For use at 12:00 p.m.

, eastern time
Thursday
September 16, 2004

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Second Quarter 2004

Board of Governors of the Federal Reserve System, Washington DC 20551

Flow of Funds Summary Statistics
Second Quarter 2004
Mortgage debt expanded at a double-digit annual rate
last quarter and consumer credit rose moderately. Debt
of nonfinancial businesses grew at an annual rate of
4-1/2 percent in the second quarter, a bit slower than in
the first quarter.
Among the components of
nonfinancial business borrowing, net issuance of
corporate bonds was negligible in the second quarter,
but commercial mortgage borrowing was sizable and on
a seasonally adjusted basis, bank loans posted the first
quarterly net increase since late-2000.

Domestic nonfinancial debt rose at a
seasonally adjusted annual rate of 7-3/4 percent in the
second quarter of 2004, somewhat slower than the
9 percent pace in the first quarter. The slowdown in
debt growth last quarter was distributed broadly across
all of the major nonfinancial sectors in the United
States.
On a seasonally adjusted basis, growth of
federal government debt slowed to 10-3/4 percent at an
annual rate in the second quarter from a 12 percent rate
in the previous quarter. In the state and local
government sector, debt expanded 4-1/2 percent at an
annual rate last quarter, about half the first-quarter pace.
Although growth of household debt slowed from the
rapid pace of the previous quarter, it remained strong at
an annual rate of 9-1/2 percent in the second quarter.

The seasonally adjusted level of domestic
nonfinancial debt outstanding was just under
$23.3 trillion at the end of the second quarter of 2004.
Debt of nonfederal sectors was $19 trillion and federal
debt held by the public was about $4.3 trillion.

Growth of Domestic Nonfinancial Debt1
Percentage changes; quarterly data are seasonally adjusted annual rates
Nonfederal
Total

Federal

Total

Households

Business

State and
local govts.

1994
1995
1996
1997
1998

4.6
5.3
5.2
5.3
6.9

4.7
4.1
4.0
0.6
-1.4

4.6
5.7
5.7
7.0
9.6

7.6
7.1
6.8
6.0
7.9

3.8
7.2
6.2
9.0
12.3

-4.0
-5.5
-1.5
4.0
6.3

1999
2000
2001
2002
2003

6.3
4.9
6.2
6.9
8.1

-1.9
-8.0
-0.2
7.6
10.9

8.8
8.4
7.7
6.7
7.5

8.1
8.7
9.0
9.6
10.2

10.6
9.4
6.1
2.8
4.3

3.4
1.3
8.9
11.1
8.2

2003: Q1
Q2
Q3
Q4

7.4
11.0
7.0
6.3

5.1
19.6
8.2
9.1

7.9
9.1
6.8
5.7

11.3
11.6
9.5
7.0

4.0
5.7
3.3
3.8

6.9
11.3
7.2
6.3

2004: Q1
Q2

9.1
7.7

12.0
10.7

8.5
7.0

11.3
9.5

4.8
4.4

9.5
4.6

1. Changes shown are on an end-of-period basis.

Table of Contents
Title

Table

Page

Flow of Funds Accounts, Second Quarter 2004

1

Availability of Data for Latest Quarter

3

Debt Growth by Sector

D.1

6

Borrowing by Sector

D.2

7

Debt Outstanding by Sector

D.3

8

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

9

L.1

58

Credit Market Borrowing by Nonfinancial Sectors

F.2

10

L.2

59

Credit Market Borrowing by Financial Sectors

F.3

10

L.3

59

Credit Market Borrowing, All Sectors, by Instrument

F.4

11

L.4

60

Total Liabilities and Its Relation to Total Financial Assets

F.5

11

L.5

60

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Saving and Investment

F.8

14

Net Capital Transfers

F.9

14

Derivation of Measures of Personal Saving

F.10

15

L.10

61

Title

Summaries

Flows
Table
Page

Levels
Table
Page

Households and Nonprofit Organizations

F.100

16

L.100

62

Nonfinancial Business

F.101

17

L.101

63

Nonfarm Nonfinancial Corporate Business

F.102

18

L.102

64

Nonfarm Noncorporate Business

F.103

19

L.103

65

Farm Business

F.104

19

L.104

65

State and Local Governments

F.105

20

L.105

66

Federal Government

F.106

21

L.106

66

Rest of the World

F.107

22

L.107

67

Monetary Authority

F.108

23

L.108

68

Commercial Banking

F.109

24

L.109

69

U.S.-Chartered Commercial Banks

F.110

25

L.110

70

Foreign Banking Offices in U.S.

F.111

26

L.111

71

Bank Holding Companies

F.112

27

L.112

72

Banks in U.S.-Affiliated Areas

F.113

27

L.113

72

Savings Institutions

F.114

28

L.114

73

Credit Unions

F.115

29

L.115

74

Bank Personal Trusts and Estates

F.116

29

L.116

74

Life Insurance Companies

F.117

30

L.117

75

Other Insurance Companies

F.118

30

L.118

75

Private Pension Funds

F.119

31

L.119

76

State and Local Government Employee Retirement Funds

F.120

31

L.120

76

Federal Government Retirement Funds

F.121

31

L.121

76

Money Market Mutual Funds

F.122

32

L.122

77

Title

Sectors

Title

Flows
Table
Page

Levels
Table
Page

Mutual Funds

F.123

32

L.123

77

Closed-End and Exchange-Traded Funds

F.124

32

L.124

77

Government-Sponsored Enterprises

F.125

33

L.125

78

Agency- and GSE-backed Mortgage Pools

F.126

33

L.126

78

Issuers of Asset-Backed Securities

F.127

34

L.127

79

Finance Companies

F.128

34

L.128

79

Mortgage Companies

F.129

35

L.129

80

Real Estate Investment Trusts

F.130

35

L.130

80

Security Brokers and Dealers

F.131

36

L.131

81

Funding Corporations

F.132

36

L.132

81

Gold and Official Foreign Exchange Holdings

F.200

37

L.200

82

SDR Certificates and Treasury Currency

F.201

37

L.201

82

U.S. Deposits in Foreign Countries

F.202

37

L.202

82

Net Interbank Transactions

F.203

38

L.203

83

Checkable Deposits and Currency

F.204

39

L.204

84

Time and Savings Deposits

F.205

40

L.205

85

Money Market Mutual Fund Shares

F.206

40

L.206

85

Federal Funds and Security Repurchase Agreements

F.207

41

L.207

86

Open Market Paper

F.208

41

L.208

86

Treasury Securities

F.209

42

L.209

87

Instruments

Flows

Levels
Table
Page

Title

Table

Page

Agency- and GSE-backed Securities

F.210

43

L.210

88

Municipal Securities and Loans

F.211

44

L.211

89

Corporate and Foreign Bonds

F.212

44

L.212

89

Corporate Equities

F.213

45

L.213

90

Mutual Fund Shares

F.214

45

L.214

90

Bank Loans Not Elsewhere Classified

F.215

46

L.215

91

Other Loans and Advances

F.216

47

L.216

92

Total Mortgages

F.217

48

L.217

93

Home Mortgages

F.218

49

L.218

94

Multifamily Residential Mortgages

F.219

49

L.219

94

Commercial Mortgages

F.220

50

L.220

95

Farm Mortgages

F.221

50

L.221

95

Consumer Credit

F.222

51

L.222

96

Trade Credit

F.223

51

L.223

96

Security Credit

F.224

51

L.224

96

Life Insurance and Pension Fund Reserves

F.225

52

L.225

97

Taxes Payable by Businesses

F.226

52

L.226

97

Investment in Bank Personal Trusts

F.227

52

L.227

97

Proprietors' Equity in Noncorporate Business

F.228

52

Total Miscellaneous Financial Claims

F.229

53

L.229

98

Identified Miscellaneous Financial Claims - Part I

F.230

54

L.230

99

Identified Miscellaneous Financial Claims - Part II

F.231

55

L.231

100

Unidentified Miscellaneous Financial Claims

F.232

56

L.232

101

Sector Discrepancies

F.11

57

Instrument Discrepancies

F.12

57

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organizations

B.100

102

R.100

105

Nonfinancial Corporate Business

B.102

103

R.102

106

Nonfarm Noncorporate Business

B.103

104

R.103

107

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Flows
Table
Page

Levels
Table
Page

Nonprofit Organizations

F.100.a

108

L.100.a

109

Consolidated Statement for Federal, State, and Local Governments

F.106.c

110

L.106.c

111

Private Pension Funds: Defined Benefit Plans

F.119.b

112

L.119.b

113

Private Pension Funds: Defined Contribution Plans

F.119.c

112

L.119.c

113

Individual Retirement Accounts (IRAs)

F.225.i

112

L.225.i

113

Title

Supplementary Tables

Flow of Funds Matrix for 2003
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

114

115
B.100.e

116

1

Flow of Funds Accounts, Second Quarter 2004
This publication presents the flow of funds
accounts for 2004:Q2.
Data revisions and other changes. The statistics in
the attached tables reflect the use of new or revised
source data. Most significant revisions appear in recent
quarters; however, new source information resulted in
changes to data for earlier periods.
1.
Seasonal factors for quarterly financial flows
have been recalculated for the period 1994:Q1 onward.
The factors were generated using the Statistics Canada
X-12-ARIMA/88 seasonal adjustment program.
2.
The statistics in this publication reflect the
annual revisions to the national income and product
accounts from 2001 forward released by the
Department of Commerce on July 30, 2004, and
subsequent information for 2004:Q2 released on August
27, 2004. The August 2004 issue of the Survey of
Current Business details the major features of the
annual revision of the national income and product
accounts.
3.
The state and local government sector (tables
F.105 and L.105) was modified to include two
additional asset categories, money market mutual funds
and trade receivables. In addition, estimates for
existing categories of assets were revised from 1998:Q3
forward. The new data are based on information from
the Comprehensive Annual Financial Reports of states
that hold a majority of the financial assets of all states
and a sample of large cities.
4.

Revisions to the rest of the world sector
(tables
F.107 and L.107) reflect new estimates of the balance
of payments from the Department of Commerce for
1989 through 2003. The new estimates are detailed in
the July 2004 issue of the Survey of Current Business.
5.
The government-sponsored enterprises sector
(tables F.125 and L.125) was modified to include an
additional asset category, time and savings deposits. In
addition, the sector has been revised from 1988:Q4
forward to include the Federal Agricultural Mortgage
Corporation (Farmer Mac).
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds borrowed
by U.S. entities from both domestic and foreign
sources, while foreign debt represents amounts
borrowed by foreign financial and nonfinancial entities
in U.S. markets only. Financial sectors consist of

government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial
institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper,
consumer credit, U.S. government loans, and other
loans and advances; it excludes trade debt, loans for the
purpose of carrying securities, and funds raised from
equity sources.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
seasonally adjusted levels at the end of the previous
period from table D.3. Seasonally adjusted levels in
flow of funds statistics are derived by carrying forward
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those in table D.1.
Relation of Flows to Outstandings. Estimates of
financial assets and liabilities outstanding are linked to
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
affect analysis of particular relationships over time
specifically, outstanding in the flow of funds accounts
are related to the flows in the following way:
Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t
where “t” is the time period.

Discontinuities result from changes in
valuation, breaks in source data, and changes in
definitions. For most series, the value of the
discontinuity is zero for nearly all time periods.
However, in a few instances, the discontinuity is
nonzero for almost all time periods, or is quite large in a
particular quarter, such as a period when there is a
sharp increase or decrease in equity prices or a major
break in source data.
The discontinuities in a series can distort
estimated rates of growth in assets and liabilities
between periods.
In order to minimize these
distortions, percentage changes in assets and liabilities
in flow of funds releases should be calculated as:
Percentage change t = (Flow t / Outstanding t-1) * 100
Preliminary Estimates. Figures shown for the most
recent quarter in these tables are based on preliminary
and incomplete information. A summary list of the
principal sources of information available when the
latest quarter's data were compiled is provided in a table
following this introduction. The distinction between
“available” data and “missing” data is not between final

2

and preliminary versions of data, but rather between
those source estimates that are fully ready when the
latest quarterly publication is compiled and those that
are not yet completed. However, the items that are
shown as available are, in general, also preliminary in
the sense that they are subject to revision by source
agencies.
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
errors in source data, incompatibilities among data from
different sources, potential revisions in both financial
and nonfinancial series, and incomplete data in parts of
the accounts. The size of these uncertainties cannot be
quantified in precise statistical terms, but allowance for
them is explicitly made throughout the accounts by the
inclusion of “discrepancies” for various sectors and
instrument types. A discrepancy for a sector is the
difference between its measured sources of funds and
its measured uses of funds. For an instrument category,
a discrepancy is the difference between measured funds
borrowed through the financial instrument and
measured funds lent through that instrument. The size
of such discrepancies relative to the main asset or
liability components is one indication of the quality of
source data, especially on an annual basis. For
quarterly data, differences in seasonal adjustment
procedures for financial and nonfinancial components
of the accounts sometimes result in discrepancies that
cancel in annual data.
Availability of Data. Flow of funds statistics are
updated about ten weeks following the end of a
quarter. This publication — the Z.1 release — is
available from the Board's Publications Services. Flow
of funds data are also available electronically through
the Internet at the following location:

http://www.federalreserve.gov/releases/Z1

The Internet site also provides quarterly data
beginning in 1952, organized in compressed files that
correspond to the tables published in this release.
There are files for quarterly data for seasonally
adjusted flows, unadjusted flows, outstandings, balance
sheets, and debt (tables D.1, D.2, and D.3).
A Guide to the Flow of Funds Accounts is
available. The 1,200-page Guide, published in two
volumes in January 2000, explains in detail how the
U.S. financial accounts are prepared and the principles
underlying the accounts. The Guide can be purchased
for $20.00 from the Board’s Publications Services.
Publications Services accepts orders accompanied by
checks as well as credit card orders.
The Internet site for this release at the location
shown above contains a link to an order form for the
Guide that can be mailed or faxed to Publications
Services. In addition, the Internet site includes a link to
the Guide’s descriptions of the tables in the flow of
funds accounts.
Subscription Information. The Federal Reserve
Board charges for subscriptions to all statistical
releases. Inquiries for releases should be directed to:
Publications Services, Stop 127
Board of Governors
of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
(202) 452-3244

3

Availability of Data for Latest Quarter

Available at time of publication

Major items missing

1. National income and
product accounts (NIPA)

Preliminary estimates, seasonally
adjusted, for 2004:Q2.

Unadjusted flows since 2002.

2. Households and nonprofit
organizations sector
(tables F.100 and L.100)

Estimates for this sector are largely residuals and are derived from data for
other sectors. Availability of data depends on schedules for other sectors.
Data for consumer credit, which are estimated directly, are available
through 2004:Q2. The source for nonprofit organizations data (tables
F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income.
Data for nonprofit organizations are available for 1987 through 2000.

3. Nonfarm nonfinancial
corporate business
(tables F.102 and L.102)

Quarterly Financial Report (QFR) of
the Census Bureau through 2004:Q1;
Internal Revenue Service Statistics of
Income (IRS/SOI) preliminary data
through 2002; securities offerings,
mortgages, bank loans, commercial
paper, and other loans through
2004:Q2.

Statistics of Income data since
2002.

4. Nonfarm noncorporate
business
(tables F.103 and L.103)

IRS/SOI data through 2001; bank and
finance company loans and mortgage
borrowing through 2004:Q2.

Statistics of Income data since
2001.

5. Farm business
(tables F.104 and L.104)

Mortgages, bank loans, loans from
government-sponsored enterprises,
U.S. government loans to farms, and
equity in government-sponsored
enterprises through 2004:Q2;
preliminary data for checkable deposits
and currency and trade payables
through 2003.

Consumption of fixed capital and
undistributed profits since 2000.

6. State and local governments
(tables F.105 and L.105)

Gross offerings and retirements of
municipal securities, deposits at banks,
and nonmarketable U.S. government
security issues through 2004:Q2;
selected financial assets through
2003:Q2 from the comprehensive
annual financial reports of state and
local governments that account for
most of the holdings of the sector, and
data from Standard & Poor's on local
government investment pools.

Selected financial asset items
since 2003:Q2.

4

Data from the Monthly Treasury
Statement of Receipts and Outlays
through 2004:Q2; Treasury data for
loan programs through 2004:Q2.

None.

8. Rest of the world
(U.S. international
transactions)
(tables F.107 and L.107)

Balance of payments data through
2004:Q2; NIPA estimates; data from
bank Reports of Condition and
Treasury International Capital System
through 2004:Q2.

None

9. Monetary authority
(tables F.108 and L.108)

All data through 2004:Q2.

None.

10. Commercial banking
(tables F.109 through F.113
and tables L.109 through
L.113)

All data through 2004:Q2 for
U.S.-chartered commercial banks,
foreign banking offices in the U.S.,
bank holding companies, and
commercial banks in U.S.-affiliated
areas.

Data since 2003 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

11. Savings institutions
(tables F.114 and L.114)

All data through 2004:Q2.

None.

12. Credit unions
(tables F.115 and L.115)

All data through 2004:Q2.

None.

13. Bank personal trusts and
estates
(tables F.116 and L.116)

All data through 2003:Q4; total assets
for 2004:Q1 and 2004:Q2.

Asset detail for 2004:Q1 and
2004:Q2.

14. Life insurance companies
(tables F.117 and L.117)

All data through 2004:Q1;
preliminary data for 2004:Q2.

Final data for 2004:Q2.

15. Other insurance companies
(tables F.118 and L.118)

All data through 2004:Q1;
preliminary data for 2004:Q2.

Final data for 2004:Q2.

16. Private pension funds
(tables F.119 and L.119)

Quarterly data through 2004:Q2;
Internal Revenue Service/Department
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
1999.

Form 5500 data since 1999.

17. State and local government
employee retirement funds
(tables F.120 and L.120)

All data through 2003:Q4.

Data since 2003:Q4.

18. Federal government retirement
funds
(tables F.121 and L.121)

Data from the Monthly Treasury
Statement, the Thrift Savings Plan, and
the National Railroad Retirement
Investment Trust through 2004:Q2.

None.

7.

Federal government
(tables F.106 and L.106)

5

19. Money market mutual
funds
(tables F.122 and L.122)

All data through 2004:Q2.

None.

20. Mutual funds
(tables F.123 and L.123)

All data through 2004:Q2.

None.

21. Closed-end funds
(tables F.124 and L.124)

All data through 2004:Q2.

None.

22. Exchange-traded funds
(tables F.124 and L.124)

All data through 2004:Q2.

None.

23. Government-sponsored
enterprises
(tables F.125 and L.125)

Data for Fannie Mae, FHLBs, FCS,
Farmer Mac, Sallie Mae, FICO, and
REFCORP through 2004:Q2.

Data after 2003:Q4 for Freddie
Mac.

24. Agency- and GSE-backed
mortgage pools
(tables F.126 and L.126)

All data through 2004:Q2.

None.

25. Issuers of asset-backed
securities (ABSs)
(tables F.127 and L.127)

All data for private mortgage pools,
consumer credit, business loans,
student loans, consumer leases, and
trade credit securitization through
2004:Q2.

None.

26. Finance companies
(tables F.128 and L.128)

All data through 2004:Q2.

None.

27. Mortgage companies
(tables F.129 and L.129)

Mortgage data through 1997:Q4.

Data after 1997:Q4.

28. Real estate investment
trusts (REITs)
(tables F.130 and L.130)

Data from SNL REIT DataSource
through 2004:Q2.

None.

29. Security brokers and
dealers
(tables F.131 and L.131)

Data for firms filing FOCUS and
FOGS reports through 2004:Q2.

None.

30. Funding corporations
(tables F.132 and L.132)

Estimates for this sector are largely residuals and are derived from data for
other sectors.

6

Z.1, September 16, 2004

D.1 Debt Growth by Sector 1
In percent; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1970
1971
1972
1973
1974

6.9
9.5
10.0
10.7
9.2

4.2
8.3
4.6
2.0
3.4

7.6
9.8
11.4
12.9
10.5

4.4
9.2
11.3
12.4
8.8

4.4
8.5
11.2
11.7
9.7

3.4
11.7
13.1
13.3
4.6

10.3
10.1
12.5
14.7
13.0

12.9
7.8
9.9
17.5
11.5

8.7
10.9
8.4
7.8
6.9

14.5
8.7
17.2
28.9
23.6

5.7
9.7
7.9
10.3
20.5

1975
1976
1977
1978
1979

9.3
10.8
12.8
13.8
12.2

23.9
15.6
11.0
9.2
5.8

6.2
9.6
13.3
15.0
13.7

8.2
11.2
15.5
16.9
15.2

9.1
12.4
16.5
17.5
16.2

3.8
10.6
15.5
17.5
13.9

4.9
8.6
12.5
13.1
13.5

3.4
7.7
12.0
11.4
11.1

5.4
8.4
8.4
15.4
9.0

0.8
9.0
18.9
22.1
22.1

17.4
21.5
11.6
18.6
9.5

1980
1981
1982
1983
1984

9.5
10.4
10.1
12.0
14.7

11.8
11.6
19.7
18.9
16.9

9.0
10.1
7.9
10.2
14.1

8.5
7.6
5.6
11.2
12.6

11.0
7.2
4.7
10.3
11.3

1.0
5.5
5.0
12.1
18.4

10.0
12.9
9.2
9.1
16.2

8.3
13.6
9.1
8.0
16.7

6.9
8.0
11.2
11.4
11.4

14.5
18.2
13.6
13.4
17.9

13.9
11.8
7.2
8.2
3.6

1985
1986
1987
1988
1989

15.7
11.9
9.0
9.1
7.3

16.5
13.6
8.0
8.0
7.0

15.4
11.4
9.3
9.4
7.4

15.8
11.4
10.4
9.8
9.3

14.0
13.6
13.4
11.7
11.0

15.9
9.1
4.8
6.7
6.3

11.5
11.4
7.7
9.8
6.1

12.7
13.9
8.9
11.0
7.2

31.8
10.9
12.0
6.4
5.6

19.4
26.2
18.2
13.2
10.5

0.5
4.1
2.6
3.0
4.0

1990
1991
1992
1993
1994

6.5
4.3
4.6
4.8
4.6

11.0
11.1
10.9
8.3
4.7

5.2
2.2
2.5
3.5
4.6

7.0
5.2
5.3
5.9
7.6

8.9
7.0
6.5
5.5
5.6

1.9
-1.1
1.1
7.4
15.2

3.5
-2.2
-0.2
0.4
3.8

5.6
-2.1
1.0
1.4
5.0

5.0
8.6
1.6
5.3
-4.0

9.5
6.9
10.1
9.5
13.6

9.0
5.2
7.9
21.9
-2.9

1995
1996
1997
1998
1999

5.3
5.2
5.3
6.9
6.3

4.1
4.0
0.6
-1.4
-1.9

5.7
5.7
7.0
9.6
8.8

7.1
6.8
6.0
7.9
8.1

4.9
6.3
6.3
8.1
9.1

14.4
8.9
5.3
7.7
7.4

7.2
6.2
9.0
12.3
10.6

8.5
6.3
9.4
11.8
9.9

-5.5
-1.5
4.0
6.3
3.4

11.5
12.3
12.2
19.5
16.2

20.7
19.3
12.9
5.1
2.0

2000
2001
2002
2003

4.9
6.2
6.9
8.1

-8.0
-0.2
7.6
10.9

8.4
7.7
6.7
7.5

8.7
9.0
9.6
10.2

8.3
9.8
11.9
12.7

10.7
8.0
4.1
4.3

9.4
6.1
2.8
4.3

8.5
5.0
0.7
3.2

1.3
8.9
11.1
8.2

10.6
10.7
9.0
9.7

8.7
-7.0
0.9
-2.4

1998 -- Q1
Q2
Q3
Q4

7.0
7.7
5.3
6.8

-1.0
-0.0
-3.5
-1.0

9.7
10.2
8.1
9.2

8.1
8.7
6.4
7.7

8.0
7.9
6.5
9.1

6.6
11.3
6.6
5.6

12.3
12.7
10.7
11.6

12.1
12.4
9.6
11.0

6.9
6.7
5.3
5.9

16.8
18.9
17.8
19.4

15.8
14.5
-3.8
-5.9

1999 -- Q1
Q2
Q3
Q4

7.3
5.3
6.5
5.5

-2.7
-2.3
-3.2
0.5

10.3
7.6
9.3
6.9

8.9
7.8
8.7
6.2

10.0
8.7
9.4
7.1

8.8
6.2
7.7
6.3

12.7
8.5
10.8
8.9

13.1
8.3
9.9
6.8

5.9
1.9
4.6
1.0

18.9
15.4
15.4
11.5

3.1
-5.6
9.9
0.8

2000 -- Q1
Q2
Q3
Q4

5.5
5.1
3.8
4.7

-6.0
-11.4
-8.0
-7.7

8.7
9.4
6.8
7.7

8.4
9.4
8.1
7.9

8.3
9.1
7.6
7.3

9.0
10.5
10.3
11.2

10.6
11.3
6.2
8.3

10.4
10.3
5.2
7.2

0.5
-0.8
2.5
3.1

8.6
11.5
9.7
11.1

18.8
-3.2
10.7
7.9

2001 -- Q1
Q2
Q3
Q4

6.2
5.1
6.5
6.5

0.2
-8.9
5.6
2.7

7.6
8.2
6.6
7.4

8.6
9.4
7.9
8.8

9.0
11.1
8.8
9.0

9.1
6.4
4.4
11.3

6.3
7.0
5.2
5.2

5.4
6.2
4.2
3.9

9.0
7.7
7.0
10.7

10.2
10.0
11.5
9.6

-1.9
-9.2
-17.8
0.3

2002 -- Q1
Q2
Q3
Q4

6.2
7.0
5.9
7.8

3.8
11.6
7.2
7.2

6.7
6.1
5.6
7.9

10.0
8.4
8.2
10.4

11.7
10.6
10.3
13.0

5.9
4.7
3.8
1.9

3.0
2.4
1.4
4.1

1.6
0.1
-1.1
2.2

6.8
11.4
11.9
12.5

8.7
9.0
7.4
9.5

9.9
0.4
-6.8
0.1

2003 -- Q1
Q2
Q3
Q4

7.4
11.0
7.0
6.3

5.1
19.6
8.2
9.1

7.9
9.1
6.8
5.7

11.3
11.6
9.5
7.0

14.1
13.9
11.4
9.3

4.1
5.2
5.3
2.2

4.0
5.7
3.3
3.8

3.6
5.5
1.6
2.0

6.9
11.3
7.2
6.3

9.6
8.3
9.9
9.7

2.7
-9.2
-9.9
7.2

2004 -- Q1
Q2

9.1
7.7

12.0
10.7

8.5
7.0

11.3
9.5

13.1
11.1

6.1
2.2

4.8
4.4

4.7
2.9

9.5
4.6

5.9
7.9

10.9
-9.6

1. Data shown are on an end-of-period basis.

Z.1, September 16, 2004

7

D.2 Borrowing by Sector
Billions of dollars; quarterly figures are seasonally adjusted annual rates

Total

Federal
government

Total
nonfederal

Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Business
Total

Corporate

State and
local
governments

Domestic
financial
sectors

Foreign

1970
1971
1972
1973
1974

91.3
135.4
156.0
184.0
175.5

12.1
24.9
15.0
6.9
11.9

79.3
110.5
141.0
177.0
163.6

19.5
42.3
56.9
69.5
55.7

12.4
24.6
35.0
40.6
37.4

4.4
15.6
19.5
22.5
8.9

47.7
51.8
70.2
93.4
94.4

41.1
28.1
38.5
75.0
56.6

12.1
16.4
14.0
14.1
13.4

16.2
11.1
23.9
47.0
49.6

2.8
5.1
4.4
6.3
13.8

1975
1976
1977
1978
1979

192.7
244.8
321.2
390.7
391.9

85.6
69.2
56.3
52.5
35.8

107.1
175.6
264.8
338.2
356.1

56.0
82.9
127.8
160.5
169.2

38.8
57.5
85.9
106.2
115.9

7.8
22.0
35.5
46.4
43.3

39.9
74.2
117.1
138.3
160.3

18.7
43.7
73.3
78.5
84.1

11.1
18.5
19.9
39.4
26.6

2.1
23.5
53.6
74.7
91.1

14.1
20.5
13.5
24.0
15.0

1980
1981
1982
1983
1984

343.7
410.0
439.9
573.6
791.2

77.4
85.5
161.3
185.2
197.2

266.3
324.5
278.6
388.4
594.0

109.4
106.4
84.1
176.8
218.3

91.3
67.0
47.6
106.3
126.6

3.4
19.8
18.8
48.2
81.7

134.8
190.5
152.8
164.3
323.2

70.0
123.7
93.3
89.6
205.1

22.2
27.6
41.7
47.3
52.5

73.2
105.1
93.0
104.4
157.8

24.2
23.5
16.0
17.3
8.4

1985
1986
1987
1988
1989

963.0
845.3
719.0
787.6
687.4

225.7
216.0
143.9
155.1
146.4

737.3
629.3
575.1
632.5
541.0

307.2
259.6
262.6
270.4
283.8

175.0
197.4
220.4
214.3
225.5

84.0
55.8
32.3
46.6
47.0

266.5
295.5
222.0
308.1
207.2

181.8
224.9
163.4
222.9
159.9

163.6
74.2
90.4
54.0
50.1

204.0
328.8
290.6
250.2
225.0

1.2
9.7
6.3
7.4
10.2

1990
1991
1992
1993
1994

656.0
465.7
515.1
566.6
571.6

246.9
278.2
304.0
256.1
155.9

409.1
187.5
211.1
310.5
415.8

234.3
186.5
201.3
236.6
323.1

201.4
175.7
174.0
157.4
169.3

15.1
-8.8
9.2
61.4
134.8

127.7
-84.4
-7.1
16.2
138.9

133.8
-53.7
24.1
34.4
126.5

47.2
85.4
16.9
57.7
-46.3

229.1
182.6
283.2
294.3
464.9

23.9
15.1
24.1
69.8
-11.2

1995
1996
1997
1998
1999

684.8
716.5
767.7
1041.3
1020.4

144.4
144.9
23.1
-52.6
-71.2

540.3
571.5
744.6
1093.9
1091.6

325.2
332.5
310.3
438.1
483.8

157.7
211.2
223.9
306.8
371.8

147.0
103.6
68.0
103.3
107.2

276.0
255.0
392.8
588.2
569.3

227.1
182.8
291.8
398.0
373.7

-60.9
-15.9
41.5
67.7
38.5

446.7
532.7
592.3
1063.8
1054.2

78.3
88.0
69.9
31.2
13.0

2000
2001
2002
2003

841.6
1123.2
1323.2
1672.9

-295.9
-5.6
257.6
396.0

1137.4
1128.8
1065.7
1276.9

561.0
628.0
731.5
856.6

370.8
472.7
630.7
756.1

165.2
138.7
77.4
83.0

561.0
395.0
190.3
302.5

357.2
228.2
34.2
155.3

15.5
105.8
143.9
117.8

804.2
899.6
830.0
983.0

57.0
-49.8
5.6
-15.7

1998 -- Q1
Q2
Q3
Q4

1068.5
1185.2
835.7
1075.6

-38.0
-0.8
-132.4
-39.3

1106.5
1186.0
968.1
1115.0

446.4
490.7
367.5
447.6

303.7
304.2
254.1
365.2

87.9
153.3
92.6
79.4

586.5
622.8
542.0
601.4

409.9
431.0
345.2
406.1

73.6
72.5
58.6
66.0

917.1
1074.7
1056.5
1206.8

96.3
91.5
-24.9
-38.0

1999 -- Q1
Q2
Q3
Q4

1176.9
879.5
1087.3
937.8

-99.8
-85.3
-116.8
17.0

1276.6
964.8
1204.0
920.8

528.4
473.8
540.8
392.1

408.0
364.5
404.4
310.4

127.0
91.7
114.6
95.7

681.1
469.0
610.2
516.8

494.5
323.2
395.3
281.9

67.2
22.0
53.0
11.9

1228.7
1051.5
1089.2
847.3

19.7
-36.0
62.8
5.4

2000 -- Q1
Q2
Q3
Q4

955.8
889.2
681.9
839.3

-220.7
-412.6
-282.8
-267.4

1176.5
1301.8
964.8
1106.7

539.3
617.4
546.6
540.7

368.5
412.8
354.3
347.6

139.1
166.5
167.8
187.5

631.5
693.6
389.3
529.6

437.0
443.8
227.4
320.5

5.7
-9.1
28.9
36.4

647.2
891.5
774.5
903.7

122.8
-21.7
72.2
54.8

2001 -- Q1
Q2
Q3
Q4

1123.8
931.0
1201.7
1236.4

5.9
-302.5
184.6
89.5

1117.9
1233.4
1017.1
1146.9

603.0
674.3
580.2
654.6

432.6
546.5
444.9
466.8

157.6
113.3
78.4
205.4

407.3
465.3
350.5
357.1

245.5
285.9
195.8
185.4

107.6
93.9
86.5
135.2

856.3
855.6
1013.4
873.3

-13.2
-65.1
-123.1
2.3

2002 -- Q1
Q2
Q3
Q4

1189.2
1372.1
1164.9
1566.7

127.7
394.5
251.6
256.4

1061.5
977.5
913.3
1310.3

763.6
660.8
654.0
847.7

620.9
578.4
577.1
746.3

109.7
88.5
73.7
37.6

209.5
166.0
98.0
287.6

77.5
4.7
-50.8
105.3

88.5
150.7
161.4
175.0

807.2
851.4
719.8
941.8

65.4
2.8
-46.1
0.5

2003 -- Q1
Q2
Q3
Q4

1514.1
2294.0
1509.3
1374.3

184.0
723.0
317.1
360.0

1330.1
1570.9
1192.2
1014.3

945.2
999.1
844.6
637.6

836.6
855.1
723.8
609.0

80.3
102.1
104.4
45.1

285.4
405.8
238.5
280.4

174.1
269.0
77.9
100.3

99.5
166.1
109.1
96.3

969.0
861.9
1047.0
1054.1

17.8
-61.8
-64.7
46.0

2004 -- Q1
Q2

2034.8
1756.5

483.9
444.9

1550.9
1311.6

1045.5
904.9

875.5
766.5

124.4
45.0

356.9
332.5

236.2
145.9

148.6
74.3

651.8
885.9

70.8
-63.8

8

Z.1, September 16, 2004

D.3 Debt Outstanding by Sector 1
Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Nonfederal
Households
Home
Consumer
Total
mortgage
credit

Total

Corporate

State and
local
governments

Domestic
financial
sectors

512.5
563.6
633.7
726.5
820.5

361.3
389.5
427.9
492.6
548.9

150.3
166.7
180.7
194.8
208.2

127.8
138.9
162.8
209.8
258.3

52.1
56.6
61.1
67.4
81.2

207.0
229.0
264.9
311.3
354.6

862.2
933.8
1052.7
1186.5
1346.1

569.4
610.4
685.5
759.5
842.9

219.4
237.8
256.2
295.6
322.2

260.4
283.9
337.8
412.5
504.9

95.6
116.0
129.4
157.6
174.3

932.0
1003.7
1036.8
1123.1
1249.1

358.0
377.9
396.7
444.9
526.6

1477.0
1661.2
1810.6
1997.8
2323.9

909.1
1026.5
1116.6
1229.1
1437.1

344.4
372.1
413.8
461.1
513.6

578.1
682.4
778.1
882.7
1052.4

198.9
222.8
212.6
229.8
238.0

2277.5
2535.6
2752.2
3039.6
3333.8

1449.3
1646.6
1825.0
2049.9
2273.6

610.6
666.4
698.6
745.2
809.3

2587.0
2881.5
3134.6
3422.2
3636.0

1615.5
1839.5
2033.9
2234.2
2401.1

677.9
752.1
841.0
895.0
945.2

1257.3
1593.6
1895.5
2145.8
2399.3

239.3
241.0
247.4
254.8
265.0

8351.4
8535.6
8749.8
9075.1
9497.5

3597.2
3787.3
3988.6
4227.6
4550.4

2504.1
2683.5
2857.5
3017.3
3186.6

824.4
815.6
824.8
886.2
1021.0

3761.9
3670.6
3666.7
3695.3
3841.2

2533.1
2477.3
2502.9
2549.8
2682.9

992.3
1077.7
1094.5
1152.2
1105.9

2630.3
2812.9
3111.6
3411.2
3884.2

288.8
304.0
318.7
388.5
377.5

3636.7
3781.7
3804.8
3752.2
3681.0

10037.4
10609.0
11352.1
12446.0
13572.2

4875.6
5208.1
5518.7
5956.7
6440.8

3344.3
3555.4
3779.3
4086.1
4457.9

1168.0
1271.7
1339.6
1442.9
1550.2

4116.8
4371.8
4762.7
5350.9
5954.5

2909.6
3092.3
3382.3
3780.4
4188.5

1045.0
1029.1
1070.7
1138.3
1176.9

4333.6
4866.2
5449.4
6513.2
7567.4

456.0
544.1
608.1
639.4
652.6

18105.9
19229.7
20552.9
22272.2

3385.1
3379.5
3637.0
4033.1

14720.8
15850.2
16915.9
18239.1

7012.9
7640.9
8372.4
9252.3

4828.7
5301.4
5932.1
6688.2

1726.5
1865.2
1942.6
2025.5

6515.5
6911.2
7101.4
7427.1

4545.7
4774.4
4808.6
4987.1

1192.3
1298.1
1442.0
1559.7

8372.7
9272.3
10102.3
11085.3

709.6
659.9
665.5
649.8

1998 -- Q1
Q2
Q3
Q4

15424.0
15720.3
15929.2
16198.2

3795.3
3795.1
3762.0
3752.2

11628.7
11925.2
12167.2
12446.0

5630.3
5753.0
5844.9
5956.7

3855.2
3931.3
3994.8
4086.1

1361.6
1399.9
1423.1
1442.9

4909.3
5065.0
5200.5
5350.9

3484.8
3592.5
3678.8
3780.4

1089.1
1107.2
1121.8
1138.3

5678.7
5947.4
6211.5
6513.2

632.1
655.0
648.8
639.4

1999 -- Q1
Q2
Q3
Q4

16494.1
16714.0
17018.7
17253.2

3727.2
3705.9
3676.7
3681.0

12766.9
13008.1
13342.0
13572.2

6089.1
6207.6
6342.8
6440.8

4188.1
4279.2
4380.3
4457.9

1474.7
1497.6
1526.3
1550.2

5522.6
5639.9
5825.3
5954.5

3905.4
3986.2
4118.0
4188.5

1155.1
1160.6
1173.9
1176.9

6820.4
7083.3
7355.6
7567.4

644.4
635.3
651.0
652.6

2000 -- Q1
Q2
Q3
Q4

17492.1
17714.4
17896.0
18105.9

3625.8
3522.7
3451.9
3385.1

13866.3
14191.8
14444.1
14720.8

6575.6
6730.0
6877.7
7012.9

4550.0
4653.2
4741.8
4828.7

1585.0
1626.6
1679.6
1726.5

6112.4
6285.8
6383.1
6515.5

4297.7
4408.7
4465.5
4545.7

1178.3
1176.0
1183.2
1192.3

7729.2
7952.1
8149.7
8372.7

683.3
677.9
695.9
709.6

2001 -- Q1
Q2
Q3
Q4

18386.8
18620.1
18920.6
19229.7

3386.6
3311.0
3357.1
3379.5

15000.2
15309.2
15563.5
15850.2

7163.6
7332.2
7477.3
7640.9

4936.8
5073.5
5184.7
5301.4

1765.9
1794.2
1813.8
1865.2

6617.3
6734.3
6821.9
6911.2

4607.0
4679.1
4728.1
4774.4

1219.2
1242.7
1264.3
1298.1

8586.7
8800.6
9054.0
9272.3

706.3
690.1
659.3
659.9

2002 -- Q1
Q2
Q3
Q4

19527.0
19870.0
20161.2
20552.9

3411.4
3510.0
3572.9
3637.0

16115.6
16360.0
16588.3
16915.9

7831.8
7997.0
8160.5
8372.4

5456.6
5601.2
5745.5
5932.1

1892.6
1914.8
1933.2
1942.6

6963.5
7005.0
7029.5
7101.4

4793.8
4795.0
4782.3
4808.6

1320.2
1357.9
1398.3
1442.0

9474.1
9686.9
9866.9
10102.3

676.2
676.9
665.4
665.5

2003 -- Q1
Q2
Q3
Q4

20931.4
21504.9
21882.2
22272.2

3683.0
3863.8
3943.1
4033.1

17248.4
17641.1
17939.2
18239.1

8608.7
8858.5
9069.7
9252.3

6141.2
6355.0
6536.0
6688.2

1962.6
1988.2
2014.3
2025.5

7172.8
7274.2
7333.8
7427.1

4852.1
4919.3
4938.8
4987.1

1466.9
1508.4
1535.7
1559.7

10344.6
10560.1
10821.8
11085.3

670.0
654.5
638.3
649.8

2004 -- Q1
Q2

22780.9
23220.1

4154.1
4265.3

18626.9
18954.8

9513.6
9739.8

6907.1
7098.7

2056.6
2067.9

7516.4
7599.5

5046.2
5082.6

1596.9
1615.5

11248.3
11469.8

667.5
651.6

Total

Federal
government

Total
nonfederal

1970
1971
1972
1973
1974

1422.5
1557.7
1713.7
1898.2
2073.1

299.5
324.4
339.4
346.3
358.2

1123.0
1233.4
1374.3
1551.9
1714.8

460.2
503.0
559.9
630.6
686.1

289.0
313.0
348.0
387.8
425.1

133.7
149.2
168.8
193.0
201.9

1975
1976
1977
1978
1979

2264.7
2508.3
2829.6
3214.5
3606.5

443.9
513.1
569.4
621.9
657.7

1820.8
1995.3
2260.2
2592.6
2948.9

739.2
823.6
951.4
1110.5
1280.6

463.9
521.7
607.6
713.7
831.2

1980
1981
1982
1983
1984

3957.9
4366.4
4788.3
5364.8
6151.2

735.0
820.5
981.8
1167.0
1364.2

3222.9
3545.9
3806.5
4197.8
4787.0

1401.5
1512.7
1582.1
1738.9
1949.5

1985
1986
1987
1988
1989

7132.3
7975.1
8677.6
9461.7
10166.2

1589.9
1805.9
1949.8
2104.9
2251.2

5542.5
6169.3
6727.8
7356.8
7914.9

1990
1991
1992
1993
1994

10849.6
11311.9
11830.2
12411.6
12989.9

2498.1
2776.4
3080.3
3336.5
3492.3

1995
1996
1997
1998
1999

13674.2
14390.7
15156.9
16198.2
17253.2

2000
2001
2002
2003

1. Data shown are on an end-of-period basis.

Business

Foreign

9

Z.1, September 16, 2004

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

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

Q2

2004
Q3

Q4

Q1

Q2

2087.5

1702.8

1973.1

2158.9

2640.3

2501.0

3094.1

2491.6

2474.3

2757.5

2578.7

1

1020.4

841.6

1123.2

1323.2

1672.9

1514.1

2294.0

1509.3

1374.3

2034.8

1756.5

2

-71.2

-295.9

-5.6

257.6

396.0

184.0

723.0

317.1

360.0

483.9

444.9

3

1091.6

1137.4

1128.8

1065.7

1276.9

1330.1

1570.9

1192.2

1014.3

1550.9

1311.6

4

483.8
373.7
190.2
5.3
38.5

561.0
357.2
192.9
10.9
15.5

628.0
228.2
156.4
10.5
105.8

731.5
34.2
148.3
7.9
143.9

856.6
155.3
139.5
7.7
117.8

945.2
174.1
105.0
6.3
99.5

999.1
269.0
133.9
2.9
166.1

844.6
77.9
148.7
11.9
109.1

637.6
100.3
170.3
9.8
96.3

1045.5
236.2
116.1
4.5
148.6

904.9
145.9
172.8
13.8
74.3

5
6
7
8
9

10

Rest of the world

13.0

57.0

-49.8

5.6

-15.7

17.8

-61.8

-64.7

46.0

70.8

-63.8

10

11

Financial sectors

1054.2

804.2

899.6

830.0

983.0

969.0

861.9

1047.0

1054.1

651.8

885.9

11

12
13
14
15

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

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

52.9
30.2
-0.9
23.6

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

80.9
15.7
-0.5
65.7

28.0
28.7
-0.2
-0.6

2.8
-6.0
0.1
8.7

85.2
17.1
0.3
67.8

187.6
85.0
-0.1
102.8

7.1
-9.3
0.3
16.1

12
13
14
15

16
17

Savings institutions
Credit unions

48.0
2.2

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

-18.0
2.8

16.9
1.6

0.4
3.3

25.0
1.0

-7.0
-2.7

184.4
4.9

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.7
318.8
274.6
191.5

-0.7
235.2
199.7
183.0

0.6
304.1
338.5
254.0

2.0
219.8
326.8
193.5

2.9
243.7
330.4
201.1

4.4
222.9
272.2
257.7

1.5
191.4
266.9
241.1

3.1
460.8
307.6
167.8

2.5
99.9
474.7
137.8

-0.4
18.2
65.6
130.7

2.7
234.4
73.9
308.8

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

70.7
0.0
6.3
-17.2
91.5

81.9
0.0
2.7
15.6
-0.4

1.3
0.0
2.5
1.4
-55.2

42.2
0.0
19.8
-1.7
-0.6

117.3
0.0
24.7
6.4
-0.9

45.6
0.0
17.5
38.4
44.6

171.1
0.0
12.9
-16.2
-53.3

104.1
0.0
36.4
9.9
-49.2

148.2
0.0
32.1
-6.6
54.3

133.8
0.0
56.0
51.9
18.0

-19.8
0.0
44.5
3.0
42.2

22
23
24
25
26

2087.5

1702.8

1973.1

2158.9

2640.3

2501.0

3094.1

2491.6

2474.3

2757.5

2578.7

27

118.7

-80.4

7.1

8.5

233.6

-120.5

52.1

689.1

313.6

-303.4

271.1

28

43.7
-22.8
-2.9
100.6

-119.1
25.1
1.3
12.3

-109.6
1.8
7.1
107.8

-39.6
21.6
3.7
22.8

144.3
31.1
1.4
56.8

-197.0
65.8
-0.2
11.0

-74.3
67.9
4.1
54.4

570.5
24.8
0.8
92.9

278.0
-34.3
0.9
69.0

-439.9
85.7
0.1
50.7

163.7
61.2
-1.0
47.2

29
30
31
32

6.4
171.2

11.6
241.9

6.0
305.3

9.6
422.8

-2.5
538.2

-17.9
402.4

-8.1
746.8

20.1
321.4

-4.3
682.3

4.7
952.7

-12.7
773.7

33
34

1791.3

1529.6

1654.7

1718.0

1871.0

2236.9

2303.2

1461.0

1482.7

2103.5

1546.6

35

25.7
312.2
318.6
-17.0
6.2
4.4
67.2
27.5
27.8

33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0
0.8

39.9
205.2
191.6
-0.6
4.2
10.0
44.6
41.5
-28.1

77.7
404.4
393.8
6.2
3.1
1.3
33.6
42.7
0.9

37.2
299.5
323.3
-43.0
8.6
10.6
126.3
50.7
-2.4

37.3
406.6
384.9
1.6
20.8
-0.7
186.9
45.0
-2.7

40.3
591.4
524.6
11.6
39.7
15.5
107.9
79.4
-2.5

37.6
-6.1
100.5
-100.0
-26.1
19.4
66.4
83.6
-2.5

33.8
206.1
283.0
-85.3
0.2
8.1
143.9
-5.3
-2.0

16.2
880.8
849.5
18.3
1.2
11.9
225.4
45.7
12.9

53.0
491.4
491.1
-15.9
-2.3
18.5
164.6
64.8
3.4

36
37
38
39
40
41
42
43
44

53.5
-3.0
99.3
39.7
2.9

57.9
-8.7
3.8
49.2
2.1

130.9
9.0
-15.8
-36.9
9.7

233.0
39.9
21.1
-7.1
13.0

180.6
67.0
4.1
20.8
6.3

283.0
56.2
7.3
-20.3
28.5

236.4
49.7
24.3
56.7
2.5

117.1
68.7
-11.8
-21.7
-0.8

85.9
93.3
-3.3
68.7
-4.8

235.1
105.3
25.6
33.7
0.8

213.4
72.0
-9.7
58.5
6.8

45
46
47
48
49

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
37
38
39
40
41
42
43
44

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates

45
46
47
48
49

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

50
51
52
53
54
55
56

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

182.0
48.4
9.6
0.0
287.3
274.6
173.4

143.0
20.9
-5.6
0.0
246.0
199.7
153.2

246.0
126.1
3.2
0.0
304.7
338.5
227.9

-25.3
144.2
8.6
3.7
224.1
326.8
170.8

-113.1
137.7
36.2
0.7
241.9
330.4
180.2

-128.4
213.0
26.1
-1.1
246.9
272.2
233.9

158.4
258.4
60.1
0.4
85.8
266.9
220.5

-214.9
-14.5
42.5
1.6
581.2
307.6
147.9

-267.8
93.9
16.1
2.0
53.6
474.7
118.4

-228.9
210.2
8.7
5.1
-1.7
65.6
111.9

-121.9
11.1
22.9
3.5
193.8
73.9
290.6

50
51
52
53
54
55
56

57
58
59
60
61

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

97.1
0.0
-2.6
-34.7
103.4

108.6
0.0
-7.1
68.9
21.1

-4.8
0.0
6.7
92.4
-86.0

21.2
0.0
23.1
28.4
-66.7

84.2
0.0
16.8
79.7
86.2

8.5
0.0
-8.6
64.7
282.0

56.5
0.0
31.0
-73.8
52.8

164.4
0.0
18.6
21.1
75.0

107.5
0.0
26.2
306.6
-64.8

187.3
0.0
57.7
-185.3
291.3

42.2
0.0
31.5
-183.7
64.5

57
58
59
60
61

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, September 16, 2004

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

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

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1020.4

841.6

1123.2

1323.2

1672.9

1514.1

2294.0

1509.3

1374.3

2034.8

1756.5

1

-71.2
-71.0
-0.2

-295.9
-294.9
-1.0

-5.6
-5.1
-0.5

257.6
257.1
0.5

396.0
398.4
-2.4

184.0
185.6
-1.6

723.0
722.5
0.5

317.1
317.0
0.1

360.0
368.6
-8.6

483.9
482.9
1.1

444.9
448.6
-3.6

2
3
4

1091.6
37.4
54.4
221.7
82.9
26.1

1137.4
48.1
23.6
162.6
101.8
79.6

1128.8
-88.3
122.9
348.5
-82.0
8.9

1065.7
-64.2
159.4
132.3
-87.1
20.3

1276.9
-40.0
135.1
158.3
-81.7
10.0

1330.1
-9.3
119.9
169.5
-83.2
4.2

1570.9
-81.4
182.6
297.0
-42.4
-9.9

1192.2
4.8
130.0
96.1
-111.2
-22.9

1014.3
-74.3
107.7
70.6
-90.2
68.7

1550.9
34.4
167.4
114.2
-45.7
22.3

1311.6
32.9
98.8
5.7
90.7
-24.5

5
6
7
8
9
10

561.9
420.1
36.2
99.1
6.5
107.2

556.5
412.3
29.9
107.8
6.6
165.2

680.2
517.6
42.8
112.2
7.7
138.7

827.6
680.8
37.6
101.4
7.7
77.4

1012.3
817.9
56.6
129.7
8.1
83.0

1048.6
895.0
33.6
111.7
8.3
80.3

1122.9
924.6
57.1
134.3
6.9
102.1

991.1
783.0
52.6
147.0
8.5
104.4

886.6
669.1
83.0
125.9
8.6
45.1

1133.9
940.0
22.5
164.5
6.9
124.4

1063.1
825.1
55.1
171.4
11.5
45.0

11
12
13
14
15
16

1091.6
483.8
569.3
373.7
190.2
5.3
38.5

1137.4
561.0
561.0
357.2
192.9
10.9
15.5

1128.8
628.0
395.0
228.2
156.4
10.5
105.8

1065.7
731.5
190.3
34.2
148.3
7.9
143.9

1276.9
856.6
302.5
155.3
139.5
7.7
117.8

1330.1
945.2
285.4
174.1
105.0
6.3
99.5

1570.9
999.1
405.8
269.0
133.9
2.9
166.1

1192.2
844.6
238.5
77.9
148.7
11.9
109.1

1014.3
637.6
280.4
100.3
170.3
9.8
96.3

1550.9
1045.5
356.9
236.2
116.1
4.5
148.6

1311.6
904.9
332.5
145.9
172.8
13.8
74.3

17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

13.0

57.0

-49.8

5.6

-15.7

17.8

-61.8

-64.7

46.0

70.8

-63.8

24

25
26
27
28

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

16.3
1.9
0.5
-5.7

31.7
15.2
11.4
-1.3

-14.2
-24.5
-7.3
-3.8

36.1
-33.5
5.3
-2.3

22.3
-28.1
-7.7
-2.1

52.0
-29.9
-4.0
-0.2

72.9
-100.2
-31.4
-3.0

-56.0
-8.8
5.3
-5.3

20.2
26.5
-0.7
-0.0

100.1
-19.6
-6.7
-2.9

-29.6
-39.7
7.0
-1.5

25
26
27
28

1033.3

898.6

1073.5

1328.9

1657.3

1532.0

2232.2

1444.6

1420.3

2105.7

1692.8

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

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

1054.2

804.2

899.6

830.0

983.0

969.0

861.9

1047.0

1054.1

651.8

885.9

1

176.2
318.8
274.6
186.8
-14.4
107.1
5.1

131.7
235.2
199.7
189.3
-0.4
42.5
6.2

-45.3
304.1
338.5
262.4
13.1
25.5
1.3

-63.5
219.8
326.8
333.1
1.1
6.8
5.9

-63.8
243.7
330.4
442.7
-5.0
31.2
3.9

-27.7
222.9
272.2
501.5
-40.3
43.9
-3.5

-50.6
191.4
266.9
400.2
12.4
38.2
3.3

-62.5
460.8
307.6
317.8
14.9
0.7
7.8

-114.3
99.9
474.7
551.2
-7.1
41.9
7.8

149.6
18.2
65.6
299.7
24.4
76.0
18.3

10.8
234.4
73.9
421.0
-33.5
166.1
13.2

2
3
4
5
6
7
8

1054.2

804.2

899.6

830.0

983.0

969.0

861.9

1047.0

1054.1

651.8

885.9

9

10
11
12
13

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

67.2
41.8
-0.4
25.8

60.0
36.8
-0.0
23.2

52.9
30.2
-0.9
23.6

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

80.9
15.7
-0.5
65.7

28.0
28.7
-0.2
-0.6

2.8
-6.0
0.1
8.7

85.2
17.1
0.3
67.8

187.6
85.0
-0.1
102.8

7.1
-9.3
0.3
16.1

10
11
12
13

14
15

Savings institutions
Credit unions

48.0
2.2

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

-18.0
2.8

16.9
1.6

0.4
3.3

25.0
1.0

-7.0
-2.7

184.4
4.9

14
15

16
17
18
19

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

0.7
318.8
274.6
191.5

-0.7
235.2
199.7
183.0

0.6
304.1
338.5
254.0

2.0
219.8
326.8
193.5

2.9
243.7
330.4
201.1

4.4
222.9
272.2
257.7

1.5
191.4
266.9
241.1

3.1
460.8
307.6
167.8

2.5
99.9
474.7
137.8

-0.4
18.2
65.6
130.7

2.7
234.4
73.9
308.8

16
17
18
19

20
21
22
23
24

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

70.7
0.0
6.3
-17.2
91.5

81.9
0.0
2.7
15.6
-0.4

1.3
0.0
2.5
1.4
-55.2

42.2
0.0
19.8
-1.7
-0.6

117.3
0.0
24.7
6.4
-0.9

45.6
0.0
17.5
38.4
44.6

171.1
0.0
12.9
-16.2
-53.3

104.1
0.0
36.4
9.9
-49.2

148.2
0.0
32.1
-6.6
54.3

133.8
0.0
56.0
51.9
18.0

-19.8
0.0
44.5
3.0
42.2

20
21
22
23
24

11

Z.1, September 16, 2004

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9
10

Total

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

2087.5

1702.8

1973.1

2158.9

2640.3

2501.0

3094.1

2491.6

2474.3

2757.5

2578.7

1

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

229.9
-71.0
593.1
54.4
410.4

211.6
-294.9
433.9
23.6
367.0

-147.8
-5.1
642.1
122.9
586.4

-91.5
257.1
547.2
159.4
431.8

-81.6
398.4
571.7
135.1
572.9

15.0
185.6
493.5
119.9
641.0

-59.2
722.5
458.9
182.6
597.0

-113.7
317.0
768.4
130.0
405.1

-168.5
368.6
566.0
107.7
648.4

284.2
482.9
84.8
167.4
394.2

14.2
448.6
304.6
98.8
386.9

2
3
4
5
6

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

69.0
127.5
567.0
107.2

112.8
120.8
562.7
165.2

-76.2
30.6
681.5
138.7

-80.6
24.7
833.4
77.4

-94.5
39.1
1016.2
83.0

-127.5
48.0
1045.2
80.3

-61.4
25.4
1126.2
102.1

-91.1
-27.4
998.8
104.4

-98.0
110.6
894.4
45.1

-28.0
95.3
1152.2
124.4

64.3
140.1
1076.3
45.0

7
8
9
10

192.7

244.7

300.2

229.4

393.8

300.2

472.2

390.2

412.5

548.2

201.4

11

1.5
-110.4

5.3
-118.2

99.0
-47.4

47.0
-41.6

105.6
-57.8

111.0
-67.0

106.5
-50.2

129.9
-44.9

75.1
-69.0

116.3
-82.6

82.7
-159.5

12
13

114.3
-2.4
191.2

106.7
16.8
239.4

109.1
37.3
201.2

17.6
71.0
182.4

100.4
63.0
288.2

136.4
41.6
189.2

66.5
90.2
365.7

122.0
52.8
260.3

76.8
67.3
337.4

85.7
113.2
431.9

161.0
81.2
118.7

14
15
16

Memo:
Funds raised through corporate equities and mutual fund shares
11
12
13
14
15
16

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
2
3
4
5

Net flows through credit markets
(from table F.4, line 1)
Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits

2087.5

1702.8

1973.1

2158.9

2640.3

2501.0

3094.1

2491.6

2474.3

2757.5

2578.7

1

-8.7
-3.0
1.0
48.9

-0.4
-4.0
2.4
126.9

4.3
0.0
1.3
6.8

9.9
0.0
1.0
21.0

1.1
0.0
0.6
-0.0

4.9
0.0
0.6
34.7

0.6
0.0
1.6
143.1

7.1
0.0
0.1
-306.0

-8.2
0.0
-0.0
128.1

-2.5
0.0
0.8
132.4

-7.4
0.0
1.2
-47.2

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

15.0
151.2
45.1
131.1
249.1

15.1
-71.4
188.8
116.2
233.3

-28.0
204.3
267.2
68.6
428.6

17.3
43.5
270.9
50.1
-16.8

-4.4
133.8
229.4
62.0
-207.8

-4.2
121.2
268.3
161.5
-243.8

-188.1
182.0
427.2
45.1
107.4

78.8
46.1
120.2
-23.3
-224.6

95.7
186.0
102.1
64.6
-470.4

-218.1
172.0
226.2
301.0
-122.4

70.6
134.2
429.5
178.0
0.2

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

169.8
1.5
191.2
262.5

113.2
5.3
239.4
402.3

22.3
99.0
201.2
-83.4

105.0
47.0
182.4
66.7

222.7
105.6
288.2
160.8

153.5
111.0
189.2
90.5

333.4
106.5
365.7
186.8

32.8
129.9
260.3
164.7

371.0
75.1
337.4
201.3

353.9
116.3
431.9
310.2

-176.5
82.7
118.7
261.9

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

104.4
50.8
118.6
22.9

146.1
50.2
168.4
25.9

3.1
77.2
164.6
14.5

-87.0
60.1
186.3
28.9

132.5
66.8
219.7
12.4

196.8
73.8
211.5
21.7

720.9
41.1
197.0
32.2

-109.7
42.2
227.2
3.7

-278.1
110.1
243.2
-8.1

287.2
70.8
256.9
24.0

127.1
76.5
238.6
44.8

15
16
17
18

19
20
21

Investment in bank personal trusts
Noncorporate proprietors’ equity
Miscellaneous

-8.1
-79.9
1114.2

56.6
-4.7
1397.6

-59.9
-15.9
667.1

-2.4
-62.5
482.0

-26.3
-38.6
714.8

-26.6
-48.2
850.9

-26.4
7.4
568.7

-26.4
-46.6
1462.5

-25.5
-67.0
-23.0

29.8
-21.9
1973.7

8.2
-77.1
669.0

19
20
21

22

Total financial sources

4665.0

4909.8

4015.8

3562.3

4713.4

4668.3

6346.0

4330.5

3508.7

7079.8

4711.6

22

23
24
25
26
27
28

- Liabilities not identified as assets:
Treasury currency
Foreign deposits
Net interbank liabilities
Security RPs
Taxes payable
Miscellaneous

-0.7
30.5
0.1
39.4
10.8
-231.2

-1.2
66.1
20.4
106.2
32.6
-441.2

-0.1
-12.8
17.2
-61.9
21.4
-304.3

-0.6
11.0
7.1
19.9
27.8
-97.7

-0.3
27.5
-4.8
-22.9
-31.9
-138.4

-0.2
40.8
8.5
-420.9
-47.3
89.4

0.5
198.3
-26.2
264.9
-2.6
-42.1

-0.8
-287.1
32.3
-62.3
-29.9
128.5

-0.7
158.1
-33.8
126.5
-47.9
-729.6

-0.4
44.4
10.6
-8.8
-7.4
212.4

0.3
-144.0
59.6
-155.4
50.7
184.6

23
24
25
26
27
28

29
30
31

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

-7.4
-0.8
-15.7

9.0
-0.3
3.3

5.7
-0.5
2.9

0.1
-0.7
94.1

-7.9
-0.0
-32.9

-21.6
-1.1
14.0

-3.2
-0.3
-41.5

-37.0
0.3
-59.9

30.4
1.0
-44.4

41.2
1.7
26.2

-13.1
2.4
4.5

29
30
31

32

Totals identified to sectors
as assets

4840.1

5115.0

4348.3

3501.4

4925.1

5006.7

5998.3

4646.3

4049.2

6759.8

4722.0

32

12

Z.1, September 16, 2004

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

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

8
9
10
11
12
13

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

14
15
16
17
18

Residential
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

19
20
21
22

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

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

9268.5

9817.0

10127.9

10487.1

11004.1

10744.6

10884.1

11116.8

11270.9

11472.4

11643.0

1

6282.5

6739.4

7055.0

7376.1

7760.9

7609.8

7696.3

7822.5

7914.9

8060.2

8154.9

2

817.6
1804.8
3660.0

863.3
1947.2
3928.8

883.7
2017.1
4154.3

916.2
2080.1
4379.8

950.7
2200.1
4610.1

912.1
2167.5
4530.2

946.8
2163.6
4585.9

972.7
2219.2
4630.6

971.1
2250.1
4693.6

976.3
2316.6
4767.3

976.2
2356.4
4822.3

3
4
5

1625.7

1735.5

1614.3

1579.2

1665.8

1596.6

1611.2

1696.5

1758.9

1819.6

1913.0

6

1558.8

1679.0

1646.1

1568.0

1667.0

1586.0

1626.5

1700.2

1755.3

1783.4

1857.7

7

1133.9
58.7
797.3
123.5
15.9
138.6

1232.1
63.1
878.6
140.6
18.4
131.3

1176.8
66.4
845.1
123.7
18.9
122.7

1063.9
65.4
755.9
105.8
19.8
117.0

1094.7
68.0
771.9
112.5
21.6
120.7

1046.4
65.5
738.8
115.4
20.6
106.2

1072.7
67.4
757.3
112.2
21.1
114.6

1113.3
68.7
784.5
114.3
21.9
123.9

1146.3
70.5
806.9
108.0
22.6
138.3

1158.8
70.6
815.3
103.4
22.8
146.7

1197.7
73.0
841.3
119.6
23.6
140.2

8
9
10
11
12
13

424.9
359.8
3.3
60.1
1.6

446.9
377.3
3.5
66.1
0.1

469.3
401.6
3.7
63.4
0.6

504.1
430.2
3.8
68.0
2.1

572.3
490.6
4.2
76.0
1.5

539.6
463.1
4.0
72.2
0.3

553.8
475.2
4.1
73.4
1.1

586.9
503.4
4.3
77.7
1.5

609.0
520.7
4.5
80.7
3.1

624.6
531.9
4.6
84.0
4.0

660.0
565.8
4.9
87.5
1.8

14
15
16
17
18

66.9
66.1
3.5
-2.7

56.5
54.9
2.9
-1.3

-31.7
-30.1
-1.6
-0.0

11.2
12.1
0.6
-1.5

-1.2
-1.4
-0.1
0.3

10.6
8.2
0.4
1.9

-15.3
-15.4
-0.8
0.9

-3.7
-2.7
-0.1
-0.9

3.6
4.2
0.2
-0.9

36.2
33.5
1.8
1.0

55.3
54.9
2.9
-2.4

19
20
21
22

23

Net U.S. exports of goods and services

-260.5

-379.5

-367.0

-424.9

-498.1

-503.2

-497.6

-488.7

-502.8

-546.9

-599.6

23

24
25

Exports
- Imports

991.3
1251.8

1096.3
1475.8

1032.8
1399.9

1005.0
1429.9

1046.2
1544.3

1019.8
1523.0

1018.1
1515.7

1047.7
1536.4

1099.2
1602.0

1134.3
1681.2

1164.5
1764.1

24
25

26

Government consumption expenditures and
gross investment

1620.8

1721.7

1825.6

1956.7

2075.5

2041.4

2074.2

2086.5

2100.0

2139.5

2174.7

26

1334.0
475.1
858.9

1417.1
499.3
917.8

1501.6
531.9
969.8

1609.2
592.7
1016.5

1717.1
658.6
1058.5

1689.1
634.3
1054.8

1717.5
665.7
1051.8

1724.0
663.0
1061.0

1737.6
671.3
1066.3

1770.9
691.1
1079.8

1791.5
699.9
1091.6

27
28
29

286.8
80.8
206.1

304.6
79.5
225.1

324.0
81.0
243.0

347.5
88.2
259.3

358.5
93.6
264.9

352.3
89.1
263.2

356.7
95.3
261.4

362.5
93.8
268.7

362.4
96.2
266.2

368.6
102.2
266.4

383.2
104.5
278.7

30
31
32

33.8
320.8
287.1

39.0
382.7
343.7

43.7
322.5
278.8

27.1
301.8
274.7

55.2
329.1
273.9

36.8
304.8
268.0

45.1
309.8
264.7

51.6
329.8
278.2

87.2
371.8
284.6

73.5
373.8
300.3

33.6
380.2
346.6

33
34
35

9302.2

9856.0

10171.6

10514.1

11059.3

10781.4

10929.2

11168.4

11358.1

11545.9

11676.6

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 is based on NIPA table 1.1.5 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, September 16, 2004

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

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

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

8236.8

8795.3

8979.9

9225.5

9679.7

9407.8

9568.9

9771.0

9971.3

10128.2

10242.7

1

5357.2
5028.7
323.4
5.2

5782.7
5439.2
343.5
0.0

5942.1
5585.5
356.6
0.0

6069.5
5705.9
363.6
0.0

6289.0
5912.5
376.6
0.0

6179.2
5806.2
371.6
1.4

6245.6
5872.3
374.6
-1.4

6324.6
5946.4
378.2
0.0

6406.8
6024.9
381.9
0.0

6489.6
6095.8
392.3
1.5

6570.6
6176.0
396.0
-1.5

2
3
4
5

678.3
649.7
28.6

728.4
705.7
22.7

771.9
752.2
19.7

769.6
759.9
9.7

834.1
812.3
21.9

794.0
780.2
13.8

825.7
801.6
24.1

852.0
827.2
24.8

864.7
840.0
24.7

872.1
854.2
17.9

901.4
882.5
18.9

6
7
8

147.4

150.3

167.4

170.9

153.9

155.5

144.1

148.8

167.1

172.8

172.4

9

851.3

818.0

767.4

874.6

1021.1

912.0

986.3

1057.0

1129.1

1165.6

1167.2

10

776.8

759.4

719.3

756.8

860.3

798.7

823.6

877.1

941.9

925.4

933.2

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

775.9
456.7
1.3
121.6
196.3

773.4
422.0
1.9
145.8
203.8

707.9
308.8
1.8
169.7
227.6

758.0
322.0
2.1
157.8
276.1

874.5
395.5
2.2
176.9
299.9

826.1
374.4
2.2
156.9
292.6

824.6
365.5
2.3
161.4
295.4

880.9
399.1
2.3
173.3
306.2

966.2
442.7
2.3
215.8
305.4

962.4
440.9
2.3
205.3
313.9

980.4
485.7
2.3
181.8
310.6

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Financial

258.6
170.8
0.5
87.4

265.2
169.7
0.5
95.0

204.2
111.2
0.5
92.5

183.9
88.4
0.6
94.9

234.9
129.4
0.6
104.9

224.0
119.9
0.6
103.5

224.6
119.9
0.6
104.1

238.7
131.5
0.7
106.5

252.3
146.2
0.6
105.5

256.5
147.0
0.7
108.8

269.4
161.1
0.7
107.6

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Net dividends
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

517.3
337.4
222.7
1.9
41.7
71.0

508.3
378.0
249.7
1.7
29.5
97.1

503.8
370.9
243.9
1.5
40.9
84.6

574.2
390.0
253.3
1.6
42.6
92.5

639.6
395.3
273.7
1.7
20.5
99.4

602.1
396.0
253.8
1.7
47.3
93.2

600.0
394.7
305.3
1.7
-23.2
110.9

642.2
394.1
263.9
1.7
33.1
95.4

713.9
396.4
271.9
1.7
24.9
97.9

705.9
403.4
268.8
1.8
35.9
96.9

711.0
413.4
269.6
1.8
44.8
97.2

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Financial

179.9
63.2
-1.1
79.8
38.0

130.3
2.6
-0.2
116.3
11.7

132.9
-46.3
-0.2
128.9
50.5

184.1
-19.8
-0.1
115.2
88.7

244.3
-7.6
-0.1
156.3
95.7

206.1
0.7
-0.1
109.6
95.9

205.3
-59.7
-0.0
184.6
80.4

248.1
3.7
-0.1
140.2
104.3

317.5
24.7
-0.1
190.9
102.0

302.5
25.0
-0.1
169.4
108.2

297.6
55.0
-0.2
137.0
105.8

27
28
29
30
31

32

Inventory valuation adjustment

0.9

-14.1

11.4

-1.2

-14.1

-27.4

-1.0

-3.8

-24.3

-37.0

-47.2

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Financial

74.5
77.5
1.1
-4.2

58.6
65.3
1.3
-8.0

48.1
33.8
1.5
12.9

117.8
94.0
1.5
22.3

160.8
131.3
1.6
27.9

113.3
89.2
1.6
22.5

162.7
132.8
1.5
28.4

179.9
148.1
1.6
30.2

187.2
154.9
1.7
30.6

240.2
196.7
1.6
41.9

234.0
190.8
1.7
41.5

33
34
35
36

37

Net interest and miscellaneous payments

495.4

559.1

566.4

532.9

543.1

541.3

542.8

542.8

545.3

554.5

546.3

37

38
39
40
41

Taxes on production and imports
Less: Subsidies
Business current transfer payments (net)
Current surplus of government enterprises

674.0
44.2
67.4
10.1

708.9
44.3
87.1
5.3

728.6
55.3
92.8
-1.4

762.6
38.2
80.9
2.8

798.1
46.7
77.7
9.5

783.5
42.8
74.8
10.3

792.9
55.2
76.9
9.8

802.0
44.5
79.0
9.3

813.9
44.4
80.1
8.7

823.3
40.4
82.7
8.1

833.3
39.4
83.4
7.5

38
39
40
41

8236.8

8795.3

8979.9

9225.5

9679.7

9407.8

9568.9

9771.0

9971.3

10128.2

10242.7

42

914.3
187.0
-35.7

990.8
197.0
-127.1

1075.5
206.0
-89.8

1092.8
211.2
-15.4

1135.9
218.1
25.6

1118.4
215.7
39.5

1129.7
217.3
13.2

1141.5
219.0
36.9

1153.8
220.4
12.7

1132.4
222.6
62.8

1147.3
226.8
59.6

43
44
45

33.8

39.0

43.7

27.1

55.2

36.8

45.1

51.6

87.2

73.5

33.6

46

9268.5

9817.0

10127.9

10487.1

11004.1

10744.6

10884.1

11116.8

11270.9

11472.4

11643.0

47

Memo:
Calculation of Gross Domestic Product
from National Income: (2)
42

National Income, from line 1 above

43
44
45

Plus:
Private consumption of fixed capital
Government consumption of fixed capital
Statistical discrepancy

46

Less:
Net U.S. income receipts from rest of the world

47

Equals:
Gross Domestic Product

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce.
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Department of Commerce.

