9

Z.1, March 9, 2006

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

2005
Q4

Q1

Q2

Q3

Q4

1929.0

2213.1

2712.8

2818.1

3340.3

2768.3

3094.8

2964.8

3381.3

3192.7

3822.6

1

1095.3

1319.0

1649.4

1932.7

2294.6

1934.9

2048.7

2335.3

1992.4

2408.3

2442.4

2

600.5
221.4
162.7
10.5
105.8
-5.6

736.2
25.0
148.5
7.8
143.9
257.6

946.3
84.7
96.9
7.7
117.8
396.0

1023.4
174.5
243.0
11.8
118.2
361.9

1204.7
289.3
301.1
15.4
177.3
306.9

1054.5
188.6
261.9
18.4
145.2
266.3

1045.5
274.5
288.3
8.7
120.5
311.2

994.7
303.7
201.8
2.3
202.0
630.7

1241.7
288.7
335.3
17.0
103.9
5.8

1347.2
242.5
332.6
25.0
229.1
231.9

1235.0
322.3
334.6
17.2
174.2
359.0

3
4
5
6
7
8

9

Rest of the world

-43.8

70.8

54.3

82.2

95.0

97.5

210.7

16.2

95.1

113.0

155.7

9

10

Financial sectors

877.5

823.3

1009.2

803.2

950.7

735.9

835.4

613.2

1293.8

671.3

1224.4

10

11
12
13
14

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

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

85.2
36.9
0.0
48.3

60.1
-0.8
0.5
60.4

61.2
2.6
-0.0
58.7

163.0
75.4
-0.3
87.9

41.4
19.3
0.6
21.4

82.6
30.8
0.3
51.5

53.7
22.0
-0.5
32.2

11
12
13
14

15
16

Savings institutions
Credit unions

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

16.1
3.3

-7.0
0.9

96.9
6.1

-30.6
1.5

82.4
3.1

-7.1
0.3

19.8
8.1

15
16

17
18
19
20

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

0.6
304.1
338.5
230.4

2.0
219.8
326.8
181.9

2.9
243.7
330.5
219.5

3.0
65.0
53.0
325.1

0.4
-84.2
135.4
644.9

0.1
93.1
62.1
425.4

9.7
-45.5
-64.6
367.9

-1.6
-209.6
64.7
448.1

2.3
-84.2
122.6
680.8

0.4
-243.9
178.4
689.2

0.6
200.7
175.9
761.2

17
18
19
20

21
22
23
24
25

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

1.3
0.0
3.2
1.4
-54.6

42.2
0.0
24.5
-1.7
-0.5

118.2
0.0
31.9
6.4
-1.4

117.9
0.0
98.4
15.2
-18.9

39.5
0.0
80.2
0.1
30.0

115.5
0.0
42.1
33.2
-89.6

253.2
0.0
220.7
-26.6
-43.6

75.8
0.0
73.0
11.2
17.6

-23.6
0.0
92.8
-5.2
381.4

-71.7
0.0
66.0
28.0
-50.9

177.3
0.0
88.9
-33.4
-228.3

21
22
23
24
25

1929.0

2213.1

2712.8

2818.1

3340.3

2768.3

3094.8

2964.8

3381.3

3192.7

3822.6

26

-72.8

103.6

236.3

217.5

259.6

502.3

430.0

28.8

155.0

574.6

280.0

27

-175.0
-4.3
7.1
93.4
6.0

-17.9
26.1
-0.8
86.5
9.6

186.2
-1.1
1.2
52.5
-2.5

112.5
27.2
12.1
61.8
3.9

126.1
20.1
15.0
99.2
-0.8

423.5
-13.1
13.2
54.1
24.6

287.9
57.2
14.2
72.6
-1.9

-128.9
16.6
10.4
130.6
0.2

14.7
64.4
16.6
75.9
-16.6

380.6
24.5
17.0
134.4
18.1

238.0
-25.2
16.0
55.9
-4.7

28
29
30
31
32

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

305.3

422.7

531.6

754.4

896.0

593.0

817.0

788.1

736.4

916.0

1143.6

33

34

Financial sectors

1696.5

1686.8

1945.0

1846.2

2184.7

1673.0

1847.7

2147.8

2489.9

1702.1

2399.0

34

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

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
647.7
500.3
142.2
-4.2
9.4
130.5
38.9

71.3
263.5
252.7
-2.7
3.0
10.5
128.0
18.9

57.6
714.7
615.5
86.5
-2.0
14.8
259.2
43.3

-10.5
982.5
760.2
219.7
-9.4
12.0
8.8
46.5

32.0
597.2
426.8
126.6
29.4
14.4
239.7
41.6

66.8
696.1
569.2
167.5
-46.0
5.5
141.8
26.5

17.3
315.1
245.3
55.0
9.3
5.6
132.0
41.0

35
36
37
38
39
40
41
42

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

9.0
130.9
13.3
-53.8
9.7

39.9
233.0
25.7
-50.7
13.0

67.0
180.6
14.2
11.2
6.3

73.6
173.0
34.9
27.2
4.6

81.9
112.3
22.8
-10.3
7.7

73.5
158.2
44.9
-63.1
10.8

50.6
154.9
27.0
-5.1
0.1

89.0
187.4
7.5
60.0
8.5

49.2
65.8
46.5
-23.6
11.3

115.6
80.5
47.2
-58.6
8.1

73.8
115.5
-10.0
-19.0
2.9

43
44
45
46
47

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

267.3
126.1
3.2
0.0
304.7
338.5
217.0

-17.7
144.2
8.6
3.7
224.1
326.8
189.9

-95.9
137.7
36.2
0.7
236.5
330.5
226.1

-124.9
117.1
11.2
3.8
46.2
53.0
325.6

-10.1
128.3
1.7
6.8
-65.2
135.4
624.2

-153.7
103.4
0.3
2.2
104.3
62.1
433.1

17.7
125.2
12.7
4.2
-106.0
-64.6
332.6

-198.5
206.9
6.4
11.7
-65.5
64.7
438.8

-78.5
120.1
4.0
3.5
-66.5
122.6
661.4

-49.2
103.8
-0.8
7.1
-277.9
178.4
670.0

285.8
82.4
-2.8
4.8
149.2
175.9
726.5

48
49
50
51
52
53
54

55
56
57
58
59

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

-4.8
0.0
8.6
92.4
-96.6

21.2
0.0
23.8
28.4
-85.1

84.2
0.0
25.7
79.6
90.9

129.6
0.0
87.9
-29.2
64.4

65.3
0.0
86.7
91.1
62.6

90.1
0.0
31.9
302.8
-9.8

191.4
0.0
177.3
-110.7
-34.3

4.5
0.0
37.6
67.3
194.4

14.6
0.0
120.1
280.5
248.3

55.7
0.0
89.1
-330.3
132.3

186.5
0.0
100.2
346.7
-324.8

55
56
57
58
59

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, March 9, 2006

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1095.3

1319.0

1649.4

1932.7

2294.6

1934.9

2048.7

2335.3

1992.4

2408.3

2442.4

1

1095.3
-88.3
-5.1
-0.5
122.9
347.7
-81.6
8.9

1319.0
-64.2
257.1
0.5
159.4
132.3
-87.0
20.3

1649.4
-40.0
398.4
-2.4
135.1
158.3
-80.2
10.0

1932.7
15.8
362.5
-0.6
133.1
77.7
33.5
25.0

2294.6
-7.9
307.3
-0.4
200.8
60.7
139.9
81.4

1934.9
22.4
266.5
-0.2
157.3
51.7
-31.5
0.2

2048.7
-25.4
310.9
0.3
130.9
138.3
118.6
100.7

2335.3
50.4
631.5
-0.7
225.4
35.1
89.0
84.0

1992.4
5.9
7.2
-1.4
125.7
30.3
210.3
70.2

2408.3
1.4
232.3
-0.4
249.7
100.9
43.4
19.1

2442.4
-89.4
358.2
0.8
202.3
76.4
216.9
152.2

2
3
4
5
6
7
8
9

659.1
496.1
40.6
114.6
7.7
132.3

813.5
672.8
37.2
95.9
7.6
87.1

981.7
779.9
70.1
123.7
8.0
88.4

1196.9
977.4
50.2
161.0
8.4
88.8

1450.4
1132.7
61.0
247.7
9.1
62.5

1339.1
1097.3
45.5
187.0
9.3
129.4

1183.6
937.9
59.0
180.6
6.1
90.9

1147.8
925.4
42.7
175.2
4.5
72.8

1465.6
1142.8
75.2
236.2
11.4
78.5

1647.6
1307.9
52.3
278.7
8.7
114.3

1540.7
1155.0
73.6
300.5
11.6
-15.8

10
11
12
13
14
15

1095.3
600.5
394.6
221.4
162.7
10.5
105.8
-5.6

1319.0
736.2
181.4
25.0
148.5
7.8
143.9
257.6

1649.4
946.3
189.3
84.7
96.9
7.7
117.8
396.0

1932.7
1023.4
429.2
174.5
243.0
11.8
118.2
361.9

2294.6
1204.7
605.8
289.3
301.1
15.4
177.3
306.9

1934.9
1054.5
468.9
188.6
261.9
18.4
145.2
266.3

2048.7
1045.5
571.5
274.5
288.3
8.7
120.5
311.2

2335.3
994.7
507.8
303.7
201.8
2.3
202.0
630.7

1992.4
1241.7
641.0
288.7
335.3
17.0
103.9
5.8

2408.3
1347.2
600.1
242.5
332.6
25.0
229.1
231.9

2442.4
1235.0
674.1
322.3
334.6
17.2
174.2
359.0

16
17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

-43.8

70.8

54.3

82.2

95.0

97.5

210.7

16.2

95.1

113.0

155.7

24

25
26
27
28

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

-14.2
-18.5
-7.3
-3.8

36.1
31.6
5.3
-2.3

22.3
41.9
-7.7
-2.1

63.7
19.2
2.5
-3.1

69.9
16.9
12.9
-4.7

24.4
86.8
-9.0
-4.8

160.7
34.4
18.5
-2.9

12.3
-4.6
12.1
-3.5

32.2
72.3
-5.3
-4.1

115.3
-2.7
5.2
-4.7

119.9
2.8
39.5
-6.5

25
26
27
28

1051.6

1389.7

1703.7

2014.9

2389.6

2032.4

2259.4

2351.5

2087.5

2521.3

2598.2

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

877.5

823.3

1009.2

803.2

950.7

735.9

835.4

613.2

1293.8

671.3

1224.4

1

-45.3
304.1
338.5
239.4
13.0
25.5
2.2

-63.5
219.8
326.8
323.7
1.5
6.8
8.2

-63.8
243.7
330.5
463.9
-4.8
31.2
8.3

34.2
65.0
53.0
538.0
12.5
74.1
26.3

171.8
-84.2
135.4
659.1
5.1
44.3
19.4

-31.4
93.1
62.1
563.0
44.2
-15.7
20.6

41.1
-45.5
-64.6
763.0
14.2
85.1
42.1

122.1
-209.6
64.7
581.0
5.3
27.0
22.7

473.2
-84.2
122.6
672.5
-24.0
114.5
19.3

140.2
-243.9
178.4
527.4
38.6
10.8
19.9

-48.4
200.7
175.9
855.4
0.4
25.0
15.6

2
3
4
5
6
7
8

877.5

823.3

1009.2

803.2

950.7

735.9

835.4

613.2

1293.8

671.3

1224.4

9

10
11
12
13

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

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

85.2
36.9
0.0
48.3

60.1
-0.8
0.5
60.4

61.2
2.6
-0.0
58.7

163.0
75.4
-0.3
87.9

41.4
19.3
0.6
21.4

82.6
30.8
0.3
51.5

53.7
22.0
-0.5
32.2

10
11
12
13

14
15

Savings institutions
Credit unions

-2.0
1.5

-23.4
2.0

6.1
2.2

64.4
2.3

16.1
3.3

-7.0
0.9

96.9
6.1

-30.6
1.5

82.4
3.1

-7.1
0.3

19.8
8.1

14
15

16
17
18
19

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

0.6
304.1
338.5
230.4

2.0
219.8
326.8
181.9

2.9
243.7
330.5
219.5

3.0
65.0
53.0
325.1

0.4
-84.2
135.4
644.9

0.1
93.1
62.1
425.4

9.7
-45.5
-64.6
367.9

-1.6
-209.6
64.7
448.1

2.3
-84.2
122.6
680.8

0.4
-243.9
178.4
689.2

0.6
200.7
175.9
761.2

16
17
18
19

20
21
22
23
24

Finance companies
Mortgage companies
REITs
Brokers and dealers
Funding corporations

1.3
0.0
3.2
1.4
-54.6

42.2
0.0
24.5
-1.7
-0.5

118.2
0.0
31.9
6.4
-1.4

117.9
0.0
98.4
15.2
-18.9

39.5
0.0
80.2
0.1
30.0

115.5
0.0
42.1
33.2
-89.6

253.2
0.0
220.7
-26.6
-43.6

75.8
0.0
73.0
11.2
17.6

-23.6
0.0
92.8
-5.2
381.4

-71.7
0.0
66.0
28.0
-50.9

177.3
0.0
88.9
-33.4
-228.3

20
21
22
23
24

11

Z.1, March 9, 2006

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1929.0

2213.1

2712.8

2818.1

3340.3

2768.3

3094.8

2964.8

3381.3

3192.7

3822.6

1

-147.8
-5.1
642.1
122.9
568.6

-91.5
257.1
547.2
159.4
487.6

-81.6
398.4
571.9
135.1
664.1

113.6
362.5
117.5
133.1
634.9

233.8
307.3
50.7
200.8
736.7

15.4
266.5
155.1
157.3
701.5

176.4
310.9
-109.8
130.9
935.7

184.8
631.5
-145.7
225.4
611.5

511.4
7.2
37.0
125.7
775.1

256.8
232.3
-65.9
249.7
625.6

-18.0
358.2
377.3
202.3
934.6

2
3
4
5
6

-75.8
30.6
661.3
132.3

-80.2
24.7
821.7
87.1

-92.6
39.1
990.1
88.4

48.5
96.0
1223.2
88.8

157.9
121.0
1469.8
62.5

3.7
-20.3
1359.6
129.4

151.3
182.9
1225.7
90.9

106.4
107.5
1170.5
72.8

180.9
180.6
1484.9
78.5

87.2
25.2
1667.5
114.3

256.8
170.8
1556.2
-15.8

7
8
9
10

299.5

228.8

407.1

349.5

96.4

300.6

274.6

379.5

55.6

-122.5

73.0

11

98.3
-48.1

46.4
-41.6

119.1
-57.8

50.4
-141.1

-161.1
-366.0

-8.3
-203.6

-33.2
-173.1

-18.7
-248.6

-169.2
-339.6

-316.3
-481.1

-140.1
-394.6

12
13

109.1
37.3
201.2

17.0
71.0
182.4

114.2
62.7
288.0

83.2
108.3
299.1

137.5
67.4
257.5

67.0
128.4
308.9

38.5
101.4
307.8

159.3
70.6
398.1

95.6
74.8
224.8

138.5
26.3
193.8

156.7
97.8
213.1

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

1929.0

2213.1

2712.8

2818.1

3340.3

2768.3

3094.8

2964.8

3381.3

3192.7

3822.6

1

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

-4.0
0.0
0.8
98.4

-2.1
0.0
0.7
79.8

-3.2
0.0
0.1
196.6

-14.5
0.0
0.8
371.2

2.8
0.0
1.1
-36.4

-7.2
0.0
0.9
28.7

2.8
0.0
0.3
30.0

2
3
4
5

6
7
8
9
10

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

-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

-6.9
2.3
318.1
267.5
127.0

-45.7
20.8
239.3
207.4
-156.1

-8.0
164.0
270.6
322.8
-171.8

142.6
53.2
128.8
258.0
-71.4

163.4
-65.8
293.7
237.3
60.7

-66.8
-83.9
463.5
378.8
222.2

-266.7
105.6
386.6
196.1
296.5

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

23.7
98.3
201.2
-80.4

106.6
46.4
182.4
70.8

227.2
119.1
288.0
33.1

83.2
50.4
299.1
205.3

360.6
-161.1
257.5
224.3

396.8
-8.3
308.9
185.5

-45.8
-33.2
307.8
220.2

580.7
-18.7
398.1
145.3

422.8
-169.2
224.8
234.6

259.2
-316.3
193.8
274.3

179.8
-140.1
213.1
242.9

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

3.1
77.2
213.2
14.4

-87.0
60.1
181.4
22.2

132.5
66.8
213.9
-1.0

166.6
33.1
230.8
28.1

-7.7
52.2
204.4
26.1

-10.2
37.9
211.8
25.9

214.3
34.4
208.2
21.6

9.7
56.0
226.8
41.1

97.2
56.9
181.1
11.4

6.3
33.3
184.6
12.9

-143.9
62.5
225.2
39.0

15
16
17
18

19
20

Noncorporate proprietors’ equity
Miscellaneous

-22.1
673.4

-83.1
480.5

22.7
522.9

-55.5
1421.4

-41.8
628.1

-79.7
1537.2

-85.1
1363.7

-16.2
577.1

-38.1
1407.9

-74.2
980.5

-38.8
-469.4

19
20

21

Total financial sources

4083.7

3583.6

4588.1

5867.2

5686.1

5718.0

6072.2

5833.5

6467.3

5683.3

4744.2

21

22
23
24
25
26
27

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

-0.1
-12.9
17.2
-58.1
21.4
-301.7

-0.6
22.3
7.2
40.2
19.7
-41.8

-0.3
39.3
-4.4
-22.0
-31.5
-67.7

-0.3
91.1
15.0
-120.3
12.9
444.5

0.6
42.3
9.4
134.1
1.1
-2.8

-0.3
120.4
-33.4
84.5
21.5
88.1

-0.5
135.5
22.2
-159.8
16.0
506.1

0.4
324.7
12.8
351.2
-53.1
-143.3

0.8
-123.6
-13.1
219.3
5.6
316.1

1.7
-77.7
0.0
-78.3
36.7
-28.0

-0.4
45.7
37.8
44.3
15.4
-172.1

22
23
24
25
26
27

28
29
30

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

5.7
-0.5
10.9

-1.6
-0.7
150.0

-8.9
-0.0
50.3

27.9
-0.2
7.6

-7.0
0.2
-49.3

23.5
-0.1
31.9

28.3
0.3
35.9

-17.1
-1.0
-84.5

-37.7
-0.6
-60.2

31.5
0.8
-23.0

-4.8
1.5
-29.8

28
29
30

31

Totals identified to sectors
as assets

4401.8

3388.8

4633.4

5388.9

5557.5

5381.7

5488.0

5443.4

6160.7

5819.6

4806.5

31

12

Z.1, March 9, 2006

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

10128.0

10469.6

10971.3

11734.3

12485.7

11818.8

11995.2

12198.8

12378.0

12605.7

12760.4

1

7055.0

7350.7

7709.9

8214.3

8746.2

8263.2

8416.1

8535.8

8677.0

8844.0

8927.9

2

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
2564.6
5155.1

993.8
2378.4
4891.0

1008.6
2437.1
4970.4

1017.3
2476.6
5041.8

1035.5
2533.7
5107.8

1050.9
2604.9
5188.3

1002.2
2643.1
5282.6

3
4
5

1614.3

1582.1

1670.4

1928.1

2103.1

1961.2

2004.5

2058.5

2054.4

2099.5

2200.0

6

1646.1

1570.2

1654.9

1872.6

2086.5

1908.7

1952.6

1998.7

2058.5

2119.2

2169.5

7

1176.8
80.6
835.5
133.7
26.7
100.3

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

1330.6
108.9
909.6
130.4
41.4
140.3

1219.0
99.9
833.0
113.1
37.0
136.0

1252.9
102.1
857.0
112.3
39.1
142.5

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

1380.0
113.8
942.8
139.1
42.6
141.7

8
9
10
11
12
13

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

755.8
646.9
5.0
102.5
1.5

689.7
587.2
4.6
90.7
7.2

699.7
595.0
4.6
94.2
5.9

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

789.5
672.1
5.2
107.5
4.7

14
15
16
17
18

-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

16.6
23.7
1.2
-8.4

52.5
43.2
2.3
7.0

51.9
52.1
2.7
-3.0

59.9
63.1
3.3
-6.5

-4.2
4.1
0.2
-8.5

-19.7
-9.7
-0.5
-9.5

30.5
37.4
2.0
-8.9

19
20
21
22

23

Net U.S. exports of goods and services

-367.0

-424.4

-500.9

-624.0

-726.9

-638.0

-685.4

-697.5

-691.0

-730.4

-788.8

23

24
25

Exports
- Imports

1032.8
1399.8

1005.9
1430.3

1045.6
1546.5

1173.8
1797.8

1301.6
2028.6

1183.8
1821.8

1217.1
1902.5

1253.2
1950.6

1297.1
1988.1

1314.6
2045.1

1341.5
2130.4

24
25

26

Government consumption expenditures and
gross investment

1825.6

1961.1

2091.9

2215.9

2363.4

2232.5

2260.0

2302.0

2337.6

2392.7

2421.4

26

1501.6
531.9
969.8

1616.9
591.5
1025.3

1736.7
661.9
1074.8

1843.4
725.7
1117.7

1962.8
769.6
1193.2

1859.6
735.7
1123.9

1878.2
735.1
1143.1

1918.6
759.6
1159.0

1938.5
762.8
1175.7

1988.6
782.9
1205.7

2005.7
773.1
1232.6

27
28
29

324.0
81.0
243.0

344.3
88.1
256.1

355.3
92.9
262.3

372.5
101.9
270.6

400.6
108.2
292.4

372.9
100.8
272.1

381.7
105.7
276.1

383.4
100.7
282.7

399.1
107.0
292.0

404.1
109.4
294.7

415.7
115.7
300.0

30
31
32

43.6
322.4
278.8

30.6
305.7
275.0

68.1
343.7
275.6

53.8
415.4
361.7

40.1
502.4
462.3

48.5
418.1
369.6

36.8
462.4
425.6

39.4
462.3
422.9

35.5
489.4
453.9

44.3
520.8
476.6

41.2
537.2
496.0

33
34
35

10171.6

10500.2

11039.3

11788.0

12525.8

11867.3

12032.0

12238.2

12413.5

12650.0

12801.7

36

27
28
29

Consumption expenditures (3)
Federal
State and local

30
31
32

Gross investment (3)
Federal
State and local
Memo:

33
34
35

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

36

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

(1) This table 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, March 9, 2006

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

8979.8

9229.3

9660.9

10275.9

10890.0

10242.4

10559.3

10750.4

10878.0

10741.9

11190.0

1

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

7126.0
6699.4
426.6
0.0

6724.2
6319.9
404.4
-0.0

6895.8
6482.4
413.4
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

7264.6
6832.0
432.6
0.0

2
3
4
5

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

889.1
859.4
29.7

900.9
876.3
24.6

917.9
893.2
24.7

936.6
917.1
19.6

932.4
914.3
18.0

967.7
946.6
21.0

6
7
8

167.4

152.9

131.7

134.2

73.3

122.1

128.7

118.0

104.4

-11.1

82.1

9

767.3

886.3

1031.8

1161.5

1338.9

1117.2

1219.5

1288.2

1347.5

1293.1

1426.6

10

719.2

766.2

923.9

1019.7

1393.6

981.3

1079.7

1339.2

1393.3

1365.1

1476.7

11

12
13
14
15
16

Profits before tax
Domestic nonfinancial
Farm
Foreign subsidiaries
Domestic financial

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

1417.3
867.5
-2.1
206.0
345.9

1018.2
589.5
0.0
185.9
242.8

1124.1
625.1
1.0
178.6
319.4

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

1486.0
900.4
-2.7
210.0
378.3

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Domestic financial

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

372.9
249.4
0.6
122.9

259.0
171.4
0.4
87.2

293.0
180.4
0.5
112.2

362.6
231.3
0.6
130.7

372.5
248.0
0.6
123.9

360.3
257.4
0.6
102.3

396.2
260.8
0.7
134.7

17
18
19
20

21
22
23
24
25
26

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

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

1044.4
514.2
234.8
2.4
216.6
60.4

759.2
475.9
325.0
2.2
55.4
93.2

831.1
589.3
462.2
2.8
20.1
104.2

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

1089.8
535.4
160.5
2.5
307.0
65.4

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Foreign subsidiaries
Domestic financial

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

530.2
383.3
-5.1
-10.6
162.7

283.4
93.1
-2.6
130.5
62.4

241.8
-17.5
-2.3
158.5
103.0

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

554.4
479.1
-5.9
-97.0
178.2

27
28
29
30
31

32

Inventory valuation adjustment

11.3

-2.2

-13.3

-39.6

-23.7

-36.9

-44.4

-39.1

-18.9

-27.5

-9.3

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Domestic financial

48.1
34.7
0.5
12.9

120.1
94.5
0.8
24.8

107.9
89.3
0.7
17.9

141.8
119.2
0.4
22.1

-54.7
-55.9
0.5
0.7

135.8
113.8
0.5
21.6

139.8
117.2
0.4
22.2

-51.0
-51.8
0.4
0.4

-45.8
-47.5
0.4
1.2

-72.1
-72.8
0.6
0.1

-50.1
-51.6
0.5
1.1

33
34
35
36

37

Net interest and miscellaneous payments

566.3

520.9

528.5

505.5

497.1

497.5

492.7

498.3

488.7

497.6

503.9

37

38
39
40
41

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

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
55.3
79.4
-11.2

855.5
43.2
83.0
-3.0

870.9
46.5
102.6
-5.2

883.8
50.6
99.0
-6.1

900.1
52.1
99.6
-7.0

909.5
56.1
21.8
-22.8

919.2
62.4
97.3
-9.0

38
39
40
41

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

National Income, from line 1 above

8979.8

9229.3

9660.9

10275.9

10890.0

10242.4

10559.3

10750.4

10878.0

10741.9

11190.0

42

43
44
45

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

1075.5
206.0
-89.6

1080.3
211.6
-21.0

1112.8
218.5
47.1

1206.2
229.1
76.8

1326.8
247.0
61.9

1303.5
230.6
90.8

1207.6
234.5
30.6

1210.9
237.5
39.4

1216.9
240.4
78.3

1603.6
260.2
44.3

1275.8
250.2
85.7

43
44
45

46

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

43.6

30.6

68.1

53.8

40.1

48.5

36.8

39.4

35.5

44.3

41.2

46

47

Equals:
Gross Domestic Product

10128.0

10469.6

10971.3

11734.3

12485.7

11818.8

11995.2

12198.8

12378.0

12605.7

12760.4

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, March 9, 2006

F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Gross saving

1657.6

1489.1

1474.1

1572.0

1665.6

1590.1

1617.0

1635.5

1628.4

1718.2

1680.1

1

2

Net saving

376.1

197.1

142.7

136.8

91.7

56.0

174.9

187.1

171.2

-145.6

154.2

2

324.6

479.2

549.3

549.1

417.9

486.9

542.6

478.1

447.2

268.7

477.7

3

3

Net private saving

4

Personal saving

132.3

184.7

172.8

151.8

-33.9

104.6

205.4

47.4

-21.5

-143.9

-17.4

4

5
6
7
8
9

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

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

451.8
530.2
-23.7
-54.7
0.0

382.3
283.4
-36.9
135.8
0.0

337.2
241.8
-44.4
139.8
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

495.1
554.4
-9.3
-50.1
0.0

5
6
7
8
9

51.5

-282.1

-406.5

-412.3

-326.2

-430.9

-367.7

-290.9

-276.1

-414.4

-323.5

10

46.7
4.8

-247.9
-34.2

-382.7
-23.8

-406.5
-5.9

-328.3
2.1

-411.6
-19.3

-371.6
4.0

-298.3
7.4

-297.3
21.3

-407.9
-6.4

-309.6
-13.9

11
12

10
11
12

Net government saving
Federal
State and local

13

Consumption of fixed captal

1281.5

1292.0

1331.3

1435.3

1573.8

1534.1

1442.1

1448.4

1457.2

1863.8

1526.0

13

14
15
16

Private
Domestic business
Households and institutions

1075.5
903.7
171.7

1080.3
893.6
186.8

1112.8
911.5
201.3

1206.2
973.3
232.8

1326.8
1041.6
285.2

1303.5
1032.0
271.5

1207.6
978.4
229.2

1210.9
980.4
230.5

1216.9
984.5
232.4

1603.6
1177.9
425.7

1275.8
1023.6
252.1

14
15
16

17
18
19

Government
Federal
State and local

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

230.6
94.2
136.4

234.5
95.9
138.6

237.5
96.9
140.6

240.4
97.7
142.6

260.2
99.2
161.0

250.2
99.6
150.6

17
18
19

1567.9

1468.1

1521.1

1648.9

1727.5

1680.9

1647.6

1675.0

1706.6

1762.5

1765.9

20

1938.3

1926.4

2025.6

2300.6

2503.7

2334.0

2386.2

2441.9

2453.5

2503.6

2615.7

21

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

2103.1
2086.5
1330.6
755.8
16.6

1961.2
1908.7
1219.0
689.7
52.5

2004.5
1952.6
1252.9
699.7
51.9

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

2200.0
2169.5
1380.0
789.5
30.5

22
23
24
25
26

324.0

344.3

355.3

372.5

400.6

372.9

381.7

383.4

399.1

404.1

415.7

27

1.1

1.4

3.2

1.6

4.7

1.6

1.8

17.3

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

-371.5

-459.7

-507.7

-653.4

-780.9

-654.7

-740.4

-784.3

-747.3

-741.6

-850.3

29

30

Statistical discrepancy (line 20 less line 1)

-89.6

-21.0

47.1

76.8

61.9

90.8

30.6

39.4

78.3

44.3

85.7

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

35.7

29.0

11.1

13.9

10.5

15.9

12.9

-1.8

13.9

14.6

15.2

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

-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

-40.8
26.8
16.3
0.1
51.2
0.1

-37.8
23.9
16.3
0.3
45.2
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

-39.6
25.8
15.8
0.1
49.5
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.

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

56.7
5.6
51.2

50.7
5.5
45.2

53.3
5.5
47.8

56.6
5.5
51.1

53.7
5.5
48.2

54.9
5.4
49.5

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)

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

1.6
0.1
-1.5

1.8
0.3
-1.5

17.9
16.3
-1.6

1.7
0.1
-1.6

1.7
0.1
-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

-8.6
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

-13.0
12.5
-0.5
1.0

-13.6
11.8
1.8
0.0

-11.0
12.0
-1.0
-0.0

-13.0
12.2
0.3
0.5

-13.0
12.4
-0.6
1.2

-12.2
12.6
-1.6
1.2

-13.8
12.6
0.0
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, March 9, 2006

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

678.5

579.7

984.5

1042.7

907.7

1143.7

1212.1

786.1

951.9

999.2

893.6

1

2
3
4
5

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

0.4
68.9
233.4
163.0

1.3
-2.8
328.1
-40.9

1.3
-51.2
384.8
-118.3

6.7
-25.1
373.0
-47.6

5.9
1.5
466.4
58.6

4.8
-2.5
372.9
-178.9

11.8
-34.6
430.9
-20.9

22.3
107.3
432.6
-45.2

-2.2
19.1
376.9
115.0

1.7
-174.4
572.3
126.2

1.8
53.9
483.8
38.3

2
3
4
5

6

Securities

-279.5

-10.9

327.0

122.6

-153.4

438.4

104.9

-186.9

-158.5

-92.0

-176.2

6

-0.0
5.6
-88.1
-120.0
50.6
-27.5
-241.9
141.7

13.1
4.5
-119.9
-191.1
101.3
163.3
-93.3
111.3

-4.5
8.9
24.3
173.4
33.9
-60.1
-77.5
228.6

30.2
0.6
58.3
95.6
37.3
-114.4
-242.4
257.3

28.1
0.7
-85.6
201.8
84.0
-106.7
-501.1
225.3

14.3
-1.1
-24.7
598.6
57.0
-224.8
-243.0
262.2

58.5
-1.4
173.0
-193.3
55.8
192.3
-447.0
267.1

5.2
0.1
148.6
-49.3
92.5
-331.2
-409.0
356.2

57.3
0.7
-272.3
267.4
59.3
-101.1
-378.3
208.5

27.4
-1.7
91.8
383.6
123.3
-246.3
-630.2
160.1

22.7
3.6
-310.5
205.7
60.9
251.8
-586.8
176.5

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

77.2
213.2

60.1
181.4

66.8
213.9

33.1
230.8

52.2
204.4

37.9
211.8

34.4
208.2

56.0
226.8

56.9
181.1

33.3
184.6

62.5
225.2

15
16

17

Miscellaneous and other assets

202.0

63.5

160.3

349.2

272.1

259.4

477.4

173.3

363.6

347.5

204.2

17

1515.2
461.6
241.0
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

1979.1
749.4
280.7
956.2
-7.1

1861.6
677.9
250.0
924.3
9.3

1881.9
689.2
253.4
939.5
-0.2

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

2001.7
779.6
295.5
933.6
-6.9

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

971.4
175.7
175.8
619.9

1007.9
181.7
181.1
645.2

1056.9
195.8
192.7
668.4

1139.3
230.1
207.4
701.8

1256.7
285.3
234.5
736.9

1209.7
250.2
249.6
709.9

1155.0
230.5
204.2
720.4

1140.5
230.4
201.4
708.7

1163.8
232.4
209.5
721.9

1509.8
434.6
297.3
777.9

1212.8
243.8
229.8
739.2

23
24
25
26

27

Net investment in tangible assets (4)

543.8

564.0

629.2

700.2

722.4

651.9

726.9

779.8

812.9

507.8

789.0

27

285.9
65.2
194.3
-1.6

314.0
46.4
205.2
-1.7

373.0
45.9
209.3
1.0

431.5
46.6
216.3
5.8

464.1
46.2
219.3
-7.1

427.7
0.5
214.4
9.3

458.7
49.3
219.1
-0.2

481.1
63.0
239.0
-3.2

513.3
65.2
242.7
-8.3

326.1
-9.2
201.0
-10.0

535.8
65.7
194.4
-6.9

28
29
30
31

787.5

899.1

1093.1

1501.1

1609.0

1461.6

1723.8

1329.6

1720.6

1768.9

1616.8

32

494.0
104.8
132.3
2.2
-38.8
92.9

672.1
95.3
87.1
1.1
-48.2
91.7

778.2
160.2
88.4
-0.6
34.3
32.7

973.3
171.9
88.8
1.7
81.5
184.0

1126.1
240.4
62.5
-0.2
-31.7
211.9

1092.3
166.3
129.4
3.3
-26.6
97.0

933.5
217.8
90.9
1.7
216.7
263.3

920.2
148.9
72.8
-1.4
8.2
181.0

1135.5
269.2
78.5
3.0
-10.2
244.7

1301.3
239.2
114.3
-1.1
-22.0
137.2

1147.4
304.3
-15.8
-1.1
-102.8
284.6

33
34
35
36
37
38

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)

-36.8

-30.4

-14.6

-15.6

-16.2

-17.6

-14.7

-16.1

-15.6

-16.3

-16.9

39

40

Personal saving, with consumer durables (FOF)

471.6

274.9

535.1

257.4

37.3

351.5

229.8

252.3

59.8

-245.6

82.8

40

41

Less net investment in consumer durables

194.3

205.2

209.3

216.3

219.3

214.4

219.1

239.0

242.7

201.0

194.4

41

42

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

277.3

69.7

325.8

41.1

-181.9

137.1

10.7

13.4

-182.9

-446.5

-111.6

42

43

Personal saving (NIPA, excludes consumer durables)

132.3

184.7

172.8

151.8

-33.9

104.6

205.4

47.4

-21.5

-143.9

-17.4

43

44

Difference

145.0

-115.1

153.0

-110.7

-148.0

32.5

-194.7

-34.0

-161.4

-302.6

-94.2

44

45

Memo:
Disposable personal income

7486.8

7830.1

8169.2

8664.2

9039.5

8670.9

8930.4

8902.0

8979.7

9030.0

9246.4

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)

6.3
3.7
1.8
1.9

3.5
0.9
2.4
-1.5

6.6
4.0
2.1
1.9

3.0
0.5
1.8
-1.3

0.4
-2.0
-0.4
-1.6

4.1
1.6
1.2
0.4

2.6
0.1
2.3
-2.2

2.8
0.2
0.5
-0.4

0.7
-2.0
-0.2
-1.8

-2.7
-4.9
-1.6
-3.4

0.9
-1.2
-0.2
-1.0

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, March 9, 2006

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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)

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

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

10249.3
1209.8
9039.5
9073.4
-33.9

9729.2
1058.4
8670.9
8566.3
104.6

10024.8
1094.3
8930.4
8725.0
205.4

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

10487.7
1241.3
9246.4
9263.8
-17.4

1
2
3
4
5

3.3
194.3
799.2
-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
219.3
1024.6
-16.2

-1.3
214.4
984.0
-17.6

3.5
219.1
951.9
-14.7

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
194.4
993.7
-16.9

6
7
8
9

10

= Gross saving and net capital transfers

1092.2

1191.9

1238.8

1289.5

1194.4

1284.1

1365.3

1217.2

1160.4

1242.2

1157.7

10

11

Gross investment

1234.9

1080.3

1394.3

1181.1

1050.3

1320.1

1168.8

1182.2

1005.3

948.7

1065.0

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

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

1711.9
646.9
956.2
108.9

1611.5
587.2
924.3
99.9

1636.6
595.0
939.5
102.1

1666.0
614.1
947.7
104.2

1716.6
644.9
964.6
107.1

1745.8
656.5
978.9
110.4

1719.4
672.1
933.6
113.8

12
13
14
15

16

Net financial investment

-58.1

-282.7

-68.0

-408.2

-661.6

-291.4

-467.7

-483.8

-711.2

-797.0

-654.5

16

17

Net acquisition of financial assets

501.4

413.2

921.5

707.2

519.2

746.8

805.5

529.8

527.9

530.8

488.4

17

18
19
20
21

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

0.4
67.9
226.2
153.4

1.3
-5.9
313.6
-43.2

1.3
-56.0
340.9
-110.1

6.7
-44.0
321.4
-56.4

5.9
-23.7
402.5
47.7

4.8
-24.1
316.5
-188.5

11.8
-58.4
370.3
-31.2

22.3
92.9
388.4
-52.7

-2.2
-9.8
306.2
103.0

1.7
-204.4
499.9
113.9

1.8
26.4
415.7
26.8

18
19
20
21

22

Credit market instruments

-175.0

-17.9

186.2

112.5

126.1

423.5

287.9

-128.9

14.7

380.6

238.0

22

-0.0
-85.2
5.6
-90.8
-120.0
49.6
-27.5
8.1

13.1
-115.4
4.5
-119.9
-191.1
101.4
163.3
10.9

-4.5
31.2
8.9
22.3
173.4
34.6
-60.1
11.6

30.2
51.5
0.6
50.9
95.6
36.9
-114.4
12.7

28.1
-94.0
0.7
-94.8
201.8
83.5
-106.7
13.4

14.3
-34.0
-1.1
-32.8
598.6
56.5
-224.8
12.8

58.5
162.9
-1.4
164.3
-193.3
55.3
192.3
12.3

5.2
142.4
0.1
142.3
-49.3
92.2
-331.2
11.9

57.3
-281.7
0.7
-282.4
267.4
58.7
-101.1
14.2

27.4
79.7
-1.7
81.4
383.6
122.7
-246.3
13.5

22.7
-316.6
3.6
-320.2
205.7
60.3
251.8
14.2

23
24
25
26
27
28
29
30

-241.9
141.7
41.9
77.2
213.2
-22.1
18.5

-93.3
111.3
-41.6
60.1
181.4
-83.1
30.6

-77.5
228.6
62.7
66.8
213.9
22.7
42.0

-242.4
257.3
103.0
33.1
230.8
-55.5
40.9

-501.1
225.3
-10.9
52.2
204.4
-41.8
32.6

-243.0
262.2
-38.3
37.9
211.8
-79.7
63.8

-447.0
267.1
215.9
34.4
208.2
-85.1
31.5

-409.0
356.2
-35.8
56.0
226.8
-16.2
30.0

-378.3
208.5
55.2
56.9
181.1
-38.1
30.8

-630.2
160.1
-19.2
33.3
184.6
-74.2
84.8

-586.8
176.5
-43.7
62.5
225.2
-38.8
-15.3

31
32
33
34
35
36
37

559.5

695.8

989.5

1115.4

1180.9

1038.1

1273.2

1013.6

1239.1

1327.9

1142.9

38

600.5

736.2

946.3

1023.4

1204.7

1054.5

1045.5

994.7

1241.7

1347.2

1235.0

39

451.2
132.3
13.8
-16.1
0.6
18.7

622.7
87.1
12.9
-3.0
0.3
16.2

835.5
88.4
14.1
-5.0
-1.5
14.7

898.7
88.8
9.9
5.3
0.5
20.3

1067.0
62.5
17.0
27.5
-0.9
31.6

980.4
129.4
6.9
-74.9
1.8
10.9

888.8
90.9
4.0
31.5
0.5
29.7

873.0
72.8
17.3
19.6
-2.3
14.4

1079.5
78.5
15.9
19.3
2.2
46.2

1205.1
114.3
15.1
-8.6
-1.8
23.1

1110.5
-15.8
19.5
79.8
-1.8
42.8

40
41
42
43
44
45

-38.8
-1.9

-48.2
7.0

34.3
7.9

81.5
9.0

-31.7
7.6

-26.6
9.1

216.7
9.3

8.2
9.6

-10.2
4.8

-22.0
5.7

-102.8
10.1

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

-0.4

0.9

0.9

1.6

0.3

1.2

1.8

1.1

2.8

-3.1

0.5

48

-142.7

111.6

-155.5

108.4

144.1

-36.0

196.4

35.0

155.0

293.5

92.8

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, March 9, 2006

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

Q1

Q2

Q3

Q4

1149.5

1164.3

1311.7

1509.9

1831.1

1520.9

1570.5

1768.2

1840.2

1821.1

1894.9

1

926.3

983.5

1058.8

1139.3

1246.4

1219.6

1080.7

1132.0

1202.5

1379.9

1271.4

2

1054.1

954.6

1003.8

1183.6

1304.3

1251.3

1134.6

1182.4

1265.2

1444.1

1325.7

3

1022.5

946.1

975.3

1111.3

1192.5

1117.2

1148.1

1184.7

1154.4

1177.2

1253.8

4

1062.8
66.9
995.9

945.1
71.7
873.4

971.0
80.0
891.0

1067.7
93.6
974.1

1188.9
107.4
1081.5

1078.4
95.3
983.1

1107.2
98.8
1008.4

1137.8
102.2
1035.7

1171.6
105.7
1065.9

1209.0
109.2
1099.8

1237.2
112.7
1124.5

5
6
7

-31.7
-8.6

11.9
-10.9

15.4
-11.2

55.4
-11.8

16.6
-13.0

52.5
-13.6

51.9
-11.0

59.9
-13.0

-4.2
-13.0

-19.7
-12.2

30.5
-13.8

8
9

31.5

8.5

28.5

72.2

111.8

134.1

-13.5

-2.3

110.8

267.0

71.9

10

11

Net acquisition of financial assets

336.0

212.9

171.9

783.9

657.1

787.2

909.0

628.7

736.1

603.2

660.2

11

12
13
14
15
16

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

-8.5
-63.4
15.9
120.1
-0.2

4.4
-29.3
24.6
28.4
2.2

18.3
55.2
115.3
-46.2
-0.2

6.4
71.0
114.9
-3.2
0.5

34.0
-0.2
89.6
18.7
3.1

-11.4
87.4
146.5
-15.5
3.6

37.9
41.2
74.0
-23.4
2.9

20.7
43.7
113.6
-30.8
3.1

33.4
-56.1
40.9
5.9
7.5

56.9
0.3
114.5
27.7
10.3

24.9
11.1
89.4
71.8
-8.5

12
13
14
15
16

17

Credit market instruments

2.8

25.4

0.1

39.3

35.0

0.1

71.4

26.9

81.0

41.5

-9.3

17

2.4
1.4
2.1
-1.5
6.5
-8.1

4.6
14.5
-0.7
2.7
2.3
1.9

10.9
3.5
-4.8
2.6
2.0
-14.2

20.2
6.2
-0.5
5.6
6.5
1.3

8.2
10.3
0.4
10.1
7.5
-1.3

21.8
0.2
-2.9
1.3
6.9
-27.2

39.1
16.6
2.9
16.2
7.2
-10.6

4.0
0.3
-2.2
3.4
5.8
15.8

29.5
9.7
-5.2
7.2
8.0
31.8

12.1
8.8
4.5
22.1
8.2
-14.2

-12.9
22.3
4.6
7.6
7.8
-38.7

18
19
20
21
22
23

4.0
-119.9
385.3

0.6
-79.7
236.4

11.0
-43.5
62.0

5.0
180.5
369.5

5.0
232.2
239.7

5.0
152.2
419.4

5.0
155.9
544.2

5.0
199.0
247.5

5.0
234.1
384.3

5.0
246.8
100.1

5.0
248.8
227.0

24
25
26

304.4

204.4

143.4

711.7

545.2

653.1

922.5

631.0

625.3

336.3

588.4

27

394.6

181.4

189.3

429.2

605.8

468.9

571.5

507.8

641.0

600.1

674.1

28

18
19
20
21
22
23
24
25
26
27
28

Net financial investment

2005
Q4

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

-88.3
3.5
347.7

-64.2
3.1
132.3

-40.0
3.4
158.3

15.8
5.2
77.7

-7.9
6.9
60.7

22.4
5.3
51.7

-25.4
6.6
138.3

50.4
6.3
35.1

5.9
6.2
30.3

1.4
6.1
100.9

-89.4
9.2
76.4

29
30
31

32
33
34

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

-65.5
8.1
189.1

-84.0
19.5
174.7

-75.2
11.3
131.5

28.2
24.3
278.0

112.4
81.9
351.8

43.4
-1.7
347.8

87.1
99.9
265.1

69.4
86.0
260.5

190.9
67.7
339.9

52.0
20.4
419.4

137.1
153.4
387.4

32
33
34

-48.1
-108.3
7.1
77.9

-41.6
46.3
13.4
88.7

-57.8
-78.5
-12.1
76.2

-141.1
135.9
14.7
325.7

-366.0
154.0
11.9
178.4

-203.6
126.3
11.6
332.6

-173.1
138.6
8.6
456.0

-248.6
96.2
26.5
267.2

-339.6
162.1
3.0
195.5

-481.1
171.7
-4.2
118.7

-394.6
186.0
22.3
132.0

35
36
37
38

-18.8

-83.7

26.3

-52.8

-38.8

-82.6

-79.2

-18.1

-36.8

-69.0

-31.5

39

-127.8

29.0

55.0

-44.2

-57.9

-31.7

-53.9

-50.3

-62.7

-64.3

-54.3

40

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

39

Proprietors’ net investment

40

Discrepancy

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

18

Z.1, March 9, 2006

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

1
2
3
4
5
6
7
8
9
10

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

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

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
736.7
765.5
123.3
-13.3
0.2
875.7

573.8
165.5
358.9
804.3
853.7
125.2
-39.6
0.0
939.3

867.5
249.4
234.8
668.0
1051.3
-8.7
-23.7
0.0
1018.9

589.5
171.4
325.0
830.1
923.2
109.7
-36.9
0.1
996.1

625.1
180.4
462.2
808.1
790.7
133.1
-44.4
0.0
879.4

809.5
231.3
304.4
640.9
914.7
61.9
-39.1
0.0
937.5

867.5
248.0
295.2
648.1
972.3
46.3
-18.9
0.0
999.8

892.5
257.4
179.3
714.5
1170.4
-62.3
-27.5
0.0
1080.7

900.4
260.8
160.5
668.5
1147.6
-80.6
-9.3
0.0
1057.7

1
2
3
4
5
6
7
8
9

Gross investment

882.8

782.4

820.7

983.5

1076.8

1027.7

933.3

987.8

1062.5

1144.9

1112.0

10

800.4
839.1
-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

925.3
914.6
23.7
-13.0

867.1
837.6
43.2
-13.6

902.7
861.6
52.1
-11.0

930.3
880.3
63.1
-13.0

894.2
903.1
4.1
-13.0

905.3
927.1
-9.7
-12.2

971.5
948.0
37.4
-13.8

11
12
13
14

82.4

45.2

69.2

122.5

151.5

160.7

30.6

57.5

168.3

239.6

140.5

15

11
12
13
14

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

15

Net financial investment

16

Net acquisition of financial assets

177.6

130.1

82.6

501.3

307.4

472.9

581.6

390.5

348.9

203.8

286.5

16

17
18
19
20
21

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

-8.5
-64.5
8.8
110.5
-0.2

4.4
-32.4
10.2
26.1
2.2

18.3
50.4
71.5
-38.0
-0.2

6.4
52.1
63.2
-12.0
0.5

34.0
-25.4
25.7
7.8
3.1

-11.4
65.9
90.0
-25.1
3.6

37.9
17.4
13.4
-33.7
2.9

20.7
29.3
69.4
-38.3
3.1

33.4
-85.1
-29.8
-6.1
7.5

56.9
-29.6
42.0
15.4
10.3

24.9
-16.4
21.3
60.3
-8.5

17
18
19
20
21

22
23
24
25
26
27
28
29

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

2.4
-1.3
2.1
-2.6
3.1
-8.1
-121.7
4.0

4.6
14.5
-0.7
2.8
2.9
1.9
-98.6
0.6

10.9
1.4
-4.8
3.3
2.2
-14.2
-19.3
11.0

20.2
-1.2
-0.5
5.1
2.2
1.3
124.6
5.0

8.2
1.1
0.4
9.5
2.2
-1.3
163.1
5.0

21.8
-7.9
-2.9
0.9
2.2
-27.2
91.1
5.0

39.1
7.9
2.9
15.6
2.2
-10.6
90.3
5.0

4.0
-6.1
-2.2
3.0
2.2
15.8
151.2
5.0

29.5
-0.4
-5.2
6.6
2.2
31.8
157.5
5.0

12.1
-1.5
4.5
21.5
2.2
-14.2
168.4
5.0

-12.9
12.6
4.6
7.0
2.2
-38.7
175.2
5.0

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

253.6
119.4
10.3
0.0
-1.7
125.5

191.6
138.3
17.4
0.0
-5.5
41.4

-10.0
109.2
18.4
0.0
5.8
-143.5

234.2
233.2
18.9
0.0
9.2
-27.0

74.1
-31.2
23.3
0.0
4.3
77.7

267.0
137.2
39.2
0.0
9.1
81.5

391.2
415.8
-0.8
0.0
11.0
-34.8

133.6
59.2
11.2
0.0
-7.1
70.3

202.0
86.2
14.9
0.0
4.4
96.5

-89.2
-129.7
45.3
0.0
12.1
-16.8

49.9
-140.7
21.7
0.0
8.0
161.0

30
31
32
33
34
35

95.2

84.9

13.4

378.8

156.0

312.3

551.1

333.1

180.6

-35.8

146.0

36

173.3
-48.1
221.4
-88.3
3.5
347.7
-109.6

-16.6
-41.6
25.0
-64.2
3.1
132.3
-108.2

26.9
-57.8
84.7
-40.0
3.4
158.3
-85.9

33.4
-141.1
174.5
15.8
5.2
77.7
2.7

-76.7
-366.0
289.3
-7.9
6.9
60.7
71.0

-15.0
-203.6
188.6
22.4
5.3
51.7
32.9

101.4
-173.1
274.5
-25.4
6.6
138.3
29.7

55.1
-248.6
303.7
50.4
6.3
35.1
43.9

-50.9
-339.6
288.7
5.9
6.2
30.3
126.4

-238.6
-481.1
242.5
1.4
6.1
100.9
9.9

-72.3
-394.6
322.3
-89.4
9.2
76.4
103.9

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

7.8
1.8
-10.3
-0.2
-0.3
-1.6
18.5
60.2

16.0
1.7
7.5
-0.3
0.3
10.1
-3.3
46.1

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
51.8

74.6
1.9
29.2
1.6
0.0
60.6
-18.7
83.9

-4.2
4.0
-12.5
0.5
-0.3
-14.7
18.7
80.5

93.0
0.4
31.5
0.3
-0.5
65.5
-4.3
32.3

89.2
-2.5
-23.4
0.4
-0.0
107.8
6.9
78.8

58.9
8.8
27.2
1.0
-0.2
51.2
-29.1
61.0

17.0
-2.6
29.6
0.9
2.4
5.5
-18.7
107.2

133.3
4.1
83.4
3.9
-2.0
77.8
-33.8
88.9

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

-103.7
3.1
22.6
84.5
0.6
-62.5

19.7
11.9
69.8
27.5
0.1
42.2

-54.7
-11.7
52.9
23.9
-1.4
30.4

105.9
7.0
232.5
25.3
-2.5
209.7

117.1
2.3
113.2
42.9
-3.3
73.7

93.6
3.0
230.6
8.0
1.7
221.0

103.5
-0.5
346.7
29.8
-8.2
325.1

70.6
19.8
187.5
44.3
-5.0
148.2

121.1
-7.6
118.0
34.7
-2.4
85.8

130.0
-15.2
88.0
44.3
-2.4
46.1

146.8
12.0
59.4
48.2
-3.5
14.7

52
53
54
55
56
57

-127.8

29.0

55.0

-44.2

-57.9

-31.7

-53.9

-50.3

-62.7

-64.3

-54.3

58

156.5

18.4

-0.8

47.0

-102.3

-19.2

156.5

54.8

-59.3

-237.7

-166.8

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, March 9, 2006

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

820.0
149.2

817.4
151.5

835.8
161.9

900.2
177.4

942.8
204.8

901.6
198.9

920.8
178.0

934.0
173.8

953.2
181.9

910.5
271.1

973.4
192.5

1
2

3

Gross investment

149.2

151.5

161.9

177.4

204.8

198.9

178.0

173.8

181.9

271.1

192.5

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

195.4
197.0
-1.6

182.7
182.0
0.7

194.4
193.6
0.8

211.2
208.6
2.6

234.2
232.9
1.2

206.1
203.8
2.3

209.2
206.5
2.7

221.0
217.6
3.3

227.7
227.5
0.2

239.4
239.9
-0.5

248.5
246.6
2.0

4
5
6

7

Net financial investment

-46.3

-31.2

-32.4

-33.8

-29.4

-7.2

-31.2

-47.2

-45.9

31.6

-56.1

7

8

Net acquisition of financial assets

155.9

78.2

84.0

277.0

344.8

303.6

326.6

235.4

383.2

392.7

368.1

8

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

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

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

17.9
51.7
8.8
7.4
0.4
4.3
0.0
55.9
130.7
3.5
0.3
126.8

24.5
63.9
10.8
9.2
0.5
5.3
0.0
69.1
161.5
4.9
0.4
156.2

20.5
56.5
9.6
8.1
0.5
4.7
0.0
61.1
142.8
5.5
0.4
136.9

22.7
60.6
10.3
8.7
0.5
5.0
0.0
65.5
153.2
-0.2
0.4
153.0

13.8
44.2
7.5
6.3
0.4
3.6
0.0
47.8
111.8
2.6
0.3
108.8

28.3
70.8
12.0
10.1
0.6
5.8
0.0
76.6
179.0
3.6
0.5
174.9

29.2
72.5
12.3
10.4
0.6
6.0
0.0
78.4
183.3
8.2
0.5
174.6

26.8
68.1
11.5
9.8
0.6
5.6
0.0
73.6
172.1
5.4
0.5
166.3

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

202.2

109.4

116.4

310.9

374.2

310.8

357.8

282.6

429.0

361.0

424.2

21

162.7
44.0
-2.6
121.2
-4.9
4.0
55.3
-14.9

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
21.0

243.0
23.3
1.9
217.8
29.1
7.8
93.2
-62.2

301.1
39.1
3.2
258.8
36.0
9.6
65.1
-37.6

261.9
5.3
-1.4
258.0
31.8
8.5
101.9
-93.4

288.3
55.9
5.7
226.7
34.1
9.1
109.3
-83.1

201.8
28.9
-4.4
177.2
24.9
6.7
79.7
-30.4

335.3
62.5
5.2
267.5
39.8
10.7
77.5
-34.3

332.6
34.5
-5.4
303.6
40.8
10.9
30.7
-54.0

334.6
30.5
17.2
286.9
38.3
10.3
72.6
-31.6

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

19.7
-1.0
23.0
4.0
19.0

10.6
-1.8
22.5
4.2
18.3

27.7
-1.9
23.1
5.1
18.0

35.8
-2.3
25.0
5.2
19.8

20.8
-4.6
27.4
5.1
22.3

29.7
-2.2
26.8
5.7
21.2

24.6
-1.8
25.1
5.2
19.9

24.7
-4.4
25.2
4.8
20.4

19.6
-4.5
25.4
4.9
20.5

18.0
-4.2
32.3
5.5
26.8

21.0
-5.4
26.6
5.0
21.5

1
2
3
4
5

6

Gross saving

22.1

20.7

21.2

22.7

22.7

24.6

23.3

20.8

20.8

28.1

21.2

6

7

Gross investment

22.1

20.7

21.2

22.7

22.7

24.6

23.3

20.8

20.8

28.1

21.2

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

26.7
26.7
-0.0

26.2
28.7
-2.5

29.5
29.3
0.2

39.1
35.9
3.2

33.0
41.4
-8.4

44.0
37.0
7.0

36.1
39.1
-3.0

33.4
40.0
-6.5

32.5
41.0
-8.5

32.4
41.9
-9.5

33.8
42.6
-8.9

8
9
10

11

Net financial investment

-4.6

-5.5

-8.3

-16.5

-10.3

-19.4

-12.8

-12.6

-11.7

-4.3

-12.6

11

12

Net acquisition of financial assets

2.4

4.6

5.3

5.6

4.8

10.7

0.8

2.8

4.0

6.7

5.6

12

13
14
15
16

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

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
4.1
4.0
0.1

1.0
9.7
9.0
0.6

1.0
-0.2
-0.2
-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
5.0
5.0
0.0

13
14
15
16

7.0

10.2

13.6

22.1

15.1

30.1

13.6

15.4

15.7

11.0

18.2

17

10.5
-0.0
2.9
7.7
0.4
-3.9

7.8
-0.9
1.1
7.6
0.6
1.7

7.7
-0.4
0.1
8.0
0.7
5.3

11.8
2.2
1.2
8.4
0.9
9.4

15.4
2.2
4.1
9.1
0.9
-1.2

18.4
5.2
4.0
9.3
0.9
10.7

8.7
1.5
1.1
6.1
1.0
3.9

2.3
-3.4
1.2
4.5
0.7
12.4

17.0
2.0
3.6
11.4
1.2
-2.5

25.0
7.6
8.7
8.7
1.0
-15.0

17.2
2.6
2.9
11.6
0.9
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, March 9, 2006

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1373.0

1410.1

1488.6

1581.7

1688.6

1574.5

1625.7

1656.7

1694.9

1684.3

1718.5

1

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

274.9
805.9
57.7
19.9
79.1
458.6
-7.5

248.4
761.5
39.4
19.9
77.4
430.5
-2.6

254.6
775.8
44.8
20.1
78.8
454.5
-2.9

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

279.3
821.5
61.1
20.1
79.9
461.5
-4.9

2
3
4
5
6
7
8

1368.2

1444.3

1512.4

1587.5

1686.5

1593.8

1621.7

1649.4

1673.7

1690.8

1732.4

9

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

1193.2
400.7
92.1
0.5
0.0

1123.9
380.2
89.3
0.5
0.0

1143.1
387.7
90.4
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

1232.6
406.3
93.0
0.5
0.0

10
11
12
13
14

4.8

-34.2

-23.8

-5.9

2.1

-19.3

4.0

7.4

21.3

-6.4

-13.9

15

10
11
12
13
14

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

15

Net state and local govt. saving, NIPA basis

16
17

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

117.8
48.6

122.7
52.1

128.3
51.5

135.3
51.9

148.7
54.6

136.4
56.7

138.6
50.7

140.6
53.3

142.6
56.6

161.0
53.7

150.6
54.9

16
17

18

= Gross saving and net capital transfers

171.1

140.7

155.9

181.3

205.4

173.8

193.2

201.3

220.5

208.3

191.5

18

19

Gross investment

218.5

171.1

194.2

222.6

233.5

213.5

229.5

242.9

240.8

234.5

216.0

19

292.4
12.5

272.1
11.8

276.1
12.0

282.7
12.2

292.0
12.4

294.7
12.6

300.0
12.6

20
21

20
21

Fixed investment
Nonproduced nonfinancial assets

243.0
9.2

256.1
10.6

262.3
11.3

270.6
11.7

22

Net financial investment

-33.7

-95.6

-79.4

-59.8

-71.3

-70.4

-58.5

-52.0

-63.6

-72.9

-96.6

22

97.3

76.9

68.7

89.9

140.3

106.2

94.2

182.9

74.1

190.8

113.4

23

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

4.6
29.1
2.5
5.0

8.3
24.0
3.4
6.7

-5.8
-2.9
5.3
10.5

48.6
59.6
3.1
6.2

2.5
-2.2
-1.0
-1.9

-39.7
42.7
4.2
8.3

7.1
16.4
3.7
7.3

24
25
26
27

93.4

86.5

52.5

61.8

99.2

54.1

72.6

130.6

75.9

134.4

55.9

28

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

17.4
18.3
47.2

14.4
26.3
41.9

9.4
8.3
20.4

8.3
22.6
18.1

6.5
68.6
14.1

8.7
13.1
18.9

13.8
7.8
29.9

8.1
92.5
17.6

-2.5
87.8
-5.5

10.9
83.0
23.7

9.6
10.9
20.8

29
30
31

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

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
4.5
5.4

0.2
6.0
7.2

0.4
9.5
11.3

0.2
5.6
6.7

-0.1
-1.7
-2.1

0.3
7.5
9.0

0.3
6.6
7.9

32
33
34

4.0
0.4

10.3
2.1

-17.5
-5.4

-5.0
-1.5

-0.8
-0.2

12.1
3.7

-27.3
-8.3

14.2
4.3

-8.7
-2.7

-6.8
-2.1

-1.8
-0.5

35
36

5.9
3.7
-18.2

2.6
4.8
-28.5

7.4
7.8
1.6

6.5
24.0
-7.7

5.1
43.8
-48.1

6.8
22.8
-35.8

10.8
29.4
9.8

6.3
38.8
-129.0

-2.0
44.7
-30.7

8.5
43.1
-1.8

7.5
48.5
-30.7

37
38
39

131.0

172.5

148.1

149.6

211.6

176.6

152.7

234.9

137.7

263.7

210.0

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

105.8

143.9

117.8

118.2

177.3

145.2

120.5

202.0

103.9

229.1

174.2

41

42
43
44
45

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

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

176.8
5.1
171.7
0.5

145.0
20.1
125.0
0.2

120.2
-9.0
129.2
0.3

201.7
18.1
183.6
0.3

103.6
-31.2
134.8
0.4

228.5
12.0
216.5
0.6

173.6
21.6
152.0
0.6

42
43
44
45

25.2

28.7

30.4

31.4

34.3

31.4

32.2

32.9

33.8

34.6

35.8

46

-47.4

-30.5

-38.3

-41.2

-28.2

-39.7

-36.3

-41.6

-20.4

-26.2

-24.5

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, March 9, 2006

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

2016.2

1853.2

1868.6

1974.8

2220.9

1975.4

2054.6

2196.6

2227.9

2155.8

2303.3

1

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

934.9
97.2
300.8
9.7
851.2
23.2
7.6
-3.7

810.0
94.0
207.5
7.9
806.0
21.8
28.7
-0.4

839.7
95.1
235.3
11.2
823.4
22.2
30.0
-2.3

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

962.0
97.6
319.9
10.4
863.3
22.9
31.3
-4.1

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

1969.5

2101.1

2251.4

2381.3

2549.2

2387.0

2426.2

2494.9

2525.2

2563.7

2612.9

10

11
12
13
14
15
16

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

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
1086.5
388.9
249.4
54.8
0.0

735.7
1019.9
364.1
224.5
42.8
-0.0

735.1
1034.9
384.1
226.1
46.1
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
1109.7
399.0
269.2
61.9
0.0

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

46.7

-247.9

-382.7

-406.5

-328.3

-411.6

-371.6

-298.3

-297.3

-407.9

-309.6

17

18
19
20

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

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

94.2
-1.3
-40.8

95.9
3.5
-37.8

96.9
5.4
-55.1

97.7
-1.8
-42.7

99.2
-4.9
-39.1

99.6
4.0
-39.6

18
19
20

21

= Gross saving and net capital transfers

118.8

-180.5

-332.2

-350.7

-274.7

-356.8

-317.1

-261.9

-240.5

-342.9

-253.6

21

22

Gross investment

80.7

-191.1

-385.3

-357.8

-278.2

-287.5

-310.6

-515.6

-52.6

-270.1

-274.3

22

81.0
-0.7

88.1
0.3

92.9
-0.2

101.9
0.0

108.2
-0.5

100.8
1.8

105.7
-1.0

100.7
0.3

107.0
-0.6

109.4
-1.6

115.7
0.0

23
24

0.5

-279.5

-478.1

-459.7

-385.9

-390.1

-415.3

-616.6

-159.1

-377.8

-390.1

25

53.9

7.4

22.9

-27.9

-16.9

-52.1

-26.5

76.0

-75.5

-75.5

7.3

26

23
24

Fixed investment
Nonproduced nonfinancial assets

25

Net financial investment

26

Net acq. of financial assets

27
28
29

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

4.6
41.1
4.2

3.4
-17.1
17.1

-1.8
9.2
-25.2

-3.1
-31.0
-0.0

-10.8
12.6
-1.0

-2.0
-63.8
0.5

-3.2
-9.0
0.6

-21.6
63.0
-0.1

2.9
-36.8
-2.8

-19.4
-22.0
1.5

-5.1
46.1
-2.5

27
28
29

30
31
32
33
34

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

6.0
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

-0.8
0.0
-6.9
2.4
3.7

24.6
0.0
-2.5
0.7
26.3

-1.9
0.0
-2.2
3.6
-3.3

0.2
0.0
-10.0
1.1
9.1

-16.6
0.0
-9.2
0.6
-8.0

18.1
0.0
-6.9
3.8
21.1

-4.7
0.0
-1.4
4.0
-7.4

30
31
32
33
34

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

7.3
-10.7
1.3

-3.3
-2.3
0.0

19.1
22.8
1.4

10.6
-8.8
0.6

3.1
-18.8
-1.3

5.1
-18.5
2.1

10.5
-23.8
0.2

-9.2
55.4
-11.7

17.9
-39.0
-1.1

14.4
-66.9
-1.2

-10.5
-24.9
9.0

35
36
37

53.4

286.9

501.0

431.9

369.0

338.0

388.9

692.6

83.6

302.3

397.4

38

0.0
1.3

0.0
1.0

0.0
0.6

0.0
0.7

0.0
0.8

0.0
0.7

0.0
0.1

0.0
0.8

0.0
1.1

0.0
0.9

0.0
0.3

39
40

-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

266.3
-1.1
267.6
-0.2
0.0

311.2
-1.4
312.3
0.3
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

41
42
43
44
45

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

17.9
1.1
50.3
40.9
9.3

18.3
1.1
41.9
40.0
1.9

18.3
0.2
52.5
48.4
4.1

4.6
2.3
70.7
58.0
12.7

14.9
0.0
46.2
42.2
4.0

21.3
1.7
53.7
28.6
25.1

19.2
0.3
50.0
42.9
7.1

17.6
2.6
17.8
46.2
-28.4

46
47
48
49
50

38.1

10.7

53.1

7.1

3.4

-69.4

-6.5

253.7

-187.9

-72.9

20.8

51

50.9

-1.6

-24.8

-3.1

4.6

-39.9

20.0

45.9

-77.2

11.1

38.8

52

38

Net increase in liabilities

39
40

SDR certificates
Treasury currency

41
42
43
44
45

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

46
47
48
49
50

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

51

Discrepancy
Memo:

52

Change in cash balance (5)

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

22

Z.1, March 9, 2006

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

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

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

2580.2
2028.6
462.3
89.3

2255.1
1821.8
369.6
63.6

2418.1
1902.5
425.6
90.0

2482.4
1950.6
422.9
108.8

2533.4
1988.1
453.9
91.3

2576.6
2045.1
476.6
54.9

2728.6
2130.4
496.0
102.2

1
2
3
4

5
6
7

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

1355.2
1032.8
322.4

1311.6
1005.9
305.7

1389.3
1045.6
343.7

1589.2
1173.8
415.4

1804.1
1301.6
502.4

1601.9
1183.8
418.1

1679.5
1217.1
462.4

1715.4
1253.2
462.3

1786.6
1297.1
489.4

1835.5
1314.6
520.8

1878.8
1341.5
537.2

5
6
7

8
9

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

1.1
371.5

1.4
459.7

3.3
507.8

1.7
653.4

5.7
781.9

1.6
654.8

1.8
740.4

17.9
784.8

1.7
748.6

1.7
742.8

1.7
851.5

8
9

Gross investment
Nonproduced nonfinancial assets

399.1
0.0

499.0
0.0

557.5
0.1

583.0
0.0

825.1
1.0

465.3
0.0

674.0
-0.0

630.4
0.5

602.4
1.2

1091.5
1.2

992.3
1.2

10
11

10
11
12
13

Net financial investment
Net acquisition of financial assets

399.0

499.0

557.4

582.9

824.1

465.2

674.0

629.9

601.2

1090.4

991.1

12

657.7

767.8

842.5

1307.1

1191.3

1348.4

1594.8

1025.2

1070.4

1635.8

1033.8

13

14
15
16
17
18

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

-0.6
-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

6.5
-19.8
44.1
37.8
53.7

-0.4
9.7
5.3
-8.5
198.5

-0.4
1.2
68.6
135.7
185.8

6.9
102.4
-55.0
-183.6
77.7

-0.4
177.3
138.5
244.2
32.3

11.9
-47.6
73.4
99.6
177.8

7.7
-311.2
19.4
-9.1
-72.8

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

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

896.0
14.2
297.9
83.8
214.1
172.2
98.2
74.0
351.1
60.6

593.0
9.2
206.6
221.4
-14.9
49.5
46.2
3.4
342.4
-14.7

817.0
49.3
174.5
166.9
7.6
232.8
60.2
172.7
294.8
65.5

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

916.0
3.1
266.3
38.6
227.7
219.9
81.9
138.0
421.2
5.5

1143.6
33.4
432.2
149.7
282.5
198.2
124.7
73.5
402.1
77.8

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

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

86.0
11.2
0.0
75.8
110.8
-35.0

5.1
-8.2
0.0
553.8
142.7
411.1

188.7
-1.5
0.0
199.9
126.5
73.4

82.9
13.2
0.0
192.6
140.2
52.4

54.0
13.7
0.0
-325.6
57.8
-383.4

110.5
8.0
0.0
286.2
155.1
131.1

96.4
9.9
0.0
150.0
90.1
59.8

29
30
31
32
33
34

258.6

268.8

285.1

724.1

367.2

883.1

920.8

395.3

469.2

545.4

42.7

35

4.3
6.8

3.2
21.0

-0.9
22.3

-3.2
111.3

-4.0
98.4

-2.1
79.8

-3.2
196.6

-14.5
371.2

2.8
-36.4

-7.2
28.7

2.8
30.0

36
37

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

-43.8
-14.2
-18.5
-7.3
0.8
-7.4
-0.7
-1.1
-2.6

70.8
36.1
31.6
5.3
0.8
-0.8
5.3
-1.9
-0.4

54.3
22.3
41.9
-7.7
-0.5
-1.5
-5.7
-2.1
0.0

82.2
63.7
19.2
2.5
0.9
2.8
-1.3
-3.2
0.1

95.0
69.9
16.9
12.9
-2.8
3.1
12.6
-4.7
-0.0

97.5
24.4
86.8
-9.0
-0.8
-3.2
-5.0
-3.5
-1.3

210.7
160.7
34.4
18.5
1.6
5.7
11.1
-3.0
0.1

16.2
12.3
-4.6
12.1
0.9
1.4
9.9
-3.7
0.2

95.1
32.2
72.3
-5.3
-1.9
-1.8
-1.6
-4.9
0.8

113.0
115.3
-2.7
5.2
-9.7
9.9
5.0
-3.5
-1.3

155.7
119.9
2.8
39.5
-0.6
2.9
37.2
-6.7
0.2

38
39
40
41
42
43
44
45
46

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

109.1
-2.2
0.0
184.4
1.7
-0.1
142.3
40.4

17.0
-10.1
0.0
167.0
1.5
0.1
154.5
10.9

114.2
9.9
0.0
85.3
1.4
0.2
140.6
-56.9

83.2
3.3
0.0
447.4
2.0
-0.0
252.0
193.4

137.5
3.2
0.0
37.1
1.8
-2.6
-12.4
50.3

67.0
-8.2
0.0
649.2
3.4
0.2
164.9
480.8

38.5
28.4
0.0
449.8
1.2
-0.2
400.0
48.9

159.3
-4.0
0.0
-133.0
1.5
-15.7
108.0
-226.7

95.6
12.2
0.0
299.8
1.4
-0.4
85.6
213.2

138.5
2.3
0.0
270.0
1.2
0.1
-108.3
377.1

156.7
2.3
0.0
-304.8
3.1
5.7
-134.9
-178.7

47
48
49
50
51
52
53
54

-27.5

-39.3

-49.7

70.4

-43.2

189.5

66.4

154.4

146.1

-348.7

-140.8

55

-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

-726.9
40.1
89.3
-776.2

-638.0
48.5
63.6
-653.2

-685.4
36.8
90.0
-738.6

-697.5
39.4
108.8
-767.0

-691.0
35.5
91.3
-746.8

-730.4
44.3
54.9
-741.1

-788.8
41.2
102.2
-849.8

56
57
58
59

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, March 9, 2006

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

2.3

0.3

-0.7

3.3

1.4

3.4

3.4

1.3

1.4

1.5

1.4

1

2

Fixed nonresidential investment

2.4

2.1

1.9

2.2

2.5

2.2

2.3

2.4

2.4

2.5

2.5

2

3

Net acquisition of financial assets

47.0

70.7

43.2

44.4

37.4

50.9

36.1

26.1

26.8

27.4

69.4

3

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
0.2

0.3
0.0
1.0

0.4
0.0
0.6

0.3
0.0
0.4

0.3
0.0
0.3

0.3
0.0
-0.7

0.3
0.0
0.7

4
5
6
7
8
9

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

-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

6.7
-0.3
-28.0

-3.7
-0.8
-28.0

-9.4
0.0
52.9

1.7
0.7
-5.3

2.7
2.7
-41.1

4.8
-3.4
48.5

Credit market instruments

39.9

77.7

37.2

51.2

26.4

71.3

57.6

-10.5

32.0

66.8

17.3

10

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
71.3
0.0
0.0

0.0
57.6
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

11
12
13
14

-0.4

1.4

1.3

1.5

-3.2

-0.0

9.9

-7.7

-2.9

-3.2

1.1

15

10
11
12
13
14
15
16

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

46.5

69.6

42.8

41.7

36.1

49.2

30.1

24.6

23.4

23.7

72.8

16

17
18

Depository institution reserves
Vault cash of commercial banks

-1.6
2.9

5.1
0.5

0.5
0.1

1.0
-6.4

-5.0
8.6

-20.3
-8.1

8.1
-35.1

-6.5
43.3

-10.6
7.4

-4.3
-20.3

1.4
3.8

17
18

19
20
21
22

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

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
30.7

41.2
-1.7
-0.6
43.4

41.3
9.2
-0.2
32.3

11.0
-6.2
0.2
17.0

11.8
-8.8
-0.2
20.8

44.8
-0.7
0.2
45.4

49.3
10.1
-0.3
39.5

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

-2.8
0.4
-3.2

22.6
1.0
21.5

4.3
0.5
3.8

9.9
3.1
6.9

3.3
1.6
1.7

36.4
5.1
31.3

15.8
5.6
10.1

-23.1
2.6
-25.7

14.8
1.5
13.3

3.5
1.5
2.0

18.3
0.9
17.3

23
24
25

-0.5

-2.8

-3.1

-1.7

-2.3

-0.6

-4.9

-2.5

-4.5

-4.6

2.2

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, March 9, 2006

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

81.8

93.3

89.0

94.6

118.8

105.5

94.1

104.6

103.1

145.3

122.4

1

2

Fixed nonresidential investment

22.1

18.9

18.8

21.1

23.6

21.5

22.2

22.7

23.3

23.9

24.4

2

3

Net acquisition of financial assets

350.2

476.6

474.0

713.4

741.8

563.2

490.5

1129.6

821.0

715.0

301.6

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

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

-8.1
-20.7
1.4

-35.1
9.0
1.7

43.3
-5.2
0.5

7.4
-10.8
0.7

-20.3
-3.5
-2.1

3.8
1.1
-1.0

4
5
6

7

Total bank credit

216.0

408.3

331.3

563.5

681.0

316.8

501.2

1013.8

648.8

743.3

317.9

7

-21.9
55.6

43.2
140.5

3.0
83.6

-22.8
96.9

-13.0
-7.0

-54.9
-217.6

-70.1
159.2

53.4
95.5

-50.6
-63.3

19.1
-55.4

-73.9
-4.9

8
9

6.1
97.0

1.5
-3.2

10.8
44.6

8.3
77.3

17.0
127.8

1.7
148.6

9.2
121.0

24.1
255.9

7.0
186.0

16.9
115.5

19.9
-46.1

10
11

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

557.9
0.0
157.9
362.3
2.8
34.9

441.9
0.0
3.7
322.6
60.8
54.7

277.5
0.0
151.3
298.2
46.2
-218.2

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

424.6
0.0
256.8
236.3
-71.1
2.6

12
13
14
15
16
17

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

0.2
-1.8

-0.2
-2.8

0.4
4.0

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-0.4
-1.3

18
19

-2.9
135.3

-0.0
63.6

-0.2
142.8

-0.4
154.6

0.0
57.3

-1.5
275.4

-0.3
14.0

0.1
77.1

0.6
174.3

1.1
-3.7

-1.8
-18.4

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

353.2

500.3

465.1

927.9

685.3

766.1

760.6

1009.4

915.3

664.6

151.8

22

23
24
25
26

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

-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

-10.4
-0.0
9.4
-19.8

-17.3
6.4
-33.4
9.7

19.0
-4.4
22.2
1.2

105.8
-9.3
12.8
102.4

166.6
2.5
-13.1
177.3

-42.3
5.4
0.0
-47.6

-271.9
1.5
37.8
-311.2

23
24
25
26

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

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

-35.9
7.0
24.7
-67.6

-22.7
-38.7
-4.3
20.3

103.5
10.2
47.5
45.9

28.0
52.2
-59.5
35.4

-77.9
-65.6
120.7
-133.0

-143.0
10.2
54.6
-207.8

49.2
31.2
-16.9
35.0

27
28
29
30

31
32
33

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

249.4
32.7
-42.3

269.4
-2.8
115.5

230.4
18.8
67.6

281.8
186.3
4.1

271.0
226.2
117.0

242.4
132.4
-35.5

226.3
246.2
-293.3

216.8
205.3
189.1

185.1
165.4
180.8

413.5
339.8
66.1

268.8
194.2
31.9

31
32
33

34

Credit market instruments

52.9

49.7

49.2

77.7

85.2

60.1

61.2

163.0

41.4

82.6

53.7

34

-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

-0.0
61.4
-1.2

4.0
77.8
-20.6

26.9
79.3
56.8

-7.2
30.8
17.8

22.7
38.2
21.7

-26.3
78.5
1.5

35
36
37

-8.1
2.4
-6.5

-10.7
2.6
121.9

-2.4
2.9
83.1

17.6
3.2
312.2

-13.7
3.4
42.5

70.5
3.2
332.9

5.0
3.3
389.3

-22.1
3.3
120.1

11.3
3.4
239.3

-25.0
3.5
-30.7

-19.1
3.5
-158.5

38
39
40

62.7

98.1

61.3

288.0

38.8

286.9

342.0

-38.3

174.1

71.0

-51.8

41

205.2

404.4

299.5

582.2

647.7

263.5

714.7

982.5

597.2

696.1

315.1

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, March 9, 2006

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

21.5

19.8

16.6

31.6

31.1

38.5

27.1

38.6

23.9

40.9

21.1

1

2

Fixed nonresidential investment

15.1

12.5

12.1

13.3

14.7

13.5

13.9

14.2

14.5

14.9

15.2

2

3

Net acquisition of financial assets

229.7

389.0

406.1

585.0

510.0

346.6

602.3

775.4

392.5

499.0

372.9

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

6
7
8
9
10

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

11
12
13
14
15

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

16
17
18
19
20
21

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

22
23

Corporate equities
Mutual fund shares

24
25
26

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

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

36
37
38

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

39
40
41
42
43

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

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

47

Discrepancy

0.6

4.4

0.5

-5.2

3.8

-29.5

-24.7

38.1

-5.2

-22.8

4.9

4

209.0

391.9

331.9

557.9

492.2

278.6

615.0

750.7

382.9

589.9

245.4

5

-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
-3.6
-2.8
-4.6
3.8

-51.9
-216.8
-168.4
-21.2
-27.2

-56.7
151.7
147.5
12.6
-8.4

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

-72.0
2.0
-18.9
-4.9
25.7

6
7
8
9
10

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

16.8
48.7
5.1
40.4
3.2

3.2
136.3
13.6
24.2
98.5

8.9
58.7
7.6
22.1
28.9

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

19.1
-34.9
-1.9
30.0
-62.9

11
12
13
14
15

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

442.0
0.0
90.4
355.3
2.8
-6.5

410.8
0.0
9.8
313.3
60.8
26.9

448.1
0.0
121.8
285.0
46.2
-5.0

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

332.9
0.0
163.2
240.2
-71.1
0.6

16
17
18
19
20
21

0.2
7.8

-0.6
1.7

2.3
-6.2

-0.2
-0.9

0.2
-1.8

-0.2
-2.8

0.4
4.0

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-0.4
-1.3

22
23

-2.3
22.3

0.3
-7.6

-0.2
73.9

-0.5
32.7

-0.0
14.0

-2.0
99.6

-0.2
12.2

0.4
-13.8

-0.2
15.0

0.8
-69.0

-1.2
123.8

24
25

283.9

476.6

459.6

850.8

528.7

605.8

925.9

709.1

554.8

539.4

311.5

26

2.0
-0.9
-0.1
16.5
-13.6

57.2
0.4
0.0
20.9
35.9

11.5
-0.7
0.0
-66.4
78.6

122.9
1.2
-0.0
40.3
81.4

12.2
-0.0
0.0
-1.4
13.7

78.4
6.7
-0.3
50.5
21.5

173.3
-3.7
-0.8
127.8
49.9

18.1
-9.4
0.0
-55.9
83.3

140.7
1.7
0.7
87.2
51.0

125.4
2.7
2.7
-53.3
173.3

-235.3
4.8
-3.4
16.2
-252.9

27
28
29
30
31

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

-35.7
7.0
24.5
-67.2

-23.9
-38.7
-3.8
18.6

101.7
10.2
48.3
43.2

17.7
52.2
-72.0
37.5

-69.4
-65.6
132.9
-136.7

-139.7
10.2
53.9
-203.8

48.7
31.2
-16.7
34.2

32
33
34
35

240.4
-25.2
-31.2

273.6
24.3
73.6

228.2
2.9
68.5

281.0
115.4
10.1

265.9
163.2
82.9

242.8
113.2
-84.7

226.8
212.4
-183.1

205.6
122.8
259.8

181.3
113.0
126.4

409.5
210.0
12.7

267.1
206.9
-67.2

36
37
38

-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
6.3
3.4

-2.0
2.4
-1.2
9.9
3.2

-0.1
23.2
-20.6
4.9
3.3

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
1.5
-0.4
3.5

39
40
41
42
43

-40.5
60.7
-101.2

66.3
53.1
13.1

96.2
50.5
45.7

250.4
167.2
83.2

-6.4
40.0
-46.4

267.5
323.3
-55.8

384.1
150.3
233.8

-0.8
-14.7
13.9

31.0
91.8
-60.8

-122.0
7.0
-129.0

66.1
75.8
-9.7

44
45
46

60.6

95.0

58.0

284.2

35.2

284.2

336.9

-41.8

171.8

66.3

-55.5

47

191.6

393.8

323.3

548.0

500.3

252.7

615.5

760.2

426.8

569.2

245.3

48

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, March 9, 2006

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

5.3

5.5

5.7

6.5

6.9

6.8

6.7

6.7

6.7

7.2

7.0

1

2

Fixed nonresidential investment

6.6

6.0

6.2

7.4

8.5

7.6

8.0

8.2

8.4

8.6

8.8

2

3

Net acquisition of financial assets

3.1

9.2

-67.0

-164.0

109.5

-283.5

-325.6

334.4

211.5

123.4

-231.4

3

4

Reserves at Federal Reserve

5

Total bank credit

0.2

0.6

-0.4

-0.1

0.2

0.7

-1.4

-0.1

1.8

-1.0

0.0

4

-7.2

12.0

-19.8

-8.3

183.6

24.7

-126.6

260.5

222.2

194.0

57.6

5

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

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
83.4

2.4
-13.8
0.0
14.1

-17.6
9.5
0.0
52.7

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
-5.8

6
7
8
9

10
11
12
13
14

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

-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

104.6
0.0
60.7
2.5
41.4

22.0
0.0
-7.8
2.0
27.8

-171.2
0.0
36.3
5.7
-213.2

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

62.9
0.0
63.8
-3.0
2.0

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

-0.6
10.7

-0.4
-3.1

-0.0
-46.8

0.1
-155.7

0.1
-74.3

0.5
-309.4

-0.1
-197.5

-0.3
74.3

0.8
-13.3

0.3
-69.9

-0.6
-288.4

16
17

7.1

13.6

-62.2

-158.7

115.2

-278.2

-320.2

340.0

217.1

129.1

-225.5

18

-16.1
-35.3
19.2

-42.3
-32.3
-10.0

-37.6
-43.9
6.3

-125.0
-123.5
-1.5

-14.7
-32.3
17.7

-153.4
-90.6
-62.8

-104.4
-64.5
-39.9

116.0
19.1
96.9

27.9
131.2
-103.3

-175.8
-241.6
65.8

-26.8
-38.0
11.2

19
20
21

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
0.4
58.3

0.6
-3.9
15.7

0.2
-1.3
33.1

10.3
5.3
76.6

-11.8
-2.1
46.4

1.5
-1.1
124.8

0.4
-0.3
-14.6

22
23
24

6
7
8
9

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

18

Net increase in liabilities

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

25
26

Federal funds and security RPs (net)
Acceptance liabilities

-11.0
-0.9

39.5
-0.4

-1.9
-0.1

-4.7
0.1

34.3
0.0

49.9
0.5

-108.6
-0.0

-69.2
-0.3

47.6
0.6

56.0
0.3

102.6
-0.5

25
26

27
28
29
30

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

-23.1
8.4
-30.8
-0.7

44.8
3.6
24.7
16.5

-39.1
4.5
-1.7
-41.8

-97.0
16.7
30.4
-144.2

36.7
10.2
32.6
-6.1

-187.5
50.9
15.6
-254.1

-139.2
8.8
80.0
-228.0

201.2
19.4
39.8
142.0

108.5
9.3
45.8
53.4

123.5
7.8
18.5
97.3

-286.4
4.4
26.3
-317.1

27
28
29
30

2.6

3.9

4.3

4.3

4.1

4.5

4.1

4.1

4.0

4.4

4.1

31

-0.6

6.2

-43.0

20.3

142.2

-2.7

86.5

219.7

126.6

167.5

55.0

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, March 9, 2006

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

2005
Q4

Q1

Q2

Q3

Q4

54.9

67.9

66.6

56.4

80.7

60.0

60.2

59.1

72.3

97.1

94.2

1

0.2

0.4

0.3

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

2

100.5

83.4

126.6

276.6

113.2

478.2

201.9

6.0

203.6

88.3

154.8

3

4.2

3.1

8.6

-0.0

-4.2

3.0

-2.0

-9.4

29.4

-46.0

9.3

4

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

-3.4
5.8
-1.0
1.6

1.7
-3.2
9.2
-9.7

-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

5
6
7
8

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

117.4
40.0
61.2
16.2

475.2
323.3
105.1
46.8

204.0
150.3
48.6
5.1

15.5
-14.7
8.2
21.9

174.2
91.8
44.7
37.6

134.3
7.0
124.0
3.3

145.5
75.8
67.7
2.0

9
10
11
12

13

Net increase in liabilities

45.8

15.7

60.2

220.4

32.7

418.3

141.9

-52.9

131.5

-8.6

60.8

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

-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
-6.8
-1.1

57.6
-21.1
78.7

-49.9
-65.6
15.7

-28.3
-28.2
-0.1

-2.0
2.9
-4.9

8.2
-12.5
20.7

-9.8
10.4
-20.3

14
15
16

17

Federal funds and security RPs (net)

-0.1

2.4

0.9

-1.3

-0.2

-0.7

-1.6

-1.5

6.7

-2.5

-3.5

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

23.6
-5.1
28.7

20.3
-2.3
22.6

35.4
-6.0
41.4

59.5
10.8
48.7

48.3
4.0
44.2

60.4
1.5
59.0

58.7
4.1
54.6

87.9
26.8
61.1

21.4
-7.6
29.0

51.5
21.6
29.9

32.2
-24.7
56.9

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-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
12.6
48.5
-35.9

60.6
240.3
258.7
-18.4

0.2
134.6
121.9
12.6

-29.4
-81.7
-117.5
35.7

2.3
103.0
47.8
55.2

-34.4
-31.5
253.2
-284.7

-18.7
60.6
10.4
50.2

21
22
23
24

-0.0

-0.1

-0.1

-0.1

-0.1

-0.0

-0.0

-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

0.1

0.1

0.1

0.2

0.1

0.1

0.1

0.2

0.2

0.2

2

3

Net acquisition of financial assets

17.0

-5.0

8.4

15.9

9.2

21.9

11.9

13.7

13.5

4.3

5.2

3

4

Checkable deposits and currency

1.1

-0.3

-0.0

1.0

-0.5

1.4

1.7

0.5

0.7

-2.1

-1.0

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

10.0

1.3

10.6

13.9

9.4

10.5

14.8

12.0

14.4

5.5

5.6

5

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

-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

0.0
1.2
0.2
-0.5

-1.9
7.2
-1.5
-0.7

2.5
1.2
0.3
0.4

0.8
2.4
0.1
-0.8

-2.1
6.3
0.0
0.9

-0.6
0.8
-0.1
-0.8

2.1
-4.8
0.7
-1.4

6
7
8
9

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

4.5
-0.9
4.2

-4.3
1.5
0.2

0.3
2.5
1.6

1.8
3.4
3.1

4.0
1.7
2.8

0.1
3.5
3.9

2.9
3.4
4.1

0.9
19.1
-10.4

6.8
-0.3
2.8

-1.4
0.8
7.0

9.8
-12.8
11.8

10
11
12

5.9

-6.0

-2.2

0.9

0.3

10.0

-4.6

1.2

-1.5

0.9

0.7

13

16.4

-5.7

7.5

15.5

8.7

20.2

12.9

13.2

12.0

4.7

5.0

14

Miscellaneous assets
Net increase in liabilities

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

3.1
4.6
4.6

-1.1
-1.9
-1.9

1.5
1.3
1.3

1.6
1.6
1.6

-0.4
4.7
4.7

0.5
3.5
3.5

1.6
0.7
0.7

0.0
5.9
5.9

3.3
6.0
6.0

-4.8
5.1
5.1

0.1
1.9
1.9

15
16
17

18

Miscellaneous liabilities

4.2

-0.7

3.4

10.8

-0.4

12.6

9.8

1.4

-3.2

-0.8

1.1

18

-0.5

-0.7

-0.9

-0.4

-0.5

-1.8

1.0

-0.4

-1.6

0.3

-0.3

19

19

Discrepancy

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

28

Z.1, March 9, 2006

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

7.6

12.2

9.1

8.9

13.5

9.6

10.5

14.5

13.2

11.8

14.7

1

2

Fixed nonresidential investment

2.8

2.3

2.2

2.4

2.7

2.5

2.6

2.6

2.7

2.8

2.8

2

3

Net acquisition of financial assets

73.3

58.8

113.5

184.8

140.7

129.5

223.3

-76.0

289.5

191.9

157.4

3

4
5
6
7

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

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

0.4
-2.3
-0.2
-9.9

-0.9
-4.1
0.1
-15.8

-1.3
3.5
-1.6
1.1

0.2
3.5
-0.1
1.1

-0.8
2.9
0.4
21.4

0.3
-1.0
-0.7
-23.9

4
5
6
7

8

Credit market instruments

44.4

33.4

126.0

172.8

130.5

128.0

259.2

8.8

239.7

141.8

132.0

8

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
-12.9
-3.6
-12.2
2.9

0.0
-5.4
-30.6
-13.8
-0.4
-16.4

0.0
2.3
17.9
19.0
6.8
-7.9

0.0
-3.2
-6.2
-10.5
6.0
-1.7

0.0
5.6
-8.7
-14.4
-6.4
12.2

0.0
-1.3
-17.1
-1.0
-12.1
-4.0

0.0
14.7
-19.6
11.7
-36.4
5.0

9
10
11
12
13
14

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

1.2
-5.5
-2.0
5.0
-8.5

1.0
6.9
-0.2
8.1
-1.0

1.0
13.2
-4.7
18.9
-1.1

3.0
7.4
-1.7
10.2
-1.1

1.5
43.0
9.4
24.9
8.7

0.7
20.9
-5.3
18.4
7.9

15
16
17
18
19

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
95.1
17.8

8.0
156.1
4.2

0.7
221.8
8.5

-5.0
11.1
-2.1

17.6
201.7
13.0

-5.2
99.3
21.5

8.2
68.4
38.7

20
21
22

3.2
16.9

2.0
19.0

-1.0
-4.3

-1.1
19.3

-1.0
9.9

-1.3
14.6

-3.9
-11.3

-1.8
-84.8

-0.9
46.1

-1.1
27.2

-0.1
50.9

23
24

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

15
16
17
18
19

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

20
21
22

Other loans and advances
Mortgages
Consumer credit

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

70.7

53.7

105.8

168.8

118.1

112.4

208.1

-96.5

261.8

163.0

143.8

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

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

76.5
3.9
33.8
38.8

72.8
-2.0
7.3
67.5

65.3
5.5
-10.4
70.2

16.1
1.0
-31.2
46.3

124.7
4.0
55.0
65.7

89.5
5.7
37.5
46.3

75.7
5.1
73.8
-3.2

26
27
28
29

30

Security RPs

5.8

-15.0

20.1

4.7

-3.6

12.8

31.4

-46.3

5.1

29.7

-2.8

30

31
32
33
34

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

-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

16.1
1.0
-1.1
16.2

-7.0
3.7
4.8
-15.5

96.9
6.7
0.4
89.9

-30.6
-0.4
-0.5
-29.7

82.4
0.7
-9.5
91.3

-7.1
-0.6
5.1
-11.6

19.8
4.4
0.7
14.8

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

-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
28.2
1.3
27.0

0.6
33.2
1.2
32.1

0.7
13.8
1.2
12.6

-0.2
-35.4
1.2
-36.6

0.2
49.4
1.3
48.1

1.1
49.9
1.3
48.6

1.9
49.1
1.3
47.8

35
36
37
38

2.2

4.9

-0.8

-9.5

-11.8

-10.0

-7.3

-8.5

-17.2

-19.9

-1.7

39

39

Discrepancy

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

29

Z.1, March 9, 2006

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

6.0

7.4

7.5

7.9

11.7

8.1

8.1

12.6

11.4

10.2

12.7

1

2

Fixed nonresidential investment

1.9

1.7

1.8

2.1

2.4

2.2

2.3

2.3

2.4

2.4

2.5

2

3

Net acquisition of financial assets

64.4

55.3

56.6

37.4

30.8

38.1

46.4

20.5

30.5

44.1

28.0

3

4
5
6

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

10.1
7.4
-1.5

1.6
1.6
-0.8

3.2
1.8
-0.1

-1.4
-0.0
2.6

-2.1
-4.5
2.6

13.3
-3.3
0.9

18.0
-1.5
10.8

-21.5
-9.4
-11.4

-23.2
-1.1
0.3

17.3
-2.5
12.0

19.1
-5.0
9.4

4
5
6

7

Credit market instruments

41.5

42.7

50.7

42.0

38.9

18.9

43.3

46.5

41.6

26.5

41.0

7

8
9
10

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

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

-0.7
0.1
-20.6

1.0
-3.8
9.8

0.6
-2.0
6.7

-2.5
-0.5
-5.8

-2.0
-3.5
-27.9

1.6
0.9
-3.0

8
9
10

11
12

Home mortgages
Consumer credit

16.4
5.1

18.2
6.2

23.2
10.1

30.6
9.5

32.4
15.9

34.6
5.6

30.7
5.5

23.7
17.6

40.8
9.7

30.7
29.2

34.2
7.3

11
12

13
14

Mutual fund shares
Miscellaneous assets

1.5
5.4

-0.2
10.4

0.5
0.5

-0.9
-4.8

-1.0
-3.2

-1.6
10.0

-1.4
-22.7

-1.3
17.4

-1.1
13.9

-1.4
-7.9

-0.3
-36.3

13
14

15

Net increase in liabilities

60.8

50.1

51.3

34.7

26.5

36.1

38.6

18.2

27.5

38.4

22.0

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

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

20.9
5.0
13.3
2.6

1.3
4.3
-10.5
7.6

74.7
13.6
54.7
6.4

-37.2
13.2
-56.8
6.4

56.1
-3.6
53.6
6.2

13.8
8.6
12.5
-7.3

51.0
2.0
44.0
5.1

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

1.5
-1.8

2.0
1.4

2.2
1.2

2.3
2.8

3.3
2.3

0.9
33.9

6.1
-42.2

1.5
53.8

3.1
-31.7

0.3
24.4

8.1
-37.2

20
21

0.4

0.5

0.5

3.2

5.1

3.9

-2.0

7.9

6.1

2.1

4.2

22

22

Discrepancy

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

Gross saving

-6.2

11.8

27.0

9.8

-0.2

-32.7

17.7

28.7

28.5

-55.8

-2.1

1

2

Fixed nonresidential investment

4.4

4.5

4.6

5.7

6.5

5.8

6.2

6.3

6.4

6.6

6.7

2

3

Net acquisition of financial assets

16.6

79.8

95.7

81.4

89.7

137.7

-2.3

117.3

52.4

141.4

47.9

3

4
5

Checkable deposits and currency
Security RPs

9.4
-8.1

12.8
14.2

8.6
8.5

-8.7
10.2

-6.6
9.7

13.5
31.6

-34.4
20.6

-7.2
10.7

-3.1
-3.6

-0.6
11.6

-15.3
20.4

4
5

6

Credit market instruments

9.0

39.9

67.0

73.6

81.9

73.5

50.6

89.0

49.2

115.6

73.8

6

-0.0
10.1

9.2
19.0

3.5
2.2

6.6
-3.3

8.2
11.2

6.5
-4.0

4.1
-8.5

9.1
14.3

5.0
7.9

11.8
18.5

7.0
4.0

7
8

-10.3
8.9
0.2

9.2
2.4
0.1

41.2
20.0
0.1

43.6
26.4
0.3

33.4
28.8
0.3

44.1
26.3
0.5

36.3
18.4
0.3

34.2
31.3
0.2

18.8
17.2
0.2

44.3
40.5
0.5

36.3
26.2
0.3

9
10
11

-0.3
5.3
1.3

-1.1
4.9
9.1

-2.7
4.5
9.7

-3.5
0.3
9.5

-4.4
0.7
8.4

4.6
4.6
9.9

-18.9
-27.2
7.1

-1.0
10.4
15.4

-4.6
11.0
3.5

4.7
-0.4
10.6

-16.5
-18.3
3.9

12
13
14

7
8
9
10
11
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

29.8

58.6

53.0

48.1

56.2

96.3

-3.4

35.5

36.3

107.9

45.2

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

0.5
2.7
26.5

6.2
3.2
49.2

4.1
3.7
45.2

-4.0
4.2
47.9

-4.1
4.7
55.7

-4.6
4.3
96.6

-7.2
4.4
-0.6

-3.6
4.5
34.6

-5.0
4.6
36.7

-3.8
4.7
107.0

-4.0
4.9
44.4

16
17
18

2.6

-13.8

-20.3

-29.1

-40.2

-79.9

10.4

-59.4

6.0

-96.0

-11.5

19

19

Discrepancy

30

Z.1, March 9, 2006

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1

Gross saving

2

Fixed nonresidential investment

3

2005
Q4

Q1

Q2

Q3

Q4

-5.3

-2.4

2.2

-1.3

-4.2

-1.5

-1.8

-4.2

-3.7

-4.3

-4.5

1

3.4

2.8

2.8

2.6

2.6

2.5

2.5

2.5

2.6

2.6

2.7

2

Net acquisition of financial assets

250.6

279.8

258.2

264.4

199.7

259.8

176.0

289.1

150.7

187.5

171.6

3

4
5

Checkable deposits and currency
Money market fund shares

31.9
31.0

-1.6
-13.5

12.0
-8.3

6.0
-30.7

0.5
-2.1

2.8
-38.5

4.5
-37.2

-24.5
-28.5

20.9
-4.3

4.7
1.7

0.7
22.4

4
5

6

Credit market instruments

130.9

233.0

180.6

173.0

112.3

158.2

154.9

187.4

65.8

80.5

115.5

6

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

-11.9
-4.4
18.1

14.7
24.8
77.4

-18.2
-6.6
18.0

-7.6
6.6
8.2

-10.6
2.6
17.7

-23.3
6.5
7.3

15.0
5.3
0.8

-17.9
5.2
29.5

-16.7
0.1
11.8

-24.7
2.7
15.0

17.1
2.6
14.5

7
8
9

Municipal securities
Corporate and foreign bonds
Policy loans
Mortgages

-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

1.6
91.8
-0.2
9.4

4.0
144.9
3.2
15.6

3.5
112.8
1.6
15.9

2.7
158.8
-1.5
10.6

1.1
53.8
2.9
12.9

1.4
78.6
-1.2
8.8

1.3
76.0
-1.2
5.1

10
11
12
13

70.2
2.1

52.7
2.6

45.5
0.5

51.5
12.8

57.3
9.0

74.8
12.8

24.4
12.8

81.8
10.0

50.9
10.0

64.4
8.0

32.0
8.0

14
15

7
8
9
10
11
12
13
14
15
16

Corporate equities
Mutual fund shares

-15.5

6.7

27.9

51.9

22.8

49.7

16.6

62.9

7.3

28.1

-7.0

16

17

Net increase in liabilities

248.5

259.7

230.0

228.0

190.6

241.7

125.7

285.5

155.0

171.3

150.8

17

18
19
20
21

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

-0.9
0.6
75.8
130.9

-6.5
2.0
58.5
166.1

-3.9
2.9
65.7
143.2

-17.3
3.0
32.0
181.7

-7.3
0.4
51.0
132.9

-18.3
0.1
37.7
182.2

-13.9
9.7
32.1
156.2

-13.8
-1.6
56.0
152.2

-5.0
2.3
55.2
146.9

-5.6
0.4
33.0
101.7

-4.8
0.6
60.0
130.8

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

2.0
40.1

2.4
37.2

2.8
19.4

3.2
25.4

3.6
10.0

3.2
36.8

3.3
-61.7

3.4
89.3

3.5
-47.9

3.6
38.2

3.7
-39.4

22
23

-10.8

-25.4

-28.9

-40.2

-15.9

-22.1

-54.5

-10.4

-2.0

-23.1

-27.9

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

0.6

0.6

0.7

0.7

0.7

0.7

0.7

0.7

0.7

0.8

0.8

1

2

Fixed nonresidential investment

0.7

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

-74.6

-38.2

8.0

-4.2

1.2

12.1

-28.1

28.0

-2.7

-34.0

13.7

3

4
5
6
7

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

0.4
7.1
3.8
1.5

0.3
4.6
2.3
1.0

0.1
2.4
1.5
0.5

0.1
2.0
0.8
0.4

0.3
4.3
1.9
0.8

0.1
2.0
0.9
0.4

-0.9
2.3
1.0
0.5

0.2
2.8
1.4
0.6

0.2
4.4
1.1
0.6

0.3
5.0
2.2
1.0

0.3
5.1
2.8
1.1

4
5
6
7

8

Credit market instruments

13.3

25.7

14.2

34.9

22.8

44.9

27.0

7.5

46.5

47.2

-10.0

8

9
10
11

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

1.0
0.2
7.4

2.6
4.6
5.7

-2.2
1.4
6.8

1.2
4.9
13.2

2.0
2.8
7.4

0.5
7.4
14.4

4.2
1.6
13.3

0.9
0.5
2.3

3.9
4.6
16.7

1.9
7.0
15.7

1.4
-0.8
-4.9

9
10
11

12
13

Corporate and foreign bonds
Mortgages

4.7
0.1

12.7
0.0

8.2
-0.1

15.8
-0.2

10.8
-0.2

22.3
0.3

8.5
-0.7

4.2
-0.3

21.5
-0.1

22.9
-0.1

-5.4
-0.3

12
13

-129.8
17.9

-121.4
50.4

-44.8
51.7

-44.0
25.8

-29.6
18.5

-58.7
26.3

-52.2
29.1

-15.6
29.6

-48.2
9.6

-54.3
12.4

-0.3
22.4

14
15

14
15

Corporate equities
Mutual fund shares

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

11.2
10.1
0.6
0.4

-1.1
-4.6
0.1
3.3

-17.6
-17.1
-1.4
0.8

-24.1
-16.5
-2.5
-5.1

-17.7
-6.5
-3.3
-7.9

-3.9
-11.4
1.7
5.8

-34.9
-9.0
-8.2
-17.7

1.5
10.0
-5.0
-3.4

-16.8
-20.1
-2.4
5.7

-47.9
-22.3
-2.4
-23.2

-7.7
6.6
-3.5
-10.8

16
17
18
19

20

Pension fund reserves (liabilities) (3)

-74.5

-38.6

7.6

-4.6

0.8

11.6

-28.5

27.5

-3.1

-34.5

13.3

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, March 9, 2006

F.119 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

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

86.9

8.5

14.9

-1.1

16.0

-46.2

7.1

-9.2

-5.2

58.1

20.5

3

4
5
6
7

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

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

4.5
0.1
-0.1
4.3

-7.0
-0.7
-3.8
-6.6

-0.6
-0.1
-0.4
-0.6

-5.1
0.2
-6.0
-6.5

-0.9
-1.1
4.1
2.9

18.0
1.2
1.1
15.3

5.8
0.2
0.5
5.6

4
5
6
7

8

Credit market instruments

-53.8

-50.7

11.2

27.2

-10.3

-63.1

-5.1

60.0

-23.6

-58.6

-19.0

8

9
10
11

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

4.0
-24.0
1.9

-3.2
3.8
11.8

-9.0
-10.9
55.7

-9.5
-17.5
44.2

-0.5
-10.6
3.8

-11.8
-12.1
-27.2

-1.1
-0.5
-1.0

-2.7
-13.3
76.8

2.3
11.9
-39.6

-1.2
-29.8
-18.1

-0.4
-11.1
-3.9

9
10
11

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

-0.1
-34.6
-1.1

-0.8
-62.4
0.1

0.1
-24.1
-0.7

0.7
10.2
-0.9

-0.1
-3.0
0.1

0.7
-19.6
7.0

0.0
-2.6
0.1

-2.7
-1.8
3.8

1.2
0.3
0.3

1.0
-7.2
-3.3

0.2
-3.4
-0.5

12
13
14

115.1
25.8

50.2
13.9

-0.6
7.3

-22.6
1.6

19.5
2.7

32.3
3.3

14.6
-0.4

-4.7
-0.8

-5.9
-0.2

64.1
8.7

24.4
3.2

15
16

1.8

0.4

0.9

0.5

-4.7

-0.6

-0.3

-46.3

19.5

8.2

-0.2

17

86.9

8.5

14.9

-1.1

16.0

-46.2

7.1

-9.2

-5.2

58.1

20.5

18

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)

69.9

45.4

48.2

54.7

54.7

64.2

73.4

56.3

42.5

59.3

60.7

1

9.7

13.0

6.3

4.6

7.7

10.8

0.1

8.5

11.3

8.1

2.9

2

7.2
1.6
0.9

9.3
2.4
1.3

4.8
1.1
0.5

5.4
-0.5
-0.3

7.7
-0.0
-0.0

10.2
0.4
0.2

0.9
-0.5
-0.3

8.8
-0.2
-0.1

10.8
0.3
0.2

7.8
0.2
0.1

3.5
-0.4
-0.2

3
4
5

-0.6
60.8

7.9
24.5

17.2
24.7

9.1
40.9

7.0
40.0

5.0
48.4

15.3
58.0

5.6
42.2

2.6
28.6

8.3
42.9

11.5
46.2

6
7

69.9

45.4

48.2

54.7

54.7

64.2

73.4

56.3

42.5

59.3

60.7

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, March 9, 2006

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Net acquisition of financial assets

428.5

-16.7

-207.5

-136.5

127.0

-156.1

-171.8

-71.4

60.7

222.2

296.5

1

2
3
4
5

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

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

-34.0
2.0
-7.3
40.7

11.4
-19.9
0.9
-125.6

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

2
3
4
5

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

-153.7
-16.7
-9.6
-107.7
12.7
-32.4

17.7
23.9
-53.5
-26.9
43.7
30.6

-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

6
7
8
9
10
11

6
7
8
9
10
11
12
13

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

-3.3

-8.6

-0.2

-2.9

-6.2

-3.8

-56.3

40.0

9.8

38.1

-112.8

12

428.5

-16.7

-207.5

-136.5

127.0

-156.1

-171.8

-71.4

60.7

222.2

296.5

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

-8.4

-21.6

1.7

5.8

5.9

2.7

9.1

6.4

5.7

4.9

6.4

1

201.2

182.4

288.0

299.1

257.5

308.9

307.8

398.1

224.8

193.8

213.1

2

3

Security RPs

-31.8

6.8

12.5

18.6

-2.3

57.9

29.9

42.3

-13.5

-48.8

10.7

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

126.1
-31.8
-8.5
85.3
23.0
58.1

144.2
-11.8
19.7
61.5
23.8
50.9

137.7
12.8
9.4
25.3
12.9
77.4

117.1
18.5
4.9
15.2
4.1
74.5

128.3
-2.1
8.5
26.7
18.9
76.3

103.4
48.9
-6.7
-21.0
10.5
71.7

125.2
10.9
5.2
16.3
6.8
86.0

206.9
59.9
11.6
36.5
27.0
71.8

120.1
-1.7
2.2
6.9
18.3
94.3

103.8
-57.0
10.8
33.9
30.0
86.0

82.4
-9.8
9.4
29.5
0.4
52.9

4
5
6
7
8
9

Corporate equities
Miscellaneous assets

109.8
-2.9

31.4
0.1

136.8
1.0

158.3
5.1

128.6
2.9

143.6
3.9

145.2
7.5

143.8
5.2

124.1
-5.8

126.6
12.3

120.0
-0.0

10
11

201.2

182.4

288.0

299.1

257.5

308.9

307.8

398.1

224.8

193.8

213.1

12

-8.4

-21.6

1.7

5.8

5.9

2.7

9.1

6.4

5.7

4.9

6.4

13

10
11
12

Net share issues (liabilities)

13

Discrepancy

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

F.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

1.9

18.1

43.9

32.8

20.1

20.9

12.5

40.6

26.1

16.6

-3.1

1

2
3
4
5

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

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

1.7
0.3
0.4
1.0

0.3
0.9
-2.0
1.5

12.7
0.9
-2.4
14.1

6.4
0.6
1.1
4.7

4.0
1.7
2.5
-0.3

-0.8
-1.0
-1.7
1.9

-2.8
-0.1
-0.5
-2.2

2
3
4
5

6

Corporate equities

-1.3

9.4

7.6

21.7

18.4

20.6

-0.2

34.2

22.0

17.4

-0.2

6

1.9

18.1

43.9

32.8

20.1

20.9

12.5

40.6

26.1

16.6

-3.1

7

31.0

45.3

15.8

55.0

53.9

27.1

102.2

35.7

40.6

12.6

126.7

8

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

2.2
1.5
0.8

4.2
3.2
1.0

11.7
9.3
2.4

3.5
2.1
1.4

7.1
4.5
2.6

4.8
3.3
1.5

9
10
11

31.0

41.6

15.1

51.2

47.1

24.8

98.0

24.0

37.1

5.5

121.9

12

31.0

45.3

15.8

55.0

53.9

27.1

102.2

35.7

40.6

12.6

126.7

13

7

Net share issues (liabilities)
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, March 9, 2006

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

3.0

3.1

3.2

3.5

5.1

3.6

3.3

5.6

5.0

4.4

5.6

1

2

Fixed nonresidential investment

0.4

0.5

0.5

0.6

0.7

0.6

0.7

0.7

0.7

0.7

0.7

2

3

Net acquisition of financial assets

344.4

240.0

236.5

84.5

-65.4

73.3

26.7

-195.9

-80.3

-188.6

203.3

3

4
5
6

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

2.3
8.1
23.8

8.1
-5.1
-9.1

12.0
-8.5
-20.0

10.1
9.0
15.8

-25.9
11.6
23.9

-34.2
-22.7
16.5

81.8
13.9
23.0

-62.9
-7.1
-11.6

-42.5
19.8
10.0

0.2
2.7
92.6

1.4
30.9
4.6

4
5
6

7

Credit market instruments

304.7

224.1

236.5

46.2

-65.2

104.3

-106.0

-65.5

-66.5

-277.9

149.2

7

2.7
0.4
206.9

-23.5
12.1
131.7

-2.4
-12.3
88.8

-2.0
-0.6
-130.3

2.6
0.2
-164.2

-4.6
-2.8
-33.9

-3.1
-0.7
-192.9

2.5
0.7
-185.4

3.5
-1.9
-227.6

-3.0
1.0
-297.7

7.5
1.1
54.0

8
9
10

8
9
10

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

11
12

Municipal securities
Corporate and foreign bonds

6.2
24.6

4.0
33.5

5.0
36.6

0.2
110.8

0.1
50.9

12.6
144.7

-32.7
22.1

5.7
60.8

-1.6
56.0

-9.7
34.6

5.8
52.2

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

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

49.9
0.0
5.6
44.3

-17.6
-0.6
-1.3
-15.7

86.8
-0.3
2.0
85.1

35.2
0.0
8.2
27.0

116.4
0.0
1.9
114.5

17.6
0.0
6.8
10.8

30.3
0.0
5.4
25.0

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

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

-4.7
-8.8
0.1
4.0
0.0

14.8
-2.6
14.6
2.8
-8.9

14.5
-0.7
11.7
3.5
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

-1.8
-8.7
0.7
6.2
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

5.5

22.0

16.5

3.4

-9.7

9.4

14.1

-48.7

-1.0

-6.3

17.1

22

351.6

247.6

217.2

63.9

-81.3

26.7

33.3

-222.8

-76.3

-225.4

199.3

23

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

93.1
93.1
0.0

-45.5
-45.5
0.0

-209.6
-209.6
0.0

-84.2
-84.2
0.0

-243.9
-243.9
0.0

200.7
200.7
0.0

24
25
26

47.4

27.7

-26.6

-1.1

3.0

-66.4

78.7

-13.2

7.9

18.5

-1.3

27

9.8

10.2

-16.7

-17.7

-11.5

-43.6

9.1

-22.1

8.3

-33.1

0.9

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

338.5

326.8

330.5

53.0

135.4

62.1

-64.6

64.7

122.6

178.4

175.9

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

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

130.3
5.1
0.0
-0.1

57.9
4.3
0.0
-0.0

-69.2
4.7
0.0
-0.1

62.3
2.6
0.0
-0.2

119.3
3.3
0.0
-0.0

171.2
7.3
0.0
-0.2

168.4
7.4
0.0
0.0

2
3
4
5

338.5

326.8

330.5

53.0

135.4

62.1

-64.6

64.7

122.6

178.4

175.9

6

6

Net increase in pool securities (liabilities)(2)

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

34

Z.1, March 9, 2006

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

0.8

0.7

0.6

0.6

0.5

0.6

0.5

0.5

0.5

0.5

0.5

1

2

Fixed nonresidential investment

1.1

-0.4

0.4

-0.2

-0.1

-0.1

-0.2

-0.2

-0.2

-0.1

-0.1

2

3

Net acquisition of financial assets

230.2

183.0

219.7

325.8

645.5

426.2

368.6

448.8

681.5

689.9

761.8

3

18.9
18.5

70.7
-3.3

69.1
-1.1

-110.7
1.4

-106.7
-18.7

-249.5
18.7

-102.5
-4.3

-109.3
6.9

-58.4
-29.1

-112.8
-18.7

-146.5
-33.8

4
5

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

716.9
587.3
20.0
109.5

662.5
607.9
5.1
49.5

473.9
401.6
12.9
59.5

490.9
396.9
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

6
7
8
9

78.4
13.2

37.4
-6.9

-12.1
-6.4

-25.5
0.2

32.8
21.3

1.4
-7.0

-34.5
36.0

50.3
10.0

48.8
20.1

-15.0
19.9

46.9
35.3

10
11

230.4

181.9

219.5

325.1

644.9

425.4

367.9

448.1

680.8

689.2

761.2

12

120.0
110.4

-13.0
194.9

-35.6
255.1

27.1
297.9

182.0
462.9

-4.2
429.6

100.9
267.0

117.2
330.9

205.1
475.7

188.7
500.5

216.9
544.3

13
14

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

0.3
-3.2

-1.1
7.8

-0.2
15.6

-0.7
51.8

-0.6
33.1

-0.7
35.9

-0.7
117.9

-0.7
40.1

-0.6
16.8

-0.6
31.6

-0.6
44.0

16
17

4
5

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

6
7
8
9

Mortgages (2)
Home
Multifamily residential
Commercial

10
11
12
13
14

Consumer credit
Trade credit
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

68.4

78.5

78.7

84.0

89.7

83.1

80.8

100.0

82.4

86.9

89.6

1

2

Fixed nonresidential investment

39.3

40.1

33.1

38.4

43.7

39.4

41.2

42.1

43.2

44.2

45.0

2

3

Net acquisition of financial assets

18.8

33.7

192.1

71.5

-21.7

38.0

170.0

-99.6

27.4

-93.2

78.6

3

4

Checkable deposits and currency

2.9

3.1

3.3

3.5

3.7

3.5

3.6

3.6

3.7

3.7

3.8

4

5
6

Credit market instruments
Other loans and advances

-4.8
-11.5

21.2
8.3

84.2
2.2

129.6
14.3

65.3
32.5

90.1
-13.8

191.4
35.0

4.5
-26.0

14.6
30.2

55.7
32.9

186.5
92.6

5
6

-11.0
17.6

13.2
-0.3

24.4
57.6

43.9
71.4

42.0
-9.2

36.8
67.1

77.3
79.0

26.8
3.7

9.6
-25.2

46.5
-23.7

85.2
8.6

7
8

20.8

9.5

104.6

-61.6

-90.7

-55.6

-25.0

-107.7

9.1

-152.5

-111.6

9

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

21.3

64.2

222.6

130.0

35.1

92.3

222.3

-31.3

43.7

14.1

113.9

10

1.3

42.2

118.2

117.9

39.5

115.5

253.2

75.8

-23.6

-71.7

177.3

11

-80.3
66.6
14.9

-17.1
62.0
-2.8

-5.2
115.2
8.1

27.7
81.1
9.1

-16.6
54.6
1.5

48.2
30.4
36.9

31.4
206.3
15.5

-24.8
108.9
-8.3

-74.1
66.4
-15.9

-22.3
-81.8
32.4

54.7
125.0
-2.4

12
13
14

1.2

1.4

1.6

1.8

2.0

1.8

1.9

2.0

2.0

2.1

2.1

15

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

-6.4
3.8
8.6
-18.8

-25.0
11.2
18.2
-54.5

-32.8
13.0
22.1
-67.8

-109.1
6.4
-14.2
-101.3

65.3
2.0
8.7
54.6

83.7
6.5
24.1
53.1

-65.5
0.2
15.9
-81.6

16
17
18
19

20

Discrepancy

31.6

68.9

76.0

104.1

102.9

97.9

91.9

126.2

55.5

149.9

79.8

20

21

Memo:
Consumer leases not included above (2)

-4.6

-20.2

-13.3

-7.5

8.1

-8.1

-1.6

4.7

14.2

6.1

7.3

21

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

35

Z.1, March 9, 2006

F.128 Mortgage Companies (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

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

7.1

6.1

1.6

2.1

-4.1

-0.6

-3.3

0.6

-5.7

-4.5

-7.0

1

2
3

Fixed nonresidential investment
Multifamily residential investment

6.6
4.1

24.4
4.5

22.7
-0.4

38.9
7.7

42.2
1.5

46.8
7.2

49.8
5.9

45.6
2.3

43.5
-5.6

39.2
4.6

40.4
4.7

2
3

4

Net acquisition of financial assets

10.0

25.9

33.9

102.3

101.3

34.7

202.1

54.0

137.4

101.4

112.4

4

5

Checkable deposits and currency

1.1

-0.1

3.9

3.2

4.4

-7.6

9.9

4.4

4.8

5.2

3.3

5

6

Credit market instruments

8.6

23.8

25.7

87.9

86.7

31.9

177.3

37.6

120.1

89.1

100.2

6

7.0
2.3

9.7
2.3

-2.4
8.4

16.1
17.3

7.4
27.1

-1.4
14.2

31.5
22.0

-2.2
9.7

10.6
50.1

2.2
26.8

18.8
22.0

7
8

-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

19.2
18.3
-0.7
1.5

123.7
120.8
0.1
2.8

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

9
10
11
12

7
8
9
10
11
12
13
14

Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages
Home
Multifamily residential
Commercial
Miscellaneous assets
Net increase in liabilities

0.2

2.2

4.4

11.2

10.1

10.4

15.0

12.0

12.5

7.1

8.8

13

18.6

50.6

52.7

152.6

138.3

84.1

284.8

88.2

171.5

147.2

146.3

14

15

Security RPs

9.3

15.1

5.9

25.0

38.3

14.6

16.6

15.9

45.3

51.5

40.6

15

16

Credit market instruments

3.2

24.5

31.9

98.4

80.2

42.1

220.7

73.0

92.8

66.0

88.9

16

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
19.0
2.5
20.6

0.0
180.3
-1.7
42.1

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

17
18
19
20

6.1
0.1

8.4
2.6

13.3
1.6

21.5
7.7

16.1
3.7

21.6
5.7

24.7
22.8

10.7
-11.5

20.1
13.4

23.7
6.1

9.9
6.9

21
22

5.2

1.8

-2.0

5.9

-10.8

-5.2

23.6

-12.9

-9.5

-2.4

-18.2

23

-3.2
-3.1
0.2
-0.0
-0.2

7.8
-0.1
7.2
-0.0
0.6

15.6
-0.1
15.9
-0.0
-0.1

51.8
-0.1
50.4
-0.0
1.5

33.1
-0.0
31.1
0.1
2.0

35.9
-0.1
36.1
-0.0
-0.1

117.9
-0.0
118.4
-0.1
-0.5

40.1
-0.1
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

24
25
26
27
28

17
18
19
20
21
22

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

23

Discrepancy

24
25
26
27
28

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

36

Z.1, March 9, 2006

F.130 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Gross saving

4.5

12.6

6.6

9.1

5.5

9.7

9.5

5.4

5.8

6.2

4.5

1

2

Fixed nonresidential investment

15.4

10.9

10.7

12.0

13.3

12.2

12.6

12.9

13.2

13.5

13.8

2

3

Net acquisition of financial assets

244.3

-130.2

277.6

231.9

299.3

352.8

230.8

431.0

591.0

163.1

11.9

3

4

Checkable deposits and currency

16.8

-2.9

2.9

15.7

-7.3

-1.4

39.2

-8.2

-7.5

-4.9

-8.8

4

5

Credit market instruments

92.4

28.4

79.6

-29.2

91.1

302.8

-110.7

67.3

280.5

-330.3

346.7

5

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

-0.3
67.8
182.4
13.6
39.3

-7.4
-3.4
-98.5
-6.5
5.2

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

6
7
8
9
10

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

-28.0
-26.6
106.1

29.6
216.7
55.9

27.9
8.2
335.8

-17.6
-10.2
345.8

-23.1
-22.0
543.5

59.9
-102.8
-283.1

11
12
13

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

14

Net increase in liabilities

239.4

-118.2

257.0

227.2

295.4

358.1

203.8

451.6

573.8

159.7

-3.3

14

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

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

404.8
33.2
11.1

199.5
-26.6
-21.9

422.0
11.2
23.2

191.6
-5.2
-13.2

111.9
28.0
7.9

110.1
-33.4
-7.7

15
16
17

18
19
20
21
22

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

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

8.6
16.4
-38.3
54.7
1.2

7.2
-2.3
215.9
-218.2
-0.6

-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
-41.1
-43.7
2.6
0.6

18
19
20
21
22

23
24
25
26

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

138.5
-1.3
65.9
74.0

-77.1
2.2
23.0
-102.4

39.1
3.2
57.0
-21.1

69.6
1.8
52.8
14.9

56.2
2.1
103.7
-49.5

-120.2
5.1
51.0
-176.3

54.4
3.0
-19.3
70.7

-5.5
0.8
51.1
-57.4

299.8
0.9
383.6
-84.7

-54.0
3.9
136.2
-194.1

-15.4
2.8
-156.3
138.1

23
24
25
26

27
28

Proprietors’ net investment
Discrepancy

-3.3

0.6

-3.6

-2.8

-3.0

2.9

-6.0

1.9

-1.3

-5.3

-7.3

27

-15.8

13.7

-24.7

-7.6

-11.7

2.8

-30.1

13.1

-24.5

-10.8

-24.5

28

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

Net acquisition of financial assets

2

Money market fund shares

3

Credit market instruments

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

22.6

-34.2

62.8

33.9

201.7

48.0

-95.9

313.2

590.5

247.6

-344.5

1

114.7

7.7

-45.2

-47.1

58.4

85.9

-85.9

42.0

-48.1

71.3

168.6

2

-96.6

-85.1

90.9

64.4

62.6

-9.8

-34.3

194.4

248.3

132.3

-324.8

3

-142.4
45.8

-70.8
-14.4

36.0
54.9

78.9
-14.5

91.9
-29.4

-30.6
20.9

-27.7
-6.6

146.0
48.3

298.7
-50.3

185.4
-53.1

-262.4
-62.4

4
5

4.4
-30.8
35.2

43.3
24.7
18.6

17.1
-1.7
18.8

16.6
30.4
-13.8

80.7
32.6
48.1

-28.2
15.6
-43.8

24.4
80.0
-55.6

76.8
39.8
37.0

390.3
45.8
344.5

44.0
18.5
25.5

-188.3
26.3
-214.7

6
7
8

22.6

-34.2

62.8

33.9

201.7

48.0

-95.9

313.2

590.5

247.6

-344.5

9

-54.6

-0.5

-1.4

-18.9

30.0

-89.6

-43.6

17.6

381.4

-50.9

-228.3

10

-76.8
22.2

-30.9
30.5

-16.8
15.4

-31.1
12.2

2.4
27.6

-75.4
-14.2

-95.2
51.5

2.7
14.9

349.4
32.0

-49.0
-1.9

-293.7
65.4

11
12

77.2
59.0
70.1
-51.9

-33.7
43.7
-2.9
-74.6

64.2
18.5
102.6
-56.8

52.8
35.5
86.9
-69.5

171.7
50.7
191.5
-70.5

137.6
61.5
21.5
54.7

-52.3
68.0
93.9
-214.2

295.6
59.2
230.4
5.9

209.1
8.9
311.8
-111.6

298.4
94.8
355.1
-151.5

-116.2
40.0
-131.5
-24.7

13
14
15
16

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

37

Z.1, March 9, 2006

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

2005
Q4

Q1

Q2

Q3

Q4

4.9

3.7

-1.5

-2.8

-10.5

-1.7

-2.8

-21.3

3.2

-19.1

-4.8

1

0.6

0.5

-0.6

0.4

-6.5

0.4

0.4

-6.9

0.4

-11.9

-7.7

2

0.6
-0.0

0.5
-0.0

-0.6
0.0

0.4
0.0

-6.5
-0.0

0.4
-0.0

0.4
0.0

-6.9
-0.0

0.4
0.0

-11.9
0.0

-7.7
0.0

3
4

4.3

3.2

-0.9

-3.2

-4.0

-2.1

-3.2

-14.5

2.8

-7.2

2.8

5

Official foreign currency holdings
Treasury
Monetary authority

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

0.7
0.4
0.4

0.6
0.3
0.3

0.5
0.3
0.3

0.6
0.3
0.3

0.5
0.3
0.3

6
7
8

Net IMF position
Federal government
Monetary authority

3.6
3.6
0.0

2.6
2.6
0.0

-1.5
-1.5
0.0

-3.8
-3.8
0.0

-4.6
-4.6
0.0

-2.7
-2.7
0.0

-4.0
-4.0
0.0

-15.1
-15.1
0.0

2.3
2.3
0.0

-7.8
-7.8
0.0

2.3
2.3
0.0

9
10
11

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

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

Liab: Federal government
Asset: Monetary authority

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

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

1.3
1.4

1.0
1.6

0.6
0.9

0.7
1.0

0.8
0.2

0.7
1.0

0.1
0.6

0.8
0.4

1.1
0.3

0.9
-0.7

0.3
0.7

3
4

5

Discrepancy (seigniorage)

