106

Z.1, March 9, 2001

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

1997

1

Net financial investment

49.7

37.5

22.2

14.0

25.8

14.3

49.0

47.8

86.2

9.3

1

2

Net acquisition of financial assets

67.1

71.1

54.3

51.6

55.5

48.5

73.0

84.3

122.5

47.5

2

3
4
5
6

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

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3
4
5
6

7

Credit market instruments

51.1

17.2

22.7

-12.3

13.4

28.8

13.1

38.1

39.3

23.3

7

34.4
10.9
0.0
6.6
-0.8

-10.4
16.4
0.5
9.7
0.9

6.2
9.4
-0.5
8.2
-0.7

-29.9
9.7
0.0
7.9
-0.1

-3.3
10.0
0.2
5.6
0.9

15.6
7.4
0.3
4.5
0.9

1.2
9.3
0.4
2.4
-0.1

1.3
23.9
0.1
11.9
0.9

6.7
20.3
0.0
11.7
0.6

1.5
13.0
-0.1
8.3
0.6

8
9
10
11
12

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

13
14

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

15
16

-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

17
18

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

19

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

13.4

20

8
9
10
11
12

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Mortgages

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

17
18

Equity in noncorporate business
Miscellaneous assets (2)

19
20

Net increase in liabilities
Credit market instruments

21
22
23
24

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

10.0
4.9
-0.2
-1.2

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

2.4
7.1

16.2
5.5

9.3
10.5

9.4
13.7

5.9
14.2

6.0
14.0

5.2
16.0

7.9
28.6

8.0
16.8

8.9
15.8

25
26

(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, March 9, 2001

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

7
8
9
10
11

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

564.4

679.6

711.7

802.8

867.4

937.6

1002.5

1190.3

1392.9

1586.3

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

2
3
4
5

203.1

220.3

242.9

230.6

244.0

272.8

285.9

324.0

363.3

386.6

6

67.3
82.0
0.1
51.1
2.6

56.9
98.4
0.6
60.8
3.5

63.2
107.8
0.1
69.0
2.8

33.3
117.4
0.2
77.0
2.8

29.9
127.4
0.4
82.6
3.7

45.5
134.8
0.8
87.1
4.6

46.7
144.1
1.1
89.5
4.5

48.0
168.0
1.2
101.4
5.3

54.7
188.3
1.3
113.1
6.0

56.1
201.3
1.2
121.4
6.6

7
8
9
10
11

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

12
13

12
13

Corporate equities
Mutual fund shares

14
15

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

14
15

16
17

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

16
17

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

18

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

244.8

19

18
19

Liabilities
Credit market instruments

20
21
22
23

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

114.9
34.1
0.7
95.1

20
21
22
23

24
25

Trade payables
Miscellaneous liabilities (2)

41.3
57.9

57.4
63.3

66.8
73.9

76.2
87.6

82.1
101.8

88.1
115.8

93.2
131.8

101.1
160.4

109.1
177.2

118.0
193.0

24
25

(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, March 9, 2001

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1996

1997

1998

1999

2000

1999
Q3

1
2
3
4
5
6

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

2000
Q4

Q1

Q2

Q3

Q4

2269.1

2440.0

2617.2

2788.0

3051.7

2806.7

2889.8

2972.9

3035.5

3081.0

3117.2

1

869.7
223.7
620.0
555.8

968.8
237.2
646.2
587.8

1070.9
244.6
679.5
622.1

1152.0
255.9
718.1
662.1

1291.8
284.8
769.5
705.5

1164.0
254.2
721.6
666.9

1197.4
270.8
745.5
676.1

1239.4
286.3
756.0
691.2

1277.2
292.0
764.6
701.7

1308.1
290.6
772.1
710.2

1342.5
270.4
785.4
718.9

2
3
4
5

Current expenditures, NIPA basis

2384.6

2462.4

2526.5

2613.5

2739.5

2611.9

2679.8

2684.9

2734.4

2764.2

2774.4

6

7
8
9
10
11
12

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

1171.8
916.0
274.5
0.3
22.6
0.0

1223.3
945.0
275.3
0.3
19.1
0.0

1262.1
965.1
278.2
0.4
21.5
0.0

1325.7
998.1
261.8
0.4
28.4
0.0

1407.0
1050.1
254.9
0.4
27.9
0.0

1334.4
999.5
258.9
0.4
19.5
0.0

1364.4
1016.2
258.2
0.4
41.4
0.0

1376.2
1024.8
260.8
0.4
23.5
0.0

1410.3
1044.6
255.7
0.4
24.2
0.0

1415.1
1054.8
252.8
0.4
41.9
0.0

1426.4
1076.3
250.1
0.4
22.0
0.0

7
8
9
10
11
12

13

Current surplus or deficit (-), NIPA basis

-115.5

-22.4

90.7

174.5

312.2

194.8

210.0

288.0

301.1

316.8

342.8

13

14
15
16

+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
+ Net capital transfers (3)

