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For use at 12:00 p.m., eastern time Thursday September 16, 2004 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Second Quarter 2004 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Second Quarter 2004 Mortgage debt expanded at a double-digit annual rate last quarter and consumer credit rose moderately. Debt of nonfinancial businesses grew at an annual rate of 4-1/2 percent in the second quarter, a bit slower than in the first quarter. Among the components of nonfinancial business borrowing, net issuance of corporate bonds was negligible in the second quarter, but commercial mortgage borrowing was sizable and on a seasonally adjusted basis, bank loans posted the first quarterly net increase since late-2000. Domestic nonfinancial debt rose at a seasonally adjusted annual rate of 7-3/4 percent in the second quarter of 2004, somewhat slower than the 9 percent pace in the first quarter. The slowdown in debt growth last quarter was distributed broadly across all of the major nonfinancial sectors in the United States. On a seasonally adjusted basis, growth of federal government debt slowed to 10-3/4 percent at an annual rate in the second quarter from a 12 percent rate in the previous quarter. In the state and local government sector, debt expanded 4-1/2 percent at an annual rate last quarter, about half the first-quarter pace. Although growth of household debt slowed from the rapid pace of the previous quarter, it remained strong at an annual rate of 9-1/2 percent in the second quarter. The seasonally adjusted level of domestic nonfinancial debt outstanding was just under $23.3 trillion at the end of the second quarter of 2004. Debt of nonfederal sectors was $19 trillion and federal debt held by the public was about $4.3 trillion. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1994 1995 1996 1997 1998 4.6 5.3 5.2 5.3 6.9 4.7 4.1 4.0 0.6 -1.4 4.6 5.7 5.7 7.0 9.6 7.6 7.1 6.8 6.0 7.9 3.8 7.2 6.2 9.0 12.3 -4.0 -5.5 -1.5 4.0 6.3 1999 2000 2001 2002 2003 6.3 4.9 6.2 6.9 8.1 -1.9 -8.0 -0.2 7.6 10.9 8.8 8.4 7.7 6.7 7.5 8.1 8.7 9.0 9.6 10.2 10.6 9.4 6.1 2.8 4.3 3.4 1.3 8.9 11.1 8.2 2003: Q1 Q2 Q3 Q4 7.4 11.0 7.0 6.3 5.1 19.6 8.2 9.1 7.9 9.1 6.8 5.7 11.3 11.6 9.5 7.0 4.0 5.7 3.3 3.8 6.9 11.3 7.2 6.3 2004: Q1 Q2 9.1 7.7 12.0 10.7 8.5 7.0 11.3 9.5 4.8 4.4 9.5 4.6 1. Changes shown are on an end-of-period basis. Table of Contents Title Table Page Flow of Funds Accounts, Second Quarter 2004 1 Availability of Data for Latest Quarter 3 Debt Growth by Sector D.1 6 Borrowing by Sector D.2 7 Debt Outstanding by Sector D.3 8 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58 Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59 Credit Market Borrowing by Financial Sectors F.3 10 L.3 59 Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60 Total Liabilities and Its Relation to Total Financial Assets F.5 11 L.5 60 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Saving and Investment F.8 14 Net Capital Transfers F.9 14 Derivation of Measures of Personal Saving F.10 15 L.10 61 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 16 L.100 62 Nonfinancial Business F.101 17 L.101 63 Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64 Nonfarm Noncorporate Business F.103 19 L.103 65 Farm Business F.104 19 L.104 65 State and Local Governments F.105 20 L.105 66 Federal Government F.106 21 L.106 66 Rest of the World F.107 22 L.107 67 Monetary Authority F.108 23 L.108 68 Commercial Banking F.109 24 L.109 69 U.S.-Chartered Commercial Banks F.110 25 L.110 70 Foreign Banking Offices in U.S. F.111 26 L.111 71 Bank Holding Companies F.112 27 L.112 72 Banks in U.S.-Affiliated Areas F.113 27 L.113 72 Savings Institutions F.114 28 L.114 73 Credit Unions F.115 29 L.115 74 Bank Personal Trusts and Estates F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Other Insurance Companies F.118 30 L.118 75 Private Pension Funds F.119 31 L.119 76 State and Local Government Employee Retirement Funds F.120 31 L.120 76 Federal Government Retirement Funds F.121 31 L.121 76 Money Market Mutual Funds F.122 32 L.122 77 Title Sectors Title Flows Table Page Levels Table Page Mutual Funds F.123 32 L.123 77 Closed-End and Exchange-Traded Funds F.124 32 L.124 77 Government-Sponsored Enterprises F.125 33 L.125 78 Agency- and GSE-backed Mortgage Pools F.126 33 L.126 78 Issuers of Asset-Backed Securities F.127 34 L.127 79 Finance Companies F.128 34 L.128 79 Mortgage Companies F.129 35 L.129 80 Real Estate Investment Trusts F.130 35 L.130 80 Security Brokers and Dealers F.131 36 L.131 81 Funding Corporations F.132 36 L.132 81 Gold and Official Foreign Exchange Holdings F.200 37 L.200 82 SDR Certificates and Treasury Currency F.201 37 L.201 82 U.S. Deposits in Foreign Countries F.202 37 L.202 82 Net Interbank Transactions F.203 38 L.203 83 Checkable Deposits and Currency F.204 39 L.204 84 Time and Savings Deposits F.205 40 L.205 85 Money Market Mutual Fund Shares F.206 40 L.206 85 Federal Funds and Security Repurchase Agreements F.207 41 L.207 86 Open Market Paper F.208 41 L.208 86 Treasury Securities F.209 42 L.209 87 Instruments Flows Levels Table Page Title Table Page Agency- and GSE-backed Securities F.210 43 L.210 88 Municipal Securities and Loans F.211 44 L.211 89 Corporate and Foreign Bonds F.212 44 L.212 89 Corporate Equities F.213 45 L.213 90 Mutual Fund Shares F.214 45 L.214 90 Bank Loans Not Elsewhere Classified F.215 46 L.215 91 Other Loans and Advances F.216 47 L.216 92 Total Mortgages F.217 48 L.217 93 Home Mortgages F.218 49 L.218 94 Multifamily Residential Mortgages F.219 49 L.219 94 Commercial Mortgages F.220 50 L.220 95 Farm Mortgages F.221 50 L.221 95 Consumer Credit F.222 51 L.222 96 Trade Credit F.223 51 L.223 96 Security Credit F.224 51 L.224 96 Life Insurance and Pension Fund Reserves F.225 52 L.225 97 Taxes Payable by Businesses F.226 52 L.226 97 Investment in Bank Personal Trusts F.227 52 L.227 97 Proprietors' Equity in Noncorporate Business F.228 52 Total Miscellaneous Financial Claims F.229 53 L.229 98 Identified Miscellaneous Financial Claims - Part I F.230 54 L.230 99 Identified Miscellaneous Financial Claims - Part II F.231 55 L.231 100 Unidentified Miscellaneous Financial Claims F.232 56 L.232 101 Sector Discrepancies F.11 57 Instrument Discrepancies F.12 57 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 102 R.100 105 Nonfinancial Corporate Business B.102 103 R.102 106 Nonfarm Noncorporate Business B.103 104 R.103 107 Title Reconciliation Balance Sheet and Reconciliation Tables Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 108 L.100.a 109 Consolidated Statement for Federal, State, and Local Governments F.106.c 110 L.106.c 111 Private Pension Funds: Defined Benefit Plans F.119.b 112 L.119.b 113 Private Pension Funds: Defined Contribution Plans F.119.c 112 L.119.c 113 Individual Retirement Accounts (IRAs) F.225.i 112 L.225.i 113 Title Supplementary Tables Flow of Funds Matrix for 2003 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 114 115 B.100.e 116 1 Flow of Funds Accounts, Second Quarter 2004 This publication presents the flow of funds accounts for 2004:Q2. Data revisions and other changes. The statistics in the attached tables reflect the use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. 1. Seasonal factors for quarterly financial flows have been recalculated for the period 1994:Q1 onward. The factors were generated using the Statistics Canada X-12-ARIMA/88 seasonal adjustment program. 2. The statistics in this publication reflect the annual revisions to the national income and product accounts from 2001 forward released by the Department of Commerce on July 30, 2004, and subsequent information for 2004:Q2 released on August 27, 2004. The August 2004 issue of the Survey of Current Business details the major features of the annual revision of the national income and product accounts. 3. The state and local government sector (tables F.105 and L.105) was modified to include two additional asset categories, money market mutual funds and trade receivables. In addition, estimates for existing categories of assets were revised from 1998:Q3 forward. The new data are based on information from the Comprehensive Annual Financial Reports of states that hold a majority of the financial assets of all states and a sample of large cities. 4. Revisions to the rest of the world sector (tables F.107 and L.107) reflect new estimates of the balance of payments from the Department of Commerce for 1989 through 2003. The new estimates are detailed in the July 2004 issue of the Survey of Current Business. 5. The government-sponsored enterprises sector (tables F.125 and L.125) was modified to include an additional asset category, time and savings deposits. In addition, the sector has been revised from 1988:Q4 forward to include the Federal Agricultural Mortgage Corporation (Farmer Mac). Explanatory notes for tables D.1, D.2, and D.3. Domestic debt comprises credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time specifically, outstanding in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t where “t” is the time period. Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated as: Percentage change t = (Flow t / Outstanding t-1) * 100 Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction. The distinction between “available” data and “missing” data is not between final 2 and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Availability of Data. Flow of funds statistics are updated about ten weeks following the end of a quarter. This publication — the Z.1 release — is available from the Board's Publications Services. Flow of funds data are also available electronically through the Internet at the following location: http://www.federalreserve.gov/releases/Z1 The Internet site also provides quarterly data beginning in 1952, organized in compressed files that correspond to the tables published in this release. There are files for quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, and debt (tables D.1, D.2, and D.3). A Guide to the Flow of Funds Accounts is available. The 1,200-page Guide, published in two volumes in January 2000, explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. The Guide can be purchased for $20.00 from the Board’s Publications Services. Publications Services accepts orders accompanied by checks as well as credit card orders. The Internet site for this release at the location shown above contains a link to an order form for the Guide that can be mailed or faxed to Publications Services. In addition, the Internet site includes a link to the Guide’s descriptions of the tables in the flow of funds accounts. Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 3 Availability of Data for Latest Quarter Available at time of publication Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 2004:Q2. Unadjusted flows since 2002. 2. Households and nonprofit organizations sector (tables F.100 and L.100) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2004:Q2. The source for nonprofit organizations data (tables F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income. Data for nonprofit organizations are available for 1987 through 2000. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2004:Q1; Internal Revenue Service Statistics of Income (IRS/SOI) preliminary data through 2002; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2004:Q2. Statistics of Income data since 2002. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2001; bank and finance company loans and mortgage borrowing through 2004:Q2. Statistics of Income data since 2001. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, U.S. government loans to farms, and equity in government-sponsored enterprises through 2004:Q2; preliminary data for checkable deposits and currency and trade payables through 2003. Consumption of fixed capital and undistributed profits since 2000. 6. State and local governments (tables F.105 and L.105) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2004:Q2; selected financial assets through 2003:Q2 from the comprehensive annual financial reports of state and local governments that account for most of the holdings of the sector, and data from Standard & Poor's on local government investment pools. Selected financial asset items since 2003:Q2. 4 Data from the Monthly Treasury Statement of Receipts and Outlays through 2004:Q2; Treasury data for loan programs through 2004:Q2. None. 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2004:Q2; NIPA estimates; data from bank Reports of Condition and Treasury International Capital System through 2004:Q2. None 9. Monetary authority (tables F.108 and L.108) All data through 2004:Q2. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2004:Q2 for U.S.-chartered commercial banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 2003 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2004:Q2. None. 12. Credit unions (tables F.115 and L.115) All data through 2004:Q2. None. 13. Bank personal trusts and estates (tables F.116 and L.116) All data through 2003:Q4; total assets for 2004:Q1 and 2004:Q2. Asset detail for 2004:Q1 and 2004:Q2. 14. Life insurance companies (tables F.117 and L.117) All data through 2004:Q1; preliminary data for 2004:Q2. Final data for 2004:Q2. 15. Other insurance companies (tables F.118 and L.118) All data through 2004:Q1; preliminary data for 2004:Q2. Final data for 2004:Q2. 16. Private pension funds (tables F.119 and L.119) Quarterly data through 2004:Q2; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 1999. Form 5500 data since 1999. 17. State and local government employee retirement funds (tables F.120 and L.120) All data through 2003:Q4. Data since 2003:Q4. 18. Federal government retirement funds (tables F.121 and L.121) Data from the Monthly Treasury Statement, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2004:Q2. None. 7. Federal government (tables F.106 and L.106) 5 19. Money market mutual funds (tables F.122 and L.122) All data through 2004:Q2. None. 20. Mutual funds (tables F.123 and L.123) All data through 2004:Q2. None. 21. Closed-end funds (tables F.124 and L.124) All data through 2004:Q2. None. 22. Exchange-traded funds (tables F.124 and L.124) All data through 2004:Q2. None. 23. Government-sponsored enterprises (tables F.125 and L.125) Data for Fannie Mae, FHLBs, FCS, Farmer Mac, Sallie Mae, FICO, and REFCORP through 2004:Q2. Data after 2003:Q4 for Freddie Mac. 24. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) All data through 2004:Q2. None. 25. Issuers of asset-backed securities (ABSs) (tables F.127 and L.127) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2004:Q2. None. 26. Finance companies (tables F.128 and L.128) All data through 2004:Q2. None. 27. Mortgage companies (tables F.129 and L.129) Mortgage data through 1997:Q4. Data after 1997:Q4. 28. Real estate investment trusts (REITs) (tables F.130 and L.130) Data from SNL REIT DataSource through 2004:Q2. None. 29. Security brokers and dealers (tables F.131 and L.131) Data for firms filing FOCUS and FOGS reports through 2004:Q2. None. 30. Funding corporations (tables F.132 and L.132) Estimates for this sector are largely residuals and are derived from data for other sectors. 6 Z.1, September 16, 2004 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1970 1971 1972 1973 1974 6.9 9.5 10.0 10.7 9.2 4.2 8.3 4.6 2.0 3.4 7.6 9.8 11.4 12.9 10.5 4.4 9.2 11.3 12.4 8.8 4.4 8.5 11.2 11.7 9.7 3.4 11.7 13.1 13.3 4.6 10.3 10.1 12.5 14.7 13.0 12.9 7.8 9.9 17.5 11.5 8.7 10.9 8.4 7.8 6.9 14.5 8.7 17.2 28.9 23.6 5.7 9.7 7.9 10.3 20.5 1975 1976 1977 1978 1979 9.3 10.8 12.8 13.8 12.2 23.9 15.6 11.0 9.2 5.8 6.2 9.6 13.3 15.0 13.7 8.2 11.2 15.5 16.9 15.2 9.1 12.4 16.5 17.5 16.2 3.8 10.6 15.5 17.5 13.9 4.9 8.6 12.5 13.1 13.5 3.4 7.7 12.0 11.4 11.1 5.4 8.4 8.4 15.4 9.0 0.8 9.0 18.9 22.1 22.1 17.4 21.5 11.6 18.6 9.5 1980 1981 1982 1983 1984 9.5 10.4 10.1 12.0 14.7 11.8 11.6 19.7 18.9 16.9 9.0 10.1 7.9 10.2 14.1 8.5 7.6 5.6 11.2 12.6 11.0 7.2 4.7 10.3 11.3 1.0 5.5 5.0 12.1 18.4 10.0 12.9 9.2 9.1 16.2 8.3 13.6 9.1 8.0 16.7 6.9 8.0 11.2 11.4 11.4 14.5 18.2 13.6 13.4 17.9 13.9 11.8 7.2 8.2 3.6 1985 1986 1987 1988 1989 15.7 11.9 9.0 9.1 7.3 16.5 13.6 8.0 8.0 7.0 15.4 11.4 9.3 9.4 7.4 15.8 11.4 10.4 9.8 9.3 14.0 13.6 13.4 11.7 11.0 15.9 9.1 4.8 6.7 6.3 11.5 11.4 7.7 9.8 6.1 12.7 13.9 8.9 11.0 7.2 31.8 10.9 12.0 6.4 5.6 19.4 26.2 18.2 13.2 10.5 0.5 4.1 2.6 3.0 4.0 1990 1991 1992 1993 1994 6.5 4.3 4.6 4.8 4.6 11.0 11.1 10.9 8.3 4.7 5.2 2.2 2.5 3.5 4.6 7.0 5.2 5.3 5.9 7.6 8.9 7.0 6.5 5.5 5.6 1.9 -1.1 1.1 7.4 15.2 3.5 -2.2 -0.2 0.4 3.8 5.6 -2.1 1.0 1.4 5.0 5.0 8.6 1.6 5.3 -4.0 9.5 6.9 10.1 9.5 13.6 9.0 5.2 7.9 21.9 -2.9 1995 1996 1997 1998 1999 5.3 5.2 5.3 6.9 6.3 4.1 4.0 0.6 -1.4 -1.9 5.7 5.7 7.0 9.6 8.8 7.1 6.8 6.0 7.9 8.1 4.9 6.3 6.3 8.1 9.1 14.4 8.9 5.3 7.7 7.4 7.2 6.2 9.0 12.3 10.6 8.5 6.3 9.4 11.8 9.9 -5.5 -1.5 4.0 6.3 3.4 11.5 12.3 12.2 19.5 16.2 20.7 19.3 12.9 5.1 2.0 2000 2001 2002 2003 4.9 6.2 6.9 8.1 -8.0 -0.2 7.6 10.9 8.4 7.7 6.7 7.5 8.7 9.0 9.6 10.2 8.3 9.8 11.9 12.7 10.7 8.0 4.1 4.3 9.4 6.1 2.8 4.3 8.5 5.0 0.7 3.2 1.3 8.9 11.1 8.2 10.6 10.7 9.0 9.7 8.7 -7.0 0.9 -2.4 1998 -- Q1 Q2 Q3 Q4 7.0 7.7 5.3 6.8 -1.0 -0.0 -3.5 -1.0 9.7 10.2 8.1 9.2 8.1 8.7 6.4 7.7 8.0 7.9 6.5 9.1 6.6 11.3 6.6 5.6 12.3 12.7 10.7 11.6 12.1 12.4 9.6 11.0 6.9 6.7 5.3 5.9 16.8 18.9 17.8 19.4 15.8 14.5 -3.8 -5.9 1999 -- Q1 Q2 Q3 Q4 7.3 5.3 6.5 5.5 -2.7 -2.3 -3.2 0.5 10.3 7.6 9.3 6.9 8.9 7.8 8.7 6.2 10.0 8.7 9.4 7.1 8.8 6.2 7.7 6.3 12.7 8.5 10.8 8.9 13.1 8.3 9.9 6.8 5.9 1.9 4.6 1.0 18.9 15.4 15.4 11.5 3.1 -5.6 9.9 0.8 2000 -- Q1 Q2 Q3 Q4 5.5 5.1 3.8 4.7 -6.0 -11.4 -8.0 -7.7 8.7 9.4 6.8 7.7 8.4 9.4 8.1 7.9 8.3 9.1 7.6 7.3 9.0 10.5 10.3 11.2 10.6 11.3 6.2 8.3 10.4 10.3 5.2 7.2 0.5 -0.8 2.5 3.1 8.6 11.5 9.7 11.1 18.8 -3.2 10.7 7.9 2001 -- Q1 Q2 Q3 Q4 6.2 5.1 6.5 6.5 0.2 -8.9 5.6 2.7 7.6 8.2 6.6 7.4 8.6 9.4 7.9 8.8 9.0 11.1 8.8 9.0 9.1 6.4 4.4 11.3 6.3 7.0 5.2 5.2 5.4 6.2 4.2 3.9 9.0 7.7 7.0 10.7 10.2 10.0 11.5 9.6 -1.9 -9.2 -17.8 0.3 2002 -- Q1 Q2 Q3 Q4 6.2 7.0 5.9 7.8 3.8 11.6 7.2 7.2 6.7 6.1 5.6 7.9 10.0 8.4 8.2 10.4 11.7 10.6 10.3 13.0 5.9 4.7 3.8 1.9 3.0 2.4 1.4 4.1 1.6 0.1 -1.1 2.2 6.8 11.4 11.9 12.5 8.7 9.0 7.4 9.5 9.9 0.4 -6.8 0.1 2003 -- Q1 Q2 Q3 Q4 7.4 11.0 7.0 6.3 5.1 19.6 8.2 9.1 7.9 9.1 6.8 5.7 11.3 11.6 9.5 7.0 14.1 13.9 11.4 9.3 4.1 5.2 5.3 2.2 4.0 5.7 3.3 3.8 3.6 5.5 1.6 2.0 6.9 11.3 7.2 6.3 9.6 8.3 9.9 9.7 2.7 -9.2 -9.9 7.2 2004 -- Q1 Q2 9.1 7.7 12.0 10.7 8.5 7.0 11.3 9.5 13.1 11.1 6.1 2.2 4.8 4.4 4.7 2.9 9.5 4.6 5.9 7.9 10.9 -9.6 1. Data shown are on an end-of-period basis. Z.1, September 16, 2004 7 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1970 1971 1972 1973 1974 91.3 135.4 156.0 184.0 175.5 12.1 24.9 15.0 6.9 11.9 79.3 110.5 141.0 177.0 163.6 19.5 42.3 56.9 69.5 55.7 12.4 24.6 35.0 40.6 37.4 4.4 15.6 19.5 22.5 8.9 47.7 51.8 70.2 93.4 94.4 41.1 28.1 38.5 75.0 56.6 12.1 16.4 14.0 14.1 13.4 16.2 11.1 23.9 47.0 49.6 2.8 5.1 4.4 6.3 13.8 1975 1976 1977 1978 1979 192.7 244.8 321.2 390.7 391.9 85.6 69.2 56.3 52.5 35.8 107.1 175.6 264.8 338.2 356.1 56.0 82.9 127.8 160.5 169.2 38.8 57.5 85.9 106.2 115.9 7.8 22.0 35.5 46.4 43.3 39.9 74.2 117.1 138.3 160.3 18.7 43.7 73.3 78.5 84.1 11.1 18.5 19.9 39.4 26.6 2.1 23.5 53.6 74.7 91.1 14.1 20.5 13.5 24.0 15.0 1980 1981 1982 1983 1984 343.7 410.0 439.9 573.6 791.2 77.4 85.5 161.3 185.2 197.2 266.3 324.5 278.6 388.4 594.0 109.4 106.4 84.1 176.8 218.3 91.3 67.0 47.6 106.3 126.6 3.4 19.8 18.8 48.2 81.7 134.8 190.5 152.8 164.3 323.2 70.0 123.7 93.3 89.6 205.1 22.2 27.6 41.7 47.3 52.5 73.2 105.1 93.0 104.4 157.8 24.2 23.5 16.0 17.3 8.4 1985 1986 1987 1988 1989 963.0 845.3 719.0 787.6 687.4 225.7 216.0 143.9 155.1 146.4 737.3 629.3 575.1 632.5 541.0 307.2 259.6 262.6 270.4 283.8 175.0 197.4 220.4 214.3 225.5 84.0 55.8 32.3 46.6 47.0 266.5 295.5 222.0 308.1 207.2 181.8 224.9 163.4 222.9 159.9 163.6 74.2 90.4 54.0 50.1 204.0 328.8 290.6 250.2 225.0 1.2 9.7 6.3 7.4 10.2 1990 1991 1992 1993 1994 656.0 465.7 515.1 566.6 571.6 246.9 278.2 304.0 256.1 155.9 409.1 187.5 211.1 310.5 415.8 234.3 186.5 201.3 236.6 323.1 201.4 175.7 174.0 157.4 169.3 15.1 -8.8 9.2 61.4 134.8 127.7 -84.4 -7.1 16.2 138.9 133.8 -53.7 24.1 34.4 126.5 47.2 85.4 16.9 57.7 -46.3 229.1 182.6 283.2 294.3 464.9 23.9 15.1 24.1 69.8 -11.2 1995 1996 1997 1998 1999 684.8 716.5 767.7 1041.3 1020.4 144.4 144.9 23.1 -52.6 -71.2 540.3 571.5 744.6 1093.9 1091.6 325.2 332.5 310.3 438.1 483.8 157.7 211.2 223.9 306.8 371.8 147.0 103.6 68.0 103.3 107.2 276.0 255.0 392.8 588.2 569.3 227.1 182.8 291.8 398.0 373.7 -60.9 -15.9 41.5 67.7 38.5 446.7 532.7 592.3 1063.8 1054.2 78.3 88.0 69.9 31.2 13.0 2000 2001 2002 2003 841.6 1123.2 1323.2 1672.9 -295.9 -5.6 257.6 396.0 1137.4 1128.8 1065.7 1276.9 561.0 628.0 731.5 856.6 370.8 472.7 630.7 756.1 165.2 138.7 77.4 83.0 561.0 395.0 190.3 302.5 357.2 228.2 34.2 155.3 15.5 105.8 143.9 117.8 804.2 899.6 830.0 983.0 57.0 -49.8 5.6 -15.7 1998 -- Q1 Q2 Q3 Q4 1068.5 1185.2 835.7 1075.6 -38.0 -0.8 -132.4 -39.3 1106.5 1186.0 968.1 1115.0 446.4 490.7 367.5 447.6 303.7 304.2 254.1 365.2 87.9 153.3 92.6 79.4 586.5 622.8 542.0 601.4 409.9 431.0 345.2 406.1 73.6 72.5 58.6 66.0 917.1 1074.7 1056.5 1206.8 96.3 91.5 -24.9 -38.0 1999 -- Q1 Q2 Q3 Q4 1176.9 879.5 1087.3 937.8 -99.8 -85.3 -116.8 17.0 1276.6 964.8 1204.0 920.8 528.4 473.8 540.8 392.1 408.0 364.5 404.4 310.4 127.0 91.7 114.6 95.7 681.1 469.0 610.2 516.8 494.5 323.2 395.3 281.9 67.2 22.0 53.0 11.9 1228.7 1051.5 1089.2 847.3 19.7 -36.0 62.8 5.4 2000 -- Q1 Q2 Q3 Q4 955.8 889.2 681.9 839.3 -220.7 -412.6 -282.8 -267.4 1176.5 1301.8 964.8 1106.7 539.3 617.4 546.6 540.7 368.5 412.8 354.3 347.6 139.1 166.5 167.8 187.5 631.5 693.6 389.3 529.6 437.0 443.8 227.4 320.5 5.7 -9.1 28.9 36.4 647.2 891.5 774.5 903.7 122.8 -21.7 72.2 54.8 2001 -- Q1 Q2 Q3 Q4 1123.8 931.0 1201.7 1236.4 5.9 -302.5 184.6 89.5 1117.9 1233.4 1017.1 1146.9 603.0 674.3 580.2 654.6 432.6 546.5 444.9 466.8 157.6 113.3 78.4 205.4 407.3 465.3 350.5 357.1 245.5 285.9 195.8 185.4 107.6 93.9 86.5 135.2 856.3 855.6 1013.4 873.3 -13.2 -65.1 -123.1 2.3 2002 -- Q1 Q2 Q3 Q4 1189.2 1372.1 1164.9 1566.7 127.7 394.5 251.6 256.4 1061.5 977.5 913.3 1310.3 763.6 660.8 654.0 847.7 620.9 578.4 577.1 746.3 109.7 88.5 73.7 37.6 209.5 166.0 98.0 287.6 77.5 4.7 -50.8 105.3 88.5 150.7 161.4 175.0 807.2 851.4 719.8 941.8 65.4 2.8 -46.1 0.5 2003 -- Q1 Q2 Q3 Q4 1514.1 2294.0 1509.3 1374.3 184.0 723.0 317.1 360.0 1330.1 1570.9 1192.2 1014.3 945.2 999.1 844.6 637.6 836.6 855.1 723.8 609.0 80.3 102.1 104.4 45.1 285.4 405.8 238.5 280.4 174.1 269.0 77.9 100.3 99.5 166.1 109.1 96.3 969.0 861.9 1047.0 1054.1 17.8 -61.8 -64.7 46.0 2004 -- Q1 Q2 2034.8 1756.5 483.9 444.9 1550.9 1311.6 1045.5 904.9 875.5 766.5 124.4 45.0 356.9 332.5 236.2 145.9 148.6 74.3 651.8 885.9 70.8 -63.8 8 Z.1, September 16, 2004 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate State and local governments Domestic financial sectors 512.5 563.6 633.7 726.5 820.5 361.3 389.5 427.9 492.6 548.9 150.3 166.7 180.7 194.8 208.2 127.8 138.9 162.8 209.8 258.3 52.1 56.6 61.1 67.4 81.2 207.0 229.0 264.9 311.3 354.6 862.2 933.8 1052.7 1186.5 1346.1 569.4 610.4 685.5 759.5 842.9 219.4 237.8 256.2 295.6 322.2 260.4 283.9 337.8 412.5 504.9 95.6 116.0 129.4 157.6 174.3 932.0 1003.7 1036.8 1123.1 1249.1 358.0 377.9 396.7 444.9 526.6 1477.0 1661.2 1810.6 1997.8 2323.9 909.1 1026.5 1116.6 1229.1 1437.1 344.4 372.1 413.8 461.1 513.6 578.1 682.4 778.1 882.7 1052.4 198.9 222.8 212.6 229.8 238.0 2277.5 2535.6 2752.2 3039.6 3333.8 1449.3 1646.6 1825.0 2049.9 2273.6 610.6 666.4 698.6 745.2 809.3 2587.0 2881.5 3134.6 3422.2 3636.0 1615.5 1839.5 2033.9 2234.2 2401.1 677.9 752.1 841.0 895.0 945.2 1257.3 1593.6 1895.5 2145.8 2399.3 239.3 241.0 247.4 254.8 265.0 8351.4 8535.6 8749.8 9075.1 9497.5 3597.2 3787.3 3988.6 4227.6 4550.4 2504.1 2683.5 2857.5 3017.3 3186.6 824.4 815.6 824.8 886.2 1021.0 3761.9 3670.6 3666.7 3695.3 3841.2 2533.1 2477.3 2502.9 2549.8 2682.9 992.3 1077.7 1094.5 1152.2 1105.9 2630.3 2812.9 3111.6 3411.2 3884.2 288.8 304.0 318.7 388.5 377.5 3636.7 3781.7 3804.8 3752.2 3681.0 10037.4 10609.0 11352.1 12446.0 13572.2 4875.6 5208.1 5518.7 5956.7 6440.8 3344.3 3555.4 3779.3 4086.1 4457.9 1168.0 1271.7 1339.6 1442.9 1550.2 4116.8 4371.8 4762.7 5350.9 5954.5 2909.6 3092.3 3382.3 3780.4 4188.5 1045.0 1029.1 1070.7 1138.3 1176.9 4333.6 4866.2 5449.4 6513.2 7567.4 456.0 544.1 608.1 639.4 652.6 18105.9 19229.7 20552.9 22272.2 3385.1 3379.5 3637.0 4033.1 14720.8 15850.2 16915.9 18239.1 7012.9 7640.9 8372.4 9252.3 4828.7 5301.4 5932.1 6688.2 1726.5 1865.2 1942.6 2025.5 6515.5 6911.2 7101.4 7427.1 4545.7 4774.4 4808.6 4987.1 1192.3 1298.1 1442.0 1559.7 8372.7 9272.3 10102.3 11085.3 709.6 659.9 665.5 649.8 1998 -- Q1 Q2 Q3 Q4 15424.0 15720.3 15929.2 16198.2 3795.3 3795.1 3762.0 3752.2 11628.7 11925.2 12167.2 12446.0 5630.3 5753.0 5844.9 5956.7 3855.2 3931.3 3994.8 4086.1 1361.6 1399.9 1423.1 1442.9 4909.3 5065.0 5200.5 5350.9 3484.8 3592.5 3678.8 3780.4 1089.1 1107.2 1121.8 1138.3 5678.7 5947.4 6211.5 6513.2 632.1 655.0 648.8 639.4 1999 -- Q1 Q2 Q3 Q4 16494.1 16714.0 17018.7 17253.2 3727.2 3705.9 3676.7 3681.0 12766.9 13008.1 13342.0 13572.2 6089.1 6207.6 6342.8 6440.8 4188.1 4279.2 4380.3 4457.9 1474.7 1497.6 1526.3 1550.2 5522.6 5639.9 5825.3 5954.5 3905.4 3986.2 4118.0 4188.5 1155.1 1160.6 1173.9 1176.9 6820.4 7083.3 7355.6 7567.4 644.4 635.3 651.0 652.6 2000 -- Q1 Q2 Q3 Q4 17492.1 17714.4 17896.0 18105.9 3625.8 3522.7 3451.9 3385.1 13866.3 14191.8 14444.1 14720.8 6575.6 6730.0 6877.7 7012.9 4550.0 4653.2 4741.8 4828.7 1585.0 1626.6 1679.6 1726.5 6112.4 6285.8 6383.1 6515.5 4297.7 4408.7 4465.5 4545.7 1178.3 1176.0 1183.2 1192.3 7729.2 7952.1 8149.7 8372.7 683.3 677.9 695.9 709.6 2001 -- Q1 Q2 Q3 Q4 18386.8 18620.1 18920.6 19229.7 3386.6 3311.0 3357.1 3379.5 15000.2 15309.2 15563.5 15850.2 7163.6 7332.2 7477.3 7640.9 4936.8 5073.5 5184.7 5301.4 1765.9 1794.2 1813.8 1865.2 6617.3 6734.3 6821.9 6911.2 4607.0 4679.1 4728.1 4774.4 1219.2 1242.7 1264.3 1298.1 8586.7 8800.6 9054.0 9272.3 706.3 690.1 659.3 659.9 2002 -- Q1 Q2 Q3 Q4 19527.0 19870.0 20161.2 20552.9 3411.4 3510.0 3572.9 3637.0 16115.6 16360.0 16588.3 16915.9 7831.8 7997.0 8160.5 8372.4 5456.6 5601.2 5745.5 5932.1 1892.6 1914.8 1933.2 1942.6 6963.5 7005.0 7029.5 7101.4 4793.8 4795.0 4782.3 4808.6 1320.2 1357.9 1398.3 1442.0 9474.1 9686.9 9866.9 10102.3 676.2 676.9 665.4 665.5 2003 -- Q1 Q2 Q3 Q4 20931.4 21504.9 21882.2 22272.2 3683.0 3863.8 3943.1 4033.1 17248.4 17641.1 17939.2 18239.1 8608.7 8858.5 9069.7 9252.3 6141.2 6355.0 6536.0 6688.2 1962.6 1988.2 2014.3 2025.5 7172.8 7274.2 7333.8 7427.1 4852.1 4919.3 4938.8 4987.1 1466.9 1508.4 1535.7 1559.7 10344.6 10560.1 10821.8 11085.3 670.0 654.5 638.3 649.8 2004 -- Q1 Q2 22780.9 23220.1 4154.1 4265.3 18626.9 18954.8 9513.6 9739.8 6907.1 7098.7 2056.6 2067.9 7516.4 7599.5 5046.2 5082.6 1596.9 1615.5 11248.3 11469.8 667.5 651.6 Total Federal government Total nonfederal 1970 1971 1972 1973 1974 1422.5 1557.7 1713.7 1898.2 2073.1 299.5 324.4 339.4 346.3 358.2 1123.0 1233.4 1374.3 1551.9 1714.8 460.2 503.0 559.9 630.6 686.1 289.0 313.0 348.0 387.8 425.1 133.7 149.2 168.8 193.0 201.9 1975 1976 1977 1978 1979 2264.7 2508.3 2829.6 3214.5 3606.5 443.9 513.1 569.4 621.9 657.7 1820.8 1995.3 2260.2 2592.6 2948.9 739.2 823.6 951.4 1110.5 1280.6 463.9 521.7 607.6 713.7 831.2 1980 1981 1982 1983 1984 3957.9 4366.4 4788.3 5364.8 6151.2 735.0 820.5 981.8 1167.0 1364.2 3222.9 3545.9 3806.5 4197.8 4787.0 1401.5 1512.7 1582.1 1738.9 1949.5 1985 1986 1987 1988 1989 7132.3 7975.1 8677.6 9461.7 10166.2 1589.9 1805.9 1949.8 2104.9 2251.2 5542.5 6169.3 6727.8 7356.8 7914.9 1990 1991 1992 1993 1994 10849.6 11311.9 11830.2 12411.6 12989.9 2498.1 2776.4 3080.3 3336.5 3492.3 1995 1996 1997 1998 1999 13674.2 14390.7 15156.9 16198.2 17253.2 2000 2001 2002 2003 1. Data shown are on an end-of-period basis. Business Foreign 9 Z.1, September 16, 2004 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Q2 2004 Q3 Q4 Q1 Q2 2087.5 1702.8 1973.1 2158.9 2640.3 2501.0 3094.1 2491.6 2474.3 2757.5 2578.7 1 1020.4 841.6 1123.2 1323.2 1672.9 1514.1 2294.0 1509.3 1374.3 2034.8 1756.5 2 -71.2 -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 3 1091.6 1137.4 1128.8 1065.7 1276.9 1330.1 1570.9 1192.2 1014.3 1550.9 1311.6 4 483.8 373.7 190.2 5.3 38.5 561.0 357.2 192.9 10.9 15.5 628.0 228.2 156.4 10.5 105.8 731.5 34.2 148.3 7.9 143.9 856.6 155.3 139.5 7.7 117.8 945.2 174.1 105.0 6.3 99.5 999.1 269.0 133.9 2.9 166.1 844.6 77.9 148.7 11.9 109.1 637.6 100.3 170.3 9.8 96.3 1045.5 236.2 116.1 4.5 148.6 904.9 145.9 172.8 13.8 74.3 5 6 7 8 9 10 Rest of the world 13.0 57.0 -49.8 5.6 -15.7 17.8 -61.8 -64.7 46.0 70.8 -63.8 10 11 Financial sectors 1054.2 804.2 899.6 830.0 983.0 969.0 861.9 1047.0 1054.1 651.8 885.9 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 52.9 30.2 -0.9 23.6 49.7 29.9 -0.4 20.3 49.2 13.9 -0.1 35.4 80.9 15.7 -0.5 65.7 28.0 28.7 -0.2 -0.6 2.8 -6.0 0.1 8.7 85.2 17.1 0.3 67.8 187.6 85.0 -0.1 102.8 7.1 -9.3 0.3 16.1 12 13 14 15 16 17 Savings institutions Credit unions 48.0 2.2 27.3 0.0 -2.0 1.5 -23.4 2.0 6.1 2.2 -18.0 2.8 16.9 1.6 0.4 3.3 25.0 1.0 -7.0 -2.7 184.4 4.9 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.7 318.8 274.6 191.5 -0.7 235.2 199.7 183.0 0.6 304.1 338.5 254.0 2.0 219.8 326.8 193.5 2.9 243.7 330.4 201.1 4.4 222.9 272.2 257.7 1.5 191.4 266.9 241.1 3.1 460.8 307.6 167.8 2.5 99.9 474.7 137.8 -0.4 18.2 65.6 130.7 2.7 234.4 73.9 308.8 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 70.7 0.0 6.3 -17.2 91.5 81.9 0.0 2.7 15.6 -0.4 1.3 0.0 2.5 1.4 -55.2 42.2 0.0 19.8 -1.7 -0.6 117.3 0.0 24.7 6.4 -0.9 45.6 0.0 17.5 38.4 44.6 171.1 0.0 12.9 -16.2 -53.3 104.1 0.0 36.4 9.9 -49.2 148.2 0.0 32.1 -6.6 54.3 133.8 0.0 56.0 51.9 18.0 -19.8 0.0 44.5 3.0 42.2 22 23 24 25 26 2087.5 1702.8 1973.1 2158.9 2640.3 2501.0 3094.1 2491.6 2474.3 2757.5 2578.7 27 118.7 -80.4 7.1 8.5 233.6 -120.5 52.1 689.1 313.6 -303.4 271.1 28 43.7 -22.8 -2.9 100.6 -119.1 25.1 1.3 12.3 -109.6 1.8 7.1 107.8 -39.6 21.6 3.7 22.8 144.3 31.1 1.4 56.8 -197.0 65.8 -0.2 11.0 -74.3 67.9 4.1 54.4 570.5 24.8 0.8 92.9 278.0 -34.3 0.9 69.0 -439.9 85.7 0.1 50.7 163.7 61.2 -1.0 47.2 29 30 31 32 6.4 171.2 11.6 241.9 6.0 305.3 9.6 422.8 -2.5 538.2 -17.9 402.4 -8.1 746.8 20.1 321.4 -4.3 682.3 4.7 952.7 -12.7 773.7 33 34 1791.3 1529.6 1654.7 1718.0 1871.0 2236.9 2303.2 1461.0 1482.7 2103.5 1546.6 35 25.7 312.2 318.6 -17.0 6.2 4.4 67.2 27.5 27.8 33.7 357.9 339.5 23.9 -12.2 6.7 56.2 28.0 0.8 39.9 205.2 191.6 -0.6 4.2 10.0 44.6 41.5 -28.1 77.7 404.4 393.8 6.2 3.1 1.3 33.6 42.7 0.9 37.2 299.5 323.3 -43.0 8.6 10.6 126.3 50.7 -2.4 37.3 406.6 384.9 1.6 20.8 -0.7 186.9 45.0 -2.7 40.3 591.4 524.6 11.6 39.7 15.5 107.9 79.4 -2.5 37.6 -6.1 100.5 -100.0 -26.1 19.4 66.4 83.6 -2.5 33.8 206.1 283.0 -85.3 0.2 8.1 143.9 -5.3 -2.0 16.2 880.8 849.5 18.3 1.2 11.9 225.4 45.7 12.9 53.0 491.4 491.1 -15.9 -2.3 18.5 164.6 64.8 3.4 36 37 38 39 40 41 42 43 44 53.5 -3.0 99.3 39.7 2.9 57.9 -8.7 3.8 49.2 2.1 130.9 9.0 -15.8 -36.9 9.7 233.0 39.9 21.1 -7.1 13.0 180.6 67.0 4.1 20.8 6.3 283.0 56.2 7.3 -20.3 28.5 236.4 49.7 24.3 56.7 2.5 117.1 68.7 -11.8 -21.7 -0.8 85.9 93.3 -3.3 68.7 -4.8 235.1 105.3 25.6 33.7 0.8 213.4 72.0 -9.7 58.5 6.8 45 46 47 48 49 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 44 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Bank personal trusts and estates 45 46 47 48 49 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 50 51 52 53 54 55 56 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 182.0 48.4 9.6 0.0 287.3 274.6 173.4 143.0 20.9 -5.6 0.0 246.0 199.7 153.2 246.0 126.1 3.2 0.0 304.7 338.5 227.9 -25.3 144.2 8.6 3.7 224.1 326.8 170.8 -113.1 137.7 36.2 0.7 241.9 330.4 180.2 -128.4 213.0 26.1 -1.1 246.9 272.2 233.9 158.4 258.4 60.1 0.4 85.8 266.9 220.5 -214.9 -14.5 42.5 1.6 581.2 307.6 147.9 -267.8 93.9 16.1 2.0 53.6 474.7 118.4 -228.9 210.2 8.7 5.1 -1.7 65.6 111.9 -121.9 11.1 22.9 3.5 193.8 73.9 290.6 50 51 52 53 54 55 56 57 58 59 60 61 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 97.1 0.0 -2.6 -34.7 103.4 108.6 0.0 -7.1 68.9 21.1 -4.8 0.0 6.7 92.4 -86.0 21.2 0.0 23.1 28.4 -66.7 84.2 0.0 16.8 79.7 86.2 8.5 0.0 -8.6 64.7 282.0 56.5 0.0 31.0 -73.8 52.8 164.4 0.0 18.6 21.1 75.0 107.5 0.0 26.2 306.6 -64.8 187.3 0.0 57.7 -185.3 291.3 42.2 0.0 31.5 -183.7 64.5 57 58 59 60 61 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, September 16, 2004 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency securities and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1020.4 841.6 1123.2 1323.2 1672.9 1514.1 2294.0 1509.3 1374.3 2034.8 1756.5 1 -71.2 -71.0 -0.2 -295.9 -294.9 -1.0 -5.6 -5.1 -0.5 257.6 257.1 0.5 396.0 398.4 -2.4 184.0 185.6 -1.6 723.0 722.5 0.5 317.1 317.0 0.1 360.0 368.6 -8.6 483.9 482.9 1.1 444.9 448.6 -3.6 2 3 4 1091.6 37.4 54.4 221.7 82.9 26.1 1137.4 48.1 23.6 162.6 101.8 79.6 1128.8 -88.3 122.9 348.5 -82.0 8.9 1065.7 -64.2 159.4 132.3 -87.1 20.3 1276.9 -40.0 135.1 158.3 -81.7 10.0 1330.1 -9.3 119.9 169.5 -83.2 4.2 1570.9 -81.4 182.6 297.0 -42.4 -9.9 1192.2 4.8 130.0 96.1 -111.2 -22.9 1014.3 -74.3 107.7 70.6 -90.2 68.7 1550.9 34.4 167.4 114.2 -45.7 22.3 1311.6 32.9 98.8 5.7 90.7 -24.5 5 6 7 8 9 10 561.9 420.1 36.2 99.1 6.5 107.2 556.5 412.3 29.9 107.8 6.6 165.2 680.2 517.6 42.8 112.2 7.7 138.7 827.6 680.8 37.6 101.4 7.7 77.4 1012.3 817.9 56.6 129.7 8.1 83.0 1048.6 895.0 33.6 111.7 8.3 80.3 1122.9 924.6 57.1 134.3 6.9 102.1 991.1 783.0 52.6 147.0 8.5 104.4 886.6 669.1 83.0 125.9 8.6 45.1 1133.9 940.0 22.5 164.5 6.9 124.4 1063.1 825.1 55.1 171.4 11.5 45.0 11 12 13 14 15 16 1091.6 483.8 569.3 373.7 190.2 5.3 38.5 1137.4 561.0 561.0 357.2 192.9 10.9 15.5 1128.8 628.0 395.0 228.2 156.4 10.5 105.8 1065.7 731.5 190.3 34.2 148.3 7.9 143.9 1276.9 856.6 302.5 155.3 139.5 7.7 117.8 1330.1 945.2 285.4 174.1 105.0 6.3 99.5 1570.9 999.1 405.8 269.0 133.9 2.9 166.1 1192.2 844.6 238.5 77.9 148.7 11.9 109.1 1014.3 637.6 280.4 100.3 170.3 9.8 96.3 1550.9 1045.5 356.9 236.2 116.1 4.5 148.6 1311.6 904.9 332.5 145.9 172.8 13.8 74.3 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 13.0 57.0 -49.8 5.6 -15.7 17.8 -61.8 -64.7 46.0 70.8 -63.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 16.3 1.9 0.5 -5.7 31.7 15.2 11.4 -1.3 -14.2 -24.5 -7.3 -3.8 36.1 -33.5 5.3 -2.3 22.3 -28.1 -7.7 -2.1 52.0 -29.9 -4.0 -0.2 72.9 -100.2 -31.4 -3.0 -56.0 -8.8 5.3 -5.3 20.2 26.5 -0.7 -0.0 100.1 -19.6 -6.7 -2.9 -29.6 -39.7 7.0 -1.5 25 26 27 28 1033.3 898.6 1073.5 1328.9 1657.3 1532.0 2232.2 1444.6 1420.3 2105.7 1692.8 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 1054.2 804.2 899.6 830.0 983.0 969.0 861.9 1047.0 1054.1 651.8 885.9 1 176.2 318.8 274.6 186.8 -14.4 107.1 5.1 131.7 235.2 199.7 189.3 -0.4 42.5 6.2 -45.3 304.1 338.5 262.4 13.1 25.5 1.3 -63.5 219.8 326.8 333.1 1.1 6.8 5.9 -63.8 243.7 330.4 442.7 -5.0 31.2 3.9 -27.7 222.9 272.2 501.5 -40.3 43.9 -3.5 -50.6 191.4 266.9 400.2 12.4 38.2 3.3 -62.5 460.8 307.6 317.8 14.9 0.7 7.8 -114.3 99.9 474.7 551.2 -7.1 41.9 7.8 149.6 18.2 65.6 299.7 24.4 76.0 18.3 10.8 234.4 73.9 421.0 -33.5 166.1 13.2 2 3 4 5 6 7 8 1054.2 804.2 899.6 830.0 983.0 969.0 861.9 1047.0 1054.1 651.8 885.9 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 67.2 41.8 -0.4 25.8 60.0 36.8 -0.0 23.2 52.9 30.2 -0.9 23.6 49.7 29.9 -0.4 20.3 49.2 13.9 -0.1 35.4 80.9 15.7 -0.5 65.7 28.0 28.7 -0.2 -0.6 2.8 -6.0 0.1 8.7 85.2 17.1 0.3 67.8 187.6 85.0 -0.1 102.8 7.1 -9.3 0.3 16.1 10 11 12 13 14 15 Savings institutions Credit unions 48.0 2.2 27.3 0.0 -2.0 1.5 -23.4 2.0 6.1 2.2 -18.0 2.8 16.9 1.6 0.4 3.3 25.0 1.0 -7.0 -2.7 184.4 4.9 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.7 318.8 274.6 191.5 -0.7 235.2 199.7 183.0 0.6 304.1 338.5 254.0 2.0 219.8 326.8 193.5 2.9 243.7 330.4 201.1 4.4 222.9 272.2 257.7 1.5 191.4 266.9 241.1 3.1 460.8 307.6 167.8 2.5 99.9 474.7 137.8 -0.4 18.2 65.6 130.7 2.7 234.4 73.9 308.8 16 17 18 19 20 21 22 23 24 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 70.7 0.0 6.3 -17.2 91.5 81.9 0.0 2.7 15.6 -0.4 1.3 0.0 2.5 1.4 -55.2 42.2 0.0 19.8 -1.7 -0.6 117.3 0.0 24.7 6.4 -0.9 45.6 0.0 17.5 38.4 44.6 171.1 0.0 12.9 -16.2 -53.3 104.1 0.0 36.4 9.9 -49.2 148.2 0.0 32.1 -6.6 54.3 133.8 0.0 56.0 51.9 18.0 -19.8 0.0 44.5 3.0 42.2 20 21 22 23 24 11 Z.1, September 16, 2004 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 10 Total 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 2087.5 1702.8 1973.1 2158.9 2640.3 2501.0 3094.1 2491.6 2474.3 2757.5 2578.7 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 229.9 -71.0 593.1 54.4 410.4 211.6 -294.9 433.9 23.6 367.0 -147.8 -5.1 642.1 122.9 586.4 -91.5 257.1 547.2 159.4 431.8 -81.6 398.4 571.7 135.1 572.9 15.0 185.6 493.5 119.9 641.0 -59.2 722.5 458.9 182.6 597.0 -113.7 317.0 768.4 130.0 405.1 -168.5 368.6 566.0 107.7 648.4 284.2 482.9 84.8 167.4 394.2 14.2 448.6 304.6 98.8 386.9 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 69.0 127.5 567.0 107.2 112.8 120.8 562.7 165.2 -76.2 30.6 681.5 138.7 -80.6 24.7 833.4 77.4 -94.5 39.1 1016.2 83.0 -127.5 48.0 1045.2 80.3 -61.4 25.4 1126.2 102.1 -91.1 -27.4 998.8 104.4 -98.0 110.6 894.4 45.1 -28.0 95.3 1152.2 124.4 64.3 140.1 1076.3 45.0 7 8 9 10 192.7 244.7 300.2 229.4 393.8 300.2 472.2 390.2 412.5 548.2 201.4 11 1.5 -110.4 5.3 -118.2 99.0 -47.4 47.0 -41.6 105.6 -57.8 111.0 -67.0 106.5 -50.2 129.9 -44.9 75.1 -69.0 116.3 -82.6 82.7 -159.5 12 13 114.3 -2.4 191.2 106.7 16.8 239.4 109.1 37.3 201.2 17.6 71.0 182.4 100.4 63.0 288.2 136.4 41.6 189.2 66.5 90.2 365.7 122.0 52.8 260.3 76.8 67.3 337.4 85.7 113.2 431.9 161.0 81.2 118.7 14 15 16 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net flows through credit markets (from table F.4, line 1) Official foreign exchange SDR certificates Treasury currency Foreign deposits 2087.5 1702.8 1973.1 2158.9 2640.3 2501.0 3094.1 2491.6 2474.3 2757.5 2578.7 1 -8.7 -3.0 1.0 48.9 -0.4 -4.0 2.4 126.9 4.3 0.0 1.3 6.8 9.9 0.0 1.0 21.0 1.1 0.0 0.6 -0.0 4.9 0.0 0.6 34.7 0.6 0.0 1.6 143.1 7.1 0.0 0.1 -306.0 -8.2 0.0 -0.0 128.1 -2.5 0.0 0.8 132.4 -7.4 0.0 1.2 -47.2 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 15.0 151.2 45.1 131.1 249.1 15.1 -71.4 188.8 116.2 233.3 -28.0 204.3 267.2 68.6 428.6 17.3 43.5 270.9 50.1 -16.8 -4.4 133.8 229.4 62.0 -207.8 -4.2 121.2 268.3 161.5 -243.8 -188.1 182.0 427.2 45.1 107.4 78.8 46.1 120.2 -23.3 -224.6 95.7 186.0 102.1 64.6 -470.4 -218.1 172.0 226.2 301.0 -122.4 70.6 134.2 429.5 178.0 0.2 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 169.8 1.5 191.2 262.5 113.2 5.3 239.4 402.3 22.3 99.0 201.2 -83.4 105.0 47.0 182.4 66.7 222.7 105.6 288.2 160.8 153.5 111.0 189.2 90.5 333.4 106.5 365.7 186.8 32.8 129.9 260.3 164.7 371.0 75.1 337.4 201.3 353.9 116.3 431.9 310.2 -176.5 82.7 118.7 261.9 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 104.4 50.8 118.6 22.9 146.1 50.2 168.4 25.9 3.1 77.2 164.6 14.5 -87.0 60.1 186.3 28.9 132.5 66.8 219.7 12.4 196.8 73.8 211.5 21.7 720.9 41.1 197.0 32.2 -109.7 42.2 227.2 3.7 -278.1 110.1 243.2 -8.1 287.2 70.8 256.9 24.0 127.1 76.5 238.6 44.8 15 16 17 18 19 20 21 Investment in bank personal trusts Noncorporate proprietors’ equity Miscellaneous -8.1 -79.9 1114.2 56.6 -4.7 1397.6 -59.9 -15.9 667.1 -2.4 -62.5 482.0 -26.3 -38.6 714.8 -26.6 -48.2 850.9 -26.4 7.4 568.7 -26.4 -46.6 1462.5 -25.5 -67.0 -23.0 29.8 -21.9 1973.7 8.2 -77.1 669.0 19 20 21 22 Total financial sources 4665.0 4909.8 4015.8 3562.3 4713.4 4668.3 6346.0 4330.5 3508.7 7079.8 4711.6 22 23 24 25 26 27 28 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous -0.7 30.5 0.1 39.4 10.8 -231.2 -1.2 66.1 20.4 106.2 32.6 -441.2 -0.1 -12.8 17.2 -61.9 21.4 -304.3 -0.6 11.0 7.1 19.9 27.8 -97.7 -0.3 27.5 -4.8 -22.9 -31.9 -138.4 -0.2 40.8 8.5 -420.9 -47.3 89.4 0.5 198.3 -26.2 264.9 -2.6 -42.1 -0.8 -287.1 32.3 -62.3 -29.9 128.5 -0.7 158.1 -33.8 126.5 -47.9 -729.6 -0.4 44.4 10.6 -8.8 -7.4 212.4 0.3 -144.0 59.6 -155.4 50.7 184.6 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -7.4 -0.8 -15.7 9.0 -0.3 3.3 5.7 -0.5 2.9 0.1 -0.7 94.1 -7.9 -0.0 -32.9 -21.6 -1.1 14.0 -3.2 -0.3 -41.5 -37.0 0.3 -59.9 30.4 1.0 -44.4 41.2 1.7 26.2 -13.1 2.4 4.5 29 30 31 32 Totals identified to sectors as assets 4840.1 5115.0 4348.3 3501.4 4925.1 5006.7 5998.3 4646.3 4049.2 6759.8 4722.0 32 12 Z.1, September 16, 2004 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment 8 9 10 11 12 13 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 14 15 16 17 18 Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 19 20 21 22 Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 9268.5 9817.0 10127.9 10487.1 11004.1 10744.6 10884.1 11116.8 11270.9 11472.4 11643.0 1 6282.5 6739.4 7055.0 7376.1 7760.9 7609.8 7696.3 7822.5 7914.9 8060.2 8154.9 2 817.6 1804.8 3660.0 863.3 1947.2 3928.8 883.7 2017.1 4154.3 916.2 2080.1 4379.8 950.7 2200.1 4610.1 912.1 2167.5 4530.2 946.8 2163.6 4585.9 972.7 2219.2 4630.6 971.1 2250.1 4693.6 976.3 2316.6 4767.3 976.2 2356.4 4822.3 3 4 5 1625.7 1735.5 1614.3 1579.2 1665.8 1596.6 1611.2 1696.5 1758.9 1819.6 1913.0 6 1558.8 1679.0 1646.1 1568.0 1667.0 1586.0 1626.5 1700.2 1755.3 1783.4 1857.7 7 1133.9 58.7 797.3 123.5 15.9 138.6 1232.1 63.1 878.6 140.6 18.4 131.3 1176.8 66.4 845.1 123.7 18.9 122.7 1063.9 65.4 755.9 105.8 19.8 117.0 1094.7 68.0 771.9 112.5 21.6 120.7 1046.4 65.5 738.8 115.4 20.6 106.2 1072.7 67.4 757.3 112.2 21.1 114.6 1113.3 68.7 784.5 114.3 21.9 123.9 1146.3 70.5 806.9 108.0 22.6 138.3 1158.8 70.6 815.3 103.4 22.8 146.7 1197.7 73.0 841.3 119.6 23.6 140.2 8 9 10 11 12 13 424.9 359.8 3.3 60.1 1.6 446.9 377.3 3.5 66.1 0.1 469.3 401.6 3.7 63.4 0.6 504.1 430.2 3.8 68.0 2.1 572.3 490.6 4.2 76.0 1.5 539.6 463.1 4.0 72.2 0.3 553.8 475.2 4.1 73.4 1.1 586.9 503.4 4.3 77.7 1.5 609.0 520.7 4.5 80.7 3.1 624.6 531.9 4.6 84.0 4.0 660.0 565.8 4.9 87.5 1.8 14 15 16 17 18 66.9 66.1 3.5 -2.7 56.5 54.9 2.9 -1.3 -31.7 -30.1 -1.6 -0.0 11.2 12.1 0.6 -1.5 -1.2 -1.4 -0.1 0.3 10.6 8.2 0.4 1.9 -15.3 -15.4 -0.8 0.9 -3.7 -2.7 -0.1 -0.9 3.6 4.2 0.2 -0.9 36.2 33.5 1.8 1.0 55.3 54.9 2.9 -2.4 19 20 21 22 23 Net U.S. exports of goods and services -260.5 -379.5 -367.0 -424.9 -498.1 -503.2 -497.6 -488.7 -502.8 -546.9 -599.6 23 24 25 Exports - Imports 991.3 1251.8 1096.3 1475.8 1032.8 1399.9 1005.0 1429.9 1046.2 1544.3 1019.8 1523.0 1018.1 1515.7 1047.7 1536.4 1099.2 1602.0 1134.3 1681.2 1164.5 1764.1 24 25 26 Government consumption expenditures and gross investment 1620.8 1721.7 1825.6 1956.7 2075.5 2041.4 2074.2 2086.5 2100.0 2139.5 2174.7 26 1334.0 475.1 858.9 1417.1 499.3 917.8 1501.6 531.9 969.8 1609.2 592.7 1016.5 1717.1 658.6 1058.5 1689.1 634.3 1054.8 1717.5 665.7 1051.8 1724.0 663.0 1061.0 1737.6 671.3 1066.3 1770.9 691.1 1079.8 1791.5 699.9 1091.6 27 28 29 286.8 80.8 206.1 304.6 79.5 225.1 324.0 81.0 243.0 347.5 88.2 259.3 358.5 93.6 264.9 352.3 89.1 263.2 356.7 95.3 261.4 362.5 93.8 268.7 362.4 96.2 266.2 368.6 102.2 266.4 383.2 104.5 278.7 30 31 32 33.8 320.8 287.1 39.0 382.7 343.7 43.7 322.5 278.8 27.1 301.8 274.7 55.2 329.1 273.9 36.8 304.8 268.0 45.1 309.8 264.7 51.6 329.8 278.2 87.2 371.8 284.6 73.5 373.8 300.3 33.6 380.2 346.6 33 34 35 9302.2 9856.0 10171.6 10514.1 11059.3 10781.4 10929.2 11168.4 11358.1 11545.9 11676.6 36 27 28 29 Consumption expenditures (3) Federal State and local 30 31 32 Gross investment (3) Federal State and local Memo: 33 34 35 Net U.S. income receipts from rest of the world U.S. income receipts - U.S. income payments 36 Gross National Product (GNP) = GDP + net U.S. income receipts (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 13 Z.1, September 16, 2004 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 8236.8 8795.3 8979.9 9225.5 9679.7 9407.8 9568.9 9771.0 9971.3 10128.2 10242.7 1 5357.2 5028.7 323.4 5.2 5782.7 5439.2 343.5 0.0 5942.1 5585.5 356.6 0.0 6069.5 5705.9 363.6 0.0 6289.0 5912.5 376.6 0.0 6179.2 5806.2 371.6 1.4 6245.6 5872.3 374.6 -1.4 6324.6 5946.4 378.2 0.0 6406.8 6024.9 381.9 0.0 6489.6 6095.8 392.3 1.5 6570.6 6176.0 396.0 -1.5 2 3 4 5 678.3 649.7 28.6 728.4 705.7 22.7 771.9 752.2 19.7 769.6 759.9 9.7 834.1 812.3 21.9 794.0 780.2 13.8 825.7 801.6 24.1 852.0 827.2 24.8 864.7 840.0 24.7 872.1 854.2 17.9 901.4 882.5 18.9 6 7 8 147.4 150.3 167.4 170.9 153.9 155.5 144.1 148.8 167.1 172.8 172.4 9 851.3 818.0 767.4 874.6 1021.1 912.0 986.3 1057.0 1129.1 1165.6 1167.2 10 776.8 759.4 719.3 756.8 860.3 798.7 823.6 877.1 941.9 925.4 933.2 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Financial 775.9 456.7 1.3 121.6 196.3 773.4 422.0 1.9 145.8 203.8 707.9 308.8 1.8 169.7 227.6 758.0 322.0 2.1 157.8 276.1 874.5 395.5 2.2 176.9 299.9 826.1 374.4 2.2 156.9 292.6 824.6 365.5 2.3 161.4 295.4 880.9 399.1 2.3 173.3 306.2 966.2 442.7 2.3 215.8 305.4 962.4 440.9 2.3 205.3 313.9 980.4 485.7 2.3 181.8 310.6 12 13 14 15 16 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Financial 258.6 170.8 0.5 87.4 265.2 169.7 0.5 95.0 204.2 111.2 0.5 92.5 183.9 88.4 0.6 94.9 234.9 129.4 0.6 104.9 224.0 119.9 0.6 103.5 224.6 119.9 0.6 104.1 238.7 131.5 0.7 106.5 252.3 146.2 0.6 105.5 256.5 147.0 0.7 108.8 269.4 161.1 0.7 107.6 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Foreign subsidiaries Financial 517.3 337.4 222.7 1.9 41.7 71.0 508.3 378.0 249.7 1.7 29.5 97.1 503.8 370.9 243.9 1.5 40.9 84.6 574.2 390.0 253.3 1.6 42.6 92.5 639.6 395.3 273.7 1.7 20.5 99.4 602.1 396.0 253.8 1.7 47.3 93.2 600.0 394.7 305.3 1.7 -23.2 110.9 642.2 394.1 263.9 1.7 33.1 95.4 713.9 396.4 271.9 1.7 24.9 97.9 705.9 403.4 268.8 1.8 35.9 96.9 711.0 413.4 269.6 1.8 44.8 97.2 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Financial 179.9 63.2 -1.1 79.8 38.0 130.3 2.6 -0.2 116.3 11.7 132.9 -46.3 -0.2 128.9 50.5 184.1 -19.8 -0.1 115.2 88.7 244.3 -7.6 -0.1 156.3 95.7 206.1 0.7 -0.1 109.6 95.9 205.3 -59.7 -0.0 184.6 80.4 248.1 3.7 -0.1 140.2 104.3 317.5 24.7 -0.1 190.9 102.0 302.5 25.0 -0.1 169.4 108.2 297.6 55.0 -0.2 137.0 105.8 27 28 29 30 31 32 Inventory valuation adjustment 0.9 -14.1 11.4 -1.2 -14.1 -27.4 -1.0 -3.8 -24.3 -37.0 -47.2 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Financial 74.5 77.5 1.1 -4.2 58.6 65.3 1.3 -8.0 48.1 33.8 1.5 12.9 117.8 94.0 1.5 22.3 160.8 131.3 1.6 27.9 113.3 89.2 1.6 22.5 162.7 132.8 1.5 28.4 179.9 148.1 1.6 30.2 187.2 154.9 1.7 30.6 240.2 196.7 1.6 41.9 234.0 190.8 1.7 41.5 33 34 35 36 37 Net interest and miscellaneous payments 495.4 559.1 566.4 532.9 543.1 541.3 542.8 542.8 545.3 554.5 546.3 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 674.0 44.2 67.4 10.1 708.9 44.3 87.1 5.3 728.6 55.3 92.8 -1.4 762.6 38.2 80.9 2.8 798.1 46.7 77.7 9.5 783.5 42.8 74.8 10.3 792.9 55.2 76.9 9.8 802.0 44.5 79.0 9.3 813.9 44.4 80.1 8.7 823.3 40.4 82.7 8.1 833.3 39.4 83.4 7.5 38 39 40 41 8236.8 8795.3 8979.9 9225.5 9679.7 9407.8 9568.9 9771.0 9971.3 10128.2 10242.7 42 914.3 187.0 -35.7 990.8 197.0 -127.1 1075.5 206.0 -89.8 1092.8 211.2 -15.4 1135.9 218.1 25.6 1118.4 215.7 39.5 1129.7 217.3 13.2 1141.5 219.0 36.9 1153.8 220.4 12.7 1132.4 222.6 62.8 1147.3 226.8 59.6 43 44 45 33.8 39.0 43.7 27.1 55.2 36.8 45.1 51.6 87.2 73.5 33.6 46 9268.5 9817.0 10127.9 10487.1 11004.1 10744.6 10884.1 11116.8 11270.9 11472.4 11643.0 47 Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above 43 44 45 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 46 Less: Net U.S. income receipts from rest of the world 47 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce. 14 Z.1, September 16, 2004 F.8 Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving 1674.3 1770.5 1657.7 1484.4 1487.9 1375.3 1436.2 1517.9 1622.0 1568.3 1596.1 1 2 Net saving 573.1 582.7 376.2 180.4 133.9 41.2 89.2 157.4 247.8 213.3 222.0 2 419.0 343.3 324.6 459.8 501.6 371.6 459.1 583.9 591.6 592.5 588.6 3 3 Net private saving 4 Personal saving 158.6 168.4 132.3 159.1 110.7 79.6 92.1 159.7 111.2 86.8 104.2 4 5 6 7 8 9 Undistributed corporate profits w/IVA & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements 255.3 179.9 0.9 74.5 5.2 174.9 130.3 -14.1 58.6 0.0 192.3 132.9 11.4 48.1 0.0 300.7 184.1 -1.2 117.8 0.0 390.9 244.3 -14.1 160.8 0.0 292.0 206.1 -27.4 113.3 0.0 367.0 205.3 -1.0 162.7 0.0 424.2 248.1 -3.8 179.9 0.0 480.4 317.5 -24.3 187.2 0.0 505.7 302.5 -37.0 240.2 0.0 484.4 297.6 -47.2 234.0 0.0 5 6 7 8 9 10 11 12 Net government saving Federal State and local 154.1 239.4 51.6 -279.5 -367.7 -330.4 -369.9 -426.5 -343.8 -379.2 -366.6 10 103.6 50.4 189.4 50.0 46.7 4.9 -254.5 -25.0 -364.5 -3.2 -281.6 -48.8 -364.3 -5.6 -433.0 6.5 -379.2 35.4 -391.1 11.9 -382.9 16.4 11 12 13 Consumption of fixed captal 1101.2 1187.8 1281.5 1304.0 1354.0 1334.1 1347.0 1360.5 1374.2 1355.0 1374.1 13 14 15 16 Private Domestic business Households and institutions 914.3 769.8 144.5 990.8 836.1 154.8 1075.5 903.7 171.8 1092.8 912.6 180.2 1135.9 942.6 193.3 1118.4 930.5 187.9 1129.7 938.3 191.4 1141.5 946.5 195.0 1153.8 955.0 198.8 1132.4 936.4 196.0 1147.3 948.1 199.2 14 15 16 17 18 19 Government Federal State and local 187.0 84.8 102.1 197.0 87.2 109.8 206.0 88.2 117.8 211.2 89.1 122.2 218.1 90.2 127.9 215.7 89.7 126.0 217.3 90.0 127.3 219.0 90.5 128.5 220.4 90.7 129.7 222.6 91.6 131.0 226.8 92.7 134.1 17 18 19 1638.6 1643.4 1567.9 1469.0 1513.4 1414.8 1449.4 1554.8 1634.7 1631.0 1655.7 20 20 21 22 23 24 25 26 27 Gross domestic investment, capital account transactions, and net lending, NIPAs Gross domestic investment Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories Gross government investment 1912.5 2040.0 1938.3 1926.6 2024.3 1948.9 1967.9 2059.0 2121.3 2188.2 2296.2 21 1625.7 1558.8 1133.9 424.9 66.9 1735.5 1679.0 1232.1 446.9 56.5 1614.3 1646.1 1176.8 469.3 -31.7 1579.2 1568.0 1063.9 504.1 11.2 1665.8 1667.0 1094.7 572.3 -1.2 1596.6 1586.0 1046.4 539.6 10.6 1611.2 1626.5 1072.7 553.8 -15.3 1696.5 1700.2 1113.3 586.9 -3.7 1758.9 1755.3 1146.3 609.0 3.6 1819.6 1783.4 1158.8 624.6 36.2 1913.0 1857.7 1197.7 660.0 55.3 22 23 24 25 26 286.8 304.6 324.0 347.5 358.5 352.3 356.7 362.5 362.4 368.6 383.2 27 4.9 0.8 1.1 1.3 3.1 1.6 6.2 3.3 1.2 1.4 1.4 28 28 Capital account transactions (net) 29 Net lending or net borrowing (-), NIPAs -278.8 -397.4 -371.5 -458.9 -513.9 -535.7 -524.7 -507.5 -487.8 -558.6 -641.9 29 30 Statistical discrepancy (line 20 less line 1) -35.7 -127.1 -89.8 -15.4 25.6 39.5 13.2 36.9 12.7 62.8 59.6 30 (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 32.5 35.6 35.7 28.8 11.6 15.0 7.1 11.8 12.3 13.8 12.5 1 2 3 4 5 6 7 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons - Capital transfers paid to persons - Capital transfers paid to the rest of the world (net) - Federal investment grants to state and local govts. - Investment grants to business -7.4 28.8 0.0 4.2 31.9 0.0 -8.1 28.1 0.0 0.0 36.2 0.0 -12.9 28.0 0.0 0.0 40.8 0.0 -23.0 25.3 3.6 0.2 44.4 0.1 -40.0 22.0 14.8 1.9 45.1 0.1 -31.8 23.0 14.4 0.4 40.1 0.0 -45.1 20.0 14.4 5.1 45.7 0.0 -44.3 22.0 14.4 2.0 49.9 0.0 -38.6 22.9 16.3 0.1 44.7 0.4 -35.8 24.2 16.3 0.1 43.7 0.0 -34.6 23.0 16.3 0.1 41.2 0.0 2 3 4 5 6 7 8 9 10 State and local Estate and gift taxes paid by persons + Federal investment grants to state and local govts. 