9

Z.1, December 7, 2001

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2

Total net borrowing
Domestic nonfinancial sectors

3

Federal government

4

Nonfederal sectors

5
6
7
8
9

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

805.5

1048.8

1099.8

873.4

951.1

978.2

792.0

772.1

1006.5

1018.6

1275.5

2

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

3

782.4

1101.5

1171.1

1169.2

1168.4

1386.9

1018.2

1103.5

1010.9

1274.6

1019.8

4

332.7
292.7
94.7
6.2
56.1

467.2
406.3
139.7
8.0
80.3

517.1
440.8
155.4
5.5
52.3

554.9
430.6
145.7
10.9
27.2

526.9
479.7
135.0
13.8
12.9

624.3
550.2
184.5
9.7
18.2

554.5
303.7
129.1
7.2
23.8

514.0
388.8
134.2
12.8
53.7

554.4
225.2
121.3
6.0
103.9

671.2
354.3
130.6
9.8
108.7

616.2
248.9
108.6
3.1
43.0

5
6
7
8
9

10

Rest of the world

71.8

43.4

27.9

67.0

120.3

-7.9

88.6

66.8

-6.9

-57.2

-126.8

10

11

Financial sectors

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

11

12
13
14
15

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

78.3
70.2
-0.2
8.3

99.3
67.9
-0.3
31.7

43.4
13.6
-0.4
30.3

18.8
-4.5
0.7
22.7

148.3
52.9
-0.8
96.1

-15.8
-23.3
-2.4
9.9

69.8
52.0
-1.3
19.1

12
13
14
15

16
17

Savings institutions
Credit unions

19.7
0.1

52.2
0.6

48.0
2.2

27.3
0.0

57.5
-2.9

69.0
0.9

-37.9
1.1

20.4
1.0

62.5
-0.6

16.1
0.8

12.6
1.5

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

0.2
98.4
114.6
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
223.4

-0.7
234.1
199.4
196.3

-0.7
104.9
119.5
175.0

-1.1
248.9
132.2
146.0

-0.3
278.1
236.7
156.2

-0.7
304.5
309.1
307.9

-2.4
262.3
170.3
295.8

0.1
268.3
406.5
172.3

3.5
328.0
492.6
303.2

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

57.8
-4.6
39.6
8.1
79.9

57.1
1.6
62.7
7.2
40.0

70.3
0.2
6.3
-17.2
91.5

81.2
0.1
2.7
15.6
-0.4

61.1
-3.0
11.5
44.4
-37.5

139.4
2.7
9.8
-0.7
50.6

98.1
-0.3
-2.4
25.4
-4.2

26.1
1.0
-8.1
-6.6
-10.4

-72.8
0.7
-6.1
-23.9
30.1

64.1
0.6
10.5
35.7
-163.6

22.1
0.8
-10.2
12.3
-150.0

22
23
24
25
26

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

27

-21.3

99.5

196.3

-152.6

-218.5

90.3

-255.1

-227.2

-171.6

-153.8

-178.8

28

-11.8
-12.7
3.0
0.1

-37.1
-16.0
18.1
134.5

148.6
-2.8
7.1
43.4

-170.0
10.3
-2.1
9.2

-274.4
56.8
-2.1
1.2

-10.4
60.4
0.4
39.9

-183.3
-51.4
-4.0
-16.4

-212.1
-24.5
-2.7
12.1

-172.5
4.1
-4.8
1.5

-140.5
16.6
-5.2
-24.8

-118.5
-23.7
-6.2
-30.4

29
30
31
32

5.1
311.3

13.5
254.2

5.8
208.8

7.3
279.3

6.5
315.2

7.7
197.9

4.5
216.2

10.6
387.8

4.6
411.2

4.0
349.6

1.0
381.9

33
34

1244.5

1812.1

1801.3

1621.8

1576.1

1571.4

1709.0

1630.7

1619.7

1557.4

2030.9

35

38.3

21.1

25.7

33.7

102.0

-5.4

39.1

-0.9

53.7

26.4

8.7

36

27
28
29
30
31
32

Total net lending
Domestic nonfederal nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

33
34

Federal government
Rest of the world

35

Financial sectors

36

Monetary authority

37
38
39
40
41

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

324.3
274.9
40.2
5.4
3.7

305.2
312.0
-11.9
-0.9
6.0

308.2
317.6
-20.1
6.2
4.4

358.4
339.8
24.0
-12.2
6.7

415.8
448.2
4.5
-42.2
5.4

497.4
510.9
-22.3
3.5
5.4

363.2
324.8
32.8
-6.7
12.3

157.0
75.3
81.1
-3.2
3.8

152.8
107.9
41.3
7.3
-3.6

133.9
179.7
-48.6
-2.8
5.6

234.8
215.4
16.5
-1.4
4.2

37
38
39
40
41

42
43
44

Savings institutions
Credit unions
Bank personal trusts and estates

-4.7
16.8
-25.0

36.1
19.0
-12.8

68.6
27.5
27.8

56.5
30.5
17.1

55.6
35.7
18.9

65.0
31.6
13.8

62.7
21.2
17.6

42.5
33.6
18.1

52.5
23.2
10.7

57.3
7.6
13.4

-6.0
61.7
8.8

42
43
44

45
46
47
48

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

104.8
25.2
47.6
67.1

76.9
5.8
56.4
72.1

53.5
-3.0
45.0
46.9

57.9
-8.7
41.3
54.6

65.0
-11.2
46.8
63.3

52.9
-18.1
24.7
31.5

74.8
6.2
64.9
37.6

38.8
-11.7
28.7
86.1

95.3
2.1
26.1
-70.7

124.9
0.1
-7.1
53.4

162.4
9.0
-0.9
18.5

45
46
47
48

49
50
51
52
53
54

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

87.5
80.9
-2.6
106.6
114.6
163.8

244.0
124.8
5.5
314.6
192.6
281.7

182.0
47.2
7.4
291.7
273.8
205.2

148.9
26.8
-8.4
240.9
199.4
166.4

161.5
-66.9
-8.4
205.4
119.5
154.2

-118.2
63.1
-8.4
250.9
132.2
111.4

256.1
50.1
-8.4
188.6
236.7
120.9

296.0
60.8
-8.4
318.8
309.1
278.9

303.4
69.4
-8.4
347.8
170.3
269.8

166.2
165.1
-8.4
296.2
406.5
150.0

379.1
123.9
-8.4
267.7
492.6
276.4

49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

23.1
-9.1
20.2
14.9
50.4

77.3
3.2
-5.1
6.8
-12.9

97.0
0.3
-2.6
-34.7
133.8

108.0
0.2
-6.3
68.9
35.9

145.4
-6.0
-16.3
102.9
-7.2

147.6
5.5
-2.5
89.8
206.8

102.8
-0.5
-3.6
152.1
-73.0

36.2
2.0
-2.8
-69.0
17.0

-0.9
1.4
4.0
289.5
-172.5

126.7
1.1
1.1
35.4
-192.4

-42.1
1.7
7.7
250.1
-214.6

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, December 7, 2001

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Domestic
Federal government
Treasury securities
Budget agency securities and mortgages
Nonfederal, by instrument
Commercial paper
Municipal securities and loans
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
Nonfederal, by sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments

Q2

Q3

Q4

Q1

2001
Q2

Q3

805.5

1048.8

1099.8

873.4

951.1

978.2

792.0

772.1

1006.5

1018.6

1275.5

1

23.1
23.2
-0.1

-52.6
-54.6
2.0

-71.2
-71.0
-0.2

-295.9
-294.9
-1.0

-217.2
-215.2
-2.1

-408.7
-410.5
1.8

-226.2
-223.8
-2.4

-331.3
-330.2
-1.2

-4.3
-2.1
-2.2

-256.0
-257.1
1.1

255.7
256.0
-0.4

2
3
4

782.4
13.7
71.4
150.5
106.4
59.5

1101.5
24.4
96.8
218.7
108.1
82.1

1171.1
37.4
68.2
229.9
82.6
57.1

1169.2
48.1
35.3
171.1
103.1
101.5

1168.4
29.8
20.0
186.2
139.5
140.1

1386.9
110.4
30.1
153.8
166.5
124.2

1018.2
56.1
31.0
168.8
47.0
16.5

1103.5
-4.0
60.1
175.6
59.3
125.2

1010.9
-207.2
110.7
400.9
-5.9
-12.0

1274.6
-141.5
112.4
428.0
-153.2
117.7

1019.8
-74.1
56.0
187.7
-9.9
78.4

5
6
7
8
9
10

323.3
258.3
7.5
54.4
3.1
57.5

496.4
389.9
23.8
76.1
6.5
75.0

596.3
435.2
40.5
114.8
5.8
99.5

571.2
422.5
37.0
105.2
6.5
139.0

502.9
361.9
29.2
104.4
7.4
149.9

659.6
490.3
48.0
111.2
10.1
142.1

570.7
441.9
28.8
93.4
6.5
128.2

551.6
395.9
41.7
112.0
2.0
135.6

564.6
434.3
39.3
86.8
4.2
159.9

837.7
622.9
55.5
146.8
12.4
73.6

760.6
544.7
57.7
151.6
6.5
21.3

11
12
13
14
15
16

782.4
332.7
393.6
292.7
94.7
6.2
56.1

1101.5
467.2
554.0
406.3
139.7
8.0
80.3

1171.1
517.1
601.6
440.8
155.4
5.5
52.3

1169.2
554.9
587.2
430.6
145.7
10.9
27.2

1168.4
526.9
628.5
479.7
135.0
13.8
12.9

1386.9
624.3
744.4
550.2
184.5
9.7
18.2

1018.2
554.5
440.0
303.7
129.1
7.2
23.8

1103.5
514.0
535.8
388.8
134.2
12.8
53.7

1010.9
554.4
352.6
225.2
121.3
6.0
103.9

1274.6
671.2
494.7
354.3
130.6
9.8
108.7

1019.8
616.2
360.6
248.9
108.6
3.1
43.0

17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

71.8

43.4

27.9

67.0

120.3

-7.9

88.6

66.8

-6.9

-57.2

-126.8

24

25
26
27
28

Commercial paper
Bonds
Bank loans n.e.c.
Other loans and advances

3.7
61.4
8.5
-1.8

7.8
34.9
6.7
-6.0

16.3
16.8
0.5
-5.7

31.7
25.2
11.3
-1.3

57.8
47.6
15.4
-0.5

12.0
-27.3
5.7
1.7

7.0
71.4
11.9
-1.7

50.1
9.0
12.2
-4.6

-25.4
17.1
13.0
-11.6

-5.6
-15.9
-31.0
-4.7

-26.5
-101.4
4.4
-3.4

25
26
27
28

877.3

1092.2

1127.8

940.3

1071.4

970.3

880.6

838.9

999.6

961.5

1148.7

29

29

Domestic and foreign

F.3 Credit Market Borrowing by Financial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8
9
10
11
12

By instrument

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

1

Federal government-related
Govt.-sponsored enterprise securities
Mortgage pool securities
U.S. government loans

212.9
98.4
114.6
0.0

470.9
278.3
192.6
0.0

592.0
318.2
273.8
0.0

433.5
234.1
199.4
0.0

224.4
104.9
119.5
0.0

381.1
248.9
132.2
0.0

514.8
278.1
236.7
0.0

613.6
304.5
309.1
0.0

432.6
262.3
170.3
0.0

674.8
268.3
406.5
0.0

820.6
328.0
492.6
0.0

2
3
4
5

Private financial sectors
Open market paper
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages

449.3
166.7
218.9
13.3
35.6
14.9

616.3
161.0
310.1
30.1
90.2
24.8

492.5
176.2
218.2
-14.2
107.1
5.1

382.1
127.7
205.9
-0.3
42.5
6.2

383.6
114.6
171.8
3.2
87.0
7.0

516.1
136.7
243.3
6.9
119.2
10.0

279.2
106.5
205.0
-6.7
-31.6
6.0

349.5
153.2
203.7
-4.4
-4.8
1.8

431.7
-134.6
438.9
27.1
107.8
-7.5

120.9
-85.4
186.8
14.3
-11.0
16.2

265.7
-85.6
309.6
-8.1
58.0
-8.2

6
7
8
9
10
11

662.2

1087.2

1084.4

815.6

608.0

897.1

794.0

963.1

864.2

795.7

1086.3

12

By sector

13
14
15
16

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

46.1
29.5
-2.4
19.0

72.9
52.8
-4.8
24.9

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

78.3
70.2
-0.2
8.3

99.3
67.9
-0.3
31.7

43.4
13.6
-0.4
30.3

18.8
-4.5
0.7
22.7

148.3
52.9
-0.8
96.1

-15.8
-23.3
-2.4
9.9

69.8
52.0
-1.3
19.1

13
14
15
16

17
18

Savings institutions
Credit unions

19.7
0.1

52.2
0.6

48.0
2.2

27.3
0.0

57.5
-2.9

69.0
0.9

-37.9
1.1

20.4
1.0

62.5
-0.6

16.1
0.8

12.6
1.5

17
18

19
20
21
22

Life insurance companies
Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

0.2
98.4
114.6
202.2

0.7
278.3
192.6
321.4

0.7
318.2
273.8
223.4

-0.7
234.1
199.4
196.3

-0.7
104.9
119.5
175.0

-1.1
248.9
132.2
146.0

-0.3
278.1
236.7
156.2

-0.7
304.5
309.1
307.9

-2.4
262.3
170.3
295.8

0.1
268.3
406.5
172.3

3.5
328.0
492.6
303.2

19
20
21
22

23
24
25
26
27

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

57.8
-4.6
39.6
8.1
79.9

57.1
1.6
62.7
7.2
40.0

70.3
0.2
6.3
-17.2
91.5

81.2
0.1
2.7
15.6
-0.4

61.1
-3.0
11.5
44.4
-37.5

139.4
2.7
9.8
-0.7
50.6

98.1
-0.3
-2.4
25.4
-4.2

26.1
1.0
-8.1
-6.6
-10.4

-72.8
0.7
-6.1
-23.9
30.1

64.1
0.6
10.5
35.7
-163.6

22.1
0.8
-10.2
12.3
-150.0

23
24
25
26
27

11

Z.1, December 7, 2001

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Total

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

2
3
4
5

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

184.1
236.0
71.4
430.8

193.1
418.3
96.8
563.7

229.9
520.7
68.2
465.0

207.6
137.6
35.3
402.2

202.1
7.2
20.0
405.6

259.1
-27.6
30.1
369.8

169.7
288.6
31.0
445.2

199.3
282.2
60.1
388.3

-367.2
428.2
110.7
856.9

-232.5
418.8
112.4
598.9

-186.3
1076.3
56.0
395.9

2
3
4
5

6
7
8
9

Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

128.2
93.2
338.2
57.5

145.0
166.3
521.2
75.0

68.9
158.5
601.4
99.5

114.1
142.7
577.4
139.0

158.0
226.6
509.9
149.9

179.2
245.1
669.6
142.1

52.2
-16.8
576.7
128.2

67.1
115.8
553.5
135.6

34.1
84.2
557.1
159.9

-170.0
102.0
853.9
73.6

-13.6
133.0
752.3
21.3

6
7
8
9

185.2

108.8

153.7

207.7

390.1

209.9

245.6

-14.8

233.7

387.5

88.9

10

-79.9
-114.4

-165.8
-267.0

-34.6
-143.5

-36.2
-150.6

82.8
61.2

-22.2
-245.2

-33.8
-67.6

-171.5
-350.8

137.3
-25.6

119.5
-72.6

-80.9
-118.5

11
12

57.6
-23.1
265.1

101.3
-0.1
274.6

114.4
-5.6
188.3

99.7
14.7
243.9

62.6
-41.0
307.3

185.9
37.2
232.0

61.1
-27.3
279.4

89.4
89.8
156.7

109.2
53.7
96.4

208.8
-16.7
268.0

10.9
26.7
169.8

13
14
15

Memo:
Funds raised through corporate equities and mutual fund shares
10
11
12
13
14
15

Total net issues
Corporate equities
Nonfinancial
Foreign shares purchased by
U.S. residents
Financial
Mutual fund shares

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets
Billions of dollars; quarterly figures are seasonally adjusted annual rates

1

Net flows through credit markets
(from table F.4, line 1)

1539.5

2179.4

2212.2

1755.9

1679.4

1867.4

1674.6

1802.0

1863.8

1757.2

2235.0

1

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

0.7
-0.5
0.5
107.7

6.6
0.0
0.6
6.5

-8.7
-3.0
1.0
61.0

-0.4
-4.0
2.4
120.8

1.5
0.0
2.2
313.3

-8.8
-8.0
3.2
3.4

0.7
-4.0
4.2
-40.8

4.9
-4.0
-0.0
207.4

-1.5
0.0
-1.1
235.5

4.7
0.0
1.1
-146.5

19.1
0.0
-0.0
15.4

2
3
4
5

6
7
8
9
10

Net interbank transactions
Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares

-19.7
41.2
97.1
122.5
155.9

-32.3
47.4
152.4
92.1
287.2

17.6
151.4
44.7
130.6
249.1

-20.3
-71.5
190.7
118.4
233.3

-72.9
-206.8
104.6
154.1
239.7

151.9
-33.8
123.0
101.2
71.5

-170.6
5.0
224.5
152.9
250.9

10.6
-50.2
310.8
65.2
371.1

-45.7
90.3
288.3
130.6
621.4

19.3
100.8
194.2
51.9
322.5

19.7
245.3
229.2
14.9
367.7

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

120.9
-79.9
265.1
139.7

91.3
-165.8
274.6
109.2

169.7
-34.6
188.3
222.3

110.7
-36.2
243.9
166.1

275.8
82.8
307.3
193.6

155.1
-22.2
232.0
212.9

277.1
-33.8
279.4
138.5

-265.4
-171.5
156.7
119.3

-12.8
137.3
96.4
-16.2

177.7
119.5
268.0
-100.0

262.2
-80.9
169.8
-81.4

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

111.0
59.3
201.4
22.3

103.3
48.0
202.1
21.3

104.3
50.8
184.4
22.3

146.1
50.2
215.9
21.7

507.8
54.9
206.9
31.0

-95.3
45.6
260.7
26.5

97.5
53.0
227.0
3.3

74.4
47.3
168.8
26.0

-140.9
52.7
255.5
3.3

-28.5
53.2
168.7
16.3

485.8
56.5
192.9
114.4

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

-49.9
-70.9
492.8

-41.8
-80.6
986.8

-6.5
-64.8
749.8

-29.7
-46.2
1030.2

-28.4
-63.4
904.3

-33.1
-45.0
1084.0

-29.2
-26.7
1399.2

-28.0
-49.7
733.1

-26.1
-48.5
500.7

-22.7
-25.1
789.8

-28.2
-60.2
571.8

19
20
21

3256.8

4288.2

4441.8

4197.9

4687.7

4092.3

4482.8

3528.8

3983.1

3722.3

4749.2

22

-0.2
106.2
-19.9

-0.1
-8.5
3.4

-0.7
45.8
3.5

-1.2
70.2
17.4

-1.8
263.1
25.3

-0.7
-82.2
5.4

0.9
-100.2
-12.1

-3.3
200.3
51.1

-3.6
181.5
16.7

-0.5
-121.2
13.6

-0.7
24.8
8.3

23
24
25

63.2
28.0
-245.5

60.6
19.7
-127.4

30.0
6.5
-418.9

111.1
14.1
-369.2

567.2
9.5
-501.0

51.9
4.8
-353.3

126.5
-2.6
-232.2

-301.4
44.6
-390.1

-161.7
4.4
27.3

171.9
-9.7
-477.6

36.6
12.9
-87.0

26
27
28

-2.7
-3.9
-29.2

2.6
-3.1
-51.3

-7.4
-0.8
42.9

9.0
1.7
-34.0

18.7
1.0
-71.8

16.3
1.4
-36.5

3.0
1.9
-51.9

-2.1
2.4
24.3

-29.8
3.8
2.0

10.1
3.9
32.3

18.5
5.1
-10.7

29
30
31

3360.7

4392.3

4740.8

4378.9

4377.5

4485.3

4749.6

3903.1

3942.5

4099.7

4741.5

32

2
3
4
5

22

Total financial sources

23
24
25

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank liabilities

26
27
28

Security RPs
Taxes payable
Miscellaneous

29
30
31

- Floats not included in assets:
Checkable deposits: Federal govt.
Other
Trade credit

32

Totals identified to sectors
as assets

12

Z.1, December 7, 2001

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1
2
3
4
5
6
7

Gross Domestic Product (GDP)
Personal consumption expenditures (2)
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment

Q2

Q3

Q4

Q1

2001
Q2

Q3

8318.4

8781.6

9268.6

9872.9

9668.6

9857.6

9937.5

10028.0

10141.6

10202.6

10229.7

1

5529.3

5856.0

6250.2

6728.4

6581.9

6674.9

6785.5

6871.4

6977.6

7044.6

7059.2

2

642.5
1641.6
3245.2

693.2
1708.5
3454.3

760.9
1831.3
3657.9

819.6
1989.6
3919.2

820.7
1942.5
3818.7

813.8
1978.3
3882.8

825.4
2012.4
3947.7

818.7
2025.1
4027.5

838.1
2047.1
4092.4

844.7
2062.3
4137.6

840.3
2057.3
4161.6

3
4
5

1390.5

1538.8

1636.8

1767.5

1708.9

1792.3

1788.4

1780.3

1722.7

1669.9

1623.0

6

1327.7

1465.6

1578.2

1718.1

1678.0

1717.0

1735.9

1741.6

1748.2

1706.4

1679.2

7

8
9
10
11
12
13

Nonresidential
Household sector (nonprofit organizations)
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
Financial corporations

999.4
55.6
710.2
48.9
27.5
157.2

1101.3
62.1
774.2
56.9
29.4
178.7

1174.6
64.7
854.4
98.7
25.8
131.0

1293.1
71.4
929.8
128.6
28.1
135.1

1250.9
68.4
906.6
114.2
27.1
134.6

1288.3
70.6
917.4
131.8
27.7
140.7

1314.9
72.8
953.9
119.3
29.1
139.7

1318.2
73.7
941.5
148.9
28.6
125.4

1311.2
74.0
948.4
123.1
28.5
137.3

1260.2
72.1
903.2
134.2
28.4
122.5

1228.5
68.0
884.3
135.8
31.2
109.1

8
9
10
11
12
13

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

328.3
275.0
2.7
39.3
11.3

364.4
310.5
2.7
39.7
11.4

403.6
354.9
3.0
44.0
1.6

425.1
375.4
3.2
46.4
0.1

427.1
376.6
3.2
46.6
0.7

428.7
377.5
3.2
46.8
1.2

421.0
371.3
3.2
45.9
0.6

423.4
376.3
3.2
46.2
-2.3

437.0
385.4
3.3
47.7
0.6

446.2
394.1
3.8
48.6
-0.4

450.7
399.6
3.8
49.1
-1.8

14
15
16
17
18

62.9
57.0
3.0
2.9

73.1
68.6
3.6
0.9

58.6
57.1
3.0
-1.5

49.4
48.6
2.6
-1.8

30.9
35.5
1.9
-6.5

75.3
70.3
3.7
1.3

52.5
52.5
2.8
-2.8

38.7
35.9
1.9
0.9

-25.5
-24.9
-1.3
0.7

-36.5
-33.5
-1.8
-1.2

-56.2
-51.5
-2.7
-2.0

19
20
21
22

19
20
21
22

Change in private inventories
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

23

Net U.S. exports of goods and services

-89.4

-151.7

-250.9

-364.0

-333.9

-350.7

-380.7

-390.6

-363.8

-347.4

-292.2

23

24
25

Exports
- Imports

966.4
1055.8

964.9
1116.7

989.8
1240.7

1102.9
1466.9

1059.7
1393.6

1099.7
1450.4

1131.1
1511.8

1121.0
1511.6

1117.4
1481.2

1079.6
1427.0

1023.7
1315.9

24
25

26

Government consumption expenditures and
gross investment

1488.0

1538.5

1632.6

1741.0

1711.7

1741.1

1744.3

1766.9

1805.1

1835.5

1839.7

26

1223.3
456.9
766.5

1261.4
453.1
808.3

1327.9
469.6
858.3

1422.8
493.7
929.0

1390.6
483.4
907.2

1426.1
503.8
922.3

1430.2
493.6
936.6

1444.1
494.1
950.0

1474.2
507.5
966.7

1491.4
510.1
981.3

1504.2
512.7
991.5

27
28
29

264.7
81.4
183.3

277.1
86.1
191.0

304.6
94.5
210.2

318.3
96.5
221.8

321.1
95.1
226.0

315.0
97.2
217.8

314.1
93.5
220.6

322.8
100.1
222.7

330.9
97.8
233.1

344.1
99.9
244.2

335.5
101.8
233.7

30
31
32

7.1
281.3
274.3

-3.5
286.1
289.6

-6.8
313.8
320.6

-12.1
384.2
396.3

-18.0
360.1
378.1

-16.6
387.9
404.5

-18.1
386.6
404.7

4.2
402.1
397.9

-10.5
378.9
389.4

-11.7
346.9
358.6

-7.0
322.2
329.2

33
34
35

8325.5

8778.1

9261.9

9860.8

9650.6

9841.0

9919.4

10032.2

10131.1

10190.9

10222.7

36

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
Federal
State and local
Memo:

33
34
35

Net U.S. income receipts from rest of the world
U.S. income receipts
- U.S. income payments

36

Gross National Product (GNP) =
GDP + net U.S. income receipts

(1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce.
(2) Component of personal outlays, found on table F.100, line 4.
(3) Government inventory investment is included in consumption expenditures.

13

Z.1, December 7, 2001

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

National Income
Compensation of employees
Wages and other labor income
Employer social insurance contributions
Wage accruals less disbursements

9

Proprietors’ income with inventory
valuation and capital consumption adjustments
Nonfarm
Farm
Rental income of persons (with capital
consumption adjustment)

10

Corporate profits with inventory
valuation and capital consumption adjustments

6
7
8

11

Corporate profits with inventory
valuation adjustment

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6618.5

7041.5

7462.3

7980.8

7783.8

7959.3

8046.4

8133.9

8169.7

8208.0

8189.3

1

4651.3
4364.3
290.0
-2.9

4989.8
4683.5
307.0
-0.7

5310.8
4981.9
323.7
5.2

5715.2
5371.3
343.9
0.0

5562.9
5225.6
337.3
0.0

5669.8
5328.0
341.8
0.0

5759.2
5413.6
345.6
0.0

5869.0
5518.1
350.9
0.0

5955.7
5598.7
357.0
0.0

6010.9
5652.1
358.8
0.0

6039.0
5680.0
359.0
0.0

2
3
4
5

581.2
551.5
29.7

623.8
598.2
25.6

672.0
645.4
26.6

715.0
684.4
30.6

697.5
671.0
26.5

717.9
685.4
32.5

719.2
687.6
31.6

725.2
693.5
31.7

735.2
705.4
29.8

745.3
716.6
28.7

753.0
720.8
32.2

6
7
8

128.4

138.6

147.7

141.6

144.9

141.4

138.3

141.7

139.6

139.0

143.6

9

833.8

777.4

825.3

876.4

857.6

896.0

894.4

857.4

789.8

759.8

696.7

10

800.9

739.4

773.6

833.0

808.4

850.5

854.0

819.0

753.8

729.5

683.4

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

792.4
494.5
1.6
110.7
185.7

721.1
457.5
2.8
102.3
158.5

776.4
467.8
3.0
114.6
191.0

845.4
500.9
3.3
136.8
204.4

832.2
498.6
3.1
120.4
210.0

865.3
532.8
3.2
128.9
200.4

857.6
510.3
3.3
141.0
203.0

826.3
461.9
3.4
156.7
204.3

755.7
410.0
3.5
140.0
202.2

738.3
407.4
3.6
144.0
183.3

680.1
379.2
3.6
142.9
154.4

12
13
14
15
16

17
18
19
20

Less:
Profits tax liability
Domestic nonfinancial
Farm
Financial

237.2
157.9
0.5
78.9

238.9
154.1
0.5
84.3

253.0
170.4
0.5
82.1

271.5
186.0
0.6
84.9

277.0
190.0
0.6
86.4

280.4
196.6
0.6
83.2

274.9
189.7
0.6
84.6

253.5
167.7
0.5
85.3

236.8
152.0
0.5
84.3

228.0
150.7
0.5
76.8

206.0
139.6
0.4
66.0

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

555.2
335.2
216.4
1.7
51.4
65.8

482.2
348.7
239.7
2.5
39.5
67.0

523.4
343.5
237.3
2.6
39.2
64.3

573.9
379.6
266.1
2.9
37.7
73.0

555.2
361.5
258.4
2.8
30.1
70.2

584.9
373.7
253.6
2.9
47.7
69.5

582.7
386.2
273.0
3.0
35.1
75.1

572.8
397.0
279.1
3.1
37.7
77.1

518.9
405.2
297.8
3.1
22.0
82.3

510.3
412.3
291.1
3.2
37.6
80.4

474.1
420.4
310.5
3.2
21.1
85.6

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

220.0
120.2
-0.6
59.3
41.0

133.5
63.7
-0.2
62.8
7.3

179.9
60.1
-0.2
75.4
44.6

194.3
48.8
-0.2
99.1
46.6

193.7
50.2
-0.2
90.3
53.4

211.2
82.5
-0.2
81.2
47.7

196.5
47.5
-0.2
105.9
43.3

175.8
15.1
-0.2
119.0
41.9

113.7
-39.8
-0.1
118.0
35.6

98.0
-34.4
-0.1
106.4
26.1

53.7
-70.8
-0.1
121.8
2.8

27
28
29
30
31

32

Inventory valuation adjustment

8.5

18.4

-2.9

-12.4

-23.8

-14.8

-3.6

-7.3

-1.9

-8.8

3.3

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

32.9
50.0
1.1
-18.2

38.0
50.4
1.5
-13.9

51.7
60.8
1.7
-10.8

43.4
56.4
1.8
-14.9

49.2
60.1
1.8
-12.7

45.5
57.8
1.8
-14.1

40.4
54.4
1.9
-15.8

38.4
53.5
1.9
-17.0

36.0
51.3
1.9
-17.2

30.3
46.2
2.0
-17.9

13.3
28.7
2.0
-17.4

33
34
35
36

423.9

511.9

506.5

532.7

520.9

534.1

535.3

540.6

549.4

553.0

557.0

37

6618.5

7041.5

7462.3

7980.8

7783.8

7959.3

8046.4

8133.9

8169.7

8208.0

8189.3

38

37

Net interest
Memo:
Calculation of Gross Domestic Product
from National Income: (2)

38

National Income, from line 1 above

39
40
41
42
43
44

Plus:
Business transfer payments to persons
Business transfer payments to rest of the world
Indirect business tax and nontax accruals
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy

27.9
8.9
646.2
832.4
181.0
29.7

28.7
9.3
681.3
884.3
187.7
-31.0

31.2
10.2
713.1
953.3
198.1
-72.9

33.1
10.9
762.7
1029.9
211.4
-130.4

32.4
10.9
749.4
998.6
206.5
-93.5

32.8
11.2
758.3
1019.0
209.9
-112.6

33.3
10.7
767.6
1041.2
213.1
-155.6

33.8
10.6
775.6
1060.9
215.9
-159.8

34.3
10.0
785.7
1081.3
218.6
-120.7

34.8
9.7
792.4
1120.2
221.3
-143.3

35.3
9.3
794.7
1177.0
229.4
-140.5

39
40
41
42
43
44

45
46

Less:
Subsidies less current surplus of
government enterprises
Net U.S. income receipts from rest of the world

19.1
7.1

23.6
-3.5

33.3
-6.8

37.6
-12.1

37.5
-18.0

36.9
-16.6

37.3
-18.1

38.7
4.2

47.8
-10.5

52.2
-11.7

71.8
-7.0

45
46

47

Equals:
Gross Domestic Product

8318.4

8781.6

9268.6

9872.9

9668.6

9857.6

9937.5

10028.0

10141.6

10202.6

10229.7

47

(1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce.

14

Z.1, December 7, 2001

F.8 Gross Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7
8
9
10
11

Gross saving

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1502.3

1647.2

1707.6

1785.6

1723.7

1802.5

1806.7

1809.5

1754.1

1750.6

1753.2

1

1343.8

1375.0

1348.1

1322.9

1271.1

1349.0

1328.9

1342.5

1307.9

1321.2

1531.7

2

Personal saving

252.9

301.5

160.8

67.6

53.4

88.1

54.4

74.7

78.8

81.5

284.4

3

Undistributed corporate profits
Nonfinancial corp. inventory valuation adjustment
Corporate capital consumption adjustment
Private consumption of fixed capital
Corporate
Noncorporate
Wage accruals less disbursements

220.0
8.5
32.9
832.4
581.6
250.9
-2.9

133.5
18.4
38.0
884.3
620.2
264.2
-0.7

179.9
-2.9
51.7
953.3
669.2
284.1
5.2

194.3
-12.4
43.4
1029.9
727.1
302.9
0.0

193.7
-23.8
49.2
998.6
703.6
295.0
0.0

211.2
-14.8
45.5
1019.0
719.1
299.9
0.0

196.5
-3.6
40.4
1041.2
736.0
305.2
0.0

175.8
-7.3
38.4
1060.9
749.7
311.3
0.0

113.7
-1.9
36.0
1081.3
763.8
317.5
0.0

98.0
-8.8
30.3
1120.2
785.6
334.6
0.0

53.7
3.3
13.3
1177.0
847.0
329.9
0.0

4
5
6
7
8
9
10

Gross private saving

158.6

272.3

359.5

462.7

452.6

453.5

477.8

467.0

446.2

429.4

221.5

11

12
13
14

Federal
Consumption of fixed capital
Current surplus or deficit (-), NIPA

33.4
86.8
-53.4

132.0
88.2
43.8

210.9
91.7
119.2

314.9
96.4
218.5

307.7
94.9
212.8

304.8
95.9
208.9

326.9
97.0
229.9

320.3
97.9
222.4

303.7
98.4
205.3

286.2
99.4
186.8

89.7
99.9
-10.2

12
13
14

15
16
17

State and local
Consumption of fixed capital
Current surplus or deficit (-), NIPA

125.1
94.2
31.0

140.2
99.5
40.8

148.6
106.4
42.2

147.8
114.9
32.9

144.9
111.6
33.3

148.7
114.0
34.7

150.9
116.1
34.8

146.7
118.0
28.7

142.5
120.2
22.3

143.2
121.9
21.3

131.8
129.5
2.3

15
16
17

1532.1

1616.2

1634.7

1655.2

1630.2

1689.9

1651.1

1649.7

1633.4

1607.3

1612.7

18

1390.5

1538.8

1636.8

1767.5

1708.9

1792.3

1788.4

1780.3

1722.7

1669.9

1623.0

19

18
19

Gross government saving

Gross investment
Gross private domestic investment

20

Fixed investment

1327.7

1465.6

1578.2

1718.1

1678.0

1717.0

1735.9

1741.6

1748.2

1706.4

1679.2

20

21
22

Nonresidential
Residential

999.4
328.3

1101.3
364.4

1174.6
403.6

1293.1
425.1

1250.9
427.1

1288.3
428.7

1314.9
421.0

1318.2
423.4

1311.2
437.0

1260.2
446.2

1228.5
450.7

21
22

23

Change in private inventories

62.9

73.1

58.6

49.4

30.9

75.3

52.5

38.7

-25.5

-36.5

-56.2

23

24

Gross government investment

264.7

277.1

304.6

318.3

321.1

315.0

314.1

322.8

330.9

344.1

335.5

24

25

Net foreign investment in U.S.