174.3
3.4
23.1

181.0
3.4
26.8

188.0
4.4
32.4

199.6
3.8
36.8

216.6
1.8
36.5

201.1
2.6
36.2

204.9
4.8
39.2

209.9
-0.3
37.1

214.5
2.6
36.2

219.0
0.9
36.4

222.9
3.9
36.3

14
15
16

17

= Gross saving and net capital transfers

78.5

182.0

306.7

407.1

563.5

429.5

449.3

535.3

549.3

571.3

598.1

17

18

Gross investment

31.9

127.8

330.5

423.3

566.3

400.6

473.8

363.2

699.7

539.9

662.6

18

250.2
-4.8

264.7
-8.8

278.9
-4.1

308.7
-1.7

336.4
-0.6

308.1
-3.6

324.4
-0.4

334.3
0.0

331.9
-1.2

333.6
-0.7

345.9
-0.5

19
20

-213.4

-128.1

55.7

116.3

230.5

96.0

149.7

28.9

369.0

206.9

317.3

21

41.3

34.7

115.7

167.6

33.5

155.8

253.5

-72.0

59.5

112.5

34.1

22

-2.9
5.4
12.0
32.1

2.5
3.8
6.8
3.6

6.0
-20.6
14.1
7.2

-7.1
70.0
11.6
5.0

-0.2
-71.9
8.5
9.7

-8.1
67.4
17.9
11.5

-6.2
153.1
30.4
-12.5

1.9
-171.7
-19.2
51.3

-8.3
-53.4
20.2
-9.4

-1.5
17.8
12.4
12.0

7.2
-80.3
20.4
-15.0

23
24
25
26

-8.5
20.3
-35.3
-0.5
10.7
-3.4
-0.3

24.1
14.3
-0.8
-0.7
1.3
-0.9
10.9

116.8
28.0
63.6
-1.4
10.2
3.3
13.2

52.0
1.9
28.5
-1.5
12.6
4.2
6.2

49.3
7.6
23.5
0.6
3.7
3.7
10.4

-10.3
-2.9
-37.3
-1.7
15.9
5.9
9.8

12.6
-10.3
22.0
-1.5
8.1
4.3
-10.0

46.9
6.9
23.1
-1.7
6.1
0.7
11.9

64.5
17.5
26.9
1.6
4.7
4.6
9.2

35.2
-4.0
24.0
3.2
1.6
3.2
7.2

50.8
10.0
20.0
-0.8
2.4
6.1
13.1

27
28
29
30
31
32
33

14.5
6.0

16.8
-7.4

9.4
-12.3

3.5
4.3

-1.2
0.8

27.6
6.3

16.9
6.3

-5.6
-10.7

10.7
5.6

-4.1
4.5

-5.6
4.0

34
35

0.9
-6.9
-11.5

-3.2
-12.3
-0.0

1.5
-1.8
-4.5

4.6
12.5
11.2

6.2
19.4
12.8

5.6
-2.6
40.6

5.7
23.2
24.1

3.4
14.8
16.8

8.4
24.2
-2.9

6.1
9.4
20.7

6.6
29.2
16.8

36
37
38

254.7

162.7

59.9

51.3

-197.0

59.8

103.8

-100.9

-309.5

-94.4

-283.1

39

-0.5
0.5

-0.5
0.5

0.0
0.6

-3.0
1.0

-4.0
2.4

-4.0
2.0

-4.0
-0.0

0.0
2.2

-8.0
3.2

-4.0
4.2

-4.0
-0.0

40
41

19
20

Fixed investment
Access rights sales

21

Net financial investment

22

Net acquisition of financial assets

23
24
25
26

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

27
28
29
30
31
32
33

Credit market instruments
Open market paper
U.S. government agency securities (4)
Municipal securities
Corporate and foreign bonds
Mortgages
Other loans and advances (5)

