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For use at 12:00 p.m., eastern time Friday September 17, 2010 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Second Quarter 2010 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Second Quarter 2010 C Debt of the domestic nonfinancial sectors is estimated to have expanded at a seasonally adjusted annual rate of 4¾ percent in the second quarter of 2010, ¼ percentage point more than in the previous quarter. Private debt declined again in the second quarter, while federal government debt continued to grow rapidly. Household debt contracted at an annual rate of 2¼ percent in the second quarter, the ninth consecutive quarterly decline. Home mortgage debt fell at an annual rate of 2¼ percent, compared with a 4¼ percent drop in the previous quarter. Consumer credit contracted at an annual rate of 2½ percent in the second quarter, about ½ percentage point more than the decline posted in the first quarter. Nonfinancial business debt was about unchanged in the second quarter, after a small increase in the previous quarter. Commercial mortgages and bank loans outstanding continued to contract, while corporate bonds and commercial paper expanded. State and local government debt declined 1¼ percent at an annual rate in the second quarter, after five consecutive quarterly increases. Federal government debt increased at an annual rate of about 24 percent in the second quarter, four percentage points faster than in the previous quarter. At the end of the second quarter of 2010, the level of domestic nonfinancial debt outstanding was $35.5 trillion; household debt was $13.5 trillion, nonfinancial business debt was $10.9 trillion, and total government debt was $11.1 trillion. Household net worth—the difference between the value of assets and liabilities—was an estimated $53.5 trillion at the end of the second quarter, down $1.5 trillion from the end of the previous quarter. Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates P P State and local govts. 1.4 8.8 11.1 8.3 7.3 Federal Total Households Business 2000 2001 2002 2003 2004 5.0 6.3 7.4 8.1 8.8 9.1 9.6 10.8 11.8 11.0 9.3 5.7 2.8 2.3 6.2 2005 2006 2007 2008 2009 9.5 9.0 8.6 6.0 3.0 11.1 10.1 6.8 0.3 -1.7 8.6 10.5 13.1 5.5 -2.3 10.2 8.3 9.5 2.3 4.9 7.0 3.9 4.9 24.2 22.7 2009:Q1 Q2 Q3 Q4 4.6 4.4 2.1 0.9 -0.9 -1.9 -2.2 -2.0 -0.0 -2.6 -4.4 -3.8 5.6 4.3 5.8 3.8 24.4 28.9 19.0 11.9 2010:Q1 4.5 -1.7 Q2 4.8 -2.3 1. Changes shown are on an end-of-period basis. 0.5 0.1 5.7 -1.3 20.5 24.4 -8.0 -0.2 7.6 10.9 9.0 Table of Contents Title Table Page Flow of Funds Accounts, Second Quarter 2010 1 Availability of Data for Latest Quarter 4 Debt Growth by Sector D.1 7 Borrowing by Sector D.2 8 Debt Outstanding by Sector D.3 9 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 10 L.1 60 Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 61 Credit Market Borrowing by Financial Sectors F.3 11 L.3 61 Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 62 Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 62 Distribution of Gross Domestic Product F.6 13 Distribution of National Income F.7 14 Saving and Investment F.8 15 Net Capital Transfers F.9 16 Derivation of Measures of Personal Saving F.10 17 L.10 63 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 18 L.100 64 Nonfinancial Business F.101 19 L.101 65 Nonfarm Nonfinancial Corporate Business F.102 20 L.102 66 Nonfarm Noncorporate Business F.103 21 L.103 67 Farm Business F.104 21 L.104 67 State and Local Governments F.105 22 L.105 68 Federal Government F.106 23 L.106 68 Rest of the World F.107 24 L.107 69 Monetary Authority F.108 25 L.108 70 Commercial Banking F.109 26 L.109 71 U.S.-Chartered Commercial Banks F.110 27 L.110 72 Foreign Banking Offices in U.S. F.111 28 L.111 73 Bank Holding Companies F.112 29 L.112 74 Banks in U.S.-Affiliated Areas F.113 29 L.113 74 Savings Institutions F.114 30 L.114 75 Credit Unions F.115 31 L.115 76 Property-Casualty Insurance Companies F.116 31 L.116 76 Life Insurance Companies F.117 32 L.117 77 Private Pension Funds F.118 32 L.118 77 State and Local Government Employee Retirement Funds F.119 33 L.119 78 Federal Government Retirement Funds F.120 33 L.120 78 Money Market Mutual Funds F.121 34 L.121 79 Mutual Funds F.122 34 L.122 79 Title Sectors Title Flows Table Page Levels Table Page Closed-End and Exchange-Traded Funds F.123 34 L.123 79 Government-Sponsored Enterprises F.124 35 L.124 80 Agency- and GSE-backed Mortgage Pools F.125 35 L.125 80 Issuers of Asset-Backed Securities F.126 36 L.126 81 Finance Companies F.127 36 L.127 81 Real Estate Investment Trusts F.128 37 L.128 82 Security Brokers and Dealers F.129 38 L.129 83 Funding Corporations F.130 38 L.130 83 U.S. Official Reserve Assets F.200 39 L.200 84 SDR Certificates and Treasury Currency F.201 39 L.201 84 U.S. Deposits in Foreign Countries F.202 39 L.202 84 Net Interbank Transactions F.203 40 L.203 85 Checkable Deposits and Currency F.204 41 L.204 86 Time and Savings Deposits F.205 42 L.205 87 Money Market Mutual Fund Shares F.206 42 L.206 87 Federal Funds and Security Repurchase Agreements F.207 43 L.207 88 Open Market Paper F.208 43 L.208 88 Treasury Securities F.209 44 L.209 89 Instruments Flows Levels Title Table Page Table Page Agency- and GSE-backed Securities F.210 45 L.210 90 Municipal Securities and Loans F.211 46 L.211 91 Corporate and Foreign Bonds F.212 46 L.212 91 Corporate Equities F.213 47 L.213 92 Mutual Fund Shares F.214 47 L.214 92 Bank Loans Not Elsewhere Classified F.215 48 L.215 93 Other Loans and Advances F.216 49 L.216 94 Total Mortgages F.217 50 L.217 95 Home Mortgages F.218 51 L.218 96 Multifamily Residential Mortgages F.219 51 L.219 96 Commercial Mortgages F.220 52 L.220 97 Farm Mortgages F.221 52 L.221 97 Consumer Credit F.222 53 L.222 98 Trade Credit F.223 53 L.223 98 Security Credit F.224 53 L.224 98 Life Insurance and Pension Fund Reserves F.225 54 L.225 99 Taxes Payable by Businesses F.226 54 L.226 99 Proprietors' Equity in Noncorporate Business F.227 54 L.227 99 Total Miscellaneous Financial Claims F.228 55 L.228 100 Identified Miscellaneous Financial Claims - Part I F.229 56 L.229 101 Identified Miscellaneous Financial Claims - Part II F.230 57 L.230 102 Unidentified Miscellaneous Financial Claims F.231 58 L.231 103 Sector Discrepancies F.11 59 Instrument Discrepancies F.12 59 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 104 R.100 107 Nonfinancial Corporate Business B.102 105 R.102 108 Nonfarm Noncorporate Business B.103 106 R.103 109 Title Reconciliation Balance Sheet and Reconciliation Tables Flows Table Page Levels Table Page Nonprofit Organizations F.100.a 110 L.100.a 111 Consolidated Statement for Federal, State, and Local Governments F.106.c 112 L.106.c 113 Private Pension Funds: Defined Benefit Plans F.118.b 114 L.118.b 115 Private Pension Funds: Defined Contribution Plans F.118.c 114 L.118.c 115 Individual Retirement Accounts (IRAs) F.225.i 114 L.225.i 115 Title Supplementary Tables Flow of Funds Matrix for 2009 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 116 117 B.100.e 118 1 Flow of Funds Accounts, Second Quarter 2010 This publication presents the Flow of Funds Accounts for 2010: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. Many nine-digit flow of funds mnemonics have been changed to make the coding more consistent across instrument categories. A list of these code changes is available online at: http://www.federalreserve.gov/Releases/Z1/preview/Code_ changes/ 2. Seasonal factors for quarterly flows have been recalculated for the period 2000:Q1 forward. The seasonal factors were generated using the X-12ARIMA/88 seasonal adjustment program from Statistics Canada. The seasonals of several series received special treatment due to the recent financial crisis: seasonal factors for money market mutual fund assets and federal government deposits at the Federal Reserve and commercial banks were not revised; seasonal factors for depository institution reserves at the Federal Reserve were eliminated from 2000:Q1 forward; and seasonal factors were added to the rest of the world’s holdings of Treasury securities from 2000:Q1 forward. 3. The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 2007 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 30, 2010, and subsequent information for 2010:Q2 released on August 27, 2010. The August 2010 issue of the Survey of Current Business details the major features of this annual revision. The flow of funds table on saving and investment by sector (table F.8) has been redesigned to be consistent with the revised NIPA table 5.1 and with the Integrated Macroeconomic Accounts of the United States, jointly compiled by the Federal Reserve Board and the BEA. 4. Data for investment and depreciation flows of all sectors, and capital stocks for the household, nonfarm nonfinancial corporate business, and nonfarm noncorporate business sectors have been revised to reflect updated annual estimates of fixed assets from the BEA. 5. The household sector (table F.100) has been modified to include an additional capital expenditure for nonproduced nonfinancial assets (net), which represents the sale of land by individuals to state and local governments. 6. Revisions to the rest of the world sector (tables F.107 and L.107) reflect new estimates of the balance of payments and the international investment position from the BEA for 1976 through 2009. The new estimates are detailed in the July 2010 issue of the Survey of Current Business. 7. Federal funds and security repurchase agreements in the rest of the world sector (tables F.107 and L.107) has been revised to net out securities sold under agreements to repurchase. 8. The instrument table “Gold and Official Foreign Exchange Holdings” (tables F.200 and L.200) has been renamed to “U.S. Official Reserve Assets” and reorganized to be consistent with revised international accounting standards in the System of National Accounts 2008 (SNA2008). As a result, special drawing right (SDR) allocations have been added as a liability of the federal government and an asset of the rest of the world (tables F.106, F.107, L.106, and L.107). Also, SDR holdings are now shown as a liability of the rest of the world on table L.200. The May 2010 issue of BEA’s Survey of Current Business provides a description of the new treatment of SDRs under the SNA2008. 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 GSE-backed 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. 2 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, outstandings in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuityt where “t” is the time period. B B B B B B B B 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 B B B B B B Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction. The distinction between “available” data and “missing” data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. 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: www.federalreserve.gov/releases/Z1 The Internet site also provides historical annual data beginning in 1945 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) available as a customizable download dataset through the Data Download Program (DDP) at the following location: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 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. 3 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 4 Availability of Data for Latest Quarter Available at time of publication U U Major items missing U U 1. National income and product accounts (NIPA) Second estimate, seasonally adjusted, for 2010:Q2. 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 2010: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 2010:Q2; Internal Revenue Service Statistics of Income (IRS/SOI) data through 2008; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2010:Q2. Statistics of Income data since 2008. 4. Nonfarm noncorporate business (tables F.103 and L.103) IRS/SOI data through 2007; bank and finance company loans and mortgage borrowing through 2010:Q2. Statistics of Income data since 2007. 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 2010:Q2; preliminary data for checkable deposits and currency and trade payables through 2008. Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2010:Q2; total financial assets through 2008:Q2 from the Census Bureau; breakdown of financial assets through 2004:Q2 from the comprehensive annual financial reports of state and local governments. Consumption of fixed capital and undistributed profits since 2008. Data from the Monthly Treasury Statement of Receipts and Outlays and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2010:Q2. None. 6. State and local governments (tables F.105 and L.105) 7. Federal government (tables F.106 and L.106) Unadjusted flows since 2006. Total financial assets since 2008:Q2 and selected financial asset detail since 2004:Q2. 5 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 2010:Q2. NIPA estimates; data from bank Reports of Condition and from Treasury International Capital System through 2010:Q2. None. 9. Monetary authority (tables F.108 and L.108) All data through 2010:Q2. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113) All data through 2010: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 2009 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 2010:Q2. None. 12. Credit unions (tables F.115 and L.115) All data through 2010:Q2. None. 13. Property-casualty insurance companies (tables F.116 and L.116) All data through 2010:Q1. Preliminary data for 2010:Q2. Final data for 2010:Q2. 14. Life insurance companies (tables F.117 and L.117) All data through 2010:Q1. Preliminary data for 2010:Q2. Final data for 2010:Q2. 15. Private pension funds (tables F.118 and L.118) Quarterly data through 2010:Q1; Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 2007. Form 5500 data since 2007. Quarterly data since 2010:Q1. 16. State and local government employee retirement funds (tables F.119 and L.119) Detailed data through 2008:Q2 from the Census Bureau; sample data through 2010:Q2 from the Census Bureau. Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2010:Q2. All data through 2010:Q2. Detailed data since 2008:Q2. None. 19. Mutual funds (tables F.122 and L.122) All data through 2010:Q2. None. 20. Closed-end funds (tables F.123 and L.123) All data through 2010:Q2. None. 21. Exchange-traded funds (tables F.123 and L.123) All data through 2010:Q2. None. 17. Federal government retirement funds (tables F.120 and L.120) 18. Money market mutual funds (tables F.121 and L.121) None. 6 22. Government-sponsored enterprises (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, FHLBs, Farmer Mac, FICO, FCS, and REFCORP through 2010:Q2. None. 23. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, and Ginnie Mae through 2010:Q2. None. 24. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2010:2. None. 25. Finance companies (tables F.127 and L.127) All data through 2010:Q2. None. 26. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL Financial through 2010:Q2. None. 27. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2010:Q2. 28. Funding corporations (tables F.130 and L.130) Estimates for this sector are largely residuals and are derived from data for other sectors. None. Z.1, September 17, 2010 7 Domestic financial sectors Foreign D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government 1976 1977 1978 1979 1980 10.8 12.8 13.8 12.2 9.5 11.3 15.6 16.9 15.4 8.5 12.6 16.6 17.5 16.4 10.9 10.6 15.5 17.5 13.9 1.0 8.6 12.5 13.1 13.4 10.0 7.6 12.0 11.5 10.9 8.3 8.4 8.4 15.4 9.0 6.9 15.6 11.0 9.2 5.8 11.8 9.0 18.9 22.1 22.1 14.5 21.2 11.7 18.7 9.6 14.3 1981 1982 1983 1984 1985 10.4 10.4 12.0 14.8 15.6 7.6 5.6 11.1 12.6 16.1 7.2 4.8 10.2 11.4 14.6 5.5 5.0 12.1 18.4 15.9 12.9 9.9 9.1 16.2 11.0 13.6 10.3 8.1 16.7 12.7 8.0 11.2 11.4 11.4 31.8 11.6 19.7 18.9 16.9 16.5 18.2 13.6 13.4 17.9 19.4 12.2 7.5 8.3 3.7 0.5 1986 1987 1988 1989 1990 11.9 9.1 9.0 7.2 6.5 11.5 10.4 9.9 9.3 7.0 13.7 13.4 11.8 10.9 8.9 9.1 4.8 6.7 6.3 1.9 11.4 7.8 9.8 6.1 3.5 13.8 9.0 10.9 7.2 5.6 10.9 12.0 6.0 5.3 5.0 13.6 8.0 8.0 7.0 11.0 26.2 18.2 13.2 10.5 8.8 4.0 2.5 2.9 3.8 8.3 1991 1992 1993 1994 1995 4.3 4.5 4.7 4.6 5.2 5.2 5.3 6.0 7.6 6.8 7.0 6.5 5.5 5.6 4.9 -1.1 1.1 7.4 15.2 14.4 -2.3 -0.3 0.2 3.9 7.4 -2.1 0.9 1.2 5.0 8.8 9.2 1.5 5.3 -3.9 -5.5 11.1 10.9 8.3 4.7 4.1 6.0 8.6 9.6 13.9 11.6 4.8 6.9 18.7 -2.4 17.7 1996 1997 1998 1999 2000 5.4 5.6 6.6 6.4 5.0 6.9 5.8 7.8 8.4 9.1 6.2 6.1 8.1 9.4 8.7 9.0 5.5 7.2 7.8 11.4 6.6 9.9 11.7 10.7 9.3 6.8 10.6 11.0 9.9 8.5 -2.0 4.9 6.2 3.3 1.4 4.0 0.6 -1.4 -1.9 -8.0 12.1 12.1 19.4 16.2 11.0 15.5 10.6 5.1 2.4 8.4 2001 2002 2003 2004 2005 6.3 7.4 8.1 8.8 9.5 9.6 10.8 11.8 11.0 11.1 10.6 13.3 14.6 13.4 13.3 8.6 5.6 5.3 5.6 4.5 5.7 2.8 2.3 6.2 8.6 4.5 0.7 1.8 4.0 6.3 8.8 11.1 8.3 7.3 10.2 -0.2 7.6 10.9 9.0 7.0 10.7 9.7 10.7 8.9 9.3 -1.4 10.8 4.0 12.4 7.9 2006 2007 2008 2009 9.0 8.6 6.0 3.0 10.1 6.8 0.3 -1.7 11.2 6.8 -0.4 -1.6 4.1 5.8 1.5 -4.4 10.5 13.1 5.5 -2.7 8.5 12.6 5.4 -0.0 8.3 9.5 2.3 4.9 3.9 4.9 24.2 22.7 10.0 12.5 5.6 -10.7 22.0 9.0 -10.6 11.2 2004 -- Q1 Q2 Q3 Q4 8.2 8.9 7.7 9.4 9.6 11.6 9.3 11.9 10.9 14.2 12.0 14.0 6.3 3.7 6.0 5.9 6.1 4.5 5.9 8.0 3.6 1.5 3.6 6.9 10.0 4.0 8.3 6.1 8.1 12.4 6.9 7.3 7.1 9.3 7.8 10.2 11.9 0.9 10.0 25.0 2005 -- Q1 Q2 Q3 Q4 9.1 9.1 8.9 9.7 10.0 11.3 10.9 10.5 11.6 13.0 13.5 12.5 5.1 5.0 4.2 3.4 7.2 8.5 7.5 10.2 4.7 6.1 4.8 8.9 12.0 7.5 12.2 7.8 9.0 5.4 5.4 7.5 8.4 9.4 5.4 12.9 4.6 7.7 9.7 8.5 2006 -- Q1 Q2 Q3 Q4 10.2 9.4 7.0 8.3 11.9 11.2 8.7 7.3 13.6 12.6 9.7 7.0 3.1 4.0 4.2 4.9 10.8 10.4 7.0 12.3 9.0 8.4 3.6 12.1 5.8 7.2 8.4 10.9 6.8 4.1 2.0 2.5 11.2 11.2 7.1 9.0 13.9 12.4 37.0 18.7 2007 -- Q1 Q2 Q3 Q4 8.6 8.7 8.8 7.5 7.3 7.2 6.4 5.4 8.0 7.6 5.7 5.4 5.1 5.6 6.9 5.1 11.1 13.6 13.4 11.8 9.5 13.7 13.8 11.3 11.8 10.3 7.7 7.0 6.0 2.2 6.4 4.5 11.0 9.8 16.7 10.2 12.9 18.2 1.4 3.0 2008 -- Q1 Q2 Q3 Q4 6.3 3.7 7.8 5.7 3.5 -0.1 -0.2 -2.1 2.5 -0.6 -1.7 -2.0 4.9 3.5 -0.0 -2.3 8.7 7.1 4.7 1.0 8.8 7.7 4.5 0.2 5.1 1.7 3.7 -1.0 9.5 7.4 37.0 36.1 6.0 5.7 6.8 3.4 10.4 -0.0 -28.6 -24.9 2009 -- Q1 Q2 Q3 Q4 4.6 4.4 2.1 0.9 -0.9 -1.9 -2.2 -2.0 -0.3 -1.8 -2.6 -1.5 -3.7 -4.8 -3.9 -5.6 -0.0 -2.6 -4.4 -3.8 2.6 0.0 -1.7 -1.0 5.6 4.3 5.8 3.8 24.4 28.9 19.0 11.9 -10.9 -13.3 -10.8 -8.8 9.5 10.2 15.3 8.0 2010 -- Q1 Q2 4.5 4.8 -1.7 -2.3 -4.3 -2.3 -1.9 -2.5 0.5 0.1 5.2 3.8 5.7 -1.3 20.5 24.4 -7.5 -7.1 5.7 -1.7 1. Data shown are on an end-of-period basis. 8 Z.1, September 17, 2010 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total Total Households Home mortgage Business Consumer credit Total Corporate State and local governments Federal government Domestic financial sectors Foreign 1976 1977 1978 1979 1980 244.7 321.1 390.5 391.6 342.9 83.1 127.9 160.0 169.8 108.3 57.6 85.9 105.7 116.5 90.2 22.0 35.5 46.4 43.3 3.4 73.9 117.1 138.5 159.4 135.0 43.4 73.2 78.7 83.1 70.2 18.5 19.9 39.4 26.6 22.2 69.2 56.3 52.5 35.8 77.4 23.5 53.6 74.7 91.1 73.2 20.5 13.5 24.0 15.0 24.2 1981 1982 1983 1984 1985 409.7 451.8 572.9 791.7 958.8 106.4 83.9 175.6 219.0 313.8 67.0 47.4 105.1 127.3 181.5 19.8 18.8 48.2 81.7 84.0 190.1 164.8 164.8 323.0 255.8 123.4 105.4 90.1 204.9 182.8 27.6 41.7 47.3 52.5 163.6 85.5 161.3 185.2 197.2 225.7 105.1 93.0 104.4 157.8 204.0 23.5 16.0 17.3 8.4 1.2 1986 1987 1988 1989 1990 845.7 722.0 784.1 684.3 655.5 261.1 263.8 271.5 282.9 232.7 198.8 221.5 215.7 224.9 200.1 55.8 32.3 46.6 47.0 15.1 294.4 223.9 307.1 207.7 128.8 223.2 166.1 222.1 160.1 134.9 74.2 90.4 50.4 47.4 47.1 216.0 143.9 155.1 146.4 246.9 328.8 290.6 250.2 225.0 211.2 9.7 6.3 7.4 10.2 23.9 1991 1992 1993 1994 1995 469.8 511.9 560.1 575.9 678.1 185.2 200.7 237.5 321.8 309.4 174.6 173.1 156.3 166.5 153.6 -8.8 9.2 61.4 135.0 147.0 -84.8 -9.3 8.5 143.7 285.0 -53.1 23.0 29.4 128.2 237.2 91.2 16.5 57.9 -45.5 -60.8 278.2 304.0 256.1 155.9 144.4 156.0 238.9 291.5 462.0 439.5 15.1 24.1 69.8 -11.2 78.3 1996 1997 1998 1999 2000 732.4 812.5 1005.5 1040.6 864.6 335.8 300.3 425.8 493.5 581.4 204.9 215.5 301.4 378.0 383.3 105.7 70.3 97.1 112.4 176.5 272.2 438.3 565.6 581.1 562.2 198.7 333.1 381.9 381.9 362.7 -20.5 50.8 66.8 37.3 16.9 144.9 23.1 -52.6 -71.2 -295.9 514.0 574.1 1026.8 1023.5 807.3 88.0 69.9 37.2 19.0 63.0 2001 2002 2003 2004 2005 1149.2 1418.6 1683.6 1983.3 2324.7 672.0 825.0 1000.8 1049.7 1173.3 507.1 704.5 874.8 926.0 1039.0 150.6 105.2 105.9 117.2 100.4 377.3 191.5 166.2 457.6 672.6 209.2 33.6 87.3 196.6 323.7 105.5 144.6 120.5 114.1 172.0 -5.6 257.6 396.0 361.9 306.9 872.0 886.6 1071.6 971.4 1114.9 -11.2 93.4 43.0 155.3 113.0 2006 2007 2008 2009 2413.6 2523.0 1906.9 1015.0 1186.6 873.4 36.2 -241.8 990.7 674.5 -46.2 -163.1 95.4 139.3 38.8 -115.3 889.9 1221.6 579.9 -298.2 467.1 752.2 363.0 -2.1 153.7 191.0 51.6 111.2 183.4 237.1 1239.2 1443.9 1297.3 1789.6 905.5 -1824.8 332.6 170.3 -226.3 191.8 2004 -- Q1 Q2 Q3 Q4 1844.1 2039.5 1807.2 2242.6 912.3 1133.1 935.6 1218.0 753.4 1008.7 882.9 1059.1 131.6 78.1 129.2 129.9 447.5 331.6 441.8 609.5 179.9 74.1 180.0 352.4 156.7 63.8 135.1 100.8 327.6 511.0 294.7 314.3 777.0 1037.8 885.6 1185.1 149.0 11.2 128.8 332.0 2005 -- Q1 Q2 Q3 Q4 2217.0 2263.4 2287.7 2530.8 1057.5 1219.2 1216.9 1199.6 907.8 1051.2 1125.0 1072.0 113.2 113.3 96.0 79.2 564.3 673.9 610.9 841.1 244.9 316.7 256.1 477.1 201.3 129.1 215.4 142.1 393.9 241.2 244.4 348.0 1005.4 1151.6 675.9 1626.7 66.1 112.8 144.3 128.8 2006 -- Q1 Q2 Q3 Q4 2735.8 2583.6 1962.4 2372.6 1395.4 1352.5 1077.5 921.0 1210.1 1155.5 918.1 679.3 73.0 93.7 98.3 116.7 914.1 901.5 625.8 1118.2 492.8 471.6 206.3 697.6 107.4 134.7 160.3 212.3 318.8 194.9 98.7 121.2 1456.0 1499.0 969.5 1264.6 209.7 194.2 596.8 329.6 2007 -- Q1 Q2 Q3 Q4 2510.0 2579.1 2670.9 2332.2 942.3 950.8 858.8 741.5 785.9 762.9 589.3 559.8 122.1 137.5 170.2 127.5 1040.1 1306.6 1329.7 1209.8 565.7 837.5 870.3 735.4 236.6 212.8 162.7 152.1 290.9 109.0 319.7 228.8 1571.4 1450.2 2531.0 1605.9 243.3 350.1 28.2 59.6 2008 -- Q1 Q2 Q3 Q4 1999.9 1182.4 2544.7 1900.7 480.9 -15.4 -32.2 -288.3 263.8 -65.1 -177.7 -205.9 124.6 91.1 -0.1 -60.4 923.4 770.9 516.9 108.3 591.1 530.1 317.8 13.2 111.2 37.1 81.7 -23.4 484.5 389.8 1978.3 2104.1 977.5 940.1 1135.1 569.3 221.3 -0.3 -622.8 -503.4 2009 -- Q1 Q2 Q3 Q4 1547.9 1499.3 716.1 296.8 -123.0 -259.9 -304.3 -280.2 -31.2 -190.5 -272.9 -157.7 -96.9 -124.4 -98.9 -140.8 -4.7 -289.4 -484.6 -414.1 180.4 2.8 -121.5 -70.1 125.6 97.1 133.6 88.4 1550.0 1951.5 1371.5 902.6 -1857.2 -2268.8 -1774.4 -1398.9 163.1 179.3 275.0 149.9 2010 -- Q1 Q2 1562.3 1671.4 -231.6 -309.0 -445.5 -233.4 -46.8 -60.8 58.4 9.0 369.4 272.8 133.6 -31.5 1601.9 2003.0 -1178.7 -1069.7 115.3 -34.6 Z.1, September 17, 2010 9 Domestic financial sectors Foreign D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Households Home mortgage Business Consumer credit Corporate Federal government Total Total 1976 1977 1978 1979 1980 2505.3 2826.6 3211.2 3603.0 3953.5 818.9 946.7 1105.4 1276.1 1396.0 517.0 603.0 708.6 826.7 926.5 229.0 264.9 311.3 354.6 358.0 935.5 1054.3 1188.4 1347.0 1478.1 612.1 687.1 761.4 843.8 910.2 237.8 256.2 295.6 322.2 344.4 513.1 569.4 621.9 657.7 735.0 283.9 337.8 412.5 504.9 578.1 115.7 128.6 155.7 168.5 193.4 1981 1982 1983 1984 1985 4361.7 4783.4 5359.2 6146.2 7123.1 1507.2 1576.4 1732.0 1943.3 2277.8 998.2 1031.1 1116.2 1242.8 1449.6 377.9 396.7 444.9 526.6 610.6 1662.0 1811.4 1999.1 2325.1 2577.5 1027.3 1117.4 1230.4 1438.3 1617.8 372.1 413.8 461.1 513.6 677.9 820.5 981.8 1167.0 1364.2 1589.9 682.4 778.1 882.7 1052.4 1257.3 214.0 208.1 224.1 232.8 242.5 1986 1987 1988 1989 1990 7966.3 8670.1 9450.7 10152.1 10834.9 2537.3 2755.1 3043.6 3319.0 3580.9 1648.3 1827.9 2054.2 2259.5 2488.8 666.4 698.6 745.2 809.3 824.4 2871.0 3122.6 3409.2 3641.5 3768.5 1840.0 2033.8 2233.4 2409.4 2542.5 752.1 842.6 893.0 940.4 987.4 1805.9 1949.8 2104.9 2251.2 2498.1 1593.6 1895.5 2145.8 2399.3 2613.6 251.9 259.0 269.8 287.9 318.2 1991 1992 1993 1994 1995 11301.4 11816.5 12391.4 12973.6 13667.5 3769.7 3970.4 4210.3 4531.8 4841.2 2667.0 2840.0 2998.7 3165.3 3318.9 815.6 824.8 886.2 1021.2 1168.2 3676.7 3670.6 3691.5 3842.0 4142.8 2487.2 2511.8 2553.6 2688.5 2941.5 1078.6 1095.1 1153.0 1107.5 1046.7 2776.4 3080.3 3336.5 3492.3 3636.7 2769.6 3024.1 3321.0 3791.1 4233.5 350.4 372.4 468.2 443.1 567.6 1996 1997 1998 1999 2000 14399.8 15210.8 16216.4 17291.6 18166.1 5177.0 5477.6 5903.4 6396.0 6987.3 3523.8 3739.3 4040.6 4416.3 4798.4 1273.9 1344.2 1441.3 1553.6 1741.3 4415.0 4851.5 5417.1 6033.7 6595.8 3140.3 3471.6 3853.4 4270.9 4633.6 1026.2 1076.9 1143.8 1181.0 1197.9 3781.7 3804.8 3752.2 3681.0 3385.1 4747.5 5301.4 6328.2 7349.4 8157.8 657.2 723.6 783.2 748.2 814.5 2001 2002 2003 2004 2005 19298.3 20716.9 22444.7 24442.9 26767.6 7659.3 8484.3 9505.0 10569.6 11742.9 5305.4 6009.9 6894.4 7835.3 8874.3 1891.8 1997.0 2102.9 2220.1 2320.6 6956.1 7147.7 7338.2 7795.8 8468.3 4825.8 4859.4 4971.0 5167.6 5491.3 1303.4 1448.0 1568.5 1682.6 1854.5 3379.5 3637.0 4033.1 4395.0 4701.9 9155.9 10042.5 10949.3 11935.6 12996.0 865.4 1072.8 1253.3 1438.8 1513.9 2006 2007 2008 2009 29179.1 31708.7 33615.6 34640.2 12929.5 13802.9 13844.1 13602.2 9865.0 10539.5 10498.3 10335.2 2416.0 2555.3 2594.1 2478.9 9356.2 10584.2 11159.1 10870.5 5956.3 6715.0 7073.1 7080.6 2008.2 2199.3 2250.9 2362.1 4885.3 5122.3 6361.5 7805.4 14290.7 16207.5 17112.7 15628.4 1882.6 2126.3 1708.8 2012.0 2004 -- Q1 Q2 Q3 Q4 22905.7 23415.6 23882.2 24442.9 9733.0 10016.3 10265.1 10569.6 7082.8 7335.0 7570.5 7835.3 2135.8 2155.4 2187.7 2220.1 7450.1 7533.0 7643.4 7795.8 5015.9 5034.5 5079.5 5167.6 1607.7 1623.6 1657.4 1682.6 4115.0 4242.7 4316.4 4395.0 11143.6 11403.0 11639.3 11935.6 1290.5 1293.3 1325.6 1438.8 2005 -- Q1 Q2 Q3 Q4 24997.1 25563.0 26134.9 26767.6 10833.9 11138.8 11443.0 11742.9 8062.3 8325.1 8606.3 8874.3 2248.4 2276.7 2300.7 2320.6 7936.9 8105.3 8258.1 8468.3 5228.8 5308.0 5372.0 5491.3 1732.9 1765.2 1819.0 1854.5 4493.5 4553.8 4614.9 4701.9 12186.9 12474.8 12570.3 12996.0 1455.3 1483.5 1519.6 1513.9 2006 -- Q1 Q2 Q3 Q4 27449.5 28095.4 28586.0 29179.1 12091.8 12429.9 12699.3 12929.5 9176.8 9465.7 9695.2 9865.0 2338.8 2362.2 2386.8 2416.0 8694.8 8920.2 9076.6 9356.2 5612.4 5730.3 5781.9 5956.3 1881.4 1915.1 1955.1 2008.2 4781.6 4830.3 4855.0 4885.3 13356.6 13732.1 13974.5 14290.7 1566.3 1614.9 1764.1 1882.6 2007 -- Q1 Q2 Q3 Q4 29813.1 30457.9 31125.6 31708.7 13165.1 13402.8 13617.5 13802.9 10061.5 10252.2 10399.6 10539.5 2446.5 2480.9 2523.4 2555.3 9622.7 9949.3 10281.8 10584.2 6104.2 6313.6 6531.2 6715.0 2067.4 2120.6 2161.2 2199.3 4958.0 4985.2 5065.1 5122.3 14810.7 15173.3 15806.1 16207.5 1924.0 2011.5 2018.6 2126.3 2008 -- Q1 Q2 Q3 Q4 32208.7 32504.3 33140.5 33615.6 13923.1 13919.2 13916.2 13844.1 10605.5 10589.2 10549.7 10498.3 2586.4 2609.2 2609.2 2594.1 10815.1 11007.8 11132.0 11159.1 6862.8 6995.3 7069.8 7073.1 2227.0 2236.3 2256.8 2250.9 5243.5 5340.9 5835.5 6361.5 16451.9 16687.0 16970.4 17112.7 2181.6 2181.6 2025.6 1708.8 2009 -- Q1 Q2 Q3 Q4 34012.2 34387.0 34566.0 34640.2 13813.3 13748.4 13672.3 13602.2 10490.5 10442.8 10374.6 10335.2 2569.9 2538.8 2514.1 2478.9 11167.5 11095.2 10974.0 10870.5 7127.8 7128.5 7098.1 7080.6 2282.3 2306.6 2340.0 2362.1 6749.0 7236.9 7579.8 7805.4 17030.4 16463.2 15985.3 15628.4 1749.6 1794.4 1863.1 2012.0 2010 -- Q1 Q2 35035.9 35453.8 13527.5 13450.3 10185.0 10126.7 2467.2 2452.0 10907.0 10909.3 7193.7 7261.9 2395.5 2387.6 8205.9 8706.6 15008.3 14744.2 2041.3 2032.7 1. Data shown are on an end-of-period basis. Total State and local governments 10 Z.1, September 17, 2010 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2 3 4 5 6 7 8 Total net borrowing Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Q2 2010 Q3 Q4 Q1 Q2 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 2 1173.3 323.7 331.6 17.3 172.0 306.9 1186.6 467.1 408.6 14.2 153.7 183.4 873.4 752.2 454.8 14.6 191.0 237.1 36.2 363.0 212.8 4.0 51.6 1239.2 -241.8 -2.1 -294.1 -2.0 111.2 1443.9 -123.0 180.4 -187.5 2.4 125.6 1550.0 -259.9 2.8 -288.7 -3.4 97.1 1951.5 -304.3 -121.5 -359.3 -3.8 133.6 1371.5 -280.2 -70.1 -340.9 -3.2 88.4 902.6 -231.6 369.4 -302.3 -8.6 133.6 1601.9 -309.0 272.8 -255.6 -8.2 -31.5 2003.0 3 4 5 6 7 8 9 Rest of the world 113.0 332.6 170.3 -226.3 191.8 163.1 179.3 275.0 149.9 115.3 -34.6 9 10 Financial sectors 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 85.1 36.9 0.0 48.2 177.4 107.5 -0.3 70.2 263.2 131.8 0.0 131.3 161.1 79.1 -0.2 82.3 -179.9 -152.6 0.0 -27.3 -238.0 -247.0 0.0 9.1 -27.7 -44.7 0.0 17.0 -170.3 -249.1 0.0 78.8 -283.5 -69.4 0.0 -214.1 -118.4 -115.0 0.0 -3.4 -228.8 -110.4 0.0 -118.3 11 12 13 14 15 16 Savings institutions Credit unions 22.5 3.3 -108.2 4.2 104.1 13.4 -67.1 8.3 -169.6 -14.1 -148.6 -41.2 -282.5 -7.2 -178.3 -0.8 -68.8 -7.2 -68.2 -4.4 -35.0 -1.6 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.4 -84.0 164.5 729.4 2.7 35.6 292.6 807.8 14.5 282.4 623.3 336.0 26.2 271.7 497.0 -407.9 -6.6 -475.3 415.0 -721.9 -9.6 -254.5 340.0 -771.7 -8.0 -680.9 507.9 -701.6 -12.0 -590.3 465.6 -748.8 3.2 -375.7 346.3 -665.4 -10.8 -173.2 132.1 -502.7 0.0 -334.7 244.8 -451.5 17 18 19 20 21 22 23 24 Finance companies REITs Brokers and dealers Funding corporations 33.5 55.4 0.1 104.7 34.8 15.5 6.4 28.3 34.9 10.2 -4.0 111.6 -79.4 -48.6 77.7 466.4 -156.2 -33.7 -49.7 -432.8 -159.5 -34.3 -160.4 -379.5 -205.4 -46.2 -1.0 -816.1 -112.0 -18.9 7.4 -415.9 -147.9 -35.4 -44.8 -119.7 -301.3 17.8 -2.4 -147.2 -140.5 7.2 34.6 -164.2 21 22 23 24 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 25 424.9 215.6 495.8 -120.2 -33.8 142.9 -839.1 316.0 244.9 -64.9 353.6 26 218.0 42.4 11.4 154.0 -0.9 102.6 -11.6 -0.1 118.5 6.1 504.2 -79.1 10.0 54.1 6.6 -44.6 -27.9 7.0 -141.2 86.5 -311.3 -8.0 -10.2 -29.6 325.2 -168.7 -52.6 -7.1 44.5 326.8 -1104.5 5.8 -10.2 -119.6 389.4 22.8 -12.4 -12.1 -19.6 337.4 5.4 27.1 -11.3 -23.7 247.4 -259.2 95.1 -10.0 14.8 94.4 417.2 -65.3 -10.0 -85.0 96.8 27 28 29 30 31 208.1 265.9 278.2 112.3 176.1 583.5 782.5 32 25 26 27 28 29 30 31 Total net lending Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 32 Rest of the world 752.0 973.6 943.8 355.8 33 Financial sectors 2375.7 2854.2 3043.4 2350.6 -792.3 -555.0 -29.2 -1211.6 -1373.3 -19.7 -569.0 33 34 35 36 37 38 39 40 41 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 26.4 657.1 506.6 144.5 -4.2 10.2 199.4 36.2 34.7 765.4 660.0 103.7 3.3 -1.7 -78.0 30.1 -38.3 754.1 535.7 201.7 23.1 -6.4 63.0 35.3 245.4 643.8 531.1 100.7 13.9 -1.9 -276.1 40.0 1001.6 -432.2 -132.2 -281.0 -16.3 -2.8 -240.8 33.1 821.0 -278.6 67.4 -259.4 -79.8 -6.8 -175.1 16.9 1200.2 -131.2 221.0 -369.2 16.0 1.0 -356.2 48.7 1158.1 -885.0 -732.9 -161.9 4.0 5.8 -166.7 30.4 827.2 -434.0 -84.2 -333.5 -5.3 -11.1 -265.1 36.5 762.0 -329.8 -316.9 -9.8 14.3 -17.4 -170.8 39.0 133.5 -574.8 -481.6 17.2 -64.1 -46.2 5.7 43.5 34 35 36 37 38 39 40 41 42 43 44 45 46 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 72.8 116.2 45.3 18.1 7.7 44.8 67.5 58.4 114.6 8.4 5.3 84.8 102.5 12.3 11.7 -15.9 11.6 90.6 13.3 24.2 34.1 178.5 111.6 -15.4 7.4 8.9 252.9 146.0 -26.0 16.8 30.3 118.1 68.8 -12.8 1.0 39.8 180.2 130.3 -18.6 4.1 57.4 162.8 101.1 -4.3 7.9 -13.6 95.5 108.2 1.8 6.5 -11.0 72.3 76.8 0.6 17.0 42 43 44 45 46 47 48 49 50 51 52 53 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers -5.5 124.1 2.2 6.8 -69.1 164.5 732.9 220.0 184.9 6.0 5.7 46.6 292.6 799.8 375.6 271.1 -0.9 13.3 239.0 623.3 333.1 738.6 73.3 -39.7 23.0 239.1 497.0 -391.4 -643.7 380.7 10.3 46.0 -344.9 415.0 -687.1 -304.7 172.4 1.1 48.1 -190.5 340.0 -733.7 -408.9 436.3 17.5 45.9 -287.4 507.9 -667.3 -959.5 421.8 13.6 44.0 -488.7 465.6 -708.9 -901.7 492.5 9.1 45.8 -412.9 346.3 -638.3 -687.4 510.3 11.9 41.2 -163.0 132.1 -475.8 -242.4 188.2 -6.5 45.4 -321.4 244.8 -449.5 47 48 49 50 51 52 53 54 55 56 57 Finance companies REITs Brokers and dealers Funding corporations 64.7 41.0 82.3 52.7 71.0 26.1 106.2 49.5 16.6 -21.2 219.7 -57.0 -72.3 -63.9 -85.7 655.9 -223.3 1.9 -192.1 -233.0 -162.0 -1.4 -413.8 -93.2 -194.4 31.4 134.2 -611.3 -223.1 2.3 -250.5 -1.0 -313.7 -24.9 -238.3 -226.5 -230.1 16.3 188.6 137.4 -101.7 17.7 54.4 238.3 54 55 56 57 (1) Excludes corporate equities and mutual fund shares. 11 Z.1, September 17, 2010 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 2324.7 2413.6 2523.0 1906.9 1015.0 1547.9 1499.3 716.1 296.8 1562.3 1671.4 1 2324.7 -7.7 307.3 -0.4 195.0 56.7 134.5 119.3 2413.6 22.4 183.7 -0.3 177.4 215.6 175.3 159.8 2523.0 11.3 237.5 -0.4 215.6 311.2 240.2 311.0 1906.9 7.7 1239.0 0.2 61.4 204.6 192.6 74.9 1015.0 -72.4 1443.7 0.1 130.9 381.6 -295.7 -153.9 1547.9 -138.4 1553.2 -3.2 145.4 579.2 -236.0 -195.3 1499.3 -132.4 1952.6 -1.1 116.2 396.5 -240.0 -185.1 716.1 2.4 1367.7 3.7 162.5 270.0 -377.0 -156.7 296.8 -21.2 901.5 1.2 99.3 280.7 -329.7 -78.6 1562.3 54.6 1601.5 0.3 152.5 432.4 -3.1 -21.6 1671.4 67.1 2001.9 1.1 -38.1 229.0 -67.5 50.1 2 3 4 5 6 7 8 9 1419.7 1114.2 62.4 234.0 9.1 100.4 1384.2 1073.2 40.4 267.4 3.3 95.4 1057.3 711.3 84.1 257.4 4.6 139.3 87.8 -103.4 44.6 125.7 20.9 38.8 -304.1 -212.5 2.2 -94.7 0.9 -115.3 -60.0 -72.4 11.6 -0.2 0.9 -96.9 -283.0 -245.0 18.8 -57.9 0.9 -124.4 -457.8 -355.3 8.6 -112.1 0.9 -98.9 -415.6 -177.2 -30.5 -208.9 0.9 -140.8 -607.7 -507.1 14.0 -110.2 -4.4 -46.8 -511.4 -292.2 -21.5 -193.3 -4.4 -60.8 10 11 12 13 14 15 2324.7 1173.3 672.6 323.7 331.6 17.3 172.0 306.9 2413.6 1186.6 889.9 467.1 408.6 14.2 153.7 183.4 2523.0 873.4 1221.6 752.2 454.8 14.6 191.0 237.1 1906.9 36.2 579.9 363.0 212.8 4.0 51.6 1239.2 1015.0 -241.8 -298.2 -2.1 -294.1 -2.0 111.2 1443.9 1547.9 -123.0 -4.7 180.4 -187.5 2.4 125.6 1550.0 1499.3 -259.9 -289.4 2.8 -288.7 -3.4 97.1 1951.5 716.1 -304.3 -484.6 -121.5 -359.3 -3.8 133.6 1371.5 296.8 -280.2 -414.1 -70.1 -340.9 -3.2 88.4 902.6 1562.3 -231.6 58.4 369.4 -302.3 -8.6 133.6 1601.9 1671.4 -309.0 9.0 272.8 -255.6 -8.2 -31.5 2003.0 16 17 18 19 20 21 22 23 24 Foreign borrowing in U.S. 113.0 332.6 170.3 -226.3 191.8 163.1 179.3 275.0 149.9 115.3 -34.6 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 38.6 64.5 14.5 -4.6 98.4 227.8 13.8 -7.4 -69.3 218.7 24.1 -3.2 -71.0 -158.9 5.1 -1.5 57.8 144.9 -11.2 0.3 64.6 119.4 -19.4 -1.5 -22.0 206.3 -6.0 0.9 201.9 82.9 -9.8 0.0 -13.3 170.9 -9.6 1.8 -27.1 141.4 -0.5 1.5 -41.3 -6.0 13.8 -1.1 25 26 27 28 2437.8 2746.2 2693.4 1680.7 1206.9 1711.1 1678.5 991.2 446.6 1677.6 1636.8 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 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 1 214.2 -84.0 164.5 743.0 18.8 44.4 14.1 196.3 35.6 292.6 807.3 -62.3 21.2 6.6 -111.4 282.4 623.3 694.0 70.9 225.8 4.7 -125.6 271.7 497.0 -273.8 496.1 33.3 6.8 -446.7 -475.3 415.0 -571.1 -467.4 -282.6 3.4 -555.5 -254.5 340.0 -556.7 -483.2 -353.0 5.6 -568.2 -680.9 507.9 -579.6 -648.7 -308.8 9.5 -354.6 -590.3 465.6 -450.8 -490.8 -352.2 -1.4 -308.7 -375.7 346.3 -697.4 -246.9 -116.3 -0.1 -160.1 -173.2 132.1 -737.0 -91.2 -150.2 0.8 -276.8 -334.7 244.8 -482.2 -82.5 -140.3 2.0 2 3 4 5 6 7 8 1114.9 1297.3 1789.6 905.5 -1824.8 -1857.2 -2268.8 -1774.4 -1398.9 -1178.7 -1069.7 9 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 85.1 36.9 0.0 48.2 177.4 107.5 -0.3 70.2 263.2 131.8 0.0 131.3 161.1 79.1 -0.2 82.3 -179.9 -152.6 0.0 -27.3 -238.0 -247.0 0.0 9.1 -27.7 -44.7 0.0 17.0 -170.3 -249.1 0.0 78.8 -283.5 -69.4 0.0 -214.1 -118.4 -115.0 0.0 -3.4 -228.8 -110.4 0.0 -118.3 10 11 12 13 14 15 Savings institutions Credit unions 22.5 3.3 -108.2 4.2 104.1 13.4 -67.1 8.3 -169.6 -14.1 -148.6 -41.2 -282.5 -7.2 -178.3 -0.8 -68.8 -7.2 -68.2 -4.4 -35.0 -1.6 14 15 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 0.4 -84.0 164.5 729.4 2.7 35.6 292.6 807.8 14.5 282.4 623.3 336.0 26.2 271.7 497.0 -407.9 -6.6 -475.3 415.0 -721.9 -9.6 -254.5 340.0 -771.7 -8.0 -680.9 507.9 -701.6 -12.0 -590.3 465.6 -748.8 3.2 -375.7 346.3 -665.4 -10.8 -173.2 132.1 -502.7 0.0 -334.7 244.8 -451.5 16 17 18 19 20 21 22 23 Finance companies REITs Brokers and dealers Funding corporations 33.5 55.4 0.1 104.7 34.8 15.5 6.4 28.3 34.9 10.2 -4.0 111.6 -79.4 -48.6 77.7 466.4 -156.2 -33.7 -49.7 -432.8 -159.5 -34.3 -160.4 -379.5 -205.4 -46.2 -1.0 -816.1 -112.0 -18.9 7.4 -415.9 -147.9 -35.4 -44.8 -119.7 -301.3 17.8 -2.4 -147.2 -140.5 7.2 34.6 -164.2 20 21 22 23 12 Z.1, September 17, 2010 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 8 9 10 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1 245.1 307.3 80.0 195.0 864.2 317.1 183.7 327.9 177.4 1250.6 -169.4 237.5 905.3 215.6 1223.9 -189.0 1239.0 768.9 61.4 -228.1 -461.3 1443.7 -60.2 130.9 -44.6 -629.2 1553.2 82.3 145.4 141.9 -722.5 1952.6 -174.1 116.2 23.3 -150.3 1367.7 -120.9 162.5 -97.8 -343.2 901.5 -28.2 99.3 -245.7 -132.7 1601.5 -40.8 152.5 -163.1 -251.1 2001.9 -88.8 -38.1 -259.2 2 3 4 5 6 167.8 159.1 1433.8 100.4 126.8 173.6 1390.8 95.4 335.1 533.6 1062.0 139.3 693.8 106.7 94.6 38.8 -774.3 -436.2 -300.8 -115.3 -738.6 -549.8 -54.5 -96.9 -894.7 -493.1 -273.6 -124.4 -877.6 -508.9 -459.2 -98.9 -586.2 -193.1 -415.8 -140.8 -94.8 -170.3 -606.8 -46.8 -136.2 -91.3 -509.4 -60.8 7 8 9 10 Memo: Funds raised through corporate equities and mutual fund shares 11 12 13 14 15 16 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares 183.6 -31.9 -95.5 299.5 804.2 359.0 1166.1 983.3 708.5 447.4 322.2 11 -76.6 -341.8 -368.7 -565.7 -460.2 -786.8 268.5 -336.0 314.1 -64.7 414.8 -133.1 484.5 126.4 305.8 65.7 51.3 -318.0 -116.7 -200.8 273.3 -182.6 12 13 186.7 78.5 260.2 137.3 59.7 336.8 147.8 178.9 364.7 -39.0 643.5 31.0 63.3 315.5 490.1 -2.7 550.6 -55.8 140.6 217.5 681.6 104.4 135.7 677.5 11.0 358.3 657.1 43.1 40.9 564.1 88.6 367.3 48.9 14 15 16 F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net flows through credit markets (from table F.4, line 1) 3552.7 4043.4 4483.0 2586.2 -618.0 -146.2 -590.2 -783.3 -952.2 498.8 567.1 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits -14.1 0.0 0.8 40.8 -2.4 0.0 0.6 87.2 0.1 0.0 -0.7 257.0 4.8 0.0 -0.8 -402.1 99.9 3.0 -0.4 -171.6 3.9 0.0 -0.0 -244.6 14.5 0.0 -0.0 -240.6 386.5 12.0 -1.0 -104.2 -5.5 0.0 -0.4 -97.0 3.1 0.0 0.0 35.7 0.7 0.0 -0.0 283.5 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 -12.4 4.4 314.4 284.4 127.0 -11.3 -19.9 347.0 261.2 305.3 -97.5 36.7 316.4 283.4 720.9 1801.9 568.4 524.8 -190.6 724.2 -607.9 -7.9 517.2 -141.8 -498.7 -954.1 -408.4 320.1 -22.2 109.1 -2276.1 448.3 257.1 -17.8 -494.4 781.2 7.5 828.5 -545.9 -957.0 17.3 -79.1 663.0 18.7 -652.3 -244.4 29.4 137.7 -268.5 -1118.8 -564.2 420.5 129.0 -355.3 -552.7 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 316.0 -76.6 260.2 340.8 403.4 -368.7 336.8 189.1 8.6 -460.2 364.7 202.0 -895.4 268.5 31.0 -65.4 208.8 314.1 490.1 11.9 -753.5 414.8 -55.8 -196.6 897.7 484.5 681.6 -60.5 65.4 305.8 677.5 140.7 625.6 51.3 657.1 163.9 69.1 -116.7 564.1 243.8 -500.6 273.3 48.9 186.0 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 0.2 16.1 275.4 -4.7 211.5 65.6 250.6 22.5 276.5 34.2 200.8 -69.3 -397.9 67.0 112.7 -127.6 -95.9 27.8 133.0 -0.7 -487.7 66.4 22.1 -26.6 -53.6 8.0 98.4 -38.9 44.8 0.8 208.8 102.4 112.9 36.1 202.9 -39.8 27.3 56.2 121.0 10.2 163.0 67.7 167.0 -16.0 15 16 17 18 19 20 Noncorporate proprietors’ equity Miscellaneous -37.1 1265.0 18.0 1859.0 -30.5 2543.0 -33.7 2331.7 -5.1 -84.0 11.1 737.9 -26.0 -1042.0 -11.5 746.1 6.1 -778.1 6.9 1330.2 20.5 1440.9 19 20 6653.4 7998.9 9069.3 6907.6 -426.1 -1610.3 -1950.1 1905.1 -49.2 1385.1 1779.3 21 2 3 4 5 21 Total financial sources 22 23 24 25 26 27 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous 0.7 12.3 -3.6 106.3 -45.6 -90.2 -1.1 106.8 -1.9 304.5 17.3 -729.4 -1.2 197.5 1.8 -227.1 -34.6 -55.1 -0.8 -354.9 30.6 -585.4 -58.8 1549.6 -4.4 -152.9 34.4 407.6 -8.5 345.6 -14.4 -37.8 -84.8 -313.5 27.0 1367.6 -0.7 -321.3 -30.1 1176.6 -93.1 105.3 -1.5 -163.7 -2.9 221.4 94.7 788.8 -0.9 -88.5 255.5 546.0 -62.6 -879.4 -0.2 21.1 -227.1 248.1 -0.8 392.2 -1.8 296.1 -164.4 -215.7 -74.5 1034.6 22 23 24 25 26 27 28 29 30 31 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 0.0 -6.6 1.7 -30.4 0.0 -3.0 -0.0 145.9 0.0 1.2 -0.1 -48.5 0.0 -3.3 -2.0 35.9 0.0 0.7 -1.0 117.3 0.0 19.3 -0.4 159.3 0.0 3.5 -1.4 28.4 0.0 -9.0 -2.3 126.1 0.0 -10.9 -0.1 155.2 0.0 20.2 -3.7 135.1 0.0 -1.5 0.0 57.8 28 29 30 31 32 Totals identified to sectors as assets 6708.9 8159.7 9235.4 6296.8 -1165.1 -2732.7 -2817.4 853.3 36.4 800.2 848.7 32 13 Z.1, September 17, 2010 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 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 institutions 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 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 12638.4 13398.9 14061.8 14369.1 14119.0 14049.7 14034.5 14114.7 14277.3 14446.4 14575.0 1 8819.0 9322.7 9806.3 10104.5 10001.3 9913.0 9920.1 10040.7 10131.5 10230.8 10279.6 2 1105.5 1968.4 5745.1 1133.0 2088.7 6100.9 1159.4 2198.2 6448.6 1083.5 2296.0 6725.0 1026.5 2204.2 6770.6 1012.2 2146.2 6754.6 1004.7 2170.7 6744.7 1045.2 2231.0 6764.6 1043.9 2269.0 6818.6 1060.7 2319.3 6850.9 1074.2 2304.1 6901.3 3 4 5 2172.2 2327.2 2295.2 2096.7 1589.2 1640.4 1530.2 1548.5 1637.7 1739.7 1838.7 6 2122.3 2267.2 2266.1 2137.8 1716.4 1782.3 1709.8 1691.8 1681.9 1689.8 1764.2 7 1347.3 99.1 915.0 141.8 36.3 155.3 1505.3 107.5 1036.7 163.2 35.2 162.7 1637.5 120.2 1114.2 178.5 37.1 187.5 1665.3 129.4 1131.1 178.5 43.1 183.3 1364.4 118.9 919.1 142.8 36.9 146.7 1415.2 121.7 959.1 147.8 37.5 149.1 1367.5 116.5 923.2 143.3 36.8 147.7 1343.8 119.6 903.4 138.8 36.6 145.4 1330.9 117.6 890.5 141.3 36.9 144.7 1349.6 119.4 902.2 145.7 37.8 144.5 1406.1 120.8 939.0 157.8 39.6 148.9 8 9 10 11 12 13 774.9 681.9 4.1 86.4 2.5 761.9 670.1 3.2 85.0 3.5 628.6 541.7 15.7 80.5 -9.3 472.5 397.2 5.5 69.6 0.1 352.1 293.8 4.4 54.0 -0.1 367.0 306.8 3.4 55.8 1.1 342.2 285.5 4.6 52.7 -0.6 348.0 290.2 5.2 53.5 -0.9 351.0 292.7 4.4 53.9 0.0 340.2 283.2 -2.0 52.8 6.2 358.1 298.8 1.1 55.2 3.0 14 15 16 17 18 50.0 47.3 2.5 0.1 60.0 60.4 3.2 -3.6 29.1 28.3 1.5 -0.7 -41.1 -40.6 -2.1 1.6 -127.2 -124.5 -6.6 3.8 -141.9 -137.0 -7.2 2.4 -179.5 -176.8 -9.3 6.6 -143.3 -135.5 -7.1 -0.7 -44.2 -48.7 -2.6 7.1 50.0 38.6 2.0 9.3 74.5 59.8 3.1 11.6 19 20 21 22 23 Net U.S. exports of goods and services -722.7 -769.3 -714.0 -710.5 -386.4 -375.7 -335.2 -408.3 -426.4 -479.9 -536.0 23 24 25 Exports - Imports 1305.1 2027.8 1471.0 2240.3 1661.7 2375.7 1843.4 2553.8 1578.4 1964.7 1521.2 1896.9 1520.2 1855.3 1582.1 1990.5 1689.9 2116.3 1757.8 2237.6 1817.6 2353.6 24 25 26 Government consumption expenditures and gross investment 2369.9 2518.4 2674.2 2878.3 2914.9 2872.0 2919.3 2933.8 2934.5 2955.7 2992.6 26 1977.9 765.8 1212.0 2093.3 811.0 1282.3 2217.8 848.9 1368.9 2382.8 934.6 1448.2 2411.5 987.1 1424.4 2373.8 958.1 1415.7 2413.0 989.0 1424.0 2425.3 999.7 1425.6 2434.0 1001.8 1432.2 2464.7 1017.3 1447.4 2484.3 1038.3 1446.0 27 28 29 392.0 110.5 281.6 425.1 120.7 304.4 456.5 127.4 329.0 495.5 145.3 350.3 503.4 152.4 351.0 498.2 145.1 353.0 506.3 150.8 355.5 508.5 155.7 352.8 500.5 158.1 342.4 491.0 160.8 330.2 508.3 168.2 340.2 30 31 32 97.1 573.0 475.9 72.4 721.1 648.6 123.3 871.0 747.7 174.5 839.2 664.7 146.3 629.8 483.6 122.5 615.6 493.1 129.7 611.7 482.0 167.2 627.4 460.1 165.5 664.7 499.1 191.2 693.7 502.6 193.7 709.2 515.5 33 34 35 12735.5 13471.3 14185.1 14543.6 14265.3 14172.2 14164.2 14281.9 14442.8 14637.6 14768.6 36 -9.2 -0.6 10.3 -0.5 0.1 -10.2 12.5 11.1 -13.3 -0.1 -11.3 -1.7 13.8 -1.3 0.5 -11.5 16.7 13.9 -19.2 -0.0 -11.3 5.0 13.4 -7.0 0.0 -11.3 24.9 13.4 -26.9 0.0 -11.2 0.6 13.3 -2.6 0.0 -11.2 -3.9 13.3 1.8 0.0 -11.4 -1.7 13.5 -0.4 0.0 -11.7 -2.0 13.8 -0.1 -0.0 -11.9 -1.5 14.1 -0.7 0.0 37 38 39 40 41 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 37 38 39 40 41 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures. 14 Z.1, September 17, 2010 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 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 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 11273.8 12031.2 12396.4 12557.8 12225.1 12150.3 12129.7 12204.8 12415.5 12621.0 12766.8 1 7065.0 6632.6 427.5 5.0 7477.0 7029.0 446.7 1.3 7855.9 7402.2 459.9 -6.3 8060.8 7595.7 470.1 -5.0 7811.7 7346.1 460.6 5.0 7797.7 7320.3 457.4 20.0 7819.0 7357.5 461.5 0.0 7798.7 7337.9 460.8 0.0 7831.4 7368.9 462.5 0.0 7858.1 7387.2 470.9 0.0 7918.6 7444.0 474.6 0.0 2 3 4 5 1069.8 1025.9 43.9 1133.0 1103.6 29.3 1090.4 1052.6 37.8 1102.0 1051.2 50.8 1011.9 981.5 30.5 1018.7 989.0 29.6 1000.5 972.5 28.0 1006.4 978.4 28.0 1022.1 985.9 36.2 1030.7 994.0 36.8 1048.4 1012.7 35.7 6 7 8 178.2 146.5 143.7 222.0 274.0 264.7 269.4 279.1 282.8 292.7 300.7 9 1456.1 1608.3 1510.6 1262.8 1258.0 1138.2 1178.0 1297.5 1418.2 1566.6 1639.3 10 1609.5 1784.7 1691.1 1289.1 1328.6 1223.0 1249.8 1360.5 1481.2 1736.5 1810.4 11 1640.2 954.1 3.0 239.4 443.6 1822.7 1115.1 2.8 256.8 448.0 1738.4 1037.6 4.4 350.9 345.5 1333.2 778.6 3.4 411.3 139.9 1316.7 703.4 3.0 352.3 258.0 1130.0 636.2 3.1 349.1 141.6 1219.2 639.6 3.0 333.2 243.4 1369.2 701.8 3.0 364.2 300.2 1548.4 836.0 3.1 362.6 346.7 1772.9 1018.4 3.3 388.5 362.7 1813.9 1054.3 3.5 393.8 362.4 12 13 14 15 16 412.4 271.0 0.9 140.5 473.3 306.9 0.7 165.6 445.5 293.0 0.8 151.7 308.4 225.7 0.7 82.0 254.9 169.7 0.7 84.5 222.0 160.3 0.6 61.1 222.8 154.5 0.6 67.7 255.7 163.0 0.7 92.0 319.1 201.0 0.8 117.3 403.2 264.2 1.0 138.0 442.2 298.2 1.1 142.8 17 18 19 20 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Rest of the world Domestic financial 17 18 19 20 Less: Taxes on corporate income Domestic nonfinancial Farm Domestic financial 21 22 23 24 25 26 Equals: Profits after tax Net dividends Domestic nonfinancial Farm Rest of the world Domestic financial 1227.8 557.3 168.0 2.9 260.9 125.6 1349.5 704.8 465.8 5.3 77.9 155.7 1292.9 794.5 480.4 4.2 144.8 165.2 1024.8 797.7 479.8 3.0 186.1 128.8 1061.8 718.9 508.9 2.5 107.3 100.2 908.0 747.8 543.5 2.6 97.5 104.2 996.5 719.7 530.0 2.5 86.9 100.3 1113.5 699.6 467.4 2.4 132.2 97.5 1229.3 708.5 494.9 2.5 112.4 98.7 1369.7 720.3 513.0 2.5 99.1 105.7 1371.7 724.8 507.0 2.5 122.4 92.9 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Rest of the world Domestic financial 670.5 515.1 -0.7 -21.4 177.4 644.7 342.3 -3.2 178.9 126.6 498.4 264.2 -0.5 206.1 28.7 227.2 73.1 -0.3 225.1 -70.8 342.9 24.8 -0.1 245.0 73.2 160.2 -67.6 -0.0 251.7 -23.8 276.7 -44.9 -0.1 246.3 75.4 413.9 71.4 -0.1 232.0 110.7 520.8 140.2 -0.2 250.1 130.7 649.4 241.2 -0.2 289.4 119.0 646.9 249.1 -0.2 271.4 126.6 27 28 29 30 31 32 Inventory valuation adjustment -30.7 -38.0 -47.2 -44.1 11.9 93.0 30.6 -8.7 -67.2 -36.4 -3.5 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Domestic financial -153.4 -128.8 0.0 -24.6 -176.4 -156.0 0.0 -20.4 -180.5 -158.8 0.0 -21.7 -26.3 -14.4 0.0 -12.0 -70.6 -55.1 0.0 -15.6 -84.8 -66.9 0.0 -17.9 -71.8 -55.9 0.0 -15.9 -63.0 -48.9 0.0 -14.1 -63.0 -48.7 0.0 -14.2 -169.9 -144.9 0.0 -25.0 -171.1 -145.9 0.0 -25.2 33 34 35 36 37 Net interest and miscellaneous payments 543.1 652.2 731.6 812.8 784.3 847.4 773.4 750.7 765.6 765.9 743.3 37 38 39 40 41 Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises 930.2 60.9 95.9 -3.5 986.8 51.4 83.0 -4.2 1027.2 54.6 103.3 -11.8 1045.1 52.8 121.7 -16.7 1024.7 60.3 134.0 -13.2 1016.7 56.8 139.7 -15.8 1018.7 57.2 141.8 -14.2 1028.2 69.1 124.9 -11.7 1035.2 58.4 129.8 -11.3 1045.9 57.4 130.5 -12.1 1057.1 58.4 131.1 -13.1 38 39 40 41 11273.8 12031.2 12396.4 12557.8 12225.1 12150.3 12129.7 12204.8 12415.5 12621.0 12766.8 42 1290.8 250.6 -79.7 1391.4 269.3 -220.6 1476.2 291.3 21.1 1536.9 312.3 136.6 1535.8 325.3 179.1 1557.2 324.3 140.4 1537.5 324.9 172.2 1523.1 325.1 228.9 1525.5 326.8 175.2 1522.8 329.6 164.2 1527.7 333.0 141.1 43 44 45 97.1 72.4 123.3 174.5 146.3 122.5 129.7 167.2 165.5 191.2 193.7 46 12638.4 13398.9 14061.8 14369.1 14119.0 14049.7 14034.5 14114.7 14277.3 14446.4 14575.0 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, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. 