-123.1

-199.7

-306.7

-430.5

-399.8

-417.4

-451.4

-453.4

-420.2

-406.7

-345.8

25

29.7

-31.0

-72.9

-130.4

-93.5

-112.6

-155.6

-159.8

-120.7

-143.3

-140.5

26

26

Statistical discrepancy (line 18 less line 1)

(1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce.

F.9 Net Capital Transfers (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Capital transfers received by government (net)

26.8

32.4

32.4

36.2

37.0

36.2

35.8

35.8

38.4

37.0

34.9

1

2

Federal

-8.4

-3.6

-7.3

-7.9

-6.3

-7.7

-8.1

-9.7

-8.9

-12.7

-14.8

2

3
4
5
6

Estate and gift taxes paid by persons
- Capital transfers paid to the rest of the world (net)
- Federal investment grants to state and local govts.
- Investment grants to business

20.6
0.2
28.8
0.0

25.2
0.0
28.8
0.0

28.8
4.2
31.9
0.0

28.1
0.0
36.0
0.0

29.1
0.0
35.3
0.0

28.2
0.0
35.9
0.0

27.7
0.1
35.7
0.0

27.6
0.0
37.3
0.0

30.1
0.0
38.9
0.0

28.7
0.0
41.3
0.0

26.5
0.0
41.3
0.0

3
4
5
6

7

State and local

35.3

36.0

39.7

44.1

43.2

43.9

43.9

45.5

47.3

49.7

49.7

7

8
9

Estate and gift taxes paid by persons
+ Federal investment grants to state and local govts.

6.5
28.8

7.2
28.8

7.8
31.9

8.1
36.0

7.9
35.3

8.0
35.9

8.1
35.7

8.2
37.3

8.3
38.9

8.3
41.3

8.4
41.3

8
9

-0.4

-0.7

3.5

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.8

10

0.2
0.6

0.0
0.7

4.2
0.7

0.0
0.7

0.0
0.7

0.0
0.7

0.1
0.7

0.0
0.7

0.0
0.7

0.0
0.8

0.0
0.8

11
12

10

Capital transfers received by the rest of the world (net)

11
12

Capital transfers received from U.S. government (net)
- Immigrants’ transfers received by persons (net)

(1) This table corresponds to NIPA table 8.29 in the Survey of Current Business, Department of Commerce.

15

Z.1, December 7, 2001

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

559.3

761.9

675.0

489.1

647.9

596.3

457.8

254.2

575.9

634.9

984.3

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

6.5
-11.3
142.6
83.5

0.1
5.5
202.7
174.5

5.2
-17.3
109.5
134.5

7.7
-17.9
309.2
141.3

20.0
71.0
336.8
211.1

0.2
-64.3
348.4
80.8

-2.6
-61.1
340.2
73.5

13.3
-17.3
211.6
200.0

-6.0
84.0
346.8
281.0

-16.0
92.2
272.4
-16.6

-10.0
116.5
206.4
250.9

2
3
4
5

6

Securities

-41.0

-37.0

23.2

-410.8

-556.0

-179.5

-330.1

-577.7

-439.7

-78.1

-170.3

6

1.5
-147.3
53.0
85.6
-293.4
259.6

7.5
-153.9
17.8
96.8
-248.7
243.4

4.0
78.0
40.4
23.6
-264.4
141.7

5.0
-175.3
14.8
-25.6
-459.5
229.8

5.0
-294.8
30.6
-28.7
-554.9
286.8

5.0
-161.2
-4.4
132.9
-367.5
215.6

5.0
-113.3
32.6
-114.9
-410.6
271.1

5.0
-132.0
0.1
-91.6
-504.9
145.6

-22.0
-507.2
92.7
253.4
-324.0
67.4

-18.0
10.0
0.4
-147.0
-185.4
261.9

-15.0
28.9
-48.8
-97.5
-199.9
162.0

7
8
9
10
11
12

7
8
9
10
11
12

Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

13
14

Life insurance reserves
Pension fund reserves

59.3
201.4

48.0
202.1

50.8
184.4

50.2
215.9

54.9
206.9

45.6
260.7

53.0
227.0

47.3
168.8

52.7
255.5

53.2
168.7

56.5
192.9

13
14

15
16

Investment in bank personal trusts
Miscellaneous and other assets

-49.9
168.1

-41.8
207.9

-6.5
191.2

-29.7
223.1

-28.4
331.6

-33.1
137.4

-29.2
187.0

-28.0
236.3

-26.1
27.7

-22.7
181.8

-28.2
369.4

15
16

17
18
19
20
21

Gross investment in tangible assets
Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)

1103.6
314.2
132.0
651.5
5.9

1212.3
350.2
148.4
709.2
4.5

1365.5
398.9
189.3
775.8
1.5

1486.3
421.8
228.1
835.7
0.8

1465.0
423.2
209.7
836.7
-4.6

1489.2
424.3
230.2
829.7
5.0

1479.9
417.2
221.2
841.5
-0.0

1511.2
422.5
251.2
834.7
2.8

1496.2
433.1
225.6
838.1
-0.6

1519.2
442.8
234.7
844.7
-3.0

1519.3
448.7
235.0
840.3
-4.7

17
18
19
20
21

22
23
24
25

Consumption of fixed capital
Residential fixed investment
Other fixed assets (3)
Consumer durables

756.9
140.1
129.8
487.0

791.1
146.1
138.6
506.4

856.0
151.5
157.4
547.2

922.6
163.2
168.3
591.2

895.5
158.4
163.9
573.2

913.1
161.5
166.6
584.9

932.3
164.9
169.7
597.6

949.7
167.9
172.8
608.9

967.6
171.1
175.8
620.7

1009.0
179.3
182.1
647.7

1030.9
188.9
178.6
663.5

22
23
24
25

26

Net investment in tangible assets (4)

346.7

421.2

509.4

563.7

569.5

576.1

547.7

561.5

528.6

510.1

488.4

26

174.1
2.2
164.5
5.9

204.1
9.8
202.8
4.5

247.4
31.9
228.6
1.5

258.6
59.8
244.5
0.8

264.8
45.8
263.5
-4.6

262.8
63.6
244.8
5.0

252.3
51.5
243.9
-0.0

254.5
78.4
225.8
2.8

262.1
49.7
217.4
-0.6

263.5
52.6
197.0
-3.0

259.8
56.5
176.8
-4.7

27
28
29
30

575.8

752.7

845.5

801.6

995.9

853.4

769.6

587.4

571.9

875.0

1001.3

31

258.1
31.8
57.5
3.2
36.8
188.4

388.5
86.5
75.0
0.1
21.6
181.0

433.1
102.3
99.5
-5.1
75.2
140.5

420.5
88.3
139.0
2.8
7.2
143.7

359.9
76.2
149.9
-1.3
234.2
177.1

488.1
113.3
142.1
3.6
-64.9
171.1

439.3
80.6
128.2
5.8
14.6
101.2

394.7
83.3
135.6
3.2
-155.0
125.5

430.8
81.5
159.9
4.0
-166.5
62.2

620.3
130.1
73.6
0.6
9.7
40.6

543.2
111.2
21.3
4.3
228.2
93.1

32
33
34
35
36
37

27
28
29
30
31
32
33
34
35
36
37

Residential fixed investment
Other fixed assets (3)
Consumer durables
Inventories (3)
Net increase in liabilities
Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit
Policy loans
Security credit
Other liabilities (3)

38

Net capital transfers (5)

-26.4

-31.7

-35.9

-35.5

-36.3

-35.4

-35.1

-35.1

-37.6

-36.2

-34.1

38

39

Personal saving, with consumer durables (FOF)

356.6

462.1

374.8

286.6

257.8

354.5

270.9

263.4

570.3

306.3

505.5

39

40

Less net investment in consumer durables

164.5

202.8

228.6

244.5

263.5

244.8

243.9

225.8

217.4

197.0

176.8

40

41

= Personal saving, without consumer durables (FOF) (6)

192.1

259.3

146.2

42.1

-5.8

109.7

27.0

37.6

352.8

109.3

328.7

41

42

Personal saving (NIPA, excludes consumer durables)

252.9

301.5

160.8

67.6

53.4

88.1

54.4

74.7

78.8

81.5

284.4

42

43

Difference

-60.8

-42.2

-14.7

-25.5

-59.2

21.6

-27.4

-37.1

274.0

27.8

44.3

43

44

Memo:
Disposable personal income

5968.2

6355.6

6618.0

7031.0

6859.1

6993.7

7081.3

7189.8

7295.0

7363.2

7577.0

44

45
46
47
48

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 39)
Without consumer durables (FOF) (line 41)
Without consumer durables (NIPA) (line 42)
Difference (line 43)

6.0
3.2
4.2
-1.0

7.3
4.1
4.7
-0.7

5.7
2.2
2.4
-0.2

4.1
0.6
1.0
-0.4

3.8
-0.1
0.8
-0.9

5.1
1.6
1.3
0.3

3.8
0.4
0.8
-0.4

3.7
0.5
1.0
-0.5

7.8
4.8
1.1
3.8

4.2
1.5
1.1
0.4

6.7
4.3
3.8
0.6

45
46
47
48

(1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 12), life insurance and pension reserves (lines 13 and 14), and bank personal trusts (line 15).
(3) Includes corporate farms.
(4) Line 17 less line 22.
(5) Table F.9, line 12 less lines 3 and 8.
(6) Line 41 and 42 are conceptually equivalent but measure saving using different data. Line 41 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 26 less line 40) less net increase in liabilities (line 31) less net capital transfers (line 38). Line 42 is disposable personal income (line 44) less personal outlays (table F.100, line 4).

16

Z.1, December 7, 2001

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

Personal income
- Personal taxes and nontax payments
= Disposable personal income
- Personal outlays
= Personal saving, NIPA (2)

6
7
8
9

+ Government insurance and pension reserves (3)
+ Net investment in consumer durables
+ Consumption of fixed capital
+ Net capital transfers (4)

10

= Gross saving and net capital transfers

11

Gross investment

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

6937.0
968.8
5968.2
5715.3
252.9

7426.0
1070.5
6355.6
6054.1
301.5

7777.3
1159.3
6618.0
6457.2
160.8

8319.1
1288.2
7031.0
6963.3
67.6

8104.4
1245.3
6859.1
6805.7
53.4

8271.0
1277.3
6993.7
6905.6
88.1

8381.5
1300.2
7081.3
7026.9
54.4

8519.6
1329.8
7189.8
7115.1
74.7

8640.2
1345.2
7295.0
7216.2
78.8

8714.6
1351.4
7363.2
7281.7
81.5

8772.5
1195.5
7577.0
7292.6
284.4

1
2
3
4
5

3.4
164.5
615.4
-26.4

4.4
202.8
642.8
-31.7

3.8
228.6
694.7
-35.9

1.8
244.5
750.5
-35.5

0.3
263.5
727.7
-36.3

2.7
244.8
742.6
-35.4

0.8
243.9
758.7
-35.1

3.3
225.8
773.1
-35.1

2.8
217.4
787.9
-37.6

6.9
197.0
822.1
-36.2

0.1
176.8
843.2
-34.1

6
7
8
9

1009.8

1119.9

1052.1

1028.9

1008.6

1042.7

1022.7

1041.7

1049.4

1071.2

1270.3

10

945.0

1071.9

1032.1

1000.1

947.6

1060.1

992.9

999.7

1318.8

1090.3

1312.6

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

982.0
275.0
651.5
55.6

1081.7
310.5
709.2
62.1

1195.4
354.9
775.8
64.7

1282.5
375.4
835.7
71.4

1281.7
376.6
836.7
68.4

1277.9
377.5
829.7
70.6

1285.6
371.3
841.5
72.8

1284.7
376.3
834.7
73.7

1297.5
385.4
838.1
74.0

1310.9
394.1
844.7
72.1

1307.9
399.6
840.3
68.0

12
13
14
15

16

Net financial investment

-37.0

-9.8

-163.3

-282.4

-334.1

-217.8

-292.7

-285.0

21.3

-220.6

4.7

16

17

Net acquisition of financial assets

341.7

486.3

437.1

285.7

431.2

349.3

281.3

81.1

412.8

464.0

857.8

17

18
19
20
21

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

6.5
-33.7
131.9
79.9

0.1
-28.6
193.6
164.9

5.2
-41.5
99.5
124.5

7.7
-42.3
305.2
131.3

20.0
46.9
332.8
209.1

0.2
-106.9
340.7
80.1

-2.6
-76.5
339.1
57.8

13.3
-32.5
208.4
178.3

-6.0
64.5
341.8
253.0

-16.0
71.8
267.0
-44.6

-10.0
98.1
200.9
242.2

18
19
20
21

22

Credit market instruments

-11.8

-37.1

148.6

-170.0

-274.4

-10.4

-183.3

-212.1

-172.5

-140.5

-118.5

22

1.5
-151.4
-162.4
-0.5
-161.9
11.0
52.5
85.6
0.1

7.5
-160.1
-85.2
0.1
-85.4
-74.8
17.8
96.8
0.9

4.0
81.1
-1.3
-0.2
-1.2
82.4
40.2
23.6
-0.3

5.0
-165.1
-153.7
-1.7
-152.0
-11.4
14.6
-25.6
1.1

5.0
-284.6
-226.8
-3.5
-223.3
-57.8
30.4
-28.7
3.5

5.0
-146.2
-221.5
-2.1
-219.5
75.3
-4.6
132.9
2.4

5.0
-106.8
-134.8
-0.9
-133.9
28.1
32.4
-114.9
1.0

5.0
-122.9
-31.5
-0.3
-31.3
-91.3
-0.1
-91.6
-2.5

-22.0
-496.2
-73.8
1.4
-75.2
-422.5
92.5
253.4
-0.1

-18.0
21.0
-109.9
3.3
-113.2
131.0
0.2
-147.0
3.3

-15.0
42.3
81.3
3.9
77.3
-39.0
-49.0
-97.5
0.7

23
24
25
26
27
28
29
30
31

-293.4
259.6
52.6
59.3
201.4
-49.9
-70.9
10.3

-248.7
243.4
61.2
48.0
202.1
-41.8
-80.6
9.7

-264.4
141.7
47.2
50.8
184.4
-6.5
-64.8
12.4

-459.5
229.8
88.6
50.2
215.9
-29.7
-46.2
4.7

-554.9
286.8
189.4
54.9
206.9
-28.4
-63.4
5.5

-367.5
215.6
-47.1
45.6
260.7
-33.1
-45.0
16.3

-410.6
271.1
53.9
53.0
227.0
-29.2
-26.7
8.4

-504.9
145.6
158.0
47.3
168.8
-28.0
-49.7
-11.5

-324.0
67.4
-48.2
52.7
255.5
-26.1
-48.5
3.2

-185.4
261.9
49.9
53.2
168.7
-22.7
-25.1
25.8

-199.9
162.0
285.6
56.5
192.9
-28.2
-60.2
36.3

32
33
34
35
36
37
38
39

378.7

496.1

600.4

568.1

765.3

567.1

574.0

366.1

391.5

684.7

853.1

40

332.7

467.2

517.1

554.9

526.9

624.3

554.5

514.0

554.4

671.2

616.2

41

240.4
57.5
10.0
8.0
18.1
-1.2

351.4
75.0
12.0
6.2
13.3
9.4

389.5
99.5
10.4
-7.3
14.6
10.5

382.6
139.0
5.8
8.2
16.4
3.1

327.5
149.9
3.3
34.1
15.8
-3.6

444.6
142.1
10.2
-2.6
18.6
11.4

397.9
128.2
4.9
4.1
14.3
5.1

360.3
135.6
4.6
-2.9
16.8
-0.5

387.8
159.9
4.9
-17.3
19.3
-0.2

581.0
73.6
0.9
-28.1
19.1
24.9

502.3
21.3
12.0
48.3
19.8
12.5

42
43
44
45
46
47

36.8
8.9

21.6
8.7

75.2
6.0

7.2
5.9

234.2
7.1

-64.9
7.0

14.6
5.6

-155.0
3.9

-166.5
6.9

9.7
4.7

228.2
6.7

48
49

0.3

-1.4

2.1

0.1

-2.9

0.8

-0.6

3.2

-3.3

-1.0

2.0

50

64.8

48.0

20.0

28.9

61.0

-17.4

29.8

42.0

-269.4

-19.0

-42.2

51

23
24
25
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

Open market paper
U.S. government securities
Treasury
Savings bonds
Other
Agency
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities (5)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Home mortgages (6)
Consumer credit
Municipal securities
Bank loans n.e.c.
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid
life insurance premiums
Discrepancy

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) See table F.10 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board and federal government life insurance reserves.
(4) Table F.9, line 12 less lines 3 and 8.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 33), life insurance and pension reserves (lines 35 and 36), and bank personal trusts (line 37).
(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.

17

Z.1, December 7, 2001

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1

Income before taxes

1134.1

1140.7

1200.7

1274.2

1255.9

1309.0

1286.5

1245.5

1202.8

1209.0

1193.3

1

2

Gross saving and net capital transfers

869.6

864.0

912.8

968.1

929.8

974.8

988.8

979.0

941.5

950.1

969.9

2

3

Gross investment

909.6

953.2

1010.6

1059.4

1014.7

1069.8

1082.3

1070.9

1018.8

988.4

1017.2

3

900.2

980.2

1086.3

1186.1

1128.6

1203.4

1204.6

1207.6

1125.7

1082.0

1048.4

4

828.6
42.0
786.6

903.0
42.5
860.5

1026.0
47.1
979.0

1136.1
49.6
1086.6

1097.7
49.8
1047.9

1126.9
50.0
1076.9

1151.5
49.1
1102.4

1168.4
49.4
1119.0

1150.9
51.0
1099.9

1118.2
52.4
1065.8

1104.3
53.0
1051.3

5
6
7

62.9
8.8

73.1
4.1

58.6
1.7

49.4
0.6

30.9
0.0

75.3
1.2

52.5
0.7

38.7
0.5

-25.5
0.3

-36.5
0.3

-56.2
0.3

8
9

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Access rights from federal government

10

9.4

-27.1

-75.7

-126.6

-113.9

-133.6

-122.3

-136.7

-106.9

-93.6

-31.2

10

11

Net acquisition of financial assets

404.2

758.3

825.2

751.3

870.0

839.2

791.5

504.5

333.6

124.1

216.0

11

12
13
14
15
16

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

-5.1
30.0
30.4
23.9
0.7

7.4
69.2
2.3
36.1
-0.4

-2.3
59.0
26.2
33.1
1.1

-5.4
49.1
9.1
50.4
-0.5

-24.0
23.4
-43.8
9.9
3.1

17.2
93.4
-5.2
3.6
-7.7

54.0
106.4
13.7
79.0
-0.9

-68.7
-26.8
71.5
109.1
3.3

-27.1
-58.3
-32.0
158.2
-6.0

0.9
-79.9
-19.0
140.6
2.4

-0.1
-35.9
-0.0
40.1
-5.6

12
13
14
15
16

17

Credit market instruments

-9.7

2.2

4.3

8.2

54.7

60.8

-55.4

-27.2

-0.7

11.4

-29.9

17

4.6
-36.6
-3.1
24.3
1.2

3.3
5.5
-1.5
-1.1
-4.1

4.3
-5.2
-3.2
3.0
5.4

0.3
-8.3
10.9
2.9
2.4

-6.1
8.1
6.5
2.9
43.3

0.8
4.7
48.1
10.2
-3.1

7.6
-4.0
-32.9
-2.7
-23.5

-1.1
-41.9
22.0
1.2
-7.3

11.5
-11.5
-36.5
1.0
34.8

14.0
-8.7
30.9
0.6
-25.4

-13.5
12.5
13.5
1.9
-44.3

18
19
20
21
22

-8.2
128.6
213.6

7.3
127.0
507.1

-1.8
159.2
546.5

-1.8
150.4
491.9

-1.8
226.7
621.8

-1.8
195.4
483.5

-1.8
133.0
463.5

-1.8
46.4
398.7

-1.8
-74.3
375.6

-1.8
-176.3
245.8

-1.8
-109.7
359.1

23
24
25

394.8

785.4

901.0

877.9

984.0

972.8

913.8

641.2

440.4

217.7

247.2

26

393.6

554.0

601.6

587.2

628.5

744.4

440.0

535.8

352.6

494.7

360.6

27

13.7
4.2
150.5

24.4
5.8
218.7

37.4
5.1
229.9

48.1
1.4
171.1

29.8
2.2
186.2

110.4
0.1
153.8

56.1
1.0
168.8

-4.0
2.1
175.6

-207.2
2.3
400.9

-141.5
3.3
428.0

-74.1
1.1
187.7

28
29
30

98.4
42.6
84.2

102.0
67.6
135.6

90.0
42.9
196.4

94.9
86.2
185.5

105.4
125.9
179.0

169.2
107.2
203.6

42.9
3.6
167.7

62.2
108.0
191.9

11.4
-31.8
177.0

-125.1
98.2
231.8

-58.2
58.4
245.8

31
32
33

-114.4
97.5
16.6
87.3

-267.0
81.5
15.6
488.6

-143.5
170.3
15.3
335.1

-150.6
124.9
14.4
376.8

61.2
140.7
25.0
222.0

-245.2
148.1
22.2
364.8

-67.6
132.0
-5.6
489.1

-350.8
78.6
16.0
431.5

-25.6
-28.5
-0.1
189.7

-72.6
-121.6
8.7
-33.9

-118.5
-116.8
105.5
55.6

34
35
36
37

18
19
20
21
22
23
24
25
26
27

Net financial investment

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

28
29
30

Commercial paper
Municipal securities
Corporate bonds

31
32
33

Bank loans n.e.c.
Other loans and advances
Mortgages

34
35
36
37
38
39

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors’ net investment
Discrepancy

-85.8

-87.2

-77.9

-74.7

-93.4

-61.5

-74.0

-69.8

-47.7

-57.6

-39.4

38

-40.0

-89.2

-97.8

-91.3

-84.9

-95.0

-93.6

-91.9

-77.3

-38.3

-47.3

39

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

18

Z.1, December 7, 2001

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7
8
9
10

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Profits before tax (book)
- Profit tax accruals
- Dividends
+ Consumption of fixed capital
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
+ Net capital transfers (1)
= Total internal funds + IVA

494.5
157.9
216.4
539.7
659.9
59.3
8.5
0.0
727.6

457.5
154.1
239.7
569.6
633.3
62.8
18.4
0.0
714.4

467.8
170.4
237.3
617.3
677.4
75.4
-2.9
0.0
750.0

500.9
186.0
266.1
658.8
707.6
99.1
-12.4
0.0
794.4

498.6
190.0
258.4
643.7
693.9
90.3
-23.8
0.0
760.4

532.8
196.6
253.6
653.8
736.3
81.2
-14.8
0.0
802.7

510.3
189.7
273.0
663.8
711.3
105.9
-3.6
0.0
813.6

461.9
167.7
279.1
673.8
689.0
119.0
-7.3
0.0
800.7

410.0
152.0
297.8
683.8
644.0
118.0
-1.9
0.0
760.1

407.4
150.7
291.1
698.0
663.6
106.4
-8.8
0.0
761.2

379.2
139.6
310.5
725.9
655.1
121.8
3.3
0.0
780.2

1
2
3
4
5
6
7
8
9

Gross investment

767.6

803.6

847.8

885.7

845.3

897.7

907.2

892.6

837.4

799.5

827.5

10

11
12
13
14

Capital expenditures
Fixed investment (2)
Inventory change + IVA
Access rights from federal government

778.6
712.9
57.0
8.8

849.6
776.9
68.6
4.1

916.2
857.5
57.1
1.7

982.2
933.0
48.6
0.6

945.3
909.8
35.5
0.0

992.1
920.6
70.3
1.2

1010.3
957.1
52.5
0.7

981.1
944.7
35.9
0.5

927.1
951.7
-24.9
0.3

873.7
907.0
-33.5
0.3

837.0
888.1
-51.5
0.3

11
12
13
14

15

Net financial investment

-11.1

-46.1

-68.5

-96.5

-100.0

-94.3

-103.1

-88.5

-89.6

-74.2

-9.5

15

16

Net acquisition of financial assets

272.4

569.9

665.2

622.7

746.7

653.7

689.1

401.2

218.1

10.8

128.8

16

17
18
19
20
21

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

-5.1
7.6
19.7
20.2
0.7

7.4
35.2
-6.8
26.5
-0.4

-2.3
34.8
16.2
23.1
1.1

-5.4
24.7
5.1
40.4
-0.5

-24.0
-0.8
-47.8
7.9
3.1

17.2
50.8
-12.9
2.9
-7.7

54.0
90.9
12.6
63.4
-0.9

-68.7
-42.0
68.4
87.4
3.3

-27.1
-77.8
-37.0
130.2
-6.0

0.9
-100.2
-24.4
112.6
2.4

-0.1
-54.3
-5.5
31.3
-5.6

17
18
19
20
21

22
23
24
25
26
27
28

Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

4.6
-40.8
-3.6
25.9
1.2
93.5
-8.2

3.3
-0.6
-1.6
-13.0
-4.1
86.3
7.3

4.3
-2.1
-3.4
-7.0
5.4
113.4
-1.8

0.3
1.9
10.7
-5.0
2.4
109.6
-1.8

-6.1
18.3
6.3
-5.0
43.3
185.9
-1.8

0.8
19.7
47.9
-5.0
-3.1
117.1
-1.8

7.6
2.5
-33.1
-5.0
-23.5
116.0
-1.8

-1.1
-32.9
21.8
-5.0
-7.3
19.3
-1.8

11.5
-0.5
-36.7
-5.0
34.8
-94.3
-1.8

14.0
2.3
30.7
-5.0
-25.4
-190.3
-1.8

-13.5
25.9
13.3
-5.0
-44.3
-122.9
-1.8

22
23
24
25
26
27
28

29
30
31
32
33
34

Miscellaneous assets
U.S. direct investment abroad (3)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

156.8
84.3
1.9
-1.1
-3.7
75.4

430.3
129.1
1.7
-0.7
-6.4
306.7

483.6
136.2
1.0
-0.6
26.8
320.2

440.3
122.0
-0.3
0.0
7.4
311.3

567.3
128.5
1.5
-0.1
38.7
398.6

427.7
95.2
5.7
-1.5
-24.2
352.5

406.4
117.9
2.9
0.3
9.8
275.4

359.9
146.2
-11.4
1.2
5.1
218.8

327.9
138.5
3.3
-1.3
-10.8
198.2

195.1
121.9
10.6
1.7
-7.6
68.5

311.5
83.3
36.4
-0.4
-5.2
197.4

29
30
31
32
33
34

283.5

616.0

733.7

719.2

846.7

748.0

792.3

489.7

307.8

85.0

138.3

35

178.3
-114.4
292.7
13.7
4.2
150.5
51.1

139.3
-267.0
406.3
24.4
5.8
218.7
81.8

297.3
-143.5
440.8
37.4
5.1
229.9
73.0

280.0
-150.6
430.6
48.1
1.4
171.1
74.3

540.9
61.2
479.7
29.8
2.2
186.2
84.9

305.0
-245.2
550.2
110.4
0.1
153.8
134.5

236.1
-67.6
303.7
56.1
1.0
168.8
36.3

38.0
-350.8
388.8
-4.0
2.1
175.6
41.5

199.6
-25.6
225.2
-207.2
2.3
400.9
8.5

281.7
-72.6
354.3
-141.5
3.3
428.0
-102.6

130.4
-118.5
248.9
-74.1
1.1
187.7
-39.6

36
37
38
39
40
41
42

35
36
37
38
39
40
41
42

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (4)
Corporate bonds (3)
Bank loans n.e.c.

43
44
45
46
47
48
49
50

Other loans and advances
Savings institutions
Finance companies
U.S. government
Acceptance liabilities to banks
Rest of the world
ABS issuers
Mortgages

39.8
1.6
-0.5
-0.3
-2.6
17.3
24.4
33.4

54.3
2.7
33.1
-0.1
-4.3
-1.0
23.8
21.4

34.5
3.2
48.8
-0.3
-2.2
-22.7
7.7
61.0

73.4
4.3
57.0
-0.4
-0.0
-2.2
14.7
62.3

109.8
5.6
88.3
-0.6
2.8
-17.6
31.3
66.9

93.2
3.9
75.6
-0.4
-0.6
16.9
-2.3
58.1

-9.2
5.0
43.4
-0.7
-3.2
-40.6
-13.2
50.8

100.0
2.8
20.7
-0.0
0.8
32.4
43.2
73.6

-31.5
4.1
-10.1
0.3
9.9
-32.4
-3.2
52.3

79.9
4.8
89.1
-1.2
-3.7
16.2
-25.3
87.2

67.7
-0.3
-68.8
1.4
-8.3
80.1
63.6
106.2

43
44
45
46
47
48
49
50

51
52
53
54
55
56

Trade payables
Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Pension fund contributions payable
Other

65.1
9.3
30.8
100.2
7.1
-76.5

57.6
4.8
414.2
143.6
1.9
268.7

144.4
7.0
285.1
261.8
1.0
22.2

101.6
6.9
330.7
178.6
1.0
151.1

113.7
16.3
175.9
8.8
1.0
166.0

113.3
11.1
318.7
358.0
1.0
-40.4

118.5
-10.4
448.0
239.0
1.0
208.0

60.8
10.6
380.4
108.4
1.0
270.9

-42.8
-4.1
155.0
119.8
1.0
34.2

-132.7
5.5
-69.5
115.3
1.0
-185.8

-123.8
103.0
28.6
43.9
1.0
-16.3

51
52
53
54
55
56

57

Discrepancy

-40.0

-89.2

-97.8

-91.3

-84.9

-95.0

-93.6

-91.9

-77.3

-38.3

-47.3

57

58

Memo:
Financing gap (5)

110.3

198.0

241.7

286.9

275.2

270.5

302.6

299.5

284.9

218.9

178.6

58

(1) Table F.9, line 6.
(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.
(3) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(5) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

19

Z.1, December 7, 2001

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

609.9
118.5

657.6
124.4

706.3
136.0

742.7
144.7

730.7
141.2

743.7
143.4

744.6
145.8

751.9
148.4

763.0
150.8

772.9
157.4

781.9
157.7

1
2

3

Gross investment

118.5

124.4

136.0

144.7

141.2

143.4

145.8

148.4

150.8

157.4

157.7

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

91.1
88.1
3.0

100.3
96.7
3.6

145.8
142.8
3.0

177.5
174.9
2.6

162.7
160.8
1.9

182.3
178.6
3.7

168.0
165.2
2.8

197.0
195.1
1.9

169.5
170.8
-1.3

181.1
182.9
-1.8

182.2
184.9
-2.7

4
5
6

7

Net financial investment

27.4

24.1

-9.8

-32.8

-21.5

-38.9

-22.2

-48.6

-18.7

-23.7

-24.5

7

8

Net acquisition of financial assets

131.1

186.0

160.6

129.3

124.1

184.8

102.0

106.5

115.3

110.9

84.9

8

9
10
11
12
13
14
15
16
17
18
19
20

Checkable deposits and currency
Time and savings deposits
Money market mutual funds
Treasury securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)
Other

22.2
10.7
3.7
4.1
0.5
-1.6
0.0
35.1
56.4
0.5
0.0
55.9

32.1
9.1
9.7
6.1
0.1
11.9
0.0
40.7
76.3
0.4
-0.1
75.9

25.0
10.0
10.0
-3.1
0.2
10.0
0.0
45.8
62.7
0.2
0.0
62.4

25.0
4.0
10.0
-10.2
0.2
7.9
0.0
40.8
51.6
-0.1
-0.0
51.7

25.0
4.0
2.0
-10.2
0.2
7.9
0.0
40.8
54.4
0.4
0.4
53.7

43.4
7.7
0.7
-15.0
0.2
15.2
0.0
78.3
54.2
1.4
-0.3
53.2

15.9
1.2
15.7
-6.5
0.2
2.3
0.0
17.0
56.3
0.7
-0.1
55.7

15.7
3.1
21.6
-9.1
0.2
6.2
0.0
27.1
41.6
-2.7
0.1
44.2

20.0
5.0
28.0
-11.0
0.2
6.0
0.0
20.0
47.1
0.8
-0.1
46.4

20.8
5.4
28.0
-11.0
0.2
5.6
0.0
14.0
47.9
2.6
-0.3
45.7

18.9
5.5
8.8
-13.4
0.2
6.9
0.0
13.2
44.8
6.8
-0.1
38.1

9
10
11
12
13
14
15
16
17
18
19
20

103.7

161.8

170.4

162.1

145.6

223.7

124.2

155.0

134.0

134.6

109.4

21

94.7
43.8
3.3
47.7
31.0
7.3
56.5
-85.8

139.7
18.9
13.0
107.7
23.1
10.7
74.3
-86.0

155.4
17.9
7.8
129.7
25.5
8.3
50.1
-68.8

145.7
17.9
11.1
116.7
22.4
7.5
46.1
-59.6

135.0
18.3
11.9
104.8
26.0
8.7
46.1
-70.2

184.5
33.4
15.7
135.4
33.2
11.1
46.2
-51.2

129.1
7.3
11.4
110.4
14.3
4.8
41.1
-65.1

134.2
12.5
5.5
116.2
16.1
5.4
51.1
-51.8

121.3
0.7
0.1
120.5
12.8
4.0
34.7
-38.9

130.6
-20.2
18.6
132.2
11.2
3.2
35.6
-46.0

108.6
-14.5
-10.0
133.1
9.6
2.5
27.0
-38.3

22
23
24
25
26
27
28
29

21
22
23
24
25
26
27
28
29

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Proprietors’ net investment

(1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.
(2) Equity in the Farm Credit System.