34
35

Corporate equities
Mutual fund shares

36
37
38

Trade receivables
Taxes receivable
Miscellaneous assets

39

Net increase in liabilities

40
41

SDR certificates
Treasury currency

42
43
44
45
46
47

Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages

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

-16.0
-0.2
-68.3
-0.2
52.7
0.0

-247.0
-1.7
-272.6
-1.0
28.2
0.0

4.5
-0.5
-47.7
0.0
52.6
0.0

21.5
-0.9
-12.8
0.0
35.2
0.0

-173.7
-3.6
-173.4
-2.1
5.4
0.0

-377.8
-2.2
-399.9
1.8
22.4
0.0

-166.2
-0.7
-188.2
-2.4
25.0
0.0

-270.4
-0.4
-328.8
-1.2
60.0
0.0

42
43
44
45
46
47

48
49
50

Trade payables
Insurance and pension reserves (7)
Miscellaneous liabilities

31.6
55.7
-3.3

22.4
42.0
0.3

27.5
42.5
-7.1

29.7
42.5
-2.9

27.3
22.3
2.0

30.4
41.4
-14.5

33.8
45.8
6.6

37.3
41.0
-7.6

24.1
43.7
5.4

26.5
37.2
7.9

21.5
-32.5
2.3

48
49
50

46.6

54.2

-23.9

-16.2

-2.8

28.9

-24.5

172.2

-150.4

31.4

-64.5

51

51

Discrepancy

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board and federal government life insurance reserves. 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) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.

109

Z.1, March 9, 2001

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1996

1

1998

1999

2000

1999

2000

Q3

Q4

Q1

Q2

Q3

Q4

1181.5

1223.0

1343.8

1552.7

1581.0

1504.5

1552.7

1553.0

1568.4

1592.5

1581.0

1

2
3
4
5

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

44.9
66.1
74.9
147.8

42.0
73.8
81.8
151.4

51.0
51.5
95.8
158.5

44.5
120.1
107.5
163.5

41.0
50.0
115.9
173.3

46.4
90.1
98.7
166.6

44.5
120.1
107.5
163.5

44.0
75.7
104.4
176.4

41.5
87.2
106.5
174.0

39.7
78.0
109.5
177.0

41.0
50.0
115.9
173.3

2
3
4
5

6

Credit market instruments

537.9

562.2

679.1

764.3

813.6

760.9

764.3

776.0

792.1

800.9

813.6

6

59.7
116.2
4.6
49.7
167.9
139.8

74.0
115.4
3.9
51.0
167.0
150.8

102.0
179.0
2.5
61.2
170.3
164.1

103.9
207.5
1.0
73.8
207.5
170.5

111.5
231.0
1.6
77.5
211.2
180.9

106.5
202.0
1.4
71.8
206.4
172.8

103.9
207.5
1.0
73.8
207.5
170.5

105.6
213.3
0.6
75.3
207.7
173.5

110.0
220.0
1.0
76.5
208.8
175.8

109.0
226.0
1.8
76.9
209.6
177.6

111.5
231.0
1.6
77.5
211.2
180.9

7
8
9
10
11
12

46.8
41.0

79.0
33.6

102.0
21.3

115.0
25.6

115.1
26.4

101.0
24.0

115.0
25.6

113.2
22.9

115.0
24.3

117.6
25.4

115.1
26.4

13
14

24.0
46.8
151.2

20.8
46.9
131.8

22.3
49.5
112.7

26.8
72.0
113.5

33.0
87.9
124.8

25.7
71.1
119.9

26.8
72.0
113.5

28.8
91.4
120.2

30.3
77.0
120.7

31.6
90.4
122.5

33.0
87.9
124.8

15
16
17

5805.1

5967.0

6034.1

6088.2

5889.0

5993.1

6088.2

6075.4

5912.3

5886.8

5889.0

18

9.7
18.9

9.2
19.3

9.2
19.9

6.2
20.9

2.2
23.2

7.2
20.9

6.2
20.9

6.2
21.4

4.2
22.1

3.2
23.2

2.2
23.2

19
20

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

4656.6
186.4
3199.5
28.3
1242.4
0.0

4409.6
184.8
2926.9
27.3
1270.6
0.0

4594.0
186.2
3147.3
28.3
1232.3
0.0

4656.6
186.4
3199.5
28.3
1242.4
0.0

4644.2
185.3
3183.3
27.8
1247.9
0.0

4464.4
184.6
2994.8
28.2
1256.7
0.0

4417.8
184.3
2951.3
27.6
1254.5
0.0

4409.6
184.8
2926.9
27.3
1270.6
0.0

21
22
23
24
25
26

599.3
591.9
7.3

621.8
634.0
6.6

649.2
676.5
6.7

678.9
719.0
6.6

706.3
741.3
6.4

672.3
691.9
6.7

678.9
719.0
6.6

688.7
708.2
6.6

695.9
719.2
6.5

702.8
733.3
6.6

706.3
741.3
6.4

27
28
29

7
8
9
10
11
12

Total financial assets

1997

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, March 9, 2001

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

1999

2000

1

Net acquisition of financial assets

22.3

23.9

-3.2

27.5

11.8

47.8

45.2

-27.2

-40.6

-47.0

-32.3

-22.2

-37.8

1

2
3
4
5

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

1.9
-3.5
0.0
1.6

-1.0
9.6
0.0
0.3

-0.5
-5.5
0.0
-1.7

-0.1
5.5
0.0
1.8

0.0
-9.1
0.0
-1.1

-0.0
6.4
0.0
-0.0

0.8
13.1
0.0
-4.2

0.3
4.8
0.0
-0.2

0.2
10.8
0.0
3.2

0.4
13.3
0.0
0.3

0.1
1.0
0.0
-0.3

0.7
5.8
0.0
1.2

0.3
3.5
0.0
1.3

2
3
4
5

6

Credit market instruments

28.3

41.6

32.0

12.8

17.1

22.9

35.6

24.1

-8.9

39.7

43.4

39.2

18.0

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-3.9