15 Z.1, September 17, 2010 F.8 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 Gross saving 1903.4 2174.4 2013.6 1785.2 1533.8 1613.4 1521.1 1438.0 1562.5 1621.5 1715.7 1 2 3 4 5 6 7 8 9 10 Net saving Net private saving Domestic business Nonfinancial corporate business Financial business Households and institutions Net government saving Federal State and local 362.0 619.1 486.4 338.6 147.7 132.7 -257.1 -283.0 25.9 513.7 666.5 430.3 295.4 134.8 236.2 -152.7 -203.8 51.0 246.1 479.1 270.7 226.3 44.3 208.4 -233.0 -245.2 12.2 -64.0 599.6 156.7 196.7 -40.0 442.9 -663.6 -616.2 -47.4 -327.4 944.5 284.2 178.2 106.0 660.3 -1271.8 -1251.7 -20.1 -268.1 776.7 168.5 204.5 -36.1 608.2 -1044.8 -1003.2 -41.6 -341.3 1029.0 235.5 169.7 65.9 793.5 -1370.3 -1336.8 -33.6 -410.3 965.6 342.2 172.6 169.5 623.4 -1375.9 -1356.7 -19.2 -289.8 1006.7 390.6 166.1 224.5 616.0 -1296.4 -1310.3 13.9 -230.9 1054.8 443.0 156.1 287.0 611.7 -1285.7 -1314.2 28.6 -145.0 1159.1 472.2 149.9 322.3 686.9 -1304.1 -1325.3 21.2 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local 1541.4 1290.8 1045.7 743.0 175.5 127.3 245.1 250.6 100.4 150.1 1660.7 1391.4 1123.3 800.9 189.6 132.8 268.1 269.3 106.6 162.7 1767.5 1476.2 1190.7 840.1 210.1 140.6 285.5 291.3 112.6 178.7 1849.2 1536.9 1244.5 878.8 218.3 147.4 292.4 312.3 119.8 192.6 1861.1 1535.8 1245.2 879.0 217.7 148.5 290.6 325.3 124.4 200.9 1881.6 1557.2 1264.8 894.0 220.9 149.9 292.4 324.3 123.0 201.3 1862.3 1537.5 1247.0 880.1 218.4 148.5 290.4 324.9 123.8 201.1 1848.3 1523.1 1234.3 871.0 215.9 147.4 288.8 325.1 124.7 200.5 1852.2 1525.5 1234.7 870.7 215.6 148.4 290.8 326.8 125.9 200.8 1852.4 1522.8 1231.1 868.2 214.8 148.1 291.7 329.6 127.3 202.3 1860.7 1527.7 1237.3 873.4 214.8 149.1 290.4 333.0 128.8 204.2 11 12 13 14 15 16 17 18 19 20 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 1823.7 1953.8 2034.8 1921.8 1712.9 1753.8 1693.3 1666.9 1737.6 1785.7 1856.8 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Gross government investment Federal State and local 2564.2 2172.2 1391.2 998.0 238.0 155.3 781.0 392.0 110.5 281.6 2752.2 2327.2 1549.5 1138.9 248.0 162.7 777.7 425.1 120.7 304.4 2751.7 2295.2 1633.3 1162.1 283.7 187.5 661.9 456.5 127.4 329.0 2592.2 2096.7 1570.1 1112.2 274.7 183.3 526.6 495.5 145.3 350.3 2092.6 1589.2 1176.5 813.3 216.5 146.7 412.7 503.4 152.4 351.0 2138.6 1640.4 1211.9 837.0 225.8 149.1 428.5 498.2 145.1 353.0 2036.5 1530.2 1128.2 765.2 215.3 147.7 402.0 506.3 150.8 355.5 2057.0 1548.5 1138.6 784.9 208.4 145.4 409.8 508.5 155.7 352.8 2138.2 1637.7 1227.4 866.2 216.6 144.7 410.3 500.5 158.1 342.4 2230.7 1739.7 1337.2 969.0 223.7 144.5 402.6 491.0 160.8 330.2 2347.0 1838.7 1419.1 1034.8 235.4 148.9 419.5 508.3 168.2 340.2 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (4) Private Domestic business Nonfinancial corporate business (2) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local -12.9 -32.6 -1.5 -16.1 -13.1 27.7 -31.2 19.8 59.3 -39.5 2.1 19.0 12.5 12.5 0.0 0.0 6.5 -17.0 29.3 -46.3 -0.1 -10.0 -1.7 -1.7 0.0 0.0 -8.3 10.0 55.0 -45.1 -5.4 -70.9 -50.7 13.1 -3.3 -60.5 -20.2 65.4 113.5 -48.0 0.6 -142.2 -125.0 3.0 -6.0 -121.9 -17.3 142.8 196.8 -54.0 0.5 -213.4 -201.7 24.8 -3.6 -222.9 -11.7 213.8 257.2 -43.4 0.5 -159.0 -144.0 0.5 -7.3 -137.3 -15.0 159.5 208.1 -48.6 0.6 -79.6 -63.7 -8.1 -7.0 -48.6 -15.9 80.2 142.5 -62.3 0.7 -116.9 -90.4 -5.4 -6.2 -78.9 -26.4 117.6 179.4 -61.8 0.4 -94.0 -72.7 -5.3 -4.4 -63.0 -21.3 94.4 135.9 -41.5 0.5 -126.3 -102.0 -8.9 -15.8 -77.2 -24.3 127.0 176.1 -49.1 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending or net borrowing (-), NIPAs (5) Private Domestic business Nonfinancial corporate business (2) (5) Nonfinancial noncorporate business (3) Financial business Households and institutions Government Federal State and local -727.7 -309.4 62.7 20.1 -49.4 92.0 -372.0 -418.3 -352.4 -66.0 -800.5 -508.9 -229.0 -275.5 -58.4 104.9 -279.9 -291.6 -247.2 -44.3 -716.8 -308.7 -149.0 -72.9 -73.6 -2.6 -159.7 -408.1 -315.0 -93.1 -665.0 247.3 18.4 86.9 -53.1 -15.4 228.9 -912.3 -755.2 -157.1 -380.3 1212.5 657.0 420.1 7.2 229.7 555.5 -1592.7 -1476.6 -116.1 -385.2 1047.2 563.4 377.2 -1.3 187.5 483.8 -1432.4 -1282.4 -150.0 -343.8 1367.5 670.5 456.2 10.4 203.9 696.9 -1711.2 -1571.9 -139.4 -390.7 1248.7 730.4 495.7 14.5 220.2 518.3 -1639.4 -1530.1 -109.3 -401.3 1186.5 663.5 351.2 5.1 307.2 523.0 -1587.8 -1521.9 -65.9 -445.4 1096.0 573.8 224.7 -4.4 353.5 522.1 -1541.4 -1483.6 -57.7 -490.7 1115.8 533.8 138.8 -4.7 399.7 582.0 -1606.5 -1540.8 -65.7 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) -79.7 -220.6 21.1 136.6 179.1 140.4 172.2 228.9 175.2 164.2 141.1 52 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 110.4 99.2 48.8 50.4 11.2 0.5 10.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19.1 19.1 10.8 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Includes corporate farms. (3) Includes noncorporate farms. (4) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6. (5) Differs from net lending or net borrowing in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 16 Z.1, September 17, 2010 F.9 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 165.7 103.6 114.5 208.5 249.9 337.8 258.0 186.4 217.2 184.5 220.1 1 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 28.9 28.9 28.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.6 7.6 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.2 0.0 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to the rest of the world (net) State and local Disaster-related insurance benefits 91.2 84.8 48.9 17.3 0.0 0.0 15.9 2.6 6.4 6.4 70.5 70.5 52.1 0.0 0.0 0.0 16.4 2.0 0.0 0.0 82.8 82.8 53.7 0.0 0.0 0.0 28.7 0.4 0.0 0.0 160.8 160.8 56.2 2.8 67.7 0.0 33.3 0.8 0.0 0.0 224.6 224.6 62.8 0.0 121.9 8.0 31.3 0.6 0.0 0.0 308.4 308.4 51.7 0.0 222.9 3.6 29.8 0.5 0.0 0.0 232.0 232.0 57.1 0.0 137.3 7.3 29.8 0.5 0.0 0.0 161.3 161.3 71.2 0.0 48.6 11.2 29.8 0.6 0.0 0.0 196.4 196.4 71.2 0.0 78.9 9.8 35.8 0.7 0.0 0.0 158.3 158.3 51.4 0.0 63.0 7.6 35.8 0.4 0.0 0.0 196.4 196.4 59.1 0.0 77.2 23.7 35.8 0.5 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 30.3 25.0 5.3 33.1 27.8 5.3 31.7 26.5 5.3 33.9 28.2 5.7 25.3 20.7 4.6 29.4 24.3 5.1 26.0 21.3 4.7 25.1 20.7 4.4 20.8 16.6 4.2 26.2 22.2 4.0 23.5 19.6 3.9 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 15.4 15.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.2 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 165.7 103.6 114.5 208.5 249.9 337.8 258.0 186.4 217.2 184.5 219.9 24 25 26 27 28 29 30 31 32 33 34 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 29.7 1.1 1.1 0.0 15.5 15.5 0.0 13.1 13.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 75.0 68.1 0.4 67.7 3.6 3.6 0.0 3.3 3.3 0.0 129.9 121.9 0.0 121.9 2.0 0.0 2.0 6.0 0.0 6.0 226.5 222.9 0.0 222.9 0.0 0.0 0.0 3.6 0.0 3.6 144.6 137.3 0.0 137.3 0.0 0.0 0.0 7.3 0.0 7.3 59.8 48.6 0.0 48.6 4.3 0.0 4.3 7.0 0.0 7.0 88.7 78.9 0.0 78.9 3.7 0.0 3.7 6.2 0.0 6.2 70.7 63.0 0.0 63.0 3.2 0.0 3.2 4.4 0.0 4.4 100.7 77.2 0.0 77.2 7.6 0.0 7.6 15.8 -0.2 16.1 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government 81.2 25.0 25.0 56.2 2.1 5.3 48.9 85.2 27.8 27.8 57.4 0.0 5.3 52.1 85.4 26.5 26.5 58.9 0.0 5.3 53.7 90.1 28.2 28.2 61.9 0.0 5.7 56.2 88.1 20.7 20.7 67.4 0.0 4.6 62.8 81.0 24.3 24.3 56.7 0.0 5.1 51.7 83.1 21.3 21.3 61.8 0.0 4.7 57.1 96.3 20.7 20.7 75.6 0.0 4.4 71.2 91.9 16.6 16.6 75.3 0.0 4.2 71.2 77.6 22.2 22.2 55.4 0.0 4.0 51.4 82.8 19.6 19.6 63.2 0.2 3.9 59.1 35 36 37 38 39 40 41 42 43 44 By persons Disaster-related insurance benefits Other 52.2 36.3 15.9 16.4 0.0 16.4 28.7 0.0 28.7 42.6 9.3 33.3 31.3 0.0 31.3 29.8 0.0 29.8 29.8 0.0 29.8 29.8 0.0 29.8 35.8 0.0 35.8 35.8 0.0 35.8 35.8 0.0 35.8 42 43 44 45 46 47 By the rest of the world Capital transfers paid by U.S. government Other 2.6 2.6 0.0 2.0 2.0 0.0 0.4 0.4 0.0 0.8 0.8 0.0 0.6 0.6 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.6 0.6 0.0 0.7 0.7 0.0 0.4 0.4 0.0 0.5 0.5 0.0 45 46 47 2 3 4 5 6 7 Capital transfers paid, by sector 2006 Addenda: Net capital transfers paid by sector 48 49 50 51 52 53 54 55 56 57 58 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered commercial banks Financial stabilization payments (2) Other (lines 5-27) Bank holding companies (GMAC) (2) Government-sponsored enterprises (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) -0.9 27.7 28.9 -1.1 0.0 -1.1 0.0 0.0 0.0 -15.5 -13.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -67.4 -60.5 7.6 -29.7 -29.3 -0.4 -3.2 -6.9 -28.3 -3.6 -3.3 -129.9 -121.9 0.0 -18.2 -18.2 0.0 -11.3 -87.1 -5.3 -2.0 -6.0 -226.5 -222.9 0.0 -57.3 -57.3 0.0 0.0 -165.6 0.0 -0.0 -3.6 -144.6 -137.3 0.0 -12.3 -12.3 0.0 -30.0 -90.4 -4.6 -0.0 -7.3 -59.8 -48.6 0.0 -1.9 -1.9 0.0 0.0 -38.5 -8.1 -4.3 -7.0 -88.7 -78.9 0.0 -1.3 -1.3 0.0 -15.2 -54.0 -8.5 -3.7 -6.2 -70.7 -63.0 0.0 6.9 6.9 0.0 0.0 -61.2 -8.7 -3.2 -4.4 -100.5 -77.2 0.0 0.4 0.4 0.0 -1.6 -76.0 0.0 -7.4 -15.8 48 49 50 51 52 53 54 55 56 57 58 59 60 61 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 10.0 59.8 -49.8 -14.7 42.7 -57.4 -2.6 56.3 -58.9 70.7 132.6 -61.9 136.5 203.8 -67.4 227.4 284.1 -56.7 148.9 210.7 -61.8 65.1 140.7 -75.6 104.5 179.8 -75.3 80.7 136.1 -55.4 113.6 176.8 -63.2 59 60 61 62 By persons (lines 18-42) -21.9 16.8 3.0 -8.7 -6.0 -0.4 -3.8 -4.7 -15.0 -9.6 -12.4 62 63 By the rest of the world (lines 21-45) 12.8 -2.0 -0.4 5.4 -0.6 -0.5 -0.5 -0.6 -0.7 -0.4 -0.5 63 (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 52, 54, 55, and 56 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts. 17 Z.1, September 17, 2010 F.10 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 1210.0 1244.9 1507.3 756.7 -322.8 -350.3 -659.9 -438.6 157.8 -234.5 437.5 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 2.4 -50.2 510.5 47.6 5.2 31.5 506.8 168.4 15.4 -4.4 492.1 234.9 -24.1 208.1 187.9 230.2 -10.3 -41.5 60.0 -279.0 -14.7 -36.8 -84.1 60.5 -14.4 155.7 -127.4 -201.0 -6.3 -104.4 -106.8 -565.7 -5.8 -180.2 558.3 -409.7 2.1 -408.5 360.4 -265.7 17.0 81.7 -64.5 -192.0 2 3 4 5 6 Securities 14.4 -298.7 -134.5 -150.1 99.5 116.3 -271.6 364.1 189.0 92.6 534.1 6 14.7 0.7 -97.3 97.0 78.7 119.6 -372.5 173.5 19.0 -2.7 -80.2 -65.0 52.1 197.6 -585.1 165.4 -10.2 -6.0 -39.7 336.5 23.5 207.3 -852.8 207.0 -101.3 -2.4 153.8 101.8 6.6 -212.7 -111.0 15.2 28.7 -2.8 343.7 -650.9 105.0 -126.5 41.3 360.9 -1.6 -0.2 409.7 -804.5 148.1 92.8 459.5 -187.4 38.0 -1.7 216.6 -1312.8 59.5 -94.3 275.5 547.6 39.2 -3.4 383.5 -113.7 124.8 -398.6 -173.7 506.2 39.0 -5.8 365.0 -372.4 87.8 -105.9 -396.0 577.2 39.8 -3.8 151.2 -368.4 131.4 -210.8 -75.8 428.9 38.5 -2.8 977.5 -264.2 -66.7 -260.1 157.8 -46.1 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 16.1 275.4 65.6 250.6 34.2 200.8 67.0 112.7 27.8 133.0 66.4 22.1 8.0 98.4 0.8 208.8 36.1 202.9 56.2 121.0 67.7 167.0 15 16 17 Miscellaneous and other assets 393.8 515.4 668.8 124.8 -312.4 -480.0 -307.6 -229.1 -232.8 -192.6 -173.5 17 18 19 20 21 22 23 Gross investment in tangible assets Residential fixed investment Nonresidential fixed investment (3) Consumer durables Nonproduced nonfinancial assets Inventories (3) 2067.0 768.3 277.1 1028.2 -9.2 2.6 2102.3 755.2 305.9 1051.9 -10.2 -0.4 2023.2 622.2 335.8 1075.8 -11.3 0.8 1817.5 466.9 351.0 1011.7 -11.5 -0.5 1590.8 347.8 298.6 958.5 -11.3 -2.7 1598.6 362.6 307.0 945.1 -11.3 -4.8 1559.0 338.2 296.6 938.1 -11.2 -2.7 1595.6 343.7 295.0 975.9 -11.2 -7.8 1610.2 346.6 295.8 974.7 -11.4 4.5 1628.9 336.0 302.8 990.4 -11.7 11.3 1677.9 353.9 318.2 1003.0 -11.9 14.7 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment (3) Consumer durables 1216.4 236.8 190.4 789.2 1289.1 258.9 205.9 824.2 1361.3 269.8 234.6 856.9 1403.7 272.1 248.3 883.2 1414.4 265.8 252.8 895.7 1417.0 269.6 253.4 894.1 1412.4 266.1 252.7 893.6 1413.0 263.7 251.7 897.7 1415.2 264.1 253.6 897.6 1393.9 263.6 254.1 876.1 1394.0 264.4 251.9 877.7 24 25 26 27 28 Net investment in tangible assets (4) 850.6 813.3 662.0 413.9 176.4 181.6 146.6 182.6 194.9 235.1 283.9 28 29 30 31 32 33 Residential fixed investment Nonresidential fixed investment (3) Consumer durables Nonproduced nonfinancial assets Inventories (3) 531.6 86.7 239.0 -9.2 2.6 496.3 100.0 227.6 -10.2 -0.4 352.4 101.2 218.9 -11.3 0.8 194.8 102.7 128.4 -11.5 -0.5 81.9 45.8 62.7 -11.3 -2.7 93.0 53.6 51.1 -11.3 -4.8 72.1 44.0 44.5 -11.2 -2.7 80.1 43.3 78.2 -11.2 -7.8 82.5 42.2 77.1 -11.4 4.5 72.4 48.7 114.3 -11.7 11.3 89.5 66.3 125.3 -11.9 14.7 29 30 31 32 33 1705.3 1850.0 1514.9 233.4 -534.2 -459.2 -541.5 -594.9 -541.3 -548.3 -536.9 34 1106.5 120.6 100.4 0.8 -31.6 408.5 1064.9 237.3 95.4 3.3 59.7 389.4 708.4 300.8 139.3 3.6 33.4 329.3 -93.1 155.5 38.8 5.9 -160.7 287.0 -200.1 -64.6 -115.3 0.7 38.1 -193.1 -61.6 -13.7 -96.9 1.5 -122.3 -166.2 -232.0 -37.1 -124.4 2.0 53.6 -203.6 -341.4 -42.8 -98.9 -3.4 104.4 -212.8 -165.3 -164.9 -140.8 2.7 116.9 -189.9 -499.3 -35.5 -46.8 2.5 -26.4 57.2 -282.3 -147.1 -60.8 2.8 82.5 -132.1 35 36 37 38 39 40 34 35 36 37 38 39 40 Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 41 Net capital transfers paid (5) -35.0 16.8 3.0 -12.0 -12.0 -4.0 -11.0 -11.7 -21.2 -14.0 -28.2 41 42 Personal saving, with consumer durables (FOF) 320.3 224.9 657.4 925.1 375.9 286.5 17.1 327.2 872.8 534.8 1230.1 42 43 Less net investment in consumer durables 239.0 227.6 218.9 128.4 62.7 51.1 44.5 78.2 77.1 114.3 125.3 43 44 = Personal saving, without consumer durables (FOF) (6) 81.3 -2.7 438.5 796.7 313.2 235.4 -27.4 249.0 795.7 420.6 1104.8 44 45 Personal saving (NIPA, excludes consumer durables) 127.7 235.0 214.7 447.9 655.3 588.2 793.5 623.4 616.0 611.8 686.9 45 46 Difference -46.4 -237.7 223.8 348.8 -342.1 -352.8 -820.9 -374.5 179.7 -191.2 417.9 46 47 Memo: Disposable personal income 9277.3 9915.7 10423.6 10952.9 11034.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 47 48 49 50 51 Personal saving as a percentage of disposable personal income: With consumer durables (FOF) (line 40) Without consumer durables (FOF) (line 42) Without consumer durables (NIPA) (line 43) Difference (line 44) 3.5 0.9 1.4 -0.5 2.3 -0.0 2.4 -2.4 6.3 4.2 2.1 2.1 8.4 7.3 4.1 3.2 3.4 2.8 5.9 -3.1 2.6 2.2 5.4 -3.2 0.2 -0.2 7.2 -7.4 3.0 2.3 5.6 -3.4 7.8 7.2 5.5 1.6 4.8 3.7 5.5 -1.7 10.9 9.7 6.1 3.7 48 49 50 51 (1) Consolidated statement for households and nonprofit organizations, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Includes corporate farms. (4) Line 18 less line 23. (5) Table F.9, line 58 plus line 62. (6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 27 less line 41) less net increase in liabilities (line 32) plus net capital transfers paid (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4). 18 Z.1, September 17, 2010 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 10485.9 1208.6 9277.3 9149.6 127.7 11268.1 1352.4 9915.7 9680.7 235.0 11912.3 1488.7 10423.6 10208.9 214.7 12391.1 1438.2 10952.9 10505.0 447.9 12174.9 1140.0 11034.9 10379.6 655.3 12093.2 1213.4 10879.8 10291.6 588.2 12203.4 1112.5 11090.9 10297.4 793.5 12164.0 1117.0 11047.0 10423.6 623.4 12239.0 1117.2 11121.7 10505.7 616.0 12350.3 1134.7 11215.6 10603.9 611.8 12471.2 1136.2 11335.1 10648.1 686.9 1 2 3 4 5 + Government insurance and pension reserves (3) + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) 0.7 239.0 1037.2 -21.9 0.1 227.6 1095.7 16.8 0.1 218.9 1142.3 3.0 -0.6 128.4 1175.7 -8.7 0.5 62.7 1186.3 -6.0 1.0 51.1 1186.5 -0.4 -0.4 44.5 1184.1 -3.8 -1.4 78.2 1186.5 -4.7 2.7 77.1 1188.4 -15.0 -4.0 114.3 1167.8 -9.6 -0.8 125.3 1168.1 -12.4 6 7 8 9 10 = Gross saving less net capital transfers paid 1426.5 1541.7 1573.0 1760.1 1910.8 1827.2 2025.4 1891.4 1899.2 1899.5 1991.9 10 11 Gross investment 1380.1 1307.1 1797.2 2109.8 1568.3 1473.4 1205.0 1518.5 2076.4 1712.5 2410.8 11 12 13 14 15 16 Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Nonproduced nonfinancial assets 1799.9 681.9 1028.2 99.1 -9.2 1819.3 670.1 1051.9 107.5 -10.2 1726.3 541.7 1075.8 120.2 -11.3 1526.8 397.2 1011.7 129.4 -11.5 1359.8 293.8 958.5 118.9 -11.3 1362.4 306.8 945.1 121.7 -11.3 1328.9 285.5 938.1 116.5 -11.2 1374.5 290.2 975.9 119.6 -11.2 1373.6 292.7 974.7 117.6 -11.4 1381.3 283.2 990.4 119.4 -11.7 1410.6 298.8 1003.0 120.8 -11.9 12 13 14 15 16 17 Net financial investment -419.8 -512.2 70.9 583.0 208.5 111.1 -123.9 144.0 702.8 331.1 1000.1 17 18 Net acquisition of financial assets 736.0 748.1 993.3 477.4 10.8 -129.7 -329.1 -40.9 542.9 103.6 797.5 18 19 20 21 22 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 2.4 -127.2 487.1 45.2 5.2 -43.8 486.5 165.2 15.4 -71.8 477.2 232.8 -24.1 182.3 156.9 225.4 -10.3 4.9 94.3 -271.9 -14.7 -4.9 -60.2 65.4 -14.4 202.1 -93.1 -193.9 -6.3 -49.0 -65.9 -557.3 -5.8 -128.6 596.5 -401.8 2.1 -362.4 394.0 -258.7 17.0 128.0 -30.7 -185.0 19 20 21 22 23 Credit market instruments 218.0 102.6 504.2 -44.6 -311.3 -168.7 -1104.5 22.8 5.4 -259.2 417.2 23 14.7 -102.6 0.7 -103.3 97.0 78.6 119.6 2.7 8.1 19.0 -83.1 -2.7 -80.3 -65.0 50.8 197.6 0.4 -17.3 -10.2 -48.7 -6.0 -42.8 336.5 23.9 207.3 8.5 -13.0 -101.3 147.5 -2.4 150.0 101.8 6.2 -212.7 12.2 1.6 28.7 346.6 -2.8 349.4 -650.9 105.5 -126.5 -5.3 -9.4 -1.6 413.4 -0.2 413.6 -804.5 148.4 92.8 -9.4 -7.8 38.0 220.6 -1.7 222.3 -1312.8 60.0 -94.3 -7.2 -8.8 39.2 386.8 -3.4 390.2 -113.7 125.4 -398.6 -5.7 -10.5 39.0 365.5 -5.8 371.3 -372.4 88.4 -105.9 1.3 -10.5 39.8 152.9 -3.8 156.8 -368.4 131.9 -210.8 1.6 -6.3 38.5 980.4 -2.8 983.1 -264.2 -66.2 -260.1 1.8 -13.1 24 25 26 27 28 29 30 31 32 -372.5 173.5 -3.0 16.1 275.4 -37.1 58.0 -585.1 165.4 80.4 65.6 250.6 18.0 37.4 -852.8 207.0 210.8 34.2 200.8 -30.5 66.1 -111.0 15.2 -123.8 67.0 112.7 -33.7 55.2 41.3 360.9 -74.1 27.8 133.0 -5.1 21.1 459.5 -187.4 -305.2 66.4 22.1 11.1 -13.1 275.5 547.6 -36.2 8.0 98.4 -26.0 7.5 -173.7 506.2 57.7 0.8 208.8 -11.5 26.5 -396.0 577.2 -12.6 36.1 202.9 6.1 63.4 -75.8 428.9 45.7 56.2 121.0 6.9 4.9 157.8 -46.1 22.6 67.7 167.0 20.5 61.4 33 34 35 36 37 38 39 1155.8 1260.4 922.4 -105.6 -197.7 -240.8 -205.2 -184.9 -159.8 -227.5 -202.6 40 1173.3 1186.6 873.4 36.2 -241.8 -123.0 -259.9 -304.3 -280.2 -231.6 -309.0 41 1039.0 100.4 16.0 9.7 0.0 8.1 990.7 95.4 18.9 49.9 4.8 26.9 674.5 139.3 17.1 13.4 3.2 25.9 -46.2 38.8 8.1 18.0 6.2 11.4 -163.1 -115.3 15.1 30.0 0.5 -9.1 -31.2 -96.9 14.7 2.1 1.4 -12.9 -190.5 -124.4 16.7 50.9 1.7 -14.4 -272.9 -98.9 19.1 54.1 -3.9 -1.7 -157.7 -140.8 9.9 13.0 2.9 -7.4 -445.5 -46.8 13.6 230.3 2.3 14.5 -233.4 -60.8 -5.8 17.4 1.7 -28.1 42 43 44 45 46 47 -31.6 13.0 59.7 13.6 33.4 14.6 -160.7 15.7 38.1 10.9 -122.3 6.4 53.6 7.9 104.4 16.5 116.9 12.9 -26.4 20.4 82.5 20.0 48 49 1.0 0.5 1.0 3.2 -4.9 -2.0 -6.7 -1.5 -9.5 10.1 3.8 50 46.4 234.6 -224.2 -349.7 342.5 353.7 820.4 373.0 -177.1 187.0 -418.9 51 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages Corporate equities (6) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (7) Consumer credit Municipal securities Bank loans n.e.c. (8) Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy (1) Sector includes farm households and domestic hedge funds. 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 62. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37). (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22. (8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.108, line 17. 19 Z.1, September 17, 2010 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Income before taxes 2084.2 2311.2 2203.6 1971.8 1819.4 1755.4 1742.5 1814.3 1965.5 2160.3 2217.0 1 2 Gross saving less net capital transfers paid 1280.2 1279.0 1276.8 1300.2 1282.5 1277.4 1233.1 1298.4 1321.1 1382.8 1428.8 2 3 Gross investment 1140.0 1164.8 1168.3 775.8 1203.4 929.3 1198.1 1431.8 1254.5 1467.7 1300.7 3 1232.9 1395.8 1453.4 1403.5 1034.9 1086.5 981.7 990.4 1081.0 1184.4 1265.7 4 1183.6 90.6 1093.0 1323.3 88.2 1235.1 1425.9 96.2 1329.8 1427.9 75.2 1352.7 1157.2 58.4 1098.8 1203.5 59.2 1144.3 1160.7 57.4 1103.3 1137.5 58.7 1078.8 1127.0 58.3 1068.7 1136.4 50.8 1085.7 1192.7 56.3 1136.4 5 6 7 50.0 -0.6 60.0 12.5 29.1 -1.7 -41.1 16.7 -127.2 5.0 -141.9 24.9 -179.5 0.6 -143.3 -3.9 -44.2 -1.7 50.0 -2.0 74.5 -1.5 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 -92.9 -231.1 -285.1 -627.6 168.5 -157.2 216.4 441.4 173.5 283.3 35.0 10 11 Net acquisition of financial assets 1381.9 1219.8 1551.7 253.2 87.4 -132.7 -23.6 304.5 201.6 448.4 480.7 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 9.9 150.5 73.4 42.0 8.1 -14.2 -41.6 66.9 71.3 1.0 0.9 58.4 -40.7 130.2 -7.5 -25.1 -64.0 -23.3 163.1 -0.5 23.7 179.3 114.9 -78.9 2.6 6.2 82.1 35.1 14.5 1.3 64.1 157.9 9.7 -67.9 1.9 1.6 212.6 426.6 -176.3 4.7 23.1 264.6 -11.7 -85.9 2.7 31.2 321.4 -164.7 -277.0 5.0 -29.7 -33.2 147.9 -149.2 1.4 12 13 14 15 16 17 Credit market instruments 53.8 -11.7 -69.1 -20.9 -18.2 -59.7 -4.4 -24.5 15.8 85.1 -75.3 17 16.0 24.1 6.0 0.4 7.0 0.4 11.7 -6.5 -2.2 -2.7 -10.0 -2.0 -53.2 -4.1 -2.4 0.6 -11.0 1.0 -9.4 -3.7 -2.5 -2.3 -4.3 1.2 -15.2 9.9 1.9 -1.0 -11.1 -2.6 -49.2 28.4 -15.9 -17.2 -9.9 4.0 -9.6 16.9 20.9 -2.9 -11.1 -18.6 -15.2 -6.0 0.3 6.3 -11.9 1.9 13.0 0.2 2.2 9.8 -11.6 2.2 47.7 20.2 8.6 -4.5 -11.0 24.3 -16.8 -22.0 -5.5 -11.4 -11.0 -8.7 18 19 20 21 22 23 1.5 344.2 698.5 24.9 21.7 1101.5 0.2 217.8 1261.5 -6.1 -92.1 322.1 39.9 -87.3 -88.6 39.9 -312.7 60.6 39.9 -85.7 -139.2 39.9 16.1 -196.1 39.9 32.9 -79.7 39.9 91.6 316.0 39.9 110.6 468.3 24 25 26 1474.9 1450.8 1836.8 880.9 -81.1 24.5 -240.0 -137.0 28.2 165.1 445.7 27 672.6 889.9 1221.6 579.9 -298.2 -4.7 -289.4 -484.6 -414.1 58.4 9.0 28 -7.7 7.6 56.7 22.4 5.4 215.6 11.3 8.1 311.2 7.7 2.6 204.6 -72.4 5.4 381.6 -138.4 5.7 579.2 -132.4 3.2 396.5 2.4 10.6 270.0 -21.2 2.2 280.7 54.6 5.8 432.4 67.1 -0.3 229.0 29 30 31 124.8 118.7 372.6 125.4 154.5 366.6 226.8 307.2 357.0 174.6 67.9 122.6 -325.7 -155.3 -131.9 -238.1 -197.3 -15.9 -290.9 -187.7 -78.2 -431.0 -153.5 -183.1 -342.7 -82.6 -250.5 -233.4 -24.4 -176.6 -84.9 48.0 -249.9 32 33 34 -341.8 248.7 6.9 924.4 -565.7 123.4 8.2 970.3 -786.8 111.1 -45.8 1369.7 -336.0 -113.1 6.0 789.4 -64.7 -89.6 -6.8 379.8 -133.1 -291.5 -34.3 499.5 126.4 -135.8 -23.1 86.3 65.7 -14.2 16.4 281.8 -318.0 82.9 13.7 651.6 -200.8 183.7 22.7 93.0 -182.6 116.5 -24.3 499.1 35 36 37 38 -35.9 24.7 -32.9 -45.2 -1.4 -11.4 -4.4 -2.0 12.1 8.2 28.1 39 140.2 114.2 108.6 524.3 79.0 348.0 35.0 -133.4 66.6 -84.9 128.1 40 18 19 20 21 22 23 24 25 26 27 28 Net financial investment Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 29 30 31 Commercial paper Municipal securities Corporate bonds 32 33 34 Bank loans n.e.c. Other loans and advances Mortgages 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. 20 Z.1, September 17, 2010 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2 3 4 5 6 7 8 9 10 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA Gross investment Q2 2010 Q3 Q4 Q1 Q2 954.1 271.0 168.0 606.1 1121.3 -17.5 -30.7 -15.5 1088.6 1115.1 306.9 465.8 635.7 978.0 148.9 -38.0 -0.0 1088.8 1037.6 293.0 480.4 673.0 937.1 168.5 -47.2 -0.0 1058.4 778.6 225.7 479.8 853.6 926.8 182.9 -44.1 -3.6 1069.2 703.4 169.7 508.9 812.0 836.7 197.9 11.9 -2.0 1048.5 636.2 160.3 543.5 815.0 747.4 202.8 93.0 -0.0 1043.3 639.6 154.5 530.0 812.5 767.6 199.4 30.6 -0.0 997.6 701.8 163.0 467.4 810.2 881.6 187.8 -8.7 -4.3 1065.0 836.0 201.0 494.9 810.2 950.3 201.4 -67.2 -3.7 1088.2 1018.4 264.2 513.0 710.5 951.8 234.0 -36.4 -3.2 1152.5 1054.3 298.2 507.0 714.6 963.7 219.6 -3.5 -7.4 1187.2 1 2 3 4 5 6 7 8 9 948.4 974.6 949.9 544.8 969.5 695.3 962.5 1198.4 1021.6 1237.5 1059.1 10 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 965.8 919.1 47.3 -0.6 1112.8 1039.9 60.4 12.5 1156.5 1129.8 28.3 -1.7 1112.7 1136.6 -40.6 16.7 803.9 923.5 -124.5 5.0 850.3 962.5 -137.0 24.9 751.6 927.9 -176.8 0.6 769.3 908.6 -135.5 -3.9 844.5 894.9 -48.7 -1.7 936.8 900.1 38.6 -2.0 998.4 940.1 59.8 -1.5 11 12 13 14 15 Net financial investment -17.5 -138.2 -206.6 -567.9 165.6 -155.0 211.0 429.2 177.1 300.7 60.7 15 16 Net acquisition of financial assets 943.7 698.3 1070.6 19.2 422.4 99.3 311.7 704.2 574.6 778.3 812.6 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 9.9 73.6 49.9 39.6 8.1 -14.2 -116.9 46.6 68.1 1.0 0.9 -9.0 -55.7 128.1 -7.5 -25.1 -89.8 -54.3 158.2 -0.5 23.7 225.7 149.2 -71.8 2.6 6.2 114.1 59.0 19.4 1.3 64.1 204.3 44.1 -60.8 1.9 1.6 268.1 467.5 -167.9 4.7 23.1 316.3 26.5 -78.0 2.7 31.2 367.4 -131.1 -270.0 5.0 -29.7 13.1 181.8 -142.2 1.4 17 18 19 20 21 22 Credit market instruments 42.4 -11.6 -79.1 -27.9 -8.0 -52.6 5.8 -12.4 27.1 95.1 -65.3 22 16.0 18.1 6.0 0.3 1.7 0.4 11.7 -6.7 -2.2 -4.0 -8.4 -2.0 -53.2 -7.1 -2.4 1.1 -18.4 1.0 -9.4 -7.5 -2.5 -2.6 -7.1 1.2 -15.2 15.6 1.9 -0.5 -7.1 -2.6 -49.2 32.4 -15.9 -16.8 -7.1 4.0 -9.6 22.6 20.9 -2.4 -7.1 -18.6 -15.2 0.8 0.3 6.9 -7.1 1.9 13.0 6.5 2.2 10.3 -7.1 2.2 47.7 25.7 8.6 -4.0 -7.1 24.3 -16.8 -16.4 -5.5 -10.9 -7.1 -8.7 23 24 25 26 27 28 23 24 25 26 27 28 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 29 30 Mutual fund shares Trade receivables 1.5 277.6 24.9 -18.3 0.2 163.1 -6.1 -126.5 39.9 -37.1 39.9 -277.8 39.9 -35.4 39.9 75.9 39.9 88.8 39.9 140.8 39.9 160.1 29 30 31 32 33 34 35 36 Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 441.2 24.7 20.7 0.0 64.4 331.4 718.6 219.2 6.6 0.0 22.9 469.9 929.6 307.0 7.4 0.0 -54.8 670.1 191.1 276.2 9.9 0.0 -1.1 -93.9 98.2 249.9 -1.8 0.0 -9.3 -140.5 189.9 186.9 -3.2 0.0 -14.0 20.3 47.8 236.7 -0.8 0.0 -18.4 -169.7 26.8 253.5 1.3 0.0 -5.9 -222.1 128.3 322.4 -4.7 0.0 1.2 -190.6 500.1 389.9 -1.4 0.0 -3.2 114.9 653.5 256.7 10.7 0.0 -3.7 389.8 31 32 33 34 35 36 961.2 836.5 1277.3 587.1 256.9 254.3 100.7 275.0 397.5 477.6 751.9 37 -18.1 -98.6 -34.6 27.1 -66.9 47.3 129.2 -55.8 -388.1 168.6 90.2 38 -341.8 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 39 323.7 467.1 752.2 363.0 -2.1 180.4 2.8 -121.5 -70.1 369.4 272.8 40 -7.7 7.6 56.7 -33.9 108.5 192.6 22.4 5.4 215.6 9.1 132.5 82.0 11.3 8.1 311.2 85.1 288.5 48.1 7.7 2.6 204.6 68.1 54.8 25.4 -72.4 5.4 381.6 -133.6 -143.8 -39.4 -138.4 5.7 579.2 -86.0 -195.5 15.3 -132.4 3.2 396.5 -76.5 -174.1 -13.9 2.4 10.6 270.0 -202.2 -128.8 -73.5 -21.2 2.2 280.7 -169.6 -76.7 -85.5 54.6 5.8 432.4 -41.8 -8.8 -72.9 67.1 -0.3 229.0 9.4 49.6 -82.0 41 42 43 44 45 46 199.4 -1.8 781.7 98.7 -1.9 684.9 110.3 -0.8 825.5 191.0 -2.0 636.5 85.9 -49.6 1275.6 287.0 4.4 984.1 -157.9 3.1 714.8 234.9 0.7 479.3 -64.9 -2.7 391.3 100.7 2.5 288.1 -271.1 -31.4 509.4 43.8 3.5 462.1 -112.5 -19.0 103.0 70.6 18.2 14.3 14.5 21.3 295.0 173.5 -7.0 128.5 109.6 18.3 657.7 114.8 -4.6 547.6 214.4 26.8 67.9 163.5 -2.2 -93.4 147.5 -20.2 534.5 91.6 -1.3 444.2 47 48 49 50 51 52 140.2 114.2 108.6 524.3 79.0 348.0 35.0 -133.4 66.6 -84.9 128.1 53 -124.7 172.8 266.6 230.0 -44.7 9.9 -46.6 -103.6 -38.7 21.4 38.2 54 37 38 Net increase in liabilities Net funds raised in markets 39 Net new equity issues 40 Credit market instruments 41 42 43 44 45 46 47 48 49 50 51 52 Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c. Other loans and advances (6) Mortgages Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 53 Discrepancy 54 Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 57. (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) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 21 Z.1, September 17, 2010 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 3 4 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1086.3 149.7 1166.8 162.0 1128.2 186.0 1142.4 193.0 1085.5 192.2 1089.6 194.5 1074.9 192.5 1084.4 190.7 1093.3 190.8 1105.1 190.1 1126.9 190.0 1 2 Gross saving less net capital transfers paid (1) 162.7 162.0 186.0 196.3 198.1 198.1 199.8 197.7 197.0 194.5 205.9 3 Gross investment 162.7 162.0 186.0 196.3 198.1 198.1 199.8 197.7 197.0 194.5 205.9 4 5 6 7 Capital expenditures Fixed investment (2) Change in inventories 230.7 228.2 2.5 251.4 248.3 3.2 260.5 259.0 1.5 246.0 248.2 -2.1 190.2 196.8 -6.6 196.4 203.6 -7.2 186.8 196.1 -9.3 185.2 192.3 -7.1 192.6 195.2 -2.6 200.5 198.5 2.0 216.1 213.0 3.1 5 6 7 8 Net financial investment -68.0 -89.5 -74.5 -49.7 7.9 1.7 13.0 12.5 4.4 -6.0 -10.3 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net acquisition of financial assets 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 (3) Other 436.2 76.3 23.5 2.4 6.0 0.1 5.3 0.0 66.6 256.0 4.9 -0.1 251.2 515.3 73.1 20.3 3.2 0.2 1.3 -1.5 0.0 40.0 378.9 1.6 0.1 377.2 475.9 65.7 14.9 2.2 3.0 -0.5 7.4 0.0 54.7 328.4 1.7 0.3 326.4 231.3 24.9 31.0 4.9 3.9 0.3 2.8 0.0 34.4 129.2 2.1 0.9 126.2 -337.5 -47.2 -34.3 -7.1 -5.7 -0.5 -4.0 0.0 -50.2 -188.5 0.2 0.7 -189.4 -234.5 -32.8 -23.8 -4.9 -3.9 -0.3 -2.8 0.0 -34.9 -130.9 -0.7 0.0 -130.2 -337.8 -47.3 -34.4 -7.1 -5.7 -0.5 -4.0 0.0 -50.3 -188.6 -0.2 0.8 -189.2 -402.3 -56.3 -40.9 -8.5 -6.8 -0.6 -4.8 0.0 -59.9 -224.6 0.3 1.4 -226.3 -375.6 -52.5 -38.2 -7.9 -6.3 -0.6 -4.5 0.0 -55.9 -209.7 1.5 0.7 -211.9 -330.7 -46.3 -33.6 -7.0 -5.6 -0.5 -3.9 0.0 -49.2 -184.7 -0.3 -0.1 -184.2 -332.6 -46.5 -33.8 -7.0 -5.6 -0.5 -4.0 0.0 -49.5 -185.7 2.6 0.8 -189.1 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 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 504.2 331.6 156.5 4.2 170.9 52.0 8.7 142.8 -30.9 604.8 408.6 113.0 14.4 281.3 20.0 9.0 144.8 22.3 550.4 454.8 139.4 11.1 304.3 29.3 3.8 94.1 -31.6 281.0 212.8 103.4 33.2 76.3 20.2 2.8 74.5 -29.4 -345.4 -294.1 -192.0 -8.7 -93.4 -29.5 -4.2 -11.5 -6.2 -236.2 -187.5 -150.0 -5.4 -32.1 -20.5 -2.9 -10.0 -15.4 -350.8 -288.7 -212.7 -10.8 -65.1 -29.5 -4.2 -16.7 -11.7 -414.8 -359.3 -232.9 -15.8 -110.5 -35.1 -5.0 -13.2 -2.2 -379.9 -340.9 -172.3 -2.6 -166.0 -32.8 -4.6 -6.1 4.5 -324.7 -302.3 -188.5 -14.5 -99.4 -28.9 -4.1 25.1 -14.5 -322.3 -255.6 -94.9 2.7 -163.4 -29.0 -4.1 -35.4 1.8 22 23 24 25 26 27 28 29 30 (1) Net capital transfers paid from table F.9, line 58. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (3) 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 43.9 -0.7 29.6 7.5 22.0 29.3 -3.2 31.3 8.1 23.3 37.8 -0.5 32.9 8.8 24.1 50.8 -0.3 35.0 9.8 25.2 30.5 -0.1 35.9 10.4 25.5 29.6 -0.0 36.0 10.1 25.9 28.0 -0.1 35.9 10.3 25.6 28.0 -0.1 35.8 10.4 25.3 36.2 -0.2 36.0 10.7 25.4 36.8 -0.2 35.9 10.6 25.3 35.7 -0.2 35.9 10.5 25.4 1 2 3 4 5 6 Gross saving 28.9 28.2 32.4 34.7 35.8 36.0 35.8 35.7 35.9 35.7 35.7 6 7 Gross investment 28.9 28.2 32.4 34.7 35.8 36.0 35.8 35.7 35.9 35.7 35.7 7 8 9 10 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 36.4 36.3 0.1 31.6 35.2 -3.6 36.4 37.1 -0.7 44.7 43.1 1.6 40.8 36.9 3.8 39.9 37.5 2.4 43.4 36.8 6.6 35.9 36.6 -0.7 43.9 36.9 7.1 47.1 37.8 9.3 51.2 39.6 11.6 11 Net financial investment -7.5 -3.4 -4.0 -10.0 -4.9 -3.9 -7.6 -0.2 -8.0 -11.4 -15.4 11 2.0 0.7 1.3 1.2 0.1 6.2 2.1 4.1 3.9 0.2 5.2 1.8 3.4 2.9 0.5 2.8 0.9 1.8 2.3 -0.5 2.5 0.9 1.7 1.7 -0.0 2.5 0.8 1.6 1.2 0.5 2.5 0.9 1.7 2.1 -0.4 2.6 0.9 1.7 2.4 -0.8 2.5 0.9 1.7 1.1 0.5 0.7 0.3 0.5 0.3 0.2 0.8 0.3 0.5 1.1 -0.6 12 13 14 15 16 9.5 17.3 2.2 5.9 9.1 -2.8 -5.0 9.6 14.2 3.3 7.6 3.3 -7.0 2.4 9.1 14.6 2.3 7.6 4.6 -4.1 -1.4 12.8 4.0 3.2 -20.1 20.9 24.6 -15.8 7.5 -2.0 -0.1 -2.8 0.9 4.7 4.8 6.4 2.4 -2.2 3.6 0.9 0.1 4.0 10.1 -3.4 -1.7 -2.7 0.9 6.2 7.3 2.8 -3.8 4.1 -8.9 0.9 6.4 0.2 10.6 -3.2 -0.9 -3.2 0.9 6.1 7.7 12.1 -8.6 -3.2 -1.1 -4.4 -1.9 22.6 16.2 -8.2 0.5 -4.3 -4.4 -1.9 26.3 17 18 19 20 21 22 23 12 13 14 15 16 Net acquisition of financial assets Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 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. 22 Z.1, September 17, 2010 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1730.4 1829.7 1923.1 1967.2 2005.8 1964.8 1986.6 2017.2 2054.4 2095.7 2112.8 1 276.7 831.4 54.9 24.8 88.3 454.3 0.1 302.5 887.4 59.2 21.8 103.5 456.7 -1.3 323.1 932.7 57.8 18.9 114.5 485.1 -9.1 335.4 949.1 48.0 19.7 115.2 512.7 -13.0 287.3 930.3 49.4 21.6 116.0 610.2 -9.0 300.6 929.5 43.1 21.0 115.6 565.9 -10.9 264.7 922.3 44.4 21.5 115.3 627.7 -9.4 290.0 931.3 48.7 21.8 116.1 617.5 -8.2 293.8 938.0 61.3 22.1 116.9 629.9 -7.7 291.5 945.3 82.0 22.3 117.5 645.8 -8.7 279.6 950.4 91.1 22.4 118.4 659.8 -8.9 2 3 4 5 6 7 8 Current expenditures, NIPA basis 1704.5 1778.6 1910.8 2014.6 2025.9 2006.4 2020.2 2036.4 2040.6 2067.2 2091.6 9 10 11 12 13 14 Consumption expenditures Govt. social benefit payments to persons Interest payments Subsidies - Wage accruals less disbursements 1212.0 404.8 87.3 0.4 0.0 1282.3 402.9 93.0 0.4 0.0 1368.9 433.7 101.1 7.1 0.0 1448.2 455.2 108.2 3.0 0.0 1424.4 492.1 108.0 1.4 0.0 1415.7 479.6 109.1 2.0 0.0 1424.0 487.9 107.0 1.2 0.0 1425.6 501.5 108.1 1.2 0.0 1432.2 499.4 107.7 1.2 0.0 1447.4 509.4 108.7 1.6 0.0 1446.0 532.6 111.0 2.1 0.0 10 11 12 13 14 15 Net state and local govt. saving, NIPA basis 25.9 51.0 12.2 -47.4 -20.1 -41.6 -33.6 -19.2 13.9 28.6 21.2 15 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 150.1 -49.8 162.7 -57.4 178.7 -58.9 192.6 -61.9 200.9 -67.4 201.3 -56.7 201.1 -61.8 200.5 -75.6 200.8 -75.3 202.3 -55.4 204.2 -63.2 16 17 18 = Gross saving less net capital transfers paid 225.8 271.2 249.8 207.1 248.2 216.4 229.4 256.9 290.0 286.2 288.6 18 19 Gross investment 299.1 391.6 341.2 226.8 279.3 226.7 280.1 297.4 312.7 296.0 309.2 19 281.6 10.3 304.4 11.1 329.0 13.8 350.3 13.9 351.0 13.4 353.0 13.4 355.5 13.3 352.8 13.3 342.4 13.5 330.2 13.8 340.2 14.1 20 21 2 3 4 5 6 7 8 9 Current receipts, NIPA basis 2006 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net 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 7.3 76.1 -1.7 -137.4 -85.1 -139.6 -88.6 -68.7 -43.2 -47.9 -45.1 22 211.4 264.2 226.4 -46.2 64.5 24.0 46.8 103.4 83.8 124.3 -37.6 23 9.5 12.8 5.1 10.0 5.4 26.2 6.8 13.5 -4.8 36.4 4.4 8.7 8.5 19.1 -2.4 -4.7 19.4 10.8 4.5 8.9 -3.7 64.0 0.7 1.3 109.3 -13.9 5.4 10.7 -45.8 19.2 7.5 14.8 17.7 -26.0 4.5 8.9 3.3 36.9 6.9 13.5 13.2 -36.7 -2.7 -5.3 24 25 26 27 154.0 118.5 54.1 -141.2 -29.6 44.5 -119.6 -19.6 -23.7 14.8 -85.0 28 29 30 31 Open market paper Treasury securities Agency- and GSE-backed securities 13.1 92.3 28.4 17.6 35.5 38.3 -8.7 20.7 24.6 -66.2 -52.1 -13.4 -53.3 20.4 -14.6 -78.3 116.5 3.7 -86.0 -25.4 -29.6 -20.6 -11.0 -17.9 -28.3 1.3 -14.6 -22.3 -8.8 18.5 -47.0 7.7 -35.1 29 30 31 32 33 34 Municipal securities Corporate and foreign bonds Mortgages 0.4 9.0 10.8 0.5 12.1 14.5 0.3 7.8 9.3 -0.2 -4.2 -5.1 0.3 8.0 9.6 0.0 1.2 1.4 0.4 9.6 11.5 0.5 13.3 15.9 0.3 8.0 9.6 0.5 12.2 14.6 -0.2 -4.8 -5.7 32 33 34 2.5 0.8 -4.4 -1.3 7.6 2.0 22.9 14.3 17.7 -7.2 -62.1 14.5 27.6 -19.3 40.7 -18.3 64.5 -5.6 -49.0 -5.3 20.7 -4.5 35 36 10.2 15.5 -8.9 13.8 11.5 74.2 8.9 0.8 108.4 -4.8 -7.3 49.5 9.1 -12.6 43.3 1.3 -12.5 -24.0 10.9 -15.2 50.9 15.2 -13.1 102.7 9.1 -9.4 43.7 13.9 11.7 77.5 -5.4 17.9 50.2 37 38 39 204.1 188.1 228.1 91.2 149.6 163.6 135.5 172.1 127.0 172.2 7.5 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 172.0 153.7 191.0 51.6 111.2 125.6 97.1 133.6 88.4 133.6 -31.5 41 42 43 44 45 Municipal securities Short-term Other U.S. government loans 171.3 5.7 165.6 0.6 153.1 -3.1 156.2 0.6 190.4 17.3 173.1 0.7 50.8 12.5 38.3 0.8 110.4 2.8 107.5 0.8 125.0 6.7 118.3 0.6 96.3 -11.7 108.1 0.8 132.9 45.2 87.7 0.7 87.2 -29.0 116.2 1.2 133.0 2.9 130.1 0.6 -31.9 -30.0 -1.9 0.4 42 43 44 45 32.1 34.4 37.0 39.6 38.4 38.1 38.4 38.5 38.5 38.6 39.0 46 -73.3 -120.4 -91.4 -19.7 -31.1 -10.4 -50.7 -40.6 -22.7 -9.8 -20.6 47 46 47 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 61. 23 Z.1, September 17, 2010 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 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 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2290.1 2524.5 2654.7 2503.1 2205.8 2223.9 2191.2 2176.3 2231.7 2322.8 2378.3 1 931.9 98.8 341.0 12.1 852.6 23.7 33.6 -3.5 1049.9 99.4 395.0 14.0 904.6 26.1 38.3 -2.9 1165.6 94.5 362.8 14.7 945.3 29.8 44.8 -2.7 1102.8 96.0 232.2 16.8 972.4 31.7 55.0 -3.7 852.7 94.4 182.1 13.2 953.5 46.2 67.9 -4.2 912.8 87.2 154.9 14.2 948.0 40.4 71.3 -4.9 847.7 96.4 155.7 13.2 954.9 48.6 79.4 -4.8 827.0 97.0 184.4 12.9 953.5 46.0 58.9 -3.5 823.4 97.1 233.2 12.4 957.4 50.0 61.8 -3.6 843.2 100.6 297.1 12.6 970.6 41.8 60.2 -3.4 856.6 106.6 325.6 12.6 978.1 43.9 59.1 -4.2 2 3 4 5 6 7 8 9 10 Current expenditures, NIPA basis 2573.1 2728.3 2900.0 3119.3 3457.5 3227.1 3527.9 3532.9 3542.0 3637.1 3703.6 10 11 12 13 14 15 16 Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 765.8 1089.2 402.1 255.4 60.5 0.0 811.0 1193.1 394.0 279.2 51.0 0.0 848.9 1267.5 423.0 313.2 47.4 0.0 934.6 1402.7 441.1 291.2 49.8 0.0 987.1 1620.2 537.3 254.0 58.9 0.0 958.1 1522.6 487.2 204.4 54.8 0.0 989.0 1651.7 560.1 271.3 56.0 0.0 999.7 1637.6 554.0 273.8 67.9 0.0 1001.8 1668.8 547.9 266.4 57.2 0.0 1017.3 1715.2 577.1 271.6 55.8 0.0 1038.3 1736.2 577.8 294.9 56.3 0.0 11 12 13 14 15 16 17 Net federal government saving, NIPA basis -283.0 -203.8 -245.2 -616.2 -1251.7 -1003.2 -1336.8 -1356.7 -1310.3 -1314.2 -1325.3 17 18 19 20 21 + Consumption of fixed capital - Insurance and pension reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers paid (2) 100.4 0.7 4.7 59.8 106.6 0.1 4.6 42.7 112.6 0.1 4.7 56.3 119.8 -0.6 4.9 65.0 124.4 0.5 4.8 81.9 123.0 1.0 4.8 61.2 123.8 -0.4 4.8 73.4 124.7 -1.4 4.7 92.1 125.9 2.7 4.8 100.9 127.3 -4.0 5.1 73.0 128.8 -0.8 5.2 99.6 18 19 20 21 22 = Gross saving less net capital transfers paid -247.7 -144.6 -193.8 -565.7 -1214.5 -947.1 -1290.8 -1327.5 -1292.7 -1261.1 -1300.5 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets -270.4 110.5 -0.5 -157.7 120.7 -13.3 -217.2 127.4 -1.3 -656.1 145.3 -19.2 -1169.3 152.4 -7.0 -1038.6 145.1 -26.9 -1409.8 150.8 -2.6 -1130.5 155.7 1.8 -1098.3 158.1 -0.4 -1245.8 160.8 -0.1 -1592.3 168.2 -0.7 23 24 25 -380.4 -265.0 -343.3 -782.2 -1314.7 -1156.9 -1557.9 -1288.0 -1256.0 -1406.4 -1759.7 26 30.2 -14.0 0.2 573.7 267.4 326.4 434.8 383.6 -75.4 248.0 320.9 27 -14.4 12.2 -1.0 -2.7 -2.7 0.2 -0.4 25.1 1.2 4.2 313.1 -1.3 51.9 -174.2 0.3 3.5 -338.3 0.6 14.3 105.9 -0.5 195.3 -183.5 1.2 -5.4 -281.0 -0.0 2.7 151.4 0.4 0.5 197.3 -0.7 28 29 30 26 27 Net financial investment Net acq. of financial assets 28 29 30 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 31 32 33 34 35 36 Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (3) -0.9 0.0 0.0 -7.0 2.4 3.7 6.1 0.0 0.0 0.6 3.7 1.9 6.6 0.0 0.0 -2.2 2.1 6.7 86.5 54.4 0.0 6.0 13.5 12.6 325.2 171.1 0.6 66.0 12.6 75.0 326.8 227.8 0.0 59.0 3.6 36.4 389.4 213.2 1.5 96.0 21.8 57.0 337.4 123.9 0.7 94.9 31.1 86.7 247.4 119.5 0.1 14.2 -6.3 119.9 94.4 0.0 0.1 15.0 -5.2 84.6 96.8 0.0 0.3 34.1 5.2 57.2 31 32 33 34 35 36 37 38 39 40 Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets 0.0 9.2 25.3 -0.3 0.0 -11.6 -6.3 3.1 0.0 1.2 -35.5 1.9 256.3 4.2 -61.4 -28.0 0.6 7.9 20.3 35.4 363.6 0.2 -41.2 11.1 -127.9 2.7 69.4 -18.4 53.7 4.0 20.8 -45.3 -287.1 24.5 32.2 194.0 -14.4 6.8 -0.7 7.3 65.7 -13.1 40.6 -66.1 37 38 39 40 410.5 251.1 343.5 1355.9 1582.0 1483.3 1992.7 1671.6 1180.7 1654.4 2080.6 41 0.0 0.0 0.8 0.0 0.0 0.6 0.0 0.0 -0.7 0.0 0.0 -0.8 47.6 3.0 -0.4 0.0 0.0 -0.0 0.0 0.0 -0.0 190.4 12.0 -1.0 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 -0.0 42 43 44 306.9 0.7 306.6 -0.4 0.0 183.4 -2.7 186.4 -0.3 0.0 237.1 -6.0 243.4 -0.4 0.0 1239.2 -2.4 1241.4 0.2 0.0 1443.9 -2.8 1446.5 0.1 0.0 1550.0 -0.2 1553.4 -3.2 0.0 1951.5 -1.7 1954.3 -1.1 0.0 1371.5 -3.4 1371.2 3.7 0.0 902.6 -5.8 907.3 1.2 0.0 1601.9 -3.8 1605.4 0.3 0.0 2003.0 -2.8 2004.6 1.1 0.0 45 46 47 48 49 33.7 1.1 68.0 40.0 28.1 6.2 1.5 59.4 35.8 23.6 29.3 1.2 76.6 33.3 43.3 27.0 1.0 89.5 63.3 26.2 5.4 1.1 81.4 61.9 19.5 -44.5 -0.2 -22.0 17.3 -39.3 -29.6 2.1 68.8 45.2 23.5 43.0 0.2 55.5 57.3 -1.8 52.5 2.4 223.5 127.9 95.6 31.7 -0.3 21.1 42.2 -21.1 4.4 0.7 72.5 47.2 25.3 50 51 52 53 54 22.7 13.1 23.4 90.4 -45.2 91.6 118.9 -197.0 -194.4 -15.3 291.7 55 4.6 -5.5 27.5 308.6 -173.2 -318.3 108.9 -191.3 -291.9 172.0 195.0 56 41 Net increase in liabilities 42 43 44 SDR allocations SDR certificates Treasury currency 45 46 47 48 49 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 50 51 52 53 54 Trade payables Insurance reserves Miscellaneous liabilities (5) Nonmarketable securities held by pension plans Other 55 Discrepancy 56 Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 60 less line 12. (3) Student loans. (4) Corporate equities purchased from financial businesses under the Troubled Assets Relief Program (TARP) and from GSEs at issuance price. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 8). 24 Z.1, September 17, 2010 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 2010 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 2618.6 2027.8 475.9 115.0 2990.5 2240.3 648.6 101.5 3249.6 2375.7 747.7 126.2 3353.0 2553.8 664.7 134.5 2587.9 1964.7 483.6 139.5 2521.6 1896.9 493.1 131.6 2475.1 1855.3 482.0 137.8 2599.6 1990.5 460.1 149.0 2755.2 2116.3 499.1 139.7 2896.5 2237.6 502.6 156.3 3017.0 2353.6 515.5 147.9 1 2 3 4 5 6 7 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world 1878.1 1305.1 573.0 2192.1 1471.0 721.1 2532.6 1661.7 871.0 2682.6 1843.4 839.2 2208.2 1578.4 629.8 2136.8 1521.2 615.6 2131.9 1520.2 611.7 2209.5 1582.1 627.4 2354.6 1689.9 664.7 2451.5 1757.8 693.7 2526.8 1817.6 709.2 5 6 7 8 9 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) 12.8 727.8 -2.0 800.4 -0.4 717.3 5.4 665.0 -0.6 380.3 -0.5 385.2 -0.5 343.8 -0.6 390.7 -0.7 401.3 -0.4 445.4 -0.5 490.7 8 9 Gross investment Nonproduced nonfinancial assets 713.9 0.1 807.3 -0.1 639.0 0.5 583.9 -0.0 215.9 0.0 32.0 0.0 58.5 0.0 310.4 0.0 462.7 0.0 138.7 -0.0 146.3 0.0 10 11 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Net financial investment Net acquisition of financial assets Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) Credit market instruments Open market paper Treasury securities Official Private Agency- and GSE-backed securities Official Private Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (5) Other Net increase in liabilities U.S. official reserve assets U.S. private deposits Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (4,5) Other Discrepancy (FOF basis) (7) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (8) - Current taxes and trans. payments to rest of world = Balance on current account, NIPAs 713.8 807.4 638.5 583.9 215.9 32.0 58.5 310.4 462.7 138.7 146.3 12 1071.4 1835.4 1735.9 524.7 151.7 -572.0 -176.4 1216.4 138.8 813.1 971.8 13 0.0 0.0 -12.3 14.9 6.7 0.1 45.5 752.0 9.9 245.1 112.8 132.3 134.3 88.5 45.8 3.0 328.5 31.3 56.9 32.2 7.9 0.0 167.5 112.6 54.9 0.0 0.0 -9.4 11.4 11.5 4.1 2.4 973.6 46.7 150.3 208.6 -58.2 224.0 203.6 20.4 5.4 541.0 6.2 96.2 45.2 5.9 0.0 694.5 243.2 451.4 0.0 0.0 -153.6 -5.4 40.3 19.0 -35.2 943.8 -8.3 165.3 98.4 66.8 248.8 236.1 12.7 10.7 424.6 102.7 218.5 38.2 20.8 0.0 649.5 271.2 378.3 0.0 0.0 419.8 77.5 65.5 23.7 -231.5 355.8 -45.1 710.1 548.7 161.4 -228.6 -31.3 -197.3 5.4 -21.8 -64.1 104.7 -2.0 6.3 0.0 -295.1 328.3 -623.4 0.0 47.6 -292.9 -9.4 -43.0 0.3 -84.8 208.1 -43.3 583.9 561.1 22.8 -175.0 -157.0 -18.0 10.1 -143.0 -24.6 142.5 17.7 3.1 0.0 162.4 134.7 27.7 0.0 0.0 -578.1 -27.0 -102.7 18.7 -327.8 265.9 -51.8 752.1 597.3 154.9 -275.3 -102.5 -172.7 -1.8 -147.7 -9.7 54.8 -13.0 -10.0 0.0 147.2 23.5 123.7 0.0 0.0 -820.4 -14.3 -27.7 18.7 67.1 278.2 -76.1 672.0 691.3 -19.3 -86.6 -127.4 40.8 -1.8 -196.0 -33.3 152.3 29.0 17.5 0.0 123.3 126.1 -2.8 0.0 190.4 515.9 1.3 -47.3 -18.2 -262.2 112.3 -16.1 498.5 545.7 -47.2 -215.6 -276.0 60.4 15.7 -120.1 -50.1 213.7 28.9 26.6 0.0 455.0 223.2 231.7 0.0 0.0 -288.9 2.4 5.6 -18.2 183.6 176.1 -29.3 413.0 410.2 2.8 -122.5 -121.9 -0.6 28.3 -108.0 -5.3 149.3 26.0 -21.5 0.0 -75.8 166.1 -241.9 0.0 0.0 -13.7 9.9 -41.5 -18.2 -244.2 583.5 9.5 676.7 300.2 376.6 -46.2 -36.5 -9.7 45.5 -151.7 49.6 129.0 29.6 15.4 0.0 363.2 206.3 156.9 0.0 0.0 -36.4 11.7 10.4 -18.2 -359.0 782.5 -31.4 709.0 197.5 511.5 146.6 105.3 41.3 44.3 -119.7 33.6 29.7 5.9 30.1 0.0 515.1 108.7 406.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 357.6 1028.0 1097.3 -59.1 -64.2 -604.0 -234.9 906.0 -323.9 674.4 825.4 39 -14.1 40.8 113.0 38.6 64.5 14.5 -2.9 4.7 12.7 -4.6 -0.0 186.7 6.3 0.0 24.9 1.3 -2.2 36.2 -10.4 -2.4 87.2 332.6 98.4 227.8 13.8 -0.7 3.8 10.7 -7.4 -0.1 137.3 6.2 0.0 467.0 2.0 -0.0 244.9 220.1 0.1 257.0 170.3 -69.3 218.7 24.1 -0.0 8.3 15.8 -3.3 0.1 147.8 12.4 0.0 509.7 1.7 23.9 414.0 70.1 4.8 -402.1 -226.3 -71.0 -158.9 5.1 0.7 2.8 1.6 -1.5 0.0 -39.0 -9.9 0.0 613.3 1.4 529.8 351.1 -269.0 52.3 -171.6 191.8 57.8 144.9 -11.2 0.6 -5.1 -6.6 0.3 0.0 63.3 -2.0 0.0 -198.0 1.7 -543.3 268.7 74.9 3.9 -244.6 163.1 64.6 119.4 -19.4 -0.1 -14.9 -4.4 -1.5 0.0 -2.7 -11.6 0.0 -512.3 0.6 -975.4 180.6 282.0 14.5 -240.6 179.3 -22.0 206.3 -6.0 1.4 -10.1 2.8 0.9 0.0 140.6 31.8 0.0 -360.4 5.2 -781.1 248.3 167.2 196.1 -104.2 275.0 201.9 82.9 -9.8 2.0 4.8 -16.5 0.0 0.0 104.4 7.3 0.0 427.4 0.3 -231.3 313.3 345.1 -5.5 -97.0 149.9 -13.3 170.9 -9.6 -0.9 -0.2 -8.4 1.8 0.0 11.0 -35.6 0.0 -346.7 0.6 -185.3 332.6 -494.5 3.1 35.7 115.3 -27.1 141.4 -0.5 -0.7 10.2 -9.9 1.5 0.0 43.1 0.7 0.0 476.5 1.9 -41.1 411.8 103.9 0.7 283.5 -34.6 -41.3 -6.0 13.8 1.1 10.7 2.0 -1.1 0.0 88.6 47.1 0.0 440.1 5.3 5.2 325.9 103.7 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 13.9 -6.9 78.3 81.1 164.3 353.2 285.2 80.3 -61.4 306.8 344.3 59 -722.7 97.1 115.0 -740.5 -769.3 72.4 101.5 -798.4 -714.0 123.3 126.2 -716.9 -710.5 174.5 134.5 -670.4 -386.4 146.3 139.5 -379.7 -375.7 122.5 131.6 -384.8 -335.2 129.7 137.8 -343.3 -408.3 167.2 149.0 -390.1 -426.4 165.5 139.7 -400.6 -479.9 191.2 156.3 -445.0 -536.0 193.7 147.9 -490.2 60 61 62 63 (1) Table F.9, line 63. (2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 62 with the sign reversed minus line 8. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (6) Includes American Depositary Receipts (ADRs). (7) Balance of payments discrepancy adjusted to NIPA concepts. (8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 25 Z.1, September 17, 2010 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 6.3 5.9 2.5 4.3 0.5 20.6 15.7 -7.0 -27.2 2.1 2.2 1 2 Fixed nonresidential investment 1.9 2.8 2.9 2.1 1.7 1.7 1.7 1.7 1.7 1.7 1.8 2 3 Net acquisition of financial assets 37.4 29.6 43.1 1319.3 -3.4 -520.4 -321.4 496.4 331.8 391.2 90.6 3 0.3 0.0 0.1 0.3 0.0 1.7 0.5 0.0 0.5 0.6 0.0 -0.0 0.3 3.0 4.0 0.4 0.0 14.3 0.3 0.0 0.7 0.8 12.0 0.5 -0.1 0.0 0.5 0.4 0.0 0.2 0.2 0.0 1.8 4 5 6 -0.0 -1.2 0.3 -1.5 -0.6 -6.3 1.0 1.2 1.8 1.9 -1.3 7 0.0 0.0 0.0 -0.0 -0.0 0.0 48.6 48.6 0.0 511.1 495.4 15.7 -463.1 -447.4 -15.7 -75.5 -30.6 -44.9 -849.2 -870.8 21.6 -485.1 -446.0 -39.2 -442.5 -442.2 -0.2 -340.4 -340.4 0.0 -43.4 -43.4 0.0 8 9 10 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 7 Federal Reserve float 8 9 10 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 11 Security RPs 13.8 -6.0 5.8 33.5 -80.0 -320.0 0.0 0.0 0.0 0.0 0.0 11 12 Credit market instruments 26.4 34.7 -38.3 245.4 1001.6 821.0 1200.2 1158.1 827.2 762.0 133.5 12 0.0 26.4 0.0 0.0 34.7 0.0 0.0 -38.3 0.0 0.0 -264.7 19.7 0.0 300.7 1048.5 0.0 158.3 1069.3 0.0 651.5 1088.1 0.0 380.2 1058.0 0.0 12.7 978.8 0.0 105.9 677.7 0.0 -7.4 180.8 13 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 -347.6 47.5 0.0 -45.5 0.1 -16.7 -3.5 -5.9 -323.6 -406.6 18.8 0.0 -100.3 0.1 28.2 -3.5 -0.9 -349.0 -539.3 81.7 0.0 -61.4 0.1 -10.0 -3.7 -6.2 -539.8 -280.1 70.4 0.0 -20.2 0.1 -18.9 -3.6 -11.0 -296.9 -164.4 19.3 0.0 -0.1 0.1 -66.2 -3.2 -5.4 -108.8 -21.6 -1.2 0.0 0.0 0.2 12.8 -2.9 -4.7 -25.7 -39.9 -19.0 0.0 0.0 0.2 -2.8 -2.4 -4.1 -11.8 16 17 18 19 20 21 22 23 24 0.0 -3.2 0.0 -3.2 0.0 0.1 0.0 0.1 0.0 25.8 24.0 1.8 0.0 530.2 529.7 0.5 25.1 -493.8 -543.5 49.6 0.0 -954.4 -975.2 20.9 0.0 -674.4 -781.3 107.0 0.0 -191.1 -231.3 40.2 100.4 -155.4 -185.9 30.5 1.2 -34.1 -41.1 7.0 1.3 -1.6 5.0 -6.5 25 26 27 28 36.1 27.2 39.9 1316.7 -8.0 -531.8 -323.2 489.0 334.0 389.8 76.2 29 13 14 15 Open market paper Treasury securities Agency- and GSE-backed securities 16 17 18 19 20 21 22 23 24 Bank loans n.e.c. Households (TALF) (4) Rest of world Brokers and dealers (5) Funding corporations (Maiden Lane) (6) Funding corporations (AIG) Funding corporations (Maiden Lane II) (7) Funding corporations (Maiden Lane III) (8) Funding corporations (CPFF) (9) 25 26 27 28 29 Corporate equities (10) Miscellaneous assets Nonofficial foreign currencies (11) Other Net increase in liabilities 30 31 Depository institution reserves Vault cash of commercial banks -5.0 8.6 -0.3 1.6 2.1 3.3 839.2 2.7 117.0 -2.8 -219.1 9.8 -578.7 1.2 750.2 2.0 515.6 -24.2 307.6 27.4 -326.2 7.5 30 31 32 Checkable deposits and currency 30.1 23.5 17.8 428.2 -117.6 -287.3 212.2 -145.4 -249.9 94.0 345.9 32 33 34 35 36 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account -1.4 -0.1 -1.3 0.0 0.2 0.1 0.1 0.0 11.4 0.0 11.4 0.0 349.3 0.0 90.0 259.3 -173.8 -0.0 80.5 -254.3 -393.0 0.2 -155.6 -237.6 197.4 0.0 197.3 0.0 -170.8 -0.1 -30.8 -140.0 -328.9 -0.2 311.1 -639.8 100.0 -0.1 -379.8 479.9 287.0 0.0 -13.0 299.9 33 34 35 36 37 38 39 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 0.0 0.9 30.6 0.0 -1.2 24.5 -0.0 0.9 5.5 1.3 19.4 58.2 1.0 14.0 41.2 -0.9 -0.8 107.3 2.4 -3.6 16.1 0.6 -16.5 41.3 2.0 77.0 -0.1 -3.0 -63.2 60.1 -1.8 32.2 28.5 37 38 39 -0.3 -0.9 14.4 44.4 -10.6 -71.0 8.3 -15.0 35.3 -79.9 37.8 40 2.8 1.6 1.1 3.2 1.8 1.4 2.5 3.1 -0.7 2.2 2.6 -0.5 6.1 4.6 1.5 36.0 5.9 30.0 33.8 6.8 27.0 -102.7 2.7 -105.4 57.2 2.9 54.4 40.8 2.5 38.4 11.1 1.5 9.7 41 42 43 3.1 0.7 -3.5 -0.5 -5.8 7.5 12.2 -16.0 -26.7 -1.0 -14.0 44 40 Security RPs 41 42 43 Miscellaneous liabilities Federal Reserve Bank stock Other 44 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (11) Reciprocal currency arrangements (swap lines) with foreign central banks. 