F.104 Farm Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5

Proprietors’ net income with IVA and CCAdj
Net saving (corporate)
Consumption of fixed capital
Corporate
Noncorporate

29.7
0.6
23.0
3.3
19.7

25.6
1.3
23.9
3.9
19.9

26.6
1.5
25.4
4.2
21.2

30.6
1.6
27.4
4.5
22.9

26.5
1.5
26.6
4.4
22.2

32.5
1.6
27.1
4.5
22.6

31.6
1.6
27.7
4.6
23.1

31.7
1.7
28.2
4.7
23.6

29.8
1.8
28.8
4.8
24.0

28.7
1.9
29.6
4.9
24.7

32.2
2.0
30.1
5.0
25.1

1
2
3
4
5

6

Gross saving

23.5

25.2

26.9

29.0

28.1

28.7

29.3

29.9

30.6

31.5

32.0

6

7

Gross investment

23.5

25.2

26.9

29.0

28.1

28.7

29.3

29.9

30.6

31.5

32.0

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

30.4
27.5
2.9

30.3
29.4
0.9

24.3
25.8
-1.5

26.4
28.1
-1.8

20.6
27.1
-6.5

29.0
27.7
1.3

26.3
29.1
-2.8

29.5
28.6
0.9

29.2
28.5
0.7

27.2
28.4
-1.2

29.2
31.2
-2.0

8
9
10

11

Net financial investment

-6.9

-5.1

2.6

2.7

7.5

-0.3

3.0

0.4

1.4

4.3

2.8

11

12

Net acquisition of financial assets

0.7

2.5

-0.6

-0.7

-0.8

0.8

0.4

-3.2

0.1

2.4

2.3

12

13
14
15
16

Checkable deposits and currency
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (3)

0.2
0.4
0.4
0.0

1.9
0.5
0.4
0.1

-0.8
0.2
0.2
-0.0

-0.6
-0.1
-0.1
-0.0

-0.8
0.0
0.3
-0.3

-0.8
1.6
1.3
0.3

-0.4
0.8
0.7
0.2

-0.5
-2.7
-2.6
-0.1

-0.5
0.6
0.8
-0.1

-0.4
2.8
2.4
0.3

-0.5
2.7
2.5
0.2

13
14
15
16

7.6

7.6

-3.2

-3.4

-8.3

1.1

-2.6

-3.6

-1.3

-2.0

-0.6

17

6.2
3.5
-0.5
3.1
1.4
0.0

8.0
1.2
0.3
6.5
0.8
-1.2

5.5
-0.9
0.6
5.8
0.4
-9.0

10.9
2.7
1.7
6.5
0.9
-15.1

13.8
2.2
4.2
7.4
1.1
-23.3

9.7
1.2
-1.6
10.1
1.6
-10.3

7.2
-0.8
1.5
6.5
-0.9
-8.9

12.8
8.2
2.5
2.0
1.7
-18.1

6.0
2.2
-0.4
4.2
1.5
-8.8

9.8
-2.3
-0.3
12.4
-0.2
-11.6

3.1
-4.2
0.8
6.5
-2.5
-1.1

18
19
20
21
22
23

17
18
19
20
21
22
23

Net increase in liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Proprietors’ net investment

(1) Corporate and noncorporate farms.
(2) Nonresidential fixed investment, shown in table F.6, line 12.
(3) Equity in the Farm Credit System.

20

Z.1, December 7, 2001

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1011.4

1074.4

1143.8

1222.7

1194.5

1215.4

1234.3

1246.5

1273.4

1294.3

1287.3

1

217.0
34.2
552.6
10.9
196.8

235.5
34.6
583.9
10.2
210.3

255.9
34.8
612.5
10.1
230.5

278.7
36.8
651.6
10.1
245.6

268.7
37.7
640.8
10.1
237.2

276.2
38.2
646.8
10.0
244.2

280.4
37.3
655.7
10.0
250.9

289.3
34.1
662.9
10.1
250.1

293.8
31.8
673.5
10.3
264.0

291.4
30.7
680.4
10.6
281.2

298.3
27.7
684.1
10.8
266.4

2
3
4
5
6

Current expenditures, NIPA basis

980.4

1033.7

1101.6

1189.8

1161.2

1180.7

1199.5

1217.8

1251.1

1273.0

1285.0

7

8
9
10
11
12
13

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

766.5
227.6
-0.9
0.3
-12.4
0.0

808.3
235.3
0.4
0.4
-9.9
0.0

858.3
254.0
-0.2
0.4
-10.1
0.0

929.0
270.7
-0.3
0.4
-9.2
0.0

907.2
263.9
-0.3
0.4
-9.2
0.0

922.3
268.3
-0.4
0.4
-9.1
0.0

936.6
272.7
-0.2
0.4
-9.2
0.0

950.0
277.8
-0.2
0.4
-9.4
0.0

966.7
282.9
-0.5
0.4
2.4
0.0

981.3
288.3
-0.8
0.4
4.6
0.0

991.5
292.8
-0.9
0.4
2.0
0.0

8
9
10
11
12
13

14

Current surplus or deficit (-), NIPA basis

31.0

40.8

42.2

32.9

33.3

34.7

34.8

28.7

22.3

21.3

2.3

14

15
16

+ Consumption of fixed capital
+ Net capital transfers (2)

94.2
35.3

99.5
36.0

106.4
39.7

114.9
44.1

111.6
43.2

114.0
43.9

116.1
43.9

118.0
45.5

120.2
47.3

121.9
49.7

129.5
49.7

15
16

17

= Gross saving and net capital transfers

160.4

176.2

188.3

191.9

188.1

192.6

194.8

192.2

189.8

192.9

181.5

17

18

Gross investment

121.3

227.1

216.2

220.5

223.7

239.7

215.3

203.3

170.4

178.6

194.3

18

2
3
4
5
6
7

Current receipts, NIPA basis

1998

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid

19

Fixed investment

183.3

191.0

210.2

221.8

226.0

217.8

220.6

222.7

233.1

244.2

233.7

19

20

Net financial investment

-62.0

36.1

6.1

-1.3

-2.3

21.9

-5.3

-19.4

-62.7

-65.6

-39.4

20

21

25.4

146.9

87.5

53.3

43.9

65.5

43.8

59.8

65.9

68.1

29.2

21

22
23
24

Net acq. of financial assets
Checkable deposits and currency
Time and savings deposits
Security RPs

4.4
5.8
3.6

-3.9
12.8
7.2

3.9
10.9
5.0

1.0
9.4
9.7

-5.9
-18.4
51.3

-7.2
20.3
-9.4

0.2
7.0
12.0

17.0
28.9
-15.0

2.3
-11.5
19.0

-6.5
1.7
17.2

-0.1
-2.9
40.8

22
23
24

25

Credit market instruments

0.1

134.5

43.4

9.2

1.2

39.9

-16.4

12.1

1.5

-24.8

-30.4

25

14.3
-18.5
-17.7
-0.8

28.0
93.5
30.0
63.6

1.9
26.0
-2.5
28.5

7.6
-7.1
-30.6
23.5

6.9
-14.4
-37.5
23.1

17.5
11.7
-15.2
26.9

-4.0
-21.7
-45.7
24.0

10.0
-4.1
-24.1
20.0

4.0
-20.7
-48.5
27.8

-17.2
-18.9
-41.5
22.7

20.0
-70.4
-98.0
27.6

26
27
28
29

-0.7
1.3
3.7

-1.4
10.2
4.1

-1.5
12.6
4.3

0.6
3.7
4.5

-1.7
6.1
4.4

1.6
4.7
4.5

3.2
1.6
4.5

-0.8
2.4
4.6

2.1
11.5
4.6

-0.6
7.2
4.7

0.4
14.8
4.8

30
31
32

26
27
28
29

Open market paper
U.S. government securities
Treasury
Agency

30
31
32

Municipal securities
Corporate and foreign bonds
Mortgages

33
34

Corporate equities
Mutual fund shares

16.8
-7.4

9.4
-12.3

3.5
4.3

-1.2
0.8

-5.6
-10.7

10.7
5.6

-4.1
4.5

-5.6
4.0

16.9
9.4

21.0
7.9

20.3
-0.8

33
34

35
36

Taxes receivable
Miscellaneous assets

3.3
-1.2

9.1
-9.7

8.8
7.7

11.9
12.3

13.3
18.7

16.6
-10.9

9.9
30.8

7.7
10.7

4.6
23.6

3.0
48.6

-0.2
2.5

35
36

37

87.5

110.8

81.4

54.5

46.2

43.6

49.2

79.2

128.7

133.6

68.6

37

38

Credit market instruments

56.1

80.3

52.3

27.2

12.9

18.2

23.8

53.7

103.9

108.7

43.0

38

39
40
41
42

Municipal securities
Short-term
Other
U.S. government loans

57.3
8.3
49.0
-1.2

79.1
-6.3
85.4
1.2

52.7
3.6
49.1
-0.4

28.2
3.2
25.0
-1.0

14.5
4.4
10.1
-1.6

19.8
8.4
11.5
-1.6

25.1
-7.2
32.3
-1.3

53.4
7.1
46.3
0.4

103.4
21.2
82.3
0.4

108.3
20.5
87.7
0.4

42.9
37.3
5.6
0.1

39
40
41
42

43
44

Net increase in liabilities

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.120.
(2) Table F.9, line 7.

31.4

30.5

29.1

27.4

33.2

25.4

25.4

25.5

24.8

25.0

25.6

43

39.1

-50.9

-27.9

-28.6

-35.6

-47.1

-20.5

-11.1

19.4

14.2

-12.8

44

21

Z.1, December 7, 2001

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6

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

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1625.5

1749.7

1872.8

2046.8

2003.0

2042.4

2064.3

2077.5

2087.4

2091.5

1908.6

1

751.8
203.0
93.7
577.0

834.9
204.3
97.4
613.1

903.3
218.3
100.6
650.7

1009.5
234.6
111.2
691.5

976.6
239.3
108.6
678.5

1001.1
242.2
111.5
687.6

1019.8
237.6
111.9
695.0

1040.5
219.4
112.7
704.9

1051.4
205.0
112.2
718.8

1060.0
197.3
112.0
722.2

897.2
178.3
110.6
722.5

2
3
4
5

1678.8

1705.9

1753.6

1828.3

1790.2

1833.5

1834.4

1855.1

1882.1

1904.7

1918.8

6

7
8
9
10
11
12

Consumption expenditures
Transfers payments (net)
Grants-in-aid to state and local governments
Net interest paid
Subsidies less current surplus of govt. enterprises
- Wage accruals less disbursements

456.9
717.5
196.8
276.2
31.5
0.0

453.1
730.6
210.3
278.5
33.5
0.0

469.6
746.2
230.5
263.9
43.4
0.0

493.7
779.3
245.6
262.9
46.8
0.0

483.4
758.7
237.2
264.2
46.7
0.0

503.8
775.1
244.2
264.4
46.0
0.0

493.6
780.5
250.9
262.9
46.5
0.0

494.1
802.9
250.1
259.9
48.1
0.0

507.5
811.7
264.0
253.5
45.4
0.0

510.1
823.3
281.2
242.5
47.6
0.0

512.7
837.4
266.4
232.5
69.8
0.0

7
8
9
10
11
12

13

Current surplus or deficit (-), NIPA basis

-53.4

43.8

119.2

218.5

212.8

208.9

229.9

222.4

205.3

186.8

-10.2

13

14
15
16

+ Consumption of fixed capital
- Insurance and pension reserves (1)
+ Net capital transfers (2)

86.8
3.4
-8.4

88.2
4.4
-3.6

91.7
3.8
-7.3

96.4
1.8
-7.9

94.9
0.3
-6.3

95.9
2.7
-7.7

97.0
0.8
-8.1

97.9
3.3
-9.7

98.4
2.8
-8.9

99.4
6.9
-12.7

99.9
0.1
-14.8

14
15
16

17

= Gross saving and net capital transfers

21.6

124.0

199.7

305.2

301.2

294.4

318.1

307.4

292.0

266.6

74.8

17

18

Gross investment

6.4

101.4

201.9

309.9

151.5

418.8

288.2

381.0

50.5

338.3

28.7

18

81.4
-8.8

86.1
-4.1

94.5
-1.7

96.5
-0.6

95.1
0.0

97.2
-1.2

93.5
-0.7

100.1
-0.5

97.8
-0.3

99.9
-0.3

101.8
-0.3

19
20

-66.2

19.3

109.1

214.0

56.4

322.8

195.4

281.4

-47.0

238.7

-72.8

21

-9.6

-5.3

76.2

-57.8

-123.8

-45.6

15.8

-77.7

55.4

22.7

179.5

22

2.5
-0.5
1.0

6.0
-16.7
1.3

-7.1
66.2
0.7

-0.6
-65.1
1.0

1.9
-140.3
0.4

-8.3
-58.3
1.0

-1.5
10.0
2.1

5.3
-71.7
0.4

-1.2
40.1
8.2

5.0
-31.6
5.9

19.2
36.2
7.2

23
24
25

5.1

13.5

5.8

7.3

6.5

7.7

4.5

10.6

4.6

4.0

1.0

26

0.0
-4.5
9.6

0.0
-0.8
14.3

0.0
-0.1
5.9

0.0
-0.9
8.2

0.0
-3.8
10.3

0.0
0.1
7.6

0.0
-1.3
5.8

0.0
1.6
9.1

0.0
-2.4
7.0

0.0
-0.6
4.6

0.0
-3.4
4.4

27
28
29

-3.2
-9.0
-5.4

1.5
-7.5
-3.5

4.6
7.0
-0.9

5.3
-4.3
-1.4

6.0
8.2
-6.6

7.2
5.1
0.1

4.3
-4.0
0.5

3.7
-26.4
0.4

9.9
-5.7
-0.5

10.0
23.1
6.3

7.4
101.6
6.9

30
31
32

56.5

-24.7

-32.9

-271.8

-180.2

-368.4

-179.6

-359.1

102.4

-216.0

252.2

33

19
20

Fixed investment
Access rights sales

21

Net financial investment

22

Net acq. of financial assets

23
24
25

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

26

Credit market instruments

27
28
29
30
31
32
33

Agency securities
Mortgages
Other loans and advances
Trade receivables
Taxes receivable
Miscellaneous assets
Net increase in liabilities

34
35

SDR certificates
Treasury currency

-0.5
0.5

0.0
0.6

-3.0
1.0

-4.0
2.4

0.0
2.2

-8.0
3.2

-4.0
4.2

-4.0
-0.0

0.0
-1.1

0.0
1.1

0.0
-0.0

34
35

36

Credit market instruments

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

36

37
38
39
40

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

-0.5
23.7
-0.1
-0.0

0.1
-54.7
2.0
0.0

-0.2
-70.8
-0.2
0.0

-1.7
-293.2
-1.0
0.0

-3.5
-211.7
-2.1
0.0

-2.1
-408.5
1.8
0.0

-0.9
-222.9
-2.4
0.0

-0.3
-329.9
-1.2
0.0

1.4
-3.5
-2.2
0.0

3.3
-260.5
1.1
0.0

3.9
252.1
-0.4
0.0

37
38
39
40

41
42
43

Trade payables
Insurance and pension reserves (3)
Miscellaneous liabilities

-8.8
42.0
0.3

-8.0
42.5
-7.1

0.7
42.5
-2.9

1.3
22.3
2.0

3.2
39.3
-7.6

-2.2
41.9
5.4

2.2
36.3
7.9

2.1
-28.1
2.3

-11.0
118.1
0.6

-12.0
46.9
4.1

-13.8
31.8
-21.4

41
42
43

15.2

22.6

-2.2

-4.6

149.7

-124.4

29.8

-73.6

241.5

-71.7

46.1

44

-2.2

-12.8

59.4

-55.1

-121.2

-41.1

15.1

-73.4

18.4

-15.6

61.9

45

44

Discrepancy
Memo:

45

Change in cash balance (4)

(1) Railroad Retirement Board and federal government life insurance reserves.
(2) Table F.9, line 2.
(3) Line 15 plus civil service retirement and disability fund, judicial retirement fund, military retirement fund, and foreign service retirement and disability fund.
(4) Time and savings deposits (line 25) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

22

Z.1, December 7, 2001

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000
Q1

Q2

2000
Q3

Q4

Q1

2001
Q2

Q3

1
2
3
4

Foreign income from U.S.
U.S. imports
U.S. income payments to rest of world
Net transfers to rest of world

1370.8
1055.8
274.3
40.8

1450.7
1116.7
289.6
44.5

1610.2
1240.7
320.6
49.0

1917.6
1466.9
396.3
54.4

1819.6
1393.6
378.1
47.9

1905.0
1450.4
404.5
50.1

1969.1
1511.8
404.7
52.6

1976.5
1511.6
397.9
67.0

1916.5
1481.2
389.4
45.9

1833.2
1427.0
358.6
47.6

1691.7
1315.9
329.2
46.6

1
2
3
4

5
6
7

Foreign outlays to U.S.
U.S. exports
U.S. income receipts from rest of world

1247.7
966.4
281.3

1251.1
964.9
286.1

1303.6
989.8
313.8

1487.1
1102.9
384.2

1419.8
1059.7
360.1

1487.6
1099.7
387.9

1517.7
1131.1
386.6

1523.1
1121.0
402.1

1496.3
1117.4
378.9

1426.5
1079.6
346.9

1345.9
1023.7
322.2

5
6
7

8

Net capital transfers (1)

-0.4

-0.7

3.5

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.7

-0.8

8

9

Gross saving and net capital transfers (2)

122.7

199.0

310.2

429.8

399.1

416.7

450.7

452.7

419.5

406.0

345.0

9

Net financial investment

272.0

145.5

373.2

444.0

235.4

626.4

458.2

455.8

323.0

499.4

376.8

10

649.8

474.3

783.2

940.5

980.0

940.9

886.2

954.7

837.5

678.6

435.4

11

-0.4
-4.3
29.9
13.1
20.0

-0.1
-27.1
14.8
13.0
-18.8

0.0
-6.5
39.9
15.0
14.8

-0.7
-11.5
-8.2
5.7
5.1

-0.7
5.9
-81.9
-9.5
-43.2

-0.7
138.4
9.8
1.4
48.5

-0.7
-143.9
8.0
-6.4
20.6

-0.7
-46.6
31.3
37.2
-5.6

-0.8
-66.3
11.3
-40.3
97.1

-0.6
2.2
7.1
2.6
13.5

-2.0
-7.4
38.5
-7.7
-36.2

12
13
14
15
16

10
11

Net acquisition of financial assets

12
13
14
15
16

Gold and SDRs (3)
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

17
18
19
20
21
22
23
24
25
26
27

Credit market instruments
Open market paper
U.S. government securities
Official
Treasury
Agency
Private
Treasury
Agency
U.S. corporate bonds (4)
Loans to U.S. corporate business

311.3
19.9
189.6
-2.2
-6.7
4.5
191.7
146.4
45.3
84.6
17.3

254.2
37.6
95.4
-3.6
-9.9
6.3
99.0
48.6
50.4
122.2
-1.0

208.8
-13.0
83.8
32.5
12.2
20.4
51.3
-20.5
71.8
160.8
-22.7

279.3
8.7
89.7
30.7
-10.2
40.9
59.0
-52.8
111.8
183.1
-2.2

315.2
-9.4
163.9
97.2
64.8
32.4
66.6
-37.4
104.0
178.3
-17.6

197.9
-7.2
19.1
25.3
-16.0
41.3
-6.2
-82.2
76.0
169.1
16.9

216.2
-14.3
85.4
21.1
-36.0
57.1
64.3
-50.0
114.4
185.6
-40.6

387.8
65.6
90.4
-21.0
-53.7
32.8
111.4
-41.6
152.9
199.4
32.4

411.2
-4.1
167.5
10.2
-4.1
14.3
157.3
2.6
154.7
280.2
-32.4

349.6
12.8
40.9
-43.4
-83.1
39.7
84.3
-33.1
117.4
279.6
16.2

381.9
-9.7
161.9
67.5
68.2
-0.7
94.4
-37.8
132.3
149.7
80.1

17
18
19
20
21
22
23
24
25
26
27

28
29
30
31
32
33

U.S. corporate equities
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (5)
Other

67.8
4.5
0.0
208.0
105.6
102.4

42.0
-7.5
0.0
203.8
178.2
25.6

112.3
-7.5
0.0
406.4
301.0
105.4

193.8
10.4
0.0
466.6
287.7
179.0

266.2
-1.6
0.0
529.5
146.0
383.5

136.1
3.9
0.0
405.5
361.6
43.9

214.9
9.1
0.0
568.5
304.2
264.3

158.2
30.2
0.0
363.0
338.8
24.2

164.4
6.4
0.0
254.5
209.9
44.6

137.8
-4.6
0.0
171.0
268.7
-97.7

37.2
-6.8
0.0
37.8
95.9
-58.1

28
29
30
31
32
33

377.8

328.8

410.0

496.5

744.6

314.5

428.0

498.9

514.5

179.1

58.6

34

0.7
107.7

6.6
6.5

-8.7
61.0

-0.4
120.8

1.5
313.3

-8.8
3.4

0.7
-40.8

4.9
207.4

-1.5
235.5

4.7
-146.5

19.1
15.4

35
36

71.8
3.7
61.4
8.5
-0.8
-0.5
9.8
-1.6
-0.2

43.4
7.8
34.9
6.7
0.8
-0.7
6.7
-1.0
-5.0

27.9
16.3
16.8
0.5
0.2
-3.1
3.5
-4.8
-0.9

67.0
31.7
25.2
11.3
0.5
3.2
7.5
-0.6
-0.7

120.3
57.8
47.6
15.4
-0.8
5.7
10.6
0.3
-0.8

-7.9
12.0
-27.3
5.7
1.4
2.6
1.7
0.4
1.2

88.6
7.0
71.4
11.9
1.8
2.2
7.9
-2.2
0.5

66.8
50.1
9.0
12.2
-0.3
2.5
9.9
-0.8
-3.7

-6.9
-25.4
17.1
13.0
0.4
12.1
0.5
-1.8
-9.9

-57.2
-5.6
-15.9
-31.0
-1.2
-28.3
-1.5
-4.3
-0.3

-126.8
-26.5
-101.4
4.4
3.4
1.1
-0.1
-4.2
0.9

37
38
39
40
41
42
43
44
45

57.6
5.1
0.0
134.9
1.6
-0.0
104.8
28.6

101.3
-2.4
0.0
173.5
1.6
-0.1
142.5
29.5

114.4
4.3
0.0
211.1
1.5
0.6
155.4
53.6

99.7
1.6
0.0
207.9
1.5
0.0
152.4
53.9

62.6
-2.4
0.0
249.3
1.4
-1.2
153.6
95.6

185.9
12.1
0.0
129.8
1.6
0.2
133.4
-5.4

61.1
-12.7
0.0
331.1
1.3
0.4
166.5
162.8

89.4
9.2
0.0
121.1
1.6
0.6
156.3
-37.4

109.2
-5.8
0.0
184.0
2.1
-0.4
163.8
18.5

208.8
11.5
0.0
157.6
7.4
0.0
142.4
7.8

10.9
6.3
0.0
133.6
7.2
-0.7
96.3
30.9

46
47
48
49
50
51
52
53

-149.4

53.5

-63.0

-14.2

163.7

-209.7

-7.5

-3.2

96.5

-93.5

-31.8

54

-89.4
7.1
40.8

-151.7
-3.5
44.5

-250.9
-6.8
49.0

-364.0
-12.1
54.4

-333.9
-18.0
47.9

-350.7
-16.6
50.1

-380.7
-18.1
52.6

-390.6
4.2
67.0

-363.8
-10.5
45.9

-347.4
-11.7
47.6

-292.2
-7.0
46.6

55
56
57

-123.1

-199.7

-306.7

-430.5

-399.8

-417.4

-451.4

-453.4

-420.2

-406.7

-345.8

58

34
35
36

Net increase in liabilities
U.S. official foreign exchange
and net IMF position
U.S. private deposits

37
38
39
40
41
42
43
44
45

Credit market instruments
Commercial paper
Bonds
Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

46
47
48
49
50
51
52
53

Foreign corporate equities (6)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (4,5)
Other

54

55
56
57
58

Discrepancy (FOF basis) (7)
Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Net transfer payments to foreign
= Net foreign investment in U.S.
(NIPA basis)

(1) Table F.9, line 10.
(2) Line 1 minus line 5 plus line 8; also equal to line 58 with the sign reversed plus line 8.
(3) U.S. net sales, sign reversed.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(6) Includes American Depositary Receipts (ADRs).
(7) Balance of payments discrepancy adjusted to NIPA concepts.
(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

23

Z.1, December 7, 2001

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

2.7

-2.1

0.2

4.5

4.4

4.5

4.6

4.7

4.4

4.4

4.2

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.4

0.4

2

3

Net acquisition of financial assets

38.8

32.8

130.0

-60.9

-299.3

18.5

19.2

17.9

33.3

53.7

120.6

3

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

-1.5
-0.5
0.6

0.8
0.0
0.7

-1.6
-3.0
1.7

0.9
-4.0
3.6

0.3
0.0
4.0

0.2
-8.0
3.9

2.9
-4.0
3.3

0.3
-4.0
3.3

0.4
0.0
2.5

0.3
0.0
1.6

2.0
0.0
0.7

4
5
6

7
8
9

Federal Reserve float
Fed. Res. loans to domestic banks
Security RPs

-3.6
2.0
2.3

0.9
-2.0
6.5

-1.9
0.2
110.3

1.1
-0.1
-97.3

0.1
0.0
-402.8

0.8
1.1
26.9

1.5
-0.6
-27.6

2.1
-1.0
14.5

-2.9
-0.4
-15.1

-2.2
0.5
24.2

-0.2
-0.2
106.7

7
8
9

Credit market instruments

38.3

21.1

25.7

33.7

102.0

-5.4

39.1

-0.9

53.7

26.4

8.7

10

0.0
38.3
39.8
-1.5
0.0

0.0
21.1
21.4
-0.3
0.0

0.0
25.7
25.8
-0.2
0.0

0.0
33.7
33.7
-0.1
0.0

0.0
102.0
102.1
-0.1
0.0

0.0
-5.4
-5.4
-0.0
0.0

0.0
39.1
39.2
-0.0
0.0

0.0
-0.9
-0.9
0.0
0.0

0.0
53.7
54.2
-0.5
0.0

0.0
26.4
26.4
0.0
0.0

0.0
8.7
8.7
0.0
0.0

11
12
13
14
15

10
11
12
13
14
15
16
17

Acceptances
U.S. government securities
Treasury
Agency
Bank loans n.e.c.
Miscellaneous assets
Net increase in liabilities

1.3

4.9

-1.3

1.1

-2.8

-1.0

4.5

3.6

-4.9

2.8

2.9

16

38.1

32.1

129.6

-61.3

-305.6

34.2

20.1

6.2

34.3

50.7

119.2

17

18
19

Depository institution reserves
Vault cash of commercial banks

6.3
-0.2

-4.5
-2.9

-2.3
24.5

-5.0
-22.2

-5.1
-99.1

0.4
5.7

-4.6
-10.9

-10.7
15.7

14.7
-7.6

1.5
3.7

22.5
-3.3

18
19

20
21
22
23

Checkable deposits and currency
Due to federal government
Due to rest of the world
Currency outside banks

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

-187.8
-91.0
0.2
-97.0

27.5
-19.5
-0.1
47.1

23.3
30.4
0.1
-7.2

-4.1
-11.5
0.3
7.1

48.8
5.9
-0.6
43.5

50.2
-17.7
0.1
67.8

84.2
30.1
2.0
52.1

20
21
22
23

24
25
26

Miscellaneous liabilities
Federal Reserve Bank stock
Other

2.1
0.8
1.3

1.3
0.5
0.8

-1.3
0.5
-1.8

1.1
0.6
0.6

-13.5
1.2
-14.8

0.5
0.5
-0.0

12.3
0.3
12.0

5.3
0.3
5.0

-21.6
0.1
-21.8

-4.7
0.5
-5.2

15.8
0.5
15.3

24
25
26

1.7

-3.1

-0.6

3.8

-2.2

19.8

5.1

-7.4

5.0

1.0

2.4

27

27

Discrepancy

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.

24

Z.1, December 7, 2001

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

35.5

29.9

47.9

51.2

53.1

51.9

48.5

51.2

49.0

50.6

56.6

1

2

Fixed nonresidential investment

26.2

30.2

32.4

35.7

34.6

35.6

36.3

36.3

36.0

34.6

33.7

2

3

Net acquisition of financial assets

457.3

443.7

352.5

487.8

356.1

707.5

566.3

321.2

115.1

305.0

456.9

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

-0.2
6.8
-0.1

-2.9
-4.6
0.6

24.5
-2.4
0.3

-22.2
-4.0
-0.5

-99.1
-3.3
-1.3

5.7
0.4
0.6

-10.9
-2.8
-2.6

15.7
-10.1
1.2

-7.6
14.7
0.6

3.7
1.5
-0.6

-3.3
21.6
3.2

4
5
6

7

Total bank credit

350.0

335.8

295.5

412.3

503.9

514.3

396.0

235.0

238.6

47.2

223.7

7

8
9
10

U.S. government securities
Treasury
Agency

83.8
8.3
75.5

35.4
-56.1
91.4

48.4
12.7
35.7

-21.9
-44.5
22.6

-15.7
-86.3
70.6

-21.3
-35.1
13.8

-7.2
22.9
-30.1

-43.4
-79.6
36.2

-103.5
-82.8
-20.7

-36.2
39.5
-75.6

188.3
22.1
166.2

8
9
10

11
12

Municipal securities
Corporate and foreign bonds

2.4
27.8

8.2
38.0

5.8
38.8

3.4
57.6

7.6
-22.9

3.1
19.3

1.6
138.0

1.1
96.0

-2.6
52.1

15.5
141.2

3.8
48.3

11
12

13
14
15
16
17
18

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

234.7
-0.8
128.2
99.9
-14.2
21.7

253.4
-0.2
145.0
91.7
-3.6
20.5

200.1
0.3
68.9
158.2
-9.2
-18.1

370.4
0.1
114.1
164.1
41.7
50.4

529.0
0.4
158.0
247.0
39.5
84.2

512.4
-0.4
179.2
261.1
55.7
16.8

262.6
-0.1
52.2
127.6
53.9
29.1

177.6
0.7
67.1
20.7
17.8
71.4

280.5
0.1
34.1
158.8
13.7
73.8

-70.6
0.0
-170.0
133.0
54.4
-88.1

-26.0
0.0
-13.6
42.8
-27.3
-27.9

13
14
15
16
17
18

19
20

Corporate equities
Mutual fund shares

0.6
0.8

1.3
-0.4

1.2
1.2

0.3
2.5

0.8
5.1

0.9
-0.1

1.3
-0.3

-1.8
5.4

-1.5
13.6

-0.5
-2.1

5.6
3.8

19
20

-2.8
103.5

-9.3
124.1

-3.1
37.8

-0.7
102.9

2.0
-46.1

0.7
185.7

-2.7
189.4

-2.9
82.5

0.0
-131.2

-4.0
257.1

-7.4
219.0

21
22

21
22

Customers’ liab. on acceptances (2)
Miscellaneous assets

23

Net increase in liabilities

490.5

469.1

289.7

527.7

461.3

860.8

515.1

273.6

344.8

279.9

678.3

23

24
25
26
27

Net interbank liabilities
To monetary authority
To domestic banks (3)
To foreign banks

-25.8
-1.6
-19.9
-4.3

-24.8
-1.1
3.4
-27.1

-4.6
-1.7
3.5
-6.5

6.9
1.0
17.4
-11.5

31.3
0.1
25.3
5.9

145.7
1.9
5.4
138.4

-155.0
1.0
-12.1
-143.9

5.6
1.1
51.1
-46.6

-52.8
-3.2
16.7
-66.3

14.1
-1.7
13.6
2.2

0.4
-0.5
8.3
-7.4

24
25
26
27

28
29
30
31

Checkable deposits
Federal government
Rest of the world
Private domestic

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-85.2
-33.2
-9.5
-42.6

-87.9
-30.5
-54.7
-2.7

-100.7
-22.6
5.9
-84.1

-60.8
-17.3
4.8
-48.3

-91.4
-62.3
6.0
-35.2

-25.5
4.3
2.7
-32.4

1.4
-3.8
-4.1
9.4

109.3
24.6
3.7
81.0

28
29
30
31

32
33
34

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

148.3
107.9
89.0

183.7
72.3
87.0

71.3
119.0
110.6

213.3
94.9
63.6

145.6
128.8
133.1

159.7
86.5
198.9

213.0
122.6
59.2

334.8
41.8
-137.0

222.2
87.8
74.3

197.7
20.9
-62.1

198.0
-40.8
23.7

32
33
34

35

Credit market instruments

46.1

72.9

67.2

60.0

78.3

99.3

43.4

18.8

148.3

-15.8

69.8

35

3.3
23.7
19.1

-1.5
27.6
46.9

6.1
20.4
40.6

0.6
32.6
26.8

-13.4
33.1
58.6

7.3
38.1
53.9

4.5
32.7
6.2

3.8
26.5
-11.4

29.8
79.5
39.0

-7.4
9.0
-17.4

-7.6
31.5
45.9

36
37
38

-27.7
1.4
171.2

-11.2
1.7
120.9

-10.6
1.9
-68.3

-12.5
2.1
184.7

-26.1
2.1
56.0

-16.0
2.1
285.3

-2.8
2.2
293.3

-5.2
2.2
104.1

-8.1
2.3
-103.7

-7.9
2.4
129.2

-20.6
2.4
336.0

39
40
41

42.4

25.1

-47.4

55.4

123.7

169.6

-39.0

-32.6

242.7

-9.1

244.3

42

324.3

305.2

308.2

358.4

415.8

497.4

363.2

157.0

152.8

133.9

234.8

43

36
37
38
39
40
41
42

Open market paper
Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable
Miscellaneous liabilities
Discrepancy
Memo:

43

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21).

