.: Property-casualty insurance companies 14.7 15.5 21.0 34.5 -26.6 54.7 181.0 -71.1 23.7 17 18 19 20 FA153076005 FA103076005 FA113076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business -8.2 10.4 12.6 23.4 2.3 -10.2 17.4 6.6 -3.0 17.2 13.9 3.3 -12.9 -10.5 -3.3 25.6 22.5 6.6 93.4 71.4 16.1 -37.2 -27.8 -6.1 14.5 18 9.0 19 0.3 20 -14.5 -8.1 -6.4 -21.5 -21.4 -0.1 0.1 6.7 -6.6 21.7 6.5 15.3 12.0 7.3 4.7 15.7 6.1 9.6 21.5 3.1 18.4 37.6 9.3 28.3 -14.8 21 -10.7 22 -4.1 23 -2.9 -2.9 14.7 14.7 5.6 5.6 6.4 6.4 8.5 8.5 1.8 1.8 6.1 6.1 9.3 9.3 4.2 24 4.2 25 47.1 47.1 -13.8 -13.8 -40.5 -40.5 70.9 70.9 194.2 194.2 30.1 30.1 -49.9 -49.9 109.0 109.0 217.7 26 217.7 27 10.4 10.4 7.4 7.4 12.9 12.9 9.6 9.6 9.1 9.1 -5.1 -5.1 17.3 17.3 17.0 17.0 16.6 28 16.6 29 Unallocated insurance company contracts: 21 22 23 FA593095005 FA573095005 FA223095505 24 25 FA573074005 FA573074005 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 26 27 FA663097005 FA663097005 28 29 FA313195105 FA313195105 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds: Liab.: Federal government (3) Asset: Household sector Claims of pension fund on sponsor: 30 31 32 FA573073005 FA343073005 FA223073045 Liab.: Nonfinancial corporate business Federal government State and local governments 51.9 21.6 185.1 93.6 18.9 149.9 50.0 14.9 229.9 55.4 189.9 266.2 90.1 552.9 302.1 4.0 470.3 173.2 49.8 -914.3 244.6 77.7 650.5 345.0 27.1 30 -683.6 31 266.2 32 33 34 35 FA573073005 FA343073005 FA223073045 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 51.9 21.6 185.1 93.6 18.9 149.9 50.0 14.9 229.9 55.4 189.9 266.2 90.1 552.9 302.1 4.0 470.3 173.2 49.8 -914.3 244.6 77.7 650.5 345.0 27.1 33 -683.6 34 266.2 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables F.133 and F.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 75 Z.1, June 7, 2018 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893193005 2 3 FA103193005 FA113193003 Net change in liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FA313193005 Federal government 5 6 7 8 9 FA713193005 FA763193005 FA753193005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 10 11 FA513193005 FA543193005 12 13 14 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1087.3 698.6 1118.6 711.0 508.5 1028.6 183.1 1123.8 419.3 1 976.2 77.9 895.2 28.5 932.5 17.4 352.0 17.3 50.2 16.9 341.9 17.3 447.9 17.0 567.9 18.0 562.6 33.2 2 3 3.0 3.5 5.8 3.2 -44.4 23.9 12.3 21.1 -8.1 4 -10.4 117.7 8.6 -2.2 1.2 23.3 26.7 -11.3 -2.1 0.5 3.7 25.8 -11.4 -1.2 7.2 22.2 -2.4 16.7 0.3 -5.0 -54.1 153.8 0.8 -1.3 -24.8 59.9 -77.4 9.2 1.5 -1.0 -167.2 -154.7 11.8 -0.9 0.0 250.2 68.6 44.8 1.8 5.9 -93.9 16.5 4.0 -1.3 62.1 5 6 7 8 9 Property-casualty insurance companies Life insurance companies -3.7 37.1 -10.8 -13.3 -20.4 13.0 32.0 31.2 103.8 42.0 38.8 83.0 24.5 7.6 -39.0 -7.7 26.5 10 8.6 11 FA403193005 FA613193005 FA643193005 Government-sponsored enterprises Finance companies REITs -3.4 -0.1 6.9 -5.3 -11.0 -1.9 1.4 -6.5 16.3 -3.6 -14.8 4.5 -34.5 8.7 -9.6 -4.2 45.7 14.7 22.8 -112.2 38.0 1.6 -1.3 -25.2 -5.7 12 -65.0 13 -18.1 14 15 16 17 FA663193005 FA733193005 FA503193005 Brokers and dealers Holding companies Funding corporations -60.6 -31.4 -29.4 -140.5 -147.7 64.9 -62.8 -22.5 220.3 147.1 64.3 45.9 302.7 103.0 -104.8 255.2 425.8 -205.8 -155.7 -213.2 405.0 186.1 -58.4 89.3 -121.7 15 -166.2 16 185.6 17 18 FA893093005 878.0 1102.0 1385.3 789.6 907.1 1252.4 464.2 534.9 1109.4 18 19 20 FA103093005 FA113093005 Nonfinancial corporate business Nonfinancial noncorporate business 360.2 318.9 1113.7 207.7 938.9 200.5 255.9 140.5 278.3 106.8 404.6 160.5 251.8 115.6 88.9 179.1 954.2 19 155.1 20 21 22 FA313093003 FA213093003 Federal government State and local governments 10.2 4.5 12.2 7.4 11.2 6.5 9.4 5.8 15.2 3.7 -6.0 -3.0 9.1 7.7 19.2 14.7 9.5 21 3.0 22 23 24 25 26 27 FA713093005 FA763093005 FA753093005 FA743093005 FA473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -1.8 15.1 14.4 12.8 4.9 -19.7 20.6 -13.0 1.5 5.7 -16.4 56.9 4.9 6.6 25.8 -13.3 -19.1 39.9 -7.7 -19.7 -22.1 135.9 -11.0 -1.3 -92.8 -8.3 -4.5 40.7 -1.6 0.9 -13.5 -58.9 25.6 -31.5 -0.1 -9.1 -148.9 104.4 3.8 13.2 28 29 FA513093005 FA543093005 Property-casualty insurance companies Life insurance companies -7.5 66.0 28.4 -20.9 14.9 37.3 13.9 16.8 102.4 24.5 12.9 16.2 24.9 52.6 -84.6 -26.3 47.1 28 -116.0 29 30 31 FA573093005 FA223093005 Private pension funds State and local govt. retirement funds 25.9 8.1 -15.8 1.8 23.1 43.3 28.6 18.9 33.6 24.7 7.0 10.4 27.5 9.6 46.0 30.9 20.2 30 9.7 31 32 33 34 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds -14.7 102.8 -1.4 -7.0 -48.7 2.1 -6.4 -127.4 11.7 -0.4 36.0 1.6 -83.3 -71.1 2.8 -27.2 -46.3 8.1 5.3 25.7 2.4 103.6 235.6 -6.9 -74.3 32 -133.6 33 11.8 34 35 36 37 FA403093005 FA613093005 FA643093005 Government-sponsored enterprises Finance companies REITs -11.0 18.5 13.1 -6.5 -5.7 10.1 2.6 -12.1 31.4 -39.8 -13.8 11.1 -105.2 -57.7 -11.5 31.3 14.6 5.2 9.6 -19.9 38.2 -94.7 7.9 12.4 -25.5 35 -53.9 36 45.9 37 38 39 FA663093005 FA733093005 Brokers and dealers Holding companies 1.6 -62.7 -45.8 -126.0 17.0 115.0 37.1 288.0 92.8 542.3 23.2 613.6 56.4 -74.0 -24.2 69.9 91.0 38 67.9 39 40 FA903090005 209.3 -403.4 -266.7 -78.6 -398.5 -223.8 -281.1 589.0 -690.1 40 Net change in assets Discrepancy -19.7 123.3 -21.1 1.2 13.4 23 24 25 26 27 Transactions 2014 76 Z.1, June 7, 2018 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2014 2015 2016 2017 2017 Transactions Q1 1 FA897005005 2 3 FA157005005 FA107005005 All sectors Household sector Nonfinancial corporate business 4 5 FA317005005 FA217005005 6 FA797005005 7 FA717005005 Monetary authority 8 9 10 11 FA767005005 FA757005005 FA747005005 FA477005005 12 13 Q2 Q3 Q4 2018 Q1 251.5 -218.9 -283.7 -234.1 -167.8 -622.1 -354.9 208.6 -521.4 1 -332.3 668.2 -195.1 12.2 -234.3 53.6 -252.5 124.3 -414.8 103.8 -416.5 -33.4 155.1 132.0 -333.8 294.8 -875.0 235.7 2 3 Federal government State and local governments -60.0 -48.2 -61.8 -11.2 -39.7 -43.0 -54.6 -18.1 266.7 -0.1 -40.6 13.4 -177.6 -30.4 -266.8 -55.2 366.3 -1.5 4 5 Domestic financial sectors -85.1 -186.3 -150.2 -196.0 -321.1 47.8 -191.2 -319.6 -502.3 6 3.9 7.2 -0.2 -8.9 -9.5 -7.9 -10.6 -7.6 2.0 7 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 31.9 -47.4 -0.8 -2.2 -147.2 37.7 0.3 2.0 -43.9 -35.6 0.1 2.2 -43.6 -21.2 -0.5 -1.5 12.6 30.2 -0.1 -1.2 -159.0 46.8 -0.4 -1.7 293.0 -104.0 -0.5 -0.9 -321.2 -57.6 -1.0 -2.4 -179.7 8 67.0 9 -0.7 10 2.4 11 FA517005005 FA547005005 Property-casualty insurance companies Life insurance companies 6.7 -23.1 10.9 -2.9 40.3 -11.0 -35.0 1.7 -42.5 -37.4 26.8 21.7 -101.6 -76.0 -22.8 98.6 1.1 12 -19.1 13 14 15 FA657005005 FA407005005 Mutual funds Government-sponsored enterprises -77.0 23.5 -85.9 -10.9 23.6 3.6 1.1 16.8 1.5 -190.7 1.0 143.8 1.0 -23.4 1.0 137.3 1.0 14 -278.4 15 16 17 18 FA677005005 FA617005005 FA647005005 Issuers of asset-backed securities Finance companies REITs 0.0 -19.2 30.7 0.0 -8.2 -10.0 0.0 -20.5 -62.4 0.0 -11.7 -10.1 0.0 -9.9 -11.8 0.0 34.8 5.1 0.0 -17.2 -32.3 0.0 -54.4 -1.4 0.0 16 21.4 17 -48.0 18 19 20 FA667005005 FA737005005 Brokers and dealers Holding companies -15.0 2.8 14.9 5.6 -12.0 -34.5 -11.1 -72.1 -9.8 -52.7 -9.4 -54.0 -12.1 -106.6 -13.0 -75.1 11.2 19 -82.4 20 21 FA267005005 108.9 223.4 129.9 162.8 197.7 -192.7 -242.9 889.1 255.3 21 251.5 -218.9 -283.7 -234.1 -167.8 -622.1 -354.9 208.6 -521.4 1 -1.1 -92.3 -1.3 -198.0 -1.0 -78.7 -0.8 107.5 -1.0 260.4 -0.8 124.5 -0.8 -51.9 -0.8 97.0 -0.5 108.4 2 3 -27.1 -131.9 3.8 118.4 1.3 -78.0 -0.9 -274.4 481.9 -494.9 -458.9 -114.9 135.4 -175.2 -161.9 -312.5 478.7 -296.7 4 5 6 7 8 9 Rest of the world F.8 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA907005005 All types 2 3 FA903012005 FA903091005 Treasury currency Foreign deposits 4 5 FA904010005 FA902050005 Net interbank transactions Security repurchase agreements 6 7 8 9 FA903020005 FA903023005 FA903028003 FA903029200 Mail floats Federal government State and local governments Private domestic 0.6 1.1 0.0 -0.5 -0.2 -0.0 0.0 -0.2 0.5 -0.2 0.0 0.7 0.7 -0.4 0.0 1.1 -19.7 -17.5 0.0 -2.2 -45.9 -49.3 0.0 3.3 22.6 21.0 0.0 1.6 45.7 44.2 0.0 1.5 -18.7 -14.2 0.0 -4.5 10 11 FA903070005 FA903078005 Trade credit Taxes payable 48.4 20.8 18.8 -7.9 26.0 -29.1 4.2 -21.3 17.7 -110.5 -16.0 52.3 20.8 -53.3 -5.8 26.4 -30.4 10 -41.3 11 12 FA903090005 Miscellaneous 209.3 -403.4 -266.7 -78.6 -398.5 -223.8 -281.1 589.0 -690.1 12 13 FA906000105 Nonfinancial 224.7 250.8 142.0 29.6 96.9 61.5 28.4 -68.4 -30.9 13 14 15 FA087005005 FA156600075 -229.9 5.3 -255.9 5.2 -147.2 5.1 -37.1 5.5 -102.4 5.5 -67.0 5.5 -34.0 5.5 54.8 5.6 25.1 14 5.8 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas 77 Z.1, June 7, 2018 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 1 FL384090005 2 3 FL313011005 FL383091005 Total financial assets U.S. official reserve assets Foreign deposits 4 5 6 7 FL383020005 FL383030005 FL383034005 FL382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 8 9 10 11 12 13 FL384022005 FL383069105 FL383061105 FL383061705 FL383062005 FL383063005 14 15 16 17 Q2 Q3 Q4 2018 Q1 96432.2 99989.3 106367.8 114632.5 108198.9 109705.7 111674.1 114632.5 115514.1 2 3 2507.7 9261.6 1842.9 198.7 2743.8 2916.8 2935.3 2740.7 2868.5 2751.0 2935.3 3087.5 9783.5 10554.0 10834.7 10678.8 10621.3 10779.4 10834.7 11052.6 1885.2 1766.5 1804.0 1731.2 1695.9 1756.6 1804.0 1700.8 218.2 255.2 236.2 246.3 235.4 224.1 236.2 231.9 4 5 6 7 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 5682.3 238.5 1522.8 716.1 1748.0 1456.9 6253.2 234.2 1929.3 917.4 1696.0 1476.3 6291.3 222.5 2220.2 880.5 1750.7 1217.4 6113.6 249.9 2198.9 961.1 1691.2 1012.5 6193.5 228.4 2163.3 907.3 1730.0 1164.5 6025.9 240.5 2224.5 818.2 1714.7 1028.0 5987.9 239.3 2105.3 913.6 1680.7 1048.9 6113.6 249.9 2198.9 961.1 1691.2 1012.5 6657.2 260.6 2454.1 990.6 1689.1 1262.9 8 9 10 11 12 13 FL384023005 FL383069005 FL383065005 FL383066005 Loans Other loans and advances Mortgages Consumer credit 2537.4 1088.8 513.9 934.8 2591.4 1040.2 515.5 1035.6 2704.5 1039.3 531.3 1133.9 2782.7 1017.7 541.0 1224.0 2755.2 1055.2 531.1 1168.9 2764.3 1054.3 531.0 1179.1 2781.6 1034.0 534.3 1213.3 2782.7 1017.7 541.0 1224.0 2794.5 999.3 540.2 1255.0 14 15 16 17 18 19 LM383064105 LM383064205 Corporate equities Mutual fund shares 14524.0 14047.0 15445.6 18195.4 16214.1 16714.2 17280.5 18195.4 17875.9 18 7148.2 7079.7 7570.1 9009.3 8010.3 8271.0 8667.7 9009.3 9056.8 19 20 21 22 FL383070005 FL153040005 FL153050005 Trade receivables Life insurance reserves Pension entitlements 3804.2 3918.5 4222.2 4521.3 4315.1 4424.9 4503.6 4521.3 4655.1 20 1282.8 1309.1 1340.0 1387.3 1355.3 1360.9 1373.8 1387.3 1390.8 21 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 22 23 24 25 FL383078005 LM152090205 LM103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad 26 FL383090005 Miscellaneous assets 27 FL384190005 28 29 30 LM313111303 FL713014003 FL313112003 U.S. official reserve assets SDR certificates Treasury currency 31 32 33 34 35 36 FL384122005 FL103169100 FL313161105 FL313161705 FL383162005 FL103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 22835.4 23970.6 25135.7 25883.3 25136.4 25121.9 25625.3 25883.3 26562.6 31 182.0 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 32 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 33 24.4 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 34 3796.6 3810.7 3853.2 3863.8 3839.9 3846.3 3821.6 3863.8 3843.7 35 4415.7 4815.3 5093.4 5357.6 5203.0 5258.2 5342.6 5357.6 5425.9 36 37 38 39 40 41 FL384123005 FL383168005 FL383169005 FL383165005 FL153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 20585.1 21166.6 22009.8 23073.4 22202.9 22504.6 22741.1 23073.4 23184.0 37 2168.8 2391.4 2523.6 2602.6 2529.4 2559.7 2564.0 2602.6 2622.6 38 1852.7 1744.3 1749.7 1980.4 1844.1 1913.3 1941.6 1980.4 1987.5 39 13249.1 13617.3 14092.3 14657.7 14189.2 14336.3 14481.5 14657.7 14751.5 40 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 41 42 FL383170005 Trade payables 4019.5 4163.2 4489.3 4820.0 4553.8 4640.3 4732.0 4820.0 4919.3 42 43 44 45 FL313140003 FL143178005 LM143192005 Life insurance reserves Taxes payable Foreign direct investment in U.S. 51.3 160.9 2942.8 51.1 163.1 3314.6 51.3 157.6 3681.2 51.1 373.7 3914.8 51.0 168.0 3692.7 50.9 166.9 3798.0 51.0 165.8 3855.7 51.1 373.7 3914.8 51.2 43 378.5 44 3964.3 45 46 FL383190005 Miscellaneous liabilities 8937.9 9730.5 10132.7 9958.7 10123.8 10144.3 9841.5 9958.7 9982.3 46 (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 86.9 118.3 86.8 116.3 91.0 233.5 87.7 113.3 90.2 134.0 91.8 230.0 91.0 233.5 1 93.3 237.8 Total liabilities 98.0 152.8 309.2 327.2 340.8 613.0 346.1 351.7 357.0 613.0 583.5 23 9842.5 10471.1 11139.4 11821.6 11209.4 11451.1 11611.1 11821.6 11925.2 24 4720.8 4930.7 5208.5 5562.7 5330.1 5410.8 5516.7 5562.7 5456.6 25 11895.8 13314.4 14573.2 15198.4 14610.2 14736.5 14880.9 15198.4 15398.8 26 59614.5 62639.2 65735.5 68155.7 66007.0 66506.6 67092.7 68155.7 69124.0 27 51.2 5.2 25.3 48.9 5.2 25.3 47.5 5.2 25.3 50.3 5.2 25.3 47.9 5.2 25.3 49.1 5.2 25.3 49.9 5.2 25.3 50.3 5.2 25.3 51.3 28 5.2 29 25.3 30 Levels 2014 78 Z.1, June 7, 2018 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL154090005 2 3 4 5 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 45.6 1153.2 7902.0 1032.6 31.2 1181.6 8389.0 1044.0 25.6 1108.8 9085.7 1023.1 36.5 1151.5 9283.5 1053.4 28.7 1196.4 9203.0 1009.8 30.8 1165.9 9130.6 982.3 35.2 1076.5 9268.1 1024.9 36.5 1151.5 9283.5 1053.4 38.0 1188.3 9492.5 938.4 6 7 8 9 10 FL154022005 FL153061105 FL153061705 FL153062005 FL153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4055.8 798.4 261.8 1709.1 1286.5 4636.9 1179.2 500.4 1655.4 1301.8 4591.9 1400.2 446.5 1711.6 1033.6 4320.3 1366.6 492.0 1641.4 820.4 4477.9 1343.3 470.5 1684.7 979.3 4307.2 1421.1 373.8 1668.4 843.9 4255.3 1304.0 457.6 1631.6 862.0 4320.3 1366.6 492.0 1641.4 820.4 4849.0 6 1625.2 7 513.9 8 1640.3 9 1069.6 10 11 12 13 14 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 1063.3 893.2 122.5 47.6 1002.7 842.6 115.1 44.9 998.3 841.6 114.9 41.9 966.5 817.5 112.4 36.6 1012.4 857.9 114.1 40.3 1010.8 856.7 115.2 38.9 985.9 835.1 113.2 37.6 966.5 817.5 112.4 36.6 15 16 LM153064105 LM153064205 Corporate equities (3) Mutual fund shares 14315.3 13837.2 15221.4 17949.5 15984.1 16482.4 17043.2 17949.5 17626.5 15 6828.7 6758.5 7240.3 8628.6 7665.3 7917.0 8300.9 8628.6 8676.8 16 17 18 19 20 21 FL163070005 FL153040005 FL153050005 FL593073005 FL153050025 Trade receivables Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 240.7 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 1282.8 1309.1 1340.0 1387.3 1355.3 1360.9 1373.8 1387.3 1390.8 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 3480.0 3972.5 4035.4 3857.7 4105.6 4159.8 3845.5 3857.7 3920.0 17143.3 16938.5 17801.1 19434.8 18155.8 18389.2 19034.9 19434.8 19395.7 22 23 LM152090205 FL153090005 Equity in noncorporate business Miscellaneous assets 24 FL154190005 25 FL163162003 Debt securities (municipal securities) 26 27 28 29 30 31 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Loans Home mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 32 33 FL163170005 FL543077073 Trade payables Deferred and unpaid life insurance premiums Total liabilities 69303.4 70782.0 74892.4 81234.6 76690.9 77686.2 79186.1 81234.6 81745.2 943.2 796.7 111.6 34.9 1 2 3 4 5 11 12 13 14 17 18 19 20 21 9842.5 10471.1 11139.4 11821.6 11209.4 11451.1 11611.1 11821.6 11925.2 22 917.6 951.7 1004.9 1047.2 1005.8 1011.9 1039.6 1047.2 1059.8 23 14327.3 14526.2 14978.9 15530.7 15036.0 15202.2 15345.6 15530.7 15574.2 24 226.9 218.8 215.4 216.9 215.2 218.4 215.3 216.9 218.8 25 13748.5 13941.1 14383.2 14915.8 14435.1 14593.8 14736.3 14915.8 14951.4 26 9455.8 9573.4 9777.9 10076.2 9833.1 9911.6 9999.6 10076.2 10110.5 27 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 28 235.8 280.6 290.2 293.1 285.5 292.5 289.3 293.1 297.1 29 514.0 437.4 427.2 462.6 430.9 446.9 444.1 462.6 468.3 30 228.3 236.1 243.7 251.2 245.6 247.5 249.3 251.2 253.1 31 322.1 29.9 334.7 31.6 349.0 31.3 364.8 33.1 352.9 32.7 356.9 33.1 360.8 33.2 364.8 33.1 368.5 32 35.5 33 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual transactions and year-end outstandings of nonprofit organizations. (2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). 79 Z.1, June 7, 2018 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 FL144090005 2 3 4 5 6 FL103091003 FL143020005 FL143030005 FL143034005 FL102051003 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 FL144022005 FL103069100 FL143061105 FL103061703 FL143062005 12 13 14 Q3 Q4 2018 Q1 22243.3 24049.0 25955.0 27507.4 26231.7 26651.3 27058.6 27507.4 27795.9 87.1 1126.2 1022.0 668.5 79.9 90.7 1311.5 1089.3 561.5 109.5 197.0 1455.7 1157.4 560.4 83.9 84.6 1353.4 1102.7 538.1 99.5 103.2 1425.6 1122.2 531.4 89.4 194.8 1427.5 1137.5 546.8 76.0 197.0 1455.7 1157.4 560.4 83.9 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 310.0 171.9 98.9 13.9 25.3 310.2 172.5 98.7 12.5 26.6 305.2 160.7 106.5 13.8 24.3 343.0 185.2 109.7 13.7 34.4 315.6 166.1 105.8 13.3 30.4 331.0 178.5 107.4 13.6 31.5 331.6 176.4 107.6 13.4 34.1 343.0 185.2 109.7 13.7 34.4 353.2 7 195.5 8 110.8 9 13.7 10 33.2 11 FL144023005 FL143065005 FL143066005 Loans Mortgages Consumer credit 104.5 63.5 40.9 109.3 68.3 41.1 112.3 69.5 42.8 111.7 69.8 41.8 111.0 69.4 41.6 111.4 69.5 41.9 111.5 69.4 42.1 111.7 69.8 41.8 110.6 12 69.9 13 40.7 14 15 16 LM103064203 FL143070005 Mutual fund shares Trade receivables 234.6 3331.3 235.7 3410.5 236.9 3675.0 276.5 3937.7 249.1 3761.7 257.0 3860.8 267.0 3929.0 276.5 3937.7 276.1 15 4060.4 16 17 18 LM103092005 FL143090005 U.S. direct investment abroad Miscellaneous assets 19 FL144190005 20 21 22 23 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities Corporate bonds 5123.7 182.0 526.0 4415.7 5533.5 179.0 539.3 4815.3 5828.7 180.8 554.5 5093.4 6131.8 206.7 567.6 5357.6 5953.3 195.5 554.8 5203.0 6015.5 194.7 562.6 5258.2 6105.4 206.1 556.7 5342.6 6131.8 206.7 567.6 5357.6 6213.1 222.3 564.9 5425.9 20 21 22 23 24 25 26 27 FL144123005 FL143168005 FL143169005 FL143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 6820.0 1933.0 1322.1 3564.9 7208.6 2110.7 1290.0 3807.8 7608.8 2233.3 1304.7 4070.7 8139.3 2309.5 1499.6 4330.3 7749.9 2243.9 1395.4 4110.6 7892.9 2267.2 1448.4 4177.2 7986.7 2274.7 1479.5 4232.6 8139.3 2309.5 1499.6 4330.3 8214.2 2325.5 1500.8 4387.9 24 25 26 27 28 29 FL143170005 FL143178005 Trade payables Taxes payable 2625.1 160.9 2699.9 163.1 2939.4 157.6 3187.7 373.7 2982.0 168.0 3046.0 166.9 3115.4 165.8 3187.7 373.7 3264.2 28 378.5 29 30 31 LM143192005 FL143190005 Foreign direct investment in U.S. Miscellaneous liabilities 2942.8 5345.6 3314.6 5808.8 3681.2 6116.0 3914.8 5952.6 3692.7 5995.6 3798.0 5931.9 3855.7 5906.0 3914.8 5952.6 3964.3 30 5971.4 31 Total liabilities 199.8 1510.3 1172.6 571.1 78.6 1 107.2 1017.6 1001.5 643.9 65.9 2 3 4 5 6 4720.8 4930.7 5208.5 5562.7 5330.1 5410.8 5516.7 5562.7 5456.6 17 10706.1 12068.8 13254.8 13821.6 13285.9 13408.4 13520.3 13821.6 14006.4 18 23018.2 24728.6 26331.7 27699.9 26541.5 26851.2 27134.9 27699.9 28005.7 19 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels 1 Q2 80 Z.1, June 7, 2018 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL104090005 2 3 4 5 6 FL103091003 FL103020005 FL103030003 FL103034003 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 107.2 770.8 152.0 558.2 65.9 87.1 838.1 144.3 576.8 79.9 90.7 998.6 163.5 463.9 109.5 197.0 1142.7 167.8 457.5 83.9 84.6 1042.9 162.3 439.6 99.5 103.2 1114.7 165.6 431.7 89.4 194.8 1118.5 166.1 446.0 76.0 197.0 1142.7 167.8 457.5 83.9 7 8 9 10 11 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 248.7 171.9 41.7 13.9 21.2 244.7 172.5 37.4 12.5 22.3 235.5 160.7 41.3 13.8 19.7 269.4 185.2 41.0 13.7 29.5 245.2 166.1 40.0 13.3 25.7 259.6 178.5 40.7 13.6 26.8 259.5 176.4 40.3 13.4 29.3 269.4 185.2 41.0 13.7 29.5 278.7 7 195.5 8 41.2 9 13.7 10 28.3 11 12 13 14 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 70.0 29.0 40.9 72.4 31.4 41.1 73.0 30.3 42.8 70.3 28.4 41.8 71.4 29.8 41.6 71.2 29.3 41.9 71.0 28.9 42.1 70.3 28.4 41.8 68.7 12 28.0 13 40.7 14 15 16 LM103064203 FL103070005 Mutual fund shares Trade receivables 234.6 2662.3 235.7 2694.4 236.9 2913.2 276.5 3134.0 249.1 2992.6 257.0 3081.5 267.0 3141.8 276.5 3134.0 276.1 15 3246.7 16 17 LM103092005 U.S. direct investment abroad (1) 4720.8 4930.7 5208.5 5562.7 5330.1 5410.8 5516.7 5562.7 5456.6 17 18 19 20 21 22 FL103090005 FL103076005 FL103092405 FL103094105 FL103093005 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company subs. Other 7679.3 343.3 0.7 108.8 7226.5 8844.0 345.6 0.8 111.3 8386.3 9831.8 10252.3 352.2 366.1 0.9 1.2 98.2 110.8 9380.5 9774.2 9836.9 349.6 1.1 98.2 9388.1 9917.4 355.2 1.0 102.3 9458.9 9994.3 10252.3 10398.5 18 373.1 366.1 368.4 19 1.2 1.2 1.4 20 99.9 110.8 112.7 21 9520.2 9774.2 9916.1 22 23 FL104190005 24 25 26 27 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 5123.7 182.0 526.0 4415.7 5533.5 179.0 539.3 4815.3 5828.7 180.8 554.5 5093.4 6131.8 206.7 567.6 5357.6 5953.3 195.5 554.8 5203.0 6015.5 194.7 562.6 5258.2 6105.4 206.1 556.7 5342.6 6131.8 206.7 567.6 5357.6 6213.1 222.3 564.9 5425.9 24 25 26 27 28 29 30 31 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages 2376.7 856.0 1126.2 394.5 2459.2 935.8 1090.3 433.2 2561.7 985.8 1102.4 473.5 2836.2 1020.3 1293.9 522.0 2659.2 991.6 1193.4 474.3 2734.5 1001.4 1246.8 486.3 2777.6 1004.5 1278.4 494.7 2836.2 1020.3 1293.9 522.0 2851.0 1028.6 1294.1 528.4 28 29 30 31 32 33 FL103170005 FL103178005 Trade payables Taxes payable 2088.4 43.5 2110.8 42.2 2305.4 33.5 2515.8 246.4 2338.7 43.2 2390.3 41.5 2449.8 39.7 2515.8 246.4 2581.1 32 250.5 33 34 LM103192005 Foreign direct investment in U.S. 2933.6 3302.8 3668.3 3899.0 3679.9 3784.3 3841.7 3899.0 3948.5 34 35 36 37 38 FL103190005 FL573074005 FL573073005 FL103193005 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 4006.2 76.1 176.7 3753.4 4440.9 90.8 348.3 4001.8 4730.7 96.3 328.1 4306.2 4550.0 102.8 172.0 4275.3 4606.1 98.5 285.8 4221.8 4538.1 98.9 254.2 4185.0 4507.9 100.4 218.7 4188.8 4550.0 102.8 172.0 4275.3 4560.5 103.8 231.5 4225.2 Total liabilities 17269.9 18748.3 20325.1 21614.1 20554.1 20902.2 21251.7 21614.1 21832.1 199.8 1193.1 168.2 466.9 78.6 1 2 3 4 5 6 16572.1 17889.5 19128.3 20179.2 19280.4 19504.2 19722.1 20179.2 20404.6 23 35 36 37 38 Memo: 39 LM103164103 Market value of equities 40 41 42 FL104001005 FL104150005 FL104001006 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) 43 FL104140006 Short-term debt/total debt (percent) (6) 22630.0 21521.1 23064.6 26873.4 24265.3 24683.5 25559.5 26873.4 26495.0 39 2137.4 4296.1 49.75 2206.7 4358.1 50.63 2298.5 4607.9 49.88 2594.8 5283.1 49.11 2323.1 4762.4 48.78 2421.2 4874.6 49.67 2527.9 4978.5 50.78 2594.8 5283.1 49.11 2661.5 40 5376.5 41 49.50 42 28.85 27.59 27.04 28.11 27.64 27.92 28.02 28.11 28.08 43 (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 2 through 7 and line 15. (5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (6) Short-term debt is the sum of lines 25, 29, and 30. Total debt is the sum of lines 24 and 28. 81 Z.1, June 7, 2018 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL114090005 2 3 4 FL113020005 FL113030003 FL113034003 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 FL114022005 FL113061003 FL113062003 8 9 10 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 4973.4 5300.7 5629.9 5893.3 5677.6 5749.2 5806.9 5893.3 5963.7 1 246.8 849.5 85.6 288.0 877.7 91.7 312.8 925.9 97.5 312.9 989.6 102.9 310.5 940.4 98.5 311.0 956.6 99.8 309.0 971.4 100.8 312.9 989.6 102.9 317.2 1004.4 104.2 2 3 4 Debt securities Treasury securities Municipal securities 61.2 57.2 4.0 65.5 61.2 4.3 69.7 65.1 4.6 73.6 68.7 4.8 70.4 65.8 4.6 71.3 66.6 4.7 72.0 67.3 4.7 73.6 68.7 4.8 74.5 69.6 4.9 5 6 7 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 34.5 34.5 0.0 36.9 36.9 0.0 39.3 39.3 0.0 41.4 41.4 0.0 39.6 39.6 0.0 40.2 40.2 0.0 40.6 40.6 0.0 41.4 41.4 0.0 41.9 8 41.9 9 0.0 10 11 12 13 14 15 FL113070003 FL113090005 FL113076005 FL113092405 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other 668.9 3026.8 128.9 8.5 2889.4 716.1 3224.8 118.8 9.0 3097.0 761.7 3423.0 115.7 9.7 3297.5 803.6 3569.3 119.1 12.3 3438.0 769.1 3449.0 114.9 9.9 3324.2 779.3 3491.0 116.6 10.1 3364.3 787.2 3526.0 120.6 12.2 3393.2 803.6 3569.3 119.1 12.3 3438.0 813.7 3607.9 119.1 12.0 3476.8 16 FL114190005 6446.1 6839.0 7203.4 7520.7 7261.1 7347.0 7412.8 7520.7 7601.0 16 17 18 19 20 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 4443.3 1077.0 196.0 3170.3 4749.4 1175.0 199.7 3374.7 5047.1 1247.5 202.3 3597.3 5303.1 1289.2 205.7 3808.3 5090.7 1252.3 202.1 3636.3 5158.3 1265.9 201.6 3690.9 5209.1 1270.2 201.0 3737.9 5303.1 1289.2 205.7 3808.3 5363.1 1296.9 206.7 3859.5 21 22 FL113170005 FL113178003 Trade payables Taxes payable 536.7 117.4 589.1 120.8 634.0 124.2 671.9 127.2 643.4 124.7 655.7 125.5 665.6 126.0 671.9 127.2 683.1 21 128.0 22 23 24 LM115114005 FL113193003 Foreign direct investment in U.S. Miscellaneous liabilities 9.2 1339.4 11.9 1367.9 12.8 1385.3 15.8 1402.6 12.9 1389.5 13.7 1393.8 14.0 1398.1 15.8 1402.6 15.9 23 1410.9 24 Total liabilities (1) Equity in the Farm Credit System. 11 12 13 14 15 17 18 19 20 Levels 2014 82 Z.1, June 7, 2018 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL364090005 2 3 4 5 6 FL313011005 FL363020005 FL363030005 FL213034003 FL212051003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 12 FL364022005 FL213069103 FL213061105 FL363061705 FL213062003 FL363063005 13 14 15 16 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 4885.6 5158.4 5520.4 5890.4 5276.3 5368.2 5429.4 5890.4 5973.0 1 98.0 337.0 358.1 166.4 132.8 86.9 436.0 372.6 172.7 138.3 86.8 496.6 379.0 182.0 145.7 91.0 328.1 393.9 190.2 152.4 87.7 190.9 373.1 183.3 146.8 90.2 276.9 368.6 182.2 146.0 91.8 247.0 373.8 185.0 148.2 91.0 328.1 393.9 190.2 152.4 93.3 388.9 387.4 191.3 153.2 2 3 4 5 6 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1316.6 66.6 625.5 440.4 13.7 170.5 1306.1 61.7 651.4 404.5 14.0 174.5 1394.2 61.9 713.6 420.2 14.8 183.8 1450.3 64.7 722.6 455.4 15.4 192.2 1400.1 62.3 714.3 423.5 14.9 185.2 1387.8 62.0 696.1 430.8 14.8 184.1 1401.1 62.9 693.8 442.6 15.0 186.9 1450.3 64.7 722.6 455.4 15.4 192.2 1455.0 7 65.0 8 718.1 9 463.1 10 15.5 11 193.2 12 FL364023005 FL363065005 FL313066220 FL313069005 Loans Mortgages Consumer credit Other loans and advances 1369.6 327.9 846.2 195.5 1479.4 332.1 949.7 197.6 1593.9 346.9 1049.3 197.8 1704.5 358.8 1145.6 200.2 1631.8 347.5 1087.0 197.2 1642.1 346.3 1098.3 197.5 1684.2 351.7 1133.6 198.9 1704.5 358.8 1145.6 200.2 1740.7 358.7 1179.4 202.5 17 18 LM363064105 LM213064203 Corporate equities Mutual fund shares 208.8 84.9 209.8 85.5 224.2 92.9 245.9 104.2 230.1 95.9 231.8 96.9 237.3 99.7 245.9 104.2 249.4 17 103.9 18 19 20 21 FL363070005 FL363078005 FL363090005 Trade receivables Taxes receivable Miscellaneous assets 232.2 309.2 272.1 250.1 327.2 293.9 270.7 340.8 313.6 287.5 613.0 329.5 272.0 346.1 318.4 277.8 351.7 316.2 283.3 357.0 321.0 287.5 613.0 329.5 293.8 19 583.5 20 332.6 21 22 FL364190005 23 24 25 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 26 27 28 29 FL364122005 FL313161105 FL313161705 FL213162005 Debt securities Treasury securities Budget agency securities Municipal securities 30 31 32 FL364123005 FL313165403 FL213169203 Loans Multifamily residential mortgages Other loans and advances 33 34 35 FL363170005 FL313140003 FL363190005 Trade payables Insurance reserves Miscellaneous liabilities Total liabilities 13 14 15 16 22268.9 23384.4 24424.9 24925.1 24429.5 24453.2 24612.2 24925.1 25544.2 22 51.2 5.2 25.3 48.9 5.2 25.3 47.5 5.2 25.3 50.3 5.2 25.3 47.9 5.2 25.3 49.1 5.2 25.3 49.9 5.2 25.3 50.3 5.2 25.3 51.3 23 5.2 24 25.3 25 17484.8 18218.3 19091.6 19534.5 18967.9 18888.0 19304.6 19534.5 20130.7 26 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 27 24.4 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 28 3043.7 3052.6 3083.4 3079.3 3069.9 3065.3 3049.5 3079.3 3060.1 29 16.6 0.0 16.6 16.9 0.0 16.9 17.8 0.0 17.8 18.2 0.0 18.2 17.9 0.0 17.9 18.0 0.0 18.0 18.1 0.0 18.1 18.2 0.0 18.2 18.5 30 0.0 31 18.5 32 1072.3 51.3 3562.3 1128.6 51.1 3890.0 1200.9 51.3 3985.4 1267.5 51.1 3973.0 1218.8 51.0 4095.5 1237.4 50.9 4179.3 1255.7 51.0 3902.3 1267.5 51.1 3973.0 1286.6 33 51.2 34 3975.4 35 Memo: 36 37 FL374090005 FL374190005 Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) 4229.9 4476.1 4774.3 5134.2 4529.3 4639.3 4702.5 5134.2 5220.9 36 21613.2 22702.1 23678.8 24168.9 23682.4 23724.3 23885.3 24168.9 24792.1 37 (1) Sum of the federal government and state and local governments sectors. (2) Excludes Treasury securities and municipal securities held by state and local governments (lines 9 and 11) and federal government loans to state and local governments (line 31). 83 Z.1, June 7, 2018 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 FL314090005 2 3 4 FL313011005 FL313020005 FL313030003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 6 7 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 8 9 10 11 FL314023005 FL313069005 FL313065005 FL313066220 Loans Other loans and advances Mortgages Consumer credit (1) 12 LM313064105 13 14 15 FL313070000 FL313078005 FL313090005 16 FL314190005 17 18 19 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 20 21 22 23 24 FL314122005 FL313161105 FL313161205 FL313161305 FL313161705 Debt securities Treasury securities (3) Marketable Nonmarketable Budget agency securities 25 FL313165403 Loans (multifamily residential mortgages) 26 27 FL313170005 FL313140003 Trade payables Insurance reserves 28 29 30 FL313190005 FL343073005 FL313190015 Miscellaneous liabilities Claims of pension fund on sponsor Other 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1892.2 2137.8 2333.6 2544.4 2070.1 2178.2 2205.1 2544.4 2619.4 1 98.0 226.8 1.7 86.9 338.1 1.8 86.8 404.0 1.5 91.0 232.0 1.9 87.7 96.8 1.2 90.2 184.8 1.3 91.8 162.9 1.5 91.0 232.0 1.9 93.3 291.7 1.9 2 3 4 0.5 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 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 1159.0 195.5 117.2 846.2 1263.7 197.6 116.5 949.7 1366.7 197.8 119.7 1049.3 1467.0 200.2 121.2 1145.6 1402.9 197.2 118.6 1087.0 1414.5 197.5 118.7 1098.3 1453.2 198.9 120.7 1133.6 1467.0 200.2 121.2 1145.6 1501.8 8 202.5 9 119.8 10 1179.4 11 Corporate equities (2) 33.4 33.4 33.3 33.2 33.3 33.2 33.2 33.2 37.2 12 Trade receivables Taxes receivable Miscellaneous assets 48.4 165.6 158.6 61.2 179.2 173.0 64.9 189.5 186.2 64.0 458.6 196.4 63.2 194.3 190.2 66.0 199.0 188.7 66.6 203.8 191.6 64.0 458.6 196.4 66.0 13 428.4 14 198.7 15 Total liabilities 16886.1 17645.0 18539.1 19206.4 18607.8 18668.5 18883.8 19206.4 19695.7 16 51.2 5.2 25.3 48.9 5.2 25.3 47.5 5.2 25.3 50.3 5.2 25.3 47.9 5.2 25.3 49.1 5.2 25.3 49.9 5.2 25.3 50.3 5.2 25.3 51.3 17 5.2 18 25.3 19 14441.1 15165.6 16008.3 16455.3 15898.0 15822.7 16255.1 16455.3 17070.6 20 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 21 12480.9 13169.0 13880.2 14434.6 13923.0 13965.8 14156.1 14434.6 14894.7 22 1935.8 1972.1 2103.6 1996.3 1950.8 1832.5 2074.7 1996.3 2151.3 23 24.4 24.6 24.5 24.4 24.2 24.4 24.4 24.4 24.7 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 249.3 51.3 265.1 51.1 296.2 51.3 320.2 51.1 303.6 51.0 311.7 50.9 319.4 51.0 320.2 51.1 328.3 26 51.2 27 2062.8 1803.7 259.1 2083.7 1817.8 265.9 2105.4 1827.3 278.1 2299.0 2011.8 287.2 2276.8 2001.1 275.7 2403.5 2129.9 273.6 2177.8 1902.3 275.5 2299.0 2011.8 287.2 2163.8 28 1877.0 29 286.8 30 (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 marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. Levels 1 2015 84 Z.1, June 7, 2018 L.107 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL214090005 2993.4 3020.6 3186.9 3346.0 3206.2 3189.9 3224.3 3346.0 3353.6 1 2 3 FL213020005 FL213030005 Checkable deposits and currency Time and savings deposits 110.2 356.3 97.9 370.8 92.6 377.4 96.2 391.9 94.1 371.9 92.2 367.2 84.1 372.3 96.2 391.9 97.2 385.5 2 3 4 5 FL213034003 FL212051003 Money market fund shares Security repurchase agreements 166.4 132.8 172.7 138.3 182.0 145.7 190.2 152.4 183.3 146.8 182.2 146.0 185.0 148.2 190.2 152.4 191.3 153.2 4 5 6 7 8 9 10 11 FL214022005 FL213069103 FL213061105 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1316.0 66.6 625.5 440.4 13.7 170.0 1305.6 61.7 651.4 404.5 14.0 174.0 1393.7 61.9 713.6 420.2 14.8 183.3 1449.8 64.7 722.6 455.4 15.4 191.7 1399.6 62.3 714.3 423.5 14.9 184.7 1387.3 62.0 696.1 430.8 14.8 183.6 1400.6 62.9 693.8 442.6 15.0 186.4 1449.8 64.7 722.6 455.4 15.4 191.7 1454.5 6 65.0 7 718.1 8 463.1 9 15.5 10 192.7 11 12 FL213065005 Loans (mortgages) 210.7 215.6 227.2 237.6 228.9 227.6 231.0 237.6 238.9 12 13 14 LM213064103 LM213064203 Corporate equities Mutual fund shares 175.3 84.9 176.4 85.5 190.8 92.9 212.7 104.2 196.7 95.9 198.6 96.9 204.1 99.7 212.7 104.2 212.2 13 103.9 14 15 16 17 FL213070003 FL213078005 FL213093003 Trade receivables Taxes receivable Miscellaneous assets 183.8 143.6 113.5 189.0 148.0 120.9 205.8 151.3 127.4 223.5 154.4 133.1 208.7 151.9 128.3 211.8 152.6 127.5 216.7 153.2 129.5 223.5 154.4 133.1 227.8 15 155.1 16 133.9 17 18 FL214190005 5382.8 5739.4 5885.8 5718.7 5821.7 5784.7 5728.4 5718.7 5848.4 18 19 20 21 FL213162005 FL213162400 FL213162200 Debt securities (municipal securities) Short-term (2) Long-term 3043.7 38.9 3004.8 3052.6 33.0 3019.6 3083.4 30.2 3053.1 3079.3 35.1 3044.2 3069.9 30.0 3039.9 3065.3 24.5 3040.8 3049.5 32.9 3016.6 3079.3 35.1 3044.2 3060.1 19 36.2 20 3023.8 21 22 FL213169203 Loans (U.S. government loans) 23 24 FL213170003 FL223073045 Trade payables Claims of pension fund on sponsor (3) Total liabilities (1) Data for state and local government employee retirement funds are shown on table L.120. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 16.6 16.9 17.8 18.2 17.9 18.0 18.1 18.2 18.5 22 823.0 1499.5 863.5 1806.4 904.7 1880.0 947.2 1674.0 915.2 1818.7 925.7 1775.7 936.3 1724.5 947.2 1674.0 958.3 23 1811.6 24 85 Z.1, June 7, 2018 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL794090005 2 3 4 5 6 FL713011005 FL713014003 FL713012003 FL633091003 FL794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 32.0 5.2 46.3 24.5 2428.1 30.5 5.2 47.6 11.1 2039.5 30.4 5.2 48.5 1.9 1829.4 32.2 5.2 49.4 3.7 2025.4 30.9 5.2 48.8 3.6 2219.0 31.6 5.2 49.0 3.3 2049.7 32.0 5.2 49.2 5.5 2138.4 32.2 5.2 49.4 3.7 2025.4 33.1 5.2 49.5 1.2 2174.6 7 8 9 10 FL793020005 FL793030005 FL793034005 FL792050005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 391.8 688.0 776.5 2481.4 379.9 591.2 761.9 2538.5 424.6 264.9 853.3 2606.8 428.2 287.0 930.2 2892.5 414.4 284.6 827.4 2608.7 403.8 282.6 832.9 2809.6 447.6 301.5 881.9 2763.2 428.2 287.0 930.2 2892.5 390.2 7 273.9 8 981.2 9 2677.1 10 11 12 13 14 15 16 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 23103.5 23327.2 24532.0 25542.3 24684.2 24716.3 25269.3 25542.3 25769.7 11 583.9 603.0 521.5 579.1 574.4 545.8 616.5 579.1 631.3 12 6736.3 7065.6 7757.3 7921.7 7631.4 7402.2 7802.4 7921.7 8272.8 13 6332.7 6335.2 6652.1 6896.2 6696.3 6858.8 6839.9 6896.2 6860.5 14 1968.0 2027.7 2008.2 2071.1 2014.5 2033.1 2040.6 2071.1 2054.1 15 7482.6 7295.8 7592.7 8074.2 7767.6 7876.4 7969.9 8074.2 7951.0 16 17 18 19 20 21 FL794023005 FL793068005 FL793069005 FL793065005 FL793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 20225.5 20815.8 21658.3 22633.6 21769.6 22103.5 22315.0 22633.6 22676.6 17 2814.9 3116.0 3288.0 3387.0 3288.4 3336.8 3356.2 3387.0 3416.9 18 2064.2 1984.6 2062.6 2281.7 2114.2 2207.3 2235.5 2281.7 2246.5 19 12966.6 13337.2 13797.5 14356.2 13895.9 14043.0 14182.7 14356.2 14445.9 20 2379.8 2378.0 2510.3 2608.7 2471.2 2516.3 2540.7 2608.7 2567.4 21 22 23 LM793064105 LM793064205 Corporate equities Mutual fund shares 16294.4 16040.2 17201.4 20556.8 18148.9 18759.1 19558.0 20556.8 20278.1 22 5385.7 5217.0 5358.7 6079.8 5597.8 5741.4 5896.3 6079.8 6015.8 23 24 25 26 FL793070005 FL793040005 LM793092005 Trade receivables Life insurance reserves U.S. direct investment abroad 27 FL793090005 Miscellaneous assets 28 FL794190005 29 FL794110005 Net interbank liabilities 30 31 32 33 FL793120005 FL703130005 FL634090005 FL792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 3575.5 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4351.8 30 10448.7 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.6 31 2724.6 2754.7 2728.1 2847.3 2664.3 2633.4 2747.7 2847.3 2793.0 32 2953.5 2927.0 2905.8 2976.0 2836.4 3012.3 2887.7 2976.0 2721.9 33 34 35 36 37 FL794122005 FL793169175 FL423161705 FL793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 13257.4 13193.7 13529.0 13888.8 13568.0 13691.4 13819.9 13888.8 13913.3 34 310.7 270.2 273.5 238.1 278.5 259.2 248.2 238.1 258.7 35 7924.0 8144.4 8496.1 8842.8 8547.3 8642.6 8734.5 8842.8 8849.7 36 5022.6 4779.1 4759.4 4808.0 4742.2 4789.6 4837.2 4808.0 4804.9 37 38 39 40 41 FL794123005 FL793168005 FL793169005 FL643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 42 LM653164205 Mutual fund shares 13150.6 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 42 43 44 45 FL663170003 FL543140005 FL153050005 Trade payables Life insurance reserves Pension entitlements 17.9 26.3 36.7 32.5 35.3 32.2 34.6 32.5 34.5 43 1426.1 1463.1 1503.5 1561.4 1521.5 1529.6 1545.5 1561.4 1567.0 44 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 45 46 47 FL793178005 LM793192005 Taxes payable Foreign direct investment in U.S. 48 FL793190005 Miscellaneous liabilities Total liabilities 86272.2 86227.6 89965.5 96857.2 91977.0 93364.2 95015.2 96857.2 97016.5 135.2 194.6 912.3 144.1 205.2 853.0 144.6 214.8 880.3 154.2 225.2 942.5 152.0 217.2 893.7 155.9 219.5 901.6 157.1 222.7 905.2 154.2 225.2 942.5 1 2 3 4 5 6 163.5 24 227.4 25 931.9 26 13147.3 13219.6 13910.5 14069.0 14071.1 14299.3 14067.1 14069.0 14367.3 27 80841.2 80829.3 83917.4 89871.2 85689.9 86925.1 88365.6 89871.2 90063.5 28 2627.3 1934.2 265.8 1437.0 231.4 2183.1 1978.4 288.7 1454.2 235.4 1833.8 2051.6 291.5 1523.6 236.5 2168.1 2068.0 302.9 1525.5 239.5 2321.4 2029.4 295.0 1496.6 237.8 2125.7 2078.6 300.3 1540.6 237.7 2246.8 2070.3 305.7 1529.0 235.5 2168.1 2068.0 302.9 1525.5 239.5 2291.2 29 2011.8 306.8 1470.4 234.6 38 39 40 41 105.0 597.8 97.5 615.1 100.6 710.5 163.9 744.2 92.9 726.7 95.0 741.1 106.9 749.4 163.9 744.2 151.2 46 744.2 47 7399.2 7096.4 7583.8 8322.7 7819.9 8059.6 8224.1 8322.7 8394.9 48 7338.4 40.6 7310.9 45.4 8354.3 61.0 9887.4 63.3 8706.3 62.6 9033.2 61.8 9324.1 63.0 9887.4 63.3 9744.8 49 61.1 50 Memo: 49 50 LM793164105 LM662090205 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.109 through L.132. Levels 2014 86 Z.1, June 7, 2018 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL714090005 4555.4 4542.1 4509.6 4506.0 4529.6 4522.5 4516.7 4506.0 4454.4 1 2 3 4 FL713011005 FL713014003 FL713012003 U.S. official reserve assets SDR certificates Treasury currency 32.0 5.2 46.3 30.5 5.2 47.6 30.4 5.2 48.5 32.2 5.2 49.4 30.9 5.2 48.8 31.6 5.2 49.0 32.0 5.2 49.2 32.2 5.2 49.4 33.1 5.2 49.5 2 3 4 5 FL713022003 Federal Reserve float (2) -0.6 -0.0 -0.8 -0.9 -0.6 -0.6 -0.7 -0.9 -0.7 5 6 7 8 FL713068705 FL713068703 FL763069143 Interbank loans (2) Discount window (3) AMLF (4) 0.1 0.1 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 0.1 0.1 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.0 0.0 0.0 6 7 8 9 FL712051000 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 FL714022005 FL713069603 FL713061103 FL713061113 FL713061125 FL713061705 FL713061903 FL713061703 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 4236.9 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 4242.0 0.0 2461.6 0.0 2461.6 1780.4 1747.5 32.9 4221.2 0.0 2463.6 0.0 2463.6 1757.6 1741.4 16.2 4223.5 0.0 2454.2 0.0 2454.2 1769.3 1764.9 4.4 4246.8 0.0 2464.4 0.0 2464.4 1782.5 1769.1 13.3 4243.5 0.0 2465.1 0.0 2465.1 1778.4 1770.3 8.1 4240.3 0.0 2465.4 0.0 2465.4 1774.9 1768.2 6.8 4223.5 0.0 2454.2 0.0 2454.2 1769.3 1764.9 4.4 4183.7 0.0 2425.0 0.0 2425.0 1758.8 1754.4 4.4 10 11 12 13 14 15 16 17 18 FL713068005 Loans (depository institution loans n.e.c.) (5) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 FL713064103 Corporate equities (6) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 21 22 FL713090005 FL713091103 FL713093005 Miscellaneous assets Nonofficial foreign currencies (7) Other 235.5 1.5 233.9 216.8 1.0 215.8 205.0 5.6 199.5 196.5 12.1 184.4 198.5 5.1 193.4 193.7 3.1 190.6 190.5 3.6 186.9 196.5 12.1 184.4 183.6 20 5.0 21 178.5 22 23 FL714190005 4526.8 4532.1 4499.6 4496.0 4519.6 4512.5 4506.7 4496.0 4446.9 23 24 25 FL713113003 FL703025005 Depository institution reserves Vault cash of depository institutions 2352.8 75.7 1965.2 74.2 1754.2 76.0 1949.0 77.2 2149.3 70.2 1979.4 70.8 2070.4 68.5 1949.0 77.2 2107.1 24 68.2 25 26 FL713120005 Checkable deposits and currency 1554.3 1721.9 1881.1 1819.7 1601.8 1707.7 1710.0 1819.7 1884.9 26 27 28 29 30 FL713123005 FL713123023 FL713123030 FL713123043 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 223.7 0.2 223.5 0.0 333.7 0.3 333.4 0.0 399.4 0.2 399.2 0.0 229.1 0.2 228.9 0.0 92.5 0.3 92.2 0.0 181.3 0.2 181.1 0.0 159.5 0.2 159.3 0.0 229.1 0.2 228.9 0.0 31 32 FL713122605 FL713124005 Due to rest of the world Due to government-sponsored enterprises 5.3 58.1 5.2 32.2 5.2 43.1 5.3 44.4 5.2 38.3 5.2 30.0 5.2 34.5 5.3 44.4 5.3 31 21.1 32 33 FL713125005 1267.3 1350.7 1433.5 1540.8 1465.8 1491.1 1510.7 1540.8 1568.5 33 34 35 36 FL712151003 FL712151103 FL712151115 Security repurchase agreements Reverse repurchase agreement operations (8) Other 509.8 396.7 113.1 712.4 474.6 237.8 725.2 468.4 256.9 564.0 319.6 244.4 600.3 346.9 253.4 650.0 398.9 251.1 556.8 316.1 240.7 564.0 319.6 244.4 273.4 34 32.4 35 241.0 36 37 38 39 FL713190005 FL713164003 FL713193005 Miscellaneous liabilities Federal Reserve Bank stock Other 34.2 28.6 5.6 58.4 29.5 28.9 63.1 30.4 32.6 86.2 31.4 54.8 98.0 30.6 67.4 104.7 30.8 73.8 101.0 31.2 69.8 86.2 31.4 54.8 113.4 37 31.7 38 81.7 39 Total liabilities Currency outside banks 290.0 0.3 289.6 0.0 27 28 29 30 (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 as part of line 24. (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 Fund Liquidity Facility (AMLF). (5) Loans extended to the financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), recorded as part of the household sector; to broker and dealers through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF; and to the funding corporations Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (6) 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. (7) Reciprocal currency arrangements (swap lines) with foreign central banks. (8) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). 87 Z.1, June 7, 2018 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL704090005 2 3 4 FL703025005 FL713113003 FL702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 75.7 2352.8 403.2 74.2 1965.2 428.4 76.0 1754.2 411.6 77.2 1949.0 492.3 70.2 2149.3 387.2 70.8 1979.4 436.5 68.5 2070.4 428.5 77.2 1949.0 492.3 68.2 2107.1 504.6 5 6 7 8 9 10 FL704022005 FL703069175 FL703061105 FL703061705 FL703062005 FL703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3662.1 0.0 499.8 1970.0 458.0 734.2 3865.4 0.0 536.6 2125.2 505.4 698.2 4136.4 0.0 642.1 2256.5 556.0 681.9 4286.2 0.0 621.9 2423.1 576.6 664.7 4202.4 0.0 647.4 2300.4 561.0 693.7 4180.8 0.0 602.9 2337.2 564.2 676.4 4210.5 0.0 597.8 2373.8 566.9 672.0 4286.2 0.0 621.9 2423.1 576.6 664.7 4265.4 5 0.1 6 624.4 7 2426.4 8 560.4 9 654.0 10 11 12 13 14 15 FL704023005 FL703068005 FL703069005 FL703065005 FL703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 8991.9 2814.9 0.0 4531.1 1645.9 9665.7 10270.3 10704.4 10258.9 10433.3 10537.6 10704.4 10736.5 11 3116.0 3288.0 3387.0 3288.4 3336.8 3356.2 3387.0 3416.9 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 4779.1 5070.0 5282.5 5096.6 5177.9 5231.1 5282.5 5313.5 14 1770.6 1912.4 2034.9 1874.0 1918.6 1950.3 2034.9 2006.2 15 16 17 LM703064105 LM703064205 Corporate equities Mutual fund shares 18 FL763040005 Life insurance reserves 149.6 156.2 161.8 168.2 163.2 164.5 166.7 168.2 169.4 18 19 20 LM763092000 FL703090005 U.S. direct investment abroad Miscellaneous assets 256.2 714.0 239.3 719.9 227.1 796.1 237.2 738.6 230.3 753.9 229.6 773.0 228.1 751.7 237.2 738.6 237.1 19 756.4 20 21 FL704190005 22 FL704110005 Net interbank liabilities 23 24 FL703127005 FL703130005 Checkable deposits Time and savings deposits 25 FL702150005 Federal funds and security repos 607.5 603.4 635.9 732.1 638.6 678.6 711.7 732.1 683.0 25 26 27 28 FL704122005 FL703169175 FL763163005 Debt securities Open market paper Corporate bonds 263.5 54.5 209.0 254.2 53.6 200.6 232.8 49.0 183.7 219.8 49.7 170.1 229.8 49.4 180.4 225.2 48.7 176.5 228.0 50.4 177.6 219.8 49.7 170.1 218.4 26 48.9 27 169.5 28 29 FL703169005 Loans (other loans and advances) 503.6 543.3 613.1 641.3 570.8 616.2 630.1 641.3 603.6 29 30 31 FL763178003 LM753192003 Taxes payable (net) Foreign direct investment in U.S. 80.0 198.0 71.9 193.4 72.6 190.7 104.4 203.6 65.3 195.2 69.9 193.9 80.8 195.0 104.4 203.6 90.6 30 203.9 31 32 33 34 35 FL703190005 FL763194735 FL753194503 FL703193005 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 2984.3 2133.2 103.2 747.9 3021.3 2175.3 105.4 740.6 3138.7 2285.8 99.8 753.1 3209.0 2377.1 79.7 752.2 3192.6 2329.5 110.1 752.9 3215.9 2356.5 89.1 770.2 3255.9 2401.3 81.5 773.1 3209.0 2377.1 79.7 752.2 8.6 8.0 9.3 11.2 9.7 10.7 11.0 11.2 11.4 36 5448.2 5592.4 5760.1 5992.5 5878.0 5856.3 5930.4 5992.5 6014.5 37 Total liabilities 16775.8 17271.2 18000.0 18854.5 18390.1 18446.7 18650.6 18854.5 19036.6 108.5 61.8 100.0 56.8 106.5 60.0 131.9 69.6 112.0 62.6 116.0 62.8 122.7 65.8 131.9 69.6 1 2 3 4 129.4 16 62.5 17 17305.6 17795.1 18488.3 19339.3 18877.8 18949.5 19204.8 19339.3 19481.8 21 198.9 143.6 3.6 141.9 101.9 75.5 107.9 141.9 115.9 22 2021.2 2108.9 2228.8 2394.7 2348.5 2379.6 2325.0 2394.7 2467.0 23 10448.7 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.6 24 3200.8 2346.6 90.7 763.6 32 33 34 35 Memo: 36 FL763066303 Consumer leases not included above (2) 37 FL703139105 Uninsured deposits (3) (1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114). (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. (3) Includes checkable deposits (line 23) and time and savings deposits (line 24) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Levels 2014 88 Z.1, June 7, 2018 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total financial assets Q2 Q3 Q4 2018 Q1 1 FL764090005 2 3 4 FL763025000 FL763013005 FL762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 75.6 1402.7 185.0 74.2 1204.9 209.8 76.0 1114.6 218.5 77.2 1161.9 222.5 70.2 1323.1 190.0 70.8 1193.5 224.5 68.5 1207.8 188.1 77.2 1161.9 222.5 68.2 1228.0 241.