26 Z.1, September 17, 2010 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid 108.4 93.0 65.1 99.8 118.0 120.3 115.7 105.0 130.8 156.5 183.7 1 2 Fixed nonresidential investment 58.6 61.8 73.2 87.3 72.3 73.3 73.5 71.8 70.5 68.6 69.3 2 3 Net acquisition of financial assets 788.2 991.8 933.1 2020.0 -464.0 -227.0 -1012.0 -381.1 -235.9 289.4 -497.6 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 8.6 -4.5 -0.5 1.6 0.4 -0.1 3.3 1.5 -0.3 2.7 798.1 0.6 -2.8 92.4 1.0 9.8 -338.4 4.3 1.2 -589.5 -4.1 2.0 822.6 -1.9 -24.2 474.8 5.5 27.4 219.5 -1.3 7.5 -298.9 6.0 4 5 6 7 Total bank credit 690.3 841.7 791.6 534.2 -470.5 -256.5 -231.6 -973.9 -420.1 -334.6 -519.0 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 0.0 -10.7 -5.4 0.0 -2.1 45.9 0.0 17.4 -113.3 15.7 -19.2 147.1 -15.7 92.2 102.0 -44.9 76.0 2.1 21.6 48.4 183.7 -39.2 205.1 -142.0 -0.2 39.4 364.0 0.0 244.7 -29.0 0.0 2.7 -31.3 8 9 10 11 12 Municipal securities Corporate and foreign bonds 16.9 123.4 22.6 93.3 12.7 197.9 23.7 1.7 1.9 -112.7 -11.4 -104.8 10.9 -73.5 -7.6 41.5 15.8 -313.8 -1.2 -242.4 -7.2 -71.5 11 12 13 14 15 16 Bank loans n.e.c. Mortgages Consumer credit Security credit 167.8 362.4 2.8 34.8 126.8 445.0 34.2 71.5 335.1 241.4 62.9 32.3 203.4 197.0 74.5 -113.5 -426.7 -22.7 -50.6 -59.9 -332.0 131.2 5.3 -60.2 -355.3 72.0 -38.8 -70.9 -597.5 -272.0 -73.4 -117.3 -421.9 -22.2 -95.3 8.6 -73.1 -249.2 20.4 8.0 -96.3 -329.6 -41.6 57.9 13 14 15 16 17 18 Corporate equities Mutual fund shares 0.1 -1.8 0.7 3.9 1.6 3.6 2.4 1.3 6.8 14.8 16.0 66.3 -14.5 -15.0 -1.9 30.3 27.6 -22.3 5.7 -18.5 -6.8 4.7 17 18 0.0 94.3 -0.3 148.6 0.0 137.0 -0.2 684.5 0.0 -84.0 0.0 353.8 0.0 -188.1 0.0 -229.9 0.0 -271.8 0.0 378.4 0.0 306.8 19 20 19 20 Customers’ liab. on acceptances (2) Miscellaneous assets 21 Net increase in liabilities 645.4 764.7 806.5 1961.0 -326.3 -307.7 -1070.6 354.5 -281.3 166.8 -216.5 21 22 23 24 25 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks -15.9 -0.0 -3.6 -12.3 -12.5 -1.2 -1.9 -9.4 -102.9 48.9 1.8 -153.6 960.0 509.6 30.6 419.8 -722.1 -463.7 34.4 -292.9 -744.8 -81.9 -84.8 -578.1 -1698.6 -848.2 -30.1 -820.4 29.0 -483.9 -2.9 515.9 -474.1 -440.7 255.5 -288.9 -579.3 -338.5 -227.1 -13.7 -245.5 -44.7 -164.4 -36.4 22 23 24 25 26 27 28 29 Checkable deposits Federal government Rest of the world Private domestic -36.4 7.0 6.4 -49.8 -35.9 -5.9 9.2 -39.2 13.3 14.9 5.2 -6.9 141.4 -39.5 33.6 147.3 85.0 0.3 -23.1 107.7 -142.5 74.0 -73.4 -143.1 239.7 -88.0 -9.0 336.6 99.2 -21.6 -16.0 136.9 143.4 37.0 6.1 100.3 -72.4 71.6 3.8 -147.9 79.2 -91.2 5.1 165.3 26 27 28 29 30 31 32 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 268.3 243.1 90.3 287.6 264.0 70.5 263.0 297.6 -49.7 541.4 -97.6 -355.7 384.4 -3.0 265.2 453.3 -129.9 -45.9 263.9 21.5 675.3 352.2 16.7 -144.7 468.1 79.8 576.2 342.4 -283.7 254.6 127.4 -369.8 -128.6 30 31 32 33 Credit market instruments 85.1 177.4 263.2 161.1 -179.9 -238.0 -27.7 -170.3 -283.5 -118.4 -228.8 33 4.0 56.7 24.4 21.4 76.0 80.0 37.9 118.6 106.7 -39.2 129.3 71.0 -18.1 -37.5 -124.2 -91.1 44.0 -190.8 -17.0 21.9 -32.6 14.9 35.7 -221.0 20.6 -251.6 -52.6 52.7 -82.0 -89.1 -28.0 -75.0 -125.8 34 35 36 -13.8 -7.9 32.5 -10.5 -1.1 25.2 -23.7 -13.6 159.3 331.9 -85.7 364.3 78.7 7.1 -241.7 230.3 8.0 301.7 18.8 -33.1 -530.3 90.8 59.7 21.8 -25.0 -6.4 -759.8 16.2 -24.3 631.8 39.2 36.1 474.4 37 38 39 -93.2 -195.9 -134.7 -46.5 183.4 -33.7 -16.4 768.8 14.9 -34.6 395.5 40 657.1 0.0 765.4 0.0 754.1 -1.8 643.8 -1.7 -432.2 -2.6 -278.6 -1.5 -131.2 -4.3 -885.0 -3.1 -434.0 -1.4 -329.8 2.4 -574.8 -1.0 41 42 34 35 36 37 38 39 40 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable (net) Miscellaneous liabilities Discrepancy Memo: 41 42 Credit market funds advanced (4) Consumer leases not included above (5) (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 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19). (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 27 Z.1, September 17, 2010 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid (1) -3.9 -19.8 -42.6 21.6 33.8 47.5 33.6 11.7 42.4 86.9 42.2 1 2 Fixed nonresidential investment 20.9 23.5 22.0 23.5 17.9 17.2 19.1 18.2 17.3 14.4 12.8 2 3 Net acquisition of financial assets 529.7 787.7 595.9 1245.3 -81.9 -144.1 -132.3 -432.7 381.8 -162.7 -783.1 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 6 7 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 12 13 14 15 16 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 17 18 19 20 Bank loans n.e.c. Mortgages Consumer credit Security credit 21 22 Corporate equities Mutual fund shares 23 24 25 Customers’ liab. on acceptances (2) Miscellaneous assets Net increase in liabilities 3.9 2.3 4.4 562.9 44.4 -227.3 -315.7 488.9 231.8 57.5 -161.9 4 498.4 685.4 570.3 547.6 -169.7 71.6 118.6 -794.0 -75.0 -321.6 -466.2 5 0.0 -10.1 -3.3 -2.7 -4.4 3.8 0.0 -2.2 47.5 68.8 -5.1 -16.1 0.0 11.1 -111.4 -54.9 -4.4 -52.0 15.7 -19.6 139.7 152.0 14.3 -26.6 -15.7 64.3 131.3 -11.3 58.2 84.4 -44.9 50.6 67.1 -58.6 39.3 86.4 21.6 69.0 205.4 139.7 26.5 39.2 -39.2 123.9 -121.1 -258.6 73.7 63.8 -0.2 13.7 373.9 132.4 93.5 148.1 0.0 236.6 -11.1 -148.1 180.1 -43.1 0.0 21.7 -16.4 -141.1 98.9 25.8 6 7 8 9 10 11 16.7 47.0 5.1 38.2 3.8 21.7 59.1 8.8 12.7 37.6 12.0 101.7 15.5 64.8 21.4 23.2 -30.4 -24.4 -1.5 -4.5 1.0 51.7 2.0 -27.3 76.9 -13.2 123.6 -5.4 -32.6 161.6 13.2 123.4 13.4 -16.8 126.8 -12.1 81.6 5.3 -15.5 91.8 15.9 -121.9 -5.2 -44.1 -72.6 0.4 -219.8 -5.9 -119.9 -94.0 -2.8 -69.7 -28.8 -48.8 7.8 12 13 14 15 16 98.7 354.8 2.8 -6.6 62.9 436.8 34.2 20.9 233.7 225.7 62.9 29.3 137.9 190.0 74.5 12.8 -298.1 -16.1 -50.6 -59.2 -251.6 130.6 5.3 -78.1 -249.1 76.3 -38.8 -73.0 -430.5 -262.1 -73.4 -89.5 -261.3 -9.1 -95.3 3.9 -96.6 -246.6 20.4 8.0 -69.9 -302.8 -41.6 17.6 17 18 19 20 0.1 -1.8 0.7 3.9 1.6 3.6 2.4 1.3 6.8 14.8 16.0 66.3 -14.5 -15.0 -1.9 30.3 27.6 -22.3 5.7 -18.5 -6.8 4.7 21 22 -0.0 27.4 0.0 100.0 0.0 21.3 0.0 134.8 0.0 43.4 0.0 11.5 0.0 64.8 0.0 -127.6 0.0 225.0 0.0 101.5 0.0 -155.0 23 24 467.2 640.9 545.8 1232.0 91.5 -191.8 -155.8 327.8 385.6 -258.2 -399.4 25 16.6 -0.0 0.0 0.5 16.1 72.6 -1.2 -0.0 -36.6 110.5 141.4 0.3 48.6 34.5 58.0 786.7 -1.5 511.1 110.8 166.3 -559.3 -0.6 -463.1 -2.3 -93.3 -730.2 -6.3 -75.5 -182.8 -465.5 -841.6 1.0 -849.2 -106.1 112.7 8.4 1.2 -485.1 155.8 336.5 -673.9 1.8 -442.5 123.8 -357.0 -1006.7 1.9 -340.4 -300.9 -367.4 -251.5 -1.3 -43.4 -134.8 -72.1 26 27 28 29 30 26 27 28 29 30 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 31 32 33 34 Checkable deposits Federal government Rest of the world Private domestic -36.8 7.0 6.2 -49.9 -36.6 -5.9 9.4 -40.1 9.0 14.9 5.0 -10.9 140.8 -39.5 31.2 149.1 80.9 0.3 -28.9 109.4 -144.8 74.0 -72.4 -146.4 232.4 -88.0 -9.6 330.0 99.1 -21.6 -37.2 157.9 137.0 37.0 3.7 96.3 -74.1 71.6 2.4 -148.1 76.8 -91.2 6.4 161.6 31 32 33 34 35 36 37 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 262.9 166.8 57.0 277.8 129.9 21.4 255.0 23.1 -36.1 540.2 24.6 -259.0 382.9 -174.0 244.9 456.6 -31.4 -69.7 274.8 -246.6 568.6 341.4 -241.6 -143.7 458.9 -176.4 624.3 342.2 -67.3 160.7 140.4 -78.7 -160.5 35 36 37 38 39 40 41 42 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable (net) -0.0 12.5 24.4 6.2 -7.9 0.0 27.5 80.0 9.3 -1.1 0.0 25.1 106.7 4.3 -13.6 0.0 8.0 71.0 10.4 -85.7 0.0 -28.3 -124.2 10.1 7.1 0.0 -56.2 -190.8 12.7 8.0 0.0 -12.1 -32.6 13.7 -33.1 0.0 -28.2 -221.0 7.7 59.7 0.0 -16.8 -52.6 6.4 -6.4 0.0 -25.9 -89.1 15.6 -24.3 13.0 2.4 -125.8 10.7 36.1 38 39 40 41 42 43 44 45 Miscellaneous liabilities Investment by bank holding companies Other -34.6 40.0 -74.5 60.0 110.0 -50.0 30.9 126.1 -95.2 -5.1 48.2 -53.3 251.4 102.8 148.6 554.0 7.7 546.3 -79.2 61.7 -141.0 445.9 240.1 205.8 85.0 101.7 -16.7 510.6 -14.4 525.0 -62.2 97.3 -159.4 43 44 45 -87.4 -190.1 -114.8 -15.2 189.2 -17.4 -8.9 754.1 29.0 -23.0 413.1 46 506.6 0.0 660.0 0.0 535.7 -1.8 531.1 -1.7 -132.2 -2.6 67.4 -1.5 221.0 -4.3 -732.9 -3.1 -84.2 -1.4 -316.9 2.4 -481.6 -1.0 47 48 46 Discrepancy Memo: 47 48 Credit market funds advanced (3) Consumer leases not included above (4) (1) Net capital transfers paid from table F.9, line 53. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 28 Z.1, September 17, 2010 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 3.4 3.2 3.5 2.5 2.4 2.5 2.5 2.4 2.4 2.4 2.4 1 2 Fixed nonresidential investment 4.1 4.2 4.2 2.9 2.2 2.2 2.2 2.1 2.1 2.1 2.2 2 3 Net acquisition of financial assets 153.9 10.1 219.8 576.5 -356.8 -302.4 -869.8 35.4 -290.4 350.7 195.4 3 4 Reserves at Federal Reserve 5 Total bank credit 0.2 -0.3 0.4 238.0 45.1 -101.3 -272.6 335.7 218.7 189.4 -129.5 4 185.9 154.6 204.6 -25.4 -281.8 -241.5 -367.1 -189.6 -328.8 -9.8 57.5 5 6 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 0.1 -0.9 0.0 80.6 0.0 -1.0 4.2 0.0 29.8 0.0 3.6 2.0 0.0 77.0 0.0 5.1 -6.6 0.0 32.1 0.0 25.9 -18.4 0.0 -156.7 0.0 37.0 -19.7 0.0 -197.1 0.0 -46.2 -27.5 0.0 -192.2 0.0 93.0 -14.1 0.0 -58.0 0.0 19.9 -12.5 0.0 -179.6 0.0 6.5 -2.5 0.0 -33.1 0.0 -17.4 -4.2 0.0 66.5 6 7 8 9 10 11 12 13 Bank loans n.e.c. Mortgages Security credit 60.7 4.0 41.4 67.1 4.1 50.6 105.0 14.1 3.0 65.1 5.2 -126.3 -125.4 -6.4 -0.8 -79.9 0.3 17.9 -98.9 -4.5 2.1 -172.4 -10.4 -27.7 -150.4 -10.8 4.7 19.0 0.3 -0.0 -21.1 -6.7 40.3 11 12 13 14 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.1 -32.2 -0.3 -143.9 0.0 14.7 -0.2 364.1 0.0 -120.2 0.0 40.5 0.0 -230.1 0.0 -110.8 0.0 -180.3 0.0 171.2 0.0 267.4 15 16 154.6 9.8 222.9 571.8 -355.4 -302.1 -865.0 38.7 -293.2 349.3 194.4 17 15 16 Customers’ liab. on acceptances (2) Miscellaneous assets 17 Net increase in liabilities 18 19 20 Net interbank liabilities To foreign banks To domestic banks -6.0 -8.8 2.8 -71.3 -78.6 7.2 -191.1 -169.4 -21.7 240.2 244.4 -4.3 -158.6 -176.0 17.5 -143.8 -114.6 -29.2 -761.2 -843.0 81.8 208.3 221.1 -12.8 62.5 32.5 30.1 409.2 384.8 24.4 -55.5 -100.2 44.8 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 0.5 0.5 71.4 -0.0 8.6 132.8 2.6 6.9 273.4 1.7 0.1 -123.2 2.6 4.4 173.9 1.0 2.5 -92.8 4.8 -8.3 270.8 -0.6 11.4 258.9 5.2 11.8 258.8 1.0 1.2 -215.5 0.2 5.3 -272.8 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities 33.4 0.0 49.0 -0.3 -13.6 0.0 -96.3 -0.2 40.3 0.0 24.1 0.0 129.8 0.0 20.4 0.0 -13.2 0.0 108.8 0.0 62.2 0.0 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 54.6 9.4 21.0 24.2 -109.0 13.8 8.6 -131.3 144.8 -1.2 43.7 102.3 549.5 23.2 35.6 490.7 -418.0 9.0 -75.7 -351.3 -93.0 -5.4 -29.2 -58.4 -500.9 3.5 -179.5 -324.8 -459.8 15.6 -101.3 -374.1 -618.3 22.3 7.2 -647.8 44.5 14.5 -56.2 86.2 454.9 12.3 -145.9 588.4 26 27 28 29 -0.1 -1.3 2.5 -5.1 1.7 0.5 5.1 3.6 -2.5 -1.2 -0.8 30 144.5 103.7 201.7 100.7 -281.0 -259.4 -369.2 -161.9 -333.5 -9.8 17.2 31 30 Discrepancy Memo: 31 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 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 29 Z.1, September 17, 2010 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 108.7 109.4 104.1 75.6 81.6 70.2 79.4 90.8 85.9 67.1 139.0 1 2 Fixed nonresidential investment 33.4 33.8 46.9 60.8 52.0 53.7 52.1 51.3 51.1 51.9 54.2 2 3 Net acquisition of financial assets 94.8 195.2 118.0 200.5 -19.0 226.3 -3.0 16.7 -315.8 116.3 107.0 3 -4.2 3.3 23.1 13.9 -16.3 -79.8 16.0 4.0 -5.3 14.3 -64.1 4 -0.9 -2.3 -3.7 2.7 1.4 -0.0 4.9 -2.9 4.6 -1.3 19.1 0.7 -4.0 15.9 -0.0 2.0 2.7 -7.0 -9.1 -2.8 -10.3 -39.0 -30.0 -0.5 25.9 3.0 -9.9 -3.0 -11.5 -0.1 14.5 1.0 6.6 8.0 -11.0 -8.9 -0.1 -7.0 12.9 8.5 -3.1 -1.8 -64.8 5.6 5 6 7 8 99.0 40.0 42.7 16.2 191.8 110.0 46.3 35.6 94.9 126.1 -63.0 31.7 186.6 48.2 43.8 94.5 -2.7 102.8 -145.5 40.0 306.1 7.7 -54.5 352.8 -19.0 61.7 -28.2 -52.5 12.7 240.1 -186.4 -40.9 -310.6 101.7 -313.1 -99.2 102.0 -14.4 188.1 -71.7 171.1 97.3 27.5 46.4 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 14.3 115.3 45.4 160.6 -61.3 195.8 -43.1 -35.1 -362.6 88.2 7.3 13 14 15 16 Net interbank liabilities To domestic banks To foreign banks -26.5 -6.9 -19.6 -13.9 27.4 -41.3 -53.2 -11.0 -42.2 -66.9 -76.0 9.1 -4.2 19.3 -23.5 129.3 127.2 2.0 -95.7 -5.7 -90.0 -187.7 -145.9 -41.8 137.3 101.6 35.7 18.2 49.4 -31.1 61.5 -74.4 135.8 14 15 16 17 Federal funds and security RPs (net) -0.2 0.1 0.1 -0.4 -19.9 -0.3 -23.1 -21.4 -34.9 -15.0 -30.3 17 18 19 20 Credit market instruments Commercial paper Corporate bonds 48.2 4.0 44.2 70.2 21.7 48.5 131.3 37.9 93.5 82.3 -39.0 121.3 -27.3 -18.1 -9.2 9.1 -91.1 100.2 17.0 -17.0 34.0 78.8 14.9 63.8 -214.1 20.6 -234.7 -3.4 52.7 -56.2 -118.3 -41.0 -77.3 18 19 20 21 22 23 24 Corporate equity issues Miscellaneous liabilities Equity, etc. Other -20.0 12.8 48.4 -35.6 -19.9 78.7 -13.8 92.5 -28.0 -4.8 -66.6 61.9 321.5 -175.7 52.7 -228.4 68.6 -78.4 5.4 -83.8 217.6 -159.8 120.5 -280.3 5.1 53.8 38.3 15.5 83.1 12.1 22.1 -10.0 -31.4 -219.5 -159.2 -60.3 0.5 87.8 13.7 74.1 28.5 65.9 86.7 -20.7 21 22 23 24 -5.2 -4.3 -15.4 -25.1 -12.8 -14.0 -12.7 -12.4 -12.0 -12.9 -14.9 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 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.2 0.3 0.1 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 9.8 -1.2 -0.6 -2.3 -6.4 -6.8 -6.8 -0.4 -11.5 -14.9 -16.8 3 4 Checkable deposits and currency -0.5 -0.1 -0.3 0.6 1.0 4.3 -4.1 -1.9 5.5 -1.3 6.0 4 5 Credit market instruments 10.2 -1.7 -6.4 -1.9 -2.8 -6.8 1.0 5.8 -11.1 -17.4 -46.2 5 0.1 1.2 0.2 -0.5 -0.2 -5.8 0.8 -0.4 -1.9 -2.7 0.7 0.1 -0.6 -2.0 0.5 0.0 -0.7 -3.9 0.9 1.5 -1.4 -6.3 1.8 -1.3 -0.3 2.7 -2.4 5.1 -0.3 -6.7 4.4 3.5 -0.8 -5.3 -0.1 -1.3 1.6 -8.4 -1.5 -2.3 1.5 -8.8 -4.4 -3.5 6 7 8 9 5.6 0.7 2.9 -0.3 0.9 3.2 -4.2 4.3 -2.7 -1.7 1.4 0.4 -0.3 -0.3 -0.0 0.0 0.5 -0.2 -4.4 -0.3 0.6 4.4 0.0 0.4 -1.3 -1.3 -1.0 -4.0 -1.5 -1.4 -10.8 -5.6 -14.5 10 11 12 0.1 0.6 6.1 -1.0 -4.5 -4.3 -3.8 -4.2 -5.9 3.7 23.3 13 9.3 -1.3 -7.7 -3.4 -1.1 -9.6 -6.7 23.1 -11.0 -12.5 -18.8 14 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 15 16 17 Checkable deposits Small time and savings deposits Large time deposits -0.2 4.9 4.9 0.7 1.2 1.2 1.7 1.1 1.1 -1.1 1.1 1.1 1.4 -2.9 -2.9 1.4 -5.8 -5.8 2.5 -2.6 -2.6 0.7 -0.6 -0.6 1.2 -2.6 -2.6 0.7 -1.0 -1.0 2.1 -18.3 -18.3 15 16 17 18 Miscellaneous liabilities -0.3 -4.4 -11.6 -4.5 3.3 0.5 -4.0 23.6 -7.0 -11.2 15.7 18 -0.5 -0.1 -7.1 -1.1 5.3 -2.8 0.1 23.5 0.4 2.5 -2.0 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. 30 Z.1, September 17, 2010 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 8 Credit market instruments Q2 2010 Q3 Q4 Q1 Q2 10.2 6.6 11.1 18.8 26.4 22.3 18.3 31.8 33.2 26.4 27.4 1 3.8 4.3 3.9 3.3 2.2 2.3 2.2 2.2 2.1 2.2 2.3 2 140.9 -74.4 99.6 -290.4 -269.8 -137.9 -518.6 -257.8 -164.9 -202.6 -28.3 3 -0.5 2.4 -0.5 -0.1 -0.7 -3.3 3.9 9.3 0.6 -0.5 3.3 27.3 36.4 -11.2 -1.6 -10.9 6.5 -4.2 7.0 -22.7 40.0 6.0 7.7 -20.8 20.0 -15.5 -0.4 -76.9 -46.0 6.3 29.8 35.9 11.9 -13.5 -9.2 -28.8 39.2 -14.8 15.4 -10.1 -28.2 24.3 -3.9 -6.8 4 5 6 7 199.4 -78.0 63.0 -276.1 -240.8 -175.1 -356.2 -166.7 -265.1 -170.8 5.7 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 4.0 55.8 25.6 7.4 22.9 0.0 4.5 -13.4 -16.3 2.8 0.1 0.0 -5.4 0.3 5.8 -1.5 -4.0 0.0 -4.1 -3.5 1.9 5.6 -11.0 0.0 3.8 27.8 -10.6 16.1 22.3 0.0 2.7 8.3 -10.9 3.4 15.7 0.0 3.9 47.0 -7.8 38.2 16.5 0.0 5.6 38.9 -23.6 11.3 51.2 0.0 3.0 17.1 -0.1 11.4 5.8 0.0 1.5 32.9 6.2 12.5 14.1 0.0 -1.8 -13.6 1.8 -16.3 0.9 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 1.5 21.0 -0.6 18.1 3.5 2.5 13.2 3.1 7.7 2.5 -0.1 49.5 -4.5 39.5 14.5 -3.3 -33.7 -1.4 -41.9 9.5 1.5 -23.3 -2.4 -30.4 9.5 3.4 17.3 -5.7 -85.0 108.0 0.4 -16.7 -0.1 -33.0 16.3 2.0 -11.2 -4.2 -1.9 -5.1 0.2 -82.7 0.5 -1.8 -81.4 1.4 -13.6 0.3 -9.1 -4.8 1.8 -1.0 -0.4 -1.4 0.8 15 16 17 18 19 20 21 22 Other loans and advances Mortgages Consumer credit 3.9 95.3 17.8 6.0 -77.2 -13.5 6.2 17.2 -4.8 6.4 -233.4 -4.5 -14.5 -227.3 -8.8 2.6 -184.3 -25.1 -24.8 -349.3 -16.6 -34.6 -176.2 8.9 -1.2 -199.2 -2.3 -1.2 -177.6 -14.2 -3.8 13.6 10.5 20 21 22 -1.0 -58.8 -1.0 -4.5 -0.1 6.2 -1.5 -25.4 -0.5 -15.1 1.5 2.7 -2.0 -87.5 -6.3 -110.7 4.7 135.2 -9.0 -52.5 -1.5 -17.8 23 24 23 24 Corporate equities Miscellaneous assets 25 Net increase in liabilities 126.4 -82.6 116.7 -251.8 -269.8 -203.1 -492.1 -263.4 -120.6 -218.9 -36.8 25 26 27 28 29 Deposits Checkable Small time and savings Large time 76.6 3.8 34.0 38.8 24.6 0.9 28.9 -5.2 13.2 4.5 27.6 -19.0 -156.0 -2.9 -59.6 -93.5 -53.3 13.1 89.4 -155.8 -104.1 -0.5 -179.7 76.0 -107.7 -2.4 -55.9 -49.4 -93.9 58.6 427.4 -579.9 92.5 -3.2 165.7 -70.0 -186.5 1.5 -200.0 12.0 -22.5 -3.6 -32.9 14.0 26 27 28 29 30 Security RPs -2.3 -19.2 -24.1 -0.0 1.8 7.2 -33.9 100.5 -66.5 1.0 -14.8 30 31 32 33 34 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 22.5 1.0 5.2 16.2 -108.2 2.0 -44.5 -65.7 104.1 -0.3 13.3 91.1 -67.1 -8.0 13.0 -72.2 -169.6 -0.2 -29.8 -139.6 -148.6 -1.9 -30.2 -116.4 -282.5 0.9 -21.6 -261.8 -178.3 0.7 -66.0 -113.0 -68.8 -0.3 -1.3 -67.3 -68.2 -12.4 1.4 -57.3 -35.0 -0.8 -10.2 -24.0 31 32 33 34 35 36 37 38 39 Corporate equities Taxes payable Miscellaneous liabilities Investment by parent Other 2.2 0.1 27.3 3.7 23.6 0.8 -0.4 19.7 2.1 17.6 3.3 -2.0 22.2 0.6 21.6 1.7 -0.3 -30.1 6.3 -36.4 1.5 0.3 -50.5 -9.5 -41.1 0.9 1.4 40.2 -30.4 70.6 2.3 -2.3 -68.1 1.1 -69.2 1.4 2.3 -95.2 -1.5 -93.7 1.4 -0.2 -78.9 -7.0 -71.9 0.7 1.0 33.0 3.7 29.3 0.3 -2.0 37.3 -0.7 38.0 35 36 37 38 39 -8.1 -6.0 24.1 54.0 24.2 -45.2 42.6 24.0 75.3 7.9 16.6 40 40 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 31 Z.1, September 17, 2010 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 9.2 9.8 9.0 6.9 6.7 6.5 6.6 6.7 6.9 10.6 11.1 1 2 Fixed nonresidential investment 3.6 4.2 3.8 3.9 2.8 3.0 2.9 2.8 2.8 2.8 2.9 2 3 Net acquisition of financial assets 30.9 30.5 42.5 53.8 70.3 100.2 67.6 56.2 57.1 -25.1 44.3 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 0.0 -2.0 -4.5 2.6 0.0 6.2 -4.9 -1.6 0.0 -1.1 -0.0 -2.6 4.7 -5.7 11.4 -4.8 18.1 1.4 9.5 2.4 79.2 -58.4 17.7 -3.2 -9.2 18.2 5.6 7.9 -26.4 49.4 7.4 1.3 28.9 -3.5 7.3 3.6 48.9 -65.5 7.3 -10.5 0.9 13.7 -11.7 4.8 4 5 6 7 8 Credit market instruments 36.2 30.1 35.3 40.0 33.1 16.9 48.7 30.4 36.5 39.0 43.5 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds -0.0 -1.1 -6.8 -1.5 0.2 -0.3 -13.9 7.2 -0.5 3.0 -4.1 3.9 -0.4 -1.6 14.4 -8.9 0.0 5.3 27.9 -7.0 0.0 -2.3 22.2 -32.2 0.0 16.6 26.8 1.4 0.0 2.3 29.0 -0.4 0.0 4.5 33.6 3.1 0.0 6.9 36.7 -0.6 0.0 4.3 45.5 -0.4 9 10 11 12 13 14 15 Other loans and advances Home mortgages Consumer credit 1.0 31.3 13.2 0.9 30.1 5.9 0.0 31.8 1.2 2.7 33.2 0.5 2.7 3.2 1.0 7.1 18.8 3.2 3.4 -2.6 3.0 -1.5 -4.7 5.7 1.8 1.4 -8.0 -4.1 21.0 -20.9 7.5 -12.6 -0.8 13 14 15 -1.0 -0.3 -0.1 0.8 -0.0 11.0 -0.0 8.4 -0.7 6.4 -1.1 49.0 0.1 -3.7 -1.0 -5.0 -0.9 -14.8 0.9 -45.2 0.0 -6.9 16 17 16 17 Mutual fund shares Miscellaneous assets 18 Net increase in liabilities 27.5 26.0 39.5 54.5 72.6 126.5 51.9 52.1 59.9 -29.3 40.4 18 19 20 21 22 Shares/deposits Checkable Small time and savings Large time 21.6 7.0 12.1 2.5 24.5 -8.5 30.5 2.5 31.7 1.1 25.8 4.8 45.1 1.6 43.0 0.5 72.0 11.6 43.4 17.0 100.0 21.9 46.5 31.6 57.9 -1.2 49.1 10.1 61.2 -4.9 48.8 17.3 68.9 30.8 29.1 9.0 4.9 6.3 -4.8 3.3 34.1 -0.9 34.5 0.6 19 20 21 22 23 24 Other loans and advances Miscellaneous liabilities 3.3 2.6 4.2 -2.7 13.4 -5.6 8.3 1.1 -14.1 14.7 -41.2 67.7 -7.2 1.1 -0.8 -8.3 -7.2 -1.7 -4.4 -29.8 -1.6 7.9 23 24 2.2 1.1 2.1 3.7 6.2 29.8 -12.0 -0.2 7.0 3.6 4.3 25 25 Discrepancy F.116 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving less net capital transfers paid (1) 24.5 64.0 49.8 26.1 20.7 18.5 19.8 21.0 23.4 20.2 19.7 1 2 Fixed nonresidential investment 10.4 10.5 11.6 10.3 8.4 8.6 8.4 8.4 8.4 8.7 9.1 2 3 Net acquisition of financial assets 75.3 64.6 43.7 23.2 37.7 -14.7 61.6 59.0 45.1 -59.0 39.9 3 4 5 6 Checkable deposits and currency Money market fund shares Security RPs (net) -4.8 -0.7 0.5 8.9 0.7 -0.6 12.8 7.2 2.4 -14.8 12.1 -1.1 -0.3 -3.7 -2.0 -7.8 0.2 -8.2 31.8 -16.4 0.0 -1.3 -3.5 0.0 -23.9 4.9 0.0 2.6 -17.1 0.0 35.5 -2.7 0.0 4 5 6 7 Credit market instruments 72.8 44.8 5.3 -15.9 34.1 8.9 30.3 39.8 57.4 -13.6 -11.0 7 3.5 0.3 5.8 45.4 17.5 0.3 0.6 3.1 4.1 22.1 14.2 0.7 -3.1 -38.7 3.8 36.1 5.9 1.3 5.8 -5.6 -11.5 10.6 -15.4 0.2 -2.1 16.6 1.9 -12.6 30.8 -0.5 0.2 15.4 -2.0 -24.8 20.0 0.2 -9.5 12.4 3.0 -8.6 32.9 0.2 -2.0 17.2 2.7 -10.2 33.1 -1.0 2.9 21.2 4.1 -6.6 37.2 -1.4 -10.0 -5.4 0.4 1.2 0.9 -0.7 -1.6 -1.6 -1.2 -3.7 -3.0 -0.1 8 9 10 11 12 13 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages 14 15 Corporate equities Mutual fund shares -6.1 0.3 2.3 0.5 0.5 -0.5 35.1 -0.4 -2.4 0.1 -17.6 0.0 9.5 0.1 9.7 0.1 -11.3 0.1 -46.6 -0.0 0.1 -0.0 14 15 16 17 Trade receivables Miscellaneous assets 2.4 10.8 4.9 3.1 -1.6 17.6 1.3 6.8 -3.7 15.7 2.8 6.9 -0.4 6.6 -7.7 21.8 -9.7 27.6 7.4 8.2 7.8 10.2 16 17 18 Net increase in liabilities 46.3 42.2 -3.3 5.0 -5.1 -54.9 18.0 39.7 -23.3 -12.5 3.7 18 19 20 21 Corporate equity issues Taxes payable (net) Miscellaneous liabilities -2.8 -3.1 52.2 -8.5 11.0 39.7 -13.2 -2.4 12.3 0.4 -28.1 32.8 -5.3 5.3 -5.2 -1.4 -12.5 -40.9 -2.2 14.8 5.4 -6.6 24.2 22.1 -10.9 -5.2 -7.2 -23.6 12.6 -1.5 -3.8 -25.8 33.2 19 20 21 -14.9 31.1 -8.8 -2.4 -30.6 -30.2 -32.2 -6.7 -53.4 58.1 -25.6 22 22 Discrepancy (1) Net capital transfers paid from table F.9, line 50. 32 Z.1, September 17, 2010 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 11.1 4.1 2.8 -46.6 27.9 -11.4 35.2 44.3 43.4 34.7 24.7 1 2 Fixed nonresidential investment 10.0 10.9 11.7 11.8 9.9 9.9 9.8 9.8 10.0 10.4 10.9 2 3 Net acquisition of financial assets 184.4 224.9 240.6 172.3 105.7 155.1 -1.1 172.8 96.2 220.7 236.4 3 4 5 Checkable deposits and currency Money market fund shares -5.5 -3.7 8.3 9.7 2.3 -1.6 24.4 17.5 -30.3 -5.5 -49.9 14.4 -18.4 -6.6 -6.2 -12.8 -46.5 -17.0 -14.8 -18.0 35.2 -2.8 4 5 6 Credit market instruments 116.2 67.5 84.8 11.6 178.5 252.9 118.1 180.2 162.8 95.5 72.3 6 Open market paper Treasury securities Agency- and GSE-backed securities -3.0 13.5 11.4 4.3 -7.6 8.8 13.1 -17.3 5.5 -3.4 35.1 -16.7 20.7 70.6 -10.2 24.1 141.7 -29.7 16.4 29.6 4.4 16.6 76.9 -12.2 25.8 34.0 -3.4 -59.8 -6.7 25.6 -4.3 26.8 -12.7 7 8 9 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages 2.4 74.7 5.0 12.1 4.1 29.7 9.8 18.3 4.8 43.1 13.2 22.4 5.7 -45.5 20.3 16.3 26.3 100.1 -12.6 -16.3 25.5 122.4 -22.2 -8.7 24.9 75.2 -16.3 -16.1 26.7 102.5 -17.8 -12.6 28.1 100.3 5.9 -27.9 5.3 136.5 6.5 -12.0 2.7 61.4 13.4 -15.0 10 11 12 13 65.9 -9.9 71.4 26.9 84.1 31.3 81.8 -10.7 78.1 0.0 69.1 -4.0 87.6 2.0 62.2 1.0 93.6 1.0 83.9 1.0 75.7 1.0 14 15 7 8 9 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 21.4 41.1 39.9 47.7 -115.1 -127.4 -183.8 -51.4 -97.6 73.1 55.0 16 17 Net increase in liabilities 174.9 202.6 198.5 161.7 25.3 48.8 -26.5 103.6 -24.9 124.1 167.8 17 18 19 20 21 22 Security RPs (net) Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) 8.4 -8.0 0.4 14.9 142.1 0.4 -20.0 2.7 64.1 100.5 -1.2 -30.6 14.5 33.0 118.6 -12.5 -10.7 26.2 66.0 65.5 -4.8 -0.9 -6.6 26.7 35.7 -22.9 -6.9 -9.6 66.5 50.1 3.9 8.5 -8.0 6.0 2.2 -3.8 -0.9 -12.0 0.6 43.1 3.8 -4.5 3.2 33.7 47.3 0.8 -7.6 -10.8 56.5 53.2 4.1 -13.3 0.0 67.0 104.1 18 19 20 21 22 23 24 Taxes payable (net) Miscellaneous liabilities -2.6 19.5 4.0 50.9 -3.4 67.6 -19.7 46.8 -7.0 -17.8 10.2 -38.6 0.7 -39.8 -4.0 80.7 -35.0 -73.4 4.0 28.0 -0.2 6.2 23 24 -8.4 -29.1 -51.1 -69.0 -62.5 -127.7 0.0 -34.7 -87.7 -72.2 -54.8 25 25 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 24). F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.4 0.4 0.5 0.8 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1 2 Fixed nonresidential investment 0.8 0.7 1.2 2.2 1.8 1.8 1.8 1.8 1.8 1.9 2.0 2 3 Net acquisition of financial assets 72.4 53.5 31.7 -51.8 35.0 -39.9 45.2 96.9 37.7 30.5 27.7 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.3 6.3 1.9 1.0 0.4 0.8 3.4 0.8 0.6 4.6 3.4 3.4 0.5 0.3 2.3 7.3 4.2 4.7 0.6 3.1 0.1 6.7 1.4 14.9 -1.4 -1.0 0.5 3.9 10.1 8.0 0.3 16.9 7.9 5.3 0.3 -23.3 10.0 4.0 0.2 0.3 11.8 5.0 0.0 -19.9 4 5 6 7 8 Credit market instruments 45.3 58.4 102.5 90.6 111.6 146.0 68.8 130.3 101.1 108.2 76.8 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 3.0 3.5 16.8 0.2 14.3 16.6 -4.8 38.7 28.2 10.2 15.4 21.3 -10.5 125.8 -49.0 1.6 117.3 -30.2 2.0 89.1 -64.8 -26.5 176.7 -62.3 -19.2 120.1 -38.9 -19.7 123.6 -38.1 -14.2 263.0 -214.5 9 10 11 12 13 Corporate and foreign bonds Mortgages 22.2 -0.2 27.7 -0.3 39.8 0.7 42.7 0.9 42.8 2.6 55.3 2.0 40.6 1.9 39.5 2.9 35.7 3.4 38.5 3.9 38.0 4.5 12 13 14 15 Corporate equities Mutual fund shares -42.0 70.0 -86.5 74.9 -188.3 88.1 -184.6 20.5 -175.6 64.8 -234.6 27.9 -188.5 97.5 -168.2 88.4 -111.0 45.3 -134.8 90.3 -111.1 52.0 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other -10.4 -1.4 -1.9 -7.1 1.3 -1.5 -2.0 4.8 17.5 26.3 4.4 -13.2 11.3 38.2 0.7 -27.6 21.6 10.1 2.5 9.0 -2.2 14.6 3.5 -20.3 65.5 20.1 18.2 27.2 11.2 -3.8 -7.0 21.9 12.1 9.6 -4.6 7.1 -47.6 -28.1 -2.2 -17.3 13.1 14.6 -1.3 -0.2 16 17 18 19 20 Pension fund reserves (liabilities) (3) 72.8 53.8 32.4 -50.4 35.7 -39.2 45.9 97.6 38.4 31.3 28.6 20 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 33 Z.1, September 17, 2010 F.119 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 0.4 0.5 0.7 1.0 1.3 1.4 1.4 1.3 1.3 1.3 1.3 1 2 Fixed nonresidential investment 0.8 0.9 1.9 2.7 2.2 2.2 2.2 2.1 2.1 2.2 2.3 2 3 Net acquisition of financial assets 5.4 45.5 0.8 17.0 -17.3 -20.5 -13.4 -2.5 -32.9 -21.5 -31.3 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -0.4 -0.1 0.1 -0.6 -2.7 -0.5 2.1 4.5 4.8 -0.1 -1.4 -2.5 -0.2 -0.0 1.9 1.8 -0.2 -0.0 -0.1 -0.2 -0.6 -0.0 -0.5 -0.8 0.2 0.0 0.2 0.3 0.1 0.0 0.1 0.1 -0.3 -0.0 -0.3 -0.5 -0.4 -0.0 -0.3 -0.5 -0.2 -0.0 -0.1 -0.2 4 5 6 7 8 Credit market instruments 18.1 114.6 12.3 13.3 -15.4 -26.0 -12.8 -18.6 -4.3 1.8 0.6 8 9 10 11 Open market paper Treasury securities Agency- and GSE-backed securities 0.1 2.8 -0.4 7.6 2.4 49.4 -4.4 -14.6 23.3 -12.5 4.8 6.3 -3.2 28.1 -37.6 -0.9 15.3 -30.9 -7.4 38.6 -43.1 0.1 29.5 -37.8 -4.5 28.9 -38.5 -0.5 0.6 1.1 -0.2 -0.5 -0.8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -0.2 14.5 1.3 1.6 55.5 -2.0 -0.8 13.6 -4.7 -1.0 15.9 -0.3 0.0 -2.7 -0.1 0.1 -9.3 -0.3 0.0 -1.1 0.1 0.0 -10.3 -0.2 0.1 9.9 -0.2 0.0 0.4 0.1 -0.0 2.2 -0.0 12 13 14 15 16 Corporate equities Mutual fund shares -5.6 -5.5 -70.0 -3.4 -6.4 -5.2 1.2 -1.1 -1.7 -0.2 7.0 1.0 -1.4 -0.2 12.2 1.9 -24.6 -3.6 -19.5 -2.9 -27.8 -4.1 15 16 17 Miscellaneous assets -0.6 1.0 -0.6 -0.0 0.5 -0.6 0.4 1.8 0.7 0.4 0.5 17 5.8 45.9 2.0 18.7 -16.5 -19.6 -12.6 -1.7 -32.1 -20.7 -30.3 18 18 Pension fund reserves (liabilities) (1) (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.120 Federal Government Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) 54.7 50.4 47.8 78.9 78.2 30.8 62.9 69.7 149.3 57.1 64.7 1 7.7 8.4 11.7 24.2 7.4 16.8 1.0 4.1 7.9 6.5 17.0 2 7.8 0.0 -0.0 8.3 0.1 -0.0 11.3 0.3 0.1 24.2 0.0 -0.1 6.8 0.6 0.1 17.5 -0.3 -0.4 0.8 0.3 -0.1 2.2 1.3 0.5 6.7 1.0 0.2 5.8 0.5 0.2 15.7 1.0 0.3 3 4 5 7.0 40.0 6.3 35.8 2.7 33.3 -8.6 63.3 8.8 61.9 -3.2 17.3 16.6 45.2 8.3 57.3 13.5 127.9 8.4 42.2 0.6 47.2 6 7 54.7 50.4 47.8 78.9 78.2 30.8 62.9 69.7 149.3 57.1 64.7 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 34 Z.1, September 17, 2010 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 16.2 -1.4 15.7 112.0 -10.6 7.5 23.7 48.7 43.2 -4.8 63.9 211.3 2.0 5.6 84.6 -63.5 -32.2 10.4 218.0 -62.5 -198.2 56.7 342.0 128.2 31.1 -88.5 342.5 -137.5 64.2 19.1 54.1 -82.8 -25.7 54.5 133.3 -157.8 -18.7 -13.7 -351.2 -108.0 0.1 -1.2 -319.2 271.9 2 3 4 5 -5.5 86.3 -9.6 -107.4 23.0 2.2 220.0 116.1 -5.9 -28.7 33.5 105.1 375.6 66.3 95.5 104.5 100.7 8.5 738.6 -56.1 399.5 520.3 23.6 -148.8 -643.7 -107.8 -171.3 -213.2 -93.3 -58.1 -304.7 -123.9 -168.2 80.2 -52.1 -40.8 -408.9 -131.9 -77.6 -52.9 -67.8 -78.7 -959.5 -47.0 -262.8 -400.6 -128.9 -120.2 -901.7 -128.6 -176.7 -479.5 -124.4 7.3 -687.4 -214.6 -45.0 -317.1 -133.4 22.7 -242.4 -165.9 -55.8 36.6 -29.2 -28.1 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) -10.0 15.9 31.8 -43.1 11.3 85.1 -233.0 -52.1 245.1 60.2 -262.0 12 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 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.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 3 Security RPs 21.1 11.4 13.4 -2.9 11.5 11.4 10.5 10.7 13.4 6.7 7.1 1 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 2 2.8 17.4 -0.6 -7.4 28.6 -84.7 72.2 59.0 67.7 -12.9 -121.5 3 4 5 6 7 8 9 10 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 124.1 2.9 6.6 20.8 17.4 65.9 10.5 184.9 17.4 5.0 15.7 32.7 104.3 9.8 271.1 -0.4 18.5 66.2 27.8 123.0 36.1 73.3 -62.5 8.7 27.3 17.4 69.9 12.4 380.7 28.6 67.6 46.4 90.6 146.2 1.3 172.4 -80.7 20.6 -18.3 68.7 179.7 2.3 436.3 42.1 36.8 115.2 95.8 144.6 1.8 421.8 64.2 49.5 72.5 113.2 121.0 1.4 492.5 88.8 163.5 16.3 84.6 139.6 -0.3 510.3 -11.5 57.7 180.7 85.2 198.6 -0.4 188.2 -149.6 46.8 146.6 51.5 91.8 1.1 4 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 129.6 3.7 131.3 3.3 91.3 2.8 -38.1 3.2 85.9 -5.1 -127.8 -15.8 168.2 4.9 189.7 7.0 113.4 -16.5 93.1 -26.4 -17.9 0.0 11 12 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 13 21.1 11.4 13.4 -2.9 11.5 11.4 10.5 10.7 13.4 6.7 7.1 14 13 Net share issues (liabilities) 14 Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates Closed-end funds 1 2 3 4 5 6 7 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 20.7 8.2 17.8 -57.6 6.8 7.2 12.4 -1.0 8.7 0.4 8.1 1 2.2 0.3 0.2 1.7 18.5 6.0 0.2 0.0 5.7 2.2 -0.9 -1.7 1.9 -1.0 18.7 -39.7 -2.4 -12.8 -24.5 -17.8 10.3 1.2 3.3 5.8 -3.5 1.1 0.3 4.8 -4.0 6.0 17.5 1.6 5.1 10.8 -5.1 13.6 0.9 3.6 9.2 -14.6 9.1 2.0 -0.2 7.3 -0.4 11.9 2.5 2.4 7.0 -11.5 -6.5 -0.5 1.2 -7.2 14.5 2 3 4 5 6 20.7 8.2 17.8 -57.6 6.8 7.2 12.4 -1.0 8.7 0.4 8.1 7 56.7 74.0 150.5 177.2 116.5 -9.9 152.6 108.4 214.7 27.9 123.5 8 6.8 4.8 0.0 1.9 50.0 5.7 3.4 0.0 2.4 68.3 13.3 6.6 0.6 6.2 137.2 23.0 7.4 1.7 13.9 154.2 46.0 14.7 3.6 27.6 70.5 48.1 18.4 3.3 26.4 -58.0 45.9 15.7 3.6 26.6 106.7 44.0 12.2 4.4 27.4 64.4 45.8 12.5 3.3 30.1 168.9 41.2 18.4 2.6 20.2 -13.3 45.4 22.2 2.9 20.3 78.1 9 10 11 12 13 56.7 74.0 150.5 177.2 116.5 -9.9 152.6 108.4 214.7 27.9 123.5 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 35 Z.1, September 17, 2010 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 4.2 4.0 4.7 6.6 9.5 8.7 11.3 9.0 9.2 6.9 7.2 1 2 Fixed nonresidential investment 0.7 0.7 1.2 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.7 2 3 Net acquisition of financial assets -63.5 53.5 301.4 225.7 -386.2 -19.4 -460.3 -662.2 -402.7 -159.9 -395.8 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) -24.5 12.1 14.1 1.8 -1.5 9.7 -2.7 12.8 25.3 39.7 21.9 -28.2 11.1 -42.8 7.6 -17.0 -20.5 179.4 -12.3 12.9 -228.5 26.1 -145.4 56.2 47.5 -18.0 23.4 -1.6 -18.0 188.4 0.4 9.8 -50.4 4 5 6 7 Credit market instruments -69.1 46.6 239.0 239.1 -344.9 -190.5 -287.4 -488.7 -412.9 -163.0 -321.4 7 8.0 0.2 -135.4 18.5 1.2 -37.1 -4.7 1.3 -11.1 14.1 1.2 207.0 3.0 5.1 -27.4 17.8 3.2 175.9 3.2 6.8 -19.8 -9.5 9.0 -118.3 0.3 1.4 -147.5 -4.5 153.0 -180.4 7.3 48.3 -117.1 8 9 10 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities 11 12 Municipal securities Corporate and foreign bonds -4.9 50.9 -3.6 16.1 -2.8 -17.4 -2.0 -77.7 -2.2 -33.8 -1.4 -76.6 -1.9 67.3 -2.9 3.4 -2.5 -129.3 -4.2 55.8 -3.5 -47.0 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 52.4 0.0 8.1 44.4 33.1 0.0 11.9 21.2 237.7 0.0 11.9 225.8 38.1 0.0 4.8 33.3 -284.8 0.0 -0.2 -284.6 -358.7 0.0 -0.6 -358.0 -305.0 0.0 4.5 -309.6 -351.3 0.0 -4.6 -346.7 -124.1 0.0 -0.2 -123.9 -171.5 0.0 -10.0 -161.6 -152.2 0.0 -0.8 -151.4 13 14 15 16 17 18 19 20 21 Mortgages Home Multifamily residential Farm Consumer credit (2) -40.2 -54.7 10.5 4.0 0.0 18.4 3.7 12.4 2.2 0.0 35.9 -9.7 42.3 3.3 0.0 58.3 8.0 40.0 10.3 0.0 -4.7 -16.1 10.1 1.3 0.0 49.3 35.7 12.7 0.8 0.0 -37.9 -52.3 13.1 1.2 0.0 -19.0 -33.9 13.3 1.6 0.0 -11.2 -13.9 1.3 1.4 0.0 -11.2 -27.7 20.1 -3.5 0.0 -57.3 -54.3 -1.8 -1.3 0.0 17 18 19 20 21 22 23 Miscellaneous assets Net increase in liabilities 24 25 26 Credit market instruments GSE issues (3) U.S. government loans 27 Corporate equities 28 Miscellaneous liabilities 29 Discrepancy 4.0 -3.2 27.0 -46.7 -17.2 29.3 55.0 -110.4 -42.8 -165.8 -34.2 22 -81.7 48.3 325.6 340.3 -321.0 59.3 -570.1 -485.1 -288.2 -49.0 -295.7 23 -84.0 -84.0 0.0 35.6 35.6 0.0 282.4 282.4 0.0 271.7 271.7 0.0 -475.3 -475.3 0.0 -254.5 -254.5 0.0 -680.9 -680.9 0.0 -590.3 -590.3 0.0 -375.7 -375.7 0.0 -173.2 -173.2 0.0 -334.7 -334.7 0.0 24 25 26 4.2 1.1 25.5 27.6 96.0 182.2 101.9 41.7 58.2 58.6 94.9 27 -1.9 11.6 17.7 41.0 58.3 131.6 8.8 63.5 29.3 65.6 -55.9 28 -14.8 -1.8 27.7 119.5 73.0 85.7 -100.1 184.5 122.1 116.2 105.6 29 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 169.0 -4.5 0.0 -0.1 302.8 -12.5 0.0 2.3 622.6 -0.7 0.0 1.4 492.2 4.6 0.0 0.1 402.5 12.6 0.0 -0.2 336.0 4.2 0.0 -0.2 493.2 14.9 0.0 -0.2 452.5 13.4 0.0 -0.3 328.4 18.0 0.0 -0.1 131.4 3.3 0.0 -2.6 235.0 7.9 0.0 1.9 2 3 4 5 164.5 292.6 623.3 497.0 415.0 340.0 507.9 465.6 346.3 132.1 244.8 6 6 Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agencyand 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. 36 Z.1, September 17, 2010 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Gross saving 0.9 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 1 2 Fixed nonresidential investment 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 730.1 808.3 336.5 -407.5 -721.5 -771.3 -701.3 -748.5 -665.1 -502.3 -451.2 3 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 19.7 -30.6 20.2 28.7 23.4 65.0 21.0 18.4 88.6 -12.3 -28.7 37.9 -16.5 -193.9 -51.1 -14.8 -236.6 -79.3 -19.3 -122.6 -65.8 -16.8 -201.9 -70.1 -15.1 -214.5 10.8 -15.8 -126.9 -9.8 -13.1 -110.0 10.5 4 5 6 7 8 9 10 Mortgages (2) Home Multifamily residential Commercial 685.2 573.3 16.6 95.3 631.5 518.9 14.0 98.7 182.5 35.0 22.1 125.4 -350.9 -310.0 -11.0 -30.0 -384.3 -335.0 -6.2 -43.1 -349.0 -335.5 -6.2 -7.3 -423.7 -388.0 -3.0 -32.7 -375.2 -332.3 -7.0 -35.9 -389.4 -284.2 -8.6 -96.7 -244.1 -219.1 -3.9 -21.1 -291.7 -233.2 -6.9 -51.7 7 8 9 10 11 12 Consumer credit Trade credit 38.4 -2.8 51.2 8.5 22.6 3.4 -37.3 -16.1 -41.3 -34.5 -54.1 -37.6 -36.0 -33.9 -44.9 -39.6 -30.0 -26.8 -79.3 -26.5 -45.1 -1.6 11 12 4 5 6 13 Net increase in liabilities 729.4 807.8 336.0 -407.9 -721.9 -771.7 -701.6 -748.8 -665.4 -502.7 -451.5 13 14 15 Commercial paper Corporate bonds (net) (5) 148.3 581.1 162.9 644.8 -194.2 530.2 -83.9 -324.0 -266.7 -455.2 -241.6 -530.1 -295.4 -406.2 -243.3 -505.5 -286.6 -378.8 -85.4 -417.2 -89.0 -362.5 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 -0.6 17.3 -0.5 2.8 -0.5 -17.9 -0.4 -45.5 -0.4 -7.8 -0.4 -13.1 -0.4 -9.1 -0.4 -17.1 -0.3 8.1 -0.3 0.5 -0.3 -13.6 17 18 16 Discrepancy 17 18 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.128. (5) Net issuance less net acquisition of corporate bonds held as assets. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 60.7 60.4 65.2 79.1 90.4 70.4 86.3 105.3 99.8 84.8 86.5 1 2 Fixed nonresidential investment 46.0 44.6 46.6 33.7 23.7 23.9 23.6 23.5 23.9 24.6 25.8 2 3 Net acquisition of financial assets 99.0 34.3 19.9 -59.5 -189.2 -144.3 -154.5 -229.6 -228.5 -376.3 -87.3 3 4 5 Checkable deposits and currency Time and savings deposits -8.9 -9.1 -1.6 -4.8 0.4 1.2 0.3 0.8 0.5 1.6 2.5 7.5 1.7 5.2 -1.7 -5.0 -0.4 -1.3 -4.4 -13.3 1.1 3.4 4 5 64.7 -52.5 27.6 65.4 24.2 71.0 -18.7 18.9 53.0 17.8 16.6 4.5 24.9 -62.5 49.7 -72.3 3.0 16.9 -84.0 -8.3 -223.3 6.3 -91.0 -50.5 -88.0 -162.0 29.3 -101.4 -23.3 -66.6 -194.4 20.2 -111.0 -29.3 -74.3 -223.1 -19.4 -50.1 -69.7 -83.9 -313.7 -5.1 -101.6 -79.8 -127.2 -230.1 -51.9 -62.7 -53.8 -61.7 -101.7 13.3 -48.5 -34.3 -32.3 6 7 8 9 10 52.2 -30.2 1.7 11.8 31.9 7.7 33.0 0.1 87.0 -128.4 9.8 11 63.5 48.5 26.5 -69.1 -250.2 -213.6 -305.8 -265.4 -216.0 -383.9 -120.0 12 33.5 -15.3 43.6 5.2 0.0 34.8 5.3 42.4 -12.9 0.0 34.9 -15.1 -2.8 52.8 0.0 -79.4 -22.6 -49.6 -7.1 0.0 -156.2 -38.8 -87.0 -30.4 0.0 -159.5 -74.1 -70.5 -19.6 4.7 -205.4 -26.0 -200.8 20.7 0.8 -112.0 -34.4 -9.4 -62.7 -5.5 -147.9 -20.7 -67.2 -60.0 0.0 -301.3 46.9 -284.6 -63.6 0.0 -140.5 -6.5 -89.5 -44.6 0.0 13 14 15 16 17 1.9 28.2 6.3 25.5 -3.7 0.0 13.7 5.2 26.2 -17.8 -1.5 -6.9 -9.4 -13.4 15.8 -0.1 10.4 23.0 -8.4 -4.2 -2.8 -91.2 7.6 -32.6 -66.3 -0.3 -53.8 13.4 -39.5 -27.8 -3.2 -97.3 17.6 -72.6 -42.3 -3.1 -150.2 5.1 -23.1 -132.3 -4.5 -63.6 -5.6 4.7 -62.8 -0.4 -82.2 6.6 -12.4 -76.3 0.1 20.4 -1.3 -14.7 36.5 18 19 20 21 22 -20.7 29.9 25.1 35.8 5.7 -22.9 -88.7 46.0 88.4 52.5 28.0 23 11.2 20.6 16.9 -11.8 -25.7 -37.2 -31.1 -15.1 -19.4 -30.8 -14.1 24 6 7 8 9 10 11 12 Credit market instruments Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances 18 19 20 21 22 Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 23 Discrepancy 24 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table F.126. 37 Z.1, September 17, 2010 F.128 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency 6 Credit market instruments 7 8 9 10 11 12 13 14 Q2 2010 Q3 Q4 Q1 Q2 -18.5 -10.9 -18.2 -12.4 6.4 0.3 14.0 7.0 4.5 -2.0 -1.8 1 6.1 2.5 5.3 3.5 7.5 -9.3 6.5 0.1 4.8 -0.1 5.2 1.1 4.9 -0.6 4.7 -0.9 4.5 0.0 4.4 6.2 4.5 3.0 2 3 53.9 38.8 -27.3 -62.7 1.6 -8.0 33.5 25.4 -44.6 22.2 23.0 4 1.4 4.9 -1.8 1.8 8.1 -3.7 18.2 23.6 -5.7 -4.6 -4.3 5 41.0 26.1 -21.2 -63.9 1.9 -1.4 31.4 2.3 -24.9 16.3 17.7 6 Agency- and GSE-backed securities Corporate and foreign bonds -4.0 17.0 24.8 11.6 23.5 -30.2 1.6 -20.0 15.3 3.2 19.2 -2.9 34.7 6.9 17.4 6.6 -10.1 2.2 16.0 7.7 22.5 2.2 7 8 Mortgages Home Multifamily residential Commercial 28.1 24.6 0.3 3.2 -10.3 -23.7 3.1 10.3 -14.5 -24.5 0.2 9.9 -45.5 -42.5 -1.3 -1.7 -16.6 -9.1 -2.1 -5.5 -17.6 -12.1 -1.0 -4.6 -10.2 -3.5 -1.6 -5.1 -21.7 -5.2 -5.2 -11.3 -17.0 -15.7 -0.4 -0.9 -7.3 -8.6 -0.4 1.7 -7.0 -10.5 0.1 3.4 9 10 11 12 11.6 7.8 -4.4 -0.7 -8.4 -2.9 -16.1 -0.5 -14.0 10.4 9.5 13 88.9 59.9 24.5 -50.7 -17.7 -62.5 22.8 11.4 -42.4 64.5 38.2 14 Miscellaneous assets Net increase in liabilities 15 Security RPs 13.2 14.4 -6.2 -11.2 14.6 10.8 9.2 30.8 7.7 -3.3 24.2 15 16 Credit market instruments 55.4 15.5 10.2 -48.6 -33.7 -34.3 -46.2 -18.9 -35.4 17.8 7.2 16 0.0 32.8 8.4 14.1 0.0 13.9 -5.0 6.6 0.0 0.7 4.8 4.7 0.0 -55.1 -0.3 6.8 0.0 -25.0 -12.1 3.4 0.0 -31.8 -8.0 5.6 0.0 -29.0 -26.7 9.5 0.0 -5.9 -11.6 -1.4 0.0 -33.3 -2.0 -0.1 0.0 25.6 -8.6 0.8 0.0 11.9 -6.8 2.0 17 18 19 20 16.1 4.3 22.2 7.8 17.1 3.4 12.8 -3.7 24.2 -22.8 9.2 -48.2 55.6 4.2 22.9 -23.3 9.2 -23.9 10.9 39.1 33.2 -26.4 21 22 7.9 1.4 35.3 -6.9 -17.5 -60.5 -0.9 -10.7 2.3 29.7 6.0 23 17.3 0.0 15.7 0.1 1.6 2.8 0.0 -9.8 0.3 12.3 -17.9 0.0 -20.2 -0.0 2.4 -45.5 0.0 -39.4 -0.0 -6.1 -7.8 0.0 -8.2 -0.0 0.4 -13.1 0.0 -10.9 -0.0 -2.2 -9.1 0.0 -3.1 -0.0 -6.0 -17.1 0.0 -4.7 -0.0 -12.4 8.1 0.0 -14.2 -0.0 22.3 0.5 0.0 -7.8 0.0 8.2 -13.6 0.0 -9.5 -0.0 -4.1 24 25 26 27 28 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 24 25 26 27 28 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 38 Z.1, September 17, 2010 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving 11.1 21.0 -22.6 -81.1 -66.0 -110.9 -79.5 -47.3 -26.3 -51.0 -66.7 1 2 Fixed nonresidential investment 12.3 15.8 21.7 17.6 15.1 15.4 15.1 14.9 15.1 15.5 16.2 2 3 Net acquisition of financial assets 282.2 614.7 350.3 -874.8 -133.0 -958.5 386.6 241.6 -201.5 246.0 -457.4 3 -6.4 82.3 12.2 -20.0 -6.3 10.9 77.7 7.7 20.1 -31.6 217.7 24.0 106.2 4.1 -2.4 37.0 8.0 39.8 19.8 -0.2 59.7 425.1 24.5 219.7 22.8 7.1 152.2 -0.7 27.3 11.1 25.4 33.4 47.3 15.1 -85.7 -21.4 250.6 -47.5 -11.4 -259.0 3.1 -28.5 -160.7 -615.1 -29.4 -192.1 -24.2 -67.6 -131.8 -3.3 47.5 -12.7 -4.6 38.1 54.9 -67.7 -413.8 -63.3 -158.9 -82.7 -0.0 -86.2 -22.7 -59.5 -122.3 -295.3 -44.5 134.2 45.5 213.5 -179.0 -1.7 73.3 -17.5 -20.1 53.6 263.5 -40.4 -250.5 -46.9 -188.4 -142.6 14.3 126.8 -13.7 16.0 104.4 412.1 35.2 -238.3 -32.0 -136.9 -122.8 -25.9 76.1 3.0 45.3 116.9 -160.6 -2.2 188.6 -12.2 112.7 66.5 19.6 -1.9 3.8 -65.4 -26.4 151.4 -17.3 54.4 -21.6 -22.4 137.5 -21.3 -23.0 5.3 -7.2 82.5 -569.9 4 5 6 7 8 9 10 11 12 13 14 273.9 585.9 384.4 -712.9 -199.0 -825.4 147.6 73.9 -192.3 177.3 -383.9 15 4 5 6 7 8 9 10 11 12 13 14 15 Checkable deposits and currency Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Security credit Miscellaneous assets Net increase in liabilities 16 17 18 19 Security RPs (net) Credit market instruments Corporate bonds Bank loans n.e.c. (1) 206.7 0.1 0.1 0.0 338.3 6.4 6.4 0.0 75.5 -4.0 -4.0 0.0 -560.3 77.7 32.3 45.5 -57.5 -49.7 -4.2 -45.5 -631.5 -160.4 -60.1 -100.3 234.8 -1.0 60.4 -61.4 97.7 7.4 27.6 -20.2 69.2 -44.8 -44.7 -0.1 -104.1 -2.4 -2.4 0.0 -423.2 34.6 34.6 0.0 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equity issues Trade payables Security credit Customer credit balances (HH) From banks Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other Proprietors’ net investment 3.3 7.0 31.8 -3.0 34.8 -0.1 26.2 -2.6 115.1 -86.2 -1.2 -7.6 5.2 151.8 80.4 71.5 0.7 97.8 -5.1 61.5 41.4 -6.8 32.3 -2.4 243.0 210.8 32.3 -0.6 38.2 1.0 -37.1 74.4 2.4 120.2 -24.7 -237.3 -123.8 -113.5 0.3 -100.4 26.1 63.7 -190.2 11.5 -32.4 48.9 -134.0 -74.1 -59.9 3.2 26.1 9.8 -115.2 131.5 -3.6 139.1 106.5 -365.4 -305.2 -60.2 0.8 63.0 -6.8 71.5 -1.7 22.5 -137.1 26.9 -107.1 -36.2 -70.9 7.3 145.5 11.8 -71.1 204.8 -21.6 -129.2 49.6 -59.6 57.7 -117.3 7.0 110.5 -0.1 -239.9 350.5 -9.5 -2.5 12.6 -3.9 -12.6 8.6 -2.1 -214.7 34.4 -221.5 -27.6 -6.1 -52.7 -31.4 53.7 45.7 8.0 -5.3 320.8 12.9 183.6 124.3 -1.3 83.9 -41.0 80.5 22.6 57.9 -0.1 -111.1 -3.8 -12.3 -95.0 -7.6 20 21 22 23 24 25 26 27 28 29 30 -9.5 -23.6 -10.1 63.2 -147.2 6.9 -333.5 -230.0 -32.1 -135.2 -9.4 31 31 Discrepancy (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). F.130 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Net acquisition of financial assets Money market fund shares Security RPs Credit market instruments Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) Other loans and advances (4) Corporate equities (5) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) 157.6 123.2 387.0 978.5 -420.7 -63.4 -1104.7 -343.5 -171.1 -453.3 -134.8 1 37.1 0.0 52.7 78.4 -29.4 3.6 0.0 67.9 21.0 46.9 41.9 0.0 49.5 53.1 -7.1 3.4 0.0 31.9 8.6 23.3 327.1 0.0 -57.0 -173.3 109.6 6.7 0.0 116.9 43.7 73.2 280.6 0.0 655.9 143.5 497.3 15.1 0.0 42.1 35.6 6.4 -144.0 0.1 -233.0 -266.8 43.6 -9.8 25.1 -68.9 -75.7 6.8 -5.7 0.4 -93.2 -178.4 102.6 -17.4 0.0 35.2 -29.2 64.4 -234.5 0.0 -611.3 -570.8 -27.1 -13.4 0.0 -258.9 -179.5 -79.4 -196.8 0.0 -1.0 -47.4 57.0 -10.5 0.0 -145.7 -101.3 -44.4 -138.8 0.0 -226.5 -270.8 42.0 2.3 100.4 93.8 7.2 86.6 -536.6 0.0 137.4 125.5 9.0 2.9 1.2 -55.3 -56.2 0.9 -192.1 0.0 238.3 155.6 76.7 6.0 1.3 -182.3 -145.9 -36.4 2 3 4 5 6 7 8 9 10 11 157.6 123.2 387.0 978.5 -420.7 -63.4 -1104.7 -343.5 -171.1 -453.3 -134.8 12 104.7 77.1 27.6 0.0 0.0 0.0 52.9 0.6 174.9 0.0 -122.6 28.3 6.7 21.6 0.0 0.0 0.0 94.9 0.6 302.6 0.0 -208.3 111.6 60.1 51.5 0.0 0.0 0.0 275.4 0.6 -2.1 0.0 276.9 466.4 20.1 1.4 444.9 0.0 40.0 472.1 0.6 -353.2 0.0 824.7 -432.8 -123.1 37.9 -349.6 2.0 30.5 -18.3 0.6 -30.2 2.4 8.9 -379.5 -148.7 93.8 -325.1 0.4 0.0 316.1 0.6 -339.3 0.0 654.8 -816.1 -229.8 -26.7 -559.6 0.0 4.6 -293.2 0.6 165.9 0.0 -459.7 -415.9 -91.8 6.1 -330.3 0.0 8.2 64.2 0.6 182.2 0.0 -118.6 -119.7 -22.1 78.4 -183.5 7.6 109.0 -160.4 0.6 -129.6 9.6 -40.9 -147.2 -174.2 36.1 -20.4 11.3 10.0 -316.1 0.6 -54.1 13.4 -276.0 -164.2 -153.4 -0.9 -20.9 11.1 1.3 28.1 0.6 -342.7 10.2 360.1 13 14 15 16 17 18 19 20 21 22 23 (1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Assets Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. 39 Z.1, September 17, 2010 F.200 U.S. Official Reserve Assets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 14 15 Rest of the world Monetary gold (2) SDR allocations 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings Q2 2010 Q3 Q4 Q1 Q2 -14.1 -2.4 0.1 4.8 99.9 3.9 14.5 386.5 -5.5 3.1 0.7 1 0.0 0.0 0.0 0.0 47.6 0.0 0.0 190.4 0.0 0.0 0.0 2 -14.1 -4.5 -10.2 0.6 -2.4 0.2 -3.3 0.7 0.1 0.2 -1.0 1.0 4.8 0.1 3.5 1.3 52.3 48.2 3.4 0.7 3.9 0.1 3.0 0.9 14.5 0.0 13.9 0.6 196.1 190.9 4.4 0.8 -5.5 1.9 -7.9 0.5 3.1 0.0 2.3 0.7 0.7 0.0 0.3 0.3 3 4 5 6 -14.1 -2.4 0.1 4.8 99.9 3.9 14.5 386.5 -5.5 3.1 0.7 7 -14.4 0.0 -4.5 -10.2 0.3 -2.7 0.0 0.2 -3.3 0.4 -0.4 0.0 0.2 -1.0 0.5 4.2 0.0 0.1 3.5 0.6 51.9 0.0 48.2 3.4 0.3 3.5 0.0 0.1 3.0 0.4 14.3 0.0 0.0 14.0 0.3 195.3 0.0 190.9 4.0 0.4 -5.4 0.0 1.9 -7.6 0.2 2.7 0.0 0.0 2.3 0.4 0.5 0.0 0.0 0.3 0.2 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 0.0 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 190.4 0.0 190.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 0.3 -0.0 0.0 0.3 0.3 -0.0 -0.0 0.4 0.5 0.0 0.0 0.5 0.6 0.0 -0.0 0.6 0.3 0.0 0.0 0.3 0.4 0.0 0.0 0.4 0.3 0.0 -0.0 0.3 0.8 0.0 0.4 0.4 -0.1 0.0 -0.4 0.2 0.4 0.0 0.0 0.4 0.2 0.0 0.0 0.2 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.0 3.0 0.0 0.0 0.0 0.0 12.0 12.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 0.8 0.1 0.6 1.7 -0.7 0.5 -0.8 -0.0 -0.4 4.0 -0.0 14.3 -0.0 0.7 -1.0 0.5 -0.4 0.5 0.0 0.2 -0.0 1.8 3 4 5 Discrepancy (seigniorage) 0.7 -1.1 -1.2 -0.8 -4.4 -14.4 -0.7 -1.5 -0.9 -0.2 -1.8 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 40.8 87.2 257.0 -402.1 -171.6 -244.6 -240.6 -104.2 -97.0 35.7 283.5 1 2.4 9.9 16.2 5.2 -14.2 -10.6 15.4 0.9 43.2 -24.1 -25.1 2.0 -10.3 23.7 -32.2 -14.7 6.2 -198.2 -14.4 64.1 31.1 -6.3 1.6 64.2 -5.8 23.1 -25.7 2.1 31.2 -18.7 17.0 -29.7 0.1 2 3 4 12.3 106.8 197.5 -354.9 -152.9 -37.8 -321.3 -163.7 -88.5 21.1 296.1 5 40 Z.1, September 17, 2010 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries Q2 2010 Q3 Q4 Q1 Q2 -12.4 -11.3 -97.5 1801.9 -607.9 -954.1 -2276.1 781.2 17.3 -244.4 -564.2 1 3.6 -5.0 8.6 1.3 -0.3 1.6 5.4 2.1 3.3 842.0 839.2 2.7 114.2 117.0 -2.8 -209.4 -219.1 9.8 -577.5 -578.7 1.2 752.2 750.2 2.0 491.4 515.6 -24.2 334.9 307.6 27.4 -318.7 -326.2 7.5 2 3 4 -15.9 -0.0 -12.5 -1.2 -102.9 48.9 960.0 509.6 -722.1 -463.7 -744.8 -81.9 -1698.6 -848.2 29.0 -483.9 -474.1 -440.7 -579.3 -338.5 -245.5 -44.7 5 6 -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates -24.7 3.5 20.2 16.8 -9.1 111.4 98.8 -12.6 -147.0 63.9 64.2 0.3 426.0 172.9 131.5 -41.4 -303.0 -108.5 -20.0 88.5 -602.4 -489.9 -234.2 255.6 -835.5 97.6 5.3 -92.3 510.5 310.1 276.4 -33.7 -284.4 -351.9 -127.3 224.6 4.1 -358.2 6.7 365.0 -21.0 -57.1 71.5 128.6 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -8.6 59.6 68.2 -79.2 190.6 269.8 -168.8 4.5 173.3 244.0 7.4 -236.6 -170.9 2.3 173.2 -114.6 -83.6 30.9 -843.0 -238.7 604.3 242.2 311.7 69.5 31.8 19.9 -11.9 393.5 152.5 -241.0 -99.8 -4.1 95.7 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -19.6 9.2 28.9 -41.3 -22.6 18.7 -42.2 31.9 74.1 9.1 92.0 83.0 -23.5 -15.7 7.8 2.0 -124.3 -126.3 -90.0 -7.8 82.2 -41.8 69.7 111.4 35.7 -0.3 -35.9 -31.1 -33.9 -2.7 135.8 74.6 -61.2 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. -12.4 -12.6 0.2 0.3 0.9 -0.6 6.6 6.0 0.6 6.2 6.6 -0.4 -10.1 -15.2 5.1 -24.3 -24.3 0.1 -15.2 -15.1 -0.0 -5.4 -26.4 21.0 4.5 5.2 -0.7 17.8 9.1 8.7 15.4 14.9 0.5 18 19 20 -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 21 0.5 -11.2 -7.2 -0.4 -3.6 -36.6 12.8 14.8 -0.1 -1.9 34.5 16.5 15.4 -0.7 1.8 110.8 -16.9 -47.3 -0.1 30.6 -2.3 7.8 -22.2 -4.4 34.4 -182.8 -135.9 -51.3 0.2 -84.8 -106.1 -60.9 -26.5 -4.4 -30.1 155.8 47.9 -20.7 71.5 -2.9 123.8 180.2 9.7 -85.0 255.5 -300.9 -248.0 -24.2 3.2 -227.1 -134.8 -220.0 -38.0 -17.6 -164.4 22 23 24 25 26 -11.7 -4.3 -7.4 49.4 22.1 27.3 -18.0 -6.3 -11.7 -127.7 -51.6 -76.1 10.2 -4.7 14.9 46.9 -80.5 127.4 45.2 55.3 -10.1 -107.9 -33.5 -74.4 56.4 39.7 16.6 52.9 0.3 52.6 -85.3 6.7 -92.0 27 28 29 21 22 23 24 25 26 27 28 29 To U.S. banking, net U.S.