25

Z.1, December 7, 2001

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

-7.5

-11.1

-9.4

-3.3

-5.7

-3.1

-1.5

-2.7

-17.2

-7.5

3.4

1

2

Fixed nonresidential investment

21.1

23.9

25.7

28.3

27.4

28.2

28.8

28.8

28.5

27.4

26.7

2

3

Net acquisition of financial assets

290.8

328.1

344.1

329.2

355.5

520.1

344.0

97.4

112.7

177.9

390.6

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

4.8

-5.7

21.6

-25.2

-98.5

5.5

-13.0

5.3

6.8

5.6

17.7

4

280.7

329.3

313.7

350.5

488.1

486.6

316.1

111.1

149.6

185.8

265.7

5

6
7
8
9
10
11

U.S. government securities
Treasury
Agency
Mortgage pool securities
Agency-issued CMOs
Other agency securities

54.3
-6.1
60.4
31.1
17.5
11.8

39.6
-42.1
81.6
53.7
8.9
19.1

27.4
-1.9
29.3
-17.8
4.9
42.2

-16.7
-35.0
18.2
14.2
-9.8
13.8

43.2
-32.2
75.3
24.7
-1.5
52.2

1.6
-13.7
15.3
0.5
-4.6
19.3

-46.5
-6.5
-40.0
-25.8
-41.8
27.5

-65.2
-87.6
22.4
57.3
8.6
-43.6

-135.3
-104.4
-30.9
41.5
15.0
-87.4

26.3
13.8
12.5
61.4
6.8
-55.7

145.6
4.0
141.5
89.9
68.6
-17.0

6
7
8
9
10
11

12
13
14
15
16

Municipal securities
Corporate and foreign bonds
Private mortgage pool securities
Privately issued CMOs
Other bonds

2.4
19.6
-1.2
0.7
20.2

8.2
32.4
0.9
20.3
11.1

5.8
43.3
0.9
5.7
36.7

3.2
52.4
-0.7
8.0
45.2

7.1
-21.4
-5.3
-9.5
-6.6

3.2
25.9
-4.2
3.7
26.4

1.5
132.4
3.9
16.1
112.4

1.1
72.8
2.6
21.8
48.4

-1.2
63.0
15.2
4.1
43.7

15.5
49.7
2.9
26.1
20.8

3.9
66.4
-2.5
-40.6
109.5

12
13
14
15
16

17
18
19
20
21
22

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Consumer credit
Security credit

203.0
-0.6
108.1
105.5
-14.2
4.2

248.2
-0.1
144.3
95.8
-3.6
11.9

234.9
-0.1
92.2
160.6
-9.2
-8.7

308.7
0.2
98.2
161.5
41.7
7.1

453.2
-0.1
135.5
242.6
39.5
35.8

455.2
-0.4
168.8
255.3
55.7
-24.2

227.6
0.3
59.3
125.8
53.9
-11.6

98.8
1.2
29.2
22.2
17.8
28.5

211.0
0.0
11.1
156.2
13.7
30.0

96.9
0.0
-93.0
129.3
54.4
6.2

40.5
0.0
-5.1
37.6
-27.3
35.3

17
18
19
20
21
22

23
24

Corporate equities
Mutual fund shares

0.6
0.8

1.3
-0.4

1.2
1.2

0.3
2.5

0.8
5.1

0.9
-0.1

1.3
-0.3

-1.8
5.4

-1.5
13.6

-0.5
-2.1

5.6
3.8

23
24

-0.2
5.5

-4.6
9.1

-2.5
11.3

-0.7
4.7

1.8
-35.9

0.8
27.1

-1.9
42.8

-3.7
-15.3

0.4
-44.1

-2.5
-10.9

-5.6
112.8

25
26

359.0

385.2

327.8

412.6

508.7

717.3

331.7

92.8

397.4

198.7

653.5

27

4.2
-3.6
2.0
-6.7
12.6

20.4
0.9
-2.0
-2.6
24.0

32.6
-1.9
0.2
-12.1
46.3

18.3
1.1
-0.1
-12.5
29.8

31.2
0.1
0.0
-11.6
42.7

172.5
0.8
1.1
1.9
168.6

-32.7
1.5
-0.6
18.8
-52.5

-97.6
2.1
-1.0
-59.2
-39.5

185.1
-2.9
-0.4
208.3
-20.0

38.0
-2.2
0.5
-4.6
44.3

-50.0
-0.2
-0.2
42.0
-91.6

28
29
30
31
32

25
26
27

Customers’ liab. on acceptances (1)
Miscellaneous assets
Net increase in liabilities

28
29
30
31
32

Net interbank liabilities
Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banking
To foreign banks

33
34
35
36

Checkable deposits
Federal government
Rest of the world
Private domestic

-21.1
-0.9
4.4
-24.6

-34.4
-14.6
-1.2
-18.6

2.8
36.4
12.8
-46.4

-84.8
-33.2
-9.2
-42.4

-83.3
-30.5
-52.8
-0.0

-105.0
-22.6
3.6
-86.0

-55.5
-17.3
8.8
-47.0

-95.5
-62.3
3.6
-36.8

-23.3
4.3
3.6
-31.1

-0.8
-3.8
6.3
-3.3

108.0
24.6
4.1
79.3

33
34
35
36

37
38
39

Small time and savings deposits
Large time deposits
Federal funds and security RPs (net)

143.9
63.2
63.4

186.3
34.8
66.8

72.4
61.5
128.7

210.4
87.9
12.8

146.6
91.7
124.6

155.3
141.6
137.8

215.5
73.7
-33.2

324.3
44.6
-178.1

228.0
17.7
45.1

169.0
25.6
58.1

213.1
-7.3
41.0

37
38
39

40
41
42
43
44

Acceptance liabilities
Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable

-0.3
10.7
19.1
3.2
1.4

-4.6
10.5
46.9
3.8
1.7

-2.5
3.7
40.6
3.2
1.9

-0.6
10.6
26.8
4.0
2.1

1.7
9.9
58.6
2.2
2.1

0.9
13.1
53.9
2.1
2.1

-1.8
9.2
6.2
3.9
2.2

-3.3
10.1
-11.4
7.9
2.2

0.1
13.9
39.0
3.3
2.3

-2.2
-3.7
-17.4
5.4
2.4

-5.3
11.4
45.9
1.8
2.4

40
41
42
43
44

45
46
47

Miscellaneous liabilities
Investment by bank holding companies
Other

71.2
40.7
30.5

53.0
55.3
-2.4

-17.1
2.9
-20.0

125.0
53.6
71.4

123.4
80.8
42.6

143.0
35.9
107.0

144.2
54.9
89.3

89.5
42.7
46.8

-113.9
65.5
-179.5

-75.7
41.5
-117.2

292.3
102.4
189.9

45
46
47

39.6

22.0

-51.4

51.8

120.1

165.9

-42.7

-36.1

239.0

-14.1

239.6

48

274.9

312.0

317.6

339.8

448.2

510.9

324.8

75.3

107.9

179.7

215.4

49

48

Discrepancy
Memo:

49

Credit market funds advanced (2)

(1) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25).

26

Z.1, December 7, 2001

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

5.7

6.6

7.2

7.7

7.5

7.7

7.8

8.0

8.1

8.5

8.7

1

2

Fixed nonresidential investment

4.6

5.7

6.1

6.8

6.6

6.8

6.9

6.9

6.8

6.6

6.4

2

3

Net acquisition of financial assets

96.5

-4.8

-50.4

29.8

-150.3

109.3

60.2

100.1

-119.4

26.7

-67.6

3

4

Reserves at Federal Reserve

5

Total bank credit

1.8

-1.9

0.4

-1.0

-3.9

0.6

-0.7

0.2

0.3

-0.4

0.7

4

60.2

1.4

-28.9

67.3

52.7

18.9

74.3

123.3

85.4

-141.4

-44.8

5

6
7
8
9
10

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds

26.8
14.4
12.5
0.0
3.1

-5.5
-10.3
4.8
0.0
5.8

11.8
7.5
4.3
0.0
-5.2

0.0
-0.6
0.6
0.0
7.6

-24.7
-21.5
-3.1
0.0
4.4

-25.4
-21.5
-4.0
0.0
-0.0

32.1
29.9
2.2
0.0
2.5

18.2
10.7
7.5
0.0
23.6

37.9
24.5
13.4
0.0
-14.7

-61.0
26.0
-87.0
0.0
94.2

39.9
16.4
23.6
0.0
-17.9

6
7
8
9
10

11
12
13
14
15

Total loans
Open market paper
Bank loans n.e.c.
Mortgages
Security credit

30.3
-0.2
19.2
-6.1
17.5

1.1
-0.1
-1.9
-5.5
8.6

-35.5
0.4
-22.3
-4.2
-9.4

59.7
-0.1
15.8
0.7
43.2

73.0
0.5
21.6
2.5
48.4

44.3
0.1
1.0
2.2
41.0

39.7
-0.4
0.3
-0.9
40.7

81.6
-0.5
40.1
-0.9
42.9

62.2
0.1
18.2
0.1
43.8

-174.5
0.0
-78.8
-1.5
-94.3

-66.9
0.0
-8.2
4.6
-63.2

11
12
13
14
15

16
17
18

Corporate equities
Customers’ liab. on acceptances (2)
Miscellaneous assets

-0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

-2.5
37.0

-4.7
0.4

-0.6
-21.3

-0.0
-36.5

0.2
-199.2

-0.2
90.0

-0.8
-12.7

0.7
-24.1

-0.4
-204.8

-1.5
169.9

-1.8
-21.6

17
18

19

Net increase in liabilities

98.9

-2.0

-47.2

33.4

-146.9

112.8

63.8

103.8

-115.6

30.6

-63.5

19

20
21
22

Net interbank liabilities
To foreign banks
To domestic banks

-30.4
-17.6
-12.7

-55.4
-51.7
-3.7

-41.2
-48.6
7.4

-41.6
-58.5
17.0

-125.2
-118.8
-6.4

-23.9
-22.3
-1.6

-96.3
-79.4
-16.9

79.1
-13.7
92.8

-122.5
-90.6
-31.9

26.7
-54.4
81.0

22.8
48.1
-25.3

20
21
22

23
24
25

Checkable deposits
Small time and savings deposits
Large time deposits

0.8
4.4
44.7

-0.2
-3.6
36.5

0.4
-1.9
56.7

-0.3
1.4
5.6

-3.2
-1.3
36.7

4.2
1.8
-57.6

-5.0
-4.7
46.6

2.8
10.0
-3.4

-2.1
-5.2
70.6

0.0
23.2
-10.2

2.1
-16.6
-35.0

23
24
25

26
27

Federal funds and security RPs (net)
Acceptance liabilities

25.6
-2.4

19.7
-4.8

-18.3
-0.4

52.4
-0.0

7.6
-0.2

59.3
-0.3

92.8
-0.4

49.8
0.7

22.1
-0.8

-120.7
-2.4

-18.1
-1.3

26
27

28
29
30
31

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

56.2
7.7
14.3
34.2

5.7
5.5
11.8
-11.5

-42.5
19.1
2.5
-64.1

15.9
9.6
45.6
-39.4

-61.3
20.4
86.1
-167.8

129.2
1.9
-0.1
127.3

30.8
3.3
21.5
6.0

-35.3
12.7
75.0
-123.0

-77.7
1.2
14.6
-93.5

113.8
15.6
-20.2
118.5

-17.6
8.7
-94.9
68.7

28
29
30
31

3.5

3.7

4.2

4.5

4.3

4.4

4.6

4.8

5.1

5.8

6.3

32

40.2

-11.9

-20.1

24.0

4.5

-22.3

32.8

81.1

41.3

-48.6

16.5

33

32

Discrepancy
Memo:

33

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table F.216).
(3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17).

27

Z.1, December 7, 2001

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

37.2

34.2

49.9

46.5

51.0

47.1

42.0

45.7

57.8

49.5

44.3

1

2

Fixed nonresidential investment

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

64.5

110.6

55.1

124.6

148.2

70.4

150.8

129.2

123.0

79.2

138.1

3

5.4

-0.9

6.2

-12.2

-42.2

3.5

-6.7

-3.2

7.3

-2.8

-1.4

4

0.5
-0.1
0.6
5.0
-0.0

-1.9
-3.1
1.1
-0.7
1.7

6.6
7.9
-1.3
1.2
-1.6

-8.5
-7.9
-0.5
-2.8
-0.9

-33.8
-31.4
-2.4
-5.5
-2.9

1.5
0.6
0.9
-6.6
8.6

0.6
0.1
0.4
1.7
-9.0

-2.1
-1.1
-1.1
-0.6
-0.5

2.1
-0.3
2.4
0.8
4.3

-0.7
0.7
-1.4
-1.8
-0.2

-0.6
-0.3
-0.3
-0.7
-0.1

5
6
7
8
9

59.0
40.7
25.0
-6.7

111.6
55.3
44.1
12.1

48.9
2.9
17.2
28.9

136.8
53.6
62.3
20.9

190.4
80.8
132.8
-23.2

67.0
35.9
2.2
28.8

157.5
54.9
56.0
46.6

132.4
42.7
58.3
31.4

115.7
65.5
55.3
-5.2

82.0
41.5
38.5
2.0

139.5
102.4
14.8
22.3

10
11
12
13

4
5
6
7
8
9
10
11
12
13

Credit market instruments
U.S. government securities
Treasury
Agency
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other

14

Net increase in liabilities

27.4

76.6

5.3

78.3

97.3

23.4

108.9

83.6

65.3

29.9

93.9

14

15
16
17

Net interbank liabilities
To domestic banks
To foreign banks

0.3
-0.4
0.8

10.2
9.6
0.6

4.0
8.2
-4.3

30.1
12.9
17.2

125.3
43.3
82.0

-2.9
5.0
-7.9

-26.0
-14.1
-12.0

24.1
17.5
6.6

-115.4
-159.7
44.3

-50.6
-62.8
12.3

27.6
-8.5
36.1

15
16
17

18

Federal funds and security RPs (net)

0.0

0.5

0.1

-1.6

0.8

1.8

-0.4

-8.7

7.0

0.5

0.7

18

19
20
21

Credit market instruments
Commercial paper
Corporate bonds

19.0
6.0
13.0

24.9
7.8
17.1

25.8
9.1
16.7

23.2
1.2
22.0

8.3
-14.9
23.2

31.7
6.7
25.0

30.3
6.8
23.5

22.7
6.3
16.3

96.1
30.5
65.6

9.9
-2.8
12.7

19.1
-0.9
20.1

19
20
21

22
23
24
25

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-30.9
39.0
-13.1
52.1

-15.0
56.0
24.7
31.2

-13.8
-10.8
-38.6
27.8

-16.5
43.1
10.3
32.8

-28.3
-8.9
-0.4
-8.5

-18.1
10.9
-19.9
30.7

-6.7
111.8
27.7
84.1

-13.1
58.7
33.7
25.0

-11.4
88.9
35.1
53.8

-13.3
83.4
-8.5
91.9

-22.4
68.9
24.2
44.7

22
23
24
25

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

-0.2

26

26

Discrepancy

F.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

1

2

Fixed nonresidential investment

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

5.5

9.8

3.7

4.0

2.7

7.6

11.4

-5.5

-1.1

21.2

-4.3

3

4

Checkable deposits and currency

-0.1

0.6

0.3

-0.5

-1.3

0.6

-2.6

1.2

0.6

-0.6

3.2

4

5

Credit market instruments

3.7

6.0

4.4

6.7

5.4

5.4

12.3

3.8

-3.6

5.6

4.2

5

2.1
0.1
2.0
-0.0
0.1

3.2
-0.7
3.9
-0.1
0.5

2.6
-0.7
3.3
0.1
-0.5

3.3
-1.0
4.3
0.1
0.3

-0.4
-1.2
0.8
0.5
-0.4

1.1
-0.5
1.6
-0.0
0.0

6.7
-0.6
7.3
0.0
1.3

5.7
-1.7
7.4
0.1
0.3

-8.3
-2.6
-5.7
-1.4
3.0

-0.7
-1.0
0.3
-0.0
-0.9

3.4
2.0
1.3
-0.1
0.5

6
7
8
9
10

0.9
0.1
0.5

0.9
1.1
0.4

0.5
0.6
1.2

1.1
1.0
0.8

3.8
1.4
0.4

0.8
2.2
1.3

1.6
1.5
1.1

-1.7
-1.0
0.4

0.5
-8.1
10.6

2.1
2.1
3.0

-0.2
0.2
0.4

11
12
13

1.8

3.1

-1.0

-2.1

-1.4

1.6

1.7

-10.5

1.9

16.2

-11.7

14

6
7
8
9
10

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds

11
12
13

Bank loans n.e.c.
Home mortgages
Commercial mortgages

14
15

Miscellaneous assets
Net increase in liabilities

16
17
18

Checkable deposits
Small time and savings deposits
Large time deposits

19

Miscellaneous liabilities

20

Discrepancy

5.1

9.4

3.8

3.4

2.2

7.2

10.8

-6.6

-2.3

20.7

-5.6

15

0.4
-0.0
-0.0

1.2
1.0
1.0

0.0
0.8
0.8

-0.1
1.4
1.4

-1.4
0.4
0.4

0.0
2.5
2.5

-0.3
2.3
2.3

1.2
0.5
0.5

-0.1
-0.6
-0.6

2.2
5.4
5.4

-0.8
1.4
1.4

16
17
18

4.7

6.3

2.2

0.7

2.8

2.3

6.5

-8.8

-1.0

7.6

-7.7

19

-0.4

-0.4

0.1

-0.7

-0.6

-0.5

-0.7

-1.1

-1.2

-0.6

-1.5

20

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

28

Z.1, December 7, 2001

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

2.9

4.2

7.3

9.1

8.8

9.3

9.2

9.3

9.4

9.6

9.9

1

2

Fixed nonresidential investment

3.8

4.1

4.4

4.8

4.7

4.8

4.9

4.9

4.9

4.2

4.1

2

3

Net acquisition of financial assets

-8.4

60.8

63.0

67.2

42.9

82.6

82.4

60.9

156.7

72.6

50.5

3

4
5
6
7

Reserves at Federal Reserve
Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

-0.5
1.0
-0.4
-0.8

0.1
3.2
0.5
5.5

0.1
1.7
-0.1
-4.2

-1.0
-0.4
0.1
4.3

-1.8
-15.3
2.4
3.7

0.1
4.7
-2.4
2.0

-1.9
-0.1
-0.8
10.7

-0.5
9.0
1.2
0.7

0.0
-0.2
1.2
27.1

0.0
8.2
2.7
1.3

0.9
0.5
-0.7
15.2

4
5
6
7

8

Credit market instruments

-4.7

36.1

68.6

56.5

55.6

65.0

62.7

42.5

52.5

57.3

-6.0

8

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

-0.3
-3.6
-2.8
-0.8

0.0
-16.1
-4.4
-11.7

0.0
3.7
-0.0
3.7

0.0
-8.1
-1.4
-6.7

0.0
-21.0
-0.8
-20.2

0.0
-12.4
-3.3
-9.1

0.0
-2.8
-1.4
-1.5

0.0
3.9
-0.2
4.1

0.0
16.5
-3.0
19.4

0.0
18.9
-2.1
21.0

0.0
-11.0
-3.5
-7.4

9
10
11
12

13
14
15
16
17

Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit

0.0
-9.9
3.1
3.5
2.5

0.4
29.9
5.3
12.1
4.4

0.5
23.3
6.5
24.7
9.9

0.2
-2.5
8.7
55.2
3.0

0.3
15.0
11.2
60.3
-10.2

-0.2
-20.5
7.8
82.4
7.9

-0.0
-13.2
10.1
62.4
6.3

0.6
8.7
5.7
15.5
8.1

2.9
-54.0
8.2
75.2
3.8

0.3
-11.1
9.6
40.3
-0.7

0.3
-20.2
-0.6
10.5
14.9

13
14
15
16
17

0.2
-3.2

1.5
13.8

-0.7
-2.5

0.4
7.4

1.5
-3.1

-1.3
14.5

1.5
10.3

0.1
8.0

4.7
71.3

3.0
-0.0

2.4
38.2

18
19

18
19

Corporate equities
Miscellaneous assets

20

Net increase in liabilities

-9.5

57.6

61.8

66.3

41.0

82.4

79.0

62.7

152.7

71.6

48.3

20

21
22
23
24

Deposits
Checkable
Small time and savings
Large time

-25.7
27.1
-64.4
11.7

-2.6
36.1
-54.3
15.7

6.8
37.2
-38.9
8.5

27.5
43.1
-35.5
19.9

25.1
45.2
-47.4
27.3

16.8
42.8
-35.1
9.0

54.0
40.6
-19.0
32.3

14.3
43.9
-40.7
11.0

98.7
51.1
6.7
40.9

31.8
53.2
-37.6
16.2

60.6
46.3
-30.6
44.9

21
22
23
24

25

Security RPs

-1.9

9.5

21.4

-6.1

3.2

6.0

24.6

-58.1

1.8

9.9

-59.8

25

26
27
28
29

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Other loans and advances

19.7
0.1
3.5
16.2

52.2
-0.2
10.3
42.1

48.0
0.2
-15.7
63.5

27.3
3.5
7.4
16.3

57.5
-0.0
25.4
32.1

69.0
0.0
3.5
65.5

-37.9
2.6
-1.9
-38.6

20.4
11.5
2.7
6.3

62.5
-14.0
4.6
71.9

16.1
14.5
-3.8
5.4

12.6
-1.2
6.7
7.2

26
27
28
29

30
31
32
33

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.4
-2.1
0.3
-2.4

0.2
-1.6
0.4
-2.1

0.0
-14.4
0.5
-15.0

0.4
17.1
0.7
16.5

-1.4
-43.5
0.6
-44.1

0.3
-9.6
0.6
-10.2

1.5
36.8
0.7
36.1

1.3
84.8
0.7
84.1

-0.7
-9.5
0.7
-10.3

-0.9
14.7
0.8
14.0

0.1
34.8
0.8
34.0

30
31
32
33

-1.9

-3.0

1.7

3.4

2.1

4.2

0.9

6.2

0.6

4.4

3.5

34

34

Discrepancy

(1) Savings and loan associations, mutual savings banks, and federal savings banks.

29

Z.1, December 7, 2001

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

5.2

5.4

5.9

6.7

6.4

6.6

6.9

7.0

6.4

6.7

6.4

1

2

Fixed nonresidential investment

2.2

2.6

2.8

3.1

3.0

3.1

3.1

3.1

3.1

2.9

2.8

2

3

Net acquisition of financial assets

23.7

37.7

23.0

26.5

28.3

7.5

40.9

29.5

73.8

59.5

79.8

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Federal funds and security RPs

0.6
0.6
2.0

1.0
6.4
3.4

17.3
-6.8
2.4

-14.2
0.5
-5.3

1.1
2.6
-11.4

0.9
-8.7
-18.9

-28.7
-0.7
31.8

-30.2
8.6
-22.7

12.7
8.8
16.0

25.5
-7.8
-1.5

22.4
5.0
10.4

4
5
6

7

Credit market instruments

16.8

19.0

27.5

30.5

35.7

31.6

21.2

33.6

23.2

7.6

61.7

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

-0.1
-1.4
-1.8
0.4

0.2
4.9
-2.5
7.3

1.5
-0.6
-3.5
2.9

-0.6
-1.8
-1.4
-0.4

-4.1
6.7
-1.0
7.7

-2.0
-3.2
-2.1
-1.1

3.6
-15.8
-1.0
-14.8

-0.0
5.3
-1.5
6.8

-0.4
19.1
-1.0
20.1

1.8
-16.7
-5.7
-11.0

-1.1
36.2
-0.5
36.6

8
9
10
11

12
13

Home mortgages
Consumer credit

10.1
8.2

10.9
3.0

14.1
12.5

16.4
16.5

16.2
16.9

15.8
20.9

17.2
16.2

16.3
12.0

-0.5
5.0

14.4
8.0

34.1
-7.5

12
13

14
15

Mutual fund shares
Miscellaneous assets

-0.2
3.8

1.2
6.8

-1.1
-16.3

-0.3
15.4

2.7
-2.4

-3.8
6.3

-0.2
17.5

0.0
40.1

-0.9
14.0

6.4
29.4

-1.9
-17.8

14
15

16

Net increase in liabilities

20.5

34.7

20.8

22.0

23.6

4.9

35.7

23.8

69.1

56.6

76.1

16

17
18
19
20

Shares/deposits
Checkable
Small time and savings
Large time

20.3
4.1
13.2
2.9

33.6
6.4
23.1
4.1

17.7
2.3
12.3
3.1

22.4
5.9
13.0
3.5

28.1
23.7
6.4
-2.0

0.7
-3.5
-1.6
5.7

30.3
1.9
30.5
-2.0

30.6
1.4
16.7
12.4

77.1
15.8
59.4
2.0

44.9
-4.0
34.0
14.9

78.1
5.5
61.8
10.8

17
18
19
20

21
22

Other loans and advances
Miscellaneous liabilities

0.1
0.1

0.6
0.5

2.2
0.9

0.0
-0.4

-2.9
-1.5

0.9
3.3

1.1
4.3

1.0
-7.8

-0.6
-7.4

0.8
10.8

1.5
-3.5

21
22

-0.2

-0.2

0.8

-0.9

-1.3

1.0

-1.5

-1.8

-1.4

0.9

-0.2

23

23

Discrepancy

F.116 Bank Personal Trusts and Estates (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

-44.7

-41.6

-8.2

-30.6

-29.5

-34.3

-30.0

-28.7

-26.6

-23.0

-28.3

1

2
3
4
5

Deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

-2.9
0.0
1.0
-4.0

6.2
-0.5
-2.1
8.8

8.4
-0.1
0.9
7.5

4.3
-0.0
0.6
3.7

4.2
-0.0
1.0
3.2

5.2
-0.0
0.8
4.4

3.2
-0.0
0.4
2.8

4.6
-0.0
0.3
4.3

3.8
-0.0
0.5
3.4

4.2
-0.0
0.3
4.0

4.1
-0.0
0.4
3.8

2
3
4
5

6

Credit market instruments

-25.0

-12.8

27.8

17.1

18.9

13.8

17.6

18.1

10.7

13.4

8.8

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-0.2
-10.1
-5.4
-4.7

-4.5
-4.4
-3.1
-1.4

0.6
5.7
-0.0
5.7

0.6
3.8
-0.8
4.6

0.7
3.2
-0.9
4.0

0.4
3.4
-0.9
4.3

0.8
4.2
-0.7
4.9

0.5
4.5
-0.7
5.2

-4.2
1.9
-1.4
3.3

-3.7
2.7
-1.2
3.9

-3.4
0.8
-1.8
2.5

7
8
9
10

11
12
13

Municipal securities
Corporate and foreign bonds
Mortgages

-13.3
-0.8
-0.6

-1.1
-2.6
-0.2

10.8
11.3
-0.6

4.7
8.1
-0.1

7.2
8.0
-0.1

3.6
6.6
-0.2

5.2
7.6
-0.2

3.0
10.2
-0.1

3.1
10.1
-0.1

2.0
12.4
-0.0

1.4
10.0
-0.1

11
12
13

-0.5
-14.9

-70.4
27.0

-40.4
-1.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-30.5

-20.0
-20.0

-20.0
-20.0

-20.0
-20.0

14
15

-1.4

8.4

-2.5

-1.5

-2.1

-2.8

-0.2

-0.9

-1.1

-0.7

-1.2

16

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

17

-5.3

-0.2

1.7

0.9

1.1

1.2

0.8

0.7

0.5

0.3

0.1

18

14
15

Corporate equities
Mutual fund shares

16

Miscellaneous assets

17

Net increase in liabilities (2)

18

Discrepancy

(1) Includes personal trusts and estates administered by nondeposit noninsured trust companies.
(2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector.

30

Z.1, December 7, 2001

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

-5.9

-7.5

0.2

1.3

0.8

1.5

1.4

1.3

1.3

1.2

0.5

1

2

Fixed nonresidential investment

11.4

12.1

13.0

14.3

13.9

14.3

14.5

14.5

14.4

13.2

12.8

2

3

Net acquisition of financial assets

213.7

187.0

169.3

203.5

218.3

210.6

230.3

154.8

259.7

227.0

282.3

3

4
5

Checkable deposits and currency
Money market fund shares

3.8
32.6

-2.7
17.6

0.0
23.4

-0.5
8.5

-5.6
5.3

6.4
-5.7

-7.9
11.8

5.2
22.6

51.5
89.5

22.5
88.2

4.4
24.5

4
5

6

Credit market instruments

104.8

76.9

53.5

57.9

65.0

52.9

74.8

38.8

95.3

124.9

162.4

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

17.5
-1.4
1.6
-3.0

7.5
-23.7
-14.1
-9.6

2.0
-2.3
-9.3
7.0

-4.5
6.3
-4.6
11.0

-15.1
10.5
-4.0
14.6

12.2
2.3
-5.0
7.3

-3.1
8.7
-4.1
12.8

-12.2
3.9
-5.4
9.3

-41.1
15.6
-17.3
32.9

-0.2
-0.5
-20.2
19.7

18.6
16.1
-18.0
34.2

7
8
9
10

11
12
13
14

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

0.1
86.8
3.2
-1.3

1.7
84.5
0.1
6.8

1.7
41.5
-5.0
15.7

-1.0
49.0
2.9
5.2

-0.5
76.9
-1.3
-5.7

-1.4
23.1
3.6
13.0

-0.9
55.8
5.8
8.5

-1.2
40.2
3.2
4.8

1.6
118.8
4.0
-3.6

3.4
113.1
0.6
8.4

1.5
118.9
4.3
3.1

11
12
13
14

15
16

Corporate equities
Mutual fund shares

86.3
-7.2

115.3
-23.4

111.9
15.0

105.9
11.0

126.4
12.0

127.1
12.4

97.7
10.1

72.5
9.6

93.6
2.0

64.0
2.0

74.7
2.0

15
16

17

Miscellaneous assets

-6.7

3.5

-34.6

20.7

15.2

17.6

43.8

6.2

-72.2

-74.6

14.3

17

18

Net increase in liabilities

186.0

173.1

152.9

195.1

188.9

209.5

210.6

171.4

189.5

215.1

275.6

18

19
20
21
22

Corporate equity issues
Other loans and advances
Life insurance reserves
Pension fund reserves (1)

-4.0
0.2
57.6
95.0

-4.7
0.7
46.7
86.4

-6.0
0.7
49.4
70.7

-0.8
-0.7
48.7
121.8

-6.2
-0.7
53.7
104.2

12.9
-1.1
43.0
132.3

-4.9
-0.3
52.7
132.1

-4.8
-0.7
45.5
118.6

-6.8
-2.4
52.0
94.3

-5.0
0.1
50.8
77.0

-4.4
3.5
56.5
119.0

19
20
21
22

23
24

Taxes payable
Miscellaneous liabilities

1.2
36.0

1.2
42.8

1.3
36.8

1.6
24.5

1.4
36.5

1.6
20.9

1.6
29.5

1.8
11.0

1.8
50.6

1.9
90.3

2.0
99.0

23
24

-45.0

-33.6

-29.2

-21.4

-42.4

-13.9

-32.8

3.4

-83.3

-23.9

-19.1

25

25

Discrepancy

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

F.118 Other Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.9

3.5

3.0

4.6

3.9

4.6

5.7

4.3

4.5

-8.1

-34.5

1

2

Fixed nonresidential investment

9.3

10.8

11.8

12.9

12.6

13.0

13.1

13.1

12.8

11.2

10.8

2

3

Net acquisition of financial assets

37.1

16.5

-12.6

10.0

16.2

-14.7

8.5

29.9

13.3

19.2

48.6

3

4
5

Checkable deposits and currency
Security RPs

0.3
-0.2

-0.2
7.4

0.2
-14.4

-0.6
10.0

-4.5
26.1

-1.7
1.9

1.4
2.0

2.4
10.0

27.5
-42.0

4.8
-4.6

5.5
17.3

4
5

6

Credit market instruments

25.2

5.8

-3.0

-8.7

-11.2

-18.1

6.2

-11.7

2.1

0.1

9.0

6

3.8
2.1
1.7

-21.9
-20.8
-1.2

-3.9
-9.7
5.9

0.0
-8.6
8.6

-1.4
-9.2
7.9

-1.8
-9.3
7.5

4.1
-6.9
10.9

-0.8
-8.8
7.9

-11.5
-15.8
4.3

-2.0
-8.0
6.0

-1.7
-7.2
5.5

7
8
9

2.6
18.9
-0.2

16.5
11.6
-0.3

-9.1
10.0
-0.0

-14.9
6.4
-0.3

-17.0
4.7
2.5

-17.5
4.0
-2.8

-9.1
11.9
-0.7

-15.9
5.2
-0.2

4.7
8.8
0.0

-2.0
4.0
0.1

1.3
9.4
0.1

10
11
12

3.0
2.7
6.1

-5.0
1.6
6.9

-1.7
2.0
4.2

0.7
1.0
7.5

-9.3
10.0
5.2

-11.8
4.5
10.5

-16.4
6.1
9.2

40.4
-16.5
5.3

6.0
12.1
7.6

2.9
14.4
1.6

6.0
10.4
0.4

13
14
15

7
8
9
10
11
12
13
14
15

U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Trade receivables
Miscellaneous assets

16

Net increase in liabilities

-1.2

2.9

6.7

3.7

-3.7

20.8

19.3

-21.7

15.1

23.6

67.6

16

17
18
19

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-13.7
1.8
10.7

-4.7
2.0
5.6

-7.8
2.0
12.4

-4.5
2.3
5.9

-13.1
2.0
7.4

-1.5
2.2
20.1

-1.0
2.3
17.9

-2.4
2.5
-21.8

-1.8
2.6
14.4

-2.2
2.7
23.1

-2.4
2.8
67.3

17
18
19

-46.7

-21.0

10.5

-14.6

-28.5

27.2

3.3

-60.3

-6.5

-14.8

-26.3

20

20

Discrepancy

31

Z.1, December 7, 2001

F.119 Private Pension Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

0.6

0.7

0.8

0.8

0.8

0.8

0.9

0.9

0.9

0.9

1.0

1

2

Fixed nonresidential investment

1.5

1.9

1.9

2.1

2.0

2.1

2.2

2.2

2.3

2.3

2.3

2

3

Net acquisition of financial assets

-11.4

11.8

11.6

17.6

1.7

21.3

13.5

34.1

21.6

19.4

9.1

3

4
5
6
7

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

1.3
7.5
13.1
0.9

0.2
1.5
1.9
1.0

1.2
-4.0
11.7
0.4

0.7
2.0
5.9
0.9

0.5
-0.7
1.8
0.5

0.5
5.4
0.3
0.5

1.3
-0.8
12.1
1.3

0.4
4.0
9.4
1.3

1.0
-3.9
9.7
-3.6

1.9
-1.2
10.0
1.3

0.9
-4.4
10.3
1.4

4
5
6
7

8

Credit market instruments

47.6

56.4

45.0

41.3

46.8

24.7

64.9

28.7

26.1

-7.1

-0.9

8

9
10
11
12

Open market paper
U.S. government securities
Treasury
Agency

1.2
11.8
4.1
7.7

2.9
34.6
-4.4
39.0

3.7
30.0
-0.6
30.6

-1.8
26.9
-0.8
27.7

-7.6
39.2
-3.1
42.3

0.4
12.7
7.3
5.4

1.2
36.8
0.3
36.6

-1.2
18.8
-7.7
26.5

-13.2
3.1
-26.2
29.3

-5.5
-33.4
-14.7
-18.7

3.4
-16.5
-19.1
2.6

9
10
11
12

13
14

Corporate and foreign bonds
Mortgages

33.8
0.7

17.1
1.9

9.3
1.9

14.5
1.7

13.2
2.1

10.2
1.4

25.1
1.7

9.6
1.4

34.7
1.5

30.7
1.0

11.7
0.5

13
14

-137.8
42.7

-113.0
31.7

-92.2
30.7

-81.8
32.4

-106.2
43.7

-62.4
34.8

-114.4
26.6

-44.2
24.5

-40.5
26.8

-23.8
13.8

-56.4
26.6

15
16

15
16

Corporate equities
Mutual fund shares

17
18
19
20

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

13.5
-1.0
7.1
7.4

32.0
21.4
1.9
8.7

18.9
13.4
1.0
4.5

16.3
9.1
1.0
6.2

15.3
9.4
1.0
4.9

17.5
7.2
1.0
9.3

22.5
14.8
1.0
6.7

10.0
4.9
1.0
4.1

6.0
3.2
1.0
1.8

24.4
15.5
1.0
7.9

31.6
30.6
1.0
-0.0

17
18
19
20

21

Pension fund reserves (liabilities) (3)

-10.4

13.0

12.7

18.9

2.9

22.6

14.8

35.4

23.1

20.8

10.5

21

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes 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.
(3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

0.6

0.7

0.7

0.8

0.8

0.8

0.8

0.8

0.8

1.0

1.0

1

2

Fixed nonresidential investment

1.5

1.8

1.8

2.0

1.9

1.9

2.0

2.1

2.2

2.5

2.4

2

3

Net acquisition of financial assets

75.6

60.4

58.8

53.1

60.7

65.4

42.8

43.4

19.3

25.0

30.4

3

4
5
6

Checkable deposits and currency
Time and savings deposits
Security RPs

-2.2
0.1
0.4

4.7
-0.4
8.9

-0.7
-0.3
2.8

-0.1
-0.6
4.3

7.4
2.9
20.1

5.5
1.3
5.8

-1.7
6.9
-6.8

-11.7
-13.5
-1.8

-7.6
-1.0
-8.7

18.7
1.2
17.2

2.4
1.5
4.7

4
5
6

7

Credit market instruments

67.1

72.1

46.9

54.6

63.3

31.5

37.6

86.1

-70.7

53.4

18.5

7

8
9
10
11

Open market paper
U.S. government securities
Treasury
Agency

0.4
31.8
13.4
18.4

8.9
19.9
0.8
19.1

2.8
16.4
-6.6
22.9

4.3
22.1
-15.5
37.6

20.1
-18.2
-0.3
-17.9

5.8
56.2
-2.5
58.7

-6.8
7.5
-39.2
46.8

-1.8
42.9
-19.8
62.7

-8.7
-29.0
-1.5
-27.5

17.2
27.4
7.0
20.4

4.7
-8.6
-20.3
11.7

8
9
10
11

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

0.9
33.1
0.9

1.7
35.1
6.5

-0.2
30.4
-2.6

-1.5
29.7
-0.0

-0.5
61.1
0.9

-0.4
-27.2
-2.9

-2.5
37.5
1.9

-2.3
47.3
0.1

0.7
-36.2
2.5

-0.7
6.9
2.6

0.0
18.6
3.7

12
13
14

9.4
0.7

-28.2
3.3

-6.2
16.3

-18.4
13.3

-27.9
-5.0

8.0
13.3

-3.8
10.6

-49.9
34.3

55.8
51.4

-67.8
2.3

-6.0
9.3

15
16

76.5

61.5

59.8

54.2

61.8

66.5

44.0

44.7

20.7

26.5

31.8

17

15
16
17

Corporate equities
Miscellaneous assets
Pension fund reserves (liabilities) (1)

(1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

32

Z.1, December 7, 2001

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

1

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security RPs

0.1
2.6
28.6
22.8

7.4
-2.6
15.7
12.9

12.2
-1.2
33.3
0.1

48.2
4.5
-23.8
43.4

54.1
-3.2
-10.8
55.1

68.3
-2.4
-130.3
31.9

8.0
14.7
16.9
16.6

62.5
8.8
29.0
69.9

87.1
-24.4
147.1
71.5

-10.1
4.2
-7.3
-5.6

0.8
-27.4
44.7
60.7

2
3
4
5

6

Credit market instruments

87.5

244.0

182.0

148.9

161.5

-118.2

256.1

296.0

303.4

166.2

379.1

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

62.1
-9.5
-4.0
-5.5

78.2
95.0
17.5
77.5

104.7
17.3
0.1
17.1

95.5
-19.1
-13.3
-5.8

131.5
-80.4
-7.5
-72.9

-13.0
-93.3
-34.8
-58.5

134.2
15.1
-0.1
15.2

129.1
82.3
-10.9
93.2

3.3
286.8
35.5
251.3

17.1
116.6
37.0
79.7

79.9
265.8
68.9
196.8

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

22.5
12.5

26.0
44.8

17.5
42.5

34.3
38.2

30.8
79.7

24.2
-36.1

29.8
77.0

52.6
32.1

14.3
-1.1

39.2
-6.8

54.4
-20.9

11
12

14.3

9.6

22.6

12.2

-17.1

222.3

-61.4

-95.2

36.7

175.1

-90.1

13

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

14

13
14

Miscellaneous assets
Net share issues (liabilities)

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.122 Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

2

Net acquisition of financial assets

8.0

-8.4

6.9

1.7

7.6

0.5

0.2

-1.6

-2.8

-2.2

-2.4

1

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

2

3

Security RPs

10.3

10.4

8.5

26.7

2.6

60.6

39.6

3.8

-67.0

-28.0

-41.0

3

4

Credit market instruments

80.9

124.8

47.2

26.8

-66.9

63.1

50.1

60.8

69.4

165.1

123.9

4

Open market paper
U.S. government securities
Treasury
Agency

10.6
19.5
11.0
8.4

10.4
26.1
5.2
21.0

8.5
12.5
-6.8
19.3

26.7
10.3
-9.2
19.5

13.2
-32.8
-28.4
-4.4

43.2
29.1
-5.6
34.7

31.3
7.7
-10.3
17.9

19.0
37.3
7.6
29.7

-53.5
43.1
17.7
25.4

-61.7
148.2
53.4
94.8

-34.9
101.8
44.7
57.1

5
6
7
8

Municipal securities
Corporate and foreign bonds

6.5
44.4

22.8
65.5

-3.2
29.3

-8.9
-1.3

-28.3
-19.0

-17.9
8.7

2.0
9.2

8.5
-4.0

22.0
57.8

16.6
62.1

23.6
33.4

9
10

166.8
7.1

143.3
-3.9

136.9
-4.3

190.9
-0.5

378.2
-6.6

108.4
-0.0

186.9
2.9

90.3
1.8

99.6
-5.6

134.8
-3.8

86.4
0.5

11
12

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

13

8.0

-8.4

6.9

1.7

7.6

0.5

0.2

-1.6

-2.8

-2.2

-2.4

14

5
6
7
8
9
10
11
12

Corporate equities
Miscellaneous assets

13

Net share issues (liabilities)

14

Discrepancy

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117).

F.123 Closed-End and Exchange-Traded Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Closed-end funds
1
2
3
4
5
6
7

Net acquisition of financial assets

-7.7

-7.8

-7.5

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

1

Credit market instruments
U.S. government securities
Municipal securities
Corporate and foreign bonds

-2.6
-1.2
-0.8
-0.5

5.5
-0.9
1.9
4.5

7.4
-1.3
8.7
-0.0

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

-8.4
-0.3
-4.6
-3.5

2
3
4
5

Corporate equities

-5.1

-13.3

-14.9

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

6

-7.7

-7.8

-7.5

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

-7.9

7

Net share issues (liabilities)
Exchange-traded funds

8

Net acquisition of financial assets (1)

3.4

6.0

12.2

42.4

2.1

46.3

14.1

107.0

57.9

11.3

27.9

8

9

Net share issues (liabilities)

3.4

6.0

12.2

42.4

2.1

46.3

14.1

107.0

57.9

11.3

27.9

9

(1) Corporate equities.

33

Z.1, December 7, 2001

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

1.9

2.1

2.0

1.7

1.7

1.7

1.9

1.7

1.8

1.8

1.8

1

2

Fixed nonresidential investment

0.3

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.5

0.5

0.5

2

3

Net acquisition of financial assets

110.8

304.4

316.7

248.8

126.8

239.2

278.9

350.3

351.6

275.6

387.9

3

4
5

Checkable deposits and currency
Federal funds and security RPs

1.2
-4.1

2.5
-13.4

7.4
12.7

-9.7
-1.7

-44.2
3.4

2.1
-39.0

-0.7
51.4

4.3
-22.5

-0.3
60.4

2.6
-31.7

4.7
51.3

4
5

6

Credit market instruments

106.6

314.6

291.7

240.9

205.4

250.9

188.6

318.8

347.8

296.2

267.7

6

7
8
9
10

Open market paper
U.S. government securities
Treasury
Agency

-1.1
76.1
7.1
69.0

26.9
162.3
-0.7
163.1

-27.1
184.5
5.8
178.7

16.8
136.2
-8.9
145.0

17.0
97.3
-23.2
120.5

-13.1
56.4
-18.0
74.4

29.7
148.0
-6.5
154.6

33.4
242.8
12.2
230.6

-48.9
239.3
4.9
234.4

40.5
163.4
0.5
162.9

0.6
177.7
-17.5
195.2

7
8
9
10

11
12

Municipal securities
Corporate and foreign bonds

-0.4
5.3

4.1
20.7

1.4
23.7

-1.8
25.8

-5.7
11.0

-0.1
49.1

3.0
29.5

-4.5
13.6

4.7
31.7

8.3
48.4

0.3
-1.3

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

31.2
-5.3
0.0
36.4

92.3
-1.4
3.3
90.4

113.6
5.1
0.9
107.6

41.3
-3.9
3.1
42.1

79.0
-8.8
0.9
86.9

119.9
-1.8
3.2
118.5

-39.0
-11.1
4.0
-31.9

5.5
6.2
4.3
-5.0

109.3
2.4
-0.8
107.8

-0.6
4.7
5.6
-10.9

64.4
3.4
3.0
58.0

13
14
15
16

17
18
19
20

Mortgages
Home
Multifamily residential
Farm

-4.5
-4.2
-1.2
1.0

8.3
5.3
0.8
2.2

-4.3
-10.3
4.8
1.1

22.7
15.8
4.9
2.0

6.8
1.8
5.2
-0.2

38.6
31.4
4.6
2.6

17.3
11.3
3.3
2.7

28.0
18.5
6.6
2.9

11.6
4.7
4.1
2.8

36.3
22.7
7.5
6.1

26.1
15.3
6.9
3.9

17
18
19
20

7.1

0.7

5.0

19.2

-37.9

25.3

39.6

49.6

-56.3

8.5

64.3

21

21
22
23
24
25
26
27

Miscellaneous assets
Net increase in liabilities

106.2

298.6

312.1

241.5

122.9

233.0

270.5

339.5

344.4

270.8

386.1

22

98.4
98.4
0.0

278.3
278.3
0.0

318.2
318.2
0.0

234.1
234.1
0.0

104.9
104.9
0.0

248.9
248.9
0.0

278.1
278.1
0.0

304.5
304.5
0.0

262.3
262.3
0.0

268.3
268.3
0.0

328.0
328.0
0.0

23
24
25

7.8

20.3

-6.0

7.4

18.0

-15.8

-7.6

35.0

82.1

2.5

58.1

26

-3.0

-4.1

-3.0

-6.0

-2.7

-5.0

-6.9

-9.5

-5.9

-3.5

-0.5

27

Credit market instruments
GSE issues (2)
U.S. government loans
Miscellaneous liabilities
Discrepancy

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution
Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of USA Education, Inc., a private company chartered in 1997.
(2) Such issues are classified as U.S. government securities.

F.125 Federally Related Mortgage Pools (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

114.6

192.6

273.8

199.4

119.5

132.2

236.7

309.1

170.3

406.5

492.6

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

109.3
5.3
-0.0
-0.0

182.1
10.5
0.0
-0.0

264.6
9.2
0.0
-0.0

190.9
8.5
0.0
0.0

113.0
6.5
0.0
0.0

124.5
7.7
0.0
0.0

228.9
7.8
0.0
0.0

297.0
12.0
0.0
0.0

157.2
13.1
0.0
0.0

387.3
19.2
0.0
0.0

479.6
13.0
0.0
0.0

2
3
4
5

114.6

192.6

273.8

199.4

119.5

132.2

236.7

309.1

170.3

406.5

492.6

6

6

Net increase in pool securities (liabilities)(2)

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and
privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.
(2) Such issues are classified as U.S. government securities.

34

Z.1, December 7, 2001

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

0.9

1.2

1.2

1.1

1.1

1.1

1.0

1.0

1.0

0.9

0.9

1

2

Fixed nonresidential investment

3.1

3.0

-1.7

-2.0

-2.4

-2.6

-1.7

-1.3

-0.8

-0.9

-0.4

2

3

Net acquisition of financial assets

200.1

319.6

226.3

199.3

178.4

149.7

158.9

310.2

297.6

174.2

304.4

3

4

Agency securities (1)

3.6

38.2

41.3

2.8

21.6

-0.7

-1.9

-7.6

39.5

-42.6

29.0

4

5
6
7

Other loans and advances
Student loans
Loans to business

32.2
7.8
24.4

27.6
3.8
23.8

9.2
1.5
7.7

21.2
6.5
14.7

44.9
13.6
31.3

4.6
6.8
-2.3

-4.5
8.8
-13.2

39.9
-3.3
43.2

-0.7
2.5
-3.2

-23.3
2.0
-25.3

64.4
0.8
63.6

5
6
7

8
9
10
11

Mortgages (2)
Home
Multifamily residential
Commercial

80.7
54.5
5.0
21.3

156.5
94.5
12.8
49.2

92.0
49.9
8.5
33.6

85.2
44.8
7.3
33.1

54.4
34.0
3.4
17.1

74.2
33.5
5.4
35.3

83.5
51.0
6.9
25.7

128.6
60.8
13.5
54.3

115.3
93.9
4.9
16.5

179.6
63.6
24.9
91.1

119.8
44.0
11.3
64.5

8
9
10
11

12
13

Consumer credit
Trade credit

47.2
36.3

59.4
37.9

62.6
21.1

57.1
33.0

33.3
24.2

33.4
38.4

43.8
38.0

118.1
31.3

115.7
27.8

36.2
24.2

63.2
28.0

12
13

202.2

321.4

223.4

196.3

175.0

146.0

156.2

307.9

295.8

172.3

303.2

14

89.4
112.9

125.7
195.7

139.0
84.4

121.0
75.2

136.5
38.4

125.5
20.6

102.3
53.9

119.9
188.0

84.6
211.2

96.8
75.5

86.0
217.2

15
16

14
15
16

Net increase in liabilities
Commercial paper
Corporate bonds

17

Discrepancy

0.0

-0.0

-0.0

0.0

-0.0

-0.0

0.0

0.0

0.0

-0.0

-0.0

17

18
19

Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

2.1
3.7

1.8
2.9

-2.9
-1.0

-3.1
-2.2

-3.5
0.6

-3.7
-2.9

-2.7
-3.0

-2.3
-3.4

-1.7
-2.4

-1.8
-0.6

-1.2
-1.9

18
19

(1) Federally related mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
(4) Included in table F.129.

F.127 Finance Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

26.3

30.6

37.6

39.8

37.4

39.3

39.7

42.6

42.2

45.8

46.9

1

2

Fixed nonresidential investment

31.1

28.6

35.1

39.6

38.8

39.9

39.1

40.7

36.6

34.6

31.2

2

3

Net acquisition of financial assets

47.1

88.8

150.3

134.9

125.8

153.7

226.6

33.6

-11.2

45.2

56.0

3

4

Checkable deposits and currency

2.1

2.3

2.5

2.6

2.6

2.6

2.7

2.7

2.8

2.8

2.9

4

5
6
7
8

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

23.1
-0.6
11.0
12.6

77.3
36.8
24.7
15.8

97.0
54.2
24.6
18.2

108.0
63.3
26.4
18.2

145.4
98.1
20.0
27.2

147.6
84.0
36.4
27.2

102.8
48.2
23.1
31.5

36.2
23.0
26.2
-13.0

-0.9
-11.2
23.4
-13.0

126.7
99.0
26.8
0.9

-42.1
-76.5
12.1
22.2

5
6
7
8

Miscellaneous assets

22.0

9.3

50.9

24.3

-22.1

3.5

121.2

-5.3

-13.1

-84.4

95.2

9

38.7

75.8

138.0

164.9

210.3

155.3

244.5

49.7

-20.9

56.6

66.8

10

57.8
24.6
28.7
4.5

57.1
30.7
24.2
2.2

70.3
-2.9
64.3
8.9

81.2
8.4
72.2
0.5

61.1
11.4
66.8
-17.1

139.4
-26.5
148.3
17.6

98.1
-2.3
94.4
6.1

26.1
51.0
-20.6
-4.3

-72.8
-231.8
126.6
32.3

64.1
14.0
33.3
16.8

22.1
-23.1
55.0
-9.9

11
12
13
14

9
10

Net increase in liabilities

11
12
13
14

Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

15

Taxes payable

16
17
18
19

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies.
(2) See footnote (3), table F.126.

0.8

0.8

0.8

1.0

0.9

0.9

1.0

1.0

1.1

1.1

1.2

15

-20.0
6.6
-7.5
-19.1

17.8
2.6
-12.8
28.0

66.9
11.4
53.5
1.9

82.8
17.6
14.7
50.5

148.4
-7.6
77.5
78.5

15.0
3.1
-48.4
60.3

145.4
5.2
19.6
120.6

22.5
69.7
10.2
-57.4

50.9
23.6
-21.5
48.8

-8.7
18.6
-15.1
-12.1

43.5
8.8
-10.3
45.0

16
17
18
19

-13.3

-11.1

-9.9

30.1

83.1

1.0

18.5

17.9

-4.1

22.7

26.5

20

5.6

-2.2

6.3

5.3

15.0

10.0

3.1

-7.0

-6.9

15.2

-7.7

21

35

Z.1, December 7, 2001

F.128 Mortgage Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net acquisition of financial assets

-9.1

3.2

0.3

0.2

-6.0

5.5

-0.5

2.0

1.4

1.1

1.7

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

-10.2
1.0
0.0

3.1
0.1
0.0

0.3
0.0
0.0

0.2
0.0
0.0

-6.0
0.0
0.0

5.5
0.0
0.0

-0.6
0.0
0.0

1.9
0.0
0.0

1.4
0.1
0.0

1.0
0.1
0.0

1.6
0.1
0.0

2
3
4

-9.1

3.2

0.3

0.2

-6.0

5.5

-0.5

2.0

1.4

1.1

1.7

5

-4.6
-4.6

1.6
1.6

0.2
0.2

0.1
0.1

-3.0
-3.0

2.7
2.7

-0.3
-0.3

1.0
1.0

0.7
0.7

0.6
0.6

0.8
0.9

6
7

5
6
7

Net increase in liabilities
Bank loans n.e.c.
Investment by parent

F.129 Real Estate Investment Trusts (REITs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

6.8

8.2

8.1

7.7

7.3

7.6

7.9

8.1

8.3

8.6

8.7

1

2
3

Fixed nonresidential investment
Multifamily residential investment

52.0
11.3

64.7
11.4

9.2
1.6

0.4
0.1

4.1
0.7

6.6
1.2

3.6
0.6

-12.8
-2.3

3.4
0.6

-2.1
-0.4

-10.4
-1.8

2
3

4

Net acquisition of financial assets

26.1

6.4

-2.3

-6.3

-14.1

-6.9

0.1

-4.4

5.8

8.0

8.9

4

5

Checkable deposits and currency

1.1

0.8

0.3

-0.0

0.4

-1.2

-1.4

2.0

-1.0

2.3

2.3

5

6

Credit market instruments

20.2

-5.1

-2.6

-6.3

-16.3

-2.5

-3.6

-2.8

4.0

1.1

7.7

6

Agency securities
Corporate and foreign bonds

9.0
2.1

-8.1
-0.4

1.1
-0.3

0.3
-0.4

-0.4
-0.7

-3.8
3.5

3.0
-3.1

2.5
-1.4

-2.6
8.6

14.3
-9.0

3.4
3.0

7
8

Mortgages
Home
Multifamily residential
Commercial

9.1
6.0
0.9
2.2

3.4
0.8
0.1
2.5

-3.3
-2.4
-0.6
-0.4

-6.2
-4.6
-0.2
-1.4

-15.2
-14.4
-0.8
0.0

-2.2
-1.9
0.9
-1.2

-3.5
-1.1
-0.3
-2.0

-3.8
-0.8
-0.7
-2.4

-1.9
-0.4
-0.7
-0.8

-4.2
-0.8
0.2
-3.6

1.3
1.7
0.2
-0.6

9
10
11
12

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

4.9

10.7

-0.1

0.0

1.7

-3.2

5.1

-3.6

2.8

4.7

-1.1

13

92.2

86.4

17.7

3.0

2.8

10.6

8.0

-9.6

19.2

2.7

3.4

14

15

Security RPs

11.2

-9.8

0.5

-3.8

-10.7

-7.2

4.5

-1.8

4.9

7.8

7.3

15

16

Credit market instruments

39.6

62.7

6.3

2.7

11.5

9.8

-2.4

-8.1

-6.1

10.5

-10.2

16

0.0
14.8
9.9
14.9

0.2
21.7
16.0
24.8

-0.1
8.9
-7.6
5.1

0.0
4.8
-8.3
6.2

0.0
6.6
-2.1
7.0

3.5
13.2
-16.9
10.0

-3.4
5.6
-10.6
6.0

0.0
-6.3
-3.7
1.8

-0.2
12.2
-10.6
-7.5

-0.5
-5.9
0.7
16.2

4.4
-0.5
-5.8
-8.2

17
18
19
20

32.5
8.8

19.8
13.6

6.6
4.4

2.2
1.8

2.6
-0.6

2.0
6.0

1.4
4.5

3.0
-2.6

1.4
18.9

3.2
-18.9

7.5
-1.2

21
22

17
18
19
20
21
22

Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages
Corporate equity issues
Miscellaneous liabilities

23

Discrepancy

9.5

11.9

17.4

16.6

19.4

17.3

11.6

18.0

17.7

5.7

15.5

23

24
25
26
27
28

Memo:
Securitized assets included above
Agency securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

3.7
0.4
3.1
0.2
0.0

2.9
0.1
1.8
0.4
0.6

-1.0
-1.3
0.0
0.1
0.1

-2.2
-0.2
-0.9
-0.5
-0.6

0.6
0.5
1.2
-0.6
-0.5

-2.9
-0.4
-2.3
-0.1
-0.0

-3.0
-0.5
-2.3
-0.2
-0.1

-3.4
-0.4
-0.2
-1.0
-1.7

-2.4
-0.4
-1.8
-0.1
-0.0

-0.6
-0.9
-1.0
0.5
0.9

-1.9
-0.9
-0.9
-0.1
-0.0

24
25
26
27
28

36

Z.1, December 7, 2001

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Gross saving

9.2

5.3

-0.0

-3.3

-0.7

-1.7

-3.9

-6.7

-6.9

-6.0

-3.3

1

2

Fixed nonresidential investment

14.5

18.1

19.5

21.4

20.8

21.4

21.8

21.8

21.6

19.2

18.7

2

3

Net acquisition of financial assets

142.8

142.0

79.8

220.4

627.7

28.5

287.6

-62.3

-17.7

603.4

448.0

3

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13
14

Open market paper
U.S. government securities
Treasury
Agency
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets

6.0

3.7

3.3

1.6

-6.4

-0.6

-24.8

38.2

-6.3

33.1

63.3

4

14.9

6.8

-34.7

68.9

102.9

89.8

152.1

-69.0

289.5

35.4

250.1

5

0.6
2.7
7.5
-4.8
2.4
9.2

3.8
21.7
21.2
0.5
-0.1
-18.6

-2.0
-43.4
-58.4
15.0
-1.2
12.0

13.2
37.1
39.4
-2.3
-0.7
19.3

16.9
24.1
86.8
-62.7
-4.4
66.3

32.1
65.2
46.0
19.2
-3.9
-3.5

28.8
89.4
59.3
30.1
3.9
30.0

-24.9
-30.2
-34.5
4.3
1.8
-15.7

21.3
217.6
171.1
46.4
5.5
45.3

1.2
-1.9
-86.1
84.2
4.1
32.0

22.4
140.2
203.8
-63.6
9.3
78.1

6
7
8
9
10
11

2.4
36.8
82.8

-6.0
21.6
115.9

7.7
75.2
28.3

9.6
7.2
133.0

31.1
234.2
266.0

2.8
-64.9
1.4

18.6
14.6
127.1

-14.2
-155.0
137.6

23.9
-166.5
-158.4

41.8
9.7
483.4

-59.8
228.2
-33.7

12
13
14

15

Net increase in liabilities

141.3

146.2

89.9

235.4

638.9

41.8

304.1

-43.3

-1.0

621.2

462.5

15

16
17
18

Security RPs (net)
Corporate bonds
Corporate equity issues

22.7
8.1
-5.9

4.5
7.2
2.5

37.2
-17.2
7.6

56.9
15.6
-4.2

150.2
44.4
7.6

-42.7
-0.7
1.4

188.8
25.4
-26.1

-68.5
-6.6
0.1

-93.8
-23.9
19.0

222.0
35.7
-8.2

291.1
12.3
26.6

16
17
18

19
20
21
22
23

Trade payables
Security credit
Customer credit balances (HH)
From banks
Taxes payable

5.7
74.2
52.6
21.7
0.1

-1.0
81.7
61.2
20.5
-0.1

11.9
29.1
47.2
-18.1
0.9

5.1
138.9
88.6
50.4
-0.1

11.6
273.6
189.4
84.2
1.0

22.6
-30.3
-47.1
16.8
-2.8

-14.0
83.0
53.9
29.1
0.2

0.0
229.4
158.0
71.4
1.3

-2.7
25.6
-48.2
73.8
-3.6

-7.7
-38.2
49.9
-88.1
0.5

10.6
257.6
285.6
-27.9
0.4

19
20
21
22
23

24
25
26
27

Miscellaneous liabilities
Foreign direct investment in U.S.
Due to affiliates
Other

21.6
0.3
75.9
-54.6

44.7
1.7
97.4
-54.3

7.2
3.3
61.6
-57.7

-5.3
1.7
62.5
-69.5

120.4
2.3
88.6
29.4

77.9
1.6
55.2
21.0

-0.5
2.3
41.9
-44.7

-219.1
0.5
64.3
-283.9

79.3
4.5
120.3
-45.6

384.4
2.1
9.3
373.0

-115.3
4.7
-2.3
-117.7

24
25
26
27

14.9

6.6

13.1

28.5

30.1

16.5

47.3

20.2

-0.8

32.6

-20.8

28

-6.8

-8.7

-9.5

-9.7

-10.3

-9.7

-9.2

-9.5

-11.7

-7.4

-7.6

29

257.1

123.3

81.6

227.6

32.0

152.2

5.3

-123.9

-283.4

1

28
29

Proprietors’ net investment
Discrepancy

F.131 Funding Corporations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

118.2

105.6

2

Money market fund shares

10.4

57.9

48.9

33.5

10.5

-11.2

87.4

47.3

107.6

124.2

46.8

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

50.4
53.8
-3.4

-12.9
-17.4
4.5

133.8
137.6
-3.8

35.9
35.8
0.1

-7.2
32.8
-40.0

206.8
177.4
29.4

-73.0
-44.2
-28.8

17.0
-23.0
40.0

-172.5
-211.2
38.7

-192.4
-231.1
38.7

-214.6
-258.1
43.6

3
4
5

6
7
8

Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers

57.3
14.3
43.0

60.7
11.8
48.9

74.4
2.5
71.9

54.0
45.6
8.3

78.3
86.1
-7.8

32.1
-0.1
32.2

17.6
21.5
-3.9

87.8
75.0
12.9

70.2
14.6
55.7

-55.7
-20.2
-35.5

-115.6
-94.9
-20.7

6
7
8

118.2

105.6

257.1

123.3

81.6

227.6

32.0

152.2

5.3

-123.9

-283.4

9

79.9
49.4
30.6

40.0
6.0
34.0

91.5
34.1
57.4

-0.4
-2.3
1.9

-37.5
-19.9
-17.6

50.6
26.9
23.8

-4.2
5.4
-9.6

-10.4
-21.6
11.2

30.1
-17.1
47.2

-163.6
-188.3
24.7

-150.0
-145.3
-4.7

10
11
12

38.2
-22.6
57.2
3.6

65.7
20.7
70.0
-25.0

165.7
-17.0
16.3
166.4

123.7
54.3
88.7
-19.3

119.1
115.8
97.4
-94.1

177.0
-18.6
94.3
101.2

36.2
21.8
12.4
2.0

162.6
98.2
150.4
-86.1

-24.8
40.1
-102.1
37.2

39.7
107.9
233.6
-301.8

-133.4
34.4
68.5
-236.3

13
14
15
16

9

Net increase in liabilities

10
11
12

Credit market instruments
Open market paper
Corporate bonds

13
14
15
16

Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

(1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations.
(2) Due from affiliated companies.

37

Z.1, December 7, 2001

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position
Official foreign currency holdings
Treasury
Monetary authority
Net IMF position
Federal government
Monetary authority

Q2

Q3

Q4

Q1

2001
Q2

Q3

1.0

6.8

-8.7

0.3

2.2

-8.1

1.4

5.6

-0.8

5.4

21.2

1

0.4

0.1

-0.0

0.7

0.7

0.7

0.7

0.7

0.8

0.6

2.0

2

0.4
-0.0

0.1
-0.0

-0.0
0.0

0.7
-0.0

0.7
0.0

0.7
-0.0

0.7
0.0

0.7
0.0

0.8
0.0

0.6
-0.0

2.0
0.0

3
4

0.7

6.6

-8.7

-0.4

1.5

-8.8

0.7

4.9

-1.5

4.7

19.1

5

-2.9
-1.5
-1.5

1.5
0.8
0.8

-3.3
-1.6
-1.6

1.9
0.9
0.9

0.5
0.3
0.3

0.5
0.3
0.3

5.9
2.9
2.9

0.6
0.3
0.3

0.8
0.4
0.4

0.7
0.3
0.3

4.0
2.0
2.0

6
7
8

3.6
3.6
0.0

5.1
5.1
0.0

-5.5
-5.5
0.0

-2.3
-2.3
0.0

0.9
0.9
0.0

-9.3
-9.3
0.0

-5.2
-5.2
0.0

4.3
4.3
0.0

-2.3
-2.3
0.0

4.1
4.1
0.0

15.1
15.1
0.0

9
10
11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table
are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings.