14

Z.1, September 16, 2004

F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1

Gross saving

1674.3

1770.5

1657.7

1484.4

1487.9

1375.3

1436.2

1517.9

1622.0

1568.3

1596.1

1

2

Net saving

573.1

582.7

376.2

180.4

133.9

41.2

89.2

157.4

247.8

213.3

222.0

2

419.0

343.3

324.6

459.8

501.6

371.6

459.1

583.9

591.6

592.5

588.6

3

3

Net private saving

4

Personal saving

158.6

168.4

132.3

159.1

110.7

79.6

92.1

159.7

111.2

86.8

104.2

4

5
6
7
8
9

Undistributed corporate profits w/IVA & CCA
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Wage accruals less disbursements

255.3
179.9
0.9
74.5
5.2

174.9
130.3
-14.1
58.6
0.0

192.3
132.9
11.4
48.1
0.0

300.7
184.1
-1.2
117.8
0.0

390.9
244.3
-14.1
160.8
0.0

292.0
206.1
-27.4
113.3
0.0

367.0
205.3
-1.0
162.7
0.0

424.2
248.1
-3.8
179.9
0.0

480.4
317.5
-24.3
187.2
0.0

505.7
302.5
-37.0
240.2
0.0

484.4
297.6
-47.2
234.0
0.0

5
6
7
8
9

10
11
12

Net government saving
Federal
State and local

154.1

239.4

51.6

-279.5

-367.7

-330.4

-369.9

-426.5

-343.8

-379.2

-366.6

10

103.6
50.4

189.4
50.0

46.7
4.9

-254.5
-25.0

-364.5
-3.2

-281.6
-48.8

-364.3
-5.6

-433.0
6.5

-379.2
35.4

-391.1
11.9

-382.9
16.4

11
12

13

Consumption of fixed captal

1101.2

1187.8

1281.5

1304.0

1354.0

1334.1

1347.0

1360.5

1374.2

1355.0

1374.1

13

14
15
16

Private
Domestic business
Households and institutions

914.3
769.8
144.5

990.8
836.1
154.8

1075.5
903.7
171.8

1092.8
912.6
180.2

1135.9
942.6
193.3

1118.4
930.5
187.9

1129.7
938.3
191.4

1141.5
946.5
195.0

1153.8
955.0
198.8

1132.4
936.4
196.0

1147.3
948.1
199.2

14
15
16

17
18
19

Government
Federal
State and local

187.0
84.8
102.1

197.0
87.2
109.8

206.0
88.2
117.8

211.2
89.1
122.2

218.1
90.2
127.9

215.7
89.7
126.0

217.3
90.0
127.3

219.0
90.5
128.5

220.4
90.7
129.7

222.6
91.6
131.0

226.8
92.7
134.1

17
18
19

1638.6

1643.4

1567.9

1469.0

1513.4

1414.8

1449.4

1554.8

1634.7

1631.0

1655.7

20

20
21
22
23
24
25
26
27

Gross domestic investment, capital account
transactions, and net lending, NIPAs
Gross domestic investment
Gross private domestic investment
Fixed investment
Nonresidential
Residential
Change in private inventories
Gross government investment

1912.5

2040.0

1938.3

1926.6

2024.3

1948.9

1967.9

2059.0

2121.3

2188.2

2296.2

21

1625.7
1558.8
1133.9
424.9
66.9

1735.5
1679.0
1232.1
446.9
56.5

1614.3
1646.1
1176.8
469.3
-31.7

1579.2
1568.0
1063.9
504.1
11.2

1665.8
1667.0
1094.7
572.3
-1.2

1596.6
1586.0
1046.4
539.6
10.6

1611.2
1626.5
1072.7
553.8
-15.3

1696.5
1700.2
1113.3
586.9
-3.7

1758.9
1755.3
1146.3
609.0
3.6

1819.6
1783.4
1158.8
624.6
36.2

1913.0
1857.7
1197.7
660.0
55.3

22
23
24
25
26

286.8

304.6

324.0

347.5

358.5

352.3

356.7

362.5

362.4

368.6

383.2

27

4.9

0.8

1.1

1.3

3.1

1.6

6.2

3.3

1.2

1.4

1.4

28

28

Capital account transactions (net)

29

Net lending or net borrowing (-), NIPAs

-278.8

-397.4

-371.5

-458.9

-513.9

-535.7

-524.7

-507.5

-487.8

-558.6

-641.9

29

30

Statistical discrepancy (line 20 less line 1)

-35.7

-127.1

-89.8

-15.4

25.6

39.5

13.2

36.9

12.7

62.8

59.6

30

(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

32.5

35.6

35.7

28.8

11.6

15.0

7.1

11.8

12.3

13.8

12.5

1

2
3
4
5
6
7

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

-7.4
28.8
0.0
4.2
31.9
0.0

-8.1
28.1
0.0
0.0
36.2
0.0

-12.9
28.0
0.0
0.0
40.8
0.0

-23.0
25.3
3.6
0.2
44.4
0.1

-40.0
22.0
14.8
1.9
45.1
0.1

-31.8
23.0
14.4
0.4
40.1
0.0

-45.1
20.0
14.4
5.1
45.7
0.0

-44.3
22.0
14.4
2.0
49.9
0.0

-38.6
22.9
16.3
0.1
44.7
0.4

-35.8
24.2
16.3
0.1
43.7
0.0

-34.6
23.0
16.3
0.1
41.2
0.0

2
3
4
5
6
7

8
9
10

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

39.9
7.9
31.9

43.7
7.5
36.2

48.6
7.8
40.8

51.8
7.4
44.4

51.5
6.4
45.1

46.8
6.7
40.1

52.2
6.5
45.7

56.2
6.3
49.9

50.9
6.1
44.7

49.6
5.9
43.7

47.1
5.8
41.2

8
9
10

11
12
13

Capital transfers received by rest of the world (net)
Capital transfers received from U.S. government (net)
- Migrants’ transfers received by persons (net)

4.9
4.2
-0.7

0.8
0.0
-0.8

1.1
0.0
-1.1

1.3
0.2
-1.1

3.2
1.9
-1.3

1.7
0.4
-1.3

6.4
5.1
-1.3

3.3
2.0
-1.3

1.4
0.1
-1.3

1.4
0.1
-1.3

1.4
0.1
-1.3

11
12
13

14
15
16
17

Memo:
Acquisition of nonproduced nonfinancial assets (net)
Nonfinancial corporate business
State and local governments
Federal governments
Rest of the world

-7.7
8.6
-1.0
0.0

-8.5
8.8
-0.3
0.0

-8.6
9.3
-0.7
0.1

-10.1
9.8
0.2
0.0

-9.8
10.0
-0.3
0.1

-7.3
9.9
-2.7
0.1

-9.1
9.9
-1.0
0.2

-13.4
10.0
3.4
0.0

-9.5
10.0
-0.7
0.2

-10.0
10.0
0.0
-0.0

-9.3
10.1
-0.8
-0.0

14
15
16
17

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

15

Z.1, September 16, 2004

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

2004

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

641.6

565.6

725.1

636.6

1052.8

958.3

1419.9

1182.8

650.1

1004.9

1088.5

1

2
3
4
5

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

5.2
-18.3
137.7
120.2

20.0
-75.4
323.6
154.5

-5.0
104.2
215.0
168.0

15.7
36.5
285.7
-38.1

-9.0
-31.4
326.7
-107.9

26.1
-69.2
461.8
-44.9

-23.5
52.8
328.2
29.0

-17.9
-38.2
259.5
-181.5

-20.7
-71.1
257.4
-320.0

79.0
47.8
477.0
-59.8

20.5
95.2
275.0
-70.2

2
3
4
5

6

Securities

38.2

-435.3

-155.8

-12.4

332.7

45.2

216.5

690.4

378.7

-290.4

157.4

6

4.1
-0.2
-9.8
82.7
19.5
-61.7
-81.9
85.5

14.8
-1.7
-191.3
51.8
5.8
-6.7
-474.2
166.2

3.1
5.6
-82.5
-87.3
52.3
-5.0
-232.0
190.1

13.3
4.5
-87.7
-106.8
96.2
32.9
-75.4
110.6

-4.1
8.9
-0.2
264.5
33.6
-167.2
-129.3
326.5

24.4
9.1
-77.4
-88.6
15.1
-90.8
44.2
209.1

-30.0
10.0
400.4
-213.0
12.3
-260.2
-115.9
413.0

6.1
9.8
-146.9
823.5
44.2
-175.2
-174.1
303.2

-16.7
6.8
-176.9
536.0
62.9
-142.6
-271.5
380.7

21.6
3.5
-73.5
-278.6
40.4
-162.3
-296.4
454.8

17.3
1.7
177.9
137.2
0.5
-181.4
-142.3
146.6

7
8
9
10
11
12
13
14

7
8
9
10
11
12
13
14

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

15
16

Life insurance reserves
Pension fund reserves

50.8
118.6

50.2
168.4

77.2
164.6

60.1
186.3

66.8
219.7

73.8
211.5

41.1
197.0

42.2
227.2

110.1
243.2

70.8
256.9

76.5
238.6

15
16

17
18

Investment in bank personal trusts
Miscellaneous and other assets

-8.1
197.4

56.6
303.1

-59.9
216.8

-2.4
105.2

-26.3
281.5

-26.6
257.6

-26.4
578.1

-26.4
209.0

-25.5
81.2

29.8
372.2

8.2
259.3

17
18

19
20
21
22
23

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

1369.5
420.0
198.1
750.6
0.8

1463.0
443.3
222.1
796.0
1.6

1488.6
465.0
209.0
816.3
-1.6

1539.3
498.2
191.0
851.0
-0.9

1653.7
566.6
202.0
884.9
0.2

1588.1
535.3
201.4
849.0
2.3

1630.7
548.6
200.7
881.3
0.1

1690.3
581.1
204.9
905.4
-1.0

1705.8
601.4
201.1
903.9
-0.7

1724.3
616.0
196.8
908.8
2.8

1778.6
653.3
216.2
908.6
0.5

19
20
21
22
23

24
25
26
27

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

857.0
155.7
147.8
553.6

913.1
164.6
158.5
590.1

943.8
189.7
154.2
599.9

985.5
192.4
162.7
630.4

1032.7
226.0
147.1
659.6

1016.5
207.6
158.2
650.7

1026.6
223.0
147.5
656.1

1038.0
231.5
143.9
662.6

1049.5
242.0
138.6
668.9

1052.9
219.9
158.2
674.8

1071.0
232.3
150.6
688.1

24
25
26
27

28

Net investment in tangible assets (4)

512.5

549.9

544.8

553.8

621.1

571.5

604.1

652.3

656.3

671.4

707.6

28

264.3
50.3
197.0
0.8

278.7
63.7
205.9
1.6

275.2
54.8
216.4
-1.6

305.8
28.3
220.6
-0.9

340.6
55.0
225.3
0.2

327.7
43.3
198.2
2.3

325.6
53.2
225.2
0.1

349.6
60.9
242.8
-1.0

359.4
62.6
235.0
-0.7

396.1
38.7
233.9
2.8

421.0
65.6
220.5
0.5

29
30
31
32

878.7

921.1

805.6

897.8

1141.7

1214.7

1589.8

1029.3

733.0

1339.3

1259.1

33

418.0
101.9
107.2
-5.1
75.2
181.4

410.3
115.0
165.2
2.8
7.2
220.6

515.5
104.8
138.7
2.2
-38.8
83.2

680.1
104.0
77.4
1.1
-48.2
83.5

816.2
118.5
83.0
-0.6
34.3
90.4

893.5
84.6
80.3
-1.9
45.3
112.9

922.8
109.3
102.1
1.1
355.7
98.8

781.5
126.2
104.4
-2.0
-83.4
102.7

666.9
154.0
45.1
0.3
-180.4
47.1

936.4
98.9
124.4
-0.2
74.6
105.1

821.7
134.1
45.0
1.2
57.7
199.4

34
35
36
37
38
39

29
30
31
32
33
34
35
36
37
38
39

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)

40

Net capital transfers (5)

-37.4

-36.5

-36.8

-30.2

-14.8

-16.7

-13.5

-15.2

-14.1

-15.2

-13.8

40

41

Personal saving, with consumer durables (FOF)

312.8

230.8

501.1

322.8

547.0

331.8

447.7

820.9

587.5

352.2

550.8

41

42

Less net investment in consumer durables

197.0

205.9

216.4

220.6

225.3

198.2

225.2

242.8

235.0

233.9

220.5

42

43

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

115.8

24.9

284.7

102.2

321.7

133.5

222.5

578.2

352.4

118.3

330.3

43

44

Personal saving (NIPA, excludes consumer durables)

158.6

168.4

132.3

159.1

110.7

79.6

92.1

159.7

111.2

86.8

104.2

44

45

Difference

-42.8

-143.5

152.4

-57.0

211.0

53.9

130.4

418.4

241.3

31.5

226.1

45

46

Memo:
Disposable personal income

6694.9

7194.0

7486.8

7827.7

8159.9

7976.5

8075.0

8267.6

8320.6

8438.4

8555.9

46

47
48
49
50

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)

4.7
1.7
2.4
-0.6

3.2
0.3
2.3
-2.0

6.7
3.8
1.8
2.0

4.1
1.3
2.0
-0.7

6.7
3.9
1.4
2.6

4.2
1.7
1.0
0.7

5.5
2.8
1.1
1.6

9.9
7.0
1.9
5.1

7.1
4.2
1.3
2.9

4.2
1.4
1.0
0.4

6.4
3.9
1.2
2.6

47
48
49
50

(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 14), life insurance and pension reserves (lines 15 and 16), and bank personal trusts (line 17).
(3) Includes corporate farms.
(4) Line 19 less line 24.
(5) Table F.9, line 13 less lines 3, 4, and 9.
(6) Line 43 and 44 are conceptually equivalent but measure saving using different data. Line 43 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 28 less line 42) less net increase in liabilities (line 33) less net capital transfers (line 40). Line 44 is disposable personal income (line 46) less personal outlays (table F.100, line 4).

16

Z.1, September 16, 2004

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5

Personal income
- Personal current taxes
= 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

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

7802.4
1107.5
6694.9
6536.4
158.6

8429.7
1235.7
7194.0
7025.6
168.4

8724.1
1237.3
7486.8
7354.5
132.3

8878.9
1051.2
7827.7
7668.5
159.1

9161.8
1001.9
8159.9
8049.3
110.7

9002.2
1025.7
7976.5
7896.9
79.6

9105.7
1030.7
8075.0
7982.9
92.1

9209.3
941.7
8267.6
8107.9
159.7

9330.0
1009.4
8320.6
8209.4
111.2

9445.0
1006.6
8438.4
8351.6
86.8

9585.3
1029.4
8555.9
8451.8
104.2

1
2
3
4
5

3.8
197.0
695.1
-37.4

1.8
205.9
746.7
-36.5

3.3
216.4
773.5
-36.8

-1.7
220.6
812.5
-30.2

-0.6
225.3
854.8
-14.8

-3.0
198.2
840.6
-16.7

-5.3
225.2
849.5
-13.5

-2.7
242.8
859.6
-15.2

8.5
235.0
869.7
-14.1

1.3
233.9
872.9
-15.2

-7.0
220.5
889.3
-13.8

6
7
8
9

1017.1

1086.2

1088.6

1160.3

1175.4

1098.8

1148.0

1244.2

1210.4

1179.7

1193.2

10

970.5

939.9

1236.5

1103.7

1385.5

1154.3

1282.2

1663.9

1441.5

1208.3

1424.7

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

1169.2
359.8
750.6
58.7

1236.3
377.3
796.0
63.1

1284.2
401.6
816.3
66.4

1346.5
430.2
851.0
65.4

1443.5
490.6
884.9
68.0

1377.6
463.1
849.0
65.5

1423.9
475.2
881.3
67.4

1477.5
503.4
905.4
68.7

1495.1
520.7
903.9
70.5

1511.3
531.9
908.8
70.6

1547.3
565.8
908.6
73.0

12
13
14
15

16

Net financial investment

-198.6

-296.4

-47.8

-242.9

-58.0

-223.3

-141.7

186.4

-53.6

-303.0

-122.6

16

17

Net acquisition of financial assets

366.6

275.7

539.2

448.3

841.7

777.6

1222.1

955.8

411.5

825.9

851.9

17

18
19
20
21

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

5.2
-57.6
118.6
112.1

20.0
-132.0
303.6
145.8

-5.0
103.1
207.9
158.4

15.7
23.3
283.5
-40.4

-9.0
-42.4
325.0
-99.7

26.1
-78.1
466.0
-16.3

-23.5
38.9
324.2
61.4

-17.9
-51.0
258.6
-150.5

-20.7
-79.3
251.1
-293.3

79.0
46.0
480.6
-22.6

20.5
96.5
274.5
-41.6

18
19
20
21

22

Credit market instruments

43.7

-119.1

-109.6

-39.6

144.3

-197.0

-74.3

570.5

278.0

-439.9

163.7

22

4.1
-9.2
-0.2
-9.0
82.7
19.6
-61.7
8.2

14.8
-196.0
-1.7
-194.3
51.8
6.0
-6.7
10.9

3.1
-79.6
5.6
-85.2
-87.3
51.2
-5.0
8.0

13.3
-85.5
4.5
-90.0
-106.8
96.0
32.9
10.6

-4.1
6.4
8.9
-2.6
264.5
33.4
-167.2
11.4

24.4
-68.1
9.1
-77.2
-88.6
14.9
-90.8
11.1

-30.0
405.6
10.0
395.6
-213.0
12.1
-260.2
11.3

6.1
-139.2
9.8
-149.0
823.5
44.0
-175.2
11.5

-16.7
-172.8
6.8
-179.7
536.0
62.6
-142.6
11.6

21.6
-72.5
3.5
-76.0
-278.6
40.2
-162.3
11.7

17.3
177.6
1.7
175.9
137.2
0.3
-181.4
12.8

23
24
25
26
27
28
29
30

-81.9
85.5
47.2
50.8
118.6
-8.1
-79.9
12.4

-474.2
166.2
88.6
50.2
168.4
56.6
-4.7
6.5

-232.0
190.1
41.9
77.2
164.6
-59.9
-15.9
18.5

-75.4
110.6
-41.6
60.1
186.3
-2.4
-62.5
30.6

-129.3
326.5
62.7
66.8
219.7
-26.3
-38.6
42.0

44.2
209.1
67.8
73.8
211.5
-26.6
-48.2
45.4

-115.9
413.0
342.0
41.1
197.0
-26.4
7.4
37.3

-174.1
303.2
-46.8
42.2
227.2
-26.4
-46.6
67.5

-271.5
380.7
-112.3
110.1
243.2
-25.5
-67.0
18.0

-296.4
454.8
150.5
70.8
256.9
29.8
-21.9
38.2

-142.3
146.6
53.0
76.5
238.6
8.2
-77.1
34.7

31
32
33
34
35
36
37
38

565.2

572.1

586.9

691.2

899.8

1000.8

1363.8

769.4

465.1

1128.9

974.6

39

483.8

561.0

628.0

731.5

856.6

945.2

999.1

844.6

637.6

1045.5

904.9

40

371.8
107.2
10.4
-6.9
-5.4
6.6

370.8
165.2
5.8
6.8
2.0
10.4

472.7
138.7
13.8
-16.5
0.6
18.7

630.7
77.4
12.9
-3.1
0.3
13.3

756.1
83.0
14.1
-6.6
-1.5
11.5

836.6
80.3
18.0
4.2
-2.8
8.9

855.1
102.1
13.3
25.9
0.2
2.4

723.8
104.4
17.7
-15.6
-2.8
17.2

609.0
45.1
7.4
-40.9
-0.5
17.4

875.5
124.4
14.1
15.3
-0.8
16.9

766.5
45.0
20.7
54.6
-0.2
18.3

41
42
43
44
45
46

75.2
4.1

7.2
3.8

-38.8
-1.9

-48.2
7.0

34.3
7.9

45.3
7.5

355.7
7.8

-83.4
8.0

-180.4
8.3

74.6
8.6

57.7
8.8

47
48

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

Open market paper
Treasury securities
Savings bonds
Other
Agency- and GSE-backed securities
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

2.1

0.1

-0.4

0.9

0.9

2.8

1.2

0.1

-0.4

0.2

3.1

49

46.6

146.4

-147.9

56.7

-210.1

-55.5

-134.2

-419.6

-231.2

-28.7

-231.5

50

(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, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(4) Table F.9, line 13 less lines 3, 4, and 9.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36).
(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, September 16, 2004

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

Income before taxes

2

Gross saving and net capital transfers

3

Gross investment

4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Nonproduced nonfinancial assets

10

Net financial investment

11

Net acquisition of financial assets

12
13
14
15
16

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

17

Credit market instruments

18
19
20
21
22
23
24
25
26
27
28

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

Q2

2004
Q3

Q4

Q1

Q2

1195.9

1211.9

1149.0

1155.5

1281.9

1223.0

1240.5

1302.9

1361.4

1369.7

1430.9

1

905.2

903.4

943.9

1016.3

1119.4

1015.8

1106.8

1144.9

1210.0

1205.1

1196.8

2

1003.1

1068.0

1064.1

975.6

1146.9

1048.8

1110.1

1184.6

1244.0

1212.1

1257.2

3

1059.3

1155.2

1014.5

954.5

975.1

954.2

943.7

985.6

1016.8

1056.5

1123.1

4

1000.1
63.4
936.7

1107.2
69.6
1037.6

1054.9
67.1
987.8

953.3
71.8
881.5

986.1
80.2
905.9

950.9
76.2
874.7

968.1
77.5
890.7

1002.7
82.0
920.7

1022.7
85.2
937.5

1030.2
88.6
941.5

1077.0
92.4
984.6

5
6
7

66.9
-7.7

56.5
-8.5

-31.7
-8.6

11.2
-10.1

-1.2
-9.8

10.6
-7.3

-15.3
-9.1

-3.7
-13.4

3.6
-9.5

36.2
-10.0

55.3
-9.3

8
9

-56.1

-87.3

49.6

21.1

171.8

94.6

166.4

199.0

227.2

155.7

134.1

10

1154.8

1455.3

336.0

296.5

665.7

528.6

797.2

640.4

696.7

793.8

670.4

11

0.9
95.3
43.3
36.6
1.6

-7.4
107.1
20.5
45.2
-1.6

-8.5
-48.4
0.9
120.1
-0.2

4.4
-5.7
-1.4
29.2
2.2

21.4
113.3
46.2
-46.0
-0.4

20.1
72.1
28.5
-23.9
-1.5

18.1
103.0
59.2
-47.3
1.5

23.9
137.0
46.0
-96.6
4.4

23.5
140.9
51.2
-16.0
-5.9

12.8
88.4
17.4
-15.8
4.5

13.8
-54.0
37.4
12.6
0.5

12
13
14
15
16

-25.7

26.4

8.9

25.3

32.5

65.5

72.0

25.7

-33.4

85.8

60.2

17

8.2
-5.0
1.8
-0.9
-28.0
-1.8

10.2
1.7
3.0
6.7
0.9
4.0

2.4
1.1
1.7
-1.5
6.4
-1.2

4.5
17.2
-0.3
3.0
3.2
-2.4

18.8
12.5
8.2
8.3
0.8
-16.1

10.7
16.2
6.2
3.2
1.7
27.4

32.7
20.1
10.7
4.6
1.1
2.8

26.4
8.2
8.6
17.0
0.5
-35.0

5.2
5.5
7.3
8.2
-0.1
-59.5

7.4
17.0
11.7
7.2
-0.6
43.3

9.1
21.7
14.2
15.0
-1.2
1.4

18
19
20
21
22
23

7.4
247.1
748.2

12.0
352.6
900.5

2.0
-126.7
388.0

10.5
-57.6
289.4

-4.6
154.5
348.9

-4.6
42.7
329.6

-4.6
181.3
413.9

-4.6
190.2
314.4

-4.6
203.6
337.5

-4.6
240.9
364.4

-4.6
243.2
361.4

24
25
26

1210.9

1542.6

286.4

275.3

493.9

434.0

630.7

441.4

469.5

638.2

536.4

27

569.3

561.0

395.0

190.3

302.5

285.4

405.8

238.5

280.4

356.9

332.5

28

29
30
31

Commercial paper
Municipal securities
Corporate bonds

37.4
5.1
221.7

48.1
1.4
162.6

-88.3
3.5
348.5

-64.2
3.1
132.3

-40.0
3.4
158.3

-9.3
2.8
169.5

-81.4
3.5
297.0

4.8
3.4
96.1

-74.3
4.0
70.6

34.4
4.9
114.2

32.9
4.0
5.7

29
30
31

32
33
34

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

89.8
31.8
183.5

95.0
78.7
175.3

-65.5
8.1
188.8

-84.0
19.5
183.6

-75.2
11.3
244.7

-87.4
6.6
203.1

-68.2
-10.4
265.4

-95.6
-20.3
250.2

-49.3
69.1
260.2

-61.0
22.9
241.4

36.1
-24.5
278.3

32
33
34

-110.4
213.6
15.9
612.7

-118.2
360.8
18.6
764.2

-47.4
-111.3
7.1
70.5

-41.6
45.9
20.0
103.2

-57.8
126.1
1.2
169.6

-67.0
50.5
10.4
192.4

-50.2
130.6
20.2
152.2

-44.9
150.6
-8.3
153.7

-69.0
172.5
-17.6
180.3

-82.6
237.2
9.3
138.6

-159.5
229.5
33.4
145.3

35
36
37
38

-90.1

-43.8

-27.6

-42.4

-47.7

-37.7

-27.8

-48.2

-77.1

-21.2

-44.9

39

-97.9

-164.5

-120.2

40.7

-27.5

-33.0

-3.4

-39.8

-34.0

-7.0

-60.3

40

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

39

Proprietors’ net investment

40

Discrepancy

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

18

Z.1, September 16, 2004

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9
10

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Profits before tax (book)
- Taxes on corporate income
- Net dividends
+ Capital consumption allowance (1)
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
+ Net capital transfers (2)
= Total internal funds + IVA

456.7
170.8
222.7
599.3
662.6
79.8
0.9
0.0
743.3

422.0
169.7
249.7
631.1
633.7
116.3
-14.1
0.0
735.9

308.8
111.2
243.9
678.5
632.1
128.9
11.4
0.0
772.3

322.0
88.4
253.3
747.5
727.8
115.2
-1.2
0.1
841.8

395.5
129.4
273.7
805.4
797.7
156.3
-14.1
0.1
940.1

374.4
119.9
253.8
755.5
756.2
109.6
-27.4
0.0
838.4

365.5
119.9
305.3
804.2
744.5
184.6
-1.0
0.0
928.1

399.1
131.5
263.9
824.9
828.6
140.2
-3.8
0.0
965.0

442.7
146.2
271.9
837.0
861.7
190.9
-24.3
0.4
1028.7

440.9
147.0
268.8
866.2
891.2
169.4
-37.0
0.0
1023.6

485.7
161.1
269.6
868.8
923.7
137.0
-47.2
0.0
1013.5

1
2
3
4
5
6
7
8
9

Gross investment

841.2

900.4

892.5

801.1

967.6

871.5

931.5

1004.7

1062.7

1030.6

1073.9

10

11
12
13
14

Capital expenditures
Fixed investment (3)
Inventory change + IVA
Nonproduced nonfinancial assets

858.9
800.5
66.1
-7.7

928.5
882.1
54.9
-8.5

810.1
848.8
-30.1
-8.6

761.7
759.7
12.1
-10.1

764.9
776.1
-1.4
-9.8

743.7
742.8
8.2
-7.3

736.9
761.4
-15.4
-9.1

772.8
788.9
-2.7
-13.4

806.2
811.4
4.2
-9.5

843.5
819.9
33.5
-10.0

891.8
846.2
54.9
-9.3

11
12
13
14

15

Net financial investment

-17.7

-28.2

82.4

39.4

202.7

127.8

194.6

231.9

256.5

187.2

182.1

15

16

Net acquisition of financial assets

969.9

1209.2

177.6

150.6

502.4

385.6

627.1

461.6

535.2

636.0

478.8

16

17
18
19
20
21

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

0.9
56.0
24.3
28.4
1.6

-7.4
50.5
0.5
36.5
-1.6

-8.5
-49.5
-6.2
110.5
-0.2

4.4
-18.9
-3.6
26.9
2.2

21.4
102.3
44.5
-37.7
-0.4

20.1
63.1
32.8
-18.5
-1.5

18.1
89.2
55.3
-42.2
1.5

23.9
124.2
45.1
-84.1
4.4

23.5
132.7
44.9
-6.1
-5.9

12.8
86.7
21.0
-0.3
4.5

13.8
-52.7
36.8
13.3
0.5

17
18
19
20
21

22
23
24
25
26
27
28
29

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

8.2
-4.2
1.8
-0.7
-26.0
-1.8
207.7
7.4

10.2
-1.3
3.0
6.9
2.3
4.0
283.0
12.0

2.4
-1.6
1.7
-2.6
3.1
-1.2
-128.5
2.0

4.5
14.9
-0.3
2.8
2.0
-2.4
-80.4
10.5

18.8
10.1
8.2
8.1
2.0
-16.1
104.1
-4.6

10.7
16.4
6.2
3.0
2.0
27.4
6.1
-4.6

32.7
15.3
10.7
4.4
2.0
2.8
132.5
-4.6

26.4
6.1
8.6
16.8
2.0
-35.0
124.5
-4.6

5.2
2.7
7.3
8.0
2.0
-59.5
153.2
-4.6

7.4
14.5
11.7
6.9
2.0
43.3
181.3
-4.6

9.1
19.7
14.2
14.8
2.0
1.4
179.9
-4.6

22
23
24
25
26
27
28
29

30
31
32
33
34
35

Miscellaneous assets
U.S. direct investment abroad (4)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

666.3
194.4
1.0
0.0
26.8
444.1

810.6
128.4
-0.3
0.0
7.4
675.2

256.4
119.4
10.3
0.0
-1.7
128.3

187.8
118.7
17.4
0.0
-5.5
57.2

241.8
142.5
18.4
0.0
5.8
75.1

222.2
120.9
24.2
0.0
-2.1
79.2

309.5
112.3
17.6
0.0
17.7
161.9

203.4
154.7
28.8
0.0
-0.5
20.5

231.9
181.9
3.1
0.0
8.0
38.9

248.9
160.6
16.8
0.0
10.1
61.4

230.6
195.8
20.6
0.0
6.1
8.1

30
31
32
33
34
35

987.6

1237.4

95.2

111.1

299.7

257.8

432.6

229.7

278.7

448.9

296.7

36

263.4
-110.4
373.7
37.4
5.1
221.7
44.1

239.0
-118.2
357.2
48.1
1.4
162.6
48.0

180.7
-47.4
228.2
-88.3
3.5
348.5
-103.3

-7.4
-41.6
34.2
-64.2
3.1
132.3
-96.5

97.5
-57.8
155.3
-40.0
3.4
158.3
-49.5

107.1
-67.0
174.1
-9.3
2.8
169.5
-63.2

218.8
-50.2
269.0
-81.4
3.5
297.0
-33.7

33.0
-44.9
77.9
4.8
3.4
96.1
-71.8

31.3
-69.0
100.3
-74.3
4.0
70.6
-29.3

153.6
-82.6
236.2
34.4
4.9
114.2
-38.2

-13.6
-159.5
145.9
32.9
4.0
5.7
22.2

37
38
39
40
41
42
43

36
37
38
39
40
41
42
43

Net increase in liabilities
Net funds raised in markets
Net new equity issues
Credit market instruments
Commercial paper
Municipal securities (5)
Corporate bonds (4)
Bank loans n.e.c.

44
45
46
47
48
49
50
51

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

23.4
3.2
48.8
-0.3
-2.2
-22.7
-3.3
42.0

65.9
4.3
57.0
-0.4
-0.0
-2.2
7.2
31.2

7.8
1.8
-10.3
-0.2
-0.3
-1.6
18.5
59.9

16.0
1.7
7.5
-0.3
0.3
10.1
-3.3
43.5

5.5
5.0
2.0
0.7
-0.2
-0.8
-1.1
77.6

3.8
2.3
-8.6
1.2
-0.5
-20.6
30.1
70.5

-7.1
1.6
-6.7
0.6
-0.9
14.8
-16.5
90.8

-38.0
18.5
1.2
0.4
0.7
-35.8
-22.9
83.4

63.6
-2.2
22.0
0.8
-0.0
38.2
4.8
65.7

22.4
-13.4
63.0
1.0
-3.8
-14.1
-10.2
98.6

-26.2
11.9
-31.9
0.2
2.0
-10.6
2.1
107.3

44
45
46
47
48
49
50
51

52
53
54
55
56
57

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

178.5
7.0
538.8
247.0
-7.6
299.4

313.3
7.0
678.2
181.1
1.2
495.8

-103.7
3.1
15.2
86.9
1.3
-73.0

24.0
11.9
82.7
22.1
1.3
59.3

77.4
-8.5
133.2
9.9
1.3
121.9

4.2
-8.9
155.4
37.5
1.3
116.6

88.8
10.5
114.4
16.5
1.3
96.6

91.5
-13.0
118.1
-24.4
1.3
141.2

125.2
-22.6
144.8
10.1
1.3
133.4

187.0
3.7
104.6
36.4
2.3
65.8

169.0
29.5
111.9
20.6
1.3
89.9

52
53
54
55
56
57

58

Discrepancy

-97.9

-164.5

-120.2

40.7

-27.5

-33.0

-3.4

-39.8

-34.0

-7.0

-60.3

58

59

Memo:
Financing gap (6)

195.4

308.9

166.6

35.1

-18.7

14.9

-6.6

-52.0

-31.2

-10.8

15.3

59

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

19

Z.1, September 16, 2004

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

710.6
144.5

767.3
149.3

820.5
153.0

823.8
155.4

864.6
160.2

834.8
158.2

850.8
159.5

878.9
160.8

893.9
162.1

910.9
162.4

926.3
164.1

1
2

3

Gross investment

144.5

149.3

153.0

155.4

160.2

158.2

159.5

160.8

162.1

162.4

164.1

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

187.1
183.6
3.5

209.6
206.7
2.9

185.5
187.1
-1.6

174.5
173.8
0.6

188.4
188.5
-0.1

188.0
187.5
0.4

184.8
185.6
-0.8

191.8
191.9
-0.1

189.0
188.8
0.2

189.2
187.4
1.8

210.0
207.2
2.9

4
5
6

7

Net financial investment

-42.6

-60.3

-32.6

-19.1

-28.2

-29.8

-25.2

-31.0

-26.9

-26.8

-46.0

7

8

Net acquisition of financial assets

184.1

246.0

155.9

141.4

158.6

137.5

165.4

171.7

159.8

154.2

186.1

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

38.7
19.1
8.1
-0.8
-0.1
-2.0
0.0
39.4
81.7
0.2
0.0
81.4

56.4
20.1
8.7
3.0
-0.3
-1.4
0.0
69.6
89.9
-0.1
0.0
90.0

0.5
7.1
9.6
2.7
1.1
3.3
0.0
1.8
129.9
2.5
0.1
127.3

12.8
2.2
2.3
2.3
0.2
1.2
0.0
22.8
97.6
4.2
0.0
93.4

10.9
1.7
-8.2
2.4
0.2
-1.2
0.0
50.4
102.4
4.4
0.3
97.7

8.9
-4.3
-5.5
-0.2
0.2
-0.3
0.0
36.6
102.0
5.8
0.3
95.9

13.8
4.0
-5.1
4.8
0.2
-0.9
0.0
48.8
99.8
4.2
-0.3
95.9

12.7
0.9
-12.4
2.1
0.2
-1.5
0.0
65.8
103.9
6.9
-0.1
97.1

8.1
6.3
-9.9
2.7
0.2
-2.1
0.0
50.4
104.1
0.7
1.2
102.1

1.7
-3.6
-15.6
2.5
0.2
-2.6
0.0
59.6
112.1
4.0
0.6
107.4

-1.4
0.5
-0.7
2.0
0.2
-3.2
0.0
63.3
125.3
5.0
-0.5
120.9

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

226.6

306.3

188.5

160.5

186.8

167.3

190.6

202.6

186.7

181.0

232.1

21

190.2
46.5
8.6
135.1
34.7
8.9
73.9
-81.1

192.9
44.3
11.1
137.5
46.6
11.7
86.0
-30.9

156.4
37.8
-2.6
121.2
-4.9
4.0
55.3
-22.3

148.3
13.4
2.4
132.5
21.0
8.1
20.5
-37.4

139.5
-25.2
5.6
159.1
46.7
9.7
36.4
-45.5

105.0
-22.9
3.6
124.3
41.6
19.4
37.0
-35.7

133.9
-30.6
-3.2
167.7
43.0
9.7
37.8
-33.7

148.7
-25.8
16.3
158.3
57.9
4.7
35.5
-44.2

170.3
-21.6
5.9
186.0
44.4
5.0
35.5
-68.5

116.1
-21.4
1.5
136.0
52.8
5.6
34.1
-27.6

172.8
11.5
1.8
159.5
57.2
4.0
33.4
-35.3

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

28.6
0.0
17.4
2.0
15.4

22.7
1.1
17.2
2.0
15.2

19.7
1.3
17.4
2.1
15.2

9.7
1.5
17.6
2.2
15.4

21.9
1.5
17.7
2.3
15.4

13.8
1.4
17.7
2.2
15.5

24.1
1.5
17.6
2.3
15.3

24.8
1.5
17.6
2.3
15.4

24.7
1.5
17.6
2.3
15.4

17.9
1.5
17.6
2.3
15.4

18.9
1.6
17.7
2.3
15.4

1
2
3
4
5

6

Gross saving

17.4

18.3

18.6

19.1

19.1

19.2

19.1

19.1

19.2

19.2

19.2

6

7

Gross investment

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

11

Net financial investment

17.4

18.3

18.6

19.1

19.1

19.2

19.1

19.1

19.2

19.2

19.2

7

13.3
15.9
-2.7

17.1
18.4
-1.3

18.9
18.9
-0.0

18.3
19.8
-1.5

21.8
21.6
0.3

22.5
20.6
1.9

22.0
21.1
0.9

21.0
21.9
-0.9

21.7
22.6
-0.9

23.8
22.8
1.0

21.2
23.6
-2.4

8
9
10

4.1

1.2

-0.3

0.8

-2.7

-3.3

-2.9

-1.9

-2.5

-4.7

-2.0

11

12

Net acquisition of financial assets

0.8

0.1

2.4

4.5

4.7

5.5

4.6

7.1

1.7

3.6

5.6

12

13
14
15
16

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

0.6
0.2
0.2
-0.0

0.2
-0.0
-0.1
0.0

0.6
1.8
1.4
0.4

0.4
4.1
4.0
0.1

0.1
4.6
4.2
0.4

0.1
5.4
5.6
-0.1

0.1
4.5
4.1
0.5

0.1
7.0
6.6
0.4

0.1
1.6
0.7
0.8

0.1
3.5
3.9
-0.4

0.1
5.5
4.7
0.7

13
14
15
16

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.

-3.3

-1.1

2.7

3.7

7.4

8.9

7.6

9.1

4.1

8.2

7.5

17

5.3
-0.9
-0.2
6.5
0.4
-9.1

10.9
2.7
1.6
6.6
0.9
-12.9

10.5
-0.0
2.9
7.7
-2.6
-5.3

7.9
-0.9
1.1
7.7
0.9
-5.1

7.7
-0.4
0.1
8.1
1.9
-2.2

6.3
-1.3
-0.7
8.3
4.7
-2.1

2.9
-3.9
-0.1
6.9
-1.2
5.9

11.9
2.0
1.5
8.5
1.1
-4.0

9.8
1.5
-0.3
8.6
2.9
-8.6

4.5
-1.4
-1.0
6.9
-2.6
6.3

13.8
2.4
-0.1
11.5
3.3
-9.6

18
19
20
21
22
23

20

Z.1, September 16, 2004

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises
Current expenditures, NIPA basis

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1236.7

1319.5

1373.0

1411.9

1494.9

1437.8

1484.6

1511.3

1545.9

1550.7

1581.9

1

214.5
590.2
35.8
9.8
85.3
290.8
10.4

236.6
621.1
35.6
11.0
92.2
315.4
7.7

242.7
642.8
30.2
13.7
88.8
350.8
4.0

220.1
675.3
31.2
14.6
81.6
385.9
3.3

226.1
708.7
34.5
15.1
81.0
425.9
3.7

216.1
693.2
31.9
14.7
80.9
397.4
3.6

219.0
703.3
32.9
14.9
80.6
430.1
3.8

232.5
714.0
35.4
15.1
80.6
429.9
3.8

236.9
724.3
37.6
15.5
81.8
446.1
3.7

238.3
734.2
38.5
16.0
82.2
437.9
3.5

249.6
743.7
40.3
16.4
82.8
446.0
3.0

2
3
4
5
6
7
8

1186.3

1269.5

1368.2

1436.9

1498.1

1486.6

1490.2

1504.9

1510.5

1538.8

1565.5

9

858.9
252.4
74.6
0.4
0.0

917.8
271.7
79.6
0.5
0.0

969.8
305.2
85.5
7.7
0.0

1016.5
331.9
87.5
1.0
0.0

1058.5
350.3
88.9
0.3
0.0

1054.8
343.6
87.9
0.3
0.0

1051.8
349.7
88.1
0.6
0.0

1061.0
355.7
88.9
-0.7
0.0

1066.3
352.3
90.7
1.2
0.0

1079.8
366.3
92.0
0.7
0.0

1091.6
380.9
92.3
0.7
0.0

10
11
12
13
14

50.4

50.0

4.9

-25.0

-3.2

-48.8

-5.6

6.5

35.4

11.9

16.4

15

10
11
12
13
14

Consumption expenditures
Govt. social benefit payments to persons
Interest payments
Subsidies
- Wage accruals less disbursements

15

Net state and local govt. saving, NIPA basis

16
17

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

102.1
39.9

109.8
43.7

117.8
48.6

122.2
51.8

127.9
51.5

126.0
46.8

127.3
52.2

128.5
56.2

129.7
50.9

131.0
49.6

134.1
47.1

16
17

18

= Gross saving and net capital transfers

192.4

203.5

171.2

149.0

176.2

123.9

173.9

191.2

216.0

192.5

197.5

18

19

Gross investment

256.9

288.4

208.8

166.0

202.3

208.9

119.4

261.6

219.4

198.1

234.9

19

206.1
8.6

225.1
8.8

243.0
9.3

259.3
9.8

264.9
10.0

263.2
9.9

261.4
9.9

268.7
10.0

266.2
10.0

266.4
10.0

278.7
10.1

20
21

20
21

Fixed investment
Nonproduced nonfinancial assets

22

Net financial investment

23

Net acq. of financial assets

24
25
26
27

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

28

Credit market instruments

42.3

54.5

-43.5

-103.1

-72.5

-64.2

-151.9

-17.1

-56.8

-78.3

-53.9

22

109.9

97.4

87.5

65.3

69.3

59.3

38.2

116.0

63.6

94.3

44.4

23

3.9
13.3
5.1
-2.6

1.0
13.1
6.5
8.2

5.1
11.2
19.7
-22.2

8.5
7.7
2.3
-4.9

8.5
9.6
-9.4
8.0

5.7
4.7
-6.8
3.0

12.2
13.7
-11.1
11.6

7.8
11.3
-18.5
6.3

8.2
8.7
-1.1
11.3

4.9
8.5
-3.6
16.0

-26.7
51.6
-9.0
-18.0

24
25
26
27

100.6

12.3

107.8

22.8

56.8

11.0

54.4

92.9

69.0

50.7

47.2

28

29
30
31

Open market paper
Treasury securities
Agency- and GSE-backed securities

17.3
23.5
43.7

17.8
-6.0
1.7

-13.5
42.1
55.4

5.7
12.2
3.0

10.5
7.3
22.9

3.9
-7.2
8.4

15.2
-17.4
33.1

8.2
54.2
17.8

14.7
-0.5
32.0

7.8
23.9
7.0

7.9
18.2
9.1

29
30
31

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

0.3
11.5
4.3

0.3
-3.3
1.8

0.2
25.6
-2.0

0.1
8.2
-6.4

0.3
7.2
8.6

0.1
2.7
3.2

0.4
10.5
12.5

0.2
5.7
6.8

0.4
10.2
12.1

0.2
5.4
6.4

0.2
5.4
6.5

32
33
34

3.5
-0.7

-1.2
3.7

22.8
7.7

7.9
8.9

-6.2
-12.7

-7.7
13.6

-6.5
-26.3

-3.6
-10.2

-6.9
-27.8

-3.6
-20.1

-5.4
-23.1

35
36

8.5
10.5
-32.3

7.5
14.8
31.6

5.0
3.7
-73.3

1.6
10.4
0.1

8.2
17.1
-10.7

3.0
23.6
9.3

11.9
15.2
-37.0

6.4
13.2
10.5

11.5
16.2
-25.6

6.1
18.2
17.2

6.2
18.7
2.8

37
38
39

67.6

42.8

131.0

168.4

141.8

123.5

190.1

133.1

120.3

172.6

98.3

40

35
36

Corporate equities
Mutual fund shares

37
38
39

Trade receivables
Taxes receivable
Miscellaneous assets

40

Net increase in liabilities

41

Credit market instruments

38.5

15.5

105.8

143.9

117.8

99.5

166.1

109.1

96.3

148.6

74.3

41

42
43
44
45

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

38.9
2.6
36.3
-0.4

16.5
1.4
15.1
-1.0

105.5
23.8
81.7
0.2

143.4
25.2
118.2
0.5

117.5
7.2
110.3
0.3

99.1
-2.9
102.0
0.4

165.8
6.3
159.5
0.3

108.9
9.7
99.1
0.2

96.3
15.5
80.8
0.1

148.5
11.3
137.2
0.1

74.1
-64.7
138.8
0.2

42
43
44
45

29.1

27.4

25.2

24.5

24.0

24.0

24.0

24.0

24.0

24.0

24.0

46

-64.5

-84.8

-37.5

-17.1

-26.1

-85.0

54.5

-70.4

-3.5

-5.7

-37.4

47

46
47

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.120.
(2) Table F.9, line 8.

21

Z.1, September 16, 2004

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1891.2

2053.8

2016.3

1847.3

1877.0

1888.5

1902.6

1816.5

1900.6

1915.2

1945.4

1

893.0
83.9
212.9
5.9
651.7
21.5
22.7
-0.4

999.1
87.8
219.5
7.3
691.7
25.2
25.7
-2.3

994.5
85.8
164.7
7.2
717.5
24.9
27.1
-5.5

831.2
87.3
143.4
7.1
733.8
20.3
24.8
-0.6

775.8
89.4
191.4
8.1
758.2
23.0
25.5
5.8

809.6
90.3
183.1
6.7
747.7
19.4
25.1
6.6

811.6
89.6
183.2
9.9
754.0
22.8
25.4
6.0

709.2
88.0
194.3
7.8
761.6
24.3
25.8
5.5

772.5
89.6
204.9
7.9
769.5
25.5
25.6
5.0

768.3
89.0
207.9
8.6
787.9
22.9
26.1
4.6

779.7
89.6
218.4
8.3
796.2
22.5
26.2
4.5

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

1787.5

1864.4

1969.5

2101.8

2241.6

2170.1

2266.9

2249.5

2279.7

2306.3

2328.3

10

11
12
13
14
15
16

Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

475.1
738.0
248.0
282.7
43.8
0.0

499.3
772.5
265.6
283.3
43.8
0.0

531.9
841.4
290.0
258.6
47.6
0.0

592.7
919.7
323.3
229.0
37.2
0.0

658.6
958.9
363.6
214.1
46.4
0.0

634.3
941.4
339.4
213.9
42.5
1.4

665.7
957.2
370.3
217.7
54.6
-1.4

663.0
964.5
366.6
210.1
45.3
0.0

671.3
972.5
378.0
214.7
43.2
0.0

691.1
986.2
379.7
211.1
39.7
1.5

699.9
992.8
374.7
220.7
38.7
-1.5

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

103.6

189.4

46.7

-254.5

-364.5

-281.6

-364.3

-433.0

-379.2

-391.1

-382.9

17

18
19
20

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

84.8
3.8
-7.4

87.2
1.8
-8.1

88.2
3.3
-12.9

89.1
-1.7
-23.0

90.2
-0.6
-40.0

89.7
-3.0
-31.8

90.0
-5.3
-45.1

90.5
-2.7
-44.3

90.7
8.5
-38.6

91.6
1.3
-35.8

92.7
-7.0
-34.6

18
19
20

21

= Gross saving and net capital transfers

177.3

266.7

118.8

-186.7

-313.6

-220.7

-314.1

-384.1

-335.6

-336.5

-317.9

21

22

Gross investment

185.2

277.2

80.8

-194.9

-327.3

-147.5

-629.3

-251.3

-281.0

-469.7

-421.6

22

80.8
-1.0

79.5
-0.3

81.0
-0.7

88.2
0.2

93.6
-0.3

89.1
-2.7

95.3
-1.0

93.8
3.4

96.2
-0.7

102.2
0.0

104.5
-0.8

23
24

105.4

198.0

0.5

-283.3

-420.6

-233.9

-723.6

-348.5

-376.5

-571.9

-525.3

25

71.4

-70.7

53.9

4.1

12.0

-45.7

41.1

7.7

44.8

-37.6

-37.3

26

23
24

Fixed investment
Nonproduced nonfinancial assets

25

Net financial investment

26

Net acq. of financial assets

27
28
29

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

-7.1
66.2
0.7

-0.6
-65.1
1.0

4.6
41.1
4.2

8.8
-18.7
17.1

-0.8
8.2
-25.2

0.1
-30.9
-36.7

0.5
-12.0
37.5

5.6
26.5
-74.8

-9.5
49.3
-26.8

-2.5
-54.0
-2.2

-6.0
10.7
1.1

27
28
29

30
31
32
33
34

Credit market instruments
Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (3)

6.4
0.0
-7.1
-0.1
13.6

11.6
0.0
-3.6
-0.9
16.1

6.0
0.0
-5.9
-1.1
13.1

9.6
0.0
-3.6
0.5
12.7

-2.5
0.0
-1.4
-2.5
1.3

-17.9
0.0
0.0
-9.4
-8.6

-8.1
0.0
-2.3
0.2
-5.9

20.1
0.0
-3.2
-1.5
24.8

-4.3
0.0
-0.1
0.8
-5.0

4.7
0.0
-2.4
8.0
-0.9

-12.7
0.0
-1.3
-6.4
-5.0

30
31
32
33
34

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

4.6
1.6
-0.9

5.3
-21.5
-1.4

7.3
-10.6
1.3

-3.3
-9.4
0.0

3.7
27.2
1.4

-10.3
45.4
4.6

4.3
19.5
-0.7

8.3
20.4
1.6

12.5
23.6
0.0

3.1
13.3
-0.0

-6.5
-24.6
0.7

35
36
37

-34.0

-268.7

53.4

287.4

432.6

188.2

764.8

356.2

421.3

534.3

488.0

38

-3.0
1.0

-4.0
2.4

0.0
1.3

0.0
1.0

0.0
0.6

0.0
0.6

0.0
1.6

0.0
0.1

0.0
-0.0

0.0
0.8

0.0
1.2

39
40

-71.2
-0.2
-70.8
-0.2
0.0

-295.9
-1.7
-293.2
-1.0
0.0

-5.6
5.6
-10.7
-0.5
0.0

257.6
4.5
252.5
0.5
0.0

396.0
8.9
389.5
-2.4
0.0

184.0
9.1
176.5
-1.6
0.0

723.0
10.0
712.6
0.5
0.0

317.1
9.8
307.2
0.1
0.0

360.0
6.8
361.8
-8.6
0.0

483.9
3.5
479.4
1.1
0.0

444.9
1.7
446.9
-3.6
0.0

41
42
43
44
45

-0.4
1.4
38.2
41.1
-2.9

4.4
1.4
22.9
20.9
2.0

3.4
1.4
53.0
60.8
-7.8

1.3
1.6
26.0
24.5
1.5

4.2
1.1
30.7
24.7
6.0

9.6
0.1
-6.0
-4.7
-1.3

-1.0
1.7
39.4
31.6
7.8

2.0
0.5
36.5
27.6
8.8

6.2
2.2
52.9
44.1
8.8

8.1
-0.0
41.5
31.1
10.4

10.8
1.9
29.2
19.0
10.2

46
47
48
49
50

-8.0

-10.5

38.0

8.3

13.6

-73.3

315.3

-132.9

-54.6

133.2

103.7

51

59.4

-55.1

50.9

-1.6

-24.8

-89.2

22.3

-85.2

52.8

-15.0

-1.3

52

38

Net increase in liabilities

39
40

SDR certificates
Treasury currency

41
42
43
44
45

Credit market instruments
Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

46
47
48
49
50

Trade payables
Insurance reserves
Miscellaneous liabilities (4)
Nonmarketable securities held by pension plans
Other

51

Discrepancy
Memo:

52

Change in cash balance (5)

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(2) Table F.9, line 2.
(3) Student loans.
(4) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.
(5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

22

Z.1, September 16, 2004

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1
2
3
4

Foreign income from U.S.
U.S. imports
U.S. income payments to rest of world
Current taxes and trans. payments to rest of world

1586.0
1251.8
287.1
47.2

1875.6
1475.8
343.7
56.1

1725.7
1399.9
278.8
47.0

1764.4
1429.9
274.7
59.9

1886.1
1544.3
273.9
68.0

1858.7
1523.0
268.0
67.7

1846.4
1515.7
264.7
66.0

1881.7
1536.4
278.2
67.1

1957.6
1602.0
284.6
71.0

2065.3
1681.2
300.3
83.8

2185.2
1764.1
346.6
74.5

1
2
3
4

5
6
7

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

1312.1
991.3
320.8

1479.0
1096.3
382.7

1355.3
1032.8
322.5

1306.8
1005.0
301.8

1375.3
1046.2
329.1

1324.6
1019.8
304.8

1327.9
1018.1
309.8

1377.5
1047.7
329.8

1471.0
1099.2
371.8

1508.1
1134.3
373.8

1544.7
1164.5
380.2

5
6
7

8
9

Net capital transfers (1)
Gross saving and net capital transfers (2)

4.9
278.8

0.8
397.4

1.1
371.5

1.3
458.9

3.2
514.0

1.7
535.8

6.4
524.9

3.3
507.5

1.4
488.0

1.4
558.6

1.4
641.9

8
9

Gross investment
Nonproduced nonfinancial assets

231.8
0.0

476.3
0.0

415.1
0.1

569.0
0.0

542.8
0.1

572.2
0.1

424.3
0.2

501.0
0.0

673.6
0.2

552.8
-0.0

585.8
-0.0

10
11

231.7

476.3

415.0

569.0

542.7

572.1

424.2

501.0

673.5

552.9

585.9

12

708.5

963.0

657.7

741.3

783.0

856.1

297.1

889.4

1089.6

1131.2

956.4

13

10
11
12
13

Net financial investment
Net acquisition of financial assets

14
15
16
17
18

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

0.0
-5.7
22.3
-3.1
8.0

-0.7
20.8
7.5
-17.2
11.4

-0.6
-45.6
18.8
11.9
59.4

-0.8
4.2
20.9
31.7
39.4

0.6
0.5
24.7
-21.1
272.7

3.6
-31.6
27.1
9.3
681.4

-0.4
-174.6
66.1
5.3
16.3

-0.8
48.3
-26.7
-134.5
223.0

0.1
159.7
32.4
35.6
170.2

-0.4
-252.6
4.9
-10.0
271.5

-0.4
-21.2
81.9
147.0
85.2

14
15
16
17
18

19
20
21
22
23
24
25
26
27
28

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

171.2
-1.4
-12.5
12.2
-24.7
63.4
20.4
43.1
144.4
-22.7

241.9
4.3
-70.5
-5.2
-65.3
141.9
40.9
101.0
168.4
-2.2

305.3
-2.6
10.5
33.7
-23.2
103.7
20.9
82.8
195.4
-1.6

422.8
10.3
138.9
60.5
78.5
112.5
28.6
83.9
151.0
10.1

538.2
9.9
285.1
169.7
115.4
11.5
24.9
-13.4
232.6
-0.8

402.4
-25.7
168.1
121.1
47.0
55.0
38.3
16.7
225.7
-20.6

746.8
42.7
385.6
170.7
215.0
56.1
13.2
43.0
247.5
14.8

321.4
-27.1
279.7
95.8
183.9
-110.5
13.4
-123.8
215.1
-35.8

682.3
49.7
306.8
291.1
15.6
45.4
34.7
10.7
242.2
38.2

952.7
24.9
650.6
406.8
243.8
78.8
52.1
26.7
212.5
-14.1

773.7
6.3
413.1
252.1
161.0
151.5
11.1
140.5
213.3
-10.6

19
20
21
22
23
24
25
26
27
28

29
30
31
32
33
34

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

112.3
-5.1
0.0
408.6
289.4
119.2

193.6
-0.4
0.0
506.0
321.3
184.8

121.5
-3.1
0.0
190.1
167.0
23.1

54.2
3.1
0.0
165.8
72.4
93.4

36.9
1.7
0.0
-71.2
39.9
-111.1

-10.5
1.0
0.0
-226.8
130.1
-356.9

82.1
-0.1
0.0
-444.3
-2.2
-442.1

-13.3
-3.6
0.0
475.6
-11.2
486.9

89.2
9.6
0.0
-89.4
42.9
-132.3

14.8
2.2
0.0
148.0
40.9
107.1

8.7
-15.9
0.0
-102.5
130.8
-233.4

29
30
31
32
33
34

476.8

486.7

242.7

172.3

240.4

283.9

-127.1

388.4

416.1

578.3

370.5

35

-8.7
48.9

-0.4
126.9

4.3
6.8

9.9
21.0

1.1
-0.0

4.9
34.7

0.6
143.1

7.1
-306.0

-8.2
128.1

-2.5
132.4

-7.4
-47.2

36
37

13.0
16.3
1.9
0.5
0.2
-3.2
3.5
-4.8
-0.9

57.0
31.7
15.2
11.4
0.6
3.4
7.4
-0.6
-0.7

-49.8
-14.2
-24.5
-7.3
0.8
-7.4
-0.7
-1.1
-2.6

5.6
36.1
-33.5
5.3
0.8
-0.8
5.3
-1.9
-0.4

-15.7
22.3
-28.1
-7.7
-0.5
-1.5
-5.7
-2.1
0.0

17.8
52.0
-29.9
-4.0
-1.5
1.5
-3.9
-1.6
1.4

-61.8
72.9
-100.2
-31.4
-0.1
-2.3
-29.1
-3.2
0.2

-64.7
-56.0
-8.8
5.3
-1.2
-4.1
10.6
-3.4
-1.8

46.0
20.2
26.5
-0.7
0.6
-0.9
-0.5
-0.4
0.4

70.8
100.1
-19.6
-6.7
1.5
2.9
-11.2
-4.6
1.7

-63.8
-29.6
-39.7
7.0
1.3
5.9
-0.2
-1.9
0.5

38
39
40
41
42
43
44
45
46

114.3
4.2
0.0
305.2
1.5
0.6
224.9
78.1

106.7
0.8
0.0
195.7
1.5
0.0
159.2
35.0

109.1
-2.2
0.0
174.4
1.7
-0.1
142.3
30.4

17.6
-10.1
0.0
128.3
1.5
0.1
134.8
-8.1

100.4
7.9
0.0
146.7
1.4
0.2
173.8
-28.7

136.4
34.6
0.0
55.4
1.5
-0.1
163.3
-109.3

66.5
-1.7
0.0
-273.8
1.6
0.3
136.2
-411.9

122.0
-8.8
0.0
638.8
1.4
0.1
180.8
456.5

76.8
7.3
0.0
166.1
1.2
0.4
214.8
-50.3

85.7
6.7
0.0
285.2
1.4
0.3
190.4
93.0

161.0
-0.9
0.0
328.8
2.1
0.1
243.0
83.7

47
48
49
50
51
52
53
54

47.0

-78.9

-43.6

-110.1

-28.8

-36.4

100.5

6.5

-185.7

5.7

56.0

55

-260.5
33.8
47.2
-273.9

-379.5
39.0
56.1
-396.6

-367.0
43.7
47.0
-370.4

-424.9
27.1
59.9
-457.7

-498.1
55.2
68.0
-510.9

-503.2
36.8
67.7
-534.1

-497.6
45.1
66.0
-518.5

-488.7
51.6
67.1
-504.2

-502.8
87.2
71.0
-486.6

-546.9
73.5
83.8
-557.2

-599.6
33.6
74.5
-640.5

56
57
58
59

35
36
37

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

38
39
40
41
42
43
44
45
46

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

47
48
49
50
51
52
53
54

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

55

Discrepancy (FOF basis) (7)

56
57
58
59

Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Current taxes and trans. payments to rest of world
= Balance on current account, NIPAs

(1) Table F.9, line 11.
(2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 59 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, September 16, 2004

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

0.8

5.3

1.0

-1.9

-3.1

-3.3

-3.2

-3.0

-2.8

-2.9

-2.9

1

2

Fixed nonresidential investment

0.5

0.4

0.4

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

130.0

-60.9

47.0

70.7

43.2

75.4

54.4

34.2

9.0

25.0

83.5

3

-1.6
-3.0
1.7

0.9
-4.0
3.6

0.3
0.0
1.4

1.9
0.0
1.6

1.3
0.0
0.9

1.2
0.0
0.8

0.5
0.0
1.1

2.3
0.0
0.9

1.3
0.0
0.7

0.4
0.0
1.1

-1.1
0.0
0.9

4
5
6

-1.9
0.2
110.3

1.1
-0.1
-97.3

-0.9
-0.1
6.9

0.4
0.0
-10.8

-0.7
0.0
4.3

-6.5
-0.0
43.1

2.7
3.0
7.3

0.1
-2.4
-3.9

0.7
-0.4
-29.6

-1.1
0.0
9.1

3.0
1.0
28.5

7
8
9

25.7

33.7

39.9

77.7

37.2

37.3

40.3

37.6

33.8

16.2

53.0

10

0.0
25.8
-0.2
0.0

0.0
33.7
-0.1
0.0

0.0
40.0
-0.1
0.0

0.0
77.7
0.0
0.0

0.0
37.3
-0.0
0.0

0.0
37.3
0.0
0.0

0.0
40.3
0.0
0.0

0.0
37.6
0.0
0.0

0.0
33.8
-0.0
0.0

0.0
16.2
0.0
0.0

0.0
53.0
0.0
0.0

11
12
13
14

-1.3

1.1

-0.4

-0.2

0.3

-0.5

-0.5

-0.6

2.6

-0.7

-1.9

15

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

7
8
9

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

10
11
12
13
14
15
16

Credit market instruments
Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets

129.6

-61.3

46.5

69.6

42.8

70.9

56.3

29.4

14.4

21.7

83.4

16

17
18

Depository institution reserves
Vault cash of commercial banks

-2.3
24.5

-5.0
-22.2

-1.6
2.9

5.1
0.5

0.5
0.1

21.2
4.1

4.0
3.2

-2.0
2.4

-21.2
-9.2

9.3
15.6

19.9
8.1

17
18

19
20
21
22

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

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

48.0
1.5
-0.2
46.7

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

57.2
8.3
0.6
48.3

21.5
-6.4
2.8
25.2

24.1
-3.8
-3.4
31.3

48.7
6.9
0.3
41.5

7.5
-1.1
-0.3
8.9

48.2
-5.1
0.7
52.5

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

-1.3
0.5
-1.8

1.1
0.6
0.6

-2.8
0.4
-3.2

22.6
1.0
21.5

4.3
0.5
3.8

-11.7
0.5
-12.2

27.6
0.6
27.0

4.9
0.4
4.6

-3.8
0.4
-4.2

-10.7
0.5
-11.2

7.1
1.0
6.2

23
24
25

-0.2

4.5

0.1

-3.3

-3.9

-8.1

-1.6

-8.0

2.2

-6.6

-3.3

26

26

Net increase in liabilities

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, September 16, 2004

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

49.8

67.5

81.4

95.4

90.0

93.7

82.9

91.3

92.2

101.4

98.6

1

2

Fixed nonresidential investment

31.0

28.9

27.5

24.2

24.7

23.6

24.1

25.2

25.9

26.3

27.2

2

3

Net acquisition of financial assets

345.7

475.5

350.2

476.5

472.1

721.6

731.4

-57.2

492.6

1286.7

686.5

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

24.5
-5.1
0.3

-22.2
-1.9
-0.5

2.9
-2.2
1.1

0.5
4.4
-0.3

0.1
-0.4
-0.0

4.1
21.9
2.3

3.2
4.3
-0.2

2.4
-4.7
-2.4

-9.2
-23.2
0.3

15.6
4.8
2.9

8.1
15.1
-1.8

4
5
6

7

Total bank credit

301.5

411.9

216.0

408.3

331.3

470.0

617.4

15.1

222.6

940.2

504.0

7

Treasury securities
Agency- and GSE-backed securities

14.8
36.4

-44.4
22.3

-21.9
55.6

43.2
140.5

3.0
83.6

9.6
181.2

-30.9
295.2

2.7
-268.7

30.7
126.9

30.4
380.2

-6.0
65.7

8
9

10
11

Municipal securities
Corporate and foreign bonds

5.9
39.6

3.4
58.1

6.1
97.8

1.5
2.6

10.8
50.0

12.0
55.1

16.1
10.8

12.3
40.5

2.7
93.5

11.9
73.4

13.7
-24.8

10
11

12
13
14
15
16
17

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

200.5
0.3
69.0
158.4
-9.2
-18.0

369.7
0.2
112.8
164.6
41.7
50.4

70.5
0.0
-76.2
129.8
17.0
0.0

219.4
0.0
-80.6
268.5
28.7
2.8

187.8
0.0
-94.5
197.5
49.3
35.5

231.7
0.0
-127.5
268.5
6.9
83.8

324.1
0.0
-61.4
324.7
37.6
23.2

228.8
0.0
-91.1
257.2
42.3
20.4

-33.3
0.0
-98.0
-60.3
110.3
14.7

448.9
0.0
-28.0
409.0
5.9
62.0

456.7
0.0
64.3
369.0
7.1
16.3

12
13
14
15
16
17

18
19

Corporate equities
Mutual fund shares

2.0
2.3

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

0.6
-20.1

-0.1
2.2

8.6
-8.9

0.2
2.0

-0.0
-4.7

-1.2
-0.0

18
19

-3.1
27.6

-0.7
89.0

-2.9
135.3

-0.0
63.6

-0.2
141.3

0.8
222.4

-0.8
107.5

-1.2
-66.4

0.3
301.8

-2.1
325.4

2.5
158.6

20
21

286.6

573.5

353.2

500.2

477.4

599.0

664.3

177.8

468.5

1352.1

765.8

22

-7.2
-1.7
0.1
-5.7

42.3
1.0
20.4
20.8

-29.4
-1.0
17.2
-45.6

11.8
0.4
7.1
4.2

-5.1
-0.7
-4.8
0.5

-29.5
-6.5
8.5
-31.6

-195.2
5.6
-26.2
-174.6

78.3
-2.3
32.3
48.3

126.2
0.3
-33.8
159.7

-243.1
-1.1
10.6
-252.6

42.5
4.0
59.6
-21.2

23
24
25
26

8
9

20
21

Customers’ liab. on acceptances (2)
Miscellaneous assets

22

Net increase in liabilities

23
24
25
26

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

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

3.4
36.4
-0.0
-33.0

-85.5
-33.2
2.0
-54.3

102.2
45.3
-4.8
61.7

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
8.0
23.8

-13.9
-60.9
6.8
40.1

97.2
-8.8
57.4
48.6

-29.1
-6.7
-34.3
11.9

69.4
72.7
2.1
-5.5

94.2
-11.6
12.5
93.4

19.3
2.7
46.1
-29.5

27
28
29
30

31
32
33

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

72.0
119.6
110.8

211.6
92.8
66.1

249.4
32.7
-42.3

269.4
-2.8
115.5

230.4
18.8
67.6

253.8
110.9
152.7

418.7
-31.4
228.4

99.5
-26.8
-161.5

149.5
22.5
50.6

318.2
239.6
235.6

378.1
148.2
195.7

31
32
33

34

Credit market instruments

67.2

60.0

52.9

49.7

49.2

80.9

28.0

2.8

85.2

187.6

7.1

34

6.1
20.4
40.6

0.6
32.6
26.8

-8.3
37.0
24.2

-2.5
22.0
30.2

-6.3
46.9
8.5

-14.2
83.0
12.0

-20.8
27.1
21.7

4.1
6.1
-7.3

5.8
71.6
7.8

57.4
39.3
90.9

-19.2
54.8
-28.6

35
36
37

-10.2
1.9
-70.9

-12.5
2.1
196.5

-8.1
2.4
-6.5

-10.7
2.6
121.9

-2.4
2.9
85.2

-2.6
2.8
44.0

10.6
2.9
105.2

-0.4
2.9
212.1

-17.3
3.0
-20.5

-0.6
3.1
517.5

-4.3
3.1
-23.9

38
39
40

-40.3

136.6

56.9

94.9

70.6

-52.5

-8.3

301.1

42.1

140.6

150.8

41

312.2

357.9

205.2

404.4

299.5

406.6

591.4

-6.1

206.1

880.8

491.4

42

35
36
37
38
39
40
41

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

42

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 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).

25

Z.1, September 16, 2004

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

-6.3

13.8

20.2

21.0

16.5

30.3

1.6

23.8

10.4

47.1

31.4

1

2

Fixed nonresidential investment

22.5

20.4

18.8

16.1

16.2

15.5

15.8

16.5

17.0

17.3

17.8

2

3

Net acquisition of financial assets

342.3

332.3

229.7

388.9

405.7

593.5

656.5

24.1

348.7

885.1

659.6

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

6
7
8
9
10

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

11
12
13
14
15

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

16
17
18
19
20
21

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

22
23

Corporate equities
Mutual fund shares

24
25
26

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

18.9

-23.1

0.6

4.2

0.1

26.5

7.4

-7.4

-26.1

19.4

24.3

4

316.6

350.2

209.0

391.9

331.9

413.2

579.6

80.8

253.9

864.4

490.4

5

-2.0
29.4
-17.8
5.0
42.2

-35.0
18.2
14.1
-9.8
13.9

-31.4
73.7
52.8
57.2
-36.2

29.9
121.1
84.3
-9.2
46.0

7.1
85.1
56.6
2.4
26.1

-5.6
180.1
125.1
81.7
-26.7

-37.0
278.5
239.8
-0.7
39.3

16.3
-254.0
-215.5
-83.4
44.9

54.8
135.7
76.9
11.8
46.9

21.7
378.4
346.5
20.7
11.2

0.4
45.5
35.3
-31.0
41.1

6
7
8
9
10

5.8
43.6
0.6
6.0
37.0

3.2
52.2
-0.4
7.7
44.9

6.3
64.5
21.2
2.8
40.5

1.5
5.0
-13.3
8.1
10.2

10.7
47.0
0.2
25.2
21.6

11.8
20.0
-5.6
43.0
-17.4

16.1
-27.1
-1.0
1.2
-27.3

11.9
82.2
4.5
22.8
54.8

2.9
113.0
3.0
33.8
76.3

11.8
38.7
6.4
7.3
25.0

13.6
9.2
-0.8
-0.1
10.2

11
12
13
14
15

235.5
-0.1
92.4
161.1
-9.2
-8.8

308.7
0.2
98.1
161.6
41.7
7.1

88.0
0.0
-62.0
125.8
17.0
7.2

233.2
0.0
-58.6
265.7
28.7
-2.7

185.9
0.0
-70.9
195.2
49.3
12.3

226.4
0.0
-94.2
264.6
6.9
49.1

347.0
0.0
-62.9
320.0
37.6
52.2

224.7
0.0
-31.4
234.6
42.3
-20.7

-54.6
0.0
-94.9
-38.6
110.3
-31.4

418.6
0.0
-9.8
404.5
5.9
18.0

422.9
0.0
41.7
371.6
7.1
2.6

16
17
18
19
20
21

2.0
2.3

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

0.6
-20.1

-0.1
2.2

8.6
-8.9

0.2
2.0

-0.0
-4.7

-1.2
-0.0

22
23

-2.5
9.2

-0.7
5.9

-2.3
22.3

0.3
-7.6

-0.2
73.9

1.4
152.4

-0.6
70.2

-1.3
-48.0

-0.1
121.0

-1.7
3.1

2.1
142.9

24
25

329.8

473.7

283.9

476.5

473.4

523.4

659.7

315.2

395.3

994.6

793.3

26

27
28
29
30
31

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

33.7
-1.9
0.2
-14.3
49.7

76.9
1.1
-0.1
30.5
45.4

2.0
-0.9
-0.1
16.5
-13.6

57.1
0.4
0.0
20.8
35.9

25.2
-0.7
0.0
-66.9
92.8

-71.3
-6.5
-0.0
-78.8
14.0

-149.4
2.7
3.0
-154.6
-0.5

166.0
0.1
-2.4
2.9
165.4

155.6
0.7
-0.4
-36.9
192.3

-150.6
-1.1
0.0
-52.7
-96.9

156.2
3.0
1.0
34.2
118.0

27
28
29
30
31

32
33
34
35

Checkable deposits
Federal government
Rest of the world
Private domestic

2.9
36.4
-0.6
-33.0

-85.0
-33.2
2.4
-54.2

98.7
45.3
-2.5
55.9

-55.6
-16.4
-0.3
-38.9

28.4
-0.9
8.4
20.9

-13.8
-60.9
9.2
37.9

84.3
-8.8
56.0
37.1

-21.6
-6.7
-32.8
17.9

64.6
72.7
1.1
-9.2

93.4
-11.6
11.5
93.5

19.7
2.7
47.8
-30.8

32
33
34
35

36
37
38

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

73.0
61.6
128.5

210.6
87.9
15.4

240.4
-25.2
-31.2

273.6
24.3
73.6

228.2
2.9
68.5

257.2
76.6
22.3

417.6
5.0
211.5

94.0
-32.8
-46.3

144.0
-37.1
86.6

314.3
85.0
214.3

377.9
72.3
158.0

36
37
38

39
40
41
42
43

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

-2.5
3.7
40.6
3.6
1.9

-0.6
10.6
26.8
4.0
2.1

-2.3
8.3
24.2
7.2
2.4

0.3
-0.6
30.2
4.7
2.6

-0.2
5.5
8.5
7.2
2.9

1.3
2.4
12.0
3.6
2.8

-0.7
7.7
21.7
10.9
2.9

-1.3
2.6
-7.3
10.2
2.9

-0.1
9.3
7.8
4.0
3.0

-1.7
-4.2
90.9
5.1
3.1

2.1
17.2
-28.6
3.9
3.1

39
40
41
42
43

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

-17.2
2.9
-20.1

124.9
53.6
71.3

-40.5
60.7
-101.2

66.3
53.1
13.1

96.2
50.5
45.7

230.3
43.2
187.1

48.2
67.9
-19.7

148.7
50.5
98.3

-42.5
40.5
-82.9

345.2
73.4
271.8

11.5
121.7
-110.2

44
45
46

-41.3

134.9

55.6

92.6

68.0

-55.2

-11.0

298.4

40.0

139.4

147.2

47

318.6

339.5

191.6

393.8

323.3

384.9

524.6

100.5

283.0

849.5

491.1

48

47

Discrepancy
Memo:

48

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 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).