-chartered commercial banks Due to: Foreign offices in U.S. Bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 30 31 32 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 2.8 -4.3 -7.2 7.2 22.1 14.8 -21.7 -6.3 15.4 -4.3 -51.6 -47.3 17.5 -4.7 -22.2 -29.2 -80.5 -51.3 81.8 55.3 -26.5 -12.8 -33.5 -20.7 30.1 39.7 9.7 24.4 0.3 -24.2 44.8 6.7 -38.0 30 31 32 33 34 35 Bank holding companies Due to U.S. banks - Due from U.S. banks -6.9 -7.4 -0.4 27.4 27.3 -0.1 -11.0 -11.7 -0.7 -76.0 -76.1 -0.1 19.3 14.9 -4.4 127.2 127.4 0.2 -5.7 -10.1 -4.4 -145.9 -74.4 71.5 101.6 16.6 -85.0 49.4 52.6 3.2 -74.4 -92.0 -17.6 33 34 35 -8.8 -9.3 -99.3 1771.4 -642.4 -869.3 -2246.1 784.1 -238.2 -17.3 -399.8 36 -12.3 -9.4 -153.6 419.8 -292.9 -578.1 -820.4 515.9 -288.9 -13.7 -36.4 37 3.5 0.1 54.2 1351.5 -349.5 -291.2 -1425.7 268.2 50.7 -3.6 -363.4 38 36 Net change in assets 37 Rest of the world 38 Domestic 39 40 41 Monetary authority Federal Reserve float Loans to member banks -0.0 -0.0 0.0 -1.2 -1.2 -0.0 48.9 0.3 48.6 509.6 -1.5 511.1 -463.7 -0.6 -463.1 -81.9 -6.3 -75.5 -848.2 1.0 -849.2 -483.9 1.2 -485.1 -440.7 1.8 -442.5 -338.5 1.9 -340.4 -44.7 -1.3 -43.4 39 40 41 42 43 44 Commercial banking Reserves at Federal Reserve Vault cash 4.1 -4.5 8.6 2.0 0.4 1.6 4.8 1.5 3.3 800.9 798.1 2.7 89.6 92.4 -2.8 -328.6 -338.4 9.8 -588.3 -589.5 1.2 824.6 822.6 2.0 450.5 474.8 -24.2 246.9 219.5 27.4 -291.4 -298.9 7.5 42 43 44 45 46 Savings insts.: Reserves at Fed. Res. Credit unions: Reserves at Fed. Res. -0.5 0.0 -0.7 0.0 0.6 0.0 36.4 4.7 6.5 18.1 40.0 79.2 20.0 -9.2 -46.0 -26.4 11.9 28.9 39.2 48.9 -28.2 0.9 45 46 -3.6 -1.9 1.8 30.6 34.4 -84.8 -30.1 -2.9 255.5 -227.1 -164.4 47 47 Discrepancy--floats, etc. 41 Z.1, September 17, 2010 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 Net change in liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 4.4 -19.9 36.7 568.4 -7.9 -408.4 448.3 7.5 -79.1 29.4 420.5 1 30.1 -1.4 0.9 0.0 30.6 23.5 0.2 -1.2 0.0 24.5 17.8 11.4 0.9 -0.0 5.5 428.2 349.3 19.4 1.3 58.2 -117.6 -173.8 14.0 1.0 41.2 -287.3 -393.0 -0.8 -0.9 107.3 212.2 197.4 -3.6 2.4 16.1 -145.4 -170.8 -16.5 0.6 41.3 -249.9 -328.9 77.0 2.0 -0.1 94.0 100.0 -63.2 -3.0 60.1 345.9 287.0 32.2 -1.8 28.5 2 3 4 5 6 -36.4 7.0 6.4 -49.8 -35.9 -5.9 9.2 -39.2 13.3 14.9 5.2 -6.9 141.4 -39.5 33.6 147.3 85.0 0.3 -23.1 107.7 -142.5 74.0 -73.4 -143.1 239.7 -88.0 -9.0 336.6 99.2 -21.6 -16.0 136.9 143.4 37.0 6.1 100.3 -72.4 71.6 3.8 -147.9 79.2 -91.2 5.1 165.3 7 8 9 10 7 8 9 10 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 11 12 Savings institutions Credit unions 3.8 7.0 0.9 -8.5 4.5 1.1 -2.9 1.6 13.1 11.6 -0.5 21.9 -2.4 -1.2 58.6 -4.9 -3.2 30.8 1.5 6.3 -3.6 -0.9 11 12 13 Net change in assets 4.4 -19.9 36.7 568.4 -7.9 -408.4 448.3 7.5 -79.1 29.4 420.5 13 14 Household sector -127.2 -43.8 -71.8 182.3 4.9 -4.9 202.1 -49.0 -128.6 -362.4 128.0 14 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate Farm 150.5 73.6 76.3 0.7 -41.6 -116.9 73.1 2.1 58.4 -9.0 65.7 1.8 -64.0 -89.8 24.9 0.9 179.3 225.7 -47.2 0.9 82.1 114.1 -32.8 0.8 157.9 204.3 -47.3 0.9 212.6 268.1 -56.3 0.9 264.6 316.3 -52.5 0.9 321.4 367.4 -46.3 0.3 -33.2 13.1 -46.5 0.3 15 16 17 18 19 20 State and local governments Federal government 9.5 12.2 5.4 -2.7 -4.8 25.1 8.5 313.1 19.4 -174.2 -3.7 -338.3 109.3 105.9 -45.8 -183.5 17.7 -281.0 3.3 151.4 13.2 197.3 19 20 21 22 23 Rest of the world Checkable deposits Currency 14.9 6.4 8.4 11.4 9.2 2.2 -5.4 5.2 -10.7 77.5 34.8 42.7 -9.4 -22.0 12.6 -27.0 -74.3 47.3 -14.3 -6.5 -7.7 1.3 -15.4 16.7 2.4 8.1 -5.7 9.9 0.9 9.1 11.7 3.3 8.4 21 22 23 24 Financial sectors -50.5 54.3 34.2 56.1 -27.6 -135.5 -114.7 83.1 56.8 -110.7 105.1 24 25 26 27 Commercial banking Savings institutions Credit unions -0.5 2.4 -2.0 -0.1 -3.3 6.2 -0.3 -0.5 -1.1 0.6 -11.2 -5.7 1.0 -4.2 1.4 4.3 6.0 -58.4 -4.1 -15.5 18.2 -1.9 6.3 49.4 5.5 -13.5 -3.5 -1.3 -14.8 -65.5 6.0 24.3 13.7 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -4.8 -5.5 0.3 -0.4 8.9 8.3 0.4 -2.7 12.8 2.3 0.6 4.8 -14.8 24.4 0.5 -0.2 -0.3 -30.3 4.2 -0.2 -7.8 -49.9 0.1 -0.6 31.8 -18.4 -1.4 0.2 -1.3 -6.2 10.1 0.1 -23.9 -46.5 7.9 -0.3 2.6 -14.8 10.0 -0.4 35.5 35.2 11.8 -0.2 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers -1.4 -24.5 -8.9 1.4 -6.4 7.5 1.8 -1.6 4.9 24.0 -4.8 -2.7 0.4 -1.8 24.5 5.6 39.7 0.3 1.8 15.1 10.4 11.1 0.5 8.1 -29.4 56.7 -17.0 2.5 -3.7 -67.7 -88.5 -12.3 1.7 18.2 -44.5 19.1 26.1 -1.7 23.6 -40.4 54.5 47.5 -0.4 -5.7 35.2 -13.7 -1.6 -4.4 -4.6 -2.2 -1.2 0.4 1.1 -4.3 -17.3 32 33 34 35 36 -4.9 -3.0 1.0 -5.2 -0.3 18.9 2.1 -11.2 -10.9 16.6 -1.5 37 37 Mail float 42 Z.1, September 17, 2010 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2 Net change in liabilities Small time and savings deposits Q2 2010 Q3 Q4 Q1 Q2 598.9 608.2 599.9 334.2 375.4 297.9 239.3 282.6 681.7 -130.8 -226.3 1 314.4 347.0 316.4 524.8 517.2 320.1 257.1 828.5 663.0 137.7 129.0 2 268.3 262.9 0.5 4.9 287.6 277.8 8.6 1.2 263.0 255.0 6.9 1.1 541.4 540.2 0.1 1.1 384.4 382.9 4.4 -2.9 453.3 456.6 2.5 -5.8 263.9 274.8 -8.3 -2.6 352.2 341.4 11.4 -0.6 468.1 458.9 11.8 -2.6 342.4 342.2 1.2 -1.0 127.4 140.4 5.3 -18.3 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 34.0 12.1 28.9 30.5 27.6 25.8 -59.6 43.0 89.4 43.4 -179.7 46.5 -55.9 49.1 427.4 48.8 165.7 29.1 -200.0 -4.8 -32.9 34.5 7 8 9 Large time deposits (1) 284.4 261.2 283.4 -190.6 -141.8 -22.2 -17.8 -545.9 18.7 -268.5 -355.3 9 243.1 166.8 71.4 4.9 264.0 129.9 132.8 1.2 297.6 23.1 273.4 1.1 -97.6 24.6 -123.2 1.1 -3.0 -174.0 173.9 -2.9 -129.9 -31.4 -92.8 -5.8 21.5 -246.6 270.8 -2.6 16.7 -241.6 258.9 -0.6 79.8 -176.4 258.8 -2.6 -283.7 -67.3 -215.5 -1.0 -369.8 -78.7 -272.8 -18.3 10 11 12 13 38.8 2.5 -5.2 2.5 -19.0 4.8 -93.5 0.5 -155.8 17.0 76.0 31.6 -49.4 10.1 -579.9 17.3 -70.0 9.0 12.0 3.3 14.0 0.6 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 598.9 608.2 599.9 334.2 375.4 297.9 239.3 282.6 681.7 -130.8 -226.3 16 17 Household sector 487.1 486.5 477.2 156.9 94.3 -60.2 -93.1 -65.9 596.5 394.0 -30.7 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 73.4 49.9 23.5 66.9 46.6 20.3 -40.7 -55.7 14.9 -23.3 -54.3 31.0 114.9 149.2 -34.3 35.1 59.0 -23.8 9.7 44.1 -34.4 426.6 467.5 -40.9 -11.7 26.5 -38.2 -164.7 -131.1 -33.6 147.9 181.8 -33.8 18 19 20 21 22 23 State and local governments Federal government Rest of the world 12.8 -1.0 6.7 26.2 0.2 11.5 36.4 1.2 40.3 19.1 -1.3 65.5 10.8 0.3 -43.0 64.0 0.6 -102.7 -13.9 -0.5 -27.7 19.2 1.2 -47.3 -26.0 -0.0 5.6 36.9 0.4 -41.5 -36.7 -0.7 10.4 21 22 23 24 Financial sectors 19.9 16.8 85.6 117.3 198.0 361.1 364.8 -51.2 117.3 -355.9 -316.5 24 25 26 Savings institutions Credit unions -0.5 -4.5 3.9 -4.9 3.3 -0.0 -1.6 11.4 7.0 9.5 7.7 17.7 -0.4 5.6 29.8 7.4 -9.2 7.3 15.4 7.3 -3.9 -11.7 25 26 27 28 Private pension funds State and local govt. retirement funds 6.3 -0.1 0.8 -0.5 4.6 -0.1 0.3 -0.0 4.7 -0.0 6.7 -0.0 -1.0 0.0 8.0 0.0 5.3 -0.0 4.0 -0.0 5.0 -0.0 27 28 29 30 31 Money market mutual funds Government-sponsored enterprises Finance companies 15.7 12.1 -9.1 23.7 -1.5 -4.8 63.9 12.8 1.2 84.6 21.9 0.8 218.0 -42.8 1.6 342.0 -20.5 7.5 342.5 12.9 5.2 54.1 -145.4 -5.0 133.3 -18.0 -1.3 -351.2 -18.0 -13.3 -319.2 9.8 3.4 29 30 31 (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 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 1 2 Net purchases 127.0 305.3 720.9 724.2 -498.7 109.1 -494.4 -957.0 -652.3 -1118.8 -552.7 2 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 45.2 39.6 2.4 5.1 0.1 165.2 68.1 3.2 6.8 4.1 232.8 128.1 2.2 4.4 19.0 225.4 158.2 4.9 -2.4 23.7 -271.9 -71.8 -7.1 4.5 0.3 65.4 19.4 -4.9 0.7 18.7 -193.9 -60.8 -7.1 5.4 18.7 -557.3 -167.9 -8.5 7.5 -18.2 -401.8 -78.0 -7.9 4.5 -18.2 -258.7 -270.0 -7.0 6.9 -18.2 -185.0 -142.2 -7.0 -2.7 -18.2 3 4 5 6 7 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations -0.7 -3.7 1.9 0.1 37.1 0.7 9.7 3.4 2.1 41.9 7.2 -1.6 3.4 -1.4 327.1 12.1 17.5 2.3 1.9 280.6 -3.7 -5.5 0.6 -0.1 -144.0 0.2 14.4 1.4 -0.5 -5.7 -16.4 -6.6 0.5 0.2 -234.5 -3.5 -12.8 0.3 0.1 -196.8 4.9 -17.0 0.3 -0.3 -138.8 -17.1 -18.0 0.2 -0.3 -536.6 -2.7 -2.8 0.0 -0.1 -192.1 8 9 10 11 12 3 4 5 6 7 8 9 10 11 12 43 Z.1, September 17, 2010 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 8 9 10 11 Net change in liabilities Monetary authority Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Savings institutions Life insurance companies (net) REITs Brokers and dealers (net) Net change in assets 12 13 14 Nonfinancial corporate business State and local governments Rest of the world (net) 15 16 17 18 Financial sectors Monetary authority Savings institutions Credit unions (net) 19 20 21 22 23 24 25 26 Property-casualty insurance companies (net) Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises (net) Funding corporations Discrepancy--unallocated assets 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 316.0 403.4 8.6 -895.4 208.8 -753.5 897.7 65.4 625.6 69.1 -500.6 1 -0.3 90.3 57.0 33.4 -0.2 -0.9 70.5 21.4 49.0 0.1 14.4 -49.7 -36.1 -13.6 0.1 44.4 -355.7 -259.0 -96.3 -0.4 -10.6 265.2 244.9 40.3 -19.9 -71.0 -45.9 -69.7 24.1 -0.3 8.3 675.3 568.6 129.8 -23.1 -15.0 -144.7 -143.7 20.4 -21.4 35.3 576.2 624.3 -13.2 -34.9 -79.9 254.6 160.7 108.8 -15.0 37.8 -128.6 -160.5 62.2 -30.3 2 3 4 5 6 -2.3 8.4 13.2 206.7 -19.2 0.4 14.4 338.3 -24.1 -1.2 -6.2 75.5 -0.0 -12.5 -11.2 -560.3 1.8 -4.8 14.6 -57.5 7.2 -22.9 10.8 -631.5 -33.9 3.9 9.2 234.8 100.5 -3.8 30.8 97.7 -66.5 3.8 7.7 69.2 1.0 0.8 -3.3 -104.1 -14.8 4.1 24.2 -423.2 7 8 9 10 209.8 98.9 235.7 -310.0 -198.8 -440.0 -279.0 -156.1 79.7 -179.0 -284.9 11 8.1 10.0 45.5 1.0 13.5 2.4 -7.5 8.7 -35.2 -0.5 -4.7 -231.5 2.6 8.9 -84.8 1.3 1.3 -327.8 1.9 10.7 67.1 4.7 14.8 -262.2 2.7 8.9 183.6 5.0 13.5 -244.2 1.4 -5.3 -359.0 12 13 14 146.1 13.8 -0.1 2.6 82.1 -6.0 9.3 -1.6 269.7 5.8 27.3 -2.6 -73.3 33.5 -10.9 -4.8 -125.6 -80.0 -22.7 2.4 -114.8 -320.0 -20.8 -3.2 -358.7 0.0 -76.9 7.9 86.6 0.0 35.9 1.3 -115.5 0.0 -28.8 3.6 46.7 0.0 -10.1 -10.5 78.0 0.0 -6.8 4.8 15 16 17 18 0.5 1.0 -0.6 112.0 2.8 14.1 0.0 -0.6 0.8 4.5 48.7 17.4 9.7 0.0 2.4 3.4 -2.5 211.3 -0.6 25.3 0.0 -1.1 7.3 1.8 -63.5 -7.4 -28.2 0.0 -2.0 3.1 -0.2 -62.5 28.6 7.6 0.1 -8.2 14.9 -0.8 128.2 -84.7 179.4 0.4 0.0 3.9 0.3 -137.5 72.2 -228.5 0.0 0.0 16.9 0.1 -82.8 59.0 56.2 0.0 0.0 -23.3 -0.5 -157.8 67.7 23.4 0.0 0.0 0.3 -0.5 -108.0 -12.9 188.4 0.0 0.0 -19.9 -0.2 271.9 -121.5 -50.4 0.0 19 20 21 22 23 24 25 106.3 304.5 -227.1 -585.4 407.6 -313.5 1176.6 221.4 546.0 248.1 -215.7 26 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 245.1 317.1 -169.4 -189.0 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 1 245.1 317.4 -169.4 -188.8 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 2 -7.7 38.6 15.7 22.9 22.4 98.4 -1.9 100.3 11.3 -69.3 2.0 -71.3 7.7 -71.0 20.7 -91.7 -72.4 57.8 -15.2 73.0 -138.4 64.6 25.8 38.8 -132.4 -22.0 -19.4 -2.6 2.4 201.9 -35.4 237.2 -21.2 -13.3 -31.8 18.5 54.6 -27.1 34.5 -61.6 67.1 -41.3 -21.3 -20.0 3 4 5 6 214.2 4.0 148.3 -15.3 0.0 77.1 196.6 21.7 162.9 5.3 0.0 6.7 -111.4 37.9 -194.2 -15.1 0.0 60.1 -125.4 -39.0 -83.9 -22.6 0.0 20.1 -446.7 -18.1 -266.7 -38.8 0.0 -123.1 -555.5 -91.1 -241.6 -74.1 0.0 -148.7 -568.2 -17.0 -295.4 -26.0 0.0 -229.8 -354.6 14.9 -243.3 -34.4 0.0 -91.8 -308.7 20.6 -286.6 -20.7 0.0 -22.1 -160.1 52.7 -85.4 46.9 0.0 -174.2 -276.8 -28.0 -89.0 -6.5 0.0 -153.4 7 8 9 10 11 12 13 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 13 Bankers’ acceptances (1) 0.0 -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 Net purchases, by sector 245.1 317.1 -169.4 -189.0 -461.3 -629.2 -722.5 -150.3 -343.2 -132.7 -251.1 14 15 16 17 18 19 20 21 22 Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority Commercial banking (1) Savings institutions Credit unions 14.7 16.0 13.1 9.9 0.0 0.0 0.0 -0.0 19.0 11.7 17.6 46.7 0.0 0.0 0.0 0.2 -10.2 -53.2 -8.7 -8.3 0.0 0.0 0.0 -0.5 -101.3 -9.4 -66.2 -45.1 0.0 15.7 0.0 -0.4 28.7 -15.2 -53.3 -43.3 0.0 -15.7 0.0 0.0 -1.6 -49.2 -78.3 -51.8 0.0 -44.9 0.0 0.0 38.0 -9.6 -86.0 -76.1 0.0 21.6 0.0 0.0 39.2 -15.2 -20.6 -16.1 0.0 -39.2 0.0 0.0 39.0 13.0 -28.3 -29.3 0.0 -0.2 0.0 0.0 39.8 47.7 -22.3 9.5 0.0 0.0 0.0 0.0 38.5 -16.8 -47.0 -31.4 0.0 0.0 0.0 0.0 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 3.5 -3.0 3.0 0.1 86.3 2.9 8.0 12.2 78.4 0.6 4.3 0.2 7.6 116.1 17.4 18.5 4.1 53.1 -3.1 13.1 -4.8 -4.4 66.3 -0.4 -4.7 22.8 -173.3 5.8 -3.4 10.2 -12.5 -56.1 -62.5 14.1 -21.4 143.5 -2.1 20.7 -10.5 -3.2 -107.8 28.6 3.0 -24.2 -266.8 0.2 24.1 1.6 -0.9 -123.9 -80.7 17.8 -63.3 -178.4 -9.5 16.4 2.0 -7.4 -131.9 42.1 3.2 45.5 -570.8 -2.0 16.6 -26.5 0.1 -47.0 64.2 -9.5 -46.9 -47.4 2.9 25.8 -19.2 -4.5 -128.6 88.8 0.3 -32.0 -270.8 -10.0 -59.8 -19.7 -0.5 -214.6 -11.5 -4.5 -12.2 125.5 -1.6 -4.3 -14.2 -0.2 -165.9 -149.6 7.3 -21.6 155.6 23 24 25 26 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 44 Z.1, September 17, 2010 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 1 0.7 306.6 -2.7 186.4 -6.0 243.4 -2.4 1241.4 -2.8 1446.5 -0.2 1553.4 -1.7 1954.3 -3.4 1371.2 -5.8 907.3 -3.8 1605.4 -2.8 2004.6 2 3 307.3 183.7 237.5 1239.0 1443.7 1553.2 1952.6 1367.7 901.5 1601.5 2001.9 4 -102.6 0.7 -103.3 -83.1 -2.7 -80.3 -48.7 -6.0 -42.8 147.5 -2.4 150.0 346.6 -2.8 349.4 413.4 -0.2 413.6 220.6 -1.7 222.3 386.8 -3.4 390.2 365.5 -5.8 371.3 152.9 -3.8 156.8 980.4 -2.8 983.1 5 6 7 18.1 6.0 92.3 -6.7 0.2 35.5 -7.1 3.0 20.7 -7.5 3.9 -52.1 15.6 -5.7 20.4 32.4 -3.9 116.5 22.6 -5.7 -25.4 0.8 -6.8 -11.0 6.5 -6.3 1.3 25.7 -5.6 -8.8 -16.4 -5.6 7.7 8 9 10 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 11 12 Rest of the world Monetary authority 245.1 26.4 150.3 34.7 165.3 -38.3 710.1 -264.7 583.9 300.7 752.1 158.3 672.0 651.5 498.5 380.2 413.0 12.7 676.7 105.9 709.0 -7.4 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 -10.7 -10.1 0.1 -0.9 0.1 -2.1 -2.2 -1.0 1.4 -0.2 17.4 11.1 3.6 4.6 -1.9 -19.2 -19.6 5.1 -4.0 -0.6 92.2 64.3 25.9 2.7 -0.7 76.0 50.6 37.0 -10.3 -1.4 48.4 69.0 -46.2 25.9 -0.3 205.1 123.9 93.0 -11.5 -0.3 39.4 13.7 19.9 6.6 -0.8 244.7 236.6 6.5 -0.1 1.6 2.7 21.7 -17.4 -3.1 1.5 13 14 15 16 17 18 19 Savings institutions Credit unions 4.0 -1.1 4.5 -0.3 -5.4 3.0 -4.1 -1.6 3.8 5.3 2.7 -2.3 3.9 16.6 5.6 2.3 3.0 4.5 1.5 6.9 -1.8 4.3 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.3 13.5 3.5 2.8 7.8 3.1 -7.6 14.3 2.4 8.3 -38.7 -17.3 38.7 -14.6 11.3 -5.6 35.1 15.4 4.8 24.2 16.6 70.6 125.8 28.1 6.8 15.4 141.7 117.3 15.3 17.5 12.4 29.6 89.1 38.6 0.8 17.2 76.9 176.7 29.5 2.2 21.2 34.0 120.1 28.9 6.7 -5.4 -6.7 123.6 0.6 5.8 -1.6 26.8 263.0 -0.5 15.7 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 ABS issuers Brokers and dealers -9.6 6.6 0.3 4.8 0.2 19.7 -20.0 -5.9 5.0 0.2 3.4 1.2 28.7 -2.4 95.5 18.5 -1.7 6.6 1.3 21.0 7.1 399.5 8.7 -2.4 7.4 1.2 -12.3 250.6 -171.3 67.6 1.2 14.7 5.1 -16.5 -67.6 -168.2 20.6 0.3 18.4 3.2 -14.8 -158.9 -77.6 36.8 1.6 15.7 6.8 -19.3 213.5 -262.8 49.5 0.9 12.2 9.0 -16.8 -188.4 -176.7 163.5 2.0 12.5 1.4 -15.1 -136.9 -45.0 57.7 2.5 18.4 153.0 -15.8 112.7 -55.8 46.8 -0.5 22.2 48.3 -13.1 -22.4 25 26 27 28 29 30 31 306.9 183.4 237.1 1239.2 1443.9 1550.0 1951.5 1371.5 902.6 1601.9 2003.0 32 Memo: 32 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 45 Z.1, September 17, 2010 F.210 Agency- and GSE-backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments Q2 2010 Q3 Q4 Q1 Q2 80.0 327.9 905.3 768.9 -60.2 82.3 -174.1 -120.9 -28.2 -40.8 -88.8 1 -0.4 -84.0 164.5 -0.3 35.6 292.6 -0.4 282.4 623.3 0.2 271.7 497.0 0.1 -475.3 415.0 -3.2 -254.5 340.0 -1.1 -680.9 507.9 3.7 -590.3 465.6 1.2 -375.7 346.3 0.3 -173.2 132.1 1.1 -334.7 244.8 2 3 4 80.0 327.9 905.3 768.9 -60.2 82.3 -174.1 -120.9 -28.2 -40.8 -88.8 5 97.0 6.0 28.4 -65.0 -2.2 38.3 336.5 -2.4 24.6 101.8 -2.5 -13.4 -650.9 1.9 -14.6 -804.5 -15.9 3.7 -1312.8 20.9 -29.6 -113.7 0.3 -17.9 -372.4 2.2 -14.6 -368.4 8.6 18.5 -264.2 -5.5 -35.1 6 7 8 0.0 134.3 0.0 0.0 224.0 0.0 0.0 248.8 0.0 54.4 -228.6 19.7 171.1 -175.0 1048.5 227.8 -275.3 1069.3 213.2 -86.6 1088.1 123.9 -215.6 1058.0 119.5 -122.5 978.8 0.0 -46.2 677.7 0.0 146.6 180.8 9 10 11 9 10 11 Federal government Rest of the world Monetary authority 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 -5.4 -3.3 -0.9 -2.3 1.2 45.9 47.5 4.2 -0.0 -5.8 -113.3 -111.4 2.0 -1.3 -2.7 147.1 139.7 -6.6 15.9 -2.0 102.0 131.3 -18.4 -7.0 -3.9 2.1 67.1 -19.7 -39.0 -6.3 183.7 205.4 -27.5 3.0 2.7 -142.0 -121.1 -14.1 -0.1 -6.7 364.0 373.9 -12.5 8.0 -5.3 -29.0 -11.1 -2.5 -7.0 -8.4 -31.3 -16.4 -4.2 -1.8 -8.8 12 13 14 15 16 17 18 Savings institutions Credit unions 55.8 -6.8 -13.4 -13.9 0.3 -4.1 -3.5 14.4 27.8 27.9 8.3 22.2 47.0 26.8 38.9 29.0 17.1 33.6 32.9 36.7 -13.6 45.5 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 5.8 11.4 16.8 -0.4 0.0 4.1 8.8 16.6 49.4 0.1 3.8 5.5 28.2 23.3 0.3 -11.5 -16.7 21.3 6.3 0.0 1.9 -10.2 -49.0 -37.6 0.6 -2.0 -29.7 -30.2 -30.9 -0.3 3.0 4.4 -64.8 -43.1 0.3 2.7 -12.2 -62.3 -37.8 1.3 4.1 -3.4 -38.9 -38.5 1.0 0.4 25.6 -38.1 1.1 0.5 -1.2 -12.7 -214.5 -0.8 1.0 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises -107.4 20.8 -135.4 -28.7 15.7 -37.1 104.5 66.2 -11.1 520.3 27.3 207.0 -213.2 46.4 -27.4 80.2 -18.3 175.9 -52.9 115.2 -19.8 -400.6 72.5 -118.3 -479.5 16.3 -147.5 -317.1 180.7 -180.4 36.6 146.6 -117.1 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers -30.6 -4.0 -6.3 23.4 24.8 37.0 18.4 23.5 152.2 -28.7 1.6 -47.5 -193.9 15.3 -131.8 -236.6 19.2 -82.7 -122.6 34.7 -179.0 -201.9 17.4 -142.6 -214.5 -10.1 -122.8 -126.9 16.0 66.5 -110.0 22.5 137.5 27 28 29 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 32. 46 Z.1, September 17, 2010 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 Net change in liabilities State and local governments Short-term (1) Long-term Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) Net change in assets 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 1 171.3 5.7 165.6 16.0 153.1 -3.1 156.2 18.9 190.4 17.3 173.1 17.1 50.8 12.5 38.3 8.1 110.4 2.8 107.5 15.1 125.0 6.7 118.3 14.7 96.3 -11.7 108.1 16.7 132.9 45.2 87.7 19.1 87.2 -29.0 116.2 9.9 133.0 2.9 130.1 13.6 -31.9 -30.0 -1.9 -5.8 2 3 4 5 7.6 5.4 8.1 2.6 5.4 5.7 3.2 10.6 2.2 5.8 -0.3 6 195.0 177.4 215.6 61.4 130.9 145.4 116.2 162.5 99.3 152.5 -38.1 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 78.6 0.3 0.1 0.4 3.0 50.8 -4.0 1.3 0.5 5.4 23.9 1.1 -0.5 0.3 10.7 6.2 -2.6 0.3 -0.2 5.4 105.5 -0.5 -0.5 0.3 10.1 148.4 -16.8 -0.3 0.0 -1.8 60.0 -2.4 -0.5 0.4 -1.8 125.4 6.9 -0.6 0.5 15.7 88.4 10.3 -0.6 0.3 28.3 131.9 -4.0 -0.5 0.5 45.5 -66.2 -10.9 -0.5 -0.2 44.3 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 16.9 1.5 45.4 2.4 -0.2 23.0 17.4 0.2 0.0 -4.9 10.9 22.6 2.5 22.1 4.1 1.6 33.5 32.7 0.0 0.0 -3.6 8.0 12.7 -0.1 36.1 4.8 -0.8 100.7 27.8 1.9 0.6 -2.8 -0.7 23.7 -3.3 10.6 5.7 -1.0 23.6 17.4 -12.8 1.7 -2.0 -11.4 1.9 1.5 -12.6 26.3 0.0 -93.3 90.6 3.3 3.6 -2.2 -3.3 -11.4 3.4 -24.8 25.5 0.1 -52.1 68.7 4.8 3.3 -1.4 -0.0 10.9 0.4 -8.6 24.9 0.0 -67.8 95.8 5.1 3.6 -1.9 -1.7 -7.6 2.0 -10.2 26.7 0.0 -128.9 113.2 3.6 4.4 -2.9 14.3 15.8 0.2 -6.6 28.1 0.1 -124.4 84.6 -0.2 3.3 -2.5 -25.9 -1.2 1.4 1.2 5.3 0.0 -133.4 85.2 2.4 2.6 -4.2 19.6 -7.2 1.8 -3.7 2.7 -0.0 -29.2 51.5 1.2 2.9 -3.5 -21.3 13 14 15 16 17 18 19 20 21 22 23 (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 2 3 4 5 6 7 8 9 10 11 12 Net issues Nonfinancial corporate business Rest of the world (1) Financial sectors Commercial banking Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Net purchases 864.2 1250.6 1223.9 -228.1 -44.6 141.9 23.3 -97.8 -245.7 -163.1 -259.2 1 56.7 64.5 215.6 227.8 311.2 218.7 204.6 -158.9 381.6 144.9 579.2 119.4 396.5 206.3 270.0 82.9 280.7 170.9 432.4 141.4 229.0 -6.0 2 3 743.0 56.7 1.0 581.1 43.6 32.8 0.1 27.6 807.3 76.0 2.0 644.8 42.4 13.9 6.4 21.6 694.0 118.6 -0.3 530.2 -2.8 0.7 -4.0 51.5 -273.8 129.3 -8.0 -324.0 -49.6 -55.1 32.3 1.4 -571.1 -37.5 -0.2 -455.2 -87.0 -25.0 -4.2 37.9 -556.7 44.0 -1.9 -530.1 -70.5 -31.8 -60.1 93.8 -579.6 21.9 0.9 -406.2 -200.8 -29.0 60.4 -26.7 -450.8 35.7 0.7 -505.5 -9.4 -5.9 27.6 6.1 -697.4 -251.6 -0.3 -378.8 -67.2 -33.3 -44.7 78.4 -737.0 -82.0 -12.4 -417.2 -284.6 25.6 -2.4 36.1 -482.2 -75.0 -0.8 -362.5 -89.5 11.9 34.6 -0.9 4 5 6 7 8 9 10 11 864.2 1250.6 1223.9 -228.1 -44.6 141.9 23.3 -97.8 -245.7 -163.1 -259.2 12 13 14 15 16 Household sector State and local governments Federal government Rest of the world (2) 119.6 9.0 0.0 328.5 197.6 12.1 0.0 541.0 207.3 7.8 0.0 424.6 -212.7 -4.2 0.0 -21.8 -126.5 8.0 0.6 -143.0 92.8 1.2 0.0 -147.7 -94.3 9.6 1.5 -196.0 -398.6 13.3 0.7 -120.1 -105.9 8.0 0.1 -108.0 -210.8 12.2 0.1 -151.7 -260.1 -4.8 0.3 -119.7 13 14 15 16 17 18 19 20 21 22 23 24 Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 123.4 21.0 -1.5 17.5 74.7 22.2 14.5 -0.0 93.3 13.2 7.2 14.2 29.7 27.7 55.5 -0.0 197.9 49.5 3.9 5.9 43.1 39.8 13.6 0.1 1.7 -33.7 -8.9 -15.4 -45.5 42.7 15.9 -0.1 -112.7 -23.3 -7.0 30.8 100.1 42.8 -2.7 0.1 -104.8 17.3 -32.2 20.0 122.4 55.3 -9.3 -0.4 -73.5 -16.7 1.4 32.9 75.2 40.6 -1.1 -0.1 41.5 -11.2 -0.4 33.1 102.5 39.5 -10.3 0.5 -313.8 -82.7 3.1 37.2 100.3 35.7 9.9 0.2 -242.4 -13.6 -0.6 0.9 136.5 38.5 0.4 0.2 -71.5 -1.0 -0.4 -3.0 61.4 38.0 2.2 0.3 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations 2.2 65.9 1.7 1.9 50.9 -52.5 17.0 77.7 -29.4 105.1 104.3 5.7 2.4 16.1 -18.7 11.6 39.8 -7.1 8.5 123.0 -1.0 6.2 -17.4 4.5 -30.2 27.3 109.6 -148.8 69.9 -24.5 13.9 -77.7 3.0 -20.0 -259.0 497.3 -58.1 146.2 5.8 27.6 -33.8 6.3 3.2 47.5 43.6 -40.8 179.7 -4.0 26.4 -76.6 29.3 -2.9 -86.2 102.6 -78.7 144.6 10.8 26.6 67.3 20.2 6.9 73.3 -27.1 -120.2 121.0 9.2 27.4 3.4 -19.4 6.6 126.8 57.0 7.3 139.6 7.3 30.1 -129.3 -5.1 2.2 76.1 42.0 22.7 198.6 7.0 20.2 55.8 -51.9 7.7 -1.9 9.0 -28.1 91.8 -7.2 20.3 -47.0 13.3 2.2 -23.0 76.7 25 26 27 28 29 30 31 32 33 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. (3) Net issuance less net acquisition of corporate bonds held as assets. 47 Z.1, September 17, 2010 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Net issues Q4 Q1 Q2 -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 1 -565.7 -786.8 -336.0 -64.7 -133.1 126.4 65.7 -318.0 -200.8 -182.6 2 Rest of the world (2) 186.7 137.3 147.8 -39.0 63.3 -2.7 140.6 104.4 11.0 43.1 88.6 3 Financial sectors Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Government-sponsored enterprises Brokers and dealers Funding corporations (3) 78.5 -13.8 2.2 -2.8 -8.0 20.7 56.7 16.1 4.2 3.3 0.0 59.7 -10.5 0.8 -8.5 -20.0 8.2 74.0 22.2 1.1 -7.6 0.0 178.9 -23.7 3.3 -13.2 -30.6 17.8 150.5 17.1 25.5 32.3 0.0 643.5 331.9 1.7 0.4 -10.7 -57.6 177.2 12.8 27.6 120.2 40.0 315.5 78.7 1.5 -5.3 -0.9 6.8 116.5 24.2 96.0 -32.4 30.5 550.6 230.3 0.9 -1.4 -6.9 7.2 -9.9 9.2 182.2 139.1 0.0 217.5 18.8 2.3 -2.2 8.5 12.4 152.6 55.6 101.9 -137.1 4.6 135.7 90.8 1.4 -6.6 -0.9 -1.0 108.4 22.9 41.7 -129.2 8.2 358.3 -25.0 1.4 -10.9 -4.5 8.7 214.7 9.2 58.2 -2.5 109.0 40.9 16.2 0.7 -23.6 -7.6 0.4 27.9 10.9 58.6 -52.7 10.0 367.3 39.2 0.3 -3.8 -13.3 8.1 123.5 33.2 94.9 83.9 1.3 4 5 6 7 8 9 10 11 12 13 14 -76.6 -368.7 -460.2 268.5 314.1 414.8 484.5 305.8 51.3 -116.7 273.3 15 -372.5 2.5 0.0 56.9 -585.1 -4.4 0.0 96.2 -852.8 7.6 0.0 218.5 -111.0 22.9 256.3 104.7 41.3 17.7 0.6 142.5 459.5 -62.1 363.6 54.8 275.5 27.6 -127.9 152.3 -173.7 40.7 53.7 213.7 -396.0 64.5 -287.1 149.3 -75.8 -49.0 -14.4 129.0 157.8 20.7 65.7 29.7 16 17 18 19 0.0 0.1 -1.0 0.0 0.7 -1.0 0.0 1.6 -0.1 0.0 2.4 -1.5 25.1 6.8 -0.5 0.0 16.0 1.5 0.0 -14.5 -2.0 0.0 -1.9 -6.3 100.4 27.6 4.7 1.2 5.7 -9.0 1.3 -6.8 -1.5 20 21 22 Nonfinancial corporate business 3 15 Q3 -341.8 2 4 5 6 7 8 9 10 11 12 13 14 2010 Q2 Net purchases 16 17 18 19 Household sector State and local governments Federal government Rest of the world (4) 20 21 22 Monetary authority Commercial banking Savings institutions 23 24 25 26 27 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds -6.1 65.9 -42.0 -5.6 7.0 2.3 71.4 -86.5 -70.0 6.3 0.5 84.1 -188.3 -6.4 2.7 35.1 81.8 -184.6 1.2 -8.6 -2.4 78.1 -175.6 -1.7 8.8 -17.6 69.1 -234.6 7.0 -3.2 9.5 87.6 -188.5 -1.4 16.6 9.7 62.2 -168.2 12.2 8.3 -11.3 93.6 -111.0 -24.6 13.5 -46.6 83.9 -134.8 -19.5 8.4 0.1 75.7 -111.1 -27.8 0.6 23 24 25 26 27 28 29 30 31 32 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations 129.6 18.5 50.0 20.1 0.0 131.3 2.2 68.3 -0.2 0.0 91.3 18.7 137.2 25.4 0.0 -38.1 -17.8 154.2 -28.5 0.0 85.9 -3.5 70.5 -4.6 25.1 -127.8 6.0 -58.0 -59.5 0.0 168.2 -5.1 106.7 -20.1 0.0 189.7 -14.6 64.4 16.0 0.0 113.4 -0.4 168.9 45.3 100.4 93.1 -11.5 -13.3 -65.4 1.2 -17.9 14.5 78.1 -7.2 1.3 28 29 30 31 32 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (4) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 1 2 Net purchases 260.2 336.8 364.7 31.0 490.1 -55.8 681.6 677.5 657.1 564.1 48.9 2 173.5 1.5 0.8 32.2 165.4 24.9 -1.3 45.2 207.0 0.2 2.0 38.2 15.2 -6.1 14.3 -2.0 360.9 39.9 -7.2 17.7 -187.4 39.9 14.5 -13.0 547.6 39.9 -19.3 29.0 506.2 39.9 -18.3 28.9 577.2 39.9 -5.6 26.0 428.9 39.9 -5.3 29.6 -46.1 39.9 -4.5 5.9 3 4 5 6 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 Commercial banking Credit unions -1.8 -1.0 3.9 -0.1 3.6 -0.0 1.3 -0.0 14.8 -0.7 66.3 -1.1 -15.0 0.1 30.3 -1.0 -22.3 -0.9 -18.5 0.9 4.7 0.0 7 8 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.3 -9.9 70.0 -5.5 0.5 26.9 74.9 -3.4 -0.5 31.3 88.1 -5.2 -0.4 -10.7 20.5 -1.1 0.1 0.0 64.8 -0.2 0.0 -4.0 27.9 1.0 0.1 2.0 97.5 -0.2 0.1 1.0 88.4 1.9 0.1 1.0 45.3 -3.6 -0.0 1.0 90.3 -2.9 -0.0 1.0 52.0 -4.1 9 10 11 12 9 10 11 12 (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 48 Z.1, September 17, 2010 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Total loans by commercial banking, flow of funds basis 567.8 677.5 671.6 377.1 -575.6 -300.6 -371.5 -1099.3 -530.9 -294.0 -409.6 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.0 362.4 2.8 34.8 0.0 445.0 34.2 71.5 0.0 241.4 62.9 32.3 15.7 197.0 74.5 -113.5 -15.7 -22.7 -50.6 -59.9 -44.9 131.2 5.3 -60.2 21.6 72.0 -38.8 -70.9 -39.2 -272.0 -73.4 -117.3 -0.2 -22.2 -95.3 8.6 0.0 -249.2 20.4 8.0 0.0 -329.6 -41.6 57.9 2 3 4 5 6 = Banking sector total bank loans n.e.c. 167.8 126.8 335.1 203.4 -426.7 -332.0 -355.3 -597.5 -421.9 -73.1 -96.3 6 98.7 60.7 2.7 5.6 62.9 67.1 -2.9 -0.3 233.7 105.0 0.7 -4.2 137.9 65.1 2.0 -1.7 -298.1 -125.4 -2.8 -0.3 -251.6 -79.9 -0.5 0.0 -249.1 -98.9 -3.0 -4.4 -430.5 -172.4 1.0 4.4 -261.3 -150.4 -8.9 -1.3 -96.6 19.0 8.5 -4.0 -69.9 -21.1 5.6 -10.8 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 0.0 490.4 -347.6 -406.6 -539.3 -280.1 -164.4 -21.6 -39.9 11 12 = Total bank loans n.e.c. 167.8 126.8 335.1 693.8 -774.3 -738.6 -894.7 -877.6 -586.2 -94.8 -136.2 12 13 Net change in liabilities 167.8 126.8 335.1 693.8 -774.3 -738.6 -894.7 -877.6 -586.2 -94.8 -136.2 13 149.0 189.2 264.2 197.7 -306.9 -255.4 -246.0 -386.8 -339.3 -3.6 -53.7 14 9.7 -33.9 156.5 2.2 49.9 9.1 113.0 3.3 13.4 85.1 139.4 2.3 18.0 68.1 103.4 3.2 30.0 -133.6 -192.0 -0.1 2.1 -86.0 -150.0 -2.2 50.9 -76.5 -212.7 -1.7 54.1 -202.2 -232.9 4.1 13.0 -169.6 -172.3 -0.9 230.3 -41.8 -188.5 -3.2 17.4 9.4 -94.9 0.5 15 16 17 18 14.5 -2.9 4.7 12.7 13.8 -0.7 3.8 10.7 24.1 -0.0 8.3 15.8 5.1 0.7 2.8 1.6 -11.2 0.6 -5.1 -6.6 -19.4 -0.1 -14.9 -4.4 -6.0 1.4 -10.1 2.8 -9.8 2.0 4.8 -16.5 -9.6 -0.9 -0.2 -8.4 -0.5 -0.7 10.2 -9.9 13.8 1.1 10.7 2.0 19 20 21 22 18.8 -62.3 70.9 496.1 -467.4 -483.2 -648.7 -490.8 -246.9 -91.2 -82.5 23 5.2 5.2 8.4 0.0 0.0 -44.5 -12.9 -5.0 0.0 0.0 13.3 52.8 4.8 0.0 0.0 13.0 -7.1 -0.3 45.5 444.9 -29.8 -30.4 -12.1 -45.5 -349.6 -30.2 -19.6 -8.0 -100.3 -325.1 -21.6 20.7 -26.7 -61.4 -559.6 -66.0 -62.7 -11.6 -20.2 -330.3 -1.3 -60.0 -2.0 -0.1 -183.5 1.4 -63.6 -8.6 0.0 -20.4 -10.2 -44.6 -6.8 0.0 -20.9 24 25 26 27 28 14 Nonfinancial sectors 15 16 17 18 Household sector 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 28 Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations 49 Z.1, September 17, 2010 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 Total other loans and advances 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 159.1 173.6 533.6 106.7 -436.2 -549.8 -493.1 -508.9 -193.1 -170.3 -91.3 1 2 3 4 5 6 7 8 9 10 11 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 Finance companies Funding corporations -7.0 -0.7 0.8 -2.9 -0.2 0.6 -4.6 0.0 0.0 0.0 0.6 1.4 1.2 4.8 -0.1 0.6 -7.4 0.0 0.0 0.0 -2.2 -0.4 -0.3 1.2 -0.0 0.7 -3.3 0.0 0.0 0.0 6.1 0.3 4.4 2.1 0.0 0.8 -1.5 0.0 0.0 0.0 66.1 -0.2 59.4 3.3 0.5 0.8 0.3 0.0 0.0 2.0 59.0 -0.2 50.9 4.3 -0.2 0.6 -1.5 0.0 4.7 0.4 96.0 -0.3 90.1 3.2 0.5 0.8 0.9 0.0 0.8 0.0 94.9 -0.5 97.3 1.5 1.4 0.7 0.0 0.0 -5.5 0.0 14.3 0.2 -0.6 4.0 0.1 1.2 1.8 0.0 0.0 7.6 15.0 -0.2 -1.4 2.9 0.4 0.6 1.5 0.0 0.0 11.3 34.1 -1.2 22.7 1.3 0.9 0.4 -1.1 0.0 0.0 11.1 2 3 4 5 6 7 8 9 10 11 12 13 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 31.3 31.3 6.2 6.2 102.7 102.7 -64.1 -64.1 -24.6 -24.6 -9.7 -9.7 -33.3 -33.3 -50.1 -50.1 -5.3 -5.3 49.6 49.6 33.6 33.6 12 13 14 15 16 Customers’ liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world 0.0 0.0 -0.0 -0.3 -0.3 -0.1 0.0 -0.1 0.1 -0.2 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 17 18 19 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 3.9 1.9 1.9 6.0 3.0 3.0 6.2 3.1 3.1 6.4 3.2 3.2 -14.5 -7.2 -7.2 2.6 1.3 1.3 -24.8 -12.4 -12.4 -34.6 -17.3 -17.3 -1.2 -0.6 -0.6 -1.2 -0.6 -0.6 -3.8 -1.9 -1.9 17 18 19 20 21 22 Credit unions loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 1.0 0.5 0.5 0.9 0.4 0.4 0.0 0.0 0.0 2.7 1.4 1.4 2.7 1.4 1.4 7.1 3.5 3.5 3.4 1.7 1.7 -1.5 -0.8 -0.8 1.8 0.9 0.9 -4.1 -2.0 -2.0 7.5 3.8 3.8 20 21 22 23 24 25 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.8 -0.0 0.8 3.3 -0.0 3.4 3.6 -0.0 3.6 5.9 -0.0 5.9 0.7 -0.0 0.7 1.5 -0.0 1.6 2.0 -0.0 2.1 -3.4 -0.0 -3.4 2.7 -0.0 2.7 2.5 -0.0 2.5 2.8 -0.0 2.9 23 24 25 26 27 28 29 30 31 32 33 Govt.-sponsored enterprises loans (1) 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) 52.4 0.0 1.9 6.1 24.4 16.2 3.3 0.4 33.1 0.0 4.2 7.7 80.0 -65.7 4.2 2.7 237.7 0.0 4.3 7.7 106.7 91.1 13.4 14.5 38.1 0.0 24.8 -20.1 71.0 -72.2 8.3 26.2 -284.8 0.0 3.1 -3.3 -124.2 -139.6 -14.1 -6.6 -358.7 0.0 -4.4 3.8 -190.8 -116.4 -41.2 -9.6 -305.0 0.0 7.8 -3.2 -32.6 -261.8 -7.2 -8.0 -351.3 0.0 5.7 -10.3 -221.0 -113.0 -0.8 -12.0 -124.1 0.0 3.2 -3.4 -52.6 -67.3 -7.2 3.2 -171.5 0.0 -8.5 -1.5 -89.1 -57.3 -4.4 -10.8 -152.2 0.0 4.4 -5.2 -125.8 -24.0 -1.6 0.0 26 27 28 29 30 31 32 33 34 35 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business -17.6 -17.6 3.8 3.8 -4.0 -4.0 -15.6 -15.6 -23.7 -23.7 -30.4 -30.4 -28.2 -28.2 -40.6 -40.6 4.2 4.2 -18.0 -18.0 -1.9 -1.9 34 35 36 37 38 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 27.6 24.9 2.8 18.9 17.0 1.9 24.9 22.4 2.5 16.9 15.2 1.7 -91.0 -81.9 -9.1 -101.4 -91.3 -10.1 -111.0 -99.9 -11.1 -50.1 -45.0 -5.0 -101.6 -91.4 -10.2 -62.7 -56.4 -6.3 -48.5 -43.7 -4.9 36 37 38 39 40 41 42 43 44 45 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 66.6 2.7 4.2 10.5 37.8 7.7 3.6 101.1 0.4 6.5 9.8 61.2 19.8 3.4 164.6 8.5 9.6 36.1 92.6 11.1 6.7 110.5 12.2 14.3 12.4 53.4 3.1 15.1 -67.1 -5.3 -13.3 1.3 -27.4 -12.7 -9.8 -119.9 -9.4 -23.8 2.3 -48.9 -22.7 -17.4 -92.2 -7.2 -18.3 1.8 -37.6 -17.5 -13.4 -72.4 -5.7 -14.4 1.4 -29.5 -13.7 -10.5 16.0 1.3 3.2 -0.3 6.5 3.0 2.3 20.0 1.6 4.0 -0.4 8.2 3.8 2.9 37.0 1.8 10.5 1.1 12.4 5.3 6.0 39 40 41 42 43 44 45 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 50 Z.1, September 17, 2010 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1 Net change in mortgages 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 1 2 3 4 5 Home Multifamily residential Commercial Farm 1114.2 62.3 248.2 9.1 1073.2 40.7 273.7 3.3 711.3 81.7 264.4 4.6 -103.4 46.9 130.1 20.9 -212.5 3.9 -93.1 0.9 -72.4 14.0 3.0 0.9 -245.0 24.9 -54.5 0.9 -355.3 8.9 -113.7 0.9 -177.2 -32.1 -207.3 0.9 -507.1 15.0 -110.4 -4.4 -292.2 -21.5 -191.2 -4.4 2 3 4 5 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 6 1047.1 1017.6 700.3 -34.8 -172.2 -44.2 -204.9 -274.6 -165.1 -431.0 -261.5 7 372.6 192.6 170.9 9.1 366.6 82.0 281.3 3.3 357.0 48.1 304.3 4.6 122.6 25.4 76.3 20.9 -131.9 -39.4 -93.4 0.9 -15.9 15.3 -32.1 0.9 -78.2 -13.9 -65.1 0.9 -183.1 -73.5 -110.5 0.9 -250.5 -85.5 -166.0 0.9 -176.6 -72.9 -99.4 -4.4 -249.9 -82.0 -163.4 -4.4 8 9 10 11 6 7 Net borrowing Household sector 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 12 13 Federal government REITs 0.0 14.1 0.0 6.6 0.0 4.7 0.0 6.8 0.0 3.4 0.0 5.6 0.0 9.5 0.0 -1.4 0.0 -0.1 0.0 0.8 0.0 2.0 12 13 14 Net change in assets 1433.8 1390.8 1062.0 94.6 -300.8 -54.5 -273.6 -459.2 -415.8 -606.8 -509.4 14 8.1 1.7 5.3 -17.3 -8.4 -1.5 -13.0 -18.4 7.4 1.6 -7.1 2.8 -9.4 -7.1 -4.0 -7.8 -7.1 -2.8 -8.8 -7.1 -4.0 -10.5 -7.1 -4.8 -10.5 -7.1 -4.5 -6.3 -7.1 -3.9 -13.1 -7.1 -4.0 15 16 17 10.8 2.4 14.5 3.7 9.3 2.1 -5.1 13.5 9.6 12.6 1.4 3.6 11.5 21.8 15.9 31.1 9.6 -6.3 14.6 -5.2 -5.7 5.2 18 19 362.4 95.3 31.3 445.0 -77.2 30.1 241.4 17.2 31.8 197.0 -233.4 33.2 -22.7 -227.3 3.2 131.2 -184.3 18.8 72.0 -349.3 -2.6 -272.0 -176.2 -4.7 -22.2 -199.2 1.4 -249.2 -177.6 21.0 -329.6 13.6 -12.6 20 21 22 0.3 12.1 -0.2 1.3 0.7 18.3 -0.3 -2.0 1.3 22.4 0.7 -4.7 0.2 16.3 0.9 -0.3 -0.5 -16.3 2.6 -0.1 0.2 -8.7 2.0 -0.3 0.2 -16.1 1.9 0.1 -1.0 -12.6 2.9 -0.2 -1.4 -27.9 3.4 -0.2 -0.7 -12.0 3.9 0.1 -0.1 -15.0 4.5 -0.0 23 24 25 26 -40.2 164.5 685.2 18.4 292.6 631.5 35.9 623.3 182.5 58.3 497.0 -350.9 -4.7 415.0 -384.3 49.3 340.0 -349.0 -37.9 507.9 -423.7 -19.0 465.6 -375.2 -11.2 346.3 -389.4 -11.2 132.1 -244.1 -57.3 244.8 -291.7 27 28 29 65.4 28.1 53.0 -10.3 -62.5 -14.5 -84.0 -45.5 -50.5 -16.6 -23.3 -17.6 -29.3 -10.2 -69.7 -21.7 -79.8 -17.0 -53.8 -7.3 -34.3 -7.0 30 31 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government 20 21 22 Commercial banking Savings institutions (1) Credit unions 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 30 31 Finance companies REITs (1) FHLB loans to savings institutions are included in other loans and advances. 51 Z.1, September 17, 2010 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 Commercial banking Savings institutions Credit unions 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 20 21 Finance companies REITs 22 23 24 25 26 27 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 1 1039.0 7.6 67.6 990.7 8.2 74.2 674.5 2.9 33.9 -46.2 -10.2 -46.9 -163.1 -12.4 -37.0 -31.2 -10.8 -30.4 -190.5 -13.0 -41.5 -272.9 -13.8 -68.5 -157.7 -12.0 -7.5 -445.5 -7.8 -53.8 -233.4 -9.8 -48.9 2 3 4 1114.2 1073.2 711.3 -103.4 -212.5 -72.4 -245.0 -355.3 -177.2 -507.1 -292.2 5 5.0 1.0 1.9 -15.0 -5.1 -0.6 -12.1 -10.9 2.7 0.4 -4.4 1.0 -8.0 -4.3 -1.5 -8.0 -4.3 -1.0 -8.0 -4.3 -1.5 -8.0 -4.2 -1.7 -8.0 -4.3 -1.6 -8.0 -4.2 -1.4 -8.0 -4.2 -1.4 6 7 8 5.5 -0.4 7.4 0.2 4.8 0.3 -2.6 2.7 4.9 5.7 0.7 -0.2 5.9 10.2 8.1 15.6 4.9 -2.9 7.4 4.6 -2.9 2.6 9 10 210.5 79.6 31.3 290.1 -86.0 30.1 128.4 11.1 31.8 29.1 -212.6 33.2 13.2 -217.7 3.2 103.8 -186.7 18.8 83.6 -352.3 -2.6 -214.0 -159.0 -4.7 79.5 -172.8 1.4 -169.4 -177.9 21.0 -206.8 30.0 -12.6 11 12 13 -0.6 -0.0 0.5 2.9 -0.1 -0.7 -0.9 -0.1 -1.7 -0.6 0.1 -0.1 -3.3 0.7 -0.0 -0.6 1.6 -0.1 -0.5 0.3 0.1 -0.2 0.4 -0.1 -11.8 0.5 -0.1 -0.7 0.1 0.0 -0.4 0.3 -0.0 14 15 16 -54.7 169.0 573.3 3.7 302.8 518.9 -9.7 622.6 35.0 8.0 492.2 -310.0 -16.1 402.5 -335.0 35.7 336.0 -335.5 -52.3 493.2 -388.0 -33.9 452.5 -332.3 -13.9 328.4 -284.2 -27.7 131.4 -219.1 -54.3 235.0 -233.2 17 18 19 67.8 24.6 48.3 -23.7 -65.4 -24.5 -97.3 -42.5 -47.8 -9.1 -20.7 -12.1 -25.2 -3.5 -68.5 -5.2 -76.7 -15.7 -54.5 -8.6 -25.7 -10.5 20 21 139.2 65.5 30.4 12.0 17.1 14.3 151.3 104.6 -14.1 11.0 40.1 9.7 64.8 38.6 42.9 7.2 -10.9 -13.1 -17.8 82.6 -61.0 4.6 -24.5 -19.5 -82.2 -14.3 -39.5 -4.1 -14.7 -9.6 -70.9 -25.5 -14.0 -6.7 -19.1 -5.6 -87.4 46.2 -103.8 -3.7 -16.2 -9.9 -93.2 -57.9 -8.4 -4.5 -13.6 -8.7 -77.1 -20.0 -31.8 -1.5 -9.7 -14.0 -107.5 -73.6 -6.2 -7.5 -11.6 -8.5 -68.9 -39.2 -7.3 -3.1 -8.5 -10.9 22 23 24 25 26 27 (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 62.3 40.7 81.7 46.9 3.9 14.0 24.9 8.9 -32.1 15.0 -21.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 1.4 61.0 1.0 39.4 6.0 78.1 1.9 42.6 1.5 0.6 1.1 10.5 1.6 17.2 1.8 6.8 1.5 -32.0 -1.1 15.1 0.2 -21.7 2 3 4 5 Federal government REITs 0.0 -0.1 0.0 0.3 0.0 -2.3 0.0 2.3 0.0 1.8 0.0 2.3 0.0 6.1 0.0 0.2 0.0 -1.6 0.0 1.0 0.0 -0.0 4 5 6 Net change in assets 62.3 40.7 81.7 46.9 3.9 14.0 24.9 8.9 -32.1 15.0 -21.5 6 0.0 0.0 1.9 0.0 -0.1 -0.5 0.0 -0.3 2.6 0.0 -0.1 0.9 0.0 -0.1 -1.4 0.0 -0.1 -0.9 0.0 -0.1 -1.4 0.0 -0.1 -1.6 0.0 -0.1 -1.5 0.0 -0.1 -1.3 0.0 -0.1 -1.3 7 8 9 7 8 9 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 10 11 State and local governments Federal government 4.3 -0.0 5.8 -0.2 3.7 -0.3 -2.0 0.1 3.8 0.1 0.6 -0.4 4.6 -0.1 6.4 0.0 3.8 1.1 5.8 -0.8 -2.3 0.2 10 11 12 13 Commercial banking Savings institutions 20.0 10.8 18.9 -2.6 10.9 -3.1 42.2 -27.5 -4.1 -5.3 6.6 2.1 0.1 0.5 0.9 -9.3 -23.9 -14.5 -6.0 1.6 -9.3 -6.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 2.0 -0.0 0.4 3.6 -0.1 -0.6 5.8 0.1 -1.4 -0.1 0.3 -0.1 -3.2 0.3 -0.0 -2.3 -0.3 -0.1 -2.1 0.4 0.0 -1.5 0.6 -0.0 -7.1 0.7 -0.1 -2.8 1.1 0.0 -2.0 1.2 -0.0 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 10.5 -4.5 16.6 12.4 -12.5 14.0 42.3 -0.7 22.1 40.0 4.6 -11.0 10.1 12.6 -6.2 12.7 4.2 -6.2 13.1 14.9 -3.0 13.3 13.4 -7.0 1.3 18.0 -8.6 20.1 3.3 -3.9 -1.8 7.9 -6.9 17 18 19 20 21 Finance companies REITs 0.0 0.3 -0.5 3.1 -0.1 0.2 0.8 -1.3 -0.7 -2.1 -0.8 -1.0 -0.4 -1.6 -0.8 -5.2 -0.9 -0.4 -1.6 -0.4 -0.9 0.1 20 21 52 Z.1, September 17, 2010 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2010 Q3 Q4 Q1 Q2 248.2 273.7 264.4 130.1 -93.1 3.0 -54.5 -113.7 -207.3 -110.4 -191.2 1 8.1 183.5 42.3 14.2 26.9 72.8 167.7 6.3 25.9 39.3 192.3 7.0 11.4 33.7 80.6 4.5 -9.1 -28.5 -57.1 1.6 -12.9 25.0 -12.3 3.2 -14.4 -2.6 -40.9 3.4 -1.7 -61.5 -48.8 -1.7 -7.4 -75.0 -126.5 1.5 14.5 -64.0 -60.7 -0.1 -28.1 -72.4 -92.7 2.1 2 3 4 5 248.2 273.7 264.4 130.1 -93.1 3.0 -54.5 -113.7 -207.3 -110.4 -191.2 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 1.9 0.6 1.4 2.2 -3.2 -0.4 2.1 -7.3 2.0 0.9 -2.6 0.8 -0.7 -2.7 -1.1 -0.2 -2.7 -0.8 -0.4 -2.7 -1.1 -0.9 -2.7 -1.3 -1.4 -2.7 -1.2 -1.8 -2.7 -1.1 -2.3 -2.7 -1.1 7 8 9 10 11 State and local governments Federal government 0.9 2.8 1.2 3.7 0.7 2.1 -0.4 10.4 0.8 6.4 0.1 4.4 0.9 11.6 1.3 14.4 0.8 -5.0 1.2 -9.4 -0.5 2.3 10 11 12 13 Commercial banking Savings institutions 128.7 4.9 133.8 11.3 100.4 9.1 117.9 6.7 -32.5 -4.2 20.2 0.3 -12.3 2.5 -59.5 -7.9 -78.5 -11.8 -72.1 -1.3 -111.9 -9.9 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 0.3 10.2 -0.1 0.5 0.7 11.1 -0.2 -0.7 1.3 16.8 0.7 -1.6 0.2 14.9 0.5 -0.1 -0.5 -9.3 1.5 -0.0 0.2 -5.4 0.7 -0.1 0.2 -13.0 1.2 0.0 -1.0 -10.4 1.9 -0.0 -1.4 -8.5 2.2 -0.1 -0.7 -8.1 2.7 0.0 -0.1 -12.1 3.0 -0.0 14 15 16 17 18 19 Agency- and GSE-backed mortgage pools ABS issuers 0.0 95.3 0.0 98.7 0.0 125.4 0.0 -30.0 0.0 -43.1 0.0 -7.3 0.0 -32.7 0.0 -35.9 0.0 -96.7 0.0 -21.1 0.0 -51.7 18 19 20 21 Finance companies REITs -2.4 3.2 5.2 10.3 2.9 9.9 12.6 -1.7 -2.0 -5.5 -1.8 -4.6 -3.7 -5.1 -0.4 -11.3 -2.2 -0.9 2.3 1.7 -7.7 3.4 20 21 7 8 9 Net change in assets Q2 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 1 2 Net change in assets 9.1 3.3 4.6 20.9 0.9 0.9 0.9 0.9 0.9 -4.4 -4.4 2 1.1 0.1 -4.5 -0.0 -3.0 0.1 0.3 0.1 -0.7 -0.1 0.4 -0.1 -0.4 -0.1 -1.6 -0.1 -1.1 -0.1 3.5 -0.1 -2.8 -0.1 3 4 0.1 -0.0 0.1 -0.0 0.1 0.1 -0.1 0.2 0.1 0.4 0.0 -0.1 0.1 0.1 0.2 1.0 0.1 0.6 0.1 0.3 -0.1 0.0 5 6 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 3.3 0.0 2.2 0.1 1.7 0.1 7.8 0.0 0.6 -0.0 0.6 -0.0 0.6 0.0 0.6 -0.0 0.6 -0.1 -1.6 -0.1 -1.7 0.0 7 8 9 10 Life insurance companies State and local govt. retirement funds 0.6 0.0 0.7 0.0 0.7 0.0 2.0 0.0 -0.5 0.0 -0.5 0.0 -0.5 0.0 -0.5 0.0 -0.5 0.0 -0.5 0.0 -0.5 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4.0 -0.1 2.2 2.3 3.3 1.4 10.3 0.1 1.3 -0.2 0.8 -0.2 1.2 -0.2 1.6 -0.3 1.4 -0.1 -3.5 -2.6 -1.3 1.9 11 12 (1) Excludes mortgages on farm houses. 53 Z.1, September 17, 2010 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1 Net change in liabilities (Households) 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 1 2 Net change in assets 100.4 95.4 139.3 38.8 -115.3 -96.9 -124.4 -98.9 -140.8 -46.8 -60.8 2 0.4 0.0 3.7 -2.0 0.0 1.9 1.0 0.0 6.7 1.2 0.0 12.6 -2.6 0.0 75.0 4.0 0.0 36.4 -18.6 0.0 57.0 1.9 0.0 86.7 2.2 0.0 119.9 24.3 0.0 84.6 -8.7 0.0 57.2 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 2.8 17.8 13.2 34.2 -13.5 5.9 62.9 -4.8 1.2 74.5 -4.5 0.5 -50.6 -8.8 1.0 5.3 -25.1 3.2 -38.8 -16.6 3.0 -73.4 8.9 5.7 -95.3 -2.3 -8.0 20.4 -14.2 -20.9 -41.6 10.5 -0.8 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 38.4 24.2 0.0 51.2 17.8 0.0 22.6 49.7 0.0 -37.3 -8.3 0.0 -41.3 -88.0 0.0 -54.1 -66.6 0.0 -36.0 -74.3 0.0 -44.9 -83.9 0.0 -30.0 -127.2 0.0 -79.3 -61.7 0.0 -45.1 -32.3 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 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 340.8 189.1 202.0 -65.4 11.9 -196.6 -60.5 140.7 163.9 243.8 186.0 1 13.0 13.6 14.6 15.7 10.9 6.4 7.9 16.5 12.9 20.4 20.0 2 199.4 52.0 -2.8 110.3 20.0 -7.0 85.9 29.3 -4.1 -157.9 20.2 24.6 -64.9 -29.5 4.7 -271.1 -20.5 0.1 -112.5 -29.5 6.2 14.5 -35.1 6.4 109.6 -32.8 6.1 214.4 -28.9 -1.9 147.5 -29.0 -1.9 3 4 5 32.1 33.7 34.4 6.2 37.0 29.3 39.6 27.0 38.4 5.4 38.1 -44.5 38.4 -29.6 38.5 43.0 38.5 52.5 38.6 31.7 39.0 4.4 6 7 6.3 7.0 6.2 5.2 12.4 -2.4 -9.9 -24.7 -2.0 48.9 -11.6 106.5 31.8 26.9 7.3 49.6 -35.6 12.6 0.7 -31.4 47.1 -41.0 8 9 10 Net change in trade receivables 371.2 43.1 250.6 -101.2 -105.4 -355.9 -88.9 14.6 8.7 108.6 128.3 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 277.6 66.6 -18.3 40.0 163.1 54.7 -126.5 34.4 -37.1 -50.2 -277.8 -34.9 -35.4 -50.3 75.9 -59.9 88.8 -55.9 140.8 -49.2 160.1 -49.5 11 12 13 14 15 State and local governments Federal government Rest of the world 10.2 9.2 7.9 13.8 -11.6 5.9 8.9 1.2 20.8 -4.8 4.2 6.3 9.1 7.9 3.1 1.3 0.2 -10.0 10.9 2.7 17.5 15.2 4.0 26.6 9.1 24.5 -21.5 13.9 6.8 15.4 -5.4 -13.1 30.1 13 14 15 16 17 Property-casualty insurance companies ABS issuers 2.4 -2.8 4.9 8.5 -1.6 3.4 1.3 -16.1 -3.7 -34.5 2.8 -37.6 -0.4 -33.9 -7.7 -39.6 -9.7 -26.8 7.4 -26.5 7.8 -1.6 16 17 -30.4 145.9 -48.5 35.9 117.3 159.3 28.4 126.1 155.2 135.1 57.8 18 18 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 0.2 211.5 276.5 -397.9 -95.9 -487.7 -53.6 44.8 112.9 27.3 163.0 1 -31.6 0.0 59.7 0.0 33.4 0.0 -160.7 0.0 38.1 0.0 -122.3 0.0 53.6 0.0 104.4 0.0 116.9 0.0 -26.4 0.0 82.5 0.0 2 3 31.8 -3.0 -6.6 41.4 151.8 80.4 20.9 50.6 243.0 210.8 29.3 3.0 -237.3 -123.8 12.8 -126.3 -134.0 -74.1 -59.2 -0.8 -365.4 -305.2 -78.1 17.9 -107.1 -36.2 -73.0 2.1 -59.6 57.7 -89.5 -27.7 -3.9 -12.6 3.9 4.7 53.7 45.7 8.0 -0.0 80.5 22.6 17.6 40.3 4 5 6 7 8 Net change in assets 0.2 211.5 276.5 -397.9 -95.9 -487.7 -53.6 44.8 112.9 27.3 163.0 8 9 10 Household sector Rest of the world -3.0 0.0 80.4 0.0 210.8 0.0 -123.8 0.0 -74.1 0.0 -305.2 0.0 -36.2 0.0 57.7 0.0 -12.6 0.0 45.7 0.0 22.6 0.0 9 10 11 12 Commercial banking Brokers and dealers 34.8 -31.6 71.5 59.7 32.3 33.4 -113.5 -160.7 -59.9 38.1 -60.2 -122.3 -70.9 53.6 -117.3 104.4 8.6 116.9 8.0 -26.4 57.9 82.5 11 12 54 Z.1, September 17, 2010 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 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) 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 1 1.1 14.9 1.5 64.1 1.2 33.0 1.0 66.0 1.1 26.7 -0.2 66.5 2.1 6.0 0.2 0.6 2.4 33.7 -0.3 56.5 0.7 67.0 2 3 16.1 65.6 34.2 67.0 27.8 66.4 8.0 0.8 36.1 56.2 67.7 4 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 5 142.1 72.8 5.8 54.7 100.5 53.8 45.9 50.4 118.6 32.4 2.0 47.8 65.5 -50.4 18.7 78.9 35.7 35.7 -16.5 78.2 50.1 -39.2 -19.6 30.8 2.2 45.9 -12.6 62.9 43.1 97.6 -1.7 69.7 47.3 38.4 -32.1 149.3 53.2 31.3 -20.7 57.1 104.1 28.6 -30.3 64.7 6 7 8 9 275.4 250.6 200.8 112.7 133.0 22.1 98.4 208.8 202.9 121.0 167.0 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 Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses -4.7 22.5 -69.3 -127.6 -0.7 -26.6 -38.9 102.4 -39.8 10.2 -16.0 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business -1.8 8.7 -0.8 9.0 -49.6 3.8 3.1 2.8 -2.7 -4.2 -31.4 -2.9 -19.0 -4.2 21.3 -5.0 18.3 -4.6 26.8 -4.1 -20.2 -4.1 2 3 4 5 U.S.-chartered commercial banks Savings institutions -7.9 0.1 -1.1 -0.4 -13.6 -2.0 -85.7 -0.3 7.1 0.3 8.0 1.4 -33.1 -2.3 59.7 2.3 -6.4 -0.2 -24.3 1.0 36.1 -2.0 4 5 6 7 Property-casualty insurance companies Life insurance companies -3.1 -2.6 11.0 4.0 -2.4 -3.4 -28.1 -19.7 5.3 -7.0 -12.5 10.2 14.8 0.7 24.2 -4.0 -5.2 -35.0 12.6 4.0 -25.8 -0.2 6 7 8 9 Finance companies Brokers and dealers 1.9 -0.1 0.0 0.7 -1.5 -0.6 -0.1 0.3 -2.8 3.2 -0.3 0.8 -3.2 7.3 -3.1 7.0 -4.5 -2.1 -0.4 -5.3 0.1 -0.1 8 9 40.9 5.1 -34.7 -68.8 7.7 -53.7 54.2 7.7 22.8 11.0 58.5 10 15.5 25.3 11.5 -6.3 0.8 -35.5 -7.3 -61.4 -12.6 20.3 -12.5 -41.2 -15.2 69.4 -13.1 20.8 -9.4 32.2 11.7 -0.7 17.9 40.6 11 12 -45.6 17.3 -34.6 -58.8 -8.5 27.0 -93.1 94.7 -62.6 -0.8 -74.5 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers -37.1 18.0 -30.5 -33.7 -5.1 11.1 -26.0 -11.5 6.1 6.9 20.5 1 -30.9 -5.0 -1.2 22.3 2.4 -6.8 -31.6 -1.4 2.4 -29.4 -15.8 11.5 -6.2 4.8 -3.6 -15.4 4.0 22.5 -11.7 7.3 -21.6 -2.2 0.2 -9.5 4.5 7.7 -6.1 -14.5 22.6 -1.3 1.8 26.3 -7.6 2 3 4 55 Z.1, September 17, 2010 F.228 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 Net change in liabilities Q2 2010 Q3 Q4 Q1 Q2 1265.0 1859.0 2543.0 2331.7 -84.0 737.9 -1042.0 746.1 -778.1 1330.2 1440.9 1 1.0 781.7 142.8 0.5 825.5 144.8 1.0 1275.6 94.1 3.2 714.8 74.5 -4.9 391.3 -11.5 -2.0 509.4 -10.0 -6.7 103.0 -16.7 -1.5 295.0 -13.2 -9.5 657.7 -6.1 10.1 67.9 25.1 3.8 534.5 -35.4 2 3 4 Federal government Rest of the world 68.0 24.9 59.4 467.0 76.6 509.7 89.5 613.3 81.4 -198.0 -22.0 -512.3 68.8 -360.4 55.5 427.4 223.5 -346.7 21.1 476.5 72.5 440.1 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 2.8 32.5 27.3 2.6 3.2 25.2 19.7 -2.7 2.5 159.3 22.2 -5.6 2.2 364.3 -30.1 1.1 6.1 -241.7 -50.5 14.7 36.0 301.7 40.2 67.7 33.8 -530.3 -68.1 1.1 -102.7 21.8 -95.2 -8.3 57.2 -759.8 -78.9 -1.7 40.8 631.8 33.0 -29.8 11.1 474.4 37.3 7.9 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 52.2 19.5 39.7 50.9 12.3 67.6 32.8 46.8 -5.2 -17.8 -40.9 -38.6 5.4 -39.8 22.1 80.7 -7.2 -73.4 -1.5 28.0 33.2 6.2 11 12 13 14 Government-sponsored enterprises Finance companies -1.9 28.2 11.6 13.7 17.7 -6.9 41.0 10.4 58.3 -91.2 131.6 -53.8 8.8 -97.3 63.5 -150.2 29.3 -63.6 65.6 -82.2 -55.9 20.4 13 14 15 16 17 REITs Brokers and dealers Funding corporations 4.3 26.2 52.9 7.8 97.8 94.9 3.4 38.2 275.4 -3.7 -100.4 472.1 -22.8 26.1 -18.3 -48.2 63.0 316.1 4.2 145.5 -293.2 -23.3 110.5 64.2 -23.9 -214.7 -160.4 39.1 320.8 -316.1 -26.4 -111.1 28.1 15 16 17 1355.2 2588.4 2598.1 782.1 -429.6 -629.7 -1147.3 -42.8 101.3 938.1 406.3 18 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 18 Net change in assets 19 20 21 22 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 58.0 441.2 256.0 1.3 37.4 718.6 378.9 4.1 66.1 929.6 328.4 3.4 55.2 191.1 129.2 1.8 21.1 98.2 -188.5 1.7 -13.1 189.9 -130.9 1.6 7.5 47.8 -188.6 1.7 26.5 26.8 -224.6 1.7 63.4 128.3 -209.7 1.7 4.9 500.1 -184.7 0.5 61.4 653.5 -185.7 0.5 19 20 21 22 23 24 25 State and local governments Federal government Rest of the world -8.9 -0.3 167.5 74.2 3.1 694.5 108.4 1.9 649.5 49.5 -28.0 -295.1 43.3 35.4 162.4 -24.0 11.1 147.2 50.9 -18.4 123.3 102.7 -45.3 455.0 43.7 194.0 -75.8 77.5 7.3 363.2 50.2 -66.1 515.1 23 24 25 26 27 28 29 Monetary authority Commercial banking Savings institutions Credit unions -3.2 94.3 -58.8 -0.3 0.1 148.6 -4.5 0.8 25.8 137.0 6.2 11.0 530.2 684.5 -25.4 8.4 -493.8 -84.0 -15.1 6.4 -954.4 353.8 2.7 49.0 -674.4 -188.1 -87.5 -3.7 -191.1 -229.9 -110.7 -5.0 -155.4 -271.8 135.2 -14.8 -34.1 378.4 -52.5 -45.2 -1.6 306.8 -17.8 -6.9 26 27 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 10.8 21.4 -10.4 -0.6 40.0 3.1 41.1 1.3 1.0 35.8 17.6 39.9 17.5 -0.6 33.3 6.8 47.7 11.3 -0.0 63.3 15.7 -115.1 21.6 0.5 61.9 6.9 -127.4 -2.2 -0.6 17.3 6.6 -183.8 65.5 0.4 45.2 21.8 -51.4 11.2 1.8 57.3 27.6 -97.6 12.1 0.7 127.9 8.2 73.1 -47.6 0.4 42.2 10.2 55.0 13.1 0.5 47.2 30 31 32 33 34 35 36 37 Money market mutual funds Mutual funds Government-sponsored enterprises -10.0 3.7 4.0 15.9 3.3 -3.2 31.8 2.8 27.0 -43.1 3.2 -46.7 11.3 -5.1 -17.2 85.1 -15.8 29.3 -233.0 4.9 55.0 -52.1 7.0 -110.4 245.1 -16.5 -42.8 60.2 -26.4 -165.8 -262.0 0.0 -34.2 35 36 37 38 39 40 41 Finance companies REITs Brokers and dealers Funding corporations 52.2 11.6 217.7 67.9 -30.2 7.8 425.1 31.9 1.7 -4.4 47.3 116.9 11.8 -0.7 -615.1 42.1 31.9 -8.4 54.9 -68.9 7.7 -2.9 -295.3 35.2 33.0 -16.1 263.5 -258.9 0.1 -0.5 412.1 -145.7 87.0 -14.0 -160.6 93.8 -128.4 10.4 151.4 -55.3 9.8 9.5 -569.9 -182.3 38 39 40 41 -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 42 42 Discrepancy 56 Z.1, September 17, 2010 F.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 2010 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 Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 36.2 61.9 -10.3 -15.4 24.7 0.5 10.8 1.4 4.5 -5.7 244.9 49.0 217.3 -21.4 219.2 -1.7 3.1 0.8 8.0 15.6 414.0 200.9 230.5 -17.3 307.0 32.8 17.6 5.8 26.4 24.4 351.1 145.5 239.5 -33.9 276.2 18.6 6.8 4.5 22.8 22.2 268.7 18.4 239.9 10.3 249.9 -8.9 15.7 0.9 5.7 5.4 180.6 8.4 179.0 -6.8 186.9 -7.7 6.9 -3.2 -2.2 -0.1 248.3 -2.1 237.0 13.4 236.7 -15.6 6.6 9.0 6.6 4.9 313.3 38.0 240.8 34.4 253.5 17.2 21.8 2.7 9.4 8.7 332.6 29.4 302.8 0.4 322.4 -29.4 27.6 -5.0 9.0 8.2 411.8 120.7 322.5 -31.5 389.9 -4.6 8.2 2.4 2.2 13.7 325.9 43.1 291.4 -8.6 256.7 30.8 10.2 4.4 16.4 7.5 1 2 3 4 5 6 7 8 9 10 98.7 0.1 9.4 -0.1 0.4 6.3 -2.6 0.6 112.6 70.7 41.7 0.2 191.0 0.2 13.8 23.1 14.4 5.2 -5.1 0.6 243.2 115.0 69.1 59.0 287.0 0.2 -1.2 -6.4 -0.6 -9.4 1.0 0.6 271.2 152.8 55.2 63.2 234.9 0.1 23.2 7.4 13.1 23.0 26.1 0.6 328.3 261.6 47.0 19.8 100.7 0.3 9.0 -0.2 6.9 7.6 9.8 0.6 134.7 94.8 28.5 11.5 43.8 0.3 -5.4 -32.9 10.4 13.4 -6.8 0.6 23.5 78.2 -39.3 -15.4 70.6 0.1 3.5 7.3 14.7 17.6 11.8 0.6 126.1 101.5 24.3 0.3 173.5 0.2 15.6 18.9 9.4 5.1 -0.1 0.6 223.2 108.6 42.5 72.1 114.8 0.4 22.3 6.1 -7.1 -5.6 34.4 0.6 166.1 90.8 86.4 -11.1 163.5 0.1 14.5 2.2 6.0 6.6 12.9 0.6 206.3 66.7 73.8 65.8 91.6 0.1 12.3 6.1 3.2 -1.3 -3.8 0.6 108.7 79.2 77.7 -48.1 11 12 13 14 15 16 17 18 19 20 21 22 1.3 1.3 2.0 2.0 1.7 1.7 1.4 1.4 1.7 1.7 0.6 0.6 5.2 5.2 0.3 0.3 0.6 0.6 1.9 1.9 5.3 5.3 23 24 1.6 1.6 1.8 1.8 3.1 3.1 2.6 2.6 4.6 4.6 5.9 5.9 6.8 6.8 2.7 2.7 2.9 2.9 2.5 2.5 1.5 1.5 25 26 1.9 0.0 -0.1 0.1 0.0 0.8 1.1 0.1 -0.1 0.2 0.0 0.1 0.2 0.0 2.7 -2.9 0.2 0.0 9.1 0.0 0.3 0.5 0.0 3.8 3.3 0.6 0.6 -0.3 0.0 0.9 -0.5 0.0 -1.0 -0.9 0.3 1.0 -3.9 0.0 0.7 -0.0 0.0 -0.9 -3.0 -0.4 -0.3 -8.7 0.0 0.0 0.5 0.0 -3.8 -4.0 -1.3 -0.0 7.2 0.0 0.8 -0.4 0.0 10.0 -3.6 0.4 0.1 -2.8 0.0 1.4 -0.8 0.0 -1.5 -1.5 -0.0 -0.4 -11.3 0.0 0.7 0.5 0.0 -8.2 -2.7 -0.5 -1.0 -3.1 0.0 -0.1 0.2 0.0 -2.6 -0.2 -0.0 -0.4 -1.9 0.0 0.8 -0.6 0.0 -1.7 -0.7 0.0 0.3 27 28 29 30 31 32 33 34 35 40.0 3.7 9.7 -38.9 68.2 82.7 110.0 2.1 2.7 3.2 38.3 156.2 126.1 0.6 5.3 41.5 -110.3 63.1 48.2 6.3 -12.5 -7.3 57.3 92.0 102.8 -9.5 9.3 -23.3 -122.1 -42.7 7.7 -30.4 -5.8 -25.4 7.2 -46.8 61.7 1.1 16.6 -54.2 8.3 33.5 240.1 -1.5 27.9 -17.2 -195.6 53.7 101.7 -7.0 -1.6 3.5 -308.1 -211.4 -14.4 3.7 10.9 -9.3 182.8 173.7 97.3 -0.7 15.0 -11.0 24.1 124.7 36 37 38 39 40 41 64.4 64.4 22.9 22.9 -54.8 -54.8 -1.1 -1.1 -9.3 -9.3 -14.0 -14.0 -18.4 -18.4 -5.9 -5.9 1.2 1.2 -3.2 -3.2 -3.7 -3.7 42 43 21.0 46.9 67.9 8.6 23.3 31.9 43.7 73.2 116.9 35.6 6.4 42.1 -75.7 6.8 -68.9 -29.2 64.4 35.2 -179.5 -79.4 -258.9 -101.3 -44.4 -145.7 7.2 86.6 93.8 -56.2 0.9 -55.3 -145.9 -36.4 -182.3 44 45 46 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.4 1.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.6 4.8 4.8 13.4 6.7 6.7 10.2 5.1 5.1 47 48 49 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 19 20 21 22 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Equity Reinvested earnings Intercompany accounts Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 28 29 30 31 32 33 34 35 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (Farm Credit System) Farm business (Farm Credit System) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 37 38 39 40 41 Liab.: Commercial banking Savings institutions Life insurance companies Finance companies Brokers and dealers 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 46 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 47 48 49 Liab.: Funding corporations Asset: Households (2) Federal government (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982. (2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 57 Z.1, September 17, 2010 F.