15.2
1.7
13.5

-2.5
29.7
7.9
21.8

-1.7
21.1
0.6
20.5

1.8
3.9
-8.9
12.8

-1.1
0.4
-11.0
11.5

-0.0
10.4
-5.6
15.9

-4.2
40.8
10.1
30.7

-0.2
6.7
2.0
4.7

3.2
-15.4
-4.6
-10.8

0.3
12.3
3.7
8.6

-0.3
28.7
10.1
18.6

1.2
24.5
7.4
17.2

1.3
15.0
5.2
9.8

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

11.2
5.9

8.8
5.6

11.2
1.5

13.8
-6.8

20.8
-3.1

14.0
-1.4

2.7
-3.7

17.4
0.2

3.1
0.1

26.5
0.6

13.9
1.1

12.6
0.9

1.3
0.4

11
12

-0.4
-0.6

-22.4
0.0

0.2
0.4

2.0
1.4

8.7
2.3

6.8
4.4

-3.8
3.7

-51.1
1.9

-55.3
-2.2

-100.9
1.3

-78.8
1.8

-77.0
2.4

-67.8
-0.4

13
14

-5.1
-15.2
-0.3
10.4

-4.2
-1.9
4.4
-6.8

-28.0
-6.2
2.8
-24.6

4.1
-2.2
8.2
-1.9

-6.1
-5.0
5.6
-6.7

7.3
-0.6
7.4
0.6

0.1
-5.1
6.2
-1.0

-6.9
-6.0
-0.3
-0.6

11.7
2.3
-0.3
9.7

-1.2
-5.6
3.5
0.9

0.6
1.6
0.0
-1.0

5.5
1.9
0.0
3.6

7.5
2.3
0.0
5.2

15
16
17
18

13
14

Corporate equities
Mutual fund shares

15
16
17
18

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

46.7

38.7

32.2

66.3

56.6

56.2

45.8

59.4

45.2

35.7

44.5

37.2

55.1

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
0.9

0.1
-6.3
5.3
-2.0

0.4
-0.2
6.0
0.2

0.4
-5.5
10.8
1.3

0.8
-10.8
18.1
0.6

0.2
0.4
2.4
1.3

1.0
-13.3
18.0
-0.8

0.4
-2.4
6.8
-0.4

2
3
4
5

6

Credit market instruments

-4.7

12.2

14.1

15.2

11.9

16.3

7.8

-4.2

4.8

7.9

13.0

5.7

22.5

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-2.2
0.5
-0.3
0.9

1.8
6.0
4.0
2.0

1.3
3.9
1.8
2.1

1.4
6.2
6.1
0.0

0.9
4.3
5.2
-0.9

0.7
2.0
3.8
-1.8

-2.0
20.3
10.2
10.2

0.7
-1.5
0.6
-2.0

2.4
2.1
1.9
0.2

0.9
-0.5
0.4
-0.9

3.2
5.8
4.0
1.9

2.5
5.5
2.7
2.8

-3.1
11.8
8.4
3.4

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

-5.7
2.6

3.4
1.0

8.7
0.1

7.6
0.1

7.3
-0.6

13.8
-0.2

-9.1
-1.4

-3.9
0.5

-0.2
0.5

7.4
0.1

3.2
0.8

-3.3
1.0

12.4
1.3

11
12

7.2
0.1

-11.5
5.1

0.7
6.2

11.3
9.8

28.8
13.0

15.1
22.4

5.8
20.1

-18.4
43.1

-16.2
25.3

-36.9
41.4

-34.2
30.0

-15.2
28.3

-13.6
32.9

13
14

26.2
17.0
-0.9
10.1

9.7
14.2
2.8
-7.3

9.9
15.9
3.2
-9.2

27.3
23.0
3.9
0.4

8.8
10.6
4.4
-6.2

4.6
12.9
4.9
-13.2

15.0
8.9
5.5
0.6

32.6
23.7
4.4
4.5

24.2
12.2
4.3
7.7

14.7
4.6
3.6
6.5

31.4
19.8
1.9
9.7

13.4
11.6
1.0
0.9

8.8
6.8
1.0
1.1

15
16
17
18

13
14

Corporate equities
Mutual fund shares

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

(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, March 9, 2001

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

Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

812.8

921.5

899.9

1051.7

1079.9

1195.1

1276.0

1460.5

1579.0

1746.8

1900.9

2144.8

2059.9

1

2.5
47.3
0.0
16.5

1.6
56.9
0.0
16.8

1.0
51.3
0.0
15.0

1.0
56.8
0.0
16.9

1.0
47.6
0.0
15.8

1.0
54.1
0.0
15.8

1.8
67.1
0.0
11.6

2.1
71.9
0.0
11.4

2.2
82.7
0.0
14.6

2.6
96.0
0.0
14.9

2.7
97.0
0.0
14.6

3.5
102.8
0.0
15.8

3.7
106.3
0.0
17.1

2
3
4
5

276.4

318.0

349.9

362.7

379.8

402.7

438.3

462.4

453.5

493.1

536.5

575.8

593.8

6

19.2
154.3
85.1
69.2

16.8
184.0
93.0
91.0

15.0
205.1
93.6
111.5

16.9
209.0
84.7
124.3

15.8
209.4
73.7
135.8

15.8
219.8
68.1
151.7

11.6
260.6
78.2
182.4

11.4
267.3
80.2
187.1

14.6
252.0
75.6
176.4

14.9
264.2
79.3
185.0

14.6
293.0
89.4
203.6

15.8
317.5
96.8
220.8

17.1
332.5
101.9
230.5

7
8
9
10

90.2
12.6

99.0
18.2

110.1
19.7

123.9
13.0

144.7
9.9

158.7
8.5

161.4
4.7

178.8
4.9

181.9
5.0

208.4
5.6

222.3
6.7

234.9
7.6

236.2
7.9

11
12

13
14

Corporate equities
Mutual fund shares

300.6
6.5

358.9
6.8

341.4
6.8

458.6
11.4

484.5
15.6

555.6
22.3

559.9
39.0

699.6
54.8

785.8
63.8

876.0
81.4

960.9
99.4

1114.0
126.9

1006.3
121.5

13
14

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

163.0
78.2
9.7
75.2

162.7
80.1
14.1
68.4

134.3
73.6
16.9
43.8

144.3
77.3
25.1
41.9

135.5
69.6
30.7
35.2

143.5
69.7
38.0
35.8

158.2
79.2
44.2
34.8

158.3
80.3
43.9
34.2

176.4
88.9
43.6
43.9

182.6
90.7
47.1
44.8

189.7
98.8
47.1
43.8

206.0
111.4
47.2
47.4

211.2
111.4
47.2
52.6

15
16
17
18

(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

594.7

712.8

734.6

888.0

971.5

1108.4

1183.8

1462.9

1672.1

1999.8

2304.1

2533.1

2528.9

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
12.6

2.3
35.0
31.6
10.6

2.7
34.7
37.5
10.7

3.1
29.3
48.4
12.1

4.0
18.4
66.4
12.7

4.1
18.8
68.9
14.0

5.1
5.6
86.9
13.1

5.6
3.2
93.7
12.7

2
3
4
5

6

Credit market instruments

95.5

107.6

121.7

136.9

148.8

165.2

173.0

168.8

173.6

181.5

194.4

200.2

222.6

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

8.2
47.8
30.3
17.5

10.0
53.8
34.3
19.5

11.3
57.7
36.1
21.6

12.7
63.9
42.2
21.7

13.6
68.2
47.5
20.7

14.3
70.2
51.2
18.9

12.3
90.5
61.4
29.1

13.0
89.0
62.0
27.1

15.4
91.1
63.8
27.3

16.3
90.7
64.3
26.4

19.5
96.5
68.2
28.3

22.0
102.0
70.9
31.0

18.9
113.8
79.4
34.5

7
8
9
10

11
12

Corporate and foreign bonds
Mortgages

35.4
4.0

38.8
5.1

47.5
5.2

55.1
5.3

62.4
4.7

76.2
4.5

67.1
3.1

63.2
3.6

63.0
4.0

70.4
4.1

73.5
4.9

70.3
5.9

82.7
7.2

11
12

13
14

Corporate equities
Mutual fund shares

214.6
16.9

276.6
26.2

264.8
33.7

348.6
55.0

391.5
80.6

463.0
119.9

459.9
166.9

589.6
272.0

678.1
348.5

820.4
488.2

941.3
609.9

1042.9
703.1

993.1
716.3

13
14

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

204.8
108.7
9.3
86.7

216.1
124.6
12.2
79.4

226.8
141.2
15.4
70.2

257.1
167.2
19.3
70.6

266.1
178.0
23.7
64.4

278.0
198.2
28.6
51.3

304.7
218.7
34.1
51.9

346.8
252.0
38.5
56.4

379.1
272.2
42.8
64.1

408.3
291.3
46.4
70.6

452.6
324.0
48.3
80.3

476.2
345.7
49.3
81.2

481.7
349.2
50.3
82.2

15
16
17
18

(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.

112

Flow of Funds Matrix for 2000

Z.1, March 9, 2001

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

1
2
3

Gross saving and net cap. transfers
Capital consumption
Net saving (1 less 2)