26

Z.1, September 16, 2004

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

6.0

7.0

6.3

6.4

6.8

6.7

6.8

6.9

7.0

6.5

6.6

1

2

Fixed nonresidential investment

8.0

8.0

8.2

7.7

8.0

7.6

7.8

8.2

8.4

8.5

8.8

2

3

Net acquisition of financial assets

-55.5

38.4

3.1

9.2

-68.6

-1.8

-128.2

-162.1

17.9

119.2

-148.1

3

4

Reserves at Federal Reserve

5

Total bank credit

6
7
8
9

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

10
11
12
13
14

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

15

Corporate equities

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

0.4

-1.0

0.2

0.6

-0.4

-0.4

0.1

5.1

-6.3

1.0

-1.0

4

-25.7

67.2

-7.2

12.0

-19.8

36.8

-17.3

-59.0

-39.7

62.7

-2.6

5

9.7
4.9
0.0
-4.6

-0.5
0.4
0.0
8.3

9.8
-22.0
0.0
30.6

12.9
10.9
0.0
0.3

-6.5
-7.1
0.0
1.3

14.5
1.8
0.0
17.5

0.6
12.4
0.0
13.0

-17.6
-33.2
0.0
-6.8

-23.6
-9.2
0.0
-18.5

9.7
-5.6
0.0
35.1

-11.1
12.4
0.0
-31.2

6
7
8
9

-35.7
0.4
-22.4
-4.5
-9.3

59.0
-0.1
14.6
1.2
43.2

-25.6
0.0
-19.1
0.7
-7.2

-12.0
0.0
-18.6
1.1
5.5

-7.5
0.0
-29.0
-1.8
23.2

3.0
0.0
-31.4
-0.2
34.6

-43.2
0.0
-15.6
1.4
-29.0

-1.4
0.0
-60.2
17.8
41.1

11.5
0.0
-8.6
-26.0
46.1

23.5
0.0
-21.1
0.7
44.0

27.3
0.0
23.2
-9.7
13.7

10
11
12
13
14

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

-0.6
-29.7

-0.0
-27.7

-0.6
10.7

-0.4
-3.1

-0.0
-48.4

-0.5
-37.7

-0.1
-110.9

0.1
-108.4

0.5
63.4

-0.5
56.0

0.4
-144.9

16
17

18

Net increase in liabilities

-52.4

42.0

7.1

13.6

-63.7

2.8

-123.4

-157.2

22.9

124.3

-142.9

18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

-45.0
-51.2
6.2

-40.8
-57.1
16.2

-16.1
-35.3
19.2

-42.3
-32.3
-10.0

-41.3
-47.5
6.3

45.9
-8.7
54.6

-80.9
-35.0
-45.8

-99.3
-116.8
17.5

-30.8
-29.6
-1.2

-91.4
-152.7
61.3

-118.1
-154.2
36.2

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

0.6
-1.8
57.2

-0.4
-0.4
3.4

0.4
4.5
53.3

-0.7
-2.3
-25.1

1.0
0.9
14.6

-1.9
-2.7
35.0

8.2
1.0
-36.5

-4.9
3.0
3.5

2.5
2.4
56.4

-1.8
3.6
154.4

-1.9
-1.6
74.1

22
23
24

25
26

Federal funds and security RPs (net)
Acceptance liabilities

-17.9
-0.4

52.3
-0.0

-11.0
-0.9

39.5
-0.4

-1.9
-0.1

110.4
-0.5

6.5
-0.2

-88.8
0.1

-35.6
0.3

24.7
-0.1

37.1
0.3

25
26

27
28
29
30

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

-45.0
19.4
2.5
-66.9

27.9
9.7
45.6
-27.5

-23.1
8.4
-30.8
-0.7

44.8
3.6
24.7
16.5

-37.0
4.5
-1.7
-39.8

-183.4
14.6
-17.0
-181.0

-21.5
-0.4
-14.0
-7.0

29.2
1.8
-25.8
53.2

27.7
2.0
50.0
-24.3

34.9
1.7
108.4
-75.1

-132.8
6.9
-82.3
-57.4

27
28
29
30

1.1

2.5

2.0

3.2

3.7

3.7

3.8

3.6

3.6

3.1

3.0

31

-17.0

23.9

-0.6

6.2

-43.0

1.6

11.6

-100.0

-85.3

18.3

-15.9

32

31

Discrepancy
Memo:

32

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 14) less corporate equities (line 15) plus customers’ liability on acceptances (line 16).

27

Z.1, September 16, 2004

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

49.9

46.5

54.8

67.8

66.5

56.6

74.3

60.4

74.7

47.6

60.5

1

2

Fixed nonresidential investment

0.4

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

55.2

100.7

100.5

83.4

126.6

122.6

192.3

65.9

125.6

266.1

161.3

3

6.2

-12.2

4.2

3.1

8.6

20.8

39.7

-26.1

0.2

1.2

-2.3

4

7.9
-1.3
1.2
-1.6

-7.9
-0.5
-2.8
-0.9

0.4
1.4
2.1
0.3

0.1
4.5
-2.4
0.9

1.4
0.9
1.3
5.0

0.1
2.8
18.8
-1.1

4.1
-2.1
21.4
16.2

2.5
5.2
-34.5
0.7

-1.1
-2.3
-0.5
4.1

-2.3
3.6
-1.1
1.0

1.0
1.4
-1.9
-2.9

5
6
7
8

49.0
2.9
17.3
28.9

112.9
53.6
38.4
20.9

96.4
60.7
29.8
5.9

80.3
53.1
-0.2
27.3

118.0
50.5
45.0
22.4

101.8
43.2
33.9
24.7

152.6
67.9
79.3
5.4

92.0
50.5
30.3
11.3

125.4
40.5
36.7
48.2

265.0
73.4
113.9
77.7

163.7
121.7
41.8
0.1

9
10
11
12

4
5
6
7
8
9
10
11
12

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

13

Net increase in liabilities

5.4

54.4

45.8

15.7

60.3

66.2

118.1

5.7

51.1

218.7

101.0

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

4.1
8.2
-4.1

6.2
-26.3
32.5

-15.3
-18.6
3.3

-3.0
-3.6
0.6

10.9
55.8
-44.8

-4.2
32.7
-36.8

35.1
174.2
-139.1

11.6
11.9
-0.3

1.3
4.3
-3.0

-1.0
2.0
-3.0

4.4
-10.7
15.1

14
15
16

17

Federal funds and security RPs (net)

0.1

-1.6

-0.1

2.4

0.9

20.0

10.4

-26.4

-0.4

-3.4

0.7

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

25.8
9.1
16.7

23.2
1.2
22.0

23.6
-5.1
28.7

20.3
-2.3
22.6

35.4
-6.0
41.4

65.7
-15.0
80.7

-0.6
-19.9
19.3

8.7
5.3
3.5

67.8
5.5
62.3

102.8
59.2
43.6

16.1
-21.5
37.6

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-13.8
-10.8
-38.6
27.8

-16.5
43.1
10.3
32.8

-15.3
52.9
-8.9
61.8

-15.4
11.5
-44.0
55.4

-9.6
22.6
-37.5
60.1

-6.2
-9.0
-53.5
44.4

-0.2
73.5
-23.0
96.4

-10.6
22.3
-21.0
43.2

-21.4
3.7
-52.5
56.2

-5.7
126.0
89.9
36.1

-8.2
88.1
44.2
43.8

21
22
23
24

-0.3

-0.2

-0.2

-0.1

-0.1

-0.1

-0.1

-0.1

-0.2

-0.2

-0.2

25

25

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

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

1

2

Fixed nonresidential investment

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

2

3

Net acquisition of financial assets

3.7

4.0

17.0

-5.0

8.4

7.4

10.8

14.9

0.5

16.2

13.6

3

4

Checkable deposits and currency

0.3

-0.5

1.1

-0.3

-0.0

2.3

-0.2

-2.4

0.3

2.9

-1.8

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Home mortgages
Commercial mortgages
Miscellaneous assets
Net increase in liabilities

4.4

6.7

10.0

1.3

10.6

-0.7

15.5

19.4

8.1

11.9

18.5

5

-0.7
3.3
0.1
-0.5

-1.0
4.3
0.1
0.3

-0.6
2.5
-0.2
0.6

0.3
3.9
0.0
-0.3

1.0
4.7
0.1
0.4

0.5
-3.5
0.2
-1.2

1.4
6.4
0.0
3.6

1.5
13.3
0.4
-0.3

0.6
2.7
-0.2
-0.6

1.3
3.9
0.2
0.7

3.6
6.4
0.1
-1.0

6
7
8
9

0.5
0.6
1.2

1.1
1.0
0.8

4.5
-0.9
4.2

-4.3
1.5
0.2

0.3
2.5
1.6

-0.7
3.6
0.5

0.8
2.2
1.1

-0.2
1.7
3.1

1.4
2.6
1.7

2.0
2.2
1.6

2.2
4.4
2.8

10
11
12

-1.0

-2.1

5.9

-6.0

-2.2

5.8

-4.4

-2.1

-8.0

1.4

-3.0

13

3.8

3.4

16.4

-5.7

7.5

6.6

9.9

14.2

-0.8

14.5

14.3

14

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

0.0
0.8
0.8

-0.1
1.4
1.4

3.1
4.6
4.6

-1.1
-1.9
-1.9

1.5
1.3
1.3

1.8
-0.7
-0.7

4.7
0.1
0.1

-2.7
2.5
2.5

2.3
3.2
3.2

2.6
0.2
0.2

1.5
1.8
1.8

15
16
17

18

Miscellaneous liabilities

2.2

0.7

4.2

-0.7

3.4

6.2

5.0

11.9

-9.4

11.4

9.3

18

0.1

-0.7

-0.6

-0.7

-1.0

-0.9

-0.9

-0.8

-1.3

-1.7

0.7

19

19

Discrepancy

(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, September 16, 2004

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

7.2

7.3

8.0

12.7

14.4

14.6

13.7

13.9

15.5

14.7

14.6

1

2

Fixed nonresidential investment

4.0

3.8

3.4

2.9

2.9

2.8

2.9

3.0

3.1

3.1

3.2

2

3

Net acquisition of financial assets

61.9

67.2

81.0

59.1

115.4

180.0

149.0

112.1

20.6

311.3

201.8

3

4
5
6
7

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

2.8
-1.0
-0.1
-4.2

-3.1
1.6
0.1
4.3

0.6
2.0
0.8
12.5

0.7
3.7
0.4
-0.3

0.9
-0.4
0.0
-6.1

-0.7
-3.2
0.2
10.5

-0.3
14.2
0.2
-16.5

2.8
-6.2
-0.1
-3.4

2.0
-6.4
-0.2
-15.2

4.5
2.9
1.4
41.1

4.8
13.0
1.2
-19.9

4
5
6
7

8

Credit market instruments

67.2

56.2

44.6

33.6

126.3

186.9

107.9

66.4

143.9

225.4

164.6

8

9
10
11
12
13
14

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

0.0
-0.0
3.4
-1.5
0.0
5.0

0.0
-1.4
-6.7
-6.7
0.0
0.0

0.0
2.7
21.0
6.7
0.0
14.3

0.0
-2.2
14.7
17.0
0.0
-2.3

0.0
3.0
22.6
5.4
0.0
17.1

0.0
0.0
39.9
33.1
0.0
6.9

0.0
3.0
24.9
4.2
0.0
20.7

0.0
5.2
3.6
-23.5
0.0
27.0

0.0
4.0
21.8
7.9
0.0
14.0

0.0
0.0
39.1
44.8
0.4
-6.1

0.0
-5.6
-28.9
-5.7
-8.6
-14.6

9
10
11
12
13
14

15
16
17
18
19

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

0.5
23.3
5.1
0.0
18.2

0.2
-2.5
0.6
0.0
-3.2

1.3
-25.6
-5.8
0.0
-19.7

1.0
-4.0
-2.6
0.0
-1.4

0.8
-8.8
0.1
0.0
-8.9

0.3
8.1
-3.9
0.0
11.9

0.9
-25.9
-0.6
0.0
-25.3

2.3
-27.3
2.0
0.0
-29.3

-0.3
10.0
2.9
0.0
7.1

0.8
-24.1
-5.3
-15.5
-3.3

0.3
-20.7
-2.4
-13.5
-4.8

15
16
17
18
19

20
21
22

Other loans and advances
Mortgages
Consumer credit

6.5
24.1
9.4

8.7
54.9
3.0

3.6
35.3
6.3

3.3
23.1
-2.4

10.0
89.5
9.1

4.5
134.4
-0.3

3.1
81.4
20.6

37.0
50.0
-4.3

-4.5
92.2
20.6

-26.8
221.8
14.5

23.7
168.1
27.6

20
21
22

-0.7
-2.1

0.4
7.7

3.2
17.3

2.0
19.0

-1.0
-4.3

1.7
-15.4

2.7
40.7

-3.6
56.3

-4.8
-98.7

3.0
33.0

-2.3
40.5

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

60.8

66.3

78.3

54.0

107.6

166.7

144.1

112.4

7.2

296.3

179.1

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

6.1
36.8
-39.2
8.5

27.5
43.4
-35.8
19.9

46.8
50.7
-30.7
26.9

67.0
54.4
-31.6
44.2

59.3
57.4
-30.5
32.4

73.6
53.2
-25.0
45.5

85.2
61.4
-28.7
52.5

57.1
57.6
-3.0
2.6

21.3
57.6
-65.2
28.9

77.4
58.6
-38.3
57.2

66.2
66.2
-22.4
22.5

26
27
28
29

30

Security RPs

21.4

-6.0

5.8

-15.0

20.1

13.4

15.3

3.8

47.8

-13.6

-11.7

30

31
32
33
34

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

48.0
0.2
-15.7
63.5

27.3
3.5
7.4
16.3

-2.0
-2.6
1.5
-0.9

-23.4
-0.2
4.2
-27.4

6.1
1.7
-13.2
17.6

-18.0
5.4
-48.2
24.7

16.9
0.3
3.2
13.5

0.4
0.6
-1.9
1.6

25.0
0.5
-6.1
30.6

-7.0
3.4
1.5
-11.9

184.4
-3.8
1.1
187.1

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.0
-14.7
0.5
-15.3

0.4
17.1
0.7
16.5

-0.7
28.4
0.8
27.7

-0.3
25.6
0.9
24.7

-0.2
22.4
1.0
21.3

-0.4
98.0
1.0
97.0

-0.0
26.7
1.0
25.7

0.7
50.5
1.0
49.5

-1.1
-85.8
1.1
-86.9

2.2
237.2
1.1
236.1

-1.2
-58.7
1.1
-59.8

35
36
37
38

2.0

2.7

1.9

4.7

3.6

-1.5

5.9

11.2

-1.1

-3.4

-11.4

39

39

Discrepancy

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

29

Z.1, September 16, 2004

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

5.8

6.7

6.3

7.5

7.7

7.7

7.6

7.7

7.7

7.7

7.6

1

2

Fixed nonresidential investment

2.5

2.4

2.4

2.2

2.3

2.2

2.2

2.3

2.4

2.4

2.5

2

3

Net acquisition of financial assets

23.0

26.5

64.4

55.3

56.6

65.9

90.7

24.6

45.1

18.2

44.3

3

4
5
6

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

17.3
-6.8
2.4

0.3
-1.1
-5.3

10.1
7.4
-1.5

1.6
1.6
-0.8

3.2
1.8
-0.1

69.1
12.1
-8.1

-21.1
-3.5
4.1

-18.8
0.9
-4.4

-16.5
-2.1
7.8

38.5
0.3
-8.9

-58.0
5.4
5.9

4
5
6

7

Credit market instruments

27.5

28.0

41.5

42.7

50.7

45.0

79.4

83.6

-5.3

45.7

64.8

7

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

1.5
-3.5
2.9

-0.6
-1.4
-0.4

1.2
-0.8
19.6

1.2
0.4
16.8

-2.0
1.1
18.2

-2.9
-2.0
28.2

1.9
5.9
41.4

-1.2
1.5
43.4

-5.8
-0.7
-40.3

2.5
-1.5
7.9

-1.8
5.6
11.6

8
9
10

11
12

Home mortgages
Consumer credit

14.1
12.5

13.8
16.5

16.4
5.1

18.2
6.2

23.2
10.1

14.8
7.0

18.5
11.6

27.6
12.3

31.9
9.6

15.8
21.0

36.4
13.0

11
12

13
14

Mutual fund shares
Miscellaneous assets

-1.1
-16.4

-0.3
4.9

1.5
5.4

-0.2
10.4

0.5
0.5

-0.5
-51.6

4.5
27.4

1.9
-38.6

-3.7
64.8

0.4
-57.8

-1.2
27.4

13
14

15

Net increase in liabilities

20.8

22.0

60.8

50.1

51.3

61.2

87.4

18.8

37.9

15.2

46.4

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

17.7
2.3
12.3
3.1

22.4
5.9
13.0
3.5

61.1
3.5
48.6
9.0

46.7
5.0
33.1
8.7

48.0
7.6
29.6
10.8

69.3
24.7
39.5
5.1

63.1
1.9
37.2
24.0

18.2
-6.4
23.8
0.8

41.4
10.4
17.8
13.3

-37.7
11.7
-53.7
4.2

81.7
0.5
73.8
7.3

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

2.2
0.9

0.0
-0.4

1.5
-1.8

2.0
1.4

2.2
1.2

2.8
-10.9

1.6
22.8

3.3
-2.8

1.0
-4.5

-2.7
55.6

4.9
-40.1

20
21

1.0

-0.2

0.3

0.2

0.2

0.9

2.1

-0.5

-1.8

2.3

7.2

22

22

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

-9.8

55.0

-63.5

-3.7

-26.7

-27.0

-26.9

-26.9

-26.0

29.5

8.0

1

2
3
4
5

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

8.4
-0.1
0.9
7.5

7.0
-0.1
0.2
6.9

-4.6
0.5
2.7
-7.9

0.1
-0.7
-0.6
1.3

-0.1
0.4
8.7
-9.2

-0.2
0.4
8.7
-9.2

-0.2
0.4
8.7
-9.2

-0.2
0.4
8.7
-9.2

0.1
0.4
8.7
-9.0

0.0
0.4
8.7
-9.0

-7.8
0.4
0.7
-8.9

2
3
4
5

6

Credit market instruments

27.8

0.8

-28.1

0.9

-2.4

-2.7

-2.5

-2.5

-2.0

12.9

3.4

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

0.6
-0.0
5.7

-2.4
-1.0
0.3

-3.1
-4.8
-10.3

-0.2
-0.4
-0.9

-0.4
-0.3
-2.6

-0.4
-0.3
-2.6

-0.4
-0.3
-2.6

-0.4
-0.3
-2.6

-0.4
-0.2
-2.5

-0.4
0.1
0.5

-0.4
0.1
0.2

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

10.8
11.3
-0.6

-1.2
5.0
0.1

-3.5
-6.6
0.2

5.3
-2.7
-0.2

-2.6
3.9
-0.4

-2.6
3.7
-0.4

-2.6
3.9
-0.4

-2.6
3.9
-0.4

-2.4
4.0
-0.4

5.6
7.1
0.0

2.8
0.8
-0.0

10
11
12

-28.8
-14.7

-2.5
48.5

-32.5
-6.1

-39.4
37.3

-18.7
-15.0

-18.7
-15.0

-18.7
-15.0

-18.7
-15.0

-18.7
-15.0

2.0
5.0

1.0
1.6

13
14

-2.5

1.2

7.7

-2.6

9.5

9.5

9.5

9.5

9.6

9.6

9.7

15

-8.1

56.6

-59.9

-2.4

-26.3

-26.6

-26.4

-26.4

-25.5

29.8

8.2

16

1.7

1.6

3.7

1.4

0.4

0.4

0.4

0.4

0.5

0.2

0.3

17

7
8
9
10
11
12
13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

Net increase in liabilities (2)

17

Discrepancy

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national 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, September 16, 2004

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

-2.9

-5.0

-3.7

-1.8

1.6

2.6

1.4

1.1

1.4

1.2

0.8

1

2

Fixed nonresidential investment

11.8

10.7

9.3

7.7

7.7

7.4

7.5

7.9

8.1

8.2

8.5

2

3

Net acquisition of financial assets

169.3

203.5

250.6

279.8

258.2

430.2

298.8

183.0

121.0

402.4

277.0

3

4
5

Checkable deposits and currency
Money market fund shares

0.0
21.4

-0.5
10.5

31.9
31.0

-1.6
-13.5

12.0
-8.3

34.2
-28.2

2.4
2.7

9.4
-4.2

2.0
-3.5

-3.9
-29.2

14.8
-18.1

4
5

6

Credit market instruments

53.5

57.9

130.9

233.0

180.6

283.0

236.4

117.1

85.9

235.1

213.4

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

2.0
-9.3
7.0

-4.5
-4.6
11.0

-11.9
-4.4
18.1

14.7
24.8
77.4

-18.2
-6.6
18.0

15.4
-3.5
30.0

-15.0
-4.9
26.3

-18.4
-9.0
7.5

-54.7
-9.2
8.2

19.9
5.9
32.4

-16.9
5.9
32.5

7
8
9

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

1.7
41.5
-5.0
15.7

-1.0
49.0
2.9
5.2

-0.4
120.2
2.2
7.1

1.2
106.8
1.0
7.0

6.2
171.0
-0.7
10.9

6.7
225.3
-1.9
10.8

6.8
211.2
1.1
10.9

5.5
120.7
-2.1
13.1

5.7
126.7
0.2
8.9

2.7
163.8
-0.2
10.6

2.7
160.1
1.2
27.9

10
11
12
13

116.9
10.0

111.3
5.6

70.2
2.1

52.7
2.6

45.5
0.5

55.7
0.5

55.3
0.5

50.0
0.5

21.1
0.5

70.8
0.4

54.0
0.4

14
15

7
8
9
10
11
12
13
14
15
16

Corporate equities
Mutual fund shares

-32.6

18.7

-15.5

6.7

27.9

85.1

1.5

10.1

15.0

129.2

12.5

16

17

Net increase in liabilities

152.9

195.1

248.5

259.7

230.0

397.3

248.2

175.5

98.9

369.2

232.7

17

18
19
20
21

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

-6.0
0.7
49.4
94.1

-0.8
-0.7
48.7
142.6

-0.9
0.6
75.8
138.5

-6.5
2.0
58.5
148.5

-3.9
2.9
65.7
119.5

-6.5
4.4
73.7
136.5

-3.7
1.5
39.4
139.1

-6.2
3.1
41.6
103.9

0.6
2.5
107.9
98.4

-4.3
-0.4
70.8
137.2

-32.7
2.7
74.6
151.9

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

1.3
13.4

1.6
3.6

2.0
32.4

2.4
54.7

2.8
43.1

2.6
186.5

2.7
69.2

2.8
30.2

2.9
-113.4

3.0
162.7

3.1
33.1

22
23

-31.0

-24.1

-15.1

-29.7

-34.3

-37.6

-56.8

-14.2

-28.8

-40.3

-52.0

24

24

Miscellaneous assets

Discrepancy

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23).

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

Gross saving

6.0

-1.0

-5.8

11.7

23.0

19.5

20.5

25.3

26.7

28.4

28.9

1

2

Fixed nonresidential investment

12.0

13.3

12.5

11.9

12.6

12.0

12.3

12.9

13.3

13.5

14.0

2

3

Net acquisition of financial assets

-9.0

8.9

16.6

79.8

95.7

92.8

119.8

93.8

76.3

104.2

84.9

3

4
5

Checkable deposits and currency
Security RPs

0.2
-14.4

-0.6
10.0

9.4
-8.1

12.8
14.2

8.6
8.5

17.0
-9.4

23.8
27.0

-4.1
8.8

-2.2
7.4

-13.9
-2.6

-3.4
-7.1

4
5

6

Credit market instruments

7
8
9
10
11
12
13
14

-3.0

-8.7

9.0

39.9

67.0

56.2

49.7

68.7

93.3

105.3

72.0

6

Treasury securities
Agency- and GSE-backed securities

-9.7
5.9

-8.6
8.6

-0.0
10.1

9.2
19.0

3.5
2.2

2.6
1.0

1.8
-0.7

3.6
2.4

5.9
6.2

10.9
19.4

7.4
13.3

7
8

Municipal securities
Corporate and foreign bonds
Commercial mortgages

-9.1
10.0
-0.0

-14.9
6.4
-0.3

-10.3
8.9
0.2

9.2
2.4
0.1

41.2
20.0
0.1

36.1
16.5
0.0

34.8
14.1
-0.2

42.2
20.6
-0.0

51.8
28.7
0.7

37.8
36.9
0.2

25.8
25.2
0.3

9
10
11

-1.7
2.0
7.7

0.7
1.0
6.4

-0.3
5.3
1.3

-1.1
4.9
9.1

-2.7
4.5
9.7

-1.7
17.9
12.7

2.9
9.4
7.1

6.4
2.6
11.4

-18.3
-11.7
7.8

-5.7
12.1
9.0

2.0
11.5
9.8

12
13
14

Corporate equities
Trade receivables
Miscellaneous assets

15

Net increase in liabilities

8.0

3.6

29.8

58.6

53.0

62.7

70.0

71.1

8.4

50.4

48.0

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-7.8
2.0
13.8

-4.5
2.3
5.8

0.5
2.7
26.5

6.2
3.2
49.2

4.1
3.7
45.2

-1.1
3.5
60.3

18.3
3.6
48.0

-3.3
3.8
70.6

2.5
3.9
2.0

1.6
4.0
44.7

-5.6
4.1
49.6

16
17
18

11.0

-19.5

-5.1

-21.4

-32.3

-22.7

-41.7

-10.3

-54.5

-39.0

-21.9

19

19

Discrepancy

31

Z.1, September 16, 2004

F.119 Private Pension Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

1.0

1.1

0.9

1.0

1.1

1.1

1.1

1.1

1.1

1.1

1.1

1

2

Fixed nonresidential investment

2.0

1.8

2.1

1.4

1.2

1.2

1.2

1.2

1.2

1.2

1.3

2

3

Net acquisition of financial assets

-75.7

-50.6

-52.4

-11.6

42.3

16.6

22.9

62.2

67.3

38.9

34.9

3

4
5
6
7

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

1.2
-29.0
11.7
3.7

0.4
2.9
4.6
0.9

-1.0
4.2
-10.6
0.8

0.4
0.9
2.8
1.9

0.3
2.5
2.9
-0.7

0.7
3.4
2.9
-1.3

1.2
4.5
2.9
-1.3

0.0
3.3
2.9
-1.3

-0.9
-1.4
3.0
0.8

-0.5
10.7
3.0
-4.7

0.3
3.2
3.0
5.8

4
5
6
7

8
9
10
11
12
13

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

99.3
7.0
2.3
38.2
50.0
1.7

3.8
-1.7
-9.6
9.0
5.0
1.2

-15.8
-2.2
-21.7
7.9
-1.1
1.3

21.1
10.9
-1.3
1.9
8.0
1.7

4.1
-6.0
-2.1
-5.3
15.6
2.0

7.3
-0.8
0.2
-4.0
10.5
1.6

24.3
-7.6
3.6
2.5
23.3
2.5

-11.8
-1.2
-8.5
-18.5
14.6
1.9

-3.3
-14.3
-3.7
-1.1
13.9
2.0

25.6
-10.0
11.9
2.3
21.6
-0.2

-9.7
0.4
-6.7
-8.9
2.8
2.7

8
9
10
11
12
13

14
15
16
17
18
19

Corporate equities
Mutual fund shares
Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

-260.2
102.5
-4.9
-9.9
-7.6
12.6

-55.1
1.2
-9.3
-11.8
1.2
1.2

-32.7
-3.8
6.6
2.4
1.3
2.9

-66.8
11.0
17.1
13.0
1.3
2.9

25.1
-0.9
9.0
6.6
1.3
1.1

-19.0
6.1
16.4
11.3
1.3
3.8

9.2
-8.6
-9.3
-5.0
1.3
-5.5

60.2
-6.5
15.3
16.9
1.3
-3.0

50.2
5.2
13.8
3.4
1.3
9.1

-13.0
0.6
17.2
13.4
2.3
1.4

8.2
-1.1
25.1
16.3
1.3
7.4

14
15
16
17
18
19

20

Pension fund reserves (liabilities) (3)

-74.7

-49.9

-51.2

-11.2

42.3

16.7

23.0

62.2

67.4

39.0

35.0

20

0.6

0.7

0.6

0.6

1

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(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

2

Fixed nonresidential investment

3

Net acquisition of financial assets

4
5
6

Checkable deposits and currency
Time and savings deposits
Security RPs

0.7

0.8

0.7

0.7

0.6

0.6

0.6

1.3

1.3

1.7

0.9

0.6

0.6

0.6

0.6

0.6

0.6

0.7

2

50.1

46.9

6.4

3.3

9.8

11.1

-10.3

16.3

22.0

36.5

21.8

3

-0.7
-0.3
2.8

-0.1
-0.6
4.3

0.4
-0.4
0.6

-1.9
0.1
0.2

-0.7
0.1
-9.3

-1.1
0.9
-8.4

-7.6
-1.3
-20.4

-0.1
-0.0
-0.4

6.2
0.7
-7.9

3.1
0.4
-4.1

4.6
0.5
-16.0

4
5
6

7
8
9
10
11
12
13
14
15

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Corporate equities
Miscellaneous assets

39.7
2.8
-13.8
22.9
-0.2
30.4
-2.6
-6.2
14.8

49.2
4.3
-20.9
37.6
-1.5
29.7
-0.0
-18.4
12.6

-36.9
0.6
-25.5
-14.5
-0.2
-0.6
3.4
22.3
20.3

-7.1
0.2
-8.3
-0.3
-0.9
-4.6
6.8
20.0
-7.9

20.8
-4.3
3.2
6.7
0.3
4.6
10.3
-26.9
25.7

-20.3
-8.4
-12.8
17.6
0.1
-25.8
8.9
69.3
-29.2

56.7
-20.4
28.6
20.5
-0.5
18.5
9.8
-69.9
32.3

-21.7
-0.4
-25.9
-20.4
5.9
8.4
10.7
-43.6
82.1

68.7
12.1
22.9
9.1
-4.4
17.3
11.6
-63.4
17.6

33.7
15.9
-8.5
-5.6
0.7
18.9
12.4
-25.5
29.0

58.5
8.0
27.2
1.7
-1.8
10.1
13.3
-18.5
-7.5

7
8
9
10
11
12
13
14
15

16

Pension fund reserves (liabilities) (1)

50.8

47.4

7.3

3.6

9.8

11.1

-10.3

16.3

21.9

36.5

21.8

16

(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.

F.121 Federal Government Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

48.5

28.2

69.9

45.4

48.2

47.3

45.1

44.8

55.5

44.2

29.9

1

2
3
4
5
6
7

Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets

2.9
2.9
-0.0
-0.0
4.4
41.1

2.1
2.0
0.1
0.0
5.2
20.9

9.7
7.2
1.7
0.8
-0.6
60.8

13.0
9.4
2.4
1.2
7.9
24.5

6.3
4.7
1.1
0.6
17.2
24.7

28.5
15.2
8.9
4.4
23.5
-4.7

2.5
2.3
0.1
0.1
11.0
31.6

-0.8
2.7
-2.4
-1.1
17.9
27.6

-4.8
-1.3
-2.3
-1.1
16.2
44.1

0.8
2.1
-0.8
-0.4
12.2
31.1

6.8
8.2
-1.0
-0.5
4.0
19.0

2
3
4
5
6
7

8

Pension fund reserves (liabilities) (2)

48.5

28.2

69.9

45.4

48.2

47.3

45.1

44.8

55.5

44.2

29.9

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Liabilities of the sector are assets of the household sector.

32

Z.1, September 16, 2004

F.122 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

2004

Q2

Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

249.1

233.3

428.6

-16.8

-207.8

-243.8

107.4

-224.6

-470.4

-122.4

0.2

1

2
3
4
5

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

12.2
-1.2
33.3
0.1

48.2
4.5
-18.0
43.4

33.1
2.3
77.1
44.0

-10.1
-5.8
-14.8
46.2

-39.9
-0.6
-47.7
-21.8

-52.2
7.3
-58.6
-68.4

-49.8
-18.1
7.1
-9.5

-25.0
5.6
12.1
-70.0

-32.8
2.6
-151.5
60.9

-3.9
-24.8
-8.2
45.9

62.4
55.2
59.9
-52.7

2
3
4
5

182.0
104.7
0.1
17.1
17.5
42.5

143.0
89.6
-13.3
-5.8
34.3
38.2

246.0
30.3
45.3
133.2
36.2
1.1

-25.3
-44.9
4.5
5.7
1.8
7.7

-113.1
-135.1
-10.0
2.2
14.6
15.2

-128.4
-255.6
37.2
8.6
32.3
49.1

158.4
-59.8
36.6
81.9
62.0
37.8

-214.9
-138.5
-43.8
6.7
-9.2
-30.0

-267.8
-86.4
-69.8
-88.5
-26.9
3.9

-228.9
-150.8
-13.3
-74.8
33.4
-23.3

-121.9
-72.2
-41.8
-51.0
28.2
14.9

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Net share issues (liabilities)

22.6

12.2

26.1

-7.0

15.4

56.6

19.2

67.5

-81.8

97.5

-2.7

12

249.1

233.3

428.6

-16.8

-207.8

-243.8

107.4

-224.6

-470.4

-122.4

0.2

13

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

Gross saving

2

Net acquisition of financial assets

4.1

-1.5

-8.4

-24.6

-16.9

-25.0

-18.2

-12.4

-11.8

-11.6

-11.6

1

191.2

239.4

201.2

182.4

288.2

189.2

365.7

260.3

337.4

431.9

118.7

2

3

Security RPs

9.9

25.7

-31.8

6.8

12.5

-0.6

3.6

4.8

42.1

-22.1

13.6

3

4
5
6
7
8
9

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

48.4
9.9
-23.7
36.2
-3.2
29.2

20.9
25.7
6.3
4.1
-8.9
-6.2

126.1
-31.8
-8.5
85.3
23.0
58.1

144.2
-11.8
19.7
61.5
23.8
50.9

137.7
12.8
9.4
25.3
12.9
77.4

213.0
21.8
32.4
52.0
22.1
84.7

258.4
1.4
37.4
67.5
38.1
114.1

-14.5
0.3
-20.1
-29.8
-10.1
45.2

93.9
27.6
-12.2
11.4
1.5
65.6

210.2
1.0
19.4
60.9
21.7
107.1

11.1
13.0
-2.3
-7.1
-27.1
34.6

4
5
6
7
8
9

Corporate equities
Miscellaneous assets

136.4
-3.5

193.1
-0.4

109.8
-2.9

31.4
0.1

136.9
1.0

-26.2
3.0

103.4
0.3

264.5
5.4

206.0
-4.7

239.0
4.8

94.0
-0.0

10
11

191.2

239.4

201.2

182.4

288.2

189.2

365.7

260.3

337.4

431.9

118.7

12

4.1

-1.5

-8.4

-24.6

-16.9

-25.0

-18.2

-12.4

-11.8

-11.6

-11.6

13

10
11
12

Net share issues (liabilities)

13

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.124 Closed-End and Exchange-Traded Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Closed-end funds
1

Net acquisition of financial assets

2
3
4
5

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

6

Corporate equities

7

Net share issues (liabilities)

-4.8

-5.5

1.9

18.0

43.9

31.4

61.2

59.6

23.2

58.0

28.9

1

9.6
-1.2
9.0
1.8

-5.6
-0.9
-2.0
-2.7

3.2
0.1
7.0
-3.8

8.6
-2.8
11.3
0.0

36.2
1.4
3.2
31.6

26.1
0.3
4.1
21.7

60.1
2.9
-1.2
58.5

42.5
1.3
8.4
32.9

16.1
0.9
1.7
13.4

8.7
5.4
-1.8
5.2

22.9
2.4
5.8
14.7

2
3
4
5

-14.5

0.1

-1.3

9.4

7.6

5.3

1.1

17.0

7.1

49.2

6.0

6

-4.8

-5.5

1.9

18.0

43.9

31.4

61.2

59.6

23.2

58.0

28.9

7

12.2

42.4

31.0

45.3

15.8

6.0

15.0

-24.1

66.3

30.1

60.8

8

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

3.7
2.0
1.8

0.7
0.1
0.6

-1.1
-1.8
0.7

0.4
-1.0
1.5

1.6
2.0
-0.4

2.0
1.2
0.8

5.1
3.6
1.5

3.5
3.0
0.6

9
10
11

12.2

42.4

31.0

41.6

15.1

7.2

14.6

-25.6

64.2

25.0

57.2

12

12.2

42.4

31.0

45.3

15.8

6.0

15.0

-24.1

66.3

30.1

60.8

13

Exchange-traded funds
8

Net acquisition of financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Net share issues (liabilities)

33

Z.1, September 16, 2004

F.125 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

3.0

3.0

3.2

3.3

3.3

3.6

3.5

2.8

3.5

3.4

3.4

1

2

Fixed nonresidential investment

0.7

0.8

0.8

0.8

0.9

0.9

0.9

0.9

0.9

1.0

1.0

2

3

Net acquisition of financial assets

317.4

237.8

344.4

240.0

225.5

211.7

197.4

428.5

64.4

55.1

179.1

3

4
5
6

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

7.2
5.2
12.7

-7.7
0.5
3.0

2.3
8.1
23.8

8.1
-5.1
-9.1

-2.4
-8.5
-22.0

13.5
-8.8
-66.0

-18.0
16.6
44.7

-5.2
-34.6
-69.0

0.2
-7.3
2.4

5.9
19.7
17.0

3.3
25.0
-46.9

4
5
6

7

Credit market instruments

287.3

246.0

304.7

224.1

241.9

246.9

85.8

581.2

53.6

-1.7

193.8

7

-32.4
5.8
172.9

10.7
0.6
149.2

2.7
0.4
206.9

-23.5
12.1
131.7

-0.7
-2.1
97.3

2.9
-2.1
72.1

-7.8
0.8
-56.4

-3.0
-6.0
430.3

5.1
-1.2
-56.6

2.9
0.3
-102.1

-1.4
3.1
28.7

8
9
10

3.6
28.8

2.8
19.1

6.2
24.6

4.0
33.5

1.9
25.1

-2.1
31.4

-0.5
3.9

6.4
28.4

3.7
36.8

5.4
1.1

12.8
48.0

11
12

8
9
10

Open market paper
Treasury securities
Agency- and GSE-backed securities

11
12

Municipal securities
Corporate and foreign bonds

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

108.1
-0.3
0.9
107.6

45.3
0.1
3.1
42.1

28.3
-0.0
2.9
25.4

8.9
-0.4
2.0
7.2

31.1
-0.1
0.0
31.2

44.6
-0.1
0.8
43.9

33.4
-0.1
-4.7
38.2

-0.5
-0.0
-1.2
0.7

47.2
-0.1
5.4
41.9

81.2
0.0
5.2
76.0

157.9
-0.6
-7.6
166.1

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

-5.0
-10.3
4.3
1.0
5.4

22.2
15.8
4.5
2.0
-3.9

33.2
20.5
8.2
4.5
2.4

59.8
45.5
8.5
5.8
-2.5

105.5
98.5
4.2
2.9
-16.3

106.5
98.7
4.9
2.9
-6.3

128.7
115.5
7.5
5.7
-16.2

141.9
141.5
-0.9
1.3
-16.3

45.1
38.2
5.2
1.8
-26.6

28.0
20.3
5.1
2.6
-18.4

-0.3
-12.4
8.2
3.9
-55.0

17
18
19
20
21

22
23
24
25
26
27
28

Miscellaneous assets
Net increase in liabilities
Credit market instruments
GSE issues (3)
U.S. government loans
Miscellaneous liabilities
Discrepancy

5.0

-4.0

5.5

22.0

16.5

26.1

68.3

-43.9

15.5

14.2

3.9

22

313.3

232.1

351.6

247.6

217.1

221.8

187.4

431.1

28.0

63.2

142.6

23

318.8
318.8
0.0

235.2
235.2
0.0

304.1
304.1
0.0

219.8
219.8
0.0

243.7
243.7
0.0

222.9
222.9
0.0

191.4
191.4
0.0

460.8
460.8
0.0

99.9
99.9
0.0

18.2
18.2
0.0

234.4
234.4
0.0

24
25
26

-5.5

-3.1

47.4

27.7

-26.7

-1.0

-4.0

-29.7

-71.8

45.0

-91.7

27

-1.8

-3.5

9.6

10.0

-6.0

12.9

-7.4

4.5

-33.8

10.5

-34.1

28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural 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 SLM Corporation, a private company chartered in 1997.
(2) SLMA student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

F.126 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

274.6

199.7

338.5

326.8

330.4

272.2

266.9

307.6

474.7

65.6

73.9

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

264.6
9.2
0.0
0.8

190.9
8.5
0.0
0.3

322.9
15.6
0.0
0.0

315.2
12.9
0.0
-1.3

309.6
20.1
0.0
0.6

263.9
8.4
0.0
-0.1

258.1
8.8
0.0
0.0

280.8
24.1
0.0
2.8

435.6
39.3
0.0
-0.1

78.9
-13.2
0.0
-0.1

56.2
17.7
0.0
0.0

2
3
4
5

274.6

199.7

338.5

326.8

330.4

272.2

266.9

307.6

474.7

65.6

73.9

6

6

Net increase in pool securities (liabilities)(2)

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

34

Z.1, September 16, 2004

F.127 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

Q2

2004
Q3

Q4

Q1

Q2

2.2

1.6

1.4

1.0

1.0

1.0

1.0

1.0

1.0

0.9

0.9

1

-0.7

-1.6

1.7

-0.1

0.8

2.8

0.1

0.1

0.1

0.1

0.1

2

194.4

186.1

253.8

194.5

201.3

255.9

242.0

168.7

138.6

131.5

309.5

3

4
5

Agency- and GSE-backed securities (1)
Other loans and advances

36.8
-3.3

8.3
7.2

14.2
18.5

46.5
-3.3

8.9
-1.1

-50.5
30.1

19.1
-16.5

107.8
-22.9

-41.0
4.8

-159.0
-10.2

-28.4
2.1

4
5

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

80.8
38.8
8.1
33.9

68.7
33.4
5.6
29.7

116.8
72.2
6.0
38.6

90.1
58.2
5.5
26.4

184.5
132.9
8.1
43.6

205.8
172.6
2.4
30.8

205.9
143.4
8.2
54.3

106.5
56.9
8.1
41.6

219.9
158.6
13.8
47.5

294.4
234.5
7.3
52.6

326.2
255.7
6.0
64.6

6
7
8
9

Consumer credit
Trade credit

59.0
21.1

68.9
33.0

78.4
25.9

37.4
23.8

-12.1
21.1

48.5
22.0

11.9
21.5

-43.4
20.8

-65.3
20.2

-13.2
19.6

-9.4
19.0

10
11

191.5

183.0

254.0

193.5

201.1

257.7

241.1

167.8

137.8

130.7

308.8

12

139.0
52.5

125.0
57.9

120.0
134.0

-13.0
206.4

-35.6
236.7

-35.3
293.1

6.8
234.3

29.6
138.2

-143.4
281.2

41.3
89.3

-6.5
315.2

13
14

0.0

-0.0

0.0

0.0

-0.0

-0.0

0.0

0.0

0.0

0.0

0.0

15

-2.9
-1.0

-3.2
-2.2

0.3
-1.2

-1.1
6.0

-0.2
15.0

1.8
3.6

-0.9
13.0

-0.9
23.4

-0.8
19.9

-0.8
21.6

-0.8
25.5

16
17

10
11
12
13
14

Net increase in liabilities
Commercial paper
Corporate bonds

15

Discrepancy

16
17

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

(1) Agency- and GSE-backed 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.130.

F.128 Finance Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

32.8

33.8

48.9

58.1

60.0

57.7

61.2

64.6

56.6

58.5

58.7

1

2

Fixed nonresidential investment

42.4

39.4

30.8

30.4

35.7

29.2

34.2

38.1

41.1

43.1

46.3

2

3

Net acquisition of financial assets

150.9

136.6

18.8

33.7

190.0

58.2

199.8

351.5

150.3

146.7

-90.7

3

4

Checkable deposits and currency

2.5

2.6

2.9

3.1

3.3

3.2

3.2

3.3

3.3

3.4

3.4

4

5
6
7
8

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

97.1
54.2
24.6
18.3

108.6
63.3
26.4
18.9

-4.8
-11.5
-11.0
17.6

21.2
8.3
13.2
-0.3

84.2
2.2
24.4
57.6

8.5
-9.6
12.3
5.8

56.5
-7.4
24.3
39.7

164.4
1.3
39.1
124.0

107.5
24.5
22.0
61.0

187.3
70.0
45.0
72.3

42.2
-35.5
12.5
65.2

5
6
7
8

9

Miscellaneous assets

51.3

25.3

20.8

9.5

102.5

46.5

140.0

183.8

39.5

-44.0

-136.3

9

138.7

166.1

21.3

64.2

220.7

62.0

293.3

352.6

174.8

225.9

-41.9

10

70.7
-2.9
64.7
8.9

81.9
8.4
72.9
0.5

1.3
-80.3
66.6
14.9

42.2
-17.1
62.0
-2.8

117.3
-5.2
114.3
8.1

45.6
-14.8
54.2
6.2

171.1
49.7
108.4
13.1

104.1
-45.2
133.1
16.3

148.2
-10.4
161.7
-3.0

133.8
56.0
53.9
23.9

-19.8
-15.9
36.9
-40.9

11
12
13
14

0.8

1.0

1.2

1.4

1.6

1.5

1.6

1.6

1.7

1.7

1.8

15

67.2
13.2
53.5
0.5

83.3
14.9
14.7
53.7

18.9
7.8
-3.3
14.5

20.7
-3.5
-11.0
35.2

101.8
19.2
11.5
71.1

14.8
67.7
-4.1
-48.8

120.7
4.4
35.4
80.9

246.9
11.4
-1.1
236.5

24.9
-6.9
16.0
15.8

90.3
6.1
20.1
64.1

-23.8
21.1
12.3
-57.2

16
17
18
19

-21.7

23.9

20.6

58.3

55.1

32.2

120.6

27.6

40.1

94.6

61.2

20

6.3

5.3

-4.6

-20.2

-13.3

-5.9

-20.6

-5.2

-21.4

-13.7

-6.6

21

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.127.

35

Z.1, September 16, 2004

F.129 Mortgage Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Net acquisition of financial assets

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2
3
4

Home mortgages
Multifamily residential mortgages
Commercial mortgages

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

2
3
4

5
6
7

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

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

5

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

6
7

(1) No data are available after 1997:Q4.

F.130 Real Estate Investment Trusts (REITs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

8.4

0.2

12.9

13.2

10.6

12.4

8.7

9.0

12.3

12.6

13.3

1

2
3

Fixed nonresidential investment
Multifamily residential investment

9.2
1.6

0.4
0.1

3.3
0.6

11.9
2.1

8.5
1.5

1.8
0.3

6.2
1.1

8.4
1.5

17.4
3.1

22.7
4.0

10.3
1.8

2
3

4

Net acquisition of financial assets

-2.3

-6.3

8.1

22.7

21.4

-0.3

32.8

28.3

24.9

75.7

39.6

4

5

Checkable deposits and currency

0.3

-0.0

0.9

-0.6

2.8

4.9

-0.5

6.1

0.9

1.4

4.1

5

6

Credit market instruments

-2.6

-7.1

6.7

23.1

16.8

-8.6

31.0

18.6

26.2

57.7

31.5

6

Agency- and GSE-backed securities
Corporate and foreign bonds

1.1
-0.3

0.3
-0.8

5.7
2.1

8.0
4.6

-5.3
2.2

-14.9
3.2

7.0
-4.1

-15.7
7.8

2.4
2.1

25.4
8.3

-5.8
2.7

7
8

Mortgages
Home
Multifamily residential
Commercial

-3.3
-2.4
-0.6
-0.4

-6.6
-4.6
-0.4
-1.7

-1.1
0.1
-0.3
-1.0

10.5
9.5
-0.2
1.2

19.8
19.0
0.0
0.8

3.1
4.0
0.0
-0.9

28.1
27.4
0.0
0.6

26.5
25.4
-0.1
1.2

21.7
19.3
0.2
2.3

24.0
19.2
1.2
3.6

34.5
32.3
0.4
1.8

9
10
11
12

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

15

Security RPs

16

Credit market instruments

17
18
19
20
21
22

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

-0.1

0.9

0.5

0.2

1.8

3.4

2.4

3.6

-2.2

16.6

4.0

13

17.7

2.7

16.5

43.0

37.4

6.9

49.4

45.1

48.1

115.3

65.5

14

0.5

-3.8

7.8

13.5

1.4

-11.1

18.3

-6.1

4.4

23.1

11.5

15

6.3

2.7

2.5

19.8

24.7

17.5

12.9

36.4

32.1

56.0

44.5

16

-0.1
8.9
-7.6
5.1

0.0
4.8
-8.3
6.2

0.7
3.8
-3.3
1.3

0.1
14.0
-0.3
5.9

-0.5
21.3
0.1
3.9

1.6
17.8
1.6
-3.5

-3.8
17.2
-3.9
3.3

1.2
26.9
0.5
7.8

-1.0
23.3
2.1
7.8

-1.8
40.4
-0.9
18.3

0.0
24.9
6.3
13.2

17
18
19
20

6.6
4.4

2.0
1.8

6.1
0.1

8.4
1.4

13.3
-2.0

2.3
-1.9

16.3
1.9

18.1
-3.3

16.6
-4.9

25.8
10.4

13.8
-4.3

21
22

23

Discrepancy

17.7

8.8

17.4

19.5

16.6

17.4

17.9

16.0

15.0

25.4

27.1

23

24
25
26
27
28

Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

-1.0
-1.3
0.0
0.1
0.1

-2.2
-0.2
-0.9
-0.5
-0.6

-1.2
-0.9
-0.2
-0.1
-0.0

6.0
-1.2
7.3
-0.0
-0.0

15.0
-1.0
16.1
-0.1
-0.0

3.6
-1.4
5.0
-0.1
-0.0

13.0
-1.0
14.1
-0.0
-0.0

23.4
-1.4
24.9
-0.0
-0.0

19.9
-0.4
20.5
-0.1
-0.0

21.6
-0.4
22.0
-0.0
-0.0

25.5
-0.1
25.6
-0.0
-0.0

24
25
26
27
28

36

Z.1, September 16, 2004

F.131 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Gross saving

4.0

-14.1

3.3

18.7

18.7

18.6

15.7

20.8

19.7

19.0

19.6

1

2

Fixed nonresidential investment

21.8

30.0

26.8

22.4

22.6

21.5

22.0

23.0

23.7

24.0

24.8

2

3

Net acquisition of financial assets

79.8

220.4

244.3

-130.2

277.6

263.8

563.2

114.8

168.8

520.2

-150.6

3

4

Checkable deposits and currency

5

Credit market instruments

6
7
8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets

3.3

1.6

16.8

-2.9

2.9

-0.2

-2.4

1.1

13.2

23.3

0.4

4

-34.7

68.9

92.4

28.4

79.7

64.7

-73.8

21.1

306.6

-185.3

-183.7

5

-2.0
-58.4
15.0
-1.2
12.0

13.2
39.4
-2.3
-0.7
19.3

9.0
13.1
14.1
7.7
48.6

-4.7
-13.7
14.1
2.0
30.7

5.9
41.7
-8.1
3.8
36.4

12.8
-35.7
145.1
-7.3
-50.2

-19.3
-197.4
45.2
11.7
86.1

16.8
171.2
-214.3
7.8
39.5

13.1
228.7
-8.4
3.1
70.1

0.7
-218.9
40.2
1.7
-8.9

-2.4
-235.5
-29.9
20.3
63.8

6
7
8
9
10

7.7
75.2
28.3

9.6
7.2
133.0

17.3
-38.8
156.6

3.2
-48.2
-110.8

3.8
34.3
157.0

-12.7
45.3
166.7

35.5
355.7
248.1

-12.2
-83.4
188.1

4.5
-180.4
24.9

44.6
74.6
563.0

17.2
57.7
-42.3

11
12
13

14

Net increase in liabilities

87.2

249.4

254.3

-138.8

269.9

255.7

558.4

105.0

160.6

512.1

-158.3

14

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

37.1
-17.2
7.6

56.9
15.6
-4.2

51.0
1.4
6.7

-9.0
-1.7
10.2

133.7
6.4
-7.7

-1.6
38.4
12.1

71.4
-16.2
-27.6

196.7
9.9
9.0

268.2
-6.6
-24.5

108.8
51.9
2.6

-371.9
3.0
20.4

15
16
17

18
19
20
21
22

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

11.9
29.2
47.2
-18.0
0.9

5.1
138.9
88.6
50.4
-0.1

3.3
41.9
41.9
0.0
-0.2

-1.8
-38.9
-41.6
2.8
-0.5

-9.2
98.2
62.7
35.5
0.4

-35.7
151.5
67.8
83.8
1.1

27.0
365.2
342.0
23.2
1.2

-11.1
-26.4
-46.8
20.4
0.2

-17.1
-97.6
-112.3
14.7
-0.9

25.6
212.5
150.5
62.0
0.7

-10.4
69.3
53.0
16.3
0.3

18
19
20
21
22

23
24
25
26

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

7.5
3.6
61.9
-58.0

-1.9
5.1
60.2
-67.2

138.5
-1.3
62.9
76.9

-77.1
2.2
19.9
-99.3

39.1
3.2
44.3
-8.4

100.2
-1.7
104.6
-2.6

102.3
7.7
-10.1
104.7

-74.9
-1.5
8.8
-82.3

29.0
8.5
74.1
-53.6

110.6
-1.4
10.9
101.1

163.1
1.2
184.4
-22.5

23
24
25
26

27
28

Proprietors’ net investment
Discrepancy

10.2

39.0

11.6

-20.0

9.1

-10.5

35.2

1.6

10.1

-0.7

-32.1

27

-10.4

-15.1

-13.5

-12.4

-11.6

-11.0

-11.0

-11.9

-12.3

-13.1

-12.9

28

F.132 Funding Corporations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

2

Money market fund shares

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

6
7
8

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

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

232.6

110.4

33.3

-24.9

52.4

172.6

76.1

79.7

-118.6

262.9

194.3

1

54.8

13.9

117.9

1.5

-38.2

-162.1

108.1

51.5

-150.3

-45.1

62.2

2

103.4
107.2
-3.8

21.1
29.9
-8.9

-86.0
-131.9
45.8

-66.7
-67.3
0.6

86.2
31.3
54.9

282.0
217.0
65.1

52.8
7.2
45.5

75.0
18.8
56.2

-64.8
-117.7
52.9

291.3
340.8
-49.5

64.5
47.2
17.3

3
4
5

74.4
2.5
71.9

75.5
45.6
29.8

1.5
-30.8
32.3

40.2
24.7
15.5

4.4
-1.7
6.1

52.6
-17.0
69.6

-84.7
-14.0
-70.7

-46.8
-25.8
-20.9

96.5
50.0
46.5

16.6
108.4
-91.7

67.6
-82.3
149.8

6
7
8

232.6

110.4

33.3

-24.9

52.4

172.6

76.1

79.7

-118.6

262.9

194.3

9

91.5
34.1
57.4

-0.4
-2.3
1.9

-55.2
-77.4
22.2

-0.6
-31.0
30.5

-0.9
-16.3
15.4

44.6
35.0
9.6

-53.3
-82.6
29.3

-49.2
-52.3
3.1

54.3
34.8
19.5

18.0
-3.3
21.3

42.2
52.4
-10.2

10
11
12

141.1
-17.0
16.3
141.9

110.8
75.8
88.7
-53.7

88.6
56.7
70.1
-38.2

-24.4
40.7
-2.9
-62.2

53.3
5.3
102.6
-54.5

128.0
8.0
-30.9
150.9

129.4
-31.4
245.1
-84.2

128.9
2.5
175.1
-48.6

-172.9
42.2
21.0
-236.1

244.9
-1.3
323.7
-77.4

152.1
25.4
-20.2
146.9

13
14
15
16

(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, September 16, 2004

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
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

Q2

2004
Q3

Q4

Q1

Q2

-8.7

0.3

4.9

10.7

0.5

1.3

1.0

7.9

-8.3

-2.1

-7.0

1

-0.0

0.7

0.6

0.8

-0.6

-3.6

0.4

0.8

-0.1

0.4

0.4

2

-0.0
0.0

0.7
-0.0

0.6
-0.0

0.8
-0.0

-0.6
0.0

-3.6
-0.0

0.4
0.0

0.8
-0.0

-0.1
0.0

0.4
0.0

0.4
-0.0

3
4

-8.7

-0.4

4.3

9.9

1.1

4.9

0.6

7.1

-8.2

-2.5

-7.4

5

Official foreign currency holdings
Treasury
Monetary authority

-3.3
-1.6
-1.6

1.9
0.9
0.9

0.7
0.3
0.3

3.8
1.9
1.9

2.6
1.3
1.3

2.3
1.2
1.2

1.0
0.5
0.5

4.7
2.3
2.3

2.5
1.3
1.3

0.8
0.4
0.4

-2.1
-1.0
-1.0

6
7
8

Net IMF position
Federal government
Monetary authority

-5.5
-5.5
0.0

-2.3
-2.3
0.0

3.6
3.6
0.0

6.1
6.1
0.0

-1.5
-1.5
0.0

2.6
2.6
0.0

-0.4
-0.4
0.0

2.4
2.4
0.0

-10.7
-10.7
0.0

-3.3
-3.3
0.0

-5.3
-5.3
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.
(2) Treasury gold stock.

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

-3.0
-3.0

-4.0
-4.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

1.0
1.7

2.4
3.6

1.3
1.4

1.0
1.6

0.6
0.9

0.6
0.8

1.6
1.1

0.1
0.9

-0.0
0.7

0.8
1.1

1.2
0.9

3
4

5

Discrepancy (seigniorage)

-0.7

-1.2

-0.1

-0.6

-0.3

-0.2

0.5

-0.8

-0.7

-0.4

0.3

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

48.9

126.9

6.8

21.0

-0.0

34.7

143.1

-306.0

128.1

132.4

-47.2

1

5.2
0.9
12.2

20.0
-7.4
48.2

-5.0
-8.5
33.1

15.7
4.4
-10.1

-9.0
21.4
-39.9

26.1
20.1
-52.2

-23.5
18.1
-49.8

-17.9
23.9
-25.0

-20.7
23.5
-32.8

79.0
12.8
-3.9

20.5
13.8
62.4

2
3
4

30.5

66.1

-12.8

11.0

27.5

40.8

198.3

-287.1

158.1

44.4

-144.0

5

38

Z.1, September 16, 2004

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

2004
Q3

Q4

Q1

Q2

15.0

15.1

-28.0

17.3

-4.4

-4.2

-188.1

78.8

95.7

-218.1

70.6

1

2
3
4

Monetary authority
Depository institution reserves
Vault cash

22.2
-2.3
24.5

-27.1
-5.0
-22.2

1.4
-1.6
2.9

5.6
5.1
0.5

0.6
0.5
0.1

25.4
21.2
4.1

7.2
4.0
3.2

0.5
-2.0
2.4

-30.4
-21.2
-9.2

24.9
9.3
15.6

28.0
19.9
8.1

2
3
4

5
6

Commercial banking
To monetary authority

-7.2
-1.7

42.3
1.0

-29.4
-1.0

11.8
0.4

-5.1
-0.7

-29.5
-6.5

-195.2
5.6

78.3
-2.3

126.2
0.3

-243.1
-1.1

42.5
4.0

5
6

-5.7

20.8

-45.6

4.2

0.5

-31.6

-174.6

48.3

159.7

-252.6

-21.2

7

7

Net change in liabilities

Q2

To banks in foreign countries

8
9
10
11

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

-7.0
48.4
30.0
-18.4

21.8
45.8
75.2
29.5

-44.3
-12.3
22.8
35.1

13.9
46.1
-0.9
-47.0

-2.5
89.8
123.7
33.9

-44.7
0.9
74.1
73.3

-185.6
-11.9
259.7
271.6

78.6
195.0
63.5
-131.5

141.7
175.4
97.6
-77.8

-246.9
-91.6
-42.5
49.1

-10.6
128.6
98.8
-29.8

8
9
10
11

12
13
14

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

-51.2
14.9
66.1

-56.5
-14.3
42.2

-35.4
29.7
65.0

-32.8
13.0
45.8

-47.5
19.5
67.0

-8.7
104.3
113.0

-34.5
186.2
220.8

-116.1
-96.6
19.5

-30.6
-115.8
-85.2

-152.3
19.4
171.8

-154.3
-12.3
142.0

12
13
14

15
16
17

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

-4.1
5.5
9.6

32.5
30.9
-1.6

3.3
12.2
8.8

0.6
2.0
1.4

-44.8
-40.2
4.6

-36.8
-37.5
-0.7

-139.1
-123.3
15.9

-0.3
-3.8
-3.5

-3.0
3.8
6.8

-3.0
2.7
5.7

15.1
3.1
-12.0

15
16
17

18
19
20

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

-1.3
-1.3
-0.0

1.0
0.4
0.6

1.3
1.3
-0.0

9.7
10.2
-0.6

-2.9
-3.0
0.0

-13.1
-13.1
0.0

-10.9
-11.4
0.5

30.3
29.5
0.7

-18.0
-16.9
-1.1

5.7
5.3
0.4

10.5
10.6
-0.1

18
19
20

0.1

20.4

17.2

7.1

-4.8

8.5

-26.2

32.3

-33.8

10.6

59.6

21

-14.3
16.3
16.4
-0.3
0.1

30.5
11.2
-9.1
-0.1
20.4

16.5
1.5
-15.8
0.1
17.2

20.8
19.0
10.9
1.0
7.1

-66.9
-3.6
1.3
-0.1
-4.8

-78.8
-10.8
-17.3
-2.0
8.5

-154.6
40.5
65.2
1.5
-26.2

2.9
13.9
-17.2
-1.2
32.3

-36.9
-58.1
-25.6
1.4
-33.8

-52.7
21.9
11.0
0.2
10.6

34.2
86.7
26.9
0.2
59.6

22
23
24
25
26

22.6
8.0

7.1
-26.4

3.4
-18.4

0.9
-2.6

7.5
55.7

37.3
30.6

19.3
175.7

0.3
10.7

-26.8
5.7

72.3
2.3

63.1
-10.5

27
28

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

6.2
22.6
16.4

16.2
7.1
-9.1

19.2
3.4
-15.8

-10.0
0.9
10.9

6.3
7.5
1.3

54.6
37.3
-17.3

-45.8
19.3
65.2

17.5
0.3
-17.2

-1.2
-26.8
-25.6

61.3
72.3
11.0

36.2
63.1
26.9

29
30
31

32
33
34

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

8.2
8.0
-0.3

-26.3
-26.4
-0.1

-18.6
-18.4
0.1

-3.6
-2.6
1.0

55.8
55.7
-0.1

32.7
30.6
-2.0

174.2
175.7
1.5

11.9
10.7
-1.2

4.3
5.7
1.4

2.0
2.3
0.2

-10.7
-10.5
0.2

32
33
34

14.9

-5.3

-45.2

10.2

0.4

-12.7

-161.9

46.5

129.6

-228.7

10.9

35

35

Net change in assets

36

Rest of the world

-5.7

20.8

-45.6

4.2

0.5

-31.6

-174.6

48.3

159.7

-252.6

-21.2

36

37

Domestic

20.6

-26.1

0.4

6.0

-0.1

18.9

12.8

-1.8

-30.2

23.9

32.1

37

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

-1.7
-1.9
0.2

1.0
1.1
-0.1

-1.0
-0.9
-0.1

0.4
0.4
0.0

-0.7
-0.7
0.0

-6.5
-6.5
-0.0

5.6
2.7
3.0

-2.3
0.1
-2.4

0.3
0.7
-0.4

-1.1
-1.1
0.0

4.0
3.0
1.0

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

19.4
-5.1
24.5

-24.1
-1.9
-22.2

0.7
-2.2
2.9

4.9
4.4
0.5

-0.3
-0.4
0.1

26.1
21.9
4.1

7.4
4.3
3.2

-2.3
-4.7
2.4

-32.4
-23.2
-9.2

20.4
4.8
15.6

23.3
15.1
8.1

41
42
43

44
45

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

2.8

-3.1

0.6

0.7

0.9

-0.7

-0.3

2.8

2.0

4.5

4.8

44

0.1

20.4

17.2

7.1

-4.8

8.5

-26.2

32.3

-33.8

10.6

59.6

45

39

Z.1, September 16, 2004

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1

Net change in liabilities

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

151.2

-71.4

204.3

43.5

133.8

121.2

182.0

46.1

186.0

172.0

134.2

1

2
3
4
5

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

108.7
22.3
-0.1
86.4

-35.3
-22.9
0.1
-12.5

48.0
1.5
-0.2
46.7

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

57.2
8.3
0.6
48.3

21.5
-6.4
2.8
25.2

24.1
-3.8
-3.4
31.3

48.7
6.9
0.3
41.5

7.5
-1.1
-0.3
8.9

48.2
-5.1
0.7
52.5

2
3
4
5

6
7
8
9

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

3.4
36.4
-0.0
-33.0

-85.5
-33.2
2.0
-54.3

102.2
45.3
-4.8
61.7

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
8.0
23.8

-13.9
-60.9
6.8
40.1

97.2
-8.8
57.4
48.6

-29.1
-6.7
-34.3
11.9

69.4
72.7
2.1
-5.5

94.2
-11.6
12.5
93.4

19.3
2.7
46.1
-29.5

6
7
8
9

43.4
5.9

50.7
3.5

54.4
5.0

57.4
7.6

53.2
24.7

61.4
1.9

57.6
-6.4

57.6
10.4

58.6
11.7

66.2
0.5

10
11

10
11

Savings institutions
Credit unions

36.8
2.3

12

Net change in assets

151.2

-71.4

204.3

43.5

133.8

121.2

182.0

46.1

186.0

172.0

134.2

12

13

Household sector

-57.6

-132.0

103.1

23.3

-42.4

-78.1

38.9

-51.0

-79.3

46.0

96.5

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

95.3
56.0
38.7
0.6

107.1
50.5
56.4
0.2

-48.4
-49.5
0.5
0.6

-5.7
-18.9
12.8
0.4

113.3
102.3
10.9
0.1

72.1
63.1
8.9
0.1

103.0
89.2
13.8
0.1

137.0
124.2
12.7
0.1

140.9
132.7
8.1
0.1

88.4
86.7
1.7
0.1

-54.0
-52.7
-1.4
0.1

14
15
16
17

18
19

State and local governments
Federal government

3.9
66.2

1.0
-65.1

5.1
41.1

8.5
-18.7

8.5
8.2

5.7
-30.9

12.2
-12.0

7.8
26.5

8.2
49.3

4.9
-54.0

-26.7
10.7

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

22.3
-0.1
22.4

7.5
2.2
5.3

18.8
-5.0
23.8

20.9
-0.6
21.5

24.7
8.1
16.6

27.1
7.4
19.7

66.1
60.2
5.8

-26.7
-37.8
11.1

32.4
2.4
29.9

4.9
12.1
-7.2

81.9
46.9
35.0

20
21
22

23

Financial sectors

29.3

1.5

79.5

15.8

29.4

148.0

-22.7

-10.8

3.2

38.7

36.4

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

0.3
-1.0
17.3
-0.1

-0.5
1.6
0.3
-0.1

1.1
2.0
10.1
0.5

-0.3
3.7
1.6
-0.7

-0.0
-0.4
3.2
0.4

2.3
-3.2
69.1
0.4

-0.2
14.2
-21.1
0.4

-2.4
-6.2
-18.8
0.4

0.3
-6.4
-16.5
0.4

2.9
2.9
38.5
0.4

-1.8
13.0
-58.0
0.4

24
25
26
27

28
29
30
31

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

0.0
0.2
1.2
-0.7

-0.5
-0.6
0.4
-0.1

31.9
9.4
-1.0
0.4

-1.6
12.8
0.4
-1.9

12.0
8.6
0.3
-0.7

34.2
17.0
0.7
-1.1

2.4
23.8
1.2
-7.6

9.4
-4.1
0.0
-0.1

2.0
-2.2
-0.9
6.2

-3.9
-13.9
-0.5
3.1

14.8
-3.4
0.3
4.6

28
29
30
31

32
33
34
35
36

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

-1.2
7.2
2.5
0.3
3.3

4.5
-7.7
2.6
-0.0
1.6

2.3
2.3
2.9
0.9
16.8

-5.8
8.1
3.1
-0.6
-2.9

-0.6
-2.4
3.3
2.8
2.9

7.3
13.5
3.2
4.9
-0.2

-18.1
-18.0
3.2
-0.5
-2.4

5.6
-5.2
3.3
6.1
1.1

2.6
0.2
3.3
0.9
13.2

-24.8
5.9
3.4
1.4
23.3

55.2
3.3
3.4
4.1
0.4

32
33
34
35
36

-8.2

8.7

5.2

-0.7

-7.9

-22.7

-3.5

-36.7

31.4

42.9

-10.7

37

37

Mail float

40

Z.1, September 16, 2004

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2

Net change in liabilities

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

176.2

305.0

335.8

321.0

291.4

429.8

472.3

96.9

166.7

527.2

607.5

1

45.1

188.8

267.2

270.9

229.4

268.3

427.2

120.2

102.1

226.2

429.5

2

72.0
73.0
-1.8
0.8

211.6
210.6
-0.4
1.4

249.4
240.4
4.5
4.6

269.4
273.6
-2.3
-1.9

230.4
228.2
0.9
1.3

253.8
257.2
-2.7
-0.7

418.7
417.6
1.0
0.1

99.5
94.0
3.0
2.5

149.5
144.0
2.4
3.2

318.2
314.3
3.6
0.2

378.1
377.9
-1.6
1.8

3
4
5
6

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

7
8

Savings institutions
Credit unions

-39.2
12.3

-35.8
13.0

-30.7
48.6

-31.6
33.1

-30.5
29.6

-25.0
39.5

-28.7
37.2

-3.0
23.8

-65.2
17.8

-38.3
-53.7

-22.4
73.8

7
8

9

Large time deposits (1)

131.1

116.2

68.6

50.1

62.0

161.5

45.1

-23.3

64.6

301.0

178.0

9

119.6
61.6
57.2
0.8

92.8
87.9
3.4
1.4

32.7
-25.2
53.3
4.6

-2.8
24.3
-25.1
-1.9

18.8
2.9
14.6
1.3

110.9
76.6
35.0
-0.7

-31.4
5.0
-36.5
0.1

-26.8
-32.8
3.5
2.5

22.5
-37.1
56.4
3.2

239.6
85.0
154.4
0.2

148.2
72.3
74.1
1.8

10
11
12
13

8.5
3.1

19.9
3.5

26.9
9.0

44.2
8.7

32.4
10.8

45.5
5.1

52.5
24.0

2.6
0.8

28.9
13.3

57.2
4.2

22.5
7.3

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

176.2

305.0

335.8

321.0

291.4

429.8

472.3

96.9

166.7

527.2

607.5

16

17

Household sector

118.6

303.6

207.9

283.5

325.0

466.0

324.2

258.6

251.1

480.6

274.5

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

43.3
24.3
19.1

20.5
0.5
20.1

0.9
-6.2
7.1

-1.4
-3.6
2.2

46.2
44.5
1.7

28.5
32.8
-4.3

59.2
55.3
4.0

46.0
45.1
0.9

51.2
44.9
6.3

17.4
21.0
-3.6

37.4
36.8
0.5

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

13.3
0.7
-3.1

13.1
1.0
-17.2

11.2
4.2
11.9

7.7
17.1
31.7

9.6
-25.2
-21.1

4.7
-36.7
9.3

13.7
37.5
5.3

11.3
-74.8
-134.5

8.7
-26.8
35.6

8.5
-2.2
-10.0

51.6
1.1
147.0

21
22
23

24

Financial sectors

3.3

-16.0

99.8

-17.5

-43.2

-42.1

32.3

-9.7

-153.1

32.9

95.9

24

-0.1
-6.8
0.9

0.1
-1.1
0.2

0.8
7.4
2.7

0.4
1.6
-0.6

0.0
1.8
8.7

0.2
12.1
8.7

0.2
-3.5
8.7

-0.1
0.9
8.7

-0.2
-2.1
8.7

1.4
0.3
8.7

1.2
5.4
0.7

25
26
27

-29.0
-0.3
33.3
5.2

2.9
-0.6
-18.0
0.5

4.2
-0.4
77.1
8.1

0.9
0.1
-14.8
-5.1

2.5
0.1
-47.7
-8.5

3.4
0.9
-58.6
-8.8

4.5
-1.3
7.1
16.6

3.3
-0.0
12.1
-34.6

-1.4
0.7
-151.5
-7.3

10.7
0.4
-8.2
19.7

3.2
0.5
59.9
25.0

28
29
30
31

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

28
29
30
31

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

(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

249.1

233.3

428.6

-16.8

-207.8

-243.8

107.4

-224.6

-470.4

-122.4

0.2

1

2

Net purchases

249.1

233.3

428.6

-16.8

-207.8

-243.8

107.4

-224.6

-470.4

-122.4

0.2

2

3
4
5
6

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

112.1
28.4
8.1
5.1

145.8
36.5
8.7
6.5

158.4
110.5
9.6
19.7

-40.4
26.9
2.3
2.3

-99.7
-37.7
-8.2
-9.4

-16.3
-18.5
-5.5
-6.8

61.4
-42.2
-5.1
-11.1

-150.5
-84.1
-12.4
-18.5

-293.3
-6.1
-9.9
-1.1

-22.6
-0.3
-15.6
-3.6

-41.6
13.3
-0.7
-9.0

3
4
5
6

7
8
9
10

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

7.5
21.4
11.7
54.8

6.9
10.5
4.6
13.9

-7.9
31.0
-10.6
117.9

1.3
-13.5
2.8
1.5

-9.2
-8.3
2.9
-38.2

-9.2
-28.2
2.9
-162.1

-9.2
2.7
2.9
108.1

-9.2
-4.2
2.9
51.5

-9.0
-3.5
3.0
-150.3

-9.0
-29.2
3.0
-45.1

-8.9
-18.1
3.0
62.2

7
8
9
10

41

Z.1, September 16, 2004

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1

Net change in liabilities

2
3
4
5

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

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

9

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

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

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

169.8

113.2

22.3

105.0

222.7

153.5

333.4

32.8

371.0

353.9

-176.5

1

110.8
128.5
-17.9
0.1

66.1
15.4
52.3
-1.6

-42.3
-31.2
-11.0
-0.1

115.5
73.6
39.5
2.4

67.6
68.5
-1.9
0.9

152.7
22.3
110.4
20.0

228.4
211.5
6.5
10.4

-161.5
-46.3
-88.8
-26.4

50.6
86.6
-35.6
-0.4

235.6
214.3
24.7
-3.4

195.7
158.0
37.1
0.7

2
3
4
5

21.4
0.5
37.1

-6.0
-3.8
56.9

5.8
7.8
51.0

-15.0
13.5
-9.0

20.1
1.4
133.7

13.4
-11.1
-1.6

15.3
18.3
71.4

3.8
-6.1
196.7

47.8
4.4
268.2

-13.6
23.1
108.8

-11.7
11.5
-371.9

6
7
8

130.4

7.1

84.2

85.0

245.6

574.3

68.5

95.0

244.5

362.7

-21.1

9

1.6
-2.6
8.0

-1.6
8.2
11.4

-0.2
-22.2
59.4

2.2
-4.9
39.4

-0.4
8.0
272.7

-1.5
3.0
681.4

1.5
11.6
16.3

4.4
6.3
223.0

-5.9
11.3
170.2

4.5
16.0
271.5

0.5
-18.0
85.2

10
11
12

123.4
110.3
-4.2
2.4

-10.9
-97.3
4.3
-5.3

47.2
6.9
12.5
-1.5

48.3
-10.8
-0.3
-0.8

-34.8
4.3
-6.1
-0.1

-108.4
43.1
10.5
-8.1

39.1
7.3
-16.5
4.1

-138.6
-3.9
-3.4
-4.4

68.9
-29.6
-15.2
7.8

70.7
9.1
41.1
-8.9

-88.8
28.5
-19.9
5.9

13
14
15
16

-14.4
3.7
2.8
0.1
9.9
12.7

10.0
0.9
4.3
43.4
25.7
3.0

-8.1
0.8
0.6
44.0
-31.8
23.8

14.2
1.9
0.2
46.2
6.8
-9.1

8.5
-0.7
-9.3
-21.8
12.5
-22.0

-9.4
-1.3
-8.4
-68.4
-0.6
-66.0

27.0
-1.3
-20.4
-9.5
3.6
44.7

8.8
-1.3
-0.4
-70.0
4.8
-69.0

7.4
0.8
-7.9
60.9
42.1
2.4

-2.6
-4.7
-4.1
45.9
-22.1
17.0

-7.1
5.8
-16.0
-52.7
13.6
-46.9

17
18
19
20
21
22

39.4

106.2

-61.9

19.9

-22.9

-420.9

264.9

-62.3

126.5

-8.8

-155.4

23

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

229.9

211.6

-147.8

-91.5

-81.6

15.0

-59.2

-113.7

-168.5

284.2

14.2

1

232.8

212.2

-144.6

-91.4

-81.3

14.1

-58.3

-112.5

-168.7

286.0

11.8

2

37.4
16.3
8.2
8.1

48.1
31.7
10.9
20.8

-88.3
-14.2
-23.3
9.1

-64.2
36.1
4.8
31.3

-40.0
22.3
-3.7
25.9

-9.3
52.0
-1.6
53.6

-81.4
72.9
10.1
62.8

4.8
-56.0
-19.7
-36.3

-74.3
20.2
-3.4
23.6

34.4
100.1
-1.1
101.2

32.9
-29.6
-3.1
-26.4

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

179.2
9.1
139.0
-2.9
-0.1
34.1

132.4
1.2
125.0
8.4
0.0
-2.3

-42.1
-5.1
120.0
-80.3
0.7
-77.4

-63.3
-2.3
-13.0
-17.1
0.1
-31.0

-63.6
-6.0
-35.6
-5.2
-0.5
-16.3

-28.6
-15.0
-35.3
-14.8
1.6
35.0

-49.8
-19.9
6.8
49.7
-3.8
-82.6

-61.4
5.3
29.6
-45.2
1.2
-52.3

-114.5
5.5
-143.4
-10.4
-1.0
34.8

151.5
59.2
41.3
56.0
-1.8
-3.3

8.5
-21.5
-6.5
-15.9
0.0
52.4

7
8
9
10
11
12

13

Bankers acceptances (1)

-2.9

-0.7

-3.2

-0.2

-0.2

0.9

-0.9

-1.2

0.2

-1.8

2.4

13

14

Net purchases, by sector

229.9

211.6

-147.8

-91.5

-81.6

15.0

-59.2

-113.7

-168.5

284.2

14.2

14

15
16
17
18

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

4.1
8.2
17.3
-1.4

14.8
10.2
17.8
4.3

3.1
2.4
-13.5
-2.6

13.3
4.5
5.7
10.3

-4.1
18.8
10.5
9.9

24.4
10.7
3.9
-25.7

-30.0
32.7
15.2
42.7

6.1
26.4
8.2
-27.1

-16.7
5.2
14.7
49.7

21.6
7.4
7.8
24.9

17.3
9.1
7.9
6.3

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
0.3
0.0
1.5
0.6

0.0
0.2
0.0
-0.6
-2.4

0.0
0.0
0.0
1.2
-3.1

0.0
0.0
0.0
1.2
-0.2

0.0
0.0
0.0
-2.0
-0.4

0.0
0.0
0.0
-2.9
-0.4

0.0
0.0
0.0
1.9
-0.4

0.0
0.0
0.0
-1.2
-0.4

0.0
0.0
0.0
-5.8
-0.4

0.0
0.0
0.0
2.5
-0.4

0.0
0.0
0.0
-1.8
-0.4

19
20
21
22
23

24
25
26

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

2.0
7.0
2.8

-4.5
-1.7
4.3

-11.9
-2.2
0.6

14.7
10.9
0.2

-18.2
-6.0
-4.3

15.4
-0.8
-8.4

-15.0
-7.6
-20.4

-18.4
-1.2
-0.4

-54.7
-14.3
12.1

19.9
-10.0
15.9

-16.9
0.4
8.0

24
25
26

27
28
29
30
31

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

104.7
9.9
-32.4
-2.0
107.2

89.6
25.7
10.7
13.2
29.9

30.3
-31.8
2.7
9.0
-131.9

-44.9
-11.8
-23.5
-4.7
-67.3

-135.1
12.8
-0.7
5.9
31.3

-255.6
21.8
2.9
12.8
217.0

-59.8
1.4
-7.8
-19.3
7.2

-138.5
0.3
-3.0
16.8
18.8

-86.4
27.6
5.1
13.1
-117.7

-150.8
1.0
2.9
0.7
340.8

-72.2
13.0
-1.4
-2.4
47.2

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, September 16, 2004

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

-71.0

-294.9

-5.1

257.1

398.4

185.6

722.5

317.0

368.6

482.9

448.6

1

-0.2
-70.8

-1.7
-293.2

5.6
-10.7

4.5
252.5

8.9
389.5

9.1
176.5

10.0
712.6

9.8
307.2

6.8
361.8

3.5
479.4

1.7
446.9

2
3

-71.0

-294.9

-5.1

257.1

398.4

185.6

722.5

317.0

368.6

482.9

448.6

4

Household sector
Savings bonds
Other Treasury issues

-9.2
-0.2
-9.0

-196.0
-1.7
-194.3

-79.6
5.6
-85.2

-85.5
4.5
-90.0

6.4
8.9
-2.6

-68.1
9.1
-77.2

405.6
10.0
395.6

-139.2
9.8
-149.0

-172.8
6.8
-179.7

-72.5
3.5
-76.0

177.6
1.7
175.9

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

-4.2
-0.8
23.5

-1.3
3.0
-6.0

-1.6
2.7
42.1

14.9
2.3
12.2

10.1
2.4
7.3

16.4
-0.2
-7.2

15.3
4.8
-17.4

6.1
2.1
54.2

2.7
2.7
-0.5

14.5
2.5
23.9

19.7
2.0
18.2

8
9
10

11
12

Rest of the world
Monetary authority

-12.5
25.8

-70.5
33.7

10.5
40.0

138.9
77.7

285.1
37.3

168.1
37.3

385.6
40.3

279.7
37.6

306.8
33.8

650.6
16.2

413.1
53.0

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

14.8
-2.0
9.7
7.9
-0.7

-44.4
-35.0
-0.5
-7.9
-1.0

-21.9
-31.4
9.8
0.4
-0.6

43.2
29.9
12.9
0.1
0.3

3.0
7.1
-6.5
1.4
1.0

9.6
-5.6
14.5
0.1
0.5

-30.9
-37.0
0.6
4.1
1.4

2.7
16.3
-17.6
2.5
1.5

30.7
54.8
-23.6
-1.1
0.6

30.4
21.7
9.7
-2.3
1.3

-6.0
0.4
-11.1
1.0
3.6

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

-0.0
-3.5
-0.0

-1.4
-1.4
-1.0

2.7
-0.8
-4.8

-2.2
0.4
-0.4

3.0
1.1
-0.3

0.0
-2.0
-0.3

3.0
5.9
-0.3

5.2
1.5
-0.3

4.0
-0.7
-0.2

0.0
-1.5
0.1

-5.6
5.6
0.1

18
19
20

21
22
23
24
25

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

-9.3
-9.7
2.3
-13.8
2.9

-4.6
-8.6
-9.6
-20.9
2.0

-4.4
-0.0
-21.7
-25.5
7.2

24.8
9.2
-1.3
-8.3
9.4

-6.6
3.5
-2.1
3.2
4.7

-3.5
2.6
0.2
-12.8
15.2

-4.9
1.8
3.6
28.6
2.3

-9.0
3.6
-8.5
-25.9
2.7

-9.2
5.9
-3.7
22.9
-1.3

5.9
10.9
11.9
-8.5
2.1

5.9
7.4
-6.7
27.2
8.2

21
22
23
24
25

26
27
28
29
30
31

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

0.1
-23.7
-1.2
0.0
5.8
-58.4

-13.3
6.3
-0.9
0.0
0.6
39.4

45.3
-8.5
0.1
0.0
0.4
13.1

4.5
19.7
-2.8
2.0
12.1
-13.7

-10.0
9.4
1.4
0.1
-2.1
41.7

37.2
32.4
0.3
-1.8
-2.1
-35.7

36.6
37.4
2.9
-1.0
0.8
-197.4

-43.8
-20.1
1.3
2.0
-6.0
171.2

-69.8
-12.2
0.9
1.2
-1.2
228.7

-13.3
19.4
5.4
3.6
0.3
-218.9

-41.8
-2.3
2.4
3.0
3.1
-235.5

26
27
28
29
30
31

-71.2

-295.9

-5.6

257.6

396.0

184.0

723.0

317.1

360.0

483.9

444.9

32

2
3
4
5
6
7

Net issues

2000

Savings bonds
Other Treasury issues
Net purchases

Memo:
32

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, September 16, 2004

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5

Net issues
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

593.1

433.9

642.1

547.2

571.7

493.5

458.9

768.4

566.0

84.8

304.6

1

-0.2
318.8
274.6

-1.0
235.2
199.7

-0.5
304.1
338.5

0.5
219.8
326.8

-2.4
243.7
330.4

-1.6
222.9
272.2

0.5
191.4
266.9

0.1
460.8
307.6

-8.6
99.9
474.7

1.1
18.2
65.6

-3.6
234.4
73.9

2
3
4

593.1

433.9

642.1

547.2

571.7

493.5

458.9

768.4

566.0

84.8

304.6

5

Household sector
Nonfinancial corporate business
State and local governments

82.7
1.8
43.7

51.8
3.0
1.7

-87.3
1.7
55.4

-106.8
-0.3
3.0

264.5
8.2
22.9

-88.6
6.2
8.4

-213.0
10.7
33.1

823.5
8.6
17.8

536.0
7.3
32.0

-278.6
11.7
7.0

137.2
14.2
9.1

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
63.4
-0.2

0.0
141.9
-0.1

0.0
103.7
-0.1

0.0
112.5
0.0

0.0
11.5
-0.0

0.0
55.0
0.0

0.0
56.1
0.0

0.0
-110.5
0.0

0.0
45.4
-0.0

0.0
78.8
0.0

0.0
151.5
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

36.4
29.4
4.9
-1.3
3.3

22.3
18.2
0.4
-0.5
4.3

55.6
73.7
-22.0
1.4
2.5

140.5
121.1
10.9
4.5
3.9

83.6
85.1
-7.1
0.9
4.7

181.2
180.1
1.8
2.8
-3.5

295.2
278.5
12.4
-2.1
6.4

-268.7
-254.0
-33.2
5.2
13.3

126.9
135.7
-9.2
-2.3
2.7

380.2
378.4
-5.6
3.6
3.9

65.7
45.5
12.4
1.4
6.4

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

3.4
2.9
5.7

-6.7
-0.4
0.3

21.0
19.6
-10.3

14.7
16.8
-0.9

22.6
18.2
-2.6

39.9
28.2
-2.6

24.9
41.4
-2.6

3.6
43.4
-2.6

21.8
-40.3
-2.5

39.1
7.9
0.5

-28.9
11.6
0.2

17
18
19

20
21
22
23
24

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

7.0
5.9
38.2
22.9
-0.0

11.0
8.6
9.0
37.6
0.1

18.1
10.1
7.9
-14.5
1.7

77.4
19.0
1.9
-0.3
2.4

18.0
2.2
-5.3
6.7
1.1

30.0
1.0
-4.0
17.6
8.9

26.3
-0.7
2.5
20.5
0.1

7.5
2.4
-18.5
-20.4
-2.4

8.2
6.2
-1.1
9.1
-2.3

32.4
19.4
2.3
-5.6
-0.8

32.5
13.3
-8.9
1.7
-1.0

20
21
22
23
24

25
26
27

Money market mutual funds
Mutual funds
Government-sponsored enterprises

17.1
36.2
172.9

-5.8
4.1
149.2

133.2
85.3
206.9

5.7
61.5
131.7

2.2
25.3
97.3

8.6
52.0
72.1

81.9
67.5
-56.4

6.7
-29.8
430.3

-88.5
11.4
-56.6

-74.8
60.9
-102.1

-51.0
-7.1
28.7

25
26
27

28
29
30

ABS issuers
REITs
Brokers and dealers

36.8
1.1
15.0

8.3
0.3
-2.3

14.2
5.7
14.1

46.5
8.0
14.1

8.9
-5.3
-8.1

-50.5
-14.9
145.1

19.1
7.0
45.2

107.8
-15.7
-214.3

-41.0
2.4
-8.4

-159.0
25.4
40.2

-28.4
-5.8
-29.9

28
29
30

6
7
8

Net purchases

2000

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool 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 32.

44

Z.1, September 16, 2004

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

2004
Q3

Q4

Q1

Q2

54.4

23.6

122.9

159.4

135.1

119.9

182.6

130.0

107.7

167.4

98.8

1

2
3
4

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

38.9
2.6
36.3

16.5
1.4
15.1

105.5
23.8
81.7

143.4
25.2
118.2

117.5
7.2
110.3

99.1
-2.9
102.0

165.8
6.3
159.5

108.9
9.7
99.1

96.3
15.5
80.8

148.5
11.3
137.2

74.1
-64.7
138.8

2
3
4

5

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

10.4

5.8

13.8

12.9

14.1

18.0

13.3

17.7

7.4

14.1

20.7

5

6
7

Net change in liabilities

Q2

Net change in assets

5.1

1.4

3.5

3.1

3.4

2.8

3.5

3.4

4.0

4.9

4.0

6

54.4

23.6

122.9

159.4

135.1

119.9

182.6

130.0

107.7

167.4

98.8

7

8
9
10
11

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

19.6
-0.7
-0.1
0.3

6.0
6.9
-0.3
0.3

51.2
-2.6
1.1
0.2

96.0
2.8
0.2
0.1

33.4
8.1
0.2
0.3

14.9
3.0
0.2
0.1

12.1
4.4
0.2
0.4

44.0
16.8
0.2
0.2

62.6
8.0
0.2
0.4

40.2
6.9
0.2
0.2

0.3
14.8
0.2
0.2

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

5.9
0.5
10.8

3.4
0.2
-1.2

6.1
1.3
-3.5

1.5
1.0
5.3

10.8
0.8
-2.6

12.0
0.3
-2.6

16.1
0.9
-2.6

12.3
2.3
-2.6

2.7
-0.3
-2.4

11.9
0.8
5.6

13.7
0.3
2.8

12
13
14

15
16
17

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

1.7
-9.1
-0.2

-1.0
-14.9
-1.5

-0.4
-10.3
-0.2

1.2
9.2
-0.9

6.2
41.2
0.3

6.7
36.1
0.1

6.8
34.8
-0.5

5.5
42.2
5.9

5.7
51.8
-4.4

2.7
37.8
0.7

2.7
25.8
-1.8

15
16
17

18
19
20
21
22

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

17.5
-3.2
9.0
3.6
-1.2

34.3
-8.9
-2.0
2.8
-0.7

36.2
23.0
7.0
6.2
7.7

1.8
23.8
11.3
4.0
2.0

14.6
12.9
3.2
1.9
3.8

32.3
22.1
4.1
-2.1
-7.3

62.0
38.1
-1.2
-0.5
11.7

-9.2
-10.1
8.4
6.4
7.8

-26.9
1.5
1.7
3.7
3.1

33.4
21.7
-1.8
5.4
1.7

28.2
-27.1
5.8
12.8
20.3

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

410.4

367.0

586.4

431.8

572.9

641.0

597.0

405.1

648.4

394.2

386.9

1

2
3

Nonfinancial corporate business
Rest of the world (1)

221.7
1.9

162.6
15.2

348.5
-24.5

132.3
-33.5

158.3
-28.1

169.5
-29.9

297.0
-100.2

96.1
-8.8

70.6
26.5

114.2
-19.6

5.7
-39.7

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

186.8
20.4
0.2

189.3
32.6
3.5

262.4
37.0
-2.6

333.1
22.0
-0.2

442.7
46.9
1.7

501.5
83.0
5.4

400.2
27.1
0.3

317.8
6.1
0.6

551.2
71.6
0.5

299.7
39.3
3.4

421.0
54.8
-3.8

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

52.5
64.7
8.9
-17.2
57.4

57.9
72.9
4.8
15.6
1.9

134.0
66.6
3.8
1.4
22.2

206.4
62.0
14.0
-1.7
30.5

236.7
114.3
21.3
6.4
15.4

293.1
54.2
17.8
38.4
9.6

234.3
108.4
17.2
-16.2
29.3

138.2
133.1
26.9
9.9
3.1

281.2
161.7
23.3
-6.6
19.5

89.3
53.9
40.4
51.9
21.3

315.2
36.9
24.9
3.0
-10.2

7
8
9
10
11

410.4

367.0

586.4

431.8

572.9

641.0

597.0

405.1

648.4

394.2

386.9

12

-61.7
11.5
144.4

-6.7
-3.3
168.4

-5.0
25.6
195.4

32.9
8.2
151.0

-167.2
7.2
232.6

-90.8
2.7
225.7

-260.2
10.5
247.5

-175.2
5.7
215.1

-142.6
10.2
242.2

-162.3
5.4
212.5

-181.4
5.4
213.3

13
14
15

12

Net purchases

13
14
15

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

16
17
18
19
20
21
22
23

Commercial banking
Savings institutions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

39.6
23.3
11.3
41.5
10.0
50.0
30.4
-0.0

58.1
-2.5
5.0
49.0
6.4
5.0
29.7
0.0

97.8
-25.6
-6.6
120.2
8.9
-1.1
-0.6
0.8

2.6
-4.0
-2.7
106.8
2.4
8.0
-4.6
1.2

50.0
-8.8
3.9
171.0
20.0
15.6
4.6
0.6

55.1
8.1
3.7
225.3
16.5
10.5
-25.8
4.4

10.8
-25.9
3.9
211.2
14.1
23.3
18.5
0.1

40.5
-27.3
3.9
120.7
20.6
14.6
8.4
-1.1

93.5
10.0
4.0
126.7
28.7
13.9
17.3
-1.1

73.4
-24.1
7.1
163.8
36.9
21.6
18.9
-0.4

-24.8
-20.7
0.8
160.1
25.2
2.8
10.1
-0.5

16
17
18
19
20
21
22
23

24
25
26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

42.5
29.2
1.8
0.0
28.8
-0.3
12.0
-3.8

38.2
-6.2
-2.7
0.0
19.1
-0.8
19.3
-8.9

1.1
58.1
-3.8
0.0
24.6
2.1
48.6
45.8

7.7
50.9
0.0
1.8
33.5
4.6
30.7
0.6

15.2
77.4
31.6
0.6
25.1
2.2
36.4
54.9

49.1
84.7
21.7
0.7
31.4
3.2
-50.2
65.1

37.8
114.1
58.5
1.5
3.9
-4.1
86.1
45.5

-30.0
45.2
32.9
-0.4
28.4
7.8
39.5
56.2

3.9
65.6
13.4
0.8
36.8
2.1
70.1
52.9

-23.3
107.1
5.2
1.5
1.1
8.3
-8.9
-49.5

14.9
34.6
14.7
0.6
48.0
2.7
63.8
17.3

24
25
26
27
28
29
30
31

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

45

Z.1, September 16, 2004

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1

Net issues

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1.5

5.3

99.0

47.0

105.6

111.0

106.5

129.9

75.1

116.3

82.7

1

-118.2

-47.4

-41.6

-57.8

-67.0

-50.2

-44.9

-69.0

-82.6

-159.5

2

Rest of the world (2)

114.3

106.7

109.1

17.6

100.4

136.4

66.5

122.0

76.8

85.7

161.0

3

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

-2.4
-10.2
-6.0
-7.8
-4.8
12.2
6.6
7.6

16.8
-12.5
-0.8
-4.5
-5.5
42.4
2.0
-4.2

37.3
-8.1
-0.9
0.5
1.9
31.0
6.1
6.7

71.0
-10.7
-6.5
6.2
18.0
45.3
8.4
10.2

63.0
-2.4
-3.9
4.1
43.9
15.8
13.3
-7.7

41.6
-2.6
-6.5
-1.1
31.4
6.0
2.3
12.1

90.2
10.6
-3.7
18.3
61.2
15.0
16.3
-27.6

52.8
-0.4
-6.2
-3.3
59.6
-24.1
18.1
9.0

67.3
-17.3
0.6
2.5
23.2
66.3
16.6
-24.5

113.2
-0.6
-4.3
1.6
58.0
30.1
25.8
2.6

81.2
-4.3
-32.7
-5.6
28.9
60.8
13.8
20.4

4
5
6
7
8
9
10
11

Nonfinancial corporate business

3

12

2001

-110.4

2

4
5
6
7
8
9
10
11

2000

1.5

5.3

99.0

47.0

105.6

111.0

106.5

129.9

75.1

116.3

82.7

12

13
14
15

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

-81.9
3.5
112.3

-474.2
-1.2
193.6

-232.0
22.8
121.5

-75.4
7.9
54.2

-129.3
-6.2
36.9

44.2
-7.7
-10.5

-115.9
-6.5
82.1

-174.1
-3.6
-13.3

-271.5
-6.9
89.2

-296.4
-3.6
14.8

-142.3
-5.4
8.7

13
14
15

16
17
18

Commercial banking
Savings institutions
Bank personal trusts and estates

2.0
-0.7
-28.8

0.3
0.4
-2.5

0.2
3.2
-32.5

-0.6
2.0
-39.4

2.3
-1.0
-18.7

0.6
1.7
-18.7

-0.1
2.7
-18.7

8.6
-3.6
-18.7

0.2
-4.8
-18.7

-0.0
3.0
2.0

-1.2
-2.3
1.0

16
17
18

19
20
21
22
23

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

116.9
-1.7
-260.2
-6.2
4.4

111.3
0.7
-55.1
-18.4
5.2

70.2
-0.3
-32.7
22.3
-0.6

52.7
-1.1
-66.8
20.0
7.9

45.5
-2.7
25.1
-26.9
17.2

55.7
-1.7
-19.0
69.3
23.5

55.3
2.9
9.2
-69.9
11.0

50.0
6.4
60.2
-43.6
17.9

21.1
-18.3
50.2
-63.4
16.2

70.8
-5.7
-13.0
-25.5
12.2

54.0
2.0
8.2
-18.5
4.0

19
20
21
22
23

24
25
26
27

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

136.4
-14.5
12.2
7.7

193.1
0.1
42.4
9.6

109.8
-1.3
31.0
17.3

31.4
9.4
41.6
3.2

136.9
7.6
15.1
3.8

-26.2
5.3
7.2
-12.7

103.4
1.1
14.6
35.5

264.5
17.0
-25.6
-12.2

206.0
7.1
64.2
4.5

239.0
49.2
25.0
44.6

94.0
6.0
57.2
17.2

24
25
26
27

(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 (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

191.2

239.4

201.2

182.4

288.2

189.2

365.7

260.3

337.4

431.9

118.7

1

2

Net purchases

191.2

239.4

201.2

182.4

288.2

189.2

365.7

260.3

337.4

431.9

118.7

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

85.5
7.4
-0.7

166.2
12.0
3.7

190.1
2.0
7.7

110.6
10.5
8.9

326.5
-4.6
-12.7

209.1
-4.6
13.6

413.0
-4.6
-26.3

303.2
-4.6
-10.2

380.7
-4.6
-27.8

454.8
-4.6
-20.1

146.6
-4.6
-23.1

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

2.3
-1.1
-14.7

2.5
-0.3
48.5

7.8
1.5
-6.1

1.7
-0.2
37.3

-6.2
0.5
-15.0

-20.1
-0.5
-15.0

2.2
4.5
-15.0

-8.9
1.9
-15.0

2.0
-3.7
-15.0

-4.7
0.4
5.0

-0.0
-1.2
1.6

6
7
8

Life insurance companies
Private pension funds

10.0
102.5

5.6
1.2

2.1
-3.8

2.6
11.0

0.5
-0.9

0.5
6.1

0.5
-8.6

0.5
-6.5

0.5
5.2

0.4
0.6

0.4
-1.1

9
10

9
10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

46

Z.1, September 16, 2004

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

200.5

369.7

70.5

219.4

187.8

231.7

324.1

228.8

-33.3

448.9

456.7

1

2
3
4
5

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

0.3
158.4
-9.2
-18.0

0.2
164.6
41.7
50.4

0.0
129.8
17.0
0.0

0.0
268.5
28.7
2.8

0.0
197.5
49.3
35.5

0.0
268.5
6.9
83.8

0.0
324.7
37.6
23.2

0.0
257.2
42.3
20.4

0.0
-60.3
110.3
14.7

0.0
409.0
5.9
62.0

0.0
369.0
7.1
16.3

2
3
4
5

6

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

69.0

112.8

-76.2

-80.6

-94.5

-127.5

-61.4

-91.1

-98.0

-28.0

64.3

6

92.4
-22.4
-1.6
0.5

98.1
14.6
-0.9
1.1

-62.0
-19.1
0.3
4.5

-58.6
-18.6
0.9
-4.3

-70.9
-29.0
5.0
0.3

-94.2
-31.4
-1.1
-0.7

-62.9
-15.6
16.2
0.8

-31.4
-60.2
0.7
-0.2

-94.9
-8.6
4.1
1.4

-9.8
-21.1
1.0
2.0

41.7
23.2
-2.9
2.2

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.

69.0

112.8

-76.2

-80.6

-94.5

-127.5

-61.4

-91.1

-98.0

-28.0

64.3

12

13

Net change in liabilities

69.0

112.8

-76.2

-80.6

-94.5

-127.5

-61.4

-91.1

-98.0

-28.0

64.3

13

83.4

113.2

-89.3

-81.7

-89.5

-87.2

-73.8

-106.0

-90.9

-52.4

97.8

14

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

-6.9
44.1
46.5
-0.9

6.8
48.0
44.3
2.7

-16.5
-103.3
37.8
-0.0

-3.1
-96.5
13.4
-0.9

-6.6
-49.5
-25.2
-0.4

4.2
-63.2
-22.9
-1.3

25.9
-33.7
-30.6
-3.9

-15.6
-71.8
-25.8
2.0

-40.9
-29.3
-21.6
1.5

15.3
-38.2
-21.4
-1.4

54.6
22.2
11.5
2.4

15
16
17
18

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

0.5
0.2
-3.2
3.5

11.4
0.6
3.4
7.4

-7.3
0.8
-7.4
-0.7

5.3
0.8
-0.8
5.3

-7.7
-0.5
-1.5
-5.7

-4.0
-1.5
1.5
-3.9

-31.4
-0.1
-2.3
-29.1

5.3
-1.2
-4.1
10.6

-0.7
0.6
-0.9
-0.5

-6.7
1.5
2.9
-11.2

7.0
1.3
5.9
-0.2

19
20
21
22

-14.4

-0.4

13.1

1.1

-5.0

-40.3

12.4

14.9

-7.1

24.4

-33.5

23

-15.7
8.9
0.0
-7.6

7.4
0.5
0.0
-8.3

1.5
14.9
0.0
-3.3

4.2
-2.8
0.0
-0.3

-13.2
8.1
0.0
0.1

-48.2
6.2
0.0
1.6

3.2
13.1
0.0
-3.9

-1.9
16.3
0.0
0.5

-6.1
-3.0
0.0
2.1

1.5
23.9
0.0
-0.9

1.1
-40.9
0.0
6.3

24
25
26
27

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, September 16, 2004

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Total other loans and advances

127.5

120.8

30.6

24.7

39.1

48.0

25.4

-27.4

110.6

95.3

140.1

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

-7.1
-0.4
-0.3
-0.9
-0.3
-0.4
-4.8
0.0

-3.6
-0.6
-0.4
-1.1
0.1
-1.0
-0.6
0.0

-5.9
-1.6
-0.2
-3.2
0.0
0.2
-1.1
0.0

-3.6
-0.8
-0.3
-0.7
-0.3
0.5
-1.9
0.0

-1.4
-0.7
0.7
0.7
-0.2
0.3
-2.1
0.0

0.0
-0.8
1.2
1.0
-0.3
0.4
-1.6
0.0

-2.4
-0.8
0.6
0.9
-0.3
0.3
-3.2
0.0

-3.2
-0.7
0.4
0.6
-0.2
0.2
-3.4
0.0

-0.2
-0.6
0.8
0.2
-0.2
0.1
-0.4
0.0

-2.5
-0.6
1.0
1.9
-0.2
0.1
-4.6
0.0

-1.4
-0.9
0.2
1.3
-0.2
0.2
-1.9
0.0

2
3
4
5
6
7
8
9

10
11

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

-22.7
-22.7

-2.2
-2.2

-1.6
-1.6

10.1
10.1

-0.8
-0.8

-20.6
-20.6

14.8
14.8

-35.8
-35.8

38.2
38.2

-14.1
-14.1

-10.6
-10.6

10
11

12
13
14

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

-3.1
-2.2
-0.9

-0.7
-0.0
-0.7

-2.9
-0.3
-2.6

-0.0
0.3
-0.4

-0.2
-0.2
0.0

0.8
-0.5
1.4

-0.8
-0.9
0.2

-1.2
0.7
-1.8

0.3
-0.0
0.4

-2.1
-3.8
1.7

2.5
2.0
0.5

12
13
14

15
16
17

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

6.5
3.2
3.2

8.7
4.3
4.3

3.6
1.8
1.8

3.3
1.7
1.7

10.0
5.0
5.0

4.5
2.3
2.3

3.1
1.6
1.6

37.0
18.5
18.5

-4.5
-2.2
-2.2

-26.8
-13.4
-13.4

23.7
11.9
11.9

15
16
17

18
19
20

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

-5.1
-0.0
-5.0

2.8
-0.0
2.9

2.2
0.0
2.2

1.1
0.0
1.0

-0.6
0.0
-0.7

-1.9
0.0
-1.9

1.1
0.0
1.1

-2.0
0.0
-2.1

0.3
0.1
0.2

-0.2
0.1
-0.2

1.2
0.1
1.2

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)

108.1
0.1
0.9
0.0
40.6
63.5
2.2
0.7

45.3
-0.3
1.5
1.5
26.8
16.3
0.0
-0.7

28.3
-0.1
0.0
2.9
24.2
-0.9
1.5
0.6

8.9
0.1
0.6
1.4
30.2
-27.4
2.0
2.0

31.1
-0.1
-0.3
0.3
8.5
17.6
2.2
2.9

44.6
-0.1
1.3
-0.5
12.0
24.7
2.8
4.4

33.4
-0.1
-4.9
0.2
21.7
13.5
1.6
1.5

-0.5
-0.0
-3.0
1.7
-7.3
1.6
3.3
3.1

47.2
-0.1
5.5
-0.1
7.8
30.6
1.0
2.5

81.2
0.0
6.0
-0.8
90.9
-11.9
-2.7
-0.4

157.9
-0.6
-7.8
0.1
-28.6
187.1
4.9
2.7

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

-3.3
-3.3

7.2
7.2

18.5
18.5

-3.3
-3.3

-1.1
-1.1

30.1
30.1

-16.5
-16.5

-22.9
-22.9

4.8
4.8

-10.2
-10.2

2.1
2.1

29
30

31
32
33

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

54.2
48.8
5.4

63.3
57.0
6.3

-11.5
-10.3
-1.1

8.3
7.5
0.8

2.2
2.0
0.2

-9.6
-8.6
-1.0

-7.4
-6.7
-0.7

1.3
1.2
0.1

24.5
22.0
2.4

70.0
63.0
7.0

-35.5
-31.9
-3.5

31
32
33

48

Z.1, September 16, 2004

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1

Net change in mortgages

567.0

562.7

681.5

833.4

1016.2

1045.2

1126.2

998.8

894.4

1152.2

1076.3

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

420.1
37.9
102.5
6.5

412.3
31.9
111.9
6.6

517.6
43.2
113.0
7.7

680.8
39.6
105.4
7.7

817.9
57.9
132.3
8.1

895.0
32.5
109.4
8.3

924.6
58.2
136.5
6.9

783.0
55.2
152.2
8.5

669.1
85.6
131.1
8.6

940.0
28.6
176.8
6.9

825.1
59.4
180.3
11.5

2
3
4
5

6

567.0

562.7

681.5

833.4

1016.2

1045.2

1126.2

998.8

894.4

1152.2

1076.3

6

Household sector

378.4

381.2

491.4

644.0

767.6

845.5

857.5

740.9

626.4

892.5

784.8

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

183.5
42.0
135.1
6.5

175.3
31.2
137.5
6.6

188.8
59.9
121.2
7.7

183.6
43.5
132.5
7.7

244.7
77.6
159.1
8.1

203.1
70.5
124.3
8.3

265.4
90.8
167.7
6.9

250.2
83.4
158.3
8.5

260.2
65.7
186.0
8.6

241.4
98.6
136.0
6.9

278.3
107.3
159.5
11.5

8
9
10
11

12
13

Federal government
REITs

0.0
5.1

0.0
6.2

0.0
1.3

0.0
5.9

0.0
3.9

0.0
-3.5

0.0
3.3

0.0
7.8

0.0
7.8

0.0
18.3

0.0
13.2

12
13

14

Net change in assets

567.0

562.7

681.5

833.4

1016.2

1045.2

1126.2

998.8

894.4

1152.2

1076.3

14

8.2
-26.0
-2.0

10.9
2.3
-1.4

8.0
3.1
3.3

10.6
2.0
1.2

11.4
2.0
-1.2

11.1
2.0
-0.3

11.3
2.0
-0.9

11.5
2.0
-1.5

11.6
2.0
-2.1

11.7
2.0
-2.6

12.8
2.0
-3.2

15
16
17

4.3
-0.1

1.8
-0.9

-2.0
-1.1

-6.4
0.5

8.6
-2.5

3.2
-9.4

12.5
0.2

6.8
-1.5

12.1
0.8

6.4
8.0

6.5
-6.4

18
19

158.4
24.1
14.1
-0.6

164.6
54.9
13.8
0.1

129.8
35.3
16.4
0.2

268.5
23.1
18.2
-0.2

197.5
89.5
23.2
-0.4

268.5
134.4
14.8
-0.4

324.7
81.4
18.5
-0.4

257.2
50.0
27.6
-0.4

-60.3
92.2
31.9
-0.4

409.0
221.8
15.8
0.0

369.0
168.1
36.4
-0.0

20
21
22
23

15.7
-0.0
1.7
-2.6

5.2
-0.3
1.2
-0.0

7.1
0.2
1.3
3.4

7.0
0.1
1.7
6.8

10.9
0.1
2.0
10.3

10.8
0.0
1.6
8.9

10.9
-0.2
2.5
9.8

13.1
-0.0
1.9
10.7

8.9
0.7
2.0
11.6

10.6
0.2
-0.2
12.4

27.9
0.3
2.7
13.3

24
25
26
27

-5.0
274.6
80.8

22.2
199.7
68.7

33.2
338.5
116.8

59.8
326.8
90.1

105.5
330.4
184.5

106.5
272.2
205.8

128.7
266.9
205.9

141.9
307.6
106.5

45.1
474.7
219.9

28.0
65.6
294.4

-0.3
73.9
326.2

28
29
30

24.6
0.0
-3.3

26.4
0.0
-6.6

-11.0
0.0
-1.1

13.2
0.0
10.5

24.4
0.0
19.8

12.3
0.0
3.1

24.3
0.0
28.1

39.1
0.0
26.5

22.0
0.0
21.7

45.0
0.0
24.0

12.5
0.0
34.5

31
32
33

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

20
21
22
23

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

24
25
26
27

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

28
29
30

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

31
32
33

Finance companies
Mortgage companies
REITs

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

49

Z.1, September 16, 2004

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

420.1

412.3

517.6

680.8

817.9

895.0

924.6

783.0

669.1

940.0

825.1

1

371.8
2.1
46.2

370.8
2.0
39.5

472.7
2.1
42.8

630.7
0.7
49.5

756.1
1.8
60.1

836.6
1.5
56.9

855.1
1.8
67.7

723.8
1.5
57.7

609.0
2.2
57.9

875.5
3.6
60.8

766.5
3.4
55.2

2
3
4

420.1

412.3

517.6

680.8

817.9

895.0

924.6

783.0

669.1

940.0

825.1

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

7.2
-6.9
-0.9

7.2
1.2
-0.3

7.4
1.9
1.0

8.7
1.0
1.3

9.5
1.0
1.6

9.2
1.0
1.5

9.4
1.0
1.6

9.6
1.0
1.7

9.8
1.0
1.8

10.0
1.0
1.9

10.3
1.0
2.0

6
7
8

9
10

State and local governments
Federal government

2.2
-0.4

0.9
-0.7

-1.0
-0.6

-3.3
-0.9

4.4
-0.9

1.6
-1.0

6.4
-1.0

3.4
-0.8

6.2
-0.6

3.3
-0.5

3.3
-0.6

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

82.6
14.7
14.1
-0.6

86.1
46.0
13.8
0.1

58.2
26.4
16.4
0.2

198.3
10.8
18.2
-0.2

124.9
72.0
23.2
-0.4

195.2
122.2
14.8
-0.4

255.1
63.7
18.5
-0.4

166.2
33.1
27.6
-0.4

-117.1
68.8
31.9
-0.4

305.2
196.9
15.8
0.0

260.2
154.9
36.4
-0.0

11
12
13
14

15
16
17

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

-0.7
0.7
-0.9

-1.0
1.1
-0.0

0.0
1.3
1.2

-0.3
1.7
2.4

-0.3
2.1
3.6

-3.3
1.8
3.1

-0.8
2.3
3.4

-0.2
2.1
3.7

3.3
2.2
4.1

0.7
3.4
4.4

0.7
2.7
4.7

15
16
17

18
19
20

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

-10.3
264.6
38.8

15.8
190.9
33.4

20.5
322.9
72.2

45.5
315.2
58.2

98.5
309.6
132.9

98.7
263.9
172.6

115.5
258.1
143.4

141.5
280.8
56.9

38.2
435.6
158.6

20.3
78.9
234.5

-12.4
56.2
255.7

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

18.2
0.0
-2.4

22.4
0.0
-4.6

-10.5
0.0
0.1

14.9
0.0
9.5

17.2
0.0
19.0

10.0
0.0
4.0

20.9
0.0
27.4

31.4
0.0
25.4

6.5
0.0
19.3

45.0
0.0
19.2

17.8
0.0
32.3

21
22
23

40.4
12.7
3.7
3.7
2.0
18.2

90.3
45.5
13.1
7.3
2.1
22.4

26.0
23.6
5.1
4.2
3.5
-10.5

65.4
44.7
0.6
3.1
2.1
14.9

101.4
62.7
17.1
3.8
0.6
17.2

69.2
42.7
20.0
-3.0
-1.7
11.3

88.5
59.1
-1.8
4.2
4.1
22.9

105.5
58.2
19.0
1.6
-2.4
29.0

142.5
90.9
31.3
12.3
2.4
5.6

129.8
96.2
-19.3
4.3
1.6
47.0

200.7
133.1
35.9
12.6
-0.8
19.8

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Net change in assets

2000

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. Loans of finance companies (line 29) include some first 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

37.9

31.9

43.2

39.6

57.9

32.5

58.2

55.2

85.6

28.6

59.4

1

1.3
34.9

1.4
28.5

1.5
41.3

1.5
36.1

1.7
54.9

1.6
32.0

1.6
55.5

1.7
50.9

1.8
81.2

1.9
20.7

2.0
53.1

2
3

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

0.0
1.7

0.0
2.1

0.0
0.4

0.0
1.9

0.0
1.3

0.0
-1.1

0.0
1.1

0.0
2.6

0.0
2.6

0.0
6.1

0.0
4.4

4
5

6

Net change in assets

37.9

31.9

43.2

39.6

57.9

32.5

58.2

55.2

85.6

28.6

59.4

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
-0.2
-0.8

-0.0
-0.1
-0.3

-0.0
0.1
1.5

0.0
0.0
-0.7

0.0
0.0
-3.0

0.0
0.0
-2.1

0.0
0.0
-2.7

0.0
0.0
-3.3

0.0
0.0
-3.9

0.0
0.0
-4.5

0.0
0.0
-5.0

7
8
9

10
11

State and local governments
Federal government

1.7
-0.0

0.7
0.3

-0.8
-0.2

-2.6
0.5

3.5
0.2

1.3
-0.1

5.0
0.7

2.7
0.0

4.8
0.4

2.6
0.9

2.6
-0.0

10
11

12
13

Commercial banking
Savings institutions

13.0
2.3

10.1
1.9

7.0
3.3

9.3
4.1

10.7
9.3

10.6
4.3

13.3
11.8

10.7
8.9

8.2
12.3

11.3
14.8

12.6
9.0

12
13

14
15
16

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

1.1
0.2
-0.7

0.9
0.0
-0.0

2.0
-0.0
0.9

1.2
-0.0
1.9

1.7
-0.0
2.9

0.6
-0.1
2.5

2.7
0.0
2.7

2.0
-0.0
3.0

1.7
-0.0
3.2

0.5
-0.9
3.5

4.3
-0.0
3.7

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

4.3
9.2
8.1

4.5
8.5
5.6

8.2
15.6
6.0

8.5
12.9
5.5

4.2
20.1
8.1

4.9
8.4
2.4

7.5
8.8
8.2

-0.9
24.1
8.1

5.2
39.3
13.8

5.1
-13.2
7.3

8.2
17.7
6.0

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.2
0.0
-0.6

0.1
0.0
-0.4

-0.2
0.0
-0.3

-1.0
0.0
-0.2

0.1
0.0
0.0

-0.3
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-0.1

0.5
0.0
0.2

-0.2
0.0
1.2

-0.0
0.0
0.4

20
21
22

7
8
9

50

Z.1, September 16, 2004

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs
Net change in assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

102.5

111.9

113.0

105.4

132.3

109.4

136.5

152.2

131.1

176.8

180.3

1

6.6
38.6
54.0
3.4

10.4
27.9
69.5
4.2

18.7
56.3
37.1
0.9

13.3
41.2
46.9
3.9

11.5
74.1
44.1
2.6

8.9
67.4
35.4
-2.3

2.4
87.4
44.5
2.2

17.2
80.2
49.7
5.2

17.4
61.7
46.8
5.2

16.9
93.1
54.5
12.3

18.3
102.0
51.2
8.9

2
3
4
5

102.5

111.9

113.0

105.4

132.3

109.4

136.5

152.2

131.1

176.8

180.3

6

0.8
-19.0
-0.5

1.7
1.1
-0.3

-0.7
1.1
0.7

0.7
1.0
0.3

0.6
1.0
-0.1

0.6
1.0
0.0

0.6
1.0
-0.1

0.6
1.0
-0.2

0.6
1.0
-0.3

0.6
1.0
-0.4

0.6
1.0
-0.5

7
8
9

0.3
0.6

0.1
-0.4

-0.2
-0.1

-0.5
1.2

0.7
-1.6

0.3
-7.8

1.0
0.9

0.5
-0.8

1.0
1.5

0.5
7.8

0.5
-5.2

10
11

10
11

State and local governments
Federal government

12
13

Commercial banking
Savings institutions

60.0
7.1

66.2
6.9

63.0
5.6

58.3
8.2

59.3
8.2

60.0
7.8

53.9
5.9

77.7
7.9

45.7
11.1

89.4
10.1

91.8
4.2

12
13

14
15
16
17

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

13.8
-0.0
0.7
-1.0

4.7
-0.3
0.1
-0.0

4.6
0.2
-0.0
1.2

6.7
0.1
-0.0
2.5

8.9
0.1
-0.1
3.8

11.9
0.0
-0.2
3.3

11.6
-0.2
0.1
3.6

11.2
-0.0
-0.1
4.0

1.0
0.7
-0.1
4.3

9.2
0.2
-2.6
4.6

21.5
0.3
-0.0
4.9

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.0
33.9
6.1
0.0
-0.4

0.0
29.7
3.9
0.0
-1.7

0.0
38.6
-0.3
0.0
-1.0

0.0
26.4
-0.7
0.0
1.2

0.0
43.6
7.1
0.0
0.8

0.0
30.8
2.6
0.0
-0.9

0.0
54.3
3.3
0.0
0.6

0.0
41.6
7.7
0.0
1.2

0.0
47.5
15.0
0.0
2.3

0.0
52.6
0.2
0.0
3.6

0.0
64.6
-5.3
0.0
1.8

18
19
20
21
22

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

Net borrowing (Farm business)

6.5

6.6

7.7

7.7

8.1

8.3

6.9

8.5

8.6

6.9

11.5

1

2

Net change in assets

6.5

6.6

7.7

7.7

8.1

8.3

6.9

8.5

8.6

6.9

11.5

2

0.2
0.3

2.0
-0.6

1.2
0.2

1.2
0.2

1.2
0.3

1.3
0.3

1.3
0.3

1.2
0.3

1.1
0.3

1.0
0.3

1.9
0.3

3
4

0.0
-0.2

0.0
-0.1

-0.0
-0.2

-0.1
-0.3

0.1
-0.3

0.0
-0.4

0.1
-0.3

0.1
0.1

0.1
-0.5

0.1
-0.2

0.1
-0.5

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

2.8
0.1

2.2
0.1

1.5
0.0

2.5
0.0

2.6
0.1

2.8
0.0

2.3
0.0

2.5
0.1

2.9
0.0

3.1
0.0

4.5
0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

1.5
0.0

0.6
0.0

0.5
0.0

-0.6
0.0

0.5
0.0

1.6
0.0

-2.6
0.0

0.1
0.0

3.0
0.0

0.2
0.0

1.4
0.0

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

1.0
0.8

2.0
0.3

4.5
0.0

5.8
-1.3

2.9
0.6

2.9
-0.1

5.7
0.0

1.3
2.8

1.8
-0.1

2.6
-0.1

3.9
0.0

11
12

51

Z.1, September 16, 2004

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

2004

Q2

Q3

Q4

Q1

Q2

1

Net change in liabilities (Households)

107.2

165.2

138.7

77.4

83.0

80.3

102.1

104.4

45.1

124.4

45.0

1

2

Net change in assets

107.2

165.2

138.7

77.4

83.0

80.3

102.1

104.4

45.1

124.4

45.0

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

-1.8
0.0
13.6

4.0
0.0
16.1

-1.2
0.0
13.1

-2.4
0.0
12.7

-16.1
0.0
1.3

27.4
0.0
-8.6

2.8
0.0
-5.9

-35.0
0.0
24.8

-59.5
0.0
-5.0

43.3
0.0
-0.9

1.4
0.0
-5.0

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

-9.2
9.4
12.5

41.7
3.0
16.5

17.0
6.3
5.1

28.7
-2.4
6.2

49.3
9.1
10.1

6.9
-0.3
7.0

37.6
20.6
11.6

42.3
-4.3
12.3

110.3
20.6
9.6

5.9
14.5
21.0

7.1
27.6
13.0

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

5.4
59.0
18.3

-3.9
68.9
18.9

2.4
78.4
17.6

-2.5
37.4
-0.3

-16.3
-12.1
57.6

-6.3
48.5
5.8

-16.2
11.9
39.7

-16.3
-43.4
124.0

-26.6
-65.3
61.0

-18.4
-13.2
72.3

-55.0
-9.4
65.2

9
10
11

9
10
11

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

Net change in trade payables

262.5

402.3

-83.4

66.7

160.8

90.5

186.8

164.7

201.3

310.2

261.9

1

4.1

3.8

-1.9

7.0

7.9

7.5

7.8

8.0

8.3

8.6

8.8

2

178.5
34.7
0.4

313.3
46.6
0.9

-103.7
-4.9
-2.6

24.0
21.0
0.9

77.4
46.7
1.9

4.2
41.6
4.7

88.8
43.0
-1.2

91.5
57.9
1.1

125.2
44.4
2.9

187.0
52.8
-2.6

169.0
57.2
3.3

3
4
5

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

29.1
-0.4

27.4
4.4

25.2
3.4

24.5
1.3

24.0
4.2

24.0
9.6

24.0
-1.0

24.0
2.0

24.0
6.2

24.0
8.1

24.0
10.8

6
7

8
9

Rest of the world
Brokers and dealers

4.2
11.9

0.8
5.1

-2.2
3.3

-10.1
-1.8

7.9
-9.2

34.6
-35.7

-1.7
27.0

-8.8
-11.1

7.3
-17.1

6.7
25.6

-0.9
-10.4

8
9

10

Net change in trade receivables

278.3

399.0

-86.3

-27.4

193.8

76.4

228.3

224.6

245.8

284.0

257.5

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

207.7
39.4

283.0
69.6

-128.5
1.8

-80.4
22.8

104.1
50.4

6.1
36.6

132.5
48.8

124.5
65.8

153.2
50.4

181.3
59.6

179.9
63.3

11
12

13
14
15

State and local governments
Federal government
Rest of the world

8.5
4.6
-5.1

7.5
5.3
-0.4

5.0
7.3
-3.1

1.6
-3.3
3.1

8.2
3.7
1.7

3.0
-10.3
1.0

11.9
4.3
-0.1

6.4
8.3
-3.6

11.5
12.5
9.6

6.1
3.1
2.2

6.2
-6.5
-15.9

13
14
15

16
17

Other insurance companies
ABS issuers

2.0
21.1

1.0
33.0

5.3
25.9

4.9
23.8

4.5
21.1

17.9
22.0

9.4
21.5

2.6
20.8

-11.7
20.2

12.1
19.6

11.5
19.0

16
17

-15.7

3.3

2.9

94.1

-32.9

14.0

-41.5

-59.9

-44.4

26.2

4.5

18

18

Discrepancy

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

104.4

146.1

3.1

-87.0

132.5

196.8

720.9

-109.7

-278.1

287.2

127.1

1

2
3

Net change in liabilities
Household sector
Rest of the world

75.2
0.0

7.2
0.0

-38.8
0.0

-48.2
0.0

34.3
0.0

45.3
0.0

355.7
0.0

-83.4
0.0

-180.4
0.0

74.6
0.0

57.7
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.

29.2
47.2
-8.8
-9.3

138.9
88.6
7.1
43.2

41.9
41.9
7.2
-7.2

-38.9
-41.6
-2.7
5.5

98.2
62.7
12.3
23.2

151.5
67.8
49.1
34.6

365.2
342.0
52.2
-29.0

-26.4
-46.8
-20.7
41.1

-97.6
-112.3
-31.4
46.1

212.5
150.5
18.0
44.0

69.3
53.0
2.6
13.7

4
5
6
7

8

Net change in assets

104.4

146.1

3.1

-87.0

132.5

196.8

720.9

-109.7

-278.1

287.2

127.1

8

9
10

Household sector
Rest of the world

47.2
0.0

88.6
0.0

41.9
0.0

-41.6
0.0

62.7
0.0

67.8
0.0

342.0
0.0

-46.8
0.0

-112.3
0.0

150.5
0.0

53.0
0.0

9
10

11
12

Commercial banking
Brokers and dealers

-18.0
75.2

50.4
7.2

0.0
-38.8

2.8
-48.2

35.5
34.3

83.8
45.3

23.2
355.7

20.4
-83.4

14.7
-180.4

62.0
74.6

16.3
57.7

11
12

52

Z.1, September 16, 2004

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

Life insurance reserves:
1
2
3
4

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

50.8

50.2

77.2

60.1

66.8

73.8

41.1

42.2

110.1

70.8

76.5

1

1.4
49.4

1.4
48.7

1.4
75.8

1.6
58.5

1.1
65.7

0.1
73.7

1.7
39.4

0.5
41.6

2.2
107.9

-0.0
70.8

1.9
74.6

2
3

50.8

50.2

77.2

60.1

66.8

73.8

41.1

42.2

110.1

70.8

76.5

4

118.6

168.4

164.6

186.3

219.7

211.5

197.0

227.2

243.2

256.9

238.6

5

94.1
-74.7
50.8
48.5

142.6
-49.9
47.4
28.2

138.5
-51.2
7.3
69.9

148.5
-11.2
3.6
45.4

119.5
42.3
9.8
48.2

136.5
16.7
11.1
47.3

139.1
23.0
-10.3
45.1

103.9
62.2
16.3
44.8

98.4
67.4
21.9
55.5

137.2
39.0
36.5
44.2

151.9
35.0
21.8
29.9

6
7
8
9

118.6

168.4

164.6

186.3

219.7

211.5

197.0

227.2

243.2

256.9

238.6

10

Pension fund reserves:
5
6
7
8
9
10

Net change in liabilities
Life insurance companies
Private pension funds (1)
State and local govt. retirement funds
Federal government retirement funds (2)
Net change in assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(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

22.9

25.9

14.5

28.9

12.4

21.7

32.2

3.7

-8.1

24.0

44.8

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

7.0
8.9

7.0
11.7

3.1
4.0

11.9
8.1

-8.5
9.7

-8.9
19.4

10.5
9.7

-13.0
4.7

-22.6
5.0

3.7
5.6

29.5
4.0

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

1.9
0.0

2.1
0.4

2.4
-0.7

2.6
-0.3

2.9
-0.2

2.8
-0.4

2.9
-0.0

2.9
0.7

3.0
-1.1

3.1
2.2

3.1
-1.2

4
5

6
7

Life insurance companies
Other insurance companies

1.3
2.0

1.6
2.3

2.0
2.7

2.4
3.2

2.8
3.7

2.6
3.5

2.7
3.6

2.8
3.8

2.9
3.9

3.0
4.0

3.1
4.1

6
7

8
9

Finance companies
Brokers and dealers

0.8
0.9

1.0
-0.1

1.2
-0.2

1.4
-0.5

1.6
0.4

1.5
1.1

1.6
1.2

1.6
0.2

1.7
-0.9

1.7
0.7

1.8
0.3

8
9

12.1

-6.7

-7.0

1.0

44.3

69.0

34.8

33.6

39.8

31.5

-5.9

10

10.5
1.6

14.8
-21.5

3.7
-10.6

10.4
-9.4

17.1
27.2

23.6
45.4

15.2
19.5

13.2
20.4

16.2
23.6

18.2
13.3

18.7
-24.6

11
12

10.8

32.6

21.4

27.8

-31.9

-47.3

-2.6

-29.9

-47.9

-7.4

50.7

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

-8.1

56.6

-59.9

-2.4

-26.3

-26.6

-26.4

-26.4

-25.5

29.8

8.2

1

2

Asset: Household sector

-8.1

56.6

-59.9

-2.4

-26.3

-26.6

-26.4

-26.4

-25.5

29.8

8.2

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

-79.9

-4.7

-15.9

-62.5

-38.6

-48.2

7.4

-46.6

-67.0

-21.9

-77.1

1

-81.1
-9.1
10.2

-30.9
-12.9
39.0

-22.3
-5.3
11.6

-37.4
-5.1
-20.0

-45.5
-2.2
9.1

-35.7
-2.1
-10.5

-33.7
5.9
35.2

-44.2
-4.0
1.6

-68.5
-8.6
10.1

-27.6
6.3
-0.7

-35.3
-9.6
-32.1

2
3
4

53

Z.1, September 16, 2004

F.229 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

1114.2

1397.6

667.1

482.0

714.8

850.9

568.7

1462.5

-23.0

1973.7

669.0

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2.1
538.8
73.9

0.1
678.2
86.0

-0.4
15.2
55.3

0.9
82.7
20.5

0.9
133.2
36.4

2.8
155.4
37.0

1.2
114.4
37.8

0.1
118.1
35.5

-0.4
144.8
35.5

0.2
104.6
34.1

3.1
111.9
33.4

2
3
4

5
6

Federal government
Rest of the world

38.2
305.2

22.9
195.7

53.0
174.4

26.0
128.3

30.7
146.7

-6.0
55.4

39.4
-273.8

36.5
638.8

52.9
166.1

41.5
285.2

29.2
328.8

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

-1.3
-70.9
-14.7
0.9

1.1
196.5
17.1
-0.4

-2.8
-6.5
28.4
-1.8

22.6
121.9
25.6
1.4

4.3
85.2
22.4
1.2

-11.7
44.0
98.0
-10.9

27.6
105.2
26.7
22.8

4.9
212.1
50.5
-2.8

-3.8
-20.5
-85.8
-4.5

-10.7
517.5
237.2
55.6

7.1
-23.9
-58.7
-40.1

7
8
9
10

11
12

Life insurance companies
Other insurance companies

13.4
13.8

3.6
5.8

32.4
26.5

54.7
49.2

43.1
45.2

186.5
60.3

69.2
48.0

30.2
70.6

-113.4
2.0

162.7
44.7

33.1
49.6

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

-5.5
67.2
0.0

-3.1
83.3
0.0

47.4
18.9
0.0

27.7
20.7
0.0

-26.7
101.8
0.0

-1.0
14.8
0.0

-4.0
120.7
0.0

-29.7
246.9
0.0

-71.8
24.9
0.0

45.0
90.3
0.0

-91.7
-23.8
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

4.4
7.5
141.1

1.8
-1.9
110.8

0.1
138.5
88.6

1.4
-77.1
-24.4

-2.0
39.1
53.3

-1.9
100.2
128.0

1.9
102.3
129.4

-3.3
-74.9
128.9

-4.9
29.0
-172.9

10.4
110.6
244.9

-4.3
163.1
152.1

16
17
18

1345.4

1838.8

971.4

579.7

853.2

761.5

610.8

1334.0

706.6

1761.4

484.4

19

19

Net change in liabilities

2000

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

12.4
666.3
81.7
0.2

6.5
810.6
89.9
-0.0

18.5
256.4
129.9
1.8

30.6
187.8
97.6
4.1

42.0
241.8
102.4
4.6

45.4
222.2
102.0
5.4

37.3
309.5
99.8
4.5

67.5
203.4
103.9
7.0

18.0
231.9
104.1
1.6

38.2
248.9
112.1
3.5

34.7
230.6
125.3
5.5

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-32.3
-0.9
408.6

31.6
-1.4
506.0

-73.3
1.3
190.1

0.1
0.0
165.8

-10.7
1.4
-71.2

9.3
4.6
-226.8

-37.0
-0.7
-444.3

10.5
1.6
475.6

-25.6
0.0
-89.4

17.2
-0.0
148.0

2.8
0.7
-102.5

24
25
26

27
28
29
30
31

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

-1.3
27.6
-2.1
-16.4
-2.5

1.1
89.0
7.7
4.9
1.2

-0.4
135.3
17.3
5.4
7.7

-0.2
63.6
19.0
10.4
-2.6

0.3
141.3
-4.3
0.5
9.5

-0.5
222.4
-15.4
-51.6
9.5

-0.5
107.5
40.7
27.4
9.5

-0.6
-66.4
56.3
-38.6
9.5

2.6
301.8
-98.7
64.8
9.6

-0.7
325.4
33.0
-57.8
9.6

-1.9
158.6
40.5
27.4
9.7

27
28
29
30
31

32
33
34
35
36

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

-32.6
7.7
-4.9
14.8
41.1

18.7
6.4
-9.3
12.6
20.9

-15.5
1.3
6.6
20.3
60.8

6.7
9.1
17.1
-7.9
24.5

27.9
9.7
9.0
25.7
24.7

85.1
12.7
16.4
-29.2
-4.7

1.5
7.1
-9.3
32.3
31.6

10.1
11.4
15.3
82.1
27.6

15.0
7.8
13.8
17.6
44.1

129.2
9.0
17.2
29.0
31.1

12.5
9.8
25.1
-7.5
19.0

32
33
34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

22.6
-3.5
5.0

12.2
-0.4
-4.0

26.1
-2.9
5.5

-7.0
0.1
22.0

15.4
1.0
16.5

56.6
3.0
26.1

19.2
0.3
68.3

67.5
5.4
-43.9

-81.8
-4.7
15.5

97.5
4.8
14.2

-2.7
-0.0
3.9

37
38
39

40
41
42
43

Finance companies
REITs
Brokers and dealers
Funding corporations

51.3
-0.1
28.3
74.4

25.3
0.9
133.0
75.5

20.8
0.5
156.6
1.5

9.5
0.2
-110.8
40.2

102.5
1.8
157.0
4.4

46.5
3.4
166.7
52.6

140.0
2.4
248.1
-84.7

183.8
3.6
188.1
-46.8

39.5
-2.2
24.9
96.5

-44.0
16.6
563.0
16.6

-136.3
4.0
-42.3
67.6

40
41
42
43

-231.2

-441.2

-304.3

-97.7

-138.4

89.4

-42.1

128.5

-729.6

212.4

184.6

44

44

Discrepancy

54

Z.1, September 16, 2004

F.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

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

224.9
98.9
64.2
61.8

159.2
78.0
93.6
-12.4

142.3
60.9
69.8
11.6

134.8
24.6
94.5
15.8

173.8
24.6
141.1
8.1

163.3
18.9
115.9
28.6

136.2
18.5
123.2
-5.5

180.8
16.6
142.0
22.3

214.8
44.5
183.3
-13.0

190.4
40.3
163.2
-13.0

243.0
93.1
164.1
-14.2

1
2
3
4

Asset: Nonfinancial corporate business
Commercial banking
Life insurance companies
Other insurance companies
Finance companies
Brokers and dealers

194.4
4.5
2.4
7.7
11.8
4.1

128.4
10.9
2.2
6.4
10.6
0.7

119.4
0.9
2.9
1.3
17.3
0.6

118.7
3.1
0.8
9.1
3.8
-0.6

142.5
4.4
3.8
9.7
10.3
3.0

120.9
5.3
2.0
12.7
20.9
1.5

112.3
3.5
6.7
7.1
2.6
4.0

154.7
3.2
2.8
11.4
8.8
-0.1

181.9
5.7
3.8
7.8
8.8
6.8

160.6
6.3
2.6
9.0
8.5
3.5

195.8
6.6
3.8
9.8
15.7
11.4

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

247.0
0.2
19.4
11.7
11.3
13.2
3.6
-17.0

181.1
0.1
9.7
27.9
6.6
14.9
5.1
75.8

86.9
0.1
8.4
8.1
0.4
7.8
-1.3
56.7

22.1
0.2
3.6
2.0
5.1
-3.5
2.2
40.7

9.9
-0.1
4.5
-0.8
-1.4
19.2
3.2
5.3

37.5
-0.1
14.6
5.1
-0.9
67.7
-1.7
8.0

16.5
0.1
-0.4
-2.3
3.4
4.4
7.7
-31.4

-24.4
-0.3
1.8
1.5
-2.3
11.4
-1.5
2.5

10.1
0.1
2.0
-7.3
-5.8
-6.9
8.5
42.2

36.4
-0.1
1.7
-2.6
2.3
6.1
-1.4
-1.3

20.6
0.1
6.9
58.0
-2.6
21.1
1.2
25.4

11
12
13
14
15
16
17
18

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

289.4
221.6
4.1
63.8

321.3
259.6
-0.3
61.9

167.0
140.9
-33.8
60.0

72.4
88.4
5.2
-21.2

39.9
62.2
12.0
-34.4

130.1
132.3
32.9
-35.1

-2.2
32.3
-34.3
-0.2

-11.2
38.9
29.2
-79.3

42.9
45.4
20.4
-22.9

40.9
13.5
26.7
0.7

130.8
112.7
65.1
-47.0

19
20
21
22

1.5
1.5

1.5
1.5

1.7
1.7

1.5
1.5

1.4
1.4

1.5
1.5

1.6
1.6

1.4
1.4

1.2
1.2

1.4
1.4

2.1
2.1

23
24

0.5
0.5

0.6
0.6

0.4
0.4

1.0
1.0

0.5
0.5

0.5
0.5

0.6
0.6

0.4
0.4

0.4
0.4

0.5
0.5

1.0
1.0

25
26

6.1

2.2

3.3

2.0

3.2

4.9

2.3

3.3

2.4

7.2

4.5

27

0.0
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

0.0
0.1
0.4
0.0
1.4
1.2
0.2
-0.1

0.0
0.0
0.1
0.0
2.3
-1.0
0.3
0.2

0.0
0.3
0.4
0.0
1.2
0.4
0.2
0.7

0.0
0.3
-0.1
0.0
1.8
2.2
0.3
0.3

0.0
-0.3
0.5
0.0
1.7
-0.8
0.3
0.8

0.0
-0.1
0.4
0.0
0.6
1.1
0.3
1.0

0.0
1.2
0.8
0.0
0.6
-0.9
0.1
0.5

0.0
0.6
-0.4
0.0
1.5
4.6
0.5
0.2

0.0
-0.5
0.7
0.0
0.7
3.4
0.2
0.1

28
29
30
31
32
33
34
35

2.9
0.5
26.8
0.0
-10.0

53.6
0.7
7.4
0.0
30.4

60.7
0.8
-1.7
0.0
30.7

53.1
0.9
-5.5
0.0
4.4

50.5
1.0
5.8
0.0
38.2

43.2
1.0
-2.0
0.0
35.0

67.9
1.0
17.7
0.0
60.6

50.5
1.0
-0.5
0.0
29.8

40.5
1.1
8.0
0.0
27.6

73.4
1.1
10.1
0.0
102.7

121.7
1.1
6.1
0.0
34.5

36
37
38
39
40

20.2

92.0

90.4

53.0

95.5

77.1

147.1

80.7

77.1

187.3

163.5

41

26.8
26.8

7.4
7.4

-1.7
-1.7

-5.5
-5.5

5.8
5.8

-2.1
-2.1

17.7
17.7

-0.5
-0.5

8.0
8.0

10.1
10.1

6.1
6.1

42
43

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

41

Asset: Bank holding companies
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

2.5
71.9

45.6
29.8

-30.8
32.3

24.7
15.5

-1.7
6.1

-17.0
69.6

-14.0
-70.7

-25.8
-20.9

50.0
46.5

108.4
-91.7

-82.3
149.8

44
45

46

Asset: Funding corporations

74.4

75.5

1.5

40.2

4.4

52.6

-84.7

-46.8

96.5

16.6

67.6

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, September 16, 2004

F.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

0.6
0.6

0.0
0.0

-0.1
-0.1

0.1
0.1

0.2
0.2

-0.1
-0.1

0.3
0.3

0.1
0.1

0.4
0.4

0.3
0.3

0.1
0.1

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

-7.8
-7.8

0.0
0.0

8.6
8.6

1.9
1.9

-7.1
-7.1

11.5
11.5

1.4
1.4

-9.6
-9.6

-31.7
-31.7

17.6
17.6

-23.3
-23.3

5
6

2.1
2.1

0.1
0.1

-0.4
-0.4

0.9
0.9

0.9
0.9

2.8
2.8

1.2
1.2

0.1
0.1

-0.4
-0.4

0.2
0.2

3.1
3.1

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
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