F.201 SDR Certificates and Treasury Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

-0.5
-0.5

0.0
0.0

-3.0
-3.0

-4.0
-4.0

0.0
0.0

-8.0
-8.0

-4.0
-4.0

-4.0
-4.0

0.0
0.0

0.0
0.0

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

0.5
0.6

0.6
0.7

1.0
1.7

2.4
3.6

2.2
4.0

3.2
3.9

4.2
3.3

-0.0
3.3

-1.1
2.5

1.1
1.6

-0.0
0.7

3
4

5

Discrepancy (seigniorage)

-0.2

-0.1

-0.7

-1.2

-1.8

-0.7

0.9

-3.3

-3.6

-0.5

-0.7

5

F.202 U.S. Deposits in Foreign Countries
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

2
3
4
5

Total rest of the world liability
Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

107.7

6.5

61.0

120.8

313.3

3.4

-40.8

207.4

235.5

-146.5

15.4

1

6.5
-5.1
0.1

0.1
7.4
7.4

5.2
-2.3
12.2

7.7
-5.4
48.2

20.0
-24.0
54.1

0.2
17.2
68.3

-2.6
54.0
8.0

13.3
-68.7
62.5

-6.0
-27.1
87.1

-16.0
0.9
-10.1

-10.0
-0.1
0.8

2
3
4

106.2

-8.5

45.8

70.2

263.1

-82.2

-100.2

200.3

181.5

-121.2

24.8

5

38

Z.1, December 7, 2001

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Net change in liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

-19.7

-32.3

17.6

-20.3

-72.9

151.9

-170.6

10.6

-45.7

19.3

19.7

1

6.1
6.3
-0.2

-7.5
-4.5
-2.9

22.2
-2.3
24.5

-27.1
-5.0
-22.2

-104.2
-5.1
-99.1

6.2
0.4
5.7

-15.5
-4.6
-10.9

5.0
-10.7
15.7

7.1
14.7
-7.6

5.2
1.5
3.7

19.2
22.5
-3.3

2
3
4

-25.8
-1.6

-24.8
-1.1

-4.6
-1.7

6.9
1.0

31.3
0.1

145.7
1.9

-155.0
1.0

5.6
1.1

-52.8
-3.2

14.1
-1.7

0.4
-0.5

5
6

-4.3

-27.1

-6.5

-11.5

5.9

138.4

-143.9

-46.6

-66.3

2.2

-7.4

7

8
9
10
11

Liabilities, net
U.S.-chartered commercial banks
Due to foreign affiliates
- Due from foreign affiliates

-4.2
13.6
46.3
32.7

-32.0
23.0
23.6
0.5

-7.8
45.0
34.5
-10.5

-12.0
28.8
76.2
47.4

5.2
42.3
67.8
25.5

140.6
169.5
232.3
62.8

-145.5
-54.7
-9.1
45.6

-48.4
-41.9
13.8
55.8

-72.5
-24.3
-159.1
-134.8

13.1
53.2
49.1
-4.0

-7.7
-92.1
-28.0
64.1

8
9
10
11

12
13
14

Foreign banking offices in U.S.
Due to foreign affiliates
- Due from foreign affiliates

-18.5
-10.7
7.8

-55.7
33.3
88.9

-48.6
8.4
57.0

-58.0
-8.4
49.6

-119.1
41.4
160.5

-21.0
-100.9
-79.8

-78.8
-86.2
-7.4

-13.1
112.0
125.1

-92.6
120.7
213.2

-52.3
-120.4
-68.1

48.3
42.6
-5.7

12
13
14

15
16
17

Bank holding companies
Due to foreign affiliates
- Due from foreign affiliates

0.8
0.3
-0.4

0.6
-0.1
-0.7

-4.3
5.5
9.7

17.2
-8.3
-25.5

82.0
-33.4
-115.4

-7.9
0.0
7.9

-12.0
0.0
12.0

6.6
0.0
-6.6

44.3
160.2
115.9

12.3
35.1
22.8

36.1
33.1
-3.0

15
16
17

18
19
20

Less: Deposits at foreign banks
U.S.-chartered commercial banks
Foreign banking offices in U.S.

0.2
1.0
-0.9

-5.0
-1.0
-4.0

-1.3
-1.3
-0.0

-0.5
-1.0
0.6

-0.7
-0.4
-0.2

2.2
0.9
1.3

-1.6
-2.2
0.6

-1.8
-2.4
0.6

-6.2
-4.3
-1.9

10.8
8.8
2.0

-0.4
-0.5
0.2

18
19
20

-19.9

3.4

3.5

17.4

25.3

5.4

-12.1

51.1

16.7

13.6

8.3

21

-6.7
-14.7
5.4
-0.2
-19.9

-2.6
6.0
2.1
0.6
3.4

-12.1
19.6
16.4
-0.3
3.5

-12.5
8.4
-8.9
-0.1
17.4

-11.6
-2.5
-27.2
-0.6
25.3

1.9
10.5
4.2
1.0
5.4

18.8
-20.1
-6.9
-1.0
-12.1

-59.2
45.8
-5.5
0.3
51.1

208.3
27.0
9.9
0.4
16.7

-4.6
-61.9
-78.3
2.9
13.6

42.0
40.3
33.8
-1.8
8.3

22
23
24
25
26

-7.4
-0.6

-1.6
10.2

23.7
8.0

8.1
12.9

-33.5
42.7

2.6
6.0

-23.8
-15.0

87.2
17.7

-22.0
-159.3

2.7
-60.0

8.5
-10.3

27
28

-12.7
-7.4
5.4

-3.7
-1.6
2.1

7.4
23.7
16.4

17.0
8.1
-8.9

-6.4
-33.5
-27.2

-1.6
2.6
4.2

-16.9
-23.8
-6.9

92.8
87.2
-5.5

-31.9
-22.0
9.9

81.0
2.7
-78.3

-25.3
8.5
33.8

29
30
31

-0.4
-0.6
-0.2

9.6
10.2
0.6

8.2
8.0
-0.3

12.9
12.9
-0.1

43.3
42.7
-0.6

5.0
6.0
1.0

-14.1
-15.0
-1.0

17.5
17.7
0.3

-159.7
-159.3
0.4

-62.8
-60.0
2.9

-8.5
-10.3
-1.8

32
33
34

0.2

-35.6

14.0

-37.7

-98.2

146.5

-158.4

-40.5

-62.4

5.8

11.4

35

-4.3

-27.1

-6.5

-11.5

5.9

138.4

-143.9

-46.6

-66.3

2.2

-7.4

36

4.5

-8.6

20.5

-26.1

-104.1

8.1

-14.6

6.1

3.8

3.5

18.8

37

21
22
23
24
25
26

27
28

To U.S. banking, net
U.S.-chartered commercial banks
Liabilities
To foreign offices in U.S.
To bank holding companies
Unallocated
Less, due from:
Foreign offices in U.S.
Bank holding companies

29
30
31

Foreign banking offices in U.S.
Due to U.S. banks
- Due from U.S. banks

32
33
34

Bank holding companies
Due to U.S. banks
- Due from U.S. banks

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

-1.6
-3.6
2.0

-1.1
0.9
-2.0

-1.7
-1.9
0.2

1.0
1.1
-0.1

0.1
0.1
0.0

1.9
0.8
1.1

1.0
1.5
-0.6

1.1
2.1
-1.0

-3.2
-2.9
-0.4

-1.7
-2.2
0.5

-0.5
-0.2
-0.2

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

6.6
6.8
-0.2

-7.6
-4.6
-2.9

22.1
-2.4
24.5

-26.1
-4.0
-22.2

-102.4
-3.3
-99.1

6.1
0.4
5.7

-13.7
-2.8
-10.9

5.5
-10.1
15.7

7.1
14.7
-7.6

5.2
1.5
3.7

18.3
21.6
-3.3

41
42
43

-0.5

0.1

0.1

-1.0

-1.8

0.1

-1.9

-0.5

0.0

0.0

0.9

44

-19.9

3.4

3.5

17.4

25.3

5.4

-12.1

51.1

16.7

13.6

8.3

45

44
45

Savings insts.: Reserves at Fed. Res.
Discrepancy--floats, etc.

39

Z.1, December 7, 2001

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1

Net change in liabilities

2
3
4
5

Monetary authority
Federal government cash and deposits
Deposits due to foreign
Currency outside banks

6
7
8
9

Commercial banking
Federal government deposits
Deposits due to foreign
Private domestic deposits

Q2

Q3

Q4

Q1

2001
Q2

Q3

41.2

47.4

151.4

-71.5

-206.8

-33.8

5.0

-50.2

90.3

100.8

245.3

1

29.9
-2.3
0.3
31.9

38.3
0.5
-0.3
38.0

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

-187.8
-91.0
0.2
-97.0

27.5
-19.5
-0.1
47.1

23.3
30.4
0.1
-7.2

-4.1
-11.5
0.3
7.1

48.8
5.9
-0.6
43.5

50.2
-17.7
0.1
67.8

84.2
30.1
2.0
52.1

2
3
4
5

-19.8
-0.9
4.8
-23.7

-33.4
-14.6
-1.5
-17.3

3.2
36.4
13.4
-46.6

-85.2
-33.2
-9.5
-42.6

-87.9
-30.5
-54.7
-2.7

-100.7
-22.6
5.9
-84.1

-60.8
-17.3
4.8
-48.3

-91.4
-62.3
6.0
-35.2

-25.5
4.3
2.7
-32.4

1.4
-3.8
-4.1
9.4

109.3
24.6
3.7
81.0

6
7
8
9

27.1
4.1

36.1
6.4

37.2
2.3

43.1
5.9

45.2
23.7

42.8
-3.5

40.6
1.9

43.9
1.4

51.1
15.8

53.2
-4.0

46.3
5.5

10
11

10
11

Savings institutions
Credit unions

12

Net change in assets

41.2

47.4

151.4

-71.5

-206.8

-33.8

5.0

-50.2

90.3

100.8

245.3

12

13

Household sector

-33.7

-28.6

-41.5

-42.3

46.9

-106.9

-76.5

-32.5

64.5

71.8

98.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

30.0
7.6
22.2
0.2

69.2
35.2
32.1
1.9

59.0
34.8
25.0
-0.8

49.1
24.7
25.0
-0.6

23.4
-0.8
25.0
-0.8

93.4
50.8
43.4
-0.8

106.4
90.9
15.9
-0.4

-26.8
-42.0
15.7
-0.5

-58.3
-77.8
20.0
-0.5

-79.9
-100.2
20.8
-0.4

-35.9
-54.3
18.9
-0.5

14
15
16
17

18
19

State and local governments
Federal government

4.4
-0.5

-3.9
-16.7

3.9
66.2

1.0
-65.1

-5.9
-140.3

-7.2
-58.3

0.2
10.0

17.0
-71.7

2.3
40.1

-6.5
-31.6

-0.1
36.2

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

29.9
5.1
24.8

14.8
-1.8
16.6

39.9
13.3
26.6

-8.2
-9.3
1.1

-81.9
-54.5
-27.4

9.8
5.9
4.0

8.0
5.0
3.0

31.3
6.4
24.9

11.3
2.1
9.2

7.1
-4.0
11.1

38.5
5.7
32.8

20
21
22

23

Financial sectors

17.8

13.0

32.2

-16.7

-68.6

17.7

-48.1

32.2

56.4

126.0

85.1

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

-0.1
1.0
0.6
0.0

0.6
3.2
1.0
-0.5

0.3
1.7
17.3
-0.1

-0.5
-0.4
-14.2
-0.0

-1.3
-15.3
1.1
-0.0

0.6
4.7
0.9
-0.0

-2.6
-0.1
-28.7
-0.0

1.2
9.0
-30.2
-0.0

0.6
-0.2
12.7
-0.0

-0.6
8.2
25.5
-0.0

3.2
0.5
22.4
-0.0

24
25
26
27

28
29
30
31

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

3.8
0.3
1.3
-2.2

-2.7
-0.2
0.2
4.7

0.0
0.2
1.2
-0.7

-0.5
-0.6
0.7
-0.1

-5.6
-4.5
0.5
7.4

6.4
-1.7
0.5
5.5

-7.9
1.4
1.3
-1.7

5.2
2.4
0.4
-11.7

51.5
27.5
1.0
-7.6

22.5
4.8
1.9
18.7

4.4
5.5
0.9
2.4

28
29
30
31

32
33
34
35
36

Money market mutual funds
Government-sponsored enterprises
Finance companies
REITs
Brokers and dealers

2.6
1.2
2.1
1.1
6.0

-2.6
2.5
2.3
0.8
3.7

-1.2
7.4
2.5
0.3
3.3

4.5
-9.7
2.6
-0.0
1.6

-3.2
-44.2
2.6
0.4
-6.4

-2.4
2.1
2.6
-1.2
-0.6

14.7
-0.7
2.7
-1.4
-24.8

8.8
4.3
2.7
2.0
38.2

-24.4
-0.3
2.8
-1.0
-6.3

4.2
2.6
2.8
2.3
33.1

-27.4
4.7
2.9
2.3
63.3

32
33
34
35
36

-6.6

-0.5

-8.2

10.7

19.7

17.7

5.0

0.3

-26.1

13.9

23.6

37

37

Mail float

40

Z.1, December 7, 2001

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2

Net change in liabilities

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

219.6

244.5

175.3

309.1

258.7

224.2

377.4

376.0

418.9

246.1

244.1

1

97.1

152.4

44.7

190.7

104.6

123.0

224.5

310.8

288.3

194.2

229.2

2

Small time and savings deposits

3
4
5
6

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

148.3
143.9
4.4
-0.0

183.7
186.3
-3.6
1.0

71.3
72.4
-1.9
0.8

213.3
210.4
1.4
1.4

145.6
146.6
-1.3
0.4

159.7
155.3
1.8
2.5

213.0
215.5
-4.7
2.3

334.8
324.3
10.0
0.5

222.2
228.0
-5.2
-0.6

197.7
169.0
23.2
5.4

198.0
213.1
-16.6
1.4

3
4
5
6

7
8

Savings institutions
Credit unions

-64.4
13.2

-54.3
23.1

-38.9
12.3

-35.5
13.0

-47.4
6.4

-35.1
-1.6

-19.0
30.5

-40.7
16.7

6.7
59.4

-37.6
34.0

-30.6
61.8

7
8

9

Large time deposits (1)

122.5

92.1

130.6

118.4

154.1

101.2

152.9

65.2

130.6

51.9

14.9

9

107.9
63.2
44.7
-0.0

72.3
34.8
36.5
1.0

119.0
61.5
56.7
0.8

94.9
87.9
5.6
1.4

128.8
91.7
36.7
0.4

86.5
141.6
-57.6
2.5

122.6
73.7
46.6
2.3

41.8
44.6
-3.4
0.5

87.8
17.7
70.6
-0.6

20.9
25.6
-10.2
5.4

-40.8
-7.3
-35.0
1.4

10
11
12
13

11.7
2.9

15.7
4.1

8.5
3.1

19.9
3.5

27.3
-2.0

9.0
5.7

32.3
-2.0

11.0
12.4

40.9
2.0

16.2
14.9

44.9
10.8

14
15

10
11
12
13

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

14
15

Savings institutions
Credit unions

16

Net change in assets

219.6

244.5

175.3

309.1

258.7

224.2

377.4

376.0

418.9

246.1

244.1

16

17

Household sector

131.9

193.6

99.5

305.2

332.8

340.7

339.1

208.4

341.8

267.0

200.9

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

30.4
19.7
10.7

2.3
-6.8
9.1

26.2
16.2
10.0

9.1
5.1
4.0

-43.8
-47.8
4.0

-5.2
-12.9
7.7

13.7
12.6
1.2

71.5
68.4
3.1

-32.0
-37.0
5.0

-19.0
-24.4
5.4

-0.0
-5.5
5.5

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

5.8
1.0
13.1

12.8
1.3
13.0

10.9
0.7
15.0

9.4
1.0
5.7

-18.4
0.4
-9.5

20.3
1.0
1.4

7.0
2.1
-6.4

28.9
0.4
37.2

-11.5
8.2
-40.3

1.7
5.9
2.6

-2.9
7.2
-7.7

21
22
23

24

Financial sectors

37.5

21.5

23.0

-21.3

-2.7

-134.0

21.9

29.7

152.7

-12.1

46.5

24

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

-0.4
0.6
1.0

0.5
6.4
-2.1

-0.1
-6.8
0.9

0.1
0.5
0.6

2.4
2.6
1.0

-2.4
-8.7
0.8

-0.8
-0.7
0.4

1.2
8.6
0.3

1.2
8.8
0.5

2.7
-7.8
0.3

-0.7
5.0
0.4

25
26
27

28
29
30

Private pension funds
State and local govt. retirement funds
Money market mutual funds

7.5
0.1
28.6

1.5
-0.4
15.7

-4.0
-0.3
33.3

2.0
-0.6
-23.8

-0.7
2.9
-10.8

5.4
1.3
-130.3

-0.8
6.9
16.9

4.0
-13.5
29.0

-3.9
-1.0
147.1

-1.2
1.2
-7.3

-4.4
1.5
44.7

28
29
30

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

1

2

Net purchases

155.9

287.2

249.1

233.3

239.7

71.5

250.9

371.1

621.4

322.5

367.7

2

3
4
5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

79.9
20.2
3.7

164.9
26.5
9.7

124.5
23.1
10.0

131.3
40.4
10.0

209.1
7.9
2.0

80.1
2.9
0.7

57.8
63.4
15.7

178.3
87.4
21.6

253.0
130.2
28.0

-44.6
112.6
28.0

242.2
31.3
8.8

3
4
5

6
7
8
9

Bank personal trusts and estates
Life insurance companies
Private pension funds
Funding corporations

-4.0
32.6
13.1
10.4

8.8
17.6
1.9
57.9

7.5
23.4
11.7
48.9

3.7
8.5
5.9
33.5

3.2
5.3
1.8
10.5

4.4
-5.7
0.3
-11.2

2.8
11.8
12.1
87.4

4.3
22.6
9.4
47.3

3.4
89.5
9.7
107.6

4.0
88.2
10.0
124.2

3.8
24.5
10.3
46.8

6
7
8
9

41

Z.1, December 7, 2001

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

120.9

91.3

169.7

110.7

275.8

155.1

277.1

-265.4

-12.8

177.7

262.2

1

2
3
4
5

Commercial banking (net)
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies

89.0
63.4
25.6
0.0

87.0
66.8
19.7
0.5

110.6
128.7
-18.3
0.1

63.6
12.8
52.4
-1.6

133.1
124.6
7.6
0.8

198.9
137.8
59.3
1.8

59.2
-33.2
92.8
-0.4

-137.0
-178.1
49.8
-8.7

74.3
45.1
22.1
7.0

-62.1
58.1
-120.7
0.5

23.7
41.0
-18.1
0.7

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-1.9
11.2
22.7

9.5
-9.8
4.5

21.4
0.5
37.2

-6.1
-3.8
56.9

3.2
-10.7
150.2

6.0
-7.2
-42.7

24.6
4.5
188.8

-58.1
-1.8
-68.5

1.8
4.9
-93.8

9.9
7.8
222.0

-59.8
7.3
291.1

6
7
8

57.8

30.7

139.7

-0.4

-291.4

103.2

150.6

36.0

148.8

5.8

225.6

9

9

Net change in liabilities

1998

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

0.7
3.6
20.0

-0.4
7.2
-18.8

1.1
5.0
14.8

-0.5
9.7
5.1

3.1
51.3
-43.2

-7.7
-9.4
48.5

-0.9
12.0
20.6

3.3
-15.0
-5.6

-6.0
19.0
97.1

2.4
17.2
13.5

-5.6
40.8
-36.2

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

33.6
2.3
-0.8
2.0

42.7
6.5
5.5
3.4

118.7
110.3
-4.2
2.4

-14.6
-97.3
4.3
-5.3

-302.6
-402.8
3.7
-11.4

71.8
26.9
2.0
-18.9

118.9
-27.6
10.7
31.8

53.3
14.5
0.7
-22.7

38.7
-15.1
27.1
16.0

-27.3
24.2
1.3
-1.5

226.6
106.7
15.2
10.4

13
14
15
16

-0.2
0.9
0.4
22.8
10.3
-4.1

7.4
1.0
8.9
12.9
10.4
-13.4

-14.4
0.4
2.8
0.1
8.5
12.7

10.0
0.9
4.3
43.4
26.7
-1.7

26.1
0.5
20.1
55.1
2.6
3.4

1.9
0.5
5.8
31.9
60.6
-39.0

2.0
1.3
-6.8
16.6
39.6
51.4

10.0
1.3
-1.8
69.9
3.8
-22.5

-42.0
-3.6
-8.7
71.5
-67.0
60.4

-4.6
1.3
17.2
-5.6
-28.0
-31.7

17.3
1.4
4.7
60.7
-41.0
51.3

17
18
19
20
21
22

63.2

60.6

30.0

111.1

567.2

51.9

126.5

-301.4

-161.7

171.9

36.6

23

17
18
19
20
21
22
23

Other insurance companies
Private pension funds
State and local govt. retirement funds
Money market mutual funds
Mutual funds
Government-sponsored enterprises
Discrepancy--unallocated assets

F.208 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6

Total net issues, all types
Commercial paper
Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

184.1

193.1

229.9

207.6

202.1

259.1

169.7

199.3

-367.2

-232.5

-186.3

1

186.8

202.5

232.8

208.2

200.6

258.5

171.9

201.8

-366.5

-227.9

-179.7

2

13.7
3.7
-2.3
6.0

24.4
7.8
-1.6
9.4

37.4
16.3
8.2
8.1

48.1
31.7
10.9
20.8

29.8
57.8
36.6
21.2

110.4
12.0
19.7
-7.6

56.1
7.0
-13.8
20.9

-4.0
50.1
1.2
48.9

-207.2
-25.4
-31.7
6.3

-141.5
-5.6
-24.6
19.0

-74.1
-26.5
-24.5
-2.0

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

169.4
6.0
89.4
24.6
0.0
49.4

170.3
7.8
125.7
30.7
0.2
6.0

179.2
9.1
139.0
-2.9
-0.1
34.1

128.4
1.2
121.0
8.4
0.0
-2.3

113.1
-14.9
136.5
11.4
0.0
-19.9

136.0
6.7
125.5
-26.5
3.5
26.9

108.8
6.8
102.3
-2.3
-3.4
5.4

155.7
6.3
119.9
51.0
0.0
-21.6

-133.9
30.5
84.6
-231.8
-0.2
-17.1

-80.8
-2.8
96.8
14.0
-0.5
-188.3

-79.0
-0.9
86.0
-23.1
4.4
-145.3

7
8
9
10
11
12

13

Bankers acceptances (1)

-2.7

-9.4

-2.9

-0.7

1.5

0.6

-2.3

-2.5

-0.7

-4.6

-6.6

13

14

Net purchases, by sector

184.1

193.1

229.9

207.6

202.1

259.1

169.7

199.3

-367.2

-232.5

-186.3

14

15
16
17
18

Household sector
Nonfinancial corporate business
State and local governments
Rest of the world

1.5
4.6
14.3
19.9

7.5
3.3
28.0
37.6

4.0
4.3
1.9
-13.0

5.0
0.3
7.6
8.7

5.0
-6.1
6.9
-9.4

5.0
0.8
17.5
-7.2

5.0
7.6
-4.0
-14.3

5.0
-1.1
10.0
65.6

-22.0
11.5
4.0
-4.1

-18.0
14.0
-17.2
12.8

-15.0
-13.5
20.0
-9.7

15
16
17
18

19
20
21
22
23

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions
Bank personal trusts and estates

0.0
-0.8
-0.3
-0.1
-0.2

0.0
-0.2
0.0
0.2
-4.5

0.0
0.3
0.0
1.5
0.6

0.0
0.1
0.0
-0.6
0.6

0.0
0.4
0.0
-4.1
0.7

0.0
-0.4
0.0
-2.0
0.4

0.0
-0.1
0.0
3.6
0.8

0.0
0.7
0.0
-0.0
0.5

0.0
0.1
0.0
-0.4
-4.2

0.0
0.0
0.0
1.8
-3.7

0.0
0.0
0.0
-1.1
-3.4

19
20
21
22
23

24
25
26

Life insurance companies
Private pension funds
State and local govt. retirement funds

17.5
1.2
0.4

7.5
2.9
8.9

2.0
3.7
2.8

-4.5
-1.8
4.3

-15.1
-7.6
20.1

12.2
0.4
5.8

-3.1
1.2
-6.8

-12.2
-1.2
-1.8

-41.1
-13.2
-8.7

-0.2
-5.5
17.2

18.6
3.4
4.7

24
25
26

27
28
29
30
31

Money market mutual funds
Mutual funds
Government-sponsored enterprises
Brokers and dealers
Funding corporations

62.1
10.6
-1.1
0.6
53.8

78.2
10.4
26.9
3.8
-17.4

104.7
8.5
-27.1
-2.0
137.6

95.5
26.7
16.8
13.2
35.8

131.5
13.2
17.0
16.9
32.8

-13.0
43.2
-13.1
32.1
177.4

134.2
31.3
29.7
28.8
-44.2

129.1
19.0
33.4
-24.9
-23.0

3.3
-53.5
-48.9
21.3
-211.2

17.1
-61.7
40.5
1.2
-231.1

79.9
-34.9
0.6
22.4
-258.1

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, December 7, 2001

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7

Net issues
Savings bonds
Other Treasury issues
Net purchases
Household sector
Savings bonds
Other Treasury issues

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

23.2

-54.6

-71.0

-294.9

-215.2

-410.5

-223.8

-330.2

-2.1

-257.1

256.0

1

-0.5
23.7

0.1
-54.7

-0.2
-70.8

-1.7
-293.2

-3.5
-211.7

-2.1
-408.5

-0.9
-222.9

-0.3
-329.9

1.4
-3.5

3.3
-260.5

3.9
252.1

2
3

23.2

-54.6

-71.0

-294.9

-215.2

-410.5

-223.8

-330.2

-2.1

-257.1

256.0

4

-162.4
-0.5
-161.9

-85.2
0.1
-85.4

-1.3
-0.2
-1.2

-153.7
-1.7
-152.0

-226.8
-3.5
-223.3

-221.5
-2.1
-219.5

-134.8
-0.9
-133.9

-31.5
-0.3
-31.3

-73.8
1.4
-75.2

-109.9
3.3
-113.2

81.3
3.9
77.3

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

-20.2
4.1
-17.7

-3.2
6.1
30.0

-4.0
-3.1
-2.5

-1.2
-10.2
-30.6

8.2
-10.2
-37.5

8.3
-15.0
-15.2

-1.9
-6.5
-45.7

-19.4
-9.1
-24.1

-1.6
-11.0
-48.5

-3.8
-11.0
-41.5

-4.3
-13.4
-98.0

8
9
10

11
12

Rest of the world
Monetary authority

139.7
39.8

38.7
21.4

-8.3
25.8

-63.0
33.7

27.4
102.1

-98.2
-5.4

-86.0
39.2

-95.3
-0.9

-1.5
54.2

-116.2
26.4

30.3
8.7

11
12

13
14
15
16
17

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

8.3
-6.1
14.4
-0.1
0.1

-56.1
-42.1
-10.3
-3.1
-0.7

12.7
-1.9
7.5
7.9
-0.7

-44.5
-35.0
-0.6
-7.9
-1.0

-86.3
-32.2
-21.5
-31.4
-1.2

-35.1
-13.7
-21.5
0.6
-0.5

22.9
-6.5
29.9
0.1
-0.6

-79.6
-87.6
10.7
-1.1
-1.7

-82.8
-104.4
24.5
-0.3
-2.6

39.5
13.8
26.0
0.7
-1.0

22.1
4.0
16.4
-0.3
2.0

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

-2.8
-1.8
-5.4

-4.4
-2.5
-3.1

-0.0
-3.5
-0.0

-1.4
-1.4
-0.8

-0.8
-1.0
-0.9

-3.3
-2.1
-0.9

-1.4
-1.0
-0.7

-0.2
-1.5
-0.7

-3.0
-1.0
-1.4

-2.1
-5.7
-1.2

-3.5
-0.5
-1.8

18
19
20

21
22
23
24

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

1.6
2.1
4.1
13.4

-14.1
-20.8
-4.4
0.8

-9.3
-9.7
-0.6
-6.6

-4.6
-8.6
-0.8
-15.5

-4.0
-9.2
-3.1
-0.3

-5.0
-9.3
7.3
-2.5

-4.1
-6.9
0.3
-39.2

-5.4
-8.8
-7.7
-19.8

-17.3
-15.8
-26.2
-1.5

-20.2
-8.0
-14.7
7.0

-18.0
-7.2
-19.1
-20.3

21
22
23
24

25
26
27
28
29

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Brokers and dealers

-4.0
11.0
-1.2
7.1
7.5

17.5
5.2
-0.9
-0.7
21.2

0.1
-6.8
-1.3
5.8
-58.4

-13.3
-9.2
-0.3
-8.9
39.4

-7.5
-28.4
-0.3
-23.2
86.8

-34.8
-5.6
-0.3
-18.0
46.0

-0.1
-10.3
-0.3
-6.5
59.3

-10.9
7.6
-0.3
12.2
-34.5

35.5
17.7
-0.3
4.9
171.1

37.0
53.4
-0.3
0.5
-86.1

68.9
44.7
-0.3
-17.5
203.8

25
26
27
28
29

23.1

-52.6

-71.2

-295.9

-217.2

-408.7

-226.2

-331.3

-4.3

-256.0

255.7

30

Memo:
30

Federal government borrowing (1)

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).

43

Z.1, December 7, 2001

F.210 Agency Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6
7
8

Net issues
Budget agencies
Government-sponsored enterprises
Federally related mortgage pools
Net purchases
Household sector
Nonfinancial corporate business
State and local governments

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

212.8

472.9

591.7

432.5

222.4

382.9

512.4

612.4

430.3

675.9

820.3

1

-0.1
98.4
114.6

2.0
278.3
192.6

-0.2
318.2
273.8

-1.0
234.1
199.4

-2.1
104.9
119.5

1.8
248.9
132.2

-2.4
278.1
236.7

-1.2
304.5
309.1

-2.2
262.3
170.3

1.1
268.3
406.5

-0.4
328.0
492.6

2
3
4

212.8

472.9

591.7

432.5

222.4

382.9

512.4

612.4

430.3

675.9

820.3

5

11.0
-20.5
-0.8

-74.8
2.6
63.6

82.4
1.9
28.5

-11.4
3.1
23.5

-57.8
10.1
23.1

75.3
11.4
26.9

28.1
4.5
24.0

-91.3
-13.4
20.0

-422.5
1.1
27.8

131.0
6.1
22.7

-39.0
30.1
27.6

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
49.8
-1.5

0.0
56.7
-0.3

0.0
92.1
-0.2

0.0
152.7
-0.1

0.0
136.5
-0.1

0.0
117.3
-0.0

0.0
171.4
-0.0

0.0
185.7
0.0

0.0
168.9
-0.5

0.0
157.2
0.0

0.0
131.6
0.0

9
10
11

12
13
14
15
16

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

75.5
60.4
12.5
0.6
2.0

91.4
81.6
4.8
1.1
3.9

35.7
29.3
4.3
-1.3
3.3

22.6
18.2
0.6
-0.5
4.3

70.6
75.3
-3.1
-2.4
0.8

13.8
15.3
-4.0
0.9
1.6

-30.1
-40.0
2.2
0.4
7.3

36.2
22.4
7.5
-1.1
7.4

-20.7
-30.9
13.4
2.4
-5.7

-75.6
12.5
-87.0
-1.4
0.3

166.2
141.5
23.6
-0.3
1.3

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

-0.8
0.4
-4.7

-11.7
7.3
-1.4

3.7
2.9
5.7

-6.7
-0.4
4.6

-20.2
7.7
4.0

-9.1
-1.1
4.3

-1.5
-14.8
4.9

4.1
6.8
5.2

19.4
20.1
3.3

21.0
-11.0
3.9

-7.4
36.6
2.5

17
18
19

20
21
22
23

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

-3.0
1.7
7.7
18.4

-9.6
-1.2
39.0
19.1

7.0
5.9
30.6
22.9

11.0
8.6
27.7
37.6

14.6
7.9
42.3
-17.9

7.3
7.5
5.4
58.7

12.8
10.9
36.6
46.8

9.3
7.9
26.5
62.7

32.9
4.3
29.3
-27.5

19.7
6.0
-18.7
20.4

34.2
5.5
2.6
11.7

20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-5.5
8.4
69.0

77.5
21.0
163.1

17.1
19.3
178.7

-5.8
19.5
145.0

-72.9
-4.4
120.5

-58.5
34.7
74.4

15.2
17.9
154.6

93.2
29.7
230.6

251.3
25.4
234.4

79.7
94.8
162.9

196.8
57.1
195.2

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

3.6
9.0
-4.8

38.2
-8.1
0.5

41.3
1.1
15.0

2.8
0.3
-2.3

21.6
-0.4
-62.7

-0.7
-3.8
19.2

-1.9
3.0
30.1

-7.6
2.5
4.3

39.5
-2.6
46.4

-42.6
14.3
84.2

29.0
3.4
-63.6

27
28
29

(1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;
and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30.