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FL764022005 FL763069175 FL763061100 FL763061705 FL763061803 FL763061303 FL763061603 FL763061403 FL763061795 FL763062000 FL763063005 FL763063673 FL763063653 FL763063663 FL763063693 FL763063095 Debt securities 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 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 3153.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 451.5 521.7 22.7 5.6 68.2 42.7 382.6 3368.3 0.0 435.2 1924.7 1129.7 61.5 443.9 96.7 193.0 498.9 509.5 14.7 3.0 56.2 53.3 382.3 3644.7 0.0 531.2 2061.5 1271.3 83.1 421.5 125.2 160.4 549.2 502.9 9.5 3.5 44.8 42.8 402.3 3755.1 0.0 488.0 2210.1 1394.7 100.9 418.8 138.7 157.0 570.2 486.8 5.0 3.0 37.7 36.1 405.0 3698.5 0.0 526.8 2098.2 1298.9 86.8 420.4 129.3 162.8 554.2 519.3 9.0 5.0 44.5 39.4 421.5 3673.2 0.0 479.0 2134.5 1333.8 89.8 417.7 132.0 161.2 557.3 502.4 7.9 4.3 42.7 37.8 409.7 3720.8 0.0 481.5 2178.5 1371.1 94.7 419.3 134.8 158.6 560.6 500.2 6.5 3.2 40.3 37.3 412.9 3755.1 0.0 488.0 2210.1 1394.7 100.9 418.8 138.7 157.0 570.2 486.8 5.0 3.0 37.7 36.1 405.0 3739.7 0.0 487.4 2213.9 1390.6 102.9 422.5 142.1 155.8 554.4 484.1 3.9 2.5 35.7 36.5 405.4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 FL764023005 FL763068005 FL763069703 FL763065005 FL763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 7632.0 2198.2 0.0 4090.7 1343.1 8148.6 2424.0 0.0 4296.3 1428.3 8639.7 2570.1 0.0 4537.6 1532.1 8989.4 2674.4 0.0 4698.5 1616.5 8615.0 2572.6 0.0 4555.3 1487.1 8758.4 2622.9 0.0 4621.2 1514.3 8841.6 2639.2 0.0 4661.0 1541.4 8989.4 2674.4 0.0 4698.5 1616.5 9009.0 2713.8 0.0 4721.5 1573.7 21 22 23 24 25 26 27 LM763064105 LM763064203 Corporate equities Mutual fund shares 108.5 59.7 100.0 54.9 106.5 58.0 131.9 67.2 112.0 60.6 116.0 60.7 122.7 63.5 131.9 67.2 129.4 26 60.1 27 28 29 FL763040005 LM763092000 Life insurance reserves U.S. direct investment abroad 149.6 256.2 156.2 239.3 161.8 227.1 168.2 237.2 163.2 230.3 164.5 229.6 166.7 228.1 168.2 237.2 169.4 28 237.1 29 30 FL763090005 Miscellaneous assets 542.9 554.1 592.8 522.5 568.0 580.9 563.7 522.5 533.5 30 31 FL764190005 32 33 34 35 36 FL764110005 FL713022003 FL713068705 FL764112005 FL764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 37 38 39 40 FL763127005 FL763123005 FL763129205 FL763122605 41 42 Total liabilities 13566.3 14110.3 14839.7 15333.0 15030.9 15072.1 15171.6 15333.0 15415.4 1 14173.1 14686.6 15432.4 15944.3 15620.4 15666.9 15847.2 15944.3 15975.5 31 161.3 -0.6 0.1 -28.9 190.6 119.1 -0.0 0.1 -35.7 154.8 29.5 -0.8 0.1 -40.0 70.3 52.1 -0.9 0.1 3.1 49.7 76.1 -0.6 0.0 -0.4 77.1 72.7 -0.6 0.1 -8.6 81.7 56.6 -0.7 0.2 -4.5 61.7 52.1 -0.9 0.1 3.1 49.7 -30.5 -0.7 0.0 6.2 -36.0 32 33 34 35 36 Checkable deposits Federal government Private domestic Rest of the world 1716.1 2.5 1657.0 56.5 1766.4 2.3 1720.4 43.6 1879.6 2.2 1818.8 58.7 1995.8 1.9 1935.2 58.7 1969.0 2.2 1906.3 60.5 1990.3 2.0 1930.4 57.9 1943.0 2.0 1870.9 70.0 1995.8 1.9 1935.2 58.7 2059.0 2.3 1992.2 64.5 37 38 39 40 FL763130005 FL762150005 Time and savings deposits Federal funds and security repos 8509.1 236.2 8993.2 196.8 9574.0 162.6 9822.1 170.5 9630.1 158.5 9569.8 162.9 9741.7 166.9 9822.1 170.5 9964.8 41 157.0 42 43 44 45 FL764122005 FL763169175 FL763163005 Debt securities Open market paper Corporate bonds 263.5 54.5 209.0 254.2 53.6 200.6 232.8 49.0 183.7 219.8 49.7 170.1 229.8 49.4 180.4 225.2 48.7 176.5 228.0 50.4 177.6 219.8 49.7 170.1 218.4 43 48.9 44 169.5 45 46 FL763169305 Loans (other loans and advances) 468.2 498.7 566.4 586.5 525.7 569.6 579.5 586.5 557.1 46 47 FL763178003 Taxes payable (net) 80.0 71.9 72.6 104.4 65.3 69.9 80.8 104.4 90.6 47 48 49 50 FL763190005 FL763194735 FL763193005 Miscellaneous liabilities Investment by holding companies Other 2738.7 2133.2 605.5 2786.4 2175.3 611.1 2914.9 2285.8 629.0 2993.3 2377.1 616.1 2965.9 2329.5 636.4 3006.7 2356.5 650.1 3050.5 2401.3 649.2 2993.3 2377.1 616.1 2959.1 48 2346.6 49 612.5 50 8.6 8.0 9.3 11.2 9.7 10.7 11.0 11.2 11.4 51 4186.4 4428.4 4726.6 4888.4 4747.7 4702.1 4776.5 4888.4 4884.7 52 Memo: 51 FL763066303 Consumer leases not included above (1) 52 FL763139105 Uninsured deposits (2) (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. (2) Includes checkable deposits (line 37) and time and savings deposits (line 41) not insured by the Federal Deposit Insurance Corporation. 89 Z.1, June 7, 2018 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL754090005 2036.1 1903.0 1801.5 2083.6 1952.2 1958.8 2058.8 2083.6 2119.2 1 2 3 4 FL753025003 FL753013003 FL752050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.0 888.8 218.1 0.0 690.3 218.5 0.0 567.8 193.1 0.0 710.1 269.7 0.0 728.9 197.1 0.0 704.6 211.9 0.0 782.5 240.2 0.0 710.1 269.7 0.0 777.0 263.4 2 3 4 5 6 7 8 9 10 FL754022005 FL753069603 FL753061103 FL753061703 FL753062003 FL753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 274.3 0.0 56.5 20.5 0.0 197.3 265.3 0.0 69.8 23.1 0.0 172.4 276.0 0.0 94.0 21.1 0.0 160.8 303.3 0.0 99.5 43.6 0.0 160.2 266.2 0.0 88.4 21.9 0.0 155.9 270.0 0.0 91.4 22.9 0.0 155.7 259.8 0.0 84.3 21.3 0.0 154.2 303.3 0.0 99.5 43.6 0.0 160.2 293.0 5 0.0 6 99.3 7 41.5 8 0.0 9 152.3 10 11 12 13 14 FL754023005 FL753068005 FL753069703 FL753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 583.5 545.9 0.0 37.6 670.5 619.2 0.0 51.3 701.3 634.2 0.0 67.2 697.4 620.7 0.0 76.7 699.5 631.1 0.0 68.4 701.5 628.9 0.0 72.6 699.1 625.9 0.0 73.2 697.4 620.7 0.0 76.7 687.9 609.9 0.0 78.0 15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL753093005 Miscellaneous assets 71.3 58.4 63.3 103.2 60.5 70.7 77.1 103.2 97.9 16 17 FL754190005 2076.4 1974.3 1828.3 2097.4 1984.2 2003.3 2075.7 2097.4 2146.7 17 18 19 20 FL754110005 FL754116005 FL754112005 Net interbank liabilities To foreign banks To domestic banks 90.2 66.9 23.3 71.5 43.2 28.3 22.0 -12.8 34.8 133.5 107.5 26.1 65.8 28.4 37.4 46.9 10.0 36.9 94.3 65.0 29.3 133.5 107.5 26.1 184.0 18 163.9 19 20.1 20 21 22 FL753127005 FL753130005 Checkable deposits Time and savings deposits 137.8 1056.3 154.1 934.9 151.3 794.3 185.4 820.0 170.4 865.6 176.9 881.4 174.0 883.7 185.4 820.0 178.6 21 848.9 22 23 FL752150005 Federal funds and security repos 371.3 406.6 473.3 561.6 480.0 515.6 544.8 561.6 526.0 23 24 FL753169603 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 LM753192003 Foreign direct investment in U.S. 198.0 193.4 190.7 203.6 195.2 193.9 195.0 203.6 203.9 25 26 27 28 FL753190005 FL753194503 FL753193005 Miscellaneous liabilities Investment by funding corporations Other 222.8 103.2 119.6 213.7 105.4 108.3 196.6 99.8 96.9 193.2 79.7 113.5 207.2 110.1 97.1 188.5 89.1 99.4 183.8 81.5 102.3 193.2 79.7 113.5 205.2 26 90.7 27 114.5 28 1194.1 1089.1 945.6 1005.4 1036.0 1058.4 1057.8 1005.4 1027.5 29 Total liabilities 11 12 13 14 Memo: 29 FL753139105 Uninsured deposits (3) (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. (3) All checkable deposits (line 21) and time and savings deposits (line 22) are considered uninsured according to the Federal Deposit Insurance Act. Levels 2014 90 Z.1, June 7, 2018 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 1 FL744090005 2 FL743013003 Total financial assets Reserves at Federal Reserve 3 4 5 6 7 FL744022003 FL743061103 FL743061703 FL743062003 FL743063005 8 9 10 11 FL744023003 FL743068005 FL743065103 FL743065505 12 FL743093005 13 FL744190005 14 15 16 17 FL744110005 FL743127003 FL743130003 FL743193005 18 FL743139105 Q2 Q3 2018 Q1 Q4 95.9 92.3 99.2 95.7 99.6 100.4 92.5 95.7 98.2 1 4.0 3.8 4.7 7.8 5.5 6.5 7.7 7.8 9.4 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11.1 1.3 1.7 2.7 5.3 11.9 2.4 1.8 2.1 5.6 13.2 3.2 1.5 1.7 6.7 14.9 5.1 1.5 1.3 7.0 14.1 4.0 1.5 1.7 6.9 14.3 4.3 1.4 1.6 6.9 13.5 3.9 1.4 1.3 6.9 14.9 5.1 1.5 1.3 7.0 16.0 6.3 1.7 1.3 6.7 3 4 5 6 7 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages 47.4 17.1 17.4 13.0 41.7 15.1 15.8 10.8 39.8 13.9 15.1 10.7 39.2 13.1 15.4 10.6 38.9 13.4 14.9 10.6 38.8 13.6 14.7 10.5 38.3 13.0 14.6 10.7 39.2 13.1 15.4 10.6 38.6 8 13.1 9 15.0 10 10.5 11 Miscellaneous assets 33.4 34.9 41.6 33.9 41.2 40.8 33.0 33.9 34.2 12 86.3 83.0 89.9 86.0 90.4 91.1 83.0 86.0 88.3 13 -1.3 33.4 46.8 7.4 -1.3 35.0 43.9 5.3 -1.3 40.8 46.4 4.1 -1.3 41.1 41.8 4.4 -1.3 41.9 46.0 3.8 -1.2 43.0 45.1 4.2 -1.7 39.2 41.5 3.9 -1.3 41.1 41.8 4.4 -1.2 42.6 42.9 4.1 19.4 20.1 24.3 27.2 27.4 28.1 27.0 27.2 29.0 18 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities 14 15 16 17 Levels Memo: Uninsured deposits (2) (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. (2) Includes checkable deposits (line 15) and time and savings deposits (line 16) not insured by the Federal Deposit Insurance Corporation. L.114 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL474090005 Total financial assets 1077.6 1165.6 1259.7 1342.2 1307.4 1315.3 1327.7 1342.2 1403.7 1 2 3 FL473013005 FL472050053 Reserves at Federal Reserve Federal funds and security repos 57.4 0.0 66.2 0.0 67.2 0.0 69.3 0.2 91.9 0.1 74.8 0.1 72.4 0.2 69.3 0.2 92.6 0.3 2 3 4 5 6 7 8 9 FL474022005 FL473069153 FL473061105 FL473061705 FL473062005 FL473063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 222.8 0.0 21.6 187.5 3.8 9.9 219.9 0.0 29.2 175.6 4.3 10.8 202.6 0.0 13.6 172.4 5.1 11.5 213.0 0.0 29.3 168.0 5.1 10.7 223.7 0.0 28.2 178.8 5.1 11.6 223.3 0.0 28.2 178.5 5.3 11.4 216.4 0.0 28.0 172.6 5.0 10.8 213.0 0.0 29.3 168.0 5.1 10.7 216.7 0.1 31.5 169.4 4.8 10.9 4 5 6 7 8 9 10 11 12 13 FL474023000 FL473068005 FL473065100 FL473066000 Loans Depository institution loans n.e.c. Home mortgages Consumer credit 728.9 53.7 372.5 302.8 804.9 57.7 404.9 342.3 889.5 69.8 439.4 380.3 978.4 78.6 481.4 418.4 905.5 71.3 447.3 386.9 934.5 71.4 458.8 404.3 958.5 78.0 471.6 408.9 978.4 78.6 481.4 418.4 1001.0 80.1 488.5 432.4 10 11 12 13 14 15 LM473064205 FL473090005 Mutual fund shares Miscellaneous assets 2.1 66.4 1.9 72.6 1.9 98.4 2.3 79.1 2.1 84.2 2.1 80.6 2.3 78.0 2.3 79.1 2.4 14 90.8 15 16 FL474190005 969.9 1051.2 1137.7 1211.6 1182.8 1188.2 1198.9 1211.6 1271.4 16 17 18 19 20 21 22 FL474110005 FL473127003 FL473130005 FL472150053 FL473169333 FL473193005 -51.3 133.9 836.5 0.0 35.4 15.4 -45.7 153.4 882.9 0.0 44.7 16.0 -46.5 157.1 957.3 0.0 46.7 23.1 -42.4 172.4 1008.6 0.0 54.8 18.2 -38.7 167.1 993.5 0.0 45.2 15.7 -42.8 169.3 998.5 0.0 46.6 16.6 -41.5 168.8 1003.3 0.0 50.5 17.7 -42.4 172.4 1008.6 0.0 54.8 18.2 -36.4 186.8 1042.0 0.0 46.5 32.5 48.4 54.8 63.6 71.4 66.9 67.7 69.1 71.4 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities 17 18 19 20 21 22 Memo: 23 FL473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 18) and time and savings deposits (line 19) not insured by the National Credit Union Share Insurance Fund. 73.2 23 91 Z.1, June 7, 2018 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL514090005 2 3 4 FL513020003 FL513034003 FL512051003 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM514022005 LM513069103 LM513061103 LM513061703 LM513062003 LM513063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 FL513065503 Loans (commercial mortgages) 12 13 LM513064105 LM513064203 14 15 16 17 18 FL513070003 LM513092003 FL513090005 FL513092403 FL513093005 19 FL514190005 20 21 FL512151003 FL513169333 22 23 24 25 26 27 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1845.3 1848.7 1907.7 2031.6 1941.9 1972.8 2017.4 2031.6 2024.0 1 36.5 18.5 1.8 33.8 21.7 1.8 26.6 15.1 1.3 30.5 19.1 1.3 27.5 15.6 1.3 27.5 16.2 1.3 37.4 17.4 1.3 30.5 19.1 1.3 32.5 20.3 1.1 2 3 4 1012.1 8.0 104.9 111.6 339.6 448.1 995.1 8.9 100.7 102.7 345.8 437.0 1027.1 19.6 110.9 104.3 338.5 453.9 1058.6 10.9 144.3 111.0 327.0 465.3 1015.5 16.5 115.6 104.2 330.2 449.0 1026.3 13.9 122.4 106.6 329.4 454.0 1036.0 12.2 131.4 108.3 326.7 457.4 1058.6 10.9 144.3 111.0 327.0 465.3 1035.4 5 9.3 6 134.9 7 110.0 8 327.0 9 454.3 10 9.9 12.3 14.9 17.2 14.2 15.7 16.6 17.2 18.0 11 Corporate equities Mutual fund shares 331.1 18.2 323.0 18.4 342.0 19.3 396.2 23.5 351.4 20.5 357.0 21.4 370.1 22.4 396.2 23.5 393.1 12 24.0 13 Trade receivables U.S. direct investment abroad Miscellaneous assets Equity in FHLB Other 103.8 119.2 194.1 0.1 193.9 110.1 110.1 222.5 0.1 222.3 110.6 113.4 237.3 0.2 237.2 121.7 116.2 247.1 0.2 246.9 118.0 114.9 262.9 0.2 262.8 122.8 118.6 266.2 0.2 266.0 123.9 120.0 272.4 0.2 272.2 121.7 116.2 247.1 0.2 246.9 130.8 109.8 258.9 0.2 258.7 1095.5 1110.4 1152.4 1225.9 1171.1 1196.4 1249.0 1225.9 1240.0 19 Security repurchase agreements Loans (other loans and advances) 1.0 2.2 1.4 2.4 0.4 2.9 0.4 2.7 0.4 2.9 0.4 3.9 0.4 2.9 0.4 2.7 0.3 20 3.7 21 FL513178005 LM513192003 Taxes payable Foreign direct investment in U.S. 6.6 67.1 7.4 76.7 8.4 117.7 13.1 120.4 8.0 118.0 6.7 119.7 7.2 121.1 13.1 120.4 14.0 22 119.6 23 FL513190005 FL513194733 FL513176003 FL513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other 1018.6 5.3 822.5 190.8 1022.6 4.5 838.1 180.0 1022.9 4.3 859.0 159.6 1089.2 4.8 893.5 190.9 1041.9 3.9 852.4 185.6 1065.7 4.4 866.1 195.3 1117.3 4.6 911.3 201.4 1089.2 4.8 893.5 190.9 Total liabilities 1102.2 5.3 899.5 197.5 14 15 16 17 18 24 25 26 27 Memo: 28 FL513200003 Securities lending (1) 29 30 FL514090023 FL514090033 Financial guaranty insurers’ total assets (2) Mortgage guaranty insurers’ total assets (2) 2.8 2.8 3.1 5.1 4.8 5.2 5.6 5.1 5.6 28 28.0 20.2 27.5 20.6 26.7 20.9 26.5 22.1 26.6 21.4 26.3 21.5 26.4 21.9 26.5 22.1 25.4 29 25.3 30 (1) Liability for securities lending collateral, included in line 27. (2) Total nonfinancial and financial assets of financial guaranty insurers and mortgage guaranty insurers as reported in statutory financial statements, with securities reported at book/adjusted carrying value. Levels 2014 92 Z.1, June 7, 2018 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL544090005 2 3 4 FL543020005 FL543034005 FL542051073 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022005 LM543069105 LM543061105 LM543061705 LM543062005 LM543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023005 FL543069005 FL543065005 Loans Other loans and advances Mortgages 14 15 LM543064105 LM543064205 Corporate equities Mutual fund shares 16 LM543092073 U.S. direct investment abroad 17 18 19 20 FL543090005 FL543092473 FL543077073 FL543093005 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 21 FL544190005 22 23 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) 24 25 FL543140005 FL543150005 Life insurance reserves Pension entitlements (2) 26 27 FL543178075 LM543192073 Taxes payable Foreign direct investment in U.S. 28 29 30 31 32 33 FL543190005 FL543194733 FL673090543 FL543195005 FL593095005 FL543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other Total liabilities 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 6520.0 6445.0 6764.3 7216.7 6894.3 7004.1 7123.4 7216.7 7120.6 1 57.1 53.7 3.1 65.9 56.3 2.7 69.4 43.5 2.3 86.1 47.2 1.9 70.3 45.2 2.3 78.2 46.0 2.2 78.4 47.7 2.1 86.1 47.2 1.9 83.3 43.8 1.7 2 3 4 3265.4 50.5 200.0 382.5 164.4 2467.9 3223.8 43.0 203.6 364.4 171.2 2441.6 3407.7 44.9 216.9 366.1 179.0 2600.8 3585.5 36.2 226.4 382.4 192.7 2747.8 3453.9 44.0 218.1 370.6 182.7 2638.4 3499.6 41.6 219.9 375.1 186.2 2676.8 3541.6 40.0 219.8 379.1 189.7 2713.0 3585.5 36.2 226.4 382.4 192.7 2747.8 3531.0 5 34.1 6 224.4 7 381.3 8 193.8 9 2697.5 10 546.8 162.0 384.8 588.1 161.5 426.5 625.4 164.4 461.0 671.9 169.9 502.0 635.9 163.9 472.0 652.1 166.5 485.6 663.3 170.2 493.1 671.9 169.9 502.0 683.0 11 171.1 12 511.9 13 317.9 1682.0 336.9 1609.4 460.3 1539.1 502.3 1683.9 472.6 1586.3 481.8 1611.3 494.7 1647.9 502.3 1683.9 511.8 14 1654.3 15 75.3 61.9 63.0 70.2 63.9 65.2 64.3 70.2 68.5 16 518.8 3.0 29.9 485.9 500.0 3.4 31.6 464.9 553.6 3.8 31.3 518.5 567.7 4.2 33.1 530.4 563.9 4.1 32.7 527.1 567.8 4.0 33.1 530.8 583.4 4.0 33.2 546.2 567.7 4.2 33.1 530.4 5828.1 5886.9 6157.5 6541.7 6275.0 6360.5 6444.9 6541.7 6532.1 21 21.9 51.9 21.4 58.1 21.6 68.3 21.4 74.9 21.7 71.2 22.3 71.3 21.7 72.2 21.4 74.9 19.1 22 79.0 23 1426.1 2832.8 1463.1 2877.6 1503.5 3015.5 1561.4 3220.2 1521.5 3081.8 1529.6 3120.4 1545.5 3163.9 1561.4 3220.2 1567.0 24 3193.2 25 6.6 82.7 7.4 87.7 8.4 100.3 10.5 100.8 8.0 100.4 6.7 104.4 7.2 105.7 10.5 100.8 10.3 26 102.7 27 1406.1 11.5 62.2 310.0 672.3 350.2 1371.6 12.0 63.8 313.4 645.5 337.0 1439.9 13.3 70.7 336.2 655.4 364.3 1552.6 15.8 82.9 351.8 699.1 403.1 1470.4 13.6 73.5 342.6 665.8 374.8 1506.0 14.3 77.4 344.3 674.6 395.5 1528.7 14.7 83.6 346.6 686.3 397.4 1552.6 15.8 82.9 351.8 699.1 403.1 53.9 49.4 47.8 49.0 51.1 50.9 51.5 49.0 543.1 4.5 35.5 503.1 1560.9 15.1 85.4 361.0 694.1 405.2 17 18 19 20 28 29 30 31 32 33 Memo: 34 FL543200073 Securities lending (5) (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 32. (3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (5) Liability for securities lending collateral, included in line 33. 52.9 34 93 Z.1, June 7, 2018 L.116.g Life Insurance Companies: General Accounts 2014 1 FL544090075 2 3 4 FL543020073 FL543034073 FL542051073 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022075 LM543069170 LM543061173 LM543061773 LM543062073 LM543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023075 FL543069075 FL543065070 Loans Other loans and advances Mortgages 14 15 LM543064175 LM543064273 Corporate equities Mutual fund shares 16 17 LM543092073 FL543090075 U.S. direct investment abroad Miscellaneous assets 18 FL544190075 19 20 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) 21 22 23 24 FL543140073 FL543150075 FL543178075 LM543192073 25 FL543190075 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 4100.0 4052.4 4293.7 4523.4 4360.0 4435.3 4500.6 4523.4 4483.6 1 41.7 28.1 3.1 52.6 28.7 2.7 52.0 18.5 2.3 58.3 24.3 1.9 50.7 20.9 2.3 56.2 22.3 2.2 53.7 24.4 2.1 58.3 24.3 1.9 55.1 20.6 1.7 2 3 4 2916.8 28.2 154.3 293.1 157.5 2283.7 2837.5 23.5 155.6 272.8 163.8 2221.7 3006.8 27.8 164.6 273.5 169.4 2371.5 3174.5 23.8 172.2 286.2 182.7 2509.6 3053.7 28.2 167.6 277.2 173.0 2407.7 3097.7 27.1 170.1 280.7 176.4 2443.5 3140.8 26.6 172.2 284.0 179.8 2478.2 3174.5 23.8 172.2 286.2 182.7 2509.6 3123.0 5 21.6 6 170.1 7 285.1 8 183.7 9 2462.6 10 534.6 161.6 373.0 560.7 156.5 404.2 597.2 159.5 437.7 642.2 165.1 477.1 607.3 159.0 448.3 623.1 161.7 461.5 634.0 165.4 468.6 642.2 165.1 477.1 652.9 11 166.3 12 486.6 13 83.5 5.7 83.6 5.3 91.9 6.5 100.4 7.2 93.0 6.7 97.6 6.8 100.3 7.0 100.4 7.2 104.0 14 7.5 15 75.3 411.3 61.9 419.5 63.0 455.5 70.2 444.4 63.9 461.4 65.2 464.1 64.3 474.1 70.2 444.4 68.5 16 450.3 17 3406.8 3476.2 3666.9 3831.6 3712.9 3752.5 3792.2 3831.6 3877.9 18 21.9 51.9 21.4 58.1 21.6 68.3 21.4 74.9 21.7 71.2 22.3 71.3 21.7 72.2 21.4 74.9 19.1 19 79.0 20 Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment in U.S. 1142.7 1007.3 6.6 82.7 1146.5 1073.6 7.4 87.7 1169.9 1157.4 8.4 100.3 1209.3 1170.1 10.5 100.8 1181.0 1163.9 8.0 100.4 1185.5 1162.6 6.7 104.4 1198.2 1167.2 7.2 105.7 1209.3 1170.1 10.5 100.8 1222.2 1187.0 10.3 102.7 Miscellaneous liabilities 1093.6 1081.5 1140.9 1244.8 1166.7 1199.7 1219.9 1244.8 1257.6 25 Total liabilities 21 22 23 24 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 25). L.116.s Life Insurance Companies: Separate Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090085 Total financial assets 2420.0 2392.6 2470.7 2693.2 2534.3 2568.8 2622.8 2693.2 2637.0 1 2 3 FL543020083 FL543034385 Checkable deposits and currency Money market fund shares 15.4 25.7 13.3 27.6 17.4 25.0 27.8 22.8 19.6 24.3 22.0 23.7 24.7 23.3 27.8 22.8 28.2 23.2 2 3 4 5 6 7 8 9 LM544022085 LM543069183 LM543061183 LM543061783 LM543062083 LM543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 348.6 22.3 45.8 89.4 6.9 184.2 386.4 19.5 48.0 91.6 7.4 219.9 400.9 17.1 52.2 92.6 9.7 229.3 411.0 12.4 54.2 96.2 10.0 238.2 400.2 15.8 50.5 93.4 9.7 230.7 401.9 14.5 49.8 94.4 9.8 233.3 400.8 13.4 47.7 95.1 9.9 234.8 411.0 12.4 54.2 96.2 10.0 238.2 408.0 12.5 54.2 96.2 10.1 234.8 4 5 6 7 8 9 10 11 12 FL544023085 FL543069483 FL543065083 Loans Other loans and advances Mortgages 12.1 0.4 11.8 27.3 5.0 22.3 28.2 4.9 23.3 29.7 4.8 24.9 28.6 4.9 23.7 29.0 4.8 24.1 29.3 4.8 24.5 29.7 4.8 24.9 30.1 10 4.8 11 25.3 12 13 14 LM543064183 LM543064285 Corporate equities Mutual fund shares 234.4 1676.3 253.3 1604.1 368.4 1532.6 401.9 1676.7 379.6 1579.6 384.2 1604.5 394.3 1640.9 401.9 1676.7 407.7 13 1646.9 14 15 FL543090085 Miscellaneous assets 107.4 80.5 98.1 123.3 102.5 103.7 109.3 123.3 92.8 15 16 FL544190085 2421.3 2410.8 2490.6 2710.1 2562.1 2608.1 2652.7 2710.1 2654.2 16 17 18 19 LM543140083 LM543150085 FL543190085 283.4 1825.4 312.5 316.6 1804.0 290.2 333.6 1858.1 298.9 352.1 2050.2 307.9 340.6 1917.9 303.7 344.0 1957.8 306.3 347.3 1996.7 308.8 352.1 2050.2 307.9 344.8 17 2006.2 18 303.3 19 Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 19). Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 94 Z.1, June 7, 2018 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total financial assets (2) Q2 Q3 Q4 2018 Q1 1 FL594090005 2 3 FL593020005 FL593030005 Checkable deposits and currency Time and savings deposits 55.3 38.6 59.5 33.4 72.6 32.9 69.0 31.4 71.9 32.4 71.6 32.3 73.9 32.1 69.0 31.4 67.9 31.2 2 3 4 5 FL593034005 FL592051005 Money market fund shares Security repurchase agreements 210.7 6.8 206.8 6.5 219.7 7.6 210.0 6.8 217.0 7.4 215.6 7.3 217.8 7.5 210.0 6.8 208.2 6.7 4 5 6 7 8 9 10 11 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3764.2 87.7 2128.8 289.2 2.5 1256.0 3785.8 83.4 2176.2 267.2 2.5 1256.5 3963.2 96.1 2297.1 287.2 2.0 1280.8 4046.6 88.0 2263.8 316.8 3.3 1374.6 3856.5 94.1 2159.8 293.3 2.4 1306.9 3796.5 93.3 2073.0 304.5 2.6 1323.1 4085.4 95.2 2332.3 306.8 2.3 1348.9 4046.6 88.0 2263.8 316.8 3.3 1374.6 12 FL593065005 Loans (mortgages) 32.3 30.4 30.1 29.4 29.4 30.8 30.8 29.4 29.2 12 13 14 LM593064105 LM593064205 Corporate equities Mutual fund shares 4810.4 3623.7 4678.7 3532.3 4912.1 3740.3 5597.9 4302.8 5092.3 3928.3 5212.8 4045.9 5381.0 4160.3 5597.9 4302.8 5474.0 13 4275.0 14 15 16 17 18 19 FL593090005 FL593095005 FL573074005 FL593073005 FL593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 5056.3 672.3 76.1 3480.0 827.9 5522.6 645.5 90.8 3972.5 813.9 5667.4 655.4 96.3 4035.4 880.3 5587.4 699.1 102.8 3857.7 927.8 5764.8 665.8 98.5 4105.6 894.9 5832.6 674.6 98.9 4159.8 899.3 5540.7 686.3 100.4 3845.5 908.5 5587.4 699.1 102.8 3857.7 927.8 5653.2 694.1 103.8 3920.0 935.3 20 FL594190005 Pension entitlements (liabilities) (6) 17598.3 17855.9 18645.9 19881.2 19000.0 19245.4 19529.5 19881.2 19930.0 1 4184.7 6 86.0 7 2430.1 8 319.7 9 3.5 10 1345.2 11 15 16 17 18 19 17790.5 18033.5 18821.0 20072.4 19179.5 19428.6 19716.5 20072.4 20122.6 20 Memo: 21 22 23 FL594190045 FL592000075 FL593073045 24 25 26 27 28 FL153050015 FL594190045 FL594090055 LM893131573 FL543150015 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) 11621.6 11990.5 12354.5 12722.1 12446.7 12538.4 12630.3 12722.1 12813.3 21 8141.7 8018.0 8319.1 9023.0 8448.7 8520.0 8796.8 9023.0 8899.9 22 3480.0 3972.5 4035.4 3699.1 3998.0 4018.4 3833.4 3699.1 3913.4 23 27345.3 27810.0 29307.5 31850.6 30041.4 30521.0 31096.4 31850.6 ND 24 11621.6 11990.5 12354.5 12722.1 12446.7 12538.4 12630.3 12722.1 12813.3 25 6168.9 6043.0 6466.5 7350.3 6732.8 6890.2 7086.2 7350.3 7309.2 26 7292.0 7477.0 8080.0 9200.0 8400.0 8600.0 8850.0 9200.0 ND 27 2262.8 2299.6 2406.5 2578.2 2461.8 2492.4 2529.9 2578.2 ND 28 (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs are excluded. They are included in line 27. 95 Z.1, June 7, 2018 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets (2) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL574090005 8347.3 8237.4 8698.9 9492.2 8942.1 9085.3 9262.4 9492.2 9461.8 1 2 3 FL573020005 FL573030005 Checkable deposits and currency Time and savings deposits 18.8 35.5 19.6 31.0 21.3 29.9 23.5 28.8 22.0 29.5 22.1 29.4 22.6 29.2 23.5 28.8 23.9 28.6 2 3 4 5 FL573034005 FL572051005 Money market fund shares Security repurchase agreements 155.6 3.0 151.0 2.6 151.2 2.5 149.7 2.3 150.4 2.4 149.9 2.4 149.8 2.4 149.7 2.3 149.7 2.3 4 5 6 7 8 9 10 LM574022005 FL573069105 LM573061105 LM573061705 LM573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 1209.7 43.2 304.9 168.1 693.6 1173.7 38.4 287.2 158.6 689.5 1216.8 37.3 292.9 165.0 721.5 1285.7 36.2 306.5 171.5 771.5 1236.7 36.9 296.6 166.8 736.4 1249.9 36.8 299.2 169.3 744.6 1264.3 36.6 302.0 170.7 755.1 1285.7 36.2 306.5 171.5 771.5 11 FL573065005 Loans (mortgages) 24.0 22.0 21.8 21.6 21.7 21.7 21.6 21.6 21.6 11 12 13 LM573064105 LM573064205 Corporate equities Mutual fund shares 2284.3 3175.5 2197.3 3055.4 2354.0 3291.9 2662.9 3801.8 2436.1 3456.5 2481.5 3564.8 2552.7 3676.5 2662.9 3801.8 2612.0 12 3782.5 13 14 15 16 17 18 FL573090005 FL573095005 FL573074005 FL573073005 FL573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1440.8 527.4 76.1 176.7 660.6 1584.9 501.0 90.8 348.3 644.8 1609.5 517.1 96.3 328.1 668.0 1515.9 544.7 102.8 172.0 696.5 1586.8 526.1 98.5 285.8 676.4 1563.5 532.3 98.9 254.2 678.1 1543.3 539.2 100.4 218.7 685.0 1515.9 544.7 102.8 172.0 696.5 1577.6 540.8 103.8 231.5 701.6 19 FL574190005 8383.9 8274.0 8735.5 9528.8 8978.7 9121.9 9299.0 9528.8 9498.4 19 Pension entitlements (liabilities) (5) 1263.5 6 36.1 7 303.5 8 170.5 9 753.5 10 14 15 16 17 18 Memo: 20 21 22 FL574190043 FL572000075 FL573073005 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 3136.2 2959.5 176.7 3165.2 2816.9 348.3 3202.8 2874.7 328.1 3239.8 3067.8 172.0 3212.1 2926.2 285.8 3221.3 2967.1 254.2 3230.5 3011.9 218.7 3239.8 3067.8 172.0 3249.0 20 3017.6 21 231.5 22 23 24 FL574090045 FL574090055 Total financial assets Defined benefit plans (7) Defined contribution plans (8) 3099.7 5247.7 3128.6 5108.8 3166.2 5532.7 3203.2 6289.0 3175.5 5766.6 3184.7 5900.6 3193.9 6068.5 3203.2 6289.0 3212.4 23 6249.3 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on tables L.118.b. (8) Additional detail on defined contribution plans is available on table L.118.c. Levels 2014 96 Z.1, June 7, 2018 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total financial assets (1) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL574090045 3099.7 3128.6 3166.2 3203.2 3175.5 3184.7 3193.9 3203.2 3212.4 1 2 3 FL573020043 FL573030043 Checkable deposits and currency Time and savings deposits 10.9 31.8 10.0 27.3 10.6 26.1 11.2 24.9 10.8 25.7 10.9 25.6 11.0 25.3 11.2 24.9 11.3 24.7 2 3 4 5 FL573034043 FL572051043 Money market fund shares Security repurchase agreements 38.0 3.0 32.6 2.6 31.3 2.5 29.8 2.3 30.7 2.4 30.6 2.4 30.3 2.4 29.8 2.3 29.6 2.3 4 5 6 7 8 9 10 LM574022045 FL573069143 LM573061143 LM573061743 LM573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 870.1 34.6 186.3 104.7 544.5 837.5 29.7 176.3 99.2 532.3 854.3 28.5 173.3 102.7 549.8 883.4 27.1 172.8 106.0 577.5 864.0 28.0 173.2 103.8 559.1 872.2 27.9 174.2 105.3 564.8 877.5 27.6 173.8 105.9 570.2 883.4 27.1 172.8 106.0 577.5 863.7 6 26.9 7 169.6 8 105.2 9 562.0 10 11 FL573065043 Loans (mortgages) 14.7 14.1 13.8 13.5 13.7 13.7 13.6 13.5 13.5 11 12 13 LM573064143 LM573064243 Corporate equities Mutual fund shares 1137.9 425.6 1071.2 384.6 1094.9 392.3 1204.6 434.2 1119.5 405.2 1140.7 415.1 1166.2 425.9 1204.6 434.2 1178.0 12 429.3 13 14 15 16 17 18 FL573090045 FL573095405 FL573074043 FL573073005 FL573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 567.6 59.8 44.4 176.7 286.7 748.8 55.8 57.6 348.3 287.0 740.4 55.1 61.6 328.1 295.6 599.1 56.3 65.9 172.0 304.9 703.5 55.5 63.2 285.8 299.0 673.5 56.1 63.5 254.2 299.7 641.7 56.7 64.5 218.7 301.9 599.1 56.3 65.9 172.0 304.9 19 FL574190043 3136.2 3165.2 3202.8 3239.8 3212.1 3221.3 3230.5 3239.8 3249.0 19 Pension entitlements (liabilities) (4) 660.0 55.6 66.6 231.5 306.4 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL574090055 Total financial assets 5247.7 5108.8 5532.7 6289.0 5766.6 5900.6 6068.5 6289.0 6249.3 1 2 3 FL573020033 FL573030033 Checkable deposits and currency Time and savings deposits 8.0 3.7 9.6 3.7 10.7 3.8 12.3 3.9 11.1 3.8 11.2 3.8 11.6 3.9 12.3 3.9 12.6 3.9 2 3 4 5 FL573034055 FL572051033 Money market fund shares Security repurchase agreements 117.6 0.0 118.4 0.0 119.9 0.0 119.9 0.0 119.7 0.0 119.3 0.0 119.6 0.0 119.9 0.0 120.2 0.0 4 5 6 7 8 9 10 LM574022035 FL573069133 LM573061133 LM573061733 LM573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 339.6 8.6 118.6 63.4 149.1 336.2 8.7 111.0 59.4 157.2 362.5 8.9 119.7 62.2 171.7 402.3 9.1 133.7 65.5 193.9 372.7 8.9 123.4 63.1 177.3 377.7 8.9 124.9 64.0 179.8 386.8 9.0 128.2 64.8 184.9 402.3 9.1 133.7 65.5 193.9 399.8 6 9.2 7 133.9 8 65.3 9 191.5 10 11 FL573065033 Loans (mortgages) 9.3 7.9 8.0 8.1 8.0 8.0 8.0 8.1 8.1 11 12 13 LM573064133 LM573064255 Corporate equities Mutual fund shares 1146.4 2749.8 1126.1 2670.8 1259.1 2899.6 1458.3 3367.6 1316.7 3051.3 1340.8 3149.8 1386.4 3250.6 1458.3 3367.6 1434.0 12 3353.2 13 14 15 16 17 FL573090055 FL573095505 FL573074033 FL573093033 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 873.2 467.6 31.7 374.0 836.1 445.2 33.2 357.8 869.1 462.0 34.8 372.4 916.8 488.4 36.8 391.6 883.3 470.7 35.3 377.3 889.9 476.1 35.4 378.4 901.6 482.5 35.9 383.1 916.8 488.4 36.8 391.6 18 FL574090055 5247.7 5108.8 5532.7 6289.0 5766.6 5900.6 6068.5 6289.0 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 917.6 485.2 37.2 395.2 14 15 16 17 6249.3 18 97 Z.1, June 7, 2018 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 1 FL344090005 2 FL343020033 Total financial assets (1) Checkable deposits and currency 3 4 5 6 7 LM344022005 LM343061105 LM343061705 LM343062033 LM343063005 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 LM343064105 Corporate equities 9 FL343073005 Claims of pension fund on sponsor (misc. assets) (3) 10 FL344090005 Pension entitlements (liabilities) (4) Q2 Q3 2018 Q1 Q4 3688.4 3794.8 3925.5 4089.7 3968.1 4004.7 4045.2 4089.7 4116.1 1 0.9 0.9 0.8 1.1 0.9 1.0 1.0 1.1 1.1 2 1643.6 1623.4 8.3 0.1 11.9 1735.8 1714.8 8.4 0.1 12.6 1836.6 1814.4 8.7 0.1 13.5 1752.8 1729.8 9.0 0.1 14.0 1689.0 1666.6 8.7 0.1 13.6 1585.7 1562.9 8.9 0.1 13.9 1841.5 1818.3 9.1 0.1 14.0 1752.8 1729.8 9.0 0.1 14.0 1916.1 1893.7 8.8 0.1 13.4 3 4 5 6 7 240.2 240.3 260.8 324.1 277.1 288.1 300.4 324.1 321.9 8 1803.7 1817.8 1827.3 2011.8 2001.1 2129.9 1902.3 2011.8 1877.0 9 3688.4 3794.8 3925.5 4089.7 3968.1 4004.7 4045.2 4089.7 4116.1 10 11 12 13 FL344090045 FL342000075 FL343073045 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 7) 3248.7 1445.0 1803.7 3336.5 1518.7 1817.8 3430.2 1602.9 1827.3 3526.3 1673.2 1853.1 3454.5 1561.1 1893.4 3478.4 1489.9 1988.5 3502.4 1612.1 1890.3 3526.3 1673.2 1853.1 3549.8 11 1679.4 12 1870.4 13 14 15 FL344090045 FL344090055 Total financial assets Defined benefit plans (6) Defined contribution plans (7) 3248.7 439.7 3336.5 458.3 3430.2 495.4 3526.3 563.4 3454.5 513.6 3478.4 526.3 3502.4 542.8 3526.3 563.4 3549.8 14 566.3 15 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.119.b. (7) Additional detail on defined contribution plans is available on table L.119.c. Levels Memo: 98 Z.1, June 7, 2018 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 1 FL344090045 2 FL343020033 Total financial assets (2) Checkable deposits and currency 3 4 5 6 7 LM344022045 LM343061165 LM343061733 LM343062033 LM343063033 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 LM343064135 Corporate equities 9 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) 10 FL344190045 Pension entitlements (liabilities) (5) Q2 Q3 2018 Q1 Q4 3248.7 3336.5 3430.2 3526.3 3454.5 3478.4 3502.4 3526.3 3549.8 1 0.9 0.9 0.8 1.1 0.9 1.0 1.0 1.1 1.1 2 1428.3 1423.5 0.6 0.1 4.2 1504.1 1498.8 0.6 0.1 4.5 1588.2 1582.6 0.8 0.1 4.6 1656.6 1651.1 0.9 0.1 4.6 1546.1 1540.4 0.9 0.1 4.7 1474.6 1468.8 0.9 0.1 4.8 1595.8 1590.4 0.8 0.1 4.6 1656.6 1651.1 0.9 0.1 4.6 1663.1 1657.6 0.8 0.1 4.5 3 4 5 6 7 15.8 13.8 13.9 15.5 14.1 14.3 15.3 15.5 15.2 8 1803.7 1817.8 1827.3 1853.1 1893.4 1988.5 1890.3 1853.1 1870.4 9 3248.7 3336.5 3430.2 3526.3 3454.5 3478.4 3502.4 3526.3 3549.8 10 Levels (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL344090025 2 3 4 5 LM344022025 LM343061155 LM343061723 LM343063023 6 Total financial assets 439.7 458.3 495.4 563.4 513.6 526.3 542.8 563.4 566.3 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 215.3 199.9 7.7 7.7 231.7 216.0 7.7 8.0 248.5 231.8 7.8 8.8 96.2 78.7 8.2 9.3 143.0 126.2 7.9 8.9 111.1 94.1 8.0 9.1 245.7 228.0 8.3 9.4 96.2 78.7 8.2 9.3 253.0 236.1 8.0 8.9 2 3 4 5 LM343064125 Corporate equities 224.4 226.6 246.9 308.6 263.0 273.8 285.1 308.6 306.7 6 7 FL343073053 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 0.0 158.7 107.6 141.4 12.0 158.7 6.6 7 8 FL344090025 439.7 458.3 495.4 563.4 513.6 526.3 542.8 563.4 566.3 8 Pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 99 Z.1, June 7, 2018 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets (1) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL224090005 5562.6 5823.7 6021.5 6299.3 6089.8 6155.5 6221.8 6299.3 6352.1 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 35.6 3.1 39.1 2.4 50.4 2.9 44.4 2.6 49.1 2.9 48.5 2.8 50.3 2.9 44.4 2.6 42.9 2.5 2 3 4 5 FL223034005 FL222051043 Money market fund shares Security repurchase agreements 55.1 3.8 55.8 3.9 68.5 5.1 60.4 4.5 66.6 5.0 65.7 4.9 68.0 5.1 60.4 4.5 58.5 4.3 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 910.9 44.5 200.5 112.9 2.4 550.6 876.3 45.0 174.2 100.2 2.5 554.4 909.8 58.8 189.7 113.6 2.0 545.8 1008.1 51.7 227.6 136.3 3.2 589.2 930.7 57.2 196.6 117.7 2.3 556.9 960.9 56.5 210.9 126.3 2.5 564.6 979.6 58.6 212.0 127.0 2.2 579.9 1008.1 51.7 227.6 136.3 3.2 589.2 12 FL223065043 Loans (mortgages) 8.3 8.4 8.3 7.8 7.7 9.2 9.1 7.8 7.6 12 13 14 LM223064145 LM223064205 Corporate equities Mutual fund shares 2285.9 448.2 2241.0 476.9 2297.4 448.5 2610.9 501.0 2379.1 471.9 2443.2 481.1 2527.9 483.8 2610.9 501.0 2540.1 13 492.5 14 15 16 17 18 FL223090005 FL223095505 FL223073045 FL223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 1811.7 144.9 1499.5 167.3 2120.0 144.5 1806.4 169.1 2230.6 138.3 1880.0 212.4 2059.7 154.4 1674.0 231.3 2177.0 139.7 1818.7 218.5 2139.2 142.3 1775.7 221.1 2095.1 147.1 1724.5 223.5 2059.7 154.4 1674.0 231.3 2198.6 153.3 1811.6 233.7 19 FL224190005 5718.3 5964.7 6160.0 6453.8 6232.8 6302.1 6372.2 6453.8 6508.1 19 Pension entitlements (liabilities) (4) 1005.1 6 50.0 7 232.9 8 140.5 9 3.4 10 578.3 11 15 16 17 18 Memo: 20 21 22 FL224190043 FL222000075 FL223073045 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 17) 5236.7 3737.2 1499.5 5488.8 3682.4 1806.4 5721.5 3841.5 1880.0 5955.9 4281.9 1674.0 5780.1 3961.4 1818.7 5838.7 4063.0 1775.7 5897.3 4172.8 1724.5 5955.9 4281.9 1674.0 6014.6 20 4203.0 21 1811.6 22 23 24 FL224090045 FL224090055 Total financial assets Defined benefit plans (6) Defined contribution plans (7) 5081.1 481.6 5347.9 475.9 5583.0 438.5 5801.4 497.8 5637.2 452.7 5692.1 463.3 5746.9 474.9 5801.4 497.8 5858.6 23 493.6 24 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.120.b. (7) Additional detail on defined contribution plans is available on table L.120.c. Levels 2014 100 Z.1, June 7, 2018 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total financial assets (1) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL224090045 5081.1 5347.9 5583.0 5801.4 5637.2 5692.1 5746.9 5801.4 5858.6 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 35.6 3.1 39.1 2.4 50.4 2.9 44.4 2.6 49.1 2.9 48.5 2.8 50.3 2.9 44.4 2.6 42.9 2.5 2 3 4 5 FL223034043 FL222051043 Money market fund shares Security repurchase agreements 48.8 3.8 49.4 3.9 64.5 5.1 56.7 4.5 62.7 5.0 62.0 4.9 64.3 5.1 56.7 4.5 54.8 4.3 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 910.9 44.5 200.5 112.9 2.4 550.6 876.3 45.0 174.2 100.2 2.5 554.4 909.8 58.8 189.7 113.6 2.0 545.8 1008.1 51.7 227.6 136.3 3.2 589.2 930.7 57.2 196.6 117.7 2.3 556.9 960.9 56.5 210.9 126.3 2.5 564.6 979.6 58.6 212.0 127.0 2.2 579.9 1008.1 51.7 227.6 136.3 3.2 589.2 12 FL223065043 Loans (mortgages) 8.3 8.4 8.3 7.8 7.7 9.2 9.1 7.8 7.6 12 13 14 LM223064145 LM223064243 Corporate equities Mutual fund shares 2285.9 170.3 2241.0 202.7 2297.4 229.3 2610.9 246.7 2379.1 239.7 2443.2 242.0 2527.9 240.9 2610.9 246.7 2540.1 13 241.4 14 15 16 17 FL223090045 FL223073045 FL223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 1614.3 1499.5 114.8 1924.7 1806.4 118.3 2015.4 1880.0 135.4 1819.7 1674.0 145.7 1960.3 1818.7 141.6 1918.6 1775.7 142.9 1866.8 1724.5 142.3 1819.7 1674.0 145.7 1959.9 15 1811.6 16 148.3 17 18 FL224190043 5236.7 5488.8 5721.5 5955.9 5780.1 5838.7 5897.3 5955.9 6014.6 18 Pension entitlements (liabilities) (3) 1005.1 6 50.0 7 232.9 8 140.5 9 3.4 10 578.3 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL224090055 Total financial assets 2 FL223034055 Money market fund shares 6.3 6.4 4.0 3.6 3.8 3.7 3.7 3.6 3.7 2 3 LM223064255 Mutual fund shares 277.9 274.2 219.2 254.3 232.1 239.1 242.9 254.3 251.1 3 4 5 6 FL223090055 FL223095505 FL223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 197.3 144.9 52.5 195.3 144.5 50.8 215.3 138.3 77.0 240.0 154.4 85.6 216.7 139.7 77.0 220.5 142.3 78.3 228.4 147.1 81.3 240.0 154.4 85.6 238.8 153.3 85.4 4 5 6 7 FL224090055 481.6 475.9 438.5 497.8 452.7 463.3 474.9 497.8 493.6 7 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 481.6 475.9 438.5 497.8 452.7 463.3 474.9 497.8 493.6 1 101 Z.1, June 7, 2018 L.121 Money Market Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 1 FL634090005 2 3 4 5 FL633091003 FL633020000 FL633030000 FL632051000 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 6 7 8 9 10 11 FL634022005 FL633069175 FL633061105 FL633061700 FL633062000 FL633063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 FL633093005 13 FL634090005 Miscellaneous assets Total shares outstanding (liabilities) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 2724.6 2754.7 2728.1 2847.3 2664.3 2633.4 2747.7 2847.3 2793.0 1 24.5 -4.4 523.4 654.5 11.1 7.6 445.0 699.3 1.9 29.6 146.8 800.2 3.7 22.1 179.4 956.3 3.6 14.3 179.4 808.0 3.3 14.8 177.3 894.1 5.5 35.9 199.0 909.5 3.7 22.1 179.4 956.3 1.2 10.3 171.4 783.0 2 3 4 5 1509.6 338.6 419.0 390.5 282.0 79.5 1581.9 298.8 482.9 467.4 268.4 64.4 1746.2 103.8 796.2 677.8 162.2 6.1 1682.6 148.2 702.2 682.5 142.3 7.4 1655.3 109.1 741.0 643.8 153.3 8.0 1540.6 124.5 624.3 642.9 141.8 7.1 1593.5 133.2 650.5 666.3 135.1 8.3 1682.6 148.2 702.2 682.5 142.3 7.4 1824.4 6 154.4 7 879.2 8 643.8 9 140.8 10 6.2 11 17.0 10.0 3.6 3.2 3.8 3.3 4.3 3.2 2.6 12 2724.6 2754.7 2728.1 2847.3 2664.3 2633.4 2747.7 2847.3 2793.0 13 37.1 39.0 35.9 32.2 34.4 33.3 32.9 32.2 32.7 14 Memo: 14 FL634090503 Variable annuity money market funds included above L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM654090000 Total financial assets 2 FL652051003 Security repurchase agreements 3 4 5 6 7 8 LM654022005 LM653069100 LM653061105 LM653061703 LM653062003 LM653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 FL653069803 Loans (other loans and advances) 10 LM653064100 Corporate equities 11 FL653093005 Miscellaneous assets 12 LM654090000 Total shares outstanding (liabilities) 13 LM654090500 14 15 16 17 18 LM654091603 LM654092603 LM654091403 LM654091303 LM654091203 13150.6 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 1 94.1 81.7 84.1 98.0 93.5 91.5 98.0 98.0 92.8 2 3834.5 94.1 682.9 689.8 586.6 1781.2 3834.2 81.7 826.6 584.9 603.7 1737.3 4077.1 84.1 902.6 596.4 632.2 1861.9 4505.0 98.0 1097.2 593.6 688.1 2028.1 4191.4 93.5 932.9 580.0 646.6 1938.4 4337.3 91.5 916.5 689.7 666.5 1973.0 4434.2 98.0 1039.4 611.4 680.4 2005.0 4505.0 98.0 1097.2 593.6 688.1 2028.1 4497.3 92.8 1108.0 603.6 687.6 2005.3 3 4 5 6 7 8 154.5 138.9 157.5 183.2 166.1 176.2 182.0 183.2 182.2 9 8799.2 8625.3 9069.9 10819.6 9604.9 268.3 217.1 227.0 293.1 271.3 9923.3 10351.3 10819.6 10658.1 10 266.9 281.4 293.1 443.8 11 13150.6 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 12 Memo: Variable annuity mutual funds included above Total financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. 1672.3 1597.1 1638.2 1794.4 1689.1 1715.6 1754.3 1794.4 1757.7 13 6232.6 2081.4 1374.1 2894.1 566.5 6045.5 2104.1 1334.3 2820.0 593.4 6414.7 2162.5 1388.7 3036.0 613.7 7481.8 2824.2 1525.7 3402.0 665.3 6762.6 2359.7 1433.9 3148.2 628.6 6934.9 2524.0 1454.3 3239.7 646.5 7176.5 2688.7 1489.9 3331.4 660.6 7481.8 2824.2 1525.7 3402.0 665.3 7417.9 2862.5 1498.8 3424.3 670.7 14 15 16 17 18 Levels (1) Open-end investment companies including variable annuity money market funds. 102 Z.1, June 7, 2018 L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 1 LM554090005 2 3 4 5 LM554022005 LM553061103 LM553062003 LM553063003 6 LM553064103 7 LM554090005 Total financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 289.3 261.0 262.6 275.2 268.9 271.8 274.7 275.2 266.2 1 169.9 6.4 90.2 73.3 161.2 5.8 89.5 65.8 160.8 3.6 86.9 70.2 165.9 3.7 89.0 73.2 163.4 3.7 87.4 72.3 165.7 3.7 88.6 73.4 166.1 3.7 88.7 73.7 165.9 3.7 89.0 73.2 162.9 3.6 87.3 72.0 2 3 4 5 119.4 99.8 101.8 109.2 105.5 106.0 108.5 109.2 103.3 6 289.3 261.0 262.6 275.2 268.9 271.8 274.7 275.2 266.2 7 89.0 30.4 56.8 90.2 22.9 72.2 27.6 51.7 89.5 19.9 75.6 26.2 53.6 86.9 20.3 79.6 29.6 56.0 89.0 20.9 77.9 27.6 55.0 87.4 21.0 77.4 28.6 55.9 88.6 21.2 78.7 29.8 56.5 88.7 20.9 79.6 29.6 56.0 89.0 20.9 1974.6 2100.7 2524.4 3400.7 2774.5 2944.1 3137.3 3400.7 3411.2 1 297.4 67.5 15.1 214.8 341.6 80.3 19.1 242.2 429.0 94.7 24.7 309.6 556.2 122.2 30.4 403.5 467.3 104.4 25.5 337.4 503.4 110.0 27.3 366.1 537.1 119.1 28.6 389.4 556.2 122.2 30.4 403.5 563.8 131.2 30.7 401.9 2 3 4 5 1620.2 1709.7 2032.7 2775.6 2241.1 2374.4 2531.2 2775.6 2775.8 6 57.0 49.3 62.8 68.9 66.1 66.3 69.0 68.9 71.7 7 1974.6 2100.7 2524.4 3400.7 2774.5 2944.1 3137.3 3400.7 3411.2 8 1203.3 414.8 57.0 3.0 281.3 15.1 1232.7 474.6 49.3 3.7 321.2 19.1 1526.8 502.7 62.8 5.0 402.5 24.6 1978.4 792.2 68.9 7.8 522.9 30.4 1655.4 582.2 66.1 5.6 439.7 25.5 1711.0 659.5 66.3 6.3 473.7 27.2 1802.2 724.6 69.0 7.0 505.9 28.6 1978.4 792.2 68.9 7.8 522.9 30.4 1946.9 823.6 71.7 8.3 530.1 30.6 9 10 11 12 13 14 Memo: 8 9 10 11 12 LM554091603 LM554092603 LM554091303 LM554091203 LM554092303 Total financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds 74.8 8 28.5 9 54.9 10 87.3 11 20.6 12 Levels L.124 Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM564090005 Total financial assets 2 3 4 5 LM564022005 LM563061103 LM563062003 LM563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 6 LM563064103 Corporate equities 7 LM563093003 Miscellaneous assets (1) 8 LM564090005 Total shares outstanding (liabilities) Memo: 9 10 11 12 13 14 LM564091603 LM564092603 LM563093003 LM564091403 LM564091303 LM564091203 Total financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 103 Z.1, June 7, 2018 L.125 Government-Sponsored Enterprises (GSEs) (1) 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL404090005 6399.9 6487.7 6685.4 6818.7 6681.1 6728.2 6772.8 6818.7 6806.4 1 2 3 4 FL403020005 FL403030005 FL402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos 65.0 3.3 162.6 41.0 2.5 182.9 48.8 5.9 185.0 49.4 7.6 195.6 41.8 5.5 207.7 33.0 5.9 202.3 37.7 6.5 203.0 49.4 7.6 195.6 23.6 8.8 218.7 2 3 4 5 6 7 8 9 10 FL404022005 FL403069105 FL403061105 FL403061705 FL403062005 FL403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 472.1 6.0 64.3 295.7 10.8 95.4 446.9 5.5 87.5 281.4 8.2 64.3 442.6 5.9 102.4 287.4 5.8 41.1 403.8 6.4 101.3 267.4 4.6 24.1 436.8 5.5 107.9 282.4 5.6 35.3 427.5 6.0 104.5 280.2 5.2 31.7 410.9 6.0 99.0 274.5 4.7 26.6 403.8 6.4 101.3 267.4 4.6 24.1 407.5 5 7.2 6 106.3 7 265.9 8 4.4 9 23.8 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FL404023005 FL403069305 FL403069385 FL403069345 FL403069330 FL403065005 FL403065105 FL403065195 FL403065185 FL403065405 FL403065495 FL403065485 FL403065605 FL403066005 Loans Other loans and advances Sallie Mae Farm Credit System FHLB Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 5542.3 671.8 0.0 106.1 565.7 4870.5 4538.0 4104.2 433.8 240.8 164.6 76.2 91.6 0.0 5666.3 746.2 0.0 115.0 631.2 4920.1 4571.0 4171.8 399.2 249.1 187.0 62.2 100.0 0.0 5852.4 825.1 0.0 120.8 704.3 5027.2 4644.8 4284.2 360.6 275.4 223.6 51.8 107.1 0.0 6051.4 857.7 0.0 125.6 732.1 5193.7 4774.4 4461.8 312.6 307.1 264.2 42.8 112.2 0.0 5864.9 782.5 0.0 122.0 660.5 5082.4 4687.8 4338.4 349.5 286.3 234.0 52.2 108.3 0.0 5927.3 826.8 0.0 120.4 706.4 5100.5 4702.8 4364.5 338.4 288.0 243.7 44.3 109.7 0.0 5980.1 838.9 0.0 119.8 719.1 5141.1 4735.2 4403.9 331.3 294.9 253.4 41.6 111.0 0.0 6051.4 857.7 0.0 125.6 732.1 5193.7 4774.4 4461.8 312.6 307.1 264.2 42.8 112.2 0.0 25 FL403093005 Miscellaneous assets 154.7 148.2 150.7 111.0 124.4 132.2 134.6 111.0 104.6 25 26 FL404190005 6386.6 6475.4 6673.3 6826.7 6671.2 6722.6 6767.5 6826.7 6794.7 26 27 FL402150005 Federal funds and security repos 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 30 FL403161705 FL403161795 FL403161785 Debt securities (GSE issues) (4) Consolidated trusts (2) Other 6275.5 4268.8 2006.7 6369.0 4358.7 2010.3 6563.2 4507.7 2055.4 6716.3 4726.1 1990.2 6570.2 4572.4 1997.8 6619.8 4608.2 2011.7 6658.1 4657.3 2000.8 6716.3 4726.1 1990.2 6685.7 28 4762.7 29 1922.9 30 31 FL403169283 Loans (U.S. government loans) 32 FL403190005 Miscellaneous liabilities Total liabilities 6043.1 827.3 0.0 128.4 699.0 5215.8 4797.5 4493.8 303.7 305.8 269.0 36.8 112.5 0.0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 111.0 106.5 110.1 110.5 101.0 102.8 109.4 110.5 109.1 32 (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 (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). (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.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL413065005 1648.5 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 1 2 3 4 5 FL413065105 FL413065405 FL413065505 FL413065605 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1474.8 172.1 0.0 1.6 1568.8 204.3 0.0 2.3 1684.6 245.6 0.0 2.7 1825.8 299.1 0.0 1.7 1720.8 253.6 0.0 2.7 1755.8 265.3 0.0 1.7 1796.6 278.1 0.0 1.7 1825.8 299.1 0.0 1.7 1851.3 311.1 0.0 1.6 2 3 4 5 6 FL413065005 Total pool securities (liabilities) (2) 1648.5 1775.5 1933.0 2126.6 1977.1 2022.8 2076.4 2126.6 2164.0 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 (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). 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 104 Z.1, June 7, 2018 L.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 1 FL674090005 2 3 4 FL674022005 FL673061103 FL673061703 Total financial assets Debt securites Treasury securities Agency- and GSE-backed securities (1) 5 6 7 8 9 10 11 FL674023005 FL673069005 FL673065005 FL673065105 FL673065405 FL673065505 FL673066000 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit 12 13 FL673070003 FL673090543 Trade credit Miscellaneous assets (funding agreements) (3) 14 FL674122005 15 16 17 FL674122005 FL673169105 FL673163005 Total liabilities Debt securities Commercial paper Corporate bonds (net) (4) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1424.1 1346.6 1229.1 1174.2 1201.4 1199.2 1181.1 1174.2 1159.9 1 27.3 27.2 0.1 28.2 28.2 0.0 19.9 19.9 0.0 11.5 11.5 0.0 15.3 15.3 0.0 11.6 11.6 0.0 10.7 10.7 0.0 11.5 11.5 0.0 12.9 12.9 0.0 2 3 4 1303.2 159.3 1094.1 699.6 68.4 326.1 49.8 1220.5 158.3 1016.2 602.6 62.0 351.5 46.0 1104.6 159.4 895.2 519.0 47.9 328.4 50.0 1047.3 165.8 847.5 475.4 43.1 329.0 33.9 1078.6 157.1 866.0 509.1 43.7 313.2 55.5 1077.2 166.9 854.9 494.7 41.2 319.1 55.4 1053.6 160.8 842.2 483.5 41.9 316.8 50.6 1047.3 165.8 847.5 475.4 43.1 329.0 33.9 1028.9 5 162.0 6 835.2 7 460.1 8 41.4 9 333.7 10 31.7 11 31.4 62.2 34.1 63.8 33.9 70.7 32.5 82.9 34.0 73.5 33.1 77.4 33.2 83.6 32.5 82.9 32.7 12 85.4 13 1424.1 1346.6 1229.1 1174.2 1201.4 1199.2 1181.1 1174.2 1159.9 14 1424.1 12.7 1411.4 1346.6 10.0 1336.6 1229.1 14.7 1214.4 1174.2 3.5 1170.7 1201.4 3.7 1197.8 1199.2 2.5 1196.7 1181.1 2.8 1178.3 1174.2 3.5 1170.7 1159.9 15 3.2 16 1156.6 17 0.0 172.5 0.0 143.0 0.0 134.2 0.0 109.8 0.0 124.6 0.0 116.8 0.0 112.2 0.0 109.8 0.0 18 111.7 19 54.5 53.6 49.0 49.7 49.4 48.7 50.4 49.7 48.9 20 Levels Memo: 18 19 FL675013263 FL643065045 20 FL763169103 Securitized assets not included above Consumer leases (5) REIT assets (6) Securitized liabilities not included above Commercial paper (7) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Liabilities net of assets. (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (6) Included on table L.129. (7) Included on table L.111 line 44. 105 Z.1, June 7, 2018 L.128 Finance Companies (1) 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL614090005 1726.6 1597.0 1527.4 1501.3 1506.0 1493.3 1476.6 1501.3 1479.8 1 2 3 FL613020003 FL613030003 Checkable deposits and currency Time and savings deposits 31.9 95.7 30.4 91.2 20.8 62.3 18.6 55.7 19.0 57.0 18.4 55.1 17.7 53.2 18.6 55.7 17.3 51.9 2 3 4 LM613063003 Debt securities (corporate and foreign bonds) 73.9 62.7 73.1 63.8 70.1 68.0 64.4 63.8 61.6 4 5 6 7 8 FL614023005 FL613069500 FL613065000 FL613066005 Loans Other loans and advances Mortgages Consumer credit 1243.7 411.5 148.1 684.1 1125.5 404.7 159.5 561.3 1074.2 388.0 138.3 547.9 1051.0 387.2 123.8 539.9 1064.6 388.8 134.1 541.7 1060.1 388.1 129.5 542.4 1050.7 383.2 127.8 539.8 1051.0 387.2 123.8 539.9 1041.6 386.5 125.5 529.5 5 6 7 8 9 LM613092003 U.S. direct investment abroad 225.2 229.1 251.5 281.8 256.8 257.6 262.4 281.8 280.3 9 10 FL613090005 11 FL614190005 12 13 14 FL614122005 FL613169100 FL613163005 Debt securities Open market paper Corporate bonds 15 16 17 FL614123005 FL613168003 FL613169005 Loans Depository institution loans n.e.c. Other loans and advances 18 FL613178005 Taxes payable 19 LM613192003 Foreign direct investment in U.S. 20 21 22 FL613190005 FL613194003 FL613193005 Miscellaneous liabilities Investment by parent Other Miscellaneous assets Total liabilities 56.1 58.2 45.5 30.5 38.5 34.2 28.2 30.5 27.1 10 1522.4 1385.8 1289.0 1209.1 1258.7 1250.1 1226.7 1209.1 1189.7 11 1080.3 117.8 962.6 953.4 66.9 886.6 886.3 71.4 814.9 836.4 72.2 764.3 858.8 67.8 791.0 848.6 69.1 779.6 854.9 69.3 785.6 836.4 72.2 764.3 841.4 12 69.0 13 772.4 14 141.2 139.1 2.1 159.5 155.8 3.7 159.5 156.0 3.5 148.1 144.7 3.4 158.0 154.7 3.3 156.7 153.6 3.1 157.2 154.0 3.3 148.1 144.7 3.4 150.0 15 146.7 16 3.3 17 7.8 7.6 7.9 19.7 7.7 7.8 6.8 19.7 19.0 18 84.3 66.2 66.8 44.6 68.1 67.9 67.8 44.6 44.0 19 208.8 162.7 46.0 199.1 156.6 42.5 168.5 132.6 35.9 160.3 139.2 21.2 166.1 130.5 35.6 169.1 133.9 35.3 139.9 128.3 11.7 160.3 139.2 21.2 135.3 20 133.2 21 2.1 22 188.9 176.1 189.5 193.2 189.3 191.1 192.5 193.2 192.8 23 Memo: 23 FL613066303 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (5), table L.127. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 106 Z.1, June 7, 2018 L.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL644090005 2 FL643020005 Total financial assets Checkable deposits and currency 3 4 5 FL644022005 FL643061773 FL643063005 6 7 8 9 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 724.7 658.8 675.4 747.0 682.6 687.8 729.9 747.0 746.3 1 38.5 35.7 37.7 40.5 42.6 40.0 47.0 40.5 36.0 2 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 312.0 277.8 34.2 267.3 228.1 39.2 240.9 200.7 40.2 293.3 251.2 42.1 250.1 208.6 41.5 255.3 214.0 41.3 282.6 241.0 41.7 293.3 251.2 42.1 286.5 243.6 42.9 3 4 5 FL643065005 FL643065105 FL643065405 FL643065505 Loans (mortgages) Home Multifamily residential Commercial 247.3 44.0 5.1 198.2 217.7 46.1 4.8 166.8 227.8 60.3 4.6 162.8 233.5 66.6 5.8 161.1 224.0 62.0 4.9 157.0 225.3 67.9 5.1 152.3 223.7 67.4 5.1 151.1 233.5 66.6 5.8 161.1 232.7 63.2 5.9 163.6 6 7 8 9 10 FL643090005 Miscellaneous assets 126.9 138.1 169.0 179.7 165.9 167.2 176.7 179.7 191.2 10 11 FL644190005 1021.5 995.5 1007.7 1085.4 1014.5 1025.7 1060.8 1085.4 1083.8 11 12 FL642151073 Security repurchase agreements 265.5 220.0 209.4 260.4 215.5 218.8 245.6 260.4 260.8 12 13 14 15 FL644122005 FL643169173 FL643163005 Debt securities Open market paper Corporate bonds 403.3 0.0 403.3 395.5 0.0 395.5 417.3 0.0 417.3 438.6 0.0 438.6 422.2 0.0 422.2 425.5 0.0 425.5 428.7 0.0 428.7 438.6 0.0 438.6 445.2 13 0.0 14 445.2 15 16 17 18 19 FL644123005 FL643168005 FL643169373 FL643165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 270.4 33.1 5.9 231.4 299.6 40.4 23.8 235.4 284.3 31.2 16.6 236.5 285.2 35.9 9.8 239.5 282.5 32.4 12.3 237.8 283.4 33.9 11.9 237.7 279.1 32.9 10.7 235.5 285.2 35.9 9.8 239.5 281.1 37.1 9.5 234.6 20 FL643193005 Miscellaneous liabilities 82.3 80.4 96.7 101.2 94.3 98.0 107.5 101.2 172.5 0.0 23.1 3.3 146.2 143.0 0.0 33.1 3.1 106.8 134.2 0.0 35.8 2.3 96.1 109.8 0.0 30.0 3.5 76.3 124.6 0.0 33.3 2.7 88.5 116.8 0.0 34.0 2.9 79.8 112.2 0.0 32.9 3.0 76.3 109.8 0.0 30.0 3.5 76.3 Total liabilities 16 17 18 19 96.7 20 Memo: 21 22 23 24 25 FL643065045 FL643061743 FL643065143 FL643065443 FL643065543 Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.129.e and L.129.m. 111.7 0.0 30.4 3.5 77.9 21 22 23 24 25 107 Z.1, June 7, 2018 L.129.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 FL644090085 2 FL643020083 Total financial assets Checkable deposits and currency 3 FL643063083 Debt securities (corporate and foreign bonds) 4 5 6 7 FL643065085 FL643065183 FL643065483 FL643065583 Loans (mortgages) Home Multifamily residential Commercial 8 FL643093085 Miscellaneous assets 9 FL644190085 10 FL643163083 11 12 13 14 15 FL644123085 FL643168083 FL643165005 FL643165483 FL643165583 16 FL643193085 Miscellaneous liabilities 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 157.2 163.6 174.8 216.0 193.7 194.8 209.6 216.0 212.6 1 26.3 24.1 27.0 31.7 32.7 30.5 38.0 31.7 27.7 2 5.2 4.8 5.2 7.2 6.1 6.1 6.5 7.2 7.7 3 25.4 0.2 0.3 24.9 25.5 0.2 0.3 24.9 20.8 0.3 0.5 20.1 33.0 0.3 0.7 32.0 24.6 0.3 0.5 23.8 24.5 0.3 0.6 23.6 24.8 0.3 0.7 23.8 33.0 0.3 0.7 32.0 30.6 0.3 0.7 29.5 4 5 6 7 100.2 109.2 121.8 144.1 130.3 133.7 140.2 144.1 146.7 8 538.7 583.9 610.6 659.9 625.4 635.2 647.0 659.9 658.0 9 Debt securities (corporate bonds) 212.5 243.0 268.1 305.5 281.4 289.7 298.6 305.5 311.3 10 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 261.4 30.0 231.4 31.1 200.4 272.5 37.1 235.4 30.8 204.7 264.3 27.8 236.5 33.1 203.4 270.6 31.0 239.5 28.4 211.1 267.4 29.6 237.8 31.2 206.6 267.1 29.4 237.7 30.0 207.7 266.1 30.6 235.5 28.8 206.7 270.6 31.0 239.5 28.4 211.1 267.6 33.0 234.6 27.6 207.0 64.8 68.4 78.2 83.8 76.6 78.4 82.3 83.8 567.5 495.2 500.5 531.1 488.9 493.0 520.4 531.1 533.8 1 12.2 11.6 10.7 8.8 9.9 9.5 8.9 8.8 8.3 2 Total liabilities 11 12 13 14 15 79.0 16 Levels 1 2015 L.129.m Mortgage Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL644090075 Total financial assets 2 FL643020073 Checkable deposits and currency 3 4 5 FL644022075 FL643061773 FL643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 306.8 277.8 29.0 262.5 228.1 34.4 235.7 200.7 35.0 286.1 251.2 34.9 244.0 208.6 35.4 249.2 214.0 35.2 276.1 241.0 35.1 286.1 251.2 34.9 278.8 243.6 35.2 3 4 5 6 7 8 9 FL643065075 FL643065173 FL643065473 FL643065573 Loans (mortgages) Home Multifamily residential Commercial 221.9 43.8 4.8 173.2 192.2 45.9 4.5 141.8 206.9 60.1 4.1 142.7 200.6 66.3 5.1 129.1 199.4 61.7 4.4 133.2 200.8 67.7 4.5 128.6 198.9 67.1 4.5 127.3 200.6 66.3 5.1 129.1 202.1 62.9 5.1 134.1 6 7 8 9 10 FL643090075 11 FL644190075 12 FL642151073 13 14 15 Miscellaneous assets 26.7 28.8 47.3 35.6 35.6 33.5 36.5 35.6 44.5 10 482.8 411.6 397.1 425.6 389.1 390.5 413.9 425.6 425.8 11 Security repurchase agreements 265.5 220.0 209.4 260.4 215.5 218.8 245.6 260.4 260.8 12 FL644122075 FL643169173 FL643163075 Debt securities Open market paper Corporate bonds 190.8 0.0 190.8 152.5 0.0 152.5 149.3 0.0 149.3 133.1 0.0 133.1 140.8 0.0 140.8 135.8 0.0 135.8 130.1 0.0 130.1 133.1 0.0 133.1 133.9 13 0.0 14 133.9 15 16 17 18 FL644123075 FL643168073 FL643169373 Loans Depository institution loans n.e.c. Other loans and advances 9.0 3.1 5.9 27.1 3.3 23.8 20.0 3.3 16.6 14.7 4.8 9.8 15.1 2.8 12.3 16.3 4.5 11.9 13.0 2.3 10.7 14.7 4.8 9.8 13.5 16 4.1 17 9.5 18 19 FL643193075 Miscellaneous liabilities 17.5 12.0 18.5 17.4 17.7 19.5 25.2 17.4 17.7 19 20 21 22 23 24 FL643065045 FL643061743 FL643065143 FL643065443 FL643065543 172.5 0.0 23.1 3.3 146.2 143.0 0.0 33.1 3.1 106.8 134.2 0.0 35.8 2.3 96.1 109.8 0.0 30.0 3.5 76.3 124.6 0.0 33.3 2.7 88.5 116.8 0.0 34.0 2.9 79.8 112.2 0.0 32.9 3.0 76.3 109.8 0.0 30.0 3.5 76.3 Total liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 111.7 0.0 30.4 3.5 77.9 20 21 22 23 24 108 Z.1, June 7, 2018 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL664090005 2 3 FL663020003 FL662051003 Total financial assets Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 FL664022005 FL663069103 FL663061105 FL663061703 FL663062003 FL663063005 10 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 3254.7 3044.0 3022.5 3248.9 3078.7 3214.8 3112.7 3248.9 3273.3 1 111.8 1152.7 106.1 1133.3 119.2 1112.7 112.0 1134.7 126.9 1098.9 120.3 1164.7 119.5 1103.6 112.0 1134.7 119.3 1063.9 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 337.3 20.8 60.2 121.9 18.9 115.5 300.6 19.5 65.3 109.7 14.0 92.1 305.6 13.8 97.6 93.2 21.0 80.0 337.4 12.5 160.4 83.2 17.2 64.2 329.6 11.7 107.8 106.9 19.7 83.4 350.2 11.9 128.5 113.5 21.2 75.1 303.0 11.7 126.7 87.6 17.3 59.7 337.4 12.5 160.4 83.2 17.2 64.2 357.9 13.6 176.5 84.2 18.6 65.0 4 5 6 7 8 9 FL663069005 Loans (other loans and advances) 428.2 338.1 329.7 375.4 335.0 355.9 364.6 375.4 382.7 10 11 LM663064103 Corporate equities 187.8 166.8 176.1 224.0 169.0 187.7 198.5 224.0 232.7 11 12 LM663092003 U.S. direct investment abroad 236.4 212.7 225.3 237.1 227.8 230.7 230.4 237.1 236.2 12 13 FL663090005 Miscellaneous assets 800.6 786.6 754.0 828.4 791.5 805.3 793.1 828.4 880.7 13 14 FL664190005 3044.9 2833.1 2812.8 3034.9 2864.1 2998.6 2889.3 3034.9 3063.8 14 15 FL662151003 Security repurchase agreements 1547.7 1368.3 1313.1 1397.6 1359.9 1442.3 1351.5 1397.6 1485.1 15 16 FL663163003 Debt securities (corporate bonds) 123.9 131.3 129.1 184.1 129.7 165.8 175.5 184.1 186.3 16 17 18 19 FL664123005 FL663168005 FL153067005 Loans Depository institution loans n.e.c. (1) Other loans and advances 962.5 93.5 869.0 913.2 92.5 820.6 921.3 104.4 817.0 913.3 122.3 791.1 941.6 107.9 833.8 944.7 112.9 831.8 926.4 118.9 807.5 913.3 122.3 791.1 892.1 17 123.1 18 769.1 19 20 21 FL663170003 FL663178005 Trade payables Taxes payable 17.9 4.0 26.3 3.2 36.7 3.3 32.5 16.3 35.3 3.9 32.2 4.1 34.6 4.8 32.5 16.3 34.5 20 17.3 21 22 LM663192005 Foreign direct investment in U.S. 151.9 159.1 61.1 89.1 63.1 69.2 66.0 89.1 90.0 22 23 24 25 FL663190005 FL663194005 FL663193005 Miscellaneous liabilities Investment by parent companies Other 236.9 1708.0 -1471.1 231.7 1697.7 -1466.0 348.1 1847.7 -1499.5 402.0 1692.1 -1290.0 330.6 1713.7 -1383.1 340.4 1665.5 -1325.0 330.5 1702.2 -1371.7 402.0 1692.1 -1290.0 358.5 23 1711.0 24 -1352.5 25 Total liabilities (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 109 Z.1, June 7, 2018 L.131 Holding Companies (1) 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL734090005 4390.8 3955.9 4330.3 4657.4 4404.9 4605.8 4659.5 4657.4 4672.5 1 2 3 FL733030003 FL732051003 Time and savings deposits Security repurchase agreements 27.0 2.5 19.1 2.1 17.1 2.1 12.9 5.6 10.3 2.4 12.1 9.7 10.8 9.6 12.9 5.6 10.6 4.5 2 3 4 5 6 7 FL734022605 FL733061103 FL733061703 FL733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 76.0 13.9 28.0 34.1 55.3 10.2 23.7 21.5 58.8 9.8 25.1 24.0 67.4 12.6 15.6 39.2 55.9 13.0 23.5 19.3 72.7 19.9 16.7 36.0 59.5 6.7 16.3 36.5 67.4 12.6 15.6 39.2 79.5 16.3 23.4 39.8 4 5 6 7 8 FL733069005 Loans (other loans and advances) 64.8 24.0 22.6 123.1 103.9 103.7 114.3 123.1 121.1 8 9 FL733040005 Life insurance reserves 45.0 49.0 53.0 57.0 54.0 55.0 56.0 57.0 58.0 9 10 11 12 13 14 15 16 17 FL733090005 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 FL733093005 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 4175.5 2133.2 5.3 11.5 54.0 1100.6 83.3 787.6 3806.4 2175.3 4.5 12.0 45.3 1042.7 76.4 450.1 4176.8 2285.8 4.3 13.3 34.4 1156.4 76.8 605.7 4391.4 2377.1 4.8 15.8 28.4 1029.0 73.1 863.2 4178.3 2329.5 3.9 13.6 32.3 1010.1 78.1 710.8 4352.6 2356.5 4.4 14.3 31.6 994.2 87.5 864.2 4409.3 2401.3 4.6 14.7 28.4 1035.7 78.9 845.7 4391.4 2377.1 4.8 15.8 28.4 1029.0 73.1 863.2 4398.7 2346.6 5.3 15.1 20.6 1035.2 95.8 880.1 10 11 12 13 14 15 16 17 18 FL734190005 2102.6 1621.8 1905.9 2321.6 2034.0 2253.7 2285.3 2321.6 2312.8 18 19 FL732151003 Security repurchase agreements 0.0 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.2 19 20 21 22 FL734122005 FL733169103 FL733163003 Debt securities Commercial paper Corporate bonds 1394.3 77.0 1317.4 1212.8 5.7 1207.1 1344.9 2.2 1342.7 1448.7 4.4 1444.2 1359.4 3.3 1356.1 1411.3 3.3 1408.0 1459.6 4.3 1455.3 1448.7 4.4 1444.2 1435.6 20 3.0 21 1432.7 22 23 FL733192003 Foreign direct investment in U.S. (2) 0.0 17.5 158.9 170.1 166.8 170.8 178.2 170.1 168.2 23 24 FL733193005 Miscellaneous liabilities 708.2 391.4 402.0 702.8 507.8 671.5 647.4 702.8 708.8 24 Total liabilities (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Foreign direct investment is equity investment in U.S. Intermediate Holding Companies established in accordance with Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 110 Z.1, June 7, 2018 L.132 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total financial assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL504090005 1268.8 1385.7 1604.4 1671.0 1654.1 1576.2 1662.0 1671.0 1804.1 1 2 3 FL503034003 FL502051003 Money market fund shares Security repurchase agreements 493.5 0.0 477.1 0.0 575.0 0.0 653.8 0.0 549.6 0.0 555.1 0.0 599.0 0.0 653.8 0.0 709.0 0.0 2 3 4 5 6 FL504022005 FL503069105 FL503063005 Debt securities Open market paper Corporate and foreign bonds 52.6 -21.8 74.4 135.3 62.3 73.0 222.3 153.4 69.0 255.0 178.9 76.1 273.9 200.0 73.8 237.6 163.0 74.6 293.4 220.1 73.3 255.0 178.9 76.1 315.2 233.7 81.5 4 5 6 7 FL503069805 Loans (other loans and advances) 12.1 12.9 16.0 19.4 16.9 23.2 21.6 19.4 13.5 7 8 FL503064105 Corporate equities (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 10 11 FL503094505 FL753194503 FL663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers 710.6 103.2 607.3 760.3 105.4 654.9 791.0 99.8 691.3 742.8 79.7 663.1 813.8 110.1 703.7 760.4 89.1 671.3 748.0 81.5 666.5 742.8 79.7 663.1 766.5 9 90.7 10 675.8 11 12 FL504190005 1268.8 1385.7 1604.4 1671.0 1654.1 1576.2 1662.0 1671.0 1804.1 12 13 14 15 FL504122005 FL503169105 FL503163005 Debt securities Open market paper Corporate bonds 644.0 48.8 595.1 755.5 134.1 621.4 793.3 136.1 657.2 744.3 108.3 636.0 819.4 154.3 665.1 773.1 135.7 637.4 757.6 121.5 636.1 744.3 108.3 636.0 776.8 13 134.6 14 642.2 15 16 17 18 FL504123005 FL713068505 FL503169205 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 16 0.0 17 2.4 18 19 FL503192003 Foreign direct investment in U.S. 13.8 14.4 15.0 15.6 15.2 15.3 15.5 15.6 15.8 19 20 21 22 23 FL503190005 FL663097005 LM503194305 FL503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) 608.7 720.6 0.0 -112.0 613.4 706.8 0.0 -93.4 793.7 666.3 0.0 127.4 908.7 737.1 0.0 171.6 817.2 714.8 0.0 102.3 785.5 722.4 0.0 63.1 886.5 709.9 0.0 176.6 908.7 737.1 0.0 171.6 Total liabilities 1009.3 791.6 0.0 217.7 20 21 22 23 (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. 111 Z.1, June 7, 2018 L.133 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 1 FL264090005 Total financial assets 2 3 LM313111303 FL264016005 SDR allocations Net interbank assets 22981.1 22951.8 24152.6 26896.7 24873.5 25595.1 26327.4 26896.7 26900.8 51.2 257.5 48.9 197.9 47.5 57.5 50.3 157.2 47.9 105.5 49.1 91.7 49.9 126.7 50.3 157.2 51.3 127.9 1 2 3 4 5 FL263020005 FL263030005 U.S. checkable deposits and currency U.S. time deposits 674.2 499.2 706.8 480.2 767.9 553.0 847.7 570.7 794.7 571.8 812.8 590.8 834.3 589.3 847.7 570.7 870.5 572.2 4 5 6 7 FL263034003 FL262051003 Money market fund shares Security repurchase agreements 105.3 811.1 107.6 665.8 108.3 732.6 113.1 776.3 105.8 754.6 104.6 770.5 109.1 754.5 113.1 776.3 110.9 746.8 6 7 8 9 10 11 12 13 14 15 FL264022005 LM263069103 LM263061105 LM263061110 LM263061120 LM263061705 FL263062003 LM263063005 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) 16 FL263069500 Loans to U.S. corporate business 17 18 LM263064105 LM263064203 19 20 LM263070003 LM263092001 21 FL264190005 22 23 LM263111005 LM263191005 U.S. official reserve assets (3) U.S. private deposits 118.9 826.3 106.4 579.5 106.1 489.8 112.1 716.5 107.6 553.7 110.8 605.3 112.7 690.6 112.1 716.5 115.3 22 745.5 23 24 FL262151003 Security repurchase agreements 709.1 785.4 900.7 868.2 914.4 907.8 882.9 868.2 852.3 24 25 26 27 FL264122005 FL263169105 LM263163005 Debt securities Commercial paper Bonds 2866.9 437.6 2429.3 2753.4 492.3 2261.1 2818.4 430.6 2387.8 3306.8 521.2 2785.6 2946.5 463.2 2483.3 3045.7 471.8 2573.9 3178.1 528.1 2650.1 3306.8 521.2 2785.6 3392.1 25 567.4 26 2824.6 27 28 29 30 FL264123005 FL263168005 FL263169005 Loans Depository institution loans n.e.c. Other loans and advances 414.3 380.3 34.0 469.8 435.9 33.8 504.7 472.9 31.8 535.2 481.5 53.7 512.7 463.9 48.8 524.8 476.8 48.0 535.9 486.4 49.4 535.2 481.5 53.7 544.4 28 487.4 29 57.0 30 31 LM263170003 Trade payables 47.0 44.8 45.4 51.6 49.3 50.2 51.7 51.6 45.8 31 32 LM263192005 U.S. direct investment abroad (1,2) 5633.1 5783.7 6088.7 6505.1 6223.9 6312.4 6421.9 6505.1 6388.5 32 33 34 35 36 FL263190005 FL313092803 FL263191103 FL263194735 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 149.8 62.4 4.2 83.3 144.6 64.6 3.6 76.4 151.6 66.6 8.2 76.8 155.1 67.4 14.7 73.1 152.5 66.7 7.7 78.1 159.9 66.7 5.7 87.5 152.6 67.4 6.2 78.9 155.1 67.4 14.7 73.1 6770.6 6756.2 6997.0 9027.0 7568.6 8068.2 8622.1 9027.0 170.6 207.5 203.3 260.3 220.2 240.2 250.6 260.3 269.2 16 U.S. corporate equities Mutual fund shares 5920.6 616.6 5500.9 600.6 5768.9 686.7 7035.6 809.9 6177.1 719.0 6311.5 782.9 6667.3 783.0 7035.6 809.9 7002.2 17 801.7 18 Trade receivables Foreign direct investment in U.S. (2) 160.3 3540.7 168.4 3929.7 175.5 4391.6 193.7 4658.9 184.2 4419.4 185.0 4539.1 191.4 4605.1 193.7 4658.9 198.6 19 4708.5 20 Total liabilities 10765.5 10667.6 11105.5 12250.7 11460.5 11717.0 12026.4 12250.7 12254.8 21 170.8 67.4 7.6 95.8 33 34 35 36 Memo: 37 LM263164103 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). 8916.4 37 Levels 10173.8 10337.3 10659.8 11423.0 10773.3 11116.7 11366.2 11423.0 11441.0 8 107.9 104.3 140.8 136.9 134.3 139.3 126.6 136.9 156.7 9 6157.7 6146.2 6006.3 6310.3 6079.0 6171.6 6323.0 6310.3 6319.0 10 671.6 724.7 672.4 727.8 673.0 698.7 703.2 727.8 741.4 11 5486.0 5421.5 5333.9 5582.5 5406.0 5472.8 5619.8 5582.5 5577.7 12 899.6 916.5 987.9 1009.9 968.0 989.9 1005.3 1009.9 1023.2 13 80.6 87.0 94.3 101.5 95.5 98.6 100.2 101.5 100.5 14 2928.0 3083.3 3430.5 3864.4 3496.4 3717.2 3811.1 3864.4 3841.6 15 112 Z.1, June 7, 2018 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 LM893111005 2 LM313111303 Total liabilities Federal government: SDR allocations 3 4 5 6 LM263111005 LM313011303 LM263111403 LM263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 FL893011005 8 9 10 11 12 FL313011005 FL313011205 LM313011303 LM313011405 LM313011505 13 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 170.0 155.4 153.6 162.4 155.5 160.0 162.6 162.4 166.7 1 51.2 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 2 118.9 51.9 25.2 41.8 106.4 49.7 17.6 39.1 106.1 48.9 18.4 38.9 112.1 51.9 17.6 42.6 107.6 49.3 18.3 39.9 110.8 50.6 18.8 41.4 112.7 51.4 19.0 42.2 112.1 51.9 17.6 42.6 115.3 53.0 18.1 44.3 3 4 5 6 181.1 166.4 164.7 173.4 166.5 171.0 173.6 173.4 177.7 7 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 98.0 0.0 51.9 25.3 20.7 86.9 0.0 49.7 17.7 19.5 86.8 0.0 48.9 18.7 19.3 91.0 0.0 51.9 17.9 21.2 87.7 0.0 49.3 18.6 19.8 90.2 0.0 50.6 19.1 20.5 91.8 0.0 51.4 19.3 21.0 91.0 0.0 51.9 17.9 21.2 93.3 8 0.0 9 53.0 10 18.3 11 21.9 12 LM313111303 Rest of the world: SDR allocations 51.2 48.9 47.5 50.3 47.9 49.1 49.9 50.3 51.3 13 14 15 16 17 FL713011005 FL713011203 FL713011405 LM713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 32.0 11.0 -0.1 21.1 30.5 11.0 -0.1 19.6 30.4 11.0 -0.3 19.6 32.2 11.0 -0.3 21.4 30.9 11.0 -0.3 20.2 31.6 11.0 -0.3 20.9 32.0 11.0 -0.3 21.2 32.2 11.0 -0.3 21.4 33.1 11.0 -0.3 22.3 18 FL903011005 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 Total assets Discrepancy: monetary gold 14 15 16 17 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 FL713014003 FL713014003 3 4 FL313112003 FL713012003 5 FL903012005 Liab: Federal government Asset: Monetary authority 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 Liab: Federal government Asset: Monetary authority 25.3 46.3 25.3 47.6 25.3 48.5 25.3 49.4 25.3 48.8 25.3 49.0 25.3 49.2 25.3 49.4 25.3 49.5 3 4 Discrepancy (seigniorage) -21.0 -22.2 -23.2 -24.1 -23.5 -23.7 -23.9 -24.1 -24.2 5 Treasury currency: L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM263191005 Total rest of the world liability 826.3 579.5 489.8 716.5 553.7 605.3 690.6 716.5 745.5 1 2 3 4 LM153091003 FL103091003 FL633091003 Held by: Household sector Nonfinancial corporate business Money market funds 45.6 107.2 24.5 31.2 87.1 11.1 25.6 90.7 1.9 36.5 197.0 3.7 28.7 84.6 3.6 30.8 103.2 3.3 35.2 194.8 5.5 36.5 197.0 3.7 38.0 199.8 1.2 2 3 4 5 FL903091005 Discrepancy--unallocated assets 648.9 450.1 371.6 479.3 436.9 468.0 455.1 479.3 506.4 5 113 Z.1, June 7, 2018 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 1 FL794110005 2 3 4 5 6 FL714110005 FL764110005 FL754110005 FL744110005 FL474110005 7 FL894010005 8 9 10 11 12 13 FL714010005 FL763020005 FL753020005 FL743013003 FL473013005 FL264016005 14 FL904010005 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 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 2627.3 2183.1 1833.8 2168.1 2321.4 2125.7 2246.8 2168.1 2291.2 1 2428.5 161.3 90.2 -1.3 -51.3 2039.5 119.1 71.5 -1.3 -45.7 1830.2 29.5 22.0 -1.3 -46.5 2026.2 52.1 133.5 -1.3 -42.4 2219.5 76.1 65.8 -1.3 -38.7 2050.2 72.7 46.9 -1.2 -42.8 2138.9 56.6 94.3 -1.7 -41.5 2026.2 52.1 133.5 -1.3 -42.4 2175.3 -30.5 184.0 -1.2 -36.4 2 3 4 5 6 2685.6 2237.5 1886.9 2182.6 2324.4 2141.4 2265.1 2182.6 2302.5 7 -0.4 1478.3 888.8 4.0 57.4 257.5 0.1 1279.1 690.4 3.8 66.2 197.9 -0.7 1190.5 567.8 4.7 67.2 57.5 -0.8 1239.1 710.1 7.8 69.3 157.2 -0.6 1393.3 728.9 5.5 91.9 105.5 -0.5 1264.2 704.6 6.5 74.8 91.7 -0.5 1276.3 782.5 7.7 72.4 126.7 -0.8 1239.1 710.1 7.8 69.3 157.2 -0.7 1296.3 777.0 9.4 92.6 127.9 8 9 10 11 12 13 -58.2 -54.4 -53.1 -14.5 -3.0 -15.7 -18.3 -14.5 -11.3 14 68.2 15 68.2 16 0.0 17 15 16 17 FL703025005 FL763025000 FL753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 75.7 75.6 0.0 74.2 74.2 0.0 76.0 76.0 0.0 77.2 77.2 0.0 70.2 70.2 0.0 70.8 70.8 0.0 68.5 68.5 0.0 77.2 77.2 0.0 18 19 20 21 22 FL713113003 FL763013005 FL753013003 FL743013003 FL473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2352.8 1402.7 888.8 4.0 57.4 1965.2 1204.9 690.3 3.8 66.2 1754.2 1114.6 567.8 4.7 67.2 1949.0 1161.9 710.1 7.8 69.3 2149.3 1323.1 728.9 5.5 91.9 1979.4 1193.5 704.6 6.5 74.8 2070.4 1207.8 782.5 7.7 72.4 1949.0 1161.9 710.1 7.8 69.3 2107.1 1228.0 777.0 9.4 92.6 18 19 20 21 22 23 24 25 26 FL714010005 FL714010005 FL713022003 FL713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks -0.4 -0.4 -0.6 0.1 0.1 0.1 -0.0 0.1 -0.7 -0.7 -0.8 0.1 -0.8 -0.8 -0.9 0.1 -0.6 -0.6 -0.6 0.0 -0.5 -0.5 -0.6 0.1 -0.5 -0.5 -0.7 0.2 -0.8 -0.8 -0.9 0.1 -0.7 -0.7 -0.7 0.0 23 24 25 26 27 28 29 FL764116205 FL763192605 FL763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 238.2 485.7 247.5 200.7 458.9 258.1 105.9 353.1 247.2 84.1 384.9 300.8 109.5 343.6 234.1 113.4 391.6 278.3 93.8 375.2 281.4 84.1 384.9 300.8 -0.5 27 321.2 28 321.7 29 30 31 32 FL754116205 FL753192605 FL753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 117.8 1067.5 949.7 94.1 936.7 842.6 35.2 901.4 866.2 159.0 1017.4 858.4 75.3 950.9 875.7 57.2 940.2 883.0 113.8 988.3 874.5 159.0 1017.4 858.4 213.0 30 1027.6 31 814.6 32 33 34 35 FL264116205 FL764016205 FL754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 21.4 12.2 9.2 18.7 9.7 9.1 28.6 12.5 16.1 28.0 14.4 13.6 27.2 13.6 13.6 27.6 13.3 14.2 28.1 13.6 14.5 28.0 14.4 13.6 29.1 33 16.6 34 12.4 35 36 37 38 FL264135125 FL764035125 FL754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 89.8 39.5 50.3 91.0 41.2 49.8 74.2 31.8 42.4 75.1 28.9 46.3 74.0 29.2 44.9 70.4 27.3 43.1 72.0 27.3 44.7 75.1 28.9 46.3 74.0 36 27.7 37 46.3 38 39 40 41 FL264035125 FL274135123 FL284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 12.7 4.1 8.6 12.8 4.9 7.9 19.2 8.6 10.6 17.3 8.9 8.4 21.9 10.4 11.5 19.1 9.0 10.1 19.1 8.8 10.4 17.3 8.9 8.4 18.4 39 8.8 40 9.6 41 42 FL264016005 257.5 197.9 57.5 157.2 105.5 91.7 126.7 157.2 127.9 42 -28.9 22.0 27.6 1.3 51.3 -35.7 15.6 23.0 1.3 45.7 -40.0 20.8 26.0 1.3 46.5 3.1 53.7 24.6 1.3 42.4 -0.4 64.6 27.6 1.3 38.7 -8.6 56.7 28.3 1.2 42.8 -4.5 50.8 26.0 1.7 41.5 3.1 53.7 24.6 1.3 42.4 43 44 45 46 47 FL764112005 FL764112205 FL754012205 FL743020005 FL474012205 48 FL754112205 49 FL904010005 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): 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) 6.2 55.6 29.3 1.2 36.4 43 44 45 46 47 50.9 51.3 60.8 50.6 65.0 65.3 55.3 50.6 49.4 48 -58.2 -54.4 -53.1 -14.5 -3.0 -15.7 -18.3 -14.5 -11.3 49 (1) Sum of lines 27 and 30 less line 33 and line 36 plus line 39. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 49), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 45, 46, 47, and 49. Levels Memo: 114 Z.1, June 7, 2018 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total liabilities 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL793120005 3575.5 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4351.8 1 2 3 4 5 6 FL713120005 FL713123005 FL713124005 FL713122605 FL713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 1554.3 223.7 58.1 5.3 1267.3 1721.9 333.7 32.2 5.2 1350.7 1881.1 399.4 43.1 5.2 1433.5 1819.7 229.1 44.4 5.3 1540.8 1601.8 92.5 38.3 5.2 1465.8 1707.7 181.3 30.0 5.2 1491.1 1710.0 159.5 34.5 5.2 1510.7 1819.7 229.1 44.4 5.3 1540.8 1884.9 290.0 21.1 5.3 1568.5 2 3 4 5 6 7 8 9 10 FL763127005 FL763123005 FL763122605 FL763129205 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 1716.1 2.5 56.5 1657.0 1766.4 2.3 43.6 1720.4 1879.6 2.2 58.7 1818.8 1995.8 1.9 58.7 1935.2 1969.0 2.2 60.5 1906.3 1990.3 2.0 57.9 1930.4 1943.0 2.0 70.0 1870.9 1995.8 1.9 58.7 1935.2 2059.0 7 2.3 8 64.5 9 1992.2 10 11 12 13 FL753127005 FL753122603 FL753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 137.8 54.2 83.6 154.1 61.4 92.8 151.3 65.1 86.2 185.4 75.1 110.3 170.4 69.4 101.0 176.9 74.2 102.7 174.0 67.7 106.3 185.4 75.1 110.3 178.6 11 75.2 12 103.4 13 14 FL743127003 Banks in U.S.-affiliated areas 33.4 35.0 40.8 41.1 41.9 43.0 39.2 41.1 42.6 14 15 FL473127003 Credit unions 133.9 153.4 157.1 172.4 167.1 169.3 168.8 172.4 186.8 15 16 FL793120005 3575.5 3830.8 4109.9 4214.4 3950.3 4087.3 4035.0 4214.4 4351.8 16 17 FL153020005 Household sector 1153.2 1181.6 1108.8 1151.5 1196.4 1165.9 1076.5 1151.5 1188.3 17 18 19 20 FL143020005 FL103020005 FL113020005 Nonfinancial business Corporate Noncorporate 1017.6 770.8 246.8 1126.2 838.1 288.0 1311.5 998.6 312.8 1455.7 1142.7 312.9 1353.4 1042.9 310.5 1425.6 1114.7 311.0 1427.5 1118.5 309.0 1455.7 1142.7 312.9 1510.3 18 1193.1 19 317.2 20 21 22 FL313020005 FL213020005 Federal government State and local governments 226.8 110.2 338.1 97.9 404.0 92.6 232.0 96.2 96.8 94.1 184.8 92.2 162.9 84.1 232.0 96.2 291.7 21 97.2 22 23 FL793020005 Domestic financial sectors 391.8 379.9 424.6 428.2 414.4 403.8 447.6 428.2 390.2 23 24 25 FL513020003 FL543020005 Property-casualty insurance companies Life insurance companies 36.5 57.1 33.8 65.9 26.6 69.4 30.5 86.1 27.5 70.3 27.5 78.2 37.4 78.4 30.5 86.1 32.5 24 83.3 25 26 27 28 FL573020005 FL343020033 FL223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 18.8 0.9 35.6 19.6 0.9 39.1 21.3 0.8 50.4 23.5 1.1 44.4 22.0 0.9 49.1 22.1 1.0 48.5 22.6 1.0 50.3 23.5 1.1 44.4 23.9 26 1.1 27 42.9 28 29 30 FL633020000 FL403020005 Money market funds Government-sponsored enterprises -4.4 65.0 7.6 41.0 29.6 48.8 22.1 49.4 14.3 41.8 14.8 33.0 35.9 37.7 22.1 49.4 10.3 29 23.6 30 31 32 33 FL613020003 FL643020005 FL663020003 Finance companies REITs Brokers and dealers 31.9 38.5 111.8 30.4 35.7 106.1 20.8 37.7 119.2 18.6 40.5 112.0 19.0 42.6 126.9 18.4 40.0 120.3 17.7 47.0 119.5 18.6 40.5 112.0 17.3 31 36.0 32 119.3 33 34 35 36 FL263020005 FL263027003 FL263025003 Rest of the world Checkable deposits Currency 674.2 116.0 558.2 706.8 110.2 596.6 767.9 129.0 638.9 847.7 139.1 708.6 794.7 135.1 659.7 812.8 137.4 675.5 834.3 142.9 691.3 847.7 139.1 708.6 870.5 34 145.0 35 725.6 36 37 FL903020005 Mail float 1.9 0.3 0.6 3.2 0.4 2.1 2.2 3.2 3.6 37 Total assets 115 Z.1, June 7, 2018 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 Total liabilities Q2 Q3 Q4 2018 Q1 1 FL703130005 2 3 4 5 FL763130005 FL753130005 FL743130003 FL473130005 6 FL703130005 7 FL153030005 Household sector 7902.0 8389.0 9085.7 9283.5 9203.0 9130.6 9268.1 9283.5 9492.5 8 9 10 FL143030005 FL103030003 FL113030003 Nonfinancial business Corporate Noncorporate 1001.5 152.0 849.5 1022.0 144.3 877.7 1089.3 163.5 925.9 1157.4 167.8 989.6 1102.7 162.3 940.4 1122.2 165.6 956.6 1137.5 166.1 971.4 1157.4 167.8 989.6 1172.6 8 168.2 9 1004.4 10 11 12 FL313030003 FL213030005 Federal government State and local governments 1.7 356.3 1.8 370.8 1.5 377.4 1.9 391.9 1.2 371.9 1.3 367.2 1.5 372.3 1.9 391.9 1.9 11 385.5 12 13 FL793030005 Domestic financial sectors 688.0 591.2 264.9 287.0 284.6 282.6 301.5 287.0 273.9 13 14 15 16 FL573030005 FL223030043 FL633030000 Private pension funds State and local govt. retirement funds Money market funds 35.5 3.1 523.4 31.0 2.4 445.0 29.9 2.9 146.8 28.8 2.6 179.4 29.5 2.9 179.4 29.4 2.8 177.3 29.2 2.9 199.0 28.8 2.6 179.4 28.6 14 2.5 15 171.4 16 17 18 19 FL403030005 FL613030003 FL733030003 Government-sponsored enterprises Finance companies Holding companies 3.3 95.7 27.0 2.5 91.2 19.1 5.9 62.3 17.1 7.6 55.7 12.9 5.5 57.0 10.3 5.9 55.1 12.1 6.5 53.2 10.8 7.6 55.7 12.9 8.8 17 51.9 18 10.6 19 20 FL263030005 499.2 480.2 553.0 570.7 571.8 590.8 589.3 570.7 572.2 20 2724.6 2754.7 2728.1 2847.3 2664.3 2633.4 2747.7 2847.3 2793.0 1 1032.6 558.2 85.6 1044.0 576.8 91.7 1023.1 463.9 97.5 1053.4 457.5 102.9 1009.8 439.6 98.5 982.3 431.7 99.8 1024.9 446.0 100.8 1053.4 457.5 102.9 938.4 466.9 104.2 2 3 4 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 10448.7 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.6 8509.1 1056.3 46.8 836.5 8993.2 934.9 43.9 882.9 9574.0 794.3 46.4 957.3 9822.1 820.0 41.8 1008.6 9630.1 865.6 46.0 993.5 9569.8 881.4 45.1 998.5 9741.7 883.7 41.5 1003.3 9822.1 820.0 41.8 1008.6 1 9964.8 848.9 42.9 1042.0 2 3 4 5 10448.7 10854.9 11372.0 11692.4 11535.2 11494.8 11670.3 11692.4 11898.6 6 7 L.206 Money Market Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL634090005 2 3 4 FL153034005 FL103034003 FL113034003 Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 FL213034003 FL513034003 FL543034005 State and local governments Property-casualty insurance companies Life insurance companies 166.4 18.5 53.7 172.7 21.7 56.3 182.0 15.1 43.5 190.2 19.1 47.2 183.3 15.6 45.2 182.2 16.2 46.0 185.0 17.4 47.7 190.2 19.1 47.2 191.3 20.3 43.8 5 6 7 8 9 FL573034005 FL223034005 Private pension funds State and local govt. retirement funds 155.6 55.1 151.0 55.8 151.2 68.5 149.7 60.4 150.4 66.6 149.9 65.7 149.8 68.0 149.7 60.4 149.7 58.5 8 9 10 FL503034003 Funding corporations 493.5 477.1 575.0 653.8 549.6 555.1 599.0 653.8 709.0 10 11 FL263034003 Rest of the world 105.3 107.6 108.3 113.1 105.8 104.6 109.1 113.1 110.9 11 Levels 2014 116 Z.1, June 7, 2018 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 Total liabilities 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL892150005 3662.7 3712.5 3806.5 3844.1 3750.7 3920.1 3770.7 3844.1 3574.2 1 2 FL712151003 Monetary authority 509.8 712.4 725.2 564.0 600.3 650.0 556.8 564.0 273.4 2 3 4 5 FL762150005 FL762152005 FL762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 236.2 38.7 197.5 196.8 39.4 157.4 162.6 33.0 129.6 170.5 46.2 124.3 158.5 30.9 127.6 162.9 33.9 129.1 166.9 41.4 125.6 170.5 46.2 124.3 157.0 44.2 112.8 3 4 5 6 7 8 FL752150005 FL752152005 FL752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 371.3 27.2 344.1 406.6 26.9 379.7 473.3 33.8 439.6 561.6 37.1 524.5 480.0 47.3 432.7 515.6 47.4 468.3 544.8 62.1 482.7 561.6 37.1 524.5 526.0 47.1 478.9 6 7 8 9 FL472150053 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 FL512151003 FL542151073 Property-casualty insurance companies Life insurance companies 1.0 21.9 1.4 21.4 0.4 21.6 0.4 21.4 0.4 21.7 0.4 22.3 0.4 21.7 0.4 21.4 12 13 14 15 FL402150005 FL642151073 FL662151003 FL732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.1 265.5 1547.7 0.0 0.0 220.0 1368.3 0.1 0.0 209.4 1313.1 0.1 0.0 260.4 1397.6 0.1 0.0 215.5 1359.9 0.0 0.0 218.8 1442.3 0.0 0.0 245.6 1351.5 0.1 0.0 260.4 1397.6 0.1 16 FL262151003 17 FL892050005 18 19 FL102051003 FL212051003 Nonfinancial corporate business State and local governments 20 FL712051000 Monetary authority 21 22 23 FL762050005 FL762052005 FL762051005 24 25 26 Rest of the world 0.3 10 19.1 11 0.0 260.8 1485.1 0.2 12 13 14 15 709.1 785.4 900.7 868.2 914.4 907.8 882.9 868.2 852.3 16 3491.2 3422.6 3594.6 3905.0 3609.6 3815.4 3741.8 3905.0 3655.8 17 65.9 132.8 79.9 138.3 109.5 145.7 83.9 152.4 99.5 146.8 89.4 146.0 76.0 148.2 83.9 152.4 78.6 18 153.2 19 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 185.0 30.6 154.4 209.8 19.4 190.4 218.5 21.2 197.3 222.5 24.4 198.0 190.0 24.9 165.1 224.5 16.6 207.9 188.1 25.0 163.2 222.5 24.4 198.0 241.0 21 24.7 22 216.2 23 FL752050005 FL752052005 FL752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 218.1 1.3 216.9 218.5 0.9 217.6 193.1 0.6 192.4 269.7 0.9 268.8 197.1 0.5 196.6 211.9 0.9 211.0 240.2 0.5 239.7 269.7 0.9 268.8 263.4 24 1.0 25 262.4 26 27 28 29 FL472050053 FL472052053 FL472051053 Credit unions Federal funds Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.2 0.1 0.0 0.1 0.1 0.0 0.1 0.2 0.0 0.2 0.2 0.0 0.2 0.3 27 0.0 28 0.3 29 30 31 32 33 FL512051003 FL542051073 FL572051005 FL222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.8 3.1 3.0 3.8 1.8 2.7 2.6 3.9 1.3 2.3 2.5 5.1 1.3 1.9 2.3 4.5 1.3 2.3 2.4 5.0 1.3 2.2 2.4 4.9 1.3 2.1 2.4 5.1 1.3 1.9 2.3 4.5 1.1 1.7 2.3 4.3 34 35 FL632051000 FL652051003 Money market funds Mutual funds 654.5 94.1 699.3 81.7 800.2 84.1 956.3 98.0 808.0 93.5 894.1 91.5 909.5 98.0 956.3 98.0 783.0 34 92.8 35 36 37 FL402050005 FL402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 162.6 52.8 182.9 42.4 185.0 48.6 195.6 65.5 207.7 78.4 202.3 74.6 203.0 89.6 195.6 65.5 218.7 36 93.3 37 38 39 40 FL662051003 FL732051003 FL502051003 Brokers and dealers Holding companies Funding corporations 1152.7 2.5 0.0 1133.3 2.1 0.0 1112.7 2.1 0.0 1134.7 5.6 0.0 1098.9 2.4 0.0 1164.7 9.7 0.0 1103.6 9.6 0.0 1134.7 5.6 0.0 1063.9 38 4.5 39 0.0 40 41 FL262051003 Rest of the world 811.1 665.8 732.6 776.3 754.6 770.5 754.5 776.3 746.8 41 42 FL902050005 171.4 289.9 211.9 -60.9 141.2 104.7 28.8 -60.9 -81.6 42 0.12 0.24 0.54 1.30 0.79 1.04 1.15 1.30 1.51 43 396.7 371.2 25.5 474.6 424.0 50.6 468.4 403.4 64.9 319.6 288.1 31.5 346.9 328.8 18.1 398.9 362.8 36.1 316.1 298.5 17.6 319.6 288.1 31.5 32.4 44 22.6 45 9.7 46 Total assets Discrepancy 30 31 32 33 Memo: 43 FL072052006 Effective federal funds rate (percent) (4) Federal Reserve’s reverse repurchase agreement operations: 44 45 46 FL712151103 FL632051103 FL792051115 Liability: Monetary authority (5) Asset: Money market funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year. (5) Included in line 2. (6) Included in line 34. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 117 Z.1, June 7, 2018 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 By instrument 1 FL894122005 Total debt securities 2 3 4 5 6 FL893169175 FL313161105 FL893161705 FL383162005 FL893163005 7 FL894122005 8 FL384122005 9 10 FL163162003 FL104122005 Nonprofit organizations (2) Nonfinancial corporate business 11 12 FL314122005 FL213162005 Federal government State and local governments 13 FL794122005 14 15 16 17 18 19 FL764122005 FL753169603 FL403161705 FL413065005 FL674122005 FL614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 263.5 0.0 6275.5 1648.5 1424.1 1080.3 254.2 0.0 6369.0 1775.5 1346.6 953.4 232.8 0.0 6563.2 1933.0 1229.1 886.3 219.8 0.0 6716.3 2126.6 1174.2 836.4 229.8 0.0 6570.2 1977.1 1201.4 858.8 225.2 0.0 6619.8 2022.8 1199.2 848.6 228.0 0.0 6658.1 2076.4 1181.1 854.9 219.8 0.0 6716.3 2126.6 1174.2 836.4 218.4 0.0 6685.7 2164.0 1159.9 841.4 14 15 16 17 18 19 20 21 22 23 FL644122005 FL663163003 FL734122005 FL504122005 REITs Brokers and dealers Holding companies Funding corporations 403.3 123.9 1394.3 644.0 395.5 131.3 1212.8 755.5 417.3 129.1 1344.9 793.3 438.6 184.1 1448.7 744.3 422.2 129.7 1359.4 819.4 425.5 165.8 1411.3 773.1 428.7 175.5 1459.6 757.6 438.6 184.1 1448.7 744.3 445.2 186.3 1435.6 776.8 20 21 22 23 24 FL264122005 2866.9 2753.4 2818.4 3306.8 2946.5 3045.7 3178.1 3306.8 3392.1 24 25 FL894122005 26 FL384022005 5682.3 6253.2 6291.3 6113.6 6193.5 6025.9 5987.9 6113.6 6657.2 26 27 28 29 FL154022005 FL104022005 FL114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4055.8 248.7 61.2 4636.9 244.7 65.5 4591.9 235.5 69.7 4320.3 269.4 73.6 4477.9 245.2 70.4 4307.2 259.6 71.3 4255.3 259.5 72.0 4320.3 269.4 73.6 4849.0 27 278.7 28 74.5 29 30 31 FL314022005 FL214022005 Federal government State and local governments 0.5 1316.0 0.5 1305.6 0.5 1393.7 0.5 1449.8 0.5 1399.6 0.5 1387.3 0.5 1400.6 0.5 1449.8 0.5 30 1454.5 31 32 FL794022005 33 34 35 36 37 FL714022005 FL764022005 FL754022005 FL744022003 FL474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4236.9 3153.9 274.3 11.1 222.8 4242.0 3368.3 265.3 11.9 219.9 4221.2 3644.7 276.0 13.2 202.6 4223.5 3755.1 303.3 14.9 213.0 4246.8 3698.5 266.2 14.1 223.7 4243.5 3673.2 270.0 14.3 223.3 4240.3 3720.8 259.8 13.5 216.4 4223.5 3755.1 303.3 14.9 213.0 4183.7 3739.7 293.0 16.0 216.7 38 39 LM514022005 LM544022005 Property-casualty insurance companies Life insurance companies 1012.1 3265.4 995.1 3223.8 1027.1 3407.7 1058.6 3585.5 1015.5 3453.9 1026.3 3499.6 1036.0 3541.6 1058.6 3585.5 1035.4 38 3531.0 39 40 41 42 LM574022005 LM344022005 LM224022045 Private pension funds Federal government retirement funds State and local govt. retirement funds 1209.7 1643.6 910.9 1173.7 1735.8 876.3 1216.8 1836.6 909.8 1285.7 1752.8 1008.1 1236.7 1689.0 930.7 1249.9 1585.7 960.9 1264.3 1841.5 979.6 1285.7 1752.8 1008.1 1263.5 40 1916.1 41 1005.1 42 43 44 45 46 FL634022005 LM654022005 LM554022005 LM564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 1509.6 3834.5 169.9 297.4 1581.9 3834.2 161.2 341.6 1746.2 4077.1 160.8 429.0 1682.6 4505.0 165.9 556.2 1655.3 4191.4 163.4 467.3 1540.6 4337.3 165.7 503.4 1593.5 4434.2 166.1 537.1 1682.6 4505.0 165.9 556.2 1824.4 4497.3 162.9 563.8 43 44 45 46 47 48 49 50 FL404022005 FL674022005 LM613063003 FL644022005 Government-sponsored enterprises ABS issuers Finance companies REITs 472.1 27.3 73.9 312.0 446.9 28.2 62.7 267.3 442.6 19.9 73.1 240.9 403.8 11.5 63.8 293.3 436.8 15.3 70.1 250.1 427.5 11.6 68.0 255.3 410.9 10.7 64.4 282.6 403.8 11.5 63.8 293.3 407.5 12.9 61.6 286.5 47 48 49 50 51 52 53 FL664022005 FL734022605 FL504022005 Brokers and dealers Holding companies Funding corporations 337.3 76.0 52.6 300.6 55.3 135.3 305.6 58.8 222.3 337.4 67.4 255.0 329.6 55.9 273.9 350.2 72.7 237.6 303.0 59.5 293.4 337.4 67.4 255.0 357.9 51 79.5 52 315.2 53 54 FL264022005 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 38959.6 39917.7 41483.1 43078.9 41650.9 41858.9 42623.4 43078.9 43867.9 1 930.4 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 7948.4 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 3796.6 3810.7 3853.2 3863.8 3839.9 3846.3 3821.6 3863.8 3843.7 11867.6 11855.4 12240.6 12951.1 12428.5 12621.7 12829.9 12951.1 13055.4 2 3 4 5 6 38959.6 39917.7 41483.1 43078.9 41650.9 41858.9 42623.4 43078.9 43867.9 7 22835.4 23970.6 25135.7 25883.3 25136.4 25121.9 25625.3 25883.3 26562.6 8 By sector Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors Domestic financial sectors Rest of the world 226.9 5123.7 218.8 5533.5 215.4 5828.7 216.9 6131.8 215.2 5953.3 218.4 6015.5 215.3 6105.4 216.9 6131.8 218.8 9 6213.1 10 14441.1 15165.6 16008.3 16455.3 15898.0 15822.7 16255.1 16455.3 17070.6 11 3043.7 3052.6 3083.4 3079.3 3069.9 3065.3 3049.5 3079.3 3060.1 12 13257.4 13193.7 13529.0 13888.8 13568.0 13691.4 13819.9 13888.8 13913.3 13 38959.6 39917.7 41483.1 43078.9 41650.9 41858.9 42623.4 43078.9 43867.9 25 23103.5 23327.2 24532.0 25542.3 24684.2 24716.3 25269.3 25542.3 25769.7 32 33 34 35 36 37 10173.8 10337.3 10659.8 11423.0 10773.3 11116.7 11366.2 11423.0 11441.0 54 (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). Levels Total liabilities 118 Z.1, June 7, 2018 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL893169175 2 FL893169105 3 FL103169100 4 5 6 Total liabilities 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 930.4 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 1 930.4 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 2 Nonfinancial corporate business 182.0 179.0 180.8 206.7 195.5 194.7 206.1 206.7 222.3 3 FL263169105 FL263169110 FL263169123 Foreign issues in U.S. Nonfinancial Financial 437.6 45.2 392.5 492.3 44.1 448.2 430.6 44.6 386.0 521.2 45.1 476.1 463.2 47.0 416.1 471.8 48.0 423.8 528.1 61.3 466.8 521.2 45.1 476.1 567.4 52.2 515.2 4 5 6 7 8 9 10 11 12 13 FL793169100 FL763169103 FL673169105 FL613169100 FL643169173 FL733169103 FL503169105 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 310.7 54.5 12.7 117.8 0.0 77.0 48.8 270.2 53.6 10.0 66.9 0.0 5.7 134.1 273.5 49.0 14.7 71.4 0.0 2.2 136.1 238.1 49.7 3.5 72.2 0.0 4.4 108.3 278.5 49.4 3.7 67.8 0.0 3.3 154.3 259.2 48.7 2.5 69.1 0.0 3.3 135.7 248.2 50.4 2.8 69.3 0.0 4.3 121.5 238.1 49.7 3.5 72.2 0.0 4.4 108.3 258.7 48.9 3.2 69.0 0.0 3.0 134.6 7 8 9 10 11 12 13 14 FL703169605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 FL763169603 FL753169603 0.0 0.0 0.0 0.0 0.0 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 0.0 16 17 FL893169175 18 FL103069100 Nonfinancial corporate business 19 20 21 22 23 FL213069103 FL713069603 FL763069175 FL753069603 FL473069153 24 25 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Total assets 930.4 941.5 884.9 965.9 937.2 925.7 982.4 965.9 1048.5 17 171.9 172.5 160.7 185.2 166.1 178.5 176.4 185.2 195.5 18 State and local governments Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 66.6 0.0 0.0 0.0 0.0 61.7 0.0 0.0 0.0 0.0 61.9 0.0 0.0 0.0 0.0 64.7 0.0 0.0 0.0 0.0 62.3 0.0 0.0 0.0 0.0 62.0 0.0 0.0 0.0 0.0 62.9 0.0 0.0 0.0 0.0 64.7 0.0 0.0 0.0 0.0 65.0 0.0 0.0 0.0 0.1 LM513069103 LM543069105 Property-casualty insurance companies Life insurance companies 8.0 50.5 8.9 43.0 19.6 44.9 10.9 36.2 16.5 44.0 13.9 41.6 12.2 40.0 10.9 36.2 9.3 24 34.1 25 26 27 FL573069105 FL223069143 Private pension funds State and local govt. retirement funds 43.2 44.5 38.4 45.0 37.3 58.8 36.2 51.7 36.9 57.2 36.8 56.5 36.6 58.6 36.2 51.7 36.1 26 50.0 27 28 29 FL633069175 LM653069100 Money market funds Mutual funds 338.6 94.1 298.8 81.7 103.8 84.1 148.2 98.0 109.1 93.5 124.5 91.5 133.2 98.0 148.2 98.0 154.4 28 92.8 29 30 31 32 FL403069105 FL663069103 FL503069105 Government-sponsored enterprises Brokers and dealers Funding corporations 6.0 20.8 -21.8 5.5 19.5 62.3 5.9 13.8 153.4 6.4 12.5 178.9 5.5 11.7 200.0 6.0 11.9 163.0 6.0 11.7 220.1 6.4 12.5 178.9 7.2 30 13.6 31 233.7 32 33 LM263069103 Rest of the world 107.9 104.3 140.8 136.9 134.3 139.3 126.6 136.9 156.7 33 (1) Excludes banks’ holdings of own acceptances. 19 20 21 22 23 119 Z.1, June 7, 2018 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 FL313161105 2 3 4 5 FL313161205 FL313161110 FL313161275 FL313161283 Total liabilities Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 6 7 8 9 10 11 FL313161305 FL313161400 FL213061120 FL343061123 FL343061145 FL313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities 12 FL893061105 13 14 15 FL153061105 FL313161400 FL153061185 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 FL103061103 FL113061003 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 FL213061105 FL213061120 FL213061103 State and local governments SLGS (line 8) Other Treasury securities 21 22 23 FL713061103 FL713061113 FL713061125 Monetary authority Treasury bills Other Treasury securities 24 25 26 27 FL763061100 FL753061103 FL743061103 FL473061105 28 29 30 Total assets Q3 Q4 2018 Q1 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 1 12480.9 13169.0 13880.2 14434.6 13923.0 13965.8 14156.1 14434.6 14894.7 1456.7 1511.0 1815.7 1952.5 1754.8 1715.8 1799.6 1952.5 2284.4 11010.6 11643.0 12051.5 12470.6 12155.2 12238.5 12345.0 12470.6 12598.8 13.6 15.0 13.0 11.5 13.0 11.5 11.5 11.5 11.5 2 3 4 5 1935.8 176.0 116.5 191.3 1407.5 44.6 1972.1 171.6 75.2 206.9 1481.8 36.5 2103.6 165.9 109.8 222.3 1567.6 38.1 1996.3 160.5 92.4 68.7 1637.6 37.0 1950.8 164.3 106.2 116.6 1525.4 38.3 1832.5 162.9 91.5 84.3 1455.3 38.5 2074.7 161.7 80.4 217.9 1576.9 37.8 1996.3 160.5 92.4 68.7 1637.6 37.0 2151.3 6 159.0 7 84.6 8 226.5 9 1644.2 10 36.9 11 14416.7 15141.1 15983.8 16430.9 15873.8 15798.3 16230.7 16430.9 17046.0 12 798.4 176.0 622.5 1179.2 171.6 1007.6 1400.2 165.9 1234.3 1366.6 160.5 1206.1 1343.3 164.3 1179.0 1421.1 162.9 1258.2 1304.0 161.7 1142.3 1366.6 160.5 1206.1 1625.2 13 159.0 14 1466.1 15 41.7 57.2 37.4 61.2 41.3 65.1 41.0 68.7 40.0 65.8 40.7 66.6 40.3 67.3 41.0 68.7 41.2 16 69.6 17 625.5 116.5 509.0 651.4 75.2 576.3 713.6 109.8 603.8 722.6 92.4 630.1 714.3 106.2 608.1 696.1 91.5 604.6 693.8 80.4 613.4 722.6 92.4 630.1 718.1 18 84.6 19 633.6 20 2461.4 0.0 2461.4 2461.6 0.0 2461.6 2463.6 0.0 2463.6 2454.2 0.0 2454.2 2464.4 0.0 2464.4 2465.1 0.0 2465.1 2465.4 0.0 2465.4 2454.2 0.0 2454.2 2425.0 21 0.0 22 2425.0 23 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 420.4 56.5 1.3 21.6 435.2 69.8 2.4 29.2 531.2 94.0 3.2 13.6 488.0 99.5 5.1 29.3 526.8 88.4 4.0 28.2 479.0 91.4 4.3 28.2 481.5 84.3 3.9 28.0 488.0 99.5 5.1 29.3 487.4 99.3 6.3 31.5 LM513061103 LM513061113 LM513061125 Property-casualty insurance companies Treasury bills Other Treasury securities 104.9 27.1 77.8 100.7 23.1 77.7 110.9 31.2 79.7 144.3 56.7 87.6 115.6 35.3 80.3 122.4 39.9 82.5 131.4 46.8 84.6 144.3 56.7 87.6 134.9 28 48.1 29 86.8 30 31 32 33 LM543061105 LM543061113 LM543061125 Life insurance companies Treasury bills Other Treasury securities 200.0 9.7 190.4 203.6 7.2 196.4 216.9 13.2 203.6 226.4 12.8 213.6 218.1 13.8 204.3 219.9 13.7 206.2 219.8 13.9 206.0 226.4 12.8 213.6 224.4 31 11.6 32 212.8 33 34 35 36 LM573061105 LM573061143 LM573061133 Private pension funds Defined benefit plans Defined contribution plans 304.9 186.3 118.6 287.2 176.3 111.0 292.9 173.3 119.7 306.5 172.8 133.7 296.6 173.2 123.4 299.2 174.2 124.9 302.0 173.8 128.2 306.5 172.8 133.7 303.5 34 169.6 35 133.9 36 37 38 39 LM343061105 LM343061165 LM343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 1623.4 1423.5 199.9 1714.8 1498.8 216.0 1814.4 1582.6 231.8 1729.8 1651.1 78.7 1666.6 1540.4 126.2 1562.9 1468.8 94.1 1818.3 1590.4 228.0 1729.8 1651.1 78.7 1893.7 37 1657.6 38 236.1 39 40 LM223061143 State and local govt. retirement funds 200.5 174.2 189.7 227.6 196.6 210.9 212.0 227.6 232.9 40 41 42 43 FL633061105 FL633061110 FL633061120 Money market funds Treasury bills Other Treasury securities 419.0 244.6 174.5 482.9 236.0 246.9 796.2 414.9 381.4 702.2 461.4 240.7 741.0 360.0 381.0 624.3 320.9 303.4 650.5 392.3 258.1 702.2 461.4 240.7 879.2 41 651.2 42 228.0 43 44 45 46 LM653061105 LM653061113 LM653061125 Mutual funds Treasury bills Other Treasury securities 682.9 32.7 650.2 826.6 44.5 782.1 902.6 58.2 844.4 1097.2 79.6 1017.6 932.9 54.8 878.0 916.5 43.7 872.8 1039.4 66.2 973.2 1097.2 79.6 1017.6 1108.0 44 85.3 45 1022.7 46 47 48 49 50 51 52 LM553061103 LM563061103 FL403061105 FL673061103 FL663061105 FL733061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies 6.4 67.5 64.3 27.2 60.2 13.9 5.8 80.3 87.5 28.2 65.3 10.2 3.6 94.7 102.4 19.9 97.6 9.8 3.7 122.2 101.3 11.5 160.4 12.6 3.7 104.4 107.9 15.3 107.8 13.0 3.7 110.0 104.5 11.6 128.5 19.9 3.7 119.1 99.0 10.7 126.7 6.7 3.7 122.2 101.3 11.5 160.4 12.6 53 54 55 LM263061105 LM263061110 LM263061120 Rest of the world Treasury bills Other Treasury securities 6157.7 671.6 5486.0 6146.2 724.7 5421.5 6006.3 672.4 5333.9 6310.3 727.8 5582.5 6079.0 673.0 5406.0 6171.6 698.7 5472.8 6323.0 703.2 5619.8 6310.3 727.8 5582.5 3.6 131.2 106.3 12.9 176.5 16.3 24 25 26 27 47 48 49 50 51 52 6319.0 53 741.4 54 5577.7 55 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. Levels 1 Q2 120 Z.1, June 7, 2018 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL893161705 2 3 4 FL313161705 FL403161705 FL413065005 5 FL893061705 6 7 FL153061705 FL103061703 8 9 Total liabilities 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 7948.4 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 1 24.4 6275.5 1648.5 24.6 6369.0 1775.5 24.5 6563.2 1933.0 24.4 6716.3 2126.6 24.2 6570.2 1977.1 24.4 6619.8 2022.8 24.4 6658.1 2076.4 24.4 6716.3 2126.6 24.7 6685.7 2164.0 2 3 4 7948.4 8169.0 8520.6 8867.2 8571.6 8667.0 8758.9 8867.2 8874.4 5 Household sector Nonfinancial corporate business 261.8 13.9 500.4 12.5 446.5 13.8 492.0 13.7 470.5 13.3 373.8 13.6 457.6 13.4 492.0 13.7 513.9 13.7 6 7 FL313061703 FL213061703 Federal government State and local governments 0.0 440.4 0.0 404.5 0.0 420.2 0.0 455.4 0.0 423.5 0.0 430.8 0.0 442.6 0.0 455.4 0.0 463.1 8 9 10 FL713061705 Monetary authority 1775.5 1780.4 1757.6 1769.3 1782.5 1778.4 1774.9 1769.3 1758.8 10 11 12 13 14 FL763061705 FL753061703 FL743061703 FL473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1760.3 20.5 1.7 187.5 1924.7 23.1 1.8 175.6 2061.5 21.1 1.5 172.4 2210.1 43.6 1.5 168.0 2098.2 21.9 1.5 178.8 2134.5 22.9 1.4 178.5 2178.5 21.3 1.4 172.6 2210.1 43.6 1.5 168.0 2213.9 41.5 1.7 169.4 15 16 LM513061703 LM543061705 Property-casualty insurance companies Life insurance companies 111.6 382.5 102.7 364.4 104.3 366.1 111.0 382.4 104.2 370.6 106.6 375.1 108.3 379.1 111.0 382.4 110.0 15 381.3 16 17 18 19 LM573061705 LM343061705 LM223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 168.1 8.3 112.9 158.6 8.4 100.2 165.0 8.7 113.6 171.5 9.0 136.3 166.8 8.7 117.7 169.3 8.9 126.3 170.7 9.1 127.0 171.5 9.0 136.3 170.5 17 8.8 18 140.5 19 20 21 22 FL633061700 LM653061703 FL403061705 Money market funds Mutual funds Government-sponsored enterprises 390.5 689.8 295.7 467.4 584.9 281.4 677.8 596.4 287.4 682.5 593.6 267.4 643.8 580.0 282.4 642.9 689.7 280.2 666.3 611.4 274.5 682.5 593.6 267.4 643.8 20 603.6 21 265.9 22 23 24 FL673061703 FL643061773 ABS issuers REITs 0.1 277.8 0.0 228.1 0.0 200.7 0.0 251.2 0.0 208.6 0.0 214.0 0.0 241.0 0.0 251.2 0.0 23 243.6 24 25 26 FL663061703 FL733061703 Brokers and dealers Holding companies 121.9 28.0 109.7 23.7 93.2 25.1 83.2 15.6 106.9 23.5 113.5 16.7 87.6 16.3 83.2 15.6 84.2 25 23.4 26 27 LM263061705 Rest of the world 899.6 916.5 987.9 1009.9 968.0 989.9 1005.3 1009.9 1023.2 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown on table L.106, line 20. 121 Z.1, June 7, 2018 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 Total liabilities Q2 Q3 2018 Q1 Q4 1 FL383162005 2 3 4 FL213162005 FL213162400 FL213162200 State and local governments Short-term (1) Long-term 5 6 FL163162003 FL103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FL383162005 8 9 10 FL153062005 FL103062003 FL113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 FL213062003 State and local governments 13.7 14.0 14.8 15.4 14.9 14.8 15.0 15.4 12 13 14 15 FL763062000 FL753062003 FL743062003 FL473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 451.5 0.0 2.7 3.8 498.9 0.0 2.1 4.3 549.2 0.0 1.7 5.1 570.2 0.0 1.3 5.1 554.2 0.0 1.7 5.1 557.3 0.0 1.6 5.3 560.6 0.0 1.3 5.0 570.2 0.0 1.3 5.1 554.4 0.0 1.3 4.8 16 17 LM513062003 LM543062005 Property-casualty insurance companies Life insurance companies 339.6 164.4 345.8 171.2 338.5 179.0 327.0 192.7 330.2 182.7 329.4 186.2 326.7 189.7 327.0 192.7 327.0 16 193.8 17 18 19 LM343062033 LM223062043 Federal government retirement funds State and local govt. retirement funds 0.1 2.4 0.1 2.5 0.1 2.0 0.1 3.2 0.1 2.3 0.1 2.5 0.1 2.2 0.1 3.2 0.1 18 3.4 19 20 21 22 23 FL633062000 LM653062003 LM553062003 LM563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 282.0 586.6 90.2 15.1 268.4 603.7 89.5 19.1 162.2 632.2 86.9 24.7 142.3 688.1 89.0 30.4 153.3 646.6 87.4 25.5 141.8 666.5 88.6 27.3 135.1 680.4 88.7 28.6 142.3 688.1 89.0 30.4 24 25 FL403062005 FL663062003 Government-sponsored enterprises Brokers and dealers 10.8 18.9 8.2 14.0 5.8 21.0 4.6 17.2 5.6 19.7 5.2 21.2 4.7 17.3 4.6 17.2 4.4 24 18.6 25 26 FL263062003 Rest of the world 80.6 87.0 94.3 101.5 95.5 98.6 100.2 101.5 100.5 26 Total assets (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). 3796.6 3810.7 3853.2 3863.8 3839.9 3846.3 3821.6 3863.8 3843.7 1 3043.7 38.9 3004.8 3052.6 33.0 3019.6 3083.4 30.2 3053.1 3079.3 35.1 3044.2 3069.9 30.0 3039.9 3065.3 24.5 3040.8 3049.5 32.9 3016.6 3079.3 35.1 3044.2 3060.1 36.2 3023.8 2 3 4 226.9 526.0 218.8 539.3 215.4 554.5 216.9 567.6 215.2 554.8 218.4 562.6 215.3 556.7 216.9 567.6 218.8 564.9 5 6 3796.6 3810.7 3853.2 3863.8 3839.9 3846.3 3821.6 3863.8 3843.7 7 1709.1 21.2 4.0 1655.4 22.3 4.3 1711.6 19.7 4.6 1641.4 29.5 4.8 1684.7 25.7 4.6 1668.4 26.8 4.7 1631.6 29.3 4.7 1641.4 29.5 4.8 1640.3 8 28.3 9 4.9 10 15.5 11 140.8 687.6 87.3 30.7 12 13 14 15 20 21 22 23 Levels 2014 122 Z.1, June 7, 2018 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total liabilities Q2 Q3 Q4 2018 Q1 1 FL893163005 2 FL103163003 Nonfinancial corporate business 4415.7 4815.3 5093.4 5357.6 5203.0 5258.2 5342.6 5357.6 5425.9 2 3 FL793163005 Domestic financial sectors 5022.6 4779.1 4759.4 4808.0 4742.2 4789.6 4837.2 4808.0 4804.9 3 4 5 6 7 FL763163005 FL673163005 FL613163005 FL643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 209.0 1411.4 962.6 403.3 200.6 1336.6 886.6 395.5 183.7 1214.4 814.9 417.3 170.1 1170.7 764.3 438.6 180.4 1197.8 791.0 422.2 176.5 1196.7 779.6 425.5 177.6 1178.3 785.6 428.7 170.1 1170.7 764.3 438.6 169.5 1156.6 772.4 445.2 4 5 6 7 8 9 10 FL663163003 FL733163003 FL503163005 Brokers and dealers Holding companies Funding corporations 123.9 1317.4 595.1 131.3 1207.1 621.4 129.1 1342.7 657.2 184.1 1444.2 636.0 129.7 1356.1 665.1 165.8 1408.0 637.4 175.5 1455.3 636.1 184.1 1444.2 636.0 186.3 8 1432.7 9 642.2 10 11 LM263163005 2429.3 2261.1 2387.8 2785.6 2483.3 2573.9 2650.1 2785.6 2824.6 11 12 FL893163005 13 14 15 16 17 18 19 20 21 22 23 FL153063005 FL313063763 FL213063003 FL763063005 FL763063605 FL763063095 FL753063005 FL743063005 FL473063005 FL473063605 FL473063095 Household sector Federal government State and local governments 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 1286.5 0.5 170.0 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 1301.8 0.5 174.0 509.5 127.2 382.3 172.4 5.6 10.8 10.6 0.2 1033.6 0.5 183.3 502.9 100.5 402.3 160.8 6.7 11.5 11.3 0.2 820.4 0.5 191.7 486.8 81.8 405.0 160.2 7.0 10.7 10.4 0.3 979.3 0.5 184.7 519.3 97.8 421.5 155.9 6.9 11.6 11.4 0.2 843.9 0.5 183.6 502.4 92.7 409.7 155.7 6.9 11.4 11.2 0.2 862.0 0.5 186.4 500.2 87.3 412.9 154.2 6.9 10.8 10.5 0.2 820.4 0.5 191.7 486.8 81.8 405.0 160.2 7.0 10.7 10.4 0.3 1069.6 0.5 192.7 484.1 78.7 405.4 152.3 6.7 10.9 10.6 0.3 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 LM513063003 LM513063603 LM513063095 LM543063005 LM543063673 LM543063095 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 448.1 95.9 352.2 2467.9 456.7 2011.1 437.0 95.1 341.9 2441.6 439.4 2002.3 453.9 97.1 356.9 2600.8 457.8 2143.0 465.3 100.6 364.7 2747.8 468.1 2279.7 449.0 97.9 351.1 2638.4 460.0 2178.4 454.0 98.9 355.1 2676.8 463.2 2213.6 457.4 99.7 357.7 2713.0 466.7 2246.3 465.3 100.6 364.7 2747.8 468.1 2279.7 454.3 99.3 355.0 2697.5 467.5 2229.9 24 25 26 27 28 29 30 31 32 LM573063005 LM343063005 LM223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 693.6 11.9 550.6 689.5 12.6 554.4 721.5 13.5 545.8 771.5 14.0 589.2 736.4 13.6 556.9 744.6 13.9 564.6 755.1 14.0 579.9 771.5 14.0 589.2 33 34 35 36 FL633063003 LM653063005 LM553063003 LM563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 79.5 1781.2 73.3 214.8 64.4 1737.3 65.8 242.2 6.1 1861.9 70.2 309.6 7.4 2028.1 73.2 403.5 8.0 1938.4 72.3 337.4 7.1 1973.0 73.4 366.1 8.3 2005.0 73.7 389.4 7.4 2028.1 73.2 403.5 6.2 2005.3 72.0 401.9 33 34 35 36 37 38 39 40 41 FL403063005 FL403063605 FL403063095 LM613063003 FL643063005 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 95.4 89.3 6.2 73.9 34.2 64.3 58.9 5.4 62.7 39.2 41.1 36.4 4.7 73.1 40.2 24.1 19.8 4.3 63.8 42.1 35.3 30.7 4.6 70.1 41.5 31.7 27.2 4.5 68.0 41.3 26.6 22.3 4.4 64.4 41.7 24.1 19.8 4.3 63.8 42.1 23.8 19.6 4.2 61.6 42.9 37 38 39 40 41 42 43 44 FL663063005 FL733063003 FL503063005 Brokers and dealers Holding companies Funding corporations 115.5 34.1 74.4 92.1 21.5 73.0 80.0 24.0 69.0 64.2 39.2 76.1 83.4 19.3 73.8 75.1 36.0 74.6 59.7 36.5 73.3 64.2 39.2 76.1 65.0 42 39.8 43 81.5 44 45 46 47 LM263063005 LM263063603 LM263063095 Rest of the world (4) MBS and other ABS Other 2928.0 399.4 2528.6 3083.3 387.6 2695.7 3430.5 363.7 3066.8 3864.4 371.9 3492.4 3496.4 365.9 3130.5 3717.2 371.1 3346.1 3811.1 372.3 3438.8 3864.4 371.9 3492.4 3841.6 45 367.4 46 3474.2 47 Rest of the world (2) Total assets (3) 11867.6 11855.4 12240.6 12951.1 12428.5 12621.7 12829.9 12951.1 13055.4 1 11867.6 11855.4 12240.6 12951.1 12428.5 12621.7 12829.9 12951.1 13055.4 12 753.5 30 13.4 31 578.3 32 (1) Liabilities net of assets. (2) Holdings of foreign issues by U.S. residents. (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. 123 Z.1, June 7, 2018 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 By instrument 1 FL894123005 Total loans 2 3 FL793068005 FL893169005 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 FL893065005 FL893065105 FL893065405 FL893065505 FL893065603 Mortgages Home Multifamily residential Commercial Farm 9 FL153166000 Consumer credit 22933.5 23614.7 24566.1 25676.6 24745.0 25108.0 25347.2 25676.6 25740.3 2814.9 3323.6 3416.9 3514.9 2 3 13480.5 13852.7 14328.8 14897.2 14427.0 14574.0 14717.0 14897.2 14986.1 9939.3 10070.3 10290.9 10606.4 10349.3 10431.9 10525.3 10606.4 10643.4 986.2 1086.7 1195.6 1310.7 1218.6 1241.1 1266.4 1310.7 1331.5 2358.2 2487.0 2616.3 2744.0 2630.6 2669.9 2691.8 2744.0 2774.4 196.8 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 4 5 6 7 8 3314.6 3116.0 3232.4 3413.6 3288.0 3305.2 3644.2 3387.0 3559.7 3832.7 3288.4 3389.6 3640.1 3336.8 3501.9 3695.4 3356.2 3520.1 3754.0 3387.0 3559.7 1 3832.7 3822.4 9 By sector FL894123005 11 FL384123005 Total liabilities 12 13 14 FL154123005 FL104123005 FL114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL313165403 FL213169203 Federal government State and local governments 17 FL794123005 18 19 20 21 FL763169305 FL473169333 FL513169333 FL543169373 22 23 Domestic nonfinancial sectors 22933.5 23614.7 24566.1 25676.6 24745.0 25108.0 25347.2 25676.6 25740.3 10 20585.1 21166.6 22009.8 23073.4 22202.9 22504.6 22741.1 23073.4 23184.0 11 13748.5 13941.1 14383.2 14915.8 14435.1 14593.8 14736.3 14915.8 14951.4 12 2376.7 2459.2 2561.7 2836.2 2659.2 2734.5 2777.6 2836.2 2851.0 13 4443.3 4749.4 5047.1 5303.1 5090.7 5158.3 5209.1 5303.1 5363.1 14 0.0 16.6 0.0 16.9 0.0 17.8 0.0 18.2 0.0 17.9 0.0 18.0 0.0 18.1 0.0 18.2 0.0 15 18.5 16 1934.2 1978.4 2051.6 2068.0 2029.4 2078.6 2070.3 2068.0 2011.8 17 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 468.2 35.4 2.2 51.9 498.7 44.7 2.4 58.1 566.4 46.7 2.9 68.3 586.5 54.8 2.7 74.9 525.7 45.2 2.9 71.2 569.6 46.6 3.9 71.3 579.5 50.5 2.9 72.2 586.5 54.8 2.7 74.9 557.1 46.5 3.7 79.0 FL403169283 FL614123005 Government-sponsored enterprises Finance companies 0.0 141.2 0.0 159.5 0.0 159.5 0.0 148.1 0.0 158.0 0.0 156.7 0.0 157.2 0.0 148.1 0.0 22 150.0 23 24 25 26 FL644123005 FL664123005 FL504123005 REITs Brokers and dealers Funding corporations 270.4 962.5 2.4 299.6 913.2 2.4 284.3 921.3 2.4 285.2 913.3 2.4 282.5 941.6 2.4 283.4 944.7 2.4 279.1 926.4 2.4 285.2 913.3 2.4 281.1 24 892.1 25 2.4 26 27 FL264123005 414.3 469.8 504.7 535.2 512.7 524.8 535.9 535.2 544.4 27 28 FL894123005 29 FL384023005 30 31 32 FL154023005 FL104023005 FL114023005 33 34 FL314023005 FL213065005 35 FL794023005 36 37 38 39 40 FL713068005 FL764023005 FL754023005 FL744023003 FL474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 FL513065503 FL544023005 FL573065005 FL223065043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 45 46 47 48 49 FL653069803 FL404023005 FL413065005 FL674023005 FL614023005 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 50 51 52 53 FL643065005 FL663069005 FL733069005 FL503069805 REITs Brokers and dealers Holding companies Funding corporations 54 FL263069500 Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors 18 19 20 21 22933.5 23614.7 24566.1 25676.6 24745.0 25108.0 25347.2 25676.6 25740.3 28 2537.4 2591.4 2704.5 2782.7 2755.2 2764.3 2781.6 2782.7 2794.5 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1063.3 70.0 34.5 1002.7 72.4 36.9 998.3 73.0 39.3 966.5 70.3 41.4 1012.4 71.4 39.6 1010.8 71.2 40.2 985.9 71.0 40.6 966.5 70.3 41.4 943.2 30 68.7 31 41.9 32 Federal government State and local governments 1159.0 210.7 1263.7 215.6 1366.7 227.2 1467.0 237.6 1402.9 228.9 1414.5 227.6 1453.2 231.0 1467.0 237.6 1501.8 33 238.9 34 Domestic financial sectors Rest of the world 20225.5 20815.8 21658.3 22633.6 21769.6 22103.5 22315.0 22633.6 22676.6 35 0.0 7632.0 583.5 47.4 728.9 0.0 8148.6 670.5 41.7 804.9 0.0 8639.7 701.3 39.8 889.5 0.0 8989.4 697.4 39.2 978.4 0.0 8615.0 699.5 38.9 905.5 0.0 8758.4 701.5 38.8 934.5 0.0 8841.6 699.1 38.3 958.5 0.0 8989.4 697.4 39.2 978.4 0.0 9009.0 687.9 38.6 1001.0 36 37 38 39 40 9.9 546.8 24.0 8.3 12.3 588.1 22.0 8.4 14.9 625.4 21.8 8.3 17.2 671.9 21.6 7.8 14.2 635.9 21.7 7.7 15.7 652.1 21.7 9.2 16.6 663.3 21.6 9.1 17.2 671.9 21.6 7.8 18.0 683.0 21.6 7.6 41 42 43 44 154.5 5542.3 1648.5 1303.2 1243.7 138.9 5666.3 1775.5 1220.5 1125.5 157.5 5852.4 1933.0 1104.6 1074.2 183.2 6051.4 2126.6 1047.3 1051.0 166.1 5864.9 1977.1 1078.6 1064.6 176.2 5927.3 2022.8 1077.2 1060.1 182.0 5980.1 2076.4 1053.6 1050.7 183.2 6051.4 2126.6 1047.3 1051.0 182.2 6043.1 2164.0 1028.9 1041.6 45 46 47 48 49 247.3 428.2 64.8 12.1 217.7 338.1 24.0 12.9 227.8 329.7 22.6 16.0 233.5 375.4 123.1 19.4 224.0 335.0 103.9 16.9 225.3 355.9 103.7 23.2 223.7 364.6 114.3 21.6 233.5 375.4 123.1 19.4 232.7 382.7 121.1 13.5 50 51 52 53 170.6 207.5 203.3 260.3 220.2 240.2 250.6 260.3 269.2 54 (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. Levels 10 124 Z.1, June 7, 2018 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL793068005 2 3 4 FL153168005 FL103168005 FL113168005 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FL793168005 Domestic financial sectors 6 7 8 FL613168003 FL643168005 FL663168005 Finance companies REITs Brokers and dealers 9 FL713068505 Funding corporations 10 11 12 13 FL263168005 FL263168465 FL263168485 FL263168495 14 FL793068005 15 FL713068005 Monetary authority (2) 16 17 18 19 FL763068005 FL753068005 FL743068005 FL473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Total assets 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 2814.9 3116.0 3288.0 3387.0 3288.4 3336.8 3356.2 3387.0 3416.9 1 235.8 856.0 1077.0 280.6 935.8 1175.0 290.2 985.8 1247.5 293.1 1020.3 1289.2 285.5 991.6 1252.3 292.5 1001.4 1265.9 289.3 1004.5 1270.2 293.1 1020.3 1289.2 297.1 1028.6 1296.9 2 3 4 265.8 288.7 291.5 302.9 295.0 300.3 305.7 302.9 306.8 5 139.1 33.1 93.5 155.8 40.4 92.5 156.0 31.2 104.4 144.7 35.9 122.3 154.7 32.4 107.9 153.6 33.9 112.9 154.0 32.9 118.9 144.7 35.9 122.3 146.7 37.1 123.1 6 7 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 380.3 8.2 207.3 164.8 435.9 9.5 227.5 198.9 472.9 7.3 230.3 235.3 481.5 4.2 197.6 279.7 463.9 5.9 220.3 237.6 476.8 4.5 213.8 258.6 486.4 4.2 211.6 270.6 481.5 4.2 197.6 279.7 487.4 4.5 203.9 279.0 10 11 12 13 2814.9 3116.0 3288.0 3387.0 3288.4 3336.8 3356.2 3387.0 3416.9 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 2198.2 545.9 17.1 53.7 2424.0 619.2 15.1 57.7 2570.1 634.2 13.9 69.8 2674.4 620.7 13.1 78.6 2572.6 631.1 13.4 71.3 2622.9 628.9 13.6 71.4 2639.2 625.9 13.0 78.0 2674.4 620.7 13.1 78.6 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to the household, broker and dealer, and funding corporation sectors. 2713.8 609.9 13.1 80.1 16 17 18 19 125 Z.1, June 7, 2018 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 3514.9 1 FL893169005 Total other loans and advances 3323.6 3232.4 3305.2 3559.7 3389.6 3501.9 3520.1 3559.7 2 3 4 5 6 7 8 9 10 FL313069205 FL153169203 FL103169205 FL113169205 FL213169203 FL403169283 FL313069223 FL503169205 FL263169205 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 195.2 13.5 74.8 57.3 16.6 0.0 0.0 2.4 30.8 197.3 15.7 75.3 54.0 16.9 0.0 0.0 2.4 33.0 197.5 18.1 74.5 53.3 17.8 0.0 0.0 2.4 31.5 199.9 20.8 73.4 52.9 18.2 0.0 0.0 2.4 32.2 197.0 18.7 74.1 53.1 17.9 0.0 0.0 2.4 30.8 197.3 19.2 74.0 53.2 18.0 0.0 0.0 2.4 30.4 198.7 19.8 73.5 53.3 18.1 0.0 0.0 2.4 31.6 199.9 20.8 73.4 52.9 18.2 0.0 0.0 2.4 32.2 202.3 2 22.1 3 73.5 4 53.2 5 18.5 6 0.0 7 0.0 8 2.4 9 32.7 10 11 12 FL263069500 FL263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 170.6 170.6 207.5 207.5 203.3 203.3 260.3 260.3 220.2 220.2 240.2 240.2 250.6 250.6 260.3 260.3 269.2 11 269.2 12 13 14 15 16 FL763069703 FL753069703 FL103169705 FL263169705 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 19 FL733069005 FL733069013 FL733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 64.8 61.6 3.2 24.0 23.1 0.9 22.6 22.3 0.3 123.1 101.6 21.5 103.9 86.0 18.0 103.7 86.2 17.6 114.3 96.4 17.9 123.1 101.6 21.5 121.1 17 96.8 18 24.3 19 20 21 22 FL153169405 FL313069403 FL543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies 130.9 0.3 130.6 132.3 0.3 132.0 132.1 0.3 131.9 134.0 0.2 133.8 132.3 0.3 132.0 132.4 0.3 132.2 133.3 0.2 133.0 134.0 0.2 133.8 134.4 20 0.2 21 134.1 22 23 24 25 26 27 28 29 FL403069330 FL763169335 FL473169333 FL513169333 FL543169373 FL613169333 FL643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts 565.7 468.2 35.4 2.2 51.9 2.1 5.9 631.2 498.7 44.7 2.4 58.1 3.7 23.8 704.3 566.4 46.7 2.9 68.3 3.5 16.6 732.1 586.5 54.8 2.7 74.9 3.4 9.8 660.5 525.7 45.2 2.9 71.2 3.3 12.3 706.4 569.6 46.6 3.9 71.3 3.1 11.9 719.1 579.5 50.5 2.9 72.2 3.3 10.7 732.1 586.5 54.8 2.7 74.9 3.4 9.8 699.0 557.1 46.5 3.7 79.0 3.3 9.5 23 24 25 26 27 28 29 30 31 32 33 34 FL403069395 FL153169305 FL183169305 FL113169305 FL763169383 Government-sponsored enterprise (GSE) loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 106.1 0.0 8.6 97.5 0.0 115.0 0.0 9.8 105.2 0.0 120.8 0.0 10.6 110.2 0.0 125.6 0.0 11.5 114.0 0.0 122.0 0.0 11.9 110.1 0.0 120.4 0.0 10.9 109.5 0.0 119.8 0.0 10.4 109.4 0.0 125.6 0.0 11.5 114.0 0.0 128.4 0.0 13.5 114.8 0.0 30 31 32 33 34 35 36 FL673069505 FL673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.0 0.0 0.0 0.0 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 35 0.4 36 37 38 39 FL613069500 FL103169535 FL113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 411.5 370.4 41.2 404.7 364.2 40.5 388.0 349.2 38.8 387.2 348.5 38.7 388.8 349.9 38.9 388.1 349.3 38.8 383.2 344.8 38.3 387.2 348.5 38.7 386.5 37 347.9 38 38.7 39 40 41 FL663067003 FL663067003 Margin accounts at brokers and dealers Liab.: Household sector 369.5 369.5 289.4 289.4 277.0 277.0 307.7 307.7 279.9 279.9 295.2 295.2 290.9 290.9 307.7 307.7 311.9 40 311.9 41 42 43 FL153067005 FL153067005 Cash accounts at brokers and dealers Asset: Household sector 869.0 869.0 820.6 820.6 817.0 817.0 791.1 791.1 833.8 833.8 831.8 831.8 807.5 807.5 791.1 791.1 769.1 42 769.1 43 44 45 46 47 48 49 50 FL103169803 FL153069803 FL543069873 FL653069803 FL673069803 FL663069803 FL503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 440.2 24.3 31.4 154.5 159.3 58.6 12.1 410.4 22.0 29.6 138.9 158.3 48.7 12.9 442.3 24.6 32.5 157.5 159.1 52.6 16.0 498.3 26.4 36.1 183.2 165.5 67.7 19.4 450.9 24.2 31.9 166.1 156.8 55.1 16.9 485.9 24.9 34.3 176.2 166.6 60.7 23.2 502.4 27.6 37.2 182.0 160.5 73.6 21.6 498.3 26.4 36.1 183.2 165.5 67.7 19.4 492.8 27.7 37.0 182.2 161.7 70.8 13.5 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 (1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 23. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. 0.0 0.0 0.0 0.0 1 13 14 15 16 44 45 46 47 48 49 50 Levels 2014 126 Z.1, June 7, 2018 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total mortgages Q2 Q3 Q4 2018 Q1 1 FL893065005 2 3 4 5 FL893065105 FL893065405 FL893065505 FL893065603 6 FL893065005 7 FL153165005 Household sector 9684.2 9809.5 10021.6 10327.4 10078.6 10159.1 10248.9 10327.4 10363.6 8 9 10 FL143165005 FL103165005 FL113165005 Nonfinancial business Corporate Noncorporate 3564.9 394.5 3170.3 3807.8 433.2 3374.7 4070.7 473.5 3597.3 4330.3 522.0 3808.3 4110.6 474.3 3636.3 4177.2 486.3 3690.9 4232.6 494.7 3737.9 4330.3 522.0 3808.3 4387.9 8 528.4 9 3859.5 10 11 12 FL313165403 FL643165005 Federal government REITs 0.0 231.4 0.0 235.4 0.0 236.5 0.0 239.5 0.0 237.8 0.0 237.7 0.0 235.5 0.0 239.5 0.0 11 234.6 12 13 FL893065005 14 15 16 FL153065005 FL103065003 FL113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 122.5 29.0 34.5 115.1 31.4 36.9 114.9 30.3 39.3 112.4 28.4 41.4 114.1 29.8 39.6 115.2 29.3 40.2 113.2 28.9 40.6 112.4 28.4 41.4 111.6 14 28.0 15 41.9 16 17 18 FL313065005 FL213065005 Federal government State and local governments 117.2 210.7 116.5 215.6 119.7 227.2 121.2 237.6 118.6 228.9 118.7 227.6 120.7 231.0 121.2 237.6 119.8 17 238.9 18 19 20 21 22 FL763065005 FL753065005 FL743065003 FL473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4090.7 37.6 30.4 372.5 4296.3 51.3 26.6 404.9 4537.6 67.2 25.9 439.4 4698.5 76.7 26.0 481.4 4555.3 68.4 25.5 447.3 4621.2 72.6 25.2 458.8 4661.0 73.2 25.3 471.6 4698.5 76.7 26.0 481.4 23 24 FL513065503 FL543065005 Property-casualty insurance companies Life insurance companies 9.9 384.8 12.3 426.5 14.9 461.0 17.2 502.0 14.2 472.0 15.7 485.6 16.6 493.1 17.2 502.0 18.0 23 511.9 24 25 26 FL573065005 FL223065043 Private pension funds State and local govt. retirement funds 24.0 8.3 22.0 8.4 21.8 8.3 21.6 7.8 21.7 7.7 21.7 9.2 21.6 9.1 21.6 7.8 21.6 25 7.6 26 27 28 FL403065005 FL413065005 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 4870.5 1648.5 4920.1 1775.5 5027.2 1933.0 5193.7 2126.6 5082.4 1977.1 5100.5 2022.8 5141.1 2076.4 5193.7 2126.6 5215.8 27 2164.0 28 29 30 31 FL673065005 FL613065000 FL643065005 ABS issuers Finance companies REITs 1094.1 148.1 247.3 1016.2 159.5 217.7 895.2 138.3 227.8 847.5 123.8 233.5 866.0 134.1 224.0 854.9 129.5 225.3 842.2 127.8 223.7 847.5 123.8 233.5 835.2 29 125.5 30 232.7 31 Home Multifamily residential Commercial Farm Total liabilities Total assets 13480.5 13852.7 14328.8 14897.2 14427.0 14574.0 14717.0 14897.2 14986.1 1 9939.3 10070.3 10290.9 10606.4 10349.3 10431.9 10525.3 10606.4 10643.4 986.2 1086.7 1195.6 1310.7 1218.6 1241.1 1266.4 1310.7 1331.5 2358.2 2487.0 2616.3 2744.0 2630.6 2669.9 2691.8 2744.0 2774.4 196.8 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 2 3 4 5 13480.5 13852.7 14328.8 14897.2 14427.0 14574.0 14717.0 14897.2 14986.1 6 7 13480.5 13852.7 14328.8 14897.2 14427.0 14574.0 14717.0 14897.2 14986.1 13 (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 4721.5 78.0 25.5 488.5 19 20 21 22 127 Z.1, June 7, 2018 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2015 2016 2017 2017 Q1 Total liabilities Q2 Q3 Q4 2018 Q1 1 FL893065105 2 3 4 FL153165105 FL103165105 FL113165105 5 FL893065105 6 7 8 FL153065103 FL103065105 FL113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 110.6 17.4 12.6 107.2 18.8 13.5 103.8 18.1 14.4 100.3 17.0 15.2 102.9 17.9 14.5 102.0 17.6 14.7 101.2 17.3 14.9 100.3 17.0 15.2 9 10 FL313065105 FL213065103 Federal government State and local governments 26.8 108.5 28.4 111.1 29.9 117.0 29.1 122.3 29.0 117.9 29.5 117.2 29.1 119.0 29.1 122.3 11 12 13 14 FL763065105 FL753065103 FL743065103 FL473065100 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2390.5 2.9 17.4 372.5 2433.9 1.5 15.8 404.9 2509.9 1.2 15.1 439.4 2557.3 1.1 15.4 481.4 2491.9 1.1 14.9 447.3 2525.6 1.1 14.7 458.8 2545.3 1.1 14.6 471.6 2557.3 1.1 15.4 481.4 15 16 17 FL543065105 FL573065103 FL223065143 Life insurance companies Private pension funds State and local govt. retirement funds 14.8 1.4 3.0 19.0 1.2 3.0 22.5 1.1 3.0 26.0 0.9 2.8 23.4 1.0 2.8 24.5 1.0 3.3 25.2 1.0 3.3 26.0 0.9 2.8 26.8 15 0.9 16 2.8 17 18 19 FL403065105 FL413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4538.0 1474.8 4571.0 1568.8 4644.8 1684.6 4774.4 1825.8 4687.8 1720.8 4702.8 1755.8 4735.2 1796.6 4774.4 1825.8 4797.5 18 1851.3 19 20 21 22 FL673065105 FL613065105 FL643065105 ABS issuers Finance companies REITs 699.6 104.6 44.0 602.6 123.4 46.1 519.0 106.8 60.3 475.4 95.2 66.6 509.1 104.9 62.0 494.7 100.5 67.9 483.5 99.0 67.4 475.4 95.2 66.6 460.1 20 96.9 21 63.2 22 23 24 25 26 27 28 FL893065125 FL763065125 FL753065203 FL473065125 FL673065123 FL613065123 673.1 568.2 0.4 73.6 9.9 20.9 641.7 532.9 0.4 75.7 8.1 24.7 600.7 494.8 0.3 78.3 5.9 21.4 569.9 460.4 0.3 84.1 6.1 19.0 590.4 483.3 0.3 78.8 7.0 21.0 584.5 476.0 0.3 81.3 6.8 20.1 576.7 467.8 0.3 82.4 6.4 19.8 569.9 460.4 0.3 84.1 6.1 19.0 557.6 446.4 0.2 86.1 5.5 19.4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 9939.3 10070.3 10290.9 10606.4 10349.3 10431.9 10525.3 10606.4 10643.4 1 9455.8 11.5 472.0 2 3 4 9573.4 13.4 483.5 9777.9 10076.2 15.2 16.2 497.9 514.0 9833.1 15.4 500.8 9911.6 15.6 504.8 9999.6 10076.2 10110.5 15.9 16.2 16.4 509.8 514.0 516.4 9939.3 10070.3 10290.9 10606.4 10349.3 10431.9 10525.3 10606.4 10643.4 99.4 16.8 15.4 5 6 7 8 26.3 9 123.0 10 2558.5 1.0 15.0 488.5 11 12 13 14 23 24 25 26 27 28 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065405 2 3 FL103165405 FL113165405 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 986.2 1086.7 1195.6 1310.7 1218.6 1241.1 1266.4 1310.7 1331.5 1 47.8 907.4 52.8 1003.1 58.1 1104.3 64.1 1218.2 59.4 1128.1 60.6 1150.6 61.9 1175.7 64.1 1218.2 65.2 1238.8 2 3 4 5 FL313165403 FL643165483 Federal government REITs 0.0 31.1 0.0 30.8 0.0 33.1 0.0 28.4 0.0 31.2 0.0 30.0 0.0 28.8 0.0 28.4 0.0 27.6 4 5 6 FL893065405 7 8 9 FL153065403 FL103065403 FL113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 986.2 1086.7 1195.6 1310.7 1218.6 1241.1 1266.4 1310.7 1331.5 6 0.0 0.4 11.7 0.0 0.5 12.5 0.0 0.5 13.3 0.0 0.4 14.0 0.0 0.5 13.4 0.0 0.5 13.6 0.0 0.4 13.7 0.0 0.4 14.0 0.0 0.4 14.2 7 8 9 10 11 FL313065405 FL213065403 Federal government State and local governments 13.2 84.3 12.8 86.3 12.6 90.9 12.7 95.0 12.5 91.6 12.7 91.0 12.4 92.4 12.7 95.0 13.3 10 95.6 11 12 13 FL763065403 FL753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 325.9 1.3 376.9 2.4 420.3 4.6 444.5 5.9 428.6 4.4 437.3 5.2 439.8 5.3 444.5 5.9 452.3 12 6.9 13 14 15 16 FL543065405 FL573065403 FL223065443 Life insurance companies Private pension funds State and local govt. retirement funds 56.4 2.1 2.5 62.1 1.9 2.5 66.9 1.6 2.5 72.7 1.4 2.3 68.5 1.6 2.3 70.4 1.5 2.7 71.4 1.4 2.7 72.7 1.4 2.3 74.1 14 1.3 15 2.3 16 17 18 FL403065405 FL413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 240.8 172.1 249.1 204.3 275.4 245.6 307.1 299.1 286.3 253.6 288.0 265.3 294.9 278.1 307.1 299.1 305.8 17 311.1 18 19 20 21 FL673065405 FL613065403 FL643065405 ABS issuers Finance companies REITs 68.4 2.0 5.1 62.0 8.4 4.8 47.9 9.0 4.6 43.1 6.6 5.8 43.7 6.8 4.9 41.2 6.7 5.1 41.9 6.7 5.1 43.1 6.6 5.8 41.4 19 6.9 20 5.9 21 Total assets Levels 2014 128 Z.1, June 7, 2018 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2014 1 FL893065505 2 3 4 5 FL163165505 FL103165505 FL113165505 FL643165583 Total liabilities 6 FL893065505 7 8 9 FL153065505 FL103065503 FL113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FL313065505 FL213065503 Federal government State and local governments 12 13 14 FL763065503 FL753065503 FL743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 15 16 FL513065503 FL543065505 Property-casualty insurance companies Life insurance companies 17 18 FL573065505 FL223065545 Private pension funds State and local govt. retirement funds 19 20 FL413065505 FL673065505 21 22 FL613065503 FL643065505 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 2358.2 2487.0 2616.3 2744.0 2630.6 2669.9 2691.8 2744.0 2774.4 1 228.3 283.6 1645.8 200.4 236.1 311.3 1734.9 204.7 243.7 339.5 1829.7 203.4 251.2 377.1 1904.6 211.1 245.6 337.9 1840.4 206.6 247.5 347.7 1867.1 207.7 249.3 353.4 1882.4 206.7 251.2 377.1 1904.6 211.1 253.1 381.7 1932.5 207.0 2 3 4 5 2358.2 2487.0 2616.3 2744.0 2630.6 2669.9 2691.8 2744.0 2774.4 6 1.1 11.2 9.5 1.0 12.1 10.1 1.0 11.6 10.8 1.1 10.9 11.4 1.1 11.5 10.9 1.1 11.3 11.0 1.1 11.1 11.1 1.1 10.9 11.4 1.1 10.8 11.5 7 8 9 72.1 16.9 69.3 17.3 70.7 18.2 72.3 19.0 70.6 18.3 70.8 18.2 72.2 18.5 72.3 19.0 73.0 10 19.1 11 1301.1 33.2 13.0 1406.3 47.2 10.8 1523.0 61.3 10.7 1608.5 69.6 10.6 1549.6 62.7 10.6 1572.1 66.2 10.5 1588.7 66.7 10.7 1608.5 69.6 10.6 1622.2 12 70.0 13 10.5 14 9.9 301.2 12.3 332.9 14.9 358.5 17.2 389.5 14.2 366.8 15.7 377.1 16.6 382.8 17.2 389.5 18.0 15 397.2 16 20.5 2.8 18.9 2.9 19.1 2.8 19.3 2.6 19.1 2.6 19.2 3.1 19.2 3.1 19.3 2.6 19.3 17 2.6 18 Agency- and GSE-backed mortgage pools ABS issuers 0.0 326.1 0.0 351.5 0.0 328.4 0.0 329.0 0.0 313.2 0.0 319.1 0.0 316.8 0.0 329.0 0.0 19 333.7 20 Finance companies REITs 41.4 198.2 27.6 166.8 22.5 162.8 22.0 161.1 22.4 157.0 22.3 152.3 22.1 151.1 22.0 161.1 21.7 21 163.6 22 196.8 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 1 51.7 145.1 55.6 153.2 60.6 165.4 64.6 171.5 61.6 166.9 62.6 168.4 63.5 170.0 64.6 171.5 65.1 171.8 2 3 196.8 208.8 226.0 236.1 228.5 231.0 233.6 236.1 236.8 4 10.7 0.7 6.9 0.7 10.1 0.8 11.0 0.8 10.2 0.8 12.1 0.8 11.0 0.8 11.0 0.8 11.0 0.8 5 6 5.2 1.1 5.9 1.1 6.5 1.1 7.1 1.2 6.6 1.1 5.7 1.1 7.0 1.2 7.1 1.2 7.2 1.2 7 8 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets (1) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065603 Total liabilities 2 3 FL183165605 FL233165605 4 FL893065603 5 6 FL153065605 FL113065603 Household sector Nonfinancial noncorporate business 7 8 FL313065605 FL213065603 Federal government State and local governments 9 10 FL763065633 FL753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 73.3 0.2 79.2 0.2 84.4 0.2 88.2 0.1 85.3 0.1 86.3 0.1 87.2 0.1 88.2 0.1 88.4 9 0.1 10 11 12 FL543065633 FL223065643 Life insurance companies State and local govt. retirement funds 12.4 0.0 12.5 0.0 13.2 0.0 13.8 0.0 13.3 0.0 13.5 0.0 13.6 0.0 13.8 0.0 13.8 11 0.0 12 13 14 FL403065605 FL413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 91.6 1.6 100.0 2.3 107.1 2.7 112.2 1.7 108.3 2.7 109.7 1.7 111.0 1.7 112.2 1.7 112.5 13 1.6 14 Nonfinancial corporate business Nonfinancial noncorporate business Total assets (1) Excludes mortgages on farm houses. 129 Z.1, June 7, 2018 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 1 FL153166000 Total liabilities (Households) 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 1 2 FL153166000 Total assets 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 2 3 4 5 FL163066223 FL103066005 FL113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 47.6 40.9 0.0 44.9 41.1 0.0 41.9 42.8 0.0 36.6 41.8 0.0 40.3 41.6 0.0 38.9 41.9 0.0 37.6 42.1 0.0 36.6 41.8 0.0 34.9 40.7 0.0 3 4 5 6 7 8 FL313066220 FL763066000 FL473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 846.2 1343.1 302.8 949.7 1428.3 342.3 1049.3 1532.1 380.3 1145.6 1616.5 418.4 1087.0 1487.1 386.9 1098.3 1514.3 404.3 1133.6 1541.4 408.9 1145.6 1616.5 418.4 1179.4 1573.7 432.4 6 7 8 9 10 11 FL403066005 FL673066000 FL613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 49.8 684.1 0.0 46.0 561.3 0.0 50.0 547.9 0.0 33.9 539.9 0.0 55.5 541.7 0.0 55.4 542.4 0.0 50.6 539.8 0.0 33.9 539.9 12 13 14 15 FL153166100 FL153166400 FL153166220 FL153166205 889.1 957.6 1236.3 231.6 907.9 1000.7 1320.1 184.9 969.4 1072.9 1407.9 194.0 1028.6 1109.1 1490.6 204.5 930.0 1077.6 1443.2 189.3 955.0 1090.8 1448.2 201.4 969.3 1101.8 1480.1 202.8 1028.6 1109.1 1490.6 204.5 0.0 9 31.7 10 529.5 11 Memo: (1) Student loans originated under the Federal Family Education Loan Program. Asset of the households and nonprofit organizations sector (tables L.101 and B.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 978.1 1116.6 1521.0 206.7 12 13 14 15 Levels Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) 130 Z.1, June 7, 2018 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 1 LM893064105 2 LM883164105 Issues at market value 3 4 5 LM103164103 LM103164115 LM103164123 Nonfinancial corporate business Publicly traded (2) Closely held 6 7 8 LM793164105 LM793164115 LM793164123 Financial corporations Publicly traded (3) Closely held 9 LM263164103 10 LM893064105 11 12 13 14 15 16 LM153064105 LM313064105 LM213064103 FL713064103 LM763064105 FL753064103 Household sector Federal government State and local governments Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 17 18 LM513064105 LM543064105 Property-casualty insurance companies Life insurance companies 19 20 21 LM573064105 LM343064105 LM223064145 22 23 24 25 26 27 Domestic sectors Rest of the world (4) Holdings at market value Q2 Q3 2018 Q1 Q4 36739.0 35588.2 38415.9 45787.8 40540.1 41784.9 43505.7 45787.8 45156.2 1 29968.4 28832.0 31418.9 36760.8 32971.5 33716.6 34883.7 36760.8 36239.8 2 22630.0 21521.1 23064.6 26873.4 24265.3 24683.5 25559.5 26873.4 26495.0 18637.0 17655.8 18736.2 22118.4 19812.2 20246.8 20942.8 22118.4 21815.9 3993.0 3865.3 4328.4 4754.9 4453.1 4436.6 4616.7 4754.9 4679.0 3 4 5 7338.4 6903.7 434.7 7310.9 6890.0 420.8 8354.3 7865.7 488.6 9887.4 9369.8 517.7 8706.3 8221.4 484.8 9033.2 8550.2 483.0 9324.1 8821.5 502.6 9887.4 9369.8 517.7 9744.8 9235.4 509.4 6 7 8 6770.6 6756.2 6997.0 9027.0 7568.6 8068.2 8622.1 9027.0 8916.4 9 36739.0 35588.2 38415.9 45787.8 40540.1 41784.9 43505.7 45787.8 45156.2 10 14315.3 13837.2 15221.4 17949.5 15984.1 16482.4 17043.2 17949.5 17626.5 11 33.4 33.4 33.3 33.2 33.3 33.2 33.2 33.2 37.2 12 175.3 176.4 190.8 212.7 196.7 198.6 204.1 212.7 212.2 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 108.5 100.0 106.5 131.9 112.0 116.0 122.7 131.9 129.4 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 331.1 317.9 323.0 336.9 342.0 460.3 396.2 502.3 351.4 472.6 357.0 481.8 370.1 494.7 396.2 502.3 393.1 17 511.8 18 Private pension funds Federal government retirement funds State and local govt. retirement funds 2284.3 240.2 2285.9 2197.3 240.3 2241.0 2354.0 260.8 2297.4 2662.9 324.1 2610.9 2436.1 277.1 2379.1 2481.5 288.1 2443.2 2552.7 300.4 2527.9 2662.9 324.1 2610.9 2612.0 19 321.9 20 2540.1 21 LM653064100 LM553064103 LM563064103 LM663064103 FL503064105 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations 8799.2 119.4 1620.2 187.8 0.0 8625.3 99.8 1709.7 166.8 0.0 9069.9 10819.6 101.8 109.2 2032.7 2775.6 176.1 224.0 0.0 0.0 9604.9 105.5 2241.1 169.0 0.0 9923.3 10351.3 10819.6 10658.1 22 106.0 108.5 109.2 103.3 23 2374.4 2531.2 2775.6 2775.8 24 187.7 198.5 224.0 232.7 25 0.0 0.0 0.0 0.0 26 LM263064105 Rest of the world (5) 5920.6 5500.9 5768.9 6177.1 6311.5 7035.6 6667.3 7035.6 7002.2 27 Memo: 28 29 30 31 LM883164115 LM883164125 LM883164133 LM883164135 Publicly traded equity at market value (6) Closely held equity at market value (7) S corporations C corporations 32 PC073164013 Percent change in Dow Jones U.S. Total Market Index 25540.7 24545.8 26601.9 31488.2 28033.6 28797.0 29764.3 31488.2 31051.4 28 4427.7 4286.2 4817.0 5272.6 4937.9 4919.7 5119.3 5272.6 5188.5 29 2813.3 2652.7 3169.3 3585.9 3236.6 3305.3 3481.6 3585.9 3528.7 30 1614.4 1633.5 1647.6 1686.7 1701.3 1614.4 1637.7 1686.7 1659.8 31 10.4 -1.5 10.3 18.9 5.3 2.5 4.1 5.8 -1.0 32 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) Excludes intercorporate holdings. (3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (5) Holdings of U.S. issues by foreign residents. (6) Equal to the sum of lines 4 and 7. (7) Equal to the sum of lines 5 and 8. L.224 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM653164205 Shares at market value 13150.6 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 1 2 LM653164205 Holdings at market value 13150.6 12897.2 13615.6 15899.0 14327.1 14795.3 15347.0 15899.0 15874.3 2 3 4 5 LM153064205 LM103064203 LM213064203 Household sector Nonfinancial corporate business State and local governments 6 7 LM763064203 LM473064205 U.S.-chartered depository institutions Credit unions 8 9 10 11 LM513064203 LM543064205 LM573064205 LM223064205 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 12 LM263064203 Rest of the world 6828.7 234.6 84.9 6758.5 235.7 85.5 7240.3 236.9 92.9 8628.6 276.5 104.2 7665.3 249.1 95.9 7917.0 257.0 96.9 8300.9 267.0 99.7 8628.6 276.5 104.2 8676.8 276.1 103.9 3 4 5 59.7 2.1 54.9 1.9 58.0 1.9 67.2 2.3 60.6 2.1 60.7 2.1 63.5 2.3 67.2 2.3 60.1 2.4 6 7 18.2 1682.0 3175.5 448.2 18.4 1609.4 3055.4 476.9 19.3 1539.1 3291.9 448.5 23.5 1683.9 3801.8 501.0 20.5 1586.3 3456.5 471.9 21.4 1611.3 3564.8 481.1 22.4 1647.9 3676.5 483.8 23.5 1683.9 3801.8 501.0 24.0 8 1654.3 9 3782.5 10 492.5 11 616.6 600.6 686.7 809.9 719.0 782.9 783.0 809.9 801.7 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 131 Z.1, June 7, 2018 L.225 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893170005 2 FL163170005 Total trade payables Nonprofit organizations (1) 3 4 FL103170005 FL113170005 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 FL313170005 FL213170003 Federal government State and local governments 7 8 FL663170003 LM263170003 Brokers and dealers Rest of the world 9 FL893070005 10 FL163070005 Nonprofit organizations (1) 11 12 FL103070005 FL113070003 Nonfinancial corporate business Nonfinancial noncorporate business 13 14 15 16 FL313070000 FL213070003 FL513070003 FL673070003 17 LM263070003 18 FL903070005 Total trade receivables 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 4084.4 4234.2 4571.4 4904.0 4638.4 4722.7 4818.2 4904.0 4999.5 1 322.1 334.7 349.0 364.8 352.9 356.9 360.8 364.8 368.5 2 2088.4 536.7 2110.8 589.1 2305.4 634.0 2515.8 671.9 2338.7 643.4 2390.3 655.7 2449.8 665.6 2515.8 671.9 2581.1 683.1 3 4 249.3 823.0 265.1 863.5 296.2 904.7 320.2 947.2 303.6 915.2 311.7 925.7 319.4 936.3 320.2 947.2 328.3 958.3 5 6 17.9 47.0 26.3 44.8 36.7 45.4 32.5 51.6 35.3 49.3 32.2 50.2 34.6 51.7 32.5 51.6 34.5 45.8 7 8 4099.7 4231.1 4542.2 4869.2 4651.4 4765.8 4852.0 4869.2 5017.2 9 240.7 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 10 2662.3 668.9 2694.4 716.1 2913.2 761.7 3134.0 803.6 2992.6 769.1 3081.5 779.3 3141.8 787.2 3134.0 803.6 3246.7 11 813.7 12 Federal government State and local governments Property-casualty insurance companies ABS issuers 48.4 183.8 103.8 31.4 61.2 189.0 110.1 34.1 64.9 205.8 110.6 33.9 64.0 223.5 121.7 32.5 63.2 208.7 118.0 34.0 66.0 211.8 122.8 33.1 66.6 216.7 123.9 33.2 64.0 223.5 121.7 32.5 66.0 227.8 130.8 32.7 Rest of the world 160.3 168.4 175.5 193.7 184.2 185.0 191.4 193.7 198.6 17 -15.3 3.2 29.1 34.8 -13.0 -43.2 -33.8 34.8 -17.7 18 1477.4 1514.3 1554.8 1612.5 1572.5 1580.4 1596.5 1612.5 1618.2 1 51.3 1426.1 51.1 1463.1 51.3 1503.5 51.1 1561.4 51.0 1521.5 50.9 1529.6 51.0 1545.5 51.1 1561.4 51.2 1567.0 2 3 1477.4 1514.3 1554.8 1612.5 1572.5 1580.4 1596.5 1612.5 1618.2 4 1282.8 149.6 45.0 1309.1 156.2 49.0 1340.0 161.8 53.0 1387.3 168.2 57.0 1355.3 163.2 54.0 1360.9 164.5 55.0 1373.8 166.7 56.0 1387.3 168.2 57.0 1390.8 169.4 58.0 5 6 7 Discrepancy 13 14 15 16 (1) Included in the households and nonprofit organizations sector (tables L.101 and B.101). L.226 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL883140005 2 3 FL313140003 FL543140005 4 FL883140005 5 6 7 FL153040005 FL763040005 FL733040005 Total liabilities Federal government Life insurance companies Total assets Household sector U.S.-chartered depository institutions Holding companies Levels 2014 132 Z.1, June 7, 2018 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Total liabilities Q2 Q3 Q4 2018 Q1 1 FL153050005 2 3 FL543150005 FL574190005 Life insurance companies (1) Private pension funds (2) 2832.8 8383.9 2877.6 8274.0 3015.5 8735.5 3220.2 9528.8 3081.8 8978.7 3120.4 9121.9 3163.9 9299.0 3220.2 9528.8 3193.2 9498.4 2 3 4 5 FL344090005 FL224190005 Federal government retirement funds (3) State and local govt. retirement funds 3688.4 5718.3 3794.8 5964.7 3925.5 6160.0 4089.7 6453.8 3968.1 6232.8 4004.7 6302.1 4045.2 6372.2 4089.7 6453.8 4116.1 6508.1 4 5 6 FL153050005 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 6 Total assets (Households) (4) 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 1 Memo: Levels 7 8 9 10 11 12 13 LM893131573 FL763131573 FL473131573 LM543131503 FL633131573 LM653131573 LM153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts 7292.0 427.8 77.6 570.0 218.0 3126.0 2872.6 7477.0 445.8 77.4 578.0 214.0 3103.0 3058.9 8080.0 482.3 78.9 609.0 243.0 3284.0 3382.8 9200.0 469.2 78.4 642.0 240.0 3840.0 3930.3 8400.0 477.1 78.9 620.0 243.0 3453.0 3528.0 8600.0 469.0 79.1 628.0 236.0 3561.0 3626.9 8850.0 468.3 79.0 634.0 240.0 3682.0 3746.7 9200.0 469.2 78.4 642.0 240.0 3840.0 3930.3 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Asset of the household and nonprofit organizations sector (tables L.101 and B.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market fund and mutual fund sectors (lines 11 and 12). L.228 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893178005 Total taxes payable by all businesses 265.9 260.5 258.2 537.6 260.9 261.9 272.6 537.6 529.7 1 2 3 FL103178005 FL113178003 Nonfinancial corporate business Nonfinancial noncorporate business 43.5 117.4 42.2 120.8 33.5 124.2 246.4 127.2 43.2 124.7 41.5 125.5 39.7 126.0 246.4 127.2 250.5 128.0 2 3 4 FL763178003 U.S.-chartered depository institutions 80.0 71.9 72.6 104.4 65.3 69.9 80.8 104.4 90.6 4 5 6 FL513178005 FL543178075 Property-casualty insurance companies Life insurance companies 6.6 6.6 7.4 7.4 8.4 8.4 13.1 10.5 8.0 8.0 6.7 6.7 7.2 7.2 13.1 10.5 14.0 10.3 5 6 7 8 FL613178005 FL663178005 Finance companies Brokers and dealers 7.8 4.0 7.6 3.2 7.9 3.3 19.7 16.3 7.7 3.9 7.8 4.1 6.8 4.8 19.7 16.3 19.0 17.3 7 8 9 FL893078005 309.2 327.2 340.8 613.0 346.1 351.7 357.0 613.0 583.5 9 10 11 FL313078005 FL213078005 165.6 143.6 179.2 148.0 189.5 151.3 458.6 154.4 194.3 151.9 199.0 152.6 203.8 153.2 458.6 154.4 428.4 10 155.1 11 12 FL903078005 -43.3 -66.7 -82.6 -75.4 -85.3 -89.7 -84.4 -75.4 -53.9 12 Total business taxes receivable Federal government State and local governments Discrepancy L.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM152090205 2 3 LM112090205 LM662090205 Total household equity Nonfinancial noncorporate business Brokers and dealers 9842.5 10471.1 11139.4 11821.6 11209.4 11451.1 11611.1 11821.6 11925.2 1 9801.9 10425.8 11078.4 11758.3 11146.8 11389.3 11548.1 11758.3 11864.1 40.6 45.4 61.0 63.3 62.6 61.8 63.0 63.3 61.1 2 3 133 Z.1, June 7, 2018 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 U.S. direct investment abroad: 1 2 3 4 5 LM263192005 LM263192101 LM263192305 LM263192313 LM263092313 Liab.: Rest of the world (1) Equity Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 5633.1 5396.5 236.7 764.6 528.0 5783.7 5563.9 219.9 802.8 583.0 6088.7 5899.6 189.1 797.2 608.1 6505.1 6329.3 175.9 822.6 646.7 6223.9 6022.3 201.6 820.0 618.4 6312.4 6125.6 186.8 817.1 630.3 6421.9 6243.7 178.3 828.8 650.5 6505.1 6329.3 175.9 822.6 646.7 6388.5 6220.9 167.6 818.3 650.6 1 2 3 4 5 6 7 8 9 10 11 LM103092005 LM763092000 LM513092003 LM543092073 LM613092003 LM663092003 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 4720.8 256.2 119.2 75.3 225.2 236.4 4930.7 239.3 110.1 61.9 229.1 212.7 5208.5 227.1 113.4 63.0 251.5 225.3 5562.7 237.2 116.2 70.2 281.8 237.1 5330.1 230.3 114.9 63.9 256.8 227.8 5410.8 229.6 118.6 65.2 257.6 230.7 5516.7 228.1 120.0 64.3 262.4 230.4 5562.7 237.2 116.2 70.2 281.8 237.1 5456.6 6 237.1 7 109.8 8 68.5 9 280.3 10 236.2 11 12 13 14 15 16 17 18 19 20 LM103192005 LM115114005 LM753192003 LM513192003 LM543192073 LM613192003 LM663192005 FL733192003 FL503192003 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 Holding companies Funding corporations 2933.6 9.2 198.0 67.1 82.7 84.3 151.9 0.0 13.8 3302.8 11.9 193.4 76.7 87.7 66.2 159.1 17.5 14.4 3668.3 12.8 190.7 117.7 100.3 66.8 61.1 158.9 15.0 3899.0 15.8 203.6 120.4 100.8 44.6 89.1 170.1 15.6 3679.9 12.9 195.2 118.0 100.4 68.1 63.1 166.8 15.2 3784.3 13.7 193.9 119.7 104.4 67.9 69.2 170.8 15.3 3841.7 14.0 195.0 121.1 105.7 67.8 66.0 178.2 15.5 3899.0 15.8 203.6 120.4 100.8 44.6 89.1 170.1 15.6 3948.5 15.9 203.9 119.6 102.7 44.0 90.0 168.2 15.8 12 13 14 15 16 17 18 19 20 21 22 23 24 25 LM263092001 LM263092101 LM263092303 LM263092323 LM263192323 Asset: Rest of the world (1) Equity Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 3540.7 2979.5 561.1 945.8 384.7 3929.7 3296.5 633.2 1041.5 408.2 4391.6 3619.5 772.1 1177.7 405.5 4658.9 3907.4 751.5 1169.2 417.7 4419.4 3704.9 714.5 1181.5 466.9 4539.1 3774.8 764.3 1163.1 398.8 4605.1 3851.3 753.8 1173.7 420.0 4658.9 3907.4 751.5 1169.2 417.7 4708.5 3955.4 753.2 1171.1 418.0 21 22 23 24 25 Memo: Direct investment, asset/liability presentation: 26 27 28 29 30 LM263192035 LM263192101 LM263192345 LM263192313 LM263192323 Direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 4) U.S. affiliates’ claims (line 24) 6545.8 5396.5 1149.3 764.6 384.7 6774.9 5563.9 1211.0 802.8 408.2 7102.4 5899.6 1202.7 797.2 405.5 7569.5 6329.3 1240.2 822.6 417.7 7309.2 6022.3 1286.9 820.0 466.9 7341.4 6125.6 1215.8 817.1 398.8 7492.4 6243.7 1248.7 828.8 420.0 7569.5 6329.3 1240.2 822.6 417.7 7457.2 6220.9 1236.3 818.3 418.0 26 27 28 29 30 31 32 33 34 35 LM263092035 LM263092101 LM263092345 LM263092313 LM263092323 Direct investment liabilities Equity (line 21) Intercompany debt U.S. parents’ liabilities (line 5) U.S. affiliates’ liabilities (line 23) 4453.3 2979.5 1473.8 528.0 945.8 4920.9 3296.5 1624.4 583.0 1041.5 5405.3 3619.5 1785.8 608.1 1177.7 5723.3 3907.4 1815.9 646.7 1169.2 5504.8 3704.9 1799.8 618.4 1181.5 5568.2 3774.8 1793.3 630.3 1163.1 5675.6 3851.3 1824.2 650.5 1173.7 5723.3 3907.4 1815.9 646.7 1169.2 5777.2 3955.4 1821.8 650.6 1171.1 31 32 33 34 35 Alternative valuations of direct investment assets: U.S. direct investment abroad: 36 37 38 LM263192045 LM263192141 LM263192305 Market value Equity Intercompany debt 6276.8 6040.1 236.7 6007.8 5787.9 219.9 6361.4 6172.3 189.1 7799.0 7623.2 175.9 6810.1 6608.5 201.6 7096.1 6909.4 186.8 7525.0 7346.7 178.3 7799.0 7623.2 175.9 7879.8 36 7712.1 37 167.6 38 39 40 41 FL263192055 FL263192151 FL263192305 Historical cost Equity Intercompany debt 4910.1 4673.4 236.7 5048.8 4828.9 219.9 5332.2 5143.1 189.1 5740.4 5564.5 175.9 5464.0 5262.4 201.6 5550.3 5363.5 186.8 5658.3 5480.1 178.3 5740.4 5564.5 175.9 5642.9 39 5475.3 40 167.6 41 42 43 44 LM263092045 LM263092141 LM263092303 Market value Equity Intercompany debt 5456.9 4895.8 561.1 5709.7 5076.4 633.2 6555.6 5783.5 772.1 7807.0 7055.5 751.5 6867.1 6152.6 714.5 7105.5 6341.2 764.3 7383.6 6629.8 753.8 7807.0 7055.5 751.5 7861.2 42 7108.1 43 753.2 44 45 46 47 FL263092055 FL263092151 FL263092303 Historical cost Equity Intercompany debt 2945.8 2384.7 561.1 3303.6 2670.3 633.2 3725.4 2953.3 772.1 3985.4 3233.9 751.5 3748.6 3034.1 714.5 3866.1 3101.8 764.3 3931.4 3177.7 753.8 3985.4 3233.9 751.5 3928.9 45 3175.7 46 753.2 47 Foreign direct investment in U.S.: (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Levels Foreign direct investment in U.S.: 134 Z.1, June 7, 2018 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Levels Q1 Total liabilities Q2 Q3 Q4 2018 Q1 1 FL893190005 2 3 4 FL543077073 FL103190005 FL113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 29.9 4006.2 1339.4 31.6 4440.9 1367.9 31.3 4730.7 1385.3 33.1 4550.0 1402.6 32.7 4606.1 1389.5 33.1 4538.1 1393.8 33.2 4507.9 1398.1 33.1 4550.0 1402.6 35.5 4560.5 1410.9 2 3 4 5 6 FL313190005 FL223073045 Federal government State and local governments 2062.8 1499.5 2083.7 1806.4 2105.4 1880.0 2299.0 1674.0 2276.8 1818.7 2403.5 1775.7 2177.8 1724.5 2299.0 1674.0 2163.8 1811.6 5 6 7 8 9 10 11 FL713190005 FL763190005 FL753190005 FL743193005 FL473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 34.2 2738.7 222.8 7.4 15.4 58.4 2786.4 213.7 5.3 16.0 63.1 2914.9 196.6 4.1 23.1 86.2 2993.3 193.2 4.4 18.2 98.0 2965.9 207.2 3.8 15.7 104.7 3006.7 188.5 4.2 16.6 101.0 3050.5 183.8 3.9 17.7 86.2 2993.3 193.2 4.4 18.2 113.4 7 2959.1 8 205.2 9 4.1 10 32.5 11 12 13 FL513190005 FL543190005 Property-casualty insurance companies Life insurance companies 1018.6 1406.1 1022.6 1371.6 1022.9 1439.9 1089.2 1552.6 1041.9 1470.4 1065.7 1506.0 1117.3 1528.7 1089.2 1552.6 1102.2 12 1560.9 13 14 15 16 FL403190005 FL613190005 FL643193005 Government-sponsored enterprises Finance companies REITs 111.0 208.8 82.3 106.5 199.1 80.4 110.1 168.5 96.7 110.5 160.3 101.2 101.0 166.1 94.3 102.8 169.1 98.0 109.4 139.9 107.5 110.5 160.3 101.2 109.1 14 135.3 15 96.7 16 17 18 19 FL663190005 FL733193005 FL503190005 Brokers and dealers Holding companies Funding corporations 236.9 708.2 608.7 231.7 391.4 613.4 348.1 402.0 793.7 402.0 702.8 908.7 330.6 507.8 817.2 340.4 671.5 785.5 330.5 647.4 886.5 402.0 702.8 908.7 358.5 17 708.8 18 1009.3 19 20 FL263190005 Rest of the world 149.8 144.6 151.6 155.1 152.5 159.9 152.6 155.1 170.8 20 21 FL893090005 22 23 24 FL153090005 FL103090005 FL113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 FL313090005 FL213093003 27 28 29 30 31 Total assets 16486.9 16971.5 17868.1 18436.5 18096.2 18363.9 18218.2 18436.5 18548.0 1 25043.1 26534.0 28483.7 29267.4 28681.4 29035.8 28948.0 29267.4 29766.1 21 917.6 7679.3 3026.8 951.7 8844.0 3224.8 1005.8 9836.9 3449.0 1011.9 9917.4 3491.0 Federal government State and local governments 158.6 113.5 173.0 120.9 186.2 127.4 196.4 133.1 190.2 128.3 188.7 127.5 191.6 129.5 196.4 133.1 198.7 25 133.9 26 FL713090005 FL763090005 FL753093005 FL743093005 FL473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 235.5 542.9 71.3 33.4 66.4 216.8 554.1 58.4 34.9 72.6 205.0 592.8 63.3 41.6 98.4 196.5 522.5 103.2 33.9 79.1 198.5 568.0 60.5 41.2 84.2 193.7 580.9 70.7 40.8 80.6 190.5 563.7 77.1 33.0 78.0 196.5 522.5 103.2 33.9 79.1 183.6 533.5 97.9 34.2 90.8 32 33 FL513090005 FL543090005 Property-casualty insurance companies Life insurance companies 194.1 518.8 222.5 500.0 237.3 553.6 247.1 567.7 262.9 563.9 266.2 567.8 272.4 583.4 247.1 567.7 258.9 32 543.1 33 34 35 36 FL573090005 FL343073005 FL223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 1440.8 1803.7 1811.7 1584.9 1817.8 2120.0 1609.5 1827.3 2230.6 1515.9 2011.8 2059.7 1586.8 2001.1 2177.0 1563.5 2129.9 2139.2 1543.3 1902.3 2095.1 1515.9 2011.8 2059.7 1577.6 34 1877.0 35 2198.6 36 37 38 39 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds 17.0 268.3 57.0 10.0 217.1 49.3 3.6 227.0 62.8 3.2 293.1 68.9 3.8 271.3 66.1 3.3 266.9 66.3 4.3 281.4 69.0 3.2 293.1 68.9 2.6 37 443.8 38 71.7 39 40 41 42 43 FL403093005 FL673090543 FL613090005 FL643090005 Government-sponsored enterprises ABS issuers Finance companies REITs 154.7 62.2 56.1 126.9 148.2 63.8 58.2 138.1 150.7 70.7 45.5 169.0 111.0 82.9 30.5 179.7 124.4 73.5 38.5 165.9 132.2 77.4 34.2 167.2 134.6 83.6 28.2 176.7 111.0 82.9 30.5 179.7 104.6 85.4 27.1 191.2 44 45 46 FL663090005 FL733090005 FL503094505 Brokers and dealers Holding companies Funding corporations 800.6 4175.5 710.6 786.6 3806.4 760.3 754.0 4176.8 791.0 828.4 4391.4 742.8 791.5 4178.3 813.8 805.3 4352.6 760.4 793.1 4409.3 748.0 828.4 4391.4 742.8 47 FL903090005 Discrepancy -8556.2 1004.9 1047.2 9831.8 10252.3 3423.0 3569.3 1039.6 1047.2 1059.8 22 9994.3 10252.3 10398.5 23 3526.0 3569.3 3607.9 24 27 28 29 30 31 40 41 42 43 880.7 44 4398.7 45 766.5 46 -9562.5 -10615.6 -10830.9 -10585.1 -10671.9 -10729.8 -10830.9 -11218.1 47 135 Z.1, June 7, 2018 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 Federal government equity in IBRD, etc.: 1 2 FL313092803 FL313092803 Liab.: Rest of the world Asset: Federal government 62.4 62.4 64.6 64.6 66.6 66.6 67.4 67.4 66.7 66.7 66.7 66.7 67.4 67.4 67.4 67.4 67.4 67.4 1 2 28.6 28.6 29.5 29.5 30.4 30.4 31.4 31.4 30.6 30.6 30.8 30.8 31.2 31.2 31.4 31.4 31.7 31.7 3 4 Federal Reserve Bank stock: 3 4 FL713164003 FL713164003 Liab.: Monetary authority Asset: U.S.-chartered depository institutions 5 FL403192405 Liab.: Government-sponsored enterprises 42.9 44.2 46.9 51.1 46.0 48.0 50.3 51.1 50.7 5 6 7 8 9 10 11 12 13 14 FL103092405 FL113092405 FL313092403 FL763092405 FL473092403 FL513092403 FL543092473 FL613092403 FL643092473 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) 0.7 8.5 0.0 27.3 2.9 0.1 3.0 0.1 0.3 0.8 9.0 0.0 25.9 3.3 0.1 3.4 0.2 1.4 0.9 9.7 0.0 27.8 3.4 0.2 3.8 0.2 0.9 1.2 12.3 0.0 28.5 4.1 0.2 4.2 0.2 0.5 1.1 9.9 0.0 26.4 3.5 0.2 4.1 0.2 0.7 1.0 10.1 0.0 28.3 3.6 0.2 4.0 0.2 0.7 1.2 12.2 0.0 28.4 3.7 0.2 4.0 0.2 0.6 1.2 12.3 0.0 28.5 4.1 0.2 4.2 0.2 0.5 1.4 12.0 0.0 28.2 3.7 0.2 4.5 0.2 0.5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Equity in government-sponsored enterprises: 15 16 17 18 19 20 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 2133.2 5.3 11.5 54.0 1100.6 83.3 2175.3 4.5 12.0 45.3 1042.7 76.4 2285.8 4.3 13.3 34.4 1156.4 76.8 2377.1 4.8 15.8 28.4 1029.0 73.1 2329.5 3.9 13.6 32.3 1010.1 78.1 2356.5 4.4 14.3 31.6 994.2 87.5 2401.3 4.6 14.7 28.4 1035.7 78.9 2377.1 4.8 15.8 28.4 1029.0 73.1 2346.6 5.3 15.1 20.6 1035.2 95.8 21 FL733094703 Asset: Holding companies 3387.9 3356.3 3571.1 3528.3 3467.5 3488.5 3563.6 3528.3 3518.6 21 108.8 108.8 111.3 111.3 98.2 98.2 110.8 110.8 98.2 98.2 102.3 102.3 99.9 99.9 110.8 110.8 112.7 22 112.7 23 NFC investment in finance company subsidiaries: 22 23 FL103094105 FL103094105 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 24 25 FL753194503 FL663194505 Liab.: Foreign banking offices in U.S. Brokers and dealers 103.2 607.3 105.4 654.9 99.8 691.3 79.7 663.1 110.1 703.7 89.1 671.3 81.5 666.5 79.7 663.1 90.7 24 675.8 25 26 FL503094505 Asset: Funding corporations 710.6 760.3 791.0 742.8 813.8 760.4 748.0 742.8 766.5 26 27 28 29 LM503194305 LM153094305 LM313094303 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 0.0 28 0.0 29 Equity investment under Public-Private Inv. Program: 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). Levels Holding company net transactions with subsidiaries: 136 Z.1, June 7, 2018 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 2018 Q1 Q4 Nonofficial foreign currencies: 1 2 3 FL263191103 FL313091105 FL713091103 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 4.2 2.6 1.5 3.6 2.6 1.0 8.2 2.6 5.6 14.7 2.6 12.1 7.7 2.6 5.1 5.7 2.6 3.1 6.2 2.6 3.6 14.7 2.6 12.1 7.6 2.6 5.0 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 4 5 9.1 9.1 8.5 8.5 8.1 8.1 7.8 7.8 8.5 8.5 9.3 9.3 8.0 8.0 7.8 7.8 8.2 8.2 6 7 62.2 62.2 63.8 63.8 70.7 70.7 82.9 82.9 73.5 73.5 77.4 77.4 83.6 83.6 82.9 82.9 85.4 85.4 8 9 29.9 29.9 31.6 31.6 31.3 31.3 33.1 33.1 32.7 32.7 33.1 33.1 33.2 33.2 33.1 33.1 35.5 10 35.5 11 Postal Savings System deposits: 4 5 FL313131003 FL313131003 6 7 FL403197033 FL403197033 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Funding agreements backing securities: 8 9 FL673090543 FL673090543 10 11 FL543077073 FL543077073 Liab.: Life insurance companies (2) Asset: ABS issuers Levels Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 12 13 14 15 FL543195005 FL543195105 FL543195205 FL543195373 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 310.0 228.3 38.8 42.9 313.4 236.3 33.5 43.5 336.2 258.2 32.8 45.2 351.8 271.6 32.3 47.8 342.6 262.9 33.0 46.8 344.3 264.6 33.4 46.3 346.6 265.2 34.1 47.3 351.8 271.6 32.3 47.8 361.0 278.1 32.8 50.1 12 13 14 15 16 FL543195005 Asset: Household sector 310.0 313.4 336.2 351.8 342.6 344.3 346.6 351.8 361.0 16 Policy payables: 17 FL513176003 Liab.: Property-casualty insurance companies 822.5 838.1 859.0 893.5 852.4 866.1 911.3 893.5 899.5 17 18 19 20 FL153076005 FL103076005 FL113076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 350.3 343.3 128.9 373.7 345.6 118.8 391.1 352.2 115.7 408.3 366.1 119.1 387.9 349.6 114.9 394.3 355.2 116.6 417.6 373.1 120.6 408.3 366.1 119.1 412.0 18 368.4 19 119.1 20 672.3 527.4 144.9 645.5 501.0 144.5 655.4 517.1 138.3 699.1 544.7 154.4 665.8 526.1 139.7 674.6 532.3 142.3 686.3 539.2 147.1 699.1 544.7 154.4 694.1 21 540.8 22 153.3 23 76.1 76.1 90.8 90.8 96.3 96.3 102.8 102.8 98.5 98.5 98.9 98.9 100.4 100.4 102.8 102.8 103.8 24 103.8 25 720.6 720.6 706.8 706.8 666.3 666.3 737.1 737.1 714.8 714.8 722.4 722.4 709.9 709.9 737.1 737.1 791.6 26 791.6 27 257.3 257.3 264.7 264.7 277.6 277.6 287.1 287.1 275.3 275.3 273.3 273.3 275.3 275.3 287.1 287.1 286.8 28 286.8 29 Unallocated insurance company contracts: 21 22 23 FL593095005 FL573095005 FL223095505 24 25 FL573074005 FL573074005 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 26 27 FL663097005 FL663097005 28 29 FL313195105 FL313195105 Liab.: Funding corporations Asset: Brokers and dealers Retiree health care funds: Liab.: Federal government (3) Asset: Household sector Claims of pension fund on sponsor: 30 31 32 FL573073005 FL343073005 FL223073045 Liab.: Nonfinancial corporate business Federal government State and local governments 176.7 1803.7 1499.5 348.3 1817.8 1806.4 328.1 1827.3 1880.0 172.0 2011.8 1674.0 285.8 2001.1 1818.7 254.2 2129.9 1775.7 218.7 1902.3 1724.5 172.0 2011.8 1674.0 231.5 30 1877.0 31 1811.6 32 33 34 35 FL573073005 FL343073005 FL223073045 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 176.7 1803.7 1499.5 348.3 1817.8 1806.4 328.1 1827.3 1880.0 172.0 2011.8 1674.0 285.8 2001.1 1818.7 254.2 2129.9 1775.7 218.7 1902.3 1724.5 172.0 2011.8 1674.0 231.5 33 1877.0 34 1811.6 35 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables L.133 and L.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 137 Z.1, June 7, 2018 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 FL893193005 2 3 FL103193005 FL113193003 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FL313193013 Federal government 5 6 7 8 9 FL713193005 FL763193005 FL753193005 FL743193005 FL473193005 10 11 Q3 2018 Q1 Q4 5701.7 5666.0 6219.3 6837.2 6395.8 6602.3 6651.4 6837.2 6807.0 1 3753.4 1339.4 4001.8 1367.9 4306.2 1385.3 4275.3 1402.6 4221.8 1389.5 4185.0 1393.8 4188.8 1398.1 4275.3 1402.6 4225.2 1410.9 2 3 1.8 1.2 0.6 0.1 0.4 0.3 0.2 0.1 0.0 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 5.6 605.5 119.6 7.4 15.4 28.9 611.1 108.3 5.3 16.0 32.6 629.0 96.9 4.1 23.1 54.8 616.1 113.5 4.4 18.2 67.4 636.4 97.1 3.8 15.7 73.8 650.1 99.4 4.2 16.6 69.8 649.2 102.3 3.9 17.7 54.8 616.1 113.5 4.4 18.2 81.7 612.5 114.5 4.1 32.5 5 6 7 8 9 FL513193005 FL543193005 Property-casualty insurance companies Life insurance companies 190.8 350.2 180.0 337.0 159.6 364.3 190.9 403.1 185.6 374.8 195.3 395.5 201.4 397.4 190.9 403.1 197.5 10 405.2 11 12 13 14 FL403193005 FL613193005 FL643193005 Government-sponsored enterprises Finance companies REITs 59.0 46.0 82.3 53.7 42.5 80.4 55.1 35.9 96.7 51.5 21.2 101.2 46.5 35.6 94.3 45.4 35.3 98.0 51.1 11.7 107.5 51.5 21.2 101.2 50.1 12 2.1 13 96.7 14 15 16 17 FL663193005 FL733193005 FL503193005 Brokers and dealers Holding companies Funding corporations -1471.1 708.2 -112.0 -1466.0 391.4 -93.4 -1499.5 402.0 127.4 -1290.0 702.8 171.6 -1383.1 507.8 102.3 -1325.0 671.5 63.1 -1371.7 647.4 176.6 -1290.0 702.8 171.6 -1352.5 15 708.8 16 217.7 17 18 FL893093005 19 20 FL103093005 FL113093005 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 FL313093003 FL213093003 23 24 25 26 27 Total assets 14257.9 15228.5 16835.0 17668.1 16981.0 17274.2 17381.2 17668.1 18025.1 18 7226.5 2889.4 8386.3 3097.0 9380.5 3297.5 9774.2 3438.0 9388.1 3324.2 9458.9 3364.3 9520.2 3393.2 9774.2 3438.0 9916.1 19 3476.8 20 Federal government State and local governments 93.6 113.5 105.8 120.9 117.0 127.4 126.4 133.1 120.8 128.3 119.3 127.5 121.6 129.5 126.4 133.1 128.7 21 133.9 22 FL713093005 FL763093005 FL753093005 FL743093005 FL473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 233.9 478.0 71.3 33.4 63.5 215.8 490.2 58.4 34.9 69.2 199.5 526.5 63.3 41.6 95.0 184.4 454.8 103.2 33.9 75.0 193.4 502.4 60.5 41.2 80.8 190.6 512.4 70.7 40.8 77.0 186.9 496.1 77.1 33.0 74.3 184.4 454.8 103.2 33.9 75.0 178.5 465.4 97.9 34.2 87.1 28 29 FL513093005 FL543093005 Property-casualty insurance companies Life insurance companies 193.9 485.9 222.3 464.9 237.2 518.5 246.9 530.4 262.8 527.1 266.0 530.8 272.2 546.2 246.9 530.4 258.7 28 503.1 29 30 31 FL573093005 FL223093005 Private pension funds State and local govt. retirement funds 660.6 167.3 644.8 169.1 668.0 212.4 696.5 231.3 676.4 218.5 678.1 221.1 685.0 223.5 696.5 231.3 701.6 30 233.7 31 32 33 34 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds 17.0 268.3 57.0 10.0 217.1 49.3 3.6 227.0 62.8 3.2 293.1 68.9 3.8 271.3 66.1 3.3 266.9 66.3 4.3 281.4 69.0 3.2 293.1 68.9 2.6 32 443.8 33 71.7 34 35 36 37 FL403093005 FL613093005 FL643093005 Government-sponsored enterprises Finance companies REITs 154.7 56.0 126.5 148.2 57.9 136.7 150.7 45.3 168.1 111.0 30.3 179.2 124.4 38.3 165.2 132.2 34.1 166.5 134.6 28.1 176.1 111.0 30.3 179.2 104.6 35 26.9 36 190.7 37 38 39 FL663093005 FL733093005 Brokers and dealers Holding companies 80.0 787.6 79.7 450.1 87.7 605.7 91.2 863.2 76.6 710.8 83.0 864.2 83.2 845.7 91.2 863.2 89.1 38 880.1 39 40 FL903090005 Discrepancy -8556.2 23 24 25 26 27 -9562.5 -10615.6 -10830.9 -10585.1 -10671.9 -10729.8 -10830.9 -11218.1 40 Levels 1 Q2 138 Z.1, June 7, 2018 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Balance Sheets Q1 Assets Q2 Q3 Q4 2018 Q1 1 FL152000005 2 LM152010005 3 4 5 6 7 8 LM155035005 LM155035015 LM165035005 LM165015205 LM165013765 LM155111005 9 FL154090005 10 11 12 13 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 45.6 1153.2 7902.0 1032.6 31.2 1181.6 8389.0 1044.0 25.6 1108.8 9085.7 1023.1 36.5 1151.5 9283.5 1053.4 28.7 1196.4 9203.0 1009.8 30.8 1165.9 9130.6 982.3 35.2 1076.5 9268.1 1024.9 36.5 1151.5 9283.5 1053.4 38.0 1188.3 9492.5 938.4 10 11 12 13 14 15 16 17 18 FL154022005 FL153061105 FL153061705 FL153062005 FL153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4055.8 798.4 261.8 1709.1 1286.5 4636.9 1179.2 500.4 1655.4 1301.8 4591.9 1400.2 446.5 1711.6 1033.6 4320.3 1366.6 492.0 1641.4 820.4 4477.9 1343.3 470.5 1684.7 979.3 4307.2 1421.1 373.8 1668.4 843.9 4255.3 1304.0 457.6 1631.6 862.0 4320.3 1366.6 492.0 1641.4 820.4 4849.0 1625.2 513.9 1640.3 1069.6 14 15 16 17 18 19 20 21 22 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) (6) 1063.3 893.2 122.5 47.6 1002.7 842.6 115.1 44.9 998.3 841.6 114.9 41.9 966.5 817.5 112.4 36.6 1012.4 857.9 114.1 40.3 1010.8 856.7 115.2 38.9 985.9 835.1 113.2 37.6 966.5 817.5 112.4 36.6 943.2 796.7 111.6 34.9 19 20 21 22 23 24 25 26 27 28 29 LM153064105 LM153064205 FL163070005 FL153040005 FL153050005 LM152090205 FL153090005 Corporate equities (2) Mutual fund shares Trade receivables (6) Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 30 FL154190005 31 32 33 34 35 36 37 FL163162003 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Debt securities (municipal securities) (6) Loans Home mortgages (9) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (6) 38 39 FL163170005 FL543077073 Trade payables (6) Deferred and unpaid life insurance premiums 40 FL152090005 Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets Liabilities Net worth 97844.2 101061.7 106934.3 115270.7 109173.9 110684.5 112611.8 115270.7 116342.5 1 28540.8 30279.8 32041.9 34036.1 32483.0 32998.3 33425.7 34036.1 34597.4 2 23035.7 24575.9 26172.2 27884.8 26506.5 26979.5 27347.2 27884.8 28374.4 20325.2 21607.3 23003.0 24517.8 23387.0 23751.0 24060.8 24517.8 25061.4 2710.5 2968.7 3169.2 3367.0 3119.6 3228.5 3286.4 3367.0 3313.1 317.9 328.1 337.5 348.5 340.1 343.0 345.6 348.5 351.5 132.5 139.3 144.1 152.0 146.4 148.6 150.4 152.0 154.0 5054.6 5236.5 5388.1 5650.8 5489.9 5527.2 5582.6 5650.8 5717.5 3 4 5 6 7 8 69303.4 70782.0 74892.4 81234.6 76690.9 77686.2 79186.1 81234.6 81745.2 9 14315.3 13837.2 15221.4 17949.5 15984.1 16482.4 17043.2 17949.5 17626.5 23 6828.7 6758.5 7240.3 8628.6 7665.3 7917.0 8300.9 8628.6 8676.8 24 240.7 257.9 276.5 296.2 281.4 286.3 291.2 296.2 300.9 25 1282.8 1309.1 1340.0 1387.3 1355.3 1360.9 1373.8 1387.3 1390.8 26 20623.3 20911.0 21836.5 23292.6 22261.4 22549.0 22880.4 23292.6 23315.7 27 9842.5 10471.1 11139.4 11821.6 11209.4 11451.1 11611.1 11821.6 11925.2 28 917.6 951.7 1004.9 1047.2 1005.8 1011.9 1039.6 1047.2 1059.8 29 14327.3 14526.2 14978.9 15530.7 15036.0 15202.2 15345.6 15530.7 15574.2 30 226.9 218.8 215.4 216.9 215.2 218.4 215.3 216.9 218.8 31 13748.5 13941.1 14383.2 14915.8 14435.1 14593.8 14736.3 14915.8 14951.4 32 9455.8 9573.4 9777.9 10076.2 9833.1 9911.6 9999.6 10076.2 10110.5 33 3314.6 3413.6 3644.2 3832.7 3640.1 3695.4 3754.0 3832.7 3822.4 34 235.8 280.6 290.2 293.1 285.5 292.5 289.3 293.1 297.1 35 514.0 437.4 427.2 462.6 430.9 446.9 444.1 462.6 468.3 36 228.3 236.1 243.7 251.2 245.6 247.5 249.3 251.2 253.1 37 322.1 29.9 334.7 31.6 349.0 31.3 364.8 33.1 352.9 32.7 356.9 33.1 360.8 33.2 364.8 33.1 368.5 38 35.5 39 83516.9 86535.5 91955.4 99740.0 94138.0 95482.3 97266.2 99740.0 100768.3 40 Memo: 41 42 43 44 FL893131573 FL154023205 LM154023223 FL154023213 Assets held in IRAs (10) Assets held in 529 college plans (10) College savings plans Prepaid tuition plans 45 46 47 48 LM155012605 LM155012665 LM165012665 LM165013665 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 FA156012005 FL152090006 FL155035065 FL155035066 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 40/line 49) Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 51/line 4) 7292.0 247.9 224.3 23.6 7477.0 253.5 230.5 23.0 8080.0 275.1 251.9 23.2 9200.0 319.0 294.4 24.6 8400.0 289.2 265.6 23.6 8600.0 300.3 276.2 24.1 8850.0 306.5 282.2 24.3 9200.0 319.0 294.4 24.6 ND 321.0 296.8 24.2 41 42 43 44 15136.6 15475.9 16569.1 17277.0 16700.3 16950.7 17109.1 17277.0 17710.8 45 14896.5 15224.3 16302.4 16997.6 16431.5 16677.9 16832.4 16997.6 17424.5 46 240.1 251.6 266.7 279.4 268.8 272.8 276.7 279.4 286.4 47 1626.7 1663.2 1706.9 1780.1 1723.9 1744.3 1767.6 1780.1 1800.0 48 13032.6 13615.0 13968.6 14380.4 14226.4 14331.6 14410.8 14552.9 14763.3 49 640.83 635.59 658.30 693.58 661.71 666.24 674.95 685.36 682.56 50 10869.3 12033.9 13225.1 14441.5 13553.9 13839.4 14061.2 14441.5 14950.9 51 53.48 55.69 57.49 58.90 57.95 58.27 58.44 58.90 59.66 52 (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) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Student loans and trade receivables are financial assets of nonprofit organizations; municipal securities, commercial mortgages, and trade payables are liabilities. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Included in assets shown on the household balance sheet. 139 Z.1, June 7, 2018 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Q2 Q3 Q4 2018 Q1 With nonfinancial assets stated at either market value or replacement cost: 1 FL102000005 2 LM102010005 3 4 5 6 LM105035005 LM105015205 LM105013765 LM105020015 7 FL104090005 8 9 10 11 12 FL103091003 FL103020005 FL103030003 FL103034003 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 107.2 770.8 152.0 558.2 65.9 87.1 838.1 144.3 576.8 79.9 90.7 998.6 163.5 463.9 109.5 197.0 1142.7 167.8 457.5 83.9 84.6 1042.9 162.3 439.6 99.5 103.2 1114.7 165.6 431.7 89.4 194.8 1118.5 166.1 446.0 76.0 197.0 1142.7 167.8 457.5 83.9 13 14 15 16 17 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 248.7 171.9 41.7 13.9 21.2 244.7 172.5 37.4 12.5 22.3 235.5 160.7 41.3 13.8 19.7 269.4 185.2 41.0 13.7 29.5 245.2 166.1 40.0 13.3 25.7 259.6 178.5 40.7 13.6 26.8 259.5 176.4 40.3 13.4 29.3 269.4 185.2 41.0 13.7 29.5 18 19 20 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 70.0 29.0 40.9 72.4 31.4 41.1 73.0 30.3 42.8 70.3 28.4 41.8 71.4 29.8 41.6 71.2 29.3 41.9 71.0 28.9 42.1 70.3 28.4 41.8 21 22 23 24 LM103064203 FL103070005 LM103092005 FL103090005 Mutual fund shares (1) Trade receivables U.S. direct investment abroad (3) Miscellaneous assets 234.6 2662.3 4720.8 7679.3 235.7 2694.4 4930.7 8844.0 236.9 276.5 2913.2 3134.0 5208.5 5562.7 9831.8 10252.3 249.1 2992.6 5330.1 9836.9 257.0 3081.5 5410.8 9917.4 25 FL104190005 26 27 28 29 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (4) Corporate bonds (3) 5123.7 182.0 526.0 4415.7 5533.5 179.0 539.3 4815.3 5828.7 180.8 554.5 5093.4 6131.8 206.7 567.6 5357.6 5953.3 195.5 554.8 5203.0 6015.5 194.7 562.6 5258.2 6105.4 206.1 556.7 5342.6 6131.8 206.7 567.6 5357.6 6213.1 222.3 564.9 5425.9 26 27 28 29 30 31 32 33 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 2376.7 856.0 1126.2 394.5 2459.2 935.8 1090.3 433.2 2561.7 985.8 1102.4 473.5 2836.2 1020.3 1293.9 522.0 2659.2 991.6 1193.4 474.3 2734.5 1001.4 1246.8 486.3 2777.6 1004.5 1278.4 494.7 2836.2 1020.3 1293.9 522.0 2851.0 1028.6 1294.1 528.4 30 31 32 33 34 35 36 37 FL103170005 FL103178005 LM103192005 FL103190005 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities 2088.4 43.5 2933.6 4006.2 2110.8 42.2 3302.8 4440.9 2305.4 33.5 3668.3 4730.7 2515.8 246.4 3899.0 4550.0 2338.7 43.2 3679.9 4606.1 2390.3 41.5 3784.3 4538.1 2449.8 39.7 3841.7 4507.9 2515.8 246.4 3899.0 4550.0 2581.1 250.5 3948.5 4560.5 34 35 36 37 38 FL102090005 39 40 41 42 43 44 LM105012665 LM105013665 LM103164103 FL104104006 FL104104016 FL103164106 Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets Liabilities Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (lines 26+30/line 38) Debt/equities (percent) (lines 26+30/line 41) Equities/net worth (percent) (line 41/line 38) 36383.8 39062.7 41618.2 44027.7 41738.4 42599.5 43242.5 44027.7 44111.5 1 19113.9 20314.4 21293.1 22413.6 21184.2 21697.3 21990.8 22413.6 22279.4 2 10511.7 11524.4 12265.5 13027.5 12049.0 12490.2 12706.8 13027.5 12775.6 4370.3 4480.1 4587.3 4734.3 4622.2 4660.5 4695.2 4734.3 4774.9 2004.8 2088.5 2150.7 2264.6 2183.0 2215.1 2242.7 2264.6 2295.0 2227.0 2221.4 2289.6 2387.3 2330.0 2331.4 2346.0 2387.3 2433.8 3 4 5 6 17269.9 18748.3 20325.1 21614.1 20554.1 20902.2 21251.7 21614.1 21832.1 7 199.8 8 1193.1 9 168.2 10 466.9 11 78.6 12 278.7 195.5 41.2 13.7 28.3 13 14 15 16 17 68.7 18 28.0 19 40.7 20 267.0 276.5 276.1 3141.8 3134.0 3246.7 5516.7 5562.7 5456.6 9994.3 10252.3 10398.5 21 22 23 24 16572.1 17889.5 19128.3 20179.2 19280.4 19504.2 19722.1 20179.2 20404.6 25 19811.7 21173.1 22489.9 23848.5 22457.9 23095.2 23520.4 23848.5 23706.9 38 192.6 205.0 215.5 226.0 217.3 220.6 223.8 226.0 231.8 39 8400.2 8482.6 8639.2 8987.7 8724.8 8828.5 8924.0 8987.7 9089.4 40 22630.0 21521.1 23064.6 26873.4 24265.3 24683.5 25559.5 26873.4 26495.0 41 37.86 37.75 37.31 37.60 38.35 37.89 37.77 37.60 38.23 42 33.14 37.14 36.38 33.37 35.49 35.45 34.75 33.37 34.21 43 114.23 101.64 102.56 112.68 108.05 106.88 108.67 112.68 111.76 44 With nonfinancial assets stated at historical cost: 45 46 47 48 49 50 FL102000115 FL102010115 FL105035045 FL105013213 FL105013715 FL105020000 Assets (sum of lines 7 and 46) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 30342.1 32370.3 34404.9 36251.5 34816.7 35273.9 35795.1 36251.5 36671.9 45 13072.2 13622.0 14079.8 14637.3 14262.5 14371.8 14543.4 14637.3 14839.8 46 5186.1 5422.6 5630.7 5845.2 5695.0 5742.4 5796.4 5845.2 5911.3 47 4063.9 4234.9 4365.0 4506.1 4395.8 4429.0 4465.6 4506.1 4547.5 48 1871.5 1956.8 2049.8 2144.1 2072.9 2096.4 2120.6 2144.1 2170.3 49 1950.7 2007.8 2034.4 2142.0 2098.9 2103.9 2160.8 2142.0 2210.8 50 51 FL102090115 Net worth (historical cost) (line 45 less line 25) 13770.0 14480.8 15276.6 16072.2 15536.2 15769.7 16073.0 16072.2 16267.3 51 52 53 54 FL105012613 FL105013613 FL104104026 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (lines 26+30/line 38) 90.5 4560.4 54.47 94.8 4776.8 55.20 99.8 4955.3 54.92 105.1 5148.8 55.80 101.1 5002.5 55.44 102.4 5051.5 55.49 103.7 5099.4 55.27 105.1 5148.8 55.80 (1) At market value. (2) At replacement (current) cost. (3) 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. (4) 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. 106.5 52 5201.7 53 55.72 54 Balance Sheets Assets 140 Z.1, June 7, 2018 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Balance Sheets Q1 Assets Q2 Q3 Q4 2018 Q1 1 FL112000005 16248.0 17264.8 18281.8 19279.0 18408.0 18736.3 18960.9 19279.0 19465.1 1 2 LM112010005 Nonfinancial assets 11274.6 11964.1 12651.9 13385.7 12730.4 12987.1 13154.0 13385.7 13501.4 2 3 4 5 LM115035005 LM115035023 LM115035035 Real estate (1) Residential Nonresidential 9917.4 10607.7 11274.3 11973.0 11337.3 11583.3 11750.9 11973.0 12069.9 5608.2 6041.6 6485.5 6938.8 6597.0 6712.3 6814.7 6938.8 7097.4 4309.2 4566.1 4788.8 5034.1 4740.3 4871.0 4936.1 5034.1 4972.4 3 4 5 6 7 8 LM115015205 LM115012265 LM115013265 Equipment (2) Residential (3) Nonresidential 838.1 42.8 795.4 860.5 43.1 817.4 882.1 43.2 838.9 896.5 44.0 852.4 885.6 43.5 842.1 889.4 43.6 845.8 892.5 43.7 848.7 896.5 44.0 852.4 900.6 44.5 856.1 9 10 LM115013765 LM115020005 Intellectual property products (2) Inventories (2) 222.8 296.3 232.3 263.6 239.8 255.8 258.5 257.8 245.0 262.5 250.3 264.1 254.8 255.9 258.5 257.8 263.1 9 267.8 10 11 FL114090005 4973.4 5300.7 5629.9 5893.3 5677.6 5749.2 5806.9 5893.3 5963.7 11 12 13 14 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares 246.8 849.5 85.6 288.0 877.7 91.7 312.8 925.9 97.5 312.9 989.6 102.9 310.5 940.4 98.5 311.0 956.6 99.8 309.0 971.4 100.8 312.9 989.6 102.9 317.2 12 1004.4 13 104.2 14 15 16 17 FL114022005 FL113061003 FL113062003 Debt securities Treasury securities Municipal securities 61.2 57.2 4.0 65.5 61.2 4.3 69.7 65.1 4.6 73.6 68.7 4.8 70.4 65.8 4.6 71.3 66.6 4.7 72.0 67.3 4.7 73.6 68.7 4.8 74.5 15 69.6 16 4.9 17 18 19 20 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 34.5 34.5 0.0 36.9 36.9 0.0 39.3 39.3 0.0 41.4 41.4 0.0 39.6 39.6 0.0 40.2 40.2 0.0 40.6 40.6 0.0 41.4 41.4 0.0 41.9 18 41.9 19 0.0 20 21 22 23 24 25 FL113070003 FL113090005 FL113076005 FL113092405 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 668.9 3026.8 128.9 8.5 2889.4 716.1 3224.8 118.8 9.0 3097.0 761.7 3423.0 115.7 9.7 3297.5 803.6 3569.3 119.1 12.3 3438.0 769.1 3449.0 114.9 9.9 3324.2 779.3 3491.0 116.6 10.1 3364.3 787.2 3526.0 120.6 12.2 3393.2 803.6 3569.3 119.1 12.3 3438.0 813.7 3607.9 119.1 12.0 3476.8 26 FL114190005 6446.1 6839.0 7203.4 7520.7 7261.1 7347.0 7412.8 7520.7 7601.0 26 27 28 29 30 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 4443.3 1077.0 196.0 3170.3 4749.4 1175.0 199.7 3374.7 5047.1 1247.5 202.3 3597.3 5303.1 1289.2 205.7 3808.3 5090.7 1252.3 202.1 3636.3 5158.3 1265.9 201.6 3690.9 5209.1 1270.2 201.0 3737.9 5303.1 1289.2 205.7 3808.3 5363.1 1296.9 206.7 3859.5 31 32 FL113170005 FL113178003 Trade payables Taxes payable 536.7 117.4 589.1 120.8 634.0 124.2 671.9 127.2 643.4 124.7 655.7 125.5 665.6 126.0 671.9 127.2 683.1 31 128.0 32 33 34 LM115114005 FL113193003 Foreign direct investment in U.S. Miscellaneous liabilities 9.2 1339.4 11.9 1367.9 12.8 1385.3 15.8 1402.6 12.9 1389.5 13.7 1393.8 14.0 1398.1 15.8 1402.6 15.9 33 1410.9 34 35 LM112090205 Net worth (5) 9801.9 10425.8 11078.4 11758.3 11146.8 11389.3 11548.1 11758.3 11864.1 35 Financial assets Liabilities 6 7 8 21 22 23 24 25 27 28 29 30 Memo: 36 37 FL115012665 FL115013665 38 FL114104006 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (line 27/line 35) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Included in table B.101, line 28. 3229.7 1946.9 3362.7 1988.0 3528.6 2052.7 3676.5 2226.9 3550.8 2097.3 3598.8 2146.8 3645.7 2186.4 3676.5 2226.9 3764.4 36 2277.1 37 45.33 45.55 45.56 45.10 45.67 45.29 45.11 45.10 45.20 38 141 Z.1, June 7, 2018 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2014 1 FC152090005 2 FU155060005 3 4 5 FU155061005 FU155050005 FU156300005 6 7 8 FU155000005 FU154090005 FU154190005 9 FR158000005 10 11 12 13 14 15 16 FR155035005 FR153064105 FR153064205 FR152090205 FR153040005 FR153050005 FR153094305 17 FR158100005 18 19 20 FR155111005 FR165015205 FR165013765 21 FV158090005 Change in net worth (1) 2015 2016 2017 Q1 Q2 2017 Q3 Q4 2018 Q1 4964.6 3018.6 5419.9 7784.6 2182.5 1344.4 1783.8 2473.8 1028.3 1 1270.2 1241.2 1146.9 1064.8 481.8 59.7 175.8 347.4 569.9 2 Net physical investment Capital expenditures - Consumption of fixed capital 361.9 1823.4 1461.5 446.1 1953.2 1507.0 485.8 2052.0 1566.2 541.2 2138.5 1597.2 135.8 527.0 391.1 130.4 528.5 398.1 131.3 533.2 402.0 143.8 549.8 406.0 136.2 548.1 411.9 3 4 5 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 908.3 1236.5 328.3 795.1 1130.4 335.3 661.1 1144.1 483.0 523.5 1101.3 577.8 345.9 409.8 63.9 -70.6 103.2 173.8 44.6 194.2 149.6 203.7 394.2 190.5 433.7 480.8 47.1 6 7 8 3976.7 1270.2 4251.4 6947.4 1709.8 1453.1 1713.1 2071.3 96.6 9 1174.9 1532.7 237.8 644.3 14.6 372.4 0.0 1358.4 -335.8 -194.5 599.7 -8.5 -149.0 0.0 1382.7 1493.5 341.2 617.5 15.5 401.1 0.0 1572.4 2644.6 1038.9 646.8 39.6 1005.1 0.0 276.9 733.2 330.5 54.3 12.2 302.8 0.0 417.0 413.9 201.9 229.6 7.6 183.3 0.0 399.9 630.6 264.1 162.1 9.7 246.6 0.0 478.6 866.9 242.4 200.9 10.1 272.4 0.0 432.4 -289.8 -59.5 81.8 -2.5 -65.9 0.0 10 11 12 13 14 15 16 -102.5 -63.2 -102.8 -32.2 30.2 -32.1 -18.1 -12.1 -6.0 17 -102.2 -1.5 1.2 -64.6 0.6 0.8 -102.3 0.3 -0.9 -47.0 8.5 6.3 26.3 2.1 1.8 -36.4 2.5 1.8 -21.5 1.9 1.4 -15.3 2.0 1.3 -9.8 18 2.2 19 1.6 20 -179.8 570.5 124.4 -195.4 -39.2 -136.4 -87.0 67.2 367.9 21 Net investment Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) Memo: FL152090005 FA156012005 Net worth outstanding (4) Disposable personal income 83516.9 86535.5 91955.4 99740.0 94138.0 95482.3 97266.2 99740.0 100768.3 22 13032.6 13615.0 13968.6 14380.4 14226.4 14331.6 14410.8 14552.9 14763.3 23 (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.101, line 40. Balance Sheets 22 23 142 Z.1, June 7, 2018 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2014 2015 2016 2017 2017 Q1 1 FC102090005 2 FU105060005 3 4 5 6 FU105061005 FU105050005 FU106300005 FU105020601 7 8 9 Change in net worth (1) Q2 Q3 Q4 2018 Q1 1066.1 1361.4 1316.7 1358.6 -31.9 637.3 425.2 328.1 -141.6 1 -442.4 -63.1 -170.2 -123.5 -37.0 81.4 1.9 -169.9 -15.3 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 411.6 1699.9 1284.2 4.1 411.7 1800.3 1336.3 52.4 307.3 1673.8 1363.8 2.7 371.7 1742.9 1420.3 -49.1 90.8 421.5 349.4 -18.7 84.8 429.7 353.3 -8.4 94.6 446.2 357.3 -5.6 101.6 445.6 360.4 -16.4 115.1 459.3 364.6 -20.3 3 4 5 6 FU105000005 FU104090005 FU104190005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -459.5 922.7 1382.2 74.9 1488.7 1413.8 99.3 1485.4 1386.1 -116.5 1096.3 1212.8 -27.0 174.4 201.4 63.6 323.2 259.6 42.1 304.5 262.4 -195.1 294.3 489.4 -33.8 232.0 265.9 7 8 9 10 FU103164103 Net corporate equity issues -394.5 -549.6 -576.8 -378.8 -100.8 -66.9 -134.8 -76.3 -96.5 10 11 FR108000005 Holding gains on assets at market value (2) 877.7 893.3 663.7 714.4 -243.3 428.8 219.8 309.1 -291.8 11 12 13 FR105035005 FR103064203 Real estate Mutual fund shares 869.1 8.7 899.5 -6.2 651.6 12.2 680.1 34.3 -254.1 10.8 422.2 6.6 211.1 8.6 300.9 8.2 -290.0 12 -1.8 13 14 FR108100005 -76.8 -51.4 65.8 124.2 114.9 -22.3 47.3 -15.7 33.1 14 15 16 17 FR105015205 FR105013765 FR105020015 -57.6 21.0 -3.4 -38.9 20.7 -49.7 -5.0 -14.7 40.3 22.8 33.2 36.4 8.4 12.5 22.0 9.2 12.0 -8.0 2.3 6.8 0.4 2.9 1.8 22.0 3.6 15 7.7 16 21.8 17 18 19 FR103092005 FR103192005 Direct investment abroad - Foreign direct investment in U.S. -41.6 -4.9 -50.4 -67.0 24.0 -21.3 20.7 -11.0 19.9 -52.1 -0.4 35.2 36.8 -0.9 -35.7 6.7 0.0 18 0.0 19 20 FV108090005 Other volume changes (4) 707.5 582.6 757.3 643.6 133.5 149.3 156.2 204.6 132.3 20 Net investment Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) Memo: Balance Sheets 21 FL102090005 Net worth outstanding (5) 19811.7 21173.1 22489.9 23848.5 22457.9 23095.2 23520.4 23848.5 23706.9 21 (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 38. 143 Z.1, June 7, 2018 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2014 2015 2016 2017 2017 Q1 1 FC112090205 2 FU115440005 Change in net worth (1) Net capital transfers paid 3 FU115060005 Net investment 4 5 6 FU115061005 FU115050005 FU116300005 7 8 9 FU115000005 FU114090005 FU114190005 10 FU112090205 Proprietor’s net investment (2) 141.0 18.8 11 FR115035005 Holding gains on real estate (3) 648.2 649.7 12 13 FR115035023 FR115035035 353.9 294.3 418.5 231.3 14 FR118100005 Holding gains on assets at current cost (3) -5.1 15 16 17 18 19 FR115012265 FR115013265 FR115013765 FR115020005 FR115114005 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. 20 FV118090005 Other volume changes (4) 21 LM112090205 Q2 Q3 Q4 2018 Q1 786.6 623.9 652.7 679.9 68.4 242.4 158.8 210.2 105.8 1 0.0 0.0 0.0 -13.1 0.0 0.0 -13.1 0.0 0.0 2 141.0 18.8 40.2 61.8 15.7 13.6 21.5 11.0 23.3 3 Net physical investment Capital expenditures - Consumption of fixed capital 78.0 377.0 299.0 88.1 399.1 311.0 78.2 398.9 320.7 115.4 451.1 335.7 26.1 108.5 82.4 28.2 111.7 83.4 29.9 114.4 84.5 31.2 116.5 85.3 33.4 119.9 86.5 4 5 6 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -78.0 442.6 520.6 -88.1 327.3 415.5 -78.2 329.2 407.3 -102.3 263.4 365.7 -26.1 47.7 73.8 -28.2 71.6 99.9 -16.8 57.7 74.6 -31.2 86.3 117.5 -33.4 70.5 103.8 7 8 9 40.2 48.7 15.7 13.6 8.4 11.0 23.3 10 618.9 639.9 46.5 228.7 160.8 203.9 77.2 11 423.4 195.5 425.6 214.3 104.7 -58.2 108.7 120.0 95.8 65.0 116.5 87.4 150.5 12 -73.3 13 -49.0 -7.9 -13.0 5.9 -0.2 -13.8 -4.9 5.1 14 -2.3 -6.2 2.0 1.6 0.3 -1.5 -1.0 2.4 -48.2 0.7 -2.0 6.1 -1.0 -12.3 -1.3 -1.2 -11.6 2.8 -1.5 1.6 -0.3 -1.8 1.6 6.4 0.0 -0.4 -2.4 1.1 1.4 0.0 -0.3 -3.7 0.4 -10.1 0.0 -0.2 -3.7 -0.3 0.9 1.6 2.6 4.5 1.5 4.3 0.3 0.4 3.3 0.3 Residential Nonresidential 0.1 -4.0 0.3 8.7 0.0 15 16 17 18 19 0.2 20 Memo: 9801.9 10425.8 11078.4 11758.3 11146.8 11389.3 11548.1 11758.3 11864.1 21 (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Shown on table F.104, line 32. (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.104, line 35. Balance Sheets Net worth outstanding (5) 144 Z.1, June 7, 2018 B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2014 2015 2016 2017 2017 Q1 Assets Q2 Q3 Q4 2018 Q1 1 FL152000005 97844.2 101061.7 106934.3 115270.7 109173.9 110684.5 112611.8 115270.7 116342.5 1 2 FL152010005 Nonfinancial assets 28540.8 30279.8 32041.9 34036.1 32483.0 32998.3 33425.7 34036.1 34597.4 2 3 FL154090005 Financial assets 69303.4 70782.0 74892.4 81234.6 76690.9 77686.2 79186.1 81234.6 81745.2 3 4 FL154000025 Deposits (1) 10133.4 10645.9 11243.2 11524.9 11437.9 11309.6 11404.7 11524.9 11657.3 4 5 FL154022005 Debt securities 4055.8 4636.9 4591.9 4320.3 4477.9 4307.2 4255.3 4320.3 4849.0 5 6 FL154023005 Loans 1063.3 1002.7 998.3 966.5 1012.4 1010.8 985.9 966.5 943.2 6 7 LM153064475 Equity shares at market value 23934.7 23331.7 25251.5 29838.6 26583.8 27392.0 28419.0 29838.6 29402.4 7 8 LM153064105 Directly held 14315.3 13837.2 15221.4 17949.5 15984.1 16482.4 17043.2 17949.5 17626.5 8 Indirectly held 9 LM153064175 10 11 12 13 14 LM543064153 LM573064175 LM343064125 LM223064213 LM653064155 15 FL153099475 16 FL154190005 Liabilities 14327.3 14526.2 14978.9 15530.7 15036.0 15202.2 15345.6 15530.7 15574.2 16 17 FL152090005 Net worth 83516.9 86535.5 91955.4 99740.0 94138.0 95482.3 97266.2 99740.0 100768.3 17 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Other 9619.4 9494.5 10030.0 11889.1 10599.7 10909.6 11375.9 11889.1 11775.9 1356.0 3262.7 224.4 207.1 4569.2 1326.1 3225.0 226.6 197.0 4519.9 1389.3 3376.8 246.9 193.9 4823.1 1543.0 3975.5 308.6 190.1 5872.0 1438.6 3553.2 263.0 206.0 5138.8 1460.3 3687.4 273.8 178.1 5310.0 1501.1 3809.7 285.1 181.1 5598.9 1543.0 3975.5 308.6 190.1 5872.0 1515.2 3940.5 306.7 187.7 5825.7 9 10 11 12 13 14 30116.1 31164.8 32807.5 34584.3 33179.0 33666.6 34121.2 34584.3 34893.3 15 Memo: 18 19 FL153064476 FL153064486 Equity shares (line 7) as a percent of Total assets (line 1) Financial assets (line 3) 24.46 34.54 23.09 32.96 23.61 33.72 25.89 36.73 24.35 34.66 24.75 35.26 25.24 35.89 25.89 36.73 25.27 18 35.97 19 Supplements (1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market fund shares. (2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 15. 145 Z.1, June 7, 2018 F.101.a Nonprofit Organizations (1) Billions of dollars 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 FA165000005 Net lending (+) or net borrowing (-) 266.7 13.1 -411.9 130.2 275.3 -19.9 196.2 285.2 115.8 1 2 FA164090005 Net acquisition of financial assets 384.3 102.2 -337.6 219.3 289.9 64.8 266.0 305.4 229.6 2 3 4 FA163020005 FA163030205 Cash and non-interest-bearing deposits Other deposits and short-term investments (2) 7.6 31.0 5.8 21.2 -2.4 16.6 9.5 -0.8 10.1 -1.8 7.4 -4.6 6.2 15.1 10.8 6.2 13.1 10.8 3 4 5 6 7 FA164022005 FA163061005 FA163063005 Debt securities U.S. government and municipal securities Corporate and foreign bonds 17.2 12.9 4.3 -0.6 -8.7 8.1 0.8 -1.3 2.1 30.6 7.6 22.9 -15.6 -19.4 3.8 3.7 -1.5 5.2 -7.9 -8.7 0.8 -10.5 -5.5 -5.0 28.6 24.6 4.0 5 6 7 8 9 10 11 FA164023005 FA163065013 FA163066223 FA164041005 Loans Mortgages Consumer credit Other notes and loans receivable 25.6 -0.1 6.0 19.7 17.1 -0.0 7.7 9.4 4.9 -0.1 6.4 -1.3 -10.1 -0.1 -6.4 -3.5 -13.5 0.0 -11.2 -2.3 -14.7 0.0 -4.3 -10.5 -9.3 0.2 -9.0 -0.4 2.7 -0.3 -6.2 9.2 -5.9 0.3 -4.2 -2.0 8 9 10 11 12 FA163064005 Corporate equities and mutual fund shares 169.0 12.6 -249.1 71.3 128.0 15.6 127.6 156.8 77.6 12 13 FA163070005 Grants and trade receivables 8.1 10.0 7.5 -0.8 6.3 14.4 9.0 5.6 27.5 13 14 FA163093005 Miscellaneous assets (3) 125.7 36.1 -116.0 119.6 176.4 43.0 125.3 133.8 77.8 14 15 FA164190005 Net increase in liabilities 117.5 89.1 74.3 89.1 14.6 84.6 69.7 20.2 113.8 15 16 FA163162003 Debt securities (municipal securities) 16.2 22.5 9.5 7.0 -1.6 -7.6 -14.2 -14.4 -6.9 16 17 18 19 20 FA164123005 FA163168005 FA163169385 FA163165505 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 22.0 4.4 0.0 17.6 16.2 3.2 0.0 13.0 -2.1 -10.8 0.0 8.7 1.0 10.8 0.0 -9.8 0.1 -0.9 0.0 1.1 7.1 1.4 0.0 5.7 15.2 6.5 0.0 8.7 6.9 -2.0 0.0 8.9 15.4 8.8 0.0 6.7 17 18 19 20 21 FA163170005 Trade payables 16.5 17.8 24.2 41.8 -29.2 20.0 7.2 -5.6 26.7 21 22 FA163193005 Miscellaneous liabilities (4) 62.9 32.5 42.7 39.3 45.3 65.1 61.6 33.3 78.6 22 88.1 296.2 14.1 88.0 -54.0 -283.6 19.0 200.3 31.9 258.0 9.6 55.1 35.5 230.5 59.1 246.3 46.9 182.6 23 24 Memo: 23 24 FA164090015 FA164090025 Net acquisition of fin. assets of private foundations Net acquisition of fin. assets of 501(c) organizations Supplements (1) Includes private foundations and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Includes interest-bearing checking and savings accounts, deposits in transit, money market fund shares, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature in one year or less. (3) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included in table F.101. (4) Not included in table F.101. 146 Z.1, June 7, 2018 L.101.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period Total financial assets 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 FL164090005 3044.9 3089.0 2562.0 2890.6 3232.7 3270.4 3587.3 3996.7 4205.5 1 2 3 FL163020005 FL163030205 Cash and non-interest-bearing deposits Other deposits and short-term investments (2) 74.4 264.2 80.2 285.4 77.8 302.0 87.3 301.2 97.4 299.4 104.8 294.8 111.0 309.9 121.8 316.0 134.9 326.8 2 3 4 5 6 LM164022005 LM163061005 LM163063005 Debt securities U.S. government and municipal securities Corporate and foreign bonds 252.8 124.4 128.4 251.0 116.3 134.7 247.6 114.5 133.1 285.8 122.1 163.7 272.0 102.9 169.1 275.5 101.7 173.9 268.6 92.9 175.7 254.6 86.2 168.5 282.2 110.9 171.3 4 5 6 7 8 9 10 FL164023005 FL163065013 FL163066223 FL164041005 Loans Mortgages Consumer credit Other notes and loans receivable 208.6 1.1 74.8 132.6 225.7 1.1 82.5 142.0 230.6 1.0 88.9 140.7 220.6 0.9 82.5 137.2 207.1 0.9 71.3 134.8 192.4 1.0 67.1 124.4 183.1 1.1 58.0 124.0 185.8 0.8 51.8 133.2 179.9 1.1 47.6 131.2 7 8 9 10 11 LM163064005 Corporate equities and mutual fund shares 1191.4 1147.1 712.9 885.8 1064.3 1052.9 1230.5 1494.7 1552.6 11 12 FL163070005 Grants and trade receivables 161.2 171.2 178.7 178.0 184.2 198.6 207.6 213.2 240.7 12 13 FL163093005 Miscellaneous assets (3) 892.3 928.4 812.5 932.0 1108.4 1151.4 1276.7 1410.5 1488.3 13 14 FL164190005 1167.9 1256.9 1331.2 1420.4 1435.0 1519.6 1589.3 1609.6 1723.3 14 15 FL163162003 Debt securities (municipal securities) 232.7 255.3 264.7 271.7 270.1 262.4 248.2 233.8 226.9 15 16 17 18 19 FL164123005 FL163168005 FL163169385 FL163165505 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 231.6 46.3 0.0 185.3 247.9 49.6 0.0 198.3 245.8 38.8 0.0 207.0 246.8 49.6 0.0 197.2 247.0 48.6 0.0 198.3 254.1 50.0 0.0 204.0 269.3 56.6 0.0 212.8 276.2 54.6 0.0 221.7 291.7 63.3 0.0 228.3 16 17 18 19 20 FL163170005 Trade payables 219.3 237.1 261.3 303.1 273.9 293.9 301.0 295.4 322.1 20 21 FL163193005 Miscellaneous liabilities (4) 484.3 516.7 559.4 598.8 644.1 709.2 770.8 804.1 882.7 21 617.6 2427.3 615.6 2473.4 507.6 2054.5 560.3 2330.4 606.9 2625.9 609.3 2661.1 658.1 2929.2 743.1 3253.6 784.9 3420.6 22 23 Liabilities Memo: 22 23 FL164090015 FL164090025 Total financial assets of private foundations Total financial assets of 501(c) organizations Supplements (1) Includes private foundations and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Includes interest-bearing checking and savings accounts, deposits in transit, money mutual fund shares, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature in one year or less. (3) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included in table L.101. (4) Not included in table L.101. 147 Z.1, June 7, 2018 S.1.a Total Economy - Current Account 2009 2010 2011 2012 2013 2014 2015 2016 14343.4 14915.2 15556.3 16358.5 16829.5 17657.5 18376.6 18771.6 1 2368.4 2381.6 2450.6 2534.2 2628.9 2748.0 2841.5 2916.7 2 11975.0 7795.7 6260.1 1535.6 967.8 3211.6 12533.6 7969.5 6385.6 1583.9 1001.2 3562.8 13105.6 8277.1 6641.2 1635.9 1042.6 3785.9 13824.3 8618.5 6938.9 1679.6 1074.0 4131.7 14200.6 8851.9 7126.1 1725.8 1115.6 4233.1 14909.5 9267.0 7487.4 1779.7 1163.6 4478.9 15535.1 9720.0 7870.6 1849.4 1198.5 4616.6 15854.9 9992.2 8098.8 1893.4 1226.2 4636.5 3 4 5 6 7 8 648.9 497.8 720.0 514.1 792.6 546.0 801.5 563.9 825.5 581.3 847.2 612.6 812.9 608.4 844.3 647.2 9 10 1 FA896902505 Gross value added (income approach) 2 FA886300091 Less: Consumption of fixed capital 3 4 5 6 7 8 FA896902601 FA896025001 FA896020001 FA896401001 FA896240101 FA896402101 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 FA266904095 FA266904195 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 FA896140001 FA896402101 FA156025105 FA156020101 FA156401101 FA896240001 FA366402015 FA896150105 FA896130101 FA896120105 FA896121101 FA156122101 FA893092201 FA896112101 FA896150005 FA896130001 FA896120005 FA896121001 FA896122001 FA893192201 FA896112001 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 12126.1 3211.6 7787.0 6251.4 1535.6 1026.1 -58.3 5816.7 3464.1 2072.0 989.3 1082.6 260.9 18.3 5657.0 3661.6 1955.3 871.2 1082.6 21.9 18.3 12739.5 3562.8 7961.4 6377.5 1583.9 1057.1 -55.9 5754.0 3230.4 2166.7 1007.3 1159.4 336.6 19.2 5540.0 3411.5 2046.4 885.9 1159.4 62.8 19.2 13352.3 3785.9 8269.0 6633.2 1635.9 1102.6 -60.1 6012.2 3233.2 2410.7 1118.0 1292.8 345.7 21.7 5757.5 3400.4 2256.7 963.1 1292.8 78.7 21.7 14061.9 4131.7 8609.9 6930.3 1679.6 1132.1 -58.0 6249.0 3179.8 2727.7 1326.0 1401.7 318.7 22.5 6002.8 3343.9 2548.7 1146.7 1401.7 87.6 22.5 14444.8 4233.1 8842.4 7116.7 1725.8 1174.9 -59.3 6308.7 3041.5 2894.6 1444.8 1449.8 350.1 22.1 6055.0 3199.7 2756.5 1306.3 1449.8 76.7 22.1 15144.0 4478.9 9256.5 7476.8 1779.7 1221.6 -58.1 6481.5 3076.5 3036.8 1539.1 1497.6 344.6 23.5 6236.4 3229.0 2888.9 1391.3 1497.6 95.0 23.5 15739.6 4616.6 9708.3 7858.9 1849.4 1255.8 -57.3 6675.6 3179.0 3152.7 1637.1 1515.6 324.5 19.3 6459.3 3347.8 3011.4 1495.8 1515.6 80.9 19.3 16052.0 4636.5 9978.6 8085.2 1893.4 1288.0 -61.8 6752.5 3252.9 3148.6 1602.2 1546.4 332.9 18.1 6541.8 3436.9 2989.0 1442.6 1546.4 97.8 18.1 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 FA896140001 FA896220001 FA896220005 FA896404105 FA896404005 FA896403105 FA896403005 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) 12126.1 1413.1 1421.7 3078.2 3089.3 672.0 789.8 12739.5 1601.3 1609.8 3270.8 3282.4 723.0 842.2 13352.3 1819.5 1832.3 3232.4 3245.1 699.4 822.1 14061.9 1945.2 1959.0 3279.8 3293.1 656.8 769.7 14444.8 2130.7 2145.5 3496.6 3510.4 683.1 792.9 15144.0 2300.5 2290.9 3659.3 3673.4 758.4 862.9 15739.6 2455.3 2445.4 3844.4 3859.5 810.1 936.0 16052.0 2441.0 2431.2 3961.4 3977.2 831.4 962.1 32 33 34 35 36 37 38 39 FA896012005 Equals: Disposable income, net 11988.6 12600.3 13204.1 13921.8 14306.5 15035.0 15608.5 15915.2 39 40 FA896901001 Less: Final consumption expenditures 12289.0 12724.4 13220.2 13594.8 13884.9 14426.4 14943.1 15478.8 40 41 FA896006001 Equals: Net saving -300.4 -124.1 -16.1 327.0 421.6 608.6 665.5 436.5 41 42 43 44 45 46 FA896902505 FA087005995 FA086902005 FA086902203 FA087005086 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 14343.4 75.3 14418.7 14381.1 0.52 14915.2 49.2 14964.4 14939.8 0.33 15556.3 -38.3 15517.9 15537.1 -0.25 16358.5 -203.3 16155.3 16256.9 -1.26 16829.5 -137.9 16691.5 16760.5 -0.83 17657.5 -229.9 17427.6 17542.6 -1.32 18376.6 -255.9 18120.7 18248.7 -1.41 18771.6 -147.2 18624.5 18698.1 -0.79 42 43 44 45 46 Integrated Accounts Billions of dollars 148 Z.1, June 7, 2018 S.2.a Selected Aggregates for Total Economy and Sectors Integrated Accounts Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 1 2 3 4 5 6 7 FA896902505 FA156902505 FA116902505 FA106902501 FA796902505 FA316902505 FA206902505 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 14343.4 1913.6 2466.4 6859.8 1015.4 668.8 1419.4 14915.2 1928.8 2546.2 7238.7 1042.8 704.5 1454.2 15556.3 1974.4 2751.6 7592.3 1045.8 720.9 1471.4 16358.5 2029.4 2909.8 8011.9 1187.3 723.7 1496.5 16829.5 2084.3 3020.8 8305.2 1172.1 715.2 1532.0 17657.5 2164.6 3175.3 8716.9 1297.7 724.9 1578.2 18376.6 2261.0 3274.4 9059.3 1413.0 738.8 1630.1 18771.6 2354.5 3352.5 9165.4 1473.6 749.0 1676.6 1 2 3 4 5 6 7 8 9 10 11 12 13 FA896006001 FA156006005 FA106012095 FA796012095 FA316006085 FA206006095 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government -300.4 667.4 381.0 171.9 -1248.8 -271.9 -124.1 630.0 603.5 208.4 -1328.7 -237.3 -16.1 710.1 584.2 149.7 -1244.1 -215.9 327.0 946.7 556.7 134.5 -1090.1 -220.8 421.6 620.1 641.8 -6.0 -643.8 -190.5 608.6 738.8 619.2 29.7 -610.2 -168.9 665.5 828.4 548.2 22.0 -586.7 -146.4 436.5 680.6 467.3 153.3 -697.3 -167.4 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155440005 FA115440005 FA105440005 FA795440005 FA315440005 FA205440005 FA265440005 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 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.0 -1.6 -6.4 -32.4 113.9 -73.8 -1.6 -5.1 -4.9 -17.0 9.6 85.0 -74.2 6.5 20.0 -0.0 -5.7 0.0 58.2 -71.6 -0.8 9.3 0.0 -6.7 10.0 58.4 -70.7 -0.4 21.2 0.0 -3.2 0.0 51.4 -69.0 -0.4 14.8 0.0 2.6 1.8 53.6 -72.4 -0.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA885019005 FA155019005 FA115019085 FA105019085 FA795013005 FA315019001 FA205019001 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 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2836.0 451.9 274.8 1303.9 167.5 297.4 340.5 3064.3 505.3 312.6 1439.9 192.1 284.7 329.7 3206.2 571.2 336.5 1505.0 201.3 268.4 323.9 3432.8 611.0 369.2 1635.8 222.5 263.7 330.7 3589.8 681.5 383.6 1674.2 242.3 264.0 344.1 3631.9 736.6 394.4 1641.2 250.0 267.0 342.7 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA886300095 FA156300003 FA116300001 FA106300003 FA796300081 FA316300003 FA206300003 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 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2450.6 398.2 265.0 1139.2 168.6 257.4 222.2 2534.2 404.6 273.0 1186.2 174.2 264.3 231.9 2628.9 427.7 284.4 1228.2 182.2 268.0 238.5 2748.0 456.1 299.0 1285.7 190.3 271.0 245.9 2841.5 472.7 310.9 1336.1 199.9 271.3 250.6 2916.7 495.3 320.7 1364.9 209.6 271.3 254.9 28 29 30 31 32 33 34 35 36 37 FA145020005 FA115020005 FA105020005 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business -147.6 -16.8 -130.8 61.5 3.6 57.9 41.8 6.8 34.9 61.8 -4.0 65.8 92.4 18.8 73.6 78.0 7.8 70.1 111.9 15.5 96.4 35.1 4.5 30.6 35 36 37 38 39 40 41 42 43 44 FA885000985 FA155000905 FA115000905 FA105000905 FA795000995 FA315000995 FA205000995 -457.8 640.6 27.0 417.2 304.4 -1475.7 -371.4 -495.8 607.2 12.8 439.3 263.8 -1508.7 -310.3 -444.8 662.3 -15.1 391.4 183.3 -1397.1 -269.6 -258.4 858.9 -30.7 253.4 107.0 -1193.4 -253.6 -249.0 464.6 -70.9 295.7 -25.1 -700.0 -213.3 -154.5 583.2 -78.0 203.9 -12.5 -658.6 -192.5 -195.1 607.5 -88.2 87.1 -20.4 -600.0 -181.2 -314.2 433.9 -78.2 150.2 111.2 -738.0 -193.4 38 39 40 41 42 43 44 45 46 FA087005995 FA265000905 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 75.3 382.5 49.2 446.6 -38.3 483.2 -203.3 461.7 -137.9 386.9 -229.9 384.4 -255.9 451.0 -147.2 461.4 45 46 47 48 49 50 51 52 53 FA885000005 FA155000005 FA115000005 FA105000005 FA795000005 FA315000005 FA215000005 -867.0 535.9 44.8 548.5 -274.3 -1291.0 -430.8 -608.8 916.5 29.5 145.2 -8.6 -1416.8 -274.6 -506.9 1509.1 -15.1 -397.5 36.2 -1349.9 -289.7 -928.5 892.5 -30.7 -478.5 38.2 -1130.0 -219.9 245.2 968.5 -70.9 63.1 174.4 -662.0 -227.8 -302.4 908.3 -78.0 -459.5 67.8 -596.7 -144.3 242.1 795.1 -88.1 74.9 166.0 -535.8 -170.0 94.3 661.1 -78.2 99.3 258.7 -696.3 -150.4 47 48 49 50 51 52 53 54 FA265000005 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 116.3 256.9 452.6 467.2 333.8 275.6 227.6 331.4 54 55 56 57 58 59 60 61 FV158090185 FV118090105 FV108090105 FV798090185 FV318090185 FV218090185 FV268090185 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 37.2 -96.6 -65.2 -530.1 128.7 -20.5 -251.7 1010.3 183.5 202.1 -210.4 -31.0 -206.8 -179.3 489.5 241.8 -62.1 -148.6 48.4 -12.4 -40.1 181.7 81.1 -419.1 138.2 43.0 59.9 -0.2 1592.8 191.7 200.5 219.9 25.7 -15.0 -44.5 360.9 143.5 -119.1 -83.6 77.6 -7.9 -108.9 1004.5 23.2 561.4 105.1 118.5 -47.5 -220.5 605.5 41.7 573.8 230.6 48.8 6.7 -129.9 55 56 57 58 59 60 61 62 63 64 65 66 67 68 FR158200095 FR112010005 FR108200005 FR798200005 FR318200005 FR218200005 FR265000005 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 1075.4 -1024.3 -4580.9 21.1 -157.9 352.9 -891.0 2302.0 358.6 -1385.1 -411.4 18.5 446.4 -187.1 -126.2 272.9 304.2 537.6 37.4 352.1 871.5 4556.1 619.4 -1306.5 -583.5 45.3 525.1 -372.9 7553.3 865.6 -3846.3 -1315.9 79.4 776.2 406.2 3874.3 643.4 -1622.2 -289.2 52.4 341.0 753.4 1207.0 601.4 1357.5 -77.4 10.4 -71.7 -147.3 4148.6 609.7 -1265.1 -736.0 49.3 455.7 190.7 62 63 64 65 66 67 68 149 Z.1, June 7, 2018 S.2.a Selected Aggregates for Total Economy and Sectors 2009 2010 2011 2012 2013 2014 2015 2016 69 70 71 72 73 74 75 FC152090005 FC112090205 FC102090085 FC792090095 FC312090095 FC212090095 FC262090095 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 1808.4 -1115.9 -4303.4 -215.1 -1464.3 128.2 -760.2 3962.9 549.8 -600.4 -371.9 -1467.5 79.0 80.2 1071.4 515.5 832.7 571.1 -1272.2 197.7 1314.5 5689.5 705.9 -1152.0 -320.4 -1086.8 438.4 88.6 9746.2 1057.0 -2998.2 -1102.0 -596.9 642.3 748.7 4964.6 786.6 -1115.5 -353.1 -538.5 234.8 1028.9 3018.6 623.9 2470.2 49.6 -509.1 -196.6 83.1 5419.9 652.7 -226.7 -353.9 -652.8 367.3 522.1 69 70 71 72 73 74 75 76 77 78 79 80 81 82 FL152090005 LM112090205 FL102090085 FL792090095 FL312090095 FL212090095 FL262090095 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 58082.3 6187.1 2215.1 1392.6 -6768.1 5984.1 2184.0 62045.2 6736.9 1614.7 1020.7 -8235.6 6063.1 2264.2 63116.6 7252.4 2447.4 1591.8 -9507.8 6260.8 3578.7 68806.1 7958.3 1295.4 1271.4 -10594.6 6699.2 3667.3 78552.2 9015.3 -1702.8 169.4 -11191.5 7341.5 4416.0 83516.9 9801.9 -2818.2 -183.7 -11730.0 7576.3 5444.9 86535.5 10425.8 -348.0 -134.1 -12239.0 7379.7 5528.1 91955.4 11078.4 -574.7 -488.0 -12891.9 7747.1 6050.2 76 77 78 79 80 81 82 Integrated Accounts Billions of dollars 150 Z.1, June 7, 2018 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 2261.0 2354.5 1 456.1 472.7 495.3 2 1510.3 1528.3 1576.1 1624.8 1656.6 1708.4 686.6 696.4 723.9 759.2 779.8 809.6 566.1 577.3 597.0 624.7 641.7 667.2 120.5 119.1 126.9 134.4 138.1 142.4 152.4 152.8 154.9 156.0 157.7 163.8 671.3 679.1 697.2 709.6 719.0 735.1 1788.3 851.7 704.2 147.6 168.9 767.7 1859.2 883.9 727.2 156.7 175.6 799.8 3 4 5 6 7 8 Current account 1 FA156902505 Gross value added 1913.6 1928.8 1974.4 2029.4 2084.3 2164.6 2 FA156300003 Less: Consumption of fixed capital 3 4 5 6 7 8 FA156902605 FA156025005 FA156020001 FA156401001 FA156240101 FA156402101 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 9 10 11 12 13 14 15 16 17 18 19 FA156140005 FA156402101 FA156025105 FA156020101 FA156401101 FA156150105 FA156130101 FA156120105 FA156121101 FA156122101 FA156130001 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) 10643.4 671.3 7787.0 6251.4 1535.6 2901.9 1265.5 1636.4 553.7 1082.6 716.8 12519.3 719.0 8842.4 7116.7 1725.8 3507.2 1263.0 2244.3 794.4 1449.8 549.4 13184.1 13814.2 14129.0 9 735.1 767.7 799.8 10 9256.5 9708.3 9978.6 11 7476.8 7858.9 8085.2 12 1779.7 1849.4 1893.4 13 3744.2 3904.1 3925.7 14 1304.7 1368.7 1416.8 15 2439.5 2535.4 2508.9 16 941.9 1019.8 962.5 17 1497.6 1515.6 1546.4 18 551.6 565.8 575.2 19 20 21 22 23 24 25 FA156140005 FA156220001 FA156404105 FA156600001 FA156403101 FA156403001 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) 10643.4 10889.5 11566.0 12269.0 12519.3 1152.3 1239.3 1453.2 1511.4 1677.8 2108.8 2281.7 2310.2 2323.6 2386.9 964.4 984.1 917.8 951.6 1104.6 38.7 43.0 50.2 42.7 41.1 159.8 158.7 156.1 175.0 183.6 13184.1 13814.2 14129.0 20 1785.6 1937.9 1960.1 21 2498.8 2631.2 2711.0 22 1155.3 1208.0 1245.3 23 45.6 53.1 57.4 24 185.1 192.0 190.6 25 26 FA156012095 Equals: Disposable income, net 10514.4 10832.2 11399.4 11997.3 11981.3 12602.5 13160.6 13501.3 26 27 FA156901001 Less: Final consumption expenditures 28 FA156006005 Equals: Net saving 403.3 400.5 10889.5 679.1 7961.4 6377.5 1583.9 2900.2 1196.2 1704.0 544.6 1159.4 651.2 398.2 11566.0 697.2 8269.0 6633.2 1635.9 3207.9 1232.9 1975.0 682.2 1292.8 608.2 404.6 12269.0 709.6 8609.9 6930.3 1679.6 3526.7 1290.1 2236.6 834.9 1401.7 577.3 427.7 9847.0 10202.2 10689.3 11050.6 11361.2 11863.7 12332.3 12820.7 27 667.4 630.0 710.1 946.7 620.1 738.8 828.4 680.6 28 Capital account 29 30 31 FA156006315 FA156006005 FA155440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 695.8 667.4 -28.4 650.6 630.0 -20.6 708.1 710.1 2.0 951.8 946.7 -5.1 600.1 620.1 20.0 729.5 738.8 9.3 807.1 828.4 21.2 665.8 29 680.6 30 14.8 31 32 33 34 35 36 37 FA155050905 FA155019005 FA155012005 FA165013005 FA156300003 FA155420003 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 55.2 468.1 321.1 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.8 451.9 321.1 130.8 398.2 -7.8 92.9 505.3 367.9 137.4 404.6 -7.9 135.6 571.2 433.4 137.8 427.7 -7.9 146.3 611.0 473.8 137.1 456.1 -8.5 199.6 681.5 535.1 146.4 472.7 -9.2 231.9 736.6 585.2 151.4 495.3 -9.4 38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 640.6 607.2 662.3 858.9 464.6 583.2 607.5 433.9 38 662.3 858.9 464.6 32 33 34 35 36 37 Integrated Accounts Financial account 39 FA155000905 Net lending (+) or borrowing (-) (line 38) 640.6 607.2 583.2 607.5 433.9 39 40 FA154090005 Net acquisition of financial assets 632.9 805.0 1527.6 1048.0 1188.0 1236.5 1130.4 1144.1 40 41 42 43 44 45 FA154000005 FA153020005 FA153030005 FA153091003 FA313131003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 153.1 44.3 116.1 -7.2 0.0 264.3 23.7 236.1 4.5 0.0 666.8 305.3 371.3 -9.9 0.0 514.4 117.6 404.7 -7.9 0.0 398.4 193.9 201.9 2.6 0.0 511.3 74.8 442.9 -6.4 0.0 494.2 26.9 481.8 -14.4 0.0 629.0 -62.0 696.5 -5.6 0.0 41 42 43 44 45 46 47 48 49 50 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds -95.7 494.0 -663.4 162.1 -88.5 -25.3 300.4 -3.1 72.3 -395.0 226.0 -155.7 106.4 -9.2 284.6 -195.4 221.2 -61.6 -117.6 -237.4 -428.4 -50.0 -56.4 -53.7 -268.3 -164.0 -257.7 81.0 -63.3 76.1 233.0 299.7 196.3 -57.0 -205.8 -58.7 149.2 -74.0 30.3 -164.2 46 47 48 49 50 51 52 53 FA154023005 FA154041005 FA153065005 Loans Short term Long term (mortgages) -29.0 -47.4 18.3 17.1 11.7 5.4 -0.1 -6.2 6.1 17.6 30.5 -12.8 55.4 57.3 -1.8 46.6 47.6 -1.0 -60.6 -53.3 -7.4 54 55 56 57 58 59 FA153081005 FA153064105 FA153064205 FA153034005 FA152090205 FA153094305 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) 54.9 71.4 360.6 -270.7 -107.5 1.2 -93.4 -248.8 224.6 -242.1 168.8 4.0 15.2 -382.8 177.4 -13.9 234.1 0.5 248.2 -234.3 325.1 69.3 91.5 -3.4 585.6 175.7 227.1 0.7 183.9 -1.8 440.2 132.6 251.1 -87.1 143.7 0.0 18.0 -142.3 124.3 11.4 24.5 0.0 -4.4 51 -4.1 52 -0.2 53 59.6 -109.3 140.7 -21.0 49.3 0.0 54 55 56 57 58 59 151 Z.1, June 7, 2018 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2009 60 61 62 63 64 65 FA153052005 FA153076005 FA153040005 FA153050005 FA543195005 FA313195105 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 66 FA163070005 67 FA154190005 68 FA163162003 Debt securities (municipals) 69 70 71 72 73 74 FA154123005 FA154141005 FA153166000 FA153168005 FA153169005 FA153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 75 FA543077073 76 FA163170005 77 FA155000005 Other accounts receivable (trade receivables) 550.3 8.7 20.6 496.0 8.4 16.6 2010 2011 636.1 -35.2 7.3 624.4 17.1 22.5 605.3 27.6 69.9 474.5 14.8 18.5 2012 454.2 -17.7 -30.2 490.5 -1.8 13.3 2013 571.3 37.8 12.0 508.9 0.4 12.2 2014 375.0 -8.2 35.1 331.9 5.8 10.4 2015 428.6 23.4 34.8 359.6 3.4 7.4 2016 499.9 17.4 15.4 431.4 22.9 12.9 60 61 62 63 64 65 -0.8 6.3 14.4 9.0 5.6 27.5 17.1 18.7 66 97.0 -111.6 18.5 155.5 219.5 328.3 335.3 483.0 67 7.0 -1.6 -7.6 -14.2 -14.4 -6.9 -8.1 -3.4 68 53.2 -26.2 -94.6 29.7 38.7 79.3 -83.4 75.7 -28.2 26.2 77.6 -159.1 6.6 68.8 110.3 -4.1 -37.4 -62.2 162.0 222.8 163.2 -6.7 66.3 -60.8 236.5 222.8 175.1 10.2 37.5 13.7 307.3 274.2 221.2 19.8 33.2 33.1 329.0 189.4 234.4 31.6 -76.5 139.6 Insurance, pension and standardized guarantee schemes -4.9 2.6 -0.5 0.6 3.0 1.2 1.7 -0.3 75 Other accounts payable (trade debt) 41.8 -29.2 20.0 7.2 -5.6 26.7 12.6 14.3 76 916.5 1509.1 892.5 968.5 908.3 795.1 661.1 77 181.7 1592.8 167.1 185.7 -20.9 0.0 1.9 903.1 -33.6 -503.9 360.9 215.6 0.0 -179.8 -325.1 1004.5 246.5 0.0 570.5 -187.6 605.5 253.9 0.0 124.4 -227.2 78 79 80 81 82 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 535.9 472.5 230.0 230.6 9.6 -10.2 242.4 69 70 71 72 73 74 Other changes in volume account 78 79 80 81 82 FV158090185 FU155111005 FV152010005 FV158090085 FU157005045 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-77) (5) 37.2 1010.3 50.3 86.9 0.0 0.0 91.6 614.1 104.7 -309.4 489.5 119.0 0.0 -476.3 -846.8 83 84 85 86 87 FR152010085 FR155035005 FR155111005 FR165015205 FR165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products -1015.1 -967.7 -40.8 -4.7 -2.0 -563.8 -472.6 -88.3 -2.4 -0.4 19.5 1326.2 1962.6 1072.5 -2.9 1367.2 2052.6 1174.9 17.7 -41.5 -93.4 -102.2 2.5 -0.7 0.3 -1.5 2.2 1.2 3.1 1.2 1295.2 1358.4 -64.6 0.6 0.8 1279.8 1382.7 -102.3 0.3 -0.9 83 84 85 86 87 88 89 90 91 92 93 FR158080095 FR153064105 FR153064205 FR152090205 FR153094305 FR153052045 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2090.5 2865.8 1615.5 1615.4 719.0 403.7 -1018.8 369.3 -0.3 -1.0 775.2 478.5 -145.7 3229.9 5590.6 2801.8 -176.4 1539.3 2977.6 1532.7 -148.8 516.5 782.2 237.8 272.4 625.5 871.2 644.3 0.9 -0.0 0.0 0.0 -93.8 548.7 959.6 387.0 -88.2 -335.8 -194.5 599.7 0.0 -157.5 2868.8 1493.5 341.2 617.5 0.0 416.6 88 89 90 91 92 93 94 FR158200095 Changes in net worth due to nominal holding gains/losses 1075.4 2302.0 -126.2 4556.1 7553.3 3874.3 1207.0 4148.6 94 95 FC152090005 Change in net worth (lines 32+38+78+94) 1808.4 3962.9 1071.4 5689.5 9746.2 4964.6 3018.6 5419.9 95 Revaluation account Changes in balance sheet account Balance sheet account (end of period) FL152000005 Total assets 72385.7 76073.0 77014.9 82719.4 92596.6 97844.2 101061.7 106934.3 96 97 LM152010005 98 LM155035005 99 LM155111005 100 LM165015205 101 LM165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 23516.7 23081.1 23263.1 24826.2 27108.7 28540.8 30279.8 32041.9 97 18560.3 18112.6 18137.5 19559.6 21729.9 23035.7 24575.9 26172.2 98 4588.1 4586.7 4723.3 4848.9 4941.2 5054.6 5236.5 5388.1 99 271.9 280.1 293.0 301.8 311.6 317.9 328.1 337.5 100 96.4 101.8 109.4 115.9 126.0 132.5 139.3 144.1 101 102 FL154090005 Financial assets 48869.0 52991.8 53751.8 57893.2 65487.8 69303.4 70782.0 74892.4 102 103 104 105 106 107 FL154000005 FL153020005 LM153091003 FL153030005 FL313131003 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 6798.2 7013.1 7672.6 8128.3 8526.7 9100.8 470.0 482.4 780.6 884.5 1078.4 1153.2 62.7 67.3 57.4 49.5 52.1 45.6 6265.4 6463.5 6834.7 7194.3 7396.3 7902.0 0.0 0.0 0.0 0.0 0.0 0.0 9601.8 10220.1 103 1181.6 1108.8 104 31.2 25.6 105 8389.0 9085.7 106 0.0 0.0 107 108 109 110 111 112 FL154022005 FL153061105 FL153061705 FL153062005 FL153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 5000.8 841.2 307.7 2002.7 1849.2 4636.9 1179.2 500.4 1655.4 1301.8 4956.4 4519.8 4243.6 4555.8 4055.8 1083.5 662.9 912.9 1147.4 798.4 268.3 296.9 200.6 258.8 261.8 2082.9 1980.9 1842.7 1851.8 1709.1 1521.7 1579.0 1287.4 1297.8 1286.5 4591.9 1400.2 446.5 1711.6 1033.6 108 109 110 111 112 Integrated Accounts 96 152 Z.1, June 7, 2018 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2009 113 114 115 FL154023005 FL154041005 FL153065005 Loans Short term Long term (mortgages) 116 117 118 119 120 121 FL153081005 LM153064105 LM153064205 FL153034005 LM152090205 LM153094305 122 123 124 125 126 127 2010 2011 2012 2013 2014 954.8 822.7 132.1 954.8 816.6 138.2 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) 18727.7 7338.0 3874.9 1306.0 6207.9 0.9 21038.8 8704.6 4503.2 1064.0 6763.2 3.8 21012.7 8191.6 4489.0 1049.7 7277.1 5.2 FL153052005 FL153076005 FL153040005 FL153050005 FL543195005 FL313195105 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 17226.6 18844.5 19393.4 20412.0 22013.8 22823.6 23171.8 24181.3 122 346.0 310.8 338.4 320.7 358.5 350.3 373.7 391.1 123 1109.5 1137.5 1199.3 1186.4 1233.0 1282.8 1309.1 1340.0 124 15317.1 16902.6 17328.8 18366.5 19871.2 20623.3 20911.0 21836.5 125 273.6 290.7 305.5 303.7 304.2 310.0 313.4 336.2 126 180.4 202.9 221.4 234.8 246.9 257.3 264.7 277.6 127 128 FL163070005 Other accounts receivable (trade receivables) 129 FL152100005 130 FL154190005 131 FL163162003 Debt securities (municipals) 132 133 134 135 136 137 FL154123005 FL154141005 FL153166000 FL153168005 FL153169005 FL153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 138 FL543077073 Insurance, pension and standardized guarantee schemes 139 FL163170005 Other accounts payable (trade debt) 140 FL152090005 Total liabilities and net worth Liabilities Net worth 184.2 198.6 23940.4 9496.6 5330.6 1119.0 7992.4 1.8 207.6 29161.5 12649.9 6339.8 1119.8 9052.0 0.0 213.2 1002.7 887.6 115.1 2016 937.7 811.0 126.7 178.0 961.3 1016.8 1063.3 836.0 893.2 940.8 125.4 123.5 122.5 2015 998.3 113 883.4 114 114.9 115 32019.1 32110.9 34624.2 116 14315.3 13837.2 15221.4 117 6828.7 6758.5 7240.3 118 1032.6 1044.0 1023.1 119 9842.5 10471.1 11139.4 120 0.0 0.0 0.0 121 240.7 257.9 276.5 128 72385.7 76073.0 77014.9 82719.4 92596.6 97844.2 101061.7 106934.3 129 14303.4 14027.8 13898.4 13913.3 14044.3 14327.3 14526.2 14978.9 130 271.7 270.1 262.4 248.2 233.8 13705.8 3040.4 2555.0 148.6 336.7 10665.4 13458.4 3274.7 2646.8 213.5 414.4 10183.7 13317.0 3343.5 2757.1 209.4 377.0 9973.5 13338.5 3567.3 2918.3 205.7 443.3 9771.2 13486.4 3790.1 3093.4 216.0 480.8 9696.3 226.9 218.8 215.4 131 22.9 25.5 25.0 25.7 28.7 29.9 31.6 31.3 138 303.1 273.9 293.9 301.0 295.4 322.1 334.7 349.0 139 13748.5 13941.1 14383.2 4064.3 4131.7 4361.7 3314.6 3413.6 3644.2 235.8 280.6 290.2 514.0 437.4 427.2 9684.2 9809.5 10021.6 58082.3 62045.2 63116.6 68806.1 78552.2 83516.9 86535.5 91955.4 140 (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. Integrated Accounts 132 133 134 135 136 137 153 Z.1, June 7, 2018 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 2466.4 2546.2 2751.6 2909.8 3020.8 3175.3 3274.4 3352.5 1 253.0 251.8 265.0 273.0 284.4 299.0 310.9 320.7 2 Current account 1 FA116902505 Gross value added 2 FA116300001 Less: Consumption of fixed capital 3 4 5 6 7 8 FA116902605 FA116025001 FA116020001 FA116401005 FA116240101 FA116402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2213.4 805.4 675.0 130.4 145.4 1262.6 2294.4 816.6 684.6 131.9 150.7 1327.1 2486.6 845.9 713.1 132.8 158.7 1482.0 2636.8 892.6 752.7 139.9 167.5 1576.7 2736.4 920.5 775.7 144.8 176.6 1639.3 2876.2 968.7 819.1 149.7 186.5 1721.0 2963.4 1024.1 867.3 156.8 193.2 1746.1 3031.9 1059.3 899.4 159.9 192.2 1780.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA116140001 FA116402105 FA116130101 FA116150005 FA116130001 FA116122001 FA113192281 FA116112001 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 (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 21.0 1262.6 9.4 1251.0 242.7 1008.3 0.0 0.0 23.0 1327.1 8.4 1312.5 237.9 1074.5 0.1 0.0 25.5 1482.0 9.1 1465.5 226.9 1238.4 0.1 0.0 27.3 1576.7 10.6 1560.1 226.1 1333.8 0.2 0.0 29.8 1639.3 9.7 1619.3 216.8 1402.3 0.2 0.0 29.4 1721.0 12.4 1703.9 222.0 1481.7 0.2 0.0 25.7 1746.1 18.2 1738.6 230.4 1508.0 0.2 0.0 26.1 1780.3 22.3 1776.5 237.3 1538.9 0.3 0.0 9 10 11 12 13 14 15 16 17 18 FA116140001 FA116403001 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 21.0 21.0 23.0 23.0 25.5 25.5 27.3 27.3 29.8 29.8 29.4 29.4 25.7 25.7 26.1 26.1 17 18 19 FA116012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA116012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 -21.0 248.8 182.9 65.8 253.0 -16.8 -5.1 243.1 184.9 58.3 251.8 3.6 16.7 274.8 214.6 60.2 265.0 6.8 35.6 312.6 243.7 68.9 273.0 -4.0 70.9 336.5 256.7 79.7 284.4 18.8 78.0 369.2 280.1 89.1 299.0 7.8 88.2 383.6 281.7 101.9 310.9 15.5 78.2 394.4 282.8 111.6 320.7 4.5 24 25 26 27 28 29 27.0 12.8 -15.1 -30.7 -70.9 -78.0 -88.2 -78.2 30 27.0 12.8 -15.1 -30.7 -70.9 -78.0 -88.2 -78.2 31 -117.1 152.0 196.9 301.2 304.5 442.6 327.3 329.2 32 10.1 -25.1 35.2 0.2 -42.7 42.9 30.6 -15.4 46.0 69.3 19.3 50.1 23.5 -8.0 31.5 85.0 69.3 15.7 69.4 41.2 28.1 73.0 24.8 48.2 33 34 35 Capital account 21 22 23 FA116006305 FA116012005 FA115440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 FA115050985 FA115019085 FA115013085 FA115012005 FA116300001 FA115020005 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) 31 FA115000905 Net lending (+) or borrowing (-) (line 30) 32 FA114090005 Net acquisition of financial assets 33 34 35 FA114000005 FA113020005 FA113030003 Currency and deposits Currency and transferable deposits Time and savings deposits 36 37 38 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities -5.5 -5.7 0.2 2.5 1.9 0.5 1.1 0.8 0.3 4.2 4.0 0.2 0.5 2.2 -1.7 1.7 2.0 -0.3 4.3 4.0 0.3 4.2 3.9 0.3 36 37 38 39 40 41 FA114023005 FA113066003 FA113065005 Loans Short term (consumer credit) Long term (mortgages) -1.2 0.0 -1.2 4.2 0.0 4.2 -5.8 0.0 -5.8 -2.4 0.0 -2.4 1.0 0.0 1.0 -0.4 0.0 -0.4 2.4 0.0 2.4 2.4 0.0 2.4 39 40 41 42 43 44 FA113081005 FA113034003 FA113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 3.2 3.0 0.1 2.6 2.0 0.6 3.7 2.9 0.7 6.5 6.0 0.5 6.6 5.8 0.7 42 43 44 45 FA113076005 Insurance, pension and standardized guarantee schemes (4) 46 47 48 FA113096005 FA113070003 FA113093005 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 FA114190005 50 51 52 53 54 FA114123005 FA114141005 FA113168005 FA113169005 FA113165005 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) -9.8 29.9 -4.7 15.4 -26.1 12.6 -10.2 -3.0 45 -109.0 -26.3 -82.7 111.8 37.0 74.7 174.5 61.0 113.5 211.4 4.6 206.9 303.0 48.8 254.1 340.1 21.2 318.9 254.8 47.1 207.7 246.1 45.7 200.5 46 47 48 -161.8 122.4 211.9 331.8 375.4 520.6 415.5 407.3 49 -97.0 -107.3 -102.0 -5.3 10.3 -19.4 -12.1 -16.8 4.7 -7.3 -56.8 -25.9 -26.5 0.6 -30.9 175.3 73.8 64.6 9.2 101.5 109.1 28.4 22.3 6.1 80.7 283.8 96.1 86.7 9.3 187.8 310.5 103.8 98.0 5.8 206.7 299.2 75.1 72.5 2.6 224.1 50 51 52 53 54 Integrated Accounts Financial account 154 Z.1, June 7, 2018 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2009 55 56 57 FA113181005 FA112090205 FA115114005 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States 58 59 60 61 FA113196005 FA113170005 FA113178003 FA113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 62 FA115000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) 2010 2011 2012 2013 2014 2015 2016 -108.1 -108.2 0.1 166.7 166.4 0.3 234.4 234.4 0.0 83.6 82.8 0.8 187.6 187.2 0.4 142.8 141.0 1.8 20.7 18.8 1.9 42.4 40.2 2.3 55 56 57 43.3 16.9 -6.3 32.6 -24.8 30.3 -0.7 -54.3 34.4 54.8 0.6 -21.0 73.0 13.6 7.6 51.8 78.7 33.7 3.2 41.8 93.9 9.2 6.8 77.9 84.3 52.4 3.5 28.5 65.7 44.9 3.3 17.4 58 59 60 61 44.8 29.5 -15.1 -30.7 -70.9 -78.0 -88.1 -78.2 62 -96.6 0.0 -96.6 183.5 2.1 181.5 241.8 0.0 241.8 81.1 -8.6 89.7 191.7 0.0 191.7 143.5 0.0 143.5 23.2 0.0 23.2 41.7 0.0 41.7 63 64 65 -1024.3 -1050.5 -431.9 -618.6 19.0 -2.7 21.8 7.5 -0.3 358.6 298.9 165.3 133.7 21.8 -2.3 24.1 7.2 30.7 272.9 226.4 144.1 82.3 16.5 1.0 15.6 2.3 27.6 619.4 608.8 339.5 269.3 6.5 -0.3 6.8 2.2 2.0 865.6 875.8 469.5 406.3 7.4 -2.0 9.4 3.8 -21.3 643.4 648.2 353.9 294.3 -8.5 -2.3 -6.2 2.0 1.6 601.4 649.7 418.5 231.3 -2.5 -1.5 -1.0 2.4 -48.2 609.7 618.9 423.4 195.5 4.1 -2.0 6.1 -1.0 -12.3 66 67 68 69 70 71 72 73 74 1.0 0.2 0.8 -0.5 0.3 0.3 0.7 -1.3 75 -1025.3 358.5 272.1 619.9 865.3 643.1 600.7 611.0 76 -1115.9 549.8 515.5 705.9 1057.0 786.6 623.9 652.7 77 11918.1 12409.1 12895.5 13843.0 15084.0 16248.0 17264.8 18281.8 78 Other changes in volume account 63 64 65 FV118090105 FV112010005 FV118090085 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 FR112010005 FR115035005 FR115035023 FR115035035 FR115015205 FR115012265 FR115013265 FR115013765 FR115020005 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 75 FR115114005 Liabilities (direct investment in the U.S.) 76 FR118200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 77 FC112090205 Change in net worth (lines 24+30+63+76) 78 FL112000005 Total assets 79 80 81 82 83 84 85 86 87 LM112010005 LM115035005 LM115035023 LM115035035 LM115015205 LM115012265 LM115013265 LM115013765 LM115020005 Nonfinancial assets Real estate Residential (5) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 8341.8 7242.1 4174.8 3067.3 694.0 44.0 650.0 183.2 222.5 8680.8 7524.9 4323.1 3201.9 709.2 42.2 667.0 189.9 256.9 8970.3 7741.6 4452.6 3289.0 740.7 43.9 696.8 196.6 291.3 9616.7 10553.2 11274.6 11964.1 12651.9 8350.0 9241.4 9917.4 10607.7 11274.3 4778.3 5248.6 5608.2 6041.6 6485.5 3571.8 3992.8 4309.2 4566.1 4788.8 772.6 810.7 838.1 860.5 882.1 44.4 43.5 42.8 43.1 43.2 728.3 767.2 795.4 817.4 838.9 204.7 214.3 222.8 232.3 239.8 289.3 286.8 296.3 263.6 255.8 79 80 81 82 83 84 85 86 87 88 FL114090005 Financial assets 3576.3 3728.3 3925.1 4226.3 4530.8 4973.4 5300.7 5629.9 88 89 90 91 FL114000005 FL113020005 FL113030003 Currency and deposits Currency and transferable deposits Time and savings deposits 887.7 224.4 663.3 887.9 181.6 706.2 918.5 166.3 752.2 987.8 185.5 802.3 1011.3 177.5 833.8 1096.3 246.8 849.5 1165.7 288.0 877.7 1238.7 312.8 925.9 89 90 91 92 93 94 FL114022005 FL113061003 FL113062003 Debt securities Treasury securities Municipal securities 51.2 46.1 5.1 53.7 48.1 5.6 54.8 48.9 5.9 59.0 52.9 6.1 59.5 55.2 4.4 61.2 57.2 4.0 65.5 61.2 4.3 69.7 65.1 4.6 92 93 94 95 96 97 FL114023005 FL113066003 FL113065005 Loans Short term (consumer credit) Long term (mortgages) 37.9 0.0 37.9 42.1 0.0 42.1 36.3 0.0 36.3 33.9 0.0 33.9 34.8 0.0 34.8 34.5 0.0 34.5 36.9 0.0 36.9 39.3 0.0 39.3 95 96 97 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 80.1 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 87.8 80.7 7.2 90.4 82.7 7.7 94.1 85.6 8.5 100.7 91.7 9.0 Integrated Accounts Balance sheet account (end of period) 98 FL113081005 99 FL113034003 100 FL113092405 101 FL113076005 Insurance, pension and standardized guarantee schemes (4) 102 103 104 FL113096005 FL113070003 FL113093005 Other accounts receivable Trade receivables Other (miscellaneous assets) 107.2 98 97.5 99 9.7 100 101.8 131.7 127.0 142.5 116.4 128.9 118.8 115.7 101 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2703.9 594.4 2109.5 2915.3 598.9 2316.4 3218.3 647.8 2570.5 3558.3 668.9 2889.4 3813.1 716.1 3097.0 4059.2 102 761.7 103 3297.5 104 155 Z.1, June 7, 2018 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2009 105 FL112100005 106 FL114190005 Total liabilities and net worth 107 108 109 110 111 FL114123005 FL114141005 FL113168005 FL113169005 FL113165005 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 112 LM115114005 Equity and investment fund shares (direct investment in the U.S.) 113 114 115 116 FL113196005 FL113170005 FL113178003 FL113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 117 LM112090205 Liabilities Net worth 2010 2011 2012 2013 2014 2015 2016 11918.1 12409.1 12895.5 13843.0 15084.0 16248.0 17264.8 18281.8 105 5731.0 5672.2 5643.0 5884.7 6068.7 6446.1 6839.0 7203.4 106 3985.4 1116.4 944.2 172.1 2869.0 3950.9 1098.2 927.4 170.8 2852.7 3886.6 1072.3 900.9 171.3 2814.3 4057.5 1148.6 968.0 180.6 2908.9 4162.1 1176.9 990.3 186.6 2985.1 4443.3 1273.0 1077.0 196.0 3170.3 4749.4 1374.7 1175.0 199.7 3374.7 5047.1 1449.8 1247.5 202.3 3597.3 4.8 5.3 6.1 6.3 7.1 9.2 11.9 1740.8 397.6 99.9 1243.3 1716.0 427.8 99.2 1189.0 1750.4 482.7 99.7 1168.0 1820.9 493.8 107.4 1219.7 1899.6 527.5 110.5 1261.5 1993.5 536.7 117.4 1339.4 2077.8 589.1 120.8 1367.9 6187.1 6736.9 7252.4 7958.3 9015.3 9801.9 10425.8 11078.4 117 107 108 109 110 111 12.8 112 2143.5 634.0 124.2 1385.3 113 114 115 116 Integrated Accounts (1) 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. (2) 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. (3) 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. (4) Net equity in reserves of property-casualty insurance companies. (5) Farm houses are included in the household sector. 156 Z.1, June 7, 2018 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA106902501 Gross value added 6859.8 7238.7 7592.3 8011.9 8305.2 8716.9 9059.3 9165.4 1 2 FA106300003 Less: Consumption of fixed capital 1092.0 1094.6 1139.2 1186.2 1228.2 1285.7 1336.1 1364.9 2 3 4 5 6 7 8 FA106902605 FA106025005 FA106020001 FA106401001 FA106240101 FA106402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 5767.8 4088.4 3377.5 710.9 605.9 1073.5 6144.2 4158.7 3446.1 712.6 633.0 1352.5 6453.1 4363.4 3622.9 740.4 670.6 1419.1 6825.7 4593.3 3826.4 766.9 690.4 1542.0 7077.0 4749.7 3955.2 794.4 721.5 1605.8 7431.2 5004.2 4182.1 822.1 746.6 1680.4 7723.3 5269.3 4412.3 857.0 764.6 1689.4 7800.5 5406.9 4539.1 867.8 783.0 1610.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 FA106140005 FA106402101 FA106150105 FA106130101 FA106121101 FA103092201 FA106150005 FA106130001 FA106121001 FA103192201 FA106112001 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 630.6 1073.5 565.5 214.6 139.0 211.9 1008.5 480.0 491.9 18.3 18.3 907.3 1352.5 582.1 177.5 134.4 270.1 1027.2 444.5 511.1 52.5 19.2 903.4 1419.1 551.4 176.3 94.8 280.3 1067.1 444.3 536.7 64.5 21.7 917.3 1542.0 532.3 162.2 106.9 263.2 1157.1 438.2 625.2 71.2 22.5 1020.1 1605.8 542.1 150.9 100.6 290.6 1127.9 410.3 632.8 62.6 22.1 1003.0 1680.4 544.2 150.8 102.1 291.3 1221.6 418.8 700.5 78.7 23.5 933.9 1689.4 549.7 152.6 124.4 272.8 1305.2 442.2 776.1 67.6 19.3 827.0 1610.6 578.0 162.2 131.4 284.3 1361.6 445.1 816.7 81.8 18.1 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA106140005 FA106220001 FA106403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 630.6 177.8 71.8 907.3 220.6 83.3 903.4 228.8 90.4 917.3 266.7 93.9 1020.1 283.6 94.7 1003.0 291.8 92.1 933.9 281.1 104.6 827.0 274.1 85.6 20 21 22 23 FA106012095 Equals: Disposable income, net 381.0 603.5 584.2 556.7 641.8 619.2 548.2 467.3 23 24 FA106012095 Equals: Net saving 381.0 603.5 584.2 556.7 641.8 619.2 548.2 467.3 24 25 26 27 FA106006385 FA106012095 FA105440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 342.7 381.0 38.3 582.5 603.5 20.9 590.6 584.2 -6.4 573.7 556.7 -17.0 647.5 641.8 -5.7 625.8 619.2 -6.7 551.4 548.2 -3.2 464.6 467.3 2.6 25 26 27 28 FA105050985 -74.6 143.3 199.1 320.3 351.8 421.9 464.2 314.4 28 29 30 31 32 FA105019085 FA106300003 FA105420095 FA105020005 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 1141.9 1092.0 6.3 -130.8 1181.0 1094.6 -1.1 57.9 1303.9 1139.2 -0.5 34.9 1439.9 1186.2 0.8 65.8 1505.0 1228.2 1.4 73.6 1635.8 1285.7 1.7 70.1 1674.2 1336.1 29.6 96.4 1641.2 1364.9 7.5 30.6 29 30 31 32 33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) 417.2 439.3 391.4 253.4 295.7 203.9 87.1 150.2 33 Capital account Integrated Accounts Financial account 34 FA105000905 Net lending (+) or borrowing (-) (line 33) 417.2 439.3 391.4 253.4 295.7 203.9 87.1 150.2 34 35 FA104090005 Net acquisition of financial assets 299.8 632.7 496.8 506.3 989.6 922.7 1488.7 1485.4 35 36 37 38 39 FA104000005 FA103020005 FA103030003 FA103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 254.5 170.8 76.9 6.8 91.3 114.3 -51.4 28.4 42.1 81.6 -28.1 -11.3 56.3 55.1 0.6 0.7 143.2 49.8 24.8 68.6 21.8 55.1 -22.7 -10.6 39.6 67.4 -7.7 -20.1 183.3 160.5 19.2 3.6 36 37 38 39 40 41 42 43 44 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities 16.3 -1.3 12.5 4.2 0.9 95.6 92.0 5.1 1.7 -3.2 -8.7 -0.3 -5.1 -1.7 -1.6 -18.3 -14.3 -3.5 -1.2 0.6 0.1 2.7 -0.6 -0.2 -1.7 39.7 35.8 2.9 1.0 0.1 -4.1 0.6 -4.3 -1.4 1.0 -9.2 -11.8 3.9 1.3 -2.6 40 41 42 43 44 45 46 47 FA104035005 FA104041005 FA103065003 Loans Short term (security repos and consumer credit) Long term (mortgages) -7.1 -3.0 -4.1 14.4 16.0 -1.6 1.9 2.4 -0.6 -7.4 -5.6 -1.9 0.9 -0.6 1.6 41.7 39.8 1.9 16.5 14.1 2.3 30.1 31.3 -1.1 45 46 47 48 49 50 51 52 53 FA103081005 FA103034003 FA103064203 FA103092005 FA103092405 FA103094105 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries 223.2 -71.4 35.3 268.6 0.0 -9.3 234.3 -100.4 7.7 298.6 0.1 28.3 358.9 -39.3 -14.5 400.1 -0.0 12.6 305.0 -10.9 -5.9 317.9 0.0 3.9 345.8 31.4 3.4 296.9 0.0 14.1 344.1 21.9 15.2 291.1 0.1 15.8 288.6 18.6 7.4 260.4 0.1 2.2 116.9 -112.9 -11.0 253.8 0.1 -13.1 48 49 50 51 52 53 54 FA103076005 Insurance, pension and standardized guarantee schemes (3) -4.0 11.7 12.3 8.0 -6.0 10.4 2.3 6.6 54 157 Z.1, June 7, 2018 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2009 55 56 57 FA103096005 FA103070005 FA103093005 Other accounts receivable Trade receivables Other (miscellaneous assets) 58 FA104190005 59 60 61 62 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Open market paper Municipal securities Corporate bonds 63 64 65 66 67 FA104123005 FA104141005 FA103168005 FA103169005 FA103165005 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 68 69 70 FA103181005 FA103164103 FA103192005 Equity and investment fund shares Corporate equities Foreign direct investment in the United States 71 72 73 FA103152025 FA573074005 FA573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 74 75 76 77 FA103196005 FA103170005 FA103178005 FA103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 78 FA105000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 FV108090105 FV102010005 FV108090085 FU107005045 FU105020601 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (4) Less: Inventory valuation adjustment Net incurrence of liabilities 2010 2011 2012 2013 2014 2015 2016 -183.1 -29.5 -153.6 185.5 96.9 88.6 90.2 84.2 6.0 162.8 53.5 109.4 505.5 262.3 243.2 465.0 104.7 360.2 1145.8 32.1 1113.7 1157.8 218.8 938.9 55 56 57 -248.7 487.6 894.3 984.8 926.5 1382.2 1413.8 1386.1 58 176.4 -73.1 37.6 211.8 237.1 24.5 33.0 179.6 205.0 33.4 8.6 163.0 350.4 14.0 13.0 323.4 294.2 14.2 1.6 278.4 322.2 37.5 -0.7 285.4 409.8 -3.0 13.2 399.6 295.1 1.8 15.2 278.2 59 60 61 62 -504.9 -394.8 -234.0 -160.8 -110.1 -284.0 -177.5 -87.0 -90.4 -106.5 121.9 212.3 152.1 60.2 -90.4 -62.0 67.9 101.5 -33.5 -129.9 100.8 115.4 73.8 41.7 -14.6 95.3 133.3 70.3 63.1 -38.0 92.9 60.6 78.1 -17.5 32.4 107.1 62.2 50.1 12.1 44.9 63 64 65 66 67 60.8 -51.2 111.9 -88.9 -250.7 161.7 -255.8 -454.6 198.8 -155.7 -344.9 189.2 -165.8 -352.9 187.1 -209.3 -394.5 185.2 -113.5 -549.6 436.2 -190.0 -576.8 386.8 68 69 70 29.7 -8.6 38.3 -5.3 15.4 -20.7 -1.2 3.0 -4.1 -1.2 -12.3 11.1 133.4 -2.5 135.8 49.1 -2.9 51.9 108.3 14.7 93.6 55.5 5.6 50.0 71 72 73 -10.6 -82.6 -3.3 75.3 628.7 156.3 7.2 465.2 824.4 25.2 8.8 790.4 853.3 65.5 2.3 785.5 563.9 101.2 -9.1 471.7 1124.9 150.1 -1.4 976.2 916.3 22.4 -1.3 895.2 1118.4 194.6 -8.8 932.5 74 75 76 77 548.5 145.2 -397.5 -478.5 63.1 -459.5 74.9 99.3 78 -65.2 0.0 -189.8 -131.2 6.7 202.1 0.0 455.2 294.1 -41.0 -62.1 0.0 658.6 789.0 -68.3 -419.1 -6.9 305.4 731.9 -14.2 200.5 0.0 436.5 232.7 3.3 -119.1 0.0 548.4 663.4 4.1 561.4 0.0 626.0 12.3 52.4 573.8 0.0 627.5 50.9 2.7 79 80 81 82 83 -2314.3 -2332.9 -16.1 3.1 31.6 491.9 359.2 41.1 22.5 69.1 570.6 432.5 76.6 27.9 33.7 443.8 399.9 13.5 19.9 10.5 1227.7 1163.5 29.0 41.1 -5.9 829.0 869.1 -57.6 21.0 -3.4 831.6 899.5 -38.9 20.7 -49.7 672.2 651.6 -5.0 -14.7 40.3 84 85 86 87 88 -71.3 20.4 -91.7 -133.7 16.8 -150.5 -30.9 -6.0 -25.0 50.0 19.2 30.7 -38.4 28.1 -66.4 -33.0 8.7 -41.6 -56.7 -6.2 -50.4 36.1 12.2 24.0 89 90 91 2195.3 2657.3 -215.0 -247.1 1743.3 1937.0 -13.9 -179.8 235.5 308.6 -72.8 -0.3 1800.3 2020.9 -40.5 -180.1 5035.6 5366.7 -5.0 -326.1 2418.2 2576.0 -4.9 -152.9 -582.5 -559.2 -67.0 43.6 1973.5 2120.2 -21.3 -125.5 92 93 94 95 -4580.9 -1385.1 304.2 -1306.5 -3846.3 -1622.2 1357.5 -1265.1 96 -4303.4 -600.4 832.7 -1152.0 -2998.2 -1115.5 2470.2 -226.7 97 27337.1 28746.1 30084.5 31425.8 34142.6 36383.8 39062.7 41618.2 98 99 100 101 102 103 Other changes in volume account Revaluation account 84 85 86 87 88 FR102010005 FR105035005 FR105015205 FR105013765 FR105020015 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 FR108080095 FR103064203 FR103092005 Financial assets Mutual fund shares Direct investment abroad 92 93 94 95 FR104190085 FR103164103 FR103192005 FR103152025 Liabilities Corporate equity Foreign direct investment in the United States Insurance, pension and standardized guarantee schemes 96 FR108200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 97 FC102090085 Change in net worth (lines 28+33+79+96) (5) 98 FL102000005 Total assets 99 LM102010005 100 LM105035005 101 LM105015205 102 LM105013765 103 LM105020015 Nonfinancial assets (6) Real estate Equipment Intellectual property products Inventories 14019.6 6921.1 3793.1 1600.7 1704.6 14729.3 7333.9 3853.6 1669.1 1872.7 15575.6 7811.1 4008.0 1746.9 2009.6 16337.4 8278.5 4139.4 1819.4 2100.0 17881.9 9512.6 4287.4 1917.4 2164.4 19113.9 10511.7 4370.3 2004.8 2227.0 20314.4 11524.4 4480.1 2088.5 2221.4 21293.1 12265.5 4587.3 2150.7 2289.6 104 Financial assets 13317.5 14016.8 14508.9 15088.4 16260.7 17269.9 18748.3 20325.1 104 FL104090005 Integrated Accounts Balance sheet account (end of period) 158 Z.1, June 7, 2018 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 105 106 107 108 FL104000005 FL103020005 FL103030003 FL103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 675.2 414.9 228.8 31.5 766.5 529.2 177.4 59.9 808.6 610.8 149.3 48.6 864.9 665.8 149.9 49.2 1008.2 715.7 174.7 117.8 1030.0 770.8 152.0 107.2 1069.5 838.1 144.3 87.1 1252.8 998.6 163.5 90.7 105 106 107 108 109 110 111 112 113 FL104022005 FL103069100 FL103061103 FL103061703 FL103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities 140.4 56.0 43.0 14.3 27.1 236.0 148.0 48.0 16.0 23.9 227.3 147.7 43.0 14.3 22.3 208.9 133.4 39.4 13.1 22.9 209.1 136.1 38.8 12.9 21.2 248.7 171.9 41.7 13.9 21.2 244.7 172.5 37.4 12.5 22.3 235.5 160.7 41.3 13.8 19.7 109 110 111 112 113 114 115 116 117 118 FL104035005 FL104041005 FL102051003 FL103066005 FL103065003 Loans Short term Security repurchases Consumer credit Long term (mortgages) 80.6 51.1 7.9 43.2 29.5 98.8 70.8 26.4 44.4 28.0 100.7 73.2 27.4 45.9 27.4 93.2 67.7 21.7 45.9 25.5 94.2 67.1 26.4 40.6 27.1 135.9 106.8 65.9 40.9 29.0 152.4 121.0 79.9 41.1 31.4 182.5 152.2 109.5 42.8 30.3 114 115 116 117 118 119 120 121 122 123 124 FL103081005 FL103034003 LM103064203 LM103092005 FL103092405 FL103094105 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries 4258.2 655.5 162.0 3369.0 0.4 71.2 4321.6 555.1 186.5 3517.1 0.6 62.3 4649.6 515.8 166.0 3892.3 0.5 75.0 5004.5 504.9 179.3 4240.9 0.6 78.9 5312.0 536.3 210.7 4471.3 0.6 93.0 5623.1 558.2 234.6 4720.8 0.7 108.8 5855.4 576.8 235.7 4930.7 0.8 111.3 6008.4 463.9 236.9 5208.5 0.9 98.2 119 120 121 122 123 124 125 FL103076005 Insurance, pension and standardized guarantee schemes (3) 307.0 318.7 331.0 339.0 333.0 343.3 345.6 352.2 125 126 127 128 FL103096005 FL103070005 FL103093005 Other accounts receivable Trade receivables Other (miscellaneous assets) 7856.1 2064.5 5791.6 8275.2 2157.6 6117.6 8391.8 2241.9 6149.9 8577.8 2295.3 6282.5 9304.4 2557.6 6746.8 9888.9 2662.3 7226.5 11080.7 2694.4 8386.3 12293.7 126 2913.2 127 9380.5 128 129 FL102100085 Total liabilities and net worth 27337.1 28746.1 30084.5 31425.8 34142.6 36383.8 39062.7 41618.2 129 130 FL104194005 25121.9 27131.4 27637.1 30130.4 35845.4 39202.1 39410.7 42192.9 130 131 132 133 134 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Open market paper Municipal securities Corporate bonds 3714.8 58.4 470.6 3185.8 3952.0 82.9 503.6 3365.5 4156.9 116.3 512.2 3528.5 4507.3 130.3 525.1 3851.9 4801.5 144.5 526.7 4130.3 5123.7 182.0 526.0 4415.7 5533.5 179.0 539.3 4815.3 5828.7 180.8 554.5 5093.4 131 132 133 134 135 136 137 138 139 FL104123005 FL104141005 FL103168005 FL103169005 FL103165005 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 2443.0 1684.8 545.8 1139.0 758.1 2092.2 1425.3 477.1 948.1 666.9 2214.1 1637.6 629.2 1008.3 576.5 2195.6 1749.0 712.1 1036.9 446.6 2280.9 1848.9 785.8 1063.1 432.0 2376.7 1982.2 856.0 1126.2 394.5 2459.2 2026.1 935.8 1090.3 433.2 2561.7 2088.2 985.8 1102.4 473.5 135 136 137 138 139 140 141 142 FL103181005 LM103164103 LM103192005 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 14367.0 12218.4 2148.6 16201.1 13904.7 2296.4 16181.1 13758.7 2422.5 18005.9 15434.7 2571.2 23201.8 20448.5 2753.3 25563.6 22630.0 2933.6 24823.9 21521.1 3302.8 26732.9 140 23064.6 141 3668.3 142 143 144 145 FL103152025 FL573074005 FL573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 551.4 75.4 476.0 528.3 90.8 437.5 591.6 93.8 497.8 459.3 81.4 377.9 351.0 79.0 272.0 252.8 76.1 176.7 439.1 90.8 348.3 424.5 143 96.3 144 328.1 145 146 147 148 149 FL103196005 FL103170005 FL103178005 FL103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 4045.7 1590.1 35.7 2420.0 4357.8 1746.4 42.9 2568.6 4493.3 1771.6 51.7 2670.1 4962.2 1837.1 54.0 3071.2 5210.2 1938.3 44.9 3227.0 5885.3 2088.4 43.5 3753.4 6154.9 2110.8 42.2 4001.8 6645.1 2305.4 33.5 4306.2 150 FL102090085 2215.1 1614.7 2447.4 1295.4 -1702.8 -2818.2 -348.0 -574.7 150 Liabilities Net worth 146 147 148 149 Integrated Accounts (1) 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. (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) 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 transactions, and other statistical differences between the capital and financial accounts. (5) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (6) Excludes nonproduced nonfinancial assets. 159 Z.1, June 7, 2018 S.6.a Financial Business (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 1015.4 1042.8 1045.8 1187.3 1172.1 1297.7 1413.0 1473.6 1 Current account 1 FA796902505 Gross value added 2 FA796300081 Less: Consumption of fixed capital 177.4 176.7 168.6 174.2 182.2 190.3 199.9 209.6 2 3 4 5 6 7 8 FA796902605 FA796025005 FA796020001 FA796401001 FA796240101 FA796402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 838.0 549.0 466.2 82.8 64.2 224.8 866.1 574.3 486.4 87.9 64.8 227.1 877.2 606.8 513.5 93.3 58.3 212.1 1013.1 630.2 536.8 93.3 60.2 322.7 989.9 640.3 545.5 94.8 59.8 289.8 1107.4 680.3 582.2 98.2 66.7 360.4 1213.1 713.6 611.2 102.4 71.8 427.7 1264.0 732.7 625.6 107.0 75.4 455.9 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA796140005 FA796402101 FA796150105 FA796130101 FA796121101 FA793092281 FA796150005 FA796130001 FA796120005 FA796121001 FA796122001 FA793192281 FA796112001 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 (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 290.1 224.8 2203.6 1878.9 275.7 49.0 2138.4 1679.7 455.1 380.8 74.4 3.5 0.0 376.8 227.1 2126.1 1750.7 308.9 66.5 1976.3 1505.2 460.8 376.0 84.9 10.3 0.0 320.0 212.1 2108.2 1723.3 319.5 65.4 2000.3 1504.6 481.5 427.2 54.3 14.1 0.0 289.7 322.7 2051.3 1636.1 359.8 55.5 2084.3 1478.3 589.8 521.9 67.9 16.2 0.0 159.1 289.8 2010.8 1536.6 414.8 59.4 2141.6 1406.3 721.3 673.8 47.5 13.9 0.0 251.9 360.4 2030.3 1526.3 450.6 53.4 2138.7 1415.9 706.8 690.8 16.0 16.0 0.0 276.7 427.7 2078.5 1553.9 472.8 51.8 2229.5 1489.2 727.3 719.7 7.6 13.0 0.0 400.9 455.9 2101.5 1563.9 488.9 48.6 2156.5 1507.3 633.5 626.0 7.5 15.7 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA796140005 FA796220001 FA796403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 290.1 91.6 26.5 376.8 150.0 18.4 320.0 150.3 20.0 289.7 180.9 -25.7 159.1 184.1 -19.0 251.9 213.6 8.7 276.7 226.3 28.4 400.9 196.9 50.7 22 23 24 25 FA796012095 Equals: Disposable income, net 171.9 208.4 149.7 134.5 -6.0 29.7 22.0 153.3 25 26 FA796012095 Equals: Net saving 171.9 208.4 149.7 134.5 -6.0 29.7 22.0 153.3 26 293.9 171.9 -121.9 249.9 208.4 -41.5 182.1 149.7 -32.4 124.9 134.5 9.6 -6.0 -6.0 0.0 19.7 29.7 10.0 22.0 22.0 0.0 151.5 153.3 1.8 27 28 29 Capital account 27 28 29 FA796006385 FA796012095 FA795440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA795015085 FA795013005 FA796300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -10.5 166.9 177.4 -13.9 162.8 176.7 -1.2 167.5 168.6 17.9 192.1 174.2 19.1 201.3 182.2 32.2 222.5 190.3 42.4 242.3 199.9 40.3 250.0 209.6 30 31 32 33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 304.4 263.8 183.3 107.0 -25.1 -12.5 -20.4 111.2 33 34 FA795000995 Net lending (+) or borrowing (-) (line 33) 35 FA794090005 Net acquisition of financial assets 36 FA713011203 Monetary gold 37 FA794000005 Currency and deposits 38 39 40 41 42 43 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 44 45 46 FA794035005 FA794041005 FA793065005 Loans Short term Long term (mortgages) 47 48 49 50 51 52 53 54 FA793081005 FA793064105 FA793064205 FA793034005 FA793092405 FA793092005 FA713164003 FA793094005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 55 FA793052005 Insurance, pension and standardized guarantee schemes 56 FA793096005 Other accounts receivable 304.4 263.8 183.3 107.0 -25.1 -12.5 -20.4 111.2 34 -1329.5 18.1 1889.3 1495.2 3014.1 2623.4 1264.6 2366.2 35 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 244.2 -141.2 499.9 -38.5 794.3 146.6 -501.6 -504.5 37 851.9 -379.8 448.1 647.2 9.3 127.1 691.3 -176.2 583.3 44.6 24.8 214.9 891.1 -76.3 976.5 48.3 -30.5 -27.0 1005.8 7.4 340.3 179.8 115.1 363.2 1242.0 3.9 480.0 387.1 -15.8 386.7 931.6 -55.4 645.7 104.5 12.7 224.1 593.9 17.7 356.3 36.9 63.0 120.0 1173.0 -82.0 722.9 330.2 6.5 195.4 38 39 40 41 42 43 -2948.5 -2895.1 -53.4 -492.7 -200.8 -291.8 148.7 322.3 -173.6 397.9 465.3 -67.4 42.9 -42.6 85.5 760.8 571.5 189.3 797.2 417.0 380.2 951.4 455.0 496.4 44 45 46 -52.3 47.3 115.9 -196.6 0.0 40.7 4.6 -64.1 -22.9 115.4 104.8 -182.5 -3.2 -2.3 0.9 -56.0 33.0 20.9 -32.6 -67.0 -6.2 15.2 0.4 102.4 71.1 35.5 -11.4 -81.0 -2.0 20.5 0.5 109.0 208.0 -7.7 129.5 -27.2 -0.2 25.1 0.1 88.2 298.6 27.2 3.1 67.9 0.3 22.4 1.1 176.7 350.9 211.7 -37.8 -14.5 0.7 21.3 0.9 168.7 248.7 -18.5 -160.0 91.4 1.9 46.7 1.0 286.2 47 48 49 50 51 52 53 54 523.3 307.5 303.6 242.0 445.0 253.4 267.9 309.6 55 51.8 -323.9 13.0 -183.2 281.8 232.5 -243.8 188.1 56 Integrated Accounts Financial account 160 Z.1, June 7, 2018 S.6.a Financial Business (1) Billions of dollars 2009 Net incurrence of liabilities 2010 57 FA794190005 58 FA794100005 Currency and deposits 59 60 61 62 FA794122005 FA423161705 FA793163005 FA793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 63 64 65 FA794135005 FA794141005 FA643165005 Loans Short term Long term (mortgages) 66 67 68 69 70 71 72 73 74 FA793181005 FA634090005 FA793164105 FA653164205 FA403192405 FA793192005 FA662090205 FA793194005 FA713164003 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 75 FA583152005 Insurance, pension and standardized guarantee schemes 635.8 676.8 76 FA793196005 Other accounts payable 294.5 -368.0 77 FA795000005 -274.3 -8.6 -530.1 0.0 48.6 578.7 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) 2011 2012 2013 2014 2015 2016 -1055.2 26.8 1853.1 1457.0 2839.7 2555.6 1098.6 2107.5 57 357.3 362.1 1446.8 597.8 1786.5 954.5 218.4 453.4 58 -973.4 -60.1 -459.8 -453.5 -654.9 -39.5 -493.4 -122.0 -291.2 -22.1 -169.4 -99.7 -436.8 -23.8 -333.3 -79.7 74.6 238.3 -83.1 -80.7 152.8 150.3 70.3 -67.7 119.4 220.4 -60.5 -40.5 358.1 351.7 3.1 3.3 59 60 61 62 -1646.6 -1658.3 11.8 -85.7 -86.6 0.8 138.2 124.8 13.5 248.5 243.7 4.8 -206.5 -226.3 19.9 174.6 165.3 9.3 14.8 10.8 4.0 51.9 50.9 1.0 63 64 65 277.2 -516.3 303.8 533.4 0.0 45.7 0.7 -94.5 4.6 96.6 -512.4 194.4 395.9 -2.7 48.5 2.5 -30.4 0.9 381.7 -112.6 170.5 200.8 -5.9 43.4 -0.3 85.4 0.4 739.3 2.2 164.3 386.3 -1.8 21.4 8.7 157.7 0.5 689.3 24.6 175.6 346.3 0.5 29.7 -3.3 115.7 0.1 789.5 6.8 235.6 309.7 1.2 25.3 2.7 207.1 1.1 584.1 30.1 232.9 96.7 1.3 38.6 5.8 177.8 0.9 608.0 -26.6 245.3 24.6 2.7 79.3 9.1 272.6 1.0 66 67 68 69 70 71 72 73 74 613.1 480.9 529.1 383.2 402.6 500.1 75 -435.5 -172.8 -33.3 101.0 -240.6 135.8 76 36.2 38.2 174.4 67.8 166.0 258.7 77 -210.4 -2.1 64.1 272.5 -148.6 0.0 -1.5 147.0 138.2 -2.0 208.9 68.8 219.9 0.0 20.4 -199.5 -83.6 0.0 -163.9 -80.3 105.1 0.0 -81.3 -186.4 230.6 0.0 83.1 -147.5 78 79 80 81 -62.2 -50.2 -5.9 -6.1 -2.9 -0.3 1.0 -3.6 42.2 33.2 8.3 0.6 18.4 15.3 2.9 0.2 37.3 31.0 4.7 1.6 20.3 24.4 -4.5 0.3 17.0 19.5 -1.7 -0.8 15.0 18.3 -2.2 -1.1 82 83 84 85 Other changes in volume account 78 79 80 81 FV798090185 FV795013865 FV798090085 FU797005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (4) Revaluation account 82 83 84 85 FR795013865 FR795013665 FR795013265 FR795013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 86 87 88 89 90 91 FR794090085 FR794022005 FR793064105 FR793064205 FR793092005 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares U.S. direct investment abroad Insurance, pension, and standardized guarantee schemes 2782.9 485.6 2196.5 692.7 54.2 -646.1 1520.7 195.6 1312.2 385.8 40.7 -413.6 -323.3 346.3 -532.0 -129.6 -45.5 37.5 1736.3 199.4 1509.5 448.1 22.4 -443.1 2523.9 -553.3 3226.5 727.2 -83.2 -793.3 1270.6 309.8 961.3 233.6 64.9 -299.0 -890.2 -360.4 -465.9 -131.0 -80.6 147.7 1190.0 25.4 1179.6 301.8 -19.5 -297.4 86 87 88 89 90 91 92 93 94 95 96 97 98 FR794190085 FR793164105 FR653164205 FR793192005 FR662090205 FR793194005 FR583152005 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Investment by parent Insurance, pension and standardized guarantee schemes 2699.5 405.3 1474.9 17.9 0.5 -0.6 801.6 1929.1 562.8 837.2 34.1 3.1 -2.0 493.9 -818.7 -460.4 -289.3 28.9 -1.3 1.8 -98.4 2338.2 737.9 1035.8 -2.2 0.7 -0.1 566.1 3877.1 1307.5 1623.2 -50.4 6.0 0.0 990.8 1580.1 661.4 507.9 12.1 1.2 0.0 397.5 -795.7 -260.5 -350.1 -21.3 -1.0 0.0 -162.7 1941.0 798.2 693.7 16.1 6.5 0.0 426.5 92 93 94 95 96 97 98 99 FR798200005 21.1 -411.4 537.6 -583.5 -1315.9 -289.2 -77.4 -736.0 99 -215.1 -371.9 571.1 -320.4 -1102.0 -353.1 49.6 -353.9 100 71507.2 72970.3 74603.0 78798.0 84220.8 88036.6 88051.4 91844.6 101 1588.6 971.3 472.6 144.7 1580.2 963.9 471.9 144.3 1621.2 986.3 485.5 149.4 1655.5 992.0 506.0 157.4 1711.9 1013.5 534.3 164.1 1764.4 1033.8 561.3 169.3 1823.8 1054.1 593.0 176.7 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account Integrated Accounts 100 FC792090095 Change in net worth (lines 30+33+78+99) Balance sheet account (end of period) 101 FL792000095 Total assets 102 103 104 105 LM795013865 LM795013665 LM795013265 LM795013765 106 FL794090005 Financial assets 69918.5 71390.1 72981.8 77142.6 82508.9 86272.2 86227.6 89965.5 106 107 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 107 108 FL794000005 Currency and deposits 2336.4 2240.9 2748.2 2734.0 3526.9 3670.6 3161.0 2667.4 108 Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 1879.1 1078.3 615.6 185.2 102 103 104 105 161 Z.1, June 7, 2018 S.6.a Financial Business (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 109 110 111 112 113 114 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 18368.2 874.4 3667.8 5941.8 1739.6 6144.7 18678.3 702.5 4261.2 5547.9 1756.5 6410.1 19919.3 626.4 5312.4 5649.9 1818.8 6511.8 21217.0 633.8 5646.6 5867.9 1954.6 7114.2 21862.1 638.3 6044.2 6174.1 1875.9 7129.5 23103.5 583.9 6736.3 6332.7 1968.0 7482.6 23327.2 603.0 7065.6 6335.2 2027.7 7295.8 24532.0 521.5 7757.3 6652.1 2008.2 7592.7 115 116 117 FL794035005 FL794041005 FL793065005 Loans Short term Long term (mortgages) 22464.3 8494.5 13969.8 21729.4 8368.1 13361.3 21725.6 8690.4 13035.2 22050.6 9228.7 12821.9 21986.4 9170.6 12815.8 22708.6 9742.0 12966.6 23355.4 10018.2 13337.2 24270.7 115 10473.2 116 13797.5 117 118 119 120 121 122 123 124 125 FL793081005 LM793064105 LM793064205 FL793034005 FL793092405 LM793092005 FL713164003 FL793094005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 18418.1 9625.6 3527.1 1065.9 45.0 832.3 25.6 3296.6 20133.8 11053.2 4017.7 883.4 41.7 870.7 26.5 3240.6 19460.3 10542.1 3855.7 816.8 35.5 840.3 26.9 3343.0 21938.1 12087.1 4292.4 735.8 33.5 883.2 27.4 3878.7 25971.4 15306.0 5149.1 708.6 33.4 825.1 27.5 3921.8 27529.7 16294.4 5385.7 776.5 33.7 912.3 28.6 4098.5 27052.6 16040.2 5217.0 761.9 34.4 853.0 29.5 4116.6 28722.5 17201.4 5358.7 853.3 36.3 880.3 30.4 4362.1 126 FL793052005 Insurance, pension and standardized guarantee schemes 4118.9 4516.0 4903.0 4728.0 4450.7 4452.9 4945.6 127 FL793096005 Other accounts receivable 4201.6 4080.7 4214.4 4463.9 4700.4 4795.9 4374.8 4728.7 127 128 FL792100005 Total liabilities and net worth 71507.2 72970.3 74603.0 78798.0 84220.8 88036.6 88051.4 91844.6 128 129 FL794194005 70114.6 71949.6 73011.2 77526.6 84051.3 88220.2 88185.5 92332.6 129 130 FL794100005 Currency and deposits 11606.9 11964.9 13411.7 13981.6 15768.2 16722.6 16941.0 17394.5 130 131 132 133 134 FL794122005 FL423161705 FL793163005 FL793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 14764.7 8083.3 5920.9 760.5 13739.2 7581.3 5519.4 638.5 13374.5 7559.2 5276.5 538.8 13122.5 7535.4 5128.0 459.1 13132.0 7773.7 4979.8 378.4 13257.4 7924.0 5022.6 310.7 13193.7 8144.4 4779.1 270.2 13529.0 8496.1 4759.4 273.5 135 136 137 FL794135005 FL794141005 FL643165005 Loans Short term Long term (mortgages) 4604.2 4429.0 175.3 4530.4 4354.3 176.1 4663.3 4473.7 189.5 4911.8 4717.4 194.4 4705.3 4491.1 214.3 4887.8 4656.4 231.4 4905.5 4670.1 235.4 138 139 140 141 142 143 144 145 146 FL793181005 FL634090005 LM793164105 LM653164205 FL403192405 LM793192005 LM662090205 FL793194005 FL713164003 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 18451.0 3315.9 3588.7 7796.7 51.8 407.0 20.7 3244.5 25.6 19945.7 2803.5 4345.9 9029.8 49.0 489.6 26.3 3175.0 26.5 19607.1 2691.0 4056.1 8941.4 43.1 561.9 24.7 3262.2 26.9 22545.1 2693.2 4958.2 10363.5 41.2 581.1 34.1 3846.4 27.4 26075.5 2717.8 6441.4 12333.0 41.7 560.5 36.7 3916.9 27.5 28047.5 2724.6 7338.4 13150.6 42.9 597.8 40.6 4123.9 28.6 27848.4 2754.7 7310.9 12897.2 44.2 615.1 45.4 4151.5 29.5 29930.3 2728.1 8354.3 13615.6 46.9 710.5 61.0 4383.5 30.4 147 FL583152005 Insurance, pension and standardized guarantee schemes 18136.5 19810.4 20366.8 21434.8 23025.7 23854.2 24171.1 25190.6 147 148 FL793196005 Other accounts payable 2551.2 1958.9 1587.8 1530.7 1344.7 1450.7 1125.7 1330.8 148 149 FL792090095 1392.6 1020.7 1591.8 1271.4 169.4 -183.7 -134.1 -488.0 149 Liabilities Net worth 109 110 111 112 113 114 118 119 120 121 122 123 124 125 5033.2 126 131 132 133 134 4957.4 135 4721.0 136 236.5 137 138 139 140 141 142 143 144 145 146 Integrated Accounts (1) Financial business includes depository institutions, insurance companies, 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. (2) 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. (3) 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. (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 transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 162 Z.1, June 7, 2018 S.61.a Central Bank Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA716902505 Gross value added 2.5 2.5 2.8 2.6 3.3 4.2 4.2 4.3 1 2 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 2 3 4 5 6 7 8 FA716902605 FA716025005 FA716020001 FA716401001 FA716240101 FA716402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1.7 2.1 1.8 0.2 0.0 -0.3 1.7 2.1 1.8 0.2 0.0 -0.4 2.0 2.0 1.8 0.2 0.0 -0.1 1.8 2.0 1.8 0.2 0.0 -0.2 2.5 2.2 1.9 0.3 0.0 0.3 3.3 2.3 2.0 0.3 0.0 1.1 3.4 2.3 2.1 0.3 0.0 1.0 3.4 2.5 2.2 0.3 0.0 0.9 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA716140005 FA716402101 FA716150105 FA716130101 FA716121101 FA713092281 FA716150005 FA716130001 FA716120005 FA716121001 FA716122001 FA713192281 FA716112001 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 47.3 -0.3 53.3 53.3 0.0 0.0 5.7 4.3 1.4 1.4 0.0 0.0 0.0 71.7 -0.4 78.5 78.5 0.0 0.0 6.4 4.8 1.6 1.6 0.0 0.0 0.0 76.6 -0.1 84.5 84.5 0.0 0.0 7.9 6.3 1.6 1.6 0.0 0.0 0.0 72.4 -0.2 80.9 80.9 0.0 0.0 8.4 6.7 1.6 1.6 0.0 0.0 0.0 80.6 0.3 90.5 90.5 0.0 0.0 10.2 8.6 1.6 1.6 0.0 0.0 0.0 104.4 1.1 115.9 115.9 0.0 0.0 12.6 11.0 1.7 1.7 0.0 0.0 0.0 101.6 1.0 113.6 113.6 0.0 0.0 13.1 11.3 1.7 1.7 0.0 0.0 0.0 94.0 0.9 111.1 111.1 0.0 0.0 18.0 17.3 0.7 0.7 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA716140005 FA716220001 FA716403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 47.3 47.4 0.9 71.7 79.3 1.1 76.6 75.4 1.4 72.4 88.4 1.6 80.6 79.6 1.8 104.4 96.9 1.9 101.6 117.1 1.9 94.0 91.5 2.0 22 23 24 25 FA716012005 Equals: Disposable income, net -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 25 26 FA716012005 Equals: Net saving -1.1 -8.7 -0.3 -17.6 -0.9 5.6 -17.4 0.5 26 Capital account 27 28 29 FA716006385 FA716012005 FA715440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) -1.1 -1.1 0.0 -8.7 -8.7 0.0 -0.3 -0.3 0.0 -17.6 -17.6 0.0 -0.9 -0.9 0.0 5.6 5.6 0.0 -17.4 -17.4 0.0 0.5 0.5 0.0 27 28 29 30 31 32 FA715015085 FA715013085 FA716330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -0.0 0.8 0.8 -0.2 0.7 0.8 -0.2 0.6 0.8 0.0 0.8 0.8 -0.2 0.6 0.8 -0.1 0.8 0.8 -0.1 0.8 0.9 -0.1 0.8 0.9 30 31 32 33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -1.0 -8.5 -0.0 -17.7 -0.7 5.7 -17.3 0.6 33 Integrated Accounts Financial account 34 FA715000995 Net lending (+) or borrowing (-) (line 33) -1.0 -8.5 -0.0 -17.7 -0.7 5.7 -17.3 0.6 34 35 FA714090005 Net acquisition of financial assets -4.5 185.5 493.6 9.7 1118.8 481.6 -13.3 -32.6 35 36 37 FA713011203 FA714000005 Monetary gold Currency and deposits 0.0 3.7 0.0 1.8 0.0 1.1 0.0 0.9 0.0 0.4 0.0 1.4 0.0 1.9 0.0 0.1 36 37 38 39 40 41 FA714022005 FA713069603 FA713061103 FA713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 1349.2 0.0 300.7 1048.5 316.3 0.0 244.9 71.4 444.0 0.0 642.0 -197.9 64.5 0.0 2.7 61.8 1086.6 0.0 542.6 543.9 480.7 0.0 252.6 228.1 5.1 0.0 0.2 4.9 -20.8 0.0 2.1 -22.8 38 39 40 41 42 43 44 FA714041005 FA713064103 FA713096105 Loans (short term) Equity shares Other accounts receivable -1434.1 25.1 51.5 -151.4 1.3 17.5 32.2 -26.4 42.7 -121.0 0.0 65.3 -9.1 0.0 40.9 1.2 0.0 -1.8 -0.6 0.0 -19.7 4.5 0.0 -16.4 42 43 44 45 FA714190005 Net incurrence of liabilities -9.1 184.6 493.2 9.3 1118.7 480.6 5.3 -32.6 45 46 47 48 49 FA714100005 FA712151003 FA713164003 FA713193005 -3.4 -10.6 4.6 0.4 173.9 -18.0 0.9 27.8 480.2 40.2 0.4 -27.5 -2.0 7.3 0.5 3.5 900.1 208.7 0.1 9.7 296.0 193.9 1.1 -10.4 -221.5 202.6 0.9 23.3 -50.1 12.8 1.0 3.7 46 47 48 49 50 FA715000005 4.6 0.9 0.4 0.5 0.1 1.1 -18.6 0.0 50 Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) 163 Z.1, June 7, 2018 S.61.a Central Bank Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Other changes in volume account 51 52 53 54 FV718090185 FV712010095 FV718090085 FU717005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-50) (3) 5.6 0.0 0.0 -5.6 9.4 0.0 0.0 -9.4 0.4 0.0 0.0 -0.4 18.1 -0.0 0.0 -18.1 0.8 0.0 0.0 -0.8 -4.6 0.0 0.0 4.6 -1.3 0.0 0.0 1.3 -0.6 0.0 0.0 0.6 51 52 53 54 Revaluation account 55 56 57 58 FR712010095 FR715013665 FR715013265 FR715013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products -0.4 -0.3 -0.0 -0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.1 0.1 0.0 0.0 0.3 0.2 0.0 0.0 0.2 0.2 -0.0 0.0 0.1 0.2 -0.0 -0.0 0.1 0.1 -0.0 -0.0 55 56 57 58 59 FR718200005 Changes in net worth due to nominal holding gains/losses -0.4 0.0 0.3 0.1 0.3 0.2 0.1 0.1 59 4.2 0.8 0.5 0.6 0.2 1.2 -18.5 0.1 60 2276.8 2462.1 2955.8 2965.6 4084.5 4566.2 4553.0 4520.5 61 10.6 7.8 2.0 0.7 10.5 7.7 2.0 0.8 10.6 7.8 2.0 0.8 10.7 7.8 2.0 0.8 10.7 7.9 2.0 0.8 10.8 8.0 2.0 0.9 10.9 8.0 1.9 0.9 10.9 8.1 1.9 0.9 62 63 64 65 2266.2 2451.7 2945.2 2955.0 4073.8 4555.4 4542.1 4509.6 66 11.0 65.7 11.0 68.1 11.0 69.3 11.0 69.0 11.0 68.1 11.0 66.7 11.0 67.0 11.0 67.1 67 68 1844.8 0.0 776.6 1068.3 2161.1 0.0 1021.5 1139.6 2605.1 0.0 1663.4 941.7 2669.6 0.0 1666.1 1003.4 3756.2 0.0 2208.8 1547.4 4236.9 0.0 2461.4 1775.5 4242.0 0.0 2461.6 1780.4 4221.2 0.0 2463.6 1757.6 69 70 71 72 Changes in balance sheet account 60 FC712090095 Change in net worth (lines 30+33+51+59) Balance sheet account (end of period) 61 FL712000095 62 63 64 65 LM712010095 LM715013665 LM715013265 LM715013765 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 66 FL714090005 Financial assets 67 68 FL713011203 FL714000005 Monetary gold Currency and deposits 69 70 71 72 FL714022005 FL713069603 FL713061103 FL713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 73 74 75 FL714041005 FL713064103 FL713096105 Loans (short term) Equity shares Other accounts receivable 249.7 25.1 69.8 98.4 26.4 86.7 130.5 0.0 129.2 9.5 0.0 195.8 0.4 0.0 238.0 1.7 0.0 239.1 1.1 0.0 221.0 5.6 0.0 204.7 73 74 75 76 FL712100005 Total liabilities and net worth 2276.8 2462.1 2955.8 2965.6 4084.5 4566.2 4553.0 4520.5 76 77 FL714190005 2240.6 2425.1 2918.3 2927.6 4046.3 4526.8 4532.1 4499.6 77 78 79 80 81 FL714100005 FL712151003 FL713164003 FL713193005 2134.6 77.7 25.6 2.5 2308.6 59.7 26.5 30.4 2788.7 99.9 26.9 2.8 2786.7 107.2 27.4 6.3 3686.8 315.9 27.5 16.0 3982.8 509.8 28.6 5.6 3761.4 712.4 29.5 28.9 3711.3 725.2 30.4 32.6 78 79 80 81 82 FL712090095 36.2 37.0 37.5 38.0 38.2 39.4 20.9 20.9 82 Liabilities Currency and deposits Loans Equity shares (stock in Federal Reserve Banks) Other accounts payable 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) 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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 164 Z.1, June 7, 2018 S.62.a Private Depository Institutions Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA706902505 Gross value added 282.1 261.2 238.5 274.2 289.9 300.8 343.5 384.2 1 2 FA706300081 Less: Consumption of fixed capital 32.1 31.8 31.8 32.3 32.6 32.6 32.7 33.0 2 3 4 5 6 7 8 FA706902605 FA706025005 FA706020001 FA706401001 FA706240101 FA706402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 250.0 147.3 125.3 22.0 9.4 93.3 229.4 151.0 128.3 22.7 9.4 69.0 206.7 158.8 134.3 24.5 9.6 38.3 241.9 167.5 143.1 24.4 10.0 64.4 257.3 170.8 146.0 24.8 10.4 76.1 268.2 169.6 144.8 24.8 11.0 87.6 310.8 180.3 154.3 26.0 11.6 118.9 351.2 181.8 155.3 26.5 12.1 157.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA706140005 FA706402101 FA706150105 FA706130101 FA706121101 FA703092281 FA706150005 FA706130001 FA706120005 FA706121001 FA706122001 FA703192281 FA706112001 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 178.7 93.3 410.6 393.7 1.9 15.0 325.2 277.0 47.3 47.1 0.2 0.9 0.0 180.7 69.0 412.5 388.7 2.1 21.7 300.8 243.9 54.1 53.9 0.2 2.8 0.0 124.6 38.3 380.9 357.1 2.1 21.7 294.6 212.4 77.9 77.8 0.1 4.3 0.0 117.5 64.4 346.9 326.6 2.2 18.1 293.8 191.9 96.2 96.0 0.2 5.7 0.0 133.7 76.1 320.8 299.1 2.4 19.3 263.2 173.8 84.0 83.9 0.1 5.4 0.0 119.3 87.6 306.9 287.9 2.7 16.3 275.2 179.5 89.9 89.8 0.1 5.8 0.0 124.1 118.9 317.7 298.9 3.0 15.8 312.5 203.7 104.4 104.3 0.1 4.4 0.0 142.5 157.3 327.2 311.3 2.0 13.9 342.0 234.5 102.7 102.6 0.1 4.8 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA706140005 FA706220001 FA706403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 178.7 2.7 4.3 180.7 18.7 4.5 124.6 23.5 5.6 117.5 30.5 6.2 133.7 26.6 6.8 119.3 37.5 7.5 124.1 37.6 8.2 142.5 36.7 8.8 22 23 24 25 FA706012005 Equals: Disposable income, net 171.7 157.5 95.5 80.8 100.3 74.3 78.3 97.0 25 26 FA706012005 Equals: Net saving 171.7 157.5 95.5 80.8 100.3 74.3 78.3 97.0 26 189.7 171.7 -18.0 157.5 157.5 0.0 95.8 95.5 -0.3 80.8 80.8 0.0 100.3 100.3 0.0 74.3 74.3 0.0 78.3 78.3 0.0 97.0 97.0 0.0 27 28 29 -0.1 32.0 32.1 -4.6 27.2 31.8 -5.0 26.8 31.8 -3.6 28.8 32.3 -5.8 26.8 32.6 -3.9 28.7 32.6 -3.2 29.5 32.7 -1.5 31.5 33.0 30 31 32 189.8 162.1 100.8 84.3 106.1 78.2 81.5 98.5 33 189.8 162.1 100.8 84.3 106.1 78.2 81.5 98.5 34 Capital account 27 28 29 FA706006385 FA706012005 FA705440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA705015085 FA705013081 FA706300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) Integrated Accounts Financial account 34 FA705000995 Net lending (+) or borrowing (-) (line 33) 35 FA704090005 Net acquisition of financial assets -662.5 -216.0 800.5 509.1 945.8 986.2 539.2 742.0 35 36 37 38 39 FA704000005 FA703025005 FA713113003 FA403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 158.5 -2.8 160.9 0.4 8.0 -2.2 11.7 -1.5 584.6 8.1 578.4 -1.8 -61.5 7.1 -69.7 1.2 730.3 2.6 730.9 -3.2 149.5 2.0 148.9 -1.5 -389.5 -1.4 -387.6 -0.5 -209.7 1.7 -211.0 -0.4 36 37 38 39 40 41 42 43 44 45 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 105.7 -15.7 94.9 173.4 3.4 -150.3 119.8 0.0 102.4 133.9 29.3 -145.9 138.0 0.0 -46.7 133.6 46.8 4.3 190.2 0.0 86.6 49.7 68.0 -14.0 46.4 0.0 -35.1 42.4 55.1 -16.0 216.7 0.0 195.4 26.2 31.0 -35.9 203.3 0.0 36.8 155.2 47.4 -36.0 271.0 0.0 105.5 131.3 50.6 -16.4 40 41 42 43 44 45 46 47 48 FA704035005 FA704041005 FA703065005 Loans Short term Long term (mortgages) -965.5 -786.1 -179.4 -270.8 -113.6 -157.2 140.1 245.9 -105.8 402.4 380.7 21.7 153.8 164.8 -11.0 564.5 414.6 149.9 706.8 451.1 255.7 593.2 296.9 296.2 46 47 48 49 50 51 52 53 54 FA703081005 FA703064105 FA703064205 FA703092405 FA763092000 FA713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks 24.2 6.3 13.8 0.3 -0.8 4.6 -7.5 -1.7 -6.1 -3.2 2.7 0.9 -10.7 0.9 -0.4 -5.4 -6.2 0.4 -14.6 -10.5 -0.9 -2.1 -1.6 0.5 1.4 0.8 1.1 -1.1 0.4 0.1 2.5 0.7 -0.9 -0.0 1.6 1.1 -2.7 2.0 -1.0 -0.9 -3.6 0.9 -12.4 -6.9 -1.9 2.0 -6.5 1.0 49 50 51 52 53 54 55 FA763040005 Insurance, pension and standardized guarantee schemes 0.8 4.5 5.2 7.4 5.7 5.9 6.5 5.6 55 56 FA703093005 Other accounts receivable 14.0 -70.0 -56.7 -14.8 8.1 47.1 14.8 94.3 56 165 Z.1, June 7, 2018 S.62.a Private Depository Institutions Billions of dollars Net incurrence of liabilities 2009 2010 2011 2012 2013 2014 2015 2016 57 FA704190005 -256.4 -131.1 851.6 572.7 874.5 1052.9 526.6 714.4 57 58 59 60 FA704100005 FA703127005 FA703130205 Currency and deposits Checkable deposits Other deposits 394.6 109.7 284.9 199.3 81.3 118.0 977.0 356.7 620.3 599.0 205.6 393.4 898.1 193.1 705.0 650.8 198.8 452.0 438.8 87.8 351.0 497.0 119.9 377.2 58 59 60 61 62 63 FA704122005 FA763163005 FA703169175 Debt securities Corporate bonds Commercial paper -28.3 -28.5 0.1 -69.3 -49.2 -20.2 10.0 2.4 7.6 -115.4 -82.3 -33.1 -102.7 -74.9 -27.8 -17.2 -12.0 -5.2 -9.3 -8.4 -0.9 -21.4 -16.9 -4.5 61 62 63 64 FA704141005 Loans (short term) -875.5 -239.0 -89.8 -26.6 -17.6 92.0 35.6 102.2 64 65 66 67 68 FA703181105 FA763164103 FA753192003 FA703194005 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 121.4 11.6 16.6 93.2 26.1 11.9 12.4 1.8 74.8 6.4 26.0 42.4 88.7 1.6 -2.3 89.4 67.7 2.2 8.8 56.7 182.0 2.7 3.7 175.6 55.8 9.5 2.0 44.3 115.5 4.6 6.0 104.9 65 66 67 68 69 FA703196005 Other accounts payable 131.4 -48.2 -120.4 27.0 28.9 145.2 5.7 21.1 69 70 FA705000005 -406.0 -84.9 -51.1 -63.6 71.3 -66.7 12.6 27.5 70 -803.1 0.0 -207.3 595.8 -280.6 0.0 -33.6 247.0 -181.2 0.0 -29.3 151.9 -296.5 -0.5 -148.1 147.9 -73.6 0.0 -38.8 34.8 -148.2 0.0 -3.3 144.9 -61.2 0.0 7.7 68.9 -86.8 0.0 -15.9 71.0 71 72 73 74 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 71 72 73 74 FV708090185 FV702010095 FV708090085 FU707005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-70) (3) Revaluation account 75 76 77 78 FR702010095 FR705013665 FR705013265 FR705013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products -29.1 -16.2 -7.5 -5.4 -8.7 -1.5 -3.6 -3.5 9.8 9.1 0.8 -0.0 3.6 3.8 -0.1 -0.1 9.0 8.0 0.9 0.1 4.4 6.2 -1.7 -0.1 3.9 5.1 -1.0 -0.2 3.5 4.3 -0.5 -0.3 75 76 77 78 79 80 81 82 FR703081085 FR703064105 FR703064205 FR763092000 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 96.7 23.5 12.2 61.0 32.4 11.7 4.9 15.7 -11.2 -7.2 -2.6 -1.4 26.1 14.4 5.5 6.1 31.2 29.1 10.9 -8.8 -4.9 6.6 2.6 -14.1 -27.8 -10.5 -3.9 -13.3 12.8 13.4 5.1 -5.7 79 80 81 82 83 84 85 86 FR703181105 FR763164103 FR753192003 FR703194005 Liabilities Corporate equity issues Foreign direct investment in the United States Investment by parent 5.6 -13.8 19.5 0.0 59.5 59.5 -0.1 0.0 -138.8 -169.3 30.5 0.0 189.1 157.6 31.6 0.0 212.4 212.2 0.2 0.0 63.4 84.0 -20.6 0.0 -11.5 -5.0 -6.6 0.0 202.3 211.1 -8.8 0.0 83 84 85 86 87 FR708200005 61.9 -35.7 137.3 -159.5 -172.1 -64.0 -12.3 -186.0 87 -551.5 -158.8 52.0 -375.2 -145.5 -137.9 4.8 -175.8 88 13893.7 14011.3 14859.5 15274.6 16165.6 17160.3 17659.1 18392.1 89 374.2 262.7 92.1 19.5 371.4 261.3 90.9 19.1 376.7 267.9 89.4 19.4 377.4 269.0 87.8 20.6 381.3 274.5 86.3 20.5 384.5 280.1 83.1 21.3 387.9 284.1 81.1 22.7 392.2 288.6 79.5 24.1 90 91 92 93 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 88 FC702090095 Change in net worth (lines 30+33+71+87) 89 FL702000095 Total assets 90 91 92 93 LM702010095 LM705013665 LM705013265 LM705013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 94 FL704090005 Financial assets 95 96 97 98 FL704000005 FL703025005 FL713113003 FL403197033 99 FL704022005 100 FL703069175 101 FL703061105 102 FL703061705 103 FL703062005 104 FL703063005 105 106 107 FL704035005 FL704041005 FL703065005 13519.5 13639.9 14482.7 14897.2 15784.3 16775.8 17271.2 18000.0 94 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 1023.5 54.9 952.7 15.9 1031.5 52.7 964.4 14.4 1616.1 60.8 1542.7 12.6 1557.8 71.1 1473.0 13.7 2288.1 73.6 2203.9 10.6 2437.5 75.7 2352.8 9.1 2048.0 74.2 1965.2 8.5 1838.3 76.0 1754.2 8.1 95 96 97 98 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 2970.7 0.0 197.2 1584.4 227.8 961.3 3070.7 0.0 299.6 1718.1 257.1 795.9 3208.7 0.0 252.9 1851.7 303.9 800.2 3398.9 0.0 339.5 1901.3 371.9 786.2 3445.3 0.0 304.4 1943.8 427.0 770.2 3662.1 0.0 499.8 1970.0 458.0 734.2 3865.4 0.0 536.6 2125.2 505.4 698.2 4136.4 0.0 642.1 2256.5 556.0 681.9 99 100 101 102 103 104 8135.6 3366.6 4768.9 8243.2 3660.2 4583.0 8342.3 3906.1 4436.2 8707.1 4284.7 4422.4 8841.6 4449.5 4392.1 9395.1 4863.9 4531.1 10094.1 5315.0 4779.1 Loans Short term Long term (mortgages) 10681.9 105 5611.9 106 5070.0 107 Integrated Accounts Balance sheet account (end of period) 166 Z.1, June 7, 2018 S.62.a Private Depository Institutions Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 108 109 110 111 112 113 FL703081005 LM703064105 LM703064205 FL703092405 LM763092000 FL713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks 440.7 63.6 47.7 42.1 261.7 25.6 465.6 73.6 46.5 38.9 280.1 26.5 443.7 67.4 43.5 33.4 272.5 26.9 455.1 71.3 48.1 31.3 277.0 27.4 487.7 101.3 60.1 30.2 268.6 27.5 485.3 108.5 61.8 30.2 256.2 28.6 454.8 100.0 56.8 29.2 239.3 29.5 455.2 106.5 60.0 31.3 227.1 30.4 114 FL763040005 Insurance, pension and standardized guarantee schemes 111.5 116.0 125.5 138.0 143.8 149.6 156.2 161.8 114 115 FL703093005 Other accounts receivable 116 FL702100005 Total liabilities and net worth 117 FL704194005 118 119 120 FL704100005 FL703127005 FL703130205 Currency and deposits Checkable deposits Other deposits 121 122 123 FL704122005 FL763163005 FL703169175 124 125 126 127 128 837.5 712.9 746.5 640.2 577.8 646.2 652.7 726.3 115 13893.7 14011.3 14859.5 15274.6 16165.6 17160.3 17659.1 18392.1 116 14207.9 14484.3 15280.5 16070.8 17107.4 18240.0 18734.0 19642.9 117 9376.4 990.7 8385.7 9571.6 1072.0 8499.6 10548.5 1428.6 9119.9 11119.7 1629.2 9490.4 12017.8 1822.3 10195.4 12668.6 2021.2 10647.4 13107.3 2108.9 10998.4 13604.4 118 2228.8 119 11375.6 120 Debt securities Corporate bonds Commercial paper 177.0 176.3 0.6 490.1 377.1 113.0 500.1 379.4 120.6 383.4 295.9 87.5 280.7 221.0 59.7 263.5 209.0 54.5 254.2 200.6 53.6 232.8 121 183.7 122 49.0 123 FL704141005 Loans (short term) 1392.2 1153.2 1063.3 1036.8 1019.2 1111.2 1146.9 1249.1 124 FL703181105 LM763164103 LM753192003 FL703194005 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 2475.9 565.6 107.7 1802.6 2561.5 637.1 120.0 1804.4 2497.6 474.1 176.6 1846.8 2854.4 633.3 205.9 2015.2 3123.3 847.7 214.9 2060.8 3368.8 934.4 198.0 2236.4 3413.1 938.9 193.4 2280.7 3730.9 1154.6 190.7 2385.6 129 FL703196005 Other accounts payable 786.4 708.0 671.0 676.6 666.4 827.9 812.5 825.7 129 130 FL702090095 -314.2 -473.0 -421.0 -796.3 -941.8 -1079.7 -1074.9 -1250.8 130 Liabilities Net worth (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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. Integrated Accounts 108 109 110 111 112 113 125 126 127 128 167 Z.1, June 7, 2018 S.63.a Insurance Companies Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 285.7 269.2 253.2 268.7 260.8 327.5 428.0 438.1 1 27.6 27.4 27.0 27.7 29.6 31.2 32.9 35.0 2 Current account 1 FA526902505 Gross value added 2 FA526300081 Less: Consumption of fixed capital 3 4 5 6 7 8 FA526902605 FA526025005 FA526020001 FA526401001 FA526240101 FA526402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 258.1 116.0 97.4 18.6 22.1 120.0 241.9 118.7 99.5 19.1 22.3 100.9 226.2 127.2 107.1 20.1 23.1 75.8 241.0 132.2 112.1 20.1 23.7 85.1 231.2 133.7 113.3 20.3 25.4 72.2 296.2 138.2 117.5 20.7 34.9 123.1 395.1 143.2 121.8 21.4 39.6 212.4 403.0 143.1 121.3 21.7 41.6 218.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA526140005 FA526402101 FA526150105 FA526130101 FA526121101 FA523092281 FA526150005 FA526130001 FA526120005 FA526121001 FA526122001 FA523192281 FA526112001 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 55.6 120.0 273.1 251.5 12.2 9.3 337.5 325.7 11.3 5.4 5.9 0.4 0.0 65.2 100.9 287.3 248.0 27.9 11.4 323.1 304.6 17.1 13.5 3.7 1.3 0.0 23.3 75.8 266.3 241.7 13.0 11.5 318.8 302.8 13.6 10.8 2.8 2.4 0.0 12.9 85.1 264.4 238.1 15.5 10.8 336.7 311.3 22.6 19.1 3.5 2.9 0.0 11.7 72.2 277.5 248.4 16.2 12.9 338.0 312.8 23.2 18.4 4.9 2.0 0.0 59.9 123.1 278.6 249.9 17.1 11.6 341.8 319.4 19.9 15.1 4.8 2.5 0.0 128.9 212.4 255.6 228.1 16.9 10.6 339.0 317.5 19.4 15.0 4.4 2.1 0.0 131.4 218.3 246.6 218.5 17.7 10.4 333.6 308.8 20.8 16.4 4.5 3.9 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA526140005 FA526220001 FA526403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 55.6 25.0 -4.9 65.2 28.9 -8.4 23.3 23.0 -13.9 12.9 29.1 -67.8 11.7 33.8 -63.8 59.9 38.6 -39.1 128.9 41.7 -2.3 131.4 30.0 12.8 22 23 24 25 FA526012005 Equals: Disposable income, net 35.4 44.7 14.3 51.5 41.7 60.4 89.4 88.5 25 26 FA526012005 Equals: Net saving 35.4 44.7 14.3 51.5 41.7 60.4 89.4 88.5 26 Capital account 27 28 29 FA526006385 FA526012005 FA525440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 40.9 35.4 -5.5 44.7 44.7 0.0 14.3 14.3 0.0 37.1 51.5 14.3 41.7 41.7 0.0 60.4 60.4 0.0 89.4 89.4 0.0 88.5 88.5 0.0 27 28 29 30 31 32 FA525015085 FA525013081 FA526300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.1 27.7 27.6 -4.3 23.1 27.4 -2.4 24.7 27.0 -0.2 27.5 27.7 3.4 33.0 29.6 1.0 32.2 31.2 7.1 39.9 32.9 8.0 43.1 35.0 30 31 32 33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 40.8 49.0 16.6 37.3 38.3 59.5 82.3 80.5 33 34 FA525000995 Net lending (+) or borrowing (-) (line 33) 40.8 49.0 16.6 37.3 38.3 59.5 82.3 80.5 34 35 FA524090005 Net acquisition of financial assets -5.5 197.8 192.7 87.0 108.7 157.3 176.7 176.4 35 36 FA523020005 Currency and deposits -32.5 5.9 -6.4 12.6 -14.9 10.9 6.1 -14.6 36 37 38 39 40 41 42 FA524022005 FA523069105 FA523061105 FA523061705 FA523062005 FA523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 103.9 3.1 50.5 21.3 -7.7 36.8 139.9 -10.9 23.9 0.7 11.7 114.5 76.3 -11.2 14.9 -0.6 -28.9 102.1 40.2 16.1 -2.9 -25.9 -1.0 53.9 114.6 10.4 -7.5 -12.6 8.9 115.4 92.8 -8.3 20.3 -13.1 -7.7 101.5 105.2 -6.6 5.4 -9.2 16.7 98.9 183.5 12.6 31.1 15.2 9.7 114.8 37 38 39 40 41 42 43 44 45 FA524035005 FA524041005 FA523065005 Loans Short term Long term (mortgages) -27.0 -10.1 -16.8 -8.9 0.0 -8.9 17.3 1.5 15.8 15.8 3.2 12.6 19.1 -2.0 21.1 31.6 8.0 23.6 43.2 -0.9 44.2 39.2 2.1 37.1 43 44 45 46 47 48 49 50 51 FA523081005 FA523064105 FA523064205 FA523034005 FA523092405 FA523092005 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 34.2 -2.2 43.5 -24.7 -0.3 17.9 21.5 4.6 61.6 -24.2 -0.1 -20.4 34.9 17.4 11.0 3.0 -0.8 4.4 6.3 1.9 2.4 -4.2 0.1 6.3 -24.9 -8.8 -18.2 -13.6 0.9 14.8 -43.4 -1.6 -52.4 2.1 0.1 8.3 6.8 30.0 -33.9 5.8 0.5 4.5 -83.9 102.3 -170.6 -19.5 0.4 3.4 46 47 48 49 50 51 52 FA543077073 Insurance, pension and standardized guarantee schemes -4.9 2.6 -0.5 0.6 3.0 1.2 1.7 -0.3 52 53 FA523096005 Other accounts receivable -79.2 36.8 71.2 11.5 11.9 64.2 13.7 52.7 53 54 FA524190005 Net incurrence of liabilities -14.5 139.3 178.5 77.6 111.8 90.3 109.3 130.3 54 55 FA673090543 Currency and deposits (funding agreements) -34.3 -9.7 -8.5 -0.4 -8.5 9.2 1.6 6.9 55 56 FA524141005 Loans (short term) -6.6 -4.8 5.1 4.9 8.7 2.5 6.2 9.9 56 Integrated Accounts Financial account 168 Z.1, June 7, 2018 S.63.a Insurance Companies Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 57 58 59 60 FA523181105 FA523164105 FA523192005 FA523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 16.6 -6.2 13.5 9.3 13.9 -17.5 9.1 22.2 -20.5 -22.3 -7.5 9.3 -11.1 -24.5 9.9 3.5 -12.4 -16.8 12.0 -7.6 -28.7 -31.8 2.3 0.9 -10.3 -32.0 22.0 -0.3 17.8 -25.3 42.1 1.0 57 58 59 60 61 FA523152005 Insurance, pension and standardized guarantee schemes 90.9 146.0 209.7 40.2 72.7 74.8 134.3 101.0 61 62 FA523196105 Other accounts payable -81.1 -6.0 -7.3 44.0 51.4 32.4 -22.5 -5.3 62 63 FA525000005 9.0 58.5 14.2 9.4 -3.1 67.0 67.5 46.1 63 -32.0 0.0 -0.3 31.8 9.1 0.0 -0.4 -9.5 -2.7 0.0 -0.2 2.4 -45.3 -0.1 -17.2 27.9 -42.1 0.0 -0.7 41.4 8.6 0.0 1.1 -7.5 -14.6 0.0 0.2 14.9 -32.2 0.0 2.3 34.4 64 65 66 67 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 64 65 66 67 FV528090185 FV522010095 FV528090085 FU527005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) 68 69 70 71 FR522010095 FR525013665 FR525013265 FR525013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products -8.4 -7.3 -0.7 -0.4 0.2 0.2 0.2 -0.2 5.7 5.1 0.5 0.0 2.1 2.2 -0.0 -0.1 5.3 4.7 0.3 0.3 2.8 3.5 -0.5 -0.1 2.1 2.9 -0.4 -0.4 1.6 2.4 -0.3 -0.6 68 69 70 71 72 73 74 75 76 FR524090085 FR524022005 FR523064105 FR523064205 FR523092005 Financial assets Debt securities Corporate equities Mutual fund shares U.S. direct investment abroad 630.1 322.4 83.3 217.2 7.2 295.4 131.2 24.3 126.7 13.1 149.8 195.7 2.7 -43.1 -5.4 296.5 80.6 52.2 146.8 16.9 158.5 -202.2 110.7 257.0 -6.9 273.5 144.8 33.8 84.1 10.8 -248.4 -163.8 -19.2 -38.4 -26.9 168.3 26.2 40.0 101.2 0.9 72 73 74 75 76 77 78 79 80 81 FR524190085 FR523164105 FR523192005 FR523194735 FR523152005 Liabilities Corporate equity issues Foreign direct investment in the United States Investment by parent Insurance, pension and standardized guarantee schemes 314.8 49.4 9.1 0.0 256.3 207.6 42.5 11.9 0.0 153.2 -61.7 -61.5 30.0 0.0 -30.2 230.7 79.5 -23.9 0.0 175.2 365.5 122.2 -43.2 0.0 286.5 195.4 59.1 15.3 0.0 121.1 -78.5 -11.0 -7.3 0.0 -60.3 191.8 66.8 11.5 0.0 113.6 77 78 79 80 81 82 FR528200005 306.9 88.0 217.2 67.8 -201.8 80.9 -167.7 -22.0 82 315.8 141.9 228.8 59.7 -202.2 149.9 -92.9 34.4 83 6689.7 7178.4 7524.1 7910.2 8185.4 8621.0 8558.8 8947.2 84 241.6 151.7 47.3 42.6 237.2 149.6 46.3 41.3 240.3 152.3 46.2 41.8 242.9 152.1 46.4 44.4 250.8 155.1 47.4 48.3 255.7 158.2 47.1 50.4 265.1 163.3 47.5 54.3 275.2 169.3 48.0 58.0 85 86 87 88 6448.1 6941.3 7283.8 7667.3 7934.6 8365.4 8293.7 8672.0 89 78.4 84.3 85.1 97.7 82.7 93.7 99.7 96.0 90 3458.9 61.2 222.9 501.6 457.6 2215.6 3730.0 50.3 254.0 506.4 469.6 2449.7 4006.7 40.3 300.0 534.0 490.4 2642.0 4127.6 56.3 292.7 513.1 487.5 2778.0 4039.9 66.8 269.5 475.8 481.6 2746.3 4277.5 58.5 304.9 494.2 504.0 2915.9 4218.9 51.9 304.3 467.1 517.0 2878.6 4434.9 64.5 327.7 470.4 517.5 3054.7 91 92 93 94 95 96 486.8 156.2 330.6 477.9 156.2 321.7 495.1 157.7 337.4 510.9 160.9 350.1 530.0 158.8 371.1 561.6 166.9 394.7 604.8 166.0 438.9 644.0 168.0 476.0 97 98 99 1800.5 411.9 1124.3 108.8 2.9 152.7 1986.1 440.8 1312.6 84.6 2.8 145.4 1975.8 460.9 1280.6 87.9 2.0 144.4 2198.0 514.9 1429.8 83.7 2.1 167.6 2533.8 616.8 1668.5 70.1 3.0 175.4 2619.1 649.0 1700.2 72.2 3.1 194.5 2541.3 659.9 1627.8 78.0 3.5 172.0 2599.5 802.2 1558.4 58.6 3.9 176.4 100 101 102 103 104 105 22.9 25.5 25.0 25.7 28.7 29.9 31.6 31.3 106 600.7 637.4 696.0 707.5 719.4 783.6 797.3 866.3 107 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 83 FC522090095 Change in net worth (lines 30+33+64+82) Integrated Accounts Balance sheet account (end of period) 84 FL522000095 85 86 87 88 LM522010095 LM525013665 LM525013265 LM525013765 Total assets Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 89 FL524090005 Financial assets 90 FL523020005 Currency and deposits 91 92 93 94 95 96 LM524022005 LM523069105 LM523061105 LM523061705 LM523062005 LM523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 97 98 99 FL524035005 FL524041005 FL523065005 Loans Short term Long term (mortgages) 100 101 102 103 104 105 FL523081005 LM523064105 LM523064205 FL523034005 FL523092405 LM523092005 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 106 FL543077073 Insurance, pension and standardized guarantee schemes 107 FL523096005 Other accounts receivable 169 Z.1, June 7, 2018 S.63.a Insurance Companies Billions of dollars Total liabilities and net worth 2009 2010 2011 2012 2013 2014 2015 2016 6689.7 7178.4 7524.1 7910.2 8185.4 8621.0 8558.8 8947.2 108 5895.3 6242.2 6359.1 6685.5 7162.8 7448.5 7479.2 7833.2 109 108 FL522100005 109 FL524194005 110 FL673090543 Currency and deposits (funding agreements) 80.0 70.4 61.9 61.5 53.0 62.2 63.8 70.7 110 111 FL524141005 Loans (short term) 60.7 55.9 61.0 65.9 74.6 77.0 83.3 93.2 111 112 113 114 115 FL523181105 LM523164105 LM523192005 FL523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the United States Investment by parent 570.5 396.0 134.1 40.5 638.7 420.9 155.0 62.7 586.8 337.2 177.5 72.0 584.1 392.2 163.4 28.4 645.8 497.6 132.2 15.9 691.5 524.9 149.7 16.8 662.9 481.9 164.4 16.6 759.0 523.4 218.0 17.6 112 113 114 115 116 FL523152005 Insurance, pension and standardized guarantee schemes 4814.4 5113.6 5293.1 5508.5 5867.7 6063.6 6137.6 6369.7 116 117 FL523196105 369.7 363.7 356.4 465.5 521.7 554.2 531.7 540.7 117 118 FL522090095 794.4 936.2 1165.0 1224.8 1022.6 1172.5 1079.6 1114.0 118 Liabilities Other accounts payable 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) 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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 170 Z.1, June 7, 2018 S.64.a Pension Funds Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA596902505 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 FA596902605 FA596025005 FA596020001 FA596401001 FA596240101 FA596402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA596140005 FA596402101 FA596150105 FA596130101 FA596121101 FA593092281 FA596150005 FA596130001 FA596120005 FA596121001 FA596122001 FA593192281 FA596112001 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 0.0 0.0 489.4 371.3 118.0 0.0 489.4 371.3 118.0 118.0 0.0 0.0 0.0 0.0 0.0 476.5 360.9 115.6 0.0 476.5 360.9 115.6 115.6 0.0 0.0 0.0 0.0 0.0 482.6 366.2 116.4 0.0 482.6 366.2 116.4 116.4 0.0 0.0 0.0 0.0 0.0 504.7 375.4 129.3 0.0 504.7 375.4 129.3 129.3 0.0 0.0 0.0 0.0 0.0 520.9 378.3 142.6 0.0 520.9 378.3 142.6 142.6 0.0 0.0 0.0 0.0 0.0 521.4 367.7 153.7 0.0 521.4 367.7 153.7 153.7 0.0 0.0 0.0 0.0 0.0 547.6 385.4 162.2 0.0 547.6 385.4 162.2 162.2 0.0 0.0 0.0 0.0 0.0 569.9 404.2 165.7 0.0 569.9 404.2 165.7 165.7 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA596140005 FA596220001 FA596403105 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Other current transfers received, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 FA596012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 25 26 FA596012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 26 Capital account 27 28 29 FA596006385 FA596012005 FA595440083 Net saving less capital transfers Net saving Less: Capital transfers (net) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 30 31 32 FA595015085 FA595013081 FA596300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 33 34 FA596403105 Addenda: Other current transfers received, net (line 24) 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 34 35 36 37 38 39 40 FA596403115 FA596403125 FA596403133 FA596403143 FA596403153 FA596403013 1183.2 697.3 467.0 -22.9 271.0 17.9 1206.1 734.2 503.5 -30.1 280.5 19.7 1227.0 749.1 525.8 -51.5 295.2 20.3 1269.9 770.3 539.1 -59.1 311.9 21.6 1310.1 794.9 549.2 -61.7 330.4 23.0 1341.9 826.6 559.9 -61.2 353.4 25.5 1393.1 852.0 593.7 -82.3 368.2 27.6 1443.6 880.5 614.4 -91.1 386.1 28.9 35 36 37 38 39 40 41 42 FA596403163 FA596403023 489.4 3.4 476.5 4.5 482.6 4.8 504.7 5.1 520.9 5.7 521.4 6.1 547.6 6.4 569.9 6.9 41 42 43 44 45 FA596403033 FA596403043 FA596403053 762.2 231.4 189.6 831.7 221.7 152.7 864.7 207.2 155.1 945.5 177.2 147.2 1052.2 130.9 126.9 1110.4 111.3 120.1 1190.1 108.8 94.2 1275.0 100.4 68.2 43 44 45 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 46 544.9 530.9 403.6 440.5 456.5 308.4 268.5 399.3 47 4.7 2.2 2.6 1.0 1.7 -0.7 7.4 5.3 2.0 1.5 3.8 -2.3 9.7 3.7 6.1 6.8 5.6 1.2 -1.0 4.2 -5.2 12.6 13.1 -0.5 48 49 50 97.1 0.7 114.9 -78.4 0.1 59.9 184.7 3.3 126.6 14.0 0.6 40.1 92.7 2.4 110.1 -52.2 -0.5 33.0 251.4 -1.9 146.0 -8.8 0.1 116.1 237.4 10.2 123.2 -5.5 0.9 108.6 238.3 0.6 116.1 16.2 -0.2 105.5 78.4 -4.3 55.2 -12.2 0.0 39.7 177.0 12.7 128.8 18.3 -0.5 17.6 51 52 53 54 55 56 Contributions received Claims to pension benefits Actual employer contributions Imputed employer contributions Actual household contributions Less: pension service charges for defined benefit (DB) plans Household pension contribution supplements Less: pension service charge for defined contribution (DC) plans Less: benefit payments and withdrawals Less: net change in benefit entitlements from DB plans Less: net change in assets from current transaction for DC plans Integrated Accounts Financial account 46 FA595000995 Net lending (+) or borrowing (-) (line 33) 47 FA594090005 Net acquisition of financial assets 48 49 50 FA594000005 FA593020005 FA593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 51 52 53 54 55 56 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 171 Z.1, June 7, 2018 S.64.a Pension Funds Billions of dollars 2009 57 58 59 FA594035005 FA592051005 FA593065005 Loans Short term Long term (mortgages) 60 61 62 63 FA593081005 FA593064105 FA593064205 FA593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 64 FA593052025 Insurance, pension and standardized guarantee schemes 65 FA593093005 Other accounts receivable 66 FA594190005 Net incurrence of liabilities (pension entitlements) 67 FA595000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) 68 69 70 71 FV598090185 FV592010095 FV598090085 FU597005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) 2010 2011 2012 2013 2014 2015 2016 -4.5 -0.2 -4.4 2.9 0.0 2.9 -3.3 -0.0 -3.3 -1.1 -0.1 -1.1 -3.7 0.8 -4.6 3.4 0.1 3.3 -2.3 -0.4 -1.9 0.8 1.1 -0.3 57 58 59 -107.7 -148.1 58.6 -18.2 16.4 -22.7 49.3 -10.3 -49.4 -19.7 -43.1 13.4 -73.5 -46.3 -12.8 -14.3 -251.5 -416.6 146.6 18.5 -215.3 -270.1 56.3 -1.5 -48.3 -41.6 -2.8 -3.9 -157.7 -183.2 12.5 12.9 60 61 62 63 525.5 296.6 296.4 226.7 431.2 241.3 255.6 300.3 64 29.9 29.4 59.8 35.5 33.5 33.9 -14.0 66.4 65 544.9 530.9 403.5 440.6 456.4 308.3 268.3 399.1 66 0.1 0.1 0.1 -0.2 0.1 0.1 0.2 0.1 67 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 0.2 0.2 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.1 -0.1 0.0 0.0 -0.2 -0.2 0.0 0.0 -0.1 -0.1 68 69 70 71 -0.3 -0.3 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.1 -0.0 0.0 0.2 0.2 0.0 0.0 0.1 0.2 0.0 -0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.0 72 73 74 75 533.6 30.2 686.2 463.2 -646.1 338.6 28.2 470.0 254.1 -413.6 -72.3 50.5 -76.4 -83.9 37.5 377.2 26.0 498.6 295.8 -443.1 683.0 -106.8 1123.8 459.3 -793.3 266.3 47.6 370.8 146.9 -299.0 -87.9 -56.9 -90.1 -88.6 147.7 315.2 0.5 416.6 195.5 -297.4 76 77 78 79 80 545.3 340.6 -68.2 390.9 704.3 276.4 -102.5 312.9 81 -12.1 -2.0 -3.9 -13.6 -21.2 -9.9 14.6 2.4 82 -12.1 -2.0 -3.9 -13.6 -21.2 -9.9 14.6 2.4 83 13187.2 14560.0 14933.0 15772.0 16982.4 17605.0 17862.6 18652.5 84 6.2 6.1 0.1 0.0 6.2 6.1 0.1 0.0 6.3 6.2 0.1 0.0 6.6 6.4 0.1 0.0 6.6 6.5 0.1 0.0 6.7 6.6 0.1 0.0 6.7 6.6 0.1 0.0 6.6 6.5 0.1 0.0 85 86 87 88 13181.0 14553.8 14926.7 15765.4 16975.8 17598.3 17855.9 18645.9 89 67.5 35.2 32.4 68.5 36.9 31.6 75.9 42.2 33.7 77.4 46.0 31.4 87.1 49.7 37.4 93.9 55.3 38.6 92.9 59.5 33.4 105.5 72.6 32.9 90 91 92 2714.3 73.2 1504.1 313.0 1.3 822.8 2927.2 76.4 1633.0 334.3 1.9 881.5 3070.4 78.8 1766.4 289.3 1.5 934.3 3347.8 77.0 1905.6 289.0 1.7 1074.5 3478.3 87.1 1997.0 267.0 2.4 1124.7 3764.2 87.7 2128.8 289.2 2.5 1256.0 3785.8 83.4 2176.2 267.2 2.5 1256.5 3963.2 96.1 2297.1 287.2 2.0 1280.8 93 94 95 96 97 98 41.0 6.0 35.0 44.0 6.1 37.9 40.7 6.0 34.6 39.5 6.0 33.6 35.8 6.8 29.0 39.2 6.8 32.3 36.9 6.5 30.4 Other changes in volume account Revaluation account 72 73 74 75 FR592010095 FR595013665 FR595013265 FR595013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 76 77 78 79 80 FR594090085 FR594022005 FR593064105 FR593064205 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares Insurance, pension, and standardized guarantee schemes 81 FR594190005 Liabilities (pension entitlements) 82 FR598200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 83 FC592090095 Change in net worth (lines 30+33+68+82) 84 FL592000095 85 86 87 88 LM592010095 LM595013665 LM595013265 LM595013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 89 FL594090005 Financial assets 90 91 92 FL594000005 FL593020005 FL593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 93 94 95 96 97 98 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 99 FL594035005 100 FL592051005 101 FL593065005 Total assets Loans Short term Long term (mortgages) 37.6 99 7.6 100 30.1 101 102 103 104 105 FL593081005 LM593064105 LM593064205 FL593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 5759.2 3199.1 2355.2 205.0 6499.6 3646.4 2658.6 194.7 6289.9 3550.2 2531.6 208.1 7010.8 4002.5 2814.5 193.8 8342.3 4709.6 3420.5 212.2 8644.8 4810.4 3623.7 210.7 8417.8 4678.7 3532.3 206.8 8872.2 4912.1 3740.3 219.7 102 103 104 105 106 FL593052025 Insurance, pension and standardized guarantee schemes 3963.2 4349.4 4724.9 4529.5 4238.3 4228.3 4708.8 4787.1 106 Integrated Accounts Balance sheet account (end of period) 172 Z.1, June 7, 2018 S.64.a Pension Funds Billions of dollars 2009 107 FL593093005 Other accounts receivable 108 FL592000095 Total liabilities and net worth 109 FL594190005 Liabilities (pension entitlements) 110 FL592090095 Net worth 2010 2011 2012 2013 2014 2015 2016 635.8 665.1 725.0 760.5 794.0 827.9 813.9 880.3 107 13187.2 14560.0 14933.0 15772.0 16982.4 17605.0 17862.6 18652.5 108 13322.1 14696.8 15073.8 15926.3 17158.0 17790.5 18033.5 18821.0 109 -134.9 -136.9 -140.8 -154.4 -175.6 -185.5 -170.9 -168.4 110 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) 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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 173 Z.1, June 7, 2018 S.65.a Other Financial Business Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA856902505 Gross value added 445.0 509.8 551.3 641.7 618.1 665.2 637.3 647.1 1 2 FA856300085 Less: Consumption of fixed capital 116.9 116.7 109.0 113.3 119.1 125.6 133.5 140.8 2 3 4 5 6 7 8 FA856902605 FA856025005 FA856020005 FA856401005 FA856240105 FA856402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 328.2 283.7 241.7 41.9 32.6 11.9 393.1 302.5 256.7 45.8 33.1 57.5 442.3 318.7 270.3 48.5 25.6 98.0 528.3 328.5 279.8 48.6 26.5 173.4 499.0 333.7 284.2 49.5 24.0 141.3 539.6 370.3 317.9 52.3 20.7 148.6 503.9 387.8 333.1 54.7 20.7 95.4 506.3 405.3 346.7 58.5 21.7 79.4 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA856140005 FA856402105 FA856150105 FA856130105 FA856121105 FA853092285 FA856150005 FA856130005 FA856120005 FA856121005 FA856122005 FA853192285 FA856112005 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 8.5 11.9 977.3 809.0 143.5 24.7 980.6 701.4 277.1 208.8 68.2 2.2 0.0 59.3 57.5 871.3 674.6 163.4 33.4 869.5 591.0 272.5 191.5 81.0 6.1 0.0 95.5 98.0 893.9 673.7 188.0 32.2 896.4 616.9 272.0 220.6 51.4 7.5 0.0 87.0 173.4 854.3 615.0 212.8 26.6 940.7 592.9 340.1 275.9 64.2 7.7 0.0 -66.8 141.3 801.1 520.2 253.6 27.3 1009.3 532.8 469.9 427.3 42.6 6.6 0.0 -31.6 148.6 807.5 504.9 277.1 25.5 987.7 538.4 441.6 430.5 11.1 7.8 0.0 -77.9 95.4 844.0 527.9 290.7 25.4 1017.3 571.2 439.5 436.4 3.1 6.6 0.0 33.1 79.4 846.7 518.8 303.5 24.3 893.0 542.5 343.5 340.6 2.9 7.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA856140005 FA856220005 FA856403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 8.5 16.5 26.2 59.3 23.2 21.2 95.5 28.4 26.9 87.0 32.9 34.2 -66.8 44.1 36.2 -31.6 40.6 38.4 -77.9 29.9 20.6 33.1 38.7 27.1 22 23 24 25 FA856012005 Equals: Disposable income, net -34.2 14.9 40.2 19.9 -147.1 -110.6 -128.3 -32.7 25 26 FA856012005 Equals: Net saving -34.2 14.9 40.2 19.9 -147.1 -110.6 -128.3 -32.7 26 Capital account 27 28 29 FA856006385 FA856012005 FA855440085 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 64.3 -34.2 -98.5 56.4 14.9 -41.5 72.3 40.2 -32.1 24.6 19.9 -4.7 -147.1 -147.1 0.0 -120.6 -110.6 10.0 -128.3 -128.3 0.0 -34.5 -32.7 1.8 27 28 29 30 31 32 FA855015085 FA855013085 FA856300085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -10.6 106.3 116.9 -4.8 111.9 116.7 6.4 115.4 109.0 21.6 134.9 113.3 21.7 140.9 119.1 35.2 160.8 125.6 38.6 172.1 133.5 33.9 174.6 140.8 30 31 32 33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 74.9 61.2 65.9 3.1 -168.8 -155.8 -166.9 -68.4 33 34 FA855000995 Net lending (+) or borrowing (-) (line 33) 35 FA854090005 Net acquisition of financial assets 74.9 61.2 65.9 3.1 -168.8 -155.8 -166.9 -68.4 34 -1202.0 -680.1 -1.0 448.8 384.3 689.9 293.5 1081.1 35 36 FA854000005 Currency and deposits 109.7 -157.9 -86.7 8.0 68.8 -22.0 -119.0 -292.7 36 37 38 39 40 41 42 FA854022005 FA853069175 FA853061105 FA853061705 FA853062005 FA853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds -804.0 -367.8 -112.8 -517.6 13.6 180.7 -69.2 -168.6 85.4 -175.5 -16.8 206.2 140.1 -67.5 256.2 165.4 -47.8 -166.3 459.5 -6.8 107.9 103.1 48.0 207.2 -242.9 -16.6 -143.2 -181.1 -80.7 178.7 -97.0 -47.7 61.3 -153.0 -10.5 53.0 201.8 28.6 258.7 -101.8 -1.1 17.5 562.3 -107.3 455.5 188.2 -53.4 79.3 37 38 39 40 41 42 43 44 45 FA854035005 FA854041005 FA813065005 Loans Short term Long term (mortgages) -517.4 -664.5 147.1 -64.6 64.0 -128.6 -37.5 42.8 -80.3 101.9 202.5 -100.6 -117.1 -197.2 80.0 160.1 147.6 12.5 50.1 -32.2 82.3 313.8 150.4 163.4 43 44 45 46 47 48 49 50 51 FA813081005 FA813064105 FA503034003 FA813092405 FA803092005 FA793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries -28.1 166.2 -153.7 0.0 23.5 -64.1 -54.6 134.0 -148.0 0.1 15.4 -56.0 84.6 48.7 -83.4 -0.0 16.9 102.4 152.9 90.4 -62.4 0.0 15.8 109.0 483.0 416.9 -32.1 0.1 9.9 88.2 554.8 298.2 67.3 0.3 12.4 176.7 395.1 221.2 -16.4 1.2 20.5 168.7 502.7 69.3 97.9 -0.5 49.8 286.2 46 47 48 49 50 51 52 FA733040005 Insurance, pension and standardized guarantee schemes 2.1 3.8 2.4 7.3 5.1 5.0 4.1 4.0 52 53 FA853096005 Other accounts receivable 35.7 -337.6 -103.9 -280.7 187.4 89.0 -238.6 -9.0 53 54 FA854190005 Net incurrence of liabilities -1320.1 -696.9 -73.7 356.7 278.3 623.5 189.2 896.1 54 55 FA403197033 0.4 -1.5 -1.8 1.2 -3.2 -1.5 -0.5 -0.4 55 Currency and deposits Integrated Accounts Financial account 174 Z.1, June 7, 2018 S.65.a Other Financial Business Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 56 57 58 59 FA814122005 FA423161705 FA813163005 FA813169105 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper -945.1 -60.1 -431.4 -453.7 -585.6 -39.5 -444.2 -101.9 -301.2 -22.1 -171.8 -107.3 -321.3 -23.8 -250.9 -46.6 177.3 238.3 -8.2 -52.8 170.1 150.3 82.3 -62.5 128.7 220.4 -52.2 -39.6 379.5 351.7 20.0 7.9 56 57 58 59 60 61 62 FA814135005 FA814141005 FA643165005 Loans Short term Long term (mortgages) -753.9 -765.6 11.8 176.2 175.3 0.8 182.7 169.3 13.5 262.9 258.1 4.8 -406.3 -426.2 19.9 -113.8 -123.1 9.3 -229.7 -233.7 4.0 -73.0 -74.0 1.0 60 61 62 63 64 65 66 67 68 69 70 FA853181005 FA634090005 FA813164105 FA653164205 FA403192405 FA803192005 FA662090205 FA803194005 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 134.6 -516.3 298.4 533.4 0.0 15.6 0.7 -197.0 55.7 -512.4 200.0 395.9 -2.7 27.0 2.5 -54.5 326.9 -112.6 186.4 200.8 -5.9 24.9 -0.3 33.7 661.3 2.2 187.2 386.3 -1.8 13.8 8.7 64.8 633.8 24.6 190.2 346.3 0.5 9.0 -3.3 66.6 635.0 6.8 264.7 309.7 1.2 19.3 2.7 30.6 537.7 30.1 255.4 96.7 1.3 14.6 5.8 133.8 473.7 -26.6 266.0 24.6 2.7 31.1 9.1 166.7 63 64 65 66 67 68 69 70 71 FA813196005 Other accounts payable 243.9 -341.7 -280.3 -247.3 -123.2 -66.3 -247.0 116.3 71 72 FA855000005 118.1 16.8 72.7 92.1 105.9 66.4 104.4 185.0 72 299.5 0.0 256.3 -43.2 51.7 -2.1 98.1 44.4 34.9 0.0 28.0 -6.8 461.9 -1.3 374.1 -89.0 334.8 0.0 60.1 -274.7 60.6 0.0 -161.5 -222.2 182.2 0.0 -89.1 -271.3 350.2 0.0 96.8 -253.4 73 74 75 76 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 73 74 75 76 FV858090185 FV812010095 FV858090085 FU857005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-72) (3) Revaluation account 77 78 79 80 FR812010095 FR815013665 FR815013265 FR815013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products -24.1 -26.1 2.3 -0.3 5.5 0.9 4.4 0.2 26.2 18.5 7.1 0.6 12.5 9.2 3.0 0.3 22.6 17.9 3.5 1.2 12.8 14.4 -2.2 0.5 10.8 11.3 -0.3 -0.2 9.7 11.4 -1.5 -0.3 77 78 79 80 81 82 83 84 FR854090085 FR854022005 FR813064105 FR803092005 Financial assets Debt securities Corporate equities U.S. direct investment abroad 1522.6 133.0 1403.5 -14.0 854.3 36.2 806.2 11.9 -389.6 100.2 -451.1 -38.7 1036.6 92.9 944.3 -0.7 1651.2 -244.3 1962.9 -67.4 735.7 117.4 550.1 68.1 -526.1 -139.7 -346.1 -40.4 693.6 -1.2 709.6 -14.7 81 82 83 84 85 86 87 88 89 90 FR813181085 FR813164105 FR653164205 FR803192005 FR662090205 FR803194005 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Investment by parent 1833.8 369.7 1474.9 -10.7 0.5 -0.6 1321.5 460.8 837.2 22.4 3.1 -2.0 -550.0 -229.6 -289.3 -31.7 -1.3 1.8 1527.4 500.8 1035.8 -9.8 0.7 -0.1 2594.8 973.2 1623.2 -7.5 6.0 0.0 1044.9 518.3 507.9 17.4 1.2 0.0 -603.2 -244.5 -350.1 -7.5 -1.0 0.0 1233.9 520.2 693.7 13.5 6.5 0.0 85 86 87 88 89 90 91 FR858200005 -335.3 -461.7 186.6 -478.4 -921.1 -296.3 87.8 -530.6 91 28.5 -353.7 293.8 8.1 -733.3 -356.3 141.7 -215.0 92 35459.8 34758.4 34330.7 36875.6 38802.9 40084.0 39418.0 41332.3 93 956.0 543.0 331.2 81.8 954.9 539.3 332.5 83.1 987.3 552.0 347.9 87.4 1017.9 556.6 369.8 91.5 1062.4 569.5 398.5 94.4 1106.7 580.9 429.0 96.8 1153.3 592.1 462.4 98.8 1194.2 605.8 486.2 102.2 94 95 96 97 34503.7 33803.5 33343.3 35857.7 37740.4 38977.3 38264.7 40138.1 98 1101.3 988.5 901.8 932.1 1000.9 978.9 853.4 560.6 99 7379.5 740.0 967.1 2474.5 1052.9 2145.0 6789.3 575.7 1053.1 1849.6 1027.9 2283.0 7028.3 507.2 1329.6 2033.3 1023.0 2135.3 7673.2 500.5 1442.6 2161.1 1093.6 2475.5 7142.4 484.4 1264.5 1940.2 964.9 2488.3 7162.8 437.8 1341.3 1803.8 1003.6 2576.4 7215.2 467.8 1586.9 1695.3 1002.8 2462.5 7776.3 360.9 2026.8 1880.5 932.7 2575.3 100 101 102 103 104 105 13551.2 4716.0 8835.3 12866.0 4447.3 8418.7 12717.0 4490.1 8226.9 12783.5 4767.7 8015.8 12578.7 4555.1 8023.6 12711.0 4702.6 8008.4 12618.5 4529.6 8088.9 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 92 FC852090095 Change in net worth (lines 30+33+73+91) Integrated Accounts Balance sheet account (end of period) 93 FL852000095 Total assets 94 95 96 97 LM812010095 LM815013665 LM815013265 LM815013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 98 FL854090005 Financial assets 99 FL854000005 Currency and deposits 100 101 102 103 104 105 FL854022005 FL853069175 FL853061105 FL853061705 FL853062005 FL853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 106 107 108 FL854035005 FL854041005 FL813065005 Loans Short term Long term (mortgages) 12901.5 106 4680.1 107 8221.4 108 175 Z.1, June 7, 2018 S.65.a Other Financial Business Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 10392.5 5925.8 752.1 0.0 417.9 3296.6 11156.1 6866.0 604.1 0.1 445.3 3240.6 10750.9 6463.7 520.7 0.1 423.5 3343.0 12274.1 7498.4 458.3 0.1 438.6 3878.7 14607.5 9878.2 426.3 0.2 381.1 3921.8 15780.6 10726.5 493.5 0.5 461.6 4098.5 15638.7 10601.6 477.1 1.6 441.7 4116.6 16795.6 11380.5 575.0 1.1 476.8 4362.1 21.4 25.1 27.6 34.9 39.9 45.0 49.0 109 110 111 112 113 114 FL813081005 LM813064105 FL503034003 FL813092405 LM803092005 FL793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Investment in subsidiaries 115 FL733040005 Insurance, pension and standardized guarantee schemes 116 FL853096005 Other accounts receivable 2057.8 1978.5 1917.7 2159.9 2371.1 2299.0 1889.9 2051.1 116 117 FL852100005 Total liabilities and net worth 35459.8 34758.4 34330.7 36875.6 38802.9 40084.0 39418.0 41332.3 117 118 FL854194005 34448.7 34101.1 33379.5 35916.4 38576.9 40214.3 39406.6 41536.0 118 119 FL403197033 Currency and deposits 120 121 122 123 FL814122005 FL423161705 FL813163005 FL813169105 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 124 125 126 FL814135005 FL814141005 FL643165005 Loans Short term Long term (mortgages) 127 128 129 130 131 132 133 134 FL853181005 FL634090005 LM813164105 LM653164205 FL403192405 LM803192005 LM662090205 FL803194005 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 135 FL813196005 Other accounts payable 136 FL852090095 Liabilities Net worth 109 110 111 112 113 114 53.0 115 15.9 14.4 12.6 13.7 10.6 9.1 8.5 14587.7 8083.3 5744.6 759.9 13249.1 7581.3 5142.3 525.5 12874.4 7559.2 4897.1 418.2 12739.1 7535.4 4832.1 371.6 12851.3 7773.7 4758.8 318.7 12993.9 7924.0 4813.6 256.2 12939.5 8144.4 4578.5 216.6 8.1 119 3073.6 2898.3 175.3 3261.7 3085.6 176.1 3439.0 3249.5 189.5 3702.0 3507.6 194.4 3295.6 3081.4 214.3 3189.7 2958.3 231.4 2962.9 2727.5 235.4 15379.0 3315.9 2627.1 7796.7 51.8 165.2 20.7 1401.5 16719.0 2803.5 3287.9 9029.8 49.0 214.6 26.3 1307.9 16495.9 2691.0 3244.7 8941.4 43.1 207.8 24.7 1343.3 19079.3 2693.2 3932.7 10363.5 41.2 211.8 34.1 1802.7 22278.8 2717.8 5096.0 12333.0 41.7 213.4 36.7 1840.2 23958.7 2724.6 5879.1 13150.6 42.9 250.1 40.6 1870.7 23743.0 2754.7 5890.0 12897.2 44.2 257.2 45.4 1854.3 1392.5 856.9 557.6 382.3 140.6 63.0 -247.4 -68.3 135 1011.0 657.4 951.1 959.3 225.9 -130.4 11.3 -203.7 136 13296.2 8496.1 4575.6 224.5 120 121 122 123 2890.0 124 2653.5 125 236.5 126 25410.0 2728.1 6676.3 13615.6 46.9 301.8 61.0 1980.3 127 128 129 130 131 132 133 134 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) 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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. 176 Z.1, June 7, 2018 S.7.a Federal Government (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 FA316902505 Gross value added 668.8 704.5 720.9 723.7 715.2 724.9 738.8 749.0 1 2 FA316300003 Less: Consumption of fixed capital 234.5 245.3 257.4 264.3 268.0 271.0 271.3 271.3 2 3 4 5 6 7 FA316902605 FA316025001 FA316020001 FA316401005 FA316402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 434.3 433.5 312.2 121.3 0.8 459.1 462.2 328.5 133.7 -3.1 463.5 470.6 331.7 138.9 -7.1 459.4 468.3 327.7 140.7 -8.9 447.2 458.3 320.4 137.9 -11.1 453.9 462.0 324.0 138.0 -8.0 467.5 472.2 330.5 141.8 -4.7 477.7 481.2 336.4 144.8 -3.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA316140005 FA316402101 FA316240001 FA316402015 FA316150195 FA316130101 FA316121101 FA316112101 FA316130095 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) -269.9 0.8 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -327.3 -7.1 108.6 -59.5 56.4 27.7 18.8 9.9 425.7 -321.6 -8.9 115.1 -57.6 52.6 21.3 21.1 10.2 422.9 -198.0 -11.1 124.8 -58.8 163.3 22.8 131.3 9.2 416.2 -295.7 -8.0 135.4 -57.6 75.1 23.8 40.7 10.6 440.6 -310.8 -4.7 140.2 -56.7 48.9 26.4 16.0 6.6 438.4 -356.0 -3.5 137.0 -61.3 46.8 27.3 14.8 4.7 475.1 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA316140005 FA316220001 FA316601001 FA316404001 FA316403105 FA316403001 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) -269.9 1079.7 950.8 1632.2 67.2 510.7 -286.6 1256.0 970.9 1774.4 68.1 558.8 -327.3 1445.2 904.0 1796.9 67.1 530.1 -321.6 1546.0 938.1 1801.5 56.1 499.3 -198.0 1699.4 1091.3 1842.4 70.7 503.9 -295.7 1860.0 1140.9 1901.2 87.8 547.6 -310.8 1986.7 1193.4 1987.4 77.0 585.4 -356.0 1963.2 1230.2 2039.3 78.3 609.2 17 18 19 20 21 22 23 24 FA316012005 FA316901001 Equals: Disposable income, net Less: Final consumption expenditures -315.1 933.7 -324.8 1003.9 -238.1 1006.1 -82.2 1007.8 317.2 961.0 344.3 954.5 373.4 960.0 267.3 964.5 23 24 25 FA316006085 Equals: Net saving -1248.8 -1328.7 -1244.1 -1090.1 -643.8 -610.2 -586.7 -697.3 25 -1435.1 -1248.8 186.3 -1455.0 -1328.7 126.3 -1358.0 -1244.1 113.9 -1175.0 -1090.1 85.0 -702.0 -643.8 58.2 -668.6 -610.2 58.4 -638.0 -586.7 51.4 -750.9 -697.3 53.6 26 27 28 40.6 53.7 39.1 18.4 -2.0 -9.9 -38.1 -12.9 29 284.0 234.5 -8.9 300.0 245.3 -1.0 297.4 257.4 -0.9 284.7 264.3 -2.0 268.4 268.0 -2.4 263.7 271.0 -2.6 264.0 271.3 -30.7 267.0 271.3 -8.6 30 31 32 -1475.7 -1508.7 -1397.1 -1193.4 -700.0 -658.6 -600.0 -738.0 33 -1475.7 -1508.7 -1397.1 -1193.4 -700.0 -658.6 -600.0 -738.0 34 247.4 279.9 -148.4 118.6 217.6 173.6 234.4 211.0 35 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.7 36 37 38 Capital account 26 27 28 FA316006385 FA316006085 FA315440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA315050905 30 31 32 FA315019001 FA316300003 FA315420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) Integrated Accounts Financial account 34 FA315000995 Net lending (+) or borrowing (-) (line 33) 35 FA314090005 Net acquisition of financial assets 36 37 38 FA313011105 FA313011205 FA313011303 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 FA314000005 FA313011505 FA313011405 FA313020005 FA313030003 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies -170.2 0.3 3.4 -174.2 0.3 0.0 150.5 0.3 1.3 148.9 0.1 0.0 -239.9 -0.2 18.2 -257.6 -0.3 0.0 11.1 0.2 4.0 6.7 0.2 0.0 65.8 0.2 -3.4 69.6 -0.5 -0.0 57.2 0.1 -3.9 60.8 0.2 0.0 103.5 0.1 -6.5 109.9 0.0 0.0 67.0 0.0 1.5 65.7 -0.2 0.0 39 40 41 42 43 44 45 46 47 FA314022005 FA313061703 FA313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 142.5 142.0 0.6 -46.9 -47.2 0.3 -118.2 -118.1 -0.1 -31.3 -31.1 -0.2 -0.1 0.0 -0.1 -0.0 0.0 -0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 45 46 47 48 49 50 51 52 FA314023005 FA314041005 FA313066220 FA313069005 FA313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 176.3 163.7 97.5 66.2 12.6 129.3 134.8 131.1 3.6 -5.4 139.0 135.7 131.0 4.8 3.3 131.7 130.1 127.5 2.6 1.6 124.4 120.5 113.3 7.2 4.0 114.5 112.8 110.7 2.0 1.7 104.8 105.5 103.4 2.1 -0.7 103.0 99.8 99.6 0.2 3.2 48 49 50 51 52 53 54 55 56 57 FA313081115 FA313064105 FA313092803 FA313092403 FA313094303 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.4 40.3 2.6 0.0 0.5 -14.2 -13.2 2.4 0.0 -3.4 -4.4 -4.8 2.2 0.0 -1.8 0.7 -1.6 2.3 0.0 0.0 2.2 -0.0 2.2 0.0 0.0 1.9 -0.1 2.0 0.0 0.0 53 54 55 56 57 177 Z.1, June 7, 2018 S.7.a Federal Government (1) Billions of dollars 2009 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 2010 2011 2012 2013 2014 2015 2016 58 59 60 61 FA313096005 FA313070000 FA313078005 FA313093003 62 FA314190005 63 FA313111303 SDR allocations 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 63 64 FA314100005 Currency and deposits -0.4 -0.3 0.0 0.0 -0.4 -0.3 -0.0 0.0 64 65 66 67 FA314122005 FA313161105 FA313161705 Debt securities Treasury securities Federal agency securities 1505.8 1505.7 0.1 1645.9 1645.3 0.7 1138.7 1137.6 1.1 1180.6 1181.0 -0.4 857.3 857.7 -0.4 735.9 736.0 -0.1 724.6 724.4 0.2 842.7 842.8 -0.1 65 66 67 68 FA313165403 Loans (mortgages) 69 70 71 72 FA313152005 FA313140003 FA313195105 FA343073005 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 73 74 75 76 FA313196005 FA713014003 FA313170005 FA313193005 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 77 FA315000005 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 29.1 4.8 25.6 -1.3 21.2 2.6 22.0 -3.5 31.8 3.3 24.9 3.7 1.3 -5.2 -3.7 10.2 23.9 12.7 -1.0 12.2 38.5 3.8 23.5 11.2 58 59 60 61 1538.4 1696.7 1201.5 1248.7 879.7 770.3 770.1 907.3 62 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68 34.6 1.1 16.6 16.9 42.6 0.9 22.5 19.2 40.5 1.3 18.5 20.7 63.1 0.3 13.3 49.4 4.0 0.2 12.2 -8.4 32.7 0.8 10.4 21.6 26.2 -0.1 7.4 18.9 27.8 0.1 12.9 14.9 69 70 71 72 -49.3 3.0 -55.2 2.9 8.4 0.0 6.1 2.4 22.3 0.0 8.7 13.6 5.0 0.0 13.3 -8.3 18.8 0.0 17.5 1.3 1.9 0.0 -1.1 3.0 19.4 0.0 15.8 3.5 36.8 0.0 31.1 5.8 73 74 75 76 -1291.0 -1416.8 -1349.9 -1130.0 -662.0 -596.7 -535.8 -696.3 77 128.7 0.0 -56.0 -184.7 -31.0 0.0 -122.8 -91.9 48.4 0.0 1.2 -47.2 43.0 0.0 -20.4 -63.4 25.7 0.0 -12.3 -37.9 77.6 0.0 15.6 -62.0 118.5 0.0 54.3 -64.2 48.8 0.0 7.1 -41.7 78 79 80 81 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 69.3 49.4 12.2 7.7 50.0 36.2 2.0 11.9 79.4 50.0 3.7 25.8 54.2 38.9 10.0 5.3 11.5 9.1 -3.3 5.7 49.9 45.5 1.6 2.7 82 83 84 85 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -32.1 -0.1 -0.5 -32.4 0.9 -4.7 0.1 0.0 -4.7 -0.0 0.1 0.1 0.0 0.0 0.0 -5.0 -3.3 -1.7 0.0 0.0 -3.3 -2.3 -1.1 0.0 0.0 -2.1 -1.5 -0.6 0.0 0.0 86 87 88 89 90 Other changes in volume account 78 79 80 81 FV318090185 FV312010095 FV318090085 FU317005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (3) Revaluation account 82 83 84 85 FR312010095 FR315014665 FR315013265 FR315013765 Nonfinancial assets Structures Equipment Intellectual property products 86 87 88 89 90 FR318080005 FR313011105 FR314000005 FR313064105 FR313094303 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 91 FR313111303 Liabilities (SDR allocations) 92 FR318200005 Changes in net worth due to nominal holding gains/losses 0.2 -1.0 -0.2 0.1 0.1 -3.2 -2.2 -1.5 91 -157.9 18.5 37.4 45.3 79.4 52.4 10.4 49.3 92 -1464.3 -1467.5 -1272.2 -1086.8 -596.9 -538.5 -509.1 -652.8 93 Changes in balance sheet account 93 FC312090095 Change in net worth (lines 29+33+78+92) 94 FL312000095 4238.8 4577.3 4489.0 4657.1 4934.7 5156.1 5406.0 5647.3 94 95 96 97 98 LM312010095 LM315014665 LM315013265 LM315013765 Nonfinancial assets (4) Structures Equipment Intellectual property products 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3066.8 1406.9 711.0 948.9 3137.2 1439.8 726.6 970.8 3217.1 1481.4 734.4 1001.3 3264.0 1510.4 746.0 1007.5 3268.2 1509.0 744.5 1014.7 3313.7 1543.4 748.1 1022.2 95 96 97 98 99 FL314090005 Financial assets 1396.7 1619.8 1422.2 1519.9 1717.6 1892.2 2137.8 2333.6 99 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 55.2 0.0 55.2 51.9 0.0 51.9 49.7 0.0 49.7 100 101 102 FL313011105 FL313011205 FL313011303 Total assets Monetary gold and SDRs Monetary gold SDR holdings 48.9 100 0.0 101 48.9 102 Integrated Accounts Balance sheet account (end of period) 178 Z.1, June 7, 2018 S.7.a Federal Government (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 103 104 105 106 107 108 FL314000005 FL313011505 FL313011405 FL313020005 FL313030003 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 234.9 25.0 11.5 193.9 1.9 2.6 385.2 25.7 12.6 342.3 2.0 2.6 144.8 25.6 30.3 84.6 1.7 2.6 155.9 24.7 34.4 92.2 2.0 2.6 221.8 23.6 31.0 163.0 1.5 2.6 277.2 20.7 25.3 226.8 1.7 2.6 379.7 19.5 17.7 338.1 1.8 2.6 109 110 111 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 0.5 0.0 0.5 0.5 0.0 0.5 112 113 114 115 116 FL314023005 FL314041005 FL313066220 FL313069005 FL313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 516.4 408.0 232.7 175.3 108.4 649.3 542.7 363.8 179.0 106.6 788.4 678.5 494.8 183.7 109.9 920.1 808.6 622.2 186.3 111.5 1044.5 929.0 735.5 193.5 115.5 1159.0 1041.8 846.2 195.5 117.2 1263.7 1147.3 949.7 197.6 116.5 1366.7 1247.0 1049.3 197.8 119.7 112 113 114 115 116 117 118 119 120 121 FL313081115 LM313064105 FL313092803 FL313092403 LM313094303 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program 118.7 67.4 50.5 0.0 0.9 106.6 49.9 52.8 0.0 3.8 118.4 57.8 55.4 0.0 5.2 99.5 39.9 57.8 0.0 1.8 95.1 35.1 60.0 0.0 0.0 95.8 33.4 62.4 0.0 0.0 98.0 33.4 64.6 0.0 0.0 99.9 33.3 66.6 0.0 0.0 117 118 119 120 121 122 123 124 125 FL313096005 FL313070000 FL313078005 FL313093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.7 50.3 158.6 79.8 300.5 53.6 163.4 83.4 307.7 48.4 165.6 93.6 346.2 61.2 179.2 105.8 371.4 64.9 189.5 117.0 122 123 124 125 126 FL312000095 Total liabilities and net worth 4238.8 4577.3 4489.0 4657.1 4934.7 5156.1 5406.0 5647.3 126 127 FL314190005 11006.9 12812.8 13996.8 15251.7 16126.1 16886.1 17645.0 18539.1 127 128 FL313111303 SDR allocations 55.4 54.4 54.2 54.3 54.4 51.2 48.9 47.5 128 129 FL314100005 Currency and deposits 26.2 25.9 25.9 25.9 25.6 25.3 25.3 25.3 129 130 131 132 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities Federal agency securities 8882.6 8859.2 23.5 10528.6 10504.4 24.2 11667.3 11642.0 25.3 12847.8 12822.9 24.9 13705.1 13680.6 24.5 14441.1 14416.7 24.4 15165.6 15141.1 24.6 16008.3 130 15983.8 131 24.5 132 133 FL313165403 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 133 134 135 136 137 FL313152005 FL313140003 FL313195105 FL343073005 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 1828.7 47.8 180.4 1600.5 1984.3 48.7 202.9 1732.7 2021.5 50.0 221.4 1750.1 2082.7 50.3 234.8 1797.7 2083.2 50.5 246.9 1785.7 2112.3 51.3 257.3 1803.7 2133.6 51.1 264.7 1817.8 2156.1 51.3 277.6 1827.3 134 135 136 137 138 139 140 141 FL313196005 FL713014003 FL313170005 FL313193013 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 214.0 5.2 204.8 4.0 219.6 5.2 210.8 3.6 228.0 5.2 219.6 3.2 240.9 5.2 232.9 2.8 257.9 5.2 250.4 2.3 256.2 5.2 249.3 1.8 271.5 5.2 265.1 1.2 301.9 5.2 296.2 0.6 138 139 140 141 142 FL312090095 -6768.1 -8235.6 -9507.8 -10594.6 -11191.5 -11730.0 -12239.0 Liabilities Net worth 446.1 19.3 18.7 404.0 1.5 2.6 0.5 109 0.0 110 0.5 111 -12891.9 142 (1) The federal government sector excludes federal government employee retirement funds. (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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. Integrated Accounts 103 104 105 106 107 108 179 Z.1, June 7, 2018 S.8.a State and Local Governments (1) Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 1419.4 1454.2 1471.4 1496.5 1532.0 1578.2 1630.1 1676.6 1 Current account 1 FA206902505 Gross value added 2 FA206300003 Less: Consumption of fixed capital 208.2 212.7 222.2 231.9 238.5 245.9 250.6 254.9 2 3 4 5 6 7 FA206902605 FA206025001 FA206020001 FA206401005 FA206402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1249.2 1266.5 863.1 403.5 -17.4 1264.6 1275.0 870.6 404.4 -10.4 1293.5 1303.3 887.6 415.8 -9.8 1332.3 1342.2 912.9 429.3 -9.9 1379.5 1389.0 945.2 443.9 -9.6 1421.7 1428.3 971.1 457.2 -6.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA206140005 FA206402101 FA206240001 FA206402015 FA206150195 FA206130101 FA206121101 FA206112101 FA206130095 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) 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 864.6 -17.4 994.0 -0.5 79.2 64.8 2.6 11.7 190.7 880.3 -10.4 1016.9 -0.5 75.4 59.8 3.3 12.3 201.2 914.5 -9.8 1050.1 -0.5 75.4 58.9 3.6 12.9 200.7 971.2 -9.9 1086.2 -0.5 75.3 58.6 3.8 12.9 180.0 1000.0 -9.6 1115.6 -0.5 76.3 59.4 4.2 12.7 181.7 1025.1 -6.6 1151.0 -0.5 78.2 60.3 4.6 13.3 197.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA206140005 FA206220005 FA206601001 FA206404001 FA206403105 FA206403001 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) 811.0 333.4 18.6 492.6 566.1 0.0 829.5 345.3 18.1 523.8 612.0 0.0 864.6 374.3 18.2 530.4 582.1 0.0 880.3 399.2 18.0 540.0 558.0 0.0 914.5 431.3 18.5 563.4 571.3 0.0 971.2 440.5 19.6 616.9 625.0 0.0 1000.0 468.6 19.8 664.0 680.0 0.0 1025.1 477.7 20.3 692.6 695.6 0.0 17 18 19 20 21 22 23 FA206012005 Equals: Disposable income, net 1236.4 1281.0 1308.9 1315.5 1372.2 1439.3 1504.4 1526.1 23 24 FA206901001 Less: Final consumption expenditures 1508.4 1518.3 1524.8 1536.3 1562.7 1608.2 1650.8 1693.6 24 25 FA206006095 Equals: Net saving -271.9 -237.3 -215.9 -220.8 -190.5 -168.9 -146.4 -167.4 25 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -142.1 -215.9 -73.8 -146.6 -220.8 -74.2 -118.9 -190.5 -71.6 -98.2 -168.9 -70.7 -77.4 -146.4 -69.0 -95.0 -167.4 -72.4 26 27 28 167.2 149.7 127.6 107.0 94.4 94.2 103.8 98.4 29 363.0 208.2 12.3 351.9 212.7 10.6 340.5 222.2 9.2 329.7 231.9 9.1 323.9 238.5 9.0 330.7 245.9 9.5 344.1 250.6 10.2 342.7 254.9 10.5 30 31 32 -371.4 -310.3 -269.6 -253.6 -213.3 -192.5 -181.2 -193.4 33 -371.4 -310.3 -269.6 -253.6 -213.3 -192.5 -181.2 -193.4 34 111.0 111.1 -27.1 -6.4 70.4 41.5 29.6 152.3 35 26.2 14.9 11.3 5.9 6.0 -0.1 34.8 17.1 17.8 2.6 -14.9 17.5 22.4 3.4 19.0 27.1 14.3 12.8 2.2 -12.3 14.5 1.3 -5.3 6.6 36 37 38 19.5 -32.3 2.3 36.2 1.6 11.8 72.5 14.5 14.2 31.7 1.6 10.4 -63.0 -12.4 -34.3 -14.3 0.2 -2.3 -21.4 -10.7 29.2 -36.5 -0.3 -3.2 -5.2 -6.0 2.8 -8.9 0.5 6.4 -14.7 -9.3 23.0 -28.2 -0.0 -0.2 -10.5 -4.9 26.0 -35.9 0.3 4.0 88.2 0.2 62.2 15.7 0.8 9.4 39 40 41 42 43 44 Capital account 26 27 28 FA206006395 FA206006095 FA205440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA205050905 30 31 32 FA205019001 FA206300003 FA205420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA205000995 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 FA205000995 Net lending (+) or borrowing (-) (line 33) 35 FA214090005 Net acquisition of financial assets 36 37 38 FA214000005 FA213020005 FA213030005 Currency and deposits Currency and transferable deposits Time and savings deposits 39 40 41 42 43 44 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 45 46 47 FA214035005 FA212051003 FA213065005 Loans Short term Long term (mortgages) 21.9 2.8 19.1 17.9 0.8 17.1 -4.3 -4.8 0.5 -1.7 -0.1 -1.5 16.5 7.2 9.4 2.7 2.2 0.6 11.3 5.5 5.8 19.4 7.4 12.0 45 46 47 48 49 50 51 FA213081005 FA213034003 FA213064103 FA213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 23.4 16.9 2.7 3.9 21.5 16.6 1.3 3.6 -1.5 2.2 -3.5 -0.2 -3.4 -0.8 -1.7 -0.9 13.6 8.4 3.4 1.8 2.0 2.1 -0.1 -0.1 9.5 6.3 2.1 1.1 16.8 9.3 5.0 2.6 48 49 50 51 52 53 54 55 FA213096005 FA213070003 FA213078005 FA213093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 19.9 -4.6 -5.8 30.3 -6.7 13.1 1.0 -20.7 6.9 5.6 2.4 -1.1 17.4 5.4 9.5 2.6 23.1 9.4 5.1 8.6 24.4 11.1 8.8 4.5 17.1 5.2 4.4 7.4 26.6 16.8 3.3 6.5 52 53 54 55 Integrated Accounts Financial account 180 Z.1, June 7, 2018 S.8.a State and Local Governments (1) Billions of dollars 2009 56 FA214190005 57 58 59 FA213162005 FA213162400 FA213162200 Net incurrence of liabilities Debt securities (municipals) Short term Other 60 FA213169203 Loans (short term) 61 FA223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 62 FA213170003 Other accounts payable (trade payables) 63 FA215000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) 2010 2011 2012 2013 2014 2015 2016 541.8 385.7 262.6 213.5 298.2 185.8 199.6 302.7 56 137.3 7.9 129.4 77.9 -0.9 78.8 -41.1 -10.6 -30.5 -1.2 3.8 -5.1 -55.2 -10.9 -44.3 -39.0 -6.4 -32.6 8.9 -5.9 14.8 30.7 -2.8 33.5 57 58 59 0.8 0.9 0.9 0.4 0.5 0.4 0.3 0.9 60 364.8 268.5 264.5 176.3 314.8 185.1 149.9 229.9 61 38.9 38.5 38.4 38.1 38.2 39.4 40.5 41.2 62 -430.8 -274.6 -289.7 -219.9 -227.8 -144.3 -170.0 -150.4 63 -20.5 0.0 39.0 59.5 -206.8 0.0 -242.5 -35.7 -12.4 0.0 7.7 20.1 59.9 -7.6 33.9 -33.7 -15.0 0.0 -0.5 14.5 -7.9 0.0 -56.1 -48.2 -47.5 0.0 -58.7 -11.2 6.7 0.0 -36.3 -43.0 64 65 66 67 -105.2 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.7 389.2 1.6 1.9 225.9 222.6 1.9 1.4 240.2 236.6 1.7 1.8 170.6 166.5 2.8 1.2 39.2 38.7 0.6 -0.1 259.6 258.4 0.6 0.6 68 69 70 71 32.6 21.4 1.8 18.7 37.6 13.7 -1.6 14.3 72 -425.5 -249.2 42.4 -280.5 -498.4 -156.7 109.3 -181.8 73 352.9 446.4 352.1 525.1 776.2 341.0 -71.7 455.7 74 128.2 79.0 197.7 438.4 642.3 234.8 -196.6 367.3 75 10945.5 11389.1 11872.0 12217.1 12649.3 12959.1 13119.1 13632.9 76 Other changes in volume account 64 65 66 67 FV218090185 FV212010095 FV218090085 FU217005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) Revaluation account 68 69 70 71 FR212010095 FR215015605 FR215013265 FR215013765 Nonfinancial assets Structures Equipment Intellectual property products 72 FR213081005 Financial assets (equity and investment fund shares) 73 FR223073045 Liabilities (claim of pension funds on sponsor) 74 FR218200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 75 FC212090095 Change in net worth (lines 29+33+64+74) Integrated Accounts Balance sheet account (end of period) 76 FL212000095 77 78 79 80 LM212010095 LM215015605 LM215013265 LM215013765 Nonfinancial assets (4) Structures Equipment Intellectual property products 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9068.6 8711.9 246.5 110.2 9384.7 9022.9 246.7 115.2 9710.3 9341.5 247.7 121.2 9965.7 9589.9 249.5 126.3 10098.5 9718.4 249.7 130.4 10446.0 10060.1 251.1 134.8 77 78 79 80 81 FL214090005 Financial assets 2702.5 2831.6 2803.4 2832.4 2939.0 2993.4 3020.6 3186.9 81 82 83 84 FL214000005 FL213020005 FL213030005 Currency and deposits Currency and transferable deposits Time and savings deposits 354.5 79.0 275.6 360.4 85.0 275.4 395.2 102.0 293.2 416.9 92.4 324.5 439.4 95.9 343.5 466.5 110.2 356.3 468.7 97.9 370.8 470.0 92.6 377.4 82 83 84 85 86 87 88 89 90 FL214022005 FL213069103 FL213061105 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 1347.9 90.4 590.5 496.6 11.6 158.8 1420.4 105.0 604.7 528.3 13.2 169.2 1357.4 92.6 570.4 514.0 13.4 166.9 1335.9 81.9 599.6 477.5 13.2 163.7 1330.7 75.9 602.5 468.5 13.7 170.2 1316.0 66.6 625.5 440.4 13.7 170.0 1305.6 61.7 651.4 404.5 14.0 174.0 1393.7 61.9 713.6 420.2 14.8 183.3 85 86 87 88 89 90 91 92 93 FL214035005 FL212051003 FL213065005 Loans Short term Long term (mortgages) 323.3 127.7 195.6 337.7 128.5 209.3 330.6 123.6 206.9 326.4 123.5 202.9 341.6 130.7 210.9 343.5 132.8 210.7 353.9 138.3 215.6 373.0 145.7 227.2 91 92 93 94 95 96 97 FL213081005 FL213034003 LM213064103 LM213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 301.2 137.9 114.0 49.3 344.1 154.5 129.7 59.9 344.4 156.6 127.5 60.3 359.8 155.9 138.1 65.8 410.9 164.3 166.4 80.3 426.6 166.4 175.3 84.9 434.6 172.7 176.4 85.5 465.7 182.0 190.8 92.9 94 95 96 97 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 375.7 139.1 116.8 119.7 369.0 152.2 117.8 99.0 375.9 157.8 120.2 97.9 393.3 163.2 129.7 100.4 416.4 172.6 134.8 109.0 440.8 183.8 143.6 113.5 457.8 189.0 148.0 120.9 484.5 98 205.8 99 151.3 100 127.4 101 98 FL213096005 99 FL213070003 100 FL213078005 101 FL213093003 Total assets 181 Z.1, June 7, 2018 S.8.a State and Local Governments (1) Billions of dollars 102 FL212100005 103 FL214190005 Total liabilities and net worth 104 105 106 FL213162005 FL213162400 FL213162200 Debt securities (municipals) Short term Other 107 FL213169203 Loans (short term) 108 FL223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 109 FL213170003 Other accounts payable (trade payables) 110 FL212090095 Liabilities Net worth 2009 2010 2011 2012 2013 2014 2015 2016 10945.5 11389.1 11872.0 12217.1 12649.3 12959.1 13119.1 13632.9 102 4961.4 5326.0 5611.3 5518.0 5307.9 5382.8 5739.4 5885.8 103 3102.5 64.0 3038.5 3180.3 63.1 3117.3 3139.2 52.4 3086.7 3137.9 56.2 3081.7 3082.7 45.3 3037.4 3043.7 38.9 3004.8 3052.6 33.0 3019.6 3083.4 104 30.2 105 3053.1 106 13.5 14.4 15.3 15.7 16.2 16.6 16.9 17.8 107 1214.8 1462.3 1749.4 1618.9 1425.3 1499.5 1806.4 1880.0 108 630.5 669.0 707.4 745.5 783.6 823.0 863.5 904.7 109 5984.1 6063.1 6260.8 6699.2 7341.5 7576.3 7379.7 7747.1 110 Integrated Accounts (1) The state and local government sector excludes state and local government employee retirement funds. (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 transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 182 Z.1, June 7, 2018 S.9.a Rest of the World Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 Current account 1 2 3 4 FA266905095 FA266903001 FA266904195 FA266400101 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 2712.0 1983.2 497.8 231.0 3115.5 2365.0 514.1 236.4 3485.8 2686.4 546.0 253.4 3582.1 2763.8 563.9 254.3 3620.1 2768.6 581.3 270.2 3750.2 2883.2 612.6 254.4 3659.7 2789.0 608.4 262.3 3660.1 2735.8 647.2 277.1 1 2 3 4 5 6 7 8 FA266900095 FA266903011 FA266904095 FA266400201 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world Current taxes and trans. receipts from rest of world (1) 2330.1 1587.7 648.9 93.4 2669.6 1852.3 720.0 97.2 3004.2 2106.4 792.6 105.2 3113.9 2198.2 801.5 114.2 3234.0 2276.6 825.5 131.8 3366.1 2373.6 847.2 145.3 3209.1 2264.9 812.9 131.3 3199.1 2214.6 844.3 140.3 5 6 7 8 9 FA266000095 Equals: Net saving (current external balance) 381.9 445.9 481.5 468.2 386.1 384.0 450.6 460.9 9 381.9 445.9 481.5 468.2 386.1 384.0 450.6 460.9 10 Capital account 10 FA266000095 Net saving 11 FA265440005 Less: Net capital transfers 12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets 13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) -0.6 -0.7 -1.6 6.5 -0.8 -0.4 -0.4 -0.4 11 0.0 -0.0 -0.0 -0.1 0.0 -0.0 0.0 0.0 12 382.5 446.6 483.2 461.7 386.9 384.4 451.0 461.4 13 Integrated Accounts Financial account 14 FA265000905 Net lending (+) or borrowing (-) (line 13) 382.5 446.6 483.2 461.7 386.9 384.4 451.0 461.4 14 15 FA264090005 Net acquisition of U.S. financial assets 293.4 1109.3 1069.7 870.6 1118.5 1152.1 550.4 739.9 15 16 17 18 FA263011005 FA263011205 FA313111303 Monetary gold and SDRs Monetary gold SDR allocations 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 16 17 18 19 20 21 22 23 FA264000005 FA263025003 FA263027003 FA263030005 FA264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks -199.3 12.6 -21.8 -73.3 -116.8 -10.4 28.3 1.2 4.9 -44.7 357.0 55.0 26.8 47.3 227.8 -28.0 57.1 11.1 38.0 -134.3 368.8 37.7 13.0 51.5 266.6 102.6 66.3 16.6 54.2 -34.5 -45.6 38.4 -5.7 -18.6 -59.6 -6.3 42.3 18.7 73.1 -140.4 19 20 21 22 23 24 25 26 27 28 29 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 160.4 -48.4 554.4 -226.0 7.7 -127.3 639.4 -10.7 740.4 -66.6 13.1 -36.8 203.6 0.7 355.3 -41.6 0.6 -111.5 495.9 0.1 589.7 -73.6 -0.6 -19.7 553.6 -0.9 423.2 -83.6 4.5 210.4 533.6 7.7 320.2 -8.1 4.3 209.6 406.6 -2.3 42.7 24.8 6.5 334.9 349.1 37.0 -99.3 78.4 7.3 325.8 24 25 26 27 28 29 30 31 32 FA264041005 FA262051003 FA263069500 Loans (short term) Security repurchases Loans to U.S. corporate business -98.7 -54.8 -44.0 72.2 92.4 -20.2 126.5 92.6 33.9 -59.5 -7.2 -52.2 29.9 34.1 -4.2 136.7 105.7 31.0 -108.4 -145.3 36.9 62.5 66.8 -4.3 30 31 32 33 34 35 36 37 FA263081005 FA263034003 FA263064105 FA263064203 FA263092001 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 377.0 7.2 194.3 17.8 157.7 389.5 -7.1 130.9 55.2 210.5 365.5 4.6 48.1 70.7 242.2 450.5 22.6 137.0 79.5 211.5 154.6 9.2 -56.5 -15.4 217.3 366.6 -0.9 114.7 40.4 212.3 289.4 2.3 -191.3 1.7 476.7 327.3 0.8 -194.2 52.4 468.3 33 34 35 36 37 38 FA263070003 Other accounts receivable 6.3 18.6 17.1 11.6 11.5 12.6 8.4 7.3 38 39 FA264190005 Net incurrence of liabilities 177.1 852.4 617.1 403.4 784.6 876.5 322.8 408.4 39 40 FA313011303 SDR holdings 48.2 0.0 -1.8 0.0 0.0 0.0 0.0 0.7 40 41 42 43 44 45 FA264100005 FA263111503 FA263111403 FA263191005 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -39.8 0.7 3.4 -43.9 0.0 73.4 0.5 1.3 71.6 0.0 -197.3 -0.5 18.1 -215.0 0.0 -143.0 0.4 4.0 -147.4 0.0 28.0 0.3 -3.4 31.1 -0.0 -122.6 0.2 -3.8 -119.0 0.0 -252.3 0.2 -6.5 -246.0 0.0 -88.5 0.1 1.3 -89.9 0.0 41 42 43 44 45 46 47 48 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds 236.6 64.8 171.8 124.7 17.1 107.6 128.2 -22.0 150.2 160.8 48.2 112.6 206.1 66.3 139.8 162.8 8.9 153.9 -31.3 54.6 -85.9 23.3 -61.7 85.0 46 47 48 49 50 51 52 53 FA264141005 FA262151003 FA263169005 FA263168005 FA713091103 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) -466.6 86.0 0.5 -9.6 -543.5 259.9 207.9 0.3 61.8 -10.2 228.6 96.4 1.4 31.1 99.7 -8.4 36.0 5.6 40.9 -90.9 -54.0 -108.6 1.4 61.8 -8.6 109.2 17.0 2.4 88.6 1.3 134.1 76.3 -0.1 58.5 -0.5 154.8 115.3 -2.0 36.9 4.6 49 50 51 52 53 183 Z.1, June 7, 2018 S.9.a Rest of the World Billions of dollars 2009 54 55 56 57 58 FA263181105 FA263164103 FA313092803 FA263192005 FA263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 59 FA263170003 Other accounts payable 60 FA265000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-39) 2010 2011 2012 2013 2014 2015 2016 398.1 63.7 1.7 309.3 23.5 388.4 79.2 2.3 296.3 10.6 455.4 7.0 2.6 415.3 30.6 393.2 104.0 2.4 338.4 -51.5 594.7 287.4 2.2 321.9 -16.9 732.9 431.6 2.3 313.5 -14.6 473.9 196.9 2.2 281.7 -6.9 317.3 14.4 2.0 300.5 0.4 54 55 56 57 58 0.5 6.0 4.0 0.7 9.8 -5.8 -1.7 0.9 59 116.3 256.9 452.6 467.2 333.8 275.6 227.6 331.4 60 -251.7 14.5 266.2 -179.3 10.4 189.7 -40.1 -9.5 30.6 -0.2 -5.7 -5.6 -44.5 8.6 53.1 -108.9 0.0 108.9 -220.5 2.9 223.4 -129.9 0.0 129.9 61 62 63 Other changes in volume account 61 62 63 FV268090185 FV268090085 FU267005005 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-60) (3) Revaluation account 64 FR264090005 434.4 605.1 185.2 541.5 994.8 680.7 -579.6 461.0 64 65 FR263011005 Financial assets Monetary gold and SDRs 0.2 -1.0 -0.2 0.1 0.1 -3.2 -2.2 -1.5 65 66 FR264000005 Currency and deposits 0.0 4.2 0.1 -0.0 -0.0 -0.2 -0.3 -0.2 66 67 68 69 70 71 FR264022005 FR263069103 FR263061105 FR263061705 FR263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds 64.0 0.1 -136.8 -26.2 226.9 132.3 -4.3 47.9 12.4 76.3 293.5 -0.2 190.3 23.9 79.4 120.2 -0.0 -22.6 -3.4 146.3 -332.0 -0.6 -202.6 -33.8 -95.0 53.3 -1.1 44.9 24.0 -14.5 -243.1 -1.4 -54.1 -7.9 -179.6 -26.6 -0.5 -40.6 -6.9 21.4 67 68 69 70 71 72 73 74 75 FR263081005 FR263064105 FR263064203 FR263092001 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 369.8 533.3 32.7 -196.1 469.5 425.1 24.0 20.4 -108.2 -59.7 -5.4 -43.1 421.2 418.8 45.6 -43.2 1326.8 1308.9 73.0 -55.1 631.1 600.5 23.1 7.5 -333.7 -228.3 -17.8 -87.6 489.5 462.2 33.8 -6.4 72 73 74 75 76 FR263070003 Other accounts receivable 0.3 0.1 -0.1 0.0 -0.0 -0.3 -0.3 -0.2 76 77 FR264194005 1325.4 792.2 -686.3 914.3 588.7 -72.7 -432.3 270.3 77 78 FR313011303 SDR holdings 0.2 -1.0 -0.1 0.1 0.1 -3.3 -2.3 -1.5 78 79 80 81 82 83 FR264100005 FR263111503 FR263111403 FR263191005 FR263191103 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -0.0 0.3 0.3 -0.7 0.0 -25.2 1.1 -0.2 -26.1 0.0 -22.7 0.3 -0.5 -22.5 0.0 -1.8 -2.3 0.0 0.5 0.0 -2.6 -2.6 0.0 -0.0 0.0 -12.9 -5.9 -1.7 -5.2 0.0 -4.8 -2.8 -1.1 -0.8 0.0 -0.6 -0.3 -0.6 0.3 0.0 79 80 81 82 83 84 FR263163005 Debt securities (corporate bonds) 179.3 102.5 54.2 146.6 -122.7 54.6 -82.2 41.7 84 85 FR263169205 Loans (other loans and advances) 86 87 88 FR263181105 FR263164103 FR263192005 Equity and investment fund shares Corporate equities U.S. direct investment abroad 89 FR263170003 Other accounts payable 90 FR265000005 Liabilities Changes in net worth due to nominal holding gains/losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85 1145.6 1183.2 -37.5 716.0 825.8 -109.8 -717.7 -647.3 -70.5 769.6 716.4 53.1 714.0 863.6 -149.6 -110.7 -133.9 23.2 -342.4 -211.4 -131.1 230.9 226.4 4.5 86 87 88 0.1 -0.0 0.0 -0.1 -0.1 -0.5 -0.6 -0.3 89 -891.0 -187.1 871.5 -372.9 406.2 753.4 -147.3 190.7 90 -760.2 80.2 1314.5 88.6 748.7 1028.9 83.1 522.1 91 14415.3 16129.6 17626.4 19038.4 21148.3 22981.1 22951.8 24152.6 92 Changes in balance sheet account 91 FC262090095 Change in net worth (lines 13+61+90) 92 FL264090005 Total financial assets (4) 93 FL313111303 SDR allocations 94 95 96 97 98 FL264000005 FL263025003 FL263027003 FL263030005 FL264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 55.4 54.4 54.2 54.3 54.4 51.2 48.9 47.5 93 636.9 313.8 47.2 299.2 -23.2 630.7 342.1 48.4 308.2 -68.0 987.8 397.1 75.2 355.6 159.9 959.7 454.2 86.3 393.7 25.4 1328.5 491.9 99.4 445.1 292.0 1430.8 558.2 116.0 499.2 257.5 1384.9 596.6 110.2 480.2 197.9 1378.4 638.9 129.0 553.0 57.5 94 95 96 97 98 Integrated Accounts Financial balance sheet account (end of period) 184 Z.1, June 7, 2018 S.9.a Rest of the World Billions of dollars 2009 2010 2011 2012 2013 2014 2015 2016 7479.9 117.2 3670.6 1150.0 58.7 2483.5 8251.6 102.1 4458.8 1095.8 71.7 2523.1 8748.7 102.7 5004.4 1078.2 72.4 2491.0 9364.8 102.8 5571.5 1001.2 71.8 2617.6 9586.9 101.3 5792.6 883.8 76.2 2732.9 10173.8 107.9 6157.7 899.6 80.6 2928.0 10337.3 104.3 6146.2 916.5 87.0 3083.3 10659.8 140.8 6006.3 987.9 94.3 3430.5 671.9 489.4 182.5 744.0 581.8 162.3 874.6 678.5 196.1 815.2 671.3 143.9 845.1 705.4 139.7 981.8 811.1 170.6 873.4 665.8 207.5 5478.1 76.9 2657.4 183.4 2560.4 6337.1 69.8 3213.5 262.5 2791.4 6832.3 74.4 3397.2 370.4 2990.4 7704.0 96.9 3953.0 495.4 3158.7 9185.5 106.2 5205.4 553.1 3320.9 10183.2 105.3 5920.6 616.6 3540.7 10138.8 107.6 5500.9 600.6 3929.7 93.1 111.8 128.8 140.5 148.0 160.3 168.4 175.5 113 14415.3 16129.6 17626.4 19038.4 21148.3 22981.1 22951.8 24152.6 114 12231.2 13865.4 14047.7 15371.1 16732.3 17536.1 17423.7 18102.5 115 99 FL264022005 100 LM263069103 101 LM263061105 102 LM263061705 103 FL263062003 104 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 105 106 107 FL264041005 FL262051003 FL263069500 Loans (short term) Security repurchases Loans to U.S. corporate business 108 109 110 111 112 FL263081005 FL263034003 LM263064105 LM263064203 LM263092001 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 113 LM263070003 Other accounts receivable 114 FL262100005 Total liabilities and net worth 115 FL264194005 Total liabilities 116 FL313011303 SDR holdings 57.8 56.8 55.0 55.1 55.2 51.9 49.7 117 118 119 120 121 FL264100005 FL263111503 FL263111403 LM263191005 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 1322.7 50.2 11.4 1258.4 2.6 1370.8 51.8 12.5 1303.9 2.6 1150.8 51.6 30.1 1066.4 2.6 1006.0 49.7 34.2 919.5 2.6 1031.4 47.4 30.8 950.6 2.6 895.9 41.8 25.2 826.3 2.6 638.8 39.1 17.6 579.5 2.6 122 123 124 FL264122005 FL263169105 LM263163005 Debt securities Commercial paper Bonds 1849.1 319.1 1530.0 2076.3 336.2 1740.1 2258.7 314.2 1944.5 2566.1 362.4 2203.7 2649.5 428.7 2220.8 2866.9 437.6 2429.3 2753.4 492.3 2261.1 2818.4 122 430.6 123 2387.8 124 125 126 127 128 129 FL264141005 FL262151003 FL263169005 FL263168005 FL713091103 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 584.5 454.8 19.3 100.1 10.3 834.0 663.7 19.6 150.5 0.1 1072.5 764.7 21.0 187.0 99.8 1069.7 800.7 30.2 229.9 8.9 1015.7 692.2 31.6 291.7 0.3 1124.9 709.1 34.0 380.3 1.5 1256.2 785.4 33.8 435.9 1.0 1411.0 900.7 31.8 472.9 5.6 125 126 127 128 129 130 131 132 133 134 FL263181105 LM263164103 FL313092803 LM263192005 FL263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 8372.1 3995.3 50.5 4201.2 125.1 9476.5 4900.2 52.8 4387.8 135.6 9455.7 4501.4 55.4 4732.6 166.3 10618.5 5321.9 57.8 5124.0 114.7 11927.2 6472.9 60.0 5296.4 97.9 12549.4 6770.6 62.4 5633.1 83.3 12680.9 6756.2 64.6 5783.7 76.4 13229.1 6997.0 66.6 6088.7 76.8 130 131 132 133 134 135 LM263170003 136 FL262090095 Other accounts payable Net worth (external account) 935.9 105 732.6 106 203.3 107 10955.6 108.3 5768.9 686.7 4391.6 108 109 110 111 112 48.9 116 549.7 38.9 18.4 489.8 2.6 117 118 119 120 121 45.1 51.1 55.1 55.7 53.4 47.0 44.8 45.4 135 2184.0 2264.2 3578.7 3667.3 4416.0 5444.9 5528.1 6050.2 136 (1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world. (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 transactions, and other statistical differences between the capital and financial accounts. (4) Nonfinancial assets, including nonproduced nonfinancial assets, are not included on the balance sheet. Integrated Accounts 99 100 101 102 103 104
@FedFRASER