11.4
10.2
1.2
-0.0

6.9
3.9
1.1
1.9

6.5
3.1
1.0
2.4

10.2
10.1
0.1
0.0

13.9
10.9
-0.0
3.0

11.3
6.7
0.5
4.1

10.4
8.6
4.3
-2.5

28.3
16.6
3.4
8.3

5.6
11.7
-8.2
2.1

11.4
9.2
-0.4
2.6

4.3
-2.9
8.2
-0.9

9
10
11
12

13

Asset: Household sector

11.4

6.9

6.5

10.2

13.9

11.3

10.4

28.3

5.6

11.4

4.3

13

Policy payables:
14

Liab.: Other insurance companies

2.5

-0.8

26.1

44.1

46.6

61.2

44.5

72.9

7.8

42.5

52.1

14

15
16
17
18

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

1.1
1.0
0.2
0.2

-0.3
-0.3
-0.1
-0.1

11.9
10.3
2.5
1.4

18.5
17.4
4.2
4.0

19.5
18.4
4.4
4.2

25.6
24.2
5.8
5.6

18.7
17.6
4.2
4.1

30.6
28.8
6.9
6.6

3.3
3.1
0.7
0.7

17.8
16.8
4.0
3.9

21.8
20.6
5.0
4.7

15
16
17
18

-9.9
-9.9

-11.8
-11.8

2.4
2.4

13.0
13.0

6.6
6.6

11.3
11.3

-5.0
-5.0

16.9
16.9

3.4
3.4

13.4
13.4

16.3
16.3

19
20

-7.6
-7.6

1.2
1.2

1.3
1.3

1.3
1.3

1.3
1.3

1.3
1.3

1.3
1.3

1.3
1.3

1.3
1.3

2.3
2.3

1.3
1.3

21
22

16.3
16.3

88.7
88.7

70.1
70.1

-2.9
-2.9

102.6
102.6

-30.9
-30.9

245.1
245.1

175.1
175.1

21.0
21.0

323.7
323.7

-20.2
-20.2

23
24

41.1
41.1

20.9
20.9

60.8
60.8

24.5
24.5

24.7
24.7

-4.7
-4.7

31.6
31.6

27.6
27.6

44.1
44.1

31.1
31.1

19.0
19.0

25
26

0.0
0.0

0.0
0.0

0.0
0.0

1.9
1.9

8.6
8.6

8.4
8.4

8.3
8.3

8.6
8.6

9.1
9.1

9.0
9.0

8.5
8.5

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

56

Z.1, September 16, 2004

F.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

Q2

2004
Q3

Q4

Q1

Q2

421.7

632.7

86.8

87.5

192.0

350.9

10.9

933.0

-526.9

1067.9

-10.9

1

299.4
73.7

495.8
85.9

-73.0
55.2

59.3
20.3

121.9
36.5

116.6
37.1

96.6
37.7

141.2
35.8

133.4
35.4

65.8
34.2

89.9
33.3

2
3

-2.9
78.1
-1.8

2.0
35.0
0.6

-7.8
30.4
-3.2

-0.4
-8.1
21.5

-2.6
-28.7
3.8

-9.7
-109.3
-12.2

-0.5
-411.9
27.0

0.3
456.5
4.6

-0.3
-50.3
-4.2

1.4
93.0
-11.2

1.7
83.7
6.2

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

-95.6
-20.1
-66.9
-10.8
2.2

87.6
71.3
-27.5
43.1
0.7

-44.8
-101.2
-0.7
52.9
4.2

40.4
13.1
16.5
11.5
-0.7

31.9
45.7
-39.8
22.6
3.4

3.2
187.1
-181.0
-9.0
6.2

51.8
-19.7
-7.0
73.5
5.0

185.6
98.3
53.2
22.3
11.9

-112.9
-82.9
-24.3
3.7
-9.4

334.0
271.8
-75.1
126.0
11.4

-70.3
-110.2
-57.4
88.1
9.3

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

-15.3
0.9
0.3
-3.7

16.5
-0.4
-19.4
-5.4

27.7
-1.8
15.3
35.6

24.7
1.4
29.5
23.8

21.3
1.2
23.4
-22.8

97.0
-10.9
158.7
-17.4

25.7
22.8
66.2
-7.7

49.5
-2.8
-16.5
-23.5

-86.9
-4.5
-115.0
-42.5

236.1
55.6
140.5
20.3

-59.8
-40.1
-45.5
-72.9

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

0.5
4.4
-58.0
141.9

53.7
1.8
-67.2
-53.7

14.5
0.1
76.9
-38.2

35.2
1.4
-99.3
-62.2

71.1
-2.0
-8.4
-54.5

-48.8
-1.9
-2.6
150.9

80.9
1.9
104.7
-84.2

236.5
-3.3
-82.3
-48.6

15.8
-4.9
-53.6
-236.1

64.1
10.4
101.1
-77.4

-57.2
-4.3
-22.5
146.9

16
17
18
19

652.9

1073.9

391.1

185.2

330.4

261.5

53.1

804.5

202.7

855.5

-195.4

20

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

444.1
81.4
-32.3

675.2
90.0
31.6

128.3
127.3
-73.3

57.2
93.4
0.1

75.1
97.7
-10.7

79.2
95.9
9.3

161.9
95.9
-37.0

20.5
97.1
10.5

38.9
102.1
-25.6

61.4
107.4
17.2

8.1
120.9
2.8

21
22
23

24
25
26

Federal government
Rest of the world
Monetary authority

-3.0
119.2
-1.3

-2.9
184.8
1.1

-0.3
23.1
-0.4

-1.6
93.4
-0.2

-0.2
-111.1
0.3

3.2
-356.9
-0.5

-2.6
-442.1
-0.5

0.0
486.9
-0.6

-1.6
-132.3
2.6

-1.7
107.1
-0.7

-1.4
-233.4
-1.9

24
25
26

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

-0.6
1.3
-29.7
28.9
-1.0

-15.3
-6.4
-27.7
20.9
-2.1

42.2
19.7
10.7
5.9
5.9

4.2
-14.0
-3.1
27.3
-6.0

39.7
67.8
-48.4
22.4
-2.2

137.7
144.8
-37.7
24.7
5.8

-45.5
64.4
-110.9
5.4
-4.4

-151.4
-52.2
-108.4
11.3
-2.1

218.0
114.3
63.4
48.2
-8.0

129.8
-5.3
56.0
77.7
1.4

-13.2
134.7
-144.9
0.1
-3.0

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

3.0
-16.6
-2.5

6.4
4.8
1.2

7.5
5.2
7.7

18.0
10.1
-2.6

2.4
0.2
9.5

-29.2
-51.9
9.5

40.1
27.0
9.5

64.8
-38.9
9.5

-66.1
64.7
9.6

10.8
-58.3
9.6

60.5
27.2
9.7

32
33
34

35
36
37

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

-37.3
12.6
14.8

16.4
1.2
12.6

-17.9
2.9
20.3

4.8
2.9
-7.9

22.6
1.1
25.7

80.0
3.8
-29.2

-7.1
-5.5
32.3

6.3
-3.0
82.1

11.1
9.1
17.6

126.2
1.4
29.0

5.5
7.4
-7.5

35
36
37

38
39
40

Money market mutual funds
Mutual funds
Government-sponsored enterprises

22.6
-3.5
5.0

12.2
-0.4
-4.0

26.1
-2.9
5.5

-7.0
0.1
22.0

15.4
1.0
16.5

56.6
3.0
26.1

19.2
0.3
68.3

67.5
5.4
-43.9

-81.8
-4.7
15.5

97.5
4.8
14.2

-2.7
-0.0
3.9

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

39.5
-0.1
7.9

14.8
0.9
43.7

3.5
0.5
85.8

5.6
0.2
-107.3

92.1
1.8
51.4

25.6
3.4
196.1

137.4
2.4
-1.0

174.9
3.6
13.1

30.7
-2.2
-2.8

-52.6
16.6
235.9

-152.0
4.0
-33.4

41
42
43

-231.2

-441.2

-304.3

-97.7

-138.4

89.4

-42.1

128.5

-729.6

212.4

184.6

44

44

Discrepancy

57

Z.1, September 16, 2004

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

2000

2001

2002

2003

2003
Q1

1

Q3

Q4

Q1

Q2

-144.6

-78.1

-242.7

76.3

-237.3

-377.9

334.6

-352.7

-553.1

257.1

-70.1

1

2
3

Household sector
Nonfinancial corporate business

46.6
-97.9

146.4
-164.5

-147.9
-120.2

56.7
40.7

-210.1
-27.5

-55.5
-33.0

-134.2
-3.4

-419.6
-39.8

-231.2
-34.0

-28.7
-7.0

-231.5
-60.3

2
3

4
5
6

State and local governments
Federal government
Rest of the world

-64.5
-8.0
47.0

-84.8
-10.5
-78.9

-37.5
38.0
-43.6

-17.1
8.3
-110.1

-26.1
13.6
-28.8

-85.0
-73.3
-36.4

54.5
315.3
100.5

-70.4
-132.9
6.5

-3.5
-54.6
-185.7

-5.7
133.2
5.7

-37.4
103.7
56.0

4
5
6

7

Financial sectors

-67.9

114.2

68.5

97.8

41.6

-94.7

2.0

303.4

-44.2

159.6

99.4

7

-0.2
-40.3

4.5
136.6

0.1
56.9

-3.3
94.9

-3.9
70.6

-8.1
-52.5

-1.6
-8.3

-8.0
301.1

2.2
42.1

-6.6
140.6

-3.3
150.8

8
9

2.0
1.0
1.7

2.7
-0.2
1.6

1.9
0.3
3.7

4.7
0.2
1.4

3.6
0.2
0.4

-1.5
0.9
0.4

5.9
2.1
0.4

11.2
-0.5
0.4

-1.1
-1.8
0.5

-3.4
2.3
0.2

-11.4
7.2
0.3

10
11
12

-31.0
11.0

-24.1
-19.5

-15.1
-5.1

-29.7
-21.4

-34.3
-32.3

-37.6
-22.7

-56.8
-41.7

-14.2
-10.3

-28.8
-54.5

-40.3
-39.0

-52.0
-21.9

13
14

4.1
-1.8

-1.5
-3.5

-8.4
9.6

-24.6
10.0

-16.9
-6.0

-25.0
12.9

-18.2
-7.4

-12.4
4.5

-11.8
-33.8

-11.6
10.5

-11.6
-34.1

15
16

0.0
-21.7
17.7
-10.4

-0.0
23.9
8.8
-15.1

0.0
20.6
17.4
-13.5

0.0
58.3
19.5
-12.4

-0.0
55.1
16.6
-11.6

-0.0
32.2
17.4
-11.0

0.0
120.6
17.9
-11.0

0.0
27.6
16.0
-11.9

0.0
40.1
15.0
-12.3

0.0
94.6
25.4
-13.1

0.0
61.2
27.1
-12.9

17
18
19
20

8
9

All sectors

2004

Q2

Monetary authority
Commercial banking

10
11
12

Savings institutions
Credit unions
Bank personal trusts and estates

13
14

Life insurance companies
Other insurance companies

15
16

Mutual funds
Government-sponsored enterprises

17
18
19
20

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

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

-144.6

-78.1

-242.7

76.3

-237.3

-377.9

334.6

-352.7

-553.1

257.1

-70.1

1

2
3

Treasury currency
Foreign deposits

-0.7
30.5

-1.2
66.1

-0.1
-12.8

-0.6
11.0

-0.3
27.5

-0.2
40.8

0.5
198.3

-0.8
-287.1

-0.7
158.1

-0.4
44.4

0.3
-144.0

2
3

4
5

Net interbank transactions
Security RPs

0.1
39.4

20.4
106.2

17.2
-61.9

7.1
19.9

-4.8
-22.9

8.5
-420.9

-26.2
264.9

32.3
-62.3

-33.8
126.5

10.6
-8.8

59.6
-155.4

4
5

6
7

Mail floats:
Federal government
Other

-7.4
-0.8

9.0
-0.3

5.7
-0.5

0.1
-0.7

-7.9
-0.0

-21.6
-1.1

-3.2
-0.3

-37.0
0.3

30.4
1.0

41.2
1.7

-13.1
2.4

6
7

8
9

Trade credit
Taxes payable

-15.7
10.8

3.3
32.6

2.9
21.4

94.1
27.8

-32.9
-31.9

14.0
-47.3

-41.5
-2.6

-59.9
-29.9

-44.4
-47.9

26.2
-7.4

4.5
50.7

8
9

10

Miscellaneous

-231.2

-441.2

-304.3

-97.7

-138.4

89.4

-42.1

128.5

-729.6

212.4

184.6

10

11

Nonfinancial

30.5

127.1

89.8

15.4

-25.5

-39.5

-13.1

-36.9

-12.6

-62.8

-59.7

11

-35.7
5.2

-127.1
0.0

-89.8
0.0

-15.4
0.0

25.6
0.0

39.5
0.0

13.2
0.0

36.9
0.0

12.7
0.0

62.8
0.0

59.6
0.0

12
13

12
13

All types

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

58

Z.1, September 16, 2004

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2

Total credit market debt owed by:
Domestic nonfinancial sectors

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

23350.8

25473.2

27188.1

29161.8

31320.7

31845.3

32564.1

33225.0

34007.4

34585.7

35181.7

1

16198.2

17253.2

18105.9

19229.7

20552.9

20854.6

21392.5

21801.3

22272.2

22692.3

23103.6

2

3

Federal government

3752.2

3681.0

3385.1

3379.5

3637.0

3700.6

3806.9

3914.5

4033.1

4168.9

4209.6

3

4

Nonfederal sectors

12446.0

13572.2

14720.8

15850.2

16915.9

17154.1

17585.6

17886.8

18239.1

18523.4

18894.0

4

5956.7
3780.4
1405.3
165.3
1138.3

6440.8
4188.5
1595.5
170.6
1176.9

7012.9
4545.7
1788.4
181.5
1192.3

7640.9
4774.4
1944.7
192.0
1298.1

8372.4
4808.6
2093.0
199.9
1442.0

8523.4
4847.0
2119.3
198.3
1466.1

8789.9
4918.7
2153.2
202.8
1521.0

9027.3
4934.8
2189.3
205.7
1529.8

9252.3
4987.1
2232.5
207.6
1559.7

9424.4
5036.4
2261.6
205.6
1595.4

9670.4
5076.9
2305.2
212.8
1628.7

5
6
7
8
9

5
6
7
8
9

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

10

Rest of the world

639.4

652.6

709.6

659.9

665.5

669.4

653.2

638.7

649.8

666.9

651.8

10

11

Financial sectors

6513.2

7567.4

8372.7

9272.3

10102.3

10321.3

10518.4

10785.0

11085.3

11226.5

11426.2

11

12
13
14
15

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

382.1
186.2
2.4
193.5

449.3
228.0
2.0
219.3

509.3
264.8
2.0
242.5

562.1
294.9
1.1
266.1

611.8
324.8
0.7
286.4

627.5
324.1
0.5
302.8

639.3
336.2
0.5
302.7

638.6
333.3
0.5
304.8

661.0
338.7
0.6
321.8

703.2
355.2
0.6
347.5

710.2
358.1
0.6
351.5

12
13
14
15

16
17

Savings institutions
Credit unions

212.4
1.1

260.4
3.4

287.7
3.4

285.7
4.9

262.3
6.9

257.2
7.6

256.7
8.0

262.3
8.8

268.3
9.1

267.2
8.4

308.0
9.6

16
17

18
19
20
21

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

2.5
1275.4
2019.0
1365.3

3.2
1594.2
2293.5
1556.8

2.5
1826.4
2493.2
1743.8

3.1
2130.6
2831.8
1997.8

5.1
2350.4
3158.6
2191.2

6.3
2406.1
3226.6
2246.6

6.6
2454.0
3289.1
2307.1

7.4
2569.2
3371.3
2343.2

8.0
2594.1
3489.0
2392.3

7.9
2598.7
3506.4
2415.6

8.6
2657.3
3519.8
2492.4

18
19
20
21

22
23
24
25
26

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

625.5
16.0
158.8
42.5
412.6

696.1
16.0
165.1
25.3
504.0

778.0
16.0
167.8
40.9
503.7

779.2
16.0
170.2
42.3
448.4

821.4
16.0
190.0
40.6
447.9

820.0
16.0
194.4
50.2
462.7

871.0
16.0
197.6
46.2
426.8

896.3
16.0
206.7
48.6
416.5

938.7
16.0
214.7
47.0
447.0

958.1
16.0
228.7
60.0
456.1

962.2
16.0
239.9
60.7
441.4

22
23
24
25
26

23350.8

25473.2

27188.1

29161.8

31320.7

31845.3

32564.1

33225.0

34007.4

34585.7

35181.7

27

3296.0

3498.8

3380.5

3366.8

3320.2

3254.7

3282.2

3422.8

3553.8

3417.6

3505.3

28

2264.3
254.5
67.5
709.7

2392.1
231.7
64.6
810.4

2235.2
256.8
65.9
822.6

2104.8
258.5
73.0
930.5

2010.1
280.1
76.7
953.3

1949.5
274.1
76.6
954.5

1944.7
290.6
77.6
969.2

2047.8
307.7
77.8
989.5

2154.4
311.2
78.1
1010.1

2009.8
308.8
78.1
1020.9

2069.1
324.9
77.8
1033.5

29
30
31
32

221.4
2231.2

260.9
2316.0

272.6
2590.8

278.6
2916.9

288.2
3394.8

283.7
3489.7

281.7
3683.8

286.7
3772.2

285.6
3933.1

286.8
4163.3

283.6
4366.4

33
34

17602.1

19397.5

20944.2

22599.5

24317.5

24817.2

25316.4

25743.3

26234.9

26718.0

27026.3

35

27
28
29
30
31
32

Total credit market assets held by:
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
37
38
39
40
41
42
43
44

Monetary authority
Commercial banking
U.S.-chartered commercial banks
Foreign banking offices in U.S.
Bank holding companies
Banks in U.S.-affiliated areas
Savings institutions
Credit unions
Bank personal trusts and estates

452.5
4336.1
3761.4
504.5
26.5
43.8
965.5
324.2
194.1

478.1
4648.3
4080.0
487.4
32.7
48.3
1032.6
351.7
222.0

511.8
5006.3
4419.5
511.3
20.5
55.0
1088.8
379.7
222.8

551.7
5210.5
4610.1
510.7
24.7
65.0
1133.4
421.2
194.7

629.4
5614.9
5003.9
516.9
27.8
66.3
1167.0
463.9
195.6

641.5
5673.6
5055.6
519.0
33.0
66.1
1214.6
473.7
194.9

652.1
5831.3
5200.8
517.6
42.9
70.0
1239.0
495.3
194.3

656.1
5831.8
5230.3
490.3
36.4
74.9
1261.5
517.7
193.7

666.7
5960.8
5361.7
485.8
36.4
76.9
1293.3
514.5
193.2

674.1
6135.3
5525.9
492.9
36.7
79.9
1370.8
524.6
196.4

687.4
6270.1
5665.5
484.0
36.1
84.5
1408.9
542.3
197.3

36
37
38
39
40
41
42
43
44

45
46
47
48
49

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

1828.0
521.1
621.1
663.2
30.2

1886.0
518.2
720.4
702.8
33.1

1943.9
509.4
724.2
752.0
35.1

2074.8
518.4
708.3
715.2
44.8

2307.8
558.3
729.5
708.0
57.8

2377.0
572.3
731.3
703.0
64.9

2436.5
584.7
737.4
717.1
65.5

2471.6
601.9
734.4
711.7
65.3

2488.3
625.2
733.6
728.9
64.1

2546.1
651.5
740.0
737.3
64.3

2599.8
669.5
737.6
751.9
66.0

45
46
47
48
49

50
51
52
53
54
55
56

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

965.9
1028.4
101.2
0.0
1251.5
2019.0
1186.7

1147.8
1076.8
110.8
0.0
1538.8
2293.5
1360.0

1290.9
1097.7
105.3
0.0
1794.4
2493.2
1517.2

1536.9
1223.8
108.5
0.0
2099.1
2831.8
1745.1

1511.6
1368.0
117.1
3.7
2323.2
3158.6
1915.8

1485.5
1415.6
123.6
3.4
2376.9
3226.6
1965.3

1479.6
1480.9
138.6
3.5
2401.3
3289.1
2020.6

1438.1
1478.5
149.3
3.9
2550.2
3371.3
2051.7

1398.5
1505.7
153.3
4.5
2565.0
3489.0
2096.0

1344.7
1552.6
155.5
5.7
2557.5
3506.4
2114.6

1271.3
1555.5
161.2
6.6
2608.9
3519.8
2186.8

50
51
52
53
54
55
56

57
58
59
60
61

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

645.5
32.1
45.5
189.4
201.2

742.6
32.1
42.9
154.7
304.3

851.2
32.1
35.8
223.6
328.8

846.4
32.1
42.5
316.0
244.4

867.6
32.1
65.6
344.4
177.7

861.1
32.1
63.5
390.9
225.9

883.5
32.1
71.2
341.1
221.5

924.2
32.1
75.9
375.0
247.2

951.8
32.1
82.4
424.1
263.9

989.2
32.1
96.8
410.6
311.8

1009.3
32.1
104.7
332.5
306.7

57
58
59
60
61

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, September 16, 2004

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

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 secur. 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

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

16198.2

17253.2

18105.9

19229.7

20552.9

20854.6

21392.5

21801.3

22272.2

22692.3

23103.6

1

3752.2
3723.7
28.5

3681.0
3652.7
28.3

3385.1
3357.8
27.3

3379.5
3352.7
26.8

3637.0
3609.8
27.3

3700.6
3673.7
26.9

3806.9
3779.9
27.0

3914.5
3887.5
27.0

4033.1
4008.2
24.9

4168.9
4143.8
25.1

4209.6
4185.4
24.2

2
3
4

12446.0
193.0
1402.9
1846.0
1150.2
826.1

13572.2
230.3
1457.2
2067.7
1233.2
852.4

14720.8
278.4
1480.9
2230.3
1335.0
932.1

15850.2
190.1
1603.7
2578.8
1253.5
941.0

16915.9
126.0
1763.1
2711.0
1166.5
961.3

17154.1
127.1
1791.1
2753.4
1141.8
957.2

17585.6
107.5
1850.7
2827.7
1128.8
966.8

17886.8
108.4
1863.5
2851.7
1096.4
958.0

18239.1
85.9
1898.2
2869.3
1131.1
971.3

18523.4
95.5
1937.2
2897.9
1116.1
969.3

18894.0
102.5
1977.2
2899.3
1136.1
978.2

5
6
7
8
9
10

5584.9
4301.4
310.8
875.5
97.2
1442.9

6181.1
4721.5
347.2
1008.8
103.6
1550.2

6737.6
5133.8
377.1
1116.5
110.2
1726.5

7417.9
5651.4
419.9
1228.7
117.9
1865.2

8245.4
6332.2
457.6
1330.1
125.5
1942.6

8470.7
6524.3
466.0
1352.9
127.6
1912.7

8764.2
6767.0
480.2
1387.2
129.7
1940.0

9031.3
6983.3
493.4
1422.9
131.7
1977.5

9257.7
7150.2
514.1
1459.9
133.6
2025.5

9502.1
7351.7
519.8
1495.4
135.3
2005.3

9782.2
7571.0
533.5
1539.1
138.6
2018.6

11
12
13
14
15
16

12446.0
5956.7
5350.9
3780.4
1405.3
165.3
1138.3

13572.2
6440.8
5954.5
4188.5
1595.5
170.6
1176.9

14720.8
7012.9
6515.5
4545.7
1788.4
181.5
1192.3

15850.2
7640.9
6911.2
4774.4
1944.7
192.0
1298.1

16915.9
8372.4
7101.4
4808.6
2093.0
199.9
1442.0

17154.1
8523.4
7164.6
4847.0
2119.3
198.3
1466.1

17585.6
8789.9
7274.8
4918.7
2153.2
202.8
1521.0

17886.8
9027.3
7329.8
4934.8
2189.3
205.7
1529.8

18239.1
9252.3
7427.1
4987.1
2232.5
207.6
1559.7

18523.4
9424.4
7503.6
5036.4
2261.6
205.6
1595.4

18894.0
9670.4
7594.9
5076.9
2305.2
212.8
1628.7

17
18
19
20
21
22
23

24

Foreign credit market debt
held in U.S.

639.4

652.6

709.6

659.9

665.5

669.4

653.2

638.7

649.8

666.9

651.8

24

25
26
27
28

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

72.9
450.9
58.7
57.0

89.2
452.8
59.2
51.5

120.9
468.0
70.5
50.2

106.7
443.5
63.2
46.4

142.8
410.0
68.6
44.1

155.7
402.5
67.6
43.7

173.1
377.5
59.7
42.9

160.4
375.3
61.0
42.0

165.1
381.9
60.9
42.0

190.0
377.0
59.2
40.8

183.4
367.1
60.9
40.4

25
26
27
28

16837.6

17905.8

18815.5

19889.5

21218.4

21524.1

22045.7

22440.0

22922.0

23359.3

23755.5

29

29

Domestic and foreign

L.3 Credit Market Debt Owed by Financial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8
9

By instrument
Open market paper
GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
By sector

10
11
12
13

Commercial banks
Bank holding companies
Savings institutions
Credit unions

14
15
16
17

Life insurance companies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

18
19
20
21
22

Brokers and dealers
Finance companies
Mortgage companies
REITs
Funding corporations

6513.2

7567.4

8372.7

9272.3

10102.3

10321.3

10518.4

10785.0

11085.3

11226.5

11426.2

1

906.7
1275.4
2019.0
1846.0
105.8
288.7
71.6

1082.9
1594.2
2293.5
2032.7
91.5
395.8
76.7

1214.7
1826.4
2493.2
2226.0
91.1
438.3
82.9

1169.4
2130.6
2831.8
2488.4
104.2
463.7
84.2

1105.9
2350.4
3158.6
2821.5
105.3
470.5
90.1

1076.5
2406.1
3226.6
2953.6
92.9
476.3
89.2

1036.5
2454.0
3289.1
3064.1
98.7
486.0
90.1

1025.7
2569.2
3371.3
3133.8
102.8
490.3
92.0

1042.1
2594.1
3489.0
3264.2
100.3
501.7
93.9

1055.0
2598.7
3506.4
3347.2
104.1
516.6
98.5

1028.2
2657.3
3519.8
3462.2
98.7
558.1
101.8

2
3
4
5
6
7
8

6513.2

7567.4

8372.7

9272.3

10102.3

10321.3

10518.4

10785.0

11085.3

11226.5

11426.2

9

188.6
193.5
212.4
1.1

230.0
219.3
260.4
3.4

266.7
242.5
287.7
3.4

296.0
266.1
285.7
4.9

325.5
286.4
262.3
6.9

324.7
302.8
257.2
7.6

336.7
302.7
256.7
8.0

333.8
304.8
262.3
8.8

339.3
321.8
268.3
9.1

355.8
347.5
267.2
8.4

358.7
351.5
308.0
9.6

10
11
12
13

2.5
1275.4
2019.0
1365.3

3.2
1594.2
2293.5
1556.8

2.5
1826.4
2493.2
1743.8

3.1
2130.6
2831.8
1997.8

5.1
2350.4
3158.6
2191.2

6.3
2406.1
3226.6
2246.6

6.6
2454.0
3289.1
2307.1

7.4
2569.2
3371.3
2343.2

8.0
2594.1
3489.0
2392.3

7.9
2598.7
3506.4
2415.6

8.6
2657.3
3519.8
2492.4

14
15
16
17

42.5
625.5
16.0
158.8
412.6

25.3
696.1
16.0
165.1
504.0

40.9
778.0
16.0
167.8
503.7

42.3
779.2
16.0
170.2
448.4

40.6
821.4
16.0
190.0
447.9

50.2
820.0
16.0
194.4
462.7

46.2
871.0
16.0
197.6
426.8

48.6
896.3
16.0
206.7
416.5

47.0
938.7
16.0
214.7
447.0

60.0
958.1
16.0
228.7
456.1

60.7
962.2
16.0
239.9
441.4

18
19
20
21
22

60

Z.1, September 16, 2004

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6
7
8
9
10

11
12

Total

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

23350.8

25473.2

27188.1

29161.8

31320.7

31845.3

32564.1

33225.0

34007.4

34585.7

35181.7

1

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

1172.6
3723.7
3322.9
1402.9
4142.9

1402.4
3652.7
3916.0
1457.2
4553.3

1614.0
3357.8
4347.0
1480.9
4924.3

1466.2
3352.7
4989.1
1603.7
5510.7

1374.7
3609.8
5536.3
1763.1
5942.6

1359.2
3673.7
5659.6
1791.1
6109.5

1317.1
3779.9
5770.1
1850.7
6269.2

1294.5
3887.5
5967.5
1863.5
6360.7

1293.1
4008.2
6108.0
1898.2
6515.4

1340.4
4143.8
6130.2
1937.2
6622.1

1314.2
4185.4
6201.3
1977.2
6728.6

2
3
4
5
6

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

1314.8
1171.7
5656.5
1442.9

1383.8
1299.7
6257.8
1550.2

1496.6
1420.5
6820.6
1726.5

1421.0
1451.1
7502.1
1865.2

1340.4
1475.9
8335.5
1942.6

1302.3
1477.2
8559.9
1912.7

1287.2
1495.7
8854.2
1940.0

1260.2
1490.3
9123.3
1977.5

1292.3
1515.0
9351.7
2025.5

1279.3
1526.7
9600.6
2005.3

1295.8
1576.6
9884.0
2018.6

7
8
9
10

15547.3
3613.1

19522.8
4538.5

17627.0
4435.3

15310.6
4135.5

11871.0
3638.4

11425.9
3587.8

13278.7
4071.6

13755.1
4242.6

15497.0
4653.2

15832.8
4901.2

15982.7
4969.7

11
12

Memo:
Selected claims not included above:
Corporate equities
Mutual fund shares

L.5 Total Liabilities and Its Relation to Total Financial Assets
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total credit market debt
(from table L.4)

23350.8

25473.2

27188.1

29161.8

31320.7

31845.3

32564.1

33225.0

34007.4

34585.7

35181.7

1

2
3
4
5
6

Official foreign exchange
SDR certificates
Treasury currency
Foreign deposits
Net interbank liabilities

60.1
9.2
19.9
627.6
189.4

50.1
6.2
20.9
676.5
202.4

46.1
2.2
23.2
803.4
221.2

46.8
2.2
24.5
810.1
191.4

55.8
2.2
25.5
831.1
205.9

57.6
2.2
25.6
839.8
175.5

58.9
2.2
26.0
875.6
123.8

61.3
2.2
26.0
799.1
163.7

62.3
2.2
26.0
831.1
202.9

61.5
2.2
26.2
864.2
116.0

58.9
2.2
26.5
852.4
129.8

2
3
4
5
6

7
8
9
10
11

Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares
Security RPs

1333.3
2626.5
805.3
1329.7
913.8

1484.5
2671.6
936.4
1578.8
1083.6

1413.1
2860.4
1052.6
1812.1
1196.8

1603.2
3127.6
1121.1
2240.7
1231.8

1646.7
3398.5
1171.3
2223.9
1336.8

1645.3
3502.2
1208.8
2156.1
1358.1

1712.2
3575.0
1222.2
2120.1
1440.8

1707.2
3600.9
1221.8
2058.0
1446.6

1780.6
3627.9
1233.2
2016.0
1559.4

1791.8
3721.5
1332.2
1971.9
1630.5

1847.9
3793.8
1379.4
1912.3
1585.1

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

3613.1
572.2
718.3
8123.2

4538.5
676.6
783.9
9111.4

4435.3
822.7
819.1
8901.3

4135.5
825.9
880.0
8444.1

3638.4
738.8
920.9
7754.1

3587.8
796.6
936.3
7664.6

4071.6
971.9
959.7
8239.9

4242.6
940.2
973.0
8424.2

4653.2
871.3
1013.2
8960.6

4901.2
953.3
1034.3
9137.5

4969.7
978.7
1054.2
9266.7

12
13
14
15

16
17
18
19

Trade payables
Taxes payable
Investment in bank personal trusts
Miscellaneous

2082.9
156.0
1001.0
8332.1

2345.4
178.9
1130.4
9325.1

2747.7
204.8
1095.8
10529.7

2664.3
219.2
960.7
11342.4

2730.9
248.1
840.9
12024.3

2728.9
260.0
819.6
12283.6

2778.5
264.8
877.0
12219.9

2829.2
271.5
885.0
12446.8

2891.8
260.5
932.4
12592.1

2943.9
273.1
955.0
12881.0

3013.5
281.1
961.9
12982.3

16
17
18
19

20

Total liabilities

55864.4

62274.4

66175.5

69033.3

71114.8

71894.1

74104.2

75324.2

77524.1

79183.0

80278.2

20

21
22
23

+ Financial assets not included in
liabilities:
Gold and SDRs
Corporate equities
Household equity in noncorp. bus.

21.6
15547.3
4368.7

21.4
19522.8
4600.4

21.6
17627.0
4993.7

21.8
15310.6
5054.1

23.2
11871.0
5267.8

22.4
11425.9
5332.0

22.8
13278.7
5381.6

23.1
13755.1
5503.3

23.7
15497.0
5660.8

23.7
15832.8
5761.2

23.7
15982.7
5859.1

21
22
23

24
25
26

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

-6.4
528.1
-26.5

-7.1
558.6
-28.5

-8.5
624.7
-4.3

-8.6
611.9
11.1

-9.1
622.9
15.3

-9.2
633.1
19.3

-9.1
682.6
6.8

-9.3
610.9
18.1

-9.5
650.4
12.0

-9.6
661.5
14.7

-9.5
625.5
24.4

24
25
26

235.0
117.5
-2109.2

274.4
112.8
-2506.1

392.8
120.0
-3617.5

343.5
93.4
-3659.8

363.5
127.3
-3586.3

249.0
107.8
-3506.7

320.3
113.3
-3593.8

306.4
98.5
-3427.7

340.5
84.2
-3529.7

328.4
71.3
-3677.7

294.0
92.7
-3552.9

27
28
29

27
28
29

Security RPs
Taxes payable
Miscellaneous

30
31
32

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

-3.9
23.1
12.2

-9.8
22.3
0.4

-2.3
22.0
3.7

-12.3
21.6
6.6

-11.7
20.9
100.6

-7.7
16.7
55.2

-7.9
20.1
12.5

-15.9
12.7
9.3

-17.9
20.8
67.7

1.1
17.4
23.7

0.1
21.5
-6.7

30
31
32

33

Totals identified to sectors as assets

77032.1

88001.9

91287.0

92012.6

90633.5

91116.8

95242.4

97002.5

101086.9

103370.0

104654.6

33

61

Z.1, September 16, 2004

L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4
5

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

6

Securities

7
8
9
10

Open market paper
U.S. savings bonds
Other Treasury securities
Agency- and GSE-backed securities

11
12
13
14

Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

27172.6

31528.4

30309.9

28800.2

26400.8

26254.3

28047.0

28650.9

30374.9

30874.5

31182.1

1

38.3
619.5
2779.0
745.5

43.5
601.2
2916.6
865.7

63.5
525.7
3228.5
1020.1

58.5
629.9
3443.5
1188.2

74.2
666.5
3729.2
1150.1

80.7
666.3
3874.2
1137.8

74.8
659.2
3935.9
1089.0

70.3
616.0
4006.0
1042.3

65.2
635.0
4055.9
1042.1

84.9
670.5
4231.8
1019.0

90.1
670.6
4279.5
948.7

2
3
4
5

11724.1

14481.1

12828.3

11242.8

9220.5

8971.3

9979.9

10358.9

11387.7

11375.3

11482.4

6

63.7
186.6
598.8
288.9

67.7
186.4
683.7
362.4

82.6
184.8
477.0
405.8

85.7
190.3
363.4
328.9

98.9
194.9
223.6
219.1

105.0
196.9
263.3
200.5

97.5
199.1
334.1
156.5

99.0
201.5
305.6
345.9

94.9
203.8
299.4
485.5

100.3
204.4
259.2
397.5

104.6
204.6
279.4
440.5

7
8
9
10

418.8
650.0
7120.0
2397.1

438.3
587.0
9168.1
2987.4

440.5
569.8
7762.6
2905.3

492.8
564.7
6466.3
2750.8

589.0
597.6
4853.7
2443.8

590.3
503.6
4680.3
2431.4

617.1
449.0
5364.4
2762.2

606.6
395.4
5499.3
2905.5

622.6
352.4
6146.7
3182.4

630.4
319.9
6072.0
3391.6

654.9
284.3
6065.5
3448.7

11
12
13
14

15
16
17
18

Private life insurance reserves
Private insured pension reserves
Private noninsured pension reserves
Govt. insurance and pension reserves

684.7
1248.1
4158.9
2749.7

748.9
1428.1
4628.9
3089.4

782.7
1453.1
4483.5
3001.0

842.2
1462.1
4104.6
2915.2

881.6
1488.0
3582.3
2723.2

896.9
1506.3
3528.2
2669.5

919.9
1606.5
3848.0
2825.2

933.1
1646.6
3939.6
2877.9

972.7
1713.7
4249.0
3038.4

993.8
1760.7
4352.2
3065.0

1013.3
1800.9
4405.7
3101.1

15
16
17
18

19
20

Investment in bank personal trusts
Miscellaneous and other assets

1001.0
1423.9

1130.4
1594.6

1095.8
1827.5

960.7
1952.5

840.9
2044.5

819.6
2103.6

877.0
2231.6

885.0
2275.2

932.4
2282.9

955.0
2366.2

961.9
2427.9

19
20

8459.2

9337.9

10270.2

11075.3

11973.0

12187.9

12607.3

12889.5

13138.1

13380.3

13720.0

21

21

Total liabilities

22
23
24

Mortgage debt on nonfarm homes
Other mortgage debt (3)
Consumer credit

4292.0
1030.0
1442.9

4710.0
1131.9
1550.2

5120.3
1246.9
1726.5

5635.8
1351.7
1865.2

6316.0
1455.6
1942.6

6507.7
1478.4
1912.7

6750.0
1505.4
1940.0

6965.8
1537.7
1977.5

7132.2
1551.0
2025.5

7332.8
1577.3
2005.3

7551.3
1610.7
2018.6

22
23
24

25
26
27

Policy loans
Security credit
Other liabilities (3)

104.7
152.8
1436.7

100.0
227.9
1617.9

102.8
235.1
1838.6

105.0
196.4
1921.2

106.1
148.2
2004.5

105.6
159.5
2023.9

105.9
248.5
2057.5

105.4
227.6
2075.5

105.5
182.5
2141.4

105.4
201.2
2158.2

105.7
215.6
2218.2

25
26
27

(1) Combined 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 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19).
(3) Includes corporate farms.

62

Z.1, September 16, 2004

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6
7

Total financial assets
Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Credit market instruments

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

30474.5

34894.0

33853.6

32326.3

30027.8

29917.7

31725.2

32414.3

34265.6

34836.0

35204.8

1

3853.6

4031.9

4357.4

4821.8

5103.8

5243.1

5239.9

5215.2

5277.8

5490.1

5473.2

2

38.3
421.9
2680.5
712.9

43.5
364.3
2799.1
825.0

63.5
232.3
3090.9
970.7

58.5
335.3
3298.8
1129.2

74.2
358.7
3582.3
1088.7

80.7
356.3
3728.3
1077.8

74.8
345.7
3789.0
1030.3

70.3
299.3
3858.9
986.7

65.2
316.3
3907.3
989.0

84.9
351.3
4084.1
969.8

90.1
351.8
4131.7
899.7

3
4
5
6

2264.3

2392.1

2235.2

2104.8

2010.1

1949.5

1944.7

2047.8

2154.4

2009.8

2069.1

7

8
9
10
11
12

Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities

63.7
747.5
186.6
560.9
288.9

67.7
833.0
186.4
646.5
362.4

82.6
621.6
184.8
436.9
405.8

85.7
510.9
190.3
320.5
328.9

98.9
373.3
194.9
178.4
219.1

105.0
415.1
196.9
218.2
200.5

97.5
486.9
199.1
287.7
156.5

99.0
460.3
201.5
258.7
345.9

94.9
455.6
203.8
251.8
485.5

100.3
415.4
204.4
211.0
397.5

104.6
435.3
204.6
230.7
440.5

8
9
10
11
12

13
14
15

Municipal securities
Corporate and foreign bonds
Mortgages

416.0
650.0
98.2

435.6
587.0
106.5

438.0
569.8
117.4

489.3
564.7
125.4

585.2
597.6
136.0

586.6
503.6
138.8

613.3
449.0
141.6

602.7
395.4
144.5

618.6
352.4
147.4

626.4
319.9
150.3

650.9
284.3
153.5

13
14
15

7120.0
2397.1
276.7
718.3
8123.2
1001.0
4368.7
351.5

9168.1
2987.4
323.9
783.9
9111.4
1130.4
4600.4
364.3

7762.6
2905.3
412.4
819.1
8901.3
1095.8
4993.7
370.9

6466.3
2750.8
454.3
880.0
8444.1
960.7
5054.1
389.4

4853.7
2443.8
412.7
920.9
7754.1
840.9
5267.8
420.0

4680.3
2431.4
429.6
936.3
7664.6
819.6
5332.0
431.3

5364.4
2762.2
515.1
959.7
8239.9
877.0
5381.6
440.6

5499.3
2905.5
503.4
973.0
8424.2
885.0
5503.3
457.5

6146.7
3182.4
475.4
1013.2
8960.6
932.4
5660.8
462.0

6072.0
3391.6
513.0
1034.3
9137.5
955.0
5761.2
471.5

6065.5
3448.7
526.3
1054.2
9266.7
961.9
5859.1
480.2

16
17
18
19
20
21
22
23

6253.5

6819.1

7402.3

7989.2

8680.4

8845.3

9203.0

9421.6

9603.4

9796.4

10059.8

24

5956.7

6440.8

7012.9

7640.9

8372.4

8523.4

8789.9

9027.3

9252.3

9424.4

9670.4

25

4086.1
1442.9
126.9

4457.9
1550.2
137.3

4828.7
1726.5
143.0

5301.4
1865.2
156.9

5932.1
1942.6
169.8

6109.6
1912.7
173.6

6334.9
1940.0
177.3

6536.3
1977.5
180.6

6688.2
2025.5
183.9

6873.6
2005.3
186.7

7078.3
2018.6
192.3

26
27
28

74.2
122.9
103.7

67.3
117.8
110.3

74.1
119.8
120.7

57.6
120.4
139.4

54.6
120.7
152.7

50.9
120.0
156.6

61.1
120.1
156.5

51.9
119.4
161.6

94.4
119.3
141.0

92.8
119.1
146.9

111.4
119.0
150.8

29
30
31

152.8
126.8

227.9
130.9

235.1
134.7

196.4
132.9

148.2
139.8

159.5
141.7

248.5
143.6

227.6
145.7

182.5
147.7

201.2
149.9

215.6
152.1

32
33

17.2

19.4

19.6

19.1

20.0

20.7

21.0

21.0

20.9

21.0

21.7

34

16
17
18
19
20
21
22
23
24
25

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business
Miscellaneous assets
Total liabilities
Credit market instruments

26
27
28

Home mortgages (3)
Consumer credit
Municipal securities

29
30
31

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

32
33
34

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(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) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17), life insurance and pension reserves (lines 19 and 20), and bank personal trusts (line 21).
(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

63

Z.1, September 16, 2004

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

7872.8

9335.4

11260.2

11544.9

11754.2

11848.5

12109.0

12266.3

12504.4

12681.6

12870.8

1

2
3
4
5
6

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

30.5
472.5
211.0
159.0
4.2

31.5
567.8
254.4
195.6
5.8

24.0
674.9
274.9
240.8
4.2

15.5
626.5
275.8
360.9
4.0

20.0
620.8
274.4
390.1
6.2

25.0
607.2
281.6
384.1
5.8

29.5
647.1
296.4
372.3
6.2

35.5
704.0
307.9
348.1
7.3

41.4
734.1
320.6
344.1
5.8

44.6
720.5
325.0
340.2
6.9

48.0
723.3
334.3
343.3
7.1

2
3
4
5
6

7

Credit market instruments

321.9

296.3

322.6

331.5

356.8

350.7

368.2

385.5

389.3

386.9

402.7

7

39.4
61.6
10.6
28.6
93.9
87.8

47.6
56.6
12.4
27.7
65.9
86.0

57.8
58.3
15.4
34.4
66.8
90.0

60.2
59.3
17.2
32.8
73.3
88.8

64.7
76.5
16.9
35.8
76.4
86.4

62.7
80.6
18.4
36.6
76.9
75.5

71.5
85.6
21.1
37.8
77.2
75.1

80.7
87.7
23.3
42.0
77.3
74.6

83.5
89.0
25.1
44.1
77.3
70.3

80.6
93.3
28.0
45.9
77.1
62.1

83.6
98.7
31.5
49.6
76.8
62.4

8
9
10
11
12
13

98.0
1673.1
4902.4

127.0
1920.3
5936.8

124.0
2272.9
7321.8

111.0
2146.1
7673.5

97.0
2088.6
7900.3

92.5
2122.5
7979.1

106.2
2203.2
8080.0

108.5
2248.5
8121.0

121.0
2243.0
8305.1

122.5
2327.4
8407.6

122.5
2423.8
8465.8

14
15
16

9663.3

10926.1

12479.3

12895.5

13241.6

13332.2

13489.1

13602.2

13709.9

13841.3

13953.0

17

8
9
10
11
12
13
14
15
16
17
18

Total financial assets

1999

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Mutual fund shares
Trade receivables
Miscellaneous assets
Total liabilities

5350.9

5954.5

6515.5

6911.2

7101.4

7164.6

7274.8

7329.8

7427.1

7503.6

7594.9

18

19
20
21

Commercial paper
Municipal securities
Corporate bonds

193.0
147.8
1846.0

230.3
152.8
2067.7

278.4
154.2
2230.3

190.1
157.7
2578.8

126.0
160.8
2711.0

127.1
160.9
2753.4

107.5
162.0
2827.7

108.4
162.8
2851.7

85.9
164.2
2869.3

95.5
164.7
2897.9

102.5
166.0
2899.3

19
20
21

22
23
24

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

1076.0
693.1
1395.0

1165.8
724.9
1612.9

1260.8
803.6
1788.2

1195.9
811.6
1977.0

1111.9
831.2
2160.6

1091.0
827.7
2204.6

1067.8
837.1
2272.8

1044.5
829.0
2333.4

1036.7
842.4
2428.6

1023.3
840.5
2481.6

1024.7
849.4
2553.0

22
23
24

1247.9
108.1
2956.4

1461.5
124.0
3386.1

1822.2
142.6
3998.9

1711.0
149.7
4123.6

1756.9
169.8
4213.6

1742.9
178.9
4245.8

1777.5
180.7
4256.2

1824.2
184.3
4263.9

1882.9
171.0
4228.8

1914.8
179.9
4243.1

1975.3
185.1
4197.7

25
26
27

25
26
27

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

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

64

Z.1, September 16, 2004

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6

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

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

6816.1

8093.8

9772.5

9898.9

9962.3

10020.8

10238.8

10351.4

10549.2

10686.9

10828.3

1

30.5
275.0
112.6
126.4
4.2

31.5
331.0
136.9
154.9
5.8

24.0
381.4
137.3
191.4
4.2

15.5
331.9
131.1
301.9
4.0

20.0
313.0
127.5
328.8
6.2

25.0
297.2
135.7
324.1
5.8

29.5
333.6
149.6
313.6
6.2

35.5
387.3
160.8
292.6
7.3

41.4
415.3
172.0
291.0
5.8

44.6
401.3
177.3
291.0
6.9

48.0
404.4
186.5
294.3
7.1

2
3
4
5
6

7
8
9
10
11
12
13
14

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares

39.4
23.6
10.6
25.7
67.3
87.8
1440.0
98.0

47.6
19.4
12.4
25.0
41.2
86.0
1647.7
127.0

57.8
18.1
15.4
31.9
43.5
90.0
1930.7
124.0

60.2
16.5
17.2
29.3
46.6
88.8
1802.2
111.0

64.7
31.4
16.9
32.1
48.7
86.4
1721.9
97.0

62.7
35.5
18.4
32.9
49.2
75.5
1746.6
92.5

71.5
39.3
21.1
34.0
49.7
75.1
1815.1
106.2

80.7
40.8
23.3
38.2
50.2
74.6
1844.0
108.5

83.5
41.5
25.1
40.2
50.7
70.3
1825.9
121.0

80.6
45.1
28.0
41.9
51.2
62.1
1895.4
122.5

83.6
50.1
31.5
45.6
51.7
62.4
1976.0
122.5

7
8
9
10
11
12
13
14

15
16
17
18
19
20

Miscellaneous assets
U.S. direct investment abroad (1)
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

4475.0
1041.0
189.8
0.0
17.1
3227.0

5427.5
1227.7
190.8
0.0
43.9
3965.1

6722.6
1322.2
190.4
0.0
51.3
5158.7

6942.7
1456.2
200.8
0.0
49.6
5236.2

7067.8
1575.9
218.2
0.0
44.1
5229.7

7119.8
1609.6
224.2
0.0
43.6
5242.3

7194.5
1641.3
228.6
0.0
48.0
5276.5

7207.8
1682.2
235.8
0.0
47.9
5241.9

7365.5
1704.0
236.6
0.0
49.9
5375.1

7439.2
1747.5
240.8
0.0
52.4
5398.5

7464.6
1802.2
245.9
0.0
53.9
5362.6

15
16
17
18
19
20

7457.6

8407.3

9611.4

9809.5

9949.1

9989.6

10084.8

10134.2

10175.2

10257.4

10292.8

21

21

Total liabilities

22

Credit market instruments

3780.4

4188.5

4545.7

4774.4

4808.6

4847.0

4918.7

4934.8

4987.1

5036.4

5076.9

22

23
24
25
26

Commercial paper
Municipal securities (2)
Corporate bonds (1)
Bank loans n.e.c.

193.0
147.8
1846.0
768.8

230.3
152.8
2067.7
813.0

278.4
154.2
2230.3
861.0

190.1
157.7
2578.8
758.3

126.0
160.8
2711.0
661.9

127.1
160.9
2753.4
649.3

107.5
162.0
2827.7
632.1

108.4
162.8
2851.7
614.9

85.9
164.2
2869.3
612.4

95.5
164.7
2897.9
606.9

102.5
166.0
2899.3
602.3

23
24
25
26

27
28
29
30
31
32
33
34

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

562.0
12.1
306.8
8.3
6.6
142.3
85.9
262.8

585.4
15.3
355.6
8.0
4.4
119.5
82.6
339.2

651.3
19.7
412.6
7.6
4.3
117.3
89.8
370.4

659.1
21.5
402.3
7.4
4.1
115.7
108.3
430.3

675.1
23.1
409.7
7.0
4.4
125.8
105.0
473.8

671.7
23.7
408.5
7.3
4.7
115.0
112.5
484.6

680.7
24.1
410.2
7.5
4.4
126.1
108.4
508.8

669.3
28.7
401.0
7.6
4.2
125.2
102.7
527.8

680.7
28.1
411.7
7.8
4.2
125.0
103.9
574.6

679.5
24.8
428.1
8.0
3.7
113.6
101.3
592.0

686.6
27.8
424.2
8.1
4.2
120.6
101.9
620.3

27
28
29
30
31
32
33
34

1049.7
64.1
2563.5
812.0
114.9
1636.6

1228.2
71.0
2919.6
971.2
107.3
1841.1

1541.4
78.0
3446.3
1171.4
108.5
2166.3

1437.7
81.0
3516.3
1145.8
109.8
2260.7

1461.7
93.0
3585.9
1086.7
111.1
2388.0

1436.6
97.2
3608.9
1099.4
111.4
2398.1

1459.6
96.6
3609.8
1082.7
111.8
2415.3

1491.6
99.1
3608.7
1079.9
112.1
2416.7

1539.1
84.5
3564.6
1091.0
112.4
2361.2

1558.7
92.0
3570.3
1104.5
113.0
2352.8

1603.1
96.2
3516.6
1086.2
113.3
2317.0

35
36
37
38
39
40

390.3
11577.8

419.5
15155.6

389.3
12678.8

364.5
10796.2

260.2
7907.1

310.1
7647.5

355.5
8824.6

352.3
9050.7

286.8
10154.9

336.7
10241.4

372.8
10443.8

41
42

35
36
37
38
39
40

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

41
42

Trade receivables net of payables
Market value of equities

43
44

Securities and mortgages
Loans and short-term paper

2256.6
1523.8

2559.8
1628.7

2754.9
1790.7

3166.8
1607.6

3345.6
1463.0

3398.9
1448.0

3498.4
1420.3

3542.2
1392.6

3608.1
1379.0

3654.6
1381.9

3685.5
1391.4

43
44

45
46

Total short-term liabilities (3)
Total liquid assets (4)

2637.5
746.1

2927.9
891.4

3410.2
985.6

3126.3
1018.6

3017.6
1037.6

2981.8
1029.8

2976.6
1104.5

2983.3
1174.8

3002.5
1236.8

3032.5
1239.2

3090.7
1273.6

45
46

47
48

Analytical measures (percent)
Long-term debt/credit market debt
Short-term debt/credit market debt

59.7
40.3

61.1
38.9

60.6
39.4

66.3
33.7

69.6
30.4

70.1
29.9

71.1
28.9

71.8
28.2

72.3
27.7

72.6
27.4

72.6
27.4

47
48

49

Liquid assets/short-term liabilities

28.3

30.4

28.9

32.6

34.4

34.5

37.1

39.4

41.2

40.9

41.2

49

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(4) Sum of lines 2 through 10, plus line 14.

65

Z.1, September 16, 2004

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4

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

5
6
7
8

Treasury securities
Municipal securities
Mortgages
Consumer credit

9
10
11
12
13
14
15
16
17
18
19
20
21

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (1)
Other
Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

992.7

1176.8

1422.8

1578.7

1720.0

1754.4

1795.8

1838.7

1878.6

1917.2

1963.7

1

178.9
98.5
32.6

217.6
117.5
40.7

274.1
137.6
49.4

274.5
144.7
59.0

287.3
146.9
61.3

289.6
145.8
60.0

293.0
146.8
58.7

296.2
147.0
55.6

298.2
148.6
53.1

298.6
147.7
49.2

298.3
147.8
49.0

2
3
4

38.0
2.8
26.7
0.0

37.2
2.7
24.7
0.0

40.2
2.4
23.3
0.0

42.8
3.5
26.6
0.0

45.2
3.7
27.8
0.0

45.1
3.8
27.7
0.0

46.3
3.8
27.5
0.0

46.8
3.9
27.1
0.0

47.5
3.9
26.6
0.0

48.1
4.0
26.0
0.0

48.6
4.0
25.2
0.0

5
6
7
8

233.1
382.1
45.6
1.6
334.9

272.6
463.8
45.9
1.6
416.3

342.1
553.7
45.8
1.6
506.2

343.9
683.6
48.3
1.8
633.5

366.7
781.1
52.5
1.8
726.9

375.9
806.6
53.9
1.9
750.8

388.1
831.6
55.0
1.8
774.8

404.5
857.6
56.7
1.8
799.1

417.1
883.6
56.9
2.1
824.6

432.0
911.6
57.9
2.2
851.4

447.9
942.9
59.2
2.1
881.7

9
10
11
12
13

2020.9

2328.3

2665.5

2875.7

3073.5

3124.3

3180.8

3241.4

3306.0

3358.2

3425.5

14

1405.3

1595.5

1788.4

1944.7

2093.0

2119.3

2153.2

2189.3

2232.5

2261.6

2305.2

15

262.1
108.1
1035.1

308.6
116.7
1170.1

352.9
127.8
1307.6

390.7
125.3
1428.8

404.1
127.6
1561.3

398.3
128.6
1592.4

390.7
128.2
1634.3

384.2
131.2
1673.9

378.8
133.3
1720.4

373.5
133.7
1754.4

376.4
134.6
1794.2

16
17
18

178.6
44.1
392.9

213.3
53.0
466.5

259.9
64.6
552.6

255.0
68.7
607.3

276.0
76.8
627.7

286.4
81.7
636.9

297.1
84.1
646.4

311.6
85.3
655.2

322.7
86.5
664.3

335.9
87.9
672.8

350.2
88.9
681.1

19
20
21

(1) Equity in the Farm Credit System.

L.104 Farm Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

64.0

64.8

64.9

67.3

71.8

73.2

74.4

76.2

76.6

77.5

78.9

1

2

Checkable deposits and currency

18.6

19.2

19.4

20.1

20.5

20.5

20.5

20.5

20.6

20.6

20.6

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

45.4
43.7
1.7

45.6
43.9
1.6

45.5
43.9
1.6

47.3
45.3
2.0

51.4
49.3
2.1

52.7
50.7
2.1

53.9
51.7
2.2

55.6
53.3
2.3

56.0
53.5
2.5

56.9
54.5
2.4

58.2
55.7
2.6

3
4
5

184.9

190.6

202.4

210.3

219.1

218.3

223.5

226.6

228.7

225.7

234.7

6

165.3

170.6

181.5

192.0

199.9

198.3

202.8

205.7

207.6

205.6

212.8

7

45.1
23.0
97.2

44.2
22.8
103.6

46.9
24.4
110.2

46.9
27.3
117.9

46.0
28.4
125.5

43.4
27.4
127.6

45.0
28.2
129.7

45.4
28.5
131.7

45.5
28.5
133.6

42.9
27.4
135.3

46.0
28.2
138.6

8
9
10

19.6

20.0

20.9

18.3

19.2

20.0

20.7

20.9

21.1

20.1

22.0

11

6
7
8
9
10
11

Total financial assets

Total liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables

(1) Corporate and noncorporate farms.
(2) Equity in the Farm Credit System.

66

Z.1, September 16, 2004

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1463.1

1587.5

1683.2

1756.5

1794.7

1800.7

1833.8

1864.1

1905.0

1926.7

1938.6

1

2
3
4
5

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

28.3
92.3
22.5
154.2

32.2
105.7
27.6
151.6

33.2
118.7
34.1
159.8

38.2
129.9
53.7
137.6

46.7
137.6
56.0
132.7

44.9
138.5
54.3
133.4

48.9
142.0
51.5
136.3

48.9
143.8
46.9
137.9

55.2
147.2
46.6
140.7

53.2
149.0
45.7
144.7

47.4
161.8
43.5
140.2

2
3
4
5

6

Credit market instruments

7
8
9
10
11
12

Total financial assets

1999

709.7

810.4

822.6

930.5

953.3

954.5

969.2

989.5

1010.1

1020.9

1033.5

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

86.0
279.7
152.7

103.3
303.2
196.5

121.2
297.2
198.1

107.6
339.4
253.5

113.3
351.5
256.5

114.3
348.3
258.6

118.1
345.0
266.9

120.1
355.6
271.3

123.8
358.8
279.3

125.8
362.9
281.1

127.8
368.3
283.4

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

3.2
61.9
126.2

3.5
73.3
130.6

3.8
70.0
132.4

4.0
95.6
130.4

4.1
103.8
124.0

4.1
104.5
124.8

4.2
107.1
127.9

4.3
108.5
129.6

4.4
111.1
132.6

4.4
112.4
134.2

4.5
113.8
135.9

10
11
12

97.6
19.1

117.1
21.4

97.1
21.2

100.7
24.3

80.3
24.2

75.6
26.4

85.8
25.6

87.7
24.2

96.3
21.2

97.5
16.8

97.0
11.3

13
14

95.4
17.1
226.9

103.9
27.6
190.1

111.4
42.4
242.7

116.5
46.1
179.0

118.1
56.5
189.5

118.8
62.2
192.0

121.8
66.5
186.2

123.4
69.9
191.9

126.3
73.5
187.9

127.8
77.9
193.1

129.4
84.5
190.1

15
16
17

1717.8

1785.4

1828.3

1959.2

2127.6

2157.7

2218.6

2233.4

2269.4

2311.0

2350.3

18

13
14

Corporate equities
Mutual fund shares

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

18

Total liabilities

19

Credit market instruments

1138.3

1176.9

1192.3

1298.1

1442.0

1466.1

1521.0

1529.8

1559.7

1595.4

1628.7

19

20
21
22
23

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

1128.2
41.2
1087.1
10.1

1167.1
43.7
1123.4
9.7

1183.6
45.1
1138.5
8.7

1289.2
69.0
1220.2
8.9

1432.6
94.2
1338.4
9.4

1456.6
92.8
1363.8
9.5

1511.4
92.4
1418.9
9.6

1520.1
95.2
1425.0
9.6

1550.1
101.3
1448.8
9.7

1585.7
103.2
1482.5
9.7

1619.0
85.2
1533.8
9.7

20
21
22
23

579.5

608.6

635.9

661.1

685.6

691.6

697.6

703.6

709.6

715.6

721.6

24

24

Trade payables

(1) Data for employee retirement funds are shown in table L.120.

L.106 Federal Government
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8
9
10
11
12
13

Agency- and GSE-backed securities
Other loans and advances
Mortgages
Consumer credit (1)
Trade receivables
Taxes receivable
Miscellaneous assets
Total liabilities

14
15

SDR certificates
Treasury currency

16

Credit market instruments

17
18
19
20
21
22
23
24
25

Savings bonds
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (2)
Nonmarketable securities held by pension plans
Other

445.4

560.5

513.8

614.9

611.4

599.5

622.3

642.4

637.8

629.1

626.8

1

51.0
23.2
4.7

44.4
87.9
5.4

41.0
24.3
6.3

43.1
66.9
10.5

51.1
47.5
27.6

51.7
23.3
18.4

52.9
41.8
27.8

54.8
53.3
9.1

55.1
54.1
2.4

54.3
22.7
1.9

52.3
46.8
2.1

2
3
4

221.4

260.9

272.6

278.6

288.2

283.7

281.7

286.7

285.6

286.8

283.6

5

0.0
139.2
44.9
37.4

0.0
132.3
77.7
50.9

0.0
128.6
76.9
67.0

0.0
122.7
75.8
80.1

0.0
119.1
76.3
92.8

0.0
119.1
73.9
90.6

0.0
118.5
74.0
89.1

0.0
117.7
73.6
95.3

0.0
117.7
73.8
94.1

0.0
117.1
75.8
93.9

0.0
116.8
74.2
92.6

6
7
8
9

22.3
21.4
101.4

22.9
38.5
100.5

28.1
42.4
99.1

35.5
79.8
100.4

32.2
64.3
100.5

30.7
90.0
101.6

31.6
85.0
101.5

33.6
103.1
101.9

35.9
102.8
101.9

37.8
123.9
101.9

36.0
103.9
102.0

10
11
12

4529.4

4498.1

4227.2

4288.2

4575.9

4623.6

4744.3

4864.6

5010.8

5139.5

5194.6

13

9.2
19.9

6.2
20.9

2.2
23.2

2.2
24.5

2.2
25.5

2.2
25.6

2.2
26.0

2.2
26.0

2.2
26.0

2.2
26.2

2.2
26.5

14
15

3752.2

3681.0

3385.1

3379.5

3637.0

3700.6

3806.9

3914.5

4033.1

4168.9

4209.6

16

186.6
3537.0
28.5
0.0

186.4
3466.2
28.3
0.0

184.8
3173.0
27.3
0.0

190.3
3162.4
26.8
0.0

194.9
3414.9
27.3
0.0

196.9
3476.8
26.9
0.0

199.1
3580.8
27.0
0.0

201.5
3686.0
27.0
0.0

203.8
3804.4
24.9
0.0

204.4
3939.4
25.1
0.0

204.6
3980.8
24.2
0.0

17
18
19
20

65.0
33.6
649.6
642.9
6.7

64.5
35.0
690.6
684.0
6.6

69.0
36.4
711.3
704.9
6.4

72.3
37.8
772.0
765.8
6.2

73.6
39.4
798.2
790.3
7.9

77.9
39.4
777.9
767.8
10.1

78.7
39.8
790.7
778.6
12.0

79.6
39.9
802.3
788.1
14.2

77.8
40.5
831.3
815.0
16.3

81.9
40.5
819.8
801.2
18.6

85.5
40.9
829.8
809.2
20.6

21
22
23
24
25

(1) Student loans.
(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service retirement
and disability fund.

67

Z.1, September 16, 2004

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4
5

Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Security RPs

6

Credit market instruments

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

5162.4

5775.7

6584.9

6965.8

7441.1

7656.8

7809.1

7834.3

8228.7

8644.4

8803.3

1

145.9
257.1
129.0
72.0

140.3
279.4
125.9
79.9

161.1
286.9
108.7
91.3

115.5
305.7
120.6
150.7

119.7
326.6
152.3
190.1

92.1
333.4
154.6
360.5

49.5
349.9
155.9
364.6

76.4
343.2
122.3
420.3

120.2
351.3
131.2
462.9

35.9
352.6
128.7
530.7

31.9
373.0
165.4
552.0

2
3
4
5

2231.2

2316.0

2590.8

2916.9

3394.8

3489.7

3683.8

3772.2

3933.1

4163.3

4366.4

6

7

Open market paper

87.1

85.8

90.1

87.5

97.8

91.3

102.0

95.2

107.7

113.9

115.5

7

8
9
10

Treasury securities
Official
Private

1166.2
622.9
543.3

1058.4
617.7
440.7

1021.4
639.8
381.6

1063.1
704.6
358.5

1254.1
796.4
457.7

1296.2
826.7
469.4

1392.6
869.4
523.2

1462.5
893.3
569.1

1539.2
966.1
573.0

1701.8
1067.8
634.0

1805.1
1130.9
674.2

8
9
10

11
12
13

Agency- and GSE-backed securities
Official
Private

227.8
46.8
181.0

300.2
76.1
224.1

441.4
116.4
325.1

534.7
126.9
407.8

650.2
158.4
491.7

663.9
168.0
495.9

678.0
171.3
506.7

650.3
174.6
475.7

661.7
183.3
478.4

681.4
196.3
485.1

719.3
199.1
520.2

11
12
13

14
15

U.S. corporate bonds (1)
Loans to U.S. corporate business

607.8
142.3

752.1
119.5

920.6
117.3

1115.9
115.7

1266.9
125.8

1323.4
115.0

1385.2
126.1

1439.0
125.2

1499.5
125.0

1552.7
113.6

1606.0
120.6

14
15

16
17
18

U.S. corporate equities
Trade receivables
Security credit

1250.3
52.5
0.0

1611.5
47.4
0.0

1643.2
47.0
0.0

1572.7
43.9
0.0

1260.8
47.0
0.0

1190.2
47.3
0.0

1405.7
47.2
0.0

1437.8
46.3
0.0

1669.0
48.7
0.0

1707.6
49.3
0.0

1710.8
45.3
0.0

16
17
18

19
20
21

Miscellaneous assets
Foreign direct investment in U.S. (2)
Other

1024.3
920.0
104.3

1175.3
1101.7
73.6

1655.8
1421.0
234.8

1739.8
1513.5
226.3

1949.8
1505.2
444.6

1989.1
1537.3
451.8

1752.4
1538.6
213.8

1615.7
1537.0
78.7

1512.3
1545.1
-32.8

1676.3
1555.1
121.3

1558.4
1589.6
-31.1

19
20
21

2776.4

3148.1

3490.2

3650.1

3981.8

4168.1

3913.6

3812.7

4064.5

4159.6

4249.8

22

22

Total liabilities

23
24

U.S. official foreign exchange
and net IMF position
U.S. private deposits

60.1
627.6

50.1
676.5

46.1
803.4

46.8
810.1

55.8
831.1

57.6
839.8

58.9
875.6

61.3
799.1

62.3
831.1

61.5
864.2

58.9
852.4

23
24

25

Credit market instruments

639.4

652.6

709.6

659.9

665.5

669.4

653.2

638.7

649.8

666.9

651.8

25

72.9
450.9

89.2
452.8

120.9
468.0

106.7
443.5

142.8
410.0

155.7
402.5

173.1
377.5

160.4
375.3

165.1
381.9

190.0
377.0

183.4
367.1

26
27

58.7
2.8
13.1
42.8
52.2
4.7

59.2
3.0
9.9
46.4
47.6
3.9

70.5
3.5
13.2
53.8
47.0
3.1

63.2
4.3
5.9
53.1
45.9
0.5

68.6
5.1
5.1
58.4
44.0
0.2

67.6
4.7
5.5
57.4
43.6
0.1

59.7
4.7
4.9
50.1
42.8
0.1

61.0
4.4
3.9
52.8
41.9
0.1

60.9
4.6
3.7
52.7
41.8
0.2

59.2
4.9
4.4
49.9
40.7
0.1

60.9
5.3
5.9
49.8
40.2
0.3

28
29
30
31
32
33

44.9
0.0

49.1
0.0

49.9
0.0

47.8
0.0

37.6
0.0

46.3
0.0

45.9
0.0

43.7
0.0

45.5
0.0

47.2
0.0

47.0
0.0

34
35

1404.4
32.4
2.1
1196.0
173.9

1719.8
33.9
2.7
1414.4
268.8

1881.2
35.4
2.8
1531.6
311.5

2085.6
37.1
2.7
1686.6
359.2

2391.8
38.6
2.8
1840.0
510.4

2554.9
38.9
2.8
1884.6
628.7

2280.0
39.3
2.8
1922.3
315.6

2269.9
39.7
2.9
1969.8
257.5

2475.8
40.0
3.0
2013.8
419.0

2519.8
40.3
3.1
2065.0
411.4

2639.7
40.8
3.1
2131.5
464.3

36
37
38
39
40

1475.0

2003.7

1852.8

1612.7

1345.1

1269.9

1516.3

1661.0

1957.9

2051.2

2075.7

41

26
27

Commercial paper
Bonds

28
29
30
31
32
33

Bank loans n.e.c.
Official
Banks
Other
U.S. government loans
Acceptance liabilities to banks

34
35

Trade payables
Security debt

36
37
38
39
40

Miscellaneous liabilities
U.S. equity in IBRD, etc.
U.S. government deposits
U.S. direct investment abroad (1,2)
Other
Memo:

41

Market value of foreign equities
held by U.S. residents (3)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Includes American Depositary Receipts (ADRs).

68

Z.1, September 16, 2004

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

566.8

696.9

636.0

683.0

753.6

756.7

769.0

778.9

796.9

788.0

807.8

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

30.7
9.2
26.3

27.1
6.2
28.0

26.6
2.2
31.6

25.5
2.2
33.0

27.9
2.2
34.6

28.3
2.2
34.8

28.8
2.2
35.1

29.6
2.2
35.3

30.8
2.2
35.5

30.9
2.2
35.8

30.4
2.2
36.0

2
3
4

5
6
7

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

1.6
0.0
30.4

-0.2
0.2
140.6

0.9
0.1
43.4

-0.0
0.0
50.3

0.4
0.0
39.5

-1.2
0.0
31.8

-0.5
0.8
31.8

-0.5
0.2
37.5

-0.3
0.1
43.8

-0.6
0.1
27.5

0.2
0.3
33.5

5
6
7

8

Credit market instruments

452.5

478.1

511.8

551.7

629.4

641.5

652.1

656.1

666.7

674.1

687.4

8

0.0
452.1
0.3
0.0

0.0
478.0
0.2
0.0

0.0
511.7
0.1
0.0

0.0
551.7
0.0
0.0

0.0
629.4
0.0
0.0

0.0
641.5
0.0
0.0

0.0
652.1
0.0
0.0

0.0
656.1
0.0
0.0

0.0
666.7
0.0
0.0

0.0
674.1
0.0
0.0

0.0
687.4
0.0
0.0

9
10
11
12

16.1

16.8

19.3

20.3

19.6

19.3

18.9

18.5

18.2

18.1

17.8

13

560.9

690.5

629.2

675.7

745.3

747.2

760.0

768.7

788.0

778.3

798.1

14

9
10
11
12
13
14

Total financial assets

1999

Acceptances
Treasury securities
Agency- and GSE-backed securities
Bank loans n.e.c.
Miscellaneous assets
Total liabilities

15
16

Depository institution reserves
Vault cash of commercial banks

26.3
42.1

24.0
66.6

19.0
44.4

17.5
47.3

22.5
47.8

26.8
38.5

27.7
39.5

29.1
40.4

23.1
47.9

25.0
41.0

29.6
43.4

15
16

17
18
19
20

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

481.8
6.2
0.2
475.4

590.4
28.5
0.1
561.8

555.2
5.6
0.3
549.3

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

654.7
7.1
0.3
647.3

662.1
7.3
1.0
653.8

665.5
7.6
0.1
657.8

682.5
6.0
0.2
676.3

681.5
6.3
0.1
675.2

696.4
6.3
0.3
689.7

17
18
19
20

21
22
23

Miscellaneous liabilities
Federal Reserve Bank stock
Other

10.7
6.0
4.8

9.4
6.4
3.0

10.6
7.0
3.6

7.7
7.4
0.4

30.3
8.4
21.9

27.2
8.5
18.7

30.7
8.7
22.0

33.7
8.7
25.0

34.5
8.8
25.7

30.8
9.0
21.9

28.7
9.2
19.4

21
22
23

(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.

69

Z.1, September 16, 2004

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

5628.6

5982.5

6468.7

6829.0

7329.2

7431.3

7618.1

7637.1

7808.3

8041.2

8197.8

1

42.1
24.4
2.0

66.6
19.3
2.2

44.4
17.4
1.7

47.3
15.2
2.8

47.8
19.5
2.5

38.5
24.0
3.0

39.5
25.0
3.0

40.4
25.7
2.4

47.9
19.1
2.5

41.0
19.9
3.2

43.4
23.4
2.7

2
3
4

4483.6

4788.5

5200.8

5411.3

5811.4

5891.8

6058.0

6060.8

6202.0

6402.8

6534.5

5

6
7

Treasury securities
Agency- and GSE-backed securities

214.1
663.2

228.9
699.6

184.5
721.8

162.7
777.4

205.8
917.9

136.6
961.2

126.8
1035.0

126.6
967.8

132.9
999.5

144.2
1094.5

140.9
1111.0

6
7

8
9

Municipal securities
Corporate and foreign bonds

104.8
180.9

110.8
220.5

114.1
278.6

120.2
376.4

121.7
379.1

123.2
470.9

127.1
473.6

131.9
483.7

132.5
507.1

133.9
525.4

137.2
519.2

8
9

3304.6
1.1
1314.8
1337.0
508.9
142.8

3505.1
1.4
1383.8
1495.4
499.8
124.8

3874.8
1.5
1496.6
1660.1
541.5
175.2

3944.4
0.0
1421.0
1789.8
558.4
175.2

4163.8
0.0
1340.4
2058.3
587.2
177.9

4184.4
0.0
1302.3
2099.3
575.3
207.4

4272.6
0.0
1287.2
2192.9
584.2
208.3

4326.7
0.0
1260.2
2263.7
593.7
209.1

4398.0
0.0
1292.3
2255.8
636.4
213.5

4472.5
0.0
1279.3
2329.3
624.7
239.2

4594.3
0.0
1295.8
2435.9
625.8
236.8

10
11
12
13
14
15

6.8
9.1

11.3
12.4

11.9
15.0

8.9
21.3

3.5
19.6

2.0
13.5

6.7
16.3

9.7
14.5

15.1
17.1

16.0
16.2

15.7
16.2

16
17

11.3
1065.2

8.2
1097.7

7.5
1196.9

4.6
1347.9

4.6
1443.4

4.8
1469.1

4.5
1488.0

4.3
1503.5

4.4
1532.4

3.9
1570.5

4.4
1589.4

18
19

5505.7

5833.5

6407.1

6770.3

7330.6

7416.4

7592.8

7665.9

7846.8

8073.2

8243.3

20

10
11
12
13
14
15

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

16
17

Corporate equities
Mutual fund shares

18
19
20

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

21
22
23
24

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

121.0
1.7
-26.5
145.9

111.8
-0.0
-28.5
140.3

157.8
1.0
-4.3
161.1

126.6
0.0
11.1
115.5

135.5
0.5
15.3
119.7

110.2
-1.2
19.3
92.1

56.5
0.2
6.8
49.5

94.2
-0.3
18.1
76.4

131.9
-0.3
12.0
120.2

50.0
-0.5
14.7
35.9

56.8
0.5
24.4
31.9

21
22
23
24

25
26
27
28

Checkable deposits
Federal government
Rest of the world
Private domestic

622.9
13.2
28.6
581.1

626.4
49.6
28.6
548.2

540.9
16.4
30.7
493.8

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

540.5
8.5
26.9
505.1

584.3
26.7
41.3
516.3

563.1
29.8
32.7
500.6

602.4
30.2
33.2
539.0

597.0
17.5
36.3
543.2

621.5
40.6
47.9
533.1

25
26
27
28

29
30
31

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

1945.2
673.1
639.2

2017.1
792.6
750.0

2228.7
885.4
816.1

2478.1
918.1
786.5

2747.6
915.3
902.0

2833.2
940.3
931.7

2913.4
934.5
983.2

2935.1
933.3
936.2

2977.9
934.1
969.5

3079.1
992.3
1021.3

3148.6
1032.1
1062.5

29
30
31

32

Credit market instruments

382.1

449.3

509.3

562.1

611.8

627.5

639.3

638.6

661.0

703.2

710.2

32

56.9
220.2
104.9

63.1
240.6
145.6

63.6
273.2
172.4

55.4
310.2
196.6

52.9
332.2
226.8

49.4
352.9
225.2

44.2
359.7
235.5

45.2
361.2
232.2

46.6
379.1
235.3

61.0
389.0
253.3

56.2
402.7
251.4

33
34
35

7.1
1115.2

9.0
1077.4

11.1
1257.8

13.5
1256.6

16.2
1430.8

16.9
1416.1

17.6
1464.1

18.3
1547.2

19.1
1550.8

19.8
1610.3

20.6
1591.0

36
37

4336.1

4648.3

5006.3

5210.5

5614.9

5673.6

5831.3

5831.8

5960.8

6135.3

6270.1

38

33
34
35
36
37

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

38

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 L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18).

70

Z.1, September 16, 2004

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

4080.6

4431.2

4774.1

5014.5

5427.1

5519.2

5683.7

5704.5

5839.8

5996.5

6141.8

1

65.5

84.4

61.3

61.9

66.1

61.3

63.4

63.7

66.2

59.7

65.9

2

3844.6

4164.5

4515.2

4718.6

5102.3

5158.3

5324.2

5350.0

5481.6

5650.8

5790.3

3

Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

124.8
578.9
301.5
115.9
161.5

122.8
608.3
283.7
120.9
203.8

87.9
626.5
297.8
111.0
217.6

56.5
700.2
350.6
168.2
181.4

86.4
821.3
434.9
159.1
227.4

89.3
866.4
466.2
179.5
220.7

77.9
936.0
526.1
179.3
230.5

81.2
872.5
472.2
158.5
241.8

93.5
906.4
491.5
161.4
253.5

102.6
1001.0
578.1
166.6
256.3

100.9
1012.4
586.9
158.9
266.6

4
5
6
7
8

9
10
11
12
13

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

104.4
118.2
3.9
42.8
71.5

110.2
161.8
4.5
48.8
108.5

113.4
214.0
4.1
56.5
153.4

119.7
278.5
25.3
59.3
193.9

121.2
283.5
12.0
67.4
204.2

122.7
288.5
10.6
78.1
199.8

126.6
281.8
10.3
78.4
193.0

131.3
302.3
11.4
84.2
206.7

131.9
330.6
12.2
92.6
225.8

133.3
340.2
13.8
94.4
232.0

136.6
342.5
13.6
94.4
234.6

9
10
11
12
13

14
15
16
17
18
19

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

2902.3
0.8
1012.0
1304.3
508.9
76.3

3137.8
0.7
1104.3
1465.4
499.8
67.6

3446.5
0.9
1202.4
1627.0
541.5
74.7

3533.6
0.0
1140.5
1752.8
558.4
81.9

3766.7
0.0
1081.9
2018.5
587.2
79.2

3775.8
0.0
1050.6
2058.5
575.3
91.5

3878.9
0.0
1039.3
2150.9
584.2
104.5

3938.6
0.0
1029.5
2216.1
593.7
99.4

3987.1
0.0
1045.5
2213.6
636.4
91.5

4041.4
0.0
1034.7
2286.0
624.7
96.0

4166.0
0.0
1050.3
2393.2
625.8
96.7

14
15
16
17
18
19

20
21

Corporate equities
Mutual fund shares

6.8
9.1

11.3
12.4

11.9
15.0

8.9
21.3

3.5
19.6

2.0
13.5

6.7
16.3

9.7
14.5

15.1
17.1

16.0
16.2

15.7
16.2

20
21

9.1
161.5

6.6
175.6

5.9
191.7

3.6
230.4

3.9
254.7

4.3
295.2

4.1
292.0

3.8
287.0

3.8
288.2

3.3
282.6

3.9
281.8

22
23

2

Vault cash and reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

22
23
24

Customers’ liab. on acceptances (1)
Miscellaneous assets

4353.3

4685.6

5169.7

5455.3

5948.0

6023.6

6189.5

6273.2

6422.7

6606.4

6789.9

24

25
26
27
28
29

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

25.2
1.6
0.0
-50.9
74.4

56.9
-0.2
0.2
-67.3
124.1

137.5
0.9
0.1
-33.0
169.5

138.2
-0.0
0.0
-17.8
155.9

192.4
0.4
0.0
0.2
191.8

177.7
-1.2
0.0
-15.2
194.0

133.0
-0.5
0.8
-61.5
194.3

173.5
-0.5
0.2
-57.8
231.6

219.1
-0.3
0.1
-65.2
284.6

183.7
-0.6
0.1
-75.0
259.3

215.9
0.2
0.3
-73.4
288.9

25
26
27
28
29

30
31
32
33

Checkable deposits
Federal government
Rest of the world
Private domestic

605.8
13.2
23.2
569.4

608.7
49.6
22.7
536.5

523.7
16.4
25.0
482.3

608.2
47.5
22.6
538.2

552.7
31.1
22.3
499.3

521.7
8.5
24.6
488.6

562.2
26.7
38.6
496.9

542.9
29.8
30.4
482.7

581.0
30.2
30.7
520.2

575.5
17.5
33.6
524.4

600.1
40.6
45.5
514.0

30
31
32
33

34
35
36

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

1924.4
404.1
538.4

1997.4
465.7
667.0

2208.0
553.6
682.4

2448.3
528.4
663.9

2722.0
552.7
737.4

2808.5
569.1
733.8

2888.4
572.5
777.3

2908.8
569.7
766.3

2950.2
555.7
806.0

3050.4
575.2
851.2

3119.9
596.0
879.6

34
35
36

37
38
39
40

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

9.1
72.1
104.9
7.1

6.6
75.8
145.6
9.0

6.0
86.4
172.4
11.1

3.7
94.7
196.6
13.5

3.9
94.1
226.8
16.2

4.3
94.7
225.2
16.9

4.1
96.6
235.5
17.6

3.8
97.3
232.2
18.3

3.8
99.6
235.3
19.1

3.3
98.6
253.3
19.8

3.9
102.9
251.4
20.6

37
38
39
40

41
42
43

Miscellaneous liabilities
Investment by bank holding companies
Other

662.0
469.0
193.0

653.1
471.9
181.2

788.6
525.4
263.2

759.8
586.1
173.7

849.8
639.2
210.6

871.9
650.1
221.8

902.4
667.0
235.3

960.5
679.6
280.8

953.0
689.8
263.2

995.3
708.1
287.2

999.7
738.5
261.2

41
42
43

3761.4

4080.0

4419.5

4610.1

5003.9

5055.6

5200.8

5230.3

5361.7

5525.9

5665.5

44

Memo:
44

Credit market funds advanced (2)

(1) Included in other loans and advances (table L.216).
(2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers’ liability on acceptances (line 22).

71

Z.1, September 16, 2004

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2

Reserves at Federal Reserve

3

Total bank credit

4
5
6
7

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

8
9
10
11
12

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

13

Corporate equities

14
15
16

Customers’ liab. on acceptances (2)
Miscellaneous assets
Total liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

806.5

750.9

789.4

791.9

801.1

778.5

750.1

728.0

732.5

738.1

705.6

1

1.0

1.4

0.5

0.6

1.2

1.1

1.1

2.4

0.9

1.1

0.9

2

568.7

543.0

610.2

603.0

615.0

634.4

620.9

599.6

607.1

635.5

623.5

3

84.8
67.4
0.0
46.9

94.5
72.4
0.0
42.4

94.0
72.7
0.0
50.7

103.8
50.7
0.0
81.3

116.7
61.6
0.0
81.6

44.3
60.0
0.0
164.0

44.5
63.1
0.0
167.2

40.1
54.8
0.0
165.5

34.2
52.5
0.0
160.9

36.6
51.1
0.0
169.6

33.8
54.2
0.0
161.8

4
5
6
7

369.6
0.3
282.4
20.4
66.5

333.8
0.6
260.0
15.9
57.2

392.8
0.6
274.6
17.1
100.5

367.2
0.0
256.1
17.9
93.3

355.2
0.0
237.5
19.0
98.7

366.1
0.0
231.2
18.9
115.9

346.2
0.0
223.1
19.3
103.8

339.2
0.0
205.7
23.7
109.8

359.6
0.0
220.4
17.2
121.9

378.1
0.0
217.6
17.4
143.1

373.7
0.0
218.6
15.0
140.1

8
9
10
11
12

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

13

2.2
234.5

1.6
204.9

1.6
177.1

1.0
187.2

0.6
184.2

0.5
142.5

0.4
127.6

0.5
125.5

0.6
123.9

0.5
101.0

0.6
80.6

14
15

828.8

776.4

818.4

824.8

838.4

817.0

789.8

769.0

774.7

781.6

750.4

16

93.2
92.7
0.4

48.2
41.5
6.7

7.4
-15.5
22.9

-9.3
-50.9
41.6

-51.6
-83.1
31.5

-61.1
-103.8
42.7

-78.8
-111.8
33.0

-84.6
-122.2
37.6

-92.8
-130.7
37.8

-139.0
-188.8
49.8

-165.6
-226.3
60.6

17
18
19

17
18
19

Net interbank liabilities
To foreign banks
To domestic banks

20
21
22

Checkable deposits
Small time and savings deposits
Large time deposits

8.6
9.4
257.6

9.1
7.5
314.8

8.7
7.2
318.2

9.1
11.6
371.5

8.4
9.4
346.4

8.0
8.7
355.2

10.0
8.9
346.0

8.8
9.7
346.9

9.4
10.3
361.0

9.0
11.2
399.6

8.5
10.8
418.1

20
21
22

23
24

Federal funds and security RPs (net)
Acceptance liabilities

100.4
2.4

82.5
2.0

134.8
2.0

123.9
1.1

163.4
0.7

191.8
0.5

197.1
0.5

167.7
0.5

161.5
0.6

168.8
0.6

181.5
0.6

23
24

25
26
27
28

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

357.3
46.1
90.6
220.6

312.2
62.0
93.0
157.2

340.1
64.2
138.7
137.2

316.9
67.2
107.9
141.9

361.8
76.8
132.6
152.4

314.0
80.4
128.3
105.3

306.2
80.3
124.8
101.0

320.0
80.8
118.3
120.9

324.8
87.5
130.8
106.4

331.5
88.0
157.9
85.6

296.5
89.7
137.4
69.4

25
26
27
28

504.5

487.4

511.3

510.7

516.9

519.0

517.6

490.3

485.8

492.9

484.0

29

Memo:
29

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 L.216).
(3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14).

72

Z.1, September 16, 2004

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6
7
8
9
10
11

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Bank loans n.e.c.
Miscellaneous assets
Investment in bank subsidiaries
Investment in nonbank subsidiaries
Other
Total liabilities

12
13
14

Net interbank liabilities
To domestic banks
To foreign banks

15

Federal funds and security RPs (net)

16
17
18

Credit market instruments
Commercial paper
Corporate bonds

19

Miscellaneous liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

685.9

741.2

841.9

942.4

1025.8

1056.5

1104.6

1121.0

1152.4

1219.0

1259.3

1

26.5

32.7

20.5

24.7

27.8

33.0

42.9

36.4

36.4

36.7

36.1

2

0.9
6.6
14.8
4.1

8.8
5.4
15.9
2.6

0.8
4.8
13.2
1.6

1.2
6.2
15.3
1.9

1.3
10.7
12.9
2.9

1.3
11.4
17.6
2.6

2.4
10.9
23.0
6.7

3.0
12.2
14.3
6.8

2.7
11.6
14.2
7.9

2.1
12.5
13.9
8.1

2.4
12.9
13.5
7.4

3
4
5
6

659.5
469.0
134.0
56.5

708.5
471.9
151.3
85.4

821.4
525.4
189.7
106.3

917.8
586.1
219.5
112.2

998.1
639.2
219.3
139.5

1023.5
650.1
227.8
145.7

1061.7
667.0
247.6
147.1

1084.7
679.6
255.2
149.9

1116.0
689.8
264.3
161.9

1182.3
708.1
292.8
181.4

1223.2
738.5
303.2
181.4

7
8
9
10

270.6

314.6

358.7

413.4

473.1

503.0

538.3

544.9

570.8

603.0

617.2

11

2.7
23.9
-21.3

6.7
32.1
-25.4

12.9
5.8
7.1

-2.3
-12.8
10.4

-5.3
-16.4
11.1

-6.4
-8.2
1.8

2.4
35.3
-32.9

5.3
38.3
-33.0

5.6
39.4
-33.8

5.4
39.9
-34.5

6.5
37.2
-30.8

12
13
14

0.4

0.5

-1.1

-1.2

1.2

6.2

8.8

2.2

2.1

1.2

1.4

15

193.5
45.4
148.1

219.3
54.5
164.8

242.5
55.7
186.8

266.1
50.6
215.5

286.4
48.3
238.1

302.8
44.6
258.2

302.7
39.6
263.1

304.8
40.9
263.9

321.8
42.3
279.5

347.5
57.1
290.4

351.5
51.7
299.8

16
17
18

74.1

88.1

104.4

150.8

190.9

200.4

224.5

232.7

241.4

249.0

257.9

19

80.2

75.2

77.1

79.8

83.5

83.6

87.7

91.1

1

L.113 Banks in U.S.-Affiliated Areas (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

55.5

59.2

63.3

2.0

2.2

1.7

2.8

2.5

3.0

3.0

2.4

2.5

3.2

2.7

2

43.8

48.3

55.0

65.0

66.3

66.1

70.0

74.9

76.9

79.9

84.5

3

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

3.6
10.2
0.5
1.0

2.8
13.5
0.6
0.5

1.8
17.8
0.7
0.8

1.2
20.3
0.5
1.4

1.5
24.2
0.5
1.1

1.6
23.4
0.5
0.8

2.0
25.0
0.5
1.7

2.3
28.3
0.6
1.6

2.5
28.9
0.6
1.4

2.8
29.9
0.6
1.6

3.7
31.5
0.6
1.4

4
5
6
7

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

16.3
7.5
4.8

16.9
8.1
6.0

18.0
9.1
6.8

22.5
8.2
11.0

18.2
9.7
11.2

18.0
10.6
11.3

18.2
11.1
11.6

18.1
11.5
12.4

18.5
12.2
12.8

19.0
12.7
13.2

19.5
13.8
13.9

8
9
10

9.7

8.7

6.6

12.5

6.4

7.9

6.8

6.3

4.3

4.6

3.9

11

Miscellaneous assets

53.1

56.9

60.4

76.8

71.1

72.7

75.2

78.8

78.6

82.2

85.8

12

13
14
15

Total liabilities
Checkable deposits
Small time and savings deposits
Large time deposits

8.5
11.4
11.4

8.5
12.2
12.2

8.4
13.6
13.6

11.5
18.1
18.1

10.4
16.2
16.2

10.8
16.0
16.0

12.0
16.1
16.1

11.3
16.7
16.7

11.9
17.5
17.5

12.6
17.5
17.5

13.0
18.0
18.0

13
14
15

16

Miscellaneous liabilities

21.9

24.1

24.8

29.0

28.3

29.8

31.1

34.1

31.7

34.6

36.9

16

(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.

73

Z.1, September 16, 2004

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Mortgage pass-through securities
CMOs and other structured MBS
Other

13
14
15
16
17

Municipal securities
Corporate and foreign bonds
Private mortgage pass-through securities
Private CMOs and other structured MBS
Other

18
19
20

Other loans and advances
Mortgages
Consumer credit

21
22
23

Corporate equities
Miscellaneous assets
Total liabilities

24
25
26
27

Deposits
Checkable
Small time and savings
Large time

28

Security RPs

29
30
31
32

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

33
34
35
36

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1088.6

1150.5

1217.7

1299.1

1357.4

1407.8

1437.1

1471.7

1475.2

1556.5

1597.8

1

1.9
18.4
1.5
14.8

4.7
17.4
1.3
10.6

1.7
19.0
1.4
14.9

2.3
21.0
2.2
27.4

3.0
24.7
2.6
27.1

2.8
23.9
2.6
29.7

2.7
27.4
2.7
25.6

3.4
25.9
2.7
24.8

3.9
24.3
2.6
21.0

5.1
25.0
3.0
31.2

6.3
28.2
3.2
26.3

2
3
4
5

965.5

1032.6

1088.8

1133.4

1167.0

1214.6

1239.0

1261.5

1293.3

1370.8

1408.9

6

0.0
10.2
143.7
117.2
0.0
26.5

0.0
10.1
147.1
115.7
0.0
31.4

0.0
8.7
140.4
109.0
0.0
31.4

0.0
11.4
161.4
115.7
0.0
45.7

0.0
9.2
176.2
132.7
0.0
43.5

0.0
9.2
186.1
141.0
0.0
45.2

0.0
10.0
192.4
142.0
0.0
50.3

0.0
11.2
193.3
136.2
0.0
57.1

0.0
12.2
198.7
138.1
0.0
60.6

0.0
12.2
228.5
125.0
44.4
59.1

0.0
10.8
221.3
123.6
42.3
55.4

7
8
9
10
11
12

2.5
88.6
13.2
0.0
75.4

3.0
111.9
18.4
0.0
93.6

3.2
109.4
19.0
0.0
90.4

4.5
83.9
13.2
0.0
70.7

5.5
79.9
10.6
0.0
69.3

5.5
81.9
9.6
0.0
72.3

5.8
75.4
9.5
0.0
65.9

6.3
68.6
10.0
0.0
58.6

6.3
71.1
10.7
0.0
60.4

6.5
65.0
9.4
41.9
13.8

6.5
59.9
8.8
38.5
12.6

13
14
15
16
17

24.2
644.0
52.4

30.6
668.1
61.7

39.3
723.0
64.8

42.9
758.2
71.1

46.2
781.4
68.7

47.4
815.9
68.6

48.2
833.6
73.8

57.4
852.1
72.7

56.3
870.9
77.9

49.6
927.5
81.5

55.5
966.5
88.4

18
19
20

24.5
62.1

23.8
60.0

24.2
67.6

27.9
84.9

29.1
103.9

29.9
104.2

30.6
109.1

31.1
122.4

30.4
99.7

28.2
93.3

27.9
97.0

21
22

1058.8

1119.6

1185.8

1264.1

1318.1

1367.4

1397.7

1430.3

1431.6

1515.6

1550.9

23

693.2
185.6
393.9
113.7

699.3
222.3
354.7
122.2

726.7
265.8
318.9
142.1

773.6
316.5
288.2
168.9

840.5
370.9
256.5
213.1

860.5
384.2
251.8
224.5

875.1
399.5
238.0
237.6

893.1
413.9
240.9
238.3

899.8
428.3
226.0
245.5

946.7
443.0
218.5
285.2

955.9
459.5
205.6
290.8

24
25
26
27

51.3

72.7

66.7

72.4

57.4

60.8

64.6

65.6

77.5

74.1

71.2

28

212.4
2.6
29.7
180.1

260.4
2.7
14.0
243.7

287.7
6.3
21.5
260.0

285.7
3.6
23.0
259.1

262.3
3.4
27.2
231.7

257.2
4.8
15.1
237.3

256.7
4.8
15.9
236.0

262.3
5.0
15.4
241.8

268.3
5.1
13.9
249.3

267.2
6.0
14.3
247.0

308.0
5.0
14.6
288.5

29
30
31
32

2.0
99.8
5.4
94.4

2.0
85.1
6.0
79.2

2.5
102.3
6.6
95.7

1.7
130.7
7.4
123.3

1.5
156.4
8.3
148.1

1.4
187.4
8.5
178.9

1.4
199.8
8.8
191.0

1.6
207.9
9.1
198.9

1.3
184.6
9.3
175.3

1.8
225.7
9.6
216.1

1.6
214.2
9.9
204.3

33
34
35
36

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

74

Z.1, September 16, 2004

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

Open market paper
Treasury securities
Agency- and GSE-backed securities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

391.5

414.5

441.1

505.5

560.8

589.2

609.4

612.5

617.3

634.5

643.0

1

9.1
23.4
6.8

26.4
16.6
9.3

26.7
15.5
4.0

36.8
23.0
2.5

38.4
24.5
1.7

54.8
28.7
4.4

52.4
27.6
2.4

45.6
27.3
2.8

41.5
26.4
1.6

50.4
27.5
4.3

39.8
28.7
2.6

2
3
4

324.2

351.7

379.7

421.2

463.9

473.7

495.3

517.7

514.5

524.6

542.3

5

0.4
13.1
58.4

1.9
9.6
61.3

1.2
8.2
60.9

2.4
7.4
80.6

3.6
7.8
97.3

2.9
7.3
107.2

3.4
8.7
116.2

3.1
9.1
125.7

1.6
8.9
115.5

2.3
8.5
120.3

1.8
9.9
121.6

6
7
8

9
10

Home mortgages
Consumer credit

96.9
155.4

111.0
167.9

124.9
184.4

141.3
189.6

159.4
195.7

162.3
194.0

168.1
198.9

176.5
203.4

182.6
205.9

185.9
207.6

196.0
212.9

9
10

11
12

Mutual fund shares
Miscellaneous assets

3.6
24.3

2.5
8.0

2.2
12.9

3.7
18.3

3.5
28.7

3.4
24.1

4.5
27.2

5.0
14.1

4.1
29.2

4.2
23.4

3.9
25.7

11
12

355.3

376.1

398.1

458.9

509.0

536.2

555.6

557.3

560.3

576.7

585.7

13

349.0
43.0
287.5
18.5

366.7
45.4
299.8
21.6

389.1
51.3
312.7
25.1

450.2
54.7
361.3
34.1

496.9
59.7
394.4
42.8

527.1
65.9
417.1
44.1

540.0
66.4
423.6
50.1

539.9
64.8
424.9
50.3

544.9
67.4
424.0
53.6

548.8
70.3
423.8
54.7

566.5
70.4
439.6
56.5

14
15
16
17

1.1
5.2

3.4
6.0

3.4
5.6

4.9
3.8

6.9
5.1

7.6
1.5

8.0
7.6

8.8
8.5

9.1
6.3

8.4
19.5

9.6
9.6

18
19

13

Total liabilities

14
15
16
17

Shares/deposits
Checkable
Small time and savings
Large time

18
19

Other loans and advances
Miscellaneous liabilities

L.116 Bank Personal Trusts and Estates (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

976.3

1104.1

1067.8

929.1

807.9

786.5

843.8

851.7

899.0

921.5

928.4

1

54.4
0.3
7.8
46.2

62.7
0.3
8.7
53.7

69.8
0.2
8.9
60.6

65.1
0.7
11.7
52.8

65.2
0.0
11.1
54.1

65.2
0.1
13.3
51.8

65.1
0.2
15.4
49.5

65.1
0.3
17.6
47.2

65.1
0.4
19.8
44.9

65.1
0.5
22.0
42.7

63.2
0.6
22.1
40.4

2
3
4
5

194.1

222.0

222.8

194.7

195.6

194.9

194.3

193.7

193.2

196.4

197.3

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

16.5
17.3
39.4

17.1
17.3
45.2

14.7
16.3
45.5

11.6
11.5
35.1

11.4
11.2
34.2

11.3
11.1
33.6

11.2
11.0
32.9

11.1
10.9
32.2

11.0
10.9
31.6

10.9
10.9
31.7

10.8
10.9
31.8

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

89.5
28.5
2.8

100.3
39.8
2.2

99.1
44.9
2.3

95.6
38.3
2.5

100.9
35.6
2.3

100.3
36.5
2.2

99.6
37.5
2.1

98.9
38.5
2.0

98.4
39.5
1.9

99.7
41.2
1.9

100.4
41.4
1.9

10
11
12

360.1
344.7

407.3
391.5

356.8
396.8

280.7
359.1

181.1
339.1

170.1
327.1

192.7
360.0

194.4
364.5

213.1
391.2

218.3
403.0

220.5
406.2

13
14

23.0

20.5

21.7

29.4

26.8

29.2

31.6

34.0

36.4

38.8

41.2

15

1001.0

1130.4

1095.8

960.7

840.9

819.6

877.0

885.0

932.4

955.0

961.9

16

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

Total liabilities (2)

(1) Personal trusts, estates, and non-managed personal agency accounts at banks, savings institutions, and national nondeposit noninsured trust companies.
(2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector.

75

Z.1, September 16, 2004

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3

Checkable deposits and currency
Money market fund shares

4

Credit market instruments

5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

12
13

Corporate equities
Mutual fund shares

14

Miscellaneous assets

15

Total liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

2769.5

3067.9

3135.7

3224.6

3335.0

3420.8

3591.2

3664.6

3772.8

3894.6

3969.8

1

5.4
110.4

5.5
131.8

5.0
142.3

36.8
173.3

35.3
159.8

43.8
152.7

44.4
153.4

46.8
152.3

47.3
151.4

46.3
144.2

50.0
139.6

2
3

1828.0

1886.0

1943.9

2074.8

2307.8

2377.0

2436.5

2471.6

2488.3

2546.1

2599.8

4

73.4
71.3
217.0

75.8
62.8
224.4

71.2
58.1
235.4

59.3
53.7
253.5

74.0
78.5
330.9

77.9
77.6
338.4

74.2
76.4
345.0

75.7
74.1
346.9

55.9
71.8
348.9

61.4
73.3
357.0

57.2
74.8
365.1

5
6
7

18.4
1130.4
103.8
213.6

20.1
1173.2
99.0
230.8

19.1
1222.2
101.9
235.9

18.7
1342.4
104.1
243.0

19.9
1449.3
105.1
250.0

21.6
1505.6
104.7
251.2

23.3
1558.4
104.9
254.4

24.7
1588.6
104.4
257.3

26.1
1620.2
104.5
260.9

26.8
1661.2
104.4
262.0

27.4
1701.2
104.7
269.3

8
9
10
11

683.2
73.2

909.0
98.7

891.9
97.0

811.3
88.3

708.9
76.6

704.7
74.6

806.0
82.5

837.6
85.4

919.3
91.7

956.7
94.3

975.3
95.0

12
13

69.2

36.9

55.6

40.1

46.8

68.1

68.4

71.0

74.7

107.0

110.2

14

2599.7

2882.8

2942.8

3034.8

3140.4

3220.2

3373.8

3439.2

3539.4

3652.9

3724.1

15

16
17
18

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

2.5
684.7
1248.1

3.2
748.9
1428.1

2.5
782.7
1453.1

3.1
842.2
1462.1

5.1
881.6
1488.0

6.3
896.9
1506.3

6.6
919.9
1606.5

7.4
933.1
1646.6

8.0
972.7
1713.7

7.9
993.8
1760.7

8.6
1013.3
1800.9

16
17
18

19
20

Taxes payable
Miscellaneous liabilities

14.9
649.5

16.2
686.4

17.8
686.8

19.7
707.6

22.1
743.6

22.8
788.0

23.4
817.4

24.1
827.9

24.9
820.1

25.6
864.8

26.4
874.9

19
20

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 20).

L.118 Other Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

5
6

Treasury securities
Agency- and GSE-backed securities

7
8
9

Municipal securities
Corporate and foreign bonds
Commercial mortgages

10
11
12
13
14
15

Corporate equities
Trade receivables
Miscellaneous assets
Total liabilities
Taxes payable
Miscellaneous liabilities

876.4

872.7

862.0

859.9

929.8

948.5

993.2

1019.4

1060.1

1093.3

1116.2

1

4.0
42.7

4.3
28.3

3.7
38.3

13.1
30.2

25.9
44.4

30.2
42.0

36.1
48.8

35.1
51.0

34.6
52.8

31.1
52.2

30.3
50.4

2
3

521.1

518.2

509.4

518.4

558.3

572.3

584.7

601.9

625.2

651.5

669.5

4

70.4
69.7

60.6
75.5

52.1
84.1

52.0
94.2

61.2
113.2

61.9
113.4

62.3
113.3

63.2
113.9

64.7
115.4

67.4
120.3

69.3
123.6

5
6

208.1
171.1
2.0

199.0
181.1
1.9

184.1
187.5
1.6

173.8
196.4
1.9

183.0
198.9
2.0

192.0
203.0
2.0

200.7
206.5
1.9

211.2
211.7
1.9

224.2
218.9
2.1

233.6
228.1
2.1

240.1
234.4
2.2

7
8
9

200.1
61.5
47.0

207.9
63.6
50.6

194.3
64.6
51.8

173.9
69.9
54.4

152.3
74.8
74.1

147.4
79.3
77.3

162.9
81.6
79.0

167.3
82.3
81.9

182.7
79.3
85.5

188.3
82.4
87.7

190.5
85.3
90.2

10
11
12

543.1

551.8

562.7

597.0

647.9

663.8

676.7

695.3

690.7

702.9

716.3

13

15.4
527.7

17.4
534.4

19.7
543.0

22.4
574.6

25.6
622.3

26.5
637.3

27.4
649.3

28.4
667.0

29.3
661.4

30.3
672.6

31.4
685.0

14
15

76

Z.1, September 16, 2004

L.119 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

4104.8

4571.2

4422.3

4039.7

3513.4

3458.3

3777.0

3867.6

4175.8

4278.1

4330.5

1

2
3
4
5

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

5.7
147.7
63.4
28.8

6.9
118.8
75.1
32.5

7.3
121.7
79.6
33.4

6.3
125.8
69.0
34.2

6.8
126.7
71.8
36.1

6.9
127.5
72.5
35.8

7.2
128.7
73.2
35.5

7.2
129.5
73.9
35.2

7.0
129.1
74.7
35.4

6.9
131.8
75.4
34.2

7.0
132.6
76.2
35.7

2
3
4
5

6

Credit market instruments

7
8
9
10
11

Total financial assets

1999

621.1

720.4

724.2

708.3

729.5

731.3

737.4

734.4

733.6

740.0

737.6

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

34.3
85.1
194.8

41.3
87.5
233.0

39.6
77.9
242.0

37.4
56.2
249.9

48.3
54.9
251.7

48.1
54.9
250.7

46.2
55.8
251.3

45.9
53.7
246.7

42.3
52.7
246.4

39.8
55.7
247.0

39.9
54.1
244.8

7
8
9

Corporate and foreign bonds
Mortgages

297.5
9.3

347.5
11.0

352.5
12.2

351.4
13.5

359.4
15.2

362.0
15.6

367.8
16.2

371.5
16.7

374.9
17.2

380.3
17.2

381.0
17.8

10
11

1947.9
668.2

2081.2
897.6

1956.1
873.7

1697.8
776.9

1288.2
634.6

1243.7
618.9

1449.3
714.3

1514.1
735.0

1709.2
824.5

1766.7
852.5

1797.0
865.9

12
13

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

622.2
384.6
114.9
122.7

638.9
396.4
107.3
135.3

626.4
381.4
108.5
136.5

621.3
372.2
109.8
139.3

619.8
366.5
111.1
142.2

621.6
367.1
111.4
143.1

631.4
377.9
111.8
141.8

638.2
385.1
112.1
141.0

662.2
406.5
112.4
143.3

670.5
413.9
113.0
143.6

678.6
419.7
113.3
145.5

14
15
16
17

18

Pension fund reserves (liabilities) (3)

4158.9

4628.9

4483.5

4104.6

3582.3

3528.2

3848.0

3939.6

4249.0

4352.2

4405.7

18

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.120 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

1966.9

2242.8

2123.5

1968.5

1737.7

1695.2

1828.2

1865.1

1989.0

2022.7

2046.8

1

10.0
2.0
37.5

9.2
1.7
40.4

9.1
1.1
44.7

9.5
0.6
45.3

7.7
0.7
45.5

7.4
1.0
43.4

5.5
0.6
38.3

5.5
0.6
38.2

7.0
0.8
36.3

7.8
0.9
35.2

8.9
1.0
31.3

2
3
4

663.2

702.8

752.0

715.2

708.0

703.0

717.1

711.7

728.9

737.3

751.9

5

Open market paper
Treasury securities
Agency- and GSE-backed securities

37.5
212.6
106.1

40.4
198.8
129.0

44.7
177.9
166.6

45.3
152.4
152.1

45.5
144.1
151.8

43.4
140.9
156.2

38.3
148.1
161.3

38.2
141.6
156.2

41.3
147.4
158.5

45.2
145.2
157.1

47.3
152.0
157.5

6
7
8

Municipal securities
Corporate and foreign bonds
Mortgages

3.3
279.6
24.1

3.0
310.0
21.5

1.6
339.7
21.5

1.4
339.1
24.9

0.5
334.5
31.6

0.5
328.1
33.9

0.4
332.7
36.3

1.8
334.8
39.0

0.7
339.2
41.9

0.9
343.9
45.0

0.5
346.4
48.3

9
10
11

1188.1
66.1

1407.7
81.0

1223.1
93.5

1084.0
113.8

869.8
105.9

841.9
98.6

960.0
106.7

981.8
127.2

1084.4
131.6

1102.6
138.8

1116.7
137.0

12
13

1998.2

2278.3

2165.4

2015.4

1787.2

1745.0

1878.2

1915.1

2038.9

2072.3

2096.0

14

2
3
4

Checkable deposits and currency
Time and savings deposits
Security RPs

5

Credit market instruments

6
7
8
9
10
11
12
13
14

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

(1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

L.121 Federal Government Retirement Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8

Total financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets
Pension fund reserves (liabilities) (2)

718.0

776.2

799.2

862.0

896.6

885.0

907.2

922.9

959.0

952.2

964.1

1

30.2

33.1

35.1

44.8

57.8

64.9

65.5

65.3

64.1

64.3

66.0

2

28.1
1.3
0.8

31.0
1.3
0.8

33.0
1.4
0.8

40.2
3.1
1.6

49.6
5.5
2.8

53.4
7.7
3.9

53.9
7.7
3.9

54.6
7.1
3.6

54.3
6.5
3.3

54.8
6.3
3.2

56.8
6.1
3.1

3
4
5

44.9
642.9

59.1
684.0

59.1
704.9

51.4
765.8

48.5
790.3

52.3
767.8

63.1
778.6

69.4
788.1

79.9
815.0

86.7
801.2

88.8
809.2

6
7

718.0

776.2

799.2

862.0

896.6

885.0

907.2

922.9

959.0

952.2

964.1

8

(1) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(2) Liabilities of the sector are assets of the household sector.

77

Z.1, September 16, 2004

L.122 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1329.7

1578.8

1812.1

2240.7

2223.9

2156.1

2120.1

2058.0

2016.0

1971.9

1912.3

1

2
3
4
5

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

30.6
-1.0
127.0
139.5

42.9
-2.2
160.4
139.6

91.1
2.2
142.4
183.0

124.2
4.6
219.5
227.0

114.1
-1.3
204.6
273.2

101.1
-1.7
193.4
262.1

88.6
-8.1
183.8
258.8

82.4
-6.5
184.4
229.0

74.2
-1.9
156.9
251.4

73.2
-10.7
158.2
269.0

88.8
1.1
162.2
254.4

2
3
4
5

6

Credit market instruments

965.9

1147.8

1290.9

1536.9

1511.6

1485.5

1479.6

1438.1

1398.5

1344.7

1271.3

6

414.2
103.6
173.8
193.0
81.2

519.0
103.8
190.9
210.4
123.7

608.6
90.4
185.2
244.7
161.9

638.9
135.7
318.4
281.0
163.0

594.0
140.2
324.1
282.8
170.7

543.5
148.2
318.1
292.7
183.0

517.5
144.3
326.8
298.6
192.4

471.7
134.2
350.9
296.5
184.9

458.9
130.2
326.2
297.3
185.9

432.2
125.7
300.0
306.7
180.0

404.8
102.4
275.7
304.7
183.8

7
8
9
10
11

7
8
9
10
11
12
13

Total financial assets

1999

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Total shares outstanding (liabilities)

67.7

90.4

102.5

128.6

121.6

115.8

117.4

130.6

137.0

137.4

134.4

12

1329.7

1578.8

1812.1

2240.7

2223.9

2156.1

2120.1

2058.0

2016.0

1971.9

1912.3

13

4242.6

4653.2

4901.2

4969.7

1

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

L.123 Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Security RPs

3

Credit market instruments

4
5
6
7
8
9
10
11

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets
Total shares outstanding (liabilities)

3613.1

4538.5

4435.3

4135.5

3638.4

3587.8

4071.6

70.9

80.8

106.5

74.8

81.5

81.4

82.3

83.5

94.0

88.5

91.9

2

1028.4

1076.8

1097.7

1223.8

1368.0

1415.6

1480.9

1478.5

1505.7

1552.6

1555.5

3

70.9
141.0
234.9
242.6
339.0

80.8
117.3
271.1
239.4
368.2

106.5
123.6
275.2
230.5
361.9

74.8
115.1
360.5
253.4
420.1

63.0
134.7
422.0
277.3
470.9

62.8
142.8
435.0
282.8
492.1

63.9
152.2
451.9
292.3
520.6

65.2
147.2
444.4
289.8
531.9

75.8
144.1
447.3
290.2
548.3

70.4
149.0
462.5
295.6
575.1

73.7
148.4
460.7
288.8
583.8

4
5
6
7
8

2506.2
7.7

3376.7
4.2

3227.3
3.8

2836.1
0.8

2188.0
0.9

2089.1
1.7

2506.6
1.7

2677.5
3.1

3051.6
1.9

3257.0
3.1

3319.2
3.1

9
10

3613.1

4538.5

4435.3

4135.5

3638.4

3587.8

4071.6

4242.6

4653.2

4901.2

4969.7

11

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

L.124 Closed-End and Exchange-Traded Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Closed-end funds
1
2
3
4
5
6
7

Total financial assets
Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Total shares outstanding (liabilities)

148.8

152.1

141.9

139.5

150.8

157.5

178.2

194.4

205.6

221.2

229.1

1

101.2
8.8
60.7
31.8

110.8
7.6
69.7
33.5

105.3
6.7
67.7
30.9

108.5
6.7
74.7
27.1

117.1
3.9
86.0
27.1

123.6
4.0
87.1
32.5

138.6
4.7
86.7
47.2

149.3
5.1
88.8
55.4

153.3
5.3
89.3
58.7

155.5
6.7
88.8
60.0

161.2
7.2
90.2
63.7

2
3
4
5

47.6

41.3

36.6

31.1

33.7

33.9

39.6

45.1

52.3

65.8

67.9

6

148.8

152.1

141.9

139.5

150.8

157.5

178.2

194.4

205.6

221.2

229.1

7

15.6

33.9

65.6

83.0

102.0

100.6

121.3

119.5

150.8

161.3

178.4

8

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

3.7
2.0
1.8

3.4
1.5
1.9

3.5
1.3
2.3

3.9
1.8
2.2

4.5
2.1
2.4

5.7
3.0
2.8

6.6
3.7
2.9

9
10
11

15.6

33.9

65.6

83.0

98.2

97.2

117.7

115.5

146.3

155.6

171.8

12

15.6

33.9

65.6

83.0

102.0

100.6

121.3

119.5

150.8

161.3

178.4

13

Exchange-traded funds
8

Total financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Total shares outstanding (liabilities)

78

Z.1, September 16, 2004

L.125 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

Open market paper
Treasury securities
Agency- and GSE-backed securities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1405.8

1723.2

1965.0

2309.4

2549.4

2602.3

2651.6

2758.8

2774.8

2788.6

2833.4

1

5.0
4.7
77.0

12.1
10.0
89.7

4.4
22.2
80.6

6.7
30.3
104.4

14.8
25.3
95.3

18.1
23.1
78.8

13.6
27.2
90.0

12.3
18.6
72.7

12.4
16.7
73.3

13.9
21.7
77.6

14.7
27.9
65.9

2
3
4

1251.5

1538.8

1794.4

2099.1

2323.2

2376.9

2401.3

2550.2

2565.0

2557.5

2608.9

5

56.2
25.2
482.7

23.9
30.9
655.6

31.1
13.3
810.9

33.8
13.6
1017.8

10.4
25.7
1149.5

11.1
25.2
1167.5

9.1
25.4
1153.4

8.4
23.9
1261.0

9.7
23.6
1246.8

10.4
23.7
1221.3

10.0
24.5
1228.5

6
7
8

19.2
68.7

22.7
97.5

29.2
131.1

35.4
155.7

39.4
189.3

38.9
197.1

38.8
198.1

40.4
205.2

41.3
214.4

42.6
214.7

45.8
226.7

9
10

9
10

Municipal securities
Corporate and foreign bonds

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

324.2
1.1
34.9
288.2

432.3
0.8
35.8
395.7

477.6
0.8
38.9
437.9

505.9
0.8
41.8
463.3

514.7
0.4
43.8
470.5

519.9
0.4
43.1
476.3

529.2
0.4
42.8
486.0

533.1
0.4
42.5
490.3

545.8
0.3
43.8
501.7

561.2
0.3
44.3
516.6

601.5
0.2
43.2
558.1

11
12
13
14

15
16
17
18
19

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

247.0
199.6
16.2
31.2
28.4

242.0
189.3
20.5
32.2
33.8

264.3
205.1
25.0
34.2
37.0

297.5
225.6
33.2
38.7
39.4

357.3
271.1
41.7
44.5
36.9

381.9
293.8
42.9
45.2
35.3

416.0
324.5
44.8
46.6
31.3

451.1
359.6
44.6
47.0
27.2

462.8
369.6
45.9
47.4
20.6

467.6
372.4
47.1
48.0
16.0

469.7
371.5
49.2
49.0
2.2

15
16
17
18
19

67.6

72.5

63.4

68.9

90.9

105.3

119.6

104.9

107.3

118.0

116.1

20

1371.0

1684.3

1920.5

2272.0

2519.6

2575.0

2621.9

2729.6

2736.7

2752.4

2788.1

21

1275.4
1275.4
0.0

1594.2
1594.2
0.0

1826.4
1826.4
0.0

2130.6
2130.6
0.0

2350.4
2350.4
0.0

2406.1
2406.1
0.0

2454.0
2454.0
0.0

2569.2
2569.2
0.0

2594.1
2594.1
0.0

2598.7
2598.7
0.0

2657.3
2657.3
0.0

22
23
24

95.6

90.1

94.0

141.5

169.2

168.9

167.9

160.5

142.5

153.8

130.8

25

20
21

Miscellaneous assets
Total liabilities

22
23
24

Credit market instruments
GSE issues (3)
U.S. government loans

25

Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural 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 SLM Corporation, a private company chartered in 1997.
(2) SLMA student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

L.126 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2019.0

2293.5

2493.2

2831.8

3158.6

3226.6

3289.1

3371.3

3489.0

3506.4

3519.8

1

2
3
4
5

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

1970.2
48.3
0.0
0.5

2234.7
57.5
0.0
1.3

2425.6
66.0
0.0
1.6

2748.5
81.6
0.0
1.7

3063.7
94.5
0.0
0.4

3129.7
96.6
0.0
0.3

3189.9
98.9
0.0
0.3

3265.4
104.9
0.0
1.0

3373.3
114.7
0.0
1.0

3394.0
111.4
0.0
1.0

3403.1
115.8
0.0
1.0

2
3
4
5

6

Total pool securities (liabilities)(2)

2019.0

2293.5

2493.2

2831.8

3158.6

3226.6

3289.1

3371.3

3489.0

3506.4

3519.8

6

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

79

Z.1, September 16, 2004

L.127 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1352.6

1547.1

1737.2

1990.9

2185.5

2240.4

2301.1

2337.4

2386.8

2410.3

2487.3

1

2
3

Agency- and GSE-backed securities (1)
Other loans and advances

193.5
85.9

230.3
82.6

238.6
89.8

252.8
108.3

299.4
105.0

290.4
112.5

294.9
108.4

322.5
102.7

308.2
103.9

272.5
101.3

264.9
101.9

2
3

4
5
6
7

Mortgages (2)
Home
Multifamily residential
Commercial

517.9
360.6
33.9
123.4

598.7
399.4
42.0
157.3

667.4
432.8
47.5
187.1

784.3
505.0
53.5
225.7

874.4
563.2
59.0
252.1

922.2
606.3
59.6
256.2

974.0
642.2
61.7
270.1

999.9
656.4
63.7
279.8

1058.9
696.1
67.1
295.7

1128.5
754.7
69.0
304.8

1210.6
818.6
70.5
321.5

4
5
6
7

8
9

Consumer credit
Trade receivables

389.4
165.9

448.4
187.0

521.3
220.0

599.7
245.9

637.1
269.7

640.2
275.2

643.3
280.5

626.6
285.7

625.0
290.8

612.3
295.7

609.6
300.4

8
9

1365.3

1556.8

1743.8

1997.8

2191.2

2246.6

2307.1

2343.2

2392.3

2415.6

2492.4

10

381.8
983.5

520.8
1036.0

645.8
1097.9

765.8
1231.9

752.8
1438.4

728.3
1518.3

719.8
1587.3

731.0
1612.1

717.3
1675.1

710.1
1705.5

698.3
1794.1

11
12

12.7
13.9

9.7
12.9

6.6
10.7

6.8
9.5

5.7
15.6

6.2
16.5

6.0
19.7

5.7
25.6

5.5
30.6

5.3
36.0

5.1
42.3

13
14

10
11
12

13
14

Total financial assets

1999

Total liabilities
Commercial paper
Corporate bonds
Memo:
Securitized assets not included above
Consumer leases (3)
REIT assets (4)

(1) Agency- and GSE-backed 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.
(4) Included in table L.130.

L.128 Finance Companies (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

852.7

1003.5

1140.1

1158.9

1192.6

1190.5

1246.8

1336.4

1382.6

1399.9

1385.6

1

22.8

25.3

27.9

30.8

33.8

34.6

35.4

36.2

37.1

37.9

38.8

2

2

Checkable deposits and currency

3
4
5
6

Credit market instruments
Other loans and advances
Mortgages
Consumer credit

645.5
340.9
121.2
183.3

742.6
395.1
145.8
201.6

851.2
458.4
172.3
220.5

846.4
447.0
161.3
238.1

867.6
455.3
174.5
237.8

861.1
453.9
173.9
233.2

883.5
455.8
183.4
244.3

924.2
445.6
194.7
284.0

951.8
457.5
198.9
295.4

989.2
475.6
206.2
307.4

1009.3
471.3
213.3
324.7

3
4
5
6

7

Miscellaneous assets

184.4

235.7

261.0

281.8

291.3

294.9

327.9

375.9

393.7

372.7

337.6

7

856.6

995.3

1161.4

1182.7

1246.9

1245.8

1325.4

1415.3

1467.6

1504.7

1502.7

8

625.5
233.3
365.6
26.5

696.1
230.4
430.3
35.4

778.0
238.8
503.2
35.9

779.2
158.6
569.9
50.8

821.4
141.5
631.9
48.0

820.0
127.3
645.4
47.3

871.0
145.3
672.5
53.2

896.3
132.9
705.8
57.6

938.7
136.3
746.2
56.2

958.1
138.6
759.7
59.8

962.2
140.6
768.9
52.6

9
10
11
12

7.3

8.1

9.1

10.2

11.6

12.0

12.4

12.8

13.2

13.6

14.1

13

223.8
37.2
34.3
152.3

291.1
48.6
87.8
154.6

374.3
63.2
102.5
208.5

393.2
68.6
99.2
225.4

413.9
60.1
88.2
265.6

413.8
77.0
87.2
249.6

442.1
78.1
96.0
267.9

506.2
81.0
95.8
329.4

515.7
64.9
99.8
351.1

533.0
66.4
104.8
361.7

526.4
71.7
107.9
346.8

14
15
16
17

96.6

102.9

108.2

103.5

83.3

81.8

76.7

75.4

70.0

66.6

65.0

18

8

Total liabilities

9
10
11
12

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

13

Taxes payable

14
15
16
17

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

18

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies.
(2) See footnote (3), table L.127.

80

Z.1, September 16, 2004

L.129 Mortgage Companies (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

1
2
3
4
5
6
7

Total financial assets
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Total liabilities
Bank loans n.e.c.
Investment by parent

Q2

2004
Q3

Q4

Q1

Q2

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

21.8
5.2
5.1

2
3
4

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

32.1

5

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

16.0
16.0

6
7

70.2

92.8

92.8

101.0

108.0

114.3

133.2

143.1

1

(1) No data are available after 1997:Q4.

L.130 Real Estate Investment Trusts (REITs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

70.7

68.4

62.1

4.1

4.4

4.3

5.2

4.6

5.8

5.7

7.2

7.4

7.8

8.8

2

45.5

42.9

35.8

42.5

65.6

63.5

71.2

75.9

82.4

96.8

104.7

3

4
5

Agency- and GSE-backed securities
Corporate and foreign bonds

13.1
6.1

14.2
5.7

14.5
4.9

20.2
7.0

28.3
11.7

24.5
12.5

26.3
11.4

22.4
13.4

23.0
13.9

29.3
16.0

27.9
16.7

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

26.3
14.8
2.1
9.4

23.0
12.4
1.6
9.0

16.3
7.9
1.2
7.3

15.2
7.9
0.9
6.4

25.7
17.4
0.8
7.5

26.5
18.4
0.8
7.3

33.5
25.3
0.8
7.5

40.1
31.6
0.7
7.8

45.5
36.4
0.8
8.3

51.5
41.2
1.1
9.2

60.2
49.3
1.2
9.7

6
7
8
9

21.2

21.1

22.0

22.5

22.6

23.5

24.1

25.0

24.4

28.6

29.6

10

205.6

216.8

217.5

227.8

262.4

263.6

271.8

278.6

286.5

308.8

321.8

11

10

Miscellaneous assets

11

Total liabilities

12

Security RPs

13
14
15
16
17

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

18

Miscellaneous liabilities

19
20
21
22
23

Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

15.1

15.7

11.9

19.7

33.2

30.4

35.0

33.4

34.5

40.3

43.2

12

158.8
0.2
53.4
33.6
71.6

165.1
0.1
62.2
26.0
76.7

167.8
0.2
67.0
17.7
82.9

170.2
0.8
70.8
14.4
84.2

190.0
0.9
84.9
14.1
90.1

194.4
1.3
89.3
14.5
89.2

197.6
0.4
93.6
13.5
90.1

206.7
0.7
100.4
13.7
92.0

214.7
0.4
106.2
14.2
93.9

228.7
0.0
116.3
13.9
98.5

239.9
0.0
122.5
15.5
101.8

13
14
15
16
17

31.6

36.0

37.8

37.9

39.2

38.8

39.3

38.4

37.2

39.8

38.8

18

13.9
5.0
7.5
0.8
0.6

12.9
3.7
7.6
0.9
0.7

10.7
3.5
6.7
0.4
0.1

9.5
2.6
6.5
0.3
0.1

15.6
1.3
13.8
0.3
0.1

16.5
1.0
15.1
0.3
0.1

19.7
0.7
18.6
0.3
0.1

25.6
0.4
24.8
0.3
0.1

30.6
0.3
30.0
0.3
0.1

36.0
0.2
35.5
0.2
0.1

42.3
0.2
41.9
0.2
0.1

19
20
21
22
23

81

Z.1, September 16, 2004

L.131 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Security credit
Miscellaneous assets
Total liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

921.2

1001.0

1221.4

1465.6

1335.4

1385.5

1512.1

1560.7

1613.0

1728.8

1675.5

1

25.4

28.7

30.3

47.1

44.2

44.2

43.6

43.9

47.2

53.0

53.1

2

189.4

154.7

223.6

316.0

344.4

390.9

341.1

375.0

424.1

410.6

332.5

3

28.0
15.8
50.9
13.1
81.4

26.0
-42.6
66.0
11.9
93.4

39.2
-3.3
63.7
11.3
112.7

48.2
9.8
77.8
19.0
161.3

43.5
-3.9
91.8
21.0
192.0

46.7
17.5
128.1
19.2
179.4

41.9
-63.2
139.4
22.1
201.0

46.1
8.1
85.8
24.1
210.8

49.4
37.8
83.7
24.9
228.4

49.5
15.9
93.8
25.3
226.1

48.9
-75.1
86.3
30.3
242.1

4
5
6
7
8

54.4
152.8
499.3

66.9
227.9
522.8

77.2
235.1
655.1

85.1
196.4
821.0

74.9
148.2
723.7

67.7
159.5
723.2

87.6
248.5
791.3

86.8
227.6
827.5

100.5
182.5
858.8

113.8
201.2
950.3

118.2
215.6
956.1

9
10
11

866.8

935.8

1151.4

1440.8

1314.7

1362.3

1485.9

1529.3

1582.8

1696.1

1643.7

12

13
14

Security RPs (net)
Corporate bonds

208.2
42.5

245.2
25.3

302.2
40.9

353.2
42.3

344.2
40.6

335.2
50.2

358.0
46.2

411.4
48.6

477.9
47.0

494.9
60.0

408.3
60.7

13
14

15
16
17
18
19

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

18.9
419.5
276.7
142.8
1.3

30.9
448.7
323.9
124.8
2.2

35.9
587.6
412.4
175.2
2.1

39.2
629.5
454.3
175.2
1.9

37.4
590.6
412.7
177.9
1.3

28.5
637.1
429.6
207.4
1.6

35.3
723.4
515.1
208.3
1.9

32.5
712.6
503.4
209.1
2.0

28.2
688.8
475.4
213.5
1.8

34.6
752.1
513.0
239.2
1.9

32.0
763.1
526.3
236.8
2.0

15
16
17
18
19

20
21
22
23

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

176.4
10.7
353.5
-187.8

183.6
13.9
415.5
-245.8

182.7
20.1
475.7
-313.1

374.6
72.2
538.6
-236.1

300.5
77.4
558.5
-335.4

309.7
76.9
584.6
-351.9

321.1
78.9
582.1
-339.9

322.2
78.5
584.3
-340.6

339.2
80.2
602.8
-343.8

352.6
79.8
605.6
-332.8

377.6
80.1
651.7
-354.2

20
21
22
23

L.132 Funding Corporations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

765.3

997.6

1111.4

1146.3

1121.3

1142.2

1143.6

1170.5

1173.8

1214.5

1241.9

1

2

Money market fund shares

215.4

270.2

284.0

401.9

403.4

362.9

389.9

402.8

365.2

354.0

369.5

2

3
4
5

Credit market instruments
Open market paper
Corporate and foreign bonds

201.2
163.7
37.6

304.3
270.5
33.8

328.8
303.9
24.9

244.4
173.6
70.8

177.7
106.3
71.4

225.9
138.2
87.7

221.5
122.4
99.1

247.2
134.0
113.1

263.9
137.6
126.3

311.8
197.8
114.0

306.7
188.4
118.3

3
4
5

6
7
8

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

348.7
90.6
258.2

423.1
93.0
330.1

498.6
138.7
359.9

500.0
107.9
392.2

540.2
132.6
407.6

553.4
128.3
425.1

532.2
124.8
407.4

520.5
118.3
402.2

544.6
130.8
413.8

548.8
157.9
390.8

565.7
137.4
428.3

6
7
8

765.3

997.6

1111.4

1146.3

1121.3

1142.2

1143.6

1170.5

1173.8

1214.5

1241.9

9

10
11
12

9

Total liabilities
Credit market instruments
Open market paper
Corporate bonds

412.6
234.4
178.2

504.0
268.5
235.5

503.7
266.2
237.5

448.4
188.8
259.7

447.9
157.7
290.1

462.7
170.2
292.6

426.8
126.9
299.9

416.5
115.9
300.7

447.0
141.5
305.5

456.1
145.3
310.8

441.4
133.1
308.3

10
11
12

13
14
15
16

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

352.7
-63.9
403.3
13.4

493.6
-80.9
419.5
154.9

607.8
-5.1
508.2
104.7

697.8
51.6
578.3
68.0

673.5
92.3
575.4
5.7

679.5
90.6
567.7
21.1

716.8
105.4
628.9
-17.5

753.9
104.0
672.7
-22.7

726.8
97.6
678.0
-48.8

758.4
92.7
758.9
-93.2

800.4
124.2
753.8
-77.6

13
14
15
16

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

82

Z.1, September 16, 2004

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003
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

Q2

2004
Q3

Q4

Q1

Q2

81.8

71.5

67.6

68.7

79.0

80.0

81.7

84.4

85.9

85.2

82.7

1

21.6

21.4

21.6

21.8

23.2

22.4

22.8

23.1

23.7

23.7

23.7

2

10.6
11.0

10.3
11.0

10.5
11.0

10.8
11.0

12.2
11.0

11.4
11.0

11.7
11.0

12.1
11.0

12.6
11.0

12.7
11.0

12.7
11.0

3
4

60.1

50.1

46.1

46.8

55.8

57.6

58.9

61.3

62.3

61.5

58.9

5

Official foreign currency holdings
Treasury
Monetary authority

36.0
16.2
19.8

32.2
16.0
16.1

31.2
15.6
15.7

29.0
14.4
14.6

33.8
16.9
16.9

34.8
17.4
17.4

35.7
17.8
17.8

37.3
18.6
18.6

39.7
19.9
19.9

39.8
19.9
19.9

38.9
19.4
19.4

6
7
8

Net IMF position
Federal government
Monetary authority

24.1
24.2
-0.1

18.0
18.0
-0.1

14.8
14.9
-0.1

17.9
17.9
-0.1

22.0
22.1
-0.1

22.9
23.0
-0.1

23.2
23.3
-0.1

24.1
24.2
-0.1

22.5
22.6
-0.1

21.6
21.7
-0.1

20.1
20.2
-0.1

9
10
11

(1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of
foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows.
(2) Treasury gold stock.

L.201 SDR Certificates and Treasury Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
SDR certificates:
1
2

Liab: Federal government
Asset: Monetary authority

9.2
9.2

6.2
6.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

19.9
26.3

20.9
28.0

23.2
31.6

24.5
33.0

25.5
34.6

25.6
34.8

26.0
35.1

26.0
35.3

26.0
35.5

26.2
35.8

26.5
36.0

3
4

5

Discrepancy (seigniorage)

-6.4

-7.1

-8.5

-8.6

-9.1

-9.2

-9.1

-9.3

-9.5

-9.6

-9.5

5

L.202 U.S. Deposits in Foreign Countries
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
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

627.6

676.5

803.4

810.1

831.1

839.8

875.6

799.1

831.1

864.2

852.4

1

38.3
30.5
30.6

43.5
31.5
42.9

63.5
24.0
91.1

58.5
15.5
124.2

74.2
20.0
114.1

80.7
25.0
101.1

74.8
29.5
88.6

70.3
35.5
82.4

65.2
41.4
74.2

84.9
44.6
73.2

90.1
48.0
88.8

2
3
4

528.1

558.6

624.7

611.9

622.9

633.1

682.6

610.9

650.4

661.5

625.5

5

83

Z.1, September 16, 2004

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries, net

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

189.4

202.4

221.2

191.4

205.9

175.5

123.8

163.7

202.9

116.0

129.8

1

68.4
26.3
42.1

90.6
24.0
66.6

63.4
19.0
44.4

64.8
17.5
47.3

70.4
22.5
47.8

65.3
26.8
38.5

67.3
27.7
39.5

69.5
29.1
40.4

71.0
23.1
47.9

65.9
25.0
41.0

73.0
29.6
43.4

2
3
4

121.0
1.7

111.8
-0.0

157.8
1.0

126.6
0.0

135.5
0.5

110.2
-1.2

56.5
0.2

94.2
-0.3

131.9
-0.3

50.0
-0.5

56.8
0.5

5
6

145.9

140.3

161.1

115.5

119.7

92.1

49.5

76.4

120.2

35.9

31.9

7

8
9
10
11

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

156.7
85.1
196.7
111.6

149.8
133.5
226.7
93.2

171.6
179.3
302.0
122.7

127.3
167.0
324.8
157.8

141.1
213.1
323.9
110.8

110.2
212.1
342.5
130.4

64.9
209.5
407.4
197.9

99.4
254.2
423.2
169.1

138.7
302.9
447.7
144.7

55.8
278.9
437.0
158.1

54.4
311.2
461.7
150.5

8
9
10
11

12
13
14

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

92.9
133.0
40.1

41.7
147.9
106.2

-14.8
133.6
148.4

-50.2
163.3
213.5

-83.0
176.2
259.3

-103.7
202.3
306.0

-111.6
248.9
360.5

-121.8
224.7
346.5

-130.5
195.8
326.3

-188.6
200.6
389.2

-226.0
197.6
423.6

12
13
14

15
16
17

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

-21.3
2.9
24.2

-25.4
8.3
33.8

7.1
39.3
32.2

10.4
51.4
41.0

11.1
53.4
42.4

1.8
44.0
42.2

-32.9
13.2
46.2

-33.0
12.3
45.3

-33.8
13.2
47.0

-34.5
13.9
48.4

-30.8
14.7
45.4

15
16
17

10.8
10.6
0.2

9.5
9.4
0.2

10.5
9.8
0.7

11.8
11.1
0.7

21.4
21.3
0.1

18.1
18.0
0.1

15.4
15.2
0.2

23.0
22.6
0.4

18.5
18.3
0.1

19.9
19.7
0.2

22.5
22.3
0.2

18
19
20

-26.5

-28.5

-4.3

11.1

15.3

19.3

6.8

18.1

12.0

14.7

24.4

21

-50.9
30.2
55.8
0.9
-26.5

-67.3
44.4
72.2
0.6
-28.5

-33.0
59.4
63.1
0.6
-4.3

-17.8
59.6
47.9
0.7
11.1

0.2
75.8
58.8
1.7
15.3

-15.2
78.6
58.0
1.2
19.3

-61.5
79.8
71.4
1.6
6.8

-57.8
86.9
67.5
1.3
18.1

-65.2
73.6
60.0
1.6
12.0

-75.0
83.3
67.0
1.7
14.7

-73.4
96.5
70.3
1.7
24.4

22
23
24
25
26

56.3
24.8

78.9
32.8

86.0
6.4

89.5
-12.1

90.3
-14.7

100.8
-7.1

104.4
36.9

105.1
39.6

97.9
41.0

116.8
41.6

131.0
38.9

27
28

18
19
20
21
22
23
24
25
26

27
28

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

0.4
56.3
55.8

6.7
78.9
72.2

22.9
86.0
63.1

41.6
89.5
47.9

31.5
90.3
58.8

42.7
100.8
58.0

33.0
104.4
71.4

37.6
105.1
67.5

37.8
97.9
60.0

49.8
116.8
67.0

60.6
131.0
70.3

29
30
31

32
33
34

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

23.9
24.8
0.9

32.1
32.8
0.6

5.8
6.4
0.6

-12.8
-12.1
0.7

-16.4
-14.7
1.7

-8.2
-7.1
1.2

35.3
36.9
1.6

38.3
39.6
1.3

39.4
41.0
1.6

39.9
41.6
1.7

37.2
38.9
1.7

32
33
34

215.9

230.8

225.5

180.3

190.5

156.2

117.0

145.6

190.9

101.3

105.4

35

145.9

140.3

161.1

115.5

119.7

92.1

49.5

76.4

120.2

35.9

31.9

36

70.0

90.6

64.4

64.8

70.8

64.1

67.5

69.2

70.7

65.4

73.5

37

1.7
1.6
0.0

-0.0
-0.2
0.2

1.0
0.9
0.1

0.0
-0.0
0.0

0.5
0.4
0.0

-1.2
-1.2
0.0

0.2
-0.5
0.8

-0.3
-0.5
0.2

-0.3
-0.3
0.1

-0.5
-0.6
0.1

0.5
0.2
0.3

38
39
40

66.5
24.4
42.1

85.9
19.3
66.6

61.8
17.4
44.4

62.5
15.2
47.3

67.4
19.5
47.8

62.5
24.0
38.5

64.5
25.0
39.5

66.1
25.7
40.4

67.1
19.1
47.9

60.9
19.9
41.0

66.8
23.4
43.4

41
42
43

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

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

1.9

4.7

1.7

2.3

3.0

2.8

2.7

3.4

3.9

5.1

6.3

44

-26.5

-28.5

-4.3

11.1

15.3

19.3

6.8

18.1

12.0

14.7

24.4

45

84

Z.1, September 16, 2004

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1333.3

1484.5

1413.1

1603.2

1646.7

1645.3

1712.2

1707.2

1780.6

1791.8

1847.9

1

2
3
4
5

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

481.8
6.2
0.2
475.4

590.4
28.5
0.1
561.8

555.2
5.6
0.3
549.3

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

654.7
7.1
0.3
647.3

662.1
7.3
1.0
653.8

665.5
7.6
0.1
657.8

682.5
6.0
0.2
676.3

681.5
6.3
0.1
675.2

696.4
6.3
0.3
689.7

2
3
4
5

6
7
8
9

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

622.9
13.2
28.6
581.1

626.4
49.6
28.6
548.2

540.9
16.4
30.7
493.8

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

540.5
8.5
26.9
505.1

584.3
26.7
41.3
516.3

563.1
29.8
32.7
500.6

602.4
30.2
33.2
539.0

597.0
17.5
36.3
543.2

621.5
40.6
47.9
533.1

6
7
8
9

Savings institutions
Credit unions

185.6
43.0

222.3
45.4

265.8
51.3

316.5
54.7

370.9
59.7

384.2
65.9

399.5
66.4

413.9
64.8

428.3
67.4

443.0
70.3

459.5
70.4

10
11

10
11
12

Total liabilities

1999

1333.3

1484.5

1413.1

1603.2

1646.7

1645.3

1712.2

1707.2

1780.6

1791.8

1847.9

12

13

Total assets
Household sector

421.9

364.3

232.3

335.3

358.7

356.3

345.7

299.3

316.3

351.3

351.8

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

472.5
275.0
178.9
18.6

567.8
331.0
217.6
19.2

674.9
381.4
274.1
19.4

626.5
331.9
274.5
20.1

620.8
313.0
287.3
20.5

607.2
297.2
289.6
20.5

647.1
333.6
293.0
20.5

704.0
387.3
296.2
20.5

734.1
415.3
298.2
20.6

720.5
401.3
298.6
20.6

723.3
404.4
298.3
20.6

14
15
16
17

18
19

State and local governments
Federal government

28.3
23.2

32.2
87.9

33.2
24.3

38.2
66.9

46.7
47.5

44.9
23.3

48.9
41.8

48.9
53.3

55.2
54.1

53.2
22.7

47.4
46.8

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

257.1
28.8
228.3

279.4
28.7
250.7

286.9
30.9
256.0

305.7
25.9
279.8

326.6
25.3
301.3

333.4
27.2
306.2

349.9
42.3
307.7

343.2
32.8
310.4

351.3
33.4
317.9

352.6
36.5
316.1

373.0
48.2
324.9

20
21
22

23

Financial sectors

111.1

140.4

141.9

221.4

237.2

271.1

266.5

261.8

266.6

273.0

284.0

23

24
25
26
27

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

2.0
18.4
9.1
0.3

2.2
17.4
26.4
0.3

1.7
19.0
26.7
0.2

2.8
21.0
36.8
0.7

2.5
24.7
38.4
0.0

3.0
23.9
54.8
0.1

3.0
27.4
52.4
0.2

2.4
25.9
45.6
0.3

2.5
24.3
41.5
0.4

3.2
25.0
50.4
0.5

2.7
28.2
39.8
0.6

24
25
26
27

28
29
30
31

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

5.4
4.0
5.7
10.0

5.5
4.3
6.9
9.2

5.0
3.7
7.3
9.1

36.8
13.1
6.3
9.5

35.3
25.9
6.8
7.7

43.8
30.2
6.9
7.4

44.4
36.1
7.2
5.5

46.8
35.1
7.2
5.5

47.3
34.6
7.0
7.0

46.3
31.1
6.9
7.8

50.0
30.3
7.0
8.9

28
29
30
31

32
33
34
35
36

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

-1.0
5.0
22.8
4.1
25.4

-2.2
12.1
25.3
4.4
28.7

2.2
4.4
27.9
4.3
30.3

4.6
6.7
30.8
5.2
47.1

-1.3
14.8
33.8
4.6
44.2

-1.7
18.1
34.6
5.8
44.2

-8.1
13.6
35.4
5.7
43.6

-6.5
12.3
36.2
7.2
43.9

-1.9
12.4
37.1
7.4
47.2

-10.7
13.9
37.9
7.8
53.0

1.1
14.7
38.8
8.8
53.1

32
33
34
35
36

19.3

12.5

19.7

9.2

9.2

9.0

12.2

-3.2

2.9

18.5

21.5

37

37

Mail float

85

Z.1, September 16, 2004

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2

Total liabilities
Small time and savings deposits

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

3431.8

3608.0

3912.9

4248.8

4569.7

4711.0

4797.2

4822.7

4861.1

5053.7

5173.2

1

2626.5

2671.6

2860.4

3127.6

3398.5

3502.2

3575.0

3600.9

3627.9

3721.5

3793.8

2

1945.2
1924.4
9.4
11.4

2017.1
1997.4
7.5
12.2

2228.7
2208.0
7.2
13.6

2478.1
2448.3
11.6
18.1

2747.6
2722.0
9.4
16.2

2833.2
2808.5
8.7
16.0

2913.4
2888.4
8.9
16.1

2935.1
2908.8
9.7
16.7

2977.9
2950.2
10.3
17.5

3079.1
3050.4
11.2
17.5

3148.6
3119.9
10.8
18.0

3
4
5
6

3
4
5
6

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

7
8

Savings institutions
Credit unions

393.9
287.5

354.7
299.8

318.9
312.7

288.2
361.3

256.5
394.4

251.8
417.1

238.0
423.6

240.9
424.9

226.0
424.0

218.5
423.8

205.6
439.6

7
8

9

Large time deposits (1)

805.3

936.4

1052.6

1121.1

1171.3

1208.8

1222.2

1221.8

1233.2

1332.2

1379.4

9

10
11
12
13

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

673.1
404.1
257.6
11.4

792.6
465.7
314.8
12.2

885.4
553.6
318.2
13.6

918.1
528.4
371.5
18.1

915.3
552.7
346.4
16.2

940.3
569.1
355.2
16.0

934.5
572.5
346.0
16.1

933.3
569.7
346.9
16.7

934.1
555.7
361.0
17.5

992.3
575.2
399.6
17.5

1032.1
596.0
418.1
18.0

10
11
12
13

14
15

Savings institutions
Credit unions

113.7
18.5

122.2
21.6

142.1
25.1

168.9
34.1

213.1
42.8

224.5
44.1

237.6
50.1

238.3
50.3

245.5
53.6

285.2
54.7

290.8
56.5

14
15

3431.8

3608.0

3912.9

4248.8

4569.7

4711.0

4797.2

4822.7

4861.1

5053.7

5173.2

16

2680.5

2799.1

3090.9

3298.8

3582.3

3728.3

3789.0

3858.9

3907.3

4084.1

4131.7

17

16

Total assets

17

Household sector

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

211.0
112.6
98.5

254.4
136.9
117.5

274.9
137.3
137.6

275.8
131.1
144.7

274.4
127.5
146.9

281.6
135.7
145.8

296.4
149.6
146.8

307.9
160.8
147.0

320.6
172.0
148.6

325.0
177.3
147.7

334.3
186.5
147.8

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

92.3
4.7
129.0

105.7
5.4
125.9

118.7
6.3
108.7

129.9
10.5
120.6

137.6
27.6
152.3

138.5
18.4
154.6

142.0
27.8
155.9

143.8
9.1
122.3

147.2
2.4
131.2

149.0
1.9
128.7

161.8
2.1
165.4

21
22
23

24

Financial sectors

314.2

317.5

313.2

413.1

395.5

389.6

386.1

380.6

352.4

365.1

377.8

24

1.5
23.4
7.8

1.3
16.6
8.7

1.4
15.5
8.9

2.2
23.0
11.7

2.6
24.5
11.1

2.6
28.7
13.3

2.7
27.6
15.4

2.7
27.3
17.6

2.6
26.4
19.8

3.0
27.5
22.0

3.2
28.7
22.1

25
26
27

147.7
2.0
127.0
4.7

118.8
1.7
160.4
10.0

121.7
1.1
142.4
22.2

125.8
0.6
219.5
30.3

126.7
0.7
204.6
25.3

127.5
1.0
193.4
23.1

128.7
0.6
183.8
27.2

129.5
0.6
184.4
18.6

129.1
0.8
156.9
16.7

131.8
0.9
158.2
21.7

132.6
1.0
162.2
27.9

28
29
30
31

25
26
27

Savings institutions
Credit unions
Bank personal trusts and estates

28
29
30
31

Private pension funds
State and local govt. retirement funds
Money market mutual funds
Government-sponsored enterprises

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

L.206 Money Market Mutual Fund Shares
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

1329.7

1578.8

1812.1

2240.7

2223.9

2156.1

2120.1

2058.0

2016.0

1971.9

1912.3

1

2
3
4
5

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

712.9
126.4
32.6
22.5

825.0
154.9
40.7
27.6

970.7
191.4
49.4
34.1

1129.2
301.9
59.0
53.7

1088.7
328.8
61.3
56.0

1077.8
324.1
60.0
54.3

1030.3
313.6
58.7
51.5

986.7
292.6
55.6
46.9

989.0
291.0
53.1
46.6

969.8
291.0
49.2
45.7

899.7
294.3
49.0
43.5

2
3
4
5

6
7
8
9

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

46.2
110.4
63.4
215.4

53.7
131.8
75.1
270.2

60.6
142.3
79.6
284.0

52.8
173.3
69.0
401.9

54.1
159.8
71.8
403.4

51.8
152.7
72.5
362.9

49.5
153.4
73.2
389.9

47.2
152.3
73.9
402.8

44.9
151.4
74.7
365.2

42.7
144.2
75.4
354.0

40.4
139.6
76.2
369.5

6
7
8
9

86

Z.1, September 16, 2004

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

913.8

1083.6

1196.8

1231.8

1336.8

1358.1

1440.8

1446.6

1559.4

1630.5

1585.1

1

2
3
4
5

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

639.2
538.4
100.4
0.4

750.0
667.0
82.5
0.5

816.1
682.4
134.8
-1.1

786.5
663.9
123.9
-1.2

902.0
737.4
163.4
1.2

931.7
733.8
191.8
6.2

983.2
777.3
197.1
8.8

936.2
766.3
167.7
2.2

969.5
806.0
161.5
2.1

1021.3
851.2
168.8
1.2

1062.5
879.6
181.5
1.4

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

51.3
15.1
208.2

72.7
15.7
245.2

66.7
11.9
302.2

72.4
19.7
353.2

57.4
33.2
344.2

60.8
30.4
335.2

64.6
35.0
358.0

65.6
33.4
411.4

77.5
34.5
477.9

74.1
40.3
494.9

71.2
43.2
408.3

6
7
8

678.7

809.2

804.1

888.3

973.3

1109.1

1120.5

1140.1

1218.9

1302.2

1291.1

9

9

Total liabilities

1999

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

4.2
154.2
72.0

5.8
151.6
79.9

4.2
159.8
91.3

4.0
137.6
150.7

6.2
132.7
190.1

5.8
133.4
360.5

6.2
136.3
364.6

7.3
137.9
420.3

5.8
140.7
462.9

6.9
144.7
530.7

7.1
140.2
552.0

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

448.4
30.4
14.8
6.8

571.8
140.6
10.6
9.3

548.8
43.4
14.9
4.0

596.0
50.3
27.4
2.5

644.3
39.5
27.1
1.7

609.4
31.8
29.7
4.4

613.4
31.8
25.6
2.4

574.7
37.5
24.8
2.8

609.6
43.8
21.0
1.6

619.8
27.5
31.2
4.3

591.8
33.5
26.3
2.6

13
14
15
16

17
18
19
20
21
22

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

42.7
28.8
37.5
139.5
70.9
77.0

28.3
32.5
40.4
139.6
80.8
89.7

38.3
33.4
44.7
183.0
106.5
80.6

30.2
34.2
45.3
227.0
74.8
104.4

44.4
36.1
45.5
273.2
81.5
95.3

42.0
35.8
43.4
262.1
81.4
78.8

48.8
35.5
38.3
258.8
82.3
90.0

51.0
35.2
38.2
229.0
83.5
72.7

52.8
35.4
36.3
251.4
94.0
73.3

52.2
34.2
35.2
269.0
88.5
77.6

50.4
35.7
31.3
254.4
91.9
65.9

17
18
19
20
21
22

235.0

274.4

392.8

343.5

363.5

249.0

320.3

306.4

340.5

328.4

294.0

23

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

1172.6

1402.4

1614.0

1466.2

1374.7

1359.2

1317.1

1294.5

1293.1

1340.4

1314.2

1

1161.0

1393.8

1606.1

1461.4

1370.1

1354.4

1312.5

1290.2

1288.7

1336.5

1309.7

2

Nonfinancial corporate business
Foreign issues in U.S.
Nonfinancial
Financial

193.0
72.9
18.5
54.4

230.3
89.2
26.7
62.5

278.4
120.9
37.6
83.3

190.1
106.7
14.3
92.4

126.0
142.8
19.1
123.7

127.1
155.7
18.5
137.1

107.5
173.1
20.3
152.8

108.4
160.4
16.7
143.7

85.9
165.1
15.4
149.6

95.5
190.0
15.0
174.9

102.5
183.4
15.1
168.3

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

895.2
45.4
381.8
233.3
0.2
234.4

1074.3
54.5
520.8
230.4
0.1
268.5

1206.7
55.7
645.8
238.8
0.2
266.2

1164.6
50.6
765.8
158.6
0.8
188.8

1101.3
48.3
752.8
141.5
0.9
157.7

1071.6
44.6
728.3
127.3
1.3
170.2

1031.9
39.6
719.8
145.3
0.4
126.9

1021.4
40.9
731.0
132.9
0.7
115.9

1037.7
42.3
717.3
136.3
0.4
141.5

1051.1
57.1
710.1
138.6
0.0
145.3

1023.8
51.7
698.3
140.6
0.0
133.1

7
8
9
10
11
12

13

Bankers acceptances (1)

11.5

8.6

7.9

4.8

4.6

4.8

4.6

4.3

4.4

3.9

4.4

13

1172.6

1402.4

1614.0

1466.2

1374.7

1359.2

1317.1

1294.5

1293.1

1340.4

1314.2

14

2
3
4
5
6

14

Total outstanding, all types
Commercial paper

Holdings, by sector

15
16
17
18

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

63.7
39.4
86.0
87.1

67.7
47.6
103.3
85.8

82.6
57.8
121.2
90.1

85.7
60.2
107.6
87.5

98.9
64.7
113.3
97.8

105.0
62.7
114.3
91.3

97.5
71.5
118.1
102.0

99.0
80.7
120.1
95.2

94.9
83.5
123.8
107.7

100.3
80.6
125.8
113.9

104.6
83.6
127.8
115.5

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
1.1
0.0
0.4
16.5

0.0
1.4
0.0
1.9
17.1

0.0
1.5
0.0
1.2
14.7

0.0
0.0
0.0
2.4
11.6

0.0
0.0
0.0
3.6
11.4

0.0
0.0
0.0
2.9
11.3

0.0
0.0
0.0
3.4
11.2

0.0
0.0
0.0
3.1
11.1

0.0
0.0
0.0
1.6
11.0

0.0
0.0
0.0
2.3
10.9

0.0
0.0
0.0
1.8
10.8

19
20
21
22
23

24
25
26

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

73.4
34.3
37.5

75.8
41.3
40.4

71.2
39.6
44.7

59.3
37.4
45.3

74.0
48.3
45.5

77.9
48.1
43.4

74.2
46.2
38.3

75.7
45.9
38.2

55.9
42.3
41.3

61.4
39.8
45.2

57.2
39.9
47.3

24
25
26

27
28
29
30
31

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

414.2
70.9
56.2
28.0
163.7

519.0
80.8
23.9
26.0
270.5

608.6
106.5
31.1
39.2
303.9

638.9
74.8
33.8
48.2
173.6

594.0
63.0
10.4
43.5
106.3

543.5
62.8
11.1
46.7
138.2

517.5
63.9
9.1
41.9
122.4

471.7
65.2
8.4
46.1
134.0

458.9
75.8
9.7
49.4
137.6

432.2
70.4
10.4
49.5
197.8

404.8
73.7
10.0
48.9
188.4

27
28
29
30
31

(1) Excludes banks’ holdings of own acceptances.