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -2.2 -2.2 0.0 -0.0 -0.0 0.0 23.9 -0.1 24.0 529.8 0.0 529.7 -543.3 0.2 -543.5 -975.4 -0.2 -975.2 -781.1 0.3 -781.3 -231.3 0.0 -231.3 -185.3 0.6 -185.9 -41.1 -0.0 -41.1 5.2 0.2 5.0 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 0.8 0.8 -0.2 -0.2 1.9 1.9 -5.4 -5.4 0.4 0.4 14.0 14.0 -3.3 -3.3 -14.0 -14.0 5.0 5.0 21.0 21.0 -13.3 -13.3 6 7 1.0 1.0 0.5 0.5 1.0 1.0 3.2 3.2 -4.9 -4.9 -2.0 -2.0 -6.7 -6.7 -1.5 -1.5 -9.5 -9.5 10.1 10.1 3.8 3.8 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 9.5 7.9 1.0 0.6 14.8 11.5 0.8 2.5 15.5 13.5 0.2 1.8 17.6 19.5 -3.4 1.5 8.4 9.7 -1.1 -0.1 9.0 8.8 6.7 -6.5 5.9 9.0 -3.7 0.5 22.8 22.8 -2.4 2.3 -4.0 -1.8 -5.2 3.1 4.7 4.2 -3.6 4.1 39.0 18.2 24.9 -4.1 10 11 12 13 14 Asset: Household sector 9.5 14.8 15.5 17.6 8.4 9.0 5.9 22.8 -4.0 4.7 39.0 14 Policy payables: 15 Liab.: Property-casualty insurance companies 52.3 16.6 18.7 25.4 -5.0 -8.0 -1.9 3.2 -13.3 -3.6 27.2 15 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 25.6 20.7 4.9 1.2 4.6 6.6 1.6 3.9 6.7 7.4 1.7 2.9 11.1 9.9 2.1 2.3 -5.1 -1.8 0.2 1.7 -5.3 -3.2 -0.7 1.2 -3.1 -0.8 -0.2 2.1 -0.8 1.3 0.3 2.4 -11.3 -4.7 1.5 1.1 -2.1 -1.4 -0.3 0.3 12.7 10.7 2.6 1.1 16 17 18 19 -1.4 -1.4 -1.5 -1.5 26.3 26.3 38.2 38.2 10.1 10.1 14.6 14.6 20.1 20.1 -3.8 -3.8 9.6 9.6 -28.1 -28.1 14.6 14.6 20 21 -1.9 -1.9 -2.0 -2.0 4.4 4.4 0.7 0.7 2.5 2.5 3.5 3.5 18.2 18.2 -7.0 -7.0 -4.6 -4.6 -2.2 -2.2 -1.3 -1.3 22 23 174.9 174.9 302.6 302.6 -2.1 -2.1 -353.2 -353.2 -30.2 -30.2 -339.3 -339.3 165.9 165.9 182.2 182.2 -129.6 -129.6 -54.1 -54.1 -342.7 -342.7 24 25 40.0 40.0 35.8 35.8 33.3 33.3 63.3 63.3 61.9 61.9 17.3 17.3 45.2 45.2 57.3 57.3 127.9 127.9 42.2 42.2 47.2 47.2 26 27 23.0 23.0 18.1 18.1 43.9 43.9 26.5 26.5 16.6 16.6 -16.8 -16.8 4.7 4.7 4.5 4.5 73.9 73.9 -4.3 -4.3 4.6 4.6 28 29 Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 58 Z.1, September 17, 2010 F.231 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 2010 Q3 Q4 Q1 Q2 600.3 771.3 1551.8 1169.5 112.2 1844.9 -658.8 294.8 -1032.2 637.7 1268.3 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 684.9 142.7 636.5 144.6 984.1 93.9 479.3 74.5 288.1 -11.8 462.1 -10.3 14.3 -16.8 128.5 -13.4 547.6 -6.5 -93.4 25.0 444.2 -35.5 2 3 4 5 6 Federal government Rest of the world Monetary authority 5.0 -10.4 1.1 5.6 220.1 1.4 -0.6 70.1 -0.7 -0.3 -269.0 -0.5 2.9 74.9 1.5 -22.5 282.0 30.0 18.9 167.2 27.0 -6.3 345.1 -105.4 21.7 -494.5 54.4 -16.8 103.9 38.4 20.8 103.7 9.7 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 -37.8 -74.5 24.2 12.8 -0.3 -107.1 -50.0 -131.3 78.7 -4.4 -9.2 -95.2 102.3 -4.8 -11.6 257.2 -53.3 490.7 -175.7 -4.5 -277.7 148.6 -351.3 -78.4 3.3 328.6 546.3 -58.4 -159.8 0.5 -416.0 -141.0 -324.8 53.8 -4.0 -132.6 205.8 -374.1 12.1 23.6 -891.0 -16.7 -647.8 -219.5 -7.0 688.0 525.0 86.2 87.8 -11.2 510.7 -159.4 588.4 65.9 15.7 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 23.6 2.6 1.4 -4.6 17.6 -2.7 20.5 11.6 21.6 -5.6 21.1 6.7 -36.4 1.1 -9.6 46.7 -41.1 14.7 -52.5 61.8 70.6 67.7 -66.8 126.3 -69.2 1.1 -97.1 4.9 -93.7 -8.3 24.4 80.3 -71.9 -1.7 -70.5 35.6 29.3 -29.8 34.4 47.7 38.0 7.9 -65.6 -40.7 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -3.7 4.3 -86.2 -122.6 -17.8 7.8 41.4 -208.3 15.8 3.4 74.4 276.9 -4.2 -3.7 -190.2 824.7 -66.3 -22.8 131.5 8.9 -27.8 -48.2 -1.7 654.8 -42.3 4.2 204.8 -459.7 -132.3 -23.3 350.5 -118.6 -62.8 -23.9 -27.6 -40.9 -76.3 39.1 124.3 -276.0 36.5 -26.4 -95.0 360.1 16 17 18 19 690.5 1500.7 1607.0 -380.1 -233.4 477.3 -764.1 -494.0 -152.8 245.5 233.7 20 331.4 251.2 -8.9 469.9 377.2 74.2 670.1 326.4 108.4 -93.9 126.2 49.5 -140.5 -189.4 43.3 20.3 -130.2 -24.0 -169.7 -189.2 50.9 -222.1 -226.3 102.7 -190.6 -211.9 43.7 114.9 -184.2 77.5 389.8 -189.1 50.2 21 22 23 0.6 54.9 -3.2 1.0 451.4 0.1 0.4 378.3 1.8 -29.4 -623.4 0.5 32.3 27.7 49.6 10.8 123.7 20.9 -23.9 -2.8 107.0 -45.6 231.7 40.2 188.1 -241.9 30.5 -1.3 156.9 7.0 -76.8 406.4 -6.5 24 25 26 20 Net change in liabilities Q2 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 8.6 24.4 -32.2 16.2 0.1 -10.5 97.2 -143.9 35.6 0.6 34.2 -18.4 14.7 31.7 6.1 572.3 114.6 364.1 94.5 -1.0 -36.0 48.6 -120.2 40.0 -4.5 406.1 17.1 40.5 352.8 -4.3 -222.8 63.6 -230.1 -52.5 -3.8 -301.8 -145.9 -110.8 -40.9 -4.2 -25.7 259.7 -180.3 -99.2 -5.9 209.5 106.3 171.2 -71.7 3.7 151.5 -185.6 267.4 46.4 23.3 27 28 29 30 31 32 33 Savings institutions Credit unions -60.6 -0.5 -1.4 0.6 1.0 10.4 -19.2 8.1 -12.5 6.8 -7.2 50.4 -80.6 -4.0 -95.1 -5.0 132.9 -14.2 -73.3 -45.2 -3.8 -6.9 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 19.2 -7.1 -0.6 39.8 4.8 1.0 32.5 -13.2 -0.6 39.1 -27.6 -0.0 -110.7 9.0 0.5 -122.2 -20.3 -0.6 -186.2 27.2 0.4 -52.3 21.9 1.8 -82.1 7.1 0.7 61.0 -17.3 0.4 46.4 -0.2 0.5 34 35 36 37 38 39 Money market mutual funds Mutual funds Government-sponsored enterprises -10.0 3.7 4.0 15.9 3.3 -3.2 31.8 2.8 27.0 -43.1 3.2 -46.7 11.3 -5.1 -17.2 85.1 -15.8 29.3 -233.0 4.9 55.0 -52.1 7.0 -110.4 245.1 -16.5 -42.8 60.2 -26.4 -165.8 -262.0 0.0 -34.2 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 47.7 11.6 48.5 -38.2 7.8 106.9 -24.7 -4.4 24.9 -11.0 -0.7 -284.1 26.2 -8.4 79.7 9.9 -2.9 44.1 26.4 -16.1 92.7 -9.3 -0.5 221.2 78.0 -14.0 -39.2 -130.6 10.4 191.7 -6.5 9.5 -234.6 40 41 42 -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 43 43 Discrepancy 59 Z.1, September 17, 2010 F.11 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 2006 2007 2008 2009 2009 Q1 1 All sectors Q2 2010 Q3 Q4 Q1 Q2 14.6 54.0 -185.8 474.4 550.0 957.2 690.4 818.1 -265.6 415.6 784.0 1 2 3 Household sector Nonfinancial corporate business 46.4 140.2 234.6 114.2 -224.2 108.6 -349.7 524.3 342.5 79.0 353.7 348.0 820.4 35.0 373.0 -133.4 -177.1 66.6 187.0 -84.9 -418.9 128.1 2 3 4 5 6 State and local governments Federal government Rest of the world -73.3 22.7 13.9 -120.4 13.1 -6.9 -91.4 23.4 78.3 -19.7 90.4 81.1 -31.1 -45.2 164.3 -10.4 91.6 353.2 -50.7 118.9 285.2 -40.6 -197.0 80.3 -22.7 -194.4 -61.4 -9.8 -15.3 306.8 -20.6 291.7 344.3 4 5 6 7 Financial sectors -135.2 -180.7 -80.4 148.0 40.5 -178.9 -518.5 735.8 123.5 31.8 459.2 7 8 9 Monetary authority Commercial banking 3.1 -93.2 0.7 -195.9 -3.5 -134.7 -0.5 -46.5 -5.8 183.4 7.5 -33.7 12.2 -16.4 -16.0 768.8 -26.7 14.9 -1.0 -34.6 -14.0 395.5 8 9 10 11 Savings institutions Credit unions -8.1 2.2 -6.0 1.1 24.1 2.1 54.0 3.7 24.2 6.2 -45.2 29.8 42.6 -12.0 24.0 -0.2 75.3 7.0 7.9 3.6 16.6 4.3 10 11 12 13 Property-casualty insurance companies Life insurance companies -14.9 -8.4 31.1 -29.1 -8.8 -51.1 -2.4 -69.0 -30.6 -62.5 -30.2 -127.7 -32.2 0.0 -6.7 -34.7 -53.4 -87.7 58.1 -72.2 -25.6 -54.8 12 13 14 15 Mutual funds Government-sponsored enterprises 21.1 -14.8 11.4 -1.8 13.4 27.7 -2.9 119.5 11.5 73.0 11.4 85.7 10.5 -100.1 10.7 184.5 13.4 122.1 6.7 116.2 7.1 105.6 14 15 16 17 18 19 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 -20.7 7.9 -9.5 0.0 29.9 1.4 -23.6 0.0 25.1 35.3 -10.1 0.0 35.8 -6.9 63.2 0.0 5.7 -17.5 -147.2 0.0 -22.9 -60.5 6.9 0.0 -88.7 -0.9 -333.5 0.0 46.0 -10.7 -230.0 0.0 88.4 2.3 -32.1 0.0 52.5 29.7 -135.2 0.0 28.0 6.0 -9.4 16 17 18 19 F.12 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 2 3 Treasury currency Foreign deposits 4 5 Net interbank transactions Security RPs 6 7 8 9 Mail floats State and local governments Federal government Private domestic 14.6 54.0 -185.8 474.4 550.0 957.2 690.4 818.1 -265.6 415.6 784.0 1 0.7 12.3 -1.1 106.8 -1.2 197.5 -0.8 -354.9 -4.4 -152.9 -14.4 -37.8 -0.7 -321.3 -1.5 -163.7 -0.9 -88.5 -0.2 21.1 -1.8 296.1 2 3 -3.6 106.3 -1.9 304.5 1.8 -227.1 30.6 -585.4 34.4 407.6 -84.8 -313.5 -30.1 1176.6 -2.9 221.4 255.5 546.0 -227.1 248.1 -164.4 -215.7 4 5 -4.9 0.0 -6.6 1.7 -3.0 0.0 -3.0 -0.0 1.0 0.0 1.2 -0.1 -5.2 0.0 -3.3 -2.0 -0.3 0.0 0.7 -1.0 18.9 0.0 19.3 -0.4 2.1 0.0 3.5 -1.4 -11.2 0.0 -9.0 -2.3 -10.9 0.0 -10.9 -0.1 16.6 0.0 20.2 -3.7 -1.5 0.0 -1.5 0.0 6 7 8 9 117.3 -8.5 159.3 27.0 28.4 -93.1 126.1 94.7 155.2 -62.6 135.1 -0.8 57.8 -74.5 10 11 10 11 Trade credit Taxes payable -30.4 -45.6 145.9 17.3 -48.5 -34.6 35.9 -58.8 12 Miscellaneous -90.2 -729.4 -55.1 1549.6 345.6 1367.6 105.3 788.8 -879.4 392.2 1034.6 12 13 Nonfinancial 70.0 214.7 -19.6 -136.4 -188.9 -165.2 -176.9 -233.6 -180.0 -169.3 -146.5 13 -79.7 5.0 4.7 -220.6 1.3 4.6 21.1 -6.3 4.7 136.6 -5.0 4.9 179.1 5.0 4.8 140.4 20.0 4.8 172.2 0.0 4.8 228.9 0.0 4.7 175.2 0.0 4.8 164.2 0.0 5.1 141.1 0.0 5.2 14 15 16 14 15 16 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Contr. for govt. soc. insur., U.S. affiliated areas 60 Z.1, September 17, 2010 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 7 8 Total credit market debt owed by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 37817.2 41277.5 45352.4 50042.5 52437.1 52748.6 52509.7 52341.7 52280.7 52039.8 52054.5 1 24442.9 26767.6 29179.1 31708.7 33615.6 34011.3 34267.8 34498.5 34640.2 35030.0 35297.0 2 10569.6 5167.6 2455.3 172.9 1682.6 4395.0 11742.9 5491.3 2786.9 190.1 1854.5 4701.9 12929.5 5956.3 3195.6 204.3 2008.2 4885.3 13802.9 6715.0 3650.3 218.9 2199.3 5122.3 13844.1 7073.1 3863.2 222.9 2250.9 6361.5 13758.8 7108.4 3816.5 220.3 2280.4 6826.9 13711.6 7115.0 3744.7 221.1 2310.0 7165.3 13671.4 7082.5 3654.3 219.8 2326.5 7544.0 13602.2 7080.6 3569.1 220.9 2362.1 7805.4 13479.4 7163.4 3494.9 215.8 2393.4 8283.2 13418.9 7213.8 3431.4 215.3 2390.0 8627.7 3 4 5 6 7 8 9 Rest of the world 1438.8 1513.9 1882.6 2126.3 1708.8 1736.2 1787.4 1856.7 2012.0 2033.0 2028.3 9 10 Financial sectors 11935.6 12996.0 14290.7 16207.5 17112.7 17001.0 16454.4 15986.5 15628.4 14976.8 14729.1 10 11 12 13 14 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 738.7 356.7 0.7 381.3 823.9 393.6 0.8 429.5 998.0 497.8 0.5 499.7 1261.2 629.6 0.5 631.1 1422.0 708.6 0.0 713.3 1724.9 626.1 0.0 1098.8 1720.8 617.8 0.0 1103.0 1685.1 562.4 0.0 1122.7 1645.3 576.1 0.0 1069.2 1975.5 907.2 0.0 1068.3 1920.4 881.7 0.0 1038.7 11 12 13 14 15 16 Savings institutions Credit unions 404.8 11.4 427.3 14.7 319.1 18.9 423.3 32.3 356.1 40.6 321.8 30.3 253.2 28.5 192.3 28.3 152.3 26.5 143.3 25.4 136.2 25.0 15 16 17 18 19 20 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 11.1 2676.3 3384.0 2662.2 11.5 2592.2 3548.5 3391.7 14.2 2627.8 3841.1 4199.4 28.7 2910.2 4464.4 4535.4 54.9 3181.9 4961.4 4127.5 52.5 3118.3 5042.0 3931.1 50.5 2948.1 5170.7 3759.1 47.5 2800.5 5297.5 3573.4 48.3 2706.6 5376.4 3378.4 45.6 6703.8 1006.9 2802.2 45.6 6620.1 1071.6 2693.0 17 18 19 20 21 22 23 24 Finance companies REITs Brokers and dealers Funding corporations 1129.6 340.1 62.2 515.1 1108.6 395.5 62.4 619.9 1144.2 411.0 68.8 648.2 1279.6 421.2 64.8 786.4 1200.3 372.6 142.6 1252.9 1148.0 364.0 102.4 1165.7 1102.2 352.5 102.2 966.5 1074.9 347.8 104.1 835.0 1044.1 338.9 92.9 818.8 1048.1 343.4 92.3 790.4 1018.9 345.2 100.9 752.2 21 22 23 24 37817.2 41277.5 45352.4 50042.5 52437.1 52748.6 52509.7 52341.7 52280.7 52039.8 52054.5 25 4853.6 5387.7 5647.5 6234.3 6048.4 6545.3 6318.3 6455.0 6423.5 6659.7 6730.1 26 2997.4 298.0 85.4 1198.1 274.7 3324.6 340.4 96.8 1352.0 273.8 3471.5 328.8 96.7 1470.6 279.9 4066.7 249.7 106.7 1524.6 286.5 3956.4 221.8 113.7 1383.5 373.1 4386.7 192.4 111.9 1396.8 457.4 4079.0 206.0 109.4 1370.8 553.2 4153.0 198.8 106.3 1358.6 638.3 4054.0 213.8 103.5 1353.9 698.3 4257.1 217.0 101.0 1360.0 724.7 4329.6 212.3 98.5 1342.5 747.3 27 28 29 30 31 32 25 26 27 28 29 30 31 Total credit market assets held by: Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government 32 Rest of the world 4634.7 5191.3 6199.7 7272.6 7503.1 7582.7 7609.4 7628.7 7783.1 7943.6 8090.3 33 Financial sectors 28329.0 30698.5 33505.2 36535.6 38885.6 38620.5 38581.9 38258.0 38074.1 37436.5 37234.0 33 34 35 36 37 38 39 40 41 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 717.8 6621.2 5980.7 513.3 36.4 90.8 1417.7 556.4 744.2 7278.4 6487.4 657.8 32.2 101.0 1617.1 592.6 778.9 8040.5 7144.1 761.6 35.6 99.3 1533.2 622.7 740.6 8781.6 7666.8 963.3 58.7 92.8 1596.1 657.9 986.0 9425.1 8197.9 1063.7 72.6 90.9 1320.0 697.9 1168.1 9297.3 8143.4 993.2 71.5 89.2 1311.5 698.6 1469.5 9278.3 8223.3 890.2 75.5 89.5 1212.2 717.0 1776.6 9025.8 8003.9 854.5 76.5 90.9 1188.2 725.9 1987.7 9001.4 8055.5 782.7 75.1 88.1 1079.2 731.0 2151.8 9217.7 8282.4 772.8 78.7 83.8 1080.9 737.3 2187.3 9091.1 8190.4 765.8 62.7 72.2 1069.0 754.3 34 35 36 37 38 39 40 41 42 43 44 45 46 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 746.5 2643.9 654.6 675.3 68.2 819.3 2753.9 699.9 693.4 76.0 864.1 2786.4 758.3 808.0 84.3 869.3 2871.2 860.8 820.3 96.1 853.4 2882.8 951.4 833.5 120.3 855.6 2945.8 987.9 827.0 124.5 863.2 2975.7 1005.1 823.8 124.7 873.2 3019.8 1037.7 819.2 125.8 887.5 3061.3 1063.0 818.1 127.7 884.1 3085.2 1090.0 818.6 129.4 881.4 3103.6 1109.2 818.7 133.6 42 43 44 45 46 47 48 49 50 51 52 53 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 1346.3 1623.0 163.6 8.2 2613.0 3384.0 2554.8 1340.8 1747.1 165.8 15.0 2543.9 3548.5 3287.7 1560.8 1932.0 171.8 20.7 2590.5 3841.1 4087.5 1936.4 2203.1 170.9 34.0 2829.5 4464.4 4420.6 2675.0 2276.4 131.2 57.0 3033.6 4961.4 4029.3 2575.2 2319.9 131.5 69.0 2973.2 5042.0 3842.3 2412.1 2436.0 135.9 80.5 2900.7 5170.7 3679.0 2163.8 2540.0 139.3 91.5 2803.6 5297.5 3503.3 2031.2 2657.2 141.5 102.9 2688.7 5376.4 3315.0 1832.7 2784.9 144.5 113.2 6532.9 1006.9 2745.5 1706.8 2840.6 142.9 124.6 6449.4 1071.6 2636.8 47 48 49 50 51 52 53 54 55 56 57 Finance companies REITs Brokers and dealers Funding corporations 1675.9 198.7 394.9 264.7 1740.6 239.7 477.2 317.4 1811.6 265.8 583.4 363.5 1828.2 244.7 803.1 306.6 1755.9 180.8 717.4 997.1 1703.4 180.5 594.0 973.1 1651.1 188.3 599.2 858.8 1610.4 188.9 533.4 794.2 1532.6 182.7 525.3 763.5 1556.9 186.7 544.9 792.3 1526.4 191.2 533.6 861.8 54 55 56 57 (1) Excludes corporate equities and mutual fund shares. 61 Z.1, September 17, 2010 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 24442.9 26767.6 29179.1 31708.7 33615.6 34011.3 34267.8 34498.5 34640.2 35030.0 35297.0 1 24442.9 97.8 4370.7 24.3 2030.9 2975.5 1090.5 1127.8 26767.6 90.1 4678.0 23.8 2225.9 3032.2 1225.0 1247.1 29179.1 112.5 4861.7 23.5 2403.3 3247.8 1400.3 1403.7 31708.7 123.8 5099.2 23.1 2618.9 3558.9 1646.9 1714.7 33615.6 131.5 6338.2 23.3 2680.3 3763.5 1839.5 1789.6 34011.3 106.9 6804.4 22.5 2712.4 3908.3 1760.1 1734.2 34267.8 86.2 7143.1 22.3 2749.8 4007.4 1689.2 1696.4 34498.5 73.0 7520.8 23.2 2771.0 4075.0 1613.4 1651.2 34640.2 59.1 7781.9 23.5 2811.2 4145.1 1553.4 1635.7 35030.0 74.6 8259.6 23.6 2844.6 4253.3 1561.6 1623.6 35297.0 82.2 8603.8 23.9 2842.8 4310.5 1533.8 1643.8 2 3 4 5 6 7 8 9 10505.3 8268.2 579.6 1561.8 95.7 2220.1 11925.0 9382.4 642.0 1795.8 104.8 2320.6 13310.4 10455.6 682.4 2064.4 108.0 2416.0 14367.8 11166.8 766.5 2321.8 112.7 2555.3 14455.5 11071.9 815.5 2434.5 133.6 2594.1 14444.5 11064.1 818.5 2428.1 133.8 2517.9 14385.6 11013.4 823.2 2415.0 134.0 2487.9 14274.2 10925.6 825.3 2389.0 134.3 2496.7 14151.4 10859.5 817.7 2339.7 134.5 2478.9 13970.0 10708.6 821.4 2306.6 133.4 2419.2 13852.5 10644.6 816.0 2259.6 132.3 2403.7 10 11 12 13 14 15 24442.9 10569.6 7795.8 5167.6 2455.3 172.9 1682.6 4395.0 26767.6 11742.9 8468.3 5491.3 2786.9 190.1 1854.5 4701.9 29179.1 12929.5 9356.2 5956.3 3195.6 204.3 2008.2 4885.3 31708.7 13802.9 10584.2 6715.0 3650.3 218.9 2199.3 5122.3 33615.6 13844.1 11159.1 7073.1 3863.2 222.9 2250.9 6361.5 34011.3 13758.8 11145.2 7108.4 3816.5 220.3 2280.4 6826.9 34267.8 13711.6 11080.9 7115.0 3744.7 221.1 2310.0 7165.3 34498.5 13671.4 10956.6 7082.5 3654.3 219.8 2326.5 7544.0 34640.2 13602.2 10870.5 7080.6 3569.1 220.9 2362.1 7805.4 35030.0 13479.4 10874.1 7163.4 3494.9 215.8 2393.4 8283.2 35297.0 13418.9 10860.5 7213.8 3431.4 215.3 2390.0 8627.7 16 17 18 19 20 21 22 23 24 Foreign credit market debt held in U.S. 1438.8 1513.9 1882.6 2126.3 1708.8 1736.2 1787.4 1856.7 2012.0 2033.0 2028.3 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 345.3 985.0 69.9 38.6 384.0 1011.6 84.4 34.0 482.3 1275.5 98.3 26.6 413.0 1587.1 102.8 23.4 342.0 1237.3 107.9 21.6 344.8 1267.1 103.1 21.2 345.7 1318.7 101.6 21.4 396.6 1339.5 99.2 21.4 399.8 1493.6 96.8 21.9 384.7 1528.9 97.2 22.2 378.3 1527.5 100.6 22.0 25 26 27 28 25881.7 28281.5 31061.8 33835.0 35324.4 35747.6 36055.3 36355.2 36652.3 37063.0 37325.3 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 11935.6 12996.0 14290.7 16207.5 17112.7 17001.0 16454.4 15986.5 15628.4 14976.8 14729.1 1 956.0 2676.3 3384.0 3962.4 249.7 575.8 131.4 1170.2 2592.2 3548.5 4650.9 268.6 620.2 145.5 1363.2 2627.8 3841.1 5458.9 206.2 641.4 152.1 1251.8 2910.2 4464.4 6280.2 277.1 867.1 156.7 1125.8 3181.9 4961.4 6006.4 773.2 900.5 163.5 972.2 3118.3 5042.0 6259.8 649.6 794.2 164.9 846.9 2948.1 5170.7 6106.9 492.5 722.0 167.3 699.6 2800.5 5297.5 6027.6 335.5 658.8 166.9 679.1 2706.6 5376.4 5810.0 271.6 617.9 166.9 623.5 6703.8 1006.9 5667.9 246.1 561.6 167.1 567.5 6620.1 1071.6 5541.3 230.7 530.2 167.6 2 3 4 5 6 7 8 11935.6 12996.0 14290.7 16207.5 17112.7 17001.0 16454.4 15986.5 15628.4 14976.8 14729.1 9 738.7 356.7 0.7 381.3 404.8 11.4 823.9 393.6 0.8 429.5 427.3 14.7 998.0 497.8 0.5 499.7 319.1 18.9 1261.2 629.6 0.5 631.1 423.3 32.3 1422.0 708.6 0.0 713.3 356.1 40.6 1724.9 626.1 0.0 1098.8 321.8 30.3 1720.8 617.8 0.0 1103.0 253.2 28.5 1685.1 562.4 0.0 1122.7 192.3 28.3 1645.3 576.1 0.0 1069.2 152.3 26.5 1975.5 907.2 0.0 1068.3 143.3 25.4 1920.4 881.7 0.0 1038.7 136.2 25.0 10 11 12 13 14 15 10 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Savings institutions Credit unions 16 17 18 19 Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 11.1 2676.3 3384.0 2662.2 11.5 2592.2 3548.5 3391.7 14.2 2627.8 3841.1 4199.4 28.7 2910.2 4464.4 4535.4 54.9 3181.9 4961.4 4127.5 52.5 3118.3 5042.0 3931.1 50.5 2948.1 5170.7 3759.1 47.5 2800.5 5297.5 3573.4 48.3 2706.6 5376.4 3378.4 45.6 6703.8 1006.9 2802.2 45.6 6620.1 1071.6 2693.0 16 17 18 19 20 21 22 23 Finance companies REITs Brokers and dealers Funding corporations 1129.6 340.1 62.2 515.1 1108.6 395.5 62.4 619.9 1144.2 411.0 68.8 648.2 1279.6 421.2 64.8 786.4 1200.3 372.6 142.6 1252.9 1148.0 364.0 102.4 1165.7 1102.2 352.5 102.2 966.5 1074.9 347.8 104.1 835.0 1044.1 338.9 92.9 818.8 1048.1 343.4 92.3 790.4 1018.9 345.2 100.9 752.2 20 21 22 23 62 Z.1, September 17, 2010 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 7 8 9 10 11 12 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit Memo: Selected claims not included above: Corporate equities Mutual fund shares 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 37817.2 41277.5 45352.4 50042.5 52437.1 52748.6 52509.7 52341.7 52280.7 52039.8 52054.5 1 1399.1 4370.7 6084.5 2030.9 7922.9 1644.2 4678.0 6164.5 2225.9 8694.6 1958.0 4861.7 6492.4 2403.3 9982.2 1788.6 5099.2 7397.7 2618.9 11426.2 1599.3 6338.2 8166.7 2680.3 11007.2 1423.9 6804.4 8182.8 2712.4 11435.3 1278.8 7143.1 8141.1 2749.8 11433.0 1169.3 7520.8 8121.3 2771.0 11442.1 1138.0 7781.9 8106.5 2811.2 11448.7 1082.7 8259.6 7734.2 2844.6 11450.1 1028.0 8603.8 7715.6 2842.8 11379.3 2 3 4 5 6 1410.1 1742.2 10636.6 2220.1 1577.9 1901.2 12070.4 2320.6 1704.8 2071.6 13462.5 2416.0 2026.9 2605.3 14524.5 2555.3 2720.7 2711.7 14619.0 2594.1 2512.8 2549.6 14609.4 2517.9 2283.3 2439.8 14552.9 2487.9 2048.0 2331.4 14441.2 2496.7 1921.8 2275.5 14318.3 2478.9 1904.8 2207.5 14137.1 2419.2 1865.1 2196.0 14020.1 2403.7 7 8 9 10 18940.1 5436.3 20636.1 6048.9 24339.3 7068.3 25576.5 7829.0 15678.6 5435.3 13740.9 5107.8 16311.2 5856.9 19203.6 6625.4 19998.8 6961.6 21077.5 7295.0 18629.1 6783.1 11 12 L.5 Total Liabilities and Its Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total credit market debt (from table L.4) U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank liabilities 37817.2 41277.5 45352.4 50042.5 52437.1 52748.6 52509.7 52341.7 52280.7 52039.8 52054.5 1 83.4 2.2 26.7 957.0 209.8 61.1 2.2 27.5 997.8 197.4 62.2 2.2 28.1 1085.0 186.1 67.3 2.2 27.4 1342.0 88.6 74.2 2.2 26.6 939.9 1890.5 71.2 2.2 26.6 878.8 1633.2 78.1 2.2 26.5 818.6 1131.5 179.2 5.2 26.3 792.6 1294.1 175.1 5.2 26.2 768.3 1282.6 170.1 5.2 26.2 777.3 1201.3 168.8 5.2 26.2 848.1 1137.6 2 3 4 5 6 1522.8 4283.7 1505.1 1879.8 1428.5 1527.2 4598.1 1789.5 2006.9 1744.5 1507.3 4945.1 2050.8 2312.1 2147.9 1532.9 5224.5 2382.2 3033.1 2156.5 2101.3 5749.3 2191.6 3757.3 1261.1 1966.7 5918.7 2154.5 3738.7 1059.5 2082.3 5937.0 2151.0 3584.6 1273.1 2060.0 6131.1 2025.2 3363.0 1336.1 2093.4 6326.5 1989.8 3258.6 1444.2 2067.1 6459.4 1887.8 2930.7 1451.6 2173.5 6442.5 1800.0 2760.4 1312.7 7 8 9 10 11 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 5436.3 1038.2 1060.4 10635.5 6048.9 1038.4 1082.6 11460.1 7068.3 1249.9 1163.7 12750.6 7829.0 1526.4 1201.5 13390.7 5435.3 1128.5 1179.8 10408.5 5107.8 1017.2 1183.0 9888.0 5856.9 999.1 1204.5 10661.1 6625.4 1067.5 1227.3 11557.9 6961.6 1091.2 1242.1 11941.6 7295.0 1108.8 1263.7 12304.4 6783.1 1144.9 1266.6 11653.8 12 13 14 15 16 17 18 Trade payables Taxes payable Miscellaneous 2662.8 219.2 13289.9 3003.6 214.5 14269.5 3195.9 237.0 15658.1 3398.0 167.7 17472.7 3332.6 40.2 19846.9 3274.6 42.6 20299.3 3282.7 32.0 19379.5 3312.0 59.3 19035.9 3344.5 39.4 20157.2 3397.6 50.9 20112.8 3468.9 46.1 20928.2 16 17 18 19 Total liabilities 84058.3 91347.2 101002.8 110885.3 111802.8 111011.0 111010.4 112439.7 114428.1 114549.6 114021.1 19 20 21 22 + Financial assets not included in liabilities: Gold Corporate equities Household equity in noncorp. bus. 11.0 18940.1 6748.1 11.0 20636.1 8352.9 11.0 24339.3 8816.6 11.0 25576.5 8796.1 11.0 15678.6 7349.9 11.0 13740.9 6915.4 11.0 16311.2 6674.3 11.0 19203.6 6636.7 11.0 19998.8 6401.7 11.0 21077.5 6448.9 11.0 18629.1 6615.8 20 21 22 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -9.7 767.2 24.9 -9.1 779.5 21.3 -10.1 886.3 19.3 -11.3 1083.9 21.1 -12.1 729.0 51.7 -15.7 719.5 58.3 -15.9 639.2 93.2 -16.3 598.2 66.0 -16.5 576.1 86.1 -16.5 581.4 58.9 -17.0 655.4 66.1 23 24 25 577.1 28.4 -5066.6 683.3 -18.1 -5329.6 856.9 -48.1 -6574.0 620.8 -174.8 -7230.5 27.4 -349.1 -5465.0 -53.8 -355.2 -5588.9 269.6 -372.0 -5970.6 344.7 -357.9 -6071.9 409.3 -376.7 -5433.7 464.6 -370.0 -5476.3 443.7 -383.8 -5188.2 26 27 28 0.0 11.2 5.8 40.4 0.0 1.8 7.4 10.0 0.0 0.1 7.4 159.2 0.0 2.8 7.3 110.7 0.0 1.2 5.3 146.6 0.0 -0.2 4.9 130.3 0.0 1.2 4.8 108.9 0.0 2.5 3.8 137.9 0.0 2.0 4.2 263.8 0.0 1.4 3.3 239.2 0.0 -0.6 3.4 222.9 29 30 31 32 113378.9 124200.6 138872.8 150839.0 139707.4 136779.2 139248.5 143583.8 145324.8 146601.3 143475.1 33 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 32 - Floats not included in assets: Checkable deposits: State and local govt. Federal govt. Private domestic Trade credit 33 Totals identified to sectors as assets 63 Z.1, September 17, 2010 L.10 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 34651.7 37574.3 42413.0 45490.2 37936.9 36707.5 38454.3 40699.9 41381.5 42433.2 40477.2 1 57.5 645.5 4727.4 970.6 59.9 595.3 5238.0 1018.2 65.2 626.7 5744.8 1186.6 80.6 611.3 6247.9 1421.6 56.5 798.0 6435.8 1651.8 52.8 773.4 6456.8 1621.0 49.2 803.7 6380.7 1540.3 47.6 752.2 6370.8 1416.6 46.2 756.5 6495.8 1372.8 46.7 637.9 6632.0 1258.3 51.0 647.4 6567.8 1178.1 2 3 4 5 13826.3 14999.3 17234.2 18227.1 12987.0 12433.3 13588.2 15155.7 15413.4 16225.1 15091.5 6 83.7 204.4 338.4 399.8 98.4 205.1 315.4 493.4 117.5 202.4 248.1 403.6 107.3 196.4 123.3 670.0 6.0 194.0 112.2 718.6 5.6 193.9 322.7 499.4 15.1 193.5 314.8 193.3 24.9 192.4 441.9 185.6 34.6 191.2 594.0 64.4 44.6 190.2 752.7 63.3 54.2 189.6 928.8 23.6 7 8 9 10 746.7 1141.7 7483.9 3427.7 825.4 1299.5 8093.0 3669.1 877.8 1553.1 9643.7 4188.1 901.3 2006.4 9626.1 4596.4 907.8 1946.2 5776.3 3325.9 938.5 2358.4 4989.8 3125.0 969.7 2326.7 6017.8 3557.2 984.0 2260.5 7098.7 3967.7 1012.9 2093.8 7247.4 4175.1 1039.3 2103.6 7680.0 4351.4 1038.1 2033.1 6767.9 4056.2 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 1018.8 2027.9 4963.0 3686.1 1039.9 2197.4 5427.8 3877.6 1119.5 2332.4 6120.5 4341.8 1156.1 2450.8 6444.8 4540.5 1133.4 2184.6 4588.0 3682.2 1136.6 2155.6 4283.1 3495.6 1157.6 2221.7 4766.5 3719.7 1180.4 2312.3 5306.6 3986.0 1194.5 2338.0 5507.4 4143.7 1216.2 2372.6 5745.1 4234.2 1219.0 2340.3 5359.0 4002.1 15 16 17 18 19 Miscellaneous and other assets 2728.5 3120.9 3641.2 4309.4 4419.6 4299.3 4226.7 4171.7 4113.2 4065.2 4021.0 19 14740.2 16444.7 18294.7 19809.3 20047.3 19878.4 19761.2 19647.7 19513.0 19312.5 19195.3 20 20 Total liabilities 21 22 23 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 8244.7 1702.1 2220.1 9351.3 1822.7 2320.6 10416.2 2060.0 2416.0 11124.6 2360.9 2555.3 11039.2 2513.6 2594.1 11034.1 2512.9 2517.9 10986.6 2506.0 2487.9 10902.3 2493.1 2496.7 10839.2 2449.0 2478.9 10690.2 2445.0 2419.2 10628.7 2410.7 2403.7 21 22 23 24 25 26 Policy loans Security credit Other liabilities (3) 106.8 264.0 2202.4 107.6 232.4 2610.1 110.9 292.1 2999.6 114.5 325.5 3328.5 120.4 164.8 3615.1 120.8 134.3 3558.5 121.3 147.7 3511.8 120.4 173.8 3461.4 121.1 203.0 3422.0 121.7 196.4 3440.1 122.4 217.0 3412.8 24 25 26 (1) Combined statement for households and nonprofit organizations, 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) and life insurance and pension reserves (lines 15, 16, 17, and 18). (3) Includes corporate farms. 64 Z.1, September 17, 2010 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 39217.5 43306.2 48089.0 50662.8 41431.4 39820.2 41410.8 43718.7 44260.2 45441.3 43737.6 1 5732.4 6139.9 6753.1 7406.6 7925.6 7902.8 7794.6 7634.2 7742.6 7667.9 7559.1 2 57.5 344.1 4426.8 904.1 59.9 216.9 4913.9 949.2 65.2 173.1 5400.4 1114.5 80.6 90.3 5888.5 1347.2 56.5 251.1 6045.4 1572.6 52.8 234.5 6072.4 1543.1 49.2 276.4 6004.9 1464.1 47.6 238.8 6005.2 1342.5 46.2 256.0 6139.7 1300.7 46.7 148.9 6284.4 1187.9 51.0 170.0 6228.7 1109.5 3 4 5 6 2997.4 3324.6 3471.5 4066.7 3956.4 4386.7 4079.0 4153.0 4054.0 4257.1 4329.6 7 83.7 492.6 204.4 288.2 399.8 98.4 464.3 205.1 259.2 493.4 117.5 394.1 202.4 191.7 403.6 107.3 260.4 196.4 64.0 670.0 6.0 243.0 194.0 49.0 718.6 5.6 454.4 193.9 260.5 499.4 15.1 447.4 193.5 254.0 193.3 24.9 575.1 192.4 382.8 185.6 34.6 727.6 191.2 536.4 64.4 44.6 886.7 190.2 696.5 63.3 54.2 1063.6 189.6 874.1 23.6 8 9 10 11 12 8 9 10 11 12 Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities 13 14 15 16 Municipal securities Corporate and foreign bonds Other loans and advances (2) Mortgages 742.4 1141.7 5.9 131.3 820.9 1299.5 8.7 139.4 872.0 1553.1 9.1 122.1 896.0 2006.4 17.6 109.1 902.2 1946.2 29.7 110.7 932.9 2358.4 27.4 108.7 964.3 2326.7 25.6 106.5 978.8 2260.5 24.1 103.9 1007.8 2093.8 24.5 101.3 1034.3 2103.6 24.9 99.7 1033.3 2033.1 25.3 96.4 13 14 15 16 17 18 19 20 21 22 23 Corporate equities (3) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets 7483.9 3427.7 578.3 1060.4 10635.5 6748.1 553.8 8093.0 3669.1 575.3 1082.6 11460.1 8352.9 608.7 9643.7 4188.1 655.7 1163.7 12750.6 8816.6 646.1 9626.1 4596.4 866.4 1201.5 13390.7 8796.1 712.2 5776.3 3325.9 742.7 1179.8 10408.5 7349.9 766.4 4989.8 3125.0 666.3 1183.0 9888.0 6915.4 763.1 6017.8 3557.2 657.3 1204.5 10661.1 6674.3 765.0 7098.7 3967.7 671.7 1227.3 11557.9 6636.7 771.6 7247.4 4175.1 668.6 1242.1 11941.6 6401.7 787.1 7680.0 4351.4 680.0 1263.7 12304.4 6448.9 787.9 6767.9 4056.2 685.7 1266.6 11653.8 6615.8 803.0 17 18 19 20 21 22 23 24 25 Total liabilities Credit market instruments 26 27 28 Home mortgages (4) Consumer credit Municipal securities 29 30 31 Bank loans n.e.c. (5) Other loans and advances Commercial mortgages 32 33 34 Security credit Trade payables Deferred and unpaid life insurance premiums 11029.3 12184.0 13444.4 14366.8 14266.2 14151.4 14117.9 14107.5 14068.5 13946.6 13912.7 24 10569.6 11742.9 12929.5 13802.9 13844.1 13758.8 13711.6 13671.4 13602.2 13479.4 13418.9 25 7835.3 2220.1 189.1 8874.3 2320.6 205.2 9865.0 2416.0 224.1 10539.5 2555.3 241.2 10498.3 2594.1 249.3 10500.7 2517.9 251.5 10463.6 2487.9 258.0 10396.5 2496.7 260.9 10335.2 2478.9 264.3 10199.6 2419.2 266.2 10150.4 2403.7 267.1 26 27 28 26.7 119.0 179.2 36.4 119.0 187.4 86.4 123.8 214.3 99.7 127.0 240.1 117.7 133.2 251.6 104.0 133.5 251.0 118.3 134.0 249.8 137.1 133.0 247.3 147.7 133.7 242.5 209.1 134.3 251.0 216.5 134.7 246.5 29 30 31 264.0 173.3 232.4 186.3 292.1 199.9 325.5 214.5 164.8 230.2 134.3 231.8 147.7 233.8 173.8 237.9 203.0 241.2 196.4 246.3 217.0 251.3 32 33 22.5 22.4 22.8 23.9 27.0 26.5 24.8 24.5 22.1 24.6 25.6 34 (1) Sector includes farm households and domestic hedge funds. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18) and life insurance and pension reserves (lines 20 and 21). (4) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. (5) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.108, line 15. 65 Z.1, September 17, 2010 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 13082.9 14482.8 15760.5 17330.2 17363.5 17256.3 17302.0 17427.8 17546.2 17647.2 17711.1 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 53.7 495.6 701.1 375.1 6.4 63.6 646.2 774.5 417.1 14.6 49.3 604.5 841.4 488.5 15.5 50.3 662.9 800.7 618.7 8.1 25.2 599.0 777.4 781.8 7.5 26.7 619.5 786.1 785.4 7.8 42.8 659.0 788.6 768.4 8.3 43.2 712.1 895.2 724.3 9.5 48.9 778.3 892.3 702.9 10.2 56.7 858.6 851.1 633.6 11.4 49.3 850.3 888.1 596.3 11.7 2 3 4 5 6 7 Credit market instruments 383.4 437.2 425.6 356.4 335.5 304.3 315.3 305.1 317.3 318.0 310.8 7 95.0 84.2 11.3 36.2 97.4 59.2 111.0 108.3 17.4 36.6 104.4 59.6 122.7 101.8 15.2 33.9 94.5 57.6 69.5 97.7 12.8 34.5 83.5 58.6 60.1 94.0 10.3 32.2 79.1 59.8 37.4 101.1 6.3 27.9 76.7 55.0 43.6 105.3 11.5 27.2 73.9 53.8 37.1 103.8 11.6 28.8 70.9 53.0 44.8 103.9 12.1 31.2 68.0 57.2 46.0 108.9 14.3 30.1 65.3 53.5 51.7 103.4 12.9 27.2 62.5 53.0 8 9 10 11 12 13 130.1 2195.0 8742.4 140.0 2539.2 9450.5 180.7 2560.8 10594.1 191.1 2778.7 11863.5 125.8 2686.6 12024.8 128.1 2655.2 11943.0 152.1 2683.2 11884.3 178.0 2683.3 11877.1 189.7 2599.3 12007.4 204.4 2670.8 12042.6 199.1 2753.0 12052.5 14 15 16 14060.2 15406.0 16632.3 18315.1 19210.8 19222.6 19158.6 19092.6 19056.6 19045.5 19117.5 17 8 9 10 11 12 13 14 15 16 17 18 Total financial assets 2005 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 7795.8 8468.3 9356.2 10584.2 11159.1 11145.2 11080.9 10956.6 10870.5 10874.1 10860.5 18 19 20 21 Commercial paper Municipal securities Corporate bonds 97.8 169.2 2975.5 90.1 176.8 3032.2 112.5 182.2 3247.8 123.8 190.3 3558.9 131.5 192.9 3763.5 106.9 193.3 3908.3 86.2 194.9 4007.4 73.0 196.9 4075.0 59.1 198.3 4145.1 74.6 198.7 4253.3 82.2 199.5 4310.5 19 20 21 22 23 24 Bank loans n.e.c. Other loans and advances Mortgages 1063.8 998.8 2490.7 1188.5 1117.4 2863.3 1313.9 1268.7 3231.1 1547.2 1575.8 3588.1 1721.8 1643.7 3705.7 1656.1 1587.8 3692.7 1570.9 1549.3 3672.2 1476.2 1505.0 3630.5 1405.7 1488.5 3573.8 1352.5 1475.7 3519.4 1317.3 1495.4 3455.7 22 23 24 1786.4 166.0 4312.0 2035.1 172.9 4729.7 2161.7 181.1 4933.3 2272.8 135.3 5322.7 2159.7 141.3 5750.8 2072.2 141.8 5863.5 2051.8 135.2 5890.6 2041.9 141.0 5953.1 2070.0 134.4 5981.6 2099.9 149.0 5922.5 2144.9 142.2 5969.9 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. 66 Z.1, September 17, 2010 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 10911.8 11873.5 12629.7 13718.3 13517.6 13468.3 13597.9 13823.7 14035.2 14218.8 14365.6 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 53.7 194.2 400.5 308.6 6.4 63.6 267.8 450.4 348.2 14.6 49.3 150.9 497.0 416.3 15.5 50.3 141.9 441.3 544.4 8.1 25.2 52.1 387.0 702.6 7.5 26.7 80.6 401.7 707.4 7.8 42.8 131.7 412.8 692.2 8.3 43.2 198.7 529.6 650.3 9.5 48.9 277.8 536.2 630.8 10.2 56.7 369.6 503.5 563.3 11.4 49.3 372.9 548.9 527.7 11.7 2 3 4 5 6 7 Credit market instruments 298.0 340.4 328.8 249.7 221.8 192.4 206.0 198.8 213.8 217.0 212.3 7 95.0 34.0 11.3 31.8 66.6 59.2 111.0 52.1 17.4 32.1 68.3 59.6 122.7 45.5 15.2 28.1 59.8 57.6 69.5 38.3 12.8 29.2 41.4 58.6 60.1 30.8 10.3 26.6 34.3 59.8 37.4 38.9 6.3 22.3 32.5 55.0 43.6 44.5 11.5 21.8 30.7 53.8 37.1 44.7 11.6 23.5 29.0 53.0 44.8 46.3 12.1 26.1 27.2 57.2 46.0 52.8 14.3 25.1 25.4 53.5 51.7 48.7 12.9 22.4 23.7 53.0 8 9 10 11 12 13 8 9 10 11 12 13 Total financial assets 2005 Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit 14 15 Mutual fund shares Trade receivables 130.1 1830.6 140.0 2108.2 180.7 2090.0 191.1 2253.0 125.8 2126.6 128.1 2103.9 152.1 2144.5 178.0 2159.5 189.7 2089.4 204.4 2173.3 199.1 2267.8 14 15 16 17 18 19 20 21 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 7689.6 2094.7 255.5 0.0 23.6 5315.9 8140.4 2205.7 276.2 0.0 117.0 5541.5 8901.1 2440.7 282.7 0.0 140.1 6037.6 9838.7 2892.7 290.1 0.0 81.5 6574.3 9869.0 3006.3 300.0 0.0 80.5 6482.3 9819.6 3057.9 299.2 0.0 76.9 6385.5 9807.5 3124.7 299.0 0.0 72.3 6311.4 9856.1 3195.7 299.3 0.0 70.9 6290.1 10038.5 3261.6 298.2 0.0 71.2 6407.5 10119.6 3362.1 297.8 0.0 70.4 6389.4 10175.8 3437.6 300.5 0.0 69.5 6368.3 16 17 18 19 20 21 10349.3 11145.3 11781.9 12872.6 13429.7 13495.7 13515.3 13552.4 13612.1 13679.7 13834.9 22 22 Total liabilities 23 Credit market instruments 5167.6 5491.3 5956.3 6715.0 7073.1 7108.4 7115.0 7082.5 7080.6 7163.4 7213.8 23 24 25 26 Commercial paper Municipal securities (2) Corporate bonds (1) 97.8 169.2 2975.5 90.1 176.8 3032.2 112.5 182.2 3247.8 123.8 190.3 3558.9 131.5 192.9 3763.5 106.9 193.3 3908.3 86.2 194.9 4007.4 73.0 196.9 4075.0 59.1 198.3 4145.1 74.6 198.7 4253.3 82.2 199.5 4310.5 24 25 26 27 28 29 Bank loans n.e.c. Other loans and advances (3) Mortgages 542.7 824.0 558.4 508.7 932.5 751.0 517.9 1061.7 834.2 609.4 1350.2 882.3 677.5 1405.0 902.7 652.9 1349.4 897.5 618.7 1314.8 893.0 580.6 1278.2 878.8 553.5 1261.2 863.3 551.3 1250.7 834.8 537.1 1271.4 813.1 27 28 29 1499.9 88.0 3593.8 1409.8 46.6 2137.4 1699.4 86.2 3868.4 1549.4 44.8 2274.2 1813.0 85.4 3927.2 1722.7 42.8 2161.7 1898.9 35.8 4222.9 2014.5 47.2 2161.1 1740.9 39.0 4576.7 2176.5 47.9 2352.3 1655.2 40.2 4691.8 2185.4 48.8 2457.6 1642.5 34.6 4723.1 2205.3 53.4 2464.4 1639.4 41.6 4788.9 2251.0 51.6 2486.2 1676.1 36.3 4819.1 2253.5 50.5 2515.2 1710.6 51.9 4753.8 2292.4 49.9 2411.5 1765.0 46.1 4810.0 2317.8 49.6 2442.6 30 31 32 33 34 35 330.7 12088.6 408.9 12686.6 277.0 14602.3 354.1 15725.8 385.6 10037.1 448.7 8909.3 501.9 10232.6 520.1 11757.7 413.4 12361.2 462.7 12983.2 502.8 11453.6 36 37 30 31 32 33 34 35 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 36 37 Trade receivables net of payables Market value of equities 38 39 Securities and mortgages Loans and short-term paper 3703.2 1464.4 3960.0 1531.3 4264.2 1692.1 4631.5 2083.5 4859.1 2214.0 4999.2 2109.2 5095.3 2019.7 5150.7 1931.8 5206.7 1873.9 5286.8 1876.6 5323.1 1890.7 38 39 40 41 Total short-term liabilities (4) Total liquid assets (5) 3052.4 1265.7 3316.9 1497.0 3590.5 1521.2 4018.2 1526.7 3993.9 1427.9 3804.7 1457.4 3696.9 1561.3 3612.9 1726.1 3586.2 1822.9 3639.1 1846.9 3701.7 1845.3 40 41 42 43 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 71.7 28.3 72.1 27.9 71.6 28.4 69.0 31.0 68.7 31.3 70.3 29.7 71.6 28.4 72.7 27.3 73.5 26.5 73.8 26.2 73.8 26.2 42 43 44 Liquid assets/short-term liabilities 41.5 45.1 42.4 38.0 35.8 38.3 42.2 47.8 50.8 50.8 49.8 44 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) 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. (5) Sum of lines 2 through 6, lines 8 through 11, and line 14. 67 Z.1, September 17, 2010 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2105.6 2541.8 3057.2 3533.1 3764.3 3705.7 3621.3 3520.7 3426.8 3344.1 3261.0 1 279.2 300.6 66.5 355.5 324.1 69.0 428.6 344.4 72.2 494.3 359.3 74.3 519.1 390.3 79.2 510.9 384.4 78.0 499.1 375.8 76.2 485.0 365.6 74.1 471.9 356.0 72.1 460.3 347.6 70.4 448.7 339.2 68.6 2 3 4 50.2 4.3 30.8 0.0 56.2 4.4 36.2 0.0 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 63.2 5.6 44.8 0.0 62.2 5.5 44.1 0.0 60.8 5.4 43.1 0.0 59.1 5.3 41.9 0.0 57.6 5.1 40.8 0.0 56.2 5.0 39.8 0.0 54.8 4.9 38.8 0.0 5 6 7 8 364.3 1009.5 60.5 2.0 947.1 430.9 1265.5 65.3 1.8 1198.4 470.9 1644.4 66.9 1.9 1575.6 525.6 1972.8 68.6 2.2 1902.0 560.0 2102.0 70.7 4.1 2027.2 551.3 2069.2 70.5 4.1 1994.6 538.8 2022.1 70.5 4.3 1947.3 523.8 1965.9 70.6 4.6 1890.7 509.8 1913.5 71.0 4.8 1837.7 497.5 1867.3 70.9 4.8 1791.7 485.2 1820.9 71.5 5.0 1744.4 9 10 11 12 13 3529.0 4064.3 4646.8 5228.4 5538.5 5483.7 5399.3 5295.5 5199.2 5123.0 5042.4 14 2455.3 2786.9 3195.6 3650.3 3863.2 3816.5 3744.7 3654.3 3569.1 3494.9 3431.4 15 473.4 145.3 1836.6 629.9 149.5 2007.5 742.8 163.9 2288.9 882.3 174.9 2593.1 985.6 208.1 2669.4 948.1 207.0 2661.4 894.9 204.7 2645.1 836.7 200.1 2617.5 793.6 199.5 2576.0 746.5 197.3 2551.1 722.8 198.3 2510.3 16 17 18 277.4 78.0 718.2 329.4 86.7 861.2 349.4 95.7 1006.1 378.7 99.5 1099.9 398.9 102.3 1174.0 393.8 101.6 1171.7 386.4 100.6 1167.6 377.7 99.3 1164.2 369.5 98.2 1162.5 362.2 97.1 1168.7 355.0 96.1 1159.9 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 65.5 67.5 73.7 78.8 81.6 82.2 82.8 83.5 84.1 84.3 84.5 1 2 Checkable deposits and currency 22.3 22.9 25.0 26.8 27.7 27.9 28.2 28.4 28.6 28.7 28.7 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 43.2 40.5 2.7 44.5 41.7 2.8 48.6 45.6 3.0 52.0 48.5 3.6 53.8 51.8 2.0 54.3 52.1 2.2 54.7 52.6 2.1 55.1 53.2 1.9 55.5 53.5 2.0 55.6 53.6 2.1 55.8 53.9 1.9 3 4 5 181.9 196.4 203.6 214.1 242.7 243.3 244.0 244.7 245.4 242.8 240.2 6 172.9 190.1 204.3 218.9 222.9 220.3 221.1 219.8 220.9 215.8 215.3 7 47.7 29.5 95.7 49.9 35.4 104.8 53.2 43.0 108.0 55.5 50.7 112.7 58.7 30.6 133.6 55.0 31.4 133.8 57.2 29.9 134.0 58.9 26.6 134.3 58.5 27.8 134.5 54.6 27.7 133.4 57.4 25.6 132.3 8 9 10 9.1 6.3 -0.7 -4.8 19.8 23.1 22.9 24.8 24.5 27.0 24.9 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 (3) Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. (3) Excludes mortgages on farm houses. 68 Z.1, September 17, 2010 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 12 13 14 15 16 17 18 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2029.5 2246.9 2460.7 2619.7 2508.6 2504.0 2535.0 2571.2 2600.6 2643.3 2619.9 1 47.0 170.6 66.6 131.2 56.5 183.3 71.7 141.2 61.9 209.6 78.5 154.6 57.1 245.9 82.9 163.3 65.6 265.1 80.5 158.6 60.6 278.2 80.7 158.9 85.3 267.4 82.1 161.6 71.3 273.0 83.9 165.3 85.0 275.9 85.1 167.5 81.3 281.9 86.8 170.9 81.9 265.0 86.1 169.5 2 3 4 5 1198.1 1352.0 1470.6 1524.6 1383.5 1396.8 1370.8 1358.6 1353.9 1360.0 1342.5 6 171.7 389.1 373.2 4.7 118.2 141.2 184.8 481.4 401.6 5.0 127.2 151.9 202.4 516.9 439.9 5.5 139.4 166.4 193.8 537.6 464.5 5.8 147.2 175.7 127.6 485.5 451.1 5.6 142.9 170.7 108.0 516.9 452.1 5.6 143.2 171.0 86.5 514.4 444.7 5.7 145.6 173.9 81.4 504.3 440.2 5.9 149.0 177.9 74.3 505.9 436.5 5.9 151.0 180.3 68.7 506.1 441.2 6.1 154.0 183.9 57.0 511.8 432.4 6.0 152.8 182.5 7 8 9 10 11 12 90.0 27.5 134.4 99.6 64.6 96.8 29.6 144.7 141.0 30.0 106.0 32.5 158.5 189.0 -0.5 113.0 34.3 167.3 237.5 -6.4 86.3 33.3 162.5 269.8 3.5 61.5 33.4 162.8 274.5 -3.3 78.3 33.9 165.6 276.8 13.3 100.8 34.7 169.4 286.0 28.2 122.4 35.2 171.7 280.9 23.1 117.2 35.9 175.1 281.8 52.3 108.8 30.6 173.8 286.9 74.6 13 14 15 16 17 2132.4 2336.5 2524.6 2752.7 2843.9 2882.9 2922.2 2948.3 2993.5 3034.5 3040.9 18 19 Credit market instruments 1682.6 1854.5 2008.2 2199.3 2250.9 2280.4 2310.0 2326.5 2362.1 2393.4 2390.0 19 20 21 22 23 Municipal securities Short-term Other U.S. government loans 1672.6 100.2 1572.4 10.0 1843.9 105.9 1738.0 10.6 1997.0 102.8 1894.2 11.2 2187.4 120.1 2067.3 11.9 2238.2 132.6 2105.6 12.7 2267.5 133.3 2134.3 12.9 2297.0 122.3 2174.7 13.1 2313.3 135.3 2178.0 13.2 2348.5 135.4 2213.1 13.5 2379.7 134.6 2245.1 13.7 2376.3 119.2 2257.1 13.8 20 21 22 23 449.9 482.0 516.4 553.5 593.0 602.5 612.1 621.8 631.4 641.1 650.8 24 24 Total liabilities 2005 Trade payables (1) Data for employee retirement funds are shown in table L.119. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits 640.6 643.7 641.3 686.6 1268.2 1297.3 1382.0 1470.6 1409.4 1466.4 1525.6 1 54.5 21.9 2.4 35.3 36.8 1.4 34.5 32.9 1.7 36.4 56.5 2.8 41.9 368.0 1.6 40.4 271.9 1.7 46.0 319.1 1.6 97.3 274.8 1.9 94.6 193.6 1.9 92.2 219.5 2.0 89.8 291.6 1.8 2 3 4 5 6 7 8 9 10 Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit (1) 274.7 0.0 0.0 114.4 74.2 86.1 273.8 0.0 0.0 107.4 76.6 89.8 279.9 0.0 0.0 108.0 80.3 91.7 286.5 0.0 0.0 105.8 82.4 98.4 373.1 54.4 0.0 111.8 95.8 111.0 457.4 111.4 0.0 126.6 96.7 122.7 553.2 164.7 0.4 150.6 102.2 135.4 638.3 195.6 0.5 174.3 110.0 157.8 698.3 225.5 0.6 177.9 108.4 186.0 724.7 225.5 0.6 181.6 107.1 209.8 747.3 225.5 0.7 190.1 108.4 222.6 5 6 7 8 9 10 11 12 13 14 Corporate equities (2) Trade receivables Taxes receivable Miscellaneous assets 0.0 61.8 91.2 134.0 0.0 71.0 91.6 133.7 0.0 59.4 96.1 136.8 0.0 60.6 105.0 138.7 188.7 64.7 119.4 110.8 223.9 65.0 123.4 113.6 157.6 68.2 127.3 109.0 158.8 70.6 131.2 97.7 67.4 72.6 135.1 145.8 67.3 74.6 139.1 147.2 47.7 74.0 143.0 130.4 11 12 13 14 5556.0 5947.6 6193.2 6537.4 7892.9 8326.5 8673.2 9131.3 9471.9 9946.2 10307.9 15 7.6 2.2 26.7 7.0 2.2 27.5 7.4 2.2 28.1 7.7 2.2 27.4 7.5 2.2 26.6 7.3 2.2 26.6 7.6 2.2 26.5 56.0 5.2 26.3 55.4 5.2 26.2 53.6 5.2 26.2 55.4 5.2 26.2 16 17 18 4395.0 204.4 4166.3 24.3 0.0 4701.9 205.1 4472.9 23.8 0.0 4885.3 202.4 4659.4 23.5 0.0 5122.3 196.4 4902.8 23.1 0.0 6361.5 194.0 6144.2 23.3 0.0 6826.9 193.9 6610.5 22.5 0.0 7165.3 193.5 6949.6 22.3 0.0 7544.0 192.4 7328.4 23.2 0.0 7805.4 191.2 7590.7 23.5 0.0 8283.2 190.2 8069.4 23.6 0.0 8627.7 189.6 8414.2 23.9 0.0 19 20 21 22 23 169.0 41.6 913.9 855.9 58.0 202.7 42.7 963.7 882.9 80.7 208.9 44.2 1017.2 918.7 98.6 238.2 45.4 1094.2 952.0 142.2 265.3 46.4 1183.5 1015.3 168.2 260.0 46.3 1157.1 993.2 163.9 262.1 46.9 1162.5 997.6 165.0 273.4 46.9 1179.5 1013.5 166.0 270.6 47.5 1261.6 1077.2 184.4 286.8 47.4 1243.8 1060.6 183.2 296.8 47.6 1249.1 1064.8 184.3 24 25 26 27 28 15 Total liabilities 16 17 18 SDR allocations SDR certificates Treasury currency 19 20 21 22 23 Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages 24 25 26 27 28 Trade payables Insurance reserves Miscellaneous liabilities (3) Nonmarketable securities held by pension plans Other (1) Student loans. (2) Corporate equities purchased from financial businesses under the Troubled Assets Relief Program (TARP) and from GSEs at market price. (3) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 69 Z.1, September 17, 2010 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 5 6 7 SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs (net) 8 Credit market instruments 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 10538.6 11530.0 13979.6 15935.3 15008.3 14895.5 14819.2 15150.9 15816.5 16042.2 16254.9 1 7.6 118.3 285.3 149.2 22.9 185.7 7.0 106.0 300.1 155.9 23.0 231.2 7.4 96.7 311.6 167.4 27.0 364.6 7.7 -56.9 306.1 207.6 46.0 338.4 7.5 362.9 370.1 273.1 69.7 114.9 7.3 181.7 363.4 247.4 74.4 32.9 7.6 1.0 359.8 240.5 79.1 49.7 56.0 124.6 360.1 228.6 74.5 -15.8 55.4 70.1 360.7 230.1 70.0 30.1 53.6 26.8 363.2 219.7 65.4 -31.0 55.4 46.5 366.2 222.3 60.9 -120.7 2 3 4 5 6 7 4634.7 5191.3 6199.7 7272.6 7503.1 7582.7 7609.4 7628.7 7783.1 7943.6 8090.3 8 9 Open market paper 229.8 239.6 286.3 278.1 232.9 220.0 200.9 196.9 189.6 192.0 184.1 9 10 11 12 Treasury securities Official Private 1813.6 1251.9 561.6 1984.4 1340.6 643.8 2126.2 1558.3 567.9 2376.4 1736.7 639.8 3251.4 2400.5 850.9 3461.3 2564.3 897.0 3581.2 2713.5 867.7 3695.7 2837.2 858.5 3697.2 2871.1 826.2 3890.0 2960.7 929.3 4013.6 2985.3 1028.3 10 11 12 13 14 15 Agency- and GSE-backed securities Official Private 875.2 372.6 502.6 1012.9 487.2 525.7 1263.6 695.2 568.4 1582.4 954.3 628.0 1406.9 940.5 466.4 1338.1 914.9 423.2 1316.5 883.0 433.4 1262.6 814.0 448.6 1187.7 761.4 426.4 1176.2 752.2 423.9 1212.8 778.6 434.3 13 14 15 16 17 18 Municipal securities U.S. corporate bonds (1) Loans to U.S. corporate business 26.0 1558.9 131.2 29.0 1762.9 162.5 34.4 2320.5 168.8 45.1 2719.1 271.5 50.5 2354.0 207.3 50.0 2317.1 196.2 49.6 2268.1 193.2 53.5 2238.0 181.9 60.6 2465.2 182.7 71.9 2427.3 186.1 83.0 2397.4 199.4 16 17 18 19 20 21 22 U.S. corporate equities Mutual fund shares Trade receivables Security credit 1904.6 195.8 49.0 0.0 2039.1 242.0 56.9 0.0 2448.1 316.8 62.8 0.0 2812.2 373.5 83.6 0.0 1806.7 256.2 89.9 0.0 1594.4 237.4 87.7 0.0 1902.5 270.6 91.7 0.0 2290.4 306.1 97.6 0.0 2438.6 321.7 93.1 0.0 2605.2 337.1 98.7 0.0 2278.1 313.4 104.4 0.0 19 20 21 22 23 24 25 Miscellaneous assets Foreign direct investment in U.S. (2) Other 2985.6 1742.7 1242.8 3177.5 1906.0 1271.5 3977.7 2154.1 1823.7 4544.5 2410.5 2134.0 4154.1 2521.4 1632.8 4486.2 2525.3 1960.9 4207.3 2559.1 1648.2 4000.1 2617.2 1382.9 4363.7 2672.8 1690.9 4359.9 2722.4 1637.5 4838.2 2752.1 2086.0 23 24 25 5611.4 6088.3 7234.2 8482.4 8379.3 8553.7 7782.5 7391.8 8689.2 8848.5 9545.6 26 75.8 957.0 54.1 997.8 54.9 1085.0 59.5 1342.0 66.6 939.9 63.9 878.8 70.4 818.6 123.3 792.6 119.7 768.3 116.5 777.3 113.5 848.1 27 28 1438.8 1513.9 1882.6 2126.3 1708.8 1736.2 1787.4 1856.7 2012.0 2033.0 2028.3 29 345.3 985.0 384.0 1011.6 482.3 1275.5 413.0 1587.1 342.0 1237.3 344.8 1267.1 345.7 1318.7 396.6 1339.5 399.8 1493.6 384.7 1528.9 378.3 1527.5 30 31 69.9 5.5 13.4 51.0 38.3 0.3 84.4 2.6 18.1 63.7 33.7 0.2 98.3 1.9 21.9 74.4 26.4 0.2 102.8 1.9 30.2 70.8 23.1 0.3 107.9 2.6 33.0 72.4 21.6 0.0 103.1 2.6 29.3 71.3 21.2 0.0 101.6 2.9 26.7 72.0 21.4 0.0 99.2 3.4 27.9 67.9 21.4 0.0 96.8 3.2 27.9 65.8 21.9 0.0 97.2 3.0 30.4 63.8 22.2 0.0 100.6 3.3 33.1 64.3 22.0 0.0 32 33 34 35 36 37 48.2 0.0 54.5 0.0 60.7 0.0 73.1 0.0 63.2 0.0 60.3 0.0 68.3 0.0 70.1 0.0 61.2 0.0 61.4 0.0 73.1 0.0 38 39 3091.6 42.0 2.8 2498.5 548.4 3468.1 43.2 0.6 2651.7 772.6 4151.0 45.3 0.6 2948.2 1157.1 4881.5 46.9 24.5 3552.9 1257.3 5600.8 48.3 554.2 3742.8 1255.4 5814.5 48.4 310.4 3793.7 1662.1 5037.8 49.7 115.1 3861.1 1011.8 4549.2 49.8 57.3 3947.0 495.1 5727.9 50.0 10.9 4051.2 1615.8 5860.4 50.4 0.7 4157.8 1651.5 6482.6 51.8 2.0 4247.9 2180.9 40 41 42 43 44 2560.4 3317.7 4329.0 5248.0 2748.4 2464.3 3161.8 3827.1 3977.4 4026.7 3508.6 45 26 Total liabilities 27 28 U.S. official reserve assets (3) U.S. private deposits 29 Credit market instruments 30 31 Commercial paper Bonds 32 33 34 35 36 37 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 38 39 Trade payables Security debt 40 41 42 43 44 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies U.S. direct investment abroad (1,2) Other Memo: 45 Market value of foreign equities held by U.S. residents (4) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Does not include monetary gold. (4) Includes American Depositary Receipts (ADRs). 70 Z.1, September 17, 2010 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 878.7 908.2 951.3 2270.6 2117.3 2038.3 2180.0 2267.2 2338.7 2363.4 1 29.9 2.2 36.5 31.4 2.2 38.2 34.2 2.2 38.7 35.7 2.2 38.7 34.5 2.2 42.3 35.5 2.2 42.4 37.0 5.2 42.6 36.2 5.2 42.7 35.4 5.2 42.7 34.7 5.2 43.2 2 3 4 Federal Reserve float 0.9 0.9 -0.3 -0.0 -1.5 -3.1 -2.8 -2.5 -2.1 -1.6 -1.9 5 Federal Reserve loans to domestic banks Discount window (2) AMLF (3) 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.0 48.6 48.6 0.0 559.7 544.0 15.7 540.8 536.4 4.5 328.5 318.7 9.8 207.2 207.2 0.1 96.6 96.6 0.0 11.5 11.5 0.0 0.7 0.7 0.0 6 7 8 33.0 46.8 40.8 46.5 80.0 0.0 0.0 0.0 0.0 0.0 0.0 9 717.8 744.2 778.9 740.6 986.0 1168.1 1469.5 1776.6 1987.7 2151.8 2187.3 10 0.0 717.8 0.0 0.0 744.2 0.0 0.0 778.9 0.0 0.0 740.6 0.0 0.0 475.9 19.7 0.0 492.3 287.0 0.0 656.5 559.1 0.0 769.2 823.5 0.0 776.6 1068.3 0.0 776.7 1237.7 0.0 777.0 1282.9 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 490.4 0.0 0.0 45.5 29.1 38.9 19.5 24.4 333.0 388.8 4.7 0.0 20.4 29.1 46.0 18.6 24.2 245.8 253.9 25.1 0.0 5.1 29.2 43.5 17.7 22.6 110.8 183.9 42.7 0.0 0.0 29.2 38.7 16.8 19.9 36.6 142.8 47.5 0.0 0.0 29.2 22.2 16.0 18.5 9.4 137.4 47.2 0.0 0.0 29.3 25.4 15.3 17.3 2.9 127.5 42.5 0.0 0.0 29.3 24.7 14.7 16.3 0.0 14 15 16 17 18 19 20 21 22 0.0 18.6 0.0 18.6 0.0 18.1 0.0 18.1 0.0 17.0 0.0 17.0 0.0 40.5 24.0 16.5 0.0 569.8 553.7 16.1 0.0 332.5 309.9 22.6 0.0 163.0 114.6 48.4 0.0 114.0 56.8 57.2 25.1 75.9 10.3 65.6 25.4 68.2 0.0 68.2 25.7 68.6 1.2 67.3 23 24 25 26 829.6 865.7 892.9 932.8 2249.6 2093.4 2013.9 2153.8 2241.6 2312.7 2333.9 27 5 6 7 8 9 Security RPs Credit market instruments 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities 14 15 16 17 18 19 20 21 22 Bank loans n.e.c. Households (TALF) (4) Rest of world Brokers and dealers (5) Funding corporations (Maiden Lane) (6) Funding corporations (AIG) Funding corporations (Maiden Lane II) (7) Funding corporations (Maiden Lane III)(8) Funding corporations (CPFF) (9) 27 2007 32.3 2.2 36.4 U.S. official reserve assets SDR certificates Treasury currency 23 24 25 26 2006 841.3 2 3 4 10 2005 Corporate equities (10) Miscellaneous assets Nonofficial foreign currencies (11) Other Total liabilities 28 29 Depository institution reserves Vault cash of commercial banks 24.0 41.5 19.0 50.1 18.7 51.7 20.8 55.0 860.0 57.7 805.2 50.3 660.5 51.1 848.1 50.7 977.0 54.9 1053.9 51.8 972.3 53.9 28 29 30 Checkable deposits and currency 720.8 750.8 774.3 792.1 1220.3 1142.8 1196.6 1154.4 1102.7 1120.5 1207.7 30 6.2 0.3 5.9 0.0 4.8 0.2 4.6 0.0 5.0 0.3 4.7 0.0 16.4 0.3 16.1 0.0 365.7 0.3 106.1 259.3 267.4 0.3 67.2 199.9 316.2 0.3 116.0 199.9 273.6 0.3 108.3 164.9 191.9 0.2 186.6 5.0 216.7 0.2 91.5 125.0 287.8 0.2 87.6 200.0 31 32 33 34 0.1 1.1 713.3 0.1 2.0 743.9 0.1 0.8 768.5 0.1 1.7 773.9 1.4 21.1 832.2 1.2 20.9 853.4 1.8 20.0 858.6 1.9 15.9 863.0 2.4 35.1 873.3 1.7 19.3 882.8 1.2 27.4 891.3 35 36 37 31 32 33 34 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 35 36 37 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 38 Security RPs 30.8 30.5 29.6 44.0 88.4 70.6 72.7 68.9 77.7 57.8 67.2 38 39 40 41 Miscellaneous liabilities Federal Reserve Bank stock Other 12.5 11.9 0.6 15.3 13.5 1.8 18.5 15.3 3.2 21.0 18.5 2.5 23.1 21.1 2.1 24.5 22.6 1.9 33.0 24.2 8.8 31.7 24.9 6.8 29.2 25.6 3.6 28.7 26.3 2.5 32.8 26.6 6.1 39 40 41 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc. (7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries. (8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts. (9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC. (10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (11) Reciprocal currency arrangements (swap lines) with foreign central banks. 71 Z.1, September 17, 2010 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 6 7 8 Open market paper Treasury securities Agency- and GSE-backed securities 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Bank loans n.e.c. Mortgages Consumer credit Security credit 15 16 Corporate equities Mutual fund shares 17 18 19 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 9057.8 9843.7 10821.0 11809.5 13991.1 14472.4 14216.5 14165.7 14163.0 14439.4 14410.6 1 41.5 20.8 3.5 50.1 16.3 3.0 51.7 16.7 2.9 55.0 18.2 2.6 57.7 816.3 3.2 50.3 731.7 4.3 51.1 584.4 3.3 50.7 790.0 2.8 54.9 908.7 4.2 51.8 963.6 3.9 53.9 888.9 5.4 2 3 4 6851.5 7546.6 8402.1 9186.6 9672.4 9551.9 9519.0 9318.1 9297.5 9528.0 9393.8 5 0.0 107.8 1095.1 0.0 97.0 1089.6 0.0 94.9 1135.6 0.0 112.3 1022.3 15.7 93.2 1169.4 4.5 117.1 1175.4 9.8 123.7 1221.3 0.1 180.3 1185.8 0.0 185.4 1276.9 0.0 251.3 1269.3 0.0 246.2 1261.5 6 7 8 140.8 563.6 157.7 687.0 180.2 780.3 192.9 978.2 216.7 979.9 214.8 957.4 219.7 939.0 218.0 949.4 218.6 867.7 219.3 787.6 220.4 769.8 9 10 1410.1 2595.6 704.3 195.8 1577.9 2958.0 707.0 230.7 1704.8 3403.1 741.2 302.2 2026.9 3644.4 804.1 334.5 2230.3 3841.4 878.6 221.0 2124.0 3853.3 850.7 216.6 2029.4 3897.6 837.8 194.1 1864.1 3795.4 832.7 222.0 1778.9 3818.7 855.3 219.6 1767.4 3761.3 1161.5 232.4 1737.7 3707.4 1148.2 242.2 11 12 13 14 20.3 18.1 24.1 17.4 35.3 24.5 41.5 29.6 6.7 19.6 4.5 33.5 10.5 36.0 20.5 49.7 30.3 46.1 34.7 43.2 21.8 38.7 15 16 4.0 2136.4 4.0 2223.7 0.4 2347.2 0.5 2546.6 0.0 3441.4 0.0 4134.2 0.0 4058.7 0.0 4004.1 0.0 3897.7 0.0 3892.1 0.0 4068.7 17 18 8096.8 8685.2 9463.6 10400.8 12460.4 12695.8 12418.6 12525.3 12533.5 12758.7 12786.4 19 20 21 22 23 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 144.2 1.0 24.9 118.3 128.3 1.0 21.3 106.0 115.7 -0.3 19.3 96.7 12.8 48.6 21.1 -56.9 972.8 558.2 51.7 362.9 777.7 537.7 58.3 181.7 419.9 325.7 93.2 1.0 395.3 204.7 66.0 124.6 250.7 94.5 86.1 70.1 95.6 9.9 58.9 26.8 111.4 -1.3 66.1 46.5 20 21 22 23 24 25 26 27 Checkable deposits Federal government Rest of the world Private domestic 646.7 26.9 13.2 606.6 610.3 33.9 19.7 556.8 574.4 28.0 28.8 517.6 587.7 42.9 34.1 510.7 729.1 3.5 67.6 658.0 666.6 4.3 49.3 613.1 729.4 4.0 47.0 678.3 735.9 3.7 43.0 689.1 814.0 3.8 44.6 765.7 768.0 4.1 45.5 718.3 788.4 3.2 46.8 738.3 24 25 26 27 28 29 30 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 3258.7 1120.6 727.4 3527.1 1363.7 817.7 3814.7 1627.7 888.2 4077.7 1925.3 838.5 4619.1 1827.7 482.8 4753.6 1763.7 468.7 4777.9 1770.0 622.1 4862.7 1784.9 655.4 5003.5 1824.8 746.6 5110.9 1718.9 811.2 5097.8 1627.5 760.7 28 29 30 31 Credit market instruments 738.7 823.9 998.0 1261.2 1422.0 1724.9 1720.8 1685.1 1645.3 1975.5 1920.4 31 57.2 437.4 244.1 61.2 494.1 268.5 79.3 570.1 348.5 117.2 688.7 455.2 77.7 818.0 526.3 56.1 1211.0 457.8 51.9 1216.4 452.5 55.6 1225.4 404.2 60.8 1182.5 402.0 206.5 1412.1 357.0 199.5 1393.3 327.6 32 33 34 33.6 1426.8 25.8 1388.5 24.7 1420.3 11.1 1686.6 -74.6 2481.5 -72.6 2613.2 -80.9 2459.4 -65.9 2471.9 -67.5 2316.2 -73.6 2352.2 -64.6 2544.8 35 36 6621.2 0.0 7278.4 0.0 8040.5 0.0 8781.6 11.2 9425.1 9.5 9297.3 9.1 9278.3 8.1 9025.8 7.3 9001.4 6.9 9217.7 7.5 9091.1 7.3 37 38 32 33 34 35 36 Open market paper Corporate bonds Other loans and advances Taxes payable (net) Miscellaneous liabilities Memo: 37 38 Credit market funds advanced (4) Consumer leases not included above (5) (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 14) less corporate equities (line 15) less mutual fund shares (line 16) plus customers’ liability on acceptances (line 17). (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. 72 Z.1, September 17, 2010 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 Total financial assets 2010 Q2 Q3 Q4 Q1 Q2 6865.1 7392.5 8189.5 8840.8 10247.7 10036.5 9987.5 9924.6 10044.6 10256.1 10143.4 1 61.6 65.5 67.8 72.2 635.1 568.4 490.0 611.4 679.5 684.0 643.7 2 6118.0 6621.3 7320.5 7883.7 8382.9 8320.6 8390.6 8231.3 8290.0 8520.3 8415.3 3 Open market paper Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other 0.0 74.2 996.1 581.7 156.7 257.7 0.0 64.2 992.7 579.0 152.3 261.5 0.0 61.9 1040.3 647.8 147.2 245.3 0.0 73.0 928.9 592.8 142.8 193.3 15.7 53.4 1068.7 744.9 157.1 166.7 4.5 71.0 1085.4 730.2 166.9 188.4 9.8 82.7 1136.8 765.1 173.5 198.2 0.1 119.0 1106.5 700.5 191.9 214.1 0.0 117.7 1200.0 733.6 215.3 251.1 0.0 181.6 1196.9 696.5 260.3 240.0 0.0 181.2 1192.8 661.3 285.1 246.5 4 5 6 7 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other 140.4 364.6 18.9 108.0 237.7 157.2 411.6 23.9 146.2 241.5 178.9 470.7 32.7 158.8 279.1 190.9 572.4 48.2 223.7 300.5 214.1 542.0 23.8 222.2 296.0 211.8 572.9 22.5 214.0 336.4 217.3 603.7 25.8 209.8 368.1 214.5 624.1 27.2 206.0 391.0 215.1 590.4 25.9 194.9 369.6 216.2 516.0 24.4 165.0 326.7 218.4 498.6 17.2 152.8 328.6 10 11 12 13 14 15 16 17 18 Bank loans n.e.c. Mortgages Consumer credit Security credit 1150.5 2547.3 704.3 102.2 1249.3 2902.1 707.0 95.6 1312.2 3338.9 741.2 116.5 1532.9 3564.6 804.1 145.9 1670.8 3754.7 878.6 158.6 1580.7 3766.4 850.7 139.1 1523.3 3811.8 837.8 120.9 1395.0 3712.1 832.7 157.1 1338.4 3738.6 855.3 158.0 1328.3 3681.9 1161.5 160.0 1316.6 3634.7 1148.2 164.4 15 16 17 18 19 20 Corporate equities Mutual fund shares 20.3 18.1 24.1 17.4 35.3 24.5 41.5 29.6 6.7 19.6 4.5 33.5 10.5 36.0 20.5 49.7 30.3 46.1 34.7 43.2 21.8 38.7 19 20 3.3 682.2 3.3 702.5 0.0 801.2 0.0 884.8 0.0 1229.7 0.0 1147.5 0.0 1106.9 0.0 1082.0 0.0 1075.1 0.0 1051.9 0.0 1084.4 21 22 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 21 22 23 Customers’ liab. on acceptances (1) Miscellaneous assets 6660.8 7119.5 7760.2 8370.1 9753.3 9562.9 9511.0 9617.2 9720.8 9891.3 9882.3 23 24 25 26 27 28 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 271.9 0.9 0.0 -22.8 293.8 288.5 0.9 0.1 -22.3 309.9 361.2 -0.3 0.1 -58.9 420.3 502.5 -0.0 48.6 -24.4 478.3 1289.2 -1.5 559.7 86.4 644.6 1075.3 -3.1 540.8 3.9 533.7 911.7 -2.8 328.5 22.6 563.4 889.3 -2.5 207.2 39.3 645.3 673.7 -2.1 96.6 27.9 551.3 449.2 -1.6 11.5 -26.0 465.3 442.8 -1.9 0.7 -8.4 452.5 24 25 26 27 28 29 30 31 32 Checkable deposits Federal government Rest of the world Private domestic 624.5 26.9 11.2 586.4 587.7 33.9 17.4 536.5 551.2 28.0 26.8 496.4 560.2 42.9 31.7 485.5 700.9 3.5 62.9 634.6 637.9 4.3 44.8 588.8 698.8 4.0 42.4 652.4 705.3 3.7 33.1 668.4 781.9 3.8 34.1 744.0 735.4 4.1 34.7 696.6 755.2 3.2 36.3 715.7 29 30 31 32 33 34 35 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 3230.2 671.3 569.1 3493.1 838.1 626.1 3770.9 968.0 647.5 4025.9 991.1 611.4 4566.2 1015.6 352.4 4701.5 976.3 362.2 4728.5 915.6 483.3 4810.6 865.8 515.8 4949.1 841.7 624.0 5056.5 789.9 667.3 5046.6 771.3 603.6 33 34 35 36 37 38 39 Open market paper Corporate bonds Other loans and advances Taxes payable (net) 3.4 109.3 244.1 33.6 3.3 121.7 268.5 25.8 0.0 149.2 348.5 24.7 0.0 174.4 455.2 11.1 0.0 182.4 526.3 -74.6 0.0 168.3 457.8 -72.6 0.0 165.3 452.5 -80.9 0.0 158.3 404.2 -65.9 0.0 174.1 402.0 -67.5 132.5 417.7 357.0 -73.6 135.8 418.3 327.6 -64.6 36 37 38 39 40 41 42 Miscellaneous liabilities Investment by bank holding companies Other 903.4 857.0 46.4 866.6 897.0 -30.4 939.1 1006.9 -67.8 1038.4 1133.1 -94.7 1194.9 1181.3 13.6 1256.2 1245.4 10.8 1236.1 1260.8 -24.7 1333.9 1320.8 13.0 1341.9 1346.3 -4.4 1359.4 1342.7 16.7 1445.7 1367.0 78.7 40 41 42 5980.7 0.0 6487.4 0.0 7144.1 0.0 7666.8 11.2 8197.9 9.5 8143.4 9.1 8223.3 8.1 8003.9 7.3 8055.5 6.9 8282.4 7.5 8190.4 7.3 43 44 Memo: 43 44 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). (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. 73 Z.1, September 17, 2010 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 664.1 818.1 828.2 1048.0 1624.5 1505.1 1300.6 1308.7 1267.7 1307.3 1368.7 1 0.7 0.9 0.6 1.0 239.0 213.6 145.5 229.4 284.1 331.4 299.1 2 606.3 792.1 946.8 1151.4 1126.0 1070.6 963.4 919.4 844.2 845.2 843.6 3 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 0.0 27.7 51.8 0.0 182.2 0.0 27.8 50.9 0.0 262.8 0.0 26.8 55.1 0.0 292.5 0.0 30.4 57.1 0.0 369.5 0.0 35.5 50.5 0.0 401.6 0.0 44.7 45.6 0.0 352.3 0.0 33.2 38.7 0.0 304.3 0.0 56.4 35.2 0.0 289.8 0.0 61.4 32.1 0.0 244.9 0.0 63.1 31.4 0.0 236.6 0.0 58.7 30.4 0.0 253.2 4 5 6 7 8 9 10 11 Bank loans n.e.c. Mortgages Security credit 234.0 16.9 93.7 294.7 20.8 135.1 361.8 24.9 185.6 466.8 39.0 188.6 531.9 44.2 62.3 506.3 44.2 77.5 470.9 43.1 73.3 432.6 40.5 65.0 406.5 37.8 61.6 403.9 37.9 72.3 387.3 36.2 77.8 9 10 11 12 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12 0.7 56.4 0.8 24.3 0.4 -119.6 0.5 -104.9 0.0 259.6 0.0 220.9 0.0 191.7 0.0 159.9 0.0 139.4 0.0 130.7 0.0 226.1 13 14 680.3 834.8 844.6 1067.5 1639.3 1520.0 1316.6 1325.6 1283.9 1323.1 1384.3 15 -135.7 -167.9 32.2 -141.7 -176.7 35.0 -213.0 -255.3 42.2 -404.1 -424.6 20.5 -163.9 -180.2 16.2 -233.6 -251.0 17.4 -403.9 -438.9 35.0 -359.2 -386.7 27.5 -322.5 -356.2 33.7 -257.6 -305.6 48.0 -250.8 -307.1 56.3 16 17 18 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 13 14 15 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 16 17 18 Net interbank liabilities To foreign banks To domestic banks 19 20 21 Checkable deposits Small time and savings deposits Large time deposits 8.7 9.5 430.3 9.3 10.0 501.7 9.3 18.6 634.5 11.8 25.5 907.9 13.5 25.6 784.7 13.8 26.2 761.5 15.0 24.1 829.2 14.8 27.0 893.9 16.1 29.9 958.6 16.4 30.2 904.7 16.4 31.6 836.5 19 20 21 22 23 Federal funds and security RPs (net) Acceptance liabilities 157.5 0.7 190.9 0.8 239.9 0.5 226.3 0.5 130.0 0.0 134.3 0.0 172.4 0.0 178.5 0.0 170.3 0.0 195.3 0.0 216.0 0.0 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 209.2 122.7 167.7 -81.2 263.8 130.2 188.8 -55.1 154.8 135.4 197.3 -177.9 299.6 107.2 241.0 -48.7 849.4 92.6 276.6 480.2 817.8 91.2 269.3 457.3 679.9 92.1 224.5 363.4 570.5 96.0 199.1 275.4 431.5 111.9 200.9 118.6 434.1 115.5 186.9 131.7 534.5 118.6 150.4 265.5 24 25 26 27 513.3 657.8 761.6 963.3 1063.7 993.2 890.2 854.5 782.7 772.8 765.8 28 Memo: 28 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 11) less corporate equities (line 12) plus customers’ liability on acceptances (line 13). 74 Z.1, September 17, 2010 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1429.0 1523.8 1695.3 1813.2 2013.7 2827.3 2826.6 2830.7 2751.8 2780.8 2807.6 1 36.4 32.2 35.6 58.7 72.6 71.5 75.5 76.5 75.1 78.7 62.7 2 2.0 13.5 15.5 5.3 1.1 11.2 11.8 8.1 2.5 11.2 16.7 5.1 7.1 9.9 35.9 5.8 3.1 25.8 35.8 7.9 0.6 21.6 32.0 17.3 7.0 22.4 29.5 16.6 4.2 22.3 33.1 16.8 5.8 24.3 30.4 14.6 5.8 22.6 33.6 16.7 5.0 22.1 17.4 18.1 3 4 5 6 1392.6 857.0 341.3 194.4 1491.6 897.0 384.0 210.6 1659.7 1006.9 406.6 246.2 1754.6 1133.1 343.6 277.9 1941.1 1181.3 387.4 372.5 2755.8 1245.4 987.7 522.7 2751.1 1260.8 980.7 509.6 2754.3 1320.8 934.1 499.3 2676.6 1346.3 855.8 474.5 2702.1 1342.7 902.9 456.6 2744.9 1367.0 909.7 468.2 7 8 9 10 661.7 627.6 756.7 868.8 976.7 1524.3 1504.0 1489.7 1438.9 1457.5 1437.6 11 8.0 15.5 -7.5 -18.5 8.6 -27.1 -32.4 36.0 -68.4 -85.6 25.0 -110.6 -152.5 -51.0 -101.5 -64.0 37.0 -101.0 -87.9 35.6 -123.5 -134.8 -0.9 -134.0 -100.5 24.5 -125.1 -96.0 36.9 -132.8 -80.6 18.3 -98.9 12 13 14 0.8 0.6 0.8 0.8 0.4 -27.8 -33.6 -38.9 -47.7 -51.4 -59.0 15 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 381.3 53.1 328.2 429.5 57.1 372.4 499.7 78.8 420.9 631.1 116.7 514.4 713.3 77.7 635.6 1098.8 56.1 1042.6 1103.0 51.9 1051.1 1122.7 55.6 1067.1 1069.2 60.8 1008.4 1068.3 73.9 994.4 1038.7 63.7 975.0 16 17 18 19 Miscellaneous liabilities 271.6 216.0 288.6 322.4 415.5 517.4 522.5 540.8 517.9 536.5 538.5 19 107.5 105.2 103.5 101.8 101.7 98.8 95.1 90.9 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 99.5 109.3 108.1 3.5 3.0 2.9 2.6 3.2 4.3 3.3 2.8 4.2 3.9 5.4 2 90.8 101.0 99.3 92.8 90.9 89.2 89.5 90.9 88.1 83.8 72.2 3 Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3.8 33.6 0.3 1.3 3.9 34.8 0.5 0.8 3.7 29.0 1.3 0.4 1.8 26.3 2.0 0.5 1.2 24.4 2.5 0.5 0.8 22.8 3.0 0.2 0.8 23.5 2.4 1.5 0.7 21.8 3.5 2.3 0.5 20.5 3.5 2.0 0.9 18.4 3.1 1.4 1.3 16.2 2.0 0.5 4 5 6 7 Bank loans n.e.c. Home mortgages Commercial mortgages 20.3 15.6 15.9 25.9 16.3 18.8 25.6 17.2 22.0 21.4 21.5 19.3 19.7 22.9 19.7 19.7 23.0 19.6 18.6 22.9 19.8 19.7 23.0 19.9 19.4 22.6 19.6 18.4 22.3 19.3 15.7 20.8 15.7 8 9 10 5.2 5.3 5.9 12.1 11.1 10.0 9.1 8.0 6.5 7.5 13.3 11 Miscellaneous assets 94.0 103.4 102.1 94.4 91.0 88.6 87.0 92.7 90.0 86.9 82.2 12 13 14 15 Total liabilities Checkable deposits Small time and savings deposits Large time deposits 13.5 19.0 19.0 13.3 23.9 23.9 14.0 25.2 25.2 15.7 26.3 26.3 14.6 27.4 27.4 14.9 25.9 25.9 15.6 25.3 25.3 15.8 25.1 25.1 16.1 24.5 24.5 16.2 24.2 24.2 16.7 19.6 19.6 13 14 15 16 Miscellaneous liabilities 42.5 42.2 37.7 26.2 21.7 21.8 20.8 26.7 25.0 22.2 26.1 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. 75 Z.1, September 17, 2010 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1649.6 1789.4 1714.8 1815.0 1523.5 1531.9 1397.5 1372.7 1253.7 1262.2 1244.8 1 3.3 21.3 3.2 9.1 2.7 23.7 2.7 9.0 2.0 20.4 6.6 18.3 2.6 20.0 9.9 45.6 39.0 8.7 8.3 34.7 49.0 10.2 10.3 29.5 54.0 6.3 10.2 10.3 42.5 7.9 17.6 19.2 45.5 4.5 15.3 12.0 55.3 0.8 19.1 9.5 48.2 6.9 18.2 7.8 2 3 4 5 1417.7 1617.1 1533.2 1596.1 1320.0 1311.5 1212.2 1188.2 1079.2 1080.9 1069.0 6 0.0 8.4 136.4 90.4 23.4 22.7 0.0 12.3 192.3 116.0 30.7 45.5 0.0 12.5 177.0 98.4 32.8 45.9 0.0 7.0 177.4 104.2 31.3 41.8 0.0 3.0 173.8 106.1 36.9 30.8 0.0 3.6 175.9 103.4 37.7 34.8 0.0 4.6 187.6 101.5 47.3 38.9 0.0 6.0 197.4 95.6 50.1 51.7 0.0 6.8 201.6 95.5 53.0 53.2 0.0 7.1 209.9 97.1 56.1 56.7 0.0 6.7 206.5 97.5 52.0 56.9 7 8 9 10 11 12 7.4 59.2 8.2 40.5 10.5 9.0 80.2 7.7 58.6 13.9 11.2 92.7 11.0 65.8 16.0 11.0 142.2 6.5 105.2 30.4 7.8 108.5 5.2 63.4 39.9 8.6 112.8 3.7 42.1 66.9 8.7 108.6 3.7 33.9 71.0 9.2 105.8 2.6 33.4 69.7 9.2 85.1 2.8 33.0 49.4 9.6 81.7 2.8 30.7 48.2 10.1 81.5 2.7 30.4 48.4 13 14 15 16 17 57.6 1057.4 91.3 61.5 1152.7 109.1 67.5 1076.8 95.5 73.7 1094.0 90.8 80.1 860.6 86.3 80.7 849.8 80.0 74.5 752.2 75.9 65.9 725.8 78.1 65.6 633.3 77.5 65.3 629.3 78.0 64.3 619.4 80.6 18 19 20 28.2 166.7 26.2 107.9 24.9 109.3 25.3 115.5 22.7 90.0 21.6 99.9 24.1 80.3 24.6 72.8 22.2 74.9 21.8 74.7 21.7 73.0 21 22 1495.0 1619.2 1535.8 1649.2 1395.7 1389.1 1257.6 1229.2 1124.4 1126.7 1106.9 23 990.2 81.2 584.5 324.5 1066.8 85.0 618.5 363.3 1091.4 85.9 647.5 358.0 1104.6 79.4 638.1 387.1 948.6 76.6 578.5 293.5 971.9 76.4 582.9 312.6 944.2 75.9 568.2 300.2 923.7 90.5 678.0 155.2 895.3 89.7 667.9 137.7 905.6 90.1 674.8 140.7 899.3 89.2 665.9 144.2 24 25 26 27 63.3 61.0 41.8 17.6 17.6 19.4 10.9 70.3 53.6 53.9 50.2 28 404.8 7.6 87.9 309.3 427.3 8.7 93.1 325.5 319.1 10.7 48.6 259.8 423.3 10.4 62.0 350.9 356.1 2.4 75.0 278.7 321.8 2.0 67.5 252.4 253.2 2.2 62.0 189.0 192.3 2.3 11.3 178.7 152.3 2.3 11.0 139.1 143.3 3.2 11.3 128.8 136.2 3.0 8.8 124.4 29 30 31 32 3.6 33.2 19.0 14.3 3.6 60.5 22.7 37.8 3.3 80.2 24.7 55.5 1.3 102.4 25.3 77.1 1.0 72.3 31.6 40.7 1.4 74.7 24.0 50.7 0.8 48.5 24.3 24.2 1.4 41.5 23.9 17.6 1.3 21.8 22.2 -0.4 1.6 22.4 23.1 -0.7 1.1 20.2 22.9 -2.7 33 34 35 36 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 76 Z.1, September 17, 2010 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 (net) 6 Credit market instruments 7 8 9 10 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 11 12 13 Other loans and advances Home mortgages Consumer credit 14 15 16 Mutual fund shares Miscellaneous assets Total liabilities 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 654.7 685.7 716.2 758.7 812.4 855.4 868.6 872.0 882.7 895.7 902.9 1 0.0 40.2 26.4 4.1 0.0 38.1 21.9 6.7 0.0 44.4 17.0 5.1 0.0 43.3 17.0 2.5 4.7 37.6 28.3 -2.3 24.5 36.9 34.0 -0.5 22.2 32.3 35.7 0.1 15.6 37.3 36.5 0.1 22.8 39.1 37.8 0.1 35.0 37.2 41.0 0.1 35.2 31.3 38.4 0.1 2 3 4 5 556.4 592.6 622.7 657.9 697.9 698.6 717.0 725.9 731.0 737.3 754.3 6 0.8 8.9 93.1 25.0 0.8 7.7 86.4 23.5 1.0 7.4 72.5 30.6 0.4 10.4 68.4 34.6 0.0 8.8 82.9 25.7 0.0 8.3 91.9 17.6 0.0 12.4 100.7 18.0 0.0 13.0 105.2 17.9 0.0 14.2 110.8 18.6 0.0 15.9 123.5 18.5 0.0 17.0 137.1 18.4 7 8 9 10 24.9 188.3 215.4 25.9 219.7 228.6 26.8 249.7 234.5 26.9 281.5 235.7 29.6 314.7 236.2 31.4 316.3 233.3 32.2 319.0 234.7 31.8 317.7 240.3 32.3 317.9 237.2 31.3 320.1 228.0 33.2 320.4 228.3 11 12 13 3.1 24.5 2.2 24.2 2.1 24.9 2.1 35.9 2.0 44.2 1.8 60.1 1.8 59.6 1.5 55.1 1.3 50.6 1.6 43.5 1.6 42.0 14 15 595.2 622.7 648.7 688.2 742.7 792.2 801.5 803.9 815.3 827.2 833.5 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 574.5 74.1 440.4 60.0 596.1 81.1 452.5 62.5 620.6 72.6 483.0 65.0 652.3 73.7 508.7 69.9 697.4 75.3 551.7 70.4 741.2 80.8 582.2 78.3 752.2 80.5 590.9 80.8 754.8 79.3 590.5 85.1 769.4 86.9 655.1 27.3 790.4 88.5 673.7 28.2 795.4 88.3 678.8 28.3 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 11.4 9.3 14.7 11.9 18.9 9.2 32.3 3.6 40.6 4.7 30.3 20.7 28.5 20.8 28.3 20.8 26.5 19.4 25.4 11.4 25.0 13.1 21 22 L.116 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Checkable deposits and currency Money market fund shares Security RPs (net) 5 Credit market instruments 6 7 8 9 10 11 1334.6 1385.3 1307.1 1278.9 1315.3 1360.3 1383.4 1386.2 1368.1 1 25.9 13.4 0.9 21.0 12.8 1.4 29.9 13.5 0.7 42.7 20.7 3.1 27.9 32.8 2.0 26.0 32.8 0.0 33.9 28.7 0.0 33.6 27.9 0.0 27.6 29.1 0.0 28.3 24.8 0.0 37.2 24.2 0.0 2 3 4 746.5 819.3 864.1 869.3 853.4 855.6 863.2 873.2 887.5 884.1 881.4 5 12.3 106.6 112.1 15.8 106.9 117.9 16.4 110.0 122.0 13.3 71.3 125.8 19.1 65.6 114.3 19.1 69.5 113.8 16.8 72.6 114.5 16.3 76.9 115.2 17.0 82.2 116.2 14.5 80.9 116.3 14.1 80.5 116.0 6 7 8 Municipal securities Corporate and foreign bonds Commercial mortgages 267.8 245.3 2.4 313.2 262.8 2.7 335.2 277.0 3.5 371.3 282.9 4.8 381.9 267.5 5.0 375.7 272.5 5.0 373.6 280.7 5.0 371.0 289.0 4.8 369.4 298.3 4.4 369.7 298.5 4.3 368.8 297.8 4.2 9 10 11 196.6 5.2 199.5 5.7 227.0 6.9 236.2 6.8 193.3 4.4 164.6 4.2 187.6 4.6 219.9 5.0 219.8 5.3 225.6 5.4 198.0 5.0 12 13 79.6 89.9 82.1 103.3 87.0 105.5 85.4 121.1 86.7 106.6 87.4 108.3 87.3 109.9 85.4 115.4 83.0 131.1 84.8 133.1 86.8 135.7 14 15 709.8 757.7 825.1 820.8 800.1 786.7 791.8 803.3 813.9 816.7 818.5 16 1.5 708.3 -1.6 759.3 9.4 815.7 7.0 813.8 -21.1 821.2 -24.2 811.0 -20.5 812.3 -14.5 817.8 -15.8 829.7 -12.6 829.3 -19.1 837.6 17 18 Corporate equities Mutual fund shares 14 15 Trade receivables Miscellaneous assets 17 18 1245.0 Open market paper Treasury securities Agency- and GSE-backed securities 12 13 16 1158.0 Total liabilities Taxes payable (net) Miscellaneous liabilities 77 Z.1, September 17, 2010 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 Other loans and advances Mortgages 12 13 Corporate equities Mutual fund shares 14 Miscellaneous assets 15 Total liabilities 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 4133.9 4353.3 4687.8 4952.5 4523.5 4423.4 4554.0 4754.5 4825.5 4935.0 4884.2 1 53.3 17.2 47.7 13.5 56.1 23.3 58.3 21.6 82.8 39.2 70.3 42.8 65.7 41.1 64.1 37.9 52.5 33.7 48.8 29.2 57.6 28.5 2 3 2643.9 2753.9 2786.4 2871.2 2882.8 2945.8 2975.7 3019.8 3061.3 3085.2 3103.6 4 27.4 81.9 357.1 24.4 95.4 368.5 28.7 87.9 377.4 41.7 70.6 382.9 38.3 105.7 366.2 45.7 141.1 358.8 49.8 148.5 359.8 52.4 167.8 356.8 59.0 176.3 355.9 45.8 174.6 362.4 44.7 181.3 359.2 5 6 7 30.1 1756.3 117.8 273.3 32.5 1824.8 122.8 285.5 36.6 1819.5 132.6 303.8 41.4 1862.6 145.8 326.2 47.1 1817.0 166.1 342.4 53.4 1847.7 160.5 338.6 59.6 1866.5 156.5 335.0 66.3 1892.1 152.0 332.4 73.3 1917.2 153.5 326.1 74.7 1951.3 155.1 321.4 75.3 1966.6 158.5 318.0 8 9 10 11 1053.9 114.4 1161.8 109.0 1364.8 148.8 1464.6 188.4 1001.7 121.0 886.5 113.7 1029.5 123.8 1192.3 136.4 1256.3 140.8 1330.6 144.8 1253.5 134.3 12 13 251.1 267.3 308.4 348.3 396.0 364.3 318.2 303.8 281.0 296.4 306.8 14 3866.1 4085.8 4409.4 4659.0 4258.6 4184.2 4306.4 4487.1 4522.0 4607.9 4555.3 15 16 17 18 19 Security RPs (net) Other loans and advances Life insurance reserves Pension fund reserves (1) 9.9 11.1 1018.8 2027.9 18.3 11.5 1039.9 2197.4 18.7 14.2 1119.5 2332.4 17.4 28.7 1156.1 2450.8 4.9 54.9 1133.4 2184.6 -0.8 52.5 1136.6 2155.6 0.2 50.5 1157.6 2221.7 -0.8 47.5 1180.4 2312.3 0.2 48.3 1194.5 2338.0 0.4 45.6 1216.2 2372.6 1.4 45.6 1219.0 2340.3 16 17 18 19 20 21 Taxes payable (net) Miscellaneous liabilities -2.7 801.2 -5.3 824.0 -1.3 925.9 -4.7 1010.6 -24.4 905.0 -21.8 862.0 -21.6 898.0 -22.6 970.4 -31.4 972.4 -30.4 1003.5 -30.5 979.5 20 21 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21). L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 4922.4 5388.6 6082.8 6410.6 4552.7 4246.7 4730.2 5270.2 5471.0 5708.6 5322.5 1 10.5 55.9 84.9 20.6 10.8 62.2 86.7 21.6 11.2 63.1 90.1 22.4 11.8 67.7 93.5 25.8 12.3 67.9 95.7 33.1 12.3 69.6 96.1 36.8 11.9 69.3 96.2 37.8 14.5 71.3 96.3 42.0 16.4 72.7 96.4 36.2 18.9 73.7 96.4 36.3 21.9 74.9 96.4 31.3 2 3 4 5 654.6 699.9 758.3 860.8 951.4 987.9 1005.1 1037.7 1063.0 1090.0 1109.2 6 Open market paper Treasury securities Agency- and GSE-backed securities 28.5 113.0 235.3 31.5 116.5 252.0 31.7 130.8 268.6 26.9 169.5 296.8 37.2 184.9 318.1 37.6 214.3 310.6 38.1 236.5 294.4 31.5 280.7 278.8 26.7 310.7 269.1 21.7 341.6 259.6 18.2 407.4 205.9 7 8 9 Corporate and foreign bonds Mortgages 267.8 10.0 290.0 9.8 317.6 9.5 357.4 10.2 400.1 11.1 413.9 11.6 424.1 12.1 434.0 12.8 442.9 13.6 452.5 14.6 462.0 15.7 10 11 2338.5 1278.2 2441.7 1585.4 2724.8 1880.4 2673.3 2110.6 1599.7 1366.0 1382.7 1268.7 1566.3 1488.7 1770.8 1727.7 1835.7 1817.3 1918.2 1929.6 1673.9 1791.6 12 13 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 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 479.2 328.4 46.6 104.1 480.2 338.4 44.8 97.0 532.5 387.9 42.8 101.8 567.1 431.3 47.2 88.6 426.5 317.6 47.9 61.0 392.6 287.8 48.8 55.9 454.8 338.7 53.4 62.7 509.9 390.0 51.6 68.2 533.3 412.8 50.5 70.0 545.5 429.9 49.9 65.7 523.2 408.0 49.6 65.6 14 15 16 17 18 Pension fund reserves (liabilities) (3) 4963.0 5427.8 6120.5 6444.8 4588.0 4283.1 4766.5 5306.6 5507.4 5745.1 5359.0 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. 78 Z.1, September 17, 2010 L.119 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 12 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2577.5 2721.4 3089.8 3198.8 2324.5 2167.6 2369.8 2602.1 2685.8 2784.0 2556.5 1 16.3 1.4 11.6 20.2 15.8 1.3 11.7 19.7 13.1 0.8 13.8 24.1 17.9 0.7 12.4 21.7 17.8 0.7 14.3 23.5 17.6 0.7 14.2 23.3 17.7 0.7 14.3 23.4 17.7 0.7 14.3 23.4 17.6 0.7 14.2 23.3 17.5 0.7 14.1 23.1 17.4 0.7 14.1 23.1 2 3 4 5 675.3 693.4 808.0 820.3 833.5 827.0 823.8 819.2 818.1 818.6 818.7 6 Open market paper Treasury securities Agency- and GSE-backed securities 35.2 151.0 258.8 35.2 153.8 258.4 42.8 156.2 307.8 38.4 141.6 331.1 25.9 146.4 337.5 25.7 150.2 329.7 23.9 159.9 319.0 23.9 167.3 309.5 22.8 174.5 299.9 22.6 174.7 300.2 22.6 174.5 300.0 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 1.8 213.5 15.1 1.7 227.9 16.4 3.3 283.4 14.4 2.4 297.0 9.7 1.4 312.9 9.4 1.4 310.5 9.4 1.4 310.2 9.4 1.5 307.7 9.4 1.5 310.1 9.3 1.5 310.3 9.3 1.5 310.8 9.3 10 11 12 1600.9 235.9 1715.8 248.4 1926.1 287.5 2013.7 296.4 1237.9 181.1 1107.2 161.9 1286.2 188.1 1492.5 218.3 1566.5 229.2 1652.0 241.7 1453.4 212.6 13 14 15.9 15.4 16.3 15.7 15.7 15.6 15.6 16.1 16.2 16.3 16.5 15 2621.3 2763.4 3156.6 3297.9 2414.7 2256.9 2458.0 2689.4 2771.9 2869.0 2643.5 16 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 2005 Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 Federal Government Retirement Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) 1023.3 1071.5 1141.1 1197.2 1221.2 1192.4 1214.8 1249.7 1324.4 1317.7 1311.0 1 68.2 76.0 84.3 96.1 120.3 124.5 124.7 125.8 127.7 129.4 133.6 2 60.7 4.6 3.0 68.4 4.6 2.9 76.7 4.7 2.9 88.0 5.0 3.0 112.3 5.1 2.9 116.7 5.0 2.8 116.9 5.0 2.8 117.4 5.4 3.0 119.1 5.6 3.0 120.6 5.8 3.0 124.5 6.0 3.1 3 4 5 99.2 855.9 112.6 882.9 138.1 918.7 149.1 952.0 85.6 1015.3 74.7 993.2 92.5 997.6 110.4 1013.5 119.4 1077.2 127.8 1060.6 112.6 1064.8 6 7 1023.3 1071.5 1141.1 1197.2 1221.2 1192.4 1214.8 1249.7 1324.4 1317.7 1311.0 8 (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (3) Liabilities of the sector are assets of the household sector. 79 Z.1, September 17, 2010 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1879.8 2006.9 2312.1 3033.1 3757.3 3738.7 3584.6 3363.0 3258.6 2930.7 2760.4 1 78.5 0.6 167.2 234.0 94.7 -0.9 183.0 346.0 84.1 6.7 206.7 394.6 127.3 1.9 270.6 605.9 129.3 7.5 355.2 542.4 79.7 12.7 458.1 561.5 87.5 -7.0 550.0 488.5 103.6 4.2 544.6 495.0 97.1 17.9 573.2 479.9 92.5 5.1 504.6 440.1 92.5 7.5 432.3 462.5 2 3 4 5 1346.3 1340.8 1560.8 1936.4 2675.0 2575.2 2412.1 2163.8 2031.2 1832.7 1706.8 6 405.8 98.2 267.5 313.8 261.0 492.2 88.6 160.1 336.8 263.2 608.3 82.7 131.4 370.3 368.3 674.6 178.1 235.9 471.0 376.8 618.5 577.7 756.2 494.6 228.0 578.7 519.7 776.3 482.7 217.8 527.1 489.7 741.5 455.6 198.1 513.6 426.4 635.2 420.6 168.1 510.7 406.4 543.0 401.3 169.9 448.5 374.7 465.1 368.7 175.6 385.9 351.2 450.3 350.8 168.6 7 8 9 10 11 53.3 43.3 59.2 90.9 47.9 51.4 53.4 51.9 59.1 55.8 58.8 12 1879.8 2006.9 2312.1 3033.1 3757.3 3738.7 3584.6 3363.0 3258.6 2930.7 2760.4 13 6625.4 6961.6 7295.0 6783.1 1 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 4 5 6 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Corporate equities Miscellaneous assets Total shares outstanding (liabilities) 5436.3 6048.9 7068.3 7829.0 5435.3 5107.8 5856.9 112.6 115.4 132.8 132.2 124.7 103.6 121.6 136.4 153.3 150.1 119.7 2 1623.0 1747.1 1932.0 2203.1 2276.4 2319.9 2436.0 2540.0 2657.2 2784.9 2840.6 3 94.2 149.0 462.7 294.3 596.8 26.0 97.1 155.7 483.4 311.7 662.7 36.5 114.5 160.7 499.1 344.4 767.0 46.3 114.1 179.2 565.4 372.2 889.9 82.4 51.6 187.9 592.7 389.6 959.9 94.8 31.8 193.0 588.1 406.8 1004.8 95.4 49.3 202.2 616.9 430.7 1040.9 95.8 63.9 214.6 635.1 459.0 1071.2 96.2 80.2 255.5 639.1 480.2 1106.1 96.1 77.4 269.9 684.3 501.5 1155.7 96.0 48.7 281.6 721.0 514.4 1178.7 96.3 4 5 6 7 8 9 3693.6 7.0 4175.7 10.7 4989.6 14.0 5476.9 16.8 3014.1 20.0 2668.3 16.0 3282.0 17.3 3930.0 19.0 4136.2 14.9 4351.8 8.3 3814.5 8.3 10 11 5436.3 6048.9 7068.3 7829.0 5435.3 5107.8 5856.9 6625.4 6961.6 7295.0 6783.1 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 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) 245.9 271.4 294.3 317.1 206.9 200.6 214.8 227.0 233.9 239.4 230.4 1 163.6 6.8 89.1 67.6 82.3 165.8 7.1 89.4 69.3 105.6 171.8 7.4 89.4 75.1 122.5 170.9 5.6 91.3 74.0 146.2 131.2 3.2 78.5 49.5 75.7 131.5 3.3 79.7 48.5 69.1 135.9 3.7 81.0 51.2 79.0 139.3 3.9 81.9 53.5 87.8 141.5 4.4 81.8 55.3 92.4 144.5 5.0 82.4 57.1 94.9 142.9 4.9 82.7 55.3 87.5 2 3 4 5 6 245.9 271.4 294.3 317.1 206.9 200.6 214.8 227.0 233.9 239.4 230.4 7 227.3 300.8 422.8 607.7 530.9 481.9 588.4 689.0 772.9 800.5 767.1 8 8.2 4.9 0.0 3.3 219.0 15.0 9.7 0.0 5.3 285.8 20.7 13.1 0.0 7.6 402.0 34.0 19.7 0.6 13.8 573.7 57.0 27.0 2.3 27.7 473.9 69.0 31.6 3.1 34.3 412.8 80.5 35.6 4.0 41.0 507.9 91.5 38.6 5.1 47.8 597.5 102.9 41.7 5.9 55.3 669.9 113.2 46.3 6.5 60.4 687.2 124.6 51.9 7.3 65.5 642.5 9 10 11 12 13 227.3 300.8 422.8 607.7 530.9 481.9 588.4 689.0 772.9 800.5 767.1 14 Exchange-traded funds 8 9 10 11 12 13 14 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 80 Z.1, September 17, 2010 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs (net) 5 Credit market instruments 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2882.9 2819.4 2872.9 3174.3 3400.0 3382.4 3266.6 3126.1 3013.8 6887.0 6784.9 1 39.1 23.3 93.6 14.6 35.3 107.7 16.4 33.9 117.4 13.7 46.6 142.7 88.3 68.5 114.5 84.1 63.4 159.4 81.0 66.6 102.2 87.5 30.2 116.3 99.4 25.7 122.1 99.0 21.2 176.4 99.1 23.7 163.8 2 3 4 2613.0 2543.9 2590.5 2829.5 3033.6 2973.2 2900.7 2803.6 2688.7 6532.9 6449.4 5 Open market paper Treasury securities Agency- and GSE-backed securities 5.8 12.9 886.5 13.8 13.1 751.1 32.4 14.2 714.0 27.7 15.5 702.9 6.8 16.8 910.0 11.2 17.6 954.0 12.0 19.3 949.0 9.7 21.5 919.4 9.7 21.9 924.5 8.6 60.1 417.0 10.4 72.2 387.7 6 7 8 9 10 Municipal securities Corporate and foreign bonds 44.6 414.8 39.7 465.7 36.1 481.7 33.3 464.4 31.3 386.6 30.9 367.4 30.4 384.3 29.7 385.1 29.1 310.8 28.0 324.8 27.2 313.0 9 10 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 619.4 0.0 43.6 575.8 671.8 0.0 51.6 620.2 704.9 0.0 63.5 641.4 942.6 0.0 75.5 867.1 980.7 0.0 80.3 900.5 873.0 0.0 80.0 792.9 800.8 0.0 80.3 720.5 736.8 0.0 78.1 658.7 695.9 0.0 80.0 615.9 634.5 0.0 77.7 556.8 599.1 0.0 76.5 522.6 11 12 13 14 15 16 17 18 19 Mortgages Home Multifamily residential Farm Consumer credit (2) 629.0 508.6 82.5 38.0 0.0 588.8 453.9 93.0 42.0 0.0 607.2 457.6 105.4 44.2 0.0 643.1 447.9 147.7 47.6 0.0 701.4 455.9 187.7 57.9 0.0 719.1 470.1 190.8 58.1 0.0 704.8 452.3 194.1 58.4 0.0 701.4 445.1 197.4 58.8 0.0 696.7 439.8 197.8 59.2 0.0 5059.9 4753.4 247.8 58.8 0.0 5039.8 4733.9 247.4 58.5 0.0 15 16 17 18 19 113.9 117.8 114.7 141.7 95.0 102.3 116.1 88.5 77.8 57.4 48.8 20 2819.9 2734.0 2781.2 3081.3 3394.1 3363.3 3195.3 3063.6 2977.0 6875.6 6777.9 21 2676.3 2676.3 0.0 2592.2 2592.2 0.0 2627.8 2627.8 0.0 2910.2 2910.2 0.0 3181.9 3181.9 0.0 3118.3 3118.3 0.0 2948.1 2948.1 0.0 2800.5 2800.5 0.0 2706.6 2706.6 0.0 6703.8 6703.8 0.0 6620.1 6620.1 0.0 22 23 24 143.7 141.8 153.4 171.1 212.1 245.0 247.2 263.1 270.4 171.8 157.8 25 6 7 8 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, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 3384.0 3548.5 3841.1 4464.4 4961.4 5042.0 5170.7 5297.5 5376.4 1006.9 1071.6 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 3277.3 105.7 0.0 0.9 3446.4 101.3 0.0 0.8 3749.1 88.8 0.0 3.2 4371.8 88.1 0.0 4.5 4864.0 92.8 0.0 4.7 4943.5 93.8 0.0 4.6 5068.6 97.5 0.0 4.6 5192.1 100.9 0.0 4.5 5266.5 105.4 0.0 4.5 942.3 61.2 0.0 3.3 1004.6 63.2 0.0 3.8 2 3 4 5 6 Total pool securities (liabilities)(2) 3384.0 3548.5 3841.1 4464.4 4961.4 5042.0 5170.7 5297.5 5376.4 1006.9 1071.6 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.124). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agencyand 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. 81 Z.1, September 17, 2010 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 3 4 Treasury securities Agency- and GSE-backed securities (1) Other loans and advances 5 6 7 8 Mortgages (2) Home Multifamily residential Commercial 9 10 11 12 13 14 15 16 Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (3) Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) Securitized liabilities not included above Commercial paper (6) 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2657.4 3387.5 4195.8 4532.3 4124.8 3928.5 3756.6 3571.0 3376.1 2800.0 2690.9 1 8.0 363.9 168.1 27.7 333.3 188.3 56.4 356.7 253.4 77.5 375.1 341.9 65.1 346.5 379.8 61.4 291.9 360.0 56.6 260.3 343.5 52.4 208.5 326.0 48.7 152.6 328.7 44.7 125.6 314.1 41.4 97.1 316.7 2 3 4 1443.2 1048.6 72.9 321.8 2128.5 1621.9 89.4 417.1 2760.0 2140.8 103.4 515.8 2942.4 2175.7 125.5 641.2 2591.5 1865.8 114.5 611.2 2499.7 1781.9 113.0 604.8 2394.7 1684.9 112.2 597.6 2302.3 1601.8 110.5 590.0 2207.2 1530.8 108.3 568.1 2109.7 1444.3 107.3 558.1 2037.8 1386.0 105.6 546.1 5 6 7 8 571.5 102.6 609.9 99.8 661.1 108.3 683.7 111.7 646.4 95.5 629.3 86.1 623.8 77.7 614.1 67.8 577.9 61.1 151.4 54.4 143.9 54.0 9 10 2662.2 3391.7 4199.4 4535.4 4127.5 3931.1 3759.1 3573.4 3378.4 2802.2 2693.0 11 526.1 2136.1 674.4 2717.3 837.4 3362.1 643.1 3892.3 559.3 3568.3 484.7 3446.4 422.4 3336.8 329.6 3243.9 292.5 3085.9 124.5 2677.7 112.0 2581.0 12 13 4.8 89.9 4.2 107.3 3.6 110.0 3.1 92.1 2.7 46.6 2.6 43.3 2.5 41.1 2.4 36.8 2.3 38.8 2.3 39.0 2.2 35.6 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 132.5 135.8 16 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (5) Included in table L.128. (6) Included in table L.110 line 36. L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Time and savings deposits 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Corporate and foreign bonds Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table L.126. 1858.0 1856.9 1891.3 1911.2 1851.7 1816.2 1777.2 1733.9 1662.5 1665.8 1643.5 1 26.3 61.3 17.4 52.2 15.8 47.4 16.2 48.6 16.5 49.4 17.1 51.2 17.5 52.5 17.1 51.3 17.0 51.0 15.9 47.6 16.2 48.5 2 3 1675.9 1740.6 1811.6 1828.2 1755.9 1703.4 1651.1 1610.4 1532.6 1556.9 1526.4 4 256.0 451.5 476.0 492.3 203.5 479.2 541.4 516.5 184.8 498.0 594.4 534.4 189.4 523.0 531.9 584.1 192.4 539.9 447.9 575.8 199.7 516.7 440.2 546.8 204.7 493.0 426.8 526.5 199.9 474.3 415.6 520.7 198.6 448.9 397.4 487.8 185.6 447.5 386.9 536.9 189.0 439.2 371.1 527.1 5 6 7 8 94.5 46.7 16.4 18.2 30.0 44.4 56.1 55.1 61.9 45.3 52.5 9 1864.3 1828.3 1876.8 1949.6 1880.5 1827.6 1750.9 1698.6 1630.3 1631.7 1601.2 10 1129.6 1108.6 1144.2 1279.6 1200.3 1148.0 1102.2 1074.9 1044.1 1048.1 1018.9 11 175.3 817.4 136.9 0.0 160.0 806.5 142.1 0.0 165.3 849.7 129.2 0.0 123.5 974.1 182.0 0.0 100.9 924.5 174.9 0.0 72.8 906.8 167.2 1.2 66.8 856.6 177.5 1.4 59.0 854.3 161.7 0.0 62.1 837.5 144.5 0.0 64.0 858.2 125.9 0.0 63.0 835.8 120.1 0.0 12 13 14 15 15.0 719.6 21.8 257.7 440.1 16.9 702.8 38.8 312.2 351.8 17.0 715.7 51.1 338.5 326.0 15.5 654.4 62.7 321.4 270.3 15.4 664.8 57.7 313.0 294.0 15.4 664.2 61.1 303.2 300.0 14.6 634.1 65.5 285.0 283.6 13.8 609.9 66.7 279.3 263.9 12.7 573.6 58.8 280.5 234.3 12.6 571.0 60.4 277.3 233.2 12.6 569.7 60.1 273.7 236.0 16 17 18 19 20 74.1 85.3 106.0 122.9 111.1 101.8 94.0 90.2 85.4 80.7 77.2 21 82 Z.1, September 17, 2010 L.128 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 251.3 305.3 344.0 316.7 253.9 251.9 260.3 266.6 255.5 261.0 266.8 1 12.2 13.6 18.4 16.6 18.4 17.5 22.1 28.0 26.5 25.4 24.3 2 198.7 239.7 265.8 244.7 180.8 180.5 188.3 188.9 182.7 186.7 191.2 3 44.7 36.0 40.6 53.0 65.4 64.6 88.9 34.4 90.5 14.4 95.3 13.7 104.0 15.4 108.3 17.1 105.8 17.6 109.8 19.5 115.4 20.1 4 5 118.1 102.9 1.6 13.6 146.1 127.4 1.9 16.8 135.8 103.7 5.0 27.1 121.3 79.2 5.2 37.0 75.9 36.7 3.9 35.3 71.5 33.7 3.7 34.1 68.9 32.8 3.3 32.9 63.5 31.5 2.0 30.0 59.2 27.5 1.9 29.8 57.4 25.4 1.8 30.3 55.7 22.8 1.8 31.1 6 7 8 9 40.4 51.9 59.7 55.4 54.7 54.0 49.9 49.8 46.3 48.9 51.3 10 11 Total liabilities 460.8 533.7 571.3 578.7 515.2 497.3 489.1 486.2 473.3 486.7 488.0 11 12 Security RPs 70.3 83.5 97.9 91.7 80.5 83.2 85.5 93.2 95.1 94.3 100.3 12 13 Credit market instruments 340.1 395.5 411.0 421.2 372.6 364.0 352.5 347.8 338.9 343.4 345.2 13 0.0 183.8 24.9 131.4 0.0 216.7 33.3 145.5 0.0 230.6 28.4 152.1 0.0 231.3 33.2 156.7 0.0 176.2 32.9 163.5 0.0 168.3 30.9 164.9 0.0 161.0 24.2 167.3 0.0 159.6 21.3 166.9 0.0 151.2 20.8 166.9 0.0 157.6 18.6 167.1 0.0 160.6 16.9 167.6 14 15 16 17 50.4 54.7 62.4 65.8 62.1 50.1 51.1 45.3 39.3 49.1 42.5 18 89.9 0.0 86.8 0.1 3.1 107.3 0.0 102.5 0.1 4.7 110.0 0.0 92.7 0.4 17.0 92.1 0.0 72.4 0.4 19.3 46.6 0.0 33.0 0.4 13.2 43.3 0.0 30.3 0.4 12.7 41.1 0.0 29.5 0.4 11.2 36.8 0.0 28.3 0.4 8.1 38.8 0.0 24.8 0.4 13.7 39.0 0.0 22.9 0.4 15.7 35.6 0.0 20.5 0.4 14.7 19 20 21 22 23 14 15 16 17 18 19 20 21 22 23 Miscellaneous assets 2005 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Miscellaneous liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 83 Z.1, September 17, 2010 L.129 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total financial assets 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2127.1 2741.7 3092.0 2217.2 1925.5 2011.4 2060.6 2084.2 2086.1 1965.9 1 62.9 56.5 80.5 105.0 120.1 103.2 92.0 81.9 90.7 90.2 85.8 2 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances 394.9 48.0 -44.6 107.3 32.0 238.0 14.2 477.2 60.2 -64.6 101.0 42.9 315.7 22.0 583.4 64.3 -67.0 138.0 50.9 355.5 41.7 803.1 87.1 -60.0 290.2 50.1 382.8 52.8 717.4 65.7 190.6 242.6 38.7 123.8 55.9 594.0 49.9 130.9 222.0 38.7 102.2 50.2 599.2 61.3 155.9 177.2 38.3 120.6 45.9 533.4 49.5 105.7 141.6 41.9 152.3 42.5 525.3 41.5 123.0 110.9 35.4 171.3 43.2 544.9 38.5 123.6 127.5 40.3 170.8 44.2 533.6 33.1 93.1 161.9 35.0 165.0 45.5 3 4 5 6 7 8 9 Corporate equities Security credit Miscellaneous assets 129.1 264.0 994.0 158.3 232.4 1202.6 186.4 292.1 1599.4 224.8 325.5 1633.7 109.2 164.8 1105.7 79.6 134.3 1014.4 89.3 147.7 1083.2 108.5 173.8 1163.0 124.2 203.0 1141.0 112.4 196.4 1142.2 95.8 217.0 1033.6 10 11 12 1777.8 2052.6 2669.1 3020.5 2146.3 1847.4 1913.3 1955.3 1998.5 1996.7 1875.8 13 526.9 733.6 1071.8 1147.3 586.9 418.4 481.8 449.0 470.9 434.1 332.9 14 62.2 62.2 0.0 62.4 62.4 0.0 68.8 68.8 0.0 64.8 64.8 0.0 142.6 97.1 45.5 102.4 82.0 20.4 102.2 97.1 5.1 104.1 104.0 0.0 92.9 92.9 0.0 92.3 92.3 0.0 100.9 100.9 0.0 15 16 17 36.0 774.2 578.3 195.8 2.2 43.1 806.0 575.3 230.7 2.1 48.3 957.8 655.7 302.2 2.8 45.8 1200.9 866.4 334.5 2.2 21.2 963.6 742.7 221.0 2.5 47.8 882.9 666.3 216.6 2.7 54.5 851.4 657.3 194.1 4.5 66.9 893.7 671.7 222.0 6.2 70.1 888.2 668.6 219.6 5.7 62.2 912.4 680.0 232.4 4.4 52.0 927.9 685.7 242.2 4.4 18 19 20 21 22 376.4 49.6 429.4 -102.6 405.5 49.9 544.5 -188.9 519.5 61.0 582.3 -123.8 559.5 63.7 545.2 -49.4 429.5 60.2 608.9 -239.6 393.2 58.5 1240.8 -906.1 418.8 61.5 1223.0 -865.6 435.3 61.4 1163.0 -789.1 470.8 85.2 1107.6 -722.1 491.4 88.5 1153.5 -750.7 457.7 87.5 1150.5 -780.2 23 24 25 26 Checkable deposits and currency 3 4 5 6 7 8 9 13 2006 1844.9 2 10 11 12 2005 Total liabilities 14 Security RPs (net) 15 16 17 Credit market instruments Corporate bonds Bank loans n.e.c. (1) 18 19 20 21 22 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 23 24 25 26 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other (1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). L.130 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1183.6 1341.2 1461.1 1848.1 2861.3 2844.8 2607.1 2456.9 2440.0 2321.2 2297.4 1 2 3 Money market fund shares Security RPs 384.1 0.0 421.1 0.0 463.0 0.0 790.1 0.0 1070.6 0.0 1069.2 0.1 1010.6 0.1 961.4 0.1 926.7 0.1 792.5 0.1 744.5 0.1 2 3 4 Credit market instruments 264.7 317.4 363.5 306.6 997.1 973.1 858.8 794.2 763.5 792.3 861.8 4 160.9 96.8 7.0 239.3 67.5 10.6 289.1 60.4 14.1 115.8 170.0 20.8 294.0 667.3 35.9 248.7 692.9 31.5 144.5 686.1 28.2 68.3 700.3 25.6 27.1 710.2 26.1 53.9 711.6 26.9 103.3 730.2 28.4 5 6 7 0.0 534.8 167.7 367.1 0.0 602.8 188.8 414.0 0.0 634.6 197.3 437.3 0.0 751.5 241.0 510.5 0.0 793.5 276.6 516.9 0.0 802.3 269.3 533.0 0.0 737.6 224.5 513.2 0.0 701.2 199.1 502.1 25.1 724.6 200.9 523.7 25.4 710.8 186.9 523.9 25.7 665.2 150.4 514.8 8 9 10 11 1183.6 1341.2 1461.1 1848.1 2861.3 2844.8 2607.1 2456.9 2440.0 2321.2 2297.4 12 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Open market paper Corporate and foreign bonds Other loans and advances Corporate equities (2) Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. (3) Other loans and advances (4) Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Equity interest under PPIP Other (net) 515.1 619.9 648.2 786.4 1252.9 1165.7 966.5 835.0 818.8 790.4 752.2 13 197.4 317.7 0.0 0.0 274.5 345.3 0.0 0.0 281.2 367.0 0.0 0.0 368.0 418.5 0.0 0.0 388.0 419.9 444.9 0.0 358.6 443.3 363.7 0.1 306.0 436.7 223.8 0.1 255.5 438.2 141.2 0.1 263.7 457.8 95.3 2.0 228.5 466.8 90.2 4.8 193.0 466.6 85.0 7.6 14 15 16 17 668.5 7.8 764.8 0.0 -104.2 721.4 8.4 939.7 0.0 -226.8 812.9 9.0 1242.3 0.0 -438.4 1061.6 9.6 1240.2 0.0 -188.2 1608.4 10.2 887.0 0.0 711.2 1679.1 10.4 802.2 0.0 866.5 1640.6 10.5 843.7 0.0 786.4 1621.9 10.7 889.2 0.0 722.0 1621.2 10.8 856.8 1.8 751.8 1530.8 11.0 843.3 4.2 672.3 1545.2 11.1 757.6 6.2 770.3 18 19 20 21 22 (1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 84 Z.1, September 17, 2010 L.200 U.S. Official Reserve Assets (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 Total liabilities 2 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF (net) Foreign currency holdings 7 Total assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF (net) Foreign currency holdings 13 Rest of the world: SDR allocations 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF (net) Foreign currency holdings 18 Discrepancy: monetary gold Q2 2010 Q3 Q4 Q1 Q2 83.4 61.1 62.2 67.3 74.2 71.2 78.1 179.2 175.1 170.1 168.8 1 7.6 7.0 7.4 7.7 7.5 7.3 7.6 56.0 55.4 53.6 55.4 2 75.8 13.6 19.5 42.7 54.1 8.2 8.0 37.8 54.9 8.9 5.0 40.9 59.5 9.5 4.2 45.8 66.6 9.3 7.7 49.6 63.9 9.1 8.2 46.6 70.4 9.4 12.1 48.9 123.3 57.9 13.5 51.8 119.7 57.8 11.4 50.5 116.5 56.0 11.6 48.9 113.5 54.6 11.4 47.6 3 4 5 6 94.4 72.1 73.3 78.3 85.2 82.3 89.1 190.2 186.1 181.1 179.9 7 54.5 0.0 13.6 19.6 21.4 35.3 0.0 8.2 8.1 18.9 34.5 0.0 8.9 5.2 20.5 36.4 0.0 9.5 4.4 22.5 41.9 0.0 9.3 7.8 24.8 40.4 0.0 9.1 8.3 23.0 46.0 0.0 9.4 12.2 24.3 97.3 0.0 57.9 13.5 25.9 94.6 0.0 57.8 11.5 25.2 92.2 0.0 56.0 11.7 24.4 89.8 0.0 54.6 11.5 23.8 8 9 10 11 12 7.6 7.0 7.4 7.7 7.5 7.3 7.6 56.0 55.4 53.6 55.4 13 32.3 11.0 -0.1 21.4 29.9 11.0 -0.1 18.9 31.4 11.0 -0.1 20.5 34.2 11.0 -0.1 23.3 35.7 11.0 -0.1 24.8 34.5 11.0 -0.1 23.6 35.5 11.0 -0.1 24.6 37.0 11.0 -0.0 26.0 36.2 11.0 -0.1 25.3 35.4 11.0 -0.1 24.5 34.7 11.0 -0.1 23.8 14 15 16 17 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 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 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 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 26.7 36.4 27.5 36.5 28.1 38.2 27.4 38.7 26.6 38.7 26.6 42.3 26.5 42.4 26.3 42.6 26.2 42.7 26.2 42.7 26.2 43.2 3 4 5 Discrepancy (seigniorage) -9.7 -9.1 -10.1 -11.3 -12.1 -15.7 -15.9 -16.3 -16.5 -16.5 -17.0 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 957.0 997.8 1085.0 1342.0 939.9 878.8 818.6 792.6 768.3 777.3 848.1 1 57.5 53.7 78.5 59.9 63.6 94.7 65.2 49.3 84.1 80.6 50.3 127.3 56.5 25.2 129.3 52.8 26.7 79.7 49.2 42.8 87.5 47.6 43.2 103.6 46.2 48.9 97.1 46.7 56.7 92.5 51.0 49.3 92.5 2 3 4 767.2 779.5 886.3 1083.9 729.0 719.5 639.2 598.2 576.1 581.4 655.4 5 85 Z.1, September 17, 2010 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 209.8 197.4 186.1 88.6 1890.5 1633.2 1131.5 1294.1 1282.6 1201.3 1137.6 1 65.6 24.0 41.5 69.1 19.0 50.1 70.4 18.7 51.7 75.8 20.8 55.0 917.7 860.0 57.7 855.5 805.2 50.3 711.7 660.5 51.1 898.8 848.1 50.7 1031.9 977.0 54.9 1105.7 1053.9 51.8 1026.2 972.3 53.9 2 3 4 144.2 1.0 128.3 1.0 115.7 -0.3 12.8 48.6 972.8 558.2 777.7 537.7 419.9 325.7 395.3 204.7 250.7 94.5 95.6 9.9 111.4 -1.3 5 6 118.3 106.0 96.7 -56.9 362.9 181.7 1.0 124.6 70.1 26.8 46.5 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 142.4 317.4 467.4 150.0 117.7 320.9 487.7 166.8 108.7 432.3 586.4 154.2 -38.4 496.2 650.7 154.5 387.6 669.1 782.2 113.1 200.3 552.1 723.6 171.5 15.9 578.0 724.9 146.9 138.1 653.3 794.0 140.7 84.7 560.6 762.2 201.6 45.9 476.8 763.9 287.1 69.5 467.8 781.8 314.0 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates -167.4 274.3 441.8 -176.0 333.9 509.9 -255.2 524.5 779.7 -424.0 529.0 953.0 -179.9 536.4 716.3 -250.7 515.5 766.2 -438.6 455.8 894.5 -381.2 533.8 915.0 -350.8 538.7 889.6 -298.1 576.9 874.9 -299.4 575.8 875.3 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -7.5 33.0 40.5 -27.1 42.2 69.4 -68.4 19.7 88.1 -110.6 51.6 162.2 -101.5 143.6 245.1 -101.0 112.5 213.6 -123.5 110.6 234.1 -134.0 128.0 262.0 -125.1 127.9 253.0 -132.8 119.5 252.3 -98.9 138.1 237.0 15 16 17 24.1 23.6 0.5 11.7 11.0 0.7 12.0 11.9 0.1 18.6 17.9 0.7 24.7 24.5 0.3 18.7 18.4 0.3 14.9 14.6 0.3 13.5 8.0 5.5 14.6 9.3 5.4 19.1 11.6 7.5 22.9 15.3 7.6 18 19 20 24.9 21.3 19.3 21.1 51.7 58.3 93.2 66.0 86.1 58.9 66.1 21 -22.8 116.9 90.1 1.8 24.9 -22.3 105.6 82.9 1.4 21.3 -58.9 118.5 97.8 1.3 19.3 -24.4 134.9 113.2 0.7 21.1 86.4 118.0 65.8 0.5 51.7 3.9 128.0 54.6 15.1 58.3 22.6 165.1 58.0 14.0 93.2 39.3 148.2 50.4 31.8 66.0 27.9 140.4 43.6 10.6 86.1 -26.0 110.4 40.1 11.4 58.9 -8.4 114.7 41.6 7.0 66.1 22 23 24 25 26 139.7 122.3 17.4 128.0 117.9 10.0 177.4 140.0 37.4 159.4 133.7 25.7 31.7 82.1 -50.4 124.1 72.0 52.1 142.5 92.9 49.6 108.9 78.0 31.0 112.5 77.4 35.1 136.4 88.1 48.3 123.2 97.9 25.3 27 28 29 32.2 122.3 90.1 35.0 117.9 82.9 42.2 140.0 97.8 20.5 133.7 113.2 16.2 82.1 65.8 17.4 72.0 54.6 35.0 92.9 58.0 27.5 78.0 50.4 33.7 77.4 43.6 48.0 88.1 40.1 56.3 97.9 41.6 30 31 32 15.5 17.4 1.8 8.6 10.0 1.4 36.0 37.4 1.3 25.0 25.7 0.7 -51.0 -50.4 0.5 37.0 52.1 15.1 35.6 49.6 14.0 -0.9 31.0 31.8 24.5 35.1 10.6 36.9 48.3 11.4 18.3 25.3 7.0 33 34 35 184.9 176.1 166.8 67.5 1838.9 1574.9 1038.3 1228.1 1196.5 1142.4 1071.4 36 118.3 106.0 96.7 -56.9 362.9 181.7 1.0 124.6 70.1 26.8 46.5 37 66.5 70.1 70.1 124.4 1475.9 1393.3 1037.4 1103.5 1126.4 1115.6 1024.9 38 1.0 0.9 0.0 1.0 0.9 0.1 -0.3 -0.3 0.1 48.6 -0.0 48.6 558.2 -1.5 559.7 537.7 -3.1 540.8 325.7 -2.8 328.5 204.7 -2.5 207.2 94.5 -2.1 96.6 9.9 -1.6 11.5 -1.3 -1.9 0.7 39 40 41 62.3 20.8 41.5 66.4 16.3 50.1 68.4 16.7 51.7 73.2 18.2 55.0 874.1 816.3 57.7 782.0 731.7 50.3 635.5 584.4 51.1 840.8 790.0 50.7 963.6 908.7 54.9 1015.4 963.6 51.8 942.7 888.9 53.9 42 43 44 3.3 0.0 2.7 0.0 2.0 0.0 2.6 0.0 39.0 4.7 49.0 24.5 54.0 22.2 42.5 15.6 45.5 22.8 55.3 35.0 48.2 35.2 45 46 24.9 21.3 19.3 21.1 51.7 58.3 93.2 66.0 86.1 58.9 66.1 47 18 19 20 21 22 23 24 25 26 27 28 29 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 Due to: Foreign offices in U.S. Bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 30 31 32 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 33 34 35 Bank holding companies Due to U.S. banks - Due from U.S. banks 36 Total assets 37 Rest of the world 38 Domestic 39 40 41 Monetary authority Federal Reserve float Loans to member banks 42 43 44 Commercial banking Reserves at Federal Reserve Vault cash 45 46 Savings insts.: Reserves at Fed. Res. Credit unions: Reserves at Fed. Res. 47 Discrepancy--floats, etc. 86 Z.1, September 17, 2010 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 2010 Q3 Q4 Q1 Q2 1522.8 1527.2 1507.3 1532.9 2101.3 1966.7 2082.3 2060.0 2093.4 2067.1 2173.5 1 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 720.8 6.2 1.1 0.1 713.3 750.8 4.8 2.0 0.1 743.9 774.3 5.0 0.8 0.1 768.5 792.1 16.4 1.7 0.1 773.9 1220.3 365.7 21.1 1.4 832.2 1142.8 267.4 20.9 1.2 853.4 1196.6 316.2 20.0 1.8 858.6 1154.4 273.6 15.9 1.9 863.0 1102.7 191.9 35.1 2.4 873.3 1120.5 216.7 19.3 1.7 882.8 1207.7 287.8 27.4 1.2 891.3 2 3 4 5 6 7 8 9 10 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 646.7 26.9 13.2 606.6 610.3 33.9 19.7 556.8 574.4 28.0 28.8 517.6 587.7 42.9 34.1 510.7 729.1 3.5 67.6 658.0 666.6 4.3 49.3 613.1 729.4 4.0 47.0 678.3 735.9 3.7 43.0 689.1 814.0 3.8 44.6 765.7 768.0 4.1 45.5 718.3 788.4 3.2 46.8 738.3 7 8 9 10 11 12 Savings institutions Credit unions 81.2 74.1 85.0 81.1 85.9 72.6 79.4 73.7 76.6 75.3 76.4 80.8 75.9 80.5 90.5 79.3 89.7 86.9 90.1 88.5 89.2 88.3 11 12 1522.8 1527.2 1507.3 1532.9 2101.3 1966.7 2082.3 2060.0 2093.4 2067.1 2173.5 13 2 3 4 5 6 13 Total liabilities Q2 Total assets 14 Household sector 344.1 216.9 173.1 90.3 251.1 234.5 276.4 238.8 256.0 148.9 170.0 14 15 16 17 18 Nonfinancial business Corporate Nonfarm noncorporate Farm 495.6 194.2 279.2 22.3 646.2 267.8 355.5 22.9 604.5 150.9 428.6 25.0 662.9 141.9 494.3 26.8 599.0 52.1 519.1 27.7 619.5 80.6 510.9 27.9 659.0 131.7 499.1 28.2 712.1 198.7 485.0 28.4 778.3 277.8 471.9 28.6 858.6 369.6 460.3 28.7 850.3 372.9 448.7 28.7 15 16 17 18 19 20 State and local governments Federal government 47.0 21.9 56.5 36.8 61.9 32.9 57.1 56.5 65.6 368.0 60.6 271.9 85.3 319.1 71.3 274.8 85.0 193.6 81.3 219.5 81.9 291.6 19 20 21 22 23 Rest of the world Checkable deposits Currency 285.3 13.3 272.0 300.1 19.7 280.4 311.6 28.9 282.6 306.1 34.2 272.0 370.1 69.0 301.1 363.4 50.4 313.0 359.8 48.8 311.0 360.1 44.9 315.2 360.7 47.0 313.8 363.2 47.2 316.0 366.2 48.0 318.1 21 22 23 24 Financial sectors 312.0 261.5 315.8 350.0 441.1 412.1 376.7 396.6 413.5 390.9 410.6 24 25 26 27 Commercial banking Savings institutions Credit unions 3.5 21.3 40.2 3.0 23.7 38.1 2.9 20.4 44.4 2.6 20.0 43.3 3.2 8.7 37.6 4.3 10.2 36.9 3.3 6.3 32.3 2.8 7.9 37.3 4.2 4.5 39.1 3.9 0.8 37.2 5.4 6.9 31.3 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 25.9 53.3 10.5 16.3 21.0 47.7 10.8 15.8 29.9 56.1 11.2 13.1 42.7 58.3 11.8 17.9 27.9 82.8 12.3 17.8 26.0 70.3 12.3 17.6 33.9 65.7 11.9 17.7 33.6 64.1 14.5 17.7 27.6 52.5 16.4 17.6 28.3 48.8 18.9 17.5 37.2 57.6 21.9 17.4 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 0.6 39.1 26.3 12.2 62.9 -0.9 14.6 17.4 13.6 56.5 6.7 16.4 15.8 18.4 80.5 1.9 13.7 16.2 16.6 105.0 7.5 88.3 16.5 18.4 120.1 12.7 84.1 17.1 17.5 103.2 -7.0 81.0 17.5 22.1 92.0 4.2 87.5 17.1 28.0 81.9 17.9 99.4 17.0 26.5 90.7 5.1 99.0 15.9 25.4 90.2 7.5 99.1 16.2 24.3 85.8 32 33 34 35 36 16.9 9.2 7.5 10.0 6.4 4.7 6.0 6.3 6.3 4.7 2.8 37 37 Mail float 87 Z.1, September 17, 2010 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 2 Total liabilities Small time and savings deposits Q2 2010 Q3 Q4 Q1 Q2 5788.8 6387.6 6995.8 7606.7 7940.9 8073.2 8088.0 8156.3 8316.3 8347.2 8242.5 1 4283.7 4598.1 4945.1 5224.5 5749.3 5918.7 5937.0 6131.1 6326.5 6459.4 6442.5 2 3258.7 3230.2 9.5 19.0 3527.1 3493.1 10.0 23.9 3814.7 3770.9 18.6 25.2 4077.7 4025.9 25.5 26.3 4619.1 4566.2 25.6 27.4 4753.6 4701.5 26.2 25.9 4777.9 4728.5 24.1 25.3 4862.7 4810.6 27.0 25.1 5003.5 4949.1 29.9 24.5 5110.9 5056.5 30.2 24.2 5097.8 5046.6 31.6 19.6 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 584.5 440.4 618.5 452.5 647.5 483.0 638.1 508.7 578.5 551.7 582.9 582.2 568.2 590.9 678.0 590.5 667.9 655.1 674.8 673.7 665.9 678.8 7 8 9 Large time deposits (1) 1505.1 1789.5 2050.8 2382.2 2191.6 2154.5 2151.0 2025.2 1989.8 1887.8 1800.0 9 1120.6 671.3 430.3 19.0 1363.7 838.1 501.7 23.9 1627.7 968.0 634.5 25.2 1925.3 991.1 907.9 26.3 1827.7 1015.6 784.7 27.4 1763.7 976.3 761.5 25.9 1770.0 915.6 829.2 25.3 1784.9 865.8 893.9 25.1 1824.8 841.7 958.6 24.5 1718.9 789.9 904.7 24.2 1627.5 771.3 836.5 19.6 10 11 12 13 324.5 60.0 363.3 62.5 358.0 65.0 387.1 69.9 293.5 70.4 312.6 78.3 300.2 80.8 155.2 85.1 137.7 27.3 140.7 28.2 144.2 28.3 14 15 5788.8 6387.6 6995.8 7606.7 7940.9 8073.2 8088.0 8156.3 8316.3 8347.2 8242.5 16 4426.8 4913.9 5400.4 5888.5 6045.4 6072.4 6004.9 6005.2 6139.7 6284.4 6228.7 17 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 701.1 400.5 300.6 774.5 450.4 324.1 841.4 497.0 344.4 800.7 441.3 359.3 777.4 387.0 390.3 786.1 401.7 384.4 788.6 412.8 375.8 895.2 529.6 365.6 892.3 536.2 356.0 851.1 503.5 347.6 888.1 548.9 339.2 18 19 20 21 22 23 State and local governments Federal government Rest of the world 170.6 2.4 149.2 183.3 1.4 155.9 209.6 1.7 167.4 245.9 2.8 207.6 265.1 1.6 273.1 278.2 1.7 247.4 267.4 1.6 240.5 273.0 1.9 228.6 275.9 1.9 230.1 281.9 2.0 219.7 265.0 1.8 222.3 21 22 23 24 Financial sectors 338.8 358.7 375.5 461.1 578.4 687.3 785.1 752.3 776.4 708.1 636.7 24 25 26 Savings institutions Credit unions 3.2 26.4 2.7 21.9 6.6 17.0 9.9 17.0 8.3 28.3 10.3 34.0 10.2 35.7 17.6 36.5 15.3 37.8 19.1 41.0 18.2 38.4 25 26 27 28 Private pension funds State and local govt. retirement funds 55.9 1.4 62.2 1.3 63.1 0.8 67.7 0.7 67.9 0.7 69.6 0.7 69.3 0.7 71.3 0.7 72.7 0.7 73.7 0.7 74.9 0.7 27 28 29 30 31 Money market mutual funds Government-sponsored enterprises Finance companies 167.2 23.3 61.3 183.0 35.3 52.2 206.7 33.9 47.4 270.6 46.6 48.6 355.2 68.5 49.4 458.1 63.4 51.2 550.0 66.6 52.5 544.6 30.2 51.3 573.2 25.7 51.0 504.6 21.2 47.6 432.3 23.7 48.5 29 30 31 (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 2 3 4 5 6 7 8 9 10 11 Total assets 1879.8 2006.9 2312.1 3033.1 3757.3 3738.7 3584.6 3363.0 3258.6 2930.7 2760.4 1 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 904.1 308.6 66.5 66.6 22.9 949.2 348.2 69.0 71.7 23.0 1114.5 416.3 72.2 78.5 27.0 1347.2 544.4 74.3 82.9 46.0 1572.6 702.6 79.2 80.5 69.7 1543.1 707.4 78.0 80.7 74.4 1464.1 692.2 76.2 82.1 79.1 1342.5 650.3 74.1 83.9 74.5 1300.7 630.8 72.1 85.1 70.0 1187.9 563.3 70.4 86.8 65.4 1109.5 527.7 68.6 86.1 60.9 2 3 4 5 6 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations 13.4 17.2 84.9 11.6 384.1 12.8 13.5 86.7 11.7 421.1 13.5 23.3 90.1 13.8 463.0 20.7 21.6 93.5 12.4 790.1 32.8 39.2 95.7 14.3 1070.6 32.8 42.8 96.1 14.2 1069.2 28.7 41.1 96.2 14.3 1010.6 27.9 37.9 96.3 14.3 961.4 29.1 33.7 96.4 14.2 926.7 24.8 29.2 96.4 14.1 792.5 24.2 28.5 96.4 14.1 744.5 7 8 9 10 11 88 Z.1, September 17, 2010 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 7 8 9 10 11 Total liabilities 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1428.5 1744.5 2147.9 2156.5 1261.1 1059.5 1273.1 1336.1 1444.2 1451.6 1312.7 1 Monetary authority Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 30.8 727.4 569.1 157.5 0.8 30.5 817.7 626.1 190.9 0.6 29.6 888.2 647.5 239.9 0.8 44.0 838.5 611.4 226.3 0.8 88.4 482.8 352.4 130.0 0.4 70.6 468.7 362.2 134.3 -27.8 72.7 622.1 483.3 172.4 -33.6 68.9 655.4 515.8 178.5 -38.9 77.7 746.6 624.0 170.3 -47.7 57.8 811.2 667.3 195.3 -51.4 67.2 760.7 603.6 216.0 -59.0 2 3 4 5 6 Savings institutions Life insurance companies (net) REITs Brokers and dealers (net) 63.3 9.9 70.3 526.9 61.0 18.3 83.5 733.6 41.8 18.7 97.9 1071.8 17.6 17.4 91.7 1147.3 17.6 4.9 80.5 586.9 19.4 -0.8 83.2 418.4 10.9 0.2 85.5 481.8 70.3 -0.8 93.2 449.0 53.6 0.2 95.1 470.9 53.9 0.4 94.3 434.1 50.2 1.4 100.3 332.9 7 8 9 10 851.4 1061.2 1291.1 1535.7 1233.7 1113.3 1003.5 991.4 1034.8 987.0 869.0 11 Total assets 12 13 14 Nonfinancial corporate business State and local governments Rest of the world (net) 6.4 131.2 185.7 14.6 141.2 231.2 15.5 154.6 364.6 8.1 163.3 338.4 7.5 158.6 114.9 7.8 158.9 32.9 8.3 161.6 49.7 9.5 165.3 -15.8 10.2 167.5 30.1 11.4 170.9 -31.0 11.7 169.5 -120.7 12 13 14 15 16 17 18 Financial sectors Monetary authority Savings institutions Credit unions (net) 528.1 33.0 9.1 4.1 674.2 46.8 9.0 6.7 756.3 40.8 18.3 5.1 1026.0 46.5 45.6 2.5 952.7 80.0 34.7 -2.3 913.6 0.0 29.5 -0.5 783.9 0.0 10.3 0.1 832.4 0.0 19.2 0.1 827.1 0.0 12.0 0.1 835.7 0.0 9.5 0.1 808.5 0.0 7.8 0.1 15 16 17 18 19 20 21 22 23 24 25 Property-casualty insurance companies (net) Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises (net) Funding corporations 0.9 20.6 20.2 234.0 112.6 93.6 0.0 1.4 21.6 19.7 346.0 115.4 107.7 0.0 0.7 22.4 24.1 394.6 132.8 117.4 0.0 3.1 25.8 21.7 605.9 132.2 142.7 0.0 2.0 33.1 23.5 542.4 124.7 114.5 0.0 0.0 36.8 23.3 561.5 103.6 159.4 0.1 0.0 37.8 23.4 488.5 121.6 102.2 0.1 0.0 42.0 23.4 495.0 136.4 116.3 0.1 0.0 36.2 23.3 479.9 153.3 122.1 0.1 0.0 36.3 23.1 440.1 150.1 176.4 0.1 0.0 31.3 23.1 462.5 119.7 163.8 0.1 19 20 21 22 23 24 25 577.1 683.3 856.9 620.8 27.4 -53.8 269.6 344.7 409.3 464.6 443.7 26 26 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1399.1 1644.2 1958.0 1788.6 1599.3 1423.9 1278.8 1169.3 1138.0 1082.7 1028.0 1 1395.0 1640.1 1957.5 1788.1 1599.3 1423.9 1278.8 1169.3 1138.0 1082.7 1028.0 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 97.8 345.3 13.3 332.0 90.1 384.0 29.0 355.0 112.5 482.3 27.0 455.3 123.8 413.0 29.0 384.0 131.5 342.0 49.7 292.3 106.9 344.8 42.8 302.0 86.2 345.7 44.3 301.4 73.0 396.6 36.0 360.7 59.1 399.8 34.5 365.3 74.6 384.7 34.8 349.9 82.2 378.3 33.4 344.9 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 951.9 53.1 526.1 175.3 0.0 197.4 1166.1 57.1 674.4 160.0 0.0 274.5 1362.7 78.8 837.4 165.3 0.0 281.2 1251.3 116.7 643.1 123.5 0.0 368.0 1125.8 77.7 559.3 100.9 0.0 388.0 972.2 56.1 484.7 72.8 0.0 358.6 846.9 51.9 422.4 66.8 0.0 306.0 699.6 55.6 329.6 59.0 0.0 255.5 679.1 60.8 292.5 62.1 0.0 263.7 623.5 206.5 124.5 64.0 0.0 228.5 567.5 199.5 112.0 63.0 0.0 193.0 7 8 9 10 11 12 13 Bankers’ acceptances (1) 4.1 4.1 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 2 3 4 5 6 14 Total outstanding, all types Commercial paper 1399.1 1644.2 1958.0 1788.6 1599.3 1423.9 1278.8 1169.3 1138.0 1082.7 1028.0 14 15 16 17 18 19 20 21 22 Holdings, by sector Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority Commercial banking (1) Savings institutions Credit unions 83.7 95.0 171.7 229.8 0.0 0.0 0.0 0.8 98.4 111.0 184.8 239.6 0.0 0.0 0.0 0.8 117.5 122.7 202.4 286.3 0.0 0.0 0.0 1.0 107.3 69.5 193.8 278.1 0.0 0.0 0.0 0.4 6.0 60.1 127.6 232.9 0.0 15.7 0.0 0.0 5.6 37.4 108.0 220.0 0.0 4.5 0.0 0.0 15.1 43.6 86.5 200.9 0.0 9.8 0.0 0.0 24.9 37.1 81.4 196.9 0.0 0.1 0.0 0.0 34.6 44.8 74.3 189.6 0.0 0.0 0.0 0.0 44.6 46.0 68.7 192.0 0.0 0.0 0.0 0.0 54.2 51.7 57.0 184.1 0.0 0.0 0.0 0.0 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 12.3 27.4 28.5 35.2 405.8 94.2 5.8 48.0 160.9 15.8 24.4 31.5 35.2 492.2 97.1 13.8 60.2 239.3 16.4 28.7 31.7 42.8 608.3 114.5 32.4 64.3 289.1 13.3 41.7 26.9 38.4 674.6 114.1 27.7 87.1 115.8 19.1 38.3 37.2 25.9 618.5 51.6 6.8 65.7 294.0 19.1 45.7 37.6 25.7 578.7 31.8 11.2 49.9 248.7 16.8 49.8 38.1 23.9 527.1 49.3 12.0 61.3 144.5 16.3 52.4 31.5 23.9 513.6 63.9 9.7 49.5 68.3 17.0 59.0 26.7 22.8 510.7 80.2 9.7 41.5 27.1 14.5 45.8 21.7 22.6 448.5 77.4 8.6 38.5 53.9 14.1 44.7 18.2 22.6 385.9 48.7 10.4 33.1 103.3 23 24 25 26 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 89 Z.1, September 17, 2010 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 4370.7 4678.0 4861.7 5099.2 6338.2 6804.4 7143.1 7520.8 7781.9 8259.6 8603.8 1 204.4 4166.3 205.1 4472.9 202.4 4659.4 196.4 4902.8 194.0 6144.2 193.9 6610.5 193.5 6949.6 192.4 7328.4 191.2 7590.7 190.2 8069.4 189.6 8414.2 2 3 4370.7 4678.0 4861.7 5099.2 6338.2 6804.4 7143.1 7520.8 7781.9 8259.6 8603.8 4 Household sector Savings bonds Other Treasury issues 492.6 204.4 288.2 464.3 205.1 259.2 394.1 202.4 191.7 260.4 196.4 64.0 243.0 194.0 49.0 454.4 193.9 260.5 447.4 193.5 254.0 575.1 192.4 382.8 727.6 191.2 536.4 886.7 190.2 696.5 1063.6 189.6 874.1 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 34.0 50.2 389.1 52.1 56.2 481.4 45.5 56.3 516.9 38.3 59.3 537.6 30.8 63.2 485.5 38.9 62.2 516.9 44.5 60.8 514.4 44.7 59.1 504.3 46.3 57.6 505.9 52.8 56.2 506.1 48.7 54.8 511.8 8 9 10 11 12 Rest of the world Monetary authority 1813.6 717.8 1984.4 744.2 2126.2 778.9 2376.4 740.6 3251.4 475.9 3461.3 492.3 3581.2 656.5 3695.7 769.2 3697.2 776.6 3890.0 776.7 4013.6 777.0 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 107.8 74.2 27.7 2.0 3.8 97.0 64.2 27.8 1.1 3.9 94.9 61.9 26.8 2.5 3.7 112.3 73.0 30.4 7.1 1.8 93.2 53.4 35.5 3.1 1.2 117.1 71.0 44.7 0.6 0.8 123.7 82.7 33.2 7.0 0.8 180.3 119.0 56.4 4.2 0.7 185.4 117.7 61.4 5.8 0.5 251.3 181.6 63.1 5.8 0.9 246.2 181.2 58.7 5.0 1.3 13 14 15 16 17 18 19 Savings institutions Credit unions 8.4 8.9 12.3 7.7 12.5 7.4 7.0 10.4 3.0 8.8 3.6 8.3 4.6 12.4 6.0 13.0 6.8 14.2 7.1 15.9 6.7 17.0 18 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 106.6 81.9 113.0 151.0 60.7 106.9 95.4 116.5 153.8 68.4 110.0 87.9 130.8 156.2 76.7 71.3 70.6 169.5 141.6 88.0 65.6 105.7 184.9 146.4 112.3 69.5 141.1 214.3 150.2 116.7 72.6 148.5 236.5 159.9 116.9 76.9 167.8 280.7 167.3 117.4 82.2 176.3 310.7 174.5 119.1 80.9 174.6 341.6 174.7 120.6 80.5 181.3 407.4 174.5 124.5 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 ABS issuers Brokers and dealers 98.2 149.0 6.8 4.9 12.9 8.0 -44.6 88.6 155.7 7.1 9.7 13.1 27.7 -64.6 82.7 160.7 7.4 13.1 14.2 56.4 -67.0 178.1 179.2 5.6 19.7 15.5 77.5 -60.0 577.7 187.9 3.2 27.0 16.8 65.1 190.6 519.7 193.0 3.3 31.6 17.6 61.4 130.9 489.7 202.2 3.7 35.6 19.3 56.6 155.9 426.4 214.6 3.9 38.6 21.5 52.4 105.7 406.4 255.5 4.4 41.7 21.9 48.7 123.0 374.7 269.9 5.0 46.3 60.1 44.7 123.6 351.2 281.6 4.9 51.9 72.2 41.4 93.1 25 26 27 28 29 30 31 4395.0 4701.9 4885.3 5122.3 6361.5 6826.9 7165.3 7544.0 7805.4 8283.2 8627.7 32 2 3 4 5 6 7 Total liabilities 2005 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). 90 Z.1, September 17, 2010 L.210 Agency- and GSE-backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 6084.5 6164.5 6492.4 7397.7 8166.7 8182.8 8141.1 8121.3 8106.5 7734.2 7715.6 1 24.3 2676.3 3384.0 23.8 2592.2 3548.5 23.5 2627.8 3841.1 23.1 2910.2 4464.4 23.3 3181.9 4961.4 22.5 3118.3 5042.0 22.3 2948.1 5170.7 23.2 2800.5 5297.5 23.5 2706.6 5376.4 23.6 6703.8 1006.9 23.9 6620.1 1071.6 2 3 4 6084.5 6164.5 6492.4 7397.7 8166.7 8182.8 8141.1 8121.3 8106.5 7734.2 7715.6 5 Household sector Nonfinancial corporate business State and local governments 399.8 11.3 373.2 493.4 17.4 401.6 403.6 15.2 439.9 670.0 12.8 464.5 718.6 10.3 451.1 499.4 6.3 452.1 193.3 11.5 444.7 185.6 11.6 440.2 64.4 12.1 436.5 63.3 14.3 441.2 23.6 12.9 432.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 875.2 0.0 0.0 1012.9 0.0 0.0 1263.6 0.0 0.0 1582.4 0.0 54.4 1406.9 19.7 111.4 1338.1 287.0 164.7 1316.5 559.1 195.6 1262.6 823.5 225.5 1187.7 1068.3 225.5 1176.2 1237.7 225.5 1212.8 1282.9 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 1095.1 996.1 51.8 13.5 33.6 1089.6 992.7 50.9 11.2 34.8 1135.6 1040.3 55.1 11.2 29.0 1022.3 928.9 57.1 9.9 26.3 1169.4 1068.7 50.5 25.8 24.4 1175.4 1085.4 45.6 21.6 22.8 1221.3 1136.8 38.7 22.4 23.5 1185.8 1106.5 35.2 22.3 21.8 1276.9 1200.0 32.1 24.3 20.5 1269.3 1196.9 31.4 22.6 18.4 1261.5 1192.8 30.4 22.1 16.2 12 13 14 15 16 17 18 Savings institutions Credit unions 136.4 93.1 192.3 86.4 177.0 72.5 177.4 68.4 173.8 82.9 175.9 91.9 187.6 100.7 197.4 105.2 201.6 110.8 209.9 123.5 206.5 137.1 17 18 19 20 21 22 23 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 112.1 357.1 235.3 258.8 4.6 117.9 368.5 252.0 258.4 4.6 122.0 377.4 268.6 307.8 4.7 125.8 382.9 296.8 331.1 5.0 114.3 366.2 318.1 337.5 5.1 113.8 358.8 310.6 329.7 5.0 114.5 359.8 294.4 319.0 5.0 115.2 356.8 278.8 309.5 5.4 116.2 355.9 269.1 299.9 5.6 116.3 362.4 259.6 300.2 5.8 116.0 359.2 205.9 300.0 6.0 19 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 267.5 462.7 886.5 160.1 483.4 751.1 131.4 499.1 714.0 235.9 565.4 702.9 756.2 592.7 910.0 776.3 588.1 954.0 741.5 616.9 949.0 635.2 635.1 919.4 543.0 639.1 924.5 465.1 684.3 417.0 450.3 721.0 387.7 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 363.9 44.7 107.3 333.3 40.6 101.0 356.7 65.4 138.0 375.1 88.9 290.2 346.5 90.5 242.6 291.9 95.3 222.0 260.3 104.0 177.2 208.5 108.3 141.6 152.6 105.8 110.9 125.6 109.8 127.5 97.1 115.4 161.9 27 28 29 6 7 8 Total assets 2005 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mac, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 32. 91 Z.1, September 17, 2010 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 2 3 4 5 6 7 Total liabilities State and local governments Short-term (1) Long-term Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) Total assets Q2 2010 Q3 Q4 Q1 Q2 2030.9 2225.9 2403.3 2618.9 2680.3 2712.4 2749.8 2771.0 2811.2 2844.6 2842.8 1 1672.6 100.2 1572.4 189.1 169.2 1843.9 105.9 1738.0 205.2 176.8 1997.0 102.8 1894.2 224.1 182.2 2187.4 120.1 2067.3 241.2 190.3 2238.2 132.6 2105.6 249.3 192.9 2267.5 133.3 2134.3 251.5 193.3 2297.0 122.3 2174.7 258.0 194.9 2313.3 135.3 2178.0 260.9 196.9 2348.5 135.4 2213.1 264.3 198.3 2379.7 134.6 2245.1 266.2 198.7 2376.3 119.2 2257.1 267.1 199.5 2 3 4 5 6 2030.9 2225.9 2403.3 2618.9 2680.3 2712.4 2749.8 2771.0 2811.2 2844.6 2842.8 7 8 9 10 11 12 Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 742.4 31.8 4.3 4.7 26.0 820.9 32.1 4.4 5.0 29.0 872.0 28.1 5.8 5.5 34.4 896.0 29.2 5.3 5.8 45.1 902.2 26.6 5.6 5.6 50.5 932.9 22.3 5.5 5.6 50.0 964.3 21.8 5.4 5.7 49.6 978.8 23.5 5.3 5.9 53.5 1007.8 26.1 5.1 5.9 60.6 1034.3 25.1 5.0 6.1 71.9 1033.3 22.4 4.9 6.0 83.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Brokers and dealers 140.8 7.4 267.8 30.1 1.8 313.8 294.3 89.1 0.0 44.6 32.0 157.7 9.0 313.2 32.5 1.7 336.8 311.7 89.4 0.0 39.7 42.9 180.2 11.2 335.2 36.6 3.3 370.3 344.4 89.4 0.0 36.1 50.9 192.9 11.0 371.3 41.4 2.4 471.0 372.2 91.3 0.6 33.3 50.1 216.7 7.8 381.9 47.1 1.4 494.6 389.6 78.5 2.3 31.3 38.7 214.8 8.6 375.7 53.4 1.4 482.7 406.8 79.7 3.1 30.9 38.7 219.7 8.7 373.6 59.6 1.4 455.6 430.7 81.0 4.0 30.4 38.3 218.0 9.2 371.0 66.3 1.5 420.6 459.0 81.9 5.1 29.7 41.9 218.6 9.2 369.4 73.3 1.5 401.3 480.2 81.8 5.9 29.1 35.4 219.3 9.6 369.7 74.7 1.5 368.7 501.5 82.4 6.5 28.0 40.3 220.4 10.1 368.8 75.3 1.5 350.8 514.4 82.7 7.3 27.2 35.0 13 14 15 16 17 18 19 20 21 22 23 (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 2 3 4 5 6 7 8 9 10 11 12 Total liabilities 7922.9 8694.6 9982.2 11426.2 11007.2 11435.3 11433.0 11442.1 11448.7 11450.1 11379.3 1 Nonfinancial corporate business Rest of the world (1) 2975.5 985.0 3032.2 1011.6 3247.8 1275.5 3558.9 1587.1 3763.5 1237.3 3908.3 1267.1 4007.4 1318.7 4075.0 1339.5 4145.1 1493.6 4253.3 1528.9 4310.5 1527.5 2 3 Financial sectors Commercial banking Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations 3962.4 437.4 7.6 2136.1 817.4 183.8 62.2 317.7 4650.9 494.1 8.7 2717.3 806.5 216.7 62.4 345.3 5458.9 570.1 10.7 3362.1 849.7 230.6 68.8 367.0 6280.2 688.7 10.4 3892.3 974.1 231.3 64.8 418.5 6006.4 818.0 2.4 3568.3 924.5 176.2 97.1 419.9 6259.8 1211.0 2.0 3446.4 906.8 168.3 82.0 443.3 6106.9 1216.4 2.2 3336.8 856.6 161.0 97.1 436.7 6027.6 1225.4 2.3 3243.9 854.3 159.6 104.0 438.2 5810.0 1182.5 2.3 3085.9 837.5 151.2 92.9 457.8 5667.9 1412.1 3.2 2677.7 858.2 157.6 92.3 466.8 5541.3 1393.3 3.0 2581.0 835.8 160.6 100.9 466.6 4 5 6 7 8 9 10 11 7922.9 8694.6 9982.2 11426.2 11007.2 11435.3 11433.0 11442.1 11448.7 11450.1 11379.3 12 Total assets 13 14 15 16 Household sector State and local governments Federal government Rest of the world (2) 1141.7 118.2 0.0 1558.9 1299.5 127.2 0.0 1762.9 1553.1 139.4 0.0 2320.5 2006.4 147.2 0.0 2719.1 1946.2 142.9 0.0 2354.0 2358.4 143.2 0.0 2317.1 2326.7 145.6 0.4 2268.1 2260.5 149.0 0.5 2238.0 2093.8 151.0 0.6 2465.2 2103.6 154.0 0.6 2427.3 2033.1 152.8 0.7 2397.4 13 14 15 16 17 18 19 20 21 22 23 24 Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 563.6 59.2 25.0 245.3 1756.3 267.8 213.5 3.0 687.0 80.2 23.5 262.8 1824.8 290.0 227.9 2.9 780.3 92.7 30.6 277.0 1819.5 317.6 283.4 2.9 978.2 142.2 34.6 282.9 1862.6 357.4 297.0 3.0 979.9 108.5 25.7 267.5 1817.0 400.1 312.9 2.9 957.4 112.8 17.6 272.5 1847.7 413.9 310.5 2.8 939.0 108.6 18.0 280.7 1866.5 424.1 310.2 2.8 949.4 105.8 17.9 289.0 1892.1 434.0 307.7 3.0 867.7 85.1 18.6 298.3 1917.2 442.9 310.1 3.0 787.6 81.7 18.5 298.5 1951.3 452.5 310.3 3.0 769.8 81.5 18.4 297.8 1966.6 462.0 310.8 3.1 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations 261.0 596.8 67.6 3.3 414.8 256.0 36.0 238.0 96.8 263.2 662.7 69.3 5.3 465.7 203.5 53.0 315.7 67.5 368.3 767.0 75.1 7.6 481.7 184.8 64.6 355.5 60.4 376.8 889.9 74.0 13.8 464.4 189.4 34.4 382.8 170.0 228.0 959.9 49.5 27.7 386.6 192.4 14.4 123.8 667.3 217.8 1004.8 48.5 34.3 367.4 199.7 13.7 102.2 692.9 198.1 1040.9 51.2 41.0 384.3 204.7 15.4 120.6 686.1 168.1 1071.2 53.5 47.8 385.1 199.9 17.1 152.3 700.3 169.9 1106.1 55.3 55.3 310.8 198.6 17.6 171.3 710.2 175.6 1155.7 57.1 60.4 324.8 185.6 19.5 170.8 711.6 168.6 1178.7 55.3 65.5 313.0 189.0 20.1 165.0 730.2 25 26 27 28 29 30 31 32 33 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. (3) Liabilities net of assets. 92 Z.1, September 17, 2010 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 Issues at market value 2 Nonfinancial corporate business 3 4 Rest of the world (2) Financial corporations 5 2010 Q3 Q4 Q1 Q2 18940.1 20636.1 24339.3 25576.5 15678.6 13740.9 16311.2 19203.6 19998.8 21077.5 18629.1 1 12088.6 12686.6 14602.3 15725.8 10037.1 8909.3 10232.6 11757.7 12361.2 12983.2 11453.6 2 2560.4 4291.1 3317.7 4631.9 4329.0 5408.0 5248.0 4602.6 2748.4 2893.1 2464.3 2367.4 3161.8 2916.8 3827.1 3618.8 3977.4 3660.2 4026.7 4067.7 3508.6 3666.8 3 4 18940.1 20636.1 24339.3 25576.5 15678.6 13740.9 16311.2 19203.6 19998.8 21077.5 18629.1 5 Household sector State and local governments Federal government Rest of the world (3) 7483.9 90.0 0.0 1904.6 8093.0 96.8 0.0 2039.1 9643.7 106.0 0.0 2448.1 9626.1 113.0 0.0 2812.2 5776.3 86.3 188.7 1806.7 4989.8 61.5 223.9 1594.4 6017.8 78.3 157.6 1902.5 7098.7 100.8 158.8 2290.4 7247.4 122.4 67.4 2438.6 7680.0 117.2 67.3 2605.2 6767.9 108.8 47.7 2278.1 6 7 8 9 10 11 12 13 14 15 16 17 Monetary authority Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 0.0 20.3 28.2 196.6 1053.9 2338.5 1600.9 99.2 0.0 24.1 26.2 199.5 1161.8 2441.7 1715.8 112.6 0.0 35.3 24.9 227.0 1364.8 2724.8 1926.1 138.1 0.0 41.5 25.3 236.2 1464.6 2673.3 2013.7 149.1 0.0 6.7 22.7 193.3 1001.7 1599.7 1237.9 85.6 0.0 4.5 21.6 164.6 886.5 1382.7 1107.2 74.7 0.0 10.5 24.1 187.6 1029.5 1566.3 1286.2 92.5 0.0 20.5 24.6 219.9 1192.3 1770.8 1492.5 110.4 25.1 30.3 22.2 219.8 1256.3 1835.7 1566.5 119.4 25.4 34.7 21.8 225.6 1330.6 1918.2 1652.0 127.8 25.7 21.8 21.7 198.0 1253.5 1673.9 1453.4 112.6 10 11 12 13 14 15 16 17 18 19 20 21 22 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Funding corporations 3693.6 82.3 219.0 129.1 0.0 4175.7 105.6 285.8 158.3 0.0 4989.6 122.5 402.0 186.4 0.0 5476.9 146.2 573.7 224.8 0.0 3014.1 75.7 473.9 109.2 0.0 2668.3 69.1 412.8 79.6 0.0 3282.0 79.0 507.9 89.3 0.0 3930.0 87.8 597.5 108.5 0.0 4136.2 92.4 669.9 124.2 25.1 4351.8 94.9 687.2 112.4 25.4 3814.5 87.5 642.5 95.8 25.7 18 19 20 21 22 15704.1 16518.8 19012.2 19080.9 12048.6 10524.6 12251.0 14317.7 14837.5 15848.9 14027.5 23 6 7 8 9 Holdings at market value Q2 Memo: 23 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 11, 12, 13, 19, 20, 21, and 22; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 5436.3 6048.9 7068.3 7829.0 5435.3 5107.8 5856.9 6625.4 6961.6 7295.0 6783.1 1 2 Holdings at market value 5436.3 6048.9 7068.3 7829.0 5435.3 5107.8 5856.9 6625.4 6961.6 7295.0 6783.1 2 3427.7 130.1 27.5 195.8 3669.1 140.0 29.6 242.0 4188.1 180.7 32.5 316.8 4596.4 191.1 34.3 373.5 3325.9 125.8 33.3 256.2 3125.0 128.1 33.4 237.4 3557.2 152.1 33.9 270.6 3967.7 178.0 34.7 306.1 4175.1 189.7 35.2 321.7 4351.4 204.4 35.9 337.1 4056.2 199.1 30.6 313.4 3 4 5 6 18.1 3.1 17.4 2.2 24.5 2.1 29.6 2.1 19.6 2.0 33.5 1.8 36.0 1.8 49.7 1.5 46.1 1.3 43.2 1.6 38.7 1.6 7 8 5.2 114.4 1278.2 235.9 5.7 109.0 1585.4 248.4 6.9 148.8 1880.4 287.5 6.8 188.4 2110.6 296.4 4.4 121.0 1366.0 181.1 4.2 113.7 1268.7 161.9 4.6 123.8 1488.7 188.1 5.0 136.4 1727.7 218.3 5.3 140.8 1817.3 229.2 5.4 144.8 1929.6 241.7 5.0 134.3 1791.6 212.6 9 10 11 12 3 4 5 6 Household sector Nonfinancial corporate business State and local governments Rest of the world 7 8 Commercial banking Credit unions 9 10 11 12 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 93 Z.1, September 17, 2010 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1 Total loans by commercial banking, flow of funds basis 4905.9 5473.7 6151.2 6809.8 7187.0 7049.1 6968.8 6714.3 6672.5 6922.5 6835.5 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 0.0 2595.6 704.3 195.8 0.0 2958.0 707.0 230.7 0.0 3403.1 741.2 302.2 0.0 3644.4 804.1 334.5 15.7 3841.4 878.6 221.0 4.5 3853.3 850.7 216.6 9.8 3897.6 837.8 194.1 0.1 3795.4 832.7 222.0 0.0 3818.7 855.3 219.6 0.0 3761.3 1161.5 232.4 0.0 3707.4 1148.2 242.2 2 3 4 5 6 = Banking sector total bank loans n.e.c. 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 1410.1 1577.9 1704.8 2026.9 2230.3 2124.0 2029.4 1864.1 1778.9 1767.4 1737.7 6 1150.5 234.0 5.3 20.3 1249.3 294.7 8.1 25.9 1312.2 361.8 5.1 25.6 1532.9 466.8 5.8 21.4 1670.8 531.9 7.9 19.7 1580.7 506.3 17.3 19.7 1523.3 470.9 16.6 18.6 1395.0 432.6 16.8 19.7 1338.4 406.5 14.6 19.4 1328.3 403.9 16.7 18.4 1316.6 387.3 18.1 15.7 7 8 9 10 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 490.4 388.8 253.9 183.9 142.8 137.4 127.5 11 12 = Total bank loans n.e.c. 1410.1 1577.9 1704.8 2026.9 2720.7 2512.8 2283.3 2048.0 1921.8 1904.8 1865.1 12 13 Total liabilities 1410.1 1577.9 1704.8 2026.9 2720.7 2512.8 2283.3 2048.0 1921.8 1904.8 1865.1 13 1160.4 1309.4 1498.5 1749.7 1947.5 1863.2 1790.8 1712.5 1650.2 1658.7 1634.4 14 26.7 542.7 473.4 47.7 36.4 508.7 629.9 49.9 86.4 517.9 742.8 53.2 99.7 609.4 882.3 55.5 117.7 677.5 985.6 58.7 104.0 652.9 948.1 55.0 118.3 618.7 894.9 57.2 137.1 580.6 836.7 58.9 147.7 553.5 793.6 58.5 209.1 551.3 746.5 54.6 216.5 537.1 722.8 57.4 15 16 17 18 69.9 5.5 13.4 51.0 84.4 2.6 18.1 63.7 98.3 1.9 21.9 74.4 102.8 1.9 30.2 70.8 107.9 2.6 33.0 72.4 103.1 2.6 29.3 71.3 101.6 2.9 26.7 72.0 99.2 3.4 27.9 67.9 96.8 3.2 27.9 65.8 97.2 3.0 30.4 63.8 100.6 3.3 33.1 64.3 19 20 21 22 249.7 268.6 206.2 277.1 773.2 649.6 492.5 335.5 271.6 246.1 230.7 23 87.9 136.9 24.9 0.0 0.0 93.1 142.1 33.3 0.0 0.0 48.6 129.2 28.4 0.0 0.0 62.0 182.0 33.2 0.0 0.0 75.0 174.9 32.9 45.5 444.9 67.5 167.2 30.9 20.4 363.7 62.0 177.5 24.2 5.1 223.8 11.3 161.7 21.3 0.0 141.2 11.0 144.5 20.8 0.0 95.3 11.3 125.9 18.6 0.0 90.2 8.8 120.1 16.9 0.0 85.0 24 25 26 27 28 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 28 Financial sectors Savings institutions Finance companies REITs Brokers and dealers Funding corporations 94 Z.1, September 17, 2010 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 Total other loans and advances 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1742.2 1901.2 2071.6 2605.3 2711.7 2549.6 2439.8 2331.4 2275.5 2207.5 2196.0 1 2 3 4 5 6 7 8 9 10 11 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 Finance companies Funding corporations 113.7 12.2 8.4 40.8 4.0 10.0 38.3 0.0 0.0 0.0 106.7 11.5 9.2 37.9 3.8 10.6 33.7 0.0 0.0 0.0 107.3 12.9 10.4 42.7 3.7 11.2 26.4 0.0 0.0 0.0 105.2 12.5 10.2 43.8 3.7 11.9 23.1 0.0 0.0 0.0 111.3 12.8 14.5 46.0 3.7 12.7 21.6 0.0 0.0 0.0 126.0 12.8 27.3 47.0 3.7 12.9 21.2 0.0 1.2 0.1 150.0 12.7 49.8 47.8 3.8 13.1 21.4 0.0 1.4 0.1 173.8 12.6 74.1 48.2 4.1 13.2 21.4 0.0 0.0 0.1 177.4 12.6 73.9 49.2 4.2 13.5 21.9 0.0 0.0 2.0 181.1 12.6 73.6 50.0 4.3 13.7 22.2 0.0 0.0 4.8 189.6 12.3 79.3 50.3 4.5 13.8 22.0 0.0 0.0 7.6 2 3 4 5 6 7 8 9 10 11 12 13 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 131.2 131.2 162.5 162.5 168.8 168.8 271.5 271.5 207.3 207.3 196.2 196.2 193.2 193.2 181.9 181.9 182.7 182.7 186.1 186.1 199.4 199.4 12 13 14 15 16 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 4.0 3.8 0.3 4.0 3.8 0.2 0.4 0.3 0.2 0.5 0.2 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15 16 17 18 19 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 57.6 28.8 28.8 61.5 30.7 30.7 67.5 33.7 33.7 73.7 36.9 36.9 80.1 40.0 40.0 80.7 40.4 40.4 74.5 37.3 37.3 65.9 32.9 32.9 65.6 32.8 32.8 65.3 32.6 32.6 64.3 32.2 32.2 17 18 19 20 21 22 Credit unions loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 24.9 12.5 12.5 25.9 13.0 13.0 26.8 13.4 13.4 26.9 13.4 13.4 29.6 14.8 14.8 31.4 15.7 15.7 32.2 16.1 16.1 31.8 15.9 15.9 32.3 16.2 16.2 31.3 15.6 15.6 33.2 16.6 16.6 20 21 22 23 24 25 Policy loans (Household liability) Asset: Federal government Life insurance companies 106.8 0.7 106.1 107.6 0.7 106.9 110.9 0.6 110.2 114.5 0.6 113.9 120.4 0.6 119.8 120.8 0.6 120.2 121.3 0.5 120.7 120.4 0.5 119.9 121.1 0.5 120.6 121.7 0.5 121.2 122.4 0.5 121.9 23 24 25 26 27 28 29 30 31 32 33 Government-sponsored enterprise loans (1) 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) 619.4 0.0 18.1 25.5 244.1 309.3 11.4 11.1 671.8 0.0 20.0 31.6 268.5 325.5 14.7 11.5 704.9 0.0 24.2 39.3 348.5 259.8 18.9 14.2 942.6 0.0 28.5 47.0 455.2 350.9 32.3 28.7 980.7 0.0 53.4 26.9 526.3 278.7 40.6 54.9 873.0 0.0 52.3 27.8 457.8 252.4 30.3 52.5 800.8 0.0 54.2 26.1 452.5 189.0 28.5 50.5 736.8 0.0 55.6 22.5 404.2 178.7 28.3 47.5 695.9 0.0 56.4 23.6 402.0 139.1 26.5 48.3 634.5 0.0 54.3 23.4 357.0 128.8 25.4 45.6 599.1 0.0 55.4 21.2 327.6 124.4 25.0 45.6 26 27 28 29 30 31 32 33 34 35 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 111.4 111.4 93.9 93.9 97.7 97.7 93.7 93.7 78.1 78.1 70.5 70.5 63.5 63.5 53.3 53.3 54.4 54.4 37.7 37.7 37.2 37.2 34 35 36 37 38 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 451.5 406.4 45.2 479.2 431.3 47.9 498.0 448.2 49.8 523.0 470.7 52.3 539.9 485.9 54.0 516.7 465.0 51.7 493.0 443.7 49.3 474.3 426.8 47.4 448.9 404.0 44.9 447.5 402.8 44.8 439.2 395.3 43.9 36 37 38 39 40 41 42 43 44 45 Loans to nonfinancial corporate business (2) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Funding corporations 121.5 5.9 11.7 26.0 56.7 14.2 7.0 188.1 8.7 15.9 36.5 94.5 22.0 10.6 289.2 9.1 22.4 46.3 155.7 41.7 14.1 453.8 17.6 31.9 82.4 248.3 52.8 20.8 564.3 29.7 46.3 94.8 301.7 55.9 35.9 534.3 27.4 40.3 95.4 289.5 50.2 31.5 511.3 25.6 35.7 95.8 280.1 45.9 28.2 493.2 24.1 32.2 96.2 272.7 42.5 25.6 497.2 24.5 32.9 96.1 274.3 43.2 26.1 502.2 24.9 33.9 96.0 276.4 44.2 26.9 511.4 25.3 36.6 96.3 279.4 45.5 28.4 39 40 41 42 43 44 45 (1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. (2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere. 95 Z.1, September 17, 2010 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 10636.6 12070.4 13462.5 14524.5 14619.0 14609.4 14552.9 14441.2 14318.3 14137.1 14020.1 1 8268.2 604.5 1668.2 95.7 9382.4 666.8 1916.5 104.8 10455.6 707.5 2191.3 108.0 11166.8 789.2 2455.7 112.7 11071.9 840.6 2572.9 133.6 11064.1 844.1 2567.4 133.8 11013.4 850.3 2555.1 134.0 10925.6 852.6 2528.7 134.3 10859.5 844.5 2479.8 134.5 10708.6 848.4 2446.6 133.4 10644.6 843.0 2400.1 132.3 2 3 4 5 10636.6 12070.4 13462.5 14524.5 14619.0 14609.4 14552.9 14441.2 14318.3 14137.1 14020.1 6 Household sector 8014.6 9061.7 10079.3 10779.6 10749.8 10751.8 10713.4 10643.7 10577.6 10450.6 10396.8 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 2490.7 558.4 1836.6 95.7 2863.3 751.0 2007.5 104.8 3231.1 834.2 2288.9 108.0 3588.1 882.3 2593.1 112.7 3705.7 902.7 2669.4 133.6 3692.7 897.5 2661.4 133.8 3672.2 893.0 2645.1 134.0 3630.5 878.8 2617.5 134.3 3573.8 863.3 2576.0 134.5 3519.4 834.8 2551.1 133.4 3455.7 813.1 2510.3 132.3 8 9 10 11 12 13 Federal government REITs 0.0 131.4 0.0 145.5 0.0 152.1 0.0 156.7 0.0 163.5 0.0 164.9 0.0 167.3 0.0 166.9 0.0 166.9 0.0 167.1 0.0 167.6 12 13 10636.6 12070.4 13462.5 14524.5 14619.0 14609.4 14552.9 14441.2 14318.3 14137.1 14020.1 14 7 14 Total liabilities 2005 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 131.3 66.6 30.8 139.4 68.3 36.2 122.1 59.8 34.6 109.1 41.4 42.1 110.7 34.3 44.8 108.7 32.5 44.1 106.5 30.7 43.1 103.9 29.0 41.9 101.3 27.2 40.8 99.7 25.4 39.8 96.4 23.7 38.8 15 16 17 18 19 State and local governments Federal government 141.2 74.2 151.9 76.6 166.4 80.3 175.7 82.4 170.7 95.8 171.0 96.7 173.9 102.2 177.9 110.0 180.3 108.4 183.9 107.1 182.5 108.4 18 19 20 21 22 Commercial banking Savings institutions (1) Credit unions 2595.6 1057.4 188.3 2958.0 1152.7 219.7 3403.1 1076.8 249.7 3644.4 1094.0 281.5 3841.4 860.6 314.7 3853.3 849.8 316.3 3897.6 752.2 319.0 3795.4 725.8 317.7 3818.7 633.3 317.9 3761.3 629.3 320.1 3707.4 619.4 320.4 20 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.4 273.3 10.0 15.1 2.7 285.5 9.8 16.4 3.5 303.8 9.5 14.4 4.8 326.2 10.2 9.7 5.0 342.4 11.1 9.4 5.0 338.6 11.6 9.4 5.0 335.0 12.1 9.4 4.8 332.4 12.8 9.4 4.4 326.1 13.6 9.3 4.3 321.4 14.6 9.3 4.2 318.0 15.7 9.3 23 24 25 26 27 28 29 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers 629.0 3384.0 1443.2 588.8 3548.5 2128.5 607.2 3841.1 2760.0 643.1 4464.4 2942.4 701.4 4961.4 2591.5 719.1 5042.0 2499.7 704.8 5170.7 2394.7 701.4 5297.5 2302.3 696.7 5376.4 2207.2 5059.9 1006.9 2109.7 5039.8 1071.6 2037.8 27 28 29 30 31 Finance companies REITs 476.0 118.1 541.4 146.1 594.4 135.8 531.9 121.3 447.9 75.9 440.2 71.5 426.8 68.9 415.6 63.5 397.4 59.2 386.9 57.4 371.1 55.7 30 31 (1) FHLB loans to savings institutions are included in other loans and advances. 96 Z.1, September 17, 2010 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 Commercial banking Savings institutions Credit unions 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 20 21 Finance companies REITs 22 23 24 25 26 27 Memo: Home equity loans included above (2) Commercial banking Savings institutions Credit unions ABS issuers Finance companies 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 8268.2 9382.4 10455.6 11166.8 11071.9 11064.1 11013.4 10925.6 10859.5 10708.6 10644.6 1 7835.3 23.5 409.4 8874.3 31.1 477.0 9865.0 39.4 551.2 10539.5 42.2 585.1 10498.3 32.7 541.0 10500.7 30.0 533.4 10463.6 26.8 523.0 10396.5 23.3 505.9 10335.2 20.3 504.0 10199.6 18.4 490.6 10150.4 15.9 478.3 2 3 4 8268.2 9382.4 10455.6 11166.8 11071.9 11064.1 11013.4 10925.6 10859.5 10708.6 10644.6 5 112.9 39.9 11.3 117.9 40.9 13.3 102.9 35.9 12.7 90.8 25.0 15.4 91.2 20.6 16.4 89.2 19.5 16.1 87.2 18.4 15.8 85.2 17.4 15.3 83.2 16.3 14.9 81.2 15.2 14.6 79.2 14.2 14.2 6 7 8 72.0 13.6 77.5 13.2 84.9 13.3 89.6 13.7 87.0 16.4 87.2 16.4 88.7 18.9 90.7 22.8 91.9 22.1 93.8 23.2 93.1 23.9 9 10 1581.6 874.2 188.3 1792.1 953.8 219.7 2082.1 867.8 249.7 2210.5 879.0 281.5 2248.1 666.3 314.7 2253.1 654.9 316.3 2300.3 556.6 319.0 2212.6 534.5 317.7 2261.3 448.6 317.9 2222.8 444.5 320.1 2199.6 438.7 320.4 11 12 13 8.1 1.4 5.4 7.5 1.4 5.9 10.3 1.3 5.2 9.4 1.2 3.5 8.8 1.3 3.4 8.7 1.7 3.4 8.6 1.8 3.4 8.5 1.9 3.4 5.6 2.0 3.4 5.4 2.1 3.4 5.3 2.1 3.4 14 15 16 508.6 3277.3 1048.6 453.9 3446.4 1621.9 457.6 3749.1 2140.8 447.9 4371.8 2175.7 455.9 4864.0 1865.8 470.1 4943.5 1781.9 452.3 5068.6 1684.9 445.1 5192.1 1601.8 439.8 5266.5 1530.8 4753.4 942.3 1444.3 4733.9 1004.6 1386.0 17 18 19 422.0 102.9 489.8 127.4 538.1 103.7 472.7 79.2 375.4 36.7 368.4 33.7 356.1 32.8 345.1 31.5 327.7 27.5 317.0 25.4 303.3 22.8 20 21 775.6 483.5 121.2 63.9 23.3 83.7 914.8 549.0 151.6 75.9 40.4 98.0 1066.1 653.6 137.6 86.9 80.4 107.6 1130.9 692.3 180.5 94.1 69.5 94.5 1114.3 776.1 119.5 98.7 45.0 75.1 1096.6 769.7 116.0 97.0 40.2 73.7 1074.7 781.2 90.0 96.1 36.2 71.2 1051.4 766.8 87.9 95.0 32.8 69.0 1032.1 761.7 80.0 94.6 30.3 65.5 1013.4 751.5 78.4 92.7 27.4 63.4 996.2 741.7 76.6 91.9 25.3 60.7 22 23 24 25 26 27 (1) Mortgages on 1-4 family properties including mortages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 666.8 707.5 789.2 840.6 844.1 850.3 852.6 844.5 848.4 843.0 1 32.4 547.2 34.4 607.6 36.5 645.9 38.3 728.2 39.7 775.9 40.0 778.4 40.3 782.9 40.5 784.9 40.9 776.8 41.4 779.9 41.2 774.8 2 3 0.0 24.9 0.0 24.8 0.0 25.1 0.0 22.7 0.0 25.1 0.0 25.7 0.0 27.2 0.0 27.2 0.0 26.8 0.0 27.1 0.0 27.1 4 5 604.5 666.8 707.5 789.2 840.6 844.1 850.3 852.6 844.5 848.4 843.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.0 1.0 10.4 0.0 1.1 12.3 0.0 0.9 11.7 0.0 0.6 14.3 0.0 0.5 15.3 0.0 0.5 15.0 0.0 0.5 14.7 0.0 0.4 14.3 0.0 0.4 13.9 0.0 0.4 13.6 0.0 0.4 13.2 7 8 9 10 11 State and local governments Federal government 56.5 15.0 60.8 14.9 66.6 14.8 70.3 14.4 68.3 14.5 68.4 14.4 69.6 14.4 71.1 14.4 72.1 14.7 73.6 14.5 73.0 14.5 10 11 12 13 Commercial banking Savings institutions 118.7 87.5 138.7 98.4 157.6 95.8 168.4 92.7 215.1 65.2 216.8 65.7 216.8 65.8 217.0 63.5 211.0 59.9 209.7 60.3 207.4 58.7 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 40.5 2.2 4.5 42.4 2.1 4.9 46.1 2.0 4.3 51.8 2.1 2.9 51.8 2.4 2.8 51.2 2.3 2.8 50.7 2.4 2.8 50.3 2.6 2.8 48.5 2.7 2.8 47.8 3.0 2.8 47.3 3.3 2.8 14 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers 82.5 105.7 72.9 93.0 101.3 89.4 105.4 88.8 103.4 147.7 88.1 125.5 187.7 92.8 114.5 190.8 93.8 113.0 194.1 97.5 112.2 197.4 100.9 110.5 197.8 105.4 108.3 247.8 61.2 107.3 247.4 63.2 105.6 17 18 19 20 21 Finance companies REITs 5.6 1.6 5.6 1.9 5.1 5.0 5.1 5.2 5.8 3.9 5.6 3.7 5.5 3.3 5.3 2.0 5.1 1.9 4.7 1.8 4.5 1.8 20 21 7 8 9 Total assets 604.5 97 Z.1, September 17, 2010 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1668.2 1916.5 2191.3 2455.7 2572.9 2567.4 2555.1 2528.7 2479.8 2446.6 2400.1 1 179.2 502.5 880.0 106.5 187.4 685.4 923.0 120.7 214.3 758.3 1091.8 127.0 240.1 801.8 1279.8 134.0 251.6 830.3 1352.6 138.4 251.0 827.5 1349.6 139.2 249.8 826.0 1339.2 140.1 247.3 815.0 1326.7 139.7 242.5 802.1 1295.2 140.1 251.0 775.0 1280.6 140.0 246.5 756.0 1257.1 140.5 2 3 4 5 1668.2 1916.5 2191.3 2455.7 2572.9 2567.4 2555.1 2528.7 2479.8 2446.6 2400.1 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 12.9 25.6 8.5 14.9 26.3 9.9 17.0 23.0 9.5 19.1 15.8 11.5 20.0 13.2 12.3 19.9 12.5 12.1 19.8 11.8 11.8 19.6 11.2 11.5 19.2 10.5 11.2 18.8 9.8 10.9 18.2 9.1 10.6 7 8 9 10 11 State and local governments Federal government 11.3 42.4 12.2 45.2 13.3 48.9 14.1 51.0 13.7 61.4 13.7 62.5 13.9 65.4 14.2 69.0 14.4 67.8 14.7 65.4 14.6 66.0 10 11 12 13 Commercial banking Savings institutions 860.7 95.1 989.4 100.0 1123.2 112.4 1223.6 121.5 1328.5 128.1 1333.6 128.2 1330.5 128.8 1315.6 126.9 1296.0 123.9 1278.9 123.6 1250.9 121.1 12 13 14 15 16 17 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 2.4 214.1 6.4 5.1 2.7 224.3 6.3 5.6 3.5 235.4 6.2 4.9 4.8 252.2 6.8 3.3 5.0 267.1 7.4 3.2 5.0 264.1 7.5 3.2 5.0 261.3 7.8 3.2 4.8 259.3 8.3 3.2 4.4 257.8 8.9 3.2 4.3 254.1 9.5 3.2 4.2 251.4 10.3 3.2 14 15 16 17 18 19 Agency- and GSE-backed mortgage pools ABS issuers 0.0 321.8 0.0 417.1 0.0 515.8 0.0 641.2 0.0 611.2 0.0 604.8 0.0 597.6 0.0 590.0 0.0 568.1 0.0 558.1 0.0 546.1 18 19 20 21 Finance companies REITs 48.4 13.6 46.0 16.8 51.1 27.1 54.0 37.0 66.6 35.3 66.2 34.1 65.2 32.9 65.1 30.0 64.6 29.8 65.2 30.3 63.3 31.1 20 21 7 8 9 Total assets 2005 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 95.7 104.8 108.0 112.7 133.6 133.8 134.0 134.3 134.5 133.4 132.3 1 2 Total assets 95.7 104.8 108.0 112.7 133.6 133.8 134.0 134.3 134.5 133.4 132.3 2 3 4 Household sector Nonfarm noncorporate business 5.5 0.6 6.7 0.7 2.2 0.7 -0.8 0.8 -0.5 0.9 -0.4 0.9 -0.4 0.9 -0.9 0.8 -1.1 0.8 -0.2 0.8 -0.9 0.8 3 4 5 6 State and local governments Federal government 1.4 3.2 1.5 3.2 1.7 3.2 1.8 3.3 1.7 3.5 1.7 3.5 1.7 3.5 1.8 3.7 1.8 3.9 1.8 4.0 1.8 4.0 5 6 7 8 Commercial banking Savings institutions 34.6 0.6 37.9 0.6 40.1 0.7 41.9 0.9 49.7 0.9 49.9 0.9 50.0 0.9 50.2 0.9 50.3 0.9 49.9 0.9 49.5 0.9 7 8 9 10 Life insurance companies State and local govt. retirement funds 10.7 0.0 11.3 0.0 12.0 0.0 12.8 0.0 14.7 0.0 14.6 0.0 14.5 0.0 14.4 0.0 14.2 0.0 14.1 0.0 14.0 0.0 9 10 11 12 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 38.0 0.9 42.0 0.8 44.2 3.2 47.6 4.5 57.9 4.7 58.1 4.6 58.4 4.6 58.8 4.5 59.2 4.5 58.8 3.3 58.5 3.8 11 12 (1) Excludes mortgages on farm houses. 98 Z.1, September 17, 2010 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 1 Total liabilities (Households) 2220.1 2320.6 2416.0 2555.3 2594.1 2517.9 2487.9 2496.7 2478.9 2419.2 2403.7 1 2 Total assets 2220.1 2320.6 2416.0 2555.3 2594.1 2517.9 2487.9 2496.7 2478.9 2419.2 2403.7 2 59.2 0.0 86.1 59.6 0.0 89.8 57.6 0.0 91.7 58.6 0.0 98.4 59.8 0.0 111.0 55.0 0.0 122.7 53.8 0.0 135.4 53.0 0.0 157.8 57.2 0.0 186.0 53.5 0.0 209.8 53.0 0.0 222.6 3 4 5 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Federal government 6 7 8 Commercial banking Savings institutions Credit unions 704.3 91.3 215.4 707.0 109.1 228.6 741.2 95.5 234.5 804.1 90.8 235.7 878.6 86.3 236.2 850.7 80.0 233.3 837.8 75.9 234.7 832.7 78.1 240.3 855.3 77.5 237.2 1161.5 78.0 228.0 1148.2 80.6 228.3 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 571.5 492.3 0.0 609.9 516.5 0.0 661.1 534.4 0.0 683.7 584.1 0.0 646.4 575.8 0.0 629.3 546.8 0.0 623.8 526.5 0.0 614.1 520.7 0.0 577.9 487.8 0.0 151.4 536.9 0.0 143.9 527.1 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 3003.6 3195.9 3398.0 3332.6 3274.6 3282.7 3312.0 3344.5 3397.6 3468.9 1 173.3 186.3 199.9 214.5 230.2 231.8 233.8 237.9 241.2 246.3 251.3 2 1499.9 277.4 9.1 1699.4 329.4 6.3 1813.0 349.4 -0.7 1898.9 378.7 -4.8 1740.9 398.9 19.8 1655.2 393.8 23.1 1642.5 386.4 22.9 1639.4 377.7 24.8 1676.1 369.5 24.5 1710.6 362.2 27.0 1765.0 355.0 24.9 3 4 5 449.9 169.0 482.0 202.7 516.4 208.9 553.5 238.2 593.0 265.3 602.5 260.0 612.1 262.1 621.8 273.4 631.4 270.6 641.1 286.8 650.8 296.8 6 7 48.2 36.0 54.5 43.1 60.7 48.3 73.1 45.8 63.2 21.2 60.3 47.8 68.3 54.5 70.1 66.9 61.2 70.1 61.4 62.2 73.1 52.0 8 9 2622.4 2993.6 3036.7 3287.3 3186.0 3144.3 3173.8 3174.1 3080.6 3158.5 3246.0 10 1830.6 364.3 2108.2 430.9 2090.0 470.9 2253.0 525.6 2126.6 560.0 2103.9 551.3 2144.5 538.8 2159.5 523.8 2089.4 509.8 2173.3 497.5 2267.8 485.2 11 12 State and local governments Federal government Rest of the world 134.4 61.8 49.0 144.7 71.0 56.9 158.5 59.4 62.8 167.3 60.6 83.6 162.5 64.7 89.9 162.8 65.0 87.7 165.6 68.2 91.7 169.4 70.6 97.6 171.7 72.6 93.1 175.1 74.6 98.7 173.8 74.0 104.4 13 14 15 Property-casualty insurance companies ABS issuers 79.6 102.6 82.1 99.8 87.0 108.3 85.4 111.7 86.7 95.5 87.4 86.1 87.3 77.7 85.4 67.8 83.0 61.1 84.8 54.4 86.8 54.0 16 17 40.4 10.0 159.2 110.7 146.6 130.3 108.9 137.9 263.8 239.2 222.9 18 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 15 16 17 18 2662.8 Discrepancy L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1038.2 1038.4 1249.9 1526.4 1128.5 1017.2 999.1 1067.5 1091.2 1108.8 1144.9 1 2 3 Household sector Rest of the world 264.0 0.0 232.4 0.0 292.1 0.0 325.5 0.0 164.8 0.0 134.3 0.0 147.7 0.0 173.8 0.0 203.0 0.0 196.4 0.0 217.0 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. 774.2 578.3 102.2 93.7 806.0 575.3 95.6 135.1 957.8 655.7 116.5 185.6 1200.9 866.4 145.9 188.6 963.6 742.7 158.6 62.3 882.9 666.3 139.1 77.5 851.4 657.3 120.9 73.3 893.7 671.7 157.1 65.0 888.2 668.6 158.0 61.6 912.4 680.0 160.0 72.3 927.9 685.7 164.4 77.8 4 5 6 7 1038.2 1038.4 1249.9 1526.4 1128.5 1017.2 999.1 1067.5 1091.2 1108.8 1144.9 8 8 Total liabilities Total assets 9 10 Household sector Rest of the world 578.3 0.0 575.3 0.0 655.7 0.0 866.4 0.0 742.7 0.0 666.3 0.0 657.3 0.0 671.7 0.0 668.6 0.0 680.0 0.0 685.7 0.0 9 10 11 12 Commercial banking Brokers and dealers 195.8 264.0 230.7 232.4 302.2 292.1 334.5 325.5 221.0 164.8 216.6 134.3 194.1 147.7 222.0 173.8 219.6 203.0 232.4 196.4 242.2 217.0 11 12 99 Z.1, September 17, 2010 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 Life insurance reserves: 1 Total liabilities 1060.4 1082.6 1163.7 1201.5 1179.8 1183.0 1204.5 1227.3 1242.1 1263.7 1266.6 1 2 3 Federal government Life insurance companies 41.6 1018.8 42.7 1039.9 44.2 1119.5 45.4 1156.1 46.4 1133.4 46.3 1136.6 46.9 1157.6 46.9 1180.4 47.5 1194.5 47.4 1216.2 47.6 1219.0 2 3 4 Total assets (Households) 1060.4 1082.6 1163.7 1201.5 1179.8 1183.0 1204.5 1227.3 1242.1 1263.7 1266.6 4 10635.5 11460.1 12750.6 13390.7 10408.5 9888.0 10661.1 11557.9 11941.6 12304.4 11653.8 5 Pension fund reserves: 5 Total liabilities 6 7 Life insurance companies Private pension funds (1) 2027.9 4963.0 2197.4 5427.8 2332.4 6120.5 2450.8 6444.8 2184.6 4588.0 2155.6 4283.1 2221.7 4766.5 2312.3 5306.6 2338.0 5507.4 2372.6 5745.1 2340.3 5359.0 6 7 8 9 State and local govt. retirement funds Federal government retirement funds (2) 2621.3 1023.3 2763.4 1071.5 3156.6 1141.1 3297.9 1197.2 2414.7 1221.2 2256.9 1192.4 2458.0 1214.8 2689.4 1249.7 2771.9 1324.4 2869.0 1317.7 2643.5 1311.0 8 9 10635.5 11460.1 12750.6 13390.7 10408.5 9888.0 10661.1 11557.9 11941.6 12304.4 11653.8 10 10 Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 219.2 214.5 237.0 167.7 40.2 42.6 32.0 59.3 39.4 50.9 46.1 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 88.0 78.0 86.2 86.7 85.4 95.7 35.8 99.5 39.0 102.3 40.2 101.6 34.6 100.6 41.6 99.3 36.3 98.2 51.9 97.1 46.1 96.1 2 3 4 5 U.S.-chartered commercial banks Savings institutions 33.6 3.6 25.8 3.6 24.7 3.3 11.1 1.3 -74.6 1.0 -72.6 1.4 -80.9 0.8 -65.9 1.4 -67.5 1.3 -73.6 1.6 -64.6 1.1 4 5 6 7 Property-casualty insurance companies Life insurance companies 1.5 -2.7 -1.6 -5.3 9.4 -1.3 7.0 -4.7 -21.1 -24.4 -24.2 -21.8 -20.5 -21.6 -14.5 -22.6 -15.8 -31.4 -12.6 -30.4 -19.1 -30.5 6 7 8 9 Finance companies Brokers and dealers 15.0 2.2 16.9 2.1 17.0 2.8 15.5 2.2 15.4 2.5 15.4 2.7 14.6 4.5 13.8 6.2 12.7 5.7 12.6 4.4 12.6 4.4 8 9 190.9 232.6 285.1 342.5 389.3 397.8 404.0 417.2 416.1 420.9 429.9 10 99.6 91.2 141.0 91.6 189.0 96.1 237.5 105.0 269.8 119.4 274.5 123.4 276.8 127.3 286.0 131.2 280.9 135.1 281.8 139.1 286.9 143.0 11 12 28.4 -18.1 -48.1 -174.8 -349.1 -355.2 -372.0 -357.9 -376.7 -370.0 -383.8 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total household equity Nonfarm noncorporate business Farm business Brokers and dealers 6748.1 8352.9 8816.6 8796.1 7349.9 6915.4 6674.3 6636.7 6401.7 6448.9 6615.8 1 5500.8 1236.1 11.2 6965.3 1375.9 11.7 7325.5 1481.3 9.8 7196.4 1588.0 11.6 5824.1 1516.3 9.5 5387.4 1513.2 14.8 5150.8 1509.8 13.7 5115.9 1507.2 13.6 4877.5 1512.1 12.1 4907.6 1529.0 12.4 5067.8 1538.0 9.9 2 3 4 100 Z.1, September 17, 2010 L.228 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 13289.9 14269.5 15658.1 17472.7 19846.9 20299.3 19379.5 19035.9 20157.2 20112.8 20928.2 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 22.5 3593.8 718.2 22.4 3868.4 861.2 22.8 3927.2 1006.1 23.9 4222.9 1099.9 27.0 4576.7 1174.0 26.5 4691.8 1171.7 24.8 4723.1 1167.6 24.5 4788.9 1164.2 22.1 4819.1 1162.5 24.6 4753.8 1168.7 25.6 4810.0 1159.9 2 3 4 5 6 Federal government Rest of the world 913.9 3091.6 963.7 3468.1 1017.2 4151.0 1094.2 4881.5 1183.5 5600.8 1157.1 5814.5 1162.5 5037.8 1179.5 4549.2 1261.6 5727.9 1243.8 5860.4 1249.1 6482.6 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 12.5 1426.8 33.2 9.3 15.3 1388.5 60.5 11.9 18.5 1420.3 80.2 9.2 21.0 1686.6 102.4 3.6 23.1 2481.5 72.3 4.7 24.5 2613.2 74.7 20.7 33.0 2459.4 48.5 20.8 31.7 2471.9 41.5 20.8 29.2 2316.2 21.8 19.4 28.7 2352.2 22.4 11.4 32.8 2544.8 20.2 13.1 7 8 9 10 11 12 Property-casualty insurance companies Life insurance companies 708.3 801.2 759.3 824.0 815.7 925.9 813.8 1010.6 821.2 905.0 811.0 862.0 812.3 898.0 817.8 970.4 829.7 972.4 829.3 1003.5 837.6 979.5 11 12 13 14 Government-sponsored enterprises Finance companies 143.7 719.6 141.8 702.8 153.4 715.7 171.1 654.4 212.1 664.8 245.0 664.2 247.2 634.1 263.1 609.9 270.4 573.6 171.8 571.0 157.8 569.7 13 14 15 16 17 REITs Brokers and dealers Funding corporations 50.4 376.4 668.5 54.7 405.5 721.4 62.4 519.5 812.9 65.8 559.5 1061.6 62.1 429.5 1608.4 50.1 393.2 1679.1 51.1 418.8 1640.6 45.3 435.3 1621.9 39.3 470.8 1621.2 49.1 491.4 1530.8 42.5 457.7 1545.2 15 16 17 18356.4 19599.1 22232.1 24703.2 25311.9 25888.2 25350.1 25107.7 25591.0 25589.1 26116.4 18 18 Total liabilities 2005 Total assets 19 20 21 22 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 553.8 7689.6 1009.5 43.2 608.7 8140.4 1265.5 44.5 646.1 8901.1 1644.4 48.6 712.2 9838.7 1972.8 52.0 766.4 9869.0 2102.0 53.8 763.1 9819.6 2069.2 54.3 765.0 9807.5 2022.1 54.7 771.6 9856.1 1965.9 55.1 787.1 10038.5 1913.5 55.5 787.9 10119.6 1867.3 55.6 803.0 10175.8 1820.9 55.8 19 20 21 22 23 24 25 State and local governments Federal government Rest of the world 64.6 134.0 2985.6 30.0 133.7 3177.5 -0.5 136.8 3977.7 -6.4 138.7 4544.5 3.5 110.8 4154.1 -3.3 113.6 4486.2 13.3 109.0 4207.3 28.2 97.7 4000.1 23.1 145.8 4363.7 52.3 147.2 4359.9 74.6 130.4 4838.2 23 24 25 26 27 28 29 Monetary authority Commercial banking Savings institutions Credit unions 18.6 2136.4 166.7 24.5 18.1 2223.7 107.9 24.2 17.0 2347.2 109.3 24.9 40.5 2546.6 115.5 35.9 569.8 3441.4 90.0 44.2 332.5 4134.2 99.9 60.1 163.0 4058.7 80.3 59.6 114.0 4004.1 72.8 55.1 75.9 3897.7 74.9 50.6 68.2 3892.1 74.7 43.5 68.6 4068.7 73.0 42.0 26 27 28 29 30 31 32 33 34 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds 89.9 251.1 479.2 15.9 855.9 103.3 267.3 480.2 15.4 882.9 105.5 308.4 532.5 16.3 918.7 121.1 348.3 567.1 15.7 952.0 106.6 396.0 426.5 15.7 1015.3 108.3 364.3 392.6 15.6 993.2 109.9 318.2 454.8 15.6 997.6 115.4 303.8 509.9 16.1 1013.5 131.1 281.0 533.3 16.2 1077.2 133.1 296.4 545.5 16.3 1060.6 135.7 306.8 523.2 16.5 1064.8 30 31 32 33 34 35 36 37 Money market mutual funds Mutual funds Government-sponsored enterprises 53.3 7.0 113.9 43.3 10.7 117.8 59.2 14.0 114.7 90.9 16.8 141.7 47.9 20.0 95.0 51.4 16.0 102.3 53.4 17.3 116.1 51.9 19.0 88.5 59.1 14.9 77.8 55.8 8.3 57.4 58.8 8.3 48.8 35 36 37 38 39 40 41 Finance companies REITs Brokers and dealers Funding corporations 94.5 40.4 994.0 534.8 46.7 51.9 1202.6 602.8 16.4 59.7 1599.4 634.6 18.2 55.4 1633.7 751.5 30.0 54.7 1105.7 793.5 44.4 54.0 1014.4 802.3 56.1 49.9 1083.2 737.6 55.1 49.8 1163.0 701.2 61.9 46.3 1141.0 724.6 45.3 48.9 1142.2 710.8 52.5 51.3 1033.6 665.2 38 39 40 41 -5066.6 -5329.6 -6574.0 -7230.5 -5465.0 -5588.9 -5970.6 -6071.9 -5433.7 -5476.3 -5188.2 42 42 Discrepancy 101 Z.1, September 17, 2010 L.229 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 2010 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 Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 2498.5 2094.7 93.5 89.9 16.6 14.7 189.2 2651.7 2205.7 104.9 103.3 19.1 17.7 201.1 2948.2 2440.7 95.9 105.5 20.0 42.0 244.1 3552.9 2892.7 150.3 121.1 25.6 177.9 185.3 3742.8 3006.3 192.3 106.6 25.1 226.2 186.4 3793.7 3057.9 191.1 108.3 24.3 225.7 186.4 3861.1 3124.7 184.9 109.9 26.6 227.3 187.6 3947.0 3195.7 189.2 115.4 27.2 229.7 189.8 4051.2 3261.6 223.1 131.1 29.8 243.7 161.9 4157.8 3362.1 222.7 133.1 30.4 244.3 165.3 4247.9 3437.6 227.7 135.7 31.5 248.3 167.2 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 Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 1409.8 3.0 122.7 61.4 66.6 21.8 49.6 7.8 1549.4 3.3 130.2 60.1 65.8 38.8 49.9 8.4 1722.7 3.6 135.4 99.9 71.3 51.1 61.0 9.0 2014.5 3.5 107.2 79.3 70.0 62.7 63.7 9.6 2176.5 3.2 92.6 61.4 59.6 57.7 60.2 10.2 2185.4 3.4 91.2 53.1 62.2 61.1 58.5 10.4 2205.3 3.5 92.1 54.9 65.9 65.5 61.5 10.5 2251.0 3.5 96.0 59.7 68.2 66.7 61.4 10.7 2253.5 3.4 111.9 74.8 74.4 58.8 85.2 10.8 2292.4 3.4 115.5 75.4 75.9 60.4 88.5 11.0 2317.8 3.4 118.6 76.9 76.7 60.1 87.5 11.1 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 1742.7 1906.0 2154.1 2410.5 2521.4 2525.3 2559.1 2617.2 2672.8 2722.4 2752.1 16 42.0 42.0 43.2 43.2 45.3 45.3 46.9 46.9 48.3 48.3 48.4 48.4 49.7 49.7 49.8 49.8 50.0 50.0 50.4 50.4 51.8 51.8 17 18 11.9 11.9 13.5 13.5 15.3 15.3 18.5 18.5 21.1 21.1 22.6 22.6 24.2 24.2 24.9 24.9 25.6 25.6 26.3 26.3 26.6 26.6 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 44.8 46.7 46.9 56.0 55.7 53.5 55.3 54.6 51.8 51.0 50.5 21 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (Farm Credit System) Farm business (Farm Credit System) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 2.0 2.7 0.0 19.3 17.4 1.7 1.7 0.0 1.8 2.8 0.0 20.2 18.5 1.8 1.6 0.0 1.9 3.0 0.0 22.9 15.6 1.9 1.6 0.0 2.2 3.6 0.0 26.7 18.8 2.5 2.2 0.0 4.1 2.0 0.0 25.6 18.0 2.8 3.2 0.0 4.1 2.2 0.0 24.7 17.0 2.4 3.2 0.0 4.3 2.1 0.0 27.2 16.1 2.5 3.2 0.0 4.6 1.9 0.0 26.8 15.7 2.5 3.1 0.0 4.8 2.0 0.0 24.7 15.0 2.4 2.9 0.0 4.8 2.1 0.0 24.1 15.0 2.4 2.8 0.0 5.0 1.9 0.0 23.7 14.8 2.4 2.9 22 23 24 25 26 27 28 29 BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Life insurance companies Finance companies Brokers and dealers 857.0 19.0 25.9 234.1 62.3 897.0 22.7 35.6 195.2 130.5 1006.9 24.7 38.3 198.5 145.1 1133.1 25.3 43.7 239.9 34.7 1181.3 31.6 31.2 232.6 92.0 1245.4 24.0 29.7 226.2 707.8 1260.8 24.3 33.9 212.7 709.8 1320.8 23.9 40.9 208.4 660.9 1346.3 22.2 40.5 209.3 583.9 1342.7 23.1 43.2 207.0 629.6 1367.0 22.9 46.9 204.2 635.6 30 31 32 33 34 35 Asset: Bank holding companies 1198.2 1281.0 1413.5 1476.6 1568.7 2233.1 2241.5 2254.9 2202.1 2245.5 2276.7 35 23.6 23.6 117.0 117.0 140.1 140.1 81.5 81.5 80.5 80.5 76.9 76.9 72.3 72.3 70.9 70.9 71.2 71.2 70.4 70.4 69.5 69.5 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 167.7 367.1 188.8 414.0 197.3 437.3 241.0 510.5 276.6 516.9 269.3 533.0 224.5 513.2 199.1 502.1 200.9 523.7 186.9 523.9 150.4 514.8 38 39 40 Asset: Funding corporations 534.8 602.8 634.6 751.5 793.5 802.3 737.6 701.2 724.6 710.8 665.2 40 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.9 0.9 4.2 2.1 2.1 6.2 3.1 3.1 41 42 43 Equity investment under Public-Private Inv. Program: 41 42 43 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). 102 Z.1, September 17, 2010 L.230 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 Q2 2010 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 2.8 2.8 0.0 0.6 0.6 0.0 0.6 0.6 0.0 24.5 0.5 24.0 554.2 0.5 553.7 310.4 0.4 309.9 115.1 0.5 114.6 57.3 0.5 56.8 10.9 0.7 10.3 0.7 0.7 0.0 2.0 0.7 1.2 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 18.4 18.4 19.2 19.2 19.0 19.0 20.9 20.9 15.5 15.5 19.0 19.0 18.2 18.2 14.7 14.7 15.9 15.9 21.1 21.1 17.8 17.8 6 7 22.5 22.5 22.4 22.4 22.8 22.8 23.9 23.9 27.0 27.0 26.5 26.5 24.8 24.8 24.5 24.5 22.1 22.1 24.6 24.6 25.6 25.6 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims 211.0 131.3 41.7 38.0 217.3 138.3 42.7 36.3 232.1 149.8 43.5 38.8 247.6 163.3 43.7 40.6 265.2 182.7 40.4 42.1 267.4 184.9 42.0 40.5 268.9 187.2 41.1 40.6 274.6 192.9 40.5 41.2 273.6 192.4 39.2 42.0 274.8 193.5 38.3 43.0 284.5 198.0 44.5 42.0 10 11 12 13 14 Asset: Household sector 211.0 217.3 232.1 247.6 265.2 267.4 268.9 274.6 273.6 274.8 284.5 14 Policy payables: 15 Liab.: Property-casualty insurance companies 646.9 699.2 715.8 734.5 759.9 757.8 757.4 758.2 754.8 753.9 760.7 15 16 17 18 19 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 290.4 255.5 60.5 40.5 316.0 276.2 65.3 41.7 320.5 282.7 66.9 45.6 327.3 290.1 68.6 48.5 337.3 300.0 70.7 51.8 336.0 299.2 70.5 52.1 335.2 299.0 70.5 52.6 335.0 299.3 70.6 53.2 332.2 298.2 71.0 53.5 331.7 297.8 70.9 53.6 334.9 300.5 71.5 53.9 16 17 18 19 328.4 328.4 338.4 338.4 387.9 387.9 431.3 431.3 317.6 317.6 287.8 287.8 338.7 338.7 390.0 390.0 412.8 412.8 429.9 429.9 408.0 408.0 20 21 46.6 46.6 44.8 44.8 42.8 42.8 47.2 47.2 47.9 47.9 48.8 48.8 53.4 53.4 51.6 51.6 50.5 50.5 49.9 49.9 49.6 49.6 22 23 764.8 764.8 939.7 939.7 1242.3 1242.3 1240.2 1240.2 887.0 887.0 802.2 802.2 843.7 843.7 889.2 889.2 856.8 856.8 843.3 843.3 757.6 757.6 24 25 855.9 855.9 882.9 882.9 918.7 918.7 952.0 952.0 1015.3 1015.3 993.2 993.2 997.6 997.6 1013.5 1013.5 1077.2 1077.2 1060.6 1060.6 1064.8 1064.8 26 27 52.4 52.4 75.4 75.4 93.5 93.5 137.3 137.3 163.8 163.8 159.6 159.6 160.8 160.8 161.9 161.9 180.4 180.4 179.3 179.3 180.5 180.5 28 29 Unallocated insurance company contracts: 20 21 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 22 23 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 24 25 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 26 27 Liab.: Federal government Asset: Federal government retirement funds Retiree health care funds (2): 28 29 Liab.: Federal government Asset: Household sector (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 103 Z.1, September 17, 2010 L.231 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 Total liabilities Q2 2010 Q3 Q4 Q1 Q2 4243.7 4367.8 4584.9 5218.9 6961.6 7070.6 6200.1 5679.9 6651.1 6435.8 7230.6 1 2137.4 715.2 2274.2 857.9 2161.7 1002.5 2161.1 1096.4 2352.3 1170.9 2457.6 1168.3 2464.4 1164.1 2486.2 1160.7 2515.2 1159.1 2411.5 1165.4 2442.6 1156.5 2 3 Federal government Rest of the world Monetary authority 5.6 548.4 0.6 5.4 772.6 1.8 5.1 1157.1 3.2 4.9 1257.3 2.5 4.3 1255.4 2.1 4.2 1662.1 1.9 4.2 1011.8 8.8 4.1 495.1 6.8 4.0 1615.8 3.6 3.9 1651.5 2.5 3.8 2180.9 6.1 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 279.4 46.4 -81.2 271.6 42.5 172.6 -30.4 -55.1 216.0 42.2 80.6 -67.8 -177.9 288.6 37.7 205.3 -94.7 -48.7 322.4 26.2 931.0 13.6 480.2 415.5 21.7 1007.2 10.8 457.3 517.4 21.8 882.0 -24.7 363.4 522.5 20.8 856.0 13.0 275.4 540.8 26.7 657.1 -4.4 118.6 517.9 25.0 707.1 16.7 131.7 536.5 22.2 908.8 78.7 265.5 538.5 26.1 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 14.3 9.3 169.3 80.5 37.8 11.9 166.9 75.9 55.5 9.2 196.3 87.6 77.1 3.6 218.1 94.3 40.7 4.7 231.5 141.0 50.7 20.7 214.8 172.6 24.2 20.8 190.6 173.8 17.6 20.8 196.6 193.9 -0.4 19.4 171.1 202.8 -0.7 11.4 179.7 99.7 -2.7 13.1 163.3 89.5 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 440.1 50.4 -102.6 -104.2 351.8 54.7 -188.9 -226.8 326.0 62.4 -123.8 -438.4 270.3 65.8 -49.4 -188.2 294.0 62.1 -239.6 711.2 300.0 50.1 -906.1 866.5 283.6 51.1 -865.6 786.4 263.9 45.3 -789.1 722.0 234.3 39.3 -722.1 751.8 233.2 49.1 -750.7 672.3 236.0 42.5 -780.2 770.3 16 17 18 19 9310.2 9697.4 11158.8 12449.4 12426.6 12659.5 12170.7 11751.7 12084.8 11912.2 12418.8 20 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 5315.9 947.1 64.6 5541.5 1198.4 30.0 6037.6 1575.6 -0.5 6574.3 1902.0 -6.4 6482.3 2027.2 3.5 6385.5 1994.6 -3.3 6311.4 1947.3 13.3 6290.1 1890.7 28.2 6407.5 1837.7 23.1 6389.4 1791.7 52.3 6368.3 1744.4 74.6 21 22 23 24 25 26 Federal government Rest of the world Monetary authority 89.3 1242.8 18.6 89.9 1271.5 18.1 91.0 1823.7 17.0 91.4 2134.0 16.5 62.0 1632.8 16.1 64.7 1960.9 22.6 58.7 1648.2 48.4 47.3 1382.9 57.2 94.3 1690.9 65.6 94.0 1637.5 68.2 74.8 2086.0 67.3 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 813.5 557.5 56.4 194.4 5.2 804.1 563.9 24.3 210.6 5.3 799.6 667.1 -119.6 246.2 5.9 874.5 689.4 -104.9 277.9 12.1 1633.8 990.7 259.6 372.5 11.1 1662.7 909.2 220.9 522.7 10.0 1580.9 870.6 191.7 509.6 9.1 1508.3 841.1 159.9 499.3 8.0 1422.0 801.6 139.4 474.5 6.5 1373.6 778.9 130.7 456.6 7.5 1514.1 806.5 226.1 468.2 13.3 27 28 29 30 31 32 33 Savings institutions Credit unions 130.9 22.8 70.2 22.4 74.7 23.0 75.7 33.4 56.6 41.5 63.9 57.7 46.1 57.0 42.4 52.6 44.0 48.3 38.6 41.1 40.4 39.7 32 33 34 35 36 Life insurance companies Private pension funds State and local govt. retirement funds 210.4 104.1 15.9 224.3 97.0 15.4 264.0 101.8 16.3 296.7 88.6 15.7 340.7 61.0 15.7 310.3 55.9 15.6 263.5 62.7 15.6 249.0 68.2 16.1 226.3 70.0 16.2 238.7 65.7 16.3 246.9 65.6 16.5 34 35 36 37 38 39 Mutual funds Money market mutual funds Government-sponsored enterprises 7.0 53.3 113.9 10.7 43.3 117.8 14.0 59.2 114.7 16.8 90.9 141.7 20.0 47.9 95.0 16.0 51.4 102.3 17.3 53.4 116.1 19.0 51.9 88.5 14.9 59.1 77.8 8.3 55.8 57.4 8.3 58.8 48.8 37 38 39 40 41 42 Finance companies REITs Brokers and dealers 79.8 40.4 40.0 29.0 51.9 61.8 -25.6 59.7 113.0 -159.7 55.4 208.1 -196.2 54.7 32.2 -181.3 54.0 25.9 -171.2 49.9 51.9 -174.6 49.8 84.0 -181.8 46.3 122.4 -198.9 48.9 133.6 -195.9 51.3 108.8 40 41 42 -5066.6 -5329.6 -6574.0 -7230.5 -5465.0 -5588.9 -5970.6 -6071.9 -5433.7 -5476.3 -5188.2 43 43 Discrepancy 104 Z.1, September 17, 2010 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 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 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 63817.4 71623.9 77553.3 78608.7 65693.1 62947.0 64647.6 67140.0 67710.1 68967.8 67412.8 1 24599.9 28317.7 29464.3 27946.0 24261.7 23126.9 23236.8 23421.3 23449.9 23526.4 23675.2 2 20522.6 18946.3 1576.3 24032.9 22013.6 2019.3 24972.1 22676.8 2295.3 23271.0 20891.9 2379.1 19465.6 17424.3 2041.4 18336.9 16448.4 1888.5 18429.8 16677.0 1752.8 18618.7 16919.0 1699.6 18615.3 17006.7 1608.7 18680.4 17072.2 1608.2 18806.9 17118.3 1688.6 3 4 5 194.2 3883.1 207.8 4077.0 224.1 4268.1 240.4 4434.6 262.9 4533.1 265.9 4524.0 268.6 4538.4 271.1 4531.5 274.0 4560.6 277.1 4568.9 282.8 4585.5 6 7 39217.5 43306.2 48089.0 50662.8 41431.4 39820.2 41410.8 43718.7 44260.2 45441.3 43737.6 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 5732.4 57.5 344.1 4426.8 904.1 6139.9 59.9 216.9 4913.9 949.2 6753.1 65.2 173.1 5400.4 1114.5 7406.6 80.6 90.3 5888.5 1347.2 7925.6 56.5 251.1 6045.4 1572.6 7902.8 52.8 234.5 6072.4 1543.1 7794.6 49.2 276.4 6004.9 1464.1 7634.2 47.6 238.8 6005.2 1342.5 7742.6 46.2 256.0 6139.7 1300.7 7667.9 46.7 148.9 6284.4 1187.9 7559.1 51.0 170.0 6228.7 1109.5 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 2997.4 83.7 492.6 204.4 288.2 399.8 742.4 1141.7 5.9 131.3 3324.6 98.4 464.3 205.1 259.2 493.4 820.9 1299.5 8.7 139.4 3471.5 117.5 394.1 202.4 191.7 403.6 872.0 1553.1 9.1 122.1 4066.7 107.3 260.4 196.4 64.0 670.0 896.0 2006.4 17.6 109.1 3956.4 6.0 243.0 194.0 49.0 718.6 902.2 1946.2 29.7 110.7 4386.7 5.6 454.4 193.9 260.5 499.4 932.9 2358.4 27.4 108.7 4079.0 15.1 447.4 193.5 254.0 193.3 964.3 2326.7 25.6 106.5 4153.0 24.9 575.1 192.4 382.8 185.6 978.8 2260.5 24.1 103.9 4054.0 34.6 727.6 191.2 536.4 64.4 1007.8 2093.8 24.5 101.3 4257.1 44.6 886.7 190.2 696.5 63.3 1034.3 2103.6 24.9 99.7 4329.6 54.2 1063.6 189.6 874.1 23.6 1033.3 2033.1 25.3 96.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 7483.9 3427.7 578.3 1060.4 10635.5 6748.1 553.8 8093.0 3669.1 575.3 1082.6 11460.1 8352.9 608.7 9643.7 4188.1 655.7 1163.7 12750.6 8816.6 646.1 9626.1 4596.4 866.4 1201.5 13390.7 8796.1 712.2 5776.3 3325.9 742.7 1179.8 10408.5 7349.9 766.4 4989.8 3125.0 666.3 1183.0 9888.0 6915.4 763.1 6017.8 3557.2 657.3 1204.5 10661.1 6674.3 765.0 7098.7 3967.7 671.7 1227.3 11557.9 6636.7 771.6 7247.4 4175.1 668.6 1242.1 11941.6 6401.7 787.1 7680.0 4351.4 680.0 1263.7 12304.4 6448.9 787.9 6767.9 4056.2 685.7 1266.6 11653.8 6615.8 803.0 24 25 26 27 28 29 30 11029.3 12184.0 13444.4 14366.8 14266.2 14151.4 14117.9 14107.5 14068.5 13946.6 13912.7 31 10569.6 7835.3 2220.1 189.1 26.7 119.0 179.2 11742.9 8874.3 2320.6 205.2 36.4 119.0 187.4 12929.5 9865.0 2416.0 224.1 86.4 123.8 214.3 13802.9 10539.5 2555.3 241.2 99.7 127.0 240.1 13844.1 10498.3 2594.1 249.3 117.7 133.2 251.6 13758.8 10500.7 2517.9 251.5 104.0 133.5 251.0 13711.6 10463.6 2487.9 258.0 118.3 134.0 249.8 13671.4 10396.5 2496.7 260.9 137.1 133.0 247.3 13602.2 10335.2 2478.9 264.3 147.7 133.7 242.5 13479.4 10199.6 2419.2 266.2 209.1 134.3 251.0 13418.9 10150.4 2403.7 267.1 216.5 134.7 246.5 32 33 34 35 36 37 38 264.0 173.3 232.4 186.3 292.1 199.9 325.5 214.5 164.8 230.2 134.3 231.8 147.7 233.8 173.8 237.9 203.0 241.2 196.4 246.3 217.0 251.3 39 40 22.5 22.4 22.8 23.9 27.0 26.5 24.8 24.5 22.1 24.6 25.6 41 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Bank loans n.e.c. Other loans and advances Commercial mortgages (9) 39 40 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 41 42 Net worth 52788.1 59439.9 64108.9 64242.0 51426.9 48795.6 50529.7 53032.5 53641.6 55021.2 53500.1 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 12030.3 11848.9 181.4 1059.9 13475.1 13275.9 199.3 1177.5 14440.6 14229.3 211.3 1284.3 14660.2 14445.1 215.1 1353.6 14406.2 14191.1 215.0 1424.3 14291.7 14078.5 213.2 1420.5 14059.5 13849.8 209.7 1390.3 13940.4 13732.6 207.8 1366.7 14091.7 13881.7 210.0 1372.5 14108.2 13898.0 210.2 1388.6 13981.8 13773.6 208.2 1410.8 43 44 45 46 8889.4 9277.3 9915.7 10423.6 10952.9 10879.8 11090.9 11047.0 11121.7 11215.6 11335.1 47 593.8 640.7 646.5 616.3 469.5 448.5 455.6 480.1 482.3 490.6 472.0 48 11111.0 13139.3 12811.8 10352.4 6926.0 5947.7 6213.4 6522.6 6671.5 6872.6 6968.0 49 58.6 59.7 56.5 49.6 39.7 36.2 37.3 38.6 39.2 40.3 40.7 50 47 48 49 50 Disposable personal income (SAAR) Household net worth as percentage of disposable personal income (SAAR) Owners’ equity in household real estate (10) Owners’ equity as percentage of household real estate (11) (1) Sector includes farm households and domestic hedge funds. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. (9) Liabilities of nonprofit organizations. (10) Line 4 less line 33. (11) Line 49 divided by line 4. 105 Z.1, September 17, 2010 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 2005 2006 2007 2008 2009 2010 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 21733.9 24618.4 26974.4 28758.5 27418.8 26655.4 26132.7 26066.1 25926.5 26058.6 26525.6 1 10822.1 12744.8 14344.7 15040.2 13901.2 13187.1 12534.8 12242.4 11891.2 11839.8 12159.9 2 5944.4 3429.5 1448.1 7595.6 3591.8 1557.5 8859.6 3820.7 1664.4 9284.9 3960.6 1794.7 8052.7 4103.1 1745.3 7415.2 4088.8 1683.1 6821.3 4071.2 1642.3 6565.2 4050.7 1626.5 6201.5 4032.9 1656.8 6166.0 3996.1 1677.7 6497.2 3986.1 1676.5 3 4 5 10911.8 11873.5 12629.7 13718.3 13517.6 13468.3 13597.9 13823.7 14035.2 14218.8 14365.6 6 53.7 194.2 400.5 308.6 6.4 95.0 34.0 11.3 31.8 66.6 59.2 1830.6 130.1 7689.6 63.6 267.8 450.4 348.2 14.6 111.0 52.1 17.4 32.1 68.3 59.6 2108.2 140.0 8140.4 49.3 150.9 497.0 416.3 15.5 122.7 45.5 15.2 28.1 59.8 57.6 2090.0 180.7 8901.1 50.3 141.9 441.3 544.4 8.1 69.5 38.3 12.8 29.2 41.4 58.6 2253.0 191.1 9838.7 25.2 52.1 387.0 702.6 7.5 60.1 30.8 10.3 26.6 34.3 59.8 2126.6 125.8 9869.0 26.7 80.6 401.7 707.4 7.8 37.4 38.9 6.3 22.3 32.5 55.0 2103.9 128.1 9819.6 42.8 131.7 412.8 692.2 8.3 43.6 44.5 11.5 21.8 30.7 53.8 2144.5 152.1 9807.5 43.2 198.7 529.6 650.3 9.5 37.1 44.7 11.6 23.5 29.0 53.0 2159.5 178.0 9856.1 48.9 277.8 536.2 630.8 10.2 44.8 46.3 12.1 26.1 27.2 57.2 2089.4 189.7 10038.5 56.7 369.6 503.5 563.3 11.4 46.0 52.8 14.3 25.1 25.4 53.5 2173.3 204.4 10119.6 49.3 372.9 548.9 527.7 11.7 51.7 48.7 12.9 22.4 23.7 53.0 2267.8 199.1 10175.8 7 8 9 10 11 12 13 14 15 16 17 18 19 20 10349.3 11145.3 11781.9 12872.6 13429.7 13495.7 13515.3 13552.4 13612.1 13679.7 13834.9 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 5167.6 97.8 169.2 2975.5 542.7 824.0 558.4 5491.3 90.1 176.8 3032.2 508.7 932.5 751.0 5956.3 112.5 182.2 3247.8 517.9 1061.7 834.2 6715.0 123.8 190.3 3558.9 609.4 1350.2 882.3 7073.1 131.5 192.9 3763.5 677.5 1405.0 902.7 7108.4 106.9 193.3 3908.3 652.9 1349.4 897.5 7115.0 86.2 194.9 4007.4 618.7 1314.8 893.0 7082.5 73.0 196.9 4075.0 580.6 1278.2 878.8 7080.6 59.1 198.3 4145.1 553.5 1261.2 863.3 7163.4 74.6 198.7 4253.3 551.3 1250.7 834.8 7213.8 82.2 199.5 4310.5 537.1 1271.4 813.1 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1499.9 88.0 3593.8 1699.4 86.2 3868.4 1813.0 85.4 3927.2 1898.9 35.8 4222.9 1740.9 39.0 4576.7 1655.2 40.2 4691.8 1642.5 34.6 4723.1 1639.4 41.6 4788.9 1676.1 36.3 4819.1 1710.6 51.9 4753.8 1765.0 46.1 4810.0 29 30 31 32 Net worth (market value) 11384.5 13473.1 15192.5 15885.9 13989.1 13159.8 12617.5 12513.7 12314.4 12378.9 12690.7 32 136.0 5081.9 152.3 5654.1 164.8 6150.9 170.8 6544.1 172.7 7089.7 171.4 7069.1 168.8 6916.5 167.4 6796.6 169.4 6822.7 169.7 6899.9 168.3 7006.9 33 34 12088.6 45.4 42.7 106.2 12686.6 40.8 43.3 94.2 14602.3 39.2 40.8 96.1 15725.8 42.3 42.7 99.0 10037.1 50.6 70.5 71.7 8909.3 54.0 79.8 67.7 10232.6 56.4 69.5 81.1 11757.7 56.6 60.2 94.0 12361.2 57.5 57.3 100.4 12983.2 57.9 55.2 104.9 11453.6 56.8 63.0 90.3 35 36 37 38 18621.7 20001.0 21243.3 22816.4 23004.6 22969.1 23053.7 23282.3 23517.0 23774.8 24110.7 39 7709.9 3126.1 3194.2 1389.6 8127.5 3294.1 3314.1 1519.3 8613.6 3520.5 3478.9 1614.2 9098.1 3801.3 3633.2 1663.6 9487.0 4090.2 3738.7 1658.2 9500.7 4144.2 3731.2 1625.3 9455.8 4181.7 3724.2 1549.9 9458.7 4227.2 3718.2 1513.2 9481.7 4267.3 3715.1 1499.4 9556.0 4306.5 3718.4 1531.1 9745.0 4464.3 3729.5 1551.3 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) 8272.3 8855.7 9461.4 9943.8 9574.9 9473.4 9538.4 9729.9 9904.9 10095.1 10275.8 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 59.2 2721.7 62.5 64.0 2854.3 62.0 68.7 3047.0 63.0 73.1 3290.4 67.5 76.6 3568.3 73.9 77.2 3623.7 75.0 77.7 3671.5 74.6 78.2 3714.2 72.8 78.8 3749.7 71.5 79.3 3782.3 71.0 79.9 3815.1 70.2 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. 106 Z.1, September 17, 2010 B.103 Balance Sheet of Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2004 1 2 Assets Tangible assets 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 9029.8 11029.6 11972.3 12424.9 11362.5 10871.0 10550.1 10411.4 10076.6 10030.6 10110.2 1 6924.2 8487.7 8915.1 8891.8 7598.2 7165.3 6928.8 6890.7 6649.8 6686.4 6849.2 2 6382.4 4911.3 1471.1 7906.7 6036.0 1870.8 8288.3 6110.2 2178.2 8231.0 5953.9 2277.0 6916.3 4947.6 1968.7 6485.7 4681.4 1804.4 6250.6 4594.1 1656.5 6215.3 4621.1 1594.2 5980.7 4477.9 1502.8 6025.6 4537.5 1488.1 6201.6 4635.0 1566.5 3 4 5 465.6 39.5 426.0 499.0 42.9 456.1 539.2 46.2 493.0 566.4 47.4 518.9 590.0 48.8 541.2 591.0 48.9 542.1 591.8 48.7 543.2 589.8 47.3 542.5 581.9 46.3 535.6 572.6 46.0 526.6 559.4 45.6 513.9 6 7 8 3 4 5 Real estate (1) Residential Nonresidential 6 7 8 Equipment and software (2) Residential (3) Nonresidential 9 Inventories (2) 76.2 82.0 87.6 94.5 91.9 88.6 86.4 85.6 87.2 88.3 88.2 9 10 Financial assets 2105.6 2541.8 3057.2 3533.1 3764.3 3705.7 3621.3 3520.7 3426.8 3344.1 3261.0 10 279.2 300.6 66.5 355.5 324.1 69.0 428.6 344.4 72.2 494.3 359.3 74.3 519.1 390.3 79.2 510.9 384.4 78.0 499.1 375.8 76.2 485.0 365.6 74.1 471.9 356.0 72.1 460.3 347.6 70.4 448.7 339.2 68.6 11 12 13 50.2 4.3 30.8 0.0 56.2 4.4 36.2 0.0 56.3 5.8 34.6 0.0 59.3 5.3 42.1 0.0 63.2 5.6 44.8 0.0 62.2 5.5 44.1 0.0 60.8 5.4 43.1 0.0 59.1 5.3 41.9 0.0 57.6 5.1 40.8 0.0 56.2 5.0 39.8 0.0 54.8 4.9 38.8 0.0 14 15 16 17 364.3 1009.5 60.5 2.0 947.1 430.9 1265.5 65.3 1.8 1198.4 470.9 1644.4 66.9 1.9 1575.6 525.6 1972.8 68.6 2.2 1902.0 560.0 2102.0 70.7 4.1 2027.2 551.3 2069.2 70.5 4.1 1994.6 538.8 2022.1 70.5 4.3 1947.3 523.8 1965.9 70.6 4.6 1890.7 509.8 1913.5 71.0 4.8 1837.7 497.5 1867.3 70.9 4.8 1791.7 485.2 1820.9 71.5 5.0 1744.4 18 19 20 21 22 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) 3529.0 4064.3 4646.8 5228.4 5538.5 5483.7 5399.3 5295.5 5199.2 5123.0 5042.4 23 2455.3 2786.9 3195.6 3650.3 3863.2 3816.5 3744.7 3654.3 3569.1 3494.9 3431.4 24 473.4 145.3 1836.6 629.9 149.5 2007.5 742.8 163.9 2288.9 882.3 174.9 2593.1 985.6 208.1 2669.4 948.1 207.0 2661.4 894.9 204.7 2645.1 836.7 200.1 2617.5 793.6 199.5 2576.0 746.5 197.3 2551.1 722.8 198.3 2510.3 25 26 27 277.4 78.0 718.2 329.4 86.7 861.2 349.4 95.7 1006.1 378.7 99.5 1099.9 398.9 102.3 1174.0 393.8 101.6 1171.7 386.4 100.6 1167.6 377.7 99.3 1164.2 369.5 98.2 1162.5 362.2 97.1 1168.7 355.0 96.1 1159.9 28 29 30 5500.8 6965.3 7325.5 7196.4 5824.1 5387.4 5150.8 5115.9 4877.5 4907.6 5067.8 31 2614.5 1184.2 2854.7 1323.3 3025.2 1445.1 3072.5 1530.3 3047.3 1638.1 3019.3 1615.1 2967.1 1570.7 2938.9 1538.9 2968.2 1550.4 2969.3 1577.2 2939.7 1611.8 32 33 44.6 40.0 43.6 50.7 66.3 70.8 72.7 71.4 73.2 71.2 67.7 34 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. 107 Z.1, September 17, 2010 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2004 1 2 Change in net worth (1) Net investment 2005 2006 2007 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 5602.0 6651.8 4669.1 133.0 -12815.1 -2631.3 1734.1 2502.7 609.1 1379.5 -1521.1 1 635.9 342.9 211.3 654.9 934.2 114.6 -122.9 155.0 235.2 173.7 169.9 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 699.2 1674.7 975.5 762.7 1799.9 1037.2 723.5 1819.3 1095.7 584.0 1726.3 1142.3 351.1 1526.8 1175.7 -7.9 288.7 296.6 32.6 328.6 296.0 73.0 369.7 296.6 75.8 372.8 297.1 -6.9 285.1 292.0 53.8 345.8 292.0 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities -63.2 1086.0 1149.3 -419.8 736.0 1155.8 -512.2 748.1 1260.4 70.9 993.3 922.4 583.0 477.4 -105.6 122.5 7.8 -114.7 -155.4 -189.0 -33.6 81.9 71.6 -10.3 159.4 120.4 -39.1 180.6 75.5 -105.1 116.1 82.2 -33.9 6 7 8 4925.4 6299.7 4436.3 -561.8 -13634.0 -3098.5 1851.5 2374.5 328.8 1053.3 -1668.8 9 2236.4 966.3 345.6 801.7 3053.1 981.5 67.9 1641.9 445.8 2135.8 353.5 445.7 -2051.2 835.2 201.2 10.0 -4013.5 -3738.7 -1285.6 -1412.5 -1106.8 -882.7 -173.1 -422.9 71.9 969.4 278.0 -242.8 138.2 1112.9 296.7 -38.9 -56.4 230.1 86.6 -238.5 104.9 470.9 49.7 60.4 120.7 -940.4 -303.6 153.3 10 11 12 13 575.4 555.4 1055.4 443.0 -3183.7 -513.1 775.0 865.6 307.0 367.4 -698.8 14 -36.3 -44.5 -34.4 -52.3 -27.3 -21.2 3.6 -27.3 8.9 -21.9 -14.3 15 9 10 11 12 13 14 15 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Holding gains on assets at current cost (2) 16 17 Consumer durable goods Equipment and software -37.1 0.7 -45.1 0.7 -36.5 2.1 -52.4 0.1 -30.0 2.7 -21.8 0.6 3.3 0.3 -26.5 -0.9 9.9 -1.0 -20.3 -1.6 -14.7 0.4 16 17 18 Other volume changes (3) 76.9 53.6 55.9 92.2 -87.9 373.8 1.9 0.5 36.3 174.4 -7.9 18 52788.1 8889.4 59439.9 9277.3 64108.9 9915.7 64242.0 10423.6 51426.9 10952.9 48795.6 10879.8 50529.7 11090.9 53032.5 11047.0 53641.6 11121.7 55021.2 11215.6 53500.1 11335.1 19 20 Memo: 19 20 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.100, line 42. 108 Z.1, September 17, 2010 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 2 Change in net worth (1) Net investment 2010 Q2 Q3 Q4 Q1 Q2 1103.8 2088.5 1719.5 693.3 -1896.8 -829.3 -542.3 -103.8 -199.3 64.5 311.8 1 255.8 -97.1 -357.3 -619.8 -631.8 -145.6 46.2 95.1 25.1 17.5 3.2 2 3 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Nonproduced nonfinancial assets 211.0 861.6 687.5 -34.3 -2.7 262.2 965.8 735.0 -30.7 -0.6 346.6 1112.8 791.7 -38.0 12.5 373.7 1156.5 831.8 -47.2 -1.7 272.1 1112.7 868.0 -44.1 16.7 -38.2 212.6 220.5 24.1 6.2 -38.9 187.9 217.1 9.6 0.1 -19.8 192.3 214.8 -1.7 -1.0 16.9 211.1 214.7 -20.1 -0.4 28.9 234.2 213.9 -8.1 -0.5 32.9 249.6 215.1 1.9 -0.4 3 4 5 6 7 8 9 10 Net financial investment Net acquisition of financial assets - Net increase in liabilities 167.5 776.6 609.0 -17.5 943.7 961.2 -138.2 698.3 836.5 -206.6 1070.6 1277.3 -567.9 19.2 587.1 -74.1 -10.5 63.6 53.5 78.6 25.2 98.5 167.3 68.8 87.6 187.0 99.4 38.8 158.2 119.4 15.9 203.9 188.0 8 9 10 11 Net corporate equity issues -122.7 -341.8 -565.7 -786.8 -336.0 -33.3 31.6 16.4 -79.5 -50.2 -45.7 11 481.9 1580.1 1154.7 255.3 -1466.9 -672.3 -591.8 -261.4 -378.0 -44.7 182.8 12 469.5 12.4 1571.6 8.4 1138.9 15.8 245.2 10.1 -1407.7 -59.2 -664.6 -7.7 -605.9 14.1 -277.3 15.9 -379.7 1.7 -49.4 4.7 198.1 -15.2 13 14 168.2 142.3 138.5 203.0 -80.1 -4.8 7.6 6.6 41.0 -32.8 -30.9 15 67.4 35.6 77.2 12.1 65.6 31.3 86.3 41.0 96.4 8.6 15.9 -17.7 8.1 54.7 145.0 4.8 62.6 -52.8 -162.7 -72.8 -1.1 -3.9 0.0 -0.2 -5.4 13.0 0.0 -0.0 -9.8 16.3 0.0 -0.0 -10.5 22.4 5.5 -23.5 -35.9 3.1 0.0 0.0 -16.8 -14.1 0.0 -0.0 16 17 18 19 197.8 463.3 783.5 854.9 281.9 -6.6 -4.4 55.9 112.7 124.5 156.8 20 11384.5 13473.1 15192.5 15885.9 13989.1 13159.8 12617.5 12513.7 12314.4 12378.9 12690.7 21 12 13 14 Holding gains on assets at market value (2) Real estate Mutual fund shares 15 Holding gains on assets less liabilities at current cost (2) 16 17 18 19 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Memo: 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.102, line 32. 109 Z.1, September 17, 2010 R.103 Change in Net Worth of Nonfarm Noncorporate Business Billions of dollars; not seasonally adjusted 2004 2005 2006 2007 2008 2009 Q1 1 2 Change in net worth (1) Proprietor’s net investment (2) 3 Net capital transfers paid 4 Net investment 2010 Q2 Q3 Q4 Q1 Q2 746.1 1464.5 360.2 -129.0 -1372.4 -436.7 -236.6 -34.9 -238.4 30.1 160.3 1 91.7 -30.9 22.3 -31.6 -29.4 -18.1 5.2 3.7 3.0 -18.4 8.8 2 -5.0 -13.1 0.0 0.0 -3.3 -0.9 -1.8 -1.7 -1.5 -1.1 -4.0 3 96.7 -17.8 22.3 -31.6 -26.1 -17.2 7.0 5.4 4.5 -17.3 12.8 4 5 6 7 Net physical investment Capital expenditures - Consumption of fixed capital 72.3 210.9 138.6 81.0 230.7 149.7 89.5 251.4 162.0 74.5 260.5 186.0 53.0 246.0 193.0 -13.6 35.0 48.6 7.1 55.2 48.1 2.2 49.9 47.7 2.3 50.0 47.7 -11.9 35.6 47.5 15.3 62.8 47.5 5 6 7 8 Net acquisition of financial assets 369.0 436.2 515.3 475.9 231.3 -58.6 -84.4 -100.6 -93.9 -82.7 -83.2 8 245.2 22.2 8.4 68.9 331.6 52.0 8.7 142.8 408.6 20.0 9.0 144.8 454.8 29.3 3.8 94.1 212.8 20.2 2.8 74.5 -46.7 -5.1 -0.7 -2.5 -71.8 -7.4 -1.0 -4.2 -90.4 -8.8 -1.2 -3.3 -85.2 -8.2 -1.2 -1.5 -75.3 -7.2 -1.0 6.3 -63.5 -7.3 -1.0 -8.9 9 10 11 12 657.6 1509.5 338.1 -105.1 -1348.7 -427.3 -237.9 -39.3 -235.3 52.3 174.5 13 540.7 114.6 1113.6 393.1 47.0 287.2 -177.3 66.2 -1012.7 -343.4 -265.2 -164.0 -85.9 -153.2 27.9 -68.9 -142.7 -94.0 60.2 -9.6 98.0 76.8 14 15 9 10 11 12 13 14 15 - Net increase in liabilities from: Credit market instruments Trade payables Taxes payable Miscellaneous liabilities Holding gains on real estate (3) Residential Nonresidential 16 Holding gains on assets at current cost (3) -1.9 -1.9 -0.2 7.2 6.6 8.1 -5.7 -1.1 -7.9 -3.8 -27.1 16 17 18 19 Residential equipment and software Nonresidential equipment and software Inventories -0.4 -5.2 3.7 1.3 -6.5 3.3 1.2 -3.8 2.5 -0.3 2.2 5.4 0.2 6.8 -0.5 -0.0 9.5 -1.5 -0.3 -5.6 0.2 -1.5 -0.6 0.9 -1.0 -9.1 2.2 -0.5 -3.9 0.6 -0.6 -25.6 -0.8 17 18 19 -1.3 -12.2 -0.1 0.4 -0.9 0.7 1.8 1.7 1.8 -0.0 4.0 20 5500.8 6965.3 7325.5 7196.4 5824.1 5387.4 5150.8 5115.9 4877.5 4907.6 5067.8 21 20 Other volume changes (4) Memo: 21 Net worth outstanding (5) (1) Sum of proprietor’s net investment (line 2), holding gains (lines 13 and 16), and other volume changes (line 20). (2) Shown on table F.103, line 30. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 31. 110 Z.1, September 17, 2010 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 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 1 2 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 3 4 5 6 7 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 7 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 8 9 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 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 1.5 0.2 -0.0 5.8 3.2 -5.2 -0.0 13.8 3.0 -1.1 0.3 9.7 3.8 -2.8 0.4 12.9 2.4 2.4 -0.2 5.4 1.1 5.0 0.1 7.7 3.2 6.4 0.1 -7.4 0.2 8.9 -0.1 -9.6 6.1 0.2 0.0 4.7 7.1 4.8 -0.2 -1.2 11.8 1.2 -0.1 10.5 10.4 -6.2 0.1 9.3 5.8 0.1 -0.3 13.7 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. 111 Z.1, September 17, 2010 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 7 8 9 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 2 3 4 5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 6 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 7 8 9 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 19 20 Liabilities Credit market instruments 21 22 23 24 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.6 15.5 0.3 59.0 82.7 10.3 0.3 72.8 85.7 9.2 0.5 82.5 89.5 6.4 0.9 95.5 91.9 8.8 0.7 100.9 93.0 13.8 0.8 108.5 96.1 19.9 0.9 101.5 96.4 28.8 0.8 91.9 102.4 29.0 0.9 96.6 109.6 34.1 0.7 95.1 121.3 35.3 0.6 105.6 131.7 30.2 0.7 113.7 137.5 30.3 0.4 127.5 21 22 23 24 25 26 Trade payables Miscellaneous liabilities (2) 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 112 Z.1, September 17, 2010 F.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 2 3 4 5 6 7 8 9 2006 2007 2008 2009 2009 2010 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 3659.3 1208.6 930.2 395.9 12.1 877.4 111.9 126.7 -3.5 3995.2 1352.4 986.8 454.2 14.0 926.4 129.6 136.0 -4.2 4197.0 1488.7 1027.2 420.6 14.7 964.2 144.2 149.2 -11.8 4074.0 1438.2 1045.1 280.2 16.8 992.1 146.9 171.4 -16.7 3726.9 1140.0 1024.7 231.4 13.2 975.1 162.2 193.5 -13.2 3745.5 1213.4 1016.7 198.0 14.2 969.0 156.0 194.0 -15.8 3674.6 1112.5 1018.7 200.1 13.2 976.4 164.0 204.0 -14.2 3702.5 1117.0 1028.2 233.1 12.9 975.4 162.1 185.5 -11.7 3785.0 1117.2 1035.2 294.6 12.4 979.5 166.8 190.5 -11.3 3904.0 1134.7 1045.9 379.2 12.6 992.9 159.3 191.4 -12.1 3966.1 1136.2 1057.1 416.7 12.6 1000.5 162.3 193.9 -13.1 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 3916.4 1977.9 1494.0 40.9 342.7 60.9 0.0 4147.9 2093.3 1596.1 34.9 372.2 51.4 0.0 4430.0 2217.8 1701.2 42.2 414.3 54.6 0.0 4737.7 2382.8 1857.8 44.8 399.4 52.8 0.0 4998.8 2411.5 2112.3 52.7 362.0 60.3 0.0 4790.3 2373.8 2002.2 44.0 313.5 56.8 0.0 5045.0 2413.0 2139.6 56.9 378.3 57.2 0.0 5078.4 2425.3 2139.0 63.1 382.0 69.1 0.0 5081.5 2434.0 2168.2 46.8 374.1 58.4 0.0 5189.6 2464.7 2224.6 62.5 380.3 57.4 0.0 5270.2 2484.3 2268.8 52.8 405.9 58.4 0.0 10 11 12 13 14 15 16 17 18 19 20 21 Net government saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr. for govt. soc. insur., U.S.-affiliated areas - Net capital transfers (2) -257.1 250.6 0.7 4.7 10.0 -152.7 269.3 0.1 4.6 -14.7 -233.0 291.3 0.1 4.7 -2.6 -663.6 312.3 -0.6 4.9 3.0 -1271.8 325.3 0.5 4.8 14.5 -1044.8 324.3 1.0 4.8 4.5 -1370.3 324.9 -0.4 4.8 11.6 -1375.9 325.1 -1.4 4.7 16.5 -1296.4 326.8 2.7 4.8 25.6 -1285.7 329.6 -4.0 5.1 17.7 -1304.1 333.0 -0.8 5.2 36.4 17 18 19 20 21 22 = Gross saving less net capital transfers -21.9 126.6 56.1 -358.6 -966.4 -730.7 -1061.4 -1070.6 -1002.7 -974.9 -1011.9 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets 28.8 392.0 9.8 233.9 425.1 -2.2 124.0 456.5 12.5 -429.3 495.5 -5.3 -890.1 503.4 6.3 -811.9 498.2 -13.6 -1129.6 506.3 10.6 -833.1 508.5 15.1 -785.6 500.5 13.1 -949.7 491.0 13.7 -1283.1 508.3 13.4 23 24 25 -373.0 148.6 -14.4 21.7 11.8 5.1 10.0 -189.0 214.1 -2.7 2.7 26.4 6.8 13.5 -345.0 205.3 -0.4 20.4 37.6 4.4 8.7 -919.6 578.8 4.2 321.6 17.9 -2.4 -4.7 -1399.7 310.7 51.9 -154.9 11.2 4.5 8.9 -1296.5 233.3 3.5 -342.0 64.6 0.7 1.3 -1646.6 506.2 14.3 215.2 -14.3 5.4 10.7 -1356.7 497.3 195.3 -229.3 20.5 7.5 14.8 -1299.2 5.9 -5.4 -263.4 -26.0 4.5 8.9 -1454.4 380.5 2.7 154.7 37.3 6.9 13.5 -1804.8 275.1 0.5 210.4 -37.4 -2.7 -5.3 26 27 28 29 30 31 32 60.1 13.1 28.4 0.4 9.0 13.1 3.7 -7.7 2.5 0.8 19.5 40.9 -9.2 88.5 17.6 38.3 0.5 12.1 18.2 1.9 -0.0 -4.4 -1.3 2.2 5.1 77.3 39.3 -8.7 24.6 0.3 7.8 11.4 6.7 -2.9 7.6 2.0 10.1 -34.7 110.3 -3.4 -66.2 41.0 -0.2 -4.2 8.4 12.6 5.2 279.2 14.3 -0.7 -68.8 21.5 274.5 -53.3 156.5 0.3 8.6 22.2 75.0 65.2 18.3 -7.2 17.0 7.7 78.7 254.2 -78.3 231.5 0.0 1.2 5.0 36.4 58.4 301.5 14.5 1.6 -53.7 -12.8 294.5 -86.0 183.5 0.4 11.1 33.3 57.0 95.2 -100.3 -19.3 13.6 54.2 32.4 328.0 -20.6 106.1 0.5 14.0 47.0 86.7 94.2 94.4 -18.3 19.1 7.7 57.5 221.3 -28.3 104.9 0.3 8.1 3.3 119.9 13.1 -222.6 -5.6 33.7 22.8 237.6 117.4 -22.3 18.5 0.5 12.3 9.3 84.6 14.4 -63.4 -5.3 20.7 11.0 84.9 3.6 -47.0 -35.1 -0.2 -4.5 -0.5 57.2 33.7 86.5 -4.5 -18.5 58.5 -16.0 33 34 35 36 37 38 39 40 41 42 43 44 45 521.7 0.0 0.0 0.8 385.9 0.7 214.3 -0.4 171.3 0.0 65.8 1.1 68.0 403.1 0.0 0.0 0.6 301.0 -2.7 150.9 -0.3 153.1 0.0 40.6 1.5 59.4 550.2 0.0 0.0 -0.7 406.8 -6.0 222.7 -0.4 190.4 0.0 66.4 1.2 76.6 1498.4 0.0 0.0 -0.8 1342.1 -2.4 1293.5 0.2 50.8 0.0 66.6 1.0 89.5 1710.4 47.6 3.0 -0.4 1533.9 -2.8 1426.2 0.1 110.4 0.0 43.7 1.1 81.4 1529.8 0.0 0.0 -0.0 1558.5 -0.2 1436.8 -3.2 125.0 0.0 -6.4 -0.2 -22.0 2152.8 0.0 0.0 -0.0 2073.2 -1.7 1979.7 -1.1 96.3 0.0 8.8 2.1 68.8 1853.9 190.4 12.0 -1.0 1515.3 -3.4 1382.1 3.7 132.9 0.0 81.5 0.2 55.5 1305.1 0.0 0.0 -0.4 988.5 -5.8 905.9 1.2 87.2 0.0 91.1 2.4 223.5 1834.9 0.0 0.0 0.0 1743.7 -3.8 1614.2 0.3 133.0 0.0 70.4 -0.3 21.1 2080.0 0.0 0.0 -0.0 1963.3 -2.8 1996.9 1.1 -31.9 0.0 43.4 0.7 72.5 46 47 48 49 50 51 52 53 54 55 56 57 58 -50.6 -107.3 -68.0 70.7 -76.3 81.2 68.2 -237.5 -217.1 -25.1 271.2 59 -649.1 276.1 -373.0 -577.8 388.8 -189.0 -689.5 344.5 -345.0 -1159.2 239.6 -919.6 -1775.2 375.5 -1399.7 -1543.0 246.5 -1296.5 -1876.6 230.0 -1646.6 -1884.4 527.7 -1356.7 -1797.0 497.7 -1299.2 -1776.6 322.2 -1454.4 -1812.5 7.6 -1804.8 60 61 62 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Net financial investment Net acquisition of financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 59 Discrepancy 60 61 62 Memo: Net govt. saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (2) Table F.9, line 59 less line 12. (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (4) Excludes transactions with state and local governments. (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. (6) Line 17 less line 24. (7) Line 18 less the sum of lines 19, 20, 21, 25, and 58. (8) Line 59 plus line 60. 113 Z.1, September 17, 2010 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2005 1 Total financial assets 2 3 4 5 6 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 7 Credit market instruments 8 9 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) 15 16 Corporate equities Mutual fund shares 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Other Treasury securities (2) Budget agency securities Municipal securities Multifamily residential mortgages 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2398.5 2573.9 2756.7 3278.7 3490.6 3271.7 3389.5 3524.2 3490.6 3589.9 3619.8 1 35.3 93.3 184.8 71.7 141.2 34.5 94.8 211.2 78.5 154.6 36.4 113.6 248.8 82.9 163.3 41.9 433.6 266.6 80.5 158.6 94.6 278.6 277.8 85.1 167.5 40.4 332.6 279.9 80.7 158.9 46.0 404.4 269.0 82.1 161.6 97.3 346.0 274.9 83.9 165.3 94.6 278.6 277.8 85.1 167.5 92.2 300.7 284.0 86.8 170.9 89.8 373.6 266.8 86.1 169.5 2 3 4 5 6 1133.8 1222.3 1261.7 1258.3 1532.8 1324.5 1396.6 1479.3 1532.8 1564.9 1564.2 7 184.8 401.6 5.0 127.2 228.5 89.8 96.8 202.4 439.9 5.5 139.4 246.7 91.7 96.8 193.8 464.5 5.8 147.2 258.1 98.4 93.9 127.6 505.6 5.6 142.9 266.5 111.0 99.1 74.3 662.0 5.9 151.5 288.7 186.0 164.3 108.0 563.4 5.6 143.2 267.7 122.7 113.7 86.5 609.3 5.7 146.0 276.1 135.4 137.5 81.4 635.8 5.9 149.5 287.8 157.8 161.1 74.3 662.0 5.9 151.5 288.7 186.0 164.3 68.7 666.7 6.1 154.6 291.0 209.8 168.0 57.0 657.9 6.0 153.5 290.9 222.6 176.4 8 9 10 11 12 13 14 96.8 29.6 106.0 32.5 113.0 34.3 274.9 33.3 189.7 35.2 285.3 33.4 235.9 33.9 259.7 34.7 189.7 35.2 184.5 35.9 156.5 30.6 15 16 215.7 232.6 163.8 217.9 285.1 136.3 227.9 342.5 132.4 227.3 389.3 114.3 244.3 416.1 169.0 227.9 397.8 110.3 233.8 404.0 122.3 240.0 417.2 125.9 244.3 416.1 169.0 249.7 420.9 199.5 247.8 429.9 205.0 17 18 19 7792.1 8189.7 8740.7 10238.6 11946.0 10679.7 11067.9 11562.0 11946.0 12460.9 12823.2 20 7.0 2.2 27.5 7.4 2.2 28.1 7.7 2.2 27.4 7.5 2.2 26.6 55.4 5.2 26.2 7.3 2.2 26.6 7.6 2.2 26.5 56.0 5.2 26.3 55.4 5.2 26.2 53.6 5.2 26.2 55.4 5.2 26.2 21 22 23 6064.3 205.1 3991.5 23.8 1843.9 0.0 6365.3 202.4 4142.4 23.5 1997.0 0.0 6772.1 196.4 4365.2 23.1 2187.4 0.0 8114.2 194.0 5658.7 23.3 2238.2 0.0 9648.1 191.2 7084.9 23.5 2348.5 0.0 8577.6 193.9 6093.7 22.5 2267.5 0.0 8947.9 193.5 6435.2 22.3 2297.0 0.0 9352.9 192.4 6824.1 23.2 2313.3 0.0 9648.1 191.2 7084.9 23.5 2348.5 0.0 10156.8 190.2 7563.3 23.6 2379.7 0.0 10492.1 189.6 7902.4 23.9 2376.3 0.0 24 25 26 27 28 29 684.7 42.7 963.7 725.3 44.2 1017.2 791.7 45.4 1094.2 858.3 46.4 1183.5 902.0 47.5 1261.6 862.5 46.3 1157.1 874.3 46.9 1162.5 895.2 46.9 1179.5 902.0 47.5 1261.6 927.9 47.4 1243.8 947.6 47.6 1249.1 30 31 32 (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund. 114 Z.1, September 17, 2010 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2005 1 Net acquisition of 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 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 -35.4 -46.6 -76.4 -82.4 -35.1 -71.1 -42.8 -14.1 -12.5 -48.4 -24.7 1 0.1 5.6 0.0 0.7 0.2 0.4 0.0 0.3 0.2 1.6 0.0 0.2 0.1 1.1 0.0 0.1 2.8 3.3 0.0 -0.0 0.0 4.7 0.0 -0.0 0.1 0.6 0.0 0.1 5.0 3.9 0.0 -0.1 6.1 4.0 0.0 -0.1 7.3 4.0 0.0 -0.1 8.9 4.1 0.0 -0.1 2 3 4 5 33.8 34.3 84.8 71.8 114.1 124.8 88.0 144.6 98.8 106.8 67.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 0.6 1.4 16.1 0.3 11.8 2.6 -4.5 32.8 26.7 10.1 10.1 13.7 -4.1 97.9 -23.4 5.5 91.3 -20.5 2.9 69.8 -31.2 -14.4 148.3 -31.0 -10.5 82.0 -10.8 -7.6 85.0 -10.0 -5.5 220.2 -187.5 7 8 9 Corporate and foreign bonds Mortgages 15.9 -0.2 19.6 -0.1 30.3 -0.5 38.2 -0.3 44.6 -0.9 49.5 -1.0 46.9 -0.4 42.7 -1.1 39.1 -1.0 40.3 -0.9 41.5 -0.8 10 11 12 13 Corporate equities Mutual fund shares -49.0 -7.0 -107.9 -0.2 -209.0 20.1 -171.1 15.5 -159.6 -5.2 -186.6 -4.1 -171.4 -6.5 -158.1 -7.6 -122.4 -2.7 -143.8 -9.7 -120.0 12.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other -19.8 -16.4 -1.9 -1.5 26.3 12.0 -0.2 14.5 25.6 29.0 -0.2 -3.1 0.0 24.0 -0.1 -23.9 9.6 5.6 -0.4 4.4 -9.8 4.3 -0.4 -13.7 46.3 13.5 7.8 25.0 -1.7 -4.3 -4.4 7.0 3.8 8.9 -4.4 -0.7 -13.0 -10.4 -2.0 -0.6 2.5 4.0 -0.9 -0.6 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of 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 11 107.8 100.1 108.1 30.6 70.1 31.2 88.0 111.0 50.1 78.9 52.3 1 0.2 0.7 1.9 0.3 0.2 0.5 3.4 0.4 0.4 3.0 3.4 3.1 0.3 -0.8 2.3 7.2 1.4 1.4 0.6 3.1 0.1 2.0 1.4 14.9 -1.5 -1.7 0.5 3.8 5.1 4.1 0.3 17.0 1.8 1.3 0.3 -23.2 2.6 -0.1 0.2 0.4 2.9 0.9 0.0 -19.8 2 3 4 5 11.4 24.1 17.7 18.9 -2.5 21.2 -19.2 -14.2 2.3 1.3 8.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 2.4 2.1 0.7 -0.1 2.4 14.0 -0.3 5.9 1.4 0.2 5.3 7.7 -6.4 27.9 -25.7 -3.8 25.9 -9.7 -0.9 19.3 -33.6 -12.1 28.3 -31.3 -8.8 38.1 -28.1 -12.1 38.6 -28.1 -8.7 42.8 -27.0 7 8 9 Corporate and foreign bonds Mortgages 6.3 0.0 8.1 -0.2 9.5 1.2 4.5 1.2 -1.8 3.5 5.8 3.1 -6.3 2.3 -3.2 4.0 -3.4 4.4 -1.8 4.8 -3.6 5.3 10 11 12 13 Corporate equities Mutual fund shares 6.9 77.0 21.4 75.0 20.7 68.0 -13.6 5.0 -16.0 70.0 -48.0 32.0 -17.2 104.0 -10.2 96.0 11.4 48.0 9.0 100.0 8.9 40.0 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 9.4 15.0 0.0 -5.6 -25.0 -13.4 -1.8 -9.8 -8.1 -2.7 4.7 -10.1 11.3 14.2 0.8 -3.7 12.0 4.5 2.9 4.6 7.6 10.3 3.9 -6.6 19.2 6.6 10.3 2.2 12.9 0.5 -2.5 14.9 8.3 0.8 -0.2 7.7 -34.6 -17.7 -0.2 -16.6 10.6 10.6 -0.4 0.4 14 15 16 17 (1) Includes 401(k) type plans. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Total held at: 2 3 4 Commercial banking Saving institutions Credit unions 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 206.4 247.4 275.7 247.5 198.6 216.6 225.9 233.1 118.9 -26.3 ND 1 7.3 0.1 1.6 26.7 3.9 3.9 8.7 13.5 5.0 37.4 6.8 7.2 27.5 3.3 8.7 51.6 7.5 16.8 35.9 7.2 9.4 10.7 4.8 5.0 11.6 -6.5 3.8 10.4 6.3 4.5 ND ND ND 2 3 4 28.2 7.0 80.0 82.2 12.2 34.0 111.2 55.5 17.9 44.0 122.6 63.9 29.9 46.0 -127.1 247.3 11.2 -38.0 151.2 34.8 91.1 32.0 -81.3 98.9 -23.8 -76.0 283.8 -10.6 -15.2 -64.0 254.2 37.6 -7.4 -44.0 148.0 13.5 -3.9 -48.0 56.7 -52.2 ND ND ND ND 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) and from the money market fund sector (line 6). 115 Z.1, September 17, 2010 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2005 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 2006 2007 2008 2009 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 2281.3 2529.5 2596.0 1853.5 2104.7 1721.0 1869.3 2039.9 2104.7 2170.2 2051.7 1 5.3 42.0 0.0 5.1 5.5 42.3 0.0 5.4 5.8 44.0 0.0 5.6 5.9 45.0 0.0 5.8 8.7 48.3 0.0 5.7 5.9 46.2 0.0 5.8 5.9 46.4 0.0 5.8 7.2 47.3 0.0 5.8 8.7 48.3 0.0 5.7 10.5 49.3 0.0 5.7 12.8 50.4 0.0 5.7 2 3 4 5 468.5 502.8 587.6 659.3 773.4 690.5 712.5 748.7 773.4 800.1 817.1 6 Open market paper Treasury securities Agency- and GSE-backed securities 5.1 60.0 198.5 5.5 71.8 201.1 1.0 104.6 227.8 11.0 114.8 241.5 6.9 212.7 218.2 12.4 137.6 236.4 13.1 155.1 228.6 9.5 192.2 220.9 6.9 212.7 218.2 5.0 233.9 215.7 3.6 289.0 168.8 7 8 9 Corporate and foreign bonds Mortgages 200.6 4.2 220.2 4.1 250.6 3.6 288.7 3.2 333.3 2.3 301.1 3.0 312.8 2.9 323.5 2.6 333.3 2.3 343.4 2.1 353.8 1.9 10 11 1392.8 253.4 1520.7 296.4 1423.8 338.6 777.1 228.0 805.2 286.3 651.1 203.7 715.7 235.7 791.4 271.7 805.2 286.3 819.1 301.6 702.3 285.0 12 13 114.3 88.8 1.8 23.7 156.4 116.5 1.6 38.2 190.7 154.2 1.4 35.1 132.4 119.9 1.3 11.3 177.1 160.5 0.9 15.7 117.7 108.7 1.2 7.8 147.3 130.0 3.1 14.1 167.8 149.9 2.0 15.8 177.1 160.5 0.9 15.7 183.8 167.9 0.4 15.5 178.5 163.0 0.2 15.4 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 3107.3 3553.3 3814.5 2699.2 3366.3 2525.7 2861.0 3230.4 3366.3 3538.4 3270.7 1 5.5 20.3 86.7 16.6 5.7 20.8 90.1 17.0 6.0 23.7 93.5 20.1 6.4 22.9 95.7 27.3 7.7 24.3 96.4 30.5 6.4 23.4 96.1 31.1 6.0 23.0 96.2 32.0 7.3 24.0 96.3 36.3 7.7 24.3 96.4 30.5 8.4 24.3 96.4 30.6 9.1 24.5 96.4 25.6 2 3 4 5 231.4 255.6 273.3 292.1 289.6 297.4 292.6 289.1 289.6 290.0 292.2 6 Open market paper Treasury securities Agency- and GSE-backed securities 26.4 56.5 53.5 26.3 59.0 67.5 26.0 64.9 68.9 26.1 70.2 76.6 19.7 98.1 50.9 25.2 76.7 74.2 24.9 81.5 65.8 21.9 88.5 57.9 19.7 98.1 50.9 16.7 107.7 43.9 14.5 118.4 37.2 7 8 9 Corporate and foreign bonds Mortgages 89.3 5.6 97.4 5.4 106.9 6.6 111.4 7.8 109.6 11.3 112.8 8.6 111.2 9.2 110.4 10.2 109.6 11.3 109.1 12.5 108.2 13.8 10 11 1048.9 1332.0 1204.1 1584.0 1249.5 1772.0 822.7 1138.0 1030.6 1531.0 731.5 1065.0 850.5 1253.0 979.3 1456.0 1030.6 1531.0 1099.1 1628.0 971.6 1506.6 12 13 365.9 249.6 43.0 73.3 376.2 271.4 41.2 63.6 376.4 277.1 45.8 53.4 294.1 197.7 46.7 49.7 356.2 252.3 49.6 54.3 274.8 179.1 47.6 48.1 307.6 208.7 50.2 48.6 342.1 240.1 49.6 52.4 356.2 252.3 49.6 54.3 361.7 262.0 49.5 50.2 344.7 245.0 49.4 50.3 14 15 16 17 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 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (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: 2 3 4 Commercial banking Saving institutions Credit unions 5 6 7 8 Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 3652.0 4207.0 4784.0 3585.0 4251.0 3430.0 3768.0 4105.0 4251.0 4342.0 ND 1 175.3 53.8 49.3 202.0 57.6 53.2 210.7 71.2 58.2 248.1 77.9 65.5 275.5 81.2 74.2 261.0 79.8 69.7 269.9 81.6 72.0 272.6 82.8 73.3 275.5 81.2 74.2 278.1 82.7 75.3 ND ND ND 2 3 4 381.0 141.0 1474.0 1377.6 406.0 175.0 1753.0 1560.2 426.0 219.0 1973.0 1825.9 382.9 265.0 1253.0 1292.7 407.0 227.0 1642.0 1544.1 379.0 273.0 1156.0 1211.6 389.0 254.0 1354.0 1347.4 404.0 238.0 1559.0 1475.3 407.0 227.0 1642.0 1544.1 414.0 215.0 1697.0 1579.8 ND ND ND ND 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) and from the money market fund sector (line 6). 116 Flow of Funds Matrix for 2009 Z.1, September 17, 2010 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations 1 2 3 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 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 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) ---- 1910.8 1186.3 724.5 ---- 1282.5 1095.1 187.3 ---- 248.2 200.9 47.2 ---- -1214.5 124.4 -1338.9 ---- 2226.9 2606.8 -379.8 ---- 380.3 -380.3 ---- 254.9 150.1 104.9 ---- 2862.1 2756.8 105.3 ---- 1568.3 1359.8 958.5 293.8 118.9 --11.3 -------- 1203.4 1034.9 -58.4 1098.8 -127.2 5.0 -------- 279.3 364.3 -6.1 344.9 -13.4 -------- -1169.3 145.4 -1.6 150.9 --7.0 -------- 1881.7 2904.4 958.5 359.8 1713.4 -127.2 0.0 -------- 215.9 0.0 ----0.0 -------- 214.5 146.6 --0.1 146.7 --- -------- 2312.1 3051.0 958.5 359.7 1860.1 -127.2 -- -------- 550.0 -188.9 ------ 208.5 10.8 -- ---197.7 168.5 87.4 -- ---81.1 -85.1 64.5 -- --149.6 -1314.7 267.4 -- --1582.0 -1022.7 430.1 -- --1452.8 215.9 151.7 -- ---64.2 67.9 -1746.9 -- ---1814.8 -738.9 -1165.1 -- ---426.1 738.9 738.9 -- 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 11 12 13 Net financial investment Financial uses Financial sources 14 15 16 17 18 19 20 21 22 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs ----10.3 -4.9 94.3 -271.9 -- ---------- ---23.7 -179.3 114.9 -78.9 2.6 ---------- -----19.4 10.8 4.5 8.9 ---------- 51.9 -----174.2 0.3 --- 47.6 3.0 -0.4 ------- 51.9 --13.4 -29.4 220.4 -346.2 11.6 47.6 3.0 -0.4 ------- 47.6 ----292.9 -9.4 -43.0 0.3 -84.8 52.3 ---171.6 ------ 0.3 3.0 4.0 -32.2 -349.5 -27.6 198.0 -152.7 -125.6 -----607.9 -7.9 375.4 -498.7 208.8 99.9 3.0 4.0 -18.7 -642.4 -7.6 375.4 -498.7 -198.8 99.9 3.0 -0.4 -171.6 -607.9 -7.9 375.4 -498.7 208.8 ---4.4 -152.9 34.4 -0.3 --407.6 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 -311.3 28.7 346.6 -650.9 105.5 -126.5 --5.3 -9.4 -- -241.8 ---15.1 -30.0 0.5 -172.2 -115.3 -18.2 -15.2 9.9 1.9 -1.0 ----11.1 -2.6 -298.2 -72.4 --5.4 381.6 -325.7 -155.3 -131.9 -- -29.6 -53.3 20.4 -14.6 0.3 8.0 --9.6 -- 111.2 ---110.4 --0.8 --- 325.2 --171.1 -0.6 -66.0 12.6 75.0 1443.9 -1443.7 0.1 ----0.0 -- -33.8 -39.9 376.8 -492.5 104.9 -117.9 -60.8 1.7 72.4 1015.0 -72.4 1443.7 0.1 130.9 381.6 -295.7 -153.9 -304.1 -115.3 208.1 -43.3 583.9 -175.0 10.1 -143.0 --24.6 --- 191.8 57.8 ---144.9 -11.2 0.3 --- -792.3 -378.1 483.0 607.3 15.9 216.3 -774.3 -472.4 -302.4 -187.6 -1824.8 -446.7 --60.4 --571.1 -467.4 -282.6 3.4 -- -618.0 -461.3 1443.7 -60.2 130.9 -44.6 -774.3 -436.2 -300.8 -115.3 -618.0 -461.3 1443.7 -60.2 130.9 -44.6 -774.3 -436.2 -300.8 -115.3 ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit 41.3 360.9 --74.1 --10.9 38.1 -39.9 -87.3 -- -64.7 --89.6 -- 17.7 -7.2 9.1 -- --38.4 -- 0.6 -7.9 -- --5.4 -- 59.6 393.6 -70.3 -74.1 -64.7 --35.0 38.1 142.5 17.7 3.1 0.0 63.3 --2.0 0.0 112.0 78.7 -38.2 -21.8 315.5 490.1 48.9 -134.0 314.1 490.1 -105.4 -95.9 314.1 490.1 11.9 -95.9 --117.3 -- 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 27.8 133.0 --5.1 21.1 -----4.9 -----88.6 ---6.8 -1.4 379.8 ---12.6 -43.3 ------ --20.3 -35.4 1.1 ---81.4 27.8 133.0 7.7 -5.1 11.2 1.1 --6.8 -1.4 456.3 ----162.4 -----198.0 -----603.2 26.7 133.0 6.1 -3.6 -342.3 27.8 133.0 7.7 -5.1 -429.6 27.8 133.0 -0.7 -5.1 -84.0 ---8.5 -345.6 42 Sector discrepancies (1 less 4) 342.5 -- 79.0 -- -31.1 -- -45.2 -- 345.2 -- 164.3 -- 40.5 -- 550.0 -- 550.0 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 2009 Z.1, September 17, 2010 (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 44260.2 --- -14068.5 14068.5 17546.2 --- -37807.3 19056.6 2600.6 --- -2993.5 2993.5 1409.4 --- -9471.9 9471.9 65816.4 --- -64341.2 45590.5 15816.5 --- -12666.6 8689.2 63692.0 --- -63820.8 60148.4 145324.8 --- -140828.6 114428.1 -4496.2 --- 4 5 6 7 8 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims ---46.2 -- ------ ---48.9 -- ------ ------ ------ 94.6 ----- 55.4 5.2 26.2 --- 94.6 --95.1 -- 55.4 5.2 26.2 --- 55.4 ---70.1 119.7 --768.3 -- 36.2 5.2 42.7 97.1 1126.4 ----1282.6 186.1 5.2 42.7 192.2 1196.5 175.1 5.2 26.2 768.3 1282.6 -11.0 --16.5 576.1 86.1 9 10 11 12 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 256.0 6139.7 1300.7 -- ----- 778.3 892.3 702.9 10.2 ----- 85.0 275.9 85.1 167.5 ----- 193.6 1.9 --- ----- 1312.9 7309.8 2088.7 177.6 ----- 360.7 230.1 70.0 30.1 ----- 413.5 776.4 1100.0 827.1 2093.4 8316.3 3258.6 1444.2 2087.1 8316.3 3258.6 1034.8 2093.4 8316.3 3258.6 1444.2 6.3 --409.3 13 14 15 16 17 18 19 20 21 22 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 4054.0 34.6 727.6 64.4 1007.8 2093.8 -24.5 101.3 -- 13602.2 ---264.3 -147.7 133.7 10577.6 2478.9 317.3 44.8 103.9 12.1 31.2 ---68.0 57.2 10870.5 59.1 --198.3 4145.1 1405.7 1488.5 3573.8 -- 1353.9 74.3 505.9 436.5 5.9 151.0 --180.3 -- 2362.1 ---2348.5 --13.5 --- 698.3 --225.5 -0.6 -177.9 108.4 186.0 7805.4 -7781.9 23.5 ----0.0 -- 6423.5 153.7 1337.4 738.6 1044.9 2245.3 -202.3 458.0 243.2 34640.2 59.1 7781.9 23.5 2811.2 4145.1 1553.4 1635.7 14151.4 2478.9 7783.1 189.6 3697.2 1187.7 60.6 2465.2 -182.7 --- 2012.0 399.8 ---1493.6 96.8 21.9 --- 38074.1 794.7 2747.3 6180.2 1705.7 6738.1 1921.8 1890.4 13860.3 2235.7 15628.4 679.1 -8083.0 -5810.0 271.6 617.9 166.9 -- 52280.7 1138.0 7781.9 8106.5 2811.2 11448.7 1921.8 2275.5 14318.3 2478.9 52280.7 1138.0 7781.9 8106.5 2811.2 11448.7 1921.8 2275.5 14318.3 2478.9 ----------- 23 24 25 26 Corporate equities Mutual fund shares Trade credit Security credit 7247.4 4175.1 -668.6 --241.2 203.0 -189.7 2599.3 -- 12361.2 -2070.0 -- 122.4 35.2 171.7 -- --631.4 -- 67.4 -72.6 -- --270.6 -- 7437.1 4400.0 2843.5 668.6 12361.2 -3213.2 203.0 2438.6 321.7 93.1 0.0 3977.4 -61.2 0.0 10123.1 2239.9 144.0 422.6 3660.2 6961.6 70.1 888.2 19998.8 6961.6 3080.6 1091.2 19998.8 6961.6 3344.5 1091.2 --263.8 -- 27 28 29 30 31 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp. business Miscellaneous 1242.1 11941.6 -6401.7 787.1 ----22.1 ----12007.4 --134.4 6389.6 5981.6 --280.9 -23.1 ------ --135.1 -145.8 47.5 ---1261.6 1242.1 11941.6 416.1 6401.7 12963.6 47.5 -134.4 6389.6 7265.3 ----4363.7 ----5727.9 ----8263.7 1194.5 11941.6 -95.0 12.1 7164.0 1242.1 11941.6 416.1 6401.7 25591.0 1242.1 11941.6 39.4 6401.7 20157.2 ---376.7 --5433.7 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 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. 117 118 Z.1, September 17, 2010 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 2004 2005 2006 2007 2008 2009 Q1 1 Assets Q2 2010 Q3 Q4 Q1 Q2 63817.4 71623.9 77553.3 78608.7 65693.1 62947.0 64647.6 67140.0 67710.1 68967.8 67412.8 1 2 Tangible assets 24599.9 28317.7 29464.3 27946.0 24261.7 23126.9 23236.8 23421.3 23449.9 23526.4 23675.2 2 3 Financial assets 39217.5 43306.2 48089.0 50662.8 41431.4 39820.2 41410.8 43718.7 44260.2 45441.3 43737.6 3 5732.4 2997.4 6139.9 3324.6 6753.1 3471.5 7406.6 4066.7 7925.6 3956.4 7902.8 4386.7 7794.6 4079.0 7634.2 4153.0 7742.6 4054.0 7667.9 4257.1 7559.1 4329.6 4 5 15990.0 17396.6 20357.6 20939.0 12473.5 10935.1 13060.8 15321.9 15873.8 16750.0 14867.8 6 4 5 Deposits Credit market instruments 6 Equity shares at market value 7 Directly held 7483.9 8093.0 9643.7 9626.1 5776.3 4989.8 6017.8 7098.7 7247.4 7680.0 6767.9 7 8 Indirectly held 8506.0 9303.7 10713.9 11312.9 6697.2 5945.3 7043.0 8223.2 8626.4 9069.9 8100.0 8 1028.9 3287.8 1452.9 1835.0 1761.2 99.2 2329.0 1140.1 3630.8 1567.7 2063.1 1887.3 112.6 2532.9 1334.7 4155.6 1729.9 2425.7 2129.0 138.1 2956.4 1466.8 4260.5 1660.7 2599.8 2221.0 149.1 3215.5 956.9 2471.9 903.5 1568.5 1338.3 85.6 1844.4 887.9 2158.5 757.6 1400.9 1191.8 74.7 1632.5 1037.7 2527.7 847.8 1679.9 1391.6 92.5 1993.4 1210.5 2926.7 952.6 1974.1 1622.0 110.4 2353.6 1268.1 3055.6 975.2 2080.3 1702.6 119.4 2480.7 1340.2 3209.9 999.0 2210.8 1796.2 127.8 2595.8 1265.8 2867.6 862.6 2005.0 1572.9 112.6 2281.1 9 10 11 12 13 14 15 9 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds 16 Other 14497.7 16445.0 17506.9 18250.4 17076.0 16595.6 16476.4 16609.8 16589.8 16766.5 16981.0 16 17 Liabilities 11029.3 12184.0 13444.4 14366.8 14266.2 14151.4 14117.9 14107.5 14068.5 13946.6 13912.7 17 18 Net worth 52788.1 59439.9 64108.9 64242.0 51426.9 48795.6 50529.7 53032.5 53641.6 55021.2 53500.1 18 12756.6 13922.1 16477.2 17035.9 10219.3 8975.1 10809.2 12733.4 13181.8 13940.0 12419.6 19 25.1 40.8 24.3 40.2 26.2 42.3 26.6 41.3 19.0 30.1 17.4 27.5 20.2 31.5 22.8 35.0 23.4 35.9 24.3 36.9 22.1 34.0 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 14) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15 could differ from other sources owing to alternative definitions of ownership of equity by households. Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER