106

Z.1, September 15, 1999

F.100.a Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1988

1989

1990

1991

1992

1993

1994

1995

1996

1

Net financial investment

44.1

24.6

19.3

26.6

26.4

7.0

38.4

40.6

74.5

1

2

Net acquisition of financial assets

71.0

69.3

55.9

79.3

65.8

54.9

69.9

101.6

138.1

2

3
4
5
6

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs (2)

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

10.9
1.1
11.3
2.1

3
4
5
6

7

Credit market instruments

51.6

22.6

23.4

-7.5

34.9

45.3

23.4

70.5

85.1

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

34.4
11.5
3.2
8.2

-10.4
18.6
27.8
-9.2

6.2
10.5
-2.9
13.4

-29.9
14.2
7.8
6.4

-3.3
18.2
13.4
4.7

15.6
19.6
8.4
11.2

1.2
16.2
13.7
2.5

1.3
43.0
29.4
13.6

7.4
45.2
31.5
13.7

8
9
10
11

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

-0.0
6.6
-0.8

1.9
11.5
0.9

-1.9
9.3
-0.7

0.1
8.2
-0.1

-0.1
19.3
0.9

2.2
6.9
0.9

0.4
5.8
-0.1

0.8
24.5
0.9

0.7
31.3
0.5

12
13
14

7.8
-0.2

10.3
1.3

16.1
0.9

-0.6
1.4

4.9
3.0

1.3
-3.2

31.2
2.0

-22.5
-1.6

-12.0
-0.0

15
16

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

17
18

-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

19
20

26.9

44.6

36.7

52.7

39.4

47.8

31.4

61.0

63.6

21

15
16

Corporate equities
Mutual fund shares

17
18

Security credit
Trade receivables (2)

19
20

Equity in noncorporate business
Miscellaneous assets (2)

21
22

Net increase in liabilities

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

22

23
24
25
26

Credit market instruments
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages

1.8
0.2
-0.0
5.8

3.5
-5.2
-0.0
13.8

3.3
-1.1
0.3
9.7

4.0
-2.8
0.4
12.9

2.0
2.4
-0.2
5.4

1.4
5.0
0.1
7.7

3.6
6.4
0.1
-7.4

0.7
8.9
-0.1
-9.6

6.6
0.2
0.0
4.7

23
24
25
26

27
28

Trade payables
Miscellaneous liabilities (2)

2.5
16.7

16.1
16.5

11.3
13.1

8.8
29.4

4.7
25.1

7.4
26.3

4.2
24.5

9.3
51.8

8.7
43.4

27
28

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table F.100.

Z.1, September 15, 1999

107

L.100.a Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs (2)

6

Credit market instruments

1988

1989

1990

1991

1992

1993

1994

1995

1996

541.5

649.0

688.0

796.5

868.5

941.3

1003.6

1187.6

1387.4

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

34.8
8.6
56.3
10.3

2
3
4
5

201.4

224.0

247.4

240.0

274.9

320.2

343.6

414.1

499.2

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

67.3
97.3
64.8
32.6

56.9
115.9
92.5
23.4

63.2
126.4
89.7
36.8

33.3
140.6
97.5
43.1

29.9
158.8
110.9
47.9

45.5
178.4
119.4
59.0

46.7
194.6
133.1
61.5

48.0
237.6
162.5
75.1

55.4
282.8
194.0
88.8

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.0
34.2
2.6

1.9
45.7
3.5

0.0
55.0
2.8

0.2
63.2
2.8

0.1
82.5
3.7

2.3
89.4
4.6

2.7
95.2
4.5

3.4
119.7
5.3

4.1
151.0
5.9

11
12
13

122.0
12.7

167.2
17.3

167.8
16.9

192.6
22.2

201.8
27.1

219.0
26.0

243.4
27.1

295.0
33.9

338.3
40.3

14
15

14
15

Corporate equities
Mutual fund shares

16
17

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

16
17

18
19

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

18
19

323.2

367.8

404.5

457.2

496.6

544.4

575.8

636.8

700.4

20

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

21

20
21

Liabilities
Credit market instruments

22
23
24
25

Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages

79.9
15.5
0.3
59.0

83.3
10.3
0.3
72.8

86.6
9.2
0.5
82.5

90.6
6.4
0.9
95.5

92.6
8.8
0.7
100.9

94.0
13.8
0.8
108.5

97.6
19.9
0.9
101.5

98.3
28.8
0.8
91.9

104.9
29.0
0.9
96.6

22
23
24
25

26
27

Trade payables
Miscellaneous liabilities (2)

41.5
127.0

57.6
143.5

68.9
156.7

77.7
186.1

82.5
211.1

89.8
237.4

94.0
261.9

103.3
313.7

111.9
357.1

26
27

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table L.100.

108

Z.1, September 15, 1999

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1994

1995

1996

1997

1998

1998
Q1

1
2
3
4
5
6

Receipts, NIPA basis
Personal tax and nontax receipts
Corporate profit tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance

Q2

1999
Q3

Q4

Q1

Q2

2124.6

2246.1

2411.1

2589.2

2761.0

2703.7

2745.1

2779.7

2816.2

2866.6

2909.4

1

739.1
186.6
568.4
630.5

795.0
211.0
581.2
658.9

890.5
226.1
606.5
688.0

989.0
246.1
627.2
727.0

1098.2
240.1
655.1
767.6

1066.9
239.9
641.9
755.0

1092.9
241.6
647.7
762.9

1108.4
243.2
656.5
771.6

1124.8
235.6
675.1
780.7

1144.1
250.7
673.6
798.2

1162.7
257.5
682.0
807.2

2
3
4
5

Expenditures, NIPA basis

2214.6

2308.7

2398.8

2476.1

2537.9

2504.6

2529.4

2538.9

2579.9

2574.2

2598.3

6

7
8
9
10
11
12

Consumption expenditures
Transfer payments (net)
Net interest paid
- Dividends received by government
Subsidies - current surplus of govt. enterprises
- Wage accruals less disbursements

1107.1
947.3
144.9
11.4
26.6
0.0

1138.1
1001.5
156.6
12.5
25.1
0.0

1175.6
1057.7
157.1
13.7
22.0
0.0

1219.2
1096.0
153.8
14.8
21.9
0.0

1250.1
1134.0
142.9
16.1
27.0
0.0

1227.6
1121.1
148.1
15.7
23.5
0.0

1248.7
1126.7
146.1
16.0
23.9
0.0

1252.5
1135.8
142.0
16.0
24.6
0.0

1271.8
1152.3
136.1
16.6
36.3
0.0

1282.0
1156.1
127.3
16.7
25.5
0.0

1293.2
1163.4
126.1
17.0
32.6
0.0

7
8
9
10
11
12

13

Surplus, NIPA basis

-89.9

-62.6

12.3

113.0

223.1

199.1

215.7

240.8

236.3

292.4

311.1

13

14
15

+ Consumption of fixed capital
- Insurance and pension fund reserves (2)

138.8
93.0

143.8
84.3

147.7
116.1

151.6
118.4

154.7
103.6

153.4
101.4

153.8
105.9

155.0
99.7

156.6
107.4

157.0
94.6

158.4
99.5

14
15

16

= Gross saving

-44.1

-3.1

43.9

146.2

274.1

251.1

263.6

296.1

285.5

354.8

370.0

16

17

Gross investment

18
19

Fixed investment
Access rights sales

20

Net financial investment

21

56.0

43.7

127.1

287.0

279.6

384.6

239.3

244.5

351.4

459.4

17

218.4
-7.6

229.7
-3.5

235.4
-7.1

237.0
-2.4

237.3
-1.9

232.5
0.1

239.8
-7.0

238.4
-0.7

255.6
0.3

249.6
2.0

18
19

-272.5

-154.7

-182.5

-101.1

52.4

44.2

152.0

6.5

6.8

95.5

207.9

20

-40.4

44.4

43.8

40.3

84.3

125.6

189.0

-38.7

61.3

120.0

161.2

21

22
23
24
25

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Security RPs

-2.7
-20.1
6.4
-15.1

6.4
3.4
6.9
-3.0

-2.9
5.4
12.0
32.1

2.5
3.8
6.8
3.6

6.0
-20.6
14.1
7.2

1.4
-15.2
14.1
34.5

5.8
93.7
16.3
-24.0

7.8
-110.6
10.6
16.0

9.0
-50.3
15.3
2.2

-9.3
41.4
-6.8
32.0

-4.8
32.6
7.1
-11.1

22
23
24
25

26
27
28
29
30
31
32

Credit market instruments
Open market paper
U.S. government agency securities (3)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (4)

-4.7
4.4
11.6
-0.9
5.4
-11.8
-13.4

-11.8
17.1
-35.1
-3.5
7.1
-9.9
12.6

-8.7
20.3
-35.3
-0.5
10.7
-3.7
-0.3

24.1
14.3
-0.8
-0.7
1.3
-0.8
10.9

81.8
18.0
43.6
-1.4
5.2
3.3
13.2

19.3
21.1
-20.8
-1.6
6.0
3.0
11.7

114.3
-5.7
89.1
-2.0
15.7
2.8
14.4

99.9
40.6
50.0
-1.0
-7.7
2.9
15.2

93.8
16.0
56.0
-1.0
6.8
4.5
11.5

55.1
16.0
12.0
-1.6
7.2
3.4
18.1

41.0
4.9
17.3
-1.1
9.3
3.9
6.7

26
27
28
29
30
31
32

33
34

Corporate equities
Mutual fund shares

1.3
7.8

12.1
5.9

14.5
6.0

16.8
-7.4

9.7
-7.3

8.1
-8.5

29.9
9.7

-0.9
-26.0

1.8
-4.5

14.1
-4.1

12.5
8.6

33
34

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

-3.8
-14.0
4.5

-1.6
-14.9
40.9

0.9
-4.4
-11.2

-3.2
-2.0
-4.7

-0.3
-0.3
-6.0

2.2
2.8
67.0

1.5
-1.9
-56.3

11.0
3.1
-49.8

-15.6
-5.8
15.3

0.3
12.1
-14.8

-1.7
42.2
34.7

35
36
37

232.2

199.1

226.3

141.5

31.9

81.3

37.0

-45.2

54.4

24.5

-46.7

38

0.0
0.7

2.2
0.6

-0.5
0.1

-0.5
-0.0

0.0
-0.0

0.0
0.3

0.0
0.2

0.0
1.7

0.0
-2.3

-4.0
0.0

0.0
0.7

39
40

187.3
8.0
225.5
0.2
-46.3
0.0

172.7
5.1
218.1
1.5
-51.9
0.0

170.6
2.0
177.4
-1.6
-7.2
-0.0

98.1
-0.5
41.4
-0.1
57.3
-0.0

-3.5
0.1
-84.7
2.0
79.1
0.0

77.2
-1.2
-8.1
-2.4
89.0
0.0

-19.3
-0.5
-99.6
-1.4
82.2
0.0

-83.1
0.5
-153.3
-0.4
70.1
0.0

11.3
1.8
-77.8
12.2
75.2
0.0

-2.4
-0.0
-88.0
-1.5
87.1
0.0

-95.3
0.0
-131.4
0.6
35.6
0.0

41
42
43
44
45
46

1.4
38.9
3.9

-2.7
21.8
4.5

3.6
55.7
-3.2

1.7
42.0
0.2

-2.1
42.5
-5.1

-3.9
31.4
-23.7

-3.2
44.7
14.4

4.4
43.6
-11.8

-5.6
50.3
0.7

2.9
37.2
-9.2

0.6
41.9
5.3

47
48
49

22.5

-59.1

0.2

19.1

-12.9

-28.6

-121.1

56.8

41.0

3.4

-89.5

50

38

Net acquisition of financial assets

-66.6
205.9
0.0

Net increase in liabilities

39
40

SDR certificates
Treasury currency

41
42
43
44
45
46

Credit market instruments
Savings bonds
Other Treasury securities (5)
Budget agency securities
Municipal securities
Multifamily residential mortgages

47
48
49

Trade payables
Insurance and pension reserves
Miscellaneous liabilities

50

Discrepancy

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency securities held by state and local government employee retirement funds.
(3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.
(4) Excludes loans to state and local governments.
(5) Excludes Treasury securities owed to state and local governments.

109

Z.1, September 15, 1999

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

1996

1997

1998

1998

1999

Q1

Q2

Q3

Q4

Q1

Q2

1082.3

1132.2

1177.7

1217.5

1306.3

1261.8

1315.9

1301.7

1306.3

1352.3

1382.6

1

2
3
4
5

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Security RPs

41.4
57.8
56.0
118.6

53.8
55.5
62.9
115.7

44.9
66.1
74.9
147.8

42.0
73.8
81.8
151.4

51.0
51.5
95.8
158.5

41.7
65.1
87.7
160.0

42.8
111.9
89.0
154.0

46.3
73.9
91.8
158.0

51.0
51.5
95.8
158.5

48.2
56.5
96.4
166.5

45.9
88.2
95.5
163.8

2
3
4
5

6

Credit market instruments

553.5

541.7

533.0

557.1

638.9

561.9

590.5

615.5

638.9

652.7

662.9

6

22.3
186.6
8.6
31.9
181.5
122.6

39.4
151.5
5.1
39.0
171.6
135.2

59.7
116.2
4.6
49.7
167.9
134.9

74.0
115.4
3.9
51.0
167.1
145.7

92.0
159.0
2.5
56.2
170.3
158.9

79.3
110.2
3.5
52.5
167.8
148.6

77.8
132.5
3.0
56.4
168.5
152.2

88.0
145.0
2.8
54.5
169.2
156.0

92.0
159.0
2.5
56.2
170.3
158.9

96.0
162.0
2.1
58.0
171.2
163.4

97.2
166.3
1.8
60.3
172.1
165.1

7
8
9
10
11
12

10.6
29.1

26.2
35.0

46.8
41.0

79.0
33.6

102.0
26.3

90.5
31.5

98.9
33.9

86.0
27.4

102.0
26.3

106.9
25.3

117.9
27.4

13
14

24.7
52.6
138.0

23.1
45.2
173.1

24.0
46.8
152.3

20.8
46.9
131.3

20.5
49.5
112.2

22.5
62.1
138.8

22.3
48.8
123.7

24.5
52.8
125.7

20.5
49.5
112.2

21.8
69.0
108.9

20.8
50.2
109.9

15
16
17

4896.2

5090.7

5320.8

5461.5

5498.5

5500.5

5436.8

5424.8

5498.5

5516.0

5428.4

18

8.0
17.6

10.2
18.2

9.7
18.3

9.2
18.3

9.2
18.3

9.2
18.4

9.2
18.4

9.2
18.8

9.2
18.3

8.2
18.3

8.2
18.5

19
20

4234.7
179.9
2915.6
26.7
1112.4
0.0

4407.4
185.0
3133.7
28.2
1060.4
0.0

4578.0
187.0
3311.1
26.6
1053.3
0.0

4676.1
186.5
3352.5
26.5
1110.6
0.0

4672.6
186.6
3267.8
28.5
1189.7
0.0

4726.8
186.2
3380.5
25.9
1134.1
0.0

4651.2
186.0
3279.0
25.6
1160.7
0.0

4622.4
185.9
3242.4
25.5
1168.7
0.0

4672.6
186.6
3267.8
28.5
1189.7
0.0

4700.2
186.5
3272.6
28.1
1213.0
0.0

4600.6
186.5
3157.9
28.3
1228.0
0.0

21
22
23
24
25
26

114.7
514.4
6.8

112.0
536.2
6.7

115.6
591.9
7.3

117.3
634.0
6.6

115.3
676.5
6.7

116.7
622.9
6.6

116.8
634.6
6.6

118.3
649.4
6.7

115.3
676.5
6.7

116.4
666.3
6.7

117.4
677.1
6.7

27
28
29

7
8
9
10
11
12

Total financial assets

1995

Open market paper
Agency securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (2)

13
14

Corporate equities
Mutual fund shares

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

18

Total liabilities

19
20

SDR certificates
Treasury currency

21
22
23
24
25
26

Credit market instruments
Savings bonds
Other Treasury securities (3)
Budget agency securities
Municipal securities
Multifamily residential mortgages

27
28
29

Trade payables
Insurance and pension reserves
Miscellaneous liabilities

(1) Holdings by state and local governments may include small amounts of 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.

110

Z.1, September 15, 1999

F.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1

Net acquisition of financial assets

13.2

-0.8

2.9

1.5

4.0

18.5

-1.1

10.6

4.1

-2.3

-6.5

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

1.9
-4.7
0.0
2.0

-1.0
4.6
0.0
1.9

-0.5
-10.5
0.0
-0.1

-0.1
0.5
0.0
3.5

0.0
-14.1
0.0
0.6

-0.1
1.4
0.0
2.2

0.3
2.7
0.0
-0.8

0.7
-0.2
0.0
3.4

-0.0
-4.5
0.0
2.3

-0.0
-5.4
0.0
1.7

-0.0
5.5
0.0
8.5

2
3
4
5

6

Credit market instruments

28.3

43.3

33.6

14.5

18.8

25.6

11.6

28.3

19.2

30.1

73.2

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-3.5
16.4
2.1
14.3

-0.8
34.7
9.6
25.1

-0.1
26.1
2.2
23.9

3.5
8.9
-7.2
16.2

0.6
5.4
-9.4
14.8

2.2
15.4
-3.9
19.3

-0.8
13.8
1.1
12.6

3.4
22.7
6.8
15.9

2.3
5.8
1.7
4.0

1.7
12.2
3.7
8.5

8.5
33.0
9.9
23.1

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

-0.5
9.9
5.9

0.1
3.8
5.6

-0.0
6.2
1.5

0.0
8.8
-6.8

-0.0
15.8
-3.1

0.0
9.0
-0.9

0.1
-1.6
0.1

0.1
1.5
0.6

0.0
10.6
0.5

0.0
15.5
0.8

0.1
29.8
1.7

11
12
13

-2.9
-0.6

-32.4
0.0

-9.8
0.4

-8.0
1.4

-1.3
2.3

-3.2
4.4

-11.3
3.7

-10.9
3.1

-16.3
6.7

-28.4
6.3

-58.2
5.9

14
15

-10.7
-15.2
-1.6
6.0

-17.2
-1.9
-0.6
-14.8

-10.2
-6.2
-2.2
-1.8

-10.2
-2.2
3.2
-11.2

-2.3
-5.0
0.6
2.2

-11.9
-0.6
1.9
-13.1

-7.3
-5.1
-0.6
-1.6

-13.8
-1.1
3.0
-15.7

-3.1
-0.7
2.4
-4.8

-6.5
-1.8
2.4
-7.1

-41.3
-2.8
2.4
-40.9

16
17
18
19

14
15

Corporate equities
Mutual fund shares

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

44.3

40.7

56.2

66.7

73.9

81.5

82.0

80.0

83.1

90.9

102.7

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

0.9
14.4
2.0
0.6

0.6
17.9
2.9
1.8

-0.3
1.3
-0.0
0.4

-0.3
0.1
1.0
1.9

-0.1
-8.0
1.0
1.3

0.2
-9.9
6.5
1.4

-0.1
-7.0
5.3
0.3

0.1
-9.2
6.0
2.1

-0.0
-9.7
5.2
0.2

-0.1
-7.7
5.0
0.2

-0.1
-5.4
10.7
-0.3

2
3
4
5

6

Credit market instruments

-3.0

18.9

20.7

21.9

18.6

24.5

34.5

27.7

33.1

35.4

45.5

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-2.2
2.2
0.1
2.1

1.8
12.6
5.6
7.0

1.3
10.6
3.5
7.1

1.4
12.8
7.8
5.0

0.9
11.0
6.9
4.1

1.2
8.7
5.4
3.2

0.3
36.6
19.9
16.6

2.7
20.2
11.9
8.4

1.2
19.9
10.9
9.0

0.5
20.9
11.3
9.6

1.7
26.2
4.0
22.2

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.0
-5.7
2.6

0.0
3.4
1.0

0.0
8.7
0.1

0.0
7.6
0.1

0.0
7.3
-0.6

0.0
13.8
0.8

0.1
-5.9
3.4

0.1
4.1
0.7

0.1
10.5
1.4

0.1
12.3
1.6

0.1
15.6
1.9

11
12
13

14
15

Corporate equities
Mutual fund shares

8.4
-1.2

-6.5
0.1

5.7
1.2

16.3
4.8

33.8
8.0

20.1
17.4

9.6
16.3

16.7
15.5

6.8
34.4

12.3
29.9

5.5
25.3

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

22.0
14.1
-1.7
9.6

5.0
2.5
-0.5
3.0

27.2
4.2
-0.1
23.1

21.0
11.3
0.6
9.1

19.3
-1.1
1.0
19.4

21.3
1.2
1.1
19.0

23.0
0.2
0.7
22.2

21.0
0.4
0.6
20.0

13.2
-1.8
1.4
13.5

15.9
-2.5
1.4
17.0

21.5
1.5
1.4
18.6

16
17
18
19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

111

Z.1, September 15, 1999

L.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

6

Credit market instruments

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

810.4

909.2

878.5

1019.3

1037.5

1142.8

1159.3

1342.4

1525.3

1772.7

2132.5

1

2.5
46.0
0.0
16.9

1.6
50.6
0.0
18.8

1.0
40.1
0.0
18.8

1.0
40.5
0.0
22.3

1.0
26.4
0.0
22.9

1.0
27.8
0.0
25.0

1.2
30.6
0.0
24.2

1.9
30.3
0.0
27.6

1.9
25.8
0.0
29.9

1.8
20.4
0.0
31.6

1.8
25.9
0.0
40.2

2
3
4
5

276.9

320.2

353.8

368.3

387.0

412.7

424.2

452.5

471.7

501.8

575.0

6

19.7
155.6
85.6
70.0

18.8
190.2
95.1
95.1

18.8
216.3
97.3
119.0

22.3
225.3
90.1
135.2

22.9
230.7
80.7
150.0

25.0
246.1
76.8
169.2

24.2
259.8
77.9
181.9

27.6
282.5
84.8
197.8

29.9
288.3
86.5
201.8

31.6
300.4
90.1
210.3

40.2
333.5
100.0
233.4

7
8
9
10

0.1
88.9
12.6

0.2
92.7
18.2

0.1
98.9
19.7

0.1
107.6
13.0

0.1
123.5
9.9

0.1
132.5
9.0

0.2
130.9
9.1

0.3
132.4
9.7

0.3
143.1
10.2

0.3
158.5
10.9

0.4
188.3
12.7

11
12
13

14
15

Corporate equities
Mutual fund shares

298.1
6.5

346.4
6.8

318.9
6.8

426.1
11.4

442.0
15.6

503.1
22.3

499.5
26.0

625.8
34.4

761.7
53.7

947.8
79.5

1177.1