-0.1

-0.6

-0.3

-0.3

0.6

-0.3

-0.5

0.4

0.8

1.7

-0.4

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

6.8

21.0

22.3

111.3

98.4

79.8

196.6

371.2

-36.4

28.7

30.0

1

0.4
-8.5
27.8

1.3
4.4
-6.8

1.3
18.3
-36.6

6.7
6.4
7.0

5.9
34.0
16.2

4.8
-11.4
-34.0

11.8
37.9
11.4

22.3
20.7
3.5

-2.2
33.4
55.9

1.7
56.9
47.8

1.8
24.9
-42.4

2
3
4

-12.9

22.3

39.3

91.1

42.3

120.4

135.5

324.7

-123.6

-77.7

45.7

5

38

Z.1, March 9, 2006

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

2005
Q4

Q1

Q2

Q3

Q4

-28.0

17.4

-14.6

-5.0

-6.9

-45.7

-8.0

142.6

163.4

-66.8

-266.7

1

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

-28.4
-20.3
-8.1

-27.0
8.1
-35.1

36.7
-6.5
43.3

-3.2
-10.6
7.4

-24.5
-4.3
-20.3

5.2
1.4
3.8

2
3
4

-29.4
-1.0

11.9
0.4

-15.3
-0.7

0.4
1.2

-10.4
-0.0

-17.3
6.4

19.0
-4.4

105.8
-9.3

166.6
2.5

-42.3
5.4

-271.9
1.5

5
6

-45.6

4.2

-10.1

-15.8

-19.8

9.7

1.2

102.4

177.3

-47.6

-311.2

7

8
9
10
11

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

-44.3
-12.3
22.8
35.1

13.9
46.1
-0.9
-47.0

-13.1
75.7
109.9
34.2

-10.2
86.7
33.8
-52.8

-32.2
1.0
23.9
22.8

-1.7
9.6
-71.7
-81.3

18.9
67.1
82.7
15.6

100.4
70.7
-74.0
-144.7

128.2
12.4
129.4
117.0

-52.3
168.9
69.3
-99.6

-305.1
-247.9
-29.2
218.7

8
9
10
11

12
13
14

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

-35.4
29.7
65.0

-32.8
13.0
45.8

-43.9
21.6
65.5

-123.1
60.8
184.0

-32.1
76.3
108.5

-90.0
14.1
104.1

-64.0
225.3
289.3

29.7
-9.2
-38.9

120.6
105.7
-15.0

-241.9
15.2
257.2

-37.0
193.5
230.5

12
13
14

15
16
17

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

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

78.7
47.0
-31.7

15.7
26.3
10.6

-0.1
20.4
20.5

-4.9
4.1
9.0

20.7
0.9
-19.9

-20.3
11.6
31.8

15
16
17

18
19
20

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

1.3
1.3
-0.0

9.7
10.2
-0.6

-2.9
-3.0
0.0

5.6
5.3
0.3

-12.4
-12.6
0.2

-11.4
-12.0
0.5

17.7
17.2
0.5

-2.0
-12.6
10.6

-49.1
-38.6
-10.5

-4.7
-4.4
-0.3

6.1
5.0
1.0

18
19
20

17.2

7.2

-4.4

15.0

9.4

-33.4

22.2

12.8

-13.1

0.0

37.8

21

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

-1.4
1.6
-7.3
-0.4
9.4

50.5
-15.9
15.6
1.8
-33.4

127.8
85.8
64.8
-1.3
22.2

-55.9
-42.9
-55.9
0.2
12.8

87.2
18.4
31.0
0.6
-13.1

-53.3
-17.6
-16.9
-0.7
0.0

16.2
48.7
12.7
-1.8
37.8

22
23
24
25
26

3.4
-18.4

0.9
-2.6

7.5
55.7

25.4
-23.6

10.4
-7.3

-47.2
-19.3

24.9
-66.9

40.9
-27.9

-72.3
3.4

48.9
-13.2

23.9
8.6

27
28

21
22
23
24
25
26

27
28

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

29
30
31

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

19.2
3.4
-15.8

-10.0
0.9
10.9

6.3
7.5
1.3

-1.5
25.4
26.8

17.7
10.4
-7.3

-62.8
-47.2
15.6

-39.9
24.9
64.8

96.9
40.9
-55.9

-103.3
-72.3
31.0

65.8
48.9
-16.9

11.2
23.9
12.7

29
30
31

32
33
34

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

-18.6
-18.4
0.1

-3.6
-2.6
1.0

55.8
55.7
-0.1

-23.8
-23.6
0.2

-6.8
-7.3
-0.4

-21.1
-19.3
1.8

-65.6
-66.9
-1.3

-28.2
-27.9
0.2

2.9
3.4
0.6

-12.5
-13.2
-0.7

10.4
8.6
-1.8

32
33
34

-45.2

10.2

-10.2

-20.0

-16.3

-12.3

-30.2

129.8

176.6

-66.8

-304.5

35

-45.6

4.2

-10.1

-15.8

-19.8

9.7

1.2

102.4

177.3

-47.6

-311.2

36

0.4

6.0

-0.1

-4.2

3.5

-22.0

-31.4

27.4

-0.7

-19.2

6.7

37

35

Net change in assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

-1.0
-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

6.4
6.7
-0.3

-4.4
-3.7
-0.8

-9.3
-9.4
0.0

2.5
1.7
0.7

5.4
2.7
2.7

1.5
4.8
-3.4

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

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

-28.8
-20.7
-8.1

-26.1
9.0
-35.1

38.0
-5.2
43.3

-3.4
-10.8
7.4

-23.8
-3.5
-20.3

4.9
1.1
3.8

41
42
43

0.6

0.6

0.5

-0.1

-0.4

0.4

-0.9

-1.3

0.2

-0.8

0.3

44

17.2

7.2

-4.4

15.0

9.4

-33.4

22.2

12.8

-13.1

0.0

37.8

45

44
45

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

39

Z.1, March 9, 2006

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1

Net change in liabilities

2
3
4
5

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

6
7
8
9

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

2005
Q4

Q1

Q2

Q3

Q4

156.8

-9.0

81.7

89.7

2.3

20.8

164.0

53.2

-65.8

-83.9

105.6

1

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
30.7

41.2
-1.7
-0.6
43.4

41.3
9.2
-0.2
32.3

11.0
-6.2
0.2
17.0

11.8
-8.8
-0.2
20.8

44.8
-0.7
0.2
45.4

49.3
10.1
-0.3
39.5

2
3
4
5

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

-35.9
7.0
24.7
-67.6

-22.7
-38.7
-4.3
20.3

103.5
10.2
47.5
45.9

28.0
52.2
-59.5
35.4

-77.9
-65.6
120.7
-133.0

-143.0
10.2
54.6
-207.8

49.2
31.2
-16.9
35.0

6
7
8
9

5.3
7.6

0.5
7.5

3.9
5.0

-2.0
4.3

5.5
13.6

1.0
13.2

4.0
-3.6

5.7
8.6

5.1
2.0

10
11

10
11

Savings institutions
Credit unions

3.2
3.5

1.8
5.0

12

Net change in assets

156.8

-9.0

81.7

89.7

2.3

20.8

164.0

53.2

-65.8

-83.9

105.6

12

13

Household sector

67.9

-5.9

-56.0

-44.0

-23.7

-24.1

-58.4

92.9

-9.8

-204.4

26.4

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

-63.4
-64.5
0.5
0.6

-29.3
-32.4
2.6
0.5

55.2
50.4
4.1
0.7

71.0
52.1
17.9
1.0

-0.2
-25.4
24.5
0.7

87.4
65.9
20.5
1.0

41.2
17.4
22.7
1.0

43.7
29.3
13.8
0.7

-56.1
-85.1
28.3
0.7

0.3
-29.6
29.2
0.7

11.1
-16.4
26.8
0.7

14
15
16
17

18
19

State and local governments
Federal government

4.0
41.1

5.2
-17.1

3.5
9.2

-4.6
-31.0

4.6
12.6

8.3
-63.8

-5.8
-9.0

48.6
63.0

2.5
-36.8

-39.7
-22.0

7.1
46.1

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

18.8
-5.0
23.8

20.9
-0.6
21.5

28.9
12.3
16.6

41.7
26.8
14.8

44.1
24.7
19.4

5.3
-4.9
10.2

68.6
47.3
21.3

-55.0
-59.3
4.3

138.5
120.5
18.0

73.4
54.7
18.7

19.4
-17.2
36.6

20
21
22

23

Financial sectors

83.3

19.5

49.7

29.1

-28.2

-15.8

98.6

-122.0

-65.9

76.1

-1.2

23

24
25
26

Commercial banking
Savings institutions
Credit unions

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
-2.1

1.4
-2.3
13.3

1.7
-4.1
18.0

0.5
3.5
-21.5

0.7
3.5
-23.2

-2.1
2.9
17.3

-1.0
-1.0
19.1

24
25
26

27
28
29
30

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

9.4
31.9
0.4
1.5

12.8
-1.6
0.3
1.5

8.6
12.0
0.1
4.3

-8.7
6.0
0.1
0.4

-6.6
0.5
0.3
4.5

13.5
2.8
0.1
-7.0

-34.4
4.5
-0.9
-0.6

-7.2
-24.5
0.2
-5.1

-3.1
20.9
0.2
-0.9

-0.6
4.7
0.3
18.0

-15.3
0.7
0.3
5.8

27
28
29
30

31
32
33
34
35

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

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
-25.9
3.7
4.4
-7.3

2.0
-34.2
3.5
-7.6
-1.4

-19.9
81.8
3.6
9.9
39.2

-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
1.4
3.8
3.3
-8.8

31
32
33
34
35

5.2

-2.3

-8.9

27.7

-6.8

23.4

28.6

-18.0

-38.3

32.3

-3.3

36

36

Mail float

40

Z.1, March 9, 2006

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1
2

Net change in liabilities
Small time and savings deposits

2005
Q4

Q1

Q2

Q3

Q4

383.1

373.3

368.7

529.8

585.7

446.7

593.5

386.8

531.0

842.3

582.6

1

314.6

323.4

306.9

283.1

318.1

239.3

270.6

128.8

293.7

463.5

386.6

2

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

271.0
265.9
0.4
4.7

242.4
242.8
-3.9
3.5

226.3
226.8
-1.3
0.7

216.8
205.6
5.3
5.9

185.1
181.3
-2.1
6.0

413.5
409.5
-1.1
5.1

268.8
267.1
-0.3
1.9

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

16.6
48.6

20.9
33.1

47.0
29.6

-14.4
15.7

33.8
13.3

7.3
-10.5

-10.4
54.7

-31.2
-56.8

55.0
53.6

37.5
12.5

73.8
44.0

7
8

9

Large time deposits (1)

68.5

50.0

61.8

246.6

267.5

207.4

322.8

258.0

237.3

378.8

196.1

9

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

226.2
163.2
58.3
4.7

132.4
113.2
15.7
3.5

246.2
212.4
33.1
0.7

205.3
122.8
76.6
5.9

165.4
113.0
46.4
6.0

339.8
210.0
124.8
5.1

194.2
206.9
-14.6
1.9

10
11
12
13

26.8
9.0

44.0
8.7

32.2
10.8

54.0
6.4

38.8
2.6

67.5
7.6

70.2
6.4

46.3
6.4

65.7
6.2

46.3
-7.3

-3.2
5.1

14
15

10
11
12
13

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

14
15

Savings institutions
Credit unions

16

Net change in assets

383.1

373.3

368.7

529.8

585.7

446.7

593.5

386.8

531.0

842.3

582.6

16

17

Household sector

226.2

313.6

340.9

321.4

402.5

316.5

370.3

388.4

306.2

499.9

415.7

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

15.9
8.8
7.1

24.6
10.2
14.5

115.3
71.5
43.8

114.9
63.2
51.7

89.6
25.7
63.9

146.5
90.0
56.5

74.0
13.4
60.6

113.6
69.4
44.2

40.9
-29.8
70.8

114.5
42.0
72.5

89.4
21.3
68.1

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

12.0
4.2
11.9

8.8
17.1
31.7

8.0
-25.2
-12.6

6.9
-0.0
74.4

29.1
-1.0
37.8

24.0
0.5
-8.5

-2.9
0.6
135.7

59.6
-0.1
-183.6

-2.2
-2.8
244.2

42.7
1.5
99.6

16.4
-2.5
-9.1

21
22
23

24

Financial sectors

112.9

-22.5

-57.8

12.3

27.6

-32.1

15.7

8.9

-55.4

84.2

72.8

24

0.8
7.4

0.4
1.6

0.0
1.8

0.6
-0.0

-0.5
-4.5

-0.2
-3.3

0.1
-1.5

-1.6
-9.4

-0.1
-1.1

0.4
-2.5

-0.7
-5.0

25
26

7.1
0.2
89.3
8.1

4.6
-0.1
-23.9
-5.1

2.4
-0.3
-53.3
-8.5

2.0
0.3
0.4
9.0

4.3
0.1
16.6
11.6

2.0
-0.7
-7.3
-22.7

2.3
-0.1
0.9
13.9

2.8
0.2
24.0
-7.1

4.4
-1.1
-77.3
19.8

5.0
1.2
77.3
2.7

5.1
0.2
42.3
30.9

27
28
29
30

60.7

222.2

296.5

1

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

428.5

-16.7

-207.5

-136.5

127.0

-156.1

-171.8

-71.4

2

Net purchases

3
4
5
6
7
8
9
10

428.5

-16.7

-207.5

-136.5

127.0

-156.1

-171.8

-71.4

60.7

222.2

296.5

2

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

153.4
110.5
9.6
3.2

-43.2
26.1
2.3
1.6

-110.1
-38.0
-8.2
3.6

-56.4
-12.0
8.8
3.2

47.7
7.8
10.8
2.5

-188.5
-25.1
9.6
3.4

-31.2
-33.7
10.3
5.3

-52.7
-38.3
7.5
3.1

103.0
-6.1
12.0
-1.0

113.9
15.4
12.3
4.2

26.8
60.3
11.5
3.7

3
4
5
6

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

31.0
3.8
2.2
114.7

-13.5
2.3
0.1
7.7

-8.3
1.5
-2.9
-45.2

-30.7
0.8
-3.1
-47.1

-2.1
1.9
-0.1
58.4

-38.5
0.9
-3.8
85.9

-37.2
1.0
-0.4
-85.9

-28.5
1.4
-6.0
42.0

-4.3
1.1
4.1
-48.1

1.7
2.2
1.1
71.3

22.4
2.8
0.5
168.6

7
8
9
10

41

Z.1, March 9, 2006

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1

Net change in liabilities

2
3
4
5

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

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

9

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

17
18
19
20
21
22
23

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

2005
Q4

Q1

Q2

Q3

Q4

23.7

106.6

227.2

83.2

360.6

396.8

-45.8

580.7

422.8

259.2

179.8

1

-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

117.0
82.9
34.3
-0.2

-35.5
-84.7
49.9
-0.7

-293.3
-183.1
-108.6
-1.6

189.1
259.8
-69.2
-1.5

180.8
126.4
47.6
6.7

66.1
12.7
56.0
-2.5

31.9
-67.2
102.6
-3.5

2
3
4
5

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

12.8
14.6
404.8

31.4
16.6
199.5

-46.3
15.9
422.0

5.1
45.3
191.6

29.7
51.5
111.9

-2.8
40.6
110.1

6
7
8

81.9

66.4

249.2

203.4

226.5

312.3

114.0

229.5

203.5

337.5

135.5

9

-0.2
-11.1
59.4

2.2
-16.4
39.4

-0.2
7.2
270.1

0.5
6.4
186.9

3.1
5.0
53.7

3.6
6.7
198.5

2.9
10.5
185.8

3.1
6.2
77.7

7.5
-1.9
32.3

10.3
8.3
177.8

-8.5
7.3
-72.8

10
11
12

33.8
6.9
5.4
-1.5

41.3
-10.8
-0.3
-0.8

-27.9
4.3
-7.7
-0.1

9.7
-10.8
-3.2
2.6

164.7
13.8
-0.1
2.6

103.5
-28.0
-9.9
0.9

-85.2
-28.0
-15.8
10.8

142.5
52.9
1.1
-11.4

165.6
-5.3
1.1
0.3

141.0
-41.1
21.4
12.0

209.6
48.5
-23.9
9.4

13
14
15
16

-8.1
1.5
-5.9
43.4
-31.8
23.8

14.2
1.0
-6.9
47.1
6.8
-9.1

8.5
0.5
-5.0
-20.8
12.5
-20.0

10.2
0.4
-5.3
-18.7
18.6
15.8

9.7
0.8
4.3
112.0
-2.3
23.9

31.6
0.4
-6.6
40.7
57.9
16.5

20.6
0.5
-0.6
-125.6
29.9
23.0

10.7
0.6
-6.5
64.5
42.3
-11.6

-3.6
0.6
2.9
173.2
-13.5
10.0

11.6
1.0
15.3
77.0
-48.8
92.6

20.4
1.1
5.6
133.2
10.7
4.6

17
18
19
20
21
22

-58.1

40.2

-22.0

-120.3

134.1

84.5

-159.8

351.2

219.3

-78.3

44.3

23

F.208 Open Market Paper
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

-147.8

-91.5

-81.6

113.6

233.8

15.4

176.4

184.8

511.4

256.8

-18.0

1

-144.6

-91.4

-81.3

113.9

233.7

16.9

176.5

184.7

511.0

255.7

-16.3

2

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

-88.3
-14.2
-23.3
9.1

-64.2
36.1
4.8
31.3

-40.0
22.3
-3.7
25.9

15.8
63.7
-2.3
65.9

-7.9
69.9
15.7
54.2

22.4
24.4
-6.4
30.8

-25.4
160.7
2.4
158.3

50.4
12.3
0.9
11.3

5.9
32.2
-14.2
46.4

1.4
115.3
15.4
99.8

-89.4
119.9
60.8
59.1

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

-42.1
-5.1
120.0
-80.3
0.0
-76.8

-63.3
-2.3
-13.0
-17.1
0.0
-30.9

-63.6
-6.0
-35.6
-5.2
0.0
-16.8

34.5
10.8
27.1
27.7
0.0
-31.1

171.7
4.0
182.0
-16.6
0.0
2.4

-29.9
1.5
-4.2
48.2
0.0
-75.4

41.2
4.1
100.9
31.4
0.0
-95.2

122.0
26.8
117.2
-24.8
0.0
2.7

472.8
-7.6
205.1
-74.1
0.0
349.4

139.0
21.6
188.7
-22.3
0.0
-49.0

-46.8
-24.7
216.9
54.7
0.0
-293.7

7
8
9
10
11
12

13

Bankers acceptances (1)

-3.2

-0.2

-0.2

-0.3

0.0

-1.5

-0.1

0.1

0.4

1.2

-1.6

13

14

Net purchases, by sector

-147.8

-91.5

-81.6

113.6

233.8

15.4

176.4

184.8

511.4

256.8

-18.0

14

-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
20.2
8.3
30.6

28.1
8.2
6.5
14.2

14.3
21.8
8.7
9.2

58.5
39.1
13.8
49.3

5.2
4.0
8.1
-23.8

57.3
29.5
-2.5
44.1

27.4
12.1
10.9
3.1

22.7
-12.9
9.6
33.4

15
16
17
18

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
-0.7

0.0
0.0
0.0
1.0

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

19
20
21
22

-11.9
1.0
4.0

14.7
2.6
-3.2

-18.2
-2.2
-9.0

-7.6
1.2
-9.5

-10.6
2.0
-0.5

-23.3
0.5
-11.8

15.0
4.2
-1.1

-17.9
0.9
-2.7

-16.7
3.9
2.3

-24.7
1.9
-1.2

17.1
1.4
-0.4

23
24
25

3.4
-31.8
2.7
9.0
-142.4

-38.6
-11.8
-23.5
-4.7
-70.8

-125.2
12.8
-2.4
5.9
36.0

-54.1
18.5
-2.0
-1.3
78.9

86.3
-2.1
2.6
7.6
91.9

-16.7
48.9
-4.6
-0.3
-30.6

23.9
10.9
-3.1
-7.4
-27.7

-7.6
59.9
2.5
9.5
146.0

47.4
-1.7
3.5
48.3
298.7

98.6
-57.0
-3.0
5.3
185.4

207.0
-9.8
7.5
-32.7
-262.4

26
27
28
29
30

2
3
4
5
6

Total net issues, all types
Commercial paper

15
16
17
18

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

19
20
21
22

Monetary authority
Commercial banking (1)
Savings institutions
Credit unions

23
24
25

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

26
27
28
29
30

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

(1) Excludes banks’ holdings of own acceptances.

42

Z.1, March 9, 2006

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

1
2
3
4
5
6
7

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

-5.1

257.1

398.4

362.5

307.3

266.5

310.9

631.5

7.2

232.3

358.2

1

5.6
-10.7

4.5
252.5

8.9
389.5

0.6
361.9

0.7
306.6

-1.1
267.6

-1.4
312.3

0.1
631.3

0.7
6.5

-1.7
234.0

3.6
354.6

2
3

-5.1

257.1

398.4

362.5

307.3

266.5

310.9

631.5

7.2

232.3

358.2

4

-85.2
5.6
-90.8

-115.4
4.5
-119.9

31.2
8.9
22.3

51.5
0.6
50.9

-94.0
0.7
-94.8

-34.0
-1.1
-32.8

162.9
-1.4
164.3

142.4
0.1
142.3

-281.7
0.7
-282.4

79.7
-1.7
81.4

-316.6
3.6
-320.2

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

-1.3
2.7
18.3

14.5
0.0
26.3

1.4
2.0
8.3

-1.2
7.4
22.6

1.1
9.2
68.6

-7.9
8.1
13.1

7.9
8.7
7.8

-6.1
6.3
92.5

-0.4
10.1
87.8

-1.5
10.4
83.0

12.6
9.8
10.9

8
9
10

11
12

Rest of the world
Monetary authority

10.5
40.0

138.9
77.7

288.9
37.3

358.5
51.2

297.9
26.4

206.6
71.3

174.5
57.6

357.3
-10.5

135.9
32.0

266.3
66.8

432.2
17.3

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

-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
0.0

-54.9
-51.9
2.4
-3.4
-1.9

-70.1
-56.7
-17.6
1.7
2.5

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

-73.9
-72.0
1.1
-5.1
2.1

13
14
15
16
17

18
19

Savings institutions
Credit unions

2.7
-0.8

-2.2
0.4

3.0
1.1

-3.9
0.1

4.0
-1.3

-5.4
0.1

2.3
-3.8

-3.2
-2.0

5.6
-0.5

-1.3
-3.5

14.7
0.9

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

-0.0
-4.4
0.2
-24.0
7.2

9.2
24.8
4.6
3.8
9.3

3.5
-6.6
1.4
-10.9
4.8

6.6
6.6
4.9
-17.5
5.4

8.2
2.6
2.8
-10.6
7.7

6.5
6.5
7.4
-12.1
10.2

4.1
5.3
1.6
-0.5
0.9

9.1
5.2
0.5
-13.3
8.8

5.0
0.1
4.6
11.9
10.8

11.8
2.7
7.0
-29.8
7.8

7.0
2.6
-0.8
-11.1
3.5

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

46.0
-8.5
0.1
0.0
0.4
13.1

4.7
19.7
-2.8
2.0
12.1
-13.7

-10.2
9.4
1.4
0.1
-12.3
41.7

-33.9
4.9
2.4
2.8
-0.6
-82.4

-9.6
8.5
0.3
4.8
0.2
-6.5

-9.6
-6.7
0.9
1.5
-2.8
67.8

-53.5
5.2
0.9
3.2
-0.7
-3.4

11.2
11.6
0.6
9.3
0.7
-42.4

-10.0
2.2
1.7
2.1
-1.9
42.3

-12.3
10.8
-1.0
4.5
1.0
-289.2

-27.5
9.4
-0.1
3.3
1.1
263.1

25
26
27
28
29
30

-5.6

257.6

396.0

361.9

306.9

266.3

311.2

630.7

5.8

231.9

359.0

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, March 9, 2006

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

642.1

547.2

571.9

117.5

50.7

155.1

-109.8

-145.7

37.0

-65.9

377.3

1

-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
135.4

-0.2
93.1
62.1

0.3
-45.5
-64.6

-0.7
-209.6
64.7

-1.4
-84.2
122.6

-0.4
-243.9
178.4

0.8
200.7
175.9

2
3
4

642.1

547.2

571.9

117.5

50.7

155.1

-109.8

-145.7

37.0

-65.9

377.3

5

-120.0
2.1
47.2

-191.1
-0.7
41.9

173.4
-4.8
20.4

95.6
-0.5
18.1

201.8
0.4
14.1

598.6
-2.9
18.9

-193.3
2.9
29.9

-49.3
-2.2
17.6

267.4
-5.2
-5.5

383.6
4.5
23.7

205.7
4.6
20.8

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

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
172.2
0.0

0.0
49.5
0.0

0.0
232.8
0.0

0.0
102.7
0.0

0.0
167.9
0.0

0.0
219.9
0.0

0.0
198.2
0.0

9
10
11

12
13
14
15
16

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

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

-7.0
-3.6
-2.3
-2.3
1.2

-217.6
-216.8
-13.8
5.8
7.2

159.2
151.7
9.5
-3.2
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

-4.9
2.0
-0.6
-1.4
-4.8

12
13
14
15
16

17
18

Savings institutions
Credit unions

21.0
19.6

14.7
16.8

22.6
18.2

-13.6
1.5

-12.9
-7.5

-30.6
-20.6

17.9
9.8

-6.2
6.7

-8.7
-5.8

-17.1
-27.9

-19.6
-3.0

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

10.1
18.1
7.4
1.9
1.6

19.0
77.4
5.7
11.8
2.4

2.2
18.0
6.8
55.7
1.1

-3.3
8.2
13.2
44.2
-0.5

11.2
17.7
7.4
3.8
-0.0

-4.0
7.3
14.4
-27.2
0.4

-8.5
0.8
13.3
-1.0
-0.5

14.3
29.5
2.3
76.8
-0.2

7.9
11.8
16.7
-39.6
0.3

18.5
15.0
15.7
-18.1
0.2

4.0
14.5
-4.9
-3.9
-0.4

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

141.5
85.3
206.9

8.7
61.5
131.7

-4.6
25.3
88.8

-61.1
15.2
-130.3

-107.4
26.7
-164.2

-107.7
-21.0
-33.9

-26.9
16.3
-192.9

-176.2
36.5
-185.4

-149.6
6.9
-227.6

-182.5
33.9
-297.7

78.6
29.5
54.0

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

18.9
7.0
14.1

70.7
9.7
14.1

69.1
-2.4
-8.1

-110.7
16.1
23.5

-106.7
7.4
-6.3

-249.5
-1.4
182.4

-102.5
31.5
-98.5

-109.3
-2.2
3.6

-58.4
10.6
111.0

-112.8
2.2
-71.4

-146.5
18.8
-68.3

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, March 9, 2006

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

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

2005
Q4

Q1

Q2

Q3

Q4

122.9

159.4

135.1

133.1

200.8

157.3

130.9

225.4

125.7

249.7

202.3

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

176.8
5.1
171.7

145.0
20.1
125.0

120.2
-9.0
129.2

201.7
18.1
183.6

103.6
-31.2
134.8

228.5
12.0
216.5

173.6
21.6
152.0

2
3
4

13.8

12.9

14.1

9.9

17.0

6.9

4.0

17.3

15.9

15.1

19.5

5

3.5

3.1

3.4

5.2

6.9

5.3

6.6

6.3

6.2

6.1

9.2

6

122.9

159.4

135.1

133.1

200.8

157.3

130.9

225.4

125.7

249.7

202.3

7

49.6
-2.6
1.1
0.2

101.4
2.8
-0.1
0.1

34.6
3.3
-0.7
0.3

36.9
5.1
0.4
0.2

83.5
9.5
0.5
0.2

56.5
0.9
0.5
0.2

55.3
15.6
0.5
0.4

92.2
3.0
0.4
0.2

58.7
6.6
0.6
-0.1

122.7
21.5
0.6
0.3

60.3
7.0
0.6
0.3

8
9
10
11

6.1
1.3

1.5
1.0

10.8
0.8

8.3
0.8

17.0
1.5

1.7
1.2

9.2
1.0

24.1
1.0

7.0
3.0

16.9
1.5

19.9
0.7

12
13

-10.3
-0.4
-0.1

9.2
1.2
-0.8

41.2
6.2
0.1

43.6
4.0
0.7

33.4
1.6
-0.1

44.1
4.0
0.7

36.3
3.5
0.0

34.2
2.7
-2.7

18.8
1.1
1.2

44.3
1.4
1.0

36.3
1.3
0.2

14
15
16

34.2
23.0
7.0
6.2
7.7

1.8
23.8
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
18.9
0.4
0.1
11.0

12.7
10.5
-2.0
12.6
13.6

43.7
6.8
-2.4
-32.7
-6.5

19.1
27.0
1.1
5.7
17.5

25.2
18.3
2.5
-1.6
-15.7

9.4
30.0
-1.7
-9.7
11.5

39.3
0.4
-0.5
5.8
30.7

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

568.6

487.6

664.1

634.9

736.7

701.5

935.7

611.5

775.1

625.6

934.6

1

2
3

Nonfinancial corporate business
Rest of the world (1)

347.7
-18.5

132.3
31.6

158.3
41.9

77.7
19.2

60.7
16.9

51.7
86.8

138.3
34.4

35.1
-4.6

30.3
72.3

100.9
-2.7

76.4
2.8

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

239.4
37.0
-2.6

323.7
22.0
-0.2

463.9
46.9
1.7

538.0
58.3
2.5

659.1
56.7
1.0

563.0
61.4
3.7

763.0
77.8
6.7

581.0
79.3
-0.4

672.5
30.8
0.7

527.4
38.2
-0.6

855.4
78.5
4.4

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

110.4
66.6
4.4
1.4
22.2

194.9
62.0
16.2
-1.7
30.5

255.1
115.2
23.3
6.4
15.4

297.9
81.1
70.6
15.2
12.2

462.9
54.6
56.1
0.1
27.6

429.6
30.4
19.0
33.2
-14.2

267.0
206.3
180.3
-26.6
51.5

330.9
108.9
36.2
11.2
14.9

475.7
66.4
72.2
-5.2
32.0

500.5
-81.8
44.9
28.0
-1.9

544.3
125.0
71.2
-33.4
65.4

7
8
9
10
11

12

Net issues

568.6

487.6

664.1

634.9

736.7

701.5

935.7

611.5

775.1

625.6

934.6

12

13
14
15

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

-27.5
11.2
195.4

163.3
9.1
151.0

-60.1
6.5
230.0

-114.4
5.7
254.4

-106.7
4.5
351.1

-224.8
6.0
342.4

192.3
9.5
294.8

-331.2
5.6
244.1

-101.1
-1.7
337.2

-246.3
7.5
421.2

251.8
6.6
402.1

13
14
15

16
17

Commercial banking
Savings institutions

97.0
-25.6

-3.2
-4.0

44.6
-8.8

77.3
-12.2

127.8
21.1

148.6
-5.5

121.0
6.9

255.9
13.2

186.0
7.4

115.5
43.0

-46.1
20.9

16
17

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

8.9
120.2
4.7
-34.6
0.9

2.4
106.8
12.7
-62.4
1.3

20.0
171.0
8.2
-24.1
0.5

26.4
147.8
15.8
10.2
-0.3

28.8
91.8
10.8
-3.0
-0.0

26.3
144.9
22.3
-19.6
0.2

18.4
112.8
8.5
-2.6
-0.3

31.3
158.8
4.2
-1.8
-0.1

17.2
53.8
21.5
0.3
0.2

40.5
78.6
22.9
-7.2
0.1

26.2
76.0
-5.4
-3.4
-0.2

18
19
20
21
22

23
24
25
26

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

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
76.3
1.0
1.9

-32.4
71.7
1.5
0.8

30.6
86.0
14.1
1.0

-45.0
71.8
4.7
2.4

8.5
94.3
-0.3
1.4

37.5
86.0
1.9
2.6

-11.7
52.9
-2.2
1.5

23
24
25
26

27
28
29
30

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

24.6
2.3
48.6
45.8

33.5
2.3
30.7
-14.4

36.6
8.4
36.4
54.9

110.8
17.3
23.9
-14.5

50.9
27.1
85.2
-29.4

144.7
14.2
39.3
20.9

22.1
22.0
5.2
-6.6

60.8
9.7
79.0
48.3

56.0
50.1
94.6
-50.3

34.6
26.8
13.5
-53.1

52.2
22.0
153.8
-62.4

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, March 9, 2006

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1

Q1

Q2

Q3

Q4

98.3

46.4

119.1

50.4

-161.1

-8.3

-33.2

-18.7

-169.2

-316.3

-140.1

1

2

Nonfinancial corporate business

-48.1

-41.6

-57.8

-141.1

-366.0

-203.6

-173.1

-248.6

-339.6

-481.1

-394.6

2

3

Rest of the world (2)

