For use at 12:00 p.m., eastern time December 6, 2012 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Third Quarter 2012 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Third Quarter 2012 C Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of ½ percent in the third quarter of 2012, ½ percentage points less than in the second quarter was nearly flat in the third quarter Federal government debt rose at an annual rate of ¼ percent in the third quarter, about half the average rate of change of the previous four quarters Household debt decreased at an annual rate of percent in the third quarter Home mortgage debt contracted percent, continuing the downtrend that commenced in early 2008 Consumer credit rose at an annual rate of ¼ percent, the eighth consecutive quarterly increase At the end of the third quarter of 2012, the level of domestic nonfinancial debt outstanding was $39.3 trillion, of which household debt was $12.9 trillion, nonfinancial business debt was $12.1 trillion, and total government debt was $14.3 trillion Nonfinancial business debt rose at an annual rate of ½ percent in the third quarter, in line with the rate in the second quarter As in recent years, corporate bonds outstanding accounted for the largest increase State and local government debt, which had declined in 2011 and increased modestly in the second quarter, Household net worth—the difference between the value of households’ assets and liabilities—was about $64.8 trillion at the end of the third quarter of 2012, $1.7 trillion more than at the end of the second quarter In the third quarter, the value of corporate equities and mutual funds owned by households expanded $800 billion and the value of real estate owned by households increased about $370 billion Growth of Domestic Nonfinancial Debt1 Percentage changes; quarterly data are seasonally adjusted annual rates P P State and local govts 11.1 8.3 9.5 5.8 3.9 Total Households Business Federal 2002 2003 2004 2005 2006 7.3 8.0 9.2 9.2 8.6 10.6 11.8 11.1 11.1 10.0 3.0 2.2 6.8 8.9 10.8 2007 2008 2009 2010 2011 8.4 5.8 3.1 4.1 3.6 6.6 -0.2 -1.7 -2.2 -1.6 13.6 6.1 -2.3 0.7 4.6 5.5 0.6 4.0 2.3 -1.7 4.9 24.2 22.7 20.2 11.4 2011:Q1 Q2 Q3 Q4 2.5 2.5 4.4 4.9 -2.0 -2.7 -1.7 0.1 3.6 5.2 4.2 5.1 -2.8 -2.8 -0.2 -1.2 9.1 8.2 13.7 12.7 2012:Q1 4.6 -0.9 Q2 5.1 1.2 Q3 2.4 -2.0 Changes shown are on an end-of-period basis 3.9 4.5 4.4 -0.0 3.1 -0.1 13.7 10.9 6.2 7.6 10.9 9.0 7.0 3.9 Table of Contents Title Table Page Flow of Funds Accounts, Third Quarter 2012 Availability of Data for Latest Quarter Credit Market Debt Growth by Sector D.1 Credit Market Borrowing by Sector D.2 Credit Market Debt Outstanding by Sector D.3 Flows Table Page Levels Table Page Total Credit Market Borrowing and Lending F.1 10 L.1 64 Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 65 Credit Market Borrowing by Financial Sectors F.3 11 L.3 65 Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 66 Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 66 Distribution of Gross Domestic Product F.6 13 Distribution of National Income F.7 14 Saving and Investment F.8 15 Net Capital Transfers F.9 16 Derivation of Measures of Personal Saving F.10 17 L.10 67 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 18 L.100 68 Nonfinancial Business F.101 19 L.101 69 Nonfinancial Corporate Business F.102 20 L.102 70 Nonfinancial Noncorporate Business F.103 21 L.103 71 State and Local Governments F.104 22 L.104 72 Federal Government F.105 23 L.105 73 Rest of the World F.106 24 L.106 74 Financial Business F.107 25 L.107 75 Monetary Authority F.108 26 L.108 76 Private Depository Institutions F.109 27 L.109 77 U.S.-Chartered Depository Institutions, ex Credit Unions F.110 28 L.110 78 Foreign Banking Offices in U.S F.111 29 L.111 79 Banks in U.S.-Affiliated Areas F.112 30 L.112 80 Credit Unions F.113 30 L.113 80 Property-Casualty Insurance Companies F.114 31 L.114 81 Life Insurance Companies F.115 31 L.115 81 Private Pension Funds F.116 32 L.116 82 State and Local Government Employee Retirement Funds F.117 33 L.117 83 Federal Government Retirement Funds F.118 33 L.118 83 Money Market Mutual Funds F.119 34 L.119 84 Mutual Funds F.120 34 L.120 84 Closed-End and Exchange-Traded Funds F.121 34 L.121 84 Government-Sponsored Enterprises F.122 35 L.122 85 Title Sectors Flows Table Page Levels Table Page Agency- and GSE-Backed Mortgage Pools F.123 35 L.123 85 Issuers of Asset-Backed Securities F.124 36 L.124 86 Finance Companies F.125 36 L.125 86 Real Estate Investment Trusts F.126 37 L.126 87 Security Brokers and Dealers F.127 38 L.127 88 Holding Companies F.128 39 L.128 89 Funding Corporations F.129 40 L.129 90 F.200 41 L.200 91 Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 41 L.201 91 U.S Deposits in Foreign Countries F.202 41 L.202 91 Net Interbank Transactions F.203 42 L.203 92 Checkable Deposits and Currency F.204 43 L.204 93 Time and Savings Deposits F.205 44 L.205 94 Money Market Mutual Fund Shares F.206 44 L.206 94 Federal Funds and Security Repurchase Agreements F.207 45 L.207 95 Open Market Paper F.208 46 L.208 96 Treasury Securities F.209 47 L.209 97 Agency- and GSE-Backed Securities F.210 48 L.210 98 Municipal Securities and Loans F.211 49 L.211 99 Corporate and Foreign Bonds F.212 50 L.212 100 Corporate Equities F.213 51 L.213 101 Mutual Fund Shares F.214 51 L.214 101 Depository Institution Loans Not Elsewhere Classified F.215 52 L.215 102 Other Loans and Advances F.216 53 L.216 103 Title Instruments U.S Official Reserve Assets and SDR Allocations Flows Levels Title Table Page Table Page Total Mortgages F.217 54 L.217 104 Home Mortgages F.218 55 L.218 105 Multifamily Residential Mortgages F.219 55 L.219 105 Commercial Mortgages F.220 56 L.220 106 Farm Mortgages F.221 56 L.221 106 Consumer Credit F.222 57 L.222 107 Trade Credit F.223 57 L.223 107 Life Insurance and Pension Fund Reserves F.225 58 L.225 108 Taxes Payable by Businesses F.226 58 L.226 108 Proprietors' Equity in Noncorporate Business F.227 58 L.227 108 Total Miscellaneous Financial Claims F.228 59 L.228 109 Identified Miscellaneous Financial Claims - Part I F.229 60 L.229 110 Identified Miscellaneous Financial Claims - Part II F.230 61 L.230 111 Unidentified Miscellaneous Financial Claims F.231 62 L.231 112 Sector Discrepancies F.11 63 Instrument Discrepancies F.12 63 Title Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 113 R.100 116 Nonfinancial Corporate Business B.102 114 R.102 117 Nonfarm Noncorporate Business B.103 115 R.103 118 Reconciliation Balance Sheet and Reconciliation Tables Title Flows Table Page Levels Table Page Supplementary Tables Balance Sheet of Households and Nonprofit Organizations with Equity Detail B.100.e 119 Nonprofit Organizations F.100.a 120 L.100.a 121 Consolidated Statement for Federal, State, and Local Governments F.105.c 122 L.105.c 123 Private Pension Funds: Defined Benefit Plans F.116.b 124 L.116.b 125 Private Pension Funds: Defined Contribution Plans F.118.c 124 L.118.c 125 Individual Retirement Accounts (IRAs) F.225.i 124 L.225.i 125 Flow of Funds Matrix for 2011 126 127 Flow of Funds Accounts, Third Quarter 2012 This publication presents the Flow of Funds Accounts for 2012:Q3 The statistics in the attached tables reflect the use of new or revised source data Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods affect analysis of particular relationships over time Specifically, outstandings in the Flow of Funds Accounts are related to flows in the following way: Release Highlights A structural change has been introduced this quarter: The monetary authority sector (tables F.108 and L.108) has been modified to show additional detail on the composition of agencyand GSE-backed securities