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For use at 12:00 noon, eastern time September 18, 2015 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Second Quarter 2015 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits rose to $85.7 trillion during the second quarter of 2015. The value of directly and indirectly held corporate equities increased $61 billion and the value of real estate rose $499 billion. credit grew 8.1 percent, while mortgage debt (excluding charge-offs) grew 2.2 percent at an annual rate. Nonfinancial business debt rose at an annual rate of 8.3 percent in the second quarter, a somewhat larger increase than in the previous quarter. As in recent years, corporate bonds accounted for most of the increase. Domestic nonfinancial debt outstanding was $44 trillion at the end of the second quarter of 2015, of which household debt was $14 trillion, nonfinancial business debt was $12.5 trillion, and total government debt was $17.5 trillion. State and local government debt increased at an annual rate of 1.0 percent in the second quarter, down from an annual rate of 4.3 percent in the previous quarter. Domestic nonfinancial debt growth was 4.4 percent at a seasonally adjusted annual rate in the second quarter of 2015. Federal government debt increased 2.4 percent at a seasonally adjusted annual rate in the second quarter, due in large part to seasonal adjustment. Household debt increased at an annual rate of 3.9 percent in the second quarter of 2015. Consumer Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt2 Year Household net worth1 Total Households Businesses State and local gov’ts Federal government 2005 61,890 8.6 10.6 8.1 5.8 6.6 2006 66,382 8.4 10.5 9.8 3.9 3.9 2007 66,838 8.1 7.2 12.4 5.5 4.7 2008 56,590 5.7 -0.1 5.8 0.6 21.4 2009 58,391 3.4 0.3 -4.3 4.0 20.4 2010 62,575 4.3 -0.6 -0.9 2.3 18.5 2011 63,840 3.5 -0.5 3.0 -1.7 10.8 2012 69,922 5.0 2.0 4.8 -0.2 10.1 2013 79,371 4.0 1.8 5.1 -1.3 6.7 2014 83,426 4.4 3.1 6.3 -0.5 5.4 Q2 74,331 2.2 1.4 5.1 -1.1 1.6 Q3 76,807 3.2 3.3 7.3 -3.0 0.9 Q4 79,371 6.1 1.5 4.2 -2.8 14.4 Q1 80,482 4.0 1.8 6.1 -1.7 5.7 Q2 81,882 4.2 5.1 5.0 0.1 3.5 Q3 81,861 4.5 3.1 6.1 -1.7 6.0 Q4 83,426 4.8 2.2 7.2 1.5 5.9 Q1 85,017 2.5 1.7 7.2 4.3 -1.1 Q2 85,712 4.4 3.9 8.3 1.0 2.4 2013: 2014: 2015: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown at an annual rate. ii iii Release Highlights Second Quarter 2015 Topic Description Enhanced Financial Accounts New pages on the Federal Reserve Board’s website have been added for the Enhanced Financial Accounts (EFA) initiative. The EFA initiative is an ambitious and long-term effort to enhance the “Financial Accounts” by providing additional detail and disaggregation, higher-frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States. The website provides further information on the initiative, preliminary data, and documentation for the first EFA projects, including new detail on depository institutions and syndicated loans. More information about these EFA projects is available in two related FEDS Notes, one by Ralf Meisenzahl and one by Paul Smith. Other EFA projects will be added in coming months. Credit market instruments The financial assets and liabilities previously identified as “credit market instruments” have been reclassified into two new categories: debt securities and loans. All references to the term “credit market instruments” have been removed from the publication. Tables D.1, D.2, and D.3 still include debt securities and loans previously included in credit market instruments, but have been renamed to reflect this change in terminology. Debt securities tables Two new tables for total debt securities (tables F.208 and L.208) have been added. Debt securities include open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. On the new tables, debt securities are shown both by instrument and by sectors’ liabilities and assets. In addition, total debt securities are shown on each of the sector tables. Due to this change, some items have been removed from the memo section of table L.103 Nonfinancial Corporate Business. Loans tables Two new tables for total loans (tables F.214 and L.214) have been added. Loans include depository institution loans not elsewhere classified, other loans and advances, home, mutifamily residential, commercial, and farm mortgages, and consumer credit. On the new tables, loans are shown both by instrument and by sectors’ liabilities and assets. In addition, total loans are shown on each of the sector tables. Security credit The instrument category “security credit” has been removed from the “Financial Accounts.” The concept is now captured in two places: (1) depository institution loans not elsewhere classified, which includes private depository institutions’ loans to brokers and dealers for purchasing and carrying securities, and (2) other loans and advances, which includes margin accounts and cash accounts (held by households at broker-dealers). As a result, security credit is now included with loans and contributes to debt as shown on debt summary tables (tables D.1, D.2, and D.3). iv Topic Description Treasury securities The instrument category “Treasury securities” has been expanded to include all marketable and nonmarketable Treasury securities held by the public. Nonmarketable Treasury securities held by federal government employee defined benefit (DB) pension plans are now included, since federal government DB pension plans are considered part of the financial corporations sector in the “Financial Accounts.” Detail on the types of marketable and nonmarketable Treasury securities is presented on the Treasury securities instrument tables (tables F.210 and L.210). Due to these additions, federal debt growth has been revised slightly for all time periods. A forthcoming FEDS Note will provide additional information. Derivation of U.S. net wealth table A new table on the derivation of U.S. net wealth (table B.1) has been added to the summary section of the “Financial Accounts.” The calculation of U.S. net wealth includes the value of nonfinancial assets (real estate, equipment, intellectual property products, consumer durables, and inventories) held by households and nonprofit organizations and noncorporate businesses. For the federal government and state and local governments sectors, only structures, equipment, and intellectual property products are included; values for land and nonproduced nonfinancial assets are not available. The measure of U.S. net wealth also includes the market value of domestic nonfinancial and financial corporations, and is adjusted to reflect net U.S. financial claims on the rest of the world. This definition of U.S. net wealth differs from the sum of the net worth of sectors shown in the Integrated Macroeconomic Accounts (IMA). A forthcoming FEDS Note will provide additional information. Student loans Student loans, shown in the memo section on the consumer credit instrument tables (tables F.222 and L.222), have been revised down beginning in 2006 due to better information on private student loans. More details on this revision can be found in the August 7, 2015 FEDS Note “How Much Student Debt is Out There?” by Jesse Bricker, Meta Brown, Simona Hannon, and Karen Pence. Private pension fund benchmark Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised beginning in 2012:Q1 to reflect new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 2013. Expansion of international data submissions The "International Data Submissions" page of the "Financial Accounts Guide" includes two new OECD tables and SDMX files for Households’ Financial Assets and Liabilities (table 7HH) and Institutional Investors’ Assets and Liabilities (table 7II). Annual revison of the national income and product accounts The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 2012:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 30, 2015, and subsequent information for 2015:Q2 released on August 27, 2015. The August 2015 issue of the Survey of Current Business provides details on the major features of this annual revision. v Topic Description Fixed assets Data for investment and depreciation flows and capital stocks for all sectors have been revised to reflect updated annual estimates of fixed assets from the BEA. Rest of the world sector revision Revisions to the rest of the world sector (tables F.132 and L.132) reflect new estimates of the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts released by BEA for 2012:Q1 through 2014:Q4. BEA's changes are detailed in the July 2015 Survey of Current Business. Seasonal adjustment Seasonal factors for quarterly flows have been recalculated for the period 2005:Q1 forward. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program by the U.S. Census Bureau. Table descriptions A document containing all of the financial accounts table descriptions has been added to the “All Tables” page of the “Financial Accounts Guide.” vi vii Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, “Financial Accounts of the United States,” is organized into the following sections: ■ ■ ■ ■ ■ Matrices summarizing flows and levels across sectors, tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Flows of financial assets and liabilities, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables providing equity detail of the household and nonprofit organization sector and data on nonprofit organizations Integrated Macroeconomic Accounts The Integrated Macroeconomic Accounts (IMA) relate production, income, saving, and capital formation from the national income and product accounts (NIPA) to changes in net worth from the “Financial Accounts” on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and the Bureau of Economic Analysis and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008). Federal Reserve Board staff have taken many steps over the past several years to conform the “Financial Accounts” with the SNA guidelines. Nonetheless, a few important differences remain. In particular, in the “Financial Accounts”: ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Most debt securities are recorded at book value rather than market value. Concepts of Level and Flow in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the stock or outstanding) measures the value of the asset or liability in existence at a point in time. In the “Financial Accounts,” the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the “economic flow,” and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure changes in market value of untraded assets; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In the “Financial Accounts,” “flows” refer to the exchange of assets, corresponding to the SNA definition of transactions, that is, “flow tables” in the “Financial Accounts” are equivalent to “transaction tables” in the SNA terminology. In practice, other volume changes are relatively rare, and revaluations occur only for series carried at market value (such as corporate equities and mutual fund shares), so for many series the change in the level is equal to the flow. Growth Rates Growth rates calculated from levels will include revaluations and other changes in volume. To isolate the effect of transactions on growth of a given asset or liability, users should calculate the ratio of the flow in a given period to the level in the preceding period. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels may differ from those in table D.1. Seasonal Adjustment Seasonal factors are recalculated and updated every year, and these revised factors are first published in the September release of second-quarter data. All series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of data. Because the effects of the recent financial crisis resulted in large outliers in some series that would have distorted the estimated seasonal factors, seasonal factors for some series were extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted flows. viii Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the “Financial Accounts,” major revisions are highlighted at the beginning of the publication. Discrepancies The data in the “Financial Accounts” come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. Financial Accounts Guide Substantially more detail on the construction of the “Financial Accounts” is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the “Financial Accounts.” The guide allows users to search for series, browse tables of data, and identify links among series within these accounts. It also provides descriptions of each of the published tables and information on the source data underlying each series. Data on some of our data submissions to international organizations are also available on the guide page. There is also a link to the Enhanced Financial Accounts, a new initiative that includes data that is not part of the core financial accounts. The guide is not part of the quarterly release, but it is continually updated and kept consistent with the most recently published data. The guide and the data from the “Financial Accounts” are available free of charge online: www.federalreserve.gov/apps/fof Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. The relationships between different components of a series (for example, levels, seasonally adjusted annual rate flows, unadjusted flows, revaluations, other changes in volume, seasonal factors, and so on) are also described on the series structure page. Production Schedule The “Financial Accounts” are published online and in print four times per year, about 10 weeks following the end of each calendar quarter. The publication and the guide are available online: www.federalreserve.gov/releases/Z1 This website provides coded tables and historical annual tables beginning in 1945 that correspond with the tables published in this release. It also includes compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program at: www.federalreserve.gov/datadownload/default.htm Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 ix Description of Most Recent Data Available Sector Table National income and product accounts (NIPA) Available at time of publication Second estimate, seasonally adjusted, for 2015:Q2. Unadjusted flows through 2013:Q4 for the government sectors. (various tables) Households and nonprofit organizations sector (tables F.101 and L.101) Estimates for this sector are largely residuals and are derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 2015:Q2. The source for nonprofit organizations data (tables F.101.a and L.101.a) is the Internal Revenue Service Statistics of Income (IRS/SOI). Data for nonprofit organizations are available for 1987 through 2000. Nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 2015:Q2 (preliminary); Internal Revenue Service Statistics of Income data through 2013; securities offerings, mortgages, bank loans, commercial paper, and other loans through 2015:Q2. Corporate farm data through 2013. Nonfinancial noncorporate business (tables F.103 and L.103) IRS/SOI data through 2012; bank and finance company loans, and mortgage borrowing through 2015:Q2. Noncorporate farm data through 2013. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays, Monthly Statement of the Public Debt and Treasury data for loan programs and the Troubled Assets Relief Program (TARP) through 2015:Q2. State and local governments (tables F.107 and L.107) Gross offerings and retirements of municipal securities, deposits at banks, and nonmarketable U.S. government security issues through 2015:Q2; total financial assets through 2012:Q2 from the Census Bureau; breakdown of financial assets through 2011:Q2 from the comprehensive annual financial reports of state and local governments. Monetary authority (tables F.109 and L.109) All data through 2015:Q2. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2015:Q2 Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2015:Q2. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2015:Q2. Credit unions (tables F.113 and L.113) All data through 2015:Q2. Property-casualty insurance companies (tables F.115 and L.115) Preliminary data through 2015:Q2. x Sector Table Available at time of publication Life insurance companies (tables F.116 and L.116) Preliminary data through 2015:Q2. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2013. Investment Company Institute data through 2015:Q1. Federal government retirement funds (tables F.119 and L.119) Data from the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2015:Q2. State and local government employee retirement funds (tables F.120 and L.120) Detailed annual survey data through 2014:Q2 and quarterly survey data through 2015:Q1 from the Census Bureau. Investment Company Institute data through 2015:Q1. Money market mutual funds (tables F.121 and L.121) All data through 2015:Q2. Mutual funds (tables F.122 and L.122) All data through 2015:Q2. Closed-end funds (tables F.123 and L.123) All data through 2015:Q2. Exchange-traded funds (tables F.123 and L.123) All data through 2015:Q2. Government sponsored enterprises (GSEs) (tables F.124 and L.124) Data for Fannie Mae, Freddie Mac, Farmer Mac, FCS, and FHLB, FICO, and REFCORP through 2015:Q2. Agency- and GSE-backed mortgage pools (tables F.125 and L.125) Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie Mae through 2015:Q2. 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 2015:Q2. Finance companies (tables F.127 and L.127) All data through 2015:Q2. Real estate investment trusts (REITs) (tables F.128 and L.128) Data from SNL Financial through 2015:Q2. Security brokers and dealers (tables F.129 and L.129) Data for firms filing FOCUS and FOGS reports through 2015:Q2. Holding companies (table F.130 and L.130) All data through 2015:Q2. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residuals and are derived from data for other sectors. Rest of the world (tables F.132 and L.132) Balance of payments, NIPA estimates, bank Call Reports, and Treasury International Capital System data through 2015:Q2. International Investment Position data through 2015:Q1 xi List of Data Tables Title Table Page Summaries Flow of Funds Matrix—Flows 1 Flow of Funds Matrix—Assets and Liabilities 2 Debt Growth by Sector D.1 3 Borrowing by Sector D.2 4 Debt Outstanding by Sector D.3 5 Net National Wealth B.1 6 Distribution of Gross Domestic Product F.2 7 Distribution of National Income F.3 8 Saving and Investment F.4 9 Net Capital Transfers F.5 10 Derivation of Measures of Personal Saving F.6 11 Assets and Liabilities of the Personal Sector L.6 12 Flows Title Levels Table Page Table Page F.100 13 L.100 74 Households and Nonprofit Organizations F.101 14 L.101 75 Nonfinancial Business F.102 15 L.102 76 Nonfinancial Corporate Business F.103 16 L.103 77 Nonfinancial Noncorporate Business F.104 17 L.104 78 General Government F.105 18 L.105 79 Federal Government F.106 19 L.106 80 State and Local Governments F.107 20 L.107 81 F.108 21 L.108 82 Monetary Authority F.109 22 L.109 83 Private Depository Institutions F.110 23 L.110 84 U.S.-Chartered Depository Institutions F.111 24 L.111 85 Foreign Banking Offices in U.S. F.112 25 L.112 86 Banks in U.S.-Affiliated Areas F.113 26 L.113 87 Credit Unions F.114 26 L.114 87 Sectors Domestic Nonfinancial Domestic Financial xii Sectors Property-Casualty Insurance Companies F.115 27 L.115 88 Life Insurance Companies F.116 28 L.116 89 Life Insurance Companies: General Accounts F.116.g 29 L.116.g 90 Life Insurance Companies: Separate Accounts F.116.s 29 L.116.s 90 F.117 30 L.117 91 F.118 31 L.118 92 Private Pension Funds: Defined Benefit Plans F.118.b 32 L.118.b 93 Private Pension Funds: Defined Contribution Plans F.118.c 32 L.118.c 93 F.119 33 L.119 94 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 34 L.119.b 95 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 35 L.119.c 95 F.120 35 L.120 96 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 36 L.120.b 97 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 36 L.120.c 97 Money Market Mutual Funds F.121 37 L.121 98 Mutual Funds F.122 37 L.122 98 Closed-End and Exchange-Traded Funds F.123 37 L.123 98 Government-Sponsored Enterprises F.124 38 L.124 99 Agency- and GSE-Backed Mortgage Pools F.125 38 L.125 99 Issuers of Asset-Backed Securities F.126 39 L.126 100 Finance Companies F.127 40 L.127 101 Real Estate Investment Trusts (REITs) F.128 41 L.128 102 Equity Real Estate Investment Trusts F.128.e 42 L.128.e 103 Mortgage Real Estate Investment Trusts F.128.m 42 L.128.m 103 Security Brokers and Dealers F.129 43 L.129 104 Holding Companies F.130 44 L.130 105 Funding Corporations F.131 45 L.131 106 F.132 46 L.132 107 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xiii Instruments U.S. Official Reserve Assets and SDR Allocations F.200 47 L.200 108 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 47 L.201 108 U.S. Deposits in Foreign Countries F.202 47 L.202 108 Net Interbank Transactions F.203 48 L.203 109 Checkable Deposits and Currency F.204 49 L.204 110 Time and Savings Deposits F.205 50 L.205 111 Money Market Mutual Fund Shares F.206 50 L.206 111 Federal Funds and Security Repurchase Agreements F.207 51 L.207 112 Debt Securities F.208 52 L.208 113 Open Market Paper F.209 53 L.209 114 Treasury Securities F.210 54 L.210 115 Agency- and GSE-Backed Securities F.211 55 L.211 116 Municipal Securities F.212 56 L.212 117 Corporate and Foreign Bonds F.213 57 L.213 118 F.214 58 L.214 119 Depository Institution Loans Not Elsewhere Classified F.215 59 L.215 120 Other Loans and Advances F.216 60 L.216 121 Total Mortgages F.217 61 L.217 122 Home Mortgages F.218 62 L.218 123 Multifamily Residential Mortgages F.219 62 L.219 123 Commercial Mortgages F.220 63 L.220 124 Farm Mortgages F.221 63 L.221 124 F.222 64 L.222 125 Corporate Equities F.223 65 L.223 126 Mutual Fund Shares F.224 65 L.224 126 Trade Credit F.225 66 L.225 127 Life Insurance Reserves F.226 66 L.226 127 Pension Entitlements F.227 67 L.227 128 Taxes Payable by Businesses F.228 67 L.228 128 Proprietors' Equity in Noncorporate Business F.229 67 L.229 128 Direct Investment F.230 68 L.230 129 Loans Consumer Credit xiv Total Miscellaneous Financial Claims F.231 69 L.231 130 Identified Miscellaneous Financial Claims—Part I F.232 70 L.232 131 Identified Miscellaneous Financial Claims—Part II F.233 71 L.233 132 Unidentified Miscellaneous Financial Claims F.234 72 L.234 133 Sector Discrepancies F.7 73 Instrument Discrepancies F.8 73 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.101 134 R.101 137 Nonfinancial Corporate Business B.103 135 R.103 138 Nonfarm Noncorporate Business B.104 136 R.104 139 Balance Sheet and Changes in Net Worth Flows Title Table Levels Page Table Page Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail Nonprofit Organizations F.101.a Title 141 B.101.e 140 L.101.a 142 Table Page Total Economy—Current Account S.1.a 143 Selected Aggregates for Total Economy and Sectors S.2.a 144 Households and Nonprofit Institutions Serving Households S.3.a 146 Nonfinancial Noncorporate Business S.4.a 149 Nonfinancial Corporate Business S.5.a 152 Financial Business S.6.a 155 Federal Government S.7.a 158 State and Local Governments S.8.a 161 Rest of the World S.9.a 164 Integrated Macroeconomic Accounts for the United States Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 34 35 36 37 38 39 40 41 42 43 -261.3 45.3 532.3 -39.1 --8.5 54.4 404.8 -- 54.1 -51.8 8.0 -5.7 -464.4 -0.1 -19.8 -200.1 -67.2 -177.2 ----6.4 -107.6 408.0 -33.6 -- 731.9 1149.8 -- 2525.4 1793.4 1205.6 456.6 139.7 --8.4 ---- U (1) -- ------1.2 --3.1 418.2 120.2 33.2 51.7 213.1 -4.8 ----4.8 -- ---------- --417.8 -------- 2264.1 1458.1 805.9 S (2) Households and Nonprofit Organizations 487.2 ----311.0 -300.4 -15.4 138.8 2.2 --3.5 -1.3 -14.5 -6.6 -2.1 2.4 -8.3 -- ----6.7 -106.0 36.7 10.1 4.7 -316.5 903.9 -- 1718.5 2034.9 -85.2 1871.4 77.1 1.2 ---- U (3) -- --6.3 37.1 -98.0 638.1 -387.5 -121.4 404.1 157.0 91.4 155.7 -- 303.0 37.9 ---0.1 265.1 ---------- --1220.4 -------- 2205.6 1581.8 623.8 S (4) Nonfinancial Business Flow of Funds Matrix for 2014 -16.5 --6.2 ---7.6 2.4 1.3 8.5 6.3 --6.3 -- 18.9 -7.4 37.0 -15.7 0.4 4.6 -----15.6 7.6 6.8 5.9 -175.3 87.0 -- 165.9 341.2 -4.3 327.0 -9.9 ---- U (5) -- ------237.1 --38.8 0.4 -0.4 --- -14.0 ----14.0 -- ---------- --262.2 -------- 149.4 246.1 -96.7 S (6) State and Local Governments -48.6 ---19.9 ---12.5 -1.6 -2.2 110.0 -2.5 1.7 105.7 -0.0 --0.0 --0.0 -3.8 ----60.8 0.2 --- -630.8 160.2 -- -368.9 261.9 -1.5 263.1 --2.7 ---- U (7) -- 0.8 -----36.2 --18.4 0.0 --0.0 -- 735.9 -736.0 -0.1 --- 0.0 0.0 -0.3 ------- --791.0 -------- -417.5 270.7 -688.2 S (8) Federal Government 160.7 45.3 532.3 -13.8 39.1 311.0 -329.0 55.1 421.5 149.5 172.6 -54.4 19.6 98.7 -460.0 -14.1 15.1 -213.4 -75.1 -172.6 -3.8 ---13.1 -290.0 452.5 -16.8 10.5 -390.6 2300.9 -- 4040.8 4431.4 1205.6 547.5 2601.2 77.1 0.0 ---- U (9) -- 0.8 -6.3 37.1 -98.0 912.6 -387.5 -181.7 822.8 277.2 125.0 207.5 213.1 1020.1 37.9 736.0 -0.1 -18.8 265.1 0.0 0.0 -0.3 ------- --2691.5 -------- 4201.5 3556.7 644.8 S (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Flows) 3.6 10.9 ---26.0 -608.7 111.6 125.7 1.1 786.0 320.0 150.0 201.7 114.4 1233.3 -14.8 403.5 369.0 51.9 423.7 0.2 0.0 0.8 -9.6 131.5 -19.5 13.7 21.1 45.9 31.6 3087.6 -- 261.7 230.0 -7.4 222.6 --- ---- U (11) -- 55.5 532.3 15.9 2.0 -13.6 290.2 219.5 595.2 3.4 154.5 14.2 126.6 13.8 -- 178.6 -36.6 -150.6 -64.6 ----115.0 351.1 513.2 9.6 6.3 --3055.9 -------- 265.3 193.4 71.9 S (12) Domestic Financial Sectors 78.1 -----111.6 -- 101.8 48.1 14.3 50.1 -50.1 --- 534.3 7.6 317.4 -5.2 4.3 210.1 0.0 ---30.6 79.7 47.0 5.2 105.4 323.5 1127.9 -- 323.5 -0.0 -----0.0 ---- U (13) -- ----336.9 --11.0 436.5 --6.8 31.4 28.6 2.8 --- 108.8 -22.6 ---131.4 -3.6 ---114.3 ----26.4 --804.4 -------- 401.6 -401.6 S (14) Rest of the World General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Sector discrepancies (1 less 4) Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit 29 30 31 32 33 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds 23 24 25 26 27 28 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 11 12 13 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 4 5 6 7 8 9 10 14 15 16 17 18 19 20 21 22 Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, September 18, 2015 242.4 56.3 532.3 -13.8 39.1 336.9 111.6 937.8 268.5 595.2 164.9 1008.7 320.0 254.4 221.2 213.1 1307.6 -21.2 736.0 150.5 -18.8 461.2 -3.6 0.0 0.8 -22.7 162.1 350.2 513.2 9.6 161.8 -35.5 6516.4 -- 4626.0 4661.4 1205.6 555.0 2823.8 77.1 -- ---- U (15) S (16) -- 56.3 532.3 22.2 39.1 336.9 111.6 1191.9 268.5 595.2 178.3 1008.7 320.0 254.4 221.2 213.1 1307.6 -21.2 736.0 150.5 -18.8 461.2 -3.6 0.0 -0.3 -114.3 115.0 351.1 513.2 9.6 32.7 --6551.9 -------- 4868.4 3750.1 1118.3 All Sectors ---- Summary 242.4 --35.9 ---254.1 --13.4 ------ ------- ---1.1 -91.6 -47.1 0.9 ---129.1 35.5 --- 242.4 206.9 ------ (17) Instrument Discrepancy 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment abroad Foreign direct investment in U.S. Miscellaneous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 1282.8 20762.7 -10038.8 --921.4 13323.9 7800.4 -- 1031.8 -893.2 85.0 53.6 3181.5 14.9 895.5 52.6 1538.0 680.4 1115.7 7864.2 1102.1 -- ---45.3 -- 68470.7 --- ------29.1 --258.1 13653.0 212.9 513.7 9614.5 3311.9 223.1 ---223.1 -- ----- ------ -14163.3 14163.3 ----4691.8 -10296.3 -234.9 3325.1 108.7 --65.7 43.0 159.2 31.6 95.1 12.7 19.8 -- 1030.3 1056.0 652.2 13.5 ---71.4 -- 21639.2 --- --162.1 10021.3 -2768.2 4880.4 22228.7 -2578.2 6904.4 1933.0 1341.2 3630.2 -- 5106.4 182.4 --518.4 4405.5 ----- ------ -54649.6 22399.6 L (4) A (3) A (1) L (2) Nonfinancial Business Households and Nonprofit Organizations Flow of Funds Matrix for 2014 --137.2 ---116.0 176.9 86.0 180.5 215.3 --215.3 -- 1342.4 68.0 636.6 450.0 14.0 173.7 140.5 319.5 170.0 135.7 ------ 3020.1 --- A (5) ------1377.1 --822.2 16.6 -16.6 --- 2910.9 ---2910.9 -- ----- ------ -5126.8 5126.8 L (6) State and Local Governments --173.0 ---163.0 33.4 -55.8 1148.6 -195.9 117.2 835.6 0.5 --0.0 -0.5 226.8 1.7 --- 98.0 ----- 1900.9 --- A (7) 51.3 -----2061.1 --270.0 0.0 --0.0 -- 14441.1 -14416.7 24.4 --- ----- 51.2 5.2 25.3 --- -16905.1 16905.1 L (8) Federal Government 1282.8 20762.7 310.2 10038.8 4691.8 -11496.6 13534.3 8121.3 3561.4 2504.4 -1089.1 483.2 932.1 4683.6 114.5 1627.3 515.4 1571.8 854.7 2513.3 9241.5 1924.4 149.2 98.0 --116.7 -- 95030.9 --- A (9) 51.3 -162.1 10021.3 -2768.2 8347.7 22228.7 -3928.5 20574.0 2145.9 1871.5 13244.7 3311.9 22681.4 182.4 14416.7 24.4 3652.4 4405.5 ----- 51.2 5.2 25.3 --- -90844.9 58594.9 L (10) Domestic Nonfinancial Sectors (Billions of dollars; All Sectors -- Assets and Liabilities) 194.6 ---884.2 -12116.9 16764.9 3859.7 132.1 20339.4 2910.2 2064.0 12985.3 2379.8 23678.1 707.9 6633.2 6526.7 2000.1 7810.1 350.4 715.4 650.4 2779.2 32.0 5.2 46.3 24.1 2453.3 85026.1 --- A (11) 1426.1 20762.7 -43.2 17.5 -588.3 7324.1 7280.0 12603.6 17.9 2119.8 459.0 1437.0 223.8 -- 13041.3 363.6 -7920.2 -4757.4 3537.5 10448.7 2688.1 2949.3 ----2865.3 -87627.0 80329.5 L (12) Domestic Financial Sectors -----3356.5 -- 5929.2 622.6 162.9 189.8 -189.8 --- 10146.9 107.9 6156.2 902.6 80.4 2899.7 671.0 491.8 113.4 812.3 51.2 ---444.9 22992.3 --- A (13) ----5576.0 -149.8 6719.7 -46.2 339.8 305.3 34.5 --- 2785.8 384.3 ---2401.5 ---747.3 118.9 --821.1 -- -17304.5 10584.8 L (14) Rest of the World 1477.4 20762.7 310.2 10038.8 5576.0 3356.5 23613.5 36228.4 12603.6 3856.3 23033.6 2910.2 3342.9 13468.6 3311.9 38508.5 930.4 14416.7 7944.6 3652.4 11564.4 3534.7 10448.7 2688.1 3740.7 181.1 5.2 46.3 140.8 2898.1 203049.3 --- A (15) L (16) 1477.4 20762.7 118.9 10038.8 5576.0 3356.5 15821.7 36228.4 12603.6 3992.6 23033.6 2910.2 3342.9 13468.6 3311.9 38508.5 930.4 14416.7 7944.6 3652.4 11564.4 3537.5 10448.7 2688.1 3696.6 170.0 5.2 25.3 821.1 2865.3 -195776.4 149509.2 All Sectors General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 24) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets Total liabilities and equity Total liabilities 1 2 3 Z.1, September 18, 2015 ---191.4 ----7791.8 --136.3 ------ ------- 2.8 ---44.1 -11.0 --21.0 680.2 -32.8 -7272.9 --- (17) Instrument Discrepancy Summary 2 3 Domestic financial sectors Foreign Summary Z.1, September 18, 2015 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 1981 1982 1983 1984 1985 10.2 10.5 12.1 14.8 16.1 7.1 5.7 11.3 12.6 16.8 7.2 4.8 10.2 11.4 14.6 5.5 5.0 12.1 18.4 15.9 12.9 9.9 9.2 16.1 11.0 13.6 10.3 8.4 16.6 12.6 8.0 11.2 11.4 11.4 31.8 11.8 19.1 18.5 16.8 17.7 17.2 13.4 13.1 17.7 21.1 11.6 7.1 7.4 3.5 0.6 1986 1987 1988 1989 1990 12.0 9.0 9.2 7.4 6.6 11.5 9.6 9.8 8.9 6.9 13.7 13.4 11.8 10.9 8.8 9.1 4.8 6.7 6.3 1.9 11.5 7.8 9.9 6.3 3.6 13.9 8.9 10.9 7.3 5.3 10.9 12.0 6.0 5.3 5.0 13.9 8.7 8.6 7.6 11.0 24.9 15.9 12.9 10.7 8.6 3.0 3.3 -1.2 -2.0 2.8 1991 1992 1993 1994 1995 4.7 4.7 5.9 5.2 4.9 5.5 5.3 6.5 7.6 7.0 7.0 6.5 5.5 5.6 4.9 -1.1 1.1 7.4 15.2 14.4 -2.1 -0.3 3.1 5.4 5.9 -2.1 0.6 5.3 7.1 6.7 9.2 1.5 5.3 -3.9 -5.5 11.2 10.9 8.4 5.1 4.2 7.0 8.0 10.4 13.4 11.8 3.4 4.0 15.8 -4.5 15.3 1996 1997 1998 1999 2000 5.2 5.5 6.6 6.6 4.8 6.9 6.5 7.7 9.1 8.8 6.2 6.1 8.0 9.4 8.7 9.0 5.5 7.2 7.8 11.4 5.4 8.5 11.5 10.5 9.1 5.2 8.6 10.8 9.6 8.3 -2.0 4.9 6.2 3.3 1.4 4.8 1.5 -0.3 -0.7 -6.3 13.0 12.1 19.7 16.7 11.6 14.1 10.8 4.5 1.8 7.5 2001 2002 2003 2004 2005 5.9 6.7 7.7 9.1 8.6 8.7 9.8 12.1 11.7 10.6 10.6 13.3 14.5 13.5 13.4 8.6 5.6 5.3 5.6 4.5 5.2 2.2 1.1 5.6 8.1 3.8 0.1 0.1 3.0 5.3 8.8 11.1 8.3 11.4 5.8 1.3 6.8 9.5 8.3 6.6 10.4 8.4 11.0 9.2 8.8 -2.4 6.3 1.8 8.6 8.1 2006 2007 2008 2009 2010 8.4 8.1 5.7 3.4 4.3 10.5 7.2 -0.1 0.3 -0.6 11.2 7.4 0.9 0.6 -1.7 5.2 6.1 1.3 -3.9 -1.0 9.8 12.4 5.8 -4.3 -0.9 7.4 11.5 4.1 -5.4 -1.2 3.9 5.5 0.6 4.0 2.3 3.9 4.7 21.4 20.4 18.5 10.5 13.7 4.6 -9.5 -5.3 21.2 15.7 -9.9 13.8 7.4 2011 2012 2013 2014 3.5 5.0 4.0 4.4 -0.5 2.0 1.8 3.1 -0.7 -0.7 0.1 0.5 4.1 6.1 6.0 6.9 3.0 4.8 5.1 6.3 4.9 5.8 6.4 6.9 -1.7 -0.2 -1.3 -0.5 10.8 10.1 6.7 5.4 -2.0 -2.6 1.9 2.2 7.7 7.8 8.6 4.7 2009 -- Q1 Q2 Q3 Q4 3.6 5.1 3.0 1.9 -0.8 0.7 0.5 0.7 1.3 0.7 -0.1 0.6 -3.0 -5.9 -3.2 -3.8 -2.7 -3.6 -5.6 -5.4 -3.7 -4.2 -7.3 -6.9 2.5 4.7 3.7 4.6 21.7 25.0 17.7 11.7 -11.3 -11.9 -8.6 -7.1 4.8 12.5 10.8 22.1 2010 -- Q1 Q2 Q3 Q4 3.5 4.7 4.6 4.3 -2.6 0.3 -0.7 0.7 -3.9 -0.6 -1.7 -0.9 -3.1 -2.6 0.1 1.6 -1.6 -3.4 1.9 -0.5 -2.0 -5.2 3.2 -0.5 3.1 -0.1 1.8 4.5 18.8 21.5 15.4 13.8 -6.1 -6.6 -4.2 -5.3 8.0 -3.1 5.6 17.5 2011 -- Q1 Q2 Q3 Q4 2.7 1.8 5.2 4.3 1.0 -1.4 -2.1 0.4 -0.7 -0.6 -0.8 -0.8 4.0 3.3 4.0 4.8 1.6 3.3 3.5 3.4 2.6 5.5 5.7 5.3 -2.9 -3.6 -0.2 -0.2 7.6 5.9 17.2 10.9 -0.7 -2.3 -1.6 -3.5 15.6 15.3 -3.2 2.4 2012 -- Q1 Q2 Q3 Q4 5.3 5.5 3.8 5.3 2.0 1.9 1.1 2.9 -0.8 -0.6 -0.8 -0.7 5.3 7.2 5.3 6.3 4.0 3.8 4.2 6.7 4.7 4.0 4.9 9.0 -0.2 1.4 0.2 -2.2 11.5 11.9 7.2 8.3 -3.6 -3.9 -1.7 -1.3 -0.4 2.4 13.9 13.8 2013 -- Q1 Q2 Q3 Q4 4.4 2.2 3.2 6.1 1.0 1.4 3.3 1.5 -0.5 0.2 0.9 -0.3 5.9 5.5 6.5 5.7 3.6 5.1 7.3 4.2 5.8 5.8 9.4 4.2 1.7 -1.1 -3.0 -2.8 9.3 1.6 0.9 14.4 -0.7 1.8 0.5 6.2 13.5 3.2 7.4 9.9 2014 -- Q1 Q2 Q3 Q4 4.0 4.2 4.5 4.8 1.8 5.1 3.1 2.2 -0.2 0.5 0.5 1.1 5.7 8.2 6.8 6.1 6.1 5.0 6.1 7.2 8.7 4.7 7.0 6.5 -1.7 0.1 -1.7 1.5 5.7 3.5 6.0 5.9 -0.4 2.4 3.8 3.2 5.0 13.2 1.4 -1.0 2015 -- Q1 Q2 2.5 4.4 1.7 3.9 0.0 2.2 5.3 8.1 7.2 8.3 8.4 8.7 4.3 1.0 -1.1 2.4 -1.1 2.5 10.2 3.4 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary 4 Z.1, September 18, 2015 D.2 Borrowing by Sector 1 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 1981 1982 1983 1984 1985 413.3 466.4 593.6 810.6 1014.1 100.1 86.9 180.8 221.6 330.3 67.0 47.4 105.2 127.6 181.7 19.8 18.8 48.2 81.7 84.0 190.0 164.4 165.7 320.8 254.7 125.3 106.6 94.4 207.1 184.3 27.6 41.7 47.3 52.5 163.6 95.5 173.4 199.8 215.7 265.6 106.7 97.1 107.5 164.7 232.8 23.4 16.3 16.7 8.0 1.4 1986 1987 1988 1989 1990 880.9 735.6 820.8 717.9 688.4 266.3 247.3 274.0 275.4 229.8 199.4 221.6 215.6 224.9 200.0 55.8 32.3 46.6 47.0 15.1 294.9 223.7 308.5 214.3 131.3 227.7 165.6 224.4 165.9 131.0 74.2 90.4 50.4 47.4 47.1 245.5 174.2 187.9 180.9 280.2 333.6 267.8 253.8 236.9 212.3 10.2 11.4 -4.4 -7.9 11.1 1991 1992 1993 1994 1995 527.2 552.5 727.1 675.5 665.0 199.9 202.7 262.2 323.3 323.1 174.5 173.0 156.3 166.5 153.6 -8.8 9.2 61.4 135.0 147.0 -80.5 -10.5 113.7 204.3 237.5 -54.3 16.0 134.3 189.8 192.2 91.2 16.5 57.9 -45.5 -60.8 316.6 343.8 293.2 193.5 165.3 189.9 229.9 326.7 462.7 463.7 13.4 16.4 67.5 -23.2 76.4 1996 1997 1998 1999 2000 752.4 839.0 1047.5 1123.5 874.3 340.6 343.6 433.8 549.0 581.6 205.1 215.9 301.5 379.2 383.5 105.7 70.3 97.1 112.4 176.5 232.3 381.2 558.2 567.3 550.8 161.9 279.3 379.2 373.5 358.4 -20.5 50.8 66.8 37.3 16.9 200.0 63.4 -11.4 -30.1 -275.0 570.7 603.3 1096.3 1112.2 901.6 89.0 77.7 36.0 15.4 60.5 2001 2002 2003 2004 2005 1128.6 1345.4 1657.5 2113.1 2242.2 627.4 763.9 1039.0 1133.4 1145.2 508.2 706.0 872.1 934.7 1053.0 150.6 105.2 105.9 117.2 100.4 340.6 154.8 77.3 398.1 608.4 177.1 3.0 3.4 143.3 266.7 105.5 144.6 120.5 178.8 141.7 55.2 282.1 420.7 402.8 346.9 898.8 815.1 1157.1 1054.5 1109.2 -21.1 53.6 17.2 99.1 103.9 2006 2007 2008 2009 2010 2384.6 2479.4 1892.4 1203.6 1546.4 1261.0 946.6 -15.4 40.0 -78.9 997.6 733.5 93.3 66.8 -182.2 120.4 151.3 34.9 -103.6 -25.3 803.5 1115.7 587.4 -455.3 -90.2 388.1 652.5 261.8 -358.2 -70.7 100.9 146.7 17.9 113.0 69.5 219.1 270.4 1302.5 1505.8 1645.9 1424.7 2054.7 786.0 -1706.9 -872.0 286.7 260.9 -198.2 222.2 149.0 2011 2012 2013 2014 1312.8 1925.6 1612.9 1842.9 -70.9 261.0 240.0 413.5 -73.1 -68.7 4.8 44.5 108.6 169.4 175.9 213.1 297.8 489.3 554.5 707.1 294.6 364.1 432.4 489.2 -52.7 -5.3 -38.9 -13.7 1138.7 1180.6 857.3 735.9 -309.5 -386.5 284.0 333.2 172.8 195.0 243.3 140.3 2009 -- Q1 Q2 Q3 Q4 1272.9 1797.6 1057.7 686.1 -116.1 103.4 74.0 98.6 138.7 73.4 -9.3 64.5 -78.7 -153.9 -82.6 -99.1 -287.3 -386.0 -590.6 -557.2 -245.8 -273.3 -474.1 -439.6 72.6 136.4 108.9 134.1 1603.7 1943.7 1465.3 1010.6 -2028.8 -2118.7 -1488.4 -1191.6 77.7 201.6 189.3 420.2 2010 -- Q1 Q2 Q3 Q4 1245.1 1691.7 1664.1 1584.5 -352.5 40.3 -93.4 89.9 -407.6 -63.8 -171.1 -86.2 -78.4 -65.6 2.8 39.7 -161.0 -342.2 191.9 -49.5 -123.1 -322.0 195.0 -32.9 92.0 -1.6 53.0 134.8 1666.6 1995.2 1512.6 1409.3 -1000.4 -1033.4 -641.2 -812.9 160.9 -63.6 115.3 383.3 2011 -- Q1 Q2 Q3 Q4 1013.0 678.2 1925.6 1634.6 133.1 -183.8 -287.6 54.5 -71.0 -58.7 -81.7 -81.2 106.8 89.5 106.7 131.3 163.0 332.3 348.6 347.2 159.3 334.6 352.1 332.4 -87.4 -108.7 -7.3 -7.4 804.3 638.3 1871.8 1240.2 -109.8 -354.6 -241.8 -531.8 351.5 360.0 -80.5 60.2 2012 -- Q1 Q2 Q3 Q4 2015.3 2122.2 1485.3 2079.6 266.3 251.3 143.6 382.7 -76.4 -56.7 -75.8 -65.7 145.1 200.5 149.8 182.3 408.1 395.1 441.3 712.7 294.9 256.9 313.1 591.3 -4.5 42.4 6.5 -65.4 1345.4 1433.4 893.9 1049.6 -529.7 -581.1 -248.3 -186.8 -10.7 60.6 354.4 375.8 2013 -- Q1 Q2 Q3 Q4 1771.9 906.5 1283.3 2489.9 134.9 180.8 439.0 205.3 -49.9 20.4 81.0 -32.4 173.4 161.8 194.3 174.2 392.4 549.9 809.0 466.6 388.7 395.3 649.0 296.4 49.5 -33.3 -88.3 -83.3 1195.1 209.1 123.7 1901.3 -99.8 261.0 71.7 903.0 384.0 93.2 208.6 287.5 2014 -- Q1 Q2 Q3 Q4 1661.1 1759.5 1916.6 2034.4 237.0 696.3 419.3 301.4 -18.3 43.7 46.9 105.5 177.0 256.6 219.3 199.5 689.0 579.6 709.5 850.4 616.8 343.8 513.2 482.8 -49.7 1.6 -50.9 44.3 784.7 482.1 838.7 838.2 -61.1 355.1 560.1 478.5 146.9 400.8 44.8 -31.5 2015 -- Q1 Q2 1074.3 1935.9 240.5 547.8 0.2 206.1 174.4 270.7 863.2 1008.8 636.3 674.6 126.9 29.3 -156.3 350.0 -159.5 377.2 318.8 109.2 1. Debt securities and loans. 5 Domestic financial sectors Foreign Summary Z.1, September 18, 2015 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 1981 1982 1983 1984 1985 4459.4 4895.6 5492.1 6302.3 7334.6 1521.2 1593.2 1754.0 1971.6 2322.7 998.3 1031.2 1116.4 1243.3 1450.2 377.9 396.7 444.9 526.6 610.6 1658.5 1807.6 1996.2 2320.6 2572.0 1038.7 1129.9 1247.2 1458.0 1638.9 372.1 413.8 461.1 513.6 677.9 907.7 1081.0 1280.8 1496.5 1762.0 723.6 823.4 931.1 1104.5 1338.2 229.4 224.1 228.2 228.1 335.0 1986 1987 1988 1989 1990 8212.6 8930.6 9747.9 10482.9 11198.6 2586.9 2788.9 3079.8 3347.6 3606.6 1649.0 1828.6 2054.8 2260.1 2489.3 666.4 698.6 745.2 809.3 824.4 2866.0 3117.4 3405.5 3644.3 3773.8 1865.8 2059.2 2263.5 2454.1 2583.3 752.1 842.6 893.0 940.4 987.4 2007.5 2181.7 2369.6 2550.5 2830.8 1679.8 1959.9 2213.7 2479.1 2694.5 346.1 357.2 393.1 389.2 396.2 1991 1992 1993 1994 1995 11722.5 12278.2 13020.0 13701.9 14382.8 3810.1 4012.8 4277.4 4600.1 4923.1 2667.4 2840.4 2999.0 3165.5 3319.2 815.6 824.8 886.2 1021.2 1168.2 3686.4 3679.1 3805.2 4016.5 4269.8 2524.4 2543.6 2690.4 2887.2 3095.2 1078.6 1095.1 1153.0 1107.5 1046.7 3147.4 3491.1 3784.3 3977.8 4143.1 2884.4 3129.9 3462.0 3932.7 4399.4 406.2 425.8 520.6 500.4 630.7 1996 1997 1998 1999 2000 15135.2 15972.1 17019.5 18177.4 19061.5 5276.8 5620.4 6054.2 6603.2 7194.7 3537.3 3753.2 4054.7 4431.6 4813.9 1273.9 1344.2 1441.3 1553.6 1741.3 4489.1 4868.3 5426.5 6028.2 6579.0 3244.1 3521.3 3900.4 4308.3 4666.7 1026.2 1076.9 1143.8 1181.0 1197.9 4343.1 4406.5 4395.1 4365.0 4090.0 4970.2 5553.4 6649.6 7759.6 8662.2 720.9 801.7 842.4 803.9 867.6 2001 2002 2003 2004 2005 20173.2 21518.6 23220.3 26065.3 28294.5 7822.0 8585.9 9655.0 10808.4 11953.6 5322.0 6028.0 6909.9 7859.5 8912.5 1891.8 1997.0 2102.9 2220.1 2320.6 6902.6 7057.4 7148.8 7557.8 8166.3 4826.8 4829.8 4847.3 5001.6 5268.2 1303.4 1447.9 1568.4 2448.2 2589.8 4145.2 4427.3 4848.0 5250.9 5584.8 9687.3 10502.4 11494.8 12564.2 13618.8 849.4 955.7 1156.6 1285.2 1350.5 2006 2007 2008 2009 2010 30723.3 33179.6 34934.2 35749.6 37039.0 13238.1 14156.6 14015.0 13762.5 13508.6 9910.2 10613.0 10580.1 10419.3 9915.4 2461.3 2615.1 2650.0 2552.3 2646.9 8990.6 10111.2 10687.0 10136.0 9963.9 5677.1 6336.1 6593.0 6150.6 6013.0 2690.8 2837.5 2855.4 2968.4 3038.0 5803.9 6074.3 7376.8 8882.6 10528.6 15010.5 17176.0 17881.8 16449.3 15219.2 1657.9 1996.6 1604.4 2005.9 2257.9 2011 2012 2013 2014 38203.3 39965.8 41459.6 43255.4 13296.6 13355.4 13507.6 13876.1 9695.8 9486.7 9403.7 9403.2 2755.4 2922.9 3098.8 3311.9 10254.2 10782.6 11305.7 12010.8 6307.6 6715.2 7120.7 7610.3 2985.3 2980.0 2941.1 2927.5 11667.3 12847.8 13705.1 14441.1 14831.6 14630.5 14847.3 15161.1 2484.9 2834.0 2958.2 3125.6 2009 -- Q1 Q2 Q3 Q4 35143.3 35538.9 35737.2 35749.6 13869.6 13844.5 13800.1 13762.5 10569.0 10530.6 10465.4 10419.3 2630.4 2597.7 2577.0 2552.3 10622.4 10523.0 10372.2 10136.0 6541.1 6472.7 6354.2 6150.6 2873.5 2907.7 2934.9 2968.4 7777.7 8263.7 8630.0 8882.6 17798.5 17235.2 16830.9 16449.3 1610.3 1751.0 1900.5 2005.9 2010 -- Q1 Q2 Q3 Q4 36071.2 36444.2 36816.4 37039.0 13668.7 13631.3 13566.4 13508.6 10269.4 10206.0 10121.7 9915.4 2536.3 2519.9 2520.6 2646.9 10111.8 10023.9 10069.5 9963.9 6137.1 6056.6 6105.3 6013.0 2991.4 2991.0 3004.3 3038.0 9299.3 9798.1 10176.2 10528.6 15664.6 15383.4 15202.4 15219.2 2067.7 2056.4 2195.1 2257.9 2011 -- Q1 Q2 Q3 Q4 37251.4 37385.8 37830.7 38203.3 13503.0 13423.8 13317.2 13296.6 9858.8 9805.5 9750.4 9695.8 2673.6 2695.9 2722.6 2755.4 10002.7 10083.8 10169.2 10254.2 6052.8 6136.4 6224.5 6307.6 3016.1 2988.9 2987.1 2985.3 10729.6 10889.2 11357.2 11667.3 15173.0 15060.4 14981.5 14831.6 2349.2 2478.3 2457.6 2484.9 2012 -- Q1 Q2 Q3 Q4 38666.3 39153.5 39479.5 39965.8 13330.8 13352.1 13292.6 13355.4 9642.1 9588.3 9533.7 9486.7 2791.7 2839.8 2877.3 2922.9 10347.7 10444.7 10605.1 10782.6 6372.0 6436.2 6566.4 6715.2 2984.1 2994.7 2996.4 2980.0 12003.6 12362.0 12585.4 12847.8 14745.0 14579.6 14685.2 14630.5 2527.8 2557.7 2719.9 2834.0 2013 -- Q1 Q2 Q3 Q4 40381.2 40582.1 40869.5 41459.6 13362.8 13383.5 13472.3 13507.6 9448.0 9428.6 9427.9 9403.7 2966.2 3006.7 3055.3 3098.8 10879.4 11015.7 11205.4 11305.7 6812.3 6911.1 7062.0 7120.7 2992.4 2984.0 2962.0 2941.1 13146.6 13198.9 13229.8 13705.1 14590.0 14640.3 14642.5 14847.3 2894.5 2829.9 2900.5 2958.2 2014 -- Q1 Q2 Q3 Q4 41860.0 42287.3 42749.4 43255.4 13552.8 13715.0 13808.3 13876.1 9385.1 9384.1 9384.4 9403.2 3143.1 3207.2 3262.0 3311.9 11477.2 11621.4 11793.2 12010.8 7274.7 7360.6 7483.9 7610.3 2928.7 2929.1 2916.4 2927.5 13901.3 14021.8 14231.5 14441.1 14823.5 14906.0 15044.9 15161.1 3027.6 3186.5 3137.3 3125.6 2015 -- Q1 Q2 43506.1 43979.0 13919.3 14045.7 9386.2 9427.2 3355.5 3423.2 12225.7 12477.4 7769.2 7937.9 2959.2 2966.5 14402.0 14489.5 15114.5 15202.8 3201.1 3114.6 1. Debt securities and loans. Data shown are on an end-of-period basis. Total State and local governments Summary 6 Z.1, September 18, 2015 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 U.S. net wealth (1) 60079.6 59623.5 64805.3 74492.1 77891.5 75110.4 76782.7 76510.1 77891.5 79202.7 79690.3 1 2 3 4 5 6 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 23365.5 18397.0 280.1 101.8 4586.7 23395.2 18269.6 293.0 109.4 4723.3 25107.6 19841.0 301.8 115.9 4848.9 27688.0 22319.6 309.1 121.5 4937.8 29118.3 23634.6 320.0 125.9 5037.8 28098.7 22708.9 311.3 122.3 4956.1 28370.1 22939.9 314.3 123.2 4992.8 28693.1 23229.1 317.2 124.7 5022.1 29118.3 23634.6 320.0 125.9 5037.8 29644.4 24119.3 323.3 126.8 5075.0 30216.5 24618.0 325.7 127.5 5145.2 2 3 4 5 6 8822.2 7666.3 709.2 189.9 256.9 9221.9 7993.2 740.7 196.6 291.3 9951.6 8684.9 772.6 204.7 289.3 11031.9 9725.3 804.9 214.6 287.1 11696.0 10331.2 838.2 223.3 303.3 11148.9 9810.5 817.8 220.0 300.7 11305.4 9951.2 829.0 223.9 301.3 11485.0 10126.3 831.9 225.4 301.4 11696.0 10331.2 838.2 223.3 303.3 11925.0 10600.2 829.4 203.1 292.3 12089.6 10798.5 820.3 179.3 291.5 7 8 9 10 11 7 8 9 10 11 Nonfin. noncorporate businesses nonfinancial assets Real estate Equipment Intellectual property products Inventories 12 Fin. noncorporate businesses nonfinancial assets (2) 15.9 11.9 17.3 15.9 17.5 16.8 16.8 17.4 17.5 17.2 16.6 12 13 14 15 Market value of domestic corporations (3) Nonfinancial corporate equity Financial corporate equity 18652.2 14356.5 4295.7 18439.1 14369.4 4069.7 20893.2 15961.6 4931.6 27183.3 20717.0 6466.4 29508.7 22228.7 7280.0 27505.1 20914.0 6591.1 28686.2 21883.8 6802.4 28254.7 21445.2 6809.6 29508.7 22228.7 7280.0 29776.2 22384.0 7392.2 29598.7 22137.8 7460.9 13 14 15 16 17 18 19 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 2957.5 1352.5 680.9 924.1 3066.8 1406.9 711.0 948.9 3137.2 1439.8 726.6 970.8 3206.4 1480.6 732.7 993.1 3258.6 1507.9 742.0 1008.7 3220.4 1487.9 735.6 997.0 3229.9 1491.6 738.2 1000.2 3246.6 1501.5 739.9 1005.2 3258.6 1507.9 742.0 1008.7 3253.5 1500.2 743.8 1009.5 3240.9 1495.2 738.6 1007.0 16 17 18 19 20 21 22 23 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 8557.5 8207.7 245.4 104.4 9068.6 8711.9 246.5 110.2 9384.7 9022.9 246.7 115.2 9718.9 9350.3 248.4 120.1 9980.2 9603.7 252.1 124.4 9793.8 9422.9 249.5 121.4 9861.5 9488.5 250.4 122.6 9936.1 9560.9 251.4 123.7 9980.2 9603.7 252.1 124.4 9990.4 9612.1 253.3 125.0 10003.0 9623.8 253.7 125.5 20 21 22 23 24 Net U.S. financial claims on the rest of the world -2291.3 -3580.1 -3686.2 -4352.3 -5687.8 -4673.3 -4687.2 -5122.8 -5687.8 -5404.0 -5474.9 24 25 26 27 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 13762.7 4900.2 8862.5 13932.9 4501.4 9431.5 15276.4 5321.9 9954.6 16784.2 6472.9 10311.3 17304.5 6719.7 10584.8 17078.6 6627.8 10450.8 17726.8 7061.2 10665.6 17546.6 6803.7 10742.8 17304.5 6719.7 10584.8 17864.1 7118.4 10745.7 17927.3 7224.6 10702.7 25 26 27 28 29 30 Less: Foreign financial claims on U.S. Foreign holdings of U.S. corporate equities Other foreign financial claims 16054.1 3216.0 12838.1 17513.0 3397.2 14115.8 18962.6 3953.0 15009.6 21136.5 5204.4 15932.1 22992.3 5929.2 17063.2 21751.8 5378.2 16373.6 22414.0 5634.1 16779.8 22669.4 5719.3 16950.1 22992.3 5929.2 17063.2 23268.1 5975.6 17292.5 23402.2 5895.0 17507.2 28 29 30 Memo: 31 32 33 A. U.S. net wealth (line 1) Change in U.S. net wealth Percent change in U.S. net wealth 60079.6 2981.1 5.2 59623.5 -456.1 -0.8 64805.3 5181.9 8.7 74492.1 9686.8 14.9 77891.5 3399.4 4.6 75110.4 618.3 0.8 76782.7 1672.4 2.2 76510.1 -272.7 -0.4 77891.5 1381.5 1.8 79202.7 1311.2 1.7 79690.3 487.6 0.6 31 32 33 34 35 36 B. Household net worth (5) Change in household net worth Percent change in household net worth 62574.8 4184.1 7.2 63839.8 1265.0 2.0 69922.1 6082.3 9.5 79371.0 9448.9 13.5 83425.7 4054.7 5.1 80481.7 1110.7 1.4 81882.5 1400.8 1.7 81861.1 -21.4 -0.0 83425.7 1564.6 1.9 85017.2 1591.5 1.9 85712.0 694.8 0.8 34 35 36 (1) U.S. net wealth measures the value of tangible assets controlled by the household and nonprofit organizations, noncorporate business, and government sectors of the U.S. economy and the market value of domestic nonfinancial and financial corporations, net of U.S. financial obligations to the rest of the world (sum of lines 2+7+12+13+16+20+24). (2) Assumed to be equal to proprietors’ equity in noncorporate brokers and dealers. (3) This measure does not equal the net worth of the nonfinancial corporate business and financial business sectors reported in the Integrated Macroeconomic Accounts (tables S.2.a and S.2.q) because of differences in the valuation of assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 7 Z.1, September 18, 2015 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 7 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment (3) 8 9 10 11 12 Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 13 14 15 16 17 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Q2 2015 Q3 Q4 Q1 Q2 14964.4 15517.9 16155.3 16663.2 17348.1 16984.3 17270.0 17522.1 17615.9 17649.3 17902.0 1 10202.2 10689.3 11050.6 11392.3 11865.9 11640.3 11813.0 11949.1 12061.4 12055.5 12213.9 2 1070.7 2292.1 6839.4 1125.3 2471.1 7092.8 1191.9 2547.2 7311.5 1237.8 2598.9 7555.5 1280.2 2668.2 7917.5 1243.1 2631.6 7765.6 1279.1 2672.4 7861.5 1295.1 2692.2 7961.7 1303.5 2676.6 8081.3 1301.8 2599.7 8153.9 1327.1 2650.8 8236.0 3 4 5 2100.8 2239.9 2511.7 2665.0 2860.0 2751.1 2841.6 2910.2 2937.2 2995.9 3026.3 6 2039.3 2198.1 2449.9 2593.2 2782.9 2708.4 2752.7 2821.8 2848.7 2868.6 2890.2 7 1658.2 134.1 1178.1 183.3 162.8 1812.1 130.8 1299.2 214.6 167.5 2007.7 137.4 1434.5 243.7 192.1 2084.3 133.7 1491.7 252.8 206.1 2233.7 139.7 1603.3 268.1 222.6 2181.9 130.7 1565.9 273.6 211.8 2211.7 138.8 1587.2 265.8 220.0 2267.0 147.8 1626.2 264.9 228.1 2274.1 141.6 1633.8 268.1 230.6 2280.7 142.5 1638.4 266.5 233.2 2292.2 146.5 1647.5 263.6 234.7 8 9 10 11 12 381.1 318.3 0.5 58.3 4.0 386.0 321.1 -1.8 60.2 6.5 442.2 367.9 0.2 68.9 5.3 508.9 424.6 -8.4 78.0 14.7 549.2 456.6 -0.4 85.6 7.4 526.4 437.4 10.3 82.4 -3.6 540.9 449.5 -12.8 84.5 19.7 554.8 461.2 1.7 86.5 5.4 574.6 478.1 -0.7 89.0 8.2 588.0 488.9 -3.7 91.1 11.7 597.9 499.8 4.3 92.8 1.0 13 14 15 16 17 61.5 57.9 3.6 41.8 34.9 6.8 61.8 65.8 -4.0 71.8 55.2 16.6 77.1 63.2 13.9 42.7 35.4 7.4 88.9 72.4 16.6 88.3 71.6 16.7 88.5 73.4 15.1 127.3 104.8 22.5 136.2 115.2 21.0 18 19 20 18 19 20 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 Net U.S. exports of goods and services -512.7 -580.0 -565.7 -508.4 -530.0 -529.4 -530.9 -514.6 -545.2 -551.6 -517.5 21 22 23 Exports - Imports 1852.3 2365.0 2106.4 2686.4 2198.2 2763.8 2263.3 2771.7 2341.9 2871.9 2301.5 2830.8 2356.2 2887.0 2360.6 2875.2 2349.5 2894.6 2257.3 2808.9 2280.3 2797.7 22 23 3174.0 3168.7 3158.6 3114.2 3152.1 3122.3 3146.3 3177.4 3162.5 3149.5 3179.2 24 2522.2 1003.9 1518.3 2530.9 1006.1 1524.8 2544.1 1007.8 1536.3 2522.0 961.3 1560.7 2556.3 955.3 1601.0 2538.7 952.9 1585.8 2549.0 950.9 1598.2 2578.7 968.2 1610.5 2558.6 949.1 1609.5 2556.2 956.7 1599.5 2565.4 957.3 1608.1 25 26 27 651.8 300.0 351.9 637.9 297.4 340.5 614.4 284.7 329.7 592.3 269.4 322.9 595.8 264.6 331.3 583.5 261.8 321.7 597.2 266.0 331.3 598.7 264.9 333.8 603.9 265.6 338.3 593.3 261.5 331.8 613.9 263.4 350.5 28 29 30 206.0 720.0 514.1 246.6 792.6 546.0 237.6 801.5 563.9 250.4 826.2 575.8 263.1 854.3 591.2 258.8 840.0 581.2 257.0 850.4 593.3 271.9 869.7 597.8 264.7 857.0 592.3 227.5 817.0 589.5 218.3 826.3 608.0 31 32 33 15170.4 15764.6 16392.8 16913.5 17611.2 17243.1 17527.0 17794.0 17880.6 17876.8 18120.3 34 -8.5 -1.1 -1.0 10.6 -0.0 -7.8 -0.5 -0.9 9.2 -0.0 -7.9 0.8 -2.0 9.1 -0.1 -8.2 1.0 -2.4 9.6 0.0 -8.4 1.2 -2.7 9.9 -0.0 -8.4 -0.2 -1.2 9.9 -0.1 -8.4 0.3 -1.8 9.9 0.0 -8.4 4.9 -6.5 10.0 0.0 -8.4 -0.2 -1.3 9.9 0.0 -8.3 -0.8 -0.7 9.8 0.0 -8.3 120.0 -121.6 9.8 0.1 35 36 37 38 39 24 Government consumption expenditures and gross investment 25 26 27 Consumption expenditures (4) Federal State and local 28 29 30 Gross investment (4) Federal State and local Memo: 31 32 33 Net U.S. income receipts from rest of world U.S. income receipts - U.S. income payments 34 Gross National Product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local 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.101, line 4. (3) Structures, equipment, and intellectual property products. (4) Government inventory investment is included in consumption expenditures. Summary 8 Z.1, September 18, 2015 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 National Income 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 12739.5 13352.3 14061.9 14458.3 15076.5 14710.1 14981.3 15256.5 15358.2 15336.4 15437.4 1 2 3 4 Compensation of employees Wages and salaries Supplements to wages and salaries 7961.4 6377.5 1583.9 8269.0 6633.2 1635.9 8609.9 6930.3 1679.6 8839.7 7114.4 1725.3 9248.9 7477.8 1771.2 9103.7 7350.0 1753.7 9177.3 7414.5 1762.7 9289.9 7513.9 1776.0 9424.9 7632.6 1792.3 9487.9 7682.4 1805.5 9549.0 7730.1 1818.9 2 3 4 5 6 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1032.7 402.8 1143.7 485.3 1241.4 525.3 1285.1 563.4 1346.7 610.8 1304.8 591.0 1346.3 605.5 1357.8 618.4 1377.9 628.4 1369.4 637.0 1376.8 655.2 5 6 7 Corporate profits with IVA and CCAdj 1746.4 1816.6 1998.2 2037.4 2072.9 1924.7 2070.5 2161.0 2135.5 2012.5 2060.0 7 8 Corporate profits with IVA 1799.7 1738.5 2116.6 2164.9 2204.8 2054.4 2203.7 2295.0 2266.3 2351.5 2390.9 8 9 10 11 12 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 1840.7 1039.2 406.3 395.2 1806.8 1008.9 375.9 421.9 2130.8 1241.4 479.0 410.3 2161.6 1323.2 423.6 414.8 2207.8 1366.1 423.4 418.2 2111.2 1317.0 379.8 414.5 2227.6 1377.3 441.7 408.6 2279.5 1405.1 447.3 427.1 2212.8 1365.2 424.9 422.7 2252.3 1436.8 421.9 393.6 2369.9 1523.7 455.4 390.8 9 10 11 12 370.6 220.6 150.0 379.1 228.8 150.3 447.6 266.7 180.9 468.9 284.6 184.3 513.9 316.2 197.6 497.3 303.4 193.9 527.4 315.5 212.0 518.4 321.8 196.6 512.3 324.2 188.1 517.8 341.4 176.4 546.1 361.0 185.2 13 14 15 13 14 15 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 16 17 18 19 20 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1470.1 564.0 375.5 67.1 121.4 1427.7 703.7 441.0 107.7 154.9 1683.2 859.4 517.9 162.2 179.3 1692.7 924.0 525.2 252.5 146.3 1693.9 860.0 573.8 150.6 135.6 1613.9 857.3 588.9 139.2 129.2 1700.2 857.1 585.8 142.9 128.4 1761.1 853.6 542.7 164.0 146.8 1700.5 872.2 577.9 156.1 138.2 1734.5 878.5 588.6 204.9 85.0 1823.7 879.5 581.9 180.4 117.2 16 17 18 19 20 21 22 23 24 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 906.2 443.1 189.3 273.8 724.0 339.1 117.9 267.0 823.8 456.8 136.0 231.0 768.7 513.3 -13.1 268.5 833.9 476.1 75.2 282.6 756.7 424.7 46.7 285.3 843.1 476.0 86.8 280.2 907.5 540.6 86.6 280.3 828.3 463.0 80.7 284.5 856.0 506.8 40.6 308.6 944.3 580.8 89.9 273.6 21 22 23 24 25 Inventory valuation adjustment (IVA) -41.0 -68.3 -14.2 3.2 -2.9 -56.9 -24.0 15.5 53.5 99.2 21.1 25 26 27 28 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial -53.3 -15.2 -38.1 78.1 98.3 -20.2 -118.5 -77.6 -40.9 -127.5 -89.6 -37.9 -131.9 -92.1 -39.8 -129.6 -91.9 -37.8 -133.2 -93.5 -39.6 -134.0 -93.2 -40.8 -130.8 -89.7 -41.1 -338.9 -277.5 -61.4 -330.9 -269.8 -61.1 26 27 28 29 Net interest and miscellaneous payments 30 Taxes on production and imports 31 Less: Subsidies 32 33 34 35 36 489.4 488.1 527.7 513.5 532.3 555.6 535.9 515.8 521.9 561.3 507.2 29 1057.1 1102.6 1132.1 1178.0 1213.7 1196.1 1210.2 1221.7 1227.0 1226.8 1239.5 30 55.9 60.1 58.0 59.4 57.9 58.1 57.9 58.2 57.5 57.6 58.4 31 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 128.5 43.0 87.2 -1.7 131.5 50.2 89.2 -7.9 104.7 42.7 72.5 -10.6 119.4 41.2 91.9 -13.7 127.3 42.0 94.8 -9.5 110.0 41.8 82.2 -14.0 112.0 42.0 79.5 -9.6 168.5 42.1 133.1 -6.7 118.7 42.1 84.3 -7.7 115.6 42.4 80.1 -6.8 124.1 42.9 86.3 -5.1 32 33 34 35 Current surplus of government enterprises -22.9 -24.5 -19.3 -18.8 -18.3 -17.6 -18.4 -18.4 -18.6 -16.6 -16.1 36 12739.5 13352.3 14061.9 14458.3 15076.5 14710.1 14981.3 15256.5 15358.2 15336.4 15437.4 37 1923.5 458.1 49.2 1971.1 479.6 -38.3 2038.0 496.2 -203.3 2126.6 506.2 -177.6 2229.9 516.8 -212.0 2195.2 513.1 -175.3 2217.3 515.5 -187.0 2243.1 518.4 -224.0 2264.0 520.2 -261.8 2271.9 520.8 -252.3 2283.6 520.3 -120.9 38 39 40 206.0 246.6 237.6 250.4 263.1 258.8 257.0 271.9 264.7 227.5 218.3 41 14964.4 15517.9 16155.3 16663.2 17348.1 16984.3 17270.0 17522.1 17615.9 17649.3 17902.0 42 Memo: Calculation of Gross Domestic Product from National Income: (2) 37 National Income, from line 1 above 38 39 40 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 41 Less: Net U.S. income receipts from rest of world 42 Equals: Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. Summary 9 Z.1, September 18, 2015 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 Gross saving 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 11 12 13 14 15 16 17 18 19 20 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 Gross domestic investment, capital account transactions, and net lending, NIPAs 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2257.5 2434.6 2861.2 3039.2 3266.8 3107.2 3252.0 3340.2 3367.6 3366.8 3326.4 1 -124.1 1441.9 811.9 603.5 208.4 630.0 -1566.0 -1328.7 -237.3 -16.1 1444.0 733.9 584.2 149.7 710.1 -1460.1 -1244.1 -215.9 327.0 1637.9 691.2 556.3 134.8 946.7 -1310.8 -1090.1 -220.8 406.3 1234.4 644.5 650.7 -6.3 589.9 -828.0 -640.9 -187.1 520.1 1319.2 699.0 618.5 80.5 620.2 -799.2 -631.5 -167.7 398.9 1207.4 570.2 580.3 -10.1 637.2 -808.5 -619.2 -189.3 519.3 1309.5 686.0 615.2 70.7 623.5 -790.2 -630.0 -160.2 578.7 1394.8 789.1 640.9 148.2 605.7 -816.1 -650.1 -166.0 583.4 1365.3 751.0 637.8 113.2 614.3 -781.9 -626.7 -155.2 574.1 1303.8 616.3 587.5 28.8 687.6 -729.7 -579.3 -150.4 522.6 1268.3 634.4 567.0 67.4 633.9 -745.8 -593.6 -152.2 2 3 4 5 6 7 8 9 10 2381.6 1923.5 1523.0 1094.6 251.8 176.7 400.5 458.1 245.3 212.7 2450.6 1971.1 1572.8 1139.2 265.0 168.6 398.2 479.6 257.4 222.2 2534.2 2038.0 1633.4 1186.2 273.0 174.2 404.6 496.2 264.3 231.9 2632.8 2126.6 1699.4 1232.2 284.5 182.7 427.2 506.2 267.7 238.5 2746.7 2229.9 1775.2 1285.7 297.5 192.0 454.8 516.8 270.7 246.1 2708.3 2195.2 1747.2 1266.5 293.0 187.8 448.0 513.1 269.6 243.5 2732.8 2217.3 1766.4 1279.8 295.4 191.2 450.9 515.5 270.2 245.3 2761.5 2243.1 1785.7 1292.8 299.2 193.7 457.4 518.4 271.2 247.2 2784.2 2264.0 1801.3 1303.8 302.2 195.2 462.8 520.2 271.9 248.3 2792.7 2271.9 1807.4 1311.4 303.9 192.1 464.5 520.8 272.0 248.8 2803.8 2283.6 1817.7 1317.8 305.4 194.4 465.9 520.3 271.2 249.1 11 12 13 14 15 16 17 18 19 20 2306.7 2396.2 2658.0 2861.5 3054.7 2931.9 3065.0 3116.2 3105.8 3114.5 3205.5 21 22 23 24 25 26 27 28 29 30 31 Gross domestic investment Gross private domestic investment Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Gross government investment Federal State and local 2752.6 2100.8 1648.4 1239.0 246.7 162.8 452.4 651.8 300.0 351.9 2877.8 2239.9 1788.0 1338.9 281.7 167.5 451.9 637.9 297.4 340.5 3126.1 2511.7 2006.4 1505.7 308.6 192.1 505.3 614.4 284.7 329.7 3257.3 2665.0 2106.7 1553.2 347.4 206.1 558.4 592.3 269.4 322.9 3455.9 2860.0 2263.8 1673.5 367.6 222.6 596.2 595.8 264.6 331.3 3334.7 2751.1 2183.1 1616.1 355.2 211.8 568.0 583.5 261.8 321.7 3438.8 2841.6 2253.3 1666.6 366.7 220.0 588.3 597.2 266.0 331.3 3508.9 2910.2 2301.2 1694.9 378.2 228.1 609.0 598.7 264.9 333.8 3541.1 2937.2 2317.5 1716.5 370.4 230.6 619.7 603.9 265.6 338.3 3589.2 2995.9 2364.4 1750.0 381.2 233.2 631.4 593.3 261.5 331.8 3640.2 3026.3 2380.1 1760.8 384.7 234.7 646.2 613.9 263.4 350.5 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 0.7 -58.5 -29.4 19.8 -7.8 -41.5 -29.1 59.2 125.3 -66.2 1.6 -46.7 -40.9 -6.9 -1.6 -32.4 -5.8 48.4 113.0 -64.6 -6.5 -24.5 -11.5 -16.2 -4.9 9.6 -12.9 18.0 83.0 -65.0 0.8 7.0 -4.7 -4.7 -0.0 0.0 11.7 -6.1 55.7 -61.8 0.5 5.5 4.5 -5.5 0.0 10.0 0.9 -5.0 56.1 -61.1 0.6 4.8 -7.6 -7.6 0.0 0.0 12.4 -4.2 56.0 -60.2 0.4 4.6 -6.6 -6.6 0.0 0.0 11.1 -4.1 57.8 -61.9 0.4 10.7 40.6 0.6 0.0 40.0 -29.8 -10.3 54.6 -64.9 0.4 1.7 -8.4 -8.4 0.0 0.0 10.1 -1.3 55.9 -57.2 0.4 7.8 -3.8 -3.8 0.0 0.0 11.6 -7.4 51.8 -59.2 0.3 128.1 115.6 115.6 0.0 0.0 12.4 -127.8 -68.9 -58.9 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 Net lending (+) or net borrowing (-), NIPAs (3) Private Domestic business Nonfinancial corporate business (3) Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local -446.6 1372.3 765.2 488.5 12.9 263.8 607.2 -1819.0 -1508.7 -310.3 -483.2 1183.6 521.3 353.1 -15.1 183.3 662.3 -1666.7 -1397.1 -269.6 -461.7 985.3 126.5 49.8 -30.7 107.4 858.9 -1447.0 -1193.4 -253.6 -396.6 511.4 64.3 156.8 -62.8 -29.7 447.1 -908.0 -698.3 -209.7 -401.6 471.6 -6.1 24.2 -70.2 39.9 477.8 -873.2 -681.4 -191.8 -403.3 471.3 -33.5 62.9 -62.2 -34.2 504.8 -874.6 -667.3 -207.4 -374.2 493.6 18.7 47.9 -71.3 42.0 475.0 -867.8 -683.5 -184.3 -393.1 493.0 9.0 14.2 -78.9 73.8 484.0 -886.1 -698.5 -187.7 -435.7 428.6 -18.7 -28.4 -68.2 77.8 447.3 -864.3 -676.3 -188.0 -475.1 319.8 -189.2 -99.7 -77.3 -12.3 509.0 -794.9 -620.6 -174.3 -434.9 276.6 -164.5 -112.4 -79.2 27.2 441.1 -711.6 -516.9 -194.7 42 43 44 45 46 47 48 49 50 51 52 Statistical discrepancy (line 21 less line 1) 49.2 -38.3 -203.3 -177.6 -212.0 -175.3 -187.0 -224.0 -261.8 -252.3 -120.9 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.9 38.3 17.5 20.9 7.6 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53 54 55 56 57 58 59 53 54 55 56 57 58 59 Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). Summary 10 Z.1, September 18, 2015 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 3 4 5 6 7 Capital transfers paid, by sector By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 186.7 137.9 140.0 105.0 111.4 102.7 102.8 142.2 97.8 95.9 97.7 1 25.8 0.0 0.0 0.0 25.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.3 14.3 14.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0 10.0 0.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.0 40.0 0.0 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 2 3 4 5 6 7 141.4 141.4 72.1 0.0 41.5 12.7 14.5 0.7 0.0 0.0 123.5 123.5 69.1 0.0 32.4 8.0 12.4 1.6 0.0 0.0 99.0 99.0 66.6 7.6 4.7 8.5 10.5 1.1 0.0 0.0 79.0 79.0 66.3 0.0 0.0 5.7 6.1 0.8 0.0 0.0 77.6 77.6 66.0 0.0 0.0 6.7 4.5 0.4 0.0 0.0 77.5 77.5 65.0 0.0 0.0 7.4 4.5 0.5 0.0 0.0 78.7 78.7 66.9 0.0 0.0 6.9 4.5 0.4 0.0 0.0 79.2 79.2 69.9 0.0 0.0 4.3 4.5 0.4 0.0 0.0 75.0 75.0 62.2 0.0 0.0 8.1 4.3 0.4 0.0 0.0 71.7 71.7 64.0 0.0 0.0 3.0 4.3 0.4 0.0 0.0 72.7 72.7 63.7 0.0 0.0 4.3 4.3 0.4 0.0 0.0 8 9 10 11 12 13 14 15 16 17 8 9 10 11 12 13 14 15 16 17 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to rest of world (net) State and local Disaster-related insurance benefits 18 19 20 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 19.5 15.1 4.4 14.4 9.6 4.7 19.0 14.1 4.9 26.0 20.9 5.1 23.8 18.8 5.0 25.3 20.2 5.0 24.1 19.1 5.0 23.1 18.1 5.0 22.8 17.8 5.0 24.2 19.2 5.0 25.0 20.0 5.0 18 19 20 21 22 23 By the rest of the world Disaster-related insurance benefits Other 0.0 0.0 0.0 0.0 0.0 0.0 7.7 7.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 Capital transfers received, by sector 186.7 137.9 140.0 105.0 111.4 102.7 102.8 142.2 97.8 95.9 97.7 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 54.2 41.5 0.0 41.5 4.9 0.0 4.9 7.8 0.0 7.8 40.4 32.4 0.0 32.4 6.4 0.0 6.4 1.6 0.0 1.6 26.6 4.7 0.0 4.7 17.0 8.5 8.4 4.9 4.9 0.0 5.7 0.0 0.0 0.0 5.7 0.0 5.7 0.0 0.0 0.0 6.7 0.0 0.0 0.0 6.7 0.0 6.7 -0.0 0.0 -0.0 7.4 0.0 0.0 0.0 7.4 0.0 7.4 -0.0 0.0 -0.0 6.9 0.0 0.0 0.0 6.9 0.0 6.9 0.0 0.0 0.0 4.3 0.0 0.0 0.0 4.3 0.0 4.3 0.0 0.0 0.0 8.1 0.0 0.0 0.0 8.1 0.0 8.1 0.0 0.0 0.0 3.0 0.0 0.0 0.0 3.0 0.0 3.0 0.0 0.0 0.0 4.3 0.0 0.0 0.0 4.3 0.0 4.3 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 By government Federal Estate and gift taxes paid by persons State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 91.8 15.1 15.1 76.7 0.0 4.4 72.1 0.2 83.5 9.6 9.6 73.8 0.0 4.7 69.1 0.0 88.2 14.1 14.1 74.2 2.7 4.9 66.6 0.0 92.3 20.9 20.9 71.4 0.0 5.1 66.3 0.0 89.8 18.8 18.8 71.0 0.0 5.0 66.0 0.0 90.3 20.2 20.2 70.1 0.0 5.0 65.0 0.0 91.0 19.1 19.1 71.9 0.0 5.0 66.9 0.0 93.0 18.1 18.1 74.9 0.0 5.0 69.9 0.0 85.0 17.8 17.8 67.2 0.0 5.0 62.2 0.0 88.2 19.2 19.2 69.0 0.0 5.0 64.0 0.0 88.6 20.0 20.0 68.7 0.0 5.0 63.7 0.0 35 36 37 38 39 40 41 42 43 44 45 By persons Disaster-related insurance benefits Other 40.1 0.0 40.1 12.4 0.0 12.4 24.0 13.5 10.5 6.1 0.0 6.1 14.5 0.0 14.5 4.5 0.0 4.5 4.5 0.0 4.5 44.5 0.0 44.5 4.3 0.0 4.3 4.3 0.0 4.3 4.3 0.0 4.3 43 44 45 46 47 48 By the rest of the world Capital transfers paid by U.S. government Other 0.7 0.7 0.0 1.6 1.6 0.0 1.1 1.1 0.0 0.8 0.8 0.0 0.4 0.4 0.0 0.5 0.5 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 0.4 0.4 0.0 46 47 48 Addenda: Net capital transfers paid by sector 49 50 51 52 53 54 55 56 57 58 59 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies (line 4) U.S.-chartered depository institutions Financial stabilization payments (2) Other (lines 5-27) Government-sponsored enterprises (2) Holding companies (GMAC) (2) Funding corporations (AIG) (2) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) -28.3 -41.5 0.0 2.4 2.4 0.0 -40.2 -1.5 -2.2 20.9 -7.8 -40.4 -32.4 0.0 3.2 3.2 0.0 -31.9 -0.3 -3.4 -6.4 -1.6 -12.3 9.6 14.3 0.0 0.0 0.0 -4.7 0.0 0.0 -17.0 -4.9 -5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -5.7 -0.0 3.3 10.0 0.0 10.0 0.0 10.0 0.0 0.0 0.0 -6.7 0.0 -7.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -7.4 0.0 -6.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -6.9 0.0 35.6 40.0 0.0 40.0 0.0 40.0 0.0 0.0 0.0 -4.3 0.0 -8.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -8.1 0.0 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -3.0 0.0 -4.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -4.3 0.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-38) 49.6 126.3 -76.7 40.0 113.9 -73.8 10.8 85.0 -74.2 -13.3 58.1 -71.4 -12.2 58.8 -71.0 -12.9 57.2 -70.1 -12.3 59.6 -71.9 -13.8 61.1 -74.9 -10.0 57.2 -67.2 -16.5 52.5 -69.0 -15.9 52.7 -68.7 60 61 62 63 By persons (lines 18-43) -20.6 2.0 -5.1 19.8 9.3 20.7 19.6 -21.4 18.5 19.9 20.7 63 64 By the rest of the world (lines 21-46) -0.7 -1.6 6.5 -0.8 -0.4 -0.5 -0.4 -0.4 -0.4 -0.4 -0.4 64 (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States. Summary 11 Z.1, September 18, 2015 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 742.1 1277.8 1501.0 1138.3 1343.9 949.1 1666.0 880.9 1879.5 1789.6 997.5 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 4.5 36.2 165.8 -180.1 -9.9 325.0 375.3 -20.3 -7.9 236.2 422.0 3.3 2.3 124.3 216.3 27.8 -6.4 142.5 434.2 -29.5 -4.8 388.3 464.4 103.9 -4.7 201.6 242.3 24.1 11.6 -19.2 265.9 -65.0 -27.7 -0.8 764.2 -181.1 -6.1 210.8 725.2 -130.0 -18.7 281.7 -61.2 73.4 2 3 4 5 6 7 8 9 10 11 12 13 14 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Corporate equities (2) Mutual fund shares -73.0 -1.5 318.3 -10.0 44.1 -423.8 5.8 -190.3 164.7 -201.0 -1.8 -228.9 40.4 -65.5 54.7 -10.8 -279.5 257.3 -214.1 -0.6 194.9 -57.8 -144.5 -206.0 10.3 -202.7 471.3 -612.8 -3.8 -149.5 -53.7 -55.6 -350.1 52.1 160.8 513.8 -461.4 -0.1 -17.2 -200.1 -66.9 -177.2 55.8 54.4 404.8 -1026.5 3.5 -470.7 -372.6 -57.6 -129.1 224.6 -396.6 570.3 -322.7 0.9 -80.9 -189.8 -56.4 3.6 -16.5 405.1 369.5 -342.4 -0.6 -118.0 -38.7 -121.5 -63.6 103.6 -204.0 390.3 -154.1 -4.2 600.9 -199.2 -32.0 -519.7 -88.5 413.0 289.3 -289.9 1.4 -154.1 -61.5 19.4 -95.1 3.4 -13.7 531.7 -144.1 1.7 259.9 99.4 -16.6 -488.6 -115.9 -272.7 443.6 6 7 8 9 10 11 12 13 14 15 16 Life insurance reserves Pension entitlements 6.2 651.1 73.5 539.5 -26.6 581.3 19.2 529.9 45.3 532.3 31.3 507.0 41.4 521.0 46.4 532.8 62.2 568.3 77.7 478.7 37.3 515.6 15 16 17 Miscellaneous and other assets 151.2 228.8 227.7 104.7 172.0 87.3 204.8 161.1 234.8 201.9 258.5 17 18 19 20 21 22 23 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 1694.0 376.5 317.4 1005.0 -8.5 3.6 1783.0 381.3 345.4 1057.2 -7.8 6.8 1935.6 436.8 381.1 1129.5 -7.9 -4.0 2064.4 502.6 386.5 1166.9 -8.2 16.6 2161.0 542.1 407.8 1205.6 -8.4 13.9 2093.6 519.8 404.2 1170.6 -8.4 7.4 2151.2 534.0 404.6 1204.5 -8.4 16.6 2188.3 547.7 412.7 1219.6 -8.4 16.7 2211.1 567.1 409.7 1227.5 -8.4 15.1 2229.2 580.0 409.0 1225.9 -8.3 22.5 2265.2 592.6 410.1 1249.7 -8.3 21.0 18 19 20 21 22 23 24 25 26 27 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 1580.9 372.0 290.7 918.1 1601.5 369.9 293.4 938.2 1640.0 372.6 305.0 962.5 1697.1 394.7 317.0 985.4 1755.6 421.8 330.4 1003.4 1734.6 415.2 326.6 992.8 1745.0 419.4 327.3 998.3 1763.7 424.3 332.0 1007.4 1779.1 428.2 335.8 1015.0 1749.6 429.7 338.1 981.8 1759.8 431.9 338.9 989.0 24 25 26 27 28 Net investment in nonfinancial assets (3) 113.2 181.5 295.5 367.4 405.4 359.0 406.2 424.6 432.0 479.6 505.4 28 4.5 26.7 86.9 -8.5 3.6 11.5 52.0 119.0 -7.8 6.8 64.2 76.1 167.1 -7.9 -4.0 107.9 69.5 181.5 -8.2 16.6 120.3 77.3 202.2 -8.4 13.9 104.5 77.6 177.8 -8.4 7.4 114.6 77.2 206.2 -8.4 16.6 123.4 80.7 212.2 -8.4 16.7 138.8 73.9 212.5 -8.4 15.1 150.3 71.0 244.2 -8.3 22.5 160.7 71.2 260.7 -8.3 21.0 29 30 31 32 33 29 30 31 32 33 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 34 Net increase in liabilities -149.6 -32.6 463.6 304.9 682.1 322.2 996.3 653.1 756.8 596.7 954.3 34 35 36 37 38 39 Home mortgages Other mortgages Consumer credit Other loans and advances Other liabilities -155.0 -31.4 -25.3 77.6 -15.4 -88.5 -21.9 108.6 -37.4 6.6 -80.6 67.5 169.4 66.1 241.1 2.0 77.8 175.9 37.4 11.7 50.7 138.5 213.1 33.2 246.7 -16.5 59.6 177.0 -75.5 177.5 51.4 110.6 256.6 225.6 352.1 56.1 160.4 219.3 61.0 156.3 111.7 223.2 199.5 -78.3 300.8 2.4 127.0 174.4 -59.0 351.9 223.7 192.5 270.7 44.6 222.8 35 36 37 38 39 40 Net capital transfers paid (4) -28.4 0.4 -10.0 19.8 9.3 20.7 19.6 -21.4 18.5 19.9 20.7 40 41 Personal saving, FOF concept (FOF) 976.5 1492.3 1322.9 1220.6 1076.6 1006.7 1095.4 631.0 1573.1 1692.3 569.3 41 42 43 44 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 86.9 -3.2 4.9 119.0 -2.4 4.4 167.1 -2.5 4.6 181.5 -2.2 5.2 202.2 -2.0 5.1 177.8 -2.9 5.1 206.2 -1.0 5.1 212.2 -2.7 5.1 212.5 -1.5 5.1 244.2 -2.5 5.2 260.7 -1.3 5.2 42 43 44 45 = Personal saving, NIPA concept (FOF) (6) 897.8 1380.2 1162.9 1046.4 881.5 836.8 895.2 426.6 1367.3 1455.8 315.1 45 46 Personal saving, NIPA concept (NIPA) 630.0 710.1 946.7 589.9 620.2 637.2 623.5 605.7 614.3 687.6 633.9 46 47 Difference 267.7 670.0 216.2 456.5 261.3 199.6 271.7 -179.2 753.0 768.2 -318.8 47 11237.9 11801.4 12403.7 12395.6 12913.9 12697.5 12858.7 12982.7 13116.8 13179.8 13294.1 48 8.7 8.0 5.6 2.4 12.6 11.7 6.0 5.7 10.7 9.4 7.6 1.7 9.8 8.4 4.8 3.7 8.3 6.8 4.8 2.0 7.9 6.6 5.0 1.6 8.5 7.0 4.8 2.1 4.9 3.3 4.7 -1.4 12.0 10.4 4.7 5.7 12.8 11.0 5.2 5.8 4.3 2.4 4.8 -2.4 49 50 51 52 Memo: 48 Disposable personal income 49 50 51 52 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 44) NIPA concept (NIPA data) (line 45) Difference (line 46) (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, line 59 plus line 63. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 12 Z.1, September 18, 2015 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 49841.3 50496.6 54391.2 60392.2 62987.1 60980.8 62193.6 61853.4 62987.1 63890.6 64082.6 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 67.3 955.4 6807.1 1207.8 57.4 1280.3 7182.3 1187.5 49.5 1502.9 7559.4 1190.9 51.7 1627.2 7776.3 1218.7 45.3 1769.7 8273.5 1189.2 50.5 1677.4 7931.5 1182.6 49.4 1709.9 7956.9 1153.9 52.2 1695.8 8085.0 1173.1 45.3 1769.7 8273.5 1189.2 43.8 1773.0 8496.7 1093.1 39.1 1823.9 8449.4 1074.8 2 3 4 5 6 Debt securities 7 8 9 10 11 Total financial assets 2011 4788.4 4275.6 4119.9 3732.3 3245.1 3539.0 3366.3 3331.0 3245.1 3232.9 3158.9 6 Open market paper Treasury securities Agency- and GSE-backed securities 21.1 1175.3 340.3 19.4 756.2 356.7 18.8 961.7 288.2 15.0 1014.7 276.7 14.9 952.6 52.6 15.9 968.8 185.5 16.1 873.1 108.3 15.9 886.2 97.3 14.9 952.6 52.6 15.2 962.7 44.5 15.7 1072.0 69.0 7 8 9 Municipal securities Corporate and foreign bonds 1877.1 1374.5 1811.6 1331.7 1667.1 1184.2 1611.5 814.4 1544.6 680.4 1607.8 761.1 1606.0 762.8 1557.7 773.7 1544.6 680.4 1560.8 649.7 1572.5 429.7 10 11 972.0 751.4 142.1 78.4 961.1 749.5 137.2 74.5 960.4 777.9 116.9 65.6 1012.6 841.4 111.9 59.3 1068.4 893.2 121.6 53.6 1068.7 892.8 117.8 58.1 1064.6 888.8 118.8 57.0 1090.5 915.5 119.8 55.2 1068.4 893.2 121.6 53.6 1069.2 895.7 121.6 51.9 1040.2 867.9 122.2 50.1 12 13 14 15 12 13 14 15 Loans Other loans and advances Mortgages Consumer credit 16 17 Corporate equities (2) Mutual fund shares 8760.8 4628.8 8564.4 4628.1 9761.6 5632.9 12643.3 7110.5 13323.9 7800.4 12723.5 7370.3 13432.3 7663.0 12884.5 7643.4 13323.9 7800.4 13538.4 8089.9 13529.6 8229.0 16 17 18 Life insurance reserves 1137.5 1199.3 1186.4 1233.0 1282.8 1242.6 1256.7 1263.3 1282.8 1304.8 1311.5 18 19 20 21 22 Pension entitlements Life insurance companies Private pension funds Governments 17024.5 2344.7 6635.9 8043.9 17441.1 2384.5 6749.9 8306.7 18481.7 2574.0 7276.2 8631.5 19932.0 2843.3 8097.6 8991.2 20762.7 2956.9 8478.7 9327.1 20123.2 2873.3 8179.8 9070.1 20419.3 2912.7 8343.4 9163.2 20477.7 2906.8 8337.2 9233.7 20762.7 2956.9 8478.7 9327.1 20977.1 2986.5 8580.6 9409.9 21091.6 2985.2 8619.2 9487.2 19 20 21 22 23 24 Miscellaneous and other assets Total liabilities 25 26 27 Home mortgages Other mortgages Consumer credit 28 29 Other loans and advances Other liabilities 3492.0 3719.4 3945.7 4054.6 4226.1 4071.5 4121.4 4157.1 4226.1 4271.8 4334.6 23 19454.3 19273.9 19528.3 19741.2 20375.8 19746.7 19986.6 20170.4 20375.8 20442.7 20676.7 24 10433.0 2542.8 2646.9 10190.6 2521.0 2755.4 9962.7 2588.5 2922.9 9872.5 2666.3 3098.8 9875.6 2804.8 3311.9 9844.5 2681.2 3100.8 9841.3 2708.9 3167.4 9859.4 2749.0 3243.6 9875.6 2804.8 3311.9 9846.4 2836.5 3313.2 9888.6 2884.7 3383.3 25 26 27 414.3 3417.3 376.9 3430.0 443.1 3611.2 480.5 3623.1 513.7 3869.7 461.6 3658.6 518.0 3751.0 533.3 3785.1 513.7 3869.7 499.0 3947.6 510.1 4010.0 28 29 (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 18), and pension entitlements (line 19). 