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For use at 12:00 noon, eastern time September 23, 2021 R FEDERAL RESERVE STATISTICAL RELEASE Z.1 Financial Accounts of the United States Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts Second Quarter 2021 BOARD OF GOVERNORS OF THE FE D E RA L R E S E RVE SY S T EM i Recent Developments in Household Net Worth and Domestic Nonfinancial Debt The net worth of households and nonprofits rose to $141.7 trillion during the second quarter of 2021. The value of directly and indirectly held corporate equities increased $3.5 trillion and the value of real estate increased $1.2 trillion. an annual rate of 8.6 percent, while mortgage debt (excluding charge-offs) grew at an annual rate of 8 percent. Nonfinancial business debt rose at an annual rate of 1.4 percent in the second quarter of 2021, down from a 4.3 percent annual rate in the previous quarter. Domestic nonfinancial debt outstanding was $63.3 trillion at the end of the second quarter of 2021, of which household debt was $17.3 trillion, nonfinancial business debt was $18.0 trillion, and total government debt was $28.0 trillion. Federal government debt increased 9.6 percent at an annual rate in the second quarter of 2021, up from a 9 percent annual rate in the previous quarter. Domestic nonfinancial debt expanded 6.4 percent at an annual rate in the second quarter of 2021, down from an annual rate of 6.7 percent in the previous quarter. State and local government debt expanded at an annual rate of 3.1 percent in the second quarter of 2021, after expanding at an annual rate of 3.5 percent in the previous quarter. Household debt increased 7.9 percent at an annual rate in the second quarter of 2021. Consumer credit grew at Household Net Worth and Growth of Domestic Nonfinancial Debt Growth of domestic nonfinancial debt 2 Year Household net worth 1 Total Households Businesses Federal government State and local gov’ts 2011 66,931 3.6 0.1 2.4 10.8 -1.0 2012 71,901 4.7 0.5 5.6 10.1 -0.3 2013 80,611 4.2 2.3 4.9 6.7 -0.2 2014 86,614 3.8 1.2 6.8 5.4 -2.5 2015 89,639 4.4 2.3 7.0 5.0 0.4 2016 94,744 4.4 3.1 5.1 5.6 1.0 2017 103,473 4.2 3.9 6.1 3.7 -0.0 2018 104,345 4.7 3.1 4.4 7.6 -1.3 2019 116,832 4.7 3.3 4.9 6.6 -0.1 2020 130,688 12.4 3.8 8.9 24.1 2.9 Q2 112,473 3.5 4.2 4.2 3.1 -1.7 Q3 113,176 5.8 3.2 5.9 8.9 0.8 Q4 116,832 3.3 3.5 2.2 4.2 3.0 Q1 110,573 11.7 3.6 18.9 14.1 0.9 Q2 118,491 26.8 -0.1 15.2 62.5 3.5 Q3 122,749 4.1 5.6 0.1 6.0 5.5 Q4 130,688 5.1 6.1 0.5 8.4 1.6 Q1 135,818 6.7 6.7 4.3 9.0 3.5 Q2 141,668 6.4 7.9 1.4 9.6 3.1 2019: 2020: 2021: 1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not seasonally adjusted. 2. Percentage changes calculated as transactions at a seasonally adjusted annual rate divided by previous quarter’s seasonall y adjusted level, shown at an annual rate. ii iii Release Highlights Second Quarter 2021 Topic Derivation of U.S. Net Wealth Description Derivation of U.S. Net Wealth (table B.1) has been revised to ref lect improved estimates for domestic corporations’ nonfinancial assets. Domestic corporations’ nonfinancial assets are now estimated as the market value of corporate equity, plus foreign direct investment (equity), plus total liabilities, less total financial assets. Nonprofit organizations other loans Nonprofit organizations' other loans and advances receivable, and advances receivable previously shown as other notes and loans receivable on supplementary table B.101.n, have been included in the instrument tables other loans and advances (tables F.216 and L.216). Correspondingly, the household sector (table B.101.h), the household and nonprofit organizations sector (tables F.101, L.101, and B.101), and the nonfinancial noncorporate business sector (tables F.104, L.104, and B.104) now include loans from nonprofit organizations. Security brokers and dealers’ debt Security brokers and dealers sector (tables F.130 and L.130) security short sales holdings of debt securities have been revised beginning 2001:Q3 to ref lect improved methodology in accounting for short positions in Treasury securities, agency- and GSE-backed securities, and corporate and foreign bonds. Other f inancial business investment The other f inancial business sector (tables F.132 and L.132) has in security brokers and dealers been revised to ref lect the transition of investment banks to bank holding companies (tables F.131 and L.131) in 2009:Q1. Previously, investment bank funding of their security broker and dealer subsidiaries (asset) was reflected in the other financial business sector, with corresponding issuance of commercial paper and corporate bonds (liabilities). Holding company time and savings The holding company sector's (tables F.131 and L.131) cash deposits balances at depository institution affiliates have been reclassified f rom net transactions with depository affiliates to time and savings deposits to better align with bank Call Report liabilities. National Income and Product The statistics in this publication reflect the 2021 annual update of Accounts comprehensive update the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on July 29, 2021, as well as inf ormation for 2021:Q2 released by BEA on August 26, 2021. See the August 2021 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for details on the 2021 annual update. Rest of the world sector Rest of the world sector data (tables F.133 and L.133) have been revised beginning 2016:Q1 to reflect new data from BEA for the U.S. international transactions accounts and the U.S. international investment positions accounts. BEA's changes are detailed in the July 2021 issue of the Survey of Current Business. Fixed assets annual benchmark Investment, depreciation, and capital stock data for all private sectors have been revised beginning in 2016 to reflect updated annual estimates of fixed assets from BEA. iv Topic Private pension benchmark Seasonal adjustment Description 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 2019:Q1 to reflect new 2019 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500. Seasonal factors for quarterly transactions have been recalculated from 2010:Q1 through 2019:Q4. Seasonal factors are extrapolated beginning 2020:Q1 due to the impact of COVID 19 on seasonal patterns in 2020. Seasonal factors are generated using the X-13-ARIMA seasonal adjustment program from the U.S. Census Bureau. v Explanatory Notes Financial Accounts of the United States The Statistical Release Z.1, Financial Accounts of the United States, or Financial Accounts, is organized into the following sections: ■ ■ ■ ■ ■ ■ Matrices summarizing transactions and levels across sectors and tables on debt growth, net national wealth, gross domestic product (GDP), national income, saving, and so on Transactions of financial assets and liabilities, by sector and by financial instrument Levels of financial assets and liabilities, by sector and by financial instrument Balance sheets, including nonfinancial assets, and changes in net worth for households and nonprofit organizations, nonfinancial corporate businesses, and nonfinancial noncorporate businesses Supplementary tables including balance sheets for the household sector, nonprofit organization sector, the household and nonprofit organization sector with additional equity and debt detail, and domestic hedge funds, as well as tables detailing stocks and flows of fixed assets Integrated Macroeconomic Accounts (IMA) Concepts of Levels and Transactions in the SNA and the Financial Accounts The level of an asset or liability (also referred to as the “stock” or “outstanding”) measures the value of the asset or liability in existence at a point in time. In the Financial Accounts, the levels are reported as of the end of each calendar quarter. In the SNA2008, the change in the level from one period to the next is called the economic flow, and can be decomposed into three broad elements: transactions, which measure the exchange of assets; revaluations, which measure holding gains and losses; and other changes in volume, which measure discontinuities or breaks in time series due to disaster losses or a change in source data or definition. In practice, other volume changes are relatively rare, and revaluations occur mainly for series carried at market value (such as corporate equities, real estate, and some debt securities), so for many series the change in the level is equal to the transactions element. Growth Rates Growth ra tes calculated from levels include revaluations and other changes in volume. In order to isolate the effect of transactions on the growth of a given asset or liability, users should calculate the ratio of transactions in a given period to the level in the preceding period. The IMA relate production, income, saving, and capital formation from the Bureau of Economic Analysis’s (BEA) national income and product accounts (NIPA) to changes in net worth from the Financial Accounts on a sector-by-sector basis. The IMA are published jointly by the Federal Reserve Board and BEA and are based on international guidelines and terminology as defined in the System of National Accounts (SNA2008). Growth rates in table D.1 are calculated by dividing transactions at a seasonally adjusted annual rate from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Growth rates calculated from changes in unadjusted levels may differ from those in table D.1. Federal Reserve Board staff have taken many steps over the past several years to conform the Financial Accounts with the SNA2008 guidelines. Nonetheless, a few important differences remain, in particular, the following in the Financial Accounts: Seasonal factors are recalculated and updated every September with the release of second-quarter data. Series that exhibit significant seasonal patterns are adjusted. The seasonal factors are generated using the X13-ARIMA seasonal adjustment program from the U.S. Census Bureau, estimated using the most recent 10 years of transaction data. Because the effects of the recent financial crisis resulted in distortions in the estimated seasonal factors for some series, seasonal factors for these series have been extrapolated using pre-crisis data. Seasonally adjusted levels shown in table D.3 are derived by carrying forward year-end levels by seasonally adjusted transactions. ■ ■ ■ The purchase of consumer durables is treated as investment rather than as consumption. Nonfinancial noncorporate businesses (which are often small businesses) are shown in a separate sector rather than being included in the household sector. Some debt securities are recorded at book value rather than market value. Seasonal Adjustment vi Data Revisions Data shown for the most recent quarters are based on preliminary and potentially incomplete information. A summary list of the most recent data available for each sector is provided in a table following these notes. Nonetheless, when source data are revised or estimation methods are improved, all data are subject to revision. There is no specific revision schedule; rather, data are revised on an ongoing basis. In each release of the Financial Accounts, major revisions are highlighted at the beginning of the publication. Discrepancies The data in the Financial Accounts come from a large variety of sources and are subject to limitations and uncertainty due to measurement errors, missing information, and incompatibilities among data sources. The size of this uncertainty cannot be quantified, but its existence is acknowledged by the inclusion of “statistical discrepancies” for various sectors and financial instruments. The discrepancy for a given sector is defined as the difference between the aggregate value of the sector’s sources of funds and the value of its uses of funds. Sources of funds are gross savings less net capital transfers paid and net increase in liabilities and equity; uses of funds are capital expenditures and the net acquisition of financial assets. If a sector’s sources of funds are greater than its uses of funds, the sector is a net lender of funds in the a ccounts. In the reverse case, the sector would be a net borrower of funds. Most of the data for deriving gross savings come from the BEA’s NIPA. For a financial instrument category, the discrepancy is defined as the difference between the measurement of funds raised through the financial instrument and funds disbursed through that instrument. The relative size of the statistical discrepancy is one indication of the quality of the underlying source data. Note that differences in seasonal adjustment procedures sometimes result in quarterly discrepancies that partially or completely offset each other in the annual data. Financial Accounts Guide Substantially more detail on the construction of the Financial Accounts is available in the Financial Accounts Guide, which provides interactive, online documentation for each data series. The tools and descriptions in the guide are designed to help users understand the structure and content of the Financial Accounts. Each input and calculated series in the Z.1 is identified according to a unique string of patterned numbers and letters. The series structure page of the guide provides a breakdown of what the letters and numbers represent in the series mnemonics. Some data submissions to international organizations are also available in the guide. The guide is updated with the quarterly release and is available online: www.federalreserve.gov/apps/fof Enhanced Financial Accounts and Data Visualization Additional supplementary information is available online in the Enhanced Financial Accounts, which augment the Financial Accounts with finer detail, additional types of activities, higher-frequency data, and more-disaggregated data. Links to the Enhanced Financial Accounts are available from both the Financial Accounts Guide page and the main release page. In addition, interactive online data visualizations are available for selected components of the Financial Accounts and Enhanced Financial Accounts. Links are available also on the same pages. Production Schedule The Financial Accounts are published four times per year, about 10 weeks following the end of each calendar quarter. The publication is available online: www.federalreserve.gov/releases/Z1 This website also provides CSV files of quarterly data for transactions at a seasonally adjusted annual rate, unadjusted transactions, levels outstanding, balance sheets, debt tables, supplementary tables, and the IMA. In addition, the data are available as customizable datasets through the Federal Reserve Board’s Data Download Program online: www.federalreserve.gov/datadownload/default.htm Print Subscription Information The Federal Reserve Board charges a fee for subscriptions to print versions of statistical releases. Inquiries regarding print versions should be directed to the following office: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3245 vii Description of Most Recent Data Available Sector Table Available at time of publication National income and product accounts (NIPA) (various tables) Second estimate, seasonally adjusted, for 2021:Q2. Corporate prof its through 2021:Q2 (preliminary). Government receipts and expenditures unadjusted transactions from 1952:Q1 forward. GDP and income unadjusted transactions from 2002:Q1 f orward. Many BEA series are downloaded via Haver Analytics. Households and nonprofit organizations sector (tables F.101 and L.101) Estimates are largely residual, derived from other sectors’ data. Data f or consumer credit, which are estimated directly, are available through 2021:Q2. Internal Revenue Service Statistics of Income (IRS/SOI) data for Section 501(c)(3-9) nonprofit organizations are available through 2018; private foundations and Section 4947(a)(1) Nonexempt Charitable Trusts are available through 2017 (table B.101.n). Data on hedge funds f rom SEC forms PF and ADV through 2021:Q1 (table B.101.f). Quarterly Financial Report (QFR) of the Census Bureau through 2021:Q2; IRS/SOI data through 2019. Securities offerings, mortgages, bank loans, commercial paper, and other loans through 2021:Q2. Corporate farm data through 2019; USDA f orecast through 2021:Q2. Nonf inancial corporate business (tables F.103 and L.103) Nonf inancial noncorporate business (tables F.104 and L.104) IRS/SOI data through 2018; bank and finance company loans, and mortgage borrowing through 2021:Q2. Noncorporate farm data through 2019; USDA forecast through 2021:Q2. Federal government (tables F.106 and L.106) Data f rom the Monthly Treasury Statement of Receipts and Outlays and Monthly Statement of the Public Debt through 2021:Q2. Data on loan programs through 2021: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 2021:Q2. Data for total financial assets from Census Bureau through 2018:Q2. Additional financial asset detail from comprehensive annual financial reports of state and local governments through 2011:Q2. Monetary authority (tables F.109 and L.109) All data through 2021:Q2. U.S.-chartered depository institutions (tables F.111 and L.111) All data through 2021:Q2. Foreign banking offices in U.S. (tables F.112 and L.112) All data through 2021:Q2. Banks in U.S.-affiliated areas (tables F.113 and L.113) All data through 2021:Q2. Credit unions (tables F.114 and L.114) All data through 2021:Q2. Property-casualty insurance companies (tables F.115 and L.115) All data through 2021:Q2. viii Sector Table Available at time of publication Lif e insurance companies (tables F.116 and L.116) All data through 2021:Q2. Private pension funds (tables F.118 and L.118) Internal Revenue Service/Department of Labor Form 5500 data through 2019. Investment Company Institute data through 2021:Q1. BEA annual actuarial liability data through 2020:Q4. Federal government retirement f unds (tables F.119 and L.119) Data f rom the Monthly Treasury Statement of Receipts and Outlays, the Thrift Savings Plan, and the National Railroad Retirement Investment Trust through 2021:Q2. BEA annual actuarial liability data through 2020:Q4. State and local government employee retirement funds (tables F.120 and L.120) Detailed annual survey data through 2020:Q2 and quarterly survey data through 2021:Q1 from the Census Bureau. Investment Company Institute data through 2021:Q1. BEA annual actuarial liability data through 2020:Q4. Money market funds (tables F.121 and L.121) All data through 2021:Q2. Mutual f unds (tables F.122 and L.122) All data through 2021:Q2. Closed-end funds (tables F.123 and L.123) All data through 2021:Q2. Exchange-traded funds (tables F.124 and L.124) All data through 2021:Q2. Government-sponsored enterprises (GSEs) (tables F.125 and L.125) Data f or Fannie Mae, Freddie Mac, REFCORP, Farmer Mac, FCS, and FHLB through 2021:Q2. FICO was dissolved in 2020:Q2. Agency- and GSE-backed mortgage pools (tables F.126 and L.126) Data f or Freddie Mac, Fannie Mae, Farmer Mac, and Ginnie Mae through 2021:Q2. Issuers of asset-backed securities (ABS) (tables F.127 and L.127) All data f or private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 2021:Q2. Finance companies (tables F.128 and L.128) All data through 2021:Q2. Real estate investment trusts (REITs) (tables F.129 and L.129) All data through 2021:Q2. Security brokers and dealers (tables F.130 and L.130) FOCUS and FOGS reports through 2021:Q2. Holding companies (table F.131 and L.131) All data through 2021:Q2. Other f inancial business (tables F.132 and L.132) Estimates are largely residual, derived from other sectors’ data. Rest of the world (tables F.133 and L.133) NIPA estimates, international transaction accounts, depository institutions’ Call Reports, and Treasury International Capital System through 2021:Q2. International investment position through 2021:Q1. ix List of Data Tables Title Table Page Summaries Financial Accounts Matrix—Transactions 1 Financial Accounts Matrix—Levels 3 Debt Growth by Sector D.1 5 Borrowing by Sector D.2 6 Debt Outstanding by Sector D.3 7 Derivation of U.S. Net Wealth B.1 8 Distribution of Gross Domestic Product F.2 9 Distribution of National Income F.3 10 Saving and Investment F.4 11 Net Capital Transf ers F.5 12 Derivation of Measures of Personal Saving F.6 13 Assets and Liabilities of the Personal Sector L.6 14 Transactions Title Levels Table Page Table Page F.100 15 L.100 77 Households and Nonprofit Organizations F.101 16 L.101 78 Nonf inancial Business F.102 17 L.102 79 Nonf inancial Corporate Business F.103 18 L.103 80 Nonf inancial Noncorporate Business F.104 19 L.104 81 F.105 20 L.105 82 Federal Government F.106 21 L.106 83 State and Local Governments F.107 22 L.107 84 F.108 23 L.108 85 Monetary Authority F.109 24 L.109 86 Private Depository Institutions F.110 25 L.110 87 U.S.-Chartered Depository Institutions F.111 26 L.111 88 Foreign Banking Offices in U.S. F.112 27 L.112 89 Banks in U.S.-Affiliated Areas F.113 28 L.113 90 Credit Unions F.114 29 L.114 90 Sectors Domestic Nonfinancial General Government Domestic Financial x Sectors Property-Casualty Insurance Companies F.115 29 L.115 91 Lif e Insurance Companies F.116 30 L.116 92 Lif e Insurance Companies: General Accounts F.116.g 31 L.116.g 93 Lif e Insurance Companies: Separate Accounts F.116.s 31 L.116.s 93 F.117 32 L.117 94 F.118 33 L.118 95 Private Pension Funds: Defined Benefit Plans F.118.b 34 L.118.b 96 Private Pension Funds: Defined Contribution Plans F.118.c 34 L.118.c 96 F.119 35 L.119 97 Federal Government Employee Retirement Funds: Defined Benefit Plans F.119.b 36 L.119.b 98 Federal Government Employee Retirement Funds: Defined Contribution Plans F.119.c 37 L.119.c 98 F.120 37 L.120 99 State and Local Government Employee Retirement Funds: Defined Benefit Plans F.120.b 38 L.120.b 100 State and Local Government Employee Retirement Funds: Defined Contribution Plans F.120.c 38 L.120.c 100 Money Market Funds F.121 39 L.121 101 Mutual Funds F.122 39 L.122 101 Closed-End Funds F.123 40 L.123 102 Exchange-Traded Funds F.124 40 L.124 102 Government-Sponsored Enterprises F.125 41 L.125 103 Agency- and GSE-Backed Mortgage Pools F.126 41 L.126 103 Issuers of Asset-Backed Securities F.127 42 L.127 104 Finance Companies F.128 43 L.128 105 Real Estate Investment Trusts (REITs) F.129 44 L.129 106 Equity Real Estate Investment Trusts F.129.e 45 L.129.e 107 Mortgage Real Estate Investment Trusts F.129.m 45 L.129.m 107 Security Brokers and Dealers F.130 46 L.130 108 Holding Companies F.131 47 L.131 109 Other Financial Business F.132 48 L.132 110 F.133 49 L.133 111 Private and Public Pension Funds Private Pension Funds Federal Government Employee Retirement Funds State and Local Government Employee Retirement Funds Rest of the World xi Instruments U.S. Official Reserve Assets and SDR Allocations F.200 50 L.200 112 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 50 L.201 112 U.S. Deposits in Foreign Countries F.202 50 L.202 112 Net Interbank Transactions F.203 51 L.203 113 Checkable Deposits and Currency F.204 52 L.204 114 Time and Savings Deposits F.205 53 L.205 115 Money Market Fund Shares F.206 53 L.206 115 Federal Funds and Security Repurchase Agreements F.207 54 L.207 116 Debt Securities F.208 55 L.208 117 Open Market Paper F.209 56 L.209 118 Treasury Securities F.210 57 L.210 119 Agency- and GSE-Backed Securities F.211 58 L.211 120 Municipal Securities F.212 59 L.212 121 Corporate and Foreign Bonds F.213 60 L.213 122 F.214 61 L.214 123 Depository Institution Loans Not Elsewhere Classified F.215 62 L.215 124 Other Loans and Advances F.216 63 L.216 125 Total Mortgages F.217 64 L.217 126 One-to-f our-family Residential Mortgages F.218 65 L.218 127 Multif amily Residential Mortgages F.219 65 L.219 127 Commercial Mortgages F.220 66 L.220 128 Farm Mortgages F.221 66 L.221 128 F.222 67 L.222 129 Corporate Equities F.223 68 L.223 130 Mutual Fund Shares F.224 68 L.224 130 Trade Credit F.225 69 L.225 131 Lif e Insurance Reserves F.226 69 L.226 131 Pension Entitlements F.227 70 L.227 132 Taxes Payable by Businesses F.228 70 L.228 132 Proprietors' Equity in Noncorporate Business F.229 70 L.229 132 Direct Investment F.230 71 L.230 133 Loans Consumer Credit xii Instruments Total Miscellaneous Financial Claims F.231 72 L.231 134 Identif ied Miscellaneous Financial Claims—Part I F.232 73 L.232 135 Identif ied Miscellaneous Financial Claims—Part II F.233 74 L.233 136 Unidentified Miscellaneous Financial Claims F.234 75 L.234 137 Sector Discrepancies F.7 76 Instrument Discrepancies F.8 76 Balance Sheet Title Change in Net Worth Table Page Table Page Households and Nonprofit Organizations B.101 138 R.101 141 Nonf inancial Corporate Business B.103 139 R.103 142 Nonf inancial Noncorporate Business B.104 140 R.104 143 Table Page Balance Sheet and Change in Net Worth Title Supplementary Tables Balance Sheet of Households B.101.h 144 Balance Sheet of Nonprofit Organizations B.101.n 145 Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail B.101.e 146 Balance Sheet of Domestic Hedge Funds B.101.f 147 Gross Fixed Investment F.4.g 148 Consumption of Fixed Capital F.4.c 149 Net Fixed Investment F.4.f 150 Net Stocks of Fixed Assets, current cost L.4.s 151 xiii Title Table Page Total Economy—Current Account S.1.a 152 Selected Aggregates for Total Economy and Sectors S.2.a 153 Households and Nonprofit Institutions Serving Households S.3.a 155 Nonf inancial Noncorporate Business S.4.a 158 Nonf inancial Corporate Business S.5.a 161 Financial Business S.6.a 164 Central Bank S.61.a 167 Private Depository Institutions S.62.a 169 Insurance Companies S.63.a 172 Pension Funds S.64.a 175 Other Financial Business S.65.a 178 Federal Government S.7.a 181 State and Local Governments S.8.a 184 Rest of the World S.9.a 187 Integrated Macroeconomic Accounts for the United States xiv Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreig n direct investment: debt Foreign direct investment: equity Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 -51.7 435.7 -59.5 7.6 94.2 479.8 -50.2 ----68.7 -475.8 --124.8 -346.1 -33.8 28.8 109.3 -118.0 -5.5 -3.1 ---7.8 -1712.1 476.5 337.4 -- 2617.3 3244.0 -- 5071.0 2453.7 1512.5 738.5 217.1 --14.4 ---- U (1) -- --6.7 --------0.1 -9.9 ----9.9 -629.8 20.4 168.6 452.7 -11.9 ---------- --626.7 -------- 5019.4 1839.5 3179.9 S (2) Households and Nonprofit Organziations 142.1 -127.5 10.6 76.7 -----55.8 282.2 --514.0 55.5 38.1 12.5 4.4 0.5 -6.6 --6.6 0.0 ---11.8 -763.6 226.0 128.6 26.4 -12.1 1919.0 -- 2372.3 2384.5 -156.3 2287.9 -59.6 -0.2 ---- U (3) -- -168.8 -104.9 --26.8 43.3 ---42.3 181.4 345.5 617.7 -62.3 --4.7 675.4 822.5 250.9 285.7 285.9 -- ---------- --1931.1 -------- 2514.5 2068.5 446.0 S (4) Nonfinancial Business ---- 33.3 0.0 -11.3 ---18.6 -----122.0 0.0 --0.0 -0.0 253.2 -188.1 3.3 61.7 8.9 ----1326.3 -1.3 --- -3245.8 1701.9 -- -2908.4 337.4 -0.8 339.5 --2.9 U (5) -- --16.8 0.2 -------349.5 4581.2 -4582.2 -1.0 --0.0 -0.0 0.0 -- 0.0 0.0 -0.0 ------- --4947.6 -------- -2875.1 303.5 -3178.6 S (6) Federal Government 14.8 -3.4 1.2 14.3 --13.1 -----14.1 224.8 1.7 291.3 -71.4 1.5 1.8 5.3 --5.3 -- -----90.8 -9.6 7.9 19.3 -11.7 378.0 -- 446.9 458.6 -8.9 432.3 -17.3 ---- U (7) -- --48.4 --------251.6 88.6 ---88.6 -1.0 -1.0 --- ---------- --389.6 -------- 461.6 302.8 158.8 S (8) State and Local Governments 138.5 304.7 -47.7 110.1 94.2 479.8 -5.5 50.2 -55.8 282.2 --718.9 -195.4 39.7 179.1 -413.1 -31.7 30.6 374.5 -306.1 9.8 58.6 8.9 --19.6 -3892.9 691.6 474.0 45.7 -652.3 7242.8 -- 4981.9 5634.1 1512.5 904.6 3276.9 -59.6 -0.2 ---- U (9) -- -168.8 -176.9 0.2 -26.8 43.3 ---42.3 181.4 946.7 5277.6 -62.3 4582.2 -1.0 83.4 675.4 1453.3 271.3 455.3 738.6 -11.9 0.0 0.0 -0.0 ------- --7895.0 -------- 5120.4 4514.3 606.1 S (10) Domestic Nonfinancial Sectors (Billions of dollars; seasonally adjusted) Financial Accounts Matrix--Transactions for 2020 13.9 -370.4 -187.6 40.7 15.7 91.4 ---10.3 48.6 --969.8 6338.7 -52.8 4480.8 1117.2 110.3 683.1 1036.2 412.9 -36.2 729.9 -70.5 0.0 0.0 0.4 -6.7 1506.5 224.7 6.3 225.3 -303.6 72.3 9625.7 -- 369.9 297.5 -3.0 294.6 --- ---- U (11) -- 499.2 -226.8 101.9 85.0 510.7 -8.2 6.9 --8.4 16.9 630.6 903.5 -7.0 -658.2 -252.3 -31.1 75.6 -107.9 1.1 -- ----1546.2 4272.7 795.2 701.3 -259.0 --9553.3 -------- 383.7 270.1 113.6 S (12) Domestic Financial Sectors 486.4 0.2 ----0.2 ---- U (13) 106.8 637.8 8.6 83.5 -9.1 -13.6 -----33.9 198.3 -2.1 44.4 -45.3 -77.7 -47.0 4.8 209.6 74.8 -74.8 --- 0.0 ---29.3 155.6 97.3 2.0 10.4 -- 241.8 --0.4 15.5 46.9 ---66.1 330.9 ---13.1 6.6 11.0 ----4.4 63.3 66.0 -2.7 --- 9.0 --101.2 ----61.4 --797.0 -------- 593.2 -593.2 S (14) Rest of the World 486.2 1283.2 -- General Notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, September 23, 2021 259.2 572.1 -226.8 234.2 100.7 557.6 -5.5 50.2 -66.1 330.9 -33.9 198.3 1686.5 6187.7 -58.4 4582.2 657.2 83.4 923.3 1485.5 412.9 344.8 739.7 -11.9 9.0 0.0 0.4 12.9 1535.8 4273.1 795.2 701.3 -247.5 -93.7 18151.6 -- 5838.1 5931.8 1512.5 907.5 3571.4 -59.6 -- ---- U (15) -------- 6097.3 4784.4 1312.9 S (16) ---- 259.2 --44.2 --24.2 ------122.3 ------------ ---0.4 88.3 10.4 -0.5 --49.8 93.7 --- 259.2 165.5 ------ (17) Instrument Discrepancy Summary -- 572.1 -226.8 278.5 100.7 557.6 18.7 50.2 -66.1 330.9 -33.9 198.3 1564.2 6187.7 -58.4 4582.2 657.2 83.4 923.3 1485.5 412.9 344.8 739.7 -11.9 9.0 0.0 -0.0 101.2 1546.2 4272.7 795.2 701.3 -197.7 --18245.4 All Sectors 1 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets Net increase in liabilities and equity U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreig n direct investment: debt Foreign direct investment: equity Miscellaneous Sector discrepancies (1 less 4) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 ---- 157005005 153064105 153064205 163070005 153040005 153050005 -152090205 ----153090005 154022005 -153061105 153061705 153062005 153063005 154023005 -153069005 153065005 163066223 ---153091003 -153020005 153030005 153034005 -- 155000005 154090005 -- 155090005 155050005 155111003 155012005 165013005 -155420003 U (1) -- --163170005 --------543077073 163162003 ---163162003 -154123005 153168005 153169005 153165005 153166000 ---------- --154190005 -------- 156000105 156300005 156006305 S (2) Households and Nonprofit Organziations ---- 107005005 103064103 103064203 143070005 ----103092305 103092105 --143090005 144022005 103069100 143061105 103061703 143062005 -144023005 --143065005 143066005 ---103091003 -143020005 143030005 143034005 102051003 145000005 144090005 -- 145090005 145050005 -145012005 145013005 145020005 105420005 U (3) -- 103164103 -143170005 --143178005 112090205 --143192305 143192105 143190005 104122005 103169100 --103162000 103163003 144123005 143168005 143169005 143165005 -- ---------- --144194005 -------- 146000105 146300005 146006305 S (4) Nonfinancial Business ---- 317005005 313064105 -313070000 --313078000 -----313090005 314022005 --313061703 -313063763 314023005 -313069005 313065005 313066220 313011005 ----313020005 313030003 --- 315000005 314090005 -- 315090005 315050005 -315012065 315013005 -315420003 U (5) -- --313170005 313140003 -------313190005 314122005 -313161105 313161705 --314123005 -313169003 313165403 -- 313111303 713014003 313112003 ------- --314190005 -------- 316000105 316300001 316006305 S (6) Federal Government ---- 217005005 213064103 213064203 213070003 --213078005 -----213093003 214022005 213069103 213061105 213061703 213062003 213063003 213065005 --213065005 -- -----213020005 213030000 213034003 212051003 215000005 214090005 -- 215090005 215050005 -215012063 215013005 -215420003 U (7) -- --213170003 --------223073045 213162005 ---213162005 -213169203 -213169203 --- ---------- --214190005 -------- 216000105 216300001 216006305 S (8) State and Local Governments ---- 387005005 383064105 383064205 383070005 153040005 153050005 383078005 152090205 103092305 103092105 --383090005 384022005 383069105 383061105 383061705 383062005 383063005 384023005 -383069005 383065005 383066005 313011005 --383091005 -383020005 383030005 383034005 382051005 385000005 384090005 -- 385090005 385050005 155111003 385012005 385013005 145020005 385420005 U (9) -- 103164103 -383170005 313140003 -143178005 112090205 --143192305 143192105 383190005 384122005 103169100 313161105 313161705 383162005 103163003 384123005 383168005 383169005 383165005 153166000 313111303 713014003 313112003 ------- --384194005 -------- 386000105 386300005 386006305 S (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Transactions ---- 797005005 793064105 793064205 793070005 793040005 543050005 --793092305 793092105 --793090005 794022005 793069175 793061105 793061705 793062005 793063005 794023005 793068005 793069005 793065005 793066005 713011005 713014003 713012003 633091003 794010005 793020005 793030005 793034005 792050005 795000005 794090005 -- 795090005 795019005 -125012063 795013005 --- U (11) S (12) -- 793164105 653164205 793170005 543140005 583150005 793178005 662090003 --793192305 793192105 793190005 794122005 793169175 -423161705 -793163005 794123005 793168005 793169005 123165005 -- ----794110005 793120005 703130005 634090005 792150005 --794194005 -------- 796000105 796300005 796006305 Domestic Financial Sectors General Notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Gross saving less net cap. transfers Capital consumption Net saving (1 less 2) 1 2 3 Z.1, September 23, 2021 ---- 267005005 263064105 263064203 263070005 543141905 543151905 ----263092303 263092101 263076005 264022005 263069103 263061105 263061705 263062003 263063005 263069500 -263069500 --- 263011005 ---264016005 263020005 263030005 263034003 262051005 265000005 264090005 -- 265090005 265420005 ----265420005 U (13) -- 263164100 -263170005 263140005 263150005 --263192305 263192101 --263190005 264122005 263169105 ---263163005 264123005 263168005 263169005 --- 263111005 --263191005 ----262151003 --264194005 -------- 266000105 -266000105 S (14) Rest of the World ---- 897005005 893064105 653164205 893070005 893140005 893150005 893078005 152090205 263192305 263192101 263092303 263092101 893090005 894122005 893169175 313161105 893161705 383162005 893063005 894123005 793068005 893169005 893065005 153166000 893011005 713014003 713012003 893091005 894010005 893020005 703130005 634090005 892050005 895000005 894090005 -- 895090005 895050005 155111003 885012005 885013005 145020005 -- U (15) S (16) -- 893064105 653164205 893170005 893140005 893150005 893178005 152090205 263192305 263192101 263092303 263092101 893190005 894122005 893169175 313161105 893161705 383162005 893163005 894123005 793068005 893169005 893065005 153166000 893111005 713014003 313112003 263191005 794110005 793120005 703130005 634090005 892150005 --894194005 -------- 896000105 886300005 896006305 All Sectors ---- 907005005 --903070005 --903078005 -----903090005 ------------ --903012005 903091005 904010005 903020005 --902050005 905000005 --- 907005005 906000105 ------ (17) Instrument Discrepancy Summary 2 Total liabilities and equity Total liabilities U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. Funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1355.6 -- -- -- -- 12891.1 -- 29797.8 1867.0 279.0 11074.8 25634.0 24.1 76.6 1156.6 -- 1257.4 507.0 1923.3 314.8 1747.5 -- 4492.7 -- 2548.2 10310.5 2885.5 -- 48.6 -- -- -- -- -- 104442.1 A (1) -- 36.6 -- -- -- -- -- -- -- -- 376.3 -- -- 4185.0 11186.1 772.4 370.5 16514.1 -- 202.8 -- -- -- 202.8 -- -- -- -- -- -- -- -- -- 17129.8 17129.8 L (2) Households and Nonprofit Organizations 10590.2 -- -- 6831.8 53.6 -- -- -- -- 5030.2 376.4 2552.1 35.8 94.8 -- -- 130.6 -- 31.6 25.1 155.4 255.7 467.7 39.8 797.3 1534.0 2441.5 -- 142.8 -- -- -- -- -- 30988.0 -- 11438.1 8833.2 373.4 -- -- 12800.7 450.8 -- -- 3666.9 -- 41960.8 -- 5362.1 2379.8 2766.1 10508.0 6474.9 591.2 -- -- 132.2 7198.2 -- -- -- -- -- -- -- -- -- 33635.5 97230.3 L (4) Nonfinancial Business A (3) Financial Accounts Matrix--Levels for 2020 337.7 -- -- -- -- -- 437.0 -- -- 84.9 -- 33.2 1381.0 127.2 419.0 -- 1927.2 0.5 -- 0.0 -- -- 0.5 -- -- 1.0 1732.1 -- -- -- -- 111.7 -- -- 4665.2 A (5) -- 2366.9 -- -- -- -- -- -- -- 52.4 435.1 -- -- -- 0.0 0.0 -- 0.0 -- -- 20.2 23600.9 -- 23621.1 -- -- -- -- -- -- 23.1 5.2 50.9 26554.6 26554.6 L (6) Federal Government 45.4 -- -- -- -- -- 189.7 -- -- 263.7 112.8 250.0 -- 261.7 -- -- 261.7 240.9 18.6 466.5 1111.9 79.2 1917.2 182.9 34.5 413.6 229.9 -- -- -- -- -- -- -- 3901.3 A (7) 4037.0 -- -- -- -- -- -- -- -- 1097.2 -- -- -- -- 22.1 -- 22.1 -- 3158.9 -- -- -- 3158.9 -- -- -- -- -- -- -- -- -- 8315.2 8315.2 -- L (8) State and Local Governments 12329.0 -- -- 6831.8 53.6 12891.1 626.6 29797.8 1867.0 5657.7 11564.0 28469.4 1440.9 560.3 1575.7 -- 3576.9 748.4 1973.5 806.4 3014.8 334.9 6878.0 222.6 3380.0 12259.0 7288.9 -- 191.4 -- -- 111.7 -- -- 143996.5 A (9) -- 17878.7 8833.2 373.4 -- -- 12800.7 450.8 -- 52.4 5575.4 -- 41960.8 4185.0 16548.3 3174.3 3136.7 27044.3 6474.9 3952.9 20.2 23600.9 132.2 34181.0 -- -- -- -- -- -- 23.1 5.2 50.9 85635.1 149229.9 L (10) Domestic Nonfinancial Sectors 16096.7 -- -- 1344.8 10.5 -- -- 291.3 516.6 375.9 6969.2 25985.6 2744.1 16213.4 2065.5 4216.0 25239.0 10130.6 2234.3 8413.7 14561.0 566.7 35906.3 3592.5 828.5 723.1 694.3 3138.1 0.7 50.5 5.2 33.1 -- -- 121802.1 A (11) L (12) -- 8617.4 1428.7 178.1 -- -- 90.3 164.3 29963.7 2248.9 397.2 19562.6 12407.6 -- 225.4 1317.4 380.7 1923.6 4417.3 -- 10066.5 -- 390.9 14874.6 2946.7 4335.6 13679.7 9128.6 3258.2 -- -- -- -- 111279.2 125205.8 Domestic Financial Sectors (Billions of dollars; amounts outstanding end of period, not seasonally adjusted) 59.1 10262.0 551.5 -- -- -- -- 2.4 1.6 430.0 1029.4 10449.2 -- -- 905.6 -- 905.6 4445.8 108.5 1195.7 7070.8 85.3 12906.1 1075.2 127.1 697.6 1142.6 152.9 -- -- -- 50.9 -- -- 39843.0 A (13) 263.0 -- -- 8176.6 64.1 -- -- 127.8 83.8 81.6 -- 10535.9 -- -- 55.0 698.6 753.6 3546.3 -- -- -- 463.8 4010.1 1287.1 -- -- -- -- 868.3 -- -- 133.7 7673.2 26385.8 -- L (14) Rest of the World 28484.8 10262.0 551.5 8176.6 64.1 12891.1 626.6 30091.5 2385.1 6463.6 19562.6 64904.3 4185.0 16773.7 4546.8 4216.0 29721.5 15324.9 4316.3 10415.8 24646.6 986.9 55690.5 4890.4 4335.6 13679.7 9125.8 3291.0 192.1 50.5 5.2 195.6 -- -- 305641.7 A (15) L (16) -- 26759.1 10262.0 551.5 8176.6 64.1 12891.1 615.0 30091.5 2385.1 6054.3 19562.6 64904.3 4185.0 16773.7 4546.8 4216.0 29721.5 14438.4 3952.9 10086.7 23600.9 986.9 53065.7 4233.8 4335.6 13679.7 9128.6 3258.2 868.3 23.1 5.2 184.6 204587.6 300821.5 All Sectors -1725.7 -- -- -- -- -- -11.6 -- -- -409.4 -- -- -- -- -- -- -- -886.5 -363.4 -329.2 -1045.7 -- -2624.7 -656.6 -- -- 2.9 -32.9 676.2 -27.3 -- -11.0 -- -- -4820.2 (17) Instrument Discrepancy Summary 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), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, September 23, 2021 3 Total liabilities and equity Total liabilities U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. Funds and security repos Debt securities Open market paper Treasury securities Agency- and GSE-backed sec. Municipal securities Corporate and fgn. bonds Loans Depository inst. loans n.e.c. Other loans and advances Mortgages Consumer credit Corporate equities Mutual fund shares Trade credit Life insurance reserves Pension entitlements Taxes payable Equity in noncorp. business U.S. direct investment: debt U.S. direct investment: equity Foreign direct investment: debt Foreign direct investment: equity Miscellaneous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 153090005 -- -- -- -- 152090205 -- 153050005 153040005 163070005 153064205 153064105 163066223 153065005 153069005 -- 154023005 153063005 153062005 153061705 153061105 -- 154022005 -- 153034005 153030005 153020005 -- 153091003 -- -- -- -- -- 154090005 A (1) -- 543077073 -- -- -- -- -- -- -- -- 163170005 -- -- 153166000 153165005 153169005 153168005 154123005 -- 163162003 -- -- -- 163162003 -- -- -- -- -- -- -- -- -- 154190005 154190005 L (2) Households and Nonprofit Organizations 143090005 -- -- 103092105 103092305 -- -- -- -- 143070005 103064203 103064103 143066005 143065005 -- -- 144023005 -- 143062005 103061703 143061105 103069100 144022005 102051003 143034005 143030005 143020005 -- 103091003 -- -- -- -- -- 144090005 A (3) -- 143190005 143192105 143192305 -- -- 112090205 143178005 -- -- 143170005 -- 103164103 -- 143165005 143169005 143168005 144123005 103163003 103162000 -- -- 103169100 104122005 -- -- -- -- -- -- -- -- -- 144190005 144194005 L (4) Nonfinancial Business 313090005 -- -- -- -- -- 313078000 -- -- 313070000 -- 313064105 313066220 313065005 313069005 -- 314023005 313063763 -- 313061703 -- -- 314022005 -- -- 313030003 313020005 -- -- -- -- 313011005 -- -- 314090005 A (5) -- 313190005 -- -- -- -- -- -- -- 313140003 313170005 -- -- -- 313165403 313169003 -- 314123005 -- -- 313161705 313161105 -- 314122005 -- -- -- -- -- -- 313112003 713014003 313111303 314190005 314190005 L (6) Federal Government 213093003 -- -- -- -- -- 213078005 -- -- 213070003 213064203 213064103 -- 213065005 -- -- 213065005 213063003 213062003 213061703 213061105 213069103 214022005 212051003 213034003 213030000 213020005 -- -- -- -- -- -- -- 214090005 A (7) -- 223073045 -- -- -- -- -- -- -- -- 213170003 -- -- -- -- 213169203 -- 213169203 -- 213162005 -- -- -- 213162005 -- -- -- -- -- -- -- -- -- 214190005 214190005 L (8) State and Local Governments 383090005 -- -- 103092105 103092305 152090205 383078005 153050005 153040005 383070005 383064205 383064105 383066005 383065005 383069005 -- 384023005 383063005 383062005 383061705 383061105 383069105 384022005 382051005 383034005 383030005 383020005 -- 383091005 -- -- 313011005 -- -- 384090005 A (9) -- 383190005 143192105 143192305 -- -- 112090205 143178005 -- 313140003 383170005 -- 103164103 153166000 383165005 383169005 383168005 384123005 103163003 383162005 313161705 313161105 103169100 384122005 -- -- -- -- -- -- 313112003 713014003 313111303 384190005 384194005 L (10) Domestic Nonfinancial Sectors Financial Accounts Matrix--Levels 793090005 -- -- 793092105 793092305 -- -- 543050005 793040005 793070005 793064205 793064105 793066005 793065005 793069005 793068005 794023005 793063005 793062005 793061705 793061105 793069175 794022005 792050005 793034005 793030005 793020005 794010005 633091003 713012003 713014003 713011005 -- -- 794090005 A (11) L (12) -- 793190005 793192105 793192305 -- -- 662090003 793178005 583150005 543140005 793170005 653164205 793164105 -- 123165005 793169005 793168005 794123005 793163005 -- 423161705 -- 793169175 794122005 792150005 634090005 703130005 793120005 794110005 -- -- -- -- 794190005 794194005 Domestic Financial Sectors 263076005 263092101 263092303 -- -- -- -- 543151905 543141905 263070005 263064203 263064105 -- -- 263069500 -- 263069500 263063005 263062003 263061705 263061105 263069103 264022005 262051005 263034003 263030005 263020005 264016005 -- -- -- 263011005 -- -- 264090005 A (13) L (14) -- 263190005 -- -- 263192101 263192305 -- -- 263150005 263140005 263170005 -- 263164100 -- -- 263169005 263168005 264123005 263163005 -- -- -- 263169105 264122005 262151003 -- -- -- -- 263191005 -- -- 263111005 264190005 264194005 Rest of the World 893090005 263092101 263092303 263192101 263192305 152090205 893078005 893150005 893140005 893070005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893063005 893062005 893061705 893061105 893169175 894022005 892050005 634090005 703130005 893020005 894010005 893091005 713012003 713014003 893011005 -- -- 894090005 A (15) L (16) -- 893190005 263092101 263092303 263192101 263192305 152090205 893178005 893150005 893140005 893170005 653164205 893064105 153166000 893065005 893169005 793068005 894123005 893163005 383162005 893161705 313161105 893169175 894122005 892150005 634090005 703130005 793120005 794110005 263191005 313112003 713014003 893111005 894190005 894194005 All Sectors 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), equity in noncorporate business (line 30), and foreign direct investment in the U.S. (FDI) equity (line 34) for domestic sectors or U.S. direct investment abroad equity for the rest of the world (line 32). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability. Total financial assets 1 Z.1, September 23, 2021 903090005 -- -- -- -- -- 903078005 -- -- 903070005 -- -- -- -- -- -- -- 903063003 903062003 903061703 903061103 -- 904022005 902050005 -- -- 903020005 904010005 903091005 903012005 -- 903011005 -- -- 907005015 (17) Instrument Discrepancy Summary 4 5 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FG384104005 Households One-to-four-family Consumer Total res. mortgages credit FG154104005 FG153165105 FG153166000 Business Total FG144104005 Corporate FG104104005 Federal government FG314104005 State and local governments FG214104005 Domestic financial sectors FG794104005 Rest of the world FG264104005 1986 1987 1988 1989 1990 11.96 8.98 9.19 7.50 6.56 11.36 9.68 9.76 9.38 6.83 13.75 13.44 11.79 10.94 8.85 9.14 4.85 6.67 6.30 1.87 11.41 7.76 9.96 6.27 3.62 13.81 8.81 10.99 7.30 5.38 13.93 8.68 8.61 7.63 10.99 10.94 12.03 5.98 5.31 5.00 24.93 15.63 12.88 10.14 8.58 3.18 3.52 0.36 -0.28 5.06 1991 1992 1993 1994 1995 4.74 4.67 5.77 5.20 4.90 5.63 5.21 6.09 7.53 6.98 7.01 6.49 5.51 5.56 4.86 -1.07 1.13 7.44 15.23 14.39 -2.12 -0.30 3.07 5.41 5.87 -2.10 0.60 5.23 7.10 6.58 11.18 10.92 8.40 5.11 4.38 9.23 1.53 5.29 -3.95 -5.49 6.78 8.11 11.32 13.52 11.86 2.74 4.50 15.67 -2.99 15.90 1996 1997 1998 1999 2000 5.24 5.57 6.75 6.70 4.78 7.05 6.55 8.04 9.38 8.82 6.18 6.11 8.08 9.35 8.65 9.05 5.52 7.22 7.80 11.36 5.52 8.53 11.69 10.35 8.95 5.27 8.62 11.02 9.40 8.03 4.60 1.46 -0.26 -0.68 -6.30 -1.96 4.95 6.20 3.26 1.43 13.03 12.07 19.54 16.71 11.71 14.19 10.36 4.93 2.77 7.36 2001 2002 2003 2004 2005 5.77 6.70 7.83 9.10 8.74 8.62 9.82 12.32 11.58 10.75 10.55 13.26 14.49 13.44 13.76 8.65 5.56 5.30 5.57 4.52 4.80 2.22 1.15 5.69 7.99 3.28 -0.09 0.13 3.17 5.35 1.35 6.81 9.50 8.31 6.61 8.80 11.09 8.32 11.59 6.65 11.05 8.63 11.16 9.46 9.01 -1.26 7.51 1.73 7.99 7.82 2006 2007 2008 2009 2010 8.56 8.17 5.75 3.64 4.34 10.64 7.14 -0.04 0.43 -0.61 11.19 7.20 0.74 0.88 -1.50 5.18 6.11 1.31 -3.58 -1.10 10.00 12.56 5.77 -3.94 -0.73 7.68 11.74 4.11 -4.92 -0.89 3.92 4.66 21.44 20.41 18.53 4.40 6.24 1.45 4.72 2.86 10.42 13.65 4.53 -9.84 -4.18 21.42 15.44 -10.39 14.53 9.53 2011 2012 2013 2014 2015 3.63 4.70 4.19 3.78 4.36 0.13 0.53 2.34 1.18 2.25 -0.59 -1.09 -0.12 -0.05 1.27 4.13 5.76 6.10 7.09 7.05 2.41 5.65 4.88 6.80 7.01 5.10 6.33 6.22 6.78 7.81 10.82 10.12 6.67 5.37 5.02 -0.99 -0.26 -0.23 -2.47 0.39 -3.13 -0.89 1.44 1.98 1.21 7.23 8.43 9.49 8.64 0.98 2016 2017 2018 2019 2020 4.35 4.21 4.71 4.68 12.35 3.10 3.91 3.11 3.29 3.85 2.06 3.06 2.96 2.88 4.30 6.95 5.34 4.51 4.62 -0.28 5.13 6.07 4.41 4.85 8.85 3.33 4.23 3.88 4.97 9.17 5.56 3.74 7.58 6.58 24.06 0.97 -0.05 -1.26 -0.06 2.90 2.82 2.33 2.05 2.12 5.48 1.19 12.07 5.09 5.17 1.56 2016 -- Q1 Q2 Q3 Q4 5.90 4.71 4.66 1.88 2.24 3.46 3.98 2.61 1.16 2.18 2.46 2.41 7.52 6.46 6.68 6.43 8.47 4.31 5.72 1.66 8.75 2.11 4.49 -2.10 8.08 6.70 5.16 1.87 1.34 2.30 0.77 -0.53 5.11 3.20 3.75 -0.87 -3.74 1.70 -1.83 8.32 2017 -- Q1 Q2 Q3 Q4 3.51 4.91 4.11 4.04 3.61 3.95 2.67 5.20 3.41 2.80 2.74 3.18 5.27 4.73 4.29 6.67 5.80 6.90 5.56 5.40 3.90 5.70 3.65 3.33 2.58 5.15 5.03 2.00 -2.23 -0.56 -0.46 3.07 2.46 3.13 3.46 0.20 10.09 7.22 11.65 16.26 2018 -- Q1 Q2 Q3 Q4 6.83 4.30 3.96 3.41 3.11 3.41 3.13 2.64 2.76 3.28 3.27 2.41 4.12 3.99 4.32 5.30 4.16 3.37 5.01 4.61 3.60 2.30 4.85 4.22 14.36 6.66 4.44 4.10 -2.78 0.10 0.28 -2.65 1.34 1.71 2.06 3.02 10.23 3.57 5.56 0.83 2019 -- Q1 Q2 Q3 Q4 5.78 3.51 5.82 3.33 2.12 4.20 3.20 3.51 2.51 3.21 3.24 2.46 4.30 4.88 4.42 4.56 6.73 4.25 5.85 2.25 8.14 4.37 6.30 0.74 9.56 3.15 8.86 4.15 -2.29 -1.71 0.82 2.95 1.97 3.20 2.65 0.58 -3.70 9.89 7.33 5.98 2020 -- Q1 Q2 Q3 Q4 11.67 26.77 4.12 5.10 3.60 -0.07 5.57 6.11 3.56 3.05 5.56 4.79 0.63 -5.58 1.79 2.07 18.86 15.25 0.07 0.47 24.04 15.44 -3.21 -0.17 14.09 62.50 6.03 8.42 0.90 3.48 5.54 1.56 27.50 -10.22 -1.14 6.28 -13.03 5.08 1.95 12.36 2021 -- Q1 Q2 6.71 6.45 6.71 7.91 5.59 7.98 3.62 8.64 4.26 1.41 4.58 1.12 8.98 9.58 3.54 3.15 5.97 6.18 18.16 3.45 1. Debt securities and loans. Data shown are on an end-of-period basis. Summary Z.1, September 23, 2021 Summary 6 Z.1, September 23, 2021 D.2 Borrowing by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted annual rates Domestic nonfinancial sectors Total FA384104005 Households One-to-four-family Consumer Total res. mortgages credit FA154104005 FA153165105 FA153166000 Business Total FA144104005 Corporate FA104104005 Federal government FA314104005 State and local governments FA214104005 Domestic financial sectors FA794104005 Rest of the world FA264104005 1986 1987 1988 1989 1990 877.9 737.8 823.4 733.3 690.7 264.6 250.8 274.9 290.9 231.3 199.4 221.6 215.6 224.9 200.0 55.8 32.3 46.6 47.0 15.1 293.6 222.3 310.3 214.1 132.1 226.4 164.3 225.5 165.3 132.0 245.5 174.2 187.9 180.9 280.2 74.2 90.4 50.4 47.4 47.1 333.7 263.1 252.3 224.1 211.3 9.2 10.6 1.1 -1.0 17.9 1991 1992 1993 1994 1995 532.9 549.8 711.5 678.3 672.9 205.2 200.7 247.1 324.0 323.0 174.5 173.0 156.5 166.8 154.0 -8.8 9.2 61.4 135.0 147.0 -80.0 -11.1 113.3 206.4 236.5 -54.2 15.2 133.2 191.0 190.2 316.6 343.8 293.2 193.5 174.2 91.2 16.5 57.9 -45.5 -60.8 181.5 231.8 351.8 468.4 467.4 10.1 16.9 62.0 -14.5 75.3 1996 1997 1998 1999 2000 755.6 846.2 1081.5 1145.7 873.9 349.0 347.9 455.2 573.8 590.0 205.2 216.1 303.2 379.4 383.5 105.7 70.3 97.1 112.4 176.5 236.0 384.1 570.8 564.7 542.0 163.0 279.6 388.2 367.5 346.1 191.1 63.4 -11.4 -30.1 -275.0 -20.5 50.8 66.8 37.3 16.9 574.6 601.8 1088.0 1112.3 909.1 85.5 71.4 37.6 22.3 57.2 2001 2002 2003 2004 2005 1106.0 1357.0 1692.9 2123.5 2293.6 628.6 777.5 1070.8 1132.4 1175.9 508.2 706.2 874.1 929.4 1081.2 150.6 105.2 105.9 117.2 100.4 316.8 152.9 80.9 406.4 605.5 153.0 -4.5 6.1 152.4 266.9 55.2 282.1 420.7 402.8 346.9 105.5 144.6 120.5 181.8 165.3 958.5 836.5 1175.0 1091.1 1139.4 -10.5 62.3 16.3 91.4 98.9 2006 2007 2008 2009 2010 2443.3 2531.5 1925.2 1285.8 1575.2 1289.6 958.1 -5.1 60.8 -85.5 1000.3 715.5 79.1 92.7 -156.3 120.1 150.2 34.3 -94.6 -28.2 818.0 1130.5 585.3 -421.6 -74.6 403.7 664.5 260.1 -324.1 -55.2 219.1 270.4 1302.5 1505.8 1645.9 116.5 172.5 42.5 140.8 89.3 1431.0 2064.8 783.4 -1771.0 -672.5 283.9 251.7 -203.6 227.0 187.7 2011 2012 2013 2014 2015 1366.6 1826.5 1699.8 1592.6 1902.5 17.5 73.0 320.5 163.6 315.9 -58.7 -107.0 -11.8 -4.8 119.5 109.4 158.7 177.6 219.1 233.5 242.4 581.3 529.3 771.5 849.9 309.5 403.9 420.1 485.8 597.4 1138.7 1180.6 857.3 735.9 724.6 -32.0 -8.3 -7.3 -78.3 12.1 -471.2 -129.9 204.9 285.5 177.2 162.5 208.3 268.3 256.8 32.2 2016 2017 2018 2019 2020 1976.5 1992.6 2330.8 2439.5 6730.9 440.6 571.0 470.6 513.9 619.8 196.0 295.7 294.2 294.2 451.2 236.2 194.3 172.7 185.1 -11.9 663.0 824.5 641.5 752.6 1440.2 273.7 358.9 348.1 479.5 929.4 842.7 598.6 1258.1 1174.9 4581.2 30.2 -1.5 -39.4 -1.9 89.6 411.8 349.3 313.3 330.2 872.4 38.3 399.7 197.7 206.7 69.9 2016 -- Q1 Q2 Q3 Q4 2679.9 2171.2 2171.3 883.5 318.3 493.6 572.4 378.2 110.4 207.0 235.1 231.4 255.7 223.7 235.3 230.2 1095.3 569.6 763.0 224.3 718.2 177.3 378.8 -179.4 1224.6 1036.5 811.8 297.7 41.7 71.5 24.1 -16.7 746.0 473.1 558.5 -130.3 -120.8 56.0 -61.5 279.8 2017 -- Q1 Q2 Q3 Q4 1659.2 2349.3 1987.0 1974.9 527.4 582.0 396.4 778.0 329.0 272.2 268.3 313.4 191.6 174.2 160.1 251.4 787.8 955.4 783.4 771.2 330.3 491.9 319.3 294.2 413.8 829.2 821.4 330.3 -69.8 -17.3 -14.2 95.4 368.7 471.2 526.0 31.4 334.2 249.1 414.8 600.8 2018 -- Q1 Q2 Q3 Q4 3374.8 2163.2 2026.1 1758.8 471.7 520.1 480.9 409.6 274.4 328.0 329.5 244.6 158.0 154.4 168.8 209.6 604.8 495.0 759.5 706.7 323.4 208.2 457.9 402.9 2385.4 1144.9 777.0 725.1 -87.0 3.2 8.7 -82.6 205.1 262.0 317.7 468.5 397.8 141.5 218.8 32.9 2019 -- Q1 Q2 Q3 Q4 3009.8 1851.8 3098.8 1797.6 330.1 658.6 506.4 560.6 255.7 329.4 335.4 256.5 172.4 197.8 181.2 189.2 1043.3 670.4 933.1 363.5 785.3 430.4 627.3 75.1 1707.4 575.3 1634.0 782.8 -71.0 -52.5 25.3 90.7 308.2 501.4 419.3 92.0 -148.1 401.3 312.0 261.7 2020 -- Q1 Q2 Q3 Q4 6358.0 15013.5 2465.7 3086.2 579.8 -10.9 904.7 1005.6 373.4 322.5 592.1 516.9 26.4 -234.6 74.3 86.3 3067.6 2597.1 13.0 83.3 2436.0 1658.4 -358.2 -18.8 2682.6 12319.5 1374.7 1947.8 28.0 107.8 173.2 49.5 4381.7 -1740.4 -189.8 1038.0 -585.3 215.2 87.3 562.6 2021 -- Q1 Q2 4109.7 4012.9 1121.2 1343.9 610.2 883.6 151.5 364.7 753.5 253.1 507.0 124.8 2122.3 2314.9 112.7 101.0 1002.0 1053.3 864.9 166.4 (1) Debt securities and loans. 7 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Total LA384104005 Households One-to-four-family Consumer Total res. mortgages credit LA154104005 LA153165105 LA153166000 Business Total LA144104005 Corporate LA104104005 Federal government LA314104005 State and local governments LA214104005 Domestic financial sectors LA794104005 Rest of the world LA264104005 1986 1987 1988 1989 1990 8216.7 8958.2 9777.6 10527.9 11245.9 2592.3 2817.5 3100.6 3384.0 3644.4 1649.0 1828.6 2054.8 2260.1 2489.3 666.4 698.6 745.2 809.3 824.4 2864.7 3116.4 3414.5 3653.1 3783.3 1864.5 2051.5 2265.2 2455.2 2585.4 2007.5 2181.7 2369.6 2550.5 2830.8 752.1 842.6 893.0 940.4 987.4 1683.4 1958.9 2211.2 2463.8 2678.3 300.2 310.4 351.9 354.8 368.7 1991 1992 1993 1994 1995 11775.5 12328.5 13054.8 13739.4 14428.1 3853.2 4053.9 4303.3 4627.3 4950.2 2667.4 2840.4 2999.2 3165.9 3319.9 815.6 824.8 886.2 1021.2 1168.2 3696.4 3688.4 3814.1 4026.9 4279.2 2526.6 2545.0 2690.7 2888.0 3094.0 3147.4 3491.1 3784.3 3977.8 4152.0 1078.6 1095.1 1153.0 1107.5 1046.7 2859.8 3107.2 3464.3 3940.8 4411.1 375.5 395.5 484.8 473.4 602.5 1996 1997 1998 1999 2000 15185.3 16029.5 17110.9 18288.7 19172.5 5313.3 5661.2 6116.4 6687.9 7287.8 3538.1 3754.2 4057.4 4434.5 4816.8 1273.9 1344.2 1441.3 1553.6 1741.3 4502.8 4884.8 5455.6 6054.8 6596.8 3244.6 3522.1 3910.2 4312.1 4658.2 4343.1 4406.5 4395.1 4365.0 4090.0 1026.2 1076.9 1143.8 1181.0 1197.9 4985.7 5567.4 6655.4 7765.4 8675.5 689.1 763.6 806.0 776.7 837.1 2001 2002 2003 2004 2005 20261.6 21618.6 23343.8 26251.1 28531.7 7916.4 8693.8 9782.8 10940.5 12116.4 5324.9 6031.1 6914.9 7859.1 8940.4 1891.8 1997.0 2102.9 2220.1 2320.6 6896.6 7049.5 7144.5 7574.9 8180.4 4794.2 4789.7 4809.9 4986.4 5253.3 4145.2 4427.3 4848.0 5250.9 5584.8 1303.4 1447.9 1568.4 2484.8 2650.1 9689.9 10526.4 11536.7 12642.7 13727.6 829.5 944.5 1144.4 1265.4 1325.7 2006 2007 2008 2009 2010 30992.6 33500.8 35287.5 36254.6 37671.3 13421.5 14351.4 14219.4 14057.4 13865.9 9940.3 10625.0 10577.3 10441.3 9992.3 2456.7 2609.5 2643.8 2555.0 2646.8 9000.5 10136.0 10709.6 10192.0 10059.0 5658.1 6329.1 6584.2 6175.8 6072.3 5803.9 6074.3 7376.8 8882.6 10528.6 2766.7 2939.2 2981.7 3122.5 3217.8 15126.4 17301.8 18004.4 16098.6 15067.5 1630.2 1959.7 1562.1 1968.9 2247.7 2011 2012 2013 2014 2015 38882.5 40530.4 42125.8 43671.0 45389.9 13735.3 13667.7 13900.0 14018.7 14191.1 9785.5 9537.1 9437.0 9387.3 9492.8 2756.2 2912.9 3090.5 3309.5 3400.2 10294.2 10837.3 11350.4 12119.4 12929.1 6381.8 6752.1 7160.7 7647.0 8209.1 11667.3 12847.8 13705.1 14441.1 15165.6 3185.8 3177.5 3170.2 3091.9 3104.0 14517.4 14250.9 14399.9 14665.9 14612.6 2469.8 2827.9 2973.5 3284.8 3231.4 2016 2017 2018 2019 2020 47329.9 49432.9 52074.0 54498.5 61225.3 14601.8 15147.0 15602.6 16100.7 16717.0 9658.8 9928.8 10204.4 10482.8 10925.7 3636.4 3830.8 4007.0 4192.2 4185.0 13585.7 14546.4 15513.1 16266.6 17706.3 8478.2 8974.9 9649.5 10130.9 11060.3 16008.3 16606.9 17865.0 19039.9 23621.1 3134.1 3132.7 3093.2 3091.3 3181.0 15001.6 15314.5 15612.5 15932.0 16798.2 3311.7 3887.7 4002.2 4490.7 4763.7 2016 -- Q1 Q2 Q3 Q4 46050.3 46585.0 47119.8 47329.9 14261.7 14377.4 14513.1 14601.8 9511.4 9555.5 9606.8 9658.8 3464.1 3520.1 3578.9 3636.4 13202.4 13344.3 13534.6 13585.7 8388.6 8433.0 8527.7 8478.2 15471.8 15730.9 15933.9 16008.3 3114.4 3132.3 3138.3 3134.1 14793.4 14904.2 15038.4 15001.6 3294.3 3359.8 3362.1 3311.7 2017 -- Q1 Q2 Q3 Q4 47802.4 48381.8 48872.0 49432.9 14727.0 14864.9 14958.0 15147.0 9734.4 9794.9 9855.9 9928.8 3684.3 3727.9 3767.9 3830.8 13847.1 14085.5 14280.9 14546.4 8625.6 8748.6 8828.4 8974.9 16111.7 16319.0 16524.4 16606.9 3116.7 3112.4 3108.8 3132.7 15068.3 15182.1 15309.8 15314.5 3450.3 3559.9 3693.6 3887.7 2018 -- Q1 Q2 Q3 Q4 50272.8 51130.9 51639.2 52074.0 15261.3 15382.4 15504.8 15602.6 9993.8 10070.9 10147.8 10204.4 3870.3 3904.9 3954.6 4007.0 14697.3 15147.2 15336.7 15513.1 9055.8 9434.3 9548.8 9649.5 17203.3 17489.5 17683.7 17865.0 3110.9 3111.7 3113.9 3093.2 15363.7 15422.2 15498.4 15612.5 3965.0 3933.6 3981.1 4002.2 2019 -- Q1 Q2 Q3 Q4 52822.9 53281.8 54052.8 54498.5 15680.0 15840.8 15964.0 16100.7 10263.1 10341.7 10422.1 10482.8 4050.1 4099.6 4144.9 4192.2 15775.5 15942.9 16175.9 16266.6 9847.7 9955.3 10112.1 10130.9 18291.9 18435.7 18844.2 19039.9 3075.5 3062.4 3068.7 3091.3 15683.1 15809.0 15911.5 15932.0 4058.9 4253.5 4373.8 4490.7 2020 -- Q1 Q2 Q3 Q4 56089.8 59841.2 60455.3 61225.3 16247.6 16243.0 16467.1 16717.0 10573.4 10652.1 10798.0 10925.7 4203.5 4144.9 4163.4 4185.0 17033.3 17682.5 17685.6 17706.3 10739.9 11154.5 11065.0 11060.3 19710.5 22790.4 23134.1 23621.1 3098.3 3125.3 3168.6 3181.0 17025.2 16588.6 16539.7 16798.2 4239.3 4468.2 4552.7 4763.7 2021 -- Q1 Q2 62251.5 63253.7 16996.1 17331.2 11077.1 11297.1 4222.9 4314.1 17894.6 17957.8 11187.0 11218.2 24151.6 24730.4 3209.2 3234.4 17048.1 17311.0 4829.4 4932.3 (1) Debt securities and loans. Data are shown on an end-of-period basis. Summary Z.1, September 23, 2021 Summary 8 Z.1, September 23, 2021 B.1 Derivation of U.S. Net Wealth Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 U.S. net wealth (1) Q2 2021 Q3 Q4 Q1 Q2 1 FL892090005 94566.2 105202.3 115710.7 95520.0 102947.6 107354.0 115710.7 121977.7 127942.9 1 2 3 4 5 6 LM152010005 LM155035005 LM165015205 LM165013765 LM155111005 Households’ direct holdings of nonfinancial assets Real estate Equipment (nonprofits) Intellectual property products (nonprofits) Consumer durable goods 37932.8 39951.3 43375.3 40650.4 41330.4 42239.0 43375.3 44547.8 46192.5 31794.7 33567.4 36602.5 34226.6 34895.6 35578.7 36602.5 37578.2 38796.2 438.5 459.3 485.6 468.4 474.0 479.6 485.6 495.5 498.6 186.8 194.2 206.1 196.7 200.2 202.9 206.1 207.1 209.6 5512.7 5730.5 6081.0 5758.7 5760.7 5977.8 6081.0 6267.1 6688.2 2 3 4 5 6 7 8 9 10 11 LM112010005 LM115035005 LM115015205 LM115013765 LM115020005 Nonfin. noncorporate businesses nonfinancial assets Real estate Equipment Intellectual property products Inventories 13818.8 14641.9 15538.8 14741.0 14900.9 15136.1 15538.8 15844.9 16371.0 7 12416.7 13202.9 14067.5 13302.3 13461.5 13682.5 14067.5 14328.8 14824.7 8 863.9 885.9 909.9 895.3 900.0 905.4 909.9 942.7 964.6 9 277.1 295.0 316.6 299.0 305.7 309.6 316.6 316.8 318.1 10 261.1 258.2 244.7 244.3 233.6 238.6 244.7 256.7 263.6 11 12 LM662090003 Fin. noncorporate businesses nonfinancial assets (2) 13 14 15 LM882010405 LM102010405 LM792010405 Domestic corporations’ nonfinancial assets Nonfinancial corporations’ nonfinancial assets (3) Financial corporations’ nonfinancial assets (3) 16 17 18 19 LM315015005 LM315015605 LM315013265 LM315013765 Federal government nonfinancial assets (4) Structures Equipment Intellectual property products 20 21 22 23 LM212010095 LM215015605 LM215013265 LM215013765 State and local governments nonfinancial assets (4) Structures Equipment Intellectual property products 24 FL882090265 25 26 27 FL264194005 LM263164100 FL264194035 U.S. financial claims on the rest of the world U.S. holdings of foreign corporate equities Other U.S. financial claims 20694.4 24165.7 26385.8 20741.8 22837.7 23689.9 26385.8 27313.4 28614.5 25 7899.6 9478.0 10535.9 7442.6 8574.9 9142.7 10535.9 11003.1 11687.7 26 12794.9 14687.7 15849.9 13299.1 14262.8 14547.2 15849.9 16310.4 16926.8 27 28 29 30 FL264090005 LM263064105 FL264090035 Less: Foreign financial claims on U.S. Foreign holdings of U.S. corporate equities Other foreign financial claims 29980.5 34921.4 39843.0 32218.7 35344.9 36950.5 39843.0 41050.1 43592.2 28 6629.5 8199.2 10449.2 6733.2 8131.4 8966.6 10449.2 11160.9 12169.9 29 23351.0 26722.2 29393.8 25485.6 27213.5 27983.8 29393.8 29889.2 31422.4 30 31 32 33 FL892090005 FC892090005 PC892090005 A. U.S. net wealth (line 1) Change in U.S. net wealth Percent change in U.S. net wealth 34 35 36 FL152090005 FC152090005 PC152090005 B. Household net worth (5) Change in household net worth Percent change in household net worth Net U.S. financial claims on the rest of the world 78.2 83.5 90.3 84.8 88.5 87.1 90.3 93.8 98.0 12 36931.7 45671.9 54016.9 35778.4 43368.8 47154.1 54016.9 58774.0 63387.7 13 33616.1 41670.9 50703.5 33923.9 41227.0 44950.8 50703.5 53973.8 58039.7 14 3315.5 4000.9 3313.4 1854.6 2141.8 2203.2 3313.4 4800.2 5348.0 15 3521.3 1642.8 787.6 1090.9 3603.7 1674.0 812.7 1117.1 3734.0 1706.8 851.3 1175.9 3629.3 1681.1 820.3 1127.9 3652.7 1678.3 828.5 1146.0 3694.0 1696.0 838.7 1159.3 3734.0 1706.8 851.3 1175.9 3784.9 1736.7 860.0 1188.2 3857.9 1782.1 873.6 1202.2 16 17 18 19 11569.6 12005.7 12412.8 12113.1 12113.4 12304.2 12412.8 12669.1 13013.6 20 11164.9 11591.1 11980.6 11696.1 11690.9 11876.7 11980.6 12232.1 12569.1 21 262.6 267.1 275.0 268.0 270.8 273.5 275.0 277.7 282.4 22 142.1 147.5 157.2 148.9 151.8 153.9 157.2 159.3 162.1 23 -9286.1 -10755.7 -13457.3 -11477.0 -12507.2 -13260.5 -13457.3 -13736.7 -14977.7 24 Memo: 94566.2 105202.3 115710.7 95520.0 102947.6 107354.0 115710.7 121977.7 127942.9 31 -1361.4 10636.0 10508.5 -9682.3 7427.6 4406.4 8356.8 6267.0 5965.2 32 -1.42 11.25 9.99 -9.20 7.78 4.28 7.78 5.42 4.89 33 104345.0 116831.7 130687.6 110573.1 118491.4 122748.6 130687.6 135818.2 141667.5 34 871.6 12486.6 13855.9 -6258.6 7918.3 4257.2 7938.9 5130.6 5849.4 35 0.84 11.97 11.86 -5.36 7.16 3.59 6.47 3.93 4.31 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) Estimated as the market value of corporate equity, plus foreign direct investment (equity), plus total liabilities, less total financial assets. (4) Excludes land and nonproduced nonfinancial assets. (5) Household net worth is calculated as the difference between total assets and liabilities of the household and nonprofit organizations sector. See table B.101. Summary 9 Z.1, September 23, 2021 F.2 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 1 FA086902005 2 FA156901001 Gross domestic product (GDP) 3 4 5 FA155011001 FA156901035 FA156901041 6 FA835019905 7 FA835019005 8 9 10 11 12 FA835013001 FA165013005 FA105013005 FA115013005 FA795013005 13 14 15 16 17 FA835012001 FA155012005 FA105012005 FA115012005 FA125012063 18 19 20 FA145020005 FA105020005 FA115020005 Change in private inventories Nonfinancial corporate business Nonfinancial noncorporate business 21 FA266903005 22 23 FA266903011 FA266903001 24 FA366902005 25 26 27 FA366901005 FA316901001 FA216901001 Consumption expenditures (5) Federal State and local 28 29 30 FA365019005 FA315019001 FA215019001 Gross investment (5) Federal State and local Personal consumption expenditures (2) Durable goods Nondurable goods Services Q2 2021 Q3 Q4 Q1 Q2 20527.2 21372.6 20893.7 21481.4 19477.4 21138.6 21477.6 22038.2 22731.4 1 13913.5 14428.7 14047.6 14439.1 12989.7 14293.8 14467.6 15005.4 15675.9 2 1469.2 2884.5 9559.8 1513.3 2965.6 9949.8 1616.4 3037.4 9393.7 1484.9 3046.0 9908.2 1468.3 2881.7 8639.8 1753.3 3113.9 9426.6 1759.2 3108.1 9600.4 1957.8 2090.7 3287.2 3436.7 9760.4 10148.5 3 4 5 3637.8 3826.3 3637.8 3752.4 3167.0 3708.8 3923.2 3928.0 3924.2 6 3579.1 3752.6 3697.4 3773.0 3456.9 3693.8 3865.9 4022.2 4100.2 7 Nonresidential Nonprofit organizations (4) Nonfinancial corporate business Nonfinancial noncorporate business Financial institutions 2780.6 204.1 2005.2 291.4 279.8 2938.7 213.7 2108.0 305.7 311.4 2799.6 217.1 1993.5 294.5 294.6 2900.1 217.2 2067.7 310.1 305.1 2659.1 186.6 1897.4 309.8 265.2 2776.6 232.7 1975.9 269.5 298.5 2862.7 232.0 2032.8 288.5 309.4 2956.7 236.6 2097.2 305.1 317.8 3029.5 8 238.5 9 2148.8 10 319.3 11 322.8 12 Residential Household sector Nonfinancial corporate business Nonfinancial noncorporate business REITs 798.5 663.6 6.6 124.8 3.5 813.9 673.4 3.5 130.0 7.1 897.8 738.5 15.9 140.5 3.0 872.9 719.0 10.8 137.1 5.9 797.8 652.8 20.8 124.9 -0.7 917.2 752.9 17.6 144.0 2.8 1003.2 829.3 14.2 155.9 3.8 1065.5 867.3 32.1 164.2 1.9 1070.8 856.6 40.0 163.0 11.2 58.7 55.0 3.7 73.6 73.3 0.3 -59.6 -48.3 -11.2 -20.6 -11.3 -9.3 -289.9 -248.6 -41.4 15.0 15.3 -0.3 57.3 51.3 6.0 -94.2 -80.2 -14.1 -176.1 18 -151.8 19 -24.3 20 Net U.S. exports of goods and services -596.2 -596.3 -651.2 -541.7 -538.9 -725.7 -798.4 -872.5 -884.7 21 Exports - Imports 2533.5 3129.7 2519.7 3116.0 2123.4 2774.6 2385.5 2927.3 1807.9 2346.7 2079.6 2805.3 2220.7 3019.1 2311.9 3184.5 2455.6 22 3340.3 23 3572.0 3713.9 3859.5 3831.6 3859.6 3861.7 3885.3 3977.3 4016.0 24 2869.4 1039.4 1830.0 2973.9 1097.4 1876.5 3078.0 1161.4 1916.5 3058.9 1124.7 1934.3 3084.9 1187.6 1897.3 3079.4 1169.4 1909.9 3088.7 1164.1 1924.7 3186.5 1219.9 1966.5 3223.3 25 1208.0 26 2015.3 27 702.6 299.6 403.0 740.0 317.5 422.5 781.6 340.3 441.2 772.7 330.0 442.7 774.7 337.4 437.3 782.3 345.7 436.6 796.5 348.2 448.3 790.8 348.7 442.2 792.7 28 355.3 29 437.4 30 294.2 1142.1 847.9 266.4 1160.3 893.9 222.3 992.9 770.6 239.9 1048.9 809.0 172.0 883.5 711.5 226.8 996.1 769.2 250.6 1043.2 792.5 234.8 1081.6 846.7 245.4 31 1110.8 32 865.4 33 Gross private domestic investment Fixed investment (3) Government consumption expenditures and gross investment 13 14 15 16 17 Memo: 31 32 33 FA266904005 FA266904001 FA266904101 Net U.S. income receipts from rest of world U.S. income receipts - U.S. income payments 34 FA086902105 Gross national product (GNP) = GDP + net U.S. income receipts 35 36 37 38 39 FA155420003 FA105420005 FA315420003 FA215420003 FA265420005 Acquisition of nonproduced nonfinancial assets (net) Household sector Nonfinancial corporate business Federal government State and local governments Rest of the world 20821.3 21639.0 21116.1 21721.3 19649.4 21365.4 21728.2 22273.1 22976.8 34 -13.5 -1.7 -0.8 16.1 -0.1 -14.0 -0.1 -2.6 16.8 -0.1 -14.4 -0.2 -2.9 17.3 0.2 (1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Component of personal outlays, found on table F.101, line 4. (3) Structures, equipment, and intellectual property products. (4) Included in the households and nonprofit organizations sector (table F.101). (5) Government inventory investment is included in consumption expenditures. -14.1 -2.2 -0.3 17.0 -0.4 -14.3 -2.7 -0.1 17.2 -0.1 -14.4 6.8 -11.1 17.4 1.3 -14.7 -2.7 -0.2 17.7 -0.1 -14.8 15.4 -18.3 17.9 -0.2 -15.0 -2.9 -0.3 18.2 0.0 35 36 37 38 39 Summary 10 Z.1, September 23, 2021 F.3 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 National income Q2 2021 Q3 Q4 Q1 Q2 1 FA086010005 2 3 4 FA156025105 FA156020101 FA156401101 Compensation of employees Wages and salaries Supplements to wages and salaries 17673.3 18273.1 17710.7 18473.4 16241.3 17544.3 18583.8 19086.8 19439.8 1 10959.5 11447.7 11572.2 11755.5 11029.2 11539.7 11964.2 12088.9 12301.2 8900.5 9323.5 9444.1 9604.1 8979.0 9410.3 9783.0 9879.2 10072.1 2059.0 2124.2 2128.0 2151.4 2050.2 2129.4 2181.1 2209.7 2229.2 2 3 4 5 6 FA146111105 FA116112101 Proprietors’ income with IVA and CCAdj Rental income of persons with CCAdj 1580.4 681.9 1598.9 692.1 1650.0 711.6 1638.3 712.2 1471.1 709.5 1760.7 714.5 1730.0 710.0 1714.0 716.9 1838.2 716.8 5 6 7 FA096060035 Corporate profits with IVA and CCAdj 2305.0 2367.8 2243.8 2169.5 1942.6 2435.4 2427.5 2551.4 2785.9 7 8 FA096060025 Corporate profits with IVA 2211.3 2254.6 2165.9 2081.9 1864.0 2360.5 2357.2 2461.8 2714.1 8 9 10 11 12 FA096060005 FA106060005 FA796060005 FA266060005 Profits before tax Domestic nonfinancial Domestic financial Rest of the world 2259.0 1287.0 450.3 521.7 2254.6 1208.0 533.2 513.4 2184.1 1226.8 502.5 454.7 1988.8 1023.7 486.0 479.1 1818.9 910.0 500.6 408.3 2448.4 1491.5 502.4 454.5 2480.1 1482.1 521.0 477.0 2711.3 1725.1 519.9 466.4 3036.2 9 1980.9 10 577.8 11 477.4 12 13 14 15 FA096231001 FA106231005 FA796231003 Less: Taxes on corporate income Domestic nonfinancial Domestic financial 281.5 200.5 81.0 302.2 203.6 98.6 275.6 189.6 86.0 245.4 162.8 82.7 241.2 158.7 82.4 300.3 214.1 86.2 315.6 222.7 92.9 343.7 244.8 98.9 364.9 13 272.4 14 92.5 15 16 17 18 19 20 FA096060015 FA096121073 FA106121075 FA796121073 FA266121073 Equals: Profits after tax Net dividends Domestic nonfinancial Domestic financial Rest of the world 1977.5 1338.4 226.0 211.4 901.0 1952.4 1386.4 695.7 224.3 466.4 1908.4 1394.9 796.2 289.9 308.7 1743.4 1417.7 756.5 206.6 454.6 1577.7 1395.7 789.5 313.7 292.5 2148.2 1368.6 766.3 340.8 261.5 2164.5 1397.5 872.5 298.6 226.4 2367.6 1359.7 759.1 248.5 352.1 2671.2 1410.5 863.0 282.2 265.3 16 17 18 19 20 21 22 23 24 FA096006401 FA106006405 FA796006403 FA266006403 Undistributed profits Domestic nonfinancial Domestic financial Rest of the world 639.1 860.5 157.9 -379.3 566.0 308.7 210.2 47.1 513.6 241.1 126.5 146.0 325.7 104.5 196.8 24.4 182.1 -38.2 104.5 115.9 779.5 511.1 75.5 193.0 767.0 386.8 129.4 250.7 1007.9 721.2 172.4 114.3 1260.8 845.5 203.1 212.1 21 22 23 24 25 FA105020601 Inventory valuation adjustment (IVA) -47.7 -0.0 -18.2 93.0 45.1 -88.0 -122.9 -249.5 -322.1 25 26 27 28 FA096310003 FA106310005 FA796310003 Capital consumption adjustment (CCAdj) Domestic nonfinancial Domestic financial 93.6 94.4 -0.7 113.2 139.5 -26.3 77.9 113.4 -35.5 87.6 121.6 -34.0 78.6 113.6 -35.0 74.9 110.7 -35.7 70.4 107.6 -37.3 89.6 124.4 -34.8 71.8 26 110.9 27 -39.1 28 29 FA086130003 Net interest and miscellaneous payments 30 FA366240005 Taxes on production and imports 31 FA366402005 Less: Subsidies 32 33 34 35 FA146403005 FA156403101 FA366403145 FA266403101 Business current transfer payments (net) To persons (net) To government (net) To rest of the world (net) 36 FA366402105 Current surplus of government enterprises 598.7 558.2 618.8 566.9 619.3 623.0 666.1 695.2 699.0 29 1461.7 1532.3 1534.7 1577.1 1460.5 1544.0 1557.0 1580.1 1640.2 30 63.3 73.0 761.4 80.9 1124.3 1221.2 619.2 406.3 692.2 31 158.0 50.2 103.8 4.1 162.3 56.0 95.7 10.6 158.6 59.9 97.8 0.9 149.4 58.0 93.3 -1.9 152.8 63.3 95.1 -5.6 165.8 58.9 99.7 7.2 166.3 59.2 103.2 3.9 165.8 62.0 98.4 5.4 166.0 71.2 94.4 0.4 -8.6 -13.3 -17.5 -14.6 -19.5 -17.7 -18.1 -19.3 -15.3 36 32 33 34 35 Memo: Calculation of gross domestic product from National income: 37 FA086010005 National Income, from line 1 above 38 39 40 FA836300005 FA366300005 FA087005005 Plus: Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 41 FA266904005 Less: Net U.S. income receipts from rest of world 42 FA086902005 Equals: Gross domestic product (2) 17673.3 18273.1 17710.7 18473.4 16241.3 17544.3 18583.8 19086.8 19439.8 37 2708.1 565.4 -125.5 2848.6 586.9 -69.7 2969.6 606.4 -170.6 2924.5 597.8 -274.5 2949.0 601.9 -142.8 2981.5 609.6 230.0 3023.3 616.1 -495.0 3071.2 624.7 -509.7 3149.0 38 637.5 39 -249.5 40 294.2 266.4 222.3 239.9 172.0 226.8 250.6 234.8 245.4 41 20527.2 21372.6 20893.7 21481.4 19477.4 21138.6 21477.6 22038.2 22731.4 42 (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) The relationship of National income (line 37) to Gross domestic product (line 42) is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis. 11 Summary Z.1, September 23, 2021 F.4 Saving and Investment by Sector (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 1 FA886000115 Gross saving 2 3 4 5 6 7 8 9 10 FA896006005 FA836006005 FA826006005 FA106012005 FA796012005 FA156006005 FA366006005 FA316006005 FA216006005 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 FA886300095 FA836300005 FA826300003 FA106300003 FA116300001 FA796300081 FA156300003 FA366300005 FA316300001 FA216300001 Consumption of fixed capital Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 21 FA885090015 22 23 24 25 26 27 28 29 30 31 FA885019905 FA835019905 FA825019905 FA105019985 FA115050085 FA795013005 FA155019005 FA365019005 FA315019001 FA215019001 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 32 33 34 35 36 37 38 39 40 41 FA265430003 FA835430005 FA825430005 FA105430005 FA115440005 FA795440005 FA155430005 FA365430005 FA315430005 FA215430005 Capital account transactions (net) (2) Private Domestic business Nonfinancial corporate business Nonfinancial noncorporate business Financial business Households and institutions Government Federal State and local 42 43 44 45 46 47 48 49 50 51 FA885000905 FA835000905 FA825000905 FA105000995 FA115000905 FA795000905 FA155000905 FA365000905 FA315000905 FA215000905 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 52 FA087005005 Statistical discrepancy (line 21 less line 1) 53 54 55 56 57 58 59 FA895404005 FA835404005 FA825404003 FA155404003 FA365404005 FA315404003 FA215404003 Gross domestic investment, capital account transactions, and net lending, NIPAs Addenda: Disaster losses Private Domestic business Households and institutions Government Federal State and local 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 4172.8 4025.6 4156.1 4002.9 4347.5 3556.7 3596.3 4511.0 4423.0 752.1 1876.0 685.0 584.8 100.2 1190.9 -1123.8 -928.1 -195.8 720.5 1917.0 679.2 487.5 191.7 1237.8 -1196.5 -1047.5 -149.0 426.9 3460.8 573.3 457.8 115.4 2887.5 -3033.9 -3110.0 76.1 825.2 2117.7 506.3 451.3 55.0 1611.4 -1292.5 -1158.0 -134.6 5.8 5077.8 305.8 375.0 -69.2 4772.0 -5072.0 -5625.6 553.6 5.2 3587.9 766.5 517.4 249.2 2821.3 -3582.6 -3516.3 -66.3 871.6 3059.8 714.4 487.7 226.7 2345.5 -2188.3 -2140.1 -48.2 727.0 4827.7 848.0 525.3 322.8 3979.7 -4100.6 -4088.9 -11.8 1 3273.4 2708.1 2133.3 1561.2 337.4 234.6 574.8 565.4 284.9 280.5 3435.6 2848.6 2248.3 1644.8 351.7 251.8 600.3 586.9 293.3 293.7 3575.9 2969.6 2338.6 1707.6 364.1 266.8 631.0 606.4 303.5 302.8 3522.3 2924.5 2308.7 1688.0 359.0 261.6 615.9 597.8 298.2 299.6 3550.9 2949.0 2327.5 1701.2 361.4 265.0 621.5 601.9 301.6 300.3 3591.0 2981.5 2345.3 1711.6 365.5 268.1 636.2 609.6 305.1 304.5 3639.4 3023.3 2372.9 1729.6 370.6 272.7 650.4 616.1 309.2 306.9 3696.0 3071.2 2401.1 1748.4 377.4 275.3 670.1 624.7 312.7 312.0 3786.5 3149.0 2455.2 1783.4 387.8 284.0 693.8 637.5 317.0 320.5 3900.1 4086.4 3832.3 4073.0 3413.9 3826.3 4016.0 3913.3 3923.3 21 4340.4 3637.8 2770.1 2070.4 419.9 279.8 867.7 702.6 299.6 403.0 4566.3 3826.3 2939.2 2191.8 436.0 311.4 887.1 740.0 317.5 422.5 4419.4 3637.8 2682.2 1964.0 423.7 294.6 955.6 781.6 340.3 441.2 4525.1 3752.4 2816.1 2079.5 431.5 305.1 936.2 772.7 330.0 442.7 3941.7 3167.0 2327.5 1702.0 360.4 265.2 839.4 774.7 337.4 437.3 4491.1 3708.8 2723.2 1986.0 438.7 298.5 985.6 782.3 345.7 436.6 4719.7 3923.2 2861.9 2088.3 464.2 309.4 1061.3 796.5 348.2 448.3 4718.8 3928.0 2824.1 2047.2 459.0 317.8 1103.9 790.8 348.7 442.2 4716.9 3924.2 2829.0 2051.2 455.0 322.8 1095.1 792.7 355.3 437.4 22 23 24 25 26 27 28 29 30 31 4.7 2.0 5.9 -7.9 -3.0 16.9 -3.9 2.7 58.8 -56.1 6.9 -11.2 -12.5 -12.5 0.0 0.0 1.4 18.0 75.2 -57.1 5.9 1.6 13.4 13.4 0.0 0.0 -11.9 4.4 69.7 -65.3 11.9 -1.1 -3.2 -3.2 0.0 0.0 2.1 13.0 74.4 -61.4 4.2 -0.6 54.3 54.3 0.0 0.0 -54.9 4.8 72.6 -67.8 2.7 8.4 6.0 6.0 0.0 0.0 2.5 -5.8 61.3 -67.1 4.9 -0.6 -3.4 -3.4 0.0 0.0 2.9 5.5 70.6 -65.1 14.6 -181.0 14.8 14.8 0.0 0.0 -195.7 195.6 258.9 -63.3 3.7 0.9 -3.4 -3.4 0.0 0.0 4.4 2.8 67.5 -64.7 32 33 34 35 36 37 38 39 40 41 -445.0 818.8 -83.2 -41.9 -79.5 38.2 902.0 -1263.7 -1001.5 -262.2 -486.7 880.9 -68.8 -116.5 -84.3 132.0 949.7 -1367.6 -1146.9 -220.7 -593.0 2620.4 45.7 17.5 -59.5 87.7 2574.7 -3213.4 -3216.5 3.1 -463.9 1016.4 -272.5 -211.5 -72.5 11.5 1288.9 -1480.4 -1264.1 -216.2 -532.0 4717.6 108.7 177.0 1.0 -69.4 4608.9 -5249.6 -5733.9 484.4 -667.4 3082.1 612.6 467.0 -73.1 218.8 2469.5 -3749.5 -3618.2 -131.3 -708.7 1665.6 -266.2 -362.5 -93.6 189.9 1931.8 -2374.2 -2249.7 -124.5 -820.1 3642.3 -99.4 -298.0 -81.6 280.2 3741.6 -4462.4 -4383.7 -78.7 -797.3 1838.8 390.5 57.3 -67.3 400.5 1448.3 -2636.2 -3447.2 811.0 42 43 44 45 46 47 48 49 50 51 -125.5 -69.7 -170.6 -274.5 -142.8 230.0 -495.0 -509.7 51.2 51.0 21.3 29.7 0.2 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 386.3 2 2864.5 3 1010.5 4 571.2 5 439.2 6 1854.0 7 -2478.2 8 -3341.4 9 863.2 10 11 12 13 14 15 16 17 18 19 20 -249.5 52 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis. (2) Consists of net capital transfers shown on table F.5 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.2. (3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52). 53 54 55 56 57 58 59 Summary 12 Z.1, September 23, 2021 F.5 Net Capital Transfers (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 Capital transfers paid, by sector 2021 Q2 Q3 Q4 Q1 Q2 1 FA895410005 131.2 115.7 131.1 116.0 175.1 117.5 115.8 324.3 116.1 1 2 3 4 5 6 7 FA825410005 FA795410005 FA515410073 FA795410003 FA105410003 FA115410003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Noncorporate business 17.5 17.5 17.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.5 0.0 0.0 0.0 14.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58.0 0.0 0.0 0.0 58.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 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 8 9 10 11 12 13 14 15 16 17 FA365410005 FA315410005 FA215400033 FA315410073 FA315410093 FA315410043 FA315410053 FA315410063 FA215410073 FA215410073 By government Federal Investment grants to state and local govts. Disaster-related insurance benefits Financial stabilization payments (2) Other capital transfers paid to business Other capital transfers paid to persons Capital transfers paid to rest of world (net) State and local Disaster-related insurance benefits 82.2 82.2 65.8 0.7 0.0 1.2 6.8 7.8 0.0 0.0 93.9 93.9 68.3 0.0 0.0 12.4 6.3 6.8 0.0 0.0 91.8 91.8 76.0 0.0 0.0 0.9 8.8 6.1 0.0 0.0 92.5 92.5 72.8 0.0 0.0 0.9 7.3 11.5 0.0 0.0 92.0 92.0 75.3 0.0 0.0 1.0 11.7 4.1 0.0 0.0 92.1 92.1 78.8 0.0 0.0 0.8 8.5 4.0 0.0 0.0 90.4 90.4 77.0 0.0 0.0 0.7 7.9 4.8 0.0 0.0 297.7 297.7 75.0 0.0 0.0 0.6 207.6 14.4 0.0 0.0 88.8 88.8 76.7 0.0 0.0 0.5 7.9 3.7 0.0 0.0 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155410035 FA315400053 FA215400053 By persons Estate and gift taxes, federal Estate and gift taxes, state and local 28.3 22.7 5.6 21.7 16.2 5.6 24.8 19.1 5.7 23.5 17.8 5.7 25.1 19.3 5.7 25.4 19.7 5.7 25.4 19.6 5.8 26.6 20.5 6.2 27.3 18 21.0 19 6.2 20 21 22 23 FA265410005 FA265410073 FA265410003 By the rest of the world Disaster-related insurance benefits Other 3.2 3.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21 0.0 22 0.0 23 24 FA895400005 Capital transfers received, by sector 131.2 115.7 131.1 116.0 175.1 117.5 115.8 324.3 116.1 24 25 26 27 28 29 30 31 32 33 34 FA825400005 FA795400005 FA515400073 FA795400003 FA105400005 FA105400073 FA105400003 FA115400005 FA115400075 FA115400003 By private business Financial corporations Disaster-related insurance benefits Other Nonfinancial corporations Disaster-related insurance benefits Other Noncorporate business Disaster-related insurance benefits Other 9.8 0.6 0.6 0.0 6.2 5.0 1.2 3.0 3.0 0.0 12.4 0.0 0.0 0.0 12.4 0.0 12.4 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.9 0.0 0.9 0.0 0.0 0.0 0.9 0.0 0.0 0.0 0.9 0.0 0.9 0.0 0.0 0.0 1.0 0.0 0.0 0.0 1.0 0.0 1.0 0.0 0.0 0.0 0.8 0.0 0.0 0.0 0.8 0.0 0.8 0.0 0.0 0.0 0.7 0.0 0.0 0.0 0.7 0.0 0.7 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.6 0.0 0.6 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.5 0.0 0.5 0.0 0.0 0.0 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FA365400005 FA315400005 FA315400053 FA315400003 FA215400005 FA215400073 FA215400053 FA215400033 FA215400003 By government Federal Estate and gift taxes paid by persons Other State and local Disaster-related insurance benefits Estate and gift taxes paid by persons Investment grants paid by federal government Other 94.9 22.7 22.7 0.0 72.2 0.8 5.6 65.8 0.0 90.1 16.2 16.2 0.0 73.9 0.0 5.6 68.3 0.0 101.8 19.1 19.1 0.0 82.7 0.0 5.7 76.0 1.0 96.3 17.8 17.8 0.0 78.4 0.0 5.7 72.8 0.0 104.3 19.3 19.3 0.0 85.0 0.0 5.7 75.3 4.0 104.2 19.7 19.7 0.0 84.5 0.0 5.7 78.8 0.0 102.4 19.6 19.6 0.0 82.8 0.0 5.8 77.0 0.0 101.7 20.5 20.5 0.0 81.2 0.0 6.2 75.0 0.0 104.0 21.0 21.0 0.0 83.0 0.0 6.2 76.7 0.0 35 36 37 38 39 40 41 42 43 44 45 46 FA155400005 FA155400073 FA155400003 By persons Disaster-related insurance benefits Other 18.7 12.0 6.8 6.3 0.0 6.3 22.3 0.0 22.3 7.3 0.0 7.3 65.7 0.0 65.7 8.5 0.0 8.5 7.9 0.0 7.9 207.6 0.0 207.6 47 48 49 50 FA265400005 FA265400033 FA265400073 FA265400003 By the rest of the world Capital transfers paid by U.S. government Disaster-related insurance benefits Other 7.8 7.8 0.0 0.0 6.8 6.8 0.0 0.0 6.1 6.1 0.0 0.0 11.5 11.5 0.0 0.0 4.1 4.1 0.0 0.0 4.0 4.0 0.0 0.0 4.8 4.8 0.0 0.0 14.4 14.4 0.0 0.0 3.7 3.7 0.0 0.0 47 48 49 50 7.7 16.9 16.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -6.2 -3.0 -12.7 59.6 -72.2 9.6 -4.6 -12.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -12.4 0.0 3.8 77.8 -73.9 15.4 -6.8 13.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.6 0.0 -10.0 72.6 -82.7 2.5 -6.1 -0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.9 0.0 -3.8 74.7 -78.4 16.2 -11.5 57.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57.0 0.0 -12.3 72.7 -85.0 -40.6 -4.1 -0.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.8 0.0 -12.1 72.4 -84.5 16.9 -4.0 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.7 0.0 -12.0 70.8 -82.8 17.5 -4.8 -0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.6 0.0 196.0 277.2 -81.2 -181.0 -14.4 -0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.5 0.0 -15.1 67.8 -83.0 19.4 -3.7 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 7.9 44 0.0 45 7.9 46 Addenda: Net capital transfers paid by sector 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 FA825440005 FA795440005 FA515440005 FA545410003 FA765440005 FA405400033 FA615410003 FA665410003 FA735400033 FA505400033 FA105440005 FA115440005 FA365440005 FA315440005 FA215440005 FA155440005 FA265440005 By private business (lines 2-25) Financial corporations (lines 3-26) Property-casualty insurance companies Life insurance companies U.S.-chartered depository institutions Government-sponsored enterprises Finance companies Brokers and dealers Holding companies (GMAC) Other financial business (AIG) Nonfinancial corporations (lines 6-29) Noncorporate business (lines 7-32) By government (lines 8-35) Federal (lines 9-36) State and local (lines 16-39) By persons (lines 18-44) By the rest of the world (lines 21-47) (1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). (2) Series treated as capital losses in the financial corporations sectors rather than as capital transfers in the Financial Accounts of the United States. Summary 13 Z.1, September 23, 2021 F.6 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA174090005 Net acquisition of financial assets 1882.7 2416.6 3746.1 3766.2 6398.5 2058.4 2761.3 4081.8 3198.4 1 2 3 4 5 FA153091003 FA173020005 FA173030005 FA173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 2.9 -74.8 484.0 185.9 -1.0 -25.3 595.2 417.6 7.8 1816.2 598.9 346.5 37.4 514.2 1320.8 930.5 -25.8 1663.0 2758.7 1114.2 15.8 956.0 289.0 -213.3 3.7 4131.9 -1972.9 -445.4 5.5 1540.3 1964.6 886.4 -2.3 1764.2 -218.6 212.3 2 3 4 5 6 7 8 9 10 11 12 13 FA174022005 FA173061105 FA153061705 FA173062005 FA153063005 FA174023005 FA153064105 FA153064205 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Corporate equities (2) Mutual fund shares 827.8 603.8 169.3 0.9 53.8 -20.2 -182.3 19.1 259.7 175.6 123.9 -67.4 27.6 35.4 62.4 320.9 -472.8 -122.0 -346.1 -33.4 28.8 113.6 435.7 -59.5 222.9 -516.8 68.3 -5.9 677.2 627.7 275.0 -1036.8 -843.3 -201.5 -1066.6 -43.0 467.7 -106.1 615.9 229.1 -1321.5 -125.3 -193.0 -5.4 -997.8 -154.0 976.0 309.9 50.8 355.4 -193.0 -79.5 -32.0 86.7 -124.3 259.7 -1822.2 -689.5 -370.4 -104.6 -657.7 50.7 570.1 539.2 -773.1 -322.6 20.9 -70.3 -401.0 58.9 1156.5 412.6 6 7 8 9 10 11 12 13 14 15 16 FA163070005 FA153040005 FA153050005 Trade receivables Life insurance reserves Pension entitlements 3.5 49.4 283.7 7.6 16.7 437.4 7.6 94.2 479.8 7.6 197.2 472.7 7.6 10.5 444.1 7.6 78.2 471.3 7.6 90.7 531.1 6.9 -81.3 215.2 6.9 14 27.6 15 310.2 16 17 FA173099005 Miscellaneous and other assets 303.8 289.9 378.1 197.1 530.6 643.3 141.4 206.4 243.1 17 18 19 20 21 22 23 FA175050005 FA175012005 FA175013005 FA155111003 FA155420003 FA115020005 Gross investment in nonfinancial assets Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories 2643.4 788.4 495.5 1369.3 -13.5 3.7 2722.4 803.4 519.4 1413.4 -14.0 0.3 2877.4 879.0 511.6 1512.5 -14.4 -11.2 2749.4 856.1 527.3 1389.4 -14.1 -9.3 2592.3 777.7 496.5 1373.8 -14.3 -41.4 3024.8 896.9 502.1 1640.5 -14.4 -0.3 3143.0 985.2 520.5 1646.0 -14.7 6.0 3376.3 1031.6 541.7 1831.9 -14.8 -14.1 3494.4 1019.6 557.9 1956.3 -15.0 -24.3 18 19 20 21 22 23 24 25 26 27 FA176300005 FA176320005 FA176330005 FA156300103 Consumption of fixed capital Residential fixed investment Nonresidential fixed investment Consumer durables 2018.7 519.7 392.5 1106.4 2106.5 540.7 411.3 1154.5 2203.6 567.5 427.6 1208.5 2165.4 558.9 416.0 1190.5 2180.8 563.6 419.3 1197.9 2201.8 569.8 431.9 1200.1 2266.5 577.8 443.2 1245.5 2269.5 587.0 460.6 1221.9 2340.9 601.8 479.7 1259.3 24 25 26 27 28 FA172010005 Net investment in nonfinancial assets (3) 624.7 615.9 673.8 584.0 411.6 823.0 876.5 1106.9 1153.5 28 29 30 31 32 33 FA175012865 FA175013865 FA155111005 FA155420003 FA115020005 268.7 103.0 262.9 -13.5 3.7 262.6 108.1 258.9 -14.0 0.3 311.4 84.0 304.0 -14.4 -11.2 297.2 111.3 198.9 -14.1 -9.3 214.1 77.2 175.9 -14.3 -41.4 327.1 70.2 440.5 -14.4 -0.3 407.4 77.2 400.6 -14.7 6.0 444.6 81.1 610.0 -14.8 -14.1 34 FA174190005 899.7 924.6 1188.3 1364.9 908.2 1410.0 1070.1 1487.0 35 36 37 38 39 FA173165105 FA173165205 FA153166000 FA173169005 FA173199005 320.6 176.9 172.7 -21.7 251.1 307.6 237.9 185.1 32.4 161.5 479.4 214.8 -11.9 264.7 241.4 391.6 230.9 26.4 70.4 645.6 340.0 204.6 -234.6 114.3 483.9 630.8 183.3 74.3 411.3 110.3 555.2 240.2 86.3 462.7 -274.4 649.7 169.6 151.5 399.3 116.8 40 FA175440005 Net capital transfers paid (4) 6.6 15.4 2.5 16.2 -40.6 16.9 17.5 -181.0 19.4 40 41 FA176007025 Personal saving, FOF concept (FOF) 1614.2 2123.3 3234.1 3001.6 5861.3 1488.3 2585.2 3520.7 2743.5 41 42 43 44 FA155111005 FA313154015 FA156600075 - Net investment in consumer durables - Government insurance and pension fund reserves (5) + Contr. for govt. soc. insur., U.S.-affiliated areas 262.9 -2.0 5.4 258.9 -2.2 5.2 304.0 -4.0 5.1 198.9 -4.2 5.2 175.9 -5.0 4.9 440.5 -3.6 5.0 400.6 -3.2 5.2 610.0 -1.9 5.3 697.0 42 -5.7 43 5.4 44 45 FA176007005 = Personal saving, NIPA concept (FOF) (6) 1358.8 1871.8 2939.2 2812.0 5695.3 1056.5 2193.0 2917.9 2057.6 45 46 FA156007015 Personal saving, NIPA concept (NIPA) 1190.9 1237.8 2887.5 1611.4 4772.0 2821.3 2345.5 3979.7 1854.0 46 47 FA176007085 167.9 634.1 51.7 1200.7 923.3 -1764.9 -152.4 -1061.7 203.6 47 Residential fixed investment Nonresidential fixed investment Consumer durables Nonproduced nonfinancial assets Inventories Net increase in liabilities One-to-four-family residential mortgages Other mortgages Consumer credit Other loans and advances Other liabilities Difference 48 FA156012005 Memo: Disposable personal income 49 50 51 52 FA176007026 FA176007006 FA156007016 FA176007086 Personal saving as a percentage of disposable personal income: FOF concept (FOF data) (line 41) NIPA concept (FOF data) (line 45) NIPA concept (NIPA data) (line 46) Difference (line 47) 417.8 78.1 697.0 -15.0 -24.3 29 30 31 32 33 1627.9 34 942.6 171.9 364.7 189.9 -41.2 35 36 37 38 39 15629.7 16219.3 17432.0 16600.6 18249.6 17595.7 17282.2 19455.3 18014.5 48 10.33 8.69 7.62 1.07 13.09 11.54 7.63 3.91 18.55 16.86 16.56 0.30 18.08 16.94 9.71 7.23 32.12 31.21 26.15 5.06 8.46 6.00 16.03 -10.03 14.96 12.69 13.57 -0.88 18.10 15.00 20.46 -5.46 15.23 11.42 10.29 1.13 49 50 51 52 (1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held, and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 15), and pension entitlements (line 16). (3) Line 18 less line 24. (4) Table F.5, line 62 plus line 66. (5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (6) Lines 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 28 less line 42) less net increase in liabilities (line 34) plus net capital transfers paid (line 40). Personal saving, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4). Summary 14 Z.1, September 23, 2021 L.6 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Total financial assets Q2 2021 Q3 Q4 Q1 Q2 1 FL174090005 2 3 4 5 LM153091003 FL173020005 FL173030005 FL173034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 FL174022005 Debt securities 4499.9 4807.1 4579.3 4656.4 4402.3 4198.6 4579.3 4037.5 3856.4 6 7 8 FL173061105 LM153061705 Treasury securities Agency- and GSE-backed securities 1729.3 587.9 1849.2 685.4 1827.7 314.8 1500.6 695.0 1401.8 443.7 1475.8 371.3 1827.7 314.8 1582.7 212.0 1435.0 246.7 7 8 9 10 FL173062005 LM153063005 Municipal securities Corporate and foreign bonds 1887.9 294.8 1910.8 361.7 1929.8 507.0 1888.6 572.2 1911.3 645.5 1917.9 433.7 1929.8 507.0 1890.1 352.6 1885.1 9 289.6 10 11 12 13 14 FL174023005 FL153069005 FL173065005 FL173066005 Loans Other loans and advances Mortgages Consumer credit 1164.3 999.4 133.6 31.3 1199.8 1038.7 133.8 27.3 1313.4 1156.6 132.6 24.1 1356.7 1196.4 134.2 26.1 1330.2 1170.5 134.6 25.1 1291.7 1133.3 134.1 24.3 1313.4 1156.6 132.6 24.1 1326.0 1168.9 133.2 23.9 1340.7 1185.2 131.9 23.6 15 16 LM153064105 LM153064205 Corporate equities (2) Mutual fund shares 17 18 FL163070005 FL153040005 Trade receivables Life insurance reserves 19 FL153050005 Pension entitlements 20 FL173099005 Miscellaneous and other assets 21 FL174190005 22 23 24 FL173165105 FL173165205 FL153166000 One-to-four-family residential mortgages Other mortgages Consumer credit 25 26 FL173169005 FL173199005 Other loans and advances Other liabilities Total liabilities 77057.8 87637.3 98370.7 80816.3 88148.5 91659.6 98370.7 102313.0 106413.3 1 41.8 40.8 48.6 50.2 43.7 47.7 48.6 50.0 49.4 1526.2 1511.3 3327.5 1711.9 2037.2 2181.3 3327.5 3778.8 4119.7 10343.6 10941.0 11539.4 11299.3 11885.7 11988.3 11539.4 12057.0 11906.3 1903.5 2321.1 2667.7 2510.7 2778.3 2746.1 2667.7 2848.6 2893.4 2 3 4 5 11 12 13 14 16269.8 20989.3 25634.0 16420.9 20108.1 22198.6 25634.0 28038.6 30490.0 15 7998.8 9966.1 11074.8 8143.8 9433.1 10025.6 11074.8 11553.9 12290.4 16 263.7 1659.1 271.3 1731.3 279.0 1867.0 273.2 1733.7 275.2 1776.1 277.1 1811.9 279.0 1867.0 280.7 1854.2 282.4 17 1886.5 18 25812.9 27994.1 29797.8 26751.0 28039.7 28696.9 29797.8 30199.0 30951.0 19 5574.1 5864.1 6242.2 5908.5 6038.9 6196.0 6242.2 6288.7 6347.1 20 24464.3 25398.9 26597.1 25634.6 25888.4 26286.1 26597.1 26887.6 27309.3 21 10880.6 11171.4 11642.0 11237.4 11324.0 11492.6 11642.0 11773.5 12011.0 22 3730.5 3968.5 4183.2 4026.2 4077.3 4123.2 4183.2 4225.6 4268.6 23 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 24 827.8 5018.3 860.2 5206.6 1124.9 5462.1 879.9 5343.3 906.2 5483.6 1006.5 5521.2 1124.9 5462.1 1226.7 5494.5 1272.0 25 5491.2 26 (1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 16), life insurance reserves (line 18), and pension entitlements (line 19). 15 Z.1, September 23, 2021 F.100 Domestic Nonfinancial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA386000105 Gross saving less net capital transfers paid 5063.1 5111.2 5120.4 5289.3 4566.5 4888.1 5737.8 5801.5 5636.0 1 2 FA385090005 Gross investment 5290.4 6215.6 4981.9 6584.0 3642.8 4987.2 4713.5 4179.6 5341.8 2 3 4 5 6 7 8 FA385050005 FA155111003 FA385012005 FA385013005 FA145020005 FA385420005 Capital expenditures Consumer durables Fixed residential investment Fixed nonresidential investment Inventory change Nonproduced nonfinancial assets 5426.5 1369.3 801.0 3197.4 58.7 0.1 5661.2 1413.4 813.9 3360.2 73.6 0.1 5634.1 1512.5 904.6 3276.9 -59.6 -0.2 5603.7 1389.4 876.2 3358.3 -20.6 0.4 5051.1 1373.8 808.1 3159.0 -289.9 0.1 5829.1 1640.5 924.2 3250.6 15.0 -1.3 6052.6 1646.0 1009.7 3339.6 57.3 0.1 6231.2 1831.9 1073.7 3419.6 -94.2 0.2 6339.2 1956.3 1069.5 3489.5 -176.1 0.0 3 4 5 6 7 8 9 FA385000005 Net lending (+) or net borrowing (-) -136.1 554.4 -652.3 980.2 -1408.3 -841.8 -1339.2 -2051.7 -997.4 9 10 FA384090005 Net acqisition of financial assets 3107.7 4943.8 7242.8 7432.3 14011.7 4187.2 3339.9 3643.3 4461.2 10 11 12 FA313011005 FA383091005 U.S. official reserve assets Foreign deposits 5.0 -107.4 4.6 23.7 8.9 19.6 -1.0 -41.1 19.8 110.2 7.2 73.6 9.8 -64.3 -8.5 3.6 1.8 11 135.7 12 13 14 15 16 FA383020005 FA383030005 FA383034005 FA382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 329.0 497.9 150.4 -23.8 132.1 629.6 516.6 -2.5 3892.9 691.6 474.0 45.7 2355.1 1763.6 2452.8 47.3 8300.3 2901.0 947.1 71.5 1275.4 301.3 -974.9 10.0 3640.7 -2199.6 -529.0 54.0 -465.4 1960.9 746.7 -38.4 898.9 -265.1 160.4 85.6 13 14 15 16 17 18 19 20 21 22 FA384022005 FA383069105 FA383061105 FA383061705 FA383062005 FA383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 855.8 38.9 575.8 169.4 3.1 68.4 377.2 54.8 233.7 128.7 -63.5 23.5 -195.4 39.7 179.1 -413.1 -31.7 30.6 487.3 51.3 -381.9 115.9 -6.0 708.1 -208.3 -37.6 613.3 -1237.1 -38.7 491.8 -1287.0 75.7 -49.5 -261.6 -3.4 -1048.1 226.3 69.6 534.3 -269.3 -78.8 -29.5 -1763.7 -32.9 -490.0 -477.6 -99.9 -663.3 198.8 165.3 486.8 -18.6 -68.2 -366.4 17 18 19 20 21 22 23 24 25 26 FA384023005 FA383069005 FA383065005 FA383066005 Loans Other loans and advances Mortgages Consumer credit 83.2 -6.8 2.9 87.1 128.5 49.2 1.1 78.3 374.5 306.1 9.8 58.6 684.3 616.9 -3.6 71.0 441.9 354.3 22.1 65.4 152.8 115.5 9.5 27.9 218.9 137.6 11.1 70.2 163.2 79.0 17.0 67.1 168.6 99.9 6.2 62.5 23 24 25 26 27 28 FA383064105 FA383064205 Corporate equities Mutual fund shares -222.4 11.3 69.2 327.4 304.7 -47.7 168.6 -1025.0 488.9 240.9 838.6 321.7 -277.3 271.5 439.1 551.0 1025.5 27 424.4 28 29 30 31 32 33 34 35 FA383070005 FA153040005 FA153050005 FA383078005 FA152090205 FA103092005 FA383090005 Trade receivables Life insurance reserves Pension entitlements Taxes payable Equity in noncorporate business U.S. direct investment abroad Miscellaneous assets 482.7 49.4 283.7 34.7 -22.4 -133.9 834.4 613.0 16.7 437.4 -10.7 18.8 20.0 1642.2 110.1 94.2 479.8 -5.5 50.2 226.5 718.9 -333.5 197.2 472.7 -50.1 26.8 -58.3 285.7 -892.1 10.5 444.1 323.2 23.9 503.3 285.5 953.7 78.2 471.3 -315.3 31.7 164.8 2083.8 712.1 90.7 531.1 20.2 118.4 296.0 220.4 757.3 -81.3 215.2 -39.2 76.0 251.8 875.0 795.5 27.6 310.2 -270.4 59.2 421.7 282.6 36 FA384194005 3243.7 4389.4 7895.0 6452.1 15420.0 5029.0 4679.0 5695.0 5458.7 36 37 FA384190005 3652.6 4618.2 7839.1 6692.7 15338.8 4794.7 4530.4 5475.5 5339.4 37 38 39 40 FA313111303 FA713014003 FA313112003 U.S. official reserve assets SDR certificates Treasury currency 0.0 0.0 -0.3 0.0 0.0 -0.5 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 38 0.0 39 0.0 40 41 42 43 44 45 46 FA384122005 FA103169100 FA313161105 FA313161705 FA383162005 FA103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1502.8 -10.2 1411.2 -1.5 -46.1 149.3 1439.0 -1.9 1176.6 -1.7 9.0 257.0 5277.6 -62.3 4582.2 -1.0 83.4 675.4 3423.6 13892.6 -21.3 -271.1 2682.7 12320.2 -0.1 -0.7 30.4 95.8 731.9 1748.4 1720.2 -70.5 1378.2 -3.5 181.5 234.5 2074.0 113.6 1947.6 0.2 25.8 -13.3 2439.0 -223.4 2123.8 -1.5 121.5 418.6 2613.6 112.2 2314.9 -0.0 116.1 70.5 41 42 43 44 45 46 47 48 49 50 51 FA384123005 FA383168005 FA383169005 FA383165005 FA153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 827.9 221.2 -161.3 595.4 172.7 1000.5 58.1 161.5 595.8 185.1 1453.3 271.3 455.3 738.6 -11.9 2934.4 1838.7 391.8 677.5 26.4 1120.9 509.4 259.4 586.7 -234.6 745.5 -773.8 590.5 854.5 74.3 1012.2 -489.0 579.4 835.5 86.3 1670.7 27.3 590.5 901.4 151.5 1399.3 -552.1 364.9 1221.8 364.7 47 48 49 50 51 52 53 54 55 56 FA383170005 FA313140003 FA143178005 FA143192305 FA383190005 Trade payables Life insurance reserves Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 454.1 0.2 7.9 -68.2 928.1 364.5 0.9 1.7 -5.5 1817.7 176.9 0.2 26.8 -42.3 946.7 -182.4 -0.6 69.2 -60.8 509.4 -724.9 -0.0 192.4 -32.1 889.8 880.0 1.4 -185.0 -16.7 1649.5 734.7 0.0 30.9 -59.5 738.1 761.4 1.1 -24.4 -8.8 636.5 737.3 -3.4 -139.8 -52.7 785.0 52 53 54 55 56 57 FA143181105 -408.9 -228.9 55.9 -240.6 81.2 234.3 148.6 219.5 119.3 57 58 59 60 FA103164103 FA112090205 FA143192105 -617.4 -31.9 240.5 -457.8 13.5 215.4 -168.8 43.3 181.4 -385.9 21.5 123.8 -58.0 9.3 130.0 41.9 37.2 155.2 -273.3 105.4 316.5 -146.0 62.3 303.2 -273.0 58 42.4 59 349.9 60 61 FA387005005 -227.3 -1104.4 138.5 -1294.7 923.7 -99.2 1024.3 1621.9 294.2 61 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity in noncoporate business Foreign direct investment: equity Discrepancy (1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107. 