held by the monetary authority Mortgage-backed securities are now shown separately from other agency- and GSEbacked securities Data begin in 2009:Q1 Discontinuities result from changes in valuation, breaks in source data, and changes in definitions For most series, the value of the discontinuity is zero for nearly all time periods However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated as: Explanatory notes for tables D.1, D.2, and D.3 Domestic debt comprises credit market funds borrowed by U.S entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S markets only Financial sectors consist of government-sponsored enterprises, agency- and GSE-backed mortgage pools, the monetary authority, and private financial institutions Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources This definition is consistent with the presentation of credit market borrowing and lending on tables F.1 through F.4 Net lending (+) or net borrowing (-) on the individual sector tables and the matrix is defined as net acquisition of financial assets less net increase in liabilities Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3 Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1 Relation of Flows to Outstandings Estimates of financial assets and liabilities outstanding are linked to data on flows However, figures on outstandings contain discontinuities or breaks in series that could Outstanding t = Outstanding t-1+ Flow t+ Discontinuityt where “t” is the time period B B B B B B B B Percentage change t = (Flow t / Outstanding t-1) * 100 B B B B B B Preliminary Estimates Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction The distinction between “available” data and “missing” data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies Margins of Uncertainty Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of “discrepancies” for various sectors and instrument types A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data Availability of Data Flow of funds statistics are updated about ten weeks following the end of a quarter This publication — the Z.1 release — is available from the Board's Publications Services Flow of funds data are also available electronically through the Internet at the following location: www.federalreserve.gov/releases/Z1 This Internet site also provides coded tables and historical annual tables beginning in 1945 that correspond to the tables published in this release There are also compressed ASCII files of quarterly data for seasonally adjusted flows, unadjusted flows, outstandings, balance sheets, debt (tables D.1, D.2, and D.3), and supplementary tables In addition, these data, as well as data for the quarterly and annual Integrated Macroeconomic Accounts for the United States tables, are available as customizable download datasets through the Data Download Program (DDP) at the following location: www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 An interactive, web-based guide to the Flow of Funds Accounts is available through the Z.1 release page The tools and descriptions within this guide are designed to help users explore the structure and content of the Z.1 and the Integrated Macroeconomic Accounts Subscription Information The Federal Reserve Board charges for subscriptions to all statistical releases Inquiries for releases should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W Washington, DC 20551 (202) 452-3244 [THIS PAGE INTENTIONALLY LEFT BLANK] 113 Z.1, December 6, 2012 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Q1 Assets Nonfinancial assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 2008 2009 2010 Q2 2011 Q3 Q4 Q1 2012 Q2 Q3 80263.7 67612.6 69454.8 73064.8 74748.9 74779.4 72131.7 73736.6 76637.7 76493.7 78204.3 28216.2 24802.5 23764.6 23450.0 23317.0 23285.5 23347.4 23346.5 23805.1 24219.7 24627.3 23485.8 20823.0 2662.8 19952.2 17560.0 2392.2 18888.3 17151.3 1737.0 18561.1 16603.1 1957.9 18387.4 16361.8 2025.7 18293.3 16283.4 2009.9 18317.8 16291.3 2026.5 18296.9 16165.2 2131.6 18704.8 16561.0 2143.8 19075.4 16901.9 2173.5 19450.7 17202.9 2247.8 262.0 4468.3 283.6 4566.8 294.8 4581.6 304.9 4584.1 307.5 4622.1 310.6 4681.6 314.0 4715.6 317.5 4732.2 322.0 4778.2 325.9 4818.5 329.8 4846.8 52047.5 42810.1 45690.2 49614.7 51431.9 51493.9 48784.4 50390.0 52832.7 52274.0 53577.0 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 7502.0 80.5 160.2 5914.6 1346.7 8107.1 56.9 349.6 6118.8 1581.8 7969.1 50.5 373.6 6231.9 1313.1 7963.1 52.1 418.8 6362.5 1129.7 8042.5 55.1 428.1 6460.7 1098.6 8221.0 55.1 476.5 6602.5 1086.8 8386.1 55.2 591.8 6631.0 1108.1 8620.5 50.1 711.0 6745.1 1114.2 8647.0 48.3 695.9 6846.8 1056.0 8671.1 47.7 686.6 6910.0 1026.9 8719.3 47.4 687.8 6939.5 1044.5 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper Treasury securities Savings bonds Other Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances (5) Mortgages 4933.5 107.3 202.0 196.4 5.6 680.6 1698.2 2118.1 17.6 109.8 4900.0 6.0 204.9 194.0 10.9 748.6 1737.0 2062.7 29.7 111.1 5185.7 34.6 762.3 191.2 571.1 167.1 1866.5 2227.0 26.8 101.4 5565.6 63.4 1089.7 187.9 901.8 169.4 1926.0 2200.6 26.2 90.3 5494.3 67.9 930.7 186.8 743.9 244.1 1937.7 2201.0 25.2 87.7 5228.1 64.9 710.3 186.0 524.3 213.4 1911.0 2218.3 25.7 84.6 5230.9 60.3 783.1 185.1 598.0 181.3 1891.2 2206.7 25.5 82.8 4905.2 58.2 620.7 185.2 435.5 134.4 1864.1 2125.1 23.4 79.5 4842.7 51.7 766.8 184.7 582.0 58.0 1829.7 2034.6 26.5 75.5 4896.0 47.1 900.8 184.3 716.5 56.3 1816.1 1981.1 23.2 71.5 4732.5 39.9 945.1 183.6 761.5 7.5 1750.2 1892.4 29.4 68.0 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Corporate equities (2) Mutual fund shares (6) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (7) Miscellaneous assets 9631.4 4605.3 866.4 1076.8 13390.6 9329.3 712.2 5764.8 3342.7 742.7 1049.8 10409.6 7727.1 766.3 7434.9 4161.1 668.6 1109.2 11914.9 6459.6 787.1 8737.7 4605.7 694.3 1137.2 13090.7 6990.0 830.5 9576.1 4957.3 703.3 1160.3 13511.1 7154.7 832.3 9620.8 5013.9 757.7 1174.1 13434.6 7209.5 834.1 8144.4 4400.6 804.9 1174.5 12453.8 7336.9 852.3 8721.9 4645.0 752.3 1203.6 13152.3 7512.0 877.2 9656.2 5297.3 762.3 1214.0 13954.4 7587.1 871.7 9270.2 5260.9 777.7 1201.1 13638.1 7689.2 869.8 9794.6 5542.9 782.7 1221.8 14056.8 7854.7 871.7 24 25 26 27 28 29 30 14263.1 14106.6 13880.8 13706.5 13632.3 13548.0 13466.1 13476.6 13433.2 13446.4 13435.5 31 13699.1 10567.4 2528.8 250.2 21.8 127.0 204.0 13678.0 10509.1 2548.9 259.5 26.4 133.2 200.9 13403.0 10360.9 2438.7 265.4 10.2 133.7 194.0 13129.4 9941.9 2545.3 263.2 61.0 136.1 181.9 13012.3 9875.5 2512.1 262.8 45.3 136.4 180.2 12926.8 9817.0 2534.1 261.7 -1.0 136.9 178.2 12903.7 9764.4 2578.4 256.8 -9.8 137.8 176.1 12925.6 9712.7 2631.5 255.5 12.4 138.1 175.4 12849.5 9630.7 2618.9 253.8 34.8 137.8 173.6 12883.4 9574.4 2662.6 249.5 88.0 137.6 171.4 12844.8 9488.6 2724.1 245.6 79.5 138.3 168.8 32 33 34 35 36 37 38 325.5 214.5 164.8 236.7 203.0 252.7 278.2 274.1 315.7 279.1 312.8 282.6 251.9 286.0 238.5 288.2 267.7 289.8 244.5 290.5 271.7 290.5 39 40 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 28.4 41 31 Liabilities 32 33 34 35 36 37 38 Credit market instruments Home mortgages (8) Consumer credit Municipal securities (9) Depository institution loans n.e.c Other loans and advances Commercial mortgages (9) 39 40 Security credit Trade payables (9) Deferred and unpaid life insurance premiums 41 42 Net worth 66000.6 53506.0 55574.0 59358.3 61116.6 61231.4 58665.6 60260.0 63204.5 63047.3 64768.8 42 43 44 45 46 Memo: Replacement-cost value of structures: Residential Households Nonprofit organizations Nonresidential (nonprofits) 14660.2 14445.1 215.1 1404.7 14410.4 14195.4 215.0 1489.5 14132.3 13918.5 213.8 1439.0 14215.5 14002.9 