110.3

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

163.4
78.2
8.4
76.9

164.8
80.1
7.9
76.8

139.1
73.6
5.7
59.8

149.7
77.3
8.8
63.6

142.5
69.6
9.4
63.6

150.8
69.7
11.3
69.8

153.5
66.1
10.7
76.8

169.7
67.3
13.7
88.7

180.5
75.2
16.1
89.2

189.7
86.7
18.5
84.6

202.3
106.4
20.9
75.1

16
17
18
19

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

595.1

713.2

730.0

888.4

972.0

1109.3

1192.8

1412.7

1629.4

1933.0

2198.7

1

2
3
4
5

Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

2.0
39.9
14.8
6.2

2.6
57.8
17.8
8.1

2.3
59.1
17.8
8.5

2.0
59.2
18.8
10.4

2.0
51.1
19.8
11.6

2.2
41.3
26.3
13.1

2.0
34.3
31.6
13.4

2.1
25.1
37.5
15.5

2.1
15.4
42.7
15.7

2.0
7.6
47.7
15.9

1.9
2.3
58.4
15.5

2
3
4
5

6

Credit market instruments

97.5

116.4

137.1

159.0

177.6

202.1

236.6

264.4

297.5

332.9

378.4

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

8.2
49.5
30.7
18.7

10.0
62.1
36.3
25.8

11.3
72.7
39.8
32.9

12.7
85.5
47.6
37.9

13.6
96.5
54.5
42.0

14.8
105.2
60.0
45.2

15.1
141.7
79.9
61.8

17.8
161.9
91.8
70.2

19.0
181.9
102.7
79.2

19.5
202.8
114.0
88.8

21.3
229.0
118.0
111.0

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

0.4
35.4
4.0

0.4
38.8
5.1

0.4
47.5
5.2

0.4
55.1
5.3

0.4
62.4
4.7

0.4
76.2
5.5

0.5
70.3
9.0

0.6
74.3
9.7

0.7
84.9
11.0

0.8
97.1
12.6

0.9
112.7
14.6

11
12
13

14
15

Corporate equities
Mutual fund shares

215.9
15.6

282.9
19.9

276.1
22.5

364.8
38.7

412.8
59.3

489.3
93.6

496.8
124.4

612.6
186.3

729.2
267.7

916.1
358.5

1055.2
453.8

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

203.1
105.8
8.5
88.8

207.8
110.0
8.0
89.8

206.8
115.0
7.9
83.9

235.5
129.3
8.5
97.7

237.8
128.4
9.5
99.9

241.5
136.9
10.6
94.0

253.6
143.9
11.3
98.4

269.2
143.5
12.0
113.7

259.1
145.1
13.4
100.7

252.2
147.9
14.8
89.6

233.3
155.4
16.2
61.7

16
17
18
19

(1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

Flow of Funds Matrix for 1998

Z.1, September 15, 1999

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

1
2
3

Gross saving
Capital consumption
Net saving (1 less 2)

4
5
6
7
8
9
10

Gross investment (5 plus 11)
Capital expenditures
Consumer durables
Residential construction
Plant and equipment
Inventory change
Access rights from fed. govt.

11
12
13

Net financial investment
Financial uses
Financial sources

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

----

985.5
656.5
329.0

----

823.0
563.9
259.1

----

174.1
85.0
89.2

----

100.0
69.8
30.3

----

2082.7
1375.1
707.6

----

212.5
-212.5

----

106.1
59.9
46.2

----

2401.3
1435.0
966.3

----

2188.8
1435.0
753.7

1068.4
1085.6
724.7
314.6
46.4
---

--------

803.4
851.4
-43.5
746.2
59.3
2.4

--------

213.4
177.4
--177.4
---

--------

73.6
57.2
--59.6
--2.4

--------

2158.9
2171.7
724.7
358.1
1029.6
59.3
0.0

--------

210.4
-------

--------

81.5
157.0
-11.4
145.6
---

--------

2450.9
2328.7
724.7
369.5
1175.2
59.3
--

--------

-49.6
72.6
------

2118.2
2328.7
724.7
369.5
1175.2
59.3
--

-17.2
481.2
--

--498.3

-48.0
436.2
--

--484.2

36.0
116.9
--

--80.9

16.4
-1.5
--

---17.9

-12.8
1032.8
--

--1045.6

210.4
470.7
--

--260.3

-75.5
2629.4
--

--2704.9

122.2
4132.9
--

--4010.7

-122.2
-122.2
--

-210.4
260.3
470.7

14
15
16
17
18
19
20
21
22

Gold and off. fgn. exchange
SDR certificates
Treasury currency
Foreign deposits
Interbank claims
Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

----0.3
-4.0
185.5
149.8
--

----------

---8.3
-36.5
8.0
46.5
-1.1

----------

------3.9
12.8
-7.2

----------

6.0
-----16.7
1.3
---

-0.0
-0.0
-------

6.0
--8.0
-19.9
207.6
196.3
6.1

-0.0
-0.0
-------

-0.1
----28.3
14.6
12.5
--18.8

6.6
---0.2
------

0.8
0.0
0.7
7.4
-8.6
13.6
24.4
89.2
50.1

-----33.5
47.6
244.5
285.5
52.6

6.6
0.0
0.7
15.4
-36.9
48.2
244.5
285.5
37.3

6.6
0.0
-0.0
-0.2
-33.5
47.6
244.5
285.5
52.6

---0.7
-15.6
3.4
-0.5
--15.3

----------

23
24
25
26
27
28
29
30
31
32

Credit market instruments
Open market paper
Treasury securities
Federal agency securities
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