109.1

17.0

114.2

83.2

137.5

67.0

38.5

159.3

95.6

138.5

156.7

3

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

67.4
-13.7
-4.1
-7.3
20.1
53.9
16.1
2.5

128.4
70.5
-4.6
-18.3
20.9
27.1
21.6
11.1

101.4
5.0
-7.2
-13.9
12.5
102.2
24.7
-21.9

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

26.3
-25.0
-3.8
-5.6
16.6
12.6
23.7
7.9

97.8
-19.1
-4.0
-4.8
-3.1
126.7
9.9
-7.7

4
5
6
7
8
9
10
11

4
5
6
7
8
9
10
11
12

Net issues

2005
Q4

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

13
14
15

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

16
17

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

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

98.3

46.4

119.1

50.4

-161.1

-8.3

-33.2

-18.7

-169.2

-316.3

-140.1

12

-241.9
4.0
121.5

-93.3
10.3
54.1

-77.5
-17.5
35.0

-242.4
-5.0
61.9

-501.1
-0.8
86.0

-243.0
12.1
5.1

-447.0
-27.3
188.7

-409.0
14.2
82.9

-378.3
-8.7
54.0

-630.2
-6.8
110.5

-586.8
-1.8
96.4

13
14
15

0.2
3.2

-0.6
2.0

2.3
-1.0

-0.2
-1.1

0.2
-1.0

-0.2
-1.3

0.4
-3.9

-0.9
-1.8

4.3
-0.9

-2.3
-1.1

-0.4
-0.1

16
17

-0.3
70.2
-129.8
115.1
-0.6

-1.1
52.7
-121.4
50.2
7.9

-2.7
45.5
-44.8
-0.6
17.2

-3.5
51.5
-44.0
-22.6
9.1

-4.4
57.3
-29.6
19.5
7.0

4.6
74.8
-58.7
32.3
5.0

-18.9
24.4
-52.2
14.6
15.3

-1.0
81.8
-15.6
-4.7
5.6

-4.6
50.9
-48.2
-5.9
2.6

4.7
64.4
-54.3
64.1
8.3

-16.5
32.0
-0.3
24.4
11.5

18
19
20
21
22

109.8
-1.3
31.0
17.3

31.4
9.4
41.6
3.2

136.8
7.6
15.1
3.8

158.3
21.7
51.2
15.5

128.6
18.4
47.1
11.8

143.6
20.6
24.8
-28.0

145.2
-0.2
98.0
29.6

143.8
34.2
24.0
27.9

124.1
22.0
37.1
-17.6

126.6
17.4
5.5
-23.1

120.0
-0.2
121.9
59.9

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

201.2

182.4

288.0

299.1

257.5

308.9

307.8

398.1

224.8

193.8

213.1

1

2

Net purchases

201.2

182.4

288.0

299.1

257.5

308.9

307.8

398.1

224.8

193.8

213.1

2

141.7
4.0
0.4

111.3
0.6
2.1

228.6
11.0
-5.4

257.3
5.0
-1.5

225.3
5.0
-0.2

262.2
5.0
3.7

267.1
5.0
-8.3

356.2
5.0
4.3

208.5
5.0
-2.7

160.1
5.0
-2.1

176.5
5.0
-0.5

3
4
5

7.8
1.5

1.7
-0.2

-6.2
0.5

-0.9
-0.9

-1.8
-1.0

-2.8
-1.6

4.0
-1.4

-4.9
-1.3

-4.3
-1.1

3.1
-1.4

-1.3
-0.3

6
7

2.1
17.9
25.8

2.6
50.4
13.9

0.5
51.7
7.3

12.8
25.8
1.6

9.0
18.5
2.7

12.8
26.3
3.3

12.8
29.1
-0.4

10.0
29.6
-0.8

10.0
9.6
-0.2

8.0
12.4
8.7

8.0
22.4
3.2

8
9
10

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

6
7

Commercial banking
Credit unions

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, March 9, 2006

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Total loans by commercial
banking, flow of funds basis

71.3

225.2

193.2

405.0

557.9

441.9

277.5

590.7

569.7

646.5

424.6

1

2
3
4
5

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

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
362.3
2.8
34.9

0.0
322.6
60.8
54.7

0.0
298.2
46.2
-218.2

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
236.3
-71.1
2.6

2
3
4
5

6

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

-75.8

-80.2

-92.6

48.5

157.9

3.7

151.3

106.4

180.9

87.2

256.8

6

-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

90.4
60.7
2.7
4.0

9.8
-7.8
1.6
0.1

121.8
36.3
-9.7
2.9

49.2
61.2
-4.9
0.9

123.9
55.3
-5.1
6.8

25.4
62.5
0.8
-1.4

163.2
63.8
20.0
9.8

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.

-75.8

-80.2

-92.6

48.5

157.9

3.7

151.3

106.4

180.9

87.2

256.8

12

13

Net change in liabilities

-75.8

-80.2

-92.6

48.5

157.9

3.7

151.3

106.4

180.9

87.2

256.8

13

-88.9

-81.6

-87.9

36.0

152.8

-40.5

137.1

101.1

205.0

48.6

256.4

14

-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
2.7
23.3
2.2

27.5
71.0
39.1
2.2

-74.9
32.9
5.3
5.2

31.5
29.7
55.9
1.5

19.6
43.9
28.9
-3.4

19.3
126.4
62.5
2.0

-8.6
9.9
34.5
7.6

79.8
103.9
30.5
2.6

15
16
17
18

-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

-9.0
-0.8
-3.2
-5.0

18.5
1.6
5.7
11.1

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

19
20
21
22

13.0

1.5

-4.8

12.5

5.1

44.2

14.2

5.3

-24.0

38.6

0.4

23

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
1.5
0.0
4.7

4.8
36.9
0.0
2.5

0.4
15.5
0.0
-1.7

-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
-2.4
0.0
2.2

24
25
26
27

14

Nonfinancial sectors

15
16
17
18

Household sector
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26
27

Financial sectors
Savings institutions
Finance companies
Mortgage companies
REITs

47

Z.1, March 9, 2006

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Total other loans and advances

30.6

24.7

39.1

96.0

121.0

-20.3

182.9

107.5

180.6

25.2

170.8

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

-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

-7.0
-0.8
1.6
-3.2
-0.3
0.5
-4.7
0.0

-2.6
-1.0
0.5
1.6
-0.4
0.2
-3.5
0.0

-2.3
-0.9
0.3
1.3
-0.3
0.3
-3.0
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

-7.0
-0.7
0.9
-3.9
-0.3
0.6
-3.5
0.0

-1.5
-0.7
3.9
1.6
-0.2
0.6
-6.7
0.0

2
3
4
5
6
7
8
9

10
11

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

-1.6
-1.6

10.1
10.1

-0.8
-0.8

6.3
6.3

60.6
60.6

-14.7
-14.7

65.5
65.5

107.8
107.8

51.2
51.2

5.5
5.5

77.8
77.8

10
11

12
13
14

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

-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

-1.5
-0.3
-1.3

-0.3
-0.5
0.1

0.1
-0.0
0.2

0.6
-0.2
0.8

1.1
2.4
-1.3

-1.8
-2.0
0.2

12
13
14

15
16
17

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

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

8.0
4.0
4.0

0.7
0.4
0.4

-5.0
-2.5
-2.5

17.6
8.8
8.8

-5.2
-2.6
-2.6

8.2
4.1
4.1

15
16
17

18
19
20

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

2.2
0.0
2.2

1.1
0.0
1.0

-0.6
0.0
-0.7

1.7
0.1
1.6

-0.2
0.1
-0.2

3.3
0.1
3.2

1.7
0.1
1.6

-1.4
0.1
-1.5

3.0
0.1
2.9

-1.1
0.1
-1.2

-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)

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

49.9
0.0
1.2
4.4
24.4
16.2
3.3
0.4

-17.6
-0.6
-5.6
4.3
-1.2
-15.5
0.9
0.1

86.8
-0.3
0.5
1.4
-20.6
89.9
6.1
9.7

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

30.3
0.0
2.2
3.1
1.5
14.8
8.1
0.6

21
22
23
24
25
26
27
28

29
30

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

18.5
18.5

-3.3
-3.3

-1.1
-1.1

1.4
1.4

-18.7
-18.7

18.7
18.7

-4.3
-4.3

6.9
6.9

-29.1
-29.1

-18.7
-18.7

-33.8
-33.8

29
30

31
32
33

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

-11.5
-10.3
-1.1

8.3
7.5
0.8

2.2
2.0
0.2

14.3
12.9
1.4

32.5
29.2
3.2

-13.8
-12.5
-1.4

35.0
31.5
3.5

-26.0
-23.4
-2.6

30.2
27.2
3.0

32.9
29.6
3.3

92.6
83.4
9.3

31
32
33

48

Z.1, March 9, 2006

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

1

Net change in mortgages

661.3

821.7

990.1

1223.2

1469.8

1359.6

1225.7

1170.5

1484.9

1667.5

1556.2

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

496.1
42.2
115.2
7.7

672.8
38.8
102.4
7.6

779.9
70.7
131.5
8.0

977.4
54.9
182.6
8.4

1132.7
62.2
265.8
9.1

1097.3
51.2
201.9
9.3

937.9
64.0
217.7
6.1

925.4
43.8
196.8
4.5

1142.8
70.0
260.7
11.4

1307.9
58.7
292.2
8.7

1155.0
76.4
313.2
11.6

2
3
4
5

6

661.3

821.7

990.1

1223.2

1469.8

1359.6

1225.7

1170.5

1484.9

1667.5

1556.2

6

Household sector

469.9

638.8

850.2

919.0

1098.6

991.3

918.5

887.3

1125.7

1228.2

1153.3

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

189.1
60.2
121.2
7.7

174.7
46.1
121.0
7.6

131.5
43.3
80.2
8.0

278.0
51.8
217.8
8.4

351.8
83.9
258.8
9.1

347.8
80.5
258.0
9.3

265.1
32.3
226.7
6.1

260.5
78.8
177.2
4.5

339.9
61.0
267.5
11.4

419.4
107.2
303.6
8.7

387.4
88.9
286.9
11.6

8
9
10
11

12
13

Federal government
REITs

0.0
2.2

0.0
8.2

0.0
8.3

0.0
26.3

0.0
19.4

0.0
20.6

0.0
42.1

0.0
22.7

0.0
19.3

0.0
19.9

0.0
15.6

12
13

14

Net change in assets

661.3

821.7

990.1

1223.2

1469.8

1359.6

1225.7

1170.5

1484.9

1667.5

1556.2

14

8.1
3.1
3.4

10.9
2.9
-0.6

11.6
2.2
-0.2

12.7
2.2
4.3

13.4
2.2
5.3

12.8
2.2
4.7

12.3
2.2
5.0

11.9
2.2
3.6

14.2
2.2
5.8

13.5
2.2
6.0

14.2
2.2
5.6

15
16
17

-1.0
-1.1

-5.4
0.5

7.7
-2.5

6.8
1.6

5.4
2.4

7.2
0.7

11.3
3.6

6.7
1.1

-2.1
0.6

9.0
3.8

7.9
4.0

18
19

129.8
35.1
16.4

268.5
23.0
18.2

197.5
89.2
23.2

339.5
186.8
30.6

362.3
95.1
32.4

322.6
156.1
34.6

298.2
221.8
30.7

468.6
11.1
23.7

328.0
201.7
40.8

416.3
99.3
30.7

236.3
68.4
34.2

20
21
22

0.2
7.1
0.1
-1.1

0.1
7.0
0.0
0.1

0.1
10.9
-0.1
-0.7

0.3
12.4
-0.2
-0.9

0.3
9.4
-0.2
0.1

0.5
15.6
0.3
7.0

0.3
15.9
-0.7
0.1

0.2
10.6
-0.3
3.8

0.2
12.9
-0.1
0.3

0.5
8.8
-0.1
-3.3

0.3
5.1
-0.3
-0.5

23
24
25
26

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

18
19

State and local governments
Federal government

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

23
24
25
26

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

27
28
29

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

33.2
338.5
101.2

59.8
326.8
85.0

106.0
330.5
170.2

15.1
53.0
460.4

-4.7
135.4
716.9

14.8
62.1
662.5

14.5
-64.6
473.9

15.0
64.7
490.9

-11.5
122.6
700.2

-20.5
178.4
816.4

-1.8
175.9
859.9

27
28
29

30
31
32

Finance companies
Mortgage companies
REITs

-11.0
0.0
-0.7

13.2
0.0
11.8

24.4
0.0
19.8

43.9
0.0
54.5

42.0
0.0
52.3

36.8
0.0
19.2

77.3
0.0
123.7

26.8
0.0
30.1

9.6
0.0
59.4

46.5
0.0
60.0

85.2
0.0
59.5

30
31
32

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

49

Z.1, March 9, 2006

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1
2
3
4
5
6
7
8

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

2005
Q4

Q1

Q2

Q3

Q4

496.1

672.8

779.9

977.4

1132.7

1097.3

937.9

925.4

1142.8

1307.9

1155.0

1

451.2
2.1
42.8

622.7
0.7
49.5

835.5
1.8
-57.4

898.7
4.1
74.6

1067.0
6.6
59.1

980.4
4.9
111.9

888.8
4.4
44.7

873.0
5.2
47.2

1079.5
7.3
56.0

1205.1
6.6
96.2

1110.5
7.5
37.0

2
3
4

496.1

672.8

779.9

977.4

1132.7

1097.3

937.9

925.4

1142.8

1307.9

1155.0

5

7.4
1.5
1.2

8.7
1.9
-0.2

9.5
1.2
-0.1

10.4
1.2
1.6

11.3
1.2
2.0

10.5
1.2
1.7

10.7
1.2
1.9

11.0
1.2
1.4

11.2
1.2
2.2

11.5
1.2
2.2

11.7
1.2
2.1

6
7
8

9
10

State and local governments
Federal government

-0.5
-0.6

-2.7
-0.9

3.9
-0.9

3.5
-0.5

2.7
-0.4

3.7
-0.4

5.8
-0.3

3.4
-0.5

-1.1
-0.2

4.6
-0.6

4.0
-0.4

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

58.2
26.2
16.4

198.3
10.7
18.2

124.9
71.7
23.2

221.0
171.7
30.6

208.5
80.0
32.4

191.1
148.6
34.6

168.4
207.2
30.7

353.4
2.5
23.7

176.5
175.4
40.8

215.5
88.2
30.7

88.7
54.1
34.2

11
12
13

14
15
16

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

0.0
-3.1
-0.3

-0.3
-1.8
-0.0

-0.3
-1.1
-0.5

0.6
-0.2
0.5

0.2
-0.0
0.3

0.2
0.0
-3.2

1.4
-0.1
-0.7

0.1
-0.1
2.3

0.2
-0.0
0.1

0.2
-0.0
-1.2

0.2
-0.0
-0.2

14
15
16

17
18
19

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

20.5
322.9
56.4

45.5
315.2
54.1

92.2
303.2
117.9

-0.4
49.6
398.9

-8.8
130.3
587.3

-2.6
57.9
607.9

-0.7
-69.2
401.6

12.1
62.3
396.9

-14.9
119.3
572.3

-23.8
171.2
716.8

-8.7
168.4
663.5

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

-10.5
0.0
0.2

14.9
0.0
11.4

17.2
0.0
17.7

37.9
0.0
51.1

42.4
0.0
43.4

27.9
0.0
18.3

59.4
0.0
120.8

28.7
0.0
27.1

10.7
0.0
49.1

46.6
0.0
45.0

83.6
0.0
52.5

20
21
22

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

164.6
65.6
30.4
12.3
14.0
42.4

248.2
138.1
50.4
19.3
12.5
27.9

219.4
102.8
36.0
12.4
8.8
59.4

137.3
69.9
19.8
5.0
13.9
28.7

192.1
119.2
37.3
16.1
8.8
10.7

150.4
39.0
33.5
14.2
17.1
46.6

178.8
34.2
31.0
13.8
16.2
83.6

23
24
25
26
27
28

23
24
25
26
27
28

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

42.2

38.8

70.7

54.9

62.2

51.2

64.0

43.8

70.0

58.7

76.4

1

1.4
39.2

1.5
35.7

1.6
68.5

1.8
48.4

2.0
59.0

1.8
43.7

1.8
57.2

1.9
40.8

2.0
73.3

2.0
50.3

2.1
71.5

2
3

Federal government
REITs

0.0
1.6

0.0
1.7

0.0
0.6

0.0
4.7

0.0
1.3

0.0
5.7

0.0
5.0

0.0
1.0

0.0
-5.2

0.0
6.4

0.0
2.9

4
5

Net change in assets

42.2

38.8

70.7

54.9

62.2

51.2

64.0

43.8

70.0

58.7

76.4

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-0.0
0.1
1.2

0.0
0.0
-0.2

0.0
0.0
-0.1

0.0
0.0
1.4

0.1
0.0
1.8

0.0
0.0
1.6

0.0
0.0
1.7

0.0
0.0
1.2

0.0
0.0
2.0

0.1
0.0
2.0

0.1
0.0
1.9

7
8
9

10
11

State and local governments
Federal government

-0.4
-0.2

-2.1
0.5

3.1
0.2

2.7
0.4

2.1
-0.0

2.9
-0.3

4.5
0.9

2.7
0.7

-0.8
-0.7

3.6
-0.4

3.1
0.4

10
11

12
13

Commercial banking
Savings institutions

7.0
3.3

9.3
4.1

10.7
9.3

14.4
9.5

20.8
10.7

16.6
7.4

17.3
6.9

14.0
11.4

24.8
19.0

26.2
6.7

18.2
5.6

12
13

14
15
16

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

2.0
0.3
-0.2

1.2
0.5
-0.0

1.7
0.3
-0.5

1.9
0.0
0.4

1.4
-0.0
-0.1

2.1
0.1
-2.8

4.0
-0.1
-0.6

0.8
-0.1
0.8

1.8
-0.0
0.1

1.3
-0.0
-1.0

1.6
-0.1
-0.1

14
15
16

17
18
19

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

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

14.6
4.3
5.1

11.7
4.7
12.9

0.9
2.6
8.6

-1.9
3.3
22.6

0.5
7.3
12.1

0.7
7.4
36.7

17
18
19

20
21
22

Finance companies
Mortgage companies
REITs

-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

0.2
0.0
-0.7

0.0
0.0
0.1

-0.0
0.0
0.1

-0.0
0.0
-0.3

0.0
0.0
0.3

0.4
0.0
0.6

20
21
22

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6
7
8
9

50

Z.1, March 9, 2006

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

115.2

102.4

131.5

182.6

265.8

201.9

217.7

196.8

260.7

292.2

313.2

1

18.7
56.7
39.2
0.6

16.2
43.9
35.8
6.6

14.7
40.0
69.0
7.7

20.3
45.9
94.9
21.5

31.6
75.3
140.7
18.1

10.9
73.7
102.4
14.9

29.7
26.0
124.8
37.1

14.4
71.7
89.1
21.6

46.2
51.7
138.3
24.5

23.1
98.5
157.1
13.5

42.8
79.3
178.5
12.7

2
3
4
5

115.2

102.4

131.5

182.6

265.8

201.9

217.7

196.8

260.7

292.2

313.2

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

-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
1.4

0.6
1.0
1.2

0.6
1.0
1.3

0.6
1.0
0.9

0.7
1.0
1.5

0.7
1.0
1.5

0.7
1.0
1.5

7
8
9

10
11

State and local governments
Federal government

-0.1
-0.1

-0.4
1.2

0.6
-1.6

0.5
1.8

0.4
2.8

0.6
1.3

0.9
3.4

0.5
0.8

-0.2
1.6

0.7
4.9

0.6
4.2

10
11

12
13

Commercial banking
Savings institutions

63.0
5.6

58.3
8.2

59.3
8.2

100.2
5.6

130.0
4.4

110.8
0.1

108.7
7.9

99.2
-2.8

123.6
7.2

170.7
4.4

126.5
8.7

12
13

14
15
16
17

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

0.2
4.6
2.8
-0.6

0.1
6.7
1.4
0.2

0.1
8.9
0.8
0.3

0.3
10.1
0.0
-1.8

0.3
7.3
-0.1
-0.1

0.5
12.8
0.2
12.9

0.3
12.5
-0.4
1.4

0.2
9.4
-0.2
0.7

0.2
10.2
-0.0
0.1

0.5
6.9
-0.1
-1.1

0.3
2.8
-0.2
-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
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
49.5
8.7
0.0
1.5

0.0
59.5
17.8
0.0
2.8

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

18
19
20
21
22

7
8
9

Net change in assets

2002

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

Net borrowing (Farm business)

7.7

7.6

8.0

8.4

9.1

9.3

6.1

4.5

11.4

8.7

11.6

1

2

Net change in assets

7.7

7.6

8.0

8.4

9.1

9.3

6.1

4.5

11.4

8.7

11.6

2

1.3
0.1

1.4
-0.0

1.5
-0.0

1.6
0.1

1.4
0.2

1.7
0.2

0.9
0.2

0.2
0.1

2.2
0.2

1.4
0.2

1.8
0.2

3
4

-0.0
-0.2

-0.1
-0.3

0.1
-0.3

0.1
-0.2

0.1
-0.0

0.1
0.1

0.1
-0.2

0.1
0.1

-0.0
-0.1

0.1
0.0

0.1
-0.1

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

1.5
0.0

2.5
0.0

2.6
0.1

3.9
-0.0

3.0
0.0

4.1
-0.0

3.8
-0.1

2.0
-0.0

3.1
0.0

4.0
0.0

2.9
0.0

7
8

9
10

Life insurance companies
State and local govt. retirement funds

0.5
0.0

-0.6
0.0

0.5
0.0

-0.3
0.0

0.5
0.0

0.4
0.0

-2.0
0.0

0.3
0.0

0.6
0.0

0.5
0.0

0.6
0.0

9
10

11
12

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

4.5
0.0

5.8
-1.3

2.9
0.6

3.2
-0.1

4.0
-0.1

2.8
-0.0

3.5
-0.1

2.0
-0.2

5.3
-0.0

2.7
-0.2

6.2
0.0

11
12

51

Z.1, March 9, 2006

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

1

Net change in liabilities (Households)

132.3

87.1

88.4

88.8

62.5

129.4

90.9

72.8

78.5

114.3

-15.8

1

2

Net change in assets

132.3

87.1

88.4

88.8

62.5

129.4

90.9

72.8

78.5

114.3

-15.8

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

-8.1
0.0
13.1

1.9
0.0
12.7

-14.2
0.0
1.3

1.3
0.0
4.3

-1.3
0.0
3.7

-27.2
0.0
26.3

-10.6
0.0
-3.3

15.8
0.0
9.1

31.8
0.0
-8.0

-14.2
0.0
21.1

-38.7
0.0
-7.4

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

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
15.9

60.8
4.2
5.6

46.2
8.5
5.5

-21.6
-2.1
17.6

8.6
13.0
9.7

95.4
21.5
29.2

-71.1
38.7
7.3

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

2.4
78.4
17.6

-2.5
37.4
-0.3

-16.3
-12.1
57.6

-20.6
-25.5
71.4

0.0
32.8
-9.2

-8.9
1.4
67.1

0.0
-34.5
79.0

0.0
50.3
3.7

0.0
48.8
-25.2

0.0
-15.0
-23.7

0.0
46.9
8.6

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

-80.4

70.8

33.1

205.3

224.3

185.5

220.2

145.3

234.6

274.3

242.9

1

-1.9

7.0

7.9

9.0

7.6

9.1

9.3

9.6

4.8

5.7

10.1

2

-103.7
-4.9
0.4

19.7
26.0
0.6

-54.7
-24.5
0.7

105.9
29.1
0.9

117.1
36.0
0.9

93.6
31.8
0.9

103.5
34.1
1.0

70.6
24.9
0.7

121.1
39.8
1.2

130.0
40.8
1.0

146.8
38.3
0.9

3
4
5

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

25.2
3.4

28.7
0.8

30.4
72.6

31.4
17.9

34.3
18.3

31.4
18.3

32.2
4.6

32.9
14.9

33.8
21.3

34.6
19.2

35.8
17.6

6
7

8
9

Rest of the world
Brokers and dealers

-2.2
3.3

-10.1
-1.8

9.9
-9.2

3.3
7.8

3.2
7.0

-8.2
8.6

28.4
7.2

-4.0
-4.3

12.2
0.3

2.3
40.7

2.3
-8.9

8
9

10

Net change in trade receivables

-91.3

-79.2

-17.2

197.6

273.6

153.6

184.4

229.7

294.7

297.3

272.7

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

-121.7
1.8

-98.6
18.9

-19.3
-24.2

124.6
55.9

163.1
69.1

91.1
61.1

90.3
65.5

151.2
47.8

157.5
76.6

168.4
78.4

175.2
73.6

11
12

13
14
15

State and local governments
Federal government
Rest of the world

5.9
7.3
-3.1

2.6
-3.3
3.1

7.4
19.1
1.8

6.5
10.6
-0.4

5.1
3.1
11.2

6.8
5.1
-8.2

10.8
10.5
-1.5

6.3
-9.2
13.2

-2.0
17.9
13.7

8.5
14.4
8.0

7.5
-10.5
9.9

13
14
15

16
17

Property-casualty insurance companies
ABS issuers

5.3
13.2

4.9
-6.9

4.5
-6.4

0.3
0.2

0.7
21.3

4.6
-7.0

-27.2
36.0

10.4
10.0

11.0
20.1

-0.4
19.9

-18.3
35.3

16
17

10.9

150.0

50.3

7.6

-49.3

31.9

35.9

-84.5

-60.2

-23.0

-29.8

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.

3.1

-87.0

132.5

166.6

-7.7

-10.2

214.3

9.7

97.2

6.3

-143.9

1

-38.8
0.0

-48.2
0.0

34.3
0.0

81.5
0.0

-31.7
0.0

-26.6
0.0

216.7
0.0

8.2
0.0

-10.2
0.0

-22.0
0.0

-102.8
0.0

2
3

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

16.4
-38.3
26.9
27.8

-2.3
215.9
-5.0
-213.2

1.5
-35.8
-3.2
40.5

107.4
55.2
-44.1
96.3

28.3
-19.2
20.7
26.8

-41.1
-43.7
0.6
2.0

4
5
6
7

8

Net change in assets

3.1

-87.0

132.5

166.6

-7.7

-10.2

214.3

9.7

97.2

6.3

-143.9

8

9
10

Household sector
Rest of the world

41.9
0.0

-41.6
0.0

62.7
0.0

103.0
0.0

-10.9
0.0

-38.3
0.0

215.9
0.0

-35.8
0.0

55.2
0.0

-19.2
0.0

-43.7
0.0

9
10

11
12

Commercial banking
Brokers and dealers

0.0
-38.8

2.8
-48.2

35.5
34.3

-17.9
81.5

34.9
-31.7

54.7
-26.6

-218.2
216.7

37.3
8.2

52.2
-10.2

47.5
-22.0

2.6
-102.8

11
12

52

Z.1, March 9, 2006

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

Life insurance reserves:
1
2
3
4

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

77.2

60.1

66.8

33.1

52.2

37.9

34.4

56.0

56.9

33.3

62.5

1

1.4
75.8

1.6
58.5

1.1
65.7

1.1
32.0

1.1
51.0

0.2
37.7

2.3
32.1

0.0
56.0

1.7
55.2

0.3
33.0

2.6
60.0

2
3

77.2

60.1

66.8

33.1

52.2

37.9

34.4

56.0

56.9

33.3

62.5

4

213.2

181.4

213.9

230.8

204.4

211.8

208.2

226.8

181.1

184.6

225.2

5

130.9
-74.5
86.9
69.9

166.1
-38.6
8.5
45.4

143.2
7.6
14.9
48.2

181.7
-4.6
-1.1
54.7

132.9
0.8
16.0
54.7

182.2
11.6
-46.2
64.2

156.2
-28.5
7.1
73.4

152.2
27.5
-9.2
56.3

146.9
-3.1
-5.2
42.5

101.7
-34.5
58.1
59.3

130.8
13.3
20.5
60.7

6
7
8
9

213.2

181.4

213.9

230.8

204.4

211.8

208.2

226.8

181.1

184.6

225.2

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

14.4

22.2

-1.0

28.1

26.1

25.9

21.6

41.1

11.4

12.9

39.0

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

3.1
4.0

11.9
1.5

-11.7
-0.4

7.0
7.8

2.3
9.6

3.0
8.5

-0.5
9.1

19.8
6.7

-7.6
10.7

-15.2
10.9

12.0
10.3

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

2.4
-0.7

2.6
-0.2

2.9
-0.2

3.2
0.6

3.4
0.7

3.2
0.6

3.3
0.7

3.3
-0.2

3.4
0.2

3.5
1.1

3.5
1.9

4
5

6
7

Property-casualty insurance companies
Life insurance companies

2.7
2.0

3.2
2.4

3.7
2.8

4.2
3.2

4.7
3.6

4.3
3.2

4.4
3.3

4.5
3.4

4.6
3.5

4.7
3.6

4.9
3.7

6
7

8
9

Finance companies
Brokers and dealers

1.2
-0.2

1.4
-0.5

1.6
0.4

1.8
0.4

2.0
-0.3

1.8
1.2

1.9
-0.6

2.0
1.7

2.0
-5.4

2.1
2.2

2.1
0.6

8
9

-7.0

2.5

30.5

15.2

25.0

4.4

5.6

94.3

5.8

-23.8

23.6

10

3.7
-10.7

4.8
-2.3

7.8
22.8

24.0
-8.8

43.8
-18.8

22.8
-18.5

29.4
-23.8

38.8
55.4

44.7
-39.0

43.1
-66.9

48.5
-24.9

11
12

21.4

19.7

-31.5

12.9

1.1

21.5

16.0

-53.1

5.6

36.7

15.4

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

-22.1

-83.1

22.7

-55.5

-41.8

-79.7

-85.1

-16.2

-38.1

-74.2

-38.8

1

-14.9
-3.9
-3.3

-85.4
1.7
0.6

21.0
5.3
-3.6

-62.2
9.4
-2.8

-37.6
-1.2
-3.0

-93.4
10.7
2.9

-83.1
3.9
-6.0

-30.4
12.4
1.9

-34.3
-2.5
-1.3

-54.0
-15.0
-5.3

-31.6
0.1
-7.3

2
3
4

53

Z.1, March 9, 2006

F.228 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

1

Net change in liabilities

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

673.4

480.5

522.9

1421.4

628.1

1537.2

1363.7

577.1

1407.9

980.5

-469.4

1

-0.4
22.6
55.3

0.9
69.8
18.9

0.9
52.9
23.3

1.6
232.5
93.2

0.3
113.2
65.1

1.2
230.6
101.9

1.8
346.7
109.3

1.1
187.5
79.7

2.8
118.0
77.5

-3.1
88.0
30.7

0.5
59.4
72.6

2
3
4

Federal government
Rest of the world

53.0
184.4

26.0
167.0

30.7
85.3

50.3
447.4

41.9
37.1

52.5
649.2

70.7
449.8

46.2
-133.0

53.7
299.8

50.0
270.0

17.8
-304.8

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

-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

3.3
42.5
28.2
2.3

36.4
332.9
33.2
33.9

15.8
389.3
13.8
-42.2

-23.1
120.1
-35.4
53.8

14.8
239.3
49.4
-31.7

3.5
-30.7
49.9
24.4

18.3
-158.5
49.1
-37.2

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

26.5
40.1

49.2
37.2

45.2
19.4

47.9
25.4

55.7
10.0

96.6
36.8

-0.6
-61.7

34.6
89.3

36.7
-47.9

107.0
38.2

44.4
-39.4

11
12

13
14
15

Government-sponsored enterprises
Finance companies
Mortgage companies

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
-6.4
0.0

-66.4
-25.0
0.0

78.7
-32.8
0.0

-13.2
-109.1
0.0

7.9
65.3
0.0

18.5
83.7
0.0

-1.3
-65.5
0.0

13
14
15

16
17
18

REITs
Brokers and dealers
Funding corporations

0.1
138.5
77.2

2.6
-77.1
-33.7

1.6
39.1
64.2

7.7
69.6
52.8

3.7
56.2
171.7

5.7
-120.2
137.6

22.8
54.4
-52.3

-11.5
-5.5
295.6

13.4
299.8
209.1

6.1
-54.0
298.4

6.9
-15.4
-116.2

16
17
18

975.1

522.3

590.6

976.9

630.9

1449.1

857.6

720.5

1091.8

1008.4

-297.3

19

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5
6

19

Net change in assets

20
21
22
23

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

18.5
253.6
129.9
1.8

30.6
191.6
40.7
4.1

42.0
-10.0
67.3
4.6

40.9
234.2
130.7
4.6

32.6
74.1
161.5
4.1

63.8
267.0
142.8
9.7

31.5
391.2
153.2
-0.2

30.0
133.6
111.8
2.1

30.8
202.0
179.0
3.4

84.8
-89.2
183.3
6.0

-15.3
49.9
172.1
5.0

20
21
22
23

24
25
26

State and local governments
Federal government
Rest of the world

-18.2
1.3
190.1

-28.5
0.0
192.2

1.6
1.4
-2.6

-7.7
0.6
204.4

-48.1
-1.3
75.8

-35.8
2.1
553.8

9.8
0.2
199.9

-129.0
-11.7
192.6

-30.7
-1.1
-325.6

-1.8
-1.2
286.2

-30.7
9.0
150.0

24
25
26

27
28
29
30

Monetary authority
Commercial banking
Savings institutions
Credit unions

-0.4
135.3
16.9
5.4

1.4
63.6
19.0
10.4

1.3
142.8
-4.3
0.5

1.5
154.6
19.3
-4.8

-3.2
57.3
9.9
-3.2

-0.0
275.4
14.6
10.0

9.9
14.0
-11.3
-22.7

-7.7
77.1
-84.8
17.4

-2.9
174.3
46.1
13.9

-3.2
-3.7
27.2
-7.9

1.1
-18.4
50.9
-36.3

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

1.3
-15.5
11.2
1.8
60.8

9.1
6.7
-1.1
0.4
24.5

9.7
27.9
-17.6
0.9
24.7

9.5
51.9
-24.1
0.5
40.9

8.4
22.8
-17.7
-4.7
40.0

9.9
49.7
-3.9
-0.6
48.4

7.1
16.6
-34.9
-0.3
58.0

15.4
62.9
1.5
-46.3
42.2

3.5
7.3
-16.8
19.5
28.6

10.6
28.1
-47.9
8.2
42.9

3.9
-7.0
-7.7
-0.2
46.2

31
32
33
34
35

36
37
38

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-3.3
-2.9
5.5

-8.6
0.1
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
2.9
-9.7

-3.8
3.9
9.4

-56.3
7.5
14.1

40.0
5.2
-48.7

9.8
-5.8
-1.0

38.1
12.3
-6.3

-112.8
-0.0
17.1

36
37
38

39
40
41
42

Finance companies
REITs
Brokers and dealers
Funding corporations

20.8
0.2
156.6
4.4

9.5
2.2
-110.8
43.3

104.6
4.4
157.0
17.1

-61.6
11.2
148.3
16.6

-90.7
10.1
235.5
80.7

-55.6
10.4
106.1
-28.2

-25.0
15.0
55.9
24.4

-107.7
12.0
335.8
76.8

9.1
12.5
345.8
390.3

-152.5
7.1
543.5
44.0

-111.6
8.8
-283.1
-188.3

39
40
41
42

-301.7

-41.8

-67.7

444.5

-2.8

88.1

506.1

-143.3

316.1

-28.0

-172.1

43

43

Discrepancy

54

Z.1, March 9, 2006

F.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

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

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

-12.4
27.9
-20.3
-20.0

164.9
-1.8
176.3
-9.6

400.0
201.8
201.0
-2.9

108.0
37.1
102.4
-31.5

85.6
37.0
64.1
-15.6

-108.3
17.5
-108.6
-17.2

-134.9
20.0
-139.2
-15.7

1
2
3
4

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

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

-31.2
1.2
8.4
0.8
8.9
-0.5

137.2
3.7
9.9
4.6
6.8
2.8

415.8
6.5
7.1
4.8
-43.1
9.1

59.2
2.7
15.4
2.4
24.8
3.3

86.2
0.3
3.5
-2.7
1.3
-3.1

-129.7
2.6
10.6
4.7
0.8
2.7

-140.7
-1.0
3.9
-1.0
8.8
-4.9

5
6
7
8
9
10

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

25.3
0.0
16.7
-0.0
16.4
11.0
1.8
35.5

42.9
-0.0
10.2
-3.2
4.3
3.8
2.1
50.7

8.0
0.2
50.9
-2.6
8.3
11.2
5.1
61.5

29.8
0.1
8.8
1.4
2.4
13.0
3.0
68.0

44.3
0.0
19.4
6.4
3.6
6.4
0.8
59.2

34.7
-0.1
9.3
-1.1
3.2
2.0
0.9
8.9

44.3
0.0
7.8
-7.6
5.3
6.5
3.9
94.8

48.2
-0.1
4.4
-10.5
5.2
0.2
2.8
40.0

11
12
13
14
15
16
17
18

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

110.8
49.4
62.5
-1.1

142.7
77.4
74.4
-9.2

126.5
75.1
71.7
-20.2

140.2
41.7
48.2
50.3

57.8
39.9
91.2
-73.3

155.1
66.7
48.9
39.5

90.1
49.4
61.6
-20.9

19
20
21
22

1.7
1.7

1.5
1.5

1.4
1.4

2.0
2.0

1.8
1.8

3.4
3.4

1.2
1.2

1.5
1.5

1.4
1.4

1.2
1.2

3.1
3.1

23
24

0.4
0.4

1.0
1.0

0.5
0.5

3.1
3.1

1.6
1.6

5.1
5.1

5.6
5.6

2.6
2.6

1.5
1.5

1.5
1.5

0.9
0.9

25
26

3.3

2.0

3.2

3.0

2.5

1.0

-1.4

1.1

4.3

4.0

0.4

27

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
0.4
0.6
0.0
1.3
-1.4
0.1
0.0

0.0
0.4
-0.1
0.0
-1.0
-2.7
0.1
1.9

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

0.0
0.5
-0.0
0.0
0.1
3.8
0.2
-0.2

0.0
0.5
0.8
0.0
0.8
1.7
0.3
-0.0

0.0
0.5
0.0
0.0
-0.1
0.1
-0.0
-0.1

28
29
30
31
32
33
34
35

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

19
20
21
22

Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Federal government equity in IBRD, etc.:

23
24

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

25
26

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

27

Liab.: Government-sponsored enterprises

28
29
30
31
32
33
34
35

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

36
37
38
39
40

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

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
4.3
0.0
55.6

323.3
1.2
9.1
0.0
94.8

150.3
1.2
11.0
0.0
36.4

-14.7
1.2
-7.1
0.0
14.1

91.8
1.3
4.4
0.0
39.1

7.0
1.3
12.1
0.0
110.7

75.8
1.3
8.0
0.0
58.4

36
37
38
39
40

41

Asset: Bank holding companies

90.4

53.0

95.5

244.2

101.2

428.3

198.9

-6.4

136.6

131.0

143.5

41

-1.7
-1.7

-5.5
-5.5

5.8
5.8

9.2
9.2

4.3
4.3

9.1
9.1

11.0
11.0

-7.1
-7.1

4.4
4.4

12.1
12.1

8.0
8.0

42
43

-30.8
35.2

24.7
18.6

-1.7
18.8

30.4
-13.8

32.6
48.1

15.6
-43.8

80.0
-55.6

39.8
37.0

45.8
344.5

18.5
25.5

26.3
-214.7

44
45

4.4

43.3

17.1

16.6

80.7

-28.2

24.4

76.8

390.3

44.0

-188.3

46

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

46

Asset: Funding corporations

(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, March 9, 2006

F.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

2005
Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

-0.1
-0.1

0.1
0.1

0.2
0.2

-0.0
-0.0

-2.6
-2.6

0.2
0.2

-0.2
-0.2

-15.7
-15.7

-0.4
-0.4

0.1
0.1

5.7
5.7

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

8.6
8.6

1.9
1.9

-7.1
-7.1

-2.2
-2.2

0.8
0.8

-4.8
-4.8

1.8
1.8

-0.5
-0.5

-1.5
-1.5

5.3
5.3

-0.3
-0.3

5
6

-0.4
-0.4

0.9
0.9

0.9
0.9

1.6
1.6

0.3
0.3

1.2
1.2

1.8
1.8

1.1
1.1

2.8
2.8

-3.1
-3.1

0.5
0.5

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

6.5
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

9.0
7.9
1.2
-0.1

12.3
8.9
2.6
0.8

22.4
23.9
-0.8
-0.7

6.8
4.9
1.8
0.1

4.4
3.5
0.4
0.4

18.6
17.8
1.2
-0.4

6.3
5.5
1.2
-0.4

9
10
11
12

13

Asset: Household sector

6.5

10.2

13.9

11.4

9.0

12.3

22.4

6.8

4.4

18.6

6.3

13

Policy payables:
14

Liab.: Property-casualty insurance companies

26.1

44.1

46.6

47.9

58.9

99.2

-1.9

28.2

37.8

114.6

54.9

14

15
16
17
18

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

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

26.7
23.3
4.9
4.0

45.5
39.2
5.5
9.0

-0.8
-0.8
-0.2
-0.2

11.9
11.2
2.6
2.5

15.9
14.9
3.6
3.4

55.9
45.3
8.2
5.2

22.9
21.7
5.4
5.0

15
16
17
18

10.1
10.1

-4.6
-4.6

-17.1
-17.1

-16.5
-16.5

-6.5
-6.5

-11.4
-11.4

-9.0
-9.0

10.0
10.0

-20.1
-20.1

-22.3
-22.3

6.6
6.6

19
20

0.6
0.6

0.1
0.1

-1.4
-1.4

-2.5
-2.5

-3.3
-3.3

1.7
1.7

-8.2
-8.2

-5.0
-5.0

-2.4
-2.4

-2.4
-2.4

-3.5
-3.5

21
22

70.1
70.1

-2.9
-2.9

102.6
102.6

86.9
86.9

191.5
191.5

21.5
21.5

93.9
93.9

230.4
230.4

311.8
311.8

355.1
355.1

-131.5
-131.5

23
24

60.8
60.8

24.5
24.5

24.7
24.7

40.9
40.9

40.0
40.0

48.4
48.4

58.0
58.0

42.2
42.2

28.6
28.6

42.9
42.9

46.2
46.2

25
26

0.0
0.0

1.9
1.9

8.6
8.6

8.4
8.4

-3.1
-3.1

6.0
6.0

10.0
10.0

11.2
11.2

10.5
10.5

10.3
10.3

-44.4
-44.4

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, March 9, 2006

F.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

2002

2003

2004

2005

2004
Q3

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

2005
Q4

Q1

Q2

Q3

Q4

83.1

73.6

19.8

608.8

52.7

636.6

429.0

-48.3

354.5

220.8

-332.7

1

-62.5
55.2

42.2
18.7

30.4
23.3

209.7
93.2

73.7
65.1

221.0
101.8

325.1
109.2

148.2
79.7

85.8
77.6

46.1
30.6

14.7
72.7

2
3

-7.8
40.4
-3.2

-0.4
10.9
21.5

-2.6
-56.9
3.8

1.0
193.4
6.9

5.0
50.3
1.7

-1.9
480.8
31.3

2.7
48.9
10.1

-7.2
-226.7
-25.7

14.6
213.2
13.3

-3.2
377.1
2.0

16.0
-178.7
17.3

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

-44.8
-101.2
-0.7
52.9
4.2

40.4
13.1
16.5
11.5
-0.7

29.8
45.7
-41.8
22.6
3.4

97.7
83.2
-144.2
148.0
10.8

-40.3
-46.4
-6.1
12.6
-0.4

-56.9
-55.8
-254.1
240.3
12.6

150.2
233.8
-228.0
134.6
9.8

75.5
13.9
142.0
-81.7
1.4

92.3
-60.8
53.4
103.0
-3.2

-64.0
-129.0
97.3
-31.5
-0.8

-265.1
-9.7
-317.1
60.6
1.1

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

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

27.0
2.3
3.2
-0.3

32.1
33.9
27.7
-62.6

12.6
-42.2
-77.5
78.3

-36.6
53.8
68.9
-13.8

48.1
-31.7
-35.4
5.1

48.6
24.4
36.6
9.1

47.8
-37.2
-57.5
-1.4

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

14.5
0.1
74.0
-51.9

35.2
2.6
-102.4
-74.6

71.9
1.6
-21.1
-56.8

-19.0
7.7
14.9
-69.5

-18.8
3.7
-49.5
-70.5

-54.5
5.7
-176.3
54.7

-67.8
22.8
70.7
-214.2

-101.3
-11.5
-57.4
5.9

54.6
13.4
-84.7
-111.6

53.1
6.1
-194.1
-151.5

-81.6
6.9
138.1
-24.7

16
17
18
19

384.8

115.3

87.5

164.2

55.4

548.4

-77.1

95.1

38.5

248.8

-160.6

20

125.5
127.3
-18.2

41.4
36.5
-28.5

-143.5
62.6
1.6

-27.0
126.8
-7.7

77.7
156.2
-48.1

81.5
136.9
-35.8

-34.8
153.0
9.8

70.3
108.8
-129.0

96.5
174.9
-30.7

-16.8
174.6
-1.8

161.0
166.3
-30.7

21
22
23

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

-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
-35.0
-3.2

-1.4
411.1
-0.0

-0.8
73.4
9.9

2.5
52.4
-7.7

-2.2
-383.4
-2.9

-2.5
131.1
-3.2

0.2
59.8
1.1

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

42.2
19.7
10.7
5.9
5.9

4.2
-14.0
-3.1
27.3
-6.0

41.2
67.8
-46.8
22.4
-2.2

-97.8
24.5
-155.7
32.4
0.9

-47.5
10.4
-74.3
16.2
0.3

-163.1
89.4
-309.4
46.8
10.0

-196.0
1.0
-197.5
5.1
-4.6

75.6
-21.8
74.3
21.9
1.2

35.9
13.1
-13.3
37.6
-1.5

-139.5
-73.8
-69.9
3.3
0.9

-161.8
124.0
-288.4
2.0
0.7

27
28
29
30
31

32
33

Savings institutions
Credit unions

7.1
5.2

18.0
10.1

2.4
0.2

20.5
-5.0

8.0
-3.3

20.8
9.9

-10.4
-22.9

-83.1
17.4

43.7
13.7

20.2
-8.2

51.1
-36.2

32
33

34
35
36

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

-17.9
0.4
1.8

4.8
3.3
0.4

22.6
0.8
0.9

45.9
-5.1
0.5

21.8
-7.9
-4.7

43.8
5.8
-0.6

8.2
-17.7
-0.3

59.6
-3.4
-46.3

7.5
5.7
19.5

26.5
-23.2
8.2

-6.4
-10.8
-0.2

34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-3.3
-2.9
5.5

-8.6
0.1
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
2.9
-9.7

-3.8
3.9
9.4

-56.3
7.5
14.1

40.0
5.2
-48.7

9.8
-5.8
-1.0

38.1
12.3
-6.3

-112.8
-0.0
17.1

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

3.5
0.2
85.8

5.6
2.2
-107.3

94.3
4.4
51.4

-57.1
11.2
55.8

-99.6
10.1
44.5

-62.4
10.4
81.9

18.2
15.0
-47.0

-132.5
12.0
102.0

7.7
12.5
37.1

-153.4
7.1
185.6

-120.4
8.8
-146.7

40
41
42

-301.7

-41.8

-67.7

444.5

-2.8

88.1

506.1

-143.3

316.1

-28.0

-172.1

43

43

Discrepancy

57

Z.1, March 9, 2006

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2001

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

2002

2003

2004

2005

2004

2005

Q3

Q4

Q1

Q2

Q3

Q4

-228.4

215.8

-92.3

401.5

66.7

245.5

553.5

350.7

228.4

-180.6

-148.1

1

-142.7
-127.8

111.6
29.0

-155.5
55.0

108.4
-44.2

144.1
-57.9

-36.0
-31.7

196.4
-53.9

35.0
-50.3

155.0
-62.7

293.5
-64.3

92.8
-54.3

2
3

-47.4
38.1
-27.5

-30.5
10.7
-39.3

-38.3
53.1
-49.7

-41.2
7.1
70.4

-28.2
3.4
-43.2

-39.7
-69.4
189.5

-36.3
-6.5
66.4

-41.6
253.7
154.4

-20.4
-187.9
146.1

-26.2
-72.9
-348.7

-24.5
20.8
-140.8

4
5
6

78.9

134.4

43.1

301.0

48.4

232.8

387.3

-0.5

198.1

37.9

-42.0

7

8
9

Monetary authority
Commercial banking

-0.5
62.7

-2.8
98.1

-3.1
61.3

-1.7
288.0

-2.3
38.8

-0.6
286.9

-4.9
342.0

-2.5
-38.3

-4.5
174.1

-4.6
71.0

2.2
-51.8

8
9

10
11

Savings institutions
Credit unions

2.2
0.4

4.9
0.5

-0.8
0.5

-9.5
3.2

-11.8
5.1

-10.0
3.9

-7.3
-2.0

-8.5
7.9

-17.2
6.1

-19.9
2.1

-1.7
4.2

10
11

12
13

Property-casualty insurance companies
Life insurance companies

2.6
-10.8

-13.8
-25.4

-20.3
-28.9

-29.1
-40.2

-40.2
-15.9

-79.9
-22.1

10.4
-54.5

-59.4
-10.4

6.0
-2.0

-96.0
-23.1

-11.5
-27.9

12
13

14
15

Mutual funds
Government-sponsored enterprises

-8.4
9.8

-21.6
10.2

1.7
-16.7

5.8
-17.7

5.9
-11.5

2.7
-43.6

9.1
9.1

6.4
-22.1

5.7
8.3

4.9
-33.1

6.4
0.9

14
15

16
17
18
19

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

0.0
31.6
5.2
-15.8

0.0
68.9
1.8
13.7

0.0
76.0
-2.0
-24.7

0.0
104.1
5.9
-7.6

0.0
102.9
-10.8
-11.7

0.0
97.9
-5.2
2.8

0.0
91.9
23.6
-30.1

0.0
126.2
-12.9
13.1

0.0
55.5
-9.5
-24.5

0.0
149.9
-2.4
-10.8

0.0
79.8
-18.2
-24.5

16
17
18
19

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

All types

-228.4

215.8

-92.3

401.5

66.7

245.5

553.5

350.7

228.4

-180.6

-148.1

1

2
3

Treasury currency
Foreign deposits

-0.1
-12.9

-0.6
22.3

-0.3
39.3

-0.3
91.1

0.6
42.3

-0.3
120.4

-0.5
135.5

0.4
324.7

0.8
-123.6

1.7
-77.7

-0.4
45.7

2
3

4
5

Net interbank transactions
Security RPs

17.2
-58.1

7.2
40.2

-4.4
-22.0

15.0
-120.3

9.4
134.1

-33.4
84.5

22.2
-159.8

12.8
351.2

-13.1
219.3

0.0
-78.3

37.8
44.3

4
5

6
7

Mail floats:
Federal government
Other

5.7
-0.5

-1.6
-0.7

-8.9
-0.0

27.9
-0.2

-7.0
0.2

23.5
-0.1

28.3
0.3

-17.1
-1.0

-37.7
-0.6

31.5
0.8

-4.8
1.5

6
7

8
9

Trade credit
Taxes payable

10.9
21.4

150.0
19.7

50.3
-31.5

7.6
12.9

-49.3
1.1

31.9
21.5

35.9
16.0

-84.5
-53.1

-60.2
5.6

-23.0
36.7

-29.8
15.4

8
9

10

Miscellaneous

-301.7

-41.8

-67.7

444.5

-2.8

88.1

506.1

-143.3

316.1

-28.0

-172.1

10

11

Nonfinancial

89.6

21.0

-47.1

-76.8

-61.9

-90.8

-30.6

-39.4

-78.3

-44.3

-85.7

11

-89.6
0.0

-21.0
0.0

47.1
0.0

76.8
0.0

61.9
0.0

90.8
0.0

30.6
0.0

39.4
0.0

78.3
0.0

44.3
0.0

85.7
0.0

12
13

12
13

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