212.6 1450.8 14205.7 13994.3 211.4 1461.2 14275.3 14063.9 211.5 1477.9 14329.6 14118.3 211.3 1491.9 14363.4 14152.6 210.8 1502.3 14317.7 14108.6 209.2 1506.4 14379.2 14170.2 209.1 1512.4 14507.1 14297.1 210.0 1510.2 43 44 45 46 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11922.9 47 633.2 485.3 518.3 533.5 532.2 530.5 506.9 519.6 536.7 531.5 543.2 48 10255.6 7050.9 6790.3 6661.2 6486.3 6466.4 6526.9 6452.5 6930.3 7327.4 7714.3 49 49.3 40.2 39.6 40.1 39.6 39.7 40.1 39.9 41.8 43.4 44.8 50 47 48 49 50 Disposable personal income (SAAR) Household net worth as percentage of disposable personal income (SAAR) Owners’ equity in household real estate (10) Owners’ equity as percentage of household real estate (11) (1) Sector includes domestic hedge funds, private equity funds, and personal trusts (2) At market value (3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land (4) At replacement (current) cost (5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds (6) Value based on the market values of equities held and the book value of other assets held by mutual funds (7) Net worth of nonfinancial noncorporate business (table B.103, line 32) 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, shown on table L.218, line 23 (9) Liabilities of nonprofit organizations (10) Line less line 33 (11) Line 49 divided by line 114 Z.1, December 6, 2012 B.102 Balance Sheet of Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 Q1 Q2 2011 Q3 Q4 Q1 2012 Q2 Q3 With nonfinancial assets stated at either market value or replacement cost: 10 11 12 13 14 15 16 17 18 19 20 21 Assets Nonfinancial assets Real estate (1) Equipment and software (2) Inventories (2) Financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 30516.8 28861.2 26187.5 28058.4 28655.4 28843.2 29079.6 29948.4 30314.7 30645.4 31302.6 16754.7 15923.5 12847.3 14037.4 14474.2 14460.7 14549.7 15088.0 15232.3 15391.1 15789.1 10909.6 4012.2 1832.9 9946.1 4190.8 1786.6 7052.9 4124.6 1669.8 8027.8 4182.1 1827.4 8357.7 4211.1 1905.5 8278.9 4245.8 1936.1 8323.2 4279.4 1947.2 8807.3 4313.6 1967.1 8872.8 4358.7 2000.8 9006.0 4393.5 1991.6 9320.5 4429.8 2038.8 13762.1 12937.7 13340.1 14021.0 14181.2 14382.5 14529.9 14860.4 15082.4 15254.2 15513.5 50.3 143.2 441.3 548.5 8.1 69.5 38.3 12.8 29.2 41.4 59.3 2252.4 178.0 9890.0 24.7 30.6 381.9 710.6 7.2 57.3 30.5 10.2 26.2 33.6 56.3 2084.6 106.2 9377.9 31.5 170.5 488.8 641.7 7.9 56.0 43.0 14.3 27.1 29.5 51.7 2056.0 161.9 9560.4 40.6 244.7 548.7 484.8 12.1 68.0 48.0 16.0 23.9 28.0 53.1 2148.9 186.6 10117.5 47.6 269.2 551.6 469.8 12.7 70.8 42.4 14.2 19.5 27.6 51.5 2238.8 190.2 10175.3 40.8 283.8 568.5 458.0 13.0 70.4 41.5 17.2 19.2 27.2 51.7 2340.7 186.6 10264.1 37.2 306.3 568.9 440.7 12.1 58.0 44.4 14.8 19.9 26.8 52.2 2378.0 162.9 10407.8 33.6 312.6 574.3 452.0 12.9 59.4 47.8 15.9 19.5 26.4 53.1 2332.0 167.5 10753.4 21.0 317.4 584.7 433.8 13.9 64.1 53.0 17.7 22.2 26.0 51.5 2448.7 177.6 10850.8 9.8 342.9 571.6 421.6 14.3 59.0 64.9 19.1 20.8 25.6 51.7 2528.6 168.9 10955.3 10.9 369.1 581.1 427.2 13.7 64.8 59.9 17.5 21.3 25.2 52.2 2524.0 171.4 11175.1 10 11 12 13 14 15 16 17 18 19 20 12916.0 13225.0 12898.5 13221.4 13280.3 13349.5 13451.6 13592.8 13669.7 13765.2 13896.8 21 22 23 24 25 26 27 28 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Depository institution loans n.e.c Other loans and advances Mortgages 7116.2 123.8 349.0 3675.5 715.9 1316.5 935.5 7452.8 131.5 415.0 3881.0 780.0 1364.9 880.3 7222.4 58.4 452.2 4268.6 546.0 1139.1 758.1 7463.2 82.9 485.4 4691.4 530.9 977.9 694.7 7587.4 110.5 487.8 4792.4 534.6 975.2 686.9 7736.9 106.9 493.4 4907.8 543.6 1010.6 674.6 7873.4 124.7 492.2 4988.3 569.5 1030.8 667.8 7998.6 116.3 493.9 5076.0 604.1 1045.7 662.6 8100.4 127.6 495.2 5193.5 597.6 1027.6 658.8 8229.8 132.1 505.3 5286.0 622.5 1021.5 662.4 8365.6 136.1 504.1 5414.7 631.3 1009.2 670.1 22 23 24 25 26 27 28 29 30 31 Trade payables Taxes payable Miscellaneous liabilities 1897.9 35.8 3866.0 1672.7 39.0 4060.5 1587.5 35.7 4052.9 1743.2 42.9 3972.2 1763.5 60.7 3868.7 1822.1 50.6 3739.9 1862.0 56.7 3659.6 1920.3 47.8 3626.0 1952.7 59.1 3557.5 1999.4 55.9 3480.1 2021.7 65.6 3443.8 29 30 31 32 Net worth (market value) 17600.8 15636.2 13289.0 14837.0 15375.1 15493.8 15628.0 16355.6 16645.0 16880.1 17405.8 32 33 34 35 36 37 38 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) 170.8 6644.8 15730.7 40.4 45.2 89.4 172.7 7203.6 10016.6 47.7 74.4 64.1 173.7 6894.2 12494.6 54.3 57.8 94.0 173.3 7147.1 14423.3 50.3 51.7 97.2 172.2 7225.3 15460.2 49.3 49.1 100.6 172.0 7336.1 15380.3 49.9 50.3 99.3 171.6 7435.4 13062.6 50.4 60.3 83.6 171.0 7516.7 14517.4 48.9 55.1 88.8 169.5 7566.5 16101.0 48.7 50.3 96.7 169.2 7625.8 15555.2 48.8 52.9 92.2 169.7 7644.2 16433.4 48.1 50.9 94.4 33 34 35 36 37 38 22897.4 22451.5 22884.2 23855.1 24181.8 24492.8 24747.2 25171.7 25554.8 25811.7 26189.9 39 9135.4 3841.6 3630.1 1663.6 9513.9 4145.8 3738.5 1629.5 9544.1 4336.5 3714.8 1492.7 9834.1 4519.1 3755.5 1559.5 10000.6 4580.4 3775.7 1644.5 10110.3 4625.6 3797.9 1686.9 10217.3 4666.9 3826.1 1724.2 10311.3 4731.2 3857.1 1723.1 10472.4 4785.2 3889.4 1797.8 10557.5 4835.7 3922.3 1799.5 10676.4 4893.0 3953.2 1830.2 40 41 42 43 With nonfinancial assets stated at historical cost: 39 40 41 42 43 Assets (8) Nonfinancial assets Real estate Equipment and software Inventories 44 Net worth (historical cost) (9) 9981.5 9226.6 9985.8 10633.7 10901.5 11143.4 11295.6 11578.9 11885.1 12046.5 12293.1 44 45 46 47 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 73.1 3330.7 71.3 76.6 3624.8 80.8 78.8 3811.3 72.3 80.4 3951.8 70.2 80.8 3984.5 69.6 81.1 4023.3 69.4 81.5 4066.4 69.7 81.9 4112.5 69.1 82.4 4161.1 68.2 82.8 4210.2 68.3 83.3 4259.1 68.1 45 46 47 (1) At market value (2) At replacement (current) cost (3) Industrial revenue bonds Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S direct investment abroad excludes net inflows from those bond issues (5) Line 22 divided by line 32 (6) Line 22 divided by line 35 (7) Line 35 divided by line 32 (8) Sum of lines and 40 (9) Line 39 less line 21 (10) Line 22 divided by line 44 115 Z.1, December 6, 2012 B.103 Balance Sheet of Nonfinancial Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 Q1 Assets 2008 2009 2010 Q2 2011 Q3 Q4 Q1 2012 Q2 Q3 14666.7 13512.2 12157.1 12496.7 12647.7 12698.9 12828.1 13022.7 13106.9 13210.3 13376.8 Nonfinancial assets 11070.8 9819.0 8564.8 9042.4 9202.0 9259.1 9391.8 9577.7 9656.6 9760.2 9925.8 Real estate (1) Residential Nonresidential 10158.8 5858.2 4300.5 8879.5 4923.8 3955.7 7650.3 4524.6 3125.6 8086.9 4647.0 3439.8 8209.8 4671.0 3538.7 8254.1 4713.5 3540.7 8380.4 4800.2 3580.2 8564.5 4835.5 3729.0 8655.2 4898.0 3757.2 8783.1 4968.9 3814.2 8965.8 5077.5 3888.4 Equipment and software (2) Residential (3) Nonresidential 667.4 47.4 619.9 701.7 48.7 653.0 694.6 46.1 648.6 702.2 44.3 657.9 717.1 44.2 672.9 729.9 44.7 685.2 732.9 45.6 687.3 730.8 46.1 684.7 716.0 47.3 668.7 696.2 47.5 648.7 678.5 47.3 631.2 Inventories (2) 244.6 237.7 219.9 253.4 275.1 275.1 278.5 282.4 285.4 281.0 281.5 10 Financial assets 3595.9 3693.2 3592.3 3454.3 3445.7 3439.9 3436.4 3444.9 3450.3 3450.0 3451.0 10 11 12 13 Checkable deposits and currency Time and savings deposits Money market fund shares 515.6 359.3 74.3 519.4 358.1 75.4 539.8 353.3 73.7 519.5 339.5 70.8 518.5 338.5 70.6 517.8 337.8 70.5 517.5 337.4 70.4 519.0 338.1 70.5 520.0 338.5 70.6 520.2 338.4 70.6 520.5 338.4 70.6 11 12 13 14 Credit market instruments 106.7 95.8 89.1 85.7 85.4 85.2 85.1 85.3 85.4 85.4 85.4 14 59.3 5.3 42.1 0.0 51.8 4.9 39.1 0.0 46.1 5.1 37.9 0.0 44.3 4.9 36.4 0.0 44.2 4.9 36.3 0.0 44.1 4.9 36.2 0.0 44.1 4.9 36.2 0.0 44.2 4.9 36.3 0.0 44.2 4.9 36.3 0.0 44.2 4.9 36.3 0.0 44.2 4.9 36.3 0.0 15 16 17 