-37.0
4.2
-68.5
-35.0
31.1
33.1
---1.8
--

470.3
---12.0
-6.3
13.3
371.1
67.6

-2.6
-8.1
-9.8
15.5
7.3
----3.4
-4.1

524.5
24.4
--5.8
218.7
102.0
59.8
113.9
--

99.5
18.0
30.0
43.6
-1.4
5.2
--4.1
--

80.3
---79.1
--1.2
---

13.5
--0.0
---14.4
-0.9
--

-52.6
--54.6
2.0
----0.0
--

73.4
14.1
-48.3
24.0
36.9
38.3
-14.4
-2.0
-4.1

1022.5
24.4
-54.6
2.0
96.8
218.7
108.2
74.3
485.0
67.6

249.3
37.0
36.2
54.7
-122.4
--1.0
---

33.6
7.8
---25.1
6.7
-6.0
---

1802.2
142.0
-42.5
394.2
59.9
374.9
145.0
145.1
511.8
71.7

1068.8
161.0
-470.9
-291.8
30.1
90.2
24.8
--

2124.9
193.1
-54.6
472.9
96.8
535.6
145.0
158.5
509.8
67.6

2124.9
193.1
-54.6
472.9
96.8
535.6
145.0
158.5
509.8
67.6

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-542.1
261.3
-64.1

--5.7
23.8

-7.3
26.3
--

-267.0
--0.5
--

9.7
-7.3
---

--0.6
--

---0.3
--

---2.7
--

-532.4
261.3
26.1
64.1

-267.0
-3.1
23.8

43.8
--7.3
0.0

77.8
--2.4
0.0

302.2
13.3
39.5
44.3

2.9
274.6
-1.0
84.5

-186.3
274.6
58.3
108.3

-186.3
274.6
-0.3
108.3

---58.6
--

-----

37
38
39
40
41
42

Life insurance reserves
Pension fund reserves
Taxes payable
Inv. in bank personal trusts
Equity in noncorp. business
Miscellaneous

53.3
290.2
-55.7
-18.6
15.3

------1.4

-----306.9

--7.8
--24.3
243.7

--1.5
---2.5

-------

---1.9
---3.5

1.3
41.2
----5.1

53.3
290.2
-0.3
55.7
-18.6
316.2

1.3
41.2
7.8
--24.3
237.2

-----205.1

-----144.9

-----250.3

52.0
249.0
5.2
55.7
5.8
310.7

53.3
290.2
-0.3
55.7
-18.6
771.6

53.3
290.2
13.0
55.7
-18.6
692.8

--13.4
---78.8

-------

43

Sector discrepancies (1 less 4)

-82.9

--

19.6

--

-39.3

--

26.4

--

-76.2

--

2.1

--

24.5

--

-49.6

--

-49.6

70.5

1

General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.

Flow of Funds Matrix for 1998

Z.1, September 15, 1999

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

A

L

A

L

A

L

A

L

A

L

A

L

A

L

A

L

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1
2
3

Total financial assets
Total liabilities and equity
Total liabilities

30633.1
---

-6201.5
6201.5

7431.2
---

-25131.0
9263.4

1150.3
---

-1235.4
1235.4

435.4
---

-4542.5
4542.5

39650.1
---

-37110.4
21242.8

5616.6
---

-4074.9
2667.8

32085.2
---

-33847.5
31396.2

77351.9
---

-75032.8
55306.8

-2319.0
---

4
5
6
7
8
9
10

Monetary gold and SDRs
IMF Position
Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits
Interbank claims

-----41.5
--

--------

-----28.1
--

--------

--------

--------

10.6
24.2
16.2
-----

---9.2
18.3
---

10.6
24.2
16.2
--69.6
--

---9.2
18.3
---

------144.7

-24.1
36.0
--639.9
--

11.0
-0.1
19.8
9.2
26.3
30.6
70.0

------187.7

21.6
24.1
36.0
9.2
26.3
100.2
214.7

-24.1
36.0
9.2
18.3
639.9
187.7

-21.6
----8.0
539.7
-27.0

11
12
13
14

Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

449.3
2908.7
739.6
--

-----

446.3
145.9
163.9
3.3

-----

28.3
91.1
-158.5

-----

23.2
4.7
---

-----

947.1
3150.4
903.5
161.9

-----

258.2
86.1
-72.0

-----

109.7
195.5
430.6
472.7

1334.2
3432.0
1334.2
875.0

1314.9
3432.0
1334.2
706.6

1334.2
3432.0
1334.2
875.0

19.3
--168.4

15
16
17
18
19
20
21
22
23
24

Credit market instruments
Open market paper
Treasury securities
Federal agency securities
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