44

Z.1, December 7, 2001

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

71.4

96.8

68.2

35.3

20.0

30.1

31.0

60.1

110.7

112.4

56.0

1

2
3
4

State and local governments
Short-term (1)
Long-term

57.3
8.3
49.0

79.1
-6.3
85.4

52.7
3.6
49.1

28.2
3.2
25.0

14.5
4.4
10.1

19.8
8.4
11.5

25.1
-7.2
32.3

53.4
7.1
46.3

103.4
21.2
82.3

108.3
20.5
87.7

42.9
37.3
5.6

2
3
4

5

Nonprofit organizations (2)
Nonfinancial corporate business
(industrial revenue bonds)

10.0

12.0

10.4

5.8

3.3

10.2

4.9

4.6

4.9

0.9

12.0

5

6
7

Net change in liabilities

1998

Net change in assets

4.2

5.8

5.1

1.4

2.2

0.1

1.0

2.1

2.3

3.3

1.1

6

71.4

96.8

68.2

35.3

20.0

30.1

31.0

60.1

110.7

112.4

56.0

7

8
9
10
11

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

52.5
-3.6
0.5
-0.7

17.8
-1.6
0.1
-1.4

40.2
-3.4
0.2
-1.5

14.6
10.7
0.2
0.6

30.4
6.3
0.2
-1.7

-4.6
47.9
0.2
1.6

32.4
-33.1
0.2
3.2

-0.1
21.8
0.2
-0.8

92.5
-36.7
0.2
2.1

0.2
30.7
0.2
-0.6

-49.0
13.3
0.2
0.4

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

2.4
0.0
-13.3

8.2
0.4
-1.1

5.8
0.5
10.8

3.4
0.2
4.7

7.6
0.3
7.2

3.1
-0.2
3.6

1.6
-0.0
5.2

1.1
0.6
3.0

-2.6
2.9
3.1

15.5
0.3
2.0

3.8
0.3
1.4

12
13
14

15
16
17

Life insurance companies
Other insurance companies
State and local govt. retirement funds

0.1
2.6
0.9

1.7
16.5
1.7

1.7
-9.1
-0.2

-1.0
-14.9
-1.5

-0.5
-17.0
-0.5

-1.4
-17.5
-0.4

-0.9
-9.1
-2.5

-1.2
-15.9
-2.3

1.6
4.7
0.7

3.4
-2.0
-0.7

1.5
1.3
0.0

15
16
17

18
19
20
21
22

Money market mutual funds
Mutual funds
Closed-end funds
Government-sponsored enterprises
Brokers and dealers

22.5
6.5
-0.8
-0.4
2.4

26.0
22.8
1.9
4.1
-0.1

17.5
-3.2
8.7
1.4
-1.2

34.3
-8.9
-4.6
-1.8
-0.7

30.8
-28.3
-4.6
-5.7
-4.4

24.2
-17.9
-4.6
-0.1
-3.9

29.8
2.0
-4.6
3.0
3.9

52.6
8.5
-4.6
-4.5
1.8

14.3
22.0
-4.6
4.7
5.5

39.2
16.6
-4.6
8.3
4.1

54.4
23.6
-4.6
0.3
9.3

18
19
20
21
22

(1) Debt with original maturity of 13 months or less.
(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

F.212 Corporate and Foreign Bonds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

430.8

563.7

465.0

402.2

405.6

369.8

445.2

388.3

856.9

598.9

395.9

1

2
3

Nonfinancial corporate business
Rest of the world (1)

150.5
61.4

218.7
34.9

229.9
16.8

171.1
25.2

186.2
47.6

153.8
-27.3

168.8
71.4

175.6
9.0

400.9
17.1

428.0
-15.9

187.7
-101.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

218.9
23.7
0.1

310.1
27.6
-0.2

218.2
20.4
0.2

205.9
32.6
3.5

171.8
33.1
-0.0

243.3
38.1
0.0

205.0
32.7
2.6

203.7
26.5
11.5

438.9
79.5
-14.0

186.8
9.0
14.5

309.6
31.5
-1.2

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

112.9
28.7
14.8
8.1
30.6

195.7
24.2
21.7
7.2
34.0

84.4
64.3
8.9
-17.2
57.4

75.2
72.2
4.8
15.6
1.9

38.4
66.8
6.6
44.4
-17.6

20.6
148.3
13.2
-0.7
23.8

53.9
94.4
5.6
25.4
-9.6

188.0
-20.6
-6.3
-6.6
11.2

211.2
126.6
12.2
-23.9
47.2

75.5
33.3
-5.9
35.7
24.7

217.2
55.0
-0.5
12.3
-4.7

7
8
9
10
11

12

430.8

563.7

465.0

402.2

405.6

369.8

445.2

388.3

856.9

598.9

395.9

12

13
14
15

Net purchases
Household sector
State and local governments
Rest of the world (2)

85.6
1.3
84.6

96.8
10.2
122.2

23.6
12.6
160.8

-25.6
3.7
183.1

-28.7
6.1
178.3

132.9
4.7
169.1

-114.9
1.6
185.6

-91.6
2.4
199.4

253.4
11.5
280.2

-147.0
7.2
279.6

-97.5
14.8
149.7

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

27.8
-9.9
-0.8

38.0
29.9
-2.6

38.8
23.3
11.3

57.6
-2.5
8.1

-22.9
15.0
8.0

19.3
-20.5
6.6

138.0
-13.2
7.6

96.0
8.7
10.2

52.1
-54.0
10.1

141.2
-11.1
12.4

48.3
-20.2
10.0

16
17
18

19
20
21
22

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

86.8
18.9
33.8
33.1

84.5
11.6
17.1
35.1

41.5
10.0
9.3
30.4

49.0
6.4
14.5
29.7

76.9
4.7
13.2
61.1

23.1
4.0
10.2
-27.2

55.8
11.9
25.1
37.5

40.2
5.2
9.6
47.3

118.8
8.8
34.7
-36.2

113.1
4.0
30.7
6.9

118.9
9.4
11.7
18.6

19
20
21
22

23
24
25

Money market mutual funds
Mutual funds
Closed-end funds

12.5
44.4
-0.5

44.8
65.5
4.5

42.5
29.3
-0.0

38.2
-1.3
-3.5

79.7
-19.0
-3.5

-36.1
8.7
-3.5

77.0
9.2
-3.5

32.1
-4.0
-3.5

-1.1
57.8
-3.5

-6.8
62.1
-3.5

-20.9
33.4
-3.5

23
24
25

26
27
28
29

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

5.3
2.1
9.2
-3.4

20.7
-0.4
-18.6
4.5

23.7
-0.3
12.0
-3.8

25.8
-0.4
19.3
0.1

11.0
-0.7
66.3
-40.0

49.1
3.5
-3.5
29.4

29.5
-3.1
30.0
-28.8

13.6
-1.4
-15.7
40.0

31.7
8.6
45.3
38.7

48.4
-9.0
32.0
38.7

-1.3
3.0
78.1
43.6

26
27
28
29

(1) Net purchases of foreign issues by U.S. residents.
(2) Net purchases of U.S. issues by foreign residents.

45

Z.1, December 7, 2001

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

1

Net issues

2

Nonfinancial corporate business

3

Rest of the world (2)

4
5
6
7
8
9
10
11
12

Financial sectors
Commercial banking
Life insurance companies
Other insurance companies
Closed-end funds
Exchange-traded funds
REITs
Brokers and dealers
Net purchases

13
14
15

Household sector
State and local governments
Rest of the world (3)

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

19
20
21
22

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

23
24
25
26

Mutual funds
Closed-end funds
Exchange-traded funds
Brokers and dealers

Q2

Q3

Q4

Q1

2001
Q2

Q3

-79.9

-165.8

-34.6

-36.2

82.8

-22.2

-33.8

-171.5

137.3

119.5

-80.9

1

-114.4

-267.0

-143.5

-150.6

61.2

-245.2

-67.6

-350.8

-25.6

-72.6

-118.5

2

57.6

101.3

114.4

99.7

62.6

185.9

61.1

89.4

109.2

208.8

10.9

3

-23.1
-27.7
-4.0
-13.7
-7.7
3.4
32.5
-5.9

-0.1
-11.2
-4.7
-4.7
-7.8
6.0
19.8
2.5

-5.6
-10.6
-6.0
-7.8
-7.5
12.2
6.6
7.6

14.7
-12.5
-0.8
-4.5
-7.9
42.4
2.2
-4.2

-41.0
-26.1
-6.2
-13.1
-7.9
2.1
2.6
7.6

37.2
-16.0
12.9
-1.5
-7.9
46.3
2.0
1.4

-27.3
-2.8
-4.9
-1.0
-7.9
14.1
1.4
-26.1

89.8
-5.2
-4.8
-2.4
-7.9
107.0
3.0
0.1

53.7
-8.1
-6.8
-1.8
-7.9
57.9
1.4
19.0

-16.7
-7.9
-5.0
-2.2
-7.9
11.3
3.2
-8.2

26.7
-20.6
-4.4
-2.4
-7.9
27.9
7.5
26.6

4
5
6
7
8
9
10
11

-79.9

-165.8

-34.6

-36.2

82.8

-22.2

-33.8

-171.5

137.3

119.5

-80.9

12

-293.4
16.8
67.8

-248.7
9.4
42.0

-264.4
3.5
112.3

-459.5
-1.2
193.8

-554.9
-5.6
266.2

-367.5
10.7
136.1

-410.6
-4.1
214.9

-504.9
-5.6
158.2

-324.0
16.9
164.4

-185.4
21.0
137.8

-199.9
20.3
37.2

13
14
15

0.6
0.2
-0.5

1.3
1.5
-70.4

1.2
-0.7
-40.4

0.3
0.4
-20.0

0.8
1.5
-20.0

0.9
-1.3
-20.0

1.3
1.5
-20.0

-1.8
0.1
-20.0

-1.5
4.7
-20.0

-0.5
3.0
-20.0

5.6
2.4
-20.0

16
17
18

86.3
3.0
-137.8
9.4

115.3
-5.0
-113.0
-28.2

111.9
-1.7
-92.2
-6.2

105.9
0.7
-81.8
-18.4

126.4
-9.3
-106.2
-27.9

127.1
-11.8
-62.4
8.0

97.7
-16.4
-114.4
-3.8

72.5
40.4
-44.2
-49.9

93.6
6.0
-40.5
55.8

64.0
2.9
-23.8
-67.8

74.7
6.0
-56.4
-6.0

19
20
21
22

166.8
-5.1
3.4
2.4

143.3
-13.3
6.0
-6.0

136.9
-14.9
12.2
7.7

190.9
0.5
42.4
9.6

378.2
0.5
2.1
31.1

108.4
0.5
46.3
2.8

186.9
0.5
14.1
18.6

90.3
0.5
107.0
-14.2

99.6
0.5
57.9
23.9

134.8
0.5
11.3
41.8

86.4
0.5
27.9
-59.8

23
24
25
26

(1) Excludes mutual fund shares shown on table F.214.
(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

1

2

Net purchases

265.1

274.6

188.3

243.9

307.3

232.0

279.4

156.7

96.4

268.0

169.8

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

259.6
-8.2
-7.4

243.4
7.3
-12.3

141.7
-1.8
4.3

229.8
-1.8
0.8

286.8
-1.8
-10.7

215.6
-1.8
5.6

271.1
-1.8
4.5

145.6
-1.8
4.0

67.4
-1.8
9.4

261.9
-1.8
7.9

162.0
-1.8
-0.8

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

0.8
-0.2
-14.9

-0.4
1.2
27.0

1.2
-1.1
-1.5

2.5
-0.3
-30.5

5.1
2.7
-30.5

-0.1
-3.8
-30.5

-0.3
-0.2
-30.5

5.4
0.0
-30.5

13.6
-0.9
-20.0

-2.1
6.4
-20.0

3.8
-1.9
-20.0

6
7
8

-7.2
42.7

-23.4
31.7

15.0
30.7

11.0
32.4

12.0
43.7

12.4
34.8

10.1
26.6

9.6
24.5

2.0
26.8

2.0
13.8

2.0
26.6

9
10

9
10

Life insurance companies
Private pension funds

46

Z.1, December 7, 2001

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Total loans by commercial
banking, flow of funds basis

234.7

253.4

200.1

370.4

529.0

512.4

262.6

177.6

280.5

-70.6

-26.0

1

2
3
4
5

- Loans elsewhere classified:
Open market paper
Mortgages
Consumer credit
Security credit

-0.8
99.9
-14.2
21.7

-0.2
91.7
-3.6
20.5

0.3
158.2
-9.2
-18.1

0.1
164.1
41.7
50.4

0.4
247.0
39.5
84.2

-0.4
261.1
55.7
16.8

-0.1
127.6
53.9
29.1

0.7
20.7
17.8
71.4

0.1
158.8
13.7
73.8

0.0
133.0
54.4
-88.1

0.0
42.8
-27.3
-27.9

2
3
4
5

6

= Banking sector total bank loans n.e.c.

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

6

108.1
19.2
-0.0
0.9

144.3
-1.9
1.7
0.9

92.2
-22.3
-1.6
0.5

98.2
15.8
-0.9
1.1

135.5
21.6
-2.9
3.8

168.8
1.0
8.6
0.8

59.3
0.3
-9.0
1.6

29.2
40.1
-0.5
-1.7

11.1
18.2
4.3
0.5

-93.0
-78.8
-0.2
2.1

-5.1
-8.2
-0.1
-0.2

7
8
9
10

7
8
9
10

U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

12

13

Net change in liabilities

128.2

145.0

68.9

114.1

158.0

179.2

52.2

67.1

34.1

-170.0

-13.6

13

114.9

114.9

83.2

114.4

154.9

172.2

58.9

71.5

7.1

-184.2

-5.5

14

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

8.0
51.1
43.8
3.5

6.2
81.8
18.9
1.2

-7.3
73.0
17.9
-0.9

8.2
74.3
17.9
2.7

34.1
84.9
18.3
2.2

-2.6
134.5
33.4
1.2

4.1
36.3
7.3
-0.8

-2.9
41.5
12.5
8.2

-17.3
8.5
0.7
2.2

-28.1
-102.6
-20.2
-2.3

48.3
-39.6
-14.5
-4.2

15
16
17
18

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

8.5
-0.8
-0.5
9.8

6.7
0.8
-0.7
6.7

0.5
0.2
-3.1
3.5

11.3
0.5
3.2
7.5

15.4
-0.8
5.7
10.6

5.7
1.4
2.6
1.7

11.9
1.8
2.2
7.9

12.2
-0.3
2.5
9.9

13.0
0.4
12.1
0.5

-31.0
-1.2
-28.3
-1.5

4.4
3.4
1.1
-0.1

19
20
21
22

13.3

30.1

-14.2

-0.3

3.2

6.9

-6.7

-4.4

27.1

14.3

-8.1

23

3.5
4.5
-4.6
9.9

10.3
2.2
1.6
16.0

-15.7
8.9
0.2
-7.6

7.4
0.5
0.1
-8.3

25.4
-17.1
-3.0
-2.1

3.5
17.6
2.7
-16.9

-1.9
6.1
-0.3
-10.6

2.7
-4.3
1.0
-3.7

4.6
32.3
0.7
-10.6

-3.8
16.8
0.6
0.7

6.7
-9.9
0.8
-5.8

24
25
26
27

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, December 7, 2001

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Total other loans and advances

93.2

166.3

158.5

142.7

226.6

245.1

-16.8

115.8

84.2

102.0

133.0

1

2
3
4
5
6
7
8
9

U.S. government loans
Liab.: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Rest of the world
Government-sponsored enterprises

9.6
11.4
-0.3
1.8
-0.5
-1.2
-1.6
0.0

14.4
10.6
-0.1
4.0
-0.3
1.2
-1.0
0.0

5.9
12.6
-0.3
-0.9
-0.3
-0.4
-4.8
0.0

8.2
11.2
-0.4
-1.1
0.1
-1.0
-0.6
0.0

10.3
12.4
-0.6
-0.3
0.2
-1.6
0.3
0.0

7.6
10.7
-0.4
-1.3
-0.2
-1.6
0.4
0.0

5.8
11.1
-0.7
-1.2
0.2
-1.3
-2.2
0.0

9.1
10.9
-0.0
-1.6
0.2
0.4
-0.8
0.0

7.0
10.5
0.3
-2.6
0.2
0.4
-1.8
0.0

4.6
11.7
-1.2
-2.2
0.3
0.4
-4.3
0.0

4.4
11.4
1.4
-4.1
-0.2
0.1
-4.2
0.0

2
3
4
5
6
7
8
9

10
11

Foreign loans to U.S. corporate business
Liab.: Nonfinancial corporate business

17.3
17.3

-1.0
-1.0

-22.7
-22.7

-2.2
-2.2

-17.6
-17.6

16.9
16.9

-40.6
-40.6

32.4
32.4

-32.4
-32.4

16.2
16.2

80.1
80.1

10
11

12
13
14

Customers liability on acceptances
outstanding (Commercial banking asset)
Liab.: Nonfinancial corporate business
Rest of the world

-2.8
-2.6
-0.2

-9.3
-4.3
-5.0

-3.1
-2.2
-0.9

-0.7
-0.0
-0.7

2.0
2.8
-0.8

0.7
-0.6
1.2

-2.7
-3.2
0.5

-2.9
0.8
-3.7

0.0
9.9
-9.9

-4.0
-3.7
-0.3

-7.4
-8.3
0.9

12
13
14

15
16
17

Savings institution loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

3.1
1.6
1.6

5.3
2.7
2.7

6.5
3.2
3.2

8.7
4.3
4.3

11.2
5.6
5.6

7.8
3.9
3.9

10.1
5.0
5.0

5.7
2.8
2.8

8.2
4.1
4.1

9.6
4.8
4.8

-0.6
-0.3
-0.3

15
16
17

18
19
20

Policy loans (Household liability)
Asset: Federal government
Life insurance companies

3.2
0.0
3.2

0.1
-0.0
0.1

-5.1
-0.0
-5.0

2.8
-0.0
2.9

-1.3
-0.0
-1.3

3.6
-0.0
3.6

5.8
-0.0
5.8

3.2
-0.0
3.2

4.0
0.0
4.0

0.6
0.0
0.6

4.3
0.0
4.3

18
19
20

21
22
23
24
25
26
27
28

Govt.-sponsored enterprises loans
Liab.: Household sector (SLMA)
Noncorporate business (FCS)
Farm business (FCS)
Commercial banks (FHLB and SLMA)
Savings institutions (FHLB and SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

31.2
-4.4
0.0
0.0
19.1
16.2
0.1
0.2

92.3
-1.2
2.7
0.6
46.9
42.1
0.6
0.7

113.6
5.6
0.0
0.9
40.6
63.5
2.2
0.7

41.3
-4.2
1.5
1.5
26.8
16.3
0.0
-0.7

79.0
-8.9
-3.2
4.1
58.6
32.1
-2.9
-0.7

119.9
-2.5
4.6
-1.4
53.9
65.5
0.9
-1.1

-39.0
-11.4
2.7
1.3
6.2
-38.6
1.1
-0.3

5.5
6.0
2.0
2.3
-11.4
6.3
1.0
-0.7

109.3
2.3
-0.2
-0.6
39.0
71.9
-0.6
-2.4

-0.6
4.8
6.2
-0.5
-17.4
5.4
0.8
0.1

64.4
3.3
2.0
1.0
45.9
7.2
1.5
3.5

21
22
23
24
25
26
27
28

29
30
31

Securitized loans held by ABS issuers
Liab.: Households (1)
Nonfinancial corporate business

32.2
7.8
24.4

27.6
3.8
23.8

9.2
1.5
7.7

21.2
6.5
14.7

44.9
13.6
31.3

4.6
6.8
-2.3

-4.5
8.8
-13.2

39.9
-3.3
43.2

-0.7
2.5
-3.2

-23.3
2.0
-25.3

64.4
0.8
63.6

29
30
31

32
33
34

Finance company loans to business
Liab.: Nonfinancial corporate business
Nonfarm noncorporate business

-0.6
-0.5
-0.1

36.8
33.1
3.7

54.2
48.8
5.4

63.3
57.0
6.3

98.1
88.3
9.8

84.0
75.6
8.4

48.2
43.4
4.8

23.0
20.7
2.3

-11.2
-10.1
-1.1

99.0
89.1
9.9

-76.5
-68.8
-7.6

32
33
34

(1) Student loans.

48

Z.1, December 7, 2001

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net change in mortgages

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

258.3
12.4
64.4
3.1

389.9
31.9
92.8
6.5

435.2
42.2
118.2
5.8

422.5
39.0
109.4
6.5

361.9
31.6
109.1
7.4

490.3
51.3
117.8
10.1

441.9
30.8
97.5
6.5

395.9
42.3
113.2
2.0

434.3
36.9
81.8
4.2

622.9
60.9
157.7
12.4

544.7
55.0
146.1
6.5

2
3
4
5

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

6

239.2

360.8

399.9

385.7

323.9

456.0

403.0

359.8

387.6

605.8

514.8

7

6
7

Net borrowing
Household sector

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

84.2
33.4
47.7
3.1

135.6
21.4
107.7
6.5

196.4
61.0
129.7
5.8

185.5
62.3
116.7
6.5

179.0
66.9
104.8
7.4

203.6
58.1
135.4
10.1

167.7
50.8
110.4
6.5

191.9
73.6
116.2
2.0

177.0
52.3
120.5
4.2

231.8
87.2
132.2
12.4

245.8
106.2
133.1
6.5

8
9
10
11

12
13

Federal government
REITs

-0.0
14.9

0.0
24.8

0.0
5.1

0.0
6.2

0.0
7.0

0.0
10.0

0.0
6.0

0.0
1.8

0.0
-7.5

0.0
16.2

0.0
-8.2

12
13

14

Net change in assets

338.2

521.2

601.4

577.4

509.9

669.6

576.7

553.5

557.1

853.9

752.3

14

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.1
25.9
-1.6

0.9
-13.0
11.9

-0.3
-7.0
10.0

1.1
-5.0
7.9

3.5
-5.0
7.9

2.4
-5.0
15.2

1.0
-5.0
2.3

-2.5
-5.0
6.2

-0.1
-5.0
6.0

3.3
-5.0
5.6

0.7
-5.0
6.9

15
16
17

18
19

State and local governments
Federal government

3.7
-4.5

4.1
-0.8

4.3
-0.1

4.5
-0.9

4.4
-3.8

4.5
0.1

4.5
-1.3

4.6
1.6

4.6
-2.4

4.7
-0.6

4.8
-3.4

18
19

20
21
22
23

Commercial banking
Savings institutions (1)
Credit unions
Bank personal trusts and estates

99.9
3.5
10.1
-0.6

91.7
12.1
10.9
-0.2

158.2
24.7
14.1
-0.6

164.1
55.2
16.4
-0.1

247.0
60.3
16.2
-0.1

261.1
82.4
15.8
-0.2

127.6
62.4
17.2
-0.2

20.7
15.5
16.3
-0.1

158.8
75.2
-0.5
-0.1

133.0
40.3
14.4
-0.0

42.8
10.5
34.1
-0.1

20
21
22
23

24
25
26
27

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

-1.3
-0.2
0.7
0.9

6.8
-0.3
1.9
6.5

15.7
-0.0
1.9
-2.6

5.2
-0.3
1.7
-0.0

-5.7
2.5
2.1
0.9

13.0
-2.8
1.4
-2.9

8.5
-0.7
1.7
1.9

4.8
-0.2
1.4
0.1

-3.6
0.0
1.5
2.5

8.4
0.1
1.0
2.6

3.1
0.1
0.5
3.7

24
25
26
27

28
29
30

Government-sponsored enterprises (1)
Federally related mortgage pools
ABS issuers

-4.5
114.6
80.7

8.3
192.6
156.5

-4.3
273.8
92.0

22.7
199.4
85.2

6.8
119.5
54.4

38.6
132.2
74.2

17.3
236.7
83.5

28.0
309.1
128.6

11.6
170.3
115.3

36.3
406.5
179.6

26.1
492.6
119.8

28
29
30

31
32
33

Finance companies
Mortgage companies
REITs

11.0
-9.1
9.1

24.7
3.2
3.4

24.6
0.3
-3.3

26.4
0.2
-6.2

20.0
-6.0
-15.2

36.4
5.5
-2.2

23.1
-0.5
-3.5

26.2
2.0
-3.8

23.4
1.4
-1.9

26.8
1.1
-4.2

12.1
1.7
1.3

31
32
33

(1) FHLB loans to savings institutions are included in other loans and advances.

49

Z.1, December 7, 2001

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

258.3

389.9

435.2

422.5

361.9

490.3

441.9

395.9

434.3

622.9

544.7

1

240.4
0.2
17.8

351.4
1.4
37.2

389.5
2.2
43.6

382.6
2.0
38.0

327.5
2.0
32.4

444.6
2.2
43.6

397.9
2.6
41.4

360.3
1.1
34.4

387.8
3.5
42.9

581.0
2.6
39.4

502.3
1.5
40.9

2
3
4

258.3

389.9

435.2

422.5

361.9

490.3

441.9

395.9

434.3

622.9

544.7

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-1.1
5.3
-0.6

-1.1
-2.7
4.5

-1.1
-1.4
3.8

-1.0
-1.0
3.0

-1.1
-1.0
3.0

-1.0
-1.0
5.7

-1.0
-1.0
0.9

-1.0
-1.0
2.3

-1.0
-1.0
2.2

-1.0
-1.0
2.1

-1.0
-1.0
2.6

6
7
8

9
10

State and local governments
Federal government

3.0
-2.0

3.3
-0.3

3.5
-0.4

3.7
-0.7

3.6
-0.3

3.6
-0.2

3.7
-2.0

3.7
-0.4

3.8
-0.4

3.8
-0.6

3.9
-1.0

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

67.9
7.0
10.1
-0.6

51.1
12.7
10.9
-0.2

82.1
15.1
14.1
-0.6

86.4
46.1
16.4
-0.1

142.1
49.4
16.2
-0.1

169.8
73.7
15.8
-0.2

68.1
50.2
17.2
-0.2

-34.2
11.0
16.3
-0.1

93.8
57.5
-0.5
-0.1

70.6
31.2
14.4
-0.0

-49.8
1.4
34.1
-0.1

11
12
13
14

15
16
17

Life insurance companies
Private pension funds
State and local govt. retirement funds

0.2
0.8
0.6

-0.6
1.3
2.8

-0.7
1.4
-0.9

-1.0
1.5
-0.0

-1.5
1.6
0.3

-1.3
1.3
-1.0

-1.3
1.5
0.7

-0.0
1.4
0.0

-0.1
1.5
0.9

0.5
1.3
0.9

0.1
1.1
1.3

15
16
17

18
19
20

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

-4.2
109.3
54.5

5.3
182.1
94.5

-10.3
264.6
49.9

15.8
190.9
44.8

1.8
113.0
34.0

31.4
124.5
33.5

11.3
228.9
51.0

18.5
297.0
60.8

4.7
157.2
93.9

22.7
387.3
63.6

15.3
479.6
44.0

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

12.6
-10.2
6.0

22.5
3.1
0.8

18.2
0.3
-2.4

22.4
0.2
-4.6

21.2
-6.0
-14.4

32.2
5.5
-1.9

15.8
-0.6
-1.1

20.3
1.9
-0.8

21.0
1.4
-0.4

27.0
1.0
-0.8

10.7
1.6
1.7

21
22
23

78.0
20.1
3.2
3.5
38.6
12.6

60.6
2.9
0.5
0.7
34.0
22.5

56.1
12.6
3.8
3.7
17.7
18.2

97.7
45.3
13.1
7.3
9.6
22.4

81.2
41.1
10.3
9.3
6.4
14.2

117.2
52.2
10.5
7.7
16.4
30.4

95.6
42.9
13.7
9.3
6.4
23.4

96.6
45.1
18.0
2.9
9.2
21.5

62.2
3.2
1.7
2.7
41.6
12.9

95.5
39.5
14.2
3.2
13.6
25.1

79.5
25.8
4.8
12.4
17.6
18.9

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Net change in assets

1998

Memo:
Home equity loans included above (2)
Commercial banking
Savings institutions
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties.
(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by mortgage companies and individuals.

F.219 Multifamily Residential Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net borrowing

12.4

31.9

42.2

39.0

31.6

51.3

30.8

42.3

36.9

60.9

55.0

1

1.1
6.4

1.1
22.7

1.2
39.3

1.3
35.7

1.3
27.9

1.3
46.7

1.3
27.6

1.3
40.5

1.3
38.0

1.5
54.0

1.5
56.2

2
3

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

-0.0
4.9

0.0
8.2

0.0
1.7

0.0
2.1

0.0
2.3

0.0
3.3

0.0
2.0

0.0
0.6

0.0
-2.5

0.0
5.4

0.0
-2.7

4
5

6

Net change in assets

12.4

31.9

42.2

39.0

31.6

51.3

30.8

42.3

36.9

60.9

55.0

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.1
0.6
-0.5

-0.0
-0.3
4.0

-0.0
-0.2
3.3

-0.0
-0.1
2.6

-0.0
-0.1
2.6

-0.0
-0.1
5.0

-0.0
-0.1
0.8

-0.0
-0.1
2.1

-0.0
-0.1
2.0

-0.0
-0.1
1.9

-0.0
-0.1
2.3

7
8
9

10
11

State and local governments
Federal government

0.6
-0.9

0.9
-0.3

0.9
-0.0

1.0
0.3

1.0
0.3

1.0
0.2

1.0
0.2

1.0
0.5

1.0
-2.4

1.0
0.2

1.0
1.0

10
11

12
13

Commercial banking
Savings institutions

4.2
-2.0

3.2
-2.5

13.1
2.3

11.7
1.9

19.1
-5.4

19.7
5.3

4.9
3.7

3.2
4.1

8.3
6.4

2.4
2.0

14.0
3.8

12
13

14
15
16

Life insurance companies
Private pension funds
State and local govt. retirement funds

-0.3
-0.0
0.2

1.1
0.1
1.8

1.1
0.1
-0.7

0.9
0.0
-0.0

-0.7
0.1
0.2

2.0
0.0
-0.8

1.3
0.1
0.5

0.8
0.0
0.0

-0.5
-0.0
0.7

1.1
-0.1
0.7

0.4
-0.2
1.0

14
15
16

17
18
19

Government-sponsored enterprises
Federally related mortgage pools
ABS issuers

-1.2
5.3
5.0

0.8
10.5
12.8

4.8
9.2
8.5

4.9
8.5
7.3

5.2
6.5
3.4

4.6
7.7
5.4

3.3
7.8
6.9

6.6
12.0
13.5

4.1
13.1
4.9

7.5
19.2
24.9

6.9
13.0
11.3

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

-0.3
1.0
0.9

-0.3
0.1
0.1

0.2
0.0
-0.6

0.1
0.0
-0.2

0.2
0.0
-0.8

0.3
0.0
0.9

0.6
0.0
-0.3

-0.6
0.0
-0.7

0.0
0.1
-0.7

-0.1
0.1
0.2

0.2
0.1
0.2

20
21
22

7
8
9

50

Z.1, December 7, 2001

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

64.4

92.8

118.2

109.4

109.1

117.8

97.5

113.2

81.8

157.7

146.1

1

-1.2
32.2
23.4
10.0

9.4
18.9
47.9
16.6

10.5
57.6
46.8
3.4

3.1
59.1
43.1
4.2

-3.6
63.6
44.4
4.7

11.4
54.7
45.1
6.7

5.1
46.9
41.4
4.1

-0.5
71.2
41.4
1.2

-0.2
47.5
39.5
-5.0

24.9
83.1
38.8
10.9

12.5
103.1
36.0
-5.5

2
3
4
5

64.4

92.8

118.2

109.4

109.1

117.8

97.5

113.2

81.8

157.7

146.1

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.7
20.0
-0.4

0.9
-10.0
3.1

0.7
-5.4
2.6

0.7
-3.8
2.1

0.7
-3.8
2.1

0.7
-3.8
4.0

0.6
-3.8
0.6

0.6
-3.8
1.6

0.6
-3.8
1.6

0.6
-3.8
1.5

0.6
-3.8
1.8

7
8
9

10
11

State and local governments
Federal government

0.2
-0.7

-0.1
0.1

-0.1
0.6

-0.1
-0.4

-0.1
-3.5

-0.1
0.1

-0.1
0.5

-0.1
1.5

-0.1
0.7

-0.1
-0.0

-0.1
-3.2

10
11

12
13

Commercial banking
Savings institutions

25.7
-1.5

35.3
1.9

60.1
7.2

63.8
7.1

82.4
16.2

68.9
3.3

53.6
8.5

50.2
0.4

55.4
11.1

58.0
7.1

77.2
5.2

12
13

14
15
16
17

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

-1.5
-0.2
-0.1
-0.0

5.2
-0.3
0.4
1.9

13.8
-0.0
0.4
-1.0

4.7
-0.3
0.1
-0.0

-3.6
2.5
0.4
0.3

10.8
-2.8
0.0
-1.1

7.2
-0.7
0.2
0.7

4.4
-0.2
0.0
0.0

-2.7
0.0
-0.0
0.9

6.2
0.1
-0.2
1.0

2.3
0.1
-0.5
1.4

14
15
16
17

18
19
20
21
22

Federally related mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

-0.0
21.3
-1.3
0.0
2.2

0.0
49.2
2.5
0.0
2.5

0.0
33.6
6.1
0.0
-0.4

0.0
33.1
3.9
0.0
-1.4

0.0
17.1
-1.4
0.0
0.0

0.0
35.3
3.9
0.0
-1.2

0.0
25.7
6.7
0.0
-2.0

0.0
54.3
6.5
0.0
-2.4

0.0
16.5
2.4
0.0
-0.8

0.0
91.1
-0.1
0.0
-3.6

0.0
64.5
1.3
0.0
-0.6

18
19
20
21
22

7
8
9

Net change in assets

1998

F.221 Farm Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net borrowing (Farm business)

3.1

6.5

5.8

6.5

7.4

10.1

6.5

2.0

4.2

12.4

6.5

1

2

Net change in assets

3.1

6.5

5.8

6.5

7.4

10.1

6.5

2.0

4.2

12.4

6.5

2

3
4

Household sector
Nonfarm noncorporate business

0.6
-0.1

1.1
0.4

0.2
0.3

1.5
0.3

4.0
0.3

2.8
0.5

1.3
0.1

-2.1
0.2

0.3
0.2

3.7
0.2

1.1
0.2

3
4

5
6

State and local governments
Federal government

-0.0
-0.9

-0.0
-0.3

-0.0
-0.2

0.0
-0.1

0.0
-0.3

-0.0
-0.1

0.0
-0.0

0.0
-0.1

0.0
-0.2

0.0
-0.1

0.0
-0.2

5
6

7
8

Commercial banking
Savings institutions

2.1
0.0

2.0
0.1

2.8
0.1

2.2
0.1

3.5
0.1

2.7
0.1

1.0
0.0

1.5
0.0

1.3
0.1

2.0
0.1

1.3
-0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.4
0.0

1.1
0.0

1.5
0.0

0.6
0.0

0.0
0.0

1.5
0.0

1.3
0.0

-0.4
0.0

-0.2
0.0

0.5
0.0

0.2
0.0

9
10

11
12

Government-sponsored enterprises
Federally related mortgage pools

1.0
-0.0

2.2
-0.0

1.1
-0.0

2.0
0.0

-0.2
0.0

2.6
0.0

2.7
0.0

2.9
0.0

2.8
0.0

6.1
0.0

3.9
0.0

11
12

51

Z.1, December 7, 2001

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

1

Net change in liabilities (Households)

57.5

75.0

99.5

139.0

149.9

142.1

128.2

135.6

159.9

73.6

21.3

1

2

Net change in assets

57.5

75.0

99.5

139.0

149.9

142.1

128.2

135.6

159.9

73.6

21.3

2

1.2
0.0

-4.1
0.0

5.4
0.0

2.4
0.0

43.3
0.0

-3.1
0.0

-23.5
0.0

-7.3
0.0

34.8
0.0

-25.4
0.0

-44.3
0.0

3
4

-14.2
2.5
8.2

-3.6
4.4
3.0

-9.2
9.9
12.5

41.7
3.0
16.5

39.5
-10.2
16.9

55.7
7.9
20.9

53.9
6.3
16.2

17.8
8.1
12.0

13.7
3.8
5.0

54.4
-0.7
8.0

-27.3
14.9
-7.5

5
6
7

47.2
12.6

59.4
15.8

62.6
18.2

57.1
18.2

33.3
27.2

33.4
27.2

43.8
31.5

118.1
-13.0

115.7
-13.0

36.2
0.9

63.2
22.2

8
9

3
4

Nonfinancial corporate business
Nonfarm noncorporate business

5
6
7

Commercial banking
Savings institutions
Credit unions

8
9

ABS issuers
Finance companies

F.223 Trade Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in trade payables

139.7

109.2

222.3

166.1

193.6

212.9

138.5

119.3

-16.2

-100.0

-81.4

1

8.9

8.7

6.0

5.9

7.1

7.0

5.6

3.9

6.9

4.7

6.7

2

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

65.1
31.0
1.4

57.6
23.1
0.8

144.4
25.5
0.4

101.6
22.4
0.9

113.7
26.0
1.1

113.3
33.2
1.6

118.5
14.3
-0.9

60.8
16.1
1.7

-42.8
12.8
1.5

-132.7
11.2
-0.2

-123.8
9.6
-2.5

3
4
5

6
7

State and local governments
Federal government

31.4
-8.8

30.5
-8.0

29.1
0.7

27.4
1.3

33.2
3.2

25.4
-2.2

25.4
2.2

25.5
2.1

24.8
-11.0

25.0
-12.0

25.6
-13.8

6
7

8
9

Rest of the world
Brokers and dealers

5.1
5.7

-2.4
-1.0

4.3
11.9

1.6
5.1

-2.4
11.6

12.1
22.6

-12.7
-14.0

9.2
0.0

-5.8
-2.7

11.5
-7.7

6.3
10.6

8
9

2

Household sector

3
4
5

10

Net change in trade receivables

168.9

160.5

179.3

200.1

265.4

249.4

190.5

95.0

-18.1

-132.3

-70.7

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

93.5
35.1

86.3
40.7

113.4
45.8

109.6
40.8

185.9
40.8

117.1
78.3

116.0
17.0

19.3
27.1

-94.3
20.0

-190.3
14.0

-122.9
13.2

11
12

13
14

Federal government
Rest of the world

-3.2
4.5

1.5
-7.5

4.6
-7.5

5.3
10.4

6.0
-1.6

7.2
3.9

4.3
9.1

3.7
30.2

9.9
6.4

10.0
-4.6

7.4
-6.8

13
14

15
16

Other insurance companies
ABS issuers

2.7
36.3

1.6
37.9

2.0
21.1

1.0
33.0

10.0
24.2

4.5
38.4

6.1
38.0

-16.5
31.3

12.1
27.8

14.4
24.2

10.4
28.0

15
16

-29.2

-51.3

42.9

-34.0

-71.8

-36.5

-51.9

24.3

2.0

32.3

-10.7

17

17

Discrepancy

F.224 Security Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in liabilities

111.0

103.3

104.3

146.1

507.8

-95.3

97.5

74.4

-140.9

-28.5

485.8

1

2
3

Household sector
Rest of the world

36.8
0.0

21.6
0.0

75.2
0.0

7.2
0.0

234.2
0.0

-64.9
0.0

14.6
0.0

-155.0
0.0

-166.5
0.0

9.7
0.0

228.2
0.0

2
3

4
5
6
7

Brokers and dealers
Customer credit balances (HH)
From U.S.-chartered commercial banks
From foreign banking offices in U.S.

74.2
52.6
4.2
17.5

81.7
61.2
11.9
8.6

29.1
47.2
-8.7
-9.4

138.9
88.6
7.1
43.2

273.6
189.4
35.8
48.4

-30.3
-47.1
-24.2
41.0

83.0
53.9
-11.6
40.7

229.4
158.0
28.5
42.9

25.6
-48.2
30.0
43.8

-38.2
49.9
6.2
-94.3

257.6
285.6
35.3
-63.2

4
5
6
7

8

Net change in assets

111.0

103.3

104.3

146.1

507.8

-95.3

97.5

74.4

-140.9

-28.5

485.8

8

9
10

Household sector
Rest of the world

52.6
0.0

61.2
0.0

47.2
0.0

88.6
0.0

189.4
0.0

-47.1
0.0

53.9
0.0

158.0
0.0

-48.2
0.0

49.9
0.0

285.6
0.0

9
10

11
12

Commercial banking
Brokers and dealers

21.7
36.8

20.5
21.6

-18.1
75.2

50.4
7.2

84.2
234.2

16.8
-64.9

29.1
14.6

71.4
-155.0

73.8
-166.5

-88.1
9.7

-27.9
228.2

11
12

52

Z.1, December 7, 2001

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Life insurance reserves:
1
2
3
4

Net change in liabilities
Federal government
Life insurance companies
Net change in assets (Households)

59.3

48.0

50.8

50.2

54.9

45.6

53.0

47.3

52.7

53.2

56.5

1

1.7
57.6

1.3
46.7

1.4
49.4

1.4
48.7

1.2
53.7

2.6
43.0

0.2
52.7

1.8
45.5

0.6
52.0

2.4
50.8

0.0
56.5

2
3

59.3

48.0

50.8

50.2

54.9

45.6

53.0

47.3

52.7

53.2

56.5

4

201.4

202.1

184.4

215.9

206.9

260.7

227.0

168.8

255.5

168.7

192.9

5

40.3
95.0

41.2
86.4

41.1
70.7

20.9
121.8

38.1
104.2

39.3
132.3

36.1
132.1

-29.9
118.6

117.5
94.3

44.5
77.0

31.7
119.0

6
7

Pension fund reserves:
5

Net change in liabilities

6
7

Federal government (1)
Life insurance companies

8
9

Private pension funds (2)
State and local govt. retirement funds

-10.4
76.5

13.0
61.5

12.7
59.8

18.9
54.2

2.9
61.8

22.6
66.5

14.8
44.0

35.4
44.7

23.1
20.7

20.8
26.5

10.5
31.8

8
9

10

Net change in assets (Households) (3)

201.4

202.1

184.4

215.9

206.9

260.7

227.0

168.8

255.5

168.7

192.9

10

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, military retirement fund, judicial retirement funds, and foreign service retirement and disability fund.
(2) Includes unallocated insurance company contracts beginning 1985:Q4.
(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in taxes payable by all
businesses

22.3

21.3

22.3

21.7

31.0

26.5

3.3

26.0

3.3

16.3

114.4

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

9.3
7.3

4.8
10.7

7.0
8.3

6.9
7.5

16.3
8.7

11.1
11.1

-10.4
4.8

10.6
5.4

-4.1
4.0

5.5
3.2

103.0
2.5

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

1.4
0.4

1.7
0.2

1.9
0.0

2.1
0.4

2.1
-1.4

2.1
0.3

2.2
1.5

2.2
1.3

2.3
-0.7

2.4
-0.9

2.4
0.1

4
5

6
7

Life insurance companies
Other insurance companies

1.2
1.8

1.2
2.0

1.3
2.0

1.6
2.3

1.4
2.0

1.6
2.2

1.6
2.3

1.8
2.5

1.8
2.6

1.9
2.7

2.0
2.8

6
7

8
9

Finance companies
Brokers and dealers

0.8
0.1

0.8
-0.1

0.8
0.9

1.0
-0.1

0.9
1.0

0.9
-2.8

1.0
0.2

1.0
1.3

1.1
-3.6

1.1
0.5

1.2
0.4

8
9

-5.7

1.6

15.8

7.6

21.5

21.7

5.9

-18.6

-1.1

26.1

101.5

10

3.3
-9.0

9.1
-7.5

8.8
7.0

11.9
-4.3

13.3
8.2

16.6
5.1

9.9
-4.0

7.7
-26.4

4.6
-5.7

3.0
23.1

-0.2
101.6

11
12

28.0

19.7

6.5

14.1

9.5

4.8

-2.6

44.6

4.4

-9.7

12.9

13

10
11
12
13

Net change in business taxes receivable
State and local governments
Federal government
Discrepancy

F.227 Investment in Bank Personal Trusts and Estates
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Liab.: Bank personal trusts and estates

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

1

2

Asset: Household sector

-49.9

-41.8

-6.5

-29.7

-28.4

-33.1

-29.2

-28.0

-26.1

-22.7

-28.2

2

F.228 Proprietors’ Equity in Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4

Total household investment
Nonfarm noncorporate business
Farm business
Brokers and dealers

-70.9

-80.6

-64.8

-46.2

-63.4

-45.0

-26.7

-49.7

-48.5

-25.1

-60.2

1

-85.8
0.0
14.9

-86.0
-1.2
6.6

-68.8
-9.0
13.1

-59.6
-15.1
28.5

-70.2
-23.3
30.1

-51.2
-10.3
16.5

-65.1
-8.9
47.3

-51.8
-18.1
20.2

-38.9
-8.8
-0.8

-46.0
-11.6
32.6

-38.3
-1.1
-20.8

2
3
4

53

Z.1, December 7, 2001

F.229 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Net change in liabilities

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

492.8

986.8

749.8

1030.2

904.3

1084.0

1399.2

733.1

500.7

789.8

571.8

1

0.3
30.8
56.5

-1.4
414.2
74.3

2.1
285.1
50.1

0.1
330.7
46.1

-2.9
175.9
46.1

0.8
318.7
46.2

-0.6
448.0
41.1

3.2
380.4
51.1

-3.3
155.0
34.7

-1.0
-69.5
35.6

2.0
28.6
27.0

2
3
4

Federal government
Rest of the world

0.3
134.9

-7.1
173.5

-2.9
211.1

2.0
207.9

-7.6
249.3

5.4
129.8

7.9
331.1

2.3
121.1

0.6
184.0

4.1
157.6

-21.4
133.6

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

2.1
171.2
-2.1
0.1

1.3
120.9
-1.6
0.5

-1.3
-68.3
-14.4
0.9

1.1
184.7
17.1
-0.4

-13.5
56.0
-43.5
-1.5

0.5
285.3
-9.6
3.3

12.3
293.3
36.8
4.3

5.3
104.1
84.8
-7.8

-21.6
-103.7
-9.5
-7.4

-4.7
129.2
14.7
10.8

15.8
336.0
34.8
-3.5

7
8
9
10

11
12

Life insurance companies
Other insurance companies

36.0
10.7

42.8
5.6

36.8
12.4

24.5
5.9

36.5
7.4

20.9
20.1

29.5
17.9

11.0
-21.8

50.6
14.4

90.3
23.1

99.0
67.3

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

7.8
-20.0
-4.6

20.3
17.8
1.6

-6.0
66.9
0.2

7.4
82.8
0.1

18.0
148.4
-3.0

-15.8
15.0
2.7

-7.6
145.4
-0.3

35.0
22.5
1.0

82.1
50.9
0.7

2.5
-8.7
0.6

58.1
43.5
0.9

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

8.8
21.6
38.2

13.6
44.7
65.7

4.4
7.2
165.7

1.8
-5.3
123.7

-0.6
120.4
119.1

6.0
77.9
177.0

4.5
-0.5
36.2

-2.6
-219.1
162.6

18.9
79.3
-24.8

-18.9
384.4
39.7

-1.2
-115.3
-133.4

16
17
18

738.3

1114.2

1168.7

1399.3

1405.4

1437.3

1631.4

1123.2

473.5

1267.4

658.8

19

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5
6

19

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

10.3
156.8
56.4
0.4

9.7
430.3
76.3
0.5

12.4
483.6
62.7
0.2

4.7
440.3
51.6
-0.1

5.5
567.3
54.4
0.0

16.3
427.7
54.2
1.6

8.4
406.4
56.3
0.8

-11.5
359.9
41.6
-2.7

3.2
327.9
47.1
0.6

25.8
195.1
47.9
2.8

36.3
311.5
44.8
2.7

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-1.2
-5.4
208.0

-9.7
-3.5
203.8

7.7
-0.9
406.4

12.3
-1.4
466.6

18.7
-6.6
529.5

-10.9
0.1
405.5

30.8
0.5
568.5

10.7
0.4
363.0

23.6
-0.5
254.5

48.6
6.3
171.0

2.5
6.9
37.8

24
25
26

27
28
29
30
31

Monetary authority
Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

1.3
103.5
-3.2
3.8
-1.4

4.9
124.1
13.8
6.8
8.4

-1.3
37.8
-2.5
-16.3
-2.5

1.1
102.9
7.4
15.4
-1.5

-2.8
-46.1
-3.1
-2.4
-2.1

-1.0
185.7
14.5
6.3
-2.8

4.5
189.4
10.3
17.5
-0.2

3.6
82.5
8.0
40.1
-0.9

-4.9
-131.2
71.3
14.0
-1.1

2.8
257.1
-0.0
29.4
-0.7

2.9
219.0
38.2
-17.8
-1.2

27
28
29
30
31

32
33
34
35

Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds

-6.7
6.1
13.5
0.7

3.5
6.9
32.0
3.3

-34.6
4.2
18.9
16.3

20.7
7.5
16.3
13.3

15.2
5.2
15.3
-5.0

17.6
10.5
17.5
13.3

43.8
9.2
22.5
10.6

6.2
5.3
10.0
34.3

-72.2
7.6
6.0
51.4

-74.6
1.6
24.4
2.3

14.3
0.4
31.6
9.3

32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

14.3
7.1
7.1

9.6
-3.9
0.7

22.6
-4.3
5.0

12.2
-0.5
19.2

-17.1
-6.6
-37.9

222.3
-0.0
25.3

-61.4
2.9
39.6

-95.2
1.8
49.6

36.7
-5.6
-56.3

175.1
-3.8
8.5

-90.1
0.5
64.3

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

22.0
4.9
82.8
57.3

9.3
10.7
115.9
60.7

50.9
-0.1
28.3
74.4

24.3
0.0
133.0
54.0

-22.1
1.7
266.0
78.3

3.5
-3.2
1.4
32.1

121.2
5.1
127.1
17.6

-5.3
-3.6
137.6
87.8

-13.1
2.8
-158.4
70.2

-84.4
4.7
483.4
-55.7

95.2
-1.1
-33.7
-115.6

39
40
41
42

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

43

43

Discrepancy

54

Z.1, December 7, 2001

F.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

U.S. direct investment abroad (1):
1
2
3
4
5
6
7
8
9
10

Liab.: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers

104.8
40.8
58.0
6.0

142.5
72.4
44.0
26.0

155.4
58.8
73.3
23.3

152.4
49.9
99.7
2.8

153.6
62.1
96.3
-4.9

133.4
57.3
98.5
-22.4

166.5
31.5
99.7
35.3

156.3
48.7
104.3
3.3

163.8
34.2
96.1
33.5

142.4
54.5
89.7
-1.8

96.3
54.4
28.6
13.3

1
2
3
4

84.3
3.0
1.8
6.1
9.0
0.7

129.1
2.0
0.7
6.9
0.5
3.4

136.2
3.3
2.6
4.2
5.5
3.7

122.0
7.3
1.9
7.5
10.8
3.0

128.5
5.2
3.7
5.2
9.0
1.9

95.2
2.9
1.9
10.5
19.5
3.5

117.9
17.5
3.3
9.2
15.7
2.8

146.2
3.7
-1.4
5.3
-1.1
3.6

138.5
2.2
3.6
7.6
8.2
3.8

121.9
5.5
2.2
1.6
8.2
3.0

83.3
8.6
2.0
0.4
1.6
0.4

5
6
7
8
9
10

Foreign direct investment in U.S. (1):
11
12
13
14
15
16
17
18

Liab.: Nonfinancial corporate business
Nonfarm noncorporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers
Funding corporations

100.2
0.5
7.7
7.0
5.9
6.6
0.3
-22.6

143.6
0.2
5.5
2.7
1.3
2.6
1.7
20.7

261.8
0.2
19.1
12.3
9.9
11.4
3.3
-17.0

178.6
0.1
9.6
19.1
6.7
17.6
1.7
54.3

8.8
0.1
20.4
2.6
3.6
-7.6
2.3
115.8

358.0
0.2
1.9
9.5
5.8
3.1
1.6
-18.6

239.0
0.1
3.3
21.9
10.5
5.2
2.3
21.8

108.4
0.1
12.7
42.2
7.0
69.7
0.5
98.2

119.8
-0.3
1.2
14.9
6.0
23.6
4.5
40.1

115.3
0.1
15.6
12.9
-3.8
18.6
2.1
107.9

43.9
-0.2
8.7
0.2
-4.6
8.8
4.7
34.4

11
12
13
14
15
16
17
18

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

105.6
59.5
15.0
31.1

178.2
147.1
2.0
29.1

301.0
225.6
20.0
55.4

287.7
216.7
23.7
47.3

146.0
100.0
28.6
17.4

361.6
292.2
40.2
29.2

304.2
149.0
17.0
138.2

338.8
325.7
8.8
4.3

209.9
87.4
9.5
113.0

268.7
225.4
15.3
28.0

95.9
51.6
20.3
24.0

19
20
21
22

1.6
1.6

1.6
1.6

1.5
1.5

1.5
1.5

1.4
1.4

1.6
1.6

1.3
1.3

1.6
1.6

2.1
2.1

7.4
7.4

7.2
7.2

23
24

0.8
0.8

0.5
0.5

0.5
0.5

0.6
0.6

1.2
1.2

0.5
0.5

0.3
0.3

0.3
0.3

0.1
0.1

0.5
0.5

0.5
0.5

25
26

0.7

3.3

5.5

2.2

4.0

-0.9

1.8

3.8

1.9

3.2

2.6

27

-1.1
0.0
0.0
0.0
1.3
0.4
0.0
0.0

-0.7
-0.1
0.1
0.0
2.0
1.8
0.1
0.0

-0.6
0.0
-0.0
0.0
3.0
2.7
0.2
0.1

0.0
-0.0
-0.0
0.0
0.8
1.3
0.1
0.0

-0.1
0.4
-0.3
0.0
1.7
2.6
0.1
-0.3

-1.5
-0.3
0.3
0.0
-0.2
0.7
0.1
0.0

0.3
-0.1
0.2
0.0
0.0
0.9
0.1
0.4

1.2
0.1
-0.1
0.0
1.5
0.9
0.1
0.0

-1.3
-0.1
-0.1
0.0
1.3
1.8
0.2
-0.1

1.7
-0.3
0.3
0.0
0.5
1.2
0.1
-0.4

-0.4
-0.1
0.2
0.0
0.7
1.7
0.4
0.1

28
29
30
31
32
33
34
35

Federal government equity in IBRD, etc.:
23
24

Liab.: Rest of the world
Asset: Federal government
Federal Reserve Bank stock:

25
26

Liab.: Monetary authority
Asset: Commercial banking
Equity in govt.-sponsored enterprises:

27

Liab.: Government-sponsored enterprises

28
29
30
31
32
33
34
35

Asset: Nonfin. corporate business (FNMA)
Nonfarm noncorporate (BC)
Farm business (FICB and FLB)
Federal government
Commercial banks (FHLB)
Savings institutions (FHLB)
Credit unions (FHLB)
Life insurance companies (FHLB)
BHC investment in subsidiaries:

36
37
38
39
40

Liab.: Commercial banking
Savings institutions
Finance companies
Mortgage companies
Brokers and dealers

40.7
0.3
-3.7
-4.6
32.9

55.3
0.4
-6.4
1.6
48.5

2.9
0.5
26.8
0.2
-10.3

53.6
0.7
7.4
0.1
54.2

80.8
0.6
38.7
-3.0
96.5

35.9
0.6
-24.2
2.7
23.1

54.9
0.7
9.8
-0.3
45.8

42.7
0.7
5.1
1.0
51.5

65.5
0.7
-10.8
0.7
64.6

41.5
0.8
-7.6
0.6
44.8

102.4
0.8
-5.2
0.9
18.4

36
37
38
39
40

41

Asset: Bank holding companies

65.7

99.4

20.1

115.9

213.6

38.2

110.9

101.0

120.9

80.0

117.2

41

-3.7
-3.7

-6.4
-6.4

26.8
26.8

7.4
7.4

38.7
38.7

-24.2
-24.2

9.8
9.8

5.1
5.1

-10.8
-10.8

-7.6
-7.6

-5.2
-5.2

42
43

NFC investment in finance company subs.:
42
43

Liab.: Finance companies
Asset: Nonfinancial corporate business
Funding corp. investment in subs.:

44
45

Liab.: Foreign banking offices in U.S.
Brokers and dealers

14.3
43.0

11.8
48.9

2.5
71.9

45.6
8.3

86.1
-7.8

-0.1
32.2

21.5
-3.9

75.0
12.9

14.6
55.7

-20.2
-35.5

-94.9
-20.7

44
45

46

Asset: Funding corporations

57.3

60.7

74.4

54.0

78.3

32.1

17.6

87.8

70.2

-55.7

-115.6

46

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982.

55

Z.1, December 7, 2001

F.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

-0.0
-0.0

-0.1
-0.1

0.6
0.6

0.0
0.0

-1.2
-1.2

0.2
0.2

0.4
0.4

0.6
0.6

-0.4
-0.4

0.0
0.0

-0.7
-0.7

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

0.0
0.0

6.8
6.8

-7.8
-7.8

-0.0
-0.0

-8.1
-8.1

-8.7
-8.7

2.8
2.8

13.8
13.8

51.5
51.5

-15.2
-15.2

12.9
12.9

5
6

0.3
0.3

-1.4
-1.4

2.1
2.1

0.1
0.1

-2.9
-2.9

0.8
0.8

-0.6
-0.6

3.2
3.2

-3.3
-3.3

-1.0
-1.0

2.0
2.0

7
8

Postal Savings System deposits:
3
4

Liab.: Federal government
Asset: Household sector
Deposits at Federal Home Loan Banks:

5
6

Liab.: Government-sponsored enterprises
Asset: Savings institutions
Deferred and unpaid life insurance premiums:

7
8

Liab.: Household sector
Asset: Life insurance companies
Life insurance company reserves:

9
10
11

Liab.: Life insurance companies
Health
Policy dividend accumulation

8.3
6.3
2.0

7.9
7.3
0.7

11.4
10.2
1.2

5.0
3.9
1.1

3.9
3.8
0.0

10.3
8.4
1.8

5.3
2.2
3.0

0.6
1.2
-0.6

-0.3
-2.4
2.1

14.5
10.9
3.6

10.2
8.7
1.5

9
10
11

12

Asset: Household sector

8.3

7.9

11.4

5.0

3.9

10.3

5.3

0.6

-0.3

14.5

10.2

12

Policy payables:
13

Liab.: Other insurance companies

4.8

4.3

2.5

-0.8

3.8

14.3

7.4

-28.8

8.3

26.9

71.9

13

14
15
16
17

Asset: Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

2.0
1.9
0.5
0.4

1.8
1.7
0.4
0.4

1.1
1.0
0.2
0.2

-0.3
-0.3
-0.1
-0.1

1.6
1.5
0.4
0.3

6.0
5.7
1.4
1.3

3.1
2.9
0.7
0.7

-12.1
-11.4
-2.7
-2.6

3.5
3.3
0.8
0.8

11.3
10.6
2.6
2.4

26.1
36.4
6.8
2.5

14
15
16
17

-1.0
-1.0

21.4
21.4

13.4
13.4

9.1
9.1

9.4
9.4

7.2
7.2

14.8
14.8

4.9
4.9

3.2
3.2

15.5
15.5

30.6
30.6

18
19

7.1
7.1

1.9
1.9

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

1.0
1.0

20
21

57.2
57.2

70.0
70.0

16.3
16.3

88.7
88.7

97.4
97.4

94.3
94.3

12.4
12.4

150.4
150.4

-102.1
-102.1

233.6
233.6

68.5
68.5

22
23

Unallocated insurance company contracts:
18
19

Liab.: Life insurance companies
Asset: Private pension funds
Pension fund contributions payable:

20
21

Liab.: Nonfinancial corporate business
Asset: Private pension funds
Securities borrowed (net):

22
23

Liab.: Funding corporations
Asset: Brokers and dealers

56

Z.1, December 7, 2001

F.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

83.4

396.1

125.2

305.6

164.1

422.4

743.3

-107.5

-15.2

75.7

176.5

1

-76.5
56.0

268.7
74.2

22.2
49.9

151.1
46.0

166.0
46.0

-40.4
46.0

208.0
41.0

270.9
51.0

34.2
35.0

-185.8
35.5

-16.3
27.2

2
3

0.3
28.6
1.3

-7.1
29.5
0.8

-2.9
53.6
-1.8

2.0
53.9
0.6

-7.6
95.6
-14.8

5.4
-5.4
-0.0

7.9
162.8
12.0

2.3
-37.4
5.0

0.6
18.5
-21.8

4.1
7.8
-5.2

-21.4
30.9
15.3

4
5
6

7
8
9
10
11

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

108.4
30.5
34.2
39.0
4.7

48.4
-2.4
-11.5
56.0
6.3

-92.7
-20.0
-64.1
-10.8
2.2

75.9
71.4
-39.4
43.1
0.7

-131.3
42.6
-167.8
-8.9
2.8

247.5
107.0
127.3
10.9
2.3

213.6
89.3
6.0
111.8
6.5

-26.3
46.8
-123.0
58.7
-8.8

-185.0
-179.5
-93.5
88.9
-1.0

92.4
-117.2
118.5
83.4
7.6

319.8
189.9
68.7
68.9
-7.7

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

-2.4
0.1
21.8
7.1

-2.1
0.5
10.8
10.1

-15.0
0.9
-0.3
-3.7

16.5
-0.4
-8.7
5.2

-44.1
-1.5
20.6
22.0

-10.2
3.3
-6.1
-6.2

36.1
4.3
-12.5
-12.3

84.1
-7.8
-36.7
17.4

-10.3
-7.4
32.8
28.8

14.0
10.8
47.4
14.5

34.0
-3.5
57.9
42.6

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

-19.1
8.8
-54.6
3.6

28.0
13.6
-54.3
-25.0

1.9
4.4
-57.7
166.4

50.5
1.8
-69.5
-19.3

78.5
-0.6
29.4
-94.1

60.3
6.0
21.0
101.2

120.6
4.5
-44.7
2.0

-57.4
-2.6
-283.9
-86.1

48.8
18.9
-45.6
37.2

-12.1
-18.9
373.0
-301.8

45.0
-1.2
-117.7
-236.3

16
17
18
19

328.9

523.5

544.1

674.7

665.1

775.7

975.4

282.6

-42.4

553.3

263.5

20

75.4
55.9
-1.2

306.7
75.9
-9.7

320.2
62.4
7.7

311.3
51.7
12.3

398.6
53.7
18.7

352.5
53.2
-10.9

275.4
55.7
30.8

218.8
44.2
10.7

198.2
46.4
23.6

68.5
45.7
48.6

197.4
38.1
2.5

21
22
23

-7.0
102.4
1.3

-5.0
25.6
4.9

-3.0
105.4
-1.3

-2.9
179.0
1.1

-6.8
383.5
-2.8

-1.8
43.9
-1.0

-1.3
264.3
4.5

-1.9
24.2
3.6

-2.2
44.6
-4.9

-1.1
-97.7
2.8

0.5
-58.1
2.9

24
25
26

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

27
28
29
30
31

Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas

32.7
0.5
37.0
-6.7
1.8

20.1
4.5
0.4
12.1
3.1

11.0
4.5
-21.3
28.9
-1.0

-21.7
-4.0
-36.5
20.9
-2.1

-267.9
-44.2
-199.2
-23.2
-1.4

144.4
23.9
90.0
28.8
1.6

60.7
25.1
-12.7
46.6
1.7

-24.0
-20.9
-24.1
31.4
-10.5

-255.8
-47.7
-204.8
-5.2
1.9

170.6
-17.4
169.9
2.0
16.2

92.1
103.1
-21.6
22.3
-11.7

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

-3.6
3.8
-1.4

5.1
6.7
8.4

2.5
-16.5
-2.5

6.2
15.3
-1.5

2.4
-2.5
-2.1

22.6
6.2
-2.8

6.6
17.5
-0.2

-6.8
40.0
-0.9

18.0
13.7
-1.1

13.9
29.2
-0.7

23.6
-18.1
-1.2

32
33
34

35
36
37

Life insurance companies
Private pension funds
State and local govt. retirement funds

-8.8
7.4
0.7

4.1
8.7
3.3

-39.4
4.5
16.3

18.7
6.2
13.3

14.8
4.9
-5.0

14.9
9.3
13.3

40.7
6.7
10.6

4.3
4.1
34.3

-72.4
1.8
51.4

-75.4
7.9
2.3

10.2
-0.0
9.3

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

14.3
7.1
7.1

9.6
-3.9
0.7

22.6
-4.3
5.0

12.2
-0.5
19.2

-17.1
-6.6
-37.9

222.3
-0.0
25.3

-61.4
2.9
39.6

-95.2
1.8
49.6

36.7
-5.6
-56.3

175.1
-3.8
8.5

-90.1
0.5
64.3

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

13.0
4.9
24.9

8.8
10.7
42.6

45.4
-0.1
8.3

13.5
0.0
41.4

-31.1
1.7
166.7

-16.0
-3.2
-96.5

105.4
5.1
111.8

-4.2
-3.6
-16.3

-21.2
2.8
-60.0

-92.6
4.7
246.8

93.6
-1.1
-102.6

41
42
43

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

44

44

Discrepancy

57

Z.1, December 7, 2001

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1997

1

All sectors

1998

1999

2000

2000
Q1

Q2

Q3

Q4

Q1

2001
Q2

Q3

-130.7

-72.4

-231.4

-50.6

403.6

-280.4

-111.2

-214.4

161.3

-234.2

148.3

1

64.8
-40.0

48.0
-89.2

20.0
-97.8

28.9
-91.3

61.0
-84.9

-17.4
-95.0

29.8
-93.6

42.0
-91.9

-269.4
-77.3

-19.0
-38.3

-42.2
-47.3

2
3

39.1
15.2
-149.4

-50.9
22.6
53.5

-27.9
-2.2
-63.0

-28.6
-4.6
-14.2

-35.6
149.7
163.7

-47.1
-124.4
-209.7

-20.5
29.8
-7.5

-11.1
-73.6
-3.2

19.4
241.5
96.5

14.2
-71.7
-93.5

-12.8
46.1
-31.8

4
5
6

-60.5

-56.4

-60.5

59.3

149.7

213.3

-49.2

-76.6

150.6

-25.9

236.3

7

Monetary authority
Commercial banking

1.7
42.4

-3.1
25.1

-0.6
-47.4

3.8
55.4

-2.2
123.7

19.8
169.6

5.1
-39.0

-7.4
-32.6

5.0
242.7

1.0
-9.1

2.4
244.3

8
9

10
11
12

Savings institutions
Credit unions
Bank personal trusts and estates

-1.9
-0.2
-5.3

-3.0
-0.2
-0.2

1.7
0.8
1.7

3.4
-0.9
0.9

2.1
-1.3
1.1

4.2
1.0
1.2

0.9
-1.5
0.8

6.2
-1.8
0.7

0.6
-1.4
0.5

4.4
0.9
0.3

3.5
-0.2
0.1

10
11
12

13
14

Life insurance companies
Other insurance companies

-45.0
-46.7

-33.6
-21.0

-29.2
10.5

-21.4
-14.6

-42.4
-28.5

-13.9
27.2

-32.8
3.3

3.4
-60.3

-83.3
-6.5

-23.9
-14.8

-19.1
-26.3

13
14

15
16

Mutual funds
Government-sponsored enterprises

8.0
-3.0

-8.4
-4.1

6.9
-3.0

1.7
-6.0

7.6
-2.7

0.5
-5.0

0.2
-6.9

-1.6
-9.5

-2.8
-5.9

-2.2
-3.5

-2.4
-0.5

15
16

17
18
19
20

Issuers of asset-backed securities
Finance companies
REITs
Brokers and dealers

0.0
-13.3
9.5
-6.8

-0.0
-11.1
11.9
-8.7

-0.0
-9.9
17.4
-9.5

0.0
30.1
16.6
-9.7

-0.0
83.1
19.4
-10.3

-0.0
1.0
17.3
-9.7

0.0
18.5
11.6
-9.2

0.0
17.9
18.0
-9.5

0.0
-4.1
17.7
-11.7

-0.0
22.7
5.7
-7.4

-0.0
26.5
15.5
-7.6

17
18
19
20

2
3

Household sector
Nonfinancial corporate business

4
5
6

State and local governments
Federal government
Rest of the world

7

Financial sectors

8
9

F.12 Instrument Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

-130.7

-72.4

-231.4

-50.6

403.6

-280.4

-111.2

-214.4

161.3

-234.2

148.3

1

2
3

Treasury currency
Foreign deposits

-0.2
106.2

-0.1
-8.5

-0.7
45.8

-1.2
70.2

-1.8
263.1

-0.7
-82.2

0.9
-100.2

-3.3
200.3

-3.6
181.5

-0.5
-121.2

-0.7
24.8

2
3

4
5

Net interbank transactions
Security RPs

-19.9
63.2

3.4
60.6

3.5
30.0

17.4
111.1

25.3
567.2

5.4
51.9

-12.1
126.5

51.1
-301.4

16.7
-161.7

13.6
171.9

8.3
36.6

4
5

6
7

Mail floats:
Federal government
Other

-2.7
-3.9

2.6
-3.1

-7.4
-0.8

9.0
1.7

18.7
1.0

16.3
1.4

3.0
1.9

-2.1
2.4

-29.8
3.8

10.1
3.9

18.5
5.1

6
7

8
9

Trade credit
Taxes payable

-29.2
28.0

-51.3
19.7

42.9
6.5

-34.0
14.1

-71.8
9.5

-36.5
4.8

-51.9
-2.6

24.3
44.6

2.0
4.4

32.3
-9.7

-10.7
12.9

8
9

10

Miscellaneous

-245.5

-127.4

-418.9

-369.2

-501.0

-353.3

-232.2

-390.1

27.3

-477.6

-87.0

10

11

Nonfinancial

-26.8

31.7

67.7

130.4

93.5

112.6

155.6

159.8

120.7

143.2

140.6

11

29.7
-2.9

-31.0
-0.7

-72.9
5.2

-130.4
0.0

-93.5
0.0

-112.6
0.0

-155.6
0.0

-159.8
0.0

-120.7
0.0

-143.3
0.0

-140.5
0.0

12
13

12
13

All types

Nonfinancial components (sign reversed):
Statistical discrepancy (NIPA)
Private wage accruals less disbursements