87

Z.1, September 16, 2004

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

3723.7

3652.7

3357.8

3352.7

3609.8

3673.7

3779.9

3887.5

4008.2

4143.8

4185.4

1

186.6
3537.0

186.4
3466.2

184.8
3173.0

190.3
3162.4

194.9
3414.9

196.9
3476.8

199.1
3580.8

201.5
3686.0

203.8
3804.4

204.4
3939.4

204.6
3980.8

2
3

3723.7

3652.7

3357.8

3352.7

3609.8

3673.7

3779.9

3887.5

4008.2

4143.8

4185.4

4

Household sector
Savings bonds
Other Treasury issues

747.5
186.6
560.9

833.0
186.4
646.5

621.6
184.8
436.9

510.9
190.3
320.5

373.3
194.9
178.4

415.1
196.9
218.2

486.9
199.1
287.7

460.3
201.5
258.7

455.6
203.8
251.8

415.4
204.4
211.0

435.3
204.6
230.7

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

23.6
38.0
279.7

19.4
37.2
303.2

18.1
40.2
297.2

16.5
42.8
339.4

31.4
45.2
351.5

35.5
45.1
348.3

39.3
46.3
345.0

40.8
46.8
355.6

41.5
47.5
358.8

45.1
48.1
362.9

50.1
48.6
368.3

8
9
10

11
12

Rest of the world
Monetary authority

1166.2
452.1

1058.4
478.0

1021.4
511.7

1063.1
551.7

1254.1
629.4

1296.2
641.5

1392.6
652.1

1462.5
656.1

1539.2
666.7

1701.8
674.1

1805.1
687.4

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

214.1
124.8
84.8
0.9
3.6

228.9
122.8
94.5
8.8
2.8

184.5
87.9
94.0
0.8
1.8

162.7
56.5
103.8
1.2
1.2

205.8
86.4
116.7
1.3
1.5

136.6
89.3
44.3
1.3
1.6

126.8
77.9
44.5
2.4
2.0

126.6
81.2
40.1
3.0
2.3

132.9
93.5
34.2
2.7
2.5

144.2
102.6
36.6
2.1
2.8

140.9
100.9
33.8
2.4
3.7

13
14
15
16
17

18
19
20

Savings institutions
Credit unions
Bank personal trusts and estates

10.2
13.1
17.3

10.1
9.6
17.3

8.7
8.2
16.3

11.4
7.4
11.5

9.2
7.8
11.2

9.2
7.3
11.1

10.0
8.7
11.0

11.2
9.1
10.9

12.2
8.9
10.9

12.2
8.5
10.9

10.8
9.9
10.9

18
19
20

21
22
23
24
25

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

71.3
70.4
85.1
212.6
28.1

62.8
60.6
87.5
198.8
31.0

58.1
52.1
77.9
177.9
33.0

53.7
52.0
56.2
152.4
40.2

78.5
61.2
54.9
144.1
49.6

77.6
61.9
54.9
140.9
53.4

76.4
62.3
55.8
148.1
53.9

74.1
63.2
53.7
141.6
54.6

71.8
64.7
52.7
147.4
54.3

73.3
67.4
55.7
145.2
54.8

74.8
69.3
54.1
152.0
56.8

21
22
23
24
25

26
27
28
29
30
31

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

103.6
141.0
8.8
0.0
25.2
15.8

103.8
117.3
7.6
0.0
30.9
-42.6

90.4
123.6
6.7
0.0
13.3
-3.3

135.7
115.1
6.7
0.0
13.6
9.8

140.2
134.7
3.9
2.0
25.7
-3.9

148.2
142.8
4.0
1.5
25.2
17.5

144.3
152.2
4.7
1.3
25.4
-63.2

134.2
147.2
5.1
1.8
23.9
8.1

130.2
144.1
5.3
2.1
23.6
37.8

125.7
149.0
6.7
3.0
23.7
15.9

102.4
148.4
7.2
3.7
24.5
-75.1

26
27
28
29
30
31

3752.2

3681.0

3385.1

3379.5

3637.0

3700.6

3806.9

3914.5

4033.1

4168.9

4209.6

32

2
3
4
5
6
7

Total liabilities

1999

Savings bonds
Other Treasury issues
Total assets

Memo:
32

Federal government debt (1)

(1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).

88

Z.1, September 16, 2004

L.210 Agency- and GSE-backed Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5

Total liabilities
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

3322.9

3916.0

4347.0

4989.1

5536.3

5659.6

5770.1

5967.5

6108.0

6130.2

6201.3

1

28.5
1275.4
2019.0

28.3
1594.2
2293.5

27.3
1826.4
2493.2

26.8
2130.6
2831.8

27.3
2350.4
3158.6

26.9
2406.1
3226.6

27.0
2454.0
3289.1

27.0
2569.2
3371.3

24.9
2594.1
3489.0

25.1
2598.7
3506.4

24.2
2657.3
3519.8

2
3
4

3322.9

3916.0

4347.0

4989.1

5536.3

5659.6

5770.1

5967.5

6108.0

6130.2

6201.3

5

Household sector
Nonfinancial corporate business
State and local governments

288.9
10.6
152.7

362.4
12.4
196.5

405.8
15.4
198.1

328.9
17.2
253.5

219.1
16.9
256.5

200.5
18.4
258.6

156.5
21.1
266.9

345.9
23.3
271.3

485.5
25.1
279.3

397.5
28.0
281.1

440.5
31.5
283.4

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
227.8
0.3

0.0
300.2
0.2

0.0
441.4
0.1

0.0
534.7
0.0

0.0
650.2
0.0

0.0
663.9
0.0

0.0
678.0
0.0

0.0
650.3
0.0

0.0
661.7
0.0

0.0
681.4
0.0

0.0
719.3
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

663.2
578.9
67.4
6.6
10.2

699.6
608.3
72.4
5.4
13.5

721.8
626.5
72.7
4.8
17.8

777.4
700.2
50.7
6.2
20.3

917.9
821.3
61.6
10.7
24.2

961.2
866.4
60.0
11.4
23.4

1035.0
936.0
63.1
10.9
25.0

967.8
872.5
54.8
12.2
28.3

999.5
906.4
52.5
11.6
28.9

1094.5
1001.0
51.1
12.5
29.9

1111.0
1012.4
54.2
12.9
31.5

12
13
14
15
16

17
18
19

Savings institutions
Credit unions
Bank personal trusts and estates

143.7
58.4
39.4

147.1
61.3
45.2

140.4
60.9
45.5

161.4
80.6
35.1

176.2
97.3
34.2

186.1
107.2
33.6

192.4
116.2
32.9

193.3
125.7
32.2

198.7
115.5
31.6

228.5
120.3
31.7

221.3
121.6
31.8

17
18
19

20
21
22
23
24

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

217.0
69.7
194.8
106.1
1.3

224.4
75.5
233.0
129.0
1.3

235.4
84.1
242.0
166.6
1.4

253.5
94.2
249.9
152.1
3.1

330.9
113.2
251.7
151.8
5.5

338.4
113.4
250.7
156.2
7.7

345.0
113.3
251.3
161.3
7.7

346.9
113.9
246.7
156.2
7.1

348.9
115.4
246.4
158.5
6.5

357.0
120.3
247.0
157.1
6.3

365.1
123.6
244.8
157.5
6.1

20
21
22
23
24

25
26
27

Money market mutual funds
Mutual funds
Government-sponsored enterprises

173.8
234.9
482.7

190.9
271.1
655.6

185.2
275.2
810.9

318.4
360.5
1017.8

324.1
422.0
1149.5

318.1
435.0
1167.5

326.8
451.9
1153.4

350.9
444.4
1261.0

326.2
447.3
1246.8

300.0
462.5
1221.3

275.7
460.7
1228.5

25
26
27

28
29
30

ABS issuers
REITs
Brokers and dealers

193.5
13.1
50.9

230.3
14.2
66.0

238.6
14.5
63.7

252.8
20.2
77.8

299.4
28.3
91.8

290.4
24.5
128.1

294.9
26.3
139.4

322.5
22.4
85.8

308.2
23.0
83.7

272.5
29.3
93.8

264.9
27.9
86.3

28
29
30

6
7
8

Total assets

1999

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool 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 debt of the federal government, which is shown in table L.209, line 32.

89

Z.1, September 16, 2004

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total liabilities

2
3
4

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

5
6

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

7

Total assets

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1402.9

1457.2

1480.9

1603.7

1763.1

1791.1

1850.7

1863.5

1898.2

1937.2

1977.2

1

1128.2
41.2
1087.1

1167.1
43.7
1123.4

1183.6
45.1
1138.5

1289.2
69.0
1220.2

1432.6
94.2
1338.4

1456.6
92.8
1363.8

1511.4
92.4
1418.9

1520.1
95.2
1425.0

1550.1
101.3
1448.8

1585.7
103.2
1482.5

1619.0
85.2
1533.8

2
3
4

126.9
147.8

137.3
152.8

143.0
154.2

156.9
157.7

169.8
160.8

173.6
160.9

177.3
162.0

180.6
162.8

183.9
164.2

186.7
164.7

192.3
166.0

5
6

1402.9

1457.2

1480.9

1603.7

1763.1

1791.1

1850.7

1863.5

1898.2

1937.2

1977.2

7

8
9
10
11

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

416.0
25.7
2.8
3.2

435.6
25.0
2.7
3.5

438.0
31.9
2.4
3.8

489.3
29.3
3.5
4.0

585.2
32.1
3.7
4.1

586.6
32.9
3.8
4.1

613.3
34.0
3.8
4.2

602.7
38.2
3.9
4.3

618.6
40.2
3.9
4.4

626.4
41.9
4.0
4.4

650.9
45.6
4.0
4.5

8
9
10
11

12
13
14

Commercial banking
Savings institutions
Bank personal trusts and estates

104.8
2.5
89.5

110.8
3.0
100.3

114.1
3.2
99.1

120.2
4.5
95.6

121.7
5.5
100.9

123.2
5.5
100.3

127.1
5.8
99.6

131.9
6.3
98.9

132.5
6.3
98.4

133.9
6.5
99.7

137.2
6.5
100.4

12
13
14

15
16
17

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

18.4
208.1
3.3

20.1
199.0
3.0

19.1
184.1
1.6

18.7
173.8
1.4

19.9
183.0
0.5

21.6
192.0
0.5

23.3
200.7
0.4

24.7
211.2
1.8

26.1
224.2
0.7

26.8
233.6
0.9

27.4
240.1
0.5

15
16
17

18
19
20
21
22

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

193.0
242.6
60.7
19.2
13.1

210.4
239.4
69.7
22.7
11.9

244.7
230.5
67.7
29.2
11.3

281.0
253.4
74.7
35.4
19.0

282.8
277.3
86.0
39.4
21.0

292.7
282.8
87.1
38.9
19.2

298.6
292.3
86.7
38.8
22.1

296.5
289.8
88.8
40.4
24.1

297.3
290.2
89.3
41.3
24.9

306.7
295.6
88.8
42.6
25.3

304.7
288.8
90.2
45.8
30.3

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).

L.212 Corporate and Foreign Bonds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

4142.9

4553.3

4924.3

5510.7

5942.6

6109.5

6269.2

6360.7

6515.4

6622.1

6728.6

1

2
3

Nonfinancial corporate business
Rest of the world (1)

1846.0
450.9

2067.7
452.8

2230.3
468.0

2578.8
443.5

2711.0
410.0

2753.4
402.5

2827.7
377.5

2851.7
375.3

2869.3
381.9

2897.9
377.0

2899.3
367.1

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

1846.0
220.2
2.6

2032.7
240.6
2.7

2226.0
273.2
6.3

2488.4
310.2
3.6

2821.5
332.2
3.4

2953.6
352.9
4.8

3064.1
359.7
4.8

3133.8
361.2
5.0

3264.2
379.1
5.1

3347.2
389.0
6.0

3462.2
402.7
5.0

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

983.5
365.6
53.4
42.5
178.2

1036.0
430.3
62.2
25.3
235.5

1097.9
503.2
67.0
40.9
237.5

1231.9
569.9
70.8
42.3
259.7

1438.4
631.9
84.9
40.6
290.1

1518.3
645.4
89.3
50.2
292.6

1587.3
672.5
93.6
46.2
299.9

1612.1
705.8
100.4
48.6
300.7

1675.1
746.2
106.2
47.0
305.5

1705.5
759.7
116.3
60.0
310.8

1794.1
768.9
122.5
60.7
308.3

7
8
9
10
11

4142.9

4553.3

4924.3

5510.7

5942.6

6109.5

6269.2

6360.7

6515.4

6622.1

6728.6

12

650.0
61.9
607.8

587.0
73.3
752.1

569.8
70.0
920.6

564.7
95.6
1115.9

597.6
103.8
1266.9

503.6
104.5
1323.4

449.0
107.1
1385.2

395.4
108.5
1439.0

352.4
111.1
1499.5

319.9
112.4
1552.7

284.3
113.8
1606.0

13
14
15

180.9
88.6
28.5
1130.4
171.1
297.5
279.6
0.8

220.5
111.9
39.8
1173.2
181.1
347.5
310.0
0.8

278.6
109.4
44.9
1222.2
187.5
352.5
339.7
0.8

376.4
83.9
38.3
1342.4
196.4
351.4
339.1
1.6

379.1
79.9
35.6
1449.3
198.9
359.4
334.5
2.8

470.9
81.9
36.5
1505.6
203.0
362.0
328.1
3.9

473.6
75.4
37.5
1558.4
206.5
367.8
332.7
3.9

483.7
68.6
38.5
1588.6
211.7
371.5
334.8
3.6

507.1
71.1
39.5
1620.2
218.9
374.9
339.2
3.3

525.4
65.0
41.2
1661.2
228.1
380.3
343.9
3.2

519.2
59.9
41.4
1701.2
234.4
381.0
346.4
3.1

16
17
18
19
20
21
22
23

81.2
339.0
31.8
0.0
68.7
6.1
81.4
37.6

123.7
368.2
33.5
0.0
97.5
5.7
93.4
33.8

161.9
361.9
30.9
0.0
131.1
4.9
112.7
24.9

163.0
420.1
27.1
0.0
155.7
7.0
161.3
70.8

170.7
470.9
27.1
1.8
189.3
11.7
192.0
71.4

183.0
492.1
32.5
1.9
197.1
12.5
179.4
87.7

192.4
520.6
47.2
2.3
198.1
11.4
201.0
99.1

184.9
531.9
55.4
2.2
205.2
13.4
210.8
113.1

185.9
548.3
58.7
2.4
214.4
13.9
228.4
126.3

180.0
575.1
60.0
2.8
214.7
16.0
226.1
114.0

183.8
583.8
63.7
2.9
226.7
16.7
242.1
118.3

24
25
26
27
28
29
30
31

12

Total assets

13
14
15

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

16
17
18
19
20
21
22
23

Commercial banking
Savings institutions
Bank personal trusts and estates
Life insurance companies
Other insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

24
25
26
27
28
29
30
31

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds
Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

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

90

Z.1, September 16, 2004

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Issues at market value

2

Nonfinancial corporate business

3
4

Rest of the world (2)
Financial corporations

5
6
7
8

Holdings at market value
Household sector
State and local governments
Rest of the world (3)

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

15547.3

19522.8

17627.0

15310.6

11871.0

11425.9

13278.7

13755.1

15497.0

15832.8

15982.7

1

11577.8

15155.6

12678.8

10796.2

7907.1

7647.5

8824.6

9050.7

10154.9

10241.4

10443.8

2

1475.0
2494.5

2003.7
2363.4

1852.8
3095.3

1612.7
2901.8

1345.1
2618.8

1269.9
2508.5

1516.3
2937.8

1661.0
3043.3

1957.9
3384.2

2051.2
3540.3

2075.7
3463.2

3
4

15547.3

19522.8

17627.0

15310.6

11871.0

11425.9

13278.7

13755.1

15497.0

15832.8

15982.7

5

7120.0
97.6
1250.3

9168.1
117.1
1611.5

7762.6
97.1
1643.2

6466.3
100.7
1572.7

4853.7
80.3
1260.8

4680.3
75.6
1190.2

5364.4
85.8
1405.7

5499.3
87.7
1437.8

6146.7
96.3
1669.0

6072.0
97.5
1707.6

6065.5
97.0
1710.8

6
7
8

6.8
24.5
360.1

11.3
23.8
407.3

11.9
24.2
356.8

8.9
27.9
280.7

3.5
29.1
181.1

2.0
29.9
170.1

6.7
30.6
192.7

9.7
31.1
194.4

15.1
30.4
213.1

16.0
28.2
218.3

15.7
27.9
220.5

9
10
11

9
10
11

Commercial banking
Savings institutions
Bank personal trusts and estates

12
13
14
15
16

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

683.2
200.1
1947.9
1188.1
44.9

909.0
207.9
2081.2
1407.7
59.1

891.9
194.3
1956.1
1223.1
59.1

811.3
173.9
1697.8
1084.0
51.4

708.9
152.3
1288.2
869.8
48.5

704.7
147.4
1243.7
841.9
52.3

806.0
162.9
1449.3
960.0
63.1

837.6
167.3
1514.1
981.8
69.4

919.3
182.7
1709.2
1084.4
79.9

956.7
188.3
1766.7
1102.6
86.7

975.3
190.5
1797.0
1116.7
88.8

12
13
14
15
16

17
18
19
20

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

2506.2
47.6
15.6
54.4

3376.7
41.3
33.9
66.9

3227.3
36.6
65.6
77.2

2836.1
31.1
83.0
85.1

2188.0
33.7
98.2
74.9

2089.1
33.9
97.2
67.7

2506.6
39.6
117.7
87.6

2677.5
45.1
115.5
86.8

3051.6
52.3
146.3
100.5

3257.0
65.8
155.6
113.8

3319.2
67.9
171.8
118.2

17
18
19
20

13747.8

17158.0

15388.6

13316.1

10163.3

9807.9

11347.9

11669.6

13042.1

13242.2

13343.0

21

Memo:
21

Market value of domestic corporations (4)

(1) Excludes mutual fund shares shown on table L.214.
(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Sum of lines 2 and 4 less the sum of lines 9, 13, 18, 19, and 20; line 1 excludes intercorporate holdings of nonfinancial corporations.

L.214 Mutual Fund Shares (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Shares at market value

3613.1

4538.5

4435.3

4135.5

3638.4

3587.8

4071.6

4242.6

4653.2

4901.2

4969.7

1

2

Holdings at market value

3613.1

4538.5

4435.3

4135.5

3638.4

3587.8

4071.6

4242.6

4653.2

4901.2

4969.7

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

2397.1
98.0
19.1

2987.4
127.0
21.4

2905.3
124.0
21.2

2750.8
111.0
24.3

2443.8
97.0
24.2

2431.4
92.5
26.4

2762.2
106.2
25.6

2905.5
108.5
24.2

3182.4
121.0
21.2

3391.6
122.5
16.8

3448.7
122.5
11.3

3
4
5

6
7
8

Commercial banking
Credit unions
Bank personal trusts and estates

9.1
3.6
344.7

12.4
2.5
391.5

15.0
2.2
396.8

21.3
3.7
359.1

19.6
3.5
339.1

13.5
3.4
327.1

16.3
4.5
360.0

14.5
5.0
364.5

17.1
4.1
391.2

16.2
4.2
403.0

16.2
3.9
406.2

6
7
8

Life insurance companies
Private pension funds

73.2
668.2

98.7
897.6

97.0
873.7

88.3
776.9

76.6
634.6

74.6
618.9

82.5
714.3

85.4
735.0

91.7
824.5

94.3
852.5

95.0
865.9

9
10

9
10

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

91

Z.1, September 16, 2004

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1

Total loans by commercial
banking, flow of funds basis

3304.6

3505.1

3874.8

3944.4

4163.8

4184.4

4272.6

4326.7

4398.0

4472.5

4594.3

1

2
3
4
5

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

1.1
1337.0
508.9
142.8

1.4
1495.4
499.8
124.8

1.5
1660.1
541.5
175.2

0.0
1789.8
558.4
175.2

0.0
2058.3
587.2
177.9

0.0
2099.3
575.3
207.4

0.0
2192.9
584.2
208.3

0.0
2263.7
593.7
209.1

0.0
2255.8
636.4
213.5

0.0
2329.3
624.7
239.2

0.0
2435.9
625.8
236.8

2
3
4
5

6

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

1314.8

1383.8

1496.6

1421.0

1340.4

1302.3

1287.2

1260.2

1292.3

1279.3

1295.8

6

1012.0
282.4
4.1
16.3

1104.3
260.0
2.6
16.9

1202.4
274.6
1.6
18.0

1140.5
256.1
1.9
22.5

1081.9
237.5
2.9
18.2

1050.6
231.2
2.6
18.0

1039.3
223.1
6.7
18.2

1029.5
205.7
6.8
18.1

1045.5
220.4
7.9
18.5

1034.7
217.6
8.1
19.0

1050.3
218.6
7.4
19.5

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.

1314.8

1383.8

1496.6

1421.0

1340.4

1302.3

1287.2

1260.2

1292.3

1279.3

1295.8

12

13

Total liabilities

1314.8

1383.8

1496.6

1421.0

1340.4

1302.3

1287.2

1260.2

1292.3

1279.3

1295.8

13

1209.0

1292.3

1405.5

1316.8

1235.0

1209.4

1188.6

1157.4

1192.0

1175.3

1197.0

14

74.2
768.8
262.1
45.1

67.3
813.0
308.6
44.2

74.1
861.0
352.9
46.9

57.6
758.3
390.7
46.9

54.6
661.9
404.1
46.0

50.9
649.3
398.3
43.4

61.1
632.1
390.7
45.0

51.9
614.9
384.2
45.4

94.4
612.4
378.8
45.5

92.8
606.9
373.5
42.9

111.4
602.3
376.4
46.0

15
16
17
18

58.7
2.8
13.1
42.8

59.2
3.0
9.9
46.4

70.5
3.5
13.2
53.8

63.2
4.3
5.9
53.1

68.6
5.1
5.1
58.4

67.6
4.7
5.5
57.4

59.7
4.7
4.9
50.1

61.0
4.4
3.9
52.8

60.9
4.6
3.7
52.7

59.2
4.9
4.4
49.9

60.9
5.3
5.9
49.8

19
20
21
22

105.8

91.5

91.1

104.2

105.3

92.9

98.7

102.8

100.3

104.1

98.7

23

29.7
26.5
16.0
33.6

14.0
35.4
16.0
26.0

21.5
35.9
16.0
17.7

23.0
50.8
16.0
14.4

27.2
48.0
16.0
14.1

15.1
47.3
16.0
14.5

15.9
53.2
16.0
13.5

15.4
57.6
16.0
13.7

13.9
56.2
16.0
14.2

14.3
59.8
16.0
13.9

14.6
52.6
16.0
15.5

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

92

Z.1, September 16, 2004

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1

Total other loans and advances

1171.7

1299.7

1420.5

1451.1

1475.9

1477.2

1495.7

1490.3

1515.0

1526.7

1576.6

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

138.3
17.6
8.3
44.8
5.1
10.1
52.2
0.0

131.3
17.2
8.0
43.9
4.9
9.7
47.6
0.0

127.7
16.6
7.6
42.8
5.0
8.7
47.0
0.0

121.8
15.0
7.4
39.6
5.0
8.9
45.9
0.0

118.2
14.2
7.0
38.9
4.7
9.4
44.0
0.0

118.2
14.0
7.3
39.1
4.7
9.5
43.6
0.0

117.6
13.8
7.5
39.4
4.6
9.6
42.8
0.0

116.8
13.6
7.6
39.5
4.5
9.6
41.9
0.0

116.7
13.5
7.8
39.6
4.5
9.7
41.8
0.0

116.1
13.3
8.0
40.1
4.4
9.7
40.7
0.0

115.8
13.1
8.1
40.4
4.4
9.7
40.2
0.0

2
3
4
5
6
7
8
9

10
11

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

142.3
142.3

119.5
119.5

117.3
117.3

115.7
115.7

125.8
125.8

115.0
115.0

126.1
126.1

125.2
125.2

125.0
125.0

113.6
113.6

120.6
120.6

10
11

12
13
14

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

11.3
6.6
4.7

8.2
4.4
3.9

7.5
4.3
3.1

4.6
4.1
0.5

4.6
4.4
0.2

4.8
4.7
0.1

4.5
4.4
0.1

4.3
4.2
0.1

4.4
4.2
0.2

3.9
3.7
0.1

4.4
4.2
0.3

12
13
14

15
16
17

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

24.2
12.1
12.1

30.6
15.3
15.3

39.3
19.7
19.7

42.9
21.5
21.5

46.2
23.1
23.1

47.4
23.7
23.7

48.2
24.1
24.1

57.4
28.7
28.7

56.3
28.1
28.1

49.6
24.8
24.8

55.5
27.8
27.8

15
16
17

18
19
20

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

104.7
0.9
103.8

100.0
0.9
99.0

102.8
0.9
101.9

105.0
0.9
104.1

106.1
0.9
105.1

105.6
1.0
104.7

105.9
1.0
104.9

105.4
1.0
104.4

105.5
1.0
104.5

105.4
1.0
104.4

105.7
1.0
104.7

18
19
20

21
22
23
24
25
26
27
28

Government-sponsored enterprise 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)

324.2
0.6
17.1
17.8
104.9
180.1
1.1
2.5

432.3
0.7
17.9
17.9
145.6
243.7
3.4
3.2

477.6
0.4
19.5
19.4
172.4
260.0
3.4
2.5

505.9
0.4
19.5
22.3
196.6
259.1
4.9
3.1

514.7
0.4
20.1
23.7
226.8
231.7
6.9
5.1

519.9
0.4
20.4
22.7
225.2
237.3
7.6
6.3

529.2
0.4
19.2
23.6
235.5
236.0
8.0
6.6

533.1
0.4
18.5
24.0
232.2
241.8
8.8
7.4

545.8
0.3
19.8
24.0
235.3
249.3
9.1
8.0

561.2
0.3
21.3
22.9
253.3
247.0
8.4
7.9

601.5
0.2
19.4
23.8
251.4
288.5
9.6
8.6

21
22
23
24
25
26
27
28

29
30

Securitized loans held by ABS issuers
Liab.: Nonfinancial corporate business

85.9
85.9

82.6
82.6

89.8
89.8

108.3
108.3

105.0
105.0

112.5
112.5

108.4
108.4

102.7
102.7

103.9
103.9

101.3
101.3

101.9
101.9

29
30

31
32
33

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

340.9
306.8
34.1

395.1
355.6
39.5

458.4
412.6
45.8

447.0
402.3
44.7

455.3
409.7
45.5

453.9
408.5
45.4

455.8
410.2
45.6

445.6
401.0
44.6

457.5
411.7
45.7

475.6
428.1
47.6

471.3
424.2
47.1

31
32
33

93

Z.1, September 16, 2004

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

2004
Q3

Q4

Q1

Q2

5656.5

6257.8

6820.6

7502.1

8335.5

8559.9

8854.2

9123.3

9351.7

9600.6

9884.0

1

4301.4
334.4
923.5
97.2

4721.5
372.5
1060.2
103.6

5133.8
404.5
1172.1
110.2

5651.4
447.7
1285.1
117.9

6332.2
487.3
1390.5
125.5

6524.3
495.4
1412.6
127.6

6767.0
510.0
1447.5
129.7

6983.3
523.7
1484.5
131.7

7150.2
545.1
1522.8
133.6

7351.7
552.3
1561.4
135.3

7571.0
567.1
1607.3
138.6

2
3
4
5

5656.5

6257.8

6820.6

7502.1

8335.5

8559.9

8854.2

9123.3

9351.7

9600.6

9884.0

6

Household sector

4189.8

4568.2

4949.4

5440.8

6084.8

6266.1

6491.4

6697.9

6829.2

7020.5

7229.1

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1395.0
262.8
1035.1
97.2

1612.9
339.2
1170.1
103.6

1788.2
370.4
1307.6
110.2

1977.0
430.3
1428.8
117.9

2160.6
473.8
1561.3
125.5

2204.6
484.6
1592.4
127.6

2272.8
508.8
1634.3
129.7

2333.4
527.8
1673.9
131.7

2428.6
574.6
1720.4
133.6

2481.6
592.0
1754.4
135.3

2553.0
620.3
1794.2
138.6

8
9
10
11

12
13

Federal government
REITs

0.0
71.6

0.0
76.7

0.0
82.9

0.0
84.2

0.0
90.1

0.0
89.2

0.0
90.1

0.0
92.0

0.0
93.9

0.0
98.5

0.0
101.8

12
13

5656.5

6257.8

6820.6

7502.1

8335.5

8559.9

8854.2

9123.3

9351.7

9600.6

9884.0

14

98.2
67.3
26.7

106.5
41.2
24.7

117.4
43.5
23.3

125.4
46.6
26.6

136.0
48.7
27.8

138.8
49.2
27.7

141.6
49.7
27.5

144.5
50.2
27.1

147.4
50.7
26.6

150.3
51.2
26.0

153.5
51.7
25.2

15
16
17

126.2
44.9

130.6
77.7

132.4
76.9

130.4
75.8

124.0
76.3

124.8
73.9

127.9
74.0

129.6
73.6

132.6
73.8

134.2
75.8

135.9
74.2

18
19

1337.0
644.0
96.9
2.8

1495.4
668.1
111.0
2.2

1660.1
723.0
124.9
2.3

1789.8
758.2
141.3
2.5

2058.3
781.4
159.4
2.3

2099.3
815.9
162.3
2.2

2192.9
833.6
168.1
2.1

2263.7
852.1
176.5
2.0

2255.8
870.9
182.6
1.9

2329.3
927.5
185.9
1.9

2435.9
966.5
196.0
1.9

20
21
22
23

213.6
2.0
9.3
24.1

230.8
1.9
11.0
21.5

235.9
1.6
12.2
21.5

243.0
1.9
13.5
24.9

250.0
2.0
15.2
31.6

251.2
2.0
15.6
33.9

254.4
1.9
16.2
36.3

257.3
1.9
16.7
39.0

260.9
2.1
17.2
41.9

262.0
2.1
17.2
45.0

269.3
2.2
17.8
48.3

24
25
26
27

247.0
2019.0
517.9

242.0
2293.5
598.7

264.3
2493.2
667.4

297.5
2831.8
784.3

357.3
3158.6
874.4

381.9
3226.6
922.2

416.0
3289.1
974.0

451.1
3371.3
999.9

462.8
3489.0
1058.9

467.6
3506.4
1128.5

469.7
3519.8
1210.6

28
29
30

121.2
32.1
26.3

145.8
32.1
23.0

172.3
32.1
16.3

161.3
32.1
15.2

174.5
32.1
25.7

173.9
32.1
26.5

183.4
32.1
33.5

194.7
32.1
40.1

198.9
32.1
45.5

206.2
32.1
51.5

213.3
32.1
60.2

31
32
33

7

14

Total liabilities

Q2

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

20
21
22
23

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

24
25
26
27

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

28
29
30

Government-sponsored enterprises (1)
Agency- and GSE-backed mortgage pools
ABS issuers

31
32
33

Finance companies
Mortgage companies
REITs

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

94

Z.1, September 16, 2004

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

4301.4

4721.5

5133.8

5651.4

6332.2

6524.3

6767.0

6983.3

7150.2

7351.7

7571.0

1

4086.1
9.3
205.9

4457.9
11.5
252.1

4828.7
13.5
291.6

5301.4
15.6
334.4

5932.1
16.2
383.9

6109.6
16.6
398.1

6334.9
17.1
415.0

6536.3
17.4
429.5

6688.2
18.0
444.0

6873.6
18.9
459.2

7078.3
19.7
473.0

2
3
4

4301.4

4721.5

5133.8

5651.4

6332.2

6524.3

6767.0

6983.3

7150.2

7351.7

7571.0

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

73.1
27.1
10.0

80.3
20.2
9.0

87.4
21.4
8.7

94.9
23.3
9.7

103.6
24.3
11.0

105.9
24.6
11.4

108.2
24.8
11.8

110.6
25.1
12.2

113.1
25.3
12.6

115.6
25.6
13.1

118.2
25.8
13.6

6
7
8

9
10

State and local governments
Federal government

64.4
18.8

66.6
18.4

67.5
17.7

66.5
17.1

63.2
16.2

63.6
15.9

65.2
15.7

66.1
15.5

67.6
15.3

68.5
15.2

69.3
15.0

9
10

11
12
13
14

Commercial banking
Savings institutions
Credit unions
Bank personal trusts and estates

797.0
533.5
96.9
2.8

879.6
548.2
111.0
2.2

965.6
594.2
124.9
2.3

1023.9
620.6
141.3
2.5

1222.2
631.4
159.4
2.3

1244.8
662.9
162.3
2.2

1320.6
676.2
168.1
2.1

1368.8
690.4
176.5
2.0

1347.0
703.4
182.6
1.9

1394.6
753.7
185.9
1.9

1473.5
789.5
196.0
1.9

11
12
13
14

15
16
17

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

6.6
5.8
8.4

5.9
6.6
7.5

4.9
7.7
7.5

4.9
9.0
8.7

4.7
10.7
11.1

3.8
11.1
11.9

3.6
11.7
12.7

3.6
12.2
13.7

4.4
12.8
14.7

4.6
13.6
15.8

4.8
14.3
16.9

15
16
17

18
19
20

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

199.6
1970.2
360.6

189.3
2234.7
399.4

205.1
2425.6
432.8

225.6
2748.5
505.0

271.1
3063.7
563.2

293.8
3129.7
606.3

324.5
3189.9
642.2

359.6
3265.4
656.4

369.6
3373.3
696.1

372.4
3394.0
754.7

371.5
3403.1
818.6

18
19
20

21
22
23

Finance companies
Mortgage companies
REITs

90.0
21.8
14.8

108.2
21.8
12.4

130.6
21.8
7.9

120.1
21.8
7.9

135.0
21.8
17.4

133.9
21.8
18.4

142.5
21.8
25.3

151.8
21.8
31.6

152.2
21.8
36.4

159.5
21.8
41.2

167.9
21.8
49.3

21
22
23

361.2
176.9
55.9
29.7
8.6
90.0

401.5
189.5
59.7
33.4
10.7
108.2

491.8
235.0
72.8
40.7
12.7
130.6

517.8
258.6
77.9
44.9
16.2
120.1

583.2
303.3
78.5
48.1
18.4
135.0

596.5
314.0
83.5
47.3
17.9
133.9

621.6
328.7
83.0
48.4
19.0
142.5

650.0
343.3
87.8
48.8
18.4
151.8

684.6
366.0
95.6
51.8
19.0
152.2

712.6
390.1
90.8
52.9
19.4
159.5

766.2
423.3
99.8
56.1
19.2
167.9

24
25
26
27
28
29

6
7
8

24
25
26
27
28
29

Total assets

1999

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. Loans of finance companies (line 29) include some first liens.
Excludes home equity loans held by mortgage companies and individuals.

L.219 Multifamily Residential Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

334.4

372.5

404.5

447.7

487.3

495.4

510.0

523.7

545.1

552.3

567.1

1

23.5
287.3

24.7
322.5

25.9
351.2

27.3
392.6

28.8
428.7

29.2
436.8

29.6
450.6

30.0
463.4

30.4
483.7

30.9
488.8

31.4
502.1

2
3

0.0
23.6

0.0
25.3

0.0
27.4

0.0
27.8

0.0
29.7

0.0
29.4

0.0
29.7

0.0
30.4

0.0
31.0

0.0
32.5

0.0
33.6

4
5

334.4

372.5

404.5

447.7

487.3

495.4

510.0

523.7

545.1

552.3

567.1

6

1.5
1.1
8.8

1.4
0.9
8.0

1.4
0.8
7.7

1.4
0.9
9.2

1.4
1.0
8.5

1.4
1.0
8.0

1.4
1.0
7.3

1.4
1.0
6.5

1.5
1.0
5.5

1.5
1.0
4.4

1.5
1.0
3.1

7
8
9

10
11

State and local governments
Federal government

50.5
13.6

52.2
13.6

52.9
13.9

52.2
13.7

49.6
14.3

49.9
14.2

51.2
14.4

51.8
14.4

53.1
14.5

53.7
14.7

54.3
14.7

10
11

12
13

Commercial banking
Savings institutions

54.6
57.0

67.7
59.3

77.8
61.3

84.9
64.6

94.2
68.7

96.8
69.8

100.1
72.7

102.8
74.9

104.9
78.0

107.7
81.7

110.8
84.0

12
13

14
15
16

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

31.5
0.9
6.7

32.8
1.1
6.0

33.7
1.1
6.0

35.6
1.1
7.0

36.8
1.1
8.9

37.0
1.1
9.5

37.6
1.1
10.2

38.1
1.1
10.9

38.6
1.1
11.7

38.7
0.9
12.6

39.8
0.9
13.5

14
15
16

17
18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
ABS issuers

16.2
48.3
33.9

20.5
57.5
42.0

25.0
66.0
47.5

33.2
81.6
53.5

41.7
94.5
59.0

42.9
96.6
59.6

44.8
98.9
61.7

44.6
104.9
63.7

45.9
114.7
67.1

47.1
111.4
69.0

49.2
115.8
70.5

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

2.5
5.2
2.1

2.8
5.2
1.6

2.9
5.2
1.2

2.7
5.2
0.9

1.7
5.2
0.8

1.6
5.2
0.8

1.6
5.2
0.8

1.6
5.2
0.7

1.7
5.2
0.8

1.7
5.2
1.1

1.7
5.2
1.2

20
21
22

95

Z.1, September 16, 2004

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

923.5

1060.2

1172.1

1285.1

1390.5

1412.6

1447.5

1484.5

1522.8

1561.4

1607.3

1

103.7
229.9
541.9
48.0

110.3
303.0
595.5
51.4

120.7
331.0
664.8
55.6

139.4
387.5
701.8
56.4

152.7
428.7
748.7
60.4

156.6
438.8
757.5
59.8

156.5
462.1
768.6
60.3

161.6
480.3
781.0
61.6

141.0
526.2
792.7
62.9

146.9
542.2
806.3
66.0

150.8
569.1
819.1
68.2

2
3
4
5

923.5

1060.2

1172.1

1285.1

1390.5

1412.6

1447.5

1484.5

1522.8

1561.4

1607.3

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

6.0
39.1
6.9

6.8
20.1
6.4

8.6
21.2
6.1

7.9
22.4
6.8

8.6
23.4
7.1

8.7
23.6
7.1

8.9
23.8
7.1

9.1
24.1
7.0

9.2
24.3
7.0

9.4
24.6
6.9

9.5
24.8
6.8

7
8
9

10
11

State and local governments
Federal government

10.1
7.9

10.4
41.5

10.6
41.1

10.4
41.0

9.9
42.1

10.0
40.2

10.2
40.4

10.4
40.2

10.6
40.5

10.7
42.5

10.9
41.2

10
11

12
13

Commercial banking
Savings institutions

456.3
53.0

516.3
60.1

582.6
67.0

645.6
72.5

704.0
80.7

719.0
82.7

732.4
84.1

751.9
86.1

763.3
88.9

785.7
91.4

808.6
92.5

12
13

14
15
16
17

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

164.0
2.0
2.6
8.9

179.0
1.9
3.3
8.0

183.8
1.6
3.4
8.0

188.4
1.9
3.4
9.2

195.0
2.0
3.4
11.7

196.5
2.0
3.3
12.5

199.8
1.9
3.4
13.4

202.3
1.9
3.4
14.4

203.9
2.1
3.3
15.5

204.6
2.1
2.7
16.6

210.4
2.2
2.7
17.9

14
15
16
17

18
19
20
21
22

Agency- and GSE-backed mortgage pools
ABS issuers
Finance companies
Mortgage companies
REITs

0.0
123.4
28.7
5.1
9.4

0.0
157.3
34.8
5.1
9.0

0.0
187.1
38.8
5.1
7.3

0.0
225.7
38.5
5.1
6.4

0.0
252.1
37.8
5.1
7.5

0.0
256.2
38.5
5.1
7.3

0.0
270.1
39.3
5.1
7.5

0.0
279.8
41.2
5.1
7.8

0.0
295.7
45.0
5.1
8.3

0.0
304.8
45.0
5.1
9.2

0.0
321.5
43.7
5.1
9.7

18
19
20
21
22

7
8
9

Total assets

1999

L.221 Farm Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities (Farm business)

97.2

103.6

110.2

117.9

125.5

127.6

129.7

131.7

133.6

135.3

138.6

1

2

Total assets

97.2

103.6

110.2

117.9

125.5

127.6

129.7

131.7

133.6

135.3

138.6

2

17.7
1.0

17.9
1.3

20.0
0.7

21.2
0.9

22.4
1.2

22.7
1.3

23.0
1.3

23.3
1.4

23.6
1.5

23.9
1.6

24.3
1.7

3
4

1.3
4.5

1.3
4.3

1.3
4.1

1.3
4.0

1.2
3.7

1.2
3.6

1.3
3.5

1.3
3.6

1.3
3.4

1.3
3.4

1.4
3.3

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

29.0
0.4

31.8
0.5

34.0
0.5

35.5
0.5

38.0
0.6

38.7
0.6

39.7
0.6

40.2
0.6

40.6
0.6

41.4
0.6

42.9
0.6

7
8

9
10

Life insurance companies
State and local govt. retirement funds

11.5
0.0

13.0
0.0

13.6
0.0

14.1
0.0

13.5
0.0

13.9
0.0

13.3
0.0

13.3
0.0

14.0
0.0

14.1
0.0

14.4
0.0

9
10

11
12

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

31.2
0.5

32.2
1.3

34.2
1.6

38.7
1.7

44.5
0.4

45.2
0.3

46.6
0.3

47.0
1.0

47.4
1.0

48.0
1.0

49.0
1.0

11
12

96

Z.1, September 16, 2004

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1

Total liabilities (Households)

1442.9

1550.2

1726.5

1865.2

1942.6

1912.7

1940.0

1977.5

2025.5

2005.3

2018.6

1

2

Total assets

1442.9

1550.2

1726.5

1865.2

1942.6

1912.7

1940.0

1977.5

2025.5

2005.3

2018.6

2

87.8
0.0
37.4

86.0
0.0
50.9

90.0
0.0
67.0

88.8
0.0
80.1

86.4
0.0
92.8

75.5
0.0
90.6

75.1
0.0
89.1

74.6
0.0
95.3

70.3
0.0
94.1

62.1
0.0
93.9

62.4
0.0
92.6

3
4
5

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

6
7
8

Commercial banking
Savings institutions
Credit unions

508.9
52.4
155.4

499.8
61.7
167.9

541.5
64.8
184.4

558.4
71.1
189.6

587.2
68.7
195.7

575.3
68.6
194.0

584.2
73.8
198.9

593.7
72.7
203.4

636.4
77.9
205.9

624.7
81.5
207.6

625.8
88.4
212.9

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

28.4
389.4
183.3

33.8
448.4
201.6

37.0
521.3
220.5

39.4
599.7
238.1

36.9
637.1
237.8

35.3
640.2
233.2

31.3
643.3
244.3

27.2
626.6
284.0

20.6
625.0
295.4

16.0
612.3
307.4

2.2
609.6
324.7

9
10
11

9
10
11

L.223 Trade Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

8
9

Rest of the world
Brokers and dealers

10

Total trade receivables

2345.4

2747.7

2664.3

2730.9

2728.9

2778.5

2829.2

2891.8

2943.9

3013.5

1

126.8

130.9

134.7

132.9

139.8

141.7

143.6

145.7

147.7

149.9

152.1

2

1049.7
178.6
19.6

1228.2
213.3
20.0

1541.4
259.9
20.9

1437.7
255.0
18.3

1461.7
276.0
19.2

1436.6
286.4
20.0

1459.6
297.1
20.7

1491.6
311.6
20.9

1539.1
322.7
21.1

1558.7
335.9
20.1

1603.1
350.2
22.0

3
4
5

579.5
65.0

608.6
64.5

635.9
69.0

661.1
72.3

685.6
73.6

691.6
77.9

697.6
78.7

703.6
79.6

709.6
77.8

715.6
81.9

721.6
85.5

6
7

44.9
18.9

49.1
30.9

49.9
35.9

47.8
39.2

37.6
37.4

46.3
28.5

45.9
35.3

43.7
32.5

45.5
28.2

47.2
34.6

47.0
32.0

8
9

2070.7

2345.0

2744.0

2657.7

2630.3

2673.8

2766.0

2819.8

2824.1

2920.3

3020.1

10

1440.0
233.1

1647.7
272.6

1930.7
342.1

1802.2
343.9

1721.9
366.7

1746.6
375.9

1815.1
388.1

1844.0
404.5

1825.9
417.1

1895.4
432.0

1976.0
447.9

11
12

State and local governments
Federal government
Rest of the world

95.4
22.3
52.5

103.9
22.9
47.4

111.4
28.1
47.0

116.5
35.5
43.9

118.1
32.2
47.0

118.8
30.7
47.3

121.8
31.6
47.2

123.4
33.6
46.3

126.3
35.9
48.7

127.8
37.8
49.3

129.4
36.0
45.3

13
14
15

Other insurance companies
ABS issuers

61.5
165.9

63.6
187.0

64.6
220.0

69.9
245.9

74.8
269.7

79.3
275.2

81.6
280.5

82.3
285.7

79.3
290.8

82.4
295.7

85.3
300.4

16
17

12.2

0.4

3.7

6.6

100.6

55.2

12.5

9.3

67.7

23.7

-6.7

18

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14
15
16
17
18

2082.9

Discrepancy

L.224 Security Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

572.2

676.6

822.7

825.9

738.8

796.6

971.9

940.2

871.3

953.3

978.7

1

2
3

Household sector
Rest of the world

152.8
0.0

227.9
0.0

235.1
0.0

196.4
0.0

148.2
0.0

159.5
0.0

248.5
0.0

227.6
0.0

182.5
0.0

201.2
0.0

215.6
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.

419.5
276.7
76.3
66.5

448.7
323.9
67.6
57.2

587.6
412.4
74.7
100.5

629.5
454.3
81.9
93.3

590.6
412.7
79.2
98.7

637.1
429.6
91.5
115.9

723.4
515.1
104.5
103.8

712.6
503.4
99.4
109.8

688.8
475.4
91.5
121.9

752.1
513.0
96.0
143.1

763.1
526.3
96.7
140.1

4
5
6
7

572.2

676.6

822.7

825.9

738.8

796.6

971.9

940.2

871.3

953.3

978.7

8

8

Total liabilities

Total assets

9
10

Household sector
Rest of the world

276.7
0.0

323.9
0.0

412.4
0.0

454.3
0.0

412.7
0.0

429.6
0.0

515.1
0.0

503.4
0.0

475.4
0.0

513.0
0.0

526.3
0.0

9
10

11
12

Commercial banking
Brokers and dealers

142.8
152.8

124.8
227.9

175.2
235.1

175.2
196.4

177.9
148.2

207.4
159.5

208.3
248.5

209.1
227.6

213.5
182.5

239.2
201.2

236.8
215.6

11
12

97

Z.1, September 16, 2004

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Life insurance reserves:
1

Total liabilities

718.3

783.9

819.1

880.0

920.9

936.3

959.7

973.0

1013.2

1034.3

1054.2

1

2
3

Federal government
Life insurance companies

33.6
684.7

35.0
748.9

36.4
782.7

37.8
842.2

39.4
881.6

39.4
896.9

39.8
919.9

39.9
933.1

40.5
972.7

40.5
993.8

40.9
1013.3

2
3

4

Total assets (Households)

718.3

783.9

819.1

880.0

920.9

936.3

959.7

973.0

1013.2

1034.3

1054.2

4

8123.2

9111.4

8901.3

8444.1

7754.1

7664.6

8239.9

8424.2

8960.6

9137.5

9266.7

5

Pension fund reserves:
5

Total liabilities

6
7

Life insurance companies
Private pension funds (1)

1248.1
4158.9

1428.1
4628.9

1453.1
4483.5

1462.1
4104.6

1488.0
3582.3

1506.3
3528.2

1606.5
3848.0

1646.6
3939.6

1713.7
4249.0

1760.7
4352.2

1800.9
4405.7

6
7

8
9

State and local govt. retirement funds
Federal government retirement funds (2)

1998.2
718.0

2278.3
776.2

2165.4
799.2

2015.4
862.0

1787.2
896.6

1745.0
885.0

1878.2
907.2

1915.1
922.9

2038.9
959.0

2072.3
952.2

2096.0
964.1

8
9

8123.2

9111.4

8901.3

8444.1

7754.1

7664.6

8239.9

8424.2

8960.6

9137.5

9266.7

10

10

Total assets (Households) (3)

(1) Includes unallocated insurance company contracts beginning 1985:Q4.
(2) Includes the Federal Employees Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.
(3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies.

L.226 Taxes Payable by Businesses
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total taxes payable by all businesses

156.0

178.9

204.8

219.2

248.1

260.0

264.8

271.5

260.5

273.1

281.1

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

64.1
44.1

71.0
53.0

78.0
64.6

81.0
68.7

93.0
76.8

97.2
81.7

96.6
84.1

99.1
85.3

84.5
86.5

92.0
87.9

96.2
88.9

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

7.1
2.0

9.0
2.0

11.1
2.5

13.5
1.7

16.2
1.5

16.9
1.4

17.6
1.4

18.3
1.6

19.1
1.3

19.8
1.8

20.6
1.6

4
5

6
7

Life insurance companies
Other insurance companies

14.9
15.4

16.2
17.4

17.8
19.7

19.7
22.4

22.1
25.6

22.8
26.5

23.4
27.4

24.1
28.4

24.9
29.3

25.6
30.3

26.4
31.4

6
7

8
9

Finance companies
Brokers and dealers

7.3
1.3

8.1
2.2

9.1
2.1

10.2
1.9

11.6
1.3

12.0
1.6

12.4
1.9

12.8
2.0

13.2
1.8

13.6
1.9

14.1
2.0

8
9

38.5

66.1

84.7

125.9

120.8

152.2

151.5

172.9

176.3

201.8

188.4

10

17.1
21.4

27.6
38.5

42.4
42.4

46.1
79.8

56.5
64.3

62.2
90.0

66.5
85.0

69.9
103.1

73.5
102.8

77.9
123.9

84.5
103.9

11
12

117.5

112.8

120.0

93.4

127.3

107.8

113.3

98.5

84.2

71.3

92.7

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Investment in Bank Personal Trusts and Estates
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Liab.: Bank personal trusts and estates

1001.0

1130.4

1095.8

960.7

840.9

819.6

877.0

885.0

932.4

955.0

961.9

1

2

Asset: Household sector

1001.0

1130.4

1095.8

960.7

840.9

819.6

877.0

885.0

932.4

955.0

961.9

2

98

Z.1, September 16, 2004

L.229 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

8332.1

9325.1

10529.7

11342.4

12024.3

12283.6

12219.9

12446.8

12592.1

12881.0

12982.3

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

17.2
2563.5
392.9

19.4
2919.6
466.5

19.6
3446.3
552.6

19.1
3516.3
607.3

20.0
3585.9
627.7

20.7
3608.9
636.9

21.0
3609.8
646.4

21.0
3608.7
655.2

20.9
3564.6
664.3

21.0
3570.3
672.8

21.7
3516.6
681.1

2
3
4

5
6

Federal government
Rest of the world

649.6
1404.4

690.6
1719.8

711.3
1881.2

772.0
2085.6

798.2
2391.8

777.9
2554.9

790.7
2280.0

802.3
2269.9

831.3
2475.8

819.8
2519.8

829.8
2639.7

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

10.7
1115.2
99.8
5.2

9.4
1077.4
85.1
6.0

10.6
1257.8
102.3
5.6

7.7
1256.6
130.7
3.8

30.3
1430.8
156.4
5.1

27.2
1416.1
187.4
1.5

30.7
1464.1
199.8
7.6

33.7
1547.2
207.9
8.5

34.5
1550.8
184.6
6.3

30.8
1610.3
225.7
19.5

28.7
1591.0
214.2
9.6

7
8
9
10

11
12

Life insurance companies
Other insurance companies

649.5
527.7

686.4
534.4

686.8
543.0

707.6
574.6

743.6
622.3

788.0
637.3

817.4
649.3

827.9
667.0

820.1
661.4

864.8
672.6

874.9
685.0

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

95.6
223.8
16.0

90.1
291.1
16.0

94.0
374.3
16.0

141.5
393.2
16.0

169.2
413.9
16.0

168.9
413.8
16.0

167.9
442.1
16.0

160.5
506.2
16.0

142.5
515.7
16.0

153.8
533.0
16.0

130.8
526.4
16.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

31.6
176.4
352.7

36.0
183.6
493.6

37.8
182.7
607.8

37.9
374.6
697.8

39.2
300.5
673.5

38.8
309.7
679.5

39.3
321.1
716.8

38.4
322.2
753.9

37.2
339.2
726.8

39.8
352.6
758.4

38.8
377.6
800.4

16
17
18

10441.4

11831.2

14147.2

15002.2

15610.6

15790.3

15813.7

15874.5

16121.8

16558.7

16535.3

19

19

Total liabilities

1999

Total assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

351.5
4475.0
382.1
45.4

364.3
5427.5
463.8
45.6

370.9
6722.6
553.7
45.5

389.4
6942.7
683.6
47.3

420.0
7067.8
781.1
51.4

431.3
7119.8
806.6
52.7

440.6
7194.5
831.6
53.9

457.5
7207.8
857.6
55.6

462.0
7365.5
883.6
56.0

471.5
7439.2
911.6
56.9

480.2
7464.6
942.9
58.2

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

226.9
101.4
1024.3

190.1
100.5
1175.3

242.7
99.1
1655.8

179.0
100.4
1739.8

189.5
100.5
1949.8

192.0
101.6
1989.1

186.2
101.5
1752.4

191.9
101.9
1615.7

187.9
101.9
1512.3

193.1
101.9
1676.3

190.1
102.0
1558.4

24
25
26

27
28
29
30
31

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

16.1
1065.2
62.1
24.3
23.0

16.8
1097.7
60.0
8.0
20.5

19.3
1196.9
67.6
12.9
21.7

20.3
1347.9
84.9
18.3
29.4

19.6
1443.4
103.9
28.7
26.8

19.3
1469.1
104.2
24.1
29.2

18.9
1488.0
109.1
27.2
31.6

18.5
1503.5
122.4
14.1
34.0

18.2
1532.4
99.7
29.2
36.4

18.1
1570.5
93.3
23.4
38.8

17.8
1589.4
97.0
25.7
41.2

27
28
29
30
31

32
33
34
35
36

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

69.2
47.0
622.2
66.1
642.9

36.9
50.6
638.9
81.0
684.0

55.6
51.8
626.4
93.5
704.9

40.1
54.4
621.3
113.8
765.8

46.8
74.1
619.8
105.9
790.3

68.1
77.3
621.6
98.6
767.8

68.4
79.0
631.4
106.7
778.6

71.0
81.9
638.2
127.2
788.1

74.7
85.5
662.2
131.6
815.0

107.0
87.7
670.5
138.8
801.2

110.2
90.2
678.6
137.0
809.2

32
33
34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

67.7
7.7
67.6

90.4
4.2
72.5

102.5
3.8
63.4

128.6
0.8
68.9

121.6
0.9
90.9

115.8
1.7
105.3

117.4
1.7
119.6

130.6
3.1
104.9

137.0
1.9
107.3

137.4
3.1
118.0

134.4
3.1
116.1

37
38
39

40
41
42
43

Finance companies
REITs
Brokers and dealers
Funding corporations

184.4
21.2
499.3
348.7

235.7
21.1
522.8
423.1

261.0
22.0
655.1
498.6

281.8
22.5
821.0
500.0

291.3
22.6
723.7
540.2

294.9
23.5
723.2
553.4

327.9
24.1
791.3
532.2

375.9
25.0
827.5
520.5

393.7
24.4
858.8
544.6

372.7
28.6
950.3
548.8

337.6
29.6
956.1
565.7

40
41
42
43

-2109.2

-2506.1

-3617.5

-3659.8

-3586.3

-3506.7

-3593.8

-3427.7

-3529.7

-3677.7

-3552.9

44

44

Discrepancy

99

Z.1, September 16, 2004

L.230 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

U.S. direct investment abroad:
1
2
3
4
5
6
7

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

1196.0
1041.0
31.2
11.1
47.0
58.0
7.7

1414.4
1227.7
35.2
16.2
50.6
69.9
14.7

1531.6
1322.2
43.5
17.5
51.8
76.6
20.0

1686.6
1456.2
49.6
18.2
54.4
93.9
14.3

1840.0
1575.9
52.1
23.7
74.1
101.6
12.7

1884.6
1609.6
53.6
24.2
77.3
106.8
13.0

1922.3
1641.3
54.5
25.9
79.0
107.5
14.0

1969.8
1682.2
55.4
26.6
81.9
109.7
14.0

2013.8
1704.0
60.4
28.5
85.5
119.9
15.7

2065.0
1747.5
62.1
29.1
87.7
122.0
16.5

2131.5
1802.2
63.8
30.0
90.2
125.9
19.4

1
2
3
4
5
6
7

Foreign direct investment in U.S.:
8
9
10
11
12
13
14
15

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

812.0
3.4
46.1
27.3
47.3
37.2
10.7
-63.9

971.2
3.3
62.0
32.1
51.5
48.6
13.9
-80.9

1171.4
3.4
64.2
42.9
60.9
63.2
20.1
-5.1

1145.8
2.9
67.2
38.8
66.4
68.6
72.2
51.6

1086.7
3.0
76.8
38.9
69.9
60.1
77.4
92.3

1099.4
3.0
80.4
40.2
69.7
77.0
76.9
90.6

1082.7
3.0
80.3
39.6
70.5
78.1
78.9
105.4

1079.9
2.9
80.8
40.0
69.9
81.0
78.5
104.0

1091.0
3.1
87.5
58.3
62.4
64.9
80.2
97.6

1104.5
3.0
88.0
57.7
63.0
66.4
79.8
92.7

1086.2
3.1
89.7
72.2
62.3
71.7
80.1
124.2

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

920.0

1101.7

1421.0

1513.5

1505.2

1537.3

1538.6

1537.0

1545.1

1555.1

1589.6

16

32.4
32.4

33.9
33.9

35.4
35.4

37.1
37.1

38.6
38.6

38.9
38.9

39.3
39.3

39.7
39.7

40.0
40.0

40.3
40.3

40.8
40.8

17
18

6.0
6.0

6.4
6.4

7.0
7.0

7.4
7.4

8.4
8.4

8.5
8.5

8.7
8.7

8.7
8.7

8.8
8.8

9.0
9.0

9.2
9.2

19
20

Federal government equity in IBRD, etc.:
17
18

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

19
20

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

21

Liab.: Government-sponsored enterprises

25.5

31.6

33.8

37.1

39.1

40.3

40.9

41.7

42.3

44.1

45.2

21

22
23
24
25
26
27
28
29

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)

0.0
1.6
1.7
0.0
10.0
11.8
0.3
0.2

0.0
1.6
1.6
0.0
13.0
14.5
0.5
0.3

0.0
1.6
1.6
0.0
13.8
15.7
0.6
0.4

0.0
1.8
2.0
0.0
15.2
17.0
0.9
0.3

0.0
1.8
2.1
0.0
17.5
16.0
1.2
0.5

0.0
1.9
2.1
0.0
18.0
16.6
1.2
0.6

0.0
1.8
2.2
0.0
18.4
16.4
1.3
0.8

0.0
1.8
2.3
0.0
18.6
16.7
1.4
1.0

0.0
2.1
2.5
0.0
18.7
16.4
1.4
1.1

0.0
2.2
2.4
0.0
19.1
17.6
1.5
1.2

0.0
2.1
2.6
0.0
19.3
18.4
1.6
1.2

22
23
24
25
26
27
28
29

BHC investment in subsidiaries:
30
31
32
33
34

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

469.0
5.4
17.1
16.0
95.4

471.9
6.0
43.9
16.0
85.4

525.4
6.6
51.3
16.0
115.8

586.1
7.4
49.6
16.0
146.4

639.2
8.3
44.1
16.0
150.9

650.1
8.5
43.6
16.0
159.6

667.0
8.8
48.0
16.0
174.7

679.6
9.1
47.9
16.0
182.2

689.8
9.3
49.9
16.0
189.1

708.1
9.6
52.4
16.0
214.7

738.5
9.9
53.9
16.0
223.4

30
31
32
33
34

35

Asset: Bank holding companies

603.0

623.1

715.1

805.6

858.5

877.8

914.6

934.8

954.1

1000.9

1041.8

35

17.1
17.1

43.9
43.9

51.3
51.3

49.6
49.6

44.1
44.1

43.6
43.6

48.0
48.0

47.9
47.9

49.9
49.9

52.4
52.4

53.9
53.9

36
37

NFC inv. in finance company subs.:
36
37

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

38
39

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

90.6
258.2

93.0
330.1

138.7
359.9

107.9
392.2

132.6
407.6

128.3
425.1

124.8
407.4

118.3
402.2

130.8
413.8

157.9
390.8

137.4
428.3

38
39

40

Asset: Funding corporations

348.7

423.1

498.6

500.0

540.2

553.4

532.2

520.5

544.6

548.8

565.7

40

100

Z.1, September 16, 2004

L.231 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.1
2.1

2.7
2.7

2.8
2.8

2.7
2.7

2.8
2.8

2.8
2.8

2.8
2.8

2.9
2.9

3.0
3.0

3.1
3.1

3.1
3.1

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

24.9
24.9

17.1
17.1

17.1
17.1

25.7
25.7

27.6
27.6

30.5
30.5

30.8
30.8

28.4
28.4

20.5
20.5

24.9
24.9

19.1
19.1

5
6

17.2
17.2

19.4
19.4

19.6
19.6

19.1
19.1

20.0
20.0

20.7
20.7

21.0
21.0

21.0
21.0

20.9
20.9

21.0
21.0

21.7
21.7

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
12

Liab.: Life insurance companies
Health
Policy dividend accumulation
Policy and contract claims

150.3
83.0
37.1
30.2

162.0
93.5
38.4
30.1

168.9
97.4
39.5
32.0

175.4
100.5
40.4
34.4

185.6
110.6
40.6
34.5

188.5
112.3
40.7
35.5

191.1
114.4
41.8
34.9

198.1
118.6
42.6
36.9

199.5
121.5
40.5
37.5

202.4
123.8
40.4
38.1

203.5
123.1
42.5
37.9

9
10
11
12

13

Asset: Household sector

150.3

162.0

168.9

175.4

185.6

188.5

191.1

198.1

199.5

202.4

203.5

13

Policy payables:
14

Liab.: Other insurance companies

480.4

482.9

482.1

508.2

552.4

567.7

578.8

597.0

599.0

609.6

622.6

14

15
16
17
18

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

201.3
189.8
45.6
43.7

202.3
190.8
45.9
43.9

202.0
190.4
45.8
43.9

214.0
200.8
48.3
45.3

232.4
218.2
52.5
49.3

238.9
224.2
53.9
50.7

243.5
228.6
55.0
51.7

251.2
235.8
56.7
53.3

252.0
236.6
56.9
53.5

256.4
240.8
57.9
54.5

261.9
245.9
59.2
55.7

15
16
17
18

384.6
384.6

396.4
396.4

381.4
381.4

372.2
372.2

366.5
366.5

367.1
367.1

377.9
377.9

385.1
385.1

406.5
406.5

413.9
413.9

419.7
419.7

19
20

114.9
114.9

107.3
107.3

108.5
108.5

109.8
109.8

111.1
111.1

111.4
111.4

111.8
111.8

112.1
112.1

112.4
112.4

113.0
113.0

113.3
113.3

21
22

403.3
403.3

419.5
419.5

508.2
508.2

578.3
578.3

575.4
575.4

567.7
567.7

628.9
628.9

672.7
672.7

678.0
678.0

758.9
758.9

753.8
753.8

23
24

642.9
642.9

684.0
684.0

704.9
704.9

765.8
765.8

790.3
790.3

767.8
767.8

778.6
778.6

788.1
788.1

815.0
815.0

801.2
801.2

809.2
809.2

25
26

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

1.9
1.9

4.0
4.0

6.1
6.1

8.2
8.2

10.5
10.5

12.7
12.7

14.8
14.8

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

Liab.: Funding corporations
Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government
Asset: Federal government retirement funds
Uniformed Services Retiree Health Care Fund:

27
28

Liab.: Federal government
Asset: Household sector

101

Z.1, September 16, 2004

L.232 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1

Total liabilities

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

2962.8

3355.6

3842.5

4148.3

4516.6

4671.2

4447.6

4532.9

4528.3

4604.9

4523.7

1

1636.6
389.6

1841.1
463.2

2166.3
549.2

2260.7
604.3

2388.0
624.7

2398.1
634.0

2415.3
643.4

2416.7
652.3

2361.2
661.2

2352.8
669.7

2317.0
678.1

2
3

Federal government
Rest of the world
Monetary authority

6.7
173.9
4.8

6.6
268.8
3.0

6.4
311.5
3.6

6.2
359.2
0.4

6.0
510.4
21.9

6.1
628.7
18.7

6.0
315.6
22.0

6.0
257.5
25.0

5.8
419.0
25.7

5.9
411.4
21.9

5.8
464.3
19.4

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

509.6
193.0
220.6
74.1
21.9

450.6
181.2
157.2
88.1
24.1

529.5
263.2
137.2
104.4
24.8

495.4
173.7
141.9
150.8
29.0

582.1
210.6
152.4
190.9
28.3

557.3
221.8
105.3
200.4
29.8

591.9
235.3
101.0
224.5
31.1

668.4
280.8
120.9
232.7
34.1

642.7
263.2
106.4
241.4
31.7

656.3
287.2
85.6
249.0
34.6

625.4
261.2
69.4
257.9
36.9

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

94.4
5.2
87.4
45.2

79.2
6.0
95.9
41.5

95.7
5.6
93.7
43.1

123.3
3.8
121.2
78.7

148.1
5.1
152.6
102.5

178.9
1.5
192.2
98.1

191.0
7.6
208.8
96.2

198.9
8.5
204.7
90.3

175.3
6.3
155.8
79.7

216.1
19.5
190.9
84.8

204.3
9.6
179.5
66.6

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

152.3
31.6
-187.8
13.4

154.6
36.0
-245.8
154.9

208.5
37.8
-313.1
104.7

225.4
37.9
-236.1
68.0

265.6
39.2
-335.4
5.7

249.6
38.8
-351.9
21.1

267.9
39.3
-339.9
-17.5

329.4
38.4
-340.6
-22.7

351.1
37.2
-343.8
-48.8

361.7
39.8
-332.8
-93.2

346.8
38.8
-354.2
-77.6

16
17
18
19

5072.1

5861.7

7460.0

7808.1

8102.9

8177.9

8041.3

7960.6

8058.0

8282.6

8076.6

20

3227.0
334.9
226.9

3965.1
416.3
190.1

5158.7
506.2
242.7

5236.2
633.5
179.0

5229.7
726.9
189.5

5242.3
750.8
192.0

5276.5
774.8
186.2

5241.9
799.1
191.9

5375.1
824.6
187.9

5398.5
851.4
193.1

5362.6
881.7
190.1

21
22
23

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total 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

66.9
104.3
16.1

63.9
73.6
16.8

61.0
234.8
19.3

60.7
226.3
20.3

59.1
444.6
19.6

59.9
451.8
19.3

59.3
213.8
18.9

59.3
78.7
18.5

58.9
-32.8
18.2

58.5
121.3
18.1

58.1
-31.1
17.8

24
25
26

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

415.1
114.3
234.5
56.5
9.7

419.9
121.0
204.9
85.4
8.7

417.4
127.4
177.1
106.3
6.6

470.1
158.2
187.2
112.2
12.5

506.9
176.8
184.2
139.5
6.4

511.2
215.2
142.5
145.7
7.9

491.8
210.4
127.6
147.1
6.8

486.0
204.3
125.5
149.9
6.3

490.4
200.3
123.9
161.9
4.3

479.4
192.4
101.0
181.4
4.6

455.4
189.5
80.6
181.4
3.9

27
28
29
30
31

32
33
34

Savings institutions
Credit unions
Bank personal trusts and estates

25.5
24.0
23.0

28.4
7.4
20.5

34.8
12.3
21.7

42.3
17.4
29.4

60.3
27.6
26.8

57.2
22.9
29.2

61.9
25.9
31.6

77.3
12.7
34.0

62.7
27.8
36.4

50.8
21.9
38.8

59.4
24.1
41.2

32
33
34

35
36
37

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

40.7
122.7
66.1

0.9
135.3
81.0

18.2
136.5
93.5

2.5
139.3
113.8

2.6
142.2
105.9

22.6
143.1
98.6

20.8
141.8
106.7

22.4
141.0
127.2

24.2
143.3
131.6

55.8
143.6
138.8

57.1
145.5
137.0

35
36
37

38
39
40

Mutual funds
Money market mutual funds
Government-sponsored enterprises

7.7
67.7
67.6

4.2
90.4
72.5

3.8
102.5
63.4

0.8
128.6
68.9

0.9
121.6
90.9

1.7
115.8
105.3

1.7
117.4
119.6

3.1
130.6
104.9

1.9
137.0
107.3

3.1
137.4
118.0

3.1
134.4
116.1

38
39
40

41
42
43

Finance companies
REITs
Brokers and dealers

126.4
21.2
88.4

165.7
21.1
88.6

184.4
22.0
126.9

187.9
22.5
228.4

189.6
22.6
135.6

188.0
23.5
142.5

220.4
24.1
148.3

266.2
25.0
140.7

273.8
24.4
165.1

250.7
28.6
174.9

211.7
29.6
182.9

41
42
43

-2109.2

-2506.1

-3617.5

-3659.8

-3586.3

-3506.7

-3593.8

-3427.7

-3529.7

-3677.7

-3552.9

44

44

Discrepancy

102

Z.1, September 16, 2004

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2
3
4
5
6
7
8

Assets
Tangible assets
Real estate
Households (2,3)
Nonprofit organizations
Equipment and software owned by
nonprofit organizations (4)
Consumer durable goods (4)
Financial assets

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

43624.9

49110.9

49378.0

49100.9

48232.1

48404.9

50517.5

51597.0

54119.4

55066.5

55966.9

1

13150.4

14217.0

15524.3

16774.6

18204.3

18487.2

18792.3

19182.7

19853.8

20230.4

20762.1

2

10465.3
9408.2
1057.2

11373.1
10253.7
1119.4

12494.1
11267.0
1227.0

13576.6
12358.2
1218.4

14842.0
13559.6
1282.5

15097.7
13796.6
1301.1

15369.9
14050.8
1319.1

15727.5
14381.0
1346.6

16367.5
14988.5
1379.0

16676.6
15274.7
1401.8

17143.8
15712.7
1431.1

3
4
5

76.7
2608.3

83.0
2760.9

89.5
2940.7

94.0
3104.0

96.2
3266.1

96.5
3293.0

96.9
3325.5

97.9
3357.2

99.3
3387.1

100.3
3453.5

101.9
3516.4

6
7

30474.5

34894.0

33853.6

32326.3

30027.8

29917.7

31725.2

32414.3

34265.6

34836.0

35204.8

8

9
10
11
12
13

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

3853.6
38.3
421.9
2680.5
712.9

4031.9
43.5
364.3
2799.1
825.0

4357.4
63.5
232.3
3090.9
970.7

4821.8
58.5
335.3
3298.8
1129.2

5103.8
74.2
358.7
3582.3
1088.7

5243.1
80.7
356.3
3728.3
1077.8

5239.9
74.8
345.7
3789.0
1030.3

5215.2
70.3
299.3
3858.9
986.7

5277.8
65.2
316.3
3907.3
989.0

5490.1
84.9
351.3
4084.1
969.8

5473.2
90.1
351.8
4131.7
899.7

9
10
11
12
13

14
15
16
17
18
19
20
21
22

Credit market instruments
Open market paper
Treasury securities
Savings bonds
Other Treasury
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

2264.3
63.7
747.5
186.6
560.9
288.9
416.0
650.0
98.2

2392.1
67.7
833.0
186.4
646.5
362.4
435.6
587.0
106.5

2235.2
82.6
621.6
184.8
436.9
405.8
438.0
569.8
117.4

2104.8
85.7
510.9
190.3
320.5
328.9
489.3
564.7
125.4

2010.1
98.9
373.3
194.9
178.4
219.1
585.2
597.6
136.0

1949.5
105.0
415.1
196.9
218.2
200.5
586.6
503.6
138.8

1944.7
97.5
486.9
199.1
287.7
156.5
613.3
449.0
141.6

2047.8
99.0
460.3
201.5
258.7
345.9
602.7
395.4
144.5

2154.4
94.9
455.6
203.8
251.8
485.5
618.6
352.4
147.4

2009.8
100.3
415.4
204.4
211.0
397.5
626.4
319.9
150.3

2069.1
104.6
435.3
204.6
230.7
440.5
650.9
284.3
153.5

14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29
30

Corporate equities (2)
Mutual fund shares (5)
Security credit
Life insurance reserves
Pension fund reserves
Investment in bank personal trusts
Equity in noncorporate business (6)
Miscellaneous assets

7120.0
2397.1
276.7
718.3
8123.2
1001.0
4368.7
351.5

9168.1
2987.4
323.9
783.9
9111.4
1130.4
4600.4
364.3

7762.6
2905.3
412.4
819.1
8901.3
1095.8
4993.7
370.9

6466.3
2750.8
454.3
880.0
8444.1
960.7
5054.1
389.4

4853.7
2443.8
412.7
920.9
7754.1
840.9
5267.8
420.0

4680.3
2431.4
429.6
936.3
7664.6
819.6
5332.0
431.3

5364.4
2762.2
515.1
959.7
8239.9
877.0
5381.6
440.6

5499.3
2905.5
503.4
973.0
8424.2
885.0
5503.3
457.5

6146.7
3182.4
475.4
1013.2
8960.6
932.4
5660.8
462.0

6072.0
3391.6
513.0
1034.3
9137.5
955.0
5761.2
471.5

6065.5
3448.7
526.3
1054.2
9266.7
961.9
5859.1
480.2

23
24
25
26
27
28
29
30

6253.5

6819.1

7402.3

7989.2

8680.4

8845.3

9203.0

9421.6

9603.4

9796.4

10059.8

31

5956.7
4086.1
1442.9
126.9
74.2
122.9
103.7

6440.8
4457.9
1550.2
137.3
67.3
117.8
110.3

7012.9
4828.7
1726.5
143.0
74.1
119.8
120.7

7640.9
5301.4
1865.2
156.9
57.6
120.4
139.4

8372.4
5932.1
1942.6
169.8
54.6
120.7
152.7

8523.4
6109.6
1912.7
173.6
50.9
120.0
156.6

8789.9
6334.9
1940.0
177.3
61.1
120.1
156.5

9027.3
6536.3
1977.5
180.6
51.9
119.4
161.6

9252.3
6688.2
2025.5
183.9
94.4
119.3
141.0

9424.4
6873.6
2005.3
186.7
92.8
119.1
146.9

9670.4
7078.3
2018.6
192.3
111.4
119.0
150.8

32
33
34
35
36
37
38

152.8
126.8

227.9
130.9

235.1
134.7

196.4
132.9

148.2
139.8

159.5
141.7

248.5
143.6

227.6
145.7

182.5
147.7

201.2
149.9

215.6
152.1

39
40

17.2

19.4

19.6

19.1

20.0

20.7

21.0

21.0

20.9

21.0

21.7

41

37371.4

42291.9

41975.7

41111.6

39551.7

39559.6

41314.6

42175.4

44516.0

45270.1

45907.1

42

7304.2
7112.7
62.0
129.5
711.9

7886.9
7685.3
67.0
134.6
762.1

8467.2
8255.1
72.2
139.9
815.2

9148.0
8924.6
77.1
146.3
870.6

9644.1
9414.0
80.0
150.2
915.0

9876.0
9641.9
81.4
152.7
931.0

9993.2
9757.8
81.9
153.5
938.5

10150.4
9912.9
82.8
154.7
948.8

10378.5
10137.3
84.1
157.0
959.7

10604.7
10359.9
85.5
159.3
978.5

10922.2
10671.8
87.6
162.8
1002.0

43
44
45
46
47

6395.9

6694.9

7194.0

7486.8

7827.7

7976.5

8075.0

8267.6

8320.6

8438.4

8555.9

48

584.3

631.7

583.5

549.1

505.3

496.0

511.6

510.1

535.0

536.5

536.6

49

5322.1

5795.8

6438.3

7056.8

7627.5

7687.1

7715.9

7844.7

8300.3

8401.1

8634.4

50

56.6

56.5

57.1

57.1

56.3

55.7

54.9

54.5

55.4

55.0

55.0

51

31

Liabilities

32
33
34
35
36
37
38

Credit market instruments
Home mortgages (7)
Consumer credit
Municipal securities (8)
Bank loans n.e.c.
Other loans and advances
Commercial mortgages (8)

39
40

Security credit
Trade payables (8)
Deferred and unpaid
life insurance premiums

41
42

Net worth

43
44
45
46
47

Memo:
Replacement-cost value of structures:
Residential
Households
Farm households
Nonprofit organizations
Nonresidential (nonprofits)

48
49
50
51

Disposable personal income
Household net worth as percentage of
disposable personal income
Owners’ equity in household real
estate (9)
Owners’ equity as percentage of
household real estate (10)

(1) Sector includes farm households.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 33.
(10) Line 50 divided by line 4.

103

Z.1, September 16, 2004

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1999

2000

2001

2002

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

With tangible assets stated at either market value or replacement cost:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Assets
Tangible assets
Real estate (1)
Equipment and software (2)
Inventories (2)
Financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

14812.8

16520.9

18870.0

18901.7

19202.8

19329.3

19583.9

19796.4

20132.3

20386.9

20688.3

1

7996.7

8427.0

9097.6

9002.8

9240.5

9308.5

9345.1

9444.9

9583.2

9699.9

9860.1

2

4108.9
2722.7
1165.2

4283.7
2891.2
1252.1

4671.1
3092.8
1333.6

4565.9
3171.4
1265.6

4758.9
3178.7
1302.9

4808.6
3173.7
1326.2

4858.1
3173.0
1314.0

4937.2
3191.6
1316.1

5029.7
3223.1
1330.4

5099.0
3241.8
1359.1

5191.0
3276.0
1393.1

3
4
5

6816.1

8093.8

9772.5

9898.9

9962.3

10020.8

10238.8

10351.4

10549.2

10686.9

10828.3

6

30.5
275.0
112.6
126.4
4.2
39.4
23.6
10.6
25.7
67.3
87.8
1440.0
98.0
4475.0

31.5
331.0
136.9
154.9
5.8
47.6
19.4
12.4
25.0
41.2
86.0
1647.7
127.0
5427.5

24.0
381.4
137.3
191.4
4.2
57.8
18.1
15.4
31.9
43.5
90.0
1930.7
124.0
6722.6

15.5
331.9
131.1
301.9
4.0
60.2
16.5
17.2
29.3
46.6
88.8
1802.2
111.0
6942.7

20.0
313.0
127.5
328.8
6.2
64.7
31.4
16.9
32.1
48.7
86.4
1721.9
97.0
7067.8

25.0
297.2
135.7
324.1
5.8
62.7
35.5
18.4
32.9
49.2
75.5
1746.6
92.5
7119.8

29.5
333.6
149.6
313.6
6.2
71.5
39.3
21.1
34.0
49.7
75.1
1815.1
106.2
7194.5

35.5
387.3
160.8
292.6
7.3
80.7
40.8
23.3
38.2
50.2
74.6
1844.0
108.5
7207.8

41.4
415.3
172.0
291.0
5.8
83.5
41.5
25.1
40.2
50.7
70.3
1825.9
121.0
7365.5

44.6
401.3
177.3
291.0
6.9
80.6
45.1
28.0
41.9
51.2
62.1
1895.4
122.5
7439.2

48.0
404.4
186.5
294.3
7.1
83.6
50.1
31.5
45.6
51.7
62.4
1976.0
122.5
7464.6

7
8
9
10
11
12
13
14
15
16
17
18
19
20

7457.6

8407.3

9611.4

9809.5

9949.1

9989.6

10084.8

10134.2

10175.2

10257.4

10292.8

21

22
23
24
25
26
27
28

Credit market instruments
Commercial paper
Municipal securities (3)
Corporate bonds (4)
Bank loans n.e.c.
Other loans and advances
Mortgages

3780.4
193.0
147.8
1846.0
768.8
562.0
262.8

4188.5
230.3
152.8
2067.7
813.0
585.4
339.2

4545.7
278.4
154.2
2230.3
861.0
651.3
370.4

4774.4
190.1
157.7
2578.8
758.3
659.1
430.3

4808.6
126.0
160.8
2711.0
661.9
675.1
473.8

4847.0
127.1
160.9
2753.4
649.3
671.7
484.6

4918.7
107.5
162.0
2827.7
632.1
680.7
508.8

4934.8
108.4
162.8
2851.7
614.9
669.3
527.8

4987.1
85.9
164.2
2869.3
612.4
680.7
574.6

5036.4
95.5
164.7
2897.9
606.9
679.5
592.0

5076.9
102.5
166.0
2899.3
602.3
686.6
620.3

22
23
24
25
26
27
28

29
30
31

Trade payables
Taxes payable
Miscellaneous liabilities

1049.7
64.1
2563.5

1228.2
71.0
2919.6

1541.4
78.0
3446.3

1437.7
81.0
3516.3

1461.7
93.0
3585.9

1436.6
97.2
3608.9

1459.6
96.6
3609.8

1491.6
99.1
3608.7

1539.1
84.5
3564.6

1558.7
92.0
3570.3

1603.1
96.2
3516.6

29
30
31

32

Net worth (market value)

7355.2

8113.6

9258.7

9092.3

9253.7

9339.7

9499.1

9662.2

9957.1

10129.5

10395.5

32

90.3
3530.7

94.9
3709.5

100.0
3973.4

105.5
4222.0

109.9
4376.0

112.2
4435.4

113.2
4453.5

114.7
4485.7

116.9
4519.8

119.1
4591.9

122.3
4685.9

33
34

11577.8
51.4
32.7
157.4

15155.6
51.6
27.6
186.8

12678.8
49.1
35.9
136.9

10796.2
52.5
44.2
118.7

7907.1
52.0
60.8
85.4

7647.5
51.9
63.4
81.9

8824.6
51.8
55.7
92.9

9050.7
51.1
54.5
93.7

10154.9
50.1
49.1
102.0

10241.4
49.7
49.2
101.1

10443.8
48.8
48.6
100.5

35
36
37
38

12634.1

14277.5

16370.3

16669.3

16905.3

16990.8

17239.6

17370.6

17601.8

17838.6

18034.3

39

5818.0
2238.6
2442.1
1137.3

6183.7
2359.4
2625.5
1198.8

6597.8
2492.7
2834.9
1270.2

6770.4
2633.3
2927.5
1209.5

6943.0
2745.2
2965.1
1232.7

6970.0
2767.3
2971.8
1231.0

7000.7
2788.5
2980.5
1231.7

7019.1
2807.6
2995.2
1216.3

7052.6
2830.3
3013.6
1208.7

7151.7
2853.5
3037.0
1261.3

7206.0
2877.0
3063.9
1265.2

40
41
42
43

33
34
35
36
37
38

Memo:
Replacement-cost value of structures:
Residential
Nonresidential
Market value of equities outstanding
(includes corporate farm equities)
Debt/net worth (percent) (5)
Debt/equities (percent) (6)
Equities/net worth (percent) (7)
With tangible assets stated at historical cost:

39
40
41
42
43

Assets (8)
Tangible assets
Real estate
Equipment and software
Inventories

44

Net worth (historical cost) (9)

5176.5

5870.3

6758.9

6859.8

6956.2

7001.2

7154.8

7236.4

7426.6

7581.2

7741.5

44

45
46
47

Memo:
Historical-cost value of structures:
Residential
Nonresidential
Debt/net worth (percent) (10)

37.6
2003.4
73.0

39.7
2120.2
71.4

42.0
2259.6
67.3

44.4
2397.8
69.6

46.8
2494.5
69.1

47.4
2514.8
69.2

48.1
2536.3
68.7

48.8
2557.6
68.2

49.6
2579.7
67.2

50.3
2601.8
66.4

51.2
2625.1
65.6

45
46
47

(1) At market value.
(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 22 divided by line 32.
(6) Line 22 divided by line 35.
(7) Line 35 divided by line 32.
(8) Sum of lines 6 and 40.
(9) Line 39 less line 21.
(10) Line 22 divided by line 44.

104

Z.1, September 16, 2004

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1998

1
2

Assets
Tangible assets

1999

2000

2001

2002

2003
Q1

Q2

2004
Q3

Q4

Q1

Q2

5504.7

6019.3

6730.1

7046.2

7447.3

7564.4

7678.0

7841.4

8055.3

8179.2

8346.1

1

4512.0

4842.5

5307.3

5467.6

5727.2

5810.0

5882.2

6002.7

6176.7

6262.0

6382.4

2

3949.7
2912.4
1037.3

4229.9
3156.6
1073.3

4643.3
3455.6
1187.8

4770.0
3606.7
1163.3

5018.5
3816.6
1202.0

5099.4
3887.7
1211.7

5171.5
3944.9
1226.6

5288.2
4038.7
1249.5

5456.8
4184.2
1272.5

5537.4
4252.2
1285.1

5651.0
4340.6
1310.5

3
4
5

501.0
41.3
459.7

546.7
42.8
503.9

593.8
45.2
548.7

631.0
46.7
584.2

640.2
47.7
592.5

640.8
47.4
593.4

641.5
47.0
594.5

645.2
47.3
597.9

649.9
47.3
602.6

653.1
47.5
605.6

658.0
47.7
610.3

6
7
8

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

61.3

65.9

70.2

66.6

68.6

69.8

69.2

69.3

70.0

71.5

73.3

9

10

Financial assets

992.7

1176.8

1422.8

1578.7

1720.0

1754.4

1795.8

1838.7

1878.6

1917.2

1963.7

10

178.9
98.5
32.6

217.6
117.5
40.7

274.1
137.6
49.4

274.5
144.7
59.0

287.3
146.9
61.3

289.6
145.8
60.0

293.0
146.8
58.7

296.2
147.0
55.6

298.2
148.6
53.1

298.6
147.7
49.2

298.3
147.8
49.0

11
12
13

38.0
2.8
26.7
0

37.2
2.7
24.7
0

40.2
2.4
23.3
0

42.8
3.5
26.6
0

45.2
3.7
27.8
0

45.1
3.8
27.7
0

46.3
3.8
27.5
0

46.8
3.9
27.1
0

47.5
3.9
26.6
0

48.1
4.0
26.0
0

48.6
4.0
25.2
0

14
15
16
17

233.1
382.1
45.6
1.6
334.9

272.6
463.8
45.9
1.6
416.3

342.1
553.7
45.8
1.6
506.2

343.9
683.6
48.3
1.8
633.5

366.7
781.1
52.5
1.8
726.9

375.9
806.6
53.9
1.9
750.8

388.1
831.6
55.0
1.8
774.8

404.5
857.6
56.7
1.8
799.1

417.1
883.6
56.9
2.1
824.6

432.0
911.6
57.9
2.2
851.4

447.9
942.9
59.2
2.1
881.7

18
19
20
21
22

2020.9

2328.3

2665.5

2875.7

3073.5

3124.3

3180.8

3241.4

3306.0

3358.2

3425.5

23

1405.3

1595.5

1788.4

1944.7

2093.0

2119.3

2153.2

2189.3

2232.5

2261.6

2305.2

24

262.1
108.1
1035.1

308.6
116.7
1170.1

352.9
127.8
1307.6

390.7
125.3
1428.8

404.1
127.6
1561.3

398.3
128.6
1592.4

390.7
128.2
1634.3

384.2
131.2
1673.9

378.8
133.3
1720.4

373.5
133.7
1754.4

376.4
134.6
1794.2

25
26
27

178.6
44.1
392.9

213.3
53.0
466.5

259.9
64.6
552.6

255.0
68.7
607.3

276.0
76.8
627.7

286.4
81.7
636.9

297.1
84.1
646.4

311.6
85.3
655.2

322.7
86.5
664.3

335.9
87.9
672.8

350.2
88.9
681.1

28
29
30

3483.8

3691.0

4064.5

4170.5

4373.8

4440.1

4497.2

4599.9

4749.4

4821.1

4920.6

31

1909.9
879.5

2010.0
921.6

2113.0
970.6

2227.3
1017.2

2309.7
1045.3

2355.7
1057.8

2374.2
1060.3

2402.1
1066.3

2446.7
1072.6

2490.8
1088.0

2555.9
1108.4

32
33

40.3

43.2

44.0

46.6

47.9

47.7

47.9

47.6

47.0

46.9

46.8

34

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (4)
Other

23
24
25
26
27
28
29
30
31

Liabilities
Credit market instruments
Bank loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Net worth (5)
Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 29.
(6) Line 24 divided by line 31.

105

Z.1, September 16, 2004

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

1
2

Change in net worth (1)
Net investment

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

6
7
8

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

9
10
11
12
13
14
15

16
17
18
19

Holding gains on assets stated
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Investment in bank personal
trusts and estates
Holding gains on assets stated
at current cost (2)
Consumer durable goods
Equipment and software
Other factors (3)

Q2

2004
Q3

Q4

Q1

Q2

3490.7

4920.5

-316.2

-864.0

-1560.0

7.9

1754.9

860.9

2340.6

754.1

637.0

1

532.5

275.4

193.2

463.0

291.1

139.2

16.9

120.1

254.6

150.0

44.7

2

415.8
1075.3
659.4

474.1
1169.2
695.1

489.7
1236.3
746.7

510.7
1284.2
773.5

534.0
1346.5
812.5

113.2
323.3
210.2

151.8
364.1
212.4

169.0
383.9
214.9

154.8
372.2
217.4

139.4
357.6
218.2

173.4
395.7
222.3

3
4
5

116.7
583.7
467.0

-198.6
366.6
565.2

-296.4
275.7
572.1

-47.8
539.2
586.9

-242.9
448.3
691.2

26.0
190.8
164.8

-134.9
222.8
357.7

-48.9
169.7
218.6

99.8
258.5
158.7

10.6
203.6
192.9

-128.7
134.7
263.4

6
7
8

3004.0

4612.2

-426.9

-1246.8

-1720.5

-106.5

1761.8

767.4

2138.2

591.7

584.3

9

629.0
1094.7
181.2
330.8

643.8
2130.0
504.8
311.6

839.5
-931.4
-248.2
398.0

799.0
-1064.4
-344.6
76.4

971.2
-1537.2
-417.6
276.2

194.4
-174.0
-69.5
81.3

177.2
721.1
218.8
44.5

247.9
168.6
76.1
132.4

545.4
706.7
186.6
173.3

230.2
9.5
91.0
108.0

350.2
37.3
12.0
112.8

10
11
12
13

663.7

884.5

-393.5

-638.0

-895.5

-124.1

536.2

127.7

472.3

137.7

67.1

14

104.5

137.6

-91.2

-75.2

-117.5

-14.6

64.0

14.6

53.8

15.2

4.8

15

-40.9

-45.1

-26.6

-53.9

-59.5

-23.0

-24.1

-28.9

-28.5

7.8

8.0

16

-39.2
-1.7

-44.5
-0.6

-26.1
-0.5

-53.1
-0.8

-58.5
-1.0

-22.6
-0.4

-23.8
-0.3

-29.0
0.1

-28.9
0.4

8.0
-0.1

7.8
0.2

17
18

-4.9

78.0

-56.0

-26.4

-71.1

-1.8

0.3

2.3

-23.6

4.6

0.1

19

37371.4
6395.9

42291.9
6694.9

41975.7
7194.0

41111.6
7486.8

39551.7
7827.7

39559.6
7976.5

41314.6
8075.0

42175.4
8267.6

44516.0
8320.6

45270.1
8438.4

45907.1
8555.9

20
21

Memo:
20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 42.

106

Z.1, September 16, 2004

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

2004

Q2

Q3

Q4

Q1

Q2

With tangible assets valued at either market or replacement cost:
1
2

Change in net worth (1)
Net investment

765.8

758.4

1145.1

-166.4

161.5

86.0

159.4

163.0

295.0

172.4

266.0

1

2.5

215.8

238.9

197.7

117.3

14.7

71.1

67.5

106.3

51.7

89.3

2

3
4
5
6
7

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Nonproduced nonfinancial assets

264.1
773.8
491.4
20.2
-1.9

343.9
858.9
521.8
0.9
-7.7

385.2
928.5
565.9
-14.1
-8.5

162.7
810.1
644.7
11.4
-8.6

119.5
761.7
653.5
-1.2
-10.1

27.2
185.9
166.6
-6.0
-1.8

18.4
184.2
167.9
0.2
-2.3

32.8
193.2
169.2
-5.4
-3.4

36.3
201.5
170.5
-2.9
-2.4

53.8
210.9
167.4
-7.8
-2.5

66.3
223.0
169.5
-10.6
-2.3

3
4
5
6
7

8
9
10

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-46.1
569.9
616.0

-17.7
969.9
987.6

-28.2
1209.2
1237.4

82.4
177.6
95.2

39.4
150.6
111.1

4.2
68.6
64.5

65.3
173.4
108.1

46.0
103.4
57.4

87.3
156.9
69.7

18.6
130.8
112.2

62.8
137.0
74.2

8
9
10

11

Net corporate equity issues

-215.5

-110.4

-118.2

-47.4

-41.6

-16.8

-12.6

-11.2

-17.3

-20.7

-39.9

11

12
13
14

Holding gains on assets stated
at market value (2)
Real estate
Mutual fund shares

409.5
393.2
16.3

114.9
93.3
21.6

291.1
306.2
-15.0

-201.5
-186.5
-15.0

109.6
134.1
-24.5

37.3
40.6
-3.4

55.9
41.1
14.8

76.7
73.2
3.5

96.8
83.2
13.6

62.0
59.3
2.7

83.0
81.9
1.1

12
13
14

15
16
17
18
19

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Equipment and software
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

24.5
-27.2
-10.2
-21.3
-83.1

93.0
-8.7
21.8
-7.8
-87.8

-43.2
-2.8
12.5
-33.9
19.0

83.3
-17.1
-26.5
14.5
-112.5

80.9
-25.4
24.0
1.0
-81.2

5.8
-9.4
15.2
0
0.0

-15.2
-7.1
-8.1
0
-0.0

3.6
6.3
-2.6
0
0.0

17.1
15.5
10.3
-14.4
-5.7

10.2
-2.3
12.5
0
0.0

19.4
9.7
9.7
0
-0.0

15
16
17
18
19

20

Other factors (4)

329.3

334.6

658.3

-246.0

-146.3

28.3

47.5

15.2

74.7

48.4

74.3

20

7355.2

8113.6

9258.7

9092.3

9253.7

9339.7

9499.1

9662.2

9957.1

10129.5

10395.5

21

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

476.8

693.7

888.7

100.9

96.4

45.0

153.5

81.6

190.2

154.7

160.2

22

2.5

215.8

238.9

197.7

117.3

14.7

71.1

67.5

106.3

51.7

89.3

23

24
25
26
27
28

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Nonproduced nonfinancial assets

264.1
773.8
491.4
20.2
-1.9

343.9
858.9
521.8
0.9
-7.7

385.2
928.5
565.9
-14.1
-8.5

162.7
810.1
644.7
11.4
-8.6

119.5
761.7
653.5
-1.2
-10.1

27.2
185.9
166.6
-6.0
-1.8

18.4
184.2
167.9
0.2
-2.3

32.8
193.2
169.2
-5.4
-3.4

36.3
201.5
170.5
-2.9
-2.4

53.8
210.9
167.4
-7.8
-2.5

66.3
223.0
169.5
-10.6
-2.3

24
25
26
27
28

29
30
31

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-46.1
569.9
616.0

-17.7
969.9
987.6

-28.2
1209.2
1237.4

82.4
177.6
95.2

39.4
150.6
111.1

4.2
68.6
64.5

65.3
173.4
108.1

46.0
103.4
57.4

87.3
156.9
69.7

18.6
130.8
112.2

62.8
137.0
74.2

29
30
31

32

Net corporate equity issues

-215.5

-110.4

-118.2

-47.4

-41.6

-16.8

-12.6

-11.2

-17.3

-20.7

-39.9

32

4.4

-13.0

-5.7

-79.9

-25.9

-16.1

-0.8

-24.8

-15.3

37.5

-18.9

33

16.3

21.6

-15.0

-15.0

-24.5

-3.4

14.8

3.5

13.6

2.7

1.1

34

33

Valuation adjustment on
reproducible assets (6)

34

Holding gains on mutual fund shares (2)

35
36
37

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Direct investment abroad
- Foreign direct investment in U.S.

61.8
-21.3
-83.1

80.0
-7.8
-87.8

-52.9
-33.9
19.0

127.0
14.5
-112.5

82.2
1.0
-81.2

-0.0
0
0.0

0.0
0
-0.0

-0.0
0
0.0

-8.7
-14.4
-5.7

-0.0
0
0.0

0.0
0
-0.0

35
36
37

Other factors (4)

391.8

389.3

723.5

-129.0

-52.7

49.9

68.4

35.4

94.2

62.8

88.8

38

5176.5

5870.3

6758.9

6859.8

6956.2

7001.2

7154.8

7236.4

7426.6

7581.2

7741.5

39

38

Memo:
39

Net worth outstanding (historical cost)

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities.
(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).
(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers
of assets.

107

Z.1, September 16, 2004

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
1998

1999

2000

2001

2002

2003
Q1

1
2

Change in net worth (1)
Net investment (2)

Q2

2004
Q3

Q4

Q1

Q2

248.4

207.1

373.6

106.0

203.3

66.2

57.1

102.7

149.5

71.7

99.6

1

-84.4

-81.1

-30.9

-22.3

-37.4

-17.6

-0.3

-10.3

-17.3

-12.4

0.2

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

3.8
135.2
131.4

42.6
187.1
144.5

60.3
209.6
149.3

32.6
185.5
153.0

19.1
174.5
155.4

-1.1
38.4
39.5

14.8
54.7
39.9

7.4
47.6
40.2

7.1
47.6
40.5

1.3
41.9
40.6

21.0
62.0
41.0

3
4
5

6

Net acquisition of financial assets

218.8

184.1

246.0

155.9

141.4

34.4

41.3

42.9

40.0

38.6

46.5

6

7
8
9
10

- Net increase in liabilities from:
Credit market instruments
Trade payables
Taxes payable
Miscellaneous liabilities

179.9
30.8
4.1
92.3

190.2
34.7
8.9
73.9

192.9
46.6
11.7
86.0

156.4
-4.9
4.0
55.3

148.3
21.0
8.1
20.5

26.4
10.4
4.8
9.3

33.9
10.7
2.4
9.4

36.1
14.5
1.2
8.9

43.1
11.1
1.3
8.9

29.1
13.2
1.4
8.5

43.7
14.3
1.0
8.4

7
8
9
10

11
12
13

Holding gains on assets stated
at market value (real estate) (3)
Residential
Nonresidential

281.7
178.8
102.9

240.7
218.1
22.6

344.7
268.1
76.7

68.5
120.0
-51.6

202.5
170.2
32.3

69.2
59.1
10.1

54.4
44.2
10.2

97.7
79.2
18.5

149.8
129.6
20.2

66.8
51.8
14.9

91.2
70.8
20.4

11
12
13

14
15
16
17

Holding gains on assets stated
at current cost (3)
Residential equipment and software
Nonresidential equipment and software
Inventories

43.4
0.5
44.4
-1.6

38.9
0.3
37.5
1.1

50.9
1.1
48.4
1.4

36.1
0.6
37.5
-2.0

15.2
0.1
13.7
1.3

5.6
-0.4
4.9
1.1

-10.0
-0.6
-8.9
-0.4

0.3
-0.0
0.2
0.1

-0.5
-0.4
-0.8
0.7

5.3
-0.2
4.5
1.1

-6.8
-0.2
-7.6
1.1

14
15
16
17

18

Other factors (4)

-76.6

-72.5

-22.1

1.4

-14.4

-8.6

12.7

4.7

0.1

-0.4

15.2

18

3483.8

3691.0

4064.5

4170.5

4373.8

4440.1

4497.2

4599.9

4749.4

4821.1

4920.6

19

Memo:
19

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).
(2) Also equal to proprietor’s net investment shown on table F.103, line 29.
(3) Calculated as change in amount outstanding during period less net investment during period.
(4) Consists of statistical discontinuities.
(5) Table B.103, line 31.

108

Z.1, September 16, 2004

F.100.a Nonprofit Organizations (1)
Billions of dollars
1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

1

Net financial investment

49.7

37.5

22.2

14.0

25.8

14.3

49.0

47.8

86.2

9.3

6.0

-6.6

42.0

1

2

Net acquisition of financial assets

67.1

71.1

54.3

51.6

55.5

48.5

73.0

84.3

122.5

47.5

59.5

28.1

110.5

2

3
4
5
6

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

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3.1
1.1
7.1
1.3

2.3
0.6
3.8
0.7

5.1
0.8
4.5
0.8

3
4
5
6

7

Credit market instruments

51.1

17.2

22.7

-12.3

13.4

28.8

13.1

38.1

39.3

23.3

40.9

46.0

35.0

7

34.4
6.4
4.5
0.0
6.6
-0.8

-10.4
13.8
2.6
0.5
9.7
0.9

6.2
4.8
4.6
-0.5
8.2
-0.7

-29.9
6.1
3.6
0.0
7.9
-0.1

-3.3
6.8
3.1
0.2
5.6
0.9

15.6
5.1
2.3
0.3
4.5
0.9

1.2
6.4
2.9
0.4
2.4
-0.1

1.3
16.4
7.6
0.1
11.9
0.9

6.7
13.9
6.4
0.0
11.7
0.6

1.5
8.9
4.1
-0.1
8.3
0.6

7.5
11.6
5.4
0.1
15.4
0.9

4.1
17.5
8.1
0.1
15.4
0.8

14.8
5.4
2.5
0.0
10.5
1.7

8
9
10
11
12
13

5.2
-1.0

16.1
2.6

15.0
1.2

-18.6
-3.3

18.6
0.7

8.9
-0.7

45.1
1.5

-10.4
1.3

21.0
2.4

-30.6
-1.0

-40.7
0.4

-67.4
-3.3

15.4
-1.0

14
15

2.8
2.8

2.8
2.8

2.6
2.6

2.0
2.0

1.1
1.1

0.8
1.8

2.0
2.1

1.5
1.6

3.4
3.5

3.7
2.6

4.6
4.6

1.1
1.1

4.3
4.3

16
17

-0.1
18.6

-3.9
21.0

-6.0
24.5

15.2
20.5

10.6
1.2

7.0
15.0

0.2
10.1

10.2
38.0

8.4
24.4

9.7
38.3

12.5
24.7

12.0
31.2

16.3
25.0

18
19

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

53.5

34.7

68.5

20

7.8

12.0

12.2

14.5

9.6

14.2

2.8

-0.1

11.5

13.4

23.6

13.5

19.3

21

8
9
10
11
12
13

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

14
15

Corporate equities
Mutual fund shares

16
17

Security credit
Trade receivables (2)

18
19

Equity in noncorporate business
Miscellaneous assets (2)

20
21

Net increase in liabilities
Credit market instruments

22
23
24
25

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

1.8
0.2
-0.0
5.8

3.5
-5.2
-0.0
13.8

3.3
-1.1
0.3
9.7

4.0
-2.8
0.4
12.9

2.0
2.4
-0.2
5.4

1.4
5.0
0.1
7.7

3.6
6.4
0.1
-7.4

0.7
8.9
-0.1
-9.6

6.6
0.2
0.0
4.7

10.0
4.8
-0.2
-1.2

12.0
3.1
-0.1
8.6

10.4
-3.5
0.1
6.6

5.8
3.4
-0.3
10.4

22
23
24
25

26
27

Trade payables
Miscellaneous liabilities (2)

2.4
7.1

16.2
5.5

9.3
10.5

9.4
13.7

5.9
14.2

6.0
14.0

5.2
16.0

7.9
28.6

8.0
16.8

8.9
15.8

8.7
21.2

4.1
17.0

3.8
45.4

26
27

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

109

Z.1, September 16, 2004

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

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

564.4

679.6

711.7

802.8

867.4

937.6

1002.5

1190.3

1392.9

1586.3

1777.4

1957.6

1989.1

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

38.1
10.0
59.8
10.9

40.4
10.6
63.6
11.6

45.5
11.4
68.1
12.5

2
3
4
5

203.1

220.3

242.9

230.6

244.0

272.8

285.9

324.0

363.3

386.6

427.5

473.5

508.5

6

67.3
55.7
26.3
0.1
51.1
2.6

56.9
69.5
28.9
0.6
60.8
3.5

63.2
74.3
33.5
0.1
69.0
2.8

33.3
80.3
37.1
0.2
77.0
2.8

29.9
87.1
40.3
0.4
82.6
3.7

45.5
92.2
42.6
0.8
87.1
4.6

46.7
98.5
45.5
1.1
89.5
4.5

48.0
114.9
53.1
1.2
101.4
5.3

54.7
128.8
59.5
1.3
113.1
6.0

56.1
137.6
63.6
1.2
121.4
6.6

63.7
149.2
69.0
1.3
136.8
7.4

67.7
166.8
77.1
1.5
152.2
8.3

82.6
172.2
79.6
1.5
162.6
10.0

7
8
9
10
11
12

145.8
10.2

203.0
15.8

197.5
15.3

214.6
15.9

241.1
17.7

270.2
18.5

308.2
19.0

397.1
24.6

494.7
30.4

604.9
34.5

692.0
38.7

769.3
42.7

708.6
38.8

13
14

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

25.7
25.7

28.5
28.5

31.1
31.1

33.1
33.1

34.3
34.3

35.0
36.1

37.1
38.1

38.6
39.7

42.0
43.2

45.8
45.8

50.3
50.3

51.5
51.5

55.8
55.8

15
16

17
18

Equity in noncorporate business
Miscellaneous assets (2)

26.1
92.0

22.2
112.9

16.2
137.4

31.4
158.0

42.0
159.2

49.0
174.2

49.2
184.3

59.4
222.2

67.8
246.7

77.5
285.0

90.0
309.7

102.0
340.9

118.3
365.9

17
18

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

609.3

644.1

712.5

19

154.7

166.7

178.9

193.4

203.0

217.1

219.9

219.8

231.4

244.8

268.4

281.9

301.2

20

19
20

Liabilities
Credit market instruments

21
22
23
24

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

79.9
15.5
0.3
59.0

83.3
10.3
0.3
72.8

86.6
9.2
0.5
82.5

90.6
6.4
0.9
95.5

92.6
8.8
0.7
100.9

94.0
13.8
0.8
108.5

97.6
19.9
0.9
101.5

98.3
28.8
0.8
91.9

104.9
29.0
0.9
96.6

114.9
34.1
0.7
95.1

126.9
37.2
0.6
103.7

137.3
33.7
0.7
110.3

143.0
37.1
0.4
120.7

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

41.3
57.9

57.4
63.3

66.8
73.9

76.2
87.6

82.1
101.8

88.1
115.8

93.2
131.8

101.1
160.4

109.1
177.2

118.0
193.0

126.8
214.2

130.9
231.2

134.7
276.6

25
26

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

110

Z.1, September 16, 2004

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1999

1
2
3
4
5
6
7
8
9

2000

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

Current receipts, NIPA basis
Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

2895.0
1107.5
674.0
248.7
5.9
661.4
106.8
80.6
10.1

3126.0
1235.7
708.9
255.0
7.3
702.7
117.5
93.7
5.3

3113.2
1237.3
728.6
195.0
7.2
731.2
113.7
101.8
-1.4

2954.8
1051.2
762.6
174.6
7.1
748.3
102.0
106.3
2.8

3032.0
1001.9
798.1
225.8
8.1
773.3
104.0
111.5
9.5

3012.0
1025.7
783.5
215.0
6.7
762.4
100.3
108.1
10.3

3042.1
1030.7
792.9
216.1
9.9
768.9
103.4
110.4
9.8

2984.9
941.7
802.0
229.7
7.8
776.7
104.9
112.7
9.3

3089.3
1009.4
813.9
242.5
7.9
785.0
107.3
114.6
8.7

3119.9
1006.6
823.3
246.4
8.6
803.9
105.1
118.0
8.1

3175.3
1029.4
833.3
258.7
8.3
812.6
105.3
120.3
7.5

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16

Current expenditures, NIPA basis
Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies
- Wage accruals less disbursements

2741.0
1334.0
990.4
15.1
357.3
44.2
0.0

2886.6
1417.1
1044.1
18.3
362.8
44.3
0.0

3061.6
1501.6
1146.6
14.0
344.1
55.3
0.0

3234.2
1609.2
1251.6
18.8
316.4
38.2
0.0

3399.7
1717.1
1309.2
23.7
303.0
46.7
0.0

3342.4
1689.1
1285.0
25.1
301.8
42.8
1.4

3412.0
1717.5
1306.9
25.2
305.8
55.2
-1.4

3411.4
1724.0
1320.2
23.6
299.0
44.5
0.0

3433.0
1737.6
1324.8
20.8
305.4
44.4
0.0

3499.2
1770.9
1352.5
33.7
303.1
40.4
1.5

3541.9
1791.5
1373.7
22.8
313.0
39.4
-1.5

10
11
12
13
14
15
16

17
18
19
20

Net government saving, NIPA basis
+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
+ Net capital transfers (3)

154.1
187.0
3.8
32.5

239.4
197.0
1.8
35.6

51.6
206.0
3.3
35.7

-279.5
211.2
-1.7
28.8

-367.7
218.1
-0.6
11.6

-330.4
215.7
-3.0
15.0

-369.9
217.3
-5.3
7.1

-426.5
219.0
-2.7
11.8

-343.8
220.4
8.5
12.3

-379.2
222.6
1.3
13.8

-366.6
226.8
-7.0
12.5

17
18
19
20

21

= Gross saving and net capital transfers

369.7

470.3

290.0

-37.7

-137.4

-96.8

-140.2

-193.0

-119.6

-144.1

-120.3

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

442.2
286.8
7.7

565.6
304.6
8.5

289.5
324.0
8.6

-28.9
347.5
10.0

-124.9
358.5
9.7

61.5
352.3
7.2

-509.9
356.7
8.9

10.3
362.5
13.4

-61.6
362.4
9.3

-271.6
368.6
10.0

-186.7
383.2
9.3

22
23
24

25
26
27
28
29
30
31

Net financial investment
Net acquisition of financial assets
Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

147.7
158.2
-7.1
70.1
14.0
5.1
-2.6

252.5
33.7
-0.6
-64.1
14.0
6.5
8.2

-43.0
99.0
4.6
46.2
15.4
19.7
-22.2

-386.4
56.7
8.8
-10.2
24.8
2.3
-4.9

-493.1
73.7
-0.8
16.7
-15.6
-9.4
8.0

-298.0
20.4
0.1
-25.2
-32.0
-6.8
3.0

-875.5
96.5
0.5
0.2
51.2
-11.1
11.6

-365.6
69.2
5.6
34.3
-63.4
-18.5
6.3

-433.3
108.8
-9.5
57.5
-18.1
-1.1
11.3

-650.2
32.7
-2.5
-49.0
6.3
-3.6
16.0

-579.2
-11.3
-6.0
-16.0
52.8
-9.0
-18.0

25
26
27
28
29
30
31

32
33
34
35
36
37
38
39
40
41
42
43
44

Credit market instruments
Open market paper
Agency- and GSE-backed securities (4)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (5)
Corporate equities
Mutual fund shares
Trade receivables
Taxes receivable
Miscellaneous assets

83.9
17.3
43.7
0.3
11.5
4.3
13.6
-6.8
3.5
-0.7
4.6
12.1
-33.2

31.0
17.8
1.7
0.3
-3.3
1.0
16.1
-2.6
-1.2
3.7
5.3
-6.7
30.1

71.5
-13.5
55.4
0.2
25.6
-3.1
13.1
-6.2
22.8
7.7
7.3
-7.0
-72.0

19.7
5.7
3.0
0.1
8.2
-5.9
12.7
-4.1
7.9
8.9
-3.3
1.0
0.1

46.7
10.5
22.9
0.3
7.2
6.2
1.3
-1.6
-6.2
-12.7
3.7
44.3
-9.3

-0.1
3.9
8.4
0.1
2.7
-6.2
-8.6
-0.4
-7.7
13.6
-10.3
69.0
13.9

63.5
15.2
33.1
0.4
10.5
12.8
-5.9
-2.6
-6.5
-26.3
4.3
34.8
-37.7

58.6
8.2
17.8
0.2
5.7
5.2
24.8
-3.4
-3.6
-10.2
8.3
33.6
12.0

65.1
14.7
32.0
0.4
10.2
12.9
-5.0
-0.2
-6.9
-27.8
12.5
39.8
-25.5

31.4
7.8
7.0
0.2
5.4
14.4
-0.9
-2.5
-3.6
-20.1
3.1
31.5
17.1

16.2
7.9
9.1
0.2
5.4
0.1
-5.0
-1.5
-5.4
-23.1
-6.5
-5.9
3.5

32
33
34
35
36
37
38
39
40
41
42
43
44

10.5
-3.0
1.0
-55.8
-0.2
-94.3
-0.2
38.9
0.0
28.7
1.4
38.2

-218.9
-4.0
2.4
-273.4
-1.7
-287.2
-1.0
16.5
0.0
31.8
1.4
22.9

142.0
0.0
1.3
57.8
5.6
-52.8
-0.5
105.5
0.0
28.6
1.4
53.0

443.1
0.0
1.0
388.8
4.5
240.4
0.5
143.4
0.0
25.8
1.6
26.0

566.8
0.0
0.6
506.3
8.9
382.2
-2.4
117.5
0.0
28.2
1.1
30.7

318.4
0.0
0.6
290.3
9.1
183.6
-1.6
99.1
0.0
33.6
0.1
-6.0

972.0
0.0
1.6
906.3
10.0
730.0
0.5
165.8
0.0
23.0
1.7
39.4

434.8
0.0
0.1
371.7
9.8
253.0
0.1
108.9
0.0
26.0
0.5
36.5

542.0
0.0
-0.0
456.7
6.8
362.3
-8.6
96.3
0.0
30.2
2.2
52.9

682.9
0.0
0.8
608.5
3.5
455.4
1.1
148.5
0.0
32.1
-0.0
41.5

567.9
0.0
1.2
500.8
1.7
428.7
-3.6
74.1
0.0
34.8
1.9
29.2

45
46
47
48
49
50
51
52
53
54
55
56

-72.5

-95.3

0.5

-8.8

-12.5

-158.3

369.7

-203.3

-58.1

127.5

66.4

57

-132.7
280.4
147.7

-65.1
317.7
252.5

-272.4
229.3
-43.0

-626.9
250.2
-376.7

-726.1
243.3
-482.9

-682.7
422.7
-260.0

-726.6
-148.4
-875.0

-789.0
427.8
-361.2

-706.2
270.9
-435.2

-747.8
97.4
-650.4

-749.8
169.7
-580.1

58
59
60

45
46
47
48
49
50
51
52
53
54
55
56

Net increase in liabilities
SDR certificates
Treasury currency
Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (7)

57

Discrepancy

58
59
60

Memo:
Net govt. saving less fixed investment (8)
Adjustment between NIPA and FOF (9)
Items to be financed (10)

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.
Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.
(3) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.
(8) Line 17 less line 23.
(9) Line 18 plus line 20 less sum of lines 19, 24, and 56.
(10) Line 57 plus line 58.

111

Z.1, September 16, 2004

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1999

1

2001

2002

2003

2003

2004

Q1

Q2

Q3

Q4

Q1

Q2

1835.0

1891.1

2023.0

2045.2

2174.3

2042.4

2101.5

2141.3

2174.3

2183.2

2187.4

1

2
3
4
5
6

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

44.4
120.1
111.1
27.6
151.6

41.0
57.4
125.1
34.1
159.8

43.1
105.1
140.4
53.7
137.6

51.1
94.3
165.2
56.0
132.7

55.1
109.3
149.6
46.6
140.7

51.7
68.3
156.9
54.3
133.4

52.9
90.7
169.8
51.5
136.3

54.8
102.1
153.0
46.9
137.9

55.1
109.3
149.6
46.6
140.7

54.3
75.9
150.8
45.7
144.7

52.3
94.2
164.0
43.5
140.2

2
3
4
5
6

7

Credit market instruments

758.3

789.3

860.8

880.5

927.2

880.4

896.3

910.9

927.2

935.1

939.1

7

103.3
196.5
3.5
73.3
208.3
50.9
122.5

121.2
198.1
3.8
70.0
209.3
67.0
119.9

107.6
253.5
4.0
95.6
206.1
80.1
113.8

113.3
256.5
4.1
103.8
200.3
92.8
109.7

123.8
279.3
4.4
111.1
206.4
94.1
108.1

114.3
258.6
4.1
104.5
198.7
90.6
109.6

118.1
266.9
4.2
107.1
201.9
89.1
109.0

120.1
271.3
4.3
108.5
203.2
95.3
108.1

123.8
279.3
4.4
111.1
206.4
94.1
108.1

125.8
281.1
4.4
112.4
210.1
93.9
107.4

127.8
283.4
4.5
113.8
210.1
92.6
107.0

8
9
10
11
12
13
14

8
9
10
11
12
13
14

Total financial assets

2000

Open market paper
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (2)

15
16

Corporate equities
Mutual fund shares

117.1
21.4

97.1
21.2

100.7
24.3

80.3
24.2

96.3
21.2

75.6
26.4

85.8
25.6

87.7
24.2

96.3
21.2

97.5
16.8

97.0
11.3

15
16

17
18
19

Trade receivables
Taxes receivable
Miscellaneous assets

22.9
66.1
290.7

28.1
84.7
341.8

35.5
125.9
279.5

32.2
120.8
290.0

35.9
176.3
289.8

30.7
152.2
293.7

31.6
151.5
287.7

33.6
172.9
293.8

35.9
176.3
289.8

37.8
201.8
294.9

36.0
188.4
292.1

17
18
19

5970.6

5749.5

5899.2

6342.5

6911.7

6423.5

6608.2

6732.7

6911.7

7077.9

7166.9

20

6.2
20.9

2.2
23.2

2.2
24.5

2.2
25.5

2.2
26.0

2.2
25.6

2.2
26.0

2.2
26.0

2.2
26.0

2.2
26.2

2.2
26.5

21
22

4544.9
186.4
3163.0
28.3
1167.1
0.0

4271.5
184.8
2875.8
27.3
1183.6
0.0

4329.3
190.3
2823.0
26.8
1289.2
0.0

4718.1
194.9
3063.3
27.3
1432.6
0.0

5224.3
203.8
3445.6
24.9
1550.1
0.0

4808.9
196.9
3128.6
26.9
1456.6
0.0

4973.3
199.1
3235.8
27.0
1511.4
0.0

5079.0
201.5
3330.4
27.0
1520.1
0.0

5224.3
203.8
3445.6
24.9
1550.1
0.0

5391.7
204.4
3576.4
25.1
1585.7
0.0

5460.3
204.6
3612.5
24.2
1619.0
0.0

23
24
25
26
27
28

673.1
35.0
690.6

704.9
36.4
711.3

733.5
37.8
772.0

759.2
39.4
798.2

787.4
40.5
831.3

769.6
39.4
777.9

776.3
39.8
790.7

783.2
39.9
802.3

787.4
40.5
831.3

797.5
40.5
819.8

807.1
40.9
829.8

29
30
31

20

Total liabilities

21
22

SDR certificates
Treasury currency

23
24
25
26
27
28

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

29
30
31

Trade payables
Insurance reserves
Miscellaneous liabilities (4)

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.
(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.

112

Z.1, September 16, 2004

F.119.b Private Pension Funds: Defined Benefit Plans
Billions of dollars
1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

1

Net acquisition of financial assets

27.5

11.8

47.8

45.2

-27.2

-40.6

-47.0

-49.3

-88.5

-71.3

-67.6

-25.5

20.6

1

2
3
4
5

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

-0.1
5.5
0.0
1.8

0.0
-9.1
0.0
-1.1

-0.0
6.4
0.0
-0.0

0.8
13.1
0.0
-4.2

0.3
4.8
0.0
-0.2

0.2
10.8
0.0
3.2

0.4
13.3
0.0
0.3

0.6
15.1
0.0
0.6

0.2
-9.3
0.0
2.0

0.2
3.2
0.0
1.3

-0.5
-3.2
0.0
0.5

0.1
4.1
0.0
1.2

0.1
3.8
0.0
0.8

2
3
4
5

6

Credit market instruments

7
8
9
10
11

12.8

17.1

22.9

35.6

24.1

-8.9

39.7

-20.1

84.6

-0.1

-17.6

-11.0

-1.4

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

1.8
-8.9
12.8

-1.1
-11.0
11.5

-0.0
-5.6
15.9

-4.2
10.1
30.7

-0.2
2.0
4.7

3.2
-4.6
-10.8

0.3
3.7
8.6

0.6
-20.2
-16.7

2.0
4.1
32.0

1.3
-7.2
0.8

-2.0
-13.7
-2.9

1.3
-4.2
-4.9

0.7
-0.8
-1.9

7
8
9

Corporate and foreign bonds
Mortgages

13.8
-6.8

20.8
-3.1

14.0
-1.4

2.7
-3.7

17.4
0.2

3.1
0.1

26.5
0.6

16.4
-0.3

46.5
0.1

4.8
0.2

0.9
0.0

-3.2
0.0

0.8
-0.2

10
11

2.0
1.4

8.7
2.3

6.8
4.4

-3.8
3.7

-51.1
1.9

-55.3
-2.2

-100.9
1.3

-54.6
3.3

-154.6
-4.5

-71.1
-0.3

-37.8
-2.0

-25.2
-0.5

8.1
2.5

12
13

4.1
-2.2
8.2
-1.9

-6.1
-5.0
5.6
-6.7

7.3
-0.6
7.4
0.6

0.1
-5.1
6.2
-1.0

-6.9
-6.0
-0.3
-0.6

11.7
2.3
-0.3
9.7

-1.2
-5.6
3.5
0.9

5.9
-3.8
8.0
1.8

-7.0
-14.4
2.7
4.8

-4.5
-4.7
0.0
0.2

-6.9
-2.2
0.0
-4.7

5.7
1.8
0.0
3.9

6.7
4.9
0.0
1.8

14
15
16
17

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

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

F.119.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars
1

Net acquisition of financial assets

63.2

52.4

51.4

40.4

53.4

38.7

29.4

33.4

12.9

20.7

15.2

13.9

21.7

1

2
3
4
5

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

-0.3
0.1
1.0
1.9

-0.1
-8.0
1.0
1.3

0.2
-9.9
6.5
0.9

0.1
-6.3
5.3
-2.0

0.4
-0.2
6.0
0.2

0.4
-5.5
10.8
1.3

0.8
-5.8
13.1
0.6

-1.5
13.3
1.9
0.6

1.0
-19.6
11.7
1.7

0.2
-0.3
4.6
-0.4

-0.4
7.4
-10.6
0.3

0.3
-3.3
2.8
0.6

0.1
-1.3
2.9
-1.5

2
3
4
5

6

Credit market instruments

12.6

8.8

13.3

4.1

-7.6

2.4

6.1

-5.9

14.7

3.9

1.8

32.1

5.5

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

1.4
3.6
0.0

0.9
2.6
-0.9

0.7
1.2
-1.8

-2.0
6.7
10.2

0.7
-2.5
-2.0

2.4
-0.2
0.2

0.9
-1.2
-0.9

2.5
-13.0
0.1

5.0
-1.8
6.3

-3.1
-2.4
8.2

-0.2
-8.0
10.7

9.6
3.0
6.8

-6.7
-1.3
-3.4

7
8
9

Corporate and foreign bonds
Mortgages

7.4
0.1

6.9
-0.6

13.2
-0.2

-9.3
-1.4

-4.3
0.5

-0.5
0.5

7.2
0.1

4.5
-0.0

3.6
1.6

0.2
1.0

-2.0
1.3

11.1
1.7

14.8
2.2

10
11

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

10.8
9.8

27.6
13.0

13.4
22.4

4.1
20.1

-21.0
43.1

-20.4
25.3

-41.3
41.4

24.1
-6.8

-105.7
107.1

16.0
1.5

5.1
-1.8

-41.6
11.5

17.1
-3.4

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

27.3
23.0
3.9
0.4

8.8
10.6
4.4
-6.2

4.6
12.9
4.9
-13.2

15.0
8.9
5.5
0.6

32.6
23.7
4.4
4.5

24.2
12.2
4.3
7.7

14.7
4.6
3.6
6.5

7.8
-11.0
13.4
5.5

2.1
4.5
-10.3
7.9

-4.8
-7.0
1.2
1.0

13.5
4.7
1.3
7.6

11.4
11.1
1.3
-1.0

2.4
1.8
1.3
-0.7

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars
1

Total held at:

67.4

58.5

49.1

53.0

58.5

65.3

70.6

84.8

110.4

112.6

95.6

109.3

124.7

1

2
3
4

Commercial banking
Saving institutions
Credit unions

16.6
-3.8
3.6

-0.5
-8.3
0.9

-2.9
-9.1
-0.3

-1.1
-6.3
-0.0

6.5
-1.9
1.2

0.7
-3.9
0.9

0.1
-6.0
1.2

-0.5
-5.3
0.3

-3.4
-3.1
0.9

8.9
-2.3
0.4

3.1
-1.8
3.2

5.4
-0.7
3.4

0.4
1.3
3.5

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

7.1
-0.1
40.7
3.3

4.9
3.0
38.0
20.5

12.6
5.0
59.6
-15.7

13.2
13.7
11.5
22.1

11.2
12.9
63.7
-35.0

10.3
13.8
49.5
-6.1

47.5
3.0
93.3
-68.4

24.6
25.0
87.6
-46.9

40.8
21.0
93.8
-39.6

19.5
4.0
51.4
30.7

26.6
18.0
31.4
15.1

82.2
13.0
15.9
-9.9

38.8
-14.0
96.4
-1.8

5
6
7
8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)
include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

113

Z.1, September 16, 2004

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

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

1051.7

1079.9

1195.1

1276.0

1460.5

1579.0

1746.8

1885.4

2071.7

1957.5

1762.4

1541.9

1797.4

1

1.0
56.8
0.0
16.9

1.0
47.6
0.0
15.8

1.0
54.1
0.0
15.8

1.8
67.1
0.0
11.6

2.1
71.9
0.0
11.4

2.2
82.7
0.0
14.6

2.6
96.0
0.0
14.9

3.2
111.1
0.0
15.5

3.4
101.7
0.0
17.5

3.6
104.9
0.0
18.9

3.1
101.7
0.0
19.4

3.3
105.8
0.0
20.6

3.4
109.6
0.0
21.4

2
3
4
5

362.7

379.8

402.7

438.3

462.4

453.5

493.1

473.0

557.6

557.5

539.9

528.9

527.5

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

16.9
84.7
124.3

15.8
73.7
135.8

15.8
68.1
151.7

11.6
78.2
182.4

11.4
80.2
187.1

14.6
75.6
176.4

14.9
79.3
185.0

15.5
59.1
168.3

17.5
63.2
200.2

18.9
56.1
201.0

16.9
42.4
198.1

18.2
38.1
193.2

18.9
37.3
191.3

7
8
9

Corporate and foreign bonds
Mortgages

123.9
13.0

144.7
9.9

158.7
8.5

161.4
4.7

178.8
4.9

181.9
5.0

208.4
5.6

224.8
5.3

271.3
5.3

276.1
5.5

277.0
5.5

273.9
5.5

274.7
5.4

10
11

12
13

Corporate equities
Mutual fund shares

458.6
11.4

484.5
15.6

555.6
22.3

559.9
39.0

699.6
54.8

785.8
63.8

876.0
81.4

986.6
101.0

1069.9
122.8

961.9
117.8

814.5
102.3

622.9
80.9

827.5
109.0

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

144.3
77.3
25.1
41.9

135.5
69.6
30.7
35.2

143.5
69.7
38.0
35.8

158.2
79.2
44.2
34.8

158.3
80.3
43.9
34.2

176.4
88.9
43.6
43.9

182.6
90.7
47.1
44.8

194.9
93.3
55.1
46.6

198.7
89.6
57.8
51.4

192.8
83.4
57.8
51.6

181.4
76.7
57.8
46.9

179.6
71.0
57.8
50.8

199.0
88.6
57.8
52.6

14
15
16
17

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

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

Total financial assets

877.0

956.1

1087.9

1157.9

1428.3

1627.7

1942.5

2219.4

2499.6

2464.8

2277.3

1971.4

2378.4

1

2.0
59.2
18.8
10.4

2.0
51.1
19.8
11.6

2.2
41.3
26.3
12.6

2.3
35.0
31.6
10.6

2.7
34.7
37.5
10.7

3.1
29.3
48.4
12.1

4.0
23.4
61.4
12.7

2.5
36.7
63.4
13.2

3.5
17.0
75.1
14.9

3.6
16.8
79.6
14.5

3.2
24.1
69.0
14.9

3.5
20.9
71.8
15.5

3.6
19.6
74.7
14.0

2
3
4
5

126.9

135.8

149.0

153.1

145.5

147.9

154.0

148.1

162.7

166.6

168.4

200.5

206.0

6

Open market paper
Treasury securities
Agency- and GSE-backed securities

12.7
32.4
21.7

13.6
35.0
20.7

14.3
36.3
18.9

12.3
43.0
29.1

13.0
40.5
27.1

15.4
40.2
27.3

16.3
39.0
26.4

18.8
26.0
26.5

23.8
24.2
32.8

20.7
21.8
41.0

20.5
13.8
51.7

30.1
16.8
58.6

23.4
15.4
55.1

7
8
9

Corporate and foreign bonds
Mortgages

54.8
5.3

61.8
4.7

75.0
4.5

65.7
3.1

61.4
3.6

61.0
4.0

68.1
4.1

72.7
4.1

76.2
5.7

76.4
6.7

74.4
8.0

85.5
9.7

100.3
11.8

10
11

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

347.6
55.0

389.2
80.6

458.7
119.9

453.8
166.9

578.3
272.0

659.4
348.5

790.6
488.2

961.2
567.1

1011.4
774.8

994.2
755.9

883.2
674.6

665.3
553.7

881.7
715.6

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

257.1
167.2
19.3
70.6

266.1
178.0
23.7
64.4

278.0
198.2
28.6
51.3

304.7
218.7
34.1
51.9

346.8
252.0
38.5
56.4

379.1
272.2
42.8
64.1

408.3
291.3
46.4
70.6

427.2
291.3
59.8
76.1

440.2
306.8
49.5
83.9

433.6
297.9
50.8
84.9

440.0
295.5
52.0
92.5

440.2
295.5
53.3
91.4

463.2
317.9
54.6
90.7

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total held at:

776.0

873.0

993.0

1056.0

1288.0

1467.0

1728.0

2150.0

2651.0

2629.0

2619.0

2445.0

2979.0

1

2
3
4

Commercial banking
Saving institutions
Credit unions

149.2
102.5
31.1

148.6
94.2
32.1

145.8
85.1
31.8

144.7
78.9
31.8

151.1
76.9
33.0

151.9
73.0
33.8

152.0
67.0
35.0

151.5
61.8
35.3

148.1
58.7
36.2

157.0
56.4
36.7

160.1
54.6
39.9

165.6
53.9
43.3

166.0
55.1
46.8

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

49.7
39.6
143.0
260.9

55.6
42.6
187.0
312.9

69.5
47.6
263.7
349.6

78.7
61.3
275.4
385.3

94.3
74.2
381.6
476.9

110.3
88.0
483.0
526.9

160.0
91.0
655.0
568.0

190.1
116.0
818.0
777.3

245.5
137.0
1078.0
947.5

245.5
141.0
1048.0
944.4

251.0
159.0
961.0
993.4

308.3
172.0
819.0
883.0

370.0
158.0
1079.0
1104.0

5
6
7
8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories
(lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7).

114

Flow of Funds Matrix for 2003

Z.1, September 16, 2004

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

1
2
3

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

----

1175.4
854.8
335.4

----

1119.4
851.9
267.3

----

176.2
127.9
48.4

----

-313.6
90.2
-403.9

----

2157.3
1924.9
247.2

----

514.0
-514.0

----

212.3
88.7
123.6

----

2883.6
2013.5
870.1

----

2369.6
2013.5
356.0

4
5
6
7
8
9
10

Gross investment (5 plus 11)
Capital expenditures
Consumer durables
Residential
Nonresidential
Inventory change
Nonproduced nonfinancial assets

1385.5
1443.5
884.9
490.6
68.0
---

--------

1146.9
975.1
-80.2
905.9
-1.2
-9.8

--------

202.3
274.8
--264.9
-10.0

--------

-327.3
93.4
--93.6
--0.3

--------

2407.5
2786.8
884.9
570.8
1332.4
-1.2
-0.1

--------

542.8
0.1
----0.1

--------

170.6
122.2
-1.5
120.7
---

--------

3120.9
2909.1
884.9
572.3
1453.2
-1.2
--

--------

-237.3
-25.5
------

2366.5
2909.1
950.7
572.3
1453.2
-1.2
--

11
12
13

Net financial investment
Financial uses
Financial sources

-58.0
841.7
--

--899.8

171.8
665.7
--

--493.9

-72.5
69.3
--

--141.8

-420.6
12.0
--

--432.6

-379.3
1580.5
--

--1968.0

542.7
783.0
--

--240.4

48.4
2561.9
--

--2505.0

211.7
4925.1
--

--4713.4

-211.7
-211.7
--

-542.7
240.4
783.0

----9.0
--42.4
325.0
-99.7
--

----------

---21.4
-113.3
46.2
-46.0
-0.4

----------

-----8.5
9.6
-9.4
8.0

----------

-0.8
----8.2
-25.2
---

-0.0
0.6
-------

-0.8
--12.4
-87.5
355.6
-155.1
7.6

-0.0
0.6
-------

0.6
---0.5
24.7
-21.1
-272.7

1.1
---0.0
------

1.3
0.0
0.9
-39.9
-0.1
29.4
-43.2
-52.8
-34.8

-----4.4
133.8
291.4
-207.8
222.7

1.1
0.0
0.9
-27.6
0.4
141.7
291.4
-207.8
245.6

1.1
0.0
0.6
-0.0
-4.4
133.8
291.4
-207.8
222.7

---0.3
27.5
-4.8
-7.9
---22.9

----------

14
15
16
17
18
19
20
21
22

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

23
24
25
26
27
28
29
30
31
32

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

144.3
-4.1
6.4
264.5
33.4
-167.2
--11.4
--

856.6
---14.1
--6.6
-1.5
767.6
83.0

32.5
18.8
12.5
8.2
8.3
---0.8
-16.1

302.5
-40.0
--3.4
158.3
-75.2
11.3
244.7
--

56.8
10.5
7.3
22.9
0.3
7.2
--8.6
--

117.8
---117.5
--0.3
---

-2.5
--0.0
----1.4
-2.5
1.3

396.0
-398.4
-2.4
----0.0
--

231.1
25.2
26.1
295.5
42.0
-160.0
--1.4
18.4
-14.8

1672.9
-40.0
398.4
-2.4
135.1
158.3
-81.7
10.0
1012.3
83.0

538.2
9.9
285.1
11.5
-232.6
--0.8
---

-15.7
22.3
----28.1
-7.7
-2.1
---

1871.0
-116.7
87.2
264.7
93.1
500.3
-94.5
41.4
997.8
97.7

983.0
-63.8
-574.1
-442.7
-5.0
31.2
3.9
--

2640.3
-81.6
398.4
571.7
135.1
572.9
-94.5
39.1
1016.2
83.0

2640.3
-81.6
398.4
571.7
135.1
572.9
-94.5
39.1
1016.2
83.0

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-129.3
326.5
-62.7

--7.9
34.3

--4.6
154.5
--

-57.8
-126.1
--

-6.2
-12.7
8.2
--

--24.0
--

--3.7
--

--4.2
--

-135.5
309.3
166.4
62.7

-57.8
-162.2
34.3

36.9
-1.7
0.0

100.4
-7.9
0.0

204.3
-21.1
25.7
69.8

63.0
288.2
-9.2
98.2

105.6
288.2
193.8
132.5

105.6
288.2
160.8
132.5

---32.9
--

-----

37
38
39
40
41
42

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

66.8
219.7
--26.3
-38.6
42.0

-----0.9

-----348.9

--1.2
--47.7
169.6

--17.1
---10.7

-------

--27.2
--1.4

1.1
----30.7

66.8
219.7
44.3
-26.3
-38.6
381.6

1.1
41.8
1.2
--47.7
201.2

------71.2

-----146.7

-----542.9

65.7
219.7
11.2
-26.3
9.1
366.9

66.8
219.7
44.3
-26.3
-38.6
853.2

66.8
219.7
12.4
-26.3
-38.6
714.8

---31.9
---138.4

-------

43

Sector discrepancies (1 less 4)

-210.1

--

-27.5

--

-26.1

--

13.6

--

-250.2

--

-28.8

--

41.6

--

-237.3

--

-237.3

3.1

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

Flow of Funds Matrix for 2003

Z.1, September 16, 2004

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

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

A

L

A

L

A

L

A

L

A

L

A

L

A

L

A

L

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1
2
3

Total financial assets
Total liabilities and equity
Total liabilities

34265.6
---

-9603.4
9603.4

12504.4
---

-29710.7
13709.9

1905.0
---

-2269.4
2269.4

637.8
---

-5010.8
5010.8

49186.5
---

-46594.3
30593.4

8228.7
---

-5368.1
4064.5

43528.8
---

-46065.2
42866.2

101086.9
---

-98681.8
77524.1

-2405.1
---

4
5
6
7
8
9
10

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

-----65.2
--

--------

-----41.4
--

--------

--------

--------

12.6
22.6
19.9
-----

---2.2
26.0
---

12.6
22.6
19.9
--106.5
--

---2.2
26.0
---

------120.2

-22.5
39.7
--831.1
--

11.0
-0.1
19.9
2.2
35.5
74.2
70.7

------202.9

23.7
22.5
39.7
2.2
35.5
180.7
190.9

-22.5
39.7
2.2
26.0
831.1
202.9

-23.7
----9.5
650.4
12.0

11
12
13
14

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

316.3
3907.3
989.0
--

-----

734.1
320.6
344.1
5.8

-----

55.2
147.2
46.6
140.7

-----

54.1
2.4
---

-----

1159.7
4377.6
1379.8
146.5

-----

351.3
131.2
-462.9

-----

266.6
352.4
636.3
609.6

1780.6
4861.1
2016.0
1559.4

1777.6
4861.1
2016.0
1218.9

1780.6
4861.1
2016.0
1559.4

2.9
--340.5

15
16
17
18
19
20
21
22
23
24

Credit market instruments
Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

2154.4
94.9
455.6
485.5
618.6
352.4
--147.4
--

9252.3
---183.9
-94.4
119.3
6829.2
2025.5

389.3
83.5
89.0
25.1
44.1
---77.3
70.3

7427.1
85.9
--164.2
2869.3
1036.7
842.4
2428.6
--

1010.1
123.8
358.8
279.3
4.4
111.1
--132.6
--

1559.7
---1550.1
--9.7
---

285.6
--0.0
---117.7
73.8
94.1

4033.1
-4008.2
24.9
----0.0
--

3839.4
302.2
903.5
790.0
667.1
463.5
-117.7
431.1
164.4

22272.2
85.9
4008.2
24.9
1898.2
2869.3
1131.1
971.3
9257.7
2025.5

3933.1
107.7
1539.2
661.7
-1499.5
-125.0
---

649.8
165.1
---381.9
60.9
42.0
---

26234.9
883.3
1565.5
4656.3
1231.0
4552.4
1292.3
1272.3
8920.6
1861.2

11085.3
1042.1
-6083.1
-3264.2
100.3
501.7
93.9
--

34007.4
1293.1
4008.2
6108.0
1898.2
6515.4
1292.3
1515.0
9351.7
2025.5

34007.4
1293.1
4008.2
6108.0
1898.2
6515.4
1292.3
1515.0
9351.7
2025.5

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

6146.7
3182.4
-475.4

--147.7
182.5

-121.0
2243.0
--

10154.9
-1882.9
--

96.3
21.2
126.3
--

--709.6
--

--35.9
--

--77.8
--

6243.0
3324.6
2405.2
475.4

10154.9
-2818.1
182.5

1669.0
-48.7
0.0

1957.9
-45.5
0.0

7584.9
1328.6
370.1
396.0

3384.2
4653.2
28.2
688.8

15497.0
4653.2
2824.1
871.3

15497.0
4653.2
2891.8
871.3

--67.7
--

29
30
31
32
33
34

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

1013.2
8960.6
-932.4
5660.8
462.0

-----20.9

-----8305.1

--171.0
-5845.9
4228.8

--73.5
--187.9

-------

--102.8
--101.9

40.5
----831.3

1013.2
8960.6
176.3
932.4
5660.8
9056.8

40.5
842.1
171.0
-5845.9
5081.0

-----1512.3

-----2475.8

-----5552.7

972.7
8960.6
89.5
932.4
-185.2
5035.3

1013.2
8960.6
176.3
932.4
5660.8
16121.8

1013.2
8960.6
260.5
932.4
5660.8
12592.1

--84.2
---3529.7

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

115

116

Z.1, September 16, 2004

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

1

Assets

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

26931.4

28454.2

29419.0

32628.5

35541.4

39667.1

43624.9

49110.9

49378.0

49100.9

48232.1

54119.4

1

2

Tangible assets

9780.2

10095.9

10416.1

11020.3

11482.7

12146.2

13150.4

14217.0

15524.3

16774.6

18204.3

19853.8

2

3

Financial assets

17151.2

18358.3

19002.8

21608.2

24058.6

27521.0

30474.5

34894.0

33853.6

32326.3

30027.8

34265.6

3

4
5

Deposits
Credit market instruments

3219.4
1675.0

3155.8
1650.8

3109.3
1946.1

3297.8
1956.1

3440.5
2154.1

3615.4
2140.0

3853.6
2264.3

4031.9
2392.1

4357.4
2235.2

4821.8
2104.8

5103.8
2010.1

5277.8
2154.4

4
5

6

Equity shares at market value

4887.3

5683.8

5680.2

7605.7

9168.5

11795.2

13737.3

17266.1

15339.4

13103.9

10044.5

13037.9

6

7

Directly held

2857.1

3223.5

3081.6

4122.6

4847.1

6272.9

7120.0

9168.1

7762.6

6466.3

4853.7

6146.7

7

8

Indirectly held

2030.1

2460.3

2598.6

3483.1

4321.4

5522.3

6617.3

8098.0

7576.8

6637.7

5190.8

6891.2

8

268.7
113.3
928.4
490.8
437.5
431.7
2.4
285.7

262.0
163.5
1096.1
565.5
530.6
506.2
4.4
428.0

263.6
199.6
1135.9
578.6
557.3
521.7
6.2
471.6

365.2
274.7
1490.4
729.9
760.5
703.5
11.5
637.9

439.3
373.3
1701.3
825.9
875.5
846.6
18.8
942.1

555.1
510.5
2053.5
931.0
1122.5
1051.3
29.9
1322.0

599.2
665.4
2457.0
1056.7
1400.3
1188.1
44.9
1662.7

698.6
904.4
2805.5
1161.2
1644.2
1407.7
59.1
2222.7

645.5
882.8
2652.2
1047.6
1604.5
1223.1
59.1
2114.0

527.0
806.5
2282.3
884.7
1397.6
1084.0
51.4
1886.5

385.0
692.5
1725.4
671.5
1053.9
869.8
48.5
1469.6

469.7
887.3
2282.8
899.0
1383.8
1084.4
79.9
2087.0

9
10
11
12
13
14
15
16

9
10
11
12
13
14
15
16

Bank personal trusts and estates
Life insurance companies
Private pension funds
Defined benefit plans
Defined contribution plans
State and local govt. retirement funds
Federal government retirement funds
Mutual funds

17

Other

7369.5

7867.8

8267.3

8748.7

9295.5

9970.4

10619.2

11203.8

11921.7

12295.7

12869.4

13795.4

17

18

Liabilities

4139.9

4408.0

4735.4

5072.8

5429.9

5786.5

6253.5

6819.1

7402.3

7989.2

8680.4

9603.4

18

19

Net worth

22791.5

24046.2

24683.5

27555.7

30111.5

33880.7

37371.4

42291.9

41975.7

41111.6

39551.7

44516.0

19

3964.8

4612.1

4579.9

6172.3

7496.0

9812.9

11492.6

14697.2

13068.7

11135.2

8496.2

11036.7

20

18.1
28.5

20.0
31.0

19.3
29.9

23.3
35.2

25.8
38.1

29.7
42.9

31.5
45.1

35.2
49.5

31.1
45.3

26.7
40.5

20.8
33.5

24.1
38.0

21
22

Memo:
20

21
22

Equity shares excluding defined benefit plans
(line 6 minus lines 12, 14 and part of line 15)
Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

(1) Estimates of equity shares (lines 7 through 16) could differ from other sources owing to alternative definitions of ownership of equity by households.
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.