9

Z.1, June 8, 2006

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8

Total net borrowing
Domestic nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Federal government

Q2

Q3

Q4

2006
Q1

1668.6

2020.5

2263.9

2713.1

2882.1

3401.1

3044.2

3305.6

3208.0

4046.6

4503.7

1

826.6

1099.2

1322.5

1647.6

1944.7

2299.2

2350.6

2006.7

2405.5

2434.2

2913.6

2

551.7
347.0
197.1
11.3
15.5
-295.9

601.4
224.5
162.7
10.5
105.8
-5.6

732.8
31.9
148.5
7.8
143.9
257.6

939.6
89.6
96.9
7.7
117.8
396.0

1032.4
180.8
239.5
11.8
118.2
361.9

1208.7
280.3
318.5
12.3
172.6
306.9

1007.3
300.8
208.1
1.7
202.0
630.7

1251.7
289.8
338.5
17.0
103.9
5.8

1333.2
253.3
333.2
25.0
228.8
231.9

1242.8
277.1
394.3
5.4
155.6
359.0

1333.9
509.4
336.6
18.3
107.7
607.7

3
4
5
6
7
8

9

Rest of the world

63.0

-13.7

92.9

44.9

81.3

65.1

10.1

72.9

78.1

99.4

111.0

9

10

Financial sectors

779.0

935.0

848.6

1020.6

856.1

1036.7

683.5

1226.0

724.4

1513.1

1479.2

10

11
12
13
14

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

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

77.7
18.1
0.1
59.5

85.1
36.8
0.0
48.2

163.0
75.4
-0.3
87.9

41.4
19.3
0.6
21.4

82.6
30.8
0.3
51.5

53.4
21.8
-0.5
32.1

77.4
40.9
0.1
36.4

11
12
13
14

15
16

Savings institutions
Credit unions

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

16.2
3.3

-30.6
1.5

82.4
3.1

-7.1
0.3

20.0
8.1

-22.7
-0.2

15
16

17
18
19
20

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

-0.7
235.2
199.7
157.8

0.6
304.1
338.5
229.7

2.0
219.8
326.8
180.4

2.9
243.7
330.5
212.6

3.0
65.0
53.0
321.9

0.4
-84.2
134.9
638.5

-1.6
-209.6
64.7
433.7

2.3
-84.2
122.6
678.2

0.4
-243.9
177.2
683.2

0.6
200.9
175.1
759.0

2.8
144.8
348.2
662.7

17
18
19
20

21
22
23
24
25

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

81.9
0.0
2.6
15.6
-0.3

1.3
0.0
3.2
1.4
3.6

42.2
0.0
24.5
-1.7
26.3

118.2
0.0
31.9
6.4
16.9

117.9
0.0
98.4
15.2
37.1

31.6
0.0
80.2
0.1
130.7

75.8
0.0
73.0
11.2
102.3

-23.6
0.0
92.8
-5.2
316.2

-100.4
0.0
66.0
28.0
38.1

174.4
0.0
88.9
-33.4
66.0

16.7
0.0
94.8
35.1
119.6

21
22
23
24
25

1668.6

2020.5

2263.9

2713.1

2882.1

3401.1

3044.2

3305.6

3208.0

4046.6

4503.7

26

41.4

8.3

164.7

191.1

298.9

339.8

95.8

227.6

660.3

375.7

637.3

27

-70.6
26.1
2.1
72.1
11.6

-93.9
-4.3
7.1
93.4
6.0

43.4
26.0
-0.8
86.5
9.6

141.0
-1.0
1.2
52.5
-2.5

189.4
32.1
11.7
61.8
3.9

202.2
29.4
13.5
97.4
-2.7

-77.7
33.6
9.0
130.7
0.2

104.4
49.7
14.2
75.9
-16.6

485.5
11.6
14.4
134.2
14.6

296.7
22.9
16.3
48.7
-8.9

499.0
31.1
13.7
85.0
8.5

28
29
30
31
32
33

26
27
28
29
30
31
32

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

33

Rest of the world

241.9

305.3

422.7

531.6

754.4

872.8

788.1

736.4

919.5

1047.1

819.1

34

Financial sectors

1385.3

1706.9

1676.6

1990.4

1828.8

2188.5

2160.3

2341.6

1628.1

2623.8

3047.3

34

33.7
357.9
339.5
23.9
-12.2
6.7
56.2
28.0

39.9
205.2
191.6
-0.6
4.2
10.0
44.4
41.5

77.7
404.4
393.8
6.2
3.1
1.3
33.4
42.7

37.2
299.5
323.3
-43.0
8.6
10.6
126.0
50.7

51.2
582.2
548.0
20.3
-0.0
13.9
172.8
42.0

26.4
646.8
498.6
142.2
-4.2
10.2
131.2
36.2

-10.5
982.5
760.2
219.7
-9.4
12.0
10.8
46.5

32.0
597.2
426.8
126.6
29.4
14.4
237.6
41.6

66.8
696.1
569.2
167.5
-46.0
5.5
141.8
21.1

17.3
311.5
238.5
54.9
9.4
8.8
134.7
35.5

48.4
900.6
814.9
74.3
6.7
4.6
92.2
46.3

35
36
37
38
39
40
41
42

-8.7
57.9
-125.0
36.3
2.1

9.0
130.9
-37.3
-53.8
9.7

39.9
233.0
7.1
-50.7
12.7

67.0
180.6
57.2
11.2
6.0

73.6
173.0
-5.3
27.2
4.7

67.0
108.6
14.0
-2.5
7.7

89.0
189.1
-3.5
60.0
8.5

49.2
81.5
4.6
-23.6
11.4

115.4
86.2
17.7
-58.6
8.1

14.3
77.7
37.2
12.2
3.0

65.3
140.4
-4.2
1.0
5.7

43
44
45
46
47

35
36
37
38
39
40
41
42

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

43
44
45
46
47

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

48
49
50
51
52
53
54

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

138.3
26.3
-5.6
0.0
246.0
199.7
144.8

267.3
126.6
3.2
0.0
304.7
338.5
217.9

-17.7
138.7
8.6
3.7
224.1
326.8
186.9

-95.9
138.0
36.2
0.7
236.5
330.5
219.1

-124.9
116.6
11.2
3.8
46.2
53.0
323.0

-10.1
124.0
1.5
6.8
-65.4
134.9
619.4

-198.5
203.5
6.4
11.7
-65.5
64.7
429.8

-78.5
123.5
4.0
3.5
-66.5
122.6
664.5

-49.2
79.8
-0.8
7.1
-277.9
177.2
661.6

285.8
89.3
-3.4
4.8
148.1
175.1
721.8

58.6
256.3
12.6
3.0
38.1
348.2
650.1

48
49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

108.6
0.0
-5.3
68.9
25.3

-4.8
0.0
8.6
92.4
-37.0

21.2
0.0
21.4
28.4
-65.8

84.2
0.0
28.1
79.6
98.0

129.6
0.0
87.9
-29.2
90.3

70.2
0.0
86.7
91.1
93.9

4.5
0.0
37.6
67.3
226.5

14.6
0.0
120.1
280.5
121.8

55.7
0.0
89.1
-330.3
121.4

206.1
0.0
100.2
346.7
-94.1

8.8
0.0
109.9
-40.6
306.6

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, June 8, 2006

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

Domestic
By instrument
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
By sector
Household sector
Nonfinancial business
Corporate
Nonfarm noncorporate
Farm
State and local governments
Federal government

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

826.6

1099.2

1322.5

1647.6

1944.7

2299.2

2350.6

2006.7

2405.5

2434.2

2913.6

1

826.6
48.1
-294.9
-1.0
23.6
162.6
98.2
79.6

1099.2
-83.0
-5.1
-0.5
122.9
347.7
-81.6
8.9

1322.5
-57.9
257.1
0.5
159.4
132.3
-87.0
20.3

1647.6
-35.1
398.4
-2.4
135.1
158.3
-80.2
10.0

1944.7
16.8
362.5
-0.6
133.1
77.7
33.5
25.0

2299.2
-7.9
307.3
-0.4
195.8
60.7
139.4
82.0

2350.6
49.8
631.5
-0.7
225.3
35.1
89.0
84.1

2006.7
5.8
7.2
-1.4
125.7
30.3
210.3
70.1

2405.5
2.8
232.3
-0.4
249.5
100.9
43.4
19.1

2434.2
-89.9
358.2
0.8
182.5
76.4
214.7
154.6

2913.6
42.1
608.7
-1.0
122.3
240.4
238.8
34.5

2
3
4
5
6
7
8
9

542.0
401.3
26.8
106.9
7.0
168.4

656.8
496.1
40.6
112.4
7.7
133.1

814.1
672.8
37.2
96.5
7.6
83.7

981.8
779.9
70.1
123.7
8.0
81.7

1210.5
991.0
50.1
161.0
8.4
86.2

1465.0
1145.6
61.8
251.7
5.9
57.4

1172.3
949.3
42.8
176.4
3.9
64.2

1478.4
1155.2
75.1
236.6
11.4
80.2

1657.3
1317.0
52.2
279.4
8.7
100.5

1552.0
1161.0
76.9
314.6
-0.4
-15.3

1579.7
1258.8
58.3
252.6
10.0
48.1

10
11
12
13
14
15

826.6
551.7
555.4
347.0
197.1
11.3
15.5
-295.9

1099.2
601.4
397.7
224.5
162.7
10.5
105.8
-5.6

1322.5
732.8
188.2
31.9
148.5
7.8
143.9
257.6

1647.6
939.6
194.2
89.6
96.9
7.7
117.8
396.0

1944.7
1032.4
432.1
180.8
239.5
11.8
118.2
361.9

2299.2
1208.7
611.0
280.3
318.5
12.3
172.6
306.9

2350.6
1007.3
510.5
300.8
208.1
1.7
202.0
630.7

2006.7
1251.7
645.3
289.8
338.5
17.0
103.9
5.8

2405.5
1333.2
611.5
253.3
333.2
25.0
228.8
231.9

2434.2
1242.8
676.8
277.1
394.3
5.4
155.6
359.0

2913.6
1333.9
864.3
509.4
336.6
18.3
107.7
607.7

16
17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

63.0

-13.7

92.9

44.9

81.3

65.1

10.1

72.9

78.1

99.4

111.0

24

25
26
27
28

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

31.7
21.2
11.4
-1.3

15.8
-18.5
-7.3
-3.8

58.3
31.6
5.3
-2.3

12.9
41.9
-7.7
-2.1

62.8
19.2
2.5
-3.1

38.5
18.6
12.9
-4.8

6.2
-4.6
12.1
-3.5

10.0
72.3
-5.3
-4.1

78.5
2.6
5.2
-8.2

59.1
4.1
39.5
-3.3

62.6
47.4
8.0
-7.0

25
26
27
28

889.6

1085.6

1415.4

1692.5

2026.0

2364.4

2360.8

2079.6

2483.6

2533.5

3024.6

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

779.0

935.0

848.6

1020.6

856.1

1036.7

683.5

1226.0

724.4

1513.1

1479.2

1

131.7
235.2
199.7
161.3
3.8
42.5
4.9

-27.4
304.1
338.5
279.0
13.0
25.5
2.2

-63.8
219.8
326.8
349.3
1.5
6.8
8.2

-52.9
243.7
330.5
464.5
-4.8
31.2
8.3

55.1
65.0
53.0
569.9
12.5
74.1
26.3

236.1
-84.2
134.9
679.3
6.9
44.3
19.4

167.3
-209.6
64.7
606.0
5.3
27.0
22.7

345.5
-84.2
122.6
732.4
-24.0
114.5
19.3

196.0
-243.9
177.2
525.7
38.6
10.8
19.9

235.5
200.9
175.1
853.2
7.8
25.0
15.6

246.7
144.8
348.2
725.4
-1.4
-0.5
16.0

2
3
4
5
6
7
8

779.0

935.0

848.6

1020.6

856.1

1036.7

683.5

1226.0

724.4

1513.1

1479.2

9

10
11
12
13

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

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

77.7
18.1
0.1
59.5

85.1
36.8
0.0
48.2

163.0
75.4
-0.3
87.9

41.4
19.3
0.6
21.4

82.6
30.8
0.3
51.5

53.4
21.8
-0.5
32.1

77.4
40.9
0.1
36.4

10
11
12
13

14
15

Savings institutions
Credit unions

27.3
0.0

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

16.2
3.3

-30.6
1.5

82.4
3.1

-7.1
0.3

20.0
8.1

-22.7
-0.2

14
15

16
17
18
19

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

-0.7
235.2
199.7
157.8

0.6
304.1
338.5
229.7

2.0
219.8
326.8
180.4

2.9
243.7
330.5
212.6

3.0
65.0
53.0
321.9

0.4
-84.2
134.9
638.5

-1.6
-209.6
64.7
433.7

2.3
-84.2
122.6
678.2

0.4
-243.9
177.2
683.2

0.6
200.9
175.1
759.0

2.8
144.8
348.2
662.7

16
17
18
19

20
21
22
23
24

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

81.9
0.0
2.6
15.6
-0.3

1.3
0.0
3.2
1.4
3.6

42.2
0.0
24.5
-1.7
26.3

118.2
0.0
31.9
6.4
16.9

117.9
0.0
98.4
15.2
37.1

31.6
0.0
80.2
0.1
130.7

75.8
0.0
73.0
11.2
102.3

-23.6
0.0
92.8
-5.2
316.2

-100.4
0.0
66.0
28.0
38.1

174.4
0.0
88.9
-33.4
66.0

16.7
0.0
94.8
35.1
119.6

20
21
22
23
24

11

Z.1, June 8, 2006

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6
7
8
9
10

Total
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Bank loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

1668.6

2020.5

2263.9

2713.1

2882.1

3401.1

3044.2

3305.6

3208.0

4046.6

4503.7

1

211.6
-294.9
433.9
23.6
345.1

-94.5
-5.1
642.1
122.9
608.2

-63.5
257.1
547.2
159.4
513.2

-75.1
398.4
571.9
135.1
664.7

134.7
362.5
117.5
133.1
666.8

266.7
307.3
50.3
195.8
758.6

223.4
631.5
-145.7
225.3
636.5

361.3
7.2
37.0
125.7
835.0

277.3
232.3
-67.0
249.5
629.2

204.8
358.2
376.8
182.5
933.7

351.4
608.7
492.0
122.3
1013.2

2
3
4
5
6

113.3
120.8
546.8
168.4

-75.8
30.6
659.0
133.1

-80.2
24.7
822.3
83.7

-92.6
39.1
990.1
81.7

48.5
96.0
1236.8
86.2

159.2
121.5
1484.4
57.4

106.4
107.6
1195.0
64.2

180.9
180.5
1497.7
80.2

87.2
21.7
1677.2
100.5

262.0
176.4
1567.6
-15.3

245.4
27.0
1595.7
48.1

7
8
9
10

242.9

303.2

227.4

407.7

348.6

106.2

366.0

99.0

-113.9

73.9

99.0

11

5.3
-118.2

98.3
-48.1

46.4
-41.6

119.1
-57.8

50.4
-141.1

-154.1
-358.7

-34.4
-264.3

-129.3
-299.7

-308.9
-470.4

-143.7
-400.2

-401.5
-586.8

12
13

106.7
16.8
237.6

109.1
37.3
204.9

17.0
71.0
181.1

114.2
62.7
288.6

83.2
108.3
298.2

136.7
67.9
260.3

159.3
70.6
400.4

95.6
74.8
228.3

135.7
25.7
195.0

155.9
100.5
217.7

172.0
13.3
500.4

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

1668.6

2020.5

2263.9

2713.1

2882.1

3401.1

3044.2

3305.6

3208.0

4046.6

4503.7

1

-0.4
-4.0
2.4
126.9

4.3
0.0
1.3
6.8

3.2
0.0
1.0
21.0

-0.9
0.0
0.6
22.3

-3.2
0.0
0.7
111.3

-9.6
0.0
0.8
135.6

-14.5
0.0
0.8
371.2

2.8
0.0
1.1
-36.4

-7.2
0.0
0.9
82.7

-19.5
0.0
0.3
124.8

-19.0
0.0
0.6
56.0

2
3
4
5

12.0
-113.6
231.0
116.2
232.5

-28.0
156.8
314.6
68.5
428.5

17.4
-9.0
323.4
50.0
-16.7

-14.6
81.7
306.9
61.8
-207.5

-5.0
89.7
283.1
246.6
-136.5

47.5
1.1
316.5
271.1
127.0

142.6
53.6
129.8
258.2
-71.4

163.4
-66.1
292.7
237.1
60.7

-67.2
-83.9
463.5
378.8
222.2

-48.7
100.7
379.8
210.4
296.5

70.0
71.1
133.9
374.0
135.6

6
7
8
9
10

6
7
8
9
10

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

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

114.5
5.3
237.6
402.3

23.7
98.3
204.9
-80.4

106.6
46.4
181.1
70.8

227.2
119.1
288.6
33.1

83.2
50.4
298.2
209.4

360.3
-154.1
260.3
222.8

580.7
-34.4
400.4
208.8

422.8
-129.3
228.3
252.9

259.2
-308.9
195.0
281.8

178.4
-143.7
217.7
147.8

577.5
-401.5
500.4
220.1

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

146.1
50.2
271.4
25.9

3.1
77.2
250.6
14.4

-87.0
60.1
247.5
22.2

132.5
66.8
201.0
-1.0

166.6
33.1
189.5
27.6

-7.7
16.6
138.2
26.0

9.7
15.2
148.1
42.0

97.2
18.1
140.9
9.4

6.3
20.0
62.5
6.5

-143.9
13.3
201.3
46.0

215.5
21.7
99.1
39.7

15
16
17
18

19
20

Noncorporate proprietors’ equity
Miscellaneous

-52.2
1372.5

-23.9
711.1

-83.1
481.9

23.3
546.9

-52.5
1496.6

-71.4
741.7

-32.9
611.5

-69.7
1342.8

-101.3
1176.6

-81.7
-164.2

-49.7
1104.4

19
20

21

Total financial sources

4845.1

4252.3

3700.7

4600.7

5971.0

5823.8

5863.6

6274.0

5795.6

5361.9

7653.3

21

22
23
24
25
26
27

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

-1.2
76.4
17.3
143.4
32.6
-347.0

-0.1
-12.9
17.2
-50.7
21.4
-252.9

-0.6
21.5
7.2
30.7
19.7
-93.3

-0.3
40.0
-4.4
-20.8
-31.5
-105.4

-0.3
82.7
15.0
-118.8
14.9
446.8

0.7
87.8
9.5
132.2
-3.6
64.6

0.4
320.6
12.8
348.4
-52.1
-141.8

0.8
-106.9
-13.1
227.7
17.2
269.5

1.7
14.5
-0.4
-103.6
27.0
-33.0

-0.1
123.1
38.9
56.4
-6.4
163.7

0.1
64.8
-2.7
278.0
-79.2
33.1

22
23
24
25
26
27

28
29
30

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

9.0
-0.3
23.5

5.7
-0.5
12.5

-1.6
-0.7
148.5

-8.9
-0.0
50.3

27.9
-0.2
-1.2

-7.0
-0.1
-27.0

-17.1
-1.0
-43.5

-37.7
-0.6
19.4

31.5
0.8
-15.8

-4.9
0.6
-67.9

14.5
0.3
44.8

28
29
30

31

Totals identified to sectors
as assets

4891.4

4512.4

3569.1

4681.7

5504.2

5566.5

5436.8

5897.6

5872.9

5058.6

7299.7

31

12

Z.1, June 8, 2006

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

9817.0

10128.0

10469.6

10971.3

11734.3

12487.1

12198.8

12378.0

12605.7

12766.1

13037.4

1

6739.4

7055.0

7350.7

7709.9

8214.3

8745.7

8535.8

8677.0

8844.0

8926.2

9084.4

2

863.3
1947.2
3928.8

883.7
2017.1
4154.3

923.9
2079.6
4347.2

950.1
2189.0
4570.8

987.8
2368.3
4858.2

1026.5
2564.4
5154.9

1017.3
2476.6
5041.8

1035.5
2533.7
5107.8

1050.9
2604.9
5188.3

1002.1
2642.5
5281.6

1047.9
2686.7
5349.7

3
4
5

1735.5

1614.3

1582.1

1670.4

1928.1

2105.0

2058.5

2054.4

2099.5

2207.5

2273.4

6

1679.0

1646.1

1570.2

1654.9

1872.6

2086.1

1998.7

2058.5

2119.2

2168.0

2239.8

7

1232.1
76.7
878.7
149.3
24.9
102.5

1176.8
80.6
837.7
132.1
26.6
99.9

1066.3
84.9
730.8
114.0
28.7
108.0

1082.4
91.7
744.1
117.6
29.3
99.7

1198.8
98.6
818.7
119.5
35.9
126.1

1329.8
108.8
909.1
130.3
41.3
140.2

1280.1
104.2
875.5
120.2
40.0
140.2

1313.5
107.1
898.2
126.7
41.0
140.6

1348.9
110.4
922.1
135.8
41.9
138.7

1376.7
113.5
940.5
138.7
42.5
141.5

1432.8
118.7
978.7
144.9
44.1
146.5

8
9
10
11
12
13

446.9
373.6
3.4
66.1
3.9

469.3
398.2
3.6
63.4
4.1

503.9
427.7
3.7
68.0
4.5

572.5
492.8
4.0
76.0
-0.4

673.8
572.5
4.5
89.1
7.7

756.3
647.4
5.0
102.5
1.5

718.5
614.1
4.7
97.4
2.3

745.0
644.9
4.9
100.8
-5.6

770.3
656.5
5.1
104.2
4.6

791.4
673.9
5.2
107.5
4.7

806.9
685.9
5.3
110.8
4.9

14
15
16
17
18

56.5
54.9
2.9
-1.3

-31.7
-30.1
-1.6
-0.0

11.9
13.6
0.7
-2.5

15.4
14.5
0.8
0.2

55.4
49.6
2.6
3.2

18.9
25.9
1.4
-8.4

59.9
63.1
3.3
-6.5

-4.2
4.1
0.2
-8.5

-19.7
-9.7
-0.5
-9.5

39.4
45.9
2.4
-8.9

33.7
41.1
2.2
-9.6

19
20
21
22

23

Net U.S. exports of goods and services

-379.5

-367.0

-424.4

-500.9

-624.0

-726.5

-697.5

-691.0

-730.4

-787.1

-794.2

23

24
25

Exports
- Imports

1096.3
1475.8

1032.8
1399.8

1005.9
1430.3

1045.6
1546.5

1173.8
1797.8

1301.2
2027.7

1253.2
1950.6

1297.1
1988.1

1314.6
2045.1

1339.8
2126.9

1394.5
2188.7

24
25

26

Government consumption expenditures and
gross investment

1721.6

1825.6

1961.1

2091.9

2215.9

2362.9

2302.0

2337.6

2392.7

2419.6

2473.8

26

1417.1
499.3
917.8

1501.6
531.9
969.8

1616.9
591.5
1025.3

1736.7
661.9
1074.8

1843.4
725.7
1117.7

1962.6
769.6
1193.0

1918.6
759.6
1159.0

1938.5
762.8
1175.7

1988.6
782.9
1205.7

2004.9
773.1
1231.7

2051.2
806.1
1245.1

27
28
29

304.5
79.5
225.0

324.0
81.0
243.0

344.3
88.1
256.1

355.3
92.9
262.3

372.5
101.9
270.6

400.3
108.1
292.2

383.4
100.7
282.7

399.1
107.0
292.0

404.1
109.4
294.7

414.8
115.4
299.4

422.7
118.6
304.1

30
31
32

38.9
382.7
343.7

43.6
322.4
278.8

30.6
305.7
275.0

68.1
343.7
275.6

53.8
415.4
361.7

33.6
507.6
474.0

39.4
462.3
422.9

35.5
489.4
453.9

44.3
520.8
476.6

15.4
558.0
542.6

11.6
593.6
582.0

33
34
35

9855.9

10171.6

10500.2

11039.3

11788.0

12520.8

12238.2

12413.5

12650.0

12781.6

13049.0

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, June 8, 2006

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

8795.2

8979.8

9229.3

9660.9

10275.9

10891.7

10750.4

10878.0

10741.9

11196.7

11491.7

1

5782.7
5439.1
343.5
0.0

5942.1
5585.5
356.6
0.0

6091.2
5725.9
365.2
0.0

6321.1
5941.1
380.0
0.0

6687.6
6284.9
402.7
0.0

7113.1
6687.3
425.8
0.0

7001.7
6579.9
421.9
0.0

7060.2
6636.7
423.5
0.0

7177.6
6749.1
428.5
0.0

7212.9
6783.5
429.4
0.0

7329.5
6890.4
439.1
0.0

2
3
4
5

728.4
705.7
22.7

771.9
752.2
19.7

768.4
757.8
10.6

810.2
782.4
27.7

889.6
853.8
35.8

938.7
917.8
20.8

917.9
893.2
24.7

936.6
917.1
19.6

932.4
914.3
18.0

967.7
946.7
21.0

977.9
962.8
15.1

6
7
8

150.3

167.4

152.9

131.7

134.2

72.9

118.0

104.4

-11.1

80.3

69.1

9

817.9

767.3

886.3

1031.8

1161.5

1351.9

1288.2

1347.5

1293.1

1478.9

1595.4

10

759.3

719.2

766.2

923.9

1019.7

1406.8

1339.2

1393.3

1365.1

1529.7

1639.2

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Rest of the world
Domestic financial

773.4
421.9
1.9
145.7
203.8

707.9
309.9
0.8
169.7
227.6

768.4
336.4
-0.1
155.8
276.4

937.2
448.1
-0.0
176.0
313.0

1059.3
573.8
0.0
184.9
300.6

1438.3
887.7
-2.0
205.6
347.0

1378.3
809.5
-1.9
193.5
377.2

1412.2
867.5
-2.0
197.2
349.5

1392.6
892.5
-1.7
223.1
278.7

1570.1
981.3
-2.5
208.6
382.7

1659.9
996.2
-2.9
217.5
449.2

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Domestic financial

265.2
169.7
0.5
94.9

204.1
111.4
0.3
92.4

192.6
96.6
0.5
95.6

232.1
126.1
0.5
105.6

271.1
165.5
0.5
105.2

378.1
254.1
0.6
123.4

362.6
231.3
0.6
130.7

372.5
248.0
0.6
123.9

360.3
257.4
0.6
102.3

417.1
279.6
0.7
136.8

440.3
281.8
0.7
157.7

17
18
19
20

21
22
23
24
25
26

Equals:
Profits after tax
Net dividends
Domestic nonfinancial
Farm
Rest of the world
Domestic financial

508.2
377.9
249.7
1.7
29.5
97.1

503.8
370.9
243.5
1.9
40.9
84.6

575.8
399.2
252.7
2.1
47.9
96.5

705.1
423.2
293.3
2.2
29.8
97.9

788.2
493.0
358.9
2.3
35.9
95.8

1060.2
514.2
250.1
2.4
205.1
56.6

1015.7
494.9
304.4
2.3
119.5
68.7

1039.7
506.3
295.2
2.4
142.0
66.7

1032.3
520.1
179.3
2.5
297.7
40.7

1153.0
535.4
221.5
2.5
261.2
50.2

1219.7
548.8
486.7
2.6
-50.1
109.6

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Rest of the world
Domestic financial

130.3
2.5
-0.2
116.2
11.7

132.9
-45.0
-1.5
128.8
50.5

176.6
-13.0
-2.6
108.0
84.3

281.9
28.8
-2.7
146.2
109.5

295.2
49.4
-2.8
149.0
99.6

546.0
383.5
-5.1
0.5
167.0

520.8
273.8
-4.9
74.0
177.9

533.4
324.3
-5.0
55.2
158.9

512.2
455.9
-4.8
-74.6
135.6

617.6
480.2
-5.8
-52.6
195.7

670.8
227.6
-6.3
267.6
181.8

27
28
29
30
31

32

Inventory valuation adjustment

-14.1

11.3

-2.2

-13.3

-39.6

-31.5

-39.1

-18.9

-27.5

-40.4

-20.8

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Domestic financial

58.6
65.3
1.3
-8.0

48.1
34.7
0.5
12.9

120.1
94.5
0.8
24.8

107.9
89.6
0.4
17.9

141.8
119.5
0.1
22.1

-54.9
-55.7
0.1
0.7

-51.0
-51.5
0.1
0.4

-45.8
-47.2
0.1
1.2

-72.1
-72.4
0.2
0.1

-50.7
-51.8
0.1
1.0

-43.8
-45.5
0.1
1.6

33
34
35
36

37

Net interest and miscellaneous payments

559.0

566.3

520.9

528.5

505.5

498.3

498.3

488.7

497.6

508.5

538.5

37

38
39
40
41

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

708.9
44.3
87.1
5.3

728.6
55.3
92.8
-1.4

762.8
38.4
84.3
0.9

801.4
46.7
81.6
1.3

852.8
43.5
91.1
-3.0

903.1
55.2
80.2
-11.3

883.8
50.6
99.0
-6.1

900.1
52.1
99.6
-7.0

909.5
56.1
21.8
-22.8

919.1
61.9
100.3
-9.1

935.0
53.1
104.8
-5.5

38
39
40
41

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

National Income, from line 1 above

8795.2

8979.8

9229.3

9660.9

10275.9

10891.7

10750.4

10878.0

10741.9

11196.7

11491.7

42

43
44
45

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

990.8
197.0
-127.2

1075.5
206.0
-89.6

1080.3
211.6
-21.0

1112.8
218.5
47.1

1206.2
229.1
76.8

1327.0
247.0
55.0

1210.9
237.5
39.4

1216.9
240.4
78.3

1603.6
260.2
44.3

1276.7
250.1
57.9

1269.4
254.7
33.3

43
44
45

46

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

38.9

43.6

30.6

68.1

53.8

33.6

39.4

35.5

44.3

15.4

11.6

46

47

Equals:
Gross Domestic Product

9817.0

10128.0

10469.6

10971.3

11734.3

12487.1

12198.8

12378.0

12605.7

12766.1

13037.4

47

(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, June 8, 2006

F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

1

Gross saving

1770.5

1657.6

1489.1

1474.1

1572.0

1668.0

1635.5

1628.4

1718.2

1689.9

1794.1

1

2

Net saving

582.7

376.1

197.1

142.7

136.8

93.9

187.1

171.2

-145.6

163.1

270.1

2

417.5

478.1

447.2

268.7

475.9

486.5

3

3

Net private saving

343.3

324.6

479.2

549.3

549.1

4

Personal saving

168.5

132.3

184.7

172.8

151.8

-42.1

47.4

-21.5

-143.9

-50.5

-119.8

4

5
6
7
8
9

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

174.8
130.3
-14.1
58.6
0.0

192.3
132.9
11.3
48.1
0.0

294.5
176.6
-2.2
120.1
0.0

376.5
281.9
-13.3
107.9
0.0

397.3
295.2
-39.6
141.8
0.0

459.6
546.0
-31.5
-54.9
0.0

430.7
520.8
-39.1
-51.0
0.0

468.7
533.4
-18.9
-45.8
0.0

412.6
512.2
-27.5
-72.1
0.0

526.4
617.6
-40.4
-50.7
0.0

606.3
670.8
-20.8
-43.8
0.0

5
6
7
8
9

10
11
12

Net government saving
Federal
State and local

239.4

51.5

-282.1

-406.5

-412.3

-323.5

-290.9

-276.1

-414.4

-312.8

-216.4

10

189.5
50.0

46.7
4.8

-247.9
-34.2

-382.7
-23.8

-406.5
-5.9

-326.5
3.0

-298.3
7.4

-297.3
21.3

-407.9
-6.4

-302.7
-10.2

-236.0
19.6

11
12

13

Consumption of fixed captal

1187.8

1281.5

1292.0

1331.3

1435.3

1574.1

1448.4

1457.2

1863.8

1526.9

1524.0

13

14
15
16

Private
Domestic business
Households and institutions

990.8
836.1
154.8

1075.5
903.7
171.7

1080.3
893.6
186.8

1112.8
911.5
201.3

1206.2
973.3
232.8

1327.0
1041.8
285.2

1210.9
980.4
230.5

1216.9
984.5
232.4

1603.6
1177.9
425.7

1276.7
1024.4
252.3

1269.4
1024.8
244.6

14
15
16

17
18
19

Government
Federal
State and local

197.0
87.2
109.8

206.0
88.2
117.8

211.6
88.9
122.7

218.5
90.3
128.3

229.1
93.8
135.3

247.0
98.3
148.7

237.5
96.9
140.6

240.4
97.7
142.6

260.2
99.2
161.0

250.1
99.5
150.6

254.7
101.0
153.7

17
18
19

1643.3

1567.9

1468.1

1521.1

1648.9

1723.0

1675.0

1706.6

1762.5

1747.9

1827.5

20

2040.0

1938.3

1926.4

2025.6

2300.6

2505.3

2441.9

2453.5

2503.6

2622.2

2696.1

21

1735.5
1679.0
1232.1
446.9
56.5

1614.3
1646.1
1176.8
469.3
-31.7

1582.1
1570.2
1066.3
503.9
11.9

1670.4
1654.9
1082.4
572.5
15.4

1928.1
1872.6
1198.8
673.8
55.4

2105.0
2086.1
1329.8
756.3
18.9

2058.5
1998.7
1280.1
718.5
59.9

2054.4
2058.5
1313.5
745.0
-4.2

2099.5
2119.2
1348.9
770.3
-19.7

2207.5
2168.0
1376.7
791.4
39.4

2273.4
2239.8
1432.8
806.9
33.7

22
23
24
25
26

304.5

324.0

344.3

355.3

372.5

400.3

383.4

399.1

404.1

414.8

422.7

27

0.8

1.1

1.4

3.2

1.6

4.7

17.3

0.5

0.5

0.5

0.5

28

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

28

Capital account transactions (net)

29

Net lending or net borrowing (-), NIPAs

-397.4

-371.5

-459.7

-507.7

-653.4

-787.0

-784.3

-747.3

-741.6

-874.8

-869.1

29

30

Statistical discrepancy (line 20 less line 1)

-127.2

-89.6

-21.0

47.1

76.8

55.0

39.4

78.3

44.3

57.9

33.3

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

35.6

35.7

29.0

11.1

13.9

10.5

-1.8

13.9

14.6

15.3

17.7

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

-8.1
28.1
0.0
0.0
36.2
0.0

-12.9
28.0
0.0
0.0
40.8
0.0

-23.1
25.3
3.6
0.2
44.6
0.0

-40.4
22.0
14.8
1.9
45.5
0.2

-38.0
24.6
16.1
0.2
46.3
0.0

-44.1
25.0
15.9
4.1
49.1
0.0

-55.1
24.9
16.0
16.3
47.8
0.0

-42.7
24.4
15.9
0.1
51.1
0.0

-39.1
25.1
15.9
0.1
48.2
0.0

-39.5
25.8
15.8
0.0
49.5
0.0

-38.9
28.8
16.4
0.1
51.3
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.

43.7
7.5
36.2

48.6
7.8
40.8

52.1
7.4
44.6

51.5
6.0
45.5

51.9
5.6
46.3

54.6
5.5
49.1

53.3
5.5
47.8

56.6
5.5
51.1

53.7
5.5
48.2

54.9
5.4
49.5

56.6
5.4
51.3

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)

0.8
0.0
-0.8

1.1
0.0
-1.1

1.4
0.2
-1.2

3.3
1.9
-1.4

1.7
0.2
-1.5

5.7
4.1
-1.6

17.9
16.3
-1.6

1.7
0.1
-1.6

1.7
0.1
-1.6

1.6
0.0
-1.6

1.7
0.1
-1.6

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

-8.5
8.8
-0.3
0.0

-8.6
9.2
-0.7
0.0

-10.9
10.6
0.3
0.0

-11.2
11.3
-0.2
0.1

-11.8
11.7
0.0
0.0

-13.1
12.5
-0.5
1.0

-13.0
12.2
0.3
0.5

-13.0
12.4
-0.6
1.2

-12.2
12.6
-1.6
1.2

-14.0
12.8
0.0
1.1

-14.4
13.0
0.2
1.2

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, June 8, 2006

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Net acquisition of financial assets

367.3

621.5

641.9

979.2

1163.3

963.1

830.0

969.4

1083.8

969.0

1234.4

1

2
3
4
5

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

7.6
-78.6
352.6
152.4

0.4
70.2
276.8
163.0

1.3
-0.3
330.6
-40.9

1.3
-52.4
384.2
-118.3

6.7
63.5
385.5
-47.9

8.1
32.4
443.2
63.5

22.3
152.2
457.7
-40.1

-2.2
39.6
363.7
89.0

5.0
-169.2
573.3
139.4

7.5
107.0
377.8
65.6

3.4
81.7
467.9
114.3

2
3
4
5

6

Securities

-652.8

-418.7

-19.8

336.4

196.4

23.1

-72.5

2.4

149.9

12.6

104.4

6

12.4
-1.7
-209.1
32.6
4.8
82.3
-631.9
57.8

-0.0
5.6
-77.8
-117.0
51.1
39.9
-475.7
155.2

13.1
4.5
-109.4
-155.9
100.9
179.2
-173.6
121.4

-4.5
8.9
12.1
147.2
33.9
-67.0
-64.9
270.7

30.2
0.6
66.9
91.3
42.8
-47.5
-245.8
258.0

28.1
0.7
-101.3
254.0
92.9
-76.2
-415.4
240.3

5.2
0.1
125.4
3.9
84.6
-302.3
-343.2
353.7

57.3
0.7
-289.2
325.1
55.0
-49.5
-318.0
221.0

27.4
-1.7
91.1
474.5
138.3
-248.4
-520.2
188.8

22.7
3.6
-332.7
212.7
93.5
295.4
-480.3
197.6

20.4
4.2
497.5
-75.5
12.0
35.0
-866.5
477.3

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

50.2
271.4

77.2
250.6

60.1
247.5

66.8
201.0

33.1
189.5

16.6
138.2

15.2
148.1

18.1
140.9

20.0
62.5

13.3
201.3

21.7
99.1

15
16

17

Miscellaneous and other assets

264.6

202.0

63.5

160.3

336.5

237.9

147.1

317.8

303.0

183.9

342.0

17

1487.2
439.6
250.8
795.1
1.6

1513.5
461.6
239.3
814.2
-1.6

1571.9
495.7
227.5
850.4
-1.7

1686.1
568.8
238.6
877.7
1.0

1839.5
661.6
254.0
918.1
5.8

1979.5
749.8
280.5
956.2
-7.0

1920.3
711.5
264.4
947.7
-3.2

1976.8
745.7
274.7
964.6
-8.3

2017.6
760.7
288.1
978.9
-10.0

2003.1
781.4
294.7
933.5
-6.5

2073.1
796.8
307.6
976.2
-7.5

18
19
20
21
22

18
19
20
21
22

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

23
24
25
26

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

940.9
189.7
161.9
589.2

971.4
174.8
176.8
619.8

1007.9
181.7
181.1
645.2

1056.6
195.5
192.7
668.4

1139.0
229.8
207.4
701.8

1257.2
285.7
234.5
736.9

1140.6
230.6
201.4
708.7

1164.0
232.5
209.5
721.9

1510.8
435.7
297.3
777.9

1213.3
244.2
229.9
739.2

1209.6
242.1
220.3
747.2

23
24
25
26

27

Net investment in tangible assets (4)

546.3

542.0

564.0

629.5

700.5

722.3

779.7

812.8

506.8

789.8

863.6

27

249.9
88.9
205.9
1.6

286.8
62.5
194.4
-1.6

314.0
46.4
205.2
-1.7

373.3
45.9
209.3
1.0

431.8
46.6
216.3
5.8

464.1
45.9
219.2
-7.0

481.0
63.0
239.0
-3.2

513.2
65.2
242.7
-8.3

325.0
-9.2
201.0
-10.0

537.2
64.8
194.3
-6.5

554.7
87.4
229.0
-7.5

28
29
30
31

916.4

788.4

895.8

1086.4

1501.8

1611.7

1333.4

1707.7

1727.3

1678.4

1863.3

32

399.3
117.4
168.4
2.8
7.2
221.2

494.0
104.8
133.1
2.2
-38.8
92.9

672.1
95.3
83.7
1.1
-48.2
91.7

778.2
160.3
81.7
-0.6
34.3
32.7

986.9
173.0
86.2
1.7
81.5
172.5

1139.0
237.6
57.4
0.9
-31.7
208.6

944.0
151.8
64.2
-1.4
8.2
166.6

1148.0
268.2
80.2
3.0
-10.2
218.5

1310.4
230.5
100.5
-1.1
-22.0
109.0

1153.5
299.7
-15.3
3.1
-102.8
340.2

1250.4
215.7
48.1
-1.1
68.3
281.9

33
34
35
36
37
38

-36.5

-36.8

-30.4

-14.6

-15.6

-16.2

-16.1

-15.6

-16.3

-16.9

-19.4

39

33.6

412.0

340.5

536.8

377.6

89.9

292.3

90.2

-120.4

97.4

254.0

40

28
29
30
31
32
33
34
35
36
37
38

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)

39

Net capital transfers (5)

40

Personal saving, with consumer durables (FOF)

41

Less net investment in consumer durables

42

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

43

Personal saving (NIPA, excludes consumer durables)

44

205.9

194.4

205.2

209.3

216.3

219.2

239.0

242.7

201.0

194.3

229.0

41

-172.3

217.6

135.3

327.5

161.3

-129.4

53.3

-152.5

-321.4

-96.9

25.0

42

168.5

132.3

184.7

172.8

151.8

-42.1

47.4

-21.5

-143.9

-50.5

-119.8

43

Difference

-340.8

85.3

-49.5

154.7

9.5

-87.2

6.0

-131.0

-177.5

-46.4

144.8

44

45

Memo:
Disposable personal income

7194.0

7486.8

7830.1

8169.2

8664.2

9029.9

8902.0

8979.7

9030.0

9208.0

9301.6

45

46
47
48
49

Personal saving as a percentage of disposable personal income:
With consumer durables (FOF) (line 40)
Without consumer durables (FOF) (line 42)
Without consumer durables (NIPA) (line 43)
Difference (line 44)

0.5
-2.4
2.3
-4.7

5.5
2.9
1.8
1.1

4.3
1.7
2.4
-0.6

6.6
4.0
2.1
1.9

4.4
1.9
1.8
0.1

1.0
-1.4
-0.5
-1.0

3.3
0.6
0.5
0.1

1.0
-1.7
-0.2
-1.5

-1.3
-3.6
-1.6
-2.0

1.1
-1.1
-0.5
-0.5

2.7
0.3
-1.3
1.6

46
47
48
49

(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) and life insurance and pension reserves (lines 15 and 16)).
(3) Includes corporate farms.
(4) Line 18 less line 23.
(5) Table F.9, line 13 plus line 4 less lines 3 and 9.
(6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables
(line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).

16

Z.1, June 8, 2006

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

8429.7
1235.7
7194.0
7025.6
168.5

8724.1
1237.3
7486.8
7354.5
132.3

8881.9
1051.8
7830.1
7645.3
184.7

9169.1
999.9
8169.2
7996.3
172.8

9713.3
1049.1
8664.2
8512.5
151.8

10237.7
1207.7
9029.9
9072.1
-42.1

10073.4
1171.4
8902.0
8854.6
47.4

10185.7
1206.0
8979.7
9001.2
-21.5

10250.4
1220.4
9030.0
9173.9
-143.9

10441.1
1233.1
9208.0
9258.5
-50.5

10593.7
1292.1
9301.6
9421.4
-119.8

1
2
3
4
5

1.8
205.9
754.9
-36.5

3.3
194.4
799.1
-36.8

-1.7
205.2
834.0
-30.4

-0.6
209.3
871.8
-14.6

0.0
216.3
936.9
-15.6

0.7
219.2
1024.6
-16.2

5.4
239.0
941.5
-16.1

-1.8
242.7
956.6
-15.6

-4.9
201.0
1206.4
-16.3

4.0
194.3
993.9
-16.9

6.0
229.0
994.1
-19.4

6
7
8
9

1094.6

1092.3

1191.9

1238.8

1289.5

1186.2

1217.2

1160.4

1242.2

1124.8

1090.0

10

751.0

1175.2

1145.9

1396.4

1301.6

1103.2

1222.5

1036.0

1074.3

1080.0

1234.9

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

1245.4
373.6
795.1
76.7

1293.0
398.2
814.2
80.6

1363.0
427.7
850.4
84.9

1462.3
492.8
877.7
91.7

1589.2
572.5
918.1
98.6

1712.3
647.4
956.2
108.8

1666.0
614.1
947.7
104.2

1716.6
644.9
964.6
107.1

1745.8
656.5
978.9
110.4

1721.0
673.9
933.5
113.5

1780.8
685.9
976.2
118.7

12
13
14
15

16

Net financial investment

-494.4

-117.8

-217.1

-65.9

-287.6

-609.1

-443.5

-680.6

-671.4

-641.0

-545.9

16

17

Net acquisition of financial assets

68.4

442.6

475.4

916.8

836.8

576.5

582.7

568.5

642.4

512.2

865.1

17

18
19
20
21

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

7.6
-87.2
284.5
143.7

0.4
69.1
269.7
153.4

1.3
-3.4
316.1
-43.2

1.3
-57.2
340.3
-110.1

6.7
35.3
335.8
-56.4

8.1
0.4
385.8
53.8

22.3
130.5
419.3
-46.6

-2.2
5.9
303.3
78.8

5.0
-203.5
512.0
129.0

7.5
68.5
308.5
53.8

3.4
49.5
409.5
104.4

18
19
20
21

22

Credit market instruments

-70.6

-93.9

43.4

141.0

189.4

202.2

-77.7

104.4

485.5

296.7

499.0

22

12.4
-213.8
-1.7
-212.1
32.6
5.1
82.3
10.8

-0.0
-74.8
5.6
-80.4
-117.0
50.0
39.9
8.1

13.1
-104.9
4.5
-109.4
-155.9
101.0
179.2
10.9

-4.5
19.0
8.9
10.1
147.2
34.6
-67.0
11.6

30.2
60.3
0.6
59.7
91.3
42.4
-47.5
12.7

28.1
-108.8
0.7
-109.5
254.0
92.4
-76.2
12.7

5.2
120.0
0.1
119.9
3.9
84.3
-302.3
11.2

57.3
-297.1
0.7
-297.8
325.1
54.5
-49.5
14.1

27.4
80.7
-1.7
82.3
474.5
137.8
-248.4
13.5

22.7
-339.0
3.6
-342.6
212.7
92.9
295.4
12.0

20.4
493.3
4.2
489.1
-75.5
11.5
35.0
14.3

23
24
25
26
27
28
29
30

-631.9
57.8
88.6
50.2
271.4
-52.2
6.5

-475.7
155.2
41.9
77.2
250.6
-23.9
18.5

-173.6
121.4
-41.6
60.1
247.5
-83.1
30.6

-64.9
270.7
62.7
66.8
201.0
23.3
42.0

-245.8
258.0
103.0
33.1
189.5
-52.5
40.9

-415.4
240.3
-10.9
16.6
138.2
-71.4
28.8

-343.2
353.7
-35.8
15.2
148.1
-32.9
29.9

-318.0
221.0
55.2
18.1
140.9
-69.7
30.9

-520.2
188.8
-19.2
20.0
62.5
-101.3
83.7

-480.3
197.6
-43.7
13.3
201.3
-81.7
-29.3

-866.5
477.3
88.2
21.7
99.1
-49.7
29.2

31
32
33
34
35
36
37

562.8

560.4

692.5

982.7

1124.5

1185.6

1026.2

1249.1

1313.8

1153.2

1411.1

38

551.7

601.4

732.8

939.6

1032.4

1208.7

1007.3

1251.7

1333.2

1242.8

1333.9

39

359.8
168.4
5.8
3.2
2.0
12.5

451.2
133.1
13.8
-16.1
0.6
18.7

622.7
83.7
12.9
-3.0
0.3
16.2

835.5
81.7
14.1
-5.0
-1.5
14.7

910.1
86.2
9.9
5.3
0.5
20.4

1078.4
57.4
16.5
26.1
0.1
30.2

894.6
64.2
17.3
19.6
-2.3
14.0

1089.0
80.2
15.9
19.3
2.2
45.0

1207.7
100.5
15.1
-8.6
-1.8
20.3

1122.3
-15.3
17.5
74.2
2.4
41.7

1181.5
48.1
11.2
73.3
-1.5
21.2

40
41
42
43
44
45

7.2
3.8

-38.8
-1.9

-48.2
7.0

34.3
7.9

81.5
9.0

-31.7
7.6

8.2
9.6

-10.2
4.8

-22.0
5.7

-102.8
10.1

68.3
8.5

46
47

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

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
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

0.1

-0.4

0.9

0.9

1.6

1.0

1.1

2.8

-3.1

3.1

0.4

48

343.6

-83.0

46.0

-157.5

-12.1

83.0

-5.3

124.4

167.9

44.8

-144.9

49

(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 plus line 4 less lines 3 and 9.
(5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32) and life insurance and pension reserves (lines 34 and 35).
(6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 23.

17

Z.1, June 8, 2006

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
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

Q3

Q4

2006
Q1

1211.9

1149.5

1164.3

1311.7

1509.9

1851.6

1768.2

1840.2

1821.1

1976.8

1998.0

1

905.0

926.4

983.5

1058.8

1139.3

1248.2

1132.0

1202.5

1379.9

1278.3

1316.9

2

1087.4

1056.3

954.6

1003.2

1049.9

1169.9

1050.5

1125.5

1293.6

1209.8

1221.5

3

1170.3

1023.0

946.1

975.3

1111.3

1194.0

1184.7

1154.4

1177.2

1259.8

1303.0

4

1122.3
69.5
1052.9

1063.3
66.9
996.4

945.1
71.7
873.4

971.0
80.0
891.0

1067.7
93.6
974.1

1188.2
107.4
1080.8

1137.8
102.2
1035.7

1171.6
105.7
1065.9

1209.0
109.2
1099.8

1234.4
112.7
1121.7

1283.8
116.1
1167.6

5
6
7

56.5
-8.5

-31.7
-8.6

11.9
-10.9

15.4
-11.2

55.4
-11.8

18.9
-13.1

59.9
-13.0

-4.2
-13.0

-19.7
-12.2

39.4
-14.0

33.7
-14.4

8
9

-82.9

33.3

8.5

27.9

-61.5

-24.2

-134.2

-28.9

116.4

-50.0

-81.5

10

11

Net acquisition of financial assets

1456.1

336.0

212.9

171.9

764.6

611.3

521.9

619.5

649.6

654.2

599.0

11

12
13
14
15
16

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

-7.4
24.1
103.5
45.2
-1.6

-8.5
-63.4
15.9
120.1
-0.2

5.1
-31.8
24.6
30.2
2.2

17.6
56.5
115.3
-46.8
-0.2

14.9
-8.3
107.1
36.2
0.2

23.4
-25.1
101.4
41.6
4.1

24.9
6.4
92.9
-15.6
-0.9

16.7
-68.6
31.2
29.6
3.5

15.4
-0.7
109.4
56.7
6.2

36.5
-37.7
172.0
95.6
7.6

-22.4
-41.9
92.5
43.1
-8.9

12
13
14
15
16

17

Credit market instruments

28.2

2.8

25.3

0.2

43.8

42.9

42.6

63.9

26.0

39.2

44.8

17

10.2
1.7
3.0
6.7
1.7
5.0

2.4
1.4
2.1
-1.5
6.5
-8.1

4.6
14.5
-0.7
2.7
2.3
1.8

10.9
3.5
-4.8
2.6
2.0
-14.1

16.4
6.3
-0.3
0.1
20.1
1.3

14.2
10.1
0.7
-0.3
20.7
-2.5

4.8
1.4
-1.5
2.7
19.1
16.2

10.0
6.0
-6.0
2.2
20.9
30.7

14.2
5.2
3.7
-0.8
21.0
-17.3

27.9
27.8
6.6
-5.3
21.7
-39.5

-9.1
11.6
-2.2
5.5
20.8
18.3

18
19
20
21
22
23

3.5
351.6
909.0

4.4
-119.9
384.8

0.5
-79.6
236.4

11.3
-43.7
61.7

2.0
194.1
374.6

7.4
204.9
210.8

7.4
228.3
135.9

7.4
178.9
356.9

7.4
246.1
183.0

7.4
166.2
167.5

7.4
177.5
307.0

24
25
26

1539.0

302.6

204.4

144.0

826.1

635.5

656.1

648.4

533.2

704.3

680.5

27

555.4

397.7

188.2

194.2

432.1

611.0

510.5

645.3

611.5

676.8

864.3

28

18
19
20
21
22
23
24
25
26
27
28

Net financial investment

Q2

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

29
30
31

Commercial paper
Municipal securities
Corporate bonds

48.1
1.4
162.6

-83.0
3.5
347.7

-57.9
3.1
132.3

-35.1
3.4
158.3

16.8
5.2
77.7

-7.9
7.2
60.7

49.8
6.3
35.1

5.8
6.3
30.3

2.8
6.1
100.9

-89.9
10.0
76.4

42.1
4.0
240.4

29
30
31

32
33
34

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

95.0
78.7
169.7

-65.5
8.1
186.9

-84.0
19.5
175.3

-75.2
11.3
131.5

28.2
24.3
279.9

113.2
81.4
356.4

69.4
86.1
263.7

190.9
67.6
344.5

52.0
20.4
429.3

140.6
151.6
388.0

165.5
35.3
377.0

32
33
34

-118.2
360.8
18.6
774.4

-48.1
-108.3
7.1
74.9

-41.6
46.3
13.4
81.9

-57.8
-78.5
-12.1
71.3

-141.1
141.2
14.3
429.3

-358.7
156.5
11.7
283.1

-264.3
161.5
27.3
255.8

-299.7
183.3
1.0
186.8

-470.4
181.8
-10.7
316.5

-400.2
99.3
29.3
373.1

-586.8
181.1
21.2
247.0

35
36
37
38

-52.0

-20.6

-83.7

26.9

-49.8

-68.2

-34.9

-68.4

-95.5

-74.0

-46.4

39

-182.4

-130.0

28.9

55.6

89.5

78.3

81.5

77.0

86.3

68.5

95.4

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, June 8, 2006

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8
9
10

Q2

Q3

Q4

2006
Q1

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

421.9
169.7
249.7
629.3
631.8
100.2
-14.1
0.0
718.0

309.9
111.4
243.5
677.5
632.5
111.2
11.3
0.0
755.0

336.4
96.6
252.7
733.9
720.9
92.6
-2.2
0.0
811.3

448.1
126.1
293.3
737.3
766.1
123.3
-13.3
0.2
876.3

573.8
165.5
358.9
804.9
854.3
125.2
-39.6
0.0
939.9

887.7
254.1
250.1
668.0
1051.5
0.5
-31.5
0.0
1020.5

809.5
231.3
304.4
641.1
914.8
61.9
-39.1
0.0
937.7

867.5
248.0
295.2
648.3
972.5
46.3
-18.9
0.0
1000.0

892.5
257.4
179.3
713.9
1169.8
-62.3
-27.5
0.0
1080.0

981.3
279.6
221.5
668.6
1148.8
-43.9
-40.4
0.0
1064.5

996.2
281.8
486.7
678.3
905.9
222.4
-20.8
0.0
1107.6

1
2
3
4
5
6
7
8
9

Gross investment

900.3

885.0

782.4

820.7

850.4

942.2

856.1

923.0

993.7

996.0

1012.2

10

11
12
13
14

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

928.5
882.1
54.9
-8.5

802.5
841.2
-30.1
-8.6

737.1
734.4
13.6
-10.9

751.5
748.1
14.5
-11.2

861.0
823.2
49.6
-11.8

926.9
914.0
25.9
-13.1

930.3
880.3
63.1
-13.0

894.2
903.1
4.1
-13.0

905.3
927.1
-9.7
-12.2

977.7
945.7
45.9
-14.0

1010.7
984.0
41.1
-14.4

11
12
13
14

15

Net financial investment

-28.2

82.4

45.2

69.2

-10.6

15.4

-74.2

28.8

88.4

18.4

1.5

15

16

Net acquisition of financial assets

1209.2

177.6

130.1

82.6

487.9

292.9

309.5

287.1

303.6

271.5

276.1

16

17
18
19
20
21

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

-7.4
15.5
35.5
36.5
-1.6

-8.5
-64.5
8.8
110.5
-0.2

5.1
-34.9
10.2
27.8
2.2

17.6
51.7
71.5
-38.5
-0.2

14.9
-36.6
57.3
27.7
0.2

23.4
-57.2
44.0
31.8
4.1

24.9
-15.3
54.4
-22.2
-0.9

16.7
-102.3
-29.1
19.4
3.5

15.4
-34.9
48.1
46.3
6.2

36.5
-76.2
102.7
83.8
7.6

-22.4
-74.1
34.0
33.2
-8.9

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

10.2
-1.3
3.0
6.9
2.3
5.0
282.0
3.5

2.4
-1.3
2.1
-2.6
3.1
-8.1
-121.7
4.4

4.6
14.5
-0.7
2.8
2.9
1.8
-98.5
0.5

10.9
1.4
-4.8
3.3
2.2
-14.1
-19.4
11.3

16.4
-0.9
-0.3
-0.4
15.9
1.3
140.3
2.0

14.2
1.9
0.7
-0.8
15.9
-2.5
142.8
7.4

4.8
-4.2
-1.5
2.3
15.9
16.2
186.7
7.4

10.0
-2.6
-6.0
1.7
15.9
30.7
113.5
7.4

14.2
-3.6
3.7
-1.4
15.9
-17.3
179.8
7.4

27.9
17.9
6.6
-5.9
15.9
-39.5
91.2
7.4

-9.1
3.2
-2.2
5.0
15.9
18.3
114.3
7.4

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

819.1
128.4
-0.3
0.0
7.4
683.7

253.2
119.4
10.3
0.0
-1.7
125.1

191.7
138.3
17.4
0.0
-5.5
41.4

-10.3
109.2
18.4
0.0
5.8
-143.8

249.8
233.2
18.9
0.0
9.2
-11.5

67.2
3.9
20.6
0.0
-12.3
54.9

40.8
60.4
11.2
0.0
-7.1
-23.6

208.3
87.1
14.9
0.0
4.4
101.9

23.8
-126.4
45.3
0.0
12.3
92.7

-4.3
-5.4
11.1
0.0
-58.8
48.7

161.5
-5.9
20.1
0.0
4.4
142.8

30
31
32
33
34
35

1237.4

95.2

84.9

13.4

498.5

277.6

383.7

258.2

215.2

253.1

274.6

36

228.8
-118.2
347.0
48.1
1.4
162.6
43.8

176.3
-48.1
224.5
-83.0
3.5
347.7
-109.6

-9.7
-41.6
31.9
-57.9
3.1
132.3
-108.2

31.9
-57.8
89.6
-35.1
3.4
158.3
-85.9

39.7
-141.1
180.8
16.8
5.2
77.7
9.3

-78.4
-358.7
280.3
-7.9
7.2
60.7
56.3

36.5
-264.3
300.8
49.8
6.3
35.1
43.9

-9.9
-299.7
289.8
5.8
6.3
30.3
126.4

-217.1
-470.4
253.3
2.8
6.1
100.9
10.0

-123.1
-400.2
277.1
-89.9
10.0
76.4
44.9

-77.4
-586.8
509.4
42.1
4.0
240.4
86.4

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

65.9
4.3
57.0
-0.4
-0.0
-2.2
7.2
25.2

7.8
1.8
-10.3
-0.2
-0.3
-1.6
18.5
58.0

16.0
1.7
7.5
-0.3
0.3
10.1
-3.3
46.7

5.5
5.0
2.0
0.7
-0.2
-0.8
-1.1
43.3

21.2
0.7
12.9
0.5
-0.4
6.3
1.4
50.6

75.5
1.9
28.9
0.8
0.0
60.6
-16.7
88.5

89.2
-2.4
-23.4
0.4
-0.0
107.8
6.9
76.4

58.9
8.7
27.2
1.0
-0.2
51.2
-29.1
62.3

17.0
-2.6
29.6
0.9
2.4
5.5
-18.7
116.5

136.7
4.1
82.1
0.8
-2.0
77.8
-26.1
98.8

22.8
1.9
-2.8
0.9
0.2
19.8
2.8
113.6

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

313.3
7.0
688.4
192.4
-19.1
515.1

-103.7
3.1
19.6
84.5
-24.6
-40.4

19.7
11.9
63.0
27.5
5.5
29.9

-54.7
-11.7
48.0
23.9
-0.2
24.2

112.3
6.8
339.7
28.6
-7.1
318.2

123.2
3.1
229.6
42.9
-1.9
188.6

139.2
21.5
186.5
44.3
-4.6
146.8

148.1
-8.1
128.1
34.7
-6.4
99.8

146.3
-19.9
305.9
44.3
9.3
252.3

59.3
18.9
298.0
48.2
-5.9
255.7

148.1
12.4
191.6
110.3
-2.0
83.3

52
53
54
55
56
57

-182.4

-130.0

28.9

55.6

89.5

78.3

81.5

77.0

86.3

68.5

95.4

58

310.8

158.7

18.4

-1.4

46.4

-93.2

54.6

-59.5

-237.0

-130.7

125.5

59

58

Discrepancy

59

Memo:
Financing gap (6)

(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, June 8, 2006

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

767.3
168.7

820.0
149.3

817.4
151.5

835.8
161.6

900.2
177.1

943.0
205.2

934.0
173.9

953.2
182.0

910.5
272.1

974.5
192.8

986.7
189.0

1
2

3

Gross investment

168.7

149.3

151.5

161.6

177.1

205.2

173.9

182.0

272.1

192.8

189.0

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

218.2
215.3
2.9

193.9
195.5
-1.6

182.7
182.0
0.7

194.4
193.6
0.8

211.2
208.6
2.6

234.2
232.8
1.4

221.0
217.6
3.3

227.7
227.5
0.2

239.4
239.9
-0.5

248.6
246.2
2.4

257.9
255.7
2.2

4
5
6

7

Net financial investment

-49.5

-44.6

-31.2

-32.7

-34.1

-29.0

-47.1

-45.7

32.7

-55.7

-68.9

7

8

Net acquisition of financial assets

246.8

155.9

78.2

84.0

271.1

313.4

209.6

328.4

339.2

376.5

318.4

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

8.4
68.1
8.7
3.0
-0.3
-0.7
0.0
69.6
89.9
-0.1
0.0
90.0

0.5
7.1
9.6
2.7
1.1
3.4
0.0
1.8
129.9
2.5
0.1
127.3

2.6
14.5
2.3
0.0
-0.1
-0.6
0.0
18.9
40.7
4.2
0.0
36.5

4.1
43.8
-8.2
2.0
-0.7
-0.2
0.0
-24.2
67.3
4.4
0.3
62.6

27.2
49.7
8.4
7.1
0.4
4.1
0.0
53.8
120.2
3.5
0.3
116.4

31.4
57.4
9.7
8.2
0.5
4.8
0.0
62.1
139.4
4.7
0.4
134.3

21.0
38.5
6.5
5.5
0.3
3.2
0.0
41.6
92.9
2.6
0.3
90.0

33.0
60.4
10.2
8.7
0.5
5.0
0.0
65.3
145.3
3.5
0.4
141.3

33.5
61.3
10.4
8.8
0.5
5.1
0.0
66.3
153.2
9.2
0.4
143.6

37.9
69.3
11.8
9.9
0.6
5.8
0.0
75.0
166.2
3.5
0.5
162.2

32.0
58.4
9.9
8.4
0.5
4.9
0.0
63.2
141.2
4.0
0.4
136.7

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

296.3

200.5

109.4

116.7

305.2

342.4

256.7

374.2

306.6

432.2

387.3

21

197.1
48.5
11.1
137.5
46.6
11.7
86.0
-45.1

162.7
44.0
-2.6
121.2
-4.9
4.0
55.3
-16.5

148.5
25.1
2.4
121.0
26.0
1.5
18.9
-85.4

96.9
11.1
5.6
80.2
-24.5
-0.4
23.3
21.3

239.5
16.7
1.9
220.9
28.0
7.5
89.6
-59.4

318.5
54.7
1.8
262.0
32.3
8.7
53.4
-70.5

208.1
28.9
-4.3
183.4
21.7
5.8
69.4
-48.2

338.5
62.5
5.1
270.8
34.0
9.1
58.8
-66.2

333.2
34.4
-5.4
304.2
34.5
9.3
10.5
-80.9

394.3
93.0
11.6
289.6
39.0
10.5
75.1
-86.6

336.6
77.3
6.0
253.4
32.9
8.8
55.4
-46.5

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

22.7
1.1
17.2
3.9
13.4

19.7
-1.0
23.1
4.0
19.0

10.6
-1.8
22.5
4.2
18.3

27.7
-2.2
23.1
4.8
18.3

35.8
-2.6
25.0
4.9
20.1

20.8
-4.9
27.4
5.4
21.9

24.7
-4.7
25.2
5.0
20.3

19.6
-4.8
25.4
5.0
20.4

18.0
-4.6
32.3
6.6
25.7

21.0
-5.6
26.6
5.2
21.3

15.1
-6.1
26.5
5.2
21.3

1
2
3
4
5

6

Gross saving

18.3

22.1

20.7

20.9

22.4

22.4

20.5

20.5

27.7

20.9

20.4

6

7

Gross investment

18.3

22.1

20.7

20.9

22.4

22.4

20.5

20.5

27.7

20.9

20.4

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

23.5
24.9
-1.3

26.6
26.6
-0.0

26.2
28.7
-2.5

29.5
29.3
0.2

39.1
35.9
3.2

33.0
41.3
-8.4

33.4
40.0
-6.5

32.5
41.0
-8.5

32.4
41.9
-9.5

33.6
42.5
-8.9

34.4
44.1
-9.6

8
9
10

11

Net financial investment

-5.2

-4.5

-5.5

-8.6

-16.8

-10.6

-12.9

-12.0

-4.7

-12.7

-14.1

11

12

Net acquisition of financial assets

0.1

2.4

4.6

5.3

5.6

4.9

2.8

4.0

6.7

6.3

4.6

12

13
14
15
16

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

0.2
-0.0
-0.1
0.0

0.6
1.8
1.4
0.4

0.5
4.1
4.0
0.1

0.7
4.6
4.2
0.4

1.0
4.6
4.4
0.2

0.7
4.3
4.2
0.1

0.7
2.1
2.5
-0.4

0.7
3.4
3.4
-0.0

0.7
6.0
5.2
0.8

0.7
5.6
5.5
0.1

0.2
4.3
4.3
0.1

13
14
15
16

5.3

6.9

10.2

13.9

22.4

15.5

15.7

16.0

11.4

18.9

18.6

17

11.3
2.7
1.6
7.0
0.9
-6.9

10.5
-0.0
2.9
7.7
0.4
-4.1

7.8
-0.9
1.1
7.6
0.6
1.7

7.7
-0.4
0.1
8.0
0.7
5.6

11.8
2.2
1.2
8.4
0.9
9.7

12.3
2.2
4.2
5.9
0.9
2.3

1.7
-3.4
1.2
3.9
0.7
13.3

17.0
2.0
3.6
11.4
1.2
-2.2

25.0
7.6
8.7
8.7
1.0
-14.6

5.4
2.6
3.3
-0.4
0.9
12.6

18.3
1.8
6.5
10.0
0.2
0.1

18
19
20
21
22
23

17
18
19
20
21
22
23

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

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

20

Z.1, June 8, 2006

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

1319.5

1373.0

1410.1

1488.6

1581.7

1689.4

1656.7

1694.9

1684.3

1721.5

1750.6

1

236.6
621.1
35.5
11.0
92.2
315.4
7.7

242.7
642.8
30.2
13.6
88.8
350.8
4.0

221.3
675.5
32.2
15.8
78.2
384.7
2.5

225.6
711.7
35.3
17.5
74.9
424.3
-0.6

247.2
758.8
41.5
19.7
77.1
439.8
-2.5

274.7
805.9
58.6
19.9
79.1
458.6
-7.5

263.1
788.4
56.4
19.9
78.2
453.9
-3.2

281.8
801.8
57.7
19.8
78.8
458.4
-3.5

275.4
812.0
55.5
19.9
79.4
460.6
-18.5

278.7
821.5
64.6
20.1
80.1
461.5
-5.0

293.4
837.6
68.6
20.4
80.7
455.6
-5.6

2
3
4
5
6
7
8

1269.5

1368.2

1444.3

1512.4

1587.5

1686.4

1649.4

1673.7

1690.8

1731.7

1731.0

9

917.8
271.7
79.5
0.5
0.0

969.8
305.2
85.5
7.7
0.0

1025.3
332.0
86.0
0.9
0.0

1074.8
351.3
86.2
0.1
0.0

1117.7
380.5
88.9
0.5
0.0

1193.0
400.7
92.2
0.5
0.0

1159.0
398.6
91.2
0.5
0.0

1175.7
405.7
91.8
0.5
0.0

1205.7
392.1
92.4
0.5
0.0

1231.7
406.3
93.2
0.5
0.0

1245.1
391.8
93.6
0.5
0.0

10
11
12
13
14

50.0

4.8

-34.2

-23.8

-5.9

3.0

7.4

21.3

-6.4

-10.2

19.6

15

109.8
43.7

117.8
48.6

122.7
52.1

128.3
51.5

135.3
51.9

148.7
54.6

140.6
53.3

142.6
56.6

161.0
53.7

150.6
54.9

153.7
56.6

16
17

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)

18

= Gross saving and net capital transfers

203.5

171.1

140.7

155.9

181.3

206.3

201.3

220.5

208.3

195.3

229.9

18

19

Gross investment

269.2

218.5

171.1

194.2

222.6

234.9

242.9

240.8

234.5

221.3

253.0

19

225.0
8.8

243.0
9.2

256.1
10.6

262.3
11.3

270.6
11.7

292.2
12.5

282.7
12.2

292.0
12.4

294.7
12.6

299.4
12.8

304.1
13.0

20
21

35.4

-33.7

-95.6

-79.4

-59.8

-69.9

-52.0

-63.6

-72.9

-90.9

-64.1

22

78.2

97.3

76.9

68.7

89.9

137.0

182.9

74.1

190.6

100.4

80.0

23

0.1
10.6
2.8
-10.2

4.0
12.0
3.2
-11.1

5.2
8.8
1.6
-16.4

3.5
8.0
3.6
7.2

-4.6
6.9
3.2
6.4

9.8
29.0
2.4
4.7

48.6
59.6
3.1
6.2

2.5
-2.2
-1.0
-1.9

-39.7
42.7
4.2
8.3

27.8
15.9
3.2
6.4

-0.9
12.5
3.5
6.9

24
25
26
27

72.1

93.4

86.5

52.5

61.8

97.4

130.7

75.9

134.2

48.7

85.0

28

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

29
30
31

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

15.4
5.8
41.9

17.4
18.3
47.2

14.4
26.3
41.9

9.4
8.3
20.4

8.3
22.6
18.1

6.2
68.1
13.5

8.1
92.5
17.6

-2.5
87.8
-5.5

10.9
83.0
23.6

8.4
9.3
18.2

9.0
42.7
19.5

29
30
31

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

0.2
9.9
-1.1

0.2
11.2
-1.0

0.1
9.1
-5.4

0.3
6.5
7.7

0.2
5.7
6.8

0.2
4.3
5.1

0.2
5.6
6.7

-0.1
-1.7
-2.1

0.3
7.5
8.9

0.2
5.8
6.9

0.2
6.2
7.4

32
33
34

6.3
1.3

4.0
0.4

10.3
2.1

-17.5
-5.4

-5.0
-1.5

-0.9
-0.3

14.1
4.3

-8.7
-2.7

-6.8
-2.1

-2.4
-0.7

-14.1
-4.3

35
36

5.1
14.8
-24.7

5.9
3.7
-18.2

2.6
4.8
-28.5

7.4
7.8
1.6

6.5
23.7
-7.4

4.9
43.7
-53.7

6.3
38.0
-128.1

-2.0
43.1
-29.1

8.5
41.4
-0.2

6.6
52.3
-57.4

7.0
55.0
-70.6

37
38
39

42.8

131.0

172.5

148.1

149.6

206.8

234.9

137.7

263.5

191.3

144.0

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

15.5

105.8

143.9

117.8

118.2

172.6

202.0

103.9

228.8

155.6

107.7

41

42
43
44
45

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

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

118.0
-6.0
124.0
0.2

172.1
5.7
166.4
0.5

201.7
18.1
183.6
0.3

103.5
-31.2
134.7
0.4

228.3
12.1
216.2
0.6

154.9
24.0
131.0
0.6

107.1
16.3
90.8
0.6

42
43
44
45

27.4

25.2

28.7

30.4

31.4

34.3

32.9

33.8

34.6

35.7

36.3

46

-65.8

-47.4

-30.5

-38.3

-41.2

-28.5

-41.6

-20.4

-26.2

-26.0

-23.2

47

46
47

Trade payables
Discrepancy

(1) Data for retirement funds are shown in table F.119.
(2) Table F.9, line 8.

21

Z.1, June 8, 2006

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

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

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

2053.8

2016.2

1853.2

1868.6

1974.8

2221.9

2196.6

2227.9

2155.8

2307.3

2401.5

1

999.1
87.8
219.4
7.3
691.7
25.2
25.7
-2.3

994.5
85.8
164.7
7.1
717.5
24.9
27.1
-5.5

830.5
87.3
150.5
7.3
734.3
20.2
24.8
-1.6

774.3
89.7
186.7
8.5
759.1
22.7
25.7
1.9

801.8
94.0
217.4
9.2
802.5
21.9
28.6
-0.5

933.0
97.2
305.3
9.6
849.7
23.2
7.6
-3.7

908.3
95.4
291.7
9.7
841.1
23.0
30.4
-2.9

924.3
98.3
300.8
8.5
845.1
24.3
30.2
-3.6

945.0
97.5
290.7
10.0
855.4
22.8
-61.4
-4.3

954.4
97.6
338.0
10.2
857.3
22.7
31.3
-4.1

998.7
97.4
357.1
10.8
880.6
23.8
32.9
0.2

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

1864.4

1969.5

2101.1

2251.4

2381.3

2548.4

2494.9

2525.2

2563.7

2610.0

2637.5

10

11
12
13
14
15
16

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

499.3
772.5
265.6
283.3
43.8
0.0

531.9
841.4
290.0
258.6
47.6
0.0

591.5
919.6
323.4
229.1
37.5
0.0

661.9
965.0
362.7
215.2
46.5
0.0

725.7
1017.1
374.1
221.5
43.0
0.0

769.6
1086.3
388.7
249.1
54.7
0.0

759.6
1064.2
394.5
226.6
50.1
0.0

762.8
1077.9
382.1
250.8
51.6
0.0

782.9
1094.4
380.0
250.8
55.6
0.0

773.1
1108.6
398.5
268.3
61.4
0.0

806.1
1164.8
368.1
245.9
52.6
0.0

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

189.5

46.7

-247.9

-382.7

-406.5

-326.5

-298.3

-297.3

-407.9

-302.7

-236.0

17

18
19
20

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

87.2
1.8
-8.1

88.2
3.3
-12.9

88.9
-1.7
-23.1

90.3
-0.6
-40.4

93.8
0.0
-38.0

98.3
0.7
-44.1

96.9
5.4
-55.1

97.7
-1.8
-42.7

99.2
-4.9
-39.1

99.5
4.0
-39.5

101.0
6.0
-38.9

18
19
20

21

= Gross saving and net capital transfers

266.8

118.8

-180.5

-332.2

-350.7

-273.0

-261.9

-240.5

-342.9

-246.7

-180.0

21

22

Gross investment

277.2

80.7

-191.1

-385.3

-358.8

-270.1

-515.0

-62.1

-266.6

-236.8

-529.4

22

79.5
-0.3

81.0
-0.7

88.1
0.3

92.9
-0.2

101.9
0.0

108.1
-0.5

100.7
0.3

107.0
-0.6

109.4
-1.6

115.4
0.0

118.6
0.2

23
24

198.0

0.5

-279.5

-478.1

-460.8

-377.7

-615.9

-168.5

-374.3

-352.2

-648.2

25

-70.7

53.9

7.4

22.9

-30.1

-16.1

76.8

-87.8

-74.4

20.9

-13.6

26

-0.6
-65.1
1.0

4.6
41.1
4.2

3.4
-17.1
17.1

-1.8
9.2
-25.2

-3.1
-31.0
-0.0

-14.4
12.6
-1.0

-21.6
63.0
-0.1

2.9
-36.8
-2.8

-19.4
-22.0
1.5

-19.5
46.1
-2.5

-27.0
-41.7
0.4

27
28
29

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

3.9
0.0
-2.0
1.6
4.3

-2.7
0.0
-8.8
2.4
3.8

0.2
0.0
-10.0
1.1
9.1

-16.6
0.0
-9.2
0.6
-8.0

14.6
0.0
-10.3
3.8
21.1

-8.9
0.0
-5.8
4.0
-7.2

8.5
0.0
-2.5
1.8
9.2

30
31
32
33
34

5.3
-21.5
-1.4

7.3
-10.7
1.3

-3.3
-2.3
0.0

19.1
22.8
1.4

10.5
-10.9
0.6

6.8
-14.2
-3.3

-9.1
56.1
-11.7

17.6
-51.0
-1.1

14.4
-62.0
-1.6

4.4
0.2
1.2

-24.9
64.0
7.1

35
36
37

-268.7

53.4

286.9

501.0

430.6

361.6

692.7

80.8

299.9

373.2

634.6

38

-4.0
2.4

0.0
1.3

0.0
1.0

0.0
0.6

0.0
0.7

0.0
0.8

0.0
0.8

0.0
1.1

0.0
0.9

0.0
0.3

0.0
0.6

39
40

-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

361.9
0.6
361.9
-0.6
0.0

306.9
0.7
306.6
-0.4
0.0

630.7
0.1
631.3
-0.7
0.0

5.8
0.7
6.5
-1.4
0.0

231.9
-1.7
234.0
-0.4
0.0

359.0
3.6
354.6
0.8
0.0

607.7
4.2
604.5
-1.0
0.0

41
42
43
44
45

4.4
1.4
22.9
20.9
2.0

3.4
1.4
53.0
60.8
-7.8

0.8
1.6
26.0
24.5
1.5

72.6
1.1
30.7
24.7
6.0

16.7
1.1
50.3
40.9
9.3

10.9
1.1
41.9
40.0
1.9

15.0
0.0
46.2
42.2
4.0

18.5
1.7
53.7
28.6
25.1

16.8
0.3
50.0
42.9
7.1

-6.6
2.6
17.8
46.2
-28.4

4.7
0.3
21.3
32.6
-11.3

46
47
48
49
50

-10.4

38.1

10.7

53.1

8.2

-2.9

253.1

-178.4

-76.4

-9.9

349.4

51

-55.1

50.9

-1.6

-24.8

-3.1

4.6

45.9

-77.2

11.1

38.6

-26.8

52

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

30
31
32
33
34

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

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

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, June 8, 2006

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005
Q1

Q2

2005
Q3

Q4

2006
Q1

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

1875.6
1475.8
343.7
56.1

1725.6
1399.8
278.8
47.0

1769.9
1430.3
275.0
64.5

1893.8
1546.5
275.6
71.7

2240.9
1797.8
361.7
81.5

2591.1
2027.7
474.0
89.4

2482.4
1950.6
422.9
108.8

2533.4
1988.1
453.9
91.3

2576.6
2045.1
476.6
54.9

2772.1
2126.9
542.6
102.6

2856.7
2188.7
582.0
86.0

1
2
3
4

5
6
7

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

1478.9
1096.3
382.7

1355.2
1032.8
322.4

1311.6
1005.9
305.7

1389.3
1045.6
343.7

1589.2
1173.8
415.4

1808.8
1301.2
507.6

1715.4
1253.2
462.3

1786.6
1297.1
489.4

1835.5
1314.6
520.8

1897.8
1339.8
558.0

1988.1
1394.5
593.6

5
6
7

8
9

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

0.8
397.5

1.1
371.5

1.4
459.7

3.3
507.8

1.7
653.4

5.7
788.0

17.9
784.8

1.7
748.6

1.7
742.8

1.6
876.0

1.7
870.3

8
9

Gross investment
Nonproduced nonfinancial assets

485.5
0.0

399.1
0.0

499.0
0.0

557.5
0.1

583.0
0.0

796.3
1.0

628.7
0.5

602.6
1.2

1014.8
1.2

939.3
1.1

947.9
1.2

10
11

485.4

399.0

499.0

557.4

582.9

795.3

628.2

601.4

1013.6

938.1

946.7

12

963.0

657.7

767.8

842.5

1307.1

1154.0

1025.2

1070.4

1631.5

888.8

1491.9

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

-0.7
20.8
3.3
-17.2
11.4

-0.6
-45.6
18.8
11.9
59.4

-0.5
4.2
20.9
31.7
39.4

0.6
-10.1
28.9
-12.6
270.1

-0.4
-15.8
41.7
74.4
186.9

4.5
34.4
48.0
42.6
53.7

6.9
102.4
-55.0
-183.6
77.7

-0.4
177.3
134.9
244.2
32.3

11.9
-47.6
74.0
83.2
177.8

-0.3
-94.2
37.9
26.4
-73.0

7.7
81.5
65.4
23.2
245.3

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

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

422.7
10.3
138.9
60.5
78.4
112.3
30.5
81.8
151.0
10.1

531.6
7.0
288.9
184.9
104.0
6.5
39.9
-33.4
230.0
-0.8

754.4
30.6
358.5
272.6
85.8
104.8
38.5
66.3
254.4
6.3

872.8
3.0
296.6
84.0
212.5
161.4
93.1
68.3
351.2
60.6

788.1
-23.8
357.3
57.2
300.1
102.7
99.8
3.0
244.1
107.8

736.4
44.1
135.9
89.8
46.1
167.9
86.5
81.4
337.2
51.2

919.5
3.2
265.6
38.6
227.0
220.6
81.9
138.7
424.7
5.5

1047.1
-11.6
427.4
150.6
276.9
154.6
104.4
50.2
398.9
77.8

819.1
24.5
184.5
166.8
17.7
192.6
9.4
183.1
397.7
19.8

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

193.6
-0.4
0.0
510.2
321.3
189.0

121.5
-3.1
0.0
190.1
167.0
23.1

54.1
3.1
0.0
192.2
80.8
111.3

35.0
1.8
0.0
-2.6
67.1
-69.7

61.9
-0.4
0.0
204.4
106.8
97.6

89.0
8.2
0.0
0.8
128.6
-127.8

82.9
11.8
0.0
194.0
139.7
54.4

54.0
13.7
0.0
-322.0
58.9
-380.9

127.0
6.8
0.0
278.8
193.5
85.3

92.2
0.4
0.0
-147.7
122.4
-270.1

226.8
2.7
0.0
20.2
186.9
-166.8

29
30
31
32
33
34

477.6

258.6

268.8

285.1

724.1

358.6

397.0

469.0

617.9

-49.3

545.3

35

-0.4
126.9

4.3
6.8

3.2
21.0

-0.9
22.3

-3.2
111.3

-9.6
135.6

-14.5
371.2

2.8
-36.4

-7.2
82.7

-19.5
124.8

-19.0
56.0

36
37

63.0
31.7
21.2
11.4
0.6
3.4
7.4
-0.6
-0.7

-13.7
15.8
-18.5
-7.3
0.8
-7.4
-0.7
-1.1
-2.6

92.9
58.3
31.6
5.3
0.8
-0.8
5.3
-1.9
-0.4

44.9
12.9
41.9
-7.7
-0.5
-1.5
-5.7
-2.1
0.0

81.3
62.8
19.2
2.5
0.9
2.8
-1.3
-3.2
0.1

65.1
38.5
18.6
12.9
-2.8
3.1
12.6
-4.8
-0.0

10.1
6.2
-4.6
12.1
0.9
1.4
9.9
-3.7
0.2

72.9
10.0
72.3
-5.3
-1.9
-1.8
-1.6
-4.9
0.8

78.1
78.5
2.6
5.2
-9.7
9.9
5.0
-6.9
-1.3

99.4
59.1
4.1
39.5
-0.6
2.9
37.2
-3.5
0.2

111.0
62.6
47.4
8.0
-1.7
-1.5
11.2
-6.8
-0.2

38
39
40
41
42
43
44
45
46

106.7
0.8
0.0
180.6
1.5
0.0
159.2
19.8

109.1
-2.2
0.0
154.3
1.7
-0.1
142.3
10.4

17.0
-10.1
0.0
144.8
1.5
0.1
154.5
-11.2

114.2
9.9
0.0
94.7
1.4
0.2
140.6
-47.5

83.2
3.3
0.0
448.2
2.0
-0.0
252.0
194.3

136.7
6.7
0.0
24.2
1.3
-4.1
21.5
5.6

159.3
-5.9
0.0
-123.3
1.5
-15.7
109.2
-218.2

95.6
12.2
0.0
321.9
1.4
-0.4
86.4
234.4

135.7
2.2
0.0
326.3
1.2
-0.3
-101.2
426.6

155.9
18.2
0.0
-428.0
1.0
0.1
-8.4
-420.7

172.0
18.2
0.0
207.0
7.4
0.2
-4.6
204.0

47
48
49
50
51
52
53
54

-88.0

-27.5

-39.3

-49.7

70.4

-8.3

156.1

145.9

-272.0

-63.3

-77.5

55

-379.5
38.9
56.1
-396.6

-367.0
43.6
47.0
-370.4

-424.4
30.6
64.5
-458.3

-500.9
68.1
71.7
-504.5

-624.0
53.8
81.5
-651.7

-726.5
33.6
89.4
-782.3

-697.5
39.4
108.8
-767.0

-691.0
35.5
91.3
-746.8

-730.4
44.3
54.9
-741.1

-787.1
15.4
102.6
-874.3

-794.2
11.6
86.0
-868.6

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, June 8, 2006

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

6.5

2.3

0.3

-0.7

3.3

1.4

1.3

1.4

1.5

1.4

1.4

1

2

Fixed nonresidential investment

2.7

2.4

2.1

1.9

2.2

2.5

2.4

2.4

2.5

2.5

2.6

2

3

Net acquisition of financial assets

-60.9

47.0

70.7

43.2

44.4

37.4

26.1

26.8

27.4

69.2

20.3

3

0.9
-4.0
3.6

0.3
0.0
1.4

0.3
0.0
1.6

0.3
0.0
0.9

0.3
0.0
1.0

0.3
0.0
0.1

0.3
0.0
0.4

0.3
0.0
0.3

0.3
0.0
-0.7

0.4
0.0
0.4

0.4
0.0
0.5

4
5
6

1.1
-0.1
-97.3

-0.9
-0.1
6.9

0.4
0.0
-10.8

-0.7
0.0
4.3

1.2
-0.0
-10.8

-0.0
0.0
13.8

-9.4
0.0
52.9

1.7
0.7
-5.3

2.7
2.7
-41.1

4.8
-3.4
48.5

-6.9
2.0
-22.6

7
8
9

33.7

39.9

77.7

37.2

51.2

26.4

-10.5

32.0

66.8

17.3

48.4

10

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
51.2
0.0
0.0

0.0
26.4
0.0
0.0

0.0
-10.5
0.0
0.0

0.0
32.0
0.0
0.0

0.0
66.8
0.0
0.0

0.0
17.3
0.0
0.0

0.0
48.4
0.0
0.0

11
12
13
14

1.1

-0.4

1.4

1.3

1.5

-3.2

-7.7

-2.9

-3.2

1.1

-1.5

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

-61.3

46.5

69.6

42.8

41.7

36.1

24.6

23.4

23.8

72.5

14.5

16

17
18

Depository institution reserves
Vault cash of commercial banks

-5.0
-22.2

-1.6
2.9

5.1
0.5

0.5
0.1

1.0
-6.4

-5.0
8.6

-6.5
43.3

-10.6
7.4

-4.3
-20.3

1.4
3.8

-4.9
1.0

17
18

19
20
21
22

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

-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

37.1
0.1
-0.1
37.1

29.2
-1.4
-0.0
30.6

11.0
-6.2
0.2
17.0

11.8
-8.8
-0.2
20.8

44.8
-0.7
0.2
45.4

49.0
10.1
-0.3
39.2

32.8
-0.7
0.1
33.4

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

1.1
0.6
0.6

-2.8
0.4
-3.2

22.6
1.0
21.5

4.3
0.5
3.8

9.9
3.1
6.9

3.4
1.6
1.7

-23.1
2.6
-25.7

14.8
1.5
13.3

3.5
1.5
2.0

18.3
0.9
17.4

-14.4
0.9
-15.3

23
24
25

3.4

-0.6

-2.8

-3.1

-1.7

-2.3

-2.5

-4.5

-4.6

2.2

-7.1

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, June 8, 2006

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

62.9

81.7

93.3

89.0

94.6

122.3

104.6

103.1

145.3

136.2

138.3

1

2

Fixed nonresidential investment

22.3

22.0

18.9

18.8

21.1

23.5

22.7

23.3

23.9

24.3

25.3

2

3

Net acquisition of financial assets

472.4

350.2

476.6

506.0

739.1

791.1

1186.7

871.8

775.7

330.3

968.8

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

-22.2
-5.0
-0.5

2.9
-2.2
1.1

0.5
4.5
-0.3

0.1
-0.0
-0.0

-6.4
1.1
1.0

8.6
-4.6
-0.5

43.3
-5.2
0.5

7.4
-10.7
0.7

-20.3
-3.9
-2.1

3.8
1.5
-0.9

1.0
-4.9
-1.3

4
5
6

7

Total bank credit

411.9

216.0

408.3

331.3

563.5

679.8

1013.8

648.8

743.3

313.4

957.0

7

-44.4
22.3

-21.9
55.6

43.2
140.5

3.0
83.6

-22.8
96.9

-13.0
-6.8

53.4
95.5

-50.6
-63.3

19.1
-55.4

-73.7
-3.9

-9.1
154.3

8
9

3.4
56.0

6.1
97.0

1.5
-3.2

10.8
44.6

8.3
77.3

16.9
126.5

24.1
255.9

7.0
186.0

16.9
115.5

19.6
-51.4

16.2
97.0

10
11

371.8
0.2
113.3
164.6
43.3
50.4

71.3
0.0
-75.8
129.8
17.4
0.0

225.2
0.0
-80.2
268.5
34.1
2.8

193.2
0.0
-92.6
197.5
52.8
35.5

405.0
0.0
48.5
339.5
34.9
-17.9

558.0
0.0
159.2
361.2
2.8
34.9

590.7
0.0
106.4
468.6
-21.6
37.3

569.7
0.0
180.9
328.0
8.6
52.2

646.5
0.0
87.2
416.3
95.4
47.5

425.3
0.0
262.0
232.0
-71.3
2.6

701.3
0.0
245.4
370.3
26.5
59.1

12
13
14
15
16
17

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-1.8

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-1.2
-1.3

1.8
-4.3

18
19

-0.7
89.0

-2.9
135.3

-0.0
63.6

-0.2
174.8

-0.4
180.3

0.0
107.8

0.1
134.3

0.6
225.1

1.1
57.5

-1.8
14.3

0.0
16.9

20
21

8
9

Treasury securities
Agency- and GSE-backed securities

10
11

Municipal securities
Corporate and foreign bonds

12
13
14
15
16
17

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

18
19

Corporate equities
Mutual fund shares

20
21

Customers’ liab. on acceptances (2)
Miscellaneous assets

22

Net increase in liabilities

570.4

353.2

500.3

465.1

927.9

743.4

1009.4

915.3

664.2

384.6

928.7

22

23
24
25
26

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

39.1
1.0
17.3
20.8

-29.4
-1.0
17.2
-45.6

11.9
0.4
7.2
4.2

-15.3
-0.7
-4.4
-10.1

0.4
1.2
15.0
-15.8

44.0
-0.0
9.5
34.4

105.8
-9.3
12.8
102.4

166.6
2.5
-13.1
177.3

-42.7
5.4
-0.4
-47.6

-53.9
1.4
38.9
-94.2

73.9
-4.9
-2.7
81.5

23
24
25
26

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

-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
12.2
19.6

44.6
-3.2
26.9
20.9

-36.5
7.0
29.0
-72.5

28.0
52.2
-59.5
35.4

-77.9
-65.6
120.7
-133.0

-143.0
10.2
53.3
-206.6

46.9
31.0
1.6
14.3

35.6
-26.5
57.6
4.5

27
28
29
30

31
32
33

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

211.6
92.8
66.1

249.4
32.7
-42.3

269.4
-2.8
115.5

230.4
18.8
67.6

281.8
186.3
4.1

268.1
229.8
116.6

216.8
205.3
189.1

185.1
165.4
180.8

413.5
339.8
66.1

257.1
208.5
30.5

115.3
318.8
164.3

31
32
33

34

Credit market instruments

60.0

52.9

49.7

49.2

77.7

85.1

163.0

41.4

82.6

53.4

77.4

34

0.6
32.6
26.8

-8.3
37.0
24.2

-2.5
22.0
30.2

-6.3
46.9
8.5

10.6
58.3
8.8

4.0
56.7
24.4

26.9
79.3
56.8

-7.2
30.8
17.8

22.7
38.2
21.7

-26.3
78.4
1.3

6.4
47.0
24.0

35
36
37

-12.5
2.1
196.5

-8.1
2.4
-6.5

-10.7
2.6
121.9

-2.4
2.9
83.1

17.6
3.2
312.2

-13.8
3.4
46.6

-22.1
3.3
120.1

11.3
3.4
239.3

-25.0
3.5
-30.7

-19.4
3.5
-142.1

-26.6
3.6
166.4

38
39
40

138.6

62.8

98.1

29.4

262.3

51.0

-95.4

123.3

9.9

166.1

72.9

41

357.9

205.2

404.4

299.5

582.2

646.8

982.5

597.2

696.1

311.5

900.6

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, June 8, 2006

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

11.5

21.5

19.8

16.6

31.6

34.6

38.6

23.9

40.9

34.9

68.5

1

2

Fixed nonresidential investment

15.8

15.0

12.5

12.1

13.3

14.7

14.2

14.5

14.9

15.2

15.8

2

3

Net acquisition of financial assets

329.1

229.7

389.0

406.1

584.9

508.2

775.4

392.5

498.6

366.4

713.9

3

4

Vault cash and reserves at Federal Reserve

-26.2

0.6

4.4

0.5

-5.2

3.8

38.1

-5.2

-23.2

5.3

-4.0

4

5

Total bank credit

350.2

209.0

391.9

331.9

557.9

490.3

750.7

382.9

589.9

237.7

836.8

5

-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

-19.2
89.7
90.2
-4.7
4.2

-10.1
-3.3
-2.7
-4.4
3.8

45.1
102.2
77.0
30.3
-5.1

-33.0
-94.4
-64.7
-25.7
-3.9

19.6
-24.1
-4.4
-17.9
-1.7

-72.1
2.9
-18.6
-4.4
25.9

-0.8
178.7
178.5
-3.3
3.6

6
7
8
9
10

3.2
50.1
-0.4
7.7
42.8

6.3
63.7
21.2
2.8
39.7

1.5
-0.8
-13.3
8.1
4.4

10.7
41.6
0.2
25.2
16.2

8.5
58.4
6.7
13.4
38.3

16.7
47.3
5.1
40.2
2.0

24.0
101.1
13.2
56.6
31.2

7.0
91.0
12.6
47.8
30.6

17.1
37.5
-3.4
27.1
13.8

18.9
-40.6
-2.2
29.3
-67.6

15.6
57.1
4.1
27.2
25.9

11
12
13
14
15

310.8
0.2
98.6
161.6
43.3
7.1

88.8
0.0
-61.5
125.8
17.4
7.2

239.0
0.0
-58.1
265.7
34.1
-2.7

191.3
0.0
-69.0
195.2
52.8
12.3

421.7
0.0
42.8
333.4
34.9
10.6

441.6
0.0
90.2
355.1
2.8
-6.5

484.1
0.0
49.2
459.7
-21.6
-3.2

412.2
0.0
123.9
323.8
8.6
-44.1

539.0
0.0
25.4
397.5
95.4
20.7

331.1
0.0
162.4
239.4
-71.3
0.6

588.8
0.0
178.7
359.1
26.5
24.5

16
17
18
19
20
21

0.3
2.5

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-1.8

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-1.2
-1.3

1.8
-4.3

22
23

-0.7
5.9

-2.3
22.3

0.3
-7.6

-0.2
73.9

-0.5
32.7

-0.0
14.2

0.4
-13.8

-0.2
15.0

0.8
-69.0

-1.2
124.5

0.0
-118.9

24
25

470.6

283.9

476.6

427.7

825.1

535.7

652.0

504.0

477.9

509.0

729.8

26

73.8
1.1
-0.1
27.4
45.4

2.0
-0.9
-0.1
16.5
-13.6

57.2
0.4
0.0
20.9
35.9

-20.5
-0.7
0.0
-66.4
46.7

97.2
1.2
-0.0
40.3
55.7

19.8
-0.0
0.0
-1.3
21.2

-39.1
-9.4
0.0
-55.9
26.2

89.9
1.7
0.7
87.2
0.2

63.9
2.7
2.7
-53.7
112.2

-35.4
4.8
-3.4
17.0
-53.9

5.9
-6.9
2.0
-61.6
72.4

27
28
29
30
31

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

27
28
29
30
31

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

32
33
34
35

Checkable deposits
Federal government
Rest of the world
Private domestic

-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
12.6
16.7

43.7
-3.2
27.4
19.5

-36.4
7.0
28.8
-72.2

17.7
52.2
-72.0
37.5

-69.4
-65.6
132.9
-136.7

-139.7
10.2
52.6
-202.6

45.8
31.0
1.9
12.9

35.1
-26.5
58.7
2.9

32
33
34
35

36
37
38

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

210.6
87.9
15.4

240.4
-25.2
-31.2

273.6
24.3
73.6

228.2
2.9
68.5

281.0
115.4
10.1

262.7
166.7
82.7

205.6
122.8
259.8

181.3
113.0
126.4

409.5
210.0
12.7

254.3
220.9
-68.2

108.6
113.4
242.2

36
37
38

39
40
41
42
43

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

-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

-0.4
9.7
8.8
5.9
3.2

-0.0
12.5
24.4
6.2
3.4

0.4
18.2
56.8
7.2
3.3

-0.2
1.8
17.8
9.0
3.4

0.9
8.3
21.7
9.3
3.5

-1.1
21.6
1.3
-0.6
3.5

0.0
16.9
24.0
4.7
3.6

39
40
41
42
43

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

124.9
53.6
71.3

-40.5
60.7
-101.2

66.3
53.1
13.1

96.2
50.5
45.7

250.4
167.2
83.2

-6.2
40.0
-46.2

-0.8
-14.7
13.9

31.0
91.8
-60.8

-122.0
7.0
-129.0

67.0
75.8
-8.8

175.5
67.5
108.0

44
45
46

137.1

60.7

95.0

26.1

258.5

47.4

-99.0

121.0

5.2

162.3

68.6

47

339.5

191.6

393.8

323.3

548.0

498.6

760.2

426.8

569.2

238.5

814.9

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, June 8, 2006

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

4.8

5.3

5.5

5.7

6.5

6.9

6.7

6.7

7.2

7.0

7.1

1

2

Fixed nonresidential investment

6.2

6.6

6.0

6.2

7.4

8.5

8.2

8.4

8.6

8.8

9.1

2

3

Net acquisition of financial assets

38.4

3.1

9.2

-35.1

-138.3

159.8

391.6

262.2

184.5

-199.0

165.8

3

4

Reserves at Federal Reserve

-1.0

0.2

0.6

-0.4

-0.1

0.2

-0.1

1.8

-1.0

0.0

0.1

4

5

Total bank credit

67.2

-7.2

12.0

-19.8

-8.3

183.5

260.5

222.2

194.0

57.5

108.8

5

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

-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

-4.1
0.6
0.0
17.7

-2.1
-2.3
0.0
83.5

9.1
-9.3
0.0
158.9

-18.7
27.9
0.0
59.7

0.1
-27.0
0.0
120.6

1.1
-0.6
0.0
-5.3

-14.9
-26.9
0.0
41.4

6
7
8
9

10
11
12
13
14

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

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

-22.4
0.0
6.4
-0.3
-28.5

104.5
0.0
60.6
2.5
41.4

101.8
0.0
61.2
0.1
40.5

153.3
0.0
55.3
1.7
96.3

100.4
0.0
62.5
11.1
26.8

62.4
0.0
63.4
-3.0
2.0

109.3
0.0
66.1
8.6
34.6

10
11
12
13
14

15

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

-0.0
-27.7

-0.6
10.7

-0.4
-3.1

-0.0
-14.9

0.1
-130.0

0.1
-23.9

-0.3
131.5

0.8
37.5

0.3
-8.8

-0.6
-255.9

0.0
56.8

16
17

6
7
8
9

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

18

Net increase in liabilities

42.0

7.1

13.6

-30.3

-133.0

165.6

397.2

267.9

190.3

-193.1

171.8

18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

-40.8
-57.1
16.2

-16.1
-35.3
19.2

-42.3
-32.3
-10.0

-5.7
-12.0
6.3

-99.3
-97.8
-1.5

32.2
14.4
17.8

173.2
76.3
96.9

78.7
181.9
-103.3

-114.7
-180.5
65.8

-8.4
-20.1
11.7

70.9
34.4
36.5

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

-0.4
-0.4
3.4

0.4
4.5
53.3

-0.7
-2.3
-25.1

1.0
0.9
14.6

-0.7
-0.8
69.3

0.1
0.5
58.2

10.3
5.3
76.6

-11.8
-2.1
46.4

1.5
-1.1
124.8

0.4
0.1
-15.0

-0.8
2.9
201.6

22
23
24

25
26

Federal funds and security RPs (net)
Acceptance liabilities

52.3
-0.0

-11.0
-0.9

39.5
-0.4

-1.9
-0.1

-4.7
0.1

34.2
0.0

-69.2
-0.3

47.6
0.6

56.0
0.3

102.2
-0.5

-75.4
0.1

25
26

27
28
29
30

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

27.9
9.7
45.6
-27.5

-23.1
8.4
-21.9
-9.7

44.8
3.6
19.1
22.1

-39.1
4.5
7.2
-50.8

-97.0
16.7
32.7
-146.5

40.3
10.7
21.0
8.6

201.2
19.4
5.5
176.2

108.5
9.3
62.5
36.7

123.5
5.6
20.1
97.9

-271.8
8.7
-4.0
-276.5

-27.5
5.0
96.5
-129.0

27
28
29
30

2.1

2.7

3.9

4.3

4.3

4.1

4.1

4.0

4.4

4.1

3.9

31

23.9

-0.6

6.2

-43.0

20.3

142.2

219.7

126.6

167.5

54.9

74.3

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, June 8, 2006

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

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

Q2

Q3

Q4

2006
Q1

46.5

54.9

67.9

66.6

56.4

80.7

59.1

72.3

97.1

94.2

62.6

1

0.2

0.2

0.4

0.3

0.2

0.2

0.2

0.2

0.2

0.2

0.2

2

100.7

100.5

83.4

126.6

276.6

113.3

6.0

203.6

88.3

155.2

83.1

3

-12.2

4.2

3.1

8.6

-0.0

-4.2

-9.4

29.4

-46.0

9.4

6.7

4

-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

-0.8
1.9
1.3
-2.5

-0.9
-2.3
-3.7
2.7

-1.6
0.3
-3.3
-4.9

3.2
-3.1
34.4
-5.1

0.1
-5.1
-41.8
0.8

-5.1
-1.4
-4.1
20.0

6.2
2.9
-0.6
-1.8

5
6
7
8

112.9
53.6
38.4
20.9

96.4
60.7
29.8
5.9

80.3
53.1
-0.2
27.3

117.9
50.5
45.0
22.4

276.6
167.2
77.0
32.4

117.5
40.0
61.2
16.2

15.5
-14.7
8.2
21.9

174.2
91.8
44.7
37.6

134.3
7.0
124.0
3.3

145.9
75.8
68.0
2.1

76.4
67.5
-28.4
37.3

9
10
11
12

13

Net increase in liabilities

54.4

45.8

15.7

60.2

220.4

32.8

-52.9

131.5

-8.6

61.2

20.7

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

6.2
-26.3
32.5

-15.3
-18.6
3.3

-3.0
-3.6
0.6

10.9
55.8
-44.9

2.5
-23.8
26.3

-8.0
-6.9
-1.1

-28.3
-28.2
-0.1

-2.0
2.9
-4.9

8.2
-12.5
20.7

-10.1
10.2
-20.3

-2.9
22.4
-25.3

14
15
16

17

Federal funds and security RPs (net)

-1.6

-0.1

2.4

0.9

-1.3

-0.2

-1.5

6.7

-2.5

-3.5

-2.5

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

23.2
1.2
22.0

23.6
-5.1
28.7

20.3
-2.3
22.6

35.4
-6.0
41.4

59.5
10.8
48.7

48.2
4.0
44.2

87.9
26.8
61.1

21.4
-7.6
29.0

51.5
21.6
29.9

32.1
-24.7
56.7

36.4
6.3
30.1

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-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

11.7
148.0
129.4
18.6

-20.0
12.8
48.4
-35.6

-29.4
-81.7
-117.5
35.7

2.3
103.0
47.8
55.2

-34.4
-31.5
253.2
-284.7

-18.8
61.5
10.2
51.3

-31.3
20.9
-23.1
44.0

21
22
23
24

-0.0

-0.0

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

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

0.1

0.1

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

0.1

0.1

0.1

0.2

0.1

0.2

0.2

0.2

0.2

2

3

Net acquisition of financial assets

4.0

17.0

-5.0

8.4

15.9

9.8

13.7

13.5

4.3

7.6

5.9

3

4

Checkable deposits and currency

-0.5

1.1

-0.3

-0.0

1.0

-0.5

0.5

0.7

-2.1

-0.9

-1.3

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

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

18

Miscellaneous liabilities

19

Discrepancy

6.7

10.0

1.3

10.6

13.9

10.2

12.0

14.4

5.5

8.8

4.6

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

1.4
4.7
-0.2
-0.2

0.1
1.2
0.2
-0.5

0.8
2.4
0.1
-0.8

-2.1
6.3
0.0
0.9

-0.6
0.8
-0.1
-0.8

2.4
-4.8
0.7
-1.4

0.4
-0.4
0.5
-0.9

6
7
8
9

1.1
1.0
0.8

4.5
-0.9
4.2

-4.3
1.5
0.2

0.3
2.5
1.6

1.8
3.4
3.1

5.6
0.7
2.9

0.9
19.1
-10.4

6.8
-0.3
2.8

-1.4
0.8
7.0

16.2
-16.6
12.2

2.3
-2.2
4.8

10
11
12

-2.1

5.9

-6.0

-2.2

0.9

0.1

1.2

-1.5

0.9

-0.2

2.6

13

3.4

16.4

-5.7

7.5

15.5

9.3

13.2

12.0

4.7

7.4

6.4

14

-0.1
1.4
1.4

3.1
4.6
4.6

-1.1
-1.9
-1.9

1.5
1.3
1.3

1.6
1.6
1.6

-0.2
4.9
4.9

0.0
5.9
5.9

3.3
6.0
6.0

-4.8
5.1
5.1

0.8
2.7
2.7

1.3
3.8
3.8

15
16
17

0.7

4.2

-0.7

3.4

10.8

-0.3

1.4

-3.2

-0.8

1.3

-2.5

18

-0.7

-0.5

-0.7

-0.9

-0.4

-0.5

-0.4

-1.6

0.3

-0.2

0.4

19

(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, June 8, 2006

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

6.3

7.6

12.2

9.1

8.9

13.8

14.5

13.2

11.8

15.9

14.9

1

2

Fixed nonresidential investment

2.9

2.7

2.3

2.2

2.4

2.7

2.6

2.7

2.8

2.8

2.9

2

3

Net acquisition of financial assets

67.2

73.3

58.8

113.5

184.8

141.4

-73.8

287.3

191.9

160.3

70.6

3

4
5
6
7

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

0.1
-1.5
0.1
4.3

0.6
2.0
0.8
5.4

0.6
3.8
0.4
-0.3

0.5
0.0
0.0
-7.7

-0.1
-3.5
0.6
-3.2

-0.4
2.2
-0.5
-0.1

-1.3
3.6
-1.6
1.1

0.2
3.5
-0.1
1.0

-0.4
2.5
0.4
21.4

-0.1
-0.6
-0.7
-23.9

-0.0
-11.5
2.7
19.3

4
5
6
7

8

Credit market instruments

56.2

44.4

33.4

126.0

172.8

131.2

10.8

237.6

141.8

134.7

92.2

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
-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
-3.9
-13.6
5.7
-1.4
-18.0

0.0
4.0
-12.8
-3.5
-12.2
2.9

0.0
-3.2
-5.9
-10.5
6.0
-1.4

0.0
5.6
-8.9
-14.5
-6.4
11.9

0.0
-1.3
-17.1
-1.0
-12.1
-4.0

0.0
14.7
-19.3
11.8
-36.3
5.2

0.0
-8.0
-8.6
-15.5
5.6
1.3

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

0.2
-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

0.8
-12.2
-2.5
-5.3
-4.4

1.5
21.1
-0.6
18.1
3.6

1.0
13.2
-4.7
18.9
-1.0

3.0
7.4
-1.7
10.2
-1.1

1.5
43.0
9.4
24.9
8.7

0.7
21.0
-5.3
18.4
7.9

3.0
24.2
5.2
22.6
-3.6

15
16
17
18
19

20
21
22

Other loans and advances
Mortgages
Consumer credit

8.7
54.9
3.0

3.6
35.1
6.3

3.3
23.0
-2.4

10.0
89.2
9.1

1.3
186.8
13.4

3.9
95.7
17.8

-4.9
12.5
-2.0

17.5
200.2
12.9

-5.2
99.3
21.5

8.2
70.7
38.8

3.8
121.8
-44.1

20
21
22

0.4
7.7

3.2
16.9

2.0
19.0

-1.0
-4.3

-1.1
19.3

-1.0
9.9

-1.7
-84.7

-0.9
46.0

-1.1
27.2

-0.1
51.0

-3.0
-29.1

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

66.3

70.7

53.7

105.8

168.8

118.8

-94.6

259.9

163.0

146.7

39.0

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

27.5
1.2
6.4
19.9

46.6
3.2
16.6
26.8

66.7
1.8
20.9
44.0

84.5
5.3
47.0
32.2

40.0
0.5
-14.4
54.0

77.0
3.9
34.3
38.8

17.7
1.4
-30.2
46.5

123.1
3.6
54.0
65.5

89.5
5.7
37.5
46.3

77.7
5.0
75.7
-3.0

93.4
7.4
35.9
50.2

26
27
28
29

30

Security RPs

-6.0

5.8

-15.0

20.1

4.7

-3.6

-46.3

5.1

29.7

-2.7

-6.5

30

31
32
33
34

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

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

64.4
2.5
1.9
60.0

16.2
1.0
-1.1
16.2

-30.6
-0.4
-0.5
-29.7

82.4
0.7
-9.5
91.3

-7.1
-0.6
5.1
-11.6

20.0
4.4
0.7
15.0

-22.7
-0.8
5.1
-27.0

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

0.4
17.1
0.7
16.5

-0.7
21.0
0.8
20.2

-0.2
25.6
0.9
24.7

-0.2
-4.6
1.0
-5.6

0.6
59.1
1.2
57.9

0.7
28.4
1.3
27.1

-0.2
-35.1
1.2
-36.3

0.2
49.0
1.3
47.8

1.1
49.9
1.3
48.6

1.9
49.8
1.3
48.4

1.5
-26.7
1.4
-28.1

35
36
37
38

2.5

2.2

4.9

-0.8

-9.5

-11.5

-8.8

-16.9

-19.9

-0.6

-19.5

39

39

Discrepancy

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

29

Z.1, June 8, 2006

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

6.1

6.0

7.4

7.5

7.9

12.0

12.6

11.4

10.2

13.7

12.9

1

2

Fixed nonresidential investment

1.9

1.9

1.7

1.8

2.1

2.4

2.3

2.4

2.4

2.5

2.6

2

3

Net acquisition of financial assets

26.5

64.4

55.3

56.6

37.4

31.0

20.5

30.5

44.1

28.8

27.6

3

4
5
6

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

0.3
-1.1
-5.3

10.1
7.4
-1.5

1.6
1.6
-0.8

3.2
1.8
-0.1

-1.4
-0.0
2.6

-2.0
-4.5
2.6

-21.5
-9.4
-11.4

-23.2
-1.1
0.3

17.3
-2.5
12.0

19.2
-5.0
9.4

-3.6
-9.9
-7.0

4
5
6

7

Credit market instruments

28.0

41.5

42.7

50.7

42.0

36.2

46.5

41.6

21.1

35.5

46.3

7

8
9
10

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

-0.6
-1.4
-0.4

1.2
-0.8
19.6

1.2
0.4
16.8

-2.0
1.1
18.2

0.2
0.1
1.5

-0.6
-1.3
-7.5

0.6
-2.0
6.7

-2.5
-0.5
-5.8

-2.0
-3.5
-27.9

1.6
0.9
-2.9

4.0
-0.5
8.3

8
9
10

11
12

Home mortgages
Consumer credit

13.8
16.5

16.4
5.1

18.2
6.2

23.2
10.1

30.6
9.5

32.3
13.2

23.7
17.6

41.0
9.5

27.6
26.8

37.0
-1.1

21.4
13.1

11
12

13
14

Mutual fund shares
Miscellaneous assets

-0.3
4.9

1.5
5.4

-0.2
10.4

0.5
0.5

-0.9
-4.8

-1.0
-0.3

-1.3
17.4

-1.1
13.9

-1.4
-2.4

-0.3
-30.0

0.4
1.4

13
14

15

Net increase in liabilities

22.0

60.8

50.1

51.3

34.7

26.7

18.2

27.5

38.4

22.7

28.7

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

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

29.7
7.5
15.7
6.4

21.1
4.5
14.1
2.5

-37.2
13.2
-56.8
6.4

56.1
-3.6
53.6
6.2

13.8
8.6
12.5
-7.3

51.7
-0.3
47.0
4.9

-16.9
-4.7
-17.3
5.1

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

0.0
-0.4

1.5
-1.8

2.0
1.4

2.2
1.2

2.3
2.8

3.3
2.3

1.5
53.8

3.1
-31.7

0.3
24.4

8.1
-37.1

-0.2
45.9

20
21

-0.4

0.4

0.5

0.5

3.2

5.3

7.9

6.1

2.1

5.2

11.5

22

22

Discrepancy

F.116 Property-Casualty Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

2

Fixed nonresidential investment

3
4
5
6
7
8
9
10
11
12
13
14

-2.8

-6.2

11.8

27.0

9.8

0.3

28.7

28.5

-55.8

-0.1

14.2

1

4.5

4.3

4.5

4.6

5.7

6.5

6.3

6.4

6.6

6.6

6.9

2

Net acquisition of financial assets

8.9

16.6

79.8

95.7

81.4

76.1

117.3

52.4

140.7

-5.7

69.4

3

Checkable deposits and currency
Security RPs

-0.6
10.0

9.4
-8.1

12.8
14.2

8.6
8.5

-8.7
10.2

-4.9
5.9

-7.2
10.7

-3.1
-3.6

-0.6
11.6

-8.4
4.8

-6.7
12.6

4
5

Credit market instruments

-8.7

9.0

39.9

67.0

73.6

67.0

89.0

49.2

115.4

14.3

65.3

6

-8.6
8.6

-0.0
10.1

9.2
19.0

3.5
2.2

6.6
-3.3

2.7
2.2

4.0
3.7

-0.4
-3.2

5.8
6.2

1.4
2.1

3.6
-0.6

7
8

-14.9
6.4
-0.3

-10.3
8.9
0.2

9.2
2.4
0.1

41.2
20.0
0.1

43.6
26.4
0.3

30.7
31.1
0.3

40.4
40.8
0.2

25.4
27.2
0.2

51.5
51.5
0.5

5.5
5.1
0.3

33.9
28.2
0.3

9
10
11

0.7
1.0
6.4

-0.3
5.3
1.3

-1.1
4.9
9.1

-2.7
4.5
9.7

-3.5
0.3
9.5

-5.2
5.3
8.0

-1.0
10.4
15.4

-4.6
11.0
3.5

4.7
-0.4
10.0

-19.8
0.4
3.0

-5.9
-0.2
4.3

12
13
14

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Trade receivables
Miscellaneous assets

15

Net increase in liabilities

3.6

29.8

58.6

53.0

48.1

52.5

35.5

36.3

105.7

32.6

52.7

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

-4.5
2.3
5.8

0.5
2.7
26.5

6.2
3.2
49.2

4.1
3.7
45.2

-4.0
4.2
47.9

-2.8
4.7
50.7

-3.6
4.5
34.6

-5.0
4.6
36.7

-4.4
4.7
105.3

1.6
4.9
26.1

-5.3
5.0
53.0

16
17
18

-12.6

2.7

-13.8

-20.3

-29.1

-29.8

-59.4

6.0

-97.4

31.5

-9.4

19

19

Discrepancy

30

Z.1, June 8, 2006

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Q2

Q3

Q4

2006
Q1

-8.2

-5.3

-2.4

2.2

-1.3

-4.7

-4.2

-3.7

-4.3

-6.6

-1.3

1

3.7

3.4

2.8

2.8

2.6

2.6

2.5

2.6

2.6

2.7

2.8

2

Net acquisition of financial assets

203.5

250.6

279.8

258.2

264.4

184.1

287.5

149.3

187.5

111.9

232.6

3

4
5

Checkable deposits and currency
Money market fund shares

-0.5
10.5

31.9
31.0

-1.6
-13.5

12.0
-8.3

6.0
-30.7

-5.5
-2.1

-24.5
-28.5

20.9
-4.3

4.7
1.7

-23.3
22.4

4.1
33.4

4
5

6

Credit market instruments

57.9

130.9

233.0

180.6

173.0

108.6

189.1

81.5

86.2

77.7

140.4

6

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

-4.5
-4.6
11.0

-11.9
-4.4
18.1

14.7
24.8
77.4

-18.2
-6.6
18.0

-7.6
6.6
8.2

-8.3
19.8
0.2

-17.9
27.6
10.7

-16.7
24.8
-7.4

-24.7
25.9
-4.7

26.2
0.8
2.1

-34.1
14.9
19.5

7
8
9

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

-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

4.0
147.8
1.6
12.4

3.2
81.0
0.8
12.0

5.1
153.4
-1.5
11.8

3.5
60.3
2.9
14.1

3.9
77.0
-1.2
10.0

0.1
33.5
3.0
12.0

2.0
125.4
-1.2
13.9

10
11
12
13

111.3
5.6

70.2
2.1

52.7
2.6

45.5
0.5

51.5
12.8

46.9
9.0

53.8
10.0

22.9
10.0

64.4
8.0

46.6
8.0

62.0
8.0

14
15

7
8
9
10
11
12
13
14
15
16

Corporate equities
Mutual fund shares

18.7

-15.5

6.7

27.9

51.9

27.2

87.6

18.3

22.4

-19.5

-15.4

16

17

Net increase in liabilities

195.1

248.5

259.7

230.0

228.0

172.8

285.5

155.6

173.3

76.8

180.5

17

18
19
20
21

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

-0.8
-0.7
48.7
166.5

-0.9
0.6
75.8
129.5

-6.5
2.0
58.5
148.2

-3.9
2.9
65.7
131.0

-17.3
3.0
32.0
194.3

-7.9
0.4
15.5
150.1

-13.8
-1.6
15.2
167.6

-5.0
2.3
16.4
139.4

-5.6
0.4
19.7
131.0

-7.4
0.6
10.7
162.4

-22.8
2.8
21.4
112.8

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

1.6
-20.3

2.0
41.5

2.4
55.0

2.8
31.6

3.2
12.8

3.6
11.1

3.4
114.7

3.5
-1.0

3.6
24.1

3.7
-93.2

3.8
62.5

22
23

-20.2

-10.8

-25.4

-28.9

-40.2

-18.6

-8.8

-0.0

-21.1

-44.4

-56.2

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

Gross saving

0.5

0.6

0.6

0.7

0.7

0.7

0.7

0.7

0.8

0.8

0.8

1

2

Fixed nonresidential investment

0.5

0.7

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.4

2

3

Net acquisition of financial assets

-23.7

-35.8

45.8

7.3

-58.0

-52.9

-66.1

-35.3

-72.7

-37.5

-36.7

3

4
5
6
7

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

3.3
-22.9
4.2
-5.1

-0.8
-36.4
-6.1
-8.9

0.3
2.1
7.4
6.3

0.2
3.0
1.8
-1.1

0.1
-4.6
0.6
-0.4

0.3
6.4
1.9
1.1

0.2
-6.2
1.3
3.6

0.2
15.7
1.1
-0.0

0.3
14.4
2.2
0.0

0.3
1.7
2.8
0.7

0.4
-10.7
3.4
1.4

4
5
6
7

8

Credit market instruments

-125.0

-37.3

7.1

57.2

-5.3

14.0

-3.5

4.6

17.7

37.2

-4.2

8

9
10
11

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

-6.2
-9.9
-32.9

-8.2
-8.8
5.1

7.2
-3.7
-19.4

-3.2
13.3
33.3

0.6
-4.1
17.5

2.2
3.3
-0.2

2.8
6.2
-9.4

3.4
2.6
-17.5

1.2
5.7
-3.5

1.2
-1.5
29.5

2.0
3.3
-6.0

9
10
11

12
13

Corporate and foreign bonds
Mortgages

-76.3
0.2

-23.1
-2.2

22.4
0.6

13.9
-0.1

-19.1
-0.2

9.0
-0.2

-2.7
-0.3

16.2
-0.1

14.4
-0.1

8.3
-0.3

-3.2
-0.2

12
13

14
15

Corporate equities
Mutual fund shares

62.5
117.3

104.0
7.7

-41.4
39.0

-57.7
9.9

-40.7
27.2

-67.9
7.0

-71.1
31.9

-39.4
-1.8

-71.3
-6.8

-89.8
4.8

-21.4
17.1

14
15

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

-58.1
-35.6
-19.1
-3.4

-58.1
11.5
-24.6
-45.0

25.0
13.3
5.5
6.2

-5.9
-4.9
-0.2
-0.8

-35.0
-29.1
-7.1
1.2

-15.6
-10.6
-1.9
-3.1

-22.3
-4.7
-4.6
-13.0

-15.7
-13.2
-6.4
3.9

-29.1
-28.4
9.3
-10.0

4.8
4.1
-5.9
6.5

-22.7
-10.2
-2.0
-10.5

16
17
18
19

20

Pension fund reserves (liabilities) (3)

-23.7

-35.7

45.4

6.9

-58.4

-53.4

-66.6

-35.8

-73.1

-37.9

-37.1

20

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

31

Z.1, June 8, 2006

F.119 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1

2

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2

3

Net acquisition of financial assets

100.4

86.9

8.5

14.9

-1.1

-13.2

-9.2

-5.2

-54.7

16.2

-24.6

3

4
5
6
7

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

0.7
-0.1
1.4
-0.5

1.5
0.2
2.2
-5.9

1.5
-0.1
0.1
-6.9

4.3
-0.3
-2.9
-5.0

0.4
0.3
-3.1
-5.3

-0.7
0.3
2.9
3.2

-5.1
0.2
-6.0
-6.5

-0.9
-1.1
4.1
2.9

18.0
1.2
1.1
15.3

-14.9
0.7
12.2
1.2

5.8
0.2
0.5
5.6

4
5
6
7

8

Credit market instruments

36.3

-53.8

-50.7

11.2

27.2

-2.5

60.0

-23.6

-58.6

12.2

1.0

8

6.9
-19.8
49.9

4.0
-24.0
1.9

-3.2
3.8
11.8

-9.0
-10.9
55.7

-9.5
-17.5
44.2

-0.6
-4.0
1.7

-2.7
-13.3
76.8

2.3
11.9
-39.6

-1.2
-29.8
-18.1

-0.8
15.1
-12.1

-0.4
8.9
-3.9

9
10
11

-1.3
4.2
-3.6

-0.1
-34.6
-1.1

-0.8
-62.4
0.1

0.1
-24.1
-0.7

0.7
10.2
-0.9

-0.6
-0.4
1.3

-2.7
-1.8
3.8

1.2
0.3
0.3

1.0
-7.2
-3.3

-1.8
7.1
4.6

0.2
-3.4
-0.5

12
13
14

11.6
49.9

115.1
25.8

50.2
13.9

-0.6
7.3

-22.6
1.6

-12.7
-0.2

-4.7
-0.8

-5.9
-0.2

-38.0
-2.0

-2.3
2.1

-16.4
-1.1

15
16

1.1

1.8

0.4

0.9

0.5

-3.4

-46.3

19.5

8.2

5.0

-20.2

17

100.4

86.9

8.5

14.9

-1.1

-13.2

-9.2

-5.2

-54.7

16.2

-24.6

18

9
10
11

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

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

15
16

Corporate equities
Mutual fund shares

17

Miscellaneous assets

18

Pension fund reserves (liabilities) (1)

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

F.120 Federal Government Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8

Net acquisition of financial assets
Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Miscellaneous assets(2)
Pension fund reserves (liabilities) (3)

28.2

69.9

45.4

48.2

54.7

54.7

56.3

42.5

59.3

60.7

48.0

1

2.1

9.7

12.7

6.0

4.7

7.7

8.5

11.4

8.1

3.0

5.7

2

2.0
0.1
0.0

7.2
1.6
0.9

9.6
1.9
1.2

5.1
0.5
0.4

5.4
-0.5
-0.3

7.7
0.0
-0.0

8.8
-0.2
-0.1

10.8
0.4
0.2

7.8
0.2
0.1

3.5
-0.3
-0.2

6.0
-0.1
-0.1

3
4
5

5.2
20.9

-0.6
60.8

8.2
24.5

17.5
24.7

9.1
40.9

7.0
40.0

5.5
42.2

2.5
28.6

8.3
42.9

11.5
46.2

9.6
32.6

6
7

28.2

69.9

45.4

48.2

54.7

54.7

56.3

42.5

59.3

60.7

48.0

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) 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.
(3) Liabilities of the sector are assets of the household sector.

32

Z.1, June 8, 2006

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Net acquisition of financial assets

232.5

428.5

-16.7

-207.5

-136.5

127.0

-71.4

60.7

222.2

296.5

135.6

1

2
3
4
5

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

50.3
4.7
-11.7
43.5

27.8
3.9
89.3
43.4

-6.8
-6.8
-23.9
47.1

-36.6
-0.7
-53.3
-20.8

7.0
2.7
0.4
-18.7

16.2
-1.4
16.6
112.0

3.5
-4.8
24.0
64.5

55.9
-22.4
-77.3
173.2

47.8
31.2
77.3
77.0

-42.4
-9.6
42.3
133.2

10.3
8.6
-9.0
-18.9

2
3
4
5

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

138.3
96.7
-12.9
-7.0
34.1
27.3

267.3
3.4
46.0
141.5
34.2
42.3

-17.7
-38.6
4.7
8.7
1.8
5.6

-95.9
-125.2
-10.2
-4.6
13.6
30.5

-124.9
-54.1
-33.9
-61.1
21.8
2.3

-10.1
86.3
-9.6
-107.4
23.2
-2.7

-198.5
-7.6
11.2
-176.2
19.1
-45.0

-78.5
47.4
-10.0
-149.6
25.2
8.5

-49.2
98.6
-12.3
-182.5
9.4
37.5

285.8
207.0
-27.5
78.6
39.3
-11.7

58.6
-22.2
-23.3
15.0
32.8
56.4

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Miscellaneous assets
Net share issues (liabilities)

7.5

-3.3

-8.6

-0.2

-2.9

-6.2

40.0

9.8

38.1

-112.8

86.1

12

232.5

428.5

-16.7

-207.5

-136.5

127.0

-71.4

60.7

222.2

296.5

135.6

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

Gross saving

2

Net acquisition of financial assets

-1.5

-8.4

-21.6

1.7

5.8

6.0

6.4

5.7

4.9

7.0

6.5

1

237.6

204.9

181.1

288.6

298.2

260.3

400.4

228.3

195.0

217.7

500.4

2

3

Security RPs

18.8

-28.9

10.9

12.9

18.1

2.9

46.0

-17.2

-18.5

1.3

39.1

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

26.3
18.8
10.2
12.6
-9.0
-6.2

126.6
-28.9
-9.8
84.7
22.6
58.1

138.7
-7.7
17.2
54.0
24.3
50.9

138.0
13.1
9.3
25.2
12.9
77.4

116.6
18.0
4.8
15.2
4.1
74.5

124.0
3.0
6.6
20.7
17.2
76.4

203.5
63.6
10.0
31.2
26.9
71.8

123.5
-5.4
3.9
12.2
18.5
94.3

79.8
-27.1
-1.8
-5.5
28.0
86.1

89.3
-19.1
14.4
45.0
-4.4
53.5

256.3
56.2
8.9
27.9
41.6
121.7

4
5
6
7
8
9

193.1
-0.6

109.8
-2.6

31.4
0.0

136.8
1.0

158.5
5.1

128.8
4.6

145.9
5.0

122.9
-0.9

126.6
7.2

119.8
7.3

205.1
-0.0

10
11

237.6

204.9

181.1

288.6

298.2

260.3

400.4

228.3

195.0

217.7

500.4

12

-1.5

-8.4

-21.6

1.7

5.8

6.0

6.4

5.7

4.9

7.0

6.5

13

10
11

Corporate equities
Miscellaneous assets

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.123 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)

-5.5

1.9

18.1

43.9

32.8

20.0

40.6

26.1

16.6

-3.1

8.5

1

-5.6
-0.9
-2.0
-2.7

3.2
0.1
7.0
-3.8

8.6
-2.8
11.3
0.1

36.2
1.4
3.2
31.6

11.2
2.4
-0.1
8.9

1.5
0.3
0.2
1.0

6.4
0.6
1.1
4.7

4.0
1.7
2.5
-0.3

-0.8
-1.0
-1.7
1.9

-3.4
-0.1
-1.1
-2.2

12.6
0.7
0.1
11.8

2
3
4
5

0.1

-1.3

9.4

7.6

21.7

18.5

34.2

22.0

17.4

0.3

-4.1

6

-5.5

1.9

18.1

43.9

32.8

20.0

40.6

26.1

16.6

-3.1

8.5

7

42.4

31.0

45.3

15.8

55.0

53.9

35.7

40.6

12.6

126.7

30.5

8

0.0
0.0
0.0

0.0
0.0
0.0

3.7
2.0
1.8

0.7
0.1
0.6

3.8
2.8
1.0

6.8
4.8
1.9

11.7
9.3
2.4

3.5
2.1
1.4

7.1
4.5
2.6

4.8
3.3
1.5

3.0
1.4
1.6

9
10
11

42.4

31.0

41.6

15.1

51.2

47.1

24.0

37.1

5.5

121.9

27.5

12

42.4

31.0

45.3

15.8

55.0

53.9

35.7

40.6

12.6

126.7

30.5

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, June 8, 2006

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

2.7

3.0

3.1

3.2

3.5

5.3

5.6

5.0

4.4

6.1

5.7

1

2

Fixed nonresidential investment

0.4

0.4

0.5

0.5

0.6

0.7

0.7

0.7

0.7

0.7

0.8

2

3

Net acquisition of financial assets

237.8

344.4

240.0

236.5

84.5

-65.0

-195.9

-80.3

-188.6

204.8

92.2

3

4
5
6

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

-7.7
0.5
3.0

2.3
8.1
23.8

8.1
-5.1
-9.1

12.0
-8.5
-20.0

10.1
9.0
15.8

-25.7
11.6
24.2

-62.9
-7.1
-11.6

-42.5
19.8
10.0

0.2
2.7
92.6

2.4
30.9
5.7

0.3
-3.5
26.8

4
5
6

7

Credit market instruments

246.0

304.7

224.1

236.5

46.2

-65.4

-65.5

-66.5

-277.9

148.1

38.1

7

10.7
0.6
149.2

2.7
0.4
206.9

-23.5
12.1
131.7

-2.4
-12.3
88.8

-2.0
-0.6
-130.3

2.2
0.2
-162.1

2.5
0.7
-185.4

3.5
-1.9
-227.6

-3.0
1.0
-297.7

5.8
1.0
62.3

0.7
1.5
-20.2

8
9
10

8
9
10

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

11
12

Municipal securities
Corporate and foreign bonds

2.8
19.1

6.2
24.6

4.0
33.5

5.0
36.6

0.2
110.8

0.1
51.7

5.7
60.8

-1.6
56.0

-9.7
34.6

5.8
55.3

5.0
28.5

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

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

73.5
-0.3
-0.2
74.1

49.7
0.0
5.4
44.3

35.2
0.0
8.2
27.0

116.4
0.0
1.9
114.5

17.6
0.0
6.8
10.8

29.7
0.0
4.8
25.0

7.4
0.0
7.9
-0.5

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

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

106.0
92.2
10.9
2.9
-16.3

15.1
-0.4
12.4
3.2
-20.6

-7.2
-9.0
0.1
1.7
0.0

15.0
12.1
0.9
2.0
0.0

-11.5
-14.9
-1.9
5.3
0.0

-20.5
-23.8
0.5
2.7
0.0

-11.9
-9.3
0.7
-3.3
0.0

15.1
9.4
3.6
2.2
0.0

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

-4.0

5.5

22.0

16.5

3.4

-9.6

-48.7

-1.0

-6.3

17.6

30.6

22

232.1

351.6

247.6

217.2

63.9

-81.2

-222.8

-76.3

-225.5

199.7

96.5

23

235.2
235.2
0.0

304.1
304.1
0.0

219.8
219.8
0.0

243.7
243.7
0.0

65.0
65.0
0.0

-84.2
-84.2
0.0

-209.6
-209.6
0.0

-84.2
-84.2
0.0

-243.9
-243.9
0.0

200.9
200.9
0.0

144.8
144.8
0.0

24
25
26

-3.1

47.4

27.7

-26.6

-1.1

3.0

-13.2

7.8

18.4

-1.2

-48.3

27

-3.4

9.8

10.2

-16.7

-17.8

-11.7

-22.1

8.3

-33.2

0.3

9.2

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, and the Resolution Funding Corporation. The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Sallie Mae student loans.
(3) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

199.7

338.5

326.8

330.5

53.0

134.9

64.7

122.6

177.2

175.1

348.2

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

190.9
8.5
0.0
0.3

322.9
15.6
0.0
0.0

315.2
12.9
0.0
-1.3

303.2
26.6
0.0
0.6

49.6
3.6
0.0
-0.1

129.8
5.1
0.0
-0.1

62.3
2.6
0.0
-0.2

119.3
3.3
0.0
-0.0

170.1
7.3
0.0
-0.2

167.7
7.4
0.0
0.0

336.1
10.3
0.0
1.8

2
3
4
5

199.7

338.5

326.8

330.5

53.0

134.9

64.7

122.6

177.2

175.1

348.2

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, June 8, 2006

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

Q2

Q3

Q4

2006
Q1

0.9

0.8

0.7

0.6

0.6

0.5

0.5

0.5

0.5

0.5

0.5

1

-2.3

1.1

-0.4

0.4

-0.2

-0.1

-0.2

-0.2

-0.1

-0.1

-0.1

2

161.0

229.5

181.5

212.8

322.6

639.1

434.3

678.8

683.8

759.6

663.3

3

9.7
7.2

18.9
18.5

71.0
-3.3

68.9
-1.1

-110.8
1.4

-109.0
-16.7

-118.4
6.9

-58.4
-29.1

-112.8
-18.7

-146.5
-26.1

38.3
2.8

4
5

4
5

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

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

58.4
23.7
5.4
29.2

101.2
56.4
5.9
38.8

85.0
54.1
5.5
25.4

170.2
117.9
8.1
44.3

460.4
398.9
7.9
53.6

719.2
589.6
20.0
109.5

500.1
406.1
8.6
85.5

700.2
572.3
22.6
105.3

816.4
716.8
12.1
87.5

859.9
663.5
36.7
159.7

545.0
433.4
13.3
98.3

6
7
8
9

Consumer credit
Trade credit

69.5
16.1

79.3
11.6

34.2
-5.4

-19.0
-6.3

-28.1
-0.3

26.0
19.7

41.1
4.6

51.9
14.3

-23.3
22.2

34.5
37.8

64.0
13.2

10
11

157.8

229.7

180.4

212.6

321.9

638.5

433.7

678.2

683.2

759.0

662.7

12

125.0
32.8

79.7
150.0

-40.1
220.5

-43.0
255.6

-8.0
329.9

146.8
491.7

77.8
355.9

142.5
535.7

155.6
527.6

211.4
547.7

118.0
544.7

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

-3.2
-1.7

0.3
-3.2

-1.1
7.5

-0.2
15.7

-0.7
51.9

-0.6
33.2

-0.7
40.2

-0.6
16.8

-0.6
31.6

-0.6
44.0

-0.6
48.7

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.129.

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

Gross saving

42.8

68.3

78.5

78.7

84.0

92.1

100.0

82.4

86.9

99.1

116.7

1

2

Fixed nonresidential investment

49.1

38.8

40.1

33.1

38.4

43.6

42.1

43.2

44.2

44.9

46.6

2

3

Net acquisition of financial assets

136.6

18.8

33.7

192.1

71.5

-30.8

-99.6

27.4

-160.4

109.3

-35.4

3

4

Checkable deposits and currency

2.6

2.9

3.1

3.3

3.5

3.7

3.6

3.7

3.7

3.8

3.8

4

5
6

Credit market instruments
Other loans and advances

108.6
63.3

-4.8
-11.5

21.2
8.3

84.2
2.2

129.6
14.3

70.2
32.1

4.5
-26.0

14.6
30.2

55.7
32.9

206.1
91.3

8.8
-3.2

5
6

26.4
18.9

-11.0
17.6

13.2
-0.3

24.4
57.6

43.9
71.4

41.8
-3.7

26.8
3.7

9.6
-25.2

46.5
-23.7

84.2
30.6

50.9
-39.0

7
8

25.3

20.8

9.5

104.6

-61.6

-104.7

-107.7

9.1

-219.8

-100.6

-48.0

9

166.1

21.3

64.2

222.6

130.0

35.8

-31.3

43.7

-31.1

162.0

43.2

10

81.9

1.3

42.2

118.2

117.9

31.6

75.8

-23.6

-100.4

174.4

16.7

11

8.4
72.9
0.5

-80.3
66.6
14.9

-17.1
62.0
-2.8

-5.2
115.2
8.1

27.7
81.1
9.1

-17.9
46.1
3.3

-24.8
108.9
-8.3

-74.1
66.4
-15.9

-22.3
-110.5
32.4

49.8
119.6
5.0

11.0
14.5
-8.7

12
13
14

7
8
9
10
11
12
13
14

Mortgages
Consumer credit
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

15

Taxes payable

16
17
18
19

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

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

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

1.0

1.2

1.4

1.6

1.8

2.0

2.0

2.0

2.1

2.1

2.2

15

83.3
14.9
14.7
53.7

18.9
7.8
-3.3
14.5

20.7
-3.5
-11.0
35.2

102.8
19.2
11.7
71.9

10.4
11.0
18.3
-19.0

2.2
3.3
4.4
-5.4

-109.1
6.4
-14.2
-101.3

65.3
2.0
8.7
54.6

67.2
3.0
24.5
39.7

-14.5
1.6
-1.5
-14.6

24.3
0.9
8.9
14.6

16
17
18
19

23.2

32.0

68.9

76.0

104.1

115.1

126.2

55.5

172.0

106.9

148.7

20

5.3

-4.6

-20.2

-13.3

-7.5

8.6

4.7

14.2

6.1

9.4

19.6

21

35

Z.1, June 8, 2006

F.128 Mortgage Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

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

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

5
6
7

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

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

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

Gross saving

-4.9

7.1

6.1

1.6

2.1

-4.4

0.6

-5.7

-4.5

-8.0

-7.1

1

2
3

Fixed nonresidential investment
Multifamily residential investment

0.6
3.9

6.6
4.1

24.4
4.5

22.7
-0.4

38.9
7.7

42.2
1.5

45.6
2.3

43.5
-5.6

39.2
4.6

40.4
4.7

41.5
4.9

2
3

4

Net acquisition of financial assets

-2.6

10.0

23.6

36.3

102.3

101.3

54.0

137.4

101.4

112.4

122.6

4

5

Checkable deposits and currency

-0.0

1.1

-0.1

3.9

3.2

4.4

4.4

4.8

5.2

3.3

3.5

5

6

Credit market instruments

-5.3

8.6

21.4

28.1

87.9

86.7

37.6

120.1

89.1

100.2

109.9

6

Agency- and GSE-backed securities
Corporate and foreign bonds

0.5
-0.4

7.0
2.3

7.4
2.3

-1.9
10.1

16.1
17.3

7.9
26.6

-1.1
8.6

13.2
47.4

0.9
28.2

18.4
22.4

20.2
24.6

7
8

Mortgages
Home
Multifamily residential
Commercial

-5.4
-3.3
-0.3
-1.9

-0.7
0.2
-0.4
-0.4

11.8
11.4
-0.2
0.5

19.8
17.7
0.1
1.9

54.5
51.1
-0.0
3.5

52.3
43.4
0.2
8.7

30.1
27.1
0.1
2.9

59.4
49.1
-0.3
10.6

60.0
45.0
0.3
14.8

59.5
52.5
0.6
6.4

65.1
57.7
0.6
6.9

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

2.7

0.2

2.2

4.4

11.2

10.1

12.0

12.5

7.1

8.8

9.2

13

3.9

18.6

50.6

52.7

152.6

138.3

88.2

171.5

147.2

146.3

165.0

14

-2.5

9.3

15.1

5.9

25.0

38.3

15.9

45.3

51.5

40.6

44.9

15

2.6

3.2

24.5

31.9

98.4

80.2

73.0

92.8

66.0

88.9

94.8

16

0.0
1.9
-4.2
4.9

0.0
4.4
-3.3
2.2

0.0
16.2
0.1
8.2

0.0
23.3
0.3
8.3

0.0
70.6
1.5
26.3

0.0
56.1
4.7
19.4

0.0
36.2
14.1
22.7

0.0
72.2
1.3
19.3

0.0
44.9
1.1
19.9

0.0
71.2
2.2
15.6

0.0
76.6
2.3
16.0

17
18
19
20

2.0
1.8

6.1
0.1

8.4
2.6

13.3
1.6

21.5
7.7

16.1
3.7

10.7
-11.5

20.1
13.4

23.7
6.1

9.9
6.9

18.2
7.2

21
22

23

Discrepancy

-2.9

5.2

4.2

-4.3

5.9

-11.0

-12.9

-9.5

-2.4

-19.2

-11.0

23

24
25
26
27
28

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

-1.7
-0.2
-0.3
-0.3
-0.9

-3.2
-3.1
0.2
-0.0
-0.2

7.5
-0.3
7.2
-0.0
0.6

15.7
0.0
15.9
-0.0
-0.1

51.9
0.0
50.4
-0.0
1.5

33.2
0.0
31.1
0.1
2.0

40.2
0.0
39.1
0.4
0.7

16.8
0.0
15.7
-0.2
1.2

31.6
0.0
27.2
-0.0
4.3

44.0
0.0
42.1
0.1
1.9

48.7
0.0
46.6
0.1
2.1

24
25
26
27
28

36

Z.1, June 8, 2006

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Gross saving

-16.5

4.5

12.6

6.6

9.1

5.4

5.4

5.8

6.2

4.2

8.3

1

2

Fixed nonresidential investment

16.3

15.6

10.9

10.7

12.0

13.3

12.9

13.2

13.5

13.7

14.2

2

3

Net acquisition of financial assets

220.4

244.3

-130.2

277.6

231.9

299.3

431.0

591.0

163.1

11.9

611.3

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

1.6

16.8

-2.9

2.9

15.7

-7.3

-8.2

-7.5

-4.9

-8.8

22.5

4

68.9

92.4

28.4

79.6

-29.2

91.1

67.3

280.5

-330.3

346.7

-40.6

5

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

-1.3
-82.4
23.5
7.1
23.9

7.6
-6.5
-6.3
11.0
85.2

9.5
-42.4
3.6
17.5
79.0

48.3
42.3
111.0
-15.7
94.6

5.3
-289.2
-71.4
11.5
13.5

-32.7
263.1
-68.3
30.7
153.8

24.0
-180.0
113.5
-29.7
31.5

6
7
8
9
10

9.6
7.2
133.0

17.3
-38.8
156.6

3.2
-48.2
-110.8

3.8
34.3
157.0

15.5
81.5
148.3

11.8
-31.7
235.5

27.9
8.2
335.8

-17.6
-10.2
345.8

-23.1
-22.0
543.5

59.9
-102.8
-283.1

-3.0
68.3
564.2

11
12
13

14

Net increase in liabilities

210.1

239.4

-118.2

257.0

227.2

295.5

451.6

573.8

159.0

-2.4

592.8

14

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

56.9
15.6
-4.2

51.0
1.4
6.7

-9.0
-1.7
10.2

133.7
6.4
-8.0

49.3
15.2
2.6

208.9
0.1
2.5

422.0
11.2
23.2

191.6
-5.2
-13.2

111.9
28.0
7.9

110.1
-33.4
-7.7

374.8
35.1
10.7

15
16
17

18
19
20
21
22

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

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

7.8
85.1
103.0
-17.9
0.4

7.0
24.0
-10.9
34.9
-0.3

-4.3
1.5
-35.8
37.3
1.7

0.3
107.4
55.2
52.2
-5.4

40.7
28.3
-19.2
47.5
2.2

-8.9
-41.2
-43.7
2.6
0.6

-28.6
147.2
88.2
59.1
2.4

18
19
20
21
22

23
24
25
26

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

-1.9
5.1
49.0
-56.0

138.5
-1.3
115.2
24.7

-77.1
2.2
55.3
-134.7

39.1
3.2
66.3
-30.4

69.6
1.8
103.4
-35.6

56.5
2.4
215.8
-161.7

-5.5
0.8
169.6
-175.8

299.8
0.9
302.8
-4.0

-54.2
3.7
252.8
-310.7

-14.2
4.0
138.1
-156.3

54.4
6.2
39.3
8.9

23
24
25
26

27
28

Proprietors’ net investment
Discrepancy

-0.2

-3.3

0.6

-3.6

-2.8

-3.2

1.9

-1.3

-5.8

-7.7

-3.3

27

-43.0

-16.0

13.7

-24.7

-7.6

-11.7

13.1

-24.5

-11.4

-23.8

-24.5

28

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

Net acquisition of financial assets

114.2

150.2

5.1

88.6

73.3

314.2

408.3

400.4

311.1

137.1

424.0

1

-86.4

26.7

20.9

-47.6

27.2

106.5

-52.7

2

2

Money market fund shares

24.7

124.6

0.8

-44.9

3

Credit market instruments

25.3

-37.0

-65.8

98.0

90.3

93.9

226.5

121.8

121.4

-94.1

306.6

3

34.1
-8.9

-82.8
45.8

-51.4
-14.4

43.0
54.9

104.8
-14.5

123.3
-29.4

178.2
48.3

172.1
-50.3

174.5
-53.1

-31.7
-62.4

276.5
30.1

4
5

64.2
45.6
18.6

62.6
-21.9
84.5

70.0
19.1
50.9

35.4
7.2
28.2

69.4
32.7
36.7

193.6
21.0
172.6

161.0
5.5
155.4

326.2
62.5
263.7

162.4
20.1
142.3

124.7
-4.0
128.7

170.1
96.5
73.6

6
7
8

114.2

150.2

5.1

88.6

73.3

314.2

408.3

400.4

311.1

137.1

424.0

9

-0.3

3.6

26.3

16.9

37.1

130.7

102.3

316.2

38.1

66.0

119.6

10

-2.3
1.9

-18.6
22.2

-4.2
30.5

1.6
15.4

24.9
12.2

103.1
27.6

87.4
14.9

284.3
32.0

40.0
-1.9

0.6
65.4

111.3
8.3

11
12

114.5
64.6
88.7
-38.7

146.6
59.0
70.1
17.5

-21.2
43.7
-2.9
-62.1

71.6
18.5
102.6
-49.4

36.2
32.3
86.9
-82.9

183.5
62.9
191.5
-70.8

306.0
58.6
230.4
16.9

84.1
10.0
311.8
-237.6

273.0
124.4
355.1
-206.5

71.0
58.7
-131.5
143.9

304.4
50.5
281.0
-27.1

13
14
15
16

4
5
6
7
8
9
10
11
12
13
14
15
16

Open market paper
Corporate and foreign bonds
Miscellaneous assets (2)
Investment in foreign banking offices
Investment in brokers and dealers
Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds
Miscellaneous liabilities
Foreign direct investment in U.S.
Securities loaned (net)
Other

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

37

Z.1, June 8, 2006

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8
9
10
11

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

Q2

Q3

Q4

2006
Q1

0.3

4.9

3.7

-1.5

-2.8

-14.1

-21.3

3.2

-19.1

-19.2

-26.7

1

0.7

0.6

0.5

-0.6

0.4

-4.5

-6.9

0.4

-11.9

0.3

-7.7

2

0.7
-0.0

0.6
-0.0

0.5
-0.0

-0.6
0.0

0.4
0.0

-4.5
-0.0

-6.9
-0.0

0.4
0.0

-11.9
0.0

0.3
0.0

-7.7
0.0

3
4

-0.4

4.3

3.2

-0.9

-3.2

-9.6

-14.5

2.8

-7.2

-19.5

-19.0

5

1.9
0.9
0.9

0.7
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.5
0.3
0.3

0.6
0.3
0.3

0.7
0.3
0.3

0.7
0.4
0.4

6
7
8

-2.3
-2.3
0.0

3.6
3.6
0.0

2.6
2.6
0.0

-1.5
-1.5
0.0

-3.8
-3.8
0.0

-10.2
-10.2
0.0

-15.1
-15.1
0.0

2.3
2.3
0.0

-7.8
-7.8
0.0

-20.2
-20.2
0.0

-19.7
-19.7
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

-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

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

2.4
3.6

1.3
1.4

1.0
1.6

0.6
0.9

0.7
1.0

0.8
0.1

0.8
0.4

1.1
0.3

0.9
-0.7

0.3
0.4

0.6
0.5

3
4

5

Discrepancy (seigniorage)

-1.2

-0.1

-0.6

-0.3

-0.3

0.7

0.4

0.8

1.7

-0.1

0.1

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

126.9

6.8

21.0

22.3

111.3

135.6

371.2

-36.4

82.7

124.8

56.0

1

7.6
-7.4
50.3

0.4
-8.5
27.8

1.3
5.1
-6.8

1.3
17.6
-36.6

6.7
14.9
7.0

8.1
23.4
16.2

22.3
24.9
3.5

-2.2
16.7
55.9

5.0
15.4
47.8

7.5
36.5
-42.4

3.4
-22.4
10.3

2
3
4

76.4

-12.9

21.5

40.0

82.7

87.8

320.6

-106.9

14.5

123.1

64.8

5

38

Z.1, June 8, 2006

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net change in liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

12.0

-28.0

17.4

-14.6

-5.0

47.5

142.6

163.4

-67.2

-48.7

70.0

1

-27.1
-5.0
-22.2

1.4
-1.6
2.9

5.6
5.1
0.5

0.6
0.5
0.1

-5.4
1.0
-6.4

3.6
-5.0
8.6

36.7
-6.5
43.3

-3.2
-10.6
7.4

-24.5
-4.3
-20.3

5.2
1.4
3.8

-3.9
-4.9
1.0

2
3
4

39.1
1.0

-29.4
-1.0

11.9
0.4

-15.3
-0.7

0.4
1.2

44.0
-0.0

105.8
-9.3

166.6
2.5

-42.7
5.4

-53.9
1.4

73.9
-4.9

5
6

20.8

-45.6

4.2

-10.1

-15.8

34.4

102.4

177.3

-47.6

-94.2

81.5

7

8
9
10
11

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

21.8
45.8
75.2
29.5

-44.3
-12.3
22.8
35.1

13.9
46.1
-0.9
-47.0

-13.1
43.7
109.9
66.1

-10.2
61.0
33.8
-27.1

22.0
8.5
21.1
12.6

100.4
13.6
-74.0
-87.6

128.2
-38.4
129.4
167.7

-52.3
107.8
69.3
-38.5

-88.2
-48.9
-40.2
8.7

92.0
84.6
75.9
-8.7

8
9
10
11

12
13
14

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

-56.5
-14.3
42.2

-35.4
29.7
65.0

-32.8
13.0
45.8

-11.9
21.6
33.5

-97.4
60.8
158.3

14.6
72.8
58.2

86.9
-9.2
-96.1

171.4
105.7
-65.7

-180.8
15.2
196.0

-19.1
179.6
198.6

32.6
182.3
149.7

12
13
14

15
16
17

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

32.5
30.9
-1.6

3.3
12.2
8.8

0.6
2.0
1.4

-44.9
-40.2
4.7

26.3
19.8
-6.5

-1.1
9.2
10.4

-0.1
20.4
20.5

-4.9
4.1
9.0

20.7
0.9
-19.9

-20.3
11.6
31.8

-25.3
0.8
26.0

15
16
17

18
19
20

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

1.0
0.4
0.6

1.3
1.3
-0.0

9.7
10.2
-0.6

-2.9
-3.0
0.0

5.6
5.3
0.3

-12.4
-12.6
0.2

-2.0
-12.6
10.6

-49.1
-38.6
-10.5

-4.7
-4.4
-0.3

6.1
5.0
1.0

10.5
12.2
-1.7

18
19
20

17.3

17.2

7.2

-4.4

15.0

9.5

12.8

-13.1

-0.4

38.9

-2.7

21

27.4
8.1
-9.1
-0.1
17.3

16.5
1.5
-15.8
0.1
17.2

20.9
19.1
10.9
1.0
7.2

-66.4
-3.2
1.3
-0.1
-4.4

40.3
42.1
26.8
0.2
15.0

-1.3
1.8
-7.3
-0.4
9.5

-55.9
-42.9
-55.9
0.2
12.8

87.2
18.4
31.0
0.6
-13.1

-53.7
-18.0
-16.9
-0.7
-0.4

17.0
49.7
12.6
-1.8
38.9

-61.6
-31.2
-28.5
-0.0
-2.7

22
23
24
25
26

7.1
-26.4

3.4
-18.4

0.9
-2.6

7.5
55.7

25.4
-23.6

10.5
-7.3

40.9
-27.9

-72.3
3.4

48.9
-13.2

24.3
8.4

8.0
22.4

27
28

16.2
7.1
-9.1

19.2
3.4
-15.8

-10.0
0.9
10.9

6.3
7.5
1.3

-1.5
25.4
26.8

17.8
10.5
-7.3

96.9
40.9
-55.9

-103.3
-72.3
31.0

65.8
48.9
-16.9

11.7
24.3
12.6

36.5
8.0
-28.5

29
30
31

-26.3
-26.4
-0.1

-18.6
-18.4
0.1

-3.6
-2.6
1.0

55.8
55.7
-0.1

-23.8
-23.6
0.2

-6.9
-7.3
-0.4

-28.2
-27.9
0.2

2.9
3.4
0.6

-12.5
-13.2
-0.7

10.2
8.4
-1.8

22.4
22.4
-0.0

32
33
34

21
22
23
24
25
26

27
28

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

29
30
31

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

32
33
34

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

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

44
45

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

-5.3

-45.2

10.2

-10.2

-20.0

38.0

129.8

176.6

-66.8

-87.6

72.7

35

20.8

-45.6

4.2

-10.1

-15.8

34.4

102.4

177.3

-47.6

-94.2

81.5

36

-26.1

0.4

6.0

-0.1

-4.2

3.5

27.4

-0.7

-19.2

6.6

-8.8

37

1.0
1.1
-0.1

-1.0
-0.9
-0.1

0.4
0.4
0.0

-0.7
-0.7
0.0

1.2
1.2
-0.0

-0.0
-0.0
0.0

-9.3
-9.4
0.0

2.5
1.7
0.7

5.4
2.7
2.7

1.4
4.8
-3.4

-4.9
-6.9
2.0

38
39
40

-27.2
-5.0
-22.2

0.7
-2.2
2.9

5.0
4.5
0.5

0.1
-0.0
0.1

-5.3
1.1
-6.4

4.0
-4.6
8.6

38.0
-5.2
43.3

-3.4
-10.7
7.4

-24.2
-3.9
-20.3

5.3
1.5
3.8

-3.9
-4.9
1.0

41
42
43

0.1

0.6

0.6

0.5

-0.1

-0.4

-1.3

0.2

-0.4

-0.1

-0.0

44

17.3

17.2

7.2

-4.4

15.0

9.5

12.8

-13.1

-0.4

38.9

-2.7

45

39

Z.1, June 8, 2006

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

Net change in liabilities

Q2

Q3

Q4

2006
Q1

-113.6

156.8

-9.0

81.7

89.7

1.1

53.6

-66.1

-83.9

100.7

71.1

1

2
3
4
5

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

-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

37.1
0.1
-0.1
37.1

29.2
-1.4
-0.0
30.6

11.0
-6.2
0.2
17.0

11.8
-8.8
-0.2
20.8

44.8
-0.7
0.2
45.4

49.0
10.1
-0.3
39.2

32.8
-0.7
0.1
33.4

2
3
4
5

6
7
8
9

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

-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
12.2
19.6

44.6
-3.2
26.9
20.9

-36.5
7.0
29.0
-72.5

28.0
52.2
-59.5
35.4

-77.9
-65.6
120.7
-133.0

-143.0
10.2
53.3
-206.6

46.9
31.0
1.6
14.3

35.6
-26.5
57.6
4.5

6
7
8
9

5.3
7.6

0.5
7.5

3.9
4.5

1.4
13.2

3.6
-3.6

5.7
8.6

5.0
-0.3

7.4
-4.7

10
11

10
11

Savings institutions
Credit unions

1.2
5.9

3.2
3.5

1.8
5.0

12

Net change in assets

-113.6

156.8

-9.0

81.7

89.7

1.1

53.6

-66.1

-83.9

100.7

71.1

12

13

Household sector

-87.2

69.1

-3.4

-57.2

35.3

0.4

130.5

5.9

-203.5

68.5

49.5

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

24.1
15.5
8.4
0.2

-63.4
-64.5
0.5
0.6

-31.8
-34.9
2.6
0.5

56.5
51.7
4.1
0.7

-8.3
-36.6
27.2
1.0

-25.1
-57.2
31.4
0.7

6.4
-15.3
21.0
0.7

-68.6
-102.3
33.0
0.7

-0.7
-34.9
33.5
0.7

-37.7
-76.2
37.9
0.7

-41.9
-74.1
32.0
0.2

14
15
16
17

18
19

State and local governments
Federal government

0.1
-65.1

4.0
41.1

5.2
-17.1

3.5
9.2

-4.6
-31.0

9.8
12.6

48.6
63.0

2.5
-36.8

-39.7
-22.0

27.8
46.1

-0.9
-41.7

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

3.3
2.2
1.1

18.8
-5.0
23.8

20.9
-0.6
21.5

28.9
12.3
16.6

41.7
26.8
14.8

48.0
29.0
19.0

-55.0
-59.3
4.3

134.9
120.5
14.4

74.0
53.5
20.5

37.9
1.3
36.6

65.4
57.6
7.7

20
21
22

23

Financial sectors

2.5

82.0

19.5

49.7

29.1

-37.4

-122.0

-65.9

75.7

-37.6

25.9

23

24
25
26

Commercial banking
Savings institutions
Credit unions

-0.5
-1.5
0.3

1.1
2.0
10.1

-0.3
3.8
1.6

-0.0
0.0
3.2

1.0
-3.5
-1.4

-0.5
2.2
-2.0

0.5
3.6
-21.5

0.7
3.5
-23.2

-2.1
2.5
17.3

-0.9
-0.6
19.2

-1.3
-11.5
-3.6

24
25
26

27
28
29
30

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

-0.6
-0.5
3.3
0.7

9.4
31.9
-0.8
1.5

12.8
-1.6
0.3
1.5

8.6
12.0
0.2
4.3

-8.7
6.0
0.1
0.4

-4.9
-5.5
0.3
-0.7

-7.2
-24.5
0.2
-5.1

-3.1
20.9
0.2
-0.9

-0.6
4.7
0.3
18.0

-8.4
-23.3
0.3
-14.9

-6.7
4.1
0.4
5.8

27
28
29
30

31
32
33
34
35

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

4.7
-7.7
2.6
-0.0
1.6

3.9
2.3
2.9
1.1
16.8

-6.8
8.1
3.1
-0.1
-2.9

-0.7
12.0
3.3
3.9
2.9

2.7
10.1
3.5
3.2
15.7

-1.4
-25.7
3.7
4.4
-7.3

-4.8
-62.9
3.6
4.4
-8.2

-22.4
-42.5
3.7
4.8
-7.5

31.2
0.2
3.7
5.2
-4.9

-9.6
2.4
3.8
3.3
-8.8

8.6
0.3
3.8
3.5
22.5

31
32
33
34
35

8.7

5.2

-2.3

-8.9

27.7

-7.1

-18.0

-38.3

32.3

-4.3

14.8

36

36

Mail float

40

Z.1, June 8, 2006

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2

Net change in liabilities
Small time and savings deposits

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

347.2

383.1

373.3

368.7

529.8

587.6

388.0

529.8

842.3

590.3

507.9

1

231.0

314.6

323.4

306.9

283.1

316.5

129.8

292.7

463.5

379.8

133.9

2

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

281.8
281.0
-0.8
1.6

268.1
262.7
0.5
4.9

216.8
205.6
5.3
5.9

185.1
181.3
-2.1
6.0

413.5
409.5
-1.1
5.1

257.1
254.3
0.1
2.7

115.3
108.6
2.9
3.8

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

6.4
13.0

16.6
48.6

20.9
33.1

47.0
29.6

-14.4
15.7

34.3
14.1

-30.2
-56.8

54.0
53.6

37.5
12.5

75.7
47.0

35.9
-17.3

7
8

9

Large time deposits (1)

116.2

68.5

50.0

61.8

246.6

271.1

258.2

237.1

378.8

210.4

374.0

9

10
11
12
13

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

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

186.3
115.4
69.3
1.6

229.8
166.7
58.2
4.9

205.3
122.8
76.6
5.9

165.4
113.0
46.4
6.0

339.8
210.0
124.8
5.1

208.5
220.9
-15.0
2.7

318.8
113.4
201.6
3.8

10
11
12
13

14
15

Savings institutions
Credit unions

19.9
3.5

26.8
9.0

44.0
8.7

32.2
10.8

54.0
6.4

38.8
2.5

46.5
6.4

65.5
6.2

46.3
-7.3

-3.0
4.9

50.2
5.1

14
15

16

Net change in assets

347.2

383.1

373.3

368.7

529.8

587.6

388.0

529.8

842.3

590.3

507.9

16

17

Household sector

284.5

269.7

316.1

340.3

335.8

385.8

419.3

303.3

512.0

308.5

409.5

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

103.5
35.5
68.1

15.9
8.8
7.1

24.6
10.2
14.5

115.3
71.5
43.8

107.1
57.3
49.7

101.4
44.0
57.4

92.9
54.4
38.5

31.2
-29.1
60.4

109.4
48.1
61.3

172.0
102.7
69.3

92.5
34.0
58.4

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

10.6
1.0
-17.2

12.0
4.2
11.9

8.8
17.1
31.7

8.0
-25.2
-12.6

6.9
-0.0
74.4

29.0
-1.0
42.6

59.6
-0.1
-183.6

-2.2
-2.8
244.2

42.7
1.5
83.2

15.9
-2.5
26.4

12.5
0.4
23.2

21
22
23

24

Financial sectors

-35.2

69.4

-25.0

-57.2

5.7

29.8

-0.1

-44.0

93.5

69.9

-30.1

24

0.1
-1.1

0.8
7.4

0.4
1.6

0.0
1.8

0.6
-0.0

-0.5
-4.5

-1.6
-9.4

-0.1
-1.1

0.4
-2.5

-0.7
-5.0

2.7
-9.9

25
26

-22.9
-0.1
-11.7
0.5

-36.4
0.2
89.3
8.1

2.1
-0.1
-23.9
-5.1

3.0
-0.3
-53.3
-8.5

-4.6
0.3
0.4
9.0

6.4
0.3
16.6
11.6

-6.2
0.2
24.0
-7.1

15.7
-1.1
-77.3
19.8

14.4
1.2
77.3
2.7

1.7
0.7
42.3
30.9

-10.7
0.2
-9.0
-3.5

27
28
29
30

25
26

Savings institutions
Credit unions

27
28
29
30

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

232.5

428.5

-16.7

-207.5

-136.5

127.0

-71.4

60.7

222.2

296.5

135.6

1

2

Net purchases

232.5

428.5

-16.7

-207.5

-136.5

127.0

-71.4

60.7

222.2

296.5

135.6

2

143.7
36.5
8.7
2.8

153.4
110.5
9.6
3.2

-43.2
27.8
2.3
1.6

-110.1
-38.5
-8.2
3.6

-56.4
27.7
8.4
3.2

53.8
31.8
9.7
2.4

-46.6
-22.2
6.5
3.1

78.8
19.4
10.2
-1.0

129.0
46.3
10.4
4.2

53.8
83.8
11.8
3.2

104.4
33.2
9.9
3.5

3
4
5
6

10.5
4.2
1.4
24.7

31.0
-6.1
2.2
124.6

-13.5
7.4
0.1
0.8

-8.3
1.8
-2.9
-44.9

-30.7
0.6
-3.1
-86.4

-2.1
1.9
2.9
26.7

-28.5
1.3
-6.0
20.9

-4.3
1.1
4.1
-47.6

1.7
2.2
1.1
27.2

22.4
2.8
12.2
106.5

33.4
3.4
0.5
-52.7

7
8
9
10

3
4
5
6
7
8
9
10

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Life insurance companies
Private pension funds
State and local govt. retirement funds
Funding corporations

41

Z.1, June 8, 2006

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

114.5

23.7

106.6

227.2

83.2

360.3

580.7

422.8

259.2

178.4

577.5

1

2
3
4
5

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

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

4.1
10.1
-4.7
-1.3

116.6
82.7
34.2
-0.2

189.1
259.8
-69.2
-1.5

180.8
126.4
47.6
6.7

66.1
12.7
56.0
-2.5

30.5
-68.2
102.2
-3.5

164.3
242.2
-75.4
-2.5

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-6.0
-2.5
56.9

5.8
9.3
51.0

-15.0
15.1
-9.0

20.1
5.9
133.7

4.7
25.0
49.3

-3.6
38.3
208.9

-46.3
15.9
422.0

5.1
45.3
191.6

29.7
51.5
111.9

-2.7
40.6
110.1

-6.5
44.9
374.8

6
7
8

-28.9

74.4

75.9

248.0

201.9

228.0

232.3

195.1

362.7

122.0

299.5

9

9

Net change in liabilities

2001

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

-1.6
-10.2
11.4

-0.2
-11.1
59.4

2.2
-16.4
39.4

-0.2
7.2
270.1

0.2
6.4
186.9

4.1
4.7
53.7

-0.9
6.2
77.7

3.5
-1.9
32.3

6.2
8.3
177.8

7.6
6.4
-73.0

-8.9
6.9
245.3

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

-28.6
-97.3
4.3
-5.3

26.3
6.9
5.4
-1.5

50.7
-10.8
-0.3
-0.8

-29.1
4.3
-7.7
-0.1

8.4
-10.8
-3.2
2.6

165.5
13.8
-0.1
2.6

149.3
52.9
1.1
-11.4

161.2
-5.3
1.0
0.3

170.4
-41.1
21.4
12.0

181.0
48.5
-23.9
9.4

56.2
-22.6
19.3
-7.0

13
14
15
16

10.0
-5.1
-0.5
43.5
18.8
3.0

-8.1
-8.9
-5.9
43.4
-28.9
23.8

14.2
6.3
-6.9
47.1
10.9
-9.1

8.5
-1.1
-5.0
-20.8
12.9
-20.0

10.2
-0.4
-5.3
-18.7
18.1
15.8

5.9
1.1
3.2
112.0
2.9
24.2

10.7
3.6
-6.5
64.5
46.0
-11.6

-3.6
-0.0
2.9
173.2
-17.2
10.0

11.6
0.0
15.3
77.0
-18.5
92.6

4.8
0.7
1.2
133.2
1.3
5.7

12.6
1.4
5.6
-18.9
39.1
26.8

17
18
19
20
21
22

143.4

-50.7

30.7

-20.8

-118.8

132.2

348.4

227.7

-103.6

56.4

278.0

23

17
18
19
20
21
22
23

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

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

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

211.6

-94.5

-63.5

-75.1

134.7

266.7

223.4

361.3

277.3

204.8

351.4

1

212.2

-91.3

-63.3

-74.9

135.0

266.7

223.3

360.9

276.2

206.4

351.3

2

48.1
31.7
10.9
20.8

-83.0
15.8
-16.5
32.3

-57.9
58.3
-0.2
58.5

-35.1
12.9
-3.7
16.5

16.8
62.8
-2.2
65.0

-7.9
38.5
15.7
22.8

49.8
6.2
-0.2
6.4

5.8
10.0
-14.6
24.6

2.8
78.5
14.9
63.6

-89.9
59.1
62.6
-3.5

42.1
62.6
-34.0
96.6

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

132.4
1.2
125.0
8.4
0.0
-2.3

-24.2
-5.1
79.7
-80.3
0.0
-18.6

-63.7
-2.3
-40.1
-17.1
0.0
-4.2

-52.7
-6.0
-43.0
-5.2
0.0
1.6

55.4
10.8
-8.0
27.7
0.0
24.9

236.1
4.0
146.8
-17.9
0.0
103.1

167.2
26.8
77.8
-24.8
0.0
87.4

345.1
-7.6
142.5
-74.1
0.0
284.3

194.8
21.6
155.6
-22.3
0.0
40.0

237.2
-24.7
211.4
49.8
0.0
0.6

246.5
6.3
118.0
11.0
0.0
111.3

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.7

-3.2

-0.2

-0.2

-0.3

0.0

0.1

0.4

1.2

-1.6

0.1

13

14

Net purchases, by sector

211.6

-94.5

-63.5

-75.1

134.7

266.7

223.4

361.3

277.3

204.8

351.4

14

15
16
17
18

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

12.4
10.2
15.4
4.3

-0.0
2.4
17.4
-2.6

13.1
4.6
14.4
10.3

-4.5
10.9
9.4
7.0

30.2
16.4
8.3
30.6

28.1
14.2
6.2
3.0

5.2
4.8
8.1
-23.8

57.3
10.0
-2.5
44.1

27.4
14.2
10.9
3.2

22.7
27.9
8.4
-11.6

20.4
-9.1
9.0
24.5

15
16
17
18

19
20
21
22

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions

0.0
0.2
0.0
-0.6

0.0
0.0
0.0
1.2

0.0
0.0
0.0
1.2

0.0
0.0
0.0
-2.0

0.0
0.0
0.0
0.2

0.0
0.0
0.0
-0.6

0.0
0.0
0.0
0.6

0.0
0.0
0.0
-2.5

0.0
0.0
0.0
-2.0

0.0
0.0
0.0
1.6

0.0
0.0
0.0
4.0

19
20
21
22

23
24
25

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

-4.5
-6.2
6.9

-11.9
-8.2
4.0

14.7
7.2
-3.2

-18.2
-3.2
-9.0

-7.6
0.6
-9.5

-8.3
2.2
-0.6

-17.9
2.8
-2.7

-16.7
3.4
2.3

-24.7
1.2
-1.2

26.2
1.2
-0.8

-34.1
2.0
-0.4

23
24
25

26
27
28
29
30

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

96.7
18.8
10.7
13.2
34.1

3.4
-28.9
2.7
9.0
-82.8

-38.6
-7.7
-23.5
-4.7
-51.4

-125.2
13.1
-2.4
5.9
43.0

-54.1
18.0
-2.0
-1.3
104.8

86.3
3.0
2.2
7.6
123.3

-7.6
63.6
2.5
9.5
178.2

47.4
-5.4
3.5
48.3
172.1

98.6
-27.1
-3.0
5.3
174.5

207.0
-19.1
5.8
-32.7
-31.7

-22.2
56.2
0.7
24.0
276.5

26
27
28
29
30

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, June 8, 2006

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7

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

Q2

Q3

Q4

2006
Q1

-294.9

-5.1

257.1

398.4

362.5

307.3

631.5

7.2

232.3

358.2

608.7

1

-1.7
-293.2

5.6
-10.7

4.5
252.5

8.9
389.5

0.6
361.9

0.7
306.6

0.1
631.3

0.7
6.5

-1.7
234.0

3.6
354.6

4.2
604.5

2
3

-294.9

-5.1

257.1

398.4

362.5

307.3

631.5

7.2

232.3

358.2

608.7

4

-213.8
-1.7
-212.1

-74.8
5.6
-80.4

-104.9
4.5
-109.4

19.0
8.9
10.1

60.3
0.6
59.7

-108.8
0.7
-109.5

120.0
0.1
119.9

-297.1
0.7
-297.8

80.7
-1.7
82.3

-339.0
3.6
-342.6

493.3
4.2
489.1

5
6
7

-1.3
3.0
5.8

-1.3
2.7
18.3

14.5
0.0
26.3

1.4
2.0
8.3

-0.9
7.1
22.6

1.9
8.2
68.1

-4.2
5.5
92.5

-2.6
8.7
87.8

-3.6
8.8
83.0

17.9
9.9
9.3

3.2
8.4
42.7

8
9
10

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

11
12

Rest of the world
Monetary authority

-70.5
33.7

10.5
40.0

138.9
77.7

288.9
37.3

358.5
51.2

296.6
26.4

357.3
-10.5

135.9
32.0

265.6
66.8

427.4
17.3

184.5
48.4

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

-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

-22.8
-19.2
-4.1
-0.8
1.4

-13.0
-10.1
-2.1
-0.9
0.1

53.4
45.1
9.1
-1.6
0.8

-50.6
-33.0
-18.7
3.2
-2.1

19.1
19.6
0.1
0.1
-0.6

-73.7
-72.1
1.1
-5.1
2.4

-9.1
-0.8
-14.9
6.2
0.4

13
14
15
16
17

18
19

Savings institutions
Credit unions

-1.4
-1.4

2.7
-0.8

-2.2
0.4

3.0
1.1

-3.9
0.1

4.0
-1.3

-3.2
-2.0

5.6
-0.5

-1.3
-3.5

14.7
0.9

-8.0
-0.5

18
19

20
21
22
23
24

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

-8.6
-4.6
-9.9
-19.8
2.0

-0.0
-4.4
-8.8
-24.0
7.2

9.2
24.8
-3.7
3.8
9.6

3.5
-6.6
13.3
-10.9
5.1

6.6
6.6
-4.1
-17.5
5.4

2.7
19.8
3.3
-4.0
7.7

4.0
27.6
6.2
-13.3
8.8

-0.4
24.8
2.6
11.9
10.8

5.8
25.9
5.7
-29.8
7.8

1.4
0.8
-1.5
15.1
3.5

3.6
14.9
3.3
8.9
6.0

20
21
22
23
24

25
26
27
28
29
30

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

-12.9
10.2
-0.9
0.0
0.6
39.4

46.0
-9.8
0.1
0.0
0.4
13.1

4.7
17.2
-2.8
2.0
12.1
-13.7

-10.2
9.3
1.4
0.1
-12.3
41.7

-33.9
4.8
2.4
2.8
-0.6
-82.4

-9.6
6.6
0.3
4.8
0.2
-6.5

11.2
10.0
0.6
9.3
0.7
-42.4

-10.0
3.9
1.7
2.1
-1.9
42.3

-12.3
-1.8
-1.0
4.5
1.0
-289.2

-27.5
14.4
-0.1
3.3
1.0
263.1

-23.3
8.9
0.7
1.4
1.5
-180.0

25
26
27
28
29
30

-295.9

-5.6

257.6

396.0

361.9

306.9

630.7

5.8

231.9

359.0

607.7

31

Memo:
31

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, June 8, 2006

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8

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

Q2

Q3

Q4

2006
Q1

433.9

642.1

547.2

571.9

117.5

50.3

-145.7

37.0

-67.0

376.8

492.0

1

-1.0
235.2
199.7

-0.5
304.1
338.5

0.5
219.8
326.8

-2.4
243.7
330.5

-0.6
65.0
53.0

-0.4
-84.2
134.9

-0.7
-209.6
64.7

-1.4
-84.2
122.6

-0.4
-243.9
177.2

0.8
200.9
175.1

-1.0
144.8
348.2

2
3
4

433.9

642.1

547.2

571.9

117.5

50.3

-145.7

37.0

-67.0

376.8

492.0

5

32.6
3.0
41.9

-117.0
2.1
47.2

-155.9
-0.7
41.9

147.2
-4.8
20.4

91.3
-0.3
18.1

254.0
0.7
13.5

3.9
-1.5
17.6

325.1
-6.0
-5.5

474.5
3.7
23.6

212.7
6.6
18.2

-75.5
-2.2
19.5

6
7
8

0.0
141.9
-0.1

0.0
103.7
-0.1

0.0
112.3
0.0

0.0
6.5
-0.0

0.0
104.8
0.0

0.0
161.4
0.0

0.0
102.7
0.0

0.0
167.9
0.0

0.0
220.6
0.0

0.0
154.6
0.0

0.0
192.6
0.0

9
10
11

9
10
11

Federal government
Rest of the world
Monetary authority

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

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

96.9
89.7
0.6
1.9
4.7

-6.8
-3.3
-2.3
-2.3
1.2

95.5
102.2
-9.3
0.3
2.4

-63.3
-94.4
27.9
-3.1
6.3

-55.4
-24.1
-27.0
-5.1
0.8

-3.9
2.9
-0.6
-1.4
-4.8

154.3
178.7
-26.9
2.9
-0.4

12
13
14
15
16

17
18

Savings institutions
Credit unions

-6.7
-0.4

21.0
19.6

14.7
16.8

22.6
18.2

-13.6
1.5

-12.8
-7.5

-5.9
6.7

-8.9
-5.8

-17.1
-27.9

-19.3
-2.9

-8.6
8.3

17
18

19
20
21
22
23

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

8.6
11.0
-32.9
49.9
0.1

10.1
18.1
5.1
1.9
1.6

19.0
77.4
-19.4
11.8
1.9

2.2
18.0
33.3
55.7
0.5

-3.3
8.2
17.5
44.2
-0.5

2.2
0.2
-0.2
1.7
0.0

3.7
10.7
-9.4
76.8
-0.2

-3.2
-7.4
-17.5
-39.6
0.4

6.2
-4.7
-3.5
-18.1
0.2

2.1
2.1
29.5
-12.1
-0.3

-0.6
19.5
-6.0
-3.9
-0.1

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-7.0
12.6
149.2

141.5
84.7
206.9

8.7
54.0
131.7

-4.6
25.2
88.8

-61.1
15.2
-130.3

-107.4
20.7
-162.1

-176.2
31.2
-185.4

-149.6
12.2
-227.6

-182.5
-5.5
-297.7

78.6
45.0
62.3

15.0
27.9
-20.2

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

9.7
0.5
-2.3

18.9
7.0
14.1

71.0
7.4
14.1

68.9
-1.9
-8.1

-110.8
16.1
23.5

-109.0
7.9
-6.3

-118.4
-1.1
3.6

-58.4
13.2
111.0

-112.8
0.9
-71.4

-146.5
18.4
-68.3

38.3
20.2
113.5

27
28
29

(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, June 8, 2006

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net change in liabilities

2
3
4

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

5

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

6
7

Net change in assets

8
9
10
11

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

12
13

Commercial banking
Savings institutions

14
15
16

Property-casualty insurance companies
Life insurance companies
State and local govt. retirement funds

17
18
19
20
21

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

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

23.6

122.9

159.4

135.1

133.1

195.8

225.3

125.7

249.5

182.5

122.3

1

16.5
1.4
15.1

105.5
23.8
81.7

143.4
25.2
118.2

117.5
7.2
110.3

118.0
-6.0
124.0

172.1
5.7
166.4

201.7
18.1
183.6

103.5
-31.2
134.7

228.3
12.1
216.2

154.9
24.0
131.0

107.1
16.3
90.8

2
3
4

5.8

13.8

12.9

14.1

9.9

16.5

17.3

15.9

15.1

17.5

11.2

5

1.4

3.5

3.1

3.4

5.2

7.2

6.3

6.3

6.1

10.0

4.0

6

23.6

122.9

159.4

135.1

133.1

195.8

225.3

125.7

249.5

182.5

122.3

7

5.1
6.9
-0.3
0.2

50.0
-2.6
1.1
0.2

101.0
2.8
-0.1
0.1

34.6
3.3
-0.7
0.3

42.4
-0.4
0.4
0.2

92.4
-0.8
0.5
0.2

84.3
2.3
0.3
0.2

54.5
1.7
0.5
-0.1

137.8
-1.4
0.5
0.3

92.9
-5.9
0.6
0.2

11.5
5.0
0.5
0.2

8
9
10
11

3.4
0.2

6.1
1.3

1.5
1.0

10.8
0.8

8.3
0.8

16.9
1.5

24.1
1.0

7.0
3.0

16.9
1.5

19.6
0.7

16.2
3.0

12
13

-14.9
-1.0
-1.3

-10.3
-0.4
-0.1

9.2
1.2
-0.8

41.2
6.2
0.1

43.6
4.0
0.7

30.7
3.2
-0.6

40.4
5.1
-2.7

25.4
3.5
1.2

51.5
3.9
1.0

5.5
0.1
-1.8

33.9
2.0
0.2

14
15
16

34.1
-9.0
-2.0
2.8
-0.7

34.2
22.6
7.0
6.2
7.7

1.8
24.3
11.3
4.0
2.0

13.6
12.9
3.2
5.0
3.8

21.8
4.1
-0.1
0.2
7.1

23.2
17.2
0.2
0.1
11.0

19.1
26.9
1.1
5.7
17.5

25.2
18.5
2.5
-1.6
-15.7

9.4
28.0
-1.7
-9.7
11.5

39.3
-4.4
-1.1
5.8
30.7

32.8
41.6
0.1
5.0
-29.7

17
18
19
20
21

(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

345.1

608.2

513.2

664.7

666.8

758.6

636.5

835.0

629.2

933.7

1013.2

1

2
3

Nonfinancial corporate business
Rest of the world (1)

162.6
21.2

347.7
-18.5

132.3
31.6

158.3
41.9

77.7
19.2

60.7
18.6

35.1
-4.6

30.3
72.3

100.9
2.6

76.4
4.1

240.4
47.4

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

161.3
32.6
3.5

279.0
37.0
-2.6

349.3
22.0
-0.2

464.5
46.9
1.7

569.9
58.3
2.5

679.3
56.7
1.0

606.0
79.3
-0.4

732.4
30.8
0.7

525.7
38.2
-0.6

853.2
78.4
4.4

725.4
47.0
-0.8

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

32.8
72.9
1.9
15.6
1.9

150.0
66.6
4.4
1.4
22.2

220.5
62.0
16.2
-1.7
30.5

255.6
115.2
23.3
6.4
15.4

329.9
81.1
70.6
15.2
12.2

491.7
46.1
56.1
0.1
27.6

355.9
108.9
36.2
11.2
14.9

535.7
66.4
72.2
-5.2
32.0

527.6
-110.5
44.9
28.0
-1.9

547.7
119.6
71.2
-33.4
65.4

544.7
14.5
76.6
35.1
8.3

7
8
9
10
11

345.1

608.2

513.2

664.7

666.8

758.6

636.5

835.0

629.2

933.7

1013.2

12

82.3
9.9
168.4

39.9
11.2
195.4

179.2
9.1
151.0

-67.0
6.5
230.0

-47.5
5.7
254.4

-76.2
4.3
351.2

-302.3
5.6
244.1

-49.5
-1.7
337.2

-248.4
7.5
424.7

295.4
5.8
398.9

35.0
6.2
397.7

13
14
15

56.0
-2.5

97.0
-25.6

-3.2
-4.0

44.6
-8.8

77.3
-12.2

126.5
21.1

255.9
13.2

186.0
7.4

115.5
43.0

-51.4
21.0

97.0
24.2

16
17

6.4
49.0
-76.3
4.2
0.0

8.9
120.2
-23.1
-34.6
0.9

2.4
106.8
22.4
-62.4
1.2

20.0
171.0
13.9
-24.1
0.4

26.4
147.8
-19.1
10.2
-0.3

31.1
81.0
9.0
-0.4
-0.0

40.8
153.4
-2.7
-1.8
-0.1

27.2
60.3
16.2
0.3
0.2

51.5
77.0
14.4
-7.2
0.1

5.1
33.5
8.3
7.1
-0.2

28.2
125.4
-3.2
-3.4
-0.1

18
19
20
21
22

12

Net issues

Net purchases

13
14
15

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

16
17

Commercial banking
Savings institutions

18
19
20
21
22

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

23
24
25
26

Money market mutual funds
Mutual funds
Closed-end funds
Exchange-traded funds

27.3
-6.2
-2.7
0.0

42.3
58.1
-3.8
0.0

5.6
50.9
0.1
1.8

30.5
77.4
31.6
0.6

2.3
74.5
8.9
1.0

-2.7
76.4
1.0
1.9

-45.0
71.8
4.7
2.4

8.5
94.3
-0.3
1.4

37.5
86.1
1.9
2.6

-11.7
53.5
-2.2
1.5

56.4
121.7
11.8
1.6

23
24
25
26

27
28
29
30

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

19.1
-0.4
19.3
-8.9

24.6
2.3
48.6
45.8

33.5
2.3
30.7
-14.4

36.6
10.1
36.4
54.9

110.8
17.3
23.9
-14.5

51.7
26.6
85.2
-29.4

60.8
8.6
79.0
48.3

56.0
47.4
94.6
-50.3

34.6
28.2
13.5
-53.1

55.3
22.4
153.8
-62.4

28.5
24.6
31.5
30.1

27
28
29
30

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

45

Z.1, June 8, 2006

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net issues

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

5.3

98.3

46.4

119.1

50.4

-154.1

-34.4

-129.3

-308.9

-143.7

-401.5

1

-48.1

-41.6

-57.8

-141.1

-358.7

-264.3

-299.7

-470.4

-400.2

-586.8

2

Rest of the world (2)

106.7

109.1

17.0

114.2

83.2

136.7

159.3

95.6

135.7

155.9

172.0

3

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

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

37.3
-8.1
0.5
-0.9
1.9
31.0
6.1
6.7

71.0
-10.7
6.2
-6.5
18.1
45.3
8.4
10.2

62.7
-2.4
4.1
-3.9
43.9
15.8
13.3
-8.0

108.3
17.6
-4.0
-17.3
32.8
55.0
21.5
2.6

67.9
-13.8
-2.8
-7.9
20.0
53.9
16.1
2.5

70.6
-22.1
-3.6
-13.8
40.6
35.7
10.7
23.2

74.8
11.3
-5.0
-5.0
26.1
40.6
20.1
-13.2

25.7
-25.0
-4.4
-5.6
16.6
12.6
23.7
7.9

100.5
-19.4
1.6
-7.4
-3.1
126.7
9.9
-7.7

13.3
-26.6
-5.3
-22.8
8.5
30.5
18.2
10.7

4
5
6
7
8
9
10
11

Nonfinancial corporate business

3

12

2002

-118.2

2

4
5
6
7
8
9
10
11

2001

Net purchases

5.3

98.3

46.4

119.1

50.4

-154.1

-34.4

-129.3

-308.9

-143.7

-401.5

12

-631.9
6.3
193.6

-475.7
4.0
121.5

-173.6
10.3
54.1

-64.9
-17.5
35.0

-245.8
-5.0
61.9

-415.4
-0.9
89.0

-343.2
14.1
82.9

-318.0
-8.7
54.0

-520.2
-6.8
127.0

-480.3
-2.4
92.2

-866.5
-14.1
226.8

13
14
15

0.3
0.4

0.2
3.2

-0.6
2.0

2.3
-1.0

-0.2
-1.1

-0.0
-1.0

-0.9
-1.7

4.3
-0.9

-2.3
-1.1

-1.2
-0.1

1.8
-3.0

16
17

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

0.7
111.3
62.5
11.6
5.2

-0.3
70.2
104.0
115.1
-0.6

-1.1
52.7
-41.4
50.2
8.2

-2.7
45.5
-57.7
-0.6
17.5

-3.5
51.5
-40.7
-22.6
9.1

-5.2
46.9
-67.9
-12.7
7.0

-1.0
53.8
-71.1
-4.7
5.5

-4.6
22.9
-39.4
-5.9
2.5

4.7
64.4
-71.3
-38.0
8.3

-19.8
46.6
-89.8
-2.3
11.5

-5.9
62.0
-21.4
-16.4
9.6

18
19
20
21
22

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

193.1
0.1
42.4
9.6

109.8
-1.3
31.0
17.3

31.4
9.4
41.6
3.2

136.8
7.6
15.1
3.8

158.5
21.7
51.2
15.5

128.8
18.5
47.1
11.8

145.9
34.2
24.0
27.9

122.9
22.0
37.1
-17.6

126.6
17.4
5.5
-23.1

119.8
0.3
121.9
59.9

205.1
-4.1
27.5
-3.0

23
24
25
26

13
14
15

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

16
17

Commercial banking
Savings institutions

18
19
20
21
22
23
24
25
26

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

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

Net issues

237.6

204.9

181.1

288.6

298.2

260.3

400.4

228.3

195.0

217.7

500.4

1

2

Net purchases

237.6

204.9

181.1

288.6

298.2

260.3

400.4

228.3

195.0

217.7

500.4

2

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

57.8
3.5
1.3

155.2
4.4
0.4

121.4
0.5
2.1

270.7
11.3
-5.4

258.0
2.0
-1.5

240.3
7.4
-0.3

353.7
7.4
4.3

221.0
7.4
-2.7

188.8
7.4
-2.1

197.6
7.4
-0.7

477.3
7.4
-4.3

3
4
5

6
7

Commercial banking
Credit unions

2.5
-0.3

7.8
1.5

1.7
-0.2

-6.2
0.5

-0.9
-0.9

-1.8
-1.0

-4.9
-1.3

-4.3
-1.1

3.1
-1.4

-1.3
-0.3

-4.3
0.4

6
7

5.6
117.3
49.9

2.1
7.7
25.8

2.6
39.0
13.9

0.5
9.9
7.3

12.8
27.2
1.6

9.0
7.0
-0.2

10.0
31.9
-0.8

10.0
-1.8
-0.2

8.0
-6.8
-2.0

8.0
4.8
2.1

8.0
17.1
-1.1

8
9
10

8
9
10

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

(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, June 8, 2006

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Total loans by commercial
banking, flow of funds basis

371.8

71.3

225.2

193.2

405.0

558.0

590.7

569.7

646.5

425.3

701.3

1

2
3
4
5

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

0.2
164.6
43.3
50.4

0.0
129.8
17.4
0.0

0.0
268.5
34.1
2.8

0.0
197.5
52.8
35.5

0.0
339.5
34.9
-17.9

0.0
361.2
2.8
34.9

0.0
468.6
-21.6
37.3

0.0
328.0
8.6
52.2

0.0
416.3
95.4
47.5

0.0
232.0
-71.3
2.6

0.0
370.3
26.5
59.1

2
3
4
5

6

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

113.3

-75.8

-80.2

-92.6

48.5

159.2

106.4

180.9

87.2

262.0

245.4

6

98.6
14.6
-0.9
1.1

-61.5
-19.1
0.3
4.5

-58.1
-18.6
0.9
-4.3

-69.0
-29.0
5.0
0.3

42.8
6.4
-2.5
1.8

90.2
60.6
2.7
5.6

49.2
61.2
-4.9
0.9

123.9
55.3
-5.1
6.8

25.4
62.5
0.8
-1.4

162.4
63.4
20.0
16.2

178.7
66.1
-1.8
2.3

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.

113.3

-75.8

-80.2

-92.6

48.5

159.2

106.4

180.9

87.2

262.0

245.4

12

13

Net change in liabilities

113.3

-75.8

-80.2

-92.6

48.5

159.2

106.4

180.9

87.2

262.0

245.4

13

109.6

-88.9

-81.6

-87.9

36.0

152.2

101.1

205.0

48.6

254.2

246.8

14

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

3.2
43.8
48.5
2.7

-16.1
-109.6
44.0
-0.0

-3.0
-108.2
25.1
-0.9

-5.0
-85.9
11.1
-0.4

5.3
9.3
16.7
2.2

26.1
56.3
54.7
2.2

19.6
43.9
28.9
-3.4

19.3
126.4
62.5
2.0

-8.6
10.0
34.4
7.6

74.2
44.9
93.0
2.6

73.3
86.4
77.3
1.8

15
16
17
18

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

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

2.5
0.9
2.8
-1.3

12.9
-2.8
3.1
12.6

12.1
0.9
1.4
9.9

-5.3
-1.9
-1.8
-1.6

5.2
-9.7
9.9
5.0

39.5
-0.6
2.9
37.2

8.0
-1.7
-1.5
11.2

19
20
21
22

3.8

13.0

1.5

-4.8

12.5

6.9

5.3

-24.0

38.6

7.8

-1.4

23

7.4
0.5
0.0
-4.2

1.5
14.9
0.0
-3.3

4.2
-2.8
0.0
0.1

-13.2
8.1
0.0
0.3

1.9
9.1
0.0
1.5

-1.1
3.3
0.0
4.7

-0.5
-8.3
0.0
14.1

-9.5
-15.9
0.0
1.3

5.1
32.4
0.0
1.1

0.7
5.0
0.0
2.2

5.1
-8.7
0.0
2.3

24
25
26
27

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, June 8, 2006

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Total other loans and advances

120.8

30.6

24.7

39.1

96.0

121.5

107.6

180.5

21.7

176.4

27.0

1

2
3
4
5
6
7
8
9

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

-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

-2.1
-0.9
0.5
1.5
-0.3
0.2
-3.2
0.0

-8.9
-0.8
0.8
-4.4
-0.3
0.5
-4.8
0.0

-10.1
-0.9
0.4
-5.9
-0.3
0.3
-3.7
0.0

-9.3
-0.8
1.0
-4.7
-0.3
0.4
-4.9
0.0

-10.4
-0.7
0.9
-3.9
-0.3
0.6
-6.9
0.0

-5.9
-0.7
0.8
-2.9
-0.2
0.6
-3.5
0.0

-2.6
-0.4
0.9
3.2
-0.2
0.6
-6.8
0.0

2
3
4
5
6
7
8
9

10
11

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

-2.2
-2.2

-1.6
-1.6

10.1
10.1

-0.8
-0.8

6.3
6.3

60.6
60.6

107.8
107.8

51.2
51.2

5.5
5.5

77.8
77.8

19.8
19.8

10
11

12
13
14

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

-0.7
-0.0
-0.7

-2.9
-0.3
-2.6

-0.0
0.3
-0.4

-0.2
-0.2
0.0

-0.4
-0.4
0.1

0.0
0.0
-0.0

0.1
-0.0
0.2

0.6
-0.2
0.8

1.1
2.4
-1.3

-1.8
-2.0
0.2

0.0
0.2
-0.2

12
13
14

15
16
17

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

8.7
4.3
4.3

3.6
1.8
1.8

3.3
1.7
1.7

10.0
5.0
5.0

1.3
0.7
0.7

3.9
1.9
1.9

-4.9
-2.4
-2.4

17.5
8.7
8.7

-5.2
-2.6
-2.6

8.2
4.1
4.1

3.8
1.9
1.9

15
16
17

18
19
20

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

2.8
-0.0
2.9

2.2
0.0
2.2

1.1
0.0
1.0

-0.6
0.0
-0.7

1.7
0.1
1.6

0.9
0.1
0.8

-1.4
0.1
-1.5

3.0
0.1
2.9

-1.1
0.1
-1.2

3.1
0.1
3.0

-1.1
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)

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

73.5
-0.3
-1.7
1.5
8.8
60.0
2.3
3.0

49.7
0.0
1.0
4.5
24.4
16.2
3.3
0.4

35.2
0.0
6.7
1.5
56.8
-29.7
1.5
-1.6

116.4
0.0
-1.9
3.9
17.8
91.3
3.1
2.3

17.6
0.0
-2.2
9.0
21.7
-11.6
0.3
0.4

29.7
0.0
1.3
3.5
1.3
15.0
8.1
0.6

7.4
0.0
1.2
6.7
24.0
-27.0
-0.2
2.8

21
22
23
24
25
26
27
28

29
30

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

7.2
7.2

18.5
18.5

-3.3
-3.3

-1.1
-1.1

1.4
1.4

-16.7
-16.7

6.9
6.9

-29.1
-29.1

-18.7
-18.7

-26.1
-26.1

2.8
2.8

29
30

31
32
33

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

63.3
57.0
6.3

-11.5
-10.3
-1.1

8.3
7.5
0.8

2.2
2.0
0.2

14.3
12.9
1.4

32.1
28.9
3.2

-26.0
-23.4
-2.6

30.2
27.2
3.0

32.9
29.6
3.3

91.3
82.1
9.1

-3.2
-2.8
-0.3

31
32
33

48

Z.1, June 8, 2006

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Net change in mortgages

546.8

659.0

822.3

990.1

1236.8

1484.4

1195.0

1497.7

1677.2

1567.6

1595.7

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

401.3
29.9
108.7
7.0

496.1
42.2
113.0
7.7

672.8
38.8
103.0
7.6

779.9
70.7
131.5
8.0

991.0
54.8
182.5
8.4

1145.6
63.0
269.8
5.9

949.3
43.9
198.0
3.9

1155.2
69.9
261.2
11.4

1317.0
58.6
293.0
8.7

1161.0
79.7
327.2
-0.4

1258.8
61.2
265.7
10.0

2
3
4
5

6

546.8

659.0

822.3

990.1

1236.8

1484.4

1195.0

1497.7

1677.2

1567.6

1595.7

6

Household sector

372.3

469.9

638.8

850.3

930.6

1108.6

908.6

1134.0

1228.0

1164.0

1202.7

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

169.7
25.2
137.5
7.0

186.9
58.0
121.2
7.7

175.3
46.7
121.0
7.6

131.5
43.3
80.2
8.0

279.9
50.6
220.9
8.4

356.4
88.5
262.0
5.9

263.7
76.4
183.4
3.9

344.5
62.3
270.8
11.4

429.3
116.5
304.2
8.7

388.0
98.8
289.6
-0.4

377.0
113.6
253.4
10.0

8
9
10
11

12
13

Federal government
REITs

0.0
4.9

0.0
2.2

0.0
8.2

0.0
8.3

0.0
26.3

0.0
19.4

0.0
22.7

0.0
19.3

0.0
19.9

0.0
15.6

0.0
16.0

12
13

14

Net change in assets

546.8

659.0

822.3

990.1

1236.8

1484.4

1195.0

1497.7

1677.2

1567.6

1595.7

14

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

10.8
2.3
-0.7

8.1
3.1
3.4

10.9
2.9
-0.6

11.6
2.2
-0.2

12.7
15.9
4.1

12.7
15.9
4.8

11.2
15.9
3.2

14.1
15.9
5.0

13.5
15.9
5.1

12.0
15.9
5.8

14.3
15.9
4.9

15
16
17

18
19

State and local governments
Federal government

-1.1
-0.9

-1.0
-1.1

-5.4
0.5

7.7
-2.5

6.8
1.6

5.1
2.4

6.7
1.1

-2.1
0.6

8.9
3.8

6.9
4.0

7.4
1.8

18
19

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

164.6
54.9
13.8

129.8
35.1
16.4

268.5
23.0
18.2

197.5
89.2
23.2

339.5
186.8
30.6

361.2
95.7
32.3

468.6
12.5
23.7

328.0
200.2
41.0

416.3
99.3
27.6

232.0
70.7
37.0

370.3
121.8
21.4

20
21
22

23
24
25
26

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

-0.3
5.2
0.2
-3.6

0.2
7.1
-2.2
-1.1

0.1
7.0
0.6
0.1

0.1
10.9
-0.1
-0.7

0.3
12.4
-0.2
-0.9

0.3
12.0
-0.2
1.3

0.2
11.8
-0.3
3.8

0.2
14.1
-0.1
0.3

0.5
10.0
-0.1
-3.3

0.3
12.0
-0.3
4.6

0.3
13.9
-0.2
-0.5

23
24
25
26

27
28
29

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

22.2
199.7
58.4

33.2
338.5
101.2

59.8
326.8
85.0

106.0
330.5
170.2

15.1
53.0
460.4

-7.2
134.9
719.2

15.0
64.7
500.1

-11.5
122.6
700.2

-20.5
177.2
816.4

-11.9
175.1
859.9

15.1
348.2
545.0

27
28
29

30
31
32

Finance companies
Mortgage companies
REITs

26.4
0.0
-5.4

-11.0
0.0
-0.7

13.2
0.0
11.8

24.4
0.0
19.8

43.9
0.0
54.5

41.8
0.0
52.3

26.8
0.0
30.1

9.6
0.0
59.4

46.5
0.0
60.0

84.2
0.0
59.5

50.9
0.0
65.1

30
31
32

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

49

Z.1, June 8, 2006

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

Q3

Q4

2006
Q1

401.3

496.1

672.8

779.9

991.0

1145.6

949.3

1155.2

1317.0

1161.0

1258.8

1

359.8
2.0
39.5

451.2
2.1
42.8

622.7
0.7
49.5

835.5
1.8
-57.4

910.1
4.1
76.8

1078.4
6.7
60.6

894.6
5.2
49.4

1089.0
7.3
59.0

1207.7
6.6
102.7

1122.3
7.6
31.2

1181.5
8.4
68.9

2
3
4

401.3

496.1

672.8

779.9

991.0

1145.6

949.3

1155.2

1317.0

1161.0

1258.8

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

7.2
1.2
-0.2

7.4
1.5
1.2

8.7
1.9
-0.2

9.5
1.2
-0.1

10.4
14.9
1.5

11.3
14.9
1.8

11.0
14.9
1.2

11.2
14.9
1.8

11.5
14.9
1.9

11.7
14.9
2.1

12.0
14.9
1.8

6
7
8

9
10

State and local governments
Federal government

-0.6
-0.7

-0.5
-0.6

-2.7
-0.9

3.9
-0.9

3.5
-0.5

2.6
-0.4

3.4
-0.5

-1.1
-0.2

4.6
-0.6

3.5
-0.4

3.8
-0.1

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

86.1
46.0
13.8

58.2
26.2
16.4

198.3
10.7
18.2

124.9
71.7
23.2

221.0
171.7
30.6

206.4
80.5
32.3

353.4
3.6
23.7

176.5
174.3
41.0

215.5
88.2
27.6

80.2
55.8
37.0

216.2
104.1
21.4

11
12
13

14
15
16

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

-1.0
1.1
-1.1

0.0
-3.1
-0.3

-0.3
-1.8
-0.0

-0.3
-1.1
-0.5

0.6
-0.2
0.5

-0.5
-0.0
0.7

0.1
-0.1
2.3

0.2
-0.0
0.1

0.2
-0.0
-1.2

-2.4
-0.0
1.7

0.1
-0.0
-0.2

14
15
16

17
18
19

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

15.8
190.9
23.7

20.5
322.9
56.4

45.5
315.2
54.1

92.2
303.2
117.9

-0.4
49.6
398.9

-9.0
129.8
589.6

12.1
62.3
406.1

-14.9
119.3
572.3

-23.8
170.1
716.8

-9.3
167.7
663.5

9.4
336.1
433.4

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

22.4
0.0
-3.3

-10.5
0.0
0.2

14.9
0.0
11.4

17.2
0.0
17.7

37.9
0.0
51.1

42.1
0.0
43.4

28.7
0.0
27.1

10.7
0.0
49.1

46.6
0.0
45.0

82.6
0.0
52.5

48.4
0.0
57.7

20
21
22

89.7
45.5
13.1
7.3
1.5
22.4

25.0
23.6
5.1
4.2
2.5
-10.5

66.2
44.7
0.6
3.1
3.0
14.9

101.5
62.7
17.1
3.8
0.7
17.2

202.3
117.6
25.6
12.1
9.1
37.9

163.9
65.5
30.4
11.8
14.0
42.1

137.7
69.9
20.0
5.0
14.1
28.7

191.9
119.2
37.1
16.1
8.7
10.7

150.4
39.0
33.5
14.2
17.1
46.6

175.8
34.0
31.2
11.8
16.2
82.6

124.1
26.3
32.5
5.9
11.0
48.4

23
24
25
26
27
28

6
7
8

23
24
25
26
27
28

Net change in assets

Q2

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 28) 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

29.9

42.2

38.8

70.7

54.8

63.0

43.9

69.9

58.6

79.7

61.2

1

1.4
25.4

1.4
39.2

1.5
35.7

1.6
68.5

1.8
48.3

2.0
59.8

1.9
40.9

2.0
73.2

2.0
50.2

2.1
74.8

2.1
56.2

2
3

Federal government
REITs

0.0
3.1

0.0
1.6

0.0
1.7

0.0
0.6

0.0
4.7

0.0
1.3

0.0
1.0

0.0
-5.2

0.0
6.4

0.0
2.9

0.0
2.9

4
5

Net change in assets

29.9

42.2

38.8

70.7

54.8

63.0

43.9

69.9

58.6

79.7

61.2

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
-0.1
-0.2

-0.0
0.1
1.2

0.0
0.0
-0.2

0.0
0.0
-0.1

0.0
0.0
1.4

0.0
0.0
1.6

0.0
0.0
1.1

0.0
0.0
1.7

0.0
0.0
1.7

0.0
0.0
1.9

0.1
0.0
1.6

7
8
9

10
11

State and local governments
Federal government

-0.4
0.3

-0.4
-0.2

-2.1
0.5

3.1
0.2

2.7
0.4

2.0
-0.0

2.7
0.7

-0.8
-0.7

3.6
-0.4

2.8
0.4

3.0
-1.0

10
11

12
13

Commercial banking
Savings institutions

10.1
1.9

7.0
3.3

9.3
4.1

10.7
9.3

14.4
9.5

20.8
10.7

14.0
11.4

24.8
19.0

26.2
6.7

18.2
5.7

21.3
7.7

12
13

14
15
16

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

0.9
0.0
-1.0

2.0
0.3
-0.2

1.2
0.5
-0.0

1.7
0.3
-0.5

1.9
0.0
0.4

2.0
-0.0
0.3

1.0
-0.1
0.8

2.0
-0.0
0.1

1.5
-0.0
-1.0

3.6
-0.1
1.4

0.9
-0.1
-0.1

14
15
16

17
18
19

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

4.5
8.5
5.4

8.2
15.6
5.9

8.5
12.9
5.5

10.9
26.6
8.1

12.4
3.6
7.9

0.1
5.1
20.0

0.9
2.6
8.6

-1.9
3.3
22.6

0.5
7.3
12.1

0.7
7.4
36.7

3.6
10.3
13.3

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

0.1
0.0
-0.3

-0.2
0.0
-0.4

-1.0
0.0
-0.2

0.1
0.0
0.1

0.1
0.0
-0.0

0.1
0.0
0.2

-0.0
0.0
0.1

-0.0
0.0
-0.3

0.0
0.0
0.3

0.4
0.0
0.6

0.0
0.0
0.6

20
21
22

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6
7
8
9

50

Z.1, June 8, 2006

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

108.7

113.0

103.0

131.5

182.5

269.8

198.0

261.2

293.0

327.2

265.7

1

12.5
21.9
72.5
1.8

18.7
54.5
39.2
0.6

16.2
44.5
35.8
6.6

14.7
40.0
69.0
7.7

20.4
44.7
95.8
21.5

30.2
79.9
141.7
18.1

14.0
69.3
93.1
21.6

45.0
53.0
138.6
24.5

20.3
107.9
151.3
13.5

41.7
89.2
183.6
12.7

21.2
103.1
128.3
13.0

2
3
4
5

108.7

113.0

103.0

131.5

182.5

269.8

198.0

261.2

293.0

327.2

265.7

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

1.7
1.1
-0.2

-0.7
1.5
0.8

0.7
1.0
-0.2

0.6
1.0
-0.0

0.6
1.0
1.1

0.7
1.0
1.2

0.6
1.0
0.8

0.7
1.0
1.3

0.7
1.0
1.3

0.7
1.0
1.5

0.7
1.0
1.2

7
8
9

10
11

State and local governments
Federal government

-0.1
-0.4

-0.1
-0.1

-0.4
1.2

0.6
-1.6

0.5
1.8

0.4
2.8

0.5
0.8

-0.2
1.6

0.7
4.9

0.6
4.2

0.6
3.0

10
11

12
13

Commercial banking
Savings institutions

66.2
6.9

63.0
5.6

58.3
8.2

59.3
8.2

100.2
5.6

131.0
4.5

99.2
-2.5

123.6
6.9

170.7
4.4

130.6
9.1

129.3
9.8

12
13

14
15
16
17

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

-0.3
4.7
-0.9
-1.5

0.2
4.6
0.6
-0.6

0.1
6.7
2.0
0.2

0.1
8.9
0.8
0.3

0.3
10.1
0.0
-1.8

0.3
10.0
-0.1
0.3

0.2
10.4
-0.2
0.7

0.2
11.2
-0.0
0.1

0.5
7.8
-0.1
-1.1

0.3
10.7
-0.2
1.6

0.3
12.4
-0.1
-0.2

14
15
16
17

18
19
20
21
22

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

0.0
29.2
3.9
0.0
-1.9

0.0
38.8
-0.3
0.0
-0.4

0.0
25.4
-0.7
0.0
0.5

0.0
44.3
7.1
0.0
1.9

0.0
53.6
5.9
0.0
3.5

0.0
109.5
-0.4
0.0
8.7

0.0
85.5
-1.8
0.0
2.9

0.0
105.3
-1.0
0.0
10.6

0.0
87.5
-0.2
0.0
14.8

0.0
159.7
1.3
0.0
6.4

0.0
98.3
2.6
0.0
6.9

18
19
20
21
22

7
8
9

Net change in assets

2001

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

Net borrowing (Farm business)

7.0

7.7

7.6

8.0

8.4

5.9

3.9

11.4

8.7

-0.4

10.0

1

2

Net change in assets

7.0

7.7

7.6

8.0

8.4

5.9

3.9

11.4

8.7

-0.4

10.0

2

3
4

Household sector
Nonfarm noncorporate business

1.9
-0.0

1.3
0.1

1.4
-0.0

1.5
-0.0

1.6
0.2

0.7
0.2

-0.5
0.1

2.2
0.2

1.4
0.2

-0.4
0.2

1.6
0.2

3
4

5
6

State and local governments
Federal government

-0.0
-0.1

-0.0
-0.2

-0.1
-0.3

0.1
-0.3

0.1
-0.2

0.1
-0.0

0.1
0.1

-0.0
-0.1

0.1
0.0

0.1
-0.1

0.1
-0.1

5
6

7
8

Commercial banking
Savings institutions

2.2
0.1

1.5
0.0

2.5
0.0

2.6
0.1

3.9
-0.0

3.0
0.0

2.0
-0.0

3.1
0.0

4.0
0.0

3.0
0.0

3.5
0.2

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.6
0.0

0.5
0.0

-0.6
0.0

0.5
0.0

-0.3
0.0

0.4
0.0

0.3
0.0

0.7
0.0

0.5
0.0

0.1
0.0

0.5
0.0

9
10

11
12

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

2.0
0.3

4.5
0.0

5.8
-1.3

2.9
0.6

3.2
-0.1

1.7
-0.1

2.0
-0.2

5.3
-0.0

2.7
-0.2

-3.3
0.0

2.2
1.8

11
12

51

Z.1, June 8, 2006

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

1

Net change in liabilities (Households)

168.4

133.1

83.7

81.7

86.2

57.4

64.2

80.2

100.5

-15.3

48.1

1

2

Net change in assets

168.4

133.1

83.7

81.7

86.2

57.4

64.2

80.2

100.5

-15.3

48.1

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

5.0
0.0
16.1

-8.1
0.0
13.1

1.8
0.0
12.7

-14.1
0.0
1.3

1.3
0.0
4.3

-2.5
0.0
3.8

16.2
0.0
9.1

30.7
0.0
-8.0

-17.3
0.0
21.1

-39.5
0.0
-7.2

18.3
0.0
9.2

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

43.3
3.0
16.5

17.4
6.3
5.1

34.1
-2.4
6.2

52.8
9.1
10.1

34.9
13.4
9.5

2.8
17.8
13.2

-21.6
-2.0
17.6

8.6
12.9
9.5

95.4
21.5
26.8

-71.3
38.8
-1.1

26.5
-44.1
13.1

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

-3.9
69.5
18.9

2.4
79.3
17.6

-2.5
34.2
-0.3

-16.3
-19.0
57.6

-20.6
-28.1
71.4

0.0
26.0
-3.7

0.0
41.1
3.7

0.0
51.9
-25.2

0.0
-23.3
-23.7

0.0
34.5
30.6

0.0
64.0
-39.0

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

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

402.3

-80.4

70.8

33.1

209.4

222.8

208.8

252.9

281.8

147.8

220.1

1

3.8

-1.9

7.0

7.9

9.0

7.6

9.6

4.8

5.7

10.1

8.5

2

313.3
46.6
0.9

-103.7
-4.9
0.4

19.7
26.0
0.6

-54.7
-24.5
0.7

112.3
28.0
0.9

123.2
32.3
0.9

139.2
21.7
0.7

148.1
34.0
1.2

146.3
34.5
1.0

59.3
39.0
0.9

148.1
32.9
0.2

3
4
5

27.4
4.4

25.2
3.4

28.7
0.8

30.4
72.6

31.4
16.7

34.3
10.9

32.9
15.0

33.8
18.5

34.6
16.8

35.7
-6.6

36.3
4.7

6
7

0.8
5.1

-2.2
3.3

-10.1
-1.8

9.9
-9.2

3.3
7.8

6.7
7.0

-5.9
-4.3

12.2
0.3

2.2
40.7

18.2
-8.9

18.2
-28.6

8
9

10

Net change in trade receivables

378.7

-92.9

-77.6

-17.2

210.6

249.8

252.3

233.5

297.6

215.8

175.3

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

282.0
69.6

-121.7
1.8

-98.5
18.9

-19.4
-24.2

140.3
53.8

142.8
62.1

186.7
41.6

113.5
65.3

179.8
66.3

91.2
75.0

114.3
63.2

11
12

13
14
15

State and local governments
Federal government
Rest of the world

5.1
5.3
-0.4

5.9
7.3
-3.1

2.6
-3.3
3.1

7.4
19.1
1.8

6.5
10.5
-0.4

4.9
6.8
8.2

6.3
-9.1
11.8

-2.0
17.6
13.7

8.5
14.4
6.8

6.6
4.4
0.4

7.0
-24.9
2.7

13
14
15

16
17

Property-casualty insurance companies
ABS issuers

1.0
16.1

5.3
11.6

4.9
-5.4

4.5
-6.3

0.3
-0.3

5.3
19.7

10.4
4.6

11.0
14.3

-0.4
22.2

0.4
37.8

-0.2
13.2

16
17

23.5

12.5

148.5

50.3

-1.2

-27.0

-43.5

19.4

-15.8

-67.9

44.8

18

18

Discrepancy

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

Net change in liabilities

2
3

Household sector
Rest of the world

4
5
6
7

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

146.1

3.1

-87.0

132.5

166.6

-7.7

9.7

97.2

6.3

-143.9

215.5

1

7.2
0.0

-38.8
0.0

-48.2
0.0

34.3
0.0

81.5
0.0

-31.7
0.0

8.2
0.0

-10.2
0.0

-22.0
0.0

-102.8
0.0

68.3
0.0

2
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

85.1
103.0
10.6
-28.5

24.0
-10.9
-6.5
41.4

1.5
-35.8
-3.2
40.5

107.4
55.2
-44.1
96.3

28.3
-19.2
20.7
26.8

-41.2
-43.7
0.6
2.0

147.2
88.2
24.5
34.6

4
5
6
7

8

Net change in assets

146.1

3.1

-87.0

132.5

166.6

-7.7

9.7

97.2

6.3

-143.9

215.5

8

9
10

Household sector
Rest of the world

88.6
0.0

41.9
0.0

-41.6
0.0

62.7
0.0

103.0
0.0

-10.9
0.0

-35.8
0.0

55.2
0.0

-19.2
0.0

-43.7
0.0

88.2
0.0

9
10

11
12

Commercial banking
Brokers and dealers

50.4
7.2

0.0
-38.8

2.8
-48.2

35.5
34.3

-17.9
81.5

34.9
-31.7

37.3
8.2

52.2
-10.2

47.5
-22.0

2.6
-102.8

59.1
68.3

11
12

52

Z.1, June 8, 2006

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

Life insurance reserves:
1
2
3
4

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

50.2

77.2

60.1

66.8

33.1

16.6

15.2

18.1

20.0

13.3

21.7

1

1.4
48.7

1.4
75.8

1.6
58.5

1.1
65.7

1.1
32.0

1.1
15.5

0.0
15.2

1.7
16.4

0.3
19.7

2.6
10.7

0.3
21.4

2
3

50.2

77.2

60.1

66.8

33.1

16.6

15.2

18.1

20.0

13.3

21.7

4

271.4

250.6

247.5

201.0

189.5

138.2

148.1

140.9

62.5

201.3

99.1

5

166.5
-23.7
100.4
28.2

129.5
-35.7
86.9
69.9

148.2
45.4
8.5
45.4

131.0
6.9
14.9
48.2

194.3
-58.4
-1.1
54.7

150.1
-53.4
-13.2
54.7

167.6
-66.6
-9.2
56.3

139.4
-35.8
-5.2
42.5

131.0
-73.1
-54.7
59.3

162.4
-37.9
16.2
60.7

112.8
-37.1
-24.6
48.0

6
7
8
9

271.4

250.6

247.5

201.0

189.5

138.2

148.1

140.9

62.5

201.3

99.1

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

25.9

14.4

22.2

-1.0

27.6

26.0

42.0

9.4

6.5

46.0

39.7

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

7.0
11.7

3.1
4.0

11.9
1.5

-11.7
-0.4

6.8
7.5

3.1
8.7

21.5
5.8

-8.1
9.1

-19.9
9.3

18.9
10.5

12.4
8.8

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

2.1
0.4

2.4
-0.7

2.6
-0.2

2.9
-0.2

3.2
0.6

3.4
0.7

3.3
-0.2

3.4
0.2

3.5
1.1

3.5
1.9

3.6
1.5

4
5

6
7

Property-casualty insurance companies
Life insurance companies

2.3
1.6

2.7
2.0

3.2
2.4

3.7
2.8

4.2
3.2

4.7
3.6

4.5
3.4

4.6
3.5

4.7
3.6

4.9
3.7

5.0
3.8

6
7

8
9

Finance companies
Brokers and dealers

1.0
-0.1

1.2
-0.2

1.4
-0.5

1.6
0.4

1.8
0.4

2.0
-0.3

2.0
1.7

2.0
-5.4

2.1
2.2

2.1
0.6

2.2
2.4

8
9

-6.7

-7.0

2.5

30.5

12.7

29.5

94.0

-7.8

-20.5

52.5

119.0

10

14.8
-21.5

3.7
-10.7

4.8
-2.3

7.8
22.8

23.7
-10.9

43.7
-14.2

38.0
56.1

43.1
-51.0

41.4
-62.0

52.3
0.2

55.0
64.0

11
12

32.6

21.4

19.7

-31.5

14.9

-3.6

-52.1

17.2

27.0

-6.4

-79.2

13

10
11
12
13

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

F.227 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

-52.2

-23.9

-83.1

23.3

-52.5

-71.4

-32.9

-69.7

-101.3

-81.7

-49.7

1

-45.1
-6.9
-0.2

-16.5
-4.1
-3.3

-85.4
1.7
0.6

21.3
5.6
-3.6

-59.4
9.7
-2.8

-70.5
2.3
-3.2

-48.2
13.3
1.9

-66.2
-2.2
-1.3

-80.9
-14.6
-5.8

-86.6
12.6
-7.7

-46.5
0.1
-3.3

2
3
4

53

Z.1, June 8, 2006

F.228 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

Q3

Q4

2006
Q1

1372.5

711.1

481.9

546.9

1496.6

741.7

611.5

1342.8

1176.6

-164.2

1104.4

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.1
688.4
86.0

-0.4
19.6
55.3

0.9
63.0
18.9

0.9
48.0
23.3

1.6
339.7
89.6

1.0
229.6
53.4

1.1
186.5
69.4

2.8
128.1
58.8

-3.1
305.9
10.5

3.1
298.0
75.1

0.4
191.6
55.4

2
3
4

5
6

Federal government
Rest of the world

22.9
180.6

53.0
154.3

26.0
144.8

30.7
94.7

50.3
448.2

41.9
24.2

46.2
-123.3

53.7
321.9

50.0
326.3

17.8
-428.0

21.3
207.0

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.1
196.5
17.1
-0.4

-2.8
-6.5
21.0
-1.8

22.6
121.9
25.6
1.4

4.3
83.1
-4.6
1.2

9.9
312.2
59.1
2.8

3.4
46.6
28.4
2.3

-23.1
120.1
-35.1
53.8

14.8
239.3
49.0
-31.7

3.5
-30.7
49.9
24.4

18.3
-142.1
49.8
-37.1

-14.4
166.4
-26.7
45.9

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

5.8
-20.3

26.5
41.5

49.2
55.0

45.2
31.6

47.9
12.8

50.7
11.1

34.6
114.7

36.7
-1.0

105.3
24.1

26.1
-93.2

53.0
62.5

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

-3.1
83.3
0.0

47.4
18.9
0.0

27.7
20.7
0.0

-26.6
102.8
0.0

-1.1
10.4
0.0

3.0
2.2
0.0

-13.2
-109.1
0.0

7.8
65.3
0.0

18.4
67.2
0.0

-1.2
-14.5
0.0

-48.3
24.3
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

1.8
-1.9
114.5

0.1
138.5
146.6

2.6
-77.1
-21.2

1.6
39.1
71.6

7.7
69.6
36.2

3.7
56.5
183.5

-11.5
-5.5
306.0

13.4
299.8
84.1

6.1
-54.2
273.0

6.9
-14.2
71.0

7.2
54.4
304.4

16
17
18

1719.5

963.9

575.1

652.3

1049.8

677.1

753.3

1073.2

1209.6

-327.9

1071.4

19

19

Net change in liabilities

Q2

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6.5
819.1
89.9
-0.0

18.5
253.2
129.9
1.8

30.6
191.7
40.7
4.1

42.0
-10.3
67.3
4.6

40.9
249.8
120.2
4.6

28.8
67.2
139.4
4.3

29.9
40.8
92.9
2.1

30.9
208.3
145.3
3.4

83.7
23.8
153.2
6.0

-29.3
-4.3
166.2
5.6

29.2
161.5
141.2
4.3

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-24.7
-1.4
510.2

-18.2
1.3
190.1

-28.5
0.0
192.2

1.6
1.4
-2.6

-7.4
0.6
204.4

-53.7
-3.3
0.8

-128.1
-11.7
194.0

-29.1
-1.1
-322.0

-0.2
-1.6
278.8

-57.4
1.2
-147.7

-70.6
7.1
20.2

24
25
26

27
28
29
30

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.1
89.0
7.7
4.9

-0.4
135.3
16.9
5.4

1.4
63.6
19.0
10.4

1.3
174.8
-4.3
0.5

1.5
180.3
19.3
-4.8

-3.2
107.8
9.9
-0.3

-7.7
134.3
-84.7
17.4

-2.9
225.1
46.0
13.9

-3.2
57.5
27.2
-2.4

1.1
14.3
51.0
-30.0

-1.5
16.9
-29.1
1.4

27
28
29
30

31
32
33
34
35

Property-casualty insurance companies
Life insurance companies
Private pension funds
State and local govt. retirement funds
Federal government retirement funds

6.4
18.7
-58.1
1.1
20.9

1.3
-15.5
-58.1
1.8
60.8

9.1
6.7
25.0
0.4
24.5

9.7
27.9
-5.9
0.9
24.7

9.5
51.9
-35.0
0.5
40.9

8.0
27.2
-15.6
-3.4
40.0

15.4
87.6
-22.3
-46.3
42.2

3.5
18.3
-15.7
19.5
28.6

10.0
22.4
-29.1
8.2
42.9

3.0
-19.5
4.8
5.0
46.2

4.3
-15.4
-22.7
-20.2
32.6

31
32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

7.5
-0.6
-4.0

-3.3
-2.6
5.5

-8.6
0.0
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
4.6
-9.6

40.0
5.0
-48.7

9.8
-0.9
-1.0

38.1
7.2
-6.3

-112.8
7.3
17.6

86.1
-0.0
30.6

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

25.3
2.7
133.0
64.2

20.8
0.2
156.6
62.6

9.5
2.2
-110.8
70.0

104.6
4.4
157.0
35.4

-61.6
11.2
148.3
69.4

-104.7
10.1
235.5
193.6

-107.7
12.0
335.8
161.0

9.1
12.5
345.8
326.2

-219.8
7.1
543.5
162.4

-100.6
8.8
-283.1
124.7

-48.0
9.2
564.2
170.1

39
40
41
42

-347.0

-252.9

-93.3

-105.4

446.8

64.6

-141.8

269.5

-33.0

163.7

33.1

43

43

Discrepancy

54

Z.1, June 8, 2006

F.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

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

159.2
78.0
93.6
-12.4

142.3
60.9
69.8
11.6

154.5
42.7
85.3
26.5

140.6
19.2
131.0
-9.6

252.0
80.7
176.5
-5.2

21.5
43.7
-1.0
-21.2

109.2
37.1
103.6
-31.5

86.4
37.0
65.0
-15.6

-101.2
18.4
-114.5
-5.1

-8.4
82.4
-58.2
-32.6

-4.6
60.4
-49.6
-15.3

1
2
3
4

Asset: Nonfinancial corporate business
Commercial banking
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

128.4
10.9
6.4
2.2
10.6
0.7

119.4
0.9
1.3
2.9
17.3
0.6

138.3
3.1
9.1
0.8
3.8
-0.6

109.2
4.4
9.7
3.8
10.3
3.0

233.2
4.4
9.5
3.8
-4.5
5.5

3.9
0.2
8.0
1.4
3.4
4.6

60.4
2.7
15.4
2.4
24.8
3.3

87.1
0.3
3.5
-2.7
1.3
-3.1

-126.4
2.4
10.0
5.0
6.2
1.6

-5.4
-4.6
3.0
1.1
-18.9
16.4

-5.9
-3.1
4.3
5.4
-20.9
15.7

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
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers
Funding corporations

192.4
0.1
9.7
6.6
27.9
14.9
5.1
64.6

84.5
0.1
8.4
0.4
8.1
7.8
-1.3
59.0

27.5
0.2
3.6
5.1
2.0
-3.5
2.2
43.7

23.9
-0.1
4.5
-1.4
-0.8
19.2
3.2
18.5

28.6
0.0
16.7
-0.0
16.4
11.0
1.8
32.3

42.9
0.0
10.7
-1.5
7.9
3.3
2.4
62.9

44.3
0.0
19.4
6.4
3.6
6.4
0.8
58.6

34.7
-0.1
9.3
-1.1
3.2
2.0
0.9
10.0

44.3
-0.0
5.6
-9.3
21.9
3.0
3.7
124.4

48.2
0.2
8.7
-2.0
3.1
1.6
4.0
58.7

110.3
0.1
5.0
2.0
12.0
0.9
6.2
50.5

11
12
13
14
15
16
17
18

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

321.3
259.6
-0.3
61.9

167.0
140.9
-33.8
60.0

80.8
102.1
3.4
-24.7

67.1
87.0
11.8
-31.7

106.8
68.7
56.0
-17.8

128.6
48.6
59.4
20.6

139.7
41.7
47.6
50.3

58.9
39.9
92.3
-73.3

193.5
55.5
31.4
106.6

122.4
57.5
66.4
-1.4

186.9
68.3
98.6
20.0

19
20
21
22

1.5
1.5

1.7
1.7

1.5
1.5

1.4
1.4

2.0
2.0

1.3
1.3

1.5
1.5

1.4
1.4

1.2
1.2

1.0
1.0

7.4
7.4

23
24

0.6
0.6

0.4
0.4

1.0
1.0

0.5
0.5

3.1
3.1

1.6
1.6

2.6
2.6

1.5
1.5

1.5
1.5

0.9
0.9

0.9
0.9

25
26

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

2.2

3.3

2.0

3.2

2.9

2.4

1.1

4.2

4.0

0.4

2.7

27

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)

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
0.2
0.0
0.6
1.0
0.2
0.6

0.0
0.4
0.1
0.0
0.8
1.1
0.1
-0.1

0.0
0.3
-0.4
0.0
2.7
-1.2
-0.0
-0.2

0.0
0.4
-0.0
0.0
0.1
3.8
0.2
-0.2

0.0
0.4
0.8
0.0
0.8
1.7
0.3
-0.0

0.0
0.5
0.1
0.0
-0.1
0.1
-0.0
-0.1

0.0
0.4
0.1
0.0
1.2
0.8
0.2
-0.0

28
29
30
31
32
33
34
35

BHC investment in subsidiaries:
36
37
38
39
40

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

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
38.1

167.2
1.2
9.2
0.0
66.7

40.0
1.3
16.7
0.0
43.3

-14.7
1.2
-7.1
0.0
14.1

91.8
1.3
4.4
0.0
39.1

7.0
1.3
12.3
0.0
110.5

75.8
1.3
57.2
0.0
9.4

67.5
1.4
4.4
0.0
-34.3

36
37
38
39
40

41

Asset: Bank holding companies

92.0

90.4

53.0

95.5

244.2

101.2

-6.4

136.6

131.0

143.8

39.1

41

7.4
7.4

-1.7
-1.7

-5.5
-5.5

5.8
5.8

9.2
9.2

-12.3
-12.3

-7.1
-7.1

4.4
4.4

12.3
12.3

-58.8
-58.8

4.4
4.4

42
43

NFC investment in finance company subs.:
42
43

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

44
45

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

45.6
18.6

-21.9
84.5

19.1
50.9

7.2
28.2

32.7
36.7

21.0
172.6

5.5
155.4

62.5
263.7

20.1
142.3

-4.0
128.7

96.5
73.6

44
45

46

Asset: Funding corporations

64.2

62.6

70.0

35.4

69.4

193.6

161.0

326.2

162.4

124.7

170.1

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, June 8, 2006

F.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

0.0
0.0

-0.1
-0.1

0.1
0.1

0.2
0.2

-0.0
-0.0

-4.1
-4.1

-15.7
-15.7

-0.4
-0.4

-0.3
-0.3

0.1
0.1

0.2
0.2

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

0.0
0.0

8.6
8.6

1.9
1.9

-7.1
-7.1

-2.2
-2.2

0.8
0.8

-0.5
-0.5

-1.5
-1.5

5.3
5.3

-0.3
-0.3

9.8
9.8

5
6

0.1
0.1

-0.4
-0.4

0.9
0.9

0.9
0.9

1.6
1.6

1.0
1.0

1.1
1.1

2.8
2.8

-3.1
-3.1

3.1
3.1

0.4
0.4

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

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

11.4
9.8
1.2
0.5

9.2
7.9
1.0
0.4

6.8
4.9
1.8
0.1

4.4
3.5
0.4
0.4

18.6
17.8
1.2
-0.4

7.1
5.2
0.4
1.5

6.6
4.7
1.2
0.7

9
10
11
12

13

Asset: Household sector

6.9

6.5

10.2

13.9

11.4

9.2

6.8

4.4

18.6

7.1

6.6

13

Policy payables:
14

Liab.: Property-casualty insurance companies

-0.8

26.1

44.1

46.6

47.9

52.2

28.2

37.8

114.6

28.2

51.0

14

15
16
17
18

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

-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

21.1
18.9
3.5
4.4

22.7
20.6
4.7
4.2

11.9
11.2
2.6
2.5

15.9
14.9
3.5
3.4

54.8
45.3
9.2
5.2

8.0
11.1
3.5
5.5

22.6
20.1
4.0
4.3

15
16
17
18

-35.6
-35.6

11.5
11.5

13.3
13.3

-4.9
-4.9

-29.1
-29.1

-10.6
-10.6

-4.7
-4.7

-13.2
-13.2

-28.4
-28.4

4.1
4.1

-10.2
-10.2

19
20

-19.1
-19.1

-24.6
-24.6

5.5
5.5

-0.2
-0.2

-7.1
-7.1

-1.9
-1.9

-4.6
-4.6

-6.4
-6.4

9.3
9.3

-5.9
-5.9

-2.0
-2.0

21
22

88.7
88.7

70.1
70.1

-2.9
-2.9

102.6
102.6

86.9
86.9

191.5
191.5

230.4
230.4

311.8
311.8

355.1
355.1

-131.5
-131.5

281.0
281.0

23
24

20.9
20.9

60.8
60.8

24.5
24.5

24.7
24.7

40.9
40.9

40.0
40.0

42.2
42.2

28.6
28.6

42.9
42.9

46.2
46.2

32.6
32.6

25
26

0.0
0.0

0.0
0.0

1.9
1.9

8.6
8.6

8.4
8.4

-3.1
-3.1

11.2
11.2

10.5
10.5

10.3
10.3

-44.4
-44.4

0.0
0.0

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, June 8, 2006

F.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

2001

2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

2006
Q1

663.1

86.4

25.0

12.1

648.4

28.8

-84.3

348.6

247.7

-396.9

328.0

1

515.1
85.9

-40.4
55.2

29.9
18.7

24.2
23.3

318.2
89.6

188.6
53.4

146.8
69.3

99.8
58.8

252.3
10.6

255.7
74.9

83.3
55.3

2
3

2.0
19.8
0.6

-7.8
10.4
-3.2

-0.4
-11.2
21.5

-2.6
-47.5
3.8

1.0
194.3
6.9

5.0
5.6
1.7

-7.2
-218.2
-25.7

14.6
234.4
13.3

-3.2
426.6
2.0

16.0
-420.7
17.4

-11.3
204.0
-15.3

4
5
6

7
8
9
10
11

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

87.6
71.3
-27.5
43.1
0.7

-53.7
-101.2
-9.7
52.9
4.2

46.0
13.1
22.1
11.5
-0.7

20.9
45.7
-50.8
22.6
3.4

95.5
83.2
-146.5
148.0
10.8

-25.1
-46.2
8.6
12.8
-0.3

109.8
13.9
176.2
-81.7
1.4

75.6
-60.8
36.7
103.0
-3.2

-63.4
-129.0
97.9
-31.5
-0.8

-222.6
-8.8
-276.5
61.5
1.3

-2.7
108.0
-129.0
20.9
-2.5

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

16.5
-0.4
-19.4
-5.4

20.2
-1.8
15.3
35.6

24.7
1.4
29.5
23.8

-5.6
1.2
23.4
-22.7

57.9
2.8
14.0
-1.9

27.1
2.3
4.5
-0.2

-36.3
53.8
108.9
-13.8

47.8
-31.7
4.6
5.1

48.6
24.4
12.0
9.1

48.4
-37.1
-107.5
-1.4

-28.1
45.9
54.0
-60.8

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

53.7
1.8
-56.0
-38.7

14.5
0.1
24.7
17.5

35.2
2.6
-134.7
-62.1

71.9
1.6
-30.4
-49.4

-19.0
7.7
-35.6
-82.9

-5.4
3.7
-161.7
-70.8

-101.3
-11.5
-175.8
16.9

54.6
13.4
-4.0
-237.6

39.7
6.1
-310.7
-206.5

-14.6
6.9
-156.3
143.9

14.6
7.2
8.9
-27.1

16
17
18
19

1010.1

339.2

118.2

117.5

201.6

-35.9

57.4

79.1

280.6

-560.6

294.9

20

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

683.7
90.0
-24.7

125.1
127.3
-18.2

41.4
36.5
-28.5

-143.8
62.6
1.6

-11.5
116.4
-7.4

54.9
134.3
-53.7

-23.6
90.0
-128.1

101.9
141.3
-29.1

92.7
143.6
-0.2

48.7
162.2
-57.4

142.8
136.7
-70.6

21
22
23

24
25
26

Federal government
Rest of the world
Monetary authority

-2.9
189.0
1.1

-0.3
23.1
-0.4

-1.6
111.3
1.4

-0.2
-69.7
1.3

-1.4
97.6
1.5

-0.5
-127.8
-3.2

2.5
54.4
-7.7

-2.2
-380.9
-2.9

-2.5
85.3
-3.2

0.2
-270.1
1.1

-0.5
-166.8
-1.5

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

-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

73.2
67.8
-14.9
22.4
-2.2

-72.1
24.5
-130.0
32.4
0.9

3.9
11.5
-23.9
16.2
0.1

132.7
-21.8
131.5
21.9
1.2

86.7
13.1
37.5
37.6
-1.5

-78.2
-73.6
-8.8
3.3
0.9

-125.6
128.3
-255.9
2.1
-0.2

-21.3
-118.0
56.8
37.3
2.6

27
28
29
30
31

32
33

Savings institutions
Credit unions

6.4
4.8

7.1
5.2

18.0
10.1

2.4
0.2

20.5
-5.0

8.0
-0.4

-83.0
17.4

43.7
13.7

20.2
-2.8

51.2
-30.0

-39.7
1.2

32
33

34
35
36

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

16.4
-3.4
1.1

-17.9
-45.0
1.8

4.8
6.2
0.4

22.6
-0.8
0.9

45.9
1.2
0.5

24.9
-3.1
-3.4

84.3
-13.0
-46.3

18.4
3.9
19.5

20.5
-10.0
8.2

-23.6
6.5
5.0

-21.2
-10.5
-20.2

34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

7.5
-0.6
-4.0

-3.3
-2.6
5.5

-8.6
0.0
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
4.6
-9.6

40.0
5.0
-48.7

9.8
-0.9
-1.0

38.1
7.2
-6.3

-112.8
7.3
17.6

86.1
-0.0
30.6

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

14.8
2.7
43.7

3.5
0.2
85.8

5.6
2.2
-107.3

94.3
4.4
51.4

-57.1
11.2
55.8

-108.1
10.1
39.4

-132.5
12.0
102.0

7.7
12.5
37.1

-226.0
7.1
186.8

-81.7
8.8
-168.1

-27.0
9.2
267.6

40
41
42

-347.0

-252.9

-93.3

-105.4

446.8

64.6

-141.8

269.5

-33.0

163.7

33.1

43

43

Discrepancy

57

Z.1, June 8, 2006

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2000

2001

2002

2003

2004

2005

2005
Q1

1

All sectors

2
3

Household sector
Nonfinancial corporate business

4
5
6

State and local governments
Federal government
Rest of the world

7

Financial sectors

8
9

Monetary authority
Commercial banking

10
11

Savings institutions
Credit unions

12
13

Property-casualty insurance companies
Life insurance companies

14
15

Mutual funds
Government-sponsored enterprises

16
17
18
19

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

Q2

Q3

Q4

2006
Q1

80.9

-170.5

152.6

-128.0

390.0

202.3

387.4

298.1

-121.5

245.4

320.3

1

343.6
-182.4

-83.0
-130.0

46.0
28.9

-157.5
55.6

-12.1
89.5

83.0
78.3

-5.3
81.5

124.4
77.0

167.9
86.3

44.8
68.5

-144.9
95.4

2
3

-65.8
-10.4
-88.0

-47.4
38.1
-27.5

-30.5
10.7
-39.3

-38.3
53.1
-49.7

-41.2
8.2
70.4

-28.5
-2.9
-8.3

-41.6
253.1
156.1

-20.4
-178.4
145.9

-26.2
-76.4
-272.0

-26.0
-9.9
-63.3

-23.2
349.4
-77.5

4
5
6

83.8

79.3

136.7

8.8

275.3

80.8

-56.4

149.6

-1.2

231.2

121.1

7

3.4
138.6

-0.6
62.8

-2.8
98.1

-3.1
29.4

-1.7
262.3

-2.3
51.0

-2.5
-95.4

-4.5
123.3

-4.6
9.9

2.2
166.1

-7.1
72.9

8
9

2.5
-0.4

2.2
0.4

4.9
0.5

-0.8
0.5

-9.5
3.2

-11.5
5.3

-8.8
7.9

-16.9
6.1

-19.9
2.1

-0.6
5.2

-19.5
11.5

10
11

-12.6
-20.2

2.7
-10.8

-13.8
-25.4

-20.3
-28.9

-29.1
-40.2

-29.8
-18.6

-59.4
-8.8

6.0
-0.0

-97.4
-21.1

31.5
-44.4

-9.4
-56.2

12
13

-1.5
-3.4

-8.4
9.8

-21.6
10.2

1.7
-16.7

5.8
-17.8

6.0
-11.7

6.4
-22.1

5.7
8.3

4.9
-33.2

7.0
0.3

6.5
9.2

14
15

0.0
23.2
-2.9
-43.0

0.0
32.0
5.2
-16.0

0.0
68.9
4.2
13.7

0.0
76.0
-4.3
-24.7

0.0
104.1
5.9
-7.6

0.0
115.1
-11.0
-11.7

0.0
126.2
-12.9
13.1

0.0
55.5
-9.5
-24.5

0.0
172.0
-2.4
-11.4

0.0
106.9
-19.2
-23.8

0.0
148.7
-11.0
-24.5

16
17
18
19

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

All types

80.9

-170.5

152.6

-128.0

390.0

202.3

387.4

298.1

-121.5

245.4

320.3

1

-1.2
76.4

-0.1
-12.9

-0.6
21.5

-0.3
40.0

-0.3
82.7

0.7
87.8

0.4
320.6

0.8
-106.9

1.7
14.5

-0.1
123.1

0.1
64.8

2
3

17.3
143.4

17.2
-50.7

7.2
30.7

-4.4
-20.8

15.0
-118.8

9.5
132.2

12.8
348.4

-13.1
227.7

-0.4
-103.6

38.9
56.4

-2.7
278.0

4
5

2
3

Treasury currency
Foreign deposits

4
5

Net interbank transactions
Security RPs

6
7

Mail floats:
Federal government
Other

9.0
-0.3

5.7
-0.5

-1.6
-0.7

-8.9
-0.0

27.9
-0.2

-7.0
-0.1

-17.1
-1.0

-37.7
-0.6

31.5
0.8

-4.9
0.6

14.5
0.3

6
7

8
9

Trade credit
Taxes payable

23.5
32.6

12.5
21.4

148.5
19.7

50.3
-31.5

-1.2
14.9

-27.0
-3.6

-43.5
-52.1

19.4
17.2

-15.8
27.0

-67.9
-6.4

44.8
-79.2

8
9

10

Miscellaneous

-347.0

-252.9

-93.3

-105.4

446.8

64.6

-141.8

269.5

-33.0

163.7

33.1

10

11

Nonfinancial

127.2

89.6

21.0

-47.1

-76.8

-55.0

-39.4

-78.3

-44.3

-57.9

-33.3

11

-127.2
0.0

-89.6
0.0

-21.0
0.0

47.1
0.0

76.8
0.0

55.0
0.0

39.4
0.0

78.3
0.0

44.3
0.0

57.9
0.0

33.3
0.0

12
13

12
13

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