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

----

935.0
745.6
225.2

----

1060.1
787.6
272.5

----

222.3
116.8
105.5

----

341.2
99.8
241.4

----

2558.5
1749.7
844.6

----

432.9
-432.9

----

83.0
95.1
-12.0

----

3074.5
1844.8
1229.7

----

2641.6
1844.8
796.8

4
5
6
7
8
9
10

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

973.0
1247.5
820.5
360.6
66.4
---

--------

1027.3
1248.5
-54.3
1138.1
55.5
0.6

--------

231.7
230.4
--230.4
---

--------

334.7
105.4
--106.0
--0.6

--------

2566.6
2831.8
820.5
414.9
1540.9
55.5
0.0

--------

442.0
-------

--------

34.9
158.0
-1.0
157.1
---

--------

3043.6
2989.8
820.4
415.9
1698.0
55.5
--

--------

30.9
84.7
------

2547.7
2989.8
820.4
415.9
1698.0
55.5
--

11
12
13

Net financial investment
Financial uses
Financial sources

-274.5
308.9
--

--583.4

-221.2
578.9
--

--800.0

1.2
55.8
--

--54.5

229.3
-43.9
--

---273.2

-265.1
899.6
--

--1164.7

442.0
886.0
--

--444.0

-123.1
2341.5
--

--2464.6

53.8
4127.1
--

--4073.3

-53.8
-53.8
--

-442.0
444.0
886.0

----2.6
--79.3
300.9
153.5
--

----------

---3.5
-73.0
14.9
27.4
-2.2

----------

------6.4
7.5
-9.7

----------

-0.2
-----65.5
1.0
---

--4.0
2.4
-------

-0.2
--0.8
--78.2
324.3
181.0
7.5

--4.0
2.4
-------

-0.7
----1.3
-8.2
5.7
-4.9

0.5
--24.5
------

1.4
-4.0
3.2
48.7
-26.1
4.2
-21.0
52.5
-14.1

-----9.8
-71.1
309.0
233.5
113.0

0.5
-4.0
3.2
49.5
-27.4
-82.2
309.0
233.5
-1.6

0.5
-4.0
2.4
24.5
-9.8
-71.1
309.0
233.5
113.0

---0.8
-25.0
17.6
11.1
--114.6

----------

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

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

-143.3
3.0
-203.4
66.8
-8.7
-2.5
--1.4
--

572.5
---5.8
-7.6
16.7
407.7
134.7

25.2
-0.6
-0.4
5.2
8.8
---9.8
2.4

574.0
48.1
--1.4
175.0
95.1
88.4
166.0
--

19.2
7.6
-20.6
23.5
0.6
3.7
--4.5
--

27.1
---28.2
---1.1
---

8.4
--0.0
---9.3
-0.9
--

-295.9
--294.9
-1.0
----0.0
--

-90.4
10.0
-224.4
95.5
0.7
1.2
-9.3
14.9
2.4

877.8
48.1
-294.9
-1.0
35.3
175.0
102.7
104.1
573.7
134.7

279.7
8.8
-63.7
153.3
-181.0
-0.3
---

61.8
31.7
---18.7
11.3
0.1
---

1562.2
188.7
-6.9
182.9
34.7
215.0
112.1
137.1
566.2
132.3

811.9
127.7
-432.7
-203.5
-1.9
42.5
7.4
--

1751.5
207.6
-294.9
431.8
35.3
397.2
112.1
146.7
581.1
134.7

1751.5
207.6
-294.9
431.8
35.3
397.2
112.1
146.7
581.1
134.7

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-456.6
208.6
-80.2

--5.9
4.9

--1.8
115.6
--

-153.1
-109.8
--

-1.2
0.8
---

--27.4
--

--6.2
--

---0.0
--

-457.8
207.6
121.7
80.2

-153.1
-143.0
4.9

172.0
--1.2
0.0

91.2
--1.4
0.0

211.3
37.4
38.6
55.3

-12.6
245.0
5.0
130.6

-74.5
245.0
159.1
135.5

-74.5
245.0
146.5
135.5

---12.6
--

-----

37
38
39
40
41
42

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

54.2
190.9
--7.1
1.5
8.0

-----0.0

-----323.3

--9.6
--23.0
282.8

--11.7
--14.3

-------

--7.7
---1.4

1.4
20.9
---2.0

54.2
190.9
19.4
-7.1
1.5
344.2

1.4
20.9
9.6
--23.0
284.8

-----435.1

-----267.4

-----391.9

52.8
170.0
7.2
-7.1
24.5
462.9

54.2
190.9
19.4
-7.1
1.5
1171.2

54.2
190.9
16.8
-7.1
1.5
1015.1

---2.6
---156.1

-------

43

Sector discrepancies (1 less 4)

-38.0

--

32.8

--

-9.4

--

6.6

--

-8.1

--

-9.1

--

48.1

--

30.9

--

30.9

93.8

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 2000

Z.1, March 9, 2001

(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

33735.8
---

-7560.1
7560.1

8617.9
---

-28001.7
10707.9

1323.5
---

-1915.2
1915.2

512.3
---

-4228.6
4228.6

44189.6
---

-41705.6
24411.8

7250.9
---

-5387.9
3609.1

37687.1
---

-40094.7
37082.8

89127.7
---

-87188.1
65103.6

-1939.6
---

4
5
6
7
8
9
10

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

-----40.9
--

--------

-----27.9
--

--------

--------

--------

10.5
14.9
15.6
-----

---2.2
23.2
---

10.5
14.9
15.6
--68.8
--

---2.2
23.2
---

------138.1

-14.8
31.2
--750.3
--

11.0
-0.1
15.7
2.2
31.2
91.5
64.5

------198.5

21.6
14.8
31.2
2.2
31.2
160.3
202.6

-14.8
31.2
2.2
23.2
750.3
198.5

-21.6
----8.0
590.0
-4.1

11
12
13
14

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

309.9
3237.6
994.6
--

-----

593.0
179.3
226.1
2.0

-----

25.8
109.6
-173.3

-----

24.3
6.3
---

-----

953.0
3532.8
1220.7
175.3

-----

290.1
107.2
-91.8

-----

148.9
276.2
591.6
550.4

1413.7
3916.3
1812.3
1196.5

1392.0
3916.3
1812.3
817.5

1413.7
3916.3
1812.3
1196.5

21.7
--379.0

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

2171.2
62.6
306.4
482.3
524.6
683.8
--111.4
--

7169.1
---143.0
-73.3
246.7
5137.3
1568.8

353.2
34.2
35.2
18.6
34.6
---148.0
82.7

6510.8
278.4
--154.2
2234.5
1260.9
845.0
1737.7
--

802.0
111.5
246.2
231.0
1.6
77.5
--134.3
--

1279.3
---1270.6
--8.7
---

266.4
--0.0
---189.6
76.9
--

3385.2
-3357.8
27.3
----0.0
--

3592.9
208.4
587.7
731.9
560.8
761.3
-189.6
470.6
82.7

18344.3
278.4
3357.8
27.3
1567.8
2234.5
1334.2
1100.4
6875.0
1568.8

2957.7
111.1
1175.3
549.9
-1001.6
-119.8
---

738.8
120.9
---495.4
70.7
51.8
---

20963.3
1290.6
1594.8
3062.2
1007.0
3257.0
1495.9
1281.1
6488.6
1486.1

8430.8
1210.7
-4316.7
-2290.1
91.0
438.3
84.1
--

27513.9
1610.0
3357.8
4344.0
1567.8
5019.9
1495.9
1590.5
6959.1
1568.8

27513.9
1610.0
3357.8
4344.0
1567.8
5019.9
1495.9
1590.5
6959.1
1568.8

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

6579.2
3025.7
-404.1

--138.6
232.9

-107.4
1813.9
--

12351.3
-1384.3
--

115.1
26.4
---

--635.9
--

--33.0
--

--70.3
--

6694.2
3159.6
1846.9
404.1

12351.3
-2229.2
232.9

1711.6
-44.8
0.0

1778.8
-49.1
0.0

8762.9
1273.2
289.2
408.0

3038.7
4432.8
35.8
579.3

17168.8
4432.8
2180.9
812.1

17168.8
4432.8
2314.1
812.1

--133.3
--

29
30
31
32
33
34

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

823.5
9847.5
-1039.0
4915.7
346.9

-----19.5

-----5315.0

--122.0
-4942.5
2690.8

--45.6
--25.9

-------

--42.4
--98.9

36.4
704.9
---6.4

823.5
9847.5
87.9
1039.0
4915.7
5786.7

36.4
704.9
122.0
-4942.5
2716.7

-----1909.5

-----2024.8

-----4207.4

787.1
9142.6
62.1
1039.0
-26.8
4036.1

823.5
9847.5
87.9
1039.0
4915.7
11903.6

823.5
9847.5
184.1
1039.0
4915.7
8777.6

--96.2
---3126.0

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, March 9, 2001

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

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

23606.7

24315.3

25899.6

26948.8

28353.5

29372.0

32486.8

35363.2

39507.8

43381.5

49217.6

48978.4

1

2

Tangible assets

9124.4

9326.2

9447.2

9686.6

9908.2

10228.6

10696.9

11186.9

11913.6

12775.6

13819.3

15242.6

2

3

Financial assets

14482.4

14989.2

16452.4

17262.2

18445.3

19143.4

21789.9

24176.3

27594.2

30605.9

35398.3

33735.8

3

4
5

Deposits
Credit market instruments

3199.5
1297.2

3253.3
1518.3

3251.1
1634.4

3228.4
1684.8

3156.5
1672.7

3116.5
1953.6

3309.5
1946.0

3457.1
2119.1

3642.2
2076.4

4029.5
2031.9

4210.5
2302.5

4583.0
2171.2

4
5

6

Equity shares at market value

2740.9

2527.2

3521.6

3942.1

4569.2

4503.0

6044.3

7252.9

9312.1

10789.3

14017.1

11550.4

6

1957.3

1795.3

2554.7

2852.0

3215.9

3047.4

4070.9

4686.8

5909.9

6672.3

8750.0

6579.2

7

783.5
231.9
67.2
287.8
196.7

731.9
214.1
65.0
277.7
175.1

966.9
271.7
95.6
370.7
229.0

1090.1
268.7
111.7
424.1
285.7

1353.3
262.0
149.3
516.0
426.0

1455.7
263.6
173.4
540.0
478.7

1973.4
365.2
227.0
740.1
641.1

2566.1
432.9
297.9
896.8
938.5

3402.2
541.7
399.5
1150.1
1310.9

4117.0
589.4
512.6
1365.1
1649.9

5267.1
692.3
687.6
1568.0
2319.3

4971.2
585.5
669.5
1514.4
2201.9

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

7244.8

7690.4

8045.4

8406.9

9046.8

9570.3

10490.1

11347.2

12563.5

13755.2

14868.2

15431.3

13

14

Liabilities

3464.8

3747.4

3959.5

4147.5

4397.3

4720.0

5095.6

5444.3

5827.7

6334.7

6957.6

7560.1

14

Net worth

20141.9

20567.9

21940.0

22801.3

23956.2

24652.0

27391.2

29918.9

33680.1

37046.8

42259.9

41418.4

15

10.4
16.9

13.6
21.4

14.6
22.8

16.1
24.8

15.3
23.5

18.6
27.7

20.5
30.0

23.6
33.7

24.9
35.3

28.5
39.6

23.6
34.2

16
17

15

16
17

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

11.6
18.9

(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.