18 525.6 2014.3 107.3 5.0 1902.0 522.7 2121.8 111.5 6.4 2003.9 496.3 2040.0 112.4 6.3 1921.3 476.9 1961.9 112.6 6.7 1842.6 475.6 1957.1 113.0 6.7 1837.4 474.6 1953.9 115.2 6.8 1831.9 473.9 1952.0 116.9 7.0 1828.1 475.0 1957.0 119.0 7.0 1831.0 475.6 1960.1 118.8 7.1 1834.3 475.4 1960.1 119.9 7.0 1833.1 475.4 1960.7 120.7 7.1 1832.9 19 20 21 22 23 5349.0 5794.5 5709.6 5520.5 5508.4 5504.6 5504.8 5523.7 5537.6 5538.9 5540.6 24 3774.6 4093.4 3973.3 3774.5 3758.6 3747.4 3740.0 3757.7 3763.9 3768.3 3772.0 25 926.5 165.1 2683.0 1046.1 177.4 2869.9 944.1 172.0 2857.2 873.7 174.1 2726.8 877.6 175.7 2705.3 892.9 172.4 2682.1 909.0 170.0 2661.0 926.0 174.7 2657.0 953.3 176.2 2634.4 974.3 177.9 2616.1 988.5 180.3 2603.1 26 27 28 374.9 99.5 1100.0 380.7 106.2 1214.3 388.3 99.9 1248.1 368.9 95.0 1282.1 367.1 94.6 1288.1 368.0 94.4 1294.8 369.3 94.2 1301.3 367.4 94.5 1304.1 365.5 94.6 1313.6 363.0 94.6 1313.0 361.3 94.6 1312.8 29 30 31 9317.7 7717.6 6447.5 6976.2 7139.2 7194.4 7323.3 7499.0 7569.3 7671.4 7836.2 32 3072.5 1594.6 3047.3 1691.6 3017.4 1599.8 3004.3 1612.0 2987.9 1632.0 2987.8 1651.6 2984.0 1663.1 2975.5 1666.8 2949.9 1659.1 2946.1 1652.5 2955.8 1636.8 33 34 40.5 53.0 61.6 54.1 52.6 52.1 51.1 50.1 49.7 49.1 48.1 35 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Depository institution loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: 33 34 Replacement-cost value of structures: Residential Nonresidential 35 Debt/net worth (percent) (6) (1) At market value (2) At replacement (current) cost (3) Durable goods in rental properties (4) Equity in the Farm Credit System (5) Line less line 24 Included in table B.100, line 29 (6) Line 25 divided by line 32 116 Z.1, December 6, 2012 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 2007 2008 2009 2010 2011 Q1 Change in net worth (1) Net investment Q2 Q3 Q4 Q1 2012 Q2 Q3 468.9 -12494.6 2067.9 3784.3 1758.3 114.8 -2565.8 1594.4 2944.5 -157.1 1721.5 729.5 938.7 595.4 968.0 293.4 58.9 502.3 352.0 363.1 195.7 83.5 Net physical investment Capital expenditures - Consumption of fixed capital 595.6 1757.4 1161.8 358.1 1559.3 1201.2 174.5 1384.6 1210.1 187.9 1398.5 1210.7 -13.2 292.5 305.7 43.8 352.0 308.3 84.6 396.4 311.8 105.7 419.8 314.1 -1.7 308.0 309.6 60.3 372.8 312.5 110.5 425.7 315.2 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities 133.9 1026.7 892.8 580.6 419.2 -161.4 420.9 238.6 -182.4 780.1 583.4 -196.7 306.6 232.5 -74.2 15.1 -74.6 -89.7 417.7 335.8 -81.9 246.4 256.8 10.5 364.7 319.1 -45.7 135.5 153.6 18.2 -27.1 -38.0 -10.9 -298.4 -13295.0 1085.0 2778.3 1463.5 33.7 -3070.8 1519.4 2659.0 -353.2 1668.6 -1884.4 828.3 198.3 116.8 442.6 0.0 -3739.8 -3769.6 -1271.9 -1318.2 -3195.4 0.0 -1172.2 1573.7 513.3 -1235.2 1405.7 -0.3 -405.1 1453.9 246.1 498.7 985.8 -1.0 -121.1 859.4 141.5 180.2 403.6 -0.0 -102.8 150.1 -25.1 48.0 -36.4 -0.1 -25.4 -1478.1 -557.3 123.4 -1133.5 -0.1 -83.3 626.8 180.9 182.1 612.9 -0.0 462.3 974.7 343.7 88.5 789.9 -0.0 359.2 -324.4 -168.0 90.6 -310.6 -0.0 316.2 627.7 140.7 162.9 421.0 0.0 10 11 12 13 14 15 -52.1 -32.5 -43.9 -89.2 5.0 29.0 3.3 -20.5 -0.6 -3.7 -17.4 16 10 11 12 13 14 15 16 Holding gains on assets at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Equity investment under PPIP Holding gains on assets at current cost (2) 17 18 Consumer durable goods Equipment and software -58.1 5.9 -36.3 3.8 -42.9 -1.1 -90.6 1.3 4.0 1.0 28.0 1.0 2.7 0.6 -20.0 -0.5 -2.0 1.4 -4.4 0.7 -18.5 1.2 17 18 19 Other volume changes (3) 90.0 -105.8 431.4 127.2 -3.7 -6.7 -0.5 -256.6 -77.0 4.0 -13.2 19 66000.6 10423.6 53506.0 11024.5 55574.0 10722.4 59358.3 11127.1 61116.6 11484.1 61231.4 11542.3 58665.6 11572.6 60260.0 11598.3 63204.5 11776.4 63047.3 11861.8 64768.8 11922.9 20 21 Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines and 16), and other volume changes (line 19) (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets (3) Consists of statistical discontinuities and disaster-related losses to fixed assets Also includes the difference between series for consumption of fixed capital published by BEA (4) Table B.100, line 42 117 Z.1, December 6, 2012 R.102 Change in Net Worth of Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 2007 2008 2009 2010 2011 Q1 Change in net worth (1) Net investment Q2 Q3 Q4 Q1 2012 Q2 Q3 2040.9 -1964.7 -2347.2 1548.0 538.1 118.7 134.3 727.6 289.4 235.2 525.7 -639.4 -985.3 399.8 5.6 -19.0 -13.1 -28.6 47.4 19.4 -30.8 12.5 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment 353.5 1146.9 840.6 -47.2 293.6 1112.4 863.2 -44.5 -97.6 766.5 861.0 3.2 155.9 975.2 857.9 -38.7 57.3 247.4 218.5 -28.5 51.5 258.7 222.2 -15.1 46.5 260.5 224.6 -10.6 70.9 289.5 227.0 -8.4 68.9 295.2 229.8 -3.5 54.6 295.3 232.2 8.6 77.4 303.6 233.7 -7.6 Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities -206.1 1074.9 1281.0 -943.0 -604.0 339.0 562.0 307.3 -254.7 127.7 614.0 486.4 4.7 130.0 125.3 63.1 204.1 141.0 78.9 233.1 154.2 86.2 276.8 190.6 23.5 157.4 133.9 42.6 193.6 151.0 42.9 226.8 183.8 Net corporate equity issues -786.8 -336.0 -64.6 -278.0 -81.0 -127.7 -154.0 -109.7 -73.0 -128.0 -107.8 10 10 11 12 13 Holding gains on assets at market value (2) Real estate Mutual fund shares 1566.2 -1206.2 -2962.3 905.5 301.5 -97.5 10.2 454.4 50.5 103.3 288.9 11 1556.5 9.7 -1151.0 -55.1 -2982.5 20.2 891.9 13.6 295.1 6.4 -96.7 -0.8 31.1 -20.9 447.0 7.4 37.6 12.9 109.1 -5.9 283.5 5.3 12 13 14 Holding gains on assets less liabilities at current cost (2) 229.8 9.7 139.3 18.8 57.7 27.2 15.1 -67.2 34.4 -4.4 29.9 14 15 16 17 18 Equipment and software Inventories (3) Direct investment abroad - Foreign direct investment in U.S 51.4 60.9 145.1 27.7 103.4 -50.5 -144.4 -101.2 -11.6 31.6 -49.2 -168.5 46.3 58.3 -109.2 -23.4 17.2 40.2 0.0 -0.3 21.4 5.7 0.0 0.0 14.5 0.6 0.0 0.0 12.6 -8.5 -36.6 34.7 22.3 12.1 0.0 0.0 11.5 -15.8 0.0 0.0 14.9 15.0 0.0 -0.0 15 16 17 18 19 Other volume changes (4) 884.4 217.1 76.0 618.1 197.9 202.1 137.6 292.9 185.1 167.1 194.4 19 17600.8 15636.2 13289.0 14837.0 15375.1 15493.8 15628.0 16355.6 16645.0 16880.1 17405.8 20 Memo: 20 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 19) (2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets (3) Before inventory valuation adjustment (4) Consists of statistical discontinuities and disaster-related losses to fixed assets (5) Table B.102, line 32 118 Z.1, December 6, 2012 R.103 Change in Net Worth of Nonfinancial Noncorporate Business Billions of dollars; not seasonally adjusted 2007 2008 2009 2010 2011 Q1 Change in net worth (1) Net capital transfers paid Net investment Net physical investment Capital expenditures - Consumption of fixed capital Net lending (+) or net borrowing (-) Net acquisition of financial assets - Net increase in liabilities Q2 Q3 Q4 Q1 2012 Q2 Q3 133.4 -1600.0 -1270.1 528.7 163.0 55.1 129.0 175.7 70.2 102.1 164.8 0.0 -3.3 -6.0 -7.8 -0.4 -0.4 -0.4 -0.4 -0.1 -0.1 -0.1 16.0 -292.2 -22.6 39.0 -12.9 7.3 2.6 -5.4 -20.4 10.3 3.7 122.2 306.5 184.3 55.9 267.2 211.3 -7.6 203.4 211.0 -8.6 201.3 209.9 -16.5 36.5 53.0 9.4 63.0 53.5 6.6 60.6 54.0 4.8 59.3 54.5 -11.3 43.6 54.9 13.8 69.3 55.4 6.3 62.1 55.8 -122.2 479.4 601.6 -52.6 97.3 149.9 13.6 -100.8 -114.4 16.4 -138.0 -154.4 16.9 -8.7 -25.6 -9.0 -5.9 3.1 -6.2 -3.6 2.6 -4.4 8.5 12.9 11.4 5.3 -6.1 -13.8 -0.4 13.4 -6.2 0.9 7.2 10 Proprietor’s net investment (2) 16.0 -295.5 -28.6 31.3 -13.3 6.9 2.2 -5.7 -20.5 10.3 3.6 10 11 Holding gains on real estate (3) 129.3 -1314.2 -1232.9 450.5 133.6 45.5 124.5 185.0 99.0 127.1 179.2 11 -391.2 520.5 -940.8 -373.4 -395.7 -837.2 132.7 317.8 26.4 107.1 44.9 0.6 89.4 35.0 37.6 147.3 64.9 34.2 73.4 53.7 110.8 68.4 12 13 12 13 Residential Nonresidential 14 Holding gains on assets at current cost (3) -12.2 11.0 -13.7 35.8 42.5 2.2 1.7 -3.9 -8.9 -37.3 -20.0 14 15 16 17 Residential equipment and software Nonresidential equipment and software Inventories -0.4 -34.9 23.1 0.2 16.7 -6.0 -2.9 -1.9 -8.9 -2.5 2.4 35.8 -0.7 20.4 22.7 0.2 0.9 1.0 0.7 -3.4 4.3 0.6 -7.9 3.4 1.4 -13.1 2.8 0.4 -34.8 -2.9 -0.0 -24.0 4.1 15 16 17 0.3 -1.3 5.1 11.2 0.3 0.6 0.6 0.3 0.5 2.1 1.9 18 9317.7 7717.6 6447.5 6976.2 7139.2 7194.4 7323.3 7499.0 7569.3 7671.4 7836.2 19 18 Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18) (2) Shown on table F.103, line 30 (3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets (4) Consists of statistical discontinuities and disaster-related losses to fixed assets (5) Table B.103, line 32 119 Z.1, December 6, 2012 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2007 2008 2009 2010 2011 Q1 Assets Q2 Q3 Q4 Q1 2012 Q2 Q3 80263.7 67612.6 69454.8 73064.8 74748.9 74779.4 72131.7 73736.6 76637.7 76493.7 78204.3 Nonfinancial assets 28216.2 24802.5 23764.6 23450.0 23317.0 23285.5 23347.4 23346.5 23805.1 24219.7 24627.3 Financial assets 52047.5 42810.1 45690.2 49614.7 51431.9 51493.9 48784.4 50390.0 52832.7 52274.0 53577.0 7502.0 4933.5 8107.1 4900.0 7969.1 5185.7 7963.1 5565.6 8042.5 5494.3 8221.0 5228.1 8386.1 5230.9 8620.5 4905.2 8647.0 4842.7 8671.1 4896.0 8719.3 4732.5 20947.1 12469.4 15984.4 18505.3 19938.0 19931.6 16671.4 18029.5 20128.4 19260.0 20325.7 9631.4 5764.8 7434.9 8737.7 9576.1 9620.8 8144.4 8721.9 9656.2 9270.2 9794.6 11315.7 6704.6 8549.6 9767.7 10361.9 10310.8 8527.1 9307.5 10472.2 9989.9 10531.1 1466.8 4260.5 1660.7 2599.8 2221.0 145.7 3221.7 956.9 2471.9 903.5 1568.5 1338.3 83.7 1853.7 1220.3 3055.6 975.2 2080.3 1684.5 116.8 2472.3 1420.5 3502.6 1069.7 2432.9 1939.0 140.9 2764.6 1511.6 3699.4 1117.8 2581.6 2025.4 148.9 2976.6 1512.1 3676.7 1103.4 2573.4 2008.0 149.4 2964.6 1274.5 3105.6 913.7 2191.9 1646.1 121.0 2379.9 1395.7 3379.6 1000.3 2379.3 1827.5 134.4 2570.4 1508.7 3792.0 1109.6 2682.4 2040.3 153.1 2978.1 1456.7 3613.8 1054.3 2559.4 1945.5 146.3 2827.6 1553.5 3790.3 1102.1 2688.2 2038.7 154.0 2994.7 10 11 12 13 14 15 Deposits Credit market instruments Equity shares at market value Directly held Indirectly held 10 11 12 13 14 15 Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt retirement funds Federal government retirement funds Mutual funds 16 Other 18664.9 17333.6 16551.0 17580.7 17957.1 18113.2 18495.9 18834.9 19214.5 19446.8 19799.5 16 17 Liabilities 14263.1 14106.6 13880.8 13706.5 13632.3 13548.0 13466.1 13476.6 13433.2 13446.4 13435.5 17 18 Net worth 66000.6 53506.0 55574.0 59358.3 61116.6 61231.4 58665.6 60260.0 63204.5 63047.3 64768.8 18 17047.5 10217.2 13313.1 15484.2 16782.3 16808.4 14102.2 15191.3 16967.3 16249.7 17174.2 19 26.1 40.2 18.4 29.1 23.0 35.0 25.3 37.3 26.7 38.8 26.7 38.7 23.1 34.2 24.5 35.8 26.3 38.1 25.2 36.8 26.0 37.9 20 21 Memo: 19 20 21 Equity shares excluding defined benefit plans (line minus lines 11, 13 and part of line 14) Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines through 15) could differ from other sources owing to alternative definitions of ownership of equity by households Prior to 1985, all pension assets are assumed to have been in defined benefit plans 120 Z.1, December 6, 2012 F.100.a Nonprofit Organizations (1) Billions of dollars 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Net lending (+) or net borrowing (-) 53.5 42.1 21.7 8.8 23.3 11.1 52.5 48.5 83.6 9.2 1.5 -6.0 39.6 Net acquisition of financial assets 70.9 75.8 53.8 46.4 53.0 45.2 76.5 84.9 120.0 47.4 55.0 28.8 108.1 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 8.3 1.1 9.4 1.4 2.9 0.3 -1.8 0.0 3.1 1.1 7.1 1.3 2.3 0.6 3.8 0.7 5.1 0.8 4.5 0.8 Credit market instruments 54.9 21.9 22.2 -17.6 10.9 25.5 16.6 38.8 36.7 23.1 36.4 46.7 32.6 38.2 6.4 4.5 0.0 6.6 -0.8 -5.7 13.8 2.6 0.5 9.7 0.9 5.8 4.8 4.6 -0.5 8.2 -0.7 -35.2 6.1 3.6 0.0 7.9 -0.1 -5.8 6.8 3.1 0.2 5.6 0.9 12.4 5.1 2.3 0.3 4.5 0.9 4.7 6.4 2.9 0.4 2.4 -0.1 2.0 16.4 7.6 0.1 11.9 0.9 4.1 13.9 6.4 0.0 11.7 0.6 1.3 8.9 4.1 -0.1 8.3 0.6 3.0 11.6 5.4 0.1 15.4 0.9 4.7 17.5 8.1 0.1 15.4 0.8 12.4 5.4 2.5 0.0 10.5 1.7 10 11 12 13 5.2 -1.0 16.1 2.6 15.0 1.2 -18.6 -3.3 18.6 0.7 8.9 -0.7 45.1 1.5 -10.4 1.3 21.0 2.4 -30.6 -1.0 -40.7 0.4 -67.4 -3.3 15.4 -1.0 14 15 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 3.4 3.5 3.7 2.6 4.6 4.6 1.1 1.1 4.3 4.3 16 17 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 8.4 24.4 9.7 38.3 12.5 24.7 12.0 31.2 16.3 25.0 18 19 17.3 33.6 32.1 37.6 29.7 34.1 24.0 36.4 36.3 38.2 53.5 34.7 68.5 20 7.5 11.7 11.8 14.3 10.0 13.8 2.4 -0.6 11.0 10.6 23.4 13.5 19.3 21 1.5 1.6 -0.0 4.4 3.2 1.4 -0.0 7.2 3.0 1.4 0.3 7.2 3.8 1.6 0.4 8.6 2.4 1.2 -0.2 6.6 1.1 2.0 0.1 10.7 3.2 -0.2 0.1 -0.8 0.2 -0.1 -0.1 -0.6 6.1 0.8 0.0 4.1 7.1 0.6 -0.2 3.1 11.8 1.9 -0.1 9.9 10.4 0.5 0.1 2.5 5.8 2.2 -0.3 11.6 22 23 24 25 2.4 7.4 16.2 5.8 9.3 10.9 9.4 13.8 5.9 13.8 6.0 14.3 5.2 16.5 7.9 29.1 8.0 17.3 8.9 18.7 8.7 21.4 4.1 17.0 3.8 45.4 26 27 10 11 12 13 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 18 19 Equity in noncorporate business Miscellaneous assets (2) 20 21 22 23 24 25 26 27 Net increase in liabilities Credit market instruments Municipal securities Depository institution loans n.e.c Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts (2) Not included in table F.100 121 Z.1, December 6, 2012 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1988 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) Credit market instruments 10 11 12 Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 590.7 710.5 742.1 828.1 890.2 957.1 1025.5 1214.0 1414.1 1607.3 1793.9 1974.7 2003.8 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 32.1 8.6 54.5 9.6 35.0 8.9 52.7 9.6 38.1 10.0 59.8 10.9 40.4 10.6 63.6 11.6 45.5 11.4 68.1 12.5 229.3 251.2 273.4 255.9 266.8 292.3 308.9 347.7 384.4 407.6 443.9 490.6 523.2 93.6 55.7 26.3 0.1 51.1 2.6 87.9 69.5 28.9 0.6 60.8 3.5 93.7 74.3 33.5 0.1 69.0 2.8 58.5 80.3 37.1 0.2 77.0 2.8 52.7 87.1 40.3 0.4 82.6 3.7 65.0 92.2 42.6 0.8 87.1 4.6 69.7 98.5 45.5 1.1 89.5 4.5 71.7 114.9 53.1 1.2 101.4 5.3 75.8 128.8 59.5 1.3 113.1 6.0 77.1 137.6 63.6 1.2 121.4 6.6 80.2 149.2 69.0 1.3 136.8 7.4 84.9 166.8 77.1 1.5 152.2 8.3 97.3 172.2 79.6 1.5 162.6 10.0 10 11 12 145.8 10.2 203.0 15.8 197.5 15.3 214.6 15.9 241.1 17.7 270.2 18.5 308.2 19.0 397.1 24.6 494.7 30.4 604.9 34.5 692.0 38.7 769.3 42.7 708.6 38.8 13 14 13 14 Corporate equities Mutual fund shares 15 16 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 42.0 43.2 45.8 45.8 50.3 50.3 51.5 51.5 55.8 55.8 15 16 17 18 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 67.8 246.7 77.5 285.0 90.0 309.7 102.0 340.9 118.3 365.9 17 18 253.8 287.5 319.5 357.1 386.8 421.0 444.9 481.4 517.7 555.8 609.3 644.1 712.5 19 154.4 166.1 177.9 192.3 202.3 216.1 218.5 217.9 228.9 239.5 262.9 276.4 295.7 20 79.6 11.8 0.3 62.7 82.7 13.1 0.3 70.0 85.7 14.5 0.5 77.2 89.5 16.1 0.9 85.8 91.9 17.3 0.7 92.3 93.0 19.3 0.8 103.0 96.1 19.2 0.9 102.2 96.4 19.1 0.8 101.6 102.4 19.8 0.9 105.7 109.6 20.4 0.7 108.8 121.3 22.3 0.6 118.7 131.7 22.7 0.7 121.2 137.5 24.9 0.4 132.8 21 22 23 24 41.3 58.2 57.4 63.9 66.8 74.8 76.2 88.6 82.1 102.5 88.1 116.8 93.2 133.3 101.1 162.4 109.1 179.7 118.0 198.4 126.8 219.7 130.9 236.8 134.7 282.1 25 26 19 20 21 22 23 24 25 26 Liabilities Credit market instruments Municipal securities Depository institution loans n.e.c Other loans and advances Commercial mortgages Trade payables Miscellaneous liabilities (2) (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts (2) Not included in table L.100 122 Z.1, December 6, 2012 F.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2011 Q1 Q2 Q3 Q4 Q1 2012 Q2 Q3 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 4051.6 1435.7 1038.6 281.0 18.8 992.1 137.5 163.9 -16.0 3705.3 1144.6 1023.2 245.9 14.8 968.1 143.1 181.2 -15.6 3906.8 1194.8 1055.0 349.5 15.1 988.2 141.8 181.9 -19.5 4086.1 1398.0 1097.9 351.8 15.9 923.8 141.7 183.7 -26.5 4065.7 1372.5 1084.5 373.1 14.1 918.9 142.4 183.4 -23.1 4093.2 1396.6 1099.0 358.1 14.9 923.6 142.0 183.6 -24.4 4076.4 1403.8 1098.2 334.2 17.0 925.3 142.1 183.4 -27.5 4109.2 1419.1 1109.8 341.8 17.4 927.3 140.5 184.4 -31.1 4260.1 1450.8 1128.5 425.9 15.4 947.1 140.3 184.2 -32.0 4259.3 1465.2 1130.9 414.4 16.9 949.0 139.0 178.1 -34.1 4283.2 1475.5 1131.2 433.7 17.7 952.2 137.9 170.4 -35.5 10 11 12 13 14 15 16 Current expenditures, NIPA basis Consumption expenditures Government social benefits Other current transfer payments Interest payments Subsidies - Wage accruals less disbursements 4737.3 2381.0 1857.9 45.3 400.2 52.9 0.0 5047.9 2460.3 2116.5 53.5 357.9 59.7 0.0 5304.4 2552.0 2253.4 54.7 387.4 57.0 0.0 5425.5 2579.5 2291.4 58.7 434.2 61.6 0.0 5391.7 2565.5 2292.9 55.9 417.7 59.6 0.0 5475.6 2591.3 2291.8 65.3 465.3 61.9 0.0 5426.4 2591.0 2287.6 56.0 429.5 62.4 0.0 5408.3 2570.4 2293.4 57.5 424.4 62.7 0.0 5446.5 2586.9 2320.4 59.7 418.6 60.8 0.0 5498.3 2580.3 2337.1 58.4 461.5 61.0 0.0 5495.8 2618.8 2359.9 55.8 400.7 60.6 0.0 10 11 12 13 14 15 16 17 18 19 20 21 Net saving, NIPA basis + Consumption of fixed capital - Insurance and pension fund reserves (1) - Contr for govt soc insur., U.S.-affiliated areas - Net capital transfers (2) -685.7 311.2 -0.6 4.8 3.0 -1342.6 323.5 0.5 5.0 14.9 -1397.7 333.5 -1.7 4.9 28.1 -1339.4 349.4 -0.4 4.4 28.3 -1326.0 342.6 -2.7 4.4 27.2 -1382.3 347.1 -0.1 4.4 31.6 -1350.0 352.4 0.5 4.5 31.9 -1299.1 355.5 0.6 4.5 22.6 -1186.4 359.0 -2.7 4.6 14.5 -1239.0 362.8 -0.1 4.6 11.8 -1212.6 365.6 -1.3 4.6 13.6 17 18 19 20 21 22 = Gross saving less net capital transfers -381.7 -1039.3 -1095.4 -1022.3 -1012.3 -1071.2 -1034.5 -971.2 -843.8 -892.6 -864.0 22 23 24 25 Gross investment Fixed investment Nonproduced nonfinancial assets -449.1 497.2 -5.1 -972.8 506.9 5.6 -1002.0 505.5 11.8 -995.5 480.2 11.4 -1196.7 482.6 11.8 -67.0 480.9 11.3 -1721.7 476.8 10.8 -996.6 480.5 11.6 -1203.6 467.6 10.7 -713.6 473.4 10.8 -296.2 471.4 12.8 23 24 25 -941.2 527.9 4.2 321.6 17.9 -3.3 -15.7 -1485.3 166.5 51.9 -155.0 11.2 8.7 -4.0 -1519.3 275.4 1.6 155.5 -0.4 7.7 -5.2 -1487.1 -253.8 16.2 -241.7 17.7 -3.3 -8.3 -1691.1 -734.4 16.3 -830.9 -1.6 0.3 -11.1 -559.3 -30.5 24.8 7.4 32.9 0.1 -11.1 -2209.3 -287.6 16.0 -312.6 11.1 -9.3 -7.4 -1488.7 37.2 7.9 169.2 28.5 -4.4 -3.5 -1682.0 -148.8 4.6 -131.9 0.3 -3.9 -3.1 -1197.8 193.5 13.0 87.7 32.5 -4.5 -3.6 -780.3 -0.1 8.4 -34.3 38.9 9.2 7.2 26 27 28 29 30 31 32 -58.4 -81.9 18.3 -0.1 -11.4 0.1 11.3 5.2 263.9 15.6 -18.1 -59.8 60.0 197.4 -73.4 110.2 0.9 3.4 16.8 74.3 65.2 11.0 -8.0 -39.7 29.2 63.8 126.1 60.1 -63.2 0.8 1.8 -6.2 130.2 2.7 8.4 -5.0 -20.0 25.7 -19.0 -38.6 23.9 -165.1 -0.2 -7.0 -2.8 108.7 4.0 33.7 -2.0 -4.9 35.0 -57.6 114.3 43.6 -83.9 0.2 -6.5 2.9 149.8 8.2 35.6 -10.2 -22.5 54.3 -78.7 -73.6 43.7 -180.2 0.2 -6.6 -1.1 83.0 -12.5 43.6 -0.4 -10.1 26.2 -70.4 -81.3 -8.0 -183.5 -0.8 -10.2 -12.4 127.5 6.0 42.1 21.2 6.2 61.6 -35.3 -113.9 16.2 -212.8 -0.4 -4.8 -0.6 74.4 14.1 13.3 -18.5 6.8 -2.4 -45.8 -25.7 -3.4 -161.7 -0.3 -4.3 -0.7 135.8 8.9 -57.6 -19.5 -5.2 81.3 11.9 70.3 -3.9 -20.9 -0.4 -4.9 -4.2 99.0 5.4 -10.3 4.0 6.9 24.3 -26.8 226.5 7.8 70.6 0.8 9.4 15.4 135.5 -12.9 -15.8 -10.2 -2.4 49.8 -277.3 33 34 35 36 37 38 39 40 41 42 43 44 45 1469.2 0.0 0.0 -0.8 1317.8 -2.4 1302.9 0.2 17.1 0.0 61.8 1.0 89.5 1651.8 47.6 3.0 -0.4 1535.6 -2.8 1426.0 0.1 112.2 0.0 -16.5 1.1 81.4 1794.8 0.0 0.0 -0.3 1657.4 -3.3 1591.4 0.7 68.7 0.0 46.2 0.9 90.6 1233.3 0.0 0.0 0.0 1067.8 -2.7 1123.0 1.1 -53.6 0.0 61.3 1.3 102.9 956.7 0.0 0.0 0.0 819.8 -4.3 909.0 1.2 -86.0 0.0 82.1 0.3 54.4 528.8 0.0 0.0 0.0 778.4 -3.8 866.1 0.2 -84.1 0.0 36.3 1.7 -287.6 1921.7 0.0 0.0 0.0 1391.7 -2.7 1398.0 1.9 -5.6 0.0 59.6 1.2 469.2 1525.9 0.0 0.0 0.0 1281.2 -0.1 1318.8 1.1 -38.6 0.0 67.1 1.9 175.6 1533.2 0.0 0.0 0.0 1437.5 -1.5 1443.9 -3.3 -1.6 0.0 58.4 0.5 36.8 1391.3 0.0 0.0 0.0 1249.1 -2.4 1159.3 0.1 92.0 0.0 22.7 1.5 118.0 780.3 0.0 0.0 0.0 653.6 -2.2 658.4 -0.3 -2.4 0.0 63.5 -0.2 63.4 46 47 48 49 50 51 52 53 54 55 56 57 58 67.4 -66.5 -93.4 -26.8 184.4 -1004.2 687.1 25.4 359.8 -179.0 -567.8 59 -1182.9 241.7 -941.2 -1849.5 364.2 -1485.3 -1903.2 383.9 -1519.3 -1819.6 332.5 -1487.1 -1808.5 117.5 -1691.1 -1863.3 1304.0 -559.3 -1826.8 -382.4 -2209.3 -1779.6 290.9 -1488.7 -1654.0 -28.0 -1682.0 -1712.5 514.6 -1197.8 -1684.0 903.6 -780.3 60 61 62 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 Net lending (+) or net borrowing (-) Net acquisition of financial assets U.S official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (3) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (4) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR allocations SDR certificates Treasury currency Credit market instruments Savings bonds Treasury bills and other Treasury securities (4) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (5) 59 Discrepancy 60 61 62 Memo: Net govt saving less fixed investment (6) Adjustment between NIPA and FOF (7) Items to be financed (8) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves Saving transferred to the households and nonprofit organizations sector Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds (2) Table F.9, line 60 less line 12 (3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government (4) Excludes transactions with state and local governments (5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund (6) Line 17 less line 24 (7) Line 18 less the sum of lines 19, 20, 21, 25, and 59 (8) Line 60 plus line 61 123 Z.1, December 6, 2012 L.105.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 2009 2010 2011 2011 Q1 Total financial assets U.S official reserve assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments 10 11 12 13 14 Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) Q2 Q3 Q4 Q1 2012 Q2 Q3 3079.0 3128.7 3342.9 3030.1 3148.1 3141.2 3033.6 3030.1 2978.4 3031.7 3089.9 41.9 433.6 266.6 113.3 117.2 94.6 278.5 277.8 122.0 113.2 95.4 433.6 277.4 129.7 107.9 103.9 191.7 295.2 126.3 99.6 102.1 207.5 280.4 129.8 105.1 105.9 230.8 276.0 129.8 102.4 105.0 151.8 281.7 127.5 100.5 103.9 191.7 295.2 126.3 99.6 104.5 146.7 313.3 125.4 98.9 103.1 191.8 308.3 124.2 98.0 104.7 180.6 321.0 126.5 99.8 1157.5 1354.9 1481.1 1442.4 1510.9 1486.7 1470.6 1442.4 1437.2 1448.1 1509.7 57.4 485.8 9.4 137.8 263.7 104.3 99.1 -16.0 596.1 10.3 141.2 280.5 178.6 164.3 44.1 532.9 11.1 143.0 274.2 308.8 167.0 68.0 367.8 10.9 135.9 271.5 417.4 171.0 55.0 511.9 11.1 141.4 275.0 347.5 169.1 65.9 466.9 11.2 139.7 274.7 362.4 165.9 63.9 421.0 11.0 137.1 271.6 398.5 167.4 68.0 367.8 10.9 135.9 271.5 417.4 171.0 67.1 327.4 10.8 134.9 271.3 452.6 173.2 66.1 322.2 10.7 133.6 270.2 470.7 174.6 68.1 339.8 10.9 136.0 274.1 509.5 171.3 10 11 12 13 14 15 16 Corporate equities Mutual fund shares 249.1 36.1 148.1 37.5 127.6 38.6 129.8 37.1 138.0 38.4 139.9 38.1 131.9 37.4 129.8 37.1 119.6 36.8 114.4 36.5 113.3 37.1 15 16 17 18 19 Trade receivables Taxes receivable Miscellaneous assets 112.4 237.3 313.9 72.6 245.0 384.4 52.6 249.0 350.0 47.7 263.9 292.4 49.5 251.3 335.1 47.0 260.0 324.5 48.2 261.2 317.9 47.7 263.9 292.4 49.0 268.2 278.8 50.6 272.8 283.9 49.4 273.4 274.4 17 18 19 10797.1 12445.9 14236.9 15456.0 14501.8 14501.6 15029.8 15456.0 15860.1 16081.3 16331.6 20 7.5 2.2 26.6 55.4 5.2 26.2 54.4 5.2 25.9 54.2 5.2 25.9 56.0 5.2 25.9 56.5 5.2 25.9 55.2 5.2 25.9 54.2 5.2 25.9 54.7 5.2 25.9 53.6 5.2 25.9 54.5 5.2 25.9 21 22 23 20 Total liabilities 21 22 23 SDR allocations SDR certificates Treasury currency 24 25 26 27 28 29 Credit market instruments Savings bonds Treasury bills and other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 8677.5 194.0 5617.5 23.3 2842.7 0.0 10213.1 191.2 7043.5 23.5 2954.9 0.0 11870.5 187.9 8634.9 24.2 3023.6 0.0 12938.3 185.2 9757.9 25.3 2970.0 0.0 12123.5 186.8 8908.7 24.5 3003.6 0.0 12199.3 186.0 9019.4 24.5 2969.4 0.0 12598.6 185.1 9429.6 25.0 2958.9 0.0 12938.3 185.2 9757.9 25.3 2970.0 0.0 13339.5 184.7 10159.3 24.4 2970.9 0.0 13538.1 184.3 10351.7 24.5 2977.7 0.0 13757.4 183.6 10579.7 24.4 2969.7 0.0 24 25 26 27 28 29 30 31 32 Trade payables Insurance reserves Miscellaneous liabilities (4) 853.4 46.4 1183.5 836.9 47.5 1261.6 883.1 48.4 1349.4 944.4 49.7 1438.3 907.6 48.5 1335.1 923.7 48.9 1242.0 937.6 49.2 1358.1 944.4 49.7 1438.3 964.4 49.8 1420.6 978.6 50.2 1429.6 990.9 50.1 1447.6 30 31 32 (1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government (2) Excludes loans to state and local governments (3) Excludes Treasury securities owed to state and local governments (4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund 124 Z.1, December 6, 2012 F.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 2008 2009 2010 2011 2011 Q1 Net acquisition of financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments 10 11 Q2 Q3 Q4 Q1 2012 Q2 Q3 -82.4 -35.1 -31.9 -28.7 -33.1 -26.4 -26.7 -28.5 -27.8 -28.7 -25.3 0.1 1.1 0.0 0.1 2.8 3.3 0.0 -0.0 3.1 -0.0 0.0 -1.1 0.7 0.5 0.0 -0.7 -4.3 0.3 0.0 0.4 2.2 2.4 0.0 -1.0 1.3 -0.9 0.0 -2.3 3.4 0.1 0.0 0.4 -2.0 0.0 0.0 0.9 0.9 -0.4 0.0 0.2 0.3 0.2 0.0 -0.7 71.8 114.1 29.9 1.0 -5.1 -15.1 25.9 -1.6 -3.8 -22.6 -2.2 Open market paper Treasury securities Agency- and GSE-backed securities 10.1 10.1 13.7 -4.1 97.9 -23.4 -2.2 44.5 -10.9 -0.5 19.9 -8.6 1.1 15.3 -5.2 -1.0 3.3 -13.0 -1.5 35.8 -3.9 -0.8 25.1 -12.1 0.2 26.7 -23.9 -0.7 11.2 -17.6 -0.3 10.6 -20.5 Corporate and foreign bonds Mortgages 38.2 -0.3 44.6 -0.9 -1.2 -0.3 -9.6 -0.1 -16.1 -0.2 -4.2 -0.1 -4.4 -0.1 -13.7 -0.1 -6.7 -0.2 -15.3 -0.1 8.1 -0.1 10 11 -171.1 15.5 -159.6 -5.2 -59.7 -2.1 -37.3 5.1 -47.1 26.1 -31.3 12.5 -29.4 -19.8 -41.3 1.6 -54.5 19.9 -34.3 14.5 -43.0 11.1 12 13 0.0 24.0 -0.1 -23.9 9.6 5.6 -0.4 4.4 -2.0 -1.9 -0.9 0.8 2.0 1.6 0.7 -0.3 -3.4 -5.0 -0.0 1.6 3.8 4.0 -0.0 -0.2 -1.5 3.0 1.0 -5.5 9.0 4.3 1.8 2.9 11.6 6.6 1.7 3.3 12.9 7.9 1.9 3.1 9.1 5.5 1.3 2.3 14 15 16 17 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4 F.116.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Net acquisition of financial assets 45.6 95.1 93.1 100.7 111.8 112.7 50.8 127.7 115.8 21.2 33.2 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.3 -0.8 2.3 7.2 1.4 1.4 0.6 3.1 1.4 0.2 -0.1 0.9 0.4 -0.0 -0.2 -3.6 0.2 -0.5 -0.2 0.8 1.5 -0.4 -0.2 -16.9 0.2 -0.4 -0.2 3.9 -0.3 1.2 -0.2 -2.0 -1.0 -0.2 0.0 12.2 0.8 -0.8 0.0 -1.1 0.6 2.8 0.0 -1.4 Credit market instruments 18.9 -2.5 29.4 48.0 39.4 44.2 66.4 42.2 5.8 -4.4 7.2 Open market paper Treasury securities Agency- and GSE-backed securities 0.2 5.3 7.7 -6.4 27.9 -25.7 -6.3 35.8 -0.6 -0.9 25.3 13.6 3.4 16.6 10.2 -1.1 23.2 17.2 -1.1 39.8 16.8 -4.7 21.6 10.3 2.8 20.8 -17.0 1.6 10.9 -24.9 -6.8 20.7 -16.5 Corporate and foreign bonds Mortgages 4.5 1.2 -1.8 3.5 -1.6 2.2 10.4 -0.4 10.9 -1.7 5.9 -1.0 13.1 -2.2 11.8 3.2 -0.4 -0.4 8.3 -0.3 10.1 -0.4 10 11 -13.6 20.0 -16.0 95.0 9.2 83.0 13.3 51.0 14.1 80.0 16.5 88.0 10.9 -32.0 11.5 68.0 -13.1 120.0 -8.5 28.0 -13.7 36.0 12 13 11.3 14.2 0.8 -3.7 12.0 4.5 2.9 4.6 -30.9 -2.5 -0.4 -28.0 -8.2 -1.9 -0.5 -5.8 -22.1 -2.3 -0.6 -19.2 -19.9 -3.0 -0.1 -16.9 1.9 -1.8 -0.5 4.2 7.3 -0.4 -0.8 8.5 -8.0 -1.4 -0.4 -6.2 7.4 -0.8 -0.6 8.8 1.6 -0.6 -0.2 2.5 14 15 16 17 10 11 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (1) Includes 401(k) type plans (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4 F.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 247.5 198.6 88.7 20.1 -140.0 168.0 100.0 -47.6 -72.6 320.1 ND 44.2 7.2 28.9 48.0 -119.1 238.3 30.7 8.7 -6.0 -42.0 151.2 55.9 26.6 3.0 11.9 -23.0 121.7 -51.5 20.3 1.3 16.2 9.0 51.0 -77.6 9.0 1.1 10.9 -20.0 132.3 -273.3 28.0 1.4 17.8 20.0 106.6 -5.9 47.1 1.7 43.8 44.0 -115.0 78.4 -2.8 0.8 -7.7 -8.0 79.9 -109.8 12.4 3.1 -7.1 -32.0 184.3 -233.4 26.8 2.3 -1.7 0.0 274.2 18.4 ND ND ND ND ND ND (1) Assets of the household sector (F.100) IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies Figures for depositories (lines through 4) include Keogh accounts Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6) 125 Z.1, December 6, 2012 L.116.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 2008 Q1 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments 10 11 2009 2010 2011 Q2 2011 Q3 Q4 Q1 2012 Q2 Q3 1853.5 2104.7 2264.3 2206.4 2322.7 2309.7 2102.9 2206.4 2341.3 2281.4 2344.1 5.9 45.0 0.0 5.8 8.7 48.3 0.0 5.7 11.8 48.3 0.0 4.7 12.4 48.7 0.0 4.0 10.7 48.4 0.0 4.8 11.2 48.9 0.0 4.5 11.6 48.7 0.0 3.9 12.4 48.7 0.0 4.0 11.9 48.7 0.0 4.2 12.2 48.7 0.0 4.3 12.2 48.7 0.0 4.1 659.3 773.4 803.3 804.3 802.0 798.3 804.7 804.3 803.4 797.7 797.2 Open market paper Treasury securities Agency- and GSE-backed securities 11.0 114.8 241.5 6.9 212.7 218.2 4.8 257.1 207.3 4.2 277.0 198.7 5.0 260.9 206.0 4.8 261.8 202.8 4.4 270.7 201.8 4.2 277.0 198.7 4.3 283.7 192.8 4.1 286.5 188.4 4.0 289.1 183.2 Corporate and foreign bonds Mortgages 288.7 3.2 333.3 2.3 332.1 2.0 322.5 1.9 328.1 2.0 327.0 1.9 325.9 1.9 322.5 1.9 320.8 1.8 317.0 1.8 319.0 1.8 10 11 12 13 Corporate equities Mutual fund shares 777.1 228.0 805.2 286.3 878.8 318.1 829.9 308.0 916.4 335.5 903.9 337.3 754.5 294.5 829.9 308.0 920.3 336.7 877.7 328.5 916.5 343.6 12 13 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 132.4 119.9 1.3 11.3 177.1 160.5 0.9 15.7 199.4 182.9 0.0 16.5 199.1 182.1 0.7 16.2 204.9 188.0 0.0 16.9 205.5 188.6 0.0 16.9 185.0 169.2 0.3 15.5 199.1 182.1 0.7 16.2 216.0 197.8 1.2 17.0 212.3 192.9 1.6 17.8 221.8 201.5 2.0 18.4 14 15 16 17 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4 L.116.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments 10 11 Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Mortgages 12 13 Corporate equities Mutual fund shares 14 15 16 17 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 2699.2 3366.3 3835.7 3875.2 4008.5 4020.0 3595.3 3875.2 4219.7 4091.7 4254.6 6.4 22.9 95.7 27.3 7.7 24.3 96.4 30.5 9.1 24.6 96.3 31.4 9.5 24.6 96.1 27.9 9.2 24.4 96.2 31.6 9.5 24.3 96.2 27.4 9.6 24.2 96.1 28.4 9.5 24.6 96.1 27.9 9.3 24.5 96.1 30.9 9.5 24.3 96.1 30.6 9.7 25.0 96.1 30.3 292.1 289.6 319.1 367.1 328.9 340.0 356.5 367.1 368.6 367.5 369.2 26.1 70.2 76.6 19.7 98.1 50.9 13.4 133.9 50.3 12.5 159.2 63.9 14.2 138.0 52.8 14.0 143.8 57.1 13.7 153.8 61.3 12.5 159.2 63.9 13.2 164.4 59.7 13.6 167.1 53.4 11.9 172.3 49.3 111.4 7.8 109.6 11.3 108.0 13.5 118.4 13.1 110.7 13.1 112.2 12.8 115.5 12.3 118.4 13.1 118.3 13.0 120.4 12.9 122.9 12.8 10 11 822.7 1138.0 1030.6 1531.0 1202.3 1803.0 1175.2 1836.6 1269.0 1895.1 1260.8 1913.3 1061.0 1700.6 1175.2 1836.6 1325.3 2008.1 1270.3 1944.8 1338.0 2026.8 12 13 294.1 197.7 46.7 49.7 356.2 252.3 49.6 54.3 350.0 274.6 49.1 26.3 338.2 269.2 48.6 20.4 354.1 283.6 49.0 21.5 348.5 282.3 49.0 17.3 318.8 251.7 48.8 18.3 338.2 269.2 48.6 20.4 357.0 289.6 48.5 18.9 348.7 279.2 48.4 21.1 359.6 289.5 48.3 21.7 14 15 16 17 (1) Includes 401(k) type plans (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4 L.225.i Individual Retirement Accounts (IRAs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted Total held at: U.S.-chartered depository institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts 3681.0 4363.0 4839.0 4872.0 5025.0 5079.0 4658.0 4872.0 5229.0 5126.0 ND 326.0 65.5 381.6 272.0 1272.0 1363.9 356.7 74.2 405.5 230.0 1664.0 1632.6 383.3 77.2 436.0 207.0 1927.0 1808.5 403.6 78.5 446.0 216.0 1898.0 1829.9 385.6 77.5 450.0 202.0 2026.0 1883.9 392.6 77.9 454.0 207.0 2044.0 1903.6 404.3 78.3 440.0 218.0 1786.0 1731.4 403.6 78.5 446.0 216.0 1898.0 1829.9 406.7 79.3 458.0 208.0 2087.0 1990.0 413.4 79.8 449.0 208.0 2089.0 1886.7 ND ND ND ND ND ND (1) Assets of the household sector (L.100), shown at market value IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies Figures for depositories (lines through 4) include Keogh accounts Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6) 126 Flow of Funds Matrix for 2011 Z.1, December 6, 2012 (Billions of dollars; All Sectors Flows) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Gross saving less net cap transfers Capital consumption Net saving (1 less 2) 1881.6 1239.8 641.8 1688.1 1107.3 580.7 182.9 212.4 -29.5 -1205.2 137.0 -1342.2 2547.4 2696.5 -149.2 355.6 178.4 177.2 467.4 -467.4 3370.4 2874.9 495.5 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential Nonresidential Inventory change Nonproduced nonfinancial assets 2446.5 1460.7 1071.6 286.4 112.0 9.3 1505.5 1275.3 -46.1 1194.7 36.6 -2.1 203.0 331.1 -6.8 312.9 -11.5 -1198.4 160.5 -2.0 158.6 0.1 2956.5 3227.6 1071.6 341.3 1778.1 36.6 0.1 21.6 179.1 -6.3 172.9 - 555.1 -0.1 -0.1 3533.2 3406.7 1071.6 347.5 1951.0 36.6 -162.8 -36.3 11 12 13 Net lending (+) or net borrowing (-) Total financial assets Total liabilities 985.8 750.5 -235.3 230.2 834.3 604.1 -128.2 -140.7 -12.5 -1358.9 -165.7 1193.2 -271.1 1278.4 1549.5 -157.5 1893.6 2051.1 555.1 1043.4 488.2 126.5 4215.4 4088.9 -126.5 - 1.9 -292.2 382.6 -15.5 7.0 -67.4 24.3 -33.1 0.7 -15.9 18.0 -3.3 -8.3 16.2 -257.6 -0.3 - 0.0 0.0 0.0 - 16.2 -9.0 -117.9 424.6 -51.9 -7.5 0.0 0.0 0.0 - -0.3 0.0 0.7 -47.3 603.0 34.1 -84.9 -55.5 -67.6 854.6 234.5 372.8 -112.8 -137.0 0.0 -221.4 81.8 33.1 -5.5 51.2 15.9 -32.4 15.9 0.0 0.7 -56.3 824.4 233.8 372.8 -112.8 -24.0 15.9 0.0 0.0 -32.4 854.6 234.5 372.8 -112.8 -137.0 -0.7 23.9 30.1 0.8 -113.0 14 15 16 17 18 19 20 21 22 U.S official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep and currency Time and savings deposits Money market fund shares Fed funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec Municipal securities Corporate and fgn bonds Depository inst loans n.e.c Other loans and advances Mortgages Consumer credit -406.9 -5.3 -276.6 -15.0 -61.9 -34.4 2.8 -10.9 -209.2 7.8 53.9 1.9 -235.7 86.2 -15.2 -8.5 -0.4 -0.1 -4.5 1.7 0.0 518.6 33.4 8.5 384.6 125.6 68.3 -101.9 -90.5 23.9 -53.5 -47.0 -0.2 -6.9 -6.8 -52.7 53.6 0.9 - -0.7 -118.1 0.1 -4.8 4.0 108.7 1067.9 -1066.8 1.1 0.0 -513.3 10.1 -330.5 -180.1 -66.6 -41.5 -2.0 -15.4 108.7 1324.6 33.4 1066.8 1.1 -52.8 384.6 71.7 71.1 -337.6 86.2 1082.1 -98.0 985.2 183.5 2.9 243.1 132.5 -31.6 -313.1 -22.4 -430.8 -68.1 21.9 321.5 31.6 -60.0 9.1 359.9 -0.3 412.1 -24.2 10.9 -80.7 -42.1 - 34.8 -53.5 -57.8 29.2 1.4 - 928.6 -88.2 1066.8 -20.8 -52.8 120.9 132.5 12.5 -328.5 86.2 928.6 -88.2 1066.8 -20.8 -52.8 120.9 132.5 12.5 -328.5 86.2 - 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -174.0 299.4 -58.1 14.0 -39.7 11.2 181.1 -472.5 -175.7 -6.6 -2.0 -9.7 40.2 40.3 -4.8 21.1 -140.4 286.2 176.2 58.1 -472.5 -251.0 -39.7 -40.3 47.0 -0.8 39.3 165.0 403.8 -3.9 137.0 -37.8 70.6 17.2 0.0 89.0 26.8 0.0 -218.4 403.8 192.6 97.4 -218.4 403.8 220.3 97.4 27.7 37 38 39 40 41 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp business Miscellaneous 86.9 194.4 11.6 46.8 -0.4 627.4 4.5 -9.9 387.8 5.3 59.5 29.7 -1.9 1.3 -102.9 86.9 194.4 35.0 -11.6 616.7 1.3 -4.5 -9.9 490.3 7.3 -377.0 92.8 194.4 9.5 -1.7 272.6 251.4 407.8 94.1 194.4 35.0 -11.6 1245.1 94.1 194.4 14.0 -11.6 1170.7 -20.9 74.4 42 Sector discrepancies (1 less 4) -564.9 182.5 -20.0 -6.8 -409.1 334.0 -87.7 -162.8 -162.8 General notes: U = use of funds; S = source of funds Domestic nonfinancial sectors (columns and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government Flow of Funds Matrix for 2011 Z.1, December 6, 2012 (Billions of dollars; All Sectors Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Domestic Financial Sectors Rest of the World Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Total financial assets Total liabilities and equity Total liabilities 50390.0 - -13476.6 13476.6 18305.3 - -41132.9 19116.5 2192.0 - -3697.8 3697.8 1338.6 - -12258.8 12258.8 72226.0 - -70566.0 48549.6 66009.7 - -66565.5 62402.3 18801.8 - -14238.9 10080.6 157037.5 - -151370.4 121032.5 -5667.0 - U.S official reserve assets SDR certificates Treasury currency Foreign deposits Interbank claims -50.1 -33.6 103.9 - 54.2 5.2 25.9 - 103.9 83.7 54.2 5.2 25.9 - 36.8 5.2 44.2 58.5 1622.6 1984.6 54.2 -367.3 129.6 834.1 194.9 5.2 44.2 142.3 1989.9 183.8 5.2 25.9 834.1 1984.6 -11.0 18.3 691.8 -5.3 10 11 12 Checkable dep and currency Time and savings deposits Money market fund shares Fed funds and security RPs 711.0 6745.1 1114.2 - 831.6 912.5 522.6 12.9 - 107.4 293.5 126.3 99.6 - 84.3 1.7 - - 1734.3 7952.8 1763.1 112.5 - 381.2 572.4 815.1 823.2 2594.3 8805.2 2642.5 1140.7 472.3 280.0 64.3 -44.9 - 2587.7 8805.2 2642.5 890.8 2594.3 8805.2 2642.5 1140.7 6.5 249.8 13 14 15 16 17 18 19 20 21 22 Credit market instruments Open market paper Treasury securities Agency- and GSE-backed sec Municipal securities Corporate and fgn bonds Depository inst loans n.e.c Other loans and advances Mortgages Consumer credit 4905.2 58.2 620.7 134.4 1864.1 2125.1 -23.4 79.5 12925.6 -255.5 -12.4 138.1 9888.1 2631.5 307.4 59.4 92.0 15.9 24.3 -62.7 53.1 11756.3 116.3 493.9 5076.0 1530.2 1220.3 3319.6 1196.8 68.0 485.2 336.7 10.9 135.2 160.8 2985.3 -2970.0 15.3 - 746.2 31.1 -0.8 -186.3 110.6 417.4 10453.6 -10428.3 25.3 0.0 7155.6 185.6 1197.9 518.1 1899.3 2261.0 -209.6 413.6 470.5 38120.7 116.3 10428.3 25.3 3719.4 5076.0 1542.6 1373.7 13207.7 2631.5 38176.6 593.0 4159.3 5979.4 1737.4 7091.2 2086.8 1398.2 12970.2 2161.0 14062.1 507.8 -7552.1 -5013.0 399.9 413.1 176.2 9127.4 190.7 5071.1 1079.9 82.7 2500.5 -202.5 - 2276.7 345.1 -1763.8 144.3 23.5 - 54459.5 969.2 10428.3 7577.4 3719.4 11852.7 2086.8 1810.3 13383.8 2631.5 54459.5 969.2 10428.3 7577.4 3719.4 11852.7 2086.8 1810.3 13383.8 2631.5 - 23 24 25 26 Corporate equities Mutual fund shares Trade credit Security credit 8721.9 4645.0 -752.3 288.2 238.5 -167.5 2806.9 14517.4 -2287.8 72.0 37.1 0.0 712.5 57.8 -47.7 231.9 8851.8 4849.6 2854.6 752.3 14517.4 -3520.3 238.5 11000.5 2591.0 134.8 559.8 4150.2 8000.5 14.2 1073.6 2973.6 559.9 133.5 0.0 4158.2 -69.1 0.0 22825.9 8000.5 3123.0 1312.1 22825.9 8000.5 3603.6 1312.1 480.6 27 28 29 30 31 Life insurance reserves Pension fund reserves Taxes payable Equity in noncorp business Miscellaneous 1203.6 13152.3 -7512.0 877.2 24.3 12710.4 142.3 7499.0 4930.1 110.0 -149.2 153.9 -143.1 49.7 -1438.3 1203.6 13152.3 263.9 7512.0 13879.9 49.7 -142.3 7499.0 6392.7 148.4 -9039.5 1302.3 13152.3 -77.5 13.0 7707.5 4814.2 6771.1 1352.0 13152.3 263.9 7512.0 27733.6 1352.0 13152.3 64.8 7512.0 20871.4 -199.1 6862.1 General notes: A = assets; L = liabilities Domestic nonfinancial sectors (columns and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government Equity included in line is the sum of corporate equities (line 25) and equity in noncorporate business (line 32) The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset without a corresponding liability 127 ... Retirement Accounts (IRAs) F.225.i 124 L.225.i 125 Flow of Funds Matrix for 2011 126 127 Flow of Funds Accounts, Third Quarter 2012 This publication presents the Flow of Funds Accounts for 2012: Q3 The. .. between the value of households’ assets and liabilities—was about $64.8 trillion at the end of the third quarter of 2012, $1.7 trillion more than at the end of the second quarter In the third quarter, .. .Flow of Funds Summary Statistics Third Quarter 2012 C Debt of the domestic nonfinancial sectors expanded at a seasonally adjusted annual rate of ½ percent in the third quarter of 2012,