13 Z.1, September 18, 2015 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid 2881.8 3166.2 3694.9 4021.1 4201.5 4029.7 4164.6 4305.7 4306.3 4364.1 4302.5 1 2 Gross investment 2935.6 2990.2 3239.2 4210.9 4040.8 3762.0 4231.0 3383.9 4786.4 4652.3 3780.6 2 3 4 5 6 7 8 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 3590.9 1005.0 387.0 2137.4 61.5 0.0 3761.1 1057.2 388.0 2274.0 41.8 0.0 4058.3 1129.5 443.0 2424.0 61.8 0.1 4203.3 1166.9 500.5 2464.1 71.8 0.0 4431.4 1205.6 547.5 2601.2 77.1 0.0 4297.1 1170.6 536.0 2547.7 42.7 0.1 4403.6 1204.5 527.1 2583.1 88.9 0.0 4495.0 1219.6 555.1 2631.9 88.3 0.0 4529.9 1227.5 572.0 2641.9 88.5 0.0 4570.3 1225.9 581.7 2635.4 127.3 0.0 4654.2 1249.7 602.6 2665.8 136.2 -0.1 3 4 5 6 7 8 9 Net lending (+) or net borrowing (-) -655.2 -770.9 -819.2 7.6 -390.6 -535.2 -172.7 -1111.1 256.6 82.0 -873.5 9 10 Net acqisition of financial assets 1903.0 1768.9 2358.2 2523.9 2300.9 1601.7 2920.7 1598.5 3082.5 2306.3 2271.7 10 1.6 13.6 16.2 -15.7 4.3 -7.3 -3.3 45.0 -3.8 -13.1 -4.0 -46.0 3.0 34.9 -4.1 20.6 -10.2 -62.0 -16.7 -58.7 -3.6 47.9 11 12 11 12 U.S. official reserve assets Foreign deposits 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 270.3 220.2 -323.3 3.5 114.8 404.5 -53.6 -4.3 188.2 477.5 66.9 2.7 286.6 274.7 71.2 2.5 290.0 452.5 -16.8 10.5 228.8 557.8 -13.7 19.0 307.1 264.2 -5.7 20.5 173.0 142.6 -16.3 -2.4 451.0 845.3 -31.3 5.0 -149.0 713.2 -184.2 7.9 896.4 8.5 66.6 6.2 13 14 15 16 17 18 19 20 21 22 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -47.5 23.8 332.2 -30.6 42.4 -415.3 -390.3 -14.0 -268.4 -93.4 -66.9 52.4 -224.1 -15.6 240.4 -103.6 -143.6 -201.7 -676.0 -33.6 -156.9 -80.0 -56.6 -348.8 -460.0 -14.1 15.1 -213.4 -75.1 -172.6 -1043.1 -10.2 -470.1 -371.1 -71.3 -120.4 -275.8 -24.8 -25.5 -177.4 -63.9 15.7 -399.9 -9.8 -103.8 -83.4 -133.5 -69.4 -121.4 -11.5 659.8 -221.5 -31.7 -516.4 -240.1 -3.9 -107.9 -71.3 27.5 -84.6 -201.6 3.7 221.1 79.6 -16.7 -489.2 17 18 19 20 21 22 23 24 25 26 Loans Other loans and advances Mortgages Consumer credit 147.1 26.5 0.4 120.2 127.0 2.8 -2.3 126.5 153.6 41.9 -13.1 124.8 176.9 70.7 3.6 102.6 172.6 54.4 19.6 98.7 349.5 212.9 38.8 97.8 120.6 -12.5 24.1 109.0 210.5 107.0 2.2 101.3 9.7 -90.0 13.1 86.6 126.6 13.3 19.8 93.6 2.0 -103.9 3.8 102.1 23 24 25 26 27 28 Corporate equities Mutual fund shares -166.0 178.9 -242.6 244.2 -213.5 470.8 156.8 515.2 55.1 421.5 -392.6 588.1 410.6 388.2 -211.4 404.1 414.0 305.5 -8.6 549.9 -272.4 458.9 27 28 29 30 31 Trade receivables Life insurance reserves Pension entitlements 146.3 6.2 651.1 155.1 73.5 539.5 64.6 -26.6 581.3 306.6 19.2 529.9 149.5 45.3 532.3 109.9 31.3 507.0 171.0 41.4 521.0 141.8 46.4 532.8 175.3 62.2 568.3 163.8 77.7 478.7 174.4 37.3 515.6 29 30 31 32 33 34 Taxes payable Equity in noncorporate business U.S. direct investment abroad 28.1 167.2 303.3 27.9 171.5 403.9 30.4 140.5 319.2 30.8 76.5 305.0 -13.8 39.1 311.0 -6.5 82.3 190.9 38.0 21.6 290.7 -38.3 37.9 321.1 -48.2 14.5 441.1 86.8 -4.2 294.1 52.6 -31.0 282.4 32 33 34 35 36 Miscellaneous assets Net increase in liabilities 302.5 197.3 329.7 406.4 329.0 442.9 569.5 240.3 63.5 469.1 231.5 35 2558.2 2539.8 3177.4 2516.3 2691.5 2136.8 3093.4 2709.7 2825.9 2224.4 3145.3 36 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 38 39 37 38 39 U.S. official reserve assets SDR certificates Treasury currency 40 41 42 43 44 45 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1949.7 24.5 1645.3 0.7 99.7 179.6 1280.9 33.4 1137.6 1.1 -52.8 161.6 1512.7 14.0 1181.0 -0.4 -4.9 323.0 1107.6 14.2 857.7 -0.4 -43.2 279.3 1020.1 37.9 736.0 -0.1 -18.8 265.1 1097.3 75.0 786.7 -1.9 -49.1 286.7 758.9 57.8 481.9 0.1 -15.5 234.5 1002.8 22.2 839.4 -0.7 -58.4 200.4 1221.4 -3.2 836.1 2.1 47.6 338.8 409.0 -40.6 -155.3 -1.0 157.3 448.6 973.9 -50.0 347.9 2.1 52.4 621.5 40 41 42 43 44 45 46 47 48 49 50 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -403.3 -53.7 -7.2 -317.1 -25.3 31.9 70.7 24.3 -171.6 108.6 412.9 276.9 42.2 -75.7 169.4 505.4 126.1 97.1 106.2 175.9 822.8 277.2 125.0 207.5 213.1 563.8 267.3 61.6 58.0 177.0 1000.6 381.2 167.1 195.7 256.6 913.7 209.2 247.8 237.4 219.3 812.9 251.2 23.6 338.7 199.5 665.2 361.6 -50.2 179.3 174.4 962.0 212.9 19.8 458.5 270.7 46 47 48 49 50 51 Corporate equities -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -592.0 -591.0 51 52 Trade payables 200.9 128.4 133.9 185.3 181.7 139.3 218.2 168.6 200.8 152.7 156.5 52 53 54 Life insurance reserves Taxes payable 0.9 6.4 1.3 9.4 0.3 9.9 0.2 -5.5 0.8 6.3 -0.1 -7.9 0.6 12.5 1.2 23.2 1.4 -2.7 -2.1 34.2 0.9 35.0 53 54 55 56 Equity in noncorporate business Foreign direct investment in U.S. 166.4 157.4 174.4 192.7 133.7 188.7 82.1 185.5 37.1 98.0 78.6 -424.3 23.2 243.6 30.8 371.0 15.6 201.5 -3.0 765.9 -29.9 246.4 55 56 Miscellaneous liabilities 731.0 1175.4 1130.2 809.0 912.6 1192.1 1108.9 633.6 716.0 794.4 1391.5 57 -53.8 176.0 455.7 -189.8 160.7 267.7 -66.4 921.8 -480.1 -288.1 521.9 58 57 58 Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. Flows 2010 14 Z.1, September 18, 2015 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2 3 4 5 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 12477.1 1239.3 11237.9 10607.9 630.0 13254.5 1453.2 11801.4 11091.2 710.1 13915.1 1511.4 12403.7 11457.0 946.7 14068.4 1672.8 12395.6 11805.7 589.9 14694.2 1780.2 12913.9 12293.7 620.2 14433.5 1736.0 12697.5 12060.3 637.2 14612.8 1754.1 12858.7 12235.2 623.5 14774.8 1792.0 12982.7 12377.0 605.7 14955.7 1838.8 13116.8 12502.5 614.3 15079.8 1900.1 13179.8 12492.2 687.6 15221.3 1927.1 13294.1 12660.2 633.9 1 2 3 4 5 6 7 8 9 10 + Government insurance and pension reserves (3) - Contr. for govt. soc. insur., U.S.-affiliated areas + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -3.2 4.9 86.9 1314.0 -20.6 -2.4 4.4 119.0 1336.5 2.0 -2.5 4.6 167.1 1367.0 -5.1 -2.2 5.2 181.5 1412.5 19.8 -2.0 5.1 202.2 1458.1 9.3 -2.9 5.1 177.8 1440.7 20.7 -1.0 5.1 206.2 1449.2 19.6 -2.7 5.1 212.2 1464.8 -21.4 -1.5 5.1 212.5 1477.8 18.5 -2.5 5.2 244.2 1446.3 19.9 -1.3 5.2 260.7 1454.9 20.7 6 7 8 9 10 11 = Gross saving less net capital transfers paid 2043.3 2156.8 2478.8 2156.7 2264.1 2227.1 2253.2 2296.4 2279.5 2350.4 2322.3 11 12 Gross investment 2311.0 2826.8 2695.0 2613.3 2525.4 2426.7 2525.0 2117.2 3032.5 3118.7 2003.5 12 1448.9 1005.0 318.3 134.1 -8.5 1501.3 1057.2 321.1 130.8 -7.8 1627.0 1129.5 367.9 137.4 -7.9 1717.1 1166.9 424.6 133.7 -8.2 1793.4 1205.6 456.6 139.7 -8.4 1730.3 1170.6 437.4 130.7 -8.4 1784.4 1204.5 449.5 138.8 -8.4 1820.2 1219.6 461.2 147.8 -8.4 1838.8 1227.5 478.1 141.6 -8.4 1849.1 1225.9 488.9 142.5 -8.3 1887.7 1249.7 499.8 146.5 -8.3 13 14 15 16 17 13 14 15 16 17 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 18 Net lending (+) or net borrowing (-) 862.1 1325.5 1068.0 896.2 731.9 696.4 740.6 297.0 1193.7 1269.6 115.8 18 19 Net acquisition of financial assets 756.5 1255.4 1333.6 1140.2 1149.8 941.6 1445.7 715.6 1496.1 1516.2 668.6 19 20 21 22 23 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 4.5 38.9 162.8 -183.2 -9.9 300.3 369.3 -21.1 -7.9 177.0 411.9 0.3 2.3 120.7 205.5 25.5 -6.4 107.6 408.0 -33.6 -4.8 372.9 458.1 102.5 -4.7 164.0 221.8 19.6 11.6 -50.3 249.7 -68.5 -27.7 -56.3 702.5 -188.0 -6.1 185.6 652.7 -134.9 -18.7 245.3 -91.1 68.9 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -75.4 -1.5 316.3 -10.0 43.6 -423.8 -202.1 -1.8 -229.7 40.4 -65.8 54.7 -218.3 -0.6 190.9 -57.8 -144.7 -206.0 -614.5 -3.8 -151.1 -53.7 -55.8 -350.1 -464.4 -0.1 -19.8 -200.1 -67.2 -177.2 -1027.5 3.5 -471.6 -372.6 -57.7 -129.1 -325.9 0.9 -83.9 -189.8 -56.7 3.6 -345.0 -0.6 -120.3 -38.7 -121.8 -63.6 -159.2 -4.2 596.4 -199.2 -32.5 -519.7 -293.5 1.4 -157.3 -61.5 19.0 -95.1 -148.8 1.7 255.7 99.4 -17.1 -488.6 24 25 26 27 28 29 30 31 32 33 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 1.6 22.9 -10.9 -10.4 -5.0 -1.9 0.9 -3.9 12.8 39.5 -17.9 -8.8 51.2 63.5 -6.0 -6.3 54.1 51.8 8.0 -5.7 224.0 205.8 23.1 -4.9 -18.3 -16.2 2.3 -4.4 102.1 106.8 2.6 -7.3 -91.4 -89.0 4.0 -6.4 1.4 9.8 -1.7 -6.7 -118.6 -111.2 -0.3 -7.1 30 31 32 33 34 35 Corporate equities (6) Mutual fund shares -190.3 164.7 -279.5 257.3 -202.7 471.3 160.8 513.8 54.4 404.8 -396.6 570.3 405.1 369.5 -204.0 390.3 413.0 289.3 -13.7 531.7 -272.7 443.6 34 35 36 37 38 39 Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets 6.2 651.1 167.2 8.3 73.5 539.5 171.5 61.6 -26.6 581.3 140.5 -6.1 19.2 529.9 76.5 49.3 45.3 532.3 39.1 8.5 31.3 507.0 82.3 22.0 41.4 521.0 21.6 30.6 46.4 532.8 37.9 12.6 62.2 568.3 14.5 -31.2 77.7 478.7 -4.2 41.0 37.3 515.6 -31.0 38.9 36 37 38 39 -105.7 -70.1 265.5 244.0 417.8 245.1 705.2 418.6 302.4 246.6 552.8 40 40 Net increase in liabilities 41 Debt securities (municipal securities) 42 43 44 45 46 47 Loans Home mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 48 49 Trade payables Deferred and unpaid life insurance premiums 50 Discrepancy -2.2 -7.8 -14.5 -13.1 -4.8 -1.0 -2.3 -9.8 -6.0 -0.4 -13.3 41 -76.7 -182.2 -25.3 50.1 77.6 3.0 -63.2 -73.1 108.6 -54.9 -37.4 -6.3 275.4 -68.7 169.4 110.8 66.1 -2.3 253.2 4.8 175.9 30.0 37.4 5.0 418.2 44.5 213.1 120.2 33.2 7.3 237.9 -18.3 177.0 153.3 -75.5 1.4 698.5 43.7 256.6 166.7 225.6 6.0 429.1 46.9 219.3 93.0 61.0 8.9 307.4 105.5 199.5 67.9 -78.3 12.9 240.9 0.2 174.4 119.3 -59.0 6.0 561.1 206.1 270.7 29.9 44.6 9.9 42 43 44 45 46 47 -29.4 2.7 1.2 -0.4 4.0 0.6 1.0 3.0 3.1 1.2 4.0 4.1 3.6 5.3 1.9 -2.6 3.0 -2.0 1.4 4.6 1.8 3.2 48 49 -267.7 -670.0 -216.2 -456.5 -261.3 -199.6 -271.7 179.2 -753.0 -768.2 318.8 50 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.6 for derivation of alternative measures of personal saving. (3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (4) Table F.5, line 63. (5) Includes cash accounts at brokers and dealers and 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 reserves (line 36), and pension entitlements (line 37). (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23. (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 21. 15 Z.1, September 18, 2015 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Income before taxes 2206.6 2311.0 2652.7 2777.8 2890.5 2793.7 2899.7 2942.8 2925.9 2991.5 3091.1 1 2 Gross saving less net capital transfers paid 1951.3 1995.1 2034.3 2170.7 2205.6 2082.1 2172.8 2290.5 2277.1 2203.7 2188.5 2 3 Gross investment 1655.2 1200.9 1300.1 1888.3 1718.5 1696.4 1798.7 1552.9 1826.0 1565.4 1835.2 3 1480.6 1613.5 1809.8 1886.8 2034.9 1974.7 2013.9 2072.7 2078.5 2118.8 2264.4 4 1420.1 58.8 1361.4 1572.3 58.4 1513.9 1747.2 69.0 1678.2 1814.0 69.5 1744.5 1956.6 85.2 1871.4 1932.1 92.7 1839.4 1924.7 71.7 1853.0 1979.4 88.2 1891.2 1990.2 88.3 1902.0 1992.3 87.4 1905.0 2008.3 97.2 1911.1 5 6 7 61.5 -1.1 41.8 -0.5 61.8 0.8 71.8 1.0 77.1 1.2 42.7 -0.2 88.9 0.3 88.3 4.9 88.5 -0.2 127.3 -0.8 136.2 120.0 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential Nonresidential 8 9 Change in inventories Nonproduced nonfinancial assets 10 Net lending (+) or net borrowing (-) 174.7 -412.6 -509.7 1.5 -316.5 -278.3 -215.2 -519.8 -252.5 -553.4 -429.3 10 11 Net acquisition of financial assets 784.7 693.6 807.5 1149.2 903.9 488.4 1249.1 768.5 1109.7 903.9 988.8 11 12 13 14 Foreign deposits Checkable deposits and currency Time and savings deposits 9.1 76.8 62.8 -5.8 55.5 19.2 0.6 13.7 43.4 42.7 89.0 51.8 -6.7 106.0 36.7 -41.2 -114.6 75.4 39.7 246.9 33.9 9.0 130.9 -109.7 -34.2 160.7 147.2 -52.6 140.3 33.6 66.6 109.8 103.4 12 13 14 15 16 Money market fund shares Security repurchase agreements -154.6 4.3 -34.6 0.4 60.1 -2.9 42.0 -0.9 10.1 4.7 -126.9 10.1 -39.5 8.7 55.5 -0.2 151.1 0.1 -61.9 -2.6 -4.2 4.2 15 16 17 18 19 20 21 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 18.0 12.0 7.0 1.7 -2.6 -7.4 -0.1 -4.2 -1.7 -1.4 -8.2 -8.4 0.5 -1.2 0.8 -20.3 -21.3 4.9 -2.9 -1.0 -14.5 -6.6 -2.1 2.4 -8.3 -25.0 -8.4 -7.6 5.2 -14.2 -20.0 -21.5 1.9 7.7 -8.1 -9.3 2.7 0.0 -0.8 -11.2 -3.7 0.9 -2.7 -2.4 0.5 -23.4 0.1 -22.6 -8.6 7.7 56.2 11.7 34.2 10.0 0.3 17 18 19 20 21 22 23 24 Loans Mortgages Consumer credit 0.1 2.6 -2.5 -4.4 -6.4 2.0 -2.8 -4.3 1.5 -1.4 2.8 -4.2 2.2 3.5 -1.3 5.9 2.4 3.5 10.4 3.7 6.7 2.6 3.3 -0.7 -10.0 4.7 -14.7 3.8 3.9 -0.1 23.1 4.5 18.5 22 23 24 25 26 Mutual fund shares Trade receivables 11.1 133.9 -12.8 144.7 -1.7 56.6 1.0 294.5 15.4 138.8 15.4 98.8 15.4 156.7 15.4 137.4 15.4 162.5 15.4 158.9 15.4 164.8 25 26 27 28 U.S. direct investment abroad Miscellaneous assets 303.3 319.8 403.9 134.9 319.2 329.5 305.0 345.8 311.0 300.4 190.9 399.8 290.7 506.4 321.1 215.8 441.1 79.6 294.1 398.3 282.4 167.1 27 28 610.0 1106.2 1317.2 1147.7 1220.4 766.7 1464.4 1288.2 1362.2 1457.3 1418.1 29 237.3 24.5 33.2 179.6 203.6 33.4 8.5 161.6 352.3 14.0 15.2 323.0 302.8 14.2 9.3 279.3 303.0 37.9 -0.1 265.1 363.4 75.0 1.7 286.7 278.0 57.8 -14.3 234.5 225.2 22.2 2.6 200.4 345.3 -3.2 9.7 338.8 439.2 -40.6 31.2 448.6 608.1 -50.0 36.6 621.5 30 31 32 33 34 35 36 37 29 Net increase in liabilities 30 31 32 33 Debt securities Commercial paper Municipal securities Corporate bonds 34 35 36 37 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -327.5 -103.8 -85.7 -137.9 94.2 125.6 60.8 -92.2 137.0 166.1 -24.3 -4.7 251.7 96.1 59.1 96.4 404.1 157.0 91.4 155.7 325.6 113.9 136.8 74.9 301.6 214.5 -59.0 146.0 484.3 116.2 186.5 181.7 505.1 183.3 101.5 220.3 424.0 242.4 8.4 173.2 400.7 183.1 -24.8 242.5 38 Corporate equities -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -592.0 -591.0 38 39 40 Trade payables Taxes payable 186.6 6.4 80.0 9.4 78.4 9.9 126.6 -5.5 121.4 6.3 86.7 -7.9 151.0 12.5 104.1 23.2 143.7 -2.7 110.7 34.2 90.6 35.0 39 40 41 Foreign direct investment in U.S. 157.4 192.7 188.7 185.5 98.0 -424.3 243.6 371.0 201.5 765.9 246.4 41 42 Miscellaneous liabilities 434.1 806.6 762.0 557.4 638.1 846.4 727.6 483.9 494.6 278.3 658.3 42 43 Proprietors’ net investment 166.4 174.4 133.7 82.1 37.1 78.6 23.2 30.8 15.6 -3.0 -29.9 43 296.1 794.2 734.2 282.4 487.2 385.7 374.1 737.7 451.1 638.3 353.3 44 44 Discrepancy (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Flows 2010 16 Z.1, September 18, 2015 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 1 2 3 4 5 6 7 8 9 10 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Profits before tax (book) - Taxes on corporate income - Net dividends + Capital consumption allowance (1) = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) - Net capital transfers paid (2) = Total internal funds + IVA 1039.2 220.6 375.5 1077.3 1520.4 218.2 -41.0 20.9 1676.7 1008.9 228.8 441.0 1236.1 1575.2 215.1 -68.3 -6.4 1728.5 1241.4 266.7 517.9 1107.0 1563.8 189.8 -14.2 -17.0 1756.4 1323.2 284.6 525.2 1141.7 1655.1 222.1 3.2 -5.7 1886.1 1366.1 316.2 573.8 1192.2 1668.3 236.1 -2.9 -6.7 1908.2 1317.0 303.4 588.9 1175.6 1600.3 237.5 -56.9 -7.4 1788.3 1377.3 315.5 585.8 1184.2 1660.2 233.8 -24.0 -6.9 1876.9 1405.1 321.8 542.7 1197.4 1738.0 233.7 15.5 -4.3 1991.6 1365.2 324.2 577.9 1211.7 1674.7 239.4 53.5 -8.1 1975.8 1436.8 341.4 588.6 1031.4 1538.2 260.0 99.2 -3.0 1900.4 1523.7 361.0 581.9 1046.9 1627.7 230.4 21.1 -4.3 1883.6 1 2 3 4 5 6 7 8 9 Gross investment 1380.6 934.3 1022.2 1603.8 1421.0 1402.6 1502.8 1254.0 1524.7 1262.1 1530.3 10 1235.4 1178.6 57.9 -1.1 1331.9 1297.4 34.9 -0.5 1501.2 1434.7 65.8 0.8 1539.4 1483.2 55.2 1.0 1667.3 1602.9 63.2 1.2 1611.4 1576.2 35.4 -0.2 1647.1 1574.4 72.4 0.3 1704.5 1628.0 71.6 4.9 1706.3 1633.1 73.4 -0.2 1738.7 1634.7 104.8 -0.8 1887.0 1651.8 115.2 120.0 11 12 13 14 11 12 13 14 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 15 Net lending (+) or net borrowing (-) 145.2 -397.5 -479.0 64.3 -246.3 -208.8 -144.3 -450.6 -181.5 -476.6 -356.7 15 16 Net acquisition of financial assets 632.7 496.8 506.3 1069.0 672.7 402.2 1005.7 572.3 710.6 633.5 689.8 16 17 18 19 20 21 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 9.1 79.6 59.9 -157.7 4.3 -5.8 30.8 13.2 -35.4 0.4 0.6 -45.5 33.3 57.1 -2.9 42.7 85.5 41.0 39.7 -0.9 -6.7 71.1 10.5 6.0 4.7 -41.2 -130.0 69.1 -128.3 10.1 39.7 209.2 13.4 -43.9 8.7 9.0 99.9 -125.8 52.0 -0.2 -34.2 105.2 85.4 144.2 0.1 -52.6 115.1 -38.9 -66.8 -2.6 66.6 73.3 73.6 -8.7 4.2 17 18 19 20 21 22 23 24 25 26 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 -12.5 -8.4 -3.5 -1.2 0.6 -22.0 -21.3 3.3 -2.9 -1.1 -17.5 -6.6 -4.7 2.4 -8.6 -26.0 -8.4 -8.5 5.2 -14.3 -23.3 -21.5 -1.0 7.7 -8.5 -11.8 2.7 -2.3 -0.8 -11.5 -8.8 0.9 -7.2 -2.4 0.0 -27.0 0.1 -25.8 -8.6 7.3 51.5 11.7 29.9 10.0 -0.1 22 23 24 25 26 27 28 29 Loans Mortgages Consumer credit -4.1 -1.6 -2.5 1.4 -0.6 2.0 -0.4 -1.9 1.5 -2.4 1.8 -4.2 0.5 1.8 -1.3 5.3 1.8 3.5 8.5 1.8 6.7 1.1 1.8 -0.7 -12.9 1.8 -14.7 1.8 1.8 -0.1 20.3 1.8 18.5 27 28 29 30 31 Mutual fund shares Trade receivables 11.1 96.9 -12.8 83.7 -1.7 52.0 1.0 277.2 15.4 108.8 15.4 88.7 15.4 123.8 15.4 111.5 15.4 111.4 15.4 122.7 15.4 116.8 30 31 32 33 34 35 36 37 U.S. direct investment abroad (4) Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance co. subs. Other 303.3 214.8 11.7 0.1 26.7 176.3 403.9 25.8 12.3 -0.0 8.4 5.2 319.2 107.1 8.0 0.0 2.6 96.5 305.0 302.2 -5.8 0.0 14.7 293.2 311.0 168.9 10.0 0.1 14.1 144.7 190.9 348.4 6.2 0.6 66.9 274.6 290.7 363.4 17.4 -0.2 -4.8 351.0 321.1 100.3 15.0 -0.0 -6.5 91.9 441.1 -136.4 1.4 0.1 0.7 -138.7 294.1 272.4 -8.9 0.3 -7.3 288.4 282.4 -5.6 5.7 -0.1 -15.3 4.1 32 33 34 35 36 37 38 Net increase in liabilities 487.6 894.3 985.3 1004.7 919.0 611.1 1150.0 1022.9 892.1 1110.1 1046.6 38 39 40 41 42 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) 237.3 24.5 33.2 179.6 203.6 33.4 8.5 161.6 352.3 14.0 15.2 323.0 302.8 14.2 9.3 279.3 303.0 37.9 -0.1 265.1 363.4 75.0 1.7 286.7 278.0 57.8 -14.3 234.5 225.2 22.2 2.6 200.4 345.3 -3.2 9.7 338.8 439.2 -40.6 31.2 448.6 608.1 -50.0 36.6 621.5 39 40 41 42 43 44 45 46 Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages -308.0 -87.0 -90.4 -130.6 91.0 92.1 60.2 -61.3 11.8 108.0 -33.5 -62.7 129.5 50.1 53.1 26.3 186.2 85.9 82.0 18.3 253.4 91.7 146.8 14.8 65.8 106.9 -74.8 33.7 288.0 94.5 172.6 20.9 137.5 50.3 83.4 3.8 197.1 117.7 29.4 49.9 66.5 68.3 -44.0 42.3 43 44 45 46 47 Corporate equities -250.7 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -592.0 -591.0 47 48 49 Trade payables Taxes payable 156.3 7.2 25.2 8.8 65.4 2.3 106.7 -9.1 87.6 0.1 73.5 -10.0 111.2 5.7 74.2 17.8 91.5 -13.2 63.3 16.8 45.4 25.1 48 49 50 Foreign direct investment in U.S. 157.0 192.7 188.3 184.9 97.1 -425.2 242.8 370.2 200.8 762.4 245.0 50 51 52 53 54 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 488.5 15.4 -32.1 505.2 827.6 3.0 -19.5 844.1 710.2 -12.3 -11.6 734.2 642.7 -2.5 110.9 534.3 632.6 -1.1 54.4 579.2 857.8 -2.8 -17.0 877.6 719.6 -0.9 80.8 639.7 481.8 1.5 44.8 435.5 471.1 -2.0 109.2 364.0 223.4 6.7 -22.3 239.0 647.4 1.2 50.2 596.1 51 52 53 54 296.1 794.2 734.2 282.4 487.2 385.7 374.1 737.7 451.1 638.3 353.3 55 -244.0 -175.1 -48.4 -118.9 1.9 67.9 10.8 -49.0 -22.0 101.3 238.2 56 55 56 Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.5, line 58. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). 17 Z.1, September 18, 2015 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving = consumption of fixed capital 266.9 265.0 273.0 284.5 297.5 293.8 295.9 298.9 301.3 303.3 304.9 1 2 Gross saving less net capital transfers paid (1) 274.7 266.6 277.9 284.5 297.5 293.8 295.9 298.9 301.3 303.3 304.9 2 3 Gross investment 274.7 266.6 277.9 284.5 297.5 293.8 295.9 298.9 301.3 303.3 304.9 3 245.1 241.5 3.6 281.7 274.8 6.8 308.6 312.6 -4.0 347.4 330.8 16.6 367.6 353.7 13.9 363.3 355.9 7.4 366.8 350.3 16.6 368.1 351.4 16.7 372.2 357.1 15.1 380.1 357.6 22.5 377.4 356.4 21.0 4 5 6 4 5 6 Capital expenditures Fixed investment (2) Change in inventories 7 Net lending (+) or net borrowing (-) 29.5 -15.1 -30.7 -62.8 -70.1 -69.5 -70.9 -69.2 -70.9 -76.8 -72.5 7 8 Net acquisition of financial assets 152.0 196.9 301.1 80.2 231.2 86.2 243.5 196.1 399.1 270.4 299.0 8 9 10 11 Checkable deposits and currency Time and savings deposits Money market mutual funds -2.7 2.9 3.1 24.6 6.0 0.8 59.3 10.1 3.0 3.5 10.8 2.3 34.9 26.2 4.0 15.4 6.3 1.4 37.6 20.5 4.4 31.1 16.1 3.5 55.5 61.7 6.9 25.2 72.5 4.9 36.5 29.8 4.5 9 10 11 12 13 14 Debt securities Treasury securities Municipal securities 2.5 1.9 0.5 1.1 0.8 0.3 4.2 4.0 0.2 1.7 1.5 0.2 3.0 2.7 0.3 1.0 0.9 0.1 3.2 2.9 0.3 2.6 2.3 0.3 5.0 4.5 0.5 3.6 3.2 0.4 4.7 4.2 0.5 12 13 14 15 16 17 Loans Mortgages Consumer credit 4.2 4.2 0.0 -5.8 -5.8 0.0 -2.4 -2.4 0.0 1.0 1.0 0.0 1.7 1.7 0.0 0.6 0.6 0.0 1.9 1.9 0.0 1.5 1.5 0.0 2.9 2.9 0.0 2.0 2.0 0.0 2.7 2.7 0.0 15 16 17 18 19 20 21 22 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Other 37.0 105.0 29.9 0.4 74.7 61.0 109.1 -4.7 0.3 113.5 4.6 222.4 15.4 0.1 206.9 17.3 43.6 -25.3 0.6 68.3 30.0 131.4 12.4 0.8 118.3 10.1 51.4 9.8 1.1 40.6 32.9 142.9 14.9 0.3 127.7 26.0 115.4 14.2 0.7 100.5 51.1 216.0 10.7 0.9 204.5 36.3 125.9 -20.6 0.4 146.1 48.0 172.7 -16.1 0.5 188.3 18 19 20 21 22 122.4 211.9 331.8 143.0 301.4 155.6 314.4 265.4 470.0 347.1 371.5 23 -19.4 -16.8 4.7 -7.3 3.2 33.5 0.6 -30.9 125.2 58.1 9.2 58.0 122.1 45.9 6.1 70.1 217.9 71.1 9.4 137.4 72.3 22.2 -9.9 60.0 235.8 107.6 15.8 112.4 196.3 21.7 13.8 160.7 367.6 133.0 18.1 216.5 226.9 124.7 -21.0 123.3 334.2 114.8 19.2 200.2 24 25 26 27 30.3 -0.7 54.8 0.6 13.1 7.6 19.9 3.6 33.8 6.2 13.3 2.1 39.8 6.8 29.9 5.3 52.1 10.5 47.4 17.5 45.1 9.9 28 29 23 Net increase in liabilities 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 28 29 Trade payables Taxes payable 30 31 Foreign direct investment in U.S. Miscellaneous liabilities 0.3 -54.3 0.0 -21.0 0.4 51.8 0.6 -85.3 0.8 5.6 0.8 -11.4 0.9 8.0 0.9 2.1 0.8 23.5 3.6 54.9 1.4 10.9 30 31 32 Proprietors’ net investment 166.4 174.4 133.7 82.1 37.1 78.6 23.2 30.8 15.6 -3.0 -29.9 32 (1) Net capital transfers paid from table F.5, line 59. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. Flows 2010 18 Z.1, September 18, 2015 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 1 2 3 4 5 6 7 8 9 2011 2012 2013 2014 2014 2015 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 4441.8 1239.3 1057.1 346.3 15.7 989.0 137.2 680.1 -22.9 4604.6 1453.2 1102.6 349.6 16.7 922.2 135.6 649.2 -24.5 4756.2 1511.4 1132.1 415.6 18.1 956.2 128.0 614.1 -19.3 5277.8 1672.8 1178.0 434.7 19.3 1112.0 237.5 642.3 -18.8 5490.3 1780.2 1213.7 476.2 21.7 1164.1 150.5 702.1 -18.3 5383.2 1736.0 1196.1 461.0 23.0 1149.6 178.7 656.4 -17.6 5471.3 1754.1 1210.2 490.0 20.3 1156.3 150.6 708.2 -18.4 5545.8 1792.0 1221.7 480.5 22.4 1168.0 133.6 746.0 -18.4 5560.8 1838.8 1227.0 473.3 21.2 1182.3 139.0 697.7 -18.6 5638.5 1900.1 1226.8 480.0 24.6 1191.0 122.8 709.8 -16.6 5720.6 1927.1 1239.5 507.9 24.7 1195.8 123.2 718.5 -16.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 6007.8 2522.2 2298.3 558.8 572.7 55.9 6064.7 2530.9 2327.3 530.1 616.4 60.1 6067.1 2544.1 2341.5 499.3 624.0 58.0 6105.8 2522.0 2404.3 504.0 616.2 59.4 6289.4 2556.3 2506.6 547.2 621.4 57.9 6191.7 2538.7 2453.5 521.8 619.5 58.1 6261.5 2549.0 2490.6 535.0 629.0 57.9 6361.8 2578.7 2534.0 566.1 624.8 58.2 6342.7 2558.6 2548.5 565.7 612.5 57.5 6368.2 2556.2 2603.2 583.9 567.3 57.6 6466.4 2565.4 2630.3 567.1 645.2 58.4 10 11 12 13 14 15 16 17 18 19 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) - Net capital transfers (3) -1566.0 458.1 -3.2 8.1 -1460.1 479.6 -2.4 7.6 -1310.8 496.2 -2.5 6.1 -828.0 506.2 -2.2 -13.3 -799.2 516.8 -2.0 -12.2 -808.5 513.1 -2.9 -12.9 -790.2 515.5 -1.0 -12.3 -816.1 518.4 -2.7 -13.8 -781.9 520.2 -1.5 -10.0 -729.7 520.8 -2.5 -16.5 -745.8 520.3 -1.3 -15.9 16 17 18 19 20 = Gross saving less net capital transfers -1112.8 -985.7 -818.2 -306.3 -268.1 -279.6 -261.5 -281.2 -250.3 -190.0 -208.2 20 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -1030.6 651.8 9.6 -1037.6 637.9 8.3 -755.9 614.4 7.2 -290.6 592.3 7.2 -203.0 595.8 7.2 -361.2 583.5 8.6 -92.6 597.2 8.1 -286.2 598.7 3.5 -72.1 603.9 8.6 -31.8 593.3 9.1 -58.1 613.9 -111.9 21 22 23 -1692.1 -1683.8 -1377.5 -890.1 -806.1 -953.3 -698.0 -888.4 -684.6 -634.2 -560.1 24 24 Net lending (+) or net borrowing (-) 25 Net acquisition of financial assets 361.8 -180.1 217.2 234.5 247.2 171.7 225.9 114.4 476.8 -113.7 614.3 25 26 27 28 29 30 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 1.6 154.6 -5.4 14.5 -0.8 16.2 -241.0 15.9 2.1 -4.7 4.3 -2.5 22.2 6.5 5.6 -3.3 76.9 17.4 3.6 3.4 -3.8 76.4 7.8 6.8 5.9 -4.0 -29.5 24.3 10.7 8.9 3.0 -103.8 8.5 14.2 11.7 -4.1 92.3 2.6 -3.3 -2.2 -10.2 346.6 -4.3 5.5 4.9 -16.7 -474.9 26.9 12.6 10.5 -3.6 541.4 -3.8 1.9 2.0 26 27 28 29 30 31 32 33 34 35 36 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9.9 13.4 8.8 -22.3 1.4 8.5 -180.8 -12.2 -34.4 -132.1 0.2 -2.3 2.4 -6.6 49.1 -44.7 0.4 4.3 -41.2 -8.5 -10.7 -23.4 0.1 1.3 18.9 -7.4 37.0 -15.7 0.4 4.5 9.5 -5.3 9.0 -3.6 0.7 8.7 70.2 -4.2 56.5 4.8 1.0 12.1 -45.7 -11.9 16.5 -44.0 -0.5 -5.8 41.5 -8.2 66.1 -20.0 0.3 3.2 76.8 -5.3 72.0 -1.2 0.8 10.4 -108.9 -9.7 -68.8 -29.8 -0.0 -0.6 31 32 33 34 35 36 37 38 39 40 Loans Mortgages Consumer credit Other loans and advances 145.4 8.6 133.1 3.6 136.4 3.2 128.5 4.8 143.7 9.1 132.1 2.4 127.1 6.8 113.1 7.2 116.3 8.0 105.7 2.5 119.7 13.4 99.2 7.1 128.6 18.1 106.7 3.7 105.8 -3.7 109.3 0.2 111.1 4.3 107.7 -0.9 121.5 17.7 100.3 3.5 97.5 -0.5 90.7 7.4 37 38 39 40 41 42 43 44 45 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 24.2 3.0 12.4 28.1 -25.5 36.9 -0.2 10.4 27.9 0.9 -10.8 1.2 8.0 30.4 6.2 -4.1 0.4 12.1 30.8 11.3 0.8 1.3 10.7 -13.8 20.1 4.1 2.4 11.1 -6.5 21.1 5.4 3.3 14.3 38.0 32.5 -7.4 -1.6 4.4 -38.3 11.9 1.0 0.9 12.8 -48.2 15.1 5.1 2.9 4.9 86.8 29.9 0.3 -0.1 9.6 52.6 25.5 41 42 43 44 45 2053.9 1503.7 1594.7 1124.6 1053.3 1125.0 923.9 1002.8 1161.4 520.5 1174.4 46 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47 48 49 1714.6 1645.3 68.7 0.9 0.0 0.9 1085.1 1137.6 -53.6 0.9 0.0 0.9 1174.9 1181.0 -5.7 0.4 0.0 0.4 817.9 857.7 -39.4 0.5 0.0 0.5 721.9 736.0 -14.0 0.4 0.0 0.4 734.9 786.7 -49.9 0.2 0.0 0.2 483.2 481.9 1.1 0.5 0.0 0.5 787.5 839.4 -51.2 0.3 0.0 0.3 882.1 836.1 43.9 0.4 0.0 0.4 -29.8 -155.3 126.5 0.4 0.0 0.4 379.1 347.9 29.1 0.1 0.0 0.1 50 51 52 53 54 55 43.7 0.9 294.2 47.2 1.3 369.3 51.5 0.3 367.6 57.7 0.2 248.6 57.2 0.8 273.3 48.5 -0.1 341.5 63.6 0.6 376.0 62.5 1.2 152.3 54.1 1.4 223.3 40.5 -2.1 511.5 64.2 0.9 730.0 56 57 58 -82.2 51.8 -62.3 -15.7 -65.1 81.6 -168.8 5.0 -178.2 -158.2 -150.2 59 352.1 2044.2 -146.5 1537.3 167.7 1545.2 244.7 1134.7 209.8 1015.9 162.5 1115.8 168.9 866.9 97.6 986.0 410.2 1094.8 -186.1 448.1 683.0 1243.0 60 61 46 Net increase in liabilities 47 48 49 SDR allocations SDR certificates Treasury currency 50 51 52 53 54 55 Debt securities Treasury securities Municipal securities Loans Multifamily residential mortgages Other loans and advances 56 57 58 Trade payables Insurance reserves Miscellaneous liabilities 59 60 61 Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) (1) Sum of the federal government and state and local governments sectors. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.5, line 60 less line 12. (4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55). 19 Z.1, September 18, 2015 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies Q2 2015 Q3 Q4 Q1 Q2 2443.3 2574.1 2699.1 3141.3 3265.2 3215.5 3256.3 3293.4 3295.7 3356.5 3420.8 1 941.6 96.8 298.7 15.7 970.9 54.6 68.1 -3.1 1129.1 108.6 299.4 16.7 904.0 56.4 67.1 -7.1 1164.7 115.1 363.1 18.1 938.1 52.6 56.1 -8.9 1300.6 125.8 379.2 19.3 1093.4 163.2 71.1 -11.3 1396.9 137.8 417.9 21.7 1145.2 74.8 80.6 -9.7 1359.3 136.5 403.2 23.0 1130.7 103.8 68.5 -9.5 1380.2 137.1 432.6 20.3 1137.4 75.1 83.4 -9.9 1406.5 139.0 421.9 22.4 1149.1 57.7 106.5 -9.6 1441.7 138.8 413.9 21.2 1163.5 62.5 63.8 -9.8 1501.0 140.5 419.0 24.6 1172.2 45.7 61.6 -8.1 1516.0 145.3 448.0 24.7 1177.0 45.4 72.4 -8.0 2 3 4 5 6 7 8 9 3772.0 3818.3 3789.1 3782.2 3896.7 3834.7 3886.3 3943.5 3922.4 3935.8 4014.4 10 1003.9 1774.4 558.8 380.6 54.3 1006.1 1796.9 530.1 425.7 59.5 1007.8 1801.5 499.3 422.9 57.6 961.3 1842.0 504.0 416.1 58.9 955.3 1896.8 547.2 440.1 57.4 952.9 1868.4 521.8 433.8 57.6 950.9 1894.8 535.0 448.2 57.4 968.2 1905.5 566.1 445.9 57.7 949.1 1918.3 565.7 432.3 57.0 956.7 1955.5 583.9 382.6 57.1 957.3 1974.9 567.1 457.2 57.9 11 12 13 14 15 -1328.7 -1244.1 -1090.1 -640.9 -631.5 -619.2 -630.0 -650.1 -626.7 -579.3 -593.6 16 245.3 -3.2 84.8 257.4 -2.4 81.5 264.3 -2.5 80.2 267.7 -2.2 58.1 270.7 -2.0 58.8 269.6 -2.9 57.2 270.2 -1.0 59.6 271.2 -2.7 61.1 271.9 -1.5 57.2 272.0 -2.5 52.5 271.2 -1.3 52.7 17 18 19 16 Net saving, NIPA basis 17 18 19 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 20 = Gross saving less net capital transfers paid -1165.0 -1065.8 -903.5 -429.1 -417.5 -403.8 -418.4 -437.3 -410.5 -357.3 -373.8 20 21 22 23 Gross investment Fixed investment Nonproduced nonfinancial assets -1115.9 300.0 -1.0 -1055.9 297.4 -0.9 -840.5 284.7 -2.0 -392.6 269.4 -2.4 -368.9 264.6 -2.7 -463.1 261.8 -1.2 -263.5 266.0 -1.8 -468.1 264.9 -6.5 -281.1 265.6 -1.3 -232.8 261.5 -0.7 -148.6 263.4 -121.6 21 22 23 -1414.9 -1352.4 -1123.2 -659.5 -630.8 -723.7 -527.6 -726.5 -545.4 -493.7 -290.4 24 281.9 -150.7 126.5 221.5 160.2 86.9 46.1 146.9 361.1 -262.4 661.6 25 1.6 148.9 0.1 -46.9 -47.2 0.3 131.4 3.6 -5.4 133.1 24.1 -0.7 27.1 -3.6 16.2 -257.6 -0.3 -118.2 -118.1 -0.1 136.5 4.8 3.3 128.5 40.3 4.8 25.6 2.0 4.3 6.7 0.2 -31.3 -31.1 -0.2 136.2 2.4 1.6 132.1 -13.2 2.6 22.0 -1.0 -3.3 69.6 -0.5 -0.1 0.0 -0.1 124.2 7.2 4.0 113.1 -4.8 3.3 27.2 5.9 -3.8 60.8 0.2 -0.0 0.0 -0.0 110.0 2.5 1.7 105.7 -1.6 2.2 -19.9 12.5 -4.0 -36.0 -0.1 -0.0 0.0 -0.0 108.2 7.1 1.9 99.2 -0.6 8.2 0.1 11.0 3.0 -104.1 -0.0 -0.1 0.0 -0.1 112.8 3.7 2.3 106.7 -1.1 -0.0 15.6 19.9 -4.1 73.3 0.4 0.0 0.0 0.0 112.4 0.2 2.9 109.3 -4.2 -2.7 -39.2 11.0 -10.2 309.8 0.6 0.0 0.0 0.0 106.5 -0.9 -0.3 107.7 -0.7 3.2 -56.3 8.2 -16.7 -450.1 -0.6 0.0 0.0 0.0 107.2 3.5 3.5 100.3 -0.4 0.2 79.8 18.2 -3.6 522.6 1.1 -0.1 0.0 -0.1 97.6 7.4 -0.5 90.7 0.6 -0.6 22.9 21.1 26 27 28 29 30 31 32 33 34 35 36 37 38 39 1696.7 1201.7 1249.7 881.0 791.0 810.6 573.7 873.4 906.4 231.3 952.0 40 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.4 0.0 0.0 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41 42 43 1645.9 1645.3 1590.0 55.3 0.7 0.0 1138.7 1137.6 1083.4 54.2 1.1 0.0 1180.6 1181.0 1121.9 59.1 -0.4 0.0 857.3 857.7 806.2 51.4 -0.4 0.0 735.9 736.0 646.7 89.4 -0.1 0.0 784.7 786.7 715.0 71.6 -1.9 0.0 482.1 481.9 404.4 77.5 0.1 0.0 838.7 839.4 745.7 93.7 -0.7 0.0 838.2 836.1 721.5 114.7 2.1 0.0 -156.3 -155.3 146.9 -302.2 -1.0 0.0 350.0 347.9 879.7 -531.8 2.1 0.0 44 45 46 47 48 49 5.2 0.9 45.0 20.2 24.9 8.8 1.3 53.0 20.8 32.1 13.4 0.3 55.4 50.4 5.0 19.7 0.2 4.1 -9.3 13.4 18.4 0.8 36.2 22.8 13.4 10.2 -0.1 15.7 11.5 4.2 24.7 0.6 66.3 32.6 33.7 23.5 1.2 11.0 10.5 0.6 15.2 1.4 51.7 36.6 15.1 2.4 -2.1 387.2 402.2 -14.9 25.1 0.9 576.0 567.1 8.9 50 51 52 53 54 -49.1 -9.9 -63.0 -36.6 -48.6 59.3 -154.9 30.8 -129.4 -124.5 -225.1 55 148.9 -258.0 7.5 69.6 62.1 -79.0 -6.4 78.0 255.8 -492.4 622.8 56 24 Net lending (+) or net borrowing (-) 25 Net acquisition of financial assets 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 41 42 43 SDR allocations SDR certificates Treasury currency 44 45 46 47 48 49 Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans (multifamily residential mortgages) 50 51 52 53 54 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor Other 55 56 Discrepancy Memo: Change in cash balance (6) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.5, line 61 less line 12. (3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price. (5) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. (6) Time and savings deposits (line 28) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8). Flows 2010 20 Z.1, September 18, 2015 F.107 State and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Other current transfer payments Interest payments Subsidies 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1998.5 2030.5 2057.2 2136.5 2225.0 2167.7 2214.9 2252.3 2265.1 2282.0 2299.8 1 297.6 960.4 47.7 18.1 82.6 612.0 -19.8 324.1 994.0 50.2 18.2 79.2 582.1 -17.4 346.7 1016.9 52.5 18.0 75.4 558.0 -10.4 372.2 1052.2 55.5 18.6 74.3 571.2 -7.5 383.3 1075.9 58.3 18.9 75.7 621.5 -8.6 376.8 1059.6 57.8 18.9 74.9 587.9 -8.1 373.8 1073.1 57.4 18.9 75.5 624.7 -8.5 385.6 1082.7 58.7 18.9 75.9 639.5 -8.8 397.1 1088.1 59.4 18.8 76.5 634.0 -8.9 399.1 1086.3 61.1 18.8 77.1 648.2 -8.5 411.1 1094.3 59.9 18.8 77.8 646.0 -8.1 2 3 4 5 6 7 8 2235.8 2246.4 2277.9 2323.6 2392.7 2357.0 2375.2 2418.4 2420.3 2432.4 2452.0 9 1518.3 523.8 0.0 192.1 1.6 1524.8 530.4 0.0 190.7 0.5 1536.3 540.0 0.0 201.2 0.5 1560.7 562.3 0.0 200.1 0.5 1601.0 609.9 0.0 181.4 0.5 1585.8 585.1 0.0 185.7 0.5 1598.2 595.8 0.0 180.8 0.5 1610.5 628.4 0.0 178.9 0.5 1609.5 630.2 0.0 180.1 0.5 1599.5 647.7 0.0 184.7 0.5 1608.1 655.4 0.0 187.9 0.5 10 11 12 13 14 -237.3 -215.9 -220.8 -187.1 -167.7 -189.3 -160.2 -166.0 -155.2 -150.4 -152.2 15 212.7 -76.7 222.2 -73.8 231.9 -74.2 238.5 -71.4 246.1 -71.0 243.5 -70.1 245.3 -71.9 247.2 -74.9 248.3 -67.2 248.8 -69.0 249.1 -68.7 16 17 15 Net saving, NIPA basis 16 17 + Consumption of fixed capital - Net capital transfers paid (2) 18 = Gross saving less net capital transfers paid 52.2 80.1 85.3 122.8 149.4 124.2 156.9 156.1 160.2 167.3 165.5 18 19 Gross investment 85.2 18.3 84.5 101.9 165.9 101.9 170.8 181.9 209.0 201.1 90.6 19 351.9 10.6 340.5 9.2 329.7 9.1 322.9 9.6 331.3 9.9 321.7 9.9 331.3 9.9 333.8 10.0 338.3 9.9 331.8 9.8 350.5 9.8 20 21 20 21 Fixed investment Nonproduced nonfinancial assets 22 Net lending (+) or net borrowing (-) -277.2 -331.4 -254.4 -230.6 -175.3 -229.6 -170.4 -161.8 -139.3 -140.5 -269.6 22 23 Net acquisition of financial assets 80.0 -29.4 90.6 13.0 87.0 84.8 179.8 -32.5 115.7 148.7 -47.3 23 24 25 Checkable deposits and currency Time and savings deposits 5.7 -5.5 16.6 16.2 -9.2 22.1 7.3 17.9 15.6 7.6 6.5 24.4 0.3 8.5 19.0 2.2 36.8 -4.9 -24.8 27.5 18.8 -4.9 24 25 26 27 Money market fund shares Security repurchase agreements 14.5 -0.8 2.1 -4.7 6.5 5.6 3.6 3.4 6.8 5.9 10.7 8.9 14.2 11.7 -3.3 -2.2 5.5 4.9 12.6 10.5 1.9 2.0 26 27 28 29 30 31 32 33 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 56.8 13.4 8.8 24.9 1.4 8.2 -62.6 -12.2 -34.4 -14.0 0.2 -2.2 33.7 -6.6 49.1 -13.6 0.4 4.5 -41.1 -8.5 -10.7 -23.4 0.1 1.4 18.9 -7.4 37.0 -15.7 0.4 4.6 9.5 -5.3 9.0 -3.6 0.7 8.7 70.2 -4.2 56.5 4.8 1.0 12.2 -45.7 -11.9 16.5 -44.0 -0.5 -5.8 41.5 -8.2 66.1 -20.0 0.3 3.2 76.8 -5.3 72.0 -1.2 0.8 10.4 -108.9 -9.7 -68.8 -29.8 -0.0 -0.5 28 29 30 31 32 33 34 Loans (mortgages) 14.0 -0.1 7.5 2.9 6.3 11.4 15.8 -6.6 4.6 14.2 -0.0 34 35 36 Corporate equities Mutual fund shares 0.2 3.0 -3.4 -0.2 2.4 1.2 0.8 0.4 2.4 1.3 4.6 2.4 6.5 3.3 -3.1 -1.6 1.7 0.9 5.6 2.9 -0.3 -0.1 35 36 37 38 39 Trade receivables Taxes receivable Miscellaneous assets 13.1 1.0 -22.0 5.6 2.3 -1.1 5.3 8.4 7.2 8.9 3.6 5.4 8.5 6.2 7.6 2.9 -6.7 10.1 14.3 22.4 12.6 7.1 0.8 0.9 9.6 8.1 6.9 4.7 7.0 11.7 10.2 29.6 4.4 37 38 39 357.1 302.0 345.0 243.5 262.2 314.4 350.2 129.4 255.0 289.2 222.4 40 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 -49.9 -6.2 -43.7 1.1 7.3 -6.2 -51.2 -23.4 -27.8 43.9 -4.4 48.3 126.5 0.6 125.9 29.1 12.6 16.5 41 42 43 40 Net increase in liabilities 41 42 43 Debt securities (municipal securities) Short-term (3) Long-term 44 Loans (U.S. government loans) 45 46 Trade payables Claims of pension fund on sponsor (4) 47 Discrepancy 0.9 0.9 0.4 0.5 0.4 0.2 0.5 0.3 0.4 0.4 0.1 44 38.5 249.1 38.4 316.3 38.1 312.2 38.0 244.4 38.8 237.1 38.3 325.8 38.8 309.7 39.0 141.2 38.9 171.7 38.1 124.2 39.1 154.0 45 46 -33.1 61.8 0.8 20.9 -16.5 22.3 -13.9 -25.8 -48.7 -33.7 74.9 47 (1) Data for state and local government employee retirement funds are shown in table F.120. (2) Table F.5, line 62. (3) Debt with original maturity of 13 months or less. (4) Included in miscellaneous liabilities. 21 Z.1, September 18, 2015 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid 375.1 319.6 297.8 179.0 265.3 242.6 286.5 248.6 283.3 223.0 268.0 1 2 Gross investment 168.1 244.7 266.7 394.4 261.7 16.1 239.4 604.7 186.4 521.4 425.0 2 166.8 4.0 162.8 173.9 6.5 167.5 197.4 5.3 192.1 220.9 14.7 206.1 230.0 7.4 222.6 208.2 -3.6 211.8 239.7 19.7 220.0 233.5 5.4 228.1 238.8 8.2 230.6 244.8 11.7 233.2 235.6 1.0 234.7 3 4 5 3 4 5 Capital expenditures Fixed residential investment Fixed nonresidential investment 6 Net lending (+) or net borrowing (-) 1.3 70.7 69.3 173.6 31.6 -192.1 -0.3 371.3 -52.4 276.5 189.4 6 7 Net acqisition of financial assets 82.2 2229.0 1836.7 3576.9 3087.6 4208.8 3414.9 2528.6 2198.0 3101.8 1436.8 7 8 9 10 11 12 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 0.3 0.0 0.9 8.7 -106.9 -0.3 0.0 0.7 -62.9 603.0 0.2 0.0 0.6 0.4 -64.1 0.2 0.0 0.7 -9.6 760.1 0.2 0.0 0.8 -9.6 131.5 0.2 0.0 1.0 -57.3 784.2 0.1 0.0 0.9 29.0 49.9 0.5 0.0 0.8 -13.7 331.9 0.1 0.0 0.5 3.6 -640.2 0.1 0.0 1.5 0.8 244.1 0.1 0.0 1.1 -8.8 -771.8 8 9 10 11 12 13 14 15 16 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -32.4 -109.5 -172.8 270.7 37.2 -47.7 -63.8 114.6 9.9 4.9 -82.4 265.4 -4.1 82.0 -53.5 -379.7 -19.5 13.7 21.1 45.9 -82.7 81.9 -78.4 33.2 29.7 50.8 -132.7 324.2 119.1 52.4 39.7 -322.6 -144.0 -130.2 256.0 148.6 -15.3 97.3 139.0 36.6 -103.8 47.0 -36.4 13.6 13 14 15 16 17 18 19 20 21 22 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 787.1 -93.5 572.7 50.9 44.2 212.7 1268.5 -75.0 1050.7 114.2 13.5 165.1 1093.8 -1.2 350.8 154.5 139.2 450.5 1546.7 34.5 589.7 403.2 9.1 510.2 1233.3 -14.8 403.5 369.0 51.9 423.7 1459.8 59.3 755.6 237.4 19.4 388.2 1271.8 91.0 128.5 465.0 46.6 540.7 1234.8 -128.9 698.4 226.9 69.7 368.6 966.9 -80.6 31.7 546.7 72.0 397.1 559.9 -14.7 91.8 -28.1 121.5 389.4 171.1 115.1 -438.9 10.7 56.2 428.0 17 18 19 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -682.5 -86.0 -134.5 -316.6 -145.5 -66.5 177.6 -70.2 -155.8 -17.9 267.4 176.9 103.6 -57.8 44.7 549.1 196.5 168.8 110.3 73.4 786.0 320.0 150.0 201.7 114.4 487.5 347.7 28.9 31.8 79.1 958.6 319.7 313.3 178.1 147.5 790.3 229.1 202.6 240.7 117.9 907.7 383.5 55.3 356.1 112.9 644.2 437.6 -51.1 176.8 80.9 1052.3 294.7 122.3 466.7 168.6 23 24 25 26 27 28 29 Corporate equities Mutual fund shares 58.1 133.0 -85.0 19.4 5.9 64.4 -4.1 143.3 111.6 125.7 -109.7 145.5 37.7 118.5 261.0 89.3 257.3 149.5 286.0 68.7 293.1 112.0 28 29 30 31 32 33 Trade receivables Life insurance reserves U.S. direct investment abroad Miscellaneous assets -8.6 8.2 -2.3 -69.9 -0.8 7.7 15.2 489.8 -1.6 14.7 20.5 236.8 -2.2 10.8 23.6 913.7 1.1 10.9 26.0 608.7 13.6 10.4 40.3 1479.4 13.6 11.2 12.7 638.8 -13.6 9.8 42.3 -93.5 -9.1 12.2 8.6 410.3 21.3 9.4 8.1 1000.3 12.6 12.6 65.5 576.7 30 31 32 33 80.9 2158.3 1767.3 3403.3 3055.9 4400.9 3415.1 2157.3 2250.4 2825.2 1247.4 34 34 Net increase in liabilities 35 Net interbank liabilities -142.8 820.5 -194.5 1129.1 115.0 1427.3 8.7 403.0 -1379.0 501.8 -1054.2 35 36 37 38 39 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 266.3 115.6 -503.2 213.4 234.5 404.1 -112.8 184.3 267.7 520.4 7.1 208.6 332.6 409.1 28.9 -384.1 351.1 513.2 9.6 6.3 226.2 704.6 -95.7 10.0 501.5 452.4 -142.0 369.9 307.4 180.5 30.7 -555.1 369.2 715.3 245.4 200.4 -140.3 836.9 -58.4 -29.2 873.5 -18.4 25.0 -163.7 36 37 38 39 40 41 42 43 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds -695.4 -102.2 -46.9 -546.3 -327.4 -68.2 -21.9 -237.4 -306.4 -58.8 -22.4 -225.2 108.1 -48.9 239.9 -82.9 178.6 -36.6 150.6 64.6 -335.1 -69.0 -273.8 7.7 336.6 16.6 208.1 111.9 325.7 57.9 214.5 53.3 387.3 -151.8 453.5 85.5 -195.6 -121.4 -158.2 84.0 317.6 170.0 216.1 -68.5 40 41 42 43 44 45 46 47 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -176.6 -56.2 -121.2 0.8 17.9 63.6 -59.2 13.5 -80.1 -130.4 45.4 4.8 175.9 31.4 136.8 7.8 154.5 14.2 126.6 13.8 274.0 25.5 235.9 12.6 18.5 -117.9 129.9 6.5 234.4 50.5 178.4 5.5 91.2 98.7 -37.9 30.4 36.1 35.0 -16.1 17.3 59.5 37.7 9.9 11.9 44 45 46 47 48 49 Corporate equities Mutual fund shares 191.4 370.1 164.1 338.4 168.4 624.9 162.5 638.4 219.5 595.2 37.1 764.7 298.9 630.2 177.0 568.9 365.1 417.0 299.3 656.7 158.5 493.6 48 49 50 51 52 Trade payables Life insurance reserves Pension entitlements -52.0 13.6 651.1 -3.8 79.9 539.5 -0.0 -12.2 581.3 0.3 29.8 529.9 3.4 55.5 532.3 1.0 41.8 507.0 11.9 52.1 521.0 8.4 55.0 532.8 -7.8 73.1 568.3 5.0 89.1 478.7 17.7 49.0 515.6 50 51 52 53 54 55 56 Taxes payable Equity in noncorporate business Foreign direct investment in U.S. Miscellaneous liabilities 13.0 0.9 48.5 -233.0 10.7 -2.9 43.4 -232.1 6.9 6.7 5.1 -36.6 17.7 -5.6 31.1 199.6 15.9 2.0 13.6 290.2 46.7 3.8 13.6 774.0 27.8 -1.6 12.3 316.9 -10.1 7.0 21.1 -129.3 -0.8 -1.1 7.5 199.2 35.4 -1.1 27.3 283.5 -53.2 -1.1 9.9 18.0 53 54 55 56 207.0 74.9 31.1 -215.5 3.6 226.5 47.0 -356.1 96.9 -298.3 -157.0 57 57 Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.131. Flows 2010 22 Z.1, September 18, 2015 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 1 Gross saving 2 Fixed nonresidential investment 3 Net acquisition of financial assets Q2 2015 Q3 Q4 Q1 Q2 -8.5 -0.2 -17.5 -0.9 5.7 -3.8 2.1 12.6 11.8 8.3 11.3 1 0.7 0.6 0.8 0.6 0.7 0.6 0.7 0.7 0.7 0.7 0.7 2 185.5 493.6 9.7 1118.8 481.6 922.1 543.3 291.4 169.7 -10.5 -23.3 3 4 5 6 U.S. official reserve assets SDR certificates Treasury currency 0.3 0.0 0.9 -0.3 0.0 0.7 0.2 0.0 0.6 0.2 0.0 0.7 0.2 0.0 0.8 0.2 0.0 1.0 0.1 0.0 0.9 0.5 0.0 0.8 0.1 0.0 0.5 0.1 0.0 1.5 0.1 0.0 1.1 4 5 6 7 Federal Reserve float (2) 0.7 0.8 0.1 -0.5 0.4 1.7 0.1 -1.6 1.4 -0.8 1.3 7 -96.4 -96.4 0.0 -0.0 -0.0 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 -0.2 -0.2 0.0 0.5 0.5 0.0 0.7 0.7 0.0 -0.7 -0.7 0.0 -0.4 -0.4 0.0 0.5 0.5 0.0 8 9 10 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 8 9 10 Interbank loans (2) Discount window (3) AMLF (4) 11 Security repurchase agreements 12 13 14 15 16 17 18 19 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 316.3 0.0 244.9 0.0 244.9 71.4 83.8 -12.4 444.0 0.0 642.0 0.0 642.0 -197.9 -154.5 -43.5 64.5 0.0 2.7 -18.4 21.1 61.8 89.0 -27.2 1086.6 0.0 542.6 0.0 542.6 543.9 563.5 -19.6 480.7 0.0 252.6 0.0 252.6 228.1 246.7 -18.5 911.2 0.0 498.9 0.0 498.9 412.3 451.8 -39.5 538.6 0.0 310.2 0.0 310.2 228.4 243.2 -14.7 299.9 0.0 184.4 0.0 184.4 115.5 130.1 -14.6 173.2 0.0 16.9 0.0 16.9 156.3 161.6 -5.3 21.6 0.0 48.4 0.0 48.4 -26.8 -19.6 -7.2 -11.5 0.0 -8.1 0.0 -8.1 -3.4 0.5 -3.9 12 13 14 15 16 17 18 19 20 21 22 23 24 Loans (depository institution loans n.e.c.) Households (TALF) (5) Brokers and dealers (6) Funding corporations (7) Rest of the world -44.8 -22.8 6.2 -21.9 0.0 -67.6 -15.7 31.0 -51.9 0.0 -29.9 -8.5 -9.2 -21.5 0.0 -0.5 -0.5 10.4 0.0 0.0 -0.1 -0.1 12.0 0.0 0.0 -0.1 -0.1 19.0 0.0 0.0 -0.1 -0.1 4.7 0.0 0.0 -0.1 -0.1 9.8 0.0 0.0 -0.1 -0.1 14.3 0.0 0.0 0.0 0.0 1.4 0.0 0.0 0.0 0.0 6.0 0.0 0.0 20 21 22 23 24 25 26 27 28 Corporate equities (8) Miscellaneous assets Nonofficial foreign currencies (9) Other 1.3 7.3 -10.2 17.5 -26.4 142.4 99.7 42.7 0.0 -25.6 -90.9 65.3 0.0 32.3 -8.6 40.9 0.0 -0.5 1.3 -1.8 0.0 8.2 0.5 7.7 0.0 3.3 -1.1 4.4 0.0 -8.8 0.5 -9.3 0.0 -4.8 5.2 -9.9 0.0 -32.4 -2.9 -29.5 0.0 -14.8 -0.7 -14.1 25 26 27 28 184.6 493.2 9.3 1118.7 480.6 919.9 542.9 291.2 168.2 -11.5 -24.6 29 -8.9 -2.2 594.2 8.1 -71.2 7.1 758.0 2.6 128.9 2.0 781.0 1.7 46.1 3.2 328.0 4.8 -639.4 -1.5 237.1 8.1 -779.3 5.6 30 31 185.0 -122.1 62.1 139.5 152.2 -39.3 65.5 206.6 376.0 -440.3 711.3 32 29 Net increase in liabilities 30 31 Depository institution reserves Vault cash of depository institutions 32 Checkable deposits and currency 33 34 35 36 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 149.0 -0.1 -45.9 195.0 -255.0 -0.0 -55.0 -200.0 7.0 0.0 7.0 0.0 69.8 0.1 69.7 0.0 61.0 -0.0 61.1 0.0 -78.7 0.2 -78.9 0.0 -7.4 -0.5 -6.9 0.0 75.8 0.1 75.8 0.0 254.4 0.2 254.2 0.0 -491.2 -0.0 -491.2 0.0 621.8 -0.4 622.2 0.0 33 34 35 36 37 38 39 Due to government-sponsored enterprises Due to rest of the world Currency outside banks -21.6 0.9 56.7 51.1 -3.2 85.0 -37.4 6.3 86.2 -1.3 1.5 69.5 -5.8 -2.7 99.7 -60.3 -4.0 103.6 1.4 -4.1 75.7 62.9 -2.8 70.7 -27.0 0.0 148.7 3.0 -0.1 48.0 29.4 0.1 60.0 37 38 39 -18.0 0.0 -18.0 40.2 0.0 40.2 7.3 0.0 7.3 208.7 197.8 11.0 193.9 199.0 -5.0 100.4 177.3 -76.9 461.9 389.6 72.3 -185.5 -157.9 -27.6 398.8 386.8 12.0 108.1 -72.9 180.9 85.2 56.4 28.8 40 41 42 28.7 0.9 27.8 -27.2 0.4 -27.5 4.0 0.5 3.5 9.8 0.1 9.7 3.5 1.1 2.4 76.1 2.2 74.0 -33.9 0.4 -34.4 -62.7 0.1 -62.8 34.3 1.5 32.7 75.5 1.0 74.5 -47.4 1.2 -48.7 43 44 45 -10.0 -1.2 -18.8 -1.6 3.9 -6.6 1.0 11.8 9.6 6.7 9.4 46 40 41 42 Security repurchase agreements Reverse repurchase agreement operations (10) Other 43 44 45 Miscellaneous liabilities Federal Reserve Bank stock Other 46 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table F.203. (3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF. (7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (8) 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. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). 23 Z.1, September 18, 2015 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 Gross saving less net capital transfers paid (2) 2 Fixed nonresidential investment 3 2015 Q2 Q3 Q4 Q1 Q2 144.6 75.8 6.6 20.9 -27.5 4.2 -24.9 -71.3 -18.0 -34.2 -61.0 1 35.7 25.1 27.6 24.7 26.5 21.2 25.9 27.9 30.9 31.9 32.6 2 Net lending (+) or net borrowing (-) -24.5 -14.5 -70.2 49.7 -117.7 -345.3 -99.4 174.6 -200.7 172.2 95.4 3 4 Net acquisition of financial assets -193.2 840.5 500.1 993.4 972.1 1754.4 1129.2 837.3 167.3 1427.3 165.0 4 5 6 7 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.2 -8.9 20.9 8.1 594.2 22.5 7.1 -71.2 112.0 2.6 758.0 -98.0 2.0 128.9 10.6 1.7 781.0 38.7 3.2 46.1 113.9 4.8 328.0 -63.7 -1.5 -639.4 -46.4 8.1 237.1 46.9 5.6 -779.3 18.2 5 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 146.1 0.0 103.0 138.5 29.3 -124.7 138.0 0.0 -46.7 133.6 46.8 4.3 190.4 0.0 86.6 49.7 68.0 -13.8 46.3 0.0 -35.1 42.4 55.1 -16.2 216.7 0.0 195.4 26.2 31.0 -35.9 188.8 0.0 177.1 29.8 35.9 -54.0 208.4 0.0 183.1 4.7 17.8 2.8 239.3 0.0 227.4 75.0 32.4 -95.4 230.3 0.0 194.1 -4.6 38.0 2.9 246.9 0.0 -1.5 198.2 68.2 -18.0 137.1 0.0 65.5 122.6 46.3 -97.4 8 9 10 11 12 13 14 15 16 17 18 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -279.4 -41.2 0.0 -157.2 -81.0 142.9 245.1 0.0 -105.8 3.6 277.2 206.8 0.0 21.7 48.7 260.9 197.0 0.0 -11.0 74.9 578.8 320.1 0.0 149.9 108.8 595.5 347.7 0.0 157.3 90.4 660.8 319.8 0.0 200.3 140.8 428.1 229.2 0.0 93.9 104.9 630.6 383.6 0.0 148.1 99.0 765.2 437.6 0.0 246.3 81.3 662.0 294.7 0.0 230.4 136.9 14 15 16 17 18 19 20 Corporate equities Mutual fund shares -1.7 -5.6 0.9 -0.5 -10.5 -0.7 0.8 1.5 0.7 -0.8 -2.5 8.7 -0.7 5.0 1.6 -13.1 4.3 -3.5 -1.7 -2.9 2.2 4.3 19 20 21 Life insurance reserves 4.5 5.2 7.4 5.7 5.9 5.6 6.0 5.0 6.9 5.2 8.6 21 22 23 U.S. direct investment abroad Miscellaneous assets 2.7 -69.4 -6.2 -64.8 -1.6 -10.1 0.3 15.4 4.7 24.5 -3.1 139.9 0.7 85.8 14.2 -106.8 7.0 -21.1 -7.1 129.4 1.9 104.3 22 23 24 Net increase in liabilities -168.7 855.0 570.3 943.7 1089.8 2099.7 1228.7 662.7 368.0 1255.1 69.6 24 25 Net interbank liabilities -131.7 218.2 -130.3 368.5 -16.0 644.6 -40.7 70.2 -738.1 256.6 -280.5 25 26 27 28 Checkable deposits Small time and savings deposits Large time deposits 81.3 298.3 -182.7 356.7 577.4 -173.3 205.6 539.6 -19.2 193.1 307.0 102.1 198.8 365.0 148.2 265.5 468.2 236.4 435.9 379.3 73.1 100.8 439.7 -259.1 -6.8 172.8 542.5 300.0 992.9 -156.0 162.2 71.7 -90.1 26 27 28 29 Federal funds and security repos 6.7 -27.1 -32.0 -92.8 25.4 187.9 3.7 -81.3 -8.8 -77.4 23.2 29 30 31 32 Debt securities Open market paper Corporate bonds -69.3 -20.1 -49.2 10.0 7.6 2.4 -115.4 -33.1 -82.3 -102.7 -27.8 -74.9 -17.2 -5.2 -12.0 -32.4 -5.2 -27.2 -19.7 -9.6 -10.1 -16.9 -5.0 -11.9 0.2 -0.9 1.0 -79.4 -21.9 -57.5 4.1 4.3 -0.3 30 31 32 33 Loans (other loans and advances) -148.7 -62.5 5.6 71.2 60.7 25.5 120.3 61.1 35.9 -36.8 99.7 33 34 35 36 Corporate equity issues Taxes payable (net) Foreign direct investment in U.S. 11.9 6.6 12.4 6.4 10.6 26.0 1.6 7.0 -1.9 2.2 0.1 9.5 2.7 15.2 0.7 2.5 31.1 -0.1 4.3 29.0 1.6 2.8 -11.6 -7.1 1.2 12.3 8.2 24.0 19.1 -6.2 2.2 -27.7 0.6 34 35 36 37 38 39 40 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other -53.5 33.4 -31.5 -55.4 -87.4 76.1 -33.7 -129.8 109.8 101.2 -11.8 20.4 85.4 59.2 -2.5 28.7 306.3 195.9 -20.3 130.6 270.6 179.2 1.5 89.9 241.8 200.8 -12.2 53.3 364.1 108.0 28.1 227.9 348.6 295.8 -98.5 151.4 18.4 -81.7 -27.9 128.1 104.3 117.0 51.6 -64.2 37 38 39 40 133.4 65.1 49.2 -53.5 63.7 328.3 48.6 -273.8 151.8 -238.4 -189.0 41 -0.8 -0.1 0.4 1.5 0.7 0.7 0.9 1.1 0.1 0.1 -0.1 42 41 Discrepancy Memo: 42 Consumer leases not included above (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (2) Net capital transfers paid from table F.5, line 54. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. Flows 2010 24 Z.1, September 18, 2015 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 1 Gross saving less net capital transfers paid (1) 2 Fixed nonresidential investment 3 4 5 6 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 133.8 62.7 -8.9 5.0 -44.5 -12.3 -41.8 -88.4 -35.3 -51.1 -78.2 1 31.0 20.1 21.8 18.7 19.6 14.5 19.1 20.9 23.9 24.9 25.5 2 Net acquisition of financial assets -304.7 322.7 472.6 635.0 845.5 950.6 948.7 752.2 730.5 1392.2 -2.9 3 Vault cash Reserves at Federal Reserve Federal funds and security repos -2.2 -85.6 0.7 8.1 222.9 -25.0 7.1 -0.2 60.1 2.5 454.4 -87.2 2.0 190.7 -30.4 1.8 233.6 -54.6 3.1 114.0 2.8 4.9 285.2 -25.8 -1.6 130.0 -43.9 8.2 247.4 120.2 5.6 -798.4 -24.8 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 135.2 0.0 93.0 110.1 -2.2 -0.2 129.4 -0.4 -16.6 30.3 -98.2 -9.7 -6.4 -70.6 -1.4 -10.2 108.3 0.0 -43.7 106.9 63.8 4.8 80.3 9.8 -51.8 42.6 2.5 -3.1 -2.5 -22.0 2.7 27.3 163.6 0.0 69.3 35.5 18.6 8.6 -10.8 21.0 -2.0 67.8 -9.0 15.3 0.4 -20.8 4.1 -8.0 90.7 0.0 -26.1 47.7 40.8 8.5 -23.6 23.9 -1.9 53.8 15.2 9.9 -1.2 -14.6 4.6 16.5 241.5 0.0 203.3 43.0 26.2 12.2 13.0 14.6 -23.0 32.7 -37.4 -6.0 -2.5 -5.6 5.4 -28.8 190.0 0.0 174.3 54.9 22.0 7.2 44.9 12.8 -32.0 36.6 -75.8 -3.4 -6.5 -19.3 5.9 -52.4 225.1 0.0 184.4 19.6 11.4 22.4 -6.1 10.7 -18.7 19.0 2.1 -9.0 1.8 17.3 -5.1 -2.8 265.6 0.0 226.6 89.0 53.4 15.2 14.0 15.2 -8.8 32.5 -82.4 -7.4 -4.3 -11.5 7.0 -66.2 285.2 0.0 227.9 8.4 18.0 4.0 -0.7 19.8 -32.7 42.5 6.4 -4.2 -0.9 -8.7 13.8 6.3 284.9 0.0 -4.1 218.8 178.2 14.0 19.2 8.8 -1.4 67.4 2.8 -6.1 -1.7 -11.0 13.3 8.2 202.1 0.0 58.0 121.8 137.7 13.9 -27.3 8.4 -10.9 46.0 -23.8 -6.5 -5.6 -7.4 8.4 -12.6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit -252.7 -33.2 0.0 -149.2 -70.3 77.5 175.8 0.0 -105.3 7.1 258.5 216.8 0.0 13.7 28.1 170.7 144.3 0.0 -26.6 52.9 439.2 249.8 0.0 117.9 71.5 472.6 287.3 0.0 127.0 58.3 538.1 274.3 0.0 167.2 96.6 319.4 185.0 0.0 60.6 73.7 426.8 252.6 0.0 116.6 57.6 604.0 328.8 0.0 231.4 43.9 505.2 225.7 0.0 190.1 89.5 23 24 25 26 27 28 29 Corporate equities Mutual fund shares -1.8 -5.8 1.0 -0.8 -10.5 -1.1 0.8 1.6 0.7 -0.7 -2.5 8.5 -0.7 5.1 1.6 -12.8 4.3 -3.6 -1.7 -2.5 2.2 3.8 28 29 30 31 32 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 4.5 2.7 -99.7 5.2 -6.2 -68.5 7.4 -1.6 -10.7 5.7 0.3 -4.6 5.9 4.7 -8.1 5.6 -3.1 98.8 6.0 0.7 54.5 5.0 14.2 -104.9 6.9 7.0 -80.6 5.2 -7.1 133.4 8.6 1.9 90.7 30 31 32 -250.1 370.0 536.7 628.3 975.0 1212.1 1067.9 699.4 920.4 1315.8 -130.3 33 -201.3 0.7 -96.4 -16.8 -88.8 -263.4 0.8 -0.0 40.8 -304.9 -114.2 0.1 -0.1 -29.5 -84.8 191.0 -0.5 0.0 38.5 153.0 54.2 0.4 0.1 -45.3 99.0 179.8 1.7 -0.2 124.1 54.2 -21.3 0.1 0.5 -88.9 67.0 298.2 -1.6 0.7 4.7 294.4 -239.9 1.4 -0.7 -220.9 -19.7 326.8 -0.8 -0.4 222.3 105.7 -490.8 1.3 0.5 -125.3 -367.3 34 35 36 37 38 69.6 -0.1 73.5 -3.8 319.4 -2.7 296.5 25.6 176.2 0.3 180.1 -4.2 148.2 0.3 148.6 -0.7 136.2 0.9 133.1 2.2 192.0 -0.2 185.5 6.7 389.9 1.1 375.3 13.5 108.6 1.7 121.5 -14.7 -145.6 0.9 -149.8 3.3 220.1 -0.6 224.8 -4.0 103.5 -0.1 123.7 -20.1 39 40 41 42 271.7 -133.8 -48.1 537.1 -13.2 -81.5 491.5 -9.1 -52.6 256.7 23.9 -80.5 343.8 102.5 -33.2 503.2 -2.8 55.5 323.9 48.3 -45.3 397.4 -354.1 -88.0 150.9 718.5 -55.0 834.5 32.2 -30.1 146.1 -103.6 -9.8 43 44 45 -69.3 -20.1 -49.2 10.0 7.6 2.4 -115.4 -33.1 -82.3 -102.7 -27.8 -74.9 -17.2 -5.2 -12.0 -32.4 -5.2 -27.2 -19.7 -9.6 -10.1 -16.9 -5.0 -11.9 0.2 -0.9 1.0 -79.4 -21.9 -57.5 4.1 4.3 -0.3 46 47 48 -148.3 -60.5 4.6 69.2 52.3 23.8 110.1 48.4 26.8 -34.9 79.6 49 11.9 6.6 -8.9 33.4 -42.3 6.4 10.6 -94.9 76.1 -171.0 1.6 7.0 147.1 101.2 45.9 2.2 0.1 120.1 59.2 60.9 2.7 15.2 318.5 195.9 122.5 2.5 31.1 259.5 179.2 80.3 4.3 29.0 248.7 200.8 47.9 2.8 -11.6 314.6 108.0 206.6 1.2 12.3 451.1 295.8 155.3 24.0 19.1 3.4 -81.7 85.1 2.2 -27.7 166.2 117.0 49.2 50 51 52 53 54 157.4 90.0 33.5 -20.4 65.4 234.6 58.4 -162.1 130.8 -152.4 -231.0 55 -0.8 -0.1 0.4 1.5 0.7 0.7 0.9 1.1 0.1 0.1 -0.1 56 33 Net increase in liabilities 34 35 36 37 38 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 39 40 41 42 Checkable deposits Federal government Private domestic Rest of the world 43 44 45 Small time and savings deposits Large time deposits Federal funds and security repos 46 47 48 Debt securities Open market paper Corporate bonds 49 Loans (other loans and advances) 50 51 52 53 54 Corporate equity issues Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other 55 Discrepancy Memo: 56 Consumer leases not included above (2) (1) Net capital transfers paid from table F.5, line 54. (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. 25 Z.1, September 18, 2015 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 2.3 2.9 3.3 4.1 4.4 4.2 4.3 4.4 4.5 4.4 4.4 1 2 Fixed nonresidential investment 2.0 2.4 3.0 3.3 3.8 3.7 3.8 3.9 3.9 3.9 3.9 2 3 Net acquisition of financial assets 50.3 468.1 -15.8 316.5 56.3 710.2 152.4 58.3 -695.6 -49.7 102.1 3 4 5 Vault cash Reserves at Federal Reserve 0.0 66.7 0.0 360.2 0.0 -72.2 0.0 309.3 0.0 -59.3 -0.0 491.9 0.1 -9.7 -0.1 76.7 0.1 -796.0 -0.2 -65.8 -0.0 57.6 4 5 6 Federal funds and security repos 20.3 31.7 58.2 -1.2 41.1 92.7 111.7 -37.8 -2.5 -73.4 43.0 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -10.7 0.0 3.5 -4.8 0.0 -9.4 2.2 0.0 -0.5 4.0 0.0 -1.4 11.4 0.0 16.1 1.5 0.0 -6.2 -50.4 0.0 -9.6 -6.7 0.0 -34.1 -14.5 0.0 -10.5 -4.9 0.0 0.9 2.2 0.0 -2.9 -11.5 0.0 16.6 -8.1 0.0 -3.0 -6.3 0.0 1.2 -30.3 0.0 -20.7 -1.9 0.0 -7.7 -21.9 0.0 -15.5 0.1 0.0 -6.4 -33.9 0.0 -3.2 -4.7 0.0 -25.9 -50.0 0.0 6.2 15.9 0.0 -72.0 7 8 9 10 11 12 13 14 15 16 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -10.7 -8.2 0.0 -2.5 59.1 61.7 0.0 -2.6 -12.9 -11.0 0.0 -1.9 45.7 46.3 0.0 -0.6 74.7 67.4 0.0 7.3 67.1 59.3 0.0 7.8 54.7 46.9 0.0 7.8 40.9 35.8 0.0 5.1 136.0 127.7 0.0 8.3 105.7 106.3 0.0 -0.6 75.2 61.0 0.0 14.2 13 14 15 16 17 18 Corporate equities Miscellaneous assets 0.1 -15.3 -0.0 15.0 0.0 -0.3 0.0 13.1 0.0 14.4 0.0 56.3 0.0 3.7 0.0 8.8 0.0 -11.3 0.0 17.8 0.0 -23.7 17 18 19 Net increase in liabilities 32.4 469.0 -5.1 268.7 56.3 807.7 144.4 -56.6 -670.5 -134.2 138.3 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 30.7 27.0 3.7 504.6 518.8 -14.2 -1.9 -51.2 49.3 175.1 159.2 15.9 -70.2 -68.4 -1.9 423.4 413.9 9.5 20.0 47.4 -27.4 -220.0 -238.2 18.2 -504.4 -496.6 -7.8 -117.8 -136.4 18.5 247.8 252.1 -4.3 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 5.7 5.8 -46.5 23.7 13.2 -163.1 16.2 13.8 -16.2 30.8 27.7 71.1 45.2 -5.9 39.7 36.3 -23.4 233.4 50.0 11.1 26.3 -0.0 9.4 91.3 94.4 -20.5 -192.2 46.7 167.5 -188.3 46.9 -150.5 6.4 23 24 25 26 27 Federal funds and security repos Debt securities (open market paper) (2) 54.8 0.0 54.4 0.0 20.6 0.0 -12.3 0.0 58.6 0.0 132.3 0.0 48.9 0.0 6.7 0.0 46.2 0.0 -47.4 0.0 32.9 0.0 26 27 28 Foreign direct investment in U.S. 12.4 26.0 -1.9 9.5 0.7 -0.1 1.6 -7.1 8.2 -6.2 0.6 28 29 30 31 Miscellaneous liabilities Investment by funding corporations Other -30.5 -31.5 1.1 10.1 -33.7 43.8 -35.7 -11.8 -23.9 -33.2 -2.5 -30.7 -11.7 -20.3 8.6 5.7 1.5 4.2 -13.6 -12.2 -1.4 63.2 28.1 35.0 -102.2 -98.5 -3.7 11.3 -27.9 39.2 -45.8 51.6 -97.4 29 30 31 -17.6 1.4 11.0 -47.0 0.5 98.0 -7.5 -114.3 25.6 -84.1 36.7 32 32 Discrepancy (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. Flows 2010 26 Z.1, September 18, 2015 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets -14.8 -4.1 0.0 8.8 7.3 -12.8 9.9 -11.8 43.7 -24.5 20.5 3 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -9.5 0.6 -7.7 -0.9 -1.4 -3.5 -0.0 -8.0 0.9 3.6 -2.6 -0.6 -2.2 -0.8 1.0 1.5 0.7 -0.8 0.9 0.6 -1.2 0.2 -0.1 -0.9 -0.4 2.1 0.6 -0.4 -0.6 2.5 -5.2 -1.9 0.1 -2.8 -0.6 -0.8 1.7 -0.0 -0.3 -2.3 -1.1 0.3 -0.2 0.3 -1.4 -0.2 0.6 -1.0 0.2 0.1 1.5 1.4 1.4 -1.0 -0.3 4 5 6 7 8 9 10 11 12 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages -9.8 -3.3 -2.5 -4.0 -1.4 1.1 -2.4 -0.1 2.5 1.0 2.3 -0.8 -1.2 1.3 -1.1 -1.4 -4.3 -2.3 -1.5 -0.5 -2.4 -0.6 -2.2 0.4 -5.2 -4.4 -0.3 -0.5 -6.2 -2.8 -2.7 -0.6 -3.6 -1.3 -1.0 -1.3 -16.1 -5.7 -3.6 -6.7 -3.4 -0.5 -0.8 -2.1 9 10 11 12 13 Miscellaneous assets 4.5 0.8 0.2 8.6 12.8 -12.5 20.3 -4.8 48.4 -8.2 22.4 13 -14.8 -3.1 -0.1 8.5 7.1 -10.1 11.2 -14.8 41.9 -21.2 22.2 14 4 5 6 7 8 14 Net increase in liabilities 15 16 17 18 Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits 0.9 0.5 -5.2 -5.2 -1.2 2.8 -0.4 -0.4 -0.4 2.5 -0.1 -0.1 0.2 6.3 2.5 2.5 -0.6 5.2 2.0 2.0 -3.2 -3.5 -2.7 -2.7 -1.4 5.2 2.8 2.8 2.6 -3.3 -1.9 -1.9 -0.5 22.5 9.9 9.9 -1.7 -1.7 -7.2 -7.2 -1.9 11.2 4.9 4.9 15 16 17 18 19 Miscellaneous liabilities -5.9 -3.9 -2.0 -3.0 -1.6 2.1 1.7 -10.5 0.2 -3.4 3.2 19 -0.0 1.0 -0.1 -0.3 -0.2 2.8 1.2 -3.0 -1.8 3.3 1.8 20 20 Discrepancy (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. F.114 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 8.4 10.1 12.0 11.8 12.5 12.2 12.4 12.6 12.7 12.4 12.7 1 2 Fixed nonresidential investment 2.5 2.5 2.8 2.6 3.0 2.9 3.0 3.0 3.0 3.0 3.1 2 3 Net acquisition of financial assets 76.0 53.8 43.3 33.2 63.0 106.3 18.2 38.7 88.6 109.3 45.3 3 4 5 Reserves at Federal Reserve Federal funds and security repos 10.0 -0.1 11.1 15.9 1.2 -6.2 -5.7 -9.6 -2.5 -0.0 55.5 0.6 -58.1 -0.6 -33.9 -0.1 26.6 0.0 55.6 0.0 -38.4 0.0 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 31.1 0.0 5.9 40.9 0.0 -15.7 31.0 0.0 -2.5 30.6 3.2 -0.3 17.9 0.0 1.7 14.9 1.0 0.3 4.6 0.0 -0.2 2.2 0.3 2.2 -9.0 0.0 2.5 -11.7 -0.8 1.0 -5.4 0.0 5.2 -13.1 -0.1 2.6 -3.4 0.0 3.6 -8.7 1.6 0.2 4.8 0.0 19.7 -12.1 0.2 -3.0 -31.9 0.0 -18.6 -12.9 -4.8 4.3 -3.9 0.0 5.3 -14.9 0.7 5.1 -16.5 0.0 -0.2 -16.5 1.3 -1.2 6 7 8 9 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Home mortgages Consumer credit -6.2 3.5 0.9 -10.7 7.6 6.6 4.5 -3.4 29.1 0.1 8.3 20.6 45.6 5.1 18.6 21.9 69.2 5.1 26.9 37.2 58.2 1.7 24.3 32.1 73.1 3.0 26.0 44.2 74.0 11.3 31.5 31.2 71.4 4.5 25.5 41.4 71.6 8.3 25.9 37.4 84.9 8.5 29.0 47.5 12 13 14 15 16 17 Mutual fund shares Miscellaneous assets 0.2 41.1 0.3 -12.1 0.4 0.8 -0.1 -1.6 -0.1 5.3 0.1 -2.7 -0.2 7.3 -0.3 -5.8 0.1 22.4 -0.4 -13.6 0.5 14.8 16 17 18 Net increase in liabilities 63.8 19.0 38.8 38.2 51.5 89.9 5.2 34.7 76.1 94.8 39.3 18 19 Net interbank liabilities 38.1 -21.9 -13.8 2.2 0.7 44.5 -37.9 -10.7 6.7 49.3 -35.6 19 20 21 22 23 Shares/deposits Checkable Small time and savings Large time 34.3 5.5 26.1 2.8 41.5 10.7 27.4 3.4 51.3 10.7 34.4 6.2 32.6 7.9 20.1 4.7 41.2 12.2 25.0 4.1 40.4 40.7 -8.8 8.5 27.8 -9.3 41.4 -4.3 35.8 -4.5 34.7 5.6 60.8 21.9 32.5 6.3 40.2 34.9 -2.0 7.2 74.0 0.6 71.2 2.2 20 21 22 23 24 25 Federal funds and security repos Loans (other loans and advances) 0.0 -0.4 0.0 -2.0 0.0 0.9 0.0 1.9 0.0 8.4 0.0 1.7 0.0 10.2 0.0 12.7 0.0 9.0 0.1 -2.0 0.0 20.1 24 25 26 Miscellaneous liabilities -8.3 1.3 0.3 1.5 1.2 3.3 5.1 -3.2 -0.4 7.2 -19.2 26 -6.4 -27.2 4.8 14.2 -2.0 -7.1 -3.5 5.6 -2.8 -5.2 3.5 27 27 Discrepancy 27 Z.1, September 18, 2015 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving less net capital transfers paid (1) 51.3 31.2 45.2 55.4 50.9 45.8 52.5 47.9 57.3 36.5 46.2 1 2 Fixed nonresidential investment 15.8 16.7 19.1 21.4 22.9 22.3 22.7 23.2 23.3 23.5 23.8 2 3 Net acquisition of financial assets -38.2 27.4 26.4 40.1 33.3 19.4 32.9 58.6 22.1 7.7 15.6 3 4 5 Checkable deposits and currency Money market fund shares 5.0 -4.0 -8.5 -5.6 12.3 2.2 -6.7 -2.2 5.9 -1.9 14.9 -10.0 5.5 5.3 3.5 1.5 -0.4 -4.3 -0.6 -0.3 -20.1 -1.0 4 5 6 Security repurchase agreements -0.7 -1.4 -0.8 0.0 -0.1 0.4 -0.6 0.1 -0.4 0.4 -0.1 6 4.2 -1.9 3.2 -0.4 -21.0 24.3 35.4 0.9 4.6 6.9 -17.4 40.4 0.3 -1.4 -6.7 -8.4 -2.9 19.6 28.6 0.7 6.4 -4.9 -1.7 28.1 13.8 -0.1 5.9 -4.2 -4.7 17.0 -15.9 -3.4 -5.5 -6.2 -10.4 9.5 12.6 2.8 13.7 -5.7 -9.2 11.0 39.7 1.3 12.1 -1.9 2.2 26.0 18.8 -1.2 3.4 -3.1 -1.6 21.3 -17.0 -0.1 -1.8 -1.9 -5.7 -7.6 14.0 -0.4 -0.2 1.8 5.5 7.3 7 8 9 10 11 12 -0.3 0.8 0.7 2.3 2.0 1.3 2.1 2.3 2.4 1.9 2.0 13 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 Loans (commercial mortgages) 14 15 Corporate equities Mutual fund shares -20.9 -0.1 2.9 -0.7 4.6 1.8 3.7 1.0 2.6 1.4 2.4 1.3 -12.6 1.3 3.7 1.3 16.8 1.6 -2.4 2.4 -5.2 2.4 14 15 16 17 Trade receivables U.S. direct investment abroad 0.8 -22.2 3.4 1.1 4.8 0.4 3.3 10.2 5.5 4.0 19.3 5.7 15.2 4.1 -2.0 8.6 -10.3 -2.3 21.3 2.1 12.9 10.7 16 17 2.9 19.6 -21.1 22.1 -1.1 -12.4 18.5 17.0 -27.4 -31.3 -5.8 18 0.8 1.7 -1.0 -0.6 -0.4 -1.4 0.5 -0.6 -0.3 0.4 0.0 19 18 Net increase in liabilities 19 Security repurchase agreements 20 Corporate equity issues -12.7 -10.7 -14.5 -7.6 -16.9 -17.9 -9.4 -22.2 -17.9 -19.4 -19.7 20 21 22 Taxes payable (net) Foreign direct investment in U.S. 5.6 2.8 -4.4 -2.2 3.8 -8.2 19.1 11.5 1.9 -0.5 7.3 -4.2 -2.8 -4.0 3.0 10.0 0.4 -3.8 1.4 -2.5 -18.9 -0.7 21 22 23 24 25 Miscellaneous liabilities Investment by parent companies Policy payables 6.3 0.0 6.3 35.2 0.0 35.2 -1.0 -6.8 5.8 -0.3 -6.0 5.7 14.8 0.1 14.7 3.8 -2.2 6.0 34.3 1.9 32.4 26.8 -0.2 27.1 -5.8 0.9 -6.6 -11.2 -5.5 -5.6 33.5 2.8 30.7 23 24 25 76.6 6.6 -21.3 16.0 -6.3 -8.3 15.5 -17.0 -15.5 -26.0 1.1 26 26 Discrepancy (1) Net capital transfers paid from table F.5, line 51. Flows 2010 28 Z.1, September 18, 2015 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 16.2 7.2 13.4 7.2 10.7 5.9 10.6 12.6 13.6 14.6 12.7 1 2 Fixed nonresidential investment 11.5 12.3 14.0 15.4 16.5 16.0 16.3 16.7 16.8 17.0 17.1 2 3 Net acquisition of financial assets 181.5 229.0 127.0 102.7 213.4 225.7 244.8 143.6 239.5 275.6 14.9 3 4 5 Checkable deposits and currency Money market fund shares 1.0 -12.7 2.0 7.9 2.7 -1.4 -9.2 -5.9 3.6 6.1 14.0 -1.1 -5.9 -1.2 15.1 6.4 -8.5 20.5 -2.2 -4.5 -28.1 -7.5 4 5 6 Security repurchase agreements 0.7 -4.7 2.1 -5.3 0.4 12.4 1.9 0.5 -13.2 9.2 -0.4 6 160.4 -8.9 23.2 4.0 39.2 102.9 102.5 -11.2 18.8 -1.6 9.4 87.1 60.6 13.9 5.5 -13.5 9.7 45.0 55.1 3.2 -12.2 -6.8 10.1 60.8 70.2 -4.6 14.3 -15.0 6.2 69.3 97.3 -1.4 13.4 -12.5 5.1 92.7 113.1 -10.1 13.8 -10.1 9.6 109.9 56.9 -11.0 13.6 -15.8 6.8 63.2 13.3 4.1 16.2 -21.5 3.3 11.3 115.2 16.7 41.5 -2.1 1.3 57.8 65.5 -4.7 -8.9 15.3 3.5 60.3 7 8 9 10 11 12 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 Loans Other loans and advances Mortgages -8.8 -0.2 -8.6 22.9 7.9 15.0 13.7 1.8 11.9 22.3 3.5 18.8 29.5 8.0 21.6 24.4 8.0 16.4 23.3 5.5 17.8 30.3 10.4 19.9 40.2 7.9 32.3 31.7 3.8 27.9 30.1 -6.3 36.3 13 14 15 16 17 Corporate equities Mutual fund shares 12.7 33.9 33.2 5.6 16.1 0.4 13.7 1.1 28.1 1.3 29.7 1.3 70.7 1.3 2.5 1.3 9.4 1.3 44.1 1.3 45.1 1.3 16 17 18 U.S. direct investment abroad 1.9 3.3 5.9 2.9 2.2 2.9 -1.4 4.0 3.3 7.5 6.9 18 19 20 21 22 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other -7.6 -0.0 2.7 -10.2 56.4 -0.8 -0.4 57.6 26.8 0.1 0.6 26.1 28.0 1.0 3.0 24.1 71.9 0.4 1.2 70.4 44.7 0.2 4.1 40.4 43.1 0.6 5.3 37.2 26.7 0.4 -2.6 29.0 173.2 0.2 -2.0 175.1 73.4 0.8 4.6 68.0 -98.0 1.3 3.2 -102.4 19 20 21 22 145.0 203.7 90.4 87.1 174.4 182.9 214.7 119.2 180.8 232.8 43.1 23 23 Net increase in liabilities 24 Security repurchase agreements -2.2 1.9 2.3 6.5 1.0 0.2 9.1 -2.6 -2.6 1.0 1.2 24 25 Corporate equity issues -4.8 -11.5 -9.9 -9.2 -14.9 -14.3 -11.8 -17.6 -16.0 -22.5 -3.7 25 26 Loans (other loans and advances) -3.2 1.8 4.8 7.8 12.4 7.7 8.0 13.7 20.3 14.4 17.9 26 27 28 Life insurance reserves Pension entitlements (2) 13.6 73.4 79.9 83.6 -12.2 77.8 29.8 66.4 55.5 85.6 41.8 76.0 52.1 62.7 55.0 104.5 73.1 99.2 89.1 50.4 49.0 63.0 27 28 29 30 Taxes payable (net) Foreign direct investment in U.S. 2.6 6.3 5.2 -5.4 -4.6 2.4 -2.3 0.9 -1.9 5.8 5.0 -2.2 -1.0 9.6 -3.4 15.8 -8.3 -0.1 10.0 28.4 -5.6 1.3 29 30 31 32 33 34 35 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 59.4 22.2 17.1 12.6 7.4 48.3 9.3 14.8 12.0 12.2 29.9 10.3 -1.8 0.8 20.6 -12.9 3.4 0.4 -11.4 -5.2 30.9 0.8 5.8 8.3 16.0 68.7 0.9 15.0 4.1 48.7 86.1 2.3 12.7 27.5 43.4 -46.3 -0.3 1.7 -12.3 -35.4 15.1 0.2 -6.2 14.1 7.1 62.0 1.1 13.9 21.5 25.5 -80.0 0.2 2.2 12.2 -94.6 31 32 33 34 35 -31.8 -30.3 -37.2 -23.8 -44.8 -52.8 -35.8 -28.6 -61.9 -45.2 23.8 36 36 Discrepancy (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 33. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. 29 Z.1, September 18, 2015 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets 126.9 176.4 56.5 84.6 155.6 200.8 89.8 120.7 211.0 -79.0 9.3 1 2 3 Checkable deposits and currency Money market fund shares -2.0 -12.7 3.0 7.9 1.4 -1.4 -4.8 -5.9 3.5 6.1 13.8 -1.1 -6.1 -1.2 14.9 6.4 -8.7 20.5 -4.1 -4.5 -27.7 -7.5 2 3 4 Security repurchase agreements 0.7 -4.7 2.1 -5.3 0.4 12.4 1.9 0.5 -13.2 9.2 -0.4 4 120.5 -12.0 15.2 -5.6 39.5 83.4 98.7 -12.6 10.3 -1.5 9.2 93.3 22.9 15.9 1.3 -4.9 9.0 1.6 49.7 1.4 -11.3 -6.6 9.2 57.0 71.0 -6.0 9.1 -3.3 5.3 66.0 98.9 -2.8 8.6 -0.6 4.2 89.5 114.7 -11.5 9.0 1.8 8.7 106.7 58.4 -12.4 8.8 -3.9 5.9 60.0 12.1 2.6 10.0 -10.7 2.4 7.8 -46.1 13.5 5.9 -15.4 -2.9 -47.1 63.9 -4.7 -9.3 16.3 3.3 58.3 5 6 7 8 9 10 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages -8.8 -0.2 -8.6 23.7 7.9 15.8 15.0 1.9 13.1 20.4 3.5 16.9 28.1 8.0 20.2 23.1 8.0 15.1 21.9 5.5 16.4 28.8 10.4 18.5 38.7 7.9 30.8 -20.3 -15.5 -4.8 30.2 -6.3 36.5 11 12 13 14 15 Corporate equities Mutual fund shares 4.0 -0.1 0.3 0.7 -2.5 0.2 0.8 -0.2 5.5 0.0 2.7 0.0 8.7 0.0 1.3 0.0 9.2 0.0 3.8 0.0 4.9 0.0 14 15 16 17 U.S. direct investment abroad Miscellaneous assets 1.9 23.4 3.3 43.7 5.9 12.8 2.9 27.0 2.2 38.7 2.9 48.0 -1.4 -48.6 4.0 6.3 3.3 149.1 7.5 -24.5 6.9 -60.9 16 17 91.2 151.2 17.8 68.7 116.0 157.3 58.9 96.3 151.6 -121.8 37.5 18 18 Net increase in liabilities 19 Security repurchase agreements -2.2 1.9 2.3 6.5 1.0 0.2 9.1 -2.6 -2.6 1.0 1.2 19 20 Corporate equity issues -4.8 -11.5 -9.9 -9.2 -14.9 -14.3 -11.8 -17.6 -16.0 -22.5 -3.7 20 21 Loans (other loans and advances) -3.2 1.8 4.8 7.8 12.4 7.7 8.0 13.7 20.3 14.4 17.9 21 22 23 Life insurance reserves Pension entitlements (1) 32.0 22.0 73.0 35.1 -6.2 7.1 28.3 44.0 46.1 42.9 32.4 22.9 42.7 26.8 45.6 65.4 63.8 56.5 -58.1 -99.7 48.7 56.6 22 23 24 25 Taxes payable (net) Foreign direct investment in U.S. 2.6 6.3 5.2 -5.4 -4.6 2.4 -2.3 0.9 -1.9 5.8 5.0 -2.2 -1.0 9.6 -3.4 15.8 -8.3 -0.1 10.0 28.4 -5.6 1.3 24 25 26 Miscellaneous liabilities 38.5 51.1 22.1 -7.5 24.6 105.6 -24.4 -20.8 38.0 4.7 -78.9 26 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 26). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 54.6 52.6 70.5 18.1 57.8 24.9 155.0 23.0 28.5 354.6 5.6 1 2 Checkable deposits and currency 3.0 -0.9 1.3 -4.4 0.2 0.2 0.2 0.2 0.2 1.9 -0.3 2 3 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 40.0 3.1 8.0 9.6 -0.3 19.5 3.8 1.4 8.5 -0.0 0.2 -6.2 37.7 -2.0 4.2 -8.5 0.7 43.3 5.4 1.8 -0.9 -0.2 0.9 3.8 -0.9 1.5 5.2 -11.7 0.9 3.3 -1.6 1.4 4.8 -11.9 0.9 3.2 -1.6 1.5 4.8 -11.9 0.9 3.2 -1.5 1.5 4.8 -11.9 0.9 3.2 1.2 1.5 6.1 -10.9 0.9 3.5 161.3 3.2 35.5 13.4 4.3 104.9 1.6 0.0 0.4 -1.0 0.2 2.0 3 4 5 6 7 8 9 10 11 Loans Other loans and advances Mortgages -0.1 -0.0 -0.0 -0.8 -0.0 -0.8 -1.3 -0.1 -1.1 1.9 0.0 1.9 1.4 0.0 1.4 1.3 0.0 1.3 1.4 0.0 1.4 1.4 0.0 1.4 1.5 0.0 1.5 52.0 19.2 32.8 -0.1 0.1 -0.1 9 10 11 12 13 Corporate equities Mutual fund shares 8.6 34.0 32.9 4.9 18.6 0.3 12.9 1.3 22.6 1.3 27.0 1.3 62.0 1.3 1.2 1.3 0.2 1.3 40.3 1.3 40.3 1.3 12 13 14 Miscellaneous assets -31.0 12.7 13.9 1.0 33.3 -3.3 91.7 20.4 24.2 97.9 -37.1 14 15 Net increase in liabilities 53.8 52.5 72.7 18.5 58.4 25.6 155.8 22.9 29.2 354.6 5.6 15 16 17 18 Life insurance reserves Pension entitlements (1) Miscellaneous liabilities -18.4 51.3 20.8 6.9 48.5 -2.8 -5.9 70.8 7.8 1.4 22.4 -5.3 9.4 42.7 6.3 9.4 53.1 -36.8 9.4 36.0 110.5 9.4 39.0 -25.5 9.4 42.7 -22.9 147.2 150.1 57.2 0.3 6.4 -1.1 16 17 18 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 18). Flows 2010 30 Z.1, September 18, 2015 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.1 0.1 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets (2) 577.8 455.9 503.3 463.2 446.3 430.6 458.0 427.9 468.8 428.0 452.3 3 4 5 Checkable deposits and currency Time and savings deposits 2.6 4.4 6.0 3.5 -1.7 -7.0 -0.5 7.4 1.2 4.6 0.3 4.5 6.2 5.3 0.3 3.0 -1.9 5.4 3.0 15.3 -1.1 11.1 4 5 6 7 Money market fund shares Security repurchase agreements -8.1 0.1 17.2 0.1 -20.8 -0.6 16.0 0.6 -3.8 0.5 -15.3 0.5 0.5 0.5 -1.0 0.3 0.7 0.7 11.0 1.5 6.7 1.0 6 7 220.7 2.1 118.1 9.4 0.8 90.3 181.2 4.3 144.3 -35.9 -0.6 69.2 200.3 -8.5 129.3 -21.7 0.2 101.0 284.7 8.9 119.7 -4.7 1.3 159.7 153.5 5.9 87.1 -15.7 1.1 75.1 153.7 9.9 108.5 -16.6 -0.2 52.1 137.7 4.6 79.6 1.9 -0.0 51.6 211.8 5.5 100.6 -20.9 1.4 125.2 110.9 3.8 59.9 -27.2 3.1 71.4 -368.4 23.3 -345.0 -39.8 -6.0 -0.9 -422.5 14.0 -459.8 -19.3 5.8 36.8 8 9 10 11 12 13 8 9 10 11 12 13 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 14 Loans (mortgages) 2.5 -5.2 0.2 -1.2 -0.1 -1.7 3.6 0.8 -3.2 -11.8 -1.6 14 15 16 Corporate equities Mutual fund shares -44.0 104.9 -139.6 15.0 -100.3 62.8 -354.2 139.7 -186.0 123.7 -219.4 134.2 -314.5 110.9 -84.0 99.8 -126.2 150.1 130.1 67.9 -53.7 104.0 15 16 17 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 294.7 12.6 15.4 237.2 29.6 377.6 12.0 3.0 317.7 45.0 370.4 0.8 -12.3 350.9 30.9 370.7 -11.4 -2.5 346.1 38.5 352.7 8.3 -1.1 314.3 31.1 373.9 4.1 -2.8 320.3 52.3 507.7 27.5 -0.9 423.2 57.9 197.0 -12.3 1.5 196.5 11.3 332.3 14.1 -2.0 317.4 2.8 579.1 21.5 6.7 504.1 46.8 808.3 12.2 1.2 771.3 23.7 17 18 19 20 21 577.7 455.9 503.5 463.5 446.6 430.9 458.3 428.3 469.1 428.3 452.6 22 836.5 352.4 225.3 213.4 45.3 903.8 351.9 104.1 380.0 67.8 816.4 321.8 181.5 261.0 52.1 741.2 287.7 175.5 229.9 48.1 758.6 267.7 178.6 241.0 71.2 712.6 268.3 162.3 223.6 58.4 865.0 268.1 189.9 346.2 60.9 874.7 267.7 160.2 367.5 79.3 581.9 266.8 202.0 26.8 86.4 734.9 265.8 162.2 269.4 37.5 ND 267.1 185.2 ND ND 23 24 25 26 27 22 Pension entitlements (liabilities) (6) Memo: 23 24 25 26 27 Household retirement assets (7) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (8) Annuities at life insurance companies (9) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (8) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts. (9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26. 31 Z.1, September 18, 2015 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets (2) 231.6 140.8 194.3 148.5 110.0 99.8 127.3 89.8 122.9 116.8 104.8 3 4 5 Checkable deposits and currency Time and savings deposits 2.1 -0.6 5.6 1.6 -1.7 -3.9 -0.5 4.9 0.5 0.0 -0.1 1.1 2.9 2.0 -0.5 -2.7 -0.3 -0.2 1.6 3.4 -0.6 1.8 4 5 6 7 Money market fund shares Security repurchase agreements -10.2 -0.2 16.5 0.0 -17.1 -0.3 12.7 0.4 -9.5 0.0 -18.4 0.1 -5.0 0.2 -5.0 -0.3 -9.7 0.1 -0.7 0.3 -6.9 0.1 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 117.8 -2.0 31.2 6.5 82.1 78.4 2.5 40.7 -9.3 44.6 145.3 -4.9 64.4 2.0 83.8 89.6 5.9 -3.4 -5.7 92.8 22.6 1.0 12.2 -10.7 20.2 29.1 3.7 14.0 -13.8 25.1 29.7 1.9 11.5 -5.7 22.0 36.5 -2.0 15.4 -10.0 33.2 -4.8 0.5 7.8 -13.5 0.4 56.5 7.0 20.4 -6.8 35.8 7.4 3.2 12.0 -12.9 5.1 8 9 10 11 12 13 Loans (mortgages) 2.8 -4.6 1.2 -0.7 0.2 -2.2 3.2 2.7 -3.1 -2.3 -3.1 13 14 15 Corporate equities Mutual fund shares 22.7 100.9 -72.6 66.3 -19.0 74.1 -194.9 103.8 -95.3 106.0 -39.9 107.3 -141.7 95.1 -83.2 87.7 -116.3 134.0 -15.9 42.9 -39.7 72.4 14 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other -3.6 -1.0 15.4 -32.1 14.2 49.6 22.7 3.0 -19.5 43.4 15.8 5.6 -12.3 -11.6 34.1 133.3 -3.3 -2.5 110.9 28.1 85.4 3.1 -1.1 54.4 29.0 22.9 -0.5 -2.8 -17.0 43.2 140.9 14.7 -0.9 80.8 46.3 54.5 -8.7 1.5 44.8 16.9 123.3 6.7 -2.0 109.2 9.4 31.2 15.1 6.7 -22.3 31.6 73.3 3.9 1.2 50.2 18.0 16 17 18 19 20 231.6 140.8 194.4 148.6 110.0 99.9 127.4 89.8 123.0 116.9 104.9 21 47.5 184.0 46.6 94.1 22.5 171.8 -8.0 156.5 -22.6 132.5 -20.5 120.4 -23.1 150.4 -24.0 113.8 -22.7 145.6 -22.7 139.5 -22.7 127.5 22 23 21 Pension entitlements (liabilities) (5) Memo: 22 23 Net acquisition of financial assets (6) Defined benefit plans Defined contribution plans (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c. Flows 2010 32 Z.1, September 18, 2015 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 47.5 46.6 22.5 -8.0 -22.6 -20.5 -23.1 -24.0 -22.7 -22.7 -22.7 1 2 3 Checkable deposits and currency Time and savings deposits 2.7 -0.2 1.8 1.2 -1.0 -3.3 0.3 4.5 0.1 -0.1 0.3 1.1 0.5 1.8 -0.8 -2.7 0.4 -0.6 1.0 3.5 0.4 1.4 2 3 4 5 Money market fund shares Security repurchase agreements -5.1 -0.2 -0.3 0.0 -4.0 -0.3 5.3 0.4 -1.5 0.0 -2.1 0.1 2.1 0.2 -3.1 -0.3 -2.7 0.1 -2.2 0.3 -4.5 0.1 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 70.5 -1.0 7.4 2.7 61.4 80.5 1.1 32.9 0.7 45.8 83.9 -3.6 36.0 -9.1 60.7 74.3 4.9 -2.7 -6.2 78.3 15.0 0.5 5.6 -6.0 14.9 22.4 1.8 3.9 -4.3 21.0 14.1 1.9 5.0 -4.5 11.7 15.9 -2.9 9.5 -6.6 16.0 7.5 1.4 4.0 -8.8 11.0 31.9 3.9 12.9 -4.4 19.5 -7.9 1.6 5.2 -7.2 -7.4 6 7 8 9 10 11 Loans (mortgages) 1.2 -2.4 -0.1 -1.1 -0.4 -2.6 2.0 1.6 -2.6 -1.5 -2.4 11 12 13 Corporate equities Mutual fund shares -4.1 0.7 -72.7 22.3 -11.0 -28.7 -186.1 -9.3 -85.9 -10.1 -35.4 -4.5 -124.7 -19.5 -67.6 -12.7 -115.8 -3.8 -31.4 -15.8 -36.2 -17.1 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other -17.7 -8.3 13.4 -32.1 9.3 16.3 12.9 1.7 -19.5 21.2 -12.9 -9.5 -12.4 -11.6 20.6 103.7 -2.7 -4.1 110.9 -0.4 60.2 0.6 -1.9 54.4 7.1 0.1 -1.0 -1.9 -17.0 20.0 100.3 2.1 -0.6 80.8 18.0 45.7 2.3 -2.3 44.8 0.8 94.8 -1.1 -2.7 109.2 -10.6 -8.5 2.0 4.6 -22.3 7.3 43.4 -4.2 1.3 50.2 -3.8 14 15 16 17 18 47.5 46.6 22.6 -7.9 -22.5 -20.5 -23.1 -24.0 -22.6 -22.6 -22.6 19 19 Net acquisition of financial assets (1) 2011 Net increase in pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 184.0 94.1 171.8 156.5 132.5 120.4 150.4 113.8 145.6 139.5 127.5 1 2 3 Checkable deposits and currency Time and savings deposits -0.5 -0.4 3.8 0.4 -0.7 -0.6 -0.8 0.4 0.4 0.1 -0.5 -0.0 2.4 0.2 0.3 0.0 -0.7 0.3 0.5 -0.2 -1.0 0.4 2 3 4 5 Money market fund shares Security repurchase agreements -5.1 0.0 16.8 0.0 -13.1 0.0 7.3 0.0 -8.1 0.0 -16.3 0.0 -7.1 0.0 -1.9 0.0 -7.0 0.0 1.5 0.0 -2.3 0.0 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 47.3 -1.0 23.9 3.8 20.7 -2.1 1.4 7.7 -10.0 -1.2 61.4 -1.2 28.4 11.1 23.1 15.3 1.0 -0.8 0.5 14.5 7.7 0.5 6.6 -4.7 5.3 6.8 1.9 10.1 -9.4 4.2 15.6 -0.1 6.6 -1.2 10.3 20.6 0.9 5.9 -3.5 17.2 -12.3 -0.9 3.8 -4.7 -10.6 24.6 3.0 7.5 -2.3 16.4 15.3 1.6 6.8 -5.6 12.5 6 7 8 9 10 11 Loans (mortgages) 1.6 -2.2 1.3 0.4 0.5 0.4 1.2 1.1 -0.5 -0.8 -0.7 11 12 13 Corporate equities Mutual fund shares 26.8 100.2 0.1 43.9 -8.0 102.8 -8.8 113.1 -9.4 116.1 -4.5 111.8 -17.0 114.6 -15.6 100.4 -0.5 137.8 15.5 58.7 -3.6 89.5 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 14.2 7.2 2.0 4.9 33.3 9.8 1.3 22.2 28.7 15.1 0.1 13.5 29.6 -0.6 1.7 28.5 25.2 2.4 0.8 21.9 22.7 0.5 -0.9 23.2 40.6 12.6 -0.3 28.3 8.8 -11.0 3.8 16.1 28.5 7.8 0.7 19.9 39.6 13.1 2.2 24.4 29.9 8.1 -0.1 21.9 14 15 16 17 184.0 94.1 171.8 156.5 132.5 120.4 150.4 113.8 145.6 139.5 127.5 18 18 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. 33 Z.1, September 18, 2015 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets (1) 102.1 113.0 102.1 107.6 112.8 103.8 100.8 119.4 127.0 103.6 103.3 1 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 76.6 75.8 0.6 0.2 96.3 94.2 0.7 1.4 55.8 52.5 1.5 1.7 107.9 110.9 -1.7 -1.3 85.9 86.9 -0.5 -0.4 85.0 91.0 -2.9 -3.1 68.5 67.4 0.7 0.4 103.4 103.3 -0.6 0.6 86.7 85.8 0.6 0.3 -304.3 -304.8 0.5 0.0 -460.0 -460.6 0.4 0.2 2 3 4 5 6 Corporate equities 7 Claims of pension fund on sponsor (misc. assets) (3) 8 Pension entitlements (liabilities) (4) 5.4 -4.2 -4.1 9.1 4.0 7.2 -0.3 5.5 3.7 5.7 -3.8 6 20.2 20.8 50.4 -9.3 22.8 11.5 32.6 10.5 36.6 402.2 567.1 7 102.1 113.0 102.1 107.6 112.8 103.8 100.8 119.4 127.0 103.6 103.3 8 84.2 18.0 90.0 23.0 87.5 14.5 88.7 19.0 90.1 22.6 88.5 15.3 90.4 10.4 90.8 28.6 90.8 36.2 89.8 13.8 91.1 12.2 9 10 Memo: 9 10 Net acquisition of financial assets (5) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes marketable and nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c. Flows 2010 34 Z.1, September 18, 2015 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets (2) 84.2 90.0 87.5 88.7 90.1 88.5 90.4 90.8 90.8 89.8 91.1 1 2 3 4 5 Debt securities Treasury securities (3) Agency- and GSE-backed securities Corporate and foreign bonds 64.9 65.4 -0.2 -0.3 71.1 70.4 -0.2 0.8 40.4 40.1 -0.2 0.4 98.2 98.2 -0.0 0.1 68.5 68.7 -0.2 -0.1 78.3 78.8 -0.1 -0.5 58.7 59.0 -0.0 -0.3 82.2 82.1 -0.5 0.7 54.8 55.0 -0.0 -0.2 -67.5 -67.0 -0.0 -0.5 -209.0 -208.8 -0.0 -0.1 2 3 4 5 6 Corporate equities -0.9 -1.9 -2.0 -1.5 -1.2 -1.3 -0.8 -1.9 -0.6 -1.3 -0.4 6 7 Claims of pension fund on sponsor (misc. assets) (4) 20.2 20.8 49.2 -8.1 22.8 11.5 32.6 10.5 36.6 158.5 300.5 7 84.2 90.0 87.5 88.7 90.1 88.5 90.4 90.8 90.8 89.8 91.1 8 8 Pension entitlements (liabilities) (5) (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Unfunded defined benefit pension entitlements. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 18.0 23.0 14.5 19.0 22.6 15.3 10.4 28.6 36.2 13.8 12.2 1 11.6 10.4 0.8 0.5 25.2 23.7 0.9 0.6 15.4 12.4 1.7 1.3 9.6 12.7 -1.7 -1.4 17.4 18.2 -0.4 -0.4 6.8 12.2 -2.8 -2.7 9.9 8.4 0.7 0.7 21.2 21.2 -0.0 -0.0 31.9 30.8 0.6 0.6 -236.8 -237.8 0.5 0.5 -251.0 -251.8 0.4 0.4 2 3 4 5 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 6.3 -2.3 -2.1 10.6 5.2 8.5 0.5 7.4 4.3 6.9 -3.4 6 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 1.2 -1.2 0.0 0.0 0.0 0.0 0.0 243.7 266.6 7 18.0 23.0 14.5 19.0 22.6 15.3 10.4 28.6 36.2 13.8 12.2 8 8 Pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 35 Z.1, September 18, 2015 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 Fixed nonresidential investment 0.1 0.1 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets (1) 244.1 202.2 206.9 207.1 223.6 227.0 229.8 218.8 218.9 207.6 244.1 3 4 5 Checkable deposits and currency Time and savings deposits 0.5 5.0 0.4 1.9 0.1 -3.1 0.0 2.5 0.7 4.5 0.5 3.4 3.4 3.4 0.8 5.7 -1.6 5.7 1.5 12.0 -0.5 9.3 4 5 6 7 Money market fund shares Security repurchase agreements 2.1 0.3 0.8 0.1 -3.7 -0.3 3.4 0.2 5.8 0.4 3.1 0.3 5.5 0.3 4.0 0.6 10.4 0.6 11.7 1.2 13.6 0.8 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 26.4 4.1 11.1 2.3 0.8 8.1 6.5 1.8 9.4 -27.4 -0.6 23.2 -0.8 -3.7 12.4 -25.2 0.2 15.5 87.3 3.0 12.2 2.6 1.3 68.2 44.9 4.9 -11.9 -4.4 1.1 55.3 39.5 6.2 3.4 0.1 -0.2 30.1 39.5 2.7 0.7 6.9 -0.0 29.2 71.8 7.5 -18.1 -10.3 1.4 91.4 29.0 3.3 -33.7 -14.4 3.1 70.7 -120.6 16.4 -60.6 -33.5 -6.0 -36.8 30.2 10.8 -11.2 -6.8 5.8 31.5 8 9 10 11 12 13 14 Loans (mortgages) -0.3 -0.6 -1.0 -0.5 -0.3 0.5 0.4 -1.8 -0.1 -9.5 1.5 14 15 16 Corporate equities Mutual fund shares -72.1 4.0 -62.8 -51.3 -77.2 -11.3 -168.4 35.9 -94.8 17.7 -186.7 26.9 -172.5 15.8 -6.3 12.1 -13.6 16.1 140.4 25.1 -10.2 31.5 15 16 17 18 19 20 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 278.1 13.6 249.1 15.4 307.2 -10.7 316.3 1.6 304.2 -4.8 312.2 -3.2 246.7 -8.1 244.4 10.4 244.5 5.3 237.1 2.1 339.5 4.5 325.8 9.2 334.1 12.9 309.7 11.6 132.0 -3.6 141.2 -5.6 172.4 7.4 171.7 -6.6 145.8 6.4 124.2 15.1 167.9 8.2 154.0 5.7 17 18 19 20 244.0 202.1 207.0 207.3 223.9 227.2 230.1 219.0 219.1 207.8 244.4 21 220.7 23.3 215.2 -13.0 211.7 -4.8 207.0 0.1 200.2 23.4 200.4 26.6 200.8 29.1 200.9 17.9 198.7 20.2 198.7 8.9 198.7 45.4 22 23 21 22 23 Pension entitlements (liabilities) (4) Net acquisition of financial assets (5) Defined benefit plans Defined contibution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c. Flows 2010 36 Z.1, September 18, 2015 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 Net acquisition of financial assets (1) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 220.7 215.2 211.7 207.0 200.2 200.4 200.8 200.9 198.7 198.7 198.7 1 2 3 Checkable deposits and currency Time and savings deposits 0.5 5.5 0.2 2.3 -0.3 -2.8 0.3 2.2 0.6 4.7 0.4 3.7 0.4 3.5 0.7 5.9 0.7 5.9 1.5 12.7 1.0 8.7 2 3 4 5 Money market fund shares Security repurchase agreements 2.1 0.3 0.4 0.1 -3.3 -0.3 2.6 0.2 5.7 0.4 4.4 0.3 4.2 0.3 7.0 0.6 7.0 0.6 15.2 1.2 10.4 0.8 4 5 23.2 5.3 8.3 2.5 0.7 6.5 4.7 2.1 7.1 -26.5 -0.6 22.6 -2.3 -3.0 12.0 -24.8 -0.0 13.5 89.9 2.4 15.4 2.9 0.9 68.3 44.9 5.2 -11.3 -4.2 1.0 54.2 40.6 4.0 3.1 4.0 -0.1 29.6 38.5 3.8 1.6 4.4 -0.1 28.7 71.0 6.4 -16.6 -9.2 1.2 89.2 29.4 6.4 -33.4 -16.0 3.0 69.4 -122.2 13.8 -57.5 -34.7 -6.1 -37.7 29.3 9.5 -7.1 -8.8 5.7 30.0 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) -0.3 -0.6 -1.0 -0.5 -0.3 0.5 0.4 -1.8 -0.1 -9.5 1.5 12 13 14 Corporate equities Mutual fund shares -74.1 -0.9 -64.8 -45.0 -75.4 -12.0 -179.0 37.4 -108.8 14.3 -204.2 19.8 -183.2 18.6 -25.8 7.9 -22.1 11.0 140.0 20.5 -22.7 14.5 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 264.4 249.1 15.3 317.9 316.3 1.6 309.0 312.2 -3.1 254.0 244.4 9.5 238.7 237.1 1.6 334.9 325.8 9.1 318.0 309.7 8.3 135.5 141.2 -5.7 166.3 171.7 -5.4 139.4 124.2 15.1 155.3 154.0 1.2 15 16 17 220.7 215.2 211.8 207.2 200.4 200.6 201.0 201.2 199.0 199.0 199.0 18 18 Pension entitlements (liabilities) (3) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 23.3 -13.0 -4.8 0.1 23.4 26.6 29.1 17.9 20.2 8.9 45.4 1 2 3 Checkable deposits and currency Time and savings deposits 0.0 -0.5 0.2 -0.4 0.4 -0.3 -0.2 0.3 0.2 -0.2 0.0 -0.3 3.0 -0.1 0.1 -0.2 -2.3 -0.2 0.0 -0.7 -1.6 0.6 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.4 0.0 -0.4 0.0 0.7 0.0 0.1 0.0 -1.3 0.0 1.4 0.0 -3.0 0.0 3.4 0.0 -3.4 0.0 3.2 0.0 4 5 3.2 -1.2 2.9 -0.2 0.1 1.6 1.8 -0.3 2.3 -0.9 0.0 0.6 1.4 -0.6 0.3 -0.5 0.2 2.0 -2.6 0.6 -3.2 -0.3 0.3 -0.1 0.1 -0.2 -0.6 -0.3 0.1 1.1 -1.1 2.2 0.3 -3.9 -0.1 0.5 0.9 -1.1 -1.0 2.5 0.0 0.5 0.8 1.1 -1.5 -1.2 0.3 2.1 -0.4 -3.1 -0.3 1.6 0.1 1.2 1.6 2.6 -3.1 1.1 0.1 0.9 0.9 1.4 -4.1 2.0 0.1 1.5 6 7 8 9 10 11 2.0 4.9 1.9 -6.3 -1.8 0.7 10.6 -1.5 14.0 3.4 17.5 7.1 10.7 -2.8 19.4 4.2 8.5 5.1 0.3 4.6 12.5 17.0 12 13 13.7 13.6 0.1 -10.7 -10.7 -0.0 -4.9 -4.8 -0.0 -7.3 -8.1 0.8 5.9 5.3 0.6 4.6 4.5 0.1 16.1 12.9 3.3 -3.5 -3.6 0.1 6.2 7.4 -1.2 6.4 6.4 0.0 12.7 8.2 4.4 14 15 16 23.3 -13.0 -4.8 0.1 23.4 26.6 29.1 17.9 20.2 8.9 45.4 17 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 37 Z.1, September 18, 2015 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets -503.2 -112.8 7.1 28.9 9.6 -95.7 -142.0 30.7 245.4 -58.4 25.0 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 8.7 -3.7 -107.7 -0.6 -62.9 5.8 -56.3 11.1 0.4 -3.6 32.8 54.2 -9.6 -3.2 59.4 -51.3 -9.6 -17.6 20.7 151.2 -57.3 32.2 50.9 167.9 29.0 -16.5 84.7 176.1 -13.7 -66.4 27.6 -6.5 3.6 -19.6 -80.5 267.3 0.8 3.6 54.8 43.3 -8.8 24.2 12.7 -31.1 2 3 4 5 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -396.6 -116.3 -71.0 -140.2 -53.4 -15.7 -9.8 -40.0 107.9 0.9 -29.4 -49.1 -82.7 -13.3 14.5 -60.2 -20.6 -3.0 30.8 11.2 30.2 17.7 -28.3 -0.0 -120.8 -18.5 -75.3 23.4 -26.7 -23.8 -254.9 -8.4 -127.0 -43.3 -23.3 -52.8 -302.3 4.6 -190.5 2.3 -29.1 -89.5 72.0 -34.5 58.2 39.7 -10.2 18.7 1.8 -35.7 -41.9 94.7 -44.0 28.6 -102.4 6.5 77.7 -134.0 -9.6 -43.0 50.2 27.0 21.5 32.7 -29.8 -1.1 6 7 8 9 10 11 6 7 8 9 10 11 12 13 Miscellaneous assets Net share issues (liabilities) -3.4 -0.8 6.1 2.8 -14.3 -34.5 -113.1 17.6 72.8 -58.5 -22.1 12 -503.2 -112.8 7.1 28.9 9.6 -95.7 -142.0 30.7 245.4 -58.4 25.0 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -24.9 -35.7 -41.5 -57.0 -53.4 -57.1 -54.8 -50.5 -51.1 -50.0 -56.0 1 2 Net acquisition of financial assets 370.1 338.4 624.9 638.4 595.2 764.7 630.2 568.9 417.0 656.7 493.6 2 3 Security repurchase agreements -15.8 -28.8 54.1 92.9 46.3 104.7 168.5 -115.0 27.0 -4.0 -42.4 3 4 5 6 7 8 9 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 354.4 -13.9 123.9 75.5 46.7 122.3 340.5 -26.3 65.9 114.9 15.7 170.3 629.8 27.6 122.1 88.0 86.2 306.0 324.5 27.7 55.0 -24.0 -13.5 279.3 467.4 15.3 -13.5 102.8 43.8 318.9 322.3 -53.4 146.2 -62.8 17.3 274.9 488.1 47.5 -248.0 186.8 48.7 453.3 477.4 13.4 107.9 64.7 51.1 240.3 581.8 54.0 -59.9 222.7 57.9 307.1 523.6 -92.6 184.6 7.7 64.8 359.0 410.3 -24.7 -21.5 -31.2 34.7 453.0 4 5 6 7 8 9 -0.8 18.9 12.2 39.4 9.4 60.3 -14.6 9.8 -17.6 23.5 -24.1 10 44.3 -12.0 4.9 2.9 -38.1 -33.1 162.5 19.1 76.3 -4.3 146.7 130.7 75.0 -86.9 114.6 82.2 -31.1 -143.0 86.2 27.4 149.8 0.0 11 12 10 Loans (other loans and advances) 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 370.1 338.4 624.9 638.4 595.2 764.7 630.2 568.9 417.0 656.7 493.6 13 14 Discrepancy -24.9 -35.7 -41.5 -57.0 -53.4 -57.1 -54.8 -50.5 -51.1 -50.0 -56.0 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116). 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 Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 0.5 -2.9 2.7 -2.6 -10.7 6.4 9.2 -10.0 -48.2 -11.6 -7.0 1 5.2 0.7 0.4 4.1 -4.7 -1.7 -0.3 0.9 -2.3 -1.2 11.3 0.3 3.5 7.5 -8.5 13.6 0.6 -1.6 14.6 -16.1 -3.8 -0.2 0.5 -4.0 -6.9 1.0 0.3 3.6 -2.8 5.3 2.8 0.3 2.5 -0.1 6.4 -10.6 -0.5 -6.4 -3.8 0.6 -8.3 -1.0 2.2 -9.5 -39.9 -1.7 -0.4 -0.6 -0.7 -9.9 5.9 -0.0 -2.2 8.2 -12.9 2 3 4 5 6 0.5 -2.9 2.7 -2.6 -10.7 6.4 9.2 -10.0 -48.2 -11.6 -7.0 7 118.0 117.6 185.2 179.0 239.2 57.3 229.6 192.8 477.0 220.5 164.2 8 29.7 9.2 1.7 18.7 88.3 46.1 11.4 1.0 33.6 71.6 52.3 1.2 3.6 47.6 132.9 12.2 -6.5 -0.8 19.5 166.8 51.0 13.0 3.2 34.8 188.2 43.8 8.7 1.5 33.6 13.5 48.2 15.0 3.1 30.2 181.4 24.4 5.3 3.3 15.8 168.4 87.6 23.0 4.8 59.7 389.4 77.1 12.2 5.6 59.4 143.4 7.6 2.2 2.2 3.2 156.6 9 10 11 12 13 118.0 117.6 185.2 179.0 239.2 57.3 229.6 192.8 477.0 220.5 164.2 14 Exchange-traded funds 8 9 10 11 12 13 14 Net acquisition of financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Flows 2010 38 Z.1, September 18, 2015 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 1 Gross saving 2 Fixed nonresidential investment 3 4 5 6 Q2 2015 Q3 Q4 Q1 Q2 10.5 8.8 8.4 8.4 7.4 7.4 7.3 7.6 7.2 4.9 6.5 1 3.7 3.4 3.6 4.2 3.5 3.4 3.4 3.5 3.5 3.5 3.6 2 Net acquisition of financial assets -274.1 -205.7 -176.0 104.4 50.2 -397.2 120.4 194.8 282.7 -134.8 106.1 3 Checkable deposits and currency Time and savings deposits Federal funds and security repos -36.0 0.3 20.7 9.3 -12.7 -38.9 -20.1 -9.1 38.6 29.0 1.1 1.5 -16.6 -2.1 10.3 -144.7 10.3 -100.1 15.6 -8.1 28.2 159.9 -1.9 -93.5 -97.4 -8.7 206.8 -46.2 -5.4 -17.9 -49.0 3.7 -68.5 4 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -72.7 0.2 45.9 -85.1 -4.2 -29.6 -38.5 -3.4 17.6 -18.1 -3.9 -30.8 -136.7 -3.1 -31.2 -48.3 -4.1 -50.0 -94.5 1.0 -9.9 -22.7 -3.5 -59.4 -19.0 1.5 5.2 7.8 -2.6 -30.8 -19.3 1.3 24.4 -17.2 -3.0 -24.8 -36.0 3.6 -2.8 8.1 -2.1 -42.9 -12.5 1.2 2.1 18.9 -3.0 -31.8 -8.0 -0.1 -3.0 21.4 -2.4 -24.0 -25.9 -1.4 30.0 -12.3 -3.6 -38.6 -68.0 -0.1 -4.1 -27.4 -3.2 -33.3 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Loans Other loans and advances Sallie Mae Farm Credit System FHLB loans Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) -215.7 -144.7 0.0 7.2 -151.9 -71.0 -76.4 -192.7 116.3 2.0 25.3 -23.3 3.4 0.0 -124.7 -64.2 0.0 -3.5 -60.7 -60.5 -66.5 -72.5 5.9 2.8 24.5 -21.7 3.3 0.0 -52.8 18.6 0.0 8.3 10.3 -71.4 -82.9 -44.9 -38.0 6.2 27.5 -21.3 5.3 0.0 154.4 81.9 0.0 2.9 79.0 72.5 89.5 148.0 -58.5 -21.9 18.9 -40.8 5.0 0.0 88.5 84.3 0.0 11.2 73.1 4.3 2.5 28.1 -25.5 -2.7 17.8 -20.5 4.4 0.0 -89.2 29.7 0.0 -3.4 33.1 -118.9 -110.9 -66.0 -44.9 -18.5 10.3 -28.7 10.5 0.0 123.5 140.4 0.0 12.0 128.3 -16.8 -0.8 23.8 -24.6 -18.4 8.9 -27.2 2.4 0.0 151.4 88.4 0.0 13.5 74.9 63.1 52.1 61.6 -9.5 8.6 25.7 -17.1 2.3 0.0 168.3 78.7 0.0 22.5 56.1 89.7 69.7 92.8 -23.1 17.3 26.4 -9.0 2.6 0.0 -79.6 -45.1 0.0 -22.7 -22.4 -34.5 -63.1 -69.5 6.4 25.4 25.0 0.4 3.2 0.0 281.9 140.2 0.0 22.6 117.6 141.7 116.7 169.3 -52.6 22.6 35.8 -13.2 2.3 0.0 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Miscellaneous assets 29.3 -0.1 4.1 13.1 -11.0 -54.1 -2.7 -8.6 21.5 40.2 6.2 27 -237.8 -208.1 -146.6 100.5 71.2 -375.1 156.1 152.1 351.6 -172.6 70.1 28 28 Net increase in liabilities 29 Federal funds and security repos 0.1 -0.9 -0.4 0.0 0.1 0.1 -0.1 0.0 0.2 0.1 -0.3 29 30 31 32 Debt securities (GSE issues) (4) Consolidated trusts (2) Other -233.8 -167.4 -66.4 -187.2 -48.0 -139.2 -154.6 -17.4 -137.2 107.5 166.8 -59.3 75.3 45.9 29.4 -355.5 -55.7 -299.8 156.9 32.7 124.2 142.5 87.3 55.2 357.3 119.2 238.1 -163.5 -44.5 -119.1 93.5 205.1 -111.7 30 31 32 33 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33 34 Corporate equities 38.1 29.2 14.5 2.4 -0.5 -5.9 0.0 2.8 1.0 -5.0 -2.8 34 -42.2 -49.2 -6.1 -9.4 -3.6 -13.8 -0.7 6.8 -6.9 -4.2 -20.3 35 43.0 3.0 34.2 0.3 24.9 26.1 39.6 -38.7 72.6 -36.5 -33.1 36 35 36 Miscellaneous liabilities Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.124). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 186.9 165.3 132.2 132.4 75.3 81.7 51.3 72.0 96.3 5.3 122.7 1 2 3 4 5 Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 175.8 11.3 0.0 -0.2 148.0 19.4 0.0 -2.1 105.0 27.0 0.0 0.3 98.8 33.7 0.0 -0.2 51.1 24.3 0.0 -0.1 62.1 19.7 0.0 -0.1 29.1 22.3 0.0 -0.1 49.6 22.5 0.0 -0.1 63.6 32.8 0.0 -0.2 -8.9 14.4 0.0 -0.2 87.2 35.5 0.0 -0.1 2 3 4 5 186.9 165.3 132.2 132.4 75.3 81.7 51.3 72.0 96.3 5.3 122.7 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 (F.125) 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 agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as agency- and GSE-backed securities. 39 Z.1, September 18, 2015 F.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 Net acquisition of financial assets -413.6 -174.2 -145.1 -233.5 -72.3 -169.9 -78.1 -1.2 -40.1 55.6 -16.5 3 Debt securities Treasury securities Agency- and GSE-backed securities (1) -109.8 -13.8 -96.0 -14.2 -10.9 -3.3 -5.8 -5.8 -0.0 0.8 1.0 -0.2 -2.4 -2.4 0.0 2.5 2.5 0.0 -3.2 -3.2 0.0 1.4 1.4 0.0 -10.1 -10.1 0.0 34.8 34.8 0.0 8.9 8.9 0.0 4 5 6 7 8 9 10 11 12 13 Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit -294.4 -38.9 -213.3 -160.8 -8.6 -43.9 -42.3 -155.8 -5.4 -146.2 -120.9 -7.7 -17.6 -4.1 -132.8 -0.6 -136.0 -106.7 -9.6 -19.7 3.8 -228.8 -11.5 -216.4 -81.8 -5.9 -128.7 -0.8 -65.6 9.1 -75.3 -61.4 -1.9 -12.0 0.6 -166.7 18.0 -180.5 -62.1 -5.1 -113.4 -4.1 -73.2 -16.5 -57.5 -69.9 -5.7 18.1 0.9 9.0 20.0 -17.9 -64.6 1.4 45.4 6.8 -31.3 14.9 -45.2 -48.9 1.8 1.9 -1.0 20.8 45.2 -20.3 -49.2 0.3 28.6 -4.1 -25.1 -14.3 -26.4 -82.7 -6.6 62.9 15.7 7 8 9 10 11 12 13 14 Trade credit -9.5 -4.2 -6.4 -5.4 -4.4 -5.7 -1.6 -11.6 1.2 -0.0 -0.3 14 4 5 6 15 Net increase in liabilities -413.9 -174.2 -145.1 -233.5 -72.3 -169.9 -78.1 -1.2 -40.1 55.6 -16.5 15 16 17 Commercial paper Corporate bonds (net) (3) -40.3 -373.6 -24.1 -150.1 -9.0 -136.0 -7.1 -226.4 -15.1 -57.2 -17.8 -152.1 14.2 -92.3 -5.7 4.5 -51.1 11.0 -1.2 56.8 42.1 -58.6 16 17 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 -0.2 -0.5 0.0 -3.8 0.0 1.3 0.0 139.6 0.0 11.3 0.0 81.6 0.0 -23.5 0.0 -5.5 0.0 -7.4 0.0 -28.6 0.0 -53.1 19 20 18 Discrepancy Memo: Securitized assets not included above 19 Consumer leases (4) 20 REIT assets (5) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Net issuance less net acquisition of corporate bonds held as assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (5) Included in table F.128. Flows 2010 40 Z.1, September 18, 2015 F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 69.9 102.6 106.6 0.5 97.8 101.6 96.2 110.2 83.2 81.0 110.2 1 2 Fixed nonresidential investment 39.6 51.2 66.3 78.8 86.9 84.1 85.8 89.2 88.4 89.2 89.1 2 3 Net acquisition of financial assets -212.8 -17.8 -69.6 -20.4 28.9 -8.0 15.5 -13.4 121.4 25.9 -61.8 3 4 5 Checkable deposits and currency Time and savings deposits -1.7 -5.2 5.1 15.4 -3.8 -11.5 4.2 12.7 -0.2 -0.5 3.2 9.7 -2.2 -6.6 -4.8 -14.5 3.1 9.3 1.9 5.6 3.5 10.4 4 5 -19.8 -91.7 -15.2 -54.2 -22.2 0.9 -45.3 3.0 -30.9 -17.4 -6.3 -22.3 11.2 -25.7 -7.8 -10.8 -8.2 14.4 -21.9 -0.6 6.0 6.4 10.1 -8.7 5.0 15.6 -27.3 -2.3 -17.8 -7.2 2.5 9.8 20.4 -16.5 5.9 -10.1 2.6 6.5 -10.1 6.2 16.0 40.6 16.0 9.7 14.9 8.5 3.7 18.1 -18.1 3.7 14.2 -7.9 19.1 -43.0 16.0 6 7 8 9 10 6.8 -101.2 12.0 -5.9 8.5 -34.2 -1.4 -16.9 7.9 9.3 26.3 -35.5 7.4 4.6 5.9 7.6 -8.1 60.4 0.0 6.3 25.9 -108.0 11 12 -233.1 -26.0 -82.1 -21.6 14.1 -35.6 8.4 -29.2 112.6 69.0 -41.5 13 -110.0 1.7 -111.7 -64.9 -64.9 0.0 -29.4 10.0 -39.4 15.9 15.9 0.0 -73.2 8.2 -81.3 16.4 16.4 0.0 -5.9 -10.3 4.4 10.1 10.1 0.0 18.4 -1.1 19.4 10.5 10.5 0.0 -17.2 -7.0 -10.2 2.2 2.2 0.0 37.7 -0.5 38.2 -20.5 -20.5 0.0 15.4 12.6 2.9 20.0 20.0 0.0 37.4 -9.3 46.7 40.3 40.3 0.0 53.7 -1.6 55.2 28.5 28.5 0.0 -65.5 45.4 -110.9 23.7 23.7 0.0 14 15 16 17 18 19 0.3 13.2 -71.7 -12.8 -58.8 0.5 6.1 -19.1 -12.0 -7.1 0.2 -3.3 -22.3 -0.9 -21.4 0.1 2.3 -28.2 -1.0 -27.1 0.3 3.3 -18.5 1.0 -19.4 0.1 14.3 -34.9 21.0 -55.9 0.1 2.4 -11.2 -7.8 -3.5 0.8 1.5 -67.0 -10.6 -56.4 0.3 -4.7 39.2 1.2 38.0 1.6 0.0 -14.8 -11.9 -3.0 1.6 2.3 -3.6 -24.8 21.2 20 21 22 23 24 9.9 43.2 27.8 -79.5 -3.9 -10.2 3.4 5.2 -14.0 34.9 41.3 25 -16.5 7.9 24.3 23.3 21.6 19.2 22.1 26.7 18.3 17.5 23.4 26 6 7 8 9 10 Debt securities (corporate and foreign bonds) Loans Other loans and advances Mortgages Consumer credit 11 12 U.S. direct investment abroad Miscellaneous assets 13 Net increase in liabilities 14 15 16 17 18 19 Debt securities Open market paper Corporate bonds Loans Depository institution loans n.e.c. Other loans and advances 20 21 22 23 24 Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent Other 25 26 Discrepancy Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table F.126. 41 Z.1, September 18, 2015 F.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving 2 3 Fixed nonresidential investment Multifamily residential investment 4 Net acquisition of financial assets 5 Checkable deposits and currency -5.7 2.5 7.7 -1.3 4.1 -4.6 18.5 2.1 0.5 1.7 -18.9 5 6 7 8 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 45.4 38.2 7.2 108.5 104.7 3.8 119.0 109.5 9.5 -95.8 -95.6 -0.2 11.2 7.8 3.3 -29.4 -35.4 6.0 41.4 44.1 -2.7 -17.7 -21.4 3.7 50.4 44.0 6.4 -15.8 -38.9 23.0 -81.4 -79.7 -1.7 6 7 8 9 10 11 12 Loans (mortgages) Home Multifamily residential Commercial -1.3 0.2 -0.3 -1.2 11.7 11.0 -0.2 0.9 8.6 6.9 0.1 1.5 135.0 -3.3 0.5 137.7 32.7 13.9 1.8 17.0 94.0 9.1 -0.8 85.8 -6.1 6.8 0.2 -13.1 16.6 28.7 4.3 -16.5 26.1 10.8 3.6 11.6 -20.1 -2.8 0.5 -17.7 4.5 29.1 1.6 -26.3 9 10 11 12 13 Miscellaneous assets 1.3 8.5 25.8 12.2 16.9 39.3 44.8 14.9 -31.6 23.8 -0.2 13 62.3 168.0 211.0 136.4 126.8 131.8 150.8 87.9 136.7 82.6 -9.8 14 29.9 97.7 102.4 -66.6 7.3 -53.2 36.8 -1.8 47.3 -11.7 -53.2 15 1.0 0.0 1.0 7.6 0.0 7.6 26.7 0.0 26.7 173.6 0.0 173.6 53.2 0.0 53.2 115.5 0.0 115.5 55.1 0.0 55.1 38.2 0.0 38.2 4.0 0.0 4.0 13.3 0.0 13.3 -2.9 0.0 -2.9 16 17 18 14 Net increase in liabilities -4.8 -7.3 -9.5 -21.6 -14.8 -20.8 -13.6 -14.6 -10.2 -7.8 -21.1 1 5.8 4.0 4.9 6.5 6.0 5.3 6.9 14.7 8.1 7.4 8.0 -3.6 8.0 19.7 8.1 5.4 8.2 8.2 8.1 11.7 8.1 1.0 2 3 39.7 131.2 161.0 50.1 64.8 99.3 98.6 15.9 45.4 -10.5 -96.0 4 15 Security repurchase agreements 16 17 18 Debt securities Open market paper Corporate bonds 19 20 21 Loans Depository institution loans n.e.c. Mortgages -0.9 -1.8 0.8 18.1 4.6 13.5 8.8 4.0 4.8 4.8 -2.9 7.8 21.8 8.0 13.8 24.6 12.0 12.6 -5.7 -12.2 6.5 19.2 13.7 5.5 49.1 18.7 30.4 32.3 15.0 17.3 36.5 24.5 11.9 19 20 21 22 Corporate equity issues 28.2 37.5 47.6 46.2 32.7 18.9 46.9 30.4 34.7 53.9 33.1 22 23 Miscellaneous liabilities 4.1 7.1 25.4 -21.7 11.8 26.1 17.7 1.9 1.5 -5.3 -23.3 23 7.9 18.1 29.2 43.1 31.7 7.4 10.8 43.8 64.8 65.6 56.0 24 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 11.3 0.0 1.5 -0.0 9.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -28.6 0.0 -4.1 -0.3 -24.3 -53.1 0.0 4.0 0.0 -57.1 25 26 27 28 29 24 25 26 27 28 29 Discrepancy Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.128.e and F.128.m. Flows 2010 42 Z.1, September 18, 2015 F.128.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Flows Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets -0.8 8.1 14.1 13.3 25.2 30.4 43.9 14.8 11.7 26.0 -30.9 1 2 Checkable deposits and currency -4.1 -2.3 4.1 1.0 3.8 -3.6 15.4 1.8 1.6 -4.3 -14.5 2 3 Debt securities (corporate and foreign bonds) 0.4 -0.6 -0.2 -1.8 2.2 0.4 1.4 4.3 2.6 1.3 -5.3 3 4 5 6 7 Loans (mortgages) Home Multifamily residential Commercial 0.4 0.0 0.0 0.3 2.9 0.1 -0.0 2.9 1.6 0.0 0.1 1.5 -0.1 0.0 -0.0 -0.1 4.0 0.0 -0.1 4.1 3.4 -0.0 -0.1 3.6 1.0 0.0 -0.0 1.0 5.6 0.0 -0.1 5.7 6.2 0.0 0.0 6.1 0.4 0.2 0.1 0.2 -1.5 -0.1 -0.0 -1.3 4 5 6 7 8 Miscellaneous assets 2.6 8.1 8.5 14.2 15.1 30.1 26.1 3.0 1.3 28.6 -9.5 8 -0.4 37.4 38.5 36.4 61.9 53.8 70.9 60.4 62.6 65.4 37.7 9 9 Net increase in liabilities 10 Debt securities (corporate bonds) 1.0 13.2 27.6 28.9 33.3 27.6 61.1 34.5 9.9 31.0 19.2 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial -0.9 -1.8 0.8 0.4 0.4 19.5 6.1 13.5 0.1 13.3 6.3 1.4 4.8 -1.1 6.0 5.6 -2.2 7.8 3.3 4.5 21.1 7.4 13.8 1.0 12.7 24.1 11.5 12.6 -1.8 14.4 -2.0 -8.4 6.5 2.1 4.4 17.3 11.8 5.5 -0.6 6.1 45.0 14.6 30.4 4.4 26.1 32.6 15.3 17.3 3.2 14.1 33.0 21.0 11.9 -1.9 13.8 11 12 13 14 15 16 Miscellaneous liabilities -0.5 4.6 4.6 1.9 7.6 2.1 11.9 8.6 7.7 1.9 -14.5 16 F.128.m Mortgage Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 40.5 123.1 146.9 36.8 39.6 68.9 54.8 1.2 33.7 -36.4 -65.1 1 2 Checkable deposits and currency -1.6 4.8 3.6 -2.3 0.3 -1.0 3.1 0.3 -1.2 6.0 -4.4 2 3 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 45.0 38.2 6.8 109.1 104.7 4.4 119.2 109.5 9.7 -94.0 -95.6 1.6 9.0 7.8 1.2 -29.8 -35.4 5.6 39.9 44.1 -4.1 -22.0 -21.4 -0.6 47.8 44.0 3.8 -17.1 -38.9 21.8 -76.1 -79.7 3.6 3 4 5 6 7 8 9 Loans (mortgages) Home Multifamily residential Commercial -1.7 0.1 -0.3 -1.5 8.8 10.9 -0.2 -1.9 6.9 6.8 0.1 -0.0 135.1 -3.3 0.5 137.8 28.6 13.9 1.9 12.8 90.6 9.1 -0.7 82.2 -7.0 6.8 0.2 -14.0 11.0 28.7 4.5 -22.3 19.9 10.8 3.6 5.5 -20.5 -3.0 0.4 -17.9 6.0 29.3 1.6 -24.9 6 7 8 9 10 11 Miscellaneous assets Net increase in liabilities -1.2 0.4 17.2 -2.0 1.7 9.2 18.8 11.9 -32.9 -4.8 9.3 10 34.4 93.1 124.9 53.8 32.2 59.1 33.0 -2.8 39.4 -36.8 -80.6 11 12 Security repurchase agreements 29.9 97.7 102.4 -66.6 7.3 -53.2 36.8 -1.8 47.3 -11.7 -53.2 12 13 14 15 Debt securities Open market paper Corporate bonds -0.0 0.0 -0.0 -5.7 0.0 -5.7 -0.9 0.0 -0.9 144.7 0.0 144.7 19.9 0.0 19.9 87.8 0.0 87.8 -5.9 0.0 -5.9 3.7 0.0 3.7 -5.9 0.0 -5.9 -17.6 0.0 -17.6 -22.1 0.0 -22.1 13 14 15 16 Loans (depository institution loans n.e.c.) -0.0 -1.5 2.5 -0.8 0.7 0.5 -3.8 1.9 4.1 -0.3 3.5 16 17 Miscellaneous liabilities 4.6 2.5 20.9 -23.5 4.2 24.0 5.8 -6.7 -6.2 -7.1 -8.8 17 -0.5 0.0 1.1 -0.0 -1.6 -3.8 0.0 -0.7 -0.0 -3.0 1.3 0.0 3.7 -0.0 -2.4 139.6 0.0 4.0 0.0 135.6 11.3 0.0 1.5 -0.0 9.8 81.6 0.0 1.4 -0.2 80.3 -23.5 0.0 -1.6 0.3 -22.3 -5.5 0.0 3.7 -0.1 -9.1 -7.4 0.0 2.3 -0.2 -9.6 -28.6 0.0 -4.1 -0.3 -24.3 -53.1 0.0 4.0 0.0 -57.1 18 19 20 21 22 18 19 20 21 22 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 43 Z.1, September 18, 2015 F.129 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Gross saving 25.8 6.3 23.4 19.5 15.5 15.1 25.6 15.0 6.2 16.6 -0.6 1 2 Fixed nonresidential investment 17.9 16.1 13.2 14.4 15.2 14.8 15.1 15.5 15.5 15.7 15.8 2 3 Net acquisition of financial assets 234.4 29.1 173.7 -298.1 -153.7 257.0 -144.9 -183.5 -543.2 97.2 -124.3 3 4 5 Checkable deposits and currency Security repurchase agreements 6.2 243.4 14.9 154.6 16.3 55.1 -16.5 -317.2 0.0 -168.2 2.0 -190.8 8.5 -172.0 9.5 -39.4 -19.8 -270.7 23.6 -55.8 -14.3 129.6 4 5 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 44.9 -5.3 -28.5 38.9 4.6 35.2 -1.3 5.9 89.1 -2.1 -9.1 -85.0 103.9 -12.2 63.0 21.9 -4.3 35.5 -186.3 -1.3 -110.5 -55.4 -8.0 -11.1 -89.2 -7.8 -75.9 7.7 0.2 -13.5 -82.5 22.8 -91.5 -3.3 -7.1 -3.3 -34.3 -7.8 -63.6 3.4 5.3 28.3 -111.3 -46.1 -22.8 -30.0 -8.0 -4.5 -128.7 -0.1 -125.6 60.8 10.6 -74.4 41.9 3.4 25.6 9.5 7.1 -3.7 -52.3 -8.2 -28.8 4.9 -6.7 -13.5 6 7 8 9 10 11 12 Loans (other loans and advances) 62.5 -32.4 50.1 46.3 38.5 -77.1 219.0 67.7 -55.6 -84.8 34.5 12 13 Corporate equities -18.5 -5.0 9.7 18.6 8.7 -85.5 32.0 53.8 34.6 -103.9 11.2 13 14 15 U.S. direct investment abroad Miscellaneous assets 8.7 -112.9 4.9 -106.6 7.3 -68.7 11.7 145.2 7.2 49.3 8.5 682.3 2.0 -200.1 9.7 -173.5 8.6 -111.7 5.5 270.7 20.2 -253.2 14 15 16 220.4 69.4 126.5 -336.3 -166.1 241.0 -134.1 -185.2 -586.2 112.4 -129.3 16 17 Security repurchase agreements 195.9 70.5 131.2 -439.3 -220.9 -223.8 -141.9 -283.3 -234.4 -49.8 -219.8 17 18 Debt securities (corporate bonds) 36.9 -37.9 -1.7 22.2 11.5 41.3 -37.4 42.1 -0.1 -65.9 113.5 18 19 20 21 Loans Depository institution loans n.e.c. (1) Other loans and advances 29.8 6.2 23.5 31.9 31.0 0.9 32.8 -9.2 42.0 68.9 10.4 58.5 65.4 12.0 53.5 221.8 19.0 202.8 6.3 4.7 1.6 113.4 9.8 103.6 -79.7 14.3 -94.0 7.7 1.4 6.3 -101.6 6.0 -107.7 19 20 21 22 Corporate equity issues -11.1 14.1 -50.7 -31.0 -11.7 -7.1 -0.1 -0.5 -39.1 10.4 -10.0 22 23 24 Trade payables Taxes payable -52.0 -2.1 -3.8 -1.1 -0.0 0.5 0.3 0.6 3.4 0.3 1.0 3.2 11.9 2.5 8.4 1.1 -7.8 -5.5 5.0 3.3 17.7 -2.5 23 24 25 26 27 28 Foreign direct investment in U.S. Miscellaneous liabilities Investment by parent companies Other 13.2 9.0 -51.2 60.2 18.2 -19.4 40.4 -59.8 15.4 -7.7 71.3 -79.0 6.2 41.3 72.6 -31.3 3.7 -19.9 28.1 -48.0 5.2 195.7 109.4 86.2 2.2 24.1 121.6 -97.5 0.2 -73.5 -154.7 81.3 7.3 -225.8 36.0 -261.8 7.1 195.8 36.1 159.7 5.9 68.6 162.9 -94.3 25 26 27 28 29 Proprietors’ net investment 0.9 -2.9 6.7 -5.6 2.0 3.8 -1.6 7.0 -1.1 -1.1 -1.1 29 -6.0 30.5 -37.0 -33.0 -12.2 -15.7 21.3 -2.1 -52.2 16.1 -21.4 30 30 Net increase in liabilities Discrepancy (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). Flows 2010 44 Z.1, September 18, 2015 F.130 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1 Gross saving 94.6 130.8 162.4 146.3 172.8 144.1 185.3 178.8 183.0 152.9 219.5 1 2 Fixed nonresidential investment 31.9 37.0 41.1 39.4 41.9 40.8 41.5 42.6 42.7 43.1 43.5 2 3 Net acquisition of financial assets -11.0 68.7 -124.1 338.7 91.2 158.8 279.5 -105.1 31.5 -122.2 148.6 3 4 5 Time and savings deposits Security repurchase agreements -1.3 2.1 2.4 0.2 -0.3 -49.3 1.5 -2.8 -8.9 -5.1 6.5 -0.4 -24.5 7.7 38.3 -5.4 -55.8 -22.4 27.0 12.9 9.1 7.3 4 5 6 7 8 9 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 17.9 13.8 -3.2 7.3 -0.9 7.1 12.0 -20.1 -66.8 -30.6 -24.3 -11.9 59.0 8.5 13.5 37.0 -0.2 -2.8 0.0 2.6 -14.7 -0.4 -7.4 -6.9 27.6 20.9 1.2 5.4 37.4 8.7 3.0 25.7 -51.0 -40.4 3.2 -13.8 -22.0 -14.4 12.2 -19.8 1.7 -5.5 -5.5 12.8 6 7 8 9 10 Loans (other loans and advances) 4.3 4.0 16.7 -2.8 -10.9 -10.7 -35.6 -1.1 3.9 -9.9 -28.9 10 11 Life insurance reserves 3.8 2.4 7.3 5.1 5.0 4.7 5.3 4.8 5.3 4.2 4.0 11 12 13 14 15 16 17 18 19 Miscellaneous assets Net trans. with depository institution subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other -37.7 33.4 0.0 22.2 -39.5 -24.3 10.6 -40.1 60.6 76.1 0.0 9.3 -20.3 -13.0 30.6 -22.2 -31.8 101.2 -6.8 10.3 -3.5 52.3 -51.5 -133.7 278.8 59.2 -6.0 3.4 -15.8 57.1 -16.9 197.8 111.2 195.9 0.1 0.8 -13.1 4.8 -14.6 -62.7 173.4 179.2 -2.2 0.9 -45.9 99.9 -32.6 -26.0 299.2 200.8 1.9 2.3 -3.0 56.3 29.9 11.0 -179.0 108.0 -0.2 -0.3 -4.0 -163.8 -16.0 -102.6 151.4 295.8 0.9 0.2 0.5 26.8 -39.6 -133.1 -134.5 -81.7 -5.5 1.1 -4.5 -67.3 34.9 -11.4 155.4 117.0 2.8 0.2 -9.5 215.7 -47.1 -123.6 12 13 14 15 16 17 18 19 -64.9 -49.3 -199.0 205.4 -39.8 71.1 133.4 -247.6 -115.9 -257.5 -16.6 20 0.2 0.4 -1.2 -0.0 -0.0 -0.0 0.0 0.0 0.0 0.1 0.1 21 -42.6 3.9 -46.5 -80.4 11.1 -91.6 20.3 6.2 14.1 -13.2 -19.9 6.7 8.0 -19.6 27.6 20.6 -27.5 48.1 93.8 6.5 87.3 -51.9 -37.7 -14.2 -30.5 -19.7 -10.9 -45.4 -28.0 -17.5 15.7 -54.8 70.5 22 23 24 26.1 64.0 -120.2 13.8 -16.3 -7.7 -89.9 6.9 25.4 -9.9 -16.6 25 20 Net increase in liabilities 21 Security repurchase agreements 22 23 24 Debt securities Commercial paper Corporate bonds 25 Loans (depository institution loans n.e.c.) 26 Corporate equity issues 19.8 2.9 0.6 -17.1 -0.3 -2.7 30.3 -1.3 -27.6 48.9 2.0 26 27 28 29 Miscellaneous liabilities Equity, etc. Other -68.5 -22.4 -46.1 -36.2 6.9 -43.1 -98.6 -29.1 -69.5 222.0 -0.1 222.1 -31.1 -0.3 -30.9 60.9 70.2 -9.2 99.1 99.6 -0.5 -201.3 -102.0 -99.3 -83.2 -68.8 -14.4 -251.2 -165.3 -85.9 -17.8 36.4 -54.2 27 28 29 8.8 -24.3 46.5 -26.4 -0.1 15.6 -2.4 -6.3 -7.1 -25.5 10.8 30 30 Discrepancy (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. 45 Z.1, September 18, 2015 F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1 Net acquisition of financial assets -165.9 -154.4 -102.0 -58.9 23.2 102.3 -62.8 7.9 45.6 249.8 57.6 1 2 3 Money market fund shares Security repurchase agreements -148.0 0.0 -83.4 0.0 -62.4 0.0 -61.5 -0.1 20.6 0.0 -52.0 0.0 -137.4 0.0 32.8 0.0 239.1 0.0 132.8 0.0 -34.7 0.0 2 3 4 5 6 Debt securities Open market paper Corporate and foreign bonds 40.7 50.5 -9.8 -62.3 -5.0 -57.3 -40.2 -4.0 -36.2 -8.0 -16.8 8.9 -1.9 -6.6 4.7 140.2 91.8 48.4 26.6 45.8 -19.2 -63.2 -58.7 -4.5 -111.2 -105.3 -5.9 43.4 29.5 13.9 91.4 112.3 -20.9 4 5 6 7 Loans (other loans and advances) -1.5 -2.0 -6.5 -2.3 1.5 3.0 -5.1 1.0 7.1 -1.9 2.1 7 8 Corporate equities (2) 1.3 -26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 -58.4 -31.5 -26.9 19.6 -33.7 53.4 7.2 -11.8 19.0 13.0 -2.5 15.5 3.0 -20.3 23.3 11.0 1.5 9.6 53.1 -12.2 65.3 37.2 28.1 9.1 -89.3 -98.5 9.2 75.5 -27.9 103.4 -1.2 51.6 -52.7 9 10 11 -165.9 -154.4 -102.0 -58.9 23.2 102.3 -62.8 7.9 45.6 249.8 57.6 12 9 10 11 12 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities 13 14 15 Debt securities Open market paper Corporate bonds -50.6 -47.4 -3.2 -1.2 -72.7 71.6 4.4 -30.9 35.3 27.7 16.2 11.4 26.5 4.3 22.2 -19.1 -11.5 -7.6 77.0 5.9 71.1 85.4 93.8 -8.4 -37.1 -70.9 33.8 30.7 -68.8 99.5 53.1 133.0 -79.9 13 14 15 16 17 18 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) -14.8 -21.9 7.2 -51.2 -51.9 0.7 -28.3 -21.5 -6.8 -0.7 0.0 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 18 19 20 Corporate equities (5) Foreign direct investment in U.S. 3.5 0.6 -18.4 0.6 -8.6 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 0.0 0.6 19 20 21 22 23 24 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) -104.6 -123.5 7.9 10.9 -84.3 -74.6 1.4 -11.1 -70.0 -79.2 0.1 9.1 -86.5 94.0 0.0 -180.5 -3.9 47.1 0.0 -51.0 120.8 484.0 0.0 -363.2 -140.3 -192.0 0.0 51.6 -78.2 -44.8 0.0 -33.4 82.1 -58.9 0.0 141.1 218.5 139.1 0.0 79.4 3.9 -209.2 0.0 213.2 21 22 23 24 (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP. (5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. Flows 2010 46 Z.1, September 18, 2015 F.132 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 2011 2012 2013 2014 2014 2015 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 Curr. taxes and trans. payments to rest of world 3115.5 2365.0 514.1 236.4 3485.8 2686.4 546.0 253.4 3582.1 2763.8 563.9 254.3 3616.9 2771.7 575.8 269.5 3742.5 2871.9 591.2 279.4 3684.4 2830.8 581.2 272.4 3757.2 2887.0 593.3 276.9 3753.7 2875.2 597.8 280.7 3774.4 2894.6 592.3 287.5 3687.9 2808.9 589.5 289.4 3687.4 2797.7 608.0 281.7 1 2 3 4 5 6 7 8 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 2669.6 1852.3 720.0 97.2 3004.2 2106.4 792.6 105.2 3113.9 2198.2 801.5 114.2 3221.2 2263.3 826.2 131.7 3341.3 2341.9 854.3 145.1 3281.7 2301.5 840.0 140.2 3383.4 2356.2 850.4 176.9 3361.1 2360.6 869.7 130.7 3339.1 2349.5 857.0 132.6 3213.2 2257.3 817.0 138.9 3252.7 2280.3 826.3 146.2 5 6 7 8 9 10 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -0.7 446.6 -1.6 483.2 6.5 461.6 -0.8 396.6 -0.4 401.6 -0.5 403.2 -0.4 374.2 -0.4 393.1 -0.4 435.7 -0.4 475.1 -0.4 435.1 9 10 11 12 Gross investment Nonproduced nonfinancial assets 268.2 -0.0 416.7 -0.0 462.8 -0.1 373.4 0.0 323.5 -0.0 626.1 -0.1 366.9 0.0 132.7 0.0 168.3 0.0 -345.5 0.0 592.8 0.1 11 12 13 Net lending (+) or net borrowing (-) 268.2 416.7 462.8 373.4 323.5 626.2 366.9 132.7 168.3 -345.5 592.7 13 14 Net acquisition of financial assets 1087.5 1049.7 851.2 1155.8 1127.9 1426.1 1213.7 1360.5 511.4 1084.2 1145.3 14 15 16 17 18 19 20 21 Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements 0.0 0.0 -61.8 29.5 4.9 -7.1 92.4 0.0 0.0 213.9 81.8 47.3 4.6 92.6 0.0 0.0 -136.0 68.2 38.0 22.6 -6.9 0.0 0.0 312.2 50.9 52.5 11.3 35.3 0.0 0.0 30.6 79.7 47.0 5.2 105.4 0.0 0.0 468.1 119.7 64.9 -3.6 241.8 0.0 0.0 114.3 66.6 137.3 -3.6 118.7 0.0 0.0 56.2 14.8 -14.5 7.3 -57.8 0.0 0.0 -516.3 117.6 0.1 20.7 118.7 0.0 0.0 -30.7 65.1 26.4 -13.2 -51.5 0.0 0.0 -115.2 -18.1 -74.0 -5.1 -243.5 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) 639.4 -10.7 740.4 -40.2 780.5 -66.6 13.1 -36.8 203.6 0.7 355.3 -62.6 417.9 -41.6 0.6 -111.5 495.7 -0.1 589.7 14.0 575.8 -73.6 -0.6 -19.7 547.7 -1.7 424.9 23.3 401.6 -83.7 4.3 203.9 534.3 7.6 317.4 -13.3 330.7 -5.2 4.3 210.1 437.0 20.7 501.2 33.7 467.5 -142.0 2.8 54.3 439.2 42.1 378.9 -139.5 518.4 -79.4 1.8 95.7 568.5 12.9 244.8 -58.1 302.8 70.3 5.3 235.2 692.5 -45.2 144.6 110.6 34.0 130.4 7.4 455.3 168.0 45.3 -139.2 135.8 -275.0 -59.8 8.3 313.4 1388.7 -23.1 565.7 112.8 452.9 127.9 12.9 705.2 22 23 24 25 26 27 28 29 30 31 32 33 34 Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Foreign direct investment in U.S. (5) -20.2 127.8 58.2 18.6 205.9 33.9 44.0 74.7 17.1 236.1 -52.2 126.8 89.7 11.6 193.8 -4.2 -58.7 -20.0 12.3 216.6 50.1 101.8 48.1 14.3 111.6 56.2 368.9 31.2 52.6 -410.7 1.0 -59.7 123.5 20.4 255.9 117.3 219.5 75.5 -18.3 392.1 25.8 -121.4 -38.0 2.4 209.1 -25.0 104.9 38.1 8.7 793.3 9.8 13.6 -77.2 10.0 256.3 30 31 32 33 34 819.3 633.0 388.3 782.4 804.4 799.9 846.8 1227.8 343.1 1429.7 552.7 35 35 Net increase in liabilities 36 37 38 U.S. official reserve assets U.S. private deposits Security repurchase agreements 1.8 71.6 207.9 15.9 -215.0 96.4 4.5 -147.5 40.2 -3.1 26.7 -84.0 -3.6 -114.3 26.4 -3.8 -95.4 251.7 3.1 -73.2 -196.1 -3.6 198.3 119.2 -10.0 -487.1 -69.4 -16.6 -92.8 211.1 -3.5 -271.7 -49.5 36 37 38 39 40 41 Debt securities Commercial paper Bonds 124.7 -2.7 127.4 128.2 -53.5 181.7 159.0 27.9 131.2 202.8 34.0 168.9 108.8 -22.6 131.4 91.4 63.8 27.7 339.7 33.9 305.8 74.8 -205.9 280.8 -70.6 17.7 -88.4 274.4 188.8 85.6 66.7 -24.3 91.1 39 40 41 42 43 44 Loans Depository institution loans n.e.c. Other loans and advances 24.3 24.0 0.3 44.6 43.2 1.4 36.0 30.4 5.6 40.5 39.1 1.4 31.4 28.6 2.8 55.5 54.9 0.5 61.1 56.4 4.8 -30.0 -30.6 0.6 39.1 33.7 5.5 44.5 41.0 3.5 42.5 44.0 -1.5 42 43 44 45 46 47 Foreign corporate equities (6) Trade payables U.S. direct investment abroad (4,5) 79.2 6.0 301.1 7.0 4.0 419.1 95.8 0.7 339.7 284.3 9.8 328.6 436.5 -6.8 336.9 331.3 -29.9 231.2 362.7 10.7 303.5 526.3 -7.0 363.4 525.9 -0.7 449.7 674.9 -7.2 302.1 466.8 -2.5 347.9 45 46 47 48 49 50 51 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 2.7 2.3 -10.2 10.6 132.9 2.6 99.7 30.6 -140.0 2.4 -90.9 -51.5 -23.3 2.2 -8.6 -16.9 -11.0 2.3 1.3 -14.6 -32.1 0.0 0.5 -32.6 35.5 6.8 -1.1 29.9 -13.6 1.9 0.5 -16.0 -33.7 0.7 5.2 -39.6 39.4 7.3 -2.9 34.9 -44.0 3.8 -0.7 -47.1 48 49 50 51 178.4 66.5 -1.2 23.2 78.1 -222.9 7.3 260.4 267.5 820.6 -157.7 52 -512.7 206.0 236.4 97.2 -445.9 -580.0 246.6 253.4 105.2 -481.5 -565.7 237.6 254.3 114.2 -468.2 -508.4 250.4 269.5 131.7 -395.8 -530.0 263.1 279.4 145.1 -401.1 -529.4 258.8 272.4 140.2 -402.7 -530.9 257.0 276.9 176.9 -373.8 -514.6 271.9 280.7 130.7 -392.7 -545.2 264.7 287.5 132.6 -435.3 -551.6 227.5 289.4 138.9 -474.7 -517.5 218.3 281.7 146.2 -434.7 53 54 55 56 57 52 53 54 55 56 57 Discrepancy (FOF basis) Memo: Net U.S. exports, NIPA basis + Net U.S. income receipts (7) - Curr. taxes and trans. payments to rest of world + Curr. taxes and trans. payments from rest of world = Balance on current account, NIPAs (1) Table F.5, line 64. (2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 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) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 47 Z.1, September 18, 2015 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 2015 Q3 Q4 Q1 Q2 1.8 15.9 4.5 -3.1 -3.6 -3.8 3.1 -3.6 -10.0 -16.6 -3.5 1 2 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 1.8 0.0 1.3 0.5 15.9 -1.8 18.1 -0.5 4.5 0.0 4.0 0.4 -3.1 0.0 -3.4 0.3 -3.6 0.0 -3.8 0.2 -3.8 0.0 -4.2 0.3 3.1 0.0 2.8 0.2 -3.6 0.0 -3.8 0.2 -10.0 0.0 -10.3 0.2 -16.6 0.0 -16.8 0.1 -3.5 0.0 -3.7 0.2 3 4 5 6 1.8 15.9 4.5 -3.1 -3.6 -3.8 3.1 -3.6 -10.0 -16.6 -3.5 7 7 Net change in liabilities Q2 Net change in assets 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 1.6 0.0 0.0 1.3 0.3 16.2 0.0 -1.8 18.2 -0.2 4.3 0.0 0.0 4.0 0.2 -3.3 0.0 0.0 -3.4 0.2 -3.8 0.0 0.0 -3.9 0.1 -4.0 0.0 0.0 -4.2 0.2 3.0 0.0 0.0 2.9 0.1 -4.1 0.0 0.0 -4.2 0.1 -10.2 0.0 0.0 -10.3 0.1 -16.7 0.0 0.0 -16.8 0.1 -3.6 0.0 0.0 -3.7 0.1 8 9 10 11 12 13 14 15 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 17 18 19 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.3 0.0 0.0 0.3 -0.3 0.0 -0.1 -0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.0 0.2 0.2 0.0 0.1 0.1 0.2 0.0 0.1 0.2 0.1 0.0 -0.0 0.1 0.5 0.0 0.4 0.1 0.1 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 0.1 0.0 0.0 0.1 16 17 18 19 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority -0.3 0.9 0.0 0.7 0.0 0.6 -0.4 0.7 -0.3 0.8 0.0 1.0 0.0 0.9 -1.0 0.8 0.0 0.5 0.0 1.5 0.0 1.1 3 4 5 Discrepancy (seigniorage) -1.1 -0.7 -0.6 -1.1 -1.1 -1.0 -0.9 -1.8 -0.5 -1.5 -1.1 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 71.6 -215.0 -147.5 26.7 -114.3 -95.4 -73.2 198.3 -487.1 -92.8 -271.7 1 4.5 9.1 8.7 -9.9 -5.8 -62.9 -7.9 0.6 0.4 2.3 42.7 -9.6 -6.4 -6.7 -9.6 -4.8 -41.2 -57.3 -4.7 39.7 29.0 11.6 9.0 -13.7 -27.7 -34.2 3.6 -6.1 -52.6 0.8 -18.7 66.6 -8.8 2 3 4 49.2 -136.3 -140.5 -8.7 -91.6 7.9 -137.2 191.4 -428.7 -34.9 -310.8 5 Flows 2010 48 Z.1, September 18, 2015 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Flows 2 3 4 5 6 7 8 9 10 11 12 13 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Rest of the world Discrepancy Q2 2015 Q3 Q4 Q1 Q2 -142.8 820.5 -194.5 1129.1 115.0 1427.3 8.7 403.0 -1379.0 501.8 -1054.2 1 -11.1 -201.3 30.7 0.9 38.1 602.3 -263.4 504.6 -1.2 -21.9 -64.1 -114.2 -1.9 -0.4 -13.8 760.6 191.0 175.1 0.2 2.2 131.0 54.2 -70.2 -0.6 0.7 782.7 179.8 423.4 -3.2 44.5 49.3 -21.3 20.0 -1.4 -37.9 332.8 298.2 -220.0 2.6 -10.7 -641.0 -239.9 -504.4 -0.5 6.7 245.2 326.8 -117.8 -1.7 49.3 -773.7 -490.8 247.8 -1.9 -35.6 2 3 4 5 6 -168.7 817.0 -200.1 1072.3 162.1 1252.3 164.3 388.1 -1156.5 213.4 -887.1 7 -95.7 -87.8 66.7 10.0 -61.8 0.8 231.0 360.2 11.1 213.9 0.0 6.9 -72.2 1.2 -136.0 -0.5 456.9 309.3 -5.7 312.2 0.5 192.7 -59.3 -2.5 30.6 1.5 235.3 491.9 55.5 468.1 0.6 117.1 -9.6 -58.1 114.3 -0.9 290.1 76.6 -33.9 56.2 0.7 128.4 -795.9 26.6 -516.3 -1.2 255.6 -66.0 55.6 -30.7 1.8 -792.8 57.6 -38.4 -115.2 8 9 10 11 12 25.8 3.5 5.7 56.8 -47.1 174.9 -155.6 14.9 -222.5 288.4 -167.1 13 Memo: 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. -2.2 -2.2 0.0 8.1 8.1 0.0 7.1 7.1 0.0 2.6 2.5 0.0 2.0 2.0 0.0 1.7 1.8 -0.0 3.2 3.1 0.1 4.8 4.9 -0.1 -1.5 -1.6 0.1 8.1 8.2 -0.2 5.6 5.6 -0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions -8.9 -85.6 66.7 10.0 594.2 222.9 360.2 11.1 -71.2 -0.2 -72.2 1.2 758.0 454.4 309.3 -5.7 128.9 190.7 -59.3 -2.5 781.0 233.6 491.9 55.5 46.1 114.0 -9.7 -58.1 328.0 285.2 76.7 -33.9 -639.4 130.0 -796.0 26.6 237.1 247.4 -65.8 55.6 -779.3 -798.4 57.6 -38.4 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans -95.7 -95.7 0.7 -96.4 0.8 0.8 0.8 -0.0 0.0 0.0 0.1 -0.1 -0.5 -0.5 -0.5 0.0 0.5 0.5 0.4 0.1 1.5 1.5 1.7 -0.2 0.6 0.6 0.1 0.5 -0.9 -0.9 -1.6 0.7 0.7 0.7 1.4 -0.7 -1.2 -1.2 -0.8 -0.4 1.8 1.8 1.3 0.5 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -78.4 21.5 99.9 -309.3 -222.2 87.1 -87.8 -199.0 -111.1 153.5 103.7 -49.8 102.0 15.8 -86.2 56.8 -27.0 -83.7 73.9 -52.7 -126.6 297.6 275.1 -22.5 -20.3 -132.4 -112.1 106.4 31.1 -75.3 -373.3 -238.4 134.9 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 37.0 53.8 16.8 512.1 296.7 -215.4 -51.6 -90.0 -38.3 157.9 143.3 -14.6 -67.2 -123.8 -56.6 403.3 80.6 -322.6 52.4 117.2 64.8 -233.1 -118.4 114.6 -491.3 -574.4 -83.0 -137.5 -150.6 -13.1 262.3 -3.0 -265.3 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 13.6 6.9 6.6 -12.4 -4.0 -8.4 -2.6 -3.3 0.7 -0.3 0.4 -0.8 1.4 0.8 0.7 2.0 4.2 -2.1 3.1 1.7 1.4 -0.0 -0.1 0.1 0.6 -2.7 3.4 -6.4 0.2 -6.6 -3.3 -9.3 6.0 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -6.8 -3.4 -3.4 -1.3 0.4 -1.7 0.8 -0.2 1.1 0.5 -0.1 0.5 -2.8 -2.3 -0.5 10.1 1.6 8.5 -8.8 -5.2 -3.6 -8.3 -3.4 -5.0 -4.0 -2.2 -1.9 -6.0 -0.5 -5.5 -7.5 -3.2 -4.3 34 35 36 -61.8 213.9 -136.0 312.2 30.6 468.1 114.3 56.2 -516.3 -30.7 -115.2 37 -16.8 -14.0 -0.8 -0.9 -38.1 40.8 21.7 -4.9 1.2 21.9 -29.5 23.0 3.1 0.4 13.8 38.5 52.1 -2.3 -0.2 -2.2 -45.3 -48.5 -1.4 0.6 -0.7 124.1 153.3 19.7 3.2 -44.5 -88.9 -95.3 20.9 1.4 37.9 4.7 -17.2 -40.1 -2.6 10.7 -220.9 -234.8 -6.1 0.5 -6.7 222.3 224.5 -16.3 1.7 -49.3 -125.3 -128.1 1.5 1.9 35.6 38 39 40 41 42 2.9 -19.1 52.5 13.6 -3.3 29.2 -6.4 -21.9 -13.9 2.2 -2.8 43 25.8 3.5 5.7 56.8 -47.1 174.9 -155.6 14.9 -222.5 288.4 -167.1 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. 49 Z.1, September 18, 2015 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 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 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 266.3 234.5 267.7 332.6 351.1 226.2 501.5 307.4 369.2 -140.3 873.5 1 185.0 149.0 -21.6 0.9 56.7 -122.1 -255.0 51.1 -3.2 85.0 62.1 7.0 -37.4 6.3 86.2 139.5 69.8 -1.3 1.5 69.5 152.2 61.0 -5.8 -2.7 99.7 -39.3 -78.7 -60.3 -4.0 103.6 65.5 -7.4 1.4 -4.1 75.7 206.6 75.8 62.9 -2.8 70.7 376.0 254.4 -27.0 0.0 148.7 -440.3 -491.2 3.0 -0.1 48.0 711.3 621.8 29.4 0.1 60.0 2 3 4 5 6 69.6 -0.1 -3.8 73.5 319.4 -2.7 25.6 296.5 176.2 0.3 -4.2 180.1 148.2 0.3 -0.7 148.6 136.2 0.9 2.2 133.1 192.0 -0.2 6.7 185.5 389.9 1.1 13.5 375.3 108.6 1.7 -14.7 121.5 -145.6 0.9 3.3 -149.8 220.1 -0.6 -4.0 224.8 103.5 -0.1 -20.1 123.7 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 5.7 4.1 1.7 23.7 4.4 19.3 16.2 8.9 7.3 30.8 12.3 18.5 45.2 14.0 31.2 36.3 16.4 20.0 50.0 31.1 18.9 -0.0 8.0 -8.1 94.4 0.4 94.0 46.7 23.2 23.5 46.9 4.5 42.4 11 12 13 14 Banks in U.S.-affiliated areas 0.5 2.8 2.5 6.3 5.2 -3.5 5.2 -3.3 22.5 -1.7 11.2 14 15 Credit unions 5.5 10.7 10.7 7.9 12.2 40.7 -9.3 -4.5 21.9 34.9 0.6 15 351.1 226.2 501.5 307.4 369.2 -140.3 873.5 16 16 Net change in assets 266.3 234.5 267.7 332.6 17 Household sector 38.9 300.3 177.0 120.7 107.6 372.9 164.0 -50.3 -56.3 185.6 245.3 17 18 19 20 Nonfinancial business Corporate Noncorporate 76.8 79.6 -2.7 55.5 30.8 24.6 13.7 -45.5 59.3 89.0 85.5 3.5 106.0 71.1 34.9 -114.6 -130.0 15.4 246.9 209.2 37.6 130.9 99.9 31.1 160.7 105.2 55.5 140.3 115.1 25.2 109.8 73.3 36.5 18 19 20 21 22 Federal government State and local governments 148.9 5.7 -257.6 16.6 6.7 -9.2 69.6 7.3 60.8 15.6 -36.0 6.5 -104.1 0.3 73.3 19.0 309.8 36.8 -450.1 -24.8 522.6 18.8 21 22 23 Domestic financial sectors -32.4 37.2 9.9 -4.1 -19.5 -82.7 29.7 119.1 -144.0 -15.3 -103.8 23 24 25 Property-casualty insurance companies Life insurance companies 5.0 1.0 -8.5 2.0 12.3 2.7 -6.7 -9.2 5.9 3.6 14.9 14.0 5.5 -5.9 3.5 15.1 -0.4 -8.5 -0.6 -2.2 -20.1 -28.1 24 25 26 27 Private pension funds State and local govt. retirement funds 2.1 0.5 5.6 0.4 -1.7 0.1 -0.5 0.0 0.5 0.7 -0.1 0.5 2.9 3.4 -0.5 0.8 -0.3 -1.6 1.6 1.5 -0.6 -0.5 26 27 28 29 Money market mutual funds Government-sponsored enterprises -3.7 -36.0 5.8 9.3 -3.6 -20.1 -3.2 29.0 -17.6 -16.6 32.2 -144.7 -16.5 15.6 -66.4 159.9 -19.6 -97.4 3.6 -46.2 24.2 -49.0 28 29 30 31 32 Finance companies REITs Brokers and dealers -1.7 -5.7 6.2 5.1 2.5 14.9 -3.8 7.7 16.3 4.2 -1.3 -16.5 -0.2 4.1 0.0 3.2 -4.6 2.0 -2.2 18.5 8.5 -4.8 2.1 9.5 3.1 0.5 -19.8 1.9 1.7 23.6 3.5 -18.9 -14.3 30 31 32 33 34 35 Rest of the world Checkable deposits Currency 29.5 1.2 28.3 81.8 26.8 55.0 68.2 11.0 57.1 50.9 13.2 37.7 79.7 13.4 66.3 119.7 19.1 100.7 66.6 40.5 26.1 14.8 -9.5 24.3 117.6 3.6 114.0 65.1 19.1 46.0 -18.1 -15.6 -2.5 33 34 35 36 Mail float -1.1 0.8 1.5 -0.7 0.9 -39.7 98.0 0.5 -55.4 -41.2 98.9 36 Flows 2010 50 Z.1, September 18, 2015 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 1 2 Flows 3 4 5 6 7 8 9 10 11 Net change in liabilities Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 115.6 404.1 520.4 409.1 513.2 704.6 452.4 180.5 715.3 836.9 -18.4 1 298.3 577.4 539.6 307.0 365.0 468.2 379.3 439.7 172.8 992.9 71.7 2 271.7 5.8 -5.2 26.1 537.1 13.2 -0.4 27.4 491.5 13.8 -0.1 34.4 256.7 27.7 2.5 20.1 343.8 -5.9 2.0 25.0 503.2 -23.4 -2.7 -8.8 323.9 11.1 2.8 41.4 397.4 9.4 -1.9 34.7 150.9 -20.5 9.9 32.5 834.5 167.5 -7.2 -2.0 146.1 -150.5 4.9 71.2 3 4 5 6 -182.7 -173.3 -19.2 102.1 148.2 236.4 73.1 -259.1 542.5 -156.0 -90.1 7 -133.8 -46.5 -5.2 2.8 -13.2 -163.1 -0.4 3.4 -9.1 -16.2 -0.1 6.2 23.9 71.1 2.5 4.7 102.5 39.7 2.0 4.1 -2.8 233.4 -2.7 8.5 48.3 26.3 2.8 -4.3 -354.1 91.3 -1.9 5.6 718.5 -192.2 9.9 6.3 32.2 -188.3 -7.2 7.2 -103.6 6.4 4.9 2.2 8 9 10 11 12 Net change in assets 115.6 404.1 520.4 409.1 513.2 704.6 452.4 180.5 715.3 836.9 -18.4 12 13 Household sector 162.8 369.3 411.9 205.5 408.0 458.1 221.8 249.7 702.5 652.7 -91.1 13 14 15 16 Nonfinancial business Corporate Noncorporate 62.8 59.9 2.9 19.2 13.2 6.0 43.4 33.3 10.1 51.8 41.0 10.8 36.7 10.5 26.2 75.4 69.1 6.3 33.9 13.4 20.5 -109.7 -125.8 16.1 147.2 85.4 61.7 33.6 -38.9 72.5 103.4 73.6 29.8 14 15 16 17 18 Federal government State and local governments 0.1 -5.5 -0.3 16.2 0.2 22.1 -0.5 17.9 0.2 7.6 -0.1 24.4 -0.0 8.5 0.4 2.2 0.6 -4.9 -0.6 27.5 1.1 -4.9 17 18 19 Domestic financial sectors -109.5 -47.7 4.9 82.0 13.7 81.9 50.8 52.4 -130.2 97.3 47.0 19 -0.6 5.0 -107.7 1.6 1.9 -56.3 -3.9 -3.1 32.8 4.9 2.5 59.4 0.0 4.5 20.7 1.1 3.4 50.9 2.0 3.4 84.7 -2.7 5.7 27.6 -0.2 5.7 -80.5 3.4 12.0 54.8 1.8 9.3 12.7 20 21 22 0.3 -5.2 -1.3 -12.7 15.4 2.4 -9.1 -11.5 -0.3 1.1 12.7 1.5 -2.1 -0.5 -8.9 10.3 9.7 6.5 -8.1 -6.6 -24.5 -1.9 -14.5 38.3 -8.7 9.3 -55.8 -5.4 5.6 27.0 3.7 10.4 9.1 23 24 25 4.9 47.3 38.0 52.5 47.0 64.9 137.3 -14.5 0.1 26.4 -74.0 26 20 21 22 Private pension funds State and local govt. retirement funds Money market mutual funds 23 24 25 Government-sponsored enterprises Finance companies Holding companies 26 Rest of the world (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 -503.2 -112.8 7.1 28.9 9.6 -95.7 -142.0 30.7 245.4 -58.4 25.0 1 2 Net purchases -503.2 -112.8 7.1 28.9 9.6 -95.7 -142.0 30.7 245.4 -58.4 25.0 2 -183.2 -157.7 3.1 -21.1 -35.4 0.8 0.3 57.1 3.0 25.5 39.7 2.3 -33.6 6.0 4.0 102.5 -128.3 1.4 19.6 -43.9 4.4 -68.5 52.0 3.5 -188.0 144.2 6.9 -134.9 -66.8 4.9 68.9 -8.7 4.5 3 4 5 14.5 2.1 6.5 3.6 6.8 10.7 14.2 -3.3 5.5 12.6 1.9 6 3 4 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 6 State and local governments 7 8 Property-casualty insurance companies Life insurance companies -4.0 -12.7 -5.6 7.9 2.2 -1.4 -2.2 -5.9 -1.9 6.1 -10.0 -1.1 5.3 -1.2 1.5 6.4 -4.3 20.5 -0.3 -4.5 -1.0 -7.5 7 8 9 10 Private pension funds State and local govt. retirement funds -10.2 2.1 16.5 0.8 -17.1 -3.7 12.7 3.4 -9.5 5.8 -18.4 3.1 -5.0 5.5 -5.0 4.0 -9.7 10.4 -0.7 11.7 -6.9 13.6 9 10 11 Funding corporations -148.0 -83.4 -62.4 -61.5 20.6 -52.0 -137.4 32.8 239.1 132.8 -34.7 11 12 Rest of the world -7.1 4.6 22.6 11.3 5.2 -3.6 -3.6 7.3 20.7 -13.2 -5.1 12 51 Z.1, September 18, 2015 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 421.3 280.7 248.8 -468.1 32.7 261.8 173.8 -435.9 131.0 181.8 -213.2 1 2 Monetary authority -18.0 40.2 7.3 208.7 193.9 100.4 461.9 -185.5 398.8 108.1 85.2 2 3 4 5 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements -48.1 ND ND -81.5 ND ND -52.6 ND ND -80.5 -11.0 -69.5 -33.2 -19.7 -13.5 55.5 25.4 30.1 -45.3 -0.1 -45.2 -88.0 -38.5 -49.5 -55.0 -65.4 10.4 -30.1 -39.9 9.8 -9.8 22.0 -31.8 3 4 5 6 7 8 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 54.8 -75.7 130.6 54.4 -9.9 64.3 20.6 -2.6 23.3 -12.3 -2.6 -9.7 58.6 8.3 50.2 132.3 30.2 102.1 48.9 -8.6 57.5 6.7 37.9 -31.2 46.2 -26.2 72.4 -47.4 45.4 -92.8 32.9 -63.3 96.2 6 7 8 9 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 9 0.8 -2.2 1.7 1.9 -1.0 2.3 -0.6 6.5 -0.4 1.0 -1.4 0.2 0.5 9.1 -0.6 -2.6 -0.3 -2.6 0.4 1.0 0.0 1.2 10 11 -0.9 97.7 70.5 0.4 -0.4 102.4 131.2 -1.2 0.0 -66.6 -439.3 -0.0 0.1 7.3 -220.9 -0.0 0.1 -53.2 -223.8 -0.0 -0.1 36.8 -141.9 0.0 0.0 -1.8 -283.3 0.0 0.2 47.3 -234.4 0.0 0.1 -11.7 -49.8 0.1 -0.3 -53.2 -219.8 0.1 12 13 14 15 10 11 Property-casualty insurance companies Life insurance companies 12 13 14 15 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.1 29.9 195.9 0.2 Rest of the world 207.9 96.4 40.2 -84.0 26.4 251.7 -196.1 119.2 -69.4 211.1 -49.5 16 366.5 203.0 261.3 -341.9 161.8 294.1 463.3 -382.8 272.4 -7.0 -223.7 17 4.3 -0.8 0.4 -4.7 -2.9 5.6 -0.9 3.4 4.7 5.9 10.1 8.9 8.7 11.7 -0.2 -2.2 0.1 4.9 -2.6 10.5 4.2 2.0 18 19 16 17 Net change in assets 18 19 Nonfinancial corporate business State and local governments 20 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 21 22 23 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 0.7 ND ND -25.0 ND ND 60.1 ND ND -87.2 -11.1 -76.2 -30.4 -16.4 -14.0 -54.6 9.5 -64.1 2.8 5.7 -2.9 -25.8 -21.2 -4.6 -43.9 -59.6 15.7 120.2 -20.7 140.9 -24.8 -12.0 -12.8 21 22 23 24 25 26 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 20.3 -1.8 22.1 31.7 1.5 30.2 58.2 -0.8 58.9 -1.2 -1.7 0.5 41.1 -0.0 41.1 92.7 1.9 90.8 111.7 0.9 110.8 -37.8 -1.2 -36.6 -2.5 -1.7 -0.7 -73.4 -0.8 -72.5 43.0 0.7 42.3 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements -0.1 ND ND 15.9 15.9 0.0 -6.2 -6.3 0.1 -9.6 -9.6 -0.0 -0.0 0.0 -0.0 0.6 0.6 0.0 -0.6 -0.6 0.0 -0.1 0.0 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -0.7 0.7 -0.2 0.3 -1.4 -4.7 0.0 0.1 -0.8 2.1 -0.3 -0.3 0.0 -5.3 0.4 0.2 -0.1 0.4 0.0 0.4 0.4 12.4 0.1 0.3 -0.6 1.9 0.2 0.3 0.1 0.5 -0.3 0.6 -0.4 -13.2 0.1 0.6 0.4 9.2 0.3 1.2 -0.1 -0.4 0.1 0.8 30 31 32 33 34 35 Money market mutual funds Mutual funds -0.6 -15.8 11.1 -28.8 54.2 54.1 -51.3 92.9 151.2 46.3 167.9 104.7 176.1 168.5 -6.5 -115.0 267.3 27.0 43.3 -4.0 -31.1 -42.4 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) 20.7 21.3 -38.9 -34.7 38.6 2.9 1.5 -14.5 10.3 23.3 -100.1 64.1 28.2 -39.9 -93.5 17.2 206.8 51.7 -17.9 -40.9 -68.5 -3.6 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations 243.4 2.1 0.0 154.6 0.2 0.0 55.1 -49.3 0.0 -317.2 -2.8 -0.1 -168.2 -5.1 0.0 -190.8 -0.4 0.0 -172.0 7.7 0.0 -39.4 -5.4 0.0 -270.7 -22.4 0.0 -55.8 12.9 0.0 129.6 7.3 0.0 38 39 40 41 Rest of the world 92.4 92.6 -6.9 35.3 105.4 241.8 118.7 -57.8 118.7 -51.5 -243.5 41 54.8 77.7 -12.5 -126.2 -129.1 -32.4 -289.6 -53.1 -141.4 188.8 10.5 42 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 199.0 207.9 -9.0 177.3 234.8 -57.5 389.6 334.2 55.5 -157.9 -44.7 -113.3 386.8 307.4 79.4 -72.9 -103.8 31.0 56.4 107.5 -51.1 43 44 45 42 Discrepancy Memo: Federal Reserve’s reverse repurchase agreement operations: (4) 43 44 45 Liability: Monetary authority (5) Asset: Money market mutual funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (5) Included in line 2. (6) Included in line 34. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. Flows 2010 52 Z.1, September 18, 2015 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 2015 Q2 Q3 Q4 Q1 Q2 By instrument Flows 1 2 3 4 5 6 Total debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1379.0 1081.7 1365.4 1418.5 1307.6 853.7 1435.2 1403.4 1538.1 487.8 1358.2 1 -80.4 1645.3 -46.2 99.7 -239.3 -88.3 1137.6 -20.8 -52.8 106.0 -16.9 1181.0 -22.8 -4.9 229.0 -0.8 857.7 239.5 -43.2 365.3 -21.2 736.0 150.5 -18.8 461.2 69.8 786.7 -275.7 -49.1 322.1 108.3 481.9 208.3 -15.5 652.1 -125.8 839.4 213.8 -58.4 534.4 -137.3 836.1 455.6 47.6 336.0 26.8 -155.3 -159.2 157.3 618.2 95.7 347.9 218.2 52.4 644.0 2 3 4 5 6 1379.0 1081.7 1365.4 1418.5 1307.6 853.7 1435.2 1403.4 1538.1 487.8 1358.2 7 1949.7 1280.9 1512.7 1107.6 1020.1 1097.3 758.9 1002.8 1221.4 409.0 973.9 8 -2.2 237.3 -7.8 203.6 -14.5 352.3 -13.1 302.8 -4.8 303.0 -1.0 363.4 -2.3 278.0 -9.8 225.2 -6.0 345.3 -0.4 439.2 -13.3 608.1 9 10 1645.9 68.7 1138.7 -53.6 1180.6 -5.7 857.3 -39.4 735.9 -14.0 784.7 -49.9 482.1 1.1 838.7 -51.2 838.2 43.9 -156.3 126.5 350.0 29.1 11 12 -695.4 -327.4 -306.4 108.1 178.6 -335.1 336.6 325.7 387.3 -195.6 317.6 13 -69.3 0.0 -233.8 186.9 -413.9 -110.0 10.0 0.0 -187.2 165.3 -174.2 -29.4 -115.4 0.0 -154.6 132.2 -145.1 -73.2 -102.7 0.0 107.5 132.4 -233.5 -5.9 -17.2 0.0 75.3 75.3 -72.3 18.4 -32.4 0.0 -355.5 81.7 -169.9 -17.2 -19.7 0.0 156.9 51.3 -78.1 37.7 -16.9 0.0 142.5 72.0 -1.2 15.4 0.2 0.0 357.3 96.3 -40.1 37.4 -79.4 0.0 -163.5 5.3 55.6 53.7 4.1 0.0 93.5 122.7 -16.5 -65.5 14 15 16 17 18 19 1.0 36.9 -42.6 -50.6 7.6 -37.9 -80.4 -1.2 26.7 -1.7 20.3 4.4 173.6 22.2 -13.2 27.7 53.2 11.5 8.0 26.5 115.5 41.3 20.6 -19.1 55.1 -37.4 93.8 77.0 38.2 42.1 -51.9 85.4 4.0 -0.1 -30.5 -37.1 13.3 -65.9 -45.4 30.7 -2.9 113.5 15.7 53.1 20 21 22 23 124.7 128.2 159.0 202.8 108.8 91.4 339.7 74.8 -70.6 274.4 66.7 24 1379.0 1081.7 1365.4 1418.5 1307.6 853.7 1435.2 1403.4 1538.1 487.8 1358.2 25 By sector 7 8 Total liabilities Domestic nonfinancial sectors 9 10 Household sector (nonprofits) Nonfinancial corporate business 11 12 Federal government State and local governments 13 Domestic financial sectors 14 15 16 17 18 19 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 20 21 22 23 REITs Brokers and dealers Holding companies Funding corporations 24 25 26 Rest of the world Total assets: -47.5 -390.3 -224.1 -676.0 -460.0 -1043.1 -275.8 -399.9 -121.4 -240.1 -201.6 26 27 28 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -75.4 15.6 2.5 -202.1 -8.5 1.1 -218.3 -12.5 4.2 -614.5 -22.0 1.7 -464.4 -17.5 3.0 -1027.5 -26.0 1.0 -325.9 -23.3 3.2 -345.0 -11.8 2.6 -159.2 -8.8 5.0 -293.5 -27.0 3.6 -148.8 51.5 4.7 27 28 29 30 31 Federal government State and local governments -46.9 56.8 -118.2 -62.6 -31.3 33.7 -0.1 -41.1 -0.0 18.9 -0.0 9.5 -0.1 70.2 0.0 -45.7 0.0 41.5 0.0 76.8 -0.1 -108.9 30 31 32 Domestic nonfinancial sectors 787.1 1268.5 1093.8 1546.7 1233.3 1459.8 1271.8 1234.8 966.9 559.9 171.1 32 33 34 35 36 37 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 316.3 135.2 -10.7 -9.5 31.1 444.0 108.3 2.2 -3.5 31.0 64.5 163.6 11.4 -2.6 17.9 1086.6 90.7 -50.4 1.5 4.6 480.7 241.5 -14.5 -1.2 -9.0 911.2 190.0 2.2 2.1 -5.4 538.6 225.1 -8.1 -5.2 -3.4 299.9 265.6 -30.3 -0.8 4.8 173.2 285.2 -21.9 -1.1 -31.9 21.6 284.9 -33.9 -0.2 -3.9 -11.5 202.1 -50.0 1.5 -16.5 33 34 35 36 37 38 39 Property-casualty insurance companies Life insurance companies 4.2 160.4 35.4 102.5 0.3 60.6 28.6 55.1 13.8 70.2 -15.9 97.3 12.6 113.1 39.7 56.9 18.8 13.3 -17.0 115.2 14.0 65.5 38 39 40 41 42 Private pension funds Federal government retirement funds State and local govt. retirement funds 117.8 76.6 26.4 78.4 96.3 6.5 145.3 55.8 -0.8 89.6 107.9 87.3 22.6 85.9 44.9 29.1 85.0 39.5 29.7 68.5 39.5 36.5 103.4 71.8 -4.8 86.7 29.0 56.5 -304.3 -120.6 7.4 -460.0 30.2 40 41 42 43 44 45 46 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -396.6 354.4 5.2 29.7 -9.8 340.5 -1.7 46.1 -82.7 629.8 11.3 52.3 30.8 324.5 13.6 12.2 -120.8 467.4 -3.8 51.0 -254.9 322.3 1.0 43.8 -302.3 488.1 2.8 48.2 72.0 477.4 -10.6 24.4 1.8 581.8 -8.3 87.6 -102.4 523.6 -1.7 77.1 50.2 410.3 5.9 7.6 43 44 45 46 47 48 49 50 Government-sponsored enterprises ABS issuers Finance companies REITs -72.7 -109.8 -19.8 45.4 -38.5 -14.2 0.9 108.5 -136.7 -5.8 -6.3 119.0 -94.5 0.8 -10.8 -95.8 -19.0 -2.4 6.0 11.2 -19.3 2.5 15.6 -29.4 -36.0 -3.2 2.5 41.4 -12.5 1.4 -10.1 -17.7 -8.0 -10.1 16.0 50.4 -25.9 34.8 8.5 -15.8 -68.0 8.9 14.2 -81.4 47 48 49 50 51 52 53 Brokers and dealers Holding companies Funding corporations 44.9 17.9 40.7 -1.3 -0.9 -62.3 103.9 -66.8 -40.2 -186.3 59.0 -8.0 -89.2 -0.2 -1.9 -82.5 -14.7 140.2 -34.3 27.6 26.6 -111.3 37.4 -63.2 -128.7 -51.0 -111.2 41.9 -22.0 43.4 -52.3 1.7 91.4 51 52 53 639.4 203.6 495.7 547.7 534.3 437.0 439.2 568.5 692.5 168.0 1388.7 54 54 Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. 53 Z.1, September 18, 2015 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 2 Total net issues, all types Commercial paper Q2 2015 Q3 Q4 Q1 Q2 -80.4 -88.3 -16.9 -0.8 -21.2 69.8 108.3 -125.8 -137.3 26.8 95.7 1 -79.9 -88.2 -16.8 -0.8 -21.2 69.8 108.3 -125.8 -137.3 26.8 95.7 2 3 Nonfinancial corporate business 24.5 33.4 14.0 14.2 37.9 75.0 57.8 22.2 -3.2 -40.6 -50.0 3 4 5 6 Foreign issues in U.S. Nonfinancial Financial -2.7 -3.8 1.1 -53.5 -0.5 -53.0 27.9 10.3 17.6 34.0 11.2 22.8 -22.6 -6.5 -16.1 63.8 28.1 35.7 33.9 -1.3 35.2 -205.9 -17.8 -188.1 17.7 -35.1 52.8 188.8 85.8 103.0 -24.3 5.5 -29.9 4 5 6 -101.7 -19.7 -40.3 1.7 0.0 3.9 -47.4 -68.1 7.7 -24.1 10.0 0.0 11.1 -72.7 -58.7 -33.1 -9.0 8.2 0.0 6.2 -30.9 -48.9 -27.8 -7.1 -10.3 0.0 -19.9 16.2 -36.6 -5.2 -15.1 -1.1 0.0 -19.6 4.3 -69.0 -5.2 -17.8 -7.0 0.0 -27.5 -11.5 16.6 -9.6 14.2 -0.5 0.0 6.5 5.9 57.9 -5.0 -5.7 12.6 0.0 -37.7 93.8 -151.8 -0.9 -51.1 -9.3 0.0 -19.7 -70.9 -121.4 -21.9 -1.2 -1.6 0.0 -28.0 -68.8 170.0 4.3 42.1 45.4 0.0 -54.8 133.0 7 8 9 10 11 12 13 -0.5 -0.1 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 -0.5 0.0 -0.1 0.0 -0.1 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 7 8 9 10 11 12 13 14 15 16 17 Domestic financial sectors U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. -80.4 -88.3 -16.9 -0.8 -21.2 69.8 108.3 -125.8 -137.3 26.8 95.7 17 18 19 Net purchases, by sector Household sector Nonfinancial corporate business -1.5 12.0 -1.8 -0.1 -0.6 -8.4 -3.8 -21.3 -0.1 -6.6 3.5 -8.4 0.9 -21.5 -0.6 2.7 -4.2 0.9 1.4 0.1 1.7 11.7 18 19 20 State and local governments 13.4 -12.2 -6.6 -8.5 -7.4 -5.3 -4.2 -11.9 -8.2 -5.3 -9.7 20 21 22 23 24 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 24 25 26 Property-casualty insurance companies Life insurance companies -1.9 -8.9 0.9 -11.2 -1.4 13.9 0.7 3.2 -0.1 -4.6 -3.4 -1.4 2.8 -10.1 1.3 -11.0 -1.2 4.1 -0.1 16.7 -0.4 -4.7 25 26 27 28 Private pension funds State and local govt. retirement funds -2.0 4.1 2.5 1.8 -4.9 -3.7 5.9 3.0 1.0 4.9 3.7 6.2 1.9 2.7 -2.0 7.5 0.5 3.3 7.0 16.4 3.2 10.8 27 28 29 30 Money market mutual funds Mutual funds -116.3 -13.9 -40.0 -26.3 -13.3 27.6 11.2 27.7 -18.5 15.3 -8.4 -53.4 4.6 47.5 -34.5 13.4 -35.7 54.0 6.5 -92.6 27.0 -24.7 29 30 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 0.2 -5.3 50.5 -3.4 5.9 -5.0 -3.1 -12.2 -4.0 1.0 -1.3 -16.8 1.5 -7.8 -6.6 1.3 22.8 91.8 3.6 -7.8 45.8 1.2 -46.1 -58.7 -0.1 -0.1 -105.3 -1.4 3.4 29.5 -0.1 -8.2 112.3 31 32 33 34 Rest of the world -10.7 0.7 -0.1 -1.7 7.6 20.7 42.1 12.9 -45.2 45.3 -23.1 34 (1) Excludes banks’ holdings of own acceptances. Flows 2010 54 Z.1, September 18, 2015 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 Flows 2 3 4 5 6 7 8 9 10 11 12 Total liabilities Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities Total assets Q2 2015 Q3 Q4 Q1 Q2 1645.3 1137.6 1181.0 857.7 736.0 786.7 481.9 839.4 836.1 -155.3 347.9 1 1590.0 -19.0 1610.6 -1.7 1083.4 -249.5 1334.7 -1.8 1121.9 107.0 1016.2 -1.3 806.2 -35.9 834.3 7.9 646.7 -133.9 781.9 -1.4 715.0 238.7 476.4 0.0 404.4 -1055.3 1465.3 -5.6 745.7 92.9 652.8 0.0 721.5 188.3 533.2 0.0 146.9 79.4 67.5 0.0 879.7 -333.5 1218.4 -5.2 2 3 4 5 55.3 -3.3 -21.2 9.9 67.4 2.5 54.2 -2.7 -40.9 23.0 72.6 2.2 59.1 -2.8 10.5 10.8 41.7 -1.2 51.4 -3.3 -42.0 14.2 90.3 -7.8 89.4 -3.3 -4.1 18.6 70.2 8.0 71.6 -3.4 -43.0 15.3 79.0 23.7 77.5 -3.1 -6.8 7.6 64.6 15.1 93.7 -3.3 5.2 21.2 82.0 -11.5 114.7 -3.2 28.1 30.1 55.1 4.6 -302.2 -4.1 12.4 -238.4 -66.8 -5.3 -531.8 -4.2 -95.8 -252.2 -203.6 24.0 6 7 8 9 10 11 1645.3 1137.6 1181.0 857.7 736.0 786.7 481.9 839.4 836.1 -155.3 347.9 12 316.3 -3.3 319.6 -229.7 -2.7 -227.0 190.9 -2.8 193.6 -151.1 -3.3 -147.8 -19.8 -3.3 -16.6 -471.6 -3.4 -468.2 -83.9 -3.1 -80.7 -120.3 -3.3 -117.0 596.4 -3.2 599.6 -157.3 -4.1 -153.3 255.7 -4.2 259.9 13 14 15 5.1 1.9 -5.1 0.8 -3.5 4.0 3.3 1.5 -4.7 2.7 -8.5 0.9 -1.0 2.9 -2.3 2.3 -7.2 4.5 -25.8 3.2 29.9 4.2 16 17 13 14 15 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 State and local governments SLGS (line 8) Other Treasury securities 8.8 -21.2 30.1 -34.4 -40.9 6.4 49.1 10.5 38.6 -10.7 -42.0 31.3 37.0 -4.1 41.2 9.0 -43.0 52.0 56.5 -6.8 63.2 16.5 5.2 11.3 66.1 28.1 38.0 72.0 12.4 59.6 -68.8 -95.8 27.1 18 19 20 21 22 23 Monetary authority Treasury bills Other Treasury securities 244.9 0.0 244.9 642.0 0.0 642.0 2.7 -18.4 21.1 542.6 0.0 542.6 252.6 0.0 252.6 498.9 0.0 498.9 310.2 0.0 310.2 184.4 0.0 184.4 16.9 0.0 16.9 48.4 0.0 48.4 -8.1 0.0 -8.1 21 22 23 24 25 26 27 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 93.0 3.5 0.6 5.9 -43.7 -0.5 -0.0 -2.5 69.3 16.1 -0.6 1.7 -26.1 -9.6 0.7 -0.2 203.3 -10.5 0.2 2.5 174.3 -2.9 0.6 5.2 184.4 -3.0 -1.9 3.6 226.6 -20.7 1.7 19.7 227.9 -15.5 0.3 -18.6 -4.1 -3.2 0.6 5.3 58.0 6.2 1.4 -0.2 24 25 26 27 28 29 30 Property-casualty insurance companies Treasury bills Other Treasury securities 3.2 -0.3 3.5 4.6 1.9 2.7 -6.7 -3.3 -3.4 6.4 9.4 -3.0 5.9 3.3 2.6 -5.5 -6.8 1.3 13.7 12.1 1.6 12.1 7.9 4.2 3.4 0.1 3.4 -1.8 -0.4 -1.4 -0.2 -1.5 1.3 28 29 30 31 32 33 Life insurance companies Treasury bills Other Treasury securities 23.2 -3.6 26.8 18.8 3.8 15.0 5.5 -4.5 10.0 -12.2 -2.8 -9.4 14.3 2.0 12.3 13.4 -0.3 13.7 13.8 -0.3 14.1 13.6 2.1 11.6 16.2 6.5 9.7 41.5 -1.3 42.8 -8.9 -2.3 -6.6 31 32 33 34 35 36 Private pension funds Defined benefit plans Defined contribution plans 31.2 7.4 23.9 40.7 32.9 7.7 64.4 36.0 28.4 -3.4 -2.7 -0.8 12.2 5.6 6.6 14.0 3.9 10.1 11.5 5.0 6.6 15.4 9.5 5.9 7.8 4.0 3.8 20.4 12.9 7.5 12.0 5.2 6.8 34 35 36 37 38 39 Federal government retirement funds Defined benefit plans Defined contribution plans 75.8 65.4 10.4 94.2 70.4 23.7 52.5 40.1 12.4 110.9 98.2 12.7 86.9 68.7 18.2 91.0 78.8 12.2 67.4 59.0 8.4 103.3 82.1 21.2 85.8 55.0 30.8 -304.8 -67.0 -237.8 -460.6 -208.8 -251.8 37 38 39 40 41 42 State and local govt. retirement funds Defined benefit plans Defined contribution plans 11.1 8.3 2.9 9.4 7.1 2.3 12.4 12.0 0.3 12.2 15.4 -3.2 -11.9 -11.3 -0.6 3.4 3.1 0.3 0.7 1.6 -1.0 -18.1 -16.6 -1.5 -33.7 -33.4 -0.3 -60.6 -57.5 -3.1 -11.2 -7.1 -4.1 40 41 42 43 44 45 Money market mutual funds Treasury bills Other Treasury securities -71.0 -84.0 13.0 107.9 29.1 78.8 14.5 19.1 -4.7 30.2 6.6 23.6 -75.3 -48.5 -26.8 -127.0 -89.1 -37.9 -190.5 -139.2 -51.3 58.2 79.0 -20.8 -41.9 -44.6 2.8 77.7 -77.7 155.4 21.5 101.1 -79.6 43 44 45 46 47 48 Mutual funds Treasury bills Other Treasury securities 123.9 4.2 119.7 65.9 -3.2 69.0 122.1 11.8 110.3 55.0 -9.6 64.5 -13.5 -9.4 -4.1 146.2 23.6 122.7 -248.0 -45.9 -202.1 107.9 5.3 102.6 -59.9 -20.5 -39.4 184.6 2.7 182.0 -21.5 -11.4 -10.1 46 47 48 49 50 51 52 53 54 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies 0.7 9.2 45.9 -13.8 -28.5 13.8 -0.3 11.4 17.6 -10.9 89.1 7.1 0.3 1.2 -31.2 -5.8 63.0 -30.6 0.6 -6.5 -9.9 1.0 -110.5 8.5 -0.2 13.0 5.2 -2.4 -75.9 -2.8 0.3 8.7 24.4 2.5 -91.5 -0.4 0.3 15.0 -2.8 -3.2 -63.6 20.9 -0.5 5.3 2.1 1.4 -22.8 8.7 -1.0 23.0 -3.0 -10.1 -125.6 -40.4 -0.4 12.2 30.0 34.8 25.6 -14.4 -0.0 2.2 -4.1 8.9 -28.8 -5.5 49 50 51 52 53 54 55 56 57 Rest of the world Treasury bills Other Treasury securities 740.4 -40.2 780.5 355.3 -62.6 417.9 589.7 14.0 575.8 424.9 23.3 401.6 317.4 -13.3 330.7 501.2 33.7 467.5 378.9 -139.5 518.4 244.8 -58.1 302.8 144.6 110.6 34.0 -139.2 135.8 -275.0 565.7 112.8 452.9 55 56 57 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. 55 Z.1, September 18, 2015 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 -46.2 -20.8 -22.8 239.5 150.5 -275.7 208.3 213.8 455.6 -159.2 218.2 1 0.7 -233.8 186.9 1.1 -187.2 165.3 -0.4 -154.6 132.2 -0.4 107.5 132.4 -0.1 75.3 75.3 -1.9 -355.5 81.7 0.1 156.9 51.3 -0.7 142.5 72.0 2.1 357.3 96.3 -1.0 -163.5 5.3 2.1 93.5 122.7 2 3 4 -46.2 -20.8 -22.8 239.5 150.5 -275.7 208.3 213.8 455.6 -159.2 218.2 5 6 7 Household sector Nonfinancial corporate business -10.0 1.7 40.4 -1.7 -57.8 -1.2 -53.7 -2.9 -200.1 2.4 -372.6 5.2 -189.8 7.7 -38.7 -0.8 -199.2 -2.4 -61.5 -8.6 99.4 10.0 6 7 8 9 Federal government State and local governments -47.2 24.9 -118.1 -14.0 -31.1 -13.6 0.0 -23.4 0.0 -15.7 0.0 -3.6 0.0 4.8 0.0 -44.0 0.0 -20.0 0.0 -1.2 0.0 -29.8 8 9 10 Monetary authority 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 15 16 Property-casualty insurance companies Life insurance companies 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises 23 24 ABS issuers REITs 25 26 Brokers and dealers Holding companies 27 Rest of the world 71.4 -197.9 61.8 543.9 228.1 412.3 228.4 115.5 156.3 -26.8 -3.4 10 110.1 -4.8 -7.7 40.9 106.9 4.0 -8.0 30.6 35.5 1.5 -2.2 14.9 47.7 -6.7 -0.8 2.2 43.0 -4.9 -0.1 -11.7 54.9 -11.5 -0.4 -13.1 19.6 -6.3 0.1 -8.7 89.0 -1.9 -0.0 -12.1 8.4 0.1 -0.2 -12.9 218.8 -4.7 -1.0 -14.9 121.8 15.9 1.4 -16.5 11 12 13 14 -0.4 4.0 6.9 -1.6 -8.4 -13.5 -4.9 -6.8 -4.2 -15.0 -6.2 -12.5 -5.7 -10.1 -1.9 -15.8 -3.1 -21.5 -1.9 -2.1 1.8 15.3 15 16 6.5 0.6 2.3 -9.3 0.7 -27.4 2.0 1.5 -25.2 -5.7 -1.7 2.6 -10.7 -0.5 -4.4 -13.8 -2.9 0.1 -5.7 0.7 6.9 -10.0 -0.6 -10.3 -13.5 0.6 -14.4 -6.8 0.5 -33.5 -12.9 0.4 -6.8 17 18 19 -140.2 75.5 -85.1 0.9 114.9 -18.1 -60.2 88.0 -48.3 17.7 -24.0 -22.7 23.4 102.8 7.8 -43.3 -62.8 -17.2 2.3 186.8 8.1 39.7 64.7 18.9 94.7 222.7 21.4 -134.0 7.7 -12.3 32.7 -31.2 -27.4 20 21 22 -96.0 38.2 -3.3 104.7 -0.0 109.5 -0.2 -95.6 0.0 7.8 0.0 -35.4 0.0 44.1 0.0 -21.4 0.0 44.0 0.0 -38.9 0.0 -79.7 23 24 38.9 -3.2 -2.1 12.0 21.9 -24.3 -55.4 13.5 7.7 0.0 -3.3 -7.4 3.4 1.2 -30.0 3.0 60.8 3.2 9.5 12.2 4.9 -5.5 25 26 -66.6 -41.6 -73.6 -83.7 -5.2 -142.0 -79.4 70.3 130.4 -59.8 127.9 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.106, line 44. Flows 2010 56 Z.1, September 18, 2015 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 99.7 -52.8 -4.9 -43.2 -18.8 -49.1 -15.5 -58.4 47.6 157.3 52.4 1 2 3 4 State and local governments Short-term (1) Long-term 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 -49.9 -6.2 -43.7 1.1 7.3 -6.2 -51.2 -23.4 -27.8 43.9 -4.4 48.3 126.5 0.6 125.9 29.1 12.6 16.5 2 3 4 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) -2.2 33.2 -7.8 8.5 -14.5 15.2 -13.1 9.3 -4.8 -0.1 -1.0 1.7 -2.3 -14.3 -9.8 2.6 -6.0 9.7 -0.4 31.2 -13.3 36.6 5 6 99.7 -52.8 -4.9 -43.2 -18.8 -49.1 -15.5 -58.4 47.6 157.3 52.4 7 43.6 -3.2 0.5 -65.8 -1.6 0.3 -144.7 0.6 0.2 -55.8 -1.1 0.2 -67.2 -8.6 0.3 -57.7 -14.3 0.1 -56.7 -8.5 0.3 -121.8 -11.5 0.3 -32.5 0.0 0.5 19.0 7.3 0.4 -17.1 -0.1 0.5 8 9 10 7 Net change in liabilities 2011 Net change in assets 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 State and local governments 12 13 14 15 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 16 17 18 1.4 0.2 0.4 0.1 0.4 0.7 1.0 -0.5 0.3 0.8 -0.0 11 30.3 0.0 -0.9 0.0 42.6 0.0 0.9 3.2 67.8 0.0 -0.8 1.0 53.8 0.0 0.9 0.3 32.7 0.0 -0.9 -0.8 36.6 0.0 -0.6 -0.1 19.0 0.0 -2.8 1.6 32.5 0.0 -0.3 0.2 42.5 0.0 0.3 -4.8 67.4 0.0 0.2 0.7 46.0 0.0 -1.0 1.3 12 13 14 15 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds -21.0 39.2 0.8 -17.4 9.4 -0.6 -2.9 9.7 0.2 -1.7 10.1 1.3 -4.7 6.2 1.1 -10.4 5.1 -0.2 -9.2 9.6 -0.0 2.2 6.8 1.4 -1.6 3.3 3.1 -5.7 1.3 -6.0 5.5 3.5 5.8 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -53.4 46.7 0.4 1.7 -29.4 15.7 0.9 1.0 -20.6 86.2 3.5 3.6 -28.3 -13.5 -1.6 -0.8 -26.7 43.8 0.5 3.2 -23.3 17.3 3.6 1.5 -29.1 48.7 2.5 3.1 -10.2 51.1 -6.4 3.3 -44.0 57.9 2.2 4.8 -9.6 64.8 -0.6 5.6 -29.8 34.7 -2.2 2.2 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers -4.2 4.6 -3.9 -9.1 -4.1 -4.3 -3.5 -8.0 -2.6 0.2 -3.0 -7.1 -2.1 5.3 -3.0 -8.0 -2.4 10.6 -3.6 7.1 -3.2 -6.7 23 24 25 Rest of the world 13.1 0.6 -0.6 4.3 4.3 2.8 1.8 5.3 7.4 8.3 12.9 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101). 57 Z.1, September 18, 2015 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 Net issues 2 Nonfinancial corporate business 3 Domestic financial sectors 4 5 6 7 8 9 10 11 12 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world (2) Net purchases (3) Q2 2015 Q3 Q4 Q1 Q2 -239.3 106.0 229.0 365.3 461.2 322.1 652.1 534.4 336.0 618.2 644.0 1 179.6 161.6 323.0 279.3 265.1 286.7 234.5 200.4 338.8 448.6 621.5 2 -546.3 -237.4 -225.2 -82.9 64.6 7.7 111.9 53.3 85.5 84.0 -68.5 3 -49.2 -373.6 -111.7 1.0 2.4 -150.1 -39.4 7.6 -82.3 -136.0 -81.3 26.7 -74.9 -226.4 4.4 173.6 -12.0 -57.2 19.4 53.2 -27.2 -152.1 -10.2 115.5 -10.1 -92.3 38.2 55.1 -11.9 4.5 2.9 38.2 1.0 11.0 46.7 4.0 -57.5 56.8 55.2 13.3 -0.3 -58.6 -110.9 -2.9 4 5 6 7 36.9 -46.5 -3.2 -37.9 -91.6 71.6 -1.7 14.1 35.3 22.2 6.7 11.4 11.5 27.6 22.2 41.3 48.1 -7.6 -37.4 87.3 71.1 42.1 -14.2 -8.4 -0.1 -10.9 33.8 -65.9 -17.5 99.5 113.5 70.5 -79.9 8 9 10 127.4 181.7 131.2 168.9 131.4 27.7 305.8 280.8 -88.4 85.6 91.1 11 -239.3 106.0 229.0 365.3 461.2 322.1 652.1 534.4 336.0 618.2 644.0 12 -423.8 0.3 8.2 54.7 -0.1 -2.2 -206.0 -0.2 4.5 -350.1 -0.1 1.4 -177.2 -0.0 4.6 -129.1 -0.0 8.7 3.6 -0.1 12.2 -63.6 0.0 -5.8 -519.7 0.0 3.2 -95.1 0.0 10.4 -488.6 -0.1 -0.5 13 14 15 -98.2 -88.1 -10.2 2.5 -24.8 27.3 -9.0 -1.0 -8.0 15.2 -1.3 16.5 -37.4 -8.6 -28.8 -75.8 -23.3 -52.4 2.1 4.9 -2.8 -82.4 -16.2 -66.2 6.4 0.1 6.3 2.8 -5.4 8.2 -23.8 -11.2 -12.6 16 17 18 -9.4 -1.4 -1.4 3.6 -6.2 1.0 -34.1 0.6 0.9 -0.4 16.6 2.5 1.2 -0.6 -7.7 -2.3 -6.4 -1.4 -25.9 0.1 -72.0 -0.3 19 20 -15.7 -0.7 -15.0 -0.3 -0.3 -0.1 0.3 0.7 -0.4 2.2 2.1 0.1 1.0 1.0 -0.0 2.6 2.6 0.1 0.2 0.3 -0.1 -3.0 -2.6 -0.4 4.3 3.9 0.4 5.1 5.0 0.0 -1.2 -1.4 0.2 21 22 23 24.3 0.0 24.3 40.4 -0.6 41.1 19.6 3.2 16.4 28.1 8.3 19.8 17.0 9.3 7.7 9.5 8.9 0.6 11.0 9.2 1.8 26.0 9.4 16.6 21.3 9.7 11.6 -7.6 -2.4 -5.1 7.3 1.8 5.6 24 25 26 102.9 0.0 102.9 87.1 0.0 87.1 45.0 -24.3 69.3 60.8 9.1 51.8 69.3 15.8 53.5 92.7 15.1 77.6 109.9 15.9 94.0 63.2 16.1 47.2 11.3 16.2 -4.9 57.8 6.0 51.8 60.3 4.0 56.3 27 28 29 82.1 0.2 8.1 44.6 1.4 23.2 83.8 1.7 15.5 92.8 -1.3 68.2 20.2 -0.4 55.3 25.1 -3.1 30.1 22.0 0.4 29.2 33.2 0.6 91.4 0.4 0.3 70.7 35.8 0.0 -36.8 5.1 0.2 31.5 30 31 32 13 14 15 Household sector Federal government State and local governments 16 17 18 U.S.-chartered depository institutions MBS and other ABS Other 19 20 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 21 22 23 Credit unions MBS and other ABS Other 24 25 26 Property-casualty insurance companies MBS and other ABS Other 27 28 29 Life insurance companies MBS and other ABS Other 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds -15.7 122.3 4.1 18.7 -49.1 170.3 -2.3 33.6 -3.0 306.0 7.5 47.6 -0.0 279.3 14.6 19.5 -23.8 318.9 -4.0 34.8 -52.8 274.9 -2.8 33.6 -89.5 453.3 -0.1 30.2 18.7 240.3 -3.8 15.8 28.6 307.1 -9.5 59.7 -43.0 359.0 -0.7 59.4 -1.1 453.0 8.2 3.2 33 34 35 36 37 38 39 Government-sponsored enterprises MBS and other ABS Other -29.6 -46.5 17.0 -30.8 -32.2 1.4 -50.0 -31.2 -18.8 -59.4 -58.8 -0.6 -30.8 -30.2 -0.7 -24.8 -24.3 -0.5 -42.9 -42.0 -0.8 -31.8 -31.1 -0.7 -24.0 -23.2 -0.8 -38.6 -37.8 -0.8 -33.3 -32.5 -0.8 37 38 39 40 41 Finance companies REITs -19.8 7.2 0.9 3.8 -6.3 9.5 -10.8 -0.2 6.0 3.3 15.6 6.0 2.5 -2.7 -10.1 3.7 16.0 6.4 8.5 23.0 14.2 -1.7 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 35.2 7.3 -9.8 -85.0 -20.1 -57.3 35.5 -11.9 -36.2 -11.1 37.0 8.9 -13.5 2.6 4.7 -3.3 -6.9 48.4 28.3 5.4 -19.2 -4.5 25.7 -4.5 -74.4 -13.8 -5.9 -3.7 -19.8 13.9 -13.5 12.8 -20.9 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other -36.8 -45.5 8.8 -111.5 -44.8 -66.7 -19.7 -36.1 16.4 203.9 -22.5 226.4 210.1 -7.8 217.9 54.3 -7.1 61.4 95.7 -5.6 101.4 235.2 -31.6 266.8 455.3 13.3 442.0 313.4 -6.4 319.8 705.2 16.5 688.8 45 46 47 (1) Net issuance less net acquisition of corporate bonds held as assets. (2) Net purchases of foreign issues by U.S. residents. (3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Net purchases of U.S. issues by foreign residents. Flows 2010 58 Z.1, September 18, 2015 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 2015 Q2 Q3 Q4 Q1 Q2 By instrument Flows 1 Total loans -555.7 94.4 368.8 721.7 1008.7 893.2 1080.2 1118.1 943.3 745.9 1064.0 1 2 3 Depository institution loans n.e.c. Other loans and advances -86.0 -128.1 177.6 -33.6 176.9 93.3 196.5 235.3 320.0 254.4 347.7 298.0 319.7 301.8 229.1 426.9 383.5 -8.8 437.6 -62.8 294.7 28.2 2 3 4 5 6 7 8 Mortgages Home Multifamily residential Commercial Farm -316.2 -161.8 -4.4 -158.1 8.1 -158.2 -91.9 4.1 -83.5 13.1 -70.8 -81.1 33.7 -29.5 6.1 113.9 2.3 37.6 63.5 10.5 221.2 52.2 64.6 89.3 15.1 70.6 -14.8 37.3 33.2 14.9 202.2 53.5 49.5 84.2 15.1 242.9 57.6 70.4 99.6 15.2 369.2 112.5 101.3 140.1 15.2 196.6 4.4 82.5 99.4 10.4 470.4 225.7 99.6 134.6 10.5 4 5 6 7 8 9 Consumer credit -25.3 108.6 169.4 175.9 213.1 177.0 256.6 219.3 199.5 174.4 270.7 9 By sector 10 11 Total liabilities Domestic nonfinancial sectors 12 13 14 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 Federal government State and local governments 17 Domestic financial sectors -555.7 94.4 368.8 721.7 1008.7 893.2 1080.2 1118.1 943.3 745.9 1064.0 10 -403.3 31.9 412.9 505.4 822.8 563.8 1000.6 913.7 812.9 665.2 962.0 11 -76.7 -308.0 -19.4 -63.2 91.0 3.2 275.4 11.8 125.2 253.2 129.5 122.1 418.2 186.2 217.9 237.9 253.4 72.3 698.5 65.8 235.8 429.1 288.0 196.3 307.4 137.5 367.6 240.9 197.1 226.9 561.1 66.5 334.2 12 13 14 0.0 0.9 0.0 0.9 0.0 0.4 0.0 0.5 0.0 0.4 0.0 0.2 0.0 0.5 0.0 0.3 0.0 0.4 0.0 0.4 0.0 0.1 15 16 -176.6 17.9 -80.1 175.9 154.5 274.0 18.5 234.4 91.2 36.1 59.5 17 -148.3 -0.4 -3.2 -60.5 -2.0 1.8 4.6 0.9 4.8 69.2 1.9 7.8 52.3 8.4 12.4 23.8 1.7 7.7 110.1 10.2 8.0 48.4 12.7 13.7 26.8 9.0 20.3 -34.9 -2.0 14.4 79.6 20.1 17.9 18 19 20 18 19 20 U.S.-chartered depository institutions Credit unions Life insurance companies 21 22 Government-sponsored enterprises Finance companies 0.0 -64.9 0.0 15.9 0.0 16.4 0.0 10.1 0.0 10.5 0.0 2.2 0.0 -20.5 0.0 20.0 0.0 40.3 0.0 28.5 0.0 23.7 21 22 23 24 25 26 REITs Brokers and dealers Holding companies Funding corporations -0.9 29.8 26.1 -14.8 18.1 31.9 64.0 -51.2 8.8 32.8 -120.2 -28.3 4.8 68.9 13.8 -0.7 21.8 65.4 -16.3 0.0 24.6 221.8 -7.7 0.0 -5.7 6.3 -89.9 0.0 19.2 113.4 6.9 0.0 49.1 -79.7 25.4 0.0 32.3 7.7 -9.9 0.0 36.5 -101.6 -16.6 0.0 23 24 25 26 24.3 44.6 36.0 40.5 31.4 55.5 61.1 -30.0 39.1 44.5 42.5 27 -555.7 94.4 368.8 721.7 1008.7 893.2 1080.2 1118.1 943.3 745.9 1064.0 28 147.1 127.0 153.6 176.9 172.6 349.5 120.6 210.5 9.7 126.6 2.0 29 1.6 -4.1 4.2 -5.0 1.4 -5.8 12.8 -0.4 -2.4 51.2 -2.4 1.0 54.1 0.5 1.7 224.0 5.3 0.6 -18.3 8.5 1.9 102.1 1.1 1.5 -91.4 -12.9 2.9 1.4 1.8 2.0 -118.6 20.3 2.7 30 31 32 131.4 14.0 136.5 -0.1 136.2 7.5 124.2 2.9 110.0 6.3 108.2 11.4 112.8 15.8 112.4 -6.6 106.5 4.6 107.2 14.2 97.6 -0.0 33 34 -682.5 -66.5 267.4 549.1 786.0 487.5 958.6 790.3 907.7 644.2 1052.3 35 -44.8 -252.7 -10.7 -9.8 -6.2 -67.6 77.5 59.1 -1.4 7.6 -29.9 258.5 -12.9 2.5 29.1 -0.5 170.7 45.7 -1.2 45.6 -0.1 439.2 74.7 -4.3 69.2 -0.1 472.6 67.1 -2.4 58.2 -0.1 538.1 54.7 -5.2 73.1 -0.1 319.4 40.9 -6.2 74.0 -0.1 426.8 136.0 -3.6 71.4 0.0 604.0 105.7 -16.1 71.6 0.0 505.2 75.2 -3.4 84.9 36 37 38 39 40 -0.3 -8.8 2.8 -0.3 0.8 22.9 -4.6 -0.6 0.7 13.7 1.2 -1.0 2.3 22.3 -0.7 -0.5 2.0 29.5 0.2 -0.3 1.3 24.4 -2.2 0.5 2.1 23.3 3.2 0.4 2.3 30.3 2.7 -1.8 2.4 40.2 -3.1 -0.1 1.9 31.7 -2.3 -9.5 2.0 30.1 -3.1 1.5 41 42 43 44 -0.8 -215.7 186.9 -294.4 -91.7 18.9 -124.7 165.3 -155.8 -45.3 12.2 -52.8 132.2 -132.8 -22.3 39.4 154.4 132.4 -228.8 -8.2 9.4 88.5 75.3 -65.6 6.4 60.3 -89.2 81.7 -166.7 -27.3 -14.6 123.5 51.3 -73.2 9.8 9.8 151.4 72.0 9.0 2.6 -17.6 168.3 96.3 -31.3 40.6 23.5 -79.6 5.3 20.8 3.7 -24.1 281.9 122.7 -25.1 -7.9 45 46 47 48 49 -1.3 62.5 4.3 -1.5 11.7 -32.4 4.0 -2.0 8.6 50.1 16.7 -6.5 135.0 46.3 -2.8 -2.3 32.7 38.5 -10.9 1.5 94.0 -77.1 -10.7 3.0 -6.1 219.0 -35.6 -5.1 16.6 67.7 -1.1 1.0 26.1 -55.6 3.9 7.1 -20.1 -84.8 -9.9 -1.9 4.5 34.5 -28.9 2.1 50 51 52 53 -20.2 33.9 -52.2 -4.2 50.1 56.2 1.0 117.3 25.8 -25.0 9.8 54 27 28 29 Rest of the world Total assets Domestic nonfinancial sectors 30 31 32 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 33 34 Federal government State and local governments 35 Domestic financial sectors 36 37 38 39 40 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 45 46 47 48 49 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 50 51 52 53 REITs Brokers and dealers Holding companies Funding corporations 54 Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 59 Z.1, September 18, 2015 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 2015 Q2 Q3 Q4 Q1 Q2 1 Net change in liabilities -86.0 177.6 176.9 196.5 320.0 347.7 319.7 229.1 383.5 437.6 294.7 1 2 3 4 Household sector Corporate business Noncorporate business 50.1 -87.0 -16.8 -54.9 92.1 33.5 110.8 108.0 58.1 30.0 50.1 45.9 120.2 85.9 71.1 153.3 91.7 22.2 166.7 106.9 107.6 93.0 94.5 21.7 67.9 50.3 133.0 119.3 117.7 124.7 29.9 68.3 114.8 2 3 4 5 Domestic financial sectors 6 7 8 9 10 11 12 13 14 15 -56.2 63.6 -130.4 31.4 14.2 25.5 -117.9 50.5 98.7 35.0 37.7 5 Finance companies REITs Brokers and dealers -64.9 -1.8 6.2 15.9 4.6 31.0 16.4 4.0 -9.2 10.1 -2.9 10.4 10.5 8.0 12.0 2.2 12.0 19.0 -20.5 -12.2 4.7 20.0 13.7 9.8 40.3 18.7 14.3 28.5 15.0 1.4 23.7 24.5 6.0 6 7 8 Holding companies Funding corporations 26.1 -21.9 64.0 -51.9 -120.2 -21.5 13.8 0.0 -16.3 0.0 -7.7 0.0 -89.9 0.0 6.9 0.0 25.4 0.0 -9.9 0.0 -16.6 0.0 9 10 24.0 2.1 15.6 6.3 43.2 -1.2 16.8 27.6 30.4 0.8 0.6 29.1 39.1 1.0 20.0 18.1 28.6 1.1 -0.7 28.2 54.9 -2.7 6.2 51.5 56.4 4.1 26.6 25.7 -30.6 -0.4 -37.6 7.3 33.7 3.3 2.0 28.3 41.0 4.0 6.2 30.7 44.0 -2.8 -0.4 47.2 11 12 13 14 -86.0 177.6 176.9 196.5 320.0 347.7 319.7 229.1 383.5 437.6 294.7 15 Rest of the world Foreign official institutions Foreign banks Other foreign Net change in assets 16 Monetary authority (2) -44.8 -67.6 -29.9 -0.5 -0.1 -0.1 -0.1 -0.1 -0.1 0.0 0.0 16 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -33.2 -8.2 -3.3 3.5 175.8 61.7 1.1 6.6 216.8 -11.0 1.0 0.1 144.3 46.3 1.3 5.1 249.8 67.4 -2.3 5.1 287.3 59.3 -0.6 1.7 274.3 46.9 -4.4 3.0 185.0 35.8 -2.8 11.3 252.6 127.7 -1.3 4.5 328.8 106.3 -5.7 8.3 225.7 61.0 -0.5 8.5 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on the Monetary Authority sector table (F.109). Flows 2010 60 Z.1, September 18, 2015 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 -128.1 -33.6 93.3 235.3 254.4 298.0 301.8 426.9 -8.8 -62.8 28.2 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 3.7 -1.0 -4.3 0.6 0.9 0.0 0.0 7.2 0.3 4.8 -0.5 -0.5 2.9 0.9 0.0 0.0 0.7 1.4 2.5 -0.1 5.3 0.6 0.4 0.0 0.0 -6.8 3.2 7.2 1.1 0.9 2.0 0.5 0.0 0.0 -0.7 3.4 2.6 1.2 -1.5 -1.2 0.4 0.0 0.0 0.0 3.6 7.1 -0.9 5.3 -2.1 0.2 0.0 0.0 0.0 4.6 3.7 5.1 -9.4 2.4 0.5 0.0 0.0 0.0 5.1 0.3 -1.4 -0.6 -0.2 0.3 0.0 0.0 0.0 2.2 -0.9 2.0 -1.1 -4.9 0.4 0.0 0.0 0.0 2.7 3.5 0.9 -1.4 -0.7 0.4 0.0 0.0 0.0 4.3 7.4 2.7 6.9 -3.0 0.1 0.0 0.0 0.0 0.7 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -20.2 -20.2 33.9 33.9 -52.2 -52.2 -4.2 -4.2 50.1 50.1 56.2 56.2 1.0 1.0 117.3 117.3 25.8 25.8 -25.0 -25.0 9.8 9.8 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 4.3 4.3 0.0 4.0 4.0 0.0 16.7 14.3 2.4 -2.8 -0.7 -2.0 -10.9 -10.1 -0.8 -10.7 -6.6 -4.0 -35.6 -35.3 -0.4 -1.1 0.4 -1.6 3.9 1.1 2.8 -9.9 -9.1 -0.8 -28.9 -26.7 -2.2 17 18 19 3.4 -0.0 3.4 2.4 -0.0 2.5 1.4 -0.0 1.4 0.9 -0.0 1.0 1.7 -0.0 1.7 -0.2 -0.0 -0.2 1.2 -0.0 1.3 3.1 -0.0 3.1 2.5 -0.0 2.6 1.0 -0.0 1.0 1.7 -0.0 1.7 20 21 22 -144.7 0.0 1.6 5.7 -148.3 -0.4 -3.2 -64.2 0.0 -0.9 -2.6 -60.5 -2.0 1.8 18.6 0.0 0.8 7.5 4.6 0.9 4.8 81.9 0.0 0.2 2.7 69.2 1.9 7.8 84.3 0.0 1.6 9.6 52.3 8.4 12.4 29.7 0.0 4.2 -7.6 23.8 1.7 7.7 140.4 0.0 0.7 11.4 110.1 10.2 8.0 88.4 0.0 0.1 13.4 48.4 12.7 13.7 78.7 0.0 1.2 21.4 26.8 9.0 20.3 -45.1 0.0 -0.5 -22.2 -34.9 -2.0 14.4 140.2 0.0 2.3 20.3 79.6 20.1 17.9 23 24 25 26 27 28 29 -4.9 -4.9 -3.9 -3.9 1.7 1.7 0.2 0.2 -1.9 -1.9 -0.4 -0.4 -2.6 -2.6 -4.7 -4.7 0.0 0.0 0.0 0.0 0.0 0.0 30 31 13 14 15 16 Total other loans and advances 2011 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 23 24 25 26 27 28 29 Govt.-sponsored enterprises loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business -15.2 -13.7 -1.5 3.0 2.7 0.3 11.2 10.1 1.1 14.4 12.9 1.4 10.1 9.1 1.0 -2.3 -2.1 -0.2 20.4 18.3 2.0 6.5 5.8 0.6 16.0 14.4 1.6 18.1 16.3 1.8 19.1 17.2 1.9 32 33 34 35 36 Margin accounts at brokers and dealers Liab.: Household sector 75.2 75.2 -39.3 -39.3 64.9 64.9 35.4 35.4 30.4 30.4 -74.3 -74.3 219.3 219.3 59.4 59.4 -82.9 -82.9 -60.8 -60.8 40.2 40.2 35 36 37 38 Cash accounts at brokers and dealers Asset: Household sector 23.5 23.5 0.9 0.9 42.0 42.0 58.5 58.5 53.5 53.5 202.8 202.8 1.6 1.6 103.6 103.6 -94.0 -94.0 6.3 6.3 -107.7 -107.7 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 -53.3 -0.6 -3.7 -0.8 -34.0 -12.7 -1.5 24.9 -2.8 5.4 18.9 -1.5 6.9 -2.0 -13.5 -2.5 0.4 12.2 -2.3 -14.8 -6.5 43.9 5.0 2.6 39.4 -11.7 10.9 -2.3 34.7 -1.6 6.3 9.4 11.0 8.2 1.5 90.1 3.0 8.2 60.3 18.4 -2.7 3.0 -47.5 -17.7 4.2 -14.6 -13.9 -0.3 -5.1 54.3 3.2 7.3 9.8 24.7 8.4 1.0 42.0 5.0 5.3 -17.6 14.9 27.3 7.1 49.1 3.5 2.7 23.5 45.2 -24.0 -1.9 -53.5 -3.6 -8.0 -24.1 -14.3 -5.6 2.1 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 depository institutions and finance companies which are included elsewhere. 61 Z.1, September 18, 2015 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 2015 Q2 Q3 Q4 Q1 Q2 1 Net change in mortgages -316.2 -158.2 -70.8 113.9 221.2 70.6 202.2 242.9 369.2 196.6 470.4 1 2 3 4 5 Home Multifamily residential Commercial Farm -161.8 -4.4 -158.1 8.1 -91.9 4.1 -83.5 13.1 -81.1 33.7 -29.5 6.1 2.3 37.6 63.5 10.5 52.2 64.6 89.3 15.1 -14.8 37.3 33.2 14.9 53.5 49.5 84.2 15.1 57.6 70.4 99.6 15.2 112.5 101.3 140.1 15.2 4.4 82.5 99.4 10.4 225.7 99.6 134.6 10.5 2 3 4 5 6 -316.2 -158.2 -70.8 113.9 221.2 70.6 202.2 242.9 369.2 196.6 470.4 6 Household sector -179.1 -79.5 -71.0 9.7 51.7 -16.9 49.7 55.8 118.4 6.1 216.0 7 8 9 10 Nonfinancial business Corporate Noncorporate -137.9 -130.6 -7.3 -92.2 -61.3 -30.9 -4.7 -62.7 58.0 96.4 26.3 70.1 155.7 18.3 137.4 74.9 14.8 60.0 146.0 33.7 112.4 181.7 20.9 160.7 220.3 3.8 216.5 173.2 49.9 123.3 242.5 42.3 200.2 8 9 10 11 12 Federal government REITs 0.0 0.8 0.0 13.5 0.0 4.8 0.0 7.8 0.0 13.8 0.0 12.6 0.0 6.5 0.0 5.5 0.0 30.4 0.0 17.3 0.0 11.9 11 12 13 Net change in assets -316.2 -158.2 -70.8 113.9 221.2 70.6 202.2 242.9 369.2 196.6 470.4 13 -10.9 -1.6 4.2 0.9 -0.6 -5.8 -17.9 -1.9 -2.4 -6.0 1.8 1.0 8.0 1.8 1.7 23.1 1.8 0.6 2.3 1.8 1.9 2.6 1.8 1.5 4.0 1.8 2.9 -1.7 1.8 2.0 -0.3 1.8 2.7 14 15 16 -5.4 14.0 3.3 -0.1 1.6 7.5 4.0 2.9 1.7 6.3 1.9 11.4 2.3 15.8 2.9 -6.6 -0.3 4.6 3.5 14.2 -0.5 -0.0 17 18 -149.2 -2.5 -6.5 0.9 -105.3 -2.6 -2.4 4.5 13.7 -1.9 1.5 8.3 -26.6 -0.6 -2.5 18.6 117.9 7.3 -2.1 26.9 127.0 7.8 -1.8 24.3 167.2 7.8 -0.8 26.0 60.6 5.1 -3.3 31.5 116.6 8.3 -2.3 25.5 231.4 -0.6 -10.4 25.9 190.1 14.2 -2.9 29.0 19 20 21 22 7 Net borrowing 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 Federal government State and local governments 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23 24 Property-casualty insurance companies Life insurance companies -0.3 -8.6 0.8 15.0 0.7 11.9 2.3 18.8 2.0 21.6 1.3 16.4 2.1 17.8 2.3 19.9 2.4 32.3 1.9 27.9 2.0 36.3 23 24 25 26 Private pension funds State and local govt. retirement funds 2.8 -0.3 -4.6 -0.6 1.2 -1.0 -0.7 -0.5 0.2 -0.3 -2.2 0.5 3.2 0.4 2.7 -1.8 -3.1 -0.1 -2.3 -9.5 -3.1 1.5 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools -71.0 186.9 -60.5 165.3 -71.4 132.2 72.5 132.4 4.3 75.3 -118.9 81.7 -16.8 51.3 63.1 72.0 89.7 96.3 -34.5 5.3 141.7 122.7 27 28 29 30 31 ABS issuers Finance companies REITs -213.3 -54.2 -1.3 -146.2 -30.9 11.7 -136.0 -25.7 8.6 -216.4 -21.9 135.0 -75.3 -8.7 32.7 -180.5 -17.8 94.0 -57.5 -16.5 -6.1 -17.9 -10.1 16.6 -45.2 9.7 26.1 -20.3 -18.1 -20.1 -26.4 -43.0 4.5 29 30 31 (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. Flows 2010 62 Z.1, September 18, 2015 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 1 2 3 4 Flows 5 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2015 Q3 Q4 Q1 Q2 -161.8 -91.9 -81.1 2.3 52.2 -14.8 53.5 57.6 112.5 4.4 225.7 1 -182.2 -6.8 27.1 -73.1 -3.4 -15.4 -68.7 -0.5 -11.9 4.8 0.3 -2.8 44.5 1.5 6.2 -18.3 1.7 1.8 43.7 2.0 7.7 46.9 1.5 9.2 105.5 0.8 6.2 0.2 2.0 2.3 206.1 2.0 17.6 2 3 4 -161.8 -91.9 -81.1 2.3 52.2 -14.8 53.5 57.6 112.5 4.4 225.7 5 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -8.0 -0.9 1.5 -8.0 -0.3 -2.1 -8.0 -2.0 -0.9 -8.0 3.2 0.4 -8.0 3.2 0.6 -8.0 3.2 0.2 -8.0 3.2 0.7 -8.0 3.2 0.5 -8.0 3.2 1.1 -8.0 3.2 0.8 -8.0 3.2 1.0 6 7 8 9 10 Federal government State and local governments -1.8 8.7 0.2 1.0 1.1 4.8 0.4 2.0 1.2 3.6 1.0 6.2 -0.9 8.5 1.0 -3.1 3.6 2.7 3.5 7.9 1.8 0.3 9 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -48.9 0.1 -2.5 0.9 -37.6 0.3 -2.4 4.5 0.0 0.5 2.3 8.3 -98.8 -0.4 -1.1 18.6 26.3 1.5 -1.5 26.9 82.0 1.0 -2.2 24.3 63.1 1.2 -0.3 26.0 -22.3 2.1 -2.7 31.5 -17.6 1.6 -1.0 25.5 123.3 -0.5 -3.6 25.9 64.3 0.2 -0.8 29.0 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 0.3 -0.1 -0.1 -0.1 -0.3 -0.2 2.0 -0.1 -0.4 0.5 -0.2 -0.2 2.3 0.0 -0.1 -1.9 -0.1 0.2 2.8 0.2 0.1 3.6 0.3 -0.7 4.7 -0.4 -0.0 -1.3 -0.2 -3.4 2.4 -0.7 0.5 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools -76.4 175.8 -66.5 148.0 -82.9 105.0 89.5 98.8 2.5 51.1 -110.9 62.1 -0.8 29.1 52.1 49.6 69.7 63.6 -63.1 -8.9 116.7 87.2 18 19 20 21 22 ABS issuers Finance companies REITs -160.8 -49.8 0.2 -120.9 -18.4 11.0 -106.7 -11.1 6.9 -81.8 -17.3 -3.3 -61.4 -9.8 13.9 -62.1 -19.0 9.1 -69.9 -8.4 6.8 -64.6 -13.7 28.7 -48.9 1.9 10.8 -49.2 -19.1 -2.8 -82.7 -17.9 29.1 20 21 22 186.2 154.1 142.2 92.4 52.7 14.7 13.5 12.1 12.4 17.9 11.1 23 -52.8 -31.8 0.0 -6.4 -5.4 -9.3 -53.9 -41.1 -0.0 -6.0 -2.7 -4.0 -62.7 -51.7 -0.0 -6.5 -2.0 -2.4 -55.9 -46.9 0.1 -3.7 -1.9 -3.6 -24.9 -22.9 0.1 1.7 -1.7 -2.0 -42.4 -36.0 0.0 -2.2 -1.6 -2.6 -20.9 -18.4 0.0 1.2 -1.8 -2.0 -15.0 -17.5 -0.1 6.3 -1.8 -1.9 -21.2 -19.6 0.3 1.3 -1.5 -1.6 -44.9 -38.7 -0.0 -1.7 -1.7 -2.8 -24.6 -26.3 -0.0 6.9 -1.6 -3.7 24 25 26 27 28 29 6 7 8 23 24 25 26 27 28 29 Net change in assets Q2 Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -4.4 4.1 33.7 37.6 64.6 37.3 49.5 70.4 101.3 82.5 99.6 1 -0.2 -4.6 0.0 0.4 0.2 3.8 0.0 0.1 1.7 33.1 0.0 -1.1 1.7 32.6 0.0 3.3 3.2 60.4 0.0 1.0 2.0 37.1 0.0 -1.8 2.4 45.0 0.0 2.1 3.6 67.5 0.0 -0.6 4.8 92.1 0.0 4.4 4.0 75.3 0.0 3.2 5.1 96.5 0.0 -1.9 2 3 4 5 -4.4 4.1 33.7 37.6 64.6 37.3 49.5 70.4 101.3 82.5 99.6 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 -0.0 1.5 0.0 -0.0 -2.0 0.0 -0.0 -0.8 0.0 -0.0 0.3 0.0 -0.0 0.6 0.0 -0.0 0.2 0.0 -0.0 0.6 0.0 -0.0 0.5 0.0 -0.0 1.0 0.0 -0.0 0.7 0.0 -0.0 0.9 7 8 9 10 11 Federal government State and local governments -0.3 4.4 -0.3 -0.9 -0.3 2.2 0.0 0.7 -0.6 2.3 -0.2 4.3 -0.4 6.0 -1.0 -2.9 -0.8 1.6 -0.3 5.2 -0.3 -0.2 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. -12.2 -0.5 -6.6 -0.6 10.2 -1.5 29.4 -0.4 38.0 0.2 37.7 -0.5 41.8 0.0 34.4 0.2 38.1 1.0 35.9 0.6 44.0 0.8 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -1.3 0.4 -0.1 2.1 -0.3 -0.2 1.7 -0.3 -0.3 2.5 -0.3 -0.2 2.8 -0.0 -0.1 0.7 -0.4 0.1 2.4 0.4 0.1 2.9 0.4 -0.6 5.1 -0.6 -0.0 2.9 -0.3 -2.8 5.0 -1.1 0.5 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 2.0 11.3 2.8 19.4 6.2 27.0 -21.9 33.7 -2.7 24.3 -18.5 19.7 -18.4 22.3 8.6 22.5 17.3 32.8 25.4 14.4 22.6 35.5 17 18 19 20 21 ABS issuers Finance companies REITs -8.6 -0.7 -0.3 -7.7 -1.5 -0.2 -9.6 -0.8 0.1 -5.9 -0.8 0.5 -1.9 0.1 1.8 -5.1 0.1 -0.8 -5.7 0.2 0.2 1.4 -0.3 4.3 1.8 0.3 3.6 0.3 0.0 0.5 -6.6 -3.1 1.6 19 20 21 2 3 4 5 6 7 8 9 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets 63 Z.1, September 18, 2015 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 2015 Q3 Q4 Q1 Q2 -158.1 -83.5 -29.5 63.5 89.3 33.2 84.2 99.6 140.1 99.4 134.6 1 3.0 -126.6 -34.9 0.4 -6.3 -62.6 -27.9 13.3 -2.3 -66.9 33.7 6.0 5.0 20.6 33.6 4.5 7.3 8.8 60.4 12.7 1.4 5.8 11.7 14.4 6.0 24.1 49.7 4.4 8.9 11.3 73.4 6.1 12.9 -5.9 107.0 26.1 6.0 40.5 38.8 14.1 9.9 31.8 79.2 13.8 2 3 4 5 -158.1 -83.5 -29.5 63.5 89.3 33.2 84.2 99.6 140.1 99.4 134.6 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -1.1 -0.6 1.1 -0.6 -0.2 -1.6 -0.3 0.1 -0.7 0.4 -1.3 0.3 1.4 -1.3 0.5 1.2 -1.3 0.2 1.2 -1.3 0.5 1.5 -1.3 0.4 1.7 -1.3 0.8 1.9 -1.3 0.6 2.1 -1.3 0.7 7 8 9 10 11 Federal government State and local governments -3.7 0.9 3.2 -0.2 0.8 0.4 3.9 0.1 0.2 0.5 0.8 0.9 2.7 1.2 0.9 -0.6 -3.6 0.3 -0.4 1.0 -2.7 -0.1 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas -95.1 -2.1 -4.0 -62.9 -2.3 -0.1 -8.1 -0.9 -0.8 38.8 0.2 -1.4 60.1 5.5 -0.5 38.2 7.2 0.4 60.7 5.9 -0.5 46.9 2.9 -0.6 94.5 5.7 -1.3 70.3 -0.8 -6.7 80.1 13.3 -2.1 12 13 14 15 16 Property-casualty insurance companies Life insurance companies -0.3 -6.8 0.8 12.3 0.7 9.8 2.3 15.4 2.0 14.9 1.3 12.4 2.1 12.2 2.3 13.0 2.4 22.1 1.9 26.0 2.0 28.5 15 16 17 18 Private pension funds State and local govt. retirement funds 2.5 -0.1 -4.0 -0.2 1.6 -0.3 -0.1 -0.2 0.2 -0.1 -1.7 0.2 2.6 0.1 2.0 -0.6 -2.1 -0.0 -1.7 -3.2 -1.2 0.5 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 -43.9 0.0 -17.6 0.0 -19.7 0.0 -128.7 0.0 -12.0 0.0 -113.4 0.0 18.1 0.0 45.4 0.0 1.9 0.0 28.6 0.0 62.9 19 20 21 22 Finance companies REITs -3.7 -1.2 -11.0 0.9 -13.8 1.5 -3.8 137.7 1.1 17.0 1.2 85.8 -8.2 -13.1 4.0 -16.5 7.5 11.6 1.0 -17.7 -22.0 -26.3 21 22 7 8 9 Net change in assets Q2 F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Net borrowing Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 8.1 13.1 6.1 10.5 15.1 14.9 15.1 15.2 15.2 10.4 10.5 1 3.1 5.0 4.5 8.6 3.0 3.1 3.8 6.7 4.8 10.3 5.5 9.4 5.1 9.9 4.6 10.7 4.0 11.2 3.5 6.9 3.4 7.0 2 3 8.1 13.1 6.1 10.5 15.1 14.9 15.1 15.2 15.2 10.4 10.5 4 -1.7 0.1 9.5 -0.1 -9.6 -0.0 1.6 0.0 14.6 0.0 29.9 0.0 9.1 0.0 9.1 0.0 10.4 0.1 4.3 0.0 5.6 0.1 5 6 Federal government State and local governments 0.4 0.1 0.3 -0.0 0.1 0.0 -0.3 0.0 0.9 0.0 0.3 0.1 1.0 0.1 2.1 -0.0 0.5 0.0 0.7 0.1 0.7 -0.0 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 7.0 0.0 1.7 -0.0 11.6 0.0 4.0 -0.0 -6.5 0.2 -30.9 0.0 1.6 0.7 1.6 -0.1 1.6 -0.0 1.8 0.0 1.7 -0.1 9 10 11 12 Life insurance companies State and local govt. retirement funds -0.9 0.0 0.6 0.0 -1.5 0.0 0.4 0.0 1.5 0.0 5.1 0.0 0.4 0.0 0.3 0.0 0.3 0.0 0.4 0.0 0.4 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 3.4 -0.2 3.3 -2.1 5.3 0.3 5.0 -0.2 4.4 -0.1 10.5 -0.1 2.4 -0.1 2.3 -0.1 2.6 -0.2 3.2 -0.2 2.3 -0.1 13 14 5 6 Household sector Nonfinancial noncorporate business 7 8 (1) Excludes mortgages on farm houses. Flows 2010 64 Z.1, September 18, 2015 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates Flows 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1 Net change in liabilities (Households) -25.3 108.6 169.4 175.9 213.1 177.0 256.6 219.3 199.5 174.4 270.7 1 2 Net change in assets -25.3 108.6 169.4 175.9 213.1 177.0 256.6 219.3 199.5 174.4 270.7 2 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business -10.4 -2.5 0.0 -3.9 2.0 0.0 -8.8 1.5 0.0 -6.3 -4.2 0.0 -5.7 -1.3 0.0 -4.9 3.5 0.0 -4.4 6.7 0.0 -7.3 -0.7 0.0 -6.4 -14.7 0.0 -6.7 -0.1 0.0 -7.1 18.5 0.0 3 4 5 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 133.1 -70.3 -10.7 128.5 7.1 -3.4 132.1 28.1 20.6 113.1 52.9 21.9 105.7 71.5 37.2 99.2 58.3 32.1 106.7 96.6 44.2 109.3 73.7 31.2 107.7 57.6 41.4 100.3 43.9 37.4 90.7 89.5 47.5 6 7 8 Government-sponsored enterprises ABS issuers Finance companies 0.0 -42.3 -22.2 0.0 -4.1 -17.4 0.0 3.8 -7.8 0.0 -0.8 -0.6 0.0 0.6 5.0 0.0 -4.1 -7.2 0.0 0.9 5.9 0.0 6.8 6.2 0.0 -1.0 14.9 0.0 -4.1 3.7 0.0 15.7 16.0 9 10 11 -69.9 -40.6 83.9 1.2 1.8 17.1 99.1 -9.5 4.7 60.0 107.7 -2.9 12.3 69.6 90.7 3.3 31.8 79.0 73.7 28.6 11.0 72.5 56.7 36.7 59.4 84.4 83.7 29.1 30.6 77.5 82.4 28.8 26.2 81.5 72.1 19.7 3.4 76.1 55.0 40.0 77.9 82.4 58.9 51.6 12 13 14 15 9 10 11 Memo: 12 13 14 15 Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 65 Z.1, September 18, 2015 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 Net issues Q2 -80.8 93.9 268.5 -133.4 388.5 269.0 550.0 382.3 34.3 1 -454.6 -344.9 -352.9 -387.5 -501.8 -273.1 -434.3 -341.0 -592.0 -591.0 2 191.4 164.1 168.4 162.5 219.5 37.1 298.9 177.0 365.1 299.3 158.5 3 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 11.9 -12.7 -4.8 0.5 118.0 6.4 -10.7 -11.5 -2.9 117.6 1.6 -14.5 -9.9 2.7 185.2 2.2 -7.6 -9.2 -2.6 179.0 2.7 -16.9 -14.9 -10.7 239.2 2.5 -17.9 -14.3 6.4 57.3 4.3 -9.4 -11.8 9.2 229.6 2.8 -22.2 -17.6 -10.0 192.8 1.2 -17.9 -16.0 -48.2 477.0 24.0 -19.4 -22.5 -11.6 220.5 2.2 -19.7 -3.7 -7.0 164.2 4 5 6 7 8 REITs Government-sponsored enterprises Brokers and dealers Holding companies Funding corporations (2) 28.2 38.1 -11.1 19.8 3.5 37.5 29.2 14.1 2.9 -18.4 47.6 14.5 -50.7 0.6 -8.6 46.2 2.4 -31.0 -17.1 0.0 32.7 -0.5 -11.7 -0.3 0.0 18.9 -5.9 -7.1 -2.7 0.0 46.9 0.0 -0.1 30.3 0.0 30.4 2.8 -0.5 -1.3 0.0 34.7 1.0 -39.1 -27.6 0.0 53.9 -5.0 10.4 48.9 0.0 33.1 -2.8 -10.0 2.0 0.0 9 10 11 12 13 79.2 7.0 95.8 284.3 436.5 331.3 362.7 526.3 525.9 674.9 466.8 14 19.9 -283.6 -80.8 93.9 268.5 -133.4 388.5 269.0 550.0 382.3 34.3 15 -190.3 24.1 0.2 -279.5 40.3 -3.4 -202.7 -13.2 2.4 160.8 -4.8 0.8 54.4 -1.6 2.4 -396.6 -0.6 4.6 405.1 -1.1 6.5 -204.0 -4.2 -3.1 413.0 -0.7 1.7 -13.7 -0.4 5.6 -272.7 0.6 -0.3 16 17 18 1.3 -1.8 0.1 -26.4 1.0 -0.0 0.0 -10.5 0.0 0.0 0.8 0.0 0.0 0.7 0.0 0.0 -2.5 0.0 0.0 -0.7 0.0 0.0 1.6 0.0 0.0 4.3 0.0 0.0 -1.7 0.0 0.0 2.2 0.0 19 20 21 -20.9 12.7 22.7 5.4 -72.1 2.9 33.2 -72.6 -4.2 -62.8 4.6 16.1 -19.0 -4.1 -77.2 3.7 13.7 -194.9 9.1 -168.4 2.6 28.1 -95.3 4.0 -94.8 2.4 29.7 -39.9 7.2 -186.7 -12.6 70.7 -141.7 -0.3 -172.5 3.7 2.5 -83.2 5.5 -6.3 16.8 9.4 -116.3 3.7 -13.6 -2.4 44.1 -15.9 5.7 140.4 -5.2 45.1 -39.7 -3.8 -10.2 22 23 24 25 26 44.3 -4.7 88.3 4.9 -1.2 71.6 -38.1 -8.5 132.9 162.5 -16.1 166.8 76.3 -6.9 188.2 146.7 5.3 13.5 75.0 6.4 181.4 114.6 0.6 168.4 -31.1 -39.9 389.4 86.2 -9.9 143.4 149.8 -12.9 156.6 27 28 29 Domestic financial sectors 15 Q1 -283.6 3 14 Q4 19.9 Nonfinancial corporate business 9 10 11 12 13 2015 Q3 -250.7 2 4 5 6 7 8 Q2 Rest of the world (3) Net purchases 16 17 18 Household sector Federal government State and local governments 19 20 21 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 22 23 24 25 26 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 27 28 29 Mutual funds Closed-end funds Exchange-traded funds 30 31 Brokers and dealers Funding corporations -18.5 1.3 -5.0 -26.4 9.7 0.0 18.6 0.0 8.7 0.0 -85.5 0.0 32.0 0.0 53.8 0.0 34.6 0.0 -103.9 0.0 11.2 0.0 30 31 32 Rest of the world (4) 127.8 44.0 126.8 -58.7 101.8 368.9 -59.7 219.5 -121.4 104.9 13.6 32 (1) Excludes mutual fund shares shown on table F.224. (2) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC. (3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (4) Net purchases of U.S. issues by foreign residents. F.224 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 370.1 338.4 624.9 638.4 595.2 764.7 630.2 568.9 417.0 656.7 493.6 1 2 Net purchases 370.1 338.4 624.9 638.4 595.2 764.7 630.2 568.9 417.0 656.7 493.6 2 164.7 11.1 257.3 -12.8 471.3 -1.7 513.8 1.0 404.8 15.4 570.3 15.4 369.5 15.4 390.3 15.4 289.3 15.4 531.7 15.4 443.6 15.4 3 4 3.0 -0.2 1.2 0.4 1.3 2.4 3.3 -1.6 0.9 2.9 -0.1 5 3 4 Household sector Nonfinancial corporate business 5 State and local governments 6 7 U.S.-chartered depository institutions Credit unions -5.8 0.2 -0.8 0.3 -1.1 0.4 1.6 -0.1 -0.7 -0.1 8.5 0.1 5.1 -0.2 -12.8 -0.3 -3.6 0.1 -2.5 -0.4 3.8 0.5 6 7 8 9 Property-casualty insurance companies Life insurance companies -0.1 33.9 -0.7 5.6 1.8 0.4 1.0 1.1 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.6 1.3 2.4 1.3 2.4 1.3 8 9 100.9 4.0 66.3 -51.3 74.1 -11.3 103.8 35.9 106.0 17.7 107.3 26.9 95.1 15.8 87.7 12.1 134.0 16.1 42.9 25.1 72.4 31.5 10 11 58.2 74.7 89.7 -20.0 48.1 31.2 123.5 75.5 -38.0 38.1 -77.2 12 10 11 Private pension funds State and local govt. retirement funds 12 Rest of the world (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. Flows 2010 66 Z.1, September 18, 2015 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 154.9 128.6 134.6 195.4 178.3 110.3 240.8 169.9 192.2 150.5 171.8 1 2 Household sector -29.4 1.2 4.0 1.0 3.1 4.0 3.6 1.9 3.0 1.4 1.8 2 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 156.3 30.3 25.2 54.8 65.4 13.1 106.7 19.9 87.6 33.8 73.5 13.3 111.2 39.8 74.2 29.9 91.5 52.1 63.3 47.4 45.4 45.1 3 4 5 6 Federal government State and local governments 5.2 38.5 8.8 38.4 13.4 38.1 19.7 38.0 18.4 38.8 10.2 38.3 24.7 38.8 23.5 39.0 15.2 38.9 2.4 38.1 25.1 39.1 5 6 7 8 Brokers and dealers Rest of the world -52.0 6.0 -3.8 4.0 -0.0 0.7 0.3 9.8 3.4 -6.8 1.0 -29.9 11.9 10.7 8.4 -7.0 -7.8 -0.7 5.0 -7.2 17.7 -2.5 7 8 156.3 171.4 74.6 316.8 164.9 176.1 204.9 109.9 168.6 193.8 197.1 9 9 Net change in trade payables 2011 Net change in trade receivables 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 96.9 37.0 83.7 61.0 52.0 4.6 277.2 17.3 108.8 30.0 88.7 10.1 123.8 32.9 111.5 26.0 111.4 51.1 122.7 36.3 116.8 48.0 10 11 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers -0.7 13.1 0.8 -9.5 4.8 5.6 3.4 -4.2 2.6 5.3 4.8 -6.4 3.3 8.9 3.3 -5.4 2.2 8.5 5.5 -4.4 8.2 2.9 19.3 -5.7 -0.0 14.3 15.2 -1.6 -2.7 7.1 -2.0 -11.6 3.2 9.6 -10.3 1.2 0.2 4.7 21.3 -0.0 -0.6 10.2 12.9 -0.3 12 13 14 15 Rest of the world 18.6 17.1 11.6 12.3 14.3 52.6 20.4 -18.3 2.4 8.7 10.0 16 -1.4 -42.8 60.0 -121.4 13.4 -65.8 35.9 60.0 23.6 -43.3 -25.3 17 16 17 Discrepancy F.226 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Net change in liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 14.4 81.1 -11.9 30.0 56.3 41.7 52.6 56.2 74.5 87.1 50.0 1 0.9 13.6 1.3 79.9 0.3 -12.2 0.2 29.8 0.8 55.5 -0.1 41.8 0.6 52.1 1.2 55.0 1.4 73.1 -2.1 89.1 0.9 49.0 2 3 14.4 81.1 -11.9 30.0 56.3 41.7 52.6 56.2 74.5 87.1 50.0 4 6.2 4.5 3.8 73.5 5.2 2.4 -26.6 7.4 7.3 19.2 5.7 5.1 45.3 5.9 5.0 31.3 5.6 4.7 41.4 6.0 5.3 46.4 5.0 4.8 62.2 6.9 5.3 77.7 5.2 4.2 37.3 8.6 4.0 5 6 7 67 Z.1, September 18, 2015 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 651.1 539.5 581.3 529.9 532.3 507.0 521.0 532.8 568.3 478.7 515.6 1 2 3 Life insurance companies (1) Private pension funds (2) 73.4 231.6 83.6 140.8 77.8 194.4 66.4 148.6 85.6 110.0 76.0 99.9 62.7 127.4 104.5 89.8 99.2 123.0 50.4 116.9 63.0 104.9 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 102.1 244.0 113.0 202.1 102.1 207.0 107.6 207.3 112.8 223.9 103.8 227.2 100.8 230.1 119.4 219.0 127.0 219.1 103.6 207.8 103.3 244.4 4 5 651.1 539.5 581.3 529.9 532.3 507.0 521.0 532.8 568.3 478.7 515.6 6 213.4 26.6 3.0 28.0 -24.0 157.8 22.0 380.0 20.3 1.2 15.8 9.0 60.3 273.4 261.0 24.4 1.4 25.8 5.0 128.0 76.5 229.9 -0.4 -0.7 18.3 14.0 128.1 70.5 241.0 0.1 -1.6 14.4 -11.0 93.6 145.5 223.6 -27.0 -1.2 17.6 -16.0 149.4 100.8 346.2 -6.9 -1.5 1.8 -20.0 225.1 147.7 367.5 15.4 -1.5 25.2 12.0 -15.8 332.0 26.8 19.0 -2.1 12.9 -20.0 15.7 1.3 269.4 -34.4 -0.9 12.9 0.0 -189.6 481.4 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Net change in liabilities 2011 Net change in assets (Households) (4) Memo: 7 8 9 10 11 12 13 Individual Retirement Accounts (IRAs) at: (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12). F.228 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 19.4 20.1 16.8 12.2 22.2 38.8 40.3 13.0 -3.4 69.6 -18.2 1 7.2 -0.7 8.8 0.6 2.3 7.6 -9.1 3.6 0.1 6.2 -10.0 2.1 5.7 6.8 17.8 5.3 -13.2 10.5 16.8 17.5 25.1 9.9 2 3 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 U.S.-chartered depository institutions 6.6 10.6 7.0 0.1 15.2 31.1 29.0 -11.6 12.3 19.1 -27.7 4 5 6 Property-casualty insurance companies Life insurance companies 5.6 2.6 -4.4 5.2 3.8 -4.6 19.1 -2.3 1.9 -1.9 7.3 5.0 -2.8 -1.0 3.0 -3.4 0.4 -8.3 1.4 10.0 -18.9 -5.6 5 6 7 8 Finance companies Brokers and dealers 0.3 -2.1 0.5 -1.1 0.2 0.5 0.1 0.6 0.3 0.3 0.1 3.2 0.1 2.5 0.8 1.1 0.3 -5.5 1.6 3.3 1.6 -2.5 7 8 28.1 27.9 30.4 30.8 -13.8 -6.5 38.0 -38.3 -48.2 86.8 52.6 9 27.1 1.0 25.6 2.3 22.0 8.4 27.2 3.6 -19.9 6.2 0.1 -6.7 15.6 22.4 -39.2 0.8 -56.3 8.1 79.8 7.0 22.9 29.6 10 11 -8.6 -7.8 -13.6 -18.6 35.9 45.3 2.3 51.4 44.8 -17.2 -70.8 12 9 10 11 12 Net change in business taxes receivable Federal government State and local governments Discrepancy F.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 Total household investment Nonfinancial noncorporate business Brokers and dealers 167.2 171.5 140.5 76.5 39.1 82.3 21.6 37.9 14.5 -4.2 -31.0 1 166.4 0.9 174.4 -2.9 133.7 6.7 82.1 -5.6 37.1 2.0 78.6 3.8 23.2 -1.6 30.8 7.0 15.6 -1.1 -3.0 -1.1 -29.9 -1.1 2 3 Flows 2010 68 Z.1, September 18, 2015 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Flows U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Liab.: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 301.1 343.0 40.6 302.5 23.3 -42.0 1.5 43.5 419.1 401.5 89.1 312.4 22.5 17.5 42.2 24.7 339.7 322.6 37.2 285.3 21.5 17.1 18.1 1.0 328.6 336.9 17.2 319.7 20.7 -8.3 9.6 17.9 336.9 355.6 8.0 347.6 20.4 -18.7 -2.1 16.6 231.2 224.5 -100.9 325.4 20.5 6.6 15.5 8.8 303.5 342.3 -15.1 357.4 20.4 -38.8 -1.2 37.7 363.4 386.1 35.8 350.3 20.4 -22.7 20.1 42.8 449.7 469.6 112.1 357.5 20.3 -19.9 -42.8 -22.9 302.1 310.7 -1.1 311.7 20.1 -8.5 -34.1 -25.5 347.9 348.0 38.4 309.6 20.1 -0.1 20.3 20.4 1 2 3 4 5 6 7 8 Asset: Nonfinancial corporate business Of which: Current-cost adjustment U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 303.3 23.3 2.7 -22.2 1.9 6.8 8.7 403.9 22.5 -6.2 1.1 3.3 12.0 4.9 319.2 21.5 -1.6 0.4 5.9 8.5 7.3 305.0 20.7 0.3 10.2 2.9 -1.4 11.7 311.0 20.4 4.7 4.0 2.2 7.9 7.2 190.9 20.5 -3.1 5.7 2.9 26.3 8.5 290.7 20.4 0.7 4.1 -1.4 7.4 2.0 321.1 20.4 14.2 8.6 4.0 5.9 9.7 441.1 20.3 7.0 -2.3 3.3 -8.1 8.6 294.1 20.1 -7.1 2.1 7.5 0.0 5.5 282.4 20.1 1.9 10.7 6.9 25.9 20.2 9 10 11 12 13 14 15 Foreign direct investment in U.S.: 16 17 18 19 20 21 22 23 24 Liab.: Nonfinancial corporate business Of which: Current-cost adjustment Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 157.0 7.8 0.3 12.4 2.8 6.3 13.2 13.2 0.6 192.7 6.2 0.0 26.0 -2.2 -5.4 6.1 18.2 0.6 188.3 5.4 0.4 -1.9 -8.2 2.4 -3.3 15.4 0.6 184.9 5.1 0.6 9.5 11.5 0.9 2.3 6.2 0.6 97.1 5.0 0.8 0.7 -0.5 5.8 3.3 3.7 0.6 -425.2 5.0 0.8 -0.1 -4.2 -2.2 14.3 5.2 0.6 242.8 5.0 0.9 1.6 -4.0 9.6 2.4 2.2 0.6 370.2 4.9 0.9 -7.1 10.0 15.8 1.5 0.2 0.6 200.8 4.9 0.8 8.2 -3.8 -0.1 -4.7 7.3 0.6 762.4 4.9 3.6 -6.2 -2.5 28.4 0.0 7.1 0.6 245.0 4.9 1.4 0.6 -0.7 1.3 2.3 5.9 0.6 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Asset: Rest of the world (1) Equity Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 205.9 203.1 140.5 62.7 7.8 2.7 12.7 10.0 236.1 185.1 106.5 78.6 6.2 51.0 47.7 -3.4 193.8 193.8 106.3 87.5 5.4 -0.0 37.2 37.2 216.6 211.8 127.1 84.7 5.1 4.8 57.5 52.7 111.6 68.9 -30.1 99.0 5.0 42.7 46.4 3.7 -410.7 -391.0 -464.9 73.9 5.0 -19.8 -39.6 -19.8 255.9 235.0 124.0 111.1 5.0 20.9 40.9 20.0 392.1 237.7 133.8 104.0 4.9 154.3 145.4 -9.0 209.1 193.6 86.6 107.0 4.9 15.4 38.8 23.4 793.3 634.6 567.3 67.3 4.9 158.6 151.8 -6.8 256.3 200.5 111.3 89.3 4.9 55.8 91.7 35.9 25 26 27 28 29 30 31 32 Memo: Direct investment, asset/liability presentation: 33 34 35 36 37 Net U.S. acquisition of direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 7) U.S. affiliates’ claims (line 32) 354.6 343.0 11.5 1.5 10.0 440.4 401.5 38.9 42.2 -3.4 377.9 322.6 55.3 18.1 37.2 399.2 336.9 62.3 9.6 52.7 357.2 355.6 1.6 -2.1 3.7 220.2 224.5 -4.3 15.5 -19.8 361.2 342.3 18.9 -1.2 20.0 397.2 386.1 11.1 20.1 -9.0 450.2 469.6 -19.4 -42.8 23.4 269.8 310.7 -40.9 -34.1 -6.8 404.2 348.0 56.2 20.3 35.9 33 34 35 36 37 38 39 40 41 42 Net U.S. incurrence of direct investment liabilities Equity (line 26) Intercompany debt U.S. parents’ liabilities (line 8) U.S. affiliates’ liabilities (line 31) 259.3 203.1 56.2 43.5 12.7 257.4 185.1 72.4 24.7 47.7 232.0 193.8 38.2 1.0 37.2 287.2 211.8 75.4 17.9 57.5 131.8 68.9 63.0 16.6 46.4 -421.7 -391.0 -30.7 8.8 -39.6 313.6 235.0 78.6 37.7 40.9 425.9 237.7 188.1 42.8 145.4 209.5 193.6 15.9 -22.9 38.8 760.9 634.6 126.2 -25.5 151.8 312.7 200.5 112.1 20.4 91.7 38 39 40 41 42 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 69 Z.1, September 18, 2015 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 500.7 1076.3 953.5 985.3 1191.9 1934.0 1461.3 490.7 881.5 1117.2 1365.4 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2.7 488.5 -54.3 -0.4 827.6 -21.0 0.6 710.2 51.8 3.0 642.7 -85.3 1.2 632.6 5.6 4.1 857.8 -11.4 5.3 719.6 8.0 -2.6 481.8 2.1 -2.0 471.1 23.5 4.6 223.4 54.9 3.2 647.4 10.9 2 3 4 5 6 Federal government State and local governments 45.0 249.1 53.0 316.3 55.4 312.2 4.1 244.4 36.2 237.1 15.7 325.8 66.3 309.7 11.0 141.2 51.7 171.7 387.2 124.2 576.0 154.0 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 28.7 -8.9 -30.5 -5.9 -8.3 -27.2 -94.9 10.1 -3.9 1.3 4.0 147.1 -35.7 -2.0 0.3 9.8 120.1 -33.2 -3.0 1.5 3.5 318.5 -11.7 -1.6 1.2 76.1 259.5 5.7 2.1 3.3 -33.9 248.7 -13.6 1.7 5.1 -62.7 314.6 63.2 -10.5 -3.2 34.3 451.1 -102.2 0.2 -0.4 75.5 3.4 11.3 -3.4 7.2 -47.4 166.2 -45.8 3.2 -19.2 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 6.3 59.4 35.2 48.3 -1.0 29.9 -0.3 -12.9 14.8 30.9 3.8 68.7 34.3 86.1 26.8 -46.3 -5.8 15.1 -11.2 62.0 33.5 -80.0 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs -42.2 -71.7 4.1 -49.2 -19.1 7.1 -6.1 -22.3 25.4 -9.4 -28.2 -21.7 -3.6 -18.5 11.8 -13.8 -34.9 26.1 -0.7 -11.2 17.7 6.8 -67.0 1.9 -6.9 39.2 1.5 -4.2 -14.8 -5.3 -20.3 -3.6 -23.3 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 9.0 -68.5 -104.6 -19.4 -36.2 -84.3 -7.7 -98.6 -70.0 41.3 222.0 -86.5 -19.9 -31.1 -3.9 195.7 60.9 120.8 24.1 99.1 -140.3 -73.5 -201.3 -78.2 -225.8 -83.2 82.1 195.8 -251.2 218.5 68.6 -17.8 3.9 17 18 19 20 Rest of the world 2.7 132.9 -140.0 -23.3 -11.0 -32.1 35.5 -13.6 -33.7 39.4 -44.0 20 232.7 687.1 566.5 1320.1 937.8 1922.2 1208.2 146.8 473.8 1469.4 808.3 21 21 Net change in liabilities 2011 Net change in assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 8.3 214.8 105.0 61.6 25.8 109.1 -6.1 107.1 222.4 49.3 302.2 43.6 8.5 168.9 131.4 22.0 348.4 51.4 30.6 363.4 142.9 12.6 100.3 115.4 -31.2 -136.4 216.0 41.0 272.4 125.9 38.9 -5.6 172.7 22 23 24 25 26 State and local governments Federal government -22.0 -3.6 -1.1 2.0 7.2 -1.0 5.4 5.9 7.6 12.5 10.1 11.0 12.6 19.9 0.9 11.0 6.9 8.2 11.7 18.2 4.4 21.1 25 26 27 28 29 30 31 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 7.3 -99.7 -15.3 4.5 41.1 142.4 -68.5 15.0 0.8 -12.1 -25.6 -10.7 -0.3 0.2 0.8 32.3 -4.6 13.1 8.6 -1.6 -0.5 -8.1 14.4 12.8 5.3 8.2 98.8 56.3 -12.5 -2.7 3.3 54.5 3.7 20.3 7.3 -8.8 -104.9 8.8 -4.8 -5.8 -4.8 -80.6 -11.3 48.4 22.4 -32.4 133.4 17.8 -8.2 -13.6 -14.8 90.7 -23.7 22.4 14.8 27 28 29 30 31 32 33 34 35 Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds -7.6 -3.6 20.2 278.1 56.4 49.6 20.8 307.2 26.8 15.8 50.4 304.2 28.0 133.3 -9.3 246.7 71.9 85.4 22.8 244.5 44.7 22.9 11.5 339.5 43.1 140.9 32.6 334.1 26.7 54.5 10.5 132.0 173.2 123.3 36.6 172.4 73.4 31.2 402.2 145.8 -98.0 73.3 567.1 167.9 32 33 34 35 36 37 Money market mutual funds Mutual funds -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -34.5 130.7 -113.1 -86.9 17.6 82.2 72.8 -143.0 -58.5 27.4 -22.1 0.0 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 29.3 -101.2 1.3 -0.1 -5.9 8.5 4.1 -34.2 25.8 13.1 -16.9 12.2 -11.0 9.3 16.9 -54.1 -35.5 39.3 -2.7 4.6 44.8 -8.6 7.6 14.9 21.5 60.4 -31.6 40.2 6.3 23.8 6.2 -108.0 -0.2 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations -112.9 -37.7 -58.4 -106.6 60.6 19.6 -68.7 -31.8 7.2 145.2 278.8 13.0 49.3 111.2 3.0 682.3 173.4 11.0 -200.1 299.2 53.1 -173.5 -179.0 37.2 -111.7 151.4 -89.3 270.7 -134.5 75.5 -253.2 155.4 -1.2 41 42 43 268.1 389.1 387.0 -334.8 254.1 11.8 253.1 343.9 407.7 -352.2 557.2 44 44 Discrepancy Flows 2010 70 Z.1, September 18, 2015 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 2.3 2.3 2.6 2.6 2.4 2.4 2.2 2.2 2.3 2.3 0.0 0.0 6.8 6.8 1.9 1.9 0.7 0.7 7.3 7.3 3.8 3.8 1 2 0.9 0.9 0.4 0.4 0.5 0.5 0.1 0.1 1.1 1.1 2.2 2.2 0.4 0.4 0.1 0.1 1.5 1.5 1.0 1.0 1.2 1.2 3 4 -2.7 0.1 0.4 0.0 -3.0 -0.2 -0.0 -5.9 -0.0 0.3 0.0 -6.1 0.7 -0.8 -1.8 0.0 0.1 0.0 -2.2 0.1 0.1 0.5 0.0 0.6 0.0 -0.6 -0.6 1.0 1.2 0.1 0.8 0.0 -0.6 0.6 0.4 -4.7 0.6 1.1 0.0 -6.7 0.1 0.2 6.1 -0.2 0.3 0.0 4.5 0.9 0.6 1.4 -0.0 0.7 0.0 -0.4 0.7 0.4 2.0 0.1 0.9 0.0 0.2 0.7 0.2 -4.3 0.3 0.4 0.0 -6.1 0.3 0.8 4.2 -0.1 0.5 0.0 1.8 0.8 1.3 5 6 7 8 9 10 11 33.4 0.0 22.2 -39.5 -24.3 10.6 2.4 76.1 0.0 9.3 -20.3 -13.0 30.6 82.7 101.2 -6.8 10.3 -3.5 52.3 -51.5 101.9 59.2 -6.0 3.4 -15.8 57.1 -16.9 81.0 195.9 0.1 0.8 -13.1 4.8 -14.6 173.9 179.2 -2.2 0.9 -45.9 99.9 -32.6 199.3 200.8 1.9 2.3 -3.0 56.3 29.9 288.2 108.0 -0.2 -0.3 -4.0 -163.8 -16.0 -76.4 295.8 0.9 0.2 0.5 26.8 -39.6 284.5 -81.7 -5.5 1.1 -4.5 -67.3 34.9 -123.0 117.0 2.8 0.2 -9.5 215.7 -47.1 279.0 12 13 14 15 16 17 18 26.7 26.7 8.4 8.4 2.6 2.6 14.7 14.7 14.1 14.1 66.9 66.9 -4.8 -4.8 -6.5 -6.5 0.7 0.7 -7.3 -7.3 -15.3 -15.3 19 20 -31.5 -26.9 -58.4 -33.7 53.4 19.6 -11.8 19.0 7.2 -2.5 15.5 13.0 -20.3 23.3 3.0 1.5 9.6 11.0 -12.2 65.3 53.1 28.1 9.1 37.2 -98.5 9.2 -89.3 -27.9 103.4 75.5 51.6 -52.7 -1.2 21 22 23 7.9 4.0 4.0 1.4 0.7 0.7 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24 25 26 Flows Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: 5 6 7 8 9 10 11 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) Holding company net transactions with subsidiaries: 12 13 14 15 16 17 18 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world Asset: Holding companies NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 23 Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Funding corporations Equity investment under Public-Private Inv. Program: 24 25 26 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). 71 Z.1, September 18, 2015 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) -10.2 0.0 -10.2 99.7 0.0 99.7 -90.9 0.0 -90.9 -8.6 -0.0 -8.6 1.3 0.0 1.3 0.5 0.0 0.5 -1.1 0.0 -1.1 0.5 0.0 0.5 5.2 0.0 5.2 -2.9 0.0 -2.9 -0.7 0.0 -0.7 1 2 3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 5 -1.5 -1.5 -1.8 -1.8 1.2 1.2 -3.2 -3.2 -1.5 -1.5 -0.5 -0.5 -5.6 -5.6 1.1 1.1 -1.0 -1.0 4.4 4.4 -3.7 -3.7 6 7 2.7 2.7 -0.4 -0.4 0.6 0.6 3.0 3.0 1.2 1.2 4.1 4.1 5.3 5.3 -2.6 -2.6 -2.0 -2.0 4.6 4.6 3.2 3.2 8 9 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 17.1 17.0 0.4 -0.4 14.8 15.6 -1.8 0.9 -1.8 -2.4 0.4 0.3 0.4 0.2 0.2 -0.0 5.8 5.5 0.2 0.1 15.0 14.5 -0.6 1.1 12.7 12.3 2.0 -1.6 1.7 -3.3 0.9 4.1 -6.2 -1.7 -1.3 -3.2 13.9 7.8 -0.8 6.9 2.2 3.5 1.4 -2.7 10 11 12 13 14 Asset: Household sector 17.1 14.8 -1.8 0.4 5.8 15.0 12.7 1.7 -6.2 13.9 2.2 14 6.3 35.2 5.8 5.7 14.7 6.0 32.4 27.1 -6.6 -5.6 30.7 15 -35.2 11.7 29.9 27.6 12.3 -4.7 -17.7 8.0 15.4 36.8 -5.8 -25.3 -7.7 10.0 12.4 -10.0 6.2 9.8 0.1 17.4 14.9 -2.1 15.0 14.2 -18.7 1.4 10.7 23.9 -8.9 -20.6 41.1 5.7 -16.1 16 17 18 12.6 -1.0 13.6 12.0 22.7 -10.7 0.8 5.6 -4.8 -11.4 -3.3 -8.1 8.3 3.1 5.3 4.1 -0.5 4.5 27.5 14.7 12.9 -12.3 -8.7 -3.6 14.1 6.7 7.4 21.5 15.1 6.4 12.2 3.9 8.2 19 20 21 15.4 15.4 3.0 3.0 -12.3 -12.3 -2.5 -2.5 -1.1 -1.1 -2.8 -2.8 -0.9 -0.9 1.5 1.5 -2.0 -2.0 6.7 6.7 1.2 1.2 22 23 -123.5 -123.5 -74.6 -74.6 -79.2 -79.2 94.0 94.0 47.1 47.1 484.0 484.0 -192.0 -192.0 -44.8 -44.8 -58.9 -58.9 139.1 139.1 -209.2 -209.2 24 25 22.5 22.5 18.5 18.5 13.3 13.3 12.2 12.2 10.4 10.4 17.0 17.0 17.7 17.7 13.1 13.1 -6.3 -6.3 3.1 3.1 -4.4 -4.4 26 27 Policy payables: 15 Liab.: Property-casualty insurance companies 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement 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 Retiree health care funds (2): 26 27 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 28 29 30 Liab.: Nonfinancial corporate business Federal government State and local governments -32.1 20.2 249.1 -19.5 20.8 316.3 -11.6 50.4 312.2 110.9 -9.3 244.4 54.4 22.8 237.1 -17.0 11.5 325.8 80.8 32.6 309.7 44.8 10.5 141.2 109.2 36.6 171.7 -22.3 402.2 124.2 50.2 567.1 154.0 28 29 30 31 32 33 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds -32.1 20.2 249.1 -19.5 20.8 316.3 -11.6 50.4 312.2 110.9 -9.3 244.4 54.4 22.8 237.1 -17.0 11.5 325.8 80.8 32.6 309.7 44.8 10.5 141.2 109.2 36.6 171.7 -22.3 402.2 124.2 50.2 567.1 154.0 31 32 33 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. Flows Postal Savings System deposits: 72 Z.1, September 18, 2015 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2010 Flows 1 Net change in liabilities 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 343.1 543.2 652.3 438.1 595.7 811.6 792.3 351.4 427.6 479.2 491.0 1 505.2 -54.3 844.1 -21.0 734.2 51.8 534.3 -85.3 579.2 5.6 877.6 -11.4 639.7 8.0 435.5 2.1 364.0 23.5 239.0 54.9 596.1 10.9 2 3 2.4 13.6 -8.3 1.3 3.0 -12.8 16.0 -12.5 21.3 -18.1 13.3 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 27.8 -42.3 1.1 -5.9 -8.3 -27.5 -171.0 43.8 -3.9 1.3 3.5 45.9 -23.9 -2.0 0.3 9.7 60.9 -30.7 -3.0 1.5 2.4 122.5 8.6 -1.6 1.2 74.0 80.3 4.2 2.1 3.3 -34.4 47.9 -1.4 1.7 5.1 -62.8 206.6 35.0 -10.5 -3.2 32.7 155.3 -3.7 0.2 -0.4 74.5 85.1 39.2 -3.4 7.2 -48.7 49.2 -97.4 3.2 -19.2 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 7.4 -37.9 -58.8 4.1 12.2 -41.4 -7.1 7.1 20.6 -5.4 -21.4 25.4 -5.2 -6.7 -27.1 -21.7 16.0 -3.4 -19.4 11.8 48.7 -8.6 -55.9 26.1 43.4 -1.2 -3.5 17.7 -35.4 4.4 -56.4 1.9 7.1 -7.9 38.0 1.5 25.5 -4.3 -3.0 -5.3 -94.6 -20.8 21.2 -23.3 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations 60.2 -68.5 10.9 -59.8 -36.2 -11.1 -79.0 -98.6 9.1 -31.3 222.0 -180.5 -48.0 -31.1 -51.0 86.2 60.9 -363.2 -97.5 99.1 51.6 81.3 -201.3 -33.4 -261.8 -83.2 141.1 159.7 -251.2 79.4 -94.3 -17.8 213.2 14 15 16 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 Federal government 5 6 7 8 9 17 75.1 154.0 265.3 772.9 341.6 799.8 539.2 7.5 19.9 831.4 -66.1 17 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 176.3 74.7 5.2 113.5 96.5 206.9 293.2 68.3 144.7 118.3 274.6 40.6 351.0 127.7 91.9 100.5 -138.7 204.5 288.4 146.1 4.1 188.3 18 19 20 21 Federal government State and local governments -9.8 -22.0 -1.3 -1.1 -3.5 7.2 3.7 5.4 10.2 7.6 11.0 10.1 13.2 12.6 9.1 0.9 7.5 6.9 10.9 11.7 17.4 4.4 20 21 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 17.5 -96.0 -15.3 4.5 41.3 42.7 -60.9 15.0 0.8 -12.8 65.3 -10.2 -0.3 0.2 0.7 40.9 -1.0 13.1 8.6 -1.1 -1.8 -7.0 14.4 12.8 4.7 7.7 103.8 56.3 -12.5 -2.7 4.4 55.1 3.7 20.3 6.4 -9.3 -105.8 8.8 -4.8 -6.5 -9.9 -81.3 -11.3 48.4 21.8 -29.5 134.1 17.8 -8.2 -13.8 -14.1 91.4 -23.7 22.4 14.0 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds -10.2 14.2 15.4 57.6 43.4 1.6 26.1 34.1 -3.2 24.1 28.1 10.4 70.4 29.0 2.1 40.4 43.2 9.2 37.2 46.3 11.6 29.0 16.9 -5.6 175.1 9.4 -6.6 68.0 31.6 15.1 -102.4 18.0 5.7 27 28 29 30 31 Money market mutual funds Mutual funds -3.4 -12.0 -0.8 2.9 6.1 -33.1 2.8 19.1 -14.3 -4.3 -34.5 130.7 -113.1 -86.9 17.6 82.2 72.8 -143.0 -58.5 27.4 -22.1 0.0 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 29.3 -101.2 1.3 -0.1 -5.9 8.5 4.1 -34.2 25.8 13.1 -16.9 12.2 -11.0 9.3 16.9 -54.1 -35.5 39.3 -2.7 4.6 44.8 -8.6 7.6 14.9 21.5 60.4 -31.6 40.2 6.3 23.8 6.2 -108.0 -0.2 32 33 34 35 36 Brokers and dealers Holding companies 10.6 -40.1 -32.0 -22.2 10.5 -133.7 51.2 197.8 2.2 -62.7 198.4 -26.0 -8.1 11.0 -128.7 -102.6 -52.8 -133.1 131.6 -11.4 -44.0 -123.6 35 36 268.1 389.1 387.0 -334.8 254.1 11.8 253.1 343.9 407.7 -352.2 557.2 37 37 Net change in assets Discrepancy 73 Z.1, September 18, 2015 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2011 2012 2013 2014 2014 Q1 1 All sectors 2015 Q2 Q3 Q4 Q1 Q2 331.5 317.4 485.7 -382.1 242.4 271.3 -12.1 826.1 -115.7 234.1 207.2 1 -267.7 296.1 -670.0 794.2 -216.2 734.2 -456.5 282.4 -261.3 487.2 -199.6 385.7 -271.7 374.1 179.2 737.7 -753.0 451.1 -768.2 638.3 318.8 353.3 2 3 Federal government State and local governments -49.1 -33.1 -9.9 61.8 -63.0 0.8 -36.6 20.9 -48.6 -16.5 59.3 22.3 -154.9 -13.9 30.8 -25.8 -129.4 -48.7 -124.5 -33.7 -225.1 74.9 4 5 Domestic financial sectors 207.0 74.9 31.1 -215.5 3.6 226.5 47.0 -356.1 96.9 -298.3 -157.0 6 Monetary authority -10.0 -1.2 -18.8 -1.6 3.9 -6.6 1.0 11.8 9.6 6.7 9.4 7 8 9 10 11 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 157.4 -17.6 -0.0 -6.4 90.0 1.4 1.0 -27.2 33.5 11.0 -0.1 4.8 -20.4 -47.0 -0.3 14.2 65.4 0.5 -0.2 -2.0 234.6 98.0 2.8 -7.1 58.4 -7.5 1.2 -3.5 -162.1 -114.3 -3.0 5.6 130.8 25.6 -1.8 -2.8 -152.4 -84.1 3.3 -5.2 -231.0 36.7 1.8 3.5 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 76.6 -31.8 6.6 -30.3 -21.3 -37.2 16.0 -23.8 -6.3 -44.8 -8.3 -52.8 15.5 -35.8 -17.0 -28.6 -15.5 -61.9 -26.0 -45.2 1.1 23.8 12 13 14 15 Mutual funds Government-sponsored enterprises -24.9 43.0 -35.7 3.0 -41.5 34.2 -57.0 0.3 -53.4 24.9 -57.1 26.1 -54.8 39.6 -50.5 -38.7 -51.1 72.6 -50.0 -36.5 -56.0 -33.1 14 15 16 17 18 Issuers of asset-backed securities Finance companies REITs 0.0 9.9 7.9 0.0 43.2 18.1 0.0 27.8 29.2 0.0 -79.5 43.1 0.0 -3.9 31.7 0.0 -10.2 7.4 0.0 3.4 10.8 0.0 5.2 43.8 0.0 -14.0 64.8 0.0 34.9 65.6 0.0 41.3 56.0 16 17 18 19 20 Brokers and dealers Holding companies -6.0 8.8 30.5 -24.3 -37.0 46.5 -33.0 -26.4 -12.2 -0.1 -15.7 15.6 21.3 -2.4 -2.1 -6.3 -52.2 -7.1 16.1 -25.5 -21.4 10.8 19 20 178.4 66.5 -1.2 23.2 78.1 -222.9 7.3 260.4 267.5 820.6 -157.7 21 2 3 Household sector Nonfinancial corporate business 4 5 6 7 21 Rest of the world F.8 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 All types 331.5 317.4 485.7 -382.1 242.4 271.3 -12.1 826.1 -115.7 234.1 207.2 1 2 3 Treasury currency Foreign deposits -1.1 49.2 -0.7 -136.3 -0.6 -140.5 -1.1 -8.7 -1.1 -91.6 -1.0 7.9 -0.9 -137.2 -1.8 191.4 -0.5 -428.7 -1.5 -34.9 -1.1 -310.8 2 3 4 5 Net interbank transactions Security repurchase agreements 25.8 54.8 3.5 77.7 5.7 -12.5 56.8 -126.2 -47.1 -129.1 174.9 -32.4 -155.6 -289.6 14.9 -53.1 -222.5 -141.4 288.4 188.8 -167.1 10.5 4 5 6 7 8 9 Mail floats Federal government State and local governments Private domestic -1.1 0.0 0.0 -1.1 0.8 -0.1 0.0 0.9 1.5 0.6 0.0 0.9 -0.7 0.4 0.0 -1.2 0.9 1.1 0.0 -0.3 -39.7 -42.9 0.0 3.2 98.0 97.7 0.0 0.3 0.5 4.3 0.0 -3.7 -55.4 -54.6 0.0 -0.8 -41.2 -41.7 0.0 0.6 98.9 99.1 0.0 -0.2 6 7 8 9 10 11 Trade credit Taxes payable -1.4 -8.6 -42.8 -7.8 60.0 -13.6 -121.4 -18.6 13.4 35.9 -65.8 45.3 35.9 2.3 60.0 51.4 23.6 44.8 -43.3 -17.2 -25.3 -70.8 10 11 12 Miscellaneous 268.1 389.1 387.0 -334.8 254.1 11.8 253.1 343.9 407.7 -352.2 557.2 12 13 Nonfinancial -54.1 33.9 198.6 172.5 206.9 170.2 181.9 218.9 256.7 247.1 115.7 13 49.2 4.9 -38.3 4.4 -203.3 4.6 -177.6 5.2 -212.0 5.1 -175.3 5.1 -187.0 5.1 -224.0 5.1 -261.8 5.1 -252.3 5.2 -120.9 5.2 14 15 14 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas Flows 2010 74 Z.1, September 18, 2015 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 Total financial assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 75122.8 76605.1 82143.8 90750.9 95030.9 91580.2 93307.3 93318.4 95030.9 96223.8 96899.3 1 95.1 107.9 110.9 92.2 114.2 84.9 109.8 129.8 98.0 116.7 109.3 118.3 110.1 127.0 103.7 132.2 98.0 116.7 88.7 102.0 89.5 114.0 2 3 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 1636.9 7599.8 1856.7 137.8 1751.6 8004.2 1803.1 133.5 1932.4 8450.7 1870.0 136.2 2220.3 8726.1 1941.2 138.7 2513.3 9241.5 1924.4 149.2 2214.4 8905.8 1875.6 143.4 2295.4 8927.5 1839.5 148.6 2329.0 9029.3 1870.8 148.0 2513.3 9241.5 1924.4 149.2 2412.5 9462.7 1814.8 151.2 2639.2 9424.1 1794.7 152.7 4 5 6 7 8 9 10 11 12 13 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 6487.9 191.8 1819.0 1022.2 1914.0 1540.9 5785.9 177.8 1360.4 904.9 1847.1 1495.7 5620.2 162.2 1611.4 790.5 1703.5 1352.6 5169.3 128.6 1657.1 752.7 1646.9 984.0 4683.6 114.5 1627.3 515.4 1571.8 854.7 4969.7 125.1 1610.0 661.9 1639.8 932.9 4813.1 118.3 1533.1 587.8 1636.1 937.7 4756.0 116.0 1542.4 565.7 1584.9 947.2 4683.6 114.5 1627.3 515.4 1571.8 854.7 4681.5 112.9 1647.2 504.8 1590.0 826.6 4597.7 112.6 1752.6 524.3 1601.7 606.4 8 9 10 11 12 13 14 15 16 17 Loans Other loans and advances Mortgages Consumer credit 1891.3 930.4 481.4 479.6 2016.1 933.2 476.8 606.1 2156.7 964.1 461.8 730.8 2332.5 1034.7 464.3 833.4 2504.4 1089.1 483.2 932.1 2429.6 1088.0 473.9 867.8 2446.2 1084.8 479.7 881.7 2510.9 1111.6 480.1 919.2 2504.4 1089.1 483.2 932.1 2547.9 1092.4 487.8 967.7 2533.4 1066.4 488.6 978.3 14 15 16 17 18 19 Corporate equities Mutual fund shares 8937.6 4874.3 8747.0 4853.0 9940.8 5879.0 12843.6 7401.5 13534.3 8121.3 12926.3 7668.7 13640.3 7973.6 13090.2 7954.5 13534.3 8121.3 13751.2 8419.2 13742.2 8562.4 18 19 20 21 22 Trade receivables Life insurance reserves Pension entitlements 2885.6 1137.5 17024.5 3040.7 1199.3 17441.1 3105.2 1186.4 18481.7 3411.9 1233.0 19932.0 3561.4 1282.8 20762.7 3487.6 1242.6 20123.2 3579.9 1256.7 20419.3 3603.8 1263.3 20477.7 3561.4 1282.8 20762.7 3648.9 1304.8 20977.1 3744.4 1311.5 21091.6 20 21 22 23 24 25 Taxes payable Equity in noncorporate business U.S. direct investment abroad 262.1 6894.3 3402.9 272.8 7455.9 3759.2 279.9 8301.0 4134.4 289.6 9403.6 4447.0 310.2 10038.8 4691.8 296.2 9525.3 4493.4 297.0 9669.9 4581.0 304.5 9841.1 4620.1 310.2 10038.8 4691.8 315.9 10249.4 4752.5 316.0 10387.6 4845.8 23 24 25 26 Miscellaneous assets 9890.6 10138.7 10470.1 11021.1 11496.6 11050.9 11182.0 11283.3 11496.6 11543.6 11552.3 26 50652.5 52600.8 54989.1 56465.7 58594.9 56903.2 57340.3 57989.4 58594.9 59060.0 59666.9 27 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 28 29 30 2 3 U.S. official reserve assets Foreign deposits 4 5 6 7 27 Total liabilities 28 29 30 U.S. official reserve assets SDR certificates Treasury currency 31 32 33 34 35 36 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17760.1 82.9 10504.4 24.2 3772.1 3376.4 19041.0 116.3 11642.0 25.3 3719.4 3538.1 20553.7 130.3 12822.9 24.9 3714.4 3861.1 21661.3 144.5 13680.6 24.5 3671.2 4140.4 22681.4 182.4 14416.7 24.4 3652.4 4405.5 22007.6 180.2 13930.5 24.0 3660.8 4212.1 22029.0 185.9 13887.0 24.0 3661.4 4270.7 22301.7 208.5 14117.4 23.9 3631.1 4320.8 22681.4 182.4 14416.7 24.4 3652.4 4405.5 22858.3 187.6 14434.9 24.1 3694.0 4517.7 22945.1 179.3 14353.4 24.7 3714.6 4673.0 31 32 33 34 35 36 37 38 39 40 41 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 19278.9 1465.6 1547.6 13618.8 2646.9 19162.3 1541.7 1571.9 13293.3 2755.4 19412.1 1742.8 1676.2 13070.3 2922.9 19798.3 1868.8 1746.5 13084.2 3098.8 20574.0 2145.9 1871.5 13244.7 3311.9 19842.0 1909.4 1760.8 13071.0 3100.8 20087.3 2014.8 1803.0 13102.1 3167.4 20321.7 2053.4 1860.7 13164.0 3243.6 20574.0 2145.9 1871.5 13244.7 3311.9 20635.4 2208.9 1858.4 13254.9 3313.2 20876.9 2275.6 1864.1 13353.8 3383.3 37 38 39 40 41 42 Trade payables 3301.7 3430.1 3561.5 3746.8 3928.5 3776.7 3848.3 3888.3 3928.5 3962.1 4018.1 42 43 44 45 Life insurance reserves Taxes payable Foreign direct investment in U.S. 48.7 142.0 2134.0 50.0 151.4 2236.8 50.3 161.3 2423.5 50.5 155.8 2619.9 51.3 162.1 2768.2 50.5 162.8 2592.8 50.6 159.5 2656.6 50.9 169.2 2740.8 51.3 162.1 2768.2 50.7 179.2 2871.4 51.0 181.5 3023.9 43 44 45 46 Miscellaneous liabilities 7901.5 8443.9 8741.3 8347.9 8347.7 8385.6 8423.5 8433.8 8347.7 8423.8 8490.3 46 (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 75 Z.1, September 18, 2015 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 52991.4 54015.5 58448.7 65473.4 68470.7 66161.3 67457.8 67239.2 68470.7 69517.5 69773.5 1 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8072.8 67.3 423.7 6450.8 1131.0 8711.3 57.4 724.1 6820.1 1109.9 9234.2 49.5 887.4 7187.1 1110.2 9588.8 51.7 1008.1 7393.2 1135.7 10127.4 45.3 1115.7 7864.2 1102.1 9751.1 50.5 1054.5 7546.8 1099.2 9763.6 49.4 1077.5 7567.2 1069.5 9886.9 52.2 1055.7 7691.2 1087.7 10127.4 45.3 1115.7 7864.2 1102.1 10230.6 43.8 1112.7 8069.3 1004.8 10193.5 39.1 1154.5 8014.5 985.4 2 3 4 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4734.7 21.1 1127.3 340.3 1871.5 1374.5 4220.8 19.4 707.3 356.7 1805.8 1331.7 4060.9 18.8 908.7 288.2 1661.0 1184.2 3671.6 15.0 960.3 276.7 1605.2 814.4 3181.5 14.9 895.5 52.6 1538.0 680.4 3478.1 15.9 914.1 185.5 1601.5 761.1 3304.5 16.1 817.7 108.3 1599.6 762.8 3268.6 15.9 830.3 97.3 1551.3 773.7 3181.5 14.9 895.5 52.6 1538.0 680.4 3168.3 15.2 904.8 44.5 1554.1 649.7 3093.1 15.7 1013.0 69.0 1565.8 429.7 7 8 9 10 11 12 13 14 15 16 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 929.9 751.4 100.1 78.4 924.9 749.5 100.9 74.5 926.6 777.9 83.0 65.6 977.7 841.4 77.0 59.3 1031.8 893.2 85.0 53.6 1033.7 892.8 82.8 58.1 1029.2 888.8 83.4 57.0 1054.7 915.5 84.0 55.2 1031.8 893.2 85.0 53.6 1032.2 895.7 84.6 51.9 1002.5 867.9 84.5 50.1 13 14 15 16 17 18 Corporate equities (3) Mutual fund shares 8760.8 4628.8 8564.4 4628.1 9761.6 5632.9 12643.3 7110.5 13323.9 7800.4 12723.5 7370.3 13432.3 7663.0 12884.5 7643.4 13323.9 7800.4 13538.4 8089.9 13529.6 8229.0 17 18 19 20 21 22 Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 1137.5 17024.5 3634.2 13390.3 1199.3 17441.1 4027.9 13413.2 1186.4 18481.7 3977.9 14503.7 1233.0 19932.0 3365.2 16566.9 1282.8 20762.7 3345.5 17417.2 1242.6 20123.2 3425.4 16697.9 1256.7 20419.3 3381.7 17037.6 1263.3 20477.7 3472.5 17005.2 1282.8 20762.7 3345.5 17417.2 1304.8 20977.1 3443.3 17533.8 1311.5 21091.6 3690.3 17401.3 19 20 21 22 23 24 Equity in noncorporate business Miscellaneous assets 6894.3 808.2 7455.9 869.7 8301.0 863.6 9403.6 912.9 10038.8 921.4 9525.3 913.5 9669.9 919.4 9841.1 919.2 10038.8 921.4 10249.4 926.8 10387.6 935.0 23 24 13782.1 13570.9 13634.2 13790.5 14163.3 13778.3 13945.4 14071.2 14163.3 14144.7 14278.0 25 263.2 255.5 241.0 227.8 223.1 227.6 227.0 224.6 223.1 223.0 219.7 26 13245.4 9915.4 2646.9 61.0 414.3 207.7 13041.1 9695.8 2755.4 11.5 376.9 201.4 13114.4 9486.7 2922.9 62.6 443.1 199.1 13279.7 9403.7 3098.8 92.7 480.5 204.0 13653.0 9403.2 3311.9 212.9 513.7 211.3 13265.8 9376.0 3100.8 123.0 461.6 204.4 13431.3 9371.6 3167.4 168.4 518.0 205.9 13559.6 9387.9 3243.6 186.7 533.3 208.1 13653.0 9403.2 3311.9 212.9 513.7 211.3 13633.0 9374.3 3313.2 233.7 499.0 212.8 13768.4 9412.6 3383.3 247.1 510.1 215.3 27 28 29 30 31 32 248.8 24.7 250.0 24.3 254.0 24.9 255.0 27.9 258.1 29.1 256.0 28.9 256.9 30.2 257.4 29.6 258.1 29.1 258.5 30.2 258.9 31.0 33 34 2 3 4 5 6 25 Total financial assets 2011 Total liabilities 26 Debt securities (municipal securities) 27 28 29 30 31 32 Loans Home mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 33 34 Trade payables Deferred and unpaid life insurance premiums (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 18), life insurance reserves (line 19) and pension entitlements (line 20). (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (6) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table L.109, line 19. Levels 2010 76 Z.1, September 18, 2015 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 17745.0 18434.0 19314.7 20646.4 21639.2 20739.0 21109.1 21290.6 21639.2 21835.7 22105.2 1 40.6 766.1 905.0 574.7 12.1 34.8 821.6 924.2 540.1 12.6 35.4 835.3 967.5 600.1 9.7 78.1 924.3 1019.3 642.2 8.8 71.4 1030.3 1056.0 652.2 13.5 67.8 895.7 1038.2 610.4 11.3 77.7 957.4 1046.7 600.6 13.5 79.9 990.1 1019.2 614.4 13.4 71.4 1030.3 1056.0 652.2 13.5 58.2 1065.3 1064.4 636.7 12.8 74.9 1092.8 1090.3 635.7 13.9 2 3 4 5 6 7 8 9 10 11 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 209.6 68.0 96.1 16.0 29.6 202.2 67.9 91.9 14.3 28.2 194.0 59.5 92.4 13.1 29.0 173.7 38.2 97.2 10.3 28.0 159.2 31.6 95.1 12.7 19.8 166.5 35.1 95.3 11.6 24.5 160.9 29.2 95.8 13.5 22.4 158.7 30.0 95.8 13.3 19.6 159.2 31.6 95.1 12.7 19.8 152.7 31.0 89.5 10.5 21.7 165.5 32.7 98.0 13.0 21.8 7 8 9 10 11 12 13 14 Loans Mortgages Consumer credit 115.0 70.1 45.0 110.6 63.7 46.9 107.8 59.4 48.4 106.4 62.2 44.2 108.7 65.7 43.0 105.9 62.8 43.1 107.0 63.7 43.3 108.1 64.5 43.5 108.7 65.7 43.0 108.5 66.7 41.9 111.1 67.8 43.3 12 13 14 15 16 Mutual fund shares Trade receivables 186.8 2690.4 165.9 2835.2 179.6 2891.8 211.0 3186.3 234.9 3325.1 217.1 3259.4 226.5 3347.5 227.6 3369.9 234.9 3325.1 242.0 3412.1 246.3 3504.4 15 16 17 18 U.S. direct investment abroad Miscellaneous assets 3402.9 8841.8 3759.2 9027.8 4134.4 9359.1 4447.0 9849.4 4691.8 10296.3 4493.4 9873.4 4581.0 9990.4 4620.1 10089.0 4691.8 10296.3 4752.5 10330.4 4845.8 10324.5 17 18 18898.9 19581.4 20589.6 21425.6 22399.6 21546.7 21853.1 22109.3 22399.6 22711.8 23021.4 19 19 Levels 2012 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2 3 4 5 6 Total financial assets 2011 Total liabilities 20 21 22 23 Debt securities Commercial paper Municipal securities Corporate bonds 3944.7 82.9 485.4 3376.4 4148.3 116.3 493.9 3538.1 4500.6 130.3 509.1 3861.1 4803.4 144.5 518.5 4140.4 5106.4 182.4 518.4 4405.5 4909.9 180.2 517.7 4212.1 4973.0 185.9 516.4 4270.7 5044.1 208.5 514.8 4320.8 5106.4 182.4 518.4 4405.5 5230.3 187.6 525.1 4517.7 5388.9 179.3 536.5 4673.0 20 21 22 23 24 25 26 27 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 6019.2 1404.6 1118.9 3495.7 6105.9 1530.2 1179.7 3396.1 6282.1 1680.1 1217.4 3384.5 6502.3 1776.1 1249.7 3476.5 6904.4 1933.0 1341.2 3630.2 6559.9 1786.4 1282.8 3490.6 6639.7 1846.4 1268.6 3524.6 6745.6 1866.7 1311.0 3568.0 6904.4 1933.0 1341.2 3630.2 6985.7 1975.2 1342.8 3667.8 7091.8 2028.5 1337.3 3726.0 24 25 26 27 28 29 Trade payables Taxes payable 2174.2 142.0 2254.2 151.4 2330.2 161.3 2456.8 155.8 2578.2 162.1 2467.2 162.8 2518.3 159.5 2543.7 169.2 2578.2 162.1 2595.0 179.2 2631.1 181.5 28 29 30 31 Foreign direct investment in U.S. Miscellaneous liabilities 2134.0 4484.7 2236.8 4684.8 2423.5 4892.0 2619.9 4887.4 2768.2 4880.4 2592.8 4854.1 2656.6 4905.9 2740.8 4865.9 2768.2 4880.4 2871.4 4850.2 3023.9 4704.3 30 31 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. 77 Z.1, September 18, 2015 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 14016.8 14508.9 15088.4 16340.0 17101.5 16410.9 16720.2 16852.6 17101.5 17230.4 17425.2 1 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 40.6 234.5 548.7 497.8 12.1 34.8 265.3 561.9 462.4 12.6 35.4 219.8 595.2 519.4 9.7 78.1 305.3 636.2 559.1 8.8 71.4 376.3 646.8 565.2 13.5 67.8 272.7 653.5 527.1 11.3 77.7 325.1 656.9 516.1 13.5 79.9 350.0 625.4 529.1 13.4 71.4 376.3 646.8 565.2 13.5 58.2 405.1 637.1 548.5 12.8 74.9 423.4 655.5 546.3 13.9 2 3 4 5 6 7 8 9 10 11 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 113.0 38.2 42.8 10.3 21.8 95.5 31.6 38.0 12.7 13.2 105.5 35.1 40.7 11.6 18.2 99.1 29.2 40.4 13.5 16.1 96.3 30.0 39.8 13.3 13.2 95.5 31.6 38.0 12.7 13.2 88.1 31.0 31.6 10.5 15.0 99.8 32.7 39.1 13.0 15.0 7 8 9 10 11 12 13 14 Loans Mortgages Consumer credit 72.9 28.0 45.0 74.3 27.4 46.9 74.0 25.5 48.4 71.6 27.4 44.2 72.1 29.2 43.0 70.9 27.8 43.1 71.5 28.3 43.3 72.3 28.7 43.5 72.1 29.2 43.0 71.5 29.6 41.9 73.4 30.1 43.3 12 13 14 15 16 Mutual fund shares Trade receivables 186.8 2157.1 165.9 2240.8 179.6 2292.8 211.0 2570.0 234.9 2678.9 217.1 2640.7 226.5 2720.5 227.6 2736.4 234.9 2678.9 242.0 2756.8 246.3 2837.1 15 16 17 U.S. direct investment abroad (1) 3402.9 3759.2 4134.4 4447.0 4691.8 4493.4 4581.0 4620.1 4691.8 4752.5 4845.8 17 18 19 20 21 22 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company subs. Other 6707.4 318.7 0.6 60.7 6327.4 6784.2 331.0 0.5 69.1 6383.6 6893.1 339.0 0.6 71.7 6481.9 7339.8 333.2 0.6 86.4 6919.6 7655.2 343.2 0.7 100.5 7210.8 7350.9 334.7 0.8 103.1 6912.3 7432.2 339.1 0.7 101.9 6990.5 7501.9 342.9 0.7 100.3 7058.1 7655.2 343.2 0.7 100.5 7210.8 7657.9 341.0 0.8 98.7 7217.4 7608.9 342.4 0.8 94.8 7170.9 18 19 20 21 22 13226.7 13878.4 14695.5 15474.9 16187.2 15578.3 15811.9 16010.1 16187.2 16413.7 16622.7 23 2 3 4 5 6 23 Total financial assets 2011 Total liabilities 24 25 26 27 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 3944.7 82.9 485.4 3376.4 4148.3 116.3 493.9 3538.1 4500.6 130.3 509.1 3861.1 4803.4 144.5 518.5 4140.4 5106.4 182.4 518.4 4405.5 4909.9 180.2 517.7 4212.1 4973.0 185.9 516.4 4270.7 5044.1 208.5 514.8 4320.8 5106.4 182.4 518.4 4405.5 5230.3 187.6 525.1 4517.7 5388.9 179.3 536.5 4673.0 24 25 26 27 28 29 30 31 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages 2068.3 477.1 948.1 643.0 2159.3 569.2 1008.3 581.8 2214.7 658.7 1036.9 519.1 2317.3 708.8 1063.1 545.4 2504.0 794.5 1145.1 564.3 2360.5 719.8 1095.4 545.3 2381.5 749.2 1080.4 551.9 2439.2 762.8 1120.8 555.6 2504.0 794.5 1145.1 564.3 2532.7 812.3 1148.5 571.9 2555.1 833.0 1141.5 580.6 28 29 30 31 32 33 Trade payables Taxes payable 1746.4 42.9 1771.6 51.7 1836.9 54.0 1943.6 44.9 2031.2 45.0 1948.6 51.3 1989.6 46.4 2007.2 54.8 2031.2 45.0 2034.0 57.7 2058.7 57.5 32 33 34 Foreign direct investment in U.S. 2128.7 2230.7 2417.2 2612.8 2760.3 2585.5 2649.1 2733.1 2760.3 2862.6 3014.7 34 35 36 37 38 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 3295.7 90.8 448.6 2756.3 3516.8 93.8 517.7 2905.4 3672.2 81.4 391.0 3199.7 3752.9 79.0 181.7 3492.2 3740.4 77.9 166.3 3496.2 3722.4 78.3 171.2 3473.0 3772.3 78.0 145.3 3548.9 3731.7 78.4 184.8 3468.4 3740.4 77.9 166.3 3496.2 3696.5 79.6 154.8 3462.1 3547.8 79.9 187.4 3280.5 35 36 37 38 14356.5 14369.4 15961.6 20717.0 22228.7 20914.0 21883.8 21445.2 22228.7 22384.0 22137.8 39 1676.5 3297.5 50.8 1650.4 3517.1 46.9 1694.1 3716.8 45.6 1911.5 3904.9 49.0 2003.5 4198.3 47.7 1855.0 3995.3 46.4 1914.9 4051.4 47.3 1921.9 4154.1 46.3 2003.5 4198.3 47.7 1991.8 4240.0 47.0 2060.0 4270.1 48.2 40 41 42 25.1 26.9 27.2 26.9 27.9 27.4 27.4 28.0 27.9 27.7 27.1 43 Memo: 39 Market value of equities 40 41 42 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) 43 Short-term debt/total debt (percent) (6) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 2 through 6, lines 8 through 11, and line 15. (5) Sum of lines 25, 29, 30, 32, and 33. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (6) Short-term debt is the sum of lines 25, 29, and 30. Total debt is the sum of lines 24 and 28. Levels 2010 78 Z.1, September 18, 2015 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3728.3 3925.1 4226.3 4306.5 4537.7 4328.0 4388.9 4437.9 4537.7 4605.3 4680.0 1 531.6 356.2 76.8 556.3 362.2 77.7 615.5 372.3 80.7 619.0 383.1 83.0 653.9 409.2 87.1 622.9 384.7 83.4 632.3 389.8 84.5 640.1 393.8 85.3 653.9 409.2 87.1 660.2 427.4 88.3 669.4 434.8 89.4 2 3 4 Debt securities Treasury securities Municipal securities 53.7 48.1 5.6 54.8 48.9 5.9 59.0 52.9 6.1 60.7 54.5 6.3 63.7 57.1 6.6 61.0 54.7 6.3 61.8 55.4 6.4 62.4 56.0 6.4 63.7 57.1 6.6 64.6 57.9 6.7 65.7 59.0 6.8 5 6 7 8 9 10 Loans Mortgages Consumer credit 42.1 42.1 0.0 36.3 36.3 0.0 33.9 33.9 0.0 34.8 34.8 0.0 36.5 36.5 0.0 35.0 35.0 0.0 35.4 35.4 0.0 35.8 35.8 0.0 36.5 36.5 0.0 37.0 37.0 0.0 37.7 37.7 0.0 8 9 10 11 12 13 14 15 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other 533.4 2134.4 131.7 6.7 1996.0 594.4 2243.6 127.0 7.0 2109.5 598.9 2466.0 142.5 7.2 2316.4 616.2 2509.6 117.2 7.7 2384.6 646.3 2641.0 129.6 8.5 2503.0 618.8 2522.4 119.6 8.0 2394.8 627.0 2558.2 123.4 8.1 2426.7 633.5 2587.0 126.9 8.3 2451.8 646.3 2641.0 129.6 8.5 2503.0 655.3 2672.5 124.4 8.6 2539.5 667.3 2715.7 120.4 8.7 2586.6 11 12 13 14 15 5672.2 5703.0 5894.1 5950.7 6212.4 5968.4 6041.2 6099.2 6212.4 6298.0 6398.7 16 3950.9 927.4 170.8 2852.7 3946.6 960.9 171.3 2814.3 4067.4 1021.4 180.6 2865.4 4185.1 1067.4 186.6 2931.0 4400.4 1138.5 196.1 3065.9 4199.4 1066.6 187.5 2945.3 4258.2 1097.2 188.2 2972.7 4306.4 1103.9 190.2 3012.3 4400.4 1138.5 196.1 3065.9 4453.0 1162.9 194.3 3095.8 4536.7 1195.6 195.8 3145.4 17 18 19 20 427.8 99.2 482.7 99.7 493.3 107.4 513.2 110.9 547.0 117.1 518.6 111.4 528.7 113.1 536.5 114.5 547.0 117.1 561.0 121.4 572.4 123.9 21 22 5.3 1189.0 6.1 1168.0 6.3 1219.7 7.1 1134.5 7.9 1140.0 7.3 1131.6 7.5 1133.6 7.7 1134.2 7.9 1140.0 8.8 1153.8 9.1 1156.5 23 24 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 16 Levels Total financial assets 2011 Total liabilities 17 18 19 20 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 21 22 Trade payables Taxes payable 23 24 Foreign direct investment in U.S. Miscellaneous liabilities (1) Equity in the Farm Credit System. 79 Z.1, September 18, 2015 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 4386.4 4155.6 4380.4 4631.1 4920.9 4680.0 4740.4 4788.7 4920.9 4870.5 5020.5 1 95.1 447.1 244.0 151.1 125.7 110.9 206.0 259.9 153.2 120.9 114.2 209.7 296.1 159.7 126.5 109.8 287.9 313.5 163.3 129.9 98.0 367.3 321.3 170.0 135.7 109.3 264.3 320.8 166.0 132.1 110.1 260.4 313.6 169.5 135.1 103.7 283.2 318.9 168.7 134.5 98.0 367.3 321.3 170.0 135.7 88.7 234.4 328.9 173.2 138.4 89.5 391.9 319.3 173.7 138.9 2 3 4 5 6 1543.6 102.7 595.7 665.9 12.9 166.4 1362.8 90.5 561.2 533.8 13.2 164.1 1365.2 83.9 610.3 489.1 13.5 168.4 1324.1 75.4 599.6 465.7 13.6 169.7 1342.9 68.0 636.6 450.0 14.0 174.2 1325.1 74.1 600.5 464.8 13.8 171.9 1347.7 73.1 619.7 466.0 14.0 174.9 1328.8 70.1 616.3 455.0 13.9 173.4 1342.9 68.0 636.6 450.0 14.0 174.2 1360.5 66.7 653.0 449.7 14.2 176.8 1339.0 64.3 641.6 442.3 14.2 176.7 7 8 9 10 11 12 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 13 14 15 16 Loans Mortgages Consumer credit Other loans and advances 846.4 311.2 356.2 179.0 980.6 312.2 484.7 183.7 1122.3 319.4 616.8 186.2 1248.3 325.1 729.8 193.4 1363.9 332.5 835.6 195.9 1290.0 328.3 766.6 195.1 1310.1 332.6 781.4 196.1 1348.1 331.6 820.5 196.1 1363.9 332.5 835.6 195.9 1407.2 336.6 873.9 196.7 1419.7 336.3 884.8 198.6 13 14 15 16 17 18 Corporate equities Mutual fund shares 176.8 58.7 182.6 59.1 179.2 66.6 200.4 80.0 210.4 86.0 202.8 81.3 208.1 84.2 205.7 83.5 210.4 86.0 212.9 87.3 212.6 87.1 17 18 19 20 21 Trade receivables Taxes receivable Miscellaneous assets 195.1 262.1 240.6 205.5 272.8 241.3 213.5 279.9 247.4 225.6 289.6 258.8 236.2 310.2 278.9 228.1 296.2 264.1 232.4 297.0 272.2 233.8 304.5 275.2 236.2 310.2 278.9 236.8 315.9 286.4 240.0 316.0 292.8 19 20 21 17971.5 19448.5 20765.2 21249.6 22031.9 21578.2 21541.8 21808.9 22031.9 22203.6 22367.4 22 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 23 24 25 13552.1 10528.6 3023.6 14637.2 11667.3 2970.0 15812.1 12847.8 2964.3 16630.0 13705.1 2924.9 17351.9 14441.1 2910.9 16870.1 13954.6 2915.5 16829.0 13911.0 2918.0 17033.0 14141.3 2891.8 17351.9 14441.1 2910.9 17404.9 14459.0 2945.9 17336.5 14378.1 2958.5 26 27 28 14.4 0.0 14.4 15.3 0.0 15.3 15.7 0.0 15.7 16.2 0.0 16.2 16.6 0.0 16.6 16.3 0.0 16.3 16.4 0.0 16.4 16.5 0.0 16.5 16.6 0.0 16.6 16.7 0.0 16.7 16.7 0.0 16.7 29 30 31 878.7 48.7 3392.1 925.9 50.0 3734.9 977.3 50.3 3824.4 1035.0 50.5 3432.7 1092.2 51.3 3438.2 1053.5 50.5 3502.6 1073.1 50.6 3487.4 1087.2 50.9 3538.4 1092.2 51.3 3438.2 1108.6 50.7 3543.3 1128.1 51.0 3755.0 32 33 34 3776.3 17361.4 3579.1 18872.0 3754.4 20139.2 4015.3 20633.8 4267.7 21378.7 4063.2 20961.4 4104.3 20905.7 4155.9 21176.1 4267.7 21378.7 4200.8 21533.9 4362.2 21709.1 35 36 22 Total liabilities 23 24 25 SDR allocations SDR certificates Treasury currency 26 27 28 Debt securities Treasury securities Municipal securities 29 30 31 Loans Multifamily residential mortgages Other loans and advances 32 33 34 Trade payables Insurance reserves Miscellaneous liabilities 35 36 Memo: Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) (1) Sum of the federal government and state and local governments sectors. (2) Excludes Treasury securities held by state and local governments (line 9) and federal government loans to state and local governments (line 31). Levels 2010 80 Z.1, September 18, 2015 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Levels 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1612.2 1411.3 1516.8 1718.5 1900.9 1742.8 1764.1 1821.7 1900.9 1816.3 1992.1 1 2 3 4 U.S. official reserve assets Checkable deposits and currency Time and savings deposits 95.1 342.3 2.0 110.9 84.6 1.7 114.2 92.2 2.0 109.8 163.0 1.5 98.0 226.8 1.7 109.3 142.6 1.5 110.1 139.6 1.5 103.7 160.5 1.6 98.0 226.8 1.7 88.7 104.8 1.6 89.5 258.5 1.9 2 3 4 5 6 7 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 8 9 10 11 Loans Other loans and advances Mortgages Consumer credit (1) 641.7 179.0 106.6 356.2 778.3 183.7 109.9 484.7 914.4 186.2 111.5 616.8 1038.7 193.4 115.5 729.8 1148.6 195.9 117.2 835.6 1077.7 195.1 116.0 766.6 1094.0 196.1 116.5 781.4 1133.8 196.1 117.3 820.5 1148.6 195.9 117.2 835.6 1188.7 196.7 118.1 873.9 1201.4 198.6 117.9 884.8 8 9 10 11 12 Corporate equities (2) 49.9 57.8 39.9 35.1 33.4 34.9 34.7 33.6 33.4 33.3 33.5 12 13 14 15 Trade receivables Taxes receivable Miscellaneous assets 42.9 144.3 143.8 47.7 152.8 145.6 50.3 158.6 144.6 53.6 165.8 150.5 55.8 173.0 163.0 55.4 167.6 153.2 56.1 169.4 158.2 55.8 171.2 160.9 55.8 173.0 163.0 55.1 176.0 167.5 55.8 178.3 172.8 13 14 15 12809.7 13991.3 15246.5 16123.7 16905.1 16415.8 16404.3 16639.7 16905.1 17054.7 17135.3 16 54.4 5.2 25.9 54.2 5.2 25.9 54.3 5.2 25.9 54.4 5.2 25.6 51.2 5.2 25.3 54.6 5.2 25.6 54.6 5.2 25.6 52.4 5.2 25.3 51.2 5.2 25.3 48.7 5.2 25.3 49.7 5.2 25.3 17 18 19 10528.6 10504.4 8822.7 1681.7 24.2 11667.3 11642.0 9906.1 1735.9 25.3 12847.8 12822.9 11027.9 1795.0 24.9 13705.1 13680.6 11834.2 1846.5 24.5 14441.1 14416.7 12480.9 1935.8 24.4 13954.6 13930.5 12098.5 1832.0 24.0 13911.0 13887.0 12047.5 1839.5 24.0 14141.3 14117.4 12255.8 1861.6 23.9 14441.1 14416.7 12480.9 1935.8 24.4 14459.0 14434.9 12606.7 1828.2 24.1 14378.1 14353.4 12670.7 1682.7 24.7 20 21 22 23 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 209.7 48.7 218.5 50.0 231.9 50.3 251.6 50.5 270.0 51.3 260.5 50.5 270.4 50.6 274.8 50.9 270.0 51.3 276.9 50.7 286.6 51.0 26 27 1937.3 1730.8 206.5 1970.3 1745.6 224.6 2031.1 1793.6 237.5 2031.3 1782.1 249.2 2061.1 1802.0 259.1 2065.0 1816.6 248.4 2087.0 1836.0 251.0 2089.8 1839.1 250.7 2061.1 1802.0 259.1 2188.8 1934.0 254.9 2339.5 2087.5 252.1 28 29 30 16 Total financial assets 2011 Total liabilities 17 18 19 SDR allocations SDR certificates Treasury currency 20 21 22 23 24 Debt securities Treasury securities (3) Marketable Nonmarketable Budget agency securities 25 Loans (multifamily residential mortgages) 26 27 Trade payables Insurance reserves 28 29 30 Miscellaneous liabilities Claims of pension fund on sponsor Other (1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions and finance companies. (2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price. (3) Includes marketable and nonmarketable Treasury securities held by the public and Treasury securities held by federal government employee retirement funds. 81 Z.1, September 18, 2015 L.107 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2774.2 2744.3 2863.5 2912.6 3020.1 2937.2 2976.2 2967.0 3020.1 3054.2 3028.3 1 2 3 Checkable deposits and currency Time and savings deposits 104.8 242.1 121.4 258.2 117.6 294.1 124.9 312.0 140.5 319.5 121.7 319.2 120.9 312.1 122.8 317.3 140.5 319.5 129.6 327.3 133.4 317.4 2 3 4 5 Money market fund shares Security repurchase agreements 151.1 125.7 153.2 120.9 159.7 126.5 163.3 129.9 170.0 135.7 166.0 132.1 169.5 135.1 168.7 134.5 170.0 135.7 173.2 138.4 173.7 138.9 4 5 1393.5 102.7 595.7 516.7 12.9 165.5 1330.9 90.5 561.2 502.7 13.2 163.3 1364.6 83.9 610.3 489.1 13.5 167.7 1323.5 75.4 599.6 465.7 13.6 169.1 1342.4 68.0 636.6 450.0 14.0 173.7 1324.6 74.1 600.5 464.8 13.8 171.3 1347.1 73.1 619.7 466.0 14.0 174.3 1328.2 70.1 616.3 455.0 13.9 172.9 1342.4 68.0 636.6 450.0 14.0 173.7 1359.9 66.7 653.0 449.7 14.2 176.3 1338.5 64.3 641.6 442.3 14.2 176.2 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 204.7 202.4 207.9 209.6 215.3 212.3 216.1 214.3 215.3 218.5 218.4 12 13 14 Corporate equities Mutual fund shares 126.9 58.7 124.7 59.1 139.3 66.6 165.3 80.0 176.9 86.0 167.8 81.3 173.4 84.2 172.1 83.5 176.9 86.0 179.5 87.3 179.1 87.1 13 14 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 152.2 117.8 96.8 157.8 120.0 95.7 163.1 121.3 102.9 172.0 123.8 108.3 180.5 137.2 116.0 172.7 128.6 110.9 176.3 127.6 114.0 178.1 133.3 114.2 180.5 137.2 116.0 181.7 139.9 118.9 184.2 137.7 120.0 15 16 17 5161.8 5457.3 5518.7 5125.9 5126.8 5162.4 5137.5 5169.2 5126.8 5148.9 5232.1 18 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 2915.5 43.0 2872.5 2918.0 33.6 2884.4 2891.8 37.0 2854.8 2910.9 38.6 2872.3 2945.9 38.1 2907.9 2958.5 31.1 2927.4 19 20 21 18 Total liabilities 19 20 21 Debt securities (municipal securities) Short-term (2) Long-term 22 Loans (U.S. government loans) 23 24 Trade payables Claims of pension fund on sponsor (3) 14.4 15.3 15.7 16.2 16.6 16.3 16.4 16.5 16.6 16.7 16.7 22 669.0 1454.8 707.4 1764.6 745.5 1793.3 783.4 1401.4 822.2 1377.1 793.0 1437.6 802.7 1400.4 812.5 1448.5 822.2 1377.1 831.7 1354.5 841.5 1415.4 23 24 (1) Data for state and local government employee retirement funds are shown in table L.120. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. Levels 2010 82 Z.1, September 18, 2015 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Levels 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 69530.6 71141.8 75252.2 81114.9 85026.1 82143.6 83509.8 83964.3 85026.1 85871.2 86172.1 1 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 37.0 5.2 43.5 105.9 1019.6 36.8 5.2 44.2 42.9 1622.6 35.8 5.2 44.8 43.3 1561.7 34.6 5.2 45.5 33.7 2321.8 32.0 5.2 46.3 24.1 2453.3 34.8 5.2 45.7 19.4 2508.6 34.9 5.2 46.0 26.7 2520.4 33.2 5.2 46.2 23.2 2602.0 32.0 5.2 46.3 24.1 2453.3 30.4 5.2 46.7 24.4 2504.4 30.7 5.2 46.9 22.1 2310.5 2 3 4 5 6 7 8 9 10 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 326.9 640.1 828.9 2623.6 364.1 592.4 765.1 2738.2 374.0 619.7 682.7 3113.0 369.9 701.6 629.2 2733.3 350.4 715.4 650.4 2779.2 342.1 708.6 609.6 2712.8 356.1 716.2 576.4 2807.5 382.7 743.4 586.4 2740.1 350.4 715.4 650.4 2779.2 340.2 722.6 685.1 2758.8 321.2 729.0 676.0 2779.2 7 8 9 10 11 12 13 14 15 16 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 18529.7 763.7 4226.5 5480.1 1786.4 6273.0 19798.0 688.8 5277.2 5594.3 1799.9 6437.7 20984.0 687.5 5640.0 5762.9 1939.1 6954.4 22443.7 721.7 6229.7 6157.7 1948.2 7386.4 23678.1 707.9 6633.2 6526.7 2000.1 7810.1 22756.1 760.6 6370.5 6197.4 1944.2 7483.4 22986.7 770.1 6333.3 6316.7 1948.1 7618.6 23320.2 760.5 6502.8 6378.4 1967.7 7710.8 23678.1 707.9 6633.2 6526.7 2000.1 7810.1 23759.5 720.8 6611.6 6498.2 2021.5 7907.4 23730.2 757.8 6426.5 6504.3 2027.2 8014.4 11 12 13 14 15 16 17 18 19 20 21 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 19193.3 2039.4 1673.0 13313.6 2167.3 18975.1 2217.0 1602.8 13006.0 2149.4 19160.8 2393.8 1772.0 12802.9 2192.0 19591.8 2590.3 1914.0 12822.1 2265.4 20339.4 2910.2 2064.0 12985.3 2379.8 19582.8 2647.0 1900.4 12802.5 2232.9 19848.0 2739.9 1993.0 12829.4 2285.7 20038.8 2785.7 2031.4 12897.2 2324.4 20339.4 2910.2 2064.0 12985.3 2379.8 20357.4 2988.1 2028.7 12995.2 2345.5 20654.2 3076.8 2076.1 13096.3 2405.1 17 18 19 20 21 22 23 Corporate equities Mutual fund shares 11398.9 2738.7 10796.4 2647.5 12321.2 2951.6 15608.2 3590.9 16764.9 3859.7 15828.4 3665.0 16472.9 3789.6 16249.0 3766.2 16764.9 3859.7 17167.8 3929.4 17186.1 3963.5 22 23 24 25 26 Trade receivables Life insurance reserves U.S. direct investment abroad 135.6 141.1 870.7 134.8 153.0 840.3 133.2 172.9 883.2 131.0 183.7 892.8 132.1 194.6 884.2 134.4 186.3 905.7 137.8 189.1 910.5 134.4 191.6 920.5 132.1 194.6 884.2 137.4 197.0 889.2 140.6 200.1 907.2 24 25 26 27 Miscellaneous assets 10891.9 11585.1 12165.2 11797.9 12116.9 12098.2 12086.0 12181.5 12116.9 12315.8 12469.3 27 66198.6 67740.8 71353.0 76717.0 80329.5 77741.7 78944.1 79363.9 80329.5 81062.2 81281.0 28 2 3 4 5 6 28 Total financial assets 2011 Total liabilities 29 Net interbank liabilities 1068.5 1889.0 1683.8 2812.9 2865.3 3089.7 3118.9 3189.2 2865.3 2905.8 2672.1 29 30 31 32 33 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 2359.8 8548.1 2755.4 2934.2 2594.3 8952.2 2642.5 3118.5 2853.8 9463.7 2649.6 3327.1 3186.5 9872.9 2678.5 2943.0 3537.5 10448.7 2688.1 2949.3 3183.8 10075.7 2592.5 2956.2 3295.7 10139.3 2522.4 3046.4 3356.9 10264.8 2565.4 2914.8 3537.5 10448.7 2688.1 2949.3 3441.3 10683.3 2609.9 2952.5 3645.1 10631.5 2579.5 2908.2 30 31 32 33 34 35 36 37 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 13432.9 576.0 7574.0 5282.9 13032.8 507.9 7552.1 4972.8 12849.1 449.1 7529.7 4870.3 12890.0 400.2 7769.7 4720.2 13041.3 363.6 7920.2 4757.4 12807.7 398.2 7697.1 4712.4 12872.2 384.5 7750.6 4737.1 12953.4 396.9 7809.8 4746.7 13041.3 363.6 7920.2 4757.4 12996.2 349.8 7877.1 4769.2 13055.9 374.9 7931.7 4749.3 34 35 36 37 38 39 40 41 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 1786.3 411.8 1198.4 176.1 1798.9 470.1 1139.2 189.5 1781.4 413.4 1173.6 194.4 1957.3 444.8 1310.4 202.2 2119.8 459.0 1437.0 223.8 1999.5 447.1 1347.1 205.3 2027.0 420.6 1399.5 206.9 2083.4 435.5 1434.6 213.3 2119.8 459.0 1437.0 223.8 2101.2 463.6 1409.5 228.1 2139.8 474.6 1434.1 231.1 38 39 40 41 42 Mutual fund shares 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12989.6 13148.6 42 43 44 45 Trade payables Life insurance reserves Pension entitlements 18.1 1229.9 17024.5 14.3 1302.3 17441.1 14.2 1309.0 18481.7 14.5 1366.3 19932.0 17.9 1426.1 20762.7 14.8 1378.4 20123.2 17.8 1395.2 20419.3 19.9 1403.9 20477.7 17.9 1426.1 20762.7 19.2 1451.1 20977.1 23.6 1460.7 21091.6 43 44 45 46 47 Taxes payable Foreign direct investment in U.S. -88.9 489.6 -78.0 561.9 -76.8 582.8 -59.1 563.3 -43.2 588.3 -47.4 566.7 -40.5 569.7 -43.0 575.0 -43.2 588.3 -34.4 595.1 -47.7 597.6 46 47 48 Miscellaneous liabilities 6767.3 6600.1 7107.4 7014.5 7324.1 7101.6 7186.1 7258.9 7324.1 7374.4 7374.4 48 4295.7 15.9 4069.7 11.9 4931.6 17.3 6466.4 15.9 7280.0 17.5 6591.1 16.8 6802.4 16.8 6809.6 17.4 7280.0 17.5 7392.2 17.2 7460.9 16.6 49 50 Memo: 49 50 Market value of corporate equities Equity in noncorporate business (1) Sum of financial sectors shown on tables L.109 through L.131. 83 Z.1, September 18, 2015 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2451.7 2945.2 2955.0 4073.8 4555.4 4290.4 4429.7 4507.6 4555.4 4538.9 4536.5 1 2 3 4 U.S. official reserve assets SDR certificates Treasury currency 37.0 5.2 43.5 36.8 5.2 44.2 35.8 5.2 44.8 34.6 5.2 45.5 32.0 5.2 46.3 34.8 5.2 45.7 34.9 5.2 46.0 33.2 5.2 46.2 32.0 5.2 46.3 30.4 5.2 46.7 30.7 5.2 46.9 2 3 4 5 Federal Reserve float (2) -1.4 -0.6 -0.5 -1.0 -0.6 -0.5 -0.5 -0.9 -0.6 -0.7 -0.4 5 6 7 8 Interbank loans (2) Discount window (3) AMLF (4) 0.2 0.2 0.0 0.2 0.2 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 0.3 0.3 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.2 0.2 0.0 6 7 8 9 Security repurchase agreements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 2161.1 0.0 1021.5 18.4 1003.1 1139.6 992.1 147.5 2605.1 0.0 1663.4 18.4 1645.0 941.7 837.7 104.0 2669.6 0.0 1666.1 0.0 1666.1 1003.4 926.7 76.8 3756.2 0.0 2208.8 0.0 2208.8 1547.4 1490.2 57.2 4236.9 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 3970.1 0.0 2319.6 0.0 2319.6 1650.5 1603.1 47.3 4108.1 0.0 2400.6 0.0 2400.6 1707.6 1663.9 43.7 4188.2 0.0 2451.7 0.0 2451.7 1736.4 1696.4 40.0 4236.9 0.0 2461.4 0.0 2461.4 1775.5 1736.8 38.7 4228.4 0.0 2459.6 0.0 2459.6 1768.8 1731.9 36.9 4228.9 0.0 2461.0 0.0 2461.0 1768.0 1732.1 35.9 10 11 12 13 14 15 16 17 10 11 12 13 14 15 16 17 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities 18 19 20 21 22 Loans (depository institution loans n.e.c.) Households (TALF) (5) Brokers and dealers (6) Funding corporations (7) Rest of the world 98.1 24.7 0.0 73.4 0.0 30.5 9.0 0.0 21.5 0.0 0.6 0.6 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18 19 20 21 22 23 Corporate equities (8) 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 25 26 Miscellaneous assets Nonofficial foreign currencies (9) Other 81.6 0.1 81.5 223.9 99.8 124.0 199.5 8.9 190.6 233.1 0.3 232.8 235.5 1.5 233.9 235.0 0.4 234.6 235.8 0.1 235.6 235.4 0.2 235.2 235.5 1.5 233.9 228.9 0.8 228.1 224.9 0.6 224.3 24 25 26 2425.1 2918.3 2927.6 4046.3 4526.8 4262.3 4401.5 4479.4 4526.8 4510.0 4507.3 27 968.1 52.7 1562.3 60.8 1491.0 71.1 2249.1 73.6 2378.0 75.7 2444.3 64.8 2455.8 64.9 2537.8 64.7 2378.0 75.7 2437.3 67.8 2242.5 68.3 28 29 1287.8 1165.7 1224.6 1364.1 1516.4 1364.4 1374.2 1416.4 1516.4 1417.7 1588.3 30 27 Total liabilities 28 29 Depository institution reserves Vault cash of depository institutions 30 Checkable deposits and currency 31 32 33 34 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account 340.9 0.2 140.8 200.0 85.9 0.1 85.7 0.0 92.9 0.2 92.7 0.0 162.6 0.2 162.4 0.0 223.7 0.2 223.5 0.0 142.5 0.3 142.2 0.0 139.4 0.1 139.3 0.0 158.5 0.2 158.3 0.0 223.7 0.2 223.5 0.0 100.3 0.2 100.1 0.0 254.4 0.1 254.3 0.0 31 32 33 34 35 36 37 Due to rest of the world Due to government-sponsored enterprises Currency outside banks 3.4 13.5 930.0 0.2 64.6 1015.0 6.5 27.2 1098.1 8.0 25.9 1167.6 5.3 20.2 1267.3 7.0 10.8 1204.1 6.0 11.2 1217.6 5.3 26.9 1225.7 5.3 20.2 1267.3 5.2 20.9 1291.3 5.3 28.2 1300.3 35 36 37 38 39 40 Security repurchase agreements Reverse repurchase agreement operations (10) Other 59.7 0.0 59.7 99.9 0.0 99.9 107.2 0.0 107.2 315.9 197.8 118.2 509.8 396.7 113.1 341.0 242.1 99.0 456.5 339.5 117.0 410.1 300.0 110.1 509.8 396.7 113.1 536.9 378.5 158.4 558.2 392.6 165.6 38 39 40 41 42 43 Miscellaneous liabilities Federal Reserve Bank stock Other 56.9 26.5 30.4 29.7 26.9 2.8 33.7 27.4 6.3 43.5 27.5 16.0 47.0 28.6 18.4 47.8 28.1 19.8 50.0 28.2 21.9 50.3 28.2 22.2 47.0 28.6 18.4 50.4 28.8 21.6 50.1 29.1 21.0 41 42 43 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Shown on table L.203. (3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit. (4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). (5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the AMLF. (7) Includes loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, AIG, Maiden Lane III LLC, and the Commercial Paper Funding Facility LLC. (8) 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. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). Levels 2010 84 Z.1, September 18, 2015 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Levels 2 3 4 Total financial assets Vault cash Reserves at Federal Reserve Federal funds and security repos 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 13697.4 14580.2 14985.6 15920.5 16897.9 16229.3 16521.1 16763.4 16897.9 17140.3 17166.4 1 52.7 968.1 356.1 60.8 1562.3 378.6 71.1 1491.0 490.6 73.6 2249.1 392.6 75.7 2378.0 403.2 64.8 2444.3 402.2 64.9 2455.8 430.7 64.7 2537.8 414.8 75.7 2378.0 403.2 67.8 2437.3 414.9 68.3 2242.5 419.5 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 3070.7 0.0 299.6 1718.1 257.1 795.9 3208.7 0.0 252.9 1851.7 303.9 800.2 3399.1 0.0 339.5 1901.3 371.9 786.3 3445.3 0.0 304.4 1943.8 427.0 770.2 3662.1 0.0 499.8 1970.0 458.0 734.2 3498.9 0.0 351.8 1957.3 433.2 756.7 3540.0 0.0 385.4 1959.7 437.6 757.4 3602.4 0.0 446.9 1974.0 448.0 733.5 3662.1 0.0 499.8 1970.0 458.0 734.2 3728.8 0.0 501.4 2025.8 471.9 729.7 3752.6 0.0 506.2 2057.6 483.4 705.4 5 6 7 8 9 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 7936.4 1941.4 0.0 4583.0 1412.0 8038.3 2186.5 0.0 4436.2 1415.6 8278.0 2393.3 0.0 4422.4 1462.3 8519.5 2590.2 0.0 4392.1 1537.1 9087.2 2910.2 0.0 4531.1 1645.9 8568.6 2647.0 0.0 4405.9 1515.7 8769.7 2739.9 0.0 4462.2 1567.7 8875.2 2785.7 0.0 4490.7 1598.7 9087.2 2910.2 0.0 4531.1 1645.9 9174.0 2988.1 0.0 4566.1 1619.9 9382.4 3076.8 0.0 4632.8 1672.8 11 12 13 14 15 16 17 Corporate equities Mutual fund shares 73.6 46.5 67.4 43.5 71.3 48.1 101.3 60.1 108.5 61.8 102.6 63.0 109.2 66.8 105.4 61.9 108.5 61.8 109.0 61.4 108.1 62.0 16 17 18 Life insurance reserves 116.0 125.5 138.0 143.8 149.6 145.2 146.7 147.9 149.6 150.9 153.1 18 19 20 U.S. direct investment abroad Miscellaneous assets 280.1 797.2 272.5 822.8 277.0 721.4 268.5 666.7 252.9 718.8 270.5 669.2 272.3 664.9 275.4 677.9 252.9 718.8 254.1 742.0 256.2 721.7 19 20 13946.6 14909.1 15539.3 16429.0 17535.2 16814.7 17126.5 17349.1 17535.2 17717.7 17715.2 21 47.8 266.0 121.7 490.2 411.6 580.6 598.1 586.7 411.6 400.7 361.4 22 21 Total liabilities 22 Net interbank liabilities 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 1072.0 6624.9 1923.2 1428.6 7202.2 1750.0 1629.2 7803.9 1659.9 1822.3 8110.8 1762.0 2021.2 8475.8 1972.9 1819.4 8265.3 1810.4 1921.5 8290.7 1848.6 1940.5 8431.3 1833.5 2021.2 8475.8 1972.9 2023.6 8762.6 1920.7 2056.8 8711.7 1919.8 23 24 25 26 Federal funds and security repos 734.0 706.9 674.9 582.1 607.5 639.7 638.4 625.3 607.5 598.6 601.0 26 27 28 29 Debt securities Open market paper Corporate bonds 490.1 113.0 377.1 500.1 120.6 379.4 383.4 87.5 295.9 280.7 59.7 221.0 263.5 54.5 209.0 272.6 58.4 214.2 267.7 56.0 211.7 263.4 54.7 208.7 263.5 54.5 209.0 243.6 49.0 194.6 244.7 50.1 194.5 27 28 29 30 Loans (other loans and advances) 418.9 356.4 362.0 433.2 493.9 417.2 467.2 473.0 493.9 461.2 508.2 30 31 32 Taxes payable (net) Foreign direct investment in U.S. -59.6 120.0 -49.1 176.6 -47.6 207.7 -47.4 215.9 -32.3 219.3 -39.7 215.8 -32.4 216.2 -35.3 214.5 -32.3 219.3 -27.5 217.7 -34.4 217.9 31 32 33 34 35 36 Miscellaneous liabilities Investment by holding companies Investment by funding corporations Other 2575.3 1632.8 171.6 770.9 2571.3 1709.0 137.8 724.5 2744.2 1889.2 126.0 729.0 2779.3 1937.2 123.5 718.5 3101.9 2133.2 103.2 865.5 2833.2 1982.1 123.9 727.3 2910.5 2032.2 120.8 757.5 3016.2 2059.2 127.8 829.1 3101.9 2133.2 103.2 865.5 3116.4 2112.8 96.2 907.4 3128.1 2142.0 109.1 877.0 33 34 35 36 6.2 6.0 6.5 7.9 8.6 8.1 8.3 8.6 8.6 8.6 8.6 37 Memo: 37 Consumer leases not included above (2) (1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. 85 Z.1, September 18, 2015 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total financial assets Vault cash Reserves at Federal Reserve Federal funds and security repos 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 11473.5 11839.5 12218.4 12795.4 13646.6 12891.5 13141.5 13365.9 13646.6 13868.0 13854.6 1 52.7 575.8 267.6 60.8 798.7 242.6 71.1 798.5 302.7 73.6 1252.9 215.4 75.6 1443.6 185.0 64.8 1311.3 201.8 64.9 1339.8 202.5 64.7 1411.1 196.0 75.6 1443.6 185.0 67.8 1505.4 215.1 68.3 1305.8 208.9 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Priv. residential mortgage pass-through securities Priv. commercial mortgage pass-through securities Priv. residential CMOs and other structured MBS Priv. commercial CMOs and other structured MBS Other 2549.8 0.0 217.5 1527.2 835.3 3.3 393.4 3.6 291.5 254.6 550.5 6.5 11.4 132.3 24.7 375.6 2658.2 0.0 173.9 1634.1 899.1 8.2 473.8 13.4 239.6 297.3 553.0 3.5 8.9 110.4 27.4 402.9 2821.8 0.0 243.2 1669.6 912.8 21.7 454.6 42.9 237.7 365.0 544.0 18.7 9.3 88.4 32.7 394.9 2912.4 0.0 217.1 1717.3 953.5 30.3 431.0 66.8 235.7 418.9 559.2 28.7 8.0 73.7 37.3 411.4 3153.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 451.5 521.7 22.7 5.6 68.2 42.7 382.6 2960.2 0.0 263.8 1731.0 959.1 32.0 442.2 70.0 227.7 425.2 540.2 27.8 6.4 68.9 38.8 398.3 3004.3 0.0 297.7 1735.9 961.9 37.6 440.7 72.7 223.1 429.9 540.7 25.6 6.9 73.2 37.5 397.6 3077.8 0.0 359.0 1758.2 975.2 41.4 444.2 76.5 220.9 440.4 520.1 23.7 5.8 70.3 39.2 381.0 3153.9 0.0 420.4 1760.3 979.7 42.4 444.0 81.4 212.7 451.5 521.7 22.7 5.6 68.2 42.7 382.6 3223.9 0.0 421.3 1815.0 1024.3 45.9 448.8 83.6 212.3 465.2 522.4 21.2 5.1 65.4 46.0 384.7 3262.7 0.0 424.2 1845.4 1058.7 49.4 442.0 85.7 209.6 476.6 516.5 19.5 3.7 63.6 48.1 381.5 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 6829.9 1449.5 0.0 4194.9 1185.5 6867.4 1625.3 0.0 4049.6 1192.6 7089.5 1842.0 0.0 4028.8 1218.6 7241.4 1986.4 0.0 3983.5 1271.6 7670.0 2236.2 0.0 4090.7 1343.1 7265.8 2027.9 0.0 3991.3 1246.5 7435.1 2111.8 0.0 4039.0 1284.2 7510.4 2147.1 0.0 4057.9 1305.4 7670.0 2236.2 0.0 4090.7 1343.1 7722.7 2286.8 0.0 4123.8 1312.1 7889.9 2360.0 0.0 4180.2 1349.6 21 22 23 24 25 26 27 Corporate equities Mutual fund shares 73.6 45.0 67.4 41.7 71.3 45.8 101.3 57.9 108.5 59.7 102.6 60.8 109.2 64.7 105.4 59.8 108.5 59.7 109.0 59.4 108.1 59.9 26 27 28 29 Life insurance reserves U.S. direct investment abroad 116.0 280.1 125.5 272.5 138.0 277.0 143.8 268.5 149.6 252.9 145.2 270.5 146.7 272.3 147.9 275.4 149.6 252.9 150.9 254.1 153.1 256.2 28 29 30 Miscellaneous assets 683.0 704.8 602.8 528.1 547.7 508.5 502.2 517.5 547.7 559.6 541.6 30 31 11709.0 12156.0 12719.7 13295.4 14284.0 13437.8 13712.2 13939.5 14284.0 14460.0 14411.4 31 32 33 34 35 36 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 428.3 -1.4 0.2 21.3 408.2 164.9 -0.6 0.2 62.1 103.3 36.7 -0.5 0.1 18.7 18.5 227.8 -1.0 0.1 57.2 171.4 282.0 -0.6 0.1 12.0 270.4 213.4 -0.5 0.0 29.0 185.0 227.6 -0.5 0.2 26.2 201.7 329.7 -0.9 0.3 55.0 275.3 282.0 -0.6 0.1 12.0 270.4 300.2 -0.7 0.0 4.1 296.8 199.5 -0.4 0.2 -5.3 205.0 32 33 34 35 36 37 38 39 40 Checkable deposits Federal government Private domestic Rest of the world 941.1 3.6 907.0 30.4 1260.5 1.0 1203.5 56.1 1431.7 1.3 1378.5 51.8 1579.8 1.6 1527.1 51.2 1716.1 2.5 1660.2 53.4 1558.5 1.7 1504.0 52.8 1649.1 1.8 1591.1 56.2 1670.1 2.1 1615.5 52.5 1716.1 2.5 1660.2 53.4 1698.6 2.5 1643.8 52.4 1717.0 2.3 1667.4 47.3 37 38 39 40 41 42 43 Small time and savings deposits Large time deposits Federal funds and security repos 5888.6 896.1 484.0 6425.7 882.9 402.5 6979.2 803.0 349.9 7236.0 826.9 269.4 7579.8 929.3 236.2 7375.8 815.4 283.2 7397.2 847.4 271.9 7537.5 745.9 249.9 7579.8 929.3 236.2 7802.9 924.2 228.7 7781.0 919.9 226.2 41 42 43 44 45 46 Debt securities Open market paper Corporate bonds 490.1 113.0 377.1 500.1 120.6 379.4 383.4 87.5 295.9 280.7 59.7 221.0 263.5 54.5 209.0 272.6 58.4 214.2 267.7 56.0 211.7 263.4 54.7 208.7 263.5 54.5 209.0 243.6 49.0 194.6 244.7 50.1 194.5 44 45 46 47 Loans (other loans and advances) 392.8 332.3 336.9 406.2 458.5 389.8 437.3 439.9 458.5 426.3 468.3 47 48 Taxes payable (net) -59.6 -49.1 -47.6 -47.4 -32.3 -39.7 -32.4 -35.3 -32.3 -27.5 -34.4 48 49 50 51 Miscellaneous liabilities Investment by holding companies Other 2247.6 1632.8 614.7 2236.1 1709.0 527.1 2446.4 1889.2 557.2 2516.2 1937.2 578.9 2851.0 2133.2 717.8 2568.6 1982.1 586.6 2646.5 2032.2 614.3 2738.3 2059.2 679.1 2851.0 2133.2 717.8 2863.0 2112.8 750.3 2889.2 2142.0 747.2 49 50 51 6.2 6.0 6.5 7.9 8.6 8.1 8.3 8.6 8.6 8.6 8.6 52 Memo: 52 Consumer leases not included above (1) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. Levels 2010 86 Z.1, September 18, 2015 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1268.3 1736.4 1720.6 2037.1 2093.4 2215.9 2251.4 2265.3 2093.4 2082.2 2105.8 1 0.0 350.8 88.4 0.0 711.0 120.1 0.0 638.8 178.3 0.0 948.0 177.1 0.0 888.8 218.1 0.0 1071.0 200.3 0.1 1068.6 228.2 0.0 1087.8 218.7 0.0 888.8 218.1 0.0 872.3 199.8 0.0 886.7 210.5 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 325.6 0.0 60.9 26.5 0.0 238.2 327.8 0.0 60.5 30.6 0.0 236.7 339.2 0.0 76.6 32.1 0.0 230.5 288.8 0.0 67.0 25.4 0.0 196.4 274.3 0.0 56.5 20.5 0.0 197.3 289.3 0.0 66.3 22.5 0.0 200.5 287.3 0.0 65.6 20.9 0.0 200.8 279.7 0.0 60.4 20.5 0.0 198.9 274.3 0.0 56.5 20.5 0.0 197.3 265.8 0.0 55.7 19.3 0.0 190.8 253.3 0.0 57.3 23.3 0.0 172.8 5 6 7 8 9 10 11 12 13 14 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 474.3 438.9 0.0 35.4 533.4 500.6 0.0 32.8 520.5 489.6 0.0 30.9 566.2 535.9 0.0 30.3 640.9 603.3 0.0 37.6 584.2 552.0 0.0 32.2 595.3 561.1 0.0 34.2 604.8 569.4 0.0 35.5 640.9 603.3 0.0 37.6 668.5 631.1 0.0 37.4 685.4 644.4 0.0 41.0 11 12 13 14 15 Corporate equities 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 Miscellaneous assets 29.2 44.2 43.9 57.0 71.3 71.0 72.0 74.2 71.3 75.8 69.9 16 1351.5 1851.1 1878.9 2146.2 2205.2 2358.8 2392.7 2385.7 2205.2 2182.2 2213.4 17 -347.1 -384.0 36.9 157.5 134.8 22.7 155.6 83.6 72.0 330.6 242.8 87.8 197.8 174.5 23.3 436.5 346.3 90.2 441.5 358.1 83.4 323.8 298.6 25.3 197.8 174.5 23.3 168.3 140.4 27.9 230.2 203.4 26.9 18 19 20 17 Levels 2012 Vault cash Reserves at Federal Reserve Federal funds and security repos 2 3 4 Total financial assets 2011 Total liabilities 18 19 20 Net interbank liabilities To foreign banks To domestic banks 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 21.9 35.7 977.7 45.6 48.9 814.6 61.8 62.7 798.4 92.6 90.4 869.5 137.8 84.5 971.8 101.7 84.5 927.8 114.2 87.3 934.4 114.2 89.7 1019.8 137.8 84.5 971.8 149.4 126.4 924.7 161.2 88.8 926.3 21 22 23 24 Federal funds and security repos 250.0 304.4 325.0 312.7 371.3 356.5 366.5 375.4 371.3 369.9 374.8 24 25 Debt securities (open market paper) (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 26 Foreign direct investment in U.S. 120.0 176.6 207.7 215.9 219.3 215.8 216.2 214.5 219.3 217.7 217.9 26 27 28 29 Miscellaneous liabilities Investment by funding corporations Other 293.3 171.6 121.7 303.4 137.8 165.6 267.8 126.0 141.7 234.6 123.5 111.1 222.8 103.2 119.6 236.0 123.9 112.1 232.6 120.8 111.8 248.4 127.8 120.5 222.8 103.2 119.6 225.7 96.2 129.4 214.2 109.1 105.1 27 28 29 (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4). (2) Bankers’ acceptances. 87 Z.1, September 18, 2015 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 1 2015 Q3 Q4 Q1 Q2 79.9 75.8 75.8 84.7 91.9 81.5 83.9 81.0 91.9 85.8 90.9 1 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 17.0 1.1 12.8 2.5 0.6 13.5 1.0 4.8 3.4 4.2 10.9 0.4 2.6 2.6 5.2 12.4 1.2 1.9 3.6 5.8 11.1 1.3 1.7 2.7 5.3 12.9 1.3 1.8 3.4 6.4 11.6 0.8 1.8 2.7 6.3 11.4 1.3 1.8 2.6 5.7 11.1 1.3 1.7 2.7 5.3 11.1 1.5 1.5 2.7 5.4 11.4 1.8 1.8 2.5 5.3 2 3 4 5 6 7 8 9 10 Loans Depository institution loans n.e.c. Home mortgages Commercial mortgages 51.9 16.1 20.1 15.7 50.5 17.1 17.8 15.6 53.0 18.1 20.0 14.9 51.8 19.4 18.9 13.5 47.4 17.1 17.4 13.0 51.2 19.2 18.4 13.6 49.9 18.1 18.3 13.5 48.3 17.4 17.6 13.3 47.4 17.1 17.4 13.0 43.4 15.6 16.5 11.3 42.6 15.5 16.3 10.8 7 8 9 10 11 Miscellaneous assets 11.0 11.8 12.0 20.5 33.4 17.4 22.5 21.3 33.4 31.3 36.9 11 2 3 4 5 6 12 Total financial assets Q2 75.2 72.1 72.0 80.5 87.6 78.0 80.8 77.1 87.6 82.3 87.8 12 13 14 15 16 Total liabilities Net interbank liabilities Checkable deposits Small time and savings deposits Large time deposits -3.3 16.6 19.3 19.3 -4.6 19.4 18.9 18.9 -4.9 21.9 18.8 18.8 -4.7 28.2 21.4 21.4 -5.3 33.4 23.4 23.4 -5.5 27.3 20.7 20.7 -5.8 28.6 21.4 21.4 -5.2 27.8 20.9 20.9 -5.3 33.4 23.4 23.4 -5.7 33.0 21.6 21.6 -6.2 35.8 22.8 22.8 13 14 15 16 17 Miscellaneous liabilities 23.3 19.4 17.3 14.3 12.7 14.8 15.3 12.6 12.7 11.8 12.6 17 Levels (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. L.114 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 875.7 928.5 970.8 1003.3 1065.9 1040.4 1044.3 1051.2 1065.9 1104.4 1115.1 1 41.5 0.0 52.6 15.9 53.8 9.7 48.1 0.1 45.7 0.0 62.0 0.2 47.5 0.1 39.0 0.0 45.7 0.0 59.6 0.0 49.9 0.0 2 3 2 3 Reserves at Federal Reserve Federal funds and security repos 4 5 6 7 8 9 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 178.3 0.0 20.1 151.5 0.0 6.6 209.2 0.0 17.6 182.1 3.2 6.3 227.2 0.0 19.3 197.0 4.2 6.7 231.7 0.0 19.1 199.2 4.6 8.9 222.8 0.0 21.6 187.5 3.8 9.9 236.4 0.0 20.4 202.0 4.5 9.5 236.8 0.0 21.3 201.0 4.9 9.6 233.6 0.0 26.2 193.6 5.0 8.8 222.8 0.0 21.6 187.5 3.8 9.9 228.1 0.0 22.9 190.1 3.9 11.1 225.1 0.0 22.9 187.1 4.3 10.9 4 5 6 7 8 9 10 11 12 13 Loans Depository institution loans n.e.c. Home mortgages Consumer credit 580.3 36.9 317.0 226.5 587.0 43.5 320.5 223.0 615.1 43.6 327.8 243.6 660.1 48.7 345.9 265.6 728.9 53.7 372.5 302.8 667.4 47.9 350.4 269.2 689.5 48.9 357.2 283.5 711.6 51.9 366.5 293.3 728.9 53.7 372.5 302.8 739.4 54.6 377.1 307.7 764.6 56.8 384.6 323.2 10 11 12 13 14 15 Mutual fund shares Miscellaneous assets 1.5 74.1 1.9 61.9 2.3 62.7 2.2 61.1 2.1 66.4 2.2 72.2 2.1 68.3 2.1 65.0 2.1 66.4 2.0 75.3 2.1 73.3 14 15 16 810.9 830.0 868.7 906.9 958.4 940.1 940.8 946.8 958.4 993.3 1002.6 16 17 Total liabilities Net interbank liabilities -30.0 -51.9 -65.7 -63.5 -62.8 -63.8 -65.1 -61.7 -62.8 -62.0 -62.1 17 18 19 20 21 Shares/deposits Checkable Small time and savings Large time 803.8 92.4 681.3 30.1 845.3 103.1 708.7 33.5 896.6 113.9 743.1 39.7 929.2 121.7 763.1 44.3 970.4 133.9 788.1 48.4 962.7 131.9 784.3 46.5 959.8 129.6 784.8 45.4 958.5 128.4 783.3 46.8 970.4 133.9 788.1 48.4 1004.5 142.6 811.7 50.2 1012.7 142.8 819.2 50.7 18 19 20 21 22 23 Federal funds and security repos Loans (other loans and advances) 0.0 26.1 0.0 24.2 0.0 25.1 0.0 27.0 0.0 35.4 0.0 27.4 0.0 30.0 0.0 33.1 0.0 35.4 0.0 34.9 0.0 39.9 22 23 24 Miscellaneous liabilities 11.1 12.4 12.7 14.2 15.4 13.8 16.1 16.9 15.4 15.9 12.1 24 88 Z.1, September 18, 2015 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 Loans (commercial mortgages) 12 13 Corporate equities Mutual fund shares 14 15 Trade receivables U.S. direct investment abroad 16 Levels Total financial assets Total liabilities 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1360.5 1380.6 1442.6 1536.1 1580.0 1542.9 1560.5 1574.6 1580.0 1577.6 1579.0 1 32.6 25.6 3.8 24.1 20.0 2.4 36.4 22.3 1.7 29.7 20.1 1.7 35.6 18.3 1.6 33.4 17.7 1.8 34.8 19.0 1.6 35.7 19.4 1.7 35.6 18.3 1.6 35.4 18.2 1.7 30.4 18.0 1.6 2 3 4 886.4 7.9 91.7 115.8 348.4 322.6 921.9 8.8 96.4 122.7 331.0 363.1 922.2 7.4 89.7 114.3 328.1 382.7 950.8 8.1 96.1 109.5 326.4 410.8 964.6 7.9 102.0 105.2 321.7 427.7 946.8 7.2 94.7 107.9 323.8 413.2 949.9 7.9 98.1 106.5 321.5 415.9 959.9 8.2 101.2 106.0 322.1 422.4 964.6 7.9 102.0 105.2 321.7 427.7 960.3 7.9 101.6 104.8 320.3 425.8 963.8 7.8 101.5 105.2 321.6 427.7 5 6 7 8 9 10 4.1 4.9 5.6 7.9 9.9 8.3 8.8 9.3 9.9 10.4 10.9 11 214.8 10.2 220.8 9.1 252.2 11.8 310.4 14.8 325.4 16.8 312.8 15.3 318.6 16.0 319.1 16.2 325.4 16.8 320.3 17.5 316.5 18.2 12 13 83.8 99.1 87.2 90.2 92.0 98.5 95.2 105.5 100.8 107.1 100.1 106.9 103.9 107.9 103.4 110.0 100.8 107.1 106.1 107.6 109.3 110.3 14 15 823.2 858.8 862.8 867.0 887.1 868.4 875.4 885.2 887.1 884.1 887.6 16 1.5 -10.1 3.1 -14.5 2.1 -10.8 1.5 8.4 1.0 10.3 1.1 10.2 1.3 9.5 1.1 10.2 1.0 10.3 1.1 10.6 1.1 5.9 17 18 17 18 Security repurchase agreements Taxes payable (net) 19 Foreign direct investment in U.S. 70.7 73.9 58.1 44.1 47.9 43.1 42.1 44.6 47.9 47.3 47.1 19 20 21 22 Miscellaneous liabilities Investment by parent companies Policy payables 761.2 0.0 761.2 796.4 0.0 796.4 813.4 11.2 802.1 813.1 5.2 807.8 827.8 5.3 822.5 814.0 4.7 809.3 822.6 5.1 817.4 829.3 5.1 824.2 827.8 5.3 822.5 825.0 3.9 821.1 833.4 4.6 828.8 20 21 22 89 Z.1, September 18, 2015 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages 14 15 Corporate equities Mutual fund shares 16 U.S. direct investment abroad 17 18 19 20 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other 21 Total liabilities 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 5167.8 5340.1 5614.7 5977.3 6227.1 6049.2 6144.7 6144.5 6227.1 6316.8 6301.8 1 51.7 21.0 10.9 53.7 28.8 6.1 56.4 27.5 8.2 47.2 21.6 2.9 50.8 27.7 3.4 50.7 21.3 6.0 49.2 21.0 6.5 52.9 22.6 6.7 50.8 27.7 3.4 50.3 26.6 5.6 43.2 24.7 5.5 2 3 4 2716.0 40.9 156.6 376.0 112.3 2030.2 2818.5 29.7 175.4 374.4 121.8 2117.3 2879.1 43.6 180.9 360.9 131.5 2162.2 2934.2 46.7 168.6 354.1 141.6 2223.0 3004.3 42.2 182.9 339.1 147.8 2292.3 2955.7 43.6 172.0 351.0 142.9 2246.2 2983.9 41.0 175.5 348.4 145.3 2273.7 3000.2 40.3 178.9 344.5 147.0 2289.5 3004.3 42.2 182.9 339.1 147.8 2292.3 3030.0 43.2 193.3 338.6 148.1 2306.8 3046.2 41.8 191.1 342.4 149.0 2321.9 5 6 7 8 9 10 458.2 140.7 317.5 481.1 148.6 332.5 494.8 150.4 344.4 517.1 153.9 363.2 546.6 161.9 384.8 521.4 155.9 365.4 527.6 157.3 370.3 536.3 159.9 376.4 546.6 161.9 384.8 552.5 162.8 389.7 560.5 161.3 399.3 11 12 13 1371.6 186.7 1355.5 184.8 1502.7 201.7 1743.4 235.8 1798.4 246.4 1764.5 238.6 1808.7 245.1 1770.3 242.5 1798.4 246.4 1828.9 248.7 1819.4 249.4 14 15 46.3 54.2 69.1 72.2 72.8 73.0 72.6 73.6 72.8 74.7 76.4 16 305.6 2.9 24.7 278.0 357.4 2.1 24.3 331.0 375.2 2.2 24.9 348.1 403.0 3.2 27.9 371.9 476.6 3.5 29.1 444.0 418.0 3.2 28.9 385.9 430.1 3.4 30.2 396.5 439.4 3.5 29.6 406.3 476.6 3.5 29.1 444.0 499.4 3.7 30.2 465.5 476.4 4.0 31.0 441.4 17 18 19 20 4844.3 5002.2 5248.8 5602.8 5828.1 5666.4 5753.5 5746.4 5828.1 5913.9 5903.6 21 10.3 45.1 12.1 46.8 14.4 51.6 20.9 59.4 21.9 71.8 20.9 61.3 23.2 63.3 22.5 66.8 21.9 71.8 22.1 75.4 22.4 79.9 22 23 1229.9 2344.7 1302.3 2384.5 1309.0 2574.0 1366.3 2843.3 1426.1 2956.9 1378.4 2873.3 1395.2 2912.7 1403.9 2906.8 1426.1 2956.9 1451.1 2986.5 1460.7 2985.2 24 25 22 23 Security repurchase agreements Loans (other loans and advances) 24 25 Life insurance reserves Pension entitlements (2) 26 27 Taxes payable (net) Foreign direct investment in U.S. -28.8 84.3 -23.6 103.6 -28.3 105.3 -30.5 88.1 -32.4 101.4 -29.3 87.6 -29.5 89.9 -30.4 93.9 -32.4 101.4 -29.9 108.4 -31.3 108.8 26 27 28 29 30 31 32 Miscellaneous liabilities Investment by parent companies Other reserves (3) Unallocated insurance contracts Other 1158.9 62.7 290.7 617.5 187.9 1176.5 72.0 305.5 623.4 175.5 1222.8 17.2 303.7 640.0 261.9 1255.4 10.7 304.2 656.1 284.5 1282.5 11.5 310.0 668.1 292.9 1274.1 11.0 307.9 658.6 296.6 1298.6 11.5 311.1 668.6 307.4 1282.9 11.5 311.5 661.3 298.6 1282.5 11.5 310.0 668.1 292.9 1300.2 11.8 313.5 675.7 299.2 1278.0 11.8 314.0 676.6 275.5 28 29 30 31 32 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables L.116.g and L.116.s. (2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 31. (3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. Levels 2010 90 Z.1, September 18, 2015 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 Loans Other loans and advances Mortgages 14 15 Corporate equities Mutual fund shares 16 17 U.S. direct investment abroad Miscellaneous assets 18 Levels Total financial assets Total liabilities 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3335.5 3512.5 3570.3 3657.0 3812.9 3708.5 3734.6 3770.0 3812.9 3792.0 3797.6 1 32.4 21.0 10.9 35.3 28.8 6.1 36.7 27.5 8.2 31.9 21.6 2.9 35.4 27.7 3.4 35.4 21.3 6.0 33.8 21.0 6.5 37.6 22.6 6.7 35.4 27.7 3.4 34.4 26.6 5.6 27.4 24.7 5.5 2 3 4 2439.6 21.2 128.9 283.5 108.3 1897.7 2538.4 8.6 139.2 282.0 117.5 1991.0 2561.3 24.5 140.5 277.1 126.6 1992.6 2610.9 25.9 129.2 270.5 135.7 2049.6 2682.0 19.8 138.3 267.2 141.0 2115.6 2632.9 22.4 131.3 270.4 136.8 2072.0 2661.5 19.4 133.6 270.8 139.0 2098.7 2678.1 18.4 135.8 269.8 140.4 2113.7 2682.0 19.8 138.3 267.2 141.0 2115.6 2667.4 20.1 139.8 263.3 140.3 2103.9 2683.1 18.7 137.5 267.4 141.1 2118.5 5 6 7 8 9 10 447.3 140.2 307.1 471.0 148.1 322.9 486.0 150.0 336.0 506.4 153.6 352.8 534.5 161.5 373.0 510.3 155.6 354.7 516.2 156.9 359.3 524.6 159.5 365.0 534.5 161.5 373.0 527.4 157.6 369.8 535.4 156.1 379.4 11 12 13 74.3 2.6 75.3 3.1 74.0 3.4 76.5 3.7 82.1 3.9 79.1 3.7 83.3 3.8 83.0 3.8 82.1 3.9 82.4 3.9 85.2 3.9 14 15 46.3 261.2 54.2 300.3 69.1 304.1 72.2 330.8 72.8 371.2 73.0 346.7 72.6 335.9 73.6 340.0 72.8 371.2 74.7 369.6 76.4 355.8 16 17 3007.6 3170.3 3198.0 3275.9 3406.8 3318.8 3336.5 3364.9 3406.8 3382.0 3392.3 18 19 20 Security repurchase agreements Loans (other loans and advances) 10.3 45.1 12.1 46.8 14.4 51.6 20.9 59.4 21.9 71.8 20.9 61.3 23.2 63.3 22.5 66.8 21.9 71.8 22.1 75.4 22.4 79.9 19 20 21 22 23 24 Life insurance reserves Pension entitlements (1) Taxes payable (net) Foreign direct investment in U.S. 1001.5 1014.4 -28.8 84.3 1074.5 1049.6 -23.6 103.6 1068.3 1056.7 -28.3 105.3 1096.6 1100.7 -30.5 88.1 1142.7 1143.6 -32.4 101.4 1104.7 1106.4 -29.3 87.6 1115.4 1113.1 -29.5 89.9 1126.8 1129.5 -30.4 93.9 1142.7 1143.6 -32.4 101.4 1128.2 1118.7 -29.9 108.4 1140.4 1132.8 -31.3 108.8 21 22 23 24 25 Miscellaneous liabilities 880.9 907.3 930.1 940.7 957.8 967.1 961.0 955.8 957.8 959.0 939.3 25 2504.3 1 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25). L.116.s Life Insurance Companies: Separate Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 10 11 Loans Other loans and advances Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 18 Miscellaneous assets Total liabilities Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1832.4 1827.6 2044.4 2320.3 2414.2 2340.8 2410.1 2374.5 2414.2 2524.8 19.3 18.4 19.7 15.3 15.4 15.3 15.3 15.4 15.4 15.9 15.8 2 276.4 19.7 27.7 92.4 4.0 132.5 280.1 21.1 36.2 92.4 4.3 126.2 317.8 19.1 40.4 83.8 4.9 169.6 323.2 20.9 39.5 83.6 5.9 173.4 322.3 22.3 44.6 71.9 6.8 176.7 322.8 21.2 40.7 80.6 6.1 174.2 322.4 21.6 41.9 77.6 6.3 175.0 322.0 22.0 43.1 74.7 6.5 175.8 322.3 22.3 44.6 71.9 6.8 176.7 362.7 23.1 53.5 75.3 7.8 202.9 363.1 23.1 53.6 75.0 7.9 203.4 3 4 5 6 7 8 10.9 0.5 10.3 10.1 0.5 9.6 8.8 0.4 8.5 10.7 0.4 10.4 12.1 0.4 11.8 11.1 0.4 10.7 11.4 0.4 11.0 11.8 0.4 11.4 12.1 0.4 11.8 25.1 5.2 19.9 25.1 5.2 19.9 9 10 11 1297.2 184.1 1280.2 181.7 1428.6 198.3 1666.9 232.1 1716.4 242.6 1685.4 234.9 1725.4 241.2 1687.3 238.7 1716.4 242.6 1746.5 244.8 1734.2 245.5 12 13 44.5 57.2 71.1 72.1 105.4 71.3 94.2 99.3 105.4 129.9 120.6 14 1836.6 1831.9 2050.8 2327.0 2421.3 2347.6 2417.0 2381.5 2421.3 2531.9 2511.4 15 228.4 1330.2 278.0 227.8 1334.9 269.2 240.7 1517.3 292.7 269.7 1742.6 314.7 283.4 1813.3 324.6 273.7 1766.9 307.0 279.8 1799.6 337.6 277.1 1777.3 327.1 283.4 1813.3 324.6 322.9 1867.8 341.2 320.3 1852.4 338.7 16 17 18 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 18). 91 Z.1, September 18, 2015 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (2) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 14536.8 14909.3 15747.1 16906.2 17609.9 17063.0 17309.7 17377.5 17609.9 17792.0 17905.3 1 2 3 Checkable deposits and currency Time and savings deposits 16.5 65.5 22.5 69.0 20.8 62.0 20.3 69.4 21.6 73.9 20.4 70.5 22.0 71.8 22.1 72.6 21.6 73.9 22.3 77.7 22.1 80.5 2 3 4 5 Money market fund shares Security repurchase agreements 178.2 5.9 195.5 6.0 174.6 5.5 190.7 6.1 186.9 6.6 186.9 6.2 187.0 6.3 186.7 6.4 186.9 6.6 189.7 7.0 191.4 7.2 4 5 2912.0 80.5 1646.9 354.3 2.2 828.2 3093.2 84.7 1791.1 318.4 1.7 897.3 3293.5 76.2 1920.4 296.8 1.8 998.3 3578.3 85.1 2040.1 292.0 3.1 1158.0 3731.8 91.0 2127.2 276.3 4.2 1233.1 3584.4 87.5 2034.9 287.9 3.1 1171.0 3606.8 88.7 2042.8 288.4 3.1 1183.9 3658.5 90.0 2066.7 283.1 3.4 1215.2 3731.8 91.0 2127.2 276.3 4.2 1233.1 3607.5 96.8 2008.8 266.4 2.7 1232.8 3489.5 100.3 1881.4 261.5 4.1 1242.0 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 38.0 32.9 33.1 31.8 31.7 31.4 32.3 32.5 31.7 28.7 28.4 12 13 14 Corporate equities Mutual fund shares 3855.5 2495.3 3662.7 2410.1 4065.1 2689.9 4887.5 3280.2 5158.5 3534.7 4898.1 3348.1 5024.1 3461.7 4968.8 3445.6 5158.5 3534.7 5274.2 3601.7 5215.1 3634.0 13 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 4969.9 617.5 90.8 3634.2 627.4 5417.5 623.4 93.8 4027.9 672.4 5402.6 640.0 81.4 3977.9 703.3 4842.0 656.1 79.0 3365.2 741.8 4864.3 668.1 77.9 3345.5 772.9 4917.0 658.6 78.3 3425.4 754.9 4897.7 668.6 78.0 3381.7 769.3 4984.3 661.3 78.4 3472.5 772.2 4864.3 668.1 77.9 3345.5 772.9 4983.1 675.7 79.6 3443.3 784.5 5237.3 676.6 79.9 3690.3 790.5 15 16 17 18 19 14679.8 15056.6 15907.7 17088.7 17805.8 17249.9 17506.6 17570.9 17805.8 17990.5 18106.4 20 10172.8 6538.6 3634.2 10563.6 6535.7 4027.9 10907.3 6930.6 3976.7 11196.0 7830.8 3365.2 11505.8 8160.4 3345.5 11273.5 7848.1 3425.4 11351.3 7969.5 3381.7 11428.4 7955.9 3472.5 11505.8 8160.4 3345.5 11582.7 8200.3 3382.3 11659.7 8096.9 3562.8 21 22 23 21456.4 10029.8 4507.0 5029.0 1890.7 22064.8 10416.3 4493.1 5241.0 1914.5 23723.1 10746.7 5000.4 5907.0 2069.0 26177.4 11013.4 5892.7 6966.0 2305.3 27453.8 11309.9 6300.0 7443.0 2400.9 26475.3 11086.6 5976.4 7084.0 2328.3 27005.4 11154.3 6155.4 7325.0 2370.7 27076.3 11234.9 6142.5 7343.0 2355.8 27453.8 11309.9 6300.0 7443.0 2400.9 27822.6 11384.2 6407.9 7600.0 2430.5 ND 11458.5 6446.7 ND ND 24 25 26 27 28 20 Pension entitlements (liabilities) (6) Memo: 21 22 23 24 25 26 27 28 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) (1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Assets of pension plans held at life insurance companies; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo item on table L.227 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 27. Levels 2010 92 Z.1, September 18, 2015 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 6599.4 6713.4 7239.7 8061.0 8442.2 8143.3 8306.9 8300.7 8442.2 8544.0 8582.6 1 2 3 Checkable deposits and currency Time and savings deposits 12.5 31.4 18.1 33.0 16.4 29.1 15.9 34.0 16.4 34.0 15.8 34.3 16.6 34.7 16.4 34.1 16.4 34.0 16.7 34.9 16.6 35.3 2 3 4 5 Money market fund shares Security repurchase agreements 136.4 2.7 152.9 2.7 135.7 2.4 148.4 2.8 138.8 2.8 143.8 2.8 142.5 2.9 141.3 2.8 138.8 2.8 138.7 2.9 137.0 3.0 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 869.2 40.1 206.8 183.9 438.4 947.6 42.6 247.4 174.6 483.0 1092.9 37.7 311.8 176.6 566.8 1182.5 43.6 308.4 171.0 659.5 1205.1 44.6 320.5 160.3 679.7 1189.8 44.5 311.9 167.6 665.8 1197.2 45.0 314.7 166.1 671.3 1206.3 44.5 318.6 163.6 679.6 1205.1 44.6 320.5 160.3 679.7 1219.2 46.4 325.6 158.6 688.7 1221.1 47.1 328.6 155.4 689.9 6 7 8 9 10 11 Loans (mortgages) 26.5 21.9 23.1 22.4 22.5 21.8 22.6 23.3 22.5 21.9 21.2 11 12 13 Corporate equities Mutual fund shares 1848.0 2136.9 1750.9 2117.9 1972.9 2383.8 2349.1 2884.7 2476.6 3105.6 2371.1 2941.8 2435.1 3041.0 2397.3 3026.8 2476.6 3105.6 2505.1 3160.3 2484.0 3183.9 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 1535.7 466.5 90.8 448.6 529.9 1668.4 483.7 93.8 517.7 573.3 1583.4 503.5 81.4 391.0 607.4 1421.4 525.2 79.0 181.7 635.5 1440.3 531.6 77.9 166.3 664.5 1422.2 526.4 78.3 171.2 646.3 1414.2 533.0 78.0 145.3 657.9 1452.3 526.9 78.4 184.8 662.1 1440.3 531.6 77.9 166.3 664.5 1444.2 537.4 79.6 154.8 672.4 1480.7 536.4 79.9 187.4 676.9 14 15 16 17 18 6635.9 6749.9 7276.2 8097.6 8478.7 8179.8 8343.4 8337.2 8478.7 8580.6 8619.2 19 19 Total financial assets (2) 2011 Pension entitlements (liabilities) (5) Memo: 20 21 22 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) 2872.2 2423.6 448.6 2983.7 2466.0 517.7 3055.4 2664.3 391.0 3093.7 2912.0 181.7 3135.8 2969.5 166.3 3104.7 2933.6 171.2 3115.1 2969.8 145.3 3125.3 2940.5 184.8 3135.8 2969.5 166.3 3146.3 2991.5 154.8 3156.8 2969.4 187.4 20 21 22 23 24 Total financial assets (7) Defined benefit plans Defined contribution plans 2835.7 3763.7 2947.1 3766.2 3018.8 4220.8 3057.2 5003.9 3099.3 5342.9 3068.2 5075.1 3078.6 5228.3 3088.8 5211.9 3099.3 5342.9 3109.7 5434.3 3120.2 5462.4 23 24 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c. 93 Z.1, September 18, 2015 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets (1) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2835.7 2947.1 3018.8 3057.2 3099.3 3068.2 3078.6 3088.8 3099.3 3109.7 3120.2 1 2 3 Checkable deposits and currency Time and savings deposits 7.7 27.5 9.5 28.7 8.4 25.4 8.7 29.8 8.8 29.7 8.8 30.1 8.9 30.6 8.7 29.9 8.8 29.7 9.1 30.6 9.2 31.0 2 3 4 5 Money market fund shares Security repurchase agreements 34.7 2.7 34.3 2.7 30.3 2.4 35.7 2.8 34.2 2.8 35.2 2.8 35.7 2.9 34.9 2.8 34.2 2.8 33.7 2.9 32.5 3.0 4 5 596.9 30.2 119.4 119.0 328.3 677.4 31.3 152.4 119.7 374.1 761.3 27.6 188.3 110.6 434.7 835.6 32.5 185.7 104.4 513.0 850.6 33.1 191.2 98.4 527.9 841.2 33.0 186.6 103.4 518.3 844.7 33.4 187.9 102.2 521.2 848.7 32.7 190.3 100.6 525.2 850.6 33.1 191.2 98.4 527.9 858.6 34.0 194.5 97.3 532.8 856.6 34.4 195.8 95.5 530.9 6 7 8 9 10 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 11 Loans (mortgages) 18.2 15.8 15.7 14.6 14.2 13.9 14.4 14.8 14.2 13.8 13.2 11 12 13 Corporate equities Mutual fund shares 1010.7 348.0 929.5 356.2 1048.0 359.1 1165.0 408.0 1196.9 413.9 1174.0 411.2 1193.9 416.8 1170.6 408.7 1196.9 413.9 1204.9 415.8 1191.6 412.2 12 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 789.3 52.8 63.1 448.6 224.8 893.0 64.5 64.8 517.7 246.0 768.2 58.1 52.4 391.0 266.6 557.0 60.7 48.3 181.7 266.3 548.1 62.0 46.4 166.3 273.3 551.0 60.8 47.8 171.2 271.3 530.7 61.9 47.7 145.3 275.8 569.6 61.7 47.1 184.8 276.0 548.1 62.0 46.4 166.3 273.3 540.4 63.0 47.5 154.8 275.2 571.0 61.5 47.9 187.4 274.2 14 15 16 17 18 2872.2 2983.7 3055.4 3093.7 3135.8 3104.7 3115.1 3125.3 3135.8 3146.3 3156.8 19 19 Pension entitlements (liabilities) (4) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 3763.7 3766.2 4220.8 5003.9 5342.9 5075.1 5228.3 5211.9 5342.9 5434.3 5462.4 1 4.8 3.9 8.6 4.3 7.9 3.7 7.1 4.1 7.5 4.3 7.0 4.1 7.6 4.2 7.7 4.2 7.5 4.3 7.7 4.2 7.4 4.3 2 3 Money market fund shares Security repurchase agreements 101.7 0.0 118.5 0.0 105.4 0.0 112.7 0.0 104.6 0.0 108.6 0.0 106.9 0.0 106.4 0.0 104.6 0.0 105.0 0.0 104.4 0.0 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 272.3 9.9 87.3 64.9 110.1 270.2 11.3 95.1 54.9 108.9 331.6 10.1 123.4 66.0 132.0 346.9 11.1 122.7 66.6 146.5 354.5 11.6 129.3 61.9 151.8 348.6 11.6 125.2 64.2 147.6 352.5 11.6 126.9 63.9 150.1 357.6 11.8 128.3 63.0 154.4 354.5 11.6 129.3 61.9 151.8 360.7 12.3 131.2 61.3 155.9 364.5 12.7 132.9 59.9 159.0 6 7 8 9 10 11 Loans (mortgages) 8.3 6.1 7.4 7.8 8.3 7.9 8.2 8.4 8.3 8.1 8.0 11 12 13 Corporate equities Mutual fund shares 837.4 1788.9 821.4 1761.7 925.0 2024.6 1184.1 2476.7 1279.7 2691.7 1197.1 2530.6 1241.2 2624.2 1226.7 2618.1 1279.7 2691.7 1300.3 2744.5 1292.4 2771.7 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 746.4 413.7 27.7 305.1 775.5 419.2 29.0 327.3 815.2 445.4 29.0 340.8 864.4 464.5 30.7 369.3 892.3 469.6 31.5 391.2 871.2 465.7 30.4 375.1 883.6 471.1 30.4 382.1 882.7 465.3 31.3 386.2 892.3 469.6 31.5 391.2 903.8 474.5 32.0 397.2 909.7 474.9 32.0 402.7 14 15 16 17 3763.7 3766.2 4220.8 5003.9 5342.9 5075.1 5228.3 5211.9 5342.9 5434.3 5462.4 18 2 3 Checkable deposits and currency Time and savings deposits 4 5 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4. Levels 2010 94 Z.1, September 18, 2015 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 Claims of pension fund on sponsor (misc. assets) (3) 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3156.4 3261.1 3378.6 3533.0 3667.6 3562.1 3596.6 3627.1 3667.6 3699.0 3724.6 1 1284.8 1273.0 5.8 5.9 1381.1 1367.2 6.5 7.3 1436.9 1419.8 8.1 9.0 1544.7 1530.6 6.4 7.7 1630.7 1617.5 5.8 7.3 1533.7 1521.1 5.7 6.9 1538.8 1526.0 5.8 7.0 1563.5 1550.6 5.7 7.2 1630.7 1617.5 5.8 7.3 1522.5 1509.2 6.0 7.3 1395.0 1381.6 6.1 7.4 2 3 4 5 140.9 134.4 148.1 206.2 235.0 211.8 221.8 224.6 235.0 242.6 242.1 6 1730.8 1745.6 1793.6 1782.1 1802.0 1816.6 1836.0 1839.1 1802.0 1934.0 2087.5 7 Pension entitlements (liabilities) (4) 3156.4 3261.1 3378.6 3533.0 3667.6 3562.1 3596.6 3627.1 3667.6 3699.0 3724.6 8 Memo: Funded status of defined benefit plans: 9 Pension entitlements 10 Funded by assets (5) 11 Unfunded (line 7) 2891.9 1161.1 1730.8 2975.8 1230.2 1745.6 3062.4 1270.0 1792.4 3151.7 1369.6 1782.1 3240.0 1438.0 1802.0 3173.3 1356.7 1816.6 3195.6 1359.7 1836.0 3217.6 1378.4 1839.1 3240.0 1438.0 1802.0 3261.9 1388.8 1873.1 3283.9 1324.0 1959.9 9 10 11 2891.9 264.6 2975.8 285.3 3062.4 316.2 3151.7 381.3 3240.0 427.6 3173.3 388.8 3195.6 401.0 3217.6 409.6 3240.0 427.6 3261.9 437.1 3283.9 440.7 12 13 8 12 13 Levels Total financial assets (1) 2 3 4 5 2011 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes marketable and nonmarketable Treasury securities. (3) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund. These liabilities are assets of the household sector. (5) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c. 95 Z.1, September 18, 2015 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets (2) 2 3 4 5 Debt securities Treasury securities (3) Agency- and GSE-backed securities Corporate and foreign bonds 6 Corporate equities 7 Claims of pension fund on sponsor (misc. assets) (4) 8 Pension entitlements (liabilities) (5) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2891.9 2975.8 3062.4 3151.7 3240.0 3173.3 3195.6 3217.6 3240.0 3261.9 3283.9 1 1148.7 1145.0 0.9 2.9 1219.8 1215.4 0.7 3.7 1260.2 1255.5 0.5 4.1 1358.4 1353.7 0.5 4.1 1426.9 1422.5 0.3 4.1 1345.7 1341.1 0.5 4.0 1348.4 1343.9 0.5 4.0 1367.7 1363.2 0.4 4.1 1426.9 1422.5 0.3 4.1 1377.9 1373.6 0.3 3.9 1313.2 1309.0 0.3 3.9 2 3 4 5 12.4 10.4 9.8 11.2 11.1 11.0 11.3 10.8 11.1 10.9 10.8 6 1730.8 1745.6 1792.4 1782.1 1802.0 1816.6 1836.0 1839.1 1802.0 1873.1 1959.9 7 2891.9 2975.8 3062.4 3151.7 3240.0 3173.3 3195.6 3217.6 3240.0 3261.9 3283.9 8 (1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) 1 Total financial assets 264.6 285.3 316.2 381.3 427.6 388.8 401.0 409.6 427.6 437.1 440.7 1 2 3 4 5 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 136.0 128.1 4.9 3.0 161.3 151.8 5.8 3.7 176.7 164.2 7.5 5.0 186.3 176.9 5.9 3.6 203.8 195.0 5.5 3.2 188.0 179.9 5.2 2.9 190.5 182.0 5.4 3.1 195.8 187.3 5.3 3.1 203.8 195.0 5.5 3.2 144.6 135.6 5.6 3.4 81.8 72.6 5.7 3.4 2 3 4 5 6 Corporate equities 128.5 124.0 138.3 195.0 223.8 200.8 210.5 213.8 223.8 231.6 231.3 6 7 Claims of pension fund on sponsor (misc. assets) (3) 0.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 60.9 127.6 7 264.6 285.3 316.2 381.3 427.6 388.8 401.0 409.6 427.6 437.1 440.7 8 8 Pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 96 Z.1, September 18, 2015 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 Total financial assets (1) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 4781.0 4934.9 5128.8 5312.1 5500.1 5357.6 5406.2 5449.7 5500.1 5549.0 5598.1 1 2 3 Checkable deposits and currency Time and savings deposits 4.0 34.1 4.4 36.0 4.4 32.9 4.5 35.4 5.2 39.9 4.6 36.2 5.4 37.1 5.6 38.5 5.2 39.9 5.6 42.9 5.4 45.2 2 3 4 5 Money market fund shares Security repurchase agreements 41.8 3.2 42.6 3.3 38.9 3.1 42.3 3.3 48.1 3.7 43.1 3.4 44.4 3.4 45.5 3.6 48.1 3.7 51.0 4.0 54.4 4.2 4 5 758.1 40.3 167.1 164.6 2.2 383.8 764.6 42.1 176.5 137.3 1.7 407.0 763.7 38.5 188.8 112.0 1.8 422.5 851.1 41.4 201.1 114.6 3.1 490.8 896.0 46.4 189.1 110.2 4.2 546.1 860.9 43.0 201.9 114.7 3.1 498.3 870.8 43.7 202.1 116.4 3.1 505.6 888.8 45.5 197.6 113.8 3.4 528.4 896.0 46.4 189.1 110.2 4.2 546.1 865.9 50.5 174.0 101.8 2.7 536.9 873.4 53.2 171.2 100.1 4.1 544.7 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 11.6 11.0 10.0 9.4 9.2 9.6 9.7 9.2 9.2 6.8 7.2 12 13 14 Corporate equities Mutual fund shares 1866.5 358.4 1777.5 292.2 1944.0 306.2 2332.3 395.5 2446.9 429.1 2315.2 406.4 2367.2 420.7 2346.9 418.8 2446.9 429.1 2526.5 441.4 2489.0 450.0 13 14 15 16 17 18 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 1703.3 151.1 1454.8 97.5 2003.4 139.7 1764.6 99.1 2025.6 136.4 1793.3 95.9 1638.4 130.8 1401.4 106.2 1622.0 136.5 1377.1 108.4 1678.3 132.1 1437.6 108.5 1647.4 135.6 1400.4 111.4 1692.9 134.3 1448.5 110.0 1622.0 136.5 1377.1 108.4 1605.0 138.3 1354.5 112.2 1669.1 140.2 1415.4 113.6 15 16 17 18 Pension entitlements (liabilities) (4) 4887.5 5045.7 5252.9 5458.1 5659.4 5508.0 5566.6 5606.6 5659.4 5710.9 5762.6 19 Memo: Funded status of defined benefit plans: 20 Pension entitlements 21 Funded by assets (5) 22 Unfunded (line 17) 4408.7 2953.9 1454.8 4604.1 2839.5 1764.6 4789.6 2996.3 1793.3 4950.6 3549.3 1401.4 5130.0 3752.9 1377.1 4995.5 3557.9 1437.6 5040.5 3640.1 1400.4 5085.5 3637.0 1448.5 5130.0 3752.9 1377.1 5174.5 3820.0 1354.5 5219.0 3803.5 1415.4 20 21 22 4302.2 478.8 4493.3 441.6 4665.5 463.3 4804.6 507.5 4970.6 529.4 4845.1 512.5 4880.1 526.1 4928.6 521.0 4970.6 529.4 5012.5 536.5 5054.4 543.7 23 24 19 23 24 Total financial assets (6) Defined benefit plans Defined contribution plans (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Assets of defined contribution funds held at life insurance companies. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c. 97 Z.1, September 18, 2015 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets (1) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 4302.2 4493.3 4665.5 4804.6 4970.6 4845.1 4880.1 4928.6 4970.6 5012.5 5054.4 1 2 3 Checkable deposits and currency Time and savings deposits 3.9 33.1 4.1 35.3 3.8 32.5 4.1 34.8 4.6 39.5 4.2 35.7 4.3 36.6 4.4 38.0 4.6 39.5 5.0 42.7 5.2 44.8 2 3 4 5 Money market fund shares Security repurchase agreements 41.8 3.2 42.2 3.3 38.9 3.1 41.5 3.3 47.2 3.7 42.7 3.4 43.7 3.4 45.5 3.6 47.2 3.7 51.0 4.0 53.6 4.2 4 5 724.1 36.4 153.7 154.7 2.0 377.3 728.8 38.5 160.7 128.2 1.4 399.9 726.5 35.4 172.8 103.4 1.4 413.4 816.4 37.9 188.2 106.4 2.4 481.7 861.3 43.0 176.8 102.2 3.3 535.9 826.5 38.9 188.9 107.4 2.3 489.1 836.2 39.8 189.4 108.5 2.3 496.2 853.9 41.4 185.2 106.2 2.6 518.6 861.3 43.0 176.8 102.2 3.3 535.9 830.7 46.5 162.5 93.5 1.8 526.5 838.1 48.8 160.7 91.3 3.2 534.0 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 Loans (mortgages) 11.6 11.0 10.0 9.4 9.2 9.6 9.7 9.2 9.2 6.8 7.2 12 13 14 Corporate equities Mutual fund shares 1728.8 203.9 1655.3 150.1 1811.4 150.5 2173.0 215.6 2282.7 238.6 2155.3 222.8 2203.3 233.2 2185.1 232.4 2282.7 238.6 2360.3 247.1 2324.0 251.1 13 14 15 16 17 Miscellaneous assets Claims of pension fund on sponsor (2) Other 1551.9 1454.8 97.1 1863.3 1764.6 98.7 1888.8 1793.3 95.5 1506.4 1401.4 105.1 1483.8 1377.1 106.6 1545.0 1437.6 107.3 1509.8 1400.4 109.4 1556.5 1448.5 108.0 1483.8 1377.1 106.6 1464.9 1354.5 110.4 1526.1 1415.4 110.7 15 16 17 4408.7 4604.1 4789.6 4950.6 5130.0 4995.5 5040.5 5085.5 5130.0 5174.5 5219.0 18 18 Pension entitlements (liabilities) (3) Levels 6 7 8 9 10 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 478.8 441.6 463.3 507.5 529.4 512.5 526.1 521.0 529.4 536.5 543.7 1 2 3 Checkable deposits and currency Time and savings deposits 0.1 1.0 0.3 0.7 0.6 0.3 0.4 0.6 0.6 0.4 0.4 0.5 1.2 0.5 1.2 0.5 0.6 0.4 0.6 0.2 0.2 0.4 2 3 4 5 Money market fund shares Security repurchase agreements 0.0 0.0 0.4 0.0 0.0 0.0 0.7 0.0 0.9 0.0 0.4 0.0 0.8 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.8 0.0 4 5 34.0 4.0 13.4 10.0 0.2 6.5 35.8 3.7 15.7 9.1 0.2 7.1 37.2 3.0 16.1 8.6 0.4 9.1 34.6 3.6 12.9 8.3 0.8 9.1 34.7 3.4 12.3 8.0 0.9 10.2 34.4 4.1 13.0 7.3 0.7 9.2 34.6 3.9 12.7 7.9 0.8 9.3 34.8 4.1 12.4 7.6 0.8 9.9 34.7 3.4 12.3 8.0 0.9 10.2 35.1 4.0 11.5 8.3 0.9 10.4 35.3 4.3 10.5 8.8 0.9 10.8 6 7 8 9 10 11 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 Corporate equities Mutual fund shares 137.7 154.5 122.2 142.2 132.6 155.7 159.2 179.9 164.2 190.5 159.9 183.6 163.9 187.6 161.8 186.4 164.2 190.5 166.2 194.3 165.0 198.9 12 13 14 15 16 Miscellaneous assets Unallocated insurance contracts (2) Other 151.5 151.1 0.4 140.1 139.7 0.4 136.8 136.4 0.3 132.0 130.8 1.2 138.2 136.5 1.7 133.3 132.1 1.2 137.6 135.6 2.0 136.4 134.3 2.0 138.2 136.5 1.7 140.0 138.3 1.7 143.0 140.2 2.8 14 15 16 478.8 441.6 463.3 507.5 529.4 512.5 526.1 521.0 529.4 536.5 543.7 17 17 Pension entitlements (liabilities) (1) Includes 403(b) and 457 type plans. (2) Assets held at life insurance companies. 98 Z.1, September 18, 2015 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 8 9 10 11 12 13 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 2579.5 1 105.9 14.2 458.9 479.4 42.9 20.1 402.7 490.5 43.3 16.5 435.4 544.7 33.7 13.3 494.8 493.4 24.1 -4.3 515.5 644.6 19.4 14.2 494.0 506.5 26.7 16.7 510.1 564.2 23.2 -3.1 531.1 575.8 24.1 -4.3 515.5 644.6 24.4 -9.8 512.1 625.9 22.1 3.2 509.9 635.1 2 3 4 5 1673.4 394.2 335.4 402.8 386.7 154.2 1663.6 354.2 443.3 403.7 357.3 105.1 1580.9 340.8 457.8 343.5 336.7 102.1 1611.7 352.0 488.0 361.3 308.3 102.0 1490.8 333.5 412.7 384.6 281.7 78.3 1521.0 354.7 456.4 324.8 296.4 88.8 1388.7 341.4 372.3 327.1 281.4 66.4 1419.6 331.6 391.5 346.5 278.7 71.1 1490.8 333.5 412.7 384.6 281.7 78.3 1440.7 341.8 434.5 323.4 273.5 67.5 1393.4 336.5 398.1 333.9 257.7 67.2 6 7 8 9 10 11 23.5 22.7 28.8 31.6 17.3 37.3 16.1 18.8 17.3 16.7 15.8 12 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 2579.5 13 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116). L.122 Mutual Funds (1) Levels Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security repurchase agreements 3 4 5 6 7 8 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 Loans (other loans and advances) 10 Corporate equities 11 Miscellaneous assets 12 Total shares outstanding (liabilities) 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12989.6 13148.6 1 137.5 108.7 262.8 355.7 402.0 381.9 424.0 395.2 402.0 401.0 390.4 2 2895.3 66.3 381.8 678.7 525.5 1243.0 3235.8 40.0 447.7 793.6 541.2 1413.4 3875.6 77.5 569.8 881.6 627.4 1719.4 4200.2 105.2 624.7 857.6 613.9 1998.8 4667.6 120.6 611.3 960.4 657.7 2317.7 4302.8 113.9 661.3 841.9 618.2 2067.5 4426.9 127.9 599.3 888.6 630.4 2180.8 4533.4 118.3 626.2 904.8 643.2 2240.9 4667.6 120.6 611.3 960.4 657.7 2317.7 4821.3 120.2 657.4 962.4 673.9 2407.4 4926.5 116.7 652.0 954.5 682.5 2520.7 3 4 5 6 7 8 74.6 93.5 105.7 145.1 154.5 160.1 156.5 158.9 154.5 160.4 154.4 9 4762.7 4427.2 5109.4 6851.8 7392.1 7030.1 7364.8 7233.0 7392.1 7612.6 7683.1 10 2.9 5.7 -27.4 -8.3 -12.6 24.4 2.6 23.2 -12.6 -5.7 -5.7 11 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12989.6 13148.6 12 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116). 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 Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 243.1 240.5 256.6 283.7 285.1 287.1 294.5 291.3 285.1 283.8 281.6 1 146.4 5.1 81.6 59.7 144.7 4.8 82.5 57.3 155.9 5.2 86.0 64.8 169.5 5.7 84.4 79.4 165.7 5.5 84.8 75.4 169.8 5.8 85.3 78.7 170.5 5.9 85.9 78.7 167.8 5.8 84.3 77.8 165.7 5.5 84.8 75.4 165.3 5.4 84.7 75.2 166.8 5.4 84.1 77.2 2 3 4 5 96.7 95.9 100.6 114.2 119.3 117.3 124.0 123.5 119.3 118.4 114.8 6 243.1 240.5 256.6 283.7 285.1 287.1 294.5 291.3 285.1 283.8 281.6 7 986.8 1042.6 1324.4 1670.6 1969.3 1704.1 1822.3 1824.4 1969.3 2055.1 2080.3 8 Exchange-traded funds 8 Total financial assets 9 10 11 12 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 132.7 51.0 7.6 74.1 178.8 62.4 8.6 107.7 231.1 63.6 12.3 155.3 243.3 57.1 11.4 174.8 294.3 70.1 14.6 209.6 254.3 59.3 11.8 183.2 266.3 63.0 12.6 190.7 272.4 64.4 13.4 194.7 294.3 70.1 14.6 209.6 313.6 73.2 16.0 224.4 315.5 73.7 16.6 225.2 9 10 11 12 13 Corporate equities 854.1 863.8 1093.3 1427.3 1675.0 1449.9 1555.9 1552.0 1675.0 1741.5 1764.8 13 986.8 1042.6 1324.4 1670.6 1969.3 1704.1 1822.3 1824.4 1969.3 2055.1 2080.3 14 14 Total shares outstanding (liabilities) 99 Z.1, September 18, 2015 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 6722.4 6480.2 6275.1 6361.3 6399.9 6256.9 6286.3 6323.0 6399.9 6353.5 6380.8 1 Checkable deposits and currency Time and savings deposits Federal funds and security repos 63.4 26.1 151.2 72.7 13.4 112.3 52.6 4.3 150.8 81.6 5.4 152.3 65.0 3.3 162.6 45.4 7.9 127.3 49.3 5.9 134.3 89.3 5.4 110.9 65.0 3.3 162.6 53.4 1.9 158.2 41.1 2.8 141.0 2 3 4 5 6 7 8 9 10 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 760.9 9.9 82.6 377.0 24.9 266.5 722.3 6.5 100.2 358.9 21.0 235.7 585.7 3.4 69.0 310.6 17.0 185.7 491.1 4.4 59.1 287.9 13.4 126.3 472.1 6.0 64.3 295.7 10.8 95.4 486.3 4.8 65.2 283.6 12.7 120.1 477.3 5.7 64.5 285.6 12.2 109.4 474.2 6.0 65.0 290.3 11.4 101.4 472.1 6.0 64.3 295.7 10.8 95.4 465.7 5.6 71.8 292.6 9.9 85.8 448.7 5.6 70.8 285.8 9.1 77.5 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Loans Other loans and advances Sallie Mae Farm Credit System FHLB Mortgages Home Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm Consumer credit (3) 5572.2 551.3 0.0 87.3 464.0 5021.0 4690.7 4141.0 549.7 256.5 75.4 181.1 73.8 0.0 5411.1 487.0 0.0 83.8 403.3 4924.0 4587.7 4032.1 555.6 259.2 99.9 159.4 77.1 0.0 5329.2 505.7 0.0 92.1 413.6 4823.5 4475.7 3958.0 517.6 265.5 127.4 138.1 82.4 0.0 5465.3 587.5 0.0 95.0 492.6 4877.8 4546.9 4087.7 459.1 243.5 146.3 97.2 87.4 0.0 5542.3 671.8 0.0 106.1 565.7 4870.5 4537.9 4104.2 433.6 240.8 164.1 76.7 91.8 0.0 5437.9 576.9 0.0 98.3 478.5 4861.0 4532.2 4085.6 446.5 238.9 148.8 90.1 90.0 0.0 5468.1 628.0 0.0 97.4 530.6 4840.1 4515.2 4073.2 442.0 234.3 151.0 83.3 90.6 0.0 5493.9 639.1 0.0 99.3 539.8 4854.8 4527.2 4090.8 436.4 236.4 157.5 79.0 91.2 0.0 5542.3 671.8 0.0 106.1 565.7 4870.5 4537.9 4104.2 433.6 240.8 164.1 76.7 91.8 0.0 5509.6 641.6 0.0 105.0 536.6 4868.0 4528.3 4098.9 429.4 247.1 170.3 76.8 92.6 0.0 5580.9 694.7 0.0 106.6 588.2 4886.2 4540.2 4120.5 419.7 252.8 179.3 73.5 93.2 0.0 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Miscellaneous assets 148.6 148.5 152.6 165.6 154.7 152.1 151.4 149.3 154.7 164.7 166.3 25 2 3 4 26 Total financial assets 2011 6615.1 6377.9 6216.8 6314.9 6386.6 6222.6 6261.6 6299.0 6386.6 6344.7 6362.9 26 27 Total liabilities Federal funds and security repos 1.3 0.4 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.0 27 28 29 30 Debt securities (GSE issues) (4) Consolidated trusts (2) Other 6434.5 4216.4 2218.1 6247.3 4132.0 2115.4 6092.7 4085.4 2007.3 6200.2 4234.0 1966.2 6275.5 4268.3 2007.2 6111.4 4234.5 1876.9 6150.6 4224.3 1926.3 6186.2 4248.3 1937.9 6275.5 4268.3 2007.2 6234.6 4269.2 1965.4 6258.0 4299.8 1958.2 28 29 30 31 Loans (U.S. government loans) 32 Miscellaneous liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 179.4 130.2 124.1 114.7 111.0 111.2 111.1 112.8 111.0 110.0 104.9 32 (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.124). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Sallie Mae student loans. (4) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1139.5 1304.8 1437.0 1569.4 1644.7 1585.8 1600.0 1623.6 1644.7 1642.5 1673.8 1 2 3 4 5 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages 1068.8 66.9 0.0 3.8 1216.8 86.4 0.0 1.7 1321.8 113.4 0.0 1.9 1420.6 147.1 0.0 1.8 1471.7 171.4 0.0 1.6 1432.0 152.0 0.0 1.7 1440.7 157.6 0.0 1.7 1458.8 163.2 0.0 1.7 1471.7 171.4 0.0 1.6 1465.9 175.0 0.0 1.6 1488.3 183.9 0.0 1.6 2 3 4 5 6 Total pool securities (liabilities)(2) 1139.5 1304.8 1437.0 1569.4 1644.7 1585.8 1600.0 1623.6 1644.7 1642.5 1673.8 6 (1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.125) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.124). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Levels 2010 100 Z.1, September 18, 2015 L.126 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 8 9 10 11 Total financial assets Debt securites Treasury securities Agency- and GSE-backed securities (1) Loans Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit 12 Trade credit 13 Total liabilities 14 15 16 Debt securities Commercial paper Corporate bonds (net) (3) 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2235.9 1989.0 1769.4 1483.1 1382.4 1429.2 1399.9 1396.4 1382.4 1386.2 1372.1 1 43.7 40.1 3.6 29.5 29.2 0.3 23.7 23.4 0.3 24.4 24.3 0.1 22.1 22.0 0.1 25.1 25.0 0.1 24.2 24.1 0.1 24.6 24.5 0.1 22.1 22.0 0.1 30.8 30.7 0.1 33.0 32.9 0.1 2 3 4 2140.4 167.8 1922.3 1303.0 98.4 520.8 50.3 1912.0 162.4 1703.4 1109.5 90.7 503.2 46.2 1704.6 161.7 1492.9 928.3 81.1 483.5 50.0 1422.9 150.2 1223.5 793.5 75.2 354.8 49.1 1329.1 159.3 1120.0 703.9 73.3 342.8 49.8 1369.8 154.7 1167.8 769.4 73.9 324.5 47.3 1341.8 150.6 1144.9 745.6 72.5 326.8 46.3 1340.8 155.6 1136.2 722.9 72.8 340.5 49.1 1329.1 159.3 1120.0 703.9 73.3 342.8 49.8 1324.1 170.6 1105.3 684.9 73.3 347.1 48.2 1307.9 167.1 1090.4 658.2 71.7 360.5 50.5 5 6 7 8 9 10 11 51.8 47.6 41.2 35.7 31.3 34.3 33.9 31.0 31.3 31.3 31.2 12 2235.9 1989.0 1769.4 1483.1 1382.4 1429.2 1399.9 1396.4 1382.4 1386.2 1372.1 13 2235.9 120.2 2115.7 1989.0 96.0 1893.0 1769.4 87.0 1682.4 1483.1 79.9 1403.1 1382.4 64.8 1317.7 1429.2 73.7 1355.4 1399.9 70.8 1329.0 1396.4 70.4 1326.0 1382.4 64.8 1317.7 1386.2 63.5 1322.6 1372.1 66.9 1305.2 14 15 16 0.0 18.1 0.0 14.3 0.0 15.6 0.0 155.2 0.0 166.5 0.0 175.6 0.0 169.7 0.0 168.4 0.0 166.5 0.0 159.3 0.0 146.1 17 18 112.9 120.6 87.5 59.7 54.5 58.4 56.0 54.7 54.5 49.0 50.1 19 Levels Memo: Securitized assets not included above Consumer leases (4) REIT assets (5) Securitized liabilities not included above 19 Commercial paper (6) 17 18 (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Liabilities net of assets. (4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (5) Included in table L.128. (6) Included in table L.111 line 45. 101 Z.1, September 18, 2015 L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1588.5 1569.3 1493.7 1472.8 1501.4 1466.6 1463.9 1478.7 1501.4 1502.6 1480.3 1 2 3 Checkable deposits and currency Time and savings deposits 26.5 79.6 31.7 95.0 27.8 83.5 32.1 96.2 31.9 95.7 32.9 98.6 32.3 97.0 31.1 93.3 31.9 95.7 32.4 97.1 33.2 99.7 2 3 4 Debt securities (corporate and foreign bonds) 84.1 85.0 78.7 67.9 73.9 71.8 72.5 69.9 73.9 76.1 79.6 4 5 6 7 8 Loans Other loans and advances Mortgages Consumer credit 1321.3 372.7 243.5 705.0 1274.6 375.8 211.2 687.6 1246.2 387.0 179.5 679.8 1237.5 401.3 157.0 679.1 1243.6 411.4 148.1 684.1 1222.0 398.0 154.1 669.9 1222.7 401.4 149.6 671.7 1226.5 401.7 148.2 676.6 1243.6 411.4 148.1 684.1 1234.7 412.3 144.9 677.5 1231.7 415.8 134.0 681.8 5 6 7 8 9 U.S. direct investment abroad 206.0 221.8 226.3 227.7 226.8 234.3 236.2 237.6 226.8 226.8 233.3 9 10 11 Total financial assets 2011 Miscellaneous assets Total liabilities -129.0 -138.7 -169.0 -188.6 -170.6 -193.0 -196.7 -179.8 -170.6 -164.4 -197.2 10 1558.7 1532.7 1445.6 1424.0 1438.1 1411.0 1406.6 1417.6 1438.1 1450.2 1433.0 11 1189.2 111.0 1078.2 1159.8 121.0 1038.8 1086.6 129.1 957.5 1080.7 118.8 961.9 1099.0 117.8 981.3 1073.3 114.0 959.3 1078.7 109.8 968.9 1085.3 115.8 969.6 1099.0 117.8 981.3 1108.9 113.8 995.1 1088.3 121.0 967.3 12 13 14 91.5 91.5 0.0 102.1 102.1 0.0 118.5 118.5 0.0 128.6 128.6 0.0 139.1 139.1 0.0 125.2 125.2 0.0 123.0 123.0 0.0 130.2 130.2 0.0 139.1 139.1 0.0 142.2 142.2 0.0 149.6 149.6 0.0 15 16 17 6.0 6.7 6.7 6.8 7.1 6.8 6.8 7.0 7.1 7.5 7.9 18 12 13 14 Debt securities Open market paper Corporate bonds 15 16 17 Loans Depository institution loans n.e.c. Other loans and advances 18 Taxes payable 19 Foreign direct investment in U.S. 114.7 91.1 88.7 73.4 72.7 77.0 77.6 77.9 72.7 72.7 73.2 19 20 21 22 Miscellaneous liabilities Investment by parent Other 157.3 175.7 -18.4 173.0 163.7 9.3 145.1 162.8 -17.7 134.5 161.8 -27.2 120.1 162.7 -42.6 128.7 167.0 -38.3 120.6 165.1 -44.5 117.0 162.4 -45.4 120.1 162.7 -42.6 118.9 159.8 -40.8 113.9 153.6 -39.6 20 21 22 111.8 119.7 144.0 167.3 188.9 172.1 177.7 184.4 188.9 193.3 199.2 23 Memo: 23 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (4), table L.126. Levels 2010 102 Z.1, September 18, 2015 L.128 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 433.4 594.2 644.2 726.4 669.0 693.7 700.8 726.4 723.7 699.7 1 25.1 27.6 35.3 34.0 38.1 32.9 37.5 38.0 38.1 38.6 33.8 2 166.6 143.4 23.2 275.1 248.1 27.0 394.1 357.6 36.5 298.3 261.9 36.3 309.5 269.8 39.7 290.9 253.1 37.8 301.3 264.1 37.2 296.9 258.8 38.1 309.5 269.8 39.7 305.5 260.1 45.4 285.1 240.1 45.0 3 4 5 Loans (mortgages) Home Multifamily residential Commercial 44.6 9.0 2.0 33.7 56.1 19.8 1.7 34.6 64.5 26.5 1.9 36.1 199.3 23.1 2.4 173.9 244.6 41.1 8.4 195.1 222.8 25.3 2.2 195.3 221.3 27.0 2.2 192.0 225.4 34.1 3.3 187.9 244.6 41.1 8.4 195.1 239.5 40.3 8.6 190.6 240.6 47.6 9.0 184.1 6 7 8 9 Miscellaneous assets 66.1 74.7 100.4 112.6 134.2 122.4 133.6 140.6 134.2 140.2 140.1 10 Checkable deposits and currency 3 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 11 2012 302.4 2 10 Levels Total financial assets 2011 523.9 654.4 817.8 907.9 1012.7 936.2 962.2 983.2 1012.7 1019.9 1009.2 11 12 Security repurchase agreements 120.4 218.1 320.6 254.0 261.2 240.6 249.9 249.4 261.2 258.3 245.0 12 13 14 15 Debt securities Open market paper Corporate bonds 145.4 0.0 145.4 152.9 0.0 152.9 179.6 0.0 179.6 353.2 0.0 353.2 407.4 0.0 407.4 382.1 0.0 382.1 395.9 0.0 395.9 405.9 0.0 405.9 407.4 0.0 407.4 410.7 0.0 410.7 410.0 0.0 410.0 13 14 15 16 17 18 Loans Depository institution loans n.e.c. Mortgages 194.5 18.4 176.1 212.6 23.0 189.5 221.4 27.0 194.4 226.2 24.0 202.2 255.9 32.1 223.8 232.3 27.0 205.3 230.9 24.0 206.9 240.7 27.4 213.3 255.9 32.1 223.8 264.0 35.8 228.1 273.1 42.0 231.1 16 17 18 19 Miscellaneous liabilities 63.7 70.8 96.3 74.6 88.2 81.1 85.5 87.3 88.2 86.9 81.1 19 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 166.5 0.0 15.7 0.3 150.6 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.3 0.0 14.6 0.2 144.5 146.1 0.0 15.7 0.2 130.2 20 21 22 23 24 20 21 22 23 24 Total liabilities Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.128.e and L.128.m. 103 Z.1, September 18, 2015 L.128.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Total financial assets 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 94.3 102.3 116.4 129.7 159.6 137.3 148.3 155.2 159.6 166.1 158.3 1 19.3 17.0 21.1 22.1 25.9 21.2 25.1 25.5 25.9 24.9 21.2 2 5.4 4.8 4.6 2.8 5.0 2.9 3.2 4.3 5.0 5.3 4.0 3 Loans (mortgages) Home Multifamily residential Commercial 15.9 0.1 0.3 15.5 18.8 0.2 0.3 18.3 20.4 0.2 0.4 19.9 20.3 0.2 0.3 19.8 24.3 0.2 0.3 23.9 21.2 0.2 0.3 20.6 21.4 0.2 0.3 20.9 22.8 0.2 0.3 22.3 24.3 0.2 0.3 23.9 24.5 0.3 0.3 23.9 24.1 0.2 0.3 23.6 4 5 6 7 Miscellaneous assets 53.7 61.8 70.3 84.5 104.3 92.0 98.5 102.5 104.3 111.4 109.1 8 346.8 384.1 422.6 459.0 531.1 472.5 490.2 512.0 531.1 547.5 556.9 9 2 Checkable deposits and currency 3 Debt securities (corporate and foreign bonds) 4 5 6 7 8 9 2011 Total liabilities Debt securities (corporate bonds) 108.4 121.6 149.2 178.1 211.9 185.0 200.3 209.4 211.9 219.6 224.4 10 11 12 13 14 15 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 192.5 16.4 176.1 27.8 148.3 212.0 22.5 189.5 27.9 161.7 218.3 23.9 194.4 26.7 167.7 223.9 21.7 202.2 30.0 172.1 252.9 29.1 223.8 31.0 192.8 229.9 24.6 205.3 29.6 175.7 229.4 22.5 206.9 30.1 176.8 238.8 25.5 213.3 30.0 183.4 252.9 29.1 223.8 31.0 192.8 261.1 32.9 228.1 31.8 196.3 269.3 38.2 231.1 31.4 199.7 11 12 13 14 15 16 Miscellaneous liabilities 45.9 50.5 55.1 57.0 66.4 57.5 60.4 63.8 66.4 66.8 63.2 16 Levels 10 L.128.m Mortgage Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 4 5 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 6 7 8 9 Loans (mortgages) Home Multifamily residential Commercial 10 11 Miscellaneous assets Total liabilities 12 Security repurchase agreements 13 14 15 Debt securities Open market paper Corporate bonds 16 Loans (depository institution loans n.e.c.) 17 Miscellaneous liabilities 18 19 20 21 22 Memo: Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages 208.1 331.1 477.8 514.5 566.8 531.7 545.4 545.6 566.8 557.7 541.4 1 5.8 10.7 14.2 11.9 12.2 11.6 12.4 12.5 12.2 13.7 12.6 2 161.2 143.4 17.8 270.3 248.1 22.2 389.5 357.6 31.9 295.5 261.9 33.6 304.5 269.8 34.7 288.0 253.1 35.0 298.0 264.1 33.9 292.5 258.8 33.8 304.5 269.8 34.7 300.2 260.1 40.1 281.2 240.1 41.0 3 4 5 28.7 8.8 1.6 18.2 37.3 19.6 1.4 16.3 44.1 26.3 1.5 16.3 179.0 22.9 2.0 154.1 220.2 40.9 8.2 171.2 201.6 25.1 1.9 174.7 199.9 26.8 1.9 171.2 202.6 33.9 3.0 165.6 220.2 40.9 8.2 171.2 215.1 40.1 8.3 166.7 216.5 47.3 8.7 160.5 6 7 8 9 12.5 12.8 30.1 28.1 29.9 30.4 35.1 38.1 29.9 28.7 31.1 10 177.2 270.3 395.2 448.9 481.6 463.7 472.0 471.3 481.6 472.4 452.3 11 120.4 218.1 320.6 254.0 261.2 240.6 249.9 249.4 261.2 258.3 245.0 12 37.0 0.0 37.0 31.3 0.0 31.3 30.4 0.0 30.4 175.1 0.0 175.1 195.5 0.0 195.5 197.0 0.0 197.0 195.6 0.0 195.6 196.5 0.0 196.5 195.5 0.0 195.5 191.1 0.0 191.1 185.6 0.0 185.6 13 14 15 2.0 0.5 3.1 2.3 3.0 2.4 1.5 1.9 3.0 2.9 3.8 16 17.8 20.3 41.2 17.6 21.9 23.6 25.1 23.4 21.9 20.1 17.9 17 18.1 0.0 7.2 0.4 10.6 14.3 0.0 6.5 0.3 7.5 15.6 0.0 10.2 0.3 5.2 155.2 0.0 14.2 0.3 140.7 166.5 0.0 15.7 0.3 150.6 175.6 0.0 14.5 0.3 160.8 169.7 0.0 14.2 0.3 155.2 168.4 0.0 15.1 0.3 153.0 166.5 0.0 15.7 0.3 150.6 159.3 0.0 14.6 0.2 144.5 146.1 0.0 15.7 0.2 130.2 18 19 20 21 22 104 Z.1, September 18, 2015 L.129 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3503.6 3532.8 3706.5 3408.4 3254.7 3428.3 3383.1 3335.7 3254.7 3236.5 3194.6 1 96.9 1428.5 111.8 1583.1 128.2 1638.2 111.7 1321.0 111.8 1152.7 112.2 1273.3 114.3 1230.3 116.7 1220.4 111.8 1152.7 117.7 1138.8 114.1 1171.2 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 510.1 36.2 94.5 149.8 40.0 189.5 508.9 42.1 183.6 147.7 30.9 104.5 612.7 29.9 246.5 169.6 26.6 140.0 426.4 28.7 136.0 114.2 18.6 128.9 337.3 20.8 60.2 121.9 18.9 115.5 400.7 34.4 108.0 113.3 16.9 128.1 380.0 32.4 80.0 114.2 18.2 135.2 333.9 20.9 56.0 106.7 16.2 134.1 337.3 20.8 60.2 121.9 18.9 115.5 344.8 21.7 63.7 124.3 20.6 114.5 318.9 19.6 43.6 125.5 19.0 111.2 4 5 6 7 8 9 10 Loans (other loans and advances) 325.6 293.2 343.3 389.6 428.2 370.4 425.1 442.0 428.2 407.0 415.6 10 11 Corporate equities 117.2 103.2 126.7 172.4 187.8 153.1 167.7 176.9 187.8 162.9 164.2 11 12 U.S. direct investment abroad 239.3 201.7 212.3 218.9 224.6 221.0 221.5 223.9 224.6 226.0 231.1 12 13 Miscellaneous assets 786.0 730.9 645.1 768.3 812.4 897.6 844.2 821.8 812.4 839.4 779.6 13 3404.3 3460.5 3621.3 3333.6 3178.1 3350.4 3308.3 3258.8 3178.1 3161.4 3121.1 14 2 3 Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 14 Levels Total financial assets 2011 Total liabilities 15 Security repurchase agreements 2006.3 2076.7 2207.9 1768.6 1547.7 1712.6 1677.1 1606.3 1547.7 1535.3 1480.3 15 16 Debt securities (corporate bonds) 129.7 91.8 90.2 112.4 123.9 122.7 113.4 123.9 123.9 107.4 135.8 16 17 18 19 Loans Depository institution loans n.e.c. (1) Other loans and advances 763.5 38.2 725.2 795.4 69.2 726.1 828.2 71.1 757.0 897.1 81.6 815.5 962.5 93.5 869.0 952.5 86.3 866.2 954.1 87.5 866.6 982.4 90.0 892.5 962.5 93.5 869.0 964.4 93.9 870.5 939.0 95.4 843.6 17 18 19 20 21 Trade payables Taxes payable 18.1 3.6 14.3 2.5 14.2 3.1 14.5 3.7 17.9 4.0 14.8 4.5 17.8 5.1 19.9 5.4 17.9 4.0 19.2 4.9 23.6 4.2 20 21 22 Foreign direct investment in U.S. 88.5 104.6 110.4 128.6 133.2 129.9 130.4 130.5 133.2 135.0 136.4 22 23 24 25 Miscellaneous liabilities Investment by parent companies Other 394.6 1122.9 -728.3 375.1 1163.3 -788.1 367.4 1629.2 -1261.8 408.7 1671.8 -1263.1 388.8 1699.9 -1311.1 413.3 1699.2 -1285.8 410.3 1729.6 -1319.2 390.4 1690.9 -1300.5 388.8 1699.9 -1311.1 395.3 1708.9 -1313.6 401.7 1749.7 -1348.0 23 24 25 (1) Includes loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). 105 Z.1, September 18, 2015 L.130 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3354.8 3423.6 4330.1 4299.6 4390.8 4339.3 4409.2 4383.0 4390.8 4360.3 4397.4 1 2 3 Time and savings deposits Security repurchase agreements 10.0 50.3 12.4 50.5 34.4 10.5 35.9 7.7 27.0 2.5 37.5 7.6 31.4 9.5 41.0 8.2 27.0 2.5 33.8 5.8 36.0 7.6 2 3 4 5 6 7 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 79.0 19.6 21.1 38.3 78.2 26.8 33.1 18.3 103.8 8.2 22.9 72.7 76.1 16.6 28.0 31.5 76.0 13.9 28.0 34.1 72.5 16.5 26.1 29.8 79.4 21.8 26.4 31.2 88.7 23.9 27.2 37.6 76.0 13.9 28.0 34.1 70.5 10.2 31.0 29.2 70.9 8.9 29.6 32.4 4 5 6 7 8 Loans (other loans and advances) 18.9 22.9 105.3 75.7 64.8 73.0 64.1 63.8 64.8 62.3 55.1 8 9 Life insurance reserves 25.1 27.6 34.9 39.9 45.0 41.1 42.4 43.6 45.0 46.0 47.0 9 3171.5 1632.8 0.0 62.7 115.0 626.6 135.6 598.9 3232.1 1709.0 0.0 72.0 94.6 613.5 166.3 576.7 4041.2 1889.2 11.2 17.2 91.1 1060.5 114.7 857.2 4064.3 1937.2 5.2 10.7 75.4 1087.6 97.9 850.3 4175.5 2133.2 5.3 11.5 62.2 1092.4 83.3 787.6 4107.6 1982.1 4.7 11.0 63.9 1112.5 89.7 843.8 4182.4 2032.2 5.1 11.5 63.1 1126.6 97.2 846.5 4137.7 2059.2 5.1 11.5 62.1 1085.7 93.2 820.9 4175.5 2133.2 5.3 11.5 62.2 1092.4 83.3 787.6 4141.9 2112.8 3.9 11.8 61.1 1075.5 92.0 784.8 4180.8 2142.0 4.6 11.8 58.7 1129.5 80.3 753.9 10 11 12 13 14 15 16 17 1762.7 1706.4 2238.7 2142.1 2102.6 2142.3 2150.8 2114.4 2102.6 2079.5 2066.3 18 0.8 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 19 1046.9 64.7 982.2 966.5 75.9 890.6 1219.6 116.4 1103.2 1192.1 96.6 1095.6 1200.1 77.0 1123.2 1197.3 89.7 1107.6 1220.7 91.3 1129.4 1207.7 81.9 1125.9 1200.1 77.0 1123.2 1188.8 70.0 1118.8 1192.7 56.3 1136.4 20 21 22 10 11 12 13 14 15 16 17 18 Total financial assets 2011 Miscellaneous assets Net trans. with depository subs. Net trans. with property-casualty ins. co. subs. Net trans. with life insurance company subs. Net trans. with finance company subs. Net trans. with broker and dealer subs. Net trans. with foreign subs. Other Total liabilities 19 Security repurchase agreements 20 21 22 Debt securities Commercial paper Corporate bonds 23 Loans (depository institution loans n.e.c.) 190.3 254.3 196.8 210.6 194.2 208.6 186.2 187.9 194.2 191.8 187.6 23 24 Miscellaneous liabilities 524.6 484.4 822.3 739.4 708.2 736.4 743.9 718.7 708.2 699.0 685.9 24 (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. Levels 2010 106 Z.1, September 18, 2015 L.131 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1611.2 1456.6 1344.3 1285.1 1309.4 1310.8 1294.2 1330.8 1309.4 1362.0 1394.3 1 Money market fund shares Security repurchase agreements 604.1 0.1 520.7 0.1 458.3 0.1 396.8 0.0 417.4 0.0 383.8 0.0 349.5 0.0 357.7 0.0 417.4 0.0 450.6 0.0 442.0 0.0 2 3 4 5 6 Debt securities Open market paper Corporate and foreign bonds 291.2 127.8 163.4 228.7 122.9 105.8 178.2 108.7 69.6 170.0 91.6 78.4 169.1 86.0 83.1 205.1 114.6 90.5 210.9 125.2 85.7 229.8 145.2 84.6 169.1 86.0 83.1 170.1 83.5 86.6 210.9 129.5 81.4 4 5 6 7 Loans (other loans and advances) 21.4 19.4 12.9 10.6 12.1 11.4 10.1 10.3 12.1 11.6 12.2 7 8 Corporate equities (2) 26.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 667.9 171.6 496.4 687.6 137.8 549.7 694.8 126.0 568.8 707.8 123.5 584.3 710.8 103.2 607.5 710.5 123.9 586.6 723.8 120.8 603.0 733.1 127.8 605.2 710.8 103.2 607.5 729.6 96.2 633.4 729.3 109.1 620.2 9 10 11 1611.2 1456.6 1344.3 1285.1 1309.4 1310.8 1294.2 1330.8 1309.4 1362.0 1394.3 12 621.7 167.1 454.6 620.5 94.3 526.2 590.5 29.0 561.5 618.2 45.2 572.9 644.7 49.6 595.1 633.5 62.4 571.0 645.4 56.6 588.8 660.8 74.1 586.7 644.7 49.6 595.1 673.5 53.5 620.0 680.6 80.6 600.1 13 14 15 12 Levels 2012 2 3 9 10 11 Total financial assets 2011 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers Total liabilities 13 14 15 Debt securities Open market paper Corporate bonds 16 17 18 Loans Depository institution loans n.e.c. (3) Other loans and advances (4) 82.5 73.4 9.2 31.3 21.5 9.8 3.0 0.0 3.0 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 2.4 0.0 2.4 16 17 18 19 Foreign direct investment in U.S. 11.4 12.0 12.6 13.2 13.8 13.4 13.5 13.7 13.8 14.0 14.1 19 20 21 22 23 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Other (net) 895.5 733.4 7.7 154.5 792.7 658.7 8.8 125.2 738.2 579.5 8.7 149.9 651.4 673.5 8.7 -30.9 648.5 720.6 8.7 -80.8 661.6 794.5 8.7 -141.6 632.9 746.5 8.7 -122.3 654.0 735.4 8.7 -90.1 648.5 720.6 8.7 -80.8 672.2 755.4 8.7 -91.9 697.2 703.1 8.7 -14.6 20 21 22 23 (1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with the Public-Private Investment Program (PPIP). (2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. (3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG). (4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP. 107 Z.1, September 18, 2015 L.132 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 SDR allocations Net interbank assets 4 5 6 7 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 16054.1 17513.0 18962.6 21136.5 22992.3 21751.8 22414.0 22669.4 22992.3 23268.1 23402.2 1 54.4 24.2 54.2 238.1 54.3 102.1 54.4 414.2 51.2 444.9 54.6 531.3 54.6 559.9 52.4 573.9 51.2 444.9 48.7 437.2 49.7 408.4 2 3 U.S. checkable deposits and currency U.S. time deposits 390.5 308.2 472.3 355.6 540.4 393.4 591.3 445.1 671.0 491.8 621.3 461.4 637.9 495.6 641.6 492.1 671.0 491.8 687.3 498.0 682.8 478.4 4 5 Money market fund shares Security repurchase agreements 69.8 581.8 74.4 678.5 96.9 671.6 108.2 706.9 113.4 812.3 107.3 767.4 106.4 797.1 108.2 782.6 113.4 812.3 110.1 799.4 108.8 738.6 6 7 8251.6 102.1 4458.8 710.3 3748.5 1095.8 71.7 2523.1 8748.7 102.7 5004.4 647.7 4356.7 1078.2 72.4 2491.0 9364.8 102.8 5571.5 661.7 4909.8 1001.2 71.8 2617.6 9588.1 101.3 5793.8 685.0 5108.9 883.8 76.1 2733.1 10146.9 107.9 6156.2 671.6 5484.5 902.6 80.4 2899.7 9792.2 106.5 5950.1 689.3 5260.8 861.8 76.8 2796.9 9965.8 117.1 6020.6 627.6 5392.9 870.1 77.3 2880.7 10012.6 119.6 6072.2 614.1 5458.1 889.6 78.6 2852.6 10146.9 107.9 6156.2 671.6 5484.5 902.6 80.4 2899.7 10257.5 118.4 6176.0 702.0 5474.0 898.3 82.5 2982.3 10443.0 108.3 6174.3 700.5 5473.7 927.8 85.7 3146.8 8 9 10 11 12 13 14 15 162.3 196.1 143.9 139.7 189.8 151.2 157.6 185.4 189.8 182.1 190.7 16 3216.0 260.0 3397.2 370.4 3953.0 495.4 5204.4 552.0 5929.2 622.6 5378.2 565.6 5634.1 611.6 5719.3 623.0 5929.2 622.6 5975.6 641.0 5895.0 622.8 17 18 111.8 128.8 140.5 148.8 162.9 162.0 167.1 162.4 162.9 164.7 162.8 19 2623.6 2798.7 3006.3 3183.2 3356.5 3159.5 3226.4 3315.8 3356.5 3466.5 3621.5 20 8862.5 9431.5 9954.6 10311.3 10584.8 10450.8 10665.6 10742.8 10584.8 10745.7 10702.7 21 121.1 1303.9 136.7 1066.4 138.9 919.4 133.4 944.8 118.9 821.1 133.1 911.4 134.0 893.3 125.9 943.0 118.9 821.1 108.1 797.2 109.1 728.6 22 23 663.7 764.7 804.9 720.9 747.3 783.9 734.8 764.6 747.3 800.1 787.7 24 2076.3 398.6 1677.6 2258.7 345.1 1913.6 2566.1 373.0 2193.1 2649.9 407.0 2242.9 2785.8 384.3 2401.5 2702.6 413.8 2288.8 2864.3 435.1 2429.2 2833.8 390.7 2443.1 2785.8 384.3 2401.5 2844.1 414.7 2429.4 2769.9 424.6 2345.3 25 26 27 181.6 162.0 19.6 226.2 205.2 21.0 267.9 237.7 30.2 308.3 276.7 31.6 339.8 305.3 34.5 322.2 290.5 31.7 337.5 304.5 32.9 330.0 296.9 33.1 339.8 305.3 34.5 350.9 315.5 35.3 361.5 326.6 35.0 28 29 30 51.1 55.1 55.7 53.4 46.2 45.9 48.6 46.6 46.2 44.0 44.1 31 8 9 10 11 12 13 14 15 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) 16 Loans to U.S. corporate business 17 18 U.S. corporate equities Mutual fund shares 19 Trade receivables 20 Foreign direct investment in U.S. (2) 21 2011 Total liabilities 22 23 U.S. official reserve assets (3) U.S. private deposits 24 Security repurchase agreements 25 26 27 Debt securities Commercial paper Bonds 28 29 30 Loans Depository institution loans n.e.c. Other loans and advances 31 Trade payables 32 U.S. direct investment abroad (1,2) 4273.6 4599.5 5017.5 5339.8 5576.0 5399.0 5491.5 5540.7 5576.0 5641.7 5753.1 32 33 34 35 36 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Investment by holding companies 191.2 52.8 2.7 135.6 324.1 55.4 102.5 166.3 184.1 57.8 11.5 114.7 160.8 60.0 2.9 97.9 149.8 62.4 4.2 83.3 152.8 60.0 3.0 89.7 161.7 61.7 2.8 97.2 158.3 62.2 2.9 93.2 149.8 62.4 4.2 83.3 159.7 64.2 3.4 92.0 148.7 65.1 3.3 80.3 33 34 35 36 4900.2 4501.4 5321.9 6472.9 6719.7 6627.8 7061.2 6803.7 6719.7 7118.4 7224.6 37 Memo: 37 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). Levels 2010 108 Z.1, September 18, 2015 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Federal government: SDR allocations 3 4 5 6 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 Total assets 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 175.5 190.9 193.2 187.7 170.0 187.7 188.6 178.2 170.0 156.8 158.8 1 54.4 54.2 54.3 54.4 51.2 54.6 54.6 52.4 51.2 48.7 49.7 2 121.1 56.8 12.5 51.8 136.7 55.0 30.1 51.6 138.9 55.1 34.2 49.7 133.4 55.2 30.8 47.4 118.9 51.9 25.2 41.8 133.1 55.4 29.8 47.9 134.0 55.4 30.5 48.0 125.9 53.1 28.4 44.4 118.9 51.9 25.2 41.8 108.1 49.5 19.8 38.8 109.1 50.4 19.2 39.5 3 4 5 6 186.6 201.9 204.3 198.8 181.1 198.7 199.6 189.3 181.1 167.8 169.9 7 8 9 10 11 12 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 95.1 0.0 56.8 12.6 25.7 110.9 0.0 55.0 30.3 25.6 114.2 0.0 55.1 34.4 24.7 109.8 0.0 55.2 31.0 23.6 98.0 0.0 51.9 25.3 20.7 109.3 0.0 55.4 30.1 23.8 110.1 0.0 55.4 30.8 23.9 103.7 0.0 53.1 28.5 22.1 98.0 0.0 51.9 25.3 20.7 88.7 0.0 49.5 19.9 19.3 89.5 0.0 50.4 19.4 19.6 8 9 10 11 12 13 Rest of the world: SDR allocations 54.4 54.2 54.3 54.4 51.2 54.6 54.6 52.4 51.2 48.7 49.7 13 14 15 16 17 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 37.0 11.0 -0.1 26.1 36.8 11.0 -0.3 26.0 35.8 11.0 -0.2 25.0 34.6 11.0 -0.2 23.8 32.0 11.0 -0.1 21.1 34.8 11.0 -0.2 24.0 34.9 11.0 -0.2 24.1 33.2 11.0 -0.1 22.3 32.0 11.0 -0.1 21.1 30.4 11.0 -0.2 19.5 30.7 11.0 -0.1 19.8 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 18 Levels Total liabilities 2 2011 Discrepancy: monetary gold (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 25.9 43.5 25.9 44.2 25.9 44.8 25.6 45.5 25.3 46.3 25.6 45.7 25.6 46.0 25.3 46.2 25.3 46.3 25.3 46.7 25.3 46.9 3 4 5 Discrepancy (seigniorage) -17.6 -18.3 -18.8 -19.9 -21.0 -20.2 -20.4 -20.8 -21.0 -21.3 -21.6 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 1303.9 1066.4 919.4 944.8 821.1 911.4 893.3 943.0 821.1 797.2 728.6 1 67.3 40.6 105.9 57.4 34.8 42.9 49.5 35.4 43.3 51.7 78.1 33.7 45.3 71.4 24.1 50.5 67.8 19.4 49.4 77.7 26.7 52.2 79.9 23.2 45.3 71.4 24.1 43.8 58.2 24.4 39.1 74.9 22.1 2 3 4 1090.1 931.3 791.3 781.3 680.2 773.7 739.5 787.6 680.2 670.9 592.5 5 109 Z.1, September 18, 2015 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 8 9 10 11 12 13 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions Rest of the world Discrepancy 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1068.5 1889.0 1683.8 2812.9 2865.3 3089.7 3118.9 3189.2 2865.3 2905.8 2672.1 1 1020.8 428.3 -347.1 -3.3 -30.0 1623.1 164.9 157.5 -4.6 -51.9 1562.1 36.7 155.6 -4.9 -65.7 2322.7 227.8 330.6 -4.7 -63.5 2453.7 282.0 197.8 -5.3 -62.8 2509.1 213.4 436.5 -5.5 -63.8 2520.8 227.6 441.5 -5.8 -65.1 2602.5 329.7 323.8 -5.2 -61.7 2453.7 282.0 197.8 -5.3 -62.8 2505.1 300.2 168.3 -5.7 -62.0 2310.7 199.5 230.2 -6.2 -62.1 2 3 4 5 6 1043.8 1860.7 1663.8 2736.0 2898.1 3039.9 3080.3 3175.9 2898.1 2941.6 2718.9 7 -1.2 628.5 350.8 41.5 24.2 -0.4 859.5 711.0 52.6 238.1 -0.4 869.6 638.8 53.8 102.1 -0.9 1326.5 948.1 48.1 414.2 -0.4 1519.2 888.8 45.7 444.9 -0.5 1376.0 1071.1 62.0 531.3 -0.4 1404.6 1068.7 47.5 559.9 -0.6 1475.7 1087.8 39.0 573.9 -0.4 1519.2 888.8 45.7 444.9 -0.7 1573.2 872.3 59.6 437.2 -0.2 1374.1 886.7 49.9 408.4 8 9 10 11 12 24.8 28.3 20.1 76.9 -32.8 49.8 38.6 13.3 -32.8 -35.7 -46.7 13 14 15 16 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 52.7 52.7 0.0 60.8 60.8 0.0 71.1 71.1 0.0 73.6 73.6 0.0 75.7 75.6 0.0 64.8 64.8 0.0 64.9 64.9 0.1 64.7 64.7 0.0 75.7 75.6 0.0 67.8 67.8 0.0 68.3 68.3 0.0 14 15 16 17 18 19 20 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions 968.1 575.8 350.8 41.5 1562.3 798.7 711.0 52.6 1491.0 798.5 638.8 53.8 2249.1 1252.9 948.0 48.1 2378.0 1443.6 888.8 45.7 2444.3 1311.3 1071.0 62.0 2455.8 1339.8 1068.6 47.5 2537.8 1411.1 1087.8 39.0 2378.0 1443.6 888.8 45.7 2437.3 1505.4 872.3 59.6 2242.5 1305.8 886.7 49.9 17 18 19 20 21 22 23 24 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Asset: Monetary authority Federal Reserve float Loans to member banks -1.2 -1.2 -1.4 0.2 -0.4 -0.4 -0.6 0.2 -0.4 -0.4 -0.5 0.1 -0.9 -0.9 -1.0 0.1 -0.4 -0.4 -0.6 0.1 -0.5 -0.5 -0.5 0.0 -0.4 -0.4 -0.5 0.2 -0.6 -0.6 -0.9 0.3 -0.4 -0.4 -0.6 0.1 -0.7 -0.7 -0.7 0.0 -0.2 -0.2 -0.4 0.2 21 22 23 24 25 26 27 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 420.1 824.8 404.6 110.9 602.6 491.7 23.0 403.6 380.6 176.5 507.3 330.8 278.5 523.0 244.5 190.7 500.5 309.8 209.2 487.4 278.2 283.6 556.1 272.5 278.5 523.0 244.5 305.1 530.8 225.7 211.8 471.2 259.4 25 26 27 28 29 30 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates -376.1 841.2 1217.3 135.9 1137.9 1002.0 84.3 1047.9 963.6 242.2 1191.2 949.0 175.0 1067.5 892.5 343.0 1211.4 868.4 356.1 1240.7 884.6 297.9 1211.1 913.2 175.0 1067.5 892.5 140.7 1029.9 889.2 206.2 1029.1 822.9 28 29 30 31 32 33 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 35.3 18.2 17.0 22.9 14.3 8.6 20.3 11.0 9.3 20.0 11.5 8.5 21.4 12.2 9.2 20.5 12.5 8.0 21.3 12.9 8.4 21.3 12.9 8.4 21.4 12.2 9.2 19.8 12.3 7.6 19.0 10.0 9.1 31 32 33 34 35 36 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 15.5 6.3 9.2 14.2 6.7 7.5 15.1 6.4 8.6 15.5 6.4 9.1 12.8 4.1 8.6 18.0 6.8 11.3 15.8 5.5 10.4 13.8 4.6 9.1 12.8 4.1 8.6 11.3 4.0 7.3 9.4 3.2 6.2 34 35 36 24.2 238.1 102.1 414.2 444.9 531.3 559.9 573.9 444.9 437.2 408.4 37 21.3 91.2 33.1 3.3 30.0 62.1 112.9 28.2 4.6 51.9 18.7 122.0 31.3 4.9 65.7 57.2 174.1 29.0 4.7 63.5 12.0 62.9 27.6 5.3 62.8 29.0 153.1 34.0 5.5 63.8 26.2 148.7 39.2 5.8 65.1 55.0 109.4 29.2 5.2 61.7 12.0 62.9 27.6 5.3 62.8 4.1 55.6 23.6 5.7 62.0 -5.3 45.6 23.9 6.2 62.1 38 39 40 41 42 69.9 50.8 103.3 116.9 50.9 124.2 122.5 54.4 50.9 51.5 50.8 43 24.8 28.3 20.1 76.9 -32.8 49.8 38.6 13.3 -32.8 -35.7 -46.7 44 37 38 39 40 41 42 43 44 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net) (2): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 25 and 28 less line 31 plus line 34. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies in source data, appears on line 13 as the discrepancy between liabilities and assets. (3) Sum of lines 40, 41, 42, and 44. Levels Memo: 110 Z.1, September 18, 2015 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Deposits due to foreign Currency outside banks 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2359.8 2594.3 2853.8 3186.5 3537.5 3183.8 3295.7 3356.9 3537.5 3441.3 3645.1 1 1287.8 340.9 13.5 3.4 930.0 1165.7 85.9 64.6 0.2 1015.0 1224.6 92.9 27.2 6.5 1098.1 1364.1 162.6 25.9 8.0 1167.6 1516.4 223.7 20.2 5.3 1267.3 1364.4 142.5 10.8 7.0 1204.1 1374.2 139.4 11.2 6.0 1217.6 1416.4 158.5 26.9 5.3 1225.7 1516.4 223.7 20.2 5.3 1267.3 1417.7 100.3 20.9 5.2 1291.3 1588.3 254.4 28.2 5.3 1300.3 2 3 4 5 6 941.1 3.6 30.4 907.0 1260.5 1.0 56.1 1203.5 1431.7 1.3 51.8 1378.5 1579.8 1.6 51.2 1527.1 1716.1 2.5 53.4 1660.2 1558.5 1.7 52.8 1504.0 1649.1 1.8 56.2 1591.1 1670.1 2.1 52.5 1615.5 1716.1 2.5 53.4 1660.2 1698.6 2.5 52.4 1643.8 1717.0 2.3 47.3 1667.4 7 8 9 10 7 8 9 10 U.S.-chartered depository institutions Federal government deposits Deposits due to foreign Private domestic deposits 11 12 13 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 21.9 14.6 7.3 45.6 19.0 26.6 61.8 27.9 33.9 92.6 40.2 52.4 137.8 54.2 83.6 101.7 44.3 57.3 114.2 52.1 62.1 114.2 54.1 60.1 137.8 54.2 83.6 149.4 60.0 89.4 161.2 61.1 100.1 11 12 13 14 Banks in U.S.-affiliated areas 16.6 19.4 21.9 28.2 33.4 27.3 28.6 27.8 33.4 33.0 35.8 14 15 Credit unions 92.4 103.1 113.9 121.7 133.9 131.9 129.6 128.4 133.9 142.6 142.8 15 2359.8 2594.3 2853.8 3186.5 3537.5 3183.8 3295.7 3356.9 3537.5 3441.3 3645.1 16 16 Levels Total liabilities 2011 Total assets 17 Household sector 423.7 724.1 887.4 1008.1 1115.7 1054.5 1077.5 1055.7 1115.7 1112.7 1154.5 17 18 19 20 Nonfinancial business Corporate Noncorporate 766.1 234.5 531.6 821.6 265.3 556.3 835.3 219.8 615.5 924.3 305.3 619.0 1030.3 376.3 653.9 895.7 272.7 622.9 957.4 325.1 632.3 990.1 350.0 640.1 1030.3 376.3 653.9 1065.3 405.1 660.2 1092.8 423.4 669.4 18 19 20 21 22 Federal government State and local governments 342.3 104.8 84.6 121.4 92.2 117.6 163.0 124.9 226.8 140.5 142.6 121.7 139.6 120.9 160.5 122.8 226.8 140.5 104.8 129.6 258.5 133.4 21 22 23 Domestic financial sectors 326.9 364.1 374.0 369.9 350.4 342.1 356.1 382.7 350.4 340.2 321.2 23 24 25 Property-casualty insurance companies Life insurance companies 32.6 51.7 24.1 53.7 36.4 56.4 29.7 47.2 35.6 50.8 33.4 50.7 34.8 49.2 35.7 52.9 35.6 50.8 35.4 50.3 30.4 43.2 24 25 26 27 Private pension funds State and local govt. retirement funds 12.5 4.0 18.1 4.4 16.4 4.4 15.9 4.5 16.4 5.2 15.8 4.6 16.6 5.4 16.4 5.6 16.4 5.2 16.7 5.6 16.6 5.4 26 27 28 29 Money market mutual funds Government-sponsored enterprises 14.2 63.4 20.1 72.7 16.5 52.6 13.3 81.6 -4.3 65.0 14.2 45.4 16.7 49.3 -3.1 89.3 -4.3 65.0 -9.8 53.4 3.2 41.1 28 29 30 31 32 Finance companies REITs Brokers and dealers 26.5 25.1 96.9 31.7 27.6 111.8 27.8 35.3 128.2 32.1 34.0 111.7 31.9 38.1 111.8 32.9 32.9 112.2 32.3 37.5 114.3 31.1 38.0 116.7 31.9 38.1 111.8 32.4 38.6 117.7 33.2 33.8 114.1 30 31 32 33 34 35 Rest of the world Checkable deposits Currency 390.5 48.4 342.1 472.3 75.2 397.1 540.4 86.2 454.2 591.3 99.4 491.9 671.0 112.8 558.2 621.3 104.2 517.1 637.9 114.3 523.6 641.6 111.9 529.7 671.0 112.8 558.2 687.3 117.6 569.7 682.8 113.7 569.1 33 34 35 36 Mail float 5.4 6.3 7.0 4.9 2.8 6.0 6.3 3.6 2.8 1.4 1.8 36 111 Z.1, September 18, 2015 L.205 Time and Savings Deposits 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 Small time and savings deposits U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Large time deposits (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 8548.1 8952.2 9463.7 9872.9 10448.7 10075.7 10139.3 10264.8 10448.7 10683.3 10631.5 1 6624.9 7202.2 7803.9 8110.8 8475.8 8265.3 8290.7 8431.3 8475.8 8762.6 8711.7 2 5888.6 35.7 19.3 681.3 6425.7 48.9 18.9 708.7 6979.2 62.7 18.8 743.1 7236.0 90.4 21.4 763.1 7579.8 84.5 23.4 788.1 7375.8 84.5 20.7 784.3 7397.2 87.3 21.4 784.8 7537.5 89.7 20.9 783.3 7579.8 84.5 23.4 788.1 7802.9 126.4 21.6 811.7 7781.0 88.8 22.8 819.2 3 4 5 6 1923.2 1750.0 1659.9 1762.0 1972.9 1810.4 1848.6 1833.5 1972.9 1920.7 1919.8 7 896.1 977.7 19.3 30.1 882.9 814.6 18.9 33.5 803.0 798.4 18.8 39.7 826.9 869.5 21.4 44.3 929.3 971.8 23.4 48.4 815.4 927.8 20.7 46.5 847.4 934.4 21.4 45.4 745.9 1019.8 20.9 46.8 929.3 971.8 23.4 48.4 924.2 924.7 21.6 50.2 919.9 926.3 22.8 50.7 8 9 10 11 8548.1 8952.2 9463.7 9872.9 10448.7 10075.7 10139.3 10264.8 10448.7 10683.3 10631.5 12 6450.8 6820.1 7187.1 7393.2 7864.2 7546.8 7567.2 7691.2 7864.2 8069.3 8014.5 13 13 Household sector 14 15 16 Nonfinancial business Corporate Noncorporate 905.0 548.7 356.2 924.2 561.9 362.2 967.5 595.2 372.3 1019.3 636.2 383.1 1056.0 646.8 409.2 1038.2 653.5 384.7 1046.7 656.9 389.8 1019.2 625.4 393.8 1056.0 646.8 409.2 1064.4 637.1 427.4 1090.3 655.5 434.8 14 15 16 17 18 Federal government State and local governments 2.0 242.1 1.7 258.2 2.0 294.1 1.5 312.0 1.7 319.5 1.5 319.2 1.5 312.1 1.6 317.3 1.7 319.5 1.6 327.3 1.9 317.4 17 18 19 Domestic financial sectors 640.1 592.4 619.7 701.6 715.4 708.6 716.2 743.4 715.4 722.6 729.0 19 31.4 34.1 458.9 33.0 36.0 402.7 29.1 32.9 435.4 34.0 35.4 494.8 34.0 39.9 515.5 34.3 36.2 494.0 34.7 37.1 510.1 34.1 38.5 531.1 34.0 39.9 515.5 34.9 42.9 512.1 35.3 45.2 509.9 20 21 22 26.1 79.6 10.0 13.4 95.0 12.4 4.3 83.5 34.4 5.4 96.2 35.9 3.3 95.7 27.0 7.9 98.6 37.5 5.9 97.0 31.4 5.4 93.3 41.0 3.3 95.7 27.0 1.9 97.1 33.8 2.8 99.7 36.0 23 24 25 308.2 355.6 393.4 445.1 491.8 461.4 495.6 492.1 491.8 498.0 478.4 26 20 21 22 Private pension funds State and local govt. retirement funds Money market mutual funds 23 24 25 Government-sponsored enterprises Finance companies Holding companies 26 Rest of the world (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total assets 2755.4 2642.5 2649.6 2678.5 2688.1 2592.5 2522.4 2565.4 2688.1 2609.9 2579.5 1 1131.0 497.8 76.8 1109.9 462.4 77.7 1110.2 519.4 80.7 1135.7 559.1 83.0 1102.1 565.2 87.1 1099.2 527.1 83.4 1069.5 516.1 84.5 1087.7 529.1 85.3 1102.1 565.2 87.1 1004.8 548.5 88.3 985.4 546.3 89.4 2 3 4 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 State and local governments Property-casualty insurance companies Life insurance companies 151.1 25.6 21.0 153.2 20.0 28.8 159.7 22.3 27.5 163.3 20.1 21.6 170.0 18.3 27.7 166.0 17.7 21.3 169.5 19.0 21.0 168.7 19.4 22.6 170.0 18.3 27.7 173.2 18.2 26.6 173.7 18.0 24.7 5 6 7 8 9 Private pension funds State and local govt. retirement funds 136.4 41.8 152.9 42.6 135.7 38.9 148.4 42.3 138.8 48.1 143.8 43.1 142.5 44.4 141.3 45.5 138.8 48.1 138.7 51.0 137.0 54.4 8 9 10 Funding corporations 604.1 520.7 458.3 396.8 417.4 383.8 349.5 357.7 417.4 450.6 442.0 10 11 Rest of the world 69.8 74.4 96.9 108.2 113.4 107.3 106.4 108.2 113.4 110.1 108.8 11 Levels 2010 112 Z.1, September 18, 2015 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3597.9 3883.2 4132.0 3663.9 3696.6 3740.0 3781.2 3679.4 3696.6 3752.5 3695.9 1 59.7 99.9 107.2 315.9 509.8 341.0 456.5 410.1 509.8 536.9 558.2 2 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 484.0 ND ND 402.5 ND ND 349.9 69.4 280.5 269.4 58.3 211.0 236.2 38.7 197.5 283.2 64.7 218.5 271.9 64.7 207.3 249.9 55.0 194.9 236.2 38.7 197.5 228.7 28.7 199.9 226.2 34.2 192.0 3 4 5 6 7 8 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 250.0 34.0 216.0 304.4 24.1 280.3 325.0 21.5 303.6 312.7 18.8 293.9 371.3 27.2 344.1 356.5 26.4 330.1 366.5 24.2 342.3 375.4 33.7 341.7 371.3 27.2 344.1 369.9 38.5 331.4 374.8 22.7 352.1 6 7 8 9 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 1.5 10.3 3.1 12.1 2.1 14.4 1.5 20.9 1.0 21.9 1.1 20.9 1.3 23.2 1.1 22.5 1.0 21.9 1.1 22.1 1.1 22.4 10 11 1.3 120.4 2006.3 0.8 0.4 218.1 2076.7 1.2 0.0 320.6 2207.9 0.0 0.0 254.0 1768.6 0.0 0.1 261.2 1547.7 0.0 0.0 240.6 1712.6 0.0 0.0 249.9 1677.1 0.0 0.0 249.4 1606.3 0.0 0.1 261.2 1547.7 0.0 0.1 258.3 1535.3 0.0 0.0 245.0 1480.3 0.1 12 13 14 15 2 Monetary authority 3 4 5 10 11 Property-casualty insurance companies Life insurance companies 12 13 14 15 Government-sponsored enterprises REITs Brokers and dealers Holding companies 16 17 Levels Total liabilities 2011 Rest of the world Total assets 663.7 764.7 804.9 720.9 747.3 783.9 734.8 764.6 747.3 800.1 787.7 16 3343.2 3550.2 3920.9 3578.9 3740.7 3623.6 3753.1 3670.6 3740.7 3709.4 3670.5 17 12.1 125.7 12.6 120.9 9.7 126.5 8.8 129.9 13.5 135.7 11.3 132.1 13.5 135.1 13.4 134.5 13.5 135.7 12.8 138.4 13.9 138.9 18 19 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 267.6 ND ND 242.6 ND ND 302.7 58.1 244.6 215.4 47.0 168.4 185.0 30.6 154.4 201.8 49.4 152.4 202.5 50.8 151.7 196.0 45.5 150.5 185.0 30.6 154.4 215.1 25.4 189.7 208.9 22.4 186.5 21 22 23 18 19 Nonfinancial corporate business State and local governments 20 Monetary authority 21 22 23 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 24 25 26 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 88.4 2.3 86.2 120.1 3.7 116.4 178.3 3.0 175.3 177.1 1.3 175.8 218.1 1.3 216.9 200.3 1.7 198.5 228.2 2.0 226.2 218.7 1.7 217.1 218.1 1.3 216.9 199.8 1.0 198.7 210.5 1.2 209.3 24 25 26 27 28 29 Credit unions Federal funds Security repurchase agreements 0.0 0.0 0.0 15.9 15.9 0.0 9.7 9.6 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.2 0.2 0.1 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 28 29 30 31 32 33 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 3.8 10.9 2.7 3.2 2.4 6.1 2.7 3.3 1.7 8.2 2.4 3.1 1.7 2.9 2.8 3.3 1.6 3.4 2.8 3.7 1.8 6.0 2.8 3.4 1.6 6.5 2.9 3.4 1.7 6.7 2.8 3.6 1.6 3.4 2.8 3.7 1.7 5.6 2.9 4.0 1.6 5.5 3.0 4.2 30 31 32 33 34 35 Money market mutual funds Mutual funds 479.4 137.5 490.5 108.7 544.7 262.8 493.4 355.7 644.6 402.0 506.5 381.9 564.2 424.0 575.8 395.2 644.6 402.0 625.9 401.0 635.1 390.4 34 35 36 37 Government-sponsored enterprises Of which: FHLB federal funds (3) 151.2 75.9 112.3 41.1 150.8 44.0 152.3 29.5 162.6 52.8 127.3 45.5 134.3 35.5 110.9 39.8 162.6 52.8 158.2 42.5 141.0 41.6 36 37 38 39 40 Brokers and dealers Holding companies Funding corporations 1428.5 50.3 0.1 1583.1 50.5 0.1 1638.2 10.5 0.1 1321.0 7.7 0.0 1152.7 2.5 0.0 1273.3 7.6 0.0 1230.3 9.5 0.0 1220.4 8.2 0.0 1152.7 2.5 0.0 1138.8 5.8 0.0 1171.2 7.6 0.0 38 39 40 41 Rest of the world 581.8 678.5 671.6 706.9 812.3 767.4 797.1 782.6 812.3 799.4 738.6 41 254.7 333.0 211.1 85.0 -44.1 116.4 28.1 8.8 -44.1 43.1 25.4 42 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 197.8 163.3 34.5 396.7 371.2 25.5 242.1 222.0 20.1 339.5 305.5 34.0 300.0 294.4 5.6 396.7 371.2 25.5 378.5 345.3 33.2 392.6 372.2 20.5 43 44 45 42 Discrepancy Memo: Federal Reserve’s reverse repurchase agreement operations: (4) 43 44 45 Liability: Monetary authority (5) Asset: Money market mutual funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 2010:Q4 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserve’s Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4). (5) Included in line 2. (6) Included in line 32. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 113 Z.1, September 18, 2015 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 By instrument 1 2 3 4 5 6 Total debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 33269.2 34332.5 35968.9 37201.1 38508.5 37517.9 37765.5 38088.9 38508.5 38698.5 38770.8 1 1057.6 10504.4 7598.2 3772.1 10336.9 969.3 11642.0 7577.4 3719.4 10424.5 952.4 12822.9 7554.6 3714.4 10924.5 951.6 13680.6 7794.1 3671.2 11103.5 930.4 14416.7 7944.6 3652.4 11564.4 992.2 13930.5 7721.1 3660.8 11213.3 1005.5 13887.0 7774.6 3661.4 11437.0 996.1 14117.4 7833.7 3631.1 11510.6 930.4 14416.7 7944.6 3652.4 11564.4 952.1 14434.9 7901.2 3694.0 11716.2 978.8 14353.4 7956.4 3714.6 11767.6 2 3 4 5 6 33269.2 34332.5 35968.9 37201.1 38508.5 37517.9 37765.5 38088.9 38508.5 38698.5 38770.8 7 17760.1 19041.0 20553.7 21661.3 22681.4 22007.6 22029.0 22301.7 22681.4 22858.3 22945.1 8 263.2 3944.7 255.5 4148.3 241.0 4500.6 227.8 4803.4 223.1 5106.4 227.6 4909.9 227.0 4973.0 224.6 5044.1 223.1 5106.4 223.0 5230.3 219.7 5388.9 9 10 10528.6 3023.6 11667.3 2970.0 12847.8 2964.3 13705.1 2924.9 14441.1 2910.9 13954.6 2915.5 13911.0 2918.0 14141.3 2891.8 14441.1 2910.9 14459.0 2945.9 14378.1 2958.5 11 12 13432.9 13032.8 12849.1 12890.0 13041.3 12807.7 12872.2 12953.4 13041.3 12996.2 13055.9 13 8 Total liabilities Domestic nonfinancial sectors 9 10 Household sector (nonprofits) Nonfinancial corporate business 11 12 Federal government State and local governments 13 Domestic financial sectors 14 15 16 17 18 19 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 490.1 0.0 6434.5 1139.5 2235.9 1189.2 500.1 0.0 6247.3 1304.8 1989.0 1159.8 383.4 0.0 6092.7 1437.0 1769.4 1086.6 280.7 0.0 6200.2 1569.4 1483.1 1080.7 263.5 0.0 6275.5 1644.7 1382.4 1099.0 272.6 0.0 6111.4 1585.8 1429.2 1073.3 267.7 0.0 6150.6 1600.0 1399.9 1078.7 263.4 0.0 6186.2 1623.6 1396.4 1085.3 263.5 0.0 6275.5 1644.7 1382.4 1099.0 243.6 0.0 6234.6 1642.5 1386.2 1108.9 244.7 0.0 6258.0 1673.8 1372.1 1088.3 14 15 16 17 18 19 20 21 22 23 REITs Brokers and dealers Holding companies Funding corporations 145.4 129.7 1046.9 621.7 152.9 91.8 966.5 620.5 179.6 90.2 1219.6 590.5 353.2 112.4 1192.1 618.2 407.4 123.9 1200.1 644.7 382.1 122.7 1197.3 633.5 395.9 113.4 1220.7 645.4 405.9 123.9 1207.7 660.8 407.4 123.9 1200.1 644.7 410.7 107.4 1188.8 673.5 410.0 135.8 1192.7 680.6 20 21 22 23 2076.3 2258.7 2566.1 2649.9 2785.8 2702.6 2864.3 2833.8 2785.8 2844.1 2769.9 24 33269.2 34332.5 35968.9 37201.1 38508.5 37517.9 37765.5 38088.9 38508.5 38698.5 38770.8 25 24 25 26 Rest of the world Total assets: 6487.9 5785.9 5620.2 5169.3 4683.6 4969.7 4813.1 4756.0 4683.6 4681.5 4597.7 26 27 28 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 4734.7 155.9 53.7 4220.8 147.4 54.8 4060.9 135.0 59.0 3671.6 113.0 60.7 3181.5 95.5 63.7 3478.1 105.5 61.0 3304.5 99.1 61.8 3268.6 96.3 62.4 3181.5 95.5 63.7 3168.3 88.1 64.6 3093.1 99.8 65.7 27 28 29 30 31 Federal government State and local governments 150.1 1393.5 31.9 1330.9 0.6 1364.6 0.6 1323.5 0.5 1342.4 0.5 1324.6 0.5 1347.1 0.5 1328.2 0.5 1342.4 0.5 1359.9 0.5 1338.5 30 31 32 Domestic nonfinancial sectors 18529.7 19798.0 20984.0 22443.7 23678.1 22756.1 22986.7 23320.2 23678.1 23759.5 23730.2 32 33 34 35 36 37 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2161.1 2549.8 325.6 17.0 178.3 2605.1 2658.2 327.8 13.5 209.2 2669.6 2821.8 339.2 10.9 227.2 3756.2 2912.4 288.8 12.4 231.7 4236.9 3153.9 274.3 11.1 222.8 3970.1 2960.2 289.3 12.9 236.4 4108.1 3004.3 287.3 11.6 236.8 4188.2 3077.8 279.7 11.4 233.6 4236.9 3153.9 274.3 11.1 222.8 4228.4 3223.9 265.8 11.1 228.1 4228.9 3262.7 253.3 11.4 225.1 33 34 35 36 37 38 39 Property-casualty insurance companies Life insurance companies 886.4 2716.0 921.9 2818.5 922.2 2879.1 950.8 2934.2 964.6 3004.3 946.8 2955.7 949.9 2983.9 959.9 3000.2 964.6 3004.3 960.3 3030.0 963.8 3046.2 38 39 40 41 42 Private pension funds Federal government retirement funds State and local govt. retirement funds 869.2 1284.8 758.1 947.6 1381.1 764.6 1092.9 1436.9 763.7 1182.5 1544.7 851.1 1205.1 1630.7 896.0 1189.8 1533.7 860.9 1197.2 1538.8 870.8 1206.3 1563.5 888.8 1205.1 1630.7 896.0 1219.2 1522.5 865.9 1221.1 1395.0 873.4 40 41 42 43 44 45 46 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 1673.4 2895.3 146.4 132.7 1663.6 3235.8 144.7 178.8 1580.9 3875.6 155.9 231.1 1611.7 4200.2 169.5 243.3 1490.8 4667.6 165.7 294.3 1521.0 4302.8 169.8 254.3 1388.7 4426.9 170.5 266.3 1419.6 4533.4 167.8 272.4 1490.8 4667.6 165.7 294.3 1440.7 4821.3 165.3 313.6 1393.4 4926.5 166.8 315.5 43 44 45 46 47 48 49 50 Government-sponsored enterprises ABS issuers Finance companies REITs 760.9 43.7 84.1 166.6 722.3 29.5 85.0 275.1 585.7 23.7 78.7 394.1 491.1 24.4 67.9 298.3 472.1 22.1 73.9 309.5 486.3 25.1 71.8 290.9 477.3 24.2 72.5 301.3 474.2 24.6 69.9 296.9 472.1 22.1 73.9 309.5 465.7 30.8 76.1 305.5 448.7 33.0 79.6 285.1 47 48 49 50 51 52 53 Brokers and dealers Holding companies Funding corporations 510.1 79.0 291.2 508.9 78.2 228.7 612.7 103.8 178.2 426.4 76.1 170.0 337.3 76.0 169.1 400.7 72.5 205.1 380.0 79.4 210.9 333.9 88.7 229.8 337.3 76.0 169.1 344.8 70.5 170.1 318.9 70.9 210.9 51 52 53 8251.6 8748.7 9364.8 9588.1 10146.9 9792.2 9965.8 10012.6 10146.9 10257.5 10443.0 54 54 Domestic financial sectors Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. Levels By sector 7 114 Z.1, September 18, 2015 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 1 2 Commercial paper 2015 Q3 Q4 Q1 Q2 1057.6 969.3 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 978.8 1 1057.5 969.2 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 978.8 2 82.9 116.3 130.3 144.5 182.4 180.2 185.9 208.5 182.4 187.6 179.3 3 3 Nonfinancial corporate business 4 5 6 Foreign issues in U.S. Nonfinancial Financial 398.6 30.6 368.0 345.1 30.2 314.9 373.0 40.4 332.6 407.0 51.6 355.4 384.3 45.1 339.3 413.8 49.6 364.3 435.1 62.0 373.1 390.7 64.6 326.1 384.3 45.1 339.3 414.7 49.7 365.0 424.6 67.0 357.5 4 5 6 Financial business U.S.-chartered depository institutions ABS issuers Finance companies REITs Holding companies Funding corporations 575.9 112.9 120.2 111.0 0.0 64.7 167.1 507.8 120.6 96.0 121.0 0.0 75.9 94.3 449.1 87.5 87.0 129.1 0.0 116.4 29.0 400.2 59.7 79.9 118.8 0.0 96.6 45.2 363.6 54.5 64.8 117.8 0.0 77.0 49.6 398.2 58.4 73.7 114.0 0.0 89.7 62.4 384.5 56.0 70.8 109.8 0.0 91.3 56.6 396.9 54.7 70.4 115.8 0.0 81.9 74.1 363.6 54.5 64.8 117.8 0.0 77.0 49.6 349.8 49.0 63.5 113.8 0.0 70.0 53.5 374.9 50.1 66.9 121.0 0.0 56.3 80.6 7 8 9 10 11 12 13 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 1057.6 969.3 952.4 951.6 930.4 992.2 1005.5 996.1 930.4 952.1 978.8 17 21.1 68.0 19.4 67.9 18.8 59.5 15.0 38.2 14.9 31.6 15.9 35.1 16.1 29.2 15.9 30.0 14.9 31.6 15.2 31.0 15.7 32.7 18 19 102.7 0.0 0.0 0.0 0.0 90.5 0.0 0.0 0.0 0.0 83.9 0.0 0.0 0.0 0.0 75.4 0.0 0.0 0.0 0.0 68.0 0.0 0.0 0.0 0.0 74.1 0.0 0.0 0.0 0.0 73.1 0.0 0.0 0.0 0.0 70.1 0.0 0.0 0.0 0.0 68.0 0.0 0.0 0.0 0.0 66.7 0.0 0.0 0.0 0.0 64.3 0.0 0.0 0.0 0.0 20 21 22 23 24 7 8 9 10 11 12 13 14 15 16 17 Levels Total outstanding, all types Q2 Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Holdings, by sector 18 19 Household sector Nonfinancial corporate business 20 21 22 23 24 State and local governments Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 25 26 Property-casualty insurance companies Life insurance companies 7.9 40.9 8.8 29.7 7.4 43.6 8.1 46.7 7.9 42.2 7.2 43.6 7.9 41.0 8.2 40.3 7.9 42.2 7.9 43.2 7.8 41.8 25 26 27 28 Private pension funds State and local govt. retirement funds 40.1 40.3 42.6 42.1 37.7 38.5 43.6 41.4 44.6 46.4 44.5 43.0 45.0 43.7 44.5 45.5 44.6 46.4 46.4 50.5 47.1 53.2 27 28 29 30 Money market mutual funds Mutual funds 394.2 66.3 354.2 40.0 340.8 77.5 352.0 105.2 333.5 120.6 354.7 113.9 341.4 127.9 331.6 118.3 333.5 120.6 341.8 120.2 336.5 116.7 29 30 31 32 33 Government-sponsored enterprises Brokers and dealers Funding corporations 9.9 36.2 127.8 6.5 42.1 122.9 3.4 29.9 108.7 4.4 28.7 91.6 6.0 20.8 86.0 4.8 34.4 114.6 5.7 32.4 125.2 6.0 20.9 145.2 6.0 20.8 86.0 5.6 21.7 83.5 5.6 19.6 129.5 31 32 33 34 Rest of the world 102.1 102.7 102.8 101.3 107.9 106.5 117.1 119.6 107.9 118.4 108.3 34 (1) Excludes banks’ holdings of own acceptances. 115 Z.1, September 18, 2015 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2014 Q1 1 2 3 4 5 6 7 8 9 10 11 12 Total liabilities Q2 2015 Q3 Q4 Q1 Q2 10504.4 11642.0 12822.9 13680.6 14416.7 13930.5 13887.0 14117.4 14416.7 14434.9 14353.4 1 Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 8822.7 1768.9 7043.5 10.2 9906.1 1519.5 8378.2 8.4 11027.9 1626.5 9394.4 7.1 11834.2 1590.6 10228.6 15.0 12480.9 1456.7 11010.6 13.6 12098.5 1650.2 10433.3 15.0 12047.5 1386.4 10647.5 13.6 12255.8 1409.6 10832.5 13.6 12480.9 1456.7 11010.6 13.6 12606.7 1476.5 11116.6 13.6 12670.7 1393.2 11265.2 12.3 2 3 4 5 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Other nonmarketable securities 1681.7 188.0 192.9 124.8 1132.7 43.4 1735.9 185.3 152.1 147.7 1205.2 45.6 1795.0 182.5 162.6 158.5 1247.0 44.4 1846.5 179.2 120.6 172.7 1337.3 36.6 1935.8 176.0 116.5 191.3 1407.5 44.6 1832.0 178.4 108.5 176.5 1324.7 43.9 1839.5 177.7 111.9 178.4 1328.9 42.5 1861.6 176.8 105.7 183.7 1348.2 47.3 1935.8 176.0 116.5 191.3 1407.5 44.6 1828.2 175.0 117.9 131.7 1358.7 44.9 1682.7 174.0 99.8 68.6 1295.3 45.1 6 7 8 9 10 11 10504.4 11642.0 12822.9 13680.6 14416.7 13930.5 13887.0 14117.4 14416.7 14434.9 14353.4 12 1127.3 188.0 939.2 707.3 185.3 522.0 908.7 182.5 726.2 960.3 179.2 781.0 895.5 176.0 719.5 914.1 178.4 735.7 817.7 177.7 640.0 830.3 176.8 653.5 895.5 176.0 719.5 904.8 175.0 729.8 1013.0 174.0 839.0 13 14 15 48.0 48.1 43.0 48.9 39.4 52.9 42.8 54.5 38.0 57.1 40.7 54.7 40.4 55.4 39.8 56.0 38.0 57.1 31.6 57.9 39.1 59.0 16 17 595.7 192.9 402.8 561.2 152.1 409.2 610.3 162.6 447.7 599.6 120.6 479.0 636.6 116.5 520.2 600.5 108.5 492.0 619.7 111.9 507.8 616.3 105.7 510.6 636.6 116.5 520.2 653.0 117.9 535.0 641.6 99.8 541.8 18 19 20 1021.5 18.4 1003.1 1663.4 18.4 1645.0 1666.1 0.0 1666.1 2208.8 0.0 2208.8 2461.4 0.0 2461.4 2319.6 0.0 2319.6 2400.6 0.0 2400.6 2451.7 0.0 2451.7 2461.4 0.0 2461.4 2459.6 0.0 2459.6 2461.0 0.0 2461.0 21 22 23 217.5 60.9 1.1 20.1 173.9 60.5 1.0 17.6 243.2 76.6 0.4 19.3 217.1 67.0 1.2 19.1 420.4 56.5 1.3 21.6 263.8 66.3 1.3 20.4 297.7 65.6 0.8 21.3 359.0 60.4 1.3 26.2 420.4 56.5 1.3 21.6 421.3 55.7 1.5 22.9 424.2 57.3 1.8 22.9 24 25 26 27 91.7 15.5 76.2 96.4 17.4 78.9 89.7 14.1 75.6 96.1 23.5 72.6 102.0 26.8 75.2 94.7 21.8 72.9 98.1 24.9 73.3 101.2 26.8 74.3 102.0 26.8 75.2 101.6 26.7 74.8 101.5 26.4 75.2 28 29 30 Total assets 13 14 15 Household sector U.S. savings securities (line 7) Other Treasury securities 16 17 Nonfinancial corporate business Nonfinancial noncorporate business 18 19 20 State and local governments SLGS (line 8) Other Treasury securities 21 22 23 Monetary authority Treasury bills Other Treasury securities 24 25 26 27 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 28 29 30 Property-casualty insurance companies Treasury bills Other Treasury securities 31 32 33 Life insurance companies Treasury bills Other Treasury securities 156.6 10.2 146.4 175.4 14.0 161.4 180.9 9.5 171.4 168.6 6.7 162.0 182.9 8.7 174.3 172.0 6.6 165.4 175.5 6.5 168.9 178.9 7.0 171.8 182.9 8.7 174.3 193.3 8.3 185.0 191.1 7.7 183.3 31 32 33 34 35 36 Private pension funds Defined benefit plans Defined contribution plans 206.8 119.4 87.3 247.4 152.4 95.1 311.8 188.3 123.4 308.4 185.7 122.7 320.5 191.2 129.3 311.9 186.6 125.2 314.7 187.9 126.9 318.6 190.3 128.3 320.5 191.2 129.3 325.6 194.5 131.2 328.6 195.8 132.9 34 35 36 37 38 39 Federal government retirement funds Defined benefit plans Defined contribution plans 1273.0 1145.0 128.1 1367.2 1215.4 151.8 1419.8 1255.5 164.2 1530.6 1353.7 176.9 1617.5 1422.5 195.0 1521.1 1341.1 179.9 1526.0 1343.9 182.0 1550.6 1363.2 187.3 1617.5 1422.5 195.0 1509.2 1373.6 135.6 1381.6 1309.0 72.6 37 38 39 40 41 42 State and local govt. retirement funds Defined benefit plans Defined contribution plans 167.1 153.7 13.4 176.5 160.7 15.7 188.8 172.8 16.1 201.1 188.2 12.9 189.1 176.8 12.3 201.9 188.9 13.0 202.1 189.4 12.7 197.6 185.2 12.4 189.1 176.8 12.3 174.0 162.5 11.5 171.2 160.7 10.5 40 41 42 43 44 45 Money market mutual funds Treasury bills Other Treasury securities 335.4 234.5 100.9 443.3 263.7 179.7 457.8 282.8 175.0 488.0 289.4 198.6 412.7 240.9 171.8 456.4 266.2 190.2 372.3 185.1 187.2 391.5 231.5 160.0 412.7 240.9 171.8 434.5 222.1 212.4 398.1 194.0 204.1 43 44 45 46 47 48 Mutual funds Treasury bills Other Treasury securities 381.8 35.6 346.3 447.7 32.4 415.3 569.8 44.2 525.6 624.7 34.6 590.1 611.3 25.2 586.0 661.3 40.5 620.8 599.3 29.0 570.2 626.2 30.4 595.9 611.3 25.2 586.0 657.4 25.9 631.5 652.0 23.0 629.0 46 47 48 49 50 51 52 53 54 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers Brokers and dealers Holding companies 5.1 51.0 82.6 40.1 94.5 19.6 4.8 62.4 100.2 29.2 183.6 26.8 5.2 63.6 69.0 23.4 246.5 8.2 5.7 57.1 59.1 24.3 136.0 16.6 5.5 70.1 64.3 22.0 60.2 13.9 5.8 59.3 65.2 25.0 108.0 16.5 5.9 63.0 64.5 24.1 80.0 21.8 5.8 64.4 65.0 24.5 56.0 23.9 5.5 70.1 64.3 22.0 60.2 13.9 5.4 73.2 71.8 30.7 63.7 10.2 5.4 73.7 70.8 32.9 43.6 8.9 49 50 51 52 53 54 55 56 57 Rest of the world Treasury bills Other Treasury securities 4458.8 710.3 3748.5 5004.4 647.7 4356.7 5571.5 661.7 4909.8 5793.8 685.0 5108.9 6156.2 671.6 5484.5 5950.1 689.3 5260.8 6020.6 627.6 5392.9 6072.2 614.1 5458.1 6156.2 671.6 5484.5 6176.0 702.0 5474.0 6174.3 700.5 5473.7 55 56 57 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. Levels 2010 116 Z.1, September 18, 2015 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 Levels 5 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 7598.2 7577.4 7554.6 7794.1 7944.6 7721.1 7774.6 7833.7 7944.6 7901.2 7956.4 1 24.2 6434.5 1139.5 25.3 6247.3 1304.8 24.9 6092.7 1437.0 24.5 6200.2 1569.4 24.4 6275.5 1644.7 24.0 6111.4 1585.8 24.0 6150.6 1600.0 23.9 6186.2 1623.6 24.4 6275.5 1644.7 24.1 6234.6 1642.5 24.7 6258.0 1673.8 2 3 4 7598.2 7577.4 7554.6 7794.1 7944.6 7721.1 7774.6 7833.7 7944.6 7901.2 7956.4 5 6 7 Household sector Nonfinancial corporate business 340.3 16.0 356.7 14.3 288.2 13.1 276.7 10.3 52.6 12.7 185.5 11.6 108.3 13.5 97.3 13.3 52.6 12.7 44.5 10.5 69.0 13.0 6 7 8 9 Federal government State and local governments 149.2 516.7 31.1 502.7 0.0 489.1 0.0 465.7 0.0 450.0 0.0 464.8 0.0 466.0 0.0 455.0 0.0 450.0 0.0 449.7 0.0 442.3 8 9 10 Monetary authority 1139.6 941.7 1003.4 1547.4 1775.5 1650.5 1707.6 1736.4 1775.5 1768.8 1768.0 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1527.2 26.5 12.8 151.5 1634.1 30.6 4.8 182.1 1669.6 32.1 2.6 197.0 1717.3 25.4 1.9 199.2 1760.3 20.5 1.7 187.5 1731.0 22.5 1.8 202.0 1735.9 20.9 1.8 201.0 1758.2 20.5 1.8 193.6 1760.3 20.5 1.7 187.5 1815.0 19.3 1.5 190.1 1845.4 23.3 1.8 187.1 11 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 115.8 376.0 122.7 374.4 114.3 360.9 109.5 354.1 105.2 339.1 107.9 351.0 106.5 348.4 106.0 344.5 105.2 339.1 104.8 338.6 105.2 342.4 15 16 17 18 19 Private pension funds Federal government retirement funds State and local govt. retirement funds 183.9 5.8 164.6 174.6 6.5 137.3 176.6 8.1 112.0 171.0 6.4 114.6 160.3 5.8 110.2 167.6 5.7 114.7 166.1 5.8 116.4 163.6 5.7 113.8 160.3 5.8 110.2 158.6 6.0 101.8 155.4 6.1 100.1 17 18 19 20 21 22 Money market mutual funds Mutual funds Government-sponsored enterprises 402.8 678.7 377.0 403.7 793.6 358.9 343.5 881.6 310.6 361.3 857.6 287.9 384.6 960.4 295.7 324.8 841.9 283.6 327.1 888.6 285.6 346.5 904.8 290.3 384.6 960.4 295.7 323.4 962.4 292.6 333.9 954.5 285.8 20 21 22 23 24 ABS issuers REITs 3.6 143.4 0.3 248.1 0.3 357.6 0.1 261.9 0.1 269.8 0.1 253.1 0.1 264.1 0.1 258.8 0.1 269.8 0.1 260.1 0.1 240.1 23 24 25 26 Brokers and dealers Holding companies 149.8 21.1 147.7 33.1 169.6 22.9 114.2 28.0 121.9 28.0 113.3 26.1 114.2 26.4 106.7 27.2 121.9 28.0 124.3 31.0 125.5 29.6 25 26 27 Rest of the world 1095.8 1078.2 1001.2 883.8 902.6 861.8 870.1 889.6 902.6 898.3 927.8 27 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.106, line 20. 117 Z.1, September 18, 2015 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2014 Q1 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets Q2 2015 Q3 Q4 Q1 Q2 3772.1 3719.4 3714.4 3671.2 3652.4 3660.8 3661.4 3631.1 3652.4 3694.0 3714.6 1 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 2915.5 43.0 2872.5 2918.0 33.6 2884.4 2891.8 37.0 2854.8 2910.9 38.6 2872.3 2945.9 38.1 2907.9 2958.5 31.1 2927.4 2 3 4 263.2 485.4 255.5 493.9 241.0 509.1 227.8 518.5 223.1 518.4 227.6 517.7 227.0 516.4 224.6 514.8 223.1 518.4 223.0 525.1 219.7 536.5 5 6 3772.1 3719.4 3714.4 3671.2 3652.4 3660.8 3661.4 3631.1 3652.4 3694.0 3714.6 7 1871.5 23.9 5.6 1805.8 22.3 5.9 1661.0 22.9 6.1 1605.2 21.8 6.3 1538.0 13.2 6.6 1601.5 18.2 6.3 1599.6 16.1 6.4 1551.3 13.2 6.4 1538.0 13.2 6.6 1554.1 15.0 6.7 1565.8 15.0 6.8 8 9 10 8 9 10 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 12 13 14 15 State and local governments U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 12.9 254.6 0.0 2.5 0.0 13.2 297.3 0.0 3.4 3.2 13.5 365.0 0.0 2.6 4.2 13.6 418.9 0.0 3.6 4.6 14.0 451.5 0.0 2.7 3.8 13.8 425.2 0.0 3.4 4.5 14.0 429.9 0.0 2.7 4.9 13.9 440.4 0.0 2.6 5.0 14.0 451.5 0.0 2.7 3.8 14.2 465.2 0.0 2.7 3.9 14.2 476.6 0.0 2.5 4.3 11 12 13 14 15 16 17 18 Property-casualty insurance companies Life insurance companies State and local govt. retirement funds 348.4 112.3 2.2 331.0 121.8 1.7 328.1 131.5 1.8 326.4 141.6 3.1 321.7 147.8 4.2 323.8 142.9 3.1 321.5 145.3 3.1 322.1 147.0 3.4 321.7 147.8 4.2 320.3 148.1 2.7 321.6 149.0 4.1 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 386.7 525.5 81.6 7.6 357.3 541.2 82.5 8.6 336.7 627.4 86.0 12.3 308.3 613.9 84.4 11.4 281.7 657.7 84.8 14.6 296.4 618.2 85.3 11.8 281.4 630.4 85.9 12.6 278.7 643.2 84.3 13.4 281.7 657.7 84.8 14.6 273.5 673.9 84.7 16.0 257.7 682.5 84.1 16.6 19 20 21 22 23 24 Government-sponsored enterprises Brokers and dealers 24.9 40.0 21.0 30.9 17.0 26.6 13.4 18.6 10.8 18.9 12.7 16.9 12.2 18.2 11.4 16.2 10.8 18.9 9.9 20.6 9.1 19.0 23 24 25 Rest of the world 71.7 72.4 71.8 76.1 80.4 76.8 77.3 78.6 80.4 82.5 85.7 25 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). Levels 2010 118 Z.1, September 18, 2015 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 10336.9 10424.5 10924.5 11103.5 11564.4 11213.3 11437.0 11510.6 11564.4 11716.2 11767.6 1 Nonfinancial corporate business 3376.4 3538.1 3861.1 4140.4 4405.5 4212.1 4270.7 4320.8 4405.5 4517.7 4673.0 2 3 Domestic financial sectors 5282.9 4972.8 4870.3 4720.2 4757.4 4712.4 4737.1 4746.7 4757.4 4769.2 4749.3 3 377.1 2115.7 1078.2 145.4 379.4 1893.0 1038.8 152.9 295.9 1682.4 957.5 179.6 221.0 1403.1 961.9 353.2 209.0 1317.7 981.3 407.4 214.2 1355.4 959.3 382.1 211.7 1329.0 968.9 395.9 208.7 1326.0 969.6 405.9 209.0 1317.7 981.3 407.4 194.6 1322.6 995.1 410.7 194.5 1305.2 967.3 410.0 4 5 6 7 129.7 982.2 454.6 91.8 890.6 526.2 90.2 1103.2 561.5 112.4 1095.6 572.9 123.9 1123.2 595.1 122.7 1107.6 571.0 113.4 1129.4 588.8 123.9 1125.9 586.7 123.9 1123.2 595.1 107.4 1118.8 620.0 135.8 1136.4 600.1 8 9 10 8 9 10 11 12 Levels 2012 2 4 5 6 7 Total liabilities 2011 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world (2) Total assets (3) 1677.6 1913.6 2193.1 2242.9 2401.5 2288.8 2429.2 2443.1 2401.5 2429.4 2345.3 11 10336.9 10424.5 10924.5 11103.5 11564.4 11213.3 11437.0 11510.6 11564.4 11716.2 11767.6 12 13 14 15 16 17 18 19 20 21 22 23 Household sector Federal government State and local governments U.S.-chartered depository institutions MBS and other ABS Other Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions MBS and other ABS Other 1374.5 0.9 165.5 550.5 174.9 375.6 238.2 0.6 6.6 6.1 0.5 1331.7 0.8 163.3 553.0 150.1 402.9 236.7 4.2 6.3 5.9 0.4 1184.2 0.6 167.7 544.0 149.1 394.9 230.5 5.2 6.7 6.6 0.1 814.4 0.6 169.1 559.2 147.7 411.4 196.4 5.8 8.9 8.7 0.2 680.4 0.5 173.7 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 761.1 0.5 171.3 540.2 141.9 398.3 200.5 6.4 9.5 9.3 0.2 762.8 0.5 174.3 540.7 143.1 397.6 200.8 6.3 9.6 9.4 0.2 773.7 0.5 172.9 520.1 139.1 381.0 198.9 5.7 8.8 8.7 0.1 680.4 0.5 173.7 521.7 139.1 382.6 197.3 5.3 9.9 9.7 0.2 649.7 0.5 176.3 522.4 137.8 384.7 190.8 5.4 11.1 11.0 0.2 429.7 0.5 176.2 516.5 135.0 381.5 172.8 5.3 10.9 10.6 0.2 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Property-casualty insurance companies MBS and other ABS Other Life insurance companies MBS and other ABS Other 322.6 0.0 322.6 2030.2 0.0 2030.2 363.1 71.3 291.8 2117.3 434.9 1682.3 382.7 74.5 308.2 2162.2 410.6 1751.6 410.8 82.7 328.0 2223.0 419.7 1803.3 427.7 92.0 335.7 2292.3 435.5 1856.8 413.2 85.0 328.2 2246.2 423.5 1822.7 415.9 87.3 328.7 2273.7 427.5 1846.2 422.4 89.6 332.8 2289.5 431.5 1858.0 427.7 92.0 335.7 2292.3 435.5 1856.8 425.8 91.4 334.4 2306.8 437.0 1869.8 427.7 91.9 335.8 2321.9 438.0 1883.9 24 25 26 27 28 29 30 31 32 Private pension funds Federal government retirement funds State and local govt. retirement funds 438.4 5.9 383.8 483.0 7.3 407.0 566.8 9.0 422.5 659.5 7.7 490.8 679.7 7.3 546.1 665.8 6.9 498.3 671.3 7.0 505.6 679.6 7.2 528.4 679.7 7.3 546.1 688.7 7.3 536.9 689.9 7.4 544.7 30 31 32 33 34 35 36 Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds 154.2 1243.0 59.7 74.1 105.1 1413.4 57.3 107.7 102.1 1719.4 64.8 155.3 102.0 1998.8 79.4 174.8 78.3 2317.7 75.4 209.6 88.8 2067.5 78.7 183.2 66.4 2180.8 78.7 190.7 71.1 2240.9 77.8 194.7 78.3 2317.7 75.4 209.6 67.5 2407.4 75.2 224.4 67.2 2520.7 77.2 225.2 33 34 35 36 37 38 39 40 41 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 266.5 241.6 24.8 84.1 23.2 235.7 209.5 26.2 85.0 27.0 185.7 178.3 7.4 78.7 36.5 126.3 119.4 6.8 67.9 36.3 95.4 89.3 6.2 73.9 39.7 120.1 113.4 6.7 71.8 37.8 109.4 102.9 6.5 72.5 37.2 101.4 95.1 6.3 69.9 38.1 95.4 89.3 6.2 73.9 39.7 85.8 79.8 6.0 76.1 45.4 77.5 71.7 5.8 79.6 45.0 37 38 39 40 41 42 43 44 Brokers and dealers Holding companies Funding corporations 189.5 38.3 163.4 104.5 18.3 105.8 140.0 72.7 69.6 128.9 31.5 78.4 115.5 34.1 83.1 128.1 29.8 90.5 135.2 31.2 85.7 134.1 37.6 84.6 115.5 34.1 83.1 114.5 29.2 86.6 111.2 32.4 81.4 42 43 44 45 46 47 Rest of the world (4) MBS and other ABS Other 2523.1 441.4 2081.7 2491.0 415.5 2075.6 2617.6 403.9 2213.6 2733.1 395.8 2337.3 2899.7 391.0 2508.7 2796.9 395.1 2401.8 2880.7 396.0 2484.7 2852.6 387.5 2465.2 2899.7 391.0 2508.7 2982.3 390.5 2591.8 3146.8 394.3 2752.5 45 46 47 (1) Liabilities net of assets. (2) Holdings of foreign issues by U.S. residents. (3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds. (4) Holdings of U.S. issues by foreign residents. 119 Z.1, September 18, 2015 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 By instrument 1 Total loans 2 3 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 Mortgages Home Multifamily residential Commercial Farm 9 Consumer credit 21246.9 21187.4 21461.4 22064.0 23033.6 22163.7 22451.8 22735.1 23033.6 23087.5 23378.2 1 2039.4 2765.7 2217.0 2732.1 2393.8 2880.0 2590.3 3088.5 2910.2 3342.9 2647.0 3139.6 2739.9 3235.5 2785.7 3328.4 2910.2 3342.9 2988.1 3303.2 3076.8 3333.2 2 3 13794.9 10446.6 852.1 2342.2 154.1 13482.8 10200.8 856.2 2258.7 167.2 13264.7 9972.4 889.8 2229.1 173.3 13286.4 9882.4 927.5 2292.6 183.8 13468.6 9887.1 996.4 2386.2 198.9 13276.3 9854.9 936.8 2297.1 187.5 13309.1 9852.3 949.2 2316.3 191.3 13377.3 9870.7 966.8 2344.7 195.1 13468.6 9887.1 996.4 2386.2 198.9 13483.0 9858.4 1017.0 2406.1 201.5 13584.9 9901.1 1041.9 2437.9 204.1 4 5 6 7 8 2646.9 2755.4 2922.9 3098.8 3311.9 3100.8 3167.4 3243.6 3311.9 3313.2 3383.3 9 10 11 Total liabilities Domestic nonfinancial sectors 12 13 14 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 Federal government State and local governments 17 Domestic financial sectors 18 19 20 U.S.-chartered depository institutions Credit unions Life insurance companies 21 22 Government-sponsored enterprises Finance companies 23 24 25 26 REITs Brokers and dealers Holding companies Funding corporations 27 28 29 Rest of the world Total assets Domestic nonfinancial sectors 21246.9 21187.4 21461.4 22064.0 23033.6 22163.7 22451.8 22735.1 23033.6 23087.5 23378.2 10 19278.9 19162.3 19412.1 19798.3 20574.0 19842.0 20087.3 20321.7 20574.0 20635.4 20876.9 11 13245.4 2068.3 3950.9 13041.1 2159.3 3946.6 13114.4 2214.7 4067.4 13279.7 2317.3 4185.1 13653.0 2504.0 4400.4 13265.8 2360.5 4199.4 13431.3 2381.5 4258.2 13559.6 2439.2 4306.4 13653.0 2504.0 4400.4 13633.0 2532.7 4453.0 13768.4 2555.1 4536.7 12 13 14 0.0 14.4 0.0 15.3 0.0 15.7 0.0 16.2 0.0 16.6 0.0 16.3 0.0 16.4 0.0 16.5 0.0 16.6 0.0 16.7 0.0 16.7 15 16 1786.3 1798.9 1781.4 1957.3 2119.8 1999.5 2027.0 2083.4 2119.8 2101.2 2139.8 17 392.8 26.1 45.1 332.3 24.2 46.8 336.9 25.1 51.6 406.2 27.0 59.4 458.5 35.4 71.8 389.8 27.4 61.3 437.3 30.0 63.3 439.9 33.1 66.8 458.5 35.4 71.8 426.3 34.9 75.4 468.3 39.9 79.9 18 19 20 0.0 91.5 0.0 102.1 0.0 118.5 0.0 128.6 0.0 139.1 0.0 125.2 0.0 123.0 0.0 130.2 0.0 139.1 0.0 142.2 0.0 149.6 21 22 194.5 763.5 190.3 82.5 212.6 795.4 254.3 31.3 221.4 828.2 196.8 3.0 226.2 897.1 210.6 2.4 255.9 962.5 194.2 2.4 232.3 952.5 208.6 2.4 230.9 954.1 186.2 2.4 240.7 982.4 187.9 2.4 255.9 962.5 194.2 2.4 264.0 964.4 191.8 2.4 273.1 939.0 187.6 2.4 23 24 25 26 181.6 226.2 267.9 308.3 339.8 322.2 337.5 330.0 339.8 350.9 361.5 27 21246.9 21187.4 21461.4 22064.0 23033.6 22163.7 22451.8 22735.1 23033.6 23087.5 23378.2 28 1891.3 2016.1 2156.7 2332.5 2504.4 2429.6 2446.2 2510.9 2504.4 2547.9 2533.4 29 30 31 32 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 929.9 72.9 42.1 924.9 74.3 36.3 926.6 74.0 33.9 977.7 71.6 34.8 1031.8 72.1 36.5 1033.7 70.9 35.0 1029.2 71.5 35.4 1054.7 72.3 35.8 1031.8 72.1 36.5 1032.2 71.5 37.0 1002.5 73.4 37.7 30 31 32 33 34 Federal government State and local governments 641.7 204.7 778.3 202.4 914.4 207.9 1038.7 209.6 1148.6 215.3 1077.7 212.3 1094.0 216.1 1133.8 214.3 1148.6 215.3 1188.7 218.5 1201.4 218.4 33 34 19193.3 18975.1 19160.8 19591.8 20339.4 19582.8 19848.0 20038.8 20339.4 20357.4 20654.2 35 98.1 6829.9 474.3 51.9 580.3 30.5 6867.4 533.4 50.5 587.0 0.6 7089.5 520.5 53.0 615.1 0.1 7241.4 566.2 51.8 660.1 0.0 7670.0 640.9 47.4 728.9 0.1 7265.8 584.2 51.2 667.4 0.0 7435.1 595.3 49.9 689.5 0.0 7510.4 604.8 48.3 711.6 0.0 7670.0 640.9 47.4 728.9 0.0 7722.7 668.5 43.4 739.4 0.0 7889.9 685.4 42.6 764.6 36 37 38 39 40 4.1 458.2 26.5 11.6 4.9 481.1 21.9 11.0 5.6 494.8 23.1 10.0 7.9 517.1 22.4 9.4 9.9 546.6 22.5 9.2 8.3 521.4 21.8 9.6 8.8 527.6 22.6 9.7 9.3 536.3 23.3 9.2 9.9 546.6 22.5 9.2 10.4 552.5 21.9 6.8 10.9 560.5 21.2 7.2 41 42 43 44 74.6 5572.2 1139.5 2140.4 1321.3 93.5 5411.1 1304.8 1912.0 1274.6 105.7 5329.2 1437.0 1704.6 1246.2 145.1 5465.3 1569.4 1422.9 1237.5 154.5 5542.3 1644.7 1329.1 1243.6 160.1 5437.9 1585.8 1369.8 1222.0 156.5 5468.1 1600.0 1341.8 1222.7 158.9 5493.9 1623.6 1340.8 1226.5 154.5 5542.3 1644.7 1329.1 1243.6 160.4 5509.6 1642.5 1324.1 1234.7 154.4 5580.9 1673.8 1307.9 1231.7 45 46 47 48 49 44.6 325.6 18.9 21.4 56.1 293.2 22.9 19.4 64.5 343.3 105.3 12.9 199.3 389.6 75.7 10.6 244.6 428.2 64.8 12.1 222.8 370.4 73.0 11.4 221.3 425.1 64.1 10.1 225.4 442.0 63.8 10.3 244.6 428.2 64.8 12.1 239.5 407.0 62.3 11.6 240.6 415.6 55.1 12.2 50 51 52 53 162.3 196.1 143.9 139.7 189.8 151.2 157.6 185.4 189.8 182.1 190.7 54 35 Domestic financial sectors 36 37 38 39 40 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 45 46 47 48 49 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 50 51 52 53 REITs Brokers and dealers Holding companies Funding corporations 54 Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. Levels By sector 120 Z.1, September 18, 2015 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2039.4 2217.0 2393.8 2590.3 2910.2 2647.0 2739.9 2785.7 2910.2 2988.1 3076.8 1 Household sector Corporate business Noncorporate business 61.0 477.1 927.4 11.5 569.2 960.9 62.6 658.7 1021.4 92.7 708.8 1067.4 212.9 794.5 1138.5 123.0 719.8 1066.6 168.4 749.2 1097.2 186.7 762.8 1103.9 212.9 794.5 1138.5 233.7 812.3 1162.9 247.1 833.0 1195.6 2 3 4 5 Domestic financial sectors 411.8 470.1 413.4 444.8 459.0 447.1 420.6 435.5 459.0 463.6 474.6 5 91.5 18.4 38.2 102.1 23.0 69.2 118.5 27.0 71.1 128.6 24.0 81.6 139.1 32.1 93.5 125.2 27.0 86.3 123.0 24.0 87.5 130.2 27.4 90.0 139.1 32.1 93.5 142.2 35.8 93.9 149.6 42.0 95.4 6 7 8 190.3 73.4 254.3 21.5 196.8 0.0 210.6 0.0 194.2 0.0 208.6 0.0 186.2 0.0 187.9 0.0 194.2 0.0 191.8 0.0 187.6 0.0 9 10 162.0 6.6 53.0 102.4 205.2 5.4 69.8 130.0 237.7 6.2 70.4 161.0 276.7 7.1 90.5 179.1 305.3 8.2 89.8 207.3 290.5 6.4 92.0 192.0 304.5 7.5 98.7 198.4 296.9 7.4 89.3 200.3 305.3 8.2 89.8 207.3 315.5 9.2 91.3 215.0 326.6 8.5 91.2 226.8 11 12 13 14 2039.4 2217.0 2393.8 2590.3 2910.2 2647.0 2739.9 2785.7 2910.2 2988.1 3076.8 15 9 10 11 12 13 14 15 Levels 2012 2 3 4 6 7 8 Total liabilities 2011 Finance companies REITs Brokers and dealers Holding companies Funding corporations Rest of the world Foreign official institutions Foreign banks Other foreign Total assets 16 Monetary authority (2) 17 18 19 20 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 98.1 30.5 0.6 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 16 1449.5 438.9 16.1 36.9 1625.3 500.6 17.1 43.5 1842.0 489.6 18.1 43.6 1986.4 535.9 19.4 48.7 2236.2 603.3 17.1 53.7 2027.9 552.0 19.2 47.9 2111.8 561.1 18.1 48.9 2147.1 569.4 17.4 51.9 2236.2 603.3 17.1 53.7 2286.8 631.1 15.6 54.6 2360.0 644.4 15.5 56.8 17 18 19 20 (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on the Monetary Authority sector table (L.109). 121 Z.1, September 18, 2015 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2765.7 2732.1 2880.0 3088.5 3342.9 3139.6 3235.5 3328.4 3342.9 3303.2 3333.2 1 2 3 4 5 6 7 8 9 10 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Funding corporations Rest of the world 178.5 11.6 70.6 53.0 14.4 0.0 0.0 9.2 19.6 183.3 11.2 70.1 55.9 15.3 0.0 0.0 9.8 21.0 185.7 11.0 75.3 56.5 15.7 0.0 0.0 3.0 24.2 193.0 12.1 76.2 58.5 16.2 0.0 0.0 2.4 27.6 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 31.2 194.8 11.9 77.5 58.0 16.3 0.0 0.0 2.4 28.7 195.7 13.2 75.2 58.6 16.4 0.0 0.0 2.4 30.0 195.8 12.8 75.0 58.5 16.5 0.0 0.0 2.4 30.6 195.5 13.3 74.7 57.3 16.6 0.0 0.0 2.4 31.2 196.4 13.6 74.4 57.1 16.7 0.0 0.0 2.4 32.3 198.3 14.2 76.1 56.4 16.7 0.0 0.0 2.4 32.5 2 3 4 5 6 7 8 9 10 11 12 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 162.3 162.3 196.1 196.1 143.9 143.9 139.7 139.7 189.8 189.8 151.2 151.2 157.6 157.6 185.4 185.4 189.8 189.8 182.1 182.1 190.7 190.7 11 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 14 15 16 18.9 18.9 0.0 22.9 22.9 0.0 105.3 99.3 6.1 75.7 71.7 4.0 64.8 61.6 3.2 73.0 70.0 3.0 64.1 61.2 2.9 63.8 61.3 2.5 64.8 61.6 3.2 62.3 59.3 3.0 55.1 52.6 2.5 17 18 19 13 14 15 16 Total other loans and advances 2011 Customers’ liability on acceptances outstanding Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Liab.: Nonfinancial corporate business Rest of the world 17 18 19 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 20 21 22 Policy loans (Household liability) Asset: Federal government Life insurance companies 124.5 0.5 124.0 126.9 0.5 126.5 128.3 0.4 127.8 129.2 0.4 128.8 130.8 0.3 130.5 129.1 0.4 128.8 129.4 0.4 129.1 130.2 0.3 129.9 130.8 0.3 130.5 131.1 0.3 130.8 131.5 0.3 131.2 20 21 22 23 24 25 26 27 28 29 Government-sponsored enterprise loans (1) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered dep. inst. (FHLB & SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 551.3 0.0 6.8 80.5 392.8 26.1 45.1 487.0 0.0 5.9 77.8 332.3 24.2 46.8 505.7 0.0 6.7 85.3 336.9 25.1 51.6 587.5 0.0 6.9 88.0 406.2 27.0 59.4 671.8 0.0 8.5 97.6 458.5 35.4 71.8 576.9 0.0 8.6 89.7 389.8 27.4 61.3 628.0 0.0 7.9 89.5 437.3 30.0 63.3 639.1 0.0 7.8 91.5 439.9 33.1 66.8 671.8 0.0 8.5 97.6 458.5 35.4 71.8 641.6 0.0 9.1 95.9 426.3 34.9 75.4 694.7 0.0 8.7 97.8 468.3 39.9 79.9 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 4.0 4.0 0.1 0.1 1.8 1.8 1.9 1.9 0.0 0.0 1.8 1.8 1.2 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 372.7 335.5 37.3 375.8 338.2 37.6 387.0 348.3 38.7 401.3 361.2 40.1 411.4 370.3 41.1 398.0 358.2 39.8 401.4 361.2 40.1 401.7 361.5 40.2 411.4 370.3 41.1 412.3 371.1 41.2 415.8 374.2 41.6 32 33 34 35 36 Margin accounts at brokers and dealers Liab.: Household sector 278.2 278.2 238.9 238.9 303.7 303.7 339.2 339.2 369.5 369.5 320.6 320.6 375.4 375.4 390.3 390.3 369.5 369.5 354.3 354.3 364.4 364.4 35 36 37 38 Cash accounts at brokers and dealers Asset: Household sector 725.2 725.2 726.1 726.1 757.0 757.0 815.5 815.5 869.0 869.0 866.2 866.2 866.6 866.6 892.5 892.5 869.0 869.0 870.5 870.5 843.6 843.6 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 350.2 26.2 16.7 74.6 163.8 47.4 21.4 375.1 23.4 22.2 93.5 162.3 54.3 19.4 361.6 20.9 22.6 105.7 160.0 39.6 12.9 405.4 25.9 25.1 145.1 148.3 50.4 10.6 440.2 24.3 31.4 154.5 159.3 58.6 12.1 428.0 26.6 27.2 160.1 152.9 49.8 11.4 416.1 22.2 28.2 156.5 149.4 49.7 10.1 429.7 23.0 30.0 158.9 155.6 51.8 10.3 440.2 24.3 31.4 154.5 159.3 58.6 12.1 452.5 25.1 32.1 160.4 170.6 52.6 11.6 439.1 24.2 30.1 154.4 167.0 51.2 12.2 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 depository institutions and finance companies which are included elsewhere. Levels 2010 122 Z.1, September 18, 2015 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 Home Multifamily residential Commercial Farm Total liabilities Household sector 8 9 10 Nonfinancial business Corporate Noncorporate 11 12 Federal government REITs 13 Levels Total mortgages Total assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 13794.9 13482.8 13264.7 13286.4 13468.6 13276.3 13309.1 13377.3 13468.6 13483.0 13584.9 1 10446.6 852.1 2342.2 154.1 10200.8 856.2 2258.7 167.2 9972.4 889.8 2229.1 173.3 9882.4 927.5 2292.6 183.8 9887.1 996.4 2386.2 198.9 9854.9 936.8 2297.1 187.5 9852.3 949.2 2316.3 191.3 9870.7 966.8 2344.7 195.1 9887.1 996.4 2386.2 198.9 9858.4 1017.0 2406.1 201.5 9901.1 1041.9 2437.9 204.1 2 3 4 5 13794.9 13482.8 13264.7 13286.4 13468.6 13276.3 13309.1 13377.3 13468.6 13483.0 13584.9 6 10123.1 9897.2 9685.8 9607.7 9614.5 9580.4 9577.5 9596.0 9614.5 9587.1 9627.9 7 3495.7 643.0 2852.7 3396.1 581.8 2814.3 3384.5 519.1 2865.4 3476.5 545.4 2931.0 3630.2 564.3 3065.9 3490.6 545.3 2945.3 3524.6 551.9 2972.7 3568.0 555.6 3012.3 3630.2 564.3 3065.9 3667.8 571.9 3095.8 3726.0 580.6 3145.4 8 9 10 0.0 176.1 0.0 189.5 0.0 194.4 0.0 202.2 0.0 223.8 0.0 205.3 0.0 206.9 0.0 213.3 0.0 223.8 0.0 228.1 0.0 231.1 11 12 13794.9 13482.8 13264.7 13286.4 13468.6 13276.3 13309.1 13377.3 13468.6 13483.0 13584.9 13 14 15 16 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 100.1 28.0 42.1 100.9 27.4 36.3 83.0 25.5 33.9 77.0 27.4 34.8 85.0 29.2 36.5 82.8 27.8 35.0 83.4 28.3 35.4 84.0 28.7 35.8 85.0 29.2 36.5 84.6 29.6 37.0 84.5 30.1 37.7 14 15 16 17 18 Federal government State and local governments 106.6 204.7 109.9 202.4 111.5 207.9 115.5 209.6 117.2 215.3 116.0 212.3 116.5 216.1 117.3 214.3 117.2 215.3 118.1 218.5 117.9 218.4 17 18 19 20 21 22 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 4194.9 35.4 35.8 317.0 4049.6 32.8 33.4 320.5 4028.8 30.9 34.9 327.8 3983.5 30.3 32.4 345.9 4090.7 37.6 30.4 372.5 3991.3 32.2 32.0 350.4 4039.0 34.2 31.8 357.2 4057.9 35.5 30.9 366.5 4090.7 37.6 30.4 372.5 4123.8 37.4 27.8 377.1 4180.2 41.0 27.1 384.6 19 20 21 22 23 24 Property-casualty insurance companies Life insurance companies 4.1 317.5 4.9 332.5 5.6 344.4 7.9 363.2 9.9 384.8 8.3 365.4 8.8 370.3 9.3 376.4 9.9 384.8 10.4 389.7 10.9 399.3 23 24 25 26 Private pension funds State and local govt. retirement funds 26.5 11.6 21.9 11.0 23.1 10.0 22.4 9.4 22.5 9.2 21.8 9.6 22.6 9.7 23.3 9.2 22.5 9.2 21.9 6.8 21.2 7.2 25 26 27 28 Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools 5021.0 1139.5 4924.0 1304.8 4823.5 1437.0 4877.8 1569.4 4870.5 1644.7 4861.0 1585.8 4840.1 1600.0 4854.8 1623.6 4870.5 1644.7 4868.0 1642.5 4886.2 1673.8 27 28 29 30 31 ABS issuers Finance companies REITs 1922.3 243.5 44.6 1703.4 211.2 56.1 1492.9 179.5 64.5 1223.5 157.0 199.3 1120.0 148.1 244.6 1167.8 154.1 222.8 1144.9 149.6 221.3 1136.2 148.2 225.4 1120.0 148.1 244.6 1105.3 144.9 239.5 1090.4 134.0 240.6 29 30 31 (1) Sum of home mortgages, multifamily residential mortgages, commercial mortgages, and farm mortgages. 123 Z.1, September 18, 2015 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 10446.6 10200.8 9972.4 9882.4 9887.1 9854.9 9852.3 9870.7 9887.1 9858.4 9901.1 1 9915.4 13.6 517.6 9695.8 10.2 494.8 9486.7 9.7 476.0 9403.7 10.0 468.8 9403.2 11.5 472.4 9376.0 10.4 468.5 9371.6 10.9 469.8 9387.9 11.3 471.5 9403.2 11.5 472.4 9374.3 12.0 472.2 9412.6 12.5 476.0 2 3 4 10446.6 10200.8 9972.4 9882.4 9887.1 9854.9 9852.3 9870.7 9887.1 9858.4 9901.1 5 75.2 16.8 15.4 67.2 16.4 13.3 59.2 14.5 12.4 51.2 17.7 12.8 43.2 20.8 13.4 49.2 18.4 12.8 47.2 19.2 13.0 45.2 20.0 13.1 43.2 20.8 13.4 41.2 21.6 13.6 39.2 22.4 13.8 6 7 8 23.9 105.4 24.0 104.2 25.2 107.1 25.6 108.0 26.8 110.9 25.9 109.4 25.6 111.3 25.9 110.4 26.8 110.9 27.7 112.5 28.1 112.5 9 10 9 10 Federal government State and local governments 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2615.6 1.1 20.1 317.0 2538.0 1.3 17.8 320.5 2503.6 1.8 20.0 327.8 2386.1 1.4 18.9 345.9 2401.8 2.9 17.4 372.5 2382.6 1.7 18.4 350.4 2404.3 2.0 18.3 357.2 2402.4 2.5 17.6 366.5 2401.8 2.9 17.4 372.5 2407.8 2.8 16.5 377.1 2432.8 2.8 16.3 384.6 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 9.0 1.9 4.2 9.0 1.6 4.0 11.0 1.6 3.6 11.4 1.4 3.4 13.7 1.4 3.3 11.0 1.3 3.4 11.7 1.4 3.5 12.6 1.5 3.3 13.7 1.4 3.3 13.4 1.3 2.4 14.0 1.1 2.6 15 16 17 18 19 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4690.7 1068.8 4587.7 1216.8 4475.7 1321.8 4546.9 1420.6 4537.9 1471.7 4532.2 1432.0 4515.2 1440.7 4527.2 1458.8 4537.9 1471.7 4528.3 1465.9 4540.2 1488.3 18 19 20 21 22 ABS issuers Finance companies REITs 1303.0 169.5 9.0 1109.5 149.7 19.8 928.3 132.6 26.5 793.5 114.7 23.1 703.9 104.6 41.1 769.4 111.5 25.3 745.6 109.1 27.0 722.9 106.7 34.1 703.9 104.6 41.1 684.9 101.1 40.3 658.2 96.6 47.6 20 21 22 928.5 783.3 0.3 88.2 22.8 33.9 853.5 723.1 0.3 82.2 18.0 29.9 769.6 652.7 0.2 75.7 14.5 26.5 703.3 596.2 0.4 72.0 11.8 22.9 673.0 568.2 0.4 73.6 9.9 20.9 691.0 585.6 0.4 71.4 11.3 22.3 684.4 579.7 0.4 71.7 10.8 21.8 679.6 574.3 0.3 73.3 10.3 21.3 673.0 568.2 0.4 73.6 9.9 20.9 660.7 557.5 0.4 73.2 9.4 20.2 653.6 550.0 0.4 74.9 8.9 19.3 23 24 25 26 27 28 23 24 25 26 27 28 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 Federal government REITs 6 856.2 889.8 927.5 996.4 936.8 949.2 966.8 996.4 1017.0 1041.9 1 41.2 783.1 41.4 786.9 43.2 820.0 44.9 852.6 48.3 917.0 45.4 861.9 46.0 873.1 46.8 890.0 48.3 917.0 49.3 935.9 50.5 960.0 2 3 0.0 27.8 0.0 27.9 0.0 26.7 0.0 30.0 0.0 31.0 0.0 29.6 0.0 30.1 0.0 30.0 0.0 31.0 0.0 31.8 0.0 31.4 4 5 852.1 856.2 889.8 927.5 996.4 936.8 949.2 966.8 996.4 1017.0 1041.9 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.4 14.3 0.0 0.4 12.3 0.0 0.4 11.5 0.0 0.4 11.8 0.0 0.4 12.4 0.0 0.4 11.8 0.0 0.4 12.0 0.0 0.4 12.1 0.0 0.4 12.4 0.0 0.4 12.5 0.0 0.4 12.8 7 8 9 10 11 Federal government State and local governments 14.4 81.9 14.1 80.9 13.7 83.2 13.8 83.9 13.2 86.1 13.7 84.9 13.6 86.4 13.4 85.7 13.2 86.1 13.1 87.4 13.0 87.4 10 11 12 13 U.S.-chartered depository institutions Foreign banking offices in U.S. 254.9 3.5 248.3 2.9 258.5 1.4 287.9 1.1 325.9 1.3 297.3 0.9 307.8 1.0 316.4 1.0 325.9 1.3 334.9 1.4 345.9 1.6 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 47.2 3.1 3.5 49.4 2.9 3.3 51.1 2.5 3.0 53.6 2.2 2.8 56.4 2.1 2.8 53.8 2.1 2.9 54.4 2.2 2.9 55.1 2.3 2.8 56.4 2.1 2.8 57.1 2.1 2.0 58.3 1.8 2.2 14 15 16 17 18 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 256.5 66.9 259.2 86.4 265.5 113.4 243.5 147.1 240.8 171.4 238.9 152.0 234.3 157.6 236.4 163.2 240.8 171.4 247.1 175.0 252.8 183.9 17 18 19 20 21 ABS issuers Finance companies REITs 98.4 5.1 2.0 90.7 3.6 1.7 81.1 2.8 1.9 75.2 2.0 2.4 73.3 2.0 8.4 73.9 2.0 2.2 72.5 2.0 2.2 72.8 2.0 3.3 73.3 2.0 8.4 73.3 2.1 8.6 71.7 1.3 9.0 19 20 21 7 8 9 Total assets 852.1 Levels 2010 124 Z.1, September 18, 2015 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2342.2 2258.7 2229.1 2292.6 2386.2 2297.1 2316.3 2344.7 2386.2 2406.1 2437.9 1 207.7 552.7 1433.4 148.3 201.4 490.1 1405.5 161.7 199.1 423.2 1439.1 167.7 204.0 443.8 1472.7 172.1 211.3 452.9 1529.1 192.8 204.4 441.4 1475.6 175.7 205.9 445.6 1488.0 176.8 208.1 446.9 1506.4 183.4 211.3 452.9 1529.1 192.8 212.8 458.2 1538.8 196.3 215.3 464.2 1558.6 199.7 2 3 4 5 2342.2 2258.7 2229.1 2292.6 2386.2 2297.1 2316.3 2344.7 2386.2 2406.1 2437.9 6 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 18.1 10.8 11.5 17.5 10.6 10.0 17.2 10.6 9.3 17.6 9.3 9.6 19.0 8.0 10.0 17.9 9.0 9.6 18.2 8.6 9.7 18.6 8.3 9.8 19.0 8.0 10.0 19.5 7.6 10.2 20.0 7.3 10.4 7 8 9 10 11 Federal government State and local governments 64.1 16.4 67.2 16.2 68.0 16.6 71.9 16.8 72.1 17.2 72.1 17.0 72.7 17.3 73.0 17.1 72.1 17.2 71.9 17.5 71.3 17.5 10 11 12 13 14 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 1273.2 30.8 15.7 1210.3 28.5 15.6 1202.2 27.6 14.9 1241.0 27.8 13.5 1301.1 33.2 13.0 1250.5 29.6 13.6 1265.7 31.1 13.5 1277.5 31.8 13.3 1301.1 33.2 13.0 1318.7 33.1 11.3 1338.7 36.4 10.8 12 13 14 15 16 Property-casualty insurance companies Life insurance companies 4.1 248.8 4.9 261.1 5.6 270.9 7.9 286.3 9.9 301.2 8.3 287.5 8.8 291.0 9.3 295.4 9.9 301.2 10.4 305.7 10.9 313.3 15 16 17 18 Private pension funds State and local govt. retirement funds 21.4 3.9 17.4 3.7 19.0 3.4 18.8 3.2 19.0 3.1 18.4 3.3 19.0 3.3 19.5 3.1 19.0 3.1 18.6 2.3 18.3 2.4 17 18 19 20 Agency- and GSE-backed mortgage pools ABS issuers 0.0 520.8 0.0 503.2 0.0 483.5 0.0 354.8 0.0 342.8 0.0 324.5 0.0 326.8 0.0 340.5 0.0 342.8 0.0 347.1 0.0 360.5 19 20 21 22 Finance companies REITs 68.9 33.7 57.9 34.6 44.1 36.1 40.3 173.9 41.4 195.1 40.6 195.3 38.5 192.0 39.5 187.9 41.4 195.1 41.7 190.6 36.2 184.1 21 22 7 8 9 Levels Total liabilities 2011 L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business Total assets 154.1 167.2 173.3 183.8 198.9 187.5 191.3 195.1 198.9 201.5 204.1 1 35.5 118.6 40.0 127.2 43.0 130.3 46.8 137.0 51.6 147.3 48.2 139.3 49.5 141.8 50.6 144.5 51.6 147.3 52.5 149.0 53.3 150.8 2 3 154.1 167.2 173.3 183.8 198.9 187.5 191.3 195.1 198.9 201.5 204.1 4 5 6 Household sector Nonfinancial noncorporate business 6.8 0.8 16.3 0.7 6.7 0.7 8.3 0.7 22.9 0.7 15.7 0.7 18.0 0.7 20.3 0.7 22.9 0.7 24.0 0.7 25.4 0.8 5 6 7 8 Federal government State and local governments 4.3 1.0 4.5 1.0 4.6 1.0 4.2 1.0 5.2 1.1 4.3 1.1 4.6 1.1 5.1 1.1 5.2 1.1 5.4 1.1 5.5 1.1 7 8 9 10 U.S.-chartered depository institutions Foreign banking offices in U.S. 51.2 0.0 52.9 0.0 64.5 0.0 68.5 0.0 62.0 0.2 60.8 0.0 61.2 0.2 61.6 0.2 62.0 0.2 62.4 0.2 62.8 0.2 9 10 11 12 Life insurance companies State and local govt. retirement funds 12.4 0.0 13.0 0.0 11.5 0.0 11.9 0.0 13.4 0.0 13.2 0.0 13.3 0.0 13.4 0.0 13.4 0.0 13.5 0.0 13.6 0.0 11 12 13 14 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 73.8 3.8 77.1 1.7 82.4 1.9 87.4 1.8 91.8 1.6 90.0 1.7 90.6 1.7 91.2 1.7 91.8 1.6 92.6 1.6 93.2 1.6 13 14 (1) Excludes mortgages on farm houses. 125 Z.1, September 18, 2015 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 1 Total liabilities (Households) 2646.9 2755.4 2922.9 3098.8 3311.9 3100.8 3167.4 3243.6 3311.9 3313.2 3383.3 1 2 Total assets 2646.9 2755.4 2922.9 3098.8 3311.9 3100.8 3167.4 3243.6 3311.9 3313.2 3383.3 2 78.4 45.0 0.0 74.5 46.9 0.0 65.6 48.4 0.0 59.3 44.2 0.0 53.6 43.0 0.0 58.1 43.1 0.0 57.0 43.3 0.0 55.2 43.5 0.0 53.6 43.0 0.0 51.9 41.9 0.0 50.1 43.3 0.0 3 4 5 356.2 1185.5 226.5 484.7 1192.6 223.0 616.8 1218.6 243.6 729.8 1271.6 265.6 835.6 1343.1 302.8 766.6 1246.5 269.2 781.4 1284.2 283.5 820.5 1305.4 293.3 835.6 1343.1 302.8 873.9 1312.1 307.7 884.8 1349.6 323.2 6 7 8 0.0 50.3 705.0 0.0 46.2 687.6 0.0 50.0 679.8 0.0 49.1 679.1 0.0 49.8 684.1 0.0 47.3 669.9 0.0 46.3 671.7 0.0 49.1 676.6 0.0 49.8 684.1 0.0 48.2 677.5 0.0 50.5 681.8 9 10 11 839.5 713.5 843.9 250.0 841.2 751.2 943.0 219.9 845.9 809.2 1050.7 217.0 858.2 878.8 1141.5 220.3 890.0 957.8 1215.2 248.9 818.2 892.3 1171.9 218.4 839.7 918.2 1179.4 230.1 849.7 943.4 1209.1 241.3 890.0 957.8 1215.2 248.9 848.1 972.2 1245.2 247.8 874.2 997.6 1246.5 265.1 12 13 14 15 3 4 5 Households (nonprofit organizations) (1) Nonfinancial corporate business Nonfinancial noncorporate business 6 7 8 Federal government (2) U.S.-chartered depository institutions Credit unions 9 10 11 Government-sponsored enterprises ABS issuers Finance companies Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. Levels Memo: 12 13 14 15 126 Z.1, September 18, 2015 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 1 Nonfinancial corporate business 3 Financial corporations 4 5 Levels Issues at market value 2 Rest of the world (2) Holdings at market value Q2 2015 Q3 Q4 Q1 Q2 23552.5 22940.5 26215.0 33656.2 36228.4 34132.9 35747.4 35058.5 36228.4 36894.6 36823.3 1 14356.5 14369.4 15961.6 20717.0 22228.7 20914.0 21883.8 21445.2 22228.7 22384.0 22137.8 2 4295.7 4069.7 4931.6 6466.4 7280.0 6591.1 6802.4 6809.6 7280.0 7392.2 7460.9 3 4900.2 4501.4 5321.9 6472.9 6719.7 6627.8 7061.2 6803.7 6719.7 7118.4 7224.6 4 23552.5 22940.5 26215.0 33656.2 36228.4 34132.9 35747.4 35058.5 36228.4 36894.6 36823.3 5 6 7 8 9 10 11 Household sector Federal government State and local governments Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 8760.8 49.9 126.9 26.4 73.6 0.1 8564.4 57.8 124.7 0.0 67.4 0.0 9761.6 39.9 139.3 0.0 71.3 0.0 12643.3 35.1 165.3 0.0 101.3 0.0 13323.9 33.4 176.9 0.0 108.5 0.0 12723.5 34.9 167.8 0.0 102.6 0.0 13432.3 34.7 173.4 0.0 109.2 0.0 12884.5 33.6 172.1 0.0 105.4 0.0 13323.9 33.4 176.9 0.0 108.5 0.0 13538.4 33.3 179.5 0.0 109.0 0.0 13529.6 33.5 179.1 0.0 108.1 0.0 6 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 214.8 1371.6 220.8 1355.5 252.2 1502.7 310.4 1743.4 325.4 1798.4 312.8 1764.5 318.6 1808.7 319.1 1770.3 325.4 1798.4 320.3 1828.9 316.5 1819.4 12 13 14 15 16 Private pension funds Federal government retirement funds State and local govt. retirement funds 1848.0 140.9 1866.5 1750.9 134.4 1777.5 1972.9 148.1 1944.0 2349.1 206.2 2332.3 2476.6 235.0 2446.9 2371.1 211.8 2315.2 2435.1 221.8 2367.2 2397.3 224.6 2346.9 2476.6 235.0 2446.9 2505.1 242.6 2526.5 2484.0 242.1 2489.0 14 15 16 17 18 19 Mutual funds Closed-end funds Exchange-traded funds 4762.7 96.7 854.1 4427.2 95.9 863.8 5109.4 100.6 1093.3 6851.8 114.2 1427.3 7392.1 119.3 1675.0 7030.1 117.3 1449.9 7364.8 124.0 1555.9 7233.0 123.5 1552.0 7392.1 119.3 1675.0 7612.6 118.4 1741.5 7683.1 114.8 1764.8 17 18 19 20 21 Brokers and dealers Funding corporations 117.2 26.4 103.2 0.0 126.7 0.0 172.4 0.0 187.8 0.0 153.1 0.0 167.7 0.0 176.9 0.0 187.8 0.0 162.9 0.0 164.2 0.0 20 21 22 Rest of the world (3) 3216.0 3397.2 3953.0 5204.4 5929.2 5378.2 5634.1 5719.3 5929.2 5975.6 5895.0 22 15.3 -0.9 13.9 30.9 10.4 1.5 4.3 -0.5 4.7 1.3 -0.4 23 Memo: 23 Percent change in Dow Jones U.S. Total Market Index (4) (1) Excludes mutual fund shares shown on table L.224. (2) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Annual figures calculated from year-end to year-end. L.224 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12989.6 13148.6 1 2 Holdings at market value 7873.0 7870.9 9326.1 11544.4 12603.6 11899.2 12374.8 12343.7 12603.6 12989.6 13148.6 2 4628.8 186.8 4628.1 165.9 5632.9 179.6 7110.5 211.0 7800.4 234.9 7370.3 217.1 7663.0 226.5 7643.4 227.6 7800.4 234.9 8089.9 242.0 8229.0 246.3 3 4 3 4 Household sector Nonfinancial corporate business 5 State and local governments 58.7 59.1 66.6 80.0 86.0 81.3 84.2 83.5 86.0 87.3 87.1 5 6 7 U.S.-chartered depository institutions Credit unions 45.0 1.5 41.7 1.9 45.8 2.3 57.9 2.2 59.7 2.1 60.8 2.2 64.7 2.1 59.8 2.1 59.7 2.1 59.4 2.0 59.9 2.1 6 7 8 9 Property-casualty insurance companies Life insurance companies 10.2 186.7 9.1 184.8 11.8 201.7 14.8 235.8 16.8 246.4 15.3 238.6 16.0 245.1 16.2 242.5 16.8 246.4 17.5 248.7 18.2 249.4 8 9 2136.9 358.4 2117.9 292.2 2383.8 306.2 2884.7 395.5 3105.6 429.1 2941.8 406.4 3041.0 420.7 3026.8 418.8 3105.6 429.1 3160.3 441.4 3183.9 450.0 10 11 260.0 370.4 495.4 552.0 622.6 565.6 611.6 623.0 622.6 641.0 622.8 12 10 11 Private pension funds State and local govt. retirement funds 12 Rest of the world (1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities. 127 Z.1, September 18, 2015 L.225 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 Federal government State and local governments 7 8 Brokers and dealers Rest of the world 9 Total trade receivables 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 3370.8 3499.4 3631.5 3814.7 3992.6 3837.3 3914.6 3954.8 3992.6 4025.3 4085.8 1 248.8 250.0 254.0 255.0 258.1 256.0 256.9 257.4 258.1 258.5 258.9 2 1746.4 427.8 1771.6 482.7 1836.9 493.3 1943.6 513.2 2031.2 547.0 1948.6 518.6 1989.6 528.7 2007.2 536.5 2031.2 547.0 2034.0 561.0 2058.7 572.4 3 4 209.7 669.0 218.5 707.4 231.9 745.5 251.6 783.4 270.0 822.2 260.5 793.0 270.4 802.7 274.8 812.5 270.0 822.2 276.9 831.7 286.6 841.5 5 6 18.1 51.1 14.3 55.1 14.2 55.7 14.5 53.4 17.9 46.2 14.8 45.9 17.8 48.6 19.9 46.6 17.9 46.2 19.2 44.0 23.6 44.1 7 8 3132.9 3304.3 3378.9 3691.7 3856.3 3784.0 3884.8 3900.5 3856.3 3951.0 4047.8 9 2157.1 533.4 2240.8 594.4 2292.8 598.9 2570.0 616.2 2678.9 646.3 2640.7 618.8 2720.5 627.0 2736.4 633.5 2678.9 646.3 2756.8 655.3 2837.1 667.3 10 11 55.8 180.5 100.8 31.3 55.1 181.7 106.1 31.3 55.8 184.2 109.3 31.2 12 13 14 15 10 11 Nonfinancial corporate business Nonfinancial noncorporate business 12 13 14 15 Federal government State and local governments Property-casualty insurance companies ABS issuers 42.9 152.2 83.8 51.8 47.7 157.8 87.2 47.6 50.3 163.1 92.0 41.2 53.6 172.0 95.2 35.7 55.8 180.5 100.8 31.3 55.4 172.7 100.1 34.3 56.1 176.3 103.9 33.9 55.8 178.1 103.4 31.0 Rest of the world 111.8 128.8 140.5 148.8 162.9 162.0 167.1 162.4 162.9 164.7 162.8 16 237.9 195.1 252.6 123.0 136.3 53.4 29.8 54.2 136.3 74.3 38.0 17 16 17 Discrepancy L.226 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 Total liabilities Federal government Life insurance companies Net change in assets Households U.S.-chartered depository institutions Holding companies 1278.6 1352.3 1359.3 1416.8 1477.4 1428.9 1445.8 1454.8 1477.4 1501.8 1511.6 1 48.7 1229.9 50.0 1302.3 50.3 1309.0 50.5 1366.3 51.3 1426.1 50.5 1378.4 50.6 1395.2 50.9 1403.9 51.3 1426.1 50.7 1451.1 51.0 1460.7 2 3 1278.6 1352.3 1359.3 1416.8 1477.4 1428.9 1445.8 1454.8 1477.4 1501.8 1511.6 4 1137.5 116.0 25.1 1199.3 125.5 27.6 1186.4 138.0 34.9 1233.0 143.8 39.9 1282.8 149.6 45.0 1242.6 145.2 41.1 1256.7 146.7 42.4 1263.3 147.9 43.6 1282.8 149.6 45.0 1304.8 150.9 46.0 1311.5 153.1 47.0 5 6 7 Levels 2010 128 Z.1, September 18, 2015 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 17024.5 17441.1 18481.7 19932.0 20762.7 20123.2 20419.3 20477.7 20762.7 20977.1 21091.6 1 2 3 Life insurance companies (1) Private pension funds (2) 2344.7 6635.9 2384.5 6749.9 2574.0 7276.2 2843.3 8097.6 2956.9 8478.7 2873.3 8179.8 2912.7 8343.4 2906.8 8337.2 2956.9 8478.7 2986.5 8580.6 2985.2 8619.2 2 3 4 5 Federal government retirement funds (3) State and local govt. retirement funds 3156.4 4887.5 3261.1 5045.7 3378.6 5252.9 3533.0 5458.1 3667.6 5659.4 3562.1 5508.0 3596.6 5566.6 3627.1 5606.6 3667.6 5659.4 3699.0 5710.9 3724.6 5762.6 4 5 17024.5 17441.1 18481.7 19932.0 20762.7 20123.2 20419.3 20477.7 20762.7 20977.1 21091.6 6 5029.0 383.3 77.2 454.0 202.0 2106.0 1806.5 5241.0 403.6 78.4 470.0 211.0 2078.0 1999.9 5907.0 428.0 79.9 505.0 216.0 2395.0 2283.1 6966.0 427.6 79.2 538.0 230.0 2923.0 2768.2 7443.0 427.8 77.6 556.0 219.0 3133.0 3029.6 7084.0 420.9 78.9 545.0 226.0 2991.0 2822.2 7325.0 419.2 78.5 542.0 221.0 3124.0 2940.3 7343.0 423.0 78.1 551.0 224.0 3083.0 2983.8 7443.0 427.8 77.6 556.0 219.0 3133.0 3029.6 7600.0 419.2 77.4 556.0 219.0 3130.0 3198.4 ND ND ND ND ND ND ND 7 8 9 10 11 12 13 6 Total liabilities 2011 Total assets (Households) (4) Memo: Levels 7 8 9 10 11 12 13 Individual Retirement Accounts (IRAs) at: (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Assets of the household sector (L.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10) and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12). L.228 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 53.1 73.4 84.5 96.7 118.9 115.3 119.0 126.2 118.9 144.8 133.8 1 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 42.9 99.2 51.7 99.7 54.0 107.4 44.9 110.9 45.0 117.1 51.3 111.4 46.4 113.1 54.8 114.5 45.0 117.1 57.7 121.4 57.5 123.9 2 3 4 U.S.-chartered depository institutions -59.6 -49.1 -47.6 -47.4 -32.3 -39.7 -32.4 -35.3 -32.3 -27.5 -34.4 4 5 6 Property-casualty insurance companies Life insurance companies -10.1 -28.8 -14.5 -23.6 -10.8 -28.3 8.4 -30.5 10.3 -32.4 10.2 -29.3 9.5 -29.5 10.2 -30.4 10.3 -32.4 10.6 -29.9 5.9 -31.3 5 6 7 8 Finance companies Brokers and dealers 6.0 3.6 6.7 2.5 6.7 3.1 6.8 3.7 7.1 4.0 6.8 4.5 6.8 5.1 7.0 5.4 7.1 4.0 7.5 4.9 7.9 4.2 7 8 262.1 272.8 279.9 289.6 310.2 296.2 297.0 304.5 310.2 315.9 316.0 9 144.3 117.8 152.8 120.0 158.6 121.3 165.8 123.8 173.0 137.2 167.6 128.6 169.4 127.6 171.2 133.3 173.0 137.2 176.0 139.9 178.3 137.7 10 11 -209.0 -199.4 -195.4 -193.0 -191.4 -180.9 -178.0 -178.3 -191.4 -171.1 -182.2 12 9 10 11 12 Total business taxes receivable Federal government State and local governments Discrepancy L.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 Total household equity Nonfinancial noncorporate business Brokers and dealers 6894.3 7455.9 8301.0 9403.6 10038.8 9525.3 9669.9 9841.1 10038.8 10249.4 10387.6 1 6878.4 15.9 7444.0 11.9 8283.8 17.3 9387.7 15.9 10021.3 17.5 9508.5 16.8 9653.1 16.8 9823.7 17.4 10021.3 17.5 10232.2 17.2 10371.0 16.6 2 3 129 Z.1, September 18, 2015 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 U.S. direct investment abroad: 1 2 3 4 5 6 7 8 9 10 11 Liab.: Rest of the world (1) Equity Intercompany debt (2) U.S. parents’ claims Less: U.S. parents’ liabilities 4273.6 4084.8 188.7 586.9 398.1 4599.5 4405.2 194.3 619.1 424.8 5017.5 4778.5 239.0 659.4 420.5 5339.8 5100.5 239.3 687.5 448.3 5576.0 5342.7 233.3 691.5 458.2 5399.0 5145.9 253.1 695.9 442.8 5491.5 5248.1 243.4 695.6 452.2 5540.7 5301.6 239.1 701.9 462.9 5576.0 5342.7 233.3 691.5 458.2 5641.7 5414.0 227.7 680.8 453.1 5753.1 5531.1 222.0 659.9 438.0 1 2 3 4 5 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 3402.9 280.1 99.1 46.3 206.0 239.3 3759.2 272.5 90.2 54.2 221.8 201.7 4134.4 277.0 98.5 69.1 226.3 212.3 4447.0 268.5 105.5 72.2 227.7 218.9 4691.8 252.9 107.1 72.8 226.8 224.6 4493.4 270.5 106.9 73.0 234.3 221.0 4581.0 272.3 107.9 72.6 236.2 221.5 4620.1 275.4 110.0 73.6 237.6 223.9 4691.8 252.9 107.1 72.8 226.8 224.6 4752.5 254.1 107.6 74.7 226.8 226.0 4845.8 256.2 110.3 76.4 233.3 231.1 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations 2128.7 5.3 120.0 70.7 84.3 114.7 88.5 11.4 2230.7 6.1 176.6 73.9 103.6 91.1 104.6 12.0 2417.2 6.3 207.7 58.1 105.3 88.7 110.4 12.6 2612.8 7.1 215.9 44.1 88.1 73.4 128.6 13.2 2760.3 7.9 219.3 47.9 101.4 72.7 133.2 13.8 2585.5 7.3 215.8 43.1 87.6 77.0 129.9 13.4 2649.1 7.5 216.2 42.1 89.9 77.6 130.4 13.5 2733.1 7.7 214.5 44.6 93.9 77.9 130.5 13.7 2760.3 7.9 219.3 47.9 101.4 72.7 133.2 13.8 2862.6 8.8 217.7 47.3 108.4 72.7 135.0 14.0 3014.7 9.1 217.9 47.1 108.8 73.2 136.4 14.1 12 13 14 15 16 17 18 19 20 21 22 23 24 Asset: Rest of the world (1) Equity Intercompany debt U.S. affiliates’ liabilities Less: U.S. affiliates’ claims 2623.6 2129.1 494.5 773.2 278.7 2798.7 2268.3 530.4 806.1 275.7 3006.3 2498.0 508.3 833.4 325.2 3183.2 2669.5 513.7 891.3 377.6 3356.5 2805.8 550.7 931.2 380.5 3159.5 2656.5 503.0 870.2 367.3 3226.4 2718.7 507.6 879.5 371.9 3315.8 2768.7 547.1 921.4 374.3 3356.5 2805.8 550.7 931.2 380.5 3466.5 2899.5 567.0 960.2 393.2 3621.5 3033.8 587.7 982.4 394.7 20 21 22 23 24 Memo: Direct investment, asset/liability presentation: 25 26 27 28 29 Direct investment assets Equity (line 2) Intercompany debt U.S. parents’ claims (line 4) U.S. affiliates’ claims (line 24) 4950.4 4084.8 865.5 586.9 278.7 5300.0 4405.2 894.8 619.1 275.7 5763.1 4778.5 984.6 659.4 325.2 6165.7 5100.5 1065.2 687.5 377.6 6414.7 5342.7 1072.0 691.5 380.5 6209.1 5145.9 1063.1 695.9 367.3 6315.6 5248.1 1067.5 695.6 371.9 6377.9 5301.6 1076.2 701.9 374.3 6414.7 5342.7 1072.0 691.5 380.5 6488.0 5414.0 1074.0 680.8 393.2 6585.8 5531.1 1054.6 659.9 394.7 25 26 27 28 29 30 31 32 33 34 Direct investment liabilities Equity (line 21) Intercompany debt U.S. parents’ liabilities (line 5) U.S. affiliates’ liabilities (line 23) 3300.5 2129.1 1171.3 398.1 773.2 3499.2 2268.3 1230.9 424.8 806.1 3751.9 2498.0 1253.9 420.5 833.4 4009.1 2669.5 1339.6 448.3 891.3 4195.2 2805.8 1389.4 458.2 931.2 3969.5 2656.5 1313.0 442.8 870.2 4050.4 2718.7 1331.7 452.2 879.5 4153.0 2768.7 1384.3 462.9 921.4 4195.2 2805.8 1389.4 458.2 931.2 4312.8 2899.5 1413.3 453.1 960.2 4454.1 3033.8 1420.4 438.0 982.4 30 31 32 33 34 Alternative valuations of direct investment assets: U.S. direct investment abroad: 35 36 37 Market value Equity Intercompany debt 4809.6 4620.9 188.7 4514.3 4320.1 194.3 5222.9 4983.9 239.0 6291.4 6052.1 239.3 6285.3 6052.0 233.3 6373.0 6119.9 253.1 6656.6 6413.2 243.4 6394.7 6155.6 239.1 6285.3 6052.0 233.3 6414.3 6186.6 227.7 6520.7 6298.7 222.0 35 36 37 38 39 40 Historical cost Equity Intercompany debt 3741.9 3553.2 188.7 4050.0 3855.8 194.3 4410.0 4171.0 239.0 4693.3 4454.1 239.3 4920.7 4687.3 233.3 4750.3 4497.2 253.1 4840.6 4597.2 243.4 4887.5 4648.5 239.1 4920.7 4687.3 233.3 4986.3 4758.7 227.7 5092.7 4870.8 222.0 38 39 40 Foreign direct investment in U.S.: 41 42 43 Market value Equity Intercompany debt 3422.3 2927.8 494.5 3498.7 2968.4 530.4 3915.5 3407.3 508.3 4954.7 4441.0 513.7 5390.1 4839.4 550.7 4873.6 4370.6 503.0 5110.9 4603.3 507.6 5186.3 4639.2 547.1 5390.1 4839.4 550.7 5548.1 4981.2 567.0 5701.9 5114.2 587.7 41 42 43 44 45 46 Historical cost Equity Intercompany debt 2280.0 1785.5 494.5 2433.8 1903.5 530.4 2604.0 2095.8 508.3 2754.7 2241.0 513.7 2901.1 2350.4 550.7 2724.3 2221.3 503.0 2784.4 2276.8 507.6 2867.1 2320.0 547.1 2901.1 2350.4 550.7 3011.0 2444.0 567.0 3164.8 2577.1 587.7 44 45 46 (1) Direct investment is valued on a current-cost basis and presented on a directional basis. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Levels Foreign direct investment in U.S.: 130 Z.1, September 18, 2015 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 Levels 1 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 14860.0 15368.2 16032.8 15523.3 15821.7 15640.0 15771.3 15850.9 15821.7 15957.8 16013.3 1 2 3 4 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 24.7 3295.7 1189.0 24.3 3516.8 1168.0 24.9 3672.2 1219.7 27.9 3752.9 1134.5 29.1 3740.4 1140.0 28.9 3722.4 1131.6 30.2 3772.3 1133.6 29.6 3731.7 1134.2 29.1 3740.4 1140.0 30.2 3696.5 1153.8 31.0 3547.8 1156.5 2 3 4 5 6 Federal government State and local governments 1937.3 1454.8 1970.3 1764.6 2031.1 1793.3 2031.3 1401.4 2061.1 1377.1 2065.0 1437.6 2087.0 1400.4 2089.8 1448.5 2061.1 1377.1 2188.8 1354.5 2339.5 1415.4 5 6 7 8 9 10 11 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 56.9 2247.6 293.3 23.3 11.1 29.7 2236.1 303.4 19.4 12.4 33.7 2446.4 267.8 17.3 12.7 43.5 2516.2 234.6 14.3 14.2 47.0 2851.0 222.8 12.7 15.4 47.8 2568.6 236.0 14.8 13.8 50.0 2646.5 232.6 15.3 16.1 50.3 2738.3 248.4 12.6 16.9 47.0 2851.0 222.8 12.7 15.4 50.4 2863.0 225.7 11.8 15.9 50.1 2889.2 214.2 12.6 12.1 7 8 9 10 11 12 13 Property-casualty insurance companies Life insurance companies 761.2 1158.9 796.4 1176.5 813.4 1222.8 813.1 1255.4 827.8 1282.5 814.0 1274.1 822.6 1298.6 829.3 1282.9 827.8 1282.5 825.0 1300.2 833.4 1278.0 12 13 14 15 16 Government-sponsored enterprises Finance companies REITs 179.4 157.3 63.7 130.2 173.0 70.8 124.1 145.1 96.3 114.7 134.5 74.6 111.0 120.1 88.2 111.2 128.7 81.1 111.1 120.6 85.5 112.8 117.0 87.3 111.0 120.1 88.2 110.0 118.9 86.9 104.9 113.9 81.1 14 15 16 17 18 19 Brokers and dealers Holding companies Funding corporations 394.6 524.6 895.5 375.1 484.4 792.7 367.4 822.3 738.2 408.7 739.4 651.4 388.8 708.2 648.5 413.3 736.4 661.6 410.3 743.9 632.9 390.4 718.7 654.0 388.8 708.2 648.5 395.3 699.0 672.2 401.7 685.9 697.2 17 18 19 20 Rest of the world 191.2 324.1 184.1 160.8 149.8 152.8 161.7 158.3 149.8 159.7 148.7 20 20782.5 21723.8 22635.3 22819.0 23613.5 23149.0 23268.0 23464.8 23613.5 23859.4 24021.6 21 808.2 6707.4 2134.4 869.7 6784.2 2243.6 863.6 6893.1 2466.0 912.9 7339.8 2509.6 921.4 7655.2 2641.0 913.5 7350.9 2522.4 919.4 7432.2 2558.2 919.2 7501.9 2587.0 921.4 7655.2 2641.0 926.8 7657.9 2672.5 935.0 7608.9 2715.7 22 23 24 21 Total liabilities 2011 Total assets 22 23 24 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 Federal government State and local governments 143.8 96.8 145.6 95.7 144.6 102.9 150.5 108.3 163.0 116.0 153.2 110.9 158.2 114.0 160.9 114.2 163.0 116.0 167.5 118.9 172.8 120.0 25 26 27 28 29 30 31 32 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Life insurance companies 81.6 683.0 29.2 11.0 74.1 305.6 223.9 704.8 44.2 11.8 61.9 357.4 199.5 602.8 43.9 12.0 62.7 375.2 233.1 528.1 57.0 20.5 61.1 403.0 235.5 547.7 71.3 33.4 66.4 476.6 235.0 508.5 71.0 17.4 72.2 418.0 235.8 502.2 72.0 22.5 68.3 430.1 235.4 517.5 74.2 21.3 65.0 439.4 235.5 547.7 71.3 33.4 66.4 476.6 228.9 559.6 75.8 31.3 75.3 499.4 224.9 541.6 69.9 36.9 73.3 476.4 27 28 29 30 31 32 33 34 35 Private pension funds Federal government retirement funds State and local govt. retirement funds 1535.7 1730.8 1703.3 1668.4 1745.6 2003.4 1583.4 1793.6 2025.6 1421.4 1782.1 1638.4 1440.3 1802.0 1622.0 1422.2 1816.6 1678.3 1414.2 1836.0 1647.4 1452.3 1839.1 1692.9 1440.3 1802.0 1622.0 1444.2 1934.0 1605.0 1480.7 2087.5 1669.1 33 34 35 36 37 Money market mutual funds Mutual funds 23.5 2.9 22.7 5.7 28.8 -27.4 31.6 -8.3 17.3 -12.6 37.3 24.4 16.1 2.6 18.8 23.2 17.3 -12.6 16.7 -5.7 15.8 -5.7 36 37 38 39 40 Government-sponsored enterprises Finance companies REITs 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -169.0 100.4 165.6 -188.6 112.6 154.7 -170.6 134.2 152.1 -193.0 122.4 151.4 -196.7 133.6 149.3 -179.8 140.6 154.7 -170.6 134.2 164.7 -164.4 140.2 166.3 -197.2 140.1 38 39 40 41 42 43 Brokers and dealers Holding companies Funding corporations 786.0 3171.5 667.9 730.9 3232.1 687.6 645.1 4041.2 694.8 768.3 4064.3 707.8 812.4 4175.5 710.8 897.6 4107.6 710.5 844.2 4182.4 723.8 821.8 4137.7 733.1 812.4 4175.5 710.8 839.4 4141.9 729.6 779.6 4180.8 729.3 41 42 43 -5922.5 -6355.6 -6602.5 -7295.7 -7791.8 -7509.0 -7496.7 -7613.9 -7791.8 -7901.6 -8008.2 44 44 Discrepancy 131 Z.1, September 18, 2015 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 Federal government equity in IBRD, etc.: 1 2 Liab.: Rest of the world Asset: Federal government 52.8 52.8 55.4 55.4 57.8 57.8 60.0 60.0 62.4 62.4 60.0 60.0 61.7 61.7 62.2 62.2 62.4 62.4 64.2 64.2 65.1 65.1 1 2 26.5 26.5 26.9 26.9 27.4 27.4 27.5 27.5 28.6 28.6 28.1 28.1 28.2 28.2 28.2 28.2 28.6 28.6 28.8 28.8 29.1 29.1 3 4 Liab.: Government-sponsored enterprises 49.0 43.1 41.2 41.7 42.9 40.6 42.1 42.4 42.9 41.8 42.9 5 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.6 6.7 0.0 36.7 2.2 2.9 0.5 7.0 0.0 30.6 2.9 2.1 0.6 7.2 0.0 28.4 2.9 2.2 0.6 7.7 0.0 27.8 2.4 3.2 0.7 8.5 0.0 27.3 2.9 3.5 0.8 8.0 0.0 26.2 2.4 3.2 0.7 8.1 0.0 27.3 2.6 3.4 0.7 8.3 0.0 27.2 2.8 3.5 0.7 8.5 0.0 27.3 2.9 3.5 0.8 8.6 0.0 25.7 3.0 3.7 0.8 8.7 0.0 26.2 3.2 4.0 6 7 8 9 10 11 Federal Reserve Bank stock: 3 4 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in government-sponsored enterprises: 5 6 7 8 9 10 11 12 13 14 15 16 17 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 1632.8 0.0 62.7 115.0 626.6 135.6 1709.0 0.0 72.0 94.6 613.5 166.3 1889.2 11.2 17.2 91.1 1060.5 114.7 1937.2 5.2 10.7 75.4 1087.6 97.9 2133.2 5.3 11.5 62.2 1092.4 83.3 1982.1 4.7 11.0 63.9 1112.5 89.7 2032.2 5.1 11.5 63.1 1126.6 97.2 2059.2 5.1 11.5 62.1 1085.7 93.2 2133.2 5.3 11.5 62.2 1092.4 83.3 2112.8 3.9 11.8 61.1 1075.5 92.0 2142.0 4.6 11.8 58.7 1129.5 80.3 12 13 14 15 16 17 18 Asset: Holding companies 2572.7 2655.4 3184.0 3214.0 3387.9 3263.8 3335.9 3316.8 3387.9 3357.1 3426.9 18 60.7 60.7 69.1 69.1 71.7 71.7 86.4 86.4 100.5 100.5 103.1 103.1 101.9 101.9 100.3 100.3 100.5 100.5 98.7 98.7 94.8 94.8 19 20 NFC investment in finance company subsidiaries: 19 20 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corporations’ investment in subsidiaries: 21 22 Liab.: Foreign banking offices in U.S. Brokers and dealers 171.6 496.4 137.8 549.7 126.0 568.8 123.5 584.3 103.2 607.5 123.9 586.6 120.8 603.0 127.8 605.2 103.2 607.5 96.2 633.4 109.1 620.2 21 22 23 Asset: Funding corporations 667.9 687.6 694.8 707.8 710.8 710.5 723.8 733.1 710.8 729.6 729.3 23 7.7 3.8 3.8 8.8 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 8.7 4.4 4.4 24 25 26 Equity investment under Public-Private Inv. Program: 24 25 26 Liab.: Funding corporations Asset: Households (1) Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Levels Holding company net transactions with subsidiaries: 132 Z.1, September 18, 2015 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 Nonofficial foreign currencies: 1 2 3 Liab.: Rest of the world Asset: Federal government Monetary authority (1) 2.7 2.6 0.1 102.5 2.6 99.8 11.5 2.6 8.9 2.9 2.6 0.3 4.2 2.6 1.5 3.0 2.6 0.4 2.8 2.6 0.1 2.9 2.6 0.2 4.2 2.6 1.5 3.4 2.6 0.8 3.3 2.6 0.6 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 14.4 14.4 12.6 12.6 13.7 13.7 10.6 10.6 9.1 9.1 10.4 10.4 9.0 9.0 9.3 9.3 9.1 9.1 10.2 10.2 9.2 9.2 6 7 24.7 24.7 24.3 24.3 24.9 24.9 27.9 27.9 29.1 29.1 28.9 28.9 30.2 30.2 29.6 29.6 29.1 29.1 30.2 30.2 31.0 31.0 8 9 Postal Savings System deposits: 4 5 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 6 7 Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions Deferred and unpaid life insurance premiums: 8 9 Liab.: Household sector Asset: Life insurance companies Levels Life insurance company reserves: 10 11 12 13 Liab.: Life insurance companies Accident and health Policy dividend accumulation Contract claims 290.7 209.4 39.7 41.6 305.5 225.0 37.9 42.6 303.7 222.6 38.3 42.8 304.2 222.8 38.5 42.8 310.0 228.3 38.8 42.9 307.9 226.5 38.4 43.1 311.1 229.5 38.9 42.7 311.5 228.7 39.1 43.7 310.0 228.3 38.8 42.9 313.5 230.2 38.5 44.7 314.0 231.1 38.9 44.0 10 11 12 13 14 Asset: Household sector 290.7 305.5 303.7 304.2 310.0 307.9 311.1 311.5 310.0 313.5 314.0 14 Policy payables: 15 Liab.: Property-casualty insurance companies 761.2 796.4 802.1 807.8 822.5 809.3 817.4 824.2 822.5 821.1 828.8 15 16 17 18 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business 310.8 318.7 131.7 338.4 331.0 127.0 320.7 339.0 142.5 357.4 333.2 117.2 349.8 343.2 129.6 354.9 334.7 119.6 355.0 339.1 123.4 354.4 342.9 126.9 349.8 343.2 129.6 355.7 341.0 124.4 366.0 342.4 120.4 16 17 18 617.5 466.5 151.1 623.4 483.7 139.7 640.0 503.5 136.4 656.1 525.2 130.8 668.1 531.6 136.5 658.6 526.4 132.1 668.6 533.0 135.6 661.3 526.9 134.3 668.1 531.6 136.5 675.7 537.4 138.3 676.6 536.4 140.2 19 20 21 90.8 90.8 93.8 93.8 81.4 81.4 79.0 79.0 77.9 77.9 78.3 78.3 78.0 78.0 78.4 78.4 77.9 77.9 79.6 79.6 79.9 79.9 22 23 733.4 733.4 658.7 658.7 579.5 579.5 673.5 673.5 720.6 720.6 794.5 794.5 746.5 746.5 735.4 735.4 720.6 720.6 755.4 755.4 703.1 703.1 24 25 202.9 202.9 221.4 221.4 234.8 234.8 246.9 246.9 257.3 257.3 246.2 246.2 249.0 249.0 248.8 248.8 257.3 257.3 253.2 253.2 250.6 250.6 26 27 Unallocated insurance company contracts: 19 20 21 Liab.: Life insurance companies Asset: Private pension funds State and local government retirement 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 Retiree health care funds (2): 26 27 Liab.: Federal government Asset: Household sector Claims of pension fund on sponsor (3): 28 29 30 Liab.: Nonfinancial corporate business Federal government State and local governments 448.6 1730.8 1454.8 517.7 1745.6 1764.6 391.0 1793.6 1793.3 181.7 1782.1 1401.4 166.3 1802.0 1377.1 171.2 1816.6 1437.6 145.3 1836.0 1400.4 184.8 1839.1 1448.5 166.3 1802.0 1377.1 154.8 1934.0 1354.5 187.4 2087.5 1415.4 28 29 30 31 32 33 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds 448.6 1730.8 1454.8 517.7 1745.6 1764.6 391.0 1793.6 1793.3 181.7 1782.1 1401.4 166.3 1802.0 1377.1 171.2 1816.6 1437.6 145.3 1836.0 1400.4 184.8 1839.1 1448.5 166.3 1802.0 1377.1 154.8 1934.0 1354.5 187.4 2087.5 1415.4 31 32 33 (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. (3) Assets of the household sector. 133 Z.1, September 18, 2015 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2011 2012 2013 2014 2014 Q1 1 Total liabilities Q2 2015 Q3 Q4 Q1 Q2 5050.1 4955.5 5277.5 5203.1 5235.7 5062.6 5174.6 5185.5 5235.7 5243.2 5029.6 1 2756.3 1189.0 2905.4 1168.0 3199.7 1219.7 3492.2 1134.5 3496.2 1140.0 3473.0 1131.6 3548.9 1133.6 3468.4 1134.2 3496.2 1140.0 3462.1 1153.8 3280.5 1156.5 2 3 Federal government Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3.6 30.4 614.7 121.7 23.3 11.1 3.2 2.8 527.1 165.6 19.4 12.4 2.8 6.3 557.2 141.7 17.3 12.7 2.3 16.0 578.9 111.1 14.3 14.2 1.8 18.4 717.8 119.6 12.7 15.4 2.2 19.8 586.6 112.1 14.8 13.8 2.0 21.9 614.3 111.8 15.3 16.1 1.9 22.2 679.1 120.5 12.6 16.9 1.8 18.4 717.8 119.6 12.7 15.4 1.6 21.6 750.3 129.4 11.8 15.9 1.5 21.0 747.2 105.1 12.6 12.1 4 5 6 7 8 9 10 11 12 13 Life insurance companies Government-sponsored enterprises Finance companies REITs 187.9 115.9 -18.4 63.7 175.5 74.5 9.3 70.8 261.9 69.2 -17.7 96.3 284.5 62.4 -27.2 74.6 292.9 59.0 -42.6 88.2 296.6 60.2 -38.3 81.1 307.4 59.9 -44.5 85.5 298.6 61.0 -45.4 87.3 292.9 59.0 -42.6 88.2 299.2 58.0 -40.8 86.9 275.5 52.8 -39.6 81.1 10 11 12 13 14 15 16 Brokers and dealers Holding companies Funding corporations -728.3 524.6 154.5 -788.1 484.4 125.2 -1261.8 822.3 149.9 -1263.1 739.4 -30.9 -1311.1 708.2 -80.8 -1285.8 736.4 -141.6 -1319.2 743.9 -122.3 -1300.5 718.7 -90.1 -1311.1 708.2 -80.8 -1313.6 699.0 -91.9 -1348.0 685.9 -14.6 14 15 16 10972.6 11311.1 11880.0 12498.9 13027.6 12571.6 12671.3 12799.3 13027.6 13144.8 13037.9 17 6327.4 1996.0 6383.6 2109.5 6481.9 2316.4 6919.6 2384.6 7210.8 2503.0 6912.3 2394.8 6990.5 2426.7 7058.1 2451.8 7210.8 2503.0 7217.4 2539.5 7170.9 2586.6 18 19 84.5 96.8 83.2 95.7 79.8 102.9 83.4 108.3 93.6 116.0 86.2 110.9 89.5 114.0 91.7 114.2 93.6 116.0 96.3 118.9 100.7 120.0 20 21 2 3 Nonfinancial corporate business Nonfinancial noncorporate business 4 5 6 7 8 9 17 Total assets 18 19 Nonfinancial corporate business Nonfinancial noncorporate business 20 21 Federal government State and local governments 22 23 24 25 26 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 81.5 605.3 29.2 11.0 71.9 124.0 634.8 44.2 11.8 59.1 190.6 533.3 43.9 12.0 59.8 232.8 462.2 57.0 20.5 58.8 233.9 482.8 71.3 33.4 63.5 234.6 443.9 71.0 17.4 69.9 235.6 437.7 72.0 22.5 65.7 235.2 452.8 74.2 21.3 62.2 233.9 482.8 71.3 33.4 63.5 228.1 494.8 75.8 31.3 72.3 224.3 477.1 69.9 36.9 70.1 22 23 24 25 26 27 28 29 Life insurance companies Private pension funds State and local govt. retirement funds 278.0 529.9 97.5 331.0 573.3 99.1 348.1 607.4 95.9 371.9 635.5 106.2 444.0 664.5 108.4 385.9 646.3 108.5 396.5 657.9 111.4 406.3 662.1 110.0 444.0 664.5 108.4 465.5 672.4 112.2 441.4 676.9 113.6 27 28 29 30 31 Mutual funds Money market mutual funds 2.9 23.5 5.7 22.7 -27.4 28.8 -8.3 31.6 -12.6 17.3 24.4 37.3 2.6 16.1 23.2 18.8 -12.6 17.3 -5.7 16.7 -5.7 15.8 30 31 32 33 34 Government-sponsored enterprises Finance companies REITs 148.6 -129.0 66.1 148.5 -138.7 74.7 152.6 -169.0 100.4 165.6 -188.6 112.6 154.7 -170.6 134.2 152.1 -193.0 122.4 151.4 -196.7 133.6 149.3 -179.8 140.6 154.7 -170.6 134.2 164.7 -164.4 140.2 166.3 -197.2 140.1 32 33 34 35 36 Brokers and dealers Holding companies 52.6 598.9 72.2 576.7 65.6 857.2 94.8 850.3 91.7 787.6 103.1 843.8 97.7 846.5 86.4 820.9 91.7 787.6 84.0 784.8 76.5 753.9 35 36 -5922.5 -6355.6 -6602.5 -7295.7 -7791.8 -7509.0 -7496.7 -7613.9 -7791.8 -7901.6 -8008.2 37 37 Discrepancy Levels 2010 134 Z.1, September 18, 2015 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2 3 4 5 6 7 8 Balance Sheets 9 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment (nonprofits) (4) Intellectual property products (nonprofits) (4) Consumer durable goods (4) Financial assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 76356.9 77410.7 83556.3 93161.4 97589.0 94260.0 95827.9 95932.3 97589.0 99161.9 99990.0 1 23365.5 23395.2 25107.6 27688.0 29118.3 28098.7 28370.1 28693.1 29118.3 29644.4 30216.5 2 18397.0 16422.5 1974.4 280.1 101.8 4586.7 18269.6 16108.7 2160.9 293.0 109.4 4723.3 19841.0 17535.3 2305.7 301.8 115.9 4848.9 22319.6 19651.3 2668.3 309.1 121.5 4937.8 23634.6 20713.8 2920.8 320.0 125.9 5037.8 22708.9 20033.1 2675.8 311.3 122.3 4956.1 22939.9 20174.4 2765.5 314.3 123.2 4992.8 23229.1 20390.7 2838.4 317.2 124.7 5022.1 23634.6 20713.8 2920.8 320.0 125.9 5037.8 24119.3 21105.2 3014.1 323.3 126.8 5075.0 24618.0 21540.3 3077.7 325.7 127.5 5145.2 3 4 5 6 7 8 52991.4 54015.5 58448.7 65473.4 68470.7 66161.3 67457.8 67239.2 68470.7 69517.5 69773.5 9 10 11 12 13 14 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 8072.8 67.3 423.7 6450.8 1131.0 8711.3 57.4 724.1 6820.1 1109.9 9234.2 49.5 887.4 7187.1 1110.2 9588.8 51.7 1008.1 7393.2 1135.7 10127.4 45.3 1115.7 7864.2 1102.1 9751.1 50.5 1054.5 7546.8 1099.2 9763.6 49.4 1077.5 7567.2 1069.5 9886.9 52.2 1055.7 7691.2 1087.7 10127.4 45.3 1115.7 7864.2 1102.1 10230.6 43.8 1112.7 8069.3 1004.8 10193.5 39.1 1154.5 8014.5 985.4 10 11 12 13 14 15 16 17 18 19 20 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4734.7 21.1 1127.3 340.3 1871.5 1374.5 4220.8 19.4 707.3 356.7 1805.8 1331.7 4060.9 18.8 908.7 288.2 1661.0 1184.2 3671.6 15.0 960.3 276.7 1605.2 814.4 3181.5 14.9 895.5 52.6 1538.0 680.4 3478.1 15.9 914.1 185.5 1601.5 761.1 3304.5 16.1 817.7 108.3 1599.6 762.8 3268.6 15.9 830.3 97.3 1551.3 773.7 3181.5 14.9 895.5 52.6 1538.0 680.4 3168.3 15.2 904.8 44.5 1554.1 649.7 3093.1 15.7 1013.0 69.0 1565.8 429.7 15 16 17 18 19 20 21 22 23 24 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) 929.9 751.4 100.1 78.4 924.9 749.5 100.9 74.5 926.6 777.9 83.0 65.6 977.7 841.4 77.0 59.3 1031.8 893.2 85.0 53.6 1033.7 892.8 82.8 58.1 1029.2 888.8 83.4 57.0 1054.7 915.5 84.0 55.2 1031.8 893.2 85.0 53.6 1032.2 895.7 84.6 51.9 1002.5 867.9 84.5 50.1 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Life insurance reserves Pension entitlements (7) Equity in noncorporate business (8) Miscellaneous assets 8760.8 4628.8 1137.5 17024.5 6894.3 808.2 8564.4 4628.1 1199.3 17441.1 7455.9 869.7 9761.6 5632.9 1186.4 18481.7 8301.0 863.6 12643.3 7110.5 1233.0 19932.0 9403.6 912.9 13323.9 7800.4 1282.8 20762.7 10038.8 921.4 12723.5 7370.3 1242.6 20123.2 9525.3 913.5 13432.3 7663.0 1256.7 20419.3 9669.9 919.4 12884.5 7643.4 1263.3 20477.7 9841.1 919.2 13323.9 7800.4 1282.8 20762.7 10038.8 921.4 13538.4 8089.9 1304.8 20977.1 10249.4 926.8 13529.6 8229.0 1311.5 21091.6 10387.6 935.0 25 26 27 28 29 30 13782.1 13570.9 13634.2 13790.5 14163.3 13778.3 13945.4 14071.2 14163.3 14144.7 14278.0 31 263.2 13245.4 9915.4 2646.9 61.0 414.3 207.7 255.5 13041.1 9695.8 2755.4 11.5 376.9 201.4 241.0 13114.4 9486.7 2922.9 62.6 443.1 199.1 227.8 13279.7 9403.7 3098.8 92.7 480.5 204.0 223.1 13653.0 9403.2 3311.9 212.9 513.7 211.3 227.6 13265.8 9376.0 3100.8 123.0 461.6 204.4 227.0 13431.3 9371.6 3167.4 168.4 518.0 205.9 224.6 13559.6 9387.9 3243.6 186.7 533.3 208.1 223.1 13653.0 9403.2 3311.9 212.9 513.7 211.3 223.0 13633.0 9374.3 3313.2 233.7 499.0 212.8 219.7 13768.4 9412.6 3383.3 247.1 510.1 215.3 32 33 34 35 36 37 38 248.8 24.7 250.0 24.3 254.0 24.9 255.0 27.9 258.1 29.1 256.0 28.9 256.9 30.2 257.4 29.6 258.1 29.1 258.5 30.2 258.9 31.0 39 40 62574.8 63839.8 69922.1 79371.0 83425.7 80481.7 81882.5 81861.1 83425.7 85017.2 85712.0 41 31 Liabilities 32 33 34 35 36 37 38 Debt securities (municipal securities) (10) Loans Home mortgages (9) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (10) 39 40 Trade payables (10) Deferred and unpaid life insurance premiums 41 Net worth Memo: 42 43 44 45 Assets held in IRAs (11) Assets held in 529 college plans (11) College savings plans Prepaid tuition plans 5029.0 157.4 138.2 19.2 5241.0 164.9 145.0 19.8 5907.0 190.7 168.6 22.1 6966.0 227.1 205.2 21.9 7443.0 247.9 223.9 24.0 7084.0 234.1 211.1 23.0 7325.0 244.5 220.2 24.2 7343.0 243.2 219.1 24.1 7443.0 247.9 223.9 24.0 7600.0 254.6 230.5 24.1 ND 258.2 234.0 24.2 42 43 44 45 46 47 48 49 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 12730.1 12526.6 203.5 1420.7 12845.4 12641.9 203.4 1464.6 13246.2 13035.9 210.3 1501.4 14237.1 14014.1 223.0 1577.5 15148.4 14914.6 233.8 1632.7 14578.9 14351.4 227.5 1591.5 14650.2 14422.5 227.7 1603.7 14938.5 14707.2 231.4 1619.6 15148.4 14914.6 233.8 1632.7 15169.6 14935.4 234.1 1625.7 15176.5 14942.2 234.2 1618.2 46 47 48 49 11237.9 556.8 6507.1 39.6 11801.4 541.0 6412.9 39.8 12403.7 563.7 8048.6 45.9 12395.6 640.3 10247.6 52.1 12913.9 646.0 11310.6 54.6 12697.5 633.8 10657.1 53.2 12858.7 636.8 10802.8 53.5 12982.7 630.5 11002.8 54.0 13116.8 636.0 11310.6 54.6 13179.8 645.1 11730.9 55.6 13294.1 644.7 12127.8 56.3 50 51 52 53 50 51 52 53 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 42/line 51) Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 53/line 4) (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. (2) At market value. (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land. (4) At replacement (current) cost. (5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Value based on the market values of equities held and the book value of other assets held by mutual funds. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Net worth of nonfinancial noncorporate business (table B.104, line 34) and owners’ equity in unincorporated security brokers and dealers. (9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23. (10) Liabilities of nonprofit organizations. (11) Included in assets shown on the household balance sheet. 135 Z.1, September 18, 2015 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 2 3 4 5 6 7 Assets Nonfinancial assets Real estate (1) Equipment (2) Intellectual property products (2) Inventories (2) Financial assets 28957.9 30504.0 31944.5 34878.8 37004.6 35091.0 35873.5 36379.4 37004.6 37553.3 38072.1 1 14941.1 15995.0 16856.1 18538.8 19903.1 18680.1 19153.3 19526.8 19903.1 20322.8 20646.9 2 7545.7 3853.6 1669.1 1872.7 8230.6 4008.0 1746.9 2009.6 8797.2 4139.4 1819.4 2100.0 10196.2 4269.8 1920.0 2152.9 11259.9 4442.8 2002.7 2197.7 10240.8 4306.6 1938.3 2194.4 10626.8 4352.3 1957.6 2216.6 10926.0 4397.8 1983.2 2219.8 11259.9 4442.8 2002.7 2197.7 11601.2 4490.7 2022.3 2208.7 11840.0 4525.4 2040.4 2241.0 3 4 5 6 14016.8 14508.9 15088.4 16340.0 17101.5 16410.9 16720.2 16852.6 17101.5 17230.4 17425.2 7 8 9 10 11 12 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 40.6 234.5 548.7 497.8 12.1 34.8 265.3 561.9 462.4 12.6 35.4 219.8 595.2 519.4 9.7 78.1 305.3 636.2 559.1 8.8 71.4 376.3 646.8 565.2 13.5 67.8 272.7 653.5 527.1 11.3 77.7 325.1 656.9 516.1 13.5 79.9 350.0 625.4 529.1 13.4 71.4 376.3 646.8 565.2 13.5 58.2 405.1 637.1 548.5 12.8 74.9 423.4 655.5 546.3 13.9 8 9 10 11 12 13 14 15 16 17 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 113.0 38.2 42.8 10.3 21.8 95.5 31.6 38.0 12.7 13.2 105.5 35.1 40.7 11.6 18.2 99.1 29.2 40.4 13.5 16.1 96.3 30.0 39.8 13.3 13.2 95.5 31.6 38.0 12.7 13.2 88.1 31.0 31.6 10.5 15.0 99.8 32.7 39.1 13.0 15.0 13 14 15 16 17 18 19 20 Loans Mortgages Consumer credit 72.9 28.0 45.0 74.3 27.4 46.9 74.0 25.5 48.4 71.6 27.4 44.2 72.1 29.2 43.0 70.9 27.8 43.1 71.5 28.3 43.3 72.3 28.7 43.5 72.1 29.2 43.0 71.5 29.6 41.9 73.4 30.1 43.3 18 19 20 21 22 23 24 Mutual fund shares (1) Trade receivables U.S. direct investment abroad (3) Miscellaneous assets 186.8 2157.1 3402.9 6707.4 165.9 2240.8 3759.2 6784.2 179.6 2292.8 4134.4 6893.1 211.0 2570.0 4447.0 7339.8 234.9 2678.9 4691.8 7655.2 217.1 2640.7 4493.4 7350.9 226.5 2720.5 4581.0 7432.2 227.6 2736.4 4620.1 7501.9 234.9 2678.9 4691.8 7655.2 242.0 2756.8 4752.5 7657.9 246.3 2837.1 4845.8 7608.9 21 22 23 24 13226.7 13878.4 14695.5 15474.9 16187.2 15578.3 15811.9 16010.1 16187.2 16413.7 16622.7 25 25 Liabilities 26 27 28 29 Debt securities Commercial paper Municipal securities (4) Corporate bonds (3) 3944.7 82.9 485.4 3376.4 4148.3 116.3 493.9 3538.1 4500.6 130.3 509.1 3861.1 4803.4 144.5 518.5 4140.4 5106.4 182.4 518.4 4405.5 4909.9 180.2 517.7 4212.1 4973.0 185.9 516.4 4270.7 5044.1 208.5 514.8 4320.8 5106.4 182.4 518.4 4405.5 5230.3 187.6 525.1 4517.7 5388.9 179.3 536.5 4673.0 26 27 28 29 30 31 32 33 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 2068.3 477.1 948.1 643.0 2159.3 569.2 1008.3 581.8 2214.7 658.7 1036.9 519.1 2317.3 708.8 1063.1 545.4 2504.0 794.5 1145.1 564.3 2360.5 719.8 1095.4 545.3 2381.5 749.2 1080.4 551.9 2439.2 762.8 1120.8 555.6 2504.0 794.5 1145.1 564.3 2532.7 812.3 1148.5 571.9 2555.1 833.0 1141.5 580.6 30 31 32 33 34 35 36 37 Trade payables Taxes payable Foreign direct investment in U.S. Miscellaneous liabilities 1746.4 42.9 2128.7 3295.7 1771.6 51.7 2230.7 3516.8 1836.9 54.0 2417.2 3672.2 1943.6 44.9 2612.8 3752.9 2031.2 45.0 2760.3 3740.4 1948.6 51.3 2585.5 3722.4 1989.6 46.4 2649.1 3772.3 2007.2 54.8 2733.1 3731.7 2031.2 45.0 2760.3 3740.4 2034.0 57.7 2862.6 3696.5 2058.7 57.5 3014.7 3547.8 34 35 36 37 15731.2 16625.6 17249.0 19403.8 20817.4 19512.7 20061.6 20369.3 20817.4 21139.6 21449.3 38 166.3 7123.9 14356.5 38.2 41.9 91.3 165.7 7425.5 14369.4 37.9 43.9 86.4 171.0 7678.2 15961.6 38.9 42.1 92.5 178.2 7976.6 20717.0 36.7 34.4 106.8 184.2 8227.1 22228.7 36.6 34.2 106.8 181.1 8040.3 20914.0 37.3 34.8 107.2 180.6 8094.6 21883.8 36.7 33.6 109.1 182.9 8167.5 21445.2 36.7 34.9 105.3 184.2 8227.1 22228.7 36.6 34.2 106.8 184.5 8200.4 22384.0 36.7 34.7 105.9 184.6 8171.1 22137.8 37.0 35.9 103.2 39 40 41 42 43 44 38 39 40 41 42 43 44 Net worth (market value) Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (line 25/line 36) Debt/equities (percent) (line 25/line 39) Equities/net worth (percent) (line 39/line 36) With nonfinancial assets stated at historical cost: 45 46 47 48 49 50 Assets (sum of lines 7 and 46) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 25006.1 10989.4 4377.1 3482.4 1570.3 1559.5 25957.6 11448.7 4537.7 3592.0 1637.6 1681.4 27053.5 11965.2 4726.7 3744.2 1708.9 1785.3 28828.6 12488.6 4929.3 3894.2 1789.5 1875.7 30151.6 13050.0 5157.0 4067.6 1880.8 1944.6 29091.1 12680.2 4988.3 3933.5 1811.2 1947.2 29511.6 12791.4 5043.7 3975.1 1833.2 1939.4 29799.4 12946.8 5100.8 4022.7 1856.4 1966.9 30151.6 13050.0 5157.0 4067.6 1880.8 1944.6 30473.7 13243.2 5218.7 4113.3 1906.6 2004.7 30797.0 13371.8 5281.3 4158.0 1934.2 1998.3 45 46 47 48 49 50 51 Net worth (historical cost) (line 43 less line 24) 11779.4 12079.2 12358.0 13353.7 13964.4 13512.8 13699.7 13789.3 13964.4 14059.9 14174.2 51 81.6 3808.7 51.0 82.7 3949.4 52.2 84.5 4128.7 54.3 87.0 4317.2 53.3 90.1 4531.9 54.5 87.7 4371.1 53.8 88.4 4424.8 53.7 89.3 4477.9 54.3 90.1 4531.9 54.5 91.0 4583.3 55.2 92.0 4634.6 56.0 52 53 54 Memo: Historical-cost value of structures: 52 Residential 53 Nonresidential 54 Debt/net worth (percent) (line 25/line 49) (1) At market value. (2) At replacement (current) cost. (3) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. Balance Sheets With nonfinancial assets stated at either market value or replacement cost: 1 136 Z.1, September 18, 2015 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 12550.5 13147.1 14177.9 15338.4 16233.7 15476.9 15694.3 15923.0 16233.7 16530.2 16769.7 1 Nonfinancial assets 8822.2 9221.9 9951.6 11031.9 11696.0 11148.9 11305.4 11485.0 11696.0 11925.0 12089.6 2 3 4 5 Real estate (1) Residential Nonresidential 7666.3 4411.2 3255.2 7993.2 4600.4 3392.8 8684.9 4976.4 3708.5 9725.3 5541.9 4183.4 10331.2 5805.7 4525.4 9810.5 5600.3 4210.1 9951.2 5623.2 4328.0 10126.3 5704.8 4421.4 10331.2 5805.7 4525.4 10600.2 5998.4 4601.8 10798.5 6153.0 4645.5 3 4 5 6 7 8 Equipment (2) Residential (3) Nonresidential 709.2 42.2 667.0 740.7 43.9 696.8 772.6 44.4 728.3 804.9 43.5 761.5 838.2 42.3 795.9 817.8 43.4 774.4 829.0 42.8 786.1 831.9 42.8 789.1 838.2 42.3 795.9 829.4 42.2 787.2 820.3 42.5 777.9 6 7 8 Intellectual property products (2) Inventories (2) 189.9 256.9 196.6 291.3 204.7 289.3 214.6 287.1 223.3 303.3 220.0 300.7 223.9 301.3 225.4 301.4 223.3 303.3 203.1 292.3 179.3 291.5 9 10 3728.3 3925.1 4226.3 4306.5 4537.7 4328.0 4388.9 4437.9 4537.7 4605.3 4680.0 11 531.6 356.2 76.8 556.3 362.2 77.7 615.5 372.3 80.7 619.0 383.1 83.0 653.9 409.2 87.1 622.9 384.7 83.4 632.3 389.8 84.5 640.1 393.8 85.3 653.9 409.2 87.1 660.2 427.4 88.3 669.4 434.8 89.4 12 13 14 11 Financial assets 12 13 14 Checkable deposits and currency Time and savings deposits Money market fund shares 15 16 17 Debt securities Treasury securities Municipal securities 53.7 48.1 5.6 54.8 48.9 5.9 59.0 52.9 6.1 60.7 54.5 6.3 63.7 57.1 6.6 61.0 54.7 6.3 61.8 55.4 6.4 62.4 56.0 6.4 63.7 57.1 6.6 64.6 57.9 6.7 65.7 59.0 6.8 15 16 17 18 19 20 Loans Mortgages Consumer credit 42.1 42.1 0.0 36.3 36.3 0.0 33.9 33.9 0.0 34.8 34.8 0.0 36.5 36.5 0.0 35.0 35.0 0.0 35.4 35.4 0.0 35.8 35.8 0.0 36.5 36.5 0.0 37.0 37.0 0.0 37.7 37.7 0.0 18 19 20 21 22 23 24 25 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other 533.4 2134.4 131.7 6.7 1996.0 594.4 2243.6 127.0 7.0 2109.5 598.9 2466.0 142.5 7.2 2316.4 616.2 2509.6 117.2 7.7 2384.6 646.3 2641.0 129.6 8.5 2503.0 618.8 2522.4 119.6 8.0 2394.8 627.0 2558.2 123.4 8.1 2426.7 633.5 2587.0 126.9 8.3 2451.8 646.3 2641.0 129.6 8.5 2503.0 655.3 2672.5 124.4 8.6 2539.5 667.3 2715.7 120.4 8.7 2586.6 21 22 23 24 25 5672.2 5703.0 5894.1 5950.7 6212.4 5968.4 6041.2 6099.2 6212.4 6298.0 6398.7 26 3950.9 927.4 170.8 2852.7 3946.6 960.9 171.3 2814.3 4067.4 1021.4 180.6 2865.4 4185.1 1067.4 186.6 2931.0 4400.4 1138.5 196.1 3065.9 4199.4 1066.6 187.5 2945.3 4258.2 1097.2 188.2 2972.7 4306.4 1103.9 190.2 3012.3 4400.4 1138.5 196.1 3065.9 4453.0 1162.9 194.3 3095.8 4536.7 1195.6 195.8 3145.4 27 28 29 30 427.8 99.2 482.7 99.7 493.3 107.4 513.2 110.9 547.0 117.1 518.6 111.4 528.7 113.1 536.5 114.5 547.0 117.1 561.0 121.4 572.4 123.9 31 32 5.3 1189.0 6.1 1168.0 6.3 1219.7 7.1 1134.5 7.9 1140.0 7.3 1131.6 7.5 1133.6 7.7 1134.2 7.9 1140.0 8.8 1153.8 9.1 1156.5 33 34 6878.4 7444.0 8283.8 9387.7 10021.3 9508.5 9653.1 9823.7 10021.3 10232.2 10371.0 35 2839.6 1680.2 2831.2 1730.1 2897.1 1780.8 3029.3 1856.9 3140.5 1924.3 3081.8 1873.0 3076.1 1887.6 3116.6 1907.9 3140.5 1924.3 3139.6 1949.7 3135.5 1974.0 36 37 57.4 53.0 49.1 44.6 43.9 44.2 44.1 43.8 43.9 43.5 43.7 38 26 Balance Sheets 2012 2 9 10 Assets 2011 Liabilities 27 28 29 30 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 31 32 Trade payables Taxes payable 33 34 Foreign direct investment in U.S. Miscellaneous liabilities 35 Net worth (5) Memo: 36 37 38 Replacement-cost value of structures: Residential Nonresidential Debt/net worth (percent) (line 26/line 34) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Included in table B.101, line 29. 137 Z.1, September 18, 2015 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2010 1 2 Change in net worth (1) Net investment 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 4184.1 1265.0 6082.3 9448.9 4054.7 1110.7 1400.8 -21.4 1564.6 1591.5 694.8 1 997.1 1490.3 1328.0 1200.7 1067.2 359.0 144.4 140.3 423.5 538.4 16.4 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 134.9 1448.9 1314.0 164.8 1501.3 1336.5 259.9 1627.0 1367.0 304.5 1717.1 1412.5 335.3 1793.4 1458.1 72.4 432.6 360.2 83.8 446.1 362.3 88.8 455.0 366.2 90.3 459.7 369.5 100.7 462.3 361.6 108.2 471.9 363.7 3 4 5 6 7 8 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 862.1 756.5 -105.7 1325.5 1255.4 -70.1 1068.0 1333.6 265.5 896.2 1140.2 244.0 731.9 1149.8 417.8 286.6 288.4 1.8 60.6 239.7 179.1 51.5 188.7 137.2 333.2 432.9 99.7 437.7 436.0 -1.6 -91.9 52.1 143.9 6 7 8 2466.0 -120.6 4503.8 8024.7 2964.6 794.2 1306.6 -271.1 1134.8 1098.6 665.6 9 -398.9 1633.0 338.4 453.4 21.7 419.4 -1.0 -155.1 35.5 -214.1 382.6 -7.4 -161.9 -0.2 1516.4 1399.8 423.5 706.4 18.9 438.9 -0.1 2368.4 2720.9 963.8 1021.6 27.5 922.6 0.0 1197.6 626.3 285.1 593.5 4.4 257.7 0.0 364.1 200.0 74.7 99.5 1.7 54.3 0.0 202.4 618.1 187.5 139.2 3.7 155.7 0.0 258.8 -510.3 -90.7 161.2 -5.0 -85.0 0.0 372.3 318.6 113.6 193.6 3.9 132.7 0.0 450.1 238.2 113.3 209.8 2.7 84.5 0.0 461.5 69.8 15.3 146.2 -2.7 -24.5 0.0 10 11 12 13 14 15 16 9 10 11 12 13 14 15 16 17 18 19 20 21 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance reserves Pension entitlements Equity investment under PPIP Holding gains on assets at current cost (2) Consumer durable goods Equipment Intellectual property products Other volume changes (3) -91.1 22.4 -40.9 -90.3 -100.6 -25.1 -14.4 -24.2 -36.9 -23.5 3.7 17 -88.3 -2.4 -0.4 17.7 2.5 2.2 -41.5 -0.7 1.2 -92.6 -0.1 2.4 -102.1 1.0 0.6 -26.1 0.8 0.3 -14.9 0.5 -0.1 -23.7 -0.6 0.1 -37.4 0.3 0.2 -23.9 0.7 -0.3 5.1 -0.5 -0.8 18 19 20 812.1 -127.1 291.4 313.8 123.5 -17.4 -35.8 133.5 43.2 -22.0 9.1 21 62574.8 11237.9 63839.8 11801.4 69922.1 12403.7 79371.0 12395.6 83425.7 12913.9 80481.7 12697.5 81882.5 12858.7 81861.1 12982.7 83425.7 13116.8 85017.2 13179.8 85712.0 13294.1 22 23 22 23 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.101, line 42. Balance Sheets Memo: 138 Z.1, September 18, 2015 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2010 1 2 Change in net worth (1) Net investment 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 10 Net corporate equity issues 2011 2012 2013 2014 2014 Q1 Q2 2015 Q3 Q4 Q1 Q2 1451.2 894.4 623.5 2154.8 1413.6 108.9 548.8 307.7 448.1 322.1 309.8 1 78.5 -589.8 -493.1 16.3 -247.9 -119.7 16.2 -130.7 -13.7 -228.2 -75.1 2 184.0 1235.4 1092.4 -41.0 262.4 1331.9 1137.8 -68.3 330.8 1501.2 1184.6 -14.2 304.9 1539.4 1231.3 3.2 385.9 1667.3 1284.3 -2.9 100.2 402.8 316.9 -14.2 98.3 411.8 319.4 -6.0 99.6 426.1 322.7 3.9 87.8 426.6 325.3 13.4 82.6 434.7 327.2 24.8 137.3 471.7 329.2 5.3 3 4 5 6 145.2 632.7 487.6 -397.5 496.8 894.3 -479.0 506.3 985.3 64.3 1069.0 1004.7 -246.3 672.7 919.0 -94.4 58.9 153.4 -13.9 272.8 286.7 -121.8 133.8 255.6 -16.3 207.2 223.4 -162.8 115.4 278.2 -64.6 196.1 260.7 7 8 9 -250.7 -454.6 -344.9 -352.9 -387.5 -125.5 -68.3 -108.6 -85.2 -148.0 -147.8 10 11 Holding gains on assets at market value (2) 738.2 632.1 514.5 1358.6 969.6 16.8 370.4 270.1 312.3 315.2 207.4 11 12 13 Real estate Mutual fund shares 724.6 13.6 640.2 -8.1 499.1 15.4 1328.2 30.4 961.1 8.5 14.5 2.2 364.8 5.6 272.8 -2.7 308.9 3.4 311.9 3.3 206.9 0.4 12 13 1.9 181.2 101.7 49.6 -92.5 -56.2 22.8 -42.4 -16.7 92.3 -67.8 14 41.1 22.5 69.1 76.6 27.9 33.7 13.5 19.9 10.5 12.9 39.0 0.9 32.5 12.7 -21.3 5.7 1.8 18.5 12.3 2.4 -1.9 6.2 7.8 -10.8 8.3 0.6 -27.0 10.6 -0.5 9.5 -1.5 -3.9 8.8 15 16 17 -145.6 -14.8 -47.6 -90.7 56.0 -1.9 7.6 10.8 -66.1 50.3 -3.7 78.5 10.2 0.3 -52.9 -7.3 -19.8 -21.1 -16.8 -89.6 17.1 88.2 18 19 632.7 670.8 500.3 730.3 784.5 268.1 139.4 210.8 166.2 142.7 245.3 20 15731.2 16625.6 17249.0 19403.8 20817.4 19512.7 20061.6 20369.3 20817.4 21139.6 21449.3 21 14 15 16 17 Holding gains on assets less liabilities at current cost (2) Equipment Intellectual property products Inventories (3) 18 19 Direct investment abroad - Foreign direct investment in U.S. 20 Other volume changes (4) Memo: Balance Sheets 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 36. 139 Z.1, September 18, 2015 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2010 1 Change in net worth (1) 2 Net capital transfers paid 3 Net investment 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 634.6 565.7 839.7 1104.0 633.6 120.8 144.6 170.6 197.6 210.9 138.8 1 -7.8 -1.6 -4.9 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 174.1 176.0 138.7 82.1 37.1 20.5 5.1 7.7 3.7 0.3 -8.3 3 4 5 6 Net physical investment Capital expenditures - Consumption of fixed capital -21.7 245.1 266.9 16.7 281.7 265.0 35.6 308.6 273.0 62.8 347.4 284.5 70.1 367.6 297.5 17.4 90.8 73.5 17.7 91.7 74.0 17.3 92.0 74.7 17.7 93.1 75.3 19.2 95.0 75.8 18.1 94.4 76.2 4 5 6 7 8 9 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 29.5 152.0 122.4 -15.1 196.9 211.9 -30.7 301.1 331.8 -62.8 80.2 143.0 -70.1 231.2 301.4 -17.4 21.5 38.9 -17.7 60.9 78.6 -17.3 49.0 66.3 -17.7 99.8 117.5 -19.2 67.6 86.8 -18.1 74.7 92.9 7 8 9 10 Proprietor’s net investment (2) 166.4 174.4 133.7 82.1 37.1 20.5 5.1 7.7 3.7 0.3 -8.3 10 11 Holding gains on real estate (3) 386.1 336.6 692.0 1027.6 585.4 79.3 135.9 170.7 199.6 263.8 193.3 11 154.7 231.4 203.8 132.8 389.9 302.2 566.4 461.2 260.7 324.7 58.1 21.3 22.5 113.4 80.8 89.9 99.4 100.2 190.6 73.2 152.5 40.8 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) 59.3 45.7 10.8 -10.2 8.5 20.2 2.9 -8.4 -6.3 -54.1 -46.8 14 15 16 17 18 19 Residential equipment Nonresidential equipment Intellectual property products Inventories - Foreign direct investment in U.S. -2.3 23.9 7.2 30.7 0.2 1.0 15.6 2.3 27.6 0.8 -0.3 6.8 2.2 2.0 -0.2 -2.1 7.2 3.6 -18.8 0.2 -2.5 7.5 1.2 2.3 -0.0 -0.4 5.5 3.3 11.7 0.0 -0.9 5.1 2.2 -3.5 0.0 -0.3 -3.8 -0.1 -4.1 0.0 -0.8 0.6 -4.2 -1.9 -0.0 -0.4 -14.8 -22.2 -16.6 0.0 -0.1 -14.9 -25.7 -6.1 0.0 15 16 17 18 19 20 Other volume changes (4) 22.9 9.0 3.2 4.5 2.5 0.7 0.7 0.6 0.6 0.9 0.5 20 6878.4 7444.0 8283.8 9387.7 10021.3 9508.5 9653.1 9823.7 10021.3 10232.2 10371.0 21 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20). (2) Shown on table F.104, line 32. (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.104, line 35. Balance Sheets Memo: 21 140 Z.1, September 18, 2015 B.101.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2010 1 Assets 2011 2012 2013 2014 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 76356.9 77410.7 83556.3 93161.4 97589.0 94260.0 95827.9 95932.3 97589.0 99161.9 99990.0 1 2 Nonfinancial assets 23365.5 23395.2 25107.6 27688.0 29118.3 28098.7 28370.1 28693.1 29118.3 29644.4 30216.5 2 3 Financial assets 52991.4 54015.5 58448.7 65473.4 68470.7 66161.3 67457.8 67239.2 68470.7 69517.5 69773.5 3 4 Deposits 8072.8 8711.3 9234.2 9588.8 10127.4 9751.1 9763.6 9886.9 10127.4 10230.6 10193.5 4 5 Debt securities 4734.7 4220.8 4060.9 3671.6 3181.5 3478.1 3304.5 3268.6 3181.5 3168.3 3093.1 5 6 Loans 929.9 924.9 926.6 977.7 1031.8 1033.7 1029.2 1054.7 1031.8 1032.2 1002.5 6 7 Equity shares at market value 15517.3 14982.5 17128.5 22217.9 23612.5 22514.2 23607.6 22908.3 23612.5 24109.8 24171.0 7 8 Directly held 8760.8 8564.4 9761.6 12643.3 13323.9 12723.5 13432.3 12884.5 13323.9 13538.4 13529.6 8 9 Indirectly held 6756.5 6418.1 7366.9 9574.6 10288.6 9790.7 10175.3 10023.8 10288.6 10571.4 10641.4 9 1408.6 2166.7 128.5 252.5 2800.2 1382.4 2084.5 124.0 224.1 2603.2 1537.3 2362.2 138.3 243.1 3086.0 1804.6 3060.8 195.0 294.0 4220.2 1858.6 3323.8 223.8 307.3 4575.0 1824.2 3113.9 200.8 297.4 4354.4 1869.0 3230.7 210.5 304.6 4560.5 1827.2 3203.1 213.8 301.1 4478.7 1858.6 3323.8 223.8 307.3 4575.0 1889.9 3395.8 231.6 312.9 4741.1 1877.7 3408.7 231.3 315.2 4808.4 10 11 12 13 14 10 11 12 13 14 Life insurance companies Private pension funds (1) Federal govt. retirement funds (1) State and local govt. retirement funds (1) Mutual funds 15 Other 23736.8 25175.9 27098.6 29017.4 30517.5 29384.2 29753.0 30120.7 30517.5 30976.6 31313.4 15 16 Liabilities 13782.1 13570.9 13634.2 13790.5 14163.3 13778.3 13945.4 14071.2 14163.3 14144.7 14278.0 16 17 Net worth 62574.8 63839.8 69922.1 79371.0 83425.7 80481.7 81882.5 81861.1 83425.7 85017.2 85712.0 17 20.3 29.3 19.4 27.7 20.5 29.3 23.8 33.9 24.2 34.5 23.9 34.0 24.6 35.0 23.9 34.1 24.2 34.5 24.3 34.7 24.2 34.6 18 19 Memo: 18 19 Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) Supplements (1) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 14. 141 Z.1, September 18, 2015 F.101.a Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 1 Net lending (+) or net borrowing (-) 56.4 45.0 24.3 10.8 24.5 11.9 54.6 50.0 87.1 12.9 6.0 -4.9 43.9 1 2 Net acquisition of financial assets 73.7 78.6 56.4 48.4 54.2 46.0 78.5 86.5 123.4 51.1 59.5 29.9 112.4 2 3 4 Checkable deposits and currency Time and savings deposits 0.5 -0.2 -1.0 5.4 1.3 -6.2 4.0 10.4 1.2 -2.4 1.7 -1.5 -2.5 0.2 2.3 0.2 8.3 1.1 2.9 0.3 3.1 1.1 2.3 0.6 5.1 0.8 3 4 5 6 Money market fund shares Security repurchase agreements (2) -13.1 0.4 4.9 3.1 -1.2 -2.2 32.9 -1.3 4.0 6.0 -13.8 0.5 1.1 0.2 1.2 0.2 9.4 1.4 -1.8 0.0 7.1 1.3 3.8 0.7 4.5 0.8 5 6 7 8 9 10 11 12 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 55.7 38.2 6.4 4.5 0.0 6.6 21.0 -5.7 13.8 2.6 0.5 9.7 22.9 5.8 4.8 4.6 -0.5 8.2 -17.5 -35.2 6.1 3.6 0.0 7.9 10.0 -5.8 6.8 3.1 0.2 5.6 24.6 12.4 5.1 2.3 0.3 4.5 16.7 4.7 6.4 2.9 0.4 2.4 37.9 2.0 16.4 7.6 0.1 11.9 36.1 4.1 13.9 6.4 0.0 11.7 22.5 1.3 8.9 4.1 -0.1 8.3 35.5 3.0 11.6 5.4 0.1 15.4 45.9 4.7 17.5 8.1 0.1 15.4 30.9 12.4 5.4 2.5 0.0 10.5 7 8 9 10 11 12 13 14 15 Loans Mortgages Other loans and advances 2.0 -0.8 2.8 3.8 0.9 2.8 1.9 -0.7 2.6 1.9 -0.1 2.0 2.0 0.9 1.1 1.7 0.9 0.8 1.9 -0.1 2.0 2.4 0.9 1.5 4.1 0.6 3.4 4.4 0.6 3.7 5.4 0.9 4.6 1.9 0.8 1.1 6.0 1.7 4.3 13 14 15 16 17 Corporate equities Mutual fund shares 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 16 17 18 Trade receivables (2) 2.8 2.8 2.6 2.0 1.1 1.8 2.1 1.6 3.5 2.6 4.6 1.1 4.3 18 19 Equity in noncorporate business -0.1 -3.9 -6.0 15.2 10.6 7.0 0.2 10.2 8.4 9.7 12.5 12.0 16.3 19 20 Miscellaneous assets (2) 18.6 21.0 24.5 20.5 1.2 15.0 10.1 38.0 24.4 38.3 24.7 31.2 25.0 20 21 Net increase in liabilities 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 21 1.5 3.2 3.0 3.8 2.4 1.1 3.2 0.2 6.1 7.1 11.8 10.4 5.8 22 6.0 1.6 -0.0 4.4 8.5 1.4 -0.0 7.2 8.9 1.4 0.3 7.2 10.5 1.6 0.4 8.6 7.6 1.2 -0.2 6.6 12.8 2.0 0.1 10.7 -0.8 -0.2 0.1 -0.8 -0.8 -0.1 -0.1 -0.6 4.9 0.8 0.0 4.1 3.5 0.6 -0.2 3.1 11.6 1.9 -0.1 9.9 3.1 0.5 0.1 2.5 13.5 2.2 -0.3 11.6 23 24 25 26 22 Debt securities (municipal securities) 23 24 25 26 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 27 Trade payables 2.4 16.2 9.3 9.4 5.9 6.0 5.2 7.9 8.0 8.9 8.7 4.1 3.8 27 28 Miscellaneous liabilities (2) 7.4 5.8 10.9 13.8 13.8 14.3 16.5 29.1 17.3 18.7 21.4 17.0 45.4 28 Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.101. 142 Z.1, September 18, 2015 L.101.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 616.3 739.0 773.3 861.2 924.4 992.2 1062.6 1252.6 1456.1 1653.1 1844.2 2026.2 2059.5 1 2 3 Checkable deposits and currency Time and savings deposits 17.0 1.5 15.9 6.8 17.3 0.6 21.3 11.1 22.5 8.7 24.1 7.1 21.6 7.3 23.9 7.5 32.1 8.6 35.0 8.9 38.1 10.0 40.4 10.6 45.5 11.4 2 3 4 5 Money market fund shares Security repurchase agreements (2) 15.9 1.7 20.8 4.8 19.6 2.5 52.5 1.3 56.5 7.3 42.7 7.8 43.8 8.0 45.1 8.2 54.5 9.6 52.7 9.6 59.8 10.9 63.6 11.6 68.1 12.5 4 5 226.7 93.6 55.7 26.3 0.1 51.1 247.7 87.9 69.5 28.9 0.6 60.8 270.6 93.7 74.3 33.5 0.1 69.0 253.1 58.5 80.3 37.1 0.2 77.0 263.1 52.7 87.1 40.3 0.4 82.6 287.7 65.0 92.2 42.6 0.8 87.1 304.5 69.7 98.5 45.5 1.1 89.5 342.4 71.7 114.9 53.1 1.2 101.4 378.5 75.8 128.8 59.5 1.3 113.1 401.0 77.1 137.6 63.6 1.2 121.4 436.5 80.2 149.2 69.0 1.3 136.8 482.4 84.9 166.8 77.1 1.5 152.2 513.2 97.3 172.2 79.6 1.5 162.6 6 7 8 9 10 11 28.3 2.6 25.7 32.0 3.5 28.5 34.0 2.8 31.1 35.9 2.8 33.1 37.9 3.7 34.3 39.6 4.6 35.0 41.5 4.5 37.1 43.9 5.3 38.6 48.0 6.0 42.0 52.4 6.6 45.8 57.8 7.4 50.3 59.7 8.3 51.5 65.7 10.0 55.8 12 13 14 145.8 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 15 16 6 7 8 9 10 11 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 12 13 14 Loans Mortgages Other loans and advances 15 16 Corporate equities Mutual fund shares 17 Trade receivables (2) 25.7 28.5 31.1 33.1 34.3 36.1 38.1 39.7 43.2 45.8 50.3 51.5 55.8 17 18 Equity in noncorporate business 26.1 22.2 16.2 31.4 42.0 49.0 49.2 59.4 67.8 77.5 90.0 102.0 118.3 18 19 Miscellaneous assets (2) 92.0 112.9 137.4 158.0 159.2 174.2 184.3 222.2 246.7 285.0 309.7 340.9 365.9 19 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 20 20 Liabilities 21 Debt securities (municipal securities) 79.6 82.7 85.7 89.5 91.9 93.0 96.1 96.4 102.4 109.6 121.3 131.7 137.5 21 22 23 24 25 Loans Depository institution loans n.e.c. Other loans and advances Commercial mortgages 74.8 11.8 0.3 62.7 83.4 13.1 0.3 70.0 92.2 14.5 0.5 77.2 102.8 16.1 0.9 85.8 110.4 17.3 0.7 92.3 123.1 19.3 0.8 103.0 122.3 19.2 0.9 102.2 121.5 19.1 0.8 101.6 126.4 19.8 0.9 105.7 129.9 20.4 0.7 108.8 141.5 22.3 0.6 118.7 144.7 22.7 0.7 121.2 158.2 24.9 0.4 132.8 22 23 24 25 26 Trade payables 41.3 57.4 66.8 76.2 82.1 88.1 93.2 101.1 109.1 118.0 126.8 130.9 134.7 26 27 Miscellaneous liabilities (2) 58.2 63.9 74.8 88.6 102.5 116.8 133.3 162.4 179.7 198.4 219.7 236.8 282.1 27 Supplements (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.101. 143 Z.1, September 18, 2015 S.1.a Total Economy - Current Account 1 Gross value added (income approach) 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 13129.2 14073.2 14460.1 14619.2 14343.4 14915.2 15556.3 16358.5 16840.8 17560.1 1 1982.0 2136.0 2264.4 2363.4 2368.4 2381.6 2450.6 2534.2 2632.8 2746.7 2 11147.2 7097.9 5703.1 1394.8 873.6 3175.7 11937.2 7513.7 6068.8 1444.9 940.5 3483.0 12195.8 7908.8 6405.7 1503.1 980.0 3307.0 12255.8 8090.0 6543.6 1546.4 989.4 3176.5 11975.0 7795.7 6260.1 1535.6 967.8 3211.6 12533.6 7969.5 6385.6 1583.9 1001.2 3562.8 13105.6 8277.1 6641.2 1635.9 1042.6 3785.9 13824.3 8618.5 6938.9 1679.6 1074.0 4131.7 14208.0 8848.7 7123.5 1725.3 1118.6 4240.6 14813.4 9258.4 7487.2 1771.2 1155.8 4399.2 3 4 5 6 7 8 575.8 483.2 724.2 656.6 875.7 750.1 856.9 684.9 648.9 497.8 720.0 514.1 792.6 546.0 801.5 563.9 826.2 575.8 854.3 591.2 9 10 9 10 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 11239.8 3175.7 7086.8 5692.0 1394.8 934.5 -60.9 5624.9 3420.9 2164.3 1109.8 1054.5 20.4 19.4 5521.3 3556.3 1903.4 848.9 1054.5 42.1 19.4 12004.8 3483.0 7502.3 6057.4 1444.9 991.9 -51.5 6618.0 4150.9 2199.1 1067.3 1131.8 247.8 20.3 6539.1 4328.1 2121.2 989.4 1131.8 69.5 20.3 12321.4 3307.0 7898.3 6395.2 1503.1 1034.6 -54.6 7291.8 4706.7 2300.9 1234.4 1066.6 261.4 22.6 7155.7 4924.0 2160.5 1093.9 1066.6 48.5 22.6 12427.8 3176.5 8078.3 6531.9 1546.4 1041.9 -52.6 6916.9 4234.7 2390.7 1255.5 1135.2 265.6 25.9 6733.1 4457.7 2210.1 1075.0 1135.2 39.4 25.9 12126.1 3211.6 7787.0 6251.4 1535.6 1026.1 -58.3 5815.3 3464.1 2072.0 989.3 1082.6 260.9 18.3 5655.5 3661.6 1953.8 871.2 1082.6 21.9 18.3 12739.5 3562.8 7961.4 6377.5 1583.9 1057.1 -55.9 5752.9 3230.4 2166.7 1007.3 1159.4 336.6 19.2 5538.8 3411.5 2045.3 885.9 1159.4 62.8 19.2 13352.3 3785.9 8269.0 6633.2 1635.9 1102.6 -60.1 6011.3 3233.2 2410.7 1118.0 1292.8 345.7 21.7 5756.6 3400.4 2255.8 963.1 1292.8 78.7 21.7 14061.9 4131.7 8609.9 6930.3 1679.6 1132.1 -58.0 6248.7 3179.8 2727.7 1326.0 1401.7 318.7 22.5 6002.5 3343.9 2548.4 1146.7 1401.7 87.6 22.5 14458.3 4240.6 8839.7 7114.4 1725.3 1178.0 -59.4 6324.1 3054.8 2894.3 1449.3 1445.0 353.3 21.7 6064.7 3210.1 2748.0 1303.0 1445.0 84.9 21.7 15076.5 4399.2 9248.9 7477.8 1771.2 1213.7 -57.9 6436.2 3072.0 2958.7 1444.4 1514.3 381.7 23.8 6163.6 3217.7 2823.0 1308.8 1514.3 99.1 23.8 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 11239.8 1621.3 1625.6 2369.0 2375.6 494.8 592.9 12004.8 1825.9 1830.4 2520.3 2528.1 498.3 584.7 12321.4 1929.2 1938.7 2663.6 2672.2 533.6 640.6 12427.8 1807.7 1816.9 2913.0 2923.7 564.1 684.9 12126.1 1413.1 1421.7 3078.2 3089.3 672.0 789.8 12739.5 1601.3 1609.8 3270.8 3282.4 723.0 842.2 13352.3 1819.5 1832.3 3232.4 3245.1 699.4 822.1 14061.9 1945.2 1959.0 3279.8 3293.1 656.8 769.7 14458.3 2126.8 2141.7 3497.4 3511.1 683.5 792.6 15076.5 2278.2 2294.1 3651.2 3665.6 744.1 848.0 32 33 34 35 36 37 38 39 Equals: Disposable income, net 11130.7 11905.9 12196.2 12287.2 11988.6 12600.3 13204.1 13921.8 14320.6 14942.3 39 40 Less: Final consumption expenditures 10774.2 11393.8 11960.2 12382.2 12289.0 12724.4 13220.2 13594.8 13914.3 14422.2 40 41 Equals: Net saving 356.6 512.1 236.0 -95.0 -300.4 -124.1 -16.1 327.0 406.3 520.1 41 42 43 44 45 46 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 13129.2 -35.5 13093.7 13111.5 -0.3 14073.2 -217.3 13855.9 13964.5 -1.6 14460.1 17.5 14477.6 14468.9 0.1 14619.2 99.4 14718.6 14668.9 0.7 14343.4 75.3 14418.7 14381.1 0.5 14915.2 49.2 14964.4 14939.8 0.3 15556.3 -38.3 15517.9 15537.1 -0.2 16358.5 -203.3 16155.3 16256.9 -1.3 16840.8 -177.6 16663.2 16752.0 -1.1 17560.1 -212.0 17348.1 17454.1 -1.2 42 43 44 45 46 Integrated Accounts Billions of dollars 144 Z.1, September 18, 2015 S.2.a Selected Aggregates for Total Economy and Sectors Billions of dollars 2006 2007 2008 2009 2010 2011 2012 2013 2014 1 2 3 4 5 6 7 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 13129.2 1599.5 2218.8 6532.1 1034.3 552.7 1191.7 14073.2 1689.4 2440.1 6988.0 1127.6 577.6 1250.3 14460.1 1749.6 2513.9 7203.9 1068.8 605.4 1318.5 14619.2 1855.3 2632.4 7256.8 851.9 637.6 1385.2 14343.4 1913.6 2466.4 6859.8 1015.4 668.8 1419.4 14915.2 1928.8 2546.2 7238.7 1042.8 704.5 1454.2 15556.3 1974.4 2751.6 7592.3 1045.8 720.9 1471.4 16358.5 2029.4 2909.8 8011.9 1187.3 723.7 1496.5 16840.8 2086.4 3015.6 8316.8 1173.3 715.1 1533.6 17560.1 2172.3 3146.9 8641.0 1301.6 723.9 1574.5 1 2 3 4 5 6 7 8 9 10 11 12 13 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 356.6 243.1 411.7 73.1 -304.7 -66.6 512.1 331.4 386.5 60.7 -227.0 -39.4 236.0 309.8 313.1 -48.5 -265.6 -72.7 -95.0 536.7 296.7 -129.4 -634.0 -165.1 -300.4 667.4 381.0 171.9 -1248.8 -271.9 -124.1 630.0 603.5 208.4 -1328.7 -237.3 -16.1 710.1 584.2 149.7 -1244.1 -215.9 327.0 946.7 556.3 134.8 -1090.1 -220.8 406.3 589.9 650.7 -6.3 -640.9 -187.1 520.1 620.2 618.5 80.5 -631.5 -167.7 8 9 10 11 12 13 14 15 16 17 18 19 20 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world -21.9 -13.1 -15.5 27.7 60.3 -50.4 12.8 16.6 0.0 -0.0 0.0 43.2 -57.8 -2.0 6.8 0.0 -0.0 0.0 53.0 -59.3 -0.4 7.7 -3.3 -3.7 -60.5 117.6 -63.2 5.4 -28.4 -6.0 38.3 -121.9 186.3 -67.7 -0.6 -20.6 -7.8 20.9 -41.5 126.3 -76.7 -0.7 2.0 -1.6 -6.4 -32.4 113.9 -73.8 -1.6 -5.1 -4.9 -17.0 9.6 85.0 -74.2 6.5 19.8 -0.0 -5.7 0.0 58.1 -71.4 -0.8 9.3 0.0 -6.7 10.0 58.8 -71.0 -0.4 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Gross fixed capital formation Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 2981.2 865.0 289.2 1133.4 180.0 222.9 290.8 3166.0 860.1 305.0 1259.9 188.7 238.0 314.3 3201.5 736.1 313.5 1348.2 211.5 251.4 340.8 3091.4 580.4 307.5 1372.7 196.2 275.8 358.8 2672.7 468.1 248.8 1141.9 166.9 284.0 363.0 2691.1 452.4 243.1 1181.0 162.8 300.0 351.9 2836.0 451.9 274.8 1303.9 167.5 297.4 340.5 3064.3 505.3 312.6 1439.9 192.1 284.7 329.7 3185.5 558.4 330.8 1498.0 206.1 269.4 322.9 3378.7 596.2 353.7 1610.4 222.6 264.6 331.3 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Consumption of fixed capital Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business (nonresidential) Federal government State and local government 1982.0 362.1 214.4 909.9 148.9 189.4 157.3 2136.0 396.2 232.6 979.4 156.8 200.7 170.3 2264.4 413.7 245.6 1040.3 165.4 212.8 186.6 2363.4 414.6 254.5 1093.9 173.9 226.3 200.2 2368.4 403.3 253.0 1092.0 177.4 234.5 208.2 2381.6 400.5 251.8 1094.6 176.7 245.3 212.7 2450.6 398.2 265.0 1139.2 168.6 257.4 222.2 2534.2 404.6 273.0 1186.2 174.2 264.3 231.9 2632.8 427.2 284.5 1232.2 182.7 267.7 238.5 2746.7 454.8 297.5 1285.7 192.0 270.7 246.1 28 29 30 31 32 33 34 35 36 37 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 59.6 7.1 52.5 67.0 5.3 61.7 34.5 3.3 31.2 -32.0 -2.3 -29.7 -147.6 -16.8 -130.8 61.5 3.6 57.9 41.8 6.8 34.9 61.8 -4.0 65.8 71.8 16.6 55.2 77.1 13.9 63.2 35 36 37 38 39 40 41 42 43 44 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -689.3 -228.8 -68.8 150.2 14.3 -396.6 -159.7 -586.9 -139.0 -77.7 30.7 28.8 -293.2 -136.6 -735.5 -8.2 -71.1 -26.4 -94.6 -353.9 -181.2 -785.6 374.2 -47.5 33.8 -91.2 -780.6 -274.3 -457.8 640.6 27.0 417.2 304.4 -1475.7 -371.4 -495.8 607.2 12.9 439.3 263.8 -1508.7 -310.3 -444.8 662.3 -15.1 391.4 183.3 -1397.1 -269.6 -258.4 858.9 -30.7 253.0 107.4 -1193.4 -253.6 -219.0 447.1 -62.8 334.5 -29.7 -698.3 -209.7 -189.5 477.8 -70.2 236.2 39.9 -681.4 -191.8 38 39 40 41 42 43 44 -35.5 724.8 -217.3 804.2 17.5 718.0 99.4 686.2 75.3 382.5 49.2 446.6 -38.3 483.2 -203.3 461.7 -177.6 396.6 -212.0 401.6 45 46 -442.7 -280.8 -54.0 -20.9 330.7 -422.8 5.2 -639.8 -341.8 -63.9 -139.0 243.1 -310.4 -27.9 -337.2 260.2 -57.0 -208.2 125.4 -370.8 -86.6 -1094.5 1130.8 -37.1 -947.7 -100.0 -789.1 -351.3 -557.8 581.6 44.8 548.5 1.2 -1298.2 -435.6 -653.9 862.1 29.5 145.2 1.3 -1414.9 -277.2 -700.2 1325.5 -15.1 -397.5 70.7 -1352.4 -331.4 -749.8 1068.0 -30.7 -479.0 69.3 -1123.2 -254.4 181.2 896.2 -62.8 64.3 173.6 -659.5 -230.6 -359.0 731.9 -70.1 -246.3 31.6 -630.8 -175.3 47 48 49 50 51 52 53 54 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.5 54 55 56 57 58 59 60 61 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 280.4 -76.1 288.5 36.5 -47.0 185.0 -29.8 517.7 1.3 576.9 -411.2 30.2 277.4 -143.4 638.3 -48.7 678.9 -77.5 9.3 207.6 -538.0 870.8 -315.4 -744.2 1211.9 86.7 -946.7 69.8 568.7 -96.6 172.3 -1034.0 121.5 334.8 -339.9 1158.6 181.4 379.3 -805.7 -29.0 44.8 -179.9 655.1 181.8 -54.9 -75.7 48.5 -66.7 -70.6 667.6 132.0 -221.2 -392.5 50.5 276.2 -4.6 944.4 86.6 443.0 -949.7 25.2 603.8 -17.4 579.8 39.6 298.9 -383.4 86.8 274.5 -78.1 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 5378.0 1177.6 87.2 107.5 115.3 478.9 -708.1 3660.4 423.3 -1389.8 -7.6 116.8 621.8 -565.2 -486.1 135.1 -240.2 1337.0 93.3 466.0 -761.7 -11647.4 -1129.4 4192.4 564.5 1.2 350.4 1154.7 536.1 -1143.0 -5021.3 392.3 -157.9 -71.7 -900.5 2374.9 445.6 -1354.9 92.7 18.5 197.4 -192.9 -98.2 383.0 345.9 233.6 36.4 394.6 876.2 4462.9 702.6 -1320.9 -67.6 45.3 244.3 -351.0 7934.4 1017.5 -3700.0 -20.8 67.6 287.9 286.9 2864.0 593.9 -1022.3 -143.3 56.6 190.1 1012.0 62 63 64 65 66 67 68 45 46 47 48 49 50 51 52 53 Integrated Accounts 2005 145 Z.1, September 18, 2015 S.2.a Selected Aggregates for Total Economy and Sectors 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 69 70 71 72 73 74 75 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 5923.5 1114.4 802.9 189.5 -296.8 647.7 -13.0 4492.9 423.4 -426.3 -358.2 -123.3 917.6 95.6 455.1 86.2 751.8 1210.9 -216.0 660.3 -581.7 -10247.5 -1441.8 3748.6 1707.6 -663.6 -698.1 1910.8 1800.6 -1234.6 -4506.3 -347.9 -1471.5 58.9 -857.9 4184.1 634.6 -393.1 -463.1 -1465.5 81.6 73.9 1265.0 565.7 881.5 340.1 -1273.2 185.8 1288.7 6082.3 839.7 -968.8 -334.8 -1079.3 373.9 106.1 9448.9 1104.0 -2600.5 -976.8 -606.3 776.0 666.1 4054.7 633.6 -98.2 -456.2 -546.8 367.9 1335.5 69 70 71 72 73 74 75 76 77 78 79 80 81 82 Net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 61889.6 8410.5 2200.0 -1148.8 -4300.1 5149.6 1650.7 66382.5 8833.9 1773.6 -1506.9 -4423.4 6067.3 1746.3 66837.6 8920.1 2525.5 -296.0 -4639.4 6727.5 1164.7 56590.1 7478.4 6274.0 1411.6 -5303.0 6029.4 3075.4 58390.8 6243.7 1767.7 1063.7 -6774.5 6088.3 2217.5 62574.8 6878.4 1374.7 600.5 -8240.0 6169.9 2291.3 63839.8 7444.0 2256.2 940.6 -9513.2 6355.7 3580.1 69922.1 8283.8 1287.4 605.7 -10592.5 6729.6 3686.2 79371.0 9387.7 -1313.1 -371.1 -11198.8 7505.5 4352.3 83425.7 10021.3 -1411.3 -827.2 -11745.6 7873.5 5687.8 76 77 78 79 80 81 82 Integrated Accounts Billions of dollars 146 Z.1, September 18, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1599.5 1689.4 1749.6 1855.3 1913.6 1928.8 1974.4 2029.4 2086.4 2172.3 1 362.1 396.2 413.7 414.6 403.3 400.5 398.2 404.6 427.2 454.8 2 1293.2 590.9 490.9 100.0 130.8 571.5 1335.9 616.8 516.0 100.8 135.1 584.0 1440.7 658.2 549.9 108.3 143.2 639.3 1510.3 686.6 566.1 120.5 152.4 671.3 1528.3 696.4 577.3 119.1 152.8 679.1 1576.1 723.9 597.0 126.9 154.9 697.2 1624.8 759.2 624.7 134.4 156.0 709.6 1659.2 780.3 642.0 138.3 158.0 720.9 1717.6 810.0 667.7 142.2 160.2 747.4 3 4 5 6 7 8 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 1237.5 563.4 466.2 97.1 120.7 553.4 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 9733.1 10437.5 10936.7 553.4 571.5 584.0 7086.8 7502.3 7898.3 5692.0 6057.4 6395.2 1394.8 1444.9 1503.1 2722.2 3071.6 3234.6 1089.4 1216.1 1351.5 1632.8 1855.5 1883.1 578.3 723.7 816.5 1054.5 1131.8 1066.6 629.3 707.9 780.2 11247.7 10643.4 10889.5 11566.0 12269.0 12517.3 13076.8 639.3 671.3 679.1 697.2 709.6 720.9 747.4 8078.3 7787.0 7961.4 8269.0 8609.9 8839.7 9248.9 6531.9 6251.4 6377.5 6633.2 6930.3 7114.4 7477.8 1546.4 1535.6 1583.9 1635.9 1679.6 1725.3 1771.2 3303.6 2901.9 2900.2 3207.9 3526.7 3506.8 3633.2 1363.0 1265.5 1196.2 1232.9 1290.1 1272.7 1303.4 1940.6 1636.4 1704.0 1975.0 2236.6 2234.1 2329.8 805.4 553.7 544.6 682.2 834.9 789.0 815.5 1135.2 1082.6 1159.4 1292.8 1401.7 1445.0 1514.3 773.5 716.8 651.2 608.2 577.3 550.1 552.6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 9733.1 10437.5 10936.7 1213.2 1357.1 1493.2 1491.0 1593.1 1697.5 873.3 922.6 961.4 25.7 21.5 30.6 126.1 137.0 149.8 11247.7 10643.4 10889.5 11566.0 12269.0 12517.3 13076.8 1507.8 1152.3 1239.3 1453.2 1511.4 1672.8 1780.2 1920.0 2108.8 2281.7 2310.2 2323.6 2385.5 2487.2 988.2 964.4 984.1 917.8 951.6 1106.8 1159.0 36.6 38.7 43.0 50.2 42.7 41.2 42.0 157.8 159.8 158.7 156.1 175.0 182.1 180.7 20 21 22 23 24 25 26 Equals: Disposable income, net 9037.2 9635.4 10060.3 10550.4 10514.4 10832.2 11399.4 11997.3 11982.2 12486.1 26 27 Less: Final consumption expenditures 8794.1 9304.0 9750.5 10013.6 27 28 Equals: Net saving 243.1 331.4 309.8 536.7 667.4 630.0 710.1 946.7 589.9 620.2 28 9847.0 10202.2 10689.3 11050.6 11392.3 11865.9 Capital account 29 30 31 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 265.0 243.1 -21.9 314.8 331.4 16.6 303.0 309.8 6.8 529.0 536.7 7.7 695.8 667.4 -28.4 650.6 630.0 -20.6 708.1 710.1 2.0 951.8 946.7 -5.1 570.1 589.9 19.8 610.9 620.2 9.3 29 30 31 32 33 34 35 36 37 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 493.8 865.0 738.9 126.1 362.1 -9.1 453.8 860.1 722.7 137.4 396.2 -10.1 311.2 736.1 582.3 153.9 413.7 -11.2 154.9 580.4 425.3 155.1 414.6 -11.0 55.2 468.1 321.1 147.1 403.3 -9.7 43.4 452.4 318.3 134.1 400.5 -8.5 45.8 451.9 321.1 130.8 398.2 -7.8 92.9 505.3 367.9 137.4 404.6 -7.9 123.0 558.4 424.6 133.7 427.2 -8.2 133.1 596.2 456.6 139.7 454.8 -8.4 32 33 34 35 36 37 38 Net lending (+) or borrowing (-), capital account (lines 29-32) -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 38 -228.8 -139.0 -8.2 374.2 640.6 607.2 662.3 858.9 447.1 477.8 39 Integrated Accounts Financial account 39 Net lending (+) or borrowing (-) (line 38) 40 Net acquisition of financial assets 878.3 933.3 1222.4 1140.8 658.0 756.5 1255.4 1333.6 1140.2 1149.8 40 41 42 43 44 45 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 369.7 -113.9 481.5 2.1 0.0 452.7 -40.0 486.5 6.1 0.0 426.1 -75.3 483.6 17.8 0.0 420.0 176.8 261.0 -17.8 0.0 199.7 101.0 105.9 -7.2 0.0 206.3 38.9 162.8 4.5 0.0 659.8 300.3 369.3 -9.9 0.0 581.0 177.0 411.9 -7.9 0.0 328.5 120.7 205.5 2.3 0.0 509.2 107.6 408.0 -6.4 0.0 41 42 43 44 45 46 47 48 49 50 51 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 56.6 14.7 -119.9 151.3 77.8 -67.3 -88.3 19.0 -101.9 -21.9 34.7 -18.2 485.7 -10.2 -36.9 341.3 38.0 153.5 576.8 -101.3 144.4 240.3 47.3 246.1 83.0 16.7 534.9 -672.5 107.0 97.0 -75.4 -1.5 316.3 -10.0 43.6 -423.8 -202.1 -1.8 -229.7 40.4 -65.8 54.7 -218.3 -0.6 190.9 -57.8 -144.7 -206.0 -614.5 -3.8 -151.1 -53.7 -55.8 -350.1 -464.4 -0.1 -19.8 -200.1 -67.2 -177.2 46 47 48 49 50 51 52 53 54 Loans Short term Long term (mortgages) -0.9 -9.0 8.1 70.8 87.9 -17.1 220.4 233.3 -12.9 -159.2 -160.4 1.1 -47.6 -46.8 -0.9 1.6 12.5 -10.9 -5.0 -5.9 0.9 12.8 30.7 -17.9 51.2 57.1 -6.0 54.1 46.1 8.0 52 53 54 147 Z.1, September 18, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 55 56 57 58 59 60 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 61 62 63 64 65 66 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 67 Net incurrence of liabilities 68 Debt securities (municipals) 69 70 71 72 73 74 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 75 Insurance, pension and standardized guarantee schemes 76 Other accounts payable (trade debt) 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 78 79 80 81 82 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-77) (5) 2005 2006 -218.8 -408.1 197.3 44.9 -52.8 0.0 -199.0 -594.5 182.4 218.6 -5.5 0.0 671.7 25.6 15.1 598.6 9.5 23.0 2007 2008 2009 2010 2011 2012 2013 2014 -571.0 -1045.7 281.7 239.7 -46.7 0.0 -277.1 -305.6 100.2 234.3 -306.1 0.0 -128.2 -18.6 264.5 -267.7 -107.6 1.2 -37.6 -190.3 164.7 -183.2 167.2 4.0 128.9 -279.5 257.3 -21.1 171.5 0.7 409.4 -202.7 471.3 0.3 140.5 0.0 776.7 160.8 513.8 25.5 76.5 0.0 464.7 54.4 404.8 -33.6 39.1 0.0 55 56 57 58 59 60 697.1 4.6 57.8 601.9 14.8 18.1 661.2 6.7 18.6 596.6 15.5 23.8 580.3 11.0 59.9 465.4 17.6 26.5 551.1 8.7 24.6 492.8 8.4 16.6 661.6 -35.2 6.2 651.1 17.1 22.5 673.8 27.6 73.5 539.5 14.8 18.5 548.6 -17.7 -26.6 581.3 -1.8 13.3 598.4 36.8 19.2 529.9 0.4 12.2 586.1 -7.7 45.3 532.3 5.8 10.4 61 62 63 64 65 66 1159.2 1275.1 962.3 10.0 76.5 -105.7 -70.1 265.5 244.0 417.8 67 15.1 16.4 21.1 9.3 5.9 -2.2 -7.8 -14.5 -13.1 -4.8 68 1130.0 69.2 100.4 0.3 -31.5 1060.8 1244.6 229.1 120.4 44.2 64.4 1015.5 925.5 178.8 151.3 -9.1 36.6 746.7 -24.7 -114.9 34.9 4.6 -154.5 90.3 34.0 -36.6 -103.6 28.3 38.7 70.6 -76.7 102.4 -25.3 50.1 77.6 -179.1 -63.2 16.3 108.6 -54.9 -37.4 -79.5 275.4 346.4 169.4 110.8 66.1 -71.0 253.2 243.4 175.9 30.0 37.4 9.7 418.2 366.5 213.1 120.2 33.2 51.7 69 70 71 72 73 74 1.0 0.5 1.0 3.2 -4.9 2.7 -0.4 0.6 3.0 1.2 75 13.0 13.6 14.6 22.2 41.4 -29.4 1.2 4.0 1.0 3.1 76 -280.8 -341.8 260.2 1130.8 581.6 862.1 1325.5 1068.0 896.2 731.9 77 280.4 252.4 -50.4 130.5 52.0 517.7 239.6 0.0 480.9 202.8 638.3 231.1 0.0 138.8 -268.4 870.8 134.6 -8.3 -12.1 -756.6 568.7 50.3 0.0 577.5 59.1 1158.6 86.9 0.0 816.8 -255.0 655.1 119.0 0.0 -127.1 -663.2 667.6 167.1 -20.9 312.3 -209.2 944.4 181.5 0.0 313.8 -449.1 579.8 202.2 0.0 123.5 -254.2 78 79 80 81 82 Other changes in volume account Revaluation account 83 84 85 86 87 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 2830.4 2877.2 -44.1 -2.6 -0.1 226.0 274.3 -46.9 -0.6 -0.8 -1845.5 -1786.4 -55.6 -3.1 -0.3 -3644.0 -3609.5 -32.0 -1.3 -1.2 -1175.1 -1127.7 -40.8 -4.7 -2.0 -490.1 -398.9 -88.3 -2.4 -0.4 -132.8 -155.1 17.7 2.5 2.2 1475.5 1516.4 -41.5 -0.7 1.2 2278.1 2368.4 -92.6 -0.1 2.4 1097.0 1197.6 -102.1 1.0 0.6 83 84 85 86 87 88 89 90 91 92 93 Financial assets Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 2547.6 1045.0 38.7 1192.2 0.0 271.7 3434.4 2222.8 344.5 426.9 0.0 440.2 1359.3 846.4 230.9 134.3 0.0 147.7 -8003.4 -3862.4 -1451.2 -1139.9 0.0 -1549.8 1711.2 1526.7 612.4 -1134.4 -0.3 706.8 2864.9 1633.0 338.4 453.4 -1.0 441.1 34.6 35.5 -214.1 382.6 -0.2 -169.4 2987.4 1399.8 423.5 706.4 -0.1 457.8 5656.3 2720.9 963.8 1021.6 0.0 950.1 1767.0 626.3 285.1 593.5 0.0 262.1 88 89 90 91 92 93 5378.0 3660.4 -486.1 -11647.4 536.1 2374.9 -98.2 4462.9 7934.4 2864.0 94 5923.5 4492.9 455.1 -10247.5 1800.6 4184.1 1265.0 6082.3 9448.9 4054.7 95 74051.9 79843.3 81232.7 70868.9 72453.5 76356.9 77410.7 83556.3 93161.4 97589.0 96 28540.1 29460.8 28158.3 24146.7 24851.4 23348.9 4107.8 4300.5 4476.0 206.1 226.0 245.8 79.5 82.8 87.6 24796.1 23727.4 23365.5 23395.2 25107.6 27688.0 29118.3 97 19861.9 18771.0 18397.0 18269.6 19841.0 22319.6 23634.6 98 4578.6 4588.1 4586.7 4723.3 4848.9 4937.8 5037.8 99 264.0 271.9 280.1 293.0 301.8 309.1 320.0 100 91.6 96.4 101.8 109.4 115.9 121.5 125.9 101 45511.8 50382.6 53074.3 46072.8 48726.1 52991.4 54015.5 58448.7 65473.4 68470.7 102 94 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 95 Change in net worth (lines 32+38+78+94) 96 Total assets 97 98 99 100 101 102 103 104 105 106 107 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products Financial assets Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 5314.8 285.9 63.8 4965.0 0.0 5793.7 239.7 69.9 5484.1 0.0 6214.7 153.3 87.7 5973.6 0.0 6599.7 295.2 69.9 6234.6 0.0 6784.9 396.1 62.7 6326.0 0.0 6941.8 423.7 67.3 6450.8 0.0 7601.5 724.1 57.4 6820.1 0.0 8124.0 887.4 49.5 7187.1 0.0 8453.1 1008.1 51.7 7393.2 0.0 9025.3 1115.7 45.3 7864.2 0.0 103 104 105 106 107 Integrated Accounts Balance sheet account (end of period) 148 Z.1, September 18, 2015 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3321.6 98.4 427.6 590.5 1600.6 604.5 3275.5 117.5 329.6 617.9 1635.6 575.0 3808.1 107.3 207.7 880.1 1673.6 939.5 4255.6 6.0 187.1 1063.1 1720.9 1278.5 4635.2 22.7 858.8 362.3 1827.9 1563.5 4734.7 21.1 1127.3 340.3 1871.5 1374.5 4220.8 19.4 707.3 356.7 1805.8 1331.7 4060.9 18.8 908.7 288.2 1661.0 1184.2 3671.6 15.0 960.3 276.7 1605.2 814.4 3181.5 14.9 895.5 52.6 1538.0 680.4 772.9 632.1 140.8 912.5 788.9 123.6 1132.9 1022.1 110.7 973.6 861.8 111.8 928.3 817.4 110.9 929.9 829.8 100.1 924.9 824.0 100.9 926.6 843.6 83.0 977.7 900.7 77.0 108 109 110 111 112 113 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 114 115 116 Loans Short term Long term (mortgages) 117 118 119 120 121 122 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 20939.9 24215.9 24858.0 8049.5 10177.3 9978.0 3524.8 4087.0 4599.7 943.4 1107.9 1347.6 8422.2 8843.6 8932.7 0.0 0.0 0.0 18129.6 19017.4 21418.7 21762.6 24810.0 30297.4 32269.6 117 5810.0 7318.1 8760.8 8564.4 9761.6 12643.3 13323.9 118 3248.7 4125.6 4628.8 4628.1 5632.9 7110.5 7800.4 119 1581.9 1314.2 1131.0 1109.9 1110.2 1135.7 1102.1 120 7489.0 6258.5 6894.3 7455.9 8301.0 9403.6 10038.8 121 0.0 0.9 3.8 4.4 4.4 4.4 4.4 122 123 124 125 126 127 128 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 15162.6 16185.0 17060.6 316.0 320.5 327.3 1082.6 1055.2 1077.2 13471.4 14483.8 15271.2 217.3 232.1 247.6 75.4 93.5 137.3 16114.2 17360.4 18966.4 19505.7 20527.2 22073.6 22962.5 123 337.3 346.0 310.8 338.4 320.7 357.4 349.8 124 1050.2 1109.5 1137.5 1199.3 1186.4 1233.0 1282.8 125 14297.8 15450.8 17024.5 17441.1 18481.7 19932.0 20762.7 126 265.2 273.6 290.7 305.5 303.7 304.2 310.0 127 163.8 180.4 202.9 221.4 234.8 246.9 257.3 128 74051.9 79843.3 81232.7 70868.9 72453.5 76356.9 77410.7 83556.3 93161.4 97589.0 129 12162.2 13460.8 14395.0 14278.7 14062.8 13782.1 13570.9 13634.2 13790.5 14163.3 130 129 130 Total liabilities and net worth Liabilities 131 Debt securities (municipals) 132 133 134 135 136 137 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 138 Insurance, pension and standardized guarantee schemes 139 Other accounts payable (trade debt) 140 Net worth 212.7 229.1 250.2 11740.9 13009.0 13906.4 2655.5 2908.1 3089.4 2320.6 2461.3 2615.1 -16.5 30.9 21.8 351.5 415.9 452.5 9085.4 10100.9 10817.0 259.5 265.4 263.2 255.5 241.0 1031.8 114 946.8 115 85.0 116 227.8 223.1 131 13755.5 13497.1 13245.4 13041.1 13114.4 13279.7 13653.0 132 2974.5 2873.1 3122.2 3143.9 3428.6 3672.0 4038.5 133 2650.0 2552.3 2646.9 2755.4 2922.9 3098.8 3311.9 134 26.4 -15.9 61.0 11.5 62.6 92.7 212.9 135 298.0 336.7 414.3 376.9 443.1 480.5 513.7 136 10781.0 10624.0 10123.1 9897.2 9685.8 9607.7 9614.5 137 22.4 22.8 23.9 27.0 22.1 24.7 24.3 24.9 27.9 29.1 138 186.3 199.9 214.5 236.7 278.2 248.8 250.0 254.0 255.0 258.1 139 61889.6 66382.5 66837.6 56590.1 58390.8 62574.8 63839.8 69922.1 79371.0 83425.7 140 (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. NPISHs Nonprofit institutions serving households n.e.c. Not elsewhere classified Integrated Accounts 108 109 110 111 112 113 149 Z.1, September 18, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2218.8 2440.1 2513.9 2632.4 2466.4 2546.2 2751.6 2909.8 3015.6 3146.9 1 214.4 232.6 245.6 254.5 253.0 251.8 265.0 273.0 284.5 297.5 2 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2004.4 664.7 557.9 106.8 130.2 1209.4 2207.5 747.4 631.2 116.3 147.0 1313.0 2268.3 827.5 701.8 125.7 157.6 1283.2 2378.0 843.4 712.1 131.3 157.9 1376.7 2213.4 805.4 675.0 130.4 145.4 1262.6 2294.4 816.6 684.6 131.9 150.7 1327.1 2486.6 845.9 713.1 132.8 158.7 1482.0 2636.8 892.6 752.7 139.9 167.5 1576.7 2731.1 919.6 774.8 144.8 175.8 1635.7 2849.4 971.8 822.0 149.8 180.6 1697.1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 21.8 1209.4 18.1 1205.7 198.8 1006.8 0.1 0.0 22.7 1313.0 19.1 1309.5 227.6 1081.8 0.1 0.0 19.8 1283.2 17.7 1281.1 254.2 1026.8 0.1 0.0 15.0 1376.7 13.6 1375.3 263.1 1112.2 0.1 0.0 21.0 1262.6 9.4 1251.0 242.7 1008.3 0.0 0.0 23.0 1327.1 8.4 1312.5 237.9 1074.5 0.1 0.0 25.5 1482.0 9.1 1465.5 226.9 1238.4 0.2 0.0 27.3 1576.7 10.6 1560.1 226.1 1333.8 0.2 0.0 29.3 1635.7 9.6 1616.0 219.1 1396.7 0.2 0.0 26.6 1697.1 12.1 1682.6 219.7 1462.6 0.2 0.0 9 10 11 12 13 14 15 16 17 18 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 21.8 21.8 22.7 22.7 19.8 19.8 15.0 15.0 21.0 21.0 23.0 23.0 25.5 25.5 27.3 27.3 29.3 29.3 26.6 26.6 17 18 19 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 Capital account 21 22 23 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 13.1 0.0 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 -3.3 6.0 0.0 -6.0 7.8 0.0 -7.8 1.6 0.0 -1.6 4.9 0.0 -4.9 0.0 0.0 -0.0 -0.0 0.0 0.0 21 22 23 24 25 26 27 28 29 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 81.9 289.2 180.5 108.7 214.4 7.1 77.7 305.0 198.9 106.2 232.6 5.3 71.1 313.5 215.0 98.5 245.6 3.3 50.8 307.5 223.8 83.7 254.5 -2.3 -21.0 248.8 182.9 65.8 253.0 -16.8 -5.1 243.1 184.9 58.3 251.8 3.6 16.7 274.8 214.6 60.2 265.0 6.8 35.6 312.6 243.7 68.9 273.0 -4.0 62.9 330.8 252.8 78.0 284.5 16.6 70.2 353.7 268.1 85.6 297.5 13.9 24 25 26 27 28 29 30 Net lending (+) or borrowing (-), capital account (lines 21-24) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 30 31 Net lending (+) or borrowing (-) (line 30) -68.8 -77.7 -71.1 -47.5 27.0 12.9 -15.1 -30.7 -62.8 -70.2 31 32 Net acquisition of financial assets 437.3 519.9 479.5 97.3 -117.1 152.0 196.9 301.1 80.2 231.2 32 100.2 76.7 23.5 95.0 74.7 20.3 81.8 66.9 14.9 2.5 3.8 -1.2 10.1 14.9 -4.8 0.2 -2.7 2.9 30.6 24.6 6.0 69.3 59.3 10.1 14.3 3.5 10.8 61.1 34.9 26.2 33 34 35 33 34 35 Currency and deposits Currency and transferable deposits Time and savings deposits 36 37 38 Debt securities Treasury securities Municipal securities 6.1 6.0 0.1 1.5 0.2 1.3 2.5 3.0 -0.5 -7.9 -7.5 -0.4 -5.5 -5.7 0.2 2.5 1.9 0.5 1.1 0.8 0.3 4.2 4.0 0.2 1.7 1.5 0.2 3.0 2.7 0.3 36 37 38 39 40 41 Loans Short term (consumer credit) Long term (mortgages) 5.3 0.0 5.3 -1.5 0.0 -1.5 7.4 0.0 7.4 -3.0 0.0 -3.0 -1.2 0.0 -1.2 4.2 0.0 4.2 -5.8 0.0 -5.8 -2.4 0.0 -2.4 1.0 0.0 1.0 1.7 0.0 1.7 39 40 41 42 43 44 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 2.4 2.4 -0.1 3.3 3.2 0.2 2.9 2.2 0.7 2.2 1.0 1.2 -1.7 -1.7 -0.0 3.5 3.1 0.4 1.1 0.8 0.3 3.2 3.0 0.1 2.9 2.3 0.6 4.8 4.0 0.8 42 43 44 45 Insurance, pension and standardized guarantee schemes (3) 46 47 48 Other accounts receivable Trade receivables Other (miscellaneous assets) 49 50 51 52 53 54 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 5.5 4.4 3.7 3.4 -9.8 29.9 -4.7 15.4 -25.3 12.4 45 317.8 66.6 251.2 417.2 40.0 377.2 381.1 54.7 326.4 100.0 -3.0 102.9 -109.0 -26.3 -82.7 111.8 37.0 74.7 174.5 61.0 113.5 211.4 4.6 206.9 85.6 17.3 68.3 148.3 30.0 118.3 46 47 48 491.3 583.8 536.5 134.4 -161.8 122.4 211.9 331.8 143.0 301.4 49 341.8 164.3 157.9 6.4 177.5 415.4 132.1 115.3 16.8 283.3 463.2 154.5 140.9 13.7 308.7 325.5 131.8 119.6 12.3 193.7 -97.1 -107.3 -102.0 -5.3 10.2 -19.4 -12.1 -16.8 4.7 -7.3 3.2 34.1 33.5 0.6 -30.9 125.2 67.3 58.1 9.2 58.0 122.1 52.0 45.9 6.1 70.1 217.9 80.5 71.1 9.4 137.4 50 51 52 53 54 Integrated Accounts Financial account 150 Z.1, September 18, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 55 56 57 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the United States -51.6 -51.6 0.1 0.4 1.3 -0.9 -50.5 -50.3 -0.2 -317.9 -317.7 -0.2 -108.0 -108.2 0.1 166.7 166.4 0.3 174.4 174.4 0.0 134.2 133.7 0.4 82.7 82.1 0.6 37.9 37.1 0.8 55 56 57 58 59 60 61 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 201.0 49.7 8.7 142.7 168.0 14.3 9.0 144.6 123.7 26.0 3.8 93.9 126.8 5.8 6.7 114.3 43.3 16.9 -6.3 32.6 -24.8 30.3 -0.7 -54.3 34.4 54.8 0.6 -21.0 72.4 13.1 7.6 51.8 -61.8 19.9 3.6 -85.3 45.5 33.8 6.2 5.6 58 59 60 61 -54.0 -63.9 -57.0 -37.1 44.8 29.5 -15.1 -30.7 -62.8 -70.1 62 -76.1 -24.5 -51.6 1.3 0.0 1.3 -48.7 0.0 -48.7 -315.4 -4.4 -311.0 -96.6 0.0 -96.6 181.4 0.0 181.4 181.8 0.0 181.8 132.0 -8.6 140.6 86.6 -0.0 86.6 39.6 0.0 39.6 63 64 65 1177.6 1142.3 800.4 341.9 22.8 1.1 21.8 7.5 5.0 423.3 387.3 55.9 331.4 28.4 0.7 27.7 8.5 -0.9 135.1 81.1 -365.6 446.7 24.2 -0.5 24.7 8.6 21.2 -1129.4 -1164.9 -802.9 -362.1 34.6 0.1 34.4 6.4 -5.4 -1143.0 -1168.9 -466.6 -702.2 18.7 -2.7 21.4 7.5 -0.3 445.6 386.1 154.7 231.4 21.6 -2.3 23.9 7.2 30.7 383.0 336.6 203.8 132.8 16.5 1.0 15.6 2.3 27.6 702.6 692.0 389.9 302.2 6.5 -0.3 6.8 2.2 2.0 1017.5 1027.6 566.4 461.2 5.1 -2.1 7.2 3.6 -18.8 593.9 585.4 260.7 324.7 5.0 -2.5 7.5 1.2 2.3 66 67 68 69 70 71 72 73 74 0.2 1.2 0.2 0.3 1.0 0.2 0.8 -0.2 0.2 -0.0 75 1177.4 422.1 134.9 -1129.6 -1144.0 445.4 382.3 702.8 1017.3 593.9 76 1114.4 423.4 86.2 -1441.8 -1234.6 634.6 565.7 839.7 1104.0 633.6 77 12591.0 13598.0 14269.6 13273.6 11974.7 12550.5 13147.1 14177.9 15338.4 16233.7 78 62 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-49) Other changes in volume account 63 64 65 Total other volume changes Disaster losses Other volume changes Revaluation account 66 67 68 69 70 71 72 73 74 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 75 Liabilities (direct investment in the U.S.) 76 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 77 Change in net worth (lines 24+30+63+76) 78 Total assets Integrated Accounts Balance sheet account (end of period) 79 80 81 82 83 84 85 86 87 Nonfinancial assets Real estate Residential (4) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 9994.2 9053.7 5815.2 3238.5 574.4 41.7 532.7 147.6 218.4 10481.4 9478.5 5899.2 3579.3 620.5 44.4 576.1 159.5 222.8 10673.5 9596.7 5552.0 4044.7 659.4 45.5 613.9 170.1 247.3 9580.2 8462.3 4750.0 3712.3 699.6 46.6 653.0 178.6 239.6 8398.4 7296.4 4273.4 3023.0 696.3 44.0 652.4 183.2 222.5 8822.2 7666.3 4411.2 3255.2 709.2 42.2 667.0 189.9 256.9 9221.9 7993.2 4600.4 3392.8 740.7 43.9 696.8 196.6 291.3 9951.6 8684.9 4976.4 3708.5 772.6 44.4 728.3 204.7 289.3 11031.9 9725.3 5541.9 4183.4 804.9 43.5 761.5 214.6 287.1 11696.0 10331.2 5805.7 4525.4 838.2 42.3 795.9 223.3 303.3 79 80 81 82 83 84 85 86 87 88 Financial assets 2596.8 3116.6 3596.1 3693.4 3576.3 3728.3 3925.1 4226.3 4306.5 4537.7 88 698.3 374.2 324.1 793.2 448.8 344.4 875.0 515.7 359.3 877.6 519.5 358.1 887.7 534.4 353.3 887.9 531.6 356.2 918.5 556.3 362.2 987.8 615.5 372.3 1002.1 619.0 383.1 1063.2 653.9 409.2 89 90 91 89 90 91 Currency and deposits Currency and transferable deposits Time and savings deposits 92 93 94 Debt securities Treasury securities Municipal securities 60.6 56.2 4.4 62.1 56.3 5.8 64.6 59.3 5.3 56.7 51.8 4.9 51.2 46.1 5.1 53.7 48.1 5.6 54.8 48.9 5.9 59.0 52.9 6.1 60.7 54.5 6.3 63.7 57.1 6.6 92 93 94 95 96 97 Loans Short term (consumer credit) Long term (mortgages) 36.2 0.0 36.2 34.6 0.0 34.6 42.1 0.0 42.1 39.1 0.0 39.1 37.9 0.0 37.9 42.1 0.0 42.1 36.3 0.0 36.3 33.9 0.0 33.9 34.8 0.0 34.8 36.5 0.0 36.5 95 96 97 98 99 100 Equity and investment fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) 73.1 69.0 4.1 76.5 72.2 4.3 79.3 74.3 5.0 81.7 75.4 6.4 80.1 73.7 6.3 83.5 76.8 6.7 84.7 77.7 7.0 87.8 80.7 7.2 90.8 83.0 7.7 95.5 98 87.1 99 8.5 100 99.3 103.7 107.4 111.6 101.8 131.7 127.0 142.5 117.2 129.6 101 1629.3 430.9 1198.4 2046.5 470.9 1575.6 2427.6 525.6 1902.0 2526.6 522.7 2003.9 2417.6 496.3 1921.3 2529.4 533.4 1996.0 2703.9 594.4 2109.5 2915.3 598.9 2316.4 3000.9 616.2 2384.6 3149.2 102 646.3 103 2503.0 104 101 Insurance, pension and standardized guarantee schemes (3) 102 103 104 Other accounts receivable Trade receivables Other (miscellaneous assets) 151 Z.1, September 18, 2015 S.4.a Nonfinancial Noncorporate Business Billions of dollars 105 106 Total liabilities and net worth Liabilities 107 108 109 110 111 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 112 Equity and investment fund shares (direct investment in the U.S.) 113 114 115 116 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 117 Net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12591.0 13598.0 14269.6 13273.6 11974.7 12550.5 13147.1 14177.9 15338.4 16233.7 105 4180.5 4764.1 5349.5 5795.2 5731.0 5672.2 5703.0 5894.1 5950.7 6212.4 106 2898.0 805.2 670.5 134.6 2092.9 3313.4 937.3 785.8 151.5 2376.1 3775.1 1091.8 926.7 165.2 2683.3 4094.0 1223.7 1046.2 177.4 2870.3 3985.4 1116.4 944.2 172.1 2869.0 3950.9 1098.2 927.4 170.8 2852.7 3946.6 1132.3 960.9 171.3 2814.3 4067.4 1202.0 1021.4 180.6 2865.4 4185.1 1254.0 1067.4 186.6 2931.0 4400.4 1334.6 1138.5 196.1 3065.9 3.3 3.6 3.6 3.7 4.8 5.3 6.1 6.3 7.1 1279.1 334.5 86.7 857.9 1447.1 348.9 95.7 1002.5 1570.8 374.9 99.5 1096.4 1697.6 380.7 106.2 1210.7 1740.8 397.6 99.9 1243.3 1716.0 427.8 99.2 1189.0 1750.4 482.7 99.7 1168.0 1820.4 493.3 107.4 1219.7 1758.6 513.2 110.9 1134.5 8410.5 8833.9 8920.1 7478.4 6243.7 6878.4 7444.0 8283.8 9387.7 107 108 109 110 111 7.9 112 1804.1 547.0 117.1 1140.0 113 114 115 116 10021.3 117 Integrated Accounts Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) Net equity in reserves of property-casualty insurance companies. (4) Farm houses are included in the household sector. n.e.c. Not elsewhere classified 152 Z.1, September 18, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6532.1 6988.0 7203.9 7256.8 6859.8 7238.7 7592.3 8011.9 8316.8 8641.0 1 909.9 979.4 1040.3 1093.9 1092.0 1094.6 1139.2 1186.2 1232.2 1285.7 2 Current account 1 Gross value added 2 Less: Consumption of fixed capital 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 5622.2 3930.3 3238.0 692.3 573.2 1118.7 6008.7 4129.3 3420.9 708.5 610.1 1269.3 6163.6 4305.3 3572.1 733.3 632.5 1225.8 6162.8 4358.0 3619.5 738.5 632.7 1172.2 5767.8 4088.4 3377.5 710.9 605.9 1073.5 6144.2 4158.7 3446.1 712.6 633.0 1352.5 6453.1 4363.4 3622.9 740.4 670.6 1419.1 6825.7 4593.3 3826.4 766.9 690.4 1542.0 7084.6 4747.4 3953.5 793.9 724.9 1612.3 7355.2 4995.8 4178.9 816.9 745.2 1614.3 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 757.8 1118.7 614.6 296.9 300.3 17.4 975.6 451.0 471.1 34.0 19.4 764.6 1269.3 644.1 357.6 79.7 206.9 1148.8 521.1 550.8 56.6 20.3 669.1 1225.8 687.4 379.4 92.3 215.7 1244.1 605.7 576.9 38.9 22.6 574.5 1172.2 626.9 302.8 108.0 216.1 1224.6 584.5 582.2 32.1 25.9 630.6 1073.5 563.8 214.6 139.0 210.2 1006.8 480.0 490.4 18.1 18.2 907.3 1352.5 580.3 177.5 134.4 268.3 1025.4 444.5 509.9 51.8 19.2 903.4 1419.1 549.6 176.3 94.8 278.5 1065.3 444.3 535.8 63.5 21.7 916.9 1542.0 531.0 162.2 106.9 261.8 1156.1 438.2 624.8 70.6 22.5 1030.4 1612.3 549.9 152.1 105.5 292.3 1131.8 410.9 630.7 68.5 21.7 1019.9 1614.3 590.8 168.8 103.1 318.9 1185.2 403.1 676.9 81.4 23.8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 757.8 271.9 74.2 764.6 307.7 70.4 669.1 293.8 62.2 574.5 227.4 50.3 630.6 177.8 71.8 907.3 220.6 83.3 903.4 228.8 90.4 916.9 266.7 93.9 1030.4 284.6 95.1 1019.9 316.2 85.1 20 21 22 23 Equals: Disposable income, net 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 23 24 Equals: Net saving 411.7 386.5 313.1 296.7 381.0 603.5 584.2 556.3 650.7 618.5 24 25 26 27 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 427.2 411.7 -15.5 386.5 386.5 -0.0 313.1 313.1 -0.0 300.4 296.7 -3.7 342.7 381.0 38.3 582.5 603.5 20.9 590.6 584.2 -6.4 573.3 556.3 -17.0 656.5 650.7 -5.7 625.2 618.5 -6.7 25 26 27 28 277.0 355.8 339.5 266.6 -74.6 143.3 199.1 320.3 322.0 389.0 28 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 1133.4 909.9 1.0 52.5 1259.9 979.4 13.6 61.7 1348.2 1040.3 0.4 31.2 1372.7 1093.9 17.6 -29.7 1141.9 1092.0 6.3 -130.8 1181.0 1094.6 -1.1 57.9 1303.9 1139.2 -0.5 34.9 1439.9 1186.2 0.8 65.8 1498.0 1232.2 1.0 55.2 1610.4 1285.7 1.2 63.2 29 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 25-28) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 33 Capital account Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 150.2 30.7 -26.4 33.8 417.2 439.3 391.4 253.0 334.5 236.2 34 35 Net acquisition of financial assets 944.5 700.1 1072.8 -608.8 299.8 632.7 496.8 506.3 1069.0 672.7 35 120.6 60.8 49.9 9.9 -84.8 -117.2 46.6 -14.2 -62.4 -7.6 -55.7 0.9 -214.0 -59.0 -129.4 -25.5 254.5 70.8 176.9 6.8 148.6 79.6 59.9 9.1 38.3 30.8 13.2 -5.8 -11.7 -45.5 33.3 0.6 169.2 85.5 41.0 42.7 74.9 71.1 10.5 -6.7 36 37 38 39 36 37 38 39 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 40.4 16.0 18.1 6.0 0.3 -1.2 11.7 -6.7 -2.2 -4.0 -61.7 -53.2 -7.1 -2.4 1.1 -25.7 -12.2 -7.9 -2.6 -3.0 16.3 -1.3 12.5 4.2 0.9 15.6 12.0 5.1 1.7 -3.2 -8.5 -0.1 -5.1 -1.7 -1.6 -12.5 -8.4 -3.5 -1.2 0.6 -22.0 -21.3 3.3 -2.9 -1.1 -17.5 -6.6 -4.7 2.4 -8.6 40 41 42 43 44 45 46 47 Loans Short term (security repos and consumer credit) Long term (mortgages) 10.2 8.5 1.7 -17.1 -8.6 -8.4 -24.4 -6.0 -18.4 -11.1 -3.4 -7.7 -7.2 -3.1 -4.1 0.2 1.7 -1.6 1.9 2.4 -0.6 -3.3 -1.4 -1.9 -3.3 -5.1 1.8 5.2 3.4 1.8 45 46 47 48 49 50 51 52 53 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 142.5 52.7 0.7 24.7 0.0 64.4 334.9 69.1 23.6 219.2 0.1 22.9 374.6 127.2 -4.9 307.0 0.1 -54.8 423.5 178.5 -16.5 262.6 -0.1 -1.1 224.3 -71.4 35.3 269.7 0.0 -9.3 183.5 -157.7 11.1 303.3 0.1 26.7 364.0 -35.4 -12.8 403.9 -0.0 8.4 377.2 57.1 -1.7 319.2 0.0 2.6 360.5 39.7 1.0 305.0 0.0 14.7 346.5 6.0 15.4 311.0 0.1 14.1 48 49 50 51 52 53 54 Insurance, pension and standardized guarantee schemes (2) 21.2 7.6 8.3 10.9 -4.0 11.7 12.3 8.0 -5.8 10.0 54 153 Z.1, September 18, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 55 56 57 58 Other accounts receivable Trade receivables Other (miscellaneous assets) Net incurrence of liabilities 2006 2007 2008 2009 2010 2011 2012 2013 2014 609.6 277.6 332.0 460.7 -10.7 471.4 838.3 162.6 675.7 -792.5 -168.2 -624.3 -184.2 -29.5 -154.7 273.2 96.9 176.3 88.9 83.7 5.2 148.5 52.0 96.5 570.4 277.2 293.2 253.5 108.8 144.7 55 56 57 965.4 839.1 1281.0 338.9 -248.7 487.6 894.3 985.3 1004.7 919.0 58 59 60 61 62 Debt securities Open market paper Municipal securities Corporate bonds -7.1 -7.7 41.9 -41.3 150.4 22.4 53.3 74.6 199.5 11.3 68.4 119.9 190.2 7.7 66.0 116.5 179.6 -73.1 37.2 215.5 237.3 24.5 33.2 179.6 203.6 33.4 8.5 161.6 352.3 14.0 15.2 323.0 302.8 14.2 9.3 279.3 303.0 37.9 -0.1 265.1 59 60 61 62 63 64 65 66 67 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 273.8 83.0 -27.1 110.1 190.8 237.7 149.9 22.0 127.9 87.8 453.0 383.8 96.3 287.5 69.2 71.7 132.1 64.2 68.0 -60.4 -537.8 -394.8 -234.0 -160.8 -143.0 -308.0 -177.5 -87.0 -90.4 -130.6 91.0 152.3 92.1 60.2 -61.3 11.8 74.5 108.0 -33.5 -62.7 129.5 103.2 50.1 53.1 26.3 186.2 167.9 85.9 82.0 18.3 63 64 65 66 67 68 69 70 Equity and investment fund shares Corporate equities Foreign direct investment in the United States -201.5 -300.2 98.7 -304.9 -496.9 192.0 -494.2 -706.3 212.1 -126.0 -315.6 189.6 53.5 -51.2 104.6 -93.6 -250.7 157.0 -261.9 -454.6 192.7 -156.6 -344.9 188.3 -168.0 -352.9 184.9 -290.4 -387.5 97.1 68 69 70 71 72 73 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 91.2 -1.9 93.0 146.4 -2.0 148.4 4.4 4.5 -0.2 155.8 14.7 141.0 54.3 -8.6 63.0 -16.7 15.4 -32.1 -16.5 3.0 -19.5 -23.9 -12.3 -11.6 108.4 -2.5 110.9 53.4 -1.1 54.4 71 72 73 74 75 76 77 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 809.1 199.0 -1.8 611.9 609.4 109.1 -0.8 501.2 1118.3 85.1 -49.6 1082.8 47.2 -225.2 3.1 269.3 1.7 -82.6 -3.3 87.5 668.7 156.3 7.2 505.2 878.1 25.2 8.8 844.1 801.8 65.4 2.3 734.2 631.9 106.7 -9.1 534.3 666.9 87.6 0.1 579.2 74 75 76 77 -20.9 -139.0 -208.2 -947.7 548.5 145.2 -397.5 -479.0 64.3 -246.3 78 288.5 -22.7 450.2 171.2 -32.1 576.9 0.0 711.0 169.7 -35.7 678.9 0.0 821.2 181.7 -39.5 -744.2 -5.8 206.1 981.5 -37.0 172.3 0.0 47.7 -131.2 6.7 379.3 0.0 632.4 294.1 -41.0 -54.9 0.0 665.8 789.0 -68.3 -221.2 -6.9 503.6 732.0 -14.2 443.0 0.0 716.4 270.1 3.2 298.9 0.0 778.5 482.5 -2.9 79 80 81 82 83 931.8 811.2 45.0 27.9 47.7 973.1 872.4 70.9 20.5 9.2 1466.8 1343.6 22.6 30.2 70.4 -1107.8 -1152.4 99.9 13.2 -68.4 -2627.8 -2646.3 -16.1 3.1 31.6 857.2 724.6 41.1 22.5 69.1 778.3 640.2 76.6 27.9 33.7 543.0 499.1 13.5 19.9 10.5 1380.9 1328.2 12.9 39.0 0.9 985.0 961.1 32.5 12.7 -21.3 84 85 86 87 88 94.5 8.1 86.3 31.0 15.2 15.9 154.8 9.7 145.1 -199.6 -55.2 -144.4 -15.3 20.4 -35.7 -131.9 13.6 -145.6 -55.7 -8.1 -47.6 71.3 15.4 56.0 38.1 30.4 7.6 -57.6 8.5 -66.1 89 90 91 939.1 898.2 41.0 2393.9 2412.7 -18.8 1861.9 1834.7 27.1 -5499.8 -5398.6 -101.2 2378.3 2546.8 -168.5 2080.2 2095.0 -14.8 376.8 467.5 -90.7 1935.3 1937.1 -1.9 5119.0 5108.3 10.8 1949.7 1899.3 50.3 92 93 94 87.2 -1389.8 -240.2 4192.4 -5021.3 -1354.9 345.9 -1320.9 -3700.0 -1022.3 95 802.9 -426.3 751.8 3748.6 -4506.3 -393.1 881.5 -968.8 -2600.5 -98.2 96 26068.3 28197.0 31171.6 29515.0 27183.5 28957.9 30504.0 31944.5 34878.8 37004.6 97 14167.7 7924.0 3297.8 1322.0 1623.9 15537.6 8892.3 3513.6 1401.1 1730.5 17418.9 10381.5 3673.4 1492.3 1871.7 16591.7 9359.9 3857.2 1564.1 1810.5 13866.1 6767.6 3793.1 1600.7 1704.6 14941.1 7545.7 3853.6 1669.1 1872.7 15995.0 8230.6 4008.0 1746.9 2009.6 16856.1 8797.2 4139.4 1819.4 2100.0 18538.8 10196.2 4269.8 1920.0 2152.9 19903.1 11259.9 4442.8 2002.7 2197.7 98 99 100 101 102 11900.6 12659.5 13752.8 12923.2 13317.5 14016.8 14508.9 15088.4 16340.0 17101.5 103 781.9 268.0 450.4 63.6 697.1 150.7 497.0 49.3 634.7 143.1 441.3 50.3 420.7 84.2 311.9 24.7 675.2 154.9 488.8 31.5 823.8 234.5 548.7 40.6 862.1 265.3 561.9 34.8 850.4 219.8 595.2 35.4 1019.6 305.3 636.2 78.1 1094.5 376.3 646.8 71.4 104 105 106 107 78 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-58) 79 80 81 82 83 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (3) Less: Inventory valuation adjustment Other changes in volume account Revaluation account 84 85 86 87 88 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 89 90 91 Financial assets Mutual fund shares Direct investment abroad 92 93 94 Liabilities Corporate equity Foreign direct investment in the United States 95 Changes in net worth due to nominal holding gains/losses 96 Change in net worth (lines 28+33+79+95) (4) Changes in balance sheet account 97 98 99 100 101 102 103 104 105 106 107 Total assets Nonfinancial assets (5) Real estate Equipment Intellectual property products Inventories Financial assets Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Integrated Accounts Balance sheet account (end of period) 154 Z.1, September 18, 2015 S.5.a Nonfinancial Corporate Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities 212.6 111.0 52.1 17.4 32.1 211.4 122.7 45.5 15.2 28.1 149.7 69.5 38.3 12.8 29.2 124.1 57.3 30.5 10.2 26.2 140.4 56.0 43.0 14.3 27.1 155.9 68.0 48.0 16.0 23.9 147.4 67.9 43.0 14.3 22.3 135.0 59.5 39.4 13.1 22.9 113.0 38.2 42.8 10.3 21.8 95.5 31.6 38.0 12.7 13.2 108 109 110 111 112 113 114 115 116 117 Loans Short term Security repurchases Consumer credit Long term (mortgages) 142.4 74.1 14.6 59.6 68.3 123.8 64.0 15.5 48.5 59.8 99.5 58.1 8.1 50.0 41.4 88.3 54.7 7.2 47.5 33.6 81.2 51.6 7.9 43.8 29.5 85.1 57.1 12.1 45.0 28.0 86.9 59.5 12.6 46.9 27.4 83.7 58.1 9.7 48.4 25.5 80.4 53.1 8.8 44.2 27.4 85.6 56.4 13.5 43.0 29.2 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Money market fund shares Mutual fund shares U.S. direct investment abroad Equity in government-sponsored enterprises (1) Investment in finance company subsidiaries 2809.9 352.2 134.4 2205.7 0.5 117.0 3175.9 421.3 173.2 2440.7 0.6 140.1 3701.6 548.5 178.0 2892.9 0.7 81.5 3925.3 727.0 106.3 3011.1 0.4 80.5 4134.3 655.5 162.0 3245.1 0.4 71.2 4148.8 497.8 186.8 3402.9 0.6 60.7 4457.1 462.4 165.9 3759.2 0.5 69.1 4905.6 519.4 179.6 4134.4 0.6 71.7 5304.2 559.1 211.0 4447.0 0.6 86.4 5593.0 565.2 234.9 4691.8 0.7 100.5 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes (2) 283.9 291.5 299.8 310.9 307.0 318.7 331.0 339.0 333.2 343.2 124 125 126 127 Other accounts receivable Trade receivables Other (miscellaneous assets) 7670.0 2108.2 5561.7 8159.7 2099.0 6060.7 8867.4 2261.6 6605.8 8053.9 2093.4 5960.5 7979.4 2063.9 5915.5 8484.4 2157.1 6327.4 8624.4 2240.8 6383.6 8774.7 2292.8 6481.9 9489.6 2570.0 6919.6 9889.7 2678.9 7210.8 125 126 127 128 Total liabilities and net worth 26068.3 28197.0 31171.6 29515.0 27183.5 28957.9 30504.0 31944.5 34878.8 37004.6 128 23868.3 26423.4 28646.2 23240.9 25415.8 27583.2 28247.8 30657.1 36191.9 38415.9 129 129 Liabilities 130 131 132 133 Debt securities Open market paper Municipal securities Corporate bonds 2987.8 90.1 227.3 2670.4 3138.2 112.5 280.6 2745.0 3337.7 123.8 349.0 2864.9 3527.8 131.5 415.0 2981.4 3707.5 58.4 452.2 3196.9 3944.7 82.9 485.4 3376.4 4148.3 116.3 493.9 3538.1 4500.6 130.3 509.1 3861.1 4803.4 144.5 518.5 4140.4 5106.4 182.4 518.4 4405.5 130 131 132 133 134 135 136 137 138 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 2280.5 1494.3 590.9 903.4 786.1 2539.0 1641.4 612.9 1028.4 897.6 2998.4 2031.7 715.7 1316.0 966.7 3065.1 2163.8 779.9 1383.9 901.3 2443.2 1684.8 545.8 1139.0 758.3 2068.3 1425.3 477.1 948.1 643.0 2159.3 1577.6 569.2 1008.3 581.8 2214.7 1695.6 658.7 1036.9 519.1 2317.3 1771.9 708.8 1063.1 545.4 2504.0 1939.6 794.5 1145.1 564.3 134 135 136 137 138 139 140 141 Equity and investment fund shares Corporate equity Foreign direct investment in the United States 14236.0 12686.6 1549.4 16325.1 14602.3 1722.7 17692.7 15730.7 1961.9 12066.9 10016.6 2050.3 14498.6 12512.2 1986.4 16485.2 14356.5 2128.7 16600.1 14369.4 2230.7 18378.8 15961.6 2417.2 23329.8 20717.0 2612.8 24989.0 22228.7 2760.3 139 140 141 142 143 144 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 14.6 44.8 -30.1 35.9 64.7 -28.8 47.7 69.3 -21.6 759.1 84.0 675.1 574.8 75.4 499.4 539.4 90.8 448.6 611.4 93.8 517.7 472.5 81.4 391.0 260.7 79.0 181.7 244.2 77.9 166.3 142 143 144 145 146 147 148 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 4349.5 1700.5 86.2 2562.7 4385.3 1812.9 85.4 2487.0 4569.7 1897.9 35.8 2635.9 3821.9 1672.7 39.0 2110.3 4191.7 1590.1 35.7 2566.0 4545.5 1746.4 42.9 2756.3 4728.6 1771.6 51.7 2905.4 5090.6 1836.9 54.0 3199.7 5480.7 1943.6 44.9 3492.2 5572.4 2031.2 45.0 3496.2 145 146 147 148 2200.0 1773.6 2525.5 6274.0 1767.7 1374.7 2256.2 1287.4 -1313.1 -1411.3 149 149 Net worth Integrated Accounts Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Financial Accounts of the United States. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) Net equity in reserves of property-casualty insurance companies. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (5) Excludes nonproduced nonfinancial assets. n.e.c. Not elsewhere classified 155 Z.1, September 18, 2015 S.6.a Financial Business Billions of dollars 2005 2006 2007 1034.3 1127.6 1068.8 2008 2009 2010 2011 2012 2013 2014 851.9 1015.4 1042.8 1045.8 1187.3 1173.3 1301.6 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 148.9 156.8 165.4 173.9 177.4 176.7 168.6 174.2 182.7 192.0 2 3 4 5 6 7 8 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 885.5 535.4 449.4 86.0 49.5 300.6 970.9 579.8 490.8 89.0 52.5 338.5 903.4 618.2 527.1 91.1 54.7 230.5 678.1 612.9 517.9 95.0 55.6 9.5 838.0 549.0 466.2 82.8 64.2 224.8 866.1 574.3 486.4 87.9 64.8 227.1 877.2 606.8 513.5 93.3 58.3 212.1 1013.1 630.2 536.8 93.3 60.2 322.7 990.6 640.2 545.6 94.6 59.9 290.4 1109.6 681.0 581.4 99.7 69.8 358.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 200.3 300.6 2154.2 1922.3 229.0 2.9 2254.5 1820.9 425.5 377.9 47.7 8.0 0.0 205.2 338.5 2747.1 2444.6 261.6 40.9 2880.4 2379.0 488.6 438.6 50.0 12.8 0.0 110.7 230.5 3200.8 2831.9 323.1 45.7 3320.6 2754.2 556.9 517.0 39.8 9.5 0.0 -2.1 9.5 2833.1 2444.8 338.8 49.5 2844.7 2321.6 515.8 492.8 23.0 7.3 0.0 290.1 224.8 2203.8 1877.4 275.7 50.7 2138.6 1679.7 455.1 380.8 74.4 3.7 0.0 376.8 227.1 2126.7 1749.5 308.9 68.3 1977.0 1505.2 460.8 376.0 84.9 10.9 0.0 320.0 212.1 2109.1 1722.4 319.5 67.2 2001.2 1504.6 481.5 427.2 54.3 15.1 0.0 290.0 322.7 2052.3 1635.7 359.8 56.8 2084.9 1478.3 589.8 521.9 67.9 16.9 0.0 160.1 290.4 2020.3 1539.5 419.8 61.0 2150.6 1413.9 720.6 672.3 48.3 16.1 0.0 286.6 358.8 2049.6 1505.5 481.3 62.8 2121.7 1420.8 683.5 631.8 51.7 17.4 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 200.3 140.5 -13.4 205.2 165.7 -21.1 110.7 151.7 7.5 -2.1 81.7 45.6 290.1 91.6 26.5 376.8 150.0 18.4 320.0 150.3 20.0 290.0 180.9 -25.7 160.1 184.3 -17.9 286.6 197.6 8.5 22 23 24 25 Equals: Disposable income, net 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 25 26 Equals: Net saving 73.1 60.7 -48.5 -129.4 171.9 208.4 149.7 134.8 -6.3 80.5 26 45.4 73.1 27.7 60.7 60.7 0.0 -48.5 -48.5 0.0 -68.9 -129.4 -60.5 293.9 171.9 -121.9 249.9 208.4 -41.5 182.1 149.7 -32.4 125.2 134.8 9.6 -6.3 -6.3 0.0 70.5 80.5 10.0 27 28 29 31.1 180.0 148.9 31.9 188.7 156.8 46.1 211.5 165.4 22.3 196.2 173.9 -10.5 166.9 177.4 -13.9 162.8 176.7 -1.2 167.5 168.6 17.9 192.1 174.2 23.4 206.1 182.7 30.6 222.6 192.0 30 31 32 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 33 Capital account 27 28 29 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 Net lending (+) or borrowing (-), capital account (lines 27-30) 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 14.3 28.8 -94.6 -91.2 304.4 263.8 183.3 107.4 -29.7 39.9 34 3763.5 4615.0 5464.8 3767.7 -1213.0 82.2 2229.0 1836.7 3576.9 3087.6 35 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 -12.4 74.1 170.4 1010.3 227.3 -144.0 528.1 -46.9 826.1 115.6 37 36 Monetary gold 37 Currency and deposits 38 39 40 41 42 43 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 634.9 194.0 91.1 -252.1 115.7 486.2 1090.4 232.6 118.5 94.8 131.2 513.3 975.8 -120.4 68.7 282.0 184.6 560.9 842.0 6.2 509.2 728.5 42.2 -444.1 720.3 -390.6 424.0 679.0 38.4 -30.5 787.1 -93.5 572.7 50.9 44.2 212.7 1268.5 -75.0 1050.7 114.2 13.5 165.1 1093.8 -1.2 350.8 154.5 139.2 450.5 1546.7 34.5 589.7 403.2 9.1 510.2 1233.3 -14.8 403.5 369.0 51.9 423.7 38 39 40 41 42 43 44 45 46 Loans Short term Long term (mortgages) 2064.5 653.2 1411.4 2113.3 713.2 1400.1 2698.2 1566.1 1132.1 1456.9 1225.7 231.2 -2942.6 -2876.0 -66.7 -518.4 -201.8 -316.6 147.9 303.7 -155.8 441.7 499.5 -57.8 160.7 50.4 110.3 833.2 631.6 201.7 44 45 46 47 48 49 50 51 52 53 54 Equity and investment fund shares Corporate equities Mutual fund shares Money market mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 538.3 285.2 53.2 11.6 2.0 11.5 1.6 173.2 498.4 171.4 104.1 -7.4 -0.0 25.8 1.8 202.8 1197.5 417.7 67.5 330.8 8.3 107.0 3.1 263.1 719.7 212.5 -65.9 284.4 -5.3 66.4 2.6 225.0 136.4 155.3 175.9 -175.9 0.0 40.7 4.6 -64.1 -42.3 58.1 133.0 -172.8 -3.2 -2.3 0.9 -56.0 -17.7 -85.0 19.4 -63.8 -6.2 15.2 0.4 102.4 116.0 5.9 64.4 -82.4 -2.0 20.5 0.5 109.1 203.2 -4.1 143.3 -53.5 -0.2 23.6 0.1 94.0 462.7 111.6 125.7 21.1 0.3 26.0 1.1 176.9 47 48 49 50 51 52 53 54 55 Insurance, pension and standardized guarantee schemes 224.9 304.3 249.3 292.3 493.4 276.0 339.9 354.7 346.0 333.7 55 56 Other accounts receivable 313.4 534.4 173.6 -553.4 152.1 -276.2 -37.7 -122.6 494.1 109.0 56 Integrated Accounts Financial account 156 Z.1, September 18, 2015 S.6.a Financial Business Billions of dollars 57 Net incurrence of liabilities 2005 2006 2007 2008 2009 3432.8 4371.9 5339.4 3867.7 -1214.2 608.9 620.6 548.7 2146.1 262.3 1039.8 80.4 745.2 214.2 1320.1 328.2 795.5 196.4 1523.7 905.7 729.5 -111.5 441.8 768.7 -201.6 -125.4 -956.6 -60.1 -448.5 -448.1 2010 2011 2012 2013 2014 80.9 2158.3 1767.3 3403.3 3055.9 57 334.1 1457.3 595.0 1867.7 977.7 58 -695.4 -46.9 -546.3 -102.2 -327.4 -21.9 -237.4 -68.2 -306.4 -22.4 -225.2 -58.8 108.1 239.9 -82.9 -48.9 178.6 150.6 64.6 -36.6 59 60 61 62 58 Currency and deposits 59 60 61 62 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 63 64 65 Loans Short term Long term (mortgages) 548.8 534.6 14.1 590.9 584.3 6.6 880.8 876.2 4.7 -160.2 -166.9 6.8 -1644.3 -1656.1 11.8 -59.6 -60.5 0.8 202.2 188.7 13.5 128.4 123.5 4.8 -208.2 -216.0 7.8 160.9 147.2 13.8 63 64 65 66 67 68 69 70 71 72 73 74 Equity and investment fund shares Money market mutual fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 698.0 125.1 78.4 260.2 1.9 13.9 -1.2 218.1 1.6 931.5 303.1 60.0 336.8 0.2 52.0 -6.8 184.4 1.8 1469.0 736.8 179.6 361.5 9.1 9.3 3.6 166.1 3.1 1717.3 724.2 639.2 -9.9 -4.2 120.7 11.6 233.0 2.6 270.5 -498.7 315.9 497.1 0.0 45.7 0.6 -94.5 4.6 73.8 -503.2 191.4 370.1 -2.7 48.5 0.9 -32.0 0.9 506.1 -112.8 164.1 338.4 -5.9 43.4 -2.9 81.5 0.4 974.1 7.1 168.4 624.9 -1.8 5.1 6.7 163.3 0.5 981.5 28.9 162.5 638.4 0.5 31.1 -5.6 125.6 0.1 1047.8 9.6 219.5 595.2 1.2 13.6 2.0 205.6 1.1 66 67 68 69 70 71 72 73 74 75 Insurance, pension and standardized guarantee schemes 76 Other accounts payable 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) 691.2 699.4 700.8 497.6 634.4 700.7 681.3 573.9 554.4 616.6 75 -153.8 209.4 216.4 -774.9 219.5 -272.6 -361.2 -197.6 99.8 74.3 76 330.7 243.1 125.4 -100.0 1.2 1.3 70.7 69.3 173.6 31.6 77 36.5 -1.7 -278.2 -316.4 -411.2 0.0 -625.6 -214.4 -77.5 0.0 -297.5 -220.0 1211.9 -0.6 1221.4 8.9 -1034.0 0.0 -730.9 303.2 -805.7 0.0 -543.2 262.5 -75.7 0.0 36.9 112.5 -392.5 -2.0 -352.5 38.1 -949.7 0.0 -1153.0 -203.3 -383.4 0.0 -375.1 8.2 78 79 80 81 Other changes in volume account 78 79 80 81 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (3) Revaluation account 82 83 84 85 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 72.6 72.1 0.6 -0.1 63.8 62.7 0.8 0.3 28.6 34.0 -4.9 -0.5 55.7 54.2 3.0 -1.5 -61.9 -50.2 -5.6 -6.1 -2.7 -0.3 1.2 -3.6 42.2 33.2 8.3 0.6 18.4 15.3 2.9 0.2 34.4 30.2 2.5 1.7 29.7 24.8 5.6 -0.7 82 83 84 85 86 87 88 89 Financial assets Corporate equities Mutual fund shares U.S. direct investment abroad 925.5 600.0 294.8 30.7 1779.3 1444.6 299.1 35.7 806.1 618.4 141.9 45.8 -5916.0 -5091.6 -835.1 10.8 2569.4 2148.4 366.8 54.2 1655.6 1411.3 203.7 40.7 -673.6 -517.5 -110.6 -45.5 1781.0 1518.9 239.7 22.4 3773.1 3291.1 496.0 -14.0 1153.7 1045.2 143.1 -34.6 86 87 88 89 90 91 92 93 94 95 96 Liabilities Corporate equity issues Mutual fund shares Foreign direct investment in the United States Equity in noncorporate business Pension fund reserves Investment by parent 890.5 262.4 352.4 9.4 1.7 264.5 0.0 1850.7 716.1 682.6 22.5 4.8 424.6 0.0 -502.3 -985.4 396.0 -56.7 -0.6 144.4 0.0 -6424.8 -2366.0 -2424.7 -157.6 -13.6 -1462.9 0.0 2115.3 386.8 1035.6 17.9 3.6 672.1 -0.6 1560.2 526.3 582.2 34.1 0.3 419.4 -2.0 -865.1 -390.1 -340.4 28.9 -1.2 -161.9 -0.3 1867.0 693.4 720.3 15.9 -1.3 438.9 -0.1 3828.3 1372.3 1579.9 -50.6 4.2 922.6 0.0 1326.7 594.1 464.0 11.4 -0.5 257.7 0.0 90 91 92 93 94 95 96 107.5 -7.6 1337.0 564.5 392.3 92.7 233.6 -67.6 -20.8 -143.3 97 189.5 -358.2 1210.9 1707.6 -347.9 -463.1 340.1 -334.8 -976.8 -456.2 98 57505.0 63371.8 69579.8 69043.8 70002.9 71110.8 72763.0 76907.6 82828.2 86799.7 99 1383.7 824.1 449.9 109.7 1484.5 895.9 473.3 115.3 1564.8 946.7 492.8 125.3 1649.4 1015.8 498.6 134.9 1586.3 971.3 470.3 144.7 1580.2 963.9 471.9 144.3 1621.2 986.3 485.5 149.4 1655.5 992.0 506.0 157.4 1713.2 1013.0 535.7 164.5 1773.6 1031.9 570.7 170.9 100 101 102 103 97 Changes in net worth due to nominal holding gains/losses 98 Change in net worth (lines 30+33+78+97) Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 99 Total assets 100 101 102 103 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 104 Financial assets 56121.2 61887.3 68015.0 67394.4 68416.6 69530.6 71141.8 75252.2 81114.9 85026.1 104 105 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 105 106 Currency and deposits 764.5 813.6 986.0 2033.5 2274.4 2176.2 2704.4 2681.8 3506.6 3619.3 106 157 Z.1, September 18, 2015 S.6.a Financial Business Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 107 108 109 110 111 112 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 14746.4 1124.8 2528.6 4137.5 1346.2 5609.3 15748.9 1352.8 2651.8 4148.0 1477.1 6119.2 16728.2 1235.9 2720.5 4430.0 1661.6 6680.1 17574.5 1243.6 3229.7 5158.5 1703.8 6238.8 18317.3 852.9 3653.8 5892.0 1742.2 6176.4 18529.7 763.7 4226.5 5480.1 1786.4 6273.0 19798.0 688.8 5277.2 5594.3 1799.9 6437.7 20984.0 687.5 5640.0 5762.9 1939.1 6954.4 22443.7 721.7 6229.7 6157.7 1948.2 7386.4 23678.1 707.9 6633.2 6526.7 2000.1 7810.1 107 108 109 110 111 112 113 114 115 Loans Short term Long term (mortgages) 19781.3 8152.1 11629.3 21831.6 8778.5 13053.0 24487.6 10334.2 14153.4 25808.1 11559.7 14248.5 22577.3 8631.1 13946.2 21817.2 8503.7 13313.6 21813.4 8807.4 13006.0 22282.8 9479.9 12802.9 22325.5 9503.4 12822.1 23120.3 10134.9 12985.3 113 114 115 116 117 118 119 120 121 122 123 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad Stock in Federal Reserve Banks Investment in subsidiaries 15513.3 10352.3 2183.0 515.8 42.0 446.0 13.5 1960.6 17343.4 11468.8 2550.9 562.4 42.0 507.4 15.3 2196.5 19347.0 12504.9 2760.3 893.3 50.3 660.2 18.5 2459.6 14150.8 7625.8 1859.2 1177.7 45.0 737.4 21.1 2684.6 17532.7 9929.6 2402.0 1001.7 45.0 832.3 25.6 3296.6 19146.0 11398.9 2738.7 828.9 41.7 870.7 26.5 3240.6 18454.7 10796.4 2647.5 765.1 35.5 840.3 26.9 3343.0 20778.4 12321.2 2951.6 682.7 33.5 883.2 27.4 3878.8 24703.7 15608.2 3590.9 629.2 33.4 892.8 27.5 3921.7 26320.1 16764.9 3859.7 650.4 33.7 884.2 28.6 4098.6 116 117 118 119 120 121 122 123 124 Insurance, pension and standardized guarantee schemes 2346.7 2460.5 2593.6 4233.7 4146.0 4508.3 4922.4 4897.1 4311.8 4315.2 124 125 Other accounts receivable 2958.0 3678.3 3861.6 3582.8 3557.9 3342.1 3437.8 3617.0 3812.6 3962.1 125 126 Total liabilities and net worth 57505.0 63371.8 69579.8 69043.8 70002.9 71110.8 72763.0 76907.6 82828.2 86799.7 126 58653.7 64878.7 69875.9 67632.2 68939.2 70510.2 71822.4 76301.9 83199.3 87627.0 127 8082.9 8703.5 9252.2 11398.3 11660.6 11990.6 13447.9 14015.0 15882.7 16860.4 128 11964.7 6140.7 4653.8 1170.2 13255.0 6468.9 5422.5 1363.5 14889.6 7374.6 6262.9 1252.1 15251.2 8143.4 5981.5 1126.3 14498.2 8083.3 5736.7 678.2 13432.9 7574.0 5282.9 576.0 13032.8 7552.1 4972.8 507.9 12849.1 7529.7 4870.3 449.1 12890.0 7769.7 4720.2 400.2 13041.3 7920.2 4757.4 363.6 129 130 131 132 5033.8 4888.3 145.5 5621.4 5469.4 152.1 6502.3 6345.5 156.7 6342.1 6178.6 163.5 4768.4 4593.2 175.3 4720.7 4544.6 176.1 4917.5 4728.0 189.5 5108.6 4914.2 194.4 4900.4 4698.2 202.2 5069.2 4845.4 223.8 133 134 135 127 Liabilities 128 Currency and deposits 129 130 131 132 Debt securities Agency- and GSE-backed securities (2) Corporate bonds Commercial paper 133 134 135 Loans Short term Long term (mortgages) 136 137 138 139 140 141 142 143 144 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (2) Foreign direct investment in the United States Equity in noncorporate business Investment by parent Stock in Federal Reserve Banks 15146.2 1993.1 4631.9 6045.6 46.7 353.2 11.7 2050.4 13.5 17537.1 2296.3 5408.0 7065.0 46.9 427.8 9.7 2268.1 15.3 18355.7 3033.0 4602.2 7822.6 56.0 380.4 12.6 2430.5 18.5 15111.2 3757.3 2875.4 5388.0 51.8 343.5 10.7 2663.5 21.1 17501.1 3258.6 3578.1 6920.7 51.8 407.0 14.8 3244.5 25.6 18678.6 2755.4 4295.7 7873.0 49.0 489.6 15.9 3173.4 26.5 18481.5 2642.5 4069.7 7870.9 43.1 561.9 11.9 3254.6 26.9 21420.4 2649.6 4931.6 9326.1 41.2 582.8 17.3 3844.4 27.4 25256.7 2678.5 6466.4 11544.4 41.7 563.3 15.9 3919.0 27.5 27373.5 2688.1 7280.0 12603.6 42.9 588.3 17.5 4124.5 28.6 136 137 138 139 140 141 142 143 144 145 Insurance, pension and standardized guarantee schemes 15961.0 17099.4 17997.1 16905.2 18260.8 19923.8 20468.7 21536.5 23066.3 23989.4 145 146 Other accounts payable 2465.2 2662.3 2879.0 2624.3 2250.0 1763.7 1473.9 1372.3 1203.1 1293.1 146 -1148.8 -1506.9 -296.0 1411.6 1063.7 600.5 940.6 605.7 -371.1 -827.2 147 147 Net worth Integrated Accounts Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes land. Includes corporate and noncorporate financial business. SDRs Special Drawing Rights 158 Z.1, September 18, 2015 S.7.a Federal Government Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 Gross value added 552.7 577.6 605.4 637.6 668.8 704.5 720.9 723.7 715.1 723.9 1 2 Less: Consumption of fixed capital 189.4 200.7 212.8 226.3 234.5 245.3 257.4 264.3 267.7 270.7 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 363.3 362.4 263.5 98.9 0.9 376.9 375.1 271.7 103.5 1.8 392.6 390.5 283.3 107.3 2.0 411.3 410.4 296.7 113.7 0.8 434.3 433.5 312.2 121.3 0.7 459.1 462.2 328.5 133.7 -3.1 463.5 470.6 331.7 138.9 -7.1 459.4 468.3 327.7 140.7 -8.9 447.3 458.7 320.4 138.2 -11.3 453.2 462.9 324.0 138.8 -9.7 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -277.4 0.9 99.4 -60.5 27.2 17.3 0.2 9.7 344.4 -293.5 1.8 99.2 -51.1 29.0 18.8 0.3 9.9 372.3 -325.6 2.0 94.6 -47.5 33.4 22.1 0.2 11.1 408.2 -308.9 0.8 94.0 -49.6 33.9 19.5 0.6 13.8 388.0 -269.9 0.7 91.4 -56.9 48.5 22.8 18.7 7.0 353.6 -286.6 -3.1 96.8 -54.3 54.6 29.5 17.0 8.0 380.6 -327.3 -7.1 108.6 -59.5 56.4 27.7 18.8 9.9 425.7 -321.6 -8.9 115.1 -57.6 52.6 21.3 21.1 10.2 422.9 -197.2 -11.3 125.8 -58.9 163.2 22.8 131.3 9.1 416.1 -294.6 -9.7 137.8 -57.4 74.8 23.4 40.7 10.6 440.1 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -277.4 1289.9 853.4 1095.6 32.7 384.2 -293.5 1464.2 905.7 1201.6 37.9 375.8 -325.6 1547.8 947.2 1277.5 42.0 401.3 -308.9 1426.7 974.4 1480.0 49.7 416.1 -269.9 1079.7 950.8 1632.2 67.2 510.7 -286.6 1256.0 970.9 1774.4 68.1 558.8 -327.3 1445.2 904.0 1796.9 67.1 530.1 -321.6 1546.0 938.1 1801.5 56.1 499.3 -197.2 1699.1 1093.4 1842.0 71.1 504.0 -294.6 1836.5 1145.2 1896.8 80.6 547.2 17 18 19 20 21 22 23 24 Equals: Disposable income, net Less: Final consumption expenditures 418.7 723.4 536.9 763.9 532.7 798.4 245.8 879.8 -315.1 933.7 -324.8 1003.9 -238.1 1006.1 -82.2 1007.8 320.3 961.3 323.8 955.3 23 24 25 Equals: Net saving -304.7 -227.0 -265.6 -634.0 -1248.8 -1328.7 -1244.1 -1090.1 -640.9 -631.5 25 -365.1 -304.7 60.3 -270.2 -227.0 43.2 -318.6 -265.6 53.0 -751.6 -634.0 117.6 -1435.1 -1248.8 186.3 -1455.0 -1328.7 126.3 -1358.0 -1244.1 113.9 -1175.0 -1090.1 85.0 -699.1 -640.9 58.1 -690.3 -631.5 58.8 26 27 28 31.5 22.9 35.3 29.1 40.6 53.7 39.1 18.4 -0.8 -8.8 29 222.9 189.4 -2.0 238.0 200.7 -14.4 251.4 212.8 -3.3 275.8 226.3 -20.4 284.0 234.5 -8.9 300.0 245.3 -1.0 297.4 257.4 -0.9 284.7 264.3 -2.0 269.4 267.7 -2.4 264.6 270.7 -2.7 30 31 32 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 33 -396.6 -293.2 -353.9 -780.6 -1475.7 -1508.7 -1397.1 -1193.4 -698.3 -681.4 34 30.8 -14.4 0.6 579.8 237.8 281.9 -150.7 126.5 221.5 160.2 35 -4.5 0.0 -4.5 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 48.2 0.0 48.2 0.0 0.0 0.0 -1.8 0.0 -1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 37 38 1.3 0.3 -10.2 12.2 -1.0 0.0 -5.4 0.4 -3.3 -2.7 0.2 0.0 25.8 0.5 -1.0 25.1 1.2 0.0 316.0 0.6 3.5 313.1 -1.3 0.0 -170.2 0.3 3.4 -174.2 0.3 0.0 150.5 0.3 1.3 148.9 0.1 0.0 -239.9 -0.2 18.2 -257.6 -0.3 0.0 11.1 0.2 4.0 6.7 0.2 0.0 65.8 0.2 -3.4 69.6 -0.5 -0.0 57.2 0.1 -3.9 60.8 0.2 0.0 39 40 41 42 43 44 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 142.5 142.0 0.6 -46.9 -47.2 0.3 -118.2 -118.1 -0.1 -31.3 -31.1 -0.2 -0.1 0.0 -0.1 -0.0 0.0 -0.0 45 46 47 -3.1 -5.5 3.7 -9.2 2.4 5.9 2.2 1.6 0.5 3.7 6.8 4.7 7.0 -2.3 2.1 39.0 25.5 19.5 6.1 13.5 166.7 154.1 87.9 66.2 12.6 131.4 136.8 133.1 3.6 -5.4 136.5 133.2 128.5 4.8 3.3 136.2 134.5 132.1 2.4 1.6 124.2 120.3 113.1 7.2 4.0 110.0 108.3 105.7 2.5 1.7 48 49 50 51 52 1.3 0.0 1.3 0.0 0.0 2.0 0.0 2.0 0.0 0.0 1.7 0.0 1.7 0.0 0.0 257.7 256.3 1.4 0.0 0.0 3.4 0.6 1.7 0.0 1.2 30.4 24.1 2.3 0.0 4.0 43.5 40.3 2.6 0.0 0.7 -10.7 -13.2 2.4 0.0 0.0 -2.6 -4.8 2.2 0.0 0.0 0.7 -1.6 2.3 0.0 0.0 53 54 55 56 57 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 30 31 32 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 Net lending (+) or borrowing (-), capital account (lines 26-29) Integrated Accounts Financial account 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 45 46 47 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 48 49 50 51 52 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 53 54 55 56 57 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 159 Z.1, September 18, 2015 S.7.a Federal Government Billions of dollars 2005 58 59 60 61 62 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) Net incurrence of liabilities 2006 2007 2008 2009 2010 2011 2012 2013 2014 35.8 9.2 26.0 0.6 -17.1 -11.6 -6.5 1.0 -33.7 1.2 -35.3 0.4 -87.4 4.2 -62.2 -29.4 47.1 -21.1 35.9 32.3 16.5 -0.7 27.1 -9.8 29.1 4.8 25.6 -1.3 21.2 2.6 22.0 -3.5 34.1 3.3 27.2 3.7 -7.6 2.2 -19.9 10.2 58 59 60 61 453.6 296.0 371.5 1369.0 1536.0 1696.7 1201.7 1249.7 881.0 791.0 62 63 SDR allocations 0.0 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 63 64 Currency and deposits 0.8 0.6 -0.7 -0.8 -0.4 -0.3 0.0 0.0 -0.4 -0.3 64 65 66 67 Debt securities Treasury securities Federal agency securities 346.9 347.3 -0.4 219.1 219.5 -0.3 270.4 270.8 -0.4 1302.5 1302.3 0.2 1505.8 1505.7 0.1 1645.9 1645.3 0.7 1138.7 1137.6 1.1 1180.6 1181.0 -0.4 857.3 857.7 -0.4 735.9 736.0 -0.1 65 66 67 68 Loans (mortgages) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 68 69 70 71 72 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 67.2 1.1 23.0 43.1 64.5 1.5 18.1 44.9 73.0 1.6 23.8 47.7 45.1 1.0 26.5 17.6 33.2 1.1 16.6 15.6 43.5 0.9 22.5 20.2 40.6 1.3 18.5 20.8 64.0 0.3 13.3 50.4 3.1 0.2 12.2 -9.3 33.9 0.8 10.4 22.8 69 70 71 72 73 74 75 76 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 38.7 0.0 33.7 5.0 11.8 0.0 6.2 5.6 28.7 0.0 29.3 -0.6 22.2 0.0 22.6 -0.3 -50.3 3.0 -56.2 2.9 7.6 0.0 5.2 2.4 22.4 0.0 8.8 13.6 5.1 0.0 13.4 -8.3 21.0 0.0 19.7 1.3 21.4 0.0 18.4 3.0 73 74 75 76 -422.8 -310.4 -370.8 -789.1 -1298.2 -1414.9 -1352.4 -1123.2 -659.5 -630.8 77 -47.0 -0.5 -20.3 26.2 30.2 0.0 47.4 17.2 9.3 0.0 26.3 17.0 86.7 0.0 95.2 8.5 121.5 0.0 -56.0 -177.5 -29.0 0.0 -122.8 -93.8 48.5 0.0 3.8 -44.7 50.5 0.0 -19.8 -70.2 25.2 0.0 -13.6 -38.8 86.8 -0.0 36.2 -50.6 78 79 80 81 116.8 94.1 7.3 15.4 116.4 95.2 10.4 10.8 93.0 60.7 7.6 24.8 69.0 44.0 11.8 13.2 -36.0 -48.4 8.6 3.8 61.3 18.1 5.0 38.2 69.3 49.4 12.2 7.7 50.0 36.2 2.0 11.9 67.5 49.1 1.9 16.5 58.4 37.1 7.1 14.2 82 83 84 85 77 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-62) Other changes in volume account 78 79 80 81 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-77) (2) Revaluation account 82 83 84 85 Nonfinancial assets Structures Equipment Intellectual property products 86 87 88 89 90 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program -2.1 -0.9 -1.2 0.0 0.0 0.8 0.4 0.3 0.0 0.0 0.7 0.5 0.2 0.0 0.0 -67.9 -0.2 -0.0 -67.7 0.0 -121.6 0.2 0.3 -121.9 -0.3 -43.7 -1.0 -0.2 -41.5 -1.0 -33.2 -0.1 -0.5 -32.4 -0.2 -4.7 0.1 0.0 -4.7 -0.1 0.1 0.1 0.0 0.0 0.0 -5.0 -3.3 -1.7 0.0 0.0 86 87 88 89 90 91 92 Liabilities SDR allocations -0.6 -0.6 0.4 0.4 0.4 0.4 -0.2 -0.2 0.2 0.2 -1.0 -1.0 -0.2 -0.2 0.1 0.1 0.1 0.1 -3.2 -3.2 91 92 93 Changes in net worth due to nominal holding gains/losses 115.3 116.8 93.3 1.2 -157.9 18.5 36.4 45.3 67.6 56.6 93 -296.8 -123.3 -216.0 -663.6 -1471.5 -1465.5 -1273.2 -1079.3 -606.3 -546.8 94 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5159.5 95 2426.5 1176.5 520.7 729.3 2579.8 1266.6 550.7 762.4 2711.3 1325.4 576.7 809.3 2829.2 1369.8 616.2 843.2 2842.1 1326.1 649.8 866.2 2957.5 1352.5 680.9 924.1 3066.8 1406.9 711.0 948.9 3137.2 1439.8 726.6 970.8 3206.4 1480.6 732.7 993.1 3258.6 1507.9 742.0 1008.7 96 97 98 99 643.7 658.3 703.8 1292.3 1387.1 1612.2 1411.3 1516.8 1718.5 1900.9 100 8.2 0.0 8.2 8.9 0.0 8.9 9.5 0.0 9.5 9.3 0.0 9.3 57.8 0.0 57.8 56.8 0.0 56.8 55.0 0.0 55.0 55.1 0.0 55.1 55.2 0.0 55.2 51.9 0.0 51.9 101 102 103 Changes in balance sheet account 94 Change in net worth (lines 29+33+78+93) 95 96 97 98 99 100 101 102 103 Total assets Nonfinancial assets (3) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings Integrated Accounts Balance sheet account (end of period) 160 Z.1, September 18, 2015 S.7.a Federal Government Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 104 105 106 107 108 109 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 68.0 18.7 8.1 37.0 1.4 2.6 62.8 20.2 5.2 33.2 1.7 2.6 88.9 22.5 4.4 56.5 2.8 2.6 404.8 23.4 7.8 369.4 1.6 2.6 234.9 25.0 11.5 193.9 1.9 2.6 385.2 25.7 12.6 342.3 2.0 2.6 144.8 25.6 30.3 84.6 1.7 2.6 155.9 24.7 34.4 92.2 2.0 2.6 221.8 23.6 31.0 163.0 1.5 2.6 277.2 20.7 25.3 226.8 1.7 2.6 104 105 106 107 108 109 110 111 112 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54.4 54.4 0.0 197.0 196.4 0.6 150.1 149.2 0.9 31.9 31.1 0.8 0.6 0.0 0.6 0.6 0.0 0.6 0.5 0.0 0.5 110 111 112 113 114 115 116 117 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 271.2 194.6 89.8 104.8 76.6 294.3 214.0 108.7 105.3 80.3 301.1 218.7 115.7 103.1 82.4 340.1 244.3 135.1 109.1 95.8 506.8 398.4 223.1 175.3 108.4 641.7 535.2 356.2 179.0 106.6 778.3 668.4 484.7 183.7 109.9 914.4 802.9 616.8 186.2 111.5 1038.7 923.2 729.8 193.4 115.5 1148.6 1031.4 835.6 195.9 117.2 113 114 115 116 117 118 119 120 121 122 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (1) Equity investment under Public-Private Inv. Program 43.8 0.0 43.8 0.0 0.0 45.8 0.0 45.8 0.0 0.0 47.5 0.0 47.5 0.0 0.0 237.5 188.7 48.8 0.0 0.0 118.7 67.4 50.5 0.0 0.9 106.6 49.9 52.8 0.0 3.8 117.6 57.8 55.4 0.0 4.4 102.1 39.9 57.8 0.0 4.4 99.5 35.1 60.0 0.0 4.4 100.2 33.4 62.4 0.0 4.4 118 119 120 121 122 123 124 125 126 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 252.5 71.0 91.6 89.9 246.5 59.4 96.1 91.0 257.0 60.6 105.0 91.4 246.2 64.7 119.4 62.0 271.8 43.6 133.9 94.3 271.7 42.9 144.3 84.5 283.7 47.7 152.8 83.2 288.7 50.3 158.6 79.8 302.8 53.6 165.8 83.4 322.4 55.8 173.0 93.6 123 124 125 126 127 Total liabilities and net worth 3070.2 3238.1 3415.1 4121.6 4229.2 4569.7 4478.1 4654.0 4924.9 5159.5 127 7370.3 7661.5 8054.5 9424.6 11003.7 12809.7 13991.3 15246.5 16123.7 16905.1 128 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 129 27.5 28.1 27.4 26.6 26.2 25.9 25.9 25.9 25.6 25.3 130 5584.8 5560.9 23.8 5803.9 5780.4 23.5 6074.3 6051.2 23.1 7376.8 7353.5 23.3 8882.6 8859.2 23.5 10528.6 10504.4 24.2 11667.3 11642.0 25.3 12847.8 12822.9 24.9 13705.1 13680.6 24.5 14441.1 14416.7 24.4 131 132 133 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 134 1540.9 42.7 75.4 1422.8 1606.0 44.2 93.5 1468.3 1699.9 45.8 137.3 1516.8 1746.4 46.7 163.8 1535.8 1825.8 47.8 180.4 1597.6 1982.4 48.7 202.9 1730.8 2017.0 50.0 221.4 1745.6 2078.6 50.3 234.8 1793.6 2079.5 50.5 246.9 1782.1 2110.6 51.3 257.3 1802.0 135 136 137 138 210.2 2.2 202.6 5.4 216.1 2.2 208.8 5.1 245.2 2.2 238.2 4.9 267.2 2.2 260.7 4.3 213.7 5.2 204.5 4.0 218.5 5.2 209.7 3.6 226.9 5.2 218.5 3.2 239.8 5.2 231.9 2.8 259.1 5.2 251.6 2.3 277.0 5.2 270.0 1.8 139 140 141 142 -4300.1 -4423.4 -4639.4 -5303.0 -6774.5 -8240.0 -9513.2 -10592.5 -11198.8 -11745.6 143 128 Liabilities 129 SDR allocations 130 Currency and deposits 131 132 133 Debt securities Treasury securities Federal agency securities 134 Loans (mortgages) 135 136 137 138 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 139 140 141 142 Other accounts payable SDR certificates Trade payables Other (miscellaneous liabilities) 143 Net worth Integrated Accounts Note. The Federal government accounts exclude Federal employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. IMF International Monetary Fund SDRs Special Drawing Rights 161 Z.1, September 18, 2015 S.8.a State and Local Governments Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1191.7 1250.3 1318.5 1385.2 1419.4 1454.2 1471.4 1496.5 1533.6 1574.5 1 Current account 1 Gross value added 2 Less: Consumption of fixed capital 157.3 170.3 186.6 200.2 208.2 212.7 222.2 231.9 238.5 246.1 2 3 4 5 6 7 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 1034.4 1041.8 728.0 313.7 -7.3 1080.0 1091.1 763.3 327.8 -11.1 1131.9 1150.4 805.6 344.9 -18.5 1185.0 1207.1 847.4 359.7 -22.0 1211.3 1232.6 862.9 369.7 -21.4 1241.5 1261.3 862.6 398.7 -19.8 1249.2 1266.5 863.1 403.5 -17.4 1264.6 1275.0 870.6 404.4 -10.4 1295.1 1302.6 887.2 415.4 -7.5 1328.4 1337.0 913.2 423.8 -8.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) 804.2 -7.3 835.1 -0.4 88.6 76.8 2.0 9.8 111.8 868.3 -11.1 892.7 -0.4 107.2 94.7 2.1 10.4 120.1 910.7 -18.5 940.0 -7.1 117.9 104.2 2.2 11.5 121.5 901.6 -22.0 947.9 -3.0 105.7 91.0 2.6 12.1 127.0 811.0 -21.4 934.8 -1.4 87.8 74.4 2.1 11.2 188.8 829.5 -19.8 960.4 -1.6 82.6 69.1 2.3 11.2 192.1 864.6 -17.4 994.0 -0.5 79.2 64.8 2.6 11.7 190.7 880.3 -10.4 1016.9 -0.5 75.4 59.8 3.3 12.3 201.2 918.4 -7.5 1052.2 -0.5 74.3 58.0 3.7 12.6 200.1 961.2 -8.6 1075.9 -0.5 75.7 58.7 3.8 13.2 181.4 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 804.2 331.4 24.6 406.6 436.4 0.0 868.3 361.7 21.5 403.9 438.9 0.0 910.7 381.4 18.9 433.3 460.9 0.0 901.6 381.0 18.7 455.4 477.8 0.0 811.0 333.4 18.6 492.6 566.1 0.0 829.5 345.3 18.1 523.8 612.0 0.0 864.6 374.3 18.2 530.4 582.1 0.0 880.3 399.2 18.0 540.0 558.0 0.0 918.4 427.6 18.6 562.3 571.2 0.0 961.2 441.6 18.9 609.9 621.5 0.0 17 18 19 20 21 22 23 Equals: Disposable income, net 1190.0 1286.5 1338.6 1323.7 1236.4 1281.0 1308.9 1315.5 1373.6 1433.3 23 24 Less: Final consumption expenditures 1256.6 1325.9 1411.4 1488.7 1508.4 1518.3 1524.8 1536.3 1560.7 1601.0 24 25 Equals: Net saving -66.6 -39.4 -72.7 -165.1 -271.9 -237.3 -215.9 -220.8 -187.1 -167.7 25 -115.7 -187.1 -71.4 -96.7 -167.7 -71.0 26 27 28 Capital account 26 27 28 Net saving less capital transfers Net saving Less: Capital transfers paid (net) -16.2 -66.6 -50.4 18.4 -39.4 -57.8 -13.4 -72.7 -59.3 -101.8 -165.1 -63.2 -204.2 -271.9 -67.7 -160.6 -237.3 -76.7 -142.1 -215.9 -73.8 -146.6 -220.8 -74.2 29 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 143.5 155.0 167.9 172.5 167.2 149.7 127.6 107.0 94.0 95.1 29 30 31 32 290.8 157.3 10.0 314.3 170.3 11.0 340.8 186.6 13.6 358.8 200.2 13.8 363.0 208.2 12.3 351.9 212.7 10.6 340.5 222.2 9.2 329.7 231.9 9.1 322.9 238.5 9.6 331.3 246.1 9.9 30 31 32 33 Net lending (+) or borrowing (-), capital account (lines 26-29) -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 33 -159.7 -136.6 -181.2 -274.3 -371.4 -310.3 -269.6 -253.6 -209.7 -191.8 34 251.6 209.9 240.1 -109.4 30.1 80.0 -29.4 90.6 13.0 87.0 35 19.0 15.8 3.2 23.1 5.5 17.6 32.6 -0.4 32.9 25.5 8.2 17.3 30.3 19.6 10.7 0.2 5.7 -5.5 32.8 16.6 16.2 12.9 -9.2 22.1 25.2 7.3 17.9 23.2 15.6 7.6 36 37 38 154.1 -0.4 106.9 35.0 1.2 11.3 112.5 -1.0 59.0 40.1 1.4 13.0 136.7 -2.2 77.8 44.9 1.7 14.5 -95.4 -22.4 -47.5 -19.8 0.4 -6.1 -33.6 -38.2 -14.5 13.5 1.1 4.5 56.8 13.4 8.8 24.9 1.4 8.2 -62.6 -12.2 -34.4 -14.0 0.2 -2.2 33.7 -6.6 49.1 -13.6 0.4 4.5 -41.1 -8.5 -10.7 -23.4 0.1 1.4 18.9 -7.4 37.0 -15.7 0.4 4.6 39 40 41 42 43 44 34 Net lending (+) or borrowing (-) (line 33) 35 Net acquisition of financial assets 36 37 38 Currency and deposits Currency and transferable deposits Time and savings deposits 39 40 41 42 43 44 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 45 46 47 Loans Short term Long term (mortgages) 19.8 5.5 14.4 22.5 6.0 16.5 25.3 6.3 19.0 -17.3 -12.5 -4.8 6.6 -3.3 9.9 13.2 -0.8 14.0 -4.9 -4.7 -0.1 13.1 5.6 7.5 6.2 3.4 2.9 12.2 5.9 6.3 45 46 47 48 49 50 51 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 21.1 13.4 4.3 3.4 24.3 15.6 4.7 4.0 27.5 18.0 5.0 4.5 -6.6 2.3 -8.1 -0.8 11.2 10.8 -1.6 2.0 17.7 14.5 0.2 3.0 -1.5 2.1 -3.4 -0.2 10.1 6.5 2.4 1.2 4.8 3.6 0.8 0.4 10.4 6.8 2.4 1.3 48 49 50 51 52 53 54 55 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 37.5 17.4 14.3 5.8 27.6 8.9 12.1 6.6 18.0 7.8 3.0 7.3 -15.7 -15.4 5.2 -5.6 15.6 -4.6 -5.8 25.9 -7.9 13.1 1.0 -22.0 6.8 5.6 2.3 -1.1 20.9 5.3 8.4 7.2 17.9 8.9 3.6 5.4 22.3 8.5 6.2 7.6 52 53 54 55 Integrated Accounts Financial account 162 Z.1, September 18, 2015 S.8.a State and Local Governments Billions of dollars 56 Net incurrence of liabilities 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 246.4 237.8 326.7 241.9 465.7 357.1 302.0 345.0 243.5 262.2 56 141.1 -1.7 142.8 100.3 -8.2 108.5 146.0 16.8 129.2 17.1 4.6 12.5 112.2 7.8 104.4 68.7 -0.7 69.3 -53.6 -10.6 -42.9 -5.7 3.8 -9.4 -39.4 -10.9 -28.6 -14.0 -6.7 -7.4 57 58 59 57 58 59 Debt securities (municipals) Short term Other 60 Loans (short term) 0.6 0.6 0.7 0.8 0.8 0.9 0.9 0.4 0.5 0.4 60 61 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 72.8 102.6 143.3 185.3 313.8 249.1 316.3 312.2 244.4 237.1 61 62 Other accounts payable (trade payables) 31.9 34.3 36.7 38.6 38.9 38.5 38.4 38.1 38.0 38.8 62 5.2 -27.9 -86.6 -351.3 -435.6 -277.2 -331.4 -254.4 -230.6 -175.3 63 185.0 -10.7 30.9 -164.9 277.4 0.0 168.7 -108.7 207.6 0.0 113.0 -94.6 -946.7 0.0 -869.7 77.0 334.8 0.0 399.0 64.3 44.8 0.0 11.7 -33.1 -66.7 0.0 -5.0 61.8 276.2 -7.6 284.5 0.8 603.8 0.0 624.6 20.9 274.5 0.0 258.0 -16.5 64 65 66 67 473.4 472.2 0.4 0.8 605.0 602.7 1.1 1.1 460.9 457.9 0.6 2.4 411.4 403.0 6.6 1.8 -105.1 -104.3 -1.1 0.3 175.7 171.9 2.4 1.4 392.7 389.2 1.6 1.9 225.9 222.6 1.9 1.4 249.7 246.0 1.8 1.9 176.2 171.7 3.0 1.5 68 69 70 71 5.4 16.9 5.2 -61.0 33.5 21.6 1.9 18.4 38.2 14.0 72 478.9 621.8 466.0 350.4 -71.7 197.4 394.6 244.3 287.9 190.1 73 647.7 917.6 660.3 -698.1 58.9 81.6 185.8 373.9 776.0 367.9 74 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11812.9 12248.3 12631.4 13000.3 75 63 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) Other changes in volume account 64 65 66 67 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (2) Revaluation account 68 69 70 71 Nonfinancial assets Structures Equipment Intellectual property products 72 Equity and investment fund shares 73 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 74 Change in net worth (lines 29+33+64+73) 75 Total assets Integrated Accounts Balance sheet account (end of period) 76 77 78 79 Nonfinancial assets (3) Structures Equipment Intellectual property products 6259.0 5976.8 206.9 75.3 7008.0 6715.1 212.7 80.2 7623.1 7314.8 221.5 86.9 8193.3 7863.3 236.4 93.6 8243.0 7903.6 240.9 98.5 8557.5 8207.7 245.4 104.4 9068.6 8711.9 246.5 110.2 9384.7 9022.9 246.7 115.2 9718.9 9350.3 248.4 120.1 9980.2 9603.7 252.1 124.4 76 77 78 79 80 Financial assets 2316.2 2542.9 2787.8 2615.9 2675.9 2774.2 2744.3 2863.5 2912.6 3020.1 80 235.2 66.1 169.1 258.2 71.6 186.6 290.8 71.3 219.6 316.3 79.5 236.9 346.7 99.1 247.6 346.9 104.8 242.1 379.6 121.4 258.2 411.6 117.6 294.1 436.8 124.9 312.0 460.0 140.5 319.5 81 82 83 1216.6 153.2 512.1 413.1 6.9 131.4 1329.1 152.1 571.1 453.1 8.4 144.3 1465.7 149.9 648.9 498.1 10.0 158.8 1370.4 127.5 601.4 478.3 10.4 152.8 1336.8 89.3 586.8 491.8 11.5 157.3 1393.5 102.7 595.7 516.7 12.9 165.5 1330.9 90.5 561.2 502.7 13.2 163.3 1364.6 83.9 610.3 489.1 13.5 167.7 1323.5 75.4 599.6 465.7 13.6 169.1 1342.4 68.0 636.6 450.0 14.0 173.7 84 85 86 87 88 89 81 82 83 Currency and deposits Currency and transferable deposits Time and savings deposits 84 85 86 87 88 89 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds 90 91 92 Loans Short term Long term (mortgages) 288.7 129.9 158.8 311.2 135.9 175.3 336.0 142.2 193.8 317.0 129.8 187.3 320.1 126.5 193.7 330.3 125.7 204.7 323.3 120.9 202.4 334.4 126.5 207.9 339.5 129.9 209.6 351.0 135.7 215.3 90 91 92 93 94 95 96 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 246.4 89.8 116.0 40.7 287.6 105.4 133.0 49.2 320.3 123.4 141.8 55.1 252.7 125.7 90.8 36.2 297.3 136.6 112.2 48.6 336.7 151.1 126.9 58.7 337.0 153.2 124.7 59.1 365.6 159.7 139.3 66.6 408.6 163.3 165.3 80.0 432.9 170.0 176.9 86.0 93 94 95 96 97 98 99 100 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 329.3 142.5 102.3 84.5 356.8 151.3 114.4 91.1 374.9 159.1 117.4 98.4 359.6 143.7 123.0 92.9 375.0 139.1 117.1 118.8 366.8 152.2 117.8 96.8 373.5 157.8 120.0 95.7 387.3 163.1 121.3 102.9 404.1 172.0 123.8 108.3 433.7 180.5 137.2 116.0 97 98 99 100 101 Total liabilities and net worth 8575.1 9550.9 10410.9 10809.2 10918.9 11331.7 11812.9 12248.3 12631.4 13000.3 101 3425.5 3483.7 3683.4 4779.8 4830.6 5161.8 5457.3 5518.7 5125.9 5126.8 102 102 Liabilities 163 Z.1, September 18, 2015 S.8.a State and Local Governments Billions of dollars 103 104 105 Debt securities (municipals) Short term Other 106 Loans (short term) 107 Insurance, pension and standardized guarantee schemes (Claim of pension funds on sponsor) 108 109 Other accounts payable (trade payables) Net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2579.2 42.5 2536.7 2679.6 34.3 2645.2 2825.6 51.2 2774.4 2842.7 55.8 2786.9 2954.9 63.6 2891.3 3023.6 63.0 2960.6 2970.0 52.3 2917.6 2964.3 56.1 2908.2 2924.9 45.3 2879.6 2910.9 38.6 2872.3 103 104 105 10.6 11.2 11.9 12.7 13.5 14.4 15.3 15.7 16.2 16.6 106 353.6 276.6 292.9 1332.8 1231.6 1454.8 1764.6 1793.3 1401.4 1377.1 107 482.0 516.2 553.0 591.6 630.5 669.0 707.4 745.5 783.4 822.2 108 5149.6 6067.3 6727.5 6029.4 6088.3 6169.9 6355.7 6729.6 7505.5 7873.5 109 Integrated Accounts Note. The state and local government accounts exclude state and local employee retirement funds. (1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (3) Excludes land and nonproduced nonfinancial assets. 164 Z.1, September 18, 2015 S.9.a Rest of the World Billions of dollars 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Current account 1 2 3 4 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 2692.0 2030.1 483.2 178.7 3078.5 2247.3 656.6 174.6 3334.4 2383.2 750.1 201.2 3482.0 2565.0 684.9 232.0 2712.0 1983.2 497.8 231.0 3115.5 2365.0 514.1 236.4 3485.8 2686.4 546.0 253.4 3582.1 2763.8 563.9 254.3 3616.9 2771.7 575.8 269.5 3742.5 2871.9 591.2 279.4 1 2 3 4 5 6 7 8 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world Current taxes and trans. receipts from rest of world (1) 1954.3 1308.9 575.8 69.6 2276.3 1476.3 724.2 75.7 2616.3 1664.6 875.7 76.0 2790.3 1841.9 856.9 91.5 2330.1 1587.7 648.9 93.4 2669.6 1852.3 720.0 97.2 3004.2 2106.4 792.6 105.2 3113.9 2198.2 801.5 114.2 3221.2 2263.3 826.2 131.7 3341.3 2341.9 854.3 145.1 5 6 7 8 9 Equals: Net saving (current external balance) 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 9 737.7 802.2 718.1 691.6 381.9 445.9 481.5 468.2 395.8 401.1 10 12.8 -2.0 -0.4 5.4 -0.6 -0.7 -1.6 6.5 -0.8 -0.4 11 0.1 -0.1 0.5 -0.0 0.0 -0.0 -0.0 -0.1 0.0 -0.0 12 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 13 Capital account 10 Net saving 11 Less: Net capital transfers 12 Less: Acquisition of nonproduced nonfinancial assets 13 Net lending (+) or borrowing (-), capital account (lines 10-11-12) Integrated Accounts Financial account 14 Net lending (+) or borrowing (-) (line 13) 15 Net acquisition of U.S. financial assets 724.8 804.2 718.0 686.2 382.5 446.6 483.2 461.7 396.6 401.6 14 1048.2 1479.7 1470.6 666.8 201.0 1087.5 1049.7 851.2 1155.8 1127.9 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 47.6 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 17 18 16 17 18 Monetary gold and SDRs Monetary gold SDR allocations 19 20 21 22 23 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 24.8 8.4 6.4 20.6 -10.6 50.7 2.2 9.2 34.0 5.3 -78.3 -10.7 5.2 36.7 -109.5 492.9 29.2 34.8 73.4 355.4 -284.3 12.6 -21.8 -73.3 -201.9 -27.5 28.3 1.2 4.9 -61.8 343.1 55.0 26.8 47.3 213.9 -29.9 57.1 11.0 38.0 -136.0 415.5 37.7 13.2 52.5 312.2 157.3 66.3 13.4 47.0 30.6 19 20 21 22 23 24 25 26 27 28 29 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 737.2 20.8 245.1 139.8 3.0 328.5 968.7 54.9 150.3 217.1 5.4 541.0 856.6 16.5 165.3 239.5 10.7 424.6 404.7 -59.0 711.6 -231.9 5.9 -21.8 160.4 -48.4 554.4 -226.0 7.7 -127.3 639.4 -10.7 740.4 -66.6 13.1 -36.8 203.6 0.7 355.3 -41.6 0.6 -111.5 495.7 -0.1 589.7 -73.6 -0.6 -19.7 547.7 -1.7 424.9 -83.7 4.3 203.9 534.3 7.6 317.4 -5.2 4.3 210.1 24 25 26 27 28 29 30 31 32 Loans (short term) Security repurchases Loans to U.S. corporate business 72.7 41.4 31.3 66.0 59.7 6.2 174.9 72.6 102.3 -674.3 -629.7 -44.7 -98.7 -54.8 -44.0 72.2 92.4 -20.2 126.5 92.6 33.9 -59.1 -6.9 -52.2 31.1 35.3 -4.2 155.4 105.4 50.1 30 31 32 33 34 35 36 37 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 201.9 0.1 83.6 5.6 112.6 388.6 4.1 118.7 22.7 243.2 496.8 19.0 243.9 12.7 221.2 436.9 23.7 130.0 -26.9 310.1 369.7 7.2 192.7 19.4 150.4 384.8 -7.1 127.8 58.2 205.9 359.4 4.6 44.0 74.7 236.1 432.9 22.6 126.8 89.7 193.8 149.1 11.3 -58.7 -20.0 216.6 266.7 5.2 101.8 48.1 111.6 33 34 35 36 37 38 Other accounts receivable 11.6 5.7 20.6 6.7 6.3 18.6 17.1 11.6 12.3 14.3 38 39 Net incurrence of liabilities 349.7 949.8 1319.0 -98.4 173.0 819.3 633.0 388.3 782.4 804.4 39 -4.5 0.2 0.2 0.1 48.2 0.0 -1.8 0.0 0.0 0.0 40 12.3 0.6 -10.2 21.9 0.0 177.9 0.7 -3.3 180.5 0.0 294.5 1.0 -1.0 294.5 0.0 -326.3 1.3 3.5 -331.0 0.0 -39.8 0.7 3.4 -43.9 0.0 73.4 0.5 1.3 71.6 0.0 -197.3 -0.5 18.1 -215.0 0.0 -143.0 0.4 4.0 -147.5 0.0 23.6 0.3 -3.4 26.7 -0.0 -117.9 0.2 -3.8 -114.3 0.0 41 42 43 44 45 40 SDR holdings 41 42 43 44 45 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 46 47 48 Debt securities Commercial paper Bonds 93.4 38.6 54.8 277.2 98.4 178.9 234.8 -69.3 304.1 -211.9 -71.0 -140.8 236.6 59.4 177.2 124.7 -2.7 127.4 128.2 -53.5 181.7 159.0 27.9 131.2 202.8 34.0 168.9 108.8 -22.6 131.4 46 47 48 49 50 51 52 53 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 3.4 -7.1 -6.8 17.3 0.0 65.4 55.9 -7.4 16.9 0.0 173.3 123.2 -3.3 29.4 24.0 160.5 -382.8 -1.5 15.1 529.7 -471.8 86.0 0.5 -14.8 -543.5 222.0 207.9 0.3 24.0 -10.2 240.7 96.4 1.4 43.2 99.7 -14.8 40.2 5.6 30.4 -90.9 -52.1 -84.0 1.4 39.1 -8.6 59.0 26.4 2.8 28.6 1.3 49 50 51 52 53 165 Z.1, September 18, 2015 S.9.a Rest of the World Billions of dollars 2005 54 55 56 57 58 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 59 Other accounts payable 60 Addendum: Net lending (+) or borrowing (-), financial account (lines 15-39) 2006 2007 2008 2009 2010 2011 2012 2013 2014 243.8 186.7 1.3 36.2 19.6 425.6 137.3 2.0 244.9 41.3 605.7 147.8 1.7 414.0 42.2 282.8 -38.6 1.4 329.1 -9.1 399.3 63.7 1.7 310.4 23.5 393.1 79.2 2.3 301.1 10.6 459.2 7.0 2.6 419.1 30.6 386.3 95.8 2.4 339.7 -51.5 598.3 284.3 2.2 328.6 -16.9 761.2 436.5 2.3 336.9 -14.6 54 55 56 57 58 1.3 3.5 10.7 -3.7 0.5 6.0 4.0 0.7 9.8 -6.8 59 698.5 529.8 151.5 765.2 28.0 268.2 416.7 462.8 373.4 323.5 60 -29.8 -3.4 26.3 -143.4 131.0 274.4 -538.0 28.5 566.5 69.8 -9.2 -79.0 -339.9 14.5 354.4 -179.9 -1.5 178.4 -70.6 -4.2 66.5 -4.6 -5.7 -1.2 -17.4 5.8 23.2 -78.1 0.0 78.1 61 62 63 Other changes in volume account 61 62 63 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-60) (3) Revaluation account 64 -65.7 384.4 298.2 -1633.9 480.9 604.3 167.2 598.5 1026.0 727.9 64 65 Monetary gold and SDRs -0.6 0.4 0.4 -0.2 0.2 -1.0 -0.2 0.1 0.1 -3.2 65 66 Currency and deposits -0.3 -0.0 5.1 0.0 0.0 4.2 0.1 -0.2 -0.7 -0.3 66 67 68 69 70 71 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds -206.6 -1.7 -74.3 4.7 -135.3 36.6 1.6 -8.5 35.0 8.5 157.6 -3.6 85.0 79.1 -2.9 -148.8 -1.8 164.9 57.3 -369.3 64.0 0.1 -136.8 -26.2 226.9 132.3 -4.3 47.9 12.4 76.3 293.5 -0.2 190.3 23.9 79.4 120.5 0.2 -22.6 -3.4 146.3 -324.4 0.3 -202.6 -33.8 -88.3 24.4 -1.0 45.0 24.0 -43.5 67 68 69 70 71 72 73 74 75 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 142.1 82.1 9.4 50.6 347.3 323.1 19.3 4.9 134.8 152.1 12.1 -29.3 -1484.6 -1161.0 -65.0 -258.6 416.3 540.5 25.5 -149.6 468.7 429.8 19.4 19.6 -126.1 -56.8 -8.3 -61.0 478.2 429.0 35.4 13.8 1347.0 1310.1 76.6 -39.7 707.2 623.0 22.5 61.7 72 73 74 75 76 Other accounts receivable -0.3 0.2 0.3 -0.3 0.3 0.1 -0.1 0.0 3.9 -0.2 76 642.4 949.7 1059.8 -2788.6 1381.3 797.1 -709.0 949.5 739.0 -284.1 77 77 Financial assets Liabilities 78 SDR holdings -0.9 0.4 0.5 -0.2 0.2 -1.0 -0.1 0.1 0.1 -3.3 78 79 80 81 82 83 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -5.3 -5.5 -1.2 1.4 0.0 2.9 2.3 0.3 0.2 0.0 -0.4 3.8 0.2 -4.4 0.0 0.2 2.5 -0.0 -2.3 0.0 -0.0 0.3 0.3 -0.7 0.0 -25.2 1.1 -0.2 -26.1 0.0 -22.7 0.3 -0.5 -22.5 0.0 -1.8 -2.3 0.0 0.4 0.0 -3.9 -2.6 0.0 -1.3 0.0 -17.0 -5.9 -1.7 -9.4 0.0 79 80 81 82 83 84 Debt securities (corporate bonds) -38.6 20.6 97.3 -193.7 179.3 102.5 54.2 148.4 -119.1 27.1 84 85 Loans (other loans and advances) 86 87 88 Equity and investment fund shares Corporate equities U.S. direct investment abroad 89 Other accounts payable 90 Changes in net worth due to nominal holding gains/losses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 85 687.6 570.6 117.0 925.5 873.9 51.5 962.1 771.2 190.9 -2594.7 -2461.0 -133.7 1201.6 1183.2 18.5 720.9 825.8 -104.9 -740.4 -647.3 -93.1 803.0 724.7 78.3 860.4 866.7 -6.3 -290.5 -189.7 -100.7 86 87 88 -0.4 0.3 0.3 -0.3 0.1 -0.0 0.0 -0.1 1.5 -0.4 89 -708.1 -565.2 -761.7 1154.7 -900.5 -192.9 876.2 -351.0 286.9 1012.0 90 -13.0 95.6 -581.7 1910.8 -857.9 73.9 1288.7 106.1 666.1 1335.5 91 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.3 92 Changes in balance sheet account 91 Change in net worth (lines 13+61+89) 92 Total financial assets 93 SDR allocations 94 95 96 97 98 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 7.0 7.4 7.7 7.5 55.4 54.4 54.2 54.3 54.4 51.2 93 560.1 280.4 19.7 223.2 36.7 610.7 282.6 28.9 257.2 42.0 537.5 272.0 34.2 298.9 -67.5 1030.4 301.1 69.0 372.4 287.9 746.1 313.8 47.2 299.2 86.0 722.8 342.1 48.4 308.2 24.2 1066.0 397.1 75.2 355.6 238.1 1035.9 454.2 86.2 393.4 102.1 1450.7 491.9 99.4 445.1 414.2 1607.7 558.2 112.8 491.8 444.9 94 95 96 97 98 Integrated Accounts Financial balance sheet account (end of period) (4) 166 Z.1, September 18, 2015 S.9.a Rest of the World Billions of dollars 99 100 101 102 103 104 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 105 106 107 Loans (short term) Security repurchases Loans to U.S. corporate business 108 109 110 111 112 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the United States 113 Other accounts receivable 114 Total liabilities and net worth 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 4980.2 156.8 1984.4 1006.1 29.0 1803.8 5985.4 213.3 2126.2 1258.2 34.4 2353.3 6999.6 226.3 2376.4 1576.8 45.1 2775.0 7255.5 165.5 3253.0 1402.2 51.0 2383.9 7479.9 117.2 3670.6 1150.0 58.7 2483.5 8251.6 102.1 4458.8 1095.8 71.7 2523.1 8748.7 102.7 5004.4 1078.2 72.4 2491.0 9364.8 102.8 5571.5 1001.2 71.8 2617.6 9588.1 101.3 5793.8 883.8 76.1 2733.1 10146.9 107.9 6156.2 902.6 80.4 2899.7 99 100 101 102 103 104 867.6 705.0 162.5 1194.5 1025.8 168.8 1369.5 1098.4 271.1 789.6 563.2 226.4 671.9 489.4 182.5 744.0 581.8 162.3 874.6 678.5 196.1 815.5 671.6 143.9 846.6 706.9 139.7 1002.1 812.3 189.8 105 106 107 4210.0 23.0 2118.4 162.7 1906.0 4946.0 27.0 2560.2 204.7 2154.1 5577.6 46.0 2956.2 229.5 2345.9 4529.8 69.7 1925.2 137.6 2397.4 5315.9 76.9 2658.4 182.4 2398.2 6169.4 69.8 3216.0 260.0 2623.6 6640.6 74.4 3397.2 370.4 2798.7 7551.7 96.9 3953.0 495.4 3006.3 9047.8 108.2 5204.4 552.0 3183.2 10021.7 113.4 5929.2 622.6 3356.5 108 109 110 111 112 53.3 59.2 80.0 86.5 93.1 111.8 128.8 140.5 148.8 162.9 113 10678.1 12803.2 14571.9 13699.4 14362.3 16054.1 17513.0 18962.6 21136.5 22992.3 114 9027.4 11056.9 13407.3 10624.0 12144.8 13762.7 13932.9 15276.4 16784.2 17304.5 115 115 Total liabilities 116 SDR holdings 8.2 8.9 9.5 9.3 57.8 56.8 55.0 55.1 55.2 51.9 116 117 118 119 120 121 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 1213.8 37.6 8.0 1165.5 2.6 1394.5 40.7 5.0 1346.1 2.6 1688.6 45.5 4.2 1636.2 2.6 1362.5 49.3 7.7 1302.9 2.6 1322.7 50.2 11.4 1258.4 2.6 1370.8 51.8 12.5 1303.9 2.6 1150.8 51.6 30.1 1066.4 2.6 1005.9 49.7 34.2 919.4 2.6 1025.6 47.4 30.8 944.8 2.6 890.6 41.8 25.2 821.1 2.6 117 118 119 120 121 122 123 124 Debt securities Commercial paper Bonds 1208.8 384.0 824.8 1506.6 482.3 1024.3 1838.7 413.0 1425.7 1433.2 342.0 1091.2 1849.1 401.3 1447.8 2076.3 398.6 1677.6 2258.7 345.1 1913.6 2566.1 373.0 2193.1 2649.9 407.0 2242.9 2785.8 384.3 2401.5 122 123 124 125 126 127 128 129 Loans (short term) Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) 522.8 381.0 31.4 110.4 0.0 718.2 566.9 23.9 127.4 0.0 863.0 681.1 20.7 137.3 24.0 1127.2 402.3 18.9 152.4 553.7 621.9 454.8 19.3 137.5 10.3 845.4 663.7 19.6 162.0 0.1 1090.7 764.7 21.0 205.2 99.8 1081.7 804.9 30.2 237.7 8.9 1029.5 720.9 31.6 276.7 0.3 1088.6 747.3 34.5 305.3 1.5 125 126 127 128 129 130 131 132 133 134 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad Investment by holding companies 6040.4 3317.7 43.8 2651.7 27.1 7391.4 4329.0 45.8 2948.2 68.4 8959.2 5248.0 47.5 3553.1 110.6 6647.3 2748.4 48.8 3748.5 101.5 8248.2 3995.3 50.5 4077.4 125.1 9362.3 4900.2 52.8 4273.6 135.6 9322.6 4501.4 55.4 4599.5 166.3 10511.9 5321.9 57.8 5017.5 114.7 11970.6 6472.9 60.0 5339.8 97.9 12441.4 6719.7 62.4 5576.0 83.3 130 131 132 133 134 135 Other accounts payable 33.6 37.4 48.4 44.4 45.1 51.1 55.1 55.7 53.4 46.2 135 1650.7 1746.3 1164.7 3075.4 2217.5 2291.3 3580.1 3686.2 4352.3 5687.8 136 136 Net worth (external account) Integrated Accounts (1) Prior to 1999, current taxes, contributions for government social insurance, and transfer receipts from the rest of the world (line 8) are not separately displayed, and line 4 includes current taxes and transfer payments to the rest of the world net of current taxes, contributions for government social insurance, and transfer receipts from the rest of the world. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts. (4) Excludes nonfinancial assets, including nonproduced nonfinancial assets. IBRD International Bank for Reconstruction and Development IMF International Monetary Fund SDRs Special Drawing Rights n.e.c. Not elsewhere classified
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