1805.8
63.2
409.4
201.9
458.3
571.1
--102.0
--

5903.6
---126.9
-72.9
204.0
4168.1
1331.7

302.8
27.2
61.3
25.2
43.4
---70.8
74.9

5428.0
193.0
--147.8
1829.6
1075.9
699.7
1482.2
--

704.4
92.0
269.3
159.0
2.5
56.2
--125.4
--

1199.8
---1189.7
--10.1
---

213.9
--0.0
---169.0
44.9
--

3752.2
-3723.7
28.5
----0.0
--

3026.9
182.4
740.0
386.1
504.1
627.3
-169.0
343.1
74.9

16283.6
193.0
3723.7
28.5
1464.3
1829.6
1148.8
913.8
5650.3
1331.7

2534.3
114.8
1316.3
301.4
-659.6
-142.3
---

603.7
72.9
---420.0
58.9
52.0
---

17841.7
875.4
1667.4
2633.0
960.2
2812.0
1314.9
943.2
5378.8
1256.9

6515.6
906.7
-3292.0
-1849.4
107.2
288.7
71.6
--

23402.9
1172.6
3723.7
3320.5
1464.3
4098.9
1314.9
1254.4
5721.9
1331.7

23402.9
1172.6
3723.7
3320.5
1464.3
4098.9
1314.9
1254.4
5721.9
1331.7

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

6139.5
2500.7
-279.5

--125.7
155.0

-91.0
1498.2
--

11585.4
-1118.2
--

102.0
26.3
---

--35.6
--

--20.5
--

--79.7
--

6241.5
2618.0
1518.7
279.5

11585.4
-1359.1
155.0

1115.4
-51.9
0.0

1407.1
-46.3
0.0

8080.8
992.5
227.5
297.9

2445.2
3610.5
19.0
422.4

15437.7
3610.5
1798.0
577.4

15437.7
3610.5
1424.3
577.4

---373.7
--

29
30
31
32
33
34

Life insurance reserves
Pension fund reserves
Taxes payable
Inv. in bank personal trusts
Equity in noncorp. business
Miscellaneous

718.3
9160.7
-1274.2
4288.4
326.9

-----17.2

-----4751.7

--106.4
-4282.3
2610.8

--28.1
--11.5

-------

--21.4
--100.8

33.6
642.9
---6.7

718.3
9160.7
49.5
1274.2
4288.4
5190.9

33.6
642.9
106.4
-4282.3
2634.7

-----1354.1

-----1317.8

-----3269.4

684.7
8517.8
47.0
1274.2
6.1
3141.9

718.3
9160.7
49.5
1274.2
4288.4
9814.4

718.3
9160.7
153.4
1274.2
4288.4
7094.4

--103.9
---2719.9

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is
the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention,
such instruments are financial assets without corresponding liabilities.

113

114

Z.1, September 15, 1999

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Assets

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

21493.5

23566.0

24277.9

25918.9

27025.5

28383.0

29397.5

32486.6

35355.8

39390.9

43586.5

1

2

Tangible assets

8398.6

9107.9

9323.9

9468.7

9731.2

9979.7

10316.3

10788.9

11316.4

12090.7

12953.4

2

3

Financial assets

13094.9

14458.1

14953.9

16450.2

17294.2

18403.3

19081.2

21697.7

24039.4

27300.2

30633.1

3

4
5

Deposits
Credit market instruments

3052.2
1222.3

3205.8
1283.1

3264.5
1495.6

3267.3
1604.8

3249.6
1648.6

3182.8
1631.5

3157.3
1932.1

3365.5
1895.5

3539.6
2011.6

3800.1
1871.1

4139.1
1805.8

4
5

6

Equity shares at market value

2246.5

2766.5

2545.6

3560.4

4016.9

4580.5

4486.2

5984.3

7099.6

8802.2

10596.0

6

1626.1

1975.6

1800.6

2573.6

2900.6

3193.6

2975.5

3957.2

4448.7

5188.7

6139.5

7

620.4
189.1
59.1
221.7
150.4

791.0
231.9
68.4
291.4
199.3

745.0
214.1
66.8
284.7
179.4

986.7
271.7
99.1
380.4
235.5

1116.4
268.7
116.6
436.8
294.3

1387.0
262.0
156.7
530.6
437.6

1510.7
263.6
185.2
556.6
505.3

2027.1
365.2
246.5
715.6
699.8

2650.9
433.2
325.2
897.2
995.3

3613.4
632.0
433.7
1158.2
1389.4

4456.5
806.2
542.4
1370.5
1737.4

8
9
10
11
12

7
8
9
10
11
12

Directly held
Indirectly held
Bank personal trusts and estates
Life insurance companies
Private pension funds
Mutual funds

13

Other

6573.9

7202.7

7648.2

8017.7

8379.1

9008.4

9505.7

10452.4

11388.6

12826.9

14092.3

13

14

Liabilities

3111.8

3397.3

3678.5

3871.5

4045.0

4290.2

4612.8

4981.6

5329.8

5703.1

6201.5

14

Net worth

18381.7

20168.7

20599.4

22047.4

22980.5

24092.8

24784.7

27505.1

30026.0

33687.9

37385.0

15

11.7
19.1

10.5
17.0

13.7
21.6

14.9
23.2

16.1
24.9

15.3
23.5

18.4
27.6

20.1
29.5

22.3
32.2

24.3
34.6

16
17

15

16
17

Memo: Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

10.5
17.2

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.
In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13).
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.