39.9 7.9 31.9 43.7 7.5 36.2 48.6 7.8 40.8 51.8 7.4 44.4 51.5 6.4 45.1 46.8 6.7 40.1 52.2 6.5 45.7 56.2 6.3 49.9 50.9 6.1 44.7 49.6 5.9 43.7 47.1 5.8 41.2 8 9 10 11 12 13 Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) - Migrants’ transfers received by persons (net) 4.9 4.2 -0.7 0.8 0.0 -0.8 1.1 0.0 -1.1 1.3 0.2 -1.1 3.2 1.9 -1.3 1.7 0.4 -1.3 6.4 5.1 -1.3 3.3 2.0 -1.3 1.4 0.1 -1.3 1.4 0.1 -1.3 1.4 0.1 -1.3 11 12 13 14 15 16 17 Memo: Acquisition of nonproduced nonfinancial assets (net) Nonfinancial corporate business State and local governments Federal governments Rest of the world -7.7 8.6 -1.0 0.0 -8.5 8.8 -0.3 0.0 -8.6 9.3 -0.7 0.1 -10.1 9.8 0.2 0.0 -9.8 10.0 -0.3 0.1 -7.3 9.9 -2.7 0.1 -9.1 9.9 -1.0 0.2 -13.4 10.0 3.4 0.0 -9.5 10.0 -0.7 0.2 -10.0 10.0 0.0 -0.0 -9.3 10.1 -0.8 -0.0 14 15 16 17 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce. 15 Z.1, September 16, 2004 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 2004 Q2 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 641.6 565.6 725.1 636.6 1052.8 958.3 1419.9 1182.8 650.1 1004.9 1088.5 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5.2 -18.3 137.7 120.2 20.0 -75.4 323.6 154.5 -5.0 104.2 215.0 168.0 15.7 36.5 285.7 -38.1 -9.0 -31.4 326.7 -107.9 26.1 -69.2 461.8 -44.9 -23.5 52.8 328.2 29.0 -17.9 -38.2 259.5 -181.5 -20.7 -71.1 257.4 -320.0 79.0 47.8 477.0 -59.8 20.5 95.2 275.0 -70.2 2 3 4 5 6 Securities 38.2 -435.3 -155.8 -12.4 332.7 45.2 216.5 690.4 378.7 -290.4 157.4 6 4.1 -0.2 -9.8 82.7 19.5 -61.7 -81.9 85.5 14.8 -1.7 -191.3 51.8 5.8 -6.7 -474.2 166.2 3.1 5.6 -82.5 -87.3 52.3 -5.0 -232.0 190.1 13.3 4.5 -87.7 -106.8 96.2 32.9 -75.4 110.6 -4.1 8.9 -0.2 264.5 33.6 -167.2 -129.3 326.5 24.4 9.1 -77.4 -88.6 15.1 -90.8 44.2 209.1 -30.0 10.0 400.4 -213.0 12.3 -260.2 -115.9 413.0 6.1 9.8 -146.9 823.5 44.2 -175.2 -174.1 303.2 -16.7 6.8 -176.9 536.0 62.9 -142.6 -271.5 380.7 21.6 3.5 -73.5 -278.6 40.4 -162.3 -296.4 454.8 17.3 1.7 177.9 137.2 0.5 -181.4 -142.3 146.6 7 8 9 10 11 12 13 14 7 8 9 10 11 12 13 14 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 Life insurance reserves Pension fund reserves 50.8 118.6 50.2 168.4 77.2 164.6 60.1 186.3 66.8 219.7 73.8 211.5 41.1 197.0 42.2 227.2 110.1 243.2 70.8 256.9 76.5 238.6 15 16 17 18 Investment in bank personal trusts Miscellaneous and other assets -8.1 197.4 56.6 303.1 -59.9 216.8 -2.4 105.2 -26.3 281.5 -26.6 257.6 -26.4 578.1 -26.4 209.0 -25.5 81.2 29.8 372.2 8.2 259.3 17 18 19 20 21 22 23 Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) 1369.5 420.0 198.1 750.6 0.8 1463.0 443.3 222.1 796.0 1.6 1488.6 465.0 209.0 816.3 -1.6 1539.3 498.2 191.0 851.0 -0.9 1653.7 566.6 202.0 884.9 0.2 1588.1 535.3 201.4 849.0 2.3 1630.7 548.6 200.7 881.3 0.1 1690.3 581.1 204.9 905.4 -1.0 1705.8 601.4 201.1 903.9 -0.7 1724.3 616.0 196.8 908.8 2.8 1778.6 653.3 216.2 908.6 0.5 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables 857.0 155.7 147.8 553.6 913.1 164.6 158.5 590.1 943.8 189.7 154.2 599.9 985.5 192.4 162.7 630.4 1032.7 226.0 147.1 659.6 1016.5 207.6 158.2 650.7 1026.6 223.0 147.5 656.1 1038.0 231.5 143.9 662.6 1049.5 242.0 138.6 668.9 1052.9 219.9 158.2 674.8 1071.0 232.3 150.6 688.1 24 25 26 27 28 Net investment in tangible assets (4) 512.5 549.9 544.8 553.8 621.1 571.5 604.1 652.3 656.3 671.4 707.6 28 264.3 50.3 197.0 0.8 278.7 63.7 205.9 1.6 275.2 54.8 216.4 -1.6 305.8 28.3 220.6 -0.9 340.6 55.0 225.3 0.2 327.7 43.3 198.2 2.3 325.6 53.2 225.2 0.1 349.6 60.9 242.8 -1.0 359.4 62.6 235.0 -0.7 396.1 38.7 233.9 2.8 421.0 65.6 220.5 0.5 29 30 31 32 878.7 921.1 805.6 897.8 1141.7 1214.7 1589.8 1029.3 733.0 1339.3 1259.1 33 418.0 101.9 107.2 -5.1 75.2 181.4 410.3 115.0 165.2 2.8 7.2 220.6 515.5 104.8 138.7 2.2 -38.8 83.2 680.1 104.0 77.4 1.1 -48.2 83.5 816.2 118.5 83.0 -0.6 34.3 90.4 893.5 84.6 80.3 -1.9 45.3 112.9 922.8 109.3 102.1 1.1 355.7 98.8 781.5 126.2 104.4 -2.0 -83.4 102.7 666.9 154.0 45.1 0.3 -180.4 47.1 936.4 98.9 124.4 -0.2 74.6 105.1 821.7 134.1 45.0 1.2 57.7 199.4 34 35 36 37 38 39 29 30 31 32 33 34 35 36 37 38 39 Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 40 Net capital transfers (5) -37.4 -36.5 -36.8 -30.2 -14.8 -16.7 -13.5 -15.2 -14.1 -15.2 -13.8 40 41 Personal saving, with consumer durables (FOF) 312.8 230.8 501.1 322.8 547.0 331.8 447.7 820.9 587.5 352.2 550.8 41 42 Less net investment in consumer durables 197.0 205.9 216.4 220.6 225.3 198.2 225.2 242.8 235.0 233.9 220.5 42 43 = Personal saving, without consumer durables (FOF) (6) 115.8 24.9 284.7 102.2 321.7 133.5 222.5 578.2 352.4 118.3 330.3 43 44 Personal saving (NIPA, excludes consumer durables) 158.6 168.4 132.3 159.1 110.7 79.6 92.1 159.7 111.2 86.8 104.2 44 45 Difference -42.8 -143.5 152.4 -57.0 211.0 53.9 130.4 418.4 241.3 31.5 226.1 45 46 Memo: Disposable personal income 6694.9 7194.0 7486.8 7827.7 8159.9 7976.5 8075.0 8267.6 8320.6 8438.4 8555.9 46 47 48 49 50 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 39) Without consumer durables (FOF) (line 41) Without consumer durables (NIPA) (line 42) Difference (line 43) 4.7 1.7 2.4 -0.6 3.2 0.3 2.3 -2.0 6.7 3.8 1.8 2.0 4.1 1.3 2.0 -0.7 6.7 3.9 1.4 2.6 4.2 1.7 1.0 0.7 5.5 2.8 1.1 1.6 9.9 7.0 1.9 5.1 7.1 4.2 1.3 2.9 4.2 1.4 1.0 0.4 6.4 3.9 1.2 2.6 47 48 49 50 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17). (3) Includes corporate farms. (4) Line 19 less line 24. (5) Table F.9, line 13 less lines 3, 4, and 9. (6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4). 16 Z.1, September 16, 2004 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital + Net capital transfers (4) 10 = Gross saving and net capital transfers 11 Gross investment 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 7802.4 1107.5 6694.9 6536.4 158.6 8429.7 1235.7 7194.0 7025.6 168.4 8724.1 1237.3 7486.8 7354.5 132.3 8878.9 1051.2 7827.7 7668.5 159.1 9161.8 1001.9 8159.9 8049.3 110.7 9002.2 1025.7 7976.5 7896.9 79.6 9105.7 1030.7 8075.0 7982.9 92.1 9209.3 941.7 8267.6 8107.9 159.7 9330.0 1009.4 8320.6 8209.4 111.2 9445.0 1006.6 8438.4 8351.6 86.8 9585.3 1029.4 8555.9 8451.8 104.2 1 2 3 4 5 3.8 197.0 695.1 -37.4 1.8 205.9 746.7 -36.5 3.3 216.4 773.5 -36.8 -1.7 220.6 812.5 -30.2 -0.6 225.3 854.8 -14.8 -3.0 198.2 840.6 -16.7 -5.3 225.2 849.5 -13.5 -2.7 242.8 859.6 -15.2 8.5 235.0 869.7 -14.1 1.3 233.9 872.9 -15.2 -7.0 220.5 889.3 -13.8 6 7 8 9 1017.1 1086.2 1088.6 1160.3 1175.4 1098.8 1148.0 1244.2 1210.4 1179.7 1193.2 10 970.5 939.9 1236.5 1103.7 1385.5 1154.3 1282.2 1663.9 1441.5 1208.3 1424.7 11 12 13 14 15 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential 1169.2 359.8 750.6 58.7 1236.3 377.3 796.0 63.1 1284.2 401.6 816.3 66.4 1346.5 430.2 851.0 65.4 1443.5 490.6 884.9 68.0 1377.6 463.1 849.0 65.5 1423.9 475.2 881.3 67.4 1477.5 503.4 905.4 68.7 1495.1 520.7 903.9 70.5 1511.3 531.9 908.8 70.6 1547.3 565.8 908.6 73.0 12 13 14 15 16 Net financial investment -198.6 -296.4 -47.8 -242.9 -58.0 -223.3 -141.7 186.4 -53.6 -303.0 -122.6 16 17 Net acquisition of financial assets 366.6 275.7 539.2 448.3 841.7 777.6 1222.1 955.8 411.5 825.9 851.9 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5.2 -57.6 118.6 112.1 20.0 -132.0 303.6 145.8 -5.0 103.1 207.9 158.4 15.7 23.3 283.5 -40.4 -9.0 -42.4 325.0 -99.7 26.1 -78.1 466.0 -16.3 -23.5 38.9 324.2 61.4 -17.9 -51.0 258.6 -150.5 -20.7 -79.3 251.1 -293.3 79.0 46.0 480.6 -22.6 20.5 96.5 274.5 -41.6 18 19 20 21 22 Credit market instruments 43.7 -119.1 -109.6 -39.6 144.3 -197.0 -74.3 570.5 278.0 -439.9 163.7 22 4.1 -9.2 -0.2 -9.0 82.7 19.6 -61.7 8.2 14.8 -196.0 -1.7 -194.3 51.8 6.0 -6.7 10.9 3.1 -79.6 5.6 -85.2 -87.3 51.2 -5.0 8.0 13.3 -85.5 4.5 -90.0 -106.8 96.0 32.9 10.6 -4.1 6.4 8.9 -2.6 264.5 33.4 -167.2 11.4 24.4 -68.1 9.1 -77.2 -88.6 14.9 -90.8 11.1 -30.0 405.6 10.0 395.6 -213.0 12.1 -260.2 11.3 6.1 -139.2 9.8 -149.0 823.5 44.0 -175.2 11.5 -16.7 -172.8 6.8 -179.7 536.0 62.6 -142.6 11.6 21.6 -72.5 3.5 -76.0 -278.6 40.2 -162.3 11.7 17.3 177.6 1.7 175.9 137.2 0.3 -181.4 12.8 23 24 25 26 27 28 29 30 -81.9 85.5 47.2 50.8 118.6 -8.1 -79.9 12.4 -474.2 166.2 88.6 50.2 168.4 56.6 -4.7 6.5 -232.0 190.1 41.9 77.2 164.6 -59.9 -15.9 18.5 -75.4 110.6 -41.6 60.1 186.3 -2.4 -62.5 30.6 -129.3 326.5 62.7 66.8 219.7 -26.3 -38.6 42.0 44.2 209.1 67.8 73.8 211.5 -26.6 -48.2 45.4 -115.9 413.0 342.0 41.1 197.0 -26.4 7.4 37.3 -174.1 303.2 -46.8 42.2 227.2 -26.4 -46.6 67.5 -271.5 380.7 -112.3 110.1 243.2 -25.5 -67.0 18.0 -296.4 454.8 150.5 70.8 256.9 29.8 -21.9 38.2 -142.3 146.6 53.0 76.5 238.6 8.2 -77.1 34.7 31 32 33 34 35 36 37 38 565.2 572.1 586.9 691.2 899.8 1000.8 1363.8 769.4 465.1 1128.9 974.6 39 483.8 561.0 628.0 731.5 856.6 945.2 999.1 844.6 637.6 1045.5 904.9 40 371.8 107.2 10.4 -6.9 -5.4 6.6 370.8 165.2 5.8 6.8 2.0 10.4 472.7 138.7 13.8 -16.5 0.6 18.7 630.7 77.4 12.9 -3.1 0.3 13.3 756.1 83.0 14.1 -6.6 -1.5 11.5 836.6 80.3 18.0 4.2 -2.8 8.9 855.1 102.1 13.3 25.9 0.2 2.4 723.8 104.4 17.7 -15.6 -2.8 17.2 609.0 45.1 7.4 -40.9 -0.5 17.4 875.5 124.4 14.1 15.3 -0.8 16.9 766.5 45.0 20.7 54.6 -0.2 18.3 41 42 43 44 45 46 75.2 4.1 7.2 3.8 -38.8 -1.9 -48.2 7.0 34.3 7.9 45.3 7.5 355.7 7.8 -83.4 8.0 -180.4 8.3 74.6 8.6 57.7 8.8 47 48 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 2.1 0.1 -0.4 0.9 0.9 2.8 1.2 0.1 -0.4 0.2 3.1 49 46.6 146.4 -147.9 56.7 -210.1 -55.5 -134.2 -419.6 -231.2 -28.7 -231.5 50 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.10 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.9, line 13 less lines 3, 4, and 9. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24. 17 Z.1, September 16, 2004 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 Income before taxes 2 Gross saving and net capital transfers 3 Gross investment 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net financial investment 11 Net acquisition of financial assets 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 17 Credit market instruments 18 19 20 21 22 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments Q2 2004 Q3 Q4 Q1 Q2 1195.9 1211.9 1149.0 1155.5 1281.9 1223.0 1240.5 1302.9 1361.4 1369.7 1430.9 1 905.2 903.4 943.9 1016.3 1119.4 1015.8 1106.8 1144.9 1210.0 1205.1 1196.8 2 1003.1 1068.0 1064.1 975.6 1146.9 1048.8 1110.1 1184.6 1244.0 1212.1 1257.2 3 1059.3 1155.2 1014.5 954.5 975.1 954.2 943.7 985.6 1016.8 1056.5 1123.1 4 1000.1 63.4 936.7 1107.2 69.6 1037.6 1054.9 67.1 987.8 953.3 71.8 881.5 986.1 80.2 905.9 950.9 76.2 874.7 968.1 77.5 890.7 1002.7 82.0 920.7 1022.7 85.2 937.5 1030.2 88.6 941.5 1077.0 92.4 984.6 5 6 7 66.9 -7.7 56.5 -8.5 -31.7 -8.6 11.2 -10.1 -1.2 -9.8 10.6 -7.3 -15.3 -9.1 -3.7 -13.4 3.6 -9.5 36.2 -10.0 55.3 -9.3 8 9 -56.1 -87.3 49.6 21.1 171.8 94.6 166.4 199.0 227.2 155.7 134.1 10 1154.8 1455.3 336.0 296.5 665.7 528.6 797.2 640.4 696.7 793.8 670.4 11 0.9 95.3 43.3 36.6 1.6 -7.4 107.1 20.5 45.2 -1.6 -8.5 -48.4 0.9 120.1 -0.2 4.4 -5.7 -1.4 29.2 2.2 21.4 113.3 46.2 -46.0 -0.4 20.1 72.1 28.5 -23.9 -1.5 18.1 103.0 59.2 -47.3 1.5 23.9 137.0 46.0 -96.6 4.4 23.5 140.9 51.2 -16.0 -5.9 12.8 88.4 17.4 -15.8 4.5 13.8 -54.0 37.4 12.6 0.5 12 13 14 15 16 -25.7 26.4 8.9 25.3 32.5 65.5 72.0 25.7 -33.4 85.8 60.2 17 8.2 -5.0 1.8 -0.9 -28.0 -1.8 10.2 1.7 3.0 6.7 0.9 4.0 2.4 1.1 1.7 -1.5 6.4 -1.2 4.5 17.2 -0.3 3.0 3.2 -2.4 18.8 12.5 8.2 8.3 0.8 -16.1 10.7 16.2 6.2 3.2 1.7 27.4 32.7 20.1 10.7 4.6 1.1 2.8 26.4 8.2 8.6 17.0 0.5 -35.0 5.2 5.5 7.3 8.2 -0.1 -59.5 7.4 17.0 11.7 7.2 -0.6 43.3 9.1 21.7 14.2 15.0 -1.2 1.4 18 19 20 21 22 23 7.4 247.1 748.2 12.0 352.6 900.5 2.0 -126.7 388.0 10.5 -57.6 289.4 -4.6 154.5 348.9 -4.6 42.7 329.6 -4.6 181.3 413.9 -4.6 190.2 314.4 -4.6 203.6 337.5 -4.6 240.9 364.4 -4.6 243.2 361.4 24 25 26 1210.9 1542.6 286.4 275.3 493.9 434.0 630.7 441.4 469.5 638.2 536.4 27 569.3 561.0 395.0 190.3 302.5 285.4 405.8 238.5 280.4 356.9 332.5 28 29 30 31 Commercial paper Municipal securities Corporate bonds 37.4 5.1 221.7 48.1 1.4 162.6 -88.3 3.5 348.5 -64.2 3.1 132.3 -40.0 3.4 158.3 -9.3 2.8 169.5 -81.4 3.5 297.0 4.8 3.4 96.1 -74.3 4.0 70.6 34.4 4.9 114.2 32.9 4.0 5.7 29 30 31 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 89.8 31.8 183.5 95.0 78.7 175.3 -65.5 8.1 188.8 -84.0 19.5 183.6 -75.2 11.3 244.7 -87.4 6.6 203.1 -68.2 -10.4 265.4 -95.6 -20.3 250.2 -49.3 69.1 260.2 -61.0 22.9 241.4 36.1 -24.5 278.3 32 33 34 -110.4 213.6 15.9 612.7 -118.2 360.8 18.6 764.2 -47.4 -111.3 7.1 70.5 -41.6 45.9 20.0 103.2 -57.8 126.1 1.2 169.6 -67.0 50.5 10.4 192.4 -50.2 130.6 20.2 152.2 -44.9 150.6 -8.3 153.7 -69.0 172.5 -17.6 180.3 -82.6 237.2 9.3 138.6 -159.5 229.5 33.4 145.3 35 36 37 38 -90.1 -43.8 -27.6 -42.4 -47.7 -37.7 -27.8 -48.2 -77.1 -21.2 -44.9 39 -97.9 -164.5 -120.2 40.7 -27.5 -33.0 -3.4 -39.8 -34.0 -7.0 -60.3 40 35 36 37 38 Corporate equities Trade payables Taxes payable Miscellaneous liabilities 39 Proprietors’ net investment 40 Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 18 Z.1, September 16, 2004 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 10 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) + Net capital transfers (2) = Total internal funds + IVA 456.7 170.8 222.7 599.3 662.6 79.8 0.9 0.0 743.3 422.0 169.7 249.7 631.1 633.7 116.3 -14.1 0.0 735.9 308.8 111.2 243.9 678.5 632.1 128.9 11.4 0.0 772.3 322.0 88.4 253.3 747.5 727.8 115.2 -1.2 0.1 841.8 395.5 129.4 273.7 805.4 797.7 156.3 -14.1 0.1 940.1 374.4 119.9 253.8 755.5 756.2 109.6 -27.4 0.0 838.4 365.5 119.9 305.3 804.2 744.5 184.6 -1.0 0.0 928.1 399.1 131.5 263.9 824.9 828.6 140.2 -3.8 0.0 965.0 442.7 146.2 271.9 837.0 861.7 190.9 -24.3 0.4 1028.7 440.9 147.0 268.8 866.2 891.2 169.4 -37.0 0.0 1023.6 485.7 161.1 269.6 868.8 923.7 137.0 -47.2 0.0 1013.5 1 2 3 4 5 6 7 8 9 Gross investment 841.2 900.4 892.5 801.1 967.6 871.5 931.5 1004.7 1062.7 1030.6 1073.9 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 858.9 800.5 66.1 -7.7 928.5 882.1 54.9 -8.5 810.1 848.8 -30.1 -8.6 761.7 759.7 12.1 -10.1 764.9 776.1 -1.4 -9.8 743.7 742.8 8.2 -7.3 736.9 761.4 -15.4 -9.1 772.8 788.9 -2.7 -13.4 806.2 811.4 4.2 -9.5 843.5 819.9 33.5 -10.0 891.8 846.2 54.9 -9.3 11 12 13 14 15 Net financial investment -17.7 -28.2 82.4 39.4 202.7 127.8 194.6 231.9 256.5 187.2 182.1 15 16 Net acquisition of financial assets 969.9 1209.2 177.6 150.6 502.4 385.6 627.1 461.6 535.2 636.0 478.8 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 56.0 24.3 28.4 1.6 -7.4 50.5 0.5 36.5 -1.6 -8.5 -49.5 -6.2 110.5 -0.2 4.4 -18.9 -3.6 26.9 2.2 21.4 102.3 44.5 -37.7 -0.4 20.1 63.1 32.8 -18.5 -1.5 18.1 89.2 55.3 -42.2 1.5 23.9 124.2 45.1 -84.1 4.4 23.5 132.7 44.9 -6.1 -5.9 12.8 86.7 21.0 -0.3 4.5 13.8 -52.7 36.8 13.3 0.5 17 18 19 20 21 22 23 24 25 26 27 28 29 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 8.2 -4.2 1.8 -0.7 -26.0 -1.8 207.7 7.4 10.2 -1.3 3.0 6.9 2.3 4.0 283.0 12.0 2.4 -1.6 1.7 -2.6 3.1 -1.2 -128.5 2.0 4.5 14.9 -0.3 2.8 2.0 -2.4 -80.4 10.5 18.8 10.1 8.2 8.1 2.0 -16.1 104.1 -4.6 10.7 16.4 6.2 3.0 2.0 27.4 6.1 -4.6 32.7 15.3 10.7 4.4 2.0 2.8 132.5 -4.6 26.4 6.1 8.6 16.8 2.0 -35.0 124.5 -4.6 5.2 2.7 7.3 8.0 2.0 -59.5 153.2 -4.6 7.4 14.5 11.7 6.9 2.0 43.3 181.3 -4.6 9.1 19.7 14.2 14.8 2.0 1.4 179.9 -4.6 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 666.3 194.4 1.0 0.0 26.8 444.1 810.6 128.4 -0.3 0.0 7.4 675.2 256.4 119.4 10.3 0.0 -1.7 128.3 187.8 118.7 17.4 0.0 -5.5 57.2 241.8 142.5 18.4 0.0 5.8 75.1 222.2 120.9 24.2 0.0 -2.1 79.2 309.5 112.3 17.6 0.0 17.7 161.9 203.4 154.7 28.8 0.0 -0.5 20.5 231.9 181.9 3.1 0.0 8.0 38.9 248.9 160.6 16.8 0.0 10.1 61.4 230.6 195.8 20.6 0.0 6.1 8.1 30 31 32 33 34 35 987.6 1237.4 95.2 111.1 299.7 257.8 432.6 229.7 278.7 448.9 296.7 36 263.4 -110.4 373.7 37.4 5.1 221.7 44.1 239.0 -118.2 357.2 48.1 1.4 162.6 48.0 180.7 -47.4 228.2 -88.3 3.5 348.5 -103.3 -7.4 -41.6 34.2 -64.2 3.1 132.3 -96.5 97.5 -57.8 155.3 -40.0 3.4 158.3 -49.5 107.1 -67.0 174.1 -9.3 2.8 169.5 -63.2 218.8 -50.2 269.0 -81.4 3.5 297.0 -33.7 33.0 -44.9 77.9 4.8 3.4 96.1 -71.8 31.3 -69.0 100.3 -74.3 4.0 70.6 -29.3 153.6 -82.6 236.2 34.4 4.9 114.2 -38.2 -13.6 -159.5 145.9 32.9 4.0 5.7 22.2 37 38 39 40 41 42 43 36 37 38 39 40 41 42 43 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. 44 45 46 47 48 49 50 51 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 23.4 3.2 48.8 -0.3 -2.2 -22.7 -3.3 42.0 65.9 4.3 57.0 -0.4 -0.0 -2.2 7.2 31.2 7.8 1.8 -10.3 -0.2 -0.3 -1.6 18.5 59.9 16.0 1.7 7.5 -0.3 0.3 10.1 -3.3 43.5 5.5 5.0 2.0 0.7 -0.2 -0.8 -1.1 77.6 3.8 2.3 -8.6 1.2 -0.5 -20.6 30.1 70.5 -7.1 1.6 -6.7 0.6 -0.9 14.8 -16.5 90.8 -38.0 18.5 1.2 0.4 0.7 -35.8 -22.9 83.4 63.6 -2.2 22.0 0.8 -0.0 38.2 4.8 65.7 22.4 -13.4 63.0 1.0 -3.8 -14.1 -10.2 98.6 -26.2 11.9 -31.9 0.2 2.0 -10.6 2.1 107.3 44 45 46 47 48 49 50 51 52 53 54 55 56 57 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 178.5 7.0 538.8 247.0 -7.6 299.4 313.3 7.0 678.2 181.1 1.2 495.8 -103.7 3.1 15.2 86.9 1.3 -73.0 24.0 11.9 82.7 22.1 1.3 59.3 77.4 -8.5 133.2 9.9 1.3 121.9 4.2 -8.9 155.4 37.5 1.3 116.6 88.8 10.5 114.4 16.5 1.3 96.6 91.5 -13.0 118.1 -24.4 1.3 141.2 125.2 -22.6 144.8 10.1 1.3 133.4 187.0 3.7 104.6 36.4 2.3 65.8 169.0 29.5 111.9 20.6 1.3 89.9 52 53 54 55 56 57 58 Discrepancy -97.9 -164.5 -120.2 40.7 -27.5 -33.0 -3.4 -39.8 -34.0 -7.0 -60.3 58 59 Memo: Financing gap (6) 195.4 308.9 166.6 35.1 -18.7 14.9 -6.6 -52.0 -31.2 -10.8 15.3 59 (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 7. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 19 Z.1, September 16, 2004 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 710.6 144.5 767.3 149.3 820.5 153.0 823.8 155.4 864.6 160.2 834.8 158.2 850.8 159.5 878.9 160.8 893.9 162.1 910.9 162.4 926.3 164.1 1 2 3 Gross investment 144.5 149.3 153.0 155.4 160.2 158.2 159.5 160.8 162.1 162.4 164.1 3 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 187.1 183.6 3.5 209.6 206.7 2.9 185.5 187.1 -1.6 174.5 173.8 0.6 188.4 188.5 -0.1 188.0 187.5 0.4 184.8 185.6 -0.8 191.8 191.9 -0.1 189.0 188.8 0.2 189.2 187.4 1.8 210.0 207.2 2.9 4 5 6 7 Net financial investment -42.6 -60.3 -32.6 -19.1 -28.2 -29.8 -25.2 -31.0 -26.9 -26.8 -46.0 7 8 Net acquisition of financial assets 184.1 246.0 155.9 141.4 158.6 137.5 165.4 171.7 159.8 154.2 186.1 8 9 10 11 12 13 14 15 16 17 18 19 20 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 38.7 19.1 8.1 -0.8 -0.1 -2.0 0.0 39.4 81.7 0.2 0.0 81.4 56.4 20.1 8.7 3.0 -0.3 -1.4 0.0 69.6 89.9 -0.1 0.0 90.0 0.5 7.1 9.6 2.7 1.1 3.3 0.0 1.8 129.9 2.5 0.1 127.3 12.8 2.2 2.3 2.3 0.2 1.2 0.0 22.8 97.6 4.2 0.0 93.4 10.9 1.7 -8.2 2.4 0.2 -1.2 0.0 50.4 102.4 4.4 0.3 97.7 8.9 -4.3 -5.5 -0.2 0.2 -0.3 0.0 36.6 102.0 5.8 0.3 95.9 13.8 4.0 -5.1 4.8 0.2 -0.9 0.0 48.8 99.8 4.2 -0.3 95.9 12.7 0.9 -12.4 2.1 0.2 -1.5 0.0 65.8 103.9 6.9 -0.1 97.1 8.1 6.3 -9.9 2.7 0.2 -2.1 0.0 50.4 104.1 0.7 1.2 102.1 1.7 -3.6 -15.6 2.5 0.2 -2.6 0.0 59.6 112.1 4.0 0.6 107.4 -1.4 0.5 -0.7 2.0 0.2 -3.2 0.0 63.3 125.3 5.0 -0.5 120.9 9 10 11 12 13 14 15 16 17 18 19 20 226.6 306.3 188.5 160.5 186.8 167.3 190.6 202.6 186.7 181.0 232.1 21 190.2 46.5 8.6 135.1 34.7 8.9 73.9 -81.1 192.9 44.3 11.1 137.5 46.6 11.7 86.0 -30.9 156.4 37.8 -2.6 121.2 -4.9 4.0 55.3 -22.3 148.3 13.4 2.4 132.5 21.0 8.1 20.5 -37.4 139.5 -25.2 5.6 159.1 46.7 9.7 36.4 -45.5 105.0 -22.9 3.6 124.3 41.6 19.4 37.0 -35.7 133.9 -30.6 -3.2 167.7 43.0 9.7 37.8 -33.7 148.7 -25.8 16.3 158.3 57.9 4.7 35.5 -44.2 170.3 -21.6 5.9 186.0 44.4 5.0 35.5 -68.5 116.1 -21.4 1.5 136.0 52.8 5.6 34.1 -27.6 172.8 11.5 1.8 159.5 57.2 4.0 33.4 -35.3 22 23 24 25 26 27 28 29 21 22 23 24 25 26 27 28 29 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 28.6 0.0 17.4 2.0 15.4 22.7 1.1 17.2 2.0 15.2 19.7 1.3 17.4 2.1 15.2 9.7 1.5 17.6 2.2 15.4 21.9 1.5 17.7 2.3 15.4 13.8 1.4 17.7 2.2 15.5 24.1 1.5 17.6 2.3 15.3 24.8 1.5 17.6 2.3 15.4 24.7 1.5 17.6 2.3 15.4 17.9 1.5 17.6 2.3 15.4 18.9 1.6 17.7 2.3 15.4 1 2 3 4 5 6 Gross saving 17.4 18.3 18.6 19.1 19.1 19.2 19.1 19.1 19.2 19.2 19.2 6 7 Gross investment 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 11 Net financial investment 17.4 18.3 18.6 19.1 19.1 19.2 19.1 19.1 19.2 19.2 19.2 7 13.3 15.9 -2.7 17.1 18.4 -1.3 18.9 18.9 -0.0 18.3 19.8 -1.5 21.8 21.6 0.3 22.5 20.6 1.9 22.0 21.1 0.9 21.0 21.9 -0.9 21.7 22.6 -0.9 23.8 22.8 1.0 21.2 23.6 -2.4 8 9 10 4.1 1.2 -0.3 0.8 -2.7 -3.3 -2.9 -1.9 -2.5 -4.7 -2.0 11 12 Net acquisition of financial assets 0.8 0.1 2.4 4.5 4.7 5.5 4.6 7.1 1.7 3.6 5.6 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 0.6 0.2 0.2 -0.0 0.2 -0.0 -0.1 0.0 0.6 1.8 1.4 0.4 0.4 4.1 4.0 0.1 0.1 4.6 4.2 0.4 0.1 5.4 5.6 -0.1 0.1 4.5 4.1 0.5 0.1 7.0 6.6 0.4 0.1 1.6 0.7 0.8 0.1 3.5 3.9 -0.4 0.1 5.5 4.7 0.7 13 14 15 16 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System. -3.3 -1.1 2.7 3.7 7.4 8.9 7.6 9.1 4.1 8.2 7.5 17 5.3 -0.9 -0.2 6.5 0.4 -9.1 10.9 2.7 1.6 6.6 0.9 -12.9 10.5 -0.0 2.9 7.7 -2.6 -5.3 7.9 -0.9 1.1 7.7 0.9 -5.1 7.7 -0.4 0.1 8.1 1.9 -2.2 6.3 -1.3 -0.7 8.3 4.7 -2.1 2.9 -3.9 -0.1 6.9 -1.2 5.9 11.9 2.0 1.5 8.5 1.1 -4.0 9.8 1.5 -0.3 8.6 2.9 -8.6 4.5 -1.4 -1.0 6.9 -2.6 6.3 13.8 2.4 -0.1 11.5 3.3 -9.6 18 19 20 21 22 23 20 Z.1, September 16, 2004 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1236.7 1319.5 1373.0 1411.9 1494.9 1437.8 1484.6 1511.3 1545.9 1550.7 1581.9 1 214.5 590.2 35.8 9.8 85.3 290.8 10.4 236.6 621.1 35.6 11.0 92.2 315.4 7.7 242.7 642.8 30.2 13.7 88.8 350.8 4.0 220.1 675.3 31.2 14.6 81.6 385.9 3.3 226.1 708.7 34.5 15.1 81.0 425.9 3.7 216.1 693.2 31.9 14.7 80.9 397.4 3.6 219.0 703.3 32.9 14.9 80.6 430.1 3.8 232.5 714.0 35.4 15.1 80.6 429.9 3.8 236.9 724.3 37.6 15.5 81.8 446.1 3.7 238.3 734.2 38.5 16.0 82.2 437.9 3.5 249.6 743.7 40.3 16.4 82.8 446.0 3.0 2 3 4 5 6 7 8 1186.3 1269.5 1368.2 1436.9 1498.1 1486.6 1490.2 1504.9 1510.5 1538.8 1565.5 9 858.9 252.4 74.6 0.4 0.0 917.8 271.7 79.6 0.5 0.0 969.8 305.2 85.5 7.7 0.0 1016.5 331.9 87.5 1.0 0.0 1058.5 350.3 88.9 0.3 0.0 1054.8 343.6 87.9 0.3 0.0 1051.8 349.7 88.1 0.6 0.0 1061.0 355.7 88.9 -0.7 0.0 1066.3 352.3 90.7 1.2 0.0 1079.8 366.3 92.0 0.7 0.0 1091.6 380.9 92.3 0.7 0.0 10 11 12 13 14 50.4 50.0 4.9 -25.0 -3.2 -48.8 -5.6 6.5 35.4 11.9 16.4 15 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 15 Net state and local govt. saving, NIPA basis 16 17 + Consumption of fixed capital + Net capital transfers (2) 102.1 39.9 109.8 43.7 117.8 48.6 122.2 51.8 127.9 51.5 126.0 46.8 127.3 52.2 128.5 56.2 129.7 50.9 131.0 49.6 134.1 47.1 16 17 18 = Gross saving and net capital transfers 192.4 203.5 171.2 149.0 176.2 123.9 173.9 191.2 216.0 192.5 197.5 18 19 Gross investment 256.9 288.4 208.8 166.0 202.3 208.9 119.4 261.6 219.4 198.1 234.9 19 206.1 8.6 225.1 8.8 243.0 9.3 259.3 9.8 264.9 10.0 263.2 9.9 261.4 9.9 268.7 10.0 266.2 10.0 266.4 10.0 278.7 10.1 20 21 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net financial investment 23 Net acq. of financial assets 24 25 26 27 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 28 Credit market instruments 42.3 54.5 -43.5 -103.1 -72.5 -64.2 -151.9 -17.1 -56.8 -78.3 -53.9 22 109.9 97.4 87.5 65.3 69.3 59.3 38.2 116.0 63.6 94.3 44.4 23 3.9 13.3 5.1 -2.6 1.0 13.1 6.5 8.2 5.1 11.2 19.7 -22.2 8.5 7.7 2.3 -4.9 8.5 9.6 -9.4 8.0 5.7 4.7 -6.8 3.0 12.2 13.7 -11.1 11.6 7.8 11.3 -18.5 6.3 8.2 8.7 -1.1 11.3 4.9 8.5 -3.6 16.0 -26.7 51.6 -9.0 -18.0 24 25 26 27 100.6 12.3 107.8 22.8 56.8 11.0 54.4 92.9 69.0 50.7 47.2 28 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 17.3 23.5 43.7 17.8 -6.0 1.7 -13.5 42.1 55.4 5.7 12.2 3.0 10.5 7.3 22.9 3.9 -7.2 8.4 15.2 -17.4 33.1 8.2 54.2 17.8 14.7 -0.5 32.0 7.8 23.9 7.0 7.9 18.2 9.1 29 30 31 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 0.3 11.5 4.3 0.3 -3.3 1.8 0.2 25.6 -2.0 0.1 8.2 -6.4 0.3 7.2 8.6 0.1 2.7 3.2 0.4 10.5 12.5 0.2 5.7 6.8 0.4 10.2 12.1 0.2 5.4 6.4 0.2 5.4 6.5 32 33 34 3.5 -0.7 -1.2 3.7 22.8 7.7 7.9 8.9 -6.2 -12.7 -7.7 13.6 -6.5 -26.3 -3.6 -10.2 -6.9 -27.8 -3.6 -20.1 -5.4 -23.1 35 36 8.5 10.5 -32.3 7.5 14.8 31.6 5.0 3.7 -73.3 1.6 10.4 0.1 8.2 17.1 -10.7 3.0 23.6 9.3 11.9 15.2 -37.0 6.4 13.2 10.5 11.5 16.2 -25.6 6.1 18.2 17.2 6.2 18.7 2.8 37 38 39 67.6 42.8 131.0 168.4 141.8 123.5 190.1 133.1 120.3 172.6 98.3 40 35 36 Corporate equities Mutual fund shares 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 40 Net increase in liabilities 41 Credit market instruments 38.5 15.5 105.8 143.9 117.8 99.5 166.1 109.1 96.3 148.6 74.3 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 38.9 2.6 36.3 -0.4 16.5 1.4 15.1 -1.0 105.5 23.8 81.7 0.2 143.4 25.2 118.2 0.5 117.5 7.2 110.3 0.3 99.1 -2.9 102.0 0.4 165.8 6.3 159.5 0.3 108.9 9.7 99.1 0.2 96.3 15.5 80.8 0.1 148.5 11.3 137.2 0.1 74.1 -64.7 138.8 0.2 42 43 44 45 29.1 27.4 25.2 24.5 24.0 24.0 24.0 24.0 24.0 24.0 24.0 46 -64.5 -84.8 -37.5 -17.1 -26.1 -85.0 54.5 -70.4 -3.5 -5.7 -37.4 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.120. (2) Table F.9, line 8. 21 Z.1, September 16, 2004 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1891.2 2053.8 2016.3 1847.3 1877.0 1888.5 1902.6 1816.5 1900.6 1915.2 1945.4 1 893.0 83.9 212.9 5.9 651.7 21.5 22.7 -0.4 999.1 87.8 219.5 7.3 691.7 25.2 25.7 -2.3 994.5 85.8 164.7 7.2 717.5 24.9 27.1 -5.5 831.2 87.3 143.4 7.1 733.8 20.3 24.8 -0.6 775.8 89.4 191.4 8.1 758.2 23.0 25.5 5.8 809.6 90.3 183.1 6.7 747.7 19.4 25.1 6.6 811.6 89.6 183.2 9.9 754.0 22.8 25.4 6.0 709.2 88.0 194.3 7.8 761.6 24.3 25.8 5.5 772.5 89.6 204.9 7.9 769.5 25.5 25.6 5.0 768.3 89.0 207.9 8.6 787.9 22.9 26.1 4.6 779.7 89.6 218.4 8.3 796.2 22.5 26.2 4.5 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 1787.5 1864.4 1969.5 2101.8 2241.6 2170.1 2266.9 2249.5 2279.7 2306.3 2328.3 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 475.1 738.0 248.0 282.7 43.8 0.0 499.3 772.5 265.6 283.3 43.8 0.0 531.9 841.4 290.0 258.6 47.6 0.0 592.7 919.7 323.3 229.0 37.2 0.0 658.6 958.9 363.6 214.1 46.4 0.0 634.3 941.4 339.4 213.9 42.5 1.4 665.7 957.2 370.3 217.7 54.6 -1.4 663.0 964.5 366.6 210.1 45.3 0.0 671.3 972.5 378.0 214.7 43.2 0.0 691.1 986.2 379.7 211.1 39.7 1.5 699.9 992.8 374.7 220.7 38.7 -1.5 11 12 13 14 15 16 17 Net federal government saving, NIPA basis 103.6 189.4 46.7 -254.5 -364.5 -281.6 -364.3 -433.0 -379.2 -391.1 -382.9 17 18 19 20 + Consumption of fixed capital - Insurance and pension reserves (1) + Net capital transfers (2) 84.8 3.8 -7.4 87.2 1.8 -8.1 88.2 3.3 -12.9 89.1 -1.7 -23.0 90.2 -0.6 -40.0 89.7 -3.0 -31.8 90.0 -5.3 -45.1 90.5 -2.7 -44.3 90.7 8.5 -38.6 91.6 1.3 -35.8 92.7 -7.0 -34.6 18 19 20 21 = Gross saving and net capital transfers 177.3 266.7 118.8 -186.7 -313.6 -220.7 -314.1 -384.1 -335.6 -336.5 -317.9 21 22 Gross investment 185.2 277.2 80.8 -194.9 -327.3 -147.5 -629.3 -251.3 -281.0 -469.7 -421.6 22 80.8 -1.0 79.5 -0.3 81.0 -0.7 88.2 0.2 93.6 -0.3 89.1 -2.7 95.3 -1.0 93.8 3.4 96.2 -0.7 102.2 0.0 104.5 -0.8 23 24 105.4 198.0 0.5 -283.3 -420.6 -233.9 -723.6 -348.5 -376.5 -571.9 -525.3 25 71.4 -70.7 53.9 4.1 12.0 -45.7 41.1 7.7 44.8 -37.6 -37.3 26 23 24 Fixed investment Nonproduced nonfinancial assets 25 Net financial investment 26 Net acq. of financial assets 27 28 29 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits -7.1 66.2 0.7 -0.6 -65.1 1.0 4.6 41.1 4.2 8.8 -18.7 17.1 -0.8 8.2 -25.2 0.1 -30.9 -36.7 0.5 -12.0 37.5 5.6 26.5 -74.8 -9.5 49.3 -26.8 -2.5 -54.0 -2.2 -6.0 10.7 1.1 27 28 29 30 31 32 33 34 Credit market instruments Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (3) 6.4 0.0 -7.1 -0.1 13.6 11.6 0.0 -3.6 -0.9 16.1 6.0 0.0 -5.9 -1.1 13.1 9.6 0.0 -3.6 0.5 12.7 -2.5 0.0 -1.4 -2.5 1.3 -17.9 0.0 0.0 -9.4 -8.6 -8.1 0.0 -2.3 0.2 -5.9 20.1 0.0 -3.2 -1.5 24.8 -4.3 0.0 -0.1 0.8 -5.0 4.7 0.0 -2.4 8.0 -0.9 -12.7 0.0 -1.3 -6.4 -5.0 30 31 32 33 34 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 4.6 1.6 -0.9 5.3 -21.5 -1.4 7.3 -10.6 1.3 -3.3 -9.4 0.0 3.7 27.2 1.4 -10.3 45.4 4.6 4.3 19.5 -0.7 8.3 20.4 1.6 12.5 23.6 0.0 3.1 13.3 -0.0 -6.5 -24.6 0.7 35 36 37 -34.0 -268.7 53.4 287.4 432.6 188.2 764.8 356.2 421.3 534.3 488.0 38 -3.0 1.0 -4.0 2.4 0.0 1.3 0.0 1.0 0.0 0.6 0.0 0.6 0.0 1.6 0.0 0.1 0.0 -0.0 0.0 0.8 0.0 1.2 39 40 -71.2 -0.2 -70.8 -0.2 0.0 -295.9 -1.7 -293.2 -1.0 0.0 -5.6 5.6 -10.7 -0.5 0.0 257.6 4.5 252.5 0.5 0.0 396.0 8.9 389.5 -2.4 0.0 184.0 9.1 176.5 -1.6 0.0 723.0 10.0 712.6 0.5 0.0 317.1 9.8 307.2 0.1 0.0 360.0 6.8 361.8 -8.6 0.0 483.9 3.5 479.4 1.1 0.0 444.9 1.7 446.9 -3.6 0.0 41 42 43 44 45 -0.4 1.4 38.2 41.1 -2.9 4.4 1.4 22.9 20.9 2.0 3.4 1.4 53.0 60.8 -7.8 1.3 1.6 26.0 24.5 1.5 4.2 1.1 30.7 24.7 6.0 9.6 0.1 -6.0 -4.7 -1.3 -1.0 1.7 39.4 31.6 7.8 2.0 0.5 36.5 27.6 8.8 6.2 2.2 52.9 44.1 8.8 8.1 -0.0 41.5 31.1 10.4 10.8 1.9 29.2 19.0 10.2 46 47 48 49 50 -8.0 -10.5 38.0 8.3 13.6 -73.3 315.3 -132.9 -54.6 133.2 103.7 51 59.4 -55.1 50.9 -1.6 -24.8 -89.2 22.3 -85.2 52.8 -15.0 -1.3 52 38 Net increase in liabilities 39 40 SDR certificates Treasury currency 41 42 43 44 45 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 46 47 48 49 50 Trade payables Insurance reserves Miscellaneous liabilities (4) Nonmarketable securities held by pension plans Other 51 Discrepancy Memo: 52 Change in cash balance (5) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 2. (3) Student loans. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 22 Z.1, September 16, 2004 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 4 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Current taxes and trans. payments to rest of world 1586.0 1251.8 287.1 47.2 1875.6 1475.8 343.7 56.1 1725.7 1399.9 278.8 47.0 1764.4 1429.9 274.7 59.9 1886.1 1544.3 273.9 68.0 1858.7 1523.0 268.0 67.7 1846.4 1515.7 264.7 66.0 1881.7 1536.4 278.2 67.1 1957.6 1602.0 284.6 71.0 2065.3 1681.2 300.3 83.8 2185.2 1764.1 346.6 74.5 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1312.1 991.3 320.8 1479.0 1096.3 382.7 1355.3 1032.8 322.5 1306.8 1005.0 301.8 1375.3 1046.2 329.1 1324.6 1019.8 304.8 1327.9 1018.1 309.8 1377.5 1047.7 329.8 1471.0 1099.2 371.8 1508.1 1134.3 373.8 1544.7 1164.5 380.2 5 6 7 8 9 Net capital transfers (1) Gross saving and net capital transfers (2) 4.9 278.8 0.8 397.4 1.1 371.5 1.3 458.9 3.2 514.0 1.7 535.8 6.4 524.9 3.3 507.5 1.4 488.0 1.4 558.6 1.4 641.9 8 9 Gross investment Nonproduced nonfinancial assets 231.8 0.0 476.3 0.0 415.1 0.1 569.0 0.0 542.8 0.1 572.2 0.1 424.3 0.2 501.0 0.0 673.6 0.2 552.8 -0.0 585.8 -0.0 10 11 231.7 476.3 415.0 569.0 542.7 572.1 424.2 501.0 673.5 552.9 585.9 12 708.5 963.0 657.7 741.3 783.0 856.1 297.1 889.4 1089.6 1131.2 956.4 13 10 11 12 13 Net financial investment Net acquisition of financial assets 14 15 16 17 18 Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 0.0 -5.7 22.3 -3.1 8.0 -0.7 20.8 7.5 -17.2 11.4 -0.6 -45.6 18.8 11.9 59.4 -0.8 4.2 20.9 31.7 39.4 0.6 0.5 24.7 -21.1 272.7 3.6 -31.6 27.1 9.3 681.4 -0.4 -174.6 66.1 5.3 16.3 -0.8 48.3 -26.7 -134.5 223.0 0.1 159.7 32.4 35.6 170.2 -0.4 -252.6 4.9 -10.0 271.5 -0.4 -21.2 81.9 147.0 85.2 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private U.S. corporate bonds (4) Loans to U.S. corporate business 171.2 -1.4 -12.5 12.2 -24.7 63.4 20.4 43.1 144.4 -22.7 241.9 4.3 -70.5 -5.2 -65.3 141.9 40.9 101.0 168.4 -2.2 305.3 -2.6 10.5 33.7 -23.2 103.7 20.9 82.8 195.4 -1.6 422.8 10.3 138.9 60.5 78.5 112.5 28.6 83.9 151.0 10.1 538.2 9.9 285.1 169.7 115.4 11.5 24.9 -13.4 232.6 -0.8 402.4 -25.7 168.1 121.1 47.0 55.0 38.3 16.7 225.7 -20.6 746.8 42.7 385.6 170.7 215.0 56.1 13.2 43.0 247.5 14.8 321.4 -27.1 279.7 95.8 183.9 -110.5 13.4 -123.8 215.1 -35.8 682.3 49.7 306.8 291.1 15.6 45.4 34.7 10.7 242.2 38.2 952.7 24.9 650.6 406.8 243.8 78.8 52.1 26.7 212.5 -14.1 773.7 6.3 413.1 252.1 161.0 151.5 11.1 140.5 213.3 -10.6 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other 112.3 -5.1 0.0 408.6 289.4 119.2 193.6 -0.4 0.0 506.0 321.3 184.8 121.5 -3.1 0.0 190.1 167.0 23.1 54.2 3.1 0.0 165.8 72.4 93.4 36.9 1.7 0.0 -71.2 39.9 -111.1 -10.5 1.0 0.0 -226.8 130.1 -356.9 82.1 -0.1 0.0 -444.3 -2.2 -442.1 -13.3 -3.6 0.0 475.6 -11.2 486.9 89.2 9.6 0.0 -89.4 42.9 -132.3 14.8 2.2 0.0 148.0 40.9 107.1 8.7 -15.9 0.0 -102.5 130.8 -233.4 29 30 31 32 33 34 476.8 486.7 242.7 172.3 240.4 283.9 -127.1 388.4 416.1 578.3 370.5 35 -8.7 48.9 -0.4 126.9 4.3 6.8 9.9 21.0 1.1 -0.0 4.9 34.7 0.6 143.1 7.1 -306.0 -8.2 128.1 -2.5 132.4 -7.4 -47.2 36 37 13.0 16.3 1.9 0.5 0.2 -3.2 3.5 -4.8 -0.9 57.0 31.7 15.2 11.4 0.6 3.4 7.4 -0.6 -0.7 -49.8 -14.2 -24.5 -7.3 0.8 -7.4 -0.7 -1.1 -2.6 5.6 36.1 -33.5 5.3 0.8 -0.8 5.3 -1.9 -0.4 -15.7 22.3 -28.1 -7.7 -0.5 -1.5 -5.7 -2.1 0.0 17.8 52.0 -29.9 -4.0 -1.5 1.5 -3.9 -1.6 1.4 -61.8 72.9 -100.2 -31.4 -0.1 -2.3 -29.1 -3.2 0.2 -64.7 -56.0 -8.8 5.3 -1.2 -4.1 10.6 -3.4 -1.8 46.0 20.2 26.5 -0.7 0.6 -0.9 -0.5 -0.4 0.4 70.8 100.1 -19.6 -6.7 1.5 2.9 -11.2 -4.6 1.7 -63.8 -29.6 -39.7 7.0 1.3 5.9 -0.2 -1.9 0.5 38 39 40 41 42 43 44 45 46 114.3 4.2 0.0 305.2 1.5 0.6 224.9 78.1 106.7 0.8 0.0 195.7 1.5 0.0 159.2 35.0 109.1 -2.2 0.0 174.4 1.7 -0.1 142.3 30.4 17.6 -10.1 0.0 128.3 1.5 0.1 134.8 -8.1 100.4 7.9 0.0 146.7 1.4 0.2 173.8 -28.7 136.4 34.6 0.0 55.4 1.5 -0.1 163.3 -109.3 66.5 -1.7 0.0 -273.8 1.6 0.3 136.2 -411.9 122.0 -8.8 0.0 638.8 1.4 0.1 180.8 456.5 76.8 7.3 0.0 166.1 1.2 0.4 214.8 -50.3 85.7 6.7 0.0 285.2 1.4 0.3 190.4 93.0 161.0 -0.9 0.0 328.8 2.1 0.1 243.0 83.7 47 48 49 50 51 52 53 54 47.0 -78.9 -43.6 -110.1 -28.8 -36.4 100.5 6.5 -185.7 5.7 56.0 55 -260.5 33.8 47.2 -273.9 -379.5 39.0 56.1 -396.6 -367.0 43.7 47.0 -370.4 -424.9 27.1 59.9 -457.7 -498.1 55.2 68.0 -510.9 -503.2 36.8 67.7 -534.1 -497.6 45.1 66.0 -518.5 -488.7 51.6 67.1 -504.2 -502.8 87.2 71.0 -486.6 -546.9 73.5 83.8 -557.2 -599.6 33.6 74.5 -640.5 56 57 58 59 35 36 37 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 38 39 40 41 42 43 44 45 46 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 47 48 49 50 51 52 53 54 Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (4,5) Other 55 Discrepancy (FOF basis) (7) 56 57 58 59 Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs (1) Table F.9, line 11. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 with the sign reversed plus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 23 Z.1, September 16, 2004 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 0.8 5.3 1.0 -1.9 -3.1 -3.3 -3.2 -3.0 -2.8 -2.9 -2.9 1 2 Fixed nonresidential investment 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 130.0 -60.9 47.0 70.7 43.2 75.4 54.4 34.2 9.0 25.0 83.5 3 -1.6 -3.0 1.7 0.9 -4.0 3.6 0.3 0.0 1.4 1.9 0.0 1.6 1.3 0.0 0.9 1.2 0.0 0.8 0.5 0.0 1.1 2.3 0.0 0.9 1.3 0.0 0.7 0.4 0.0 1.1 -1.1 0.0 0.9 4 5 6 -1.9 0.2 110.3 1.1 -0.1 -97.3 -0.9 -0.1 6.9 0.4 0.0 -10.8 -0.7 0.0 4.3 -6.5 -0.0 43.1 2.7 3.0 7.3 0.1 -2.4 -3.9 0.7 -0.4 -29.6 -1.1 0.0 9.1 3.0 1.0 28.5 7 8 9 25.7 33.7 39.9 77.7 37.2 37.3 40.3 37.6 33.8 16.2 53.0 10 0.0 25.8 -0.2 0.0 0.0 33.7 -0.1 0.0 0.0 40.0 -0.1 0.0 0.0 77.7 0.0 0.0 0.0 37.3 -0.0 0.0 0.0 37.3 0.0 0.0 0.0 40.3 0.0 0.0 0.0 37.6 0.0 0.0 0.0 33.8 -0.0 0.0 0.0 16.2 0.0 0.0 0.0 53.0 0.0 0.0 11 12 13 14 -1.3 1.1 -0.4 -0.2 0.3 -0.5 -0.5 -0.6 2.6 -0.7 -1.9 15 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 10 11 12 13 14 15 16 Credit market instruments Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets 129.6 -61.3 46.5 69.6 42.8 70.9 56.3 29.4 14.4 21.7 83.4 16 17 18 Depository institution reserves Vault cash of commercial banks -2.3 24.5 -5.0 -22.2 -1.6 2.9 5.1 0.5 0.5 0.1 21.2 4.1 4.0 3.2 -2.0 2.4 -21.2 -9.2 9.3 15.6 19.9 8.1 17 18 19 20 21 22 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 57.2 8.3 0.6 48.3 21.5 -6.4 2.8 25.2 24.1 -3.8 -3.4 31.3 48.7 6.9 0.3 41.5 7.5 -1.1 -0.3 8.9 48.2 -5.1 0.7 52.5 19 20 21 22 23 24 25 Miscellaneous liabilities Federal Reserve Bank stock Other -1.3 0.5 -1.8 1.1 0.6 0.6 -2.8 0.4 -3.2 22.6 1.0 21.5 4.3 0.5 3.8 -11.7 0.5 -12.2 27.6 0.6 27.0 4.9 0.4 4.6 -3.8 0.4 -4.2 -10.7 0.5 -11.2 7.1 1.0 6.2 23 24 25 -0.2 4.5 0.1 -3.3 -3.9 -8.1 -1.6 -8.0 2.2 -6.6 -3.3 26 26 Net increase in liabilities Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 24 Z.1, September 16, 2004 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 49.8 67.5 81.4 95.4 90.0 93.7 82.9 91.3 92.2 101.4 98.6 1 2 Fixed nonresidential investment 31.0 28.9 27.5 24.2 24.7 23.6 24.1 25.2 25.9 26.3 27.2 2 3 Net acquisition of financial assets 345.7 475.5 350.2 476.5 472.1 721.6 731.4 -57.2 492.6 1286.7 686.5 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 24.5 -5.1 0.3 -22.2 -1.9 -0.5 2.9 -2.2 1.1 0.5 4.4 -0.3 0.1 -0.4 -0.0 4.1 21.9 2.3 3.2 4.3 -0.2 2.4 -4.7 -2.4 -9.2 -23.2 0.3 15.6 4.8 2.9 8.1 15.1 -1.8 4 5 6 7 Total bank credit 301.5 411.9 216.0 408.3 331.3 470.0 617.4 15.1 222.6 940.2 504.0 7 Treasury securities Agency- and GSE-backed securities 14.8 36.4 -44.4 22.3 -21.9 55.6 43.2 140.5 3.0 83.6 9.6 181.2 -30.9 295.2 2.7 -268.7 30.7 126.9 30.4 380.2 -6.0 65.7 8 9 10 11 Municipal securities Corporate and foreign bonds 5.9 39.6 3.4 58.1 6.1 97.8 1.5 2.6 10.8 50.0 12.0 55.1 16.1 10.8 12.3 40.5 2.7 93.5 11.9 73.4 13.7 -24.8 10 11 12 13 14 15 16 17 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 200.5 0.3 69.0 158.4 -9.2 -18.0 369.7 0.2 112.8 164.6 41.7 50.4 70.5 0.0 -76.2 129.8 17.0 0.0 219.4 0.0 -80.6 268.5 28.7 2.8 187.8 0.0 -94.5 197.5 49.3 35.5 231.7 0.0 -127.5 268.5 6.9 83.8 324.1 0.0 -61.4 324.7 37.6 23.2 228.8 0.0 -91.1 257.2 42.3 20.4 -33.3 0.0 -98.0 -60.3 110.3 14.7 448.9 0.0 -28.0 409.0 5.9 62.0 456.7 0.0 64.3 369.0 7.1 16.3 12 13 14 15 16 17 18 19 Corporate equities Mutual fund shares 2.0 2.3 0.3 2.5 0.2 7.8 -0.6 1.7 2.3 -6.2 0.6 -20.1 -0.1 2.2 8.6 -8.9 0.2 2.0 -0.0 -4.7 -1.2 -0.0 18 19 -3.1 27.6 -0.7 89.0 -2.9 135.3 -0.0 63.6 -0.2 141.3 0.8 222.4 -0.8 107.5 -1.2 -66.4 0.3 301.8 -2.1 325.4 2.5 158.6 20 21 286.6 573.5 353.2 500.2 477.4 599.0 664.3 177.8 468.5 1352.1 765.8 22 -7.2 -1.7 0.1 -5.7 42.3 1.0 20.4 20.8 -29.4 -1.0 17.2 -45.6 11.8 0.4 7.1 4.2 -5.1 -0.7 -4.8 0.5 -29.5 -6.5 8.5 -31.6 -195.2 5.6 -26.2 -174.6 78.3 -2.3 32.3 48.3 126.2 0.3 -33.8 159.7 -243.1 -1.1 10.6 -252.6 42.5 4.0 59.6 -21.2 23 24 25 26 8 9 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets 22 Net increase in liabilities 23 24 25 26 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 27 28 29 30 Checkable deposits Federal government Rest of the world Private domestic 3.4 36.4 -0.0 -33.0 -85.5 -33.2 2.0 -54.3 102.2 45.3 -4.8 61.7 -57.3 -16.4 -0.6 -40.3 30.9 -0.9 8.0 23.8 -13.9 -60.9 6.8 40.1 97.2 -8.8 57.4 48.6 -29.1 -6.7 -34.3 11.9 69.4 72.7 2.1 -5.5 94.2 -11.6 12.5 93.4 19.3 2.7 46.1 -29.5 27 28 29 30 31 32 33 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 72.0 119.6 110.8 211.6 92.8 66.1 249.4 32.7 -42.3 269.4 -2.8 115.5 230.4 18.8 67.6 253.8 110.9 152.7 418.7 -31.4 228.4 99.5 -26.8 -161.5 149.5 22.5 50.6 318.2 239.6 235.6 378.1 148.2 195.7 31 32 33 34 Credit market instruments 67.2 60.0 52.9 49.7 49.2 80.9 28.0 2.8 85.2 187.6 7.1 34 6.1 20.4 40.6 0.6 32.6 26.8 -8.3 37.0 24.2 -2.5 22.0 30.2 -6.3 46.9 8.5 -14.2 83.0 12.0 -20.8 27.1 21.7 4.1 6.1 -7.3 5.8 71.6 7.8 57.4 39.3 90.9 -19.2 54.8 -28.6 35 36 37 -10.2 1.9 -70.9 -12.5 2.1 196.5 -8.1 2.4 -6.5 -10.7 2.6 121.9 -2.4 2.9 85.2 -2.6 2.8 44.0 10.6 2.9 105.2 -0.4 2.9 212.1 -17.3 3.0 -20.5 -0.6 3.1 517.5 -4.3 3.1 -23.9 38 39 40 -40.3 136.6 56.9 94.9 70.6 -52.5 -8.3 301.1 42.1 140.6 150.8 41 312.2 357.9 205.2 404.4 299.5 406.6 591.4 -6.1 206.1 880.8 491.4 42 35 36 37 38 39 40 41 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 42 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20). 25 Z.1, September 16, 2004 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving -6.3 13.8 20.2 21.0 16.5 30.3 1.6 23.8 10.4 47.1 31.4 1 2 Fixed nonresidential investment 22.5 20.4 18.8 16.1 16.2 15.5 15.8 16.5 17.0 17.3 17.8 2 3 Net acquisition of financial assets 342.3 332.3 229.7 388.9 405.7 593.5 656.5 24.1 348.7 885.1 659.6 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 11 12 13 14 15 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 16 17 18 19 20 21 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 22 23 Corporate equities Mutual fund shares 24 25 26 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 18.9 -23.1 0.6 4.2 0.1 26.5 7.4 -7.4 -26.1 19.4 24.3 4 316.6 350.2 209.0 391.9 331.9 413.2 579.6 80.8 253.9 864.4 490.4 5 -2.0 29.4 -17.8 5.0 42.2 -35.0 18.2 14.1 -9.8 13.9 -31.4 73.7 52.8 57.2 -36.2 29.9 121.1 84.3 -9.2 46.0 7.1 85.1 56.6 2.4 26.1 -5.6 180.1 125.1 81.7 -26.7 -37.0 278.5 239.8 -0.7 39.3 16.3 -254.0 -215.5 -83.4 44.9 54.8 135.7 76.9 11.8 46.9 21.7 378.4 346.5 20.7 11.2 0.4 45.5 35.3 -31.0 41.1 6 7 8 9 10 5.8 43.6 0.6 6.0 37.0 3.2 52.2 -0.4 7.7 44.9 6.3 64.5 21.2 2.8 40.5 1.5 5.0 -13.3 8.1 10.2 10.7 47.0 0.2 25.2 21.6 11.8 20.0 -5.6 43.0 -17.4 16.1 -27.1 -1.0 1.2 -27.3 11.9 82.2 4.5 22.8 54.8 2.9 113.0 3.0 33.8 76.3 11.8 38.7 6.4 7.3 25.0 13.6 9.2 -0.8 -0.1 10.2 11 12 13 14 15 235.5 -0.1 92.4 161.1 -9.2 -8.8 308.7 0.2 98.1 161.6 41.7 7.1 88.0 0.0 -62.0 125.8 17.0 7.2 233.2 0.0 -58.6 265.7 28.7 -2.7 185.9 0.0 -70.9 195.2 49.3 12.3 226.4 0.0 -94.2 264.6 6.9 49.1 347.0 0.0 -62.9 320.0 37.6 52.2 224.7 0.0 -31.4 234.6 42.3 -20.7 -54.6 0.0 -94.9 -38.6 110.3 -31.4 418.6 0.0 -9.8 404.5 5.9 18.0 422.9 0.0 41.7 371.6 7.1 2.6 16 17 18 19 20 21 2.0 2.3 0.3 2.5 0.2 7.8 -0.6 1.7 2.3 -6.2 0.6 -20.1 -0.1 2.2 8.6 -8.9 0.2 2.0 -0.0 -4.7 -1.2 -0.0 22 23 -2.5 9.2 -0.7 5.9 -2.3 22.3 0.3 -7.6 -0.2 73.9 1.4 152.4 -0.6 70.2 -1.3 -48.0 -0.1 121.0 -1.7 3.1 2.1 142.9 24 25 329.8 473.7 283.9 476.5 473.4 523.4 659.7 315.2 395.3 994.6 793.3 26 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 33.7 -1.9 0.2 -14.3 49.7 76.9 1.1 -0.1 30.5 45.4 2.0 -0.9 -0.1 16.5 -13.6 57.1 0.4 0.0 20.8 35.9 25.2 -0.7 0.0 -66.9 92.8 -71.3 -6.5 -0.0 -78.8 14.0 -149.4 2.7 3.0 -154.6 -0.5 166.0 0.1 -2.4 2.9 165.4 155.6 0.7 -0.4 -36.9 192.3 -150.6 -1.1 0.0 -52.7 -96.9 156.2 3.0 1.0 34.2 118.0 27 28 29 30 31 32 33 34 35 Checkable deposits Federal government Rest of the world Private domestic 2.9 36.4 -0.6 -33.0 -85.0 -33.2 2.4 -54.2 98.7 45.3 -2.5 55.9 -55.6 -16.4 -0.3 -38.9 28.4 -0.9 8.4 20.9 -13.8 -60.9 9.2 37.9 84.3 -8.8 56.0 37.1 -21.6 -6.7 -32.8 17.9 64.6 72.7 1.1 -9.2 93.4 -11.6 11.5 93.5 19.7 2.7 47.8 -30.8 32 33 34 35 36 37 38 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 73.0 61.6 128.5 210.6 87.9 15.4 240.4 -25.2 -31.2 273.6 24.3 73.6 228.2 2.9 68.5 257.2 76.6 22.3 417.6 5.0 211.5 94.0 -32.8 -46.3 144.0 -37.1 86.6 314.3 85.0 214.3 377.9 72.3 158.0 36 37 38 39 40 41 42 43 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -2.5 3.7 40.6 3.6 1.9 -0.6 10.6 26.8 4.0 2.1 -2.3 8.3 24.2 7.2 2.4 0.3 -0.6 30.2 4.7 2.6 -0.2 5.5 8.5 7.2 2.9 1.3 2.4 12.0 3.6 2.8 -0.7 7.7 21.7 10.9 2.9 -1.3 2.6 -7.3 10.2 2.9 -0.1 9.3 7.8 4.0 3.0 -1.7 -4.2 90.9 5.1 3.1 2.1 17.2 -28.6 3.9 3.1 39 40 41 42 43 44 45 46 Miscellaneous liabilities Investment by bank holding companies Other -17.2 2.9 -20.1 124.9 53.6 71.3 -40.5 60.7 -101.2 66.3 53.1 13.1 96.2 50.5 45.7 230.3 43.2 187.1 48.2 67.9 -19.7 148.7 50.5 98.3 -42.5 40.5 -82.9 345.2 73.4 271.8 11.5 121.7 -110.2 44 45 46 -41.3 134.9 55.6 92.6 68.0 -55.2 -11.0 298.4 40.0 139.4 147.2 47 318.6 339.5 191.6 393.8 323.3 384.9 524.6 100.5 283.0 849.5 491.1 48 47 Discrepancy Memo: 48 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24). 26 Z.1, September 16, 2004 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 6.0 7.0 6.3 6.4 6.8 6.7 6.8 6.9 7.0 6.5 6.6 1 2 Fixed nonresidential investment 8.0 8.0 8.2 7.7 8.0 7.6 7.8 8.2 8.4 8.5 8.8 2 3 Net acquisition of financial assets -55.5 38.4 3.1 9.2 -68.6 -1.8 -128.2 -162.1 17.9 119.2 -148.1 3 4 Reserves at Federal Reserve 5 Total bank credit 6 7 8 9 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 13 14 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 15 Corporate equities 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets 0.4 -1.0 0.2 0.6 -0.4 -0.4 0.1 5.1 -6.3 1.0 -1.0 4 -25.7 67.2 -7.2 12.0 -19.8 36.8 -17.3 -59.0 -39.7 62.7 -2.6 5 9.7 4.9 0.0 -4.6 -0.5 0.4 0.0 8.3 9.8 -22.0 0.0 30.6 12.9 10.9 0.0 0.3 -6.5 -7.1 0.0 1.3 14.5 1.8 0.0 17.5 0.6 12.4 0.0 13.0 -17.6 -33.2 0.0 -6.8 -23.6 -9.2 0.0 -18.5 9.7 -5.6 0.0 35.1 -11.1 12.4 0.0 -31.2 6 7 8 9 -35.7 0.4 -22.4 -4.5 -9.3 59.0 -0.1 14.6 1.2 43.2 -25.6 0.0 -19.1 0.7 -7.2 -12.0 0.0 -18.6 1.1 5.5 -7.5 0.0 -29.0 -1.8 23.2 3.0 0.0 -31.4 -0.2 34.6 -43.2 0.0 -15.6 1.4 -29.0 -1.4 0.0 -60.2 17.8 41.1 11.5 0.0 -8.6 -26.0 46.1 23.5 0.0 -21.1 0.7 44.0 27.3 0.0 23.2 -9.7 13.7 10 11 12 13 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 -0.6 -29.7 -0.0 -27.7 -0.6 10.7 -0.4 -3.1 -0.0 -48.4 -0.5 -37.7 -0.1 -110.9 0.1 -108.4 0.5 63.4 -0.5 56.0 0.4 -144.9 16 17 18 Net increase in liabilities -52.4 42.0 7.1 13.6 -63.7 2.8 -123.4 -157.2 22.9 124.3 -142.9 18 19 20 21 Net interbank liabilities To foreign banks To domestic banks -45.0 -51.2 6.2 -40.8 -57.1 16.2 -16.1 -35.3 19.2 -42.3 -32.3 -10.0 -41.3 -47.5 6.3 45.9 -8.7 54.6 -80.9 -35.0 -45.8 -99.3 -116.8 17.5 -30.8 -29.6 -1.2 -91.4 -152.7 61.3 -118.1 -154.2 36.2 19 20 21 22 23 24 Checkable deposits Small time and savings deposits Large time deposits 0.6 -1.8 57.2 -0.4 -0.4 3.4 0.4 4.5 53.3 -0.7 -2.3 -25.1 1.0 0.9 14.6 -1.9 -2.7 35.0 8.2 1.0 -36.5 -4.9 3.0 3.5 2.5 2.4 56.4 -1.8 3.6 154.4 -1.9 -1.6 74.1 22 23 24 25 26 Federal funds and security RPs (net) Acceptance liabilities -17.9 -0.4 52.3 -0.0 -11.0 -0.9 39.5 -0.4 -1.9 -0.1 110.4 -0.5 6.5 -0.2 -88.8 0.1 -35.6 0.3 24.7 -0.1 37.1 0.3 25 26 27 28 29 30 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other -45.0 19.4 2.5 -66.9 27.9 9.7 45.6 -27.5 -23.1 8.4 -30.8 -0.7 44.8 3.6 24.7 16.5 -37.0 4.5 -1.7 -39.8 -183.4 14.6 -17.0 -181.0 -21.5 -0.4 -14.0 -7.0 29.2 1.8 -25.8 53.2 27.7 2.0 50.0 -24.3 34.9 1.7 108.4 -75.1 -132.8 6.9 -82.3 -57.4 27 28 29 30 1.1 2.5 2.0 3.2 3.7 3.7 3.8 3.6 3.6 3.1 3.0 31 -17.0 23.9 -0.6 6.2 -43.0 1.6 11.6 -100.0 -85.3 18.3 -15.9 32 31 Discrepancy Memo: 32 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16). 27 Z.1, September 16, 2004 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 49.9 46.5 54.8 67.8 66.5 56.6 74.3 60.4 74.7 47.6 60.5 1 2 Fixed nonresidential investment 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 55.2 100.7 100.5 83.4 126.6 122.6 192.3 65.9 125.6 266.1 161.3 3 6.2 -12.2 4.2 3.1 8.6 20.8 39.7 -26.1 0.2 1.2 -2.3 4 7.9 -1.3 1.2 -1.6 -7.9 -0.5 -2.8 -0.9 0.4 1.4 2.1 0.3 0.1 4.5 -2.4 0.9 1.4 0.9 1.3 5.0 0.1 2.8 18.8 -1.1 4.1 -2.1 21.4 16.2 2.5 5.2 -34.5 0.7 -1.1 -2.3 -0.5 4.1 -2.3 3.6 -1.1 1.0 1.0 1.4 -1.9 -2.9 5 6 7 8 49.0 2.9 17.3 28.9 112.9 53.6 38.4 20.9 96.4 60.7 29.8 5.9 80.3 53.1 -0.2 27.3 118.0 50.5 45.0 22.4 101.8 43.2 33.9 24.7 152.6 67.9 79.3 5.4 92.0 50.5 30.3 11.3 125.4 40.5 36.7 48.2 265.0 73.4 113.9 77.7 163.7 121.7 41.8 0.1 9 10 11 12 4 5 6 7 8 9 10 11 12 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other 13 Net increase in liabilities 5.4 54.4 45.8 15.7 60.3 66.2 118.1 5.7 51.1 218.7 101.0 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks 4.1 8.2 -4.1 6.2 -26.3 32.5 -15.3 -18.6 3.3 -3.0 -3.6 0.6 10.9 55.8 -44.8 -4.2 32.7 -36.8 35.1 174.2 -139.1 11.6 11.9 -0.3 1.3 4.3 -3.0 -1.0 2.0 -3.0 4.4 -10.7 15.1 14 15 16 17 Federal funds and security RPs (net) 0.1 -1.6 -0.1 2.4 0.9 20.0 10.4 -26.4 -0.4 -3.4 0.7 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 25.8 9.1 16.7 23.2 1.2 22.0 23.6 -5.1 28.7 20.3 -2.3 22.6 35.4 -6.0 41.4 65.7 -15.0 80.7 -0.6 -19.9 19.3 8.7 5.3 3.5 67.8 5.5 62.3 102.8 59.2 43.6 16.1 -21.5 37.6 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -13.8 -10.8 -38.6 27.8 -16.5 43.1 10.3 32.8 -15.3 52.9 -8.9 61.8 -15.4 11.5 -44.0 55.4 -9.6 22.6 -37.5 60.1 -6.2 -9.0 -53.5 44.4 -0.2 73.5 -23.0 96.4 -10.6 22.3 -21.0 43.2 -21.4 3.7 -52.5 56.2 -5.7 126.0 89.9 36.1 -8.2 88.1 44.2 43.8 21 22 23 24 -0.3 -0.2 -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2 -0.2 25 25 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 3 Net acquisition of financial assets 3.7 4.0 17.0 -5.0 8.4 7.4 10.8 14.9 0.5 16.2 13.6 3 4 Checkable deposits and currency 0.3 -0.5 1.1 -0.3 -0.0 2.3 -0.2 -2.4 0.3 2.9 -1.8 4 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Home mortgages Commercial mortgages Miscellaneous assets Net increase in liabilities 4.4 6.7 10.0 1.3 10.6 -0.7 15.5 19.4 8.1 11.9 18.5 5 -0.7 3.3 0.1 -0.5 -1.0 4.3 0.1 0.3 -0.6 2.5 -0.2 0.6 0.3 3.9 0.0 -0.3 1.0 4.7 0.1 0.4 0.5 -3.5 0.2 -1.2 1.4 6.4 0.0 3.6 1.5 13.3 0.4 -0.3 0.6 2.7 -0.2 -0.6 1.3 3.9 0.2 0.7 3.6 6.4 0.1 -1.0 6 7 8 9 0.5 0.6 1.2 1.1 1.0 0.8 4.5 -0.9 4.2 -4.3 1.5 0.2 0.3 2.5 1.6 -0.7 3.6 0.5 0.8 2.2 1.1 -0.2 1.7 3.1 1.4 2.6 1.7 2.0 2.2 1.6 2.2 4.4 2.8 10 11 12 -1.0 -2.1 5.9 -6.0 -2.2 5.8 -4.4 -2.1 -8.0 1.4 -3.0 13 3.8 3.4 16.4 -5.7 7.5 6.6 9.9 14.2 -0.8 14.5 14.3 14 15 16 17 Checkable deposits Small time and savings deposits Large time deposits 0.0 0.8 0.8 -0.1 1.4 1.4 3.1 4.6 4.6 -1.1 -1.9 -1.9 1.5 1.3 1.3 1.8 -0.7 -0.7 4.7 0.1 0.1 -2.7 2.5 2.5 2.3 3.2 3.2 2.6 0.2 0.2 1.5 1.8 1.8 15 16 17 18 Miscellaneous liabilities 2.2 0.7 4.2 -0.7 3.4 6.2 5.0 11.9 -9.4 11.4 9.3 18 0.1 -0.7 -0.6 -0.7 -1.0 -0.9 -0.9 -0.8 -1.3 -1.7 0.7 19 19 Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 28 Z.1, September 16, 2004 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 7.2 7.3 8.0 12.7 14.4 14.6 13.7 13.9 15.5 14.7 14.6 1 2 Fixed nonresidential investment 4.0 3.8 3.4 2.9 2.9 2.8 2.9 3.0 3.1 3.1 3.2 2 3 Net acquisition of financial assets 61.9 67.2 81.0 59.1 115.4 180.0 149.0 112.1 20.6 311.3 201.8 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 2.8 -1.0 -0.1 -4.2 -3.1 1.6 0.1 4.3 0.6 2.0 0.8 12.5 0.7 3.7 0.4 -0.3 0.9 -0.4 0.0 -6.1 -0.7 -3.2 0.2 10.5 -0.3 14.2 0.2 -16.5 2.8 -6.2 -0.1 -3.4 2.0 -6.4 -0.2 -15.2 4.5 2.9 1.4 41.1 4.8 13.0 1.2 -19.9 4 5 6 7 8 Credit market instruments 67.2 56.2 44.6 33.6 126.3 186.9 107.9 66.4 143.9 225.4 164.6 8 9 10 11 12 13 14 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 0.0 -0.0 3.4 -1.5 0.0 5.0 0.0 -1.4 -6.7 -6.7 0.0 0.0 0.0 2.7 21.0 6.7 0.0 14.3 0.0 -2.2 14.7 17.0 0.0 -2.3 0.0 3.0 22.6 5.4 0.0 17.1 0.0 0.0 39.9 33.1 0.0 6.9 0.0 3.0 24.9 4.2 0.0 20.7 0.0 5.2 3.6 -23.5 0.0 27.0 0.0 4.0 21.8 7.9 0.0 14.0 0.0 0.0 39.1 44.8 0.4 -6.1 0.0 -5.6 -28.9 -5.7 -8.6 -14.6 9 10 11 12 13 14 15 16 17 18 19 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 0.5 23.3 5.1 0.0 18.2 0.2 -2.5 0.6 0.0 -3.2 1.3 -25.6 -5.8 0.0 -19.7 1.0 -4.0 -2.6 0.0 -1.4 0.8 -8.8 0.1 0.0 -8.9 0.3 8.1 -3.9 0.0 11.9 0.9 -25.9 -0.6 0.0 -25.3 2.3 -27.3 2.0 0.0 -29.3 -0.3 10.0 2.9 0.0 7.1 0.8 -24.1 -5.3 -15.5 -3.3 0.3 -20.7 -2.4 -13.5 -4.8 15 16 17 18 19 20 21 22 Other loans and advances Mortgages Consumer credit 6.5 24.1 9.4 8.7 54.9 3.0 3.6 35.3 6.3 3.3 23.1 -2.4 10.0 89.5 9.1 4.5 134.4 -0.3 3.1 81.4 20.6 37.0 50.0 -4.3 -4.5 92.2 20.6 -26.8 221.8 14.5 23.7 168.1 27.6 20 21 22 -0.7 -2.1 0.4 7.7 3.2 17.3 2.0 19.0 -1.0 -4.3 1.7 -15.4 2.7 40.7 -3.6 56.3 -4.8 -98.7 3.0 33.0 -2.3 40.5 23 24 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 60.8 66.3 78.3 54.0 107.6 166.7 144.1 112.4 7.2 296.3 179.1 25 26 27 28 29 Deposits Checkable Small time and savings Large time 6.1 36.8 -39.2 8.5 27.5 43.4 -35.8 19.9 46.8 50.7 -30.7 26.9 67.0 54.4 -31.6 44.2 59.3 57.4 -30.5 32.4 73.6 53.2 -25.0 45.5 85.2 61.4 -28.7 52.5 57.1 57.6 -3.0 2.6 21.3 57.6 -65.2 28.9 77.4 58.6 -38.3 57.2 66.2 66.2 -22.4 22.5 26 27 28 29 30 Security RPs 21.4 -6.0 5.8 -15.0 20.1 13.4 15.3 3.8 47.8 -13.6 -11.7 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 48.0 0.2 -15.7 63.5 27.3 3.5 7.4 16.3 -2.0 -2.6 1.5 -0.9 -23.4 -0.2 4.2 -27.4 6.1 1.7 -13.2 17.6 -18.0 5.4 -48.2 24.7 16.9 0.3 3.2 13.5 0.4 0.6 -1.9 1.6 25.0 0.5 -6.1 30.6 -7.0 3.4 1.5 -11.9 184.4 -3.8 1.1 187.1 31 32 33 34 35 36 37 38 Taxes payable Miscellaneous liabilities Investment by parent Other 0.0 -14.7 0.5 -15.3 0.4 17.1 0.7 16.5 -0.7 28.4 0.8 27.7 -0.3 25.6 0.9 24.7 -0.2 22.4 1.0 21.3 -0.4 98.0 1.0 97.0 -0.0 26.7 1.0 25.7 0.7 50.5 1.0 49.5 -1.1 -85.8 1.1 -86.9 2.2 237.2 1.1 236.1 -1.2 -58.7 1.1 -59.8 35 36 37 38 2.0 2.7 1.9 4.7 3.6 -1.5 5.9 11.2 -1.1 -3.4 -11.4 39 39 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, September 16, 2004 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 5.8 6.7 6.3 7.5 7.7 7.7 7.6 7.7 7.7 7.7 7.6 1 2 Fixed nonresidential investment 2.5 2.4 2.4 2.2 2.3 2.2 2.2 2.3 2.4 2.4 2.5 2 3 Net acquisition of financial assets 23.0 26.5 64.4 55.3 56.6 65.9 90.7 24.6 45.1 18.2 44.3 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 17.3 -6.8 2.4 0.3 -1.1 -5.3 10.1 7.4 -1.5 1.6 1.6 -0.8 3.2 1.8 -0.1 69.1 12.1 -8.1 -21.1 -3.5 4.1 -18.8 0.9 -4.4 -16.5 -2.1 7.8 38.5 0.3 -8.9 -58.0 5.4 5.9 4 5 6 7 Credit market instruments 27.5 28.0 41.5 42.7 50.7 45.0 79.4 83.6 -5.3 45.7 64.8 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 1.5 -3.5 2.9 -0.6 -1.4 -0.4 1.2 -0.8 19.6 1.2 0.4 16.8 -2.0 1.1 18.2 -2.9 -2.0 28.2 1.9 5.9 41.4 -1.2 1.5 43.4 -5.8 -0.7 -40.3 2.5 -1.5 7.9 -1.8 5.6 11.6 8 9 10 11 12 Home mortgages Consumer credit 14.1 12.5 13.8 16.5 16.4 5.1 18.2 6.2 23.2 10.1 14.8 7.0 18.5 11.6 27.6 12.3 31.9 9.6 15.8 21.0 36.4 13.0 11 12 13 14 Mutual fund shares Miscellaneous assets -1.1 -16.4 -0.3 4.9 1.5 5.4 -0.2 10.4 0.5 0.5 -0.5 -51.6 4.5 27.4 1.9 -38.6 -3.7 64.8 0.4 -57.8 -1.2 27.4 13 14 15 Net increase in liabilities 20.8 22.0 60.8 50.1 51.3 61.2 87.4 18.8 37.9 15.2 46.4 15 16 17 18 19 Shares/deposits Checkable Small time and savings Large time 17.7 2.3 12.3 3.1 22.4 5.9 13.0 3.5 61.1 3.5 48.6 9.0 46.7 5.0 33.1 8.7 48.0 7.6 29.6 10.8 69.3 24.7 39.5 5.1 63.1 1.9 37.2 24.0 18.2 -6.4 23.8 0.8 41.4 10.4 17.8 13.3 -37.7 11.7 -53.7 4.2 81.7 0.5 73.8 7.3 16 17 18 19 20 21 Other loans and advances Miscellaneous liabilities 2.2 0.9 0.0 -0.4 1.5 -1.8 2.0 1.4 2.2 1.2 2.8 -10.9 1.6 22.8 3.3 -2.8 1.0 -4.5 -2.7 55.6 4.9 -40.1 20 21 1.0 -0.2 0.3 0.2 0.2 0.9 2.1 -0.5 -1.8 2.3 7.2 22 22 Discrepancy F.116 Bank Personal Trusts and Estates (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets -9.8 55.0 -63.5 -3.7 -26.7 -27.0 -26.9 -26.9 -26.0 29.5 8.0 1 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8.4 -0.1 0.9 7.5 7.0 -0.1 0.2 6.9 -4.6 0.5 2.7 -7.9 0.1 -0.7 -0.6 1.3 -0.1 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 -0.2 0.4 8.7 -9.2 0.1 0.4 8.7 -9.0 0.0 0.4 8.7 -9.0 -7.8 0.4 0.7 -8.9 2 3 4 5 6 Credit market instruments 27.8 0.8 -28.1 0.9 -2.4 -2.7 -2.5 -2.5 -2.0 12.9 3.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 0.6 -0.0 5.7 -2.4 -1.0 0.3 -3.1 -4.8 -10.3 -0.2 -0.4 -0.9 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.3 -2.6 -0.4 -0.2 -2.5 -0.4 0.1 0.5 -0.4 0.1 0.2 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 10.8 11.3 -0.6 -1.2 5.0 0.1 -3.5 -6.6 0.2 5.3 -2.7 -0.2 -2.6 3.9 -0.4 -2.6 3.7 -0.4 -2.6 3.9 -0.4 -2.6 3.9 -0.4 -2.4 4.0 -0.4 5.6 7.1 0.0 2.8 0.8 -0.0 10 11 12 -28.8 -14.7 -2.5 48.5 -32.5 -6.1 -39.4 37.3 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 -18.7 -15.0 2.0 5.0 1.0 1.6 13 14 -2.5 1.2 7.7 -2.6 9.5 9.5 9.5 9.5 9.6 9.6 9.7 15 -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 16 1.7 1.6 3.7 1.4 0.4 0.4 0.4 0.4 0.5 0.2 0.3 17 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Net increase in liabilities (2) 17 Discrepancy (1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies. (2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector. 30 Z.1, September 16, 2004 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving -2.9 -5.0 -3.7 -1.8 1.6 2.6 1.4 1.1 1.4 1.2 0.8 1 2 Fixed nonresidential investment 11.8 10.7 9.3 7.7 7.7 7.4 7.5 7.9 8.1 8.2 8.5 2 3 Net acquisition of financial assets 169.3 203.5 250.6 279.8 258.2 430.2 298.8 183.0 121.0 402.4 277.0 3 4 5 Checkable deposits and currency Money market fund shares 0.0 21.4 -0.5 10.5 31.9 31.0 -1.6 -13.5 12.0 -8.3 34.2 -28.2 2.4 2.7 9.4 -4.2 2.0 -3.5 -3.9 -29.2 14.8 -18.1 4 5 6 Credit market instruments 53.5 57.9 130.9 233.0 180.6 283.0 236.4 117.1 85.9 235.1 213.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 2.0 -9.3 7.0 -4.5 -4.6 11.0 -11.9 -4.4 18.1 14.7 24.8 77.4 -18.2 -6.6 18.0 15.4 -3.5 30.0 -15.0 -4.9 26.3 -18.4 -9.0 7.5 -54.7 -9.2 8.2 19.9 5.9 32.4 -16.9 5.9 32.5 7 8 9 Municipal securities Corporate and foreign bonds Policy loans Mortgages 1.7 41.5 -5.0 15.7 -1.0 49.0 2.9 5.2 -0.4 120.2 2.2 7.1 1.2 106.8 1.0 7.0 6.2 171.0 -0.7 10.9 6.7 225.3 -1.9 10.8 6.8 211.2 1.1 10.9 5.5 120.7 -2.1 13.1 5.7 126.7 0.2 8.9 2.7 163.8 -0.2 10.6 2.7 160.1 1.2 27.9 10 11 12 13 116.9 10.0 111.3 5.6 70.2 2.1 52.7 2.6 45.5 0.5 55.7 0.5 55.3 0.5 50.0 0.5 21.1 0.5 70.8 0.4 54.0 0.4 14 15 7 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares -32.6 18.7 -15.5 6.7 27.9 85.1 1.5 10.1 15.0 129.2 12.5 16 17 Net increase in liabilities 152.9 195.1 248.5 259.7 230.0 397.3 248.2 175.5 98.9 369.2 232.7 17 18 19 20 21 Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) -6.0 0.7 49.4 94.1 -0.8 -0.7 48.7 142.6 -0.9 0.6 75.8 138.5 -6.5 2.0 58.5 148.5 -3.9 2.9 65.7 119.5 -6.5 4.4 73.7 136.5 -3.7 1.5 39.4 139.1 -6.2 3.1 41.6 103.9 0.6 2.5 107.9 98.4 -4.3 -0.4 70.8 137.2 -32.7 2.7 74.6 151.9 18 19 20 21 22 23 Taxes payable Miscellaneous liabilities 1.3 13.4 1.6 3.6 2.0 32.4 2.4 54.7 2.8 43.1 2.6 186.5 2.7 69.2 2.8 30.2 2.9 -113.4 3.0 162.7 3.1 33.1 22 23 -31.0 -24.1 -15.1 -29.7 -34.3 -37.6 -56.8 -14.2 -28.8 -40.3 -52.0 24 24 Miscellaneous assets Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Other Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 6.0 -1.0 -5.8 11.7 23.0 19.5 20.5 25.3 26.7 28.4 28.9 1 2 Fixed nonresidential investment 12.0 13.3 12.5 11.9 12.6 12.0 12.3 12.9 13.3 13.5 14.0 2 3 Net acquisition of financial assets -9.0 8.9 16.6 79.8 95.7 92.8 119.8 93.8 76.3 104.2 84.9 3 4 5 Checkable deposits and currency Security RPs 0.2 -14.4 -0.6 10.0 9.4 -8.1 12.8 14.2 8.6 8.5 17.0 -9.4 23.8 27.0 -4.1 8.8 -2.2 7.4 -13.9 -2.6 -3.4 -7.1 4 5 6 Credit market instruments 7 8 9 10 11 12 13 14 -3.0 -8.7 9.0 39.9 67.0 56.2 49.7 68.7 93.3 105.3 72.0 6 Treasury securities Agency- and GSE-backed securities -9.7 5.9 -8.6 8.6 -0.0 10.1 9.2 19.0 3.5 2.2 2.6 1.0 1.8 -0.7 3.6 2.4 5.9 6.2 10.9 19.4 7.4 13.3 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages -9.1 10.0 -0.0 -14.9 6.4 -0.3 -10.3 8.9 0.2 9.2 2.4 0.1 41.2 20.0 0.1 36.1 16.5 0.0 34.8 14.1 -0.2 42.2 20.6 -0.0 51.8 28.7 0.7 37.8 36.9 0.2 25.8 25.2 0.3 9 10 11 -1.7 2.0 7.7 0.7 1.0 6.4 -0.3 5.3 1.3 -1.1 4.9 9.1 -2.7 4.5 9.7 -1.7 17.9 12.7 2.9 9.4 7.1 6.4 2.6 11.4 -18.3 -11.7 7.8 -5.7 12.1 9.0 2.0 11.5 9.8 12 13 14 Corporate equities Trade receivables Miscellaneous assets 15 Net increase in liabilities 8.0 3.6 29.8 58.6 53.0 62.7 70.0 71.1 8.4 50.4 48.0 15 16 17 18 Corporate equity issues Taxes payable Miscellaneous liabilities -7.8 2.0 13.8 -4.5 2.3 5.8 0.5 2.7 26.5 6.2 3.2 49.2 4.1 3.7 45.2 -1.1 3.5 60.3 18.3 3.6 48.0 -3.3 3.8 70.6 2.5 3.9 2.0 1.6 4.0 44.7 -5.6 4.1 49.6 16 17 18 11.0 -19.5 -5.1 -21.4 -32.3 -22.7 -41.7 -10.3 -54.5 -39.0 -21.9 19 19 Discrepancy 31 Z.1, September 16, 2004 F.119 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 1.0 1.1 0.9 1.0 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1 2 Fixed nonresidential investment 2.0 1.8 2.1 1.4 1.2 1.2 1.2 1.2 1.2 1.2 1.3 2 3 Net acquisition of financial assets -75.7 -50.6 -52.4 -11.6 42.3 16.6 22.9 62.2 67.3 38.9 34.9 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1.2 -29.0 11.7 3.7 0.4 2.9 4.6 0.9 -1.0 4.2 -10.6 0.8 0.4 0.9 2.8 1.9 0.3 2.5 2.9 -0.7 0.7 3.4 2.9 -1.3 1.2 4.5 2.9 -1.3 0.0 3.3 2.9 -1.3 -0.9 -1.4 3.0 0.8 -0.5 10.7 3.0 -4.7 0.3 3.2 3.0 5.8 4 5 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 99.3 7.0 2.3 38.2 50.0 1.7 3.8 -1.7 -9.6 9.0 5.0 1.2 -15.8 -2.2 -21.7 7.9 -1.1 1.3 21.1 10.9 -1.3 1.9 8.0 1.7 4.1 -6.0 -2.1 -5.3 15.6 2.0 7.3 -0.8 0.2 -4.0 10.5 1.6 24.3 -7.6 3.6 2.5 23.3 2.5 -11.8 -1.2 -8.5 -18.5 14.6 1.9 -3.3 -14.3 -3.7 -1.1 13.9 2.0 25.6 -10.0 11.9 2.3 21.6 -0.2 -9.7 0.4 -6.7 -8.9 2.8 2.7 8 9 10 11 12 13 14 15 16 17 18 19 Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other -260.2 102.5 -4.9 -9.9 -7.6 12.6 -55.1 1.2 -9.3 -11.8 1.2 1.2 -32.7 -3.8 6.6 2.4 1.3 2.9 -66.8 11.0 17.1 13.0 1.3 2.9 25.1 -0.9 9.0 6.6 1.3 1.1 -19.0 6.1 16.4 11.3 1.3 3.8 9.2 -8.6 -9.3 -5.0 1.3 -5.5 60.2 -6.5 15.3 16.9 1.3 -3.0 50.2 5.2 13.8 3.4 1.3 9.1 -13.0 0.6 17.2 13.4 2.3 1.4 8.2 -1.1 25.1 16.3 1.3 7.4 14 15 16 17 18 19 20 Pension fund reserves (liabilities) (3) -74.7 -49.9 -51.2 -11.2 42.3 16.7 23.0 62.2 67.4 39.0 35.0 20 0.6 0.7 0.6 0.6 1 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 Checkable deposits and currency Time and savings deposits Security RPs 0.7 0.8 0.7 0.7 0.6 0.6 0.6 1.3 1.3 1.7 0.9 0.6 0.6 0.6 0.6 0.6 0.6 0.7 2 50.1 46.9 6.4 3.3 9.8 11.1 -10.3 16.3 22.0 36.5 21.8 3 -0.7 -0.3 2.8 -0.1 -0.6 4.3 0.4 -0.4 0.6 -1.9 0.1 0.2 -0.7 0.1 -9.3 -1.1 0.9 -8.4 -7.6 -1.3 -20.4 -0.1 -0.0 -0.4 6.2 0.7 -7.9 3.1 0.4 -4.1 4.6 0.5 -16.0 4 5 6 7 8 9 10 11 12 13 14 15 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities Miscellaneous assets 39.7 2.8 -13.8 22.9 -0.2 30.4 -2.6 -6.2 14.8 49.2 4.3 -20.9 37.6 -1.5 29.7 -0.0 -18.4 12.6 -36.9 0.6 -25.5 -14.5 -0.2 -0.6 3.4 22.3 20.3 -7.1 0.2 -8.3 -0.3 -0.9 -4.6 6.8 20.0 -7.9 20.8 -4.3 3.2 6.7 0.3 4.6 10.3 -26.9 25.7 -20.3 -8.4 -12.8 17.6 0.1 -25.8 8.9 69.3 -29.2 56.7 -20.4 28.6 20.5 -0.5 18.5 9.8 -69.9 32.3 -21.7 -0.4 -25.9 -20.4 5.9 8.4 10.7 -43.6 82.1 68.7 12.1 22.9 9.1 -4.4 17.3 11.6 -63.4 17.6 33.7 15.9 -8.5 -5.6 0.7 18.9 12.4 -25.5 29.0 58.5 8.0 27.2 1.7 -1.8 10.1 13.3 -18.5 -7.5 7 8 9 10 11 12 13 14 15 16 Pension fund reserves (liabilities) (1) 50.8 47.4 7.3 3.6 9.8 11.1 -10.3 16.3 21.9 36.5 21.8 16 (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.121 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 48.5 28.2 69.9 45.4 48.2 47.3 45.1 44.8 55.5 44.2 29.9 1 2 3 4 5 6 7 Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets 2.9 2.9 -0.0 -0.0 4.4 41.1 2.1 2.0 0.1 0.0 5.2 20.9 9.7 7.2 1.7 0.8 -0.6 60.8 13.0 9.4 2.4 1.2 7.9 24.5 6.3 4.7 1.1 0.6 17.2 24.7 28.5 15.2 8.9 4.4 23.5 -4.7 2.5 2.3 0.1 0.1 11.0 31.6 -0.8 2.7 -2.4 -1.1 17.9 27.6 -4.8 -1.3 -2.3 -1.1 16.2 44.1 0.8 2.1 -0.8 -0.4 12.2 31.1 6.8 8.2 -1.0 -0.5 4.0 19.0 2 3 4 5 6 7 8 Pension fund reserves (liabilities) (2) 48.5 28.2 69.9 45.4 48.2 47.3 45.1 44.8 55.5 44.2 29.9 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Liabilities of the sector are assets of the household sector. 32 Z.1, September 16, 2004 F.122 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 2004 Q2 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 249.1 233.3 428.6 -16.8 -207.8 -243.8 107.4 -224.6 -470.4 -122.4 0.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 12.2 -1.2 33.3 0.1 48.2 4.5 -18.0 43.4 33.1 2.3 77.1 44.0 -10.1 -5.8 -14.8 46.2 -39.9 -0.6 -47.7 -21.8 -52.2 7.3 -58.6 -68.4 -49.8 -18.1 7.1 -9.5 -25.0 5.6 12.1 -70.0 -32.8 2.6 -151.5 60.9 -3.9 -24.8 -8.2 45.9 62.4 55.2 59.9 -52.7 2 3 4 5 182.0 104.7 0.1 17.1 17.5 42.5 143.0 89.6 -13.3 -5.8 34.3 38.2 246.0 30.3 45.3 133.2 36.2 1.1 -25.3 -44.9 4.5 5.7 1.8 7.7 -113.1 -135.1 -10.0 2.2 14.6 15.2 -128.4 -255.6 37.2 8.6 32.3 49.1 158.4 -59.8 36.6 81.9 62.0 37.8 -214.9 -138.5 -43.8 6.7 -9.2 -30.0 -267.8 -86.4 -69.8 -88.5 -26.9 3.9 -228.9 -150.8 -13.3 -74.8 33.4 -23.3 -121.9 -72.2 -41.8 -51.0 28.2 14.9 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Net share issues (liabilities) 22.6 12.2 26.1 -7.0 15.4 56.6 19.2 67.5 -81.8 97.5 -2.7 12 249.1 233.3 428.6 -16.8 -207.8 -243.8 107.4 -224.6 -470.4 -122.4 0.2 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 4.1 -1.5 -8.4 -24.6 -16.9 -25.0 -18.2 -12.4 -11.8 -11.6 -11.6 1 191.2 239.4 201.2 182.4 288.2 189.2 365.7 260.3 337.4 431.9 118.7 2 3 Security RPs 9.9 25.7 -31.8 6.8 12.5 -0.6 3.6 4.8 42.1 -22.1 13.6 3 4 5 6 7 8 9 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 48.4 9.9 -23.7 36.2 -3.2 29.2 20.9 25.7 6.3 4.1 -8.9 -6.2 126.1 -31.8 -8.5 85.3 23.0 58.1 144.2 -11.8 19.7 61.5 23.8 50.9 137.7 12.8 9.4 25.3 12.9 77.4 213.0 21.8 32.4 52.0 22.1 84.7 258.4 1.4 37.4 67.5 38.1 114.1 -14.5 0.3 -20.1 -29.8 -10.1 45.2 93.9 27.6 -12.2 11.4 1.5 65.6 210.2 1.0 19.4 60.9 21.7 107.1 11.1 13.0 -2.3 -7.1 -27.1 34.6 4 5 6 7 8 9 Corporate equities Miscellaneous assets 136.4 -3.5 193.1 -0.4 109.8 -2.9 31.4 0.1 136.9 1.0 -26.2 3.0 103.4 0.3 264.5 5.4 206.0 -4.7 239.0 4.8 94.0 -0.0 10 11 191.2 239.4 201.2 182.4 288.2 189.2 365.7 260.3 337.4 431.9 118.7 12 4.1 -1.5 -8.4 -24.6 -16.9 -25.0 -18.2 -12.4 -11.8 -11.6 -11.6 13 10 11 12 Net share issues (liabilities) 13 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.124 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 Net acquisition of financial assets 2 3 4 5 Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds 6 Corporate equities 7 Net share issues (liabilities) -4.8 -5.5 1.9 18.0 43.9 31.4 61.2 59.6 23.2 58.0 28.9 1 9.6 -1.2 9.0 1.8 -5.6 -0.9 -2.0 -2.7 3.2 0.1 7.0 -3.8 8.6 -2.8 11.3 0.0 36.2 1.4 3.2 31.6 26.1 0.3 4.1 21.7 60.1 2.9 -1.2 58.5 42.5 1.3 8.4 32.9 16.1 0.9 1.7 13.4 8.7 5.4 -1.8 5.2 22.9 2.4 5.8 14.7 2 3 4 5 -14.5 0.1 -1.3 9.4 7.6 5.3 1.1 17.0 7.1 49.2 6.0 6 -4.8 -5.5 1.9 18.0 43.9 31.4 61.2 59.6 23.2 58.0 28.9 7 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 60.8 8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.7 2.0 1.8 0.7 0.1 0.6 -1.1 -1.8 0.7 0.4 -1.0 1.5 1.6 2.0 -0.4 2.0 1.2 0.8 5.1 3.6 1.5 3.5 3.0 0.6 9 10 11 12.2 42.4 31.0 41.6 15.1 7.2 14.6 -25.6 64.2 25.0 57.2 12 12.2 42.4 31.0 45.3 15.8 6.0 15.0 -24.1 66.3 30.1 60.8 13 Exchange-traded funds 8 Net acquisition of financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Net share issues (liabilities) 33 Z.1, September 16, 2004 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 3.0 3.0 3.2 3.3 3.3 3.6 3.5 2.8 3.5 3.4 3.4 1 2 Fixed nonresidential investment 0.7 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 2 3 Net acquisition of financial assets 317.4 237.8 344.4 240.0 225.5 211.7 197.4 428.5 64.4 55.1 179.1 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 7.2 5.2 12.7 -7.7 0.5 3.0 2.3 8.1 23.8 8.1 -5.1 -9.1 -2.4 -8.5 -22.0 13.5 -8.8 -66.0 -18.0 16.6 44.7 -5.2 -34.6 -69.0 0.2 -7.3 2.4 5.9 19.7 17.0 3.3 25.0 -46.9 4 5 6 7 Credit market instruments 287.3 246.0 304.7 224.1 241.9 246.9 85.8 581.2 53.6 -1.7 193.8 7 -32.4 5.8 172.9 10.7 0.6 149.2 2.7 0.4 206.9 -23.5 12.1 131.7 -0.7 -2.1 97.3 2.9 -2.1 72.1 -7.8 0.8 -56.4 -3.0 -6.0 430.3 5.1 -1.2 -56.6 2.9 0.3 -102.1 -1.4 3.1 28.7 8 9 10 3.6 28.8 2.8 19.1 6.2 24.6 4.0 33.5 1.9 25.1 -2.1 31.4 -0.5 3.9 6.4 28.4 3.7 36.8 5.4 1.1 12.8 48.0 11 12 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 108.1 -0.3 0.9 107.6 45.3 0.1 3.1 42.1 28.3 -0.0 2.9 25.4 8.9 -0.4 2.0 7.2 31.1 -0.1 0.0 31.2 44.6 -0.1 0.8 43.9 33.4 -0.1 -4.7 38.2 -0.5 -0.0 -1.2 0.7 47.2 -0.1 5.4 41.9 81.2 0.0 5.2 76.0 157.9 -0.6 -7.6 166.1 13 14 15 16 17 18 19 20 21 Mortgages Home Multifamily residential Farm Consumer credit (2) -5.0 -10.3 4.3 1.0 5.4 22.2 15.8 4.5 2.0 -3.9 33.2 20.5 8.2 4.5 2.4 59.8 45.5 8.5 5.8 -2.5 105.5 98.5 4.2 2.9 -16.3 106.5 98.7 4.9 2.9 -6.3 128.7 115.5 7.5 5.7 -16.2 141.9 141.5 -0.9 1.3 -16.3 45.1 38.2 5.2 1.8 -26.6 28.0 20.3 5.1 2.6 -18.4 -0.3 -12.4 8.2 3.9 -55.0 17 18 19 20 21 22 23 24 25 26 27 28 Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy 5.0 -4.0 5.5 22.0 16.5 26.1 68.3 -43.9 15.5 14.2 3.9 22 313.3 232.1 351.6 247.6 217.1 221.8 187.4 431.1 28.0 63.2 142.6 23 318.8 318.8 0.0 235.2 235.2 0.0 304.1 304.1 0.0 219.8 219.8 0.0 243.7 243.7 0.0 222.9 222.9 0.0 191.4 191.4 0.0 460.8 460.8 0.0 99.9 99.9 0.0 18.2 18.2 0.0 234.4 234.4 0.0 24 25 26 -5.5 -3.1 47.4 27.7 -26.7 -1.0 -4.0 -29.7 -71.8 45.0 -91.7 27 -1.8 -3.5 9.6 10.0 -6.0 12.9 -7.4 4.5 -33.8 10.5 -34.1 28 (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997. (2) SLMA student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.126 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 274.6 199.7 338.5 326.8 330.4 272.2 266.9 307.6 474.7 65.6 73.9 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 264.6 9.2 0.0 0.8 190.9 8.5 0.0 0.3 322.9 15.6 0.0 0.0 315.2 12.9 0.0 -1.3 309.6 20.1 0.0 0.6 263.9 8.4 0.0 -0.1 258.1 8.8 0.0 0.0 280.8 24.1 0.0 2.8 435.6 39.3 0.0 -0.1 78.9 -13.2 0.0 -0.1 56.2 17.7 0.0 0.0 2 3 4 5 274.6 199.7 338.5 326.8 330.4 272.2 266.9 307.6 474.7 65.6 73.9 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 34 Z.1, September 16, 2004 F.127 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets Q2 2004 Q3 Q4 Q1 Q2 2.2 1.6 1.4 1.0 1.0 1.0 1.0 1.0 1.0 0.9 0.9 1 -0.7 -1.6 1.7 -0.1 0.8 2.8 0.1 0.1 0.1 0.1 0.1 2 194.4 186.1 253.8 194.5 201.3 255.9 242.0 168.7 138.6 131.5 309.5 3 4 5 Agency- and GSE-backed securities (1) Other loans and advances 36.8 -3.3 8.3 7.2 14.2 18.5 46.5 -3.3 8.9 -1.1 -50.5 30.1 19.1 -16.5 107.8 -22.9 -41.0 4.8 -159.0 -10.2 -28.4 2.1 4 5 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 80.8 38.8 8.1 33.9 68.7 33.4 5.6 29.7 116.8 72.2 6.0 38.6 90.1 58.2 5.5 26.4 184.5 132.9 8.1 43.6 205.8 172.6 2.4 30.8 205.9 143.4 8.2 54.3 106.5 56.9 8.1 41.6 219.9 158.6 13.8 47.5 294.4 234.5 7.3 52.6 326.2 255.7 6.0 64.6 6 7 8 9 Consumer credit Trade credit 59.0 21.1 68.9 33.0 78.4 25.9 37.4 23.8 -12.1 21.1 48.5 22.0 11.9 21.5 -43.4 20.8 -65.3 20.2 -13.2 19.6 -9.4 19.0 10 11 191.5 183.0 254.0 193.5 201.1 257.7 241.1 167.8 137.8 130.7 308.8 12 139.0 52.5 125.0 57.9 120.0 134.0 -13.0 206.4 -35.6 236.7 -35.3 293.1 6.8 234.3 29.6 138.2 -143.4 281.2 41.3 89.3 -6.5 315.2 13 14 0.0 -0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 15 -2.9 -1.0 -3.2 -2.2 0.3 -1.2 -1.1 6.0 -0.2 15.0 1.8 3.6 -0.9 13.0 -0.9 23.4 -0.8 19.9 -0.8 21.6 -0.8 25.5 16 17 10 11 12 13 14 Net increase in liabilities Commercial paper Corporate bonds 15 Discrepancy 16 17 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.130. F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 32.8 33.8 48.9 58.1 60.0 57.7 61.2 64.6 56.6 58.5 58.7 1 2 Fixed nonresidential investment 42.4 39.4 30.8 30.4 35.7 29.2 34.2 38.1 41.1 43.1 46.3 2 3 Net acquisition of financial assets 150.9 136.6 18.8 33.7 190.0 58.2 199.8 351.5 150.3 146.7 -90.7 3 4 Checkable deposits and currency 2.5 2.6 2.9 3.1 3.3 3.2 3.2 3.3 3.3 3.4 3.4 4 5 6 7 8 Credit market instruments Other loans and advances Mortgages Consumer credit 97.1 54.2 24.6 18.3 108.6 63.3 26.4 18.9 -4.8 -11.5 -11.0 17.6 21.2 8.3 13.2 -0.3 84.2 2.2 24.4 57.6 8.5 -9.6 12.3 5.8 56.5 -7.4 24.3 39.7 164.4 1.3 39.1 124.0 107.5 24.5 22.0 61.0 187.3 70.0 45.0 72.3 42.2 -35.5 12.5 65.2 5 6 7 8 9 Miscellaneous assets 51.3 25.3 20.8 9.5 102.5 46.5 140.0 183.8 39.5 -44.0 -136.3 9 138.7 166.1 21.3 64.2 220.7 62.0 293.3 352.6 174.8 225.9 -41.9 10 70.7 -2.9 64.7 8.9 81.9 8.4 72.9 0.5 1.3 -80.3 66.6 14.9 42.2 -17.1 62.0 -2.8 117.3 -5.2 114.3 8.1 45.6 -14.8 54.2 6.2 171.1 49.7 108.4 13.1 104.1 -45.2 133.1 16.3 148.2 -10.4 161.7 -3.0 133.8 56.0 53.9 23.9 -19.8 -15.9 36.9 -40.9 11 12 13 14 0.8 1.0 1.2 1.4 1.6 1.5 1.6 1.6 1.7 1.7 1.8 15 67.2 13.2 53.5 0.5 83.3 14.9 14.7 53.7 18.9 7.8 -3.3 14.5 20.7 -3.5 -11.0 35.2 101.8 19.2 11.5 71.1 14.8 67.7 -4.1 -48.8 120.7 4.4 35.4 80.9 246.9 11.4 -1.1 236.5 24.9 -6.9 16.0 15.8 90.3 6.1 20.1 64.1 -23.8 21.1 12.3 -57.2 16 17 18 19 -21.7 23.9 20.6 58.3 55.1 32.2 120.6 27.6 40.1 94.6 61.2 20 6.3 5.3 -4.6 -20.2 -13.3 -5.9 -20.6 -5.2 -21.4 -13.7 -6.6 21 10 Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.127. 35 Z.1, September 16, 2004 F.129 Mortgage Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 (1) No data are available after 1997:Q4. F.130 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 8.4 0.2 12.9 13.2 10.6 12.4 8.7 9.0 12.3 12.6 13.3 1 2 3 Fixed nonresidential investment Multifamily residential investment 9.2 1.6 0.4 0.1 3.3 0.6 11.9 2.1 8.5 1.5 1.8 0.3 6.2 1.1 8.4 1.5 17.4 3.1 22.7 4.0 10.3 1.8 2 3 4 Net acquisition of financial assets -2.3 -6.3 8.1 22.7 21.4 -0.3 32.8 28.3 24.9 75.7 39.6 4 5 Checkable deposits and currency 0.3 -0.0 0.9 -0.6 2.8 4.9 -0.5 6.1 0.9 1.4 4.1 5 6 Credit market instruments -2.6 -7.1 6.7 23.1 16.8 -8.6 31.0 18.6 26.2 57.7 31.5 6 Agency- and GSE-backed securities Corporate and foreign bonds 1.1 -0.3 0.3 -0.8 5.7 2.1 8.0 4.6 -5.3 2.2 -14.9 3.2 7.0 -4.1 -15.7 7.8 2.4 2.1 25.4 8.3 -5.8 2.7 7 8 Mortgages Home Multifamily residential Commercial -3.3 -2.4 -0.6 -0.4 -6.6 -4.6 -0.4 -1.7 -1.1 0.1 -0.3 -1.0 10.5 9.5 -0.2 1.2 19.8 19.0 0.0 0.8 3.1 4.0 0.0 -0.9 28.1 27.4 0.0 0.6 26.5 25.4 -0.1 1.2 21.7 19.3 0.2 2.3 24.0 19.2 1.2 3.6 34.5 32.3 0.4 1.8 9 10 11 12 7 8 9 10 11 12 13 14 Miscellaneous assets Net increase in liabilities 15 Security RPs 16 Credit market instruments 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities -0.1 0.9 0.5 0.2 1.8 3.4 2.4 3.6 -2.2 16.6 4.0 13 17.7 2.7 16.5 43.0 37.4 6.9 49.4 45.1 48.1 115.3 65.5 14 0.5 -3.8 7.8 13.5 1.4 -11.1 18.3 -6.1 4.4 23.1 11.5 15 6.3 2.7 2.5 19.8 24.7 17.5 12.9 36.4 32.1 56.0 44.5 16 -0.1 8.9 -7.6 5.1 0.0 4.8 -8.3 6.2 0.7 3.8 -3.3 1.3 0.1 14.0 -0.3 5.9 -0.5 21.3 0.1 3.9 1.6 17.8 1.6 -3.5 -3.8 17.2 -3.9 3.3 1.2 26.9 0.5 7.8 -1.0 23.3 2.1 7.8 -1.8 40.4 -0.9 18.3 0.0 24.9 6.3 13.2 17 18 19 20 6.6 4.4 2.0 1.8 6.1 0.1 8.4 1.4 13.3 -2.0 2.3 -1.9 16.3 1.9 18.1 -3.3 16.6 -4.9 25.8 10.4 13.8 -4.3 21 22 23 Discrepancy 17.7 8.8 17.4 19.5 16.6 17.4 17.9 16.0 15.0 25.4 27.1 23 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages -1.0 -1.3 0.0 0.1 0.1 -2.2 -0.2 -0.9 -0.5 -0.6 -1.2 -0.9 -0.2 -0.1 -0.0 6.0 -1.2 7.3 -0.0 -0.0 15.0 -1.0 16.1 -0.1 -0.0 3.6 -1.4 5.0 -0.1 -0.0 13.0 -1.0 14.1 -0.0 -0.0 23.4 -1.4 24.9 -0.0 -0.0 19.9 -0.4 20.5 -0.1 -0.0 21.6 -0.4 22.0 -0.0 -0.0 25.5 -0.1 25.6 -0.0 -0.0 24 25 26 27 28 36 Z.1, September 16, 2004 F.131 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Gross saving 4.0 -14.1 3.3 18.7 18.7 18.6 15.7 20.8 19.7 19.0 19.6 1 2 Fixed nonresidential investment 21.8 30.0 26.8 22.4 22.6 21.5 22.0 23.0 23.7 24.0 24.8 2 3 Net acquisition of financial assets 79.8 220.4 244.3 -130.2 277.6 263.8 563.2 114.8 168.8 520.2 -150.6 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 3.3 1.6 16.8 -2.9 2.9 -0.2 -2.4 1.1 13.2 23.3 0.4 4 -34.7 68.9 92.4 28.4 79.7 64.7 -73.8 21.1 306.6 -185.3 -183.7 5 -2.0 -58.4 15.0 -1.2 12.0 13.2 39.4 -2.3 -0.7 19.3 9.0 13.1 14.1 7.7 48.6 -4.7 -13.7 14.1 2.0 30.7 5.9 41.7 -8.1 3.8 36.4 12.8 -35.7 145.1 -7.3 -50.2 -19.3 -197.4 45.2 11.7 86.1 16.8 171.2 -214.3 7.8 39.5 13.1 228.7 -8.4 3.1 70.1 0.7 -218.9 40.2 1.7 -8.9 -2.4 -235.5 -29.9 20.3 63.8 6 7 8 9 10 7.7 75.2 28.3 9.6 7.2 133.0 17.3 -38.8 156.6 3.2 -48.2 -110.8 3.8 34.3 157.0 -12.7 45.3 166.7 35.5 355.7 248.1 -12.2 -83.4 188.1 4.5 -180.4 24.9 44.6 74.6 563.0 17.2 57.7 -42.3 11 12 13 14 Net increase in liabilities 87.2 249.4 254.3 -138.8 269.9 255.7 558.4 105.0 160.6 512.1 -158.3 14 15 16 17 Security RPs (net) Corporate bonds Corporate equity issues 37.1 -17.2 7.6 56.9 15.6 -4.2 51.0 1.4 6.7 -9.0 -1.7 10.2 133.7 6.4 -7.7 -1.6 38.4 12.1 71.4 -16.2 -27.6 196.7 9.9 9.0 268.2 -6.6 -24.5 108.8 51.9 2.6 -371.9 3.0 20.4 15 16 17 18 19 20 21 22 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 11.9 29.2 47.2 -18.0 0.9 5.1 138.9 88.6 50.4 -0.1 3.3 41.9 41.9 0.0 -0.2 -1.8 -38.9 -41.6 2.8 -0.5 -9.2 98.2 62.7 35.5 0.4 -35.7 151.5 67.8 83.8 1.1 27.0 365.2 342.0 23.2 1.2 -11.1 -26.4 -46.8 20.4 0.2 -17.1 -97.6 -112.3 14.7 -0.9 25.6 212.5 150.5 62.0 0.7 -10.4 69.3 53.0 16.3 0.3 18 19 20 21 22 23 24 25 26 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 7.5 3.6 61.9 -58.0 -1.9 5.1 60.2 -67.2 138.5 -1.3 62.9 76.9 -77.1 2.2 19.9 -99.3 39.1 3.2 44.3 -8.4 100.2 -1.7 104.6 -2.6 102.3 7.7 -10.1 104.7 -74.9 -1.5 8.8 -82.3 29.0 8.5 74.1 -53.6 110.6 -1.4 10.9 101.1 163.1 1.2 184.4 -22.5 23 24 25 26 27 28 Proprietors’ net investment Discrepancy 10.2 39.0 11.6 -20.0 9.1 -10.5 35.2 1.6 10.1 -0.7 -32.1 27 -10.4 -15.1 -13.5 -12.4 -11.6 -11.0 -11.0 -11.9 -12.3 -13.1 -12.9 28 F.132 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 9 Net increase in liabilities 10 11 12 Credit market instruments Open market paper Corporate bonds 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 232.6 110.4 33.3 -24.9 52.4 172.6 76.1 79.7 -118.6 262.9 194.3 1 54.8 13.9 117.9 1.5 -38.2 -162.1 108.1 51.5 -150.3 -45.1 62.2 2 103.4 107.2 -3.8 21.1 29.9 -8.9 -86.0 -131.9 45.8 -66.7 -67.3 0.6 86.2 31.3 54.9 282.0 217.0 65.1 52.8 7.2 45.5 75.0 18.8 56.2 -64.8 -117.7 52.9 291.3 340.8 -49.5 64.5 47.2 17.3 3 4 5 74.4 2.5 71.9 75.5 45.6 29.8 1.5 -30.8 32.3 40.2 24.7 15.5 4.4 -1.7 6.1 52.6 -17.0 69.6 -84.7 -14.0 -70.7 -46.8 -25.8 -20.9 96.5 50.0 46.5 16.6 108.4 -91.7 67.6 -82.3 149.8 6 7 8 232.6 110.4 33.3 -24.9 52.4 172.6 76.1 79.7 -118.6 262.9 194.3 9 91.5 34.1 57.4 -0.4 -2.3 1.9 -55.2 -77.4 22.2 -0.6 -31.0 30.5 -0.9 -16.3 15.4 44.6 35.0 9.6 -53.3 -82.6 29.3 -49.2 -52.3 3.1 54.3 34.8 19.5 18.0 -3.3 21.3 42.2 52.4 -10.2 10 11 12 141.1 -17.0 16.3 141.9 110.8 75.8 88.7 -53.7 88.6 56.7 70.1 -38.2 -24.4 40.7 -2.9 -62.2 53.3 5.3 102.6 -54.5 128.0 8.0 -30.9 150.9 129.4 -31.4 245.1 -84.2 128.9 2.5 175.1 -48.6 -172.9 42.2 21.0 -236.1 244.9 -1.3 323.7 -77.4 152.1 25.4 -20.2 146.9 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 37 Z.1, September 16, 2004 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 2004 Q3 Q4 Q1 Q2 -8.7 0.3 4.9 10.7 0.5 1.3 1.0 7.9 -8.3 -2.1 -7.0 1 -0.0 0.7 0.6 0.8 -0.6 -3.6 0.4 0.8 -0.1 0.4 0.4 2 -0.0 0.0 0.7 -0.0 0.6 -0.0 0.8 -0.0 -0.6 0.0 -3.6 -0.0 0.4 0.0 0.8 -0.0 -0.1 0.0 0.4 0.0 0.4 -0.0 3 4 -8.7 -0.4 4.3 9.9 1.1 4.9 0.6 7.1 -8.2 -2.5 -7.4 5 Official foreign currency holdings Treasury Monetary authority -3.3 -1.6 -1.6 1.9 0.9 0.9 0.7 0.3 0.3 3.8 1.9 1.9 2.6 1.3 1.3 2.3 1.2 1.2 1.0 0.5 0.5 4.7 2.3 2.3 2.5 1.3 1.3 0.8 0.4 0.4 -2.1 -1.0 -1.0 6 7 8 Net IMF position Federal government Monetary authority -5.5 -5.5 0.0 -2.3 -2.3 0.0 3.6 3.6 0.0 6.1 6.1 0.0 -1.5 -1.5 0.0 2.6 2.6 0.0 -0.4 -0.4 0.0 2.4 2.4 0.0 -10.7 -10.7 0.0 -3.3 -3.3 0.0 -5.3 -5.3 0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. (2) Treasury gold stock. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority -3.0 -3.0 -4.0 -4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 1.0 1.7 2.4 3.6 1.3 1.4 1.0 1.6 0.6 0.9 0.6 0.8 1.6 1.1 0.1 0.9 -0.0 0.7 0.8 1.1 1.2 0.9 3 4 5 Discrepancy (seigniorage) -0.7 -1.2 -0.1 -0.6 -0.3 -0.2 0.5 -0.8 -0.7 -0.4 0.3 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 48.9 126.9 6.8 21.0 -0.0 34.7 143.1 -306.0 128.1 132.4 -47.2 1 5.2 0.9 12.2 20.0 -7.4 48.2 -5.0 -8.5 33.1 15.7 4.4 -10.1 -9.0 21.4 -39.9 26.1 20.1 -52.2 -23.5 18.1 -49.8 -17.9 23.9 -25.0 -20.7 23.5 -32.8 79.0 12.8 -3.9 20.5 13.8 62.4 2 3 4 30.5 66.1 -12.8 11.0 27.5 40.8 198.3 -287.1 158.1 44.4 -144.0 5 38 Z.1, September 16, 2004 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 2004 Q3 Q4 Q1 Q2 15.0 15.1 -28.0 17.3 -4.4 -4.2 -188.1 78.8 95.7 -218.1 70.6 1 2 3 4 Monetary authority Depository institution reserves Vault cash 22.2 -2.3 24.5 -27.1 -5.0 -22.2 1.4 -1.6 2.9 5.6 5.1 0.5 0.6 0.5 0.1 25.4 21.2 4.1 7.2 4.0 3.2 0.5 -2.0 2.4 -30.4 -21.2 -9.2 24.9 9.3 15.6 28.0 19.9 8.1 2 3 4 5 6 Commercial banking To monetary authority -7.2 -1.7 42.3 1.0 -29.4 -1.0 11.8 0.4 -5.1 -0.7 -29.5 -6.5 -195.2 5.6 78.3 -2.3 126.2 0.3 -243.1 -1.1 42.5 4.0 5 6 -5.7 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -21.2 7 7 Net change in liabilities Q2 To banks in foreign countries 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates -7.0 48.4 30.0 -18.4 21.8 45.8 75.2 29.5 -44.3 -12.3 22.8 35.1 13.9 46.1 -0.9 -47.0 -2.5 89.8 123.7 33.9 -44.7 0.9 74.1 73.3 -185.6 -11.9 259.7 271.6 78.6 195.0 63.5 -131.5 141.7 175.4 97.6 -77.8 -246.9 -91.6 -42.5 49.1 -10.6 128.6 98.8 -29.8 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -51.2 14.9 66.1 -56.5 -14.3 42.2 -35.4 29.7 65.0 -32.8 13.0 45.8 -47.5 19.5 67.0 -8.7 104.3 113.0 -34.5 186.2 220.8 -116.1 -96.6 19.5 -30.6 -115.8 -85.2 -152.3 19.4 171.8 -154.3 -12.3 142.0 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -4.1 5.5 9.6 32.5 30.9 -1.6 3.3 12.2 8.8 0.6 2.0 1.4 -44.8 -40.2 4.6 -36.8 -37.5 -0.7 -139.1 -123.3 15.9 -0.3 -3.8 -3.5 -3.0 3.8 6.8 -3.0 2.7 5.7 15.1 3.1 -12.0 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. -1.3 -1.3 -0.0 1.0 0.4 0.6 1.3 1.3 -0.0 9.7 10.2 -0.6 -2.9 -3.0 0.0 -13.1 -13.1 0.0 -10.9 -11.4 0.5 30.3 29.5 0.7 -18.0 -16.9 -1.1 5.7 5.3 0.4 10.5 10.6 -0.1 18 19 20 0.1 20.4 17.2 7.1 -4.8 8.5 -26.2 32.3 -33.8 10.6 59.6 21 -14.3 16.3 16.4 -0.3 0.1 30.5 11.2 -9.1 -0.1 20.4 16.5 1.5 -15.8 0.1 17.2 20.8 19.0 10.9 1.0 7.1 -66.9 -3.6 1.3 -0.1 -4.8 -78.8 -10.8 -17.3 -2.0 8.5 -154.6 40.5 65.2 1.5 -26.2 2.9 13.9 -17.2 -1.2 32.3 -36.9 -58.1 -25.6 1.4 -33.8 -52.7 21.9 11.0 0.2 10.6 34.2 86.7 26.9 0.2 59.6 22 23 24 25 26 22.6 8.0 7.1 -26.4 3.4 -18.4 0.9 -2.6 7.5 55.7 37.3 30.6 19.3 175.7 0.3 10.7 -26.8 5.7 72.3 2.3 63.1 -10.5 27 28 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 6.2 22.6 16.4 16.2 7.1 -9.1 19.2 3.4 -15.8 -10.0 0.9 10.9 6.3 7.5 1.3 54.6 37.3 -17.3 -45.8 19.3 65.2 17.5 0.3 -17.2 -1.2 -26.8 -25.6 61.3 72.3 11.0 36.2 63.1 26.9 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 8.2 8.0 -0.3 -26.3 -26.4 -0.1 -18.6 -18.4 0.1 -3.6 -2.6 1.0 55.8 55.7 -0.1 32.7 30.6 -2.0 174.2 175.7 1.5 11.9 10.7 -1.2 4.3 5.7 1.4 2.0 2.3 0.2 -10.7 -10.5 0.2 32 33 34 14.9 -5.3 -45.2 10.2 0.4 -12.7 -161.9 46.5 129.6 -228.7 10.9 35 35 Net change in assets 36 Rest of the world -5.7 20.8 -45.6 4.2 0.5 -31.6 -174.6 48.3 159.7 -252.6 -21.2 36 37 Domestic 20.6 -26.1 0.4 6.0 -0.1 18.9 12.8 -1.8 -30.2 23.9 32.1 37 38 39 40 Monetary authority Federal Reserve float Loans to member banks -1.7 -1.9 0.2 1.0 1.1 -0.1 -1.0 -0.9 -0.1 0.4 0.4 0.0 -0.7 -0.7 0.0 -6.5 -6.5 -0.0 5.6 2.7 3.0 -2.3 0.1 -2.4 0.3 0.7 -0.4 -1.1 -1.1 0.0 4.0 3.0 1.0 38 39 40 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 19.4 -5.1 24.5 -24.1 -1.9 -22.2 0.7 -2.2 2.9 4.9 4.4 0.5 -0.3 -0.4 0.1 26.1 21.9 4.1 7.4 4.3 3.2 -2.3 -4.7 2.4 -32.4 -23.2 -9.2 20.4 4.8 15.6 23.3 15.1 8.1 41 42 43 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 2.8 -3.1 0.6 0.7 0.9 -0.7 -0.3 2.8 2.0 4.5 4.8 44 0.1 20.4 17.2 7.1 -4.8 8.5 -26.2 32.3 -33.8 10.6 59.6 45 39 Z.1, September 16, 2004 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 Net change in liabilities 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 151.2 -71.4 204.3 43.5 133.8 121.2 182.0 46.1 186.0 172.0 134.2 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 108.7 22.3 -0.1 86.4 -35.3 -22.9 0.1 -12.5 48.0 1.5 -0.2 46.7 41.5 -2.3 0.0 43.7 37.9 1.3 0.1 36.6 57.2 8.3 0.6 48.3 21.5 -6.4 2.8 25.2 24.1 -3.8 -3.4 31.3 48.7 6.9 0.3 41.5 7.5 -1.1 -0.3 8.9 48.2 -5.1 0.7 52.5 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 3.4 36.4 -0.0 -33.0 -85.5 -33.2 2.0 -54.3 102.2 45.3 -4.8 61.7 -57.3 -16.4 -0.6 -40.3 30.9 -0.9 8.0 23.8 -13.9 -60.9 6.8 40.1 97.2 -8.8 57.4 48.6 -29.1 -6.7 -34.3 11.9 69.4 72.7 2.1 -5.5 94.2 -11.6 12.5 93.4 19.3 2.7 46.1 -29.5 6 7 8 9 43.4 5.9 50.7 3.5 54.4 5.0 57.4 7.6 53.2 24.7 61.4 1.9 57.6 -6.4 57.6 10.4 58.6 11.7 66.2 0.5 10 11 10 11 Savings institutions Credit unions 36.8 2.3 12 Net change in assets 151.2 -71.4 204.3 43.5 133.8 121.2 182.0 46.1 186.0 172.0 134.2 12 13 Household sector -57.6 -132.0 103.1 23.3 -42.4 -78.1 38.9 -51.0 -79.3 46.0 96.5 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 95.3 56.0 38.7 0.6 107.1 50.5 56.4 0.2 -48.4 -49.5 0.5 0.6 -5.7 -18.9 12.8 0.4 113.3 102.3 10.9 0.1 72.1 63.1 8.9 0.1 103.0 89.2 13.8 0.1 137.0 124.2 12.7 0.1 140.9 132.7 8.1 0.1 88.4 86.7 1.7 0.1 -54.0 -52.7 -1.4 0.1 14 15 16 17 18 19 State and local governments Federal government 3.9 66.2 1.0 -65.1 5.1 41.1 8.5 -18.7 8.5 8.2 5.7 -30.9 12.2 -12.0 7.8 26.5 8.2 49.3 4.9 -54.0 -26.7 10.7 18 19 20 21 22 Rest of the world Checkable deposits Currency 22.3 -0.1 22.4 7.5 2.2 5.3 18.8 -5.0 23.8 20.9 -0.6 21.5 24.7 8.1 16.6 27.1 7.4 19.7 66.1 60.2 5.8 -26.7 -37.8 11.1 32.4 2.4 29.9 4.9 12.1 -7.2 81.9 46.9 35.0 20 21 22 23 Financial sectors 29.3 1.5 79.5 15.8 29.4 148.0 -22.7 -10.8 3.2 38.7 36.4 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 0.3 -1.0 17.3 -0.1 -0.5 1.6 0.3 -0.1 1.1 2.0 10.1 0.5 -0.3 3.7 1.6 -0.7 -0.0 -0.4 3.2 0.4 2.3 -3.2 69.1 0.4 -0.2 14.2 -21.1 0.4 -2.4 -6.2 -18.8 0.4 0.3 -6.4 -16.5 0.4 2.9 2.9 38.5 0.4 -1.8 13.0 -58.0 0.4 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 0.0 0.2 1.2 -0.7 -0.5 -0.6 0.4 -0.1 31.9 9.4 -1.0 0.4 -1.6 12.8 0.4 -1.9 12.0 8.6 0.3 -0.7 34.2 17.0 0.7 -1.1 2.4 23.8 1.2 -7.6 9.4 -4.1 0.0 -0.1 2.0 -2.2 -0.9 6.2 -3.9 -13.9 -0.5 3.1 14.8 -3.4 0.3 4.6 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -1.2 7.2 2.5 0.3 3.3 4.5 -7.7 2.6 -0.0 1.6 2.3 2.3 2.9 0.9 16.8 -5.8 8.1 3.1 -0.6 -2.9 -0.6 -2.4 3.3 2.8 2.9 7.3 13.5 3.2 4.9 -0.2 -18.1 -18.0 3.2 -0.5 -2.4 5.6 -5.2 3.3 6.1 1.1 2.6 0.2 3.3 0.9 13.2 -24.8 5.9 3.4 1.4 23.3 55.2 3.3 3.4 4.1 0.4 32 33 34 35 36 -8.2 8.7 5.2 -0.7 -7.9 -22.7 -3.5 -36.7 31.4 42.9 -10.7 37 37 Mail float 40 Z.1, September 16, 2004 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 Net change in liabilities 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 176.2 305.0 335.8 321.0 291.4 429.8 472.3 96.9 166.7 527.2 607.5 1 45.1 188.8 267.2 270.9 229.4 268.3 427.2 120.2 102.1 226.2 429.5 2 72.0 73.0 -1.8 0.8 211.6 210.6 -0.4 1.4 249.4 240.4 4.5 4.6 269.4 273.6 -2.3 -1.9 230.4 228.2 0.9 1.3 253.8 257.2 -2.7 -0.7 418.7 417.6 1.0 0.1 99.5 94.0 3.0 2.5 149.5 144.0 2.4 3.2 318.2 314.3 3.6 0.2 378.1 377.9 -1.6 1.8 3 4 5 6 Small time and savings deposits 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions -39.2 12.3 -35.8 13.0 -30.7 48.6 -31.6 33.1 -30.5 29.6 -25.0 39.5 -28.7 37.2 -3.0 23.8 -65.2 17.8 -38.3 -53.7 -22.4 73.8 7 8 9 Large time deposits (1) 131.1 116.2 68.6 50.1 62.0 161.5 45.1 -23.3 64.6 301.0 178.0 9 119.6 61.6 57.2 0.8 92.8 87.9 3.4 1.4 32.7 -25.2 53.3 4.6 -2.8 24.3 -25.1 -1.9 18.8 2.9 14.6 1.3 110.9 76.6 35.0 -0.7 -31.4 5.0 -36.5 0.1 -26.8 -32.8 3.5 2.5 22.5 -37.1 56.4 3.2 239.6 85.0 154.4 0.2 148.2 72.3 74.1 1.8 10 11 12 13 8.5 3.1 19.9 3.5 26.9 9.0 44.2 8.7 32.4 10.8 45.5 5.1 52.5 24.0 2.6 0.8 28.9 13.3 57.2 4.2 22.5 7.3 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets 176.2 305.0 335.8 321.0 291.4 429.8 472.3 96.9 166.7 527.2 607.5 16 17 Household sector 118.6 303.6 207.9 283.5 325.0 466.0 324.2 258.6 251.1 480.6 274.5 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 43.3 24.3 19.1 20.5 0.5 20.1 0.9 -6.2 7.1 -1.4 -3.6 2.2 46.2 44.5 1.7 28.5 32.8 -4.3 59.2 55.3 4.0 46.0 45.1 0.9 51.2 44.9 6.3 17.4 21.0 -3.6 37.4 36.8 0.5 18 19 20 21 22 23 State and local governments Federal government Rest of the world 13.3 0.7 -3.1 13.1 1.0 -17.2 11.2 4.2 11.9 7.7 17.1 31.7 9.6 -25.2 -21.1 4.7 -36.7 9.3 13.7 37.5 5.3 11.3 -74.8 -134.5 8.7 -26.8 35.6 8.5 -2.2 -10.0 51.6 1.1 147.0 21 22 23 24 Financial sectors 3.3 -16.0 99.8 -17.5 -43.2 -42.1 32.3 -9.7 -153.1 32.9 95.9 24 -0.1 -6.8 0.9 0.1 -1.1 0.2 0.8 7.4 2.7 0.4 1.6 -0.6 0.0 1.8 8.7 0.2 12.1 8.7 0.2 -3.5 8.7 -0.1 0.9 8.7 -0.2 -2.1 8.7 1.4 0.3 8.7 1.2 5.4 0.7 25 26 27 -29.0 -0.3 33.3 5.2 2.9 -0.6 -18.0 0.5 4.2 -0.4 77.1 8.1 0.9 0.1 -14.8 -5.1 2.5 0.1 -47.7 -8.5 3.4 0.9 -58.6 -8.8 4.5 -1.3 7.1 16.6 3.3 -0.0 12.1 -34.6 -1.4 0.7 -151.5 -7.3 10.7 0.4 -8.2 19.7 3.2 0.5 59.9 25.0 28 29 30 31 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 249.1 233.3 428.6 -16.8 -207.8 -243.8 107.4 -224.6 -470.4 -122.4 0.2 1 2 Net purchases 249.1 233.3 428.6 -16.8 -207.8 -243.8 107.4 -224.6 -470.4 -122.4 0.2 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 112.1 28.4 8.1 5.1 145.8 36.5 8.7 6.5 158.4 110.5 9.6 19.7 -40.4 26.9 2.3 2.3 -99.7 -37.7 -8.2 -9.4 -16.3 -18.5 -5.5 -6.8 61.4 -42.2 -5.1 -11.1 -150.5 -84.1 -12.4 -18.5 -293.3 -6.1 -9.9 -1.1 -22.6 -0.3 -15.6 -3.6 -41.6 13.3 -0.7 -9.0 3 4 5 6 7 8 9 10 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 