0.0 0.0 0.0 29 30 31 32 33 34 35 Transactions 2018 16 Z.1, September 23, 2021 F.101 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 2 3 4 5 FA156010001 FA156210005 FA156012005 FA156900005 FA156007015 Personal income - Personal current taxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 10 FA313154015 FA156600075 FA155111005 FA156300005 FA155440005 + Government insurance and pension reserves (3) - Contr. for govt. soc. insur., U.S.-affiliated areas + Net investment in consumer durables + Consumption of fixed capital - Net capital transfers paid (4) -2.0 5.4 262.9 1681.2 9.6 -2.2 5.2 258.9 1754.8 15.4 -4.0 5.1 304.0 1839.5 2.5 -4.2 5.2 198.9 1806.3 16.2 -5.0 4.9 175.9 1819.4 -40.6 -3.6 5.0 440.5 1836.3 16.9 -3.2 5.2 400.6 1895.9 17.5 -1.9 5.3 610.0 1892.0 -181.0 -5.7 6 5.4 7 697.0 8 1953.1 9 19.4 10 11 FA156000105 = Gross saving less net capital transfers paid 3118.0 3228.6 5019.4 3591.0 6798.0 5072.5 4616.1 6655.4 4473.6 11 12 FA155090005 Gross investment 3285.9 3862.7 5071.0 4791.7 7721.3 3307.6 4463.6 5593.7 4677.2 12 13 14 15 16 17 FA155050005 FA155111003 FA155012005 FA165013005 FA155420003 Capital expenditures Consumer durable goods Residential Nonprofit nonresidential Nonproduced nonfinancial assets 2223.4 1369.3 663.6 204.1 -13.5 2286.4 1413.4 673.4 213.7 -14.0 2453.7 1512.5 738.5 217.1 -14.4 2311.5 1389.4 719.0 217.2 -14.1 2199.0 1373.8 652.8 186.6 -14.3 2611.7 1640.5 752.9 232.7 -14.4 2692.7 1646.0 829.3 232.0 -14.7 2921.0 1831.9 867.3 236.6 -14.8 3036.4 1956.3 856.6 238.5 -15.0 18 FA155000005 Net lending (+) or net borrowing (-) 1062.4 1576.3 2617.3 2480.2 5522.3 695.9 1771.0 2672.7 1640.8 18 19 FA154090005 Net acquisition of financial assets 1541.7 2098.6 3244.0 3077.0 5514.3 1605.8 2779.0 3809.1 2988.2 19 20 21 22 23 FA153091003 FA153020005 FA153030005 FA153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 2.9 -86.3 436.2 181.1 -1.0 -45.8 536.6 411.8 7.8 1712.1 476.5 337.4 37.4 282.4 1022.1 916.5 -25.8 1469.2 2528.0 1096.5 15.8 963.6 303.5 -219.0 3.7 4133.4 -1947.7 -444.3 5.5 1451.6 1829.3 883.4 -2.3 1711.0 -294.1 210.8 20 21 22 23 24 25 26 27 28 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 825.8 601.6 169.3 1.1 53.8 258.7 174.7 123.9 -67.5 27.6 -475.8 -124.8 -346.1 -33.8 28.8 237.0 -501.5 68.3 -7.0 677.2 -858.1 -215.9 -1066.6 -43.4 467.7 -1328.1 -131.8 -193.0 -5.5 -997.8 46.1 350.2 -193.0 -79.1 -32.0 -1829.8 -696.1 -370.4 -105.6 -657.7 -769.8 -319.5 20.9 -70.1 -401.0 24 25 26 27 28 29 30 31 32 FA154023005 FA153069005 FA153065005 FA163066223 Loans Other loans and advances (5) Mortgages Consumer credit (student loans) -21.2 -11.8 -5.5 -3.9 32.7 39.2 -2.5 -4.0 109.3 118.0 -5.5 -3.1 621.1 630.7 -5.0 -4.6 -114.4 -103.6 -6.9 -4.0 -156.6 -148.6 -4.6 -3.4 87.2 93.3 -5.4 -0.6 44.6 49.2 -3.6 -1.1 58.1 65.2 -6.1 -1.0 29 30 31 32 33 34 FA153064105 FA153064205 Corporate equities (6) Mutual fund shares -182.3 19.1 62.4 320.9 435.7 -59.5 275.0 -1036.8 615.9 229.1 976.0 309.9 -124.3 259.7 570.1 539.2 35 36 37 38 39 FA163070005 FA153040005 FA153050005 FA152090205 FA153090005 Trade receivables Life insurance reserves Pension entitlements (7) Equity in noncorporate business Miscellaneous assets 3.5 49.4 283.7 -22.4 52.1 7.6 16.7 437.4 18.8 41.8 7.6 94.2 479.8 50.2 68.7 7.6 197.2 472.7 26.8 18.0 7.6 10.5 444.1 23.9 87.9 7.6 78.2 471.3 31.7 151.8 7.6 90.7 531.1 118.4 17.2 6.9 -81.3 215.2 76.0 98.4 40 FA154190005 479.3 522.3 626.7 596.8 -8.0 909.8 1008.0 1136.5 1347.4 40 41 FA163162003 Debt securities (municipal securities) -2.4 -3.3 -9.9 -11.7 -9.0 -5.4 -13.7 2.8 -1.0 41 42 43 44 45 46 47 FA154123005 FA153165105 FA153166000 FA153168005 FA153169005 FA163165505 Loans One-to-four-family residential mortgages (8) Consumer credit Depository institution loans n.e.c. (9) Other loans and advances Commercial mortgages 473.0 294.2 172.7 39.9 -30.5 -3.3 517.2 294.2 185.1 11.1 23.8 2.9 629.8 451.2 -11.9 20.4 168.6 1.4 591.6 373.4 26.4 135.0 55.3 1.4 -1.9 322.5 -234.6 -32.6 -58.7 1.4 910.1 592.1 74.3 -44.7 287.0 1.4 1019.3 516.9 86.3 23.8 390.8 1.4 1118.3 610.2 151.5 -3.1 358.6 1.1 48 49 FA163170005 FA543077073 Trade payables Deferred and unpaid life insurance premiums 6.7 1.9 6.9 1.5 6.7 0.1 6.7 10.2 6.7 -3.8 6.7 -1.7 6.7 -4.4 6.8 8.5 6.8 48 -3.3 49 50 FA157005005 -167.9 -634.1 -51.7 -1200.7 -923.3 1764.9 152.4 1061.7 -203.6 50 Net increase in liabilities Discrepancy 17706.0 18424.4 19627.6 18842.2 20348.7 19777.4 19542.0 21867.3 20564.9 2076.3 2205.1 2195.6 2241.6 2099.0 2181.8 2259.8 2412.1 2550.4 15629.7 16219.3 17432.0 16600.6 18249.6 17595.7 17282.2 19455.3 18014.5 14438.8 14981.5 14544.5 14989.2 13477.7 14774.3 14936.8 15475.6 16160.5 1190.9 1237.8 2887.5 1611.4 4772.0 2821.3 2345.5 3979.7 1854.0 1 2 3 4 5 13 14 15 16 17 1156.5 33 412.6 34 6.9 27.6 310.2 59.2 101.4 1344.9 883.6 364.7 7.1 88.5 1.1 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary table B.101.n shows estimates of annual 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 66. (5) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (6) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table F.218, line 24). (9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF I). 35 36 37 38 39 42 43 44 45 46 47 17 Z.1, September 23, 2021 F.102 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA146110005 Income before taxes 3032.7 2970.4 3033.5 2818.8 2537.2 3409.5 3368.4 3596.8 3976.8 1 2 FA146000105 Gross saving less net capital transfers paid 2488.8 2493.7 2514.5 2385.0 2221.3 2772.9 2678.7 2816.1 2982.2 2 3 FA145090005 Gross investment 2424.5 2972.0 2372.3 3128.5 1391.3 3310.0 1659.6 2436.9 3018.8 3 4 FA145050005 2485.1 2620.6 2384.5 2502.8 2060.3 2428.8 2546.0 2519.7 2492.2 4 5 6 7 FA145019005 FA145012005 FA145013005 Fixed investment Residential Nonresidential 2428.1 131.5 2296.7 2547.1 133.4 2413.7 2444.2 156.3 2287.9 2525.6 147.9 2377.8 2353.0 145.7 2207.3 2406.9 161.6 2245.4 2491.4 170.1 2321.3 2598.6 196.3 2402.3 2671.1 203.0 2468.1 5 6 7 8 9 FA145020005 FA105420005 Change in inventories Nonproduced nonfinancial assets 58.7 -1.7 73.6 -0.1 -59.6 -0.2 -20.6 -2.2 -289.9 -2.7 15.0 6.8 57.3 -2.7 -94.2 15.4 -176.1 -2.9 8 9 10 FA145000005 Net lending (+) or net borrowing (-) -60.6 351.4 -12.1 625.7 -669.1 881.2 -886.4 -82.8 526.6 10 11 FA144090005 Net acquisition of financial assets 1175.0 2728.0 1919.0 3603.2 1507.2 2147.4 418.0 1916.1 1563.7 11 12 13 14 FA103091003 FA143020005 FA143030005 Foreign deposits Checkable deposits and currency Time and savings deposits -110.3 249.5 53.6 24.7 170.6 72.9 11.8 763.6 226.0 -78.6 1414.5 688.5 136.0 1878.5 354.2 57.8 91.6 -12.7 -68.1 -330.1 -125.8 -1.8 279.8 95.2 138.1 12 -5.8 13 102.4 14 15 16 FA143034005 FA102051003 Money market fund shares Security repurchase agreements -28.6 -25.0 98.0 -1.2 128.6 26.4 1512.9 56.0 -161.3 20.0 -751.9 -8.5 -85.2 38.1 -141.9 -63.4 -51.6 15 60.1 16 17 18 19 20 21 FA144022005 FA103069100 FA143061105 FA103061703 FA143062005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 21.0 38.4 -13.4 -5.5 1.5 70.3 55.4 7.6 2.4 4.8 55.5 38.1 12.5 4.4 0.5 169.5 55.4 77.9 35.2 0.9 98.5 -32.0 100.3 29.3 0.8 -8.7 66.9 -56.3 -20.0 0.7 -37.1 62.0 -72.0 -26.9 -0.3 -80.8 -48.6 -21.2 -12.6 1.6 110.3 141.4 -24.3 -6.7 -0.2 22 23 24 FA144023005 FA143065005 FA143066005 Loans Mortgages Consumer credit 3.3 3.0 0.2 4.3 4.9 -0.7 6.6 6.6 0.0 0.7 8.8 -8.1 1.7 10.6 -9.0 -15.9 5.0 -21.0 40.0 1.9 38.1 -1.7 8.6 -10.2 -6.8 22 3.2 23 -10.0 24 25 26 27 FA103064103 FA103064203 FA143070005 Corporate equities Mutual fund shares Trade receivables -40.7 -9.0 445.9 10.2 5.3 588.2 -127.5 10.6 76.7 -103.0 10.6 -321.9 -123.5 10.6 -899.6 -134.0 10.6 881.5 -149.7 10.6 646.9 -127.5 10.6 697.6 -127.5 25 10.6 26 749.0 27 28 29 FA103092005 FA143090005 U.S. direct investment abroad Miscellaneous assets -133.9 749.0 20.0 1664.6 226.5 514.0 -58.3 312.1 503.3 -311.1 164.8 1872.7 296.0 182.4 251.8 998.3 421.7 28 163.3 29 30 FA144194005 1235.6 2376.5 1931.1 2977.6 2176.3 1266.1 1304.4 1998.9 1037.0 30 31 FA144190005 1644.5 2605.4 1875.2 3218.2 2095.0 1031.8 1155.8 1779.5 917.7 31 32 33 34 35 FA104122005 FA103169100 FA103162000 FA103163003 Debt securities Commercial paper Municipal securities Corporate bonds 135.9 -10.2 -3.2 149.3 270.3 -1.9 15.2 257.0 617.7 -62.3 4.7 675.4 725.3 -21.3 14.6 731.9 1474.9 -271.1 -2.5 1748.4 179.4 -70.5 15.4 234.5 91.4 113.6 -8.9 -13.3 201.8 -223.4 6.6 418.6 198.8 112.2 16.1 70.5 32 33 34 35 36 37 38 39 FA144123005 FA143168005 FA143169005 FA143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 505.5 181.3 19.7 304.5 482.3 47.0 136.6 298.7 822.5 250.9 285.7 285.9 2342.4 1703.6 336.0 302.7 1122.2 542.0 317.5 262.7 -166.4 -729.1 301.8 261.0 -8.2 -512.8 187.5 317.2 551.7 30.4 231.2 290.0 54.3 -559.1 276.3 337.1 36 37 38 39 40 41 FA143170005 FA143178005 Trade payables Taxes payable 326.1 7.9 273.0 1.7 104.9 26.8 -201.9 69.2 -738.3 192.4 743.6 -185.0 616.1 30.9 663.0 -24.4 607.8 40 -139.8 41 42 FA143192305 Foreign direct investment: intercompany debt -68.2 -5.5 -42.3 -60.8 -32.1 -16.7 -59.5 -8.8 -52.7 42 43 FA143190005 44 FA143181105 45 46 47 FA103164103 FA112090205 FA143192105 48 FA107005005 Capital expenditures Net increase in liabilities and equity Net increase in liabilities Miscellaneous liabilities Net equity issues Corporate equities Equity in noncoporate business Foreign direct investment: equity Discrepancy 17 18 19 20 21 737.3 1583.6 345.5 344.1 75.9 477.0 485.1 396.2 249.3 43 -408.9 -228.9 55.9 -240.6 81.2 234.3 148.6 219.5 119.3 44 -617.4 -31.9 240.5 -457.8 13.5 215.4 -168.8 43.3 181.4 -385.9 21.5 123.8 -58.0 9.3 130.0 41.9 37.2 155.2 -273.3 105.4 316.5 -146.0 62.3 303.2 -273.0 45 42.4 46 349.9 47 64.3 -478.3 142.1 -743.5 830.0 -537.2 1019.2 379.2 -36.6 48 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Transactions 2018 18 Z.1, September 23, 2021 F.103 Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 4 5 6 7 FA106060005 FA106231005 FA106121075 FA105020601 FA106300015 FA106006065 FA105440005 Profits before tax - Taxes on corporate income - Net dividends + Inventory valuation adjustment (IVA) + Capital consumption allowance (1) + Foreign earnings retained abroad - Net capital transfers paid (2) 1287.0 200.5 226.0 -47.7 1652.4 -323.0 -6.2 1208.0 203.6 695.7 -0.0 1781.2 39.7 -12.4 1226.8 189.6 796.2 -18.2 1817.7 123.4 13.6 1023.7 162.8 756.5 93.0 1806.7 20.8 -0.9 910.0 158.7 789.5 45.1 1811.3 98.8 57.0 1491.5 214.1 766.3 -88.0 1818.7 164.6 -0.8 1482.1 222.7 872.5 -122.9 1834.1 209.4 -0.7 1725.1 244.8 759.1 -249.5 1869.8 96.6 -0.6 1980.9 272.4 863.0 -322.1 1891.2 179.2 -0.5 1 2 3 4 5 6 7 8 FA106000105 = Gross savings less net capital transfers paid 2148.4 2142.0 2150.3 2026.0 1859.9 2407.4 2308.1 2438.7 2594.5 8 9 FA105090005 Gross investment 2084.0 2620.3 2008.2 2769.4 1029.9 2944.5 1289.0 2059.5 2631.1 9 10 11 12 13 FA105050005 FA105019005 FA105020005 FA105420005 Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets 2065.2 2011.9 55.0 -1.7 2184.6 2111.4 73.3 -0.1 1960.8 2009.3 -48.3 -0.2 2064.9 2078.5 -11.3 -2.2 1667.0 1918.3 -248.6 -2.7 2015.6 1993.5 15.3 6.8 2095.6 2047.0 51.3 -2.7 2064.4 2129.2 -80.2 15.4 2034.2 2188.9 -151.8 -2.9 10 11 12 13 14 FA105000005 Net lending (+) or net borrowing (-) 18.9 435.7 47.4 704.5 -637.1 928.9 -806.6 -4.9 596.9 14 15 FA104090005 Net acquisition of financial assets 865.9 2396.4 1373.5 2892.5 613.7 1657.6 330.3 1581.2 1311.0 15 16 17 18 19 20 FA103091003 FA103020000 FA103030003 FA103034000 FA102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements -110.3 238.0 5.8 -33.4 -25.0 24.7 150.2 14.3 92.2 -1.2 11.8 659.5 103.6 119.6 26.4 -78.6 1182.7 389.7 1499.0 56.0 136.0 1684.7 123.5 -179.0 20.0 57.8 99.2 1.8 -757.7 -8.5 -68.1 -328.5 -100.7 -84.2 38.1 -1.8 191.2 -40.1 -144.9 -63.4 138.1 -59.1 26.9 -53.2 60.1 16 17 18 19 20 21 22 23 24 25 26 27 28 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 FA104023005 FA103065003 FA103066005 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Loans Mortgages Consumer credit 19.1 38.4 -15.6 -5.5 1.7 2.2 2.0 0.2 69.3 55.4 6.7 2.4 4.8 1.5 2.2 -0.7 52.5 38.1 9.8 4.4 0.2 2.4 2.4 0.0 183.6 55.4 93.1 35.2 -0.2 -5.8 2.3 -8.1 83.6 -32.0 85.9 29.3 0.4 -6.6 2.3 -9.0 -15.3 66.9 -62.8 -20.0 0.6 -18.6 2.4 -21.0 -41.9 62.0 -77.2 -26.9 0.2 40.5 2.4 38.1 -88.4 -48.6 -27.8 -12.6 0.6 -7.8 2.4 -10.2 113.6 141.4 -21.2 -6.7 0.0 -7.5 2.5 -10.0 21 22 23 24 25 26 27 28 29 30 31 FA103064103 FA103064203 FA103070005 Corporate equities Mutual fund shares Trade receivables -40.7 -9.0 396.3 10.2 5.3 540.5 -127.5 10.6 29.7 -103.0 10.6 -367.6 -123.5 10.6 -954.2 -134.0 10.6 836.6 -149.7 10.6 603.8 -127.5 10.6 642.3 -127.5 29 10.6 30 736.4 31 32 33 34 FA103092005 FA103090005 FA103072005 U.S. direct investment abroad (4) Miscellaneous assets Of which: PPP subsidies receivable -133.9 556.6 0.0 20.0 1469.3 0.0 226.5 258.6 210.0 -58.3 184.1 0.0 503.3 -684.6 369.9 164.8 1420.7 525.5 296.0 114.3 -55.3 251.8 959.4 28.5 421.7 32 51.0 33 197.3 34 35 FA104194005 Net increase in liabilities and equity 847.0 1960.7 1326.1 2188.0 1250.8 728.7 1136.9 1586.2 714.2 35 36 FA104190005 1229.0 2202.5 1315.0 2450.2 1181.5 532.1 1096.2 1428.6 644.8 36 37 38 39 40 41 42 43 44 FA104122005 FA103169100 FA103162000 FA103163003 FA104123005 FA103168005 FA103169005 FA103165005 Debt securities Commercial paper Municipal securities (5) Corporate bonds (4) Loans Depository institution loans n.e.c. Other loans and advances (6) Mortgages 135.9 -10.2 -3.2 149.3 212.1 103.4 10.9 97.8 270.3 -1.9 15.2 257.0 209.2 30.9 128.0 50.3 617.7 -62.3 4.7 675.4 311.6 77.6 189.6 44.4 725.3 -21.3 14.6 731.9 1710.7 1334.7 321.0 55.1 1474.9 -271.1 -2.5 1748.4 183.5 -3.0 144.5 42.1 179.4 -70.5 15.4 234.5 -537.6 -755.4 177.5 40.3 91.4 113.6 -8.9 -13.3 -110.2 -265.9 115.5 40.1 201.8 -223.4 6.6 418.6 305.2 32.6 190.5 82.1 45 46 FA103170005 FA103178005 Trade payables Taxes payable 320.7 -10.6 230.1 -6.8 130.7 13.8 -207.3 49.1 -589.1 166.8 696.8 -193.3 622.3 32.4 567.2 -43.2 47 48 49 50 51 FA103192305 FA103190005 FA573074005 FA573073005 FA103193005 Foreign direct investment: intercompany debt Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other -72.9 643.6 -34.6 75.6 602.6 -5.3 1504.9 -4.6 74.4 1435.1 -41.7 283.0 -10.0 46.1 246.9 -59.8 232.2 -2.7 22.9 212.1 -31.8 -22.8 -11.3 50.6 -62.0 -16.1 402.8 -11.6 50.0 364.4 -59.3 519.6 -14.2 60.8 473.0 -8.6 406.3 -9.0 13.7 401.5 52 FA103181105 -381.9 -241.7 11.1 -262.2 69.3 196.6 40.7 157.6 69.3 52 53 54 FA103164103 FA103192105 -617.4 235.5 -457.8 216.1 -168.8 179.9 -385.9 123.7 -58.0 127.3 41.9 154.7 -273.3 314.0 -146.0 303.6 -273.0 53 342.3 54 55 FA107005005 64.3 -478.3 142.1 -743.5 830.0 -537.2 1019.2 379.2 -36.6 55 56 FA105005305 -406.2 82.3 -66.2 59.7 -94.2 -227.1 -3.1 -277.7 -381.0 56 Net increase in liabilities Net equity issues Corporate equities Foreign direct investment: equity Discrepancy Memo: Financing gap (7) (1) Consumption of fixed capital plus the capital consumption adjustment. (2) Table F.5, line 61. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Industrial revenue bonds issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216. (7) The financing gap is the difference between capital expenditures (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6). 198.8 112.2 16.1 70.5 -73.9 -356.2 175.0 107.3 37 38 39 40 41 42 43 44 560.7 45 -142.0 46 -52.1 153.5 -14.6 44.8 123.2 47 48 49 50 51 19 Z.1, September 23, 2021 F.104 Nonfinancial Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA116300005 Gross saving = consumption of fixed capital 337.4 351.7 364.1 359.0 361.4 365.5 370.6 377.4 387.8 1 2 FA116000105 Gross saving less net capital transfers paid (1) 340.5 351.7 364.1 359.0 361.4 365.5 370.6 377.4 387.8 2 3 FA116000105 Gross investment 340.5 351.7 364.1 359.0 361.4 365.5 370.6 377.4 387.8 3 4 5 6 FA115050005 FA115019005 FA115020005 Capital expenditures Fixed investment (2) Change in inventories 419.9 416.2 3.7 436.0 435.7 0.3 423.7 434.9 -11.2 437.9 447.1 -9.3 393.3 434.7 -41.4 413.1 413.4 -0.3 450.4 444.4 6.0 455.3 469.3 -14.1 458.0 482.3 -24.3 4 5 6 7 FA115000005 Net lending (+) or net borrowing (-) -79.5 -84.3 -59.5 -78.8 -32.0 -47.6 -79.8 -77.8 -70.2 7 8 FA114090005 Net acquisition of financial assets 309.1 331.5 545.4 710.7 893.5 489.8 87.7 334.9 252.6 8 9 10 11 FA113020005 FA113030003 FA113034003 Checkable deposits and currency Time and savings deposits Money market funds 11.5 47.8 4.8 20.4 58.6 5.8 104.1 122.5 9.1 231.8 298.8 13.9 193.8 230.7 17.7 -7.6 -14.5 5.7 -1.5 -25.1 -1.1 88.6 135.3 3.0 53.3 9 75.5 10 1.5 11 12 13 14 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 1.9 2.2 -0.3 1.0 0.9 0.1 3.0 2.7 0.3 -14.2 -15.3 1.1 14.9 14.4 0.5 6.7 6.5 0.1 4.8 5.2 -0.4 7.6 6.6 1.0 -3.3 12 -3.1 13 -0.2 14 15 16 17 FA114023005 FA113065005 FA113066003 Loans Mortgages Consumer credit 1.0 1.0 0.0 2.7 2.7 0.0 4.3 4.3 0.0 6.5 6.5 0.0 8.3 8.3 0.0 2.7 2.7 0.0 -0.5 -0.5 0.0 6.1 6.1 0.0 0.7 15 0.7 16 0.0 17 18 19 20 21 22 23 FA113070003 FA113090005 FA113076005 FA113092405 FA113072003 FA113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (3) PPP subsidies receivable Other 49.6 192.5 -1.3 0.2 0.0 193.6 47.7 195.2 10.0 0.3 0.0 185.0 47.1 255.4 16.2 0.2 117.5 121.5 45.7 128.0 13.2 -0.5 0.0 115.4 54.5 373.5 19.2 0.7 204.1 149.5 44.9 452.0 22.3 0.7 289.9 139.1 43.1 68.1 10.1 -0.0 -23.8 81.9 55.3 38.9 5.3 0.1 20.6 12.9 24 FA114194005 388.6 415.8 605.0 789.5 925.4 537.4 167.5 412.7 322.9 24 25 FA114190005 415.5 403.0 560.2 768.0 913.5 499.7 59.6 350.8 272.9 25 26 27 28 29 FA114123005 FA113168005 FA113169005 FA113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 293.4 77.9 8.8 206.7 273.1 16.0 8.6 248.4 510.9 173.3 96.1 241.5 631.6 368.9 15.0 247.7 938.7 545.1 173.0 220.6 371.2 26.3 124.3 220.6 102.0 -247.0 71.9 277.1 246.5 -2.3 40.7 208.0 30 31 FA113170005 FA113178003 Trade payables Taxes payable 5.4 18.5 42.9 8.4 -25.8 13.1 5.5 20.1 -149.2 25.6 46.8 8.2 -6.2 -1.6 95.8 18.8 47.2 30 2.2 31 32 33 FA115114305 FA113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities 4.7 93.6 -0.2 78.7 -0.5 62.5 -1.1 111.8 -0.3 98.7 -0.6 74.1 -0.2 -34.5 -0.1 -10.1 -0.6 32 95.8 33 34 FA113181115 -27.0 12.8 44.8 21.5 12.0 37.7 107.9 61.9 50.0 34 35 36 FA112090205 FA115114103 -31.9 5.0 13.5 -0.7 43.3 1.4 21.5 0.1 9.3 2.7 37.2 0.5 105.4 2.5 62.3 -0.4 42.4 35 7.5 36 Net increase in liabilities and equity Net increase in liabilities Net equity issues Proprietors’ net investment Foreign direct investment: equity (1) Net capital transfers paid from table F.5, line 62. (2) Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 11 and 16 respectively. (3) Equity in the Farm Credit System. 12.6 112.3 5.3 2.2 164.9 -60.0 128.3 -202.9 101.4 229.8 18 19 20 21 22 23 26 27 28 29 Transactions 2018 20 Z.1, September 23, 2021 F.105 General Government (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 7031.8 2099.0 1460.5 229.3 26.1 1410.8 210.4 1615.2 -19.5 6669.7 2181.8 1544.0 288.5 26.6 1463.7 228.5 954.3 -17.7 6815.3 2259.8 1557.0 304.0 28.3 1506.5 213.5 964.3 -18.1 7083.3 2412.1 1580.1 331.9 29.4 1539.2 207.3 1002.6 -19.3 8201.8 2550.4 1640.2 351.7 29.3 1564.0 236.7 1844.8 -15.3 1 2 3 4 5 6 7 8 9 FA366010115 FA366210005 FA366240005 FA366231005 FA316231061 FA366601005 FA366150105 FA366403105 FA366402105 Current receipts, NIPA basis Personal current taxes Taxes on production and imports Taxes on corporate income Taxes from the rest of the world Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises 6219.6 2076.3 1461.7 269.3 25.7 1365.9 217.6 811.7 -8.6 6506.7 2205.1 1532.3 289.9 27.2 1426.6 206.7 832.1 -13.3 6781.1 2195.6 1534.7 263.8 27.4 1464.5 216.2 1096.4 -17.5 6607.5 2241.6 1577.1 233.3 28.6 1477.2 212.5 851.8 -14.6 10 11 12 13 14 15 FA366900015 FA366901005 FA366404005 FA366403005 FA366130005 FA366402005 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 7343.5 2869.4 2948.9 634.0 827.9 63.3 7703.2 2973.9 3107.1 659.5 889.7 73.0 9814.9 3078.0 4214.4 931.9 829.2 761.4 7900.0 12103.9 10252.3 3058.9 3084.9 3079.4 3198.9 5614.7 4345.5 694.8 1447.3 792.1 866.5 832.7 814.2 80.9 1124.3 1221.2 16 17 18 19 FA366006005 FA366300005 FA313154015 FA365440095 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (2) - Net capital transfers (3) -1123.8 565.4 -2.0 -12.7 -1196.5 586.9 -2.2 3.8 -3033.9 606.4 -4.0 -10.0 20 FA366000105 = Gross saving less net capital transfers -543.8 -611.2 21 22 23 FA365090005 FA365019005 FA365420005 Gross investment Fixed investment Nonproduced nonfinancial assets -419.9 702.6 15.3 -619.1 740.0 14.2 24 FA365000005 Net lending (+) or net borrowing (-) -1137.9 25 FA364090005 Net acquisition of financial assets 26 27 28 29 30 FA313011005 FA363020005 FA363030005 FA213034003 FA212051003 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 31 32 33 34 35 36 37 38 39 40 FA364022005 FA213069103 FA213061105 FA363061705 FA213062003 FA363063005 FA364023005 FA363065005 FA313066220 FA313069005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Mortgages Consumer credit Other loans and advances 41 42 43 44 45 FA363064105 FA213064203 FA363070005 FA363078005 FA363090005 Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets 46 FA364190005 47 48 49 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 50 51 52 53 54 55 56 FA364122005 FA313161105 FA313161705 FA213162005 FA364123005 FA313165403 FA363169005 Debt securities Treasury securities Budget agency securities Municipal securities Loans Multifamily residential mortgages Other loans and advances 57 58 59 FA363170005 FA313140003 FA363190005 Trade payables Insurance reserves Miscellaneous liabilities 60 FA367005005 61 62 FA374090005 FA374190005 Net increase in liabilities Discrepancy Memo: Net acquisition of financial assets (consolidated) (4) Net increase in liabilities (consolidated) (4) 1 2 3 4 5 6 7 8 9 9003.6 11184.0 10680.0 10 3088.7 3186.5 3223.3 11 3698.4 5957.4 4287.3 12 793.5 837.9 1680.1 13 803.6 795.9 797.2 14 619.2 406.3 692.2 15 -1292.5 597.8 -4.2 -3.8 -5072.0 601.9 -5.0 -12.3 -3582.6 609.6 -3.6 -12.1 -2188.3 616.1 -3.2 -12.0 -4100.6 624.7 -1.9 196.0 -2478.2 637.5 -5.7 -15.1 16 17 18 19 -2413.5 -686.7 -4452.8 -2957.3 -1557.0 -3670.0 -1819.8 20 -2461.5 781.6 14.4 -1336.2 772.7 16.7 -5469.7 774.7 17.1 -1630.4 782.3 6.3 -1409.7 796.5 17.5 -3851.1 790.8 -0.4 -2354.2 21 792.7 22 17.9 23 -1373.3 -3257.5 -2125.6 -6261.5 -2419.0 -2223.7 -4641.5 -3164.9 24 391.0 117.2 2079.8 752.2 6990.2 434.0 142.9 -2081.9 -90.7 25 5.0 165.9 8.0 -2.1 1.1 4.6 7.2 20.0 6.8 -1.3 8.9 1417.1 -10.9 7.9 19.3 -1.0 658.2 53.0 23.3 -8.7 19.8 4952.7 18.9 11.9 51.5 7.2 220.2 10.6 -4.0 18.5 9.8 -162.6 -126.1 0.5 15.9 -8.5 -2196.8 36.4 5.2 25.0 1.8 -806.2 -73.4 1.2 25.5 26 27 28 29 30 8.9 0.5 -12.4 5.6 0.5 14.6 101.2 5.4 90.7 5.0 48.2 -0.6 51.4 2.4 -0.9 -4.1 91.6 -1.3 83.0 9.9 224.8 1.7 291.3 -71.4 1.5 1.8 258.5 8.7 61.7 188.1 80.9 -4.1 41.7 12.3 0.1 30.9 62.4 -7.5 83.7 -13.8 551.4 -5.6 728.8 -199.8 3.9 24.0 554.7 18.4 78.4 457.9 49.8 8.8 138.7 -48.7 1.4 -50.3 325.3 9.0 52.2 264.1 217.3 7.5 256.1 -49.4 0.5 2.5 91.7 14.6 32.7 44.4 146.9 15.7 227.3 -94.6 4.1 -5.7 120.3 12.0 78.5 29.8 858.3 23.8 830.6 -32.8 2.1 34.6 117.2 9.1 73.5 34.7 31 32 33 34 35 36 37 38 39 40 0.6 1.2 33.2 34.7 33.3 -3.4 1.2 17.2 -10.7 -64.2 -3.4 1.2 25.7 -5.5 136.1 -3.4 1.2 -19.3 -50.1 -44.4 -3.4 1.2 -0.2 323.2 508.7 -3.4 1.2 64.6 -315.3 59.3 -3.4 1.2 57.5 20.2 20.8 -3.4 1.2 52.7 -39.2 -221.7 -3.4 1.2 39.6 -270.4 17.9 41 42 43 44 45 1528.9 1490.5 5337.3 2877.8 13251.7 0.0 0.0 -0.3 0.0 0.0 -0.5 0.0 0.0 -0.0 1369.2 1411.2 -1.5 -40.5 -150.6 0.0 -150.6 1171.9 1176.6 -1.7 -2.9 1.0 0.0 1.0 4669.8 4582.2 -1.0 88.6 1.0 0.0 1.0 121.3 0.2 189.0 84.6 0.9 232.6 65.2 0.2 601.1 12.7 -0.6 155.1 -123.8 8.0 48.0 649.5 401.8 1539.6 65.6 1439.0 1786.0 5043.5 2853.0 2366.6 2559.6 3074.2 46 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 47 0.0 48 0.0 49 2710.1 12426.7 2682.7 12320.2 -0.1 -0.7 27.5 107.2 0.4 0.7 0.0 0.0 0.4 0.7 1546.2 1378.2 -3.5 171.5 1.8 0.0 1.8 1996.2 1947.6 0.2 48.4 1.1 0.0 1.1 2234.4 2123.8 -1.5 112.1 0.7 0.0 0.7 6.7 -0.0 817.7 129.7 1.4 1174.2 111.9 0.0 257.3 91.6 1.1 231.8 122.7 57 -3.4 58 539.0 59 1016.9 -1326.9 -147.3 181.1 534.4 60 709.9 6256.8 2835.5 12518.3 292.2 2711.2 -114.9 2108.9 -2314.1 2327.5 -923.4 61 2241.5 62 0.0 0.0 0.0 2415.9 2314.9 -0.0 101.0 0.0 0.0 0.0 50 51 52 53 54 55 56 (1) Sum of the federal government and state and local governments sectors. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.5, line 63 less line 12. (4) Excludes Treasury securities and municipal securities held by state and local governments (lines 33 and 35) and federal government loans to state and local governments (line 56). 21 Z.1, September 23, 2021 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 4 5 6 7 8 9 FA316010105 FA316210001 FA316240001 FA316231001 FA316231061 FA316601001 FA316150105 FA316403105 FA316402101 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 3569.0 1616.5 163.6 208.8 25.7 1345.4 123.3 86.3 -0.6 3713.7 1708.6 174.7 217.0 27.2 1406.2 109.9 72.5 -2.6 3684.5 1679.6 158.0 192.7 27.4 1444.6 119.8 62.9 -0.6 3751.2 1737.9 185.8 166.7 28.6 1457.1 116.5 59.5 -0.9 3481.1 1581.5 138.3 167.4 26.1 1391.6 114.1 62.7 -0.6 3690.5 1662.2 151.3 211.7 26.6 1443.8 132.4 62.6 -0.2 3815.1 1736.9 156.6 225.1 28.3 1486.0 116.3 66.6 -0.8 3982.6 1851.9 166.2 246.4 29.4 1517.9 109.5 62.8 -1.6 4130.9 1927.2 177.6 261.2 29.3 1542.1 138.7 56.7 -1.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 FA316900005 FA316901001 FA316404001 FA316403001 FA316130001 FA316402001 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies 4497.1 1039.4 2219.2 634.0 541.8 62.7 4761.1 1097.4 2348.4 659.5 583.5 72.4 6794.5 1161.4 3406.1 931.9 534.2 760.8 4909.2 1124.7 2443.0 694.8 566.4 80.3 9106.7 1187.6 4810.8 1447.3 537.3 1123.6 7206.8 1169.4 3503.3 792.1 521.5 1220.5 5955.2 1164.1 2867.3 793.5 511.7 618.6 8071.4 1219.9 5107.4 837.9 502.5 403.8 7472.2 1208.0 3396.8 1680.1 503.8 683.6 10 11 12 13 14 15 16 FA316006005 Net saving, NIPA basis -928.1 -1047.5 -3110.0 -1158.0 -5625.6 -3516.3 -2140.1 -4088.9 -3341.4 16 17 18 19 FA316300001 FA313154015 FA315440095 + Consumption of fixed capital - Insurance and pension reserves (1) - Net capital transfers paid (2) 284.9 -2.0 59.6 293.3 -2.2 77.8 303.5 -4.0 72.6 298.2 -4.2 74.7 301.6 -5.0 72.7 305.1 -3.6 72.4 309.2 -3.2 70.8 312.7 -1.9 277.2 317.0 17 -5.7 18 67.8 19 20 FA316000105 = Gross saving less net capital transfers paid -700.7 -829.7 -2875.1 -930.2 -5391.7 -3280.0 -1898.5 -4051.4 -3086.5 20 21 22 23 FA315090005 FA315019001 FA315420003 Gross investment Fixed investment Nonproduced nonfinancial assets -676.3 299.6 -0.8 -797.4 317.5 -2.6 -2908.4 340.3 -2.9 -1607.4 330.0 -0.3 -6319.0 337.4 -0.1 -1870.6 345.7 -11.1 -1836.5 348.2 -0.2 -4205.9 348.7 -18.3 -3531.7 21 355.3 22 -0.3 23 24 FA315000005 Net lending (+) or net borrowing (-) -975.1 -1112.4 -3245.8 -1937.1 -6656.2 -2205.2 -2184.5 -4536.3 -3886.7 24 25 FA314090005 Net acquisition of financial assets 322.1 84.2 1701.9 661.1 6188.0 166.1 -207.7 -2396.1 -1237.4 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 FA313011005 FA313020005 FA313030003 FA314022005 FA313061703 FA313063763 FA314023005 FA313069005 FA313065005 FA313066220 FA313064105 FA313070000 FA313078000 FA313090005 5.0 173.5 0.1 0.0 0.0 0.0 99.1 5.0 3.4 90.7 4.0 10.4 15.0 15.0 4.6 1.0 0.3 0.0 0.0 0.0 93.5 9.9 0.6 83.0 0.0 -1.9 -20.3 7.0 8.9 1326.3 -1.3 0.0 0.0 0.0 253.2 188.1 3.3 61.7 0.0 11.3 -18.6 122.0 -1.0 642.6 -1.6 0.0 0.0 0.0 76.0 -13.8 6.1 83.7 0.0 0.8 -67.5 11.9 19.8 4840.1 0.6 0.0 0.0 0.0 541.8 457.9 5.6 78.4 0.0 25.1 300.2 460.4 7.2 164.0 -1.7 0.0 0.0 0.0 312.3 264.1 -4.0 52.2 0.0 1.8 -326.0 8.4 9.8 -341.5 -2.7 0.0 0.0 0.0 82.8 44.4 5.7 32.7 0.0 17.7 18.9 7.3 -8.5 -2274.6 35.5 0.0 0.0 0.0 112.6 29.8 4.4 78.5 -0.0 29.4 -54.7 -235.7 1.8 -1011.5 -34.4 0.0 0.0 0.0 113.1 34.7 4.9 73.5 -0.0 1.3 -269.6 -38.1 40 FA314190005 1297.1 1196.6 4947.6 2598.2 12844.2 2371.3 1976.8 2140.3 2649.3 40 41 42 43 FA313111303 FA713014003 FA313112003 SDR allocations SDR certificates Treasury currency 0.0 0.0 -0.3 0.0 0.0 -0.5 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 41 0.0 42 0.0 43 44 45 46 47 48 49 50 51 FA314122005 FA313161105 FA313161205 FA313161305 FA313161705 FA314123005 FA313165403 FA313169003 Debt securities Treasury securities (5) Marketable Nonmarketable Budget agency securities Loans Multifamily residential mortgages Other loans and advances 1409.8 1411.2 1131.6 279.6 -1.5 -151.7 0.0 -151.7 1174.9 1176.6 1062.7 113.9 -1.7 0.0 0.0 0.0 4581.2 4582.2 4317.3 264.9 -1.0 0.0 0.0 0.0 2682.6 12319.5 2682.7 12320.2 2462.0 11726.3 220.6 593.9 -0.1 -0.7 0.0 0.0 0.0 0.0 0.0 0.0 1374.7 1378.2 1221.9 156.3 -3.5 0.0 0.0 0.0 1947.8 1947.6 1858.8 88.8 0.2 0.0 0.0 0.0 2122.3 2123.8 2184.3 -60.5 -1.5 0.0 0.0 0.0 2314.9 2314.9 2103.5 211.3 -0.0 0.0 0.0 0.0 44 45 46 47 48 49 50 51 52 53 54 55 56 57 FA313170005 FA313140003 FA313190005 FA343073045 FA313172003 FA313190015 Trade payables Insurance reserves Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other 74.0 0.2 -34.9 -50.4 0.0 15.5 36.0 0.9 -14.6 -32.9 0.0 18.3 16.8 0.2 349.5 -19.6 364.7 4.4 -36.4 -0.6 -47.4 -47.0 0.0 -0.4 -40.2 -0.0 564.9 -66.9 634.1 -2.3 81.5 1.4 913.8 7.8 900.7 5.3 62.4 0.0 -33.4 27.5 -75.9 15.1 40.7 1.1 -23.9 -67.7 51.0 -7.2 70.8 -3.4 267.0 -150.1 383.0 34.1 52 53 54 55 56 57 58 FA317005005 -24.4 -32.3 33.3 677.2 927.3 -1409.4 -62.0 154.5 445.2 58 173.2 1.8 1324.3 557.7 4939.0 66.0 -265.5 -2319.3 -940.2 59 59 FA314000105 U.S. official reserve assets Checkable deposits and currency Time and savings deposits Debt securities Agency- and GSE-backed securities Corporate and foreign bonds Loans Other loans and advances Mortgages Consumer credit (3) Corporate equities (4) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities Discrepancy Memo: Change in cash balance (6) 0.0 0.0 0.0 (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.5, line 64 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). 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Transactions 2018 22 Z.1, September 23, 2021 F.107 State and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA216010105 2 3 4 5 6 7 8 FA216210001 FA216240001 FA216231001 FA216601001 FA216150105 FA216403105 FA216402101 Current receipts, NIPA basis 9 FA216900005 10 11 12 13 14 FA216901001 FA216404001 FA216403001 FA216130001 FA216402001 15 FA216006005 Net saving, NIPA basis 16 17 FA216300001 FA215440005 18 19 20 21 FA215019001 FA215420003 Fixed investment Nonproduced nonfinancial assets 22 FA215000005 Net lending (+) or net borrowing (-) 23 FA214090005 Net acquisition of financial assets 24 25 FA213020005 FA213030000 26 27 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 2650.6 2793.1 3096.6 2856.3 3550.7 2979.2 3000.2 3100.7 4071.0 1 459.8 1298.1 60.5 20.4 94.3 725.4 -8.0 496.5 1357.6 72.9 20.4 96.8 759.6 -10.7 515.9 1376.6 71.0 19.9 96.4 1033.5 -16.8 503.8 1391.3 66.5 20.1 96.0 792.3 -13.7 517.5 1322.2 61.9 19.1 96.3 1552.5 -18.9 519.6 1392.7 76.8 19.9 96.1 891.7 -17.5 522.8 1400.4 78.8 20.5 97.3 897.7 -17.3 560.2 1413.9 85.5 21.2 97.7 939.9 -17.6 623.3 1462.6 90.6 21.9 98.0 1788.1 -13.5 2 3 4 5 6 7 8 2846.4 2942.1 3020.5 2990.8 2997.2 3045.5 3048.4 3112.5 3207.8 9 1830.0 729.7 0.0 286.1 0.6 1876.5 758.7 0.0 306.2 0.6 1916.5 808.3 0.0 295.0 0.6 1934.3 755.9 0.0 300.0 0.6 1897.3 803.8 0.0 295.4 0.6 1909.9 842.2 0.0 292.8 0.6 1924.7 831.1 0.0 291.9 0.6 1966.5 850.0 0.0 293.4 2.5 2015.3 890.5 0.0 293.4 8.6 10 11 12 13 14 -195.8 -149.0 76.1 -134.6 553.6 -66.3 -48.2 -11.8 863.2 15 + Consumption of fixed capital - Net capital transfers paid (1) 280.5 -72.2 293.7 -73.9 302.8 -82.7 299.6 -78.4 300.3 -85.0 304.5 -84.5 306.9 -82.8 312.0 -81.2 320.5 16 -83.0 17 FA216000105 = Gross saving less net capital transfers paid 156.9 218.6 461.6 243.5 938.9 322.7 341.4 381.4 1266.6 18 FA215090005 Gross investment 256.3 178.3 446.9 271.2 849.3 240.2 426.8 354.9 1177.4 19 403.0 16.1 422.5 16.8 441.2 17.3 442.7 17.0 437.3 17.2 436.6 17.4 448.3 17.7 442.2 17.9 437.4 20 18.2 21 -162.8 -260.9 -11.7 -188.5 394.7 -213.8 -39.2 -105.2 721.8 22 68.9 33.0 378.0 91.1 802.2 267.9 350.6 314.1 1146.8 23 Checkable deposits and currency Time and savings deposits -7.6 7.9 6.2 19.8 90.8 -9.6 15.6 54.6 112.6 18.2 56.2 12.3 178.9 -123.4 77.8 0.9 205.2 24 -39.0 25 FA213034003 FA212051003 Money market fund shares Security repurchase agreements -2.1 1.1 6.8 -1.3 7.9 19.3 23.3 -8.7 11.9 51.5 -4.0 18.5 0.5 15.9 5.2 25.0 1.2 26 25.5 27 28 29 30 31 32 33 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8.9 0.5 -12.4 5.6 0.5 14.6 48.2 -0.6 51.4 2.4 -0.9 -4.1 224.8 1.7 291.3 -71.4 1.5 1.8 80.9 -4.1 41.7 12.3 0.1 30.9 551.4 -5.6 728.8 -199.8 3.9 24.0 49.8 8.8 138.7 -48.7 1.4 -50.3 217.3 7.5 256.1 -49.4 0.5 2.5 146.9 15.7 227.3 -94.6 4.1 -5.7 34 FA213065005 Loans (mortgages) 2.1 -1.9 5.3 -13.6 12.9 13.0 8.9 7.6 4.1 34 35 36 FA213064103 FA213064203 Corporate equities Mutual fund shares -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 1.2 -3.4 35 1.2 36 37 38 39 FA213070003 FA213078005 FA213093003 Trade receivables Taxes receivable Miscellaneous assets 22.8 19.7 18.3 19.1 9.6 -71.2 14.3 13.1 14.1 -20.1 17.5 -56.2 -25.2 23.0 48.3 62.8 10.7 50.9 39.9 1.2 13.5 23.3 15.5 14.1 38.3 37 -0.8 38 56.0 39 40 FA214190005 231.7 293.9 389.6 279.5 407.5 481.7 389.8 419.3 425.0 40 41 42 43 FA213162005 FA213162400 FA213162200 Debt securities (municipal securities) Short-term (2) Long-term -40.5 2.9 -43.4 -2.9 6.8 -9.7 88.6 1.9 86.8 27.5 -6.0 33.5 107.2 8.7 98.4 171.5 4.7 166.8 48.4 0.1 48.3 112.1 -12.1 124.2 101.0 41 -11.6 42 112.7 43 44 FA213169203 Loans (U.S. government loans) 45 46 FA213170003 FA223073045 Trade payables Claims of pension fund on sponsor (3) 47 FA217005005 Personal current taxes Taxes on production and imports Taxes on corporate income Contributions for govt. social insurance Income receipts on assets Current transfer receipts Current surplus of government enterprises Current expenditures, NIPA basis Consumption expenditures Govt. social benefit payments to persons Other current transfer payments Interest payments Subsidies Net increase in liabilities Discrepancy (1) Table F.5, line 65. (2) Debt with original maturity of 13 months or less. (3) Included in miscellaneous liabilities. 858.3 23.8 830.6 -32.8 2.1 34.6 28 29 30 31 32 33 1.1 1.0 1.0 0.4 0.7 1.8 1.1 0.7 0.0 44 47.3 223.9 48.6 247.2 48.4 251.6 49.1 202.5 46.8 252.9 48.2 260.3 49.5 290.7 50.9 255.7 51.9 45 272.1 46 -99.4 40.2 14.8 -27.7 89.6 82.5 -85.3 26.5 89.2 47 23 Z.1, September 23, 2021 F.108 Domestic Financial Sectors (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA796000105 Gross saving less net capital transfers paid 321.8 446.3 383.7 430.9 355.0 339.8 409.2 433.7 484.0 1 2 FA795090005 Gross investment 434.9 399.4 369.9 190.3 374.9 646.5 267.7 1170.9 662.3 2 3 4 5 FA795019005 FA125012063 FA795013005 Capital expenditures Fixed residential investment Fixed nonresidential investment 283.3 3.5 279.8 318.5 7.1 311.4 297.5 3.0 294.6 311.1 5.9 305.1 264.5 -0.7 265.2 301.3 2.8 298.5 313.2 3.8 309.4 319.7 1.9 317.8 333.9 11.2 322.8 3 4 5 6 FA795000005 Net lending (+) or net borrowing (-) 151.6 80.9 72.3 -120.8 110.4 345.3 -45.6 851.2 328.4 6 7 FA794090005 Net acqisition of financial assets 1649.2 3357.8 9625.7 20991.8 10099.6 1574.6 5836.7 9152.6 6063.2 7 8 9 10 11 12 13 14 15 16 FA713011005 FA713014003 FA713012003 FA633091003 FA794010005 FA793020005 FA793030005 FA793034005 FA792050005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 0.0 0.0 0.4 -2.2 -388.1 -92.6 -5.2 22.2 435.0 0.1 0.0 0.3 5.8 -5.6 81.2 56.6 65.0 596.0 0.0 0.0 0.4 -6.7 1506.5 224.7 6.3 225.3 -303.6 0.1 0.0 0.4 -14.5 4102.3 1234.9 108.8 619.3 1466.7 0.1 0.0 0.3 -6.6 1246.5 -562.7 305.3 332.1 -3013.1 0.1 0.0 0.5 -4.9 -243.2 -345.1 -240.8 -53.0 -27.8 -0.0 0.0 0.3 -0.7 920.3 571.6 -148.4 2.6 359.9 0.1 0.0 0.3 5.8 2720.9 166.4 -164.2 161.6 -1198.8 0.1 0.0 0.7 -7.6 -666.9 -359.1 -174.4 89.2 1831.9 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 974.4 1.3 715.1 -19.7 -47.6 325.3 1132.2 -10.9 719.3 133.2 68.6 222.0 6338.7 -52.8 4480.8 1117.2 110.3 683.1 5871.6 13226.1 -59.4 -350.4 4326.7 11226.9 1181.7 1231.9 39.7 118.0 382.8 999.7 3384.8 -11.1 1256.9 1013.2 182.9 943.0 2872.4 209.8 1112.7 1042.2 100.7 407.0 5104.7 68.5 2097.1 1287.1 214.6 1437.4 2532.9 -194.1 1335.9 679.7 172.4 539.0 17 18 19 20 21 22 23 24 25 26 27 FA794023005 FA793068005 FA793069005 FA793065005 FA793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 763.0 289.2 -188.4 576.6 85.6 799.7 139.3 -43.0 596.6 106.8 1036.2 412.9 -36.2 729.9 -70.5 4234.7 2606.3 988.7 684.3 -44.6 -1007.3 121.9 -1385.3 556.1 -300.0 86.9 -798.0 -14.4 852.9 46.4 830.4 -278.6 266.5 826.3 16.2 1614.0 110.4 557.1 862.1 84.4 1277.8 -225.2 -12.5 1213.4 302.2 23 24 25 26 27 28 29 FA793064105 FA793064205 Corporate equities Mutual fund shares -136.2 -103.4 -275.3 -66.4 -370.4 -187.6 -98.6 -366.2 -417.4 -124.7 -470.2 -206.4 -495.3 -53.2 487.3 -275.5 184.1 28 -285.0 29 30 31 32 33 34 FA793070005 FA793040005 FA543050005 FA793092005 FA793090005 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 18.5 -28.3 100.1 5.5 86.0 13.8 17.4 7.7 38.0 891.2 40.7 15.7 91.4 38.3 969.8 62.7 12.5 82.3 95.4 3579.4 70.1 16.4 116.0 29.7 -111.3 55.8 15.8 76.6 31.4 -485.9 -25.7 17.8 90.8 -3.1 896.9 25.5 3.9 4.1 69.7 426.9 35 FA794194005 1497.6 3276.9 9553.3 21112.6 9989.1 1229.3 5882.2 8301.4 36 FA794190005 1211.5 3014.9 9030.4 20776.8 9360.2 753.3 5231.2 7251.9 37 38 39 40 41 FA794110005 FA793120005 FA703130005 FA634090005 FA792150005 Net interbank liabilities Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos -354.0 315.4 530.0 189.9 15.4 -99.0 272.2 684.1 596.0 224.8 1546.2 4272.7 795.2 701.3 -259.0 5773.1 3798.2 2325.2 3093.7 1074.4 195.9 7891.1 3098.4 1300.9 -2428.1 -424.8 965.7 59.0 -1054.3 124.3 640.6 4435.6 -2302.1 -535.2 193.1 2716.1 -278.0 1951.0 927.6 -218.4 -1174.6 699.7 -374.7 254.2 3384.6 37 38 39 40 41 42 43 44 45 FA794122005 FA793169175 FA423161705 FA793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 324.0 33.9 246.9 43.2 399.2 -33.2 318.6 113.8 903.5 -7.0 658.2 252.3 2583.0 31.4 1505.6 1046.0 -230.8 -96.7 -221.8 87.7 235.6 -29.9 536.3 -270.8 1026.2 67.0 812.7 146.4 870.9 193.5 699.6 -22.3 1039.0 -137.5 600.9 575.6 42 43 44 45 46 47 48 49 FA794123005 FA793168005 FA793169005 FA123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -10.7 9.8 -4.7 -15.8 -69.0 -5.9 -64.9 1.9 -31.1 75.6 -107.9 1.1 1798.7 434.7 1360.9 3.1 -1509.6 -266.8 -1234.4 -8.4 -425.4 -21.3 -412.0 7.9 11.8 155.9 -146.0 1.9 131.1 11.8 141.7 -22.3 14.3 216.3 -199.8 -2.2 46 47 48 49 50 FA653164205 Mutual fund shares -63.4 208.0 -226.8 -1223.7 61.4 106.2 149.0 363.1 167.5 50 51 52 53 54 55 56 FA793170005 FA543140005 FA583150005 FA793178005 FA793192305 FA793190005 Trade payables Life insurance reserves Pension entitlements Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities -4.2 43.3 336.2 -0.7 -34.3 -75.4 15.0 31.7 442.6 12.9 -19.0 315.3 101.9 85.0 510.7 -8.2 8.4 630.6 101.2 188.6 501.1 -40.3 -11.7 815.4 128.0 -4.5 483.0 24.5 5.5 344.3 110.9 72.0 497.2 -26.7 -1.3 515.0 67.7 83.9 561.7 9.8 41.1 847.9 14.6 -75.9 217.6 -50.5 15.9 666.8 1.2 63.2 320.9 -33.6 8.2 350.6 57 FA793181125 286.1 262.0 522.9 335.8 628.9 476.1 651.0 1049.5 1014.4 57 58 59 60 FA793164105 FA662090003 FA793192105 198.5 9.5 78.1 209.7 5.2 47.1 499.2 6.9 16.9 280.9 5.3 49.6 627.5 14.6 -13.1 465.5 -5.5 16.1 622.8 13.0 15.2 1050.2 13.8 -14.5 1007.8 58 16.8 59 -10.2 60 61 FA797005005 -113.1 46.8 13.9 240.6 -20.0 -306.8 141.6 -737.2 -178.4 61 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Equity in noncorporate business Foreign direct investment: equity Discrepancy (1) Sum of financial sectors shown on tables F.109 through F.132. 41.4 36.4 18.9 52.2 1490.5 30 31 32 33 34 5734.8 35 4720.4 36 51 52 53 54 55 56 Transactions 2018 24 Z.1, September 23, 2021 F.109 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA716000105 Gross saving 2.5 9.3 2.7 9.0 0.4 -2.0 3.2 -2.7 -2.6 1 2 FA715013005 Fixed nonresidential investment 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 2 3 FA714090005 Net acquisition of financial assets -389.8 116.4 3083.6 6279.0 4644.8 194.9 1215.9 1555.2 1593.7 3 4 5 6 FA713011005 FA713014003 FA713012003 U.S. official reserve assets SDR certificates Treasury currency 0.0 0.0 0.4 0.1 0.0 0.3 0.0 0.0 0.4 0.1 0.0 0.4 0.1 0.0 0.3 0.1 0.0 0.5 -0.0 0.0 0.3 0.1 0.0 0.3 0.1 0.0 0.7 4 5 6 7 8 9 10 11 FA713022003 FA713068705 FA713068703 FA763069143 FA713068725 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) 0.2 -0.1 -0.1 0.0 0.0 0.1 -0.0 -0.0 0.0 0.0 0.1 44.5 1.6 2.0 41.0 -0.0 306.4 196.2 110.2 0.0 -0.3 27.3 -167.6 -63.2 258.1 -2.4 -67.3 -14.9 -31.4 -21.1 3.0 -88.2 -7.5 -7.6 -73.1 -1.9 -12.8 -3.1 -7.5 -2.2 12 FA712051000 Security repurchase agreements 13 14 15 16 17 18 19 20 FA714022005 FA713069603 FA713061103 FA713061113 FA713061125 FA713061705 FA713061903 FA713061703 Debt securities Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-baked securities 21 22 23 24 25 FA713068005 FA713068813 FA713068665 FA713068863 FA713068505 Loans (depository institution loans n.e.c.) Households (TALF I) (5) Brokers and dealers (6) Finance companies (PPPLF) (4) Other financial business (7) 26 27 28 29 FA713064103 FA713090005 FA713091103 FA713093005 Corporate equities (8) Miscellaneous assets Nonofficial foreign currencies (9) Other 30 FA714190005 31 32 FA713113003 FA703025005 Depository institution reserves Vault cash of depository institutions 33 FA713120005 Checkable deposits and currency 34 35 36 37 38 39 40 FA713123005 FA713123023 FA713123030 FA713123043 FA713124005 FA713129005 FA713122605 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (10) Due to rest of the world 41 FA713125005 Currency outside banks 42 43 44 FA712151003 FA712151103 FA712151115 Security repurchase agreements Reverse repurchase agreement operations (11) Other (12) 45 46 47 48 FA713190005 FA313094213 FA713164003 FA713193005 Miscellaneous liabilities Treasury contributions to MMLF Federal Reserve Bank stock Other 49 FA717005005 Net increase in liabilities Discrepancy -0.0 7 1.8 8 -1.3 9 -0.4 10 3.6 11 0.0 255.6 -255.6 28.4 -819.1 -231.8 0.0 0.0 -379.5 0.0 -243.3 0.0 -243.3 -136.2 -134.2 -2.0 -137.5 0.0 99.1 168.5 -69.3 -236.6 -236.5 -0.1 3217.0 0.0 2554.3 157.5 2396.8 662.7 662.7 -0.0 4281.5 0.0 4077.9 625.5 3452.4 203.7 203.7 -0.0 6046.3 0.0 4137.3 2.8 4134.5 1909.0 1909.0 -0.0 1304.3 0.0 1000.5 1.2 999.3 303.8 303.8 -0.0 1235.7 0.0 1001.4 0.5 1000.9 234.4 234.4 -0.0 1610.4 0.0 1017.8 0.2 1017.6 592.6 592.6 -0.0 1486.6 0.0 958.9 0.1 958.8 527.6 527.7 -0.0 0.0 12 13 14 15 16 17 18 19 20 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52.2 0.0 2.1 9.4 40.7 234.9 0.0 234.9 0.0 0.0 -111.1 0.0 -186.4 14.8 60.6 3.0 0.0 -34.7 18.5 19.3 82.1 0.0 -5.2 4.5 82.8 26.0 0.0 -8.0 41.0 -7.0 109.8 0.0 -0.5 118.4 -8.2 21 22 23 24 25 0.0 -10.8 -7.9 -3.0 0.0 -2.2 -0.5 -1.7 0.0 25.0 14.2 10.9 0.0 1427.3 1415.8 11.5 0.0 -498.7 -523.2 24.4 0.0 -811.4 -812.0 0.5 0.0 -17.0 -24.0 7.0 0.0 -66.9 -61.5 -5.4 0.0 -5.2 -7.8 2.5 26 27 28 29 -386.6 116.4 3083.7 6279.0 4644.8 194.8 1216.0 1554.1 1593.7 30 -393.1 4.9 -7.1 1.4 1446.1 15.8 3701.7 94.2 1251.0 -31.5 -175.2 1.7 1006.7 -1.3 2711.1 24.6 -644.3 31 -24.4 32 259.5 89.6 1738.4 1659.6 4914.8 333.1 46.2 -1615.5 -1202.1 33 173.2 0.0 173.2 0.0 -6.8 -3.3 -0.0 1.7 -0.0 1.7 0.0 2.1 -1.1 -0.1 1324.6 -0.1 1324.7 0.0 38.5 93.0 16.7 559.5 0.6 558.9 0.0 430.0 396.8 48.9 4937.5 -1.0 4938.5 0.0 -312.2 -107.1 -4.7 65.7 -0.2 65.8 0.0 -65.8 48.9 10.8 -264.3 0.0 -264.3 0.0 102.0 33.4 11.7 -2353.3 0.2 -2353.5 0.0 332.2 126.2 45.5 96.4 87.0 265.7 224.5 401.3 273.5 163.5 234.0 184.1 41 -259.9 -277.7 17.8 32.6 22.2 10.4 -120.6 -54.4 -66.2 929.7 883.3 46.4 -1344.5 -1135.8 -208.7 -110.9 -0.4 -110.5 43.3 35.2 8.1 544.5 498.6 45.9 3635.0 42 3430.5 43 204.5 44 2.0 0.0 0.9 1.1 -0.1 0.0 -0.6 0.5 4.0 1.5 0.7 1.8 -106.4 0.0 1.1 -107.4 -145.0 6.0 0.2 -151.2 146.2 0.0 1.5 144.7 121.0 0.0 -0.1 121.1 -110.6 0.0 0.4 -111.0 5.0 8.6 2.0 8.3 -0.3 -2.7 2.6 -4.5 -913.9 -0.2 -913.7 0.0 -421.8 61.3 -111.8 -170.6 -6.0 1.4 -166.0 34 35 36 37 38 39 40 45 46 47 48 -3.4 49 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the 2008-2010 Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the 2020 Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 11) and finance companies (line 24) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (6) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (7) Loans extended to Federal Reserve funding, credit, and liquidity facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (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 Assuance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (9) Reciprocal currency arrangements (swap lines) with foreign central banks. (10) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (11) 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). (12) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. 25 Z.1, September 23, 2021 F.110 Private Depository Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA706000105 Gross saving less net capital transfers paid 32.8 -57.4 46.5 16.2 73.8 82.9 13.2 61.0 97.7 1 2 FA705013005 Fixed nonresidential investment 56.8 79.9 82.7 89.2 63.3 87.2 91.1 91.5 90.1 2 3 FA705000005 Net lending (+) or net borrowing (-) -159.7 -101.4 53.7 -348.2 121.9 506.8 -65.7 332.3 33.6 3 4 FA704090005 Net acquisition of financial assets 417.5 765.6 3217.9 7315.5 3364.8 578.5 1612.7 4050.2 747.5 4 5 6 7 FA703025005 FA713113003 FA702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 4.9 -393.1 211.3 1.4 -7.1 36.3 15.8 1446.1 124.2 94.2 3701.7 -316.4 -31.5 1251.0 816.0 1.7 -175.2 -112.8 -1.3 1006.7 109.8 24.6 2711.1 -1181.7 -24.4 -644.3 38.1 5 6 7 8 9 10 11 12 13 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 98.7 0.2 124.3 52.4 -40.0 -38.2 237.2 0.5 126.7 115.1 -29.1 23.9 1085.8 1.6 302.9 694.0 72.2 15.1 757.6 112.0 -4.1 482.8 131.3 35.6 1300.6 -65.1 893.2 374.2 53.9 44.3 1171.6 -33.0 274.6 759.0 53.6 117.4 1113.4 -7.5 47.8 1159.8 50.0 -136.7 2140.7 -8.2 383.8 1184.3 75.9 504.9 988.7 -0.8 383.9 433.4 58.8 113.4 8 9 10 11 12 13 14 15 16 17 18 FA704023005 FA703068005 FA703069005 FA703065005 FA703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 563.9 289.2 0.0 170.3 104.4 459.9 139.3 0.0 214.7 105.9 365.8 360.7 0.0 88.0 -82.9 2604.9 2371.5 0.0 256.6 -23.2 -4.0 233.0 0.0 84.1 -321.0 -687.8 -801.0 0.0 108.6 4.5 -449.8 -360.6 0.0 -97.2 8.0 28.7 84.4 0.0 -89.5 33.8 84.8 -335.0 0.0 156.1 263.7 14 15 16 17 18 19 20 FA703064105 FA703064205 Corporate equities Mutual fund shares 2.5 -5.5 0.8 -1.8 3.0 0.1 4.6 1.8 1.4 -2.7 2.3 0.1 3.6 1.3 4.0 4.5 3.8 19 2.0 20 21 FA763040005 Life insurance reserves 3.9 6.7 6.1 3.6 5.3 7.1 8.2 8.3 18.7 21 22 23 FA763092000 FA703090005 U.S. direct investment abroad Miscellaneous assets 1.1 -70.2 7.2 25.0 2.1 169.0 3.4 460.2 10.8 17.9 3.1 368.6 -8.7 -170.6 -1.9 311.9 20.1 22 259.9 23 24 FA704194005 577.2 867.0 3164.2 7663.7 3242.9 71.7 1678.4 3717.9 713.9 24 25 FA704190005 Net increase in liabilities 569.6 862.7 3154.7 7671.5 3237.8 55.8 1653.8 3720.0 737.4 25 26 FA704110005 Net interbank liabilities 34.1 -93.3 84.4 1977.1 -1023.5 -251.3 -364.8 -19.5 -505.9 26 27 28 FA703127005 FA703130005 Checkable deposits Time and savings deposits 55.9 530.0 182.6 684.1 2534.2 795.2 2138.5 2325.2 2976.4 3098.4 632.6 59.0 4389.4 -2302.1 1337.4 1951.0 1901.8 27 -374.7 28 29 FA702150005 Federal funds and security repos -76.2 70.3 -1.2 347.5 -405.7 125.4 -71.9 65.4 -127.9 29 30 31 32 FA704122005 FA703169175 FA763163005 Debt securities Open market paper Corporate bonds 27.0 14.7 12.3 -40.0 -21.4 -18.7 55.7 26.6 29.2 143.4 96.9 46.5 6.0 -13.3 19.3 8.1 -8.5 16.6 65.3 31.0 34.3 58.0 40.6 17.3 -5.5 30 -1.4 31 -4.1 32 33 FA703169005 Loans (other loans and advances) -6.3 -97.8 -241.6 709.5 -1144.1 -279.0 -252.9 32.7 -247.2 33 34 35 FA763178003 FA753192305 Taxes payable (net) Foreign direct investment: intercompany debt 5.4 -4.3 14.5 -2.2 -11.2 -1.6 -66.6 -3.7 9.5 -2.0 9.6 -1.1 2.7 0.6 -67.0 -0.4 -7.6 34 -6.3 35 36 37 38 39 FA703190005 FA763194735 FA753194503 FA703193005 Miscellaneous liabilities Investment by holding companies Investment by other financial businesses Other 3.9 13.5 43.4 -53.0 144.4 93.6 -3.5 54.3 -59.2 72.7 -27.6 -104.3 100.6 -145.8 11.4 235.0 -277.2 112.1 -43.7 -345.6 -247.6 110.7 -41.7 -316.6 187.5 213.6 -36.3 10.1 362.5 56.7 169.2 136.6 40 FA703181125 7.6 4.4 9.5 -7.8 5.0 16.0 24.7 -2.1 -23.5 40 41 42 FA763164103 FA753192103 -5.2 12.8 1.4 3.0 1.9 7.6 -9.5 1.7 3.0 2.1 4.9 11.0 9.1 15.5 -1.4 -0.7 6.4 41 -29.9 42 43 FA707005005 135.7 -35.8 -89.9 275.2 -111.4 -511.1 -12.2 -362.8 -26.1 43 1.2 201.5 0.8 529.0 0.3 1760.9 0.9 3000.0 -0.4 2334.8 0.9 263.9 -0.1 1445.1 -0.4 1335.3 0.6 44 997.8 45 Net increase in liabilities and equity Net equity issues Corporate equities Foreign direct investment: equity Discrepancy 110.8 265.2 -69.8 -84.6 36 37 38 39 Memo: 44 45 FA763066303 FA703139105 Consumer leases not included above (2) Uninsured deposits (3) (1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (3) Includes checkable deposits (line 27) and time and savings deposits (line 28) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Transactions 2018 26 Z.1, September 23, 2021 F.111 U.S.-Chartered Depository Institutions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA766000105 Gross saving less net capital transfers paid 9.2 -82.3 21.5 -8.9 49.2 58.1 -12.2 35.5 71.7 1 2 FA765013005 Fixed nonresidential investment 42.5 61.1 62.3 68.2 43.8 66.9 70.3 70.0 68.0 2 3 FA764090005 Net acquisition of financial assets 349.2 634.6 2926.3 5157.5 4280.5 565.7 1701.4 3086.4 575.8 3 4 5 6 FA763025000 FA763013005 FA762050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 4.9 -273.5 160.3 1.4 18.9 -24.3 15.8 1282.4 179.8 94.2 2276.5 -108.9 -31.5 1962.5 916.1 1.7 -196.3 -248.8 -1.3 1087.0 160.8 24.6 1718.0 -975.8 -24.4 -579.0 23.2 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA764022005 FA763069175 FA763061100 FA763061705 FA763061803 FA763061503 FA763061603 FA763061403 FA763061795 FA763062000 FA763063005 FA763063673 FA763063653 FA763063663 FA763063693 FA763063095 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Residential mortgage pass-through securities Commercial mortgage pass-through securities Residential CMOs and other structured MBS Commercial CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Private residential mortgage pass-through securities Private commercial mortgage pass-through securities Private residential CMOs and other structured MBS Private commercial CMOs and other structured MBS Other 76.4 0.0 87.3 66.8 31.2 20.6 7.5 15.3 -7.8 -39.8 -37.9 -1.3 -1.0 -6.3 3.3 -32.7 243.0 0.0 125.6 102.7 90.8 20.9 1.8 20.3 -31.1 -29.5 44.2 1.6 0.6 1.9 2.3 37.9 1003.5 2.0 327.5 603.1 381.9 46.8 113.3 54.4 6.7 68.9 1.9 -0.7 0.2 4.7 -0.4 -1.9 645.1 110.2 75.5 466.5 377.8 25.4 47.0 58.2 -42.0 127.7 -134.8 1.1 0.0 13.0 8.4 -157.2 1225.2 -63.2 859.7 243.1 52.6 45.8 116.0 39.9 -11.3 50.2 135.4 -0.4 0.2 9.1 -2.0 128.5 1108.4 -31.4 306.1 652.6 415.0 40.1 90.5 70.1 36.9 49.4 131.7 -1.8 0.5 -0.2 -6.8 140.0 1035.2 -7.6 68.7 1050.3 682.0 75.9 199.8 49.4 43.2 48.3 -124.5 -1.7 0.1 -3.0 -1.2 -118.8 1898.7 -7.5 406.6 939.5 725.6 48.2 51.6 61.5 52.5 72.3 487.8 3.6 0.5 7.4 8.8 467.5 987.0 -0.4 355.5 439.8 319.6 38.4 0.8 44.1 36.9 56.8 135.3 -0.1 0.1 5.9 14.5 114.9 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA764023005 FA763068005 FA763069703 FA763065005 FA763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 438.1 253.4 0.0 122.2 62.5 359.6 98.7 0.0 171.8 89.0 286.7 335.2 0.0 41.5 -90.0 1881.3 1734.9 0.0 177.5 -31.2 161.5 454.3 0.0 30.6 -323.4 -509.0 -564.6 0.0 66.1 -10.4 -387.1 -283.8 0.0 -108.3 5.0 50.4 139.0 0.0 -111.2 22.6 -8.3 -293.1 0.0 77.0 207.9 23 24 25 26 27 28 29 FA763064105 FA763064203 Corporate equities Mutual fund shares 2.5 -5.9 0.8 -2.1 3.0 -0.8 4.6 0.1 1.4 -2.9 2.3 -0.2 3.6 -0.1 4.0 0.0 3.8 28 0.0 29 30 31 32 FA763040005 FA763092000 FA763090005 Life insurance reserves U.S. direct investment abroad Miscellaneous assets 3.9 1.1 -58.6 6.7 7.2 23.4 6.1 2.1 147.8 3.6 3.4 357.7 5.3 10.8 32.2 7.1 3.1 397.4 8.2 -8.7 -196.3 8.3 -1.9 360.0 18.7 30 20.1 31 134.5 32 33 FA764194005 464.8 727.6 2806.8 5503.0 3917.1 135.4 1671.6 2703.3 906.4 33 34 FA764190005 470.0 726.2 2804.9 5512.5 3914.2 130.5 1662.5 2704.7 899.9 34 35 36 37 38 39 FA764110005 FA713022003 FA713068715 FA764112005 FA764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks -31.1 0.2 -0.1 -9.2 -21.9 -13.8 0.1 -0.0 -0.9 -13.1 1.1 0.1 44.1 3.6 -46.7 489.1 -0.0 306.4 195.2 -12.5 -100.7 -0.3 25.3 -290.0 164.3 -24.7 -2.4 -67.3 131.4 -86.3 -359.3 3.0 -87.8 -22.4 -252.2 -156.5 -1.9 -12.1 311.3 -453.7 -252.5 -0.0 2.1 -384.6 130.1 35 36 37 38 39 40 41 42 43 44 45 46 FA763127005 FA763123005 FA763128000 FA763129205 FA763122605 FA763130005 FA762150005 Checkable deposits Federal government State and local government Private domestic Rest of the world Time and savings deposits Federal funds and security repos 38.3 -0.1 -7.6 31.1 15.0 491.9 -27.3 137.8 -0.1 6.2 127.2 4.6 511.5 23.9 2381.3 1.1 90.8 2307.0 -17.6 655.7 3.9 1851.8 -0.2 15.6 1788.1 48.2 2474.9 96.4 2788.7 0.9 112.6 2757.0 -81.8 2489.4 -2.5 552.3 2.0 56.2 524.5 -30.4 30.2 -45.8 4332.4 1.5 178.9 4158.4 -6.3 -2371.6 -32.6 943.6 -1.4 77.8 878.7 -11.4 1621.5 66.3 1933.0 8.1 205.2 1655.5 64.2 -464.0 -177.4 40 41 42 43 44 45 46 47 48 49 FA764122005 FA763169175 FA763163005 Debt securities Open market paper Corporate bonds 24.2 12.0 12.3 -37.8 -19.1 -18.7 58.8 29.6 29.2 93.0 46.5 46.5 37.2 18.0 19.3 36.8 20.2 16.6 68.1 33.9 34.3 40.7 23.4 17.3 -9.2 47 -5.2 48 -4.1 49 50 FA763169305 Loans (other loans and advances) -9.2 -92.3 -232.6 667.1 -1094.8 -267.8 -234.9 44.6 -242.7 50 51 52 53 54 FA763178003 FA763190005 FA763194735 FA763193005 Taxes payable (net) Miscellaneous liabilities Investment by holding companies Other 5.4 -22.2 13.5 -35.7 14.5 182.4 93.6 88.7 -11.2 -52.1 72.7 -124.7 -66.6 -93.0 -145.8 52.8 9.5 -212.7 112.1 -324.7 9.6 -160.2 110.7 -270.9 2.7 257.6 213.6 44.0 -67.0 211.6 56.7 154.8 55 FA763164103 56 FA767005005 Net increase in liabilities and equity Net increase in liabilities Net equity issues (corporate equities) Discrepancy -7.6 120.3 265.2 -144.9 51 52 53 54 -5.2 1.4 1.9 -9.5 3.0 4.9 9.1 -1.4 6.4 55 82.4 -50.4 -160.2 268.4 -357.9 -439.1 -112.3 -417.5 334.2 56 1.2 199.5 0.8 398.9 0.3 1718.5 0.9 2977.9 -0.4 2021.5 0.9 320.5 -0.1 1554.1 -0.4 948.6 0.6 57 1013.8 58 Memo: 57 58 FA763066303 FA763139105 Consumer leases not included above (1) Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (2) Includes checkable deposits (line 40) and time and savings deposits (line 45) not insured by the Federal Deposit Insurance Corporation. 27 Z.1, September 23, 2021 F.112 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA756330005 Gross saving 4.3 5.4 6.8 6.6 6.7 6.8 6.9 7.0 7.2 1 2 FA755013005 Fixed nonresidential investment 5.8 8.9 9.8 10.1 9.4 9.7 10.0 10.3 10.6 2 3 FA754090005 Net acquisition of financial assets -14.5 21.2 -8.1 1899.6 -1419.7 -158.2 -354.2 419.0 128.6 3 4 5 FA753025003 FA753013003 Vault cash Reserves at Federal Reserve 0.0 -111.4 0.0 -44.5 0.0 48.3 0.0 1278.9 0.0 -916.8 0.0 19.8 -0.0 -188.5 0.0 767.5 0.0 19.2 4 5 6 FA752050005 Federal funds and security repos 50.9 60.0 -55.4 -207.4 -99.9 135.8 -49.9 -205.7 15.8 6 7 8 9 10 11 12 FA754022005 FA753069603 FA753061103 FA753061703 FA753062003 FA753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 26.4 0.0 29.4 -2.5 0.0 -0.6 -30.1 0.0 -9.9 8.9 0.0 -29.1 -12.6 0.0 -27.3 7.9 0.0 6.8 104.5 0.0 -58.7 17.3 0.0 145.9 -74.6 0.0 6.4 4.4 0.0 -85.4 -55.0 0.0 -28.5 -10.7 0.0 -15.9 -25.4 0.0 -28.5 20.5 0.0 -17.4 -52.5 0.0 -63.4 6.6 0.0 4.3 13 14 15 16 FA754023005 FA753068005 FA753069703 FA753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 40.1 32.1 0.0 8.1 28.3 25.5 0.0 2.8 17.8 17.3 0.0 0.5 634.8 626.1 0.0 8.7 -252.5 -250.1 0.0 -2.4 -237.5 -235.6 0.0 -2.0 -73.5 -71.3 0.0 -2.2 -70.0 -67.6 0.0 -2.4 11.8 7.6 0.0 4.2 17 18 FA753064103 FA753093005 Corporate equities Miscellaneous assets 0.0 -20.4 0.0 7.5 0.0 -6.3 0.0 88.8 0.0 -75.8 0.0 -21.2 0.0 -16.9 0.0 -20.3 0.0 17 83.4 18 19 FA754194005 41.7 38.2 72.1 1893.6 -1154.1 -213.1 -238.2 501.4 -238.7 19 20 FA754190005 Net increase in liabilities 28.9 35.2 64.5 1891.9 -1156.1 -224.2 -253.7 502.1 -208.7 20 21 22 23 FA754110005 FA754116005 FA754112005 Net interbank liabilities To foreign banks To domestic banks 61.5 70.8 -9.3 -78.5 -70.2 -8.3 79.2 76.0 3.2 1421.5 1411.7 9.8 -898.1 -907.1 9.0 -199.8 -177.2 -22.7 -7.0 -23.4 16.5 22.3 -3.1 25.4 -178.7 21 -154.4 22 -24.4 23 24 25 FA753127005 FA753130005 Checkable deposits Time and savings deposits -7.2 -2.0 21.6 89.0 57.0 -50.8 208.2 -198.1 18.7 232.7 38.7 -134.7 -37.8 -103.0 199.7 139.6 -41.0 24 -28.5 25 26 FA752150005 Federal funds and security repos -48.9 46.4 -5.1 251.1 -403.2 171.2 -39.4 -0.9 49.5 26 27 FA753169175 Debt securities (open market paper) 2.7 -2.3 -3.1 50.5 -31.2 -28.6 -2.8 17.3 3.7 27 28 FA753192305 Foreign direct investment: intercompany debt -4.3 -2.2 -1.6 -3.7 -2.0 -1.1 0.6 -0.4 -6.3 28 29 30 31 FA753190005 FA753194503 FA753193005 Miscellaneous liabilities Investment by other financial businesses Other 27.0 43.4 -16.4 -38.9 -3.5 -35.4 -11.2 -27.6 16.4 162.5 11.4 151.1 -73.0 -43.7 -29.3 -69.8 -41.7 -28.1 -64.3 -36.3 -28.1 124.7 169.2 -44.5 -7.5 29 -69.8 30 62.4 31 32 FA753192103 12.8 3.0 7.6 1.7 2.1 11.0 15.5 -0.7 -29.9 32 33 FA757005005 54.7 13.5 77.2 -9.4 263.0 -57.8 113.0 79.1 -370.7 33 -9.2 110.6 6.2 10.1 251.4 -96.0 -140.8 339.2 -69.4 34 Net increase in liabilities and equity Net equity issues (foreign direct investment) Discrepancy -1.7 7 0.0 8 17.6 9 -11.6 10 0.0 11 -7.7 12 13 14 15 16 Memo: 34 FA753139105 Uninsured deposits (2) (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) All checkable deposits (line 24) and time and savings deposits (line 25) are considered uninsured according to the Federal Deposit Insurance Act. Transactions 2018 28 Z.1, September 23, 2021 F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA746330005 Gross saving 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 1 2 FA745013005 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.2 0.3 0.3 0.3 0.3 2 3 FA744090005 Net acquisition of financial assets 3.5 3.5 12.2 3.1 35.9 12.6 -2.6 36.9 24.8 3 4 FA743013003 Reserves at Federal Reserve -1.7 -1.7 10.3 14.5 21.4 10.5 -5.2 -0.7 34.7 4 5 6 7 8 9 10 11 12 13 FA744022003 FA743061103 FA743061703 FA743062003 FA743063005 FA744023003 FA743068005 FA743065103 FA743065505 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages 5.1 5.3 -0.1 -0.1 -0.1 -1.2 0.5 -1.2 -0.5 13.2 5.9 -0.3 -0.1 7.7 3.5 5.0 -0.9 -0.6 6.1 -3.6 7.1 -1.1 3.8 0.9 0.6 0.3 0.0 -3.5 -13.2 -4.3 0.1 13.9 7.6 8.0 -0.7 0.3 16.1 12.2 8.0 -0.1 -4.0 8.5 6.6 1.5 0.4 3.0 -9.4 13.2 -0.6 -0.2 -5.7 -6.2 1.4 -0.9 9.0 -4.2 11.4 -3.7 5.4 -6.8 -6.2 -0.9 0.3 16.9 9.2 7.7 0.0 0.0 -9.5 -5.2 -2.6 -1.7 -7.9 -0.0 1.7 -0.0 -9.6 -3.7 -1.4 -1.8 -0.5 5 6 7 8 9 10 11 12 13 14 FA743093005 Miscellaneous assets 1.4 -11.5 -5.1 -15.5 -10.1 4.8 0.5 30.2 1.7 14 15 FA744190005 2.7 5.6 14.6 9.1 37.8 15.3 -3.9 29.7 29.1 15 16 17 18 19 FA744110005 FA743127003 FA743130003 FA743193005 -0.3 3.5 0.4 -0.9 -0.3 4.8 1.4 -0.3 0.3 11.0 3.1 0.2 -1.4 3.3 6.7 0.4 -0.1 31.4 4.8 1.8 1.8 8.3 2.8 2.3 0.7 1.1 -2.1 -3.6 0.1 18.4 13.3 -2.2 -0.1 27.1 3.3 -1.2 20 FA747005005 -0.8 2.0 2.3 6.0 1.9 2.6 -1.4 -7.3 4.2 20 3.9 4.3 10.5 2.9 23.9 14.0 1.1 11.6 28.9 21 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities Discrepancy 16 17 18 19 Memo: 21 FA743139105 Uninsured deposits (2) (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. (2) Includes checkable deposits (line 17) and time and savings deposits (line 18) not insured by the Federal Deposit Insurance Corporation. F.114 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA476000105 Gross saving 19.1 19.4 18.0 18.3 17.7 17.7 18.4 18.4 18.6 1 2 FA475013005 Fixed nonresidential investment 8.4 9.7 10.4 10.7 9.9 10.3 10.6 11.0 11.2 2 3 4 5 FA474090005 Net acquisition of financial assets 79.3 106.3 287.5 255.3 468.1 158.5 268.1 507.9 18.4 3 FA473013005 FA472050053 Reserves at Federal Reserve Federal funds and security repos -6.4 0.0 20.1 0.6 105.0 -0.3 131.9 -0.1 184.0 -0.1 -9.2 0.2 113.5 -1.1 226.4 -0.2 -119.3 -0.9 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FA474022005 FA473069153 FA473061105 FA473061705 FA473062005 FA473063005 FA474023000 FA473068005 FA473065100 FA473066000 FA473064205 FA473090005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit Mutual fund shares Miscellaneous assets -9.1 0.2 2.2 -11.8 -0.1 0.4 86.9 3.2 41.8 41.9 0.4 7.4 11.1 0.5 5.1 3.9 0.4 1.1 68.5 10.1 41.6 16.8 0.3 5.7 88.8 -0.4 6.3 75.9 4.4 2.6 60.4 7.7 45.6 7.1 0.9 32.6 11.5 1.8 -7.7 3.3 3.6 10.6 81.1 2.4 70.7 8.0 1.8 29.2 133.9 -1.9 15.0 118.7 3.8 -1.7 78.5 22.2 53.9 2.3 0.2 71.6 115.2 -1.5 6.3 104.0 4.8 1.7 64.4 5.4 44.1 14.9 0.3 -12.5 94.7 0.2 11.8 77.6 5.3 -0.2 17.6 0.7 13.9 3.0 1.3 42.1 277.5 -0.7 31.4 230.5 3.6 12.8 57.7 18.2 28.4 11.2 4.5 -58.0 11.3 -0.3 10.8 3.5 2.0 -4.7 85.0 -48.0 77.2 55.8 2.0 40.3 6 7 8 9 10 11 12 13 14 15 16 17 18 FA474190005 68.0 95.6 270.7 258.0 441.9 134.2 248.9 483.5 19 20 21 22 23 24 FA474110005 FA473127003 FA473130005 FA472150053 FA473169333 FA473193005 4.0 21.3 39.8 -0.0 2.9 -0.0 -0.6 18.4 82.2 -0.0 -5.5 1.2 3.8 85.0 187.1 -0.0 -9.0 3.8 67.9 75.2 41.7 0.0 42.4 30.7 -24.6 137.6 371.5 0.0 -49.2 6.7 -28.6 33.3 160.6 -0.0 -11.2 -19.9 0.7 93.8 174.6 0.0 -18.0 -2.2 114.5 175.8 176.6 0.0 -11.9 28.5 25 FA477005005 -0.5 -1.0 -9.1 10.3 -18.3 -16.8 -11.4 -17.0 6.2 25 7.3 15.1 25.8 9.2 37.9 25.3 30.8 35.9 24.5 26 Net increase in liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities Discrepancy 17.2 18 -74.6 -17.4 114.5 -0.0 -4.5 -0.8 19 20 21 22 23 24 Memo: 26 FA473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 20) and time and savings deposits (line 21) not insured by the National Credit Union Share Insurance Fund. 29 Z.1, September 23, 2021 F.115 Property-Casualty Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA516000105 Gross saving less net capital transfers paid (1) 86.7 88.4 80.0 76.0 76.5 77.1 90.3 78.4 90.5 1 2 FA515013005 Fixed nonresidential investment 27.2 30.6 32.1 32.4 31.1 32.1 33.0 34.3 35.4 2 3 FA514090005 Net acquisition of financial assets 117.8 77.7 109.9 49.8 95.8 140.3 153.5 94.7 176.3 3 4 5 FA513020005 FA513034005 Checkable deposits and currency Money market fund shares -1.7 2.7 17.4 2.5 2.6 9.9 -13.8 -0.3 41.3 32.5 -32.9 -10.8 15.5 18.3 29.3 15.4 -14.0 -23.5 4 5 6 FA512051005 Security repurchase agreements -0.0 0.6 0.2 1.5 2.5 0.5 -3.6 0.3 1.0 6 7 8 9 10 11 12 FA514022005 FA513069105 FA513061105 FA513061705 FA513062005 FA513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 43.7 -2.2 7.9 20.2 -38.9 56.6 29.7 0.5 -7.0 6.2 -4.7 34.7 53.1 -0.8 0.9 3.0 2.9 47.0 67.9 5.6 3.1 -8.5 0.3 67.5 65.6 9.4 23.6 -13.1 -0.1 45.8 106.5 -0.6 19.9 35.0 3.9 48.3 -27.6 -17.5 -43.0 -1.2 7.7 26.4 94.1 1.3 44.5 -9.8 -2.0 60.1 126.2 7 4.1 8 75.0 9 -16.1 10 -2.0 11 65.2 12 13 FA513065505 Loans (commercial mortgages) 2.7 2.4 1.4 3.0 0.3 -0.7 3.1 0.2 4.9 13 14 15 FA513064105 FA513064205 Corporate equities Mutual fund shares 20.1 -1.1 -1.8 0.1 -22.3 0.8 7.3 1.7 -72.4 1.0 -39.8 5.2 15.9 -4.6 1.3 1.3 7.0 14 -5.8 15 16 17 FA513070005 FA513092003 Trade receivables U.S. direct investment abroad 17.8 9.4 6.6 3.9 18.1 16.7 33.4 17.0 47.3 31.2 48.2 20.6 -56.6 -1.8 30.0 22.4 24.2 16 6.4 17 18 19 20 21 FA513090005 FA513092403 FA513076005 FA513093005 Miscellaneous assets Equity in FHLB Policy payables (2) Other 24.2 0.0 8.8 15.5 16.2 0.0 10.5 5.7 29.3 0.5 3.8 24.9 -68.0 0.5 1.9 -70.4 -53.4 0.3 8.6 -62.3 43.5 1.5 14.3 27.7 194.9 -0.2 -9.5 204.5 -99.6 -0.1 31.0 -130.5 22 FA514194005 46.4 82.1 85.6 4.8 161.5 200.6 -24.5 223.8 162.4 22 23 FA514190005 46.7 82.5 93.4 25.1 171.2 202.3 -24.9 228.5 160.1 23 24 FA512151003 Security repurchase agreements -0.2 -0.0 0.1 0.2 0.3 0.1 -0.3 0.0 0.1 24 25 FA513169333 Loans (other loans and advances) 0.5 0.2 6.4 9.8 1.2 19.8 -5.0 -2.5 -3.9 25 26 27 28 FA513170005 FA513178005 FA513192305 Trade payables Taxes payable Foreign direct investment: intercompany debt 8.4 -0.7 -3.0 2.6 -0.3 -0.4 11.1 0.4 -0.8 5.6 10.6 -2.7 24.8 1.1 -2.6 41.3 -14.5 -1.2 -27.4 4.6 3.2 8.7 6.6 -0.4 6.8 26 -11.6 27 -1.2 28 29 30 31 32 FA513190005 FA513194733 FA513176005 FA513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other 41.8 1.2 44.1 -3.4 80.4 0.8 44.0 35.5 76.2 -3.9 55.2 24.9 1.6 -0.6 27.8 -25.6 146.3 -19.3 77.1 88.4 156.8 4.4 121.5 30.9 0.0 -0.2 -5.5 5.8 216.1 2.9 134.0 79.2 33 FA513181125 -0.3 -0.4 -7.8 -20.2 -9.7 -1.6 0.4 -4.7 2.3 33 34 35 FA513164103 FA513192103 -9.7 9.4 -7.9 7.5 -3.5 -4.3 -14.1 -6.1 2.4 -12.1 -1.2 -0.4 -0.9 1.3 -2.4 -2.3 -5.4 34 7.7 35 36 FA517005005 -11.9 62.2 23.6 -1.2 111.0 105.4 -120.8 173.2 41.1 36 37 FA513200003 Securities lending (3) 0.9 0.1 -0.5 -0.3 0.5 0.1 -2.3 5.0 7.4 37 38 39 40 41 FA513176015 FA513176025 FA263176005 FA263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 28.0 6.9 1.8 9.1 37.0 5.0 5.5 2.0 50.2 7.1 -3.3 -2.1 25.3 3.6 -1.6 -1.1 65.9 15.9 -7.3 -4.8 103.0 26.5 -12.2 -7.9 6.8 -17.5 8.1 5.2 113.0 15.3 15.7 5.7 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Discrepancy 49.8 -0.2 24.4 25.6 169.8 3.1 105.2 61.4 18 19 20 21 29 30 31 32 Memo: (1) Net capital transfers paid from table F.5, line 53. (2) Policy payables due from reinsurers. (3) Liability for securities lending collateral, included in line 32. 88.8 12.0 12.3 4.5 38 39 40 41 Transactions 2018 30 Z.1, September 23, 2021 F.116 Life Insurance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA546000105 Gross saving less net capital transfers paid (2) 19.1 50.7 19.5 30.6 18.1 14.1 15.2 13.4 16.1 1 2 FA545013005 Fixed nonresidential investment 20.6 23.5 24.8 24.9 24.0 24.8 25.6 26.5 27.4 2 3 FA544090005 Net acquisition of financial assets 128.0 144.0 387.8 1099.7 49.7 142.8 259.1 -40.1 98.0 3 4 5 FA543020005 FA543034005 Checkable deposits and currency Money market fund shares -0.4 6.7 4.0 3.6 33.0 7.9 195.6 119.2 19.7 -15.0 -65.9 -46.7 -17.6 -25.9 -25.6 -15.9 75.9 16.6 4 5 6 FA542051075 Security repurchase agreements 0.2 4.1 1.9 12.9 -4.3 8.5 -9.6 -4.6 0.3 6 7 8 9 10 11 12 FA544022005 FA543069105 FA543061105 FA543061705 FA543062005 FA543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 90.3 -4.9 -28.8 1.6 -2.5 124.9 122.1 -4.4 -6.4 -1.3 -1.0 135.1 184.3 5.2 7.1 -20.2 -2.9 195.1 290.7 36.6 -5.9 -16.3 -4.0 280.2 56.6 -16.1 6.6 -40.3 -3.8 110.2 304.5 21.3 28.0 5.1 -1.5 251.5 85.6 -20.9 -0.3 -29.4 -2.3 138.4 73.8 -13.8 -10.9 -37.1 -0.8 136.4 73.2 7 -0.4 8 21.2 9 -14.1 10 0.3 11 66.2 12 13 14 15 FA544023005 FA543069005 FA543065005 Loans Other loans and advances Mortgages 60.3 -1.2 61.4 50.1 -1.0 51.1 27.2 1.7 25.5 53.9 19.2 34.7 9.4 -9.6 19.0 5.2 0.2 5.0 40.2 -3.2 43.4 12.1 2.8 9.4 45.1 13 3.6 14 41.4 15 16 17 FA543064105 FA543064205 Corporate equities Mutual fund shares -44.4 -87.1 1.3 -86.7 1.2 -99.3 6.0 -153.5 -14.6 -61.3 -7.7 -97.7 21.0 -84.5 -13.7 -112.5 -48.7 16 -214.3 17 18 19 20 21 FA543070005 FA543040005 FA543050005 FA543092073 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad -0.7 -36.2 100.1 -11.6 6.5 6.7 7.7 -2.4 22.5 5.6 91.4 -1.5 19.8 4.9 82.3 3.4 28.7 7.2 116.0 -3.3 18.9 4.7 76.6 -5.9 22.5 5.6 90.8 -0.1 0.7 -8.4 4.1 -0.6 9.8 13.7 18.9 -3.2 18 19 20 21 22 23 24 25 26 FA543090005 FA543092473 FA543077073 FA543095105 FA543093005 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other 50.7 0.5 1.9 4.5 43.8 27.1 0.6 1.5 3.3 21.7 113.6 2.5 0.1 8.8 102.2 464.6 3.2 10.2 7.7 443.4 -89.6 3.9 -3.8 11.3 -100.9 -51.6 1.2 -1.7 7.4 -58.5 131.2 1.9 -4.4 8.8 124.8 50.6 3.1 8.5 -0.4 39.4 110.7 0.6 -3.3 1.7 111.7 22 23 24 25 26 27 FA544194005 99.6 115.4 403.3 964.0 68.5 163.4 417.3 -169.0 30.9 27 28 FA544190005 101.7 137.5 414.9 982.9 64.1 177.7 435.1 -132.9 41.1 28 29 FA542151073 Security repurchase agreements 2.7 -6.5 1.1 31.5 -16.1 16.5 -27.7 -13.3 0.6 29 30 FA543169373 Loans (other loans and advances) 6.4 7.5 15.3 76.0 2.2 -18.4 1.3 33.3 -14.0 30 31 32 33 FA543170005 FA543140005 FA543150005 Trade payables Life insurance reserves Pension entitlements (3) 15.2 43.3 44.3 13.4 31.7 8.9 88.1 85.0 88.7 78.2 188.6 143.1 112.5 -4.5 -41.8 73.9 72.0 78.4 87.8 83.9 175.0 1.3 -75.9 -131.2 9.5 31 63.2 32 -114.8 33 34 35 FA543178075 FA543192375 Taxes payable Foreign direct investment: intercompany debt -2.9 -4.2 0.4 0.4 0.9 0.8 10.1 -1.4 4.9 -0.8 -14.3 -1.9 3.0 7.4 4.9 -1.6 -10.1 34 -0.8 35 36 37 38 39 40 41 FA543190005 FA543194733 FA673090543 FA543195005 FA593095005 FA543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (4) Other reserves (5) Unallocated insurance contracts Other -3.1 -11.0 3.1 26.3 -4.7 -16.8 81.6 1.1 6.2 17.9 17.3 39.0 135.1 -5.9 20.9 19.2 10.2 90.7 456.6 -23.7 23.4 10.7 -6.7 452.9 7.8 0.0 17.7 24.0 20.7 -54.5 -28.5 0.0 25.7 27.2 12.2 -93.6 104.3 0.0 16.8 15.0 14.4 58.0 49.7 0.0 42.8 11.1 -16.4 12.2 107.5 0.0 59.6 4.4 22.8 20.6 42 FA543181125 -2.1 -22.0 -11.7 -18.8 4.3 -14.4 -17.8 -36.2 -10.1 42 43 44 FA543164173 FA543192173 -11.9 9.7 -17.0 -5.1 -15.2 3.5 -22.5 3.7 1.8 2.6 -8.2 -6.2 -31.8 14.0 -23.4 -12.7 -20.5 43 10.4 44 45 FA547005005 -29.8 -1.4 10.2 -130.0 12.9 9.9 147.9 -142.0 -78.3 45 12.4 46 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equity issues Foreign direct investment: equity Discrepancy 36 37 38 39 40 41 Memo: 46 FA543200073 Securities lending (6) -6.4 2.1 3.4 6.5 2.7 -1.0 5.4 16.6 47 48 49 50 FA543176015 FA543176025 FA543076035 FA543176035 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 69.9 68.8 81.2 0.3 74.5 19.6 15.3 0.9 216.8 120.6 87.9 -21.5 413.1 142.7 80.7 -18.9 -2.2 136.9 110.9 -27.6 177.6 96.4 73.4 -18.1 278.8 106.2 86.5 -21.5 -145.5 -17.9 -3.3 0.0 (1) Additional detail on the financial assets and liabilities held in life insurer’s general and separate accounts is available on tables F.116.g and F.116.s. (2) Net capital transfers paid from table F.5, line 54. (3) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 40. (4) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (5) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (6) Liability for securities lending collateral, included in line 41. 3.8 26.5 30.6 0.3 47 48 49 50 31 Z.1, September 23, 2021 F.116.g Life Insurance Companies: General Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090075 2 3 4 5 6 7 8 9 10 11 12 13 FA543020075 FA543034075 FA542051075 FA544022075 FA543069175 FA543061175 FA543061775 FA543062075 FA543063075 FA544023075 FA543069075 FA543065075 Net acquisition of financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Loans Other loans and advances Mortgages 14 15 FA543064175 FA543064275 Corporate equities Mutual fund shares 16 17 18 19 20 FA543070075 FA543040075 FA543050075 FA543092073 FA543090075 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 21 FA544194075 22 FA544190075 23 24 25 26 27 28 29 30 FA542151073 FA543169373 FA543170075 FA543140075 FA543150075 FA543178075 FA543192375 FA543190075 31 FA543181125 32 33 FA543164173 FA543192173 Net increase in liabilities and equity Net increase in liabilities Security repurchase agreements Loans (other loans and advances) Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities Net equity issues Corporate equity issues Foreign direct investment: equity 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 255.2 217.9 425.2 1202.1 124.1 190.4 184.0 97.1 345.5 1 -3.7 1.1 0.2 93.4 -2.2 -24.7 4.4 -2.2 118.1 54.6 -1.0 55.6 8.2 6.8 4.1 97.7 -3.0 -5.5 -6.9 -3.2 116.3 48.6 3.6 45.0 22.7 3.0 1.9 144.6 0.5 5.8 -21.5 -4.3 164.1 23.1 1.7 21.5 189.0 82.2 12.9 250.0 33.2 12.1 5.3 -5.2 204.6 53.7 19.2 34.4 8.5 -6.9 -4.3 72.7 -21.1 -1.1 -51.4 -5.1 151.4 3.7 -9.6 13.3 -75.9 -42.6 8.5 246.4 16.6 23.2 -0.5 -2.8 209.8 1.6 0.2 1.4 -30.8 -20.9 -9.6 9.2 -26.8 -11.0 -39.4 -4.1 90.5 33.6 -3.2 36.8 -24.1 -12.0 -4.6 92.1 -12.1 -8.6 -33.7 -0.2 146.8 14.0 2.8 11.2 72.3 22.5 0.3 62.6 -1.7 18.8 -20.4 -0.4 66.2 41.1 3.6 37.5 2 3 4 5 6 7 8 9 10 11 12 13 9.5 0.4 1.5 -1.2 14.2 -0.4 14.1 -0.5 -8.5 0.1 2.9 -1.7 48.2 0.4 10.1 -0.8 15.2 14 0.1 15 -0.8 -36.2 97.2 -11.6 50.9 6.5 6.7 7.8 -2.4 33.6 22.5 5.6 93.5 -1.5 96.1 19.8 4.9 82.3 3.4 490.3 28.7 7.2 119.7 -3.3 -93.5 18.9 4.7 78.6 -5.9 -45.0 22.5 5.6 93.5 -0.1 32.4 0.7 -8.4 4.2 -0.6 26.6 9.8 13.7 19.1 -3.2 92.2 223.6 188.6 441.8 1077.4 139.5 210.8 339.5 -39.7 278.6 21 225.8 210.7 453.5 1096.2 135.2 225.2 357.3 -3.6 288.7 22 2.7 6.4 14.1 41.9 154.9 -2.9 -4.2 12.9 -6.5 7.5 13.5 45.7 43.5 0.4 0.4 106.2 1.1 15.3 88.7 91.1 100.8 0.9 0.8 154.8 31.5 76.0 78.0 206.2 220.9 10.1 -1.4 474.8 -16.1 2.2 113.5 4.9 -9.1 4.9 -0.8 35.9 16.5 -18.4 74.5 79.4 101.3 -14.3 -1.9 -12.0 -27.7 1.3 88.7 73.9 90.3 3.0 7.4 120.4 -13.3 33.3 1.3 -58.8 -38.1 4.9 -1.6 68.8 0.6 -14.0 9.5 95.6 58.1 -10.1 -0.8 149.7 16 17 18 19 20 23 24 25 26 27 28 29 30 -2.1 -22.0 -11.7 -18.8 4.3 -14.4 -17.8 -36.2 -10.1 31 -11.9 9.7 -17.0 -5.1 -15.2 3.5 -22.5 3.7 1.8 2.6 -8.2 -6.2 -31.8 14.0 -23.4 -12.7 -20.5 32 10.4 33 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 30). F.116.s Life Insurance Companies: Separate Accounts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA544090085 Net acquisition of financial assets -127.2 -73.9 -37.3 -102.4 -74.4 -47.6 75.1 -137.2 -247.5 1 2 3 FA543020083 FA543034385 Checkable deposits and currency Money market fund shares 3.3 5.6 -4.2 -3.2 10.3 5.0 6.6 37.0 11.2 -8.1 10.0 -4.1 13.2 -5.0 -1.6 -3.9 3.6 -5.9 2 3 4 5 6 7 8 9 FA544022085 FA543069183 FA543061183 FA543061783 FA543062083 FA543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds -3.1 -2.7 -4.0 -2.8 -0.3 6.8 24.3 -1.4 -0.9 5.5 2.2 18.8 39.8 4.8 1.3 1.3 1.4 31.0 40.7 3.4 -18.0 -21.5 1.2 75.6 -16.0 5.0 7.6 11.1 1.3 -41.1 58.1 4.7 4.8 5.6 1.3 41.7 76.4 5.9 10.7 10.0 1.9 48.0 -18.4 -1.7 -2.3 -3.4 -0.6 -10.4 10.6 1.2 2.4 6.4 0.7 -0.1 4 5 6 7 8 9 10 11 12 FA544023085 FA543069483 FA543065083 Loans Other loans and advances Mortgages 5.7 -0.2 5.8 1.4 -4.6 6.1 4.1 0.0 4.1 0.2 0.0 0.2 5.7 0.0 5.7 3.6 0.0 3.6 6.6 0.0 6.6 -1.8 0.0 -1.8 4.0 10 0.0 11 4.0 12 13 14 FA543064185 FA543064385 Corporate equities Mutual fund shares -53.9 -87.6 -0.2 -85.5 -13.0 -98.8 -8.1 -153.0 -6.1 -61.4 -10.5 -96.1 -27.2 -84.9 -23.7 -111.8 -63.9 13 -214.4 14 15 16 17 18 FA543070085 FA543040085 FA543050085 FA543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets 0.0 0.0 2.9 -0.1 0.0 0.0 -0.1 -6.5 0.0 -0.0 -2.1 17.6 0.0 0.0 0.0 -25.8 0.0 -0.0 -3.7 4.0 0.0 0.0 -2.0 -6.6 0.0 -0.0 -2.8 98.8 0.0 0.0 -0.1 24.0 19 FA544190085 Net increase in liabilities -124.0 -73.2 -38.5 -113.3 -71.1 -47.5 77.8 -129.3 20 21 22 23 FA543170085 FA543140085 FA543150085 FA543190085 Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 1.1 1.4 -110.5 -16.0 -0.1 -14.0 -34.6 -24.6 -0.6 -6.1 -12.1 -19.7 0.1 -17.6 -77.8 -18.2 -1.0 -9.4 -32.6 -28.0 -0.6 -7.4 -22.9 -16.5 -0.9 10.0 84.7 -16.1 -0.0 -17.1 -93.1 -19.0 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds which are included in miscellaneous liabilities (line 23). 0.0 0.0 -0.1 18.4 15 16 17 18 -247.6 19 -0.0 -32.5 -172.9 -42.2 20 21 22 23 Transactions 2018 32 Z.1, September 23, 2021 F.117 Private and Public Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA596330005 Gross saving 0.7 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 1 2 FA595013005 Fixed nonresidential investment 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 2 3 FA594090005 Net acquisition of financial assets (2) 292.2 433.9 422.2 358.1 524.9 418.9 386.8 348.9 435.8 3 4 5 FA593020005 FA593030005 Checkable deposits and currency Time and savings deposits -6.9 -5.4 12.2 -10.9 12.9 -9.5 7.4 -5.4 1.5 -13.7 9.0 -9.3 33.7 -9.7 -16.0 -4.4 6.7 0.9 4 5 6 7 FA593034005 FA592051005 Money market fund shares Security repurchase agreements -2.8 -0.7 20.5 16.8 46.7 6.4 98.0 1.8 31.3 -4.2 37.4 -0.3 20.0 28.4 27.5 50.8 24.4 22.7 6 7 8 9 10 11 12 13 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 448.4 -7.2 388.5 25.3 0.7 41.1 25.9 -8.8 141.6 34.2 0.0 -141.1 292.3 -2.4 235.5 58.0 -0.0 1.1 301.1 14.0 162.7 76.4 -0.0 48.1 213.9 -20.2 175.5 23.6 0.0 35.0 296.1 -0.6 299.1 100.1 -0.0 -102.4 357.9 -2.7 304.9 32.1 0.0 23.6 351.2 29.6 345.3 26.0 0.0 -49.7 458.3 1.4 402.1 61.9 0.0 -7.1 8 9 10 11 12 13 14 15 16 FA594023005 FA313169003 FA593065005 Loans Other loans and advances Mortgages -149.1 -151.7 2.6 -1.6 0.0 -1.6 -6.0 0.0 -6.0 -4.8 0.0 -4.8 -8.1 0.0 -8.1 -3.7 0.0 -3.7 -7.2 0.0 -7.2 0.5 0.0 0.5 -4.6 14 0.0 15 -4.6 16 17 18 FA593064105 FA593064205 Corporate equities Mutual fund shares -183.9 -9.7 -201.9 22.0 -142.7 -89.3 -99.1 -216.3 -232.8 -61.7 28.4 -114.0 -267.2 34.6 -7.9 -168.8 -196.8 17 -66.9 18 19 20 21 22 23 FA593090005 FA593095005 FA573074005 FA593073005 FA593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 202.1 -4.7 -34.6 249.1 -7.7 550.9 17.3 -4.6 288.7 249.4 311.4 10.2 -10.0 278.0 33.1 275.2 -6.7 -2.7 178.4 106.3 598.7 20.7 -11.3 236.6 352.8 175.4 12.2 -11.6 318.2 -143.5 196.3 14.4 -14.2 379.0 -183.0 115.9 -16.4 -9.0 201.7 -60.4 191.1 22.8 -14.6 166.8 16.2 24 FA594190005 291.9 433.7 422.0 357.9 524.8 418.8 386.7 348.8 435.7 24 626.1 270.9 20.9 291.6 42.7 663.2 274.7 159.1 248.5 -19.1 622.4 271.8 150.3 151.7 48.7 532.0 271.7 86.2 -37.1 211.1 665.3 269.8 255.0 261.5 -120.9 566.0 273.4 145.4 116.9 30.3 726.4 272.2 114.5 265.3 74.5 315.1 273.9 74.9 92.7 -126.4 Net increase in pension entitlements (liabilities) 19 20 21 22 23 Memo: 25 26 27 28 29 FA153050015 FA594190045 FA594090055 FA893131573 FA543150015 Household retirement assets (6) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (7) Annuities at life insurance companies (8) (1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes both marketable and nonmarketable government securities. (4) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. (6) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (7) IRA assets are not included above. See memo item on table F.227 for a sectoral distribution of IRA accounts. (8) Annuities held in IRAs are excluded. They are included in line 28. ND 269.7 166.0 ND ND 25 26 27 28 29 33 Z.1, September 23, 2021 F.118 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA576330005 Gross saving 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 1 2 FA575013005 Fixed nonresidential investment 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 2 3 FA574090005 Net acquisition of financial assets (2) 12.0 108.9 72.3 57.6 115.6 64.3 51.8 14.6 75.3 3 4 5 FA573020005 FA573030005 Checkable deposits and currency Time and savings deposits -5.0 -5.0 7.3 -15.4 8.1 -7.3 10.9 -4.4 7.4 -7.8 7.3 -7.9 6.6 -9.1 2.3 -5.2 5.3 3.1 4 5 6 7 FA573034005 FA572051005 Money market fund shares Security repurchase agreements -0.4 -0.5 21.2 13.3 42.7 5.3 61.4 3.8 39.4 5.6 38.8 5.6 31.1 6.2 10.9 3.4 25.8 6.0 6 7 8 9 10 11 12 FA574022005 FA573069105 FA573061105 FA573061705 FA573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 82.3 -5.3 26.2 12.9 48.6 47.5 -2.5 52.1 11.6 -13.8 92.2 -0.6 97.1 29.8 -34.1 139.4 1.5 115.8 56.8 -34.8 48.7 -1.0 92.5 -18.1 -24.8 72.1 -1.0 92.0 41.6 -60.4 108.6 -1.7 88.2 38.7 -16.7 24.6 -1.4 36.2 14.7 -24.8 91.1 8 -2.0 9 75.2 10 32.1 11 -14.2 12 13 FA573065005 Loans (mortgages) -2.8 -0.6 -5.4 -6.6 -5.0 -5.0 -4.7 -1.8 -4.0 13 14 15 FA573064105 FA573064205 Corporate equities Mutual fund shares -80.0 -8.9 -168.8 21.9 -140.6 -113.4 -173.5 -183.5 -99.5 -67.5 -123.5 -99.9 -165.8 -102.6 -56.2 -3.1 -146.2 14 -52.2 15 16 17 18 19 20 FA573090005 FA573095005 FA573074005 FA573073005 FA573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 32.4 0.8 -34.6 75.6 -9.5 182.5 2.9 -4.6 74.4 109.8 190.7 -1.3 -10.0 46.1 155.9 210.3 -4.0 -2.7 22.9 194.2 194.5 8.4 -11.3 50.6 146.8 176.7 -7.4 -11.6 50.0 145.7 181.4 -2.2 -14.2 60.8 137.0 39.7 -18.9 -9.0 13.7 53.9 21 FA574190005 11.9 108.8 72.3 57.6 115.6 64.2 51.7 14.6 75.3 21 -31.0 43.0 -34.6 143.5 -42.9 115.2 -40.8 98.4 -42.7 158.3 -44.1 108.4 -43.8 95.6 -43.8 58.5 -43.8 22 119.1 23 Net increase in pension entitlements (liabilities) 146.3 1.5 -14.6 44.8 114.6 16 17 18 19 20 Memo: 22 23 FA574090045 FA574090055 Net acquisition of financial assets Defined benefit plans (5) Defined contribution plans (6) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.118.b. (6) Additional detail on defined contribution plans is available on table F.118.c. Transactions 2018 34 Z.1, September 23, 2021 F.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Net acquisition of financial assets (1) Q2 2021 Q3 Q4 Q1 Q2 1 FA574090045 -31.0 -34.6 -42.9 -40.8 -42.7 -44.1 -43.8 -43.8 -43.8 1 2 3 FA573020043 FA573030043 Checkable deposits and currency Time and savings deposits -0.9 -5.2 -0.0 -15.8 -0.4 -8.7 -0.3 -6.2 -0.4 -9.1 -0.4 -9.2 -0.4 -10.2 -0.2 -5.6 -0.4 2.2 2 3 4 5 FA573034043 FA572051043 Money market fund shares Security repurchase agreements -6.2 -0.5 10.7 13.3 1.8 5.3 1.3 3.8 1.9 5.6 1.9 5.6 2.2 6.2 1.2 3.4 2.1 6.0 4 5 6 7 8 9 10 FA574022045 FA573069143 FA573061143 FA573061743 FA573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 62.7 -5.7 14.3 7.0 47.0 28.8 -3.3 34.7 1.7 -4.3 -8.3 -3.7 20.2 -11.4 -13.4 7.0 -2.6 14.5 2.6 -7.4 -44.4 -3.9 21.2 -56.2 -5.5 -20.0 -3.9 21.4 3.8 -41.3 24.4 -4.3 23.8 4.2 0.7 -5.6 -2.4 13.1 2.3 -18.6 22.7 6 -4.2 7 22.9 8 4.1 9 -0.0 10 11 FA573065043 Loans (mortgages) -1.5 -0.2 -0.7 -0.5 -0.7 -0.7 -0.8 -0.5 -0.8 11 12 13 FA573064143 FA573064243 Corporate equities Mutual fund shares -75.8 -39.0 -135.0 -47.0 -41.0 -35.5 -42.2 -25.4 -7.2 -37.2 -32.1 -37.6 -82.3 -41.7 -26.3 -23.0 -78.4 12 -40.2 13 14 15 16 17 18 FA573090045 FA573095405 FA573074043 FA573073005 FA573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 35.5 2.7 -36.5 75.6 -6.3 110.5 -8.7 -5.4 74.4 50.2 44.4 -2.5 -17.3 46.1 18.1 21.7 -1.8 -12.4 22.9 13.0 48.9 -2.6 -18.1 50.6 19.0 48.3 -2.6 -18.3 50.0 19.2 58.9 -2.9 -20.3 60.8 21.3 12.6 -1.6 -11.2 13.7 11.7 43.0 -2.8 -19.6 44.8 20.5 19 FA574190043 -31.2 -34.7 -42.9 -40.8 -42.7 -44.2 -43.9 -43.9 -43.9 19 Net increase in pension entitlements (liabilities) 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. F.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA574090055 Net acquisition of financial assets 43.0 143.5 115.2 98.4 158.3 108.4 95.6 58.5 119.1 1 2 3 FA573020033 FA573030033 Checkable deposits and currency Time and savings deposits -4.1 0.2 7.3 0.3 8.4 1.3 11.1 1.8 7.8 1.2 7.7 1.2 7.1 1.1 2.5 0.4 5.7 0.9 2 3 4 5 FA573034055 FA572051033 Money market fund shares Security repurchase agreements 5.8 0.0 10.6 0.0 40.8 0.0 60.1 0.0 37.5 0.0 36.8 0.0 28.9 0.0 9.7 0.0 23.8 0.0 4 5 6 7 8 9 10 FA574022035 FA573069133 FA573061133 FA573061733 FA573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 19.7 0.4 12.0 5.8 1.5 18.6 0.8 17.4 9.9 -9.5 100.5 3.1 76.9 41.2 -20.8 132.4 4.1 101.4 54.3 -27.4 93.1 2.9 71.3 38.2 -19.3 92.2 2.9 70.6 37.8 -19.1 84.2 2.6 64.5 34.5 -17.4 30.2 0.9 23.1 12.4 -6.2 68.3 6 2.1 7 52.3 8 28.0 9 -14.1 10 11 FA573065033 Loans (mortgages) -1.3 -0.5 -4.7 -6.1 -4.3 -4.3 -3.9 -1.4 -3.2 11 12 13 FA573064133 FA573064255 Corporate equities Mutual fund shares -4.2 30.1 -33.8 68.9 -99.6 -77.9 -131.3 -158.1 -92.3 -30.3 -91.4 -62.3 -83.5 -60.8 -29.9 19.9 -67.8 12 -12.0 13 14 15 16 17 FA573090055 FA573095505 FA573074033 FA573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other -3.1 -1.9 2.0 -3.2 72.0 11.6 0.8 59.6 146.3 1.1 7.3 137.8 188.6 -2.3 9.7 181.3 145.6 11.0 6.8 127.8 128.4 -4.8 6.7 126.5 122.5 0.7 6.1 115.7 27.1 -17.3 2.2 42.2 103.4 4.3 5.0 94.1 18 FA574090055 43.0 143.5 115.2 98.4 158.3 108.4 95.6 58.5 Net increase in pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 119.1 18 35 Z.1, September 23, 2021 F.119 Federal Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA344090005 2 FA343020033 Net acquisition of financial assets (1) Checkable deposits and currency 3 4 5 6 7 FA344022005 FA343061105 FA343061705 FA343062033 FA343063005 8 Q2 2021 Q3 Q4 Q1 Q2 85.3 75.6 104.1 87.6 151.7 103.6 73.7 98.6 103.2 1 -0.2 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 309.2 309.4 -0.3 -0.0 0.0 113.5 111.2 1.3 0.0 1.0 147.7 145.5 1.3 -0.0 0.9 183.2 190.6 -2.8 -0.0 -4.6 199.5 193.8 2.9 0.0 2.8 119.0 113.8 2.0 -0.0 3.3 89.1 84.0 3.2 0.0 2.0 148.6 148.5 -0.6 0.0 0.7 240.5 241.4 -0.4 0.0 -0.5 3 4 5 6 7 FA343064105 Corporate equities -21.6 -5.0 -24.1 -48.8 18.9 -23.4 -43.1 17.5 12.7 8 9 FA313169003 Loans (other loans and advances) (3) -151.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 FA343073045 -50.4 -32.9 -19.6 -47.0 -66.9 7.8 27.5 -67.7 -150.1 10 11 FA344090005 85.3 75.6 104.1 87.6 151.7 103.6 73.7 98.6 103.2 11 73.5 11.8 77.5 -1.9 79.2 24.9 78.6 9.0 78.0 73.7 80.5 23.0 79.8 -6.1 81.5 17.1 77.3 12 26.0 13 Claims of pension fund on sponsor (misc. assets) (4) Net increase in pension entitlements (liabilities) Memo: 12 13 FA344090045 FA344090055 Net acquisition of financial assets Defined benefit plans (5) Defined contibution plans (6) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Unfunded defined benefit pension entitlements. (5) Additional detail on defined benefit plans is available on table F.119.b (6) Additional detail on defined contribution plans is available on table F.119.c. Transactions 2018 36 Z.1, September 23, 2021 F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA344090045 2 FA343020033 Net acquisition of financial assets (2) Checkable deposits and currency 3 4 5 6 7 FA344022045 FA343061165 FA343061733 FA343062033 FA343063033 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 FA343064135 Corporate equities 9 FA343073045 Claims of pension fund on sponsor (misc. assets) (4) 10 FA344190045 Net increase in pension entitlements (liabilities) Q2 2021 Q3 Q4 Q1 Q2 73.5 77.5 79.2 78.6 78.0 80.5 79.8 81.5 77.3 1 -0.2 -0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 2 124.6 124.7 0.1 -0.0 -0.2 112.0 111.8 0.1 0.0 0.1 100.9 101.5 -0.2 -0.0 -0.4 123.4 126.6 -0.9 -0.0 -2.3 147.5 147.4 0.3 0.0 -0.2 74.3 74.5 -0.6 -0.0 0.3 58.4 57.6 0.2 0.0 0.6 153.3 151.4 0.2 0.0 1.7 231.2 231.1 0.1 0.0 0.0 3 4 5 6 7 -0.4 -1.6 -2.2 2.0 -2.8 -1.8 -6.3 -4.2 -3.9 8 -50.4 -32.9 -19.6 -47.0 -66.9 7.8 27.5 -67.7 -150.1 9 73.5 77.5 79.2 78.6 78.0 80.5 79.8 81.5 77.3 10 (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA344090055 2 3 4 5 FA344022025 FA343061155 FA343061723 FA343063023 6 Net acquisition of financial assets 11.8 -1.9 24.9 9.0 73.7 23.0 -6.1 17.1 26.0 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 184.6 184.7 -0.3 0.3 1.5 -0.6 1.2 0.9 46.8 44.0 1.5 1.3 59.8 64.0 -2.0 -2.3 52.0 46.4 2.6 3.0 44.7 39.2 2.5 2.9 30.7 26.4 3.0 1.3 -4.6 -2.9 -0.8 -0.9 9.3 10.3 -0.5 -0.5 2 3 4 5 FA343064125 Corporate equities -21.2 -3.4 -21.9 -50.8 21.7 -21.7 -36.8 21.7 16.6 6 7 FA313169003 Loans (other loans and advances) (3) -151.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 8 FA344090055 11.8 -1.9 24.9 9.0 73.7 23.0 -6.1 17.1 26.0 8 Net increase in pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 37 Z.1, September 23, 2021 F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA226330005 Gross saving 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1 2 FA225013005 Fixed nonresidential investment 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 FA224090005 Net acquisition of financial assets (1) 194.9 249.5 245.7 212.9 257.6 251.1 261.3 235.7 257.3 3 4 5 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits -1.7 -0.4 4.9 4.6 4.7 -2.2 -3.6 -1.0 -6.1 -5.9 1.5 -1.4 26.9 -0.6 -18.4 0.8 1.2 -2.2 4 5 6 7 FA223034005 FA222051043 Money market fund shares Security repurchase agreements -2.4 -0.2 -0.8 3.5 4.0 1.1 36.6 -2.0 -8.1 -9.8 -1.4 -5.9 -11.1 22.2 16.6 47.3 -1.4 16.7 6 7 8 9 10 11 12 13 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 56.9 -1.9 52.8 12.7 0.7 -7.5 -135.1 -6.4 -21.7 21.3 0.0 -128.4 52.4 -1.8 -7.1 27.0 0.0 34.4 -21.5 12.5 -143.8 22.4 0.0 87.5 -34.3 -19.2 -110.8 38.7 0.0 57.0 105.0 0.4 93.3 56.5 0.0 -45.3 160.3 -1.0 132.7 -9.8 0.0 38.3 178.0 31.0 160.7 11.9 0.0 -25.6 126.7 3.5 85.5 30.2 0.0 7.6 8 9 10 11 12 13 14 FA223065043 Loans (mortgages) 5.4 -0.9 -0.6 1.8 -3.1 1.3 -2.5 2.4 -0.6 14 15 16 FA223064145 FA223064205 Corporate equities Mutual fund shares -82.3 -0.7 -28.1 0.1 22.0 24.0 123.2 -32.7 -152.2 5.8 175.3 -14.1 -58.4 137.2 30.8 -165.7 -63.3 15 -14.7 16 17 18 19 20 FA223090005 FA223095505 FA223073045 FA223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 220.1 -5.5 223.9 1.8 401.3 14.5 247.2 139.6 140.3 11.5 251.6 -122.8 111.9 -2.7 202.5 -87.9 471.1 12.3 252.9 206.0 -9.2 19.7 260.3 -289.2 -12.6 16.6 290.7 -319.9 143.9 2.5 255.7 -114.4 194.9 21.3 272.1 -98.5 21 FA224190005 194.7 249.4 245.6 212.8 257.5 251.0 261.2 235.6 257.2 21 228.7 -33.8 232.0 17.5 235.5 10.2 234.1 -21.2 234.6 23.0 237.1 14.0 236.4 25.0 236.4 -0.7 236.4 22 20.9 23 Net increase in pension entitlements (liabilities) 17 18 19 20 Memo: 22 23 FA224090045 FA224090055 Net acquisition of financial assets Defined benefit plans (4) Defined contibution plans (5) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. (4) Additional detail on defined benefit plans is available on table F.120.b. (5) Additional detail on defined contribution plans is available on table F.120.c. Transactions 2018 38 Z.1, September 23, 2021 F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 Net acquisition of financial assets (1) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA224090045 228.7 232.0 235.5 234.1 234.6 237.1 236.4 236.4 236.4 1 2 3 FA223020043 FA223030043 Checkable deposits and currency Time and savings deposits -1.7 -0.4 4.9 4.6 4.7 -2.2 -3.6 -1.0 -6.1 -5.9 1.5 -1.4 26.9 -0.6 -18.4 0.8 1.2 -2.2 2 3 4 5 FA223034043 FA222051043 Money market fund shares Security repurchase agreements -2.0 -0.2 -0.8 3.5 3.9 1.1 35.4 -2.0 -8.1 -9.8 -1.3 -5.9 -10.2 22.2 17.0 47.3 -0.8 16.7 4 5 6 7 8 9 10 11 FA224022045 FA223069143 FA223061143 FA223061743 FA223062043 FA223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 56.9 -1.9 52.8 12.7 0.7 -7.5 -135.1 -6.4 -21.7 21.3 0.0 -128.4 52.4 -1.8 -7.1 27.0 0.0 34.4 -21.5 12.5 -143.8 22.4 0.0 87.5 -34.3 -19.2 -110.8 38.7 0.0 57.0 105.0 0.4 93.3 56.5 0.0 -45.3 160.3 -1.0 132.7 -9.8 0.0 38.3 178.0 31.0 160.7 11.9 0.0 -25.6 12 FA223065043 Loans (mortgages) 5.4 -0.9 -0.6 1.8 -3.1 1.3 -2.5 2.4 -0.6 12 13 14 FA223064145 FA223064243 Corporate equities Mutual fund shares -82.3 26.0 -28.1 -2.7 22.0 25.6 123.2 -12.7 -152.2 -4.7 175.3 -8.2 -58.4 128.1 30.8 -162.7 -63.3 13 -14.7 14 15 16 17 FA223090045 FA223073045 FA223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 226.9 223.9 3.0 386.6 247.2 139.4 128.6 251.6 -123.0 114.3 202.5 -88.2 458.6 252.9 205.8 -29.1 260.3 -289.4 -29.4 290.7 -320.2 141.2 255.7 -114.6 173.4 15 272.1 16 -98.7 17 18 FA224190043 228.5 231.9 235.4 234.0 234.5 237.0 236.3 236.3 236.3 18 Net increase in pension entitlements (liabilities) 126.7 6 3.5 7 85.5 8 30.2 9 0.0 10 7.6 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA224090055 Net acquisition of financial assets 2 FA223034055 Money market fund shares 3 FA223064255 Mutual fund shares 4 5 6 FA223090055 FA223095505 FA223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 7 FA224090055 Net increase in pension entitlements (liabilities) -33.8 17.5 10.2 -21.2 23.0 14.0 25.0 -0.7 20.9 1 -0.3 0.0 0.1 1.3 0.0 -0.0 -0.9 -0.4 -0.6 2 -26.7 2.8 -1.6 -20.0 10.5 -5.9 9.0 -3.0 0.0 3 -6.8 -5.5 -1.2 14.7 14.5 0.2 11.7 11.5 0.2 -2.5 -2.7 0.2 12.5 12.3 0.2 19.9 19.7 0.2 16.8 16.6 0.2 2.8 2.5 0.2 21.5 21.3 0.2 4 5 6 -33.8 17.5 10.2 -21.2 23.0 14.0 25.0 -0.7 20.9 7 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 39 Z.1, September 23, 2021 F.121 Money Market Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA634090005 Net acquisition of financial assets 189.9 596.0 701.3 3093.7 1300.9 -1054.3 -535.2 927.6 254.2 1 2 3 4 5 FA633091003 FA633020000 FA633030000 FA632051000 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements -2.2 -65.8 11.7 63.0 5.8 44.9 68.2 155.7 -6.7 -9.0 -118.3 -168.8 -14.5 -104.8 -128.1 1537.2 -6.6 -137.2 -115.4 -2551.4 -4.9 -169.7 -121.0 363.9 -0.7 375.8 -108.6 -25.1 5.8 -184.3 142.7 557.9 -7.6 -137.5 -167.0 1791.8 2 3 4 5 6 7 8 9 10 11 FA634022005 FA633069175 FA633061105 FA633061700 FA633062000 FA633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 181.7 41.1 170.6 -37.4 8.4 -1.1 319.0 43.5 163.0 110.2 -8.9 11.0 1004.0 -63.8 1219.8 -124.7 -21.4 -5.9 1797.0 -52.2 1041.5 820.7 6.0 -19.0 4315.6 -42.8 4767.2 -421.0 16.4 -4.2 -1310.8 -180.1 -562.5 -538.3 -44.1 14.4 -785.6 20.1 -366.9 -360.3 -63.8 -14.8 477.2 45.0 565.2 -120.5 -12.1 -0.3 -1072.0 6 -164.4 7 -580.9 8 -294.4 9 -30.5 10 -1.9 11 12 FA633093005 13 FA634090005 Miscellaneous assets Net share issues (liabilities) 1.4 2.4 -0.0 6.9 -204.1 188.0 9.1 -71.6 -153.6 12 189.9 596.0 701.3 3093.7 1300.9 -1054.3 -535.2 927.6 254.2 13 6.1 -3.0 5.6 45.2 -7.9 -4.3 -10.8 -6.7 -10.2 14 Memo: 14 FA634090503 Variable annuity money market funds included above (1) Open-end investment companies including variable annuity money market funds. F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA656006403 Gross saving -54.9 131.9 59.2 24.5 75.9 77.5 59.0 60.0 70.0 1 2 FA654090000 Net acquisition of financial assets -63.4 208.0 -226.8 -1223.7 61.4 106.2 149.0 363.1 167.5 2 3 FA652051003 Security repurchase agreements -16.4 21.2 5.4 17.9 -12.8 -29.8 46.2 25.4 10.9 3 4 5 6 7 8 9 FA654022005 FA653069100 FA653061105 FA653061703 FA653062003 FA653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 185.0 -16.4 69.7 5.6 22.1 104.0 356.5 21.2 120.0 31.0 105.8 78.5 339.7 5.4 -46.5 55.8 49.7 275.3 -1048.2 8.6 -1062.7 70.4 -88.0 23.5 436.5 -9.0 406.0 -481.6 52.8 468.3 1228.2 -19.7 222.9 476.9 147.8 400.2 742.3 41.5 247.9 157.5 86.2 209.1 1191.8 18.1 298.7 72.9 123.8 678.4 285.1 12.1 58.7 31.6 118.8 63.9 4 5 6 7 8 9 10 FA653069803 Loans (other loans and advances) 0.7 -33.7 -29.0 -120.0 -0.2 -2.8 7.0 61.3 65.8 10 11 12 FA653064100 FA653093005 Corporate equities Miscellaneous assets -120.6 -112.2 -219.4 83.4 -481.6 -61.3 -361.3 287.8 -330.1 -32.0 -666.5 -422.7 -568.3 -78.1 -589.5 -326.0 -252.0 11 57.7 12 13 FA653164205 Net share issues (liabilities) -63.4 208.0 -226.8 -1223.7 61.4 106.2 149.0 363.1 167.5 13 14 FA657005005 Discrepancy -54.9 131.9 59.2 24.5 75.9 77.5 59.0 60.0 70.0 14 -104.6 -104.2 -116.2 -173.7 -75.0 -115.8 -100.2 -126.4 -227.3 15 -161.7 40.9 -58.7 96.4 19.6 -205.4 -6.0 -15.2 325.0 109.7 -381.7 -142.3 -53.9 295.6 55.5 -473.2 44.5 -187.5 -566.6 -68.4 -266.4 -186.6 17.5 448.2 68.7 -483.0 -218.4 -24.4 690.9 120.5 -304.1 -208.5 -21.1 609.7 101.0 -318.9 -162.4 8.8 668.1 120.3 -440.7 42.0 28.0 445.7 109.4 Memo: 15 FA654090500 16 17 18 19 20 FA654091600 FA654092603 FA654091403 FA654091303 FA654091203 Variable annuity mutual funds included above Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. Quarterly figures for net acquisition of financial assets by investment objective (lines 16 through 20) are not seasonally adjusted and therefore may not sum to total net acquisition of financial assets (line 2). 16 17 18 19 20 Transactions 2018 40 Z.1, September 23, 2021 F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA554090005 2 3 4 5 FA554022005 FA553061103 FA553062003 FA553063003 6 FA553064103 7 FA554090005 Net acquisition of financial assets Q2 2021 Q3 Q4 Q1 Q2 1.9 5.9 2.7 11.3 -0.7 -0.2 0.5 27.0 11.6 1 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 2.3 -0.2 2.0 0.5 3.2 -0.5 1.7 2.0 0.8 -0.4 -0.3 1.5 3.6 -3.0 0.5 6.1 -0.7 0.8 -0.2 -1.3 -0.2 0.5 -0.0 -0.6 0.7 0.3 -1.5 1.9 10.3 0.6 1.5 8.2 4.0 0.3 1.1 2.6 2 3 4 5 Corporate equities -0.4 2.6 1.9 7.7 0.0 0.0 -0.2 16.7 7.5 6 1.9 5.9 2.7 11.3 -0.7 -0.2 0.5 27.0 11.6 7 -0.4 -0.1 0.3 2.0 -0.0 0.8 1.8 1.3 1.7 0.3 2.0 -0.1 0.6 -0.3 0.6 7.7 -0.0 -0.2 0.5 3.3 0.0 0.0 -0.5 -0.2 0.0 0.0 -0.0 -0.2 -0.0 0.0 0.1 -0.3 3.1 -1.5 -0.9 16.9 -0.2 0.2 1.5 8.6 311.0 322.6 500.9 371.4 616.7 454.2 561.3 1075.9 1076.4 1 99.0 58.7 6.6 33.6 148.3 44.1 10.5 93.7 202.9 33.7 14.2 155.0 43.2 81.8 3.8 -42.4 340.9 29.9 15.9 295.1 225.4 15.6 15.0 194.8 201.9 7.4 22.0 172.5 172.6 43.3 21.0 108.3 251.3 63.1 24.3 163.9 2 3 4 5 210.4 165.9 254.3 282.0 180.8 172.9 381.5 922.8 804.7 6 1.7 8.4 43.7 46.2 94.9 55.9 -22.2 -19.6 20.4 7 311.0 322.6 500.9 371.4 616.7 454.2 561.3 1075.9 1076.4 8 139.1 70.3 1.7 1.7 91.7 6.6 132.7 29.8 8.4 5.5 135.8 10.4 189.1 62.5 43.7 4.2 187.2 14.2 304.3 -1.0 46.2 2.4 38.5 3.8 186.7 -58.3 94.9 1.6 324.4 15.9 9.8 89.9 55.9 4.6 208.7 15.0 255.7 219.6 -22.2 8.0 177.1 22.0 637.1 311.8 -19.6 -0.7 151.9 21.0 521.0 210.1 20.4 9.1 224.1 24.2 9 10 11 12 13 14 Net share issues (liabilities) Memo: 8 9 10 11 12 FA554091603 FA554092603 FA554091303 FA554091203 FA554092303 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds 6.8 8 0.7 9 2.9 10 1.1 11 0.0 12 F.124 Exchange-Traded Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA564090005 Net acquisition of financial assets 2 3 4 5 FA564022005 FA563061103 FA563062003 FA563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 6 FA563064100 Corporate equities 7 FA563093003 Miscellaneous assets (1) 8 FA564090005 Net share issues (liabilities) Memo: 9 10 11 12 13 14 FA564091600 FA564092603 FA563093003 FA564091403 FA564091303 FA564091203 Net acquisition of financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 41 Z.1, September 23, 2021 F.125 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA406000105 Gross saving 6.1 5.6 5.6 6.4 4.9 5.4 5.6 5.6 5.6 1 2 FA405013005 Fixed nonresidential investment 0.9 0.8 0.4 0.4 0.4 0.4 0.4 0.4 0.5 2 3 FA404090005 Net acquisition of financial assets 112.6 199.7 594.9 1404.7 -232.2 418.5 788.6 860.3 489.2 3 4 5 6 FA403020005 FA403030005 FA402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos -12.6 12.7 -25.0 -2.2 -4.4 24.6 57.8 -7.0 17.3 429.4 0.7 -165.0 -283.7 -11.0 284.4 -53.7 -19.0 -72.4 139.3 1.3 22.3 245.7 -6.4 -262.8 -341.1 -3.7 439.9 4 5 6 7 8 9 10 11 12 FA404022005 FA403069105 FA403061105 FA403061705 FA403062005 FA403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4.0 0.5 15.2 -5.1 -0.7 -6.0 52.8 0.3 52.0 3.8 -0.6 -2.7 46.7 0.2 78.9 -29.3 -0.5 -2.6 -8.1 4.2 8.9 -16.6 -0.2 -4.5 251.2 -2.8 255.1 -0.5 -0.7 0.1 57.9 -5.2 103.9 -37.7 -0.2 -2.9 -114.3 4.4 -52.2 -62.5 -1.0 -3.0 -113.0 -1.3 -74.8 -34.8 -0.2 -2.0 -102.6 7 -6.3 8 -67.1 9 -27.1 10 -0.3 11 -1.8 12 13 FA404023005 Loans 149.3 96.7 417.7 1056.3 -552.6 439.9 727.2 958.5 595.3 13 14 15 16 17 FA403069305 FA403069385 FA403069345 FA403069330 Other loans and advances Sallie Mae Farm Credit System FHLB loans 4.2 0.0 6.8 -2.6 -83.2 0.0 7.4 -90.6 -215.1 0.0 13.5 -228.6 784.9 0.0 5.3 779.6 -1140.8 0.0 13.0 -1153.8 -267.6 0.0 15.0 -282.6 -237.1 0.0 20.6 -257.7 64.0 0.0 2.1 61.9 -266.9 0.0 -1.7 -265.1 14 15 16 17 18 19 20 21 22 23 24 25 FA403065005 FA403065105 FA403065195 FA403065185 FA403065405 FA403065495 FA403065485 FA403065605 Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm 145.1 113.4 164.0 -50.7 25.8 31.1 -5.3 5.9 180.0 135.2 154.2 -19.0 31.2 37.3 -6.2 13.6 632.9 570.0 532.9 37.1 55.4 51.9 3.5 7.5 271.4 246.0 225.2 20.8 18.3 32.1 -13.8 7.1 588.2 498.6 451.3 47.3 81.3 54.8 26.5 8.3 707.5 681.2 638.2 42.9 19.2 41.6 -22.4 7.1 964.3 854.1 816.7 37.4 102.9 79.1 23.8 7.3 894.5 860.8 870.0 -9.2 29.4 65.9 -36.5 4.3 862.1 865.7 1150.3 -284.6 -9.5 18.2 -27.7 5.9 18 19 20 21 22 23 24 25 26 FA403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26 27 FA403093005 -15.7 32.1 62.3 91.3 79.5 65.8 12.8 38.3 -98.5 27 28 FA404194005 86.9 203.1 634.9 1437.2 -288.1 547.0 843.3 620.6 432.2 28 29 FA404190005 82.5 207.3 641.9 1409.7 -249.9 557.3 850.4 624.2 433.9 29 30 FA402150005 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 -0.4 30 31 32 33 FA403161705 FA403161795 FA403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 81.1 195.1 -114.0 204.9 191.5 13.3 635.9 584.8 51.1 1388.3 257.4 1131.0 -177.4 506.1 -683.5 505.6 679.8 -174.2 827.2 895.8 -68.6 665.9 935.9 -269.9 483.5 31 1168.5 32 -685.0 33 34 FA403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34 35 FA403190005 Miscellaneous liabilities 1.4 2.4 5.9 21.4 -72.5 51.7 23.2 -42.2 -49.2 35 36 FA403164105 Net equity issues (corporate equities) 4.5 -4.2 -7.0 27.6 -38.2 -10.2 -7.2 -3.5 -1.7 36 37 FA407005005 -20.5 8.2 45.2 38.6 -51.4 133.6 59.9 -234.5 -51.9 37 Miscellaneous assets Net increase in liabilities and equity Net increase in 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.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (F.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. F.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA413065005 2 3 4 5 FA413065105 FA413065405 FA413065505 FA413065605 6 FA413065005 Net acquisition of financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Net increase in pool securities (liabilities)(2) 165.8 113.8 22.3 117.3 -44.4 30.7 -14.5 33.7 117.5 1 123.0 43.0 0.0 -0.2 76.0 38.1 0.0 -0.4 -15.8 38.3 0.0 -0.2 106.0 11.5 0.0 -0.2 -54.8 10.5 0.0 -0.1 -42.1 73.0 0.0 -0.3 -72.4 58.0 0.0 -0.2 -28.7 62.8 0.0 -0.4 67.3 50.1 0.0 0.1 2 3 4 5 165.8 113.8 22.3 117.3 -44.4 30.7 -14.5 33.7 117.5 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (F.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table F.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Transactions 2018 42 Z.1, September 23, 2021 F.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA676330023 Gross saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA675013025 Fixed nonresidential investment 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 FA674090005 Net acquisition of financial assets 14.3 69.9 50.7 240.5 -48.0 5.5 4.6 40.3 74.2 3 4 5 6 FA674022005 FA673061103 FA673061703 Debt securities Treasury securities Agency- and GSE-backed securities (1) 8.1 8.1 0.0 12.6 12.6 0.0 -2.7 -2.7 0.0 -4.0 -4.0 0.0 -5.8 -5.8 0.0 -4.1 -4.1 0.0 3.1 3.1 0.0 -7.0 -7.0 0.0 -4.6 -4.6 0.0 4 5 6 7 8 9 10 11 12 13 FA674023005 FA673069005 FA673065005 FA673065105 FA673065405 FA673065505 FA673066000 Loans Other loans and advances Mortgages (2) One-to-four-family residential Multifamily residential Commercial Consumer credit 1.6 -3.9 17.4 4.8 0.5 12.2 -11.9 50.5 38.0 14.9 -5.0 2.5 17.4 -2.4 32.3 46.0 -12.5 -31.5 5.0 14.0 -1.2 211.6 99.2 114.6 43.8 26.7 44.1 -2.2 -54.0 8.6 -60.8 -42.9 0.8 -18.7 -1.8 -4.7 26.9 -28.4 -43.5 -4.1 19.3 -3.2 -23.9 49.2 -75.2 -83.3 -3.5 11.5 2.2 9.6 9.0 2.0 -57.8 5.8 54.0 -1.3 11.7 36.2 -24.1 -42.8 2.0 16.8 -0.4 7 8 9 10 11 12 13 14 15 FA673070003 FA673090543 Trade credit Miscellaneous assets (funding agreements) (3) 1.4 3.1 0.6 6.2 0.2 20.9 9.5 23.4 -5.9 17.7 -11.3 25.7 8.5 16.8 -5.2 42.8 7.4 14 59.6 15 16 FA674122005 Net increase in liabilities 14.3 69.9 50.7 240.5 -48.0 5.5 4.6 40.3 74.2 16 17 18 FA673169105 FA673163005 Commercial paper Corporate bonds (net) (4) 15.9 -1.6 -5.0 74.9 13.6 37.1 9.9 230.6 -0.8 -47.2 26.5 -20.9 18.6 -14.0 -28.2 68.5 -38.6 17 112.9 18 19 FA677005005 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 0.0 12.2 0.0 29.2 0.0 -10.8 0.0 -80.2 0.0 23.7 0.0 14.2 0.0 -0.8 0.0 -12.9 0.0 20 42.3 21 Discrepancy Memo: 20 21 FA675013263 FA643065045 Securitized assets not included above Consumer leases (5) REIT assets (6) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Funding agreements with life insurance companies. (4) Net issuance less net acquisition of corporate bonds held as assets. (5) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset; depreciation is included in line 1, and fixed investment is included in line 2. (6) Included in table F.129. 43 Z.1, September 23, 2021 F.128 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA616000105 Gross saving less net capital transfers paid (2) 85.6 117.9 116.6 111.1 111.8 118.0 125.6 120.8 126.7 1 2 FA615013005 Fixed nonresidential investment 86.2 82.0 58.4 59.3 53.7 58.9 61.8 64.2 65.6 2 3 FA614090005 Net acquisition of financial assets 6.2 -5.5 38.4 201.8 -15.3 -31.0 -1.8 116.8 137.8 3 4 5 FA613020003 FA613030003 Checkable deposits and currency Time and savings deposits -4.3 -13.0 -2.0 -6.0 4.2 12.5 16.9 50.8 17.1 51.2 -14.9 -44.8 -2.4 -7.2 1.3 3.8 -0.1 -0.3 4 5 6 FA613063003 Debt securities (corporate and foreign bonds) -4.5 -0.5 9.7 7.4 16.4 5.9 9.2 5.9 34.2 6 7 8 9 10 FA614023005 FA613069505 FA613065000 FA613066005 Loans Other loans and advances Mortgages Consumer credit -6.0 9.8 -8.9 -6.9 -4.5 -10.4 2.5 3.4 -9.9 -16.4 -7.2 13.7 16.0 51.5 -16.2 -19.2 -100.2 -112.2 -10.9 22.8 35.8 5.3 -14.6 45.1 8.7 -10.4 13.1 6.0 45.9 8.6 -14.5 51.9 62.9 7 27.6 8 -3.6 9 38.8 10 11 12 FA613092003 FA613090005 U.S. direct investment abroad Miscellaneous assets 8.0 26.1 10.5 -2.9 10.3 11.6 50.0 60.6 -20.2 20.5 11.0 -24.1 0.3 -10.5 66.9 -7.0 10.5 11 30.6 12 13 FA614194005 -14.8 -18.2 29.2 204.5 7.7 -85.1 -10.5 50.0 144.2 13 14 FA614190005 -25.0 -33.0 20.9 197.6 2.6 -96.0 -20.5 39.9 137.8 14 15 16 17 FA614122005 FA613169100 FA613163005 Debt securities Open market paper Corporate bonds 44.1 -7.5 51.6 -43.8 -1.1 -42.7 -20.2 -21.7 1.5 100.8 -2.4 103.1 -46.9 -49.2 2.3 -119.3 -22.4 -96.9 -15.3 -12.9 -2.4 -21.0 2.6 -23.5 18.1 15 -6.6 16 24.7 17 18 19 20 FA614123005 FA613168005 FA613169005 Loans Depository institution loans n.e.c. Other loans and advances -0.4 2.3 -2.7 5.9 5.6 0.4 24.8 25.3 -0.5 27.7 27.9 -0.2 25.9 27.3 -1.4 32.6 32.1 0.5 12.9 13.8 -0.9 -11.9 -10.3 -1.6 163.0 18 162.9 19 0.0 20 21 22 FA613178005 FA613192305 Taxes payable Foreign direct investment: intercompany debt -3.0 -0.4 -0.4 0.3 -0.5 -0.1 0.3 -0.6 0.6 -0.2 -2.9 0.4 0.0 -0.0 1.9 1.0 -3.6 21 -0.6 22 23 24 25 FA613190005 FA613194003 FA613193005 Miscellaneous liabilities Investment by parent Other -65.3 -10.9 -54.4 4.9 -5.5 10.4 17.0 -5.0 21.9 69.4 -8.4 77.8 23.3 -15.0 38.3 -6.8 -15.2 8.4 -18.1 18.6 -36.7 69.9 -2.7 72.5 -39.0 23 -41.4 24 2.4 25 26 FA613192103 27 FA617005005 Net increase in liabilities and equity Net increase in liabilities Net equity issues (foreign direct investment) Discrepancy 10.2 14.8 8.2 6.9 5.1 10.9 10.0 10.1 6.4 26 -21.6 23.3 48.9 54.5 81.1 5.1 55.0 -10.2 67.5 27 0.6 -2.4 -9.4 -10.0 -21.3 -6.2 -0.2 3.1 4.7 28 Memo: 28 FA613066303 Consumer leases not included above (3) (1) Includes retail captive finance companies and mortgage companies. (2) Net capital transfers paid from table F.5, line 57. (3) See footnote (5), table F.127. Transactions 2018 44 Z.1, September 23, 2021 F.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA646000105 Gross saving -53.2 -59.5 -50.2 -11.0 -62.2 -76.0 -51.5 -49.1 -53.8 1 2 3 FA125013005 FA125012063 Fixed nonresidential investment Multifamily residential investment 13.3 3.5 12.2 7.1 12.2 3.0 13.5 5.9 11.8 -0.7 11.8 2.8 11.8 3.8 12.1 1.9 12.3 11.2 2 3 4 FA644090005 Net acquisition of financial assets 67.2 77.4 -140.9 -472.6 -86.1 -27.5 22.4 33.7 52.9 4 5 FA643020005 Checkable deposits and currency -4.8 8.9 17.1 160.2 -22.2 -45.8 -24.1 -4.0 6.6 5 6 7 8 FA644022005 FA643061773 FA643063005 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 30.8 19.4 11.4 46.9 50.3 -3.4 -154.6 -129.4 -25.2 -596.4 -541.5 -55.0 -19.6 9.3 -28.9 -15.9 -0.7 -15.2 13.6 15.3 -1.7 -27.2 -25.4 -1.8 -38.4 -46.0 7.6 6 7 8 9 10 11 12 FA643065005 FA643065105 FA643065405 FA643065505 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 20.2 7.7 1.4 11.1 18.9 3.3 7.4 8.3 -14.6 -24.3 -4.1 13.8 -92.3 -88.7 -23.5 20.0 -11.2 -20.1 -0.8 9.7 48.6 16.0 3.9 28.6 -3.5 -4.3 4.1 -3.3 25.8 11.1 4.2 10.5 63.6 9 23.6 10 6.7 11 33.3 12 13 FA643090005 Miscellaneous assets 21.0 2.6 11.2 55.9 -33.1 -14.3 36.4 39.1 21.0 13 14 FA644194005 99.0 162.3 -89.1 -352.3 -72.3 -6.9 75.2 38.3 102.4 14 15 FA644190005 77.5 125.7 -111.0 -376.9 -99.0 -25.5 57.6 7.0 59.3 15 16 FA642151073 Security repurchase agreements 43.3 71.8 -157.6 -478.3 -120.0 -38.1 5.8 -13.4 -30.3 16 17 18 19 FA644122005 FA643169173 FA643163005 Debt securities Open market paper Corporate bonds 31.0 0.0 31.0 69.3 0.0 69.3 42.2 0.0 42.2 -37.8 0.0 -37.8 145.1 0.0 145.1 33.8 0.0 33.8 27.5 0.0 27.5 24.9 0.0 24.9 94.8 17 0.0 18 94.8 19 20 21 22 23 FA644123005 FA643168005 FA643169373 FA123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages -12.9 3.3 -0.4 -15.8 -8.2 -9.2 -0.9 1.9 -7.6 -0.5 -8.2 1.1 144.0 156.5 -15.6 3.1 -134.1 -114.0 -11.7 -8.4 -47.4 -49.7 -5.5 7.9 7.1 5.4 -0.2 1.9 -21.8 0.6 0.0 -22.3 24 FA643193005 Miscellaneous liabilities 16.1 -7.2 12.1 -4.9 10.0 26.1 17.1 17.4 2.8 24 25 FA643164103 21.5 36.7 21.9 24.6 26.7 18.6 17.7 31.3 43.1 25 26 FA647005005 -38.1 6.2 -13.5 89.7 -59.6 -70.0 -14.2 -58.6 -27.8 26 12.2 0.0 5.2 1.6 5.3 29.2 0.0 9.6 5.0 14.7 -10.8 0.0 -16.8 -4.3 10.3 -80.2 0.0 -71.3 -21.5 12.7 23.7 0.0 0.8 0.9 22.0 14.2 0.0 3.2 3.5 7.6 -0.8 0.0 0.1 -0.1 -0.9 -12.9 0.0 -7.8 0.4 -5.4 Net increase in liabilities and equity Net increase in liabilities Net equity issues (corporate equity) Discrepancy -7.9 -5.7 -0.0 -2.2 20 21 22 23 Memo: 27 28 29 30 31 FA643065045 FA643061743 FA643065163 FA643065443 FA643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.129.e and F.129.m. 42.3 0.0 8.0 5.1 29.2 27 28 29 30 31 45 Z.1, September 23, 2021 F.129.e Equity Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA124090005 Net acquisition of financial assets -8.2 8.3 32.2 159.4 -4.6 -30.9 4.8 26.9 60.4 1 2 FA123020003 Checkable deposits and currency -5.4 6.5 11.6 127.5 -10.0 -48.8 -22.2 -0.5 5.9 2 3 FA123063003 Debt securities (corporate and foreign bonds) 3.2 0.0 1.3 0.8 1.9 0.6 1.8 8.9 8.0 3 4 5 6 7 FA123065005 FA123065103 FA123065403 FA123065503 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial -5.7 -0.0 -0.3 -5.4 3.7 -0.1 0.5 3.3 6.0 0.0 0.6 5.4 3.1 0.0 -0.8 3.8 0.8 0.0 0.1 0.7 18.9 0.1 0.2 18.7 1.2 0.0 2.7 -1.5 9.6 0.0 2.2 7.4 -2.4 0.0 -0.1 -2.3 4 5 6 7 8 FA123093005 Miscellaneous assets -0.2 -1.9 13.3 28.0 2.7 -1.6 24.0 8.8 48.9 8 9 FA124190005 5.5 35.8 51.4 185.2 -3.5 -20.5 44.3 4.3 69.8 9 10 FA123163003 Debt securities (corporate bonds) 11 12 13 14 15 FA124123005 FA123168003 FA123165005 FA123165403 FA123165503 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 16 FA123193005 Miscellaneous liabilities Net increase in liabilities 17.2 36.0 44.2 22.8 112.6 12.1 29.2 29.4 -12.7 3.1 -15.8 -4.4 -11.4 -4.0 -5.8 1.9 -1.1 3.0 0.0 -1.1 1.1 1.0 0.1 154.0 151.0 3.1 2.5 0.5 -120.0 -111.6 -8.4 1.4 -9.8 -40.2 -48.1 7.9 -3.3 11.2 6.3 4.4 1.9 3.3 -1.4 -20.7 1.6 -22.3 0.5 -22.8 1.0 3.7 7.2 8.4 4.0 7.6 8.7 -4.4 43.2 10 -7.1 -4.9 -2.2 3.2 -5.4 11 12 13 14 15 33.8 16 F.129.m Mortgage Real Estate Investment Trusts Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA644090075 Net acquisition of financial assets 75.3 69.0 -173.1 -631.9 -81.5 3.5 17.6 6.9 -7.5 1 2 FA643020073 Checkable deposits and currency 0.7 2.4 5.4 32.7 -12.2 3.0 -1.9 -3.5 0.8 2 3 4 5 FA644022075 FA643061773 FA643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 27.6 19.4 8.2 46.9 50.3 -3.4 -155.9 -129.4 -26.5 -597.2 -541.5 -55.8 -21.5 9.3 -30.8 -16.5 -0.7 -15.8 11.8 15.3 -3.5 -36.1 -25.4 -10.7 -46.4 -46.0 -0.4 3 4 5 6 7 8 9 FA643065075 FA643065173 FA643065473 FA643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 25.9 7.8 1.8 16.4 15.2 3.4 6.9 4.9 -20.6 -24.3 -4.6 8.4 -95.4 -88.8 -22.7 16.2 -12.0 -20.1 -0.9 9.1 29.6 15.9 3.7 10.0 -4.7 -4.3 1.5 -1.8 16.2 11.0 2.0 3.1 66.1 23.6 6.8 35.7 6 7 8 9 10 FA643090075 Miscellaneous assets 21.2 4.5 -2.1 27.9 -35.8 -12.6 12.3 30.3 -27.9 10 11 FA644190075 71.9 89.9 -162.3 -562.1 -95.6 -5.0 13.3 2.8 -10.5 11 12 FA642151073 Security repurchase agreements 43.3 71.8 -157.6 -478.3 -120.0 -38.1 5.8 -13.4 -30.3 12 13 14 15 FA644122075 FA643169173 FA643163075 Debt securities Open market paper Corporate bonds 13.8 0.0 13.8 33.3 0.0 33.3 -2.0 0.0 -2.0 -60.6 0.0 -60.6 32.6 0.0 32.6 21.6 0.0 21.6 -1.7 0.0 -1.7 -4.6 0.0 -4.6 51.6 13 0.0 14 51.6 15 16 17 18 FA644123075 FA643168073 FA643169373 Loans Depository institution loans n.e.c. Other loans and advances -0.3 0.2 -0.4 -4.3 -3.4 -0.9 -7.6 0.6 -8.2 -10.0 5.5 -15.6 -14.1 -2.4 -11.7 -7.1 -1.6 -5.5 0.8 1.0 -0.2 -1.0 -1.0 0.0 -0.8 16 -0.8 17 -0.0 18 19 FA643193075 Miscellaneous liabilities 15.1 -10.9 4.9 -13.3 6.0 18.6 8.4 21.8 -31.0 19 20 21 22 23 24 FA643065045 FA643061743 FA643065163 FA643065443 FA643065543 12.2 0.0 5.2 1.6 5.3 29.2 0.0 9.6 5.0 14.7 -10.8 0.0 -16.8 -4.3 10.3 -80.2 0.0 -71.3 -21.5 12.7 23.7 0.0 0.8 0.9 22.0 14.2 0.0 3.2 3.5 7.6 -0.8 0.0 0.1 -0.1 -0.9 -12.9 0.0 -7.8 0.4 -5.4 Net increase in liabilities Memo: Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages 42.3 0.0 8.0 5.1 29.2 20 21 22 23 24 Transactions 2018 46 Z.1, September 23, 2021 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA666000105 Gross saving less net capital transfers paid (1) 21.9 -14.0 -18.2 -6.9 -25.7 -28.3 -11.8 -15.4 -10.8 1 2 FA665013005 Fixed nonresidential investment 34.5 40.0 40.9 42.2 39.5 40.5 41.4 42.9 44.1 2 3 FA664090005 Net acquisition of financial assets 253.8 115.1 227.4 1296.4 -943.6 10.2 546.6 -510.1 159.7 3 4 5 FA663020003 FA662051003 Checkable deposits and currency Security repurchase agreements 7.3 206.2 -1.0 80.8 13.2 -73.8 147.0 348.1 -92.1 -803.2 -20.1 -12.6 18.0 172.3 -6.3 -336.3 -17.0 -418.4 4 5 6 7 8 9 10 11 FA664022005 FA663069103 FA663061105 FA663061705 FA663062003 FA663063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 149.2 2.1 131.7 20.4 -5.3 0.3 -52.5 -2.9 -47.8 17.9 -5.2 -14.5 -48.2 -0.3 -1.5 -43.4 -9.9 7.0 231.6 48.7 59.1 124.1 -10.0 9.7 -23.5 -30.8 149.0 -120.1 -21.1 -0.5 -167.0 -7.9 -141.3 -83.5 6.7 58.9 -233.7 -11.3 -72.7 -94.3 -15.2 -40.2 -774.2 4.0 -401.2 -351.7 8.6 -33.9 12 FA663069005 Loans (other loans and advances) -26.6 32.5 165.3 86.4 -84.4 267.2 391.9 361.8 92.5 12 13 FA663064103 Corporate equities -19.9 -22.8 7.0 54.3 18.2 37.7 -82.1 154.6 -111.7 13 14 15 FA663092003 FA663090005 U.S. direct investment abroad Miscellaneous assets -1.4 -60.9 18.8 59.4 10.7 153.3 21.7 407.2 11.1 30.2 2.6 -97.5 7.1 273.2 -17.1 107.5 18.4 14 502.4 15 16 FA664194005 249.0 183.3 253.7 1206.7 -885.8 51.6 642.5 -534.7 209.6 16 17 FA664190005 257.3 106.7 207.7 1284.5 -977.7 20.9 503.1 -561.1 136.3 17 18 FA662151003 Security repurchase agreements 305.9 56.6 19.3 243.8 -542.1 131.2 244.1 -802.4 -92.4 18 19 FA663163003 Debt securities (corporate bonds) -1.7 -10.0 9.9 331.7 -308.7 -57.2 73.8 49.8 32.7 19 20 21 22 FA664123005 FA663168005 FA153067005 Loans Depository institution loans n.e.c. Other loans and advances 2.1 4.2 -2.0 23.4 -2.3 25.7 130.9 10.2 120.8 831.6 250.3 581.3 -321.2 -240.7 -80.6 -152.3 -22.9 -129.4 165.7 54.0 111.7 108.4 28.6 79.8 132.6 20 67.2 21 65.3 22 23 24 FA663170003 FA663178005 Trade payables Taxes payable -27.8 0.6 -1.0 -1.4 2.8 2.2 17.4 5.3 -9.3 8.5 -4.3 -4.6 7.3 -0.5 4.6 3.2 -15.1 23 -0.7 24 25 FA663192305 Foreign direct investment: intercompany debt 26 27 28 FA663190005 FA663194005 FA663193005 Miscellaneous liabilities Investment by parent companies Other 29 FA663181125 30 31 32 FA663164103 FA662090003 FA663192103 33 FA667005005 Net increase in liabilities and equity Net increase in liabilities Net equity issues Corporate equities Proprietors’ net investment Foreign direct investment: equity Discrepancy (1) Net capital transfers paid from table F.5, line 58. 93.6 6 9.9 7 54.1 8 30.1 9 7.1 10 -7.5 11 -4.8 3.4 1.3 -8.3 6.9 1.3 5.2 0.5 13.4 25 -17.0 -23.2 6.2 35.8 21.5 14.3 41.4 81.4 -40.0 -137.1 264.2 -401.2 188.2 -189.6 377.8 106.8 23.3 83.5 7.7 227.6 -220.0 74.8 7.7 67.1 65.8 26 230.5 27 -164.6 28 -8.3 76.6 46.1 -77.8 91.9 30.7 139.4 26.4 73.3 29 -2.3 9.5 -15.6 22.1 5.2 49.3 15.6 6.9 23.6 31.5 5.3 -114.7 -21.7 14.6 99.1 0.7 -5.5 35.4 51.9 13.0 74.6 4.0 13.8 8.6 1.8 30 16.8 31 54.7 32 -17.4 14.2 -32.8 -138.9 -7.4 -27.4 42.6 -82.9 -5.0 33 47 Z.1, September 23, 2021 F.131 Holding Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA736000105 Gross saving 174.4 172.6 121.3 174.5 80.9 70.3 159.7 161.0 144.0 1 2 FA735013005 Fixed nonresidential investment 39.1 41.3 41.7 42.0 40.2 41.7 42.9 44.6 46.0 2 3 FA734090005 Net acquisition of financial assets -16.4 142.8 259.5 228.7 431.5 -18.9 396.5 -28.1 479.8 3 4 5 FA733030003 FA732051003 Time and savings deposits Security repurchase agreements -11.1 -3.7 9.7 0.4 128.5 39.4 190.8 0.2 394.3 79.0 -46.7 58.9 -24.2 19.4 -299.9 -47.7 -4.3 -54.4 4 5 6 7 8 9 FA734022605 FA733061103 FA733061703 FA733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 31.1 12.6 14.0 4.6 29.0 21.7 2.3 5.0 -8.6 3.1 -9.3 -2.4 -39.9 -28.3 -13.5 2.0 9.1 6.0 -7.7 10.8 -32.0 -0.1 -6.5 -25.4 28.5 34.8 -9.2 2.9 115.1 104.1 -9.5 20.5 -13.7 4.9 -7.2 -11.3 6 7 8 9 10 FA733069005 Loans (other loans and advances) -18.8 13.4 -11.1 44.3 -38.7 -57.7 8.0 58.3 33.7 10 11 FA733040005 Life insurance reserves 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 11 12 13 14 15 16 17 18 19 FA733090005 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733093005 Miscellaneous assets Net trans. with depository institution affiliates Net trans. with property-casualty ins. co. affiliates Net trans. with life insurance company affiliates Net trans. with finance company affiliates Net trans. with broker and dealer affiliates Net trans. with foreign affiliates Other -18.0 13.5 1.2 -11.0 -13.3 -23.2 24.9 -10.0 86.2 93.6 0.8 1.1 -4.8 21.5 -1.2 -24.8 107.2 72.7 -3.9 -5.9 -2.0 81.4 -31.6 -3.4 29.4 -145.8 -0.6 -23.7 -3.4 264.2 -46.3 -15.1 -16.1 112.1 -19.3 0.0 -1.0 -189.6 69.1 12.6 54.7 110.7 4.4 0.0 0.8 23.3 -65.8 -18.7 360.8 213.6 -0.2 0.0 -4.2 227.6 -83.5 7.5 142.2 56.7 2.9 0.0 -2.3 7.7 70.2 6.9 20 FA734194005 -211.2 -159.2 140.8 116.1 320.1 -74.5 201.5 -219.6 217.3 20 21 FA734190005 -151.4 13.1 180.7 97.5 392.5 -46.7 279.5 -144.9 380.6 21 22 FA732151003 Security repurchase agreements -0.0 -0.0 -0.0 -0.0 0.0 0.1 -0.1 0.4 -0.2 22 23 24 25 FA734122005 FA733169103 FA733163003 Debt securities Commercial paper Corporate bonds -46.9 1.5 -48.4 40.9 -0.1 41.0 131.7 -0.7 132.4 370.0 -1.8 371.8 274.8 -2.1 276.9 -151.5 -5.3 -146.2 33.6 6.3 27.3 -157.8 1.5 -159.3 318.7 23 4.0 24 314.6 25 26 FA733192305 Foreign direct investment: intercompany debt (2) -17.7 -20.6 8.8 4.9 4.2 1.3 24.7 16.9 3.8 26 27 28 29 FA733193005 FA733164005 FA733193015 Miscellaneous liabilities Equity, etc. Other -86.7 -98.3 11.6 -7.2 -35.0 27.8 40.2 50.0 -9.8 -277.4 -222.3 -55.0 113.5 75.3 38.2 103.5 126.7 -23.2 221.2 220.2 1.0 -4.3 20.7 -25.1 58.3 27 67.8 28 -9.4 29 30 FA733181105 -59.8 -172.3 -39.9 18.7 -72.4 -27.8 -78.0 -74.7 -163.3 30 31 32 FA733164103 FA733192103 -111.3 51.6 -149.8 -22.5 -18.2 -21.7 -139.4 158.1 37.5 -109.9 6.9 -34.7 22.2 -100.2 -57.3 -17.4 -103.9 31 -59.4 32 33 FA737005005 -59.6 -170.6 -39.0 19.9 -70.8 -27.0 -78.2 -75.1 -164.5 33 Net increase in liabilities and equity Net increase in liabilities Net equity issuance Corporate equity issues Foreign direct investment: equity (2) 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. (2) Investment in U.S. Intermediate Holding Companies. 514.5 265.2 3.1 0.0 -3.0 230.5 11.1 7.6 12 13 14 15 16 17 18 19 Transactions 2018 48 Z.1, September 23, 2021 F.132 Other Financial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 2021 Q2 Q3 Q4 Q1 Q2 1 FA504090005 Net acquisition of financial assets 40.8 -25.3 374.0 620.3 379.3 205.7 290.6 203.5 -8.7 1 2 3 4 FA713129005 FA503034005 FA502051003 Checkable deposits and currency Money market fund shares Security repurchase agreements -3.3 15.6 0.0 -1.1 38.5 0.0 93.0 160.8 0.0 396.8 402.4 0.0 -107.1 283.3 0.0 48.9 -32.8 0.0 33.4 -9.9 0.0 126.2 134.6 0.0 61.3 71.6 0.0 2 3 4 5 6 7 8 9 FA504022005 FA503069105 FA503061303 FA503063005 FA503062003 Debt securities Open market paper Nonmarketable Treasury securities Corporate and foreign bonds Municipal securities -13.9 -12.0 0.0 -1.9 0.0 -60.6 -60.8 0.0 0.2 0.0 116.5 2.2 95.7 12.4 6.3 -213.4 -236.8 0.0 23.4 0.0 222.9 -172.9 382.5 8.5 4.8 214.7 214.8 0.1 -2.0 1.8 241.7 203.6 0.1 19.5 18.5 -216.9 -6.0 -212.4 2.4 -0.9 -37.1 -49.6 -34.0 51.8 -5.1 5 6 7 8 9 10 FA503069005 Loans (other loans and advances) -0.9 1.4 22.5 23.1 -8.1 14.1 61.1 -8.6 -5.0 10 11 FA503064105 Corporate equities 0.0 0.0 8.8 0.0 31.9 2.6 0.6 -1.1 -29.8 11 12 13 14 FA503094505 FA753194503 FA663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers 43.4 43.4 0.0 -3.5 -3.5 0.0 -27.6 -27.6 0.0 11.4 11.4 0.0 -43.7 -43.7 0.0 -41.7 -41.7 0.0 -36.3 -36.3 0.0 169.2 169.2 0.0 -69.8 12 -69.8 13 0.0 14 15 FA504194005 40.8 -25.3 374.0 620.3 379.3 205.7 290.6 203.5 -8.7 15 16 FA504190005 40.8 -25.3 374.0 620.3 379.3 205.7 290.6 203.5 -8.7 16 17 18 19 FA504122005 FA503169105 FA503163003 Debt securities Open market paper Corporate bonds 9.3 9.3 0.0 -5.7 -5.7 0.0 -24.7 -24.7 0.0 -71.3 -71.3 0.0 -31.3 -31.3 0.0 -20.3 -20.3 0.0 23.9 23.9 0.0 177.0 177.0 0.0 -94.8 17 -94.8 18 0.0 19 20 21 22 FA504123005 FA713068505 FA503169205 Loans Depository institution loans n.e.c. Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 40.7 40.7 0.0 0.0 0.0 0.0 60.6 60.6 0.0 19.3 19.3 0.0 82.8 82.8 0.0 -7.0 -7.0 0.0 -8.2 20 -8.2 21 0.0 22 23 FA503192003 Foreign direct investment in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 24 25 26 27 28 FA503190005 FA663097005 FA503194305 FA503194205 FA503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Equity in Federal Reserve facilities (2) Other (net) 31.5 -18.9 0.0 0.0 50.4 -19.6 1.7 0.0 0.0 -21.3 358.1 68.1 0.0 112.5 177.4 691.5 234.1 0.0 0.0 457.4 350.0 12.8 0.0 450.0 -112.8 206.7 -123.9 0.0 0.0 330.6 183.9 149.5 0.0 0.0 34.4 33.5 34.6 0.0 -248.9 247.7 29 FA503181105 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net increase in liabilities and equity Net increase in liabilities Net equity issuance 94.3 364.3 0.0 -40.0 -230.0 24 25 26 27 28 0.0 29 (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and deposits at Federal Reserve banks of Federal Reserve SPVs and designated financial market utilities (DFMU). (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 49 Z.1, September 23, 2021 F.133 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 4 FA266905005 FA266903001 FA266904101 FA266400101 Foreign income from U.S. U.S. imports U.S. income payments to rest of world Curr. taxes and trans. payments to rest of world 4269.9 3129.7 847.9 292.3 4324.2 3116.0 893.9 314.3 3874.8 2774.6 770.6 329.6 4058.6 2927.3 809.0 322.3 3386.5 2346.7 711.5 328.3 3917.1 2805.3 769.2 342.6 4137.0 3019.1 792.5 325.4 4374.9 3184.5 846.7 343.7 4532.4 3340.3 865.4 326.8 1 2 3 4 5 6 7 8 FA266900005 FA266903011 FA266904001 FA266400201 Foreign outlays to U.S. U.S. exports U.S. income receipts from rest of world Curr. taxes and trans. payments from rest of world 3829.6 2533.5 1142.1 154.0 3844.4 2519.7 1160.3 164.4 3287.7 2123.4 992.9 171.4 3606.6 2385.5 1048.9 172.1 2858.7 1807.9 883.5 167.4 3252.4 2079.6 996.1 176.7 3433.3 2220.7 1043.2 169.5 3569.4 2311.9 1081.6 175.9 3738.8 2455.6 1110.8 172.4 5 6 7 8 9 10 FA265440005 FA266000105 - Net capital transfers paid (1) Gross saving less net capital transfers paid (2) -4.6 444.9 -6.8 486.6 -6.1 593.2 -11.5 463.6 -4.1 531.9 -4.0 668.7 -4.8 708.5 -14.4 819.9 -3.7 9 797.3 10 11 12 FA265090005 FA265420005 Gross investment Nonproduced nonfinancial assets 239.1 -0.1 296.8 -0.1 486.4 0.2 -309.1 -0.4 874.2 -0.1 490.6 1.3 889.7 -0.1 556.9 -0.2 949.8 11 0.0 12 13 FA265000005 239.2 296.9 486.2 -308.7 874.2 489.3 889.8 557.1 949.8 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 FA264090005 FA263011205 FA313111303 FA264016005 FA263020005 FA263030005 FA263034003 FA262051005 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 FA263069500 FA263064105 FA263064203 FA263070005 FA543141905 FA543151905 FA263092001 FA263076005 Net acquisition of financial assets Monetary gold (3) SDR allocations Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (4) Loans to U.S. corporate business U.S. corporate equities Mutual fund shares Trade receivables Life insurance reserves Pension entitlements Foreign direct investment in U.S. (5) Miscellaneous assets (insurance receivables) 717.1 0.0 0.0 48.9 79.5 37.4 17.3 -31.3 141.9 -10.2 120.2 95.7 -1.6 -62.2 23.5 110.9 28.7 33.4 -9.3 11.0 216.0 9.1 549.3 0.0 0.0 -83.3 59.0 -2.1 14.4 21.3 441.4 5.4 223.6 55.0 4.0 153.4 97.5 -205.4 -53.0 18.8 0.3 0.6 238.0 2.0 1283.2 0.0 0.0 29.3 155.6 97.3 2.0 10.4 44.4 -45.3 -77.7 -47.0 4.8 209.6 74.8 637.8 8.6 83.5 -9.1 -13.6 164.4 -2.1 2712.2 0.0 0.0 1399.2 291.2 452.8 21.6 487.0 -1291.8 -119.8 -1262.2 208.0 -3.3 -114.5 168.3 860.9 167.5 75.7 -8.0 -12.0 100.8 -1.1 5.7 0.0 0.0 -742.8 54.4 -107.9 21.6 -475.9 1009.6 25.3 480.0 -217.3 16.5 705.1 26.3 119.8 -54.8 99.0 -11.7 -17.4 90.3 -4.8 477.1 0.0 0.0 -263.5 133.0 -1.5 -26.5 -89.0 -34.3 -73.7 170.8 -218.7 2.0 85.3 59.8 507.1 -9.0 74.8 -7.7 -11.4 153.2 -7.9 1937.7 0.0 0.0 -275.6 143.6 45.9 -8.7 119.6 494.0 -13.2 300.6 40.1 3.9 162.5 44.8 1063.3 -69.3 84.3 -9.1 -13.6 313.3 5.2 1682.8 0.0 0.0 -456.9 99.9 154.3 19.3 313.0 759.6 67.2 516.7 -111.3 6.8 280.3 98.9 280.9 87.7 24.5 -0.0 0.0 295.9 5.7 36 FA264194005 Net increase in liabilities and equity 477.9 252.5 797.0 3020.9 -868.6 -12.2 1047.9 1125.7 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 FA264190005 FA263111005 FA263191005 FA262151003 FA264122005 FA263169105 FA263163005 FA264123005 FA263168005 FA263169005 FA263170005 FA263140005 FA263150005 FA263192305 FA263190005 FA313092803 FA263191103 FA263194735 FA263195105 FA263176005 Net increase in liabilities U.S. official reserve assets U.S. private deposits Security repurchase agreements Debt securities Commercial paper Bonds Loans Depository institution loans n.e.c. Other loans and advances Trade payables Life insurance reserves Pension entitlements U.S. direct investment abroad: intercompany debt (4,5) Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Net investment by holding companies Accident and health insurance reserves Policy payables 525.2 5.0 66.4 117.3 145.3 6.3 139.0 52.4 58.2 -5.8 2.7 -31.6 58.7 90.3 18.7 1.3 -7.9 24.9 -1.5 1.8 259.2 4.7 20.3 113.2 112.6 84.4 28.1 94.2 87.1 7.0 2.2 1.8 3.1 -98.7 5.9 1.4 -0.5 -1.2 0.8 5.5 224.3 9.0 101.2 61.4 6.6 11.0 -4.4 63.3 66.0 -2.7 -0.4 15.5 46.9 -66.1 -13.1 1.8 14.2 -31.6 5.8 -3.3 1799.0 -1.0 697.9 416.7 -939.5 -138.0 -801.5 354.2 332.9 21.3 -14.3 13.6 41.9 -148.8 1378.2 5.2 1415.8 -46.3 5.1 -1.6 -961.3 19.8 -525.2 -353.5 365.6 5.2 360.4 -150.4 -120.7 -29.7 -5.3 19.8 59.6 62.1 -453.9 0.0 -523.2 69.1 7.4 -7.3 -699.3 7.3 246.5 -101.7 107.8 91.3 16.5 -20.6 -2.9 -17.7 16.2 13.0 39.3 -122.8 -884.2 0.9 -812.0 -65.8 4.9 -12.2 759.0 9.8 -14.3 284.0 492.5 85.6 406.9 70.1 54.6 15.6 2.0 15.5 46.6 -54.8 -92.4 1.3 -24.0 -83.5 5.8 8.1 514.9 -8.4 131.2 -532.8 790.7 132.7 658.0 74.2 71.4 2.9 18.0 -2.7 1.8 13.8 29.0 4.7 -61.5 70.2 -0.1 15.7 57 58 59 FA263181125 FA263164100 FA263192101 Net equity issues Foreign corporate equities (6) U.S. direct investment abroad: equity (5) -47.3 171.3 -218.6 -6.7 -163.4 156.7 572.7 241.8 330.9 1221.9 1036.0 186.0 92.7 -378.2 470.9 687.1 368.1 319.0 288.9 -58.8 347.7 610.8 303.2 307.7 875.7 57 379.4 58 496.3 59 60 FA267005005 205.7 189.8 106.8 772.6 -342.2 178.1 -181.2 263.0 -152.4 60 61 62 63 64 65 FA266903005 FA266904005 FA266400101 FA266400201 FA266000005 -596.2 294.2 292.3 154.0 -440.3 -596.3 266.4 314.3 164.4 -479.8 -651.2 222.3 329.6 171.4 -587.1 -541.7 239.9 322.3 172.1 -452.0 -538.9 172.0 328.3 167.4 -527.8 -725.7 226.8 342.6 176.7 -664.8 -798.4 250.6 325.4 169.5 -703.7 -872.5 234.8 343.7 175.9 -805.5 Net lending (+) or net borrowing (-) 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 67. (2) Line 1 minus line 5 minus line 9. Also equal to line 65 with the sign reversed minus line 9. (3) U.S. net sales, sign reversed. (4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (5) Direct investment reported at market value. 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. 1875.9 0.0 0.0 -24.3 54.7 64.8 4.6 472.4 978.6 16.0 492.2 -60.2 11.9 518.7 75.9 -95.5 28.1 16.6 0.1 0.2 295.2 4.5 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 926.1 36 50.4 1.9 10.3 -126.3 57.7 12.5 45.3 108.7 110.5 -1.8 -8.5 4.4 8.4 -22.4 16.1 0.0 -7.8 11.1 0.5 12.3 -884.7 245.4 326.8 172.4 -793.6 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 61 62 63 64 65 Transactions 2018 50 Z.1, September 23, 2021 F.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 Net change in liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FA893111005 5.0 4.7 9.0 -1.0 19.8 7.3 9.8 -8.4 1.9 1 2 FA313111303 Federal government: SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 FA263111005 FA313011303 FA263111403 FA263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 5.0 0.2 4.8 0.0 4.7 0.2 4.3 0.2 9.0 0.1 8.8 0.1 -1.0 0.2 -1.3 0.1 19.8 0.1 19.6 0.2 7.3 0.0 7.1 0.1 9.8 0.0 9.8 -0.1 -8.4 0.0 -8.6 0.2 1.9 0.0 1.7 0.1 3 4 5 6 7 FA893011005 5.0 4.7 9.0 -1.0 19.8 7.3 9.8 -8.4 1.9 7 8 9 10 11 12 FA313011005 FA313011205 FA313011303 FA313011405 FA313011505 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 5.0 0.0 0.2 4.8 0.0 4.6 0.0 0.2 4.3 0.1 8.9 0.0 0.1 8.8 0.0 -1.0 0.0 0.2 -1.3 0.1 19.8 0.0 0.1 19.6 0.1 7.2 0.0 0.0 7.1 0.1 9.8 0.0 0.0 9.8 -0.0 -8.5 0.0 0.0 -8.6 0.1 1.8 8 0.0 9 0.0 10 1.7 11 0.1 12 13 14 15 FA263011005 FA263011205 FA313111303 Rest of the world Monetary gold (2) SDR allocations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 0.0 14 0.0 15 16 17 18 19 FA713011005 FA713011203 FA713011405 FA713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.0 0.0 -0.0 0.0 0.1 0.0 -0.0 0.1 0.1 0.0 0.0 0.1 0.1 0.0 -0.0 0.1 -0.0 0.0 0.0 -0.0 0.1 0.0 -0.0 0.1 0.1 0.0 0.0 0.1 16 17 18 19 Net change in assets (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets, and the counterparts are recorded as decreases (increases) in assets of the rest of the world. F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 FA713014003 FA713014003 3 4 FA313112003 FA713012003 5 FA903012005 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Liab: Federal government Asset: Monetary authority -0.3 0.4 -0.5 0.3 -0.0 0.4 0.0 0.4 0.0 0.3 -0.2 0.5 0.0 0.3 0.0 0.3 0.0 0.7 3 4 Discrepancy (seigniorage) -0.6 -0.8 -0.4 -0.4 -0.3 -0.6 -0.3 -0.3 -0.7 5 Treasury currency: F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA263191005 Total rest of the world liability 66.4 20.3 101.2 697.9 -525.2 246.5 -14.3 131.2 10.3 1 2 3 4 FA153091003 FA103091003 FA633091003 Held by: Household sector Nonfinancial corporate business Money market funds 2.9 -110.3 -2.2 -1.0 24.7 5.8 7.8 11.8 -6.7 37.4 -78.6 -14.5 -25.8 136.0 -6.6 15.8 57.8 -4.9 3.7 -68.1 -0.7 5.5 -1.8 5.8 -2.3 138.1 -7.6 2 3 4 5 FA903091005 Discrepancy--unallocated assets 175.9 -9.3 88.3 753.6 -628.8 177.7 50.8 121.8 -117.9 5 51 Z.1, September 23, 2021 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA794110005 2 3 4 5 6 FA714110005 FA764110005 FA754110005 FA744110005 FA474110005 7 FA894010005 8 9 10 11 12 13 FA714010005 FA763020005 FA753020005 FA743013003 FA473013005 FA264016005 14 FA904010005 Net change in liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy Q2 2021 Q3 Q4 Q1 Q2 -354.0 -99.0 1546.2 5773.1 195.9 -424.8 640.6 2716.1 -1174.6 1 -388.2 -31.1 61.5 -0.3 4.0 -5.7 -13.8 -78.5 -0.3 -0.6 1461.9 1.1 79.2 0.3 3.8 3796.0 489.1 1421.5 -1.4 67.9 1219.5 -100.7 -898.1 -0.1 -24.6 -173.5 -24.7 -199.8 1.8 -28.6 1005.5 -359.3 -7.0 0.7 0.7 2735.7 -156.5 22.3 0.1 114.5 -668.7 -252.5 -178.7 -0.1 -74.6 2 3 4 5 6 -339.2 -88.9 1535.8 5501.5 503.7 -506.7 644.7 2264.1 -691.2 7 0.1 -268.6 -111.4 -1.7 -6.4 48.9 0.1 20.3 -44.5 -1.7 20.1 -83.3 44.6 1298.2 48.3 10.3 105.0 29.3 306.3 2370.7 1278.9 14.5 131.9 1399.2 27.0 1930.9 -916.8 21.4 184.0 -742.8 -69.7 -194.6 19.8 10.5 -9.2 -263.5 -85.2 1085.7 -188.5 -5.2 113.5 -275.6 -14.8 1742.6 767.5 -0.7 226.4 -456.9 1.8 -603.3 19.2 34.7 -119.3 -24.3 8 9 10 11 12 13 -14.8 -10.1 10.4 271.6 -307.7 82.0 -4.0 452.1 -483.4 14 -24.4 15 -24.4 16 0.0 17 Memo: 15 16 17 FA703025005 FA763025000 FA753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 4.9 4.9 0.0 1.4 1.4 0.0 15.8 15.8 0.0 94.2 94.2 0.0 -31.5 -31.5 0.0 1.7 1.7 0.0 -1.3 -1.3 -0.0 24.6 24.6 0.0 18 19 20 21 22 FA713113003 FA763013005 FA753013003 FA743013003 FA473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -393.1 -273.5 -111.4 -1.7 -6.4 -7.1 18.9 -44.5 -1.7 20.1 1446.1 1282.4 48.3 10.3 105.0 3701.7 2276.5 1278.9 14.5 131.9 1251.0 1962.5 -916.8 21.4 184.0 -175.2 -196.3 19.8 10.5 -9.2 1006.7 1087.0 -188.5 -5.2 113.5 2711.1 1718.0 767.5 -0.7 226.4 -644.3 -579.0 19.2 34.7 -119.3 18 19 20 21 22 23 24 25 26 27 FA714010075 FA713068743 FA714010005 FA713022003 FA713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions 0.1 0.0 0.1 0.2 -0.1 0.1 0.0 0.1 0.1 -0.0 44.2 0.4 44.6 0.1 44.5 306.3 0.0 306.3 -0.0 306.4 25.0 2.0 27.0 -0.3 27.3 -69.7 0.0 -69.7 -2.4 -67.3 -84.7 -0.4 -85.2 3.0 -88.2 -14.1 -0.7 -14.8 -1.9 -12.8 2.0 -0.2 1.8 -0.0 1.8 23 24 25 26 27 28 29 30 FA764116205 FA763192605 FA763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates -18.2 -37.8 -19.5 -18.3 22.7 41.0 -55.7 41.5 97.2 7.9 175.3 167.5 128.4 31.9 -96.5 -120.7 -0.2 120.4 -238.5 -41.0 197.5 -436.5 -147.6 288.9 145.7 28 14.4 29 -131.3 30 31 32 33 FA754116205 FA753192605 FA753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 67.0 -34.6 -101.6 -74.5 0.0 74.5 59.6 40.5 -19.2 1395.4 1318.0 -77.4 -946.9 -796.4 150.6 -189.9 -320.8 -130.9 -20.1 -39.0 -18.9 -1.4 70.9 72.2 -147.1 31 -198.0 32 -50.9 33 34 35 36 FA264116205 FA764016205 FA754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 2.3 3.4 -1.1 -3.5 -2.6 -0.8 6.8 7.8 -1.0 8.8 15.2 -6.4 -7.7 2.8 -10.5 12.7 3.4 9.3 13.4 9.8 3.7 29.6 17.6 12.0 -4.9 34 3.0 35 -7.9 36 37 38 39 FA264135125 FA764035125 FA754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -3.1 0.1 -3.2 -2.3 0.0 -2.3 -25.1 -11.3 -13.8 -4.1 4.0 -8.1 -49.3 -23.5 -25.8 -40.7 -25.5 -15.2 -6.5 -0.2 -6.3 -7.4 1.1 -8.5 26.2 37 13.9 38 12.3 39 40 41 42 FA264035125 FA274135123 FA284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. -0.8 -0.2 -0.6 3.8 2.6 1.2 7.1 5.6 1.6 0.7 -1.2 1.8 18.8 15.2 3.6 19.1 12.3 6.8 -10.1 -4.2 -6.0 3.1 1.4 1.7 -1.5 40 1.3 41 -2.8 42 43 FA264016005 48.9 -83.3 29.3 1399.2 -742.8 -263.5 -275.6 -456.9 -24.3 43 44 45 46 47 48 FA764112005 FA764112205 FA754012205 FA743020005 FA474012205 -9.2 -20.7 -2.2 0.3 -4.0 -0.9 -9.5 -0.4 0.3 0.6 3.6 3.9 -2.8 -0.3 -3.4 195.2 209.8 4.8 1.4 -67.9 -290.0 -291.1 -10.1 0.1 26.6 131.4 113.3 4.6 -1.8 28.6 -22.4 -16.4 -10.5 -0.7 -1.1 311.3 328.6 -8.1 -0.1 -115.2 49 FA754112205 -11.5 -8.7 0.3 14.5 -1.1 -18.1 6.0 17.3 -9.4 49 50 FA904010005 -14.8 -10.1 10.4 271.6 -307.7 82.0 -4.0 452.1 -483.4 50 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) -384.6 -394.0 14.9 0.1 74.4 (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 Transactions 2018 52 Z.1, September 23, 2021 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA793120005 2 3 4 5 6 7 FA713120005 FA713123005 FA713124005 FA713129005 FA713122605 FA713125005 Net change in liabilities Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 8 9 10 11 12 FA763127005 FA763123005 FA763128000 FA763122605 FA763129205 13 14 15 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 315.4 272.2 4272.7 3798.2 7891.1 965.7 4435.6 -278.0 699.7 1 259.5 173.2 -6.8 -3.3 -0.0 96.4 89.6 1.7 2.1 -1.1 -0.1 87.0 1738.4 1324.6 38.5 93.0 16.7 265.7 1659.6 559.5 430.0 396.8 48.9 224.5 4914.8 4937.5 -312.2 -107.1 -4.7 401.3 333.1 65.7 -65.8 48.9 10.8 273.5 46.2 -264.3 102.0 33.4 11.7 163.5 -1615.5 -2353.3 332.2 126.2 45.5 234.0 -1202.1 -913.9 -421.8 61.3 -111.8 184.1 2 3 4 5 6 7 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 38.3 -0.1 -7.6 15.0 31.1 137.8 -0.1 6.2 4.6 127.2 2381.3 1.1 90.8 -17.6 2307.0 1851.8 -0.2 15.6 48.2 1788.1 2788.7 0.9 112.6 -81.8 2757.0 552.3 2.0 56.2 -30.4 524.5 4332.4 1.5 178.9 -6.3 4158.4 943.6 -1.4 77.8 -11.4 878.7 1933.0 8 8.1 9 205.2 10 64.2 11 1655.5 12 FA753127005 FA753122603 FA753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits -7.2 -0.7 -6.5 21.6 3.2 18.4 57.0 35.2 21.8 208.2 90.1 118.1 18.7 23.4 -4.6 38.7 5.2 33.5 -37.8 22.0 -59.8 199.7 25.5 174.2 -41.0 13 51.7 14 -92.7 15 16 FA743127003 Banks in U.S.-affiliated areas 3.5 4.8 11.0 3.3 31.4 8.3 1.1 18.4 27.1 16 17 FA473127003 Credit unions 21.3 18.4 85.0 75.2 137.6 33.3 93.8 175.8 -17.4 17 18 FA793120005 315.4 272.2 4272.7 3798.2 7891.1 965.7 4435.6 -278.0 699.7 18 19 FA153020005 Household sector -86.3 -45.8 1712.1 282.4 1469.2 963.6 4133.4 1451.6 1711.0 19 20 21 22 FA143020005 FA103020000 FA113020005 Nonfinancial business Corporate Noncorporate 249.5 238.0 11.5 170.6 150.2 20.4 763.6 659.5 104.1 1414.5 1182.7 231.8 1878.5 1684.7 193.8 91.6 99.2 -7.6 -330.1 -328.5 -1.5 279.8 191.2 88.6 -5.8 20 -59.1 21 53.3 22 23 24 FA313020005 FA213020005 Federal government State and local governments 173.5 -7.6 1.0 6.2 1326.3 90.8 642.6 15.6 4840.1 112.6 164.0 56.2 -341.5 178.9 -2274.6 77.8 -1011.5 23 205.2 24 25 FA793020005 Domestic financial sectors -92.6 81.2 224.7 1234.9 -562.7 -345.1 571.6 166.4 -359.1 25 26 27 FA513020005 FA543020005 Property-casualty insurance companies Life insurance companies -1.7 -0.4 17.4 4.0 2.6 33.0 -13.8 195.6 41.3 19.7 -32.9 -65.9 15.5 -17.6 29.3 -25.6 -14.0 26 75.9 27 28 29 30 FA573020005 FA343020033 FA223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds -5.0 -0.2 -1.7 7.3 -0.1 4.9 8.1 0.2 4.7 10.9 0.2 -3.6 7.4 0.2 -6.1 7.3 0.2 1.5 6.6 0.2 26.9 2.3 0.2 -18.4 5.3 28 0.2 29 1.2 30 31 32 FA633020000 FA403020005 Money market funds Government-sponsored enterprises -65.8 -12.6 44.9 -2.2 -9.0 57.8 -104.8 429.4 -137.2 -283.7 -169.7 -53.7 375.8 139.3 -184.3 245.7 -137.5 31 -341.1 32 33 34 35 36 FA613020003 FA643020005 FA663020003 FA713129005 Finance companies REITs Brokers and dealers Other financial business -4.3 -4.8 7.3 -3.3 -2.0 8.9 -1.0 -1.1 4.2 17.1 13.2 93.0 16.9 160.2 147.0 396.8 17.1 -22.2 -92.1 -107.1 -14.9 -45.8 -20.1 48.9 -2.4 -24.1 18.0 33.4 1.3 -4.0 -6.3 126.2 37 38 39 FA263020005 FA263027003 FA263025003 Rest of the world Checkable deposits Currency 79.5 14.2 65.3 59.0 7.7 51.3 155.6 34.2 121.3 291.2 187.2 104.1 54.4 -63.2 117.6 133.0 -14.4 147.4 143.6 27.4 116.2 99.9 59.5 40.4 54.7 37 4.1 38 50.6 39 40 FA903020005 Mail float -0.6 -0.0 -0.5 -83.1 99.1 -97.7 79.7 -78.9 105.2 40 Net change in assets -0.1 6.6 -17.0 61.3 33 34 35 36 53 Z.1, September 23, 2021 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA703130005 2 3 4 5 FA763130005 FA753130005 FA743130003 FA473130005 Net change in liabilities 6 FA703130005 7 FA153030005 Household sector 8 9 10 FA143030005 FA103030003 FA113030003 Nonfinancial business Corporate Noncorporate 11 12 FA313030003 FA213030000 Federal government State and local governments 13 FA793030005 Domestic financial sectors 14 15 16 FA573030005 FA223030043 FA633030000 Private pension funds State and local govt. retirement funds Money market funds 17 18 19 FA403030005 FA613030003 FA733030003 Government-sponsored enterprises Finance companies Holding companies 20 FA263030005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Net change in assets Rest of the world Q2 2021 Q3 Q4 Q1 Q2 530.0 684.1 795.2 2325.2 3098.4 59.0 -2302.1 1951.0 -374.7 1 491.9 -2.0 0.4 39.8 511.5 89.0 1.4 82.2 655.7 -50.8 3.1 187.1 2474.9 -198.1 6.7 41.7 2489.4 232.7 4.8 371.5 30.2 -134.7 2.8 160.6 -2371.6 -103.0 -2.1 174.6 1621.5 139.6 13.3 176.6 -464.0 -28.5 3.3 114.5 2 3 4 5 530.0 684.1 795.2 2325.2 3098.4 59.0 -2302.1 1951.0 -374.7 6 436.2 536.6 476.5 1022.1 2528.0 303.5 -1947.7 1829.3 -294.1 7 53.6 5.8 47.8 72.9 14.3 58.6 226.0 103.6 122.5 688.5 389.7 298.8 354.2 123.5 230.7 -12.7 1.8 -14.5 -125.8 -100.7 -25.1 95.2 -40.1 135.3 102.4 8 26.9 9 75.5 10 0.1 7.9 0.3 19.8 -1.3 -9.6 -1.6 54.6 0.6 18.2 -1.7 12.3 -2.7 -123.4 35.5 0.9 -34.4 11 -39.0 12 -5.2 56.6 6.3 108.8 305.3 -240.8 -148.4 -164.2 -174.4 13 -5.0 -0.4 11.7 -15.4 4.6 68.2 -7.3 -2.2 -118.3 -4.4 -1.0 -128.1 -7.8 -5.9 -115.4 -7.9 -1.4 -121.0 -9.1 -0.6 -108.6 -5.2 0.8 142.7 3.1 14 -2.2 15 -167.0 16 12.7 -13.0 -11.1 -4.4 -6.0 9.7 -7.0 12.5 128.5 0.7 50.8 190.8 -11.0 51.2 394.3 -19.0 -44.8 -46.7 1.3 -7.2 -24.2 -6.4 3.8 -299.9 -3.7 17 -0.3 18 -4.3 19 37.4 -2.1 97.3 452.8 -107.9 -1.5 45.9 154.3 64.8 20 F.206 Money Market Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA634090005 Net issues 189.9 596.0 701.3 3093.7 1300.9 -1054.3 -535.2 927.6 254.2 1 2 FA634090005 Net purchases 189.9 596.0 701.3 3093.7 1300.9 -1054.3 -535.2 927.6 254.2 2 3 4 5 FA153034005 FA103034000 FA113034003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 181.1 -33.4 4.8 411.8 92.2 5.8 337.4 119.6 9.1 916.5 1499.0 13.9 1096.5 -179.0 17.7 -219.0 -757.7 5.7 -444.3 -84.2 -1.1 883.4 -144.9 3.0 210.8 -53.2 1.5 3 4 5 6 FA213034003 State and local governments 7 8 FA513034005 FA543034005 Property-casualty insurance companies Life insurance companies 9 10 FA573034005 FA223034005 11 12 -2.1 6.8 7.9 23.3 11.9 -4.0 0.5 5.2 1.2 6 2.7 6.7 2.5 3.6 9.9 7.9 -0.3 119.2 32.5 -15.0 -10.8 -46.7 18.3 -25.9 15.4 -15.9 -23.5 16.6 7 8 Private pension funds State and local govt. retirement funds -0.4 -2.4 21.2 -0.8 42.7 4.0 61.4 36.6 39.4 -8.1 38.8 -1.4 31.1 -11.1 10.9 16.6 25.8 9 -1.4 10 FA503034005 Other financial business 15.6 38.5 160.8 402.4 283.3 -32.8 -9.9 134.6 71.6 11 FA263034003 Rest of the world 17.3 14.4 2.0 21.6 21.6 -26.5 -8.7 19.3 4.6 12 Transactions 2018 54 Z.1, September 23, 2021 F.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA892150005 2 FA712151003 Net change in liabilities Monetary authority 3 4 5 FA762150005 FA762152005 FA762151005 6 7 8 Q2 2021 Q3 Q4 Q1 Q2 132.7 337.9 -197.7 1491.2 -2781.5 22.6 477.1 -751.2 3258.3 1 -259.9 32.6 -120.6 929.7 -1344.5 -110.9 43.3 544.5 3635.0 2 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements -27.3 -5.8 -21.5 23.9 -1.7 25.6 3.9 -17.1 21.0 96.4 41.6 54.8 -2.5 -58.4 55.9 -45.8 -55.8 9.9 -32.6 4.1 -36.6 66.3 -6.6 72.9 -177.4 0.2 -177.5 3 4 5 FA752150005 FA752152005 FA752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements -48.9 -10.0 -38.9 46.4 1.3 45.1 -5.1 -6.9 1.8 251.1 25.9 225.2 -403.2 -15.0 -388.1 171.2 -15.3 186.5 -39.4 -23.1 -16.3 -0.9 48.1 -49.0 49.5 23.5 26.0 6 7 8 9 FA472150053 Credit unions -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 9 10 11 FA512151003 FA542151073 Property-casualty insurance companies Life insurance companies -0.2 2.7 -0.0 -6.5 0.1 1.1 0.2 31.5 0.3 -16.1 0.1 16.5 -0.3 -27.7 0.0 -13.3 12 13 14 15 FA402150005 FA642151073 FA662151003 FA732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.0 43.3 305.9 -0.0 0.0 71.8 56.6 -0.0 0.0 -157.6 19.3 -0.0 0.0 -478.3 243.8 -0.0 0.0 -120.0 -542.1 0.0 0.0 -38.1 131.2 0.1 0.0 5.8 244.1 -0.1 0.4 -13.4 -802.4 0.4 16 FA262151003 Rest of the world 117.3 113.2 61.4 416.7 -353.5 -101.7 284.0 -532.8 -126.3 16 17 FA892050005 379.8 614.8 -247.5 2001.0 -3417.6 -106.8 533.6 -924.2 2389.9 17 18 19 FA102051003 FA212051003 Nonfinancial corporate business State and local governments -25.0 1.1 -1.2 -1.3 26.4 19.3 56.0 -8.7 20.0 51.5 -8.5 18.5 38.1 15.9 -63.4 25.0 60.1 18 25.5 19 20 FA712051000 Monetary authority 0.0 255.6 -255.6 28.4 -819.1 -231.8 0.0 0.0 0.0 20 21 22 23 FA762050005 FA762052005 FA762051005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 160.3 -4.1 164.5 -24.3 3.9 -28.2 179.8 1.3 178.5 -108.9 -11.4 -97.5 916.1 42.8 873.3 -248.8 -48.6 -200.2 160.8 22.2 138.6 -975.8 8.6 -984.4 23.2 21 -0.8 22 24.1 23 24 25 26 FA752050005 FA752052005 FA752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 50.9 0.3 50.6 60.0 -0.9 60.9 -55.4 0.0 -55.4 -207.4 1.2 -208.5 -99.9 2.0 -101.9 135.8 0.6 135.2 -49.9 -3.6 -46.3 -205.7 2.6 -208.3 15.8 24 -3.6 25 19.4 26 27 28 29 FA472050053 FA472052053 FA472051053 Credit unions Federal funds Security repurchase agreements 0.0 0.1 -0.1 0.6 0.1 0.5 -0.3 -0.1 -0.1 -0.1 0.2 -0.3 -0.1 -0.7 0.6 0.2 0.2 -0.0 -1.1 -0.3 -0.8 -0.2 -0.0 -0.2 -0.9 27 0.0 28 -0.9 29 30 31 32 33 FA512051005 FA542051075 FA572051005 FA222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds -0.0 0.2 -0.5 -0.2 0.6 4.1 13.3 3.5 0.2 1.9 5.3 1.1 1.5 12.9 3.8 -2.0 2.5 -4.3 5.6 -9.8 0.5 8.5 5.6 -5.9 -3.6 -9.6 6.2 22.2 0.3 -4.6 3.4 47.3 1.0 0.3 6.0 16.7 34 35 FA632051000 FA652051003 Money market funds Mutual funds 63.0 -16.4 155.7 21.2 -168.8 5.4 1537.2 17.9 -2551.4 -12.8 363.9 -29.8 -25.1 46.2 557.9 25.4 1791.8 34 10.9 35 36 37 FA402050005 FA402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) -25.0 -11.3 24.6 -2.9 17.3 -19.8 -165.0 92.0 284.4 -82.8 -72.4 -36.5 22.3 -52.1 -262.8 91.0 439.9 36 -25.5 37 38 39 40 FA662051003 FA732051003 FA502051003 Brokers and dealers Holding companies Other financial business 206.2 -3.7 0.0 80.8 0.4 0.0 -73.8 39.4 0.0 348.1 0.2 0.0 -803.2 79.0 0.0 -12.6 58.9 0.0 172.3 19.4 0.0 -336.3 -47.7 0.0 -418.4 38 -54.4 39 0.0 40 41 FA262051005 Rest of the world -31.3 21.3 10.4 487.0 -475.9 -89.0 119.6 313.0 472.4 41 42 FA902050005 -247.1 -276.8 49.8 -509.8 636.0 129.4 -56.5 173.0 868.3 42 -277.7 -248.5 -29.3 22.2 7.2 15.0 -54.4 -37.2 -17.2 883.3 952.0 -68.8 -1135.8 -1135.8 -0.0 -0.4 -0.4 0.0 35.2 35.2 0.0 498.6 462.6 36.0 3430.5 43 2919.1 44 511.4 45 Net change in assets Discrepancy 0.1 10 0.6 11 -0.4 -30.3 -92.4 -0.2 12 13 14 15 30 31 32 33 Memo: Federal Reserve’s reverse repurchase agreement operations: 43 44 45 FA712151103 FA632051103 FA792051115 Liability: Monetary authority (4) Asset: Money market funds (5) Other financial institutions (6) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) Included in line 2. (5) Included in line 34. (6) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 55 Z.1, September 23, 2021 F.208 Debt Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 FA894122005 Net issues 1972.1 1950.7 6187.7 5067.1 14027.4 2063.6 3592.6 4100.6 3710.3 1 2 3 4 5 6 FA893169175 FA313161105 FA893161705 FA383162005 FA893163005 30.0 1411.2 245.4 -46.1 331.5 49.3 1176.6 316.9 9.0 398.9 -58.4 4582.2 657.2 83.4 923.3 -127.9 -362.6 2682.7 12320.2 1505.5 -222.5 30.4 95.8 976.4 2196.6 -9.1 1378.2 532.8 181.5 -19.8 266.2 1947.6 812.9 25.8 540.1 102.8 2123.8 698.1 121.5 1054.4 -12.9 2314.9 600.9 116.1 691.3 2 3 4 5 6 7 FA894122005 1972.1 1950.7 6187.7 5067.1 14027.4 2063.6 3592.6 4100.6 3710.3 7 8 FA384122005 1502.8 1439.0 5277.6 3423.6 13892.6 1720.2 2074.0 2439.0 2613.6 8 9 10 FA163162003 FA104122005 Nonprofit organizations (2) Nonfinancial corporate business -2.4 135.9 -3.3 270.3 -9.9 617.7 -9.0 1474.9 -5.4 179.4 -13.7 91.4 2.8 201.8 -1.0 9 198.8 10 11 12 FA314122005 FA213162005 Federal government State and local governments 1409.8 -40.5 1174.9 -2.9 4581.2 88.6 2682.6 12319.5 27.5 107.2 1374.7 171.5 1947.8 48.4 2122.3 112.1 2314.9 11 101.0 12 13 FA794122005 324.0 399.2 903.5 2583.0 -230.8 235.6 1026.2 870.9 1039.0 13 14 15 16 17 18 19 FA764122005 FA753169175 FA403161705 FA413065005 FA674122005 FA614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 24.2 2.7 81.1 165.8 14.3 44.1 -37.8 -2.3 204.9 113.8 69.9 -43.8 58.8 -3.1 635.9 22.3 50.7 -20.2 93.0 50.5 1388.3 117.3 240.5 100.8 37.2 -31.2 -177.4 -44.4 -48.0 -46.9 36.8 -28.6 505.6 30.7 5.5 -119.3 68.1 -2.8 827.2 -14.5 4.6 -15.3 40.7 17.3 665.9 33.7 40.3 -21.0 -9.2 3.7 483.5 117.5 74.2 18.1 14 15 16 17 18 19 20 21 22 23 FA644122005 FA663163003 FA734122005 FA504122005 REITs Brokers and dealers Holding companies Other financial business 31.0 -1.7 -46.9 9.3 69.3 -10.0 40.9 -5.7 42.2 9.9 131.7 -24.7 -37.8 331.7 370.0 -71.3 145.1 -308.7 274.8 -31.3 33.8 -57.2 -151.5 -20.3 27.5 73.8 33.6 23.9 24.9 49.8 -157.8 177.0 94.8 32.7 318.7 -94.8 20 21 22 23 24 FA264122005 145.3 112.6 6.6 -939.5 365.6 107.8 492.5 790.7 57.7 24 25 FA894122005 1972.1 1950.7 6187.7 5067.1 14027.4 2063.6 3592.6 4100.6 3710.3 25 26 FA384022005 27 28 29 FA154022005 FA104022005 FA114022005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 855.8 377.2 -195.4 487.3 -208.3 -1287.0 226.3 -1763.7 198.8 26 825.8 19.1 1.9 258.7 69.3 1.0 -475.8 52.5 3.0 237.0 183.6 -14.2 -858.1 83.6 14.9 -1328.1 -15.3 6.7 46.1 -41.9 4.8 -1829.8 -88.4 7.6 -769.8 27 113.6 28 -3.3 29 30 31 FA314022005 FA214022005 Federal government State and local governments 0.0 8.9 0.0 48.2 0.0 224.8 0.0 80.9 0.0 551.4 0.0 49.8 0.0 217.3 0.0 146.9 0.0 30 858.3 31 32 FA794022005 33 34 35 36 37 FA714022005 FA764022005 FA754022005 FA744022003 FA474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 38 39 FA514022005 FA544022005 Property-casualty insurance companies Life insurance companies 40 41 42 FA574022005 FA344022005 FA224022045 43 44 45 46 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds By sector Net issues Domestic nonfinancial sectors Domestic financial sectors Rest of the world Net purchases Domestic nonfinancial sectors Domestic financial sectors -11.7 725.3 974.4 1132.2 6338.7 5871.6 13226.1 3384.8 2872.4 5104.7 2532.9 32 -379.5 76.4 26.4 5.1 -9.1 -137.5 243.0 -30.1 13.2 11.1 3217.0 1003.5 -12.6 6.1 88.8 4281.5 645.1 104.5 -3.5 11.5 6046.3 1225.2 -74.6 16.1 133.9 1304.3 1108.4 -55.0 3.0 115.2 1235.7 1035.2 -25.4 9.0 94.7 1610.4 1898.7 -52.5 16.9 277.5 1486.6 987.0 -1.7 -7.9 11.3 43.7 90.3 29.7 122.1 53.1 184.3 67.9 290.7 65.6 56.6 106.5 304.5 -27.6 85.6 94.1 73.8 126.2 38 73.2 39 Private pension funds Federal government retirement funds State and local govt. retirement funds 82.3 309.2 56.9 47.5 113.5 -135.1 92.2 147.7 52.4 139.4 183.2 -21.5 48.7 199.5 -34.3 72.1 119.0 105.0 108.6 89.1 160.3 24.6 148.6 178.0 91.1 40 240.5 41 126.7 42 FA634022005 FA654022005 FA554022005 FA564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 181.7 185.0 2.3 99.0 319.0 356.5 3.2 148.3 1004.0 339.7 0.8 202.9 1797.0 -1048.2 3.6 43.2 4315.6 436.5 -0.7 340.9 -1310.8 1228.2 -0.2 225.4 -785.6 742.3 0.7 201.9 477.2 1191.8 10.3 172.6 -1072.0 285.1 4.0 251.3 43 44 45 46 47 48 49 50 FA404022005 FA674022005 FA613063003 FA644022005 Government-sponsored enterprises ABS issuers Finance companies REITs 4.0 8.1 -4.5 30.8 52.8 12.6 -0.5 46.9 46.7 -2.7 9.7 -154.6 -8.1 -4.0 7.4 -596.4 251.2 -5.8 16.4 -19.6 57.9 -4.1 5.9 -15.9 -114.3 3.1 9.2 13.6 -113.0 -7.0 5.9 -27.2 -102.6 -4.6 34.2 -38.4 47 48 49 50 51 52 53 FA664022005 FA734022605 FA504022005 Brokers and dealers Holding companies Other financial business 149.2 31.1 -13.9 -52.5 29.0 -60.6 -48.2 -8.6 116.5 231.6 -39.9 -213.4 -23.5 9.1 222.9 -167.0 -32.0 214.7 -233.7 28.5 241.7 -774.2 115.1 -216.9 93.6 51 -13.7 52 -37.1 53 54 FA264022005 141.9 441.4 44.4 -1291.8 1009.6 -34.3 494.0 759.6 978.6 54 Rest of the world (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (table F.101). 33 34 35 36 37 Transactions By instrument 1 56 Z.1, September 23, 2021 F.209 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA893169175 2 FA893169105 Net issues 3 FA103169100 Nonfinancial corporate business 4 5 6 FA263169105 FA263169110 FA263169123 7 8 9 10 11 12 13 14 FA793169100 FA763169103 FA753169103 FA673169105 FA613169100 FA643169173 FA733169103 FA503169105 15 16 17 FA703169605 FA763169603 FA753169603 18 FA893169175 19 FA103069100 Nonfinancial corporate business 20 FA213069103 21 22 23 24 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 30.0 49.3 -58.4 -127.9 -362.6 -9.1 266.2 102.8 -12.9 1 30.0 49.3 -58.4 -127.9 -362.6 -9.1 266.2 102.8 -12.9 2 -10.2 -1.9 -62.3 -21.3 -271.1 -70.5 113.6 -223.4 112.2 3 Foreign issues in U.S. Nonfinancial Financial 6.3 6.4 -0.1 84.4 6.3 78.2 11.0 -9.0 20.0 -138.0 3.3 -141.3 5.2 -16.6 21.8 91.3 -27.1 118.5 85.6 4.5 81.0 132.7 -22.6 155.3 12.5 -33.3 45.8 4 5 6 Domestic financial sectors U.S.-chartered depository institutions Foreign banking offices in U.S. ABS issuers Finance companies REITs Holding companies Other financial business 33.9 12.0 2.7 15.9 -7.5 0.0 1.5 9.3 -33.2 -19.1 -2.3 -5.0 -1.1 0.0 -0.1 -5.7 -7.0 29.6 -3.1 13.6 -21.7 0.0 -0.7 -24.7 31.4 46.5 50.5 9.9 -2.4 0.0 -1.8 -71.3 -96.7 18.0 -31.2 -0.8 -49.2 0.0 -2.1 -31.3 -29.9 20.2 -28.6 26.5 -22.4 0.0 -5.3 -20.3 67.0 33.9 -2.8 18.6 -12.9 0.0 6.3 23.9 193.5 23.4 17.3 -28.2 2.6 0.0 1.5 177.0 -137.5 -5.2 3.7 -38.6 -6.6 0.0 4.0 -94.8 7 8 9 10 11 12 13 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Net purchases 0.0 15 0.0 16 0.0 17 30.0 49.3 -58.4 -127.9 -362.6 -9.1 266.2 102.8 -12.9 18 38.4 55.4 38.1 55.4 -32.0 66.9 62.0 -48.6 141.4 19 State and local governments 0.5 -0.6 1.7 -4.1 -5.6 8.8 7.5 15.7 23.8 20 FA713069603 FA763069175 FA753069603 FA473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.5 0.0 2.0 0.0 -0.4 0.0 110.2 0.0 1.8 0.0 -63.2 0.0 -1.9 0.0 -31.4 0.0 -1.5 0.0 -7.6 0.0 0.2 0.0 -7.5 0.0 -0.7 0.0 -0.4 0.0 -0.3 25 26 FA513069105 FA543069105 Property-casualty insurance companies Life insurance companies -2.2 -4.9 0.5 -4.4 -0.8 5.2 5.6 36.6 9.4 -16.1 -0.6 21.3 -17.5 -20.9 1.3 -13.8 4.1 25 -0.4 26 27 28 FA573069105 FA223069143 Private pension funds State and local govt. retirement funds -5.3 -1.9 -2.5 -6.4 -0.6 -1.8 1.5 12.5 -1.0 -19.2 -1.0 0.4 -1.7 -1.0 -1.4 31.0 -2.0 27 3.5 28 29 30 FA633069175 FA653069100 Money market funds Mutual funds 41.1 -16.4 43.5 21.2 -63.8 5.4 -52.2 8.6 -42.8 -9.0 -180.1 -19.7 20.1 41.5 45.0 18.1 -164.4 29 12.1 30 31 32 33 FA403069105 FA663069103 FA503069105 Government-sponsored enterprises Brokers and dealers Other financial business 0.5 2.1 -12.0 0.3 -2.9 -60.8 0.2 -0.3 2.2 4.2 48.7 -236.8 -2.8 -30.8 -172.9 -5.2 -7.9 214.8 4.4 -11.3 203.6 -1.3 4.0 -6.0 -6.3 31 9.9 32 -49.6 33 34 FA263069103 Rest of the world -10.2 5.4 -45.3 -119.8 25.3 -73.7 -13.2 67.2 16.0 34 (1) Excludes banks’ holdings of own acceptances. 21 22 23 24 57 Z.1, September 23, 2021 F.210 Treasury Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Net issues Q2 2021 Q3 Q4 Q1 Q2 1 FA313161105 1411.2 1176.6 4582.2 2682.7 12320.2 1378.2 1947.6 2123.8 2314.9 1 2 3 4 5 FA313161205 FA313161110 FA313161275 FA313161283 Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 1131.6 386.9 745.9 -1.1 1062.7 77.0 987.2 -1.5 4317.3 2546.6 1772.2 -1.5 2462.0 11726.3 723.8 10349.1 1738.2 1383.3 0.0 -6.2 1221.9 -351.3 1573.2 0.0 1858.8 -535.1 2393.9 0.0 2184.3 -1408.8 3593.1 0.0 2103.5 -919.0 3027.4 -4.8 2 3 4 5 6 7 8 9 10 11 12 FA313161305 FA313161400 FA213061120 FA343061123 FA343061145 FA503061303 FA313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Held by Federal Reserve credit facility LLCs Other nonmarketable securities 279.6 -4.7 -26.3 184.6 126.3 0.0 -0.3 113.9 -4.4 11.6 -2.6 113.4 0.0 -4.0 264.9 -4.3 38.0 42.0 103.6 95.7 -10.0 593.9 -1.3 39.7 42.9 153.1 382.5 -23.1 156.3 -4.7 76.7 35.8 75.6 0.1 -27.2 88.8 -6.3 5.7 22.5 57.2 0.1 9.6 -60.5 -5.0 27.7 -1.8 151.0 -212.4 -19.9 211.3 6 -4.5 7 28.4 8 11.0 9 235.8 10 -34.0 11 -25.4 12 13 FA893061105 1411.2 1176.6 4582.2 2682.7 12320.2 1378.2 1947.6 2123.8 2314.9 13 14 15 16 FA153061105 FA313161400 FA153061185 Household sector U.S. savings securities (line 7) Other Treasury securities 601.6 -4.7 606.3 174.7 -4.4 179.1 -124.8 -4.3 -120.4 -501.5 -5.0 -496.5 -215.9 -1.3 -214.6 -131.8 -4.7 -127.1 350.2 -6.3 356.5 -696.1 -5.0 -691.2 -319.5 14 -4.5 15 -315.0 16 17 18 FA103061103 FA113061003 Nonfinancial corporate business Nonfinancial noncorporate business -15.6 2.2 6.7 0.9 9.8 2.7 93.1 -15.3 85.9 14.4 -62.8 6.5 -77.2 5.2 -27.8 6.6 -21.2 17 -3.1 18 19 20 21 FA213061105 FA213061120 FA213061103 State and local governments SLGS (line 8) Other Treasury securities -12.4 -26.3 13.8 51.4 11.6 39.8 291.3 38.0 253.3 41.7 30.0 11.7 728.8 39.7 689.1 138.7 76.7 62.0 256.1 5.7 250.4 227.3 27.7 199.7 830.6 19 28.4 20 802.2 21 22 23 24 FA713061103 FA713061113 FA713061125 Monetary authority Treasury bills Other Treasury securities -243.3 0.0 -243.3 99.1 168.5 -69.3 2554.3 157.5 2396.8 4077.9 625.5 3452.4 4137.3 2.8 4134.5 1000.5 1.2 999.3 1001.4 0.5 1000.9 1017.8 0.2 1017.6 958.9 22 0.1 23 958.8 24 25 26 27 28 FA763061100 FA753061103 FA743061103 FA473061105 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 87.3 29.4 5.3 2.2 125.6 -9.9 5.9 5.1 327.5 -27.3 -3.6 6.3 75.5 -58.7 -13.2 -7.7 859.7 6.4 12.2 15.0 306.1 -28.5 -9.4 6.3 68.7 -28.5 -4.2 11.8 406.6 -63.4 9.2 31.4 29 30 31 FA513061105 FA513061115 FA513061125 Property-casualty insurance companies Treasury bills Other Treasury securities 7.9 -12.6 20.5 -7.0 -8.8 1.8 0.9 14.5 -13.6 3.1 38.1 -35.0 23.6 64.2 -40.6 19.9 26.6 -6.7 -43.0 -70.9 27.9 44.5 7.5 37.0 75.0 29 24.0 30 51.1 31 32 33 34 FA543061105 FA543061115 FA543061125 Life insurance companies Treasury bills Other Treasury securities -28.8 -4.3 -24.4 -6.4 0.6 -7.0 7.1 6.3 0.8 -5.9 23.2 -29.1 6.6 -3.1 9.7 28.0 19.0 9.1 -0.3 -13.9 13.7 -10.9 -8.3 -2.6 21.2 32 1.1 33 20.1 34 35 36 37 FA573061105 FA573061143 FA573061133 Private pension funds Defined benefit plans Defined contribution plans 26.2 14.3 12.0 52.1 34.7 17.4 97.1 20.2 76.9 115.8 14.5 101.4 92.5 21.2 71.3 92.0 21.4 70.6 88.2 23.8 64.5 36.2 13.1 23.1 75.2 35 22.9 36 52.3 37 38 39 40 FA343061105 FA343061165 FA343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 309.4 124.7 184.7 111.2 111.8 -0.6 145.5 101.5 44.0 190.6 126.6 64.0 193.8 147.4 46.4 113.8 74.5 39.2 84.0 57.6 26.4 148.5 151.4 -2.9 241.4 38 231.1 39 10.3 40 41 FA223061143 State and local govt. retirement funds 52.8 -21.7 -7.1 -143.8 -110.8 93.3 132.7 160.7 85.5 41 42 43 44 FA633061105 FA633061110 FA633061120 Money market funds Treasury bills Other Treasury securities 170.6 129.5 41.1 163.0 31.1 131.9 1219.8 1199.1 20.7 1041.5 860.9 180.6 4767.2 4568.4 198.8 -562.5 -380.7 -181.8 -366.9 -252.2 -114.6 565.2 181.9 383.3 -580.9 42 -674.2 43 93.4 44 45 46 47 FA653061105 FA653061113 FA653061125 Mutual funds Treasury bills Other Treasury securities 69.7 7.1 62.7 120.0 -47.9 167.9 -46.5 0.4 -46.9 -1062.7 -22.2 -1040.6 406.0 19.4 386.6 222.9 -1.3 224.2 247.9 5.7 242.3 298.7 -11.0 309.7 58.7 45 -11.2 46 69.9 47 48 49 50 51 FA553061103 FA563061103 FA403061105 FA673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers -0.2 58.7 15.2 8.1 -0.5 44.1 52.0 12.6 -0.4 33.7 78.9 -2.7 -3.0 81.8 8.9 -4.0 0.8 29.9 255.1 -5.8 0.5 15.6 103.9 -4.1 0.3 7.4 -52.2 3.1 0.6 43.3 -74.8 -7.0 0.3 63.1 -67.1 -4.6 52 53 54 FA663061105 FA733061103 FA503061303 Brokers and dealers Holding companies Other financial business 131.7 12.6 0.0 -47.8 21.7 0.0 -1.5 3.1 95.7 59.1 -28.3 0.0 149.0 6.0 382.5 -141.3 -0.1 0.1 -72.7 34.8 0.1 -401.2 104.1 -212.4 54.1 52 4.9 53 -34.0 54 55 56 57 FA263061105 FA263061110 FA263061120 Rest of the world Treasury bills Other Treasury securities 120.2 43.5 76.7 223.6 -30.6 254.2 -77.7 311.3 -388.9 -1262.2 5.8 -1268.0 480.0 1269.1 -789.1 170.8 -71.0 241.8 300.6 41.1 259.5 516.7 -297.0 813.7 492.2 55 -150.2 56 642.4 57 Net purchases 220.6 -5.0 30.0 66.7 128.3 0.0 0.7 355.5 17.6 -0.0 10.8 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. 25 26 27 28 48 49 50 51 Transactions 2018 58 Z.1, September 23, 2021 F.211 Agency- and GSE-Backed Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA893161705 2 3 4 FA313161705 FA403161705 FA413065005 Net issues 5 FA893061705 6 7 FA153061705 FA103061703 Household sector Nonfinancial corporate business 8 9 FA313061703 FA213061703 Federal government State and local governments 10 FA713061705 Monetary authority 11 12 13 14 FA763061705 FA753061703 FA743061703 FA473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 15 16 FA513061705 FA543061705 17 18 19 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 245.4 316.9 657.2 1505.5 -222.5 532.8 812.9 698.1 600.9 1 -1.5 81.1 165.8 -1.7 204.9 113.8 -1.0 635.9 22.3 -0.1 1388.3 117.3 -0.7 -177.4 -44.4 -3.5 505.6 30.7 0.2 827.2 -14.5 -1.5 665.9 33.7 -0.0 483.5 117.5 2 3 4 245.4 316.9 657.2 1505.5 -222.5 532.8 812.9 698.1 600.9 5 169.3 -5.5 123.9 2.4 -346.1 4.4 68.3 35.2 -1066.6 29.3 -193.0 -20.0 -193.0 -26.9 -370.4 -12.6 20.9 -6.7 6 7 0.0 5.6 0.0 2.4 0.0 -71.4 0.0 12.3 0.0 -199.8 0.0 -48.7 0.0 -49.4 0.0 -94.6 0.0 -32.8 8 9 -136.2 -236.6 662.7 203.7 1909.0 303.8 234.4 592.6 527.6 10 66.8 -2.5 -0.1 -11.8 102.7 8.9 -0.3 3.9 603.1 7.9 7.1 75.9 466.5 17.3 -4.3 3.3 243.1 4.4 8.0 118.7 652.6 -10.7 13.2 104.0 1050.3 20.5 11.4 77.6 939.5 6.6 7.7 230.5 439.8 -11.6 1.7 3.5 Property-casualty insurance companies Life insurance companies 20.2 1.6 6.2 -1.3 3.0 -20.2 -8.5 -16.3 -13.1 -40.3 35.0 5.1 -1.2 -29.4 -9.8 -37.1 -16.1 15 -14.1 16 FA573061705 FA343061705 FA223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 12.9 -0.3 12.7 11.6 1.3 21.3 29.8 1.3 27.0 56.8 -2.8 22.4 -18.1 2.9 38.7 41.6 2.0 56.5 38.7 3.2 -9.8 14.7 -0.6 11.9 32.1 17 -0.4 18 30.2 19 20 21 22 FA633061700 FA653061703 FA403061705 Money market funds Mutual funds Government-sponsored enterprises -37.4 5.6 -5.1 110.2 31.0 3.8 -124.7 55.8 -29.3 820.7 70.4 -16.6 -421.0 -481.6 -0.5 -538.3 476.9 -37.7 -360.3 157.5 -62.5 -120.5 72.9 -34.8 -294.4 20 31.6 21 -27.1 22 23 24 FA673061703 FA643061773 ABS issuers REITs 0.0 19.4 0.0 50.3 0.0 -129.4 0.0 -541.5 0.0 9.3 0.0 -0.7 0.0 15.3 0.0 -25.4 0.0 23 -46.0 24 25 26 FA663061705 FA733061703 Brokers and dealers Holding companies 20.4 14.0 17.9 2.3 -43.4 -9.3 124.1 -13.5 -120.1 -7.7 -83.5 -6.5 -94.3 -9.2 -351.7 -9.5 30.1 25 -7.2 26 27 FA263061705 Rest of the world 95.7 55.0 -47.0 208.0 -217.3 -218.7 40.1 -111.3 -60.2 27 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, 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 48. 59 Z.1, September 23, 2021 F.212 Municipal Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Net issues Q2 2021 Q3 Q4 Q1 Q2 1 FA383162005 2 3 4 FA213162005 FA213162400 FA213162200 State and local governments Short-term (1) Long-term 5 6 FA163162003 FA103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FA893062005 8 9 10 FA153062005 FA103062003 FA113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 FA213062003 State and local governments 0.5 -0.9 1.5 0.1 3.9 1.4 0.5 4.1 12 13 14 15 FA763062000 FA753062003 FA743062003 FA473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -39.8 0.0 -0.1 -0.1 -29.5 0.0 -0.1 0.4 68.9 0.0 -1.1 4.4 127.7 0.0 0.1 3.6 50.2 0.0 -0.1 3.8 49.4 0.0 -0.6 4.8 48.3 0.0 -3.7 5.3 72.3 0.0 0.0 3.6 56.8 0.0 -0.0 2.0 16 17 FA513062005 FA543062005 Property-casualty insurance companies Life insurance companies -38.9 -2.5 -4.7 -1.0 2.9 -2.9 0.3 -4.0 -0.1 -3.8 3.9 -1.5 7.7 -2.3 -2.0 -0.8 -2.0 16 0.3 17 18 19 FA343062033 FA223062043 Federal government retirement funds State and local govt. retirement funds -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 18 0.0 19 20 21 22 23 FA633062000 FA653062003 FA553062003 FA563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 8.4 22.1 2.0 6.6 -8.9 105.8 1.7 10.5 -21.4 49.7 -0.3 14.2 6.0 -88.0 0.5 3.8 16.4 52.8 -0.2 15.9 -44.1 147.8 -0.0 15.0 -63.8 86.2 -1.5 22.0 -12.1 123.8 1.5 21.0 24 25 26 FA403062005 FA663062003 FA503062003 Government-sponsored enterprises Brokers and dealers Other financial business -0.7 -5.3 0.0 -0.6 -5.2 0.0 -0.5 -9.9 6.3 -0.2 -10.0 0.0 -0.7 -21.1 4.8 -0.2 6.7 1.8 -1.0 -15.2 18.5 -0.2 8.6 -0.9 -0.3 24 7.1 25 -5.1 26 27 FA263062003 Rest of the world -1.6 4.0 4.8 -3.3 16.5 2.0 3.9 6.8 11.9 27 Net purchases (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (table F.101). -46.1 9.0 83.4 30.4 95.8 181.5 25.8 121.5 116.1 1 -40.5 2.9 -43.4 -2.9 6.8 -9.7 88.6 1.9 86.8 27.5 -6.0 33.5 107.2 8.7 98.4 171.5 4.7 166.8 48.4 0.1 48.3 112.1 -12.1 124.2 101.0 -11.6 112.7 2 3 4 -2.4 -3.2 -3.3 15.2 -9.9 4.7 -11.7 14.6 -9.0 -2.5 -5.4 15.4 -13.7 -8.9 2.8 6.6 -1.0 16.1 5 6 -46.1 9.0 83.4 30.4 95.8 181.5 25.8 121.5 116.1 7 1.1 1.7 -0.3 -67.5 4.8 0.1 -33.8 0.2 0.3 -7.0 -0.2 1.1 -43.4 0.4 0.5 -5.5 0.6 0.1 -79.1 0.2 -0.4 -105.6 0.6 1.0 -70.1 8 0.0 9 -0.2 10 2.1 11 -30.5 118.8 1.1 24.3 12 13 14 15 20 21 22 23 Transactions 2018 60 Z.1, September 23, 2021 F.213 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA893163005 2 FA103163003 Net issues Nonfinancial corporate business 3 FA793163005 Domestic financial sectors 4 5 6 7 FA763163005 FA673163005 FA613163005 FA643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 8 9 10 FA663163003 FA733163003 FA503163003 Brokers and dealers Holding companies Other financial business 11 FA263163005 139.0 12 FA893063005 Net purchases (3) 331.5 13 FA153063005 Household sector 53.8 14 15 FA313063763 FA213063003 Federal government State and local governments 16 17 18 FA763063005 FA763063605 FA763063095 U.S.-chartered depository institutions MBS and other ABS Other 19 20 FA753063005 FA743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 21 22 23 FA473063005 FA473063605 FA473063095 Credit unions MBS and other ABS Other 24 25 26 FA513063005 FA513063605 FA513063095 Property-casualty insurance companies MBS and other ABS Other 27 28 29 FA543063005 FA543063675 FA543063095 Life insurance companies MBS and other ABS Other 30 31 32 FA573063005 FA343063005 FA223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 33 34 35 36 FA633063005 FA653063005 FA553063003 FA563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 37 38 39 FA403063005 FA403063605 FA403063095 40 41 Q2 2021 Q3 Q4 Q1 Q2 331.5 398.9 923.3 976.4 2196.6 -19.8 540.1 1054.4 691.3 1 149.3 257.0 675.4 731.9 1748.4 234.5 -13.3 418.6 70.5 2 43.2 113.8 252.3 1046.0 87.7 -270.8 146.4 -22.3 575.6 3 12.3 -1.6 51.6 31.0 -18.7 74.9 -42.7 69.3 29.2 37.1 1.5 42.2 46.5 230.6 103.1 -37.8 19.3 -47.2 2.3 145.1 16.6 -20.9 -96.9 33.8 34.3 -14.0 -2.4 27.5 17.3 68.5 -23.5 24.9 -4.1 112.9 24.7 94.8 4 5 6 7 -1.7 -48.4 0.0 -10.0 41.0 0.0 9.9 132.4 0.0 331.7 371.8 0.0 -308.7 276.9 0.0 -57.2 -146.2 0.0 73.8 27.3 0.0 49.8 -159.3 0.0 28.1 -4.4 -801.5 360.4 16.5 406.9 658.0 45.3 11 398.9 923.3 976.4 2196.6 -19.8 540.1 1054.4 691.3 12 27.6 28.8 677.2 467.7 -997.8 -32.0 -657.7 -401.0 13 0.0 14.6 0.0 -4.1 0.0 1.8 0.0 30.9 0.0 24.0 0.0 -50.3 0.0 2.5 0.0 -5.7 0.0 14 34.6 15 -37.9 -5.2 -32.7 44.2 6.3 37.9 1.9 3.8 -1.9 -134.8 22.4 -157.2 135.4 6.9 128.5 131.7 -8.3 140.0 -124.5 -5.7 -118.8 487.8 20.4 467.5 135.3 16 20.4 17 114.9 18 -0.6 -0.1 -29.1 7.7 6.8 3.8 145.9 13.9 -85.4 -4.0 -15.9 -0.2 -17.4 5.4 4.3 0.0 -7.7 19 -9.6 20 0.4 0.2 0.2 1.1 1.2 -0.0 2.6 2.5 0.1 10.6 10.2 0.4 -1.7 -1.5 -0.1 1.7 1.5 0.2 -0.2 0.0 -0.2 12.8 12.2 0.6 -4.7 21 -4.8 22 0.1 23 56.6 12.9 43.7 34.7 8.0 26.7 47.0 11.0 36.0 67.5 15.8 51.8 45.8 10.7 35.1 48.3 11.3 37.0 26.4 6.2 20.2 60.1 13.0 47.1 65.2 24 14.1 25 51.0 26 124.9 23.1 101.8 135.1 23.4 111.6 195.1 31.8 163.3 280.2 42.2 238.0 110.2 27.8 82.4 251.5 39.9 211.6 138.4 17.5 120.9 136.4 28.5 107.9 66.2 27 13.6 28 52.6 29 48.6 0.0 -7.5 -13.8 1.0 -128.4 -34.1 0.9 34.4 -34.8 -4.6 87.5 -24.8 2.8 57.0 -60.4 3.3 -45.3 -16.7 2.0 38.3 -24.8 0.7 -25.6 -14.2 30 -0.5 31 7.6 32 -1.1 104.0 0.5 33.6 11.0 78.5 2.0 93.7 -5.9 275.3 1.5 155.0 -19.0 23.5 6.1 -42.4 -4.2 468.3 -1.3 295.1 14.4 400.2 -0.6 194.8 -14.8 209.1 1.9 172.5 -0.3 678.4 8.2 108.3 -1.9 63.9 2.6 163.9 Government-sponsored enterprises MBS and other ABS Other -6.0 -5.6 -0.4 -2.7 -2.3 -0.4 -2.6 -2.2 -0.3 -4.5 -4.1 -0.3 0.1 0.5 -0.3 -2.9 -2.6 -0.3 -3.0 -2.7 -0.4 -2.0 -1.7 -0.3 -1.8 37 -1.3 38 -0.4 39 FA613063003 FA643063005 Finance companies REITs -4.5 11.4 -0.5 -3.4 9.7 -25.2 7.4 -55.0 16.4 -28.9 5.9 -15.2 9.2 -1.7 5.9 -1.8 34.2 40 7.6 41 42 43 44 FA663063005 FA733063003 FA503063005 Brokers and dealers Holding companies Other financial business 0.3 4.6 -1.9 -14.5 5.0 0.2 7.0 -2.4 12.4 9.7 2.0 23.4 -0.5 10.8 8.5 58.9 -25.4 -2.0 -40.2 2.9 19.5 -33.9 20.5 2.4 -7.5 42 -11.3 43 51.8 44 45 46 47 FA263063005 FA263063603 FA263063095 Rest of the world (4) MBS and other ABS Other -62.2 -2.7 -59.6 153.4 -3.1 156.4 209.6 28.8 180.8 -114.5 -35.2 -79.4 705.1 -14.1 719.2 85.3 52.5 32.8 162.5 112.1 50.4 280.3 73.6 206.6 518.7 45 -10.2 46 528.9 47 Rest of the world (2) (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. 32.7 8 314.6 9 0.0 10 33 34 35 36 61 Z.1, September 23, 2021 F.214 Loans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 FA894123005 Net change in total loans 869.7 1025.7 1485.5 5087.2 -539.1 299.6 1094.1 1876.0 1522.3 1 2 3 FA793068005 FA893169005 Depository institution loans n.e.c. Other loans and advances 289.2 -171.7 139.3 103.6 412.9 344.8 2606.3 1773.9 121.9 -1004.7 -798.0 160.9 -278.6 448.9 110.4 735.0 -225.2 163.3 2 3 4 5 6 7 8 FA893065005 FA893065105 FA893065405 FA893065505 FA893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 579.5 321.6 125.2 123.2 9.5 597.7 307.7 135.1 133.8 21.1 739.7 478.9 132.6 116.3 11.9 680.6 392.8 86.8 189.1 11.8 578.3 339.1 134.9 92.4 11.8 862.4 629.4 124.6 96.5 12.0 837.4 554.3 183.9 87.2 12.0 879.1 650.4 118.8 101.3 8.6 1219.6 945.6 102.7 162.6 8.7 4 5 6 7 8 9 FA153166000 Consumer credit 172.7 185.1 -11.9 26.4 -234.6 74.3 86.3 151.5 364.7 9 By sector 10 FA894123005 11 FA384123005 Net change in liabilities 12 13 14 FA154123005 FA104123005 FA114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FA314123005 FA213169203 Federal government State and local governments 17 FA794123005 18 19 20 21 FA763169305 FA473169333 FA513169333 FA543169373 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 22 23 24 25 26 FA403169283 FA614123005 FA644123005 FA664123005 FA504123005 Government-sponsored enterprises Finance companies REITs Brokers and dealers Other financial business 27 FA264123005 28 FA894123005 29 FA384023005 30 31 32 FA154023005 FA104023005 FA114023005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 33 34 FA314023005 FA213065005 Federal government State and local governments 35 FA794023005 36 37 38 39 40 FA713068005 FA764023005 FA754023005 FA744023003 FA474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 45 FA513065505 FA544023005 FA573065005 FA313169003 FA223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 46 47 48 49 50 FA653069803 FA404023005 FA413065005 FA674023005 FA614023005 51 52 53 54 FA643065005 FA663069005 FA733069005 FA503069005 55 FA263069500 Domestic nonfinancial sectors Domestic financial sectors Rest of the world 869.7 1025.7 1485.5 5087.2 -539.1 299.6 1094.1 1876.0 1522.3 10 827.9 1000.5 1453.3 2934.4 1120.9 745.5 1012.2 1670.7 1399.3 11 473.0 212.1 293.4 517.2 209.2 273.1 629.8 311.6 510.9 591.6 1710.7 631.6 -1.9 183.5 938.7 910.1 -537.6 371.2 1019.3 -110.2 102.0 1118.3 305.2 246.5 1344.9 12 -73.9 13 128.3 14 -151.7 1.1 0.0 1.0 0.0 1.0 0.0 0.4 0.0 0.7 0.0 1.8 0.0 1.1 0.0 0.7 0.0 15 0.0 16 -10.7 -69.0 -31.1 1798.7 -1509.6 -425.4 11.8 131.1 14.3 17 -9.2 2.9 0.5 6.4 -92.3 -5.5 0.2 7.5 -232.6 -9.0 6.4 15.3 667.1 42.4 9.8 76.0 -1094.8 -49.2 1.2 2.2 -267.8 -11.2 19.8 -18.4 -234.9 -18.0 -5.0 1.3 44.6 -11.9 -2.5 33.3 -242.7 -4.5 -3.9 -14.0 18 19 20 21 0.0 -0.4 -12.9 2.1 0.0 0.0 5.9 -8.2 23.4 0.0 0.0 24.8 -7.6 130.9 40.7 0.0 27.7 144.0 831.6 0.0 0.0 25.9 -134.1 -321.2 60.6 0.0 32.6 -47.4 -152.3 19.3 0.0 12.9 7.1 165.7 82.8 0.0 -11.9 -21.8 108.4 -7.0 0.0 163.0 -7.9 132.6 -8.2 22 23 24 25 26 52.4 94.2 63.3 354.2 -150.4 -20.6 70.1 74.2 108.7 27 869.7 1025.7 1485.5 5087.2 -539.1 299.6 1094.1 1876.0 1522.3 28 83.2 128.5 374.5 684.3 441.9 152.8 218.9 163.2 168.6 29 -21.2 2.2 1.0 32.7 1.5 2.7 109.3 2.4 4.3 621.1 -5.8 6.5 -114.4 -6.6 8.3 -156.6 -18.6 2.7 87.2 40.5 -0.5 44.6 -7.8 6.1 58.1 30 -7.5 31 0.7 32 99.1 2.1 93.5 -1.9 253.2 5.3 76.0 -13.6 541.8 12.9 312.3 13.0 82.8 8.9 112.6 7.6 113.1 33 4.1 34 763.0 799.7 1036.2 4234.7 -1007.3 86.9 830.4 1614.0 1277.8 35 0.0 438.1 40.1 -1.2 86.9 0.0 359.6 28.3 3.5 68.5 52.2 286.7 17.8 0.9 60.4 234.9 1881.3 634.8 7.6 81.1 -111.1 161.5 -252.5 8.5 78.5 3.0 -509.0 -237.5 -5.7 64.4 82.1 -387.1 -73.5 -6.8 17.6 26.0 50.4 -70.0 -9.5 57.7 109.8 -8.3 11.8 -3.7 85.0 36 37 38 39 40 2.7 60.3 -2.8 -151.7 5.4 2.4 50.1 -0.6 0.0 -0.9 1.4 27.2 -5.4 0.0 -0.6 3.0 53.9 -6.6 0.0 1.8 0.3 9.4 -5.0 0.0 -3.1 -0.7 5.2 -5.0 0.0 1.3 3.1 40.2 -4.7 0.0 -2.5 0.2 12.1 -1.8 0.0 2.4 4.9 45.1 -4.0 0.0 -0.6 41 42 43 44 45 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 0.7 149.3 165.8 1.6 -6.0 -33.7 96.7 113.8 50.5 -4.5 -29.0 417.7 22.3 32.3 -9.9 -120.0 1056.3 117.3 211.6 16.0 -0.2 -552.6 -44.4 -54.0 -100.2 -2.8 439.9 30.7 -4.7 35.8 7.0 727.2 -14.5 -23.9 8.7 61.3 958.5 33.7 9.6 45.9 65.8 595.3 117.5 11.7 62.9 46 47 48 49 50 REITs Brokers and dealers Holding companies Other financial business 20.2 -26.6 -18.8 -0.9 18.9 32.5 13.4 1.4 -14.6 165.3 -11.1 22.5 -92.3 86.4 44.3 23.1 -11.2 -84.4 -38.7 -8.1 48.6 267.2 -57.7 14.1 -3.5 391.9 8.0 61.1 25.8 361.8 58.3 -8.6 63.6 92.5 33.7 -5.0 51 52 53 54 23.5 97.5 74.8 168.3 26.3 59.8 44.8 98.9 Net change in assets Domestic nonfinancial sectors Domestic financial sectors Rest of the world (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. 75.9 55 Transactions By instrument 1 62 Z.1, September 23, 2021 F.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA793068005 2 3 4 FA153168005 FA103168005 FA113168005 Net change in liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FA793168005 Domestic financial sectors 6 7 8 FA613168005 FA643168005 FA663168005 9 FA713068505 10 11 12 13 FA263168005 FA263168465 FA263168485 FA263168495 14 FA793068005 15 FA713068005 Monetary authority (3) 16 17 18 19 FA763068005 FA753068005 FA743068005 FA473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 289.2 139.3 412.9 2606.3 121.9 -798.0 -278.6 110.4 -225.2 1 39.9 103.4 77.9 11.1 30.9 16.0 20.4 77.6 173.3 135.0 1334.7 368.9 -32.6 -3.0 545.1 -44.7 -755.4 26.3 23.8 -265.9 -247.0 -3.1 32.6 -2.3 7.1 -356.2 -202.9 2 3 4 9.8 -5.9 75.6 434.7 -266.8 -21.3 155.9 11.8 216.3 5 Finance companies REITs Brokers and dealers 2.3 3.3 4.2 5.6 -9.2 -2.3 25.3 -0.5 10.2 27.9 156.5 250.3 27.3 -114.0 -240.7 32.1 -49.7 -22.9 13.8 5.4 54.0 -10.3 0.6 28.6 162.9 -5.7 67.2 6 7 8 Other financial business (2) 0.0 0.0 40.7 0.0 60.6 19.3 82.8 -7.0 -8.2 9 58.2 0.1 0.6 57.4 87.1 -0.9 -4.8 92.9 66.0 -0.9 -8.8 75.7 332.9 -1.3 135.7 198.5 -120.7 -1.7 -25.0 -94.0 -2.9 -1.3 -80.7 79.1 54.6 0.8 -65.2 119.0 71.4 3.3 9.8 58.2 110.5 -1.5 -8.6 120.6 10 11 12 13 289.2 139.3 412.9 2606.3 121.9 -798.0 -278.6 110.4 -225.2 14 0.0 0.0 52.2 234.9 -111.1 3.0 82.1 26.0 109.8 15 253.4 32.1 0.5 3.2 98.7 25.5 5.0 10.1 335.2 17.3 0.6 7.7 1734.9 626.1 8.0 2.4 454.3 -250.1 6.6 22.2 -564.6 -235.6 -6.2 5.4 -283.8 -71.3 -6.2 0.7 139.0 -67.6 -5.2 18.2 Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Net change in assets (1) Excludes depository institution lending in the form of open market paper, mortgages, and consumer credit which are shown on other instrument tables. (2) Loans from Federal Reserve banks to Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. -293.1 7.6 -1.4 -48.0 16 17 18 19 63 Z.1, September 23, 2021 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA893169005 Net change in total other loans and advances 2 3 4 5 6 7 8 9 10 FA313069205 FA153169203 FA103169205 FA113169205 FA213169203 FA403169283 FA313069223 FA503169205 FA263169203 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 11 12 FA313169003 FA313169003 Federal government retirement funds’ loans Liab.: Federal government 13 14 FA263069500 FA263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 15 16 17 18 FA763069703 FA753069703 FA103169705 FA263169705 19 20 21 FA733069005 FA733069013 FA733069023 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 22 23 24 FA153169405 FA313069403 FA543069405 25 26 27 28 29 30 31 Q2 2021 Q3 Q4 Q1 Q2 163.3 -171.7 103.6 344.8 1773.9 -1004.7 160.9 448.9 735.0 5.1 5.9 -0.0 1.7 1.1 0.0 0.0 0.0 -3.7 9.9 4.5 4.0 2.6 1.0 0.0 0.0 0.0 -2.2 188.2 10.2 110.5 67.7 1.0 0.0 0.0 0.0 -1.3 -13.8 4.2 -20.0 4.9 0.4 0.0 0.0 0.0 -3.3 457.9 17.6 280.8 159.1 0.7 0.0 0.0 0.0 -0.3 264.1 12.2 160.8 90.4 1.8 0.0 0.0 0.0 -1.0 44.4 6.9 20.5 16.4 1.1 0.0 0.0 0.0 -0.5 29.8 4.0 13.7 9.5 0.7 0.0 0.0 0.0 1.9 34.7 2 9.4 3 19.2 4 11.2 5 0.0 6 0.0 7 0.0 8 0.0 9 -5.0 10 -151.7 -151.7 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 11 0.0 12 23.5 23.5 97.5 97.5 74.8 74.8 168.3 168.3 26.3 26.3 59.8 59.8 44.8 44.8 98.9 98.9 75.9 13 75.9 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -18.8 -16.7 -2.1 13.4 4.2 9.2 -11.1 -9.7 -1.4 44.3 19.7 24.6 -38.7 -9.3 -29.4 -57.7 -41.1 -16.6 8.0 -8.1 16.1 58.3 57.3 1.0 33.7 19 30.4 20 3.2 21 Policy loans (Household liability) Asset: Federal government Life insurance companies 0.1 -0.0 0.1 -2.8 -0.0 -2.8 -0.5 -0.0 -0.5 4.3 -0.0 4.3 -3.0 -0.0 -3.0 2.2 -0.0 2.3 -5.7 -0.0 -5.7 -3.1 -0.0 -3.0 -3.0 22 -0.0 23 -3.0 24 FA403069330 FA763169335 FA473169333 FA513169333 FA543169373 FA613169333 FA643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts -2.6 -9.2 2.9 0.5 6.4 -2.7 -0.4 -90.6 -92.3 -5.5 0.2 7.5 0.4 -0.9 -228.6 -232.6 -9.0 6.4 15.3 -0.5 -8.2 779.6 667.1 42.4 9.8 76.0 -0.2 -15.6 -1153.8 -1094.8 -49.2 1.2 2.2 -1.4 -11.7 -282.6 -267.8 -11.2 19.8 -18.4 0.5 -5.5 -257.7 -234.9 -18.0 -5.0 1.3 -0.9 -0.2 61.9 44.6 -11.9 -2.5 33.3 -1.6 0.0 -265.1 -242.7 -4.5 -3.9 -14.0 0.0 -0.0 25 26 27 28 29 30 31 32 33 34 35 36 FA403069395 FA153169305 FA183169305 FA113169305 FA763169383 Govt.-sponsored enterprises loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 6.8 0.0 1.0 5.7 0.0 7.4 0.0 1.1 6.3 0.0 13.5 0.0 1.8 11.7 0.0 5.3 0.0 1.1 4.2 0.0 13.0 0.0 -0.4 13.4 0.0 15.0 0.0 1.7 13.3 0.0 20.6 0.0 4.6 16.0 0.0 2.1 0.0 2.8 -0.7 0.0 -1.7 0.0 -1.5 -0.2 0.0 32 33 34 35 36 37 38 FA673069505 FA673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.1 0.1 -0.4 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 0.0 38 39 40 41 FA613069505 FA103169535 FA113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 9.8 8.9 1.0 -10.4 -9.3 -1.0 -16.4 -21.8 5.3 51.5 46.4 5.2 -112.2 -111.9 -0.3 5.3 -8.9 14.2 -10.4 -12.7 2.3 8.6 -22.7 31.2 27.6 39 -62.8 40 90.4 41 42 43 FA663067003 FA663067003 Margin accounts at brokers and dealers Liab.: Household sector -31.0 -31.0 23.3 23.3 156.7 156.7 48.3 48.3 -72.9 -72.9 262.2 262.2 389.3 389.3 365.3 365.3 86.1 42 86.1 43 44 45 FA153067005 FA153067005 Cash accounts at brokers and dealers Asset: Household sector -2.0 -2.0 25.7 25.7 120.8 120.8 581.3 581.3 -80.6 -80.6 -129.4 -129.4 111.7 111.7 79.8 79.8 65.3 44 65.3 45 46 47 48 49 50 51 52 FA103169803 FA153069803 FA543069873 FA653069803 FA673069803 FA663069803 FA503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business -5.8 -4.6 -1.3 0.7 -4.0 4.3 -0.9 31.0 13.9 1.8 -33.7 38.4 9.1 1.4 28.0 -2.2 2.2 -29.0 46.0 8.5 2.5 105.5 50.0 14.9 -120.0 99.2 38.1 23.1 -41.1 -22.3 -6.6 -0.2 8.6 -11.4 -9.1 1.9 -18.6 -2.1 -2.8 26.9 5.0 -6.4 45.8 -17.8 2.5 7.0 49.2 2.6 2.4 40.5 -29.3 5.8 61.3 9.0 -3.5 -2.8 114.1 1.1 6.6 65.8 36.2 6.4 -1.9 46 47 48 49 50 51 52 53 54 55 56 57 FA503069075 FA503069003 FA503069013 FA503069023 FA503069033 Other financial business loans (4) Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20.1 3.6 6.0 10.5 0.0 0.0 0.0 0.0 0.0 0.0 1.0 1.0 0.0 0.0 0.0 20.5 11.7 3.2 5.5 0.0 58.7 1.5 20.6 36.4 0.2 -5.7 -5.7 -0.1 -0.0 0.0 -3.1 -2.1 -0.4 -0.7 -0.0 53 54 55 56 57 58 59 60 FA163069005 FA153169055 FA163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business -5.2 -5.5 0.4 -0.3 -1.1 0.8 -0.6 -1.4 0.8 -0.6 -1.4 0.8 -0.6 -1.4 0.8 -0.6 -1.4 0.8 -0.6 -1.4 0.8 -1.3 -2.0 0.7 -1.3 58 -2.0 59 0.7 60 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 0.0 0.0 0.0 0.0 (1) The Federal Home Loan Banks are included in the government-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 25. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. (4) 2020 Term Asset-Backed Securities Loan Facility (TALF II) loans to domestic hedge funds and private equity funds and Main Street Lending Facility (MSLF) loans to nonfinancial businesses. 1 15 16 17 18 Transactions 2018 64 Z.1, September 23, 2021 F.217 Total Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA893065005 2 3 4 5 FA893065105 FA893065405 FA893065505 FA893065603 Net change in mortgages 6 FA893065005 7 FA153165005 Household sector 8 9 10 FA143165005 FA103165005 FA113165005 11 12 Q2 2021 Q3 Q4 Q1 Q2 579.5 597.7 739.7 680.6 578.3 862.4 837.4 879.1 1219.6 1 321.6 125.2 123.2 9.5 307.7 135.1 133.8 21.1 478.9 132.6 116.3 11.9 392.8 86.8 189.1 11.8 339.1 134.9 92.4 11.8 629.4 124.6 96.5 12.0 554.3 183.9 87.2 12.0 650.4 118.8 101.3 8.6 945.6 102.7 162.6 8.7 2 3 4 5 579.5 597.7 739.7 680.6 578.3 862.4 837.4 879.1 1219.6 6 290.8 297.1 452.7 374.8 324.0 593.5 518.3 611.4 884.7 7 Nonfinancial business Corporate Noncorporate 304.5 97.8 206.7 298.7 50.3 248.4 285.9 44.4 241.5 302.7 55.1 247.7 262.7 42.1 220.6 261.0 40.3 220.6 317.2 40.1 277.1 290.0 82.1 208.0 337.1 8 107.3 9 229.8 10 FA313165403 FA123165005 Federal government REITs 0.0 -15.8 0.0 1.9 0.0 1.1 0.0 3.1 0.0 -8.4 0.0 7.9 0.0 1.9 0.0 -22.3 0.0 11 -2.2 12 13 FA893065005 Net change in assets 579.5 597.7 739.7 680.6 578.3 862.4 837.4 879.1 1219.6 13 14 15 16 FA153065005 FA103065003 FA113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business -5.5 2.0 1.0 -2.5 2.2 2.7 -5.5 2.4 4.3 -5.0 2.3 6.5 -6.9 2.3 8.3 -4.6 2.4 2.7 -5.4 2.4 -0.5 -3.6 2.4 6.1 -6.1 14 2.5 15 0.7 16 17 18 19 20 21 22 FA313065005 FA313065015 FA313065075 FA313065035 FA313065065 FA313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Federal Deposit Insurance Corporation Other (3) 3.4 -0.4 3.2 0.6 -0.1 0.0 0.6 -0.3 0.1 0.9 -0.0 0.0 3.3 -0.2 2.5 1.1 -0.0 0.0 6.1 -0.2 6.3 0.0 0.0 0.0 5.6 -0.2 5.4 0.4 -0.1 0.0 -4.0 -0.2 -5.5 1.8 0.0 0.0 5.7 -0.3 3.7 2.3 -0.0 0.0 4.4 -0.3 2.7 1.9 0.0 0.0 4.9 -0.3 1.6 3.6 0.0 0.0 23 FA213065005 State and local governments 2.1 -1.9 5.3 -13.6 12.9 13.0 8.9 7.6 24 25 26 27 28 FA703065005 FA763065005 FA753065005 FA743065003 FA473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 170.3 122.2 8.1 -1.7 41.8 214.7 171.8 2.8 -1.5 41.6 88.0 41.5 0.5 0.3 45.6 256.6 177.5 8.7 -0.4 70.7 84.1 30.6 -2.4 1.9 53.9 108.6 66.1 -2.0 0.4 44.1 -97.2 -108.3 -2.2 -0.6 13.9 -89.5 -111.2 -2.4 -4.3 28.4 29 30 FA513065505 FA543065005 Property-casualty insurance companies Life insurance companies 2.7 61.4 2.4 51.1 1.4 25.5 3.0 34.7 0.3 19.0 -0.7 5.0 3.1 43.4 0.2 9.4 4.9 29 41.4 30 31 32 FA573065005 FA223065043 Private pension funds State and local govt. retirement funds -2.8 5.4 -0.6 -0.9 -5.4 -0.6 -6.6 1.8 -5.0 -3.1 -5.0 1.3 -4.7 -2.5 -1.8 2.4 -4.0 31 -0.6 32 33 34 35 36 37 38 FA403065005 FA403065015 FA403065025 FA403065045 FA403065035 FA403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 145.1 70.3 59.1 6.9 8.7 0.1 180.0 77.5 85.1 6.0 9.9 1.4 632.9 290.4 335.3 14.9 -9.7 1.9 271.4 133.9 117.7 6.8 11.4 1.6 588.2 372.5 203.9 15.8 -6.7 2.7 707.5 273.7 438.4 15.5 -21.6 1.5 964.3 381.4 581.4 21.7 -21.8 1.7 894.5 354.8 536.6 12.9 -10.0 0.3 862.1 452.0 400.9 18.7 -11.4 1.8 33 34 35 36 37 38 39 40 41 42 43 44 FA413065005 FA413065015 FA413065025 FA413065045 FA413065653 FA413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 165.8 128.8 40.9 -3.7 -0.2 0.0 113.8 75.3 39.9 -1.1 -0.4 0.0 22.3 -14.2 37.7 -1.1 -0.2 0.0 117.3 107.2 12.7 -2.4 -0.2 0.0 -44.4 -48.5 5.9 -1.8 -0.1 0.0 30.7 -43.9 74.6 0.4 -0.3 0.0 -14.5 -71.5 57.7 -0.5 -0.2 0.0 33.7 -12.1 46.5 -0.4 -0.4 0.0 117.5 73.9 44.3 -0.8 0.1 0.0 39 40 41 42 43 44 45 46 47 FA673065005 FA613065000 FA643065005 ABS issuers Finance companies REITs 17.4 -8.9 20.2 14.9 2.5 18.9 -12.5 -7.2 -14.6 114.6 -16.2 -92.3 -60.8 -10.9 -11.2 -28.4 -14.6 48.6 -75.2 13.1 -3.5 2.0 -14.5 25.8 -24.1 45 -3.6 46 63.6 47 One-to-four-family residential Multifamily residential Commercial Farm Net borrowing 17 18 19 20 21 22 4.1 23 156.1 77.0 4.2 -2.3 77.2 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 24 25 26 27 28 65 Z.1, September 23, 2021 F.218 One-to-four-family Residential Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065105 2 3 4 FA153165105 FA103165105 FA113165105 Net borrowing 5 FA893065105 6 7 8 FA153065103 FA103065105 FA113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FA313065105 FA213065103 Federal government State and local governments 11 12 13 14 FA763065105 FA753065103 FA743065103 FA473065100 15 16 17 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 321.6 307.7 478.9 392.8 339.1 629.4 554.3 650.4 945.6 1 294.2 1.0 26.5 294.2 0.2 13.3 451.2 -0.5 28.2 373.4 1.3 18.2 322.5 -0.9 17.4 592.1 -1.5 38.7 516.9 -0.9 38.3 610.2 0.6 39.5 883.6 3.0 59.0 2 3 4 321.6 307.7 478.9 392.8 339.1 629.4 554.3 650.4 945.6 5 -3.5 1.2 0.4 -3.5 1.3 1.0 -3.5 1.4 1.6 -3.5 1.4 2.4 -3.5 1.4 3.0 -3.5 1.4 1.0 -3.5 1.4 -0.2 -3.5 1.5 2.2 -3.5 1.5 0.3 6 7 8 0.1 1.2 0.0 -0.9 1.2 2.1 1.0 -6.9 0.2 3.7 1.9 7.0 1.7 4.8 0.9 2.7 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 32.1 0.5 -1.2 41.8 54.4 -0.2 -0.9 41.6 -60.8 -0.2 0.3 45.6 34.6 -0.3 -0.7 70.7 -86.6 0.4 1.5 53.9 -20.7 -0.6 1.4 44.1 -170.6 -0.3 -0.9 13.9 -153.0 -0.7 -2.6 28.4 FA543065105 FA573065103 FA223065143 Life insurance companies Private pension funds State and local govt. retirement funds 6.3 -0.1 2.0 7.4 -0.1 -0.3 1.4 -0.1 -0.2 2.1 -0.1 0.7 0.4 -0.1 -1.1 -0.4 -0.1 0.5 3.3 -0.1 -0.9 1.3 -0.1 0.9 2.7 15 -0.1 16 -0.2 17 18 19 FA403065105 FA413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 113.4 123.0 135.2 76.0 570.0 -15.8 246.0 106.0 498.6 -54.8 681.2 -42.1 854.1 -72.4 860.8 -28.7 865.7 18 67.3 19 20 21 22 FA673065105 FA613065105 FA643065105 ABS issuers Finance companies REITs 4.8 -8.1 7.7 -5.0 -1.7 3.3 -31.5 -8.2 -24.3 43.8 -15.6 -88.7 -42.9 -14.9 -20.1 -43.5 -14.0 16.0 -83.3 11.5 -4.3 -57.8 -13.0 11.1 -42.8 20 -1.0 21 23.6 22 23 FV893065153 24 25 26 27 28 29 FA893065125 FA763065125 FA753065203 FA473065125 FA673065123 FA613065123 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets Memo: Charge-offs (2) Home equity loans included above (3) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 19.8 15.7 8.8 2.9 2.0 2.3 1.6 1.2 -32.6 -36.3 -0.0 5.3 -0.0 -1.6 -30.5 -35.2 0.1 3.5 1.5 -0.3 -58.4 -48.0 -0.2 -7.0 -1.5 -1.7 -22.4 -18.0 -0.2 -1.3 -1.5 -1.4 -76.8 -61.2 0.1 -10.8 -1.4 -3.6 -61.0 -52.4 -0.3 -3.8 -1.6 -3.0 -73.6 -60.6 -0.5 -12.1 -1.7 1.4 -81.0 -64.9 -0.0 -13.2 -2.1 -0.9 3.5 9 2.1 10 -48.8 0.0 -1.8 77.2 11 12 13 14 1.0 23 -30.4 -39.5 -0.1 12.0 -2.1 -0.7 24 25 26 27 28 29 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Charge-offs are excluded from transactions (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1. (3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans held by U.S.-chartered depository institutions exclude charge-offs. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065405 Net borrowing 125.2 135.1 132.6 86.8 134.9 124.6 183.9 118.8 102.7 1 2 3 4 5 FA103165405 FA113165405 FA313165403 FA123165403 6.5 123.2 0.0 -4.4 6.8 129.4 0.0 -1.1 6.6 125.0 0.0 1.0 4.2 80.1 0.0 2.5 6.7 126.8 0.0 1.4 6.4 121.5 0.0 -3.3 9.0 171.6 0.0 3.3 5.9 112.4 0.0 0.5 5.0 94.6 0.0 3.2 2 3 4 5 6 FA893065405 125.2 135.1 132.6 86.8 134.9 124.6 183.9 118.8 102.7 6 7 8 9 FA153065403 FA103065403 FA113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 0.0 0.0 0.4 0.0 0.0 0.9 0.0 0.0 1.5 0.0 0.0 2.2 0.0 0.0 2.8 0.0 0.0 0.9 0.0 0.0 -0.2 0.0 0.0 2.1 0.0 0.0 0.2 7 8 9 10 11 FA313065405 FA213065403 Federal government State and local governments -0.3 0.7 -0.3 -0.8 -0.5 2.6 -0.9 -5.5 -0.2 6.3 -0.6 5.6 -0.3 4.0 0.1 2.7 -0.1 10 1.6 11 12 13 FA763065403 FA753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 27.6 3.5 29.7 1.9 24.8 2.6 44.5 4.8 28.6 1.3 22.0 2.0 3.9 2.4 6.2 0.1 40.6 12 1.7 13 14 15 16 FA543065405 FA573065403 FA223065443 Life insurance companies Private pension funds State and local govt. retirement funds 21.9 -0.3 1.6 25.2 -0.3 -0.3 7.7 -0.3 -0.2 8.7 -0.3 0.6 5.6 -0.3 -0.9 2.7 -0.3 0.4 13.7 -0.3 -0.8 5.3 -0.3 0.7 10.1 14 -0.3 15 -0.2 16 17 18 FA403065405 FA413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 25.8 43.0 31.2 38.1 55.4 38.3 18.3 11.5 81.3 10.5 19.2 73.0 102.9 58.0 29.4 62.8 -9.5 17 50.1 18 19 20 21 FA673065405 FA613065403 FA643065405 ABS issuers Finance companies REITs 0.5 -0.7 1.4 2.5 -0.2 7.4 5.0 -0.2 -4.1 26.7 -0.2 -23.5 0.8 -0.2 -0.8 -4.1 -0.3 3.9 -3.5 -0.2 4.1 5.8 -0.2 4.2 2.0 19 -0.2 20 6.7 21 Nonfinancial corporate business Nonfinancial noncorporate business Federal government REITs Net change in assets Transactions 2018 66 Z.1, September 23, 2021 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA893065505 2 3 4 5 FA163165505 FA103165505 FA113165505 FA123165503 Net borrowing 6 FA893065505 7 8 9 FA153065505 FA103065503 FA113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FA313065505 FA213065503 Federal government State and local governments 12 13 14 FA763065503 FA753065503 FA743065505 15 16 Q2 2021 Q3 Q4 Q1 Q2 123.2 133.8 116.3 189.1 92.4 96.5 87.2 101.3 162.6 1 -3.3 87.7 50.2 -11.4 2.9 37.5 90.4 3.0 1.4 34.7 80.0 0.1 1.4 46.5 140.6 0.5 1.4 32.8 68.0 -9.8 1.4 31.7 52.1 11.2 1.4 27.8 59.4 -1.4 1.1 72.1 50.9 -22.8 1.1 97.0 69.9 -5.4 2 3 4 5 123.2 133.8 116.3 189.1 92.4 96.5 87.2 101.3 162.6 6 0.3 0.8 0.3 0.1 0.8 0.7 0.0 0.9 1.2 0.1 0.9 1.8 0.0 0.9 2.3 0.0 0.9 0.7 0.0 0.9 -0.1 0.0 0.9 1.7 0.1 1.0 0.2 7 8 9 2.8 0.1 -0.1 -0.2 1.3 0.4 4.8 -1.1 4.0 2.5 -6.6 0.3 2.9 -0.0 2.4 2.1 0.0 10 0.4 11 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 58.1 3.9 -0.5 82.6 1.0 -0.6 73.2 -1.8 0.0 94.1 4.2 0.3 84.3 -4.1 0.4 60.3 -3.0 -0.9 53.9 -4.3 0.3 32.4 -1.6 -1.7 82.0 12 2.6 13 -0.5 14 FA513065505 FA543065505 Property-casualty insurance companies Life insurance companies 2.7 32.3 2.4 17.6 1.4 15.7 3.0 23.1 0.3 12.3 -0.7 1.9 3.1 25.7 0.2 2.3 4.9 15 28.0 16 17 18 FA573065505 FA223065545 Private pension funds State and local govt. retirement funds -2.4 1.8 -0.2 -0.3 -5.0 -0.2 -6.2 0.6 -4.6 -1.0 -4.6 0.4 -4.3 -0.9 -1.4 0.8 -3.6 17 -0.2 18 19 20 FA413065505 FA673065505 Agency- and GSE-backed mortgage pools ABS issuers 0.0 12.2 0.0 17.4 0.0 14.0 0.0 44.1 0.0 -18.7 0.0 19.3 0.0 11.5 0.0 54.0 0.0 19 16.8 20 21 22 FA613065503 FA643065505 Finance companies REITs -0.2 11.1 4.3 8.3 1.3 13.8 -0.4 20.0 4.2 9.7 -0.3 28.6 1.8 -3.3 -1.3 10.5 -2.4 21 33.3 22 9.5 21.1 11.9 11.8 11.8 12.0 12.0 8.6 8.7 1 2.6 6.9 5.8 15.3 3.6 8.3 3.1 8.8 3.5 8.4 3.7 8.3 4.2 7.8 3.4 5.2 2.3 6.3 2 3 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Net change in assets (1) Liability of the households and nonprofit organizations sector (table F.101). F.221 Farm Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893065603 Net borrowing 2 3 FA183165605 FA233165605 4 FA893065603 5 6 FA153065605 FA113065603 Household sector Nonfinancial noncorporate business 7 8 FA313065605 FA213065603 9 10 Nonfinancial corporate business Nonfinancial noncorporate business Net change in assets 9.5 21.1 11.9 11.8 11.8 12.0 12.0 8.6 8.7 4 -2.4 0.0 0.9 0.1 -2.0 0.1 -1.6 0.1 -3.5 0.2 -1.1 0.1 -2.0 -0.0 -0.1 0.1 -2.7 0.0 5 6 Federal government State and local governments 0.8 0.0 1.0 -0.0 1.4 0.2 1.2 -0.1 1.6 0.4 1.3 0.1 1.4 0.1 1.0 0.1 1.6 0.1 7 8 FA763065633 FA753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 4.4 0.1 5.1 0.0 4.4 -0.1 4.3 0.1 4.3 -0.1 4.4 -0.4 4.4 0.1 3.1 -0.2 3.2 9 -0.1 10 11 12 FA543065633 FA223065643 Life insurance companies State and local govt. retirement funds 0.9 0.0 0.8 0.0 0.7 0.0 0.7 0.0 0.7 0.0 0.8 0.0 0.7 0.0 0.5 0.0 0.5 11 0.0 12 13 14 FA403065605 FA413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 5.9 -0.2 13.6 -0.4 7.5 -0.2 7.1 -0.2 8.3 -0.1 7.1 -0.3 7.3 -0.2 4.3 -0.4 5.9 13 0.1 14 (1) Excludes mortgages on farm houses. 67 Z.1, September 23, 2021 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FA153166000 Net change in liabilities (Households) 172.7 185.1 -11.9 26.4 -234.6 74.3 86.3 151.5 364.7 1 2 FA153166000 Net change in assets 172.7 185.1 -11.9 26.4 -234.6 74.3 86.3 151.5 364.7 2 3 4 5 FA163066223 FA103066005 FA113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business -3.9 0.2 0.0 -4.0 -0.7 0.0 -3.1 0.0 0.0 -4.6 -8.1 0.0 -4.0 -9.0 0.0 -3.4 -21.0 0.0 -0.6 38.1 0.0 -1.1 -10.2 0.0 -1.0 -10.0 0.0 3 4 5 6 7 8 FA313066220 FA763066000 FA473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 90.7 62.5 41.9 83.0 89.0 16.8 61.7 -90.0 7.1 83.7 -31.2 8.0 78.4 -323.4 2.3 52.2 -10.4 14.9 32.7 5.0 3.0 78.5 22.6 11.2 73.5 207.9 55.8 6 7 8 9 10 11 FA403066005 FA673066000 FA613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 -11.9 -6.9 0.0 -2.4 3.4 0.0 -1.2 13.7 0.0 -2.2 -19.2 0.0 -1.8 22.8 0.0 -3.2 45.1 0.0 2.2 6.0 0.0 -1.3 51.9 12 13 14 15 FA153166100 FA153166400 FA153166220 FA153166205 37.3 33.7 81.6 20.0 38.1 44.5 75.8 26.6 -122.0 40.3 56.2 13.6 -77.7 23.7 55.0 25.4 -334.1 38.8 81.5 -20.8 -40.6 62.2 50.9 1.8 -35.8 36.6 37.5 48.1 -33.0 89.7 42.7 52.1 0.0 9 -0.4 10 38.8 11 Memo: Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) (1) Student loans originated under the Federal Family Education Loan Program. Assets of the households and nonprofit organizations sector (table F.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 105.7 141.9 75.5 41.6 12 13 14 15 Transactions 2018 68 Z.1, September 23, 2021 F.223 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA893064105 2 FA103164103 Net issues Nonfinancial corporate business 3 FA793164105 Domestic financial sectors 4 5 6 7 8 FA763164103 FA513164103 FA543164173 FA554090005 FA564090005 U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds 9 10 11 12 13 FA643164103 FA403164105 FA663164103 FA733164103 FA503164105 REITs Government-sponsored enterprises Brokers and dealers Holding companies Other financial business 14 FA263164100 15 FA893064105 16 17 FA153064105 FA103064103 Household sector Nonfinancial corporate business 18 19 FA313064105 FA213064103 Federal government State and local governments 20 21 22 FA713064103 FA763064105 FA753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 23 24 25 26 27 FA513064105 FA543064105 FA573064105 FA343064105 FA223064145 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 28 29 30 FA653064100 FA553064103 FA563064100 31 32 33 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 -247.6 -411.5 572.1 930.9 191.3 875.5 290.7 1207.3 1114.2 1 -617.4 -457.8 -168.8 -385.9 -58.0 41.9 -273.3 -146.0 -273.0 2 198.5 209.7 499.2 280.9 627.5 465.5 622.8 1050.2 1007.8 3 -5.2 -9.7 -11.9 1.9 311.0 1.4 -7.9 -17.0 5.9 322.6 1.9 -3.5 -15.2 2.7 500.9 -9.5 -14.1 -22.5 11.3 371.4 3.0 2.4 1.8 -0.7 616.7 4.9 -1.2 -8.2 -0.2 454.2 9.1 -0.9 -31.8 0.5 561.3 -1.4 -2.4 -23.4 27.0 1075.9 6.4 -5.4 -20.5 11.6 1076.4 4 5 6 7 8 21.5 4.5 -2.3 -111.3 0.0 36.7 -4.2 22.1 -149.8 0.0 21.9 -7.0 15.6 -18.2 0.0 24.6 27.6 31.5 -139.4 0.0 26.7 -38.2 -21.7 37.5 0.0 18.6 -10.2 0.7 6.9 0.0 17.7 -7.2 51.9 22.2 0.0 31.3 -3.5 4.0 -57.3 0.0 43.1 -1.7 1.8 -103.9 0.0 9 10 11 12 13 171.3 -163.4 241.8 1036.0 -378.2 368.1 -58.8 303.2 379.4 14 -247.6 -411.5 572.1 930.9 191.3 875.5 290.7 1207.3 1114.2 15 -182.3 -40.7 62.4 10.2 435.7 -127.5 275.0 -103.0 615.9 -123.5 976.0 -134.0 -124.3 -149.7 570.1 -127.5 1156.5 16 -127.5 17 4.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 0.0 -3.4 -0.0 -3.4 -0.0 18 -3.4 19 0.0 2.5 0.0 0.0 0.8 0.0 0.0 3.0 0.0 0.0 4.6 0.0 0.0 1.4 0.0 0.0 2.3 0.0 0.0 3.6 0.0 0.0 4.0 0.0 0.0 20 3.8 21 0.0 22 20.1 -44.4 -80.0 -21.6 -82.3 -1.8 1.3 -168.8 -5.0 -28.1 -22.3 1.2 -140.6 -24.1 22.0 7.3 6.0 -173.5 -48.8 123.2 -72.4 -14.6 -99.5 18.9 -152.2 -39.8 -7.7 -123.5 -23.4 175.3 15.9 21.0 -165.8 -43.1 -58.4 1.3 -13.7 -56.2 17.5 30.8 Mutual funds Closed-end funds Exchange-traded funds -120.6 -0.4 210.4 -219.4 2.6 165.9 -481.6 1.9 254.3 -361.3 7.7 282.0 -330.1 0.0 180.8 -666.5 0.0 172.9 -568.3 -0.2 381.5 -589.5 16.7 922.8 -252.0 28 7.5 29 804.7 30 FA663064103 FA503064105 Brokers and dealers Other financial business -19.9 0.0 -22.8 0.0 7.0 8.8 54.3 0.0 18.2 31.9 37.7 2.6 -82.1 0.6 154.6 -1.1 -111.7 31 -29.8 32 FA263064105 Rest of the world (3) 110.9 -205.4 637.8 860.9 119.8 507.1 1063.3 280.9 -95.5 33 Rest of the world (2) Net purchases 7.0 -48.7 -146.2 12.7 -63.3 23 24 25 26 27 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.224 Mutual Fund Shares (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA653164205 Net issues -63.4 208.0 -226.8 -1223.7 61.4 106.2 149.0 363.1 167.5 1 2 FA653164205 Net purchases -63.4 208.0 -226.8 -1223.7 61.4 106.2 149.0 363.1 167.5 2 3 4 FA153064205 FA103064203 Household sector Nonfinancial corporate business 19.1 -9.0 320.9 5.3 -59.5 10.6 -1036.8 10.6 229.1 10.6 309.9 10.6 259.7 10.6 539.2 10.6 412.6 10.6 3 4 5 FA213064203 State and local governments 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 5 6 7 FA763064203 FA473064205 U.S.-chartered depository institutions Credit unions -5.9 0.4 -2.1 0.3 -0.8 0.9 0.1 1.8 -2.9 0.2 -0.2 0.3 -0.1 1.3 0.0 4.5 0.0 2.0 6 7 8 9 FA513064205 FA543064205 Property-casualty insurance companies Life insurance companies -1.1 -87.1 0.1 -86.7 0.8 -99.3 1.7 -153.5 1.0 -61.3 5.2 -97.7 -4.6 -84.5 1.3 -112.5 -5.8 -214.3 8 9 10 11 FA573064205 FA223064205 Private pension funds State and local govt. retirement funds -8.9 -0.7 21.9 0.1 -113.4 24.0 -183.5 -32.7 -67.5 5.8 -99.9 -14.1 -102.6 137.2 -3.1 -165.7 -52.2 10 -14.7 11 12 FA263064203 Rest of the world 28.7 -53.0 8.6 167.5 -54.8 -9.0 -69.3 87.7 28.1 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 69 Z.1, September 23, 2021 F.225 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA893170005 Net change in trade payables 2 FA163170005 Nonprofit organizations (1) 3 4 FA103170005 FA113170005 Nonfinancial corporate business Nonfinancial noncorporate business 5 6 FA313170005 FA213170003 Federal government State and local governments 7 8 9 FA513170005 FA543170005 FA663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 10 FA263170005 11 FA893070005 12 FA163070005 Nonprofit organizations (1) 13 14 FA103070005 FA113070003 Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FA313070000 FA213070003 17 18 19 20 FA513070005 FA543070005 FA673070003 FA263070005 21 FA903070005 Rest of the world Q2 2021 Q3 Q4 Q1 Q2 452.6 381.7 278.5 -95.6 -602.2 1007.1 804.4 794.0 730.1 1 6.7 6.9 6.7 6.7 6.7 6.7 6.7 6.8 6.8 2 320.7 5.4 230.1 42.9 130.7 -25.8 -207.3 5.5 -589.1 -149.2 696.8 46.8 622.3 -6.2 567.2 95.8 560.7 47.2 3 4 74.0 47.3 36.0 48.6 16.8 48.4 -36.4 49.1 -40.2 46.8 81.5 48.2 62.4 49.5 40.7 50.9 70.8 51.9 5 6 8.4 15.2 -27.8 2.6 13.4 -1.0 11.1 88.1 2.8 5.6 78.2 17.4 24.8 112.5 -9.3 41.3 73.9 -4.3 -27.4 87.8 7.3 8.7 1.3 4.6 6.8 9.5 -15.1 7 8 9 2.7 2.2 -0.4 -14.3 -5.3 16.2 2.0 18.0 -8.5 10 534.6 645.6 234.2 -195.1 -723.0 1084.4 770.7 807.2 853.5 11 3.5 7.6 7.6 7.6 7.6 7.6 7.6 6.9 6.9 12 396.3 49.6 540.5 47.7 29.7 47.1 -367.6 45.7 -954.2 54.5 836.6 44.9 603.8 43.1 642.3 55.3 736.4 13 12.6 14 Federal government State and local governments 10.4 22.8 -1.9 19.1 11.3 14.3 0.8 -20.1 25.1 -25.2 1.8 62.8 17.7 39.9 29.4 23.3 1.3 15 38.3 16 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 17.8 -0.7 1.4 33.4 6.6 6.5 0.6 18.8 18.1 22.5 0.2 83.5 33.4 19.8 9.5 75.7 47.3 28.7 -5.9 99.0 48.2 18.9 -11.3 74.8 -56.6 22.5 8.5 84.3 30.0 0.7 -5.2 24.5 24.2 9.8 7.4 16.6 -82.0 -263.9 44.2 99.5 120.9 -77.3 33.7 -13.2 11.9 34.4 100.7 201.7 15.3 86.4 99.4 -77.4 64.2 1 0.2 43.3 -31.6 0.9 31.7 1.8 0.2 85.0 15.5 -0.6 188.6 13.6 -0.0 -4.5 19.8 1.4 72.0 13.0 0.0 83.9 15.5 1.1 -75.9 -2.7 -3.4 63.2 4.4 2 3 4 11.9 34.4 100.7 201.7 15.3 86.4 99.4 -77.4 64.2 5 49.4 3.9 -36.2 4.0 -9.3 16.7 6.7 6.7 4.0 0.3 94.2 6.1 5.6 4.0 -9.1 197.2 3.6 4.9 4.0 -8.0 10.5 5.3 7.2 4.0 -11.7 78.2 7.1 4.7 4.0 -7.7 90.7 8.2 5.6 4.0 -9.1 -81.3 8.3 -8.4 4.0 -0.0 27.6 6 18.7 7 13.7 8 4.0 9 0.1 10 Net change in trade receivables Discrepancy 17 18 19 20 -123.5 21 (1) Included in the households and nonprofit organizations sector (table F.101). F.226 Life Insurance Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893140005 2 3 4 FA313140003 FA543140005 FA263140005 5 FA893140005 6 7 8 9 10 FA153040005 FA763040005 FA543040005 FA733040005 FA543141905 Net change in liabilities Federal government Life insurance companies Rest of the world Net change in assets Household sector U.S.-chartered depository institutions Life insurance companies Holding companies Rest of the world Transactions 2018 70 Z.1, September 23, 2021 F.227 Pension Entitlements Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 1 FA893150005 2 3 4 5 6 FA543150005 FA574190005 FA344090005 FA224190005 FA263150005 7 FA893150005 8 9 10 FA153050005 FA543050005 FA543151905 Net change in liabilities Life insurance companies (1) Private pension funds (2) Federal government retirement funds (3) State and local govt. retirement funds Rest of the world Net change in assets Households (4) Life insurance companies Rest of the world 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 394.9 445.8 557.6 543.0 542.7 536.4 608.3 219.4 329.3 1 44.3 11.9 85.3 194.7 58.7 8.9 108.8 75.6 249.4 3.1 88.7 72.3 104.1 245.6 46.9 143.1 57.6 87.6 212.8 41.9 -41.8 115.6 151.7 257.5 59.6 78.4 64.2 103.6 251.0 39.3 175.0 51.7 73.7 261.2 46.6 -131.2 14.6 98.6 235.6 1.8 -114.8 75.3 103.2 257.2 8.4 2 3 4 5 6 394.9 445.8 557.6 543.0 542.7 536.4 608.3 219.4 329.3 7 283.7 100.1 11.0 437.4 7.7 0.6 479.8 91.4 -13.6 472.7 82.3 -12.0 444.1 116.0 -17.4 471.3 76.6 -11.4 531.1 90.8 -13.6 215.2 4.1 0.0 310.2 8 18.9 9 0.2 10 291.6 21.0 -0.2 1.6 25.0 -6.1 250.2 248.5 -13.7 3.5 28.0 49.0 80.0 101.8 151.7 124.2 2.9 40.0 77.0 30.0 -122.3 -37.1 190.6 3.9 -68.0 220.0 -320.7 -62.9 261.5 141.9 3.2 79.2 36.0 148.4 -147.2 116.9 -42.5 3.5 48.1 56.0 57.5 -5.7 265.3 206.8 0.9 100.6 -4.0 234.6 -273.6 92.7 -167.4 1.8 -4.8 -44.0 196.1 110.9 Memo: 11 12 13 14 15 16 17 FA893131573 FA763131573 FA473131573 FA543131503 FA633131573 FA653131573 FA153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Asset of the household and nonprofit organizations sector (table F.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). F.228 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA893178005 2 3 FA103178005 FA113178003 Nonfinancial corporate business Nonfinancial noncorporate business 4 FA763178003 U.S.-chartered depository institutions 5 6 FA513178005 FA543178075 Property-casualty insurance companies Life insurance companies 7 8 FA613178005 FA663178005 Finance companies Brokers and dealers 9 FA893078005 10 11 FA313078000 FA213078005 12 FA903078005 Net change in taxes payable by all businesses Net change in business taxes receivable Federal government State and local governments Discrepancy 7.2 14.6 18.7 28.9 216.9 -211.8 40.7 -74.9 -173.3 1 -10.6 18.5 -6.8 8.4 13.8 13.1 49.1 20.1 166.8 25.6 -193.3 8.2 32.4 -1.6 -43.2 18.8 -142.0 2.2 2 3 5.4 14.5 -11.2 -66.6 9.5 9.6 2.7 -67.0 -7.6 4 -0.7 -2.9 -0.3 0.4 0.4 0.9 10.6 10.1 1.1 4.9 -14.5 -14.3 4.6 3.0 6.6 4.9 -11.6 -10.1 5 6 -3.0 0.6 -0.4 -1.4 -0.5 2.2 0.3 5.3 0.6 8.5 -2.9 -4.6 0.0 -0.5 1.9 3.2 -3.6 -0.7 7 8 34.7 -10.7 -5.5 -50.1 323.2 -315.3 20.2 -39.2 -270.4 9 15.0 19.7 -20.3 9.6 -18.6 13.1 -67.5 17.5 300.2 23.0 -326.0 10.7 18.9 1.2 -54.7 15.5 -269.6 10 -0.8 11 -27.4 25.2 24.2 79.0 -106.3 103.6 20.5 -35.7 97.0 12 F.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA152090205 2 3 FA112090205 FA662090003 Total household investment Nonfinancial noncorporate business Brokers and dealers -22.4 18.8 50.2 26.8 23.9 31.7 118.4 76.0 59.2 1 -31.9 9.5 13.5 5.2 43.3 6.9 21.5 5.3 9.3 14.6 37.2 -5.5 105.4 13.0 62.3 13.8 42.4 16.8 2 3 71 Z.1, September 23, 2021 F.230 Direct Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 1 FA263192005 U.S. direct investment abroad (1, 2) 2021 Q2 Q3 Q4 Q1 Q2 -128.3 58.0 264.8 37.2 533.0 196.2 292.8 321.5 473.9 1 2 3 4 5 2 3 4 5 FA263192101 FA263192113 FA263192125 FA263192193 Liab.: Rest of the world (1) Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment -218.6 75.3 -293.9 29.1 156.7 17.7 139.0 29.4 330.9 134.8 196.1 29.9 186.0 135.0 50.9 29.7 470.9 360.9 109.9 29.8 319.0 40.4 278.6 30.0 347.7 2.8 344.8 30.0 307.7 56.1 251.6 30.3 496.3 123.0 373.3 30.5 6 7 8 9 10 11 FA103092105 FA763092100 FA513092103 FA543092173 FA613092103 FA663092103 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers -209.9 -2.6 7.2 -12.3 3.4 -4.5 105.1 11.0 5.8 -1.6 14.7 21.7 282.2 4.8 18.4 -0.7 13.1 13.1 68.1 9.5 20.5 4.9 55.8 27.2 449.9 9.1 29.3 -3.8 -22.3 8.8 269.6 6.0 23.7 -4.5 16.5 7.6 341.4 -5.3 -0.1 0.4 2.6 8.6 240.5 -2.3 21.9 -0.7 65.8 -17.5 439.9 6 21.6 7 7.0 8 -2.9 9 11.5 10 19.3 11 12 13 14 FA263192305 FA263192313 FA263092313 Liab.: Rest of the world (1, 2) U.S. parents’ claims Less: U.S. parents’ liabilities 90.3 73.0 -17.3 -98.7 -41.9 56.9 -66.1 -54.5 11.6 -148.8 -67.9 80.9 62.1 -238.8 -300.9 -122.8 104.5 227.3 -54.8 -15.9 38.9 13.8 -9.5 -23.3 -22.4 12 65.5 13 87.9 14 15 16 17 18 19 20 FA103092305 FA763092305 FA513092305 FA543092375 FA613092305 FA663092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 76.0 3.7 2.3 0.7 4.6 3.0 -85.1 -3.8 -1.8 -0.8 -4.2 -3.0 -55.8 -2.7 -1.6 -0.8 -2.9 -2.4 -126.4 -6.1 -3.5 -1.6 -5.8 -5.5 53.4 1.7 1.9 0.6 2.1 2.3 -104.7 -2.9 -3.1 -1.5 -5.5 -5.0 -45.4 -3.4 -1.8 -0.5 -2.3 -1.5 11.3 0.5 0.5 0.1 1.1 0.4 21 FA263092001 216.0 238.0 164.4 100.8 90.3 153.2 313.3 295.9 295.2 21 Intercompany debt: Foreign direct investment in U.S. (1) -18.2 -1.4 -0.6 -0.3 -1.0 -0.9 15 16 17 18 19 20 Equity: 22 23 24 25 26 27 28 29 30 FA103192105 FA115114103 FA753192103 FA513192103 FA543192173 FA613192103 FA663192103 FA733192103 FA503192103 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 235.5 5.0 12.8 9.4 9.7 10.2 -15.6 51.6 0.0 216.1 -0.7 3.0 7.5 -5.1 14.8 49.3 -22.5 0.0 179.9 1.4 7.6 -4.3 3.5 8.2 23.6 -21.7 0.0 123.7 0.1 1.7 -6.1 3.7 6.9 -114.7 158.1 0.0 127.3 2.7 2.1 -12.1 2.6 5.1 99.1 -109.9 0.0 154.7 0.5 11.0 -0.4 -6.2 10.9 35.4 -34.7 0.0 314.0 2.5 15.5 1.3 14.0 10.0 74.6 -100.2 0.0 303.6 -0.4 -0.7 -2.3 -12.7 10.1 8.6 -17.4 0.0 342.3 7.5 -29.9 7.7 10.4 6.4 54.7 -59.4 0.0 22 23 24 25 26 27 28 29 30 31 32 33 34 FA263092101 FA263092113 FA263092125 FA263092193 Asset: Rest of the world (1) Equity (other than reinvested earnings) Reinvested earnings Of which: Current-cost adjustment 318.5 200.1 118.4 12.8 262.5 137.8 124.7 12.9 198.3 115.8 82.5 13.6 173.4 114.4 59.0 13.4 116.8 90.4 26.5 13.5 171.2 53.2 118.0 13.6 331.7 205.2 126.5 13.7 288.8 123.0 165.8 14.3 339.7 144.5 195.2 14.5 31 32 33 34 -72.9 4.7 -4.3 -3.0 -4.2 -0.4 -4.8 -17.7 0.0 -5.3 -0.2 -2.2 -0.4 0.4 0.3 3.4 -20.6 0.0 -41.7 -0.5 -1.6 -0.8 0.8 -0.1 1.3 8.8 0.0 -59.8 -1.1 -3.7 -2.7 -1.4 -0.6 -8.3 4.9 0.0 -31.8 -0.3 -2.0 -2.6 -0.8 -0.2 6.9 4.2 0.0 -16.1 -0.6 -1.1 -1.2 -1.9 0.4 1.3 1.3 0.0 -59.3 -0.2 0.6 3.2 7.4 -0.0 5.2 24.7 0.0 -8.6 -0.1 -0.4 -0.4 -1.6 1.0 0.5 16.9 0.0 -52.1 -0.6 -6.3 -1.2 -0.8 -0.6 13.4 3.8 0.0 35 36 37 38 39 40 41 42 43 -102.5 -86.9 15.6 -24.5 -17.1 7.4 -33.9 1.4 35.3 -72.6 -75.4 -2.8 -26.6 -3.3 23.3 -18.1 47.8 65.9 -18.4 36.7 55.0 7.2 16.8 9.6 -44.5 44 -47.7 45 -3.2 46 Intercompany debt: 35 36 37 38 39 40 41 42 43 FA103192305 FA115114305 FA753192305 FA513192305 FA543192375 FA613192305 FA663192305 FA733192305 FA503192305 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 44 45 46 FA263092303 FA263092323 FA263192323 Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims (1) Direct investment is presented on a directional basis and reported at market value. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. Transactions Equity: 72 Z.1, September 23, 2021 F.231 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 Net change in liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA893190005 871.5 2138.9 1564.2 2703.0 780.3 1280.2 1493.5 1332.3 1151.7 1 2 3 4 FA543077073 FA103190005 FA113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1.9 643.6 93.6 1.5 1504.9 78.7 0.1 283.0 62.5 10.2 232.2 111.8 -3.8 -22.8 98.7 -1.7 402.8 74.1 -4.4 519.6 -34.5 8.5 406.3 -10.1 -3.3 153.5 95.8 2 3 4 5 6 FA313190005 FA223073045 Federal government State and local governments -34.9 223.9 -14.6 247.2 349.5 251.6 -47.4 202.5 564.9 252.9 913.8 260.3 -33.4 290.7 -23.9 255.7 267.0 272.1 5 6 7 8 9 10 11 FA713190005 FA763190005 FA753190005 FA743193005 FA473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2.0 -22.2 27.0 -0.9 -0.0 -0.1 182.4 -38.9 -0.3 1.2 4.0 -52.1 -11.2 0.2 3.8 -106.4 -93.0 162.5 0.4 30.7 -145.0 -212.7 -73.0 1.8 6.7 146.2 -160.2 -69.8 2.3 -19.9 121.0 257.6 -64.3 -3.6 -2.2 -110.6 211.6 124.7 -2.2 28.5 -170.6 7 120.3 8 -7.5 9 -1.2 10 -0.8 11 12 13 FA513190005 FA543190005 Property-casualty insurance companies Life insurance companies 41.8 -3.1 80.4 81.6 76.2 135.1 1.6 456.6 146.3 7.8 156.8 -28.5 0.0 104.3 216.1 49.7 169.8 12 107.5 13 14 15 16 FA403190005 FA613190005 FA643193005 Government-sponsored enterprises Finance companies REITs 1.4 -65.3 16.1 2.4 4.9 -7.2 5.9 17.0 12.1 21.4 69.4 -4.9 -72.5 23.3 10.0 51.7 -6.8 26.1 23.2 -18.1 17.1 -42.2 69.9 17.4 -49.2 14 -39.0 15 2.8 16 17 18 19 FA663190005 FA733193005 FA503190005 Brokers and dealers Holding companies Other financial business -17.0 -86.7 31.5 35.8 -7.2 -19.6 41.4 40.2 358.1 -137.1 -277.4 691.5 188.2 113.5 350.0 106.8 103.5 206.7 7.7 221.2 183.9 74.8 -4.3 33.5 65.8 17 58.3 18 94.3 19 20 FA263190005 Rest of the world 18.7 5.9 -13.1 1378.2 -453.9 -884.2 -92.4 29.0 16.1 20 21 FA893090005 929.6 2535.4 1686.5 3864.1 169.5 1590.0 1122.5 1307.6 1777.6 21 22 23 24 FA153090005 FA103090005 FA113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 52.1 556.6 192.5 41.8 1469.3 195.2 68.7 258.6 255.4 18.0 184.1 128.0 87.9 -684.6 373.5 151.8 1420.7 452.0 17.2 114.3 68.1 98.4 959.4 38.9 101.4 22 51.0 23 112.3 24 25 26 FA213093003 FA313090005 State and local governments Federal government 18.3 15.0 -71.2 7.0 14.1 122.0 -56.2 11.9 48.3 460.4 50.9 8.4 13.5 7.3 14.1 -235.7 56.0 25 -38.1 26 27 28 29 30 31 FA713090005 FA763090005 FA753093005 FA743093005 FA473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -10.8 -58.6 -20.4 1.4 7.4 -2.2 23.4 7.5 -11.5 5.7 25.0 147.8 -6.3 -5.1 32.6 1427.3 357.7 88.8 -15.5 29.2 -498.7 32.2 -75.8 -10.1 71.6 -811.4 397.4 -21.2 4.8 -12.5 -17.0 -196.3 -16.9 0.5 42.1 -66.9 360.0 -20.3 30.2 -58.0 -5.2 134.5 83.4 1.7 40.3 32 33 FA513090005 FA543090005 Property-casualty insurance companies Life insurance companies 24.2 50.7 16.2 27.1 29.3 113.6 -68.0 464.6 -53.4 -89.6 43.5 -51.6 194.9 131.2 -99.6 50.6 49.8 32 110.7 33 34 35 36 FA573090005 FA343073045 FA223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 32.4 -50.4 220.1 182.5 -32.9 401.3 190.7 -19.6 140.3 210.3 -47.0 111.9 194.5 -66.9 471.1 176.7 7.8 -9.2 181.4 27.5 -12.6 39.7 -67.7 143.9 146.3 34 -150.1 35 194.9 36 37 38 39 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds 1.4 -112.2 1.7 2.4 83.4 8.4 -0.0 -61.3 43.7 6.9 287.8 46.2 -204.1 -32.0 94.9 188.0 -422.7 55.9 9.1 -78.1 -22.2 -71.6 -326.0 -19.6 -153.6 37 57.7 38 20.4 39 40 41 42 43 FA403093005 FA673090543 FA613090005 FA643090005 Government-sponsored enterprises ABS issuers Finance companies REITs -15.7 3.1 26.1 21.0 32.1 6.2 -2.9 2.6 62.3 20.9 11.6 11.2 91.3 23.4 60.6 55.9 79.5 17.7 20.5 -33.1 65.8 25.7 -24.1 -14.3 12.8 16.8 -10.5 36.4 38.3 42.8 -7.0 39.1 44 45 46 FA663090005 FA733090005 FA503094505 Brokers and dealers Holding companies Other financial business -60.9 -18.0 43.4 59.4 86.2 -3.5 153.3 107.2 -27.6 407.2 29.4 11.4 30.2 -16.1 -43.7 -97.5 54.7 -41.7 273.2 360.8 -36.3 107.5 142.2 169.2 502.4 44 514.5 45 -69.8 46 47 FA263076005 Rest of the world 9.1 2.0 -2.1 -1.1 -4.8 -7.9 5.2 5.7 4.5 47 48 FA903090005 -58.1 -396.5 -122.3 -1161.1 610.8 -309.8 371.0 24.7 -625.8 48 Net change in assets Discrepancy -98.5 59.6 30.6 21.0 27 28 29 30 31 40 41 42 43 73 Z.1, September 23, 2021 F.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 Federal government equity in IBRD, etc.: 1 2 FA313092803 FA313092803 Liab.: Rest of the world Asset: Federal government 1.3 1.3 1.4 1.4 1.8 1.8 5.2 5.2 0.0 0.0 0.9 0.9 1.3 1.3 4.7 4.7 0.0 0.0 1 2 0.9 0.9 -0.6 -0.6 0.7 0.7 1.1 1.1 0.2 0.2 1.5 1.5 -0.1 -0.1 0.4 0.4 1.4 1.4 3 4 1.1 0.1 0.2 0.0 0.6 -0.1 0.0 0.5 -0.2 -0.0 -3.7 0.1 0.3 0.0 -4.5 -0.0 0.0 0.6 0.0 -0.0 -6.8 0.1 0.2 0.0 -9.6 -0.1 0.5 2.5 -0.0 -0.5 25.9 0.3 -0.5 0.0 22.1 1.4 0.5 3.2 -0.0 -1.0 -35.4 -0.3 0.7 0.0 -37.9 -1.5 0.3 3.9 -0.1 -0.6 -9.0 -0.0 0.7 0.0 -12.2 0.2 1.5 1.2 0.0 -0.3 -8.7 0.4 -0.0 0.0 -10.5 -0.3 -0.2 1.9 -0.1 -0.0 -2.3 0.5 0.1 0.0 -5.6 -0.2 -0.1 3.1 -0.1 0.0 -1.3 -0.1 2.2 0.0 -4.4 0.6 -0.2 0.6 0.0 0.0 5 6 7 8 9 10 11 12 13 14 13.5 1.2 -11.0 -13.3 -23.2 24.9 -8.0 93.6 0.8 1.1 -4.8 21.5 -1.2 111.0 72.7 -3.9 -5.9 -2.0 81.4 -31.6 110.6 -145.8 -0.6 -23.7 -3.4 264.2 -46.3 44.4 112.1 -19.3 0.0 -1.0 -189.6 69.1 -28.7 110.7 4.4 0.0 0.8 23.3 -65.8 73.4 213.6 -0.2 0.0 -4.2 227.6 -83.5 353.3 56.7 2.9 0.0 -2.3 7.7 70.2 135.3 265.2 3.1 0.0 -3.0 230.5 11.1 506.9 15 16 17 18 19 20 21 2.5 2.5 -0.6 -0.6 -3.0 -3.0 -5.0 -5.0 -14.0 -14.0 -15.9 -15.9 22.8 22.8 -0.4 -0.4 -38.4 22 -38.4 23 43.4 0.0 43.4 -3.5 0.0 -3.5 -27.6 0.0 -27.6 11.4 0.0 11.4 -43.7 0.0 -43.7 -41.7 0.0 -41.7 -36.3 0.0 -36.3 169.2 0.0 169.2 -69.8 24 0.0 25 -69.8 26 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 0.0 28 0.0 29 0.0 0.0 0.0 0.0 0.0 0.0 1.5 112.5 114.0 0.0 0.0 0.0 6.0 450.0 456.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -248.9 -248.9 -6.0 30 -40.0 31 -46.0 32 3 4 FA713164003 FA713164003 5 6 7 8 9 10 11 12 13 14 FA403192405 FA103092405 FA113092405 FA313092403 FA763092405 FA473092403 FA513092403 FA543092473 FA613092403 FA643092473 Liab.: Monetary authority Asset: U.S.-chartered depository institutions Equity in govt.-sponsored enterprises: Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) Holding company net transactions with affiliates: 15 16 17 18 19 20 21 FA763194735 FA513194733 FA543194733 FA613194733 FA663194735 FA263194735 FA733094705 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 affiliates: 22 23 FA103094105 FA103094105 24 25 26 FA753194503 FA663194505 FA503094505 Liab.: Finance companies Asset: Nonfinancial corporate business Other financial businesses’ investment in affiliates: Liab.: Foreign banking offices in U.S. Brokers and dealers Asset: Other financial business Equity investment under Public-Private Inv. Program: 27 28 29 FA503194305 FA153094305 FA313094303 Liab.: Other financial business Asset: Households (1) Federal government Federal gov’t investment in Federal Reserve facilities: 30 31 32 FA313094213 FA503194205 FA313094205 Liab.: Monetary authority Other financial business Asset: Federal government (1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). Transactions Federal Reserve Bank stock: 74 Z.1, September 23, 2021 F.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates Transactions 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 2 3 FA263191103 FA313091105 FA713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) -7.9 0.0 -7.9 -0.5 0.0 -0.5 14.2 0.0 14.2 1415.8 0.0 1415.8 -523.2 0.0 -523.2 -812.0 0.0 -812.0 -24.0 0.0 -24.0 -61.5 0.0 -61.5 -7.8 0.0 -7.8 1 2 3 4 5 FA313131003 FA313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 FA403197033 FA403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions -0.2 -0.2 2.8 2.8 4.9 4.9 18.6 18.6 3.0 3.0 -3.5 -3.5 1.7 1.7 9.2 9.2 -8.3 -8.3 6 7 8 9 10 11 12 FA313172003 FA163072003 FA103072005 FA113072003 FA613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 364.7 35.5 210.0 117.5 1.6 0.0 0.0 0.0 0.0 0.0 634.1 57.2 369.9 204.1 2.9 900.7 81.2 525.5 289.9 4.1 -75.9 3.6 -55.3 -23.8 -0.4 51.0 2.1 28.5 20.6 -0.3 383.0 8 20.6 9 197.3 10 164.9 11 0.2 12 13 14 FA673090543 FA673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 3.1 3.1 6.2 6.2 20.9 20.9 23.4 23.4 17.7 17.7 25.7 25.7 16.8 16.8 42.8 42.8 59.6 13 59.6 14 15 16 FA543077073 FA543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 1.9 1.9 1.5 1.5 0.1 0.1 10.2 10.2 -3.8 -3.8 -1.7 -1.7 -4.4 -4.4 8.5 8.5 -3.3 15 -3.3 16 17 18 FA543195005 FA263195105 Life insurance company reserves: Liab.: Life insurance companies Rest of the world 26.3 -1.5 17.9 0.8 19.2 5.8 10.7 5.1 24.0 7.4 27.2 4.9 15.0 5.8 11.1 -0.1 4.4 17 0.5 18 19 20 FA153095105 FA543095105 Asset: Household sector Life insurance companies 20.3 4.5 15.4 3.3 16.2 8.8 8.0 7.7 20.2 11.3 24.7 7.4 12.0 8.8 11.4 -0.4 3.3 19 1.7 20 21 22 FA513176005 FA263176005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world 44.1 1.8 44.0 5.5 55.2 -3.3 27.8 -1.6 77.1 -7.3 121.5 -12.2 -5.5 8.1 134.0 15.7 105.2 21 12.3 22 23 24 25 26 27 FA153076005 FA103076005 FA113076005 FA513076005 FA263076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 17.9 11.4 -1.3 8.8 9.1 12.0 15.0 10.0 10.5 2.0 8.8 25.3 16.2 3.8 -2.1 -2.3 14.4 13.2 1.9 -1.1 13.2 33.5 19.2 8.6 -4.8 30.8 49.9 22.3 14.3 -7.9 -6.7 3.3 10.1 -9.5 5.2 70.4 37.4 5.3 31.0 5.7 28 29 30 FA593095005 FA573095005 FA223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds -4.7 0.8 -5.5 17.3 2.9 14.5 10.2 -1.3 11.5 -6.7 -4.0 -2.7 20.7 8.4 12.3 12.2 -7.4 19.7 14.4 -2.2 16.6 -16.4 -18.9 2.5 22.8 28 1.5 29 21.3 30 31 32 FA573074005 FA573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds -34.6 -34.6 -4.6 -4.6 -10.0 -10.0 -2.7 -2.7 -11.3 -11.3 -11.6 -11.6 -14.2 -14.2 -9.0 -9.0 -14.6 31 -14.6 32 33 34 FA663097005 FA663097005 Securities borrowed (net): Liab.: Other financial business Asset: Brokers and dealers -18.9 -18.9 1.7 1.7 68.1 68.1 234.1 234.1 12.8 12.8 -123.9 -123.9 149.5 149.5 34.6 34.6 364.3 33 364.3 34 35 36 FA313195105 FA313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 13.9 13.9 14.4 14.4 8.2 8.2 12.3 12.3 -2.7 -2.7 15.1 15.1 8.3 8.3 14.5 14.5 23.6 35 23.6 36 37 38 39 FA573073005 FA343073045 FA223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments 75.6 -50.4 223.9 74.4 -32.9 247.2 46.1 -19.6 251.6 22.9 -47.0 202.5 50.6 -66.9 252.9 50.0 7.8 260.3 60.8 27.5 290.7 13.7 -67.7 255.7 44.8 37 -150.1 38 272.1 39 40 41 42 FA573073005 FA343073045 FA223073045 75.6 -50.4 223.9 74.4 -32.9 247.2 46.1 -19.6 251.6 22.9 -47.0 202.5 50.6 -66.9 252.9 50.0 7.8 260.3 60.8 27.5 290.7 13.7 -67.7 255.7 44.8 40 -150.1 41 272.1 42 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables F.133 and F.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 54.0 29.5 5.3 24.4 4.5 23 24 25 26 27 75 Z.1, September 23, 2021 F.234 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 2019 2020 2020 Q1 1 FA893193005 2 3 FA103193005 FA113193003 Net change in liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FA313193005 Federal government 5 6 7 8 9 FA713193005 FA763193005 FA753193005 FA743193005 FA473193005 10 11 Q2 2021 Q3 Q4 Q1 Q2 557.8 1639.2 538.1 694.7 -39.2 810.2 686.6 838.1 -309.6 1 602.6 93.6 1435.1 78.7 246.9 62.5 212.1 111.8 -62.0 98.7 364.4 74.1 473.0 -34.5 401.5 -10.1 123.2 95.8 2 3 1.6 3.9 -3.8 -12.7 0.4 -9.8 6.8 -21.6 10.6 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1.1 -35.7 -16.4 -0.9 -0.0 0.5 88.7 -35.4 -0.3 1.2 1.8 -124.7 16.4 0.2 3.8 -107.4 52.8 151.1 0.4 30.7 -151.2 -324.7 -29.3 1.8 6.7 144.7 -270.9 -28.1 2.3 -19.9 121.1 44.0 -28.1 -3.6 -2.2 -111.0 154.8 -44.5 -2.2 28.5 -166.0 -144.9 62.4 -1.2 -0.8 5 6 7 8 9 FA513193005 FA543193005 Property-casualty insurance companies Life insurance companies -3.4 -16.8 35.5 39.0 24.9 90.7 -25.6 452.9 88.4 -54.5 30.9 -93.6 5.8 58.0 79.2 12.2 61.4 10 20.6 11 12 13 14 FA403193005 FA613193005 FA643193005 Government-sponsored enterprises Finance companies REITs 0.6 -54.4 16.1 3.2 10.4 -7.2 7.8 21.9 12.1 -23.2 77.8 -4.9 -40.1 38.3 10.0 64.1 8.4 26.1 30.3 -36.7 17.1 -49.1 72.5 17.4 -39.6 12 2.4 13 2.8 14 15 16 17 FA663193005 FA733193005 FA503193005 Brokers and dealers Holding companies Other financial business 6.2 -86.7 50.4 14.3 -7.2 -21.3 -40.0 40.2 177.4 -401.2 -277.4 457.4 377.8 113.5 -112.8 83.5 103.5 330.6 -220.0 221.2 34.4 67.1 -4.3 247.7 -164.6 15 58.3 16 -230.0 17 18 FA893093005 615.9 2035.8 660.4 1855.8 -650.0 1120.1 315.6 813.4 316.2 18 19 20 FA103093005 FA113093005 Nonfinancial corporate business Nonfinancial noncorporate business 542.6 193.6 1454.9 185.0 26.2 121.5 174.4 115.4 -1073.7 149.5 861.3 139.1 143.1 81.9 893.3 12.9 -137.3 19 -60.0 20 21 22 FA313093003 FA213093003 Federal government State and local governments 13.7 18.3 5.6 -71.2 6.1 14.1 6.7 -56.2 4.4 48.3 7.6 50.9 6.0 13.5 8.5 14.1 7.9 21 56.0 22 23 24 25 26 27 FA713093005 FA763093005 FA753093005 FA743093005 FA473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions -3.0 -59.9 -20.4 1.4 7.6 -1.7 25.7 7.5 -11.5 5.7 10.9 151.8 -6.3 -5.1 32.7 11.5 316.0 88.8 -15.5 27.8 24.4 66.8 -75.8 -10.1 73.1 0.5 411.6 -21.2 4.8 -12.6 7.0 -187.4 -16.9 0.5 42.4 -5.4 356.0 -20.3 30.2 -57.8 28 29 FA513093005 FA543093005 Property-casualty insurance companies Life insurance companies 15.5 43.8 5.7 21.7 24.9 102.2 -70.4 443.4 -62.3 -100.9 27.7 -58.5 204.5 124.8 -130.5 39.4 25.6 28 111.7 29 30 31 FA573093005 FA223093005 Private pension funds State and local govt. retirement funds -9.5 1.8 109.8 139.6 155.9 -122.8 194.2 -87.9 146.8 206.0 145.7 -289.2 137.0 -319.9 53.9 -114.4 114.6 30 -98.5 31 32 33 34 FA633093005 FA653093005 FA563093003 Money market funds Mutual funds Exchange-traded funds 1.4 -112.2 1.7 2.4 83.4 8.4 -0.0 -61.3 43.7 6.9 287.8 46.2 -204.1 -32.0 94.9 188.0 -422.7 55.9 9.1 -78.1 -22.2 -71.6 -326.0 -19.6 -153.6 32 57.7 33 20.4 34 35 36 37 FA403093005 FA613093005 FA643093005 Government-sponsored enterprises Finance companies REITs -15.7 26.2 21.0 32.1 -2.9 2.6 62.3 10.0 11.7 91.3 60.6 56.9 79.5 17.7 -32.5 65.8 -28.2 -13.9 12.8 -10.0 36.4 38.3 -6.5 39.1 -98.5 35 30.4 36 21.0 37 38 39 FA663093005 FA733093005 Brokers and dealers Holding companies -42.0 -10.0 57.6 -24.8 85.1 -3.4 173.2 -15.1 17.4 12.6 26.3 -18.7 123.7 7.5 72.9 6.9 138.1 38 7.6 39 40 FA903090005 -58.1 -396.5 -122.3 -1161.1 610.8 -309.8 371.0 24.7 -625.8 40 Net change in assets Discrepancy 2.5 145.8 83.4 1.7 39.7 23 24 25 26 27 Transactions 2018 76 Z.1, September 23, 2021 F.7 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 2019 2020 2020 Transactions Q1 1 FA897005005 2 3 FA157005005 FA107005005 All sectors Household sector Nonfinancial corporate business 4 5 FA317005005 FA217005005 Federal government State and local governments 6 FA797005005 Domestic financial sectors 7 FA717005005 Monetary authority 8 9 10 11 FA767005005 FA757005005 FA747005005 FA477005005 U.S.-chartered depository institutions Foreign banking officed in U.S. Banks in U.S.-affiliated areas Credit unions 12 13 FA517005005 FA547005005 14 15 Q2 2021 Q3 Q4 Q1 Q2 -134.7 -867.8 259.2 -281.4 561.5 -227.8 984.7 1147.7 -36.6 1 -167.9 64.3 -634.1 -478.3 -51.7 142.1 -1200.7 -743.5 -923.3 830.0 1764.9 -537.2 152.4 1019.2 1061.7 379.2 -203.6 -36.6 2 3 -24.4 -99.4 -32.3 40.2 33.3 14.8 677.2 -27.7 927.3 89.6 -1409.4 82.5 -62.0 -85.3 154.5 26.5 445.2 89.2 4 5 -113.1 46.8 13.9 240.6 -20.0 -306.8 141.6 -737.2 -178.4 6 5.0 8.6 2.0 8.3 -0.3 -2.7 2.6 -4.5 -3.4 7 82.4 54.7 -0.8 -0.5 -50.4 13.5 2.0 -1.0 -160.2 77.2 2.3 -9.1 268.4 -9.4 6.0 10.3 -357.9 263.0 1.9 -18.3 -439.1 -57.8 2.6 -16.8 -112.3 113.0 -1.4 -11.4 -417.5 79.1 -7.3 -17.0 334.2 8 -370.7 9 4.2 10 6.2 11 Property-casualty insurance companies Life insurance companies -11.9 -29.8 62.2 -1.4 23.6 10.2 -1.2 -130.0 111.0 12.9 105.4 9.9 -120.8 147.9 173.2 -142.0 41.1 12 -78.3 13 FA657005005 FA407005005 Mutual funds Government-sponsored enterprises -54.9 -20.5 131.9 8.2 59.2 45.2 24.5 38.6 75.9 -51.4 77.5 133.6 59.0 59.9 60.0 -234.5 70.0 14 -51.9 15 16 17 18 FA677005005 FA617005005 FA647005005 Issuers of asset-backed securities Finance companies REITs 0.0 -21.6 -38.1 0.0 23.3 6.2 0.0 48.9 -13.5 0.0 54.5 89.7 0.0 81.1 -59.6 0.0 5.1 -70.0 0.0 55.0 -14.2 0.0 -10.2 -58.6 0.0 16 67.5 17 -27.8 18 19 20 FA667005005 FA737005005 Brokers and dealers Holding companies -17.4 -59.6 14.2 -170.6 -32.8 -39.0 -138.9 19.9 -7.4 -70.8 -27.4 -27.0 42.6 -78.2 -82.9 -75.1 -5.0 19 -164.5 20 21 FA267005005 205.7 189.8 106.8 772.6 -342.2 178.1 -181.2 263.0 -152.4 21 -134.7 -867.8 259.2 -281.4 561.4 -227.8 984.7 1147.7 -36.6 1 -0.6 175.9 -0.8 -9.3 -0.4 88.3 -0.4 753.6 -0.3 -628.8 -0.6 177.7 -0.3 50.8 -0.3 121.8 -0.7 -117.9 2 3 -14.8 -247.1 -10.1 -276.8 10.4 49.8 271.6 -509.8 -307.7 636.0 82.0 129.4 -4.0 -56.5 452.1 173.0 -483.4 868.3 4 5 -0.6 -0.5 0.0 -0.2 -0.0 0.5 0.0 -0.5 -0.5 -0.7 0.0 0.2 -83.1 -83.3 0.0 0.2 99.1 98.3 0.0 0.8 -97.7 -96.3 0.0 -1.3 79.7 78.6 0.0 1.1 -78.9 -80.1 0.0 1.2 105.2 105.7 0.0 -0.5 6 7 8 9 Rest of the world F.8 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 FA907005005 All types 2 3 FA903012005 FA903091005 Treasury currency Foreign deposits 4 5 FA904010005 FA902050005 Net interbank transactions Security repurchase agreements 6 7 8 9 FA903020005 FA903023005 FA903028003 FA903029200 Mail floats Federal government State and local governments Private domestic 10 11 FA903070005 FA903078005 Trade credit Taxes payable -82.0 -27.4 -263.9 25.2 44.2 24.2 99.5 79.0 120.9 -106.3 -77.3 103.6 33.7 20.5 -13.2 -35.7 -123.5 10 97.0 11 12 FA903090005 Miscellaneous -58.1 -396.5 -122.3 -1161.1 610.8 -309.8 371.0 24.7 -625.8 12 13 FA906000105 Nonfinancial 120.1 64.5 165.5 269.3 137.9 -235.1 489.8 504.3 244.1 13 14 15 FA087005005 FA156600075 -125.5 5.4 -69.7 5.2 -170.6 5.1 -274.5 5.2 -142.8 4.9 230.0 5.0 -495.0 5.2 -509.7 5.3 -249.5 14 5.4 15 Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Contr. for govt. soc. insur., U.S. affiliated areas 77 Z.1, September 23, 2021 L.100 Domestic Nonfinancial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 Total financial assets Q2 2021 Q3 Q4 Q1 Q2 1 FL384090005 2 3 FL313011005 FL383091005 U.S. official reserve assets Foreign deposits 4 5 6 7 FL383020005 FL383030005 FL383034005 FL382051005 Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 8 9 10 11 12 13 FL384022005 FL383069105 FL383061105 FL383061705 FL383062005 FL383063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 6288.9 240.3 2497.0 1124.4 1923.2 503.9 6786.1 295.1 2706.0 1246.0 1951.7 587.3 6878.0 334.9 3014.8 806.4 1973.5 748.4 6768.8 304.3 2454.9 1286.5 1928.9 794.1 6673.7 295.1 2547.6 984.4 1953.4 893.3 6462.8 315.7 2629.7 886.6 1960.8 669.9 6878.0 334.9 3014.8 806.4 1973.5 748.4 6260.2 322.2 2758.9 665.6 1934.6 578.8 6340.0 364.4 2820.8 694.2 1930.6 530.0 8 9 10 11 12 13 14 15 16 17 FL384023005 FL383069005 FL383065005 FL383066005 Loans Other loans and advances Mortgages Consumer credit 3074.1 1220.4 549.6 1304.0 3202.5 1269.6 550.6 1382.3 3576.9 1575.7 560.3 1440.9 3384.9 1423.8 549.6 1411.4 3483.2 1512.4 555.2 1415.7 3537.5 1541.2 557.5 1438.8 3576.9 1575.7 560.3 1440.9 3628.6 1595.4 564.5 1468.7 3658.6 1620.4 566.0 1472.2 14 15 16 17 18 19 LM383064105 LM383064205 Corporate equities Mutual fund shares 18262.5 23554.4 28469.4 18455.1 22512.4 24769.8 28469.4 31003.7 33661.3 18 8350.9 10391.5 11564.0 8504.1 9851.1 10470.6 11564.0 12061.2 12829.2 19 20 21 22 FL383070005 FL153040005 FL153050005 Trade receivables Life insurance reserves Pension entitlements 4934.6 5547.7 5657.7 5459.9 5259.8 5493.1 5657.7 5846.4 6058.9 20 1659.1 1731.3 1867.0 1733.7 1776.1 1811.9 1867.0 1854.2 1886.5 21 25812.9 27994.1 29797.8 26751.0 28039.7 28696.9 29797.8 30199.0 30951.0 22 23 24 25 FL383078005 LM152090205 LM103092005 Taxes payable Equity in noncorporate business U.S. direct investment abroad 400.2 558.4 626.6 593.1 636.8 632.3 626.6 665.9 573.0 23 11278.5 12013.5 12891.1 12128.5 12269.0 12492.2 12891.1 13187.0 13706.8 24 5411.8 6365.2 6885.4 4851.1 5743.6 6040.0 6885.4 7284.2 7756.8 25 26 FL383090005 Miscellaneous assets 10795.0 11903.8 12329.0 13525.2 12794.9 12964.3 12329.0 12255.8 11931.7 26 27 FL384190005 28 29 30 LM313111303 FL713014003 FL313112003 U.S. official reserve assets SDR certificates Treasury currency 31 32 33 34 35 36 FL384122005 FL103169100 FL313161105 FL313161705 FL383162005 FL103163003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 27464.5 28903.4 34181.0 29640.7 32872.7 33450.7 34181.0 34666.2 35054.8 31 196.5 194.5 132.2 243.1 166.1 122.2 132.2 144.1 133.9 32 17842.1 19018.7 23600.9 19518.4 22370.7 22900.4 23600.9 23943.0 24301.5 33 22.9 21.2 20.2 21.2 21.0 20.2 20.2 19.8 19.8 34 3860.5 3869.5 3952.9 3875.5 3895.4 3929.7 3952.9 3979.7 4002.4 35 5542.4 5799.5 6474.9 5982.4 6419.6 6478.2 6474.9 6579.5 6597.1 36 37 38 39 40 41 FL384123005 FL383168005 FL383169005 FL383165005 FL153166000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 24609.5 25595.1 27044.3 26243.7 26528.7 26732.1 27044.3 27374.0 27725.8 37 2807.3 2865.4 3136.7 3321.1 3446.8 3245.5 3136.7 3139.5 2998.0 38 2557.6 2719.1 3174.3 2825.3 2885.7 3021.6 3174.3 3331.2 3417.3 39 15237.6 15818.5 16548.3 15949.5 16098.9 16322.3 16548.3 16736.1 17044.1 40 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 41 42 FL383170005 Trade payables 43 44 45 FL313140003 FL143178005 LM143192305 Life insurance reserves Taxes payable Foreign direct investment: intercompany debt 46 FL383190005 Miscellaneous liabilities 47 48 49 LM103164103 LM112090205 LM143192105 Total liabilities 113270.1 128366.3 143996.5 122028.2 131811.8 136354.3 143996.5 148158.9 153329.2 93.9 148.1 97.8 171.8 111.7 191.4 96.4 161.5 102.2 189.1 106.5 207.5 111.7 191.4 107.0 192.3 1 108.1 226.2 2 3 3254.7 3397.5 7288.9 3933.1 5943.8 6238.4 7288.9 7119.0 7266.3 10936.2 11567.9 12259.0 12030.5 12647.2 12754.2 12259.0 12768.3 12601.2 2389.4 2906.0 3380.0 3462.7 3682.6 3467.2 3380.0 3513.0 3539.2 179.5 176.9 222.6 188.8 206.6 209.1 222.6 213.0 234.4 4 5 6 7 73697.4 78142.0 85635.1 80155.3 83504.3 84715.8 85635.1 86683.4 87577.9 27 49.1 5.2 23.7 48.8 5.2 23.2 50.9 5.2 23.1 48.2 5.2 23.2 48.6 5.2 23.2 49.7 5.2 23.1 50.9 5.2 23.1 50.1 5.2 23.1 50.4 28 5.2 29 23.1 30 5034.1 5398.6 5575.4 5313.8 5151.4 5406.0 5575.4 5727.5 5929.8 42 51.3 422.3 415.3 52.2 423.9 417.8 52.4 450.8 373.4 52.0 454.3 403.2 52.0 489.5 390.1 52.4 445.4 390.5 52.4 450.8 373.4 52.7 457.5 360.1 51.8 43 409.8 44 357.2 45 15622.4 17273.8 17878.7 17971.0 17942.9 18160.7 17878.7 17967.1 17969.9 46 Memo: Corporate equities (market value) Equity in noncorporate business Foreign direct investment: equity (1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107. 26543.6 33680.3 41960.8 27002.7 33391.0 36930.1 41960.8 44859.4 48489.5 47 11200.3 11930.0 12800.7 12043.7 12180.5 12405.1 12800.7 13093.3 13608.9 48 5892.8 7603.8 8833.2 6077.4 7293.0 7938.6 8833.2 9363.2 10223.7 49 Levels 2018 78 Z.1, September 23, 2021 L.101 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total financial assets Q2 2021 Q3 Q4 Q1 Q2 1 FL154090005 2 3 4 5 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 41.8 1208.7 9295.7 1799.0 40.8 48.6 50.2 43.7 47.7 48.6 50.0 49.4 1173.4 2885.5 1316.0 1592.8 1738.8 2885.5 3314.6 3642.2 9834.5 10310.5 10118.1 10646.8 10753.1 10310.5 10794.2 10624.6 2210.7 2548.2 2396.8 2660.0 2626.3 2548.2 2728.4 2772.8 6 7 8 9 10 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4424.1 1659.2 587.9 1882.2 294.8 4727.1 1775.1 685.4 1904.9 361.7 4492.7 1747.5 314.8 1923.3 507.0 4573.8 1424.1 695.0 1882.5 572.2 4316.5 1322.4 443.7 1904.9 645.5 4111.8 1395.4 371.3 1911.5 433.7 4492.7 1747.5 314.8 1923.3 507.0 3953.5 1505.3 212.0 1883.5 352.6 3772.1 6 1357.4 7 246.7 8 1878.4 9 289.6 10 11 12 13 14 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (2) Mortgages Consumer credit (student loans) 1115.3 999.4 84.6 31.3 1148.0 1038.7 82.1 27.3 1257.4 1156.6 76.6 24.1 1303.3 1196.4 80.8 26.1 1274.7 1170.5 79.1 25.1 1235.5 1133.3 78.0 24.3 1257.4 1156.6 76.6 24.1 1268.5 1168.9 75.7 23.9 1283.0 1185.2 74.2 23.6 15 16 LM153064105 LM153064205 Corporate equities (3) Mutual fund shares 16269.8 20989.3 25634.0 16420.9 20108.1 22198.6 25634.0 28038.6 30490.0 15 7998.8 9966.1 11074.8 8143.8 9433.1 10025.6 11074.8 11553.9 12290.4 16 17 18 19 20 21 FL163070005 FL153040005 FL153050005 FL593073005 FL153050025 Trade receivables Life insurance reserves Pension entitlements (4) Claims of pension fund on sponsor Funded pension entitlements 263.7 271.3 279.0 273.2 275.2 277.1 279.0 280.7 282.4 1659.1 1731.3 1867.0 1733.7 1776.1 1811.9 1867.0 1854.2 1886.5 25812.9 27994.1 29797.8 26751.0 28039.7 28696.9 29797.8 30199.0 30951.0 6771.6 6236.3 5934.5 7221.1 6735.8 6519.5 5934.5 5921.0 5603.7 19041.3 21757.8 23863.4 19529.8 21303.9 22177.3 23863.4 24278.1 25347.3 22 23 LM152090205 FL153090005 Equity in noncorporate business Miscellaneous assets 11278.5 12013.5 12891.1 12128.5 12269.0 12492.2 12891.1 13187.0 13706.8 22 1245.1 1286.9 1355.6 1286.6 1306.3 1340.5 1355.6 1375.2 1398.2 23 24 FL154190005 25 FL163162003 Debt securities (municipal securities) 26 27 28 29 30 31 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Loans One-to-four-family residential mortgages (5) Consumer credit Depository institution loans n.e.c. (6) Other loans and advances Commercial mortgages 32 33 FL163170005 FL543077073 Trade payables Deferred and unpaid life insurance premiums Total liabilities 82412.5 93387.0 104442.1 86495.9 93742.1 97356.0 104442.1 108597.8 113149.4 1 2 3 4 5 11 12 13 14 17 18 19 20 21 16000.2 16506.7 17129.8 16573.2 16581.1 16846.4 17129.8 17327.4 17674.4 24 216.0 212.8 202.8 209.8 207.6 206.3 202.8 203.5 203.3 25 15386.6 15887.9 16514.1 15953.1 15962.5 16227.9 16514.1 16707.2 17053.5 26 10204.4 10482.8 10925.7 10544.4 10626.7 10785.8 10925.7 11047.5 11270.3 27 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 28 339.0 350.2 370.5 383.9 375.8 364.6 370.5 369.8 371.5 29 580.0 603.8 772.4 617.7 603.0 674.7 772.4 862.1 884.2 30 256.1 259.0 260.4 259.3 259.7 260.0 260.4 260.7 260.9 31 362.6 35.0 369.5 36.5 376.3 36.6 371.2 39.0 372.9 38.1 374.6 37.7 376.3 36.6 378.0 38.7 379.7 32 37.9 33 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet table B.101.n shows estimates of annual year-end outstandings of nonprofit organizations. (2) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (3) Directly held corporate equities, including closed-end fund, exchange-traded fund, and real estate investment trust shares. (4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (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 I). 79 Z.1, September 23, 2021 L.102 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 1 FL144090005 2 3 4 5 6 FL103091003 FL143020005 FL143030005 FL143034005 FL102051003 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 LM144022005 FL103069100 LM143061105 LM103061703 LM143062005 12 13 14 Q2 2021 Q3 Q4 Q1 Q2 24958.1 28662.3 30988.0 29023.4 29825.5 30534.1 30988.0 31576.5 32221.1 131.0 1677.8 1308.0 668.7 13.4 142.8 2441.5 1534.0 797.3 39.8 111.3 1955.8 1480.1 1033.5 27.4 145.3 2458.3 1568.6 987.2 32.4 159.8 2536.6 1565.4 806.5 30.3 142.8 2441.5 1534.0 797.3 39.8 142.3 2438.7 1557.8 748.9 23.9 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 329.0 162.1 124.6 18.1 24.2 406.7 217.6 137.7 21.2 30.2 467.7 255.7 155.4 25.1 31.6 457.1 227.8 168.7 30.7 29.9 480.7 219.9 192.3 37.6 30.8 478.3 238.4 176.6 32.1 31.2 467.7 255.7 155.4 25.1 31.6 433.5 239.1 141.4 21.3 31.6 464.3 7 275.3 8 137.2 9 19.8 10 31.9 11 FL144023005 FL143065005 FL143066005 Loans Mortgages Consumer credit 119.7 83.2 36.5 124.0 88.2 35.8 130.6 94.8 35.8 125.1 90.4 34.7 127.8 93.0 34.8 129.4 94.3 35.1 130.6 94.8 35.8 131.6 96.9 34.7 132.5 12 97.7 13 34.8 14 15 16 17 LM103064103 LM103064203 FL143070005 Corporate equities Mutual fund shares Trade receivables 1789.9 269.9 4365.3 2317.7 326.4 4953.5 2552.1 376.4 5030.2 1833.4 276.9 4869.0 2168.3 321.6 4666.1 2318.6 342.8 4880.7 2552.1 376.4 5030.2 2667.6 390.7 5204.3 2853.7 15 415.3 16 5404.0 17 18 19 LM103092005 FL143090005 U.S. direct investment abroad Miscellaneous assets 5411.8 6365.2 6885.4 4851.1 5743.6 6040.0 6885.4 7284.2 7756.8 18 9238.7 10369.8 10590.2 12002.7 11125.4 11245.8 10590.2 10552.9 10201.3 19 20 FL144190005 21 22 23 24 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities Corporate bonds 6310.2 196.5 571.3 5542.4 6580.5 194.5 586.5 5799.5 25 26 27 28 FL144123005 FL143168005 FL143169005 FL143165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 9202.9 2468.2 1957.5 4777.1 9686.1 10508.0 10269.4 10544.8 10482.4 10508.0 10644.5 10650.0 25 2515.2 2766.1 2937.2 3071.0 2880.9 2766.1 2769.8 2626.5 26 2094.1 2379.8 2186.4 2261.4 2325.1 2379.8 2446.8 2510.8 27 5076.8 5362.1 5145.8 5212.4 5276.5 5362.1 5427.9 5512.8 28 29 30 FL143170005 FL143178005 Trade payables Taxes payable 3289.0 422.3 3562.0 423.9 31 32 LM143192305 FL143190005 Foreign direct investment: intercompany debt Miscellaneous liabilities 415.3 417.8 373.4 403.2 390.1 390.5 373.4 360.1 357.2 31 9116.6 11090.6 11438.1 11157.5 11188.5 11312.9 11438.1 11514.3 11607.1 32 Total liabilities 176.8 2471.9 1583.4 730.3 39.0 1 106.3 1507.2 1235.1 570.7 14.6 2 3 4 5 6 28756.3 31760.9 33635.5 32564.4 33088.9 33347.2 33635.5 34079.4 34309.7 20 7198.2 132.2 591.2 6474.9 3666.9 450.8 6814.7 243.1 589.1 5982.4 3465.3 454.3 7175.9 166.1 590.2 6419.6 3300.2 489.5 7191.5 122.2 591.1 6478.2 3524.4 445.4 7198.2 132.2 591.2 6474.9 3666.9 450.8 7315.3 144.1 591.6 6579.5 3787.6 457.5 7327.9 133.9 596.8 6597.1 21 22 23 24 3957.6 29 409.8 30 Memo: 33 34 35 LM103164103 LM112090205 LM143192105 Corporate equities (market value) Equity in noncorporate business Foreign direct investment: equity 26543.6 33680.3 41960.8 27002.7 33391.0 36930.1 41960.8 44859.4 48489.5 33 11200.3 11930.0 12800.7 12043.7 12180.5 12405.1 12800.7 13093.3 13608.9 34 5892.8 7603.8 8833.2 6077.4 7293.0 7938.6 8833.2 9363.2 10223.7 35 (1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business. Levels 2018 80 Z.1, September 23, 2021 L.103 Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total financial assets Q2 2021 Q3 Q4 Q1 Q2 1 FL104090005 2 3 4 5 6 FL103091003 FL103020000 FL103030003 FL103034000 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 19112.5 22481.9 24258.7 22659.3 23238.5 23825.3 24258.7 24768.1 25348.3 7 8 9 10 11 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 12 13 14 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 15 16 17 LM103064103 LM103064203 FL103070005 18 19 20 21 22 23 24 25 FL104190005 26 27 28 29 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 6310.2 196.5 571.3 5542.4 6580.5 194.5 586.5 5799.5 7198.2 132.2 591.2 6474.9 6814.7 243.1 589.1 5982.4 7175.9 166.1 590.2 6419.6 7191.5 122.2 591.1 6478.2 7198.2 132.2 591.2 6474.9 7315.3 144.1 591.6 6579.5 7327.9 133.9 596.8 6597.1 26 27 28 29 30 31 32 33 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances (3) Mortgages 3339.3 1003.1 1709.8 626.5 3550.4 1034.0 1837.7 678.7 3862.0 1111.6 2027.4 723.1 3978.2 1368.0 1924.2 686.0 4017.3 1361.6 1958.1 697.6 3863.9 1164.0 1993.3 706.6 3862.0 1111.6 2027.4 723.1 3938.9 1119.8 2082.2 737.0 3910.6 1023.2 2123.0 764.4 30 31 32 33 34 35 FL103170005 FL103178005 Trade payables Taxes payable 2690.4 266.7 2920.5 259.9 3051.2 273.7 2821.1 285.3 2694.0 314.1 2904.5 267.9 3051.2 273.7 3146.7 275.7 3305.8 34 227.4 35 36 LM103192305 Foreign direct investment: intercompany debt 37 38 39 40 FL103190005 FL573074005 FL573073005 FL103193005 Miscellaneous liabilities Pension fund contributions payable Claims of pension fund on sponsor Other 131.0 1339.9 201.5 558.3 13.4 142.8 1999.4 305.0 677.9 39.8 111.3 1559.9 298.9 919.6 27.4 145.3 2014.0 329.8 868.9 32.4 159.8 2094.2 330.2 686.8 30.3 142.8 1999.4 305.0 677.9 39.8 142.3 1974.5 295.0 628.6 23.9 253.2 162.1 54.4 18.1 18.5 326.6 217.6 63.6 21.2 24.2 381.0 255.7 75.2 25.1 25.1 374.5 227.8 92.2 30.7 23.8 394.9 219.9 112.9 37.6 24.4 391.4 238.4 96.2 32.1 24.7 381.0 255.7 75.2 25.1 25.1 349.5 239.1 64.0 21.3 25.0 380.0 7 275.3 8 59.5 9 19.8 10 25.3 11 70.7 34.2 36.5 72.2 36.4 35.8 74.6 38.8 35.8 71.7 37.0 34.7 72.4 37.6 34.8 73.2 38.2 35.1 74.6 38.8 35.8 74.1 39.4 34.7 74.8 12 40.0 13 34.8 14 Corporate equities Mutual fund shares Trade receivables 1789.9 269.9 3512.7 2317.7 326.4 4053.2 2552.1 376.4 4082.9 1833.4 276.9 3957.3 2168.3 321.6 3740.8 2318.6 342.8 3944.1 2552.1 376.4 4082.9 2667.6 390.7 4243.2 2853.7 15 415.3 16 4439.7 17 LM103092005 U.S. direct investment abroad (1) 5411.8 6365.2 6885.4 4851.1 5743.6 6040.0 6885.4 7284.2 7756.8 18 FL103090005 FL103076005 FL103092405 FL103094105 FL103072005 FL103093005 Miscellaneous assets Insurance receivables Equity in GSEs Investment in finance company affiliates PPP subsidies receivable Other 5840.5 377.0 1.2 113.2 0.0 5349.1 6776.4 392.0 1.3 112.5 0.0 6270.6 6741.3 417.3 1.4 109.5 210.0 6003.1 8377.3 395.6 1.4 111.3 0.0 7869.0 7406.6 404.0 1.3 107.8 92.5 6801.1 7413.9 416.4 1.3 103.8 223.9 6668.6 6741.3 417.3 1.4 109.5 210.0 6003.1 6694.3 426.6 1.5 109.4 217.2 5939.6 6314.6 434.0 1.5 99.8 266.5 5512.8 Total liabilities 176.8 1994.4 301.7 609.7 39.0 1 106.3 1189.7 187.2 466.1 14.6 2 3 4 5 6 19 20 21 22 23 24 20371.9 22974.3 24289.3 23586.9 23882.3 24015.3 24289.3 24646.5 24807.7 25 408.2 410.7 366.9 396.3 383.4 383.9 366.9 353.8 7357.1 84.7 601.7 6670.8 9252.3 80.1 404.8 8767.4 9537.4 70.2 218.9 9248.3 9291.3 79.4 760.1 8451.8 9297.6 76.6 488.7 8732.3 9403.5 73.7 403.9 8925.9 9537.4 70.2 218.9 9248.3 9616.1 67.9 206.5 9341.6 351.1 36 9684.9 64.3 77.8 9542.8 37 38 39 40 Memo: 41 42 LM103164103 LM103192105 Corporate equities (market value) Foreign direct investment: equity 43 44 45 FL104001005 FL104150005 FL104001006 Total liquid assets (4) Total short-term liabilities (5) Liquid assets/short-term liabilities (percent) 46 FL104140006 Short-term debt/total debt (percent) (6) 26543.6 33680.3 41960.8 27002.7 33391.0 36930.1 41960.8 44859.4 48489.5 41 5813.2 7498.2 8712.1 5993.6 7192.3 7830.7 8712.1 9235.9 10090.8 42 4276.8 5866.3 72.90 5214.8 6246.6 83.48 6474.5 6596.0 98.16 5402.0 6641.7 81.33 6275.2 6493.9 96.63 6354.0 6452.0 98.48 6474.5 6596.0 98.16 6472.2 6768.5 95.62 6770.6 43 6813.3 44 99.37 45 30.15 30.27 29.58 32.76 31.14 29.66 29.58 29.73 29.19 46 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216. (4) Sum of lines 2 through 7 and lines 15 and 16. (5) Sum of lines 27, 31, 32, 34, and 35. 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 27, 31, and 32. Total debt is the sum of lines 26 and 30. 81 Z.1, September 23, 2021 L.104 Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL114090005 2 3 4 FL113020005 FL113030003 FL113034003 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares 5 6 7 LM114022005 LM113061003 LM113062003 8 9 10 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 5845.5 6180.3 6729.3 6364.1 6586.9 6708.8 6729.3 6808.5 6872.7 1 317.5 1047.9 104.6 337.9 1106.5 110.4 442.0 1229.0 119.5 395.9 1181.2 113.9 444.3 1238.9 118.3 442.4 1235.2 119.7 442.0 1229.0 119.5 464.2 1262.8 120.2 477.5 1281.7 120.6 2 3 4 Debt securities Treasury securities Municipal securities 75.8 70.2 5.6 80.0 74.1 5.9 86.6 80.2 6.4 82.6 76.5 6.1 85.8 79.4 6.4 86.8 80.4 6.4 86.6 80.2 6.4 84.0 77.4 6.6 84.3 77.7 6.6 5 6 7 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 49.0 49.0 0.0 51.7 51.7 0.0 56.0 56.0 0.0 53.4 53.4 0.0 55.5 55.5 0.0 56.1 56.1 0.0 56.0 56.0 0.0 57.5 57.5 0.0 57.7 8 57.7 9 0.0 10 11 12 13 14 15 16 FL113070003 FL113090005 FL113076005 FL113092405 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) PPP subsidies receivable Other 852.6 3398.2 119.0 12.5 0.0 3266.7 900.3 3593.4 129.0 12.8 0.0 3451.7 947.3 3848.9 145.2 13.0 117.5 3573.1 911.7 3625.4 132.3 12.6 0.0 3480.5 925.3 3718.8 137.1 12.8 51.0 3517.9 936.6 3831.8 142.7 13.0 123.5 3552.7 947.3 3848.9 145.2 13.0 117.5 3573.1 961.1 3858.6 146.5 13.0 122.7 3576.3 964.3 3886.7 147.8 13.6 163.9 3561.3 17 FL114190005 8384.4 8786.5 9346.2 8977.6 9206.7 9331.9 9346.2 9432.9 9502.0 17 18 19 20 21 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 5863.6 1465.2 247.8 4150.7 6135.7 1481.2 256.4 4398.1 6646.0 1654.5 352.4 4639.1 6291.2 1569.2 262.2 4459.8 6527.5 1709.4 303.2 4514.9 6618.5 1716.8 331.8 4569.9 6646.0 1654.5 352.4 4639.1 6705.6 1650.0 364.6 4691.0 6739.4 1603.3 387.8 4748.4 22 23 FL113170005 FL113178003 Trade payables Taxes payable 598.6 155.6 641.5 164.0 615.7 177.1 644.2 169.1 606.2 175.5 619.9 177.5 615.7 177.1 640.9 181.8 651.9 22 182.4 23 24 25 LM115114305 FL113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities 7.1 1759.5 7.1 1838.2 6.5 1900.8 6.8 1866.2 6.7 1890.9 6.6 1909.4 6.5 1900.8 6.3 1898.2 6.1 24 1922.2 25 Total liabilities 11 12 13 14 15 16 18 19 20 21 Memo: 26 27 LM112090205 LM115114103 Equity in noncorporate business Foreign direct investment: equity (1) Equity in the Farm Credit System. 11200.3 11930.0 12800.7 12043.7 12180.5 12405.1 12800.7 13093.3 13608.9 26 79.6 105.6 121.2 83.8 100.6 107.9 121.2 127.3 132.9 27 Levels 2018 82 Z.1, September 23, 2021 L.105 General Government (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL364090005 2 3 4 5 6 FL313011005 FL363020005 FL363030005 FL213034003 FL212051003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 7 8 9 10 11 12 FL364022005 FL213069103 FL213061105 FL363061705 FL213062003 FL363063005 13 14 15 16 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 5899.6 6317.0 8566.4 6508.9 8244.2 8464.3 8566.4 7984.6 7950.5 1 93.9 538.8 405.4 19.8 164.9 97.8 546.3 425.5 26.5 163.6 111.7 1962.0 414.6 34.5 182.9 96.4 661.3 432.3 32.4 161.4 102.2 1892.7 431.8 35.3 174.2 106.5 1963.0 435.7 34.3 178.9 111.7 1962.0 414.6 34.5 182.9 107.0 1365.6 416.3 35.8 189.1 108.1 1152.2 393.2 36.1 195.5 2 3 4 5 6 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1535.7 78.2 713.2 518.4 16.8 209.1 1652.3 77.6 793.1 539.3 16.7 225.6 1917.7 79.2 1111.9 466.5 18.6 241.4 1737.9 76.5 862.1 560.8 16.5 222.0 1876.5 75.1 1032.8 503.0 17.8 247.7 1872.7 77.3 1057.7 483.3 18.2 236.2 1917.7 79.2 1111.9 466.5 18.6 241.4 1873.3 83.1 1112.1 432.3 19.5 226.2 2103.6 7 89.1 8 1326.2 9 427.6 10 20.2 11 240.4 12 FL364023005 FL363065005 FL313066220 FL313069005 Loans Mortgages Consumer credit Other loans and advances 1839.1 381.8 1236.3 221.0 1930.5 380.3 1319.2 230.9 2188.9 388.9 1381.0 419.0 1956.5 378.4 1350.6 227.4 2080.7 383.0 1355.8 341.9 2172.6 385.2 1379.4 407.9 2188.9 388.9 1381.0 419.0 2228.5 391.9 1410.1 426.5 2243.0 394.1 1413.8 435.2 17 18 LM363064105 LM213064203 Corporate equities Mutual fund shares 202.8 82.2 247.3 98.9 283.2 112.8 200.7 83.4 236.0 96.4 252.6 102.2 283.2 112.8 297.6 116.6 317.7 17 123.4 18 19 20 21 FL363070005 FL363078005 FL363090005 Trade receivables Taxes receivable Miscellaneous assets 305.6 400.2 311.2 322.9 558.4 247.1 348.5 626.6 383.2 317.7 593.1 236.0 318.6 636.8 363.2 335.3 632.3 378.0 348.5 626.6 383.2 361.4 665.9 327.7 372.4 19 573.0 20 332.2 21 22 FL364190005 23 24 25 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 26 27 28 29 FL364122005 FL313161105 FL313161705 FL213162005 Debt securities Treasury securities Budget agency securities Municipal securities 30 31 32 FL364123005 FL313165403 FL363169005 Loans Multifamily residential mortgages Other loans and advances 33 34 35 FL363170005 FL313140003 FL363190005 Trade payables Insurance reserves Miscellaneous liabilities Total liabilities 13 14 15 16 28940.8 29874.4 34869.8 31017.6 33834.3 34522.2 34869.8 35276.6 35593.8 22 49.1 5.2 23.7 48.8 5.2 23.2 50.9 5.2 23.1 48.2 5.2 23.2 48.6 5.2 23.2 49.7 5.2 23.1 50.9 5.2 23.1 50.1 5.2 23.1 50.4 23 5.2 24 23.1 25 20938.2 22110.1 26779.9 22616.1 25489.2 26052.9 26779.9 27147.4 27523.7 26 17842.1 19018.7 23600.9 19518.4 22370.7 22900.4 23600.9 23943.0 24301.5 27 22.9 21.2 20.2 21.2 21.0 20.2 20.2 19.8 19.8 28 3073.2 3070.2 3158.9 3076.5 3097.6 3132.3 3158.9 3184.6 3202.3 29 20.1 0.0 20.1 21.1 0.0 21.1 22.1 0.0 22.1 21.2 0.0 21.2 21.4 0.0 21.4 21.8 0.0 21.8 22.1 0.0 22.1 22.3 0.0 22.3 22.3 30 0.0 31 22.3 32 1382.5 51.3 6470.8 1467.1 52.2 6146.7 1532.3 52.4 6403.9 1477.2 52.0 6774.5 1478.4 52.0 6716.3 1507.1 52.4 6810.1 1532.3 52.4 6403.9 1561.9 52.7 6414.1 1592.6 33 51.8 34 6324.8 35 Memo: 36 37 FL374090005 FL374190005 Total financial assets (consolidated) (2) Total liabilities (consolidated) (2) 5149.5 5486.1 7413.8 5609.1 7172.3 7366.5 7413.8 6830.7 6581.8 36 28190.7 29043.5 33717.2 30117.8 32762.3 33424.5 33717.2 34122.8 34225.1 37 (1) Sum of the federal government and state and local governments sectors. (2) Excludes Treasury securities and municipal securities held by state and local governments (lines 9 and 11) and federal government loans to state and local governments (line 32). 83 Z.1, September 23, 2021 L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 FL314090005 2 3 4 FL313011005 FL313020005 FL313030003 Total financial assets U.S. official reserve assets Checkable deposits and currency Time and savings deposits 5 6 7 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 8 9 10 11 FL314023005 FL313069005 FL313065005 FL313066220 Loans Other loans and advances Mortgages Consumer credit (1) 12 LM313064105 13 14 15 FL313070000 FL313078000 FL313090005 16 FL314190005 17 18 19 LM313111303 FL713014003 FL313112003 SDR allocations SDR certificates Treasury currency 20 21 22 23 24 FL314122005 FL313161105 FL313161205 FL313161305 FL313161705 Debt securities Treasury securities (3) Marketable Nonmarketable Budget agency securities 25 26 27 FL314123005 FL313165403 FL313169003 Loans Multifamily residential mortgages Other loans and advances 28 29 FL313170005 FL313140003 Trade payables Insurance reserves 30 31 32 33 FL313190005 FL343073045 FL313172003 FL313190015 Miscellaneous liabilities Claims of pension fund on sponsor PPP subsidies payable Other 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 2630.3 2884.2 4665.2 3056.2 4550.2 4699.3 4665.2 4075.6 3719.5 1 93.9 405.9 2.0 97.8 407.2 2.3 111.7 1732.1 1.0 96.4 518.9 1.9 102.2 1725.4 2.1 106.5 1784.9 1.6 111.7 1732.1 1.0 107.0 1117.1 9.9 108.1 855.7 1.3 2 3 4 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 0.5 0.0 0.5 5 6 7 1580.5 221.0 123.2 1236.3 1674.0 230.9 123.8 1319.2 1927.2 419.0 127.2 1381.0 1703.4 227.4 125.3 1350.6 1824.4 341.9 126.7 1355.8 1913.1 407.9 125.7 1379.4 1927.2 419.0 127.2 1381.0 1964.8 426.5 128.2 1410.1 1978.4 8 435.2 9 129.5 10 1413.8 11 Corporate equities (2) 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 12 Trade receivables Taxes receivable Miscellaneous assets 75.4 230.2 208.7 73.5 380.0 215.7 84.9 437.0 337.7 73.4 409.9 218.7 80.6 448.1 333.8 81.6 441.9 335.9 84.9 437.0 337.7 91.9 472.5 278.8 93.4 13 379.8 14 269.3 15 Total liabilities 20358.4 21576.7 26554.6 22108.6 25143.2 25905.8 26554.6 26957.3 27446.9 16 49.1 5.2 23.7 48.8 5.2 23.2 50.9 5.2 23.1 48.2 5.2 23.2 48.6 5.2 23.2 49.7 5.2 23.1 50.9 5.2 23.1 50.1 5.2 23.1 50.4 17 5.2 18 23.1 19 17865.0 19039.9 23621.1 19539.6 22391.7 22920.6 23621.1 23962.8 24321.4 20 17842.1 19018.7 23600.9 19518.4 22370.7 22900.4 23600.9 23943.0 24301.5 21 15566.2 16628.9 20946.2 17115.8 19867.0 20340.2 20946.2 21347.4 21699.0 22 2275.9 2389.8 2654.7 2402.6 2503.6 2560.2 2654.7 2595.6 2602.5 23 22.9 21.2 20.2 21.2 21.0 20.2 20.2 19.8 19.8 24 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 0.0 26 0.0 27 382.3 51.3 418.3 52.2 435.1 52.4 416.2 52.0 405.6 52.0 422.3 52.4 435.1 52.4 452.0 52.7 469.7 28 51.8 29 1981.8 1681.0 0.0 300.9 1989.1 1673.9 0.0 315.2 2366.9 1678.6 364.7 323.6 2024.3 1710.8 0.0 313.4 2216.9 1747.7 158.5 310.7 2432.5 1738.1 383.7 310.8 2366.9 1678.6 364.7 323.6 2411.5 1711.9 377.5 322.2 (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. 2525.4 1726.4 473.2 325.7 30 31 32 33 Levels 1 2019 84 Z.1, September 23, 2021 L.107 State and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL214090005 3269.3 3432.8 3901.3 3452.6 3694.1 3765.0 3901.3 3909.0 4230.9 1 2 3 FL213020005 FL213030000 Checkable deposits and currency Time and savings deposits 132.9 403.4 139.1 423.2 229.9 413.6 142.3 430.4 167.3 429.7 178.1 434.1 229.9 413.6 248.5 406.4 296.5 392.0 2 3 4 5 FL213034003 FL212051003 Money market fund shares Security repurchase agreements 19.8 164.9 26.5 163.6 34.5 182.9 32.4 161.4 35.3 174.2 34.3 178.9 34.5 182.9 35.8 189.1 36.1 195.5 4 5 6 7 8 9 10 11 LM214022005 FL213069103 LM213061105 LM213061703 LM213062003 LM213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1535.2 78.2 713.2 518.4 16.8 208.6 1651.8 77.6 793.1 539.3 16.7 225.1 1917.2 79.2 1111.9 466.5 18.6 240.9 1737.4 76.5 862.1 560.8 16.5 221.5 1876.0 75.1 1032.8 503.0 17.8 247.2 1872.3 77.3 1057.7 483.3 18.2 235.7 1917.2 79.2 1111.9 466.5 18.6 240.9 1872.8 83.1 1112.1 432.3 19.5 225.7 2103.1 6 89.1 7 1326.2 8 427.6 9 20.2 10 239.9 11 12 FL213065005 Loans (mortgages) 258.6 256.5 261.7 253.1 256.3 259.5 261.7 263.6 264.6 12 13 14 LM213064103 LM213064203 Corporate equities Mutual fund shares 169.6 82.2 214.1 98.9 250.0 112.8 167.6 83.4 202.8 96.4 219.5 102.2 250.0 112.8 264.4 116.6 284.5 13 123.4 14 15 16 17 FL213070003 FL213078005 FL213093003 Trade receivables Taxes receivable Miscellaneous assets 230.2 170.0 102.5 249.3 178.5 31.3 263.7 189.7 45.4 244.3 183.2 17.3 238.0 188.7 29.3 253.7 190.4 42.0 263.7 189.7 45.4 269.5 193.4 48.9 279.1 15 193.2 16 62.9 17 18 FL214190005 8582.4 8297.7 8315.2 8909.0 8691.1 8616.5 8315.2 8319.3 8146.9 18 19 20 21 FL213162005 FL213162400 FL213162200 Debt securities (municipal securities) Short-term (1) Long-term 3073.2 38.0 3035.1 3070.2 44.8 3025.4 3158.9 46.7 3112.2 3076.5 43.0 3033.5 3097.6 41.2 3056.4 3132.3 44.8 3087.5 3158.9 46.7 3112.2 3184.6 43.3 3141.2 3202.3 19 36.8 20 3165.5 21 22 FL213169203 Loans (U.S. government loans) 23 24 FL213170003 FL223073045 Trade payables Claims of pension fund on sponsor (2) Total liabilities (1) Debt with original maturity of 13 months or less. (2) Included in miscellaneous liabilities. 20.1 21.1 22.1 21.2 21.4 21.8 22.1 22.3 22.3 22 1000.2 4488.9 1048.8 4157.6 1097.2 4037.0 1061.0 4750.2 1072.8 4499.4 1084.8 4377.5 1097.2 4037.0 1109.9 4002.6 1122.9 23 3799.4 24 85 Z.1, September 23, 2021 L.108 Domestic Financial Sectors (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 Total financial assets Q2 2021 Q3 Q4 Q1 Q2 1 FL794090005 2 3 4 5 6 FL713011005 FL713014003 FL713012003 FL633091003 FL794010005 U.S. official reserve assets SDR certificates Treasury currency Foreign deposits Net interbank assets 31.8 5.2 49.8 1.5 1637.3 31.6 5.2 50.1 7.4 1631.7 33.1 5.2 50.5 0.7 3138.1 31.4 5.2 50.2 3.8 2649.3 31.6 5.2 50.3 2.1 2961.7 32.3 5.2 50.4 0.9 2898.6 33.1 5.2 50.5 0.7 3138.1 31.9 5.2 50.5 2.2 3810.5 32.0 5.2 50.7 0.3 3644.7 7 8 9 10 FL793020005 FL793030005 FL793034005 FL792050005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 398.9 662.5 538.2 3301.1 469.6 716.8 603.3 3896.1 694.3 723.1 828.5 3592.5 777.5 756.6 744.8 4171.8 651.9 837.8 817.5 3494.0 579.1 772.7 813.7 3487.2 694.3 723.1 828.5 3592.5 736.3 690.5 855.5 3202.9 663.3 7 652.7 8 867.0 9 3742.7 10 11 12 13 14 15 16 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 26235.7 28757.5 35906.3 30245.6 34118.7 34965.7 35906.3 35988.7 36851.9 11 630.9 619.9 566.7 684.5 605.2 553.0 566.7 681.1 615.9 12 8840.4 9785.0 14561.0 11210.2 13844.7 14216.1 14561.0 14534.9 14835.7 13 6874.2 7236.9 8413.7 7667.4 7957.6 8162.7 8413.7 8551.5 8761.7 14 1977.8 2105.7 2234.3 2060.6 2129.9 2178.4 2234.3 2252.8 2315.0 15 7912.3 9010.1 10130.6 8622.9 9581.2 9855.4 10130.6 9968.4 10323.7 16 17 18 19 20 21 FL794023005 FL793068005 FL793069005 FL793065005 FL793066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 23425.7 24206.8 25239.0 25127.6 24933.9 24956.9 25239.0 25503.5 25878.3 17 3663.8 3803.1 4216.0 4450.7 4479.5 4272.2 4216.0 4239.6 4179.8 18 2144.7 2101.7 2065.5 2315.5 2006.1 1991.0 2065.5 2173.9 2206.9 19 14914.2 15492.2 16213.4 15625.0 15766.7 15989.8 16213.4 16391.4 16697.3 20 2703.0 2809.8 2744.1 2736.4 2681.6 2703.9 2744.1 2698.6 2794.3 21 22 23 LM793064105 LM793064205 Corporate equities Mutual fund shares 18823.3 22890.3 25985.6 17933.8 21341.4 22885.0 25985.6 27518.7 29560.7 22 5520.0 6371.9 6969.2 5244.5 6023.5 6327.5 6969.2 7126.9 7479.5 23 24 25 26 27 FL793070005 FL793040005 FL543050005 LM793092005 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad 28 FL793090005 Miscellaneous assets 29 FL794190005 30 FL794110005 Net interbank liabilities 31 32 33 34 FL793120005 FL703130005 FL634090005 FL792150005 Checkable deposits and currency Time and savings deposits Money market fund shares Federal funds and security repos 4583.7 4856.0 9128.6 5771.8 7671.3 7926.9 9128.6 9033.6 9115.2 31 12200.5 12884.6 13679.7 13500.0 14171.0 14212.6 13679.7 14194.6 14001.5 32 3038.3 3634.3 4335.6 4338.0 4635.9 4410.1 4335.6 4500.4 4539.3 33 2980.9 3205.7 2946.7 3458.7 2853.5 2884.5 2946.7 2874.5 3723.1 34 35 36 37 38 FL794122005 FL793169175 FL423161705 FL793163005 Debt securities Open market paper Agency- and GSE-backed securities Corporate and foreign bonds 13585.1 13977.3 14874.6 14593.0 14564.8 14599.2 14874.6 15065.7 15356.5 35 431.2 397.9 390.9 422.0 403.1 378.7 390.9 455.0 427.5 36 9089.6 9408.3 10066.5 9747.9 9722.7 9846.0 10066.5 10206.5 10387.6 37 4064.3 4171.1 4417.3 4423.1 4439.0 4374.4 4417.3 4404.1 4541.4 38 39 40 41 42 FL794123005 FL793168005 FL793169005 FL123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 43 LM653164205 Mutual fund shares 14669.8 17659.5 19562.6 14543.1 16776.1 17749.3 19562.6 20271.3 21459.7 43 44 45 46 FL793170005 FL543140005 FL583150005 Trade payables Life insurance reserves Pension entitlements 280.0 295.2 397.2 320.3 352.4 380.2 397.2 400.9 401.2 44 2035.2 2122.4 2248.9 2122.6 2161.3 2195.6 2248.9 2237.6 2278.7 45 25942.1 28128.8 29963.7 26892.5 28191.2 28854.9 29963.7 30365.5 31120.2 46 47 48 FL793178005 LM793192305 Taxes payable Foreign direct investment: intercompany debt 49 FL793190005 Miscellaneous liabilities Total liabilities 97785.6 107423.0 121802.1 107283.3 114333.7 116548.1 121802.1 124430.2 128415.4 321.5 483.5 191.4 958.9 335.2 500.9 199.5 1213.9 375.9 516.6 291.3 1355.4 350.9 504.1 219.7 955.3 368.4 508.2 249.1 1112.2 382.4 512.1 268.3 1168.2 375.9 516.6 291.3 1355.4 382.3 517.6 292.3 1442.1 392.7 526.7 297.2 1524.4 1 2 3 4 5 6 24 25 26 27 15199.5 15535.2 16096.7 17511.3 16826.3 16442.0 16096.7 16272.6 16245.4 28 90976.3 98767.7 111279.2 99532.5 105340.2 106995.7 111279.2 113901.5 116909.6 29 1810.9 2027.4 311.0 1490.2 226.2 1711.9 1954.7 305.1 1425.3 224.3 3258.2 1923.6 380.7 1317.4 225.4 3063.4 2367.7 413.8 1728.9 225.1 3210.8 2029.3 347.1 1459.2 223.0 3080.8 1916.3 341.7 1349.7 225.0 3258.2 1923.6 380.7 1317.4 225.4 3852.4 1921.5 383.7 1318.0 219.9 3652.8 30 1963.1 437.7 1306.0 219.3 39 40 41 42 159.5 186.1 172.4 170.6 164.3 178.1 162.3 167.9 168.5 167.2 161.8 168.8 164.3 178.1 151.6 176.8 143.2 47 178.8 48 7476.7 7994.3 8617.4 8231.0 8386.9 8454.8 8617.4 8855.2 8976.3 49 Memo: 50 51 52 LM793164105 LM662090003 LM793192105 Corporate equities (market value) (2) Equity in noncorporate business Foreign direct investment: equity 9272.1 11485.5 12407.6 78.2 83.5 90.3 852.7 1170.8 1428.7 (1) Sum of financial sectors shown on tables L.109 through L.132. (1) Corporate equities outstanding detail is not available for financial subsectors and not shown on tables L.109 through L.132. 8676.7 10019.3 10548.6 12407.6 13820.9 15214.6 50 84.8 88.5 87.1 90.3 93.8 98.0 51 928.7 1115.9 1207.0 1428.7 1508.0 1639.2 52 Levels 2018 86 Z.1, September 23, 2021 L.109 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL714090005 4095.9 4379.1 7656.1 6179.5 7364.0 7402.6 7656.1 7768.5 8257.7 1 2 3 4 FL713011005 FL713014003 FL713012003 U.S. official reserve assets SDR certificates Treasury currency 31.8 5.2 49.8 31.6 5.2 50.1 33.1 5.2 50.5 31.4 5.2 50.2 31.6 5.2 50.3 32.3 5.2 50.4 33.1 5.2 50.5 31.9 5.2 50.5 32.0 5.2 50.7 2 3 4 5 6 7 8 9 FL713022003 FL713068705 FL713068703 FL763069143 FL713068725 Federal Reserve float Interbank loans Discount window (2) AMLF and MMLF loans (3) PPPLF loans (4) -0.8 0.1 0.1 0.0 0.0 -0.6 0.0 0.0 0.0 0.0 -0.6 44.6 1.6 2.0 41.0 -0.7 76.6 49.1 27.5 0.0 -0.7 83.5 7.2 11.8 64.5 -1.3 66.6 3.5 3.9 59.3 -0.6 44.6 1.6 2.0 41.0 -1.1 41.4 0.8 0.1 40.4 -1.1 41.8 0.5 0.0 41.3 5 6 7 8 9 10 FL712051000 Security repurchase agreements 0.0 255.6 0.0 262.7 58.0 0.0 0.0 0.0 11 12 13 14 15 16 17 18 LM714022005 FL713069603 LM713061103 LM713061113 LM713061125 LM713061705 LM713061903 LM713061703 3982.6 0.0 2338.0 0.0 2338.0 1644.6 1641.4 3.2 4011.9 0.0 2540.7 168.5 2372.3 1471.1 1467.8 3.3 7422.2 0.0 5254.6 326.0 4928.6 2167.7 2164.1 3.5 5312.9 0.0 3757.4 325.9 3431.5 1555.5 1551.9 3.6 6847.7 0.0 4807.9 325.9 4481.9 2039.9 2036.2 3.6 7163.7 0.0 5056.0 326.0 4730.0 2107.8 2104.2 3.6 7422.2 0.0 5254.6 326.0 4928.6 2167.7 2164.1 3.5 7548.3 0.0 5273.2 326.0 4947.2 2275.1 2271.8 3.3 8010.8 0.0 5596.5 326.0 5270.5 2414.3 2410.9 3.4 11 12 13 14 15 16 17 18 19 20 21 22 23 FL713068005 FL713068813 FL713068665 FL713068863 FL713068505 Loans (depository institution loans n.e.c.) Households (TALF I) (6) Brokers and dealers (7) Finance companies (PPPLF) (4) Other financial business (8) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 52.2 0.0 2.1 9.4 40.7 58.7 0.0 58.7 0.0 0.0 30.9 0.0 12.1 3.7 15.1 31.7 0.0 3.4 8.3 20.0 52.2 0.0 2.1 9.4 40.7 58.7 0.0 0.1 19.7 38.9 86.2 0.0 0.0 49.3 36.9 19 20 21 22 23 24 25 26 27 FL713064103 FL713090005 FL713091103 FL713093005 Corporate equities (9) Miscellaneous assets Nonofficial foreign currencies (10) Other 0.0 27.3 4.2 23.1 0.0 25.4 3.7 21.7 0.0 49.0 17.9 31.1 0.0 382.4 357.7 24.7 0.0 257.5 226.9 30.6 0.0 54.0 23.9 30.1 0.0 49.0 17.9 31.1 0.0 33.4 2.5 30.9 0.0 32.1 0.6 31.5 24 25 26 27 28 FL714190005 4100.2 4216.6 7300.3 5786.3 6947.5 6996.3 7300.3 7688.8 8087.2 28 29 30 FL713113003 FL703025005 Depository institution reserves Vault cash of depository institutions 1556.0 82.0 1548.8 83.4 2994.9 99.2 2474.3 99.0 2787.0 92.0 2743.2 90.0 2994.9 99.2 3672.7 97.5 3511.6 29 92.3 30 31 FL713120005 Checkable deposits and currency 2117.6 2207.3 3945.7 2593.2 3792.1 3914.6 3945.7 3521.7 3178.3 31 32 33 34 35 36 37 38 FL713123005 FL713123023 FL713123030 FL713123043 FL713124005 FL713129005 FL713122605 Due to federal government Treasury cash holdings Treasury general deposit account Treasury temporary supplementary financing account Due to government-sponsored enterprises Due to other financial business (11) Due to rest of the world 402.4 0.2 402.1 0.0 10.5 62.3 5.3 404.0 0.2 403.9 0.0 12.5 61.2 5.2 1728.6 0.0 1728.6 0.0 51.0 154.2 21.9 515.6 0.3 515.3 0.0 120.0 160.4 17.4 1722.1 0.1 1722.0 0.0 42.0 133.7 16.3 1781.7 0.0 1781.7 0.0 25.5 145.9 18.9 1728.6 0.0 1728.6 0.0 51.0 154.2 21.9 1122.0 0.1 1122.0 0.0 134.1 185.8 33.2 39 FL713125005 Currency outside banks 1637.2 1724.2 1989.9 1779.7 1878.1 1942.5 1989.9 2046.5 2091.3 39 40 41 42 FL712151003 FL712151103 FL712151115 Security repurchase agreements Reverse repurchase agreement operations (12) Other (13) 304.0 41.8 262.2 336.6 64.1 272.6 216.1 9.7 206.4 569.1 284.9 284.2 233.0 1.0 232.0 205.2 0.9 204.4 216.1 9.7 206.4 352.2 134.3 217.9 1260.9 40 991.9 41 269.0 42 43 44 45 46 FL713190005 FL313094213 FL713164003 FL713193005 Miscellaneous liabilities Treasury contributions to MMLF Federal Reserve Bank stock Other 40.6 0.0 32.3 8.2 40.4 0.0 31.7 8.7 44.4 1.5 32.4 10.5 50.8 0.0 32.0 18.8 43.5 1.5 32.0 10.0 43.2 1.5 32.4 9.3 44.4 1.5 32.4 10.5 44.7 1.5 32.5 10.7 3988.7 2302.5 1686.3 3851.3 2401.6 1449.6 7068.2 4955.9 2112.3 4921.6 3421.1 1500.6 6433.2 4455.4 1977.8 6759.3 4705.5 2053.8 7068.2 4955.9 2112.3 7470.8 5210.3 2260.5 Debt securities (5) Open market paper Treasury securities Treasury bills Other Treasury securities Agency- and GSE-backed securities Mortgage-backed securities Other agency- and GSE-backed securities Total liabilities 0.0 10 852.0 0.0 851.9 0.0 28.6 201.1 5.3 44.0 0.0 32.8 11.2 32 33 34 35 36 37 38 43 44 45 46 Memo: 47 48 49 FL714022065 FL713061163 FL713061765 Amortized cost of debt securities Treasury securities Agency- and GSE-backed securities 7842.5 47 5450.1 48 2392.4 49 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. (2) Loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit. (3) Loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) and the Money Market Mutual Fund Liquidity Facility (MMLF). The AMLF was dissolved in 2010:Q1. (4) Loans extended to depository institutions (line 9) and finance companies (line 22) through the Paycheck Protection Program Liquidity Facility (PPPLF). (5) Shown at estimated fair value. (6) Loans extended to financial institutions such as domestic hedge funds through the 2008 Term Asset-Backed Securities Loan Facility (TALF I). (7) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF), AMLF (2008-2010), and MMLF (2020). (8) Loans extended to Federal Reserve funding, credit, and liquidity, facility special purpose vehicles created in response to the 2008 Financial Crisis and COVID-19 pandemic. (9) 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 Assuance Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG. Series is zero after 2010:Q4. (10) Reciprocal currency arrangements (swap lines) with foreign central banks. (11) Deposits of designated financial market utilities (DFMU) and deposits of Federal Reserve facility LLC’s special purpose vehicles. (12) 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). (13) Includes reverse repurchase agreements conducted through the Federal Reserve’s Foreign Repo Pool. 87 Z.1, September 23, 2021 L.110 Private Depository Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 2021 Q3 Q4 Q1 Q2 1 FL704090005 2 3 4 FL703025005 FL713113003 FL702050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 82.0 1556.0 702.0 83.4 1548.8 738.3 99.2 2994.9 862.5 99.0 2474.3 659.2 92.0 2787.0 863.2 90.0 2743.2 835.0 99.2 2994.9 862.5 97.5 3672.7 567.1 92.3 3511.6 576.6 5 6 7 8 9 10 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4299.9 0.2 736.7 2445.5 505.8 611.8 4647.5 0.7 879.3 2634.4 478.3 654.8 5790.6 2.3 1203.3 3375.7 522.8 686.5 4881.5 28.7 894.3 2823.8 491.4 643.3 5229.3 12.4 1103.5 2920.8 510.0 682.5 5516.7 4.2 1187.0 3095.6 514.5 715.5 5790.6 2.3 1203.3 3375.7 522.8 686.5 6188.5 0.3 1255.5 3604.8 527.7 800.2 6453.2 5 0.1 6 1348.9 7 3729.6 8 541.1 9 833.4 10 11 12 13 14 15 FL704023005 FL703068005 FL703069005 FL703065005 FL703066005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 16 17 LM703064105 LM703064205 Corporate equities Mutual fund shares 18 FL763040005 Life insurance reserves 172.1 178.8 184.8 179.7 181.0 182.8 184.8 186.9 191.6 18 19 20 LM763092000 FL703090005 U.S. direct investment abroad Miscellaneous assets 250.0 699.7 303.6 616.4 327.4 865.0 234.1 949.9 272.8 844.6 288.5 893.0 327.4 865.0 341.8 830.8 362.5 19 857.0 20 21 FL704190005 22 FL704110005 Net interbank liabilities 23 24 FL703127005 FL703130005 Checkable deposits Time and savings deposits 25 FL702150005 Federal funds and security repos 646.7 717.1 715.9 788.3 688.7 719.9 715.9 714.6 685.1 25 26 27 28 FL704122005 FL703169175 FL763163005 Debt securities Open market paper Corporate bonds 288.2 128.3 160.0 248.2 106.9 141.3 303.9 133.4 170.5 284.1 131.1 152.9 285.6 127.8 157.8 287.6 125.7 161.9 303.9 133.4 170.5 318.4 143.6 174.8 317.0 26 143.2 27 173.8 28 29 FL703169005 Loans (other loans and advances) 635.0 537.2 295.6 677.9 430.8 354.5 295.6 268.9 245.1 29 30 31 FL763178003 LM753192305 Taxes payable (net) Foreign direct investment: intercompany debt 109.7 27.8 124.2 26.1 113.0 24.4 107.6 25.2 109.9 24.4 112.3 24.4 113.0 24.4 96.3 23.6 94.4 30 22.0 31 32 33 34 35 FL703190005 FL763194735 FL753194503 FL703193005 Miscellaneous liabilities Investment by holding companies Investment by other financial businesses Other 2956.5 2140.0 123.1 693.4 3120.4 2233.6 119.5 767.2 3061.2 2306.3 92.0 662.9 3127.5 2197.2 122.4 808.0 3072.5 2225.2 111.5 735.8 3047.9 2252.9 101.0 694.0 3061.2 2306.3 92.0 662.9 3130.2 2320.5 134.2 675.5 311.4 389.3 454.3 309.4 368.1 398.9 454.3 477.5 Total liabilities 19194.8 20056.3 23448.7 21923.8 22776.1 22901.9 23448.7 24158.5 24385.5 1 2 3 4 11269.4 11727.0 12096.0 12301.3 12329.9 12160.2 12096.0 12022.6 12070.5 11 3663.8 3803.1 4163.8 4392.0 4448.6 4240.5 4163.8 4180.9 4093.7 12 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13 5442.4 5654.9 5741.4 5704.2 5738.6 5766.7 5741.4 5705.6 5756.5 14 2163.2 2269.0 2190.8 2205.1 2142.7 2153.0 2190.8 2136.1 2220.3 15 109.1 54.7 147.7 64.9 160.1 68.1 95.9 48.8 120.6 55.7 133.0 59.5 160.1 68.1 176.5 74.1 191.1 16 79.1 17 19503.4 20386.1 23540.7 22179.3 22994.0 23019.1 23540.7 24340.8 24526.3 21 172.9 79.7 164.0 490.1 331.9 247.5 164.0 82.1 48.8 22 2466.1 2648.7 5182.9 3178.7 3879.2 4012.3 5182.9 5511.9 5936.9 23 12200.5 12884.6 13679.7 13500.0 14171.0 14212.6 13679.7 14194.6 14001.5 24 3175.4 2386.8 116.8 671.9 32 33 34 35 Memo: 36 LM753192103 Foreign direct investment: equity 37 FL763066303 Consumer leases not included above (2) 38 FL703139105 Uninsured deposits (3) 509.8 36 12.4 13.1 13.5 13.4 13.3 13.5 13.5 13.4 13.5 37 6187.3 6716.3 8477.2 7466.2 8051.8 8116.6 8477.2 8811.1 9062.2 38 (1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114). (2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (3) Includes checkable deposits (line 23) and time and savings deposits (line 24) not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Levels Total financial assets Q2 88 Z.1, September 23, 2021 L.111 U.S.-Chartered Depository Institutions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 1 FL764090005 2 3 4 FL763025000 FL763013005 FL762050005 Total financial assets Vault cash Reserves at Federal Reserve Federal funds and security repos 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 LM764022005 FL763069175 LM763061100 LM763061705 LM763061803 LM763061503 LM763061603 LM763061403 LM763061795 LM763062000 LM763063005 LM763063673 LM763063653 LM763063663 LM763063693 LM763063095 21 22 23 24 25 Q2 2021 Q3 Q4 Q1 Q2 15633.1 16332.9 19413.4 17648.0 18716.0 18845.0 19413.4 19910.3 20084.5 1 82.0 888.4 382.8 83.4 907.3 358.5 99.2 2189.8 538.3 99.0 1476.5 331.3 91.9 1967.1 560.3 90.0 1918.0 498.1 99.2 2189.8 538.3 97.5 2619.2 294.3 92.3 2474.5 300.2 2 3 4 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 3760.5 0.0 569.8 2239.3 1394.9 123.7 417.6 153.5 149.6 499.8 451.6 3.6 2.0 32.5 39.0 374.5 4083.6 0.0 704.1 2408.2 1532.2 149.1 427.9 178.1 121.0 471.7 499.7 5.3 2.7 34.6 42.3 414.7 5124.6 2.0 1044.1 3061.0 1943.3 201.9 547.8 238.9 129.2 512.6 504.8 4.6 2.9 39.0 42.6 415.6 4272.2 27.5 724.4 2582.8 1663.8 161.1 448.8 197.0 112.1 484.0 453.4 5.6 2.6 36.5 43.1 365.6 4588.7 11.8 926.7 2650.3 1678.3 174.0 478.1 210.4 109.6 501.5 498.5 5.5 2.7 39.9 44.0 406.3 4867.1 3.9 1019.5 2804.6 1774.0 184.2 499.8 227.8 118.8 504.9 534.3 5.1 2.9 39.9 42.7 443.8 5124.6 2.0 1044.1 3061.0 1943.3 201.9 547.8 238.9 129.2 512.6 504.8 4.6 2.9 39.0 42.6 415.6 5485.8 0.1 1111.0 3233.4 2083.7 207.5 554.9 247.7 139.6 516.8 624.6 5.5 3.0 40.7 44.3 531.1 5741.0 0.0 1195.5 3357.0 2170.7 220.6 554.8 260.9 150.0 529.6 659.0 5.4 3.0 42.1 48.1 560.3 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FL764023005 FL763068005 FL763069703 FL763065005 FL763066000 Loans Depository institution loans n.e.c. Other loans and advances Mortgages Consumer credit 9427.5 2927.8 0.0 4817.7 1682.0 9784.9 10074.9 10188.9 10257.4 10132.7 10074.9 10017.3 10041.2 21 3026.6 3361.8 3458.5 3572.8 3426.5 3361.8 3394.1 3320.3 22 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23 4987.4 5027.5 5020.5 5040.3 5057.0 5027.5 4990.0 5019.9 24 1771.0 1685.7 1709.9 1644.4 1649.2 1685.7 1633.2 1701.0 25 26 27 LM763064105 LM763064203 Corporate equities Mutual fund shares 109.1 52.1 147.7 61.6 160.1 63.4 95.9 45.6 120.6 51.9 133.0 55.4 160.1 63.4 176.5 68.1 191.1 26 72.2 27 28 29 FL763040005 LM763092000 Life insurance reserves U.S. direct investment abroad 172.1 250.0 178.8 303.6 184.8 327.4 179.7 234.1 181.0 272.8 182.8 288.5 184.8 327.4 186.9 341.8 191.6 28 362.5 29 30 FL763090005 Miscellaneous assets 508.4 423.5 650.9 724.9 624.3 679.4 650.9 622.8 618.0 30 31 FL764190005 32 33 34 35 36 FL764110005 FL713022003 FL713068715 FL764112005 FL764116005 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks 37 38 39 40 41 FL763127005 FL763123005 FL763128000 FL763129205 FL763122605 Checkable deposits Federal government State and local government Private domestic Rest of the world 42 43 FL763130005 FL762150005 Time and savings deposits Federal funds and security repos 44 45 46 FL764122005 FL763169175 FL763163005 Debt securities Open market paper Corporate bonds 247.5 87.5 160.0 209.7 68.4 141.3 268.5 98.0 170.5 232.9 80.0 152.9 242.3 84.5 157.8 251.4 89.5 161.9 268.5 98.0 170.5 278.7 103.8 174.8 276.4 44 102.6 45 173.8 46 47 FL763169305 Loans (other loans and advances) 577.3 484.9 252.3 615.1 380.3 306.8 252.3 228.6 205.9 47 48 FL763178003 Taxes payable (net) 109.7 124.2 113.0 107.6 109.9 112.3 113.0 96.3 94.4 48 49 50 51 FL763190005 FL763194735 FL763193005 Miscellaneous liabilities Investment by holding companies Other 2717.2 2140.0 577.2 2899.5 2233.6 665.9 2847.4 2306.3 541.2 2865.5 2197.2 668.3 2824.1 2225.2 598.9 2817.1 2252.9 564.3 2847.4 2306.3 541.2 2886.6 2320.5 566.1 2931.5 49 2386.8 50 544.8 51 12.4 13.1 13.5 13.4 13.3 13.5 13.5 13.4 13.5 52 5081.9 5480.8 7199.3 6225.2 6732.4 6811.5 7199.3 7436.5 7691.6 53 Total liabilities 16163.8 16890.0 19694.9 18159.7 19138.1 19180.9 19694.9 20261.2 20480.8 31 21.5 -0.8 0.1 -6.1 28.4 7.7 -0.6 0.0 -7.0 15.3 8.8 -0.6 44.2 -3.4 -31.4 67.4 -0.7 76.6 -20.7 12.2 127.8 -0.7 83.0 -7.7 53.2 93.8 -1.3 66.1 -2.7 31.7 8.8 -0.6 44.2 -3.4 -31.4 -85.0 -1.1 41.1 19.8 -144.8 -67.2 -1.1 41.7 4.5 -112.3 32 33 34 35 36 2053.7 1.8 132.9 1844.7 74.4 2191.5 1.6 139.1 1971.8 78.9 4572.8 2.7 229.9 4278.8 61.4 2649.7 1.7 142.3 2414.7 91.0 3303.4 1.9 167.3 3063.7 70.5 3416.4 2.4 178.1 3172.9 63.0 4572.8 2.7 229.9 4278.8 61.4 4803.3 2.4 248.5 4493.8 58.5 5236.0 4.5 296.5 4860.5 74.6 37 38 39 40 41 10293.9 10805.4 11461.2 11430.4 11959.9 12004.0 11461.2 11865.3 11660.7 42 143.1 167.0 170.9 191.1 190.5 179.0 170.9 187.5 143.1 43 Memo: 52 FL763066303 Consumer leases not included above (1) 53 FL763139105 Uninsured deposits (2) (1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a nonfinancial asset. (2) Includes checkable deposits (line 37) and time and savings deposits (line 42) not insured by the Federal Deposit Insurance Corporation. 89 Z.1, September 23, 2021 L.112 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL754090005 2051.5 2093.6 2102.7 2573.4 2227.9 2184.5 2102.7 2191.8 2225.1 1 2 3 4 FL753025003 FL753013003 FL752050005 Vault cash Reserves at Federal Reserve Federal funds and security repos 0.0 598.6 319.0 0.0 554.1 379.0 0.0 602.5 323.7 0.0 873.8 327.2 0.0 644.6 302.2 0.0 649.6 336.1 0.0 602.5 323.7 0.0 794.3 272.2 0.0 799.1 276.2 2 3 4 5 6 7 8 9 10 LM754022005 FL753069603 LM753061103 LM753061703 LM753062003 LM753063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 318.1 0.0 125.6 42.9 0.0 149.7 309.0 0.0 121.1 53.2 0.0 134.7 313.5 0.0 99.8 60.7 0.0 153.0 340.2 0.0 116.4 59.4 0.0 164.4 334.4 0.0 117.1 59.7 0.0 157.7 319.4 0.0 109.0 56.1 0.0 154.3 313.5 0.0 99.8 60.7 0.0 153.0 284.7 0.0 78.4 61.0 0.0 145.3 289.4 5 0.0 6 83.8 7 58.6 8 0.0 9 147.0 10 11 12 13 14 FL754023005 FL753068005 FL753069703 FL753065005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 739.5 661.9 0.0 77.6 767.8 687.4 0.0 80.4 785.6 704.7 0.0 80.9 926.3 843.7 0.0 82.6 859.7 777.7 0.0 82.0 797.6 716.2 0.0 81.5 785.6 704.7 0.0 80.9 768.1 687.8 0.0 80.3 767.2 685.8 0.0 81.4 15 FL753064103 Corporate equities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 FL753093005 Miscellaneous assets 76.2 83.7 77.5 105.9 87.0 81.7 77.5 72.4 93.2 16 17 FL754190005 1978.7 2033.9 2098.2 2491.3 2203.7 2147.9 2098.2 2205.4 2155.7 17 18 19 20 FL754110005 FL754116005 FL754112005 Net interbank liabilities To foreign banks To domestic banks 191.1 178.5 12.7 112.6 108.3 4.4 191.8 184.3 7.5 468.0 461.2 6.8 243.5 234.4 9.1 193.5 190.1 3.4 191.8 184.3 7.5 197.4 183.5 13.9 152.7 18 144.9 19 7.8 20 21 22 FL753127005 FL753130005 Checkable deposits Time and savings deposits 177.8 819.8 199.4 908.8 256.3 858.0 251.4 859.3 256.1 917.5 265.8 883.8 256.3 858.0 306.3 892.9 296.0 21 885.8 22 23 FL752150005 Federal funds and security repos 503.6 550.0 545.0 597.2 498.2 540.9 545.0 527.1 542.0 23 24 FL753169175 Debt securities (open market paper) 40.8 38.5 35.4 51.1 43.3 36.2 35.4 39.8 40.7 24 25 LM753192305 Foreign direct investment: intercompany debt 27.8 26.1 24.4 25.2 24.4 24.4 24.4 23.6 22.0 25 26 27 28 FL753190005 FL753194503 FL753193005 Miscellaneous liabilities Investment by other financial businesses Other 217.9 123.1 94.8 198.4 119.5 78.9 187.3 92.0 95.3 239.1 122.4 116.7 220.8 111.5 109.3 203.3 101.0 102.3 187.3 92.0 95.3 218.4 134.2 84.2 216.6 26 116.8 27 99.8 28 Total liabilities 11 12 13 14 Memo: 29 LM753192103 Foreign direct investment: equity 311.4 389.3 454.3 309.4 368.1 398.9 454.3 477.5 509.8 29 30 FL753139105 Uninsured deposits (2) 997.5 1108.2 1114.4 1110.7 1173.6 1149.6 1114.4 1199.2 1181.8 30 (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) All checkable deposits (line 21) and time and savings deposits (line 22) are considered uninsured according to the Federal Deposit Insurance Act. Levels 2018 90 Z.1, September 23, 2021 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 1 FL744090005 2 FL743013003 Total financial assets Reserves at Federal Reserve 3 4 5 6 7 LM744022003 LM743061103 LM743061703 LM743062003 LM743063005 8 9 10 11 FL744023003 FL743068005 FL743065103 FL743065505 12 FL743093005 13 FL744190005 14 15 16 17 FL744110005 FL743127003 FL743130003 FL743193005 18 FL743139105 2021 Q2 Q3 Q4 Q1 Q2 91.2 95.6 109.5 97.6 107.4 110.3 109.5 116.9 123.7 1 6.0 4.4 14.7 8.0 13.4 16.0 14.7 14.5 23.2 2 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 19.5 10.2 8.0 1.2 0.1 33.6 16.6 8.0 1.2 7.8 41.3 13.8 15.0 0.1 12.5 34.0 14.7 7.2 1.2 10.9 38.8 17.6 9.1 1.2 10.9 39.3 15.1 12.2 1.0 10.9 41.3 13.8 15.0 0.1 12.5 43.8 15.3 16.6 0.1 11.8 42.4 15.5 17.1 0.1 9.7 3 4 5 6 7 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Commercial mortgages 37.1 13.1 14.1 10.0 40.7 18.1 13.2 9.4 41.6 18.7 13.5 9.4 42.6 20.1 13.0 9.5 44.7 21.7 13.4 9.6 43.3 20.2 13.7 9.4 41.6 18.7 13.5 9.4 39.2 17.4 12.8 9.0 38.3 8 17.0 9 12.4 10 8.9 11 Miscellaneous assets 28.5 17.0 11.9 13.1 10.5 11.8 11.9 19.4 19.8 12 81.2 86.9 101.5 89.2 98.6 102.4 101.5 108.9 116.1 13 -1.3 40.9 38.5 3.2 -1.6 45.7 39.8 3.0 -1.4 56.7 42.9 3.2 -2.0 46.5 41.5 3.1 -2.0 54.4 42.7 3.5 -1.5 56.5 43.4 4.1 -1.4 56.7 42.9 3.2 -1.3 61.3 46.2 2.7 -1.3 68.1 47.0 2.4 29.3 33.6 44.0 34.3 40.3 43.8 44.0 46.9 54.2 18 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Miscellaneous liabilities 14 15 16 17 Levels Memo: Uninsured deposits (2) (1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. (2) Includes checkable deposits (line 15) and time and savings deposits (line 16) not insured by the Federal Deposit Insurance Corporation. L.114 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL474090005 Total financial assets 2 3 FL473013005 FL472050053 Reserves at Federal Reserve Federal funds and security repos 4 5 6 7 8 9 LM474022005 FL473069153 LM473061105 LM473061705 LM473062005 LM473063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 13 FL474023000 FL473068005 FL473065100 FL473066000 Loans Depository institution loans n.e.c. One-to-four-family residential mortgages Consumer credit 14 15 LM473064205 FL473090005 Mutual fund shares Miscellaneous assets 16 FL474190005 17 18 19 20 21 22 FL474110005 FL473127003 FL473130005 FL472150053 FL473169333 FL473193005 Total liabilities Net interbank liabilities Checkable deposits Time and savings deposits Federal funds and security repos Loans (other loans and advances) Miscellaneous liabilities 1419.1 1534.2 1823.2 1604.8 1724.8 1762.2 1823.2 1939.6 1952.1 1 62.9 0.2 83.0 0.8 188.0 0.5 116.0 0.8 162.0 0.8 159.7 0.8 188.0 0.5 244.6 0.5 214.8 0.3 2 3 201.8 0.2 31.1 155.3 4.8 10.4 221.3 0.7 37.5 165.0 5.5 12.6 311.1 0.3 45.5 239.0 10.1 16.2 235.2 1.2 38.7 174.4 6.3 14.6 267.5 0.7 42.2 201.8 7.4 15.5 290.9 0.3 43.4 222.7 8.6 16.0 311.1 0.3 45.5 239.0 10.1 16.2 374.2 0.2 50.8 293.9 10.9 18.5 380.4 0.1 54.1 296.9 11.5 17.8 4 5 6 7 8 9 1065.2 61.0 523.0 481.2 1133.6 71.0 564.5 498.0 1193.9 78.7 610.1 505.1 1143.6 69.7 578.7 495.2 1168.1 76.4 593.4 498.3 1186.6 77.6 605.2 503.9 1193.9 78.7 610.1 505.1 1198.0 81.7 613.4 502.9 1223.8 70.5 633.9 519.4 10 11 12 13 2.5 86.5 3.3 92.2 4.8 124.8 3.2 106.0 3.8 122.8 4.0 120.1 4.8 124.8 6.1 116.2 6.9 14 125.9 15 1279.7 1375.4 1646.1 1439.2 1553.5 1587.9 1646.1 1765.3 1773.5 16 -38.4 193.8 1048.3 0.0 57.7 18.3 -39.1 212.1 1130.6 0.0 52.3 19.4 -35.2 297.1 1317.7 0.0 43.3 23.3 -43.3 231.0 1168.7 0.0 62.9 19.9 -37.4 265.4 1250.9 0.0 50.5 24.1 -38.2 273.7 1281.3 0.0 47.7 23.3 -35.2 297.1 1317.7 0.0 43.3 23.3 -28.9 341.1 1390.2 0.0 40.3 22.6 -35.3 336.7 1408.0 0.0 39.2 25.0 78.6 93.7 119.5 96.0 105.5 111.8 119.5 128.5 17 18 19 20 21 22 Memo: 23 FL473139103 Uninsured deposits (1) (1) Includes checkable deposits (line 18) and time and savings deposits (line 19) not insured by the National Credit Union Share Insurance Fund. 134.6 23 91 Z.1, September 23, 2021 L.115 Property-Casualty Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL514090005 2 3 4 FL513020005 FL513034005 FL512051005 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM514022005 FL513069105 LM513061105 LM513061705 LM513062005 LM513063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 FL513065505 Loans (commercial mortgages) 12 13 LM513064105 LM513064205 14 15 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 2412.5 2687.8 2879.0 2529.4 2679.1 2758.4 2879.0 2893.7 3010.5 1 30.2 22.3 1.3 47.6 24.7 2.0 50.2 34.7 2.2 44.2 24.7 2.3 54.5 32.8 3.0 46.3 30.1 3.1 50.2 34.7 2.2 57.5 38.5 2.3 54.0 32.6 2.5 2 3 4 1118.6 9.2 156.8 127.0 291.6 534.0 1192.8 9.7 153.4 149.7 285.2 594.8 1270.2 8.9 157.5 145.3 297.9 660.7 1184.1 11.1 163.1 151.0 281.5 577.4 1248.6 13.4 167.4 143.9 287.5 636.3 1270.6 13.3 170.7 148.7 291.1 646.8 1270.2 8.9 157.5 145.3 297.9 660.7 1243.6 9.2 162.7 139.5 294.3 637.9 1296.6 5 10.2 6 182.9 7 136.6 8 296.9 9 669.9 10 20.5 22.9 24.3 23.6 23.7 23.5 24.3 24.3 25.5 11 Corporate equities Mutual fund shares 392.1 21.3 493.9 25.8 518.6 29.7 399.8 21.8 431.7 25.6 461.9 28.0 518.6 29.7 547.0 31.0 586.4 12 31.9 13 FL513070005 LM513092003 Trade receivables U.S. direct investment abroad 186.1 143.1 192.7 192.2 210.7 216.0 201.0 151.7 212.8 183.6 224.9 196.2 210.7 216.0 218.2 233.5 224.3 14 246.5 15 16 17 18 19 FL513090005 FL513092403 FL513076005 FL513093005 Miscellaneous assets Equity in FHLB Policy payables (1) Other 477.0 0.2 308.1 168.7 493.3 0.2 318.6 174.5 522.5 0.7 322.4 199.3 476.3 0.3 319.1 156.9 462.9 0.4 321.2 141.3 473.8 0.8 324.8 148.2 522.5 0.7 322.4 199.3 497.6 0.7 330.2 166.7 510.1 0.7 336.3 173.1 20 FL514190005 1626.1 1708.9 1802.2 1715.2 1757.8 1808.5 1802.2 1859.0 1899.0 20 21 22 FL512151003 FL513169333 Security repurchase agreements Loans (other loans and advances) 0.2 3.3 0.2 3.5 0.2 10.0 0.2 6.0 0.3 6.3 0.3 11.2 0.2 10.0 0.3 9.3 0.3 21 8.4 22 23 24 25 FL513170005 FL513178005 LM513192305 Trade payables Taxes payable Foreign direct investment: intercompany debt 76.8 13.2 13.3 79.5 12.9 13.1 90.5 13.4 12.2 80.8 15.6 12.5 87.1 15.9 11.7 97.4 12.2 11.5 90.5 13.4 12.2 92.7 15.0 11.8 94.4 23 12.1 24 11.5 25 26 27 28 29 FL513190005 FL513194733 FL513176005 FL513193005 Miscellaneous liabilities Investment by parent companies Policy payables Other 1519.3 6.0 1294.2 219.0 1599.7 6.8 1338.2 254.6 1675.8 2.9 1393.5 279.5 1600.1 6.7 1345.2 248.2 1636.6 1.9 1364.5 270.3 1675.8 3.0 1394.8 278.0 1675.8 2.9 1393.5 279.5 1729.9 3.7 1427.0 299.3 148.7 195.7 227.7 153.0 176.1 188.1 227.7 238.2 260.0 30 5.9 6.0 5.5 5.9 6.0 6.1 5.5 6.7 8.6 31 23.5 25.5 21.8 27.2 20.9 30.1 20.8 27.1 21.1 28.7 21.0 29.2 20.9 30.1 21.6 31.0 21.0 32 31.7 33 1088.0 147.0 161.1 59.2 1124.9 152.0 166.6 61.3 1175.2 159.1 163.3 59.1 1131.3 152.9 166.1 61.0 1147.8 156.9 164.3 59.8 1173.5 163.5 161.3 57.8 1175.2 159.1 163.3 59.1 1203.4 163.0 167.2 60.6 Total liabilities 1772.3 4.4 1453.3 314.6 16 17 18 19 26 27 28 29 Memo: 30 LM513192103 Foreign direct investment: equity 31 FL513200003 Securities lending (2) 32 33 FL514090023 FL514090033 Financial guaranty insurers’ total assets (3) Mortgage guaranty insurers’ total assets (3) 34 35 36 37 FL513176015 FL513176025 FL263176005 FL263076005 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers 1225.6 166.0 170.3 61.7 (1) Policy payables due from reinsurers. (2) Liability for securities lending collateral, included in line 29. (3) Total nonfinancial and financial assets of financial guaranty insurers and mortgage guaranty insurers as reported in statutory financial statements, with securities reported at book/adjusted carrying value. 34 35 36 37 Levels 2018 92 Z.1, September 23, 2021 L.116 Life Insurance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL544090005 2 3 4 FL543020005 FL543034005 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022005 FL543069105 LM543061105 LM543061705 LM543062005 LM543063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023005 FL543069005 FL543065005 Loans Other loans and advances Mortgages 14 15 LM543064105 LM543064205 Corporate equities Mutual fund shares 16 17 18 19 FL543070005 FL543040005 FL543050005 LM543092073 20 21 22 23 24 FL543090005 FL543092473 FL543077073 FL543095105 FL543093005 25 FL544190005 26 27 FL542151073 FL543169373 Security repurchase agreements Loans (other loans and advances) 28 29 30 FL543170005 FL543140005 FL543150005 Trade payables Life insurance reserves Pension entitlements (2) 31 32 FL543178075 LM543192375 Taxes payable Foreign direct investment: intercompany debt 33 34 35 36 37 38 FL543190005 FL543194733 FL673090543 FL543195005 FL593095005 FL543193005 Miscellaneous liabilities Investment by parent companies Funding agreements backing securities (3) Other reserves (4) Unallocated insurance contracts Other 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 7566.4 8514.5 9420.3 8283.4 8854.3 9031.5 9420.3 9263.9 9568.0 1 90.7 55.0 2.2 94.7 58.6 6.3 127.7 66.5 8.2 143.6 88.4 9.6 148.5 84.6 8.5 132.1 73.0 10.6 127.7 66.5 8.2 121.3 62.5 7.0 140.2 66.7 7.1 2 3 4 3509.2 33.1 203.7 364.9 190.0 2717.5 4023.0 28.8 215.3 388.4 215.0 3175.5 4431.5 34.0 240.7 366.4 234.2 3556.2 3964.5 38.3 233.2 397.5 214.8 3080.7 4257.3 34.8 235.2 381.9 222.1 3383.2 4345.0 40.4 242.6 377.4 227.4 3457.2 4431.5 34.0 240.7 366.4 234.2 3556.2 4221.9 31.1 225.4 348.9 231.6 3385.0 4333.3 5 31.8 6 233.4 7 348.2 8 234.1 9 3485.8 10 730.5 162.4 568.1 780.6 161.4 619.2 807.8 163.1 644.7 792.8 166.2 626.6 794.7 163.8 630.9 796.4 163.9 632.6 807.8 163.1 644.7 809.8 163.8 646.0 820.2 11 164.7 12 655.5 13 538.0 1402.5 644.6 1599.0 729.8 1702.1 556.1 1300.3 623.4 1487.1 658.6 1551.6 729.8 1702.1 750.6 1732.4 809.3 14 1794.2 15 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad 101.5 250.4 191.4 63.3 108.0 257.1 199.5 84.4 130.4 262.7 291.3 89.8 112.9 258.4 219.7 65.7 120.1 260.2 249.1 75.2 124.8 261.3 268.3 76.6 130.4 262.7 291.3 89.8 130.6 260.6 292.3 94.0 133.1 264.1 297.2 97.8 16 17 18 19 Miscellaneous assets Equity in FHLB Deferred and unpaid life ins. premiums Other reserves Other 631.7 4.7 35.0 74.3 517.7 658.8 5.2 36.5 77.6 539.4 772.4 7.8 36.6 86.4 641.6 771.3 6.0 39.0 79.6 646.7 745.6 7.0 38.1 82.4 618.1 733.2 7.3 37.7 84.2 604.0 772.4 7.8 36.6 86.4 641.6 780.9 8.5 38.7 86.3 647.3 805.0 8.7 37.9 86.8 671.7 20 21 22 23 24 7108.1 7653.7 8383.1 7551.4 7865.2 8031.5 8383.1 8406.4 8606.9 25 24.1 81.1 17.5 88.7 18.6 103.9 25.4 107.7 21.4 108.2 25.5 103.6 18.6 103.9 15.2 112.3 15.4 26 108.8 27 186.3 2035.2 3175.0 199.9 2122.4 3483.6 288.1 2248.9 3799.6 219.3 2122.6 3262.3 247.6 2161.3 3470.5 266.1 2195.6 3579.6 288.1 2248.9 3799.6 288.5 2237.6 3808.8 290.8 28 2278.7 29 3920.3 30 7.7 11.7 8.1 12.4 9.0 13.2 10.6 12.0 11.8 11.7 8.3 11.4 9.0 13.2 10.2 12.4 7.7 31 12.2 32 1587.0 4.8 86.0 408.7 788.4 299.1 1721.2 5.9 92.3 426.6 845.9 350.5 1901.7 0.0 113.2 445.8 885.7 457.0 1791.4 0.0 98.1 429.2 810.3 453.7 1832.7 0.0 102.5 435.2 843.6 451.2 1841.5 0.0 109.0 442.1 857.9 432.6 1901.7 0.0 113.2 445.8 885.7 457.0 1921.5 0.0 123.9 448.6 886.6 462.4 131.6 184.5 244.7 147.8 176.5 185.8 244.7 250.4 273.8 39 42.6 44.7 48.1 46.4 47.0 46.8 48.1 52.3 55.4 40 6114.9 705.1 444.4 26.0 6584.4 733.6 460.6 27.0 7099.6 860.9 549.1 5.4 6350.0 761.6 480.0 22.2 6635.9 802.4 508.4 15.3 6797.2 829.1 526.9 10.8 7099.6 860.9 549.1 5.4 7117.8 859.1 548.4 5.4 Total liabilities 1973.0 0.0 138.8 449.7 909.0 475.4 33 34 35 36 37 38 Memo: 39 LM543192173 Foreign direct investment: equity 40 FL543200073 Securities lending (5) 41 42 43 44 FL543176015 FL543176025 FL543076035 FL543176035 Direct reserve Reinsured to U.S. reinsurers Reinsured to non-U.S. reinsurers Reinsured from non-U.S. reinsurers (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 37. (3) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. (4) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims. (5) Liability for securities lending collateral, included in line 38. 7301.0 874.3 556.5 5.5 41 42 43 44 93 Z.1, September 23, 2021 L.116.g Life Insurance Companies: General Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090075 2 3 4 FL543020075 FL543034075 FL542051075 Total financial assets Checkable deposits and currency Money market fund shares Security repurchase agreements 5 6 7 8 9 10 LM544022075 FL543069175 LM543061175 LM543061775 LM543062075 LM543063075 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 11 12 13 FL544023075 FL543069075 FL543065075 Loans Other loans and advances Mortgages 14 15 LM543064175 LM543064275 Corporate equities Mutual fund shares 16 17 18 19 20 FL543070075 FL543040075 FL543050075 LM543092073 FL543090075 Trade receivables Life insurance reserves Pension entitlements U.S. direct investment abroad Miscellaneous assets 21 FL544190075 22 23 24 25 26 27 28 29 FL542151073 FL543169373 FL543170075 FL543140075 FL543150075 FL543178075 LM543192375 FL543190075 Total liabilities Security repurchase agreements Loans (other loans and advances) Trade payables Life insurance reserves Pension entitlements (1) Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 5118.4 5732.6 6361.3 5875.1 6166.7 6234.2 6361.3 6182.2 6358.0 1 59.4 26.6 2.2 67.6 33.3 6.3 90.3 36.3 8.2 114.9 53.9 9.6 117.0 52.2 8.5 98.0 41.5 10.6 90.3 36.3 8.2 84.3 33.3 7.0 102.4 38.9 7.1 2 3 4 3110.6 23.5 154.8 275.2 181.7 2475.5 3569.9 20.4 165.3 289.8 204.1 2890.3 3917.4 20.9 187.0 266.9 221.5 3221.1 3508.3 29.2 183.4 301.0 203.7 2791.0 3780.8 24.4 184.0 284.0 210.5 3077.9 3854.5 28.8 190.6 279.6 215.3 3140.2 3917.4 20.9 187.0 266.9 221.5 3221.1 3737.0 18.4 175.3 252.5 219.2 3071.6 3836.4 5 18.8 6 182.0 7 249.4 8 221.4 9 3164.7 10 695.0 157.8 537.2 743.6 161.4 582.2 766.8 163.1 603.7 755.8 166.2 589.6 756.3 163.8 592.5 757.1 163.9 593.3 766.8 163.1 603.7 769.2 163.8 605.5 778.7 11 164.7 12 614.0 13 92.6 6.8 102.8 8.0 110.3 7.8 102.8 6.4 98.4 7.4 102.1 7.2 110.3 7.8 118.5 7.9 125.8 14 8.5 15 101.4 250.4 188.5 63.3 521.6 108.0 257.1 196.3 84.4 555.2 130.4 262.7 289.8 89.8 651.3 112.9 258.4 216.9 65.7 669.6 120.1 260.2 246.8 75.2 644.1 124.8 261.3 266.5 76.6 634.0 130.4 262.7 289.8 89.8 651.3 130.6 260.6 290.9 94.0 648.8 133.0 264.1 295.6 97.8 669.7 4645.5 4856.4 5309.8 5130.5 5164.1 5220.6 5309.8 5308.6 5380.7 21 24.1 81.1 185.3 1698.6 1366.2 7.7 11.7 1270.8 17.5 88.7 198.8 1744.3 1409.7 8.1 12.4 1377.0 18.6 103.9 287.5 1835.4 1510.5 9.0 13.2 1531.8 25.4 107.7 218.3 1795.8 1464.9 10.6 12.0 1495.7 21.4 108.2 246.7 1797.1 1462.6 11.8 11.7 1504.7 25.5 103.6 265.3 1816.9 1488.0 8.3 11.4 1501.7 18.6 103.9 287.5 1835.4 1510.5 9.0 13.2 1531.8 15.2 112.3 287.8 1820.7 1501.0 10.2 12.4 1549.0 15.4 108.8 290.2 1844.6 1515.5 7.7 12.2 1586.4 131.6 184.5 244.7 147.8 176.5 185.8 244.7 250.4 16 17 18 19 20 22 23 24 25 26 27 28 29 Memo: 30 LM543192173 Foreign direct investment: equity 273.8 30 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 29). L.116.s Life Insurance Companies: Separate Accounts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL544090085 Total financial assets 2 3 FL543020083 FL543034385 Checkable deposits and currency Money market fund shares 4 5 6 7 8 9 LM544022085 FL543069183 LM543061183 LM543061783 LM543062083 LM543063085 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 10 11 12 FL544023085 FL543069483 FL543065083 Loans Other loans and advances Mortgages 13 14 LM543064185 LM543064385 Corporate equities Mutual fund shares 15 16 17 18 FL543070085 FL543040085 FL543050085 FL543090085 Trade receivables Life insurance reserves Pension entitlements Miscellaneous assets 19 FL544190085 20 21 22 23 FL543170085 LM543140085 LM543150085 FL543190085 Total liabilities Trade payables Life insurance reserves Pension entitlements (1) Miscellaneous liabilities 2447.9 2781.9 3059.0 2408.2 2687.5 2797.4 3059.0 3081.7 3210.0 1 31.3 28.4 27.1 25.2 37.3 30.2 28.7 34.5 31.5 32.5 34.0 31.4 37.3 30.2 36.9 29.2 37.8 27.7 2 3 398.6 9.7 48.8 89.7 8.3 242.0 453.1 8.3 50.0 98.5 11.0 285.3 514.1 13.1 53.7 99.5 12.7 335.2 456.3 9.2 49.7 96.5 11.1 289.8 476.6 10.4 51.2 97.9 11.7 305.3 490.5 11.6 52.0 97.9 12.1 317.0 514.1 13.1 53.7 99.5 12.7 335.2 484.9 12.7 50.1 96.4 12.4 313.4 496.9 13.0 51.4 98.7 12.7 321.1 4 5 6 7 8 9 35.5 4.6 30.9 36.9 0.0 36.9 41.0 0.0 41.0 37.0 0.0 37.0 38.4 0.0 38.4 39.3 0.0 39.3 41.0 0.0 41.0 40.5 0.0 40.5 41.5 10 0.0 11 41.5 12 445.4 1395.8 541.8 1590.9 619.5 1694.3 453.3 1293.9 525.0 1479.7 556.6 1544.4 619.5 1694.3 632.0 1724.5 683.5 13 1785.7 14 0.0 0.0 2.8 110.1 0.0 0.0 3.2 103.6 0.0 0.0 1.4 121.2 0.0 0.0 2.8 101.8 0.0 0.0 2.3 101.5 0.0 0.0 1.9 99.2 0.0 0.0 1.4 121.2 0.0 0.0 1.5 132.1 2462.6 2797.3 3073.2 2420.9 2701.0 2810.9 3073.2 3097.9 3226.1 19 1.1 336.6 1808.8 316.2 1.1 378.1 2073.9 344.1 0.6 413.6 2289.1 369.9 1.0 326.8 1797.3 295.7 0.9 364.3 2007.9 328.0 0.8 378.7 2091.7 339.8 0.6 413.6 2289.1 369.9 0.7 416.9 2307.8 372.5 0.7 434.1 2404.8 386.6 (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds which are included in miscellaneous liabilities (line 23). 0.0 0.0 1.5 135.3 15 16 17 18 20 21 22 23 Levels 2018 94 Z.1, September 23, 2021 L.117 Private and Public Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total financial assets (2) Q2 2021 Q3 Q4 Q1 Q2 1 FL594090005 2 3 FL593020005 FL593030005 Checkable deposits and currency Time and savings deposits 46.1 32.1 47.8 19.0 60.7 9.5 49.7 17.7 50.1 14.2 52.3 11.9 60.7 9.5 56.7 8.4 58.4 8.6 2 3 4 5 FL593034005 FL592051005 Money market fund shares Security repurchase agreements 218.2 7.0 200.4 22.7 247.1 29.2 224.9 23.2 232.8 22.2 242.1 22.1 247.1 29.2 254.0 41.9 260.1 47.6 4 5 6 7 8 9 10 11 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4453.3 89.7 2779.3 355.7 4.1 1224.5 4714.1 45.9 2935.4 402.2 0.1 1330.5 5118.2 43.5 3206.7 457.2 0.0 1410.8 4759.9 49.4 3000.1 434.9 0.0 1275.5 4866.6 44.3 2989.5 434.8 0.0 1398.0 4950.3 44.2 3074.6 453.3 0.0 1378.2 5118.2 43.5 3206.7 457.2 0.0 1410.8 5019.3 50.9 3197.4 453.3 0.0 1317.7 5135.7 6 51.3 7 3263.6 8 472.5 9 0.0 10 1348.3 11 12 13 14 FL594023005 FL313169003 FL593065005 Loans Other loans and advances Mortgages 36.1 0.0 36.1 31.6 0.0 31.6 25.6 0.0 25.6 30.4 0.0 30.4 28.4 0.0 28.4 27.4 0.0 27.4 25.6 0.0 25.6 25.7 0.0 25.7 24.6 12 0.0 13 24.6 14 15 16 LM593064105 LM593064205 Corporate equities Mutual fund shares 5218.6 4041.5 5909.5 4682.3 6623.5 5169.3 4738.7 3873.6 5472.0 4455.1 5912.0 4688.4 6623.5 5169.3 6980.3 5289.3 7467.3 15 5574.3 16 17 18 19 20 21 FL593090005 FL593095005 FL573074005 FL593073005 FL593093005 Miscellaneous assets Unallocated insurance contracts (4) Contributions receivable Claims of pension fund on sponsor (5) Other 8608.3 788.4 84.7 6771.6 963.6 8858.4 845.9 80.1 6236.3 1696.1 8697.9 885.7 70.2 5934.5 1807.6 9765.8 810.3 79.4 7221.1 1654.9 9433.8 843.6 76.6 6735.8 1777.7 9223.2 857.9 73.7 6519.5 1772.0 8697.9 885.7 70.2 5934.5 1807.6 8722.6 886.6 67.9 5921.0 1847.1 8459.7 909.0 64.3 5603.7 1882.7 22 FL594190005 Pension entitlements (liabilities) (6) 22661.3 24485.8 25981.0 23483.9 24575.1 25129.8 25981.0 26398.3 27036.4 1 17 18 19 20 21 22767.1 24645.2 26164.1 23630.3 24720.7 25275.3 26164.1 26556.7 27199.9 22 Memo: 23 24 25 FL594190045 FL592000075 FL593073045 26 27 28 29 30 FL153050015 FL594190045 FL594090055 LM893131573 FL543150015 Funded status of defined benefit plans: Pension entitlements Funded by assets (7) Unfunded (line 18) Household retirement assets (8) Defined benefit plans Defined contribution plans Individual retirement plans (IRAs) (9) Annuities at life insurance companies (10) 15591.2 16110.8 16549.9 16216.8 16327.5 16438.5 16549.9 16661.0 16771.2 23 8819.6 9874.5 10615.4 8995.7 9591.7 9918.9 10615.4 10740.0 11167.5 24 6771.6 6236.3 5934.5 7221.1 6735.8 6519.5 5934.5 5921.0 5603.7 25 34452.1 38293.8 41425.7 35615.5 38147.2 39339.9 41425.7 42169.5 ND 26 15591.2 16110.8 16549.9 16216.8 16327.5 16438.5 16549.9 16661.0 16771.2 27 7175.9 8534.5 9614.2 7413.4 8393.2 8836.9 9614.2 9895.7 10428.7 28 9135.0 10850.0 12210.0 9365.0 10640.0 11190.0 12210.0 12555.0 ND 29 2550.0 2798.6 3051.6 2620.3 2786.5 2874.6 3051.6 3057.8 ND 30 (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) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (8) Households’ retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities. (9) IRA assets are not included above. See memo items on table L.227 for a sectoral distribution of IRA accounts. (10) Annuities held in IRAs are excluded. They are included in line 29. 95 Z.1, September 23, 2021 L.118 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 Total financial assets (2) Q2 2021 Q3 Q4 Q1 Q2 1 FL574090005 2 3 FL573020005 FL573030005 Checkable deposits and currency Time and savings deposits 16.8 30.0 24.1 14.5 32.2 7.2 26.8 13.4 28.7 11.5 30.5 9.5 32.2 7.2 32.7 5.9 34.1 6.7 2 3 4 5 FL573034005 FL572051005 Money market fund shares Security repurchase agreements 158.5 2.5 179.7 15.8 222.4 21.1 195.0 16.7 204.9 18.1 214.6 19.5 222.4 21.1 225.1 21.9 231.6 23.4 4 5 6 7 8 9 10 LM574022005 FL573069105 LM573061105 LM573061705 LM573063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 1416.1 37.6 371.9 205.0 801.5 1565.8 35.1 440.0 224.1 866.5 1723.7 34.6 555.1 252.3 881.8 1601.1 35.5 505.5 245.9 814.2 1678.3 35.3 524.5 238.0 880.6 1692.0 35.0 543.0 244.8 869.2 1723.7 34.6 555.1 252.3 881.8 1642.7 34.2 533.1 250.2 825.2 11 FL573065005 Loans (mortgages) 23.8 23.2 17.8 21.5 20.3 19.0 17.8 17.4 16.4 11 12 13 LM573064105 LM573064205 Corporate equities Mutual fund shares 2448.0 3594.6 2961.8 4307.6 3343.2 4723.9 2286.3 3567.9 2753.5 4100.2 2960.6 4315.7 3343.2 4723.9 3532.3 4871.2 3776.0 12 5135.7 13 14 15 16 17 18 FL573090005 FL573095005 FL573074005 FL573073005 FL573093005 Miscellaneous assets Unallocated insurance contracts (3) Contributions receivable Claims of pension fund on sponsor (4) Other 2005.7 555.8 84.7 601.7 763.5 1950.2 592.0 80.1 404.8 873.3 1933.5 615.2 70.2 218.9 1029.2 2324.0 562.6 79.4 760.1 921.9 2111.8 588.0 76.6 488.7 958.6 2068.0 595.3 73.7 403.9 995.0 1933.5 615.2 70.2 218.9 1029.2 1931.7 614.5 67.9 206.5 1042.7 1842.1 628.6 64.3 77.8 1071.4 19 FL574190005 Pension entitlements (liabilities) (5) 9695.8 11042.7 12024.9 10052.8 10927.2 11329.4 12024.9 12281.0 12760.5 1 1694.6 6 33.7 7 558.6 8 260.3 9 842.0 10 14 15 16 17 18 9732.4 11079.3 12061.4 10089.4 10963.7 11365.9 12061.4 12317.5 12797.0 19 Memo: 20 21 22 FL574190043 FL572000075 FL573073005 23 24 FL574090045 FL574090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 17) Total financial assets Defined benefit plans (7) Defined contribution plans (8) 3532.3 2930.6 601.7 3660.9 3256.1 404.8 3702.1 3483.2 218.9 3671.7 2911.6 760.1 3682.0 3193.4 488.7 3692.0 3288.1 403.9 3702.1 3483.2 218.9 3712.1 3505.6 206.5 3722.2 20 3644.3 21 77.8 22 3495.7 6200.1 3624.4 7418.4 3665.5 8359.3 3635.2 6417.7 3645.5 7281.7 3655.5 7673.9 3665.5 8359.3 3675.6 8605.4 3685.6 23 9074.9 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) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector. (6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on tables L.118.b. (8) Additional detail on defined contribution plans is available on table L.118.c. Levels 2018 96 Z.1, September 23, 2021 L.118.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total financial assets (1) Q2 2021 Q3 Q4 Q1 Q2 1 FL574090045 3495.7 3624.4 3665.5 3635.2 3645.5 3655.5 3665.5 3675.6 3685.6 1 2 3 FL573020043 FL573030043 Checkable deposits and currency Time and savings deposits 8.9 26.0 8.9 10.2 8.5 1.5 8.8 8.7 8.7 6.4 8.6 4.1 8.5 1.5 8.5 0.1 8.4 0.7 2 3 4 5 FL573034043 FL572051043 Money market fund shares Security repurchase agreements 31.1 2.5 41.8 15.8 43.6 21.1 42.1 16.7 42.6 18.1 43.1 19.5 43.6 21.1 43.9 21.9 44.4 23.4 4 5 6 7 8 9 10 LM574022045 FL573069143 LM573061143 LM573061743 LM573063043 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 1000.4 28.3 225.4 126.7 620.0 1104.6 25.1 269.8 133.0 676.8 1147.2 21.4 301.9 121.2 702.7 1099.2 24.4 295.8 138.1 640.8 1140.9 23.4 298.7 122.2 696.6 1134.4 22.5 301.5 121.3 689.2 1147.2 21.4 301.9 121.2 702.7 1086.0 20.8 288.3 119.1 657.9 1112.5 6 19.7 7 297.6 8 121.1 9 674.1 10 11 FL573065043 Loans (mortgages) 14.3 14.1 13.4 14.0 13.8 13.6 13.4 13.3 13.1 11 12 13 LM573064143 LM573064243 Corporate equities Mutual fund shares 1055.5 344.9 1210.1 360.9 1388.7 366.2 941.3 296.8 1142.0 332.6 1232.7 342.3 1388.7 366.2 1466.5 371.8 1563.3 12 382.7 13 14 15 16 17 18 FL573090045 FL573095405 FL573074043 FL573073005 FL573093043 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Claims of pension fund on sponsor (3) Other 1012.1 62.8 46.8 601.7 300.8 858.0 60.9 41.4 404.8 350.9 675.2 63.2 24.1 218.9 369.0 1207.6 55.1 38.3 760.1 354.2 940.4 59.0 33.8 488.7 358.9 857.1 60.2 29.2 403.9 363.7 675.2 63.2 24.1 218.9 369.0 663.5 63.6 21.3 206.5 372.0 19 FL574190043 3532.3 3660.9 3702.1 3671.7 3682.0 3692.0 3702.1 3712.1 3722.2 19 Pension entitlements (liabilities) (4) 537.2 65.8 16.4 77.8 377.1 14 15 16 17 18 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of accrued defined benefit pension entitlements. L.118.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL574090055 Total financial assets 6200.1 7418.4 8359.3 6417.7 7281.7 7673.9 8359.3 8605.4 9074.9 1 2 3 FL573020033 FL573030033 Checkable deposits and currency Time and savings deposits 7.9 4.0 15.2 4.3 23.6 5.7 18.0 4.8 19.9 5.1 21.9 5.4 23.6 5.7 24.3 5.8 25.7 6.0 2 3 4 5 FL573034055 FL572051033 Money market fund shares Security repurchase agreements 127.4 0.0 137.9 0.0 178.8 0.0 152.9 0.0 162.3 0.0 171.5 0.0 178.8 0.0 181.2 0.0 187.1 0.0 4 5 6 7 8 9 10 LM574022035 FL573069133 LM573061133 LM573061733 LM573063033 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 415.6 9.3 146.6 78.4 181.5 461.2 10.1 170.2 91.1 189.7 576.5 13.2 253.2 131.0 179.1 501.9 11.1 209.7 107.8 173.3 537.5 11.8 225.8 115.8 184.0 557.6 12.5 241.6 123.5 180.0 576.5 13.2 253.2 131.0 179.1 556.7 13.4 244.9 131.2 167.3 582.1 6 14.0 7 261.0 8 139.2 9 167.9 10 11 FL573065033 Loans (mortgages) 9.5 9.1 4.4 7.5 6.5 5.4 4.4 4.1 3.3 11 12 13 LM573064133 LM573064255 Corporate equities Mutual fund shares 1392.5 3249.7 1751.7 3946.8 1954.5 4357.7 1345.0 3271.1 1611.4 3767.6 1727.8 3973.4 1954.5 4357.7 2065.7 4499.4 2212.7 12 4753.0 13 14 15 16 17 FL573090055 FL573095505 FL573074033 FL573093055 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 993.6 493.0 37.9 462.8 1092.2 531.1 38.7 522.4 1258.2 552.0 46.0 660.2 1116.4 507.5 41.1 567.7 1171.4 528.9 42.8 599.7 1210.9 535.1 44.5 631.3 1258.2 552.0 46.0 660.2 1268.2 550.9 46.6 670.8 1304.9 562.8 47.8 694.3 18 FL574090055 6200.1 7418.4 8359.3 6417.7 7281.7 7673.9 8359.3 8605.4 9074.9 18 Pension entitlements (liabilities) (1) Includes 401(k) and 403(b) type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts; series begins 1985:Q4. 14 15 16 17 97 Z.1, September 23, 2021 L.119 Federal Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 1 FL344090005 2 FL343020033 Total financial assets (1) Checkable deposits and currency 3 4 5 6 7 LM344022005 LM343061105 LM343061705 LM343062033 LM343063005 8 Q2 2021 Q3 Q4 Q1 Q2 4035.5 4222.7 4424.3 4171.1 4276.0 4336.9 4424.3 4479.2 4546.8 1 0.8 0.7 0.9 0.7 0.8 0.8 0.9 0.9 0.9 2 Debt securities Treasury securities (2) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 2061.7 2039.6 8.8 0.0 13.2 2177.4 2151.3 10.5 0.1 15.6 2326.5 2297.4 11.7 0.0 17.3 2181.6 2157.8 10.1 0.0 13.7 2185.0 2158.7 10.7 0.0 15.6 2232.0 2204.5 11.0 0.0 16.5 2326.5 2297.4 11.7 0.0 17.3 2317.5 2289.7 11.3 0.0 16.5 2332.4 2304.3 11.3 0.0 16.7 3 4 5 6 7 FL313169003 Loans (other loans and advances) (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8 9 LM343064105 Corporate equities 292.1 370.7 418.4 277.9 342.5 366.0 418.4 448.9 487.0 9 10 FL343073045 1681.0 1673.9 1678.6 1710.8 1747.7 1738.1 1678.6 1711.9 1726.4 10 11 FL344090005 4035.5 4222.7 4424.3 4171.1 4276.0 4336.9 4424.3 4479.2 4546.8 11 3476.8 1795.8 1681.0 3583.4 1909.5 1673.9 3689.7 2011.1 1678.6 3606.1 1895.3 1710.8 3633.8 1886.1 1747.7 3661.4 1923.4 1738.1 3689.7 2011.1 1678.6 3717.6 2005.7 1711.9 3744.6 12 2018.2 13 1726.4 14 3476.8 558.7 3583.4 639.3 3689.7 734.6 3606.1 565.0 3633.8 642.2 3661.4 675.5 3689.7 734.6 3717.6 761.5 3744.6 15 802.2 16 Claims of pension fund on sponsor (misc. assets) (4) Pension entitlements (liabilities) (5) 12 13 14 FL344090045 FL342000075 FL343073045 15 16 FL344090045 FL344090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (6) Unfunded (line 10) Total financial assets Defined benefit plans (7) Defined contribution plans (8) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Comprised primarily of nonmarketable Treasury securities. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of projected 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 less defined benefit claims of pension fund on sponsor. (7) Additional detail on defined benefit plans is available on table L.119.b. (8) Additional detail on defined contribution plans is available on table L.119.c. Levels Memo: 98 Z.1, September 23, 2021 L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 1 FL344090045 2 FL343020033 Total financial assets (2) Checkable deposits and currency 3 4 5 6 7 LM344022045 LM343061165 LM343061733 LM343062033 LM343063033 Debt securities Treasury securities (3) Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 8 LM343064135 Corporate equities 9 FL343073045 Claims of pension fund on sponsor (misc. assets) (4) 10 FL344190045 Pension entitlements (liabilities) (5) Q2 2021 Q3 Q4 Q1 Q2 3476.8 3583.4 3689.7 3606.1 3633.8 3661.4 3689.7 3717.6 3744.6 1 0.8 0.7 0.9 0.7 0.8 0.8 0.9 0.9 0.9 2 1780.9 1775.8 0.9 0.0 4.1 1893.4 1887.7 1.1 0.1 4.7 1994.6 1989.3 0.8 0.0 4.5 1881.9 1877.1 0.9 0.0 3.8 1871.6 1866.5 1.0 0.0 4.1 1907.7 1902.7 0.8 0.0 4.2 1994.6 1989.3 0.8 0.0 4.5 1988.7 1983.1 0.9 0.0 4.6 2000.6 1994.9 0.9 0.0 4.8 3 4 5 6 7 14.1 15.4 15.6 12.7 13.7 14.8 15.6 16.2 16.6 8 1681.0 1673.9 1678.6 1710.8 1747.7 1738.1 1678.6 1711.9 1726.4 9 3476.8 3583.4 3689.7 3606.1 3633.8 3661.4 3689.7 3717.6 3744.6 10 Levels (1) Includes Civil Service Retirement and Disability Fund, Railroad Retirement Board, judicial retirement fund, Military Retirement Fund, Foreign Service Retirement and Disability Fund, and the National Railroad Investment Trust. (2) Includes claims on sponsor (i.e., unfunded pension entitlements). (3) Comprised primarily of nonmarketable Treasury securities. (4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector. L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL344090055 2 3 4 5 LM344022025 LM343061155 LM343061723 LM343063023 6 Total financial assets 558.7 639.3 734.6 565.0 642.2 675.5 734.6 761.5 802.2 1 Debt securities Treasury securities (2) Agency- and GSE-backed securities Corporate and foreign bonds 280.8 263.8 7.9 9.1 283.9 263.6 9.4 10.9 331.8 308.2 10.9 12.8 299.7 280.7 9.2 9.8 313.3 292.2 9.7 11.4 324.3 301.9 10.2 12.2 331.8 308.2 10.9 12.8 328.8 306.6 10.4 11.8 331.7 309.3 10.4 12.0 2 3 4 5 FL313169003 Loans (other loans and advances) (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6 7 LM343064125 Corporate equities 277.9 355.3 402.8 265.2 328.9 351.2 402.8 432.7 470.4 7 8 FL344090055 558.7 639.3 734.6 565.0 642.2 675.5 734.6 761.5 802.2 8 Pension entitlements (liabilities) (1) Thrift Savings Plan. (2) Includes nonmarketable Treasury securities held in the G fund and marketable Treasury securities held in the F fund. (3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury. 99 Z.1, September 23, 2021 L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets (1) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL224090005 8930.0 9220.4 9531.8 9260.0 9371.9 9463.4 9531.8 9638.2 9729.1 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.6 2.2 23.0 4.5 27.7 2.3 22.1 4.2 20.6 2.8 21.0 2.4 27.7 2.3 23.1 2.5 23.4 1.9 2 3 4 5 FL223034005 FL222051043 Money market fund shares Security repurchase agreements 59.7 4.5 20.7 7.0 24.8 8.1 29.9 6.5 27.9 4.0 27.5 2.6 24.8 8.1 28.9 20.0 28.5 24.1 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 975.6 52.1 367.9 141.8 4.0 409.8 970.9 10.8 344.2 167.6 0.0 448.4 1068.0 8.9 354.2 193.2 0.0 511.7 977.2 13.9 336.8 178.9 0.0 447.6 1003.3 9.1 306.3 186.1 0.0 501.8 1026.3 9.2 327.0 197.4 0.0 492.6 1068.0 8.9 354.2 193.2 0.0 511.7 1059.1 16.7 374.6 191.8 0.0 476.0 12 FL223065043 Loans (mortgages) 12.3 8.4 7.8 8.9 8.1 8.4 7.8 8.4 8.2 12 13 14 LM223064145 LM223064205 Corporate equities Mutual fund shares 2478.6 446.9 2576.9 374.6 2861.9 445.4 2174.5 305.7 2376.0 354.9 2585.5 372.7 2861.9 445.4 2999.1 418.1 3204.2 13 438.6 14 15 16 17 18 FL223090005 FL223095505 FL223073045 FL223093005 Miscellaneous assets Unallocated insurance contracts (2) Claims of pension fund on sponsor (3) Other 4921.6 232.6 4488.9 200.1 5234.3 253.9 4157.6 822.8 5085.9 270.6 4037.0 778.3 5731.0 247.7 4750.2 733.1 5574.3 255.7 4499.4 819.1 5417.1 262.6 4377.5 777.0 5085.9 270.6 4037.0 778.3 5079.1 272.1 4002.6 804.4 4891.2 280.5 3799.4 811.3 19 FL224190005 8999.3 9343.2 9678.4 9369.8 9481.0 9572.5 9678.4 9760.0 9856.1 19 8582.1 4093.2 4488.9 8866.4 4708.8 4157.6 9158.1 5121.1 4037.0 8939.0 4188.8 4750.2 9011.7 4512.2 4499.4 9085.0 4707.5 4377.5 9158.1 5121.1 4037.0 9231.3 5228.7 4002.6 9304.4 20 5505.0 21 3799.4 22 8512.9 417.1 8743.6 476.8 9011.6 520.2 8829.1 430.8 8902.5 469.3 8976.0 487.4 9011.6 520.2 9109.4 528.7 9177.4 23 551.7 24 Pension entitlements (liabilities) (4) 1108.8 6 17.6 7 400.7 8 200.9 9 0.0 10 489.6 11 15 16 17 18 Memo: 20 21 22 FL224190043 FL222000075 FL223073045 23 24 FL224090045 FL224090055 Funded status of defined benefit plans: Pension entitlements Funded by assets (5) Unfunded (line 17) Total financial assets Defined benefit plans (6) Defined contribution plans (7) (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. (3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (4) Actuarial value of projected pension entitlements. These liabilities are assets of the household sector. (5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor. (6) Additional detail on defined benefit plans is available on table L.120.b. (7) Additional detail on defined contribution plans is available on table L.120.c. Levels 2018 100 Z.1, September 23, 2021 L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total financial assets (1) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL224090045 8512.9 8743.6 9011.6 8829.1 8902.5 8976.0 9011.6 9109.4 9177.4 1 2 3 FL223020043 FL223030043 Checkable deposits and currency Time and savings deposits 28.6 2.2 23.0 4.5 27.7 2.3 22.1 4.2 20.6 2.8 21.0 2.4 27.7 2.3 23.1 2.5 23.4 1.9 2 3 4 5 FL223034043 FL222051043 Money market fund shares Security repurchase agreements 57.2 4.5 18.2 7.0 22.1 8.1 27.0 6.5 25.0 4.0 24.6 2.6 22.1 8.1 26.3 20.0 26.1 24.1 4 5 6 7 8 9 10 11 LM224022045 FL223069143 LM223061143 LM223061743 LM223062043 LM223063045 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 975.6 52.1 367.9 141.8 4.0 409.8 970.9 10.8 344.2 167.6 0.0 448.4 1068.0 8.9 354.2 193.2 0.0 511.7 977.2 13.9 336.8 178.9 0.0 447.6 1003.3 9.1 306.3 186.1 0.0 501.8 1026.3 9.2 327.0 197.4 0.0 492.6 1068.0 8.9 354.2 193.2 0.0 511.7 1059.1 16.7 374.6 191.8 0.0 476.0 12 FL223065043 Loans (mortgages) 12.3 8.4 7.8 8.9 8.1 8.4 7.8 8.4 8.2 12 13 14 LM223064145 LM223064243 Corporate equities Mutual fund shares 2478.6 270.5 2576.9 160.1 2861.9 204.4 2174.5 131.3 2376.0 150.1 2585.5 156.6 2861.9 204.4 2999.1 170.0 3204.2 13 175.9 14 15 16 17 FL223090045 FL223073045 LM223093043 Miscellaneous assets Claims of pension fund on sponsor (2) Other 4683.4 4488.9 194.5 4974.6 4157.6 817.0 4809.3 4037.0 772.3 5477.5 4750.2 727.2 5312.7 4499.4 813.2 5148.6 4377.5 771.1 4809.3 4037.0 772.3 4800.9 4002.6 798.4 4604.7 15 3799.4 16 805.2 17 18 FL224190043 8582.1 8866.4 9158.1 8939.0 9011.7 9085.0 9158.1 9231.3 9304.4 18 Pension entitlements (liabilities) (3) 1108.8 6 17.6 7 400.7 8 200.9 9 0.0 10 489.6 11 (1) Includes claims on sponsor (i.e., unfunded pension entitlements). (2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding. (3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector. L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL224090055 Total financial assets 2 FL223034055 Money market fund shares 2.6 2.6 2.7 2.9 2.9 2.9 2.7 3 LM223064255 Mutual fund shares 176.4 214.6 241.0 174.4 204.8 216.0 241.0 4 5 6 FL223090055 FL223095505 FL223093053 Miscellaneous assets Unallocated insurance contracts (misc. assets) (2) Other 238.2 232.6 5.6 259.7 253.9 5.8 276.6 270.6 6.0 253.6 247.7 5.8 261.6 255.7 5.9 268.5 262.6 5.9 276.6 270.6 6.0 7 FL224090055 417.1 476.8 520.2 430.8 469.3 487.4 520.2 Pension entitlements (liabilities) 417.1 476.8 (1) Includes 403(b) and 457 type plans. (2) Includes products sold by life insurance companies, such as variable annuities and guaranteed investment contracts. 520.2 430.8 469.3 487.4 520.2 528.7 551.7 1 2.6 2.4 2 248.0 262.7 3 278.1 272.1 6.1 286.6 280.5 6.1 4 5 6 528.7 551.7 7 101 Z.1, September 23, 2021 L.121 Money Market Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL634090005 3038.3 3634.3 4335.6 4338.0 4635.9 4410.1 4335.6 4500.4 4539.3 1 2 3 4 5 FL633091003 FL633020000 FL633030000 FL632051000 Foreign deposits Checkable deposits and currency Time and savings deposits Security repurchase agreements 1.5 -43.7 190.6 1019.5 7.4 1.2 258.8 1175.1 0.7 -7.8 140.6 1006.3 3.8 -25.8 239.4 1468.4 2.1 -45.1 215.4 906.1 0.9 -74.0 180.2 997.2 0.7 -7.8 140.6 1006.3 2.2 -53.5 184.7 1055.8 0.3 -71.1 148.8 1585.6 2 3 4 5 6 7 8 9 10 11 FL634022005 FL633069175 FL633061105 FL633061700 FL633062000 FL633063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 1862.3 193.7 873.5 644.9 142.8 7.5 2181.3 237.2 1036.5 755.1 134.0 18.5 3185.3 173.4 2256.4 630.3 112.6 12.6 2568.7 225.4 1267.8 931.1 130.7 13.8 3544.2 219.0 2349.8 826.2 136.5 12.7 3290.6 177.9 2275.2 699.8 121.4 16.3 3185.3 173.4 2256.4 630.3 112.6 12.6 3234.3 182.8 2362.5 572.7 103.8 12.5 2864.5 6 146.8 7 2107.1 8 499.4 9 99.2 10 12.0 11 12 FL633093005 13 FL634090005 Miscellaneous assets Total shares outstanding (liabilities) 8.1 10.5 10.5 83.5 13.2 15.2 10.5 76.9 11.2 12 3038.3 3634.3 4335.6 4338.0 4635.9 4410.1 4335.6 4500.4 4539.3 13 38.3 35.3 40.8 46.6 44.6 43.5 40.8 39.2 36.6 14 Memo: 14 FL634090503 Variable annuity money market funds included above L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM654090000 Total financial assets 2 FL652051003 Security repurchase agreements 3 4 5 6 7 8 LM654022005 FL653069100 LM653061105 LM653061703 LM653062003 LM653063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 9 FL653069803 Loans (other loans and advances) 10 LM653064100 Corporate equities 11 FL653093005 Miscellaneous assets 12 LM654090000 Total shares outstanding (liabilities) 13 LM654090500 14 15 16 17 18 LM654091600 LM654092603 LM654091403 LM654091303 LM654091203 14669.8 17659.5 19562.6 14543.1 16776.1 17749.3 19562.6 20271.3 21459.7 1 81.7 102.8 108.2 107.3 104.1 96.7 108.2 114.6 117.3 2 4557.2 81.7 1146.4 603.6 693.6 2032.0 5216.2 102.8 1310.9 654.0 831.0 2317.5 5681.7 108.2 1293.6 696.6 891.3 2692.1 4861.5 107.3 1114.1 682.8 786.2 2171.0 5158.6 104.1 1206.8 553.4 814.7 2479.6 5460.7 96.7 1253.7 663.0 857.5 2589.9 5681.7 108.2 1293.6 696.6 891.3 2692.1 5736.3 114.6 1299.7 699.8 913.3 2709.0 5904.0 117.3 1329.9 713.1 952.4 2791.3 3 4 5 6 7 8 147.9 114.2 85.2 84.2 84.1 83.4 85.2 100.5 116.9 9 9657.5 11934.5 13391.1 225.7 291.8 296.4 9203.8 11129.4 11843.4 13391.1 13977.9 14934.2 10 286.4 299.9 265.1 296.4 342.0 387.3 11 14669.8 17659.5 19562.6 14543.1 16776.1 17749.3 19562.6 20271.3 21459.7 12 Memo: Variable annuity mutual funds included above Total financial assets by investment objective: Domestic equity funds World equity funds Hybrid funds Taxable bond funds Municipal bond funds (1) Open-end investment companies including variable annuity mutual funds. 1590.5 1815.9 1942.9 1472.3 1690.4 1767.9 1942.9 1979.2 2056.1 13 6800.1 2427.5 1384.0 3385.6 675.5 8438.8 2936.8 1579.1 3890.2 814.1 9523.9 3204.5 1620.0 4337.5 876.6 6563.1 2257.3 1305.0 3644.0 773.3 7944.7 2663.5 1449.9 3911.8 805.7 8466.0 2811.2 1503.7 4126.3 841.6 9523.9 10033.5 10713.5 14 3204.5 3258.2 3469.2 15 1620.0 1677.9 1764.2 16 4337.5 4399.3 4571.2 17 876.6 902.6 941.6 18 Levels (1) Open-end investment companies including variable annuity money market funds. 102 Z.1, September 23, 2021 L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 LM554090005 2 3 4 5 LM554022005 LM553061103 LM553062003 LM553063003 6 LM553064103 7 LM554090005 Total financial assets Debt securities Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 252.2 278.7 281.8 231.4 254.4 262.2 281.8 293.5 305.2 1 161.0 3.5 88.4 69.2 171.5 3.2 93.2 75.1 176.0 3.0 95.2 77.8 151.8 2.7 89.6 59.5 162.2 2.8 91.8 67.6 166.4 2.9 93.2 70.3 176.0 3.0 95.2 77.8 178.5 3.0 95.3 80.3 182.5 3.1 97.0 82.4 2 3 4 5 91.2 107.2 105.9 79.7 92.2 95.7 105.9 115.0 122.7 6 252.2 278.7 281.8 231.4 254.4 262.2 281.8 293.5 305.2 7 67.9 23.3 53.0 88.4 19.6 79.3 27.9 57.2 93.2 21.1 76.6 29.3 59.4 95.2 21.4 58.9 20.7 45.1 89.6 17.1 67.7 24.5 50.9 91.8 19.5 69.7 26.0 53.1 93.2 20.1 76.6 29.3 59.4 95.2 21.4 85.1 29.8 59.6 95.3 23.6 3371.2 4396.2 5449.4 3639.7 4355.7 4725.2 5449.4 5909.8 6491.3 1 636.1 178.7 37.0 420.5 825.0 231.8 49.3 544.0 1065.5 276.4 64.5 724.6 830.5 262.9 49.3 518.3 944.1 271.3 54.3 618.5 1007.1 276.3 58.3 672.5 1065.5 276.4 64.5 724.6 1079.9 279.8 69.2 730.9 1156.7 298.4 76.0 782.3 2 3 4 5 2669.2 3486.2 4233.6 2715.2 3283.8 3566.3 4233.6 4697.0 5189.6 6 65.9 84.9 150.3 94.0 127.8 151.9 150.3 132.8 145.0 7 3371.2 4396.2 5449.4 3639.7 4355.7 4725.2 5449.4 5909.8 6491.3 8 1938.6 725.4 65.9 8.7 595.7 36.9 2583.5 883.9 84.9 30.1 764.8 49.0 3182.6 1028.7 150.3 34.5 989.1 64.2 2035.7 664.2 94.0 25.2 771.5 49.1 2502.5 764.1 127.8 27.9 879.3 54.1 2709.3 837.9 151.9 30.4 937.6 58.1 3182.6 1028.7 150.3 34.5 989.1 64.2 3543.8 1130.3 132.8 34.4 999.5 68.9 3930.2 1234.1 145.0 37.9 1068.4 75.7 9 10 11 12 13 14 Memo: 8 9 10 11 12 LM554091603 LM554092603 LM554091303 LM554091203 LM554092303 Total financial assets by investment objective: Domestic equity funds World equity funds Domestic taxable bond funds Municipal bond funds World bond funds 91.0 8 31.7 9 61.3 10 97.0 11 24.2 12 Levels L.124 Exchange-Traded Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM564090005 Total financial assets 2 3 4 5 LM564022005 LM563061103 LM563062003 LM563063003 Debt securities Treasury securities Municipal securities Corporate and foreign bonds 6 LM563064100 Corporate equities 7 LM563093003 Miscellaneous assets (1) 8 LM564090005 Total shares outstanding (liabilities) Memo: 9 10 11 12 13 14 LM564091600 LM564092603 LM563093003 LM564091403 LM564091303 LM564091203 Total financial assets by investment objective: Domestic equity funds World equity funds Commodity funds (1) Hybrid funds Taxable bond funds Municipal bond funds (1) Investments primarily in commodities, currencies, and futures. 103 Z.1, September 23, 2021 L.125 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL404090005 6926.9 7130.0 7729.5 7454.5 7424.7 7523.1 7729.5 7879.0 8032.5 1 2 3 4 FL403020005 FL403030005 FL402050005 Checkable deposits and currency Time and savings deposits Federal funds and security repos 36.8 20.2 170.6 34.6 15.8 195.2 92.5 8.8 212.5 142.0 16.0 153.9 71.1 13.3 225.0 57.6 8.5 206.9 92.5 8.8 212.5 153.9 7.2 146.8 68.6 6.3 256.8 2 3 4 5 6 7 8 9 10 LM404022005 FL403069105 LM403061105 LM403061705 LM403062005 LM403063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 408.3 6.9 120.0 258.0 3.9 19.5 467.7 7.1 175.8 265.1 3.3 16.5 520.1 7.3 259.2 237.3 2.8 13.5 484.2 8.2 194.5 263.8 3.2 14.5 547.9 7.5 257.0 265.4 3.0 14.9 557.0 6.2 279.1 254.5 3.0 14.3 520.1 7.3 259.2 237.3 2.8 13.5 471.9 7.0 224.9 224.4 2.7 13.0 450.5 5 5.4 6 210.9 7 218.9 8 2.6 9 12.7 10 11 FL404023005 Loans 6195.6 6289.3 6706.0 6508.2 6397.4 6506.5 6706.0 6899.9 7075.7 11 12 13 14 15 FL403069305 FL403069385 FL403069345 FL403069330 Other loans and advances Sallie Mae Farm Credit System FHLB 861.9 0.0 132.4 729.5 778.6 0.0 139.7 638.9 563.5 0.0 153.2 410.3 941.1 0.0 143.9 797.2 691.6 0.0 144.0 547.7 615.3 0.0 144.8 470.4 563.5 0.0 153.2 410.3 547.4 0.0 156.5 390.9 515.4 0.0 152.8 362.6 12 13 14 15 16 17 18 19 20 21 22 23 FL403065005 FL403065105 FL403065195 FL403065185 FL403065405 FL403065495 FL403065485 FL403065605 Mortgages One-to-four-family residential Consolidated trusts (2) Other Multifamily residential Consolidated trusts (2) Other Farm 5333.8 4883.9 4620.8 263.1 332.9 295.3 37.5 117.0 5510.7 5016.1 4771.9 244.1 364.0 332.7 31.4 130.6 6142.5 5585.0 5303.8 281.2 419.4 384.6 34.9 138.0 5567.1 5066.1 4809.9 256.2 368.6 340.7 27.9 132.4 5705.8 5182.4 4907.9 274.5 388.9 354.4 34.5 134.4 5891.3 5361.3 5076.6 284.7 393.7 364.8 28.9 136.2 6142.5 5585.0 5303.8 281.2 419.4 384.6 34.9 138.0 6352.5 5786.6 5499.1 287.5 426.8 401.0 25.7 139.1 6560.3 5995.3 5772.0 223.2 424.4 405.6 18.8 140.6 16 17 18 19 20 21 22 23 24 FL403066005 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25 FL403093005 26 FL404190005 27 FL402150005 28 29 30 Miscellaneous assets 0.0 24 95.3 127.3 189.7 150.2 170.0 186.5 189.7 199.3 174.6 25 6909.2 7116.5 7758.3 7446.8 7423.8 7534.0 7758.3 7896.0 8042.9 26 Federal funds and security repos 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 27 FL403161705 FL403161795 FL403161785 Debt securities (GSE issues) (3) Consolidated trusts (2) Other 6797.3 4916.1 1881.2 7002.2 5104.6 1897.6 7638.1 5688.3 1949.8 7318.1 5150.6 2167.5 7305.1 5262.3 2042.8 7417.7 5441.4 1976.3 7638.1 5688.3 1949.8 7775.1 5900.1 1875.0 7928.1 28 6177.6 29 1750.4 30 31 FL403169283 Loans (U.S. government loans) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31 32 FL403190005 Miscellaneous liabilities 111.9 114.3 120.2 128.7 118.6 116.3 120.2 120.7 114.9 32 Total liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (L.125). (2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules. (3) Such issues are classified as agency- and GSE-backed securities. L.126 Agency- and GSE-Backed Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL413065005 2 3 4 5 FL413065105 FL413065405 FL413065505 FL413065605 6 FL413065005 Total financial assets One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Total pool securities (liabilities) (2) 2292.3 2406.0 2428.3 2429.8 2417.6 2428.4 2428.3 2431.4 2459.6 1 1948.7 342.1 0.0 1.5 2024.8 380.2 0.0 1.1 2009.0 418.4 0.0 0.9 2045.7 383.0 0.0 1.1 2030.9 385.7 0.0 1.0 2023.5 403.9 0.0 1.0 2009.0 418.4 0.0 0.9 1996.4 434.1 0.0 0.8 2012.1 446.7 0.0 0.9 2 3 4 5 2292.3 2406.0 2428.3 2429.8 2417.6 2428.4 2428.3 2431.4 2459.6 6 (1) Ginnie Mae, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (L.126) are consolidated on Fannie Mae’s and Freddie Mac’s balance sheets (table L.125). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as agency- and GSE-backed securities. Levels 2018 104 Z.1, September 23, 2021 L.127 Issuers of Asset-Backed Securities (ABS) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 FL674090005 2 3 4 FL674022005 FL673061103 FL673061703 Total financial assets Debt securities Treasury securities Agency- and GSE-backed securities (1) 5 6 7 8 9 10 11 FL674023005 FL673069005 FL673065005 FL673065105 FL673065405 FL673065505 FL673066000 Loans Other loans and advances (2) Mortgages (3) One-to-four-family residential Multifamily residential Commercial Consumer credit 12 13 FL673070003 FL673090543 Trade credit Miscellaneous assets (funding agreements) (4) 14 FL674122005 15 16 17 FL674122005 FL673169105 FL673163005 Total liabilities Debt securities Commercial paper Corporate bonds (net) (5) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1120.9 1180.7 1225.2 1233.6 1221.8 1220.8 1225.2 1229.4 1249.0 1 20.4 20.4 0.0 33.0 33.0 0.0 30.3 30.3 0.0 32.0 32.0 0.0 30.6 30.6 0.0 29.5 29.5 0.0 30.3 30.3 0.0 28.6 28.6 0.0 27.4 27.4 0.0 2 3 4 980.5 123.7 851.2 467.6 43.8 339.8 5.5 1020.8 161.7 856.0 452.5 46.3 357.2 3.1 1047.0 207.7 837.4 414.9 51.3 371.2 1.9 1066.5 186.5 877.2 461.2 53.0 363.0 2.8 1053.2 188.7 862.0 449.0 53.2 359.8 2.5 1049.6 195.4 852.0 436.7 52.2 363.1 2.2 1047.0 207.7 837.4 414.9 51.3 371.2 1.9 1043.5 210.0 831.6 399.8 52.7 379.1 1.9 1047.4 5 219.0 6 826.7 7 388.7 8 53.2 9 384.8 10 1.7 11 33.9 86.0 34.6 92.3 34.8 113.2 36.9 98.1 35.5 102.5 32.6 109.0 34.8 113.2 33.5 123.9 35.3 12 138.8 13 1120.9 1180.7 1225.2 1233.6 1221.8 1220.8 1225.2 1229.4 1249.0 14 1120.9 80.9 1040.0 1180.7 75.9 1104.7 1225.2 89.5 1135.7 1233.6 80.7 1152.9 1221.8 86.7 1135.1 1220.8 87.8 1133.0 1225.2 89.5 1135.7 1229.4 84.2 1145.2 1249.0 15 82.1 16 1166.8 17 0.0 122.8 0.0 152.0 0.0 141.2 0.0 131.9 0.0 137.9 0.0 141.4 0.0 141.2 0.0 138.0 0.0 18 148.6 19 87.5 68.4 98.0 80.0 84.5 89.5 98.0 103.8 102.6 20 Levels Memo: 18 19 FL675013263 FL643065045 20 FL763169103 Securitized assets not included above Consumer leases (6) REIT assets (7) Securitized liabilities not included above Commercial paper (8) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Includes loans backing domestically-issued collateralized loan obligation (CLO) securities; loans backing U.S. CLO securities issued outside the U.S. are shown in line 15 of table L.133. (3) Mortgages backing privately issued pool securities and privately issued CMOs. (4) Funding agreements with life insurance companies. (5) Liabilities net of assets. (6) 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. (7) Included on table L.129. (8) Included on table L.111 line 44. 105 Z.1, September 23, 2021 L.128 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL614090005 1490.1 1536.8 1606.6 1495.5 1539.0 1543.2 1606.6 1644.0 1700.8 1 2 3 FL613020003 FL613030003 Checkable deposits and currency Time and savings deposits 14.3 42.8 12.2 36.7 16.4 49.3 16.5 49.5 20.7 62.2 17.0 51.1 16.4 49.3 16.7 50.2 16.7 50.1 2 3 4 LM613063003 Debt securities (corporate and foreign bonds) 55.3 60.0 73.6 58.8 68.2 69.9 73.6 70.8 81.1 4 5 6 7 8 FL614023005 FL613069505 FL613065000 FL613066005 Loans Other loans and advances Mortgages Consumer credit 1046.2 397.1 114.8 534.4 1041.6 386.7 117.2 537.7 1031.7 370.3 110.0 551.4 1043.8 400.0 115.3 528.5 1021.2 373.1 111.8 536.4 1029.0 372.4 107.9 548.6 1031.7 370.3 110.0 551.4 1042.7 373.6 108.6 560.5 1061.1 381.8 107.0 572.3 5 6 7 8 9 LM613092003 U.S. direct investment abroad 277.2 334.7 372.6 268.7 305.8 320.7 372.6 411.7 434.4 9 10 FL613090005 11 FL614190005 12 13 14 FL614122005 FL613169100 FL613163005 15 16 17 Miscellaneous assets 54.4 51.5 63.1 58.2 60.8 55.6 63.1 51.8 57.3 10 1319.4 1286.4 1307.3 1325.5 1326.2 1301.7 1307.3 1307.3 1342.2 11 Debt securities Open market paper Corporate bonds 879.2 64.6 814.6 835.4 63.5 771.8 815.2 41.8 773.4 859.4 61.7 797.6 849.0 50.8 798.2 816.4 42.5 774.0 815.2 41.8 773.4 809.1 41.7 767.5 814.7 12 41.0 13 773.7 14 FL614123005 FL613168005 FL613169005 Loans Depository institution loans n.e.c. Other loans and advances 147.7 147.1 0.6 153.6 152.7 1.0 178.4 177.9 0.5 160.6 159.6 0.9 167.1 166.5 0.6 175.2 174.5 0.7 178.4 177.9 0.5 175.4 175.3 0.1 216.2 15 216.1 16 0.1 17 18 FL613178005 Taxes payable 15.3 14.9 14.4 15.0 15.2 14.4 14.4 14.9 14.0 18 19 LM613192305 Foreign direct investment: intercompany debt 9.1 9.6 9.4 9.4 9.3 9.5 9.4 9.4 9.2 19 20 21 22 FL613190005 FL613194003 FL613193005 Miscellaneous liabilities Investment by parent Other 268.1 128.2 140.0 272.9 122.7 150.2 289.9 117.7 172.2 281.2 120.6 160.6 285.7 116.8 168.8 286.2 113.1 173.2 289.9 117.7 172.2 298.4 117.0 181.4 288.2 20 106.7 21 181.5 22 Total liabilities Memo: 23 LM613192103 Foreign direct investment: equity 102.1 142.7 174.9 115.8 139.7 154.6 174.9 189.6 207.0 23 24 FL613066303 Consumer leases not included above (2) 193.9 191.5 182.1 189.0 183.7 182.1 182.1 182.8 184.0 24 (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (5), table L.127. Levels 2018 106 Z.1, September 23, 2021 L.129 Real Estate Investment Trusts (REITs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL644090005 2 FL643020005 Total financial assets Checkable deposits and currency 3 4 5 LM644022005 LM643061773 LM643063005 6 7 8 9 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 820.8 898.1 757.2 780.0 758.4 751.6 757.2 765.6 778.8 1 36.0 44.9 62.0 85.0 79.5 68.0 62.0 61.0 62.7 2 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 324.5 273.7 50.8 386.7 334.5 52.2 236.7 208.5 28.2 246.3 210.5 35.8 241.7 209.9 31.8 234.7 206.6 28.1 236.7 208.5 28.2 223.6 197.5 26.1 216.3 187.6 28.7 3 4 5 FL643065005 FL643065105 FL643065405 FL643065505 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 255.0 72.8 7.7 174.5 273.9 76.0 15.0 182.8 259.2 51.7 11.0 196.5 250.8 53.9 9.2 187.8 248.0 48.8 9.0 190.2 260.1 52.8 10.0 197.4 259.2 51.7 11.0 196.5 265.7 54.5 12.0 199.2 281.6 60.4 13.7 207.5 6 7 8 9 10 FL643090005 Miscellaneous assets 205.3 192.6 199.2 197.8 189.3 188.7 199.2 215.3 218.3 10 11 FL644190005 1170.4 1329.5 1218.6 1235.3 1210.5 1204.2 1218.6 1220.3 1235.1 11 12 FL642151073 Security repurchase agreements 307.6 379.3 221.7 259.8 229.8 220.3 221.7 218.4 210.8 12 13 14 15 FL644122005 FL643169173 FL643163005 Debt securities Open market paper Corporate bonds 470.0 0.0 470.0 539.3 0.0 539.3 581.5 0.0 581.5 529.9 0.0 529.9 566.2 0.0 566.2 574.6 0.0 574.6 581.5 0.0 581.5 587.7 0.0 587.7 611.4 13 0.0 14 611.4 15 16 17 18 19 FL644123005 FL643168005 FL643169373 FL123165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 275.2 39.6 9.4 226.2 263.2 30.4 8.5 224.3 255.6 29.9 0.3 225.4 299.2 69.5 4.6 225.1 265.7 41.0 1.7 223.0 253.8 28.6 0.3 225.0 255.6 29.9 0.3 225.4 250.2 30.0 0.3 219.9 248.2 28.6 0.3 219.3 20 FL643193005 Miscellaneous liabilities 117.6 147.6 159.7 146.4 148.9 155.5 159.7 164.1 164.8 20 122.8 0.0 35.1 4.8 82.9 152.0 0.0 44.6 9.8 97.6 141.2 0.0 27.8 5.5 107.9 131.9 0.0 26.8 4.4 100.7 137.9 0.0 27.0 4.6 106.2 141.4 0.0 27.8 5.5 108.1 141.2 0.0 27.8 5.5 107.9 138.0 0.0 25.9 5.6 106.5 148.6 0.0 27.9 6.9 113.8 Total liabilities 16 17 18 19 Memo: 21 22 23 24 25 FL643065045 FL643061743 FL643065163 FL643065443 FL643065543 Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages (1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.129.e and L.129.m. 21 22 23 24 25 107 Z.1, September 23, 2021 L.129.e Equity Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL124090005 208.3 216.7 248.9 256.5 255.4 247.7 248.9 255.6 270.7 1 2 FL123020003 Checkable deposits and currency 26.4 32.9 44.5 64.8 62.3 50.1 44.5 44.4 45.9 2 3 LM123063003 Debt securities (corporate and foreign bonds) 10.0 11.0 12.9 10.6 12.1 12.3 12.9 14.4 16.8 3 4 5 6 7 FL123065005 FL123065103 FL123065403 FL123065503 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 27.3 0.3 0.4 26.7 31.0 0.2 0.8 30.0 37.0 0.2 1.4 35.4 31.8 0.2 0.7 30.9 32.0 0.2 0.7 31.1 36.7 0.2 0.7 35.8 37.0 0.2 1.4 35.4 39.4 0.2 2.0 37.2 38.8 0.2 1.9 36.7 4 5 6 7 8 FL123093005 Miscellaneous assets 144.6 141.8 154.4 149.3 149.0 148.6 154.4 157.3 169.2 8 9 FL124190005 668.7 737.9 789.3 784.2 783.3 778.2 789.3 790.3 807.8 9 10 FL123163003 Debt securities (corporate bonds) 322.8 358.8 403.0 364.5 392.7 395.7 403.0 410.4 421.2 10 11 12 13 14 15 FL124123005 FL123168003 FL123165005 FL123165403 FL123165503 Loans Depository institution loans n.e.c. Mortgages Multifamily residential Commercial 260.6 34.3 226.2 24.0 202.3 252.8 28.5 224.3 22.8 201.6 252.8 27.4 225.4 23.7 201.7 291.3 66.2 225.1 23.4 201.7 261.3 38.3 223.0 23.7 199.2 251.2 26.3 225.0 22.9 202.0 252.8 27.4 225.4 23.7 201.7 247.6 27.8 219.9 23.9 196.0 245.9 26.6 219.3 24.7 194.6 16 FL123193005 Miscellaneous liabilities 85.3 126.3 133.4 128.4 129.3 131.2 133.4 132.3 140.7 16 612.4 681.4 508.3 523.4 503.1 503.9 508.3 510.0 508.1 1 9.6 12.0 17.5 20.2 17.2 17.9 17.5 16.6 16.8 2 Total liabilities 11 12 13 14 15 Levels Total financial assets 2019 L.129.m Mortgage Real Estate Investment Trusts Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL644090075 Total financial assets 2 FL643020073 Checkable deposits and currency 3 4 5 LM644022075 LM643061773 LM643063073 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 314.5 273.7 40.8 375.7 334.5 41.2 223.8 208.5 15.3 235.7 210.5 25.2 229.6 209.9 19.7 222.4 206.6 15.8 223.8 208.5 15.3 209.2 197.5 11.7 199.5 187.6 11.9 3 4 5 6 7 8 9 FL643065075 FL643065173 FL643065473 FL643065573 Loans (mortgages) One-to-four-family residential Multifamily residential Commercial 227.7 72.5 7.3 147.8 242.8 75.9 14.2 152.8 222.2 51.5 9.6 161.1 219.0 53.7 8.5 156.8 216.0 48.6 8.3 159.1 223.4 52.6 9.2 161.6 222.2 51.5 9.6 161.1 226.3 54.3 10.1 161.9 242.8 60.2 11.8 170.8 6 7 8 9 10 FL643090075 11 FL644190075 12 FL642151073 13 14 15 Miscellaneous assets 60.7 50.9 44.8 48.5 40.2 40.2 44.8 58.0 49.1 10 501.7 591.6 429.3 451.1 427.2 426.0 429.3 430.0 427.4 11 Security repurchase agreements 307.6 379.3 221.7 259.8 229.8 220.3 221.7 218.4 210.8 12 FL644122075 FL643169173 FL643163075 Debt securities Open market paper Corporate bonds 147.2 0.0 147.2 180.5 0.0 180.5 178.4 0.0 178.4 165.3 0.0 165.3 173.5 0.0 173.5 178.9 0.0 178.9 178.4 0.0 178.4 177.3 0.0 177.3 190.2 13 0.0 14 190.2 15 16 17 18 FL644123075 FL643168073 FL643169373 Loans Depository institution loans n.e.c. Other loans and advances 14.7 5.3 9.4 10.4 1.9 8.5 2.8 2.5 0.3 7.9 3.3 4.6 4.4 2.7 1.7 2.6 2.3 0.3 2.8 2.5 0.3 2.6 2.3 0.3 2.4 16 2.1 17 0.3 18 19 FL643193075 Miscellaneous liabilities 32.3 21.4 26.3 18.1 19.6 24.2 26.3 31.8 24.0 19 20 21 22 23 24 FL643065045 FL643061743 FL643065163 FL643065443 FL643065543 122.8 0.0 35.1 4.8 82.9 152.0 0.0 44.6 9.8 97.6 141.2 0.0 27.8 5.5 107.9 131.9 0.0 26.8 4.4 100.7 137.9 0.0 27.0 4.6 106.2 141.4 0.0 27.8 5.5 108.1 141.2 0.0 27.8 5.5 107.9 138.0 0.0 25.9 5.6 106.5 Total liabilities Memo: Securitized assets included above Agency- and GSE-backed securities One-to-four-family residential mortgages Multifamily residential mortgages Commercial mortgages 148.6 0.0 27.9 6.9 113.8 20 21 22 23 24 108 Z.1, September 23, 2021 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL664090005 2 3 FL663020003 FL662051003 Total financial assets Checkable deposits and currency Security repurchase agreements 4 5 6 7 8 9 LM664022005 FL663069103 LM663061105 LM663061705 LM663062003 LM663063005 10 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 3320.7 3421.3 3645.5 3700.6 3466.4 3470.7 3645.5 3506.4 3537.9 1 126.2 1315.2 125.2 1396.0 138.4 1322.1 162.0 1483.0 139.0 1282.2 133.9 1279.0 138.4 1322.1 136.9 1238.0 132.6 1133.4 2 3 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 478.9 11.4 250.4 117.2 20.7 79.2 450.2 8.5 213.8 139.3 16.4 72.1 415.9 8.2 222.1 95.0 6.8 83.9 515.2 20.7 234.8 175.1 13.7 70.9 514.4 13.0 273.0 142.6 8.7 77.1 452.3 11.0 219.1 119.6 10.4 92.1 415.9 8.2 222.1 95.0 6.8 83.9 189.0 9.2 95.5 4.9 8.8 70.6 218.3 11.7 113.0 12.4 10.7 70.4 4 5 6 7 8 9 FL663069005 Loans (other loans and advances) 340.5 373.0 538.3 394.6 373.5 440.3 538.3 628.7 651.8 10 11 LM663064103 Corporate equities 147.7 166.7 214.3 144.7 180.4 205.4 214.3 265.9 259.1 11 12 LM663092003 U.S. direct investment abroad 225.3 299.0 349.5 235.0 274.8 286.2 349.5 361.0 383.2 12 13 FL663090005 Miscellaneous assets 686.9 611.2 667.0 766.2 702.2 673.5 667.0 686.9 759.5 13 14 FL664190005 3136.2 3228.3 3432.8 3504.7 3261.9 3268.8 3432.8 3280.9 3306.6 14 15 FL662151003 Security repurchase agreements 1698.4 1755.0 1774.2 1815.9 1680.4 1713.2 1774.2 1573.6 1550.5 15 16 FL663163003 Debt securities (corporate bonds) 184.0 174.0 183.9 256.9 179.7 165.4 183.9 196.3 204.5 16 17 18 19 FL664123005 FL663168005 FL153067005 Loans Depository institution loans n.e.c. Other loans and advances 882.7 124.3 758.4 906.1 122.0 784.0 1037.0 132.2 904.8 1114.0 184.6 929.4 1033.7 124.5 909.2 995.6 118.7 876.9 1037.0 132.2 904.8 1064.1 139.4 924.7 1097.2 17 156.2 18 941.1 19 20 21 FL663170003 FL663178005 Trade payables Taxes payable 16.8 13.6 15.8 12.2 18.5 14.4 20.1 13.6 17.8 15.7 16.7 14.5 18.5 14.4 19.7 15.2 15.9 20 15.0 21 22 LM663192305 Foreign direct investment: intercompany debt 8.4 12.0 13.2 10.0 11.6 12.0 13.2 13.0 16.3 22 23 24 25 FL663190005 FL663194005 FL663193005 Miscellaneous liabilities Investment by parent companies Other 332.2 952.6 -620.4 353.2 983.3 -630.1 391.5 1064.7 -673.2 274.2 1049.4 -775.2 323.0 1002.0 -679.0 351.3 1007.8 -656.5 391.5 1064.7 -673.2 399.0 1066.6 -667.6 407.0 23 1124.2 24 -717.2 25 26 27 LM662090003 LM663192103 78.2 94.7 83.5 178.9 90.3 246.3 84.8 122.1 88.5 174.4 87.1 196.5 90.3 246.3 93.8 262.8 98.0 26 298.3 27 Total liabilities Memo: Equity in noncorporate business Foreign direct investment: equity 109 Z.1, September 23, 2021 L.131 Holding Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL734090005 2 3 FL733030003 FL732051003 Total financial assets Time and savings deposits Security repurchase agreements 4 5 6 7 LM734022605 LM733061103 LM733061703 LM733063003 Debt securities Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds 8 FL733069005 Loans (other loans and advances) 9 FL733040005 Life insurance reserves 10 11 12 13 14 15 16 17 FL733090005 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 FL733093005 Miscellaneous assets Net trans. with depository affiliates Net trans. with property-casualty ins. co. affiliates Net trans. with life insurance company affiliates Net trans. with finance company affiliates Net trans. with broker and dealer affiliates Net trans. with foreign affiliates Other 18 FL734190005 19 FL732151003 Security repurchase agreements 20 21 22 FL734122005 FL733169103 FL733163003 Debt securities Commercial paper Corporate bonds 23 LM733192305 24 FL733193005 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 3840.7 3999.1 4262.9 4061.0 4170.2 4164.6 4262.9 4250.1 4372.2 1 376.7 1.6 386.4 2.0 514.9 41.4 434.1 2.0 532.7 21.8 521.0 36.5 514.9 41.4 440.0 29.4 438.9 15.8 2 3 92.2 33.0 39.3 19.9 126.7 55.8 43.1 27.7 122.4 61.6 33.8 27.0 121.4 53.4 41.2 26.8 125.1 54.4 38.7 31.9 116.1 53.9 36.5 25.7 122.4 61.6 33.8 27.0 145.5 84.2 30.7 30.5 144.1 86.5 29.1 28.5 4 5 6 7 104.3 117.7 106.6 128.7 119.0 104.6 106.6 121.2 129.6 8 61.0 65.0 69.0 66.0 67.0 68.0 69.0 70.0 71.0 9 3204.9 2140.0 6.0 4.8 15.0 952.6 18.3 68.1 3301.4 2233.6 6.8 5.9 10.2 983.3 17.1 44.4 3408.6 2306.3 2.9 0.0 8.2 1064.7 -14.5 40.9 3308.7 2197.2 6.7 0.0 9.3 1049.4 5.6 40.6 3304.7 2225.2 1.9 0.0 9.1 1002.0 22.8 43.7 3318.4 2252.9 3.0 0.0 9.3 1007.8 6.4 39.1 3408.6 2306.3 2.9 0.0 8.2 1064.7 -14.5 40.9 3444.1 2320.5 3.7 0.0 7.6 1066.6 3.0 42.7 3572.7 2386.8 4.4 0.0 6.9 1124.2 5.8 44.6 10 11 12 13 14 15 16 17 1503.8 1557.2 1687.9 1637.1 1716.4 1673.0 1687.9 1646.5 1724.7 18 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 19 1401.7 5.9 1395.8 1445.7 5.9 1439.9 1577.5 5.2 1572.3 1538.2 5.4 1532.8 1606.9 4.9 1602.0 1569.1 3.6 1565.5 1577.5 5.2 1572.3 1538.0 5.5 1532.5 1617.7 20 6.5 21 1611.2 22 Foreign direct investment: intercompany debt (2) 115.8 97.4 105.7 98.8 98.6 100.1 105.7 106.7 107.7 23 Miscellaneous liabilities -13.7 14.0 4.7 0.1 10.9 3.9 4.7 1.6 -0.8 24 64.2 79.7 80.9 80.8 81.1 83.0 80.9 89.6 90.3 25 Total liabilities Memo: 25 LM733192103 Foreign direct investment: equity (2) (1) Parent-only bank holding companies, savings and loan holding companies and security holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320. (2) Investment in U.S. Intermediate Holding Companies. Levels 2018 110 Z.1, September 23, 2021 L.132 Other Financial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total financial assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL504090005 710.9 758.7 1132.3 976.1 1064.8 1074.7 1132.3 1266.5 1231.3 1 2 3 4 FL713129005 FL503034005 FL502051003 Checkable deposits and currency Money market fund shares Security repurchase agreements 62.3 242.8 0.0 61.2 319.5 0.0 154.2 480.3 0.0 160.4 406.9 0.0 133.7 467.3 0.0 145.9 468.5 0.0 154.2 480.3 0.0 185.8 500.5 0.0 201.1 507.6 0.0 2 3 4 5 6 7 8 9 FL504022005 FL503069105 FL503061303 FL503063005 FL503062003 Debt securities Open market paper Nonmarketable Treasury securities Corporate and foreign bonds Municipal securities 275.7 205.0 0.0 70.7 0.0 250.0 179.1 0.0 70.9 0.0 366.1 180.9 95.7 83.3 6.3 272.2 195.4 0.0 76.8 0.0 332.2 156.5 95.6 78.9 1.2 334.9 159.2 95.7 78.4 1.7 366.1 180.9 95.7 83.3 6.3 408.6 276.1 42.6 83.9 6.1 377.0 241.4 34.1 96.8 4.8 5 6 7 8 9 10 FL503069005 Loans (other loans and advances) 7.0 8.4 31.0 14.2 12.2 15.7 31.0 28.8 27.6 10 11 FL503064105 Corporate equities 0.0 0.0 8.8 0.0 8.0 8.6 8.8 8.5 1.1 11 12 13 14 FL503094505 FL753194503 FL663194505 Miscellaneous assets Investment in foreign banking offices Investment in brokers and dealers 123.1 123.1 0.0 119.5 119.5 0.0 92.0 92.0 0.0 122.4 122.4 0.0 111.5 111.5 0.0 101.0 101.0 0.0 92.0 92.0 0.0 134.2 134.2 0.0 116.8 12 116.8 13 0.0 14 15 FL504190005 710.9 758.7 1132.3 976.1 1064.8 1074.7 1132.3 1266.5 1231.3 15 16 17 18 FL504122005 FL503169105 FL503163003 Debt securities Open market paper Corporate bonds 151.4 151.4 0.0 145.7 145.7 0.0 121.0 121.0 0.0 143.1 143.1 0.0 132.9 132.9 0.0 119.2 119.2 0.0 121.0 121.0 0.0 180.1 180.1 0.0 154.6 16 154.6 17 0.0 18 19 20 21 FL504123005 FL713068505 FL503169205 Loans Depository institution loans n.e.c. Other loans and advances 2.4 0.0 2.4 2.4 0.0 2.4 43.0 40.7 2.4 2.4 0.0 2.4 17.5 15.1 2.4 22.3 20.0 2.4 43.0 40.7 2.4 41.3 38.9 2.4 39.2 19 36.9 20 2.4 21 22 FL503192305 Foreign direct investment: intercompany debt 23 24 25 26 27 FL503190005 FL663097005 LM503194305 FL503194205 FL503193005 Miscellaneous liabilities Securities loaned (net) Equity interest under PPIP Equity in Federal Reserve facilities (2) Other (net) Total liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 557.1 683.8 0.0 0.0 -126.6 610.7 685.5 0.0 0.0 -74.8 968.3 753.6 0.0 112.5 102.2 830.6 744.0 0.0 0.0 86.6 914.5 747.2 0.0 112.5 54.7 933.1 716.3 0.0 112.5 104.4 968.3 753.6 0.0 112.5 102.2 1045.1 762.3 0.0 50.3 232.6 0.0 22 1037.5 853.4 0.0 40.3 143.8 23 24 25 26 27 (1) Includes funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, funds associated with the Public-Private Investment Program (PPIP), Federal Reserve funding, credit, and liquidity facility special purpose vehicles (SPV) created in response to the 2008 Financial Crisis and COVID-19 pandemic, and deposits at Federal Reserve banks of Federal Reserve SPVs and designated financial market utilities (DFMU). (2) U.S. Treasury Exchange Stabilization Fund Economic Recovery Programs investment in Federal Reserve SPVs. 111 Z.1, September 23, 2021 L.133 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 FL264090005 Total financial assets 2 3 LM313111303 FL264016005 SDR allocations Net interbank assets 29980.5 34921.4 39843.0 32218.7 35344.9 36950.5 39843.0 41050.1 43592.2 49.1 206.8 48.8 123.6 50.9 152.9 48.2 473.4 48.6 287.7 49.7 221.8 50.9 152.9 50.1 38.7 50.4 32.6 1 2 3 4 5 FL263020005 FL263030005 U.S. checkable deposits and currency U.S. time deposits 928.0 601.9 987.0 599.8 1142.6 697.6 1059.8 712.8 1073.4 685.9 1106.7 685.7 1142.6 697.6 1167.6 735.9 1181.2 747.6 4 5 6 7 8 9 10 11 12 13 FL263034003 FL262051005 LM264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Money market fund shares Security repurchase agreements Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities U.S. corporate bonds (1) 14 15 FL263069500 FL263069563 Loans to U.S. corporate business Of which: loans held by CLOs (2) 16 17 LM263064105 LM263064203 U.S. corporate equities Mutual fund shares 18 19 20 21 22 LM263070005 FL543141905 FL543151905 LM263092001 FL263076005 Trade receivables Life insurance reserves Pension entitlements Foreign direct investment in U.S. (3) Miscellaneous assets (insurance receivables) 23 FL264190005 24 25 LM263111005 LM263191005 26 110.7 125.1 127.1 130.5 135.9 129.3 127.1 131.9 133.1 6 971.5 1064.8 1075.2 1186.5 1067.6 1045.3 1075.2 1153.5 1271.6 7 11186.0 12246.3 12906.1 12177.2 12700.8 12723.0 12906.1 12684.4 13000.5 8 124.7 130.2 85.3 99.9 106.3 88.2 85.3 101.8 104.8 9 6270.1 6844.2 7070.8 6949.5 7046.6 7069.2 7070.8 7028.4 7202.2 10 1087.0 1203.8 1195.7 1283.6 1236.4 1182.5 1195.7 1156.1 1144.9 11 99.7 103.7 108.5 102.9 107.0 107.5 108.5 110.2 113.2 12 3604.4 3964.3 4445.8 3741.4 4204.5 4275.6 4445.8 4287.9 4435.4 13 830.8 522.6 877.8 532.6 882.0 557.2 890.1 561.2 905.6 566.0 935.6 577.1 951.3 14 595.8 15 6629.5 799.0 8199.2 10449.2 896.1 1029.4 6733.2 794.6 8131.4 901.6 8966.6 10449.2 11160.9 12169.9 16 951.3 1029.4 1083.2 1151.0 17 332.7 10.4 15.4 7346.9 59.2 349.1 430.0 10.7 1.6 16.0 2.4 9362.9 10813.5 61.3 59.1 364.8 8.7 13.0 7577.2 61.0 389.7 5.8 8.6 8966.1 59.8 408.6 430.0 436.0 438.5 18 3.9 1.6 1.6 1.6 19 5.8 2.4 2.4 2.4 20 9704.9 10813.5 11408.1 12388.6 21 57.8 59.1 60.6 61.7 22 6655.8 7238.6 7673.2 7585.6 7515.6 7416.9 7673.2 7638.6 7694.6 23 U.S. official reserve assets (4) U.S. private deposits 114.6 824.1 118.3 766.9 133.7 868.3 116.7 941.2 122.7 810.0 127.8 871.7 133.7 868.3 127.9 901.5 129.0 24 894.8 25 FL262151003 Security repurchase agreements 989.6 1225.7 1287.1 1329.9 1241.5 1216.1 1287.1 1153.9 1122.3 26 27 28 29 30 LM264122005 FL263169105 LM263163005 LM263163063 Debt securities Commercial paper Bonds Of which: CLO securities (2) 3406.1 368.3 3037.7 416.8 3800.4 452.8 3347.6 479.1 4010.1 463.8 3546.3 520.3 3464.6 423.6 3041.0 484.1 3724.8 437.4 3287.4 493.5 3824.3 456.0 3368.3 506.6 4010.1 463.8 3546.3 520.3 4060.8 506.0 3554.9 544.9 4127.9 523.8 3604.1 564.8 31 32 33 FL264123005 FL263168005 FL263169005 Loans Depository institution loans n.e.c. Other loans and advances 596.1 545.5 50.6 690.3 632.6 57.6 753.6 698.6 55.0 778.8 715.9 63.0 741.2 685.7 55.5 736.1 685.0 51.1 753.6 698.6 55.0 772.2 716.5 55.7 799.4 31 744.1 32 55.3 33 34 LM263170005 Trade payables 79.4 81.6 81.6 77.8 76.6 80.9 81.6 86.0 91.5 34 35 36 FL263140005 FL263150005 Life insurance reserves Pension entitlements 66.6 77.5 68.3 80.8 83.8 127.8 71.8 91.1 76.7 106.2 80.0 116.1 83.8 127.8 83.2 128.3 84.3 35 130.4 36 37 LM263192305 U.S. direct investment abroad: debt (1,3) 231.7 130.0 64.1 92.8 108.6 77.8 64.1 54.6 40.7 37 38 39 40 41 42 43 FL263190005 FL313092803 FL263191103 FL263194735 FL263195105 FL263176005 Miscellaneous liabilities U.S. equity in IBRD, etc. Nonofficial foreign currencies Net investment by holding companies Accident and health insurance reserves Policy payables 270.2 66.1 6.8 18.3 17.8 161.1 276.1 67.5 6.4 17.1 18.6 166.6 263.0 69.3 20.5 -14.5 24.4 163.3 620.7 68.8 360.3 5.6 19.9 166.1 507.2 68.8 229.5 22.8 21.8 164.3 286.1 69.0 26.5 6.4 23.0 161.3 263.0 69.3 20.5 -14.5 24.4 163.3 270.3 70.5 5.1 3.0 24.4 167.2 7899.6 6139.1 9478.0 10535.9 7449.1 8176.6 7442.6 5713.6 8574.9 6747.3 9142.7 10535.9 11003.1 11687.7 44 7130.4 8176.6 8671.8 9232.2 45 1407.5 1449.6 1770.3 1790.4 2965.0 2999.0 2728.6 2750.8 2518.2 2545.2 274.3 70.5 3.2 5.8 24.5 170.3 27 28 29 30 38 39 40 41 42 43 Memo: 44 45 LM263164100 LM263192101 46 47 FL263098013 FL263198013 Foreign equities held by U.S. residents (5) U.S. direct investment abroad: equity (3) Financial derivatives (6) Gross positive fair value Gross negative fair value 2552.4 2545.7 2552.4 2545.7 2125.3 2158.8 (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) Collateralized loan obligations. (3) Direct investment reported at market value. (4) Does not include monetary gold. (5) Includes American Depositary Receipts (ADRs). (6) Financial derivatives are not included above. ND 46 ND 47 Levels 905.6 566.0 Total liabilities 733.3 459.1 112 Z.1, September 23, 2021 L.200 U.S. Official Reserve Assets and SDR Allocations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 LM893111005 2 LM313111303 Total liabilities Federal government: SDR allocations 3 4 5 6 LM263111005 LM313011303 LM263111403 LM263111503 Rest of the world SDR holdings Reserve position in IMF Other reserves 7 FL893011005 8 9 10 11 12 FL313011005 FL313011205 LM313011303 LM313011405 LM313011505 13 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 163.7 167.1 184.6 164.9 171.3 177.5 184.6 177.9 179.4 1 49.1 48.8 50.9 48.2 48.6 49.7 50.9 50.1 50.4 2 114.6 50.8 22.0 41.8 118.3 50.7 26.2 41.4 133.7 52.9 36.4 44.4 116.7 50.1 25.5 41.1 122.7 50.6 30.6 41.5 127.8 51.7 33.1 42.9 133.7 52.9 36.4 44.4 127.9 52.1 33.7 42.1 129.0 52.4 34.3 42.3 3 4 5 6 174.8 178.2 195.6 176.0 182.4 188.6 195.6 189.0 190.4 7 Federal government Monetary gold (2) SDR holdings Reserve position in IMF Other reserves 93.9 0.0 50.8 22.3 20.8 97.8 0.0 50.7 26.4 20.6 111.7 0.0 52.9 36.6 22.1 96.4 0.0 50.1 25.8 20.5 102.2 0.0 50.6 30.9 20.7 106.5 0.0 51.7 33.4 21.4 111.7 0.0 52.9 36.6 22.1 107.0 0.0 52.1 33.9 21.0 108.1 8 0.0 9 52.4 10 34.6 11 21.0 12 LM313111303 Rest of the world: SDR allocations 49.1 48.8 50.9 48.2 48.6 49.7 50.9 50.1 50.4 13 14 15 16 17 FL713011005 FL713011203 FL713011405 LM713011505 Monetary authority Monetary gold (2) Reserve position in IMF Other reserves 31.8 11.0 -0.3 21.0 31.6 11.0 -0.3 20.8 33.1 11.0 -0.3 22.3 31.4 11.0 -0.3 20.6 31.6 11.0 -0.3 20.9 32.3 11.0 -0.3 21.6 33.1 11.0 -0.3 22.3 31.9 11.0 -0.3 21.2 32.0 11.0 -0.3 21.2 18 FL903011005 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 -11.0 Total assets Discrepancy: monetary gold 14 15 16 17 -11.0 18 (1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest. (2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability. L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 FL713014003 FL713014003 3 4 FL313112003 FL713012003 5 FL903012005 Liab: Federal government Asset: Monetary authority 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 1 2 Liab: Federal government Asset: Monetary authority 23.7 49.8 23.2 50.1 23.1 50.5 23.2 50.2 23.2 50.3 23.1 50.4 23.1 50.5 23.1 50.5 23.1 50.7 3 4 Discrepancy (seigniorage) -26.1 -26.9 -27.3 -27.0 -27.1 -27.2 -27.3 -27.4 -27.6 5 Treasury currency: L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM263191005 Total rest of the world liability 824.1 766.9 868.3 941.2 810.0 871.7 868.3 901.5 894.8 1 2 3 4 LM153091003 FL103091003 FL633091003 Held by: Household sector Nonfinancial corporate business Money market funds 41.8 106.3 1.5 40.8 131.0 7.4 48.6 142.8 0.7 50.2 111.3 3.8 43.7 145.3 2.1 47.7 159.8 0.9 48.6 142.8 0.7 50.0 142.3 2.2 49.4 176.8 0.3 2 3 4 5 FL903091005 Discrepancy--unallocated assets 674.4 587.7 676.2 776.0 618.8 663.4 676.2 707.1 668.4 5 113 Z.1, September 23, 2021 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 FL794110005 2 3 4 5 6 FL714110005 FL764110005 FL754110005 FL744110005 FL474110005 7 FL894010005 8 9 10 11 12 13 FL714010005 FL763020005 FL753020005 FL743013003 FL473013005 FL264016005 14 FL904010005 Total liabilities Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Discrepancy 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1810.9 1711.9 3258.2 3063.4 3210.8 3080.8 3258.2 3852.4 3652.8 1 1638.0 21.5 191.1 -1.3 -38.4 1632.3 7.7 112.6 -1.6 -39.1 3094.1 8.8 191.8 -1.4 -35.2 2573.3 67.4 468.0 -2.0 -43.3 2879.0 127.8 243.5 -2.0 -37.4 2833.3 93.8 193.5 -1.5 -38.2 3094.1 8.8 191.8 -1.4 -35.2 3770.2 -85.0 197.4 -1.3 -28.9 3604.0 -67.2 152.7 -1.3 -35.3 2 3 4 5 6 1844.1 1755.2 3291.0 3122.7 3249.4 3120.4 3291.0 3849.2 3677.3 7 -0.7 970.5 598.6 6.0 62.9 206.8 -0.6 990.8 554.1 4.4 83.0 123.6 44.0 2289.0 602.5 14.7 188.0 152.9 76.0 1575.5 873.8 8.0 116.0 473.4 82.7 2059.0 644.6 13.4 162.0 287.7 65.3 2008.0 649.6 16.0 159.7 221.8 44.0 2289.0 602.5 14.7 188.0 152.9 40.3 2716.8 794.3 14.5 244.6 38.7 40.8 2566.8 799.1 23.2 214.8 32.6 8 9 10 11 12 13 -33.2 -43.3 -32.9 -59.2 -38.5 -39.6 -32.9 3.2 -24.5 14 92.3 15 92.3 16 0.0 17 15 16 17 FL703025005 FL763025000 FL753025003 Vault cash: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. 82.0 82.0 0.0 83.4 83.4 0.0 99.2 99.2 0.0 99.0 99.0 0.0 92.0 91.9 0.0 90.0 90.0 0.0 99.2 99.2 0.0 97.5 97.5 0.0 18 19 20 21 22 FL713113003 FL763013005 FL753013003 FL743013003 FL473013005 Depository institution reserves: Liab.: Monetary authority Asset: U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 1556.0 888.4 598.6 6.0 62.9 1548.8 907.3 554.1 4.4 83.0 2994.9 2189.8 602.5 14.7 188.0 2474.3 1476.5 873.8 8.0 116.0 2787.0 1967.1 644.6 13.4 162.0 2743.2 1918.0 649.6 16.0 159.7 2994.9 2189.8 602.5 14.7 188.0 3672.7 2619.2 794.3 14.5 244.6 3511.6 2474.5 799.1 23.2 214.8 18 19 20 21 22 23 24 25 26 27 FL714010075 FL713068743 FL714010005 FL713022003 FL713068705 Other transactions with the monetary authority Liab: U.S.-chartered depository institutions Credit unions Asset: Monetary authority Federal Reserve float Loans to depository institutions -0.7 0.0 -0.7 -0.8 0.1 -0.6 0.0 -0.6 -0.6 0.0 43.6 0.4 44.0 -0.6 44.6 76.0 0.0 76.0 -0.7 76.6 82.2 0.5 82.7 -0.7 83.5 64.8 0.5 65.3 -1.3 66.6 43.6 0.4 44.0 -0.6 44.6 40.1 0.2 40.3 -1.1 41.4 40.6 0.2 40.8 -1.1 41.8 23 24 25 26 27 28 29 30 FL764116205 FL763192605 FL763092605 Transactions with banks in foreign countries (net): Liab.: U.S.-chartered depository institutions (net) Due to foreign affiliates - Due from foreign affiliates 65.9 347.1 281.2 47.6 369.8 322.2 -8.1 411.3 419.5 49.6 413.7 364.1 81.6 421.6 340.0 51.5 421.6 370.1 -8.1 411.3 419.5 -117.3 374.4 491.7 -80.8 28 378.0 29 458.9 30 31 32 33 FL754116205 FL753192605 FL753092605 Foreign banking offices in U.S. (net) Due to foreign affiliates - Due from foreign affiliates 225.7 982.1 756.4 151.2 982.1 830.9 210.9 1022.6 811.7 500.1 1311.6 811.6 263.3 1112.5 849.2 215.9 1032.3 816.5 210.9 1022.6 811.7 210.5 1040.3 829.8 173.7 31 990.8 32 817.1 33 34 35 36 FL264116205 FL764016205 FL754016205 Less: Deposits at foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 30.3 17.8 12.4 26.8 15.2 11.6 33.7 23.0 10.6 29.0 19.0 10.0 27.1 19.7 7.4 30.3 20.6 9.7 33.7 23.0 10.6 41.0 27.4 13.6 39.8 34 28.2 35 11.7 36 37 38 39 FL264135125 FL764035125 FL754035125 Loans to foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 72.0 28.9 43.1 69.7 28.9 40.8 44.6 17.6 27.0 68.7 29.9 38.8 56.4 24.0 32.3 46.2 17.7 28.5 44.6 17.6 27.0 42.7 17.9 24.8 49.3 37 21.4 38 27.9 39 40 41 42 FL264035125 FL274135123 FL284135125 Plus: Loans from foreign banks U.S.-chartered depository institutions Foreign banking offices in U.S. 17.5 9.2 8.3 21.3 11.8 9.5 28.4 17.4 11.0 21.5 11.5 9.9 26.2 15.3 10.8 31.0 18.4 12.5 28.4 17.4 11.0 29.2 17.7 11.5 28.8 40 18.1 41 10.8 42 43 FL264016005 206.8 123.6 152.9 473.4 287.7 221.8 152.9 38.7 32.6 43 44 45 46 47 48 FL764112005 FL764112205 FL754012205 FL743020005 FL474012205 -6.1 33.3 26.8 1.3 38.4 -7.0 23.8 26.4 1.6 39.1 -3.4 27.7 23.6 1.4 35.6 -20.7 13.7 27.6 2.0 43.3 -7.7 26.5 25.1 2.0 37.9 -2.7 26.9 26.2 1.5 38.7 -3.4 27.7 23.6 1.4 35.6 19.8 55.2 21.6 1.3 29.1 4.5 37.6 25.3 1.3 35.5 49 FL754112205 39.5 30.8 31.1 34.4 34.1 29.6 31.1 35.4 33.1 49 50 FL904010005 -33.2 -43.3 -32.9 -59.2 -38.5 -39.6 -32.9 3.2 -24.5 50 Asset: Rest of the world (1) Transactions between U.S. depository institutions (net): U.S.-chartered depository institutions (net) Due to (3): Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions - Due from: Foreign banking offices in U.S. Unallocated (2) (1) Sum of lines 28 and 31 less line 34 and line 37 plus line 40. (2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 13 above. However, the unallocated amount (line 50), which is due to inconsistencies in source data, appears on line 14 as the discrepancy between liabilities and assets. (3) Sum of lines 46, 47, 48, and 50. 44 45 46 47 48 Levels Memo: 114 Z.1, September 23, 2021 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL793120005 4583.7 4856.0 9128.6 5771.8 7671.3 7926.9 9128.6 9033.6 9115.2 1 2 3 4 5 6 7 FL713120005 FL713123005 FL713124005 FL713129005 FL713122605 FL713125005 Monetary authority Federal government cash and deposits Due to government-sponsored enterprises Due to other financial business Deposits due to foreign Currency outside banks 2117.6 402.4 10.5 62.3 5.3 1637.2 2207.3 404.0 12.5 61.2 5.2 1724.2 3945.7 1728.6 51.0 154.2 21.9 1989.9 2593.2 515.6 120.0 160.4 17.4 1779.7 3792.1 1722.1 42.0 133.7 16.3 1878.1 3914.6 1781.7 25.5 145.9 18.9 1942.5 3945.7 1728.6 51.0 154.2 21.9 1989.9 3521.7 1122.0 134.1 185.8 33.2 2046.5 3178.3 852.0 28.6 201.1 5.3 2091.3 2 3 4 5 6 7 8 9 10 11 12 FL763127005 FL763123005 FL763128000 FL763122605 FL763129205 U.S.-chartered depository institutions Federal government deposits State and local government deposits Deposits due to foreign Private domestic deposits 2053.7 1.8 132.9 74.4 1844.7 2191.5 1.6 139.1 78.9 1971.8 4572.8 2.7 229.9 61.4 4278.8 2649.7 1.7 142.3 91.0 2414.7 3303.4 1.9 167.3 70.5 3063.7 3416.4 2.4 178.1 63.0 3172.9 4572.8 2.7 229.9 61.4 4278.8 4803.3 2.4 248.5 58.5 4493.8 5236.0 8 4.5 9 296.5 10 74.6 11 4860.5 12 13 14 15 FL753127005 FL753122603 FL753129205 Foreign banking offices in U.S. Deposits due to foreign Private domestic deposits 177.8 74.4 103.3 199.4 77.6 121.7 256.3 112.8 143.5 251.4 100.2 151.3 256.1 106.0 150.1 265.8 107.3 158.5 256.3 112.8 143.5 306.3 119.2 187.1 296.0 13 132.1 14 163.9 15 16 FL743127003 Banks in U.S.-affiliated areas 40.9 45.7 56.7 46.5 54.4 56.5 56.7 61.3 68.1 16 17 FL473127003 Credit unions 193.8 212.1 297.1 231.0 265.4 273.7 297.1 341.1 336.7 17 18 FL793120005 4583.7 4856.0 9128.6 5771.8 7671.3 7926.9 9128.6 9033.6 9115.2 18 19 FL153020005 Household sector 1208.7 1173.4 2885.5 1316.0 1592.8 1738.8 2885.5 3314.6 3642.2 19 20 21 22 FL143020005 FL103020000 FL113020005 Nonfinancial business Corporate Noncorporate 1507.2 1189.7 317.5 1677.8 1339.9 337.9 2441.5 1999.4 442.0 1955.8 1559.9 395.9 2458.3 2014.0 444.3 2536.6 2094.2 442.4 2441.5 1999.4 442.0 2438.7 1974.5 464.2 2471.9 20 1994.4 21 477.5 22 23 24 FL313020005 FL213020005 Federal government State and local governments 405.9 132.9 407.2 139.1 1732.1 229.9 518.9 142.3 1725.4 167.3 1784.9 178.1 1732.1 229.9 1117.1 248.5 855.7 23 296.5 24 25 FL793020005 Domestic financial sectors 398.9 469.6 694.3 777.5 651.9 579.1 694.3 736.3 663.3 25 26 27 FL513020005 FL543020005 Property-casualty insurance companies Life insurance companies 30.2 90.7 47.6 94.7 50.2 127.7 44.2 143.6 54.5 148.5 46.3 132.1 50.2 127.7 57.5 121.3 54.0 26 140.2 27 28 29 30 FL573020005 FL343020033 FL223020043 Private pension funds Federal government retirement funds State and local govt. retirement funds 16.8 0.8 28.6 24.1 0.7 23.0 32.2 0.9 27.7 26.8 0.7 22.1 28.7 0.8 20.6 30.5 0.8 21.0 32.2 0.9 27.7 32.7 0.9 23.1 34.1 28 0.9 29 23.4 30 31 32 FL633020000 FL403020005 Money market funds Government-sponsored enterprises -43.7 36.8 1.2 34.6 -7.8 92.5 -25.8 142.0 -45.1 71.1 -74.0 57.6 -7.8 92.5 -53.5 153.9 -71.1 31 68.6 32 33 34 35 36 FL613020003 FL643020005 FL663020003 FL713129005 Finance companies REITs Brokers and dealers Other financial business 14.3 36.0 126.2 62.3 12.2 44.9 125.2 61.2 16.4 62.0 138.4 154.2 16.5 85.0 162.0 160.4 20.7 79.5 139.0 133.7 17.0 68.0 133.9 145.9 16.4 62.0 138.4 154.2 16.7 61.0 136.9 185.8 16.7 62.7 132.6 201.1 37 38 39 FL263020005 FL263027003 FL263025003 Rest of the world Checkable deposits Currency 928.0 154.1 773.9 987.0 161.8 825.2 1142.6 196.0 946.5 1059.8 208.6 851.2 1073.4 192.8 880.6 1106.7 189.2 917.5 1142.6 196.0 946.5 1167.6 210.9 956.6 1181.2 37 212.0 38 969.3 39 40 FL903020005 Mail float 2.2 1.9 2.9 1.4 2.1 2.6 2.9 10.8 4.3 40 Total assets 33 34 35 36 115 Z.1, September 23, 2021 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 Total liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FL703130005 2 3 4 5 FL763130005 FL753130005 FL743130003 FL473130005 6 FL703130005 7 FL153030005 Household sector 9295.7 9834.5 10310.5 10118.1 10646.8 10753.1 10310.5 10794.2 10624.6 8 9 10 FL143030005 FL103030003 FL113030003 Nonfinancial business Corporate Noncorporate 1235.1 187.2 1047.9 1308.0 201.5 1106.5 1534.0 305.0 1229.0 1480.1 298.9 1181.2 1568.6 329.8 1238.9 1565.4 330.2 1235.2 1534.0 305.0 1229.0 1557.8 295.0 1262.8 1583.4 8 301.7 9 1281.7 10 11 12 FL313030003 FL213030000 Federal government State and local governments 2.0 403.4 2.3 423.2 1.0 413.6 1.9 430.4 2.1 429.7 1.6 434.1 1.0 413.6 9.9 406.4 1.3 11 392.0 12 13 FL793030005 Domestic financial sectors 662.5 716.8 723.1 756.6 837.8 772.7 723.1 690.5 652.7 13 14 15 16 FL573030005 FL223030043 FL633030000 Private pension funds State and local govt. retirement funds Money market funds 30.0 2.2 190.6 14.5 4.5 258.8 7.2 2.3 140.6 13.4 4.2 239.4 11.5 2.8 215.4 9.5 2.4 180.2 7.2 2.3 140.6 5.9 2.5 184.7 6.7 14 1.9 15 148.8 16 17 18 19 FL403030005 FL613030003 FL733030003 Government-sponsored enterprises Finance companies Holding companies 20.2 42.8 376.7 15.8 36.7 386.4 8.8 49.3 514.9 16.0 49.5 434.1 13.3 62.2 532.7 8.5 51.1 521.0 8.8 49.3 514.9 7.2 50.2 440.0 6.3 17 50.1 18 438.9 19 20 FL263030005 601.9 599.8 697.6 712.8 685.9 685.7 697.6 735.9 747.6 20 3038.3 3634.3 4335.6 4338.0 4635.9 4410.1 4335.6 4500.4 4539.3 1 1799.0 466.1 104.6 2210.7 558.3 110.4 2548.2 677.9 119.5 2396.8 919.6 113.9 2660.0 868.9 118.3 2626.3 686.8 119.7 2548.2 677.9 119.5 2728.4 628.6 120.2 2772.8 609.7 120.6 2 3 4 19.8 22.3 55.0 26.5 24.7 58.6 34.5 34.7 66.5 32.4 24.7 88.4 35.3 32.8 84.6 34.3 30.1 73.0 34.5 34.7 66.5 35.8 38.5 62.5 36.1 32.6 66.7 5 6 7 8 9 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Total assets Rest of the world 12200.5 12884.6 13679.7 13500.0 14171.0 14212.6 13679.7 14194.6 14001.5 1 10293.9 10805.4 11461.2 11430.4 11959.9 12004.0 11461.2 11865.3 11660.7 819.8 908.8 858.0 859.3 917.5 883.8 858.0 892.9 885.8 38.5 39.8 42.9 41.5 42.7 43.4 42.9 46.2 47.0 1048.3 1130.6 1317.7 1168.7 1250.9 1281.3 1317.7 1390.2 1408.0 2 3 4 5 12200.5 12884.6 13679.7 13500.0 14171.0 14212.6 13679.7 14194.6 14001.5 6 7 L.206 Money Market Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL634090005 2 3 4 FL153034005 FL103034000 FL113034003 Total assets Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 6 7 FL213034003 FL513034005 FL543034005 State and local governments Property-casualty insurance companies Life insurance companies 8 9 FL573034005 FL223034005 Private pension funds State and local govt. retirement funds 158.5 59.7 179.7 20.7 222.4 24.8 195.0 29.9 204.9 27.9 214.6 27.5 222.4 24.8 225.1 28.9 231.6 28.5 10 FL503034005 Other financial business 242.8 319.5 480.3 406.9 467.3 468.5 480.3 500.5 507.6 10 11 FL263034003 Rest of the world 110.7 125.1 127.1 130.5 135.9 129.3 127.1 131.9 133.1 11 Levels 2018 116 Z.1, September 23, 2021 L.207 Federal Funds and Security Repurchase Agreements (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL892150005 3970.5 4431.4 4233.8 4788.6 4095.0 4100.6 4233.8 4028.4 4845.4 1 2 FL712151003 Monetary authority 304.0 336.6 216.1 569.1 233.0 205.2 216.1 352.2 1260.9 2 3 4 5 FL762150005 FL762152005 FL762151005 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 143.1 40.3 102.8 167.0 38.7 128.4 170.9 21.5 149.4 191.1 49.1 142.1 190.5 34.5 156.0 179.0 20.5 158.5 170.9 21.5 149.4 187.5 19.9 167.6 143.1 19.9 123.2 3 4 5 6 7 8 FL752150005 FL752152005 FL752151005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 503.6 17.9 485.7 550.0 19.2 530.8 545.0 12.3 532.6 597.2 25.7 571.5 498.2 21.9 476.2 540.9 18.1 522.8 545.0 12.3 532.6 527.1 24.4 502.8 542.0 30.2 511.7 6 7 8 9 FL472150053 Credit unions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9 10 11 FL512151003 FL542151073 Property-casualty insurance companies Life insurance companies 0.2 24.1 0.2 17.5 0.2 18.6 0.2 25.4 0.3 21.4 0.3 25.5 0.2 18.6 0.3 15.2 12 13 14 15 FL402150005 FL642151073 FL662151003 FL732151003 Government-sponsored enterprises REITs Brokers and dealers Holding companies 0.0 307.6 1698.4 0.0 0.0 379.3 1755.0 0.0 0.0 221.7 1774.2 0.0 0.0 259.8 1815.9 0.0 0.0 229.8 1680.4 0.0 0.0 220.3 1713.2 0.0 0.0 221.7 1774.2 0.0 0.1 218.4 1573.6 0.1 16 FL262151003 17 FL892050005 18 19 FL102051003 FL212051003 Nonfinancial corporate business State and local governments 20 FL712051000 Monetary authority 21 22 23 FL762050005 FL762052005 FL762051005 24 25 26 Rest of the world 0.3 10 15.4 11 0.0 210.8 1550.5 0.1 12 13 14 15 989.6 1225.7 1287.1 1329.9 1241.5 1216.1 1287.1 1153.9 1122.3 16 4452.1 5137.8 4890.4 5547.1 4768.2 4741.6 4890.4 4569.4 5248.7 17 14.6 164.9 13.4 163.6 39.8 182.9 27.4 161.4 32.4 174.2 30.3 178.9 39.8 182.9 23.9 189.1 39.0 18 195.5 19 0.0 255.6 0.0 262.7 58.0 0.0 0.0 0.0 0.0 20 U.S.-chartered depository institutions Federal funds (2) Security repurchase agreements 382.8 20.3 362.5 358.5 24.2 334.3 538.3 25.5 512.8 331.3 21.3 309.9 560.3 32.1 528.2 498.1 19.9 478.2 538.3 25.5 512.8 294.3 27.6 266.7 300.2 21 27.4 22 272.7 23 FL752050005 FL752052005 FL752051005 Foreign banking offices in U.S. Federal funds (2) Security repurchase agreements 319.0 1.2 317.8 379.0 0.3 378.7 323.7 0.3 323.3 327.2 0.6 326.6 302.2 1.1 301.1 336.1 1.3 334.9 323.7 0.3 323.3 272.2 1.0 271.2 276.2 24 0.1 25 276.1 26 27 28 29 FL472050053 FL472052053 FL472051053 Credit unions Federal funds Security repurchase agreements 0.2 0.1 0.0 0.8 0.3 0.6 0.5 0.1 0.4 0.8 0.3 0.5 0.8 0.1 0.6 0.8 0.2 0.6 0.5 0.1 0.4 0.5 0.1 0.4 0.3 27 0.1 28 0.1 29 30 31 32 33 FL512051005 FL542051075 FL572051005 FL222051043 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 1.3 2.2 2.5 4.5 2.0 6.3 15.8 7.0 2.2 8.2 21.1 8.1 2.3 9.6 16.7 6.5 3.0 8.5 18.1 4.0 3.1 10.6 19.5 2.6 2.2 8.2 21.1 8.1 2.3 7.0 21.9 20.0 34 35 FL632051000 FL652051003 Money market funds Mutual funds 1019.5 81.7 1175.1 102.8 1006.3 108.2 1468.4 107.3 906.1 104.1 997.2 96.7 1006.3 108.2 1055.8 114.6 1585.6 34 117.3 35 36 37 FL402050005 FL402052033 Government-sponsored enterprises Of which: FHLB federal funds (3) 170.6 54.2 195.2 51.4 212.5 31.5 153.9 74.4 225.0 53.7 206.9 44.5 212.5 31.5 146.8 54.3 256.8 36 47.9 37 38 39 40 FL662051003 FL732051003 FL502051003 Brokers and dealers Holding companies Other financial business 1315.2 1.6 0.0 1396.0 2.0 0.0 1322.1 41.4 0.0 1483.0 2.0 0.0 1282.2 21.8 0.0 1279.0 36.5 0.0 1322.1 41.4 0.0 1238.0 29.4 0.0 1133.4 38 15.8 39 0.0 40 41 FL262051005 Rest of the world 971.5 1064.8 1075.2 1186.5 1067.6 1045.3 1075.2 1153.5 1271.6 41 42 FL902050005 -481.6 -706.4 -656.6 -758.5 -673.2 -641.0 -656.6 -541.0 -403.3 42 2.27 1.55 0.09 0.65 0.08 0.09 0.09 0.07 0.08 43 41.8 39.7 2.2 64.1 46.9 17.2 9.7 9.7 0.0 284.9 284.9 0.0 1.0 1.0 0.0 0.9 0.9 0.0 9.7 9.7 0.0 134.3 125.3 9.0 991.9 44 855.1 45 136.8 46 Total assets Discrepancy 2.5 7.1 23.4 24.1 30 31 32 33 Memo: 43 FL072052006 Effective federal funds rate (percent) (4) Federal Reserve’s reverse repurchase agreement operations: 44 45 46 FL712151103 FL632051103 FL792051115 Liability: Monetary authority (5) Asset: Money market funds (6) Other financial institutions (7) (1) Detailed data on federal funds and security repurchase agreements are available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S., 1997:Q1 for credit unions, and 2000:Q1 for FHLB. (2) Excludes term federal funds. (3) Includes term federal funds. (4) The effective federal funds rate is a weighted average of rates on brokered trades. Annualized using a 360-day year. (5) Included in line 2. (6) Included in line 34. (7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers. 117 Z.1, September 23, 2021 L.208 Debt Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 By instrument 1 FL894122005 Total debt securities 2 3 4 5 6 FL893169175 FL313161105 FL893161705 FL383162005 FL893163005 7 FL894122005 8 FL384122005 9 10 FL163162003 FL104122005 Nonprofit organizations (2) Nonfinancial corporate business 11 12 FL314122005 FL213162005 Federal government State and local governments 13 FL794122005 14 15 16 17 18 19 FL764122005 FL753169175 FL403161705 FL413065005 FL674122005 FL614122005 U.S.-chartered depository institutions Foreign banking offices in U.S. Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 247.5 40.8 6797.3 2292.3 1120.9 879.2 209.7 38.5 7002.2 2406.0 1180.7 835.4 268.5 35.4 7638.1 2428.3 1225.2 815.2 232.9 51.1 7318.1 2429.8 1233.6 859.4 242.3 43.3 7305.1 2417.6 1221.8 849.0 251.4 36.2 7417.7 2428.4 1220.8 816.4 268.5 35.4 7638.1 2428.3 1225.2 815.2 278.7 39.8 7775.1 2431.4 1229.4 809.1 276.4 40.7 7928.1 2459.6 1249.0 814.7 14 15 16 17 18 19 20 21 22 23 FL644122005 FL663163003 FL734122005 FL504122005 REITs Brokers and dealers Holding companies Other financial business 470.0 184.0 1401.7 151.4 539.3 174.0 1445.7 145.7 581.5 183.9 1577.5 121.0 529.9 256.9 1538.2 143.1 566.2 179.7 1606.9 132.9 574.6 165.4 1569.1 119.2 581.5 183.9 1577.5 121.0 587.7 196.3 1538.0 180.1 611.4 204.5 1617.7 154.6 20 21 22 23 24 LM264122005 3406.1 3800.4 4010.1 3464.6 3724.8 3824.3 4010.1 4060.8 4127.9 24 25 FL894022005 26 FL384022005 27 28 29 30 31 LM154022005 LM104022005 LM114022005 FL314022005 LM214022005 32 FL794022005 33 34 35 36 37 LM714022005 LM764022005 LM754022005 LM744022003 LM474022005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 3982.6 3760.5 318.1 19.5 201.8 4011.9 4083.6 309.0 33.6 221.3 7422.2 5124.6 313.5 41.3 311.1 5312.9 4272.2 340.2 34.0 235.2 6847.7 4588.7 334.4 38.8 267.5 7163.7 4867.1 319.4 39.3 290.9 7422.2 5124.6 313.5 41.3 311.1 7548.3 5485.8 284.7 43.8 374.2 8010.8 5741.0 289.4 42.4 380.4 33 34 35 36 37 38 39 40 41 42 LM514022005 LM544022005 LM574022005 LM344022005 LM224022045 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 1118.6 3509.2 1416.1 2061.7 975.6 1192.8 4023.0 1565.8 2177.4 970.9 1270.2 4431.5 1723.7 2326.5 1068.0 1184.1 3964.5 1601.1 2181.6 977.2 1248.6 4257.3 1678.3 2185.0 1003.3 1270.6 4345.0 1692.0 2232.0 1026.3 1270.2 4431.5 1723.7 2326.5 1068.0 1243.6 4221.9 1642.7 2317.5 1059.1 1296.6 4333.3 1694.6 2332.4 1108.8 38 39 40 41 42 43 44 45 46 FL634022005 LM654022005 LM554022005 LM564022005 Money market funds Mutual funds Closed-end funds Exchange-traded funds 1862.3 4557.2 161.0 636.1 2181.3 5216.2 171.5 825.0 3185.3 5681.7 176.0 1065.5 2568.7 4861.5 151.8 830.5 3544.2 5158.6 162.2 944.1 3290.6 5460.7 166.4 1007.1 3185.3 5681.7 176.0 1065.5 3234.3 5736.3 178.5 1079.9 2864.5 5904.0 182.5 1156.7 43 44 45 46 47 48 49 50 LM404022005 FL674022005 LM613063003 LM644022005 Government-sponsored enterprises ABS issuers Finance companies REITs 408.3 20.4 55.3 324.5 467.7 33.0 60.0 386.7 520.1 30.3 73.6 236.7 484.2 32.0 58.8 246.3 547.9 30.6 68.2 241.7 557.0 29.5 69.9 234.7 520.1 30.3 73.6 236.7 471.9 28.6 70.8 223.6 450.5 27.4 81.1 216.3 47 48 49 50 51 52 53 LM664022005 LM734022605 FL504022005 Brokers and dealers Holding companies Other financial business 478.9 92.2 275.7 450.2 126.7 250.0 415.9 122.4 366.1 515.2 121.4 272.2 514.4 125.1 332.2 452.3 116.1 334.9 415.9 122.4 366.1 189.0 145.5 408.6 218.3 51 144.1 52 377.0 53 54 LM264022005 Rest of the world 55 LM904022005 Discrepancy (3) Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 44455.6 46681.1 53065.7 47698.3 51162.3 51874.2 53065.7 53792.7 54539.2 1 996.0 1045.2 986.9 1088.8 1006.6 956.9 986.9 1105.1 1085.2 17842.1 19018.7 23600.9 19518.4 22370.7 22900.4 23600.9 23943.0 24301.5 9112.6 9429.5 10086.7 9769.1 9743.7 9866.2 10086.7 10226.4 10407.5 3860.5 3869.5 3952.9 3875.5 3895.4 3929.7 3952.9 3979.7 4002.4 12644.5 13318.1 14438.4 13446.5 14145.9 14220.9 14438.4 14538.4 14742.6 2 3 4 5 6 44455.6 46681.1 53065.7 47698.3 51162.3 51874.2 53065.7 53792.7 54539.2 7 27464.5 28903.4 34181.0 29640.7 32872.7 33450.7 34181.0 34666.2 35054.8 8 By sector Domestic nonfinancial sectors Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfinancial noncorporate business Federal government State and local governments Domestic financial sectors 216.0 6310.2 212.8 6580.5 202.8 7198.2 209.8 6814.7 207.6 7175.9 206.3 7191.5 202.8 7198.2 203.5 7315.3 203.3 9 7327.9 10 17865.0 19039.9 23621.1 19539.6 22391.7 22920.6 23621.1 23962.8 24321.4 11 3073.2 3070.2 3158.9 3076.5 3097.6 3132.3 3158.9 3184.6 3202.3 12 13585.1 13977.3 14874.6 14593.0 14564.8 14599.2 14874.6 15065.7 15356.5 13 43710.6 47789.8 55690.5 49191.6 53493.1 54151.5 55690.5 54933.2 56192.4 25 6288.9 6786.1 6878.0 6768.8 6673.7 6462.8 6878.0 6260.2 6340.0 26 4424.1 253.2 75.8 0.5 1535.2 4727.1 326.6 80.0 0.5 1651.8 4492.7 381.0 86.6 0.5 1917.2 4573.8 374.5 82.6 0.5 1737.4 4316.5 394.9 85.8 0.5 1876.0 4111.8 391.4 86.8 0.5 1872.3 4492.7 381.0 86.6 0.5 1917.2 3953.5 349.5 84.0 0.5 1872.8 3772.1 380.0 84.3 0.5 2103.1 27 28 29 30 31 26235.7 28757.5 35906.3 30245.6 34118.7 34965.7 35906.3 35988.7 36851.9 32 11186.0 12246.3 12906.1 12177.2 12700.8 12723.0 12906.1 12684.4 13000.5 54 745.0 -1108.7 -2624.7 -1493.4 -2330.9 (1) Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). (3) The accumulated valuation difference between issuance and holdings. -2277.3 -2624.7 -1140.6 -1653.2 55 Levels Total liabilities 118 Z.1, September 23, 2021 L.209 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL893169175 2 FL893169105 3 FL103169100 4 5 6 Total liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 996.0 1045.2 986.9 1088.8 1006.6 956.9 986.9 1105.1 1085.2 1 996.0 1045.2 986.9 1088.8 1006.6 956.9 986.9 1105.1 1085.2 2 Nonfinancial corporate business 196.5 194.5 132.2 243.1 166.1 122.2 132.2 144.1 133.9 3 FL263169105 FL263169110 FL263169123 Foreign issues in U.S. Nonfinancial Financial 368.3 51.5 316.8 452.8 57.8 395.0 463.8 48.8 415.0 423.6 63.9 359.7 437.4 72.2 365.2 456.0 61.2 394.8 463.8 48.8 415.0 506.0 52.1 453.8 523.8 58.5 465.3 4 5 6 7 8 9 10 11 12 13 14 FL793169100 FL763169103 FL753169103 FL673169105 FL613169100 FL643169173 FL733169103 FL503169105 Financial business U.S.-chartered depository institutions Foreign banking offices in U.S. ABS issuers Finance companies REITs Holding companies Other financial business 431.2 87.5 40.8 80.9 64.6 0.0 5.9 151.4 397.9 68.4 38.5 75.9 63.5 0.0 5.9 145.7 390.9 98.0 35.4 89.5 41.8 0.0 5.2 121.0 422.0 80.0 51.1 80.7 61.7 0.0 5.4 143.1 403.1 84.5 43.3 86.7 50.8 0.0 4.9 132.9 378.7 89.5 36.2 87.8 42.5 0.0 3.6 119.2 390.9 98.0 35.4 89.5 41.8 0.0 5.2 121.0 455.0 103.8 39.8 84.2 41.7 0.0 5.5 180.1 427.5 102.6 40.7 82.1 41.0 0.0 6.5 154.6 7 8 9 10 11 12 13 14 15 FL703169605 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15 16 17 FL763169603 FL753169603 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 0.0 17 18 FL893169175 996.0 1045.2 986.9 1088.8 1006.6 956.9 986.9 1105.1 1085.2 18 19 FL103069100 Nonfinancial corporate business 162.1 217.6 255.7 227.8 219.9 238.4 255.7 239.1 275.3 19 20 FL213069103 State and local governments 78.2 77.6 79.2 76.5 75.1 77.3 79.2 83.1 89.1 20 21 22 23 24 FL713069603 FL763069175 FL753069603 FL473069153 Monetary authority U.S.-chartered depository institutions (1) Foreign banking offices in U.S. (1) Credit unions 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.7 0.0 2.0 0.0 0.3 0.0 27.5 0.0 1.2 0.0 11.8 0.0 0.7 0.0 3.9 0.0 0.3 0.0 2.0 0.0 0.3 0.0 0.1 0.0 0.2 25 26 FL513069105 FL543069105 Property-casualty insurance companies Life insurance companies 9.2 33.1 9.7 28.8 8.9 34.0 11.1 38.3 13.4 34.8 13.3 40.4 8.9 34.0 9.2 31.1 10.2 25 31.8 26 27 28 FL573069105 FL223069143 Private pension funds State and local govt. retirement funds 37.6 52.1 35.1 10.8 34.6 8.9 35.5 13.9 35.3 9.1 35.0 9.2 34.6 8.9 34.2 16.7 33.7 27 17.6 28 29 30 FL633069175 FL653069100 Money market funds Mutual funds 193.7 81.7 237.2 102.8 173.4 108.2 225.4 107.3 219.0 104.1 177.9 96.7 173.4 108.2 182.8 114.6 146.8 29 117.3 30 31 32 33 FL403069105 FL663069103 FL503069105 Government-sponsored enterprises Brokers and dealers Other financial business 6.9 11.4 205.0 7.1 8.5 179.1 7.3 8.2 180.9 8.2 20.7 195.4 7.5 13.0 156.5 6.2 11.0 159.2 7.3 8.2 180.9 7.0 9.2 276.1 5.4 31 11.7 32 241.4 33 34 LM263069103 Rest of the world 124.7 130.2 85.3 99.9 106.3 88.2 85.3 101.8 104.8 34 Commercial paper Bankers’ acceptances (1) U.S.-chartered depository institutions Foreign banking offices in U.S. Total assets (1) Excludes banks’ holdings of own acceptances. 0.0 0.0 0.0 0.1 21 22 23 24 119 Z.1, September 23, 2021 L.210 Treasury Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 FL313161105 2 3 4 5 FL313161205 FL313161110 FL313161275 FL313161283 Total liabilities Marketable Treasury securities Treasury bills Other Treasury notes, bonds, and TIPS Held in the Civil Service Retirement Fund (2) 6 7 8 9 10 11 12 FL313161305 FL313161400 FL213061120 FL343061123 FL343061145 FL503061303 FL313161375 Nonmarketable Treasury securities U.S. savings securities State and local government series (SLGS) Thrift Savings Plan G Fund Federal govt. defined benefit pension plans Held by Federal Reserve credit facility LLCs Other nonmarketable securities 13 FL893061105 14 15 16 LM153061105 FL313161400 LM153061185 Household sector U.S. savings securities (line 7) Other Treasury securities 17 18 LM103061103 LM113061003 Nonfinancial corporate business Nonfinancial noncorporate business 19 20 21 LM213061105 FL213061120 LM213061103 State and local governments SLGS (line 8) Other Treasury securities 22 23 24 LM713061103 LM713061113 LM713061125 Monetary authority Treasury bills Other Treasury securities 25 26 27 28 LM763061100 LM753061103 LM743061103 LM473061105 29 30 31 32 33 34 Total assets 2021 Q3 Q4 Q1 Q2 17842.1 19018.7 23600.9 19518.4 22370.7 22900.4 23600.9 23943.0 24301.5 1 15566.2 16628.9 20946.2 17115.8 19867.0 20340.2 20946.2 21347.4 21699.0 2339.4 2416.4 4963.1 2657.1 5078.8 5028.1 4963.1 4667.8 4273.7 13216.5 14203.7 15975.8 14449.9 14780.9 15304.8 15975.8 16672.3 17419.3 10.3 8.8 7.3 8.8 7.3 7.3 7.3 7.3 6.1 2 3 4 5 2275.9 155.8 66.2 253.4 1763.9 0.0 36.6 2389.8 151.3 77.8 250.8 1877.2 0.0 32.7 2654.7 147.0 115.8 292.7 1980.8 95.7 22.7 2402.6 150.0 84.4 267.4 1867.0 0.0 33.8 2503.6 149.7 89.2 278.2 1857.8 95.6 33.1 2560.2 148.6 106.6 287.1 1894.2 95.7 28.1 2654.7 147.0 115.8 292.7 1980.8 95.7 22.7 2595.6 145.7 121.7 292.3 1974.6 42.6 18.8 2602.5 6 144.6 7 122.8 8 295.0 9 1987.6 10 34.1 11 18.5 12 17607.5 19335.2 24646.6 20614.7 23438.9 23915.1 24646.6 24322.2 24858.6 13 1659.2 155.8 1503.4 1775.1 151.3 1623.8 1747.5 147.0 1600.5 1424.1 150.0 1274.1 1322.4 149.7 1172.7 1395.4 148.6 1246.8 1747.5 147.0 1600.5 1505.3 145.7 1359.6 1357.4 14 144.6 15 1212.8 16 54.4 70.2 63.6 74.1 75.2 80.2 92.2 76.5 112.9 79.4 96.2 80.4 75.2 80.2 64.0 77.4 59.5 17 77.7 18 713.2 66.2 647.0 793.1 77.8 715.4 1111.9 115.8 996.1 862.1 84.4 777.7 1032.8 89.2 943.6 1057.7 106.6 951.1 1111.9 115.8 996.1 1112.1 121.7 990.4 1326.2 19 122.8 20 1203.5 21 2338.0 0.0 2338.0 2540.7 168.5 2372.3 5254.6 326.0 4928.6 3757.4 325.9 3431.5 4807.9 325.9 4481.9 5056.0 326.0 4730.0 5254.6 326.0 4928.6 5273.2 326.0 4947.2 5596.5 22 326.0 23 5270.5 24 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 569.8 125.6 10.2 31.1 704.1 121.1 16.6 37.5 1044.1 99.8 13.8 45.5 724.4 116.4 14.7 38.7 926.7 117.1 17.6 42.2 1019.5 109.0 15.1 43.4 1044.1 99.8 13.8 45.5 1111.0 78.4 15.3 50.8 1195.5 83.8 15.5 54.1 25 26 27 28 LM513061105 LM513061115 LM513061125 LM543061105 LM543061115 LM543061125 Property-casualty insurance companies Treasury bills Other Treasury securities Life insurance companies Treasury bills Other Treasury securities 156.8 46.2 110.6 203.7 8.7 195.0 153.4 37.4 116.0 215.3 9.3 206.0 157.5 51.9 105.6 240.7 15.6 225.1 163.1 46.9 116.2 233.2 15.1 218.0 167.4 62.9 104.4 235.2 14.4 220.9 170.7 69.6 101.1 242.6 19.1 223.5 157.5 51.9 105.6 240.7 15.6 225.1 162.7 53.7 109.0 225.4 13.5 211.9 182.9 59.7 123.1 233.4 13.8 219.6 29 30 31 32 33 34 35 36 37 LM573061105 LM573061143 LM573061133 Private pension funds Defined benefit plans Defined contribution plans 371.9 225.4 146.6 440.0 269.8 170.2 555.1 301.9 253.2 505.5 295.8 209.7 524.5 298.7 225.8 543.0 301.5 241.6 555.1 301.9 253.2 533.1 288.3 244.9 558.6 35 297.6 36 261.0 37 38 39 40 LM343061105 LM343061165 LM343061155 Federal government retirement funds (3) Defined benefit plans Defined contribution plans 2039.6 1775.8 263.8 2151.3 1887.7 263.6 2297.4 1989.3 308.2 2157.8 1877.1 280.7 2158.7 1866.5 292.2 2204.5 1902.7 301.9 2297.4 1989.3 308.2 2289.7 1983.1 306.6 2304.3 38 1994.9 39 309.3 40 41 LM223061143 State and local govt. retirement funds 367.9 344.2 354.2 336.8 306.3 327.0 354.2 374.6 400.7 41 42 43 44 FL633061105 FL633061110 FL633061120 Money market funds Treasury bills Other Treasury securities 873.5 590.9 282.6 1036.5 622.0 414.5 2256.4 1821.1 435.3 1267.8 817.3 450.5 2349.8 1873.2 476.5 2275.2 1845.2 429.9 2256.4 1821.1 435.3 2362.5 1845.8 516.7 2107.1 42 1588.5 43 518.6 44 45 46 47 LM653061105 LM653061113 LM653061125 Mutual funds Treasury bills Other Treasury securities 1146.4 93.2 1053.1 1310.9 45.3 1265.6 1293.6 45.7 1247.9 1114.1 39.8 1074.4 1206.8 44.6 1162.2 1253.7 44.3 1209.4 1293.6 45.7 1247.9 1299.7 43.0 1256.7 1329.9 45 40.2 46 1289.7 47 48 49 50 51 LM553061103 LM563061103 LM403061105 FL673061103 Closed-end funds Exchange-traded funds Government-sponsored enterprises ABS issuers 3.5 178.7 120.0 20.4 3.2 231.8 175.8 33.0 3.0 276.4 259.2 30.3 2.7 262.9 194.5 32.0 2.8 271.3 257.0 30.6 2.9 276.3 279.1 29.5 3.0 276.4 259.2 30.3 3.0 279.8 224.9 28.6 52 53 54 LM663061105 LM733061103 FL503061303 Brokers and dealers Holding companies Other financial business 250.4 33.0 0.0 213.8 55.8 0.0 222.1 61.6 95.7 234.8 53.4 0.0 273.0 54.4 95.6 219.1 53.9 95.7 222.1 61.6 95.7 95.5 84.2 42.6 113.0 52 86.5 53 34.1 54 55 56 57 LM263061105 LM263061110 LM263061120 Rest of the world Treasury bills Other Treasury securities 6270.1 746.7 5523.5 6844.2 716.1 6128.1 7070.8 1027.3 6043.4 6949.5 729.5 6220.0 7046.6 1040.6 6005.9 7069.2 1017.3 6051.9 7070.8 1027.3 6043.4 7028.4 966.5 6061.9 7202.2 55 925.3 56 6276.9 57 58 LM903061103 Discrepancy (4) 234.6 -316.5 -1045.7 -1096.2 -1068.2 -1014.6 -1045.7 -379.2 -557.1 58 3.1 298.4 210.9 27.4 Levels 1 Q2 48 49 50 51 (1) Includes marketable and nonmarketable Treasury securities held by the public (net of premiums and discounts) and Treasury securities held by federal government employee retirement funds. In the Financial Accounts, nonmarketable government securities held by federal government employee defined benefit retirement funds are considered part of the financial business sector as opposed to intragovernmental holdings as reported on the Monthly Statement of the Public Debt. (2) Long-term marketable securities issued to the Civil Service Retirement Fund by the Federal Financing Bank. These securities are not currently traded in the market. (3) Comprised primarily of nonmarketable Treasury securities. (4) The accumulated valuation difference between issuance and holdings. 120 Z.1, September 23, 2021 L.211 Agency- and GSE-Backed Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 Total liabilities 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL893161705 2 3 4 FL313161705 FL403161705 FL413065005 5 FL893061705 6 7 LM153061705 LM103061703 Household sector Nonfinancial corporate business 587.9 18.1 685.4 21.2 314.8 25.1 695.0 30.7 443.7 37.6 371.3 32.1 314.8 25.1 212.0 21.3 246.7 19.8 6 7 8 9 FL313061703 LM213061703 Federal government State and local governments 0.0 518.4 0.0 539.3 0.0 466.5 0.0 560.8 0.0 503.0 0.0 483.3 0.0 466.5 0.0 432.3 0.0 427.6 8 9 10 LM713061705 Monetary authority 1644.6 1471.1 2167.7 1555.5 2039.9 2107.8 2167.7 2275.1 2414.3 10 11 12 13 14 LM763061705 LM753061703 LM743061703 LM473061705 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2239.3 42.9 8.0 155.3 2408.2 53.2 8.0 165.0 3061.0 60.7 15.0 239.0 2582.8 59.4 7.2 174.4 2650.3 59.7 9.1 201.8 2804.6 56.1 12.2 222.7 3061.0 60.7 15.0 239.0 3233.4 61.0 16.6 293.9 3357.0 58.6 17.1 296.9 15 16 LM513061705 LM543061705 Property-casualty insurance companies Life insurance companies 127.0 364.9 149.7 388.4 145.3 366.4 151.0 397.5 143.9 381.9 148.7 377.4 145.3 366.4 139.5 348.9 136.6 15 348.2 16 17 18 19 LM573061705 LM343061705 LM223061743 Private pension funds Federal government retirement funds State and local govt. retirement funds 205.0 8.8 141.8 224.1 10.5 167.6 252.3 11.7 193.2 245.9 10.1 178.9 238.0 10.7 186.1 244.8 11.0 197.4 252.3 11.7 193.2 250.2 11.3 191.8 260.3 17 11.3 18 200.9 19 20 21 22 FL633061700 LM653061703 LM403061705 Money market funds Mutual funds Government-sponsored enterprises 644.9 603.6 258.0 755.1 654.0 265.1 630.3 696.6 237.3 931.1 682.8 263.8 826.2 553.4 265.4 699.8 663.0 254.5 630.3 696.6 237.3 572.7 699.8 224.4 499.4 20 713.1 21 218.9 22 23 24 FL673061703 LM643061773 ABS issuers REITs 0.0 273.7 0.0 334.5 0.0 208.5 0.0 210.5 0.0 209.9 0.0 206.6 0.0 208.5 0.0 197.5 0.0 23 187.6 24 25 26 LM663061705 LM733061703 Brokers and dealers Holding companies 117.2 39.3 139.3 43.1 95.0 33.8 175.1 41.2 142.6 38.7 119.6 36.5 95.0 33.8 4.9 30.7 12.4 25 29.1 26 27 LM263061705 Rest of the world 1087.0 1203.8 1195.7 1283.6 1236.4 1182.5 1195.7 1156.1 1144.9 27 28 LM903061703 Discrepancy (2) 26.9 -257.1 -329.2 -468.4 -434.6 -365.7 -329.2 -146.8 -193.3 28 Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets 9112.6 9429.5 10086.7 9769.1 9743.7 9866.2 10086.7 10226.4 10407.5 1 22.9 6797.3 2292.3 21.2 7002.2 2406.0 21.2 7318.1 2429.8 21.0 7305.1 2417.6 20.2 7417.7 2428.4 19.8 7928.1 2459.6 2 3 4 9085.7 9686.6 10415.8 10237.5 10178.3 10231.9 10415.8 10373.2 10600.8 5 20.2 7638.1 2428.3 20.2 7638.1 2428.3 19.8 7775.1 2431.4 11 12 13 14 (1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB; and agency- and GSE-backed mortgage pool securities issued by Ginnie Mae, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown on table L.106, line 20. (2) The accumulated valuation difference between issuance and holdings. 121 Z.1, September 23, 2021 L.212 Municipal Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 Total liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FL383162005 2 3 4 FL213162005 FL213162400 FL213162200 State and local governments Short-term (1) Long-term 5 6 FL163162003 FL103162000 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 FL893062005 8 9 10 LM153062005 LM103062003 LM113062003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 11 LM213062003 State and local governments 16.8 16.7 18.6 16.5 17.8 18.2 18.6 19.5 12 13 14 15 LM763062000 LM753062003 LM743062003 LM473062005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 499.8 0.0 1.2 4.8 471.7 0.0 1.2 5.5 512.6 0.0 0.1 10.1 484.0 0.0 1.2 6.3 501.5 0.0 1.2 7.4 504.9 0.0 1.0 8.6 512.6 0.0 0.1 10.1 516.8 0.0 0.1 10.9 529.6 0.0 0.1 11.5 16 17 LM513062005 LM543062005 Property-casualty insurance companies Life insurance companies 291.6 190.0 285.2 215.0 297.9 234.2 281.5 214.8 287.5 222.1 291.1 227.4 297.9 234.2 294.3 231.6 296.9 16 234.1 17 18 19 LM343062033 LM223062043 Federal government retirement funds State and local govt. retirement funds 0.0 4.0 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 18 0.0 19 20 21 22 23 FL633062000 LM653062003 LM553062003 LM563062003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 142.8 693.6 88.4 37.0 134.0 831.0 93.2 49.3 112.6 891.3 95.2 64.5 130.7 786.2 89.6 49.3 136.5 814.7 91.8 54.3 121.4 857.5 93.2 58.3 112.6 891.3 95.2 64.5 103.8 913.3 95.3 69.2 24 25 26 LM403062005 LM663062003 FL503062003 Government-sponsored enterprises Brokers and dealers Other financial business 3.9 20.7 0.0 3.3 16.4 0.0 2.8 6.8 6.3 3.2 13.7 0.0 3.0 8.7 1.2 3.0 10.4 1.7 2.8 6.8 6.3 2.7 8.8 6.1 2.6 24 10.7 25 4.8 26 27 FL263062003 Rest of the world 99.7 103.7 108.5 102.9 107.0 107.5 108.5 110.2 113.2 27 28 LM903062003 Discrepancy (3) -140.3 -291.6 -363.4 -216.9 -295.0 -317.1 -363.4 -317.8 -356.3 28 Total assets (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). (3) The accumulated valuation difference between issuance and holdings. 3860.5 3869.5 3952.9 3875.5 3895.4 3929.7 3952.9 3979.7 4002.4 1 3073.2 38.0 3035.1 3070.2 44.8 3025.4 3158.9 46.7 3112.2 3076.5 43.0 3033.5 3097.6 41.2 3056.4 3132.3 44.8 3087.5 3158.9 46.7 3112.2 3184.6 43.3 3141.2 3202.3 36.8 3165.5 2 3 4 216.0 571.3 212.8 586.5 202.8 591.2 209.8 589.1 207.6 590.2 206.3 591.1 202.8 591.2 203.5 591.6 203.3 596.8 5 6 4000.8 4161.1 4316.3 4092.4 4190.3 4246.8 4316.3 4297.6 4358.7 7 1882.2 18.5 5.6 1904.9 24.2 5.9 1923.3 25.1 6.4 1882.5 23.8 6.1 1904.9 24.4 6.4 1911.5 24.7 6.4 1923.3 25.1 6.4 1883.5 25.0 6.6 1878.4 8 25.3 9 6.6 10 20.2 11 99.2 952.4 97.0 76.0 12 13 14 15 20 21 22 23 Levels 2018 122 Z.1, September 23, 2021 L.213 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FL893163005 2 FL103163003 Nonfinancial corporate business 5542.4 5799.5 6474.9 5982.4 6419.6 6478.2 6474.9 6579.5 6597.1 2 3 FL793163005 Domestic financial sectors 4064.3 4171.1 4417.3 4423.1 4439.0 4374.4 4417.3 4404.1 4541.4 3 4 5 6 7 FL763163005 FL673163005 FL613163005 FL643163005 U.S.-chartered depository institutions ABS issuers (net) (1) Finance companies REITs 160.0 1040.0 814.6 470.0 141.3 1104.7 771.8 539.3 170.5 1135.7 773.4 581.5 152.9 1152.9 797.6 529.9 157.8 1135.1 798.2 566.2 161.9 1133.0 774.0 574.6 170.5 1135.7 773.4 581.5 174.8 1145.2 767.5 587.7 173.8 1166.8 773.7 611.4 4 5 6 7 8 9 10 FL663163003 FL733163003 FL503163003 Brokers and dealers Holding companies Other financial business 184.0 1395.8 0.0 174.0 1439.9 0.0 183.9 1572.3 0.0 256.9 1532.8 0.0 179.7 1602.0 0.0 165.4 1565.5 0.0 183.9 1572.3 0.0 196.3 1532.5 0.0 204.5 8 1611.2 9 0.0 10 11 LM263163005 3037.7 3347.6 3546.3 3041.0 3287.4 3368.3 3546.3 3554.9 3604.1 11 12 FL893063005 13 LM153063005 Household sector 294.8 361.7 507.0 572.2 645.5 433.7 507.0 352.6 289.6 13 14 15 FL313063763 LM213063003 Federal government State and local governments 0.5 208.6 0.5 225.1 0.5 240.9 0.5 221.5 0.5 247.2 0.5 235.7 0.5 240.9 0.5 225.7 0.5 14 239.9 15 16 17 18 LM763063005 LM763063605 LM763063095 U.S.-chartered depository institutions MBS and other ABS Other 451.6 77.1 374.5 499.7 84.9 414.7 504.8 89.1 415.6 453.4 87.8 365.6 498.5 92.2 406.3 534.3 90.5 443.8 504.8 89.1 415.6 624.6 93.5 531.1 659.0 16 98.7 17 560.3 18 19 20 LM753063005 LM743063005 Foreign banking offices in U.S. Banks in U.S.-affiliated areas 149.7 0.1 134.7 7.8 153.0 12.5 164.4 10.9 157.7 10.9 154.3 10.9 153.0 12.5 145.3 11.8 147.0 19 9.7 20 21 22 23 LM473063005 LM473063605 LM473063095 Credit unions MBS and other ABS Other 10.4 9.9 0.5 12.6 12.1 0.5 16.2 15.7 0.6 14.6 14.1 0.5 15.5 14.9 0.5 16.0 15.4 0.6 16.2 15.7 0.6 18.5 17.9 0.7 17.8 21 17.1 22 0.7 23 24 25 26 LM513063005 LM513063605 LM513063095 Property-casualty insurance companies MBS and other ABS Other 534.0 122.8 411.3 594.8 138.8 456.0 660.7 154.2 506.5 577.4 134.8 442.6 636.3 148.5 487.8 646.8 151.0 495.8 660.7 154.2 506.5 637.9 148.6 489.3 669.9 24 155.8 25 514.1 26 27 28 29 LM543063005 LM543063675 LM543063095 Life insurance companies MBS and other ABS Other 2717.5 498.8 2218.7 3175.5 561.3 2614.2 3556.2 625.3 2930.9 3080.7 541.9 2538.9 3383.2 595.6 2787.6 3457.2 606.5 2850.8 3556.2 625.3 2930.9 3385.0 596.6 2788.4 3485.8 27 614.7 28 2871.1 29 30 31 32 LM573063005 LM343063005 LM223063045 Private pension funds Federal government retirement funds State and local govt. retirement funds 801.5 13.2 409.8 866.5 15.6 448.4 881.8 17.3 511.7 814.2 13.7 447.6 880.6 15.6 501.8 869.2 16.5 492.6 881.8 17.3 511.7 825.2 16.5 476.0 842.0 30 16.7 31 489.6 32 33 34 35 36 FL633063005 LM653063005 LM553063003 LM563063003 Money market funds Mutual funds Closed-end funds Exchange-traded funds 7.5 2032.0 69.2 420.5 18.5 2317.5 75.1 544.0 12.6 2692.1 77.8 724.6 13.8 2171.0 59.5 518.3 12.7 2479.6 67.6 618.5 16.3 2589.9 70.3 672.5 12.6 2692.1 77.8 724.6 12.5 2709.0 80.3 730.9 12.0 2791.3 82.4 782.3 33 34 35 36 37 38 39 40 41 LM403063005 LM403063605 LM403063095 LM613063003 LM643063005 Government-sponsored enterprises MBS and other ABS Other Finance companies REITs 19.5 15.5 4.1 55.3 50.8 16.5 12.9 3.6 60.0 52.2 13.5 10.2 3.3 73.6 28.2 14.5 11.1 3.4 58.8 35.8 14.9 11.6 3.4 68.2 31.8 14.3 11.0 3.3 69.9 28.1 13.5 10.2 3.3 73.6 28.2 13.0 9.8 3.3 70.8 26.1 12.7 9.5 3.2 81.1 28.7 37 38 39 40 41 42 43 44 LM663063005 LM733063003 FL503063005 Brokers and dealers Holding companies Other financial business 79.2 19.9 70.7 72.1 27.7 70.9 83.9 27.0 83.3 70.9 26.8 76.8 77.1 31.9 78.9 92.1 25.7 78.4 83.9 27.0 83.3 70.6 30.5 83.9 70.4 42 28.5 43 96.8 44 45 46 47 LM263063005 LM263063603 LM263063095 Rest of the world (4) MBS and other ABS Other 3604.4 351.2 3253.2 3964.3 338.8 3625.5 4445.8 374.3 4071.5 3741.4 322.2 3419.2 4204.5 329.8 3874.7 4275.6 345.2 3930.4 4445.8 374.3 4071.5 4287.9 392.6 3895.3 4435.4 45 390.3 46 4045.1 47 48 LM903063003 Discrepancy (5) 623.8 -243.5 -886.5 288.1 -533.1 -579.9 -886.5 -296.6 -546.5 48 Rest of the world (2) Total assets (3) 12644.5 13318.1 14438.4 13446.5 14145.9 14220.9 14438.4 14538.4 14742.6 1 12020.7 13561.7 15324.9 13158.4 14679.0 14800.9 15324.9 14835.1 15289.1 12 (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. (5) The accumulated valuation difference between issuance and holdings. 123 Z.1, September 23, 2021 L.214 Loans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 By instrument 1 FL894123005 Total loans 2 3 FL793068005 FL893169005 Depository institution loans n.e.c. Other loans and advances 4 5 6 7 8 FL893065005 FL893065105 FL893065405 FL893065505 FL893065603 Mortgages One-to-four-family residential Multifamily residential Commercial Farm 9 FL153166000 Consumer credit 27233.1 28240.1 29721.5 29390.3 29299.1 29384.5 29721.5 30067.7 30488.3 3663.8 4098.4 4179.8 4778.6 2 3 15463.8 16042.8 16773.7 16174.6 16321.8 16547.3 16773.7 16955.9 17263.4 10897.7 11188.6 11658.7 11254.9 11341.3 11509.6 11658.7 11790.4 12028.7 1488.4 1622.6 1755.1 1644.3 1678.0 1709.2 1755.1 1784.8 1810.5 2832.0 2964.8 3081.1 3005.6 3029.8 3052.9 3081.1 3099.8 3141.1 245.7 266.8 278.7 269.8 272.7 275.7 278.7 280.8 283.0 4 5 6 7 8 4007.0 3803.1 4202.0 4192.2 4216.0 4546.8 4185.0 4450.7 4617.1 4147.8 4479.5 4400.5 4097.3 4272.2 4422.4 4142.7 4216.0 4546.8 4185.0 4239.6 4704.9 1 4167.2 4266.5 9 By sector FL894123005 11 FL384123005 Total liabilities 12 13 14 FL154123005 FL104123005 FL114123005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL314123005 FL213169203 Federal government State and local governments 17 FL794123005 18 19 20 21 FL763169305 FL473169333 FL513169333 FL543169373 22 23 24 25 26 FL403169283 FL614123005 FL644123005 FL664123005 FL504123005 27 FL264123005 28 FL894123005 29 FL384023005 30 31 32 FL154023005 FL104023005 FL114023005 33 34 FL314023005 FL213065005 35 FL794023005 36 37 38 39 40 FL713068005 FL764023005 FL754023005 FL744023003 FL474023000 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 41 42 43 44 45 FL513065505 FL544023005 FL573065005 FL313169003 FL223065043 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 46 47 48 49 50 FL653069803 FL404023005 FL413065005 FL674023005 FL614023005 Mutual funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies 51 52 53 54 FL643065005 FL663069005 FL733069005 FL503069005 REITs Brokers and dealers Holding companies Other financial business 55 FL263069500 Domestic nonfinancial sectors 27233.1 28240.1 29721.5 29390.3 29299.1 29384.5 29721.5 30067.7 30488.3 10 24609.5 25595.1 27044.3 26243.7 26528.7 26732.1 27044.3 27374.0 27725.8 11 15386.6 15887.9 16514.1 15953.1 15962.5 16227.9 16514.1 16707.2 17053.5 12 3339.3 3550.4 3862.0 3978.2 4017.3 3863.9 3862.0 3938.9 3910.6 13 5863.6 6135.7 6646.0 6291.2 6527.5 6618.5 6646.0 6705.6 6739.4 14 0.0 20.1 0.0 21.1 0.0 22.1 0.0 21.2 0.0 21.4 0.0 21.8 0.0 22.1 0.0 22.3 0.0 15 22.3 16 2027.4 1954.7 1923.6 2367.7 2029.3 1916.3 1923.6 1921.5 1963.1 17 U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies 577.3 57.7 3.3 81.1 484.9 52.3 3.5 88.7 252.3 43.3 10.0 103.9 615.1 62.9 6.0 107.7 380.3 50.5 6.3 108.2 306.8 47.7 11.2 103.6 252.3 43.3 10.0 103.9 228.6 40.3 9.3 112.3 205.9 39.2 8.4 108.8 18 19 20 21 Government-sponsored enterprises Finance companies REITs Brokers and dealers Other financial business 0.0 147.7 275.2 882.7 2.4 0.0 153.6 263.2 906.1 2.4 0.0 178.4 255.6 1037.0 43.0 0.0 160.6 299.2 1114.0 2.4 0.0 167.1 265.7 1033.7 17.5 0.0 175.2 253.8 995.6 22.3 0.0 178.4 255.6 1037.0 43.0 0.0 175.4 250.2 1064.1 41.3 0.0 216.2 248.2 1097.2 39.2 22 23 24 25 26 596.1 690.3 753.6 778.8 741.2 736.1 753.6 772.2 Domestic financial sectors Rest of the world Total assets Domestic nonfinancial sectors 799.4 27 27233.1 28240.1 29721.5 29390.3 29299.1 29384.5 29721.5 30067.7 30488.3 28 3074.1 3202.5 3576.9 3384.9 3483.2 3537.5 3576.9 3628.6 3658.6 29 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1115.3 70.7 49.0 1148.0 72.2 51.7 1257.4 74.6 56.0 1303.3 71.7 53.4 1274.7 72.4 55.5 1235.5 73.2 56.1 1257.4 74.6 56.0 1268.5 74.1 57.5 1283.0 30 74.8 31 57.7 32 Federal government State and local governments 1580.5 258.6 1674.0 256.5 1927.2 261.7 1703.4 253.1 1824.4 256.3 1913.1 259.5 1927.2 261.7 1964.8 263.6 1978.4 33 264.6 34 Domestic financial sectors Rest of the world 23425.7 24206.8 25239.0 25127.6 24933.9 24956.9 25239.0 25503.5 25878.3 35 0.0 9427.5 739.5 37.1 1065.2 0.0 52.2 58.7 30.9 31.7 52.2 58.7 86.2 36 9784.9 10074.9 10188.9 10257.4 10132.7 10074.9 10017.3 10041.2 37 767.8 785.6 926.3 859.7 797.6 785.6 768.1 767.2 38 40.7 41.6 42.6 44.7 43.3 41.6 39.2 38.3 39 1133.6 1193.9 1143.6 1168.1 1186.6 1193.9 1198.0 1223.8 40 20.5 730.5 23.8 0.0 12.3 22.9 780.6 23.2 0.0 8.4 24.3 807.8 17.8 0.0 7.8 23.6 792.8 21.5 0.0 8.9 23.7 794.7 20.3 0.0 8.1 23.5 796.4 19.0 0.0 8.4 24.3 807.8 17.8 0.0 7.8 24.3 809.8 17.4 0.0 8.4 25.5 820.2 16.4 0.0 8.2 41 42 43 44 45 147.9 6195.6 2292.3 980.5 1046.2 114.2 6289.3 2406.0 1020.8 1041.6 85.2 6706.0 2428.3 1047.0 1031.7 84.2 6508.2 2429.8 1066.5 1043.8 84.1 6397.4 2417.6 1053.2 1021.2 83.4 6506.5 2428.4 1049.6 1029.0 85.2 6706.0 2428.3 1047.0 1031.7 100.5 6899.9 2431.4 1043.5 1042.7 116.9 7075.7 2459.6 1047.4 1061.1 46 47 48 49 50 255.0 340.5 104.3 7.0 273.9 373.0 117.7 8.4 259.2 538.3 106.6 31.0 250.8 394.6 128.7 14.2 248.0 373.5 119.0 12.2 260.1 440.3 104.6 15.7 259.2 538.3 106.6 31.0 265.7 628.7 121.2 28.8 281.6 651.8 129.6 27.6 51 52 53 54 733.3 830.8 905.6 877.8 882.0 890.1 905.6 935.6 951.3 55 (1) Sum of depository institution loans not elsewhere classified, other loans and advances, total mortgages, and consumer credit. Levels 10 124 Z.1, September 23, 2021 L.215 Depository Institution Loans Not Elsewhere Classified (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL793068005 2 3 4 FL153168005 FL103168005 FL113168005 Total liabilities Household sector Nonfinancial corporate business Nonfinancial noncorporate business 5 FL793168005 Domestic financial sectors 6 7 8 FL613168005 FL643168005 FL663168005 Finance companies REITs Brokers and dealers 9 FL713068505 Other financial business (2) 10 11 12 13 FL263168005 FL263168465 FL263168485 FL263168495 14 FL793068005 15 FL713068005 Monetary authority (3) 16 17 18 19 FL763068005 FL753068005 FL743068005 FL473068005 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions Rest of the world Foreign official institutions Foreign nonfinancial corporations Foreign nondepository financial institutions Total assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 3663.8 3803.1 4216.0 4450.7 4479.5 4272.2 4216.0 4239.6 4179.8 1 339.0 1003.1 1465.2 350.2 1034.0 1481.2 370.5 1111.6 1654.5 383.9 1368.0 1569.2 375.8 1361.6 1709.4 364.6 1164.0 1716.8 370.5 1111.6 1654.5 369.8 1119.8 1650.0 371.5 1023.2 1603.3 2 3 4 311.0 305.1 380.7 413.8 347.1 341.7 380.7 383.7 437.7 5 147.1 39.6 124.3 152.7 30.4 122.0 177.9 29.9 132.2 159.6 69.5 184.6 166.5 41.0 124.5 174.5 28.6 118.7 177.9 29.9 132.2 175.3 30.0 139.4 216.1 28.6 156.2 6 7 8 0.0 0.0 40.7 0.0 15.1 20.0 40.7 38.9 36.9 9 545.5 4.3 200.2 341.1 632.6 3.4 195.3 433.9 698.6 2.5 186.5 509.6 715.9 3.1 229.3 483.6 685.7 2.7 223.0 460.1 685.0 2.3 202.8 479.8 698.6 2.5 186.5 509.6 716.5 3.4 189.0 524.1 744.1 3.0 186.8 554.3 10 11 12 13 3663.8 3803.1 4216.0 4450.7 4479.5 4272.2 4216.0 4239.6 4179.8 14 0.0 0.0 52.2 58.7 30.9 31.7 52.2 58.7 86.2 15 2927.8 661.9 13.1 61.0 3026.6 687.4 18.1 71.0 3361.8 704.7 18.7 78.7 3458.5 843.7 20.1 69.7 3572.8 777.7 21.7 76.4 3426.5 716.2 20.2 77.6 3361.8 704.7 18.7 78.7 3394.1 687.8 17.4 81.7 (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 Federal Reserve funding, credit, and liquidity facility special purpose vehicles. (3) Loans from Federal Reserve banks to the household, broker and dealer, finance companies, and other financial business sectors. 3320.3 685.8 17.0 70.5 16 17 18 19 125 Z.1, September 23, 2021 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893169005 Total other loans and advances 2 3 4 5 6 7 8 9 10 FL313069205 FL153169203 FL103169205 FL113169205 FL213169203 FL403169283 FL313069223 FL503169205 FL263169203 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfinancial noncorporate business State and local governments Government-sponsored enterprises Finance companies Other financial business Rest of the world 11 12 FL313169003 FL313169003 Federal government retirement funds loans Liab.: Federal government 13 14 FL263069500 FL263069500 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 15 16 17 18 FL763069703 FL753069703 FL103169705 FL263169705 19 20 21 FL733069005 FL733069013 FL733069023 22 23 24 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 4778.6 4098.4 4202.0 4546.8 4617.1 4400.5 4422.4 4546.8 4704.9 220.8 34.5 74.4 58.3 20.1 0.0 0.0 2.4 31.2 230.7 38.9 78.4 60.9 21.1 0.0 0.0 2.4 29.1 418.9 49.1 188.9 128.6 22.1 0.0 0.0 2.4 27.8 227.3 40.0 73.4 62.1 21.2 0.0 0.0 2.4 28.2 341.7 44.4 143.6 101.9 21.4 0.0 0.0 2.4 28.2 407.8 47.4 183.8 124.5 21.8 0.0 0.0 2.4 27.9 418.9 49.1 188.9 128.6 22.1 0.0 0.0 2.4 27.8 426.3 50.1 192.3 131.0 22.3 0.0 0.0 2.4 28.3 435.0 2 52.5 3 197.1 4 133.8 5 22.3 6 0.0 7 0.0 8 2.4 9 27.0 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 0.0 0.0 0.0 11 0.0 12 733.3 733.3 830.8 830.8 905.6 905.6 877.8 877.8 882.0 882.0 890.1 890.1 905.6 905.6 935.6 935.6 951.3 13 951.3 14 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Holding company loans Liab.: Nonfinancial corporate business Rest of the world 104.3 84.9 19.4 117.7 89.1 28.6 106.6 79.4 27.2 128.7 94.0 34.7 119.0 91.7 27.4 104.6 81.4 23.2 106.6 79.4 27.2 121.2 93.7 27.5 129.6 19 101.3 20 28.3 21 FL153169405 FL313069403 FL543069405 Policy loans (Household liability) Asset: Federal government Life insurance companies 134.2 0.2 134.0 131.3 0.2 131.1 130.8 0.2 130.6 132.4 0.2 132.2 131.7 0.2 131.5 132.2 0.2 132.0 130.8 0.2 130.6 130.0 0.2 129.9 129.3 22 0.2 23 129.1 24 25 26 27 28 29 30 31 FL403069330 FL763169335 FL473169333 FL513169333 FL543169373 FL613169333 FL643169373 Federal Home Loan Banks advances (1) Liab.: U.S.-chartered depository institutions Credit unions Property-casualty insurance companies Life insurance companies Finance companies Real estate investment trusts 729.5 577.3 57.7 3.3 81.1 0.6 9.4 638.9 484.9 52.3 3.5 88.7 1.0 8.5 410.3 252.3 43.3 10.0 103.9 0.5 0.3 797.2 615.1 62.9 6.0 107.7 0.9 4.6 547.7 380.3 50.5 6.3 108.2 0.6 1.7 470.4 306.8 47.7 11.2 103.6 0.7 0.3 410.3 252.3 43.3 10.0 103.9 0.5 0.3 390.9 228.6 40.3 9.3 112.3 0.1 0.3 362.6 205.9 39.2 8.4 108.8 0.1 0.3 25 26 27 28 29 30 31 32 33 34 35 36 FL403069395 FL153169305 FL183169305 FL113169305 FL763169383 Government-sponsored enterprise (GSE) loans (2) Liab.: Household sector (SLMA) Nonfinancial corporate business (FCS) Nonfinancial noncorporate business (FCS) U.S.-chartered depository inst. (SLMA) 132.4 0.0 12.0 120.4 0.0 139.7 0.0 13.0 126.7 0.0 153.2 0.0 14.8 138.4 0.0 143.9 0.0 14.2 129.8 0.0 144.0 0.0 13.2 130.8 0.0 144.8 0.0 13.1 131.7 0.0 153.2 0.0 14.8 138.4 0.0 156.5 0.0 16.3 140.1 0.0 152.8 0.0 15.1 137.7 0.0 32 33 34 35 36 37 38 FL673069505 FL673069505 Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 37 0.0 38 39 40 41 FL613069505 FL103169535 FL113169535 Finance company loans to business Liab.: Nonfinancial corporate business Nonfinancial noncorporate business 397.1 357.3 39.7 386.7 348.0 38.7 370.3 326.2 44.0 400.0 360.0 40.0 373.1 333.0 40.0 372.4 329.0 43.4 370.3 326.2 44.0 373.6 321.7 51.9 381.8 39 307.1 40 74.7 41 42 43 FL663067003 FL663067003 Margin accounts at brokers and dealers Liab.: Household sector 302.3 302.3 325.7 325.7 482.4 482.4 337.7 337.7 319.5 319.5 385.0 385.0 482.4 482.4 573.7 573.7 595.2 42 595.2 43 44 45 FL153067005 FL153067005 Cash accounts at brokers and dealers Asset: Household sector 758.4 758.4 784.0 784.0 904.8 904.8 929.4 929.4 909.2 909.2 876.9 876.9 904.8 904.8 924.7 924.7 941.1 44 941.1 45 46 47 48 49 50 51 52 FL103169803 FL153069803 FL543069873 FL653069803 FL673069803 FL663069803 FL503069805 Loans to nonfinancial corporate business (3) Asset: Household sector Life insurance companies Mutual funds ABS issuers Brokers and dealers Other financial business 447.5 102.7 28.4 147.9 123.3 38.2 7.0 478.5 116.6 30.3 114.2 161.7 47.3 8.4 506.5 114.4 32.5 85.2 207.7 55.9 10.9 504.8 129.1 34.0 84.2 186.5 56.9 14.2 494.6 123.5 32.4 84.1 188.7 54.0 11.9 495.1 118.8 31.8 83.4 195.4 55.3 10.3 506.5 114.4 32.5 85.2 207.7 55.9 10.9 516.6 107.1 33.9 100.5 210.0 55.0 10.2 545.1 107.3 35.6 116.9 219.0 56.6 9.7 46 47 48 49 50 51 52 53 54 55 56 57 FL503069075 FL503069003 FL503069013 FL503069023 FL503069033 Other financial business loans (4) Liab.: Household sector (TALF II) Nonfinancial corporate business (MSLF) Nonfinancial noncorporate business (MSLF) Nonprofit organizations (MSLF) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20.1 3.6 6.0 10.5 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.0 0.0 0.0 5.4 3.2 0.8 1.4 0.0 20.1 3.6 6.0 10.5 0.0 18.6 2.1 5.9 10.5 0.0 17.9 1.6 5.9 10.3 0.0 53 54 55 56 57 58 59 60 FL163069005 FL153169055 FL163069043 Nonprofit organization loans Liab.: Household sector Nonfinancial noncorporate business 138.4 109.1 29.3 138.1 107.9 30.2 137.5 106.5 30.9 137.9 107.6 30.4 137.8 107.2 30.5 137.6 106.9 30.7 137.5 106.5 30.9 137.1 106.0 31.1 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 0.0 0.0 0.0 0.0 1 15 16 17 18 136.8 58 105.5 59 31.3 60 (1) The Federal Home Loan Banks are included in the governmnet-sponsored enterprises sector. Finance companies and real estate investment trusts receive advances through affiliated captive insurance companies. (2) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Federal Home Loan Bank advances are shown separately on line 25. (3) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere. (4) 2020 Term Asset-Backed Securities Loan Facility (TALF II) loans to domestic hedge funds and private equity funds and Main Street Lending Facility (MSLF) loans to nonfinancial businesses. Levels 2018 126 Z.1, September 23, 2021 L.217 Total Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total mortgages Q2 2021 Q3 Q4 Q1 Q2 1 FL893065005 2 3 4 5 FL893065105 FL893065405 FL893065505 FL893065603 6 FL893065005 7 FL153165005 Household sector 8 9 10 FL143165005 FL103165005 FL113165005 Nonfinancial business Corporate Noncorporate 11 12 FL313165403 FL123165005 Federal government REITs 13 FL893065005 14 15 16 FL153065005 FL103065003 FL113065005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 17 18 19 20 21 22 FL313065005 FL313065015 FL313065075 FL313065035 FL313065065 FL313065095 Federal government Ginnie Mae Farmers Home Administration (FmHA) (2) Federal Housing Administration (FHA) Federal Deposit Insurance Corporation Other (3) 23 FL213065005 State and local governments 258.6 256.5 261.7 253.1 256.3 259.5 261.7 263.6 24 25 26 27 28 FL703065005 FL763065005 FL753065005 FL743065003 FL473065100 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 5442.4 4817.7 77.6 24.1 523.0 5654.9 4987.4 80.4 22.6 564.5 5741.4 5027.5 80.9 22.9 610.1 5704.2 5020.5 82.6 22.5 578.7 5738.6 5040.3 82.0 23.0 593.4 5766.7 5057.0 81.5 23.1 605.2 5741.4 5027.5 80.9 22.9 610.1 5705.6 4990.0 80.3 21.8 613.4 29 30 FL513065505 FL543065005 Property-casualty insurance companies Life insurance companies 20.5 568.1 22.9 619.2 24.3 644.7 23.6 626.6 23.7 630.9 23.5 632.6 24.3 644.7 24.3 646.0 25.5 29 655.5 30 31 32 FL573065005 FL223065043 Private pension funds State and local govt. retirement funds 23.8 12.3 23.2 8.4 17.8 7.8 21.5 8.9 20.3 8.1 19.0 8.4 17.8 7.8 17.4 8.4 16.4 31 8.2 32 33 34 35 36 37 38 FL403065005 FL403065015 FL403065025 FL403065045 FL403065035 FL403065653 Government-sponsored enterprises Fannie Mae Freddie Mac Farm Credit System FHLB Farmer Mac 5333.8 3223.8 1909.8 133.6 62.5 4.0 5510.7 3300.0 1993.3 139.6 72.4 5.4 6142.5 3589.9 2328.0 154.6 62.8 7.3 5567.1 3330.7 2014.8 141.3 74.5 5.8 5705.8 3417.8 2063.4 145.3 72.9 6.5 5891.3 3493.7 2173.7 149.1 67.9 6.8 6142.5 3589.9 2328.0 154.6 62.8 7.3 6352.5 3675.0 2453.0 157.8 59.4 7.3 6560.3 3782.6 2550.9 162.5 56.5 7.8 33 34 35 36 37 38 39 40 41 42 43 44 FL413065005 FL413065015 FL413065025 FL413065045 FL413065653 FL413065035 Agency- and GSE-backed mortgage pools Ginnie Mae Freddie Mac Fannie Mae Farmer Mac Farmers Home Administration (FmHA) (2) 2292.3 2042.2 241.0 7.5 1.5 0.0 2406.0 2117.6 281.0 6.4 1.1 0.0 2428.3 2103.4 318.7 5.3 0.9 0.0 2429.8 2138.8 284.2 5.8 1.1 0.0 2417.6 2125.6 285.6 5.3 1.0 0.0 2428.4 2117.7 304.3 5.4 1.0 0.0 2428.3 2103.4 318.7 5.3 0.9 0.0 2431.4 2095.0 330.3 5.2 0.8 0.0 2459.6 2112.3 341.4 5.0 0.9 0.0 39 40 41 42 43 44 45 46 47 FL673065005 FL613065000 FL643065005 ABS issuers Finance companies REITs 851.2 114.8 255.0 856.0 117.2 273.9 837.4 110.0 259.2 877.2 115.3 250.8 862.0 111.8 248.0 852.0 107.9 260.1 837.4 110.0 259.2 831.6 108.6 265.7 One-to-four-family residential Multifamily residential Commercial Farm Total liabilities Total assets 15463.8 16042.8 16773.7 16174.6 16321.8 16547.3 16773.7 16955.9 17263.4 1 10897.7 11188.6 11658.7 11254.9 11341.3 11509.6 11658.7 11790.4 12028.7 1488.4 1622.6 1755.1 1644.3 1678.0 1709.2 1755.1 1784.8 1810.5 2832.0 2964.8 3081.1 3005.6 3029.8 3052.9 3081.1 3099.8 3141.1 245.7 266.8 278.7 269.8 272.7 275.7 278.7 280.8 283.0 2 3 4 5 15463.8 16042.8 16773.7 16174.6 16321.8 16547.3 16773.7 16955.9 17263.4 6 10460.5 10741.7 11186.1 10803.7 10886.4 11045.9 11186.1 11308.1 11531.3 7 4777.1 626.5 4150.7 5076.8 678.7 4398.1 5362.1 723.1 4639.1 5145.8 686.0 4459.8 5212.4 697.6 4514.9 5276.5 706.6 4569.9 5362.1 723.1 4639.1 5427.9 737.0 4691.0 5512.8 8 764.4 9 4748.4 10 0.0 226.2 0.0 224.3 0.0 225.4 0.0 225.1 0.0 223.0 0.0 225.0 0.0 225.4 0.0 219.9 0.0 11 219.3 12 15463.8 16042.8 16773.7 16174.6 16321.8 16547.3 16773.7 16955.9 17263.4 13 84.6 34.2 49.0 82.1 36.4 51.7 76.6 38.8 56.0 80.8 37.0 53.4 79.1 37.6 55.5 78.0 38.2 56.1 76.6 38.8 56.0 75.7 39.4 57.5 123.2 2.8 105.7 14.6 0.1 0.0 123.8 2.5 105.8 15.5 0.0 0.0 127.2 2.3 108.3 16.6 0.0 0.0 125.3 2.4 107.4 15.5 0.0 0.0 126.7 2.4 108.7 15.6 0.0 0.0 125.7 2.3 107.3 16.0 0.0 0.0 127.2 2.3 108.3 16.6 0.0 0.0 128.2 2.2 109.0 17.1 0.0 0.0 74.2 14 40.0 15 57.7 16 129.5 2.1 109.4 18.0 0.0 0.0 17 18 19 20 21 22 264.6 23 5756.5 5019.9 81.4 21.3 633.9 24 25 26 27 28 826.7 45 107.0 46 281.6 47 (1) Sum of one-to-four-family residential mortgages (table L.218), multifamily residential mortgages (table L.219), commercial mortgages (table L.220), and farm mortgages (table L.221). (2) FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accounting changes by the Farmers Home Administration. (3) Other includes Department of Veterans Affairs, Federal Financing Bank, Public Housing Administration, and Resolution Trust Corporation. 127 Z.1, September 23, 2021 L.218 One-to-four-family Residential Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2019 2020 2020 Q1 1 FL893065105 2 3 4 FL153165105 FL103165105 FL113165105 Total liabilities 5 FL893065105 6 7 8 FL153065103 FL103065105 FL113065103 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 9 10 FL313065105 FL213065103 Federal government State and local governments 11 12 13 14 FL763065105 FL753065103 FL743065103 FL473065100 15 16 17 Household sector Nonfinancial corporate business Nonfinancial noncorporate business Total assets Q2 2021 Q3 Q4 Q1 Q2 10897.7 11188.6 11658.7 11254.9 11341.3 11509.6 11658.7 11790.4 12028.7 1 10204.4 10482.8 10925.7 10544.4 10626.7 10785.8 10925.7 11047.5 11270.3 17.1 17.2 16.7 17.6 17.3 17.0 16.7 16.9 17.7 676.3 688.6 716.2 693.0 697.2 706.8 716.2 726.0 740.7 2 3 4 10897.7 11188.6 11658.7 11254.9 11341.3 11509.6 11658.7 11790.4 12028.7 5 75.3 20.5 17.9 71.8 21.9 18.9 68.3 23.3 20.4 70.9 22.2 19.5 70.1 22.5 20.2 69.2 22.9 20.5 68.3 23.3 20.4 67.4 23.6 21.0 29.2 133.2 29.2 132.1 30.4 134.1 29.5 130.3 29.5 131.2 30.0 133.0 30.4 134.1 30.6 134.8 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 2586.0 1.6 14.1 523.0 2638.2 1.5 13.2 564.5 2576.0 1.2 13.5 610.1 2635.6 1.4 13.0 578.7 2626.1 1.5 13.4 593.4 2621.1 1.3 13.7 605.2 2576.0 1.2 13.5 610.1 2528.1 1.1 12.8 613.4 FL543065105 FL573065103 FL223065143 Life insurance companies Private pension funds State and local govt. retirement funds 31.5 0.8 4.4 39.0 0.7 3.0 40.3 0.5 2.8 39.5 0.6 3.2 39.6 0.6 2.9 39.5 0.6 3.0 40.3 0.5 2.8 40.6 0.5 3.0 41.3 15 0.5 16 3.0 17 18 19 FL403065105 FL413065105 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 4883.9 1948.7 5016.1 2024.8 5585.0 2009.0 5066.1 2045.7 5182.4 2030.9 5361.3 2023.5 5585.0 2009.0 5786.6 1996.4 5995.3 18 2012.1 19 20 21 22 FL673065105 FL613065105 FL643065105 ABS issuers Finance companies REITs 467.6 87.1 72.8 452.5 85.4 76.0 414.9 77.1 51.7 461.2 83.6 53.9 449.0 79.1 48.8 436.7 75.4 52.8 414.9 77.1 51.7 399.8 76.1 54.5 388.7 20 75.1 21 60.4 22 23 24 25 26 27 28 FL893065125 FL763065125 FL753065203 FL473065125 FL673065123 FL613065123 533.3 420.2 0.2 89.5 6.0 17.4 501.3 383.6 0.3 93.0 7.4 17.1 441.8 334.5 0.1 86.0 5.8 15.4 495.3 378.7 0.3 92.6 7.0 16.7 475.8 363.1 0.3 89.9 6.6 15.8 460.3 349.8 0.2 89.0 6.2 15.1 441.8 334.5 0.1 86.0 5.8 15.4 421.4 318.2 0.1 82.7 5.3 15.2 413.7 308.2 0.1 85.7 4.7 15.0 Memo: Home equity loans included above (2) U.S.-chartered depository institutions Foreign banking offices in U.S. Credit unions ABS issuers Finance companies 66.6 24.0 21.0 6 7 8 31.5 9 135.3 10 2526.6 1.1 12.4 633.9 11 12 13 14 23 24 25 26 27 28 (1) Mortgages on 1-4 family properties including mortgages on farm houses. (2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065405 2 3 FL103165405 FL113165405 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 1488.4 1622.6 1755.1 1644.3 1678.0 1709.2 1755.1 1784.8 1810.5 1 73.2 1391.2 80.0 1519.8 86.6 1644.8 81.0 1539.8 82.7 1571.5 84.3 1601.9 86.6 1644.8 88.0 1672.9 89.3 1696.6 2 3 4 5 FL313165403 FL123165403 Federal government REITs 0.0 24.0 0.0 22.8 0.0 23.7 0.0 23.4 0.0 23.7 0.0 22.9 0.0 23.7 0.0 23.9 0.0 24.7 4 5 6 FL893065405 7 8 9 FL153065403 FL103065403 FL113065403 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 1488.4 1622.6 1755.1 1644.3 1678.0 1709.2 1755.1 1784.8 1810.5 6 0.0 0.5 16.8 0.0 0.5 17.7 0.0 0.6 19.2 0.0 0.6 18.3 0.0 0.6 19.0 0.0 0.6 19.2 0.0 0.6 19.2 0.0 0.6 19.7 0.0 0.6 19.7 7 8 9 10 11 FL313065405 FL213065403 Federal government State and local governments 11.9 103.4 11.6 102.6 11.1 105.2 11.4 101.2 11.3 102.8 11.2 104.2 11.1 105.2 11.1 105.9 11.1 10 106.3 11 12 13 FL763065403 FL753065403 U.S.-chartered depository institutions Foreign banking offices in U.S. 472.2 9.5 501.9 11.4 526.7 14.0 513.0 12.6 520.2 13.0 525.7 13.5 526.7 14.0 528.2 14.1 538.3 12 14.5 13 14 15 16 FL543065405 FL573065403 FL223065443 Life insurance companies Private pension funds State and local govt. retirement funds 136.9 1.1 3.7 162.1 0.8 2.5 169.8 0.6 2.3 164.3 0.8 2.7 165.7 0.7 2.4 166.4 0.6 2.5 169.8 0.6 2.3 171.1 0.5 2.5 173.7 14 0.5 15 2.5 16 17 18 FL403065405 FL413065405 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 332.9 342.1 364.0 380.2 419.4 418.4 368.6 383.0 388.9 385.7 393.7 403.9 419.4 418.4 426.8 434.1 424.4 17 446.7 18 19 20 21 FL673065405 FL613065403 FL643065405 ABS issuers Finance companies REITs 43.8 5.9 7.7 46.3 5.7 15.0 51.3 5.5 11.0 53.0 5.7 9.2 53.2 5.6 9.0 52.2 5.5 10.0 51.3 5.5 11.0 52.7 5.4 12.0 53.2 19 5.4 20 13.7 21 Total assets Levels 2018 128 Z.1, September 23, 2021 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 1 FL893065505 2 3 4 5 FL163165505 FL103165505 FL113165505 FL123165503 Total liabilities 6 FL893065505 7 8 9 FL153065505 FL103065503 FL113065503 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 10 11 FL313065505 FL213065503 Federal government State and local governments 12 13 14 FL763065503 FL753065503 FL743065505 U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas 15 16 FL513065505 FL543065505 Property-casualty insurance companies Life insurance companies 17 18 FL573065505 FL223065545 Private pension funds State and local govt. retirement funds 19 20 FL413065505 FL673065505 21 22 FL613065503 FL643065505 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 2832.0 2964.8 3081.1 3005.6 3029.8 3052.9 3081.1 3099.8 3141.1 1 256.1 472.5 1901.2 202.3 259.0 512.0 1992.3 201.6 260.4 546.7 2072.4 201.7 259.3 517.1 2027.5 201.7 259.7 526.4 2044.5 199.2 260.0 533.3 2057.5 202.0 260.4 546.7 2072.4 201.7 260.7 558.1 2085.1 196.0 260.9 583.0 2102.6 194.6 2 3 4 5 2832.0 2964.8 3081.1 3005.6 3029.8 3052.9 3081.1 3099.8 3141.1 6 1.1 13.2 13.4 1.2 14.0 14.1 1.2 14.9 15.3 1.2 14.2 14.6 1.2 14.5 15.2 1.2 14.7 15.3 1.2 14.9 15.3 1.2 15.2 15.7 1.3 15.4 15.8 7 8 9 74.2 20.7 74.1 20.5 75.4 20.9 75.3 20.2 76.3 20.9 74.6 20.9 75.4 20.9 76.0 21.5 76.0 10 21.6 11 1666.8 66.3 10.0 1749.3 67.3 9.4 1822.5 65.5 9.4 1772.9 68.3 9.5 1794.0 67.3 9.6 1809.0 66.6 9.4 1822.5 65.5 9.4 1830.6 65.1 9.0 1851.1 12 65.8 13 8.9 14 20.5 383.8 22.9 401.4 24.3 417.1 23.6 405.9 23.7 408.5 23.5 409.4 24.3 417.1 24.3 416.6 25.5 15 422.8 16 21.9 4.2 21.7 2.9 16.7 2.6 20.1 3.0 19.0 2.8 17.8 2.9 16.7 2.6 16.4 2.8 15.5 17 2.8 18 Agency- and GSE-backed mortgage pools ABS issuers 0.0 339.8 0.0 357.2 0.0 371.2 0.0 363.0 0.0 359.8 0.0 363.1 0.0 371.2 0.0 379.1 0.0 19 384.8 20 Finance companies REITs 21.8 174.5 26.1 182.8 27.4 196.5 26.0 187.8 27.1 190.2 27.0 197.4 27.4 196.5 27.1 199.2 26.5 21 207.5 22 245.7 266.8 278.7 269.8 272.7 275.7 278.7 280.8 283.0 1 63.7 182.0 69.5 197.3 73.1 205.6 70.2 199.5 71.1 201.6 72.0 203.7 73.1 205.6 73.9 206.9 74.5 208.5 2 3 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business REITs Total assets (1) Liability of the households and nonprofit organizations sector (tables L.101 and B.101). L.221 Farm Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893065603 Total liabilities 2 3 FL183165605 FL233165605 4 FL893065603 245.7 266.8 278.7 269.8 272.7 275.7 278.7 280.8 283.0 4 5 6 FL153065605 FL113065603 Household sector Nonfinancial noncorporate business 8.2 1.0 9.1 1.0 7.1 1.1 8.7 1.1 7.8 1.1 7.5 1.1 7.1 1.1 7.0 1.2 6.4 1.2 5 6 7 8 FL313065605 FL213065603 Federal government State and local governments 7.9 1.3 8.9 1.3 10.3 1.4 9.2 1.3 9.6 1.4 9.9 1.4 10.3 1.4 10.5 1.4 10.9 1.5 7 8 9 10 FL763065633 FL753065603 U.S.-chartered depository institutions Foreign banking offices in U.S. 92.8 0.2 97.9 0.2 102.3 0.1 99.0 0.2 100.1 0.2 101.2 0.1 102.3 0.1 103.1 0.1 103.9 9 0.1 10 11 12 FL543065633 FL223065643 Life insurance companies State and local govt. retirement funds 15.9 0.0 16.7 0.0 17.4 0.0 16.9 0.0 17.1 0.0 17.3 0.0 17.4 0.0 17.6 0.0 17.7 11 0.0 12 13 14 FL403065605 FL413065605 Government-sponsored enterprises Agency- and GSE-backed mortgage pools 117.0 1.5 130.6 1.1 138.0 0.9 132.4 1.1 134.4 1.0 136.2 1.0 138.0 0.9 139.1 0.8 140.6 13 0.9 14 Nonfinancial corporate business Nonfinancial noncorporate business Total assets (1) Excludes mortgages on farm houses. 129 Z.1, September 23, 2021 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL153166000 Total liabilities (Households) 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 1 2 FL153166000 Total assets 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 2 3 4 5 FL163066223 FL103066005 FL113066003 Nonprofit organizations (1) Nonfinancial corporate business Nonfinancial noncorporate business 31.3 36.5 0.0 27.3 35.8 0.0 24.1 35.8 0.0 26.1 34.7 0.0 25.1 34.8 0.0 24.3 35.1 0.0 24.1 35.8 0.0 23.9 34.7 0.0 23.6 34.8 0.0 3 4 5 6 7 8 FL313066220 FL763066000 FL473066000 Federal government (2) U.S.-chartered depository institutions Credit unions 1236.3 1682.0 481.2 1319.2 1771.0 498.0 1381.0 1685.7 505.1 1350.6 1709.9 495.2 1355.8 1644.4 498.3 1379.4 1649.2 503.9 1381.0 1685.7 505.1 1410.1 1633.2 502.9 1413.8 1701.0 519.4 6 7 8 9 10 11 FL403066005 FL673066000 FL613066005 Government-sponsored enterprises ABS issuers Finance companies 0.0 5.5 534.4 0.0 3.1 537.7 0.0 1.9 551.4 0.0 2.8 528.5 0.0 2.5 536.4 0.0 2.2 548.6 0.0 1.9 551.4 0.0 1.9 560.5 12 13 14 15 FL153166100 FL153166400 FL153166220 FL153166205 1053.8 1139.6 1570.5 243.0 1092.0 1184.1 1646.4 269.7 974.6 1224.5 1702.6 283.3 1022.0 1183.9 1674.9 267.0 952.6 1197.4 1680.6 266.7 943.8 1218.4 1704.9 275.6 974.6 1224.5 1702.6 283.3 911.1 1240.8 1728.1 287.2 0.0 9 1.7 10 572.3 11 Memo: (1) Student loans originated under the Federal Family Education Loan Program. Asset of the households and nonprofit organizations sector (tables L.101 and B.101). (2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default. (3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule. (4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and finance companies (part of line 11). Data begin in 2006:Q1. (5) Includes student loans before 2006:Q1. 951.7 1279.9 1732.2 302.7 12 13 14 15 Levels Credit card loans (3) Auto loans Student loans (4) Other consumer credit (5) 130 Z.1, September 23, 2021 L.223 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 1 LM893064105 2 LM883164105 Issues at market value 3 4 5 LM103164103 LM103164113 LM103164123 Nonfinancial corporate business Publicly traded (2) Closely held 6 7 8 LM793164105 LM793164115 LM793164123 Financial corporations Publicly traded (3) Closely held 9 LM263164100 10 LM893064105 11 12 13 14 LM153064105 LM103064103 LM313064105 LM213064103 Household sector Nonfinancial corporate business Federal government State and local governments 15 16 17 FL713064103 LM763064105 FL753064103 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. 18 19 20 21 22 LM513064105 LM543064105 LM573064105 LM343064105 LM223064145 23 24 25 26 27 Domestic sectors Rest of the world (4) Holdings at market value Q2 2021 Q3 Q4 Q1 Q2 43715.3 54643.8 64904.3 43122.0 51985.2 56621.4 64904.3 69683.3 75391.8 1 35815.7 45165.8 54368.3 35679.4 43410.3 47478.8 54368.3 58680.3 63704.1 2 26543.6 33680.3 41960.8 27002.7 33391.0 36930.1 41960.8 44859.4 48489.5 21728.9 27633.7 35190.0 22367.7 27794.1 30773.7 35190.0 37141.1 40346.4 4814.7 6046.6 6770.8 4635.0 5596.9 6156.4 6770.8 7718.3 8143.1 3 4 5 9272.1 11485.5 12407.6 8726.3 10836.4 11748.1 545.8 649.1 659.4 8676.7 10019.3 10548.6 12407.6 13820.9 15214.6 8155.2 9418.2 9935.6 11748.1 13069.3 14421.9 521.5 601.1 613.0 659.4 751.6 792.7 6 7 8 7899.6 7442.6 9 9478.0 10535.9 8574.9 9142.7 10535.9 11003.1 11687.7 43715.3 54643.8 64904.3 43122.0 51985.2 56621.4 64904.3 69683.3 75391.8 10 16269.8 20989.3 25634.0 16420.9 20108.1 22198.6 25634.0 28038.6 30490.0 11 1789.9 2317.7 2552.1 1833.4 2168.3 2318.6 2552.1 2667.6 2853.7 12 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 33.2 13 169.6 214.1 250.0 167.6 202.8 219.5 250.0 264.4 284.5 14 0.0 109.1 0.0 0.0 147.7 0.0 0.0 160.1 0.0 0.0 95.9 0.0 0.0 120.6 0.0 0.0 133.0 0.0 0.0 160.1 0.0 0.0 176.5 0.0 Property-casualty insurance companies Life insurance companies Private pension funds Federal government retirement funds State and local govt. retirement funds 392.1 538.0 2448.0 292.1 2478.6 493.9 644.6 2961.8 370.7 2576.9 518.6 729.8 3343.2 418.4 2861.9 399.8 556.1 2286.3 277.9 2174.5 431.7 623.4 2753.5 342.5 2376.0 461.9 658.6 2960.6 366.0 2585.5 518.6 729.8 3343.2 418.4 2861.9 547.0 750.6 3532.3 448.9 2999.1 LM653064100 LM553064103 LM563064100 LM663064103 FL503064105 Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Other financial business 9657.5 11934.5 13391.1 91.2 107.2 105.9 2669.2 3486.2 4233.6 147.7 166.7 214.3 0.0 0.0 8.8 9203.8 11129.4 11843.4 13391.1 13977.9 14934.2 23 79.7 92.2 95.7 105.9 115.0 122.7 24 2715.2 3283.8 3566.3 4233.6 4697.0 5189.6 25 144.7 180.4 205.4 214.3 265.9 259.1 26 0.0 8.0 8.6 8.8 8.5 1.1 27 28 LM263064105 Rest of the world (5) 6629.5 6733.2 29 30 31 32 LM883164115 LM883164125 LM883164133 LM883164135 Publicly traded equity at market value (6) Closely held equity at market value (7) S corporations C corporations 33 PC073164013 Percent change in Dow Jones U.S. Total Market Index 8199.2 10449.2 8131.4 0.0 15 191.1 16 0.0 17 586.4 809.3 3776.0 487.0 3204.2 18 19 20 21 22 8966.6 10449.2 11160.9 12169.9 28 Memo: 30455.2 38470.1 46938.1 30522.8 37212.3 40709.4 46938.1 50210.4 54768.3 29 5360.6 6695.7 7430.2 5156.5 6198.0 6769.4 7430.2 8469.8 8935.8 30 3656.0 4822.2 5320.0 4315.6 4634.6 4919.0 5320.0 6097.1 6466.9 31 1704.6 1873.5 2110.2 841.0 1563.4 1850.5 2110.2 2372.7 2468.9 32 -7.04 28.42 18.72 -21.34 21.52 8.64 14.32 6.08 7.94 33 (1) Includes shares of exchange-traded funds, closed-end funds, and real estate investment trusts. Excludes mutual fund shares shown on table L.224. (2) Excludes intercorporate holdings. (3) Includes corporate equities issued by financial corporations under the federal financial stabilization programs. (4) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs). (5) Holdings of U.S. issues by foreign residents. (6) Equal to the sum of lines 4 and 7. (7) Equal to the sum of lines 5 and 8. L.224 Mutual Fund Shares (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM653164205 Shares at market value 14669.8 17659.5 19562.6 14543.1 16776.1 17749.3 19562.6 20271.3 21459.7 1 2 LM653164205 Holdings at market value 14669.8 17659.5 19562.6 14543.1 16776.1 17749.3 19562.6 20271.3 21459.7 2 3 4 5 LM153064205 LM103064203 LM213064203 Household sector Nonfinancial corporate business State and local governments 6 7 LM763064203 LM473064205 U.S.-chartered depository institutions Credit unions 8 9 10 11 LM513064205 LM543064205 LM573064205 LM223064205 Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds 12 LM263064203 Rest of the world 7998.8 269.9 82.2 9966.1 11074.8 326.4 376.4 98.9 112.8 8143.8 276.9 83.4 9433.1 10025.6 11074.8 11553.9 12290.4 321.6 342.8 376.4 390.7 415.3 96.4 102.2 112.8 116.6 123.4 52.1 2.5 61.6 3.3 63.4 4.8 45.6 3.2 51.9 3.8 55.4 4.0 63.4 4.8 68.1 6.1 21.3 1402.5 3594.6 446.9 25.8 1599.0 4307.6 374.6 29.7 1702.1 4723.9 445.4 21.8 1300.3 3567.9 305.7 25.6 1487.1 4100.2 354.9 28.0 1551.6 4315.7 372.7 29.7 1702.1 4723.9 445.4 31.0 1732.4 4871.2 418.1 31.9 8 1794.2 9 5135.7 10 438.6 11 799.0 896.1 1029.4 794.6 901.6 951.3 1029.4 1083.2 1151.0 12 (1) Shares of open-end investment companies; excludes shares of money market funds and exchange-traded funds. 72.2 6.9 3 4 5 6 7 131 Z.1, September 23, 2021 L.225 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893170005 2 FL163170005 Total trade payables Nonprofit organizations (1) 3 4 FL103170005 FL113170005 5 6 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 5393.5 5775.4 6054.3 5711.9 5580.5 5867.1 6054.3 6214.4 6422.6 1 362.6 369.5 376.3 371.2 372.9 374.6 376.3 378.0 379.7 2 Nonfinancial corporate business Nonfinancial noncorporate business 2690.4 598.6 2920.5 641.5 3051.2 615.7 2821.1 644.2 2694.0 606.2 2904.5 619.9 3051.2 615.7 3146.7 640.9 3305.8 651.9 3 4 FL313170005 FL213170003 Federal government State and local governments 382.3 1000.2 418.3 1048.8 435.1 1097.2 416.2 1061.0 405.6 1072.8 422.3 1084.8 435.1 1097.2 452.0 1109.9 469.7 1122.9 5 6 7 8 9 FL513170005 FL543170005 FL663170003 Property-casualty insurance companies Life insurance companies Brokers and dealers 76.8 186.3 16.8 79.5 199.9 15.8 90.5 288.1 18.5 80.8 219.3 20.1 87.1 247.6 17.8 97.4 266.1 16.7 90.5 288.1 18.5 92.7 288.5 19.7 94.4 290.8 15.9 7 8 9 10 LM263170005 11 FL893070005 12 FL163070005 Nonprofit organizations (1) 13 14 FL103070005 FL113070003 Nonfinancial corporate business Nonfinancial noncorporate business 15 16 FL313070000 FL213070003 17 18 19 20 FL513070005 FL543070005 FL673070003 LM263070005 21 FL903070005 Rest of the world 79.4 81.6 81.6 77.8 76.6 80.9 81.6 86.0 91.5 10 5588.8 6232.0 6463.6 6175.6 6017.9 6284.1 6463.6 6664.8 6890.1 11 263.7 271.3 279.0 273.2 275.2 277.1 279.0 280.7 282.4 12 3512.7 852.6 4053.2 900.3 4082.9 947.3 3957.3 911.7 3740.8 925.3 3944.1 936.6 4082.9 947.3 4243.2 961.1 4439.7 13 964.3 14 Federal government State and local governments 75.4 230.2 73.5 249.3 84.9 263.7 73.4 244.3 80.6 238.0 81.6 253.7 84.9 263.7 91.9 269.5 93.4 15 279.1 16 Property-casualty insurance companies Life insurance companies ABS issuers Rest of the world 186.1 101.5 33.9 332.7 192.7 108.0 34.6 349.1 210.7 130.4 34.8 430.0 201.0 112.9 36.9 364.8 212.8 120.1 35.5 389.7 224.9 124.8 32.6 408.6 210.7 130.4 34.8 430.0 218.2 130.6 33.5 436.0 224.3 133.1 35.3 438.5 -195.3 -456.6 -409.4 -463.7 -437.5 -417.0 -409.4 -450.4 -467.5 21 2153.1 2242.9 2385.1 2246.4 2290.1 2327.9 2385.1 2373.4 2414.8 1 51.3 2035.2 66.6 52.2 2122.4 68.3 52.4 2248.9 83.8 52.0 2122.6 71.8 52.0 2161.3 76.7 52.4 2195.6 80.0 52.4 2248.9 83.8 52.7 2237.6 83.2 51.8 2278.7 84.3 2 3 4 2153.1 2242.9 2385.1 2246.4 2290.1 2327.9 2385.1 2373.4 2414.8 5 1659.1 172.1 250.4 61.0 10.4 1731.3 178.8 257.1 65.0 10.7 1867.0 184.8 262.7 69.0 1.6 1733.7 179.7 258.4 66.0 8.7 1776.1 181.0 260.2 67.0 5.8 1811.9 182.8 261.3 68.0 3.9 1867.0 184.8 262.7 69.0 1.6 1854.2 186.9 260.6 70.0 1.6 1886.5 6 191.6 7 264.1 8 71.0 9 1.6 10 Total trade receivables Discrepancy 17 18 19 20 (1) Included in the households and nonprofit organizations sector (tables L.101 and B.101). L.226 Life Insurance Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893140005 2 3 4 FL313140003 FL543140005 FL263140005 5 FL893140005 6 7 8 9 10 FL153040005 FL763040005 FL543040005 FL733040005 FL543141905 Total liabilities Federal government Life insurance companies Rest of the world Total assets Household sector U.S.-chartered depository institutions Life insurance companies Holding companies Rest of the world Levels 2018 132 Z.1, September 23, 2021 L.227 Pension Entitlements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Total liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FL893150005 26019.6 28209.6 30091.5 26983.7 28297.4 28971.0 30091.5 30493.7 31250.6 1 2 3 FL543150005 FL574190005 Life insurance companies (1) Private pension funds (2) 3175.0 3483.6 3799.6 3262.3 3470.5 3579.6 3799.6 3808.8 3920.3 9732.4 11079.3 12061.4 10089.4 10963.7 11365.9 12061.4 12317.5 12797.0 2 3 4 5 6 FL344090005 FL224190005 FL263150005 Federal government retirement funds (3) State and local govt. retirement funds Rest of the world 4035.5 8999.3 77.5 4546.8 9856.1 130.4 4 5 6 7 FL893150005 26019.6 28209.6 30091.5 26983.7 28297.4 28971.0 30091.5 30493.7 31250.6 7 8 9 10 FL153050005 FL543050005 FL543151905 Total assets Households (4) Life insurance companies Rest of the world 4222.7 9343.2 80.8 4424.3 9678.4 127.8 4171.1 9369.8 91.1 4276.0 9481.0 106.2 4336.9 9572.5 116.1 4424.3 9678.4 127.8 4479.2 9760.0 128.3 25812.9 27994.1 29797.8 26751.0 28039.7 28696.9 29797.8 30199.0 30951.0 8 191.4 199.5 291.3 219.7 249.1 268.3 291.3 292.3 297.2 9 15.4 16.0 2.4 13.0 8.6 5.8 2.4 2.4 2.4 10 Memo: Levels 11 12 13 14 15 16 17 LM893131573 FL763131573 FL473131573 LM543131503 FL633131573 LM653131573 LM153131575 Individual Retirement Accounts (IRAs): (5) U.S.-chartered depository institutions Credit unions Life insurance companies Money market funds Mutual funds Other self-directed accounts 9135.0 10850.0 12210.0 490.2 476.5 600.7 78.3 81.7 84.6 625.0 685.0 748.0 265.0 314.0 391.0 3535.0 4286.0 4836.0 4141.5 5006.8 5549.7 9365.0 10640.0 11190.0 12210.0 12555.0 524.1 559.6 549.0 600.7 558.8 82.7 83.5 84.4 84.6 85.1 642.0 684.0 705.0 748.0 751.0 369.0 378.0 392.0 391.0 380.0 3520.0 4092.0 4342.0 4836.0 5035.0 4227.2 4842.9 5117.7 5549.7 5745.1 ND ND ND ND ND ND ND 11 12 13 14 15 16 17 (1) Annuities, including those in IRAs. (2) Includes unallocated insurance company contracts beginning 1985:Q4. (3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies. (5) Asset of the household and nonprofit organizations sector (tables L.101 and B.101). Figures for depositories (lines 12 and 13) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 14) and excluded from the money market fund and mutual fund sectors (lines 15 and 16). L.228 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 FL893178005 Total taxes payable by all businesses 581.8 596.4 615.0 616.7 658.0 607.2 615.0 609.2 553.1 1 2 3 FL103178005 FL113178003 Nonfinancial corporate business Nonfinancial noncorporate business 266.7 155.6 259.9 164.0 273.7 177.1 285.3 169.1 314.1 175.5 267.9 177.5 273.7 177.1 275.7 181.8 227.4 182.4 2 3 4 FL763178003 U.S.-chartered depository institutions 109.7 124.2 113.0 107.6 109.9 112.3 113.0 96.3 94.4 4 5 6 FL513178005 FL543178075 Property-casualty insurance companies Life insurance companies 13.2 7.7 12.9 8.1 13.4 9.0 15.6 10.6 15.9 11.8 12.2 8.3 13.4 9.0 15.0 10.2 12.1 7.7 5 6 7 8 FL613178005 FL663178005 Finance companies Brokers and dealers 15.3 13.6 14.9 12.2 14.4 14.4 15.0 13.6 15.2 15.7 14.4 14.5 14.4 14.4 14.9 15.2 14.0 15.0 7 8 400.2 558.4 626.6 593.1 636.8 632.3 626.6 665.9 573.0 9 230.2 170.0 380.0 178.5 437.0 189.7 409.9 183.2 448.1 188.7 441.9 190.4 437.0 189.7 472.5 193.4 379.8 10 193.2 11 181.6 37.9 -11.6 23.6 21.2 -25.1 -11.6 -56.7 -19.9 12 9 FL893078005 10 11 FL313078000 FL213078005 12 FL903078005 Total business taxes receivable Federal government State and local governments Discrepancy L.229 Proprietors’ Equity in Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 LM152090205 2 3 LM112090205 LM662090003 Total household equity Nonfinancial noncorporate business Brokers and dealers 11278.5 12013.5 12891.1 12128.5 12269.0 12492.2 12891.1 13187.0 13706.8 1 11200.3 11930.0 12800.7 12043.7 12180.5 12405.1 12800.7 13093.3 13608.9 78.2 83.5 90.3 84.8 88.5 87.1 90.3 93.8 98.0 2 3 133 Z.1, September 23, 2021 L.230 Direct Investment Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 LM263192005 U.S. direct investment abroad (1, 2) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 6370.7 7579.1 8240.8 5806.4 6855.9 7208.2 8240.8 8726.3 9281.1 1 Equity: 2 LM263192101 Liab.: Rest of the world (1) 6139.1 7449.1 8176.6 5713.6 6747.3 7130.4 8176.6 8671.8 9232.2 2 3 4 5 6 7 8 LM103092105 LM763092100 LM513092103 LM543092173 LM613092103 LM663092103 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 5215.0 240.9 137.9 61.0 267.1 217.1 6256.0 298.3 188.9 82.9 329.0 293.9 6831.8 324.9 214.3 89.1 369.7 346.8 4773.5 230.4 149.3 64.7 264.5 231.3 5652.7 268.5 180.7 74.0 301.0 270.5 5974.8 285.4 194.1 75.7 317.2 283.1 6831.8 324.9 214.3 89.1 369.7 346.8 7238.7 339.7 232.1 93.4 409.1 358.7 7715.9 360.6 245.2 97.3 432.1 381.2 3 4 5 6 7 8 Intercompany debt: 9 10 11 LM263192305 LM263192313 LM263092313 Liab.: Rest of the world (1, 2) U.S. parents’ claims Less: U.S. parents’ liabilities 231.7 865.2 633.5 130.0 820.6 690.6 64.1 765.8 701.7 92.8 803.6 710.8 108.6 743.8 635.2 77.8 769.8 691.9 64.1 765.8 701.7 54.6 758.5 703.9 12 13 14 15 16 17 LM103092305 LM763092305 LM513092305 LM543092375 LM613092305 LM663092305 Asset: Nonfinancial corporate business U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers 196.8 9.1 5.2 2.3 10.1 8.2 109.2 5.2 3.3 1.4 5.7 5.1 53.6 2.5 1.7 0.7 2.9 2.7 77.6 3.7 2.4 1.1 4.3 3.8 91.0 4.3 2.9 1.2 4.8 4.4 65.2 3.1 2.1 0.8 3.5 3.1 53.6 2.5 1.7 0.7 2.9 2.7 45.5 2.1 1.5 0.6 2.6 2.3 18 LM263092001 7346.9 9362.9 10813.5 7577.2 8966.1 9704.9 10813.5 11408.1 12388.6 18 32.6 1.9 1.3 0.5 2.3 2.0 12 13 14 15 16 17 Equity: 19 20 21 22 23 24 25 26 27 LM103192105 LM115114103 LM753192103 LM513192103 LM543192173 LM613192103 LM663192103 LM733192103 LM503192103 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 5813.2 79.6 311.4 148.7 131.6 102.1 94.7 64.2 0.0 7498.2 105.6 389.3 195.7 184.5 142.7 178.9 79.7 0.0 8712.1 121.2 454.3 227.7 244.7 174.9 246.3 80.9 0.0 5993.6 83.8 309.4 153.0 147.8 115.8 122.1 80.8 0.0 7192.3 100.6 368.1 176.1 176.5 139.7 174.4 81.1 0.0 7830.7 107.9 398.9 188.1 185.8 154.6 196.5 83.0 0.0 8712.1 121.2 454.3 227.7 244.7 174.9 246.3 80.9 0.0 9235.9 10090.8 19 127.3 132.9 20 477.5 509.8 21 238.2 260.0 22 250.4 273.8 23 189.6 207.0 24 262.8 298.3 25 89.6 90.3 26 0.0 0.0 27 28 LM263092101 Asset: Rest of the world (1) 6745.5 8774.6 10262.0 7006.1 8408.9 9145.6 10262.0 10871.2 11862.9 28 29 30 31 32 33 34 35 36 37 LM103192305 LM115114305 LM753192305 LM513192305 LM543192375 LM613192305 LM663192305 LM733192305 LM503192305 Liab.: Nonfinancial corporate business Nonfinancial noncorporate business Foreign banking offices in U.S. Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Holding companies Other financial business 38 39 40 LM263092303 LM263092323 LM263192323 Asset: Rest of the world (1) U.S. affiliates’ liabilities Less: U.S. affiliates’ claims Intercompany debt: 408.2 7.1 27.8 13.3 11.7 9.1 8.4 115.8 0.0 410.7 7.1 26.1 13.1 12.4 9.6 12.0 97.4 0.0 366.9 6.5 24.4 12.2 13.2 9.4 13.2 105.7 0.0 396.3 6.8 25.2 12.5 12.0 9.4 10.0 98.8 0.0 383.4 6.7 24.4 11.7 11.7 9.3 11.6 98.6 0.0 383.9 6.6 24.4 11.5 11.4 9.5 12.0 100.1 0.0 366.9 6.5 24.4 12.2 13.2 9.4 13.2 105.7 0.0 353.8 6.3 23.6 11.8 12.4 9.4 13.0 106.7 0.0 351.1 6.1 22.0 11.5 12.2 9.2 16.3 107.7 0.0 601.3 1014.5 413.1 588.4 1020.9 432.5 551.5 1014.3 462.7 571.1 1000.7 429.6 557.2 991.4 434.2 559.3 1005.6 446.3 551.5 1014.3 462.7 536.9 996.5 459.6 536.1 38 994.7 39 458.6 40 (1) Direct investment is presented on a directional basis and reported at market value. (2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries. 29 30 31 32 33 34 35 36 37 Levels Foreign direct investment in U.S. (1) 40.7 9 762.6 10 721.9 11 134 Z.1, September 23, 2021 L.231 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Levels Q1 Total liabilities Q2 2021 Q3 Q4 Q1 Q2 1 FL893190005 2 3 4 FL543077073 FL103190005 FL113193003 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 35.0 7357.1 1759.5 36.5 9252.3 1838.2 36.6 9537.4 1900.8 39.0 9291.3 1866.2 38.1 9297.6 1890.9 37.7 9403.5 1909.4 36.6 9537.4 1900.8 38.7 9616.1 1898.2 37.9 9684.9 1922.2 2 3 4 5 6 FL313190005 FL223073045 Federal government State and local governments 1981.8 4488.9 1989.1 4157.6 2366.9 4037.0 2024.3 4750.2 2216.9 4499.4 2432.5 4377.5 2366.9 4037.0 2411.5 4002.6 2525.4 3799.4 5 6 7 8 9 10 11 FL713190005 FL763190005 FL753190005 FL743193005 FL473193005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 40.6 2717.2 217.9 3.2 18.3 40.4 2899.5 198.4 3.0 19.4 44.4 2847.4 187.3 3.2 23.3 50.8 2865.5 239.1 3.1 19.9 43.5 2824.1 220.8 3.5 24.1 43.2 2817.1 203.3 4.1 23.3 44.4 2847.4 187.3 3.2 23.3 44.7 2886.6 218.4 2.7 22.6 44.0 7 2931.5 8 216.6 9 2.4 10 25.0 11 12 13 FL513190005 FL543190005 Property-casualty insurance companies Life insurance companies 1519.3 1587.0 1599.7 1721.2 1675.8 1901.7 1600.1 1791.4 1636.6 1832.7 1675.8 1841.5 1675.8 1901.7 1729.9 1921.5 1772.3 12 1973.0 13 14 15 16 FL403190005 FL613190005 FL643193005 Government-sponsored enterprises Finance companies REITs 111.9 268.1 117.6 114.3 272.9 147.6 120.2 289.9 159.7 128.7 281.2 146.4 118.6 285.7 148.9 116.3 286.2 155.5 120.2 289.9 159.7 120.7 298.4 164.1 114.9 14 288.2 15 164.8 16 17 18 19 FL663190005 FL733193005 FL503190005 Brokers and dealers Holding companies Other financial business 332.2 -13.7 557.1 353.2 14.0 610.7 391.5 4.7 968.3 274.2 0.1 830.6 323.0 10.9 914.5 351.3 3.9 933.1 391.5 4.7 968.3 399.0 1.6 1045.1 407.0 17 -0.8 18 1037.5 19 20 FL263190005 Rest of the world 270.2 276.1 263.0 620.7 507.2 286.1 263.0 270.3 274.3 20 21 FL893090005 22 23 24 FL153090005 FL103090005 FL113090005 Household sector Nonfinancial corporate business Nonfinancial noncorporate business 25 26 FL313090005 FL213093003 27 28 29 30 31 Total assets 23369.3 25544.2 26759.1 26822.7 26837.0 26901.6 26759.1 27092.6 27220.5 1 26053.8 27500.2 28484.8 31097.5 29680.9 29464.1 28484.8 28589.0 28238.8 21 1245.1 5840.5 3398.2 1286.9 6776.4 3593.4 1355.6 6741.3 3848.9 1286.6 8377.3 3625.4 1306.3 7406.6 3718.8 1340.5 7413.9 3831.8 1355.6 6741.3 3848.9 1375.2 6694.3 3858.6 1398.2 22 6314.6 23 3886.7 24 Federal government State and local governments 208.7 102.5 215.7 31.3 337.7 45.4 218.7 17.3 333.8 29.3 335.9 42.0 337.7 45.4 278.8 48.9 269.3 25 62.9 26 FL713090005 FL763090005 FL753093005 FL743093005 FL473090005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 27.3 508.4 76.2 28.5 86.5 25.4 423.5 83.7 17.0 92.2 49.0 650.9 77.5 11.9 124.8 382.4 724.9 105.9 13.1 106.0 257.5 624.3 87.0 10.5 122.8 54.0 679.4 81.7 11.8 120.1 49.0 650.9 77.5 11.9 124.8 33.4 622.8 72.4 19.4 116.2 32.1 618.0 93.2 19.8 125.9 32 33 FL513090005 FL543090005 Property-casualty insurance companies Life insurance companies 477.0 631.7 493.3 658.8 522.5 772.4 476.3 771.3 462.9 745.6 473.8 733.2 522.5 772.4 497.6 780.9 510.1 32 805.0 33 34 35 36 FL573090005 FL343073045 FL223090005 Private pension funds Federal government retirement funds State and local govt. retirement funds 2005.7 1681.0 4921.6 1950.2 1673.9 5234.3 1933.5 1678.6 5085.9 2324.0 1710.8 5731.0 2111.8 1747.7 5574.3 2068.0 1738.1 5417.1 1933.5 1678.6 5085.9 1931.7 1711.9 5079.1 1842.1 34 1726.4 35 4891.2 36 37 38 39 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds 8.1 225.7 65.9 10.5 291.8 84.9 10.5 296.4 150.3 83.5 286.4 94.0 13.2 299.9 127.8 15.2 265.1 151.9 10.5 296.4 150.3 76.9 342.0 132.8 11.2 37 387.3 38 145.0 39 40 41 42 43 FL403093005 FL673090543 FL613090005 FL643090005 Government-sponsored enterprises ABS issuers Finance companies REITs 95.3 86.0 54.4 205.3 127.3 92.3 51.5 192.6 189.7 113.2 63.1 199.2 150.2 98.1 58.2 197.8 170.0 102.5 60.8 189.3 186.5 109.0 55.6 188.7 189.7 113.2 63.1 199.2 199.3 123.9 51.8 215.3 174.6 138.8 57.3 218.3 44 45 46 FL663090005 FL733090005 FL503094505 Brokers and dealers Holding companies Other financial business 686.9 3204.9 123.1 611.2 3301.4 119.5 667.0 3408.6 92.0 766.2 3308.7 122.4 702.2 3304.7 111.5 673.5 3318.4 101.0 667.0 3408.6 92.0 686.9 3444.1 134.2 759.5 44 3572.7 45 116.8 46 47 FL263076005 Rest of the world 59.2 61.3 59.1 61.0 59.8 57.8 59.1 60.6 61.7 47 48 FL903090005 -2684.5 -1956.0 -1725.7 -4274.8 -2843.9 -2562.5 -1725.7 -1496.3 -1018.3 48 Discrepancy 27 28 29 30 31 40 41 42 43 135 Z.1, September 23, 2021 L.232 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 Federal government equity in IBRD, etc.: 1 2 FL313092803 FL313092803 Liab.: Rest of the world Asset: Federal government 66.1 66.1 67.5 67.5 69.3 69.3 68.8 68.8 68.8 68.8 69.0 69.0 69.3 69.3 70.5 70.5 70.5 70.5 1 2 32.3 32.3 31.7 31.7 32.4 32.4 32.0 32.0 32.0 32.0 32.4 32.4 32.4 32.4 32.5 32.5 32.8 32.8 3 4 Federal Reserve Bank stock: 3 4 FL713164003 FL713164003 Liab.: Monetary authority Asset: U.S.-chartered depository institutions 5 FL403192405 Liab.: Government-sponsored enterprises 52.2 48.6 41.8 55.0 46.2 43.9 41.8 41.2 40.9 5 6 7 8 9 10 11 12 13 14 FL103092405 FL113092405 FL313092403 FL763092405 FL473092403 FL513092403 FL543092473 FL613092403 FL643092473 Asset: Nonfin. corporate business (Fannie Mae and FCS) Nonfinancial noncorporate (FCS) Federal government U.S.-chartered depository institutions (FHLB) Credit unions (FHLB) Property-casualty insurance companies (FHLB) Life insurance companies (FHLB) Finance companies Real estate investment trusts (FHLB) 1.2 12.5 0.0 29.1 4.0 0.2 4.7 0.0 0.5 1.3 12.8 0.0 24.6 3.9 0.2 5.2 0.1 0.5 1.4 13.0 0.0 14.9 3.9 0.7 7.8 0.0 0.0 1.4 12.6 0.0 30.1 4.3 0.3 6.0 0.1 0.3 1.3 12.8 0.0 20.6 3.9 0.4 7.0 0.0 0.1 1.3 13.0 0.0 17.6 4.0 0.8 7.3 0.1 0.0 1.4 13.0 0.0 14.9 3.9 0.7 7.8 0.0 0.0 1.5 13.0 0.0 13.6 3.8 0.7 8.5 0.0 0.0 1.5 13.6 0.0 12.5 4.0 0.7 8.7 0.0 0.0 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Equity in government-sponsored enterprises: 15 16 17 18 19 20 FL763194735 FL513194733 FL543194733 FL613194733 FL663194735 FL263194735 Liab.: U.S.-chartered depository institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Rest of the world 2140.0 6.0 4.8 15.0 952.6 18.3 2233.6 6.8 5.9 10.2 983.3 17.1 2306.3 2.9 0.0 8.2 1064.7 -14.5 2197.2 6.7 0.0 9.3 1049.4 5.6 2225.2 1.9 0.0 9.1 1002.0 22.8 2252.9 3.0 0.0 9.3 1007.8 6.4 2306.3 2.9 0.0 8.2 1064.7 -14.5 2320.5 3.7 0.0 7.6 1066.6 3.0 2386.8 4.4 0.0 6.9 1124.2 5.8 21 FL733094705 Asset: Holding companies 3136.8 3257.0 3367.6 3268.1 3260.9 3279.3 3367.6 3401.4 3528.2 21 113.2 113.2 112.5 112.5 109.5 109.5 111.3 111.3 107.8 107.8 103.8 103.8 109.5 109.5 109.4 109.4 99.8 22 99.8 23 NFC investment in finance company affiliates: 22 23 FL103094105 FL103094105 Liab.: Finance companies Asset: Nonfinancial corporate business Other financial businesses’ investment in affiliates: 24 25 FL753194503 FL663194505 Liab.: Foreign banking offices in U.S. Brokers and dealers 123.1 0.0 119.5 0.0 92.0 0.0 122.4 0.0 111.5 0.0 101.0 0.0 92.0 0.0 134.2 0.0 116.8 24 0.0 25 26 FL503094505 Asset: Other financial business 123.1 119.5 92.0 122.4 111.5 101.0 92.0 134.2 116.8 26 27 28 29 LM503194305 LM153094305 LM313094303 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27 0.0 28 0.0 29 0.0 0.0 0.0 0.0 0.0 0.0 1.5 112.5 114.0 0.0 0.0 0.0 1.5 112.5 114.0 1.5 112.5 114.0 1.5 112.5 114.0 1.5 50.3 51.8 0.0 30 40.3 31 40.3 32 Equity investment under Public-Private Inv. Program: Liab.: Other financial business Asset: Households (1) Federal government Federal gov’t investment in Federal Reserve facilities: 30 31 32 FL313094213 FL503194205 FL313094205 Liab.: Monetary authority Other financial business Asset: 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 affiliates: 136 Z.1, September 23, 2021 L.233 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted Levels 2018 2019 2020 2020 Q1 Q2 2021 Q3 Q4 Q1 Q2 1 2 3 FL263191103 FL313091105 FL713091103 Nonofficial foreign currencies: Liab.: Rest of the world Asset: Federal government Monetary authority (1) 6.8 2.6 4.2 6.4 2.6 3.7 20.5 2.6 17.9 360.3 2.6 357.7 229.5 2.6 226.9 26.5 2.6 23.9 20.5 2.6 17.9 5.1 2.6 2.5 3.2 2.6 0.6 1 2 3 4 5 FL313131003 FL313131003 Postal Savings System deposits: Liab.: Federal government Asset: Household sector 0.0 0.0 0.0 0.0 0.0 0.0 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 6 7 FL403197033 FL403197033 Deposits at Federal Home Loan Banks: Liab.: Government-sponsored enterprises Asset: U.S.-chartered depository institutions 7.6 7.6 10.4 10.4 15.3 15.3 15.1 15.1 15.8 15.8 14.9 14.9 15.3 15.3 17.6 17.6 15.6 15.6 6 7 8 9 10 11 12 FL313172003 FL163072003 FL103072005 FL113072003 FL613072003 Paycheck Protection Program subsidies payable: Liab.: Federal government Asset: Nonprofit organizations Nonfinancial corporate business Nonfinancial noncorporate business Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 364.7 35.5 210.0 117.5 1.6 0.0 0.0 0.0 0.0 0.0 158.5 14.3 92.5 51.0 0.7 383.7 34.6 223.9 123.5 1.7 364.7 35.5 210.0 117.5 1.6 377.5 36.0 217.2 122.7 1.5 473.2 8 41.2 9 266.5 10 163.9 11 1.6 12 13 14 FL673090543 FL673090543 Funding agreements backing securities: Liab.: Life insurance companies (2) Asset: ABS issuers 86.0 86.0 92.3 92.3 113.2 113.2 98.1 98.1 102.5 102.5 109.0 109.0 113.2 113.2 123.9 123.9 138.8 13 138.8 14 15 16 FL543077073 FL543077073 Deferred and unpaid life insurance premiums: Liab.: Household sector Asset: Life insurance companies 35.0 35.0 36.5 36.5 36.6 36.6 39.0 39.0 38.1 38.1 37.7 37.7 36.6 36.6 38.7 38.7 37.9 15 37.9 16 17 18 FL543195005 FL263195105 Life insurance company reserves: Liab.: Life insurance companies Rest of the world 408.7 17.8 426.6 18.6 445.8 24.4 429.2 19.9 435.2 21.8 442.1 23.0 445.8 24.4 448.6 24.4 449.7 17 24.5 18 19 20 FL153095105 FL543095105 Asset: Household sector Life insurance companies 352.2 74.3 367.6 77.6 383.8 86.4 369.6 79.6 374.6 82.4 380.8 84.2 383.8 86.4 386.7 86.3 387.5 19 86.8 20 21 22 FL513176005 FL263176005 Policy payables: Liab.: Property-casualty insurance companies Rest of the world 1294.2 161.1 1338.2 166.6 1393.5 163.3 1345.2 166.1 1364.5 164.3 1394.8 161.3 1393.5 163.3 1427.0 167.2 1453.3 21 170.3 22 23 24 25 26 27 FL153076005 FL103076005 FL113076005 FL513076005 FL263076005 Asset: Household sector Nonfinancial corporate business Nonfinancial noncorporate business Property-casualty insurance companies Rest of the world 591.9 377.0 119.0 308.1 59.2 603.9 392.0 129.0 318.6 61.3 612.7 417.3 145.2 322.4 59.1 603.4 395.6 132.3 319.1 61.0 606.7 404.0 137.1 321.2 59.8 614.4 416.4 142.7 324.8 57.8 612.7 417.3 145.2 322.4 59.1 630.3 426.6 146.5 330.2 60.6 643.8 434.0 147.8 336.3 61.7 28 29 30 FL593095005 FL573095005 FL223095505 Unallocated insurance company contracts: Liab.: Life insurance companies Asset: Private pension funds State and local government retirement funds 788.4 555.8 232.6 845.9 592.0 253.9 885.7 615.2 270.6 810.3 562.6 247.7 843.6 588.0 255.7 857.9 595.3 262.6 885.7 615.2 270.6 886.6 614.5 272.1 909.0 28 628.6 29 280.5 30 31 32 FL573074005 FL573074005 Pension fund contributions payable: Liab.: Nonfinancial corporate business Asset: Private pension funds 84.7 84.7 80.1 80.1 70.2 70.2 79.4 79.4 76.6 76.6 73.7 73.7 70.2 70.2 67.9 67.9 64.3 31 64.3 32 33 34 FL663097005 FL663097005 Securities borrowed (net): Liab.: Other financial business Asset: Brokers and dealers 683.8 683.8 685.5 685.5 753.6 753.6 744.0 744.0 747.2 747.2 716.3 716.3 753.6 753.6 762.3 762.3 853.4 33 853.4 34 35 36 FL313195105 FL313195105 Retiree health care funds: Liab.: Federal government (3) Asset: Household sector 301.0 301.0 315.4 315.4 323.6 323.6 313.6 313.6 310.7 310.7 310.8 310.8 323.6 323.6 322.2 322.2 325.7 35 325.7 36 37 38 39 FL573073005 FL343073045 FL223073045 Claims of pension fund on sponsor: Liab.: Nonfinancial corporate business Federal government State and local governments 601.7 1681.0 4488.9 404.8 1673.9 4157.6 218.9 1678.6 4037.0 760.1 1710.8 4750.2 488.7 1747.7 4499.4 403.9 1738.1 4377.5 218.9 1678.6 4037.0 206.5 1711.9 4002.6 77.8 37 1726.4 38 3799.4 39 40 41 42 FL573073005 FL343073045 FL223073045 601.7 1681.0 4488.9 404.8 1673.9 4157.6 218.9 1678.6 4037.0 760.1 1710.8 4750.2 488.7 1747.7 4499.4 403.9 1738.1 4377.5 218.9 1678.6 4037.0 206.5 1711.9 4002.6 77.8 40 1726.4 41 3799.4 42 Asset: Private pension funds Federal government retirement funds State and local govt. retirement funds (1) Reciprocal currency arrangements (swap lines) with foreign central banks. (2) Equal to funding agreement-backed securities (FABS) issued by domestic issuers of asset-backed securities. Funding agreement-backed securities issued by foreign entities are included in foreign direct investment in the U.S. See tables L.133 and L.230. (3) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund. 23 24 25 26 27 137 Z.1, September 23, 2021 L.234 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 FL893193005 2 3 FL103193005 FL113193003 Total liabilities Nonfinancial corporate business Nonfinancial noncorporate business 4 FL313193013 Federal government 5 6 7 8 9 FL713193005 FL763193005 FL753193005 FL743193005 FL473193005 10 11 2021 Q3 Q4 Q1 Q2 9198.8 11648.7 12387.6 11523.6 11851.6 12087.1 12387.6 12661.6 12768.7 1 6670.8 1759.5 8767.4 1838.2 9248.3 1900.8 8451.8 1866.2 8732.3 1890.9 8925.9 1909.4 9248.3 1900.8 9341.6 1898.2 9542.8 1922.2 2 3 -0.2 -0.2 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 4 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 8.2 577.2 94.8 3.2 18.3 8.7 665.9 78.9 3.0 19.4 10.5 541.2 95.3 3.2 23.3 18.8 668.3 116.7 3.1 19.9 10.0 598.9 109.3 3.5 24.1 9.3 564.3 102.3 4.1 23.3 10.5 541.2 95.3 3.2 23.3 10.7 566.1 84.2 2.7 22.6 11.2 544.8 99.8 2.4 25.0 5 6 7 8 9 FL513193005 FL543193005 Property-casualty insurance companies Life insurance companies 219.0 299.1 254.6 350.5 279.5 457.0 248.2 453.7 270.3 451.2 278.0 432.6 279.5 457.0 299.3 462.4 314.6 10 475.4 11 12 13 14 FL403193005 FL613193005 FL643193005 Government-sponsored enterprises Finance companies REITs 52.1 140.0 117.6 55.3 150.2 147.6 63.1 172.2 159.7 58.6 160.6 146.4 56.7 168.8 148.9 57.5 173.2 155.5 63.1 172.2 159.7 61.9 181.4 164.1 58.4 12 181.5 13 164.8 14 15 16 17 FL663193005 FL733193005 FL503193005 Brokers and dealers Holding companies Other financial business -620.4 -13.7 -126.6 -630.1 14.0 -74.8 -673.2 4.7 102.2 -775.2 0.1 86.6 -679.0 10.9 54.7 -656.5 3.9 104.4 -673.2 4.7 102.2 -667.6 1.6 232.6 -717.2 15 -0.8 16 143.8 17 18 FL893093005 19 20 FL103093005 FL113093005 Nonfinancial corporate business Nonfinancial noncorporate business 21 22 FL313093003 FL213093003 23 24 25 26 27 Total assets 11883.3 13604.7 14113.3 15798.4 14695.6 14649.6 14113.3 14158.0 13787.0 18 5349.1 3266.7 6270.6 3451.7 6003.1 3573.1 7869.0 3480.5 6801.1 3517.9 6668.6 3552.7 6003.1 3573.1 5939.6 3576.3 5512.8 19 3561.3 20 Federal government State and local governments 140.0 102.5 145.7 31.3 151.8 45.4 147.3 17.3 148.4 29.3 150.3 42.0 151.8 45.4 153.9 48.9 155.9 21 62.9 22 FL713093005 FL763093005 FL753093005 FL743093005 FL473093005 Monetary authority U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 23.1 439.4 76.2 28.5 82.5 21.7 356.8 83.7 17.0 88.2 31.1 588.3 77.5 11.9 120.9 24.7 647.8 105.9 13.1 101.7 30.6 555.8 87.0 10.5 118.9 30.1 614.6 81.7 11.8 116.2 31.1 588.3 77.5 11.9 120.9 30.9 559.1 72.4 19.4 112.4 31.5 557.2 93.2 19.8 122.0 28 29 FL513093005 FL543093005 Property-casualty insurance companies Life insurance companies 168.7 517.7 174.5 539.4 199.3 641.6 156.9 646.7 141.3 618.1 148.2 604.0 199.3 641.6 166.7 647.3 173.1 28 671.7 29 30 31 FL573093005 FL223093005 Private pension funds State and local govt. retirement funds 763.5 200.1 873.3 822.8 1029.2 778.3 921.9 733.1 958.6 819.1 995.0 777.0 1029.2 778.3 1042.7 804.4 1071.4 30 811.3 31 32 33 34 FL633093005 FL653093005 LM563093003 Money market funds Mutual funds Exchange-traded funds 8.1 225.7 65.9 10.5 291.8 84.9 10.5 296.4 150.3 83.5 286.4 94.0 13.2 299.9 127.8 15.2 265.1 151.9 10.5 296.4 150.3 76.9 342.0 132.8 11.2 32 387.3 33 145.0 34 35 36 37 FL403093005 FL613093005 FL643093005 Government-sponsored enterprises Finance companies REITs 95.3 54.3 204.8 127.3 51.4 192.1 189.7 61.4 199.2 150.2 58.1 197.6 170.0 60.0 189.2 186.5 53.8 188.7 189.7 61.4 199.2 199.3 50.2 215.3 174.6 35 55.7 36 218.3 37 38 39 FL663093005 FL733093005 Brokers and dealers Holding companies 3.2 68.1 -74.3 44.4 -86.6 40.9 22.2 40.6 -45.1 43.7 -42.7 39.1 -86.6 40.9 -75.4 42.7 -93.9 38 44.6 39 40 FL903090005 -2684.5 -1956.0 -1725.7 -4274.8 -2843.9 -2562.5 -1725.7 -1496.3 -1018.3 40 Discrepancy 23 24 25 26 27 Levels 1 Q2 138 Z.1, September 23, 2021 B.101 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Balance Sheets Q1 Assets Q2 2021 Q3 Q4 Q1 Q2 1 FL152000005 2 LM152010005 3 4 5 6 7 8 LM155035005 LM155035015 LM165035005 LM165015205 LM165013765 LM155111005 9 FL154090005 10 11 12 13 LM153091003 FL153020005 FL153030005 FL153034005 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 41.8 1208.7 9295.7 1799.0 40.8 48.6 50.2 43.7 47.7 48.6 50.0 49.4 10 1173.4 2885.5 1316.0 1592.8 1738.8 2885.5 3314.6 3642.2 11 9834.5 10310.5 10118.1 10646.8 10753.1 10310.5 10794.2 10624.6 12 2210.7 2548.2 2396.8 2660.0 2626.3 2548.2 2728.4 2772.8 13 14 15 16 17 18 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 4424.1 1659.2 587.9 1882.2 294.8 4727.1 1775.1 685.4 1904.9 361.7 4492.7 1747.5 314.8 1923.3 507.0 4573.8 1424.1 695.0 1882.5 572.2 4316.5 1322.4 443.7 1904.9 645.5 4111.8 1395.4 371.3 1911.5 433.7 4492.7 1747.5 314.8 1923.3 507.0 3953.5 1505.3 212.0 1883.5 352.6 3772.1 1357.4 246.7 1878.4 289.6 14 15 16 17 18 19 20 21 22 FL154023005 FL153069005 FL153065005 FL163066223 Loans Other loans and advances (4) Mortgages Consumer credit (student loans) (5) 1115.3 999.4 84.6 31.3 1148.0 1038.7 82.1 27.3 1257.4 1156.6 76.6 24.1 1303.3 1196.4 80.8 26.1 1274.7 1170.5 79.1 25.1 1235.5 1133.3 78.0 24.3 1257.4 1156.6 76.6 24.1 1268.5 1168.9 75.7 23.9 1283.0 1185.2 74.2 23.6 19 20 21 22 23 24 25 26 27 28 29 LM153064105 LM153064205 FL163070005 FL153040005 FL153050005 LM152090205 FL153090005 Corporate equities Mutual fund shares Trade receivables (5) Life insurance reserves Pension entitlements (6) Equity in noncorporate business (7) Miscellaneous assets 16269.8 20989.3 25634.0 16420.9 20108.1 7998.8 9966.1 11074.8 8143.8 9433.1 263.7 271.3 279.0 273.2 275.2 1659.1 1731.3 1867.0 1733.7 1776.1 25812.9 27994.1 29797.8 26751.0 28039.7 11278.5 12013.5 12891.1 12128.5 12269.0 1245.1 1286.9 1355.6 1286.6 1306.3 22198.6 10025.6 277.1 1811.9 28696.9 12492.2 1340.5 25634.0 11074.8 279.0 1867.0 29797.8 12891.1 1355.6 28038.6 11553.9 280.7 1854.2 30199.0 13187.0 1375.2 30490.0 12290.4 282.4 1886.5 30951.0 13706.8 1398.2 23 24 25 26 27 28 29 30 FL154190005 31 32 33 34 35 36 37 FL163162003 FL154123005 FL153165105 FL153166000 FL153168005 FL153169005 FL163165505 Debt securities (municipal securities) (5) Loans One-to-four-family residential mortgages (8) Consumer credit Depository institution loans n.e.c. Other loans and advances Commercial mortgages (5) 38 39 FL163170005 FL543077073 Trade payables (5) Deferred and unpaid life insurance premiums 40 FL152090005 Nonfinancial assets Real estate Households (2) Nonprofit organizations Equipment (nonprofits) (3) Intellectual property products (nonprofits) (3) Consumer durable goods (3) Financial assets Liabilities Net worth 120345.3 133338.4 147817.4 127146.3 135072.5 139595.0 147817.4 153145.6 159341.9 1 37932.8 39951.3 43375.3 40650.4 41330.4 42239.0 43375.3 44547.8 46192.5 2 31794.7 33567.4 36602.5 34226.6 34895.6 35578.7 36602.5 37578.2 38796.2 28507.5 29993.1 32837.7 30624.4 31269.5 31948.6 32837.7 33776.3 34878.8 3287.2 3574.3 3764.8 3602.2 3626.1 3630.1 3764.8 3801.9 3917.4 438.5 459.3 485.6 468.4 474.0 479.6 485.6 495.5 498.6 186.8 194.2 206.1 196.7 200.2 202.9 206.1 207.1 209.6 5512.7 5730.5 6081.0 5758.7 5760.7 5977.8 6081.0 6267.1 6688.2 3 4 5 6 7 8 82412.5 93387.0 104442.1 86495.9 93742.1 97356.0 104442.1 108597.8 113149.4 9 16000.2 16506.7 17129.8 16573.2 16581.1 16846.4 17129.8 17327.4 17674.4 30 216.0 212.8 202.8 209.8 207.6 206.3 202.8 203.5 203.3 31 15386.6 15887.9 16514.1 15953.1 15962.5 16227.9 16514.1 16707.2 17053.5 32 10204.4 10482.8 10925.7 10544.4 10626.7 10785.8 10925.7 11047.5 11270.3 33 4007.0 4192.2 4185.0 4147.8 4097.3 4142.7 4185.0 4167.2 4266.5 34 339.0 350.2 370.5 383.9 375.8 364.6 370.5 369.8 371.5 35 580.0 603.8 772.4 617.7 603.0 674.7 772.4 862.1 884.2 36 256.1 259.0 260.4 259.3 259.7 260.0 260.4 260.7 260.9 37 362.6 35.0 369.5 36.5 376.3 36.6 371.2 39.0 372.9 38.1 374.6 37.7 376.3 36.6 378.0 38.7 379.7 38 37.9 39 104345.0 116831.7 130687.6 110573.1 118491.4 122748.6 130687.6 135818.2 141667.5 40 Memo: 41 42 43 44 FL893131573 FL154023205 LM154023223 FL154023213 Assets held in IRAs (9) Assets held in 529 college plans (9) College savings plans Prepaid tuition plans 45 46 47 48 LM155012605 LM155012665 LM165012665 LM165013665 Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 FA156012005 FL152090006 FL155035065 FL155035066 Disposable personal income (DPI) (SAAR) Net worth/DPI (percent) (line 40/line 49) Owners’ equity in real estate (line 4 less line 33) Owners’ equity/real estate (percent) (line 51/line 4) 9135.0 10850.0 12210.0 311.3 371.4 425.3 288.8 346.3 398.6 22.5 25.1 26.7 9365.0 10640.0 11190.0 12210.0 12555.0 329.9 373.5 387.4 425.3 438.4 306.2 348.2 361.7 398.6 412.3 23.7 25.3 25.8 26.7 26.0 ND 464.3 437.2 27.2 41 42 43 44 18193.7 18882.9 20254.8 19114.8 19257.0 19805.3 20254.8 20960.8 21814.2 45 17897.4 18578.7 19935.6 18808.6 18950.3 19491.5 19935.6 20631.0 21471.5 46 296.3 304.2 319.2 306.2 306.8 313.8 319.2 329.8 342.7 47 1916.2 2010.6 2055.3 2030.2 2034.6 2046.5 2055.3 2077.9 2125.0 48 15629.7 16219.3 17432.0 16600.6 18249.6 17595.7 17282.2 19455.3 18014.5 49 667.61 720.33 749.70 666.08 649.28 697.61 756.20 698.11 786.41 50 18303.1 19510.3 21912.0 20080.0 20642.8 21162.8 21912.0 22728.8 23608.5 51 64.20 65.05 66.73 65.57 66.02 66.24 66.73 67.29 67.69 52 (1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary balance sheet tables B.101.h and B.101.n show estimates of annual year-end outstandings of households and nonprofit organizations, respectively. Detail on the sector’s indirect holdings of debt securities and equity is shown on table B.101.e. (2) 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. At market value. (3) At replacement (current) cost. (4) Includes cash accounts at brokers and dealers and syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds. (5) Student loans and trade receivables are financial assets of nonprofit organizations; municipal securities, commercial mortgages, and trade payables are liabilities. (6) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (7) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers. (8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (9) Included in assets shown on the household balance sheet. 139 Z.1, September 23, 2021 B.103 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Q1 2021 Q3 Q4 Q1 Q2 1 FL102000005 42376.1 47374.2 50121.7 47701.7 48383.0 49001.8 50121.7 50934.8 52091.9 1 2 3 4 5 6 LM102010005 LM105035005 LM105015205 LM105013765 LM105020015 Nonfinancial assets Real estate (market value) Equipment (replacement cost) Intellectual property products (replacement cost) Inventories (replacement cost) 23263.5 24892.2 25863.0 25042.4 25144.4 25176.5 25863.0 26166.7 26743.6 12991.7 14204.0 14828.3 14297.1 14368.8 14293.4 14828.3 14909.8 15322.6 5074.2 5254.9 5355.7 5304.7 5323.5 5337.9 5355.7 5421.4 5414.6 2626.1 2790.1 3013.0 2842.0 2908.3 2952.7 3013.0 3051.3 3107.4 2571.5 2643.2 2666.1 2598.7 2543.8 2592.5 2666.1 2784.2 2899.0 2 3 4 5 6 7 FL104090005 Financial assets 19112.5 22481.9 24258.7 22659.3 23238.5 23825.3 24258.7 24768.1 25348.3 7 8 9 10 11 12 FL103091003 FL103020000 FL103030003 FL103034000 FL102051003 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security repurchase agreements 13 14 15 16 17 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities 18 19 20 FL104023005 FL103065003 FL103066005 Loans Mortgages Consumer credit 21 22 23 24 25 LM103064103 LM103064203 FL103070005 LM103092005 FL103090005 Corporate equities Mutual fund shares Trade receivables U.S. direct investment abroad (1) Miscellaneous assets 26 FL104190005 27 28 29 30 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Commercial paper Municipal securities (2) Corporate bonds (1) 6310.2 196.5 571.3 5542.4 6580.5 194.5 586.5 5799.5 7198.2 132.2 591.2 6474.9 6814.7 243.1 589.1 5982.4 7175.9 166.1 590.2 6419.6 7191.5 122.2 591.1 6478.2 7198.2 132.2 591.2 6474.9 7315.3 144.1 591.6 6579.5 7327.9 133.9 596.8 6597.1 27 28 29 30 31 32 33 34 FL104123005 FL103168005 FL103169005 FL103165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 3339.3 1003.1 1709.8 626.5 3550.4 1034.0 1837.7 678.7 3862.0 1111.6 2027.4 723.1 3978.2 1368.0 1924.2 686.0 4017.3 1361.6 1958.1 697.6 3863.9 1164.0 1993.3 706.6 3862.0 1111.6 2027.4 723.1 3938.9 1119.8 2082.2 737.0 3910.6 1023.2 2123.0 764.4 31 32 33 34 35 36 37 38 FL103170005 FL103178005 LM103192305 FL103190005 Trade payables Taxes payable Foreign direct investment: intercompany debt Miscellaneous liabilities 2690.4 266.7 408.2 7357.1 2920.5 259.9 410.7 9252.3 3051.2 273.7 366.9 9537.4 2821.1 285.3 396.3 9291.3 2694.0 314.1 383.4 9297.6 2904.5 267.9 383.9 9403.5 3051.2 273.7 366.9 9537.4 3146.7 275.7 353.8 9616.1 3305.8 227.4 351.1 9684.9 35 36 37 38 39 FL102090005 40 41 42 43 44 45 46 LM103164103 LM103164113 LM103164123 LM103192105 FL103164106 FL104104016 FL104104006 Liabilities Net worth Memo: Corporate equities (market value) Public issues Private issues Foreign direct investment: equity Equities/net worth (percent) (3) Debt/equities (percent) (3) Debt/net worth (percent) (3) 106.3 1189.7 187.2 466.1 14.6 131.0 1339.9 201.5 558.3 13.4 142.8 1999.4 305.0 677.9 39.8 111.3 1559.9 298.9 919.6 27.4 145.3 2014.0 329.8 868.9 32.4 159.8 2094.2 330.2 686.8 30.3 142.8 1999.4 305.0 677.9 39.8 142.3 1974.5 295.0 628.6 23.9 253.2 162.1 54.4 18.1 18.5 326.6 217.6 63.6 21.2 24.2 381.0 255.7 75.2 25.1 25.1 374.5 227.8 92.2 30.7 23.8 394.9 219.9 112.9 37.6 24.4 391.4 238.4 96.2 32.1 24.7 381.0 255.7 75.2 25.1 25.1 349.5 239.1 64.0 21.3 25.0 70.7 34.2 36.5 72.2 36.4 35.8 74.6 38.8 35.8 71.7 37.0 34.7 72.4 37.6 34.8 73.2 38.2 35.1 74.6 38.8 35.8 74.1 39.4 34.7 1789.9 269.9 3512.7 5411.8 5840.5 2317.7 326.4 4053.2 6365.2 6776.4 2552.1 376.4 4082.9 6885.4 6741.3 1833.4 276.9 3957.3 4851.1 8377.3 2168.3 321.6 3740.8 5743.6 7406.6 2318.6 342.8 3944.1 6040.0 7413.9 2552.1 376.4 4082.9 6885.4 6741.3 2667.6 390.7 4243.2 7284.2 6694.3 176.8 8 1994.4 9 301.7 10 609.7 11 39.0 12 380.0 275.3 59.5 19.8 25.3 13 14 15 16 17 74.8 18 40.0 19 34.8 20 2853.7 415.3 4439.7 7756.8 6314.6 21 22 23 24 25 20371.9 22974.3 24289.3 23586.9 23882.3 24015.3 24289.3 24646.5 24807.7 26 22004.2 24399.8 25832.3 24114.8 24500.7 24986.6 25832.3 26288.3 27284.2 39 26543.6 33680.3 41960.8 27002.7 33391.0 36930.1 41960.8 44859.4 48489.5 40 21728.9 27633.7 35190.0 22367.7 27794.1 30773.7 35190.0 37141.1 40346.4 41 4814.7 6046.6 6770.8 4635.0 5596.9 6156.4 6770.8 7718.3 8143.1 42 5813.2 7498.2 8712.1 5993.6 7192.3 7830.7 8712.1 9235.9 10090.8 43 147.05 168.77 196.16 136.83 165.64 179.14 196.16 205.78 214.70 44 29.82 24.60 21.83 32.71 27.58 24.70 21.83 20.80 19.18 45 43.85 41.52 42.82 44.76 45.68 44.25 42.82 42.81 41.19 46 With nonfinancial assets stated at historical cost: 47 48 49 50 51 52 FL102000115 FL102010115 FL105035045 FL105013213 FL105013715 FL105020000 Assets (sum of lines 7 and 48) Nonfinancial assets Real estate Equipment Intellectual property products Inventories 34888.6 39080.4 41257.4 39383.7 40036.5 40681.8 41257.4 42002.5 42771.1 47 15776.1 16598.5 16998.7 16724.4 16797.9 16856.4 16998.7 17234.5 17422.8 48 6256.9 6597.2 6785.8 6660.8 6710.0 6740.9 6785.8 6822.2 6855.7 49 4875.4 5058.9 5145.8 5085.5 5089.9 5113.3 5145.8 5184.5 5223.9 50 2435.4 2592.9 2743.9 2632.3 2666.1 2702.9 2743.9 2789.1 2839.1 51 2208.4 2349.6 2323.2 2345.8 2331.9 2299.3 2323.2 2438.6 2504.1 52 53 FL102090115 Net worth (historical cost) (line 47 less line 26) 14516.7 16106.1 16968.0 15796.8 16154.2 16666.5 16968.0 17356.0 17963.4 53 54 55 FL105012613 FL105013613 Memo: Historical-cost value of structures: Residential Nonresidential 110.0 5528.6 115.7 5782.2 122.0 5962.3 117.3 5844.1 118.5 5887.9 120.1 5926.8 122.0 5962.3 123.9 5999.2 125.9 54 6035.7 55 (1) 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. (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) Debt is calculated as the sum of debt securities (line 27) and loans (line 31). The ratios on line 44 and 45 use the sum of corporate equities (line 40) and foreign direct investment: equity (line 43). Balance Sheets Assets Q2 140 Z.1, September 23, 2021 B.104 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 2019 2020 2020 Balance Sheets Q1 Assets Q2 2021 Q3 Q4 Q1 Q2 1 FL112000005 19664.3 20822.2 22268.1 21105.1 21487.9 21844.9 22268.1 22653.4 23243.8 1 2 LM112010005 Nonfinancial assets 13818.8 14641.9 15538.8 14741.0 14900.9 15136.1 15538.8 15844.9 16371.0 2 3 4 5 LM115035005 LM115035023 LM115035035 Real estate (1) Residential Nonresidential 12416.7 13202.9 14067.5 13302.3 13461.5 13682.5 14067.5 14328.8 14824.7 7013.1 7437.3 8087.8 7510.1 7637.6 7866.2 8087.8 8324.0 8684.8 5403.6 5765.6 5979.8 5792.2 5823.9 5816.3 5979.8 6004.9 6139.9 3 4 5 6 7 8 LM115015205 LM115012265 LM115013265 Equipment (2) Residential (3) Nonresidential 863.9 56.4 807.5 885.9 56.6 829.2 909.9 65.7 844.1 895.3 57.5 837.9 900.0 59.1 841.0 905.4 62.9 842.6 909.9 65.7 844.1 942.7 66.9 875.8 964.6 69.5 895.2 9 10 LM115013765 LM115020005 Intellectual property products (2) Inventories (2) 277.1 261.1 295.0 258.2 316.6 244.7 299.0 244.3 305.7 233.6 309.6 238.6 316.6 244.7 316.8 256.7 318.1 9 263.6 10 11 FL114090005 5845.5 6180.3 6729.3 6364.1 6586.9 6708.8 6729.3 6808.5 6872.7 11 12 13 14 FL113020005 FL113030003 FL113034003 Checkable deposits and currency Time and savings deposits Money market fund shares 317.5 1047.9 104.6 337.9 1106.5 110.4 442.0 1229.0 119.5 395.9 1181.2 113.9 444.3 1238.9 118.3 442.4 1235.2 119.7 442.0 1229.0 119.5 464.2 1262.8 120.2 477.5 12 1281.7 13 120.6 14 15 16 17 LM114022005 LM113061003 LM113062003 Debt securities Treasury securities Municipal securities 75.8 70.2 5.6 80.0 74.1 5.9 86.6 80.2 6.4 82.6 76.5 6.1 85.8 79.4 6.4 86.8 80.4 6.4 86.6 80.2 6.4 84.0 77.4 6.6 84.3 15 77.7 16 6.6 17 18 19 20 FL114023005 FL113065005 FL113066003 Loans Mortgages Consumer credit 49.0 49.0 0.0 51.7 51.7 0.0 56.0 56.0 0.0 53.4 53.4 0.0 55.5 55.5 0.0 56.1 56.1 0.0 56.0 56.0 0.0 57.5 57.5 0.0 57.7 18 57.7 19 0.0 20 21 22 23 24 25 26 FL113070003 FL113090005 FL113076005 FL113092405 FL113072003 FL113093005 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) PPP subsidies receivable Other 852.6 3398.2 119.0 12.5 0.0 3266.7 900.3 3593.4 129.0 12.8 0.0 3451.7 947.3 3848.9 145.2 13.0 117.5 3573.1 911.7 3625.4 132.3 12.6 0.0 3480.5 925.3 3718.8 137.1 12.8 51.0 3517.9 936.6 3831.8 142.7 13.0 123.5 3552.7 947.3 3848.9 145.2 13.0 117.5 3573.1 961.1 3858.6 146.5 13.0 122.7 3576.3 964.3 3886.7 147.8 13.6 163.9 3561.3 27 FL114190005 8384.4 8786.5 9346.2 8977.6 9206.7 9331.9 9346.2 9432.9 9502.0 27 28 29 30 31 FL114123005 FL113168005 FL113169005 FL113165005 Loans Depository institution loans n.e.c. Other loans and advances Mortgages 5863.6 1465.2 247.8 4150.7 6135.7 1481.2 256.4 4398.1 6646.0 1654.5 352.4 4639.1 6291.2 1569.2 262.2 4459.8 6527.5 1709.4 303.2 4514.9 6618.5 1716.8 331.8 4569.9 6646.0 1654.5 352.4 4639.1 6705.6 1650.0 364.6 4691.0 6739.4 1603.3 387.8 4748.4 32 33 FL113170005 FL113178003 Trade payables Taxes payable 598.6 155.6 641.5 164.0 615.7 177.1 644.2 169.1 606.2 175.5 619.9 177.5 615.7 177.1 640.9 181.8 651.9 32 182.4 33 34 35 LM115114305 FL113193003 Foreign direct investment: intercompany debt Miscellaneous liabilities 7.1 1759.5 7.1 1838.2 6.5 1900.8 6.8 1866.2 6.7 1890.9 6.6 1909.4 6.5 1900.8 6.3 1898.2 6.1 34 1922.2 35 36 FL112090005 Financial assets Liabilities Net worth 6 7 8 21 22 23 24 25 26 28 29 30 31 11279.9 12035.7 12921.9 12127.5 12281.2 12513.0 12921.9 13220.5 13741.8 36 Memo: 37 38 LM112090205 LM115114103 Proprietors’ net investment (5) Foreign direct investment: equity 39 40 FL115012665 FL115013665 Replacement-cost value of structures: Residential Nonresidential 41 FL114104006 Debt/net worth (percent) (line 27/line 36) (1) At market value. (2) At replacement (current) cost. (3) Durable goods in rental properties. (4) Equity in the Farm Credit System. (5) Included in table B.101, line 28. 11200.3 11930.0 12800.7 12043.7 12180.5 12405.1 12800.7 13093.3 13608.9 37 79.6 105.6 121.2 83.8 100.6 107.9 121.2 127.3 132.9 38 3848.6 2258.6 3935.7 2366.3 4118.5 2402.8 3957.4 2386.4 3961.1 2387.4 4049.8 2396.9 4118.5 2402.8 4257.9 2421.2 4428.6 39 2467.5 40 51.98 50.98 51.43 51.88 53.15 52.89 51.43 50.72 49.04 41 141 Z.1, September 23, 2021 R.101 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2019 2020 2020 Q1 1 FC152090005 2 FU155060005 3 FU155061005 4 FU155050005 5 6 7 8 FU155012005 FU165013005 FU155111003 FU155420003 9 FU156300005 10 11 12 FU156320005 FU166330005 FU156300103 13 14 15 FU155000005 FU154090005 FU154190005 16 FR158000005 17 FR152010085 18 19 20 21 FR155035005 FR165015205 FR165013765 FR155111005 22 FR154090005 23 24 25 26 27 28 29 30 FR154022005 FR153064105 FR153064205 FR153040005 FR153050005 FR152090205 FR153094305 FR153030005 31 FV158090005 Change in net worth (1) Q3 Q4 Q1 Q2 -6258.6 7918.3 4257.2 7938.9 5130.6 5849.4 1 1604.7 2107.9 3231.6 720.1 1242.3 381.8 887.3 863.5 442.1 2 Net physical investment 542.2 531.6 614.2 126.3 94.9 193.9 199.2 257.3 270.8 3 Capital expenditures 2223.4 2286.4 2453.7 577.9 549.8 652.9 673.2 730.3 759.1 4 663.6 204.1 1369.3 -13.5 673.4 213.7 1413.4 -14.0 738.5 217.1 1512.5 -14.4 179.8 54.3 347.4 -3.5 163.2 46.7 343.5 -3.6 188.2 58.2 410.1 -3.6 207.3 58.0 411.5 -3.7 216.8 59.1 458.0 -3.7 214.2 59.6 489.1 -3.8 5 6 7 8 - Consumption of fixed capital 1681.2 1754.8 1839.5 451.6 454.8 459.1 474.0 473.0 488.3 9 Residential Nonprofit nonresidential Consumer durable goods 419.4 155.5 1106.4 436.8 163.5 1154.5 459.2 171.8 1208.5 112.1 41.9 297.6 113.1 42.3 299.5 115.8 43.3 300.0 118.3 44.3 311.4 121.9 45.6 305.5 126.2 10 47.2 11 314.8 12 1062.4 1541.7 479.3 1576.3 2098.6 522.3 2617.3 3244.0 626.7 593.8 658.4 64.5 1147.4 1157.2 9.8 188.0 455.4 267.4 688.1 973.0 284.9 606.2 805.0 198.8 171.3 13 519.2 14 347.9 15 Net investment Residential Nonprofit nonresidential Consumer durable goods Nonproduced nonfinancial assets Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Consumer durable goods (2) Financial assets Debt securities Corporate equities Mutual fund shares Life insurance reserves Pension entitlements Equity in noncorporate business Equity investment under PPIP Other financial assets Other volume changes (3) 871.6 12486.6 13855.9 2021 Q2 -767.1 9823.2 10365.7 -6789.7 6700.2 3803.9 6651.3 4027.1 5346.8 16 1493.1 1496.8 2811.2 573.2 585.9 714.1 938.0 915.2 1373.6 17 1540.2 -0.5 3.2 -49.8 1537.3 -0.9 1.4 -41.1 2755.0 3.3 6.3 46.5 589.5 3.7 1.6 -21.6 620.4 3.9 3.6 -42.0 609.1 -2.2 0.2 107.0 936.0 -2.0 1.0 3.1 881.2 1.7 -1.2 33.6 1130.7 -4.5 0.4 246.9 -2260.2 8326.5 7554.6 -7362.8 6114.3 3089.8 5713.3 3111.9 3973.3 22 -75.3 -1487.7 -670.4 -16.9 -502.4 491.0 0.0 1.5 204.9 4345.6 1499.4 55.5 1502.2 715.3 0.0 3.6 198.4 4159.1 1168.2 41.5 1159.4 826.8 0.0 1.2 124.5 -4621.7 -1579.8 -46.9 -1402.7 162.2 0.0 1.6 67.4 3524.9 1227.0 39.8 1136.5 118.1 0.0 0.5 -1.1 1846.8 534.3 16.3 498.2 195.5 0.0 -0.2 7.6 3409.1 986.6 32.4 927.3 351.0 0.0 -0.7 -153.7 2278.5 332.2 7.6 306.0 340.7 0.0 0.7 49.7 2153.5 628.2 25.4 633.2 483.5 0.0 -0.2 34.1 555.5 258.6 -189.1 -24.2 71.5 400.3 240.0 18 19 20 21 23 24 25 26 27 28 29 30 60.4 31 Memo: 32 33 FL152090005 FA156012005 Net worth outstanding (4) Disposable personal income 104345.0 116831.7 130687.6 110573.1 118491.4 122748.6 130687.6 135818.2 141667.5 32 15629.7 16219.3 17432.0 16600.6 18249.6 17595.7 17282.2 19455.3 18014.5 33 (1) Sum of net investment (line 2), net holding gains (line 16), and other volume changes (line 31). (2) Valued at current cost. (3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA. (4) Table B.101, line 40. Balance Sheets 2018 142 Z.1, September 23, 2021 R.103 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2018 2019 2020 2020 Balance Sheets Q1 1 FC102090005 2 FU105060005 Change in net worth (1) 3 FU105061005 4 5 6 7 FU105050005 FU105019005 FU105020005 FU105420005 8 9 10 FU106300005 FU106320005 FU106330005 - Consumption of fixed capital Residential Nonresidential 11 FU105020601 - Inventory valuation adjustment 12 13 14 FU105000005 FU104090005 FU104194005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities and equity 15 16 FU103164103 FU103192105 Net corporate equity issues Foreign direct investment: equity 17 FR108000005 18 FR102010005 19 20 21 22 FR105035005 FR105015205 FR105013765 FR105020015 23 FR108080095 24 25 26 27 28 FR104022005 FR103064103 FR103064203 FR103092005 FR103090005 29 FR108100005 30 31 32 FR103192305 FR573073005 FR103193005 33 FV108090005 Q3 Q4 Q1 Q2 706.0 2395.7 1432.5 -285.0 385.9 485.8 845.8 455.9 996.0 1 191.8 737.0 333.1 166.0 -162.7 381.7 -51.9 156.5 310.9 2 554.9 543.0 274.6 95.9 -39.3 128.8 89.2 158.2 124.7 3 2065.2 2011.9 55.0 -1.7 2184.6 2111.4 73.3 -0.1 1960.8 2009.3 -48.3 -0.2 540.5 519.6 21.4 -0.6 396.4 479.6 -82.5 -0.7 533.8 498.4 33.8 1.7 490.0 511.8 -21.0 -0.7 532.2 532.3 -4.0 3.8 489.3 547.2 -57.2 -0.7 4 5 6 7 1558.0 3.8 1554.2 1641.7 4.1 1637.6 1704.3 4.3 1700.0 421.3 1.2 420.1 424.4 1.0 423.4 427.0 1.0 426.0 431.6 1.1 430.5 436.3 1.2 435.2 445.1 8 1.2 9 443.9 10 -47.7 -0.0 -18.2 23.3 11.3 -22.0 -30.7 -62.4 -80.5 11 18.9 865.9 847.0 435.7 2396.4 1960.7 47.4 1373.5 1326.1 134.6 682.6 548.0 -141.3 172.0 313.4 201.3 385.9 184.5 -147.1 133.0 280.2 -41.0 355.4 396.4 167.4 12 347.4 13 179.9 14 -617.4 235.5 -457.8 216.1 -168.8 179.9 -96.5 31.9 -14.5 32.5 10.5 41.0 -68.3 74.5 -36.5 75.8 -68.3 15 87.0 16 127.6 1620.0 1141.9 -440.5 555.1 126.6 900.6 317.0 708.9 17 270.3 1047.0 738.7 64.7 147.9 -74.3 600.3 163.1 467.8 18 137.3 62.0 48.8 22.2 1005.3 8.2 35.1 -1.6 554.2 24.0 107.5 53.0 61.0 25.8 20.6 -42.7 51.0 16.9 41.1 38.9 -77.5 -6.6 16.8 -7.0 519.7 -12.2 29.0 63.8 71.1 29.3 2.9 59.8 -142.7 573.0 403.2 -505.2 407.2 200.9 300.3 154.0 -1.9 -118.7 -22.1 -1173.5 1173.5 4.1 517.7 51.2 933.4 -933.4 1.9 362.0 39.4 293.7 -293.7 5.6 -458.6 -52.2 -1507.4 1507.4 -0.7 365.8 42.1 752.1 -752.1 -1.3 183.7 18.5 248.8 -248.8 -1.7 271.0 31.0 800.1 -800.1 -5.0 147.3 11.7 314.6 -314.6 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 -0.0 0.0 29 9.1 152.0 -161.2 7.8 -434.6 426.8 -2.1 -316.0 318.1 0.6 328.6 -329.2 -5.0 -305.1 310.1 4.6 -118.3 113.7 -2.2 -221.3 223.4 -10.9 -36.8 47.7 10.3 30 -160.9 31 150.6 32 386.6 38.7 -42.5 -10.5 -6.6 -22.5 -3.0 -17.6 -23.8 33 Net investment Net physical investment Capital expenditures Fixed investment Inventory change + IVA Nonproduced nonfinancial assets Net holding gains Nonfinancial assets Real estate Equipment (2) Intellectual property products (2) Inventories (2,3) Financial assets Debt securities Corporate equities Mutual fund shares Direct investment abroad Miscellaneous assets 2021 Q2 Less: liabilities Foreign direct investment: intercompany debt Claims of pension fund on sponsor Miscellaneous liabilities Other volume changes (4) 404.5 -44.3 16.1 91.5 19 20 21 22 241.2 23 1.3 218.0 21.9 354.9 -354.9 24 25 26 27 28 Memo: 34 FL102090005 Net worth outstanding (5) 22004.2 24399.8 25832.3 24114.8 24500.7 24986.6 25832.3 26288.3 27284.2 34 (1) Sum of net investment (line 2), net holding gains (line 17), and other volume changes (line 33). (2) Valued at current cost. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.103, line 36. 143 Z.1, September 23, 2021 R.104 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2019 2020 2020 Q1 1 FC112090005 2 FU115440005 Change in net worth (1) Net capital transfers paid 3 FU115060005 Net investment 4 FU115061005 Net physical investment 82.5 5 6 7 FU115050005 FU115019005 FU115020005 Capital expenditures Fixed investment Change in inventories 419.9 416.2 3.7 8 9 10 FU116300005 FU116320005 FU116330005 - Consumption of fixed capital Residential Nonresidential 337.4 100.4 237.1 11 12 13 FU115000005 FU114090005 FU114194005 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities and equity 14 15 FU112090205 FU115114103 Proprietor’s net investment (2) Foreign direct investment: equity 16 FR118000005 17 FR112010005 18 19 20 21 22 23 FR115035023 FR115035035 FR115012265 FR115013265 FR115013765 FR115020005 24 FR114022005 25 Q2 2021 Q3 Q4 Q1 Q2 502.1 755.8 886.3 91.9 153.7 231.8 408.9 298.6 521.2 1 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 -23.9 12.8 44.8 -48.7 19.2 29.1 45.1 -48.3 33.9 3 84.3 59.5 -35.1 25.2 31.9 37.6 -45.0 40.0 4 436.0 435.7 0.3 423.7 434.9 -11.2 54.6 56.9 -2.3 115.6 125.9 -10.3 123.3 123.3 -0.1 130.2 128.7 1.5 49.3 52.8 -3.5 136.9 143.0 -6.1 5 6 7 351.7 104.0 247.8 364.1 108.3 255.8 89.8 27.7 62.1 90.3 27.8 62.5 91.4 26.7 64.7 92.6 26.1 66.5 94.4 24.8 69.5 96.9 8 24.2 9 72.7 10 -79.5 309.1 388.6 -84.3 331.5 415.8 -59.5 545.4 605.0 35.1 177.7 142.5 -25.2 223.4 248.6 -31.9 122.5 154.3 -37.6 21.9 59.5 45.0 83.7 38.7 -40.0 11 63.2 12 103.1 13 -31.9 5.0 13.5 -0.7 43.3 1.4 -48.7 0.0 18.6 0.7 28.9 0.1 44.5 0.6 -48.2 -0.1 32.0 14 1.9 15 538.2 742.0 840.9 140.3 134.3 202.6 363.7 346.8 487.2 16 539.5 738.8 837.4 134.3 134.7 203.3 365.1 351.2 486.1 17 437.9 62.4 3.3 34.3 4.3 -2.7 400.8 313.5 -2.3 26.5 3.6 -3.2 620.6 169.6 6.8 33.3 9.2 -2.2 94.7 21.4 0.4 27.2 2.0 -11.5 112.0 17.5 1.2 3.7 0.7 -0.4 202.7 -21.1 3.0 11.3 2.4 5.0 211.2 151.9 2.2 -8.9 4.1 4.6 255.9 25.1 0.3 57.3 -2.8 15.4 326.9 125.5 2.2 20.7 -2.2 13.1 Financial assets (debt securities) -1.2 3.2 3.5 6.1 -0.5 -0.6 -1.4 -4.5 1.1 24 FR115114305 Less: liabilities (foreign direct investment: intercompany debt) 0.1 0.1 -0.0 0.0 -0.1 0.1 -0.0 -0.2 0.0 25 26 FV118090005 Other volume changes (4) -9.2 1.0 0.5 0.2 0.1 0.1 0.1 0.1 0.1 26 27 LM112090005 Net holding gains Nonfinancial assets Residential real estate Nonresidential real estate Residential equipment (3) Nonresidential equipment (3) Intellectual property products (3) Inventories (3) 18 19 20 21 22 23 Memo: Net worth outstanding (5) 11279.9 12035.7 12921.9 12127.5 12281.2 12513.0 12921.9 13220.5 13741.8 27 (1) Sum of net capital transfers paid (line 2), net investment (line 3), net holding gains (line 16), and other volume changes (line 26). (2) Shown on table F.104, line 35. (3) Valued at current cost. (4) Consists of statistical discontinuities and disaster-related losses to fixed assets. (5) Table B.104, line 36. Balance Sheets 2018 144 Z.1, September 23, 2021 B.101.h Balance Sheet of Households (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Assets 2012 2013 2014 2015 2016 2017 2018 2019 2020 80963.9 89281.1 95068.3 98068.9 103202.4 111905.3 113192.6 125594.5 139575.0 1 23310.4 25130.2 26571.0 28248.1 30137.5 32138.7 34020.2 35723.6 38918.7 2 18582.9 4727.5 20350.6 4779.6 21711.6 4859.3 23241.1 5007.0 24975.0 5162.5 26839.1 5299.6 28507.5 5512.7 29993.1 5730.5 32837.7 6081.0 3 4 1 FL192000005 2 LM192010005 3 4 LM155035015 LM155111005 5 FL194090005 57653.5 64150.9 68497.3 69820.8 73064.8 79766.6 79172.4 89870.9 100656.2 5 6 7 8 FL193020005 FL193030205 FL193034005 Checkable deposits and currency Time deposits and short-term investments Money market fund shares 799.9 6593.3 1534.8 983.0 6761.1 1533.4 964.7 7259.6 1498.8 1060.8 7829.9 1476.5 959.6 8492.8 1472.6 1126.3 8621.5 1530.8 1042.3 9061.6 1702.3 1002.7 9601.7 2096.7 2711.7 10097.7 2407.3 6 7 8 9 10 11 LM194022005 LM193061005 LM193063005 Debt securities U.S. government and municipal securities Corporate and foreign bonds 4746.1 3329.2 1416.8 3652.5 2791.1 861.4 3774.8 2839.7 935.1 3691.5 3296.3 395.3 3414.9 3260.9 154.0 3385.5 3310.8 74.7 4109.5 4010.5 99.0 4397.4 4242.3 155.1 4150.7 3858.2 292.5 9 10 11 12 13 14 FL194023005 FL153067005 FL193065005 Loans Other loans and advances (4) Mortgages 882.1 758.1 124.1 939.1 818.2 120.9 982.7 870.3 112.4 917.1 819.2 97.9 907.5 815.3 92.3 849.8 760.4 89.3 841.9 758.4 83.5 864.9 784.0 80.9 980.2 904.8 75.4 12 13 14 15 LM193064005 Corporate equities and mutual fund shares 13704.3 17257.9 19420.4 19180.3 20813.2 24679.5 22419.3 28881.6 34432.6 15 16 17 FL153040005 FL153050005 Life insurance reserves Pension entitlements (5) 1352.6 19730.3 1407.8 22275.0 1472.1 23102.8 1510.9 23430.8 1568.1 24317.6 1626.6 25931.6 1659.1 25812.9 1731.3 27994.1 1867.0 29797.8 16 17 18 19 LM152090205 FL193090005 Equity in noncorporate business (6) Miscellaneous assets 7338.6 971.5 8316.2 1024.9 8978.6 1042.8 9641.0 1082.1 9979.6 1138.8 10822.1 1193.0 11278.5 1245.1 12013.5 1286.9 12891.1 1320.1 18 19 20 FL194190005 13175.8 13417.8 13528.7 13700.6 14095.3 14628.8 15096.8 15596.6 16222.0 20 21 22 23 24 25 FL194123005 FL153165105 FL153166000 FL193168005 FL193169005 Loans One-to-four-family residential mortgages (7) Consumer credit Depository institution loans n.e.c. Other loans and advances 13150.1 9537.1 2912.9 149.2 551.0 13389.1 9437.0 3090.5 161.4 700.2 13498.8 9387.3 3309.5 172.4 629.5 13668.9 9492.8 3400.2 217.2 558.7 14064.0 9658.8 3636.4 223.4 545.3 14595.7 9928.8 3830.8 225.7 610.5 15061.8 10204.4 4007.0 270.4 580.0 15560.1 10482.8 4192.2 281.3 603.8 16185.4 10925.7 4185.0 302.3 772.4 21 22 23 24 25 26 FL543077073 Deferred and unpaid life insurance premiums 25.7 28.7 29.9 31.6 31.3 33.1 35.0 36.5 36.6 26 27 FL192090005 67788.1 75863.3 81539.6 84368.4 89107.1 97276.5 98095.8 109997.9 123353.0 27 71900.9 80611.0 86613.7 89638.8 94743.7 103473.4 104345.0 116831.7 130687.6 28 Nonfinancial assets Real estate (2) Consumer durable goods (3) Financial assets Liabilities Net worth Memo: Supplements Reconciliation with household and nonprofit organization sector net worth: (8) 28 FL152090005 Household and nonprofit net worth (B.101, line 40) 29 30 31 32 33 FL152000005 FL192000005 FL162000005 FL163093005 FL153069803 Household and nonprofit total assets (B.101, line 1) Household total assets (B.101.h, line 1) Nonprofit total assets (B.101.n, line 1) Less: Nonprofit misc. assets (B.101.n, line 19) Plus: Domestic hedge fund syndicated loans (9) 85895.3 80963.9 6132.4 1276.7 75.6 94835.2 89281.1 6873.4 1410.5 91.1 100984.3 95068.3 7291.1 1488.3 113.2 104202.9 98068.9 7564.0 1536.1 106.1 109726.3 103202.4 8065.3 1654.9 113.5 119009.4 111905.3 8841.9 1845.1 107.3 120345.3 113192.6 8849.0 1799.0 102.7 133338.4 125594.5 9485.9 1858.5 116.6 147817.4 139575.0 10031.5 1903.5 114.4 29 30 31 32 33 34 35 36 37 FL154190005 FL194190005 FL164190005 FL163193005 Less: Household and nonprofit liabilities (B.101, line 30) Household liabilities (B.101.h, line 20) Nonprofit liabilities (B.101.n, line 20) Less: Nonprofit misc. liabilities (B.101.n, line 27) 13994.4 13175.8 1589.3 770.7 14224.1 13417.8 1609.6 803.2 14370.6 13528.7 1723.3 881.4 14564.1 13700.6 1808.6 945.1 14982.5 14095.3 1833.3 946.1 15536.0 14628.8 1926.1 1018.9 16000.2 15096.8 1912.4 1008.9 16506.7 15596.6 1940.5 1030.4 17129.8 16222.0 1965.5 1057.7 34 35 36 37 (1) Table is based on table B.101 Balance Sheet of Households and Nonprofit Organizations, with adjustments to remove the assets and liabilities of nonprofit organizations, shown on table B.101.n. (2) 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, at market value. (3) At replacement (current) cost. (4) Cash accounts at brokers and dealers. (5) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs and at life insurance companies. Excludes social security. (6) Net worth of nonfinancial noncorporate business (table B.104, line 35) and owners’ equity in unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens (table L.218, line 23). (8) Some financial asset and liability items shown on the supplemental balance sheet of nonprofit organizations (table B.101.n) are not included on the balance sheet of the household and nonprofit organization sector (table B.101). Therefore, some adjustments are necessary to reconcile the combined assets and liabilities of the household sector (table B.101.h) and nonprofit organization sector (table B.101.n) with the household and nonprofit organization sector’s (table B.101) in the core Financial Accounts. (9) Syndicated loans included in household and nonprofit organizations’ other loans and advances (table B.101, line 20) but assumed to be held by domestic hedge funds. 145 Z.1, September 23, 2021 B.101.n Balance Sheet of Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2012 2013 2014 2015 2016 2017 2018 2019 2020 1 FL162000005 Total assets 6132.4 6873.4 7291.1 7564.0 8065.3 8841.9 8849.0 9485.9 10031.5 1 2 FL162010005 Nonfinancial assets 2545.1 2876.7 3085.6 3335.7 3532.0 3793.2 3912.6 4227.7 4456.5 2 3 4 5 FL165035005 FL165015205 FL165013765 2084.2 326.9 134.0 2385.2 346.1 145.4 2569.1 364.1 152.4 2794.4 383.8 157.5 2963.2 401.9 166.8 3198.5 418.0 176.7 3287.2 438.5 186.8 3574.3 459.3 194.2 3764.8 485.6 206.1 3 4 5 6 FL164090005 3587.3 3996.7 4205.5 4228.3 4533.3 5048.7 4936.5 5258.2 5575.0 6 7 8 9 FL163020005 FL163030205 FL163034003 Cash and non-interest-bearing deposits Other deposits and short-term investments (4) Money market fund shares 111.0 254.8 55.1 121.8 257.5 58.5 134.9 257.5 69.2 146.4 251.0 74.6 157.9 253.0 85.8 168.7 276.8 87.0 166.3 276.0 96.7 170.7 273.6 114.1 173.8 261.3 140.9 7 8 9 10 11 12 LM164022005 LM163061005 LM163063005 Debt securities U.S. government and municipal securities (5) Corporate and foreign bonds 268.6 92.9 175.7 254.6 86.2 168.5 282.2 110.9 171.3 282.4 109.0 173.3 295.5 107.6 188.0 320.9 120.3 200.5 314.6 118.8 195.8 329.7 123.1 206.6 342.0 127.5 214.5 10 11 12 13 14 15 16 FL164023005 FL163065013 FL163066223 FL163069005 Loans Mortgages Consumer credit Other loans and advances 183.1 1.1 58.0 124.0 185.8 0.8 51.8 133.2 179.9 1.1 47.6 131.2 183.1 0.8 44.9 137.4 178.6 1.2 41.3 136.1 179.5 0.8 35.2 143.5 170.8 1.1 31.3 138.4 166.5 1.2 27.3 138.1 162.8 1.2 24.1 137.5 13 14 15 16 17 LM163064005 Corporate equities and mutual fund shares 1230.5 1494.7 1552.6 1513.8 1663.3 1910.4 1849.3 2073.8 2276.2 17 18 FL163070005 Grants and trade receivables 207.6 213.2 240.7 241.0 244.2 260.2 263.7 271.3 279.0 18 19 20 21 FL163090005 FL163072003 FL163093005 Miscellaneous assets PPP subsidies receivable Other (6) 1276.7 0.0 1276.7 1410.5 0.0 1410.5 1488.3 0.0 1488.3 1536.1 0.0 1536.1 1654.9 0.0 1654.9 1845.1 0.0 1845.1 1799.0 0.0 1799.0 1858.5 0.0 1858.5 1939.0 35.5 1903.5 19 20 21 22 FL164190005 1589.3 1609.6 1723.3 1808.6 1833.3 1926.1 1912.4 1940.5 1965.5 22 23 FL163162003 Debt securities (municipal securities) 248.3 234.7 228.2 220.0 217.0 218.4 216.0 212.8 202.8 23 24 25 26 27 FL164123005 FL163165505 FL163168005 FL163169005 Loans Commercial mortgages Depository institution loans n.e.c. Other loans and advances 269.3 212.8 56.6 0.0 276.2 221.7 54.6 0.0 291.7 228.3 63.3 0.0 302.2 238.8 63.4 0.0 320.8 252.9 67.9 0.0 332.8 259.4 73.4 0.0 324.8 256.1 68.7 0.0 327.9 259.0 68.9 0.0 328.7 260.4 68.3 0.0 24 25 26 27 28 FL163170005 Trade payables 301.0 295.4 322.1 341.3 349.5 355.9 362.6 369.5 376.3 28 29 FL163193005 Miscellaneous liabilities (7) 770.7 803.2 881.4 945.1 946.1 1018.9 1008.9 1030.4 1057.7 29 30 FL162090005 4543.1 5263.9 5567.8 5755.5 6231.9 6915.9 6936.7 7545.3 8066.0 30 31 32 FL164090015 FL164090025 658.1 2929.2 743.1 3253.6 784.9 3420.6 786.2 3442.1 840.7 3692.5 948.0 4100.8 995.3 3941.1 1105.2 4153.0 1214.6 4324.9 31 32 Real estate (2) Equipment (3) Intellectual property products (3) Financial assets Liabilities Net worth Total financial assets of private foundations Total financial assets of 501(c) organizations (1) Includes private foundations, including charitable trusts, and organizations that are tax-exempt under Sections 501(c)(3) through 501(c)(9) of the Internal Revenue Code. Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. Most financial asset and liability information from annual tax data available with a lag; recent values estimated by staff. (2) Residential and nonresidential real estate at market value. (3) At replacement (current) cost. (4) Includes interest-bearing checking and savings accounts, deposits in transit, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations that mature in one year or less. (5) Excludes the short-term debt securities included in line 16. (6) Includes pledges receivable, receivables from officers and disqualified persons, prepaid expenses and deferred charges, other investments, and other financial assets. Not included on table B.101. (7) Not included on table B.101. Supplements Memo: 146 Z.1, September 23, 2021 B.101.e Balance Sheet of Households and Nonprofit Organizations with Debt and Equity Holdings Detail Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 Assets 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FL152000005 120345.3 133338.4 147817.4 127146.3 135072.5 139595.0 147817.4 153145.6 159341.9 1 2 FL152010005 Nonfinancial assets 37932.8 39951.3 43375.3 40650.4 41330.4 42239.0 43375.3 44547.8 46192.5 2 3 FL154090005 Financial assets 82412.5 93387.0 104442.1 86495.9 93742.1 97356.0 104442.1 108597.8 113149.4 3 4 FL154000025 Deposits (1) 12345.2 13259.4 15792.7 13881.1 14943.4 15165.8 15792.7 16887.2 17088.9 4 5 LM154022375 Debt securities at market value 9103.3 10115.0 10445.4 9682.1 9744.5 9842.2 10445.4 9939.9 9938.5 5 6 LM154022005 Directly held 4424.1 4727.1 4492.7 4573.8 4316.5 4111.8 4492.7 3953.5 3772.1 6 7 LM154022075 Indirectly held 4679.1 5387.9 5952.7 5108.3 5428.0 5730.4 5952.7 5986.5 6166.4 7 8 9 10 11 12 LM544022053 LM574022075 LM344022025 LM223064223 LM654022055 433.6 1425.1 280.8 54.8 2484.8 469.9 1626.9 283.9 63.4 2943.8 492.1 1842.2 331.8 70.0 3216.6 432.5 1595.4 299.7 58.3 2722.3 455.0 1696.0 313.3 63.0 2900.6 475.1 1780.0 324.3 66.5 3084.4 492.1 1842.2 331.8 70.0 3216.6 488.0 1830.0 328.8 70.2 3269.5 491.3 1889.8 331.7 72.3 3381.3 8 9 10 11 12 13 FL154023005 Loans 1115.3 1148.0 1257.4 1303.3 1274.7 1235.5 1257.4 1268.5 1283.0 13 14 LM153064475 Equity shares at market value 26704.5 34132.5 40353.2 26527.3 32322.1 35216.6 40353.2 43449.1 46986.3 14 15 LM153064105 Directly held 16269.8 20989.3 25634.0 16420.9 20108.1 22198.6 25634.0 28038.6 30490.0 15 16 LM153064175 Indirectly held 10434.7 13143.2 14719.2 10106.3 12214.0 13018.0 14719.2 15410.6 16496.4 16 17 18 19 20 21 LM543064153 LM573064175 LM343064125 LM223064213 LM653064155 1243.1 3531.8 277.9 116.1 5265.8 1488.7 4419.0 355.3 145.0 6735.2 1633.1 4937.4 402.8 165.0 7581.0 1161.7 3415.2 265.2 110.4 5153.9 1380.3 4110.9 328.9 135.9 6258.0 1453.8 4379.1 351.2 144.2 6689.7 1633.1 4937.4 402.8 165.0 7581.0 1671.7 5168.2 432.7 171.0 7966.9 1769.6 5520.4 470.4 182.8 8553.1 17 18 19 20 21 22 FL153099475 33144.2 34732.0 36593.4 35102.2 35457.4 35895.8 36593.4 37053.1 37852.6 22 23 FL154190005 Liabilities 16000.2 16506.7 17129.8 16573.2 16581.1 16846.4 17129.8 17327.4 17674.4 23 24 FL152090005 Net worth 104345.0 116831.7 130687.6 110573.1 118491.4 122748.6 130687.6 135818.2 141667.5 24 Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Life insurance companies Private pension funds (2) Federal govt. retirement funds (2) State and local govt. retirement funds (2) Mutual funds Other Memo: 25 26 FL154022376 FL154022386 Debt securities (line 5) as a percent of Total assets (line 1) Financial assets (line 3) 7.56 11.05 7.59 10.83 7.07 10.00 7.61 11.19 7.21 10.40 7.05 10.11 7.07 10.00 6.49 9.15 6.24 8.78 25 26 27 28 FL153064476 FL153064486 Equity shares (line 14) as a percent of Total assets (line 1) Financial assets (line 3) 22.19 32.40 25.60 36.55 27.30 38.64 20.86 30.67 23.93 34.48 25.23 36.17 27.30 38.64 28.37 40.01 29.49 41.53 27 28 Supplements (1) Includes foreign deposits, checkable deposits and currency, time and savings deposits, and money market fund shares. (2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 22. 147 Z.1, September 23, 2021 B.101.f Balance Sheet of Domestic Hedge Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 FL622000623 2 FL625035003 Assets Nonfinancial assets (real estate) 3 FL624090005 Financial assets 4 5 6 7 FL623091003 FL623039003 FL623039013 FL623034003 8 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 2263.8 2428.7 2411.0 2225.3 2373.5 2433.0 2411.0 2473.1 ND 1 81.6 92.2 95.3 87.5 87.3 87.9 95.3 106.9 ND 2 2182.2 2336.6 2315.6 2137.8 2286.3 2345.1 2315.6 2366.2 ND 3 Foreign currency Deposits Other cash and cash equivalents Money market fund shares 20.5 40.4 87.6 80.2 21.2 39.3 104.3 86.1 21.7 36.4 91.5 80.4 20.0 44.3 104.8 96.4 22.7 38.1 93.8 91.5 20.7 36.3 85.1 83.5 21.7 36.4 91.5 80.4 22.7 37.4 96.2 81.4 ND ND ND ND 4 5 6 7 FL622051003 Security repurchase agreements 92.6 87.4 72.0 93.4 93.6 99.6 72.0 77.2 ND 8 9 10 11 12 13 LM624022005 LM623061103 LM623061703 LM623062003 LM623063003 Debt securities Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds 715.6 213.0 14.1 14.5 474.0 730.5 234.8 13.5 13.2 469.1 619.1 150.2 12.0 13.3 443.6 716.8 212.9 16.9 14.0 473.0 720.2 189.8 14.5 14.4 501.5 739.3 196.7 14.2 13.3 515.0 619.1 150.2 12.0 13.3 443.6 595.6 137.8 11.3 13.6 432.9 ND ND ND ND ND 9 10 11 12 13 14 15 16 FL623069005 FL623069503 FL623069003 Loans Leveraged loans Other loans 116.5 72.4 44.1 126.3 85.3 40.9 144.0 100.7 43.2 124.0 85.1 38.9 140.2 92.6 47.6 148.1 100.9 47.2 144.0 100.7 43.2 152.9 107.4 45.6 ND ND ND 14 15 16 17 18 LM623064103 LM623064203 Corporate equities Mutual fund shares 767.8 27.2 929.3 11.0 1018.6 13.0 705.6 8.1 851.1 17.9 912.6 16.3 1018.6 13.0 1070.6 13.2 ND ND 17 18 19 FL623093005 Miscellaneous assets 233.7 201.2 218.9 224.5 217.0 203.6 218.9 219.0 ND 19 20 FL624190005 716.5 770.0 702.8 724.2 735.0 732.0 702.8 711.0 ND 20 21 22 23 FL622151005 FL622151013 FL622151063 Security repurchase agreements Domestic institutions Foreign institutions 69.3 52.0 17.3 85.2 56.4 28.8 71.9 46.6 25.3 100.0 65.9 34.1 83.9 48.2 35.8 95.2 53.1 42.1 71.9 46.6 25.3 63.3 39.4 24.0 ND ND ND 21 22 23 24 FL624123005 Loans 390.4 449.2 479.6 372.2 437.8 448.9 479.6 510.5 ND 24 25 26 27 FL624123035 FL623167003 FL623169533 Secured borrowing via prime brokerage From domestic institutions From foreign institutions 301.0 261.1 39.9 351.3 306.7 44.7 388.7 344.4 44.4 265.2 233.5 31.7 336.3 296.8 39.5 348.7 304.1 44.6 388.7 344.4 44.4 413.8 351.8 62.0 ND ND ND 25 26 27 28 29 30 FL624123015 FL623168013 FL623169513 Other secured borowing From domestic institutions From foreign institutions 82.7 50.4 32.3 87.2 58.4 28.7 83.2 64.2 19.0 95.8 64.8 31.0 93.2 59.3 33.9 92.8 59.9 32.9 83.2 64.2 19.0 89.5 67.8 21.8 ND ND ND 28 29 30 31 FL623168023 Unsecured borrowing 6.7 10.7 7.6 11.2 8.2 7.4 7.6 7.2 ND 31 32 FL623193005 Miscellaneous liabilities 256.7 235.5 151.4 251.9 213.3 187.9 151.4 137.1 ND 32 33 34 FL622000003 FL623098003 1547.3 1229.7 1658.8 1242.1 1708.2 956.7 1501.1 1073.0 1638.5 1008.2 1701.1 1133.1 1708.2 956.7 1762.1 1036.8 ND ND 33 34 Liabilities Memo: Total net assets Derivatives (2) Supplements (1) Data begin 2012:Q4. Includes only hedge funds domiciled in the United States as reported on SEC forms ADV and PF. (2) Long exposure of derivatives. 148 Z.1, September 23, 2021 F.4.g Gross Fixed Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 Gross fixed investment (by type) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1 FA885019005 2 3 4 5 6 7 FA885019065 FA885019025 FA885013075 FA885013035 FA885013045 FA835013051 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 4281.7 4492.6 4478.9 4545.6 4231.6 4476.1 4662.4 4813.1 4893.0 1 1751.0 1314.7 1175.5 461.3 624.4 89.8 1826.9 1364.4 1258.7 490.3 675.8 92.7 1853.5 1261.3 1318.9 518.4 713.1 87.4 1922.3 1274.3 1303.9 514.3 697.4 92.2 1744.4 1156.4 1285.6 508.9 688.8 87.9 1833.0 1273.7 1324.2 518.3 721.8 84.1 1914.3 1340.9 1362.0 532.1 744.3 85.6 1980.2 1390.4 1397.2 552.5 758.0 86.7 1983.9 1416.0 1447.8 574.1 783.5 90.2 2 3 4 5 6 7 8 FA105013893 Miscellaneous adjustments (2) 40.3 42.4 45.0 45.0 45.0 45.0 45.0 45.0 45.0 8 9 FA885019005 4281.7 4492.6 4478.9 4545.6 4231.6 4476.1 4662.4 4813.1 4893.0 9 10 11 12 FA155019005 FA105019085 FA115019085 Households and nonprofit organizations Nonfinancial corporate business (3) Nonfinancial noncorporate business 867.7 2015.3 416.2 887.1 2118.5 435.7 955.6 2012.3 434.9 936.2 2090.8 440.8 839.4 1950.6 401.7 985.6 1970.8 438.9 1061.3 2037.0 458.2 1103.9 2127.4 473.1 1095.1 2203.0 479.3 10 11 12 13 14 FA315019001 FA215019001 Federal government State and local governments 299.6 403.0 317.5 422.5 340.3 441.2 330.0 442.7 337.4 437.3 345.7 436.6 348.2 448.3 348.7 442.2 355.3 437.4 13 14 15 FA795013005 Domestic financial sectors (4) 279.8 311.4 294.6 305.1 265.2 298.5 309.4 317.8 322.8 15 16 FA715013005 Monetary authority 0.6 0.7 0.7 0.7 0.7 0.7 0.7 17 18 19 20 21 FA705013005 FA765013005 FA755013005 FA745013005 FA475013005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 56.8 42.5 5.8 0.2 8.4 79.9 61.1 8.9 0.3 9.7 82.7 62.3 9.8 0.3 10.4 89.2 68.2 10.1 0.3 10.7 63.3 43.8 9.4 0.2 9.9 87.2 66.9 9.7 0.3 10.3 91.1 70.3 10.0 0.3 10.6 0.7 0.8 16 91.5 70.0 10.3 0.3 11.0 90.1 68.0 10.6 0.3 11.2 17 18 19 20 21 22 23 24 25 FA515013005 FA545013005 FA575013005 FA225013005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 27.2 20.6 0.2 0.2 30.6 23.5 0.2 0.3 32.1 24.8 0.2 0.3 32.4 24.9 0.2 0.3 31.1 24.0 0.2 0.3 32.1 24.8 0.2 0.3 33.0 25.6 0.2 0.3 34.3 26.5 0.3 0.3 35.4 27.4 0.3 0.3 22 23 24 25 26 27 28 29 30 31 FA405013005 FA675013025 FA615013005 FA125013005 FA665013005 FA735013005 Government-sponsored enterprises ABS issuers Finance companies REITs (3) Security brokers and dealers Holding companies 0.9 0.0 86.2 13.3 34.5 39.1 0.8 0.0 82.0 12.2 40.0 41.3 0.4 0.0 58.4 12.2 40.9 41.7 0.4 0.0 59.3 13.5 42.2 42.0 0.4 0.0 53.7 11.8 39.5 40.2 0.4 0.0 58.9 11.8 40.5 41.7 0.4 0.0 61.8 11.8 41.4 42.9 0.4 0.0 64.2 12.1 42.9 44.6 0.5 0.0 65.6 12.3 44.1 46.0 26 27 28 29 30 31 3.5 1369.3 58.7 7.1 1413.4 73.6 3.0 1512.5 -59.6 5.9 1389.4 -20.6 -0.7 1373.8 -289.9 2.8 1640.5 15.0 3.8 1646.0 57.3 1.9 1831.9 -94.2 11.2 1956.3 -176.1 32 33 34 Gross fixed investment (by sector) Memo: Supplements 32 33 34 FA125012063 FA155111003 FA145020005 REITs residential structures (3) Consumer durable goods (5) Inventories (6) (1) Private gross fixed investment is from BEA, NIPA table 5.2.5. Structures is from BEA, NIPA table 5.4.5. Equipment is from BEA, NIPA table 5.5.5. Intellectual Property Products is from BEA, NIPA table 5.6.5. Government gross fixed investment is from BEA, NIPA table 3.9.5. (2) Calculated as the difference between gross fixed investment in BEA’s NIPA and gross fixed investment in BEA’s fixed assets accounts (FAA); the latter are used to to estimate stocks of fixed assets for balance sheets. For the minor definitional differences between the two estimates of gross fixed investment, see the BEA FAA web page https://apps.bea.gov/iTable/index_FA.cfm. (3) Equity REIT gross investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector. (4) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (5) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, however, consumer durables are included in household sector fixed investment (table F.101, line 14). (6) Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26). 149 Z.1, September 23, 2021 F.4.c Consumption of Fixed Capital Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 1 FA886300095 2 3 4 5 6 7 FA886300065 FA886300025 FA886330075 FA886330035 FA886330045 FA836330053 8 FA886300095 9 10 11 Consumption of fixed capital (by type) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 3273.4 3435.6 3575.9 3522.3 3550.9 3591.0 3639.4 3696.0 3786.5 1 1188.4 1086.5 998.6 391.8 529.0 77.8 1242.3 1128.0 1065.2 427.0 557.3 80.8 1281.0 1158.0 1136.8 457.5 595.8 83.5 1263.1 1140.5 1118.6 450.1 586.3 82.2 1272.1 1150.0 1128.7 454.2 591.6 82.9 1286.3 1162.8 1141.8 459.5 598.5 83.8 1302.6 1178.7 1158.0 466.1 606.9 85.0 1323.2 1197.0 1175.6 473.4 615.9 86.3 1356.8 1226.3 1203.3 484.9 629.9 88.5 2 3 4 5 6 7 Consumption of fixed capital (by sector) 3273.4 3435.6 3575.9 3522.3 3550.9 3591.0 3639.4 3696.0 3786.5 8 FA156300003 FA106300003 FA116300001 Households and nonprofit organizations Nonfinancial corporate business (1) Nonfinancial noncorporate business 574.8 1561.2 337.4 600.3 1644.8 351.7 631.0 1707.6 364.1 615.9 1688.0 359.0 621.5 1701.2 361.4 636.2 1711.6 365.5 650.4 1729.6 370.6 670.1 1748.4 377.4 693.8 1783.4 387.8 9 10 11 12 13 FA316300001 FA216300001 Federal government State and local governments 284.9 280.5 293.3 293.7 303.5 302.8 298.2 299.6 301.6 300.3 305.1 304.5 309.2 306.9 312.7 312.0 317.0 320.5 12 13 14 FA796300081 Domestic financial sectors (2) 234.6 251.8 266.8 261.6 265.0 268.1 272.7 275.3 284.0 14 15 FA716330005 Monetary authority 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.9 15 16 17 18 19 20 FA706330005 FA766330005 FA756330005 FA746330005 FA476330005 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 43.1 32.3 4.3 0.1 6.3 50.2 38.7 5.4 0.2 5.9 58.3 44.2 6.8 0.2 7.2 57.1 43.3 6.6 0.2 7.0 57.8 43.8 6.7 0.2 7.1 58.6 44.4 6.8 0.2 7.2 59.7 45.2 6.9 0.2 7.3 60.5 45.9 7.0 0.2 7.4 62.6 47.6 7.2 0.2 7.6 16 17 18 19 20 21 22 23 24 FA516330005 FA546330005 FA576330005 FA226330005 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 24.6 18.5 0.3 0.4 26.4 19.9 0.3 0.4 28.5 21.6 0.3 0.4 27.9 21.1 0.3 0.4 28.3 21.4 0.3 0.4 28.6 21.7 0.3 0.4 29.1 22.0 0.3 0.4 29.3 22.2 0.3 0.4 30.2 22.9 0.3 0.4 21 22 23 24 25 26 27 28 29 30 FA406330005 FA676330023 FA616330005 FA126330005 FA666330005 FA736330005 Government-sponsored enterprises ABS issuers Finance companies REITs (1) Security brokers and dealers Holding companies 0.8 0.0 75.8 6.9 24.4 39.0 0.8 0.0 78.2 7.3 26.7 40.8 0.5 0.0 77.4 7.6 29.2 42.3 0.5 0.0 75.9 7.5 28.6 41.4 0.5 0.0 76.9 7.6 29.0 42.0 0.6 0.0 77.8 7.7 29.3 42.5 0.6 0.0 79.1 7.8 29.8 43.2 0.6 0.0 79.7 7.9 30.1 43.5 0.6 0.0 82.2 8.1 31.0 44.9 25 26 27 28 29 30 31 FA156300103 1106.4 1154.5 1208.5 1190.5 1197.9 1200.1 1245.5 1221.9 1259.3 31 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals Memo: Consumer durable goods (3) Supplements (1) Equity REIT residential structure consumption of fixed capital is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT residential structure consumption of fixed capital is included with the financial business sector. (2) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (3) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 150 Z.1, September 23, 2021 F.4.f Net Fixed Investment Billions of dollars; quarterly figures are seasonally adjusted annual rates 2018 1 FA885015005 2 3 4 5 6 7 FA885019665 FA885019265 FA885013765 FA885013365 FA885013465 FA835013565 Net fixed investment (by type) Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals 8 FA105013893 Miscellaneous adjustments (1) 9 FA885015005 Net fixed investment (by sector) 10 11 12 FA155015005 FA105015085 FA115015005 13 14 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 1008.2 1057.0 903.0 1023.3 680.7 885.0 1023.0 1117.1 1106.4 1 562.6 228.2 176.9 69.5 95.5 12.0 584.6 236.5 193.6 63.3 118.4 11.8 572.5 103.3 182.2 60.9 117.3 4.0 659.2 133.7 185.3 64.2 111.2 10.0 472.4 6.5 156.9 54.7 97.2 5.0 546.7 110.9 182.4 58.8 123.3 0.3 611.7 162.3 204.0 66.0 137.4 0.7 657.0 193.4 221.6 79.2 142.1 0.3 627.2 189.8 244.5 89.2 153.6 1.7 2 3 4 5 6 7 40.3 42.4 45.0 45.0 45.0 45.0 45.0 45.0 45.0 8 1008.2 1057.0 903.0 1023.3 680.7 885.0 1023.0 1117.1 1106.4 9 Households and nonprofit organizations Nonfinancial corporate business (2) Nonfinancial noncorporate business 292.9 454.2 78.8 286.8 473.7 83.9 324.6 304.7 70.8 320.4 402.8 81.7 218.0 249.4 40.4 349.4 259.1 73.4 410.8 307.4 87.6 433.8 379.0 95.7 401.3 419.5 91.6 10 11 12 FA315015005 FA215015005 Federal government State and local governments 14.7 122.6 24.2 128.8 36.8 138.4 31.8 143.1 35.8 137.0 40.6 132.1 39.0 141.4 35.9 130.2 38.3 116.9 13 14 15 FA795015085 Domestic financial sectors (3) 45.2 59.6 27.7 43.5 0.2 30.4 36.8 42.5 38.8 15 16 FA715013865 Monetary authority -0.2 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 16 17 18 19 20 21 FA705013865 FA765013865 FA755013865 FA745013865 FA475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 13.7 10.2 1.4 0.0 2.1 29.7 22.4 3.4 0.1 3.7 24.4 18.1 3.0 0.1 3.2 32.0 24.9 3.4 0.1 3.6 5.5 -0.0 2.6 0.1 2.8 28.6 22.6 2.9 0.1 3.1 31.5 25.1 3.1 0.1 3.2 31.1 24.0 3.4 0.1 3.6 27.6 20.4 3.4 0.1 3.6 17 18 19 20 21 22 23 24 25 FA515013865 FA545013865 FA575013865 FA225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 2.6 2.1 -0.1 -0.2 4.2 3.6 -0.1 -0.1 3.7 3.2 -0.0 -0.1 4.4 3.8 -0.0 -0.1 2.8 2.6 -0.0 -0.1 3.5 3.1 -0.0 -0.1 4.0 3.5 -0.0 -0.1 5.0 4.3 -0.0 -0.1 5.2 4.5 -0.0 -0.1 22 23 24 25 26 27 28 29 30 31 FA405013865 FA675013263 FA615013865 FA125013865 FA665013865 FA735013865 Government-sponsored enterprises ABS issuers Finance companies REITs (2) Security brokers and dealers Holding companies 0.1 0.0 10.4 6.4 10.1 0.1 0.0 0.0 3.8 4.8 13.2 0.5 -0.1 0.0 -19.0 4.6 11.7 -0.6 -0.1 0.0 -16.6 6.1 13.6 0.6 -0.1 0.0 -23.2 4.2 10.4 -1.7 -0.1 0.0 -18.9 4.1 11.1 -0.8 -0.1 0.0 -17.2 4.0 11.6 -0.2 -0.1 0.0 -15.5 4.3 12.8 1.0 -0.1 0.0 -16.6 4.2 13.1 1.2 26 27 28 29 30 31 0.3 262.9 3.9 258.9 -0.3 304.0 3.1 198.9 -4.1 175.9 -0.9 440.5 0.6 400.6 -1.1 610.0 8.1 697.0 32 33 Memo: 32 33 FA125012665 FA155111005 REITs residential structures (2) Consumer durable goods (4) Supplements (1) Included in nonfinancial corporate business sector gross fixed investment, line 11. (2) Equity REIT net investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector. (3) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (4) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector capital expenditures. 151 Z.1, September 23, 2021 L.4.s Net Stocks of Fixed Assets, current cost Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2018 1 FL885019865 2 3 4 5 6 7 FL885019665 FL885019265 FL885013765 FL885013365 FL885013465 FL835013565 8 FL885019865 9 10 11 FL155015015 FL105015085 FL115015005 12 13 Net stocks (by type) 2019 2020 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 62891.4 65354.2 68069.7 65995.0 66268.0 67271.1 68069.7 69544.7 71427.2 1 50275.7 8068.7 4547.0 835.3 3180.0 531.7 52219.3 8340.0 4794.9 893.2 3348.9 552.8 54388.6 8534.9 5146.2 949.9 3636.2 560.1 52703.9 8419.7 4871.4 905.0 3408.4 558.0 52834.3 8458.2 4975.5 919.4 3489.4 566.7 53728.6 8494.4 5048.0 931.2 3559.3 557.5 54388.6 8534.9 5146.2 949.9 3636.2 560.1 55682.4 8658.9 5203.4 952.3 3684.6 566.4 57447.7 8690.3 5289.2 975.9 3740.4 572.9 2 3 4 5 6 7 62891.4 65354.2 68069.7 65995.0 66268.0 67271.1 68069.7 69544.7 71427.2 8 Households and nonprofit organizations Nonfinancial corporate business (1) Nonfinancial noncorporate business 20735.3 17792.7 7248.1 21546.9 18590.5 7482.9 23001.8 19002.9 7747.8 21810.1 18760.5 7538.1 21965.8 18831.4 7554.2 22534.3 18916.5 7661.8 23001.8 19002.9 7747.8 23741.2 19219.7 7938.5 24647.3 19506.3 8178.9 9 10 11 FL315015005 FL215015005 Federal government State and local governments 3521.3 11569.6 3603.7 12005.7 3734.0 12412.8 3629.3 12113.1 3652.7 12113.4 3694.0 12304.2 3734.0 12412.8 3784.9 12669.1 3857.9 13013.6 12 13 14 FL795013865 Domestic financial sectors (2) 2024.4 2124.5 2170.4 2144.0 2150.5 2160.3 2170.4 2191.3 2223.2 14 15 FL715013865 Monetary authority 10.6 10.7 10.8 10.8 10.8 10.8 10.8 10.8 11.0 15 16 17 18 19 20 FL705013865 FL765013865 FL755013865 FL745013865 FL475013865 Private depository institutions U.S.-chartered depository institutions Foreign banking offices in U.S. Banks in U.S.-affiliated areas Credit unions 448.9 327.0 48.9 1.7 71.4 488.2 367.2 57.1 1.7 62.2 516.5 382.1 64.4 1.7 68.2 497.3 372.4 59.2 1.7 64.0 502.8 375.0 60.8 1.7 65.3 509.6 378.5 62.6 1.7 66.7 516.5 382.1 64.4 1.7 68.2 526.1 389.2 65.7 1.7 69.5 539.7 399.3 67.4 1.7 71.3 16 17 18 19 20 21 22 23 24 FL515013865 FL545013865 FL575013865 FL225013865 Property-casualty insurance companies Life insurance companies Private pension funds State and local government employee retirement funds 158.6 130.5 3.2 5.4 165.9 136.9 2.4 6.3 170.7 141.7 2.1 6.4 167.6 138.4 2.3 6.3 168.4 139.3 2.2 6.4 169.5 140.5 2.2 6.4 170.7 141.7 2.1 6.4 172.4 143.2 2.1 6.5 175.7 146.1 2.1 6.6 21 22 23 24 25 26 27 28 29 30 FL405013865 FL675013263 FL615013865 FL125013865 FL665013865 FL735013865 Government-sponsored enterprises ABS issuers Finance companies REITs (1) Security brokers and dealers Holding companies 5.3 0.0 491.7 170.7 198.6 400.8 5.0 0.0 500.1 182.0 215.5 411.5 3.5 0.0 487.5 188.2 229.3 413.8 4.6 0.0 499.2 184.4 219.9 413.2 4.2 0.0 495.6 185.4 222.7 412.8 3.9 0.0 491.5 186.9 225.9 413.2 3.5 0.0 487.5 188.2 229.3 413.8 3.4 0.0 486.3 191.0 233.5 416.0 3.5 0.0 480.7 195.6 239.8 422.4 25 26 27 28 29 30 31 32 33 FL125012665 FL155111005 FL145020005 200.9 5512.7 2832.6 203.9 5730.5 2901.3 203.4 6081.0 2910.8 205.4 5758.7 2843.0 206.3 5760.7 2777.5 205.2 5977.8 2831.2 203.4 6081.0 2910.8 202.4 6267.1 3040.9 202.6 6688.2 3162.7 31 32 33 Structures Equipment Intellectual Property Products Software Research and development Entertainment, literary, and artistic originals Net stocks (by sector) Memo: REITs residential structures (1) Consumer durable goods (3) Inventories (4) Supplements (1) Equity REIT residential structures are included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT residential structures are included with the financial business sector. (2) Domestic financial subsector detail, including REITs, are based on FRB staff estimates. (3) Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, consumer durables are included in household sector fixed investment (table B.101, line 8). (4) Not included above. 152 Z.1, September 23, 2021 S.1.a Total Economy - Current Account Integrated Accounts Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 16958.0 17807.9 18440.5 18788.5 19598.5 20652.6 21442.2 21064.3 1 2681.2 2815.0 2911.4 2987.1 3118.2 3273.4 3435.6 3575.9 2 14276.8 8843.6 7122.6 1721.0 1128.9 4304.2 14992.8 9259.7 7485.8 1773.9 1182.7 4550.4 15529.1 9709.5 7869.6 1839.9 1218.0 4601.6 15801.5 9977.1 8102.2 1874.9 1249.9 4574.5 16480.4 10436.7 8485.3 1951.5 1306.4 4737.2 17379.2 10969.8 8910.8 2059.0 1398.4 5011.0 18006.6 11459.4 9335.3 2124.2 1459.4 5087.8 17488.4 11580.1 9452.0 2128.0 773.3 5135.0 3 4 5 6 7 8 847.2 616.9 881.6 646.4 860.8 640.4 893.5 661.5 1032.7 738.2 1142.1 847.9 1160.3 893.9 992.9 770.6 9 10 1 FA896902505 Gross value added (income approach) 2 FA886300091 Less: Consumption of fixed capital 3 4 5 6 7 8 FA896902601 FA896025001 FA896020001 FA896401001 FA896240101 FA896402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 FA266904095 FA266904195 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 FA896140001 FA896402101 FA156025105 FA156020101 FA156401101 FA896240001 FA366402015 FA896150105 FA896130101 FA896120105 FA896121101 FA156122101 FA893092201 FA896112101 FA896150005 FA896130001 FA896120005 FA896121001 FA896122001 FA893192201 FA896112001 Equals: Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Taxes on production and imports, receivable Subsidies paid Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on U.S. direct investment abroad Rents on land and natural resources Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations Reinvested earnings on foreign direct investment Rents on land and natural resources 14507.1 4304.2 8835.0 7114.0 1721.0 1188.7 -59.7 6546.4 3105.2 3071.1 1523.9 1547.2 348.2 21.9 6307.5 3265.2 2932.7 1385.5 1547.2 87.8 21.9 15228.1 4550.4 9250.2 7476.3 1773.9 1240.8 -58.1 6799.2 3186.1 3252.2 1649.3 1602.9 337.9 22.9 6554.5 3346.3 3090.6 1487.7 1602.9 94.6 22.9 15749.5 4601.6 9699.4 7859.5 1839.9 1275.2 -57.2 6964.5 3307.1 3321.5 1753.4 1568.2 318.0 17.9 6734.0 3471.8 3158.8 1590.6 1568.2 85.6 17.9 16033.4 4574.5 9966.1 8091.2 1874.9 1311.6 -61.7 7077.5 3422.8 3326.4 1759.3 1567.1 312.7 15.6 6834.6 3599.7 3140.7 1573.6 1567.1 78.5 15.6 16774.9 4737.2 10426.1 8474.7 1951.5 1366.3 -59.9 7601.7 3660.9 3540.2 1890.5 1649.7 383.7 17.0 7296.6 3854.7 3329.8 1680.2 1649.7 95.1 17.0 17673.3 5011.0 10959.5 8900.5 2059.0 1461.7 -63.3 8426.3 3967.0 4701.4 2965.6 1735.8 -260.7 18.7 8121.9 4184.2 3800.4 2064.6 1735.8 118.5 18.7 18273.1 5087.8 11447.7 9323.5 2124.2 1532.3 -73.0 8564.0 4264.0 4107.6 2355.3 1752.3 171.9 20.4 8285.9 4499.3 3641.3 1889.0 1752.3 124.9 20.4 17710.7 5135.0 11572.2 9444.1 2128.0 1534.7 -761.4 8042.3 3916.7 3878.2 2082.2 1796.0 228.7 18.8 7812.0 4141.1 3569.4 1773.4 1796.0 82.7 18.8 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 FA896140001 FA896220001 FA896220005 FA896404105 FA896404005 FA896403105 FA896403005 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 14507.1 2046.8 2039.0 3495.4 3509.1 668.6 765.6 15228.1 2201.1 2191.6 3657.4 3671.7 746.6 843.2 15749.5 2347.5 2336.2 3845.2 3860.3 801.9 916.9 16033.4 2347.5 2334.4 3961.6 3977.1 829.6 956.7 16774.9 2373.9 2361.3 4111.6 4128.2 826.2 949.7 17673.3 2371.3 2357.8 4292.0 4309.4 861.9 996.3 18273.1 2522.3 2507.3 4509.8 4528.5 888.1 1034.2 17710.7 2486.7 2471.2 5645.8 5673.8 1156.3 1302.0 32 33 34 35 36 37 38 39 FA896012005 Equals: Disposable income, net 14404.1 15126.7 15630.6 15904.0 16647.4 17535.1 18123.1 17552.5 39 40 FA896901001 Less: Final consumption expenditures 13896.2 14414.0 14872.5 15356.4 15969.8 16782.9 17402.6 17125.6 40 41 FA896006001 Equals: Net saving 508.0 712.7 758.2 547.7 677.6 752.1 720.5 426.9 41 42 43 44 45 46 FA896902505 FA087005995 FA086902005 FA086902203 FA087005086 Addendum: Gross value added (line 1) Plus statistical discrepancy (NIPA) Equals: GDP (NIPA, expenditure approach) Average of GDP and GDI Statistical discrepancy as a percentage of GDP 16958.0 -114.8 16843.2 16900.6 -0.68 17807.9 -257.2 17550.7 17679.3 -1.47 18440.5 -234.5 18206.0 18323.3 -1.29 18788.5 -93.4 18695.1 18741.8 -0.50 19598.5 -118.9 19479.6 19539.1 -0.61 20652.6 -125.5 20527.2 20589.9 -0.61 21442.2 -69.7 21372.6 21407.4 -0.33 21064.3 -170.6 20893.7 20979.0 -0.82 42 43 44 45 46 153 Z.1, September 23, 2021 S.2.a Selected Aggregates for Total Economy and Sectors 2013 2014 2015 2016 2017 2018 2019 2020 1 2 3 4 5 6 7 FA896902505 FA156902505 FA116902505 FA106902501 FA796902505 FA316902505 FA216902505 Gross value added Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government 16958.0 2114.2 3070.0 8378.0 1158.7 711.0 1526.1 17807.9 2182.9 3234.3 8785.5 1308.7 723.1 1573.5 18440.5 2260.2 3296.0 9128.5 1391.9 737.3 1626.7 18788.5 2344.1 3315.3 9238.2 1480.9 749.0 1661.1 19598.5 2436.0 3488.8 9664.1 1537.2 768.1 1704.3 20652.6 2551.4 3682.0 10179.9 1666.2 795.7 1777.4 21442.2 2669.0 3789.6 10604.0 1730.2 817.9 1831.6 21064.3 2755.5 3552.4 10168.8 1872.1 855.1 1860.5 1 2 3 4 5 6 7 8 9 10 11 12 13 FA896006001 FA156006005 FA106012095 FA796012095 FA316006085 FA216006095 Net saving Households and nonprofit institutions serving households Nonfinancial corporate business Financial business Federal government State and local government 508.0 766.0 641.9 -2.9 -631.8 -265.3 712.7 930.9 589.1 28.0 -597.4 -237.9 758.2 1034.9 529.1 -29.8 -560.2 -215.8 547.7 987.8 441.8 30.3 -667.6 -244.7 677.6 1076.4 514.0 38.5 -720.7 -230.6 752.1 1190.9 584.8 100.2 -928.1 -195.8 720.5 1237.8 487.5 191.7 -1047.5 -149.0 426.9 2887.5 457.8 115.4 -3110.0 76.1 8 9 10 11 12 13 14 15 16 17 18 19 20 FA155440005 FA115440005 FA105440005 FA795440005 FA315440005 FA215440005 FA265440005 Net capital transfers Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 20.0 -0.0 -5.7 0.0 64.3 -71.6 -7.0 9.3 0.0 -6.7 10.0 64.9 -70.6 -6.9 21.5 0.0 -3.2 0.0 59.9 -69.8 -8.4 14.7 0.0 2.6 1.8 60.5 -72.6 -7.0 -15.0 -9.4 191.5 102.7 -181.9 -72.0 -16.0 9.6 -3.0 -6.2 16.9 59.6 -72.2 -4.6 15.4 0.0 -12.4 0.0 77.8 -73.9 -6.8 2.5 0.0 13.6 0.0 72.6 -82.7 -6.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 FA885019005 FA155019005 FA115019085 FA105019085 FA795013005 FA315019001 FA215019001 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 3321.9 592.0 320.0 1606.5 203.0 269.6 330.8 3562.8 633.6 354.1 1753.8 218.7 263.8 338.8 3723.0 706.6 362.8 1789.5 241.5 266.6 356.0 3808.7 768.1 375.2 1766.2 259.3 268.8 371.1 4020.3 825.3 399.3 1867.9 259.4 280.0 388.3 4281.7 867.7 416.2 2015.3 279.8 299.6 403.0 4492.6 887.1 435.7 2118.5 311.4 317.5 422.5 4478.9 955.6 434.9 2012.3 294.6 340.3 441.2 21 22 23 24 25 26 27 28 29 30 31 32 33 34 FA886300095 FA156300003 FA116300001 FA106300003 FA796300081 FA316300001 FA216300001 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 2681.2 437.8 277.2 1279.7 181.8 265.9 238.8 2815.0 467.3 291.6 1349.2 190.3 270.2 246.3 2911.4 485.4 302.2 1401.7 199.2 271.5 251.4 2987.1 509.0 310.0 1430.2 210.7 270.7 256.4 3118.2 538.4 322.5 1492.8 222.4 275.9 266.2 3273.4 574.8 337.4 1561.2 234.6 284.9 280.5 3435.6 600.3 351.7 1644.8 251.8 293.3 293.7 3575.9 631.0 364.1 1707.6 266.8 303.5 302.8 28 29 30 31 32 33 34 35 36 37 FA145020005 FA115020005 FA105020005 Change in inventories Nonfinancial noncorporate business Nonfinancial corporate business 104.5 21.4 83.1 84.0 9.6 74.3 136.8 19.9 116.9 36.3 1.7 34.6 29.5 1.2 28.3 58.7 3.7 55.0 73.6 0.3 73.3 -59.6 -11.2 -48.3 35 36 37 38 39 40 41 42 43 44 FA885000985 FA155000905 FA115000905 FA105000905 FA795000995 FA315000995 FA215000995 -244.2 601.0 -64.2 236.4 -24.0 -697.3 -296.0 -125.9 764.9 -72.1 115.3 -10.4 -653.2 -270.3 -198.5 802.6 -80.5 -1.8 -72.0 -584.4 -262.4 -317.3 725.3 -66.9 61.4 -20.1 -717.3 -299.7 -270.0 816.7 -68.7 -81.0 -101.3 -540.7 -295.0 -319.5 902.0 -79.5 83.5 38.2 -1001.5 -262.2 -417.0 949.7 -84.3 -46.9 132.0 -1146.9 -220.7 -422.4 2574.7 -59.5 188.1 87.7 -3216.5 3.1 38 39 40 41 42 43 44 45 46 FA087005995 FA265000905 Net lending (+) or net borrowing (-) (capital account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Statistical discrepancy (NIPA) Rest of the world -114.8 359.0 -257.2 383.0 -234.5 433.0 -93.4 410.7 -118.9 388.9 -125.5 445.0 -69.7 486.7 -170.6 593.0 45 46 47 48 49 50 51 52 53 FA885000005 FA155000005 FA115000005 FA105000005 FA795000005 FA315000005 FA215000005 141.4 684.2 -64.2 114.6 158.2 -508.4 -243.0 -204.4 1143.8 -72.1 -319.9 -4.7 -732.8 -218.6 391.1 1127.3 -80.5 -95.1 107.4 -518.8 -149.3 -374.6 352.7 -66.9 148.8 14.7 -677.0 -146.9 583.5 797.9 -68.7 240.7 259.1 -479.8 -165.7 15.5 1062.4 -79.5 18.9 151.6 -975.1 -162.8 635.4 1576.3 -84.3 435.7 80.9 -1112.4 -260.9 -579.9 2617.3 -59.5 47.4 72.3 -3245.8 -11.7 47 48 49 50 51 52 53 54 FA265000005 Net lending (+) or net borrowing (-) (financial account) Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Addendum: Rest of the world 342.6 240.6 331.7 404.6 342.5 239.2 296.9 486.2 54 55 56 57 58 59 60 61 FV158090185 FV118090105 FV108090105 FV798090185 FV318090185 FV218090185 FV268090185 Total other volume changes Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 1348.0 -0.0 -166.5 119.3 180.6 -710.4 49.0 823.5 0.0 -451.9 -180.0 -51.4 -62.6 -203.9 552.6 0.0 -201.7 222.9 122.5 5.9 -91.1 45.0 -0.0 -90.1 208.9 64.9 76.8 -81.6 280.4 0.0 319.9 -51.3 -139.9 69.1 -61.9 458.9 -0.0 369.4 226.9 22.7 24.6 171.4 1444.6 -0.0 517.4 -418.9 185.4 11.7 -89.6 606.3 0.0 -164.7 116.5 21.1 -50.0 -116.1 55 56 57 58 59 60 61 62 63 64 65 66 67 68 FR158200095 FR118200005 FR108200005 FR798200005 FR318200005 FR218200005 FR265000005 Holding gains/losses Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 6616.2 -0.0 -4474.8 -1674.5 74.2 792.1 361.0 4257.6 0.0 -2170.9 -10.0 48.5 334.5 1415.1 1459.2 -0.0 1229.2 -322.3 6.0 -24.3 128.2 4086.7 0.0 -1611.5 -701.7 55.5 383.5 415.0 7357.9 -9.4 -4018.2 -551.8 88.5 842.4 -814.8 -768.6 -3.0 2290.6 168.0 105.6 240.9 1264.7 9819.6 0.0 -7443.4 -363.3 57.9 947.7 1072.5 10364.6 -0.0 -8341.3 494.7 94.8 749.2 2224.7 62 63 64 65 66 67 68 Integrated Accounts Billions of dollars 154 Z.1, September 23, 2021 S.2.a Selected Aggregates for Total Economy and Sectors Integrated Accounts Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 69 70 71 72 73 74 75 FC152090005 FC112090095 FC102090095 FC792090095 FC312090095 FC212090095 FC262090095 Change in net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 8710.2 0.0 -3993.7 -1558.1 -441.2 -112.0 769.0 6002.7 0.0 -2027.0 -172.0 -665.2 104.6 1594.2 3025.1 0.0 1559.9 -129.1 -491.7 -164.4 470.1 5104.9 0.0 -1262.4 -464.3 -607.8 288.2 744.1 8729.7 0.0 -3375.8 -667.3 -590.2 752.8 -487.8 871.6 0.0 3250.9 478.2 -859.3 142.0 1881.1 12486.6 0.0 -6426.0 -590.6 -881.9 884.3 1469.6 13855.9 0.0 -8061.8 726.6 -3066.8 858.1 2701.5 69 70 71 72 73 74 75 76 77 78 79 80 81 82 FL152090005 FL112090095 FL102090095 FL792090095 FL312090095 FL212090095 FL262090095 Net worth Households and nonprofit institutions serving households Nonfinancial noncorporate business Nonfinancial corporate business Financial business Federal government State and local government Rest of the world 80611.0 0.0 -8498.1 -414.8 -10992.7 5133.2 5084.5 86613.7 0.0 -10525.2 -586.9 -11657.9 5237.8 6678.7 89638.8 0.0 -8965.3 -716.0 -12149.6 5073.4 7148.8 94743.7 0.0 -10227.7 -1180.2 -12757.3 5361.6 7892.9 103473.4 0.0 -13603.5 -1847.6 -13347.5 6114.4 7405.1 104345.0 0.0 -10352.6 -1369.3 -14206.8 6256.5 9286.1 116831.7 0.0 -16778.7 -1959.9 -15088.8 7140.8 10755.7 130687.6 0.0 -24840.5 -1233.3 -18155.5 7998.9 13457.3 76 77 78 79 80 81 82 155 Z.1, September 23, 2021 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 2114.2 2182.9 2260.2 2344.1 2436.0 2551.4 2669.0 2755.5 1 437.8 467.3 485.4 509.0 538.4 574.8 600.3 631.0 2 1676.4 780.0 641.7 138.3 162.1 734.4 1715.6 812.2 669.4 142.8 168.9 734.5 1774.8 852.7 704.9 147.8 174.4 747.6 1835.1 888.5 730.6 157.8 181.3 765.3 1897.6 919.4 760.9 158.6 188.4 789.8 1976.6 966.1 797.8 168.3 197.0 813.5 2068.7 1012.3 836.5 175.8 212.9 843.5 2124.5 1040.8 859.0 181.7 217.5 866.2 3 4 5 6 7 8 Current account 1 FA156902505 Gross value added 2 FA156300003 Less: Consumption of fixed capital 3 4 5 6 7 8 FA156902605 FA156025005 FA156020001 FA156401001 FA156240101 FA156402101 Equals: Net value added Compensation paid by households and NPISHs Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 9 10 11 12 13 14 15 16 17 18 19 FA156140005 FA156402101 FA156025105 FA156020101 FA156401101 FA156150105 FA156130101 FA156120105 FA156121101 FA156122101 FA156130001 Net national income/Balance of primary incomes, net Operating surplus, net Compensation of employees (received) Wages and salaries Employers’ social contributions Property income (received) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Less: Uses of property income (interest paid) 12657.8 13354.0 13947.8 14288.5 15002.5 15766.0 16366.1 16557.1 9 734.4 734.5 747.6 765.3 789.8 813.5 843.5 866.2 10 8835.0 9250.2 9699.4 9966.1 10426.1 10959.5 11447.7 11572.2 11 7114.0 7476.3 7859.5 8091.2 8474.7 8900.5 9323.5 9444.1 12 1721.0 1773.9 1839.9 1874.9 1951.5 2059.0 2124.2 2128.0 13 3607.5 3894.4 4044.5 4111.2 4359.0 4605.5 4721.8 4709.7 14 1267.0 1338.3 1443.3 1466.7 1554.8 1616.4 1653.5 1616.0 15 2340.5 2556.1 2601.2 2644.6 2804.2 2989.1 3068.3 3093.8 16 793.3 953.2 1033.1 1077.4 1154.5 1253.3 1316.0 1297.8 17 1547.2 1602.9 1568.2 1567.1 1649.7 1735.8 1752.3 1796.0 18 519.2 525.2 543.8 554.1 572.4 612.6 647.0 591.0 19 20 21 22 23 24 25 FA156140005 FA156220001 FA156404105 FA156600001 FA156403101 FA156403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) 12657.8 13354.0 13947.8 14288.5 15002.5 15766.0 16366.1 16557.1 20 1676.4 1784.6 1939.9 1958.2 2049.0 2076.3 2205.1 2195.6 21 2385.9 2498.6 2635.1 2717.3 2807.6 2926.1 3083.1 4181.3 22 1104.3 1153.6 1204.7 1238.8 1298.8 1360.5 1421.4 1459.5 23 38.4 42.9 50.3 59.7 48.7 50.2 56.0 59.9 24 172.0 178.8 190.1 187.4 195.6 201.1 212.2 208.2 25 26 FA156012095 Equals: Disposable income, net 12129.5 12778.6 13298.3 13681.1 14315.5 15104.5 15666.5 16935.1 26 27 FA156901001 Less: Final consumption expenditures 11363.5 11847.7 12263.5 12693.3 13239.1 13913.5 14428.7 14047.6 27 28 FA156006005 Equals: Net saving 766.0 930.9 1034.9 987.8 1076.4 1190.9 1237.8 2887.5 28 2885.0 29 2887.5 30 2.5 31 Capital account 29 30 31 FA156006315 FA156006005 FA155440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 746.0 766.0 20.0 921.6 930.9 9.3 1013.4 1034.9 21.5 973.2 987.8 14.7 1091.4 1076.4 -15.0 1181.4 1190.9 9.6 1222.4 1237.8 15.4 32 33 34 35 36 37 FA155050905 FA155019005 FA155012005 FA165013005 FA156300003 FA155420003 Capital formation, net Gross fixed capital formation, excluding consumer durables Residential Nonresidential (nonprofit organizations) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 144.9 592.0 423.9 168.0 437.8 -9.3 156.7 633.6 463.9 169.7 467.3 -9.5 210.8 706.6 523.8 182.8 485.4 -10.4 247.8 768.1 577.6 190.5 509.0 -11.3 274.7 825.3 631.4 193.9 538.4 -12.2 279.4 867.7 663.6 204.1 574.8 -13.5 272.7 887.1 673.4 213.7 600.3 -14.0 38 FA155000905 Net lending (+) or borrowing (-), capital account (lines 29-32) 601.0 764.9 802.6 725.3 816.7 902.0 949.7 2574.7 38 601.0 764.9 802.6 725.3 816.7 902.0 949.7 2574.7 39 1002.1 1335.2 1464.2 801.2 1377.0 1541.7 2098.6 3244.0 40 364.4 193.9 167.9 2.6 0.0 430.5 -5.2 442.0 -6.4 0.0 655.9 105.9 563.8 -13.8 0.0 586.0 -78.7 670.3 -5.6 0.0 365.9 177.5 175.7 12.7 0.0 352.7 -86.3 436.2 2.9 0.0 489.8 -45.8 536.6 -1.0 0.0 2196.4 1712.1 476.5 7.8 0.0 41 42 43 44 45 -721.0 -183.3 -117.2 -41.8 -378.7 -88.3 -206.7 124.9 -50.3 43.8 198.0 306.2 197.7 -38.9 -267.1 -135.9 108.2 -99.0 12.0 -157.1 -91.8 -63.4 32.6 -38.0 -22.9 825.8 601.6 169.3 1.1 53.8 258.7 174.7 123.9 -67.5 27.6 -475.8 -124.8 -346.1 -33.8 28.8 46 47 48 49 50 75.2 78.7 -3.5 59.8 67.9 -8.2 -69.5 -54.7 -14.8 -6.6 -1.4 -5.2 -63.1 -59.8 -3.3 -21.2 -15.7 -5.5 32.7 35.2 -2.5 677.1 300.5 231.4 2.0 144.9 -1.8 500.1 236.9 219.4 -23.9 67.7 0.0 186.0 -26.9 97.5 -16.9 132.2 0.0 -65.5 73.9 54.3 7.3 -201.0 0.0 596.0 129.3 308.7 59.4 98.7 0.0 -4.4 -182.3 19.1 181.1 -22.4 0.0 813.8 62.4 320.9 411.8 18.8 0.0 310.3 955.6 738.5 217.1 631.0 -14.4 32 33 34 35 36 37 39 FA155000905 Net lending (+) or borrowing (-) (line 38) 40 FA154090005 Net acquisition of financial assets 41 42 43 44 45 FA154000005 FA153020005 FA153030005 FA153091003 FA313131003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits Postal savings system deposits 46 47 48 49 50 FA154022005 FA153061105 FA153061705 FA153062005 FA153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 51 52 53 FA154023005 FA154041005 FA153065005 Loans Short term Long term (mortgages) 54 55 56 57 58 59 FA153081005 FA153064105 FA153064205 FA153034005 FA152090205 FA153094305 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program (3) 109.3 51 114.8 52 -5.5 53 763.8 435.7 -59.5 337.4 50.2 0.0 54 55 56 57 58 59 Integrated Accounts Financial account 156 Z.1, September 23, 2021 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2013 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 405.7 -4.3 49.8 338.0 11.9 10.4 2015 493.6 26.3 47.2 407.1 5.6 7.4 2016 420.0 31.1 41.8 321.5 12.8 12.9 2017 554.0 31.6 19.0 480.8 13.1 9.6 2018 385.3 17.9 49.4 283.7 20.3 13.9 2019 495.9 12.0 16.7 437.4 15.4 14.4 2020 60 61 62 63 64 65 FA153052005 FA153076005 FA153040005 FA153050005 FA153095105 FA313195105 66 FA163096005 Other accounts receivable 5.6 27.5 0.2 3.2 16.0 3.5 7.6 43.1 66 67 FA154190005 Net incurrence of liabilities 317.9 191.5 336.9 448.5 579.2 479.3 522.3 626.7 67 68 FA163162003 Debt securities (municipals) -13.6 -6.5 -8.2 -3.0 1.4 -2.4 -3.3 -9.9 68 69 70 71 72 73 74 FA154123005 FA154141005 FA153166000 FA153168005 FA153169005 FA153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 334.1 337.0 177.6 10.2 149.2 -2.9 170.1 168.2 219.1 19.8 -70.6 1.8 324.1 194.2 233.5 31.5 -70.9 129.9 443.7 233.5 236.2 10.6 -13.3 210.1 569.6 267.4 194.3 7.9 65.1 302.2 473.0 182.1 172.7 39.9 -30.5 290.8 517.2 220.1 185.1 11.1 23.8 297.1 75 FA543077073 Insurance, pension and standardized guarantee schemes 3.0 1.2 1.7 -0.3 1.8 1.9 1.5 0.1 75 76 FA163170005 Other accounts payable (trade debt) -5.6 26.7 19.2 8.2 6.4 6.7 6.9 6.7 76 77 FA155000005 684.2 1143.8 1127.3 352.7 797.9 1062.4 1576.3 2617.3 77 1348.0 147.0 0.0 1117.9 -83.1 823.5 180.4 0.0 264.2 -378.9 552.6 209.9 0.0 18.0 -324.7 45.0 230.8 0.0 186.8 372.6 280.4 234.7 -55.2 119.8 18.8 458.9 262.9 -29.7 65.3 -160.4 1444.6 258.9 0.0 559.1 -626.6 606.3 304.0 0.0 259.8 -42.6 78 79 80 81 82 Addendum: Net lending (+) or borrowing (-), financial account (lines 40-67) 600.8 32.3 20.9 524.7 10.7 12.2 2014 607.2 8.8 94.2 479.8 16.2 8.2 629.8 177.1 -11.9 20.4 168.6 452.7 60 61 62 63 64 65 69 70 71 72 73 74 Other changes in volume account 78 79 80 81 82 FV158090185 FU155111005 FV152010005 FV158090085 FU157005045 Total other volume changes Net investment in consumer durable goods Disaster losses Other volume changes Less: Statistical discrepancy (lines 38-77) (5) 83 84 85 86 87 FR152010085 FR155035005 FR165015205 FR165013765 FR155111005 Nonfinancial assets Real estate Equipment Intellectual property products Consumer durable goods 1861.0 1956.7 -3.7 3.0 -94.9 1315.0 1417.5 -2.7 0.8 -100.6 1509.0 1575.8 -2.7 -1.9 -62.2 1610.9 1686.6 -2.6 2.2 -75.3 1811.1 1907.9 -2.3 3.1 -97.6 1493.1 1540.2 -0.5 3.2 -49.8 1496.8 1537.3 -0.9 1.4 -41.1 2811.2 2755.0 3.3 6.3 46.5 83 84 85 86 87 88 89 90 91 92 93 94 FR158080095 FR154022005 FR153064105 FR153064205 FR152090205 FR153094305 FR153052045 Financial assets Debt securities Corporate equities Mutual fund shares Equity in noncorporate business Equity investment under Public-Private Inv. Program Insurance, pension and standardized guarantee schemes 4755.1 -314.9 2469.0 817.0 827.8 0.0 956.2 2942.6 199.8 1517.5 246.6 591.8 0.0 386.9 -49.8 -67.9 -147.8 -201.9 525.3 0.0 -157.5 2475.9 -39.1 1219.2 293.5 537.8 0.0 464.5 5546.8 55.6 2636.7 1038.7 767.4 0.0 1048.4 -2261.7 -75.3 -1487.7 -670.4 491.0 0.0 -519.3 8322.9 204.9 4345.6 1499.4 715.3 0.0 1557.7 7553.4 198.4 4159.1 1168.2 826.8 0.0 1200.9 88 89 90 91 92 93 94 95 FR158200095 6616.2 4257.6 1459.2 4086.7 7357.9 -768.6 8710.2 6002.7 3025.1 5104.9 8729.7 Revaluation account Changes in net worth due to nominal holding gains/losses 9819.6 10364.6 95 Changes in balance sheet account 96 FC152090005 Change in net worth (lines 32+38+78+95) 871.6 12486.6 13855.9 96 Balance sheet account (end of period) Integrated Accounts 97 FL152000005 Total assets 94835.2 100984.3 104202.9 109726.3 119009.4 120345.3 133338.4 147817.4 97 98 LM152010005 99 LM155035005 100 LM155111005 101 LM165015205 102 LM165013765 Nonfinancial assets Real estate Consumer durable goods Equipment Intellectual property products 28007.0 29656.6 31583.8 33669.6 35931.9 37932.8 39951.3 43375.3 98 22735.8 24280.8 26035.5 27938.3 30037.6 31794.7 33567.4 36602.5 99 4779.6 4859.3 5007.0 5162.5 5299.6 5512.7 5730.5 6081.0 100 346.1 364.1 383.8 401.9 418.0 438.5 459.3 485.6 101 145.4 152.4 157.5 166.8 176.7 186.8 194.2 206.1 102 103 FL154090005 Financial assets 66828.2 71327.7 72619.1 76056.7 83077.5 82412.5 93387.0 104442.1 103 104 105 106 107 108 FL154000005 FL153020005 LM153091003 FL153030005 FL313131003 Currency and deposits Currency and transferable deposits Foreign deposits Time and savings deposits Postal savings system deposits 8123.4 1104.8 52.1 6966.5 0.0 8616.7 1099.6 45.7 7471.4 0.0 9288.0 1207.1 31.9 8049.0 0.0 9863.3 10193.3 10546.2 11048.7 13244.5 104 1117.5 1295.0 1208.7 1173.4 2885.5 105 26.3 39.0 41.8 40.8 48.6 106 8719.5 8859.3 9295.7 9834.5 10310.5 107 0.0 0.0 0.0 0.0 0.0 108 157 Z.1, September 23, 2021 S.3.a Households and Nonprofit Institutions Serving Households Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 109 110 111 112 113 LM154022005 LM153061105 LM153061705 LM153062005 LM153063005 Debt securities Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3907.2 849.3 178.5 1849.5 1029.9 4057.0 708.2 293.1 1949.4 1106.3 3973.9 998.5 493.3 1913.5 568.6 3710.5 1082.8 395.4 1890.2 342.0 3706.4 1098.3 432.3 1900.5 275.2 4424.1 1659.2 587.9 1882.2 294.8 4727.1 1775.1 685.4 1904.9 361.7 4492.7 1747.5 314.8 1923.3 507.0 114 115 116 FL154023005 FL154041005 FL153065005 Loans Short term Long term (mortgages) 1216.0 1094.4 121.7 1275.8 1162.3 113.5 1206.3 1107.6 98.7 1199.7 1106.2 93.5 1136.6 1046.4 90.2 1115.3 1030.7 84.6 1148.0 1065.9 82.1 1257.4 114 1180.8 115 76.6 116 117 118 119 120 121 122 FL153081005 LM153064105 LM153064205 FL153034005 LM152090205 LM153094305 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) 28660.7 31519.7 31886.1 34014.6 39029.8 37346.1 45179.7 52148.1 117 12159.3 13913.7 13739.1 15173.8 17939.8 16269.8 20989.3 25634.0 118 6593.3 7059.3 6955.0 7302.8 8650.1 7998.8 9966.1 11074.8 119 1591.9 1568.0 1551.1 1558.5 1617.9 1799.0 2210.7 2548.2 120 8316.2 8978.6 9641.0 9979.6 10822.1 11278.5 12013.5 12891.1 121 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 122 123 124 125 126 127 128 FL153052005 FL153076005 FL153040005 FL153050005 FL153095105 FL313195105 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements (4) Non-life insurance reserves at life insurance companies Retiree Health Care Funds 24707.7 25617.8 26023.8 27024.5 28751.1 28717.1 31012.3 32985.0 123 489.4 485.1 511.4 542.4 574.0 591.9 603.9 612.7 124 1407.8 1472.1 1510.9 1568.1 1626.6 1659.1 1731.3 1867.0 125 22275.0 23102.8 23430.8 24317.6 25931.6 25812.9 27994.1 29797.8 126 288.6 300.4 306.0 318.8 331.8 352.2 367.6 383.8 127 246.9 257.3 264.7 277.6 287.1 301.0 315.4 323.6 128 129 FL163096005 Other accounts receivable 130 FL152100005 Total liabilities and net worth 131 FL154190005 132 FL163162003 Debt securities (municipals) 133 134 135 136 137 138 FL154123005 FL154141005 FL153166000 FL153168005 FL153169005 FL153165005 Loans Short term Consumer credit Depository institution loans n.e.c. Other loans and advances Long term (mortgages) 139 FL543077073 Insurance, pension and standardized guarantee schemes 140 FL163170005 Other accounts payable (trade debt) 141 FL152090005 Liabilities Net worth 213.2 240.7 241.0 244.2 260.2 263.7 271.3 109 110 111 112 113 314.5 129 94835.2 100984.3 104202.9 109726.3 119009.4 120345.3 133338.4 147817.4 130 14224.1 14370.6 14564.1 14982.5 15536.0 16000.2 16506.7 17129.8 131 234.7 228.2 220.0 217.0 218.4 216.0 212.8 202.8 132 13665.3 13790.4 13971.1 14384.8 14928.6 15386.6 15887.9 16514.1 133 4006.6 4174.8 4239.5 4473.0 4740.4 4926.1 5146.2 5328.0 134 3090.5 3309.5 3400.2 3636.4 3830.8 4007.0 4192.2 4185.0 135 216.0 235.8 280.6 291.3 299.1 339.0 350.2 370.5 136 700.2 629.5 558.7 545.3 610.5 580.0 603.8 772.4 137 9658.7 9615.6 9731.6 9911.8 10188.2 10460.5 10741.7 11186.1 138 28.7 29.9 31.6 31.3 33.1 35.0 36.5 36.6 139 295.4 322.1 341.3 349.5 355.9 362.6 369.5 376.3 140 80611.0 86613.7 89638.8 94743.7 103473.4 104345.0 116831.7 130687.6 141 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP). (4) Includes variable annuities, including those in IRAs, at life insurance companies. (5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. 158 Z.1, September 23, 2021 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 3070.0 3234.3 3296.0 3315.3 3488.8 3682.0 3789.6 3552.4 1 277.2 291.6 302.2 310.0 322.5 337.4 351.7 364.1 2 Current account 1 FA116902505 Gross value added 2 FA116300001 Less: Consumption of fixed capital 3 4 5 6 7 8 FA116902605 FA116025001 FA116020001 FA116401005 FA116240101 FA116402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2792.7 905.9 758.9 147.0 167.7 1719.2 2942.7 949.3 800.2 149.0 182.9 1810.6 2993.8 1002.2 847.2 155.0 203.5 1788.1 3005.2 1036.4 877.8 158.7 208.4 1760.4 3166.3 1087.3 921.2 166.1 222.8 1856.2 3344.5 1144.5 968.6 175.8 237.0 1963.0 3437.9 1204.1 1021.2 182.8 243.3 1990.5 3188.3 1171.4 990.9 180.5 23.5 1993.4 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA116140001 FA116402105 FA116130101 FA116150005 FA116130001 FA116122001 FA113192281 FA116112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (interest received) Less: Uses of property income (paid) Interest Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 27.4 1719.2 12.8 1704.5 211.4 1492.9 0.2 0.0 28.1 1810.6 13.6 1796.0 215.8 1580.0 0.2 0.0 25.7 1788.1 14.6 1777.0 222.6 1554.2 0.2 0.0 22.7 1760.4 15.6 1753.3 232.6 1520.4 0.3 0.0 30.6 1856.2 18.0 1843.6 252.0 1591.2 0.4 0.0 29.8 1963.0 21.0 1954.2 256.5 1697.0 0.8 0.0 25.6 1990.5 22.0 1986.9 271.7 1713.7 1.4 0.0 28.6 1993.4 20.5 1985.3 230.9 1753.4 1.0 0.0 9 10 11 12 13 14 15 16 17 18 FA116140001 FA116403001 Net national income/Balance of primary incomes, net Less: Other current transfers (paid) 27.4 27.4 28.1 28.1 25.7 25.7 22.7 22.7 30.6 30.6 29.8 29.8 25.6 25.6 28.6 28.6 17 18 19 FA116012005 Equals: Disposable income, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19 20 FA116012005 Equals: Net saving 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.4 0.0 -9.4 3.0 0.0 -3.0 0.0 0.0 0.0 0.0 0.0 0.0 21 22 23 Capital account 21 22 23 FA116006305 FA116012005 FA115440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 24 25 26 27 28 29 FA115050985 FA115019085 FA115013085 FA115012005 FA116300001 FA115020005 Capital formation, net Gross fixed capital formation Nonresidential Residential Less: Consumption of fixed capital Change in private inventories 64.2 320.0 240.3 79.7 277.2 21.4 72.1 354.1 265.1 89.0 291.6 9.6 80.5 362.8 261.0 101.8 302.2 19.9 66.9 375.2 262.6 112.6 310.0 1.7 78.1 399.3 280.1 119.2 322.5 1.2 82.5 416.2 291.4 124.8 337.4 3.7 84.3 435.7 305.7 130.0 351.7 0.3 59.5 434.9 294.5 140.5 364.1 -11.2 24 25 26 27 28 29 30 FA115000905 Net lending (+) or borrowing (-), capital account (lines 21-24) -64.2 -72.1 -80.5 -66.9 -68.7 -79.5 -84.3 -59.5 30 Integrated Accounts Financial account 31 FA115000905 Net lending (+) or borrowing (-) (line 30) -64.2 -72.1 -80.5 -66.9 -68.7 -79.5 -84.3 -59.5 31 32 FA114090005 Net acquisition of financial assets 266.8 372.5 310.6 383.9 613.6 309.1 331.5 545.4 32 33 34 35 FA114000005 FA113020005 FA113030003 Currency and deposits Currency and transferable deposits Time and savings deposits 23.4 -8.1 31.5 85.1 69.4 15.7 18.6 7.4 11.3 73.0 24.8 48.2 117.9 26.7 91.1 59.3 11.5 47.8 79.0 20.4 58.6 226.6 104.1 122.5 33 34 35 36 37 38 FA114022005 FA113061003 FA113062003 Debt securities Treasury securities Municipal securities 4.4 5.7 -1.4 -0.4 0.2 -0.7 6.0 5.7 0.3 2.8 2.0 0.9 6.9 6.1 0.8 1.9 2.2 -0.3 1.0 0.9 0.1 3.0 2.7 0.3 36 37 38 39 40 41 FA114023005 FA113066003 FA113065005 Loans Short term (consumer credit) Long term (mortgages) 1.0 0.0 1.0 -0.4 0.0 -0.4 7.1 0.0 7.1 -2.0 0.0 -2.0 8.4 0.0 8.4 1.0 0.0 1.0 2.7 0.0 2.7 4.3 0.0 4.3 39 40 41 42 43 44 FA113081005 FA113034003 FA113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 2.6 2.0 0.6 3.7 2.9 0.7 3.0 2.5 0.5 3.3 2.6 0.7 11.6 9.1 2.6 4.9 4.8 0.2 6.1 5.8 0.3 9.3 9.1 0.2 42 43 44 45 FA113076005 Insurance, pension and standardized guarantee schemes (4) -26.2 12.7 -10.2 -3.0 4.1 -1.3 10.0 16.2 45 46 47 48 49 FA113096005 FA113070003 FA113072003 FA113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 261.5 47.3 0.0 214.3 271.9 21.4 0.0 250.5 286.1 -3.6 0.0 289.6 309.7 76.7 0.0 232.9 464.8 55.0 0.0 409.7 243.2 49.6 0.0 193.6 232.7 47.7 0.0 185.0 286.1 47.1 117.5 121.5 46 47 48 49 50 FA114194005 331.0 444.7 391.1 450.7 682.3 388.6 415.8 605.0 50 51 52 53 54 55 56 57 FA114135005 FA114141005 FA113168005 FA113169005 FA114142005 FA113165005 FA115114305 109.3 27.8 21.6 6.3 81.5 81.4 0.1 286.0 97.4 86.2 11.2 188.6 188.2 0.4 252.9 71.4 64.1 7.3 181.5 181.1 0.4 390.3 120.0 119.1 0.8 270.3 269.3 1.0 465.2 134.0 128.9 5.1 331.2 331.6 -0.4 298.1 86.7 77.9 8.8 211.4 206.7 4.7 272.9 24.7 16.0 8.6 248.3 248.4 -0.2 510.4 269.4 173.3 96.1 241.0 241.5 -0.5 51 52 53 54 55 56 57 Net incurrence of liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 159 Z.1, September 23, 2021 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 2013 58 59 60 FA113181005 FA112090205 FA115114103 Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity 61 62 63 64 FA113196005 FA113170005 FA113178003 FA113193003 Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) 65 FA115000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 32-50) 2014 2015 2016 2017 2018 2019 2020 142.3 142.0 0.3 64.9 63.4 1.4 128.4 126.9 1.5 -216.7 -218.4 1.7 100.4 97.7 2.7 -27.0 -31.9 5.0 12.8 13.5 -0.7 44.8 43.3 1.4 58 59 60 79.3 34.3 3.2 41.8 93.8 9.0 6.8 77.9 9.8 -16.0 5.2 20.7 277.1 65.8 10.0 201.4 116.8 7.8 4.6 104.4 117.4 5.4 18.5 93.6 130.1 42.9 8.4 78.7 49.8 -25.8 13.1 62.5 61 62 63 64 -64.2 -72.1 -80.5 -66.9 -68.7 -79.5 -84.3 -59.5 65 -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 -0.0 0.0 -25.2 25.2 -0.0 -13.4 13.4 -0.0 0.0 -0.0 0.0 0.0 0.0 66 67 68 834.0 832.8 398.6 434.2 11.7 -2.2 13.9 4.7 -15.2 591.5 571.8 320.9 250.9 13.9 -2.9 16.8 1.8 4.0 527.4 565.4 348.8 216.6 12.0 -1.9 13.9 -0.1 -49.9 544.6 533.6 363.3 170.3 19.5 -2.5 22.0 3.2 -11.7 756.7 718.0 447.9 270.1 25.6 -1.4 26.9 5.1 8.0 539.5 500.3 437.9 62.4 37.6 3.3 34.3 4.3 -2.7 738.8 714.3 400.8 313.5 24.2 -2.3 26.5 3.6 -3.2 837.4 790.3 620.6 169.6 40.1 6.8 33.3 9.2 -2.2 69 70 71 72 73 74 75 76 77 -3.8 2.1 -1.0 -1.0 0.1 -1.2 3.2 3.5 78 830.1 0.0 827.8 2.3 593.6 -0.0 591.8 1.8 526.4 0.0 525.3 1.1 543.6 -0.1 537.8 5.9 766.2 0.1 767.4 -1.2 541.3 0.1 491.0 50.3 742.1 0.1 715.3 26.7 840.9 -0.0 826.8 14.1 79 80 81 82 -0.0 0.0 -0.0 0.0 -9.4 -3.0 0.0 -0.0 83 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 84 14374.4 15412.7 16330.2 17324.5 18747.8 19664.3 20822.2 22268.1 85 10517.7 11181.3 11789.2 12400.6 13210.2 13818.8 14641.9 15538.8 9269.4 9878.0 10495.5 11092.8 11860.2 12416.7 13202.9 14067.5 5047.3 5372.7 5735.0 6118.8 6566.3 7013.1 7437.3 8087.8 4222.1 4505.3 4760.5 4974.0 5293.9 5403.6 5765.6 5979.8 757.1 788.2 799.7 809.3 828.6 863.9 885.9 909.9 47.4 47.0 47.9 48.5 50.2 56.4 56.6 65.7 709.7 741.2 751.8 760.8 778.4 807.5 829.2 844.1 214.0 224.4 233.3 247.8 261.4 277.1 295.0 316.6 277.1 290.7 260.8 250.8 260.0 261.1 258.2 244.7 86 87 88 89 90 91 92 93 94 Other changes in volume account 66 67 68 FV118090105 FV112010005 FV118090085 Total other volume changes Disaster losses Other volume changes 69 70 71 72 73 74 75 76 77 FR112010005 FR115035005 FR115035023 FR115035035 FR115015205 FR115012265 FR115013265 FR115013765 FR115020005 Nonfinancial assets Real estate Residential Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 78 FR114022005 Financial assets (debt securities) 79 80 81 82 FR114190085 FR115114305 FR112090205 FR115114103 Liabilities Direct investment in the U.S.: debt Equity in noncorporate business Direct investment in the U.S.: equity 83 FR118200005 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 84 FC112090095 Change in net worth (lines 24+30+66+83) 85 FL112000005 86 87 88 89 90 91 92 93 94 LM112010005 LM115035005 LM115035023 LM115035035 LM115015205 LM115012265 LM115013265 LM115013765 LM115020005 Nonfinancial assets Real estate Residential (5) Nonresidential Equipment Residential Nonresidential Intellectual property products Inventories 95 FL114090005 Financial assets 96 97 98 FL114000005 FL113020005 FL113030003 99 LM114022005 100 LM113061003 101 LM113062003 Total assets Currency and deposits Currency and transferable deposits Time and savings deposits Debt securities Treasury securities Municipal securities 3856.7 4231.4 4540.9 4923.9 5537.6 5845.5 6180.3 6729.3 95 1011.5 177.7 833.8 1096.6 247.1 849.5 1115.2 254.5 860.8 1188.3 279.3 909.0 1306.1 306.0 1000.1 1365.4 317.5 1047.9 1444.4 337.9 1106.5 1671.0 442.0 1229.0 96 97 98 59.5 55.2 4.4 61.2 57.2 4.0 66.2 61.9 4.3 68.1 63.0 5.1 75.1 69.0 6.0 75.8 70.2 5.6 80.0 74.1 5.9 86.6 99 80.2 100 6.4 101 102 103 104 FL114023005 FL113066003 FL113065005 Loans Short term (consumer credit) Long term (mortgages) 34.8 0.0 34.8 34.5 0.0 34.5 41.5 0.0 41.5 39.5 0.0 39.5 48.0 0.0 48.0 49.0 0.0 49.0 51.7 0.0 51.7 56.0 102 0.0 103 56.0 104 105 106 107 FL113081005 FL113034003 FL113092405 Equity and investment fund shares Money market fund shares Equity in government-sponsored enterprises (3) 90.5 82.7 7.8 94.1 85.6 8.5 97.1 88.1 9.0 100.5 90.7 9.8 112.1 99.8 12.3 117.0 104.6 12.5 123.2 110.4 12.8 132.5 105 119.5 106 13.0 107 108 FL113076005 Insurance, pension and standardized guarantee schemes (4) 116.7 129.4 119.3 116.3 120.3 119.0 129.0 145.2 108 Integrated Accounts Balance sheet account (end of period) 160 Z.1, September 23, 2021 S.4.a Nonfinancial Noncorporate Business (1) Billions of dollars 109 110 111 112 FL113096005 FL113070003 FL113072003 FL113093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 113 FL112100005 Total liabilities and net worth 114 FL114194005 115 116 117 118 119 120 121 FL114135005 FL114141005 FL113168005 FL113169005 FL114142005 FL113165005 FL115114305 122 123 124 LM113181005 LM112090205 LM115114103 125 126 127 128 FL113196005 FL113170005 FL113178003 FL113193003 129 FL112090095 Liabilities Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt Equity and investment fund shares Equity in noncorporate business Foreign direct investment in the U.S.: equity Other accounts payable Trade payables Taxes payable Other (miscellaneous liabilities) Net worth 2013 2014 2015 2016 2017 2018 2019 2020 2543.6 653.4 0.0 1890.3 2815.5 674.7 0.0 2140.8 3101.6 671.2 0.0 2430.4 3411.3 747.9 0.0 2663.3 3876.0 802.9 0.0 3073.1 4119.3 852.6 0.0 3266.7 4351.9 900.3 0.0 3451.7 4638.0 947.3 117.5 3573.1 14374.4 15412.7 16330.2 17324.5 18747.8 19664.3 20822.2 22268.1 113 14374.4 15412.7 16330.2 17324.5 18747.8 19664.3 20822.2 22268.1 114 4190.7 1205.6 989.0 216.6 2985.2 2984.1 1.1 4473.9 1303.0 1075.2 227.8 3170.9 3169.4 1.5 4721.9 1372.3 1139.3 233.0 3349.6 3347.8 1.9 5110.2 1492.3 1258.4 233.8 3617.9 3615.2 2.7 5573.8 1626.3 1387.3 239.0 3947.5 3945.2 2.4 5870.7 1712.9 1465.2 247.8 4157.8 4150.7 7.1 6142.8 1737.6 1481.2 256.4 4405.2 4398.1 7.1 6652.5 2007.0 1654.5 352.4 4645.6 4639.1 6.5 8284.9 8275.4 9.5 8946.3 8933.5 12.7 9605.9 9590.6 15.3 9934.8 10777.8 11279.9 12035.7 12921.9 122 9911.9 10753.4 11200.3 11930.0 12800.7 123 22.9 24.4 79.6 105.6 121.2 124 1898.8 526.8 110.5 1261.5 1992.6 535.7 117.4 1339.4 2002.4 519.7 122.5 1360.1 2279.5 585.5 132.5 1561.5 2396.3 593.2 137.2 1665.9 2513.7 598.6 155.6 1759.5 2643.8 641.5 164.0 1838.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2693.6 615.7 177.1 1900.8 (1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (4) Net equity in reserves of property-casualty insurance companies. (5) Farm houses are included in the household sector. Integrated Accounts 109 110 111 112 115 116 117 118 119 120 121 125 126 127 128 0.0 129 161 Z.1, September 23, 2021 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA106902501 Gross value added 8378.0 8785.5 9128.5 9238.2 9664.1 10179.9 10604.0 10168.8 1 2 FA106300003 Less: Consumption of fixed capital 1279.7 1349.2 1401.7 1430.2 1492.8 1561.2 1644.8 1707.6 2 3 4 5 6 7 8 FA106902605 FA106025005 FA106020001 FA106401001 FA106240101 FA106402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 7098.3 4768.1 3968.6 799.5 742.0 1588.2 7436.2 5026.2 4197.2 829.0 767.6 1642.4 7726.8 5292.6 4430.6 862.0 772.8 1661.4 7808.0 5430.6 4560.3 870.3 785.7 1591.6 8171.3 5705.4 4786.8 918.7 827.0 1638.9 8618.7 6023.8 5049.9 974.0 882.8 1712.1 8959.1 6315.2 5300.3 1014.9 931.3 1712.6 8461.2 6327.5 5319.3 1008.2 463.3 1670.4 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 FA106140005 FA106402101 FA106150105 FA106130101 FA106121101 FA103092201 FA106150005 FA106130001 FA106121001 FA103192201 FA106112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations (dividends) Reinvested earnings on foreign direct investment Rent 989.6 1588.2 539.4 149.6 100.6 289.2 1138.1 411.6 632.5 72.1 21.9 959.3 1642.4 538.8 149.4 102.9 286.4 1221.9 419.7 700.5 78.9 22.9 911.6 1661.4 545.3 153.0 124.9 267.4 1295.1 439.6 766.0 71.6 17.9 778.5 1591.6 522.3 153.2 102.4 266.7 1335.4 461.6 793.1 65.0 15.6 834.2 1638.9 596.2 166.7 102.0 327.4 1400.9 480.4 822.8 80.7 17.0 883.8 1712.1 912.5 187.6 946.7 -221.7 1740.8 448.8 1172.7 100.6 18.7 782.7 1712.6 773.2 241.5 386.4 145.2 1703.1 494.6 1082.2 105.9 20.4 741.6 1670.4 605.2 234.6 179.2 191.3 1534.0 470.0 975.4 69.7 18.8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA106140005 FA106220001 FA106403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 989.6 263.5 84.2 959.3 290.7 79.4 911.6 283.2 99.3 778.5 261.9 74.9 834.2 224.9 95.3 883.8 200.5 98.5 782.7 203.6 91.6 741.6 189.6 94.1 20 21 22 23 FA106012095 Equals: Disposable income, net 641.9 589.1 529.1 441.8 514.0 584.8 487.5 457.8 23 24 FA106012095 Equals: Net saving 641.9 589.1 529.1 441.8 514.0 584.8 487.5 457.8 24 25 26 27 FA106006385 FA106012095 FA105440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 647.6 641.9 -5.7 595.8 589.1 -6.7 532.3 529.1 -3.2 439.1 441.8 2.6 322.5 514.0 191.5 591.0 584.8 -6.2 500.0 487.5 -12.4 444.2 457.8 13.6 25 26 27 28 FA105050985 411.3 480.5 534.2 377.8 403.5 507.5 546.9 256.1 28 29 30 31 32 FA105019085 FA106300003 FA105420095 FA105020005 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets Change in private inventories 1606.5 1279.7 1.4 83.1 1753.8 1349.2 1.6 74.3 1789.5 1401.7 29.5 116.9 1766.2 1430.2 7.3 34.6 1867.9 1492.8 0.2 28.3 2015.3 1561.2 -1.7 55.0 2118.5 1644.8 -0.1 73.3 2012.3 1707.6 -0.2 -48.3 29 30 31 32 33 FA105000905 Net lending (+) or borrowing (-), capital account (lines 25-28) 236.4 115.3 -1.8 61.4 -81.0 83.5 -46.9 188.1 33 61.4 -81.0 83.5 -46.9 188.1 34 Capital account 34 FA105000905 Net lending (+) or borrowing (-) (line 33) 236.4 115.3 -1.8 35 FA104090005 Net acquisition of financial assets 707.7 673.4 1140.0 945.8 542.5 865.9 2396.4 1373.5 35 36 37 38 39 FA104000005 FA103020000 FA103030003 FA103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 149.8 42.1 39.2 68.6 19.9 116.8 -87.6 -9.3 41.3 49.4 10.9 -19.0 175.3 154.1 17.5 3.7 95.1 -16.2 -7.7 119.0 133.6 238.0 5.8 -110.3 189.2 150.2 14.3 24.7 774.9 659.5 103.6 11.8 36 37 38 39 40 41 42 43 44 FA104022005 FA103069100 FA103061103 FA103061703 FA103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities -3.9 -5.6 1.7 0.3 -0.2 25.7 25.1 1.6 0.6 -1.6 3.7 7.8 -3.8 -1.3 1.0 -4.1 -6.9 4.2 1.3 -2.7 28.8 -8.8 30.1 10.0 -2.5 19.1 38.4 -15.6 -5.5 1.7 69.3 55.4 6.7 2.4 4.8 52.5 38.1 9.8 4.4 0.2 40 41 42 43 44 45 46 47 FA104035005 FA104041005 FA104042005 Loans Short term Long term -7.4 -1.7 -5.7 29.7 27.4 2.4 26.5 13.6 12.9 -14.0 26.8 -40.8 -82.9 -52.7 -30.2 53.3 -24.7 78.0 -84.8 -1.9 -82.9 -27.0 26.4 -53.4 45 46 47 48 49 50 51 52 53 54 FA103081005 FA103034000 FA103064103 FA103064203 FA103092105 FA103092405 FA103094105 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries 361.9 30.6 10.7 2.5 304.1 0.0 14.1 416.0 21.9 37.3 24.0 316.9 0.1 15.8 261.2 19.0 -42.1 12.2 269.7 0.1 2.2 209.3 -112.5 66.9 -5.4 273.4 0.1 -13.1 310.0 35.6 -89.9 8.0 343.4 0.3 12.5 -290.4 -33.4 -40.7 -9.0 -209.9 0.1 2.5 212.2 92.2 10.2 5.3 105.1 0.1 -0.6 281.9 119.6 -127.5 10.6 282.2 0.1 -3.0 48 49 50 51 52 53 54 55 FA103076005 Insurance, pension and standardized guarantee schemes (3) -5.9 10.2 2.3 6.6 13.9 11.4 15.0 25.3 55 Integrated Accounts Financial account 162 Z.1, September 23, 2021 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2013 56 57 58 59 FA103096005 FA103070005 FA103072005 FA103093005 60 FA104194005 61 62 63 64 FA104122005 FA103169100 FA103162000 FA103163003 65 66 67 68 69 70 71 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 2014 2015 2016 2017 2018 2019 2020 213.3 271.8 0.0 -58.5 171.9 104.1 0.0 67.8 805.0 33.4 0.0 771.6 572.8 198.8 0.0 373.9 177.5 163.4 0.0 14.1 938.9 396.3 0.0 542.6 1995.5 540.5 0.0 1454.9 266.0 29.7 210.0 26.2 56 57 58 59 593.1 993.4 1235.1 797.0 301.8 847.0 1960.7 1326.1 60 Debt securities Open market paper Municipal securities Corporate bonds 271.7 14.2 1.5 256.0 321.0 37.5 -0.2 283.7 410.1 -3.0 13.5 399.7 294.7 1.8 20.7 272.2 327.2 25.9 15.3 286.0 135.9 -10.2 -3.2 149.3 270.3 -1.9 15.2 257.0 617.7 -62.3 4.7 675.4 61 62 63 64 FA104135005 FA104141005 FA103168005 FA103169005 FA104142005 FA103165005 FA103192305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 160.3 140.5 53.6 86.9 19.8 7.9 12.0 220.1 182.5 100.1 82.4 37.5 -17.7 55.2 227.3 95.4 103.0 -7.5 131.9 91.8 40.0 116.8 -27.1 -4.9 -22.2 143.9 6.2 137.7 23.2 65.6 -52.2 117.8 -42.5 -33.9 -8.6 139.2 114.4 103.4 10.9 24.9 97.8 -72.9 203.9 158.9 30.9 128.0 45.0 50.3 -5.3 269.9 267.2 77.6 189.6 2.6 44.4 -41.7 65 66 67 68 69 70 71 72 73 74 FA103181005 FA103164103 FA103192105 Equity and investment fund shares Corporate equities Foreign direct investment in the U.S.: equity -101.5 -277.3 175.8 -171.7 -301.9 130.2 -77.8 -453.5 375.6 -222.6 -495.9 273.2 -27.1 -325.6 298.5 -381.9 -617.4 235.5 -241.7 -457.8 216.1 11.1 -168.8 179.9 72 73 74 75 76 77 FA103152025 FA573074005 FA573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 123.4 -2.5 125.9 39.4 -2.9 42.2 74.6 15.2 59.5 64.8 8.8 55.9 -47.8 19.2 -67.0 41.1 -34.6 75.6 69.8 -4.6 74.4 36.1 -10.0 46.1 75 76 77 78 79 80 81 FA103196005 FA103170005 FA103178005 FA103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 139.2 100.5 -9.9 48.6 584.7 148.5 12.2 423.9 600.9 24.3 -21.2 597.7 543.4 184.2 -8.1 367.2 26.4 81.3 211.1 -266.1 912.7 320.7 -10.6 602.6 1658.4 230.1 -6.8 1435.1 391.3 130.7 13.8 246.9 78 79 80 81 82 FA105000005 114.6 -319.9 -95.1 148.8 240.7 18.9 435.7 47.4 82 -166.5 0.0 -30.4 121.7 14.4 -451.9 0.0 -14.6 435.2 2.1 -201.7 0.0 -52.1 93.3 56.3 -90.1 0.0 -173.0 -87.5 4.5 319.9 -19.7 -29.0 -321.7 -46.8 369.4 -5.5 391.8 64.7 -47.7 517.4 0.0 34.8 -482.6 -0.0 -164.7 0.0 -42.2 140.7 -18.2 83 84 85 86 87 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-60) Other changes in volume account 83 84 85 86 87 FV108090105 FV102010005 FV108090085 FU107005045 FU105020601 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-82) (4) Less: Inventory valuation adjustment 88 89 90 91 92 FR102010005 FR105035005 FR105015205 FR105013765 FR105020015 Nonfinancial assets Real estate Equipment Intellectual property products Inventories 1194.3 1167.3 -23.5 44.4 6.0 663.3 669.0 -13.3 20.2 -12.7 667.3 778.5 -60.7 -10.3 -40.2 580.2 512.6 -22.4 33.3 56.6 888.0 790.9 11.1 54.9 31.1 270.3 137.3 62.0 48.8 22.2 1047.0 1005.3 8.2 35.1 -1.6 738.7 554.2 24.0 107.5 53.0 88 89 90 91 92 93 94 95 96 97 98 99 FR108080095 FR104022005 FR103092305 FR103064103 FR103064203 FR103092105 FR103093005 Financial assets Debt securities Direct investment abroad: debt Corporate equities Mutual fund shares Direct investment abroad: equity Other accounts receivable (miscellaneous assets) 332.8 -4.3 -21.7 309.0 28.1 682.1 -660.3 168.5 3.3 48.9 156.7 8.6 -355.7 306.8 -18.8 -0.6 3.7 -11.7 -6.5 -372.4 368.7 158.6 -0.8 -14.6 146.1 13.3 25.1 -10.5 363.7 0.5 8.9 326.2 36.9 952.9 -961.7 -142.7 -1.9 -34.1 -118.7 -22.1 -1139.4 1173.5 573.0 4.1 -2.5 517.7 51.2 935.9 -933.4 403.2 1.9 0.2 362.0 39.4 293.5 -293.7 93 94 95 96 97 98 99 6001.8 -0.2 5270.1 731.7 -326.1 326.4 3002.8 -8.3 2756.6 246.2 -152.9 161.2 -580.7 2.0 -402.9 -177.8 43.6 -45.5 2350.3 -38.3 2035.2 315.1 -142.3 180.6 5269.8 13.3 4420.1 849.8 -270.1 256.9 -2162.9 9.1 -1586.4 -576.5 152.0 -161.2 9063.4 7.8 7594.5 1468.9 -434.6 426.8 9483.2 -2.1 8449.3 1034.0 -316.0 318.1 100 101 102 103 104 105 -4474.8 -2170.9 1229.2 -1611.5 -4018.2 2290.6 -7443.4 -8341.3 106 -3993.7 -2027.0 1559.9 -1262.4 -3375.8 3250.9 -6426.0 -8061.8 107 32037.0 34006.1 36220.4 38245.3 40441.1 42376.1 47374.2 50121.7 108 18021.4 9508.5 4322.6 19148.5 10317.2 4486.1 20241.6 11219.6 4594.8 21162.1 11825.8 4695.7 22451.7 12707.8 4841.4 23263.5 12991.7 5074.2 24892.2 14204.0 5254.9 25863.0 109 14828.3 110 5355.7 111 Integrated Accounts Revaluation account 100 101 102 103 104 105 FR104190085 FR103192305 FR103164103 FR103192105 FR103152025 FR103193005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity Foreign direct investment in the U.S.: equity Insurance, pension and standardized guarantee schemes Other accounts payable (miscellaneous liabilities) 106 FR108200005 Changes in net worth due to nominal holding gains/losses 107 FC102090095 Change in net worth (lines 28+33+83+106) (5) Changes in balance sheet account Balance sheet account (end of period) 108 FL102000005 109 110 111 LM102010005 LM105035005 LM105015205 Total assets Nonfinancial assets (6) Real estate Equipment 163 Z.1, September 23, 2021 S.5.a Nonfinancial Corporate Business (1) Billions of dollars 2014 2015 2016 2017 2018 2019 2020 2016.3 2174.0 2111.8 2233.5 2173.4 2253.8 2300.2 2340.4 2455.9 2446.6 2626.1 2571.5 2790.1 2643.2 3013.0 112 2666.1 113 14015.7 14857.7 15978.9 17083.2 17989.4 19112.5 22481.9 24258.7 114 1018.1 647.7 248.2 122.2 1038.0 764.4 160.7 112.9 1079.2 813.8 171.6 93.9 1254.5 967.9 189.0 97.6 1349.6 951.7 181.3 216.6 1483.1 1189.7 187.2 106.3 1672.3 1339.9 201.5 131.0 2447.2 1999.4 305.0 142.8 115 116 117 118 112 113 LM105013765 LM105020015 114 FL104090005 115 116 117 118 FL104000005 FL103020000 FL103030003 FL103091003 Currency and deposits Currency and transferable deposits Time and savings deposits Foreign deposits 119 120 121 122 123 LM104022005 FL103069100 LM103061103 LM103061703 LM103062003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities 179.4 106.5 38.8 12.9 21.2 208.4 131.6 41.7 13.9 21.2 211.6 139.4 37.4 12.5 22.3 206.7 132.5 41.2 13.7 19.3 236.0 123.7 71.3 23.8 17.2 253.2 162.1 54.4 18.1 18.5 326.6 217.6 63.6 21.2 24.2 381.0 255.7 75.2 25.1 25.1 119 120 121 122 123 124 125 126 127 128 129 130 FL104035005 FL104041005 FL102051003 FL103066005 FL104042005 FL103065003 FL103092305 Loans Short term Security repurchases Consumer credit Long term Mortgages U.S. direct investment abroad: debt 256.6 60.8 22.6 38.1 195.9 27.1 168.8 335.2 88.1 50.4 37.7 247.1 29.0 218.1 365.4 101.7 64.6 37.1 263.7 52.6 211.1 336.8 128.5 90.3 38.2 208.3 29.8 178.5 262.8 75.8 39.6 36.2 187.0 32.2 154.8 282.1 51.1 14.6 36.5 231.0 34.2 196.8 194.8 49.2 13.4 35.8 145.6 36.4 109.2 168.0 75.6 39.8 35.8 92.4 38.8 53.6 124 125 126 127 128 129 130 131 132 133 134 135 136 137 FL103081005 FL103034000 LM103064103 LM103064203 LM103092105 FL103092405 FL103094105 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares U.S. direct investment abroad: equity Equity in government-sponsored enterprises (2) Investment in finance company subsidiaries 7309.7 535.5 1359.8 209.8 5111.1 0.6 93.0 7535.3 557.4 1553.8 242.4 5072.3 0.7 108.8 7406.3 576.4 1499.9 248.2 4969.7 0.8 111.3 7800.0 463.8 1712.9 256.0 5268.1 0.9 98.2 9426.0 499.5 1949.3 301.0 6564.3 1.2 110.7 7855.3 466.1 1789.9 269.9 5215.0 1.2 113.2 9572.4 558.3 2317.7 326.4 6256.0 1.3 112.5 10549.1 677.9 2552.1 376.4 6831.8 1.4 109.5 131 132 133 134 135 136 137 138 FL103076005 Insurance, pension and standardized guarantee schemes (3) 332.6 342.8 345.1 351.7 365.6 377.0 392.0 139 140 141 142 FL103096005 FL103070005 FL103072005 FL103093005 Other accounts receivable Trade receivables PPP subsidies receivable Other (miscellaneous assets) 4919.2 2616.6 0.0 2302.6 5397.9 2720.8 0.0 2677.1 6571.3 2754.2 0.0 3817.1 7133.6 2953.0 0.0 4180.5 6349.4 3116.4 0.0 3233.0 8861.8 3512.7 0.0 5349.1 10323.8 4053.2 0.0 6270.6 10296.1 4082.9 210.0 6003.1 143 FL102100085 Total liabilities and net worth 32037.0 34006.1 36220.4 38245.3 40441.1 42376.1 47374.2 50121.7 143 144 FL104194005 40535.2 44531.3 45185.7 48473.0 54044.6 52728.7 64152.8 74962.2 144 145 146 147 148 FL104122005 FL103169100 FL103162000 FL103163003 Debt securities Open market paper Municipal securities Corporate bonds 4821.3 144.5 525.2 4151.6 5142.3 182.0 525.0 4435.3 5552.4 179.0 538.5 4834.9 5847.1 180.8 559.2 5107.1 6174.3 206.7 574.5 5393.1 6310.2 196.5 571.3 5542.4 6580.5 194.5 586.5 5799.5 7198.2 132.2 591.2 6474.9 145 146 147 148 149 150 151 152 153 154 155 FL104135005 FL104141005 FL103168005 FL103169005 FL104142005 FL103165005 LM103192305 Loans Short term Depository institution loans n.e.c. Other loans and advances Long term Mortgages Foreign direct investment in the U.S.: debt 2758.4 1851.9 765.5 1086.5 906.4 487.5 419.0 2970.6 2034.4 865.5 1168.9 936.3 470.4 465.9 3164.5 2088.1 956.7 1131.5 1076.3 568.5 507.9 3098.4 2061.0 951.8 1109.3 1037.3 570.1 467.2 3272.6 2264.5 899.6 1364.8 1008.1 536.2 471.9 3747.5 2712.8 1003.1 1709.8 1034.7 626.5 408.2 3961.1 2871.7 1034.0 1837.7 1089.4 678.7 410.7 4228.9 3138.9 1111.6 2027.4 1090.0 723.1 366.9 149 150 151 152 153 154 155 156 157 158 FL103181005 LM103164103 FL103192105 Equity and investment fund shares Corporate equity Foreign direct investment in the U.S.: equity 25218.8 21515.3 3703.4 28049.8 23970.0 4079.8 27391.3 23113.6 4277.7 29659.0 24653.0 5006.0 34901.7 28747.5 6154.2 32356.8 26543.6 5813.2 41178.5 33680.3 7498.2 50672.8 156 41960.8 157 8712.1 158 159 160 161 FL103152025 FL573074005 FL573073005 Insurance, pension and standardized guarantee schemes Pension fund contributions payable Claim of pension fund on sponsor 671.0 79.0 592.0 580.2 76.1 504.1 700.3 91.3 609.0 682.4 100.1 582.3 446.0 119.3 326.7 686.4 84.7 601.7 484.9 80.1 404.8 289.1 159 70.2 160 218.9 161 162 163 164 165 FL103196005 FL103170005 FL103178005 FL103193005 Other accounts payable Trade payables Taxes payable Miscellaneous liabilities 7065.7 1931.2 83.2 5051.3 7788.4 2079.8 95.4 5613.2 8377.3 2104.1 74.2 6199.0 9186.1 2288.3 66.1 6831.7 9250.1 2369.7 277.2 6603.2 9627.8 2690.4 266.7 6670.8 11947.8 2920.5 259.9 8767.4 166 FL102090095 -8498.1 -10525.2 -8965.3 -10227.7 -13603.5 -10352.6 -16778.7 Financial assets Liabilities Net worth 417.3 138 12573.1 3051.2 273.7 9248.3 139 140 141 142 162 163 164 165 -24840.5 166 (1) Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) Net equity in reserves of property-casualty insurance companies. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Financial Accounts of the United States. (6) Excludes nonproduced nonfinancial assets. Integrated Accounts Intellectual property products Inventories 2013 164 Z.1, September 23, 2021 S.6.a Financial Business (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 1158.7 1308.7 1391.9 1480.9 1537.2 1666.2 1730.2 1872.1 1 Current account 1 FA796902505 Gross value added 2 FA796300081 Less: Consumption of fixed capital 181.8 190.3 199.2 210.7 222.4 234.6 251.8 266.8 2 3 4 5 6 7 8 FA796902605 FA796025005 FA796020001 FA796401001 FA796240101 FA796402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 976.9 641.3 545.4 95.9 57.2 278.4 1118.3 681.1 582.1 99.0 63.3 373.9 1192.7 715.7 611.2 104.5 67.2 409.7 1270.2 734.1 625.5 108.7 74.5 461.6 1314.8 787.6 668.5 119.1 68.3 458.9 1431.6 819.1 693.1 126.0 81.6 530.9 1478.5 852.0 727.0 125.0 71.9 554.5 1605.3 913.8 788.2 125.6 68.9 622.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA796140005 FA796402101 FA796150105 FA796130101 FA796121101 FA793092281 FA796150005 FA796130001 FA796120005 FA796121001 FA796122001 FA793192281 FA796112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources 80.5 278.4 2061.3 1588.0 414.3 59.1 2259.2 1436.4 807.2 753.0 54.2 15.6 0.0 160.4 373.9 2096.5 1594.7 450.3 51.4 2310.0 1484.3 810.1 787.2 22.9 15.6 0.0 107.2 409.7 2117.5 1603.3 463.5 50.6 2420.1 1567.8 838.6 824.6 14.0 13.7 0.0 211.3 461.6 2204.5 1691.1 467.5 46.0 2454.8 1614.4 827.2 780.5 46.7 13.2 0.0 147.6 458.9 2400.9 1820.2 524.4 56.2 2712.1 1782.3 915.8 857.4 58.5 14.0 0.0 214.2 530.9 2669.7 2028.2 680.5 -39.0 2986.5 2038.5 930.8 891.9 38.8 17.1 0.0 335.6 554.5 2840.3 2231.1 582.4 26.7 3059.2 2196.3 845.4 806.8 38.6 17.6 0.0 240.7 622.6 2490.7 1945.3 508.0 37.3 2872.5 2020.0 840.6 798.0 42.6 12.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA796140005 FA796220001 FA796403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 80.5 99.1 -15.8 160.4 116.3 16.1 107.2 113.1 23.9 211.3 114.3 66.7 147.6 87.4 21.8 214.2 81.0 32.9 335.6 98.6 45.3 240.7 86.0 39.2 22 23 24 25 FA796012095 Equals: Disposable income, net -2.9 28.0 -29.8 30.3 38.5 100.2 191.7 115.4 25 26 FA796012095 Equals: Net saving -2.9 28.0 -29.8 30.3 38.5 100.2 191.7 115.4 26 -2.9 -2.9 0.0 18.0 28.0 10.0 -29.8 -29.8 0.0 28.5 30.3 1.8 -64.3 38.5 102.7 83.4 100.2 16.9 191.7 191.7 0.0 115.4 115.4 0.0 27 28 29 Capital account 27 28 29 FA796006385 FA796012095 FA795440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA795015085 FA795013005 FA796300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 21.2 203.0 181.8 28.4 218.7 190.3 42.3 241.5 199.2 48.6 259.3 210.7 37.1 259.4 222.4 45.2 279.8 234.6 59.6 311.4 251.8 27.7 294.6 266.8 30 31 32 33 FA795000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -24.0 -10.4 -72.0 -20.1 -101.3 38.2 132.0 87.7 33 -24.0 -10.4 -72.0 -20.1 -101.3 38.2 132.0 87.7 34 2957.6 2600.4 1387.3 2248.8 2912.0 1649.2 3357.8 9625.7 35 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36 806.5 216.8 -592.6 -454.3 307.2 -484.7 147.5 1712.5 37 1378.8 9.7 567.3 415.1 -26.9 413.5 906.5 -43.3 630.9 82.0 7.7 229.3 602.2 9.0 356.8 3.5 47.8 185.1 1198.5 -87.2 764.0 344.5 29.2 148.0 868.1 92.0 148.4 255.9 46.9 325.0 974.4 1.3 715.1 -19.7 -47.6 325.3 1132.2 -10.9 719.3 133.2 68.6 222.0 6338.7 -52.8 4480.8 1117.2 110.3 683.1 38 39 40 41 42 43 Integrated Accounts Financial account 34 FA795000995 Net lending (+) or borrowing (-) (line 33) 35 FA794090005 Net acquisition of financial assets 36 FA713011203 Monetary gold 37 FA794000005 Currency and deposits 38 39 40 41 42 43 FA794022005 FA793069175 FA793061105 FA793061705 FA793062005 FA793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 44 45 46 FA794035005 FA794041005 FA794042005 Loans Short term Long term 68.6 -15.4 83.9 783.4 590.7 192.7 819.1 444.2 374.9 893.6 394.2 499.4 1325.2 748.1 577.1 1204.3 613.4 590.9 1381.7 798.7 583.0 781.0 61.4 719.6 44 45 46 47 48 49 50 51 52 53 54 FA793081005 FA793064105 FA793064205 FA793034005 FA793092405 FA793092105 FA713164003 FA793094005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Investment in subsidiaries 140.0 -26.4 128.9 -2.8 -0.2 30.6 0.1 9.8 168.8 -4.4 25.9 17.4 0.3 28.0 1.1 100.4 371.1 235.3 -13.9 -13.4 0.7 22.7 0.9 138.8 177.1 -169.7 -82.2 100.4 1.9 52.4 1.0 273.4 43.6 80.5 -32.1 12.6 1.4 49.1 0.9 -68.8 -189.0 -136.2 -103.4 22.2 0.8 -8.7 0.9 35.4 -122.1 -275.3 -66.4 65.0 -4.0 51.6 -0.6 107.5 -207.5 -370.4 -187.6 225.3 -7.1 48.6 0.7 83.0 47 48 49 50 51 52 53 54 55 FA793052005 Insurance, pension and standardized guarantee schemes 490.5 268.9 288.4 401.1 270.4 296.9 341.8 398.1 55 56 FA793096005 Other accounts receivable 73.3 256.0 -100.9 32.8 97.6 -152.7 476.9 602.9 56 165 Z.1, September 23, 2021 S.6.a Financial Business (1) Billions of dollars Net incurrence of liabilities 2013 2014 2015 2016 2017 2018 2019 2020 57 FA794194005 2799.4 2605.0 1279.9 2234.1 2652.9 1497.6 3276.9 9553.3 57 58 FA794100005 Currency and deposits 1785.8 938.5 237.1 459.7 792.8 494.3 866.5 6595.3 58 59 60 61 62 FA794122005 FA423161705 FA793163005 FA793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 28.8 238.3 -128.4 -81.2 120.0 150.3 37.4 -67.7 135.9 220.4 -44.0 -40.5 338.6 351.7 -13.9 0.8 362.8 346.6 52.9 -36.8 324.0 246.9 43.2 33.9 399.2 318.6 113.8 -33.2 903.5 658.2 252.3 -7.0 59 60 61 62 63 64 65 FA794135005 FA794141005 FA794142005 Loans Short term Long term -212.9 -226.3 13.3 184.9 165.3 19.6 32.0 10.8 21.1 19.1 50.9 -31.9 47.1 40.8 6.3 -29.6 20.5 -50.1 136.7 153.9 -17.2 -237.3 -246.8 9.5 63 64 65 66 67 68 69 70 71 72 73 74 75 FA793181005 FA634090005 FA793164105 FA653164205 FA403192405 FA793192105 FA662090003 FA793194005 FA713164005 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 675.1 40.2 211.5 346.9 0.5 35.6 2.9 37.2 0.1 0.0 728.4 15.7 249.4 311.5 1.2 14.4 4.3 130.8 1.1 0.0 524.8 -6.7 228.1 98.9 1.3 49.2 5.3 147.9 0.9 0.0 735.0 -11.1 255.5 28.8 2.7 99.3 17.3 341.5 1.0 0.0 838.2 117.2 418.9 318.4 4.2 32.2 1.0 -54.5 0.9 0.0 427.6 189.9 198.5 -63.4 1.1 78.1 9.5 12.9 0.9 0.0 1169.7 596.0 209.7 208.0 -3.7 47.1 5.2 108.0 -0.6 0.0 1216.9 701.3 499.2 -226.8 -6.8 16.9 6.9 111.6 2.2 112.5 66 67 68 69 70 71 72 73 74 75 76 FA583152005 Insurance, pension and standardized guarantee schemes 586.4 431.8 497.8 501.0 630.0 445.1 553.5 680.4 76 77 FA793196005 Other accounts payable -63.6 201.5 -147.6 180.7 -18.0 -163.7 151.2 394.4 77 78 FA795000005 158.2 -4.7 107.4 14.7 259.1 151.6 80.9 72.3 78 119.3 0.0 -63.0 -182.2 -180.0 0.0 -185.7 -5.7 222.9 0.0 43.4 -179.5 208.9 0.0 174.2 -34.7 -51.3 -1.8 -409.9 -360.4 226.9 -2.4 115.9 -113.4 -418.9 0.0 -367.8 51.1 116.5 0.0 131.8 15.4 79 80 81 82 28.6 30.3 -1.4 -0.2 23.0 23.6 0.7 -1.4 12.9 19.5 -3.8 -2.8 14.5 17.9 -3.3 -0.2 29.0 33.3 -2.8 -1.4 60.4 56.5 4.3 -0.4 40.5 43.5 -2.2 -0.8 18.2 13.5 3.2 1.5 83 84 85 86 87 88 89 90 91 92 93 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 79 80 81 82 FV798090185 FV795013865 FV798090085 FU797005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-78) (4) Revaluation account 83 84 85 86 FR795013865 FR795013665 FR795013265 FR795013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 87 88 89 90 91 92 93 FR794090085 FR794022005 FR793092305 FR793064105 FR793064205 FR793092105 FR593052025 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity Insurance, pension, and standardized guarantee schemes 2247.9 -975.3 -4.5 3271.4 694.0 53.5 -791.2 1577.4 643.8 9.0 981.8 225.5 16.1 -298.8 -1128.3 -518.2 0.7 -466.8 -124.2 -167.3 147.5 1230.7 -38.6 -2.5 1185.5 346.3 22.7 -282.8 3845.2 212.4 1.5 3405.9 776.6 152.7 -704.0 -2728.7 -652.0 -5.8 -1832.8 -408.3 -186.7 357.1 6254.3 1289.4 -0.4 4653.7 1065.3 217.5 -971.2 4500.2 811.1 0.0 3515.7 785.0 103.1 -714.8 94 95 96 97 98 99 100 101 FR794190085 FR793192305 FR793164105 FR653164205 FR793192105 FR662090003 FR793194005 FR583152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent Insurance, pension and standardized guarantee schemes 3950.9 -0.1 1256.9 1622.6 81.6 0.0 0.0 989.9 1610.5 -1.7 648.8 506.1 58.5 0.0 0.0 398.8 -793.1 0.4 -242.6 -352.3 -35.0 0.0 0.0 -163.5 1946.9 -8.9 771.9 689.6 17.7 0.0 0.0 476.5 4425.9 6.0 1266.6 1965.0 110.7 0.0 0.0 1077.6 -2836.3 4.2 -980.6 -1165.7 -162.6 0.0 0.0 -531.6 6658.0 3.6 2003.6 2781.7 271.0 0.0 0.0 1598.2 4023.7 94 -0.9 95 422.9 96 2129.8 97 241.0 98 0.0 99 0.0 100 1230.8 101 102 FR798200005 -1674.5 -10.0 -322.3 -701.7 -551.8 168.0 -363.3 494.7 102 -1558.1 -172.0 -129.1 -464.3 -667.3 478.2 -590.6 726.6 103 85652.9 89790.9 89988.1 93676.4 100489.9 99810.0 109547.5 123972.5 104 1687.5 1004.8 524.0 158.7 1738.8 1021.4 552.7 164.7 1794.1 1038.9 582.0 173.2 1857.1 1059.7 607.2 190.2 1921.3 1096.6 618.6 206.1 2024.4 1158.7 641.9 223.8 2124.5 1213.2 660.2 251.1 Changes in net worth due to nominal holding gains/losses 103 FC792090095 Change in net worth (lines 30+33+79+102) 104 FL792000095 Total assets 105 106 107 108 LM795013865 LM795013665 LM795013265 LM795013765 Balance sheet account (end of period) Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products 2170.4 1235.5 657.5 277.4 105 106 107 108 Integrated Accounts Changes in balance sheet account 166 Z.1, September 23, 2021 S.6.a Financial Business (1) Integrated Accounts Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 109 FL794090005 Financial assets 83965.4 88052.0 88194.0 91819.2 98568.6 97785.6 107423.0 121802.1 109 110 FL713011203 Monetary gold 11.0 11.0 11.0 11.0 11.0 11.0 11.0 11.0 110 111 FL794000005 Currency and deposits 3880.2 4094.1 3485.0 3041.5 3349.4 2864.2 2998.7 4712.6 111 112 113 114 115 116 117 FL794022005 FL793069175 FL793061105 FL793061705 FL793062005 FL793063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 22088.8 656.8 6189.1 6261.9 1875.7 7105.4 23639.2 614.6 7036.0 6533.8 1978.1 7476.7 23698.9 624.9 7309.9 6424.5 2023.3 7316.3 24865.2 538.2 8009.1 6709.0 2016.3 7592.6 25939.3 629.1 8171.1 6978.8 2093.5 8066.8 26235.7 630.9 8840.4 6874.2 1977.8 7912.3 28757.5 619.9 9785.0 7236.9 2105.7 9010.1 35906.3 566.7 14561.0 8413.7 2234.3 10130.6 118 119 120 FL794035005 FL794041005 FL794042005 Loans Short term Long term 21965.1 9115.7 12849.4 22718.8 9706.3 13012.5 23355.2 9976.7 13378.5 24210.2 10370.9 13839.3 25590.9 11199.8 14391.0 26765.9 11816.8 14949.1 28127.5 12614.5 15513.1 28904.5 118 12680.6 119 16224.0 120 121 122 123 124 125 126 127 128 FL793081005 LM793064105 LM793064205 FL793034005 FL793092405 LM793092105 FL713164003 FL793094005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment abroad: equity Stock in Federal Reserve Banks Investment in subsidiaries 24837.0 15544.1 4909.8 399.1 33.4 943.2 27.5 2980.1 26229.2 16521.5 5161.1 416.5 33.7 987.3 28.6 3080.5 25730.2 16290.0 5023.1 403.0 34.4 842.7 29.5 3107.5 27421.3 17305.9 5287.2 503.4 36.3 917.7 30.4 3340.2 31753.1 20792.3 6031.7 516.1 37.7 1119.5 31.4 3224.5 29136.3 18823.3 5520.0 538.2 38.5 924.0 32.3 3259.9 34501.3 22890.3 6371.9 603.3 34.5 1193.1 31.7 3376.6 38647.6 25985.6 6969.2 828.5 27.4 1344.8 32.4 3459.6 129 FL793052005 Insurance, pension and standardized guarantee schemes 7482.2 7569.9 8075.8 8292.7 7983.3 8737.1 8295.5 8143.7 129 130 FL793096005 Other accounts receivable 3701.1 3789.8 3837.9 3977.2 3941.6 4035.5 4731.4 5476.3 130 131 FL792100005 Total liabilities and net worth 85652.9 89790.9 89988.1 93676.4 100489.9 99810.0 109547.5 123972.5 131 132 FL794194005 86067.8 90377.7 90704.1 94856.6 102337.4 101179.3 111507.4 125205.8 132 133 FL794100005 Currency and deposits 15766.2 16704.7 16941.8 17401.5 18194.4 18688.7 19555.2 26150.5 133 134 135 136 137 FL794122005 FL423161705 FL793163005 FL793169175 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12639.2 7773.7 4324.0 541.4 12731.7 7924.0 4334.0 473.7 12634.3 8144.4 4056.6 433.2 12950.0 8496.1 4019.9 434.0 13276.4 8842.7 4036.4 397.2 13585.1 9089.6 4064.3 431.2 13977.3 9408.3 4171.1 397.9 14874.6 10066.5 4417.3 390.9 138 139 140 FL794135005 FL794141005 FL794142005 Loans Short term Long term 4790.4 4491.0 299.4 4981.5 4656.3 325.2 5016.7 4670.0 346.7 5166.9 4721.0 445.9 5220.0 4761.7 458.2 5194.5 4782.2 412.3 5331.1 4936.2 394.9 141 142 143 144 145 146 147 148 149 150 FL793181005 FL634090005 LM793164105 LM653164205 FL403192405 LM793192105 LM662090003 FL793194005 FL713164005 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent Equity in Federal Reserve Banks Equity investment in Federal Reserve facilities 25339.5 2733.4 6457.6 12333.0 41.7 730.3 40.8 2975.2 27.5 0.0 27281.3 2749.1 7355.8 13150.6 42.9 803.2 45.1 3106.0 28.6 0.0 27064.8 2742.4 7341.3 12897.2 44.2 817.4 50.4 3142.5 29.5 0.0 29098.4 2731.3 8368.7 13615.6 46.9 794.4 67.7 3443.3 30.4 0.0 33231.9 2848.4 10054.2 15899.0 51.1 937.2 68.7 3341.7 31.4 0.0 31350.5 3038.3 9272.1 14669.8 52.2 852.7 78.2 3354.7 32.3 0.0 37585.8 3634.3 11485.5 17659.5 48.6 1170.8 83.5 3471.9 31.7 0.0 41596.5 4335.6 12407.6 19562.6 41.8 1428.7 90.3 3583.6 33.9 112.5 151 FL583152005 Insurance, pension and standardized guarantee schemes 26177.3 27125.4 27529.6 28623.3 30455.2 30468.6 32861.9 34937.6 151 152 FL793196005 Other accounts payable 1355.2 1553.1 1516.9 1616.4 1959.7 1892.0 2196.3 2553.7 152 153 FL792090095 -414.8 -586.9 -716.0 -1180.2 -1847.6 -1369.3 -1959.9 -1233.3 153 Liabilities Net worth 112 113 114 115 116 117 121 122 123 124 125 126 127 128 134 135 136 137 5092.9 138 4689.4 139 403.6 140 (1) Financial business includes depository institutions, insurance companies, pension funds, monetary authority, and other financial institutions. Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 141 142 143 144 145 146 147 148 149 150 167 Z.1, September 23, 2021 S.61.a Central Bank Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA716902505 Gross value added 3.2 4.1 4.1 7.4 14.5 20.6 19.7 19.5 1 2 FA716330085 Less: Consumption of fixed capital 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 2 3 4 5 6 7 8 FA716902605 FA716025005 FA716020001 FA716401001 FA716240101 FA716402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 2.5 2.2 1.9 0.3 0.0 0.3 3.3 2.3 2.0 0.3 0.0 1.1 3.4 2.3 2.1 0.3 0.0 1.0 6.6 2.5 2.2 0.3 0.0 4.1 13.7 2.7 2.4 0.3 0.0 11.0 19.8 2.8 2.5 0.3 0.0 17.0 18.9 3.0 2.6 0.4 0.0 16.0 18.7 3.1 2.8 0.3 0.0 15.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA716140005 FA716402101 FA716150105 FA716130101 FA716121101 FA713092281 FA716150005 FA716130001 FA716120005 FA716121001 FA716122001 FA713192281 FA716112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 0.9 0.3 90.5 90.5 0.0 0.0 89.9 8.6 81.3 81.3 0.0 0.0 0.0 7.5 1.1 115.9 115.9 0.0 0.0 109.5 11.0 98.6 98.6 0.0 0.0 0.0 -15.5 1.0 113.6 113.6 0.0 0.0 130.2 11.3 118.8 118.8 0.0 0.0 0.0 2.5 4.1 111.1 111.1 0.0 0.0 112.6 20.5 92.2 92.2 0.0 0.0 0.0 -0.3 11.0 113.6 113.6 0.0 0.0 125.0 43.6 81.3 81.3 0.0 0.0 0.0 -0.6 17.0 112.3 112.3 0.0 0.0 129.8 63.5 66.3 66.3 0.0 0.0 0.0 2.4 16.0 102.7 102.7 0.0 0.0 116.3 60.7 55.6 55.6 0.0 0.0 0.0 1.5 15.6 101.5 101.5 0.0 0.0 115.6 28.3 87.3 87.3 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA716140005 FA716220001 FA716403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 0.9 0.0 1.8 7.5 0.0 1.9 -15.5 0.0 1.9 2.5 0.0 2.0 -0.3 0.0 2.0 -0.6 0.0 2.0 2.4 0.0 2.2 1.5 0.0 2.3 22 23 24 25 FA716012005 Equals: Disposable income, net -0.9 5.6 -17.4 0.5 -2.4 -2.6 0.2 -0.8 25 26 FA716012005 Equals: Net saving -0.9 5.6 -17.4 0.5 -2.4 -2.6 0.2 -0.8 26 Capital account 27 28 29 FA716006385 FA716012005 FA715440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) -0.9 -0.9 0.0 5.6 5.6 0.0 -17.4 -17.4 0.0 0.5 0.5 0.0 -2.4 -2.4 0.0 -2.6 -2.6 0.0 0.2 0.2 0.0 -0.8 -0.8 0.0 27 28 29 30 31 32 FA715015085 FA715013085 FA716330085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital -0.3 0.5 0.8 -0.2 0.6 0.8 -0.2 0.6 0.8 -0.1 0.7 0.8 -0.1 0.7 0.8 -0.2 0.6 0.8 -0.1 0.7 0.8 -0.1 0.7 0.8 30 31 32 33 FA715000995 Net lending (+) or borrowing (-), capital account (lines 27-30) -0.6 5.8 -17.2 0.6 -2.3 -2.5 0.4 -0.7 33 34 FA715000995 Net lending (+) or borrowing (-) (line 33) 35 FA714090005 Net acquisition of financial assets 36 37 FA713011203 FA714000005 Monetary gold Currency and deposits 38 39 40 41 FA714022005 FA713069603 FA713061103 FA713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 42 43 44 FA714041005 FA713064103 FA713096105 Loans (short term) Equity shares Other accounts receivable 45 FA714190005 Net incurrence of liabilities 46 47 48 49 FA714100005 FA712151003 FA713164005 FA713193005 50 FA715000005 Currency and deposits Loans Equity shares Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-45) -0.6 5.8 -17.2 0.6 -2.3 -2.5 0.4 -0.7 34 1108.0 475.6 -11.4 -31.1 -2.6 -389.8 116.4 3083.6 35 0.0 0.4 0.0 1.4 0.0 1.9 0.0 0.1 0.0 0.8 0.0 0.5 0.0 0.5 0.0 0.5 36 37 1113.4 0.0 550.2 563.2 472.9 0.0 236.8 236.1 -10.4 0.0 -15.6 5.1 -35.8 0.0 -13.3 -22.5 -10.9 0.0 -21.7 10.8 -379.5 0.0 -243.3 -136.2 -137.5 0.0 99.1 -236.6 3217.0 0.0 2554.3 662.7 38 39 40 41 -9.1 0.0 3.2 1.2 0.0 0.0 -0.6 0.0 -2.3 4.5 0.0 0.1 6.6 0.0 0.9 -7.9 0.0 -3.0 255.1 0.0 -1.7 -144.7 0.0 10.9 42 43 44 1107.8 474.5 7.1 -31.1 -2.6 -386.6 116.4 3083.7 45 900.1 208.7 0.1 -1.2 283.2 193.9 1.1 -3.7 -197.9 202.6 0.9 1.5 -45.6 12.8 1.0 0.6 157.7 -161.3 0.9 -0.0 -128.7 -259.9 0.9 1.1 83.9 32.6 -0.6 0.5 3200.3 -120.6 2.2 1.8 46 47 48 49 0.2 1.1 -18.5 0.0 -0.0 -3.2 0.0 -0.0 50 Integrated Accounts Financial account 168 Z.1, September 23, 2021 S.61.a Central Bank Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Other changes in volume account 51 52 53 54 FV718090185 FV712010095 FV718090085 FU717005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-50) (3) 0.8 0.0 0.0 -0.8 -4.7 0.0 0.0 4.7 -1.3 0.0 0.0 1.3 -0.6 0.0 0.0 0.6 2.3 0.0 0.0 -2.3 -0.7 0.0 0.0 0.7 -0.4 0.0 0.0 0.4 0.6 0.0 0.0 -0.6 51 52 53 54 0.2 0.2 -0.0 0.0 0.2 0.2 -0.0 -0.0 0.1 0.2 -0.0 -0.0 0.1 0.1 -0.0 0.0 0.2 0.2 -0.0 0.0 0.4 0.4 0.0 0.0 0.3 0.3 -0.0 0.0 0.1 0.1 -0.0 0.0 55 56 57 58 Revaluation account 55 56 57 58 FR712010095 FR715013665 FR715013265 FR715013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 59 FR714022005 Financial assets (debt securities) -267.6 227.3 -67.6 -39.9 13.6 -86.3 166.8 193.4 59 60 FR718200005 Changes in net worth due to nominal holding gains/losses -267.4 227.5 -67.4 -39.8 13.8 -85.8 167.0 193.5 60 -267.5 228.4 -86.2 -39.9 13.7 -89.2 166.9 193.4 61 4018.4 4721.2 4642.2 4571.2 4582.3 4106.5 4389.9 7666.9 62 10.2 7.9 1.6 0.8 10.2 7.9 1.5 0.8 10.2 8.0 1.4 0.8 10.2 8.0 1.3 0.9 10.3 8.1 1.3 1.0 10.6 8.4 1.2 1.0 10.7 8.6 1.1 1.0 10.8 8.6 1.1 1.1 63 64 65 66 4008.1 4711.0 4632.0 4561.0 4572.0 4095.9 4379.1 7656.1 67 11.0 68.1 11.0 66.7 11.0 67.0 11.0 67.1 11.0 69.6 11.0 69.7 11.0 70.0 11.0 71.9 68 69 3899.1 0.0 2341.3 1557.8 4599.3 0.0 2736.3 1863.0 4521.3 0.0 2675.9 1845.4 4445.6 0.0 2640.7 1804.9 4448.3 0.0 2633.0 1815.3 3982.6 0.0 2338.0 1644.6 4011.9 0.0 2540.7 1471.1 7422.2 0.0 5254.6 2167.7 70 71 72 73 0.4 0.0 29.4 1.7 0.0 32.3 1.1 0.0 31.5 5.6 0.0 31.7 12.2 0.0 30.9 4.3 0.0 28.3 259.4 0.0 26.9 114.7 0.0 36.3 74 75 76 4018.4 4721.2 4642.2 4571.2 4582.3 4106.5 4389.9 7666.9 77 4038.9 4513.4 4520.5 4489.4 4486.8 4100.2 4216.6 7300.3 78 3686.8 315.9 27.5 8.7 3970.0 509.8 28.6 5.0 3772.2 712.4 29.5 6.5 3726.6 725.2 30.4 7.2 3884.3 564.0 31.4 7.1 3755.6 304.0 32.3 8.2 3839.5 336.6 31.7 8.7 7039.8 216.1 33.9 10.5 79 80 81 82 -20.6 207.8 121.6 81.8 95.5 6.3 173.3 366.6 83 Changes in balance sheet account 61 FC712090095 Change in net worth (lines 30+33+51+60) 62 FL712000095 Total assets 63 64 65 66 LM712010095 LM715013665 LM715013265 LM715013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 67 FL714090005 Financial assets 68 69 FL713011203 FL714000005 Monetary gold Currency and deposits 70 71 72 73 LM714022005 FL713069603 LM713061103 LM713061705 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) 74 75 76 FL714041005 FL713064103 FL713096105 Loans (short term) Equity shares Other accounts receivable 77 FL712100005 Total liabilities and net worth 78 FL714190005 79 80 81 82 FL714100005 FL712151003 FL713164005 FL713193005 83 FL712090095 Balance sheet account (end of period) Liabilities Currency and deposits Loans Equity shares Other accounts payable Net worth Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 169 Z.1, September 23, 2021 S.62.a Private Depository Institutions Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA706902505 Gross value added 285.7 303.8 348.7 375.9 442.2 510.2 509.1 513.1 1 2 FA706300081 Less: Consumption of fixed capital 33.5 33.4 34.3 36.3 38.7 42.3 48.7 56.0 2 3 4 5 6 7 8 FA706902605 FA706025005 FA706020001 FA706401001 FA706240101 FA706402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 252.2 170.8 145.9 24.9 10.1 71.3 270.4 169.6 144.7 24.9 10.2 90.6 314.4 180.3 153.9 26.4 10.1 124.0 339.6 181.8 155.1 26.7 12.0 145.8 403.5 183.1 155.9 27.2 12.4 208.0 467.9 208.3 176.8 31.5 12.5 247.1 460.4 211.0 180.8 30.2 13.2 236.2 457.1 226.6 196.5 30.1 17.5 213.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA706140005 FA706402101 FA706150105 FA706130101 FA706121101 FA703092281 FA706150005 FA706130001 FA706120005 FA706121001 FA706122001 FA703192281 FA706112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 132.6 71.3 299.8 278.5 2.4 18.9 238.5 148.6 84.0 83.9 0.1 5.9 0.0 118.6 90.6 275.8 257.8 2.7 15.3 247.8 152.2 89.9 89.8 0.1 5.7 0.0 123.3 124.0 281.4 264.5 3.0 13.9 282.1 173.3 104.4 104.3 0.1 4.4 0.0 141.2 145.8 300.4 286.2 2.0 12.2 305.0 198.2 102.7 102.6 0.1 4.1 0.0 183.5 208.0 339.0 322.4 2.1 14.5 363.5 237.6 121.5 121.4 0.1 4.4 0.0 124.8 247.1 360.3 367.8 2.7 -10.2 482.6 312.9 164.3 164.2 0.1 5.4 0.0 83.5 236.2 399.5 390.3 2.4 6.8 552.2 364.7 181.9 181.7 0.2 5.6 0.0 131.6 213.0 326.7 315.9 1.6 9.2 408.1 321.0 83.5 83.3 0.2 3.6 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA706140005 FA706220001 FA706403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 132.6 24.8 6.3 118.6 37.4 6.7 123.3 36.0 7.3 141.2 34.9 8.1 183.5 22.8 8.6 124.8 22.8 9.2 83.5 31.7 9.9 131.6 29.1 11.0 22 23 24 25 FA706012005 Equals: Disposable income, net 101.5 74.5 80.0 98.2 152.1 92.8 41.9 91.5 25 26 FA706012005 Equals: Net saving 101.5 74.5 80.0 98.2 152.1 92.8 41.9 91.5 26 101.5 101.5 0.0 74.5 74.5 0.0 80.0 80.0 0.0 98.2 98.2 0.0 142.3 152.1 9.8 92.8 92.8 0.0 41.9 41.9 0.0 91.5 91.5 0.0 27 28 29 -5.3 28.1 33.5 -4.4 29.0 33.4 2.2 36.5 34.3 4.6 40.9 36.3 6.3 45.0 38.7 11.0 53.3 42.3 25.9 74.6 48.7 21.1 77.1 56.0 30 31 32 106.9 78.9 77.8 93.6 136.0 81.8 16.0 70.4 33 Capital account 27 28 29 FA706006385 FA706012005 FA705440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA705015085 FA705013081 FA706300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA705000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 34 FA705000995 Net lending (+) or borrowing (-) (line 33) 106.9 78.9 77.8 93.6 136.0 81.8 16.0 70.4 34 35 FA704090005 Net acquisition of financial assets 969.2 949.0 521.7 731.9 866.7 417.5 765.6 3217.9 35 36 37 38 39 FA704000005 FA703025005 FA713113003 FA403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 730.3 2.5 730.9 -3.2 149.5 2.1 148.9 -1.5 -389.6 -1.5 -387.6 -0.5 -209.7 1.8 -211.0 -0.4 195.7 1.2 194.8 -0.3 -388.4 4.9 -393.1 -0.2 -2.9 1.4 -7.1 2.8 1466.8 15.8 1446.1 4.9 36 37 38 39 40 41 42 43 44 45 FA704022005 FA703069175 FA703061105 FA703061705 FA703062005 FA703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 91.8 0.0 -27.6 61.6 54.7 3.1 181.5 0.0 192.4 5.7 32.7 -49.3 203.0 0.0 37.9 140.5 45.3 -20.7 293.6 0.0 121.9 144.4 47.2 -19.9 133.7 -0.0 -37.3 168.1 20.4 -17.5 98.7 0.2 124.3 52.4 -40.0 -38.2 237.2 0.5 126.7 115.1 -29.1 23.9 1085.8 1.6 302.9 694.0 72.2 15.1 40 41 42 43 44 45 46 47 48 FA704035005 FA704041005 FA704042005 Loans Short term Long term 135.0 144.2 -9.2 594.8 446.4 148.4 701.1 447.8 253.3 589.4 293.2 296.2 521.4 306.8 214.6 778.9 604.9 174.0 492.5 281.5 211.0 487.3 401.9 85.3 46 47 48 49 50 51 52 53 54 FA703081005 FA703064105 FA703064205 FA703092405 FA763092100 FA713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks -1.5 -1.5 -0.8 -1.1 1.8 0.1 4.6 0.7 -0.8 -0.0 3.7 1.1 -6.5 2.0 -1.0 -0.9 -7.5 0.9 -6.7 -6.9 -1.9 2.0 -0.9 1.0 14.1 -2.0 0.2 1.4 13.6 0.9 -4.2 2.5 -5.5 0.5 -2.6 0.9 4.8 0.8 -1.8 -4.6 11.0 -0.6 -1.1 3.0 0.1 -9.7 4.8 0.7 49 50 51 52 53 54 55 FA763040005 Insurance, pension and standardized guarantee schemes 5.8 5.7 6.6 5.6 6.4 3.9 6.7 6.1 55 56 FA703093005 Other accounts receivable 7.9 12.9 7.2 59.7 -4.7 -71.4 27.4 173.1 56 57 FA704190005 Net incurrence of liabilities 820.8 995.1 542.0 772.9 738.8 569.6 862.7 3154.7 57 Integrated Accounts Financial account 170 Z.1, September 23, 2021 S.62.a Private Depository Institutions Billions of dollars 2013 58 59 60 FA704100005 FA703127005 FA703130205 Currency and deposits Checkable deposits Other deposits 61 62 63 FA704122005 FA763163005 FA703169175 Debt securities Corporate bonds Commercial paper 64 65 66 FA704135005 FA704141005 FA753192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 67 68 69 70 FA703181105 FA763164103 FA753192103 FA703194005 71 FA703196005 72 FA705000005 2014 2015 2016 2017 2018 2019 2020 897.8 188.7 709.1 649.1 198.8 450.4 432.6 102.5 330.1 499.0 106.6 392.5 623.4 183.6 439.8 620.2 55.9 564.3 773.5 182.6 590.9 3369.2 2534.2 835.0 58 59 60 -138.7 -74.4 -64.4 -47.6 -19.4 -28.2 -15.4 -9.5 -5.9 -17.6 -16.0 -1.6 -65.4 -35.0 -30.3 27.0 12.3 14.7 -40.0 -18.7 -21.4 55.7 29.2 26.6 61 62 63 -17.4 -17.5 0.1 91.3 92.0 -0.8 34.9 35.7 -0.8 107.5 102.2 5.3 112.3 115.3 -3.0 -86.8 -82.6 -4.3 -29.7 -27.5 -2.2 -199.8 -198.3 -1.6 64 65 66 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent 65.3 0.6 8.6 56.1 140.7 0.4 4.5 135.9 106.5 6.8 1.2 98.4 173.1 -5.0 5.6 172.4 4.8 2.8 10.3 -8.4 64.5 -5.2 12.8 56.9 94.5 1.4 3.0 90.1 54.5 1.9 7.6 45.1 67 68 69 70 Other accounts payable 23.0 166.4 -8.6 11.6 76.9 -47.6 68.8 -115.5 71 139.2 -51.0 -28.3 -41.7 114.7 -159.7 -101.4 53.7 72 -102.9 0.0 -135.2 -32.3 -94.4 0.0 35.5 129.9 -56.6 0.0 49.5 106.1 -155.4 0.0 -20.1 135.3 -181.9 0.0 -160.5 21.4 -157.3 0.0 84.3 241.6 -244.3 0.0 -126.9 117.4 69.6 0.0 86.3 16.7 73 74 75 76 7.2 7.8 -0.5 -0.1 5.6 6.1 -0.3 -0.3 3.1 5.1 -1.5 -0.5 3.1 4.3 -1.0 -0.1 7.3 8.1 -0.4 -0.4 15.2 14.9 0.5 -0.2 9.6 11.3 -1.4 -0.3 3.8 3.8 -0.2 0.2 77 78 79 80 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-57) Other changes in volume account 73 74 75 76 FV708090185 FV702010095 FV708090085 FU707005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-72) (3) Revaluation account 77 78 79 80 FR702010095 FR705013665 FR705013265 FR705013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 81 82 83 84 85 86 FR704090085 FR704022005 FR763092305 FR703064105 FR703064205 FR763092100 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity -20.1 -94.6 -1.4 29.1 10.8 35.9 45.5 75.6 2.9 6.5 2.5 -41.9 -107.4 -64.4 0.2 -10.4 -3.8 -29.0 -7.5 -27.2 -0.7 13.2 4.9 2.3 94.2 13.3 0.4 25.6 9.1 45.8 -138.4 -59.1 -1.5 -21.1 -6.9 -49.8 206.5 110.4 -0.1 37.8 12.0 46.4 91.7 57.3 0.0 9.5 3.1 21.8 81 82 83 84 85 86 87 88 89 90 91 FR704190085 FR753192305 FR763164103 FR753192103 FR703194005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent 268.1 -0.0 211.9 56.2 0.0 63.9 -0.6 83.8 -19.2 0.0 -27.3 0.1 -5.0 -22.4 0.0 233.5 -2.3 205.8 30.1 0.0 226.5 0.9 199.5 26.1 0.0 -269.9 0.6 -245.3 -25.2 0.0 452.5 0.5 377.1 74.8 0.0 -184.9 -0.1 -242.3 57.5 0.0 87 88 89 90 91 92 FR708200005 Changes in net worth due to nominal holding gains/losses -281.1 -13.5 -76.9 -240.2 -124.1 147.3 -235.9 280.3 92 93 FC702090095 Change in net worth (lines 30+33+73+92) -282.4 -33.3 -53.5 -297.4 -163.7 82.9 -438.2 441.4 93 16157.5 17188.1 17657.4 18367.1 19253.6 19643.7 20544.5 23965.2 94 381.0 271.9 85.0 24.1 384.6 276.8 82.6 25.2 392.6 280.2 83.2 29.1 404.0 285.5 84.5 33.9 420.0 294.8 86.7 38.4 448.9 312.2 92.1 44.6 488.2 330.6 101.0 56.6 516.5 340.5 109.6 66.3 95 96 97 98 15776.6 16803.5 17264.8 17963.1 18833.5 19194.8 20056.3 23448.7 99 Changes in balance sheet account Integrated Accounts Balance sheet account (end of period) 94 FL702000095 Total assets 95 96 97 98 LM702010095 LM705013665 LM705013265 LM705013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 99 FL704090005 Financial assets 100 101 102 103 FL704000005 FL703025005 FL713113003 FL403197033 Currency and deposits Vault cash Reserves at the Federal Reserve Deposits at Federal Home Loan Banks 2288.1 73.6 2203.9 10.6 2437.5 75.7 2352.8 9.1 2047.9 74.2 1965.2 8.5 1838.3 76.0 1754.2 8.1 2034.0 77.2 1949.0 7.8 1645.6 82.0 1556.0 7.6 1642.7 83.4 1548.8 10.4 3109.5 99.2 2994.9 15.3 100 101 102 103 104 105 106 107 108 109 LM704022005 FL703069175 LM703061105 LM703061705 LM703062005 LM703063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 3479.3 0.0 305.4 1970.8 423.7 779.5 3736.3 0.0 502.9 2031.1 468.5 733.8 3874.9 0.0 537.2 2127.8 514.2 695.7 4141.3 0.0 654.1 2253.0 551.7 682.5 4288.3 0.0 616.0 2422.6 578.9 670.8 4299.9 0.2 736.7 2445.5 505.8 611.8 4647.5 0.7 879.3 2634.4 478.3 654.8 5790.6 2.3 1203.3 3375.7 522.8 686.5 104 105 106 107 108 109 171 Z.1, September 23, 2021 S.62.a Private Depository Institutions Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 8824.5 4422.4 4402.1 4392.0 10.1 9411.2 4868.7 4542.6 4531.0 11.6 10104.8 5316.5 4788.3 4778.4 9.9 10688.2 5609.6 5078.5 5070.6 7.9 11206.1 5916.4 5289.6 5282.7 6.9 11980.4 6528.9 5451.5 5442.4 9.1 12470.5 6810.4 5660.1 5654.9 5.2 12961.0 7217.1 5743.9 5741.4 2.5 110 111 112 113 114 115 116 117 118 119 120 110 111 112 113 114 FL704035005 FL704041005 FL704042005 FL703065005 FL763092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 115 116 117 118 119 120 FL703081005 LM703064105 LM703064205 FL703092405 LM763092100 FL713164003 Equity and investment fund shares Corporate equities Mutual fund shares Equity in government-sponsored enterprises (2) U.S. direct investment abroad: equity Stock in Federal Reserve Banks 521.9 99.0 58.1 30.2 307.1 27.5 493.5 106.1 59.7 30.2 269.0 28.6 443.8 97.7 54.9 29.2 232.5 29.5 457.5 104.0 57.9 31.3 233.9 30.4 552.0 127.6 67.1 32.6 293.3 31.4 470.1 109.1 54.7 33.1 240.9 32.3 571.1 147.7 64.9 28.5 298.3 31.7 604.4 160.1 68.1 18.8 324.9 32.4 121 FL763040005 Insurance, pension and standardized guarantee schemes 143.8 149.6 156.2 161.8 168.2 172.1 178.8 184.8 121 122 FL703093005 Other accounts receivable 123 FL702100005 Total liabilities and net worth 124 FL704194005 125 126 127 FL704100005 FL703127005 FL703130205 Currency and deposits Checkable deposits Other deposits 128 129 130 FL704122005 FL763163005 FL703169175 Debt securities Corporate bonds Commercial paper 131 132 133 FL704135005 FL704141005 FA753192305 134 135 136 137 519.0 575.3 637.2 676.1 584.9 626.7 545.7 798.5 122 16157.5 17188.1 17657.4 18367.1 19253.6 19643.7 20544.5 23965.2 123 16948.2 18012.2 18534.9 19542.0 20592.1 20899.4 22238.4 25217.7 124 12015.1 1818.7 10196.3 12664.2 2017.5 10646.7 13096.8 2120.0 10976.8 13595.9 2226.6 11369.3 14219.3 2410.2 11809.1 14839.5 2466.1 12373.3 15612.9 2648.7 12964.2 18982.2 125 5182.9 126 13799.2 127 407.3 227.6 179.7 359.7 208.2 151.5 344.3 198.7 145.6 326.7 182.7 143.9 261.3 147.7 113.6 288.2 160.0 128.3 248.2 141.3 106.9 303.9 128 170.5 129 133.4 130 Loans Short term Long term (foreign direct investment in the U.S.: debt) 1051.8 1019.1 0.1 1142.4 1111.1 -0.8 1177.4 1146.8 -0.8 1282.6 1249.0 5.3 1395.8 1364.4 -3.0 1309.6 1281.8 -4.3 1280.4 1254.3 -2.2 1080.4 131 1056.0 132 -1.6 133 FL703181105 LM763164103 LM753192103 FL703194005 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent 2869.8 846.1 287.5 1736.2 3075.2 930.2 272.8 1872.1 3154.2 932.0 251.7 1970.5 3563.1 1132.8 287.4 2142.9 3865.1 1335.1 323.8 2206.2 3659.1 1084.5 311.4 2263.1 4205.5 1463.0 389.3 2353.2 4075.2 1222.7 454.3 2398.2 138 FL703196005 Other accounts payable 604.3 770.8 762.2 773.8 850.7 803.1 891.4 776.0 138 139 FL702090095 -790.7 -824.0 -877.5 -1174.9 -1338.6 -1255.7 -1693.9 -1252.5 139 Liabilities Net worth 134 135 136 137 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 172 Z.1, September 23, 2021 S.63.a Insurance Companies Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 236.4 330.0 390.2 415.7 383.4 414.6 440.8 474.4 1 29.3 31.0 32.1 34.0 35.9 37.7 40.5 43.7 2 Current account 1 FA526902505 Gross value added 2 FA526300081 Less: Consumption of fixed capital 3 4 5 6 7 8 FA526902605 FA526025005 FA526020001 FA526401001 FA526240101 FA526402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 207.1 133.9 113.3 20.6 23.9 49.3 299.0 138.4 117.4 20.9 33.8 126.8 358.2 143.7 121.8 21.9 38.6 176.0 381.8 143.4 121.2 22.2 40.1 198.3 347.5 150.4 127.3 23.1 30.7 166.4 376.9 155.5 131.5 24.0 45.9 175.4 400.4 162.9 139.0 24.0 34.2 203.3 430.8 172.8 148.6 24.2 49.9 208.1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA526140005 FA526402101 FA526150105 FA526130101 FA526121101 FA523092281 FA526150005 FA526130001 FA526120005 FA526121001 FA526122001 FA523192281 FA526112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 5.8 49.3 287.5 255.6 16.2 15.7 331.0 300.0 23.4 18.4 5.1 7.6 0.0 61.4 126.8 288.4 262.2 17.2 9.1 353.8 334.7 20.1 15.1 5.0 -1.0 0.0 69.2 176.0 275.7 253.6 18.9 3.3 382.5 357.5 18.8 14.4 4.5 6.1 0.0 99.6 198.3 272.8 256.6 17.9 -1.6 371.5 341.8 22.9 18.6 4.3 6.8 0.0 81.9 166.4 291.3 267.9 18.2 5.1 375.7 343.1 32.5 28.7 3.7 0.2 0.0 100.2 175.4 310.5 268.3 48.3 -6.1 385.7 350.5 27.4 23.6 3.8 7.8 0.0 147.1 203.3 307.4 274.1 28.7 4.6 363.6 346.3 16.0 13.3 2.7 1.3 0.0 89.8 208.1 254.1 224.3 17.6 12.2 372.4 354.2 18.6 16.0 2.6 -0.3 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA526140005 FA526220001 FA526403001 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) 5.8 33.1 -68.1 61.4 38.5 -38.8 69.2 42.2 -16.4 99.6 38.3 27.7 81.9 26.9 -17.6 100.2 28.2 -8.5 147.1 23.6 18.2 89.8 17.5 -5.3 22 23 24 25 FA526012005 Equals: Disposable income, net 40.7 61.8 43.4 33.6 72.6 80.5 105.2 77.6 25 26 FA526012005 Equals: Net saving 40.7 61.8 43.4 33.6 72.6 80.5 105.2 77.6 26 Capital account 27 28 29 FA526006385 FA526012005 FA525440083 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 40.7 40.7 0.0 61.8 61.8 0.0 43.4 43.4 0.0 33.6 33.6 0.0 12.5 72.6 60.2 63.6 80.5 16.9 105.2 105.2 0.0 77.6 77.6 0.0 27 28 29 30 31 32 FA525015085 FA525013081 FA526300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 4.0 33.3 29.3 0.7 31.7 31.0 5.9 38.0 32.1 5.7 39.7 34.0 4.3 40.2 35.9 4.3 42.0 37.7 6.4 46.9 40.5 5.9 49.6 43.7 30 31 32 33 FA525000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 36.8 61.1 37.5 28.0 8.2 59.3 98.8 71.7 33 36.8 61.1 37.5 28.0 8.2 59.3 98.8 71.7 34 Integrated Accounts Financial account 34 FA525000995 Net lending (+) or borrowing (-) (line 33) 35 FA524090005 Net acquisition of financial assets 122.7 175.3 239.1 216.0 180.1 245.8 221.7 497.7 35 36 FA523020005 Currency and deposits -15.2 11.6 7.1 -15.0 21.9 -2.1 21.4 35.5 36 37 38 39 40 41 42 FA524022005 FA523069105 FA523061105 FA523061705 FA523062005 FA523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 134.6 11.0 -7.7 -12.7 8.1 135.8 89.5 -8.7 20.6 -13.2 -8.2 99.1 119.9 -6.7 5.8 -8.6 18.4 110.8 187.0 13.3 31.9 15.7 10.7 115.5 113.7 -17.5 33.2 12.3 -3.8 89.5 134.0 -7.1 -20.8 21.8 -41.4 181.5 151.8 -3.9 -13.4 4.9 -5.7 169.8 237.4 4.4 8.0 -17.2 0.0 242.1 37 38 39 40 41 42 43 44 45 FA524035005 FA524041005 FA524042005 Loans Short term Long term 16.9 -4.5 21.4 37.0 12.4 24.6 42.8 -0.4 43.2 33.4 -3.5 36.9 43.2 0.6 42.6 66.0 -1.1 67.1 54.5 3.7 50.8 28.3 3.8 24.6 43 44 45 46 47 48 49 50 51 FA523081005 FA523064105 FA523064205 FA523034005 FA523092405 FA523092105 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: equity -26.4 -8.8 -19.6 -13.9 0.9 15.1 -42.9 -21.9 -32.8 2.4 0.1 9.3 5.0 25.5 -30.1 6.2 0.5 3.0 -91.4 -21.6 -48.1 -20.3 0.4 -1.7 -57.5 3.9 -74.7 7.6 0.4 5.2 -107.7 -24.3 -88.2 9.4 0.5 -5.1 -76.2 -0.5 -86.6 6.1 0.6 4.2 -81.0 -21.1 -98.4 17.8 3.1 17.6 46 47 48 49 50 51 52 FA523052005 Insurance, pension and standardized guarantee schemes 27.9 1.8 30.8 55.2 84.9 79.2 29.7 109.8 52 53 FA523096005 Other accounts receivable -15.1 78.2 33.4 46.8 -26.2 76.4 40.6 167.6 53 54 FA524194005 Net incurrence of liabilities 126.9 138.9 170.6 239.4 205.3 146.0 197.5 488.9 54 55 FA673090543 Currency and deposits (funding agreements) -9.0 7.6 2.9 6.7 12.0 3.1 6.2 20.9 55 56 57 58 FA524135005 FA524141005 FA523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 3.0 8.7 -5.7 6.4 2.5 3.9 13.7 6.2 7.4 13.3 9.9 3.4 4.5 6.2 -1.7 2.2 9.3 -7.1 1.2 1.2 0.0 22.8 22.8 0.0 56 57 58 173 Z.1, September 23, 2021 S.63.a Insurance Companies Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 59 60 61 62 FA523181105 FA523164105 FA523192105 FA523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent -6.7 -16.8 17.7 -7.6 -32.6 -31.8 -1.7 0.9 -0.5 -32.0 31.9 -0.3 5.6 -25.2 29.7 1.1 -25.1 -28.9 0.8 3.1 -12.3 -21.5 19.1 -9.8 -20.5 -24.9 2.4 2.0 -29.3 -18.6 -0.8 -9.8 59 60 61 62 63 FA523152005 Insurance, pension and standardized guarantee schemes 116.4 112.9 172.8 167.3 144.0 153.3 119.8 258.3 63 64 FA523196005 23.2 44.6 -18.3 46.5 69.9 -0.2 90.7 216.1 64 -4.2 36.4 68.5 -23.4 -25.2 99.7 24.2 8.8 65 -45.7 0.0 -4.7 41.0 -25.1 0.0 -0.4 24.7 31.6 0.0 0.6 -31.1 -50.5 0.0 0.8 51.3 -35.9 0.0 -2.5 33.4 44.2 0.0 3.8 -40.4 -85.4 0.0 -10.7 74.6 -77.5 0.0 -14.6 62.9 66 67 68 69 4.2 4.6 -0.3 -0.1 2.8 3.4 -0.1 -0.5 1.2 2.8 -0.7 -0.9 1.7 2.4 -0.4 -0.2 4.3 4.9 -0.1 -0.4 8.6 8.3 0.4 -0.1 5.9 6.6 -0.5 -0.2 2.7 1.9 0.1 0.7 70 71 72 73 184.7 -206.8 -0.9 145.2 224.8 22.4 272.4 148.4 1.9 43.4 76.2 2.4 -264.3 -168.7 0.2 -26.5 -31.4 -38.0 184.2 27.2 -0.5 50.9 91.1 15.5 484.1 101.4 0.3 120.4 211.8 50.2 -402.1 -194.6 -1.3 -79.2 -84.6 -42.5 1001.3 436.2 -0.1 208.9 287.5 68.8 599.0 248.5 0.0 131.0 205.5 14.0 74 75 76 77 78 79 387.4 -0.0 122.2 -17.5 0.0 282.7 210.7 -0.4 59.1 31.1 0.0 121.0 -52.3 0.1 -11.0 18.4 0.0 -59.8 167.6 -2.3 66.8 -9.5 0.0 112.6 424.7 0.9 88.8 47.2 0.0 287.8 -245.9 0.6 -62.9 -63.6 0.0 -120.1 637.8 0.5 144.5 97.6 0.0 395.3 369.2 -0.1 -22.1 92.9 0.0 298.5 80 81 82 83 84 85 -198.5 64.5 -210.8 18.4 63.7 -147.6 369.3 232.5 86 -203.4 101.2 -135.8 1.5 40.4 -39.8 389.2 232.6 87 8863.4 9315.7 9297.7 9738.9 10411.1 10268.0 11505.1 12611.7 88 248.6 154.5 45.8 48.2 253.2 157.3 45.8 50.1 260.4 161.8 45.7 53.0 267.8 164.2 45.7 57.9 275.9 169.1 45.6 61.2 289.2 177.0 46.4 65.7 302.8 182.9 47.3 72.6 312.4 183.8 48.3 80.3 89 90 91 92 8614.9 9062.5 9037.3 9471.1 10135.3 9978.8 11202.3 12299.3 93 86.5 98.1 105.2 101.1 123.0 120.9 142.3 177.8 94 65 FA525000005 Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) Other changes in volume account 66 67 68 69 FV528090185 FV522010095 FV528090085 FU527005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-65) (3) 70 71 72 73 FR522010095 FR525013665 FR525013265 FR525013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 74 75 76 77 78 79 FR524090085 FR524022005 FR523092305 FR523064105 FR523064205 FR523092105 Financial assets Debt securities U.S. direct investment abroad: debt Corporate equities Mutual fund shares U.S. direct investment abroad: equity 80 81 82 83 84 85 FR524190085 FR523192305 FR523164105 FR523192105 FR523194735 FR523152005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent Insurance, pension and standardized guarantee schemes 86 FR528200005 Revaluation account Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 87 FC522090095 Change in net worth (lines 30+33+66+86) 88 FL522000095 Total assets 89 90 91 92 LM522010095 LM525013665 LM525013265 LM525013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 93 FL524090005 Financial assets 94 FL523020005 Currency and deposits 95 96 97 98 99 100 LM524022005 FL523069105 LM523061105 LM523061705 LM523062005 LM523063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 4063.6 69.0 274.5 485.4 497.4 2737.3 4301.6 60.3 310.5 504.2 520.2 2906.5 4252.8 53.6 310.1 477.4 534.8 2876.8 4473.3 66.9 334.2 480.8 535.9 3055.4 4688.4 49.4 377.9 501.7 536.7 3222.7 4627.8 42.3 360.5 491.8 481.6 3251.5 5215.8 38.4 368.7 538.1 500.2 3770.3 5701.7 42.9 398.2 511.7 532.1 4216.9 95 96 97 98 99 100 101 102 103 104 105 FL524035005 FL524041005 FL524042005 FL523065005 FL523092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 539.0 157.9 381.1 374.5 6.6 577.9 170.3 407.6 398.4 9.1 620.9 169.9 451.0 443.4 7.5 653.8 166.4 487.4 480.9 6.5 697.3 167.0 530.3 524.5 5.8 762.1 166.0 596.1 588.6 7.5 816.5 169.7 646.8 642.0 4.7 844.8 173.4 671.4 669.0 2.4 101 102 103 104 105 106 107 108 109 110 111 FL523081005 LM523064105 LM523064205 FL523034005 FL523092405 FL523092105 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: equity 2569.3 859.3 1434.6 71.9 3.0 200.5 2648.4 880.9 1477.9 74.4 3.1 212.2 2557.7 879.9 1416.5 80.5 3.5 177.2 2623.8 909.2 1459.5 60.2 3.9 191.0 2948.8 1033.5 1596.6 67.8 4.3 246.5 2634.9 930.1 1423.8 77.2 4.8 198.9 3123.8 1138.5 1624.8 83.3 5.4 271.9 3393.4 1248.4 1731.8 101.1 8.5 303.5 106 107 108 109 110 111 Integrated Accounts Balance sheet account (end of period) 174 Z.1, September 23, 2021 S.63.a Insurance Companies Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 112 FL523052005 Insurance, pension and standardized guarantee schemes 607.4 609.2 640.1 695.3 780.2 859.3 889.4 999.5 112 113 FL523096005 Other accounts receivable 749.1 827.3 860.7 923.8 897.6 974.0 1014.5 1182.2 113 114 FL522100005 Total liabilities and net worth 8863.4 9315.7 9297.7 9738.9 10411.1 10268.0 11505.1 12611.7 114 115 FL524194005 8076.4 8427.5 8545.3 8985.0 9616.9 9513.5 10361.4 11235.4 115 116 FL673090543 Currency and deposits (funding agreements) 53.8 61.5 64.3 71.0 83.0 86.0 92.3 113.2 116 117 118 119 FL524135005 FL524141005 FL523192305 Loans Short term Long term (foreign direct investment in the U.S.: debt) 94.7 74.6 20.1 100.7 77.0 23.7 114.5 83.3 31.2 125.5 93.2 32.3 130.9 99.4 31.5 133.7 108.7 25.0 135.4 109.9 25.5 158.1 132.7 25.4 117 118 119 120 121 122 123 FL523181105 LM523164105 FL523192105 FL523194735 Equity and investment fund shares Corporate equity issues Foreign direct investment in the U.S.: equity Investment by parent 690.5 497.6 176.9 15.9 748.1 524.9 206.3 16.8 755.0 481.9 256.6 16.5 817.9 523.5 276.8 17.6 928.8 583.4 324.8 20.6 790.0 498.9 280.3 10.8 1011.6 618.6 380.3 12.8 1053.1 577.8 472.4 2.9 120 121 122 123 124 FL523152005 Insurance, pension and standardized guarantee schemes 6592.3 6826.2 6939.2 7236.6 7668.3 7701.5 8216.7 8773.5 124 125 FL523196005 Other accounts payable 645.1 691.1 672.3 734.1 805.9 802.2 905.5 1137.5 125 126 FL522090095 787.0 888.2 752.4 753.9 794.3 754.5 1143.7 1376.3 126 Liabilities Net worth Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 175 Z.1, September 23, 2021 S.64.a Pension Funds Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA596902505 Gross value added 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1 2 FA596300081 Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2 3 4 5 6 7 8 FA596902605 FA596025005 FA596020001 FA596401001 FA596240101 FA596402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA596140005 FA596402101 FA596150105 FA596130101 FA596121101 FA593092281 FA596150005 FA596130001 FA596120005 FA596121001 FA596122001 FA593192281 FA596112001 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (1) Reinvested earnings on foreign direct investment Rents on land and natural resources 0.0 0.0 595.5 453.4 142.1 0.0 595.5 453.4 142.1 142.1 0.0 0.0 0.0 0.0 0.0 608.8 455.6 153.2 0.0 608.8 455.6 153.2 153.2 0.0 0.0 0.0 0.0 0.0 626.4 465.8 160.5 0.0 626.4 465.8 160.5 160.5 0.0 0.0 0.0 0.0 0.0 633.5 466.7 166.8 0.0 633.5 466.7 166.8 166.8 0.0 0.0 0.0 0.0 0.0 651.4 473.6 177.8 0.0 651.4 473.6 177.8 177.8 0.0 0.0 0.0 0.0 0.0 671.8 491.6 180.2 0.0 671.8 491.6 180.2 180.2 0.0 0.0 0.0 0.0 0.0 692.4 501.7 190.7 0.0 692.4 501.7 190.7 190.7 0.0 0.0 0.0 0.0 0.0 688.0 486.6 201.3 0.0 688.0 486.6 201.3 201.3 0.0 0.0 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA596140005 FA596220001 FA596403105 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Plus: Other current transfers received, net 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 22 23 24 25 FA596012005 Equals: Disposable income, net 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 25 26 FA596012005 Equals: Net saving 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 26 Capital account 27 28 29 FA596006385 FA596012005 FA595440083 Net saving less capital transfers Net saving Less: Capital transfers (net) 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 -0.0 0.0 27 28 29 30 31 32 FA595015085 FA595013081 FA596300081 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30 31 32 33 FA595000995 Net lending (+) or borrowing (-), capital account (lines 27-30) 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 33 34 FA596403105 Addenda: Other current transfers received, net (line 24) 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 34 35 36 37 38 39 40 FA596403115 FA596403125 FA596403133 FA596403143 FA596403153 FA596403013 1378.3 788.5 547.1 -65.2 329.8 23.1 1423.8 821.2 557.5 -64.3 352.8 24.8 1475.4 855.6 591.9 -90.0 380.2 26.5 1512.7 886.1 628.6 -114.0 400.6 29.1 1569.0 925.1 689.3 -161.4 428.7 31.4 1640.9 977.8 665.1 -115.7 460.6 32.1 1706.3 1023.0 701.3 -125.0 480.5 33.8 1712.3 1034.7 732.6 -149.6 486.7 35.0 35 36 37 38 39 40 41 42 FA596403163 FA596403023 595.5 5.7 608.8 6.1 626.4 6.5 633.5 6.8 651.4 7.5 671.8 8.6 692.4 9.1 688.0 10.3 41 42 43 44 45 FA596403033 FA596403043 FA596403053 1049.5 201.7 127.1 1107.6 195.3 121.0 1160.5 173.6 141.3 1176.5 169.4 166.8 1247.4 153.9 167.8 1328.5 154.3 158.1 1403.4 152.6 150.3 1474.4 129.8 108.1 43 44 45 Contributions received Claims to pension benefits Actual employer contributions Imputed employer contributions Actual household contributions Less: pension service charges for defined benefit (DB) plans Household pension contribution supplements Less: pension service charge for defined contribution (DC) plans Less: benefit payments and withdrawals Less: net change in benefit entitlements from DB plans Less: net change in assets from current transaction for DC plans 46 FA595000995 Net lending (+) or borrowing (-) (line 33) 47 FA594090005 Net acquisition of financial assets 48 49 50 FA594000005 FA593020005 FA593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 51 52 53 54 55 56 FA594022005 FA593069105 FA593061105 FA593061705 FA593062045 FA593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 -0.0 46 470.2 319.1 325.1 333.6 485.9 292.2 433.9 422.2 47 9.8 3.7 6.1 6.9 5.8 1.2 -0.5 3.6 -4.1 -1.0 -0.8 -0.2 -2.3 -5.6 3.3 -12.3 -6.9 -5.4 1.3 12.2 -10.9 3.4 12.9 -9.5 48 49 50 239.3 10.2 122.9 -5.4 0.9 110.7 237.1 0.5 113.4 20.0 -0.2 103.4 85.4 -3.6 56.3 -11.7 0.1 44.3 156.2 11.2 170.0 10.9 0.2 -36.2 114.9 1.6 33.7 34.0 0.7 44.9 448.4 -7.2 388.5 25.3 0.7 41.1 25.9 -8.8 141.6 34.2 0.0 -141.1 292.3 -2.4 235.5 58.0 -0.0 1.1 51 52 53 54 55 56 Integrated Accounts Financial account 176 Z.1, September 23, 2021 S.64.a Pension Funds Billions of dollars 2013 57 58 59 FA594035005 FA594041005 FA593065005 Loans Short term Long term (mortgages) 60 61 62 63 FA593081005 FA593064105 FA593064205 FA593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 64 FA593052025 Insurance, pension and standardized guarantee schemes 65 FA593093005 Other accounts receivable 66 FA594190005 Net incurrence of liabilities (pension entitlements) 67 FA595000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 47-66) 68 69 70 71 FV598090185 FV592010095 FV598090085 FU597005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-67) (3) 2014 2015 2016 2017 2018 2019 2020 -3.9 0.8 -4.7 3.4 0.1 3.4 -2.5 -0.3 -2.2 7.7 0.9 6.8 148.6 151.8 -3.2 -149.8 -152.3 2.6 15.2 16.8 -1.6 0.5 6.4 -6.0 57 58 59 -256.7 -424.5 149.4 18.5 -213.5 -271.5 59.6 -1.6 7.8 -6.6 17.2 -2.8 -229.2 -212.6 -32.1 15.5 -68.6 -108.5 42.3 -2.4 -196.4 -183.9 -9.7 -2.8 -159.4 -201.9 22.0 20.5 -185.3 -142.7 -89.3 46.7 60 61 62 63 451.8 256.4 246.9 336.2 175.0 209.8 301.4 278.2 64 29.9 28.8 -12.0 63.7 118.2 -7.7 249.4 33.1 65 469.9 318.9 325.0 333.7 486.0 291.9 433.7 422.0 66 0.3 0.2 0.1 -0.1 -0.2 0.3 0.2 0.1 67 -0.0 0.0 -0.3 -0.3 0.0 0.0 -0.2 -0.2 0.0 0.0 -0.1 -0.1 -0.0 0.0 0.1 0.1 -0.0 0.0 0.2 0.2 -0.0 0.0 -0.3 -0.3 -20.0 0.0 -20.2 -0.2 28.3 0.0 28.2 -0.1 68 69 70 71 0.2 0.2 -0.0 0.0 0.1 0.2 -0.0 -0.0 0.1 0.1 -0.0 -0.0 0.1 0.1 -0.0 0.0 0.2 0.2 -0.0 -0.0 0.3 0.3 0.0 -0.0 0.2 0.2 -0.0 -0.0 0.1 0.1 -0.0 -0.0 72 73 74 75 685.8 -107.0 1125.6 458.4 -791.2 267.6 47.6 372.0 146.8 -298.8 -89.0 -56.9 -90.6 -89.0 147.5 394.2 12.6 414.1 250.3 -282.8 815.8 23.7 940.3 555.8 -704.0 -396.2 -94.9 -341.5 -316.9 357.1 1169.1 170.3 1204.2 765.9 -971.2 880.1 111.9 906.7 576.3 -714.8 76 77 78 79 80 707.2 277.8 -103.7 363.9 789.8 -411.5 1202.8 932.2 81 -21.1 -10.1 14.8 30.3 26.2 15.7 -33.5 -52.0 82 -21.1 -10.1 14.8 30.3 26.2 15.7 -53.5 -23.7 83 19410.7 20114.9 20421.0 21247.6 22673.9 22669.8 24494.4 25989.6 84 8.1 6.7 0.5 0.9 8.0 6.7 0.4 0.8 8.0 6.7 0.4 0.9 8.2 6.7 0.4 1.1 8.5 6.8 0.5 1.2 8.6 7.1 0.4 1.1 8.6 7.2 0.4 1.0 8.6 7.2 0.4 1.0 85 86 87 88 19402.6 20106.9 20413.0 21239.4 22665.4 22661.3 24485.8 25981.0 89 87.4 50.0 37.4 94.3 55.8 38.6 93.9 59.4 34.5 92.8 58.6 34.3 90.5 53.0 37.5 78.2 46.1 32.1 66.8 47.8 19.0 70.2 60.7 9.5 90 91 92 3479.2 87.2 1998.5 263.7 2.4 1127.4 3763.8 87.7 2127.5 289.6 2.4 1256.7 3792.3 84.0 2176.1 268.0 2.5 1261.7 3961.2 95.3 2337.3 277.2 2.7 1248.7 4099.8 96.9 2370.6 312.3 3.4 1316.6 4453.3 89.7 2779.3 355.7 4.1 1224.5 4714.1 45.9 2935.4 402.2 0.1 1330.5 5118.2 43.5 3206.7 457.2 0.0 1410.8 93 94 95 96 97 98 35.6 6.8 28.8 39.0 6.8 32.2 36.5 6.5 30.0 44.2 7.5 36.8 192.8 159.3 33.6 43.1 7.0 36.1 54.3 22.7 31.6 Other changes in volume account Revaluation account 72 73 74 75 FR592010095 FR595013665 FR595013265 FR595013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 76 77 78 79 80 FR594090085 FR594022005 FR593064105 FR593064205 FR593052025 Financial assets Debt securities Corporate equities Mutual fund shares Insurance, pension, and standardized guarantee schemes 81 FR594190005 Liabilities (pension entitlements) 82 FR598200005 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 83 FC592090095 Change in net worth (lines 30+33+68+82) 84 FL592000095 Total assets 85 86 87 88 LM592010095 LM595013665 LM595013265 LM595013765 Nonfinancial assets (4) Structures (nonresidential) Equipment Intellectual property products 89 FL594090005 Financial assets 90 91 92 FL594000005 FL593020005 FL593030005 Currency and deposits Currency and transferable deposits Time and savings deposits 93 94 95 96 97 98 LM594022005 FL593069105 LM593061105 LM593061705 LM593062045 LM593063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds Integrated Accounts Balance sheet account (end of period) 99 FL594035005 100 FL594041005 101 FL593065005 Loans Short term Long term (mortgages) 102 103 104 105 FL593081005 LM593064105 LM593064205 FL593034005 Equity and investment fund shares Corporate equities Mutual fund shares Money market fund shares 8336.9 4707.5 3417.1 212.3 8642.2 4808.0 3623.5 210.7 8470.3 4710.8 3551.7 207.9 8905.5 4912.2 3769.8 223.4 10333.0 5744.0 4368.0 221.0 9478.3 5218.6 4041.5 218.2 10792.2 5909.5 4682.3 200.4 106 FL593052025 Insurance, pension and standardized guarantee schemes 6691.0 6766.1 7230.6 7382.7 6977.9 7644.7 7162.3 54.8 99 29.2 100 25.6 101 12039.9 6623.5 5169.3 247.1 102 103 104 105 6890.4 106 177 Z.1, September 23, 2021 S.64.a Pension Funds Billions of dollars 2013 107 FL593093005 Other accounts receivable 108 FL592000095 Total liabilities and net worth 109 FL594190005 Liabilities (pension entitlements) 110 FL592090095 Net worth 2014 2015 2016 2017 2018 2019 2020 772.6 801.4 789.4 853.1 971.3 963.6 1696.1 1807.6 107 19410.7 20114.9 20421.0 21247.6 22673.9 22669.8 24494.4 25989.6 108 19584.9 20299.2 20590.4 21386.8 22786.9 22767.1 24645.2 26164.1 109 -174.2 -184.3 -169.5 -139.1 -113.0 -97.3 -150.8 -174.5 110 Integrated Accounts (1) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land. 178 Z.1, September 23, 2021 S.65.a Other Financial Business (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA856902505 Gross value added 633.4 670.8 648.8 681.9 697.1 720.8 760.6 865.1 1 2 FA856300085 Less: Consumption of fixed capital 118.3 125.2 132.1 139.7 147.0 153.8 161.8 166.4 2 3 4 5 6 7 8 FA856902605 FA856025005 FA856020005 FA856401005 FA856240105 FA856402105 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Taxes on production and imports less subsidies Operating surplus, net 515.1 334.5 284.3 50.1 23.2 157.5 545.6 370.8 318.0 52.9 19.3 155.5 516.7 389.4 333.5 55.9 18.6 108.7 542.2 406.4 347.0 59.5 22.4 113.3 550.2 451.5 383.0 68.5 25.2 73.5 567.0 452.5 382.3 70.1 23.2 91.4 598.8 475.1 404.7 70.4 24.6 99.1 698.7 511.3 440.4 71.0 1.5 185.9 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 FA856140005 FA856402105 FA856150105 FA856130105 FA856121105 FA853092285 FA856150005 FA856130005 FA856120005 FA856121005 FA856122005 FA853192285 FA856112005 Net national income/Balance of primary incomes, net Operating surplus, net Property income (received) Interest Distributed income of corporations (dividends) Reinvested earnings on U.S. direct investment abroad Less: Uses of property income (paid) Interest Distributed income of corporations Dividends Withdrawals from income of quasi-corporations (2) Reinvested earnings on foreign direct investment Rents on land and natural resources -58.8 157.5 788.0 510.0 253.6 24.5 1004.3 525.8 476.4 427.3 49.1 2.1 0.0 -27.1 155.5 807.5 503.2 277.2 27.0 990.1 530.9 448.3 430.5 17.8 10.9 0.0 -69.8 108.7 820.4 505.8 281.1 33.5 998.9 559.8 435.9 426.5 9.4 3.2 0.0 -32.1 113.3 886.7 570.5 280.8 35.4 1032.1 587.2 442.6 400.3 42.3 2.3 0.0 -117.4 73.5 1005.6 642.7 326.3 36.6 1196.5 684.4 502.8 448.1 54.6 9.4 0.0 -10.3 91.4 1214.9 788.3 449.3 -22.7 1316.5 820.1 492.6 457.6 34.9 3.9 0.0 102.6 99.1 1338.2 962.3 360.6 15.3 1334.7 922.9 401.1 365.4 35.7 10.7 0.0 17.8 185.9 1120.4 816.9 287.5 16.0 1288.4 829.8 449.9 410.1 39.8 8.7 0.0 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 FA856140005 FA856220005 FA856403005 Net national income/Balance of primary incomes, net Less: Current taxes on income, wealth, etc. (paid) Less: Other current transfers (paid) -58.8 41.2 44.2 -27.1 40.5 46.4 -69.8 34.9 31.1 -32.1 41.1 28.9 -117.4 37.7 28.8 -10.3 30.0 30.2 102.6 43.3 15.1 17.8 39.5 31.3 22 23 24 25 FA856012005 Equals: Disposable income, net -144.2 -113.9 -135.7 -102.0 -183.9 -70.5 44.3 -52.9 25 26 FA856012005 Equals: Net saving -144.2 -113.9 -135.7 -102.0 -183.9 -70.5 44.3 -52.9 26 -144.2 -144.2 0.0 -123.9 -113.9 10.0 -135.7 -135.7 0.0 -103.8 -102.0 1.8 -216.6 -183.9 32.8 -70.5 -70.5 0.0 44.3 44.3 0.0 -52.9 -52.9 0.0 27 28 29 22.8 141.1 118.3 32.2 157.4 125.2 34.3 166.4 132.1 38.4 178.1 139.7 26.6 173.5 147.0 30.0 183.9 153.8 27.4 189.2 161.8 0.8 167.2 166.4 30 31 32 -167.0 -156.1 -170.0 -142.3 -243.2 -100.5 16.9 -53.8 33 -167.0 -156.1 -170.0 -142.3 -243.2 -100.5 16.9 -53.8 34 287.4 681.4 312.9 998.3 1382.0 1083.6 1820.2 2404.3 35 81.2 47.3 -211.4 -228.7 91.1 -82.5 127.1 206.3 36 Capital account 27 28 29 FA856006385 FA856012005 FA855440085 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 30 31 32 FA855015085 FA855013085 FA856300085 Capital formation, net Gross fixed capital formation (nonresidential) Less: Consumption of fixed capital 33 FA855000995 Net lending (+) or borrowing (-), capital account (lines 27-30) Integrated Accounts Financial account 34 FA855000995 Net lending (+) or borrowing (-) (line 33) 35 FA854090005 Net acquisition of financial assets 36 FA854000005 Currency and deposits 37 38 39 40 41 42 FA854022005 FA853069175 FA853061105 FA853061705 FA853062005 FA853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds -200.3 -11.6 -70.6 -191.5 -90.7 164.0 -74.5 -35.1 67.7 -166.6 -16.6 76.1 204.4 19.3 272.3 -121.8 -16.1 50.8 597.5 -111.7 453.5 196.0 -28.9 88.6 516.6 107.9 140.5 30.7 29.6 208.0 672.8 15.4 466.5 17.0 33.1 140.9 854.8 1.3 365.3 215.5 103.3 169.4 1506.3 -56.4 1380.1 -280.3 38.1 424.8 37 38 39 40 41 42 43 44 45 FA854035005 FA854041005 FA814042005 Loans Short term Long term -70.4 -146.8 76.4 146.9 130.6 16.3 78.2 -2.3 80.5 258.6 99.1 159.4 605.4 282.3 323.2 517.1 169.9 347.2 564.3 241.5 322.8 409.6 -206.0 615.7 43 44 45 46 47 48 49 50 51 FA813081005 FA813064105 FA503034005 FA813092405 FA603092105 FA793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Investment in subsidiaries 424.6 408.4 -7.4 0.1 13.7 9.8 420.6 288.3 16.6 0.3 15.0 100.4 364.8 214.5 -16.8 1.2 27.2 138.8 504.5 71.5 105.2 -0.5 54.9 273.4 155.6 187.1 7.4 -0.4 30.2 -68.8 119.3 69.4 15.6 -0.2 -1.0 35.4 108.7 -73.6 38.5 -0.0 36.5 107.5 59.9 -209.6 160.8 -0.5 26.2 83.0 46 47 48 49 50 51 52 FA733040005 Insurance, pension and standardized guarantee schemes 5.1 5.0 4.1 4.0 4.0 4.0 4.0 4.0 52 53 FA853096005 Other accounts receivable 47.3 136.0 -127.1 -137.5 9.2 -147.0 161.2 218.2 53 54 FA854194005 Net incurrence of liabilities 264.7 672.7 227.2 918.5 1212.2 869.2 1662.2 2394.5 54 55 FA403197033 -3.2 -1.5 -0.5 -0.4 -0.3 -0.2 2.8 4.9 55 Currency and deposits 179 Z.1, September 23, 2021 S.65.a Other Financial Business (1) Billions of dollars 2013 56 57 58 59 FA814122005 FA423161705 FA813163005 FA813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 60 61 62 63 64 FA814135005 FA814141005 FA814142005 FA123165005 FA803192305 Loans Short term Long term Mortgages Foreign direct investment in the U.S.: debt 65 66 67 68 69 70 71 72 73 FA853181005 FA634090005 FA813164105 FA653164205 FA403192405 FA803192105 FA662090003 FA803194005 FA503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent Equity investment in Federal Reserve facilities 74 FA813196005 Other accounts payable 75 FA855000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-54) 76 77 78 79 FV858090185 FV812010095 FV858090085 FU857005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-75) (4) 2014 2015 2016 2017 2018 2019 2020 167.5 238.3 -54.0 -16.8 167.6 150.3 56.8 -39.4 151.2 220.4 -34.6 -34.6 356.2 351.7 2.1 2.4 428.2 346.6 88.0 -6.4 297.0 246.9 30.9 19.2 439.2 318.6 132.4 -11.8 847.8 658.2 223.1 -33.6 56 57 58 59 -407.2 -426.2 19.0 19.9 -0.9 -106.7 -123.1 16.4 9.3 7.1 -219.2 -233.7 14.5 4.0 10.5 -114.6 -74.0 -40.6 1.0 -41.6 91.5 80.5 11.0 5.6 5.4 315.0 353.7 -38.7 -15.8 -22.9 132.6 147.6 -15.0 1.9 -16.9 60.3 49.3 11.0 1.1 9.9 60 61 62 63 64 616.3 40.2 227.7 346.9 0.5 9.3 2.9 -11.3 0.0 619.1 15.7 280.8 311.5 1.2 11.6 4.3 -6.0 0.0 417.9 -6.7 253.3 98.9 1.3 16.1 5.3 49.8 0.0 555.3 -11.1 285.6 28.8 2.7 64.0 17.3 168.0 0.0 857.6 117.2 445.0 318.4 4.2 21.1 1.0 -49.2 0.0 374.4 189.9 225.3 -63.4 1.1 46.2 9.5 -34.1 0.0 1096.4 596.0 233.2 208.0 -3.7 41.6 5.2 16.0 0.0 1189.5 701.3 515.9 -226.8 -6.8 10.2 6.9 76.4 112.5 65 66 67 68 69 70 71 72 73 -108.7 -5.9 -122.3 122.0 -164.7 -117.0 -8.8 292.0 74 250.9 307.8 421.9 575.8 597.3 439.5 433.6 734.7 75 266.1 0.0 -151.9 -417.9 -48.0 0.0 -511.9 -463.9 259.6 0.0 -332.4 -591.9 376.2 0.0 -341.9 -718.1 168.6 -1.8 -670.0 -840.5 317.1 -2.4 -220.5 -540.0 -86.2 0.0 -502.9 -416.7 105.5 0.0 -682.9 -788.5 76 77 78 79 16.8 17.4 -0.6 0.0 14.2 13.7 1.1 -0.5 8.3 11.3 -1.6 -1.4 9.4 11.0 -1.8 0.2 16.9 19.9 -2.3 -0.6 35.9 32.5 3.4 -0.0 24.5 25.0 -0.3 -0.3 11.4 7.6 3.3 0.5 80 81 82 83 Other changes in volume account Revaluation account 80 81 82 83 FR812010095 FR815013665 FR815013265 FR815013765 Nonfinancial assets Structures (nonresidential) Equipment Intellectual property products 84 85 86 87 88 FR854090085 FR854022005 FR603092305 FR813064105 FR603092105 Financial assets Debt securities U.S. direct investment aboard: debt Corporate equities U.S. direct investment aboard: equity 1665.0 -299.4 -2.2 1971.4 -4.7 764.7 145.0 4.2 560.0 55.6 -600.0 -160.6 0.4 -339.4 -100.3 699.7 -11.2 -1.3 707.4 4.8 2437.5 60.4 0.8 2319.6 56.7 -1705.8 -217.2 -3.0 -1391.1 -94.4 3710.5 405.8 -0.2 3202.8 102.2 2736.0 200.1 0.0 2468.5 67.4 84 85 86 87 88 89 90 91 92 93 94 95 FR814190085 FR803192305 FR813164105 FR653164205 FR803192105 FR662090003 FR803194005 Liabilities Foreign direct investment in the U.S.: debt Corporate equity issues Mutual fund shares Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent 2587.4 -0.0 922.8 1622.6 42.9 0.0 0.0 1065.2 -0.6 506.0 506.1 46.6 0.0 0.0 -599.2 0.2 -226.5 -352.3 -31.0 0.0 0.0 1140.3 -4.2 499.3 689.6 -2.8 0.0 0.0 2990.2 4.2 978.4 1965.0 37.3 0.0 0.0 -1931.8 3.0 -672.4 -1165.7 -73.8 0.0 0.0 4348.0 2.6 1482.0 2781.7 98.6 0.0 0.0 2917.1 -0.6 687.3 2129.8 90.7 0.0 0.0 89 90 91 92 93 94 95 96 FR858200005 -905.5 -286.2 7.6 -431.2 -535.8 261.9 -613.0 -169.7 96 -783.7 -458.2 131.4 -158.9 -583.8 508.6 -654.9 -117.1 97 37202.9 38450.9 37969.9 39751.5 43569.0 43122.0 48613.6 53739.1 98 1039.7 563.7 391.2 84.7 1082.9 572.7 422.4 87.8 1122.9 582.2 451.3 89.4 1166.9 595.3 475.2 96.4 1206.6 617.7 484.6 104.3 1267.2 654.0 501.8 111.5 1314.1 684.0 510.4 119.8 1322.2 99 695.4 100 498.1 101 128.7 102 36163.2 37368.0 36846.9 38584.5 42362.4 41854.7 47299.5 52416.9 103 1350.1 1397.4 1171.0 942.3 1032.3 949.8 1077.0 1283.2 104 Changes in net worth due to nominal holding gains/losses Changes in balance sheet account 97 FC852090095 Change in net worth (lines 30+33+76+96) 98 FL852000095 Total assets 99 LM812010095 100 LM815013665 101 LM815013265 102 LM815013765 103 FL854090005 104 FL854000005 Nonfinancial assets (5) Structures (nonresidential) Equipment Intellectual property products Financial assets Currency and deposits Integrated Accounts Balance sheet account (end of period) 180 Z.1, September 23, 2021 S.65.a Other Financial Business (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 7167.6 500.6 1269.4 1984.2 952.2 2461.2 7238.1 466.6 1358.8 1845.8 987.1 2579.8 7257.5 487.2 1610.6 1706.0 971.7 2482.0 7843.7 376.0 2042.8 1893.1 926.0 2605.9 8414.5 482.8 2173.5 1927.0 974.5 2856.7 8872.0 498.7 2625.9 1936.7 986.4 2824.4 10168.3 534.9 3060.8 2191.1 1127.1 3254.5 11873.7 478.0 4498.3 1901.5 1179.4 3816.5 105 106 107 108 109 110 105 106 107 108 109 110 FL854022005 FL853069175 FL853061105 FL853061705 FL853062005 FL853063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds 111 112 113 114 115 FL854035005 FL854041005 FL814042005 FL813065005 FL603092305 Loans Short term Long term Mortgages U.S. direct investment abroad: debt 12565.6 4528.2 8037.4 8023.0 14.4 12689.0 4658.8 8030.2 8008.5 21.8 12591.9 4482.7 8109.3 8090.9 18.4 12818.4 4581.8 8236.6 8219.9 16.7 13482.4 4944.9 8537.5 8523.9 13.7 13976.0 5110.7 8865.3 8847.0 18.3 14526.9 5352.2 9174.6 9163.7 10.9 14929.3 5146.2 9783.1 9777.5 5.6 111 112 113 114 115 116 117 118 119 120 121 FL813081005 LM813064105 FL503034005 FL813092405 FL603092105 FL793094005 Equity and investment fund shares Corporate equities Money market fund shares Equity in government-sponsored enterprises (3) U.S. direct investment aboard: equity Investment in subsidiaries 13408.9 9878.2 114.9 0.2 435.6 2980.1 14445.1 10726.5 131.4 0.5 506.1 3080.5 14258.4 10601.6 114.6 1.6 433.0 3107.5 15434.5 11380.5 219.8 1.1 492.8 3340.2 17919.3 13887.2 227.2 0.7 579.7 3224.5 16553.0 12565.5 242.8 0.6 484.2 3259.9 20014.2 15694.6 319.5 0.6 622.9 3376.6 22610.0 17953.6 480.3 0.1 716.5 3459.6 116 117 118 119 120 121 122 FL733040005 Insurance, pension and standardized guarantee schemes 39.9 45.0 49.0 53.0 57.0 61.0 65.0 123 FL853096005 Other accounts receivable 1631.1 1553.5 1519.1 1492.6 1456.9 1442.9 1448.2 1651.8 123 124 FL852100005 Total liabilities and net worth 37202.9 38450.9 37969.9 39751.5 43569.0 43122.0 48613.6 53739.1 124 125 FL854194005 37419.2 39125.5 38513.0 40453.4 44854.7 43899.1 50045.8 55288.4 125 126 FL403197033 Currency and deposits 10.6 9.1 8.5 8.1 7.8 7.6 10.4 15.3 126 127 128 129 130 FL814122005 FL423161705 FL813163005 FL813169105 Debt securities Agency- and GSE-backed securities (3) Corporate bonds Commercial paper 12231.9 7773.7 4096.5 361.7 12372.0 7924.0 4125.8 322.3 12290.0 8144.4 3857.9 287.6 12623.4 8496.1 3837.2 290.1 13015.1 8842.7 3888.7 283.6 13296.8 9089.6 3904.3 302.9 13729.1 9408.3 4029.8 291.0 14570.7 10066.5 4246.8 257.4 127 128 129 130 131 132 133 134 135 FL814135005 FL814141005 FL814142005 FL123165005 FL803192305 Loans Short term Long term Mortgages Foreign direct investment in the U.S.: debt 3328.0 3081.4 246.6 214.3 32.4 3228.6 2958.3 270.3 231.4 38.9 3012.4 2727.5 284.9 235.4 49.5 3033.7 2653.5 380.1 236.5 143.7 3129.3 2734.0 395.3 242.0 153.2 3447.2 3087.7 359.5 226.2 133.3 3578.6 3235.3 343.3 224.3 119.0 3638.3 3284.6 353.7 225.4 128.3 131 132 133 134 135 136 137 138 139 140 141 142 143 144 FL853181005 FL634090005 LM813164105 LM653164205 FL403192405 FL803192105 LM662090003 FL803194005 FL503194205 Equity and investment fund shares Money market fund shares Corporate equity issues Mutual fund shares Equity in government-sponsored enterprises (3) Foreign direct investment in the U.S.: equity Equity in noncorporate business Investment by parent Equity investment in Federal Reserve facilities 21751.7 2733.4 5113.9 12333.0 41.7 265.9 40.8 1223.0 0.0 23429.5 2749.1 5900.7 13150.6 42.9 324.0 45.1 1217.0 0.0 23126.2 2742.4 5927.5 12897.2 44.2 309.1 50.4 1155.4 0.0 24687.0 2731.3 6712.4 13615.6 46.9 230.2 67.7 1282.7 0.0 28406.6 2848.4 8135.8 15899.0 51.1 288.6 68.7 1114.9 0.0 26869.1 3038.3 7688.6 14669.8 52.2 261.0 78.2 1080.8 0.0 32337.0 3634.3 9403.9 17659.5 48.6 401.2 83.5 1106.0 0.0 36434.3 4335.6 10607.1 19562.6 41.8 502.1 90.3 1182.4 112.5 136 137 138 139 140 141 142 143 144 145 FL813196005 Other accounts payable 97.1 86.3 75.8 101.4 296.0 278.4 390.7 629.7 145 146 FL852090095 -216.3 -674.5 -543.1 -702.0 -1285.8 -777.2 -1432.1 -1549.2 146 Liabilities Net worth 69.0 122 Integrated Accounts (1) Includes the following sectors as defined in the Financial Accounts of the United States: Money Market Funds; Mutual Funds; Closed-End Funds; Exchange-Traded Funds; Government-Sponsored Enterprises; Agency- and GSE-Backed Mortgage Pools; Issuers of Asset-Backed Securities; Finance Companies; REITs; Security Brokers and Dealers; Holding Companies; Other Financial Business. (2) Consists of rental income of tenant-occupied housing and proprietors’ income. Quasi-corporations are unincorporated enterprises that function as if they were corporations; they primarily cover their operating costs through sales, and they keep a complete set of financial records. (3) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (4) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (5) Excludes land. Includes corporate and noncorporate financial business. 181 Z.1, September 23, 2021 S.7.a Federal Government (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 FA316902505 Gross value added 711.0 723.1 737.3 749.0 768.1 795.7 817.9 855.1 1 2 FA316300001 Less: Consumption of fixed capital 265.9 270.2 271.5 270.7 275.9 284.9 293.3 303.5 2 3 4 5 6 7 FA316902605 FA316025001 FA316020001 FA316401005 FA316402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 445.1 455.1 320.4 134.7 -10.1 452.9 460.0 324.0 135.9 -7.1 465.8 469.0 330.5 138.6 -3.2 478.3 479.7 336.4 143.4 -1.5 492.2 491.2 344.1 147.1 1.0 510.8 511.4 357.2 154.2 -0.6 524.6 527.2 365.6 161.6 -2.6 551.5 552.2 381.8 170.3 -0.6 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA316140005 FA316402101 FA316240001 FA316402015 FA316150195 FA316130101 FA316121105 FA316112101 FA316130095 Net national income/Balance of primary incomes, net Operating surplus, net Taxes on production and imports, receivable Subsidies (paid) Property income (received) Interest Distributed income of corporations (dividends) Rents on land and natural resources Less: Uses of property income (interest paid) -116.4 -10.1 125.5 -59.2 243.7 23.5 210.9 9.3 416.3 -194.8 -7.1 136.3 -57.6 172.7 24.8 137.6 10.3 439.1 -187.8 -3.2 140.3 -56.7 161.1 28.0 126.4 6.7 429.3 -239.7 -1.5 136.5 -61.2 140.8 29.7 106.3 4.8 454.3 -263.9 1.0 131.6 -59.3 139.6 29.8 103.7 6.1 476.8 -318.2 -0.6 163.6 -62.7 123.3 36.4 79.0 7.8 541.8 -373.8 -2.6 174.7 -72.4 109.9 37.7 63.8 8.4 583.5 -1017.8 -0.6 158.0 -760.8 119.8 23.5 90.8 5.5 534.2 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA316140005 FA316220001 FA316601001 FA316404001 FA316403105 FA316403001 Net national income/Balance of primary incomes, net Plus: Current taxes on income, wealth, etc. (received) Plus: Social benefits (received) Less: Social contributions (paid) Plus: Other current transfers (received) Less: Other current transfers (paid) -116.4 1619.4 1091.8 1840.4 69.3 497.9 -194.8 1763.8 1140.1 1900.6 87.3 540.9 -187.8 1883.8 1190.8 1990.3 76.2 577.9 -239.7 1883.9 1224.4 2045.2 79.7 605.0 -263.9 1883.9 1284.2 2120.6 85.0 606.5 -318.2 1851.0 1345.4 2219.2 86.3 634.0 -373.8 1952.9 1406.2 2348.4 72.5 659.5 -1017.8 1899.8 1444.6 3406.1 62.9 931.9 17 18 19 20 21 22 23 24 FA316012005 FA316901001 Equals: Disposable income, net Less: Final consumption expenditures 325.7 957.5 354.9 952.2 394.9 955.1 298.1 965.7 262.0 982.7 111.3 1039.4 49.9 1097.4 -1948.5 1161.4 23 24 25 FA316006085 Equals: Net saving -631.8 -597.4 -560.2 -667.6 -720.7 -928.1 -1047.5 -3110.0 25 -696.0 -631.8 64.3 -662.2 -597.4 64.9 -620.2 -560.2 59.9 -728.1 -667.6 60.5 -538.8 -720.7 -181.9 -987.6 -928.1 59.6 -1125.2 -1047.5 77.8 -3182.6 -3110.0 72.6 26 27 28 1.3 -9.0 -35.8 -10.8 1.9 13.9 21.7 33.9 29 269.6 265.9 -2.5 263.8 270.2 -2.6 266.6 271.5 -30.9 268.8 270.7 -8.9 280.0 275.9 -2.2 299.6 284.9 -0.8 317.5 293.3 -2.6 340.3 303.5 -2.9 30 31 32 -697.3 -653.2 -584.4 -717.3 -540.7 -1001.5 -1146.9 -3216.5 33 -697.3 -653.2 -584.4 -717.3 -540.7 -1001.5 -1146.9 -3216.5 34 364.6 32.0 236.9 206.2 156.1 322.1 84.2 1701.9 35 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.0 0.7 0.1 0.0 0.1 0.2 0.0 0.2 0.2 0.0 0.2 0.1 0.0 0.1 36 37 38 Capital account 26 27 28 FA316006385 FA316006085 FA315440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA315050905 30 31 32 FA315019001 FA316300001 FA315420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA315000995 Net lending (+) or borrowing (-), capital account (lines 26-29) 34 FA315000995 Net lending (+) or borrowing (-) (line 33) 35 FA314090005 Net acquisition of financial assets 36 37 38 FA313011105 FA313011205 FA313011303 Monetary gold and SDRs Monetary gold SDR holdings 39 40 41 42 43 44 FA314000005 FA313011505 FA313011405 FA313020005 FA313030003 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 65.8 0.2 -3.4 69.6 -0.5 -0.0 57.2 0.1 -3.9 60.3 0.7 0.0 103.5 0.1 -6.5 110.4 -0.5 0.0 67.0 0.0 1.5 65.7 -0.2 0.0 -171.6 0.0 -1.8 -170.2 0.4 0.0 178.5 0.0 4.8 173.5 0.1 0.0 5.7 0.1 4.3 1.0 0.3 0.0 1333.8 0.0 8.8 1326.3 -1.3 0.0 39 40 41 42 43 44 45 46 47 FA314022005 FA313061703 FA313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds -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 0.0 0.0 45 46 47 48 49 50 51 52 FA314023005 FA314041005 FA313066220 FA313069005 FA313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 271.8 267.8 113.3 154.6 4.0 -26.4 -28.2 110.7 -138.9 1.7 106.1 106.8 103.4 3.4 -0.7 97.9 94.7 99.6 -4.9 3.2 95.8 95.6 96.3 -0.7 0.2 99.1 95.7 90.7 5.0 3.4 93.5 92.9 83.0 9.9 0.6 253.2 249.9 61.7 188.1 3.3 48 49 50 51 52 53 54 55 56 57 58 FA313081105 FA313064105 FA313092803 FA313092403 FA313094303 FA313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserve facilities -4.6 -4.8 2.0 0.0 -1.8 0.0 0.4 -1.6 2.1 0.0 0.0 0.0 2.1 -0.0 2.1 0.0 0.0 0.0 1.7 -0.1 1.7 0.0 0.0 0.0 1.4 -0.1 1.5 0.0 0.0 0.0 5.3 4.0 1.3 0.0 0.0 0.0 1.4 0.0 1.4 0.0 0.0 0.0 115.8 0.0 1.8 0.0 0.0 114.0 53 54 55 56 57 58 Integrated Accounts Financial account 182 Z.1, September 23, 2021 S.7.a Federal Government (1) Billions of dollars 2013 59 60 61 62 FA313096005 FA313070000 FA313078000 FA313093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 63 FA314190005 64 FA313111303 SDR allocations 65 FA314100005 Currency and deposits 66 67 68 FA314122005 FA313161105 FA313161705 Debt securities Treasury securities Federal agency securities 69 FA314123005 Loans 70 71 72 73 FA313152005 FA313140003 FA313195105 FA343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 74 75 76 77 78 FA313196005 FA713014003 FA313170005 FA313172003 FA313193005 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 79 FA315000005 Net incurrence of liabilities Addendum: Net lending (+) or borrowing (-), financial account (lines 35-63) 2014 2015 2016 2017 2018 2019 2020 31.6 3.3 24.7 3.7 0.9 -5.2 -4.1 10.2 25.3 12.7 0.4 12.2 38.9 3.8 23.9 11.2 230.4 0.1 221.0 9.4 39.0 10.4 15.0 13.7 -16.5 -1.9 -20.3 5.6 -1.1 11.3 -18.6 6.1 59 60 61 62 873.0 764.8 755.7 883.2 635.9 1297.1 1196.6 4947.6 63 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 64 -0.4 -0.3 -0.6 -0.6 -0.3 -0.3 -0.5 -0.0 65 857.3 857.7 -0.4 735.9 736.0 -0.1 724.6 724.4 0.2 842.7 842.8 -0.1 447.0 447.0 -0.1 1409.8 1411.2 -1.5 1174.9 1176.6 -1.7 4581.2 4582.2 -1.0 66 67 68 0.0 0.0 0.0 0.0 151.7 -151.7 0.0 0.0 69 0.7 0.2 12.2 -11.7 29.2 0.8 10.4 18.1 13.6 -0.1 7.4 6.4 6.0 0.1 12.9 -7.0 16.8 -0.2 9.6 7.4 -36.3 0.2 13.9 -50.4 -17.6 0.9 14.4 -32.9 -11.2 0.2 8.2 -19.6 70 71 72 73 15.4 0.0 14.1 0.0 1.3 -0.1 0.0 -3.1 0.0 3.0 18.1 0.0 14.5 0.0 3.5 35.2 0.0 29.4 0.0 5.8 20.7 0.0 17.5 0.0 3.2 75.6 0.0 74.0 0.0 1.6 39.9 0.0 36.0 0.0 3.9 377.7 0.0 16.8 364.7 -3.8 74 75 76 77 78 -508.4 -732.8 -518.8 -677.0 -479.8 -975.1 -1112.4 -3245.8 79 180.6 0.0 -8.3 -188.9 -51.4 0.0 28.2 79.6 122.5 0.0 56.9 -65.6 64.9 0.0 24.6 -40.3 -139.9 0.0 -200.8 -60.9 22.7 0.0 -3.7 -26.4 185.4 0.0 150.8 -34.5 21.1 0.0 50.3 29.3 80 81 82 83 74.2 45.7 5.6 23.0 50.3 31.2 9.0 10.1 7.1 11.7 -2.9 -1.7 56.1 47.7 0.8 7.6 87.3 55.7 6.3 25.3 110.1 66.4 14.1 29.6 58.1 38.4 5.2 14.5 93.3 35.6 17.6 40.0 84 85 86 87 0.1 0.1 0.0 0.0 0.0 -5.0 -3.3 -1.7 0.0 0.0 -3.3 -2.3 -1.1 0.0 0.0 -2.1 -1.5 -0.6 0.0 0.0 4.0 2.9 1.1 0.0 0.0 -5.7 -1.2 -0.4 -4.0 0.0 -0.4 -0.3 -0.1 0.0 0.0 3.5 2.1 1.4 0.0 0.0 88 89 90 91 92 Other changes in volume account 80 81 82 83 FV318090185 FV312010095 FV318090085 FU317005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-79) (3) Revaluation account 84 85 86 87 FR312010095 FR315015605 FR315013265 FR315013765 Nonfinancial assets Structures Equipment Intellectual property products 88 89 90 91 92 FR318080005 FR313011105 FR314000005 FR313064105 FR313094303 Financial assets Monetary gold and SDRs Currency and deposits Corporate equities Equity investment under Public-Private Inv. Program 93 FR313111303 Liabilities (SDR allocations) 94 FR318200005 Changes in net worth due to nominal holding gains/losses 0.1 -3.2 -2.2 -1.5 2.8 -1.2 -0.3 2.0 93 74.2 48.5 6.0 55.5 88.5 105.6 57.9 94.8 94 -441.2 -665.2 -491.7 -607.8 -590.2 -859.3 -881.9 -3066.8 95 5098.3 5149.8 5405.6 5658.1 5696.4 6151.6 6487.9 8399.1 96 3204.8 1483.1 736.2 985.4 3248.7 1504.7 746.8 997.2 3251.0 1506.8 745.5 998.8 3305.2 1544.2 748.3 1012.8 3396.7 1587.5 761.2 1048.0 3521.3 1642.8 787.6 1090.9 3603.7 1674.0 812.7 1117.1 3734.0 97 1706.8 98 851.3 99 1175.9 100 1893.6 1901.1 2154.6 2352.9 2299.8 2630.3 2884.2 4665.2 101 55.2 0.0 55.2 51.9 0.0 51.9 49.7 0.0 49.7 48.9 0.0 48.9 51.9 0.0 51.9 50.8 0.0 50.8 50.8 0.0 50.7 52.9 102 0.0 103 52.9 104 Changes in balance sheet account 95 FC312090095 Change in net worth (lines 29+33+80+94) Balance sheet account (end of period) Integrated Accounts 96 FL312000095 97 LM312010095 98 LM315015605 99 LM315013265 100 LM315013765 101 FL314090005 102 103 104 FL313011105 FL313011205 FL313011303 Total assets Nonfinancial assets (4) Structures Equipment Intellectual property products Financial assets Monetary gold and SDRs Monetary gold SDR holdings 183 Z.1, September 23, 2021 S.7.a Federal Government (1) Billions of dollars 2013 105 106 107 108 109 110 FL314000005 FL313011505 FL313011405 FL313020005 FL313030003 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) Currency and transferable deposits Time and savings deposits Nonofficial foreign currencies 111 112 113 FL314022005 FL313061703 FL313063763 Debt securities Agency- and GSE-backed securities Corporate and foreign bonds 114 115 116 117 118 FL314023005 FL314041005 FL313066220 FL313069005 FL313065005 Loans Short term Consumer credit Other loans and advances Long term (mortgages) 119 120 121 122 123 124 FL313081105 LM313064105 FL313092803 FL313092403 LM313094303 FL313094205 Equity and investment fund shares Corporate equities Equity in international organizations Equity in government-sponsored enterprises (2) Equity investment under Public-Private Inv. Program Equity investment in Federal Reserves facilities 125 126 127 128 FL313096005 FL313070000 FL313078000 FL313093003 129 FL312000095 130 FL314190005 131 FL313111303 SDR allocations 132 FL314100005 Currency and deposits 133 134 135 FL314122005 FL313161105 FL313161705 Debt securities Treasury securities Federal agency securities 136 FL314123005 Loans 137 138 139 140 FL313152005 FL313140003 FL313195105 FL343073045 Insurance, pension and standardized guarantee schemes Insurance reserves Retiree Health Care Funds Claims of pension fund on sponsor 141 142 143 144 145 FL313196005 FL713014003 FL313170005 FL313172003 FL313193013 Other accounts payable SDR certificates Trade payables PPP subsidies payable Other (miscellaneous liabilities) 146 FL312090095 2014 2015 2016 2017 2018 2019 2020 221.8 23.6 31.0 163.0 1.5 2.6 277.2 20.7 25.3 226.3 2.2 2.6 379.7 19.5 17.7 338.1 1.8 2.6 446.1 19.3 18.7 404.0 1.5 2.6 275.6 21.2 17.9 232.0 1.9 2.6 453.7 20.8 22.3 405.9 2.0 2.6 459.2 20.6 26.4 407.2 2.3 2.6 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 1208.1 1092.6 735.5 357.1 115.5 1181.6 1064.5 846.2 218.2 117.2 1287.7 1171.2 949.7 221.6 116.5 1385.6 1265.9 1049.3 216.6 119.7 1481.4 1361.5 1145.6 216.0 119.8 1580.5 1457.3 1236.3 221.0 123.2 1674.0 1550.1 1319.2 230.9 123.8 1927.2 1800.0 1381.0 419.0 127.2 114 115 116 117 118 92.4 35.1 57.4 0.0 0.0 0.0 92.8 33.4 59.4 0.0 0.0 0.0 94.9 33.4 61.5 0.0 0.0 0.0 96.6 33.3 63.3 0.0 0.0 0.0 98.0 33.2 64.8 0.0 0.0 0.0 99.3 33.2 66.1 0.0 0.0 0.0 100.6 33.2 67.5 0.0 0.0 0.0 216.5 33.2 69.3 0.0 0.0 114.0 119 120 121 122 123 124 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 315.5 53.6 178.5 83.4 296.9 48.4 154.8 93.6 342.1 61.2 175.1 105.8 375.2 64.9 193.2 117.0 392.4 65.0 201.1 126.4 445.6 75.4 230.2 140.0 599.2 73.5 380.0 145.7 673.6 84.9 437.0 151.8 125 126 127 128 Total liabilities and net worth 5098.3 5149.8 5405.6 5658.1 5696.4 6151.6 6487.9 8399.1 129 16091.1 16807.7 17555.2 18415.5 19044.0 20358.4 21576.7 26554.6 130 54.4 51.2 48.9 47.5 50.3 49.1 48.8 50.9 131 25.6 25.3 24.8 24.2 24.0 23.7 23.2 23.1 132 13705.1 13680.6 24.5 14441.1 14416.7 24.4 15165.6 15141.1 24.6 16008.3 15983.8 24.5 16455.3 16430.9 24.4 17865.0 17842.1 22.9 19039.9 19018.7 21.2 23621.1 133 23600.9 134 20.2 135 0.0 0.0 0.0 0.0 151.7 0.0 0.0 0.0 136 2048.6 50.5 246.9 1751.2 2036.4 51.3 257.3 1727.8 2048.1 51.1 264.7 1732.3 2039.0 51.3 277.6 1710.1 2049.2 51.1 287.1 1711.0 2033.3 51.3 301.0 1681.0 2041.5 52.2 315.4 1673.9 2054.6 52.4 323.6 1678.6 137 138 139 140 257.4 5.2 249.9 0.0 2.3 253.8 5.2 246.8 0.0 1.8 267.7 5.2 261.4 0.0 1.2 296.5 5.2 290.7 0.0 0.6 313.5 5.2 308.2 0.0 0.1 387.3 5.2 382.3 0.0 -0.2 423.3 5.2 418.3 0.0 -0.2 805.0 5.2 435.1 364.7 0.0 141 142 143 144 145 -10992.7 -11657.9 -12149.6 -12757.3 -13347.5 -14206.8 -15088.8 Liabilities Net worth 1794.4 22.1 36.6 1732.1 1.0 2.6 105 106 107 108 109 110 0.5 111 0.0 112 0.5 113 -18155.5 146 Integrated Accounts (1) The federal government sector excludes federal government employee retirement funds. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 184 Z.1, September 23, 2021 S.8.a State and Local Governments (1) Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 1526.1 1573.5 1626.7 1661.1 1704.3 1777.4 1831.6 1860.5 1 Current account 1 FA216902505 Gross value added 2 FA216300001 Less: Consumption of fixed capital 238.8 246.3 251.4 256.4 266.2 280.5 293.7 302.8 2 3 4 5 6 7 FA216902605 FA216025001 FA216020001 FA216401005 FA216402101 Equals: Net value added Compensation of employees (paid) Wages and salaries Employers’ social contributions Operating surplus, net 1287.4 1293.2 887.6 405.6 -5.9 1327.1 1331.0 912.9 418.1 -3.9 1375.3 1377.3 945.3 432.0 -2.0 1404.7 1407.7 971.7 436.0 -3.0 1438.1 1445.7 1003.9 441.9 -7.6 1496.9 1504.9 1044.2 460.7 -8.0 1537.9 1548.6 1084.7 464.0 -10.7 1557.6 1574.5 1112.7 461.8 -16.8 3 4 5 6 7 8 9 10 11 12 13 14 15 16 FA216140005 FA216402101 FA216240001 FA216402015 FA216150195 FA216130101 FA216121101 FA216112101 FA216130095 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) 868.3 -5.9 1063.2 -0.5 81.6 64.3 4.7 12.5 270.2 921.1 -3.9 1104.5 -0.5 83.2 65.3 5.3 12.7 262.3 945.0 -2.0 1134.8 -0.5 81.5 64.9 5.4 11.2 268.7 972.0 -3.0 1175.1 -0.5 83.1 66.6 5.7 10.8 282.8 1023.9 -7.6 1234.7 -0.6 88.2 71.4 5.9 10.9 290.8 1097.8 -8.0 1298.1 -0.6 94.3 77.4 6.1 10.9 286.1 1136.9 -10.7 1357.6 -0.6 96.8 78.2 6.6 12.0 306.2 1160.6 -16.8 1376.6 -0.6 96.4 76.8 6.3 13.3 295.0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 FA216140005 FA216220005 FA216601001 FA216404001 FA216403105 FA216403001 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) 868.3 427.4 17.7 564.4 560.9 0.0 921.1 437.4 18.7 617.5 616.5 0.0 945.0 463.6 19.2 665.3 675.5 0.0 972.0 463.6 20.0 693.1 690.2 0.0 1023.9 490.0 19.8 708.8 692.4 0.0 1097.8 520.3 20.4 729.7 725.4 0.0 1136.9 569.4 20.4 758.7 759.6 0.0 1160.6 587.0 19.9 808.3 1033.5 0.0 17 18 19 20 21 22 23 FA216012005 Equals: Disposable income, net 1309.8 1376.1 1438.1 1452.7 1517.4 1634.2 1727.5 1992.7 23 24 FA216901001 Less: Final consumption expenditures 1575.1 1614.1 1653.8 1697.4 1748.0 1830.0 1876.5 1916.5 24 25 FA216006095 Equals: Net saving -265.3 -237.9 -215.8 -244.7 -230.6 -195.8 -149.0 76.1 25 -193.7 -265.3 -71.6 -167.3 -237.9 -70.6 -146.0 -215.8 -69.8 -172.1 -244.7 -72.6 -158.6 -230.6 -72.0 -123.6 -195.8 -72.2 -75.1 -149.0 -73.9 158.8 76.1 -82.7 26 27 28 102.4 103.0 116.4 127.6 136.4 138.7 145.6 155.7 29 330.8 238.8 10.4 338.8 246.3 10.6 356.0 251.4 11.9 371.1 256.4 12.9 388.3 266.2 14.3 403.0 280.5 16.1 422.5 293.7 16.8 441.2 302.8 17.3 30 31 32 -296.0 -270.3 -262.4 -299.7 -295.0 -262.2 -220.7 3.1 33 -296.0 -270.3 -262.4 -299.7 -295.0 -262.2 -220.7 3.1 34 133.9 -46.3 76.7 171.2 85.7 68.9 33.0 378.0 35 Capital account 26 27 28 FA216006395 FA216006095 FA215440005 Net saving less capital transfers Net saving Less: Capital transfers paid (net) 29 FA215050905 30 31 32 FA215019001 FA216300001 FA215420003 Capital formation, net Gross fixed capital formation (acquisition of produced nonfinancial assets) Less: Consumption of fixed capital Acquisition of nonproduced nonfinancial assets 33 FA215000995 Net lending (+) or borrowing (-), capital account (lines 26-29) Integrated Accounts Financial account 34 FA215000995 Net lending (+) or borrowing (-) (line 33) 35 FA214090005 Net acquisition of financial assets 36 37 38 FA214000005 FA213020005 FA213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 27.3 6.9 20.4 28.4 16.8 11.6 5.5 -8.6 14.2 14.1 5.9 8.2 11.7 -2.5 14.1 0.3 -7.6 7.9 25.9 6.2 19.8 81.2 90.8 -9.6 36 37 38 39 40 41 42 43 44 FA214022005 FA213069103 FA213061105 FA213061703 FA213062003 FA213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 86.6 -3.9 43.1 23.3 1.8 22.3 -73.3 -10.7 -4.2 -49.2 -1.5 -7.7 26.7 -3.3 16.8 -4.0 0.5 16.7 105.7 0.5 72.3 25.8 1.0 6.1 56.1 4.2 17.7 26.0 0.5 7.7 8.9 0.5 -12.4 5.6 0.5 14.6 48.2 -0.6 51.4 2.4 -0.9 -4.1 224.8 1.7 291.3 -71.4 1.5 1.8 39 40 41 42 43 44 45 46 47 FA214035005 FA212051003 FA213065005 Loans Short term Long term (mortgages) 23.6 9.8 13.8 -4.5 -0.6 -3.9 17.4 7.8 9.6 19.3 7.4 11.9 23.3 8.9 14.4 3.2 1.1 2.1 -3.3 -1.3 -1.9 24.6 19.3 5.3 45 46 47 48 49 50 51 FA213081005 FA213034003 FA213064103 FA213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares -3.0 -0.8 -3.4 1.2 -3.9 -1.7 -3.4 1.2 -2.4 -0.2 -3.4 1.2 3.2 5.4 -3.4 1.2 -1.9 0.3 -3.4 1.2 -4.3 -2.1 -3.4 1.2 4.6 6.8 -3.4 1.2 5.7 7.9 -3.4 1.2 48 49 50 51 52 53 54 55 FA213096005 FA213070003 FA213078005 FA213093003 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) -0.6 9.4 3.3 -13.3 7.0 11.0 7.1 -11.2 29.5 0.6 5.6 23.3 28.9 17.5 10.9 0.6 -3.5 6.2 5.3 -15.0 60.8 22.8 19.7 18.3 -42.5 19.1 9.6 -71.2 41.5 14.3 13.1 14.1 52 53 54 55 185 Z.1, September 23, 2021 S.8.a State and Local Governments (1) Billions of dollars 2013 56 FA214190005 57 58 59 FA213162005 FA213162400 FA213162200 Net incurrence of liabilities Debt securities (municipals) Short term Other 60 FA213169203 Loans (short term) 61 FA223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 62 FA213170003 Other accounts payable (trade payables) 63 FA215000005 Addendum: Net lending (+) or borrowing (-), financial account (lines 35-56) 2014 2015 2016 2017 2018 2019 2020 376.9 172.3 225.9 318.0 251.4 231.7 293.9 389.6 56 -52.0 -11.2 -40.8 -35.4 -6.4 -29.0 12.0 -5.9 17.9 29.9 -2.7 32.6 -1.9 4.8 -6.7 -40.5 2.9 -43.4 -2.9 6.8 -9.7 88.6 1.9 86.8 57 58 59 44.7 -43.0 0.1 0.3 0.5 1.1 1.0 1.0 60 345.4 210.8 172.7 244.8 207.9 223.9 247.2 251.6 61 38.8 39.8 41.2 43.1 45.0 47.3 48.6 48.4 62 -243.0 -218.6 -149.3 -146.9 -165.7 -162.8 -260.9 -11.7 63 -710.4 0.0 -763.4 -53.1 -62.6 0.0 -114.3 -51.7 5.9 0.0 -107.2 -113.2 76.8 0.0 -76.1 -152.9 69.1 -2.1 -58.1 -129.3 24.6 -0.2 -74.6 -99.4 11.7 0.0 52.0 40.2 -50.0 0.0 -35.2 14.8 64 65 66 67 250.4 246.7 1.8 1.9 159.4 156.1 3.1 0.3 89.8 91.1 0.6 -2.0 212.1 209.1 0.7 2.3 338.5 334.1 2.1 2.4 477.5 469.3 5.5 2.7 307.4 306.5 0.4 0.6 268.8 261.0 3.3 4.5 68 69 70 71 42.9 17.3 -4.2 18.8 40.7 -19.3 63.5 52.0 72 -498.8 -157.7 109.9 -152.6 -463.1 217.3 -576.8 -428.4 73 792.1 334.5 -24.3 383.5 842.4 240.9 947.7 749.2 74 -112.0 104.6 -164.4 288.2 752.8 142.0 884.3 858.1 75 12620.6 12876.0 13117.6 13625.3 14215.7 14838.8 15438.5 16314.1 76 Other changes in volume account 64 65 66 67 FV218090185 FV212010095 FV218090085 FU217005045 Total other volume changes Disaster losses Other volume changes Less: Statistical discrepancy (lines 33-63) (3) Revaluation account 68 69 70 71 FR212010095 FR215015605 FR215013265 FR215013765 Nonfinancial assets Structures Equipment Intellectual property products 72 FR213081005 Financial assets (equity and investment fund shares) 73 FR223073045 Liabilities (claim of pension funds on sponsor) 74 FR218200005 Changes in net worth due to nominal holding gains/losses 75 FC212090095 Change in net worth (lines 29+33+64+74) Changes in balance sheet account 76 FL212000095 77 78 79 80 LM212010095 LM215015605 LM215013265 LM215013765 Nonfinancial assets (4) Structures Equipment Intellectual property products 9738.4 9380.1 243.7 114.6 9990.2 9626.6 245.6 118.1 10184.5 9819.5 245.2 119.8 10511.3 10137.6 247.3 126.4 10969.8 10583.0 253.0 133.9 11569.6 11164.9 262.6 142.1 12005.7 11591.1 267.1 147.5 12412.8 11980.6 275.0 157.2 77 78 79 80 81 FL214090005 Financial assets 2882.3 2885.8 2933.1 3114.0 3245.9 3269.3 3432.8 3901.3 81 82 83 84 FL214000005 FL213020005 FL213030000 Currency and deposits Currency and transferable deposits Time and savings deposits 476.3 128.9 347.4 504.7 145.7 359.0 510.2 137.1 373.2 524.4 143.0 381.3 536.0 140.6 395.5 536.3 132.9 403.4 562.2 139.1 423.2 643.5 229.9 413.6 82 83 84 85 86 87 88 89 90 FL214022005 FL213069103 FL213061105 FL213061703 FL213062003 FL213063003 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate and foreign bonds 1429.7 87.0 634.3 510.3 14.8 183.3 1389.7 76.3 646.5 473.0 14.5 179.6 1392.0 73.0 653.8 463.6 15.0 186.6 1489.2 73.4 717.3 486.7 15.8 195.9 1551.2 77.7 735.0 514.7 16.7 207.2 1535.2 78.2 713.2 518.4 16.8 208.6 1651.8 77.6 793.1 539.3 16.7 225.1 1917.2 79.2 1111.9 466.5 18.6 240.9 85 86 87 88 89 90 91 92 93 FL214035005 FL212051003 FL213065005 Loans Short term Long term (mortgages) 367.5 140.3 227.2 362.2 139.7 222.6 378.8 147.5 231.3 397.7 154.8 242.8 420.5 163.7 256.8 423.5 164.9 258.6 420.1 163.6 256.5 444.6 182.9 261.7 91 92 93 94 95 96 97 FL213081005 FL213034003 LM213064103 LM213064203 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares 227.4 18.1 142.2 67.1 240.8 16.4 153.4 71.1 234.2 16.2 147.7 70.4 256.3 21.6 159.4 75.3 295.1 21.9 185.8 87.4 271.5 19.8 169.6 82.2 339.6 26.5 214.1 98.9 397.3 34.5 250.0 112.8 94 95 96 97 Other accounts receivable Trade receivables Taxes receivable Other (miscellaneous assets) 381.3 172.1 122.8 86.4 388.3 183.1 129.9 75.3 417.8 183.7 135.5 98.6 446.5 201.2 146.2 99.2 443.0 207.4 151.4 84.2 502.7 230.2 170.0 102.5 459.1 249.3 178.5 31.3 498.8 98 263.7 99 189.7 100 45.4 101 98 FL213096005 99 FL213070003 100 FL213078005 101 FL213093003 Total assets Integrated Accounts Balance sheet account (end of period) 186 Z.1, September 23, 2021 S.8.a State and Local Governments (1) Billions of dollars 102 FL212100005 103 FL214190005 Total liabilities and net worth 104 105 106 FL213162005 FL213162400 FL213162200 Debt securities (municipals) Short term Other 107 FL213169203 Loans (short term) 108 FL223073045 Insurance, pension and standardized guarantee schemes (claim of pension funds on sponsor) 109 FL213170003 Other accounts payable (trade payables) 110 FL212090095 Liabilities Net worth 2013 2014 2015 2016 2017 2018 2019 2020 12620.6 12876.0 13117.6 13625.3 14215.7 14838.8 15438.5 16314.1 102 7487.5 7638.3 8044.2 8263.7 8101.2 8582.4 8297.7 8315.2 103 3109.2 45.5 3063.7 3073.8 39.1 3034.7 3085.8 33.1 3052.6 3115.6 30.4 3085.2 3113.7 35.2 3078.5 3073.2 38.0 3035.1 3070.2 44.8 3025.4 3158.9 104 46.7 105 3112.2 106 61.1 18.1 18.2 18.5 18.9 20.1 21.1 22.1 107 3533.4 3722.7 4075.3 4221.6 4015.6 4488.9 4157.6 4037.0 108 783.9 823.7 864.8 907.9 952.9 1000.2 1048.8 1097.2 109 5133.2 5237.8 5073.4 5361.6 6114.4 6256.5 7140.8 7998.9 110 Integrated Accounts (1) The state and local government sector excludes state and local government employee retirement funds. (2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Excludes land and nonproduced nonfinancial assets. 187 Z.1, September 23, 2021 S.9.a Rest of the World Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Current account 1 2 3 4 FA266905095 FA266903001 FA266904195 FA266400101 Foreign income from U.S. U.S. imports of goods and services U.S. income payments to rest of world Current taxes and trans. payments to rest of world 3617.2 2766.4 616.9 233.9 3781.0 2887.4 646.4 247.2 3692.2 2794.9 640.4 257.0 3675.9 2738.4 661.5 276.0 3955.1 2923.7 738.2 293.3 4269.9 3129.7 847.9 292.3 4324.2 3116.0 893.9 314.3 3874.8 2774.6 770.6 329.6 1 2 3 4 5 6 7 8 FA266900095 FA266903011 FA266904095 FA266400201 Less: Foreign outlays to U.S. U.S. exports of goods and services U.S. income receipts from rest of world Current taxes and trans. receipts from rest of world (1) 3265.2 2287.0 847.2 130.9 3404.8 2377.4 881.6 145.8 3267.5 2268.7 860.8 138.1 3272.2 2232.1 893.5 146.7 3582.2 2383.8 1032.7 165.8 3829.6 2533.5 1142.1 154.0 3844.4 2519.7 1160.3 164.4 3287.7 2123.4 992.9 171.4 5 6 7 8 9 FA266000095 Equals: Net saving (current external balance) 352.1 376.2 424.7 403.7 372.9 440.3 479.8 587.1 9 Capital account 10 FA266000095 Net saving 352.1 376.2 424.7 403.7 372.9 440.3 479.8 587.1 10 11 FA265440005 Less: Net capital transfers -7.0 -6.9 -8.4 -7.0 -16.0 -4.6 -6.8 -6.1 11 12 FA265420095 Less: Acquisition of nonproduced nonfinancial assets -0.0 -0.0 0.0 0.0 -0.0 -0.1 -0.1 0.2 12 13 FA265000905 Net lending (+) or borrowing (-), capital account (lines 10-11-12) 359.0 383.0 433.0 410.7 388.9 445.0 486.7 593.0 13 14 FA265000905 Net lending (+) or borrowing (-) (line 13) 15 FA264090005 Net acquisition of U.S. financial assets 359.0 383.0 433.0 410.7 388.9 445.0 486.7 593.0 14 1124.7 1149.9 680.1 753.1 1519.1 717.1 549.3 1283.2 15 16 17 18 FA263011005 FA263011205 FA313111303 Monetary gold and SDRs Monetary gold 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 16 17 18 19 20 21 22 23 FA264000005 FA263025003 FA263027003 FA263030005 FA264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 370.9 37.7 13.0 51.5 268.7 102.5 66.3 16.6 54.2 -34.6 -45.6 38.4 -5.7 -18.6 -59.6 -13.1 42.3 17.8 70.8 -144.0 201.9 69.7 11.9 16.4 104.0 165.8 65.3 14.2 37.4 48.9 -26.3 51.3 7.7 -2.1 -83.3 282.2 121.3 34.2 97.3 29.3 19 20 21 22 23 24 25 26 27 28 29 FA264022005 FA263069103 FA263061105 FA263061705 FA263062003 FA263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 553.6 -0.9 423.2 -83.6 4.5 210.4 527.8 7.7 314.2 -8.1 4.3 209.6 406.5 -2.3 42.7 24.8 6.5 334.9 341.6 36.9 -107.9 79.1 7.2 326.3 652.5 -6.3 308.2 22.0 7.1 321.5 141.9 -10.2 120.2 95.7 -1.6 -62.2 441.4 5.4 223.6 55.0 4.0 153.4 44.4 -45.3 -77.7 -47.0 4.8 209.6 24 25 26 27 28 29 30 31 32 33 34 FA264035005 FA264041005 FA262051005 FA263069500 FA263092303 Loans Short term Security repurchases Loans to U.S. corporate business Long term (U.S. direct investment abroad: debt) 46.4 40.9 45.1 -4.2 5.5 197.3 131.4 100.4 31.0 65.9 73.2 15.7 -21.2 36.9 57.5 170.2 64.4 68.7 -4.3 105.8 122.6 130.9 31.3 99.5 -8.2 -110.4 -7.9 -31.3 23.5 -102.5 94.2 118.7 21.3 97.5 -24.5 51.3 85.2 10.4 74.8 -33.9 30 31 32 33 34 35 36 37 38 39 FA263081005 FA263034003 FA263064105 FA263064203 FA263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 149.1 9.2 -54.9 -17.0 211.8 300.4 -0.9 114.3 40.9 146.1 239.0 2.3 -191.4 1.8 426.3 234.5 -14.3 -186.3 60.9 374.2 483.0 0.1 116.9 32.6 333.3 475.5 17.3 110.9 28.7 318.5 18.4 14.4 -205.4 -53.0 262.5 846.7 2.0 637.8 8.6 198.3 35 36 37 38 39 40 41 42 43 FA263052005 FA263076005 FA543141905 FA543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements -1.3 3.7 -4.1 -0.8 9.1 -0.4 6.7 2.8 -3.8 2.9 -4.6 -2.0 13.4 1.2 11.0 1.2 13.5 10.4 2.7 0.4 10.9 9.1 -9.3 11.0 2.9 2.0 0.3 0.6 -24.9 -2.1 -9.1 -13.6 40 41 42 43 44 FA263070005 Other accounts receivable 5.9 12.8 10.8 6.4 45.6 33.4 18.8 83.5 44 45 FA264194005 Net incurrence of liabilities 782.1 909.2 348.4 348.4 1176.6 477.9 252.5 797.0 45 46 FA313011303 SDR holdings 0.0 0.0 0.0 0.7 0.1 0.2 0.2 0.1 46 47 48 49 50 51 FA264100005 FA263111503 FA263111403 FA263191005 FA313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 28.0 0.3 -3.4 31.1 -0.0 -121.4 0.2 -3.8 -117.8 0.0 -242.1 0.2 -6.5 -235.8 0.0 -83.4 0.1 1.3 -84.8 0.0 255.2 0.0 -1.8 257.0 0.0 71.2 0.0 4.8 66.4 0.0 24.7 0.2 4.3 20.3 0.0 110.1 0.1 8.8 101.2 0.0 47 48 49 50 51 52 53 54 FA264122005 FA263169105 FA263163005 Debt securities Commercial paper Bonds 206.1 66.3 139.8 162.8 8.9 153.9 -31.3 54.6 -85.9 5.8 -59.2 65.0 384.2 91.9 292.3 145.3 6.3 139.0 112.6 84.4 28.1 6.6 11.0 -4.4 52 53 54 Integrated Accounts Financial account 188 Z.1, September 23, 2021 S.9.a Rest of the World Billions of dollars 2013 55 56 57 58 59 60 61 FA264135005 FA264141005 FA262151003 FA263169005 FA263168005 FA713091103 FA263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 62 63 64 65 66 FA263181105 FA263164100 FA313092803 FA263192101 FA263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity Investment by holding companies 67 FA263152005 Insurance, pension and standardized guarantee schemes 68 FA263170005 69 FA265000005 Other accounts payable Addendum: Net lending (+) or borrowing (-), financial account (lines 15-45) 2014 2015 2016 2017 2018 2019 2020 -67.7 -54.9 -108.6 1.7 60.5 -8.6 -12.8 114.4 111.6 16.5 2.8 91.1 1.3 2.7 125.9 143.8 80.8 0.7 62.9 -0.5 -18.0 132.8 153.1 115.9 -1.5 34.1 4.6 -20.3 -49.9 -11.1 -33.1 2.8 12.7 6.5 -38.8 252.1 161.8 117.3 -5.8 58.2 -7.9 90.3 108.1 206.9 113.2 7.0 87.1 -0.5 -98.7 72.8 138.9 61.4 -2.7 66.0 14.2 -66.1 55 56 57 58 59 60 61 607.3 287.4 2.0 334.7 -16.9 764.0 431.6 2.1 344.9 -14.6 484.6 196.9 2.1 292.5 -6.9 268.0 21.7 1.7 325.7 -81.2 532.2 139.9 1.5 392.5 -1.8 -21.1 171.3 1.3 -218.6 24.9 -6.5 -163.4 1.4 156.7 -1.2 542.9 241.8 1.8 330.9 -31.6 62 63 64 65 66 -1.0 -5.8 9.9 21.9 47.4 27.5 11.2 64.9 67 9.5 -4.9 1.4 2.7 7.4 2.7 2.2 -0.4 68 342.6 240.6 331.7 404.6 342.5 239.2 296.9 486.2 69 49.0 65.4 16.5 -203.9 -61.5 142.4 -91.1 10.2 101.3 -81.6 -75.5 6.1 -61.9 -15.6 46.4 171.4 377.1 205.7 -89.6 100.3 189.8 -116.1 -9.3 106.8 70 71 72 1816.7 1003.4 -727.4 720.4 2269.4 -1594.0 4205.6 3630.7 73 Other changes in volume account 70 71 72 FV268090185 FV268090085 FU267005005 Total other volume changes Other volume changes Less: Statistical discrepancy (lines 13-69) (3) 73 FR264090005 74 FR263011005 Monetary gold and SDRs 0.1 -3.2 -2.2 -1.5 2.8 -1.2 -0.3 2.0 74 75 FR264000005 Currency and deposits 1.5 -1.1 -1.4 -0.6 -1.1 -1.5 -3.6 -1.2 75 76 77 78 79 80 FR264022005 FR263069103 FR263061105 FR263061705 FR263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities Corporate bonds -382.2 -0.6 -215.8 -11.4 -154.4 87.9 -1.1 94.0 8.0 -12.9 -268.0 -1.4 -56.2 -3.7 -206.7 -69.5 -0.4 -43.0 -1.8 -24.2 67.1 1.0 -21.7 -0.4 88.2 -356.3 1.5 -61.5 -7.9 -288.5 508.5 0.1 196.9 13.4 298.2 609.4 -0.6 302.7 10.8 296.5 76 77 78 79 80 81 FR263092303 Foreign direct investment in the U.S.: debt -0.3 -10.0 2.3 -47.4 19.3 13.4 11.5 -2.9 81 82 83 84 85 FR263081005 FR263064105 FR263064203 FR263092101 Equity and investment fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 2197.5 1307.3 74.6 815.6 930.1 600.9 22.7 306.5 -457.8 -228.2 -17.9 -211.7 839.6 468.1 32.8 338.7 2180.9 -1248.1 1119.8 -500.8 101.9 -58.4 959.2 -688.9 3691.8 1775.1 150.1 1766.5 3026.0 1612.2 124.7 1289.1 82 83 84 85 86 FR263070005 Other accounts receivable 0.1 -0.2 -0.3 -0.2 -0.3 -2.4 -2.6 86 87 FR264194005 1455.7 -411.6 -855.5 305.4 3084.2 -2858.7 3133.1 1406.0 87 88 FR313011303 SDR holdings 0.1 -3.3 -2.3 -1.5 2.9 -1.2 -0.3 2.1 88 89 90 91 92 93 FR264100005 FR263111503 FR263111403 FR263191005 FR263191103 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies -2.5 -2.6 0.0 0.1 0.0 -9.4 -5.9 -1.7 -1.8 0.0 -3.3 -2.8 -1.1 0.6 0.0 0.1 -0.3 -0.6 1.0 0.0 -2.5 3.7 1.1 -7.2 0.0 -3.0 -0.8 -0.4 -1.8 0.0 16.1 -0.5 -0.1 16.8 0.0 41.6 2.9 1.4 37.3 0.0 89 90 91 92 93 94 FR263163005 Debt securities (corporate bonds) -114.7 17.1 -102.6 49.5 135.3 -98.3 224.8 148.9 94 95 96 97 FR264135005 FR263169203 FR263192101 Loans Short term (other loans and advances) Long term (U.S. direct investment abroad: debt) -26.3 0.0 735.6 57.9 0.0 -339.6 4.4 0.0 -539.7 -17.0 0.0 47.7 10.4 -39.9 0.0 0.0 1105.5 -1326.1 -2.9 0.0 1153.4 0.2 0.0 396.6 95 96 97 1599.2 863.6 735.6 -473.4 -133.9 -339.6 -751.1 -211.4 -539.7 274.6 226.8 47.7 2937.4 -2716.0 1831.9 -1389.9 1105.5 -1326.1 2895.2 1741.8 1153.4 1212.7 98 816.1 99 396.6 100 0.0 0.0 0.0 0.0 0.0 -0.0 0.2 0.1 101 -0.1 -0.5 -0.6 -0.3 0.7 -0.3 0.0 0.3 102 361.0 1415.1 128.2 415.0 -814.8 1264.7 1072.5 2224.7 103 769.0 1594.2 470.1 744.1 -487.8 1881.1 1469.6 2701.5 104 Integrated Accounts Revaluation account 98 FR263181105 99 FR263164100 100 FR263192101 Financial assets Liabilities Equity and investment fund shares Corporate equities U.S. direct investment abroad: equity 101 FR263152005 Insurance, pension and standardized guarantee schemes 102 FR263170005 Other accounts payable 103 FR265000005 Changes in net worth due to nominal holding gains/losses 104 FC262090095 Change in net worth (lines 13+70+103) 0.4 Changes in balance sheet account 189 Z.1, September 23, 2021 S.9.a Rest of the World Billions of dollars 2013 2014 2015 2016 2017 2018 2019 2020 Financial balance sheet account (end of period) 105 FL264090005 106 FL313111303 SDR allocations 107 108 109 110 111 FL264000005 FL263025003 FL263027003 FL263030005 FL264016005 Currency and deposits Currency Transferable deposits Time deposits Net interbank items due from U.S. banks 112 113 114 115 116 117 FL264022005 LM263069103 LM263061105 LM263061705 FL263062003 LM263063005 Debt securities Open market paper Treasury securities Agency- and GSE-backed securities (2) Municipal securities Corporate bonds 118 119 120 121 122 FL264035005 FL264041005 FL262051005 FL263069500 FL263092303 Loans Short term Security repurchases Loans to U.S. corporate business Long term (U.S. direct investment abroad: debt) 123 124 125 126 127 FL263081005 FL263034003 LM263064105 LM263064203 LM263092101 Equity and investment fund shares Money market fund shares Corporate equities Mutual fund shares Foreign direct investment in the U.S.: equity 128 129 130 131 FL263052005 FL263076005 FL543141905 FL543151905 Insurance, pension and standardized guarantee schemes Insurance receivables due from property-casualty insurance companies Life insurance reserves Pension entitlements 132 LM263070005 Other accounts receivable 133 FL262100005 Total liabilities and net worth 134 FL264194005 Total liabilities 135 FL313011303 SDR holdings 55.2 51.9 49.7 48.9 51.9 50.8 50.7 136 137 138 139 140 FL264100005 FL263111503 FL263111403 LM263191005 FL313091105 Currency and deposits Official foreign currencies Reserve position in IMF (net) U.S. private deposits Nonofficial foreign currencies 1031.4 47.4 30.8 950.6 2.6 897.1 41.8 25.2 827.6 2.6 650.3 39.1 17.6 590.9 2.6 560.4 38.9 18.4 500.6 2.6 820.6 42.6 17.6 757.7 2.6 890.5 41.8 22.0 824.1 2.6 837.1 41.4 26.2 766.9 2.6 141 142 143 FL264122005 FL263169105 LM263163005 Debt securities Commercial paper Bonds 2649.5 265.7 2383.8 2866.9 274.6 2592.3 2753.4 329.3 2424.1 2801.2 270.1 2531.1 3344.0 362.0 2982.0 3406.1 368.3 3037.7 3800.4 452.8 3347.6 4010.1 141 463.8 142 3546.3 143 144 145 146 147 148 149 150 FL264135005 FL264141005 FL262151003 FL263169005 FL263168005 FL713091103 FL263192305 Loans Short term Security repurchases Other loans and advances Depository institution loans n.e.c. Nonoff. foreign currencies (swap lines) Long term (foreign direct investment in the U.S.: debt) 1216.4 1016.4 692.2 34.6 289.4 0.3 199.9 1388.6 1128.1 708.6 37.4 380.5 1.5 260.5 1515.4 1268.5 789.5 37.5 440.5 1.0 246.9 1631.1 1421.5 905.4 36.0 474.6 5.6 209.6 1609.3 1428.0 872.3 56.4 487.3 12.1 181.2 1821.5 1589.9 989.6 50.6 545.5 4.2 231.7 2049.8 1919.7 1225.7 57.6 632.6 3.7 130.0 2122.7 2058.6 1287.1 55.0 698.6 17.9 64.1 151 152 153 154 155 FL263181105 LM263164100 FL313092803 LM263192101 FL263194735 Equity and investment fund shares Corporate equities U.S. government equity in IBRD, etc. U.S. direct investment abroad: equity Investment by holding companies 156 FL263152005 Insurance, pension and standardized guarantee schemes 157 LM263170005 Other accounts payable 158 FL262090095 Net worth (external account) 23012.4 25138.2 25116.7 26642.2 30463.6 29980.5 34921.4 39843.0 105 54.4 51.2 48.9 47.5 50.3 49.1 48.8 1328.7 491.9 99.4 445.1 292.2 1431.0 558.2 116.0 499.2 257.6 1385.0 596.6 110.2 480.2 198.0 1371.6 638.9 128.0 550.8 54.0 1571.0 708.6 139.9 564.6 158.0 1736.7 773.9 154.1 601.9 206.8 1710.4 825.2 161.8 599.8 123.6 50.9 106 1993.1 946.5 196.0 697.6 152.9 107 108 109 110 111 9586.9 10174.2 10337.3 10661.1 11341.9 11186.0 12246.3 12906.1 112 101.3 108.0 104.3 140.8 135.4 124.7 130.2 85.3 113 5792.6 6158.0 6146.2 6002.8 6211.3 6270.1 6844.2 7070.8 114 883.8 899.6 916.5 991.6 1012.2 1087.0 1203.8 1195.7 115 76.2 80.6 87.0 94.2 101.3 99.7 103.7 108.5 116 2732.9 2928.0 3083.3 3431.7 3881.7 3604.4 3964.3 4445.8 117 1468.5 963.3 823.6 139.7 505.2 1655.8 1094.7 924.0 170.6 561.1 1731.4 1110.4 902.8 207.5 621.0 1854.2 1174.8 971.5 203.3 679.4 2069.2 1378.7 1002.9 375.8 690.5 2306.2 1704.8 971.5 733.3 601.3 2483.9 1895.6 1064.8 830.8 588.4 2532.3 1980.8 1075.2 905.6 551.5 118 119 120 121 122 10307.8 11538.3 11319.5 12393.6 15057.4 14284.8 17994.9 21867.6 123 106.2 105.3 107.6 93.3 93.4 110.7 125.1 127.1 124 5205.4 5920.6 5500.9 5782.7 7019.4 6629.5 8199.2 10449.2 125 553.1 616.6 600.6 694.2 828.7 799.0 896.1 1029.4 126 4443.2 4895.8 5110.4 5823.4 7115.9 6745.5 8774.6 10262.0 127 41.9 36.1 3.9 2.0 51.0 35.7 10.6 4.7 47.2 38.6 5.9 2.7 60.6 39.8 17.0 3.9 74.2 50.1 19.7 4.3 85.0 59.2 10.4 15.4 88.0 61.3 10.7 16.0 224.3 236.8 247.4 253.5 299.6 332.7 349.1 63.1 59.1 1.6 2.4 128 129 130 131 430.0 132 23012.4 25138.2 25116.7 26642.2 30463.6 29980.5 34921.4 39843.0 133 17927.9 18459.5 17967.9 18749.3 23058.5 20694.4 24165.7 26385.8 134 52.9 135 951.7 44.4 36.4 868.3 2.6 136 137 138 139 140 144 145 146 147 148 149 150 12682.3 12972.9 12706.4 13390.6 16860.1 14123.1 17011.7 18767.4 151 6472.9 6770.6 6756.2 7146.3 9118.1 7899.6 9478.0 10535.9 152 57.4 59.4 61.5 63.3 64.8 66.1 67.5 69.3 153 6054.2 6059.6 5812.3 6185.8 7683.8 6139.1 7449.1 8176.6 154 97.9 83.3 76.4 -4.8 -6.6 18.3 17.1 -14.5 155 222.2 216.4 226.3 248.2 295.6 323.0 334.3 399.4 156 71.0 65.6 66.5 69.0 77.1 79.4 81.6 81.6 157 5084.5 6678.7 7148.8 7892.9 7405.1 9286.1 10755.7 13457.3 158 (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 2004:Q4. (3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts. (4) Nonfinancial assets, including nonproduced nonfinancial assets, are not included on the balance sheet. Integrated Accounts Total financial assets (4)
@FedFRASER