7.5 21.4 11.7 54.8 6.9 10.5 4.6 13.9 -7.9 31.0 -10.6 117.9 1.3 -13.5 2.8 1.5 -9.2 -8.3 2.9 -38.2 -9.2 -28.2 2.9 -162.1 -9.2 2.7 2.9 108.1 -9.2 -4.2 2.9 51.5 -9.0 -3.5 3.0 -150.3 -9.0 -29.2 3.0 -45.1 -8.9 -18.1 3.0 62.2 7 8 9 10 41 Z.1, September 16, 2004 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 Net change in liabilities 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 6 7 8 Savings institutions REITs Brokers and dealers (net) 9 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 17 18 19 20 21 22 23 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 169.8 113.2 22.3 105.0 222.7 153.5 333.4 32.8 371.0 353.9 -176.5 1 110.8 128.5 -17.9 0.1 66.1 15.4 52.3 -1.6 -42.3 -31.2 -11.0 -0.1 115.5 73.6 39.5 2.4 67.6 68.5 -1.9 0.9 152.7 22.3 110.4 20.0 228.4 211.5 6.5 10.4 -161.5 -46.3 -88.8 -26.4 50.6 86.6 -35.6 -0.4 235.6 214.3 24.7 -3.4 195.7 158.0 37.1 0.7 2 3 4 5 21.4 0.5 37.1 -6.0 -3.8 56.9 5.8 7.8 51.0 -15.0 13.5 -9.0 20.1 1.4 133.7 13.4 -11.1 -1.6 15.3 18.3 71.4 3.8 -6.1 196.7 47.8 4.4 268.2 -13.6 23.1 108.8 -11.7 11.5 -371.9 6 7 8 130.4 7.1 84.2 85.0 245.6 574.3 68.5 95.0 244.5 362.7 -21.1 9 1.6 -2.6 8.0 -1.6 8.2 11.4 -0.2 -22.2 59.4 2.2 -4.9 39.4 -0.4 8.0 272.7 -1.5 3.0 681.4 1.5 11.6 16.3 4.4 6.3 223.0 -5.9 11.3 170.2 4.5 16.0 271.5 0.5 -18.0 85.2 10 11 12 123.4 110.3 -4.2 2.4 -10.9 -97.3 4.3 -5.3 47.2 6.9 12.5 -1.5 48.3 -10.8 -0.3 -0.8 -34.8 4.3 -6.1 -0.1 -108.4 43.1 10.5 -8.1 39.1 7.3 -16.5 4.1 -138.6 -3.9 -3.4 -4.4 68.9 -29.6 -15.2 7.8 70.7 9.1 41.1 -8.9 -88.8 28.5 -19.9 5.9 13 14 15 16 -14.4 3.7 2.8 0.1 9.9 12.7 10.0 0.9 4.3 43.4 25.7 3.0 -8.1 0.8 0.6 44.0 -31.8 23.8 14.2 1.9 0.2 46.2 6.8 -9.1 8.5 -0.7 -9.3 -21.8 12.5 -22.0 -9.4 -1.3 -8.4 -68.4 -0.6 -66.0 27.0 -1.3 -20.4 -9.5 3.6 44.7 8.8 -1.3 -0.4 -70.0 4.8 -69.0 7.4 0.8 -7.9 60.9 42.1 2.4 -2.6 -4.7 -4.1 45.9 -22.1 17.0 -7.1 5.8 -16.0 -52.7 13.6 -46.9 17 18 19 20 21 22 39.4 106.2 -61.9 19.9 -22.9 -420.9 264.9 -62.3 126.5 -8.8 -155.4 23 F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 Total net issues, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 229.9 211.6 -147.8 -91.5 -81.6 15.0 -59.2 -113.7 -168.5 284.2 14.2 1 232.8 212.2 -144.6 -91.4 -81.3 14.1 -58.3 -112.5 -168.7 286.0 11.8 2 37.4 16.3 8.2 8.1 48.1 31.7 10.9 20.8 -88.3 -14.2 -23.3 9.1 -64.2 36.1 4.8 31.3 -40.0 22.3 -3.7 25.9 -9.3 52.0 -1.6 53.6 -81.4 72.9 10.1 62.8 4.8 -56.0 -19.7 -36.3 -74.3 20.2 -3.4 23.6 34.4 100.1 -1.1 101.2 32.9 -29.6 -3.1 -26.4 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 179.2 9.1 139.0 -2.9 -0.1 34.1 132.4 1.2 125.0 8.4 0.0 -2.3 -42.1 -5.1 120.0 -80.3 0.7 -77.4 -63.3 -2.3 -13.0 -17.1 0.1 -31.0 -63.6 -6.0 -35.6 -5.2 -0.5 -16.3 -28.6 -15.0 -35.3 -14.8 1.6 35.0 -49.8 -19.9 6.8 49.7 -3.8 -82.6 -61.4 5.3 29.6 -45.2 1.2 -52.3 -114.5 5.5 -143.4 -10.4 -1.0 34.8 151.5 59.2 41.3 56.0 -1.8 -3.3 8.5 -21.5 -6.5 -15.9 0.0 52.4 7 8 9 10 11 12 13 Bankers acceptances (1) -2.9 -0.7 -3.2 -0.2 -0.2 0.9 -0.9 -1.2 0.2 -1.8 2.4 13 14 Net purchases, by sector 229.9 211.6 -147.8 -91.5 -81.6 15.0 -59.2 -113.7 -168.5 284.2 14.2 14 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 4.1 8.2 17.3 -1.4 14.8 10.2 17.8 4.3 3.1 2.4 -13.5 -2.6 13.3 4.5 5.7 10.3 -4.1 18.8 10.5 9.9 24.4 10.7 3.9 -25.7 -30.0 32.7 15.2 42.7 6.1 26.4 8.2 -27.1 -16.7 5.2 14.7 49.7 21.6 7.4 7.8 24.9 17.3 9.1 7.9 6.3 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 0.3 0.0 1.5 0.6 0.0 0.2 0.0 -0.6 -2.4 0.0 0.0 0.0 1.2 -3.1 0.0 0.0 0.0 1.2 -0.2 0.0 0.0 0.0 -2.0 -0.4 0.0 0.0 0.0 -2.9 -0.4 0.0 0.0 0.0 1.9 -0.4 0.0 0.0 0.0 -1.2 -0.4 0.0 0.0 0.0 -5.8 -0.4 0.0 0.0 0.0 2.5 -0.4 0.0 0.0 0.0 -1.8 -0.4 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 2.0 7.0 2.8 -4.5 -1.7 4.3 -11.9 -2.2 0.6 14.7 10.9 0.2 -18.2 -6.0 -4.3 15.4 -0.8 -8.4 -15.0 -7.6 -20.4 -18.4 -1.2 -0.4 -54.7 -14.3 12.1 19.9 -10.0 15.9 -16.9 0.4 8.0 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 104.7 9.9 -32.4 -2.0 107.2 89.6 25.7 10.7 13.2 29.9 30.3 -31.8 2.7 9.0 -131.9 -44.9 -11.8 -23.5 -4.7 -67.3 -135.1 12.8 -0.7 5.9 31.3 -255.6 21.8 2.9 12.8 217.0 -59.8 1.4 -7.8 -19.3 7.2 -138.5 0.3 -3.0 16.8 18.8 -86.4 27.6 5.1 13.1 -117.7 -150.8 1.0 2.9 0.7 340.8 -72.2 13.0 -1.4 -2.4 47.2 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 42 Z.1, September 16, 2004 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 -71.0 -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 1 -0.2 -70.8 -1.7 -293.2 5.6 -10.7 4.5 252.5 8.9 389.5 9.1 176.5 10.0 712.6 9.8 307.2 6.8 361.8 3.5 479.4 1.7 446.9 2 3 -71.0 -294.9 -5.1 257.1 398.4 185.6 722.5 317.0 368.6 482.9 448.6 4 Household sector Savings bonds Other Treasury issues -9.2 -0.2 -9.0 -196.0 -1.7 -194.3 -79.6 5.6 -85.2 -85.5 4.5 -90.0 6.4 8.9 -2.6 -68.1 9.1 -77.2 405.6 10.0 395.6 -139.2 9.8 -149.0 -172.8 6.8 -179.7 -72.5 3.5 -76.0 177.6 1.7 175.9 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments -4.2 -0.8 23.5 -1.3 3.0 -6.0 -1.6 2.7 42.1 14.9 2.3 12.2 10.1 2.4 7.3 16.4 -0.2 -7.2 15.3 4.8 -17.4 6.1 2.1 54.2 2.7 2.7 -0.5 14.5 2.5 23.9 19.7 2.0 18.2 8 9 10 11 12 Rest of the world Monetary authority -12.5 25.8 -70.5 33.7 10.5 40.0 138.9 77.7 285.1 37.3 168.1 37.3 385.6 40.3 279.7 37.6 306.8 33.8 650.6 16.2 413.1 53.0 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 14.8 -2.0 9.7 7.9 -0.7 -44.4 -35.0 -0.5 -7.9 -1.0 -21.9 -31.4 9.8 0.4 -0.6 43.2 29.9 12.9 0.1 0.3 3.0 7.1 -6.5 1.4 1.0 9.6 -5.6 14.5 0.1 0.5 -30.9 -37.0 0.6 4.1 1.4 2.7 16.3 -17.6 2.5 1.5 30.7 54.8 -23.6 -1.1 0.6 30.4 21.7 9.7 -2.3 1.3 -6.0 0.4 -11.1 1.0 3.6 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates -0.0 -3.5 -0.0 -1.4 -1.4 -1.0 2.7 -0.8 -4.8 -2.2 0.4 -0.4 3.0 1.1 -0.3 0.0 -2.0 -0.3 3.0 5.9 -0.3 5.2 1.5 -0.3 4.0 -0.7 -0.2 0.0 -1.5 0.1 -5.6 5.6 0.1 18 19 20 21 22 23 24 25 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -9.3 -9.7 2.3 -13.8 2.9 -4.6 -8.6 -9.6 -20.9 2.0 -4.4 -0.0 -21.7 -25.5 7.2 24.8 9.2 -1.3 -8.3 9.4 -6.6 3.5 -2.1 3.2 4.7 -3.5 2.6 0.2 -12.8 15.2 -4.9 1.8 3.6 28.6 2.3 -9.0 3.6 -8.5 -25.9 2.7 -9.2 5.9 -3.7 22.9 -1.3 5.9 10.9 11.9 -8.5 2.1 5.9 7.4 -6.7 27.2 8.2 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 0.1 -23.7 -1.2 0.0 5.8 -58.4 -13.3 6.3 -0.9 0.0 0.6 39.4 45.3 -8.5 0.1 0.0 0.4 13.1 4.5 19.7 -2.8 2.0 12.1 -13.7 -10.0 9.4 1.4 0.1 -2.1 41.7 37.2 32.4 0.3 -1.8 -2.1 -35.7 36.6 37.4 2.9 -1.0 0.8 -197.4 -43.8 -20.1 1.3 2.0 -6.0 171.2 -69.8 -12.2 0.9 1.2 -1.2 228.7 -13.3 19.4 5.4 3.6 0.3 -218.9 -41.8 -2.3 2.4 3.0 3.1 -235.5 26 27 28 29 30 31 -71.2 -295.9 -5.6 257.6 396.0 184.0 723.0 317.1 360.0 483.9 444.9 32 2 3 4 5 6 7 Net issues 2000 Savings bonds Other Treasury issues Net purchases Memo: 32 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 43 Z.1, September 16, 2004 F.210 Agency- and GSE-backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 593.1 433.9 642.1 547.2 571.7 493.5 458.9 768.4 566.0 84.8 304.6 1 -0.2 318.8 274.6 -1.0 235.2 199.7 -0.5 304.1 338.5 0.5 219.8 326.8 -2.4 243.7 330.4 -1.6 222.9 272.2 0.5 191.4 266.9 0.1 460.8 307.6 -8.6 99.9 474.7 1.1 18.2 65.6 -3.6 234.4 73.9 2 3 4 593.1 433.9 642.1 547.2 571.7 493.5 458.9 768.4 566.0 84.8 304.6 5 Household sector Nonfinancial corporate business State and local governments 82.7 1.8 43.7 51.8 3.0 1.7 -87.3 1.7 55.4 -106.8 -0.3 3.0 264.5 8.2 22.9 -88.6 6.2 8.4 -213.0 10.7 33.1 823.5 8.6 17.8 536.0 7.3 32.0 -278.6 11.7 7.0 137.2 14.2 9.1 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 63.4 -0.2 0.0 141.9 -0.1 0.0 103.7 -0.1 0.0 112.5 0.0 0.0 11.5 -0.0 0.0 55.0 0.0 0.0 56.1 0.0 0.0 -110.5 0.0 0.0 45.4 -0.0 0.0 78.8 0.0 0.0 151.5 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 36.4 29.4 4.9 -1.3 3.3 22.3 18.2 0.4 -0.5 4.3 55.6 73.7 -22.0 1.4 2.5 140.5 121.1 10.9 4.5 3.9 83.6 85.1 -7.1 0.9 4.7 181.2 180.1 1.8 2.8 -3.5 295.2 278.5 12.4 -2.1 6.4 -268.7 -254.0 -33.2 5.2 13.3 126.9 135.7 -9.2 -2.3 2.7 380.2 378.4 -5.6 3.6 3.9 65.7 45.5 12.4 1.4 6.4 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 3.4 2.9 5.7 -6.7 -0.4 0.3 21.0 19.6 -10.3 14.7 16.8 -0.9 22.6 18.2 -2.6 39.9 28.2 -2.6 24.9 41.4 -2.6 3.6 43.4 -2.6 21.8 -40.3 -2.5 39.1 7.9 0.5 -28.9 11.6 0.2 17 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 7.0 5.9 38.2 22.9 -0.0 11.0 8.6 9.0 37.6 0.1 18.1 10.1 7.9 -14.5 1.7 77.4 19.0 1.9 -0.3 2.4 18.0 2.2 -5.3 6.7 1.1 30.0 1.0 -4.0 17.6 8.9 26.3 -0.7 2.5 20.5 0.1 7.5 2.4 -18.5 -20.4 -2.4 8.2 6.2 -1.1 9.1 -2.3 32.4 19.4 2.3 -5.6 -0.8 32.5 13.3 -8.9 1.7 -1.0 20 21 22 23 24 25 26 27 Money market mutual funds Mutual funds Government-sponsored enterprises 17.1 36.2 172.9 -5.8 4.1 149.2 133.2 85.3 206.9 5.7 61.5 131.7 2.2 25.3 97.3 8.6 52.0 72.1 81.9 67.5 -56.4 6.7 -29.8 430.3 -88.5 11.4 -56.6 -74.8 60.9 -102.1 -51.0 -7.1 28.7 25 26 27 28 29 30 ABS issuers REITs Brokers and dealers 36.8 1.1 15.0 8.3 0.3 -2.3 14.2 5.7 14.1 46.5 8.0 14.1 8.9 -5.3 -8.1 -50.5 -14.9 145.1 19.1 7.0 45.2 107.8 -15.7 -214.3 -41.0 2.4 -8.4 -159.0 25.4 40.2 -28.4 -5.8 -29.9 28 29 30 6 7 8 Net purchases 2000 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32. 44 Z.1, September 16, 2004 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 2004 Q3 Q4 Q1 Q2 54.4 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.4 98.8 1 2 3 4 State and local governments Short-term (1) Long-term 38.9 2.6 36.3 16.5 1.4 15.1 105.5 23.8 81.7 143.4 25.2 118.2 117.5 7.2 110.3 99.1 -2.9 102.0 165.8 6.3 159.5 108.9 9.7 99.1 96.3 15.5 80.8 148.5 11.3 137.2 74.1 -64.7 138.8 2 3 4 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 10.4 5.8 13.8 12.9 14.1 18.0 13.3 17.7 7.4 14.1 20.7 5 6 7 Net change in liabilities Q2 Net change in assets 5.1 1.4 3.5 3.1 3.4 2.8 3.5 3.4 4.0 4.9 4.0 6 54.4 23.6 122.9 159.4 135.1 119.9 182.6 130.0 107.7 167.4 98.8 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 19.6 -0.7 -0.1 0.3 6.0 6.9 -0.3 0.3 51.2 -2.6 1.1 0.2 96.0 2.8 0.2 0.1 33.4 8.1 0.2 0.3 14.9 3.0 0.2 0.1 12.1 4.4 0.2 0.4 44.0 16.8 0.2 0.2 62.6 8.0 0.2 0.4 40.2 6.9 0.2 0.2 0.3 14.8 0.2 0.2 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 5.9 0.5 10.8 3.4 0.2 -1.2 6.1 1.3 -3.5 1.5 1.0 5.3 10.8 0.8 -2.6 12.0 0.3 -2.6 16.1 0.9 -2.6 12.3 2.3 -2.6 2.7 -0.3 -2.4 11.9 0.8 5.6 13.7 0.3 2.8 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 1.7 -9.1 -0.2 -1.0 -14.9 -1.5 -0.4 -10.3 -0.2 1.2 9.2 -0.9 6.2 41.2 0.3 6.7 36.1 0.1 6.8 34.8 -0.5 5.5 42.2 5.9 5.7 51.8 -4.4 2.7 37.8 0.7 2.7 25.8 -1.8 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 17.5 -3.2 9.0 3.6 -1.2 34.3 -8.9 -2.0 2.8 -0.7 36.2 23.0 7.0 6.2 7.7 1.8 23.8 11.3 4.0 2.0 14.6 12.9 3.2 1.9 3.8 32.3 22.1 4.1 -2.1 -7.3 62.0 38.1 -1.2 -0.5 11.7 -9.2 -10.1 8.4 6.4 7.8 -26.9 1.5 1.7 3.7 3.1 33.4 21.7 -1.8 5.4 1.7 28.2 -27.1 5.8 12.8 20.3 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 410.4 367.0 586.4 431.8 572.9 641.0 597.0 405.1 648.4 394.2 386.9 1 2 3 Nonfinancial corporate business Rest of the world (1) 221.7 1.9 162.6 15.2 348.5 -24.5 132.3 -33.5 158.3 -28.1 169.5 -29.9 297.0 -100.2 96.1 -8.8 70.6 26.5 114.2 -19.6 5.7 -39.7 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 186.8 20.4 0.2 189.3 32.6 3.5 262.4 37.0 -2.6 333.1 22.0 -0.2 442.7 46.9 1.7 501.5 83.0 5.4 400.2 27.1 0.3 317.8 6.1 0.6 551.2 71.6 0.5 299.7 39.3 3.4 421.0 54.8 -3.8 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 52.5 64.7 8.9 -17.2 57.4 57.9 72.9 4.8 15.6 1.9 134.0 66.6 3.8 1.4 22.2 206.4 62.0 14.0 -1.7 30.5 236.7 114.3 21.3 6.4 15.4 293.1 54.2 17.8 38.4 9.6 234.3 108.4 17.2 -16.2 29.3 138.2 133.1 26.9 9.9 3.1 281.2 161.7 23.3 -6.6 19.5 89.3 53.9 40.4 51.9 21.3 315.2 36.9 24.9 3.0 -10.2 7 8 9 10 11 410.4 367.0 586.4 431.8 572.9 641.0 597.0 405.1 648.4 394.2 386.9 12 -61.7 11.5 144.4 -6.7 -3.3 168.4 -5.0 25.6 195.4 32.9 8.2 151.0 -167.2 7.2 232.6 -90.8 2.7 225.7 -260.2 10.5 247.5 -175.2 5.7 215.1 -142.6 10.2 242.2 -162.3 5.4 212.5 -181.4 5.4 213.3 13 14 15 12 Net purchases 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 39.6 23.3 11.3 41.5 10.0 50.0 30.4 -0.0 58.1 -2.5 5.0 49.0 6.4 5.0 29.7 0.0 97.8 -25.6 -6.6 120.2 8.9 -1.1 -0.6 0.8 2.6 -4.0 -2.7 106.8 2.4 8.0 -4.6 1.2 50.0 -8.8 3.9 171.0 20.0 15.6 4.6 0.6 55.1 8.1 3.7 225.3 16.5 10.5 -25.8 4.4 10.8 -25.9 3.9 211.2 14.1 23.3 18.5 0.1 40.5 -27.3 3.9 120.7 20.6 14.6 8.4 -1.1 93.5 10.0 4.0 126.7 28.7 13.9 17.3 -1.1 73.4 -24.1 7.1 163.8 36.9 21.6 18.9 -0.4 -24.8 -20.7 0.8 160.1 25.2 2.8 10.1 -0.5 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises REITs Brokers and dealers Funding corporations 42.5 29.2 1.8 0.0 28.8 -0.3 12.0 -3.8 38.2 -6.2 -2.7 0.0 19.1 -0.8 19.3 -8.9 1.1 58.1 -3.8 0.0 24.6 2.1 48.6 45.8 7.7 50.9 0.0 1.8 33.5 4.6 30.7 0.6 15.2 77.4 31.6 0.6 25.1 2.2 36.4 54.9 49.1 84.7 21.7 0.7 31.4 3.2 -50.2 65.1 37.8 114.1 58.5 1.5 3.9 -4.1 86.1 45.5 -30.0 45.2 32.9 -0.4 28.4 7.8 39.5 56.2 3.9 65.6 13.4 0.8 36.8 2.1 70.1 52.9 -23.3 107.1 5.2 1.5 1.1 8.3 -8.9 -49.5 14.9 34.6 14.7 0.6 48.0 2.7 63.8 17.3 24 25 26 27 28 29 30 31 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 45 Z.1, September 16, 2004 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 Net issues 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1.5 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.7 1 -118.2 -47.4 -41.6 -57.8 -67.0 -50.2 -44.9 -69.0 -82.6 -159.5 2 Rest of the world (2) 114.3 106.7 109.1 17.6 100.4 136.4 66.5 122.0 76.8 85.7 161.0 3 Financial sectors Commercial banking Life insurance companies Other insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers -2.4 -10.2 -6.0 -7.8 -4.8 12.2 6.6 7.6 16.8 -12.5 -0.8 -4.5 -5.5 42.4 2.0 -4.2 37.3 -8.1 -0.9 0.5 1.9 31.0 6.1 6.7 71.0 -10.7 -6.5 6.2 18.0 45.3 8.4 10.2 63.0 -2.4 -3.9 4.1 43.9 15.8 13.3 -7.7 41.6 -2.6 -6.5 -1.1 31.4 6.0 2.3 12.1 90.2 10.6 -3.7 18.3 61.2 15.0 16.3 -27.6 52.8 -0.4 -6.2 -3.3 59.6 -24.1 18.1 9.0 67.3 -17.3 0.6 2.5 23.2 66.3 16.6 -24.5 113.2 -0.6 -4.3 1.6 58.0 30.1 25.8 2.6 81.2 -4.3 -32.7 -5.6 28.9 60.8 13.8 20.4 4 5 6 7 8 9 10 11 Nonfinancial corporate business 3 12 2001 -110.4 2 4 5 6 7 8 9 10 11 2000 1.5 5.3 99.0 47.0 105.6 111.0 106.5 129.9 75.1 116.3 82.7 12 13 14 15 Net purchases Household sector State and local governments Rest of the world (3) -81.9 3.5 112.3 -474.2 -1.2 193.6 -232.0 22.8 121.5 -75.4 7.9 54.2 -129.3 -6.2 36.9 44.2 -7.7 -10.5 -115.9 -6.5 82.1 -174.1 -3.6 -13.3 -271.5 -6.9 89.2 -296.4 -3.6 14.8 -142.3 -5.4 8.7 13 14 15 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 2.0 -0.7 -28.8 0.3 0.4 -2.5 0.2 3.2 -32.5 -0.6 2.0 -39.4 2.3 -1.0 -18.7 0.6 1.7 -18.7 -0.1 2.7 -18.7 8.6 -3.6 -18.7 0.2 -4.8 -18.7 -0.0 3.0 2.0 -1.2 -2.3 1.0 16 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 116.9 -1.7 -260.2 -6.2 4.4 111.3 0.7 -55.1 -18.4 5.2 70.2 -0.3 -32.7 22.3 -0.6 52.7 -1.1 -66.8 20.0 7.9 45.5 -2.7 25.1 -26.9 17.2 55.7 -1.7 -19.0 69.3 23.5 55.3 2.9 9.2 -69.9 11.0 50.0 6.4 60.2 -43.6 17.9 21.1 -18.3 50.2 -63.4 16.2 70.8 -5.7 -13.0 -25.5 12.2 54.0 2.0 8.2 -18.5 4.0 19 20 21 22 23 24 25 26 27 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 136.4 -14.5 12.2 7.7 193.1 0.1 42.4 9.6 109.8 -1.3 31.0 17.3 31.4 9.4 41.6 3.2 136.9 7.6 15.1 3.8 -26.2 5.3 7.2 -12.7 103.4 1.1 14.6 35.5 264.5 17.0 -25.6 -12.2 206.0 7.1 64.2 4.5 239.0 49.2 25.0 44.6 94.0 6.0 57.2 17.2 24 25 26 27 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 191.2 239.4 201.2 182.4 288.2 189.2 365.7 260.3 337.4 431.9 118.7 1 2 Net purchases 191.2 239.4 201.2 182.4 288.2 189.2 365.7 260.3 337.4 431.9 118.7 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 85.5 7.4 -0.7 166.2 12.0 3.7 190.1 2.0 7.7 110.6 10.5 8.9 326.5 -4.6 -12.7 209.1 -4.6 13.6 413.0 -4.6 -26.3 303.2 -4.6 -10.2 380.7 -4.6 -27.8 454.8 -4.6 -20.1 146.6 -4.6 -23.1 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 2.3 -1.1 -14.7 2.5 -0.3 48.5 7.8 1.5 -6.1 1.7 -0.2 37.3 -6.2 0.5 -15.0 -20.1 -0.5 -15.0 2.2 4.5 -15.0 -8.9 1.9 -15.0 2.0 -3.7 -15.0 -4.7 0.4 5.0 -0.0 -1.2 1.6 6 7 8 Life insurance companies Private pension funds 10.0 102.5 5.6 1.2 2.1 -3.8 2.6 11.0 0.5 -0.9 0.5 6.1 0.5 -8.6 0.5 -6.5 0.5 5.2 0.4 0.6 0.4 -1.1 9 10 9 10 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 46 Z.1, September 16, 2004 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 Total loans by commercial banking, flow of funds basis 200.5 369.7 70.5 219.4 187.8 231.7 324.1 228.8 -33.3 448.9 456.7 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.3 158.4 -9.2 -18.0 0.2 164.6 41.7 50.4 0.0 129.8 17.0 0.0 0.0 268.5 28.7 2.8 0.0 197.5 49.3 35.5 0.0 268.5 6.9 83.8 0.0 324.7 37.6 23.2 0.0 257.2 42.3 20.4 0.0 -60.3 110.3 14.7 0.0 409.0 5.9 62.0 0.0 369.0 7.1 16.3 2 3 4 5 6 = Banking sector total bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 6 92.4 -22.4 -1.6 0.5 98.1 14.6 -0.9 1.1 -62.0 -19.1 0.3 4.5 -58.6 -18.6 0.9 -4.3 -70.9 -29.0 5.0 0.3 -94.2 -31.4 -1.1 -0.7 -62.9 -15.6 16.2 0.8 -31.4 -60.2 0.7 -0.2 -94.9 -8.6 4.1 1.4 -9.8 -21.1 1.0 2.0 41.7 23.2 -2.9 2.2 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 69.0 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 12 13 Net change in liabilities 69.0 112.8 -76.2 -80.6 -94.5 -127.5 -61.4 -91.1 -98.0 -28.0 64.3 13 83.4 113.2 -89.3 -81.7 -89.5 -87.2 -73.8 -106.0 -90.9 -52.4 97.8 14 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business -6.9 44.1 46.5 -0.9 6.8 48.0 44.3 2.7 -16.5 -103.3 37.8 -0.0 -3.1 -96.5 13.4 -0.9 -6.6 -49.5 -25.2 -0.4 4.2 -63.2 -22.9 -1.3 25.9 -33.7 -30.6 -3.9 -15.6 -71.8 -25.8 2.0 -40.9 -29.3 -21.6 1.5 15.3 -38.2 -21.4 -1.4 54.6 22.2 11.5 2.4 15 16 17 18 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 0.5 0.2 -3.2 3.5 11.4 0.6 3.4 7.4 -7.3 0.8 -7.4 -0.7 5.3 0.8 -0.8 5.3 -7.7 -0.5 -1.5 -5.7 -4.0 -1.5 1.5 -3.9 -31.4 -0.1 -2.3 -29.1 5.3 -1.2 -4.1 10.6 -0.7 0.6 -0.9 -0.5 -6.7 1.5 2.9 -11.2 7.0 1.3 5.9 -0.2 19 20 21 22 -14.4 -0.4 13.1 1.1 -5.0 -40.3 12.4 14.9 -7.1 24.4 -33.5 23 -15.7 8.9 0.0 -7.6 7.4 0.5 0.0 -8.3 1.5 14.9 0.0 -3.3 4.2 -2.8 0.0 -0.3 -13.2 8.1 0.0 0.1 -48.2 6.2 0.0 1.6 3.2 13.1 0.0 -3.9 -1.9 16.3 0.0 0.5 -6.1 -3.0 0.0 2.1 1.5 23.9 0.0 -0.9 1.1 -40.9 0.0 6.3 24 25 26 27 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 47 Z.1, September 16, 2004 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Total other loans and advances 127.5 120.8 30.6 24.7 39.1 48.0 25.4 -27.4 110.6 95.3 140.1 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises -7.1 -0.4 -0.3 -0.9 -0.3 -0.4 -4.8 0.0 -3.6 -0.6 -0.4 -1.1 0.1 -1.0 -0.6 0.0 -5.9 -1.6 -0.2 -3.2 0.0 0.2 -1.1 0.0 -3.6 -0.8 -0.3 -0.7 -0.3 0.5 -1.9 0.0 -1.4 -0.7 0.7 0.7 -0.2 0.3 -2.1 0.0 0.0 -0.8 1.2 1.0 -0.3 0.4 -1.6 0.0 -2.4 -0.8 0.6 0.9 -0.3 0.3 -3.2 0.0 -3.2 -0.7 0.4 0.6 -0.2 0.2 -3.4 0.0 -0.2 -0.6 0.8 0.2 -0.2 0.1 -0.4 0.0 -2.5 -0.6 1.0 1.9 -0.2 0.1 -4.6 0.0 -1.4 -0.9 0.2 1.3 -0.2 0.2 -1.9 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -22.7 -22.7 -2.2 -2.2 -1.6 -1.6 10.1 10.1 -0.8 -0.8 -20.6 -20.6 14.8 14.8 -35.8 -35.8 38.2 38.2 -14.1 -14.1 -10.6 -10.6 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -3.1 -2.2 -0.9 -0.7 -0.0 -0.7 -2.9 -0.3 -2.6 -0.0 0.3 -0.4 -0.2 -0.2 0.0 0.8 -0.5 1.4 -0.8 -0.9 0.2 -1.2 0.7 -1.8 0.3 -0.0 0.4 -2.1 -3.8 1.7 2.5 2.0 0.5 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 6.5 3.2 3.2 8.7 4.3 4.3 3.6 1.8 1.8 3.3 1.7 1.7 10.0 5.0 5.0 4.5 2.3 2.3 3.1 1.6 1.6 37.0 18.5 18.5 -4.5 -2.2 -2.2 -26.8 -13.4 -13.4 23.7 11.9 11.9 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies -5.1 -0.0 -5.0 2.8 -0.0 2.9 2.2 0.0 2.2 1.1 0.0 1.0 -0.6 0.0 -0.7 -1.9 0.0 -1.9 1.1 0.0 1.1 -2.0 0.0 -2.1 0.3 0.1 0.2 -0.2 0.1 -0.2 1.2 0.1 1.2 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 108.1 0.1 0.9 0.0 40.6 63.5 2.2 0.7 45.3 -0.3 1.5 1.5 26.8 16.3 0.0 -0.7 28.3 -0.1 0.0 2.9 24.2 -0.9 1.5 0.6 8.9 0.1 0.6 1.4 30.2 -27.4 2.0 2.0 31.1 -0.1 -0.3 0.3 8.5 17.6 2.2 2.9 44.6 -0.1 1.3 -0.5 12.0 24.7 2.8 4.4 33.4 -0.1 -4.9 0.2 21.7 13.5 1.6 1.5 -0.5 -0.0 -3.0 1.7 -7.3 1.6 3.3 3.1 47.2 -0.1 5.5 -0.1 7.8 30.6 1.0 2.5 81.2 0.0 6.0 -0.8 90.9 -11.9 -2.7 -0.4 157.9 -0.6 -7.8 0.1 -28.6 187.1 4.9 2.7 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -3.3 -3.3 7.2 7.2 18.5 18.5 -3.3 -3.3 -1.1 -1.1 30.1 30.1 -16.5 -16.5 -22.9 -22.9 4.8 4.8 -10.2 -10.2 2.1 2.1 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 54.2 48.8 5.4 63.3 57.0 6.3 -11.5 -10.3 -1.1 8.3 7.5 0.8 2.2 2.0 0.2 -9.6 -8.6 -1.0 -7.4 -6.7 -0.7 1.3 1.2 0.1 24.5 22.0 2.4 70.0 63.0 7.0 -35.5 -31.9 -3.5 31 32 33 48 Z.1, September 16, 2004 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1 Net change in mortgages 567.0 562.7 681.5 833.4 1016.2 1045.2 1126.2 998.8 894.4 1152.2 1076.3 1 2 3 4 5 Home Multifamily residential Commercial Farm 420.1 37.9 102.5 6.5 412.3 31.9 111.9 6.6 517.6 43.2 113.0 7.7 680.8 39.6 105.4 7.7 817.9 57.9 132.3 8.1 895.0 32.5 109.4 8.3 924.6 58.2 136.5 6.9 783.0 55.2 152.2 8.5 669.1 85.6 131.1 8.6 940.0 28.6 176.8 6.9 825.1 59.4 180.3 11.5 2 3 4 5 6 567.0 562.7 681.5 833.4 1016.2 1045.2 1126.2 998.8 894.4 1152.2 1076.3 6 Household sector 378.4 381.2 491.4 644.0 767.6 845.5 857.5 740.9 626.4 892.5 784.8 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 183.5 42.0 135.1 6.5 175.3 31.2 137.5 6.6 188.8 59.9 121.2 7.7 183.6 43.5 132.5 7.7 244.7 77.6 159.1 8.1 203.1 70.5 124.3 8.3 265.4 90.8 167.7 6.9 250.2 83.4 158.3 8.5 260.2 65.7 186.0 8.6 241.4 98.6 136.0 6.9 278.3 107.3 159.5 11.5 8 9 10 11 12 13 Federal government REITs 0.0 5.1 0.0 6.2 0.0 1.3 0.0 5.9 0.0 3.9 0.0 -3.5 0.0 3.3 0.0 7.8 0.0 7.8 0.0 18.3 0.0 13.2 12 13 14 Net change in assets 567.0 562.7 681.5 833.4 1016.2 1045.2 1126.2 998.8 894.4 1152.2 1076.3 14 8.2 -26.0 -2.0 10.9 2.3 -1.4 8.0 3.1 3.3 10.6 2.0 1.2 11.4 2.0 -1.2 11.1 2.0 -0.3 11.3 2.0 -0.9 11.5 2.0 -1.5 11.6 2.0 -2.1 11.7 2.0 -2.6 12.8 2.0 -3.2 15 16 17 4.3 -0.1 1.8 -0.9 -2.0 -1.1 -6.4 0.5 8.6 -2.5 3.2 -9.4 12.5 0.2 6.8 -1.5 12.1 0.8 6.4 8.0 6.5 -6.4 18 19 158.4 24.1 14.1 -0.6 164.6 54.9 13.8 0.1 129.8 35.3 16.4 0.2 268.5 23.1 18.2 -0.2 197.5 89.5 23.2 -0.4 268.5 134.4 14.8 -0.4 324.7 81.4 18.5 -0.4 257.2 50.0 27.6 -0.4 -60.3 92.2 31.9 -0.4 409.0 221.8 15.8 0.0 369.0 168.1 36.4 -0.0 20 21 22 23 15.7 -0.0 1.7 -2.6 5.2 -0.3 1.2 -0.0 7.1 0.2 1.3 3.4 7.0 0.1 1.7 6.8 10.9 0.1 2.0 10.3 10.8 0.0 1.6 8.9 10.9 -0.2 2.5 9.8 13.1 -0.0 1.9 10.7 8.9 0.7 2.0 11.6 10.6 0.2 -0.2 12.4 27.9 0.3 2.7 13.3 24 25 26 27 -5.0 274.6 80.8 22.2 199.7 68.7 33.2 338.5 116.8 59.8 326.8 90.1 105.5 330.4 184.5 106.5 272.2 205.8 128.7 266.9 205.9 141.9 307.6 106.5 45.1 474.7 219.9 28.0 65.6 294.4 -0.3 73.9 326.2 28 29 30 24.6 0.0 -3.3 26.4 0.0 -6.6 -11.0 0.0 -1.1 13.2 0.0 10.5 24.4 0.0 19.8 12.3 0.0 3.1 24.3 0.0 28.1 39.1 0.0 26.5 22.0 0.0 21.7 45.0 0.0 24.0 12.5 0.0 34.5 31 32 33 7 Net borrowing 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 28 29 30 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 31 32 33 Finance companies Mortgage companies REITs (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, September 16, 2004 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 420.1 412.3 517.6 680.8 817.9 895.0 924.6 783.0 669.1 940.0 825.1 1 371.8 2.1 46.2 370.8 2.0 39.5 472.7 2.1 42.8 630.7 0.7 49.5 756.1 1.8 60.1 836.6 1.5 56.9 855.1 1.8 67.7 723.8 1.5 57.7 609.0 2.2 57.9 875.5 3.6 60.8 766.5 3.4 55.2 2 3 4 420.1 412.3 517.6 680.8 817.9 895.0 924.6 783.0 669.1 940.0 825.1 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 7.2 -6.9 -0.9 7.2 1.2 -0.3 7.4 1.9 1.0 8.7 1.0 1.3 9.5 1.0 1.6 9.2 1.0 1.5 9.4 1.0 1.6 9.6 1.0 1.7 9.8 1.0 1.8 10.0 1.0 1.9 10.3 1.0 2.0 6 7 8 9 10 State and local governments Federal government 2.2 -0.4 0.9 -0.7 -1.0 -0.6 -3.3 -0.9 4.4 -0.9 1.6 -1.0 6.4 -1.0 3.4 -0.8 6.2 -0.6 3.3 -0.5 3.3 -0.6 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 82.6 14.7 14.1 -0.6 86.1 46.0 13.8 0.1 58.2 26.4 16.4 0.2 198.3 10.8 18.2 -0.2 124.9 72.0 23.2 -0.4 195.2 122.2 14.8 -0.4 255.1 63.7 18.5 -0.4 166.2 33.1 27.6 -0.4 -117.1 68.8 31.9 -0.4 305.2 196.9 15.8 0.0 260.2 154.9 36.4 -0.0 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -0.7 0.7 -0.9 -1.0 1.1 -0.0 0.0 1.3 1.2 -0.3 1.7 2.4 -0.3 2.1 3.6 -3.3 1.8 3.1 -0.8 2.3 3.4 -0.2 2.1 3.7 3.3 2.2 4.1 0.7 3.4 4.4 0.7 2.7 4.7 15 16 17 18 19 20 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -10.3 264.6 38.8 15.8 190.9 33.4 20.5 322.9 72.2 45.5 315.2 58.2 98.5 309.6 132.9 98.7 263.9 172.6 115.5 258.1 143.4 141.5 280.8 56.9 38.2 435.6 158.6 20.3 78.9 234.5 -12.4 56.2 255.7 18 19 20 21 22 23 Finance companies Mortgage companies REITs 18.2 0.0 -2.4 22.4 0.0 -4.6 -10.5 0.0 0.1 14.9 0.0 9.5 17.2 0.0 19.0 10.0 0.0 4.0 20.9 0.0 27.4 31.4 0.0 25.4 6.5 0.0 19.3 45.0 0.0 19.2 17.8 0.0 32.3 21 22 23 40.4 12.7 3.7 3.7 2.0 18.2 90.3 45.5 13.1 7.3 2.1 22.4 26.0 23.6 5.1 4.2 3.5 -10.5 65.4 44.7 0.6 3.1 2.1 14.9 101.4 62.7 17.1 3.8 0.6 17.2 69.2 42.7 20.0 -3.0 -1.7 11.3 88.5 59.1 -1.8 4.2 4.1 22.9 105.5 58.2 19.0 1.6 -2.4 29.0 142.5 90.9 31.3 12.3 2.4 5.6 129.8 96.2 -19.3 4.3 1.6 47.0 200.7 133.1 35.9 12.6 -0.8 19.8 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Net change in assets 2000 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens. Excludes home equity loans held by mortgage companies and individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing 37.9 31.9 43.2 39.6 57.9 32.5 58.2 55.2 85.6 28.6 59.4 1 1.3 34.9 1.4 28.5 1.5 41.3 1.5 36.1 1.7 54.9 1.6 32.0 1.6 55.5 1.7 50.9 1.8 81.2 1.9 20.7 2.0 53.1 2 3 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 0.0 1.7 0.0 2.1 0.0 0.4 0.0 1.9 0.0 1.3 0.0 -1.1 0.0 1.1 0.0 2.6 0.0 2.6 0.0 6.1 0.0 4.4 4 5 6 Net change in assets 37.9 31.9 43.2 39.6 57.9 32.5 58.2 55.2 85.6 28.6 59.4 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.0 -0.2 -0.8 -0.0 -0.1 -0.3 -0.0 0.1 1.5 0.0 0.0 -0.7 0.0 0.0 -3.0 0.0 0.0 -2.1 0.0 0.0 -2.7 0.0 0.0 -3.3 0.0 0.0 -3.9 0.0 0.0 -4.5 0.0 0.0 -5.0 7 8 9 10 11 State and local governments Federal government 1.7 -0.0 0.7 0.3 -0.8 -0.2 -2.6 0.5 3.5 0.2 1.3 -0.1 5.0 0.7 2.7 0.0 4.8 0.4 2.6 0.9 2.6 -0.0 10 11 12 13 Commercial banking Savings institutions 13.0 2.3 10.1 1.9 7.0 3.3 9.3 4.1 10.7 9.3 10.6 4.3 13.3 11.8 10.7 8.9 8.2 12.3 11.3 14.8 12.6 9.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 1.1 0.2 -0.7 0.9 0.0 -0.0 2.0 -0.0 0.9 1.2 -0.0 1.9 1.7 -0.0 2.9 0.6 -0.1 2.5 2.7 0.0 2.7 2.0 -0.0 3.0 1.7 -0.0 3.2 0.5 -0.9 3.5 4.3 -0.0 3.7 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 4.3 9.2 8.1 4.5 8.5 5.6 8.2 15.6 6.0 8.5 12.9 5.5 4.2 20.1 8.1 4.9 8.4 2.4 7.5 8.8 8.2 -0.9 24.1 8.1 5.2 39.3 13.8 5.1 -13.2 7.3 8.2 17.7 6.0 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.2 0.0 -0.6 0.1 0.0 -0.4 -0.2 0.0 -0.3 -1.0 0.0 -0.2 0.1 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.5 0.0 0.2 -0.2 0.0 1.2 -0.0 0.0 0.4 20 21 22 7 8 9 50 Z.1, September 16, 2004 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 102.5 111.9 113.0 105.4 132.3 109.4 136.5 152.2 131.1 176.8 180.3 1 6.6 38.6 54.0 3.4 10.4 27.9 69.5 4.2 18.7 56.3 37.1 0.9 13.3 41.2 46.9 3.9 11.5 74.1 44.1 2.6 8.9 67.4 35.4 -2.3 2.4 87.4 44.5 2.2 17.2 80.2 49.7 5.2 17.4 61.7 46.8 5.2 16.9 93.1 54.5 12.3 18.3 102.0 51.2 8.9 2 3 4 5 102.5 111.9 113.0 105.4 132.3 109.4 136.5 152.2 131.1 176.8 180.3 6 0.8 -19.0 -0.5 1.7 1.1 -0.3 -0.7 1.1 0.7 0.7 1.0 0.3 0.6 1.0 -0.1 0.6 1.0 0.0 0.6 1.0 -0.1 0.6 1.0 -0.2 0.6 1.0 -0.3 0.6 1.0 -0.4 0.6 1.0 -0.5 7 8 9 0.3 0.6 0.1 -0.4 -0.2 -0.1 -0.5 1.2 0.7 -1.6 0.3 -7.8 1.0 0.9 0.5 -0.8 1.0 1.5 0.5 7.8 0.5 -5.2 10 11 10 11 State and local governments Federal government 12 13 Commercial banking Savings institutions 60.0 7.1 66.2 6.9 63.0 5.6 58.3 8.2 59.3 8.2 60.0 7.8 53.9 5.9 77.7 7.9 45.7 11.1 89.4 10.1 91.8 4.2 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 13.8 -0.0 0.7 -1.0 4.7 -0.3 0.1 -0.0 4.6 0.2 -0.0 1.2 6.7 0.1 -0.0 2.5 8.9 0.1 -0.1 3.8 11.9 0.0 -0.2 3.3 11.6 -0.2 0.1 3.6 11.2 -0.0 -0.1 4.0 1.0 0.7 -0.1 4.3 9.2 0.2 -2.6 4.6 21.5 0.3 -0.0 4.9 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 33.9 6.1 0.0 -0.4 0.0 29.7 3.9 0.0 -1.7 0.0 38.6 -0.3 0.0 -1.0 0.0 26.4 -0.7 0.0 1.2 0.0 43.6 7.1 0.0 0.8 0.0 30.8 2.6 0.0 -0.9 0.0 54.3 3.3 0.0 0.6 0.0 41.6 7.7 0.0 1.2 0.0 47.5 15.0 0.0 2.3 0.0 52.6 0.2 0.0 3.6 0.0 64.6 -5.3 0.0 1.8 18 19 20 21 22 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 6.5 6.6 7.7 7.7 8.1 8.3 6.9 8.5 8.6 6.9 11.5 1 2 Net change in assets 6.5 6.6 7.7 7.7 8.1 8.3 6.9 8.5 8.6 6.9 11.5 2 0.2 0.3 2.0 -0.6 1.2 0.2 1.2 0.2 1.2 0.3 1.3 0.3 1.3 0.3 1.2 0.3 1.1 0.3 1.0 0.3 1.9 0.3 3 4 0.0 -0.2 0.0 -0.1 -0.0 -0.2 -0.1 -0.3 0.1 -0.3 0.0 -0.4 0.1 -0.3 0.1 0.1 0.1 -0.5 0.1 -0.2 0.1 -0.5 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 2.8 0.1 2.2 0.1 1.5 0.0 2.5 0.0 2.6 0.1 2.8 0.0 2.3 0.0 2.5 0.1 2.9 0.0 3.1 0.0 4.5 0.0 7 8 9 10 Life insurance companies State and local govt. retirement funds 1.5 0.0 0.6 0.0 0.5 0.0 -0.6 0.0 0.5 0.0 1.6 0.0 -2.6 0.0 0.1 0.0 3.0 0.0 0.2 0.0 1.4 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 1.0 0.8 2.0 0.3 4.5 0.0 5.8 -1.3 2.9 0.6 2.9 -0.1 5.7 0.0 1.3 2.8 1.8 -0.1 2.6 -0.1 3.9 0.0 11 12 51 Z.1, September 16, 2004 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 2004 Q2 Q3 Q4 Q1 Q2 1 Net change in liabilities (Households) 107.2 165.2 138.7 77.4 83.0 80.3 102.1 104.4 45.1 124.4 45.0 1 2 Net change in assets 107.2 165.2 138.7 77.4 83.0 80.3 102.1 104.4 45.1 124.4 45.0 2 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government -1.8 0.0 13.6 4.0 0.0 16.1 -1.2 0.0 13.1 -2.4 0.0 12.7 -16.1 0.0 1.3 27.4 0.0 -8.6 2.8 0.0 -5.9 -35.0 0.0 24.8 -59.5 0.0 -5.0 43.3 0.0 -0.9 1.4 0.0 -5.0 3 4 5 6 7 8 Commercial banking Savings institutions Credit unions -9.2 9.4 12.5 41.7 3.0 16.5 17.0 6.3 5.1 28.7 -2.4 6.2 49.3 9.1 10.1 6.9 -0.3 7.0 37.6 20.6 11.6 42.3 -4.3 12.3 110.3 20.6 9.6 5.9 14.5 21.0 7.1 27.6 13.0 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 5.4 59.0 18.3 -3.9 68.9 18.9 2.4 78.4 17.6 -2.5 37.4 -0.3 -16.3 -12.1 57.6 -6.3 48.5 5.8 -16.2 11.9 39.7 -16.3 -43.4 124.0 -26.6 -65.3 61.0 -18.4 -13.2 72.3 -55.0 -9.4 65.2 9 10 11 9 10 11 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 262.5 402.3 -83.4 66.7 160.8 90.5 186.8 164.7 201.3 310.2 261.9 1 4.1 3.8 -1.9 7.0 7.9 7.5 7.8 8.0 8.3 8.6 8.8 2 178.5 34.7 0.4 313.3 46.6 0.9 -103.7 -4.9 -2.6 24.0 21.0 0.9 77.4 46.7 1.9 4.2 41.6 4.7 88.8 43.0 -1.2 91.5 57.9 1.1 125.2 44.4 2.9 187.0 52.8 -2.6 169.0 57.2 3.3 3 4 5 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 29.1 -0.4 27.4 4.4 25.2 3.4 24.5 1.3 24.0 4.2 24.0 9.6 24.0 -1.0 24.0 2.0 24.0 6.2 24.0 8.1 24.0 10.8 6 7 8 9 Rest of the world Brokers and dealers 4.2 11.9 0.8 5.1 -2.2 3.3 -10.1 -1.8 7.9 -9.2 34.6 -35.7 -1.7 27.0 -8.8 -11.1 7.3 -17.1 6.7 25.6 -0.9 -10.4 8 9 10 Net change in trade receivables 278.3 399.0 -86.3 -27.4 193.8 76.4 228.3 224.6 245.8 284.0 257.5 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 207.7 39.4 283.0 69.6 -128.5 1.8 -80.4 22.8 104.1 50.4 6.1 36.6 132.5 48.8 124.5 65.8 153.2 50.4 181.3 59.6 179.9 63.3 11 12 13 14 15 State and local governments Federal government Rest of the world 8.5 4.6 -5.1 7.5 5.3 -0.4 5.0 7.3 -3.1 1.6 -3.3 3.1 8.2 3.7 1.7 3.0 -10.3 1.0 11.9 4.3 -0.1 6.4 8.3 -3.6 11.5 12.5 9.6 6.1 3.1 2.2 6.2 -6.5 -15.9 13 14 15 16 17 Other insurance companies ABS issuers 2.0 21.1 1.0 33.0 5.3 25.9 4.9 23.8 4.5 21.1 17.9 22.0 9.4 21.5 2.6 20.8 -11.7 20.2 12.1 19.6 11.5 19.0 16 17 -15.7 3.3 2.9 94.1 -32.9 14.0 -41.5 -59.9 -44.4 26.2 4.5 18 18 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 104.4 146.1 3.1 -87.0 132.5 196.8 720.9 -109.7 -278.1 287.2 127.1 1 2 3 Net change in liabilities Household sector Rest of the world 75.2 0.0 7.2 0.0 -38.8 0.0 -48.2 0.0 34.3 0.0 45.3 0.0 355.7 0.0 -83.4 0.0 -180.4 0.0 74.6 0.0 57.7 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 29.2 47.2 -8.8 -9.3 138.9 88.6 7.1 43.2 41.9 41.9 7.2 -7.2 -38.9 -41.6 -2.7 5.5 98.2 62.7 12.3 23.2 151.5 67.8 49.1 34.6 365.2 342.0 52.2 -29.0 -26.4 -46.8 -20.7 41.1 -97.6 -112.3 -31.4 46.1 212.5 150.5 18.0 44.0 69.3 53.0 2.6 13.7 4 5 6 7 8 Net change in assets 104.4 146.1 3.1 -87.0 132.5 196.8 720.9 -109.7 -278.1 287.2 127.1 8 9 10 Household sector Rest of the world 47.2 0.0 88.6 0.0 41.9 0.0 -41.6 0.0 62.7 0.0 67.8 0.0 342.0 0.0 -46.8 0.0 -112.3 0.0 150.5 0.0 53.0 0.0 9 10 11 12 Commercial banking Brokers and dealers -18.0 75.2 50.4 7.2 0.0 -38.8 2.8 -48.2 35.5 34.3 83.8 45.3 23.2 355.7 20.4 -83.4 14.7 -180.4 62.0 74.6 16.3 57.7 11 12 52 Z.1, September 16, 2004 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 50.8 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 76.5 1 1.4 49.4 1.4 48.7 1.4 75.8 1.6 58.5 1.1 65.7 0.1 73.7 1.7 39.4 0.5 41.6 2.2 107.9 -0.0 70.8 1.9 74.6 2 3 50.8 50.2 77.2 60.1 66.8 73.8 41.1 42.2 110.1 70.8 76.5 4 118.6 168.4 164.6 186.3 219.7 211.5 197.0 227.2 243.2 256.9 238.6 5 94.1 -74.7 50.8 48.5 142.6 -49.9 47.4 28.2 138.5 -51.2 7.3 69.9 148.5 -11.2 3.6 45.4 119.5 42.3 9.8 48.2 136.5 16.7 11.1 47.3 139.1 23.0 -10.3 45.1 103.9 62.2 16.3 44.8 98.4 67.4 21.9 55.5 137.2 39.0 36.5 44.2 151.9 35.0 21.8 29.9 6 7 8 9 118.6 168.4 164.6 186.3 219.7 211.5 197.0 227.2 243.2 256.9 238.6 10 Pension fund reserves: 5 6 7 8 9 10 Net change in liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 22.9 25.9 14.5 28.9 12.4 21.7 32.2 3.7 -8.1 24.0 44.8 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 7.0 8.9 7.0 11.7 3.1 4.0 11.9 8.1 -8.5 9.7 -8.9 19.4 10.5 9.7 -13.0 4.7 -22.6 5.0 3.7 5.6 29.5 4.0 2 3 4 5 U.S.-chartered commercial banks Savings institutions 1.9 0.0 2.1 0.4 2.4 -0.7 2.6 -0.3 2.9 -0.2 2.8 -0.4 2.9 -0.0 2.9 0.7 3.0 -1.1 3.1 2.2 3.1 -1.2 4 5 6 7 Life insurance companies Other insurance companies 1.3 2.0 1.6 2.3 2.0 2.7 2.4 3.2 2.8 3.7 2.6 3.5 2.7 3.6 2.8 3.8 2.9 3.9 3.0 4.0 3.1 4.1 6 7 8 9 Finance companies Brokers and dealers 0.8 0.9 1.0 -0.1 1.2 -0.2 1.4 -0.5 1.6 0.4 1.5 1.1 1.6 1.2 1.6 0.2 1.7 -0.9 1.7 0.7 1.8 0.3 8 9 12.1 -6.7 -7.0 1.0 44.3 69.0 34.8 33.6 39.8 31.5 -5.9 10 10.5 1.6 14.8 -21.5 3.7 -10.6 10.4 -9.4 17.1 27.2 23.6 45.4 15.2 19.5 13.2 20.4 16.2 23.6 18.2 13.3 18.7 -24.6 11 12 10.8 32.6 21.4 27.8 -31.9 -47.3 -2.6 -29.9 -47.9 -7.4 50.7 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Investment in Bank Personal Trusts and Estates Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Liab.: Bank personal trusts and estates -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 1 2 Asset: Household sector -8.1 56.6 -59.9 -2.4 -26.3 -26.6 -26.4 -26.4 -25.5 29.8 8.2 2 F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers -79.9 -4.7 -15.9 -62.5 -38.6 -48.2 7.4 -46.6 -67.0 -21.9 -77.1 1 -81.1 -9.1 10.2 -30.9 -12.9 39.0 -22.3 -5.3 11.6 -37.4 -5.1 -20.0 -45.5 -2.2 9.1 -35.7 -2.1 -10.5 -33.7 5.9 35.2 -44.2 -4.0 1.6 -68.5 -8.6 10.1 -27.6 6.3 -0.7 -35.3 -9.6 -32.1 2 3 4 53 Z.1, September 16, 2004 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 1114.2 1397.6 667.1 482.0 714.8 850.9 568.7 1462.5 -23.0 1973.7 669.0 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 2.1 538.8 73.9 0.1 678.2 86.0 -0.4 15.2 55.3 0.9 82.7 20.5 0.9 133.2 36.4 2.8 155.4 37.0 1.2 114.4 37.8 0.1 118.1 35.5 -0.4 144.8 35.5 0.2 104.6 34.1 3.1 111.9 33.4 2 3 4 5 6 Federal government Rest of the world 38.2 305.2 22.9 195.7 53.0 174.4 26.0 128.3 30.7 146.7 -6.0 55.4 39.4 -273.8 36.5 638.8 52.9 166.1 41.5 285.2 29.2 328.8 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions -1.3 -70.9 -14.7 0.9 1.1 196.5 17.1 -0.4 -2.8 -6.5 28.4 -1.8 22.6 121.9 25.6 1.4 4.3 85.2 22.4 1.2 -11.7 44.0 98.0 -10.9 27.6 105.2 26.7 22.8 4.9 212.1 50.5 -2.8 -3.8 -20.5 -85.8 -4.5 -10.7 517.5 237.2 55.6 7.1 -23.9 -58.7 -40.1 7 8 9 10 11 12 Life insurance companies Other insurance companies 13.4 13.8 3.6 5.8 32.4 26.5 54.7 49.2 43.1 45.2 186.5 60.3 69.2 48.0 30.2 70.6 -113.4 2.0 162.7 44.7 33.1 49.6 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies -5.5 67.2 0.0 -3.1 83.3 0.0 47.4 18.9 0.0 27.7 20.7 0.0 -26.7 101.8 0.0 -1.0 14.8 0.0 -4.0 120.7 0.0 -29.7 246.9 0.0 -71.8 24.9 0.0 45.0 90.3 0.0 -91.7 -23.8 0.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 4.4 7.5 141.1 1.8 -1.9 110.8 0.1 138.5 88.6 1.4 -77.1 -24.4 -2.0 39.1 53.3 -1.9 100.2 128.0 1.9 102.3 129.4 -3.3 -74.9 128.9 -4.9 29.0 -172.9 10.4 110.6 244.9 -4.3 163.1 152.1 16 17 18 1345.4 1838.8 971.4 579.7 853.2 761.5 610.8 1334.0 706.6 1761.4 484.4 19 19 Net change in liabilities 2000 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 12.4 666.3 81.7 0.2 6.5 810.6 89.9 -0.0 18.5 256.4 129.9 1.8 30.6 187.8 97.6 4.1 42.0 241.8 102.4 4.6 45.4 222.2 102.0 5.4 37.3 309.5 99.8 4.5 67.5 203.4 103.9 7.0 18.0 231.9 104.1 1.6 38.2 248.9 112.1 3.5 34.7 230.6 125.3 5.5 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world -32.3 -0.9 408.6 31.6 -1.4 506.0 -73.3 1.3 190.1 0.1 0.0 165.8 -10.7 1.4 -71.2 9.3 4.6 -226.8 -37.0 -0.7 -444.3 10.5 1.6 475.6 -25.6 0.0 -89.4 17.2 -0.0 148.0 2.8 0.7 -102.5 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates -1.3 27.6 -2.1 -16.4 -2.5 1.1 89.0 7.7 4.9 1.2 -0.4 135.3 17.3 5.4 7.7 -0.2 63.6 19.0 10.4 -2.6 0.3 141.3 -4.3 0.5 9.5 -0.5 222.4 -15.4 -51.6 9.5 -0.5 107.5 40.7 27.4 9.5 -0.6 -66.4 56.3 -38.6 9.5 2.6 301.8 -98.7 64.8 9.6 -0.7 325.4 33.0 -57.8 9.6 -1.9 158.6 40.5 27.4 9.7 27 28 29 30 31 32 33 34 35 36 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -32.6 7.7 -4.9 14.8 41.1 18.7 6.4 -9.3 12.6 20.9 -15.5 1.3 6.6 20.3 60.8 6.7 9.1 17.1 -7.9 24.5 27.9 9.7 9.0 25.7 24.7 85.1 12.7 16.4 -29.2 -4.7 1.5 7.1 -9.3 32.3 31.6 10.1 11.4 15.3 82.1 27.6 15.0 7.8 13.8 17.6 44.1 129.2 9.0 17.2 29.0 31.1 12.5 9.8 25.1 -7.5 19.0 32 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises 22.6 -3.5 5.0 12.2 -0.4 -4.0 26.1 -2.9 5.5 -7.0 0.1 22.0 15.4 1.0 16.5 56.6 3.0 26.1 19.2 0.3 68.3 67.5 5.4 -43.9 -81.8 -4.7 15.5 97.5 4.8 14.2 -2.7 -0.0 3.9 37 38 39 40 41 42 43 Finance companies REITs Brokers and dealers Funding corporations 51.3 -0.1 28.3 74.4 25.3 0.9 133.0 75.5 20.8 0.5 156.6 1.5 9.5 0.2 -110.8 40.2 102.5 1.8 157.0 4.4 46.5 3.4 166.7 52.6 140.0 2.4 248.1 -84.7 183.8 3.6 188.1 -46.8 39.5 -2.2 24.9 96.5 -44.0 16.6 563.0 16.6 -136.3 4.0 -42.3 67.6 40 41 42 43 -231.2 -441.2 -304.3 -97.7 -138.4 89.4 -42.1 128.5 -729.6 212.4 184.6 44 44 Discrepancy 54 Z.1, September 16, 2004 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 224.9 98.9 64.2 61.8 159.2 78.0 93.6 -12.4 142.3 60.9 69.8 11.6 134.8 24.6 94.5 15.8 173.8 24.6 141.1 8.1 163.3 18.9 115.9 28.6 136.2 18.5 123.2 -5.5 180.8 16.6 142.0 22.3 214.8 44.5 183.3 -13.0 190.4 40.3 163.2 -13.0 243.0 93.1 164.1 -14.2 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 194.4 4.5 2.4 7.7 11.8 4.1 128.4 10.9 2.2 6.4 10.6 0.7 119.4 0.9 2.9 1.3 17.3 0.6 118.7 3.1 0.8 9.1 3.8 -0.6 142.5 4.4 3.8 9.7 10.3 3.0 120.9 5.3 2.0 12.7 20.9 1.5 112.3 3.5 6.7 7.1 2.6 4.0 154.7 3.2 2.8 11.4 8.8 -0.1 181.9 5.7 3.8 7.8 8.8 6.8 160.6 6.3 2.6 9.0 8.5 3.5 195.8 6.6 3.8 9.8 15.7 11.4 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 247.0 0.2 19.4 11.7 11.3 13.2 3.6 -17.0 181.1 0.1 9.7 27.9 6.6 14.9 5.1 75.8 86.9 0.1 8.4 8.1 0.4 7.8 -1.3 56.7 22.1 0.2 3.6 2.0 5.1 -3.5 2.2 40.7 9.9 -0.1 4.5 -0.8 -1.4 19.2 3.2 5.3 37.5 -0.1 14.6 5.1 -0.9 67.7 -1.7 8.0 16.5 0.1 -0.4 -2.3 3.4 4.4 7.7 -31.4 -24.4 -0.3 1.8 1.5 -2.3 11.4 -1.5 2.5 10.1 0.1 2.0 -7.3 -5.8 -6.9 8.5 42.2 36.4 -0.1 1.7 -2.6 2.3 6.1 -1.4 -1.3 20.6 0.1 6.9 58.0 -2.6 21.1 1.2 25.4 11 12 13 14 15 16 17 18 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts 289.4 221.6 4.1 63.8 321.3 259.6 -0.3 61.9 167.0 140.9 -33.8 60.0 72.4 88.4 5.2 -21.2 39.9 62.2 12.0 -34.4 130.1 132.3 32.9 -35.1 -2.2 32.3 -34.3 -0.2 -11.2 38.9 29.2 -79.3 42.9 45.4 20.4 -22.9 40.9 13.5 26.7 0.7 130.8 112.7 65.1 -47.0 19 20 21 22 1.5 1.5 1.5 1.5 1.7 1.7 1.5 1.5 1.4 1.4 1.5 1.5 1.6 1.6 1.4 1.4 1.2 1.2 1.4 1.4 2.1 2.1 23 24 0.5 0.5 0.6 0.6 0.4 0.4 1.0 1.0 0.5 0.5 0.5 0.5 0.6 0.6 0.4 0.4 0.4 0.4 0.5 0.5 1.0 1.0 25 26 6.1 2.2 3.3 2.0 3.2 4.9 2.3 3.3 2.4 7.2 4.5 27 0.0 0.0 -0.0 0.0 3.0 2.7 0.2 0.1 0.0 0.0 0.0 0.0 0.8 1.3 0.1 0.0 0.0 0.1 0.4 0.0 1.4 1.2 0.2 -0.1 0.0 0.0 0.1 0.0 2.3 -1.0 0.3 0.2 0.0 0.3 0.4 0.0 1.2 0.4 0.2 0.7 0.0 0.3 -0.1 0.0 1.8 2.2 0.3 0.3 0.0 -0.3 0.5 0.0 1.7 -0.8 0.3 0.8 0.0 -0.1 0.4 0.0 0.6 1.1 0.3 1.0 0.0 1.2 0.8 0.0 0.6 -0.9 0.1 0.5 0.0 0.6 -0.4 0.0 1.5 4.6 0.5 0.2 0.0 -0.5 0.7 0.0 0.7 3.4 0.2 0.1 28 29 30 31 32 33 34 35 2.9 0.5 26.8 0.0 -10.0 53.6 0.7 7.4 0.0 30.4 60.7 0.8 -1.7 0.0 30.7 53.1 0.9 -5.5 0.0 4.4 50.5 1.0 5.8 0.0 38.2 43.2 1.0 -2.0 0.0 35.0 67.9 1.0 17.7 0.0 60.6 50.5 1.0 -0.5 0.0 29.8 40.5 1.1 8.0 0.0 27.6 73.4 1.1 10.1 0.0 102.7 121.7 1.1 6.1 0.0 34.5 36 37 38 39 40 20.2 92.0 90.4 53.0 95.5 77.1 147.1 80.7 77.1 187.3 163.5 41 26.8 26.8 7.4 7.4 -1.7 -1.7 -5.5 -5.5 5.8 5.8 -2.1 -2.1 17.7 17.7 -0.5 -0.5 8.0 8.0 10.1 10.1 6.1 6.1 42 43 Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 41 Asset: Bank holding companies NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers 2.5 71.9 45.6 29.8 -30.8 32.3 24.7 15.5 -1.7 6.1 -17.0 69.6 -14.0 -70.7 -25.8 -20.9 50.0 46.5 108.4 -91.7 -82.3 149.8 44 45 46 Asset: Funding corporations 74.4 75.5 1.5 40.2 4.4 52.6 -84.7 -46.8 96.5 16.6 67.6 46 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982. 55 Z.1, September 16, 2004 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 0.6 0.6 0.0 0.0 -0.1 -0.1 0.1 0.1 0.2 0.2 -0.1 -0.1 0.3 0.3 0.1 0.1 0.4 0.4 0.3 0.3 0.1 0.1 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 -7.8 -7.8 0.0 0.0 8.6 8.6 1.9 1.9 -7.1 -7.1 11.5 11.5 1.4 1.4 -9.6 -9.6 -31.7 -31.7 17.6 17.6 -23.3 -23.3 5 6 2.1 2.1 0.1 0.1 -0.4 -0.4 0.9 0.9 0.9 0.9 2.8 2.8 1.2 1.2 0.1 0.1 -0.4 -0.4 0.2 0.2 3.1 3.1 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 11.4 10.2 1.2 -0.0 6.9 3.9 1.1 1.9 6.5 3.1 1.0 2.4 10.2 10.1 0.1 0.0 13.9 10.9 -0.0 3.0 11.3 6.7 0.5 4.1 10.4 8.6 4.3 -2.5 28.3 16.6 3.4 8.3 5.6 11.7 -8.2 2.1 11.4 9.2 -0.4 2.6 4.3 -2.9 8.2 -0.9 9 10 11 12 13 Asset: Household sector 11.4 6.9 6.5 10.2 13.9 11.3 10.4 28.3 5.6 11.4 4.3 13 Policy payables: 14 Liab.: Other insurance companies 2.5 -0.8 26.1 44.1 46.6 61.2 44.5 72.9 7.8 42.5 52.1 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 1.1 1.0 0.2 0.2 -0.3 -0.3 -0.1 -0.1 11.9 10.3 2.5 1.4 18.5 17.4 4.2 4.0 19.5 18.4 4.4 4.2 25.6 24.2 5.8 5.6 18.7 17.6 4.2 4.1 30.6 28.8 6.9 6.6 3.3 3.1 0.7 0.7 17.8 16.8 4.0 3.9 21.8 20.6 5.0 4.7 15 16 17 18 -9.9 -9.9 -11.8 -11.8 2.4 2.4 13.0 13.0 6.6 6.6 11.3 11.3 -5.0 -5.0 16.9 16.9 3.4 3.4 13.4 13.4 16.3 16.3 19 20 -7.6 -7.6 1.2 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 2.3 2.3 1.3 1.3 21 22 16.3 16.3 88.7 88.7 70.1 70.1 -2.9 -2.9 102.6 102.6 -30.9 -30.9 245.1 245.1 175.1 175.1 21.0 21.0 323.7 323.7 -20.2 -20.2 23 24 41.1 41.1 20.9 20.9 60.8 60.8 24.5 24.5 24.7 24.7 -4.7 -4.7 31.6 31.6 27.6 27.6 44.1 44.1 31.1 31.1 19.0 19.0 25 26 0.0 0.0 0.0 0.0 0.0 0.0 1.9 1.9 8.6 8.6 8.4 8.4 8.3 8.3 8.6 8.6 9.1 9.1 9.0 9.0 8.5 8.5 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 56 Z.1, September 16, 2004 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 Net change in liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority Q2 2004 Q3 Q4 Q1 Q2 421.7 632.7 86.8 87.5 192.0 350.9 10.9 933.0 -526.9 1067.9 -10.9 1 299.4 73.7 495.8 85.9 -73.0 55.2 59.3 20.3 121.9 36.5 116.6 37.1 96.6 37.7 141.2 35.8 133.4 35.4 65.8 34.2 89.9 33.3 2 3 -2.9 78.1 -1.8 2.0 35.0 0.6 -7.8 30.4 -3.2 -0.4 -8.1 21.5 -2.6 -28.7 3.8 -9.7 -109.3 -12.2 -0.5 -411.9 27.0 0.3 456.5 4.6 -0.3 -50.3 -4.2 1.4 93.0 -11.2 1.7 83.7 6.2 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -95.6 -20.1 -66.9 -10.8 2.2 87.6 71.3 -27.5 43.1 0.7 -44.8 -101.2 -0.7 52.9 4.2 40.4 13.1 16.5 11.5 -0.7 31.9 45.7 -39.8 22.6 3.4 3.2 187.1 -181.0 -9.0 6.2 51.8 -19.7 -7.0 73.5 5.0 185.6 98.3 53.2 22.3 11.9 -112.9 -82.9 -24.3 3.7 -9.4 334.0 271.8 -75.1 126.0 11.4 -70.3 -110.2 -57.4 88.1 9.3 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises -15.3 0.9 0.3 -3.7 16.5 -0.4 -19.4 -5.4 27.7 -1.8 15.3 35.6 24.7 1.4 29.5 23.8 21.3 1.2 23.4 -22.8 97.0 -10.9 158.7 -17.4 25.7 22.8 66.2 -7.7 49.5 -2.8 -16.5 -23.5 -86.9 -4.5 -115.0 -42.5 236.1 55.6 140.5 20.3 -59.8 -40.1 -45.5 -72.9 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 0.5 4.4 -58.0 141.9 53.7 1.8 -67.2 -53.7 14.5 0.1 76.9 -38.2 35.2 1.4 -99.3 -62.2 71.1 -2.0 -8.4 -54.5 -48.8 -1.9 -2.6 150.9 80.9 1.9 104.7 -84.2 236.5 -3.3 -82.3 -48.6 15.8 -4.9 -53.6 -236.1 64.1 10.4 101.1 -77.4 -57.2 -4.3 -22.5 146.9 16 17 18 19 652.9 1073.9 391.1 185.2 330.4 261.5 53.1 804.5 202.7 855.5 -195.4 20 20 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 444.1 81.4 -32.3 675.2 90.0 31.6 128.3 127.3 -73.3 57.2 93.4 0.1 75.1 97.7 -10.7 79.2 95.9 9.3 161.9 95.9 -37.0 20.5 97.1 10.5 38.9 102.1 -25.6 61.4 107.4 17.2 8.1 120.9 2.8 21 22 23 24 25 26 Federal government Rest of the world Monetary authority -3.0 119.2 -1.3 -2.9 184.8 1.1 -0.3 23.1 -0.4 -1.6 93.4 -0.2 -0.2 -111.1 0.3 3.2 -356.9 -0.5 -2.6 -442.1 -0.5 0.0 486.9 -0.6 -1.6 -132.3 2.6 -1.7 107.1 -0.7 -1.4 -233.4 -1.9 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas -0.6 1.3 -29.7 28.9 -1.0 -15.3 -6.4 -27.7 20.9 -2.1 42.2 19.7 10.7 5.9 5.9 4.2 -14.0 -3.1 27.3 -6.0 39.7 67.8 -48.4 22.4 -2.2 137.7 144.8 -37.7 24.7 5.8 -45.5 64.4 -110.9 5.4 -4.4 -151.4 -52.2 -108.4 11.3 -2.1 218.0 114.3 63.4 48.2 -8.0 129.8 -5.3 56.0 77.7 1.4 -13.2 134.7 -144.9 0.1 -3.0 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 3.0 -16.6 -2.5 6.4 4.8 1.2 7.5 5.2 7.7 18.0 10.1 -2.6 2.4 0.2 9.5 -29.2 -51.9 9.5 40.1 27.0 9.5 64.8 -38.9 9.5 -66.1 64.7 9.6 10.8 -58.3 9.6 60.5 27.2 9.7 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds -37.3 12.6 14.8 16.4 1.2 12.6 -17.9 2.9 20.3 4.8 2.9 -7.9 22.6 1.1 25.7 80.0 3.8 -29.2 -7.1 -5.5 32.3 6.3 -3.0 82.1 11.1 9.1 17.6 126.2 1.4 29.0 5.5 7.4 -7.5 35 36 37 38 39 40 Money market mutual funds Mutual funds Government-sponsored enterprises 22.6 -3.5 5.0 12.2 -0.4 -4.0 26.1 -2.9 5.5 -7.0 0.1 22.0 15.4 1.0 16.5 56.6 3.0 26.1 19.2 0.3 68.3 67.5 5.4 -43.9 -81.8 -4.7 15.5 97.5 4.8 14.2 -2.7 -0.0 3.9 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 39.5 -0.1 7.9 14.8 0.9 43.7 3.5 0.5 85.8 5.6 0.2 -107.3 92.1 1.8 51.4 25.6 3.4 196.1 137.4 2.4 -1.0 174.9 3.6 13.1 30.7 -2.2 -2.8 -52.6 16.6 235.9 -152.0 4.0 -33.4 41 42 43 -231.2 -441.2 -304.3 -97.7 -138.4 89.4 -42.1 128.5 -729.6 212.4 184.6 44 44 Discrepancy 57 Z.1, September 16, 2004 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 2000 2001 2002 2003 2003 Q1 1 Q3 Q4 Q1 Q2 -144.6 -78.1 -242.7 76.3 -237.3 -377.9 334.6 -352.7 -553.1 257.1 -70.1 1 2 3 Household sector Nonfinancial corporate business 46.6 -97.9 146.4 -164.5 -147.9 -120.2 56.7 40.7 -210.1 -27.5 -55.5 -33.0 -134.2 -3.4 -419.6 -39.8 -231.2 -34.0 -28.7 -7.0 -231.5 -60.3 2 3 4 5 6 State and local governments Federal government Rest of the world -64.5 -8.0 47.0 -84.8 -10.5 -78.9 -37.5 38.0 -43.6 -17.1 8.3 -110.1 -26.1 13.6 -28.8 -85.0 -73.3 -36.4 54.5 315.3 100.5 -70.4 -132.9 6.5 -3.5 -54.6 -185.7 -5.7 133.2 5.7 -37.4 103.7 56.0 4 5 6 7 Financial sectors -67.9 114.2 68.5 97.8 41.6 -94.7 2.0 303.4 -44.2 159.6 99.4 7 -0.2 -40.3 4.5 136.6 0.1 56.9 -3.3 94.9 -3.9 70.6 -8.1 -52.5 -1.6 -8.3 -8.0 301.1 2.2 42.1 -6.6 140.6 -3.3 150.8 8 9 2.0 1.0 1.7 2.7 -0.2 1.6 1.9 0.3 3.7 4.7 0.2 1.4 3.6 0.2 0.4 -1.5 0.9 0.4 5.9 2.1 0.4 11.2 -0.5 0.4 -1.1 -1.8 0.5 -3.4 2.3 0.2 -11.4 7.2 0.3 10 11 12 -31.0 11.0 -24.1 -19.5 -15.1 -5.1 -29.7 -21.4 -34.3 -32.3 -37.6 -22.7 -56.8 -41.7 -14.2 -10.3 -28.8 -54.5 -40.3 -39.0 -52.0 -21.9 13 14 4.1 -1.8 -1.5 -3.5 -8.4 9.6 -24.6 10.0 -16.9 -6.0 -25.0 12.9 -18.2 -7.4 -12.4 4.5 -11.8 -33.8 -11.6 10.5 -11.6 -34.1 15 16 0.0 -21.7 17.7 -10.4 -0.0 23.9 8.8 -15.1 0.0 20.6 17.4 -13.5 0.0 58.3 19.5 -12.4 -0.0 55.1 16.6 -11.6 -0.0 32.2 17.4 -11.0 0.0 120.6 17.9 -11.0 0.0 27.6 16.0 -11.9 0.0 40.1 15.0 -12.3 0.0 94.6 25.4 -13.1 0.0 61.2 27.1 -12.9 17 18 19 20 8 9 All sectors 2004 Q2 Monetary authority Commercial banking 10 11 12 Savings institutions Credit unions Bank personal trusts and estates 13 14 Life insurance companies Other insurance companies 15 16 Mutual funds Government-sponsored enterprises 17 18 19 20 Issuers of asset-backed securities Finance companies REITs Brokers and dealers F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -144.6 -78.1 -242.7 76.3 -237.3 -377.9 334.6 -352.7 -553.1 257.1 -70.1 1 2 3 Treasury currency Foreign deposits -0.7 30.5 -1.2 66.1 -0.1 -12.8 -0.6 11.0 -0.3 27.5 -0.2 40.8 0.5 198.3 -0.8 -287.1 -0.7 158.1 -0.4 44.4 0.3 -144.0 2 3 4 5 Net interbank transactions Security RPs 0.1 39.4 20.4 106.2 17.2 -61.9 7.1 19.9 -4.8 -22.9 8.5 -420.9 -26.2 264.9 32.3 -62.3 -33.8 126.5 10.6 -8.8 59.6 -155.4 4 5 6 7 Mail floats: Federal government Other -7.4 -0.8 9.0 -0.3 5.7 -0.5 0.1 -0.7 -7.9 -0.0 -21.6 -1.1 -3.2 -0.3 -37.0 0.3 30.4 1.0 41.2 1.7 -13.1 2.4 6 7 8 9 Trade credit Taxes payable -15.7 10.8 3.3 32.6 2.9 21.4 94.1 27.8 -32.9 -31.9 14.0 -47.3 -41.5 -2.6 -59.9 -29.9 -44.4 -47.9 26.2 -7.4 4.5 50.7 8 9 10 Miscellaneous -231.2 -441.2 -304.3 -97.7 -138.4 89.4 -42.1 128.5 -729.6 212.4 184.6 10 11 Nonfinancial 30.5 127.1 89.8 15.4 -25.5 -39.5 -13.1 -36.9 -12.6 -62.8 -59.7 11 -35.7 5.2 -127.1 0.0 -89.8 0.0 -15.4 0.0 25.6 0.0 39.5 0.0 13.2 0.0 36.9 0.0 12.7 0.0 62.8 0.0 59.6 0.0 12 13 12 13 All types Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements 58 Z.1, September 16, 2004 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 23350.8 25473.2 27188.1 29161.8 31320.7 31845.3 32564.1 33225.0 34007.4 34585.7 35181.7 1 16198.2 17253.2 18105.9 19229.7 20552.9 20854.6 21392.5 21801.3 22272.2 22692.3 23103.6 2 3 Federal government 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 4209.6 3 4 Nonfederal sectors 12446.0 13572.2 14720.8 15850.2 16915.9 17154.1 17585.6 17886.8 18239.1 18523.4 18894.0 4 5956.7 3780.4 1405.3 165.3 1138.3 6440.8 4188.5 1595.5 170.6 1176.9 7012.9 4545.7 1788.4 181.5 1192.3 7640.9 4774.4 1944.7 192.0 1298.1 8372.4 4808.6 2093.0 199.9 1442.0 8523.4 4847.0 2119.3 198.3 1466.1 8789.9 4918.7 2153.2 202.8 1521.0 9027.3 4934.8 2189.3 205.7 1529.8 9252.3 4987.1 2232.5 207.6 1559.7 9424.4 5036.4 2261.6 205.6 1595.4 9670.4 5076.9 2305.2 212.8 1628.7 5 6 7 8 9 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 10 Rest of the world 639.4 652.6 709.6 659.9 665.5 669.4 653.2 638.7 649.8 666.9 651.8 10 11 Financial sectors 6513.2 7567.4 8372.7 9272.3 10102.3 10321.3 10518.4 10785.0 11085.3 11226.5 11426.2 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 382.1 186.2 2.4 193.5 449.3 228.0 2.0 219.3 509.3 264.8 2.0 242.5 562.1 294.9 1.1 266.1 611.8 324.8 0.7 286.4 627.5 324.1 0.5 302.8 639.3 336.2 0.5 302.7 638.6 333.3 0.5 304.8 661.0 338.7 0.6 321.8 703.2 355.2 0.6 347.5 710.2 358.1 0.6 351.5 12 13 14 15 16 17 Savings institutions Credit unions 212.4 1.1 260.4 3.4 287.7 3.4 285.7 4.9 262.3 6.9 257.2 7.6 256.7 8.0 262.3 8.8 268.3 9.1 267.2 8.4 308.0 9.6 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 2.5 1275.4 2019.0 1365.3 3.2 1594.2 2293.5 1556.8 2.5 1826.4 2493.2 1743.8 3.1 2130.6 2831.8 1997.8 5.1 2350.4 3158.6 2191.2 6.3 2406.1 3226.6 2246.6 6.6 2454.0 3289.1 2307.1 7.4 2569.2 3371.3 2343.2 8.0 2594.1 3489.0 2392.3 7.9 2598.7 3506.4 2415.6 8.6 2657.3 3519.8 2492.4 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 625.5 16.0 158.8 42.5 412.6 696.1 16.0 165.1 25.3 504.0 778.0 16.0 167.8 40.9 503.7 779.2 16.0 170.2 42.3 448.4 821.4 16.0 190.0 40.6 447.9 820.0 16.0 194.4 50.2 462.7 871.0 16.0 197.6 46.2 426.8 896.3 16.0 206.7 48.6 416.5 938.7 16.0 214.7 47.0 447.0 958.1 16.0 228.7 60.0 456.1 962.2 16.0 239.9 60.7 441.4 22 23 24 25 26 23350.8 25473.2 27188.1 29161.8 31320.7 31845.3 32564.1 33225.0 34007.4 34585.7 35181.7 27 3296.0 3498.8 3380.5 3366.8 3320.2 3254.7 3282.2 3422.8 3553.8 3417.6 3505.3 28 2264.3 254.5 67.5 709.7 2392.1 231.7 64.6 810.4 2235.2 256.8 65.9 822.6 2104.8 258.5 73.0 930.5 2010.1 280.1 76.7 953.3 1949.5 274.1 76.6 954.5 1944.7 290.6 77.6 969.2 2047.8 307.7 77.8 989.5 2154.4 311.2 78.1 1010.1 2009.8 308.8 78.1 1020.9 2069.1 324.9 77.8 1033.5 29 30 31 32 221.4 2231.2 260.9 2316.0 272.6 2590.8 278.6 2916.9 288.2 3394.8 283.7 3489.7 281.7 3683.8 286.7 3772.2 285.6 3933.1 286.8 4163.3 283.6 4366.4 33 34 17602.1 19397.5 20944.2 22599.5 24317.5 24817.2 25316.4 25743.3 26234.9 26718.0 27026.3 35 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 37 38 39 40 41 42 43 44 Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Bank personal trusts and estates 452.5 4336.1 3761.4 504.5 26.5 43.8 965.5 324.2 194.1 478.1 4648.3 4080.0 487.4 32.7 48.3 1032.6 351.7 222.0 511.8 5006.3 4419.5 511.3 20.5 55.0 1088.8 379.7 222.8 551.7 5210.5 4610.1 510.7 24.7 65.0 1133.4 421.2 194.7 629.4 5614.9 5003.9 516.9 27.8 66.3 1167.0 463.9 195.6 641.5 5673.6 5055.6 519.0 33.0 66.1 1214.6 473.7 194.9 652.1 5831.3 5200.8 517.6 42.9 70.0 1239.0 495.3 194.3 656.1 5831.8 5230.3 490.3 36.4 74.9 1261.5 517.7 193.7 666.7 5960.8 5361.7 485.8 36.4 76.9 1293.3 514.5 193.2 674.1 6135.3 5525.9 492.9 36.7 79.9 1370.8 524.6 196.4 687.4 6270.1 5665.5 484.0 36.1 84.5 1408.9 542.3 197.3 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 1828.0 521.1 621.1 663.2 30.2 1886.0 518.2 720.4 702.8 33.1 1943.9 509.4 724.2 752.0 35.1 2074.8 518.4 708.3 715.2 44.8 2307.8 558.3 729.5 708.0 57.8 2377.0 572.3 731.3 703.0 64.9 2436.5 584.7 737.4 717.1 65.5 2471.6 601.9 734.4 711.7 65.3 2488.3 625.2 733.6 728.9 64.1 2546.1 651.5 740.0 737.3 64.3 2599.8 669.5 737.6 751.9 66.0 45 46 47 48 49 50 51 52 53 54 55 56 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 965.9 1028.4 101.2 0.0 1251.5 2019.0 1186.7 1147.8 1076.8 110.8 0.0 1538.8 2293.5 1360.0 1290.9 1097.7 105.3 0.0 1794.4 2493.2 1517.2 1536.9 1223.8 108.5 0.0 2099.1 2831.8 1745.1 1511.6 1368.0 117.1 3.7 2323.2 3158.6 1915.8 1485.5 1415.6 123.6 3.4 2376.9 3226.6 1965.3 1479.6 1480.9 138.6 3.5 2401.3 3289.1 2020.6 1438.1 1478.5 149.3 3.9 2550.2 3371.3 2051.7 1398.5 1505.7 153.3 4.5 2565.0 3489.0 2096.0 1344.7 1552.6 155.5 5.7 2557.5 3506.4 2114.6 1271.3 1555.5 161.2 6.6 2608.9 3519.8 2186.8 50 51 52 53 54 55 56 57 58 59 60 61 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 645.5 32.1 45.5 189.4 201.2 742.6 32.1 42.9 154.7 304.3 851.2 32.1 35.8 223.6 328.8 846.4 32.1 42.5 316.0 244.4 867.6 32.1 65.6 344.4 177.7 861.1 32.1 63.5 390.9 225.9 883.5 32.1 71.2 341.1 221.5 924.2 32.1 75.9 375.0 247.2 951.8 32.1 82.4 424.1 263.9 989.2 32.1 96.8 410.6 311.8 1009.3 32.1 104.7 332.5 306.7 57 58 59 60 61 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, September 16, 2004 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic Federal government Treasury securities Budget agency secur. and mortgages Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 16198.2 17253.2 18105.9 19229.7 20552.9 20854.6 21392.5 21801.3 22272.2 22692.3 23103.6 1 3752.2 3723.7 28.5 3681.0 3652.7 28.3 3385.1 3357.8 27.3 3379.5 3352.7 26.8 3637.0 3609.8 27.3 3700.6 3673.7 26.9 3806.9 3779.9 27.0 3914.5 3887.5 27.0 4033.1 4008.2 24.9 4168.9 4143.8 25.1 4209.6 4185.4 24.2 2 3 4 12446.0 193.0 1402.9 1846.0 1150.2 826.1 13572.2 230.3 1457.2 2067.7 1233.2 852.4 14720.8 278.4 1480.9 2230.3 1335.0 932.1 15850.2 190.1 1603.7 2578.8 1253.5 941.0 16915.9 126.0 1763.1 2711.0 1166.5 961.3 17154.1 127.1 1791.1 2753.4 1141.8 957.2 17585.6 107.5 1850.7 2827.7 1128.8 966.8 17886.8 108.4 1863.5 2851.7 1096.4 958.0 18239.1 85.9 1898.2 2869.3 1131.1 971.3 18523.4 95.5 1937.2 2897.9 1116.1 969.3 18894.0 102.5 1977.2 2899.3 1136.1 978.2 5 6 7 8 9 10 5584.9 4301.4 310.8 875.5 97.2 1442.9 6181.1 4721.5 347.2 1008.8 103.6 1550.2 6737.6 5133.8 377.1 1116.5 110.2 1726.5 7417.9 5651.4 419.9 1228.7 117.9 1865.2 8245.4 6332.2 457.6 1330.1 125.5 1942.6 8470.7 6524.3 466.0 1352.9 127.6 1912.7 8764.2 6767.0 480.2 1387.2 129.7 1940.0 9031.3 6983.3 493.4 1422.9 131.7 1977.5 9257.7 7150.2 514.1 1459.9 133.6 2025.5 9502.1 7351.7 519.8 1495.4 135.3 2005.3 9782.2 7571.0 533.5 1539.1 138.6 2018.6 11 12 13 14 15 16 12446.0 5956.7 5350.9 3780.4 1405.3 165.3 1138.3 13572.2 6440.8 5954.5 4188.5 1595.5 170.6 1176.9 14720.8 7012.9 6515.5 4545.7 1788.4 181.5 1192.3 15850.2 7640.9 6911.2 4774.4 1944.7 192.0 1298.1 16915.9 8372.4 7101.4 4808.6 2093.0 199.9 1442.0 17154.1 8523.4 7164.6 4847.0 2119.3 198.3 1466.1 17585.6 8789.9 7274.8 4918.7 2153.2 202.8 1521.0 17886.8 9027.3 7329.8 4934.8 2189.3 205.7 1529.8 18239.1 9252.3 7427.1 4987.1 2232.5 207.6 1559.7 18523.4 9424.4 7503.6 5036.4 2261.6 205.6 1595.4 18894.0 9670.4 7594.9 5076.9 2305.2 212.8 1628.7 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 639.4 652.6 709.6 659.9 665.5 669.4 653.2 638.7 649.8 666.9 651.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 72.9 450.9 58.7 57.0 89.2 452.8 59.2 51.5 120.9 468.0 70.5 50.2 106.7 443.5 63.2 46.4 142.8 410.0 68.6 44.1 155.7 402.5 67.6 43.7 173.1 377.5 59.7 42.9 160.4 375.3 61.0 42.0 165.1 381.9 60.9 42.0 190.0 377.0 59.2 40.8 183.4 367.1 60.9 40.4 25 26 27 28 16837.6 17905.8 18815.5 19889.5 21218.4 21524.1 22045.7 22440.0 22922.0 23359.3 23755.5 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec. Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages By sector 10 11 12 13 Commercial banks Bank holding companies Savings institutions Credit unions 14 15 16 17 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 18 19 20 21 22 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 6513.2 7567.4 8372.7 9272.3 10102.3 10321.3 10518.4 10785.0 11085.3 11226.5 11426.2 1 906.7 1275.4 2019.0 1846.0 105.8 288.7 71.6 1082.9 1594.2 2293.5 2032.7 91.5 395.8 76.7 1214.7 1826.4 2493.2 2226.0 91.1 438.3 82.9 1169.4 2130.6 2831.8 2488.4 104.2 463.7 84.2 1105.9 2350.4 3158.6 2821.5 105.3 470.5 90.1 1076.5 2406.1 3226.6 2953.6 92.9 476.3 89.2 1036.5 2454.0 3289.1 3064.1 98.7 486.0 90.1 1025.7 2569.2 3371.3 3133.8 102.8 490.3 92.0 1042.1 2594.1 3489.0 3264.2 100.3 501.7 93.9 1055.0 2598.7 3506.4 3347.2 104.1 516.6 98.5 1028.2 2657.3 3519.8 3462.2 98.7 558.1 101.8 2 3 4 5 6 7 8 6513.2 7567.4 8372.7 9272.3 10102.3 10321.3 10518.4 10785.0 11085.3 11226.5 11426.2 9 188.6 193.5 212.4 1.1 230.0 219.3 260.4 3.4 266.7 242.5 287.7 3.4 296.0 266.1 285.7 4.9 325.5 286.4 262.3 6.9 324.7 302.8 257.2 7.6 336.7 302.7 256.7 8.0 333.8 304.8 262.3 8.8 339.3 321.8 268.3 9.1 355.8 347.5 267.2 8.4 358.7 351.5 308.0 9.6 10 11 12 13 2.5 1275.4 2019.0 1365.3 3.2 1594.2 2293.5 1556.8 2.5 1826.4 2493.2 1743.8 3.1 2130.6 2831.8 1997.8 5.1 2350.4 3158.6 2191.2 6.3 2406.1 3226.6 2246.6 6.6 2454.0 3289.1 2307.1 7.4 2569.2 3371.3 2343.2 8.0 2594.1 3489.0 2392.3 7.9 2598.7 3506.4 2415.6 8.6 2657.3 3519.8 2492.4 14 15 16 17 42.5 625.5 16.0 158.8 412.6 25.3 696.1 16.0 165.1 504.0 40.9 778.0 16.0 167.8 503.7 42.3 779.2 16.0 170.2 448.4 40.6 821.4 16.0 190.0 447.9 50.2 820.0 16.0 194.4 462.7 46.2 871.0 16.0 197.6 426.8 48.6 896.3 16.0 206.7 416.5 47.0 938.7 16.0 214.7 447.0 60.0 958.1 16.0 228.7 456.1 60.7 962.2 16.0 239.9 441.4 18 19 20 21 22 60 Z.1, September 16, 2004 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 7 8 9 10 11 12 Total 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 23350.8 25473.2 27188.1 29161.8 31320.7 31845.3 32564.1 33225.0 34007.4 34585.7 35181.7 1 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1172.6 3723.7 3322.9 1402.9 4142.9 1402.4 3652.7 3916.0 1457.2 4553.3 1614.0 3357.8 4347.0 1480.9 4924.3 1466.2 3352.7 4989.1 1603.7 5510.7 1374.7 3609.8 5536.3 1763.1 5942.6 1359.2 3673.7 5659.6 1791.1 6109.5 1317.1 3779.9 5770.1 1850.7 6269.2 1294.5 3887.5 5967.5 1863.5 6360.7 1293.1 4008.2 6108.0 1898.2 6515.4 1340.4 4143.8 6130.2 1937.2 6622.1 1314.2 4185.4 6201.3 1977.2 6728.6 2 3 4 5 6 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1314.8 1171.7 5656.5 1442.9 1383.8 1299.7 6257.8 1550.2 1496.6 1420.5 6820.6 1726.5 1421.0 1451.1 7502.1 1865.2 1340.4 1475.9 8335.5 1942.6 1302.3 1477.2 8559.9 1912.7 1287.2 1495.7 8854.2 1940.0 1260.2 1490.3 9123.3 1977.5 1292.3 1515.0 9351.7 2025.5 1279.3 1526.7 9600.6 2005.3 1295.8 1576.6 9884.0 2018.6 7 8 9 10 15547.3 3613.1 19522.8 4538.5 17627.0 4435.3 15310.6 4135.5 11871.0 3638.4 11425.9 3587.8 13278.7 4071.6 13755.1 4242.6 15497.0 4653.2 15832.8 4901.2 15982.7 4969.7 11 12 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 23350.8 25473.2 27188.1 29161.8 31320.7 31845.3 32564.1 33225.0 34007.4 34585.7 35181.7 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 60.1 9.2 19.9 627.6 189.4 50.1 6.2 20.9 676.5 202.4 46.1 2.2 23.2 803.4 221.2 46.8 2.2 24.5 810.1 191.4 55.8 2.2 25.5 831.1 205.9 57.6 2.2 25.6 839.8 175.5 58.9 2.2 26.0 875.6 123.8 61.3 2.2 26.0 799.1 163.7 62.3 2.2 26.0 831.1 202.9 61.5 2.2 26.2 864.2 116.0 58.9 2.2 26.5 852.4 129.8 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1333.3 2626.5 805.3 1329.7 913.8 1484.5 2671.6 936.4 1578.8 1083.6 1413.1 2860.4 1052.6 1812.1 1196.8 1603.2 3127.6 1121.1 2240.7 1231.8 1646.7 3398.5 1171.3 2223.9 1336.8 1645.3 3502.2 1208.8 2156.1 1358.1 1712.2 3575.0 1222.2 2120.1 1440.8 1707.2 3600.9 1221.8 2058.0 1446.6 1780.6 3627.9 1233.2 2016.0 1559.4 1791.8 3721.5 1332.2 1971.9 1630.5 1847.9 3793.8 1379.4 1912.3 1585.1 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 3613.1 572.2 718.3 8123.2 4538.5 676.6 783.9 9111.4 4435.3 822.7 819.1 8901.3 4135.5 825.9 880.0 8444.1 3638.4 738.8 920.9 7754.1 3587.8 796.6 936.3 7664.6 4071.6 971.9 959.7 8239.9 4242.6 940.2 973.0 8424.2 4653.2 871.3 1013.2 8960.6 4901.2 953.3 1034.3 9137.5 4969.7 978.7 1054.2 9266.7 12 13 14 15 16 17 18 19 Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 2082.9 156.0 1001.0 8332.1 2345.4 178.9 1130.4 9325.1 2747.7 204.8 1095.8 10529.7 2664.3 219.2 960.7 11342.4 2730.9 248.1 840.9 12024.3 2728.9 260.0 819.6 12283.6 2778.5 264.8 877.0 12219.9 2829.2 271.5 885.0 12446.8 2891.8 260.5 932.4 12592.1 2943.9 273.1 955.0 12881.0 3013.5 281.1 961.9 12982.3 16 17 18 19 20 Total liabilities 55864.4 62274.4 66175.5 69033.3 71114.8 71894.1 74104.2 75324.2 77524.1 79183.0 80278.2 20 21 22 23 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 21.6 15547.3 4368.7 21.4 19522.8 4600.4 21.6 17627.0 4993.7 21.8 15310.6 5054.1 23.2 11871.0 5267.8 22.4 11425.9 5332.0 22.8 13278.7 5381.6 23.1 13755.1 5503.3 23.7 15497.0 5660.8 23.7 15832.8 5761.2 23.7 15982.7 5859.1 21 22 23 24 25 26 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -6.4 528.1 -26.5 -7.1 558.6 -28.5 -8.5 624.7 -4.3 -8.6 611.9 11.1 -9.1 622.9 15.3 -9.2 633.1 19.3 -9.1 682.6 6.8 -9.3 610.9 18.1 -9.5 650.4 12.0 -9.6 661.5 14.7 -9.5 625.5 24.4 24 25 26 235.0 117.5 -2109.2 274.4 112.8 -2506.1 392.8 120.0 -3617.5 343.5 93.4 -3659.8 363.5 127.3 -3586.3 249.0 107.8 -3506.7 320.3 113.3 -3593.8 306.4 98.5 -3427.7 340.5 84.2 -3529.7 328.4 71.3 -3677.7 294.0 92.7 -3552.9 27 28 29 27 28 29 Security RPs Taxes payable Miscellaneous 30 31 32 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit -3.9 23.1 12.2 -9.8 22.3 0.4 -2.3 22.0 3.7 -12.3 21.6 6.6 -11.7 20.9 100.6 -7.7 16.7 55.2 -7.9 20.1 12.5 -15.9 12.7 9.3 -17.9 20.8 67.7 1.1 17.4 23.7 0.1 21.5 -6.7 30 31 32 33 Totals identified to sectors as assets 77032.1 88001.9 91287.0 92012.6 90633.5 91116.8 95242.4 97002.5 101086.9 103370.0 104654.6 33 61 Z.1, September 16, 2004 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Securities 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 27172.6 31528.4 30309.9 28800.2 26400.8 26254.3 28047.0 28650.9 30374.9 30874.5 31182.1 1 38.3 619.5 2779.0 745.5 43.5 601.2 2916.6 865.7 63.5 525.7 3228.5 1020.1 58.5 629.9 3443.5 1188.2 74.2 666.5 3729.2 1150.1 80.7 666.3 3874.2 1137.8 74.8 659.2 3935.9 1089.0 70.3 616.0 4006.0 1042.3 65.2 635.0 4055.9 1042.1 84.9 670.5 4231.8 1019.0 90.1 670.6 4279.5 948.7 2 3 4 5 11724.1 14481.1 12828.3 11242.8 9220.5 8971.3 9979.9 10358.9 11387.7 11375.3 11482.4 6 63.7 186.6 598.8 288.9 67.7 186.4 683.7 362.4 82.6 184.8 477.0 405.8 85.7 190.3 363.4 328.9 98.9 194.9 223.6 219.1 105.0 196.9 263.3 200.5 97.5 199.1 334.1 156.5 99.0 201.5 305.6 345.9 94.9 203.8 299.4 485.5 100.3 204.4 259.2 397.5 104.6 204.6 279.4 440.5 7 8 9 10 418.8 650.0 7120.0 2397.1 438.3 587.0 9168.1 2987.4 440.5 569.8 7762.6 2905.3 492.8 564.7 6466.3 2750.8 589.0 597.6 4853.7 2443.8 590.3 503.6 4680.3 2431.4 617.1 449.0 5364.4 2762.2 606.6 395.4 5499.3 2905.5 622.6 352.4 6146.7 3182.4 630.4 319.9 6072.0 3391.6 654.9 284.3 6065.5 3448.7 11 12 13 14 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 684.7 1248.1 4158.9 2749.7 748.9 1428.1 4628.9 3089.4 782.7 1453.1 4483.5 3001.0 842.2 1462.1 4104.6 2915.2 881.6 1488.0 3582.3 2723.2 896.9 1506.3 3528.2 2669.5 919.9 1606.5 3848.0 2825.2 933.1 1646.6 3939.6 2877.9 972.7 1713.7 4249.0 3038.4 993.8 1760.7 4352.2 3065.0 1013.3 1800.9 4405.7 3101.1 15 16 17 18 19 20 Investment in bank personal trusts Miscellaneous and other assets 1001.0 1423.9 1130.4 1594.6 1095.8 1827.5 960.7 1952.5 840.9 2044.5 819.6 2103.6 877.0 2231.6 885.0 2275.2 932.4 2282.9 955.0 2366.2 961.9 2427.9 19 20 8459.2 9337.9 10270.2 11075.3 11973.0 12187.9 12607.3 12889.5 13138.1 13380.3 13720.0 21 21 Total liabilities 22 23 24 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 4292.0 1030.0 1442.9 4710.0 1131.9 1550.2 5120.3 1246.9 1726.5 5635.8 1351.7 1865.2 6316.0 1455.6 1942.6 6507.7 1478.4 1912.7 6750.0 1505.4 1940.0 6965.8 1537.7 1977.5 7132.2 1551.0 2025.5 7332.8 1577.3 2005.3 7551.3 1610.7 2018.6 22 23 24 25 26 27 Policy loans Security credit Other liabilities (3) 104.7 152.8 1436.7 100.0 227.9 1617.9 102.8 235.1 1838.6 105.0 196.4 1921.2 106.1 148.2 2004.5 105.6 159.5 2023.9 105.9 248.5 2057.5 105.4 227.6 2075.5 105.5 182.5 2141.4 105.4 201.2 2158.2 105.7 215.6 2218.2 25 26 27 (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. 62 Z.1, September 16, 2004 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 30474.5 34894.0 33853.6 32326.3 30027.8 29917.7 31725.2 32414.3 34265.6 34836.0 35204.8 1 3853.6 4031.9 4357.4 4821.8 5103.8 5243.1 5239.9 5215.2 5277.8 5490.1 5473.2 2 38.3 421.9 2680.5 712.9 43.5 364.3 2799.1 825.0 63.5 232.3 3090.9 970.7 58.5 335.3 3298.8 1129.2 74.2 358.7 3582.3 1088.7 80.7 356.3 3728.3 1077.8 74.8 345.7 3789.0 1030.3 70.3 299.3 3858.9 986.7 65.2 316.3 3907.3 989.0 84.9 351.3 4084.1 969.8 90.1 351.8 4131.7 899.7 3 4 5 6 2264.3 2392.1 2235.2 2104.8 2010.1 1949.5 1944.7 2047.8 2154.4 2009.8 2069.1 7 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 63.7 747.5 186.6 560.9 288.9 67.7 833.0 186.4 646.5 362.4 82.6 621.6 184.8 436.9 405.8 85.7 510.9 190.3 320.5 328.9 98.9 373.3 194.9 178.4 219.1 105.0 415.1 196.9 218.2 200.5 97.5 486.9 199.1 287.7 156.5 99.0 460.3 201.5 258.7 345.9 94.9 455.6 203.8 251.8 485.5 100.3 415.4 204.4 211.0 397.5 104.6 435.3 204.6 230.7 440.5 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 416.0 650.0 98.2 435.6 587.0 106.5 438.0 569.8 117.4 489.3 564.7 125.4 585.2 597.6 136.0 586.6 503.6 138.8 613.3 449.0 141.6 602.7 395.4 144.5 618.6 352.4 147.4 626.4 319.9 150.3 650.9 284.3 153.5 13 14 15 7120.0 2397.1 276.7 718.3 8123.2 1001.0 4368.7 351.5 9168.1 2987.4 323.9 783.9 9111.4 1130.4 4600.4 364.3 7762.6 2905.3 412.4 819.1 8901.3 1095.8 4993.7 370.9 6466.3 2750.8 454.3 880.0 8444.1 960.7 5054.1 389.4 4853.7 2443.8 412.7 920.9 7754.1 840.9 5267.8 420.0 4680.3 2431.4 429.6 936.3 7664.6 819.6 5332.0 431.3 5364.4 2762.2 515.1 959.7 8239.9 877.0 5381.6 440.6 5499.3 2905.5 503.4 973.0 8424.2 885.0 5503.3 457.5 6146.7 3182.4 475.4 1013.2 8960.6 932.4 5660.8 462.0 6072.0 3391.6 513.0 1034.3 9137.5 955.0 5761.2 471.5 6065.5 3448.7 526.3 1054.2 9266.7 961.9 5859.1 480.2 16 17 18 19 20 21 22 23 6253.5 6819.1 7402.3 7989.2 8680.4 8845.3 9203.0 9421.6 9603.4 9796.4 10059.8 24 5956.7 6440.8 7012.9 7640.9 8372.4 8523.4 8789.9 9027.3 9252.3 9424.4 9670.4 25 4086.1 1442.9 126.9 4457.9 1550.2 137.3 4828.7 1726.5 143.0 5301.4 1865.2 156.9 5932.1 1942.6 169.8 6109.6 1912.7 173.6 6334.9 1940.0 177.3 6536.3 1977.5 180.6 6688.2 2025.5 183.9 6873.6 2005.3 186.7 7078.3 2018.6 192.3 26 27 28 74.2 122.9 103.7 67.3 117.8 110.3 74.1 119.8 120.7 57.6 120.4 139.4 54.6 120.7 152.7 50.9 120.0 156.6 61.1 120.1 156.5 51.9 119.4 161.6 94.4 119.3 141.0 92.8 119.1 146.9 111.4 119.0 150.8 29 30 31 152.8 126.8 227.9 130.9 235.1 134.7 196.4 132.9 148.2 139.8 159.5 141.7 248.5 143.6 227.6 145.7 182.5 147.7 201.2 149.9 215.6 152.1 32 33 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.0 21.7 34 16 17 18 19 20 21 22 23 24 25 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Total liabilities Credit market instruments 26 27 28 Home mortgages (3) Consumer credit Municipal securities 29 30 31 Bank loans n.e.c. Other loans and advances Commercial mortgages 32 33 34 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17), life insurance and pension reserves (lines 19 and 20), and bank personal trusts (line 21). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. 63 Z.1, September 16, 2004 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 7872.8 9335.4 11260.2 11544.9 11754.2 11848.5 12109.0 12266.3 12504.4 12681.6 12870.8 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 30.5 472.5 211.0 159.0 4.2 31.5 567.8 254.4 195.6 5.8 24.0 674.9 274.9 240.8 4.2 15.5 626.5 275.8 360.9 4.0 20.0 620.8 274.4 390.1 6.2 25.0 607.2 281.6 384.1 5.8 29.5 647.1 296.4 372.3 6.2 35.5 704.0 307.9 348.1 7.3 41.4 734.1 320.6 344.1 5.8 44.6 720.5 325.0 340.2 6.9 48.0 723.3 334.3 343.3 7.1 2 3 4 5 6 7 Credit market instruments 321.9 296.3 322.6 331.5 356.8 350.7 368.2 385.5 389.3 386.9 402.7 7 39.4 61.6 10.6 28.6 93.9 87.8 47.6 56.6 12.4 27.7 65.9 86.0 57.8 58.3 15.4 34.4 66.8 90.0 60.2 59.3 17.2 32.8 73.3 88.8 64.7 76.5 16.9 35.8 76.4 86.4 62.7 80.6 18.4 36.6 76.9 75.5 71.5 85.6 21.1 37.8 77.2 75.1 80.7 87.7 23.3 42.0 77.3 74.6 83.5 89.0 25.1 44.1 77.3 70.3 80.6 93.3 28.0 45.9 77.1 62.1 83.6 98.7 31.5 49.6 76.8 62.4 8 9 10 11 12 13 98.0 1673.1 4902.4 127.0 1920.3 5936.8 124.0 2272.9 7321.8 111.0 2146.1 7673.5 97.0 2088.6 7900.3 92.5 2122.5 7979.1 106.2 2203.2 8080.0 108.5 2248.5 8121.0 121.0 2243.0 8305.1 122.5 2327.4 8407.6 122.5 2423.8 8465.8 14 15 16 9663.3 10926.1 12479.3 12895.5 13241.6 13332.2 13489.1 13602.2 13709.9 13841.3 13953.0 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 1999 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 5350.9 5954.5 6515.5 6911.2 7101.4 7164.6 7274.8 7329.8 7427.1 7503.6 7594.9 18 19 20 21 Commercial paper Municipal securities Corporate bonds 193.0 147.8 1846.0 230.3 152.8 2067.7 278.4 154.2 2230.3 190.1 157.7 2578.8 126.0 160.8 2711.0 127.1 160.9 2753.4 107.5 162.0 2827.7 108.4 162.8 2851.7 85.9 164.2 2869.3 95.5 164.7 2897.9 102.5 166.0 2899.3 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 1076.0 693.1 1395.0 1165.8 724.9 1612.9 1260.8 803.6 1788.2 1195.9 811.6 1977.0 1111.9 831.2 2160.6 1091.0 827.7 2204.6 1067.8 837.1 2272.8 1044.5 829.0 2333.4 1036.7 842.4 2428.6 1023.3 840.5 2481.6 1024.7 849.4 2553.0 22 23 24 1247.9 108.1 2956.4 1461.5 124.0 3386.1 1822.2 142.6 3998.9 1711.0 149.7 4123.6 1756.9 169.8 4213.6 1742.9 178.9 4245.8 1777.5 180.7 4256.2 1824.2 184.3 4263.9 1882.9 171.0 4228.8 1914.8 179.9 4243.1 1975.3 185.1 4197.7 25 26 27 25 26 27 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 64 Z.1, September 16, 2004 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 6816.1 8093.8 9772.5 9898.9 9962.3 10020.8 10238.8 10351.4 10549.2 10686.9 10828.3 1 30.5 275.0 112.6 126.4 4.2 31.5 331.0 136.9 154.9 5.8 24.0 381.4 137.3 191.4 4.2 15.5 331.9 131.1 301.9 4.0 20.0 313.0 127.5 328.8 6.2 25.0 297.2 135.7 324.1 5.8 29.5 333.6 149.6 313.6 6.2 35.5 387.3 160.8 292.6 7.3 41.4 415.3 172.0 291.0 5.8 44.6 401.3 177.3 291.0 6.9 48.0 404.4 186.5 294.3 7.1 2 3 4 5 6 7 8 9 10 11 12 13 14 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 39.4 23.6 10.6 25.7 67.3 87.8 1440.0 98.0 47.6 19.4 12.4 25.0 41.2 86.0 1647.7 127.0 57.8 18.1 15.4 31.9 43.5 90.0 1930.7 124.0 60.2 16.5 17.2 29.3 46.6 88.8 1802.2 111.0 64.7 31.4 16.9 32.1 48.7 86.4 1721.9 97.0 62.7 35.5 18.4 32.9 49.2 75.5 1746.6 92.5 71.5 39.3 21.1 34.0 49.7 75.1 1815.1 106.2 80.7 40.8 23.3 38.2 50.2 74.6 1844.0 108.5 83.5 41.5 25.1 40.2 50.7 70.3 1825.9 121.0 80.6 45.1 28.0 41.9 51.2 62.1 1895.4 122.5 83.6 50.1 31.5 45.6 51.7 62.4 1976.0 122.5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 4475.0 1041.0 189.8 0.0 17.1 3227.0 5427.5 1227.7 190.8 0.0 43.9 3965.1 6722.6 1322.2 190.4 0.0 51.3 5158.7 6942.7 1456.2 200.8 0.0 49.6 5236.2 7067.8 1575.9 218.2 0.0 44.1 5229.7 7119.8 1609.6 224.2 0.0 43.6 5242.3 7194.5 1641.3 228.6 0.0 48.0 5276.5 7207.8 1682.2 235.8 0.0 47.9 5241.9 7365.5 1704.0 236.6 0.0 49.9 5375.1 7439.2 1747.5 240.8 0.0 52.4 5398.5 7464.6 1802.2 245.9 0.0 53.9 5362.6 15 16 17 18 19 20 7457.6 8407.3 9611.4 9809.5 9949.1 9989.6 10084.8 10134.2 10175.2 10257.4 10292.8 21 21 Total liabilities 22 Credit market instruments 3780.4 4188.5 4545.7 4774.4 4808.6 4847.0 4918.7 4934.8 4987.1 5036.4 5076.9 22 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 193.0 147.8 1846.0 768.8 230.3 152.8 2067.7 813.0 278.4 154.2 2230.3 861.0 190.1 157.7 2578.8 758.3 126.0 160.8 2711.0 661.9 127.1 160.9 2753.4 649.3 107.5 162.0 2827.7 632.1 108.4 162.8 2851.7 614.9 85.9 164.2 2869.3 612.4 95.5 164.7 2897.9 606.9 102.5 166.0 2899.3 602.3 23 24 25 26 27 28 29 30 31 32 33 34 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 562.0 12.1 306.8 8.3 6.6 142.3 85.9 262.8 585.4 15.3 355.6 8.0 4.4 119.5 82.6 339.2 651.3 19.7 412.6 7.6 4.3 117.3 89.8 370.4 659.1 21.5 402.3 7.4 4.1 115.7 108.3 430.3 675.1 23.1 409.7 7.0 4.4 125.8 105.0 473.8 671.7 23.7 408.5 7.3 4.7 115.0 112.5 484.6 680.7 24.1 410.2 7.5 4.4 126.1 108.4 508.8 669.3 28.7 401.0 7.6 4.2 125.2 102.7 527.8 680.7 28.1 411.7 7.8 4.2 125.0 103.9 574.6 679.5 24.8 428.1 8.0 3.7 113.6 101.3 592.0 686.6 27.8 424.2 8.1 4.2 120.6 101.9 620.3 27 28 29 30 31 32 33 34 1049.7 64.1 2563.5 812.0 114.9 1636.6 1228.2 71.0 2919.6 971.2 107.3 1841.1 1541.4 78.0 3446.3 1171.4 108.5 2166.3 1437.7 81.0 3516.3 1145.8 109.8 2260.7 1461.7 93.0 3585.9 1086.7 111.1 2388.0 1436.6 97.2 3608.9 1099.4 111.4 2398.1 1459.6 96.6 3609.8 1082.7 111.8 2415.3 1491.6 99.1 3608.7 1079.9 112.1 2416.7 1539.1 84.5 3564.6 1091.0 112.4 2361.2 1558.7 92.0 3570.3 1104.5 113.0 2352.8 1603.1 96.2 3516.6 1086.2 113.3 2317.0 35 36 37 38 39 40 390.3 11577.8 419.5 15155.6 389.3 12678.8 364.5 10796.2 260.2 7907.1 310.1 7647.5 355.5 8824.6 352.3 9050.7 286.8 10154.9 336.7 10241.4 372.8 10443.8 41 42 35 36 37 38 39 40 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 41 42 Trade receivables net of payables Market value of equities 43 44 Securities and mortgages Loans and short-term paper 2256.6 1523.8 2559.8 1628.7 2754.9 1790.7 3166.8 1607.6 3345.6 1463.0 3398.9 1448.0 3498.4 1420.3 3542.2 1392.6 3608.1 1379.0 3654.6 1381.9 3685.5 1391.4 43 44 45 46 Total short-term liabilities (3) Total liquid assets (4) 2637.5 746.1 2927.9 891.4 3410.2 985.6 3126.3 1018.6 3017.6 1037.6 2981.8 1029.8 2976.6 1104.5 2983.3 1174.8 3002.5 1236.8 3032.5 1239.2 3090.7 1273.6 45 46 47 48 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 59.7 40.3 61.1 38.9 60.6 39.4 66.3 33.7 69.6 30.4 70.1 29.9 71.1 28.9 71.8 28.2 72.3 27.7 72.6 27.4 72.6 27.4 47 48 49 Liquid assets/short-term liabilities 28.3 30.4 28.9 32.6 34.4 34.5 37.1 39.4 41.2 40.9 41.2 49 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 10, plus line 14. 65 Z.1, September 16, 2004 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 8 Treasury securities Municipal securities Mortgages Consumer credit 9 10 11 12 13 14 15 16 17 18 19 20 21 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 992.7 1176.8 1422.8 1578.7 1720.0 1754.4 1795.8 1838.7 1878.6 1917.2 1963.7 1 178.9 98.5 32.6 217.6 117.5 40.7 274.1 137.6 49.4 274.5 144.7 59.0 287.3 146.9 61.3 289.6 145.8 60.0 293.0 146.8 58.7 296.2 147.0 55.6 298.2 148.6 53.1 298.6 147.7 49.2 298.3 147.8 49.0 2 3 4 38.0 2.8 26.7 0.0 37.2 2.7 24.7 0.0 40.2 2.4 23.3 0.0 42.8 3.5 26.6 0.0 45.2 3.7 27.8 0.0 45.1 3.8 27.7 0.0 46.3 3.8 27.5 0.0 46.8 3.9 27.1 0.0 47.5 3.9 26.6 0.0 48.1 4.0 26.0 0.0 48.6 4.0 25.2 0.0 5 6 7 8 233.1 382.1 45.6 1.6 334.9 272.6 463.8 45.9 1.6 416.3 342.1 553.7 45.8 1.6 506.2 343.9 683.6 48.3 1.8 633.5 366.7 781.1 52.5 1.8 726.9 375.9 806.6 53.9 1.9 750.8 388.1 831.6 55.0 1.8 774.8 404.5 857.6 56.7 1.8 799.1 417.1 883.6 56.9 2.1 824.6 432.0 911.6 57.9 2.2 851.4 447.9 942.9 59.2 2.1 881.7 9 10 11 12 13 2020.9 2328.3 2665.5 2875.7 3073.5 3124.3 3180.8 3241.4 3306.0 3358.2 3425.5 14 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 2305.2 15 262.1 108.1 1035.1 308.6 116.7 1170.1 352.9 127.8 1307.6 390.7 125.3 1428.8 404.1 127.6 1561.3 398.3 128.6 1592.4 390.7 128.2 1634.3 384.2 131.2 1673.9 378.8 133.3 1720.4 373.5 133.7 1754.4 376.4 134.6 1794.2 16 17 18 178.6 44.1 392.9 213.3 53.0 466.5 259.9 64.6 552.6 255.0 68.7 607.3 276.0 76.8 627.7 286.4 81.7 636.9 297.1 84.1 646.4 311.6 85.3 655.2 322.7 86.5 664.3 335.9 87.9 672.8 350.2 88.9 681.1 19 20 21 (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 64.0 64.8 64.9 67.3 71.8 73.2 74.4 76.2 76.6 77.5 78.9 1 2 Checkable deposits and currency 18.6 19.2 19.4 20.1 20.5 20.5 20.5 20.5 20.6 20.6 20.6 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 45.4 43.7 1.7 45.6 43.9 1.6 45.5 43.9 1.6 47.3 45.3 2.0 51.4 49.3 2.1 52.7 50.7 2.1 53.9 51.7 2.2 55.6 53.3 2.3 56.0 53.5 2.5 56.9 54.5 2.4 58.2 55.7 2.6 3 4 5 184.9 190.6 202.4 210.3 219.1 218.3 223.5 226.6 228.7 225.7 234.7 6 165.3 170.6 181.5 192.0 199.9 198.3 202.8 205.7 207.6 205.6 212.8 7 45.1 23.0 97.2 44.2 22.8 103.6 46.9 24.4 110.2 46.9 27.3 117.9 46.0 28.4 125.5 43.4 27.4 127.6 45.0 28.2 129.7 45.4 28.5 131.7 45.5 28.5 133.6 42.9 27.4 135.3 46.0 28.2 138.6 8 9 10 19.6 20.0 20.9 18.3 19.2 20.0 20.7 20.9 21.1 20.1 22.0 11 6 7 8 9 10 11 Total financial assets Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 66 Z.1, September 16, 2004 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1463.1 1587.5 1683.2 1756.5 1794.7 1800.7 1833.8 1864.1 1905.0 1926.7 1938.6 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 28.3 92.3 22.5 154.2 32.2 105.7 27.6 151.6 33.2 118.7 34.1 159.8 38.2 129.9 53.7 137.6 46.7 137.6 56.0 132.7 44.9 138.5 54.3 133.4 48.9 142.0 51.5 136.3 48.9 143.8 46.9 137.9 55.2 147.2 46.6 140.7 53.2 149.0 45.7 144.7 47.4 161.8 43.5 140.2 2 3 4 5 6 Credit market instruments 7 8 9 10 11 12 Total financial assets 1999 709.7 810.4 822.6 930.5 953.3 954.5 969.2 989.5 1010.1 1020.9 1033.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 86.0 279.7 152.7 103.3 303.2 196.5 121.2 297.2 198.1 107.6 339.4 253.5 113.3 351.5 256.5 114.3 348.3 258.6 118.1 345.0 266.9 120.1 355.6 271.3 123.8 358.8 279.3 125.8 362.9 281.1 127.8 368.3 283.4 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 3.2 61.9 126.2 3.5 73.3 130.6 3.8 70.0 132.4 4.0 95.6 130.4 4.1 103.8 124.0 4.1 104.5 124.8 4.2 107.1 127.9 4.3 108.5 129.6 4.4 111.1 132.6 4.4 112.4 134.2 4.5 113.8 135.9 10 11 12 97.6 19.1 117.1 21.4 97.1 21.2 100.7 24.3 80.3 24.2 75.6 26.4 85.8 25.6 87.7 24.2 96.3 21.2 97.5 16.8 97.0 11.3 13 14 95.4 17.1 226.9 103.9 27.6 190.1 111.4 42.4 242.7 116.5 46.1 179.0 118.1 56.5 189.5 118.8 62.2 192.0 121.8 66.5 186.2 123.4 69.9 191.9 126.3 73.5 187.9 127.8 77.9 193.1 129.4 84.5 190.1 15 16 17 1717.8 1785.4 1828.3 1959.2 2127.6 2157.7 2218.6 2233.4 2269.4 2311.0 2350.3 18 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 Credit market instruments 1138.3 1176.9 1192.3 1298.1 1442.0 1466.1 1521.0 1529.8 1559.7 1595.4 1628.7 19 20 21 22 23 Municipal securities Short-term Other U.S. government loans 1128.2 41.2 1087.1 10.1 1167.1 43.7 1123.4 9.7 1183.6 45.1 1138.5 8.7 1289.2 69.0 1220.2 8.9 1432.6 94.2 1338.4 9.4 1456.6 92.8 1363.8 9.5 1511.4 92.4 1418.9 9.6 1520.1 95.2 1425.0 9.6 1550.1 101.3 1448.8 9.7 1585.7 103.2 1482.5 9.7 1619.0 85.2 1533.8 9.7 20 21 22 23 579.5 608.6 635.9 661.1 685.6 691.6 697.6 703.6 709.6 715.6 721.6 24 24 Trade payables (1) Data for employee retirement funds are shown in table L.120. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 13 Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (1) Trade receivables Taxes receivable Miscellaneous assets Total liabilities 14 15 SDR certificates Treasury currency 16 Credit market instruments 17 18 19 20 21 22 23 24 25 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (2) Nonmarketable securities held by pension plans Other 445.4 560.5 513.8 614.9 611.4 599.5 622.3 642.4 637.8 629.1 626.8 1 51.0 23.2 4.7 44.4 87.9 5.4 41.0 24.3 6.3 43.1 66.9 10.5 51.1 47.5 27.6 51.7 23.3 18.4 52.9 41.8 27.8 54.8 53.3 9.1 55.1 54.1 2.4 54.3 22.7 1.9 52.3 46.8 2.1 2 3 4 221.4 260.9 272.6 278.6 288.2 283.7 281.7 286.7 285.6 286.8 283.6 5 0.0 139.2 44.9 37.4 0.0 132.3 77.7 50.9 0.0 128.6 76.9 67.0 0.0 122.7 75.8 80.1 0.0 119.1 76.3 92.8 0.0 119.1 73.9 90.6 0.0 118.5 74.0 89.1 0.0 117.7 73.6 95.3 0.0 117.7 73.8 94.1 0.0 117.1 75.8 93.9 0.0 116.8 74.2 92.6 6 7 8 9 22.3 21.4 101.4 22.9 38.5 100.5 28.1 42.4 99.1 35.5 79.8 100.4 32.2 64.3 100.5 30.7 90.0 101.6 31.6 85.0 101.5 33.6 103.1 101.9 35.9 102.8 101.9 37.8 123.9 101.9 36.0 103.9 102.0 10 11 12 4529.4 4498.1 4227.2 4288.2 4575.9 4623.6 4744.3 4864.6 5010.8 5139.5 5194.6 13 9.2 19.9 6.2 20.9 2.2 23.2 2.2 24.5 2.2 25.5 2.2 25.6 2.2 26.0 2.2 26.0 2.2 26.0 2.2 26.2 2.2 26.5 14 15 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 4209.6 16 186.6 3537.0 28.5 0.0 186.4 3466.2 28.3 0.0 184.8 3173.0 27.3 0.0 190.3 3162.4 26.8 0.0 194.9 3414.9 27.3 0.0 196.9 3476.8 26.9 0.0 199.1 3580.8 27.0 0.0 201.5 3686.0 27.0 0.0 203.8 3804.4 24.9 0.0 204.4 3939.4 25.1 0.0 204.6 3980.8 24.2 0.0 17 18 19 20 65.0 33.6 649.6 642.9 6.7 64.5 35.0 690.6 684.0 6.6 69.0 36.4 711.3 704.9 6.4 72.3 37.8 772.0 765.8 6.2 73.6 39.4 798.2 790.3 7.9 77.9 39.4 777.9 767.8 10.1 78.7 39.8 790.7 778.6 12.0 79.6 39.9 802.3 788.1 14.2 77.8 40.5 831.3 815.0 16.3 81.9 40.5 819.8 801.2 18.6 85.5 40.9 829.8 809.2 20.6 21 22 23 24 25 (1) Student loans. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 67 Z.1, September 16, 2004 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 5162.4 5775.7 6584.9 6965.8 7441.1 7656.8 7809.1 7834.3 8228.7 8644.4 8803.3 1 145.9 257.1 129.0 72.0 140.3 279.4 125.9 79.9 161.1 286.9 108.7 91.3 115.5 305.7 120.6 150.7 119.7 326.6 152.3 190.1 92.1 333.4 154.6 360.5 49.5 349.9 155.9 364.6 76.4 343.2 122.3 420.3 120.2 351.3 131.2 462.9 35.9 352.6 128.7 530.7 31.9 373.0 165.4 552.0 2 3 4 5 2231.2 2316.0 2590.8 2916.9 3394.8 3489.7 3683.8 3772.2 3933.1 4163.3 4366.4 6 7 Open market paper 87.1 85.8 90.1 87.5 97.8 91.3 102.0 95.2 107.7 113.9 115.5 7 8 9 10 Treasury securities Official Private 1166.2 622.9 543.3 1058.4 617.7 440.7 1021.4 639.8 381.6 1063.1 704.6 358.5 1254.1 796.4 457.7 1296.2 826.7 469.4 1392.6 869.4 523.2 1462.5 893.3 569.1 1539.2 966.1 573.0 1701.8 1067.8 634.0 1805.1 1130.9 674.2 8 9 10 11 12 13 Agency- and GSE-backed securities Official Private 227.8 46.8 181.0 300.2 76.1 224.1 441.4 116.4 325.1 534.7 126.9 407.8 650.2 158.4 491.7 663.9 168.0 495.9 678.0 171.3 506.7 650.3 174.6 475.7 661.7 183.3 478.4 681.4 196.3 485.1 719.3 199.1 520.2 11 12 13 14 15 U.S. corporate bonds (1) Loans to U.S. corporate business 607.8 142.3 752.1 119.5 920.6 117.3 1115.9 115.7 1266.9 125.8 1323.4 115.0 1385.2 126.1 1439.0 125.2 1499.5 125.0 1552.7 113.6 1606.0 120.6 14 15 16 17 18 U.S. corporate equities Trade receivables Security credit 1250.3 52.5 0.0 1611.5 47.4 0.0 1643.2 47.0 0.0 1572.7 43.9 0.0 1260.8 47.0 0.0 1190.2 47.3 0.0 1405.7 47.2 0.0 1437.8 46.3 0.0 1669.0 48.7 0.0 1707.6 49.3 0.0 1710.8 45.3 0.0 16 17 18 19 20 21 Miscellaneous assets Foreign direct investment in U.S. (2) Other 1024.3 920.0 104.3 1175.3 1101.7 73.6 1655.8 1421.0 234.8 1739.8 1513.5 226.3 1949.8 1505.2 444.6 1989.1 1537.3 451.8 1752.4 1538.6 213.8 1615.7 1537.0 78.7 1512.3 1545.1 -32.8 1676.3 1555.1 121.3 1558.4 1589.6 -31.1 19 20 21 2776.4 3148.1 3490.2 3650.1 3981.8 4168.1 3913.6 3812.7 4064.5 4159.6 4249.8 22 22 Total liabilities 23 24 U.S. official foreign exchange and net IMF position U.S. private deposits 60.1 627.6 50.1 676.5 46.1 803.4 46.8 810.1 55.8 831.1 57.6 839.8 58.9 875.6 61.3 799.1 62.3 831.1 61.5 864.2 58.9 852.4 23 24 25 Credit market instruments 639.4 652.6 709.6 659.9 665.5 669.4 653.2 638.7 649.8 666.9 651.8 25 72.9 450.9 89.2 452.8 120.9 468.0 106.7 443.5 142.8 410.0 155.7 402.5 173.1 377.5 160.4 375.3 165.1 381.9 190.0 377.0 183.4 367.1 26 27 58.7 2.8 13.1 42.8 52.2 4.7 59.2 3.0 9.9 46.4 47.6 3.9 70.5 3.5 13.2 53.8 47.0 3.1 63.2 4.3 5.9 53.1 45.9 0.5 68.6 5.1 5.1 58.4 44.0 0.2 67.6 4.7 5.5 57.4 43.6 0.1 59.7 4.7 4.9 50.1 42.8 0.1 61.0 4.4 3.9 52.8 41.9 0.1 60.9 4.6 3.7 52.7 41.8 0.2 59.2 4.9 4.4 49.9 40.7 0.1 60.9 5.3 5.9 49.8 40.2 0.3 28 29 30 31 32 33 44.9 0.0 49.1 0.0 49.9 0.0 47.8 0.0 37.6 0.0 46.3 0.0 45.9 0.0 43.7 0.0 45.5 0.0 47.2 0.0 47.0 0.0 34 35 1404.4 32.4 2.1 1196.0 173.9 1719.8 33.9 2.7 1414.4 268.8 1881.2 35.4 2.8 1531.6 311.5 2085.6 37.1 2.7 1686.6 359.2 2391.8 38.6 2.8 1840.0 510.4 2554.9 38.9 2.8 1884.6 628.7 2280.0 39.3 2.8 1922.3 315.6 2269.9 39.7 2.9 1969.8 257.5 2475.8 40.0 3.0 2013.8 419.0 2519.8 40.3 3.1 2065.0 411.4 2639.7 40.8 3.1 2131.5 464.3 36 37 38 39 40 1475.0 2003.7 1852.8 1612.7 1345.1 1269.9 1516.3 1661.0 1957.9 2051.2 2075.7 41 26 27 Commercial paper Bonds 28 29 30 31 32 33 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 34 35 Trade payables Security debt 36 37 38 39 40 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 41 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 68 Z.1, September 16, 2004 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 566.8 696.9 636.0 683.0 753.6 756.7 769.0 778.9 796.9 788.0 807.8 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 30.7 9.2 26.3 27.1 6.2 28.0 26.6 2.2 31.6 25.5 2.2 33.0 27.9 2.2 34.6 28.3 2.2 34.8 28.8 2.2 35.1 29.6 2.2 35.3 30.8 2.2 35.5 30.9 2.2 35.8 30.4 2.2 36.0 2 3 4 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 1.6 0.0 30.4 -0.2 0.2 140.6 0.9 0.1 43.4 -0.0 0.0 50.3 0.4 0.0 39.5 -1.2 0.0 31.8 -0.5 0.8 31.8 -0.5 0.2 37.5 -0.3 0.1 43.8 -0.6 0.1 27.5 0.2 0.3 33.5 5 6 7 8 Credit market instruments 452.5 478.1 511.8 551.7 629.4 641.5 652.1 656.1 666.7 674.1 687.4 8 0.0 452.1 0.3 0.0 0.0 478.0 0.2 0.0 0.0 511.7 0.1 0.0 0.0 551.7 0.0 0.0 0.0 629.4 0.0 0.0 0.0 641.5 0.0 0.0 0.0 652.1 0.0 0.0 0.0 656.1 0.0 0.0 0.0 666.7 0.0 0.0 0.0 674.1 0.0 0.0 0.0 687.4 0.0 0.0 9 10 11 12 16.1 16.8 19.3 20.3 19.6 19.3 18.9 18.5 18.2 18.1 17.8 13 560.9 690.5 629.2 675.7 745.3 747.2 760.0 768.7 788.0 778.3 798.1 14 9 10 11 12 13 14 Total financial assets 1999 Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c. Miscellaneous assets Total liabilities 15 16 Depository institution reserves Vault cash of commercial banks 26.3 42.1 24.0 66.6 19.0 44.4 17.5 47.3 22.5 47.8 26.8 38.5 27.7 39.5 29.1 40.4 23.1 47.9 25.0 41.0 29.6 43.4 15 16 17 18 19 20 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 654.7 7.1 0.3 647.3 662.1 7.3 1.0 653.8 665.5 7.6 0.1 657.8 682.5 6.0 0.2 676.3 681.5 6.3 0.1 675.2 696.4 6.3 0.3 689.7 17 18 19 20 21 22 23 Miscellaneous liabilities Federal Reserve Bank stock Other 10.7 6.0 4.8 9.4 6.4 3.0 10.6 7.0 3.6 7.7 7.4 0.4 30.3 8.4 21.9 27.2 8.5 18.7 30.7 8.7 22.0 33.7 8.7 25.0 34.5 8.8 25.7 30.8 9.0 21.9 28.7 9.2 19.4 21 22 23 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 69 Z.1, September 16, 2004 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 5628.6 5982.5 6468.7 6829.0 7329.2 7431.3 7618.1 7637.1 7808.3 8041.2 8197.8 1 42.1 24.4 2.0 66.6 19.3 2.2 44.4 17.4 1.7 47.3 15.2 2.8 47.8 19.5 2.5 38.5 24.0 3.0 39.5 25.0 3.0 40.4 25.7 2.4 47.9 19.1 2.5 41.0 19.9 3.2 43.4 23.4 2.7 2 3 4 4483.6 4788.5 5200.8 5411.3 5811.4 5891.8 6058.0 6060.8 6202.0 6402.8 6534.5 5 6 7 Treasury securities Agency- and GSE-backed securities 214.1 663.2 228.9 699.6 184.5 721.8 162.7 777.4 205.8 917.9 136.6 961.2 126.8 1035.0 126.6 967.8 132.9 999.5 144.2 1094.5 140.9 1111.0 6 7 8 9 Municipal securities Corporate and foreign bonds 104.8 180.9 110.8 220.5 114.1 278.6 120.2 376.4 121.7 379.1 123.2 470.9 127.1 473.6 131.9 483.7 132.5 507.1 133.9 525.4 137.2 519.2 8 9 3304.6 1.1 1314.8 1337.0 508.9 142.8 3505.1 1.4 1383.8 1495.4 499.8 124.8 3874.8 1.5 1496.6 1660.1 541.5 175.2 3944.4 0.0 1421.0 1789.8 558.4 175.2 4163.8 0.0 1340.4 2058.3 587.2 177.9 4184.4 0.0 1302.3 2099.3 575.3 207.4 4272.6 0.0 1287.2 2192.9 584.2 208.3 4326.7 0.0 1260.2 2263.7 593.7 209.1 4398.0 0.0 1292.3 2255.8 636.4 213.5 4472.5 0.0 1279.3 2329.3 624.7 239.2 4594.3 0.0 1295.8 2435.9 625.8 236.8 10 11 12 13 14 15 6.8 9.1 11.3 12.4 11.9 15.0 8.9 21.3 3.5 19.6 2.0 13.5 6.7 16.3 9.7 14.5 15.1 17.1 16.0 16.2 15.7 16.2 16 17 11.3 1065.2 8.2 1097.7 7.5 1196.9 4.6 1347.9 4.6 1443.4 4.8 1469.1 4.5 1488.0 4.3 1503.5 4.4 1532.4 3.9 1570.5 4.4 1589.4 18 19 5505.7 5833.5 6407.1 6770.3 7330.6 7416.4 7592.8 7665.9 7846.8 8073.2 8243.3 20 10 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 16 17 Corporate equities Mutual fund shares 18 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 21 22 23 24 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 121.0 1.7 -26.5 145.9 111.8 -0.0 -28.5 140.3 157.8 1.0 -4.3 161.1 126.6 0.0 11.1 115.5 135.5 0.5 15.3 119.7 110.2 -1.2 19.3 92.1 56.5 0.2 6.8 49.5 94.2 -0.3 18.1 76.4 131.9 -0.3 12.0 120.2 50.0 -0.5 14.7 35.9 56.8 0.5 24.4 31.9 21 22 23 24 25 26 27 28 Checkable deposits Federal government Rest of the world Private domestic 622.9 13.2 28.6 581.1 626.4 49.6 28.6 548.2 540.9 16.4 30.7 493.8 628.8 47.5 25.8 555.6 571.5 31.1 25.2 515.3 540.5 8.5 26.9 505.1 584.3 26.7 41.3 516.3 563.1 29.8 32.7 500.6 602.4 30.2 33.2 539.0 597.0 17.5 36.3 543.2 621.5 40.6 47.9 533.1 25 26 27 28 29 30 31 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1945.2 673.1 639.2 2017.1 792.6 750.0 2228.7 885.4 816.1 2478.1 918.1 786.5 2747.6 915.3 902.0 2833.2 940.3 931.7 2913.4 934.5 983.2 2935.1 933.3 936.2 2977.9 934.1 969.5 3079.1 992.3 1021.3 3148.6 1032.1 1062.5 29 30 31 32 Credit market instruments 382.1 449.3 509.3 562.1 611.8 627.5 639.3 638.6 661.0 703.2 710.2 32 56.9 220.2 104.9 63.1 240.6 145.6 63.6 273.2 172.4 55.4 310.2 196.6 52.9 332.2 226.8 49.4 352.9 225.2 44.2 359.7 235.5 45.2 361.2 232.2 46.6 379.1 235.3 61.0 389.0 253.3 56.2 402.7 251.4 33 34 35 7.1 1115.2 9.0 1077.4 11.1 1257.8 13.5 1256.6 16.2 1430.8 16.9 1416.1 17.6 1464.1 18.3 1547.2 19.1 1550.8 19.8 1610.3 20.6 1591.0 36 37 4336.1 4648.3 5006.3 5210.5 5614.9 5673.6 5831.3 5831.8 5960.8 6135.3 6270.1 38 33 34 35 36 37 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 38 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18). 70 Z.1, September 16, 2004 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 4080.6 4431.2 4774.1 5014.5 5427.1 5519.2 5683.7 5704.5 5839.8 5996.5 6141.8 1 65.5 84.4 61.3 61.9 66.1 61.3 63.4 63.7 66.2 59.7 65.9 2 3844.6 4164.5 4515.2 4718.6 5102.3 5158.3 5324.2 5350.0 5481.6 5650.8 5790.3 3 Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 124.8 578.9 301.5 115.9 161.5 122.8 608.3 283.7 120.9 203.8 87.9 626.5 297.8 111.0 217.6 56.5 700.2 350.6 168.2 181.4 86.4 821.3 434.9 159.1 227.4 89.3 866.4 466.2 179.5 220.7 77.9 936.0 526.1 179.3 230.5 81.2 872.5 472.2 158.5 241.8 93.5 906.4 491.5 161.4 253.5 102.6 1001.0 578.1 166.6 256.3 100.9 1012.4 586.9 158.9 266.6 4 5 6 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 104.4 118.2 3.9 42.8 71.5 110.2 161.8 4.5 48.8 108.5 113.4 214.0 4.1 56.5 153.4 119.7 278.5 25.3 59.3 193.9 121.2 283.5 12.0 67.4 204.2 122.7 288.5 10.6 78.1 199.8 126.6 281.8 10.3 78.4 193.0 131.3 302.3 11.4 84.2 206.7 131.9 330.6 12.2 92.6 225.8 133.3 340.2 13.8 94.4 232.0 136.6 342.5 13.6 94.4 234.6 9 10 11 12 13 14 15 16 17 18 19 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 2902.3 0.8 1012.0 1304.3 508.9 76.3 3137.8 0.7 1104.3 1465.4 499.8 67.6 3446.5 0.9 1202.4 1627.0 541.5 74.7 3533.6 0.0 1140.5 1752.8 558.4 81.9 3766.7 0.0 1081.9 2018.5 587.2 79.2 3775.8 0.0 1050.6 2058.5 575.3 91.5 3878.9 0.0 1039.3 2150.9 584.2 104.5 3938.6 0.0 1029.5 2216.1 593.7 99.4 3987.1 0.0 1045.5 2213.6 636.4 91.5 4041.4 0.0 1034.7 2286.0 624.7 96.0 4166.0 0.0 1050.3 2393.2 625.8 96.7 14 15 16 17 18 19 20 21 Corporate equities Mutual fund shares 6.8 9.1 11.3 12.4 11.9 15.0 8.9 21.3 3.5 19.6 2.0 13.5 6.7 16.3 9.7 14.5 15.1 17.1 16.0 16.2 15.7 16.2 20 21 9.1 161.5 6.6 175.6 5.9 191.7 3.6 230.4 3.9 254.7 4.3 295.2 4.1 292.0 3.8 287.0 3.8 288.2 3.3 282.6 3.9 281.8 22 23 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 22 23 24 Customers’ liab. on acceptances (1) Miscellaneous assets 4353.3 4685.6 5169.7 5455.3 5948.0 6023.6 6189.5 6273.2 6422.7 6606.4 6789.9 24 25 26 27 28 29 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 25.2 1.6 0.0 -50.9 74.4 56.9 -0.2 0.2 -67.3 124.1 137.5 0.9 0.1 -33.0 169.5 138.2 -0.0 0.0 -17.8 155.9 192.4 0.4 0.0 0.2 191.8 177.7 -1.2 0.0 -15.2 194.0 133.0 -0.5 0.8 -61.5 194.3 173.5 -0.5 0.2 -57.8 231.6 219.1 -0.3 0.1 -65.2 284.6 183.7 -0.6 0.1 -75.0 259.3 215.9 0.2 0.3 -73.4 288.9 25 26 27 28 29 30 31 32 33 Checkable deposits Federal government Rest of the world Private domestic 605.8 13.2 23.2 569.4 608.7 49.6 22.7 536.5 523.7 16.4 25.0 482.3 608.2 47.5 22.6 538.2 552.7 31.1 22.3 499.3 521.7 8.5 24.6 488.6 562.2 26.7 38.6 496.9 542.9 29.8 30.4 482.7 581.0 30.2 30.7 520.2 575.5 17.5 33.6 524.4 600.1 40.6 45.5 514.0 30 31 32 33 34 35 36 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1924.4 404.1 538.4 1997.4 465.7 667.0 2208.0 553.6 682.4 2448.3 528.4 663.9 2722.0 552.7 737.4 2808.5 569.1 733.8 2888.4 572.5 777.3 2908.8 569.7 766.3 2950.2 555.7 806.0 3050.4 575.2 851.2 3119.9 596.0 879.6 34 35 36 37 38 39 40 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 9.1 72.1 104.9 7.1 6.6 75.8 145.6 9.0 6.0 86.4 172.4 11.1 3.7 94.7 196.6 13.5 3.9 94.1 226.8 16.2 4.3 94.7 225.2 16.9 4.1 96.6 235.5 17.6 3.8 97.3 232.2 18.3 3.8 99.6 235.3 19.1 3.3 98.6 253.3 19.8 3.9 102.9 251.4 20.6 37 38 39 40 41 42 43 Miscellaneous liabilities Investment by bank holding companies Other 662.0 469.0 193.0 653.1 471.9 181.2 788.6 525.4 263.2 759.8 586.1 173.7 849.8 639.2 210.6 871.9 650.1 221.8 902.4 667.0 235.3 960.5 679.6 280.8 953.0 689.8 263.2 995.3 708.1 287.2 999.7 738.5 261.2 41 42 43 3761.4 4080.0 4419.5 4610.1 5003.9 5055.6 5200.8 5230.3 5361.7 5525.9 5665.5 44 Memo: 44 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22). 71 Z.1, September 16, 2004 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 9 10 11 12 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 13 Corporate equities 14 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 806.5 750.9 789.4 791.9 801.1 778.5 750.1 728.0 732.5 738.1 705.6 1 1.0 1.4 0.5 0.6 1.2 1.1 1.1 2.4 0.9 1.1 0.9 2 568.7 543.0 610.2 603.0 615.0 634.4 620.9 599.6 607.1 635.5 623.5 3 84.8 67.4 0.0 46.9 94.5 72.4 0.0 42.4 94.0 72.7 0.0 50.7 103.8 50.7 0.0 81.3 116.7 61.6 0.0 81.6 44.3 60.0 0.0 164.0 44.5 63.1 0.0 167.2 40.1 54.8 0.0 165.5 34.2 52.5 0.0 160.9 36.6 51.1 0.0 169.6 33.8 54.2 0.0 161.8 4 5 6 7 369.6 0.3 282.4 20.4 66.5 333.8 0.6 260.0 15.9 57.2 392.8 0.6 274.6 17.1 100.5 367.2 0.0 256.1 17.9 93.3 355.2 0.0 237.5 19.0 98.7 366.1 0.0 231.2 18.9 115.9 346.2 0.0 223.1 19.3 103.8 339.2 0.0 205.7 23.7 109.8 359.6 0.0 220.4 17.2 121.9 378.1 0.0 217.6 17.4 143.1 373.7 0.0 218.6 15.0 140.1 8 9 10 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 2.2 234.5 1.6 204.9 1.6 177.1 1.0 187.2 0.6 184.2 0.5 142.5 0.4 127.6 0.5 125.5 0.6 123.9 0.5 101.0 0.6 80.6 14 15 828.8 776.4 818.4 824.8 838.4 817.0 789.8 769.0 774.7 781.6 750.4 16 93.2 92.7 0.4 48.2 41.5 6.7 7.4 -15.5 22.9 -9.3 -50.9 41.6 -51.6 -83.1 31.5 -61.1 -103.8 42.7 -78.8 -111.8 33.0 -84.6 -122.2 37.6 -92.8 -130.7 37.8 -139.0 -188.8 49.8 -165.6 -226.3 60.6 17 18 19 17 18 19 Net interbank liabilities To foreign banks To domestic banks 20 21 22 Checkable deposits Small time and savings deposits Large time deposits 8.6 9.4 257.6 9.1 7.5 314.8 8.7 7.2 318.2 9.1 11.6 371.5 8.4 9.4 346.4 8.0 8.7 355.2 10.0 8.9 346.0 8.8 9.7 346.9 9.4 10.3 361.0 9.0 11.2 399.6 8.5 10.8 418.1 20 21 22 23 24 Federal funds and security RPs (net) Acceptance liabilities 100.4 2.4 82.5 2.0 134.8 2.0 123.9 1.1 163.4 0.7 191.8 0.5 197.1 0.5 167.7 0.5 161.5 0.6 168.8 0.6 181.5 0.6 23 24 25 26 27 28 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 357.3 46.1 90.6 220.6 312.2 62.0 93.0 157.2 340.1 64.2 138.7 137.2 316.9 67.2 107.9 141.9 361.8 76.8 132.6 152.4 314.0 80.4 128.3 105.3 306.2 80.3 124.8 101.0 320.0 80.8 118.3 120.9 324.8 87.5 130.8 106.4 331.5 88.0 157.9 85.6 296.5 89.7 137.4 69.4 25 26 27 28 504.5 487.4 511.3 510.7 516.9 519.0 517.6 490.3 485.8 492.9 484.0 29 Memo: 29 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14). 72 Z.1, September 16, 2004 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 7 8 9 10 11 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 12 13 14 Net interbank liabilities To domestic banks To foreign banks 15 Federal funds and security RPs (net) 16 17 18 Credit market instruments Commercial paper Corporate bonds 19 Miscellaneous liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 685.9 741.2 841.9 942.4 1025.8 1056.5 1104.6 1121.0 1152.4 1219.0 1259.3 1 26.5 32.7 20.5 24.7 27.8 33.0 42.9 36.4 36.4 36.7 36.1 2 0.9 6.6 14.8 4.1 8.8 5.4 15.9 2.6 0.8 4.8 13.2 1.6 1.2 6.2 15.3 1.9 1.3 10.7 12.9 2.9 1.3 11.4 17.6 2.6 2.4 10.9 23.0 6.7 3.0 12.2 14.3 6.8 2.7 11.6 14.2 7.9 2.1 12.5 13.9 8.1 2.4 12.9 13.5 7.4 3 4 5 6 659.5 469.0 134.0 56.5 708.5 471.9 151.3 85.4 821.4 525.4 189.7 106.3 917.8 586.1 219.5 112.2 998.1 639.2 219.3 139.5 1023.5 650.1 227.8 145.7 1061.7 667.0 247.6 147.1 1084.7 679.6 255.2 149.9 1116.0 689.8 264.3 161.9 1182.3 708.1 292.8 181.4 1223.2 738.5 303.2 181.4 7 8 9 10 270.6 314.6 358.7 413.4 473.1 503.0 538.3 544.9 570.8 603.0 617.2 11 2.7 23.9 -21.3 6.7 32.1 -25.4 12.9 5.8 7.1 -2.3 -12.8 10.4 -5.3 -16.4 11.1 -6.4 -8.2 1.8 2.4 35.3 -32.9 5.3 38.3 -33.0 5.6 39.4 -33.8 5.4 39.9 -34.5 6.5 37.2 -30.8 12 13 14 0.4 0.5 -1.1 -1.2 1.2 6.2 8.8 2.2 2.1 1.2 1.4 15 193.5 45.4 148.1 219.3 54.5 164.8 242.5 55.7 186.8 266.1 50.6 215.5 286.4 48.3 238.1 302.8 44.6 258.2 302.7 39.6 263.1 304.8 40.9 263.9 321.8 42.3 279.5 347.5 57.1 290.4 351.5 51.7 299.8 16 17 18 74.1 88.1 104.4 150.8 190.9 200.4 224.5 232.7 241.4 249.0 257.9 19 80.2 75.2 77.1 79.8 83.5 83.6 87.7 91.1 1 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 55.5 59.2 63.3 2.0 2.2 1.7 2.8 2.5 3.0 3.0 2.4 2.5 3.2 2.7 2 43.8 48.3 55.0 65.0 66.3 66.1 70.0 74.9 76.9 79.9 84.5 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3.6 10.2 0.5 1.0 2.8 13.5 0.6 0.5 1.8 17.8 0.7 0.8 1.2 20.3 0.5 1.4 1.5 24.2 0.5 1.1 1.6 23.4 0.5 0.8 2.0 25.0 0.5 1.7 2.3 28.3 0.6 1.6 2.5 28.9 0.6 1.4 2.8 29.9 0.6 1.6 3.7 31.5 0.6 1.4 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 16.3 7.5 4.8 16.9 8.1 6.0 18.0 9.1 6.8 22.5 8.2 11.0 18.2 9.7 11.2 18.0 10.6 11.3 18.2 11.1 11.6 18.1 11.5 12.4 18.5 12.2 12.8 19.0 12.7 13.2 19.5 13.8 13.9 8 9 10 9.7 8.7 6.6 12.5 6.4 7.9 6.8 6.3 4.3 4.6 3.9 11 Miscellaneous assets 53.1 56.9 60.4 76.8 71.1 72.7 75.2 78.8 78.6 82.2 85.8 12 13 14 15 Total liabilities Checkable deposits Small time and savings deposits Large time deposits 8.5 11.4 11.4 8.5 12.2 12.2 8.4 13.6 13.6 11.5 18.1 18.1 10.4 16.2 16.2 10.8 16.0 16.0 12.0 16.1 16.1 11.3 16.7 16.7 11.9 17.5 17.5 12.6 17.5 17.5 13.0 18.0 18.0 13 14 15 16 Miscellaneous liabilities 21.9 24.1 24.8 29.0 28.3 29.8 31.1 34.1 31.7 34.6 36.9 16 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 73 Z.1, September 16, 2004 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 13 14 15 16 17 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 18 19 20 Other loans and advances Mortgages Consumer credit 21 22 23 Corporate equities Miscellaneous assets Total liabilities 24 25 26 27 Deposits Checkable Small time and savings Large time 28 Security RPs 29 30 31 32 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 33 34 35 36 Taxes payable Miscellaneous liabilities Investment by parent Other 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1088.6 1150.5 1217.7 1299.1 1357.4 1407.8 1437.1 1471.7 1475.2 1556.5 1597.8 1 1.9 18.4 1.5 14.8 4.7 17.4 1.3 10.6 1.7 19.0 1.4 14.9 2.3 21.0 2.2 27.4 3.0 24.7 2.6 27.1 2.8 23.9 2.6 29.7 2.7 27.4 2.7 25.6 3.4 25.9 2.7 24.8 3.9 24.3 2.6 21.0 5.1 25.0 3.0 31.2 6.3 28.2 3.2 26.3 2 3 4 5 965.5 1032.6 1088.8 1133.4 1167.0 1214.6 1239.0 1261.5 1293.3 1370.8 1408.9 6 0.0 10.2 143.7 117.2 0.0 26.5 0.0 10.1 147.1 115.7 0.0 31.4 0.0 8.7 140.4 109.0 0.0 31.4 0.0 11.4 161.4 115.7 0.0 45.7 0.0 9.2 176.2 132.7 0.0 43.5 0.0 9.2 186.1 141.0 0.0 45.2 0.0 10.0 192.4 142.0 0.0 50.3 0.0 11.2 193.3 136.2 0.0 57.1 0.0 12.2 198.7 138.1 0.0 60.6 0.0 12.2 228.5 125.0 44.4 59.1 0.0 10.8 221.3 123.6 42.3 55.4 7 8 9 10 11 12 2.5 88.6 13.2 0.0 75.4 3.0 111.9 18.4 0.0 93.6 3.2 109.4 19.0 0.0 90.4 4.5 83.9 13.2 0.0 70.7 5.5 79.9 10.6 0.0 69.3 5.5 81.9 9.6 0.0 72.3 5.8 75.4 9.5 0.0 65.9 6.3 68.6 10.0 0.0 58.6 6.3 71.1 10.7 0.0 60.4 6.5 65.0 9.4 41.9 13.8 6.5 59.9 8.8 38.5 12.6 13 14 15 16 17 24.2 644.0 52.4 30.6 668.1 61.7 39.3 723.0 64.8 42.9 758.2 71.1 46.2 781.4 68.7 47.4 815.9 68.6 48.2 833.6 73.8 57.4 852.1 72.7 56.3 870.9 77.9 49.6 927.5 81.5 55.5 966.5 88.4 18 19 20 24.5 62.1 23.8 60.0 24.2 67.6 27.9 84.9 29.1 103.9 29.9 104.2 30.6 109.1 31.1 122.4 30.4 99.7 28.2 93.3 27.9 97.0 21 22 1058.8 1119.6 1185.8 1264.1 1318.1 1367.4 1397.7 1430.3 1431.6 1515.6 1550.9 23 693.2 185.6 393.9 113.7 699.3 222.3 354.7 122.2 726.7 265.8 318.9 142.1 773.6 316.5 288.2 168.9 840.5 370.9 256.5 213.1 860.5 384.2 251.8 224.5 875.1 399.5 238.0 237.6 893.1 413.9 240.9 238.3 899.8 428.3 226.0 245.5 946.7 443.0 218.5 285.2 955.9 459.5 205.6 290.8 24 25 26 27 51.3 72.7 66.7 72.4 57.4 60.8 64.6 65.6 77.5 74.1 71.2 28 212.4 2.6 29.7 180.1 260.4 2.7 14.0 243.7 287.7 6.3 21.5 260.0 285.7 3.6 23.0 259.1 262.3 3.4 27.2 231.7 257.2 4.8 15.1 237.3 256.7 4.8 15.9 236.0 262.3 5.0 15.4 241.8 268.3 5.1 13.9 249.3 267.2 6.0 14.3 247.0 308.0 5.0 14.6 288.5 29 30 31 32 2.0 99.8 5.4 94.4 2.0 85.1 6.0 79.2 2.5 102.3 6.6 95.7 1.7 130.7 7.4 123.3 1.5 156.4 8.3 148.1 1.4 187.4 8.5 178.9 1.4 199.8 8.8 191.0 1.6 207.9 9.1 198.9 1.3 184.6 9.3 175.3 1.8 225.7 9.6 216.1 1.6 214.2 9.9 204.3 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, September 16, 2004 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 391.5 414.5 441.1 505.5 560.8 589.2 609.4 612.5 617.3 634.5 643.0 1 9.1 23.4 6.8 26.4 16.6 9.3 26.7 15.5 4.0 36.8 23.0 2.5 38.4 24.5 1.7 54.8 28.7 4.4 52.4 27.6 2.4 45.6 27.3 2.8 41.5 26.4 1.6 50.4 27.5 4.3 39.8 28.7 2.6 2 3 4 324.2 351.7 379.7 421.2 463.9 473.7 495.3 517.7 514.5 524.6 542.3 5 0.4 13.1 58.4 1.9 9.6 61.3 1.2 8.2 60.9 2.4 7.4 80.6 3.6 7.8 97.3 2.9 7.3 107.2 3.4 8.7 116.2 3.1 9.1 125.7 1.6 8.9 115.5 2.3 8.5 120.3 1.8 9.9 121.6 6 7 8 9 10 Home mortgages Consumer credit 96.9 155.4 111.0 167.9 124.9 184.4 141.3 189.6 159.4 195.7 162.3 194.0 168.1 198.9 176.5 203.4 182.6 205.9 185.9 207.6 196.0 212.9 9 10 11 12 Mutual fund shares Miscellaneous assets 3.6 24.3 2.5 8.0 2.2 12.9 3.7 18.3 3.5 28.7 3.4 24.1 4.5 27.2 5.0 14.1 4.1 29.2 4.2 23.4 3.9 25.7 11 12 355.3 376.1 398.1 458.9 509.0 536.2 555.6 557.3 560.3 576.7 585.7 13 349.0 43.0 287.5 18.5 366.7 45.4 299.8 21.6 389.1 51.3 312.7 25.1 450.2 54.7 361.3 34.1 496.9 59.7 394.4 42.8 527.1 65.9 417.1 44.1 540.0 66.4 423.6 50.1 539.9 64.8 424.9 50.3 544.9 67.4 424.0 53.6 548.8 70.3 423.8 54.7 566.5 70.4 439.6 56.5 14 15 16 17 1.1 5.2 3.4 6.0 3.4 5.6 4.9 3.8 6.9 5.1 7.6 1.5 8.0 7.6 8.8 8.5 9.1 6.3 8.4 19.5 9.6 9.6 18 19 13 Total liabilities 14 15 16 17 Shares/deposits Checkable Small time and savings Large time 18 19 Other loans and advances Miscellaneous liabilities L.116 Bank Personal Trusts and Estates (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 976.3 1104.1 1067.8 929.1 807.9 786.5 843.8 851.7 899.0 921.5 928.4 1 54.4 0.3 7.8 46.2 62.7 0.3 8.7 53.7 69.8 0.2 8.9 60.6 65.1 0.7 11.7 52.8 65.2 0.0 11.1 54.1 65.2 0.1 13.3 51.8 65.1 0.2 15.4 49.5 65.1 0.3 17.6 47.2 65.1 0.4 19.8 44.9 65.1 0.5 22.0 42.7 63.2 0.6 22.1 40.4 2 3 4 5 194.1 222.0 222.8 194.7 195.6 194.9 194.3 193.7 193.2 196.4 197.3 6 Open market paper Treasury securities Agency- and GSE-backed securities 16.5 17.3 39.4 17.1 17.3 45.2 14.7 16.3 45.5 11.6 11.5 35.1 11.4 11.2 34.2 11.3 11.1 33.6 11.2 11.0 32.9 11.1 10.9 32.2 11.0 10.9 31.6 10.9 10.9 31.7 10.8 10.9 31.8 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 89.5 28.5 2.8 100.3 39.8 2.2 99.1 44.9 2.3 95.6 38.3 2.5 100.9 35.6 2.3 100.3 36.5 2.2 99.6 37.5 2.1 98.9 38.5 2.0 98.4 39.5 1.9 99.7 41.2 1.9 100.4 41.4 1.9 10 11 12 360.1 344.7 407.3 391.5 356.8 396.8 280.7 359.1 181.1 339.1 170.1 327.1 192.7 360.0 194.4 364.5 213.1 391.2 218.3 403.0 220.5 406.2 13 14 23.0 20.5 21.7 29.4 26.8 29.2 31.6 34.0 36.4 38.8 41.2 15 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 961.9 16 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Credit market instruments 7 8 9 10 11 12 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 Total liabilities (2) (1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies. (2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector. 75 Z.1, September 16, 2004 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 Checkable deposits and currency Money market fund shares 4 Credit market instruments 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Policy loans Mortgages 12 13 Corporate equities Mutual fund shares 14 Miscellaneous assets 15 Total liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 2769.5 3067.9 3135.7 3224.6 3335.0 3420.8 3591.2 3664.6 3772.8 3894.6 3969.8 1 5.4 110.4 5.5 131.8 5.0 142.3 36.8 173.3 35.3 159.8 43.8 152.7 44.4 153.4 46.8 152.3 47.3 151.4 46.3 144.2 50.0 139.6 2 3 1828.0 1886.0 1943.9 2074.8 2307.8 2377.0 2436.5 2471.6 2488.3 2546.1 2599.8 4 73.4 71.3 217.0 75.8 62.8 224.4 71.2 58.1 235.4 59.3 53.7 253.5 74.0 78.5 330.9 77.9 77.6 338.4 74.2 76.4 345.0 75.7 74.1 346.9 55.9 71.8 348.9 61.4 73.3 357.0 57.2 74.8 365.1 5 6 7 18.4 1130.4 103.8 213.6 20.1 1173.2 99.0 230.8 19.1 1222.2 101.9 235.9 18.7 1342.4 104.1 243.0 19.9 1449.3 105.1 250.0 21.6 1505.6 104.7 251.2 23.3 1558.4 104.9 254.4 24.7 1588.6 104.4 257.3 26.1 1620.2 104.5 260.9 26.8 1661.2 104.4 262.0 27.4 1701.2 104.7 269.3 8 9 10 11 683.2 73.2 909.0 98.7 891.9 97.0 811.3 88.3 708.9 76.6 704.7 74.6 806.0 82.5 837.6 85.4 919.3 91.7 956.7 94.3 975.3 95.0 12 13 69.2 36.9 55.6 40.1 46.8 68.1 68.4 71.0 74.7 107.0 110.2 14 2599.7 2882.8 2942.8 3034.8 3140.4 3220.2 3373.8 3439.2 3539.4 3652.9 3724.1 15 16 17 18 Other loans and advances Life insurance reserves Pension fund reserves (1) 2.5 684.7 1248.1 3.2 748.9 1428.1 2.5 782.7 1453.1 3.1 842.2 1462.1 5.1 881.6 1488.0 6.3 896.9 1506.3 6.6 919.9 1606.5 7.4 933.1 1646.6 8.0 972.7 1713.7 7.9 993.8 1760.7 8.6 1013.3 1800.9 16 17 18 19 20 Taxes payable Miscellaneous liabilities 14.9 649.5 16.2 686.4 17.8 686.8 19.7 707.6 22.1 743.6 22.8 788.0 23.4 817.4 24.1 827.9 24.9 820.1 25.6 864.8 26.4 874.9 19 20 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20). L.118 Other Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 Treasury securities Agency- and GSE-backed securities 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10 11 12 13 14 15 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 876.4 872.7 862.0 859.9 929.8 948.5 993.2 1019.4 1060.1 1093.3 1116.2 1 4.0 42.7 4.3 28.3 3.7 38.3 13.1 30.2 25.9 44.4 30.2 42.0 36.1 48.8 35.1 51.0 34.6 52.8 31.1 52.2 30.3 50.4 2 3 521.1 518.2 509.4 518.4 558.3 572.3 584.7 601.9 625.2 651.5 669.5 4 70.4 69.7 60.6 75.5 52.1 84.1 52.0 94.2 61.2 113.2 61.9 113.4 62.3 113.3 63.2 113.9 64.7 115.4 67.4 120.3 69.3 123.6 5 6 208.1 171.1 2.0 199.0 181.1 1.9 184.1 187.5 1.6 173.8 196.4 1.9 183.0 198.9 2.0 192.0 203.0 2.0 200.7 206.5 1.9 211.2 211.7 1.9 224.2 218.9 2.1 233.6 228.1 2.1 240.1 234.4 2.2 7 8 9 200.1 61.5 47.0 207.9 63.6 50.6 194.3 64.6 51.8 173.9 69.9 54.4 152.3 74.8 74.1 147.4 79.3 77.3 162.9 81.6 79.0 167.3 82.3 81.9 182.7 79.3 85.5 188.3 82.4 87.7 190.5 85.3 90.2 10 11 12 543.1 551.8 562.7 597.0 647.9 663.8 676.7 695.3 690.7 702.9 716.3 13 15.4 527.7 17.4 534.4 19.7 543.0 22.4 574.6 25.6 622.3 26.5 637.3 27.4 649.3 28.4 667.0 29.3 661.4 30.3 672.6 31.4 685.0 14 15 76 Z.1, September 16, 2004 L.119 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 4104.8 4571.2 4422.3 4039.7 3513.4 3458.3 3777.0 3867.6 4175.8 4278.1 4330.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 5.7 147.7 63.4 28.8 6.9 118.8 75.1 32.5 7.3 121.7 79.6 33.4 6.3 125.8 69.0 34.2 6.8 126.7 71.8 36.1 6.9 127.5 72.5 35.8 7.2 128.7 73.2 35.5 7.2 129.5 73.9 35.2 7.0 129.1 74.7 35.4 6.9 131.8 75.4 34.2 7.0 132.6 76.2 35.7 2 3 4 5 6 Credit market instruments 7 8 9 10 11 Total financial assets 1999 621.1 720.4 724.2 708.3 729.5 731.3 737.4 734.4 733.6 740.0 737.6 6 Open market paper Treasury securities Agency- and GSE-backed securities 34.3 85.1 194.8 41.3 87.5 233.0 39.6 77.9 242.0 37.4 56.2 249.9 48.3 54.9 251.7 48.1 54.9 250.7 46.2 55.8 251.3 45.9 53.7 246.7 42.3 52.7 246.4 39.8 55.7 247.0 39.9 54.1 244.8 7 8 9 Corporate and foreign bonds Mortgages 297.5 9.3 347.5 11.0 352.5 12.2 351.4 13.5 359.4 15.2 362.0 15.6 367.8 16.2 371.5 16.7 374.9 17.2 380.3 17.2 381.0 17.8 10 11 1947.9 668.2 2081.2 897.6 1956.1 873.7 1697.8 776.9 1288.2 634.6 1243.7 618.9 1449.3 714.3 1514.1 735.0 1709.2 824.5 1766.7 852.5 1797.0 865.9 12 13 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 622.2 384.6 114.9 122.7 638.9 396.4 107.3 135.3 626.4 381.4 108.5 136.5 621.3 372.2 109.8 139.3 619.8 366.5 111.1 142.2 621.6 367.1 111.4 143.1 631.4 377.9 111.8 141.8 638.2 385.1 112.1 141.0 662.2 406.5 112.4 143.3 670.5 413.9 113.0 143.6 678.6 419.7 113.3 145.5 14 15 16 17 18 Pension fund reserves (liabilities) (3) 4158.9 4628.9 4483.5 4104.6 3582.3 3528.2 3848.0 3939.6 4249.0 4352.2 4405.7 18 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1966.9 2242.8 2123.5 1968.5 1737.7 1695.2 1828.2 1865.1 1989.0 2022.7 2046.8 1 10.0 2.0 37.5 9.2 1.7 40.4 9.1 1.1 44.7 9.5 0.6 45.3 7.7 0.7 45.5 7.4 1.0 43.4 5.5 0.6 38.3 5.5 0.6 38.2 7.0 0.8 36.3 7.8 0.9 35.2 8.9 1.0 31.3 2 3 4 663.2 702.8 752.0 715.2 708.0 703.0 717.1 711.7 728.9 737.3 751.9 5 Open market paper Treasury securities Agency- and GSE-backed securities 37.5 212.6 106.1 40.4 198.8 129.0 44.7 177.9 166.6 45.3 152.4 152.1 45.5 144.1 151.8 43.4 140.9 156.2 38.3 148.1 161.3 38.2 141.6 156.2 41.3 147.4 158.5 45.2 145.2 157.1 47.3 152.0 157.5 6 7 8 Municipal securities Corporate and foreign bonds Mortgages 3.3 279.6 24.1 3.0 310.0 21.5 1.6 339.7 21.5 1.4 339.1 24.9 0.5 334.5 31.6 0.5 328.1 33.9 0.4 332.7 36.3 1.8 334.8 39.0 0.7 339.2 41.9 0.9 343.9 45.0 0.5 346.4 48.3 9 10 11 1188.1 66.1 1407.7 81.0 1223.1 93.5 1084.0 113.8 869.8 105.9 841.9 98.6 960.0 106.7 981.8 127.2 1084.4 131.6 1102.6 138.8 1116.7 137.0 12 13 1998.2 2278.3 2165.4 2015.4 1787.2 1745.0 1878.2 1915.1 2038.9 2072.3 2096.0 14 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.121 Federal Government Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (2) 718.0 776.2 799.2 862.0 896.6 885.0 907.2 922.9 959.0 952.2 964.1 1 30.2 33.1 35.1 44.8 57.8 64.9 65.5 65.3 64.1 64.3 66.0 2 28.1 1.3 0.8 31.0 1.3 0.8 33.0 1.4 0.8 40.2 3.1 1.6 49.6 5.5 2.8 53.4 7.7 3.9 53.9 7.7 3.9 54.6 7.1 3.6 54.3 6.5 3.3 54.8 6.3 3.2 56.8 6.1 3.1 3 4 5 44.9 642.9 59.1 684.0 59.1 704.9 51.4 765.8 48.5 790.3 52.3 767.8 63.1 778.6 69.4 788.1 79.9 815.0 86.7 801.2 88.8 809.2 6 7 718.0 776.2 799.2 862.0 896.6 885.0 907.2 922.9 959.0 952.2 964.1 8 (1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Liabilities of the sector are assets of the household sector. 77 Z.1, September 16, 2004 L.122 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.1 2058.0 2016.0 1971.9 1912.3 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 30.6 -1.0 127.0 139.5 42.9 -2.2 160.4 139.6 91.1 2.2 142.4 183.0 124.2 4.6 219.5 227.0 114.1 -1.3 204.6 273.2 101.1 -1.7 193.4 262.1 88.6 -8.1 183.8 258.8 82.4 -6.5 184.4 229.0 74.2 -1.9 156.9 251.4 73.2 -10.7 158.2 269.0 88.8 1.1 162.2 254.4 2 3 4 5 6 Credit market instruments 965.9 1147.8 1290.9 1536.9 1511.6 1485.5 1479.6 1438.1 1398.5 1344.7 1271.3 6 414.2 103.6 173.8 193.0 81.2 519.0 103.8 190.9 210.4 123.7 608.6 90.4 185.2 244.7 161.9 638.9 135.7 318.4 281.0 163.0 594.0 140.2 324.1 282.8 170.7 543.5 148.2 318.1 292.7 183.0 517.5 144.3 326.8 298.6 192.4 471.7 134.2 350.9 296.5 184.9 458.9 130.2 326.2 297.3 185.9 432.2 125.7 300.0 306.7 180.0 404.8 102.4 275.7 304.7 183.8 7 8 9 10 11 7 8 9 10 11 12 13 Total financial assets 1999 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 67.7 90.4 102.5 128.6 121.6 115.8 117.4 130.6 137.0 137.4 134.4 12 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.1 2058.0 2016.0 1971.9 1912.3 13 4242.6 4653.2 4901.2 4969.7 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 4 5 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 70.9 80.8 106.5 74.8 81.5 81.4 82.3 83.5 94.0 88.5 91.9 2 1028.4 1076.8 1097.7 1223.8 1368.0 1415.6 1480.9 1478.5 1505.7 1552.6 1555.5 3 70.9 141.0 234.9 242.6 339.0 80.8 117.3 271.1 239.4 368.2 106.5 123.6 275.2 230.5 361.9 74.8 115.1 360.5 253.4 420.1 63.0 134.7 422.0 277.3 470.9 62.8 142.8 435.0 282.8 492.1 63.9 152.2 451.9 292.3 520.6 65.2 147.2 444.4 289.8 531.9 75.8 144.1 447.3 290.2 548.3 70.4 149.0 462.5 295.6 575.1 73.7 148.4 460.7 288.8 583.8 4 5 6 7 8 2506.2 7.7 3376.7 4.2 3227.3 3.8 2836.1 0.8 2188.0 0.9 2089.1 1.7 2506.6 1.7 2677.5 3.1 3051.6 1.9 3257.0 3.1 3319.2 3.1 9 10 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4901.2 4969.7 11 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.124 Closed-End and Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Closed-end funds 1 2 3 4 5 6 7 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 148.8 152.1 141.9 139.5 150.8 157.5 178.2 194.4 205.6 221.2 229.1 1 101.2 8.8 60.7 31.8 110.8 7.6 69.7 33.5 105.3 6.7 67.7 30.9 108.5 6.7 74.7 27.1 117.1 3.9 86.0 27.1 123.6 4.0 87.1 32.5 138.6 4.7 86.7 47.2 149.3 5.1 88.8 55.4 153.3 5.3 89.3 58.7 155.5 6.7 88.8 60.0 161.2 7.2 90.2 63.7 2 3 4 5 47.6 41.3 36.6 31.1 33.7 33.9 39.6 45.1 52.3 65.8 67.9 6 148.8 152.1 141.9 139.5 150.8 157.5 178.2 194.4 205.6 221.2 229.1 7 15.6 33.9 65.6 83.0 102.0 100.6 121.3 119.5 150.8 161.3 178.4 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 3.7 2.0 1.8 3.4 1.5 1.9 3.5 1.3 2.3 3.9 1.8 2.2 4.5 2.1 2.4 5.7 3.0 2.8 6.6 3.7 2.9 9 10 11 15.6 33.9 65.6 83.0 98.2 97.2 117.7 115.5 146.3 155.6 171.8 12 15.6 33.9 65.6 83.0 102.0 100.6 121.3 119.5 150.8 161.3 178.4 13 Exchange-traded funds 8 Total financial assets 9 10 11 Credit market instruments Treasury securities Corporate and foreign bonds 12 Corporate equities 13 Total shares outstanding (liabilities) 78 Z.1, September 16, 2004 L.125 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1405.8 1723.2 1965.0 2309.4 2549.4 2602.3 2651.6 2758.8 2774.8 2788.6 2833.4 1 5.0 4.7 77.0 12.1 10.0 89.7 4.4 22.2 80.6 6.7 30.3 104.4 14.8 25.3 95.3 18.1 23.1 78.8 13.6 27.2 90.0 12.3 18.6 72.7 12.4 16.7 73.3 13.9 21.7 77.6 14.7 27.9 65.9 2 3 4 1251.5 1538.8 1794.4 2099.1 2323.2 2376.9 2401.3 2550.2 2565.0 2557.5 2608.9 5 56.2 25.2 482.7 23.9 30.9 655.6 31.1 13.3 810.9 33.8 13.6 1017.8 10.4 25.7 1149.5 11.1 25.2 1167.5 9.1 25.4 1153.4 8.4 23.9 1261.0 9.7 23.6 1246.8 10.4 23.7 1221.3 10.0 24.5 1228.5 6 7 8 19.2 68.7 22.7 97.5 29.2 131.1 35.4 155.7 39.4 189.3 38.9 197.1 38.8 198.1 40.4 205.2 41.3 214.4 42.6 214.7 45.8 226.7 9 10 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 324.2 1.1 34.9 288.2 432.3 0.8 35.8 395.7 477.6 0.8 38.9 437.9 505.9 0.8 41.8 463.3 514.7 0.4 43.8 470.5 519.9 0.4 43.1 476.3 529.2 0.4 42.8 486.0 533.1 0.4 42.5 490.3 545.8 0.3 43.8 501.7 561.2 0.3 44.3 516.6 601.5 0.2 43.2 558.1 11 12 13 14 15 16 17 18 19 Mortgages Home Multifamily residential Farm Consumer credit (2) 247.0 199.6 16.2 31.2 28.4 242.0 189.3 20.5 32.2 33.8 264.3 205.1 25.0 34.2 37.0 297.5 225.6 33.2 38.7 39.4 357.3 271.1 41.7 44.5 36.9 381.9 293.8 42.9 45.2 35.3 416.0 324.5 44.8 46.6 31.3 451.1 359.6 44.6 47.0 27.2 462.8 369.6 45.9 47.4 20.6 467.6 372.4 47.1 48.0 16.0 469.7 371.5 49.2 49.0 2.2 15 16 17 18 19 67.6 72.5 63.4 68.9 90.9 105.3 119.6 104.9 107.3 118.0 116.1 20 1371.0 1684.3 1920.5 2272.0 2519.6 2575.0 2621.9 2729.6 2736.7 2752.4 2788.1 21 1275.4 1275.4 0.0 1594.2 1594.2 0.0 1826.4 1826.4 0.0 2130.6 2130.6 0.0 2350.4 2350.4 0.0 2406.1 2406.1 0.0 2454.0 2454.0 0.0 2569.2 2569.2 0.0 2594.1 2594.1 0.0 2598.7 2598.7 0.0 2657.3 2657.3 0.0 22 23 24 95.6 90.1 94.0 141.5 169.2 168.9 167.9 160.5 142.5 153.8 130.8 25 20 21 Miscellaneous assets Total liabilities 22 23 24 Credit market instruments GSE issues (3) U.S. government loans 25 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Corporation, a private company chartered in 1997. (2) SLMA student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.126 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2019.0 2293.5 2493.2 2831.8 3158.6 3226.6 3289.1 3371.3 3489.0 3506.4 3519.8 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1970.2 48.3 0.0 0.5 2234.7 57.5 0.0 1.3 2425.6 66.0 0.0 1.6 2748.5 81.6 0.0 1.7 3063.7 94.5 0.0 0.4 3129.7 96.6 0.0 0.3 3189.9 98.9 0.0 0.3 3265.4 104.9 0.0 1.0 3373.3 114.7 0.0 1.0 3394.0 111.4 0.0 1.0 3403.1 115.8 0.0 1.0 2 3 4 5 6 Total pool securities (liabilities)(2) 2019.0 2293.5 2493.2 2831.8 3158.6 3226.6 3289.1 3371.3 3489.0 3506.4 3519.8 6 (1) GNMA, FNMA, FHLMC, FAMC, and Farmers Home Administration pools. Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. 79 Z.1, September 16, 2004 L.127 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1352.6 1547.1 1737.2 1990.9 2185.5 2240.4 2301.1 2337.4 2386.8 2410.3 2487.3 1 2 3 Agency- and GSE-backed securities (1) Other loans and advances 193.5 85.9 230.3 82.6 238.6 89.8 252.8 108.3 299.4 105.0 290.4 112.5 294.9 108.4 322.5 102.7 308.2 103.9 272.5 101.3 264.9 101.9 2 3 4 5 6 7 Mortgages (2) Home Multifamily residential Commercial 517.9 360.6 33.9 123.4 598.7 399.4 42.0 157.3 667.4 432.8 47.5 187.1 784.3 505.0 53.5 225.7 874.4 563.2 59.0 252.1 922.2 606.3 59.6 256.2 974.0 642.2 61.7 270.1 999.9 656.4 63.7 279.8 1058.9 696.1 67.1 295.7 1128.5 754.7 69.0 304.8 1210.6 818.6 70.5 321.5 4 5 6 7 8 9 Consumer credit Trade receivables 389.4 165.9 448.4 187.0 521.3 220.0 599.7 245.9 637.1 269.7 640.2 275.2 643.3 280.5 626.6 285.7 625.0 290.8 612.3 295.7 609.6 300.4 8 9 1365.3 1556.8 1743.8 1997.8 2191.2 2246.6 2307.1 2343.2 2392.3 2415.6 2492.4 10 381.8 983.5 520.8 1036.0 645.8 1097.9 765.8 1231.9 752.8 1438.4 728.3 1518.3 719.8 1587.3 731.0 1612.1 717.3 1675.1 710.1 1705.5 698.3 1794.1 11 12 12.7 13.9 9.7 12.9 6.6 10.7 6.8 9.5 5.7 15.6 6.2 16.5 6.0 19.7 5.7 25.6 5.5 30.6 5.3 36.0 5.1 42.3 13 14 10 11 12 13 14 Total financial assets 1999 Total liabilities Commercial paper Corporate bonds Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (4) Included in table L.130. L.128 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 852.7 1003.5 1140.1 1158.9 1192.6 1190.5 1246.8 1336.4 1382.6 1399.9 1385.6 1 22.8 25.3 27.9 30.8 33.8 34.6 35.4 36.2 37.1 37.9 38.8 2 2 Checkable deposits and currency 3 4 5 6 Credit market instruments Other loans and advances Mortgages Consumer credit 645.5 340.9 121.2 183.3 742.6 395.1 145.8 201.6 851.2 458.4 172.3 220.5 846.4 447.0 161.3 238.1 867.6 455.3 174.5 237.8 861.1 453.9 173.9 233.2 883.5 455.8 183.4 244.3 924.2 445.6 194.7 284.0 951.8 457.5 198.9 295.4 989.2 475.6 206.2 307.4 1009.3 471.3 213.3 324.7 3 4 5 6 7 Miscellaneous assets 184.4 235.7 261.0 281.8 291.3 294.9 327.9 375.9 393.7 372.7 337.6 7 856.6 995.3 1161.4 1182.7 1246.9 1245.8 1325.4 1415.3 1467.6 1504.7 1502.7 8 625.5 233.3 365.6 26.5 696.1 230.4 430.3 35.4 778.0 238.8 503.2 35.9 779.2 158.6 569.9 50.8 821.4 141.5 631.9 48.0 820.0 127.3 645.4 47.3 871.0 145.3 672.5 53.2 896.3 132.9 705.8 57.6 938.7 136.3 746.2 56.2 958.1 138.6 759.7 59.8 962.2 140.6 768.9 52.6 9 10 11 12 7.3 8.1 9.1 10.2 11.6 12.0 12.4 12.8 13.2 13.6 14.1 13 223.8 37.2 34.3 152.3 291.1 48.6 87.8 154.6 374.3 63.2 102.5 208.5 393.2 68.6 99.2 225.4 413.9 60.1 88.2 265.6 413.8 77.0 87.2 249.6 442.1 78.1 96.0 267.9 506.2 81.0 95.8 329.4 515.7 64.9 99.8 351.1 533.0 66.4 104.8 361.7 526.4 71.7 107.9 346.8 14 15 16 17 96.6 102.9 108.2 103.5 83.3 81.8 76.7 75.4 70.0 66.6 65.0 18 8 Total liabilities 9 10 11 12 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.127. 80 Z.1, September 16, 2004 L.129 Mortgage Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 2004 Q3 Q4 Q1 Q2 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 21.8 5.2 5.1 2 3 4 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 32.1 5 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 16.0 6 7 70.2 92.8 92.8 101.0 108.0 114.3 133.2 143.1 1 (1) No data are available after 1997:Q4. L.130 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 70.7 68.4 62.1 4.1 4.4 4.3 5.2 4.6 5.8 5.7 7.2 7.4 7.8 8.8 2 45.5 42.9 35.8 42.5 65.6 63.5 71.2 75.9 82.4 96.8 104.7 3 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 13.1 6.1 14.2 5.7 14.5 4.9 20.2 7.0 28.3 11.7 24.5 12.5 26.3 11.4 22.4 13.4 23.0 13.9 29.3 16.0 27.9 16.7 4 5 6 7 8 9 Mortgages Home Multifamily residential Commercial 26.3 14.8 2.1 9.4 23.0 12.4 1.6 9.0 16.3 7.9 1.2 7.3 15.2 7.9 0.9 6.4 25.7 17.4 0.8 7.5 26.5 18.4 0.8 7.3 33.5 25.3 0.8 7.5 40.1 31.6 0.7 7.8 45.5 36.4 0.8 8.3 51.5 41.2 1.1 9.2 60.2 49.3 1.2 9.7 6 7 8 9 21.2 21.1 22.0 22.5 22.6 23.5 24.1 25.0 24.4 28.6 29.6 10 205.6 216.8 217.5 227.8 262.4 263.6 271.8 278.6 286.5 308.8 321.8 11 10 Miscellaneous assets 11 Total liabilities 12 Security RPs 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Mortgages 18 Miscellaneous liabilities 19 20 21 22 23 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 15.1 15.7 11.9 19.7 33.2 30.4 35.0 33.4 34.5 40.3 43.2 12 158.8 0.2 53.4 33.6 71.6 165.1 0.1 62.2 26.0 76.7 167.8 0.2 67.0 17.7 82.9 170.2 0.8 70.8 14.4 84.2 190.0 0.9 84.9 14.1 90.1 194.4 1.3 89.3 14.5 89.2 197.6 0.4 93.6 13.5 90.1 206.7 0.7 100.4 13.7 92.0 214.7 0.4 106.2 14.2 93.9 228.7 0.0 116.3 13.9 98.5 239.9 0.0 122.5 15.5 101.8 13 14 15 16 17 31.6 36.0 37.8 37.9 39.2 38.8 39.3 38.4 37.2 39.8 38.8 18 13.9 5.0 7.5 0.8 0.6 12.9 3.7 7.6 0.9 0.7 10.7 3.5 6.7 0.4 0.1 9.5 2.6 6.5 0.3 0.1 15.6 1.3 13.8 0.3 0.1 16.5 1.0 15.1 0.3 0.1 19.7 0.7 18.6 0.3 0.1 25.6 0.4 24.8 0.3 0.1 30.6 0.3 30.0 0.3 0.1 36.0 0.2 35.5 0.2 0.1 42.3 0.2 41.9 0.2 0.1 19 20 21 22 23 81 Z.1, September 16, 2004 L.131 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 921.2 1001.0 1221.4 1465.6 1335.4 1385.5 1512.1 1560.7 1613.0 1728.8 1675.5 1 25.4 28.7 30.3 47.1 44.2 44.2 43.6 43.9 47.2 53.0 53.1 2 189.4 154.7 223.6 316.0 344.4 390.9 341.1 375.0 424.1 410.6 332.5 3 28.0 15.8 50.9 13.1 81.4 26.0 -42.6 66.0 11.9 93.4 39.2 -3.3 63.7 11.3 112.7 48.2 9.8 77.8 19.0 161.3 43.5 -3.9 91.8 21.0 192.0 46.7 17.5 128.1 19.2 179.4 41.9 -63.2 139.4 22.1 201.0 46.1 8.1 85.8 24.1 210.8 49.4 37.8 83.7 24.9 228.4 49.5 15.9 93.8 25.3 226.1 48.9 -75.1 86.3 30.3 242.1 4 5 6 7 8 54.4 152.8 499.3 66.9 227.9 522.8 77.2 235.1 655.1 85.1 196.4 821.0 74.9 148.2 723.7 67.7 159.5 723.2 87.6 248.5 791.3 86.8 227.6 827.5 100.5 182.5 858.8 113.8 201.2 950.3 118.2 215.6 956.1 9 10 11 866.8 935.8 1151.4 1440.8 1314.7 1362.3 1485.9 1529.3 1582.8 1696.1 1643.7 12 13 14 Security RPs (net) Corporate bonds 208.2 42.5 245.2 25.3 302.2 40.9 353.2 42.3 344.2 40.6 335.2 50.2 358.0 46.2 411.4 48.6 477.9 47.0 494.9 60.0 408.3 60.7 13 14 15 16 17 18 19 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 18.9 419.5 276.7 142.8 1.3 30.9 448.7 323.9 124.8 2.2 35.9 587.6 412.4 175.2 2.1 39.2 629.5 454.3 175.2 1.9 37.4 590.6 412.7 177.9 1.3 28.5 637.1 429.6 207.4 1.6 35.3 723.4 515.1 208.3 1.9 32.5 712.6 503.4 209.1 2.0 28.2 688.8 475.4 213.5 1.8 34.6 752.1 513.0 239.2 1.9 32.0 763.1 526.3 236.8 2.0 15 16 17 18 19 20 21 22 23 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 176.4 10.7 353.5 -187.8 183.6 13.9 415.5 -245.8 182.7 20.1 475.7 -313.1 374.6 72.2 538.6 -236.1 300.5 77.4 558.5 -335.4 309.7 76.9 584.6 -351.9 321.1 78.9 582.1 -339.9 322.2 78.5 584.3 -340.6 339.2 80.2 602.8 -343.8 352.6 79.8 605.6 -332.8 377.6 80.1 651.7 -354.2 20 21 22 23 L.132 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 765.3 997.6 1111.4 1146.3 1121.3 1142.2 1143.6 1170.5 1173.8 1214.5 1241.9 1 2 Money market fund shares 215.4 270.2 284.0 401.9 403.4 362.9 389.9 402.8 365.2 354.0 369.5 2 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 201.2 163.7 37.6 304.3 270.5 33.8 328.8 303.9 24.9 244.4 173.6 70.8 177.7 106.3 71.4 225.9 138.2 87.7 221.5 122.4 99.1 247.2 134.0 113.1 263.9 137.6 126.3 311.8 197.8 114.0 306.7 188.4 118.3 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 348.7 90.6 258.2 423.1 93.0 330.1 498.6 138.7 359.9 500.0 107.9 392.2 540.2 132.6 407.6 553.4 128.3 425.1 532.2 124.8 407.4 520.5 118.3 402.2 544.6 130.8 413.8 548.8 157.9 390.8 565.7 137.4 428.3 6 7 8 765.3 997.6 1111.4 1146.3 1121.3 1142.2 1143.6 1170.5 1173.8 1214.5 1241.9 9 10 11 12 9 Total liabilities Credit market instruments Open market paper Corporate bonds 412.6 234.4 178.2 504.0 268.5 235.5 503.7 266.2 237.5 448.4 188.8 259.7 447.9 157.7 290.1 462.7 170.2 292.6 426.8 126.9 299.9 416.5 115.9 300.7 447.0 141.5 305.5 456.1 145.3 310.8 441.4 133.1 308.3 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 352.7 -63.9 403.3 13.4 493.6 -80.9 419.5 154.9 607.8 -5.1 508.2 104.7 697.8 51.6 578.3 68.0 673.5 92.3 575.4 5.7 679.5 90.6 567.7 21.1 716.8 105.4 628.9 -17.5 753.9 104.0 672.7 -22.7 726.8 97.6 678.0 -48.8 758.4 92.7 758.9 -93.2 800.4 124.2 753.8 -77.6 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 82 Z.1, September 16, 2004 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 2004 Q3 Q4 Q1 Q2 81.8 71.5 67.6 68.7 79.0 80.0 81.7 84.4 85.9 85.2 82.7 1 21.6 21.4 21.6 21.8 23.2 22.4 22.8 23.1 23.7 23.7 23.7 2 10.6 11.0 10.3 11.0 10.5 11.0 10.8 11.0 12.2 11.0 11.4 11.0 11.7 11.0 12.1 11.0 12.6 11.0 12.7 11.0 12.7 11.0 3 4 60.1 50.1 46.1 46.8 55.8 57.6 58.9 61.3 62.3 61.5 58.9 5 Official foreign currency holdings Treasury Monetary authority 36.0 16.2 19.8 32.2 16.0 16.1 31.2 15.6 15.7 29.0 14.4 14.6 33.8 16.9 16.9 34.8 17.4 17.4 35.7 17.8 17.8 37.3 18.6 18.6 39.7 19.9 19.9 39.8 19.9 19.9 38.9 19.4 19.4 6 7 8 Net IMF position Federal government Monetary authority 24.1 24.2 -0.1 18.0 18.0 -0.1 14.8 14.9 -0.1 17.9 17.9 -0.1 22.0 22.1 -0.1 22.9 23.0 -0.1 23.2 23.3 -0.1 24.1 24.2 -0.1 22.5 22.6 -0.1 21.6 21.7 -0.1 20.1 20.2 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 9.2 9.2 6.2 6.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 19.9 26.3 20.9 28.0 23.2 31.6 24.5 33.0 25.5 34.6 25.6 34.8 26.0 35.1 26.0 35.3 26.0 35.5 26.2 35.8 26.5 36.0 3 4 5 Discrepancy (seigniorage) -6.4 -7.1 -8.5 -8.6 -9.1 -9.2 -9.1 -9.3 -9.5 -9.6 -9.5 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 627.6 676.5 803.4 810.1 831.1 839.8 875.6 799.1 831.1 864.2 852.4 1 38.3 30.5 30.6 43.5 31.5 42.9 63.5 24.0 91.1 58.5 15.5 124.2 74.2 20.0 114.1 80.7 25.0 101.1 74.8 29.5 88.6 70.3 35.5 82.4 65.2 41.4 74.2 84.9 44.6 73.2 90.1 48.0 88.8 2 3 4 528.1 558.6 624.7 611.9 622.9 633.1 682.6 610.9 650.4 661.5 625.5 5 83 Z.1, September 16, 2004 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 189.4 202.4 221.2 191.4 205.9 175.5 123.8 163.7 202.9 116.0 129.8 1 68.4 26.3 42.1 90.6 24.0 66.6 63.4 19.0 44.4 64.8 17.5 47.3 70.4 22.5 47.8 65.3 26.8 38.5 67.3 27.7 39.5 69.5 29.1 40.4 71.0 23.1 47.9 65.9 25.0 41.0 73.0 29.6 43.4 2 3 4 121.0 1.7 111.8 -0.0 157.8 1.0 126.6 0.0 135.5 0.5 110.2 -1.2 56.5 0.2 94.2 -0.3 131.9 -0.3 50.0 -0.5 56.8 0.5 5 6 145.9 140.3 161.1 115.5 119.7 92.1 49.5 76.4 120.2 35.9 31.9 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 156.7 85.1 196.7 111.6 149.8 133.5 226.7 93.2 171.6 179.3 302.0 122.7 127.3 167.0 324.8 157.8 141.1 213.1 323.9 110.8 110.2 212.1 342.5 130.4 64.9 209.5 407.4 197.9 99.4 254.2 423.2 169.1 138.7 302.9 447.7 144.7 55.8 278.9 437.0 158.1 54.4 311.2 461.7 150.5 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 92.9 133.0 40.1 41.7 147.9 106.2 -14.8 133.6 148.4 -50.2 163.3 213.5 -83.0 176.2 259.3 -103.7 202.3 306.0 -111.6 248.9 360.5 -121.8 224.7 346.5 -130.5 195.8 326.3 -188.6 200.6 389.2 -226.0 197.6 423.6 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -21.3 2.9 24.2 -25.4 8.3 33.8 7.1 39.3 32.2 10.4 51.4 41.0 11.1 53.4 42.4 1.8 44.0 42.2 -32.9 13.2 46.2 -33.0 12.3 45.3 -33.8 13.2 47.0 -34.5 13.9 48.4 -30.8 14.7 45.4 15 16 17 10.8 10.6 0.2 9.5 9.4 0.2 10.5 9.8 0.7 11.8 11.1 0.7 21.4 21.3 0.1 18.1 18.0 0.1 15.4 15.2 0.2 23.0 22.6 0.4 18.5 18.3 0.1 19.9 19.7 0.2 22.5 22.3 0.2 18 19 20 -26.5 -28.5 -4.3 11.1 15.3 19.3 6.8 18.1 12.0 14.7 24.4 21 -50.9 30.2 55.8 0.9 -26.5 -67.3 44.4 72.2 0.6 -28.5 -33.0 59.4 63.1 0.6 -4.3 -17.8 59.6 47.9 0.7 11.1 0.2 75.8 58.8 1.7 15.3 -15.2 78.6 58.0 1.2 19.3 -61.5 79.8 71.4 1.6 6.8 -57.8 86.9 67.5 1.3 18.1 -65.2 73.6 60.0 1.6 12.0 -75.0 83.3 67.0 1.7 14.7 -73.4 96.5 70.3 1.7 24.4 22 23 24 25 26 56.3 24.8 78.9 32.8 86.0 6.4 89.5 -12.1 90.3 -14.7 100.8 -7.1 104.4 36.9 105.1 39.6 97.9 41.0 116.8 41.6 131.0 38.9 27 28 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 0.4 56.3 55.8 6.7 78.9 72.2 22.9 86.0 63.1 41.6 89.5 47.9 31.5 90.3 58.8 42.7 100.8 58.0 33.0 104.4 71.4 37.6 105.1 67.5 37.8 97.9 60.0 49.8 116.8 67.0 60.6 131.0 70.3 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 23.9 24.8 0.9 32.1 32.8 0.6 5.8 6.4 0.6 -12.8 -12.1 0.7 -16.4 -14.7 1.7 -8.2 -7.1 1.2 35.3 36.9 1.6 38.3 39.6 1.3 39.4 41.0 1.6 39.9 41.6 1.7 37.2 38.9 1.7 32 33 34 215.9 230.8 225.5 180.3 190.5 156.2 117.0 145.6 190.9 101.3 105.4 35 145.9 140.3 161.1 115.5 119.7 92.1 49.5 76.4 120.2 35.9 31.9 36 70.0 90.6 64.4 64.8 70.8 64.1 67.5 69.2 70.7 65.4 73.5 37 1.7 1.6 0.0 -0.0 -0.2 0.2 1.0 0.9 0.1 0.0 -0.0 0.0 0.5 0.4 0.0 -1.2 -1.2 0.0 0.2 -0.5 0.8 -0.3 -0.5 0.2 -0.3 -0.3 0.1 -0.5 -0.6 0.1 0.5 0.2 0.3 38 39 40 66.5 24.4 42.1 85.9 19.3 66.6 61.8 17.4 44.4 62.5 15.2 47.3 67.4 19.5 47.8 62.5 24.0 38.5 64.5 25.0 39.5 66.1 25.7 40.4 67.1 19.1 47.9 60.9 19.9 41.0 66.8 23.4 43.4 41 42 43 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 1.9 4.7 1.7 2.3 3.0 2.8 2.7 3.4 3.9 5.1 6.3 44 -26.5 -28.5 -4.3 11.1 15.3 19.3 6.8 18.1 12.0 14.7 24.4 45 84 Z.1, September 16, 2004 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1333.3 1484.5 1413.1 1603.2 1646.7 1645.3 1712.2 1707.2 1780.6 1791.8 1847.9 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 481.8 6.2 0.2 475.4 590.4 28.5 0.1 561.8 555.2 5.6 0.3 549.3 603.1 7.1 0.1 596.0 644.6 4.8 0.1 639.7 654.7 7.1 0.3 647.3 662.1 7.3 1.0 653.8 665.5 7.6 0.1 657.8 682.5 6.0 0.2 676.3 681.5 6.3 0.1 675.2 696.4 6.3 0.3 689.7 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 622.9 13.2 28.6 581.1 626.4 49.6 28.6 548.2 540.9 16.4 30.7 493.8 628.8 47.5 25.8 555.6 571.5 31.1 25.2 515.3 540.5 8.5 26.9 505.1 584.3 26.7 41.3 516.3 563.1 29.8 32.7 500.6 602.4 30.2 33.2 539.0 597.0 17.5 36.3 543.2 621.5 40.6 47.9 533.1 6 7 8 9 Savings institutions Credit unions 185.6 43.0 222.3 45.4 265.8 51.3 316.5 54.7 370.9 59.7 384.2 65.9 399.5 66.4 413.9 64.8 428.3 67.4 443.0 70.3 459.5 70.4 10 11 10 11 12 Total liabilities 1999 1333.3 1484.5 1413.1 1603.2 1646.7 1645.3 1712.2 1707.2 1780.6 1791.8 1847.9 12 13 Total assets Household sector 421.9 364.3 232.3 335.3 358.7 356.3 345.7 299.3 316.3 351.3 351.8 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 472.5 275.0 178.9 18.6 567.8 331.0 217.6 19.2 674.9 381.4 274.1 19.4 626.5 331.9 274.5 20.1 620.8 313.0 287.3 20.5 607.2 297.2 289.6 20.5 647.1 333.6 293.0 20.5 704.0 387.3 296.2 20.5 734.1 415.3 298.2 20.6 720.5 401.3 298.6 20.6 723.3 404.4 298.3 20.6 14 15 16 17 18 19 State and local governments Federal government 28.3 23.2 32.2 87.9 33.2 24.3 38.2 66.9 46.7 47.5 44.9 23.3 48.9 41.8 48.9 53.3 55.2 54.1 53.2 22.7 47.4 46.8 18 19 20 21 22 Rest of the world Checkable deposits Currency 257.1 28.8 228.3 279.4 28.7 250.7 286.9 30.9 256.0 305.7 25.9 279.8 326.6 25.3 301.3 333.4 27.2 306.2 349.9 42.3 307.7 343.2 32.8 310.4 351.3 33.4 317.9 352.6 36.5 316.1 373.0 48.2 324.9 20 21 22 23 Financial sectors 111.1 140.4 141.9 221.4 237.2 271.1 266.5 261.8 266.6 273.0 284.0 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 2.0 18.4 9.1 0.3 2.2 17.4 26.4 0.3 1.7 19.0 26.7 0.2 2.8 21.0 36.8 0.7 2.5 24.7 38.4 0.0 3.0 23.9 54.8 0.1 3.0 27.4 52.4 0.2 2.4 25.9 45.6 0.3 2.5 24.3 41.5 0.4 3.2 25.0 50.4 0.5 2.7 28.2 39.8 0.6 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 5.4 4.0 5.7 10.0 5.5 4.3 6.9 9.2 5.0 3.7 7.3 9.1 36.8 13.1 6.3 9.5 35.3 25.9 6.8 7.7 43.8 30.2 6.9 7.4 44.4 36.1 7.2 5.5 46.8 35.1 7.2 5.5 47.3 34.6 7.0 7.0 46.3 31.1 6.9 7.8 50.0 30.3 7.0 8.9 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -1.0 5.0 22.8 4.1 25.4 -2.2 12.1 25.3 4.4 28.7 2.2 4.4 27.9 4.3 30.3 4.6 6.7 30.8 5.2 47.1 -1.3 14.8 33.8 4.6 44.2 -1.7 18.1 34.6 5.8 44.2 -8.1 13.6 35.4 5.7 43.6 -6.5 12.3 36.2 7.2 43.9 -1.9 12.4 37.1 7.4 47.2 -10.7 13.9 37.9 7.8 53.0 1.1 14.7 38.8 8.8 53.1 32 33 34 35 36 19.3 12.5 19.7 9.2 9.2 9.0 12.2 -3.2 2.9 18.5 21.5 37 37 Mail float 85 Z.1, September 16, 2004 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 Total liabilities Small time and savings deposits 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 3431.8 3608.0 3912.9 4248.8 4569.7 4711.0 4797.2 4822.7 4861.1 5053.7 5173.2 1 2626.5 2671.6 2860.4 3127.6 3398.5 3502.2 3575.0 3600.9 3627.9 3721.5 3793.8 2 1945.2 1924.4 9.4 11.4 2017.1 1997.4 7.5 12.2 2228.7 2208.0 7.2 13.6 2478.1 2448.3 11.6 18.1 2747.6 2722.0 9.4 16.2 2833.2 2808.5 8.7 16.0 2913.4 2888.4 8.9 16.1 2935.1 2908.8 9.7 16.7 2977.9 2950.2 10.3 17.5 3079.1 3050.4 11.2 17.5 3148.6 3119.9 10.8 18.0 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 393.9 287.5 354.7 299.8 318.9 312.7 288.2 361.3 256.5 394.4 251.8 417.1 238.0 423.6 240.9 424.9 226.0 424.0 218.5 423.8 205.6 439.6 7 8 9 Large time deposits (1) 805.3 936.4 1052.6 1121.1 1171.3 1208.8 1222.2 1221.8 1233.2 1332.2 1379.4 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 673.1 404.1 257.6 11.4 792.6 465.7 314.8 12.2 885.4 553.6 318.2 13.6 918.1 528.4 371.5 18.1 915.3 552.7 346.4 16.2 940.3 569.1 355.2 16.0 934.5 572.5 346.0 16.1 933.3 569.7 346.9 16.7 934.1 555.7 361.0 17.5 992.3 575.2 399.6 17.5 1032.1 596.0 418.1 18.0 10 11 12 13 14 15 Savings institutions Credit unions 113.7 18.5 122.2 21.6 142.1 25.1 168.9 34.1 213.1 42.8 224.5 44.1 237.6 50.1 238.3 50.3 245.5 53.6 285.2 54.7 290.8 56.5 14 15 3431.8 3608.0 3912.9 4248.8 4569.7 4711.0 4797.2 4822.7 4861.1 5053.7 5173.2 16 2680.5 2799.1 3090.9 3298.8 3582.3 3728.3 3789.0 3858.9 3907.3 4084.1 4131.7 17 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 211.0 112.6 98.5 254.4 136.9 117.5 274.9 137.3 137.6 275.8 131.1 144.7 274.4 127.5 146.9 281.6 135.7 145.8 296.4 149.6 146.8 307.9 160.8 147.0 320.6 172.0 148.6 325.0 177.3 147.7 334.3 186.5 147.8 18 19 20 21 22 23 State and local governments Federal government Rest of the world 92.3 4.7 129.0 105.7 5.4 125.9 118.7 6.3 108.7 129.9 10.5 120.6 137.6 27.6 152.3 138.5 18.4 154.6 142.0 27.8 155.9 143.8 9.1 122.3 147.2 2.4 131.2 149.0 1.9 128.7 161.8 2.1 165.4 21 22 23 24 Financial sectors 314.2 317.5 313.2 413.1 395.5 389.6 386.1 380.6 352.4 365.1 377.8 24 1.5 23.4 7.8 1.3 16.6 8.7 1.4 15.5 8.9 2.2 23.0 11.7 2.6 24.5 11.1 2.6 28.7 13.3 2.7 27.6 15.4 2.7 27.3 17.6 2.6 26.4 19.8 3.0 27.5 22.0 3.2 28.7 22.1 25 26 27 147.7 2.0 127.0 4.7 118.8 1.7 160.4 10.0 121.7 1.1 142.4 22.2 125.8 0.6 219.5 30.3 126.7 0.7 204.6 25.3 127.5 1.0 193.4 23.1 128.7 0.6 183.8 27.2 129.5 0.6 184.4 18.6 129.1 0.8 156.9 16.7 131.8 0.9 158.2 21.7 132.6 1.0 162.2 27.9 28 29 30 31 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1329.7 1578.8 1812.1 2240.7 2223.9 2156.1 2120.1 2058.0 2016.0 1971.9 1912.3 1 2 3 4 5 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 712.9 126.4 32.6 22.5 825.0 154.9 40.7 27.6 970.7 191.4 49.4 34.1 1129.2 301.9 59.0 53.7 1088.7 328.8 61.3 56.0 1077.8 324.1 60.0 54.3 1030.3 313.6 58.7 51.5 986.7 292.6 55.6 46.9 989.0 291.0 53.1 46.6 969.8 291.0 49.2 45.7 899.7 294.3 49.0 43.5 2 3 4 5 6 7 8 9 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 46.2 110.4 63.4 215.4 53.7 131.8 75.1 270.2 60.6 142.3 79.6 284.0 52.8 173.3 69.0 401.9 54.1 159.8 71.8 403.4 51.8 152.7 72.5 362.9 49.5 153.4 73.2 389.9 47.2 152.3 73.9 402.8 44.9 151.4 74.7 365.2 42.7 144.2 75.4 354.0 40.4 139.6 76.2 369.5 6 7 8 9 86 Z.1, September 16, 2004 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 913.8 1083.6 1196.8 1231.8 1336.8 1358.1 1440.8 1446.6 1559.4 1630.5 1585.1 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 639.2 538.4 100.4 0.4 750.0 667.0 82.5 0.5 816.1 682.4 134.8 -1.1 786.5 663.9 123.9 -1.2 902.0 737.4 163.4 1.2 931.7 733.8 191.8 6.2 983.2 777.3 197.1 8.8 936.2 766.3 167.7 2.2 969.5 806.0 161.5 2.1 1021.3 851.2 168.8 1.2 1062.5 879.6 181.5 1.4 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 51.3 15.1 208.2 72.7 15.7 245.2 66.7 11.9 302.2 72.4 19.7 353.2 57.4 33.2 344.2 60.8 30.4 335.2 64.6 35.0 358.0 65.6 33.4 411.4 77.5 34.5 477.9 74.1 40.3 494.9 71.2 43.2 408.3 6 7 8 678.7 809.2 804.1 888.3 973.3 1109.1 1120.5 1140.1 1218.9 1302.2 1291.1 9 9 Total liabilities 1999 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 4.2 154.2 72.0 5.8 151.6 79.9 4.2 159.8 91.3 4.0 137.6 150.7 6.2 132.7 190.1 5.8 133.4 360.5 6.2 136.3 364.6 7.3 137.9 420.3 5.8 140.7 462.9 6.9 144.7 530.7 7.1 140.2 552.0 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 448.4 30.4 14.8 6.8 571.8 140.6 10.6 9.3 548.8 43.4 14.9 4.0 596.0 50.3 27.4 2.5 644.3 39.5 27.1 1.7 609.4 31.8 29.7 4.4 613.4 31.8 25.6 2.4 574.7 37.5 24.8 2.8 609.6 43.8 21.0 1.6 619.8 27.5 31.2 4.3 591.8 33.5 26.3 2.6 13 14 15 16 17 18 19 20 21 22 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 42.7 28.8 37.5 139.5 70.9 77.0 28.3 32.5 40.4 139.6 80.8 89.7 38.3 33.4 44.7 183.0 106.5 80.6 30.2 34.2 45.3 227.0 74.8 104.4 44.4 36.1 45.5 273.2 81.5 95.3 42.0 35.8 43.4 262.1 81.4 78.8 48.8 35.5 38.3 258.8 82.3 90.0 51.0 35.2 38.2 229.0 83.5 72.7 52.8 35.4 36.3 251.4 94.0 73.3 52.2 34.2 35.2 269.0 88.5 77.6 50.4 35.7 31.3 254.4 91.9 65.9 17 18 19 20 21 22 235.0 274.4 392.8 343.5 363.5 249.0 320.3 306.4 340.5 328.4 294.0 23 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1172.6 1402.4 1614.0 1466.2 1374.7 1359.2 1317.1 1294.5 1293.1 1340.4 1314.2 1 1161.0 1393.8 1606.1 1461.4 1370.1 1354.4 1312.5 1290.2 1288.7 1336.5 1309.7 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 193.0 72.9 18.5 54.4 230.3 89.2 26.7 62.5 278.4 120.9 37.6 83.3 190.1 106.7 14.3 92.4 126.0 142.8 19.1 123.7 127.1 155.7 18.5 137.1 107.5 173.1 20.3 152.8 108.4 160.4 16.7 143.7 85.9 165.1 15.4 149.6 95.5 190.0 15.0 174.9 102.5 183.4 15.1 168.3 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 895.2 45.4 381.8 233.3 0.2 234.4 1074.3 54.5 520.8 230.4 0.1 268.5 1206.7 55.7 645.8 238.8 0.2 266.2 1164.6 50.6 765.8 158.6 0.8 188.8 1101.3 48.3 752.8 141.5 0.9 157.7 1071.6 44.6 728.3 127.3 1.3 170.2 1031.9 39.6 719.8 145.3 0.4 126.9 1021.4 40.9 731.0 132.9 0.7 115.9 1037.7 42.3 717.3 136.3 0.4 141.5 1051.1 57.1 710.1 138.6 0.0 145.3 1023.8 51.7 698.3 140.6 0.0 133.1 7 8 9 10 11 12 13 Bankers acceptances (1) 11.5 8.6 7.9 4.8 4.6 4.8 4.6 4.3 4.4 3.9 4.4 13 1172.6 1402.4 1614.0 1466.2 1374.7 1359.2 1317.1 1294.5 1293.1 1340.4 1314.2 14 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 63.7 39.4 86.0 87.1 67.7 47.6 103.3 85.8 82.6 57.8 121.2 90.1 85.7 60.2 107.6 87.5 98.9 64.7 113.3 97.8 105.0 62.7 114.3 91.3 97.5 71.5 118.1 102.0 99.0 80.7 120.1 95.2 94.9 83.5 123.8 107.7 100.3 80.6 125.8 113.9 104.6 83.6 127.8 115.5 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 1.1 0.0 0.4 16.5 0.0 1.4 0.0 1.9 17.1 0.0 1.5 0.0 1.2 14.7 0.0 0.0 0.0 2.4 11.6 0.0 0.0 0.0 3.6 11.4 0.0 0.0 0.0 2.9 11.3 0.0 0.0 0.0 3.4 11.2 0.0 0.0 0.0 3.1 11.1 0.0 0.0 0.0 1.6 11.0 0.0 0.0 0.0 2.3 10.9 0.0 0.0 0.0 1.8 10.8 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 73.4 34.3 37.5 75.8 41.3 40.4 71.2 39.6 44.7 59.3 37.4 45.3 74.0 48.3 45.5 77.9 48.1 43.4 74.2 46.2 38.3 75.7 45.9 38.2 55.9 42.3 41.3 61.4 39.8 45.2 57.2 39.9 47.3 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 414.2 70.9 56.2 28.0 163.7 519.0 80.8 23.9 26.0 270.5 608.6 106.5 31.1 39.2 303.9 638.9 74.8 33.8 48.2 173.6 594.0 63.0 10.4 43.5 106.3 543.5 62.8 11.1 46.7 138.2 517.5 63.9 9.1 41.9 122.4 471.7 65.2 8.4 46.1 134.0 458.9 75.8 9.7 49.4 137.6 432.2 70.4 10.4 49.5 197.8 404.8 73.7 10.0 48.9 188.4 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 87 Z.1, September 16, 2004 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 3723.7 3652.7 3357.8 3352.7 3609.8 3673.7 3779.9 3887.5 4008.2 4143.8 4185.4 1 186.6 3537.0 186.4 3466.2 184.8 3173.0 190.3 3162.4 194.9 3414.9 196.9 3476.8 199.1 3580.8 201.5 3686.0 203.8 3804.4 204.4 3939.4 204.6 3980.8 2 3 3723.7 3652.7 3357.8 3352.7 3609.8 3673.7 3779.9 3887.5 4008.2 4143.8 4185.4 4 Household sector Savings bonds Other Treasury issues 747.5 186.6 560.9 833.0 186.4 646.5 621.6 184.8 436.9 510.9 190.3 320.5 373.3 194.9 178.4 415.1 196.9 218.2 486.9 199.1 287.7 460.3 201.5 258.7 455.6 203.8 251.8 415.4 204.4 211.0 435.3 204.6 230.7 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 23.6 38.0 279.7 19.4 37.2 303.2 18.1 40.2 297.2 16.5 42.8 339.4 31.4 45.2 351.5 35.5 45.1 348.3 39.3 46.3 345.0 40.8 46.8 355.6 41.5 47.5 358.8 45.1 48.1 362.9 50.1 48.6 368.3 8 9 10 11 12 Rest of the world Monetary authority 1166.2 452.1 1058.4 478.0 1021.4 511.7 1063.1 551.7 1254.1 629.4 1296.2 641.5 1392.6 652.1 1462.5 656.1 1539.2 666.7 1701.8 674.1 1805.1 687.4 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 214.1 124.8 84.8 0.9 3.6 228.9 122.8 94.5 8.8 2.8 184.5 87.9 94.0 0.8 1.8 162.7 56.5 103.8 1.2 1.2 205.8 86.4 116.7 1.3 1.5 136.6 89.3 44.3 1.3 1.6 126.8 77.9 44.5 2.4 2.0 126.6 81.2 40.1 3.0 2.3 132.9 93.5 34.2 2.7 2.5 144.2 102.6 36.6 2.1 2.8 140.9 100.9 33.8 2.4 3.7 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates 10.2 13.1 17.3 10.1 9.6 17.3 8.7 8.2 16.3 11.4 7.4 11.5 9.2 7.8 11.2 9.2 7.3 11.1 10.0 8.7 11.0 11.2 9.1 10.9 12.2 8.9 10.9 12.2 8.5 10.9 10.8 9.9 10.9 18 19 20 21 22 23 24 25 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 71.3 70.4 85.1 212.6 28.1 62.8 60.6 87.5 198.8 31.0 58.1 52.1 77.9 177.9 33.0 53.7 52.0 56.2 152.4 40.2 78.5 61.2 54.9 144.1 49.6 77.6 61.9 54.9 140.9 53.4 76.4 62.3 55.8 148.1 53.9 74.1 63.2 53.7 141.6 54.6 71.8 64.7 52.7 147.4 54.3 73.3 67.4 55.7 145.2 54.8 74.8 69.3 54.1 152.0 56.8 21 22 23 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 103.6 141.0 8.8 0.0 25.2 15.8 103.8 117.3 7.6 0.0 30.9 -42.6 90.4 123.6 6.7 0.0 13.3 -3.3 135.7 115.1 6.7 0.0 13.6 9.8 140.2 134.7 3.9 2.0 25.7 -3.9 148.2 142.8 4.0 1.5 25.2 17.5 144.3 152.2 4.7 1.3 25.4 -63.2 134.2 147.2 5.1 1.8 23.9 8.1 130.2 144.1 5.3 2.1 23.6 37.8 125.7 149.0 6.7 3.0 23.7 15.9 102.4 148.4 7.2 3.7 24.5 -75.1 26 27 28 29 30 31 3752.2 3681.0 3385.1 3379.5 3637.0 3700.6 3806.9 3914.5 4033.1 4168.9 4209.6 32 2 3 4 5 6 7 Total liabilities 1999 Savings bonds Other Treasury issues Total assets Memo: 32 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 88 Z.1, September 16, 2004 L.210 Agency- and GSE-backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 3322.9 3916.0 4347.0 4989.1 5536.3 5659.6 5770.1 5967.5 6108.0 6130.2 6201.3 1 28.5 1275.4 2019.0 28.3 1594.2 2293.5 27.3 1826.4 2493.2 26.8 2130.6 2831.8 27.3 2350.4 3158.6 26.9 2406.1 3226.6 27.0 2454.0 3289.1 27.0 2569.2 3371.3 24.9 2594.1 3489.0 25.1 2598.7 3506.4 24.2 2657.3 3519.8 2 3 4 3322.9 3916.0 4347.0 4989.1 5536.3 5659.6 5770.1 5967.5 6108.0 6130.2 6201.3 5 Household sector Nonfinancial corporate business State and local governments 288.9 10.6 152.7 362.4 12.4 196.5 405.8 15.4 198.1 328.9 17.2 253.5 219.1 16.9 256.5 200.5 18.4 258.6 156.5 21.1 266.9 345.9 23.3 271.3 485.5 25.1 279.3 397.5 28.0 281.1 440.5 31.5 283.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 227.8 0.3 0.0 300.2 0.2 0.0 441.4 0.1 0.0 534.7 0.0 0.0 650.2 0.0 0.0 663.9 0.0 0.0 678.0 0.0 0.0 650.3 0.0 0.0 661.7 0.0 0.0 681.4 0.0 0.0 719.3 0.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 663.2 578.9 67.4 6.6 10.2 699.6 608.3 72.4 5.4 13.5 721.8 626.5 72.7 4.8 17.8 777.4 700.2 50.7 6.2 20.3 917.9 821.3 61.6 10.7 24.2 961.2 866.4 60.0 11.4 23.4 1035.0 936.0 63.1 10.9 25.0 967.8 872.5 54.8 12.2 28.3 999.5 906.4 52.5 11.6 28.9 1094.5 1001.0 51.1 12.5 29.9 1111.0 1012.4 54.2 12.9 31.5 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 143.7 58.4 39.4 147.1 61.3 45.2 140.4 60.9 45.5 161.4 80.6 35.1 176.2 97.3 34.2 186.1 107.2 33.6 192.4 116.2 32.9 193.3 125.7 32.2 198.7 115.5 31.6 228.5 120.3 31.7 221.3 121.6 31.8 17 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 217.0 69.7 194.8 106.1 1.3 224.4 75.5 233.0 129.0 1.3 235.4 84.1 242.0 166.6 1.4 253.5 94.2 249.9 152.1 3.1 330.9 113.2 251.7 151.8 5.5 338.4 113.4 250.7 156.2 7.7 345.0 113.3 251.3 161.3 7.7 346.9 113.9 246.7 156.2 7.1 348.9 115.4 246.4 158.5 6.5 357.0 120.3 247.0 157.1 6.3 365.1 123.6 244.8 157.5 6.1 20 21 22 23 24 25 26 27 Money market mutual funds Mutual funds Government-sponsored enterprises 173.8 234.9 482.7 190.9 271.1 655.6 185.2 275.2 810.9 318.4 360.5 1017.8 324.1 422.0 1149.5 318.1 435.0 1167.5 326.8 451.9 1153.4 350.9 444.4 1261.0 326.2 447.3 1246.8 300.0 462.5 1221.3 275.7 460.7 1228.5 25 26 27 28 29 30 ABS issuers REITs Brokers and dealers 193.5 13.1 50.9 230.3 14.2 66.0 238.6 14.5 63.7 252.8 20.2 77.8 299.4 28.3 91.8 290.4 24.5 128.1 294.9 26.3 139.4 322.5 22.4 85.8 308.2 23.0 83.7 272.5 29.3 93.8 264.9 27.9 86.3 28 29 30 6 7 8 Total assets 1999 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 32. 89 Z.1, September 16, 2004 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1402.9 1457.2 1480.9 1603.7 1763.1 1791.1 1850.7 1863.5 1898.2 1937.2 1977.2 1 1128.2 41.2 1087.1 1167.1 43.7 1123.4 1183.6 45.1 1138.5 1289.2 69.0 1220.2 1432.6 94.2 1338.4 1456.6 92.8 1363.8 1511.4 92.4 1418.9 1520.1 95.2 1425.0 1550.1 101.3 1448.8 1585.7 103.2 1482.5 1619.0 85.2 1533.8 2 3 4 126.9 147.8 137.3 152.8 143.0 154.2 156.9 157.7 169.8 160.8 173.6 160.9 177.3 162.0 180.6 162.8 183.9 164.2 186.7 164.7 192.3 166.0 5 6 1402.9 1457.2 1480.9 1603.7 1763.1 1791.1 1850.7 1863.5 1898.2 1937.2 1977.2 7 8 9 10 11 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 416.0 25.7 2.8 3.2 435.6 25.0 2.7 3.5 438.0 31.9 2.4 3.8 489.3 29.3 3.5 4.0 585.2 32.1 3.7 4.1 586.6 32.9 3.8 4.1 613.3 34.0 3.8 4.2 602.7 38.2 3.9 4.3 618.6 40.2 3.9 4.4 626.4 41.9 4.0 4.4 650.9 45.6 4.0 4.5 8 9 10 11 12 13 14 Commercial banking Savings institutions Bank personal trusts and estates 104.8 2.5 89.5 110.8 3.0 100.3 114.1 3.2 99.1 120.2 4.5 95.6 121.7 5.5 100.9 123.2 5.5 100.3 127.1 5.8 99.6 131.9 6.3 98.9 132.5 6.3 98.4 133.9 6.5 99.7 137.2 6.5 100.4 12 13 14 15 16 17 Life insurance companies Other insurance companies State and local govt. retirement funds 18.4 208.1 3.3 20.1 199.0 3.0 19.1 184.1 1.6 18.7 173.8 1.4 19.9 183.0 0.5 21.6 192.0 0.5 23.3 200.7 0.4 24.7 211.2 1.8 26.1 224.2 0.7 26.8 233.6 0.9 27.4 240.1 0.5 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 193.0 242.6 60.7 19.2 13.1 210.4 239.4 69.7 22.7 11.9 244.7 230.5 67.7 29.2 11.3 281.0 253.4 74.7 35.4 19.0 282.8 277.3 86.0 39.4 21.0 292.7 282.8 87.1 38.9 19.2 298.6 292.3 86.7 38.8 22.1 296.5 289.8 88.8 40.4 24.1 297.3 290.2 89.3 41.3 24.9 306.7 295.6 88.8 42.6 25.3 304.7 288.8 90.2 45.8 30.3 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 4142.9 4553.3 4924.3 5510.7 5942.6 6109.5 6269.2 6360.7 6515.4 6622.1 6728.6 1 2 3 Nonfinancial corporate business Rest of the world (1) 1846.0 450.9 2067.7 452.8 2230.3 468.0 2578.8 443.5 2711.0 410.0 2753.4 402.5 2827.7 377.5 2851.7 375.3 2869.3 381.9 2897.9 377.0 2899.3 367.1 2 3 4 5 6 Financial sectors Commercial banking Savings institutions 1846.0 220.2 2.6 2032.7 240.6 2.7 2226.0 273.2 6.3 2488.4 310.2 3.6 2821.5 332.2 3.4 2953.6 352.9 4.8 3064.1 359.7 4.8 3133.8 361.2 5.0 3264.2 379.1 5.1 3347.2 389.0 6.0 3462.2 402.7 5.0 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 983.5 365.6 53.4 42.5 178.2 1036.0 430.3 62.2 25.3 235.5 1097.9 503.2 67.0 40.9 237.5 1231.9 569.9 70.8 42.3 259.7 1438.4 631.9 84.9 40.6 290.1 1518.3 645.4 89.3 50.2 292.6 1587.3 672.5 93.6 46.2 299.9 1612.1 705.8 100.4 48.6 300.7 1675.1 746.2 106.2 47.0 305.5 1705.5 759.7 116.3 60.0 310.8 1794.1 768.9 122.5 60.7 308.3 7 8 9 10 11 4142.9 4553.3 4924.3 5510.7 5942.6 6109.5 6269.2 6360.7 6515.4 6622.1 6728.6 12 650.0 61.9 607.8 587.0 73.3 752.1 569.8 70.0 920.6 564.7 95.6 1115.9 597.6 103.8 1266.9 503.6 104.5 1323.4 449.0 107.1 1385.2 395.4 108.5 1439.0 352.4 111.1 1499.5 319.9 112.4 1552.7 284.3 113.8 1606.0 13 14 15 180.9 88.6 28.5 1130.4 171.1 297.5 279.6 0.8 220.5 111.9 39.8 1173.2 181.1 347.5 310.0 0.8 278.6 109.4 44.9 1222.2 187.5 352.5 339.7 0.8 376.4 83.9 38.3 1342.4 196.4 351.4 339.1 1.6 379.1 79.9 35.6 1449.3 198.9 359.4 334.5 2.8 470.9 81.9 36.5 1505.6 203.0 362.0 328.1 3.9 473.6 75.4 37.5 1558.4 206.5 367.8 332.7 3.9 483.7 68.6 38.5 1588.6 211.7 371.5 334.8 3.6 507.1 71.1 39.5 1620.2 218.9 374.9 339.2 3.3 525.4 65.0 41.2 1661.2 228.1 380.3 343.9 3.2 519.2 59.9 41.4 1701.2 234.4 381.0 346.4 3.1 16 17 18 19 20 21 22 23 81.2 339.0 31.8 0.0 68.7 6.1 81.4 37.6 123.7 368.2 33.5 0.0 97.5 5.7 93.4 33.8 161.9 361.9 30.9 0.0 131.1 4.9 112.7 24.9 163.0 420.1 27.1 0.0 155.7 7.0 161.3 70.8 170.7 470.9 27.1 1.8 189.3 11.7 192.0 71.4 183.0 492.1 32.5 1.9 197.1 12.5 179.4 87.7 192.4 520.6 47.2 2.3 198.1 11.4 201.0 99.1 184.9 531.9 55.4 2.2 205.2 13.4 210.8 113.1 185.9 548.3 58.7 2.4 214.4 13.9 228.4 126.3 180.0 575.1 60.0 2.8 214.7 16.0 226.1 114.0 183.8 583.8 63.7 2.9 226.7 16.7 242.1 118.3 24 25 26 27 28 29 30 31 12 Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Bank personal trusts and estates Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises REITs Brokers and dealers Funding corporations (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 90 Z.1, September 16, 2004 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Issues at market value 2 Nonfinancial corporate business 3 4 Rest of the world (2) Financial corporations 5 6 7 8 Holdings at market value Household sector State and local governments Rest of the world (3) 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 15547.3 19522.8 17627.0 15310.6 11871.0 11425.9 13278.7 13755.1 15497.0 15832.8 15982.7 1 11577.8 15155.6 12678.8 10796.2 7907.1 7647.5 8824.6 9050.7 10154.9 10241.4 10443.8 2 1475.0 2494.5 2003.7 2363.4 1852.8 3095.3 1612.7 2901.8 1345.1 2618.8 1269.9 2508.5 1516.3 2937.8 1661.0 3043.3 1957.9 3384.2 2051.2 3540.3 2075.7 3463.2 3 4 15547.3 19522.8 17627.0 15310.6 11871.0 11425.9 13278.7 13755.1 15497.0 15832.8 15982.7 5 7120.0 97.6 1250.3 9168.1 117.1 1611.5 7762.6 97.1 1643.2 6466.3 100.7 1572.7 4853.7 80.3 1260.8 4680.3 75.6 1190.2 5364.4 85.8 1405.7 5499.3 87.7 1437.8 6146.7 96.3 1669.0 6072.0 97.5 1707.6 6065.5 97.0 1710.8 6 7 8 6.8 24.5 360.1 11.3 23.8 407.3 11.9 24.2 356.8 8.9 27.9 280.7 3.5 29.1 181.1 2.0 29.9 170.1 6.7 30.6 192.7 9.7 31.1 194.4 15.1 30.4 213.1 16.0 28.2 218.3 15.7 27.9 220.5 9 10 11 9 10 11 Commercial banking Savings institutions Bank personal trusts and estates 12 13 14 15 16 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 683.2 200.1 1947.9 1188.1 44.9 909.0 207.9 2081.2 1407.7 59.1 891.9 194.3 1956.1 1223.1 59.1 811.3 173.9 1697.8 1084.0 51.4 708.9 152.3 1288.2 869.8 48.5 704.7 147.4 1243.7 841.9 52.3 806.0 162.9 1449.3 960.0 63.1 837.6 167.3 1514.1 981.8 69.4 919.3 182.7 1709.2 1084.4 79.9 956.7 188.3 1766.7 1102.6 86.7 975.3 190.5 1797.0 1116.7 88.8 12 13 14 15 16 17 18 19 20 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers 2506.2 47.6 15.6 54.4 3376.7 41.3 33.9 66.9 3227.3 36.6 65.6 77.2 2836.1 31.1 83.0 85.1 2188.0 33.7 98.2 74.9 2089.1 33.9 97.2 67.7 2506.6 39.6 117.7 87.6 2677.5 45.1 115.5 86.8 3051.6 52.3 146.3 100.5 3257.0 65.8 155.6 113.8 3319.2 67.9 171.8 118.2 17 18 19 20 13747.8 17158.0 15388.6 13316.1 10163.3 9807.9 11347.9 11669.6 13042.1 13242.2 13343.0 21 Memo: 21 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 13, 18, 19, and 20; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4901.2 4969.7 1 2 Holdings at market value 3613.1 4538.5 4435.3 4135.5 3638.4 3587.8 4071.6 4242.6 4653.2 4901.2 4969.7 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 2397.1 98.0 19.1 2987.4 127.0 21.4 2905.3 124.0 21.2 2750.8 111.0 24.3 2443.8 97.0 24.2 2431.4 92.5 26.4 2762.2 106.2 25.6 2905.5 108.5 24.2 3182.4 121.0 21.2 3391.6 122.5 16.8 3448.7 122.5 11.3 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 9.1 3.6 344.7 12.4 2.5 391.5 15.0 2.2 396.8 21.3 3.7 359.1 19.6 3.5 339.1 13.5 3.4 327.1 16.3 4.5 360.0 14.5 5.0 364.5 17.1 4.1 391.2 16.2 4.2 403.0 16.2 3.9 406.2 6 7 8 Life insurance companies Private pension funds 73.2 668.2 98.7 897.6 97.0 873.7 88.3 776.9 76.6 634.6 74.6 618.9 82.5 714.3 85.4 735.0 91.7 824.5 94.3 852.5 95.0 865.9 9 10 9 10 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 91 Z.1, September 16, 2004 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 Total loans by commercial banking, flow of funds basis 3304.6 3505.1 3874.8 3944.4 4163.8 4184.4 4272.6 4326.7 4398.0 4472.5 4594.3 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 1.1 1337.0 508.9 142.8 1.4 1495.4 499.8 124.8 1.5 1660.1 541.5 175.2 0.0 1789.8 558.4 175.2 0.0 2058.3 587.2 177.9 0.0 2099.3 575.3 207.4 0.0 2192.9 584.2 208.3 0.0 2263.7 593.7 209.1 0.0 2255.8 636.4 213.5 0.0 2329.3 624.7 239.2 0.0 2435.9 625.8 236.8 2 3 4 5 6 = Banking sector total bank loans n.e.c. 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.2 1292.3 1279.3 1295.8 6 1012.0 282.4 4.1 16.3 1104.3 260.0 2.6 16.9 1202.4 274.6 1.6 18.0 1140.5 256.1 1.9 22.5 1081.9 237.5 2.9 18.2 1050.6 231.2 2.6 18.0 1039.3 223.1 6.7 18.2 1029.5 205.7 6.8 18.1 1045.5 220.4 7.9 18.5 1034.7 217.6 8.1 19.0 1050.3 218.6 7.4 19.5 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.2 1292.3 1279.3 1295.8 12 13 Total liabilities 1314.8 1383.8 1496.6 1421.0 1340.4 1302.3 1287.2 1260.2 1292.3 1279.3 1295.8 13 1209.0 1292.3 1405.5 1316.8 1235.0 1209.4 1188.6 1157.4 1192.0 1175.3 1197.0 14 74.2 768.8 262.1 45.1 67.3 813.0 308.6 44.2 74.1 861.0 352.9 46.9 57.6 758.3 390.7 46.9 54.6 661.9 404.1 46.0 50.9 649.3 398.3 43.4 61.1 632.1 390.7 45.0 51.9 614.9 384.2 45.4 94.4 612.4 378.8 45.5 92.8 606.9 373.5 42.9 111.4 602.3 376.4 46.0 15 16 17 18 58.7 2.8 13.1 42.8 59.2 3.0 9.9 46.4 70.5 3.5 13.2 53.8 63.2 4.3 5.9 53.1 68.6 5.1 5.1 58.4 67.6 4.7 5.5 57.4 59.7 4.7 4.9 50.1 61.0 4.4 3.9 52.8 60.9 4.6 3.7 52.7 59.2 4.9 4.4 49.9 60.9 5.3 5.9 49.8 19 20 21 22 105.8 91.5 91.1 104.2 105.3 92.9 98.7 102.8 100.3 104.1 98.7 23 29.7 26.5 16.0 33.6 14.0 35.4 16.0 26.0 21.5 35.9 16.0 17.7 23.0 50.8 16.0 14.4 27.2 48.0 16.0 14.1 15.1 47.3 16.0 14.5 15.9 53.2 16.0 13.5 15.4 57.6 16.0 13.7 13.9 56.2 16.0 14.2 14.3 59.8 16.0 13.9 14.6 52.6 16.0 15.5 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 92 Z.1, September 16, 2004 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 Total other loans and advances 1171.7 1299.7 1420.5 1451.1 1475.9 1477.2 1495.7 1490.3 1515.0 1526.7 1576.6 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 138.3 17.6 8.3 44.8 5.1 10.1 52.2 0.0 131.3 17.2 8.0 43.9 4.9 9.7 47.6 0.0 127.7 16.6 7.6 42.8 5.0 8.7 47.0 0.0 121.8 15.0 7.4 39.6 5.0 8.9 45.9 0.0 118.2 14.2 7.0 38.9 4.7 9.4 44.0 0.0 118.2 14.0 7.3 39.1 4.7 9.5 43.6 0.0 117.6 13.8 7.5 39.4 4.6 9.6 42.8 0.0 116.8 13.6 7.6 39.5 4.5 9.6 41.9 0.0 116.7 13.5 7.8 39.6 4.5 9.7 41.8 0.0 116.1 13.3 8.0 40.1 4.4 9.7 40.7 0.0 115.8 13.1 8.1 40.4 4.4 9.7 40.2 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 142.3 142.3 119.5 119.5 117.3 117.3 115.7 115.7 125.8 125.8 115.0 115.0 126.1 126.1 125.2 125.2 125.0 125.0 113.6 113.6 120.6 120.6 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 11.3 6.6 4.7 8.2 4.4 3.9 7.5 4.3 3.1 4.6 4.1 0.5 4.6 4.4 0.2 4.8 4.7 0.1 4.5 4.4 0.1 4.3 4.2 0.1 4.4 4.2 0.2 3.9 3.7 0.1 4.4 4.2 0.3 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 24.2 12.1 12.1 30.6 15.3 15.3 39.3 19.7 19.7 42.9 21.5 21.5 46.2 23.1 23.1 47.4 23.7 23.7 48.2 24.1 24.1 57.4 28.7 28.7 56.3 28.1 28.1 49.6 24.8 24.8 55.5 27.8 27.8 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 104.7 0.9 103.8 100.0 0.9 99.0 102.8 0.9 101.9 105.0 0.9 104.1 106.1 0.9 105.1 105.6 1.0 104.7 105.9 1.0 104.9 105.4 1.0 104.4 105.5 1.0 104.5 105.4 1.0 104.4 105.7 1.0 104.7 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 324.2 0.6 17.1 17.8 104.9 180.1 1.1 2.5 432.3 0.7 17.9 17.9 145.6 243.7 3.4 3.2 477.6 0.4 19.5 19.4 172.4 260.0 3.4 2.5 505.9 0.4 19.5 22.3 196.6 259.1 4.9 3.1 514.7 0.4 20.1 23.7 226.8 231.7 6.9 5.1 519.9 0.4 20.4 22.7 225.2 237.3 7.6 6.3 529.2 0.4 19.2 23.6 235.5 236.0 8.0 6.6 533.1 0.4 18.5 24.0 232.2 241.8 8.8 7.4 545.8 0.3 19.8 24.0 235.3 249.3 9.1 8.0 561.2 0.3 21.3 22.9 253.3 247.0 8.4 7.9 601.5 0.2 19.4 23.8 251.4 288.5 9.6 8.6 21 22 23 24 25 26 27 28 29 30 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 85.9 85.9 82.6 82.6 89.8 89.8 108.3 108.3 105.0 105.0 112.5 112.5 108.4 108.4 102.7 102.7 103.9 103.9 101.3 101.3 101.9 101.9 29 30 31 32 33 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 340.9 306.8 34.1 395.1 355.6 39.5 458.4 412.6 45.8 447.0 402.3 44.7 455.3 409.7 45.5 453.9 408.5 45.4 455.8 410.2 45.6 445.6 401.0 44.6 457.5 411.7 45.7 475.6 428.1 47.6 471.3 424.2 47.1 31 32 33 93 Z.1, September 16, 2004 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 2004 Q3 Q4 Q1 Q2 5656.5 6257.8 6820.6 7502.1 8335.5 8559.9 8854.2 9123.3 9351.7 9600.6 9884.0 1 4301.4 334.4 923.5 97.2 4721.5 372.5 1060.2 103.6 5133.8 404.5 1172.1 110.2 5651.4 447.7 1285.1 117.9 6332.2 487.3 1390.5 125.5 6524.3 495.4 1412.6 127.6 6767.0 510.0 1447.5 129.7 6983.3 523.7 1484.5 131.7 7150.2 545.1 1522.8 133.6 7351.7 552.3 1561.4 135.3 7571.0 567.1 1607.3 138.6 2 3 4 5 5656.5 6257.8 6820.6 7502.1 8335.5 8559.9 8854.2 9123.3 9351.7 9600.6 9884.0 6 Household sector 4189.8 4568.2 4949.4 5440.8 6084.8 6266.1 6491.4 6697.9 6829.2 7020.5 7229.1 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1395.0 262.8 1035.1 97.2 1612.9 339.2 1170.1 103.6 1788.2 370.4 1307.6 110.2 1977.0 430.3 1428.8 117.9 2160.6 473.8 1561.3 125.5 2204.6 484.6 1592.4 127.6 2272.8 508.8 1634.3 129.7 2333.4 527.8 1673.9 131.7 2428.6 574.6 1720.4 133.6 2481.6 592.0 1754.4 135.3 2553.0 620.3 1794.2 138.6 8 9 10 11 12 13 Federal government REITs 0.0 71.6 0.0 76.7 0.0 82.9 0.0 84.2 0.0 90.1 0.0 89.2 0.0 90.1 0.0 92.0 0.0 93.9 0.0 98.5 0.0 101.8 12 13 5656.5 6257.8 6820.6 7502.1 8335.5 8559.9 8854.2 9123.3 9351.7 9600.6 9884.0 14 98.2 67.3 26.7 106.5 41.2 24.7 117.4 43.5 23.3 125.4 46.6 26.6 136.0 48.7 27.8 138.8 49.2 27.7 141.6 49.7 27.5 144.5 50.2 27.1 147.4 50.7 26.6 150.3 51.2 26.0 153.5 51.7 25.2 15 16 17 126.2 44.9 130.6 77.7 132.4 76.9 130.4 75.8 124.0 76.3 124.8 73.9 127.9 74.0 129.6 73.6 132.6 73.8 134.2 75.8 135.9 74.2 18 19 1337.0 644.0 96.9 2.8 1495.4 668.1 111.0 2.2 1660.1 723.0 124.9 2.3 1789.8 758.2 141.3 2.5 2058.3 781.4 159.4 2.3 2099.3 815.9 162.3 2.2 2192.9 833.6 168.1 2.1 2263.7 852.1 176.5 2.0 2255.8 870.9 182.6 1.9 2329.3 927.5 185.9 1.9 2435.9 966.5 196.0 1.9 20 21 22 23 213.6 2.0 9.3 24.1 230.8 1.9 11.0 21.5 235.9 1.6 12.2 21.5 243.0 1.9 13.5 24.9 250.0 2.0 15.2 31.6 251.2 2.0 15.6 33.9 254.4 1.9 16.2 36.3 257.3 1.9 16.7 39.0 260.9 2.1 17.2 41.9 262.0 2.1 17.2 45.0 269.3 2.2 17.8 48.3 24 25 26 27 247.0 2019.0 517.9 242.0 2293.5 598.7 264.3 2493.2 667.4 297.5 2831.8 784.3 357.3 3158.6 874.4 381.9 3226.6 922.2 416.0 3289.1 974.0 451.1 3371.3 999.9 462.8 3489.0 1058.9 467.6 3506.4 1128.5 469.7 3519.8 1210.6 28 29 30 121.2 32.1 26.3 145.8 32.1 23.0 172.3 32.1 16.3 161.3 32.1 15.2 174.5 32.1 25.7 173.9 32.1 26.5 183.4 32.1 33.5 194.7 32.1 40.1 198.9 32.1 45.5 206.2 32.1 51.5 213.3 32.1 60.2 31 32 33 7 14 Total liabilities Q2 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 28 29 30 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 31 32 33 Finance companies Mortgage companies REITs (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, September 16, 2004 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 4301.4 4721.5 5133.8 5651.4 6332.2 6524.3 6767.0 6983.3 7150.2 7351.7 7571.0 1 4086.1 9.3 205.9 4457.9 11.5 252.1 4828.7 13.5 291.6 5301.4 15.6 334.4 5932.1 16.2 383.9 6109.6 16.6 398.1 6334.9 17.1 415.0 6536.3 17.4 429.5 6688.2 18.0 444.0 6873.6 18.9 459.2 7078.3 19.7 473.0 2 3 4 4301.4 4721.5 5133.8 5651.4 6332.2 6524.3 6767.0 6983.3 7150.2 7351.7 7571.0 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business 73.1 27.1 10.0 80.3 20.2 9.0 87.4 21.4 8.7 94.9 23.3 9.7 103.6 24.3 11.0 105.9 24.6 11.4 108.2 24.8 11.8 110.6 25.1 12.2 113.1 25.3 12.6 115.6 25.6 13.1 118.2 25.8 13.6 6 7 8 9 10 State and local governments Federal government 64.4 18.8 66.6 18.4 67.5 17.7 66.5 17.1 63.2 16.2 63.6 15.9 65.2 15.7 66.1 15.5 67.6 15.3 68.5 15.2 69.3 15.0 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 797.0 533.5 96.9 2.8 879.6 548.2 111.0 2.2 965.6 594.2 124.9 2.3 1023.9 620.6 141.3 2.5 1222.2 631.4 159.4 2.3 1244.8 662.9 162.3 2.2 1320.6 676.2 168.1 2.1 1368.8 690.4 176.5 2.0 1347.0 703.4 182.6 1.9 1394.6 753.7 185.9 1.9 1473.5 789.5 196.0 1.9 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 6.6 5.8 8.4 5.9 6.6 7.5 4.9 7.7 7.5 4.9 9.0 8.7 4.7 10.7 11.1 3.8 11.1 11.9 3.6 11.7 12.7 3.6 12.2 13.7 4.4 12.8 14.7 4.6 13.6 15.8 4.8 14.3 16.9 15 16 17 18 19 20 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 199.6 1970.2 360.6 189.3 2234.7 399.4 205.1 2425.6 432.8 225.6 2748.5 505.0 271.1 3063.7 563.2 293.8 3129.7 606.3 324.5 3189.9 642.2 359.6 3265.4 656.4 369.6 3373.3 696.1 372.4 3394.0 754.7 371.5 3403.1 818.6 18 19 20 21 22 23 Finance companies Mortgage companies REITs 90.0 21.8 14.8 108.2 21.8 12.4 130.6 21.8 7.9 120.1 21.8 7.9 135.0 21.8 17.4 133.9 21.8 18.4 142.5 21.8 25.3 151.8 21.8 31.6 152.2 21.8 36.4 159.5 21.8 41.2 167.9 21.8 49.3 21 22 23 361.2 176.9 55.9 29.7 8.6 90.0 401.5 189.5 59.7 33.4 10.7 108.2 491.8 235.0 72.8 40.7 12.7 130.6 517.8 258.6 77.9 44.9 16.2 120.1 583.2 303.3 78.5 48.1 18.4 135.0 596.5 314.0 83.5 47.3 17.9 133.9 621.6 328.7 83.0 48.4 19.0 142.5 650.0 343.3 87.8 48.8 18.4 151.8 684.6 366.0 95.6 51.8 19.0 152.2 712.6 390.1 90.8 52.9 19.4 159.5 766.2 423.3 99.8 56.1 19.2 167.9 24 25 26 27 28 29 6 7 8 24 25 26 27 28 29 Total assets 1999 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Loans of finance companies (line 29) include some first liens. Excludes home equity loans held by mortgage companies and individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 334.4 372.5 404.5 447.7 487.3 495.4 510.0 523.7 545.1 552.3 567.1 1 23.5 287.3 24.7 322.5 25.9 351.2 27.3 392.6 28.8 428.7 29.2 436.8 29.6 450.6 30.0 463.4 30.4 483.7 30.9 488.8 31.4 502.1 2 3 0.0 23.6 0.0 25.3 0.0 27.4 0.0 27.8 0.0 29.7 0.0 29.4 0.0 29.7 0.0 30.4 0.0 31.0 0.0 32.5 0.0 33.6 4 5 334.4 372.5 404.5 447.7 487.3 495.4 510.0 523.7 545.1 552.3 567.1 6 1.5 1.1 8.8 1.4 0.9 8.0 1.4 0.8 7.7 1.4 0.9 9.2 1.4 1.0 8.5 1.4 1.0 8.0 1.4 1.0 7.3 1.4 1.0 6.5 1.5 1.0 5.5 1.5 1.0 4.4 1.5 1.0 3.1 7 8 9 10 11 State and local governments Federal government 50.5 13.6 52.2 13.6 52.9 13.9 52.2 13.7 49.6 14.3 49.9 14.2 51.2 14.4 51.8 14.4 53.1 14.5 53.7 14.7 54.3 14.7 10 11 12 13 Commercial banking Savings institutions 54.6 57.0 67.7 59.3 77.8 61.3 84.9 64.6 94.2 68.7 96.8 69.8 100.1 72.7 102.8 74.9 104.9 78.0 107.7 81.7 110.8 84.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 31.5 0.9 6.7 32.8 1.1 6.0 33.7 1.1 6.0 35.6 1.1 7.0 36.8 1.1 8.9 37.0 1.1 9.5 37.6 1.1 10.2 38.1 1.1 10.9 38.6 1.1 11.7 38.7 0.9 12.6 39.8 0.9 13.5 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 16.2 48.3 33.9 20.5 57.5 42.0 25.0 66.0 47.5 33.2 81.6 53.5 41.7 94.5 59.0 42.9 96.6 59.6 44.8 98.9 61.7 44.6 104.9 63.7 45.9 114.7 67.1 47.1 111.4 69.0 49.2 115.8 70.5 17 18 19 20 21 22 Finance companies Mortgage companies REITs 2.5 5.2 2.1 2.8 5.2 1.6 2.9 5.2 1.2 2.7 5.2 0.9 1.7 5.2 0.8 1.6 5.2 0.8 1.6 5.2 0.8 1.6 5.2 0.7 1.7 5.2 0.8 1.7 5.2 1.1 1.7 5.2 1.2 20 21 22 95 Z.1, September 16, 2004 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 923.5 1060.2 1172.1 1285.1 1390.5 1412.6 1447.5 1484.5 1522.8 1561.4 1607.3 1 103.7 229.9 541.9 48.0 110.3 303.0 595.5 51.4 120.7 331.0 664.8 55.6 139.4 387.5 701.8 56.4 152.7 428.7 748.7 60.4 156.6 438.8 757.5 59.8 156.5 462.1 768.6 60.3 161.6 480.3 781.0 61.6 141.0 526.2 792.7 62.9 146.9 542.2 806.3 66.0 150.8 569.1 819.1 68.2 2 3 4 5 923.5 1060.2 1172.1 1285.1 1390.5 1412.6 1447.5 1484.5 1522.8 1561.4 1607.3 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 6.0 39.1 6.9 6.8 20.1 6.4 8.6 21.2 6.1 7.9 22.4 6.8 8.6 23.4 7.1 8.7 23.6 7.1 8.9 23.8 7.1 9.1 24.1 7.0 9.2 24.3 7.0 9.4 24.6 6.9 9.5 24.8 6.8 7 8 9 10 11 State and local governments Federal government 10.1 7.9 10.4 41.5 10.6 41.1 10.4 41.0 9.9 42.1 10.0 40.2 10.2 40.4 10.4 40.2 10.6 40.5 10.7 42.5 10.9 41.2 10 11 12 13 Commercial banking Savings institutions 456.3 53.0 516.3 60.1 582.6 67.0 645.6 72.5 704.0 80.7 719.0 82.7 732.4 84.1 751.9 86.1 763.3 88.9 785.7 91.4 808.6 92.5 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 164.0 2.0 2.6 8.9 179.0 1.9 3.3 8.0 183.8 1.6 3.4 8.0 188.4 1.9 3.4 9.2 195.0 2.0 3.4 11.7 196.5 2.0 3.3 12.5 199.8 1.9 3.4 13.4 202.3 1.9 3.4 14.4 203.9 2.1 3.3 15.5 204.6 2.1 2.7 16.6 210.4 2.2 2.7 17.9 14 15 16 17 18 19 20 21 22 Agency- and GSE-backed mortgage pools ABS issuers Finance companies Mortgage companies REITs 0.0 123.4 28.7 5.1 9.4 0.0 157.3 34.8 5.1 9.0 0.0 187.1 38.8 5.1 7.3 0.0 225.7 38.5 5.1 6.4 0.0 252.1 37.8 5.1 7.5 0.0 256.2 38.5 5.1 7.3 0.0 270.1 39.3 5.1 7.5 0.0 279.8 41.2 5.1 7.8 0.0 295.7 45.0 5.1 8.3 0.0 304.8 45.0 5.1 9.2 0.0 321.5 43.7 5.1 9.7 18 19 20 21 22 7 8 9 Total assets 1999 L.221 Farm Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 97.2 103.6 110.2 117.9 125.5 127.6 129.7 131.7 133.6 135.3 138.6 1 2 Total assets 97.2 103.6 110.2 117.9 125.5 127.6 129.7 131.7 133.6 135.3 138.6 2 17.7 1.0 17.9 1.3 20.0 0.7 21.2 0.9 22.4 1.2 22.7 1.3 23.0 1.3 23.3 1.4 23.6 1.5 23.9 1.6 24.3 1.7 3 4 1.3 4.5 1.3 4.3 1.3 4.1 1.3 4.0 1.2 3.7 1.2 3.6 1.3 3.5 1.3 3.6 1.3 3.4 1.3 3.4 1.4 3.3 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 29.0 0.4 31.8 0.5 34.0 0.5 35.5 0.5 38.0 0.6 38.7 0.6 39.7 0.6 40.2 0.6 40.6 0.6 41.4 0.6 42.9 0.6 7 8 9 10 Life insurance companies State and local govt. retirement funds 11.5 0.0 13.0 0.0 13.6 0.0 14.1 0.0 13.5 0.0 13.9 0.0 13.3 0.0 13.3 0.0 14.0 0.0 14.1 0.0 14.4 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 31.2 0.5 32.2 1.3 34.2 1.6 38.7 1.7 44.5 0.4 45.2 0.3 46.6 0.3 47.0 1.0 47.4 1.0 48.0 1.0 49.0 1.0 11 12 96 Z.1, September 16, 2004 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1 Total liabilities (Households) 1442.9 1550.2 1726.5 1865.2 1942.6 1912.7 1940.0 1977.5 2025.5 2005.3 2018.6 1 2 Total assets 1442.9 1550.2 1726.5 1865.2 1942.6 1912.7 1940.0 1977.5 2025.5 2005.3 2018.6 2 87.8 0.0 37.4 86.0 0.0 50.9 90.0 0.0 67.0 88.8 0.0 80.1 86.4 0.0 92.8 75.5 0.0 90.6 75.1 0.0 89.1 74.6 0.0 95.3 70.3 0.0 94.1 62.1 0.0 93.9 62.4 0.0 92.6 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 508.9 52.4 155.4 499.8 61.7 167.9 541.5 64.8 184.4 558.4 71.1 189.6 587.2 68.7 195.7 575.3 68.6 194.0 584.2 73.8 198.9 593.7 72.7 203.4 636.4 77.9 205.9 624.7 81.5 207.6 625.8 88.4 212.9 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 28.4 389.4 183.3 33.8 448.4 201.6 37.0 521.3 220.5 39.4 599.7 238.1 36.9 637.1 237.8 35.3 640.2 233.2 31.3 643.3 244.3 27.2 626.6 284.0 20.6 625.0 295.4 16.0 612.3 307.4 2.2 609.6 324.7 9 10 11 9 10 11 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 8 9 Rest of the world Brokers and dealers 10 Total trade receivables 2345.4 2747.7 2664.3 2730.9 2728.9 2778.5 2829.2 2891.8 2943.9 3013.5 1 126.8 130.9 134.7 132.9 139.8 141.7 143.6 145.7 147.7 149.9 152.1 2 1049.7 178.6 19.6 1228.2 213.3 20.0 1541.4 259.9 20.9 1437.7 255.0 18.3 1461.7 276.0 19.2 1436.6 286.4 20.0 1459.6 297.1 20.7 1491.6 311.6 20.9 1539.1 322.7 21.1 1558.7 335.9 20.1 1603.1 350.2 22.0 3 4 5 579.5 65.0 608.6 64.5 635.9 69.0 661.1 72.3 685.6 73.6 691.6 77.9 697.6 78.7 703.6 79.6 709.6 77.8 715.6 81.9 721.6 85.5 6 7 44.9 18.9 49.1 30.9 49.9 35.9 47.8 39.2 37.6 37.4 46.3 28.5 45.9 35.3 43.7 32.5 45.5 28.2 47.2 34.6 47.0 32.0 8 9 2070.7 2345.0 2744.0 2657.7 2630.3 2673.8 2766.0 2819.8 2824.1 2920.3 3020.1 10 1440.0 233.1 1647.7 272.6 1930.7 342.1 1802.2 343.9 1721.9 366.7 1746.6 375.9 1815.1 388.1 1844.0 404.5 1825.9 417.1 1895.4 432.0 1976.0 447.9 11 12 State and local governments Federal government Rest of the world 95.4 22.3 52.5 103.9 22.9 47.4 111.4 28.1 47.0 116.5 35.5 43.9 118.1 32.2 47.0 118.8 30.7 47.3 121.8 31.6 47.2 123.4 33.6 46.3 126.3 35.9 48.7 127.8 37.8 49.3 129.4 36.0 45.3 13 14 15 Other insurance companies ABS issuers 61.5 165.9 63.6 187.0 64.6 220.0 69.9 245.9 74.8 269.7 79.3 275.2 81.6 280.5 82.3 285.7 79.3 290.8 82.4 295.7 85.3 300.4 16 17 12.2 0.4 3.7 6.6 100.6 55.2 12.5 9.3 67.7 23.7 -6.7 18 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 16 17 18 2082.9 Discrepancy L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 572.2 676.6 822.7 825.9 738.8 796.6 971.9 940.2 871.3 953.3 978.7 1 2 3 Household sector Rest of the world 152.8 0.0 227.9 0.0 235.1 0.0 196.4 0.0 148.2 0.0 159.5 0.0 248.5 0.0 227.6 0.0 182.5 0.0 201.2 0.0 215.6 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 419.5 276.7 76.3 66.5 448.7 323.9 67.6 57.2 587.6 412.4 74.7 100.5 629.5 454.3 81.9 93.3 590.6 412.7 79.2 98.7 637.1 429.6 91.5 115.9 723.4 515.1 104.5 103.8 712.6 503.4 99.4 109.8 688.8 475.4 91.5 121.9 752.1 513.0 96.0 143.1 763.1 526.3 96.7 140.1 4 5 6 7 572.2 676.6 822.7 825.9 738.8 796.6 971.9 940.2 871.3 953.3 978.7 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 276.7 0.0 323.9 0.0 412.4 0.0 454.3 0.0 412.7 0.0 429.6 0.0 515.1 0.0 503.4 0.0 475.4 0.0 513.0 0.0 526.3 0.0 9 10 11 12 Commercial banking Brokers and dealers 142.8 152.8 124.8 227.9 175.2 235.1 175.2 196.4 177.9 148.2 207.4 159.5 208.3 248.5 209.1 227.6 213.5 182.5 239.2 201.2 236.8 215.6 11 12 97 Z.1, September 16, 2004 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 Life insurance reserves: 1 Total liabilities 718.3 783.9 819.1 880.0 920.9 936.3 959.7 973.0 1013.2 1034.3 1054.2 1 2 3 Federal government Life insurance companies 33.6 684.7 35.0 748.9 36.4 782.7 37.8 842.2 39.4 881.6 39.4 896.9 39.8 919.9 39.9 933.1 40.5 972.7 40.5 993.8 40.9 1013.3 2 3 4 Total assets (Households) 718.3 783.9 819.1 880.0 920.9 936.3 959.7 973.0 1013.2 1034.3 1054.2 4 8123.2 9111.4 8901.3 8444.1 7754.1 7664.6 8239.9 8424.2 8960.6 9137.5 9266.7 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 1248.1 4158.9 1428.1 4628.9 1453.1 4483.5 1462.1 4104.6 1488.0 3582.3 1506.3 3528.2 1606.5 3848.0 1646.6 3939.6 1713.7 4249.0 1760.7 4352.2 1800.9 4405.7 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 1998.2 718.0 2278.3 776.2 2165.4 799.2 2015.4 862.0 1787.2 896.6 1745.0 885.0 1878.2 907.2 1915.1 922.9 2038.9 959.0 2072.3 952.2 2096.0 964.1 8 9 8123.2 9111.4 8901.3 8444.1 7754.1 7664.6 8239.9 8424.2 8960.6 9137.5 9266.7 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 156.0 178.9 204.8 219.2 248.1 260.0 264.8 271.5 260.5 273.1 281.1 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 64.1 44.1 71.0 53.0 78.0 64.6 81.0 68.7 93.0 76.8 97.2 81.7 96.6 84.1 99.1 85.3 84.5 86.5 92.0 87.9 96.2 88.9 2 3 4 5 U.S.-chartered commercial banks Savings institutions 7.1 2.0 9.0 2.0 11.1 2.5 13.5 1.7 16.2 1.5 16.9 1.4 17.6 1.4 18.3 1.6 19.1 1.3 19.8 1.8 20.6 1.6 4 5 6 7 Life insurance companies Other insurance companies 14.9 15.4 16.2 17.4 17.8 19.7 19.7 22.4 22.1 25.6 22.8 26.5 23.4 27.4 24.1 28.4 24.9 29.3 25.6 30.3 26.4 31.4 6 7 8 9 Finance companies Brokers and dealers 7.3 1.3 8.1 2.2 9.1 2.1 10.2 1.9 11.6 1.3 12.0 1.6 12.4 1.9 12.8 2.0 13.2 1.8 13.6 1.9 14.1 2.0 8 9 38.5 66.1 84.7 125.9 120.8 152.2 151.5 172.9 176.3 201.8 188.4 10 17.1 21.4 27.6 38.5 42.4 42.4 46.1 79.8 56.5 64.3 62.2 90.0 66.5 85.0 69.9 103.1 73.5 102.8 77.9 123.9 84.5 103.9 11 12 117.5 112.8 120.0 93.4 127.3 107.8 113.3 98.5 84.2 71.3 92.7 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Investment in Bank Personal Trusts and Estates Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Liab.: Bank personal trusts and estates 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 961.9 1 2 Asset: Household sector 1001.0 1130.4 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 955.0 961.9 2 98 Z.1, September 16, 2004 L.229 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 8332.1 9325.1 10529.7 11342.4 12024.3 12283.6 12219.9 12446.8 12592.1 12881.0 12982.3 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 17.2 2563.5 392.9 19.4 2919.6 466.5 19.6 3446.3 552.6 19.1 3516.3 607.3 20.0 3585.9 627.7 20.7 3608.9 636.9 21.0 3609.8 646.4 21.0 3608.7 655.2 20.9 3564.6 664.3 21.0 3570.3 672.8 21.7 3516.6 681.1 2 3 4 5 6 Federal government Rest of the world 649.6 1404.4 690.6 1719.8 711.3 1881.2 772.0 2085.6 798.2 2391.8 777.9 2554.9 790.7 2280.0 802.3 2269.9 831.3 2475.8 819.8 2519.8 829.8 2639.7 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 10.7 1115.2 99.8 5.2 9.4 1077.4 85.1 6.0 10.6 1257.8 102.3 5.6 7.7 1256.6 130.7 3.8 30.3 1430.8 156.4 5.1 27.2 1416.1 187.4 1.5 30.7 1464.1 199.8 7.6 33.7 1547.2 207.9 8.5 34.5 1550.8 184.6 6.3 30.8 1610.3 225.7 19.5 28.7 1591.0 214.2 9.6 7 8 9 10 11 12 Life insurance companies Other insurance companies 649.5 527.7 686.4 534.4 686.8 543.0 707.6 574.6 743.6 622.3 788.0 637.3 817.4 649.3 827.9 667.0 820.1 661.4 864.8 672.6 874.9 685.0 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 95.6 223.8 16.0 90.1 291.1 16.0 94.0 374.3 16.0 141.5 393.2 16.0 169.2 413.9 16.0 168.9 413.8 16.0 167.9 442.1 16.0 160.5 506.2 16.0 142.5 515.7 16.0 153.8 533.0 16.0 130.8 526.4 16.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 31.6 176.4 352.7 36.0 183.6 493.6 37.8 182.7 607.8 37.9 374.6 697.8 39.2 300.5 673.5 38.8 309.7 679.5 39.3 321.1 716.8 38.4 322.2 753.9 37.2 339.2 726.8 39.8 352.6 758.4 38.8 377.6 800.4 16 17 18 10441.4 11831.2 14147.2 15002.2 15610.6 15790.3 15813.7 15874.5 16121.8 16558.7 16535.3 19 19 Total liabilities 1999 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 351.5 4475.0 382.1 45.4 364.3 5427.5 463.8 45.6 370.9 6722.6 553.7 45.5 389.4 6942.7 683.6 47.3 420.0 7067.8 781.1 51.4 431.3 7119.8 806.6 52.7 440.6 7194.5 831.6 53.9 457.5 7207.8 857.6 55.6 462.0 7365.5 883.6 56.0 471.5 7439.2 911.6 56.9 480.2 7464.6 942.9 58.2 20 21 22 23 24 25 26 State and local governments Federal government Rest of the world 226.9 101.4 1024.3 190.1 100.5 1175.3 242.7 99.1 1655.8 179.0 100.4 1739.8 189.5 100.5 1949.8 192.0 101.6 1989.1 186.2 101.5 1752.4 191.9 101.9 1615.7 187.9 101.9 1512.3 193.1 101.9 1676.3 190.1 102.0 1558.4 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 16.1 1065.2 62.1 24.3 23.0 16.8 1097.7 60.0 8.0 20.5 19.3 1196.9 67.6 12.9 21.7 20.3 1347.9 84.9 18.3 29.4 19.6 1443.4 103.9 28.7 26.8 19.3 1469.1 104.2 24.1 29.2 18.9 1488.0 109.1 27.2 31.6 18.5 1503.5 122.4 14.1 34.0 18.2 1532.4 99.7 29.2 36.4 18.1 1570.5 93.3 23.4 38.8 17.8 1589.4 97.0 25.7 41.2 27 28 29 30 31 32 33 34 35 36 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 69.2 47.0 622.2 66.1 642.9 36.9 50.6 638.9 81.0 684.0 55.6 51.8 626.4 93.5 704.9 40.1 54.4 621.3 113.8 765.8 46.8 74.1 619.8 105.9 790.3 68.1 77.3 621.6 98.6 767.8 68.4 79.0 631.4 106.7 778.6 71.0 81.9 638.2 127.2 788.1 74.7 85.5 662.2 131.6 815.0 107.0 87.7 670.5 138.8 801.2 110.2 90.2 678.6 137.0 809.2 32 33 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises 67.7 7.7 67.6 90.4 4.2 72.5 102.5 3.8 63.4 128.6 0.8 68.9 121.6 0.9 90.9 115.8 1.7 105.3 117.4 1.7 119.6 130.6 3.1 104.9 137.0 1.9 107.3 137.4 3.1 118.0 134.4 3.1 116.1 37 38 39 40 41 42 43 Finance companies REITs Brokers and dealers Funding corporations 184.4 21.2 499.3 348.7 235.7 21.1 522.8 423.1 261.0 22.0 655.1 498.6 281.8 22.5 821.0 500.0 291.3 22.6 723.7 540.2 294.9 23.5 723.2 553.4 327.9 24.1 791.3 532.2 375.9 25.0 827.5 520.5 393.7 24.4 858.8 544.6 372.7 28.6 950.3 548.8 337.6 29.6 956.1 565.7 40 41 42 43 -2109.2 -2506.1 -3617.5 -3659.8 -3586.3 -3506.7 -3593.8 -3427.7 -3529.7 -3677.7 -3552.9 44 44 Discrepancy 99 Z.1, September 16, 2004 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 1196.0 1041.0 31.2 11.1 47.0 58.0 7.7 1414.4 1227.7 35.2 16.2 50.6 69.9 14.7 1531.6 1322.2 43.5 17.5 51.8 76.6 20.0 1686.6 1456.2 49.6 18.2 54.4 93.9 14.3 1840.0 1575.9 52.1 23.7 74.1 101.6 12.7 1884.6 1609.6 53.6 24.2 77.3 106.8 13.0 1922.3 1641.3 54.5 25.9 79.0 107.5 14.0 1969.8 1682.2 55.4 26.6 81.9 109.7 14.0 2013.8 1704.0 60.4 28.5 85.5 119.9 15.7 2065.0 1747.5 62.1 29.1 87.7 122.0 16.5 2131.5 1802.2 63.8 30.0 90.2 125.9 19.4 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 812.0 3.4 46.1 27.3 47.3 37.2 10.7 -63.9 971.2 3.3 62.0 32.1 51.5 48.6 13.9 -80.9 1171.4 3.4 64.2 42.9 60.9 63.2 20.1 -5.1 1145.8 2.9 67.2 38.8 66.4 68.6 72.2 51.6 1086.7 3.0 76.8 38.9 69.9 60.1 77.4 92.3 1099.4 3.0 80.4 40.2 69.7 77.0 76.9 90.6 1082.7 3.0 80.3 39.6 70.5 78.1 78.9 105.4 1079.9 2.9 80.8 40.0 69.9 81.0 78.5 104.0 1091.0 3.1 87.5 58.3 62.4 64.9 80.2 97.6 1104.5 3.0 88.0 57.7 63.0 66.4 79.8 92.7 1086.2 3.1 89.7 72.2 62.3 71.7 80.1 124.2 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 920.0 1101.7 1421.0 1513.5 1505.2 1537.3 1538.6 1537.0 1545.1 1555.1 1589.6 16 32.4 32.4 33.9 33.9 35.4 35.4 37.1 37.1 38.6 38.6 38.9 38.9 39.3 39.3 39.7 39.7 40.0 40.0 40.3 40.3 40.8 40.8 17 18 6.0 6.0 6.4 6.4 7.0 7.0 7.4 7.4 8.4 8.4 8.5 8.5 8.7 8.7 8.7 8.7 8.8 8.8 9.0 9.0 9.2 9.2 19 20 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 25.5 31.6 33.8 37.1 39.1 40.3 40.9 41.7 42.3 44.1 45.2 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 1.6 1.7 0.0 10.0 11.8 0.3 0.2 0.0 1.6 1.6 0.0 13.0 14.5 0.5 0.3 0.0 1.6 1.6 0.0 13.8 15.7 0.6 0.4 0.0 1.8 2.0 0.0 15.2 17.0 0.9 0.3 0.0 1.8 2.1 0.0 17.5 16.0 1.2 0.5 0.0 1.9 2.1 0.0 18.0 16.6 1.2 0.6 0.0 1.8 2.2 0.0 18.4 16.4 1.3 0.8 0.0 1.8 2.3 0.0 18.6 16.7 1.4 1.0 0.0 2.1 2.5 0.0 18.7 16.4 1.4 1.1 0.0 2.2 2.4 0.0 19.1 17.6 1.5 1.2 0.0 2.1 2.6 0.0 19.3 18.4 1.6 1.2 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 469.0 5.4 17.1 16.0 95.4 471.9 6.0 43.9 16.0 85.4 525.4 6.6 51.3 16.0 115.8 586.1 7.4 49.6 16.0 146.4 639.2 8.3 44.1 16.0 150.9 650.1 8.5 43.6 16.0 159.6 667.0 8.8 48.0 16.0 174.7 679.6 9.1 47.9 16.0 182.2 689.8 9.3 49.9 16.0 189.1 708.1 9.6 52.4 16.0 214.7 738.5 9.9 53.9 16.0 223.4 30 31 32 33 34 35 Asset: Bank holding companies 603.0 623.1 715.1 805.6 858.5 877.8 914.6 934.8 954.1 1000.9 1041.8 35 17.1 17.1 43.9 43.9 51.3 51.3 49.6 49.6 44.1 44.1 43.6 43.6 48.0 48.0 47.9 47.9 49.9 49.9 52.4 52.4 53.9 53.9 36 37 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 90.6 258.2 93.0 330.1 138.7 359.9 107.9 392.2 132.6 407.6 128.3 425.1 124.8 407.4 118.3 402.2 130.8 413.8 157.9 390.8 137.4 428.3 38 39 40 Asset: Funding corporations 348.7 423.1 498.6 500.0 540.2 553.4 532.2 520.5 544.6 548.8 565.7 40 100 Z.1, September 16, 2004 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 2.1 2.1 2.7 2.7 2.8 2.8 2.7 2.7 2.8 2.8 2.8 2.8 2.8 2.8 2.9 2.9 3.0 3.0 3.1 3.1 3.1 3.1 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 24.9 24.9 17.1 17.1 17.1 17.1 25.7 25.7 27.6 27.6 30.5 30.5 30.8 30.8 28.4 28.4 20.5 20.5 24.9 24.9 19.1 19.1 5 6 17.2 17.2 19.4 19.4 19.6 19.6 19.1 19.1 20.0 20.0 20.7 20.7 21.0 21.0 21.0 21.0 20.9 20.9 21.0 21.0 21.7 21.7 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 12 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 150.3 83.0 37.1 30.2 162.0 93.5 38.4 30.1 168.9 97.4 39.5 32.0 175.4 100.5 40.4 34.4 185.6 110.6 40.6 34.5 188.5 112.3 40.7 35.5 191.1 114.4 41.8 34.9 198.1 118.6 42.6 36.9 199.5 121.5 40.5 37.5 202.4 123.8 40.4 38.1 203.5 123.1 42.5 37.9 9 10 11 12 13 Asset: Household sector 150.3 162.0 168.9 175.4 185.6 188.5 191.1 198.1 199.5 202.4 203.5 13 Policy payables: 14 Liab.: Other insurance companies 480.4 482.9 482.1 508.2 552.4 567.7 578.8 597.0 599.0 609.6 622.6 14 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 201.3 189.8 45.6 43.7 202.3 190.8 45.9 43.9 202.0 190.4 45.8 43.9 214.0 200.8 48.3 45.3 232.4 218.2 52.5 49.3 238.9 224.2 53.9 50.7 243.5 228.6 55.0 51.7 251.2 235.8 56.7 53.3 252.0 236.6 56.9 53.5 256.4 240.8 57.9 54.5 261.9 245.9 59.2 55.7 15 16 17 18 384.6 384.6 396.4 396.4 381.4 381.4 372.2 372.2 366.5 366.5 367.1 367.1 377.9 377.9 385.1 385.1 406.5 406.5 413.9 413.9 419.7 419.7 19 20 114.9 114.9 107.3 107.3 108.5 108.5 109.8 109.8 111.1 111.1 111.4 111.4 111.8 111.8 112.1 112.1 112.4 112.4 113.0 113.0 113.3 113.3 21 22 403.3 403.3 419.5 419.5 508.2 508.2 578.3 578.3 575.4 575.4 567.7 567.7 628.9 628.9 672.7 672.7 678.0 678.0 758.9 758.9 753.8 753.8 23 24 642.9 642.9 684.0 684.0 704.9 704.9 765.8 765.8 790.3 790.3 767.8 767.8 778.6 778.6 788.1 788.1 815.0 815.0 801.2 801.2 809.2 809.2 25 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.9 1.9 4.0 4.0 6.1 6.1 8.2 8.2 10.5 10.5 12.7 12.7 14.8 14.8 27 28 Unallocated insurance company contracts: 19 20 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 22 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 24 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 26 Liab.: Federal government Asset: Federal government retirement funds Uniformed Services Retiree Health Care Fund: 27 28 Liab.: Federal government Asset: Household sector 101 Z.1, September 16, 2004 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 Total liabilities 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 2962.8 3355.6 3842.5 4148.3 4516.6 4671.2 4447.6 4532.9 4528.3 4604.9 4523.7 1 1636.6 389.6 1841.1 463.2 2166.3 549.2 2260.7 604.3 2388.0 624.7 2398.1 634.0 2415.3 643.4 2416.7 652.3 2361.2 661.2 2352.8 669.7 2317.0 678.1 2 3 Federal government Rest of the world Monetary authority 6.7 173.9 4.8 6.6 268.8 3.0 6.4 311.5 3.6 6.2 359.2 0.4 6.0 510.4 21.9 6.1 628.7 18.7 6.0 315.6 22.0 6.0 257.5 25.0 5.8 419.0 25.7 5.9 411.4 21.9 5.8 464.3 19.4 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 509.6 193.0 220.6 74.1 21.9 450.6 181.2 157.2 88.1 24.1 529.5 263.2 137.2 104.4 24.8 495.4 173.7 141.9 150.8 29.0 582.1 210.6 152.4 190.9 28.3 557.3 221.8 105.3 200.4 29.8 591.9 235.3 101.0 224.5 31.1 668.4 280.8 120.9 232.7 34.1 642.7 263.2 106.4 241.4 31.7 656.3 287.2 85.6 249.0 34.6 625.4 261.2 69.4 257.9 36.9 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 94.4 5.2 87.4 45.2 79.2 6.0 95.9 41.5 95.7 5.6 93.7 43.1 123.3 3.8 121.2 78.7 148.1 5.1 152.6 102.5 178.9 1.5 192.2 98.1 191.0 7.6 208.8 96.2 198.9 8.5 204.7 90.3 175.3 6.3 155.8 79.7 216.1 19.5 190.9 84.8 204.3 9.6 179.5 66.6 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 152.3 31.6 -187.8 13.4 154.6 36.0 -245.8 154.9 208.5 37.8 -313.1 104.7 225.4 37.9 -236.1 68.0 265.6 39.2 -335.4 5.7 249.6 38.8 -351.9 21.1 267.9 39.3 -339.9 -17.5 329.4 38.4 -340.6 -22.7 351.1 37.2 -343.8 -48.8 361.7 39.8 -332.8 -93.2 346.8 38.8 -354.2 -77.6 16 17 18 19 5072.1 5861.7 7460.0 7808.1 8102.9 8177.9 8041.3 7960.6 8058.0 8282.6 8076.6 20 3227.0 334.9 226.9 3965.1 416.3 190.1 5158.7 506.2 242.7 5236.2 633.5 179.0 5229.7 726.9 189.5 5242.3 750.8 192.0 5276.5 774.8 186.2 5241.9 799.1 191.9 5375.1 824.6 187.9 5398.5 851.4 193.1 5362.6 881.7 190.1 21 22 23 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 66.9 104.3 16.1 63.9 73.6 16.8 61.0 234.8 19.3 60.7 226.3 20.3 59.1 444.6 19.6 59.9 451.8 19.3 59.3 213.8 18.9 59.3 78.7 18.5 58.9 -32.8 18.2 58.5 121.3 18.1 58.1 -31.1 17.8 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 415.1 114.3 234.5 56.5 9.7 419.9 121.0 204.9 85.4 8.7 417.4 127.4 177.1 106.3 6.6 470.1 158.2 187.2 112.2 12.5 506.9 176.8 184.2 139.5 6.4 511.2 215.2 142.5 145.7 7.9 491.8 210.4 127.6 147.1 6.8 486.0 204.3 125.5 149.9 6.3 490.4 200.3 123.9 161.9 4.3 479.4 192.4 101.0 181.4 4.6 455.4 189.5 80.6 181.4 3.9 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 25.5 24.0 23.0 28.4 7.4 20.5 34.8 12.3 21.7 42.3 17.4 29.4 60.3 27.6 26.8 57.2 22.9 29.2 61.9 25.9 31.6 77.3 12.7 34.0 62.7 27.8 36.4 50.8 21.9 38.8 59.4 24.1 41.2 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 40.7 122.7 66.1 0.9 135.3 81.0 18.2 136.5 93.5 2.5 139.3 113.8 2.6 142.2 105.9 22.6 143.1 98.6 20.8 141.8 106.7 22.4 141.0 127.2 24.2 143.3 131.6 55.8 143.6 138.8 57.1 145.5 137.0 35 36 37 38 39 40 Mutual funds Money market mutual funds Government-sponsored enterprises 7.7 67.7 67.6 4.2 90.4 72.5 3.8 102.5 63.4 0.8 128.6 68.9 0.9 121.6 90.9 1.7 115.8 105.3 1.7 117.4 119.6 3.1 130.6 104.9 1.9 137.0 107.3 3.1 137.4 118.0 3.1 134.4 116.1 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 126.4 21.2 88.4 165.7 21.1 88.6 184.4 22.0 126.9 187.9 22.5 228.4 189.6 22.6 135.6 188.0 23.5 142.5 220.4 24.1 148.3 266.2 25.0 140.7 273.8 24.4 165.1 250.7 28.6 174.9 211.7 29.6 182.9 41 42 43 -2109.2 -2506.1 -3617.5 -3659.8 -3586.3 -3506.7 -3593.8 -3427.7 -3529.7 -3677.7 -3552.9 44 44 Discrepancy 102 Z.1, September 16, 2004 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 43624.9 49110.9 49378.0 49100.9 48232.1 48404.9 50517.5 51597.0 54119.4 55066.5 55966.9 1 13150.4 14217.0 15524.3 16774.6 18204.3 18487.2 18792.3 19182.7 19853.8 20230.4 20762.1 2 10465.3 9408.2 1057.2 11373.1 10253.7 1119.4 12494.1 11267.0 1227.0 13576.6 12358.2 1218.4 14842.0 13559.6 1282.5 15097.7 13796.6 1301.1 15369.9 14050.8 1319.1 15727.5 14381.0 1346.6 16367.5 14988.5 1379.0 16676.6 15274.7 1401.8 17143.8 15712.7 1431.1 3 4 5 76.7 2608.3 83.0 2760.9 89.5 2940.7 94.0 3104.0 96.2 3266.1 96.5 3293.0 96.9 3325.5 97.9 3357.2 99.3 3387.1 100.3 3453.5 101.9 3516.4 6 7 30474.5 34894.0 33853.6 32326.3 30027.8 29917.7 31725.2 32414.3 34265.6 34836.0 35204.8 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 3853.6 38.3 421.9 2680.5 712.9 4031.9 43.5 364.3 2799.1 825.0 4357.4 63.5 232.3 3090.9 970.7 4821.8 58.5 335.3 3298.8 1129.2 5103.8 74.2 358.7 3582.3 1088.7 5243.1 80.7 356.3 3728.3 1077.8 5239.9 74.8 345.7 3789.0 1030.3 5215.2 70.3 299.3 3858.9 986.7 5277.8 65.2 316.3 3907.3 989.0 5490.1 84.9 351.3 4084.1 969.8 5473.2 90.1 351.8 4131.7 899.7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 2264.3 63.7 747.5 186.6 560.9 288.9 416.0 650.0 98.2 2392.1 67.7 833.0 186.4 646.5 362.4 435.6 587.0 106.5 2235.2 82.6 621.6 184.8 436.9 405.8 438.0 569.8 117.4 2104.8 85.7 510.9 190.3 320.5 328.9 489.3 564.7 125.4 2010.1 98.9 373.3 194.9 178.4 219.1 585.2 597.6 136.0 1949.5 105.0 415.1 196.9 218.2 200.5 586.6 503.6 138.8 1944.7 97.5 486.9 199.1 287.7 156.5 613.3 449.0 141.6 2047.8 99.0 460.3 201.5 258.7 345.9 602.7 395.4 144.5 2154.4 94.9 455.6 203.8 251.8 485.5 618.6 352.4 147.4 2009.8 100.3 415.4 204.4 211.0 397.5 626.4 319.9 150.3 2069.1 104.6 435.3 204.6 230.7 440.5 650.9 284.3 153.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business (6) Miscellaneous assets 7120.0 2397.1 276.7 718.3 8123.2 1001.0 4368.7 351.5 9168.1 2987.4 323.9 783.9 9111.4 1130.4 4600.4 364.3 7762.6 2905.3 412.4 819.1 8901.3 1095.8 4993.7 370.9 6466.3 2750.8 454.3 880.0 8444.1 960.7 5054.1 389.4 4853.7 2443.8 412.7 920.9 7754.1 840.9 5267.8 420.0 4680.3 2431.4 429.6 936.3 7664.6 819.6 5332.0 431.3 5364.4 2762.2 515.1 959.7 8239.9 877.0 5381.6 440.6 5499.3 2905.5 503.4 973.0 8424.2 885.0 5503.3 457.5 6146.7 3182.4 475.4 1013.2 8960.6 932.4 5660.8 462.0 6072.0 3391.6 513.0 1034.3 9137.5 955.0 5761.2 471.5 6065.5 3448.7 526.3 1054.2 9266.7 961.9 5859.1 480.2 23 24 25 26 27 28 29 30 6253.5 6819.1 7402.3 7989.2 8680.4 8845.3 9203.0 9421.6 9603.4 9796.4 10059.8 31 5956.7 4086.1 1442.9 126.9 74.2 122.9 103.7 6440.8 4457.9 1550.2 137.3 67.3 117.8 110.3 7012.9 4828.7 1726.5 143.0 74.1 119.8 120.7 7640.9 5301.4 1865.2 156.9 57.6 120.4 139.4 8372.4 5932.1 1942.6 169.8 54.6 120.7 152.7 8523.4 6109.6 1912.7 173.6 50.9 120.0 156.6 8789.9 6334.9 1940.0 177.3 61.1 120.1 156.5 9027.3 6536.3 1977.5 180.6 51.9 119.4 161.6 9252.3 6688.2 2025.5 183.9 94.4 119.3 141.0 9424.4 6873.6 2005.3 186.7 92.8 119.1 146.9 9670.4 7078.3 2018.6 192.3 111.4 119.0 150.8 32 33 34 35 36 37 38 152.8 126.8 227.9 130.9 235.1 134.7 196.4 132.9 148.2 139.8 159.5 141.7 248.5 143.6 227.6 145.7 182.5 147.7 201.2 149.9 215.6 152.1 39 40 17.2 19.4 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.0 21.7 41 37371.4 42291.9 41975.7 41111.6 39551.7 39559.6 41314.6 42175.4 44516.0 45270.1 45907.1 42 7304.2 7112.7 62.0 129.5 711.9 7886.9 7685.3 67.0 134.6 762.1 8467.2 8255.1 72.2 139.9 815.2 9148.0 8924.6 77.1 146.3 870.6 9644.1 9414.0 80.0 150.2 915.0 9876.0 9641.9 81.4 152.7 931.0 9993.2 9757.8 81.9 153.5 938.5 10150.4 9912.9 82.8 154.7 948.8 10378.5 10137.3 84.1 157.0 959.7 10604.7 10359.9 85.5 159.3 978.5 10922.2 10671.8 87.6 162.8 1002.0 43 44 45 46 47 6395.9 6694.9 7194.0 7486.8 7827.7 7976.5 8075.0 8267.6 8320.6 8438.4 8555.9 48 584.3 631.7 583.5 549.1 505.3 496.0 511.6 510.1 535.0 536.5 536.6 49 5322.1 5795.8 6438.3 7056.8 7627.5 7687.1 7715.9 7844.7 8300.3 8401.1 8634.4 50 56.6 56.5 57.1 57.1 56.3 55.7 54.9 54.5 55.4 55.0 55.0 51 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c. Other loans and advances Commercial mortgages (8) 39 40 Security credit Trade payables (8) Deferred and unpaid life insurance premiums 41 42 Net worth 43 44 45 46 47 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 48 49 50 51 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (9) Owners’ equity as percentage of household real estate (10) (1) Sector includes farm households. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 33. (10) Line 50 divided by line 4. 103 Z.1, September 16, 2004 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1999 2000 2001 2002 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 With tangible assets stated at either market value or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Assets Tangible assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 14812.8 16520.9 18870.0 18901.7 19202.8 19329.3 19583.9 19796.4 20132.3 20386.9 20688.3 1 7996.7 8427.0 9097.6 9002.8 9240.5 9308.5 9345.1 9444.9 9583.2 9699.9 9860.1 2 4108.9 2722.7 1165.2 4283.7 2891.2 1252.1 4671.1 3092.8 1333.6 4565.9 3171.4 1265.6 4758.9 3178.7 1302.9 4808.6 3173.7 1326.2 4858.1 3173.0 1314.0 4937.2 3191.6 1316.1 5029.7 3223.1 1330.4 5099.0 3241.8 1359.1 5191.0 3276.0 1393.1 3 4 5 6816.1 8093.8 9772.5 9898.9 9962.3 10020.8 10238.8 10351.4 10549.2 10686.9 10828.3 6 30.5 275.0 112.6 126.4 4.2 39.4 23.6 10.6 25.7 67.3 87.8 1440.0 98.0 4475.0 31.5 331.0 136.9 154.9 5.8 47.6 19.4 12.4 25.0 41.2 86.0 1647.7 127.0 5427.5 24.0 381.4 137.3 191.4 4.2 57.8 18.1 15.4 31.9 43.5 90.0 1930.7 124.0 6722.6 15.5 331.9 131.1 301.9 4.0 60.2 16.5 17.2 29.3 46.6 88.8 1802.2 111.0 6942.7 20.0 313.0 127.5 328.8 6.2 64.7 31.4 16.9 32.1 48.7 86.4 1721.9 97.0 7067.8 25.0 297.2 135.7 324.1 5.8 62.7 35.5 18.4 32.9 49.2 75.5 1746.6 92.5 7119.8 29.5 333.6 149.6 313.6 6.2 71.5 39.3 21.1 34.0 49.7 75.1 1815.1 106.2 7194.5 35.5 387.3 160.8 292.6 7.3 80.7 40.8 23.3 38.2 50.2 74.6 1844.0 108.5 7207.8 41.4 415.3 172.0 291.0 5.8 83.5 41.5 25.1 40.2 50.7 70.3 1825.9 121.0 7365.5 44.6 401.3 177.3 291.0 6.9 80.6 45.1 28.0 41.9 51.2 62.1 1895.4 122.5 7439.2 48.0 404.4 186.5 294.3 7.1 83.6 50.1 31.5 45.6 51.7 62.4 1976.0 122.5 7464.6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 7457.6 8407.3 9611.4 9809.5 9949.1 9989.6 10084.8 10134.2 10175.2 10257.4 10292.8 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 3780.4 193.0 147.8 1846.0 768.8 562.0 262.8 4188.5 230.3 152.8 2067.7 813.0 585.4 339.2 4545.7 278.4 154.2 2230.3 861.0 651.3 370.4 4774.4 190.1 157.7 2578.8 758.3 659.1 430.3 4808.6 126.0 160.8 2711.0 661.9 675.1 473.8 4847.0 127.1 160.9 2753.4 649.3 671.7 484.6 4918.7 107.5 162.0 2827.7 632.1 680.7 508.8 4934.8 108.4 162.8 2851.7 614.9 669.3 527.8 4987.1 85.9 164.2 2869.3 612.4 680.7 574.6 5036.4 95.5 164.7 2897.9 606.9 679.5 592.0 5076.9 102.5 166.0 2899.3 602.3 686.6 620.3 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1049.7 64.1 2563.5 1228.2 71.0 2919.6 1541.4 78.0 3446.3 1437.7 81.0 3516.3 1461.7 93.0 3585.9 1436.6 97.2 3608.9 1459.6 96.6 3609.8 1491.6 99.1 3608.7 1539.1 84.5 3564.6 1558.7 92.0 3570.3 1603.1 96.2 3516.6 29 30 31 32 Net worth (market value) 7355.2 8113.6 9258.7 9092.3 9253.7 9339.7 9499.1 9662.2 9957.1 10129.5 10395.5 32 90.3 3530.7 94.9 3709.5 100.0 3973.4 105.5 4222.0 109.9 4376.0 112.2 4435.4 113.2 4453.5 114.7 4485.7 116.9 4519.8 119.1 4591.9 122.3 4685.9 33 34 11577.8 51.4 32.7 157.4 15155.6 51.6 27.6 186.8 12678.8 49.1 35.9 136.9 10796.2 52.5 44.2 118.7 7907.1 52.0 60.8 85.4 7647.5 51.9 63.4 81.9 8824.6 51.8 55.7 92.9 9050.7 51.1 54.5 93.7 10154.9 50.1 49.1 102.0 10241.4 49.7 49.2 101.1 10443.8 48.8 48.6 100.5 35 36 37 38 12634.1 14277.5 16370.3 16669.3 16905.3 16990.8 17239.6 17370.6 17601.8 17838.6 18034.3 39 5818.0 2238.6 2442.1 1137.3 6183.7 2359.4 2625.5 1198.8 6597.8 2492.7 2834.9 1270.2 6770.4 2633.3 2927.5 1209.5 6943.0 2745.2 2965.1 1232.7 6970.0 2767.3 2971.8 1231.0 7000.7 2788.5 2980.5 1231.7 7019.1 2807.6 2995.2 1216.3 7052.6 2830.3 3013.6 1208.7 7151.7 2853.5 3037.0 1261.3 7206.0 2877.0 3063.9 1265.2 40 41 42 43 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 39 40 41 42 43 Assets (8) Tangible assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 5176.5 5870.3 6758.9 6859.8 6956.2 7001.2 7154.8 7236.4 7426.6 7581.2 7741.5 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 37.6 2003.4 73.0 39.7 2120.2 71.4 42.0 2259.6 67.3 44.4 2397.8 69.6 46.8 2494.5 69.1 47.4 2514.8 69.2 48.1 2536.3 68.7 48.8 2557.6 68.2 49.6 2579.7 67.2 50.3 2601.8 66.4 51.2 2625.1 65.6 45 46 47 (1) At market value. (2) At replacement (current) cost. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44. 104 Z.1, September 16, 2004 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1998 1 2 Assets Tangible assets 1999 2000 2001 2002 2003 Q1 Q2 2004 Q3 Q4 Q1 Q2 5504.7 6019.3 6730.1 7046.2 7447.3 7564.4 7678.0 7841.4 8055.3 8179.2 8346.1 1 4512.0 4842.5 5307.3 5467.6 5727.2 5810.0 5882.2 6002.7 6176.7 6262.0 6382.4 2 3949.7 2912.4 1037.3 4229.9 3156.6 1073.3 4643.3 3455.6 1187.8 4770.0 3606.7 1163.3 5018.5 3816.6 1202.0 5099.4 3887.7 1211.7 5171.5 3944.9 1226.6 5288.2 4038.7 1249.5 5456.8 4184.2 1272.5 5537.4 4252.2 1285.1 5651.0 4340.6 1310.5 3 4 5 501.0 41.3 459.7 546.7 42.8 503.9 593.8 45.2 548.7 631.0 46.7 584.2 640.2 47.7 592.5 640.8 47.4 593.4 641.5 47.0 594.5 645.2 47.3 597.9 649.9 47.3 602.6 653.1 47.5 605.6 658.0 47.7 610.3 6 7 8 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 61.3 65.9 70.2 66.6 68.6 69.8 69.2 69.3 70.0 71.5 73.3 9 10 Financial assets 992.7 1176.8 1422.8 1578.7 1720.0 1754.4 1795.8 1838.7 1878.6 1917.2 1963.7 10 178.9 98.5 32.6 217.6 117.5 40.7 274.1 137.6 49.4 274.5 144.7 59.0 287.3 146.9 61.3 289.6 145.8 60.0 293.0 146.8 58.7 296.2 147.0 55.6 298.2 148.6 53.1 298.6 147.7 49.2 298.3 147.8 49.0 11 12 13 38.0 2.8 26.7 0 37.2 2.7 24.7 0 40.2 2.4 23.3 0 42.8 3.5 26.6 0 45.2 3.7 27.8 0 45.1 3.8 27.7 0 46.3 3.8 27.5 0 46.8 3.9 27.1 0 47.5 3.9 26.6 0 48.1 4.0 26.0 0 48.6 4.0 25.2 0 14 15 16 17 233.1 382.1 45.6 1.6 334.9 272.6 463.8 45.9 1.6 416.3 342.1 553.7 45.8 1.6 506.2 343.9 683.6 48.3 1.8 633.5 366.7 781.1 52.5 1.8 726.9 375.9 806.6 53.9 1.9 750.8 388.1 831.6 55.0 1.8 774.8 404.5 857.6 56.7 1.8 799.1 417.1 883.6 56.9 2.1 824.6 432.0 911.6 57.9 2.2 851.4 447.9 942.9 59.2 2.1 881.7 18 19 20 21 22 2020.9 2328.3 2665.5 2875.7 3073.5 3124.3 3180.8 3241.4 3306.0 3358.2 3425.5 23 1405.3 1595.5 1788.4 1944.7 2093.0 2119.3 2153.2 2189.3 2232.5 2261.6 2305.2 24 262.1 108.1 1035.1 308.6 116.7 1170.1 352.9 127.8 1307.6 390.7 125.3 1428.8 404.1 127.6 1561.3 398.3 128.6 1592.4 390.7 128.2 1634.3 384.2 131.2 1673.9 378.8 133.3 1720.4 373.5 133.7 1754.4 376.4 134.6 1794.2 25 26 27 178.6 44.1 392.9 213.3 53.0 466.5 259.9 64.6 552.6 255.0 68.7 607.3 276.0 76.8 627.7 286.4 81.7 636.9 297.1 84.1 646.4 311.6 85.3 655.2 322.7 86.5 664.3 335.9 87.9 672.8 350.2 88.9 681.1 28 29 30 3483.8 3691.0 4064.5 4170.5 4373.8 4440.1 4497.2 4599.9 4749.4 4821.1 4920.6 31 1909.9 879.5 2010.0 921.6 2113.0 970.6 2227.3 1017.2 2309.7 1045.3 2355.7 1057.8 2374.2 1060.3 2402.1 1066.3 2446.7 1072.6 2490.8 1088.0 2555.9 1108.4 32 33 40.3 43.2 44.0 46.6 47.9 47.7 47.9 47.6 47.0 46.9 46.8 34 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 14 15 16 17 Treasury securities Municipal securities Mortgages Consumer credit 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 23 24 25 26 27 28 29 30 31 Liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: 32 33 Replacement-cost value of structures: Residential Nonresidential 34 Debt/net worth (percent) (6) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Line 1 less line 23. Included in table B.100, line 29. (6) Line 24 divided by line 31. 105 Z.1, September 16, 2004 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 1 2 Change in net worth (1) Net investment 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 9 10 11 12 13 14 15 16 17 18 19 Holding gains on assets stated at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Investment in bank personal trusts and estates Holding gains on assets stated at current cost (2) Consumer durable goods Equipment and software Other factors (3) Q2 2004 Q3 Q4 Q1 Q2 3490.7 4920.5 -316.2 -864.0 -1560.0 7.9 1754.9 860.9 2340.6 754.1 637.0 1 532.5 275.4 193.2 463.0 291.1 139.2 16.9 120.1 254.6 150.0 44.7 2 415.8 1075.3 659.4 474.1 1169.2 695.1 489.7 1236.3 746.7 510.7 1284.2 773.5 534.0 1346.5 812.5 113.2 323.3 210.2 151.8 364.1 212.4 169.0 383.9 214.9 154.8 372.2 217.4 139.4 357.6 218.2 173.4 395.7 222.3 3 4 5 116.7 583.7 467.0 -198.6 366.6 565.2 -296.4 275.7 572.1 -47.8 539.2 586.9 -242.9 448.3 691.2 26.0 190.8 164.8 -134.9 222.8 357.7 -48.9 169.7 218.6 99.8 258.5 158.7 10.6 203.6 192.9 -128.7 134.7 263.4 6 7 8 3004.0 4612.2 -426.9 -1246.8 -1720.5 -106.5 1761.8 767.4 2138.2 591.7 584.3 9 629.0 1094.7 181.2 330.8 643.8 2130.0 504.8 311.6 839.5 -931.4 -248.2 398.0 799.0 -1064.4 -344.6 76.4 971.2 -1537.2 -417.6 276.2 194.4 -174.0 -69.5 81.3 177.2 721.1 218.8 44.5 247.9 168.6 76.1 132.4 545.4 706.7 186.6 173.3 230.2 9.5 91.0 108.0 350.2 37.3 12.0 112.8 10 11 12 13 663.7 884.5 -393.5 -638.0 -895.5 -124.1 536.2 127.7 472.3 137.7 67.1 14 104.5 137.6 -91.2 -75.2 -117.5 -14.6 64.0 14.6 53.8 15.2 4.8 15 -40.9 -45.1 -26.6 -53.9 -59.5 -23.0 -24.1 -28.9 -28.5 7.8 8.0 16 -39.2 -1.7 -44.5 -0.6 -26.1 -0.5 -53.1 -0.8 -58.5 -1.0 -22.6 -0.4 -23.8 -0.3 -29.0 0.1 -28.9 0.4 8.0 -0.1 7.8 0.2 17 18 -4.9 78.0 -56.0 -26.4 -71.1 -1.8 0.3 2.3 -23.6 4.6 0.1 19 37371.4 6395.9 42291.9 6694.9 41975.7 7194.0 41111.6 7486.8 39551.7 7827.7 39559.6 7976.5 41314.6 8075.0 42175.4 8267.6 44516.0 8320.6 45270.1 8438.4 45907.1 8555.9 20 21 Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 42. 106 Z.1, September 16, 2004 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 2004 Q2 Q3 Q4 Q1 Q2 With tangible assets valued at either market or replacement cost: 1 2 Change in net worth (1) Net investment 765.8 758.4 1145.1 -166.4 161.5 86.0 159.4 163.0 295.0 172.4 266.0 1 2.5 215.8 238.9 197.7 117.3 14.7 71.1 67.5 106.3 51.7 89.3 2 3 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 264.1 773.8 491.4 20.2 -1.9 343.9 858.9 521.8 0.9 -7.7 385.2 928.5 565.9 -14.1 -8.5 162.7 810.1 644.7 11.4 -8.6 119.5 761.7 653.5 -1.2 -10.1 27.2 185.9 166.6 -6.0 -1.8 18.4 184.2 167.9 0.2 -2.3 32.8 193.2 169.2 -5.4 -3.4 36.3 201.5 170.5 -2.9 -2.4 53.8 210.9 167.4 -7.8 -2.5 66.3 223.0 169.5 -10.6 -2.3 3 4 5 6 7 8 9 10 Net financial investment Net acquisition of financial assets - Net increase in liabilities -46.1 569.9 616.0 -17.7 969.9 987.6 -28.2 1209.2 1237.4 82.4 177.6 95.2 39.4 150.6 111.1 4.2 68.6 64.5 65.3 173.4 108.1 46.0 103.4 57.4 87.3 156.9 69.7 18.6 130.8 112.2 62.8 137.0 74.2 8 9 10 11 Net corporate equity issues -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -17.3 -20.7 -39.9 11 12 13 14 Holding gains on assets stated at market value (2) Real estate Mutual fund shares 409.5 393.2 16.3 114.9 93.3 21.6 291.1 306.2 -15.0 -201.5 -186.5 -15.0 109.6 134.1 -24.5 37.3 40.6 -3.4 55.9 41.1 14.8 76.7 73.2 3.5 96.8 83.2 13.6 62.0 59.3 2.7 83.0 81.9 1.1 12 13 14 15 16 17 18 19 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 24.5 -27.2 -10.2 -21.3 -83.1 93.0 -8.7 21.8 -7.8 -87.8 -43.2 -2.8 12.5 -33.9 19.0 83.3 -17.1 -26.5 14.5 -112.5 80.9 -25.4 24.0 1.0 -81.2 5.8 -9.4 15.2 0 0.0 -15.2 -7.1 -8.1 0 -0.0 3.6 6.3 -2.6 0 0.0 17.1 15.5 10.3 -14.4 -5.7 10.2 -2.3 12.5 0 0.0 19.4 9.7 9.7 0 -0.0 15 16 17 18 19 20 Other factors (4) 329.3 334.6 658.3 -246.0 -146.3 28.3 47.5 15.2 74.7 48.4 74.3 20 7355.2 8113.6 9258.7 9092.3 9253.7 9339.7 9499.1 9662.2 9957.1 10129.5 10395.5 21 Memo: 21 Net worth outstanding (market value) With tangible assets valued at historical cost: 22 23 Change in net worth (5) Net investment flow 476.8 693.7 888.7 100.9 96.4 45.0 153.5 81.6 190.2 154.7 160.2 22 2.5 215.8 238.9 197.7 117.3 14.7 71.1 67.5 106.3 51.7 89.3 23 24 25 26 27 28 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 264.1 773.8 491.4 20.2 -1.9 343.9 858.9 521.8 0.9 -7.7 385.2 928.5 565.9 -14.1 -8.5 162.7 810.1 644.7 11.4 -8.6 119.5 761.7 653.5 -1.2 -10.1 27.2 185.9 166.6 -6.0 -1.8 18.4 184.2 167.9 0.2 -2.3 32.8 193.2 169.2 -5.4 -3.4 36.3 201.5 170.5 -2.9 -2.4 53.8 210.9 167.4 -7.8 -2.5 66.3 223.0 169.5 -10.6 -2.3 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets - Net increase in liabilities -46.1 569.9 616.0 -17.7 969.9 987.6 -28.2 1209.2 1237.4 82.4 177.6 95.2 39.4 150.6 111.1 4.2 68.6 64.5 65.3 173.4 108.1 46.0 103.4 57.4 87.3 156.9 69.7 18.6 130.8 112.2 62.8 137.0 74.2 29 30 31 32 Net corporate equity issues -215.5 -110.4 -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -17.3 -20.7 -39.9 32 4.4 -13.0 -5.7 -79.9 -25.9 -16.1 -0.8 -24.8 -15.3 37.5 -18.9 33 16.3 21.6 -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 1.1 34 33 Valuation adjustment on reproducible assets (6) 34 Holding gains on mutual fund shares (2) 35 36 37 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Direct investment abroad - Foreign direct investment in U.S. 61.8 -21.3 -83.1 80.0 -7.8 -87.8 -52.9 -33.9 19.0 127.0 14.5 -112.5 82.2 1.0 -81.2 -0.0 0 0.0 0.0 0 -0.0 -0.0 0 0.0 -8.7 -14.4 -5.7 -0.0 0 0.0 0.0 0 -0.0 35 36 37 Other factors (4) 391.8 389.3 723.5 -129.0 -52.7 49.9 68.4 35.4 94.2 62.8 88.8 38 5176.5 5870.3 6758.9 6859.8 6956.2 7001.2 7154.8 7236.4 7426.6 7581.2 7741.5 39 38 Memo: 39 Net worth outstanding (historical cost) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38). (6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. 107 Z.1, September 16, 2004 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 1998 1999 2000 2001 2002 2003 Q1 1 2 Change in net worth (1) Net investment (2) Q2 2004 Q3 Q4 Q1 Q2 248.4 207.1 373.6 106.0 203.3 66.2 57.1 102.7 149.5 71.7 99.6 1 -84.4 -81.1 -30.9 -22.3 -37.4 -17.6 -0.3 -10.3 -17.3 -12.4 0.2 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 3.8 135.2 131.4 42.6 187.1 144.5 60.3 209.6 149.3 32.6 185.5 153.0 19.1 174.5 155.4 -1.1 38.4 39.5 14.8 54.7 39.9 7.4 47.6 40.2 7.1 47.6 40.5 1.3 41.9 40.6 21.0 62.0 41.0 3 4 5 6 Net acquisition of financial assets 218.8 184.1 246.0 155.9 141.4 34.4 41.3 42.9 40.0 38.6 46.5 6 7 8 9 10 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities 179.9 30.8 4.1 92.3 190.2 34.7 8.9 73.9 192.9 46.6 11.7 86.0 156.4 -4.9 4.0 55.3 148.3 21.0 8.1 20.5 26.4 10.4 4.8 9.3 33.9 10.7 2.4 9.4 36.1 14.5 1.2 8.9 43.1 11.1 1.3 8.9 29.1 13.2 1.4 8.5 43.7 14.3 1.0 8.4 7 8 9 10 11 12 13 Holding gains on assets stated at market value (real estate) (3) Residential Nonresidential 281.7 178.8 102.9 240.7 218.1 22.6 344.7 268.1 76.7 68.5 120.0 -51.6 202.5 170.2 32.3 69.2 59.1 10.1 54.4 44.2 10.2 97.7 79.2 18.5 149.8 129.6 20.2 66.8 51.8 14.9 91.2 70.8 20.4 11 12 13 14 15 16 17 Holding gains on assets stated at current cost (3) Residential equipment and software Nonresidential equipment and software Inventories 43.4 0.5 44.4 -1.6 38.9 0.3 37.5 1.1 50.9 1.1 48.4 1.4 36.1 0.6 37.5 -2.0 15.2 0.1 13.7 1.3 5.6 -0.4 4.9 1.1 -10.0 -0.6 -8.9 -0.4 0.3 -0.0 0.2 0.1 -0.5 -0.4 -0.8 0.7 5.3 -0.2 4.5 1.1 -6.8 -0.2 -7.6 1.1 14 15 16 17 18 Other factors (4) -76.6 -72.5 -22.1 1.4 -14.4 -8.6 12.7 4.7 0.1 -0.4 15.2 18 3483.8 3691.0 4064.5 4170.5 4373.8 4440.1 4497.2 4599.9 4749.4 4821.1 4920.6 19 Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18). (2) Also equal to proprietor’s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding during period less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31. 108 Z.1, September 16, 2004 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net financial investment 49.7 37.5 22.2 14.0 25.8 14.3 49.0 47.8 86.2 9.3 6.0 -6.6 42.0 1 2 Net acquisition of financial assets 67.1 71.1 54.3 51.6 55.5 48.5 73.0 84.3 122.5 47.5 59.5 28.1 110.5 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 7 Credit market instruments 51.1 17.2 22.7 -12.3 13.4 28.8 13.1 38.1 39.3 23.3 40.9 46.0 35.0 7 34.4 6.4 4.5 0.0 6.6 -0.8 -10.4 13.8 2.6 0.5 9.7 0.9 6.2 4.8 4.6 -0.5 8.2 -0.7 -29.9 6.1 3.6 0.0 7.9 -0.1 -3.3 6.8 3.1 0.2 5.6 0.9 15.6 5.1 2.3 0.3 4.5 0.9 1.2 6.4 2.9 0.4 2.4 -0.1 1.3 16.4 7.6 0.1 11.9 0.9 6.7 13.9 6.4 0.0 11.7 0.6 1.5 8.9 4.1 -0.1 8.3 0.6 7.5 11.6 5.4 0.1 15.4 0.9 4.1 17.5 8.1 0.1 15.4 0.8 14.8 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 11.5 13.4 23.6 13.5 19.3 21 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 Net increase in liabilities Credit market instruments 22 23 24 25 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.8 0.2 -0.0 5.8 3.5 -5.2 -0.0 13.8 3.3 -1.1 0.3 9.7 4.0 -2.8 0.4 12.9 2.0 2.4 -0.2 5.4 1.4 5.0 0.1 7.7 3.6 6.4 0.1 -7.4 0.7 8.9 -0.1 -9.6 6.6 0.2 0.0 4.7 10.0 4.8 -0.2 -1.2 12.0 3.1 -0.1 8.6 10.4 -3.5 0.1 6.6 5.8 3.4 -0.3 10.4 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.1 16.2 5.5 9.3 10.5 9.4 13.7 5.9 14.2 6.0 14.0 5.2 16.0 7.9 28.6 8.0 16.8 8.9 15.8 8.7 21.2 4.1 17.0 3.8 45.4 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 109 Z.1, September 16, 2004 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 564.4 679.6 711.7 802.8 867.4 937.6 1002.5 1190.3 1392.9 1586.3 1777.4 1957.6 1989.1 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 203.1 220.3 242.9 230.6 244.0 272.8 285.9 324.0 363.3 386.6 427.5 473.5 508.5 6 67.3 55.7 26.3 0.1 51.1 2.6 56.9 69.5 28.9 0.6 60.8 3.5 63.2 74.3 33.5 0.1 69.0 2.8 33.3 80.3 37.1 0.2 77.0 2.8 29.9 87.1 40.3 0.4 82.6 3.7 45.5 92.2 42.6 0.8 87.1 4.6 46.7 98.5 45.5 1.1 89.5 4.5 48.0 114.9 53.1 1.2 101.4 5.3 54.7 128.8 59.5 1.3 113.1 6.0 56.1 137.6 63.6 1.2 121.4 6.6 63.7 149.2 69.0 1.3 136.8 7.4 67.7 166.8 77.1 1.5 152.2 8.3 82.6 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 231.4 244.8 268.4 281.9 301.2 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.9 15.5 0.3 59.0 83.3 10.3 0.3 72.8 86.6 9.2 0.5 82.5 90.6 6.4 0.9 95.5 92.6 8.8 0.7 100.9 94.0 13.8 0.8 108.5 97.6 19.9 0.9 101.5 98.3 28.8 0.8 91.9 104.9 29.0 0.9 96.6 114.9 34.1 0.7 95.1 126.9 37.2 0.6 103.7 137.3 33.7 0.7 110.3 143.0 37.1 0.4 120.7 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 57.9 57.4 63.3 66.8 73.9 76.2 87.6 82.1 101.8 88.1 115.8 93.2 131.8 101.1 160.4 109.1 177.2 118.0 193.0 126.8 214.2 130.9 231.2 134.7 276.6 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 110 Z.1, September 16, 2004 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1999 1 2 3 4 5 6 7 8 9 2000 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 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 2895.0 1107.5 674.0 248.7 5.9 661.4 106.8 80.6 10.1 3126.0 1235.7 708.9 255.0 7.3 702.7 117.5 93.7 5.3 3113.2 1237.3 728.6 195.0 7.2 731.2 113.7 101.8 -1.4 2954.8 1051.2 762.6 174.6 7.1 748.3 102.0 106.3 2.8 3032.0 1001.9 798.1 225.8 8.1 773.3 104.0 111.5 9.5 3012.0 1025.7 783.5 215.0 6.7 762.4 100.3 108.1 10.3 3042.1 1030.7 792.9 216.1 9.9 768.9 103.4 110.4 9.8 2984.9 941.7 802.0 229.7 7.8 776.7 104.9 112.7 9.3 3089.3 1009.4 813.9 242.5 7.9 785.0 107.3 114.6 8.7 3119.9 1006.6 823.3 246.4 8.6 803.9 105.1 118.0 8.1 3175.3 1029.4 833.3 258.7 8.3 812.6 105.3 120.3 7.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 2741.0 1334.0 990.4 15.1 357.3 44.2 0.0 2886.6 1417.1 1044.1 18.3 362.8 44.3 0.0 3061.6 1501.6 1146.6 14.0 344.1 55.3 0.0 3234.2 1609.2 1251.6 18.8 316.4 38.2 0.0 3399.7 1717.1 1309.2 23.7 303.0 46.7 0.0 3342.4 1689.1 1285.0 25.1 301.8 42.8 1.4 3412.0 1717.5 1306.9 25.2 305.8 55.2 -1.4 3411.4 1724.0 1320.2 23.6 299.0 44.5 0.0 3433.0 1737.6 1324.8 20.8 305.4 44.4 0.0 3499.2 1770.9 1352.5 33.7 303.1 40.4 1.5 3541.9 1791.5 1373.7 22.8 313.0 39.4 -1.5 10 11 12 13 14 15 16 17 18 19 20 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) + Net capital transfers (3) 154.1 187.0 3.8 32.5 239.4 197.0 1.8 35.6 51.6 206.0 3.3 35.7 -279.5 211.2 -1.7 28.8 -367.7 218.1 -0.6 11.6 -330.4 215.7 -3.0 15.0 -369.9 217.3 -5.3 7.1 -426.5 219.0 -2.7 11.8 -343.8 220.4 8.5 12.3 -379.2 222.6 1.3 13.8 -366.6 226.8 -7.0 12.5 17 18 19 20 21 = Gross saving and net capital transfers 369.7 470.3 290.0 -37.7 -137.4 -96.8 -140.2 -193.0 -119.6 -144.1 -120.3 21 22 23 24 Gross investment Fixed investment Nonproduced nonfinancial assets 442.2 286.8 7.7 565.6 304.6 8.5 289.5 324.0 8.6 -28.9 347.5 10.0 -124.9 358.5 9.7 61.5 352.3 7.2 -509.9 356.7 8.9 10.3 362.5 13.4 -61.6 362.4 9.3 -271.6 368.6 10.0 -186.7 383.2 9.3 22 23 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 147.7 158.2 -7.1 70.1 14.0 5.1 -2.6 252.5 33.7 -0.6 -64.1 14.0 6.5 8.2 -43.0 99.0 4.6 46.2 15.4 19.7 -22.2 -386.4 56.7 8.8 -10.2 24.8 2.3 -4.9 -493.1 73.7 -0.8 16.7 -15.6 -9.4 8.0 -298.0 20.4 0.1 -25.2 -32.0 -6.8 3.0 -875.5 96.5 0.5 0.2 51.2 -11.1 11.6 -365.6 69.2 5.6 34.3 -63.4 -18.5 6.3 -433.3 108.8 -9.5 57.5 -18.1 -1.1 11.3 -650.2 32.7 -2.5 -49.0 6.3 -3.6 16.0 -579.2 -11.3 -6.0 -16.0 52.8 -9.0 -18.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Credit market instruments Open market paper Agency- and GSE-backed securities (4) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (5) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 83.9 17.3 43.7 0.3 11.5 4.3 13.6 -6.8 3.5 -0.7 4.6 12.1 -33.2 31.0 17.8 1.7 0.3 -3.3 1.0 16.1 -2.6 -1.2 3.7 5.3 -6.7 30.1 71.5 -13.5 55.4 0.2 25.6 -3.1 13.1 -6.2 22.8 7.7 7.3 -7.0 -72.0 19.7 5.7 3.0 0.1 8.2 -5.9 12.7 -4.1 7.9 8.9 -3.3 1.0 0.1 46.7 10.5 22.9 0.3 7.2 6.2 1.3 -1.6 -6.2 -12.7 3.7 44.3 -9.3 -0.1 3.9 8.4 0.1 2.7 -6.2 -8.6 -0.4 -7.7 13.6 -10.3 69.0 13.9 63.5 15.2 33.1 0.4 10.5 12.8 -5.9 -2.6 -6.5 -26.3 4.3 34.8 -37.7 58.6 8.2 17.8 0.2 5.7 5.2 24.8 -3.4 -3.6 -10.2 8.3 33.6 12.0 65.1 14.7 32.0 0.4 10.2 12.9 -5.0 -0.2 -6.9 -27.8 12.5 39.8 -25.5 31.4 7.8 7.0 0.2 5.4 14.4 -0.9 -2.5 -3.6 -20.1 3.1 31.5 17.1 16.2 7.9 9.1 0.2 5.4 0.1 -5.0 -1.5 -5.4 -23.1 -6.5 -5.9 3.5 32 33 34 35 36 37 38 39 40 41 42 43 44 10.5 -3.0 1.0 -55.8 -0.2 -94.3 -0.2 38.9 0.0 28.7 1.4 38.2 -218.9 -4.0 2.4 -273.4 -1.7 -287.2 -1.0 16.5 0.0 31.8 1.4 22.9 142.0 0.0 1.3 57.8 5.6 -52.8 -0.5 105.5 0.0 28.6 1.4 53.0 443.1 0.0 1.0 388.8 4.5 240.4 0.5 143.4 0.0 25.8 1.6 26.0 566.8 0.0 0.6 506.3 8.9 382.2 -2.4 117.5 0.0 28.2 1.1 30.7 318.4 0.0 0.6 290.3 9.1 183.6 -1.6 99.1 0.0 33.6 0.1 -6.0 972.0 0.0 1.6 906.3 10.0 730.0 0.5 165.8 0.0 23.0 1.7 39.4 434.8 0.0 0.1 371.7 9.8 253.0 0.1 108.9 0.0 26.0 0.5 36.5 542.0 0.0 -0.0 456.7 6.8 362.3 -8.6 96.3 0.0 30.2 2.2 52.9 682.9 0.0 0.8 608.5 3.5 455.4 1.1 148.5 0.0 32.1 -0.0 41.5 567.9 0.0 1.2 500.8 1.7 428.7 -3.6 74.1 0.0 34.8 1.9 29.2 45 46 47 48 49 50 51 52 53 54 55 56 -72.5 -95.3 0.5 -8.8 -12.5 -158.3 369.7 -203.3 -58.1 127.5 66.4 57 -132.7 280.4 147.7 -65.1 317.7 252.5 -272.4 229.3 -43.0 -626.9 250.2 -376.7 -726.1 243.3 -482.9 -682.7 422.7 -260.0 -726.6 -148.4 -875.0 -789.0 427.8 -361.2 -706.2 270.9 -435.2 -747.8 97.4 -650.4 -749.8 169.7 -580.1 58 59 60 45 46 47 48 49 50 51 52 53 54 55 56 Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (7) 57 Discrepancy 58 59 60 Memo: Net govt. saving less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (8) Line 17 less line 23. (9) Line 18 plus line 20 less sum of lines 19, 24, and 56. (10) Line 57 plus line 58. 111 Z.1, September 16, 2004 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1999 1 2001 2002 2003 2003 2004 Q1 Q2 Q3 Q4 Q1 Q2 1835.0 1891.1 2023.0 2045.2 2174.3 2042.4 2101.5 2141.3 2174.3 2183.2 2187.4 1 2 3 4 5 6 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 44.4 120.1 111.1 27.6 151.6 41.0 57.4 125.1 34.1 159.8 43.1 105.1 140.4 53.7 137.6 51.1 94.3 165.2 56.0 132.7 55.1 109.3 149.6 46.6 140.7 51.7 68.3 156.9 54.3 133.4 52.9 90.7 169.8 51.5 136.3 54.8 102.1 153.0 46.9 137.9 55.1 109.3 149.6 46.6 140.7 54.3 75.9 150.8 45.7 144.7 52.3 94.2 164.0 43.5 140.2 2 3 4 5 6 7 Credit market instruments 758.3 789.3 860.8 880.5 927.2 880.4 896.3 910.9 927.2 935.1 939.1 7 103.3 196.5 3.5 73.3 208.3 50.9 122.5 121.2 198.1 3.8 70.0 209.3 67.0 119.9 107.6 253.5 4.0 95.6 206.1 80.1 113.8 113.3 256.5 4.1 103.8 200.3 92.8 109.7 123.8 279.3 4.4 111.1 206.4 94.1 108.1 114.3 258.6 4.1 104.5 198.7 90.6 109.6 118.1 266.9 4.2 107.1 201.9 89.1 109.0 120.1 271.3 4.3 108.5 203.2 95.3 108.1 123.8 279.3 4.4 111.1 206.4 94.1 108.1 125.8 281.1 4.4 112.4 210.1 93.9 107.4 127.8 283.4 4.5 113.8 210.1 92.6 107.0 8 9 10 11 12 13 14 8 9 10 11 12 13 14 Total financial assets 2000 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 117.1 21.4 97.1 21.2 100.7 24.3 80.3 24.2 96.3 21.2 75.6 26.4 85.8 25.6 87.7 24.2 96.3 21.2 97.5 16.8 97.0 11.3 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 22.9 66.1 290.7 28.1 84.7 341.8 35.5 125.9 279.5 32.2 120.8 290.0 35.9 176.3 289.8 30.7 152.2 293.7 31.6 151.5 287.7 33.6 172.9 293.8 35.9 176.3 289.8 37.8 201.8 294.9 36.0 188.4 292.1 17 18 19 5970.6 5749.5 5899.2 6342.5 6911.7 6423.5 6608.2 6732.7 6911.7 7077.9 7166.9 20 6.2 20.9 2.2 23.2 2.2 24.5 2.2 25.5 2.2 26.0 2.2 25.6 2.2 26.0 2.2 26.0 2.2 26.0 2.2 26.2 2.2 26.5 21 22 4544.9 186.4 3163.0 28.3 1167.1 0.0 4271.5 184.8 2875.8 27.3 1183.6 0.0 4329.3 190.3 2823.0 26.8 1289.2 0.0 4718.1 194.9 3063.3 27.3 1432.6 0.0 5224.3 203.8 3445.6 24.9 1550.1 0.0 4808.9 196.9 3128.6 26.9 1456.6 0.0 4973.3 199.1 3235.8 27.0 1511.4 0.0 5079.0 201.5 3330.4 27.0 1520.1 0.0 5224.3 203.8 3445.6 24.9 1550.1 0.0 5391.7 204.4 3576.4 25.1 1585.7 0.0 5460.3 204.6 3612.5 24.2 1619.0 0.0 23 24 25 26 27 28 673.1 35.0 690.6 704.9 36.4 711.3 733.5 37.8 772.0 759.2 39.4 798.2 787.4 40.5 831.3 769.6 39.4 777.9 776.3 39.8 790.7 783.2 39.9 802.3 787.4 40.5 831.3 797.5 40.5 819.8 807.1 40.9 829.8 29 30 31 20 Total liabilities 21 22 SDR certificates Treasury currency 23 24 25 26 27 28 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 29 30 31 Trade payables Insurance reserves Miscellaneous liabilities (4) (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 112 Z.1, September 16, 2004 F.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1 Net acquisition of financial assets 27.5 11.8 47.8 45.2 -27.2 -40.6 -47.0 -49.3 -88.5 -71.3 -67.6 -25.5 20.6 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.1 5.5 0.0 1.8 0.0 -9.1 0.0 -1.1 -0.0 6.4 0.0 -0.0 0.8 13.1 0.0 -4.2 0.3 4.8 0.0 -0.2 0.2 10.8 0.0 3.2 0.4 13.3 0.0 0.3 0.6 15.1 0.0 0.6 0.2 -9.3 0.0 2.0 0.2 3.2 0.0 1.3 -0.5 -3.2 0.0 0.5 0.1 4.1 0.0 1.2 0.1 3.8 0.0 0.8 2 3 4 5 6 Credit market instruments 7 8 9 10 11 12.8 17.1 22.9 35.6 24.1 -8.9 39.7 -20.1 84.6 -0.1 -17.6 -11.0 -1.4 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.8 -8.9 12.8 -1.1 -11.0 11.5 -0.0 -5.6 15.9 -4.2 10.1 30.7 -0.2 2.0 4.7 3.2 -4.6 -10.8 0.3 3.7 8.6 0.6 -20.2 -16.7 2.0 4.1 32.0 1.3 -7.2 0.8 -2.0 -13.7 -2.9 1.3 -4.2 -4.9 0.7 -0.8 -1.9 7 8 9 Corporate and foreign bonds Mortgages 13.8 -6.8 20.8 -3.1 14.0 -1.4 2.7 -3.7 17.4 0.2 3.1 0.1 26.5 0.6 16.4 -0.3 46.5 0.1 4.8 0.2 0.9 0.0 -3.2 0.0 0.8 -0.2 10 11 2.0 1.4 8.7 2.3 6.8 4.4 -3.8 3.7 -51.1 1.9 -55.3 -2.2 -100.9 1.3 -54.6 3.3 -154.6 -4.5 -71.1 -0.3 -37.8 -2.0 -25.2 -0.5 8.1 2.5 12 13 4.1 -2.2 8.2 -1.9 -6.1 -5.0 5.6 -6.7 7.3 -0.6 7.4 0.6 0.1 -5.1 6.2 -1.0 -6.9 -6.0 -0.3 -0.6 11.7 2.3 -0.3 9.7 -1.2 -5.6 3.5 0.9 5.9 -3.8 8.0 1.8 -7.0 -14.4 2.7 4.8 -4.5 -4.7 0.0 0.2 -6.9 -2.2 0.0 -4.7 5.7 1.8 0.0 3.9 6.7 4.9 0.0 1.8 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars 1 Net acquisition of financial assets 63.2 52.4 51.4 40.4 53.4 38.7 29.4 33.4 12.9 20.7 15.2 13.9 21.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.3 0.1 1.0 1.9 -0.1 -8.0 1.0 1.3 0.2 -9.9 6.5 0.9 0.1 -6.3 5.3 -2.0 0.4 -0.2 6.0 0.2 0.4 -5.5 10.8 1.3 0.8 -5.8 13.1 0.6 -1.5 13.3 1.9 0.6 1.0 -19.6 11.7 1.7 0.2 -0.3 4.6 -0.4 -0.4 7.4 -10.6 0.3 0.3 -3.3 2.8 0.6 0.1 -1.3 2.9 -1.5 2 3 4 5 6 Credit market instruments 12.6 8.8 13.3 4.1 -7.6 2.4 6.1 -5.9 14.7 3.9 1.8 32.1 5.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 1.4 3.6 0.0 0.9 2.6 -0.9 0.7 1.2 -1.8 -2.0 6.7 10.2 0.7 -2.5 -2.0 2.4 -0.2 0.2 0.9 -1.2 -0.9 2.5 -13.0 0.1 5.0 -1.8 6.3 -3.1 -2.4 8.2 -0.2 -8.0 10.7 9.6 3.0 6.8 -6.7 -1.3 -3.4 7 8 9 Corporate and foreign bonds Mortgages 7.4 0.1 6.9 -0.6 13.2 -0.2 -9.3 -1.4 -4.3 0.5 -0.5 0.5 7.2 0.1 4.5 -0.0 3.6 1.6 0.2 1.0 -2.0 1.3 11.1 1.7 14.8 2.2 10 11 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 10.8 9.8 27.6 13.0 13.4 22.4 4.1 20.1 -21.0 43.1 -20.4 25.3 -41.3 41.4 24.1 -6.8 -105.7 107.1 16.0 1.5 5.1 -1.8 -41.6 11.5 17.1 -3.4 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 27.3 23.0 3.9 0.4 8.8 10.6 4.4 -6.2 4.6 12.9 4.9 -13.2 15.0 8.9 5.5 0.6 32.6 23.7 4.4 4.5 24.2 12.2 4.3 7.7 14.7 4.6 3.6 6.5 7.8 -11.0 13.4 5.5 2.1 4.5 -10.3 7.9 -4.8 -7.0 1.2 1.0 13.5 4.7 1.3 7.6 11.4 11.1 1.3 -1.0 2.4 1.8 1.3 -0.7 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars 1 Total held at: 67.4 58.5 49.1 53.0 58.5 65.3 70.6 84.8 110.4 112.6 95.6 109.3 124.7 1 2 3 4 Commercial banking Saving institutions Credit unions 16.6 -3.8 3.6 -0.5 -8.3 0.9 -2.9 -9.1 -0.3 -1.1 -6.3 -0.0 6.5 -1.9 1.2 0.7 -3.9 0.9 0.1 -6.0 1.2 -0.5 -5.3 0.3 -3.4 -3.1 0.9 8.9 -2.3 0.4 3.1 -1.8 3.2 5.4 -0.7 3.4 0.4 1.3 3.5 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 7.1 -0.1 40.7 3.3 4.9 3.0 38.0 20.5 12.6 5.0 59.6 -15.7 13.2 13.7 11.5 22.1 11.2 12.9 63.7 -35.0 10.3 13.8 49.5 -6.1 47.5 3.0 93.3 -68.4 24.6 25.0 87.6 -46.9 40.8 21.0 93.8 -39.6 19.5 4.0 51.4 30.7 26.6 18.0 31.4 15.1 82.2 13.0 15.9 -9.9 38.8 -14.0 96.4 -1.8 5 6 7 8 (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 113 Z.1, September 16, 2004 L.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1051.7 1079.9 1195.1 1276.0 1460.5 1579.0 1746.8 1885.4 2071.7 1957.5 1762.4 1541.9 1797.4 1 1.0 56.8 0.0 16.9 1.0 47.6 0.0 15.8 1.0 54.1 0.0 15.8 1.8 67.1 0.0 11.6 2.1 71.9 0.0 11.4 2.2 82.7 0.0 14.6 2.6 96.0 0.0 14.9 3.2 111.1 0.0 15.5 3.4 101.7 0.0 17.5 3.6 104.9 0.0 18.9 3.1 101.7 0.0 19.4 3.3 105.8 0.0 20.6 3.4 109.6 0.0 21.4 2 3 4 5 362.7 379.8 402.7 438.3 462.4 453.5 493.1 473.0 557.6 557.5 539.9 528.9 527.5 6 Open market paper Treasury securities Agency- and GSE-backed securities 16.9 84.7 124.3 15.8 73.7 135.8 15.8 68.1 151.7 11.6 78.2 182.4 11.4 80.2 187.1 14.6 75.6 176.4 14.9 79.3 185.0 15.5 59.1 168.3 17.5 63.2 200.2 18.9 56.1 201.0 16.9 42.4 198.1 18.2 38.1 193.2 18.9 37.3 191.3 7 8 9 Corporate and foreign bonds Mortgages 123.9 13.0 144.7 9.9 158.7 8.5 161.4 4.7 178.8 4.9 181.9 5.0 208.4 5.6 224.8 5.3 271.3 5.3 276.1 5.5 277.0 5.5 273.9 5.5 274.7 5.4 10 11 12 13 Corporate equities Mutual fund shares 458.6 11.4 484.5 15.6 555.6 22.3 559.9 39.0 699.6 54.8 785.8 63.8 876.0 81.4 986.6 101.0 1069.9 122.8 961.9 117.8 814.5 102.3 622.9 80.9 827.5 109.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 144.3 77.3 25.1 41.9 135.5 69.6 30.7 35.2 143.5 69.7 38.0 35.8 158.2 79.2 44.2 34.8 158.3 80.3 43.9 34.2 176.4 88.9 43.6 43.9 182.6 90.7 47.1 44.8 194.9 93.3 55.1 46.6 198.7 89.6 57.8 51.4 192.8 83.4 57.8 51.6 181.4 76.7 57.8 46.9 179.6 71.0 57.8 50.8 199.0 88.6 57.8 52.6 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 877.0 956.1 1087.9 1157.9 1428.3 1627.7 1942.5 2219.4 2499.6 2464.8 2277.3 1971.4 2378.4 1 2.0 59.2 18.8 10.4 2.0 51.1 19.8 11.6 2.2 41.3 26.3 12.6 2.3 35.0 31.6 10.6 2.7 34.7 37.5 10.7 3.1 29.3 48.4 12.1 4.0 23.4 61.4 12.7 2.5 36.7 63.4 13.2 3.5 17.0 75.1 14.9 3.6 16.8 79.6 14.5 3.2 24.1 69.0 14.9 3.5 20.9 71.8 15.5 3.6 19.6 74.7 14.0 2 3 4 5 126.9 135.8 149.0 153.1 145.5 147.9 154.0 148.1 162.7 166.6 168.4 200.5 206.0 6 Open market paper Treasury securities Agency- and GSE-backed securities 12.7 32.4 21.7 13.6 35.0 20.7 14.3 36.3 18.9 12.3 43.0 29.1 13.0 40.5 27.1 15.4 40.2 27.3 16.3 39.0 26.4 18.8 26.0 26.5 23.8 24.2 32.8 20.7 21.8 41.0 20.5 13.8 51.7 30.1 16.8 58.6 23.4 15.4 55.1 7 8 9 Corporate and foreign bonds Mortgages 54.8 5.3 61.8 4.7 75.0 4.5 65.7 3.1 61.4 3.6 61.0 4.0 68.1 4.1 72.7 4.1 76.2 5.7 76.4 6.7 74.4 8.0 85.5 9.7 100.3 11.8 10 11 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Corporate equities Mutual fund shares 347.6 55.0 389.2 80.6 458.7 119.9 453.8 166.9 578.3 272.0 659.4 348.5 790.6 488.2 961.2 567.1 1011.4 774.8 994.2 755.9 883.2 674.6 665.3 553.7 881.7 715.6 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 257.1 167.2 19.3 70.6 266.1 178.0 23.7 64.4 278.0 198.2 28.6 51.3 304.7 218.7 34.1 51.9 346.8 252.0 38.5 56.4 379.1 272.2 42.8 64.1 408.3 291.3 46.4 70.6 427.2 291.3 59.8 76.1 440.2 306.8 49.5 83.9 433.6 297.9 50.8 84.9 440.0 295.5 52.0 92.5 440.2 295.5 53.3 91.4 463.2 317.9 54.6 90.7 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total held at: 776.0 873.0 993.0 1056.0 1288.0 1467.0 1728.0 2150.0 2651.0 2629.0 2619.0 2445.0 2979.0 1 2 3 4 Commercial banking Saving institutions Credit unions 149.2 102.5 31.1 148.6 94.2 32.1 145.8 85.1 31.8 144.7 78.9 31.8 151.1 76.9 33.0 151.9 73.0 33.8 152.0 67.0 35.0 151.5 61.8 35.3 148.1 58.7 36.2 157.0 56.4 36.7 160.1 54.6 39.9 165.6 53.9 43.3 166.0 55.1 46.8 2 3 4 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 49.7 39.6 143.0 260.9 55.6 42.6 187.0 312.9 69.5 47.6 263.7 349.6 78.7 61.3 275.4 385.3 94.3 74.2 381.6 476.9 110.3 88.0 483.0 526.9 160.0 91.0 655.0 568.0 190.1 116.0 818.0 777.3 245.5 137.0 1078.0 947.5 245.5 141.0 1048.0 944.4 251.0 159.0 961.0 993.4 308.3 172.0 819.0 883.0 370.0 158.0 1079.0 1104.0 5 6 7 8 (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7). 114 Flow of Funds Matrix for 2003 Z.1, September 16, 2004 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) 1 2 3 Gross saving and net cap. transfers Capital consumption Net saving (1 less 2) ---- 1175.4 854.8 335.4 ---- 1119.4 851.9 267.3 ---- 176.2 127.9 48.4 ---- -313.6 90.2 -403.9 ---- 2157.3 1924.9 247.2 ---- 514.0 -514.0 ---- 212.3 88.7 123.6 ---- 2883.6 2013.5 870.1 ---- 2369.6 2013.5 356.0 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 1385.5 1443.5 884.9 490.6 68.0 --- -------- 1146.9 975.1 -80.2 905.9 -1.2 -9.8 -------- 202.3 274.8 --264.9 -10.0 -------- -327.3 93.4 --93.6 --0.3 -------- 2407.5 2786.8 884.9 570.8 1332.4 -1.2 -0.1 -------- 542.8 0.1 ----0.1 -------- 170.6 122.2 -1.5 120.7 --- -------- 3120.9 2909.1 884.9 572.3 1453.2 -1.2 -- -------- -237.3 -25.5 ------ 2366.5 2909.1 950.7 572.3 1453.2 -1.2 -- 11 12 13 Net financial investment Financial uses Financial sources -58.0 841.7 -- --899.8 171.8 665.7 -- --493.9 -72.5 69.3 -- --141.8 -420.6 12.0 -- --432.6 -379.3 1580.5 -- --1968.0 542.7 783.0 -- --240.4 48.4 2561.9 -- --2505.0 211.7 4925.1 -- --4713.4 -211.7 -211.7 -- -542.7 240.4 783.0 ----9.0 --42.4 325.0 -99.7 -- ---------- ---21.4 -113.3 46.2 -46.0 -0.4 ---------- -----8.5 9.6 -9.4 8.0 ---------- -0.8 ----8.2 -25.2 --- -0.0 0.6 ------- -0.8 --12.4 -87.5 355.6 -155.1 7.6 -0.0 0.6 ------- 0.6 ---0.5 24.7 -21.1 -272.7 1.1 ---0.0 ------ 1.3 0.0 0.9 -39.9 -0.1 29.4 -43.2 -52.8 -34.8 -----4.4 133.8 291.4 -207.8 222.7 1.1 0.0 0.9 -27.6 0.4 141.7 291.4 -207.8 245.6 1.1 0.0 0.6 -0.0 -4.4 133.8 291.4 -207.8 222.7 ---0.3 27.5 -4.8 -7.9 ---22.9 ---------- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 144.3 -4.1 6.4 264.5 33.4 -167.2 --11.4 -- 856.6 ---14.1 --6.6 -1.5 767.6 83.0 32.5 18.8 12.5 8.2 8.3 ---0.8 -16.1 302.5 -40.0 --3.4 158.3 -75.2 11.3 244.7 -- 56.8 10.5 7.3 22.9 0.3 7.2 --8.6 -- 117.8 ---117.5 --0.3 --- -2.5 --0.0 ----1.4 -2.5 1.3 396.0 -398.4 -2.4 ----0.0 -- 231.1 25.2 26.1 295.5 42.0 -160.0 --1.4 18.4 -14.8 1672.9 -40.0 398.4 -2.4 135.1 158.3 -81.7 10.0 1012.3 83.0 538.2 9.9 285.1 11.5 -232.6 --0.8 --- -15.7 22.3 ----28.1 -7.7 -2.1 --- 1871.0 -116.7 87.2 264.7 93.1 500.3 -94.5 41.4 997.8 97.7 983.0 -63.8 -574.1 -442.7 -5.0 31.2 3.9 -- 2640.3 -81.6 398.4 571.7 135.1 572.9 -94.5 39.1 1016.2 83.0 2640.3 -81.6 398.4 571.7 135.1 572.9 -94.5 39.1 1016.2 83.0 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -129.3 326.5 -62.7 --7.9 34.3 --4.6 154.5 -- -57.8 -126.1 -- -6.2 -12.7 8.2 -- --24.0 -- --3.7 -- --4.2 -- -135.5 309.3 166.4 62.7 -57.8 -162.2 34.3 36.9 -1.7 0.0 100.4 -7.9 0.0 204.3 -21.1 25.7 69.8 63.0 288.2 -9.2 98.2 105.6 288.2 193.8 132.5 105.6 288.2 160.8 132.5 ---32.9 -- ----- 37 38 39 40 41 42 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 66.8 219.7 --26.3 -38.6 42.0 -----0.9 -----348.9 --1.2 --47.7 169.6 --17.1 ---10.7 ------- --27.2 --1.4 1.1 ----30.7 66.8 219.7 44.3 -26.3 -38.6 381.6 1.1 41.8 1.2 --47.7 201.2 ------71.2 -----146.7 -----542.9 65.7 219.7 11.2 -26.3 9.1 366.9 66.8 219.7 44.3 -26.3 -38.6 853.2 66.8 219.7 12.4 -26.3 -38.6 714.8 ---31.9 ---138.4 ------- 43 Sector discrepancies (1 less 4) -210.1 -- -27.5 -- -26.1 -- 13.6 -- -250.2 -- -28.8 -- 41.6 -- -237.3 -- -237.3 3.1 General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Flow of Funds Matrix for 2003 Z.1, September 16, 2004 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Total financial assets Total liabilities and equity Total liabilities 34265.6 --- -9603.4 9603.4 12504.4 --- -29710.7 13709.9 1905.0 --- -2269.4 2269.4 637.8 --- -5010.8 5010.8 49186.5 --- -46594.3 30593.4 8228.7 --- -5368.1 4064.5 43528.8 --- -46065.2 42866.2 101086.9 --- -98681.8 77524.1 -2405.1 --- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----65.2 -- -------- -----41.4 -- -------- -------- -------- 12.6 22.6 19.9 ----- ---2.2 26.0 --- 12.6 22.6 19.9 --106.5 -- ---2.2 26.0 --- ------120.2 -22.5 39.7 --831.1 -- 11.0 -0.1 19.9 2.2 35.5 74.2 70.7 ------202.9 23.7 22.5 39.7 2.2 35.5 180.7 190.9 -22.5 39.7 2.2 26.0 831.1 202.9 -23.7 ----9.5 650.4 12.0 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 316.3 3907.3 989.0 -- ----- 734.1 320.6 344.1 5.8 ----- 55.2 147.2 46.6 140.7 ----- 54.1 2.4 --- ----- 1159.7 4377.6 1379.8 146.5 ----- 351.3 131.2 -462.9 ----- 266.6 352.4 636.3 609.6 1780.6 4861.1 2016.0 1559.4 1777.6 4861.1 2016.0 1218.9 1780.6 4861.1 2016.0 1559.4 2.9 --340.5 15 16 17 18 19 20 21 22 23 24 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 2154.4 94.9 455.6 485.5 618.6 352.4 --147.4 -- 9252.3 ---183.9 -94.4 119.3 6829.2 2025.5 389.3 83.5 89.0 25.1 44.1 ---77.3 70.3 7427.1 85.9 --164.2 2869.3 1036.7 842.4 2428.6 -- 1010.1 123.8 358.8 279.3 4.4 111.1 --132.6 -- 1559.7 ---1550.1 --9.7 --- 285.6 --0.0 ---117.7 73.8 94.1 4033.1 -4008.2 24.9 ----0.0 -- 3839.4 302.2 903.5 790.0 667.1 463.5 -117.7 431.1 164.4 22272.2 85.9 4008.2 24.9 1898.2 2869.3 1131.1 971.3 9257.7 2025.5 3933.1 107.7 1539.2 661.7 -1499.5 -125.0 --- 649.8 165.1 ---381.9 60.9 42.0 --- 26234.9 883.3 1565.5 4656.3 1231.0 4552.4 1292.3 1272.3 8920.6 1861.2 11085.3 1042.1 -6083.1 -3264.2 100.3 501.7 93.9 -- 34007.4 1293.1 4008.2 6108.0 1898.2 6515.4 1292.3 1515.0 9351.7 2025.5 34007.4 1293.1 4008.2 6108.0 1898.2 6515.4 1292.3 1515.0 9351.7 2025.5 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 6146.7 3182.4 -475.4 --147.7 182.5 -121.0 2243.0 -- 10154.9 -1882.9 -- 96.3 21.2 126.3 -- --709.6 -- --35.9 -- --77.8 -- 6243.0 3324.6 2405.2 475.4 10154.9 -2818.1 182.5 1669.0 -48.7 0.0 1957.9 -45.5 0.0 7584.9 1328.6 370.1 396.0 3384.2 4653.2 28.2 688.8 15497.0 4653.2 2824.1 871.3 15497.0 4653.2 2891.8 871.3 --67.7 -- 29 30 31 32 33 34 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 1013.2 8960.6 -932.4 5660.8 462.0 -----20.9 -----8305.1 --171.0 -5845.9 4228.8 --73.5 --187.9 ------- --102.8 --101.9 40.5 ----831.3 1013.2 8960.6 176.3 932.4 5660.8 9056.8 40.5 842.1 171.0 -5845.9 5081.0 -----1512.3 -----2475.8 -----5552.7 972.7 8960.6 89.5 932.4 -185.2 5035.3 1013.2 8960.6 176.3 932.4 5660.8 16121.8 1013.2 8960.6 260.5 932.4 5660.8 12592.1 --84.2 ---3529.7 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities. 115 116 Z.1, September 16, 2004 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Assets 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 26931.4 28454.2 29419.0 32628.5 35541.4 39667.1 43624.9 49110.9 49378.0 49100.9 48232.1 54119.4 1 2 Tangible assets 9780.2 10095.9 10416.1 11020.3 11482.7 12146.2 13150.4 14217.0 15524.3 16774.6 18204.3 19853.8 2 3 Financial assets 17151.2 18358.3 19002.8 21608.2 24058.6 27521.0 30474.5 34894.0 33853.6 32326.3 30027.8 34265.6 3 4 5 Deposits Credit market instruments 3219.4 1675.0 3155.8 1650.8 3109.3 1946.1 3297.8 1956.1 3440.5 2154.1 3615.4 2140.0 3853.6 2264.3 4031.9 2392.1 4357.4 2235.2 4821.8 2104.8 5103.8 2010.1 5277.8 2154.4 4 5 6 Equity shares at market value 4887.3 5683.8 5680.2 7605.7 9168.5 11795.2 13737.3 17266.1 15339.4 13103.9 10044.5 13037.9 6 7 Directly held 2857.1 3223.5 3081.6 4122.6 4847.1 6272.9 7120.0 9168.1 7762.6 6466.3 4853.7 6146.7 7 8 Indirectly held 2030.1 2460.3 2598.6 3483.1 4321.4 5522.3 6617.3 8098.0 7576.8 6637.7 5190.8 6891.2 8 268.7 113.3 928.4 490.8 437.5 431.7 2.4 285.7 262.0 163.5 1096.1 565.5 530.6 506.2 4.4 428.0 263.6 199.6 1135.9 578.6 557.3 521.7 6.2 471.6 365.2 274.7 1490.4 729.9 760.5 703.5 11.5 637.9 439.3 373.3 1701.3 825.9 875.5 846.6 18.8 942.1 555.1 510.5 2053.5 931.0 1122.5 1051.3 29.9 1322.0 599.2 665.4 2457.0 1056.7 1400.3 1188.1 44.9 1662.7 698.6 904.4 2805.5 1161.2 1644.2 1407.7 59.1 2222.7 645.5 882.8 2652.2 1047.6 1604.5 1223.1 59.1 2114.0 527.0 806.5 2282.3 884.7 1397.6 1084.0 51.4 1886.5 385.0 692.5 1725.4 671.5 1053.9 869.8 48.5 1469.6 469.7 887.3 2282.8 899.0 1383.8 1084.4 79.9 2087.0 9 10 11 12 13 14 15 16 9 10 11 12 13 14 15 16 Bank personal trusts and estates Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 17 Other 7369.5 7867.8 8267.3 8748.7 9295.5 9970.4 10619.2 11203.8 11921.7 12295.7 12869.4 13795.4 17 18 Liabilities 4139.9 4408.0 4735.4 5072.8 5429.9 5786.5 6253.5 6819.1 7402.3 7989.2 8680.4 9603.4 18 19 Net worth 22791.5 24046.2 24683.5 27555.7 30111.5 33880.7 37371.4 42291.9 41975.7 41111.6 39551.7 44516.0 19 3964.8 4612.1 4579.9 6172.3 7496.0 9812.9 11492.6 14697.2 13068.7 11135.2 8496.2 11036.7 20 18.1 28.5 20.0 31.0 19.3 29.9 23.3 35.2 25.8 38.1 29.7 42.9 31.5 45.1 35.2 49.5 31.1 45.3 26.7 40.5 20.8 33.5 24.1 38.0 21 22 Memo: 20 21 22 Equity shares excluding defined benefit plans (line 6 minus lines 12, 14 and part of line 15) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 16) could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER