For use at 12:00 p.m.

, eastern time
Thursday
December 7, 2006

FEDERAL RESERVE statistical release
Z.1

Flow of Funds Accounts
of the United States
Flows and Outstandings
Third Quarter 2006

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

Flow of Funds Summary Statistics
Third Quarter 2006
C

Debt of the domestic nonfinancial sectors
expanded at a seasonally adjusted annual rate of 6-3/4
percent in the third quarter of 2006—the same as the
previous quarter’s pace. In the third quarter, borrowing
declined for the household and business sectors and
increased for the government sectors.
Household debt expanded at an annual rate of
6-3/4 percent in the third quarter of 2006, significantly
less rapidly than in the previous quarter. Last quarter,
growth of home mortgage debt fell to a rate of 7-1/4
percent—its slowest pace since the late 1990s—while
consumer credit grew moderately. In the third quarter,
nonfinancial business debt rose at a 7-3/4 percent pace,
about 3/4 percentage point less than the rate in the
second quarter. The deceleration of business debt last
quarter mainly reflected reduced borrowing in the bond
and commercial paper markets.

State and local government debt rose at an
annual rate of 9-1/4 percent in the third quarter, nearly
3 percentage points faster than in the previous quarter.
The third-quarter acceleration of municipal debt
reflected a pickup in net issuance for capital projects
and advance refundings. In the third quarter of 2006,
federal government debt rose at a seasonally adjusted
annual rate of 3-1/4 percent, following a 2-1/2 percent
contraction in the previous quarter.
At the end of the third quarter of 2006, the
level of domestic nonfinancial debt outstanding was
$28.2 trillion. Household debt amounted to $12.6
trillion, and nonfinancial business debt was $8.8
trillion. Combined, state and local governments and the
federal government had outstanding debt of $6.8
trillion.

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

P

State and
local govts.
-1.5
4.3
6.3
3.4
1.3

Federal

Total

Households

Business

1996
1997
1998
1999
2000

5.2
5.3
6.8
6.4
4.9

6.7
5.9
7.8
8.4
9.1

6.2
9.0
12.3
10.6
9.2

2001
2002
2003
2004
2005

6.3
7.2
8.2
9.0
9.5

9.3
10.6
11.6
11.6
11.7

6.0
2.5
2.7
5.9
7.8

8.8
11.0
8.3
7.4
10.2

-0.2
7.6
10.9
9.0
7.0

2005:Q1
Q2
Q3
Q4

9.2
8.2
9.7
9.6

9.6
11.9
11.9
11.6

6.5
7.8
8.2
7.7

9.9
7.3
12.3
9.7

13.0
0.6
5.8
8.0

9.6
8.4
7.7

3.5
6.6
9.3

11.3
-2.4
3.3

2006:Q1
9.5
9.7
Q2
6.7
9.2
Q3
6.7
6.8
1. Changes shown are on an end-of-period basis.

4.0
0.6
-1.4
-1.9
-8.0

Table of Contents

Title

Table

Page

Flow of Funds Accounts, Third Quarter 2006

1

Availability of Data for Latest Quarter

3

Debt Growth by Sector

D.1

6

Borrowing by Sector

D.2

7

Debt Outstanding by Sector

D.3

8

Flows
Table
Page

Levels
Table
Page

Total Net Borrowing and Lending in Credit Markets

F.1

9

L.1

58

Credit Market Borrowing by Nonfinancial Sectors

F.2

10

L.2

59

Credit Market Borrowing by Financial Sectors

F.3

10

L.3

59

Credit Market Borrowing, All Sectors, by Instrument

F.4

11

L.4

60

Total Liabilities and Its Relation to Total Financial Assets

F.5

11

L.5

60

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Saving and Investment

F.8

14

Net Capital Transfers

F.9

14

Derivation of Measures of Personal Saving

F.10

15

L.10

61

Title

Summaries

Flows
Table
Page

Levels
Table
Page

Households and Nonprofit Organizations

F.100

16

L.100

62

Nonfinancial Business

F.101

17

L.101

63

Nonfarm Nonfinancial Corporate Business

F.102

18

L.102

64

Nonfarm Noncorporate Business

F.103

19

L.103

65

Farm Business

F.104

19

L.104

65

State and Local Governments

F.105

20

L.105

66

Federal Government

F.106

21

L.106

66

Rest of the World

F.107

22

L.107

67

Monetary Authority

F.108

23

L.108

68

Commercial Banking

F.109

24

L.109

69

U.S.-Chartered Commercial Banks

F.110

25

L.110

70

Foreign Banking Offices in U.S.

F.111

26

L.111

71

Bank Holding Companies

F.112

27

L.112

72

Banks in U.S.-Affiliated Areas

F.113

27

L.113

72

Savings Institutions

F.114

28

L.114

73

Credit Unions

F.115

29

L.115

74

Property-Casualty Insurance Companies

F.116

29

L.116

74

Life Insurance Companies

F.117

30

L.117

75

Private Pension Funds

F.118

30

L.118

75

State and Local Government Employee Retirement Funds

F.119

31

L.119

76

Federal Government Retirement Funds

F.120

31

L.120

76

Money Market Mutual Funds

F.121

32

L.121

77

Mutual Funds

F.122

32

L.122

77

Title

Sectors

Title

Flows
Table
Page

Levels
Table
Page

Closed-End and Exchange-Traded Funds

F.123

32

L.123

77

Government-Sponsored Enterprises

F.124

33

L.124

78

Agency- and GSE-backed Mortgage Pools

F.125

33

L.125

78

Issuers of Asset-Backed Securities

F.126

34

L.126

79

Finance Companies

F.127

34

L.127

79

Real Estate Investment Trusts

F.128

35

L.128

80

Security Brokers and Dealers

F.129

36

L.129

81

Funding Corporations

F.130

36

L.130

81

Gold and Official Foreign Exchange Holdings

F.200

37

L.200

82

SDR Certificates and Treasury Currency

F.201

37

L.201

82

U.S. Deposits in Foreign Countries

F.202

37

L.202

82

Net Interbank Transactions

F.203

38

L.203

83

Checkable Deposits and Currency

F.204

39

L.204

84

Time and Savings Deposits

F.205

40

L.205

85

Money Market Mutual Fund Shares

F.206

40

L.206

85

Federal Funds and Security Repurchase Agreements

F.207

41

L.207

86

Open Market Paper

F.208

41

L.208

86

Treasury Securities

F.209

42

L.209

87

Instruments

Flows

Levels

Title

Table

Page

Table

Page

Agency- and GSE-backed Securities

F.210

43

L.210

88

Municipal Securities and Loans

F.211

44

L.211

89

Corporate and Foreign Bonds

F.212

44

L.212

89

Corporate Equities

F.213

45

L.213

90

Mutual Fund Shares

F.214

45

L.214

90

Bank Loans Not Elsewhere Classified

F.215

46

L.215

91

Other Loans and Advances

F.216

47

L.216

92

Total Mortgages

F.217

48

L.217

93

Home Mortgages

F.218

49

L.218

94

Multifamily Residential Mortgages

F.219

49

L.219

94

Commercial Mortgages

F.220

50

L.220

95

Farm Mortgages

F.221

50

L.221

95

Consumer Credit

F.222

51

L.222

96

Trade Credit

F.223

51

L.223

96

Security Credit

F.224

51

L.224

96

Life Insurance and Pension Fund Reserves

F.225

52

L.225

97

Taxes Payable by Businesses

F.226

52

L.226

97

Proprietors' Equity in Noncorporate Business

F.227

52

L.227

97

Total Miscellaneous Financial Claims

F.228

53

L.228

98

Identified Miscellaneous Financial Claims - Part I

F.229

54

L.229

99

Identified Miscellaneous Financial Claims - Part II

F.230

55

L.230

100

Unidentified Miscellaneous Financial Claims

F.231

56

L.231

101

Sector Discrepancies

F.11

57

Instrument Discrepancies

F.12

57

Balance
Sheet
Table
Page

Table

Page

Households and Nonprofit Organizations

B.100

102

R.100

105

Nonfinancial Corporate Business

B.102

103

R.102

106

Nonfarm Noncorporate Business

B.103

104

R.103

107

Title

Reconciliation

Balance Sheet and Reconciliation Tables

Flows
Table
Page

Levels
Table
Page

Nonprofit Organizations

F.100.a

108

L.100.a

109

Consolidated Statement for Federal, State, and Local Governments

F.106.c

110

L.106.c

111

Private Pension Funds: Defined Benefit Plans

F.118.b

112

L.118.b

113

Private Pension Funds: Defined Contribution Plans

F.118.c

112

L.118.c

113

Individual Retirement Accounts (IRAs)

F.225.i

112

L.225.i

113

Title

Supplementary Tables

Flow of Funds Matrix for 2005
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail

114

115

B.100.e

116

1

Flow of Funds Accounts, Third Quarter 2006
This publication presents the flow of funds
accounts for 2006:Q3.
Data revisions and other changes. The statistics in
the attached tables reflect the use of new or revised
source data. Most significant revisions appear in recent
quarters; however, new source information resulted in
changes to data for earlier periods. In this release,
assets of the private pension fund sector (tables F.118,
F.118.b, F.118.c and L.118, L.118.b, L.118.c) were
revised to reflect new data from the Department of
Labor’s Form 5500 for plan year 2003.
Explanatory notes for tables D.1, D.2, and D.3.
Domestic debt comprises credit market funds borrowed
by U.S. entities from both domestic and foreign
sources, while foreign debt represents amounts
borrowed by foreign financial and nonfinancial entities
in U.S. markets only. Financial sectors consist of
government-sponsored enterprises, agency- and GSEbacked mortgage pools, and private financial
institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper,
consumer credit, U.S. government loans, and other
loans and advances; it excludes trade debt, loans for the
purpose of carrying securities, and funds raised from
equity sources.
Growth rates in table D.1 are calculated by
dividing seasonally adjusted flows from table D.2 by
seasonally adjusted levels at the end of the previous
period from table D.3. Seasonally adjusted levels in
flow of funds statistics are derived by carrying forward
year-end levels by seasonally adjusted flows. Growth
rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those in table D.1.
Relation of Flows to Outstandings. Estimates of
financial assets and liabilities outstanding are linked to
data on flows. However, figures on outstandings
contain discontinuities or breaks in series that could
affect analysis of particular relationships over time
specifically, outstanding in the flow of funds accounts
are related to the flows in the following way:
Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t
where “t” is the time period.
B

B

B

B

B

B

B

B

Discontinuities result from changes in
valuation, breaks in source data, and changes in
definitions. For most series, the value of the
discontinuity is zero for nearly all time periods.
However, in a few instances, the discontinuity is
nonzero for almost all time periods, or is quite large in a
particular quarter, such as a period when there is a
sharp increase or decrease in equity prices or a major
break in source data.
The discontinuities in a series can distort
estimated rates of growth in assets and liabilities
between periods.
In order to minimize these
distortions, percentage changes in assets and liabilities
in flow of funds releases should be calculated as:
Percentage change t = (Flow t / Outstanding t-1) * 100
B

B

B

B

B

B

Preliminary Estimates. Figures shown for the most
recent quarter in these tables are based on preliminary
and incomplete information. A summary list of the
principal sources of information available when the
latest quarter's data were compiled is provided in a table
following this introduction. The distinction between
“available” data and “missing” data is not between final
and preliminary versions of data, but rather between
those source estimates that are fully ready when the
latest quarterly publication is compiled and those that
are not yet completed. However, the items that are
shown as available are, in general, also preliminary in
the sense that they are subject to revision by source
agencies.
Margins of Uncertainty. Flow of funds statistics are
subject to uncertainties resulting from measurement
errors in source data, incompatibilities among data from
different sources, potential revisions in both financial
and nonfinancial series, and incomplete data in parts of
the accounts. The size of these uncertainties cannot be
quantified in precise statistical terms, but allowance for
them is explicitly made throughout the accounts by the
inclusion of “discrepancies” for various sectors and
instrument types. A discrepancy for a sector is the
difference between its measured sources of funds and
its measured uses of funds. For an instrument category,
a discrepancy is the difference between measured funds
borrowed through the financial instrument and
measured funds lent through that instrument. The size
of such discrepancies relative to the main asset or

2
liability components is one indication of the quality of
source data, especially on an annual basis. For
quarterly data, differences in seasonal adjustment
procedures for financial and nonfinancial components
of the accounts sometimes result in discrepancies that
cancel in annual data.
Availability of Data. Flow of funds statistics are
updated about ten weeks following the end of a quarter.
This publication — the Z.1 release — is available from
the Board's Publications Services. Flow of funds data
are also available electronically through the Internet at
the following location:
http://www.federalreserve.gov/releases/Z1

The Internet site also provides quarterly data
beginning in 1952, organized in compressed files that
correspond to the tables published in this release.
There are files for quarterly data for seasonally adjusted
flows, unadjusted flows, outstandings, balance sheets,
and debt (tables D.1, D.2, and D.3).

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

3

Availability of Data for Latest Quarter

Available at time of publication
U

U

Major items missing
U

U

1. National income and
product accounts (NIPA)

Preliminary estimates, seasonally
adjusted, for 2006:Q3.

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

Estimates for this sector are largely residuals and are derived from data for
other sectors. Availability of data depends on schedules for other sectors.
Data for consumer credit, which are estimated directly, are available
through 2006:Q3. The source for nonprofit organizations data (tables
F.100.a and L.100.a) is the Internal Revenue Service Statistics of Income.
Data for nonprofit organizations are available for 1987 through 2000.

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

Quarterly Financial Report (QFR) of
the Census Bureau through 2006:Q2;
Internal Revenue Service Statistics of
Income (IRS/SOI) preliminary data
through 2004; securities offerings,
mortgages, bank loans, commercial
paper, and other loans through
2006:Q3.

Statistics of Income data since
2004.

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

IRS/SOI data through 2003; bank and
finance company loans and mortgage
borrowing through 2006:Q3.

Statistics of Income data since
2003.

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

Mortgages, bank loans, loans from
government-sponsored enterprises,
U.S. government loans to farms, and
equity in government-sponsored
enterprises through 2006:Q3;
preliminary data for checkable deposits
and currency and trade payables
through 2005.

Consumption of fixed capital
and undistributed profits since
2003.

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

Gross offerings and retirements of
municipal securities, deposits at banks,
and nonmarketable U.S. government
security issues through 2006:Q3;
selected financial assets through
2004:Q2 from Census data and the
comprehensive annual financial reports
of state and local governments.

Selected financial asset items
since 2004:Q2.

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

Data from the Monthly Treasury
Statement of Receipts and Outlays
through 2006:Q3; Treasury data for
loan programs through 2006:Q3.

None.

Unadjusted flows since 2005.

4
8. Rest of the world
(U.S. international
transactions)
(tables F.107 and L.107)

Balance of payments data through
2006:Q2; NIPA estimates; data from
bank Reports of Condition and from
Treasury International Capital System
through 2006:Q3.

Balance of payments data for
2006:Q3.

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

All data through 2006:Q3.

None.

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

All data through 2006:Q3 for
U.S.-chartered commercial banks,
foreign banking offices in the U.S.,
bank holding companies, and
commercial banks in U.S.-affiliated
areas.

Data since 2005 for branches of
domestic commercial banks
located in U.S.-affiliated areas.

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

All data through 2006:Q3.

None.

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

All data through 2006:Q3.

None.

13. Property-casualty insurance
companies
(tables F.116 and L.116)

All data through 2006:Q2.

Data for 2006:Q3.

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

All data through 2006:Q2.

Data for 2006:Q3.

15. Private pension funds
(tables F.118 and L.118)

Quarterly data through 2006:Q3;
Internal Revenue Service/Department
of Labor/Pension Benefit Guaranty
Corporation Form 5500 data through
2003.

Form 5500 data since 2003.

16. State and local government
employee retirement funds
(tables F.119 and L.119)

Selected financial assets through
2006:Q2 from Census data and the
comprehensive annual financial reports
of state and local pension funds.

Data for 2006:Q3.

17. Federal government retirement
funds
(tables F.120 and L.120)

Data from the Monthly Treasury
Statement, the Thrift Savings Plan, and
the National Railroad Retirement
Investment Trust through 2006:Q3.

None.

18. Money market mutual
funds
(tables F.121 and L.121)

All data through 2006:Q3.

None.

19. Mutual funds
(tables F.122 and L.122)

All data through 2006:Q3.

None.

20. Closed-end funds
(tables F.123 and L.123)

All data through 2006:Q3.

None.

5

21. Exchange-traded funds
(tables F.123 and L.123)

All data through 2006:Q3.

None.

22. Government-sponsored
enterprises
(tables F.124 and L.124)

Data for FHLBs, Farmer Mac, FCS,
FICO and REFCORP through
2006:Q3. Complete data for Fannie
Mae through 2004:Q2 and for Freddie
Mac through 2005:Q2.

Much of the source data for
Fannie Mae beginning in
2004:Q3 and for Freddie Mac
beginning in 2005:Q3.

23. Agency- and GSE-backed
mortgage pools
(tables F.125 and L.125)

All data through 2006:Q3.

None.

24. Issuers of asset-backed
securities (ABSs)
(tables F.126 and L.126)

All data for private mortgage pools,
consumer credit, business loans,
student loans, consumer leases, and
trade credit securitization through
2006:Q3.

None.

25. Finance companies
(tables F.127 and L.127)

All data through 2006:Q3.

None.

26. Real estate investment
trusts (REITs)
(tables F.128 and L.128)

Data from SNL REIT DataSource
through 2006:Q3.

None.

27. Security brokers and
dealers
(tables F.129 and L.129)

Data for firms filing FOCUS and
FOGS reports through 2006:Q3.

None..

28. Funding corporations
(tables F.130 and L.130)

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

6

Z.1, December 7, 2006

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

Total

Total

Households
Home
mortgage

Business
Consumer
credit

Total

Corporate

State and
local
governments

Federal
government

Domestic
financial
sectors

Foreign

1974
1975
1976
1977
1978

9.2
9.3
10.8
12.8
13.8

8.9
8.4
11.3
15.6
16.9

9.8
9.5
12.6
16.6
17.5

4.6
3.8
10.6
15.5
17.5

12.9
4.8
8.6
12.5
13.1

11.4
3.3
7.6
12.0
11.5

6.9
5.4
8.4
8.4
15.4

3.4
23.9
15.6
11.0
9.2

23.6
0.8
9.0
18.9
22.1

20.5
17.4
21.2
11.7
18.7

1979
1980
1981
1982
1983

12.2
9.5
10.4
10.1
12.0

15.4
8.5
7.6
5.6
11.1

16.4
10.9
7.2
4.8
10.2

13.9
1.0
5.5
5.0
12.1

13.4
10.0
12.9
9.2
9.1

10.9
8.3
13.6
9.1
8.1

9.0
6.9
8.0
11.2
11.4

5.8
11.8
11.6
19.7
18.9

22.1
14.5
18.2
13.6
13.4

9.6
14.3
12.2
7.5
8.3

1984
1985
1986
1987
1988

14.8
15.7
11.9
9.0
9.0

12.6
15.8
11.5
10.4
9.8

11.4
14.0
13.8
13.5
11.8

18.4
15.9
9.1
4.8
6.7

16.2
11.5
11.4
7.7
9.8

16.7
12.7
13.8
8.8
10.9

11.4
31.8
10.9
12.0
6.0

16.9
16.5
13.6
8.0
8.0

17.9
19.4
26.2
18.2
13.2

3.7
0.5
4.0
2.5
2.9

1989
1990
1991
1992
1993

7.2
6.5
4.3
4.5
4.8

9.3
6.9
5.1
5.3
5.9

11.0
8.7
7.0
6.4
5.5

6.3
1.9
-1.1
1.1
7.4

6.1
3.6
-2.2
-0.2
0.4

7.2
5.7
-2.1
1.0
1.3

5.3
5.0
9.2
1.5
5.3

7.0
11.0
11.1
10.9
8.3

10.5
8.8
6.0
8.6
9.6

3.8
8.3
4.8
6.9
18.7

1994
1995
1996
1997
1998

4.6
5.3
5.2
5.3
6.8

7.6
7.1
6.7
5.9
7.8

5.5
4.9
6.2
6.1
8.0

15.2
14.5
9.0
5.6
7.2

3.8
7.2
6.2
9.0
12.3

5.0
8.5
6.3
9.4
11.7

-4.0
-5.5
-1.5
4.3
6.3

4.7
4.1
4.0
0.6
-1.4

13.9
11.6
12.1
12.1
19.3

-2.4
17.7
15.5
10.6
5.1

1999
2000
2001
2002
2003

6.4
4.9
6.3
7.2
8.2

8.4
9.1
9.3
10.6
11.6

9.4
8.5
10.1
12.9
14.3

7.9
11.6
8.6
6.0
5.2

10.6
9.2
6.0
2.5
2.7

9.8
8.2
4.7
0.3
1.9

3.4
1.3
8.8
11.0
8.3

-1.9
-8.0
-0.2
7.6
10.9

16.2
10.6
11.5
9.5
10.0

2.4
8.4
-1.7
10.8
3.0

2004
2005

9.0
9.5

11.6
11.7

14.1
13.8

5.5
4.1

5.9
7.8

3.7
5.5

7.4
10.2

9.0
7.0

8.0
8.7

9.9
5.9

2000 -- Q1
Q2
Q3
Q4

5.5
4.9
4.0
5.0

8.4
9.4
8.4
8.8

8.6
8.9
7.8
7.8

8.8
11.6
11.6
12.5

10.3
11.4
6.1
8.0

9.9
10.3
4.9
6.6

0.3
-0.8
2.3
3.4

-5.8
-12.2
-7.8
-7.4

8.9
11.1
9.6
11.3

17.2
-2.0
10.1
7.6

2001 -- Q1
Q2
Q3
Q4

6.2
4.9
6.8
6.7

9.0
9.7
7.9
9.3

9.3
11.0
9.2
9.5

10.4
7.6
4.3
11.3

5.8
7.1
5.8
4.7

4.7
6.1
5.0
2.9

8.5
7.5
6.8
11.3

0.3
-10.3
6.3
3.2

11.0
10.2
12.5
10.0

-0.9
0.6
-11.1
5.2

2002 -- Q1
Q2
Q3
Q4

6.3
6.8
6.7
8.3

10.0
9.3
9.5
12.1

11.5
10.7
12.8
14.4

6.9
7.4
4.9
4.2

3.6
1.7
1.6
3.0

2.0
-0.8
-1.0
1.2

5.9
11.4
11.6
13.6

3.6
9.8
8.4
7.9

9.6
8.6
7.9
10.6

14.1
8.5
1.4
17.7

2003 -- Q1
Q2
Q3
Q4

7.0
10.4
7.7
6.7

10.9
12.7
11.2
9.6

13.3
15.4
14.1
11.7

4.9
6.2
5.5
3.7

3.5
3.7
2.4
1.2

3.0
3.6
1.2
-0.4

6.3
11.5
6.7
7.8

4.7
17.6
9.8
9.9

10.5
9.1
9.8
9.3

1.1
15.0
-13.7
9.8

2004 -- Q1
Q2
Q3
Q4

9.0
8.0
8.5
9.2

11.2
11.1
10.5
11.6

13.0
13.4
14.0
13.3

6.0
4.0
5.8
5.9

5.1
4.1
6.8
7.1

4.1
1.1
4.3
4.9

8.2
4.1
8.6
7.7

11.3
8.9
7.0
7.6

6.9
8.2
7.2
8.7

9.4
-1.8
8.0
23.1

2005 -- Q1
Q2
Q3
Q4

9.2
8.2
9.7
9.6

9.6
11.9
11.9
11.6

11.0
13.3
14.8
13.5

4.4
5.0
4.5
2.2

6.5
7.8
8.2
7.7

5.7
4.9
6.1
5.1

9.9
7.3
12.3
9.7

13.0
0.6
5.8
8.0

5.9
9.7
6.2
11.9

3.9
5.9
5.8
7.7

2006 -- Q1
Q2
Q3

9.5
6.7
6.7

9.7
9.2
6.8

10.9
9.1
7.2

2.1
6.7
5.7

9.6
8.4
7.7

8.8
7.8
7.0

3.5
6.6
9.3

11.3
-2.4
3.3

8.6
10.5
5.6

7.5
6.8
27.2

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

Z.1, December 7, 2006

7

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

Total

Total

Households
Home
mortgage

Business
Consumer
credit

Total

Corporate

State and
local
governments

Federal
government

Domestic
financial
sectors

Foreign

1974
1975
1976
1977
1978

175.1
192.9
244.7
321.2
390.5

55.6
56.9
83.1
127.9
160.0

37.3
39.7
57.6
85.9
105.7

8.9
7.8
22.0
35.5
46.4

94.2
39.2
73.9
117.1
138.5

56.4
18.0
43.4
73.3
78.7

13.4
11.1
18.5
19.9
39.4

11.9
85.6
69.2
56.3
52.5

49.6
2.1
23.5
53.6
74.7

13.8
14.1
20.5
13.5
24.0

1979
1980
1981
1982
1983

391.6
342.9
409.7
439.8
572.9

169.8
108.3
106.4
83.9
175.6

116.5
90.2
67.0
47.4
105.1

43.3
3.4
19.8
18.8
48.2

159.4
135.0
190.1
152.8
164.8

83.1
70.2
123.4
93.4
90.1

26.6
22.2
27.6
41.7
47.3

35.8
77.4
85.5
161.3
185.2

91.1
73.2
105.1
93.0
104.4

15.0
24.2
23.5
16.0
17.3

1984
1985
1986
1987
1988

791.7
963.0
845.8
719.8
783.8

218.9
306.2
261.2
264.1
270.7

127.2
173.9
198.9
221.8
214.8

81.7
84.0
55.8
32.3
46.6

323.0
267.6
294.4
221.3
307.6

204.9
182.9
223.9
162.7
222.4

52.5
163.6
74.2
90.4
50.4

197.2
225.7
216.0
143.9
155.1

157.8
204.0
328.8
290.6
250.2

8.4
1.2
9.7
6.3
7.4

1989
1990
1991
1992
1993

683.9
655.3
470.0
512.5
563.7

283.0
231.1
184.2
198.9
235.2

225.0
198.5
173.6
171.2
156.4

47.0
15.1
-8.8
9.2
61.4

207.2
130.2
-83.6
-6.9
14.3

160.0
136.4
-52.9
24.3
32.5

47.4
47.1
91.2
16.5
58.0

146.4
246.9
278.2
304.0
256.1

225.0
211.2
156.0
238.9
291.5

10.2
23.9
15.1
24.1
69.8

1994
1995
1996
1997
1998

568.4
682.3
712.9
763.1
1028.2

319.7
322.1
327.4
303.2
426.0

166.3
154.2
205.3
216.5
301.3

134.8
147.9
104.9
71.1
97.3

138.8
276.2
255.9
392.5
587.0

126.3
227.3
183.7
291.5
396.9

-45.9
-60.4
-15.3
44.4
67.9

155.9
144.4
144.9
23.1
-52.6

462.0
439.4
513.8
572.1
1024.9

-11.2
78.3
88.0
69.9
37.2

1999
2000
2001
2002
2003

1032.7
849.6
1137.9
1386.7
1687.5

495.8
580.0
649.9
813.8
978.4

379.0
377.2
484.7
683.9
854.8

114.5
181.0
151.0
113.4
104.0

569.6
550.0
387.9
171.4
192.8

370.2
341.8
215.2
15.6
88.6

38.5
15.5
105.7
143.9
120.3

-71.2
-295.9
-5.6
257.6
396.0

1024.2
780.6
932.8
872.5
1009.4

19.0
63.0
-13.7
92.9
31.7

2004
2005

1999.5
2314.1

1093.5
1238.6

961.8
1077.7

116.9
91.3

428.8
597.3

177.7
279.3

115.3
171.3

361.9
306.9

880.3
1036.8

123.5
84.7

2000 -- Q1
Q2
Q3
Q4

943.0
858.7
699.1
897.6

539.0
614.5
563.8
602.8

379.2
403.7
360.4
365.5

137.3
184.0
190.2
212.4

615.2
694.8
382.2
507.8

415.0
440.5
217.4
294.4

3.6
-9.7
27.1
40.9

-214.8
-440.9
-274.0
-253.8

654.1
833.1
741.3
893.9

128.7
-15.7
78.2
60.8

2001 -- Q1
Q2
Q3
Q4

1122.2
905.3
1258.3
1265.7

629.2
696.6
577.2
696.6

445.6
542.2
462.7
488.4

181.2
136.1
78.0
208.6

380.3
466.1
388.7
316.7

213.5
279.9
229.6
137.8

102.2
91.5
85.4
143.6

10.4
-348.9
207.1
108.9

890.5
862.0
1085.2
893.4

-7.5
5.4
-96.6
44.0

2002 -- Q1
Q2
Q3
Q4

1211.9
1328.1
1329.2
1677.8

768.1
726.0
766.0
995.1

608.7
583.3
714.6
829.0

131.1
143.8
95.8
82.9

244.3
118.1
113.0
210.4

94.5
-39.2
-47.6
54.6

76.7
150.2
158.2
190.6

122.7
333.8
292.0
281.8

879.6
811.7
760.2
1038.5

121.2
75.8
12.7
161.9

2003 -- Q1
Q2
Q3
Q4

1434.2
2184.6
1653.8
1477.2

925.7
1104.6
1002.4
880.8

791.1
947.2
906.3
774.4

99.1
126.3
113.0
77.7

245.7
264.1
172.9
88.6

142.8
171.4
57.4
-17.0

91.6
168.9
101.0
119.6

171.3
647.1
377.5
388.3

1059.8
936.8
1038.0
1002.9

12.3
161.7
-152.4
105.4

2004 -- Q1
Q2
Q3
Q4

2012.0
1816.0
1988.8
2181.2

1054.8
1080.7
1050.3
1188.2

887.8
941.7
1016.0
1001.7

126.5
85.5
125.7
129.8

373.2
299.5
503.8
538.7

199.6
56.0
212.1
243.2

129.3
66.1
138.4
127.3

454.7
369.8
296.2
327.0

761.1
920.1
827.2
1012.8

117.3
-23.5
100.9
299.1

2005 -- Q1
Q2
Q3
Q4

2249.3
2046.5
2454.5
2506.1

1009.8
1288.4
1322.9
1333.4

855.3
1069.9
1223.6
1161.9

97.4
113.6
102.9
51.4

503.3
606.4
650.9
628.5

287.2
251.7
313.0
265.3

166.5
126.5
216.8
175.3

569.7
25.1
263.9
368.9

709.1
1173.5
773.3
1491.3

56.2
84.5
84.7
113.3

2006 -- Q1
Q2
Q3

2534.0
1835.1
1847.7

1139.7
1110.6
841.6

971.4
828.1
672.7

49.5
155.9
135.8

797.6
716.9
669.8

468.5
423.8
388.3

65.2
123.7
176.3

531.5
-116.1
160.1

1113.0
1392.0
763.5

109.3
101.6
412.7

8

Z.1, December 7, 2006

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

Business
Consumer
credit

Corporate

Federal
government

Domestic
financial
sectors

Total

Total

1974
1975
1976
1977
1978

2069.9
2261.8
2505.3
2826.6
3211.2

680.3
734.3
818.9
946.7
1105.4

419.3
459.0
517.0
603.0
708.6

201.9
207.0
229.0
264.9
311.3

823.2
864.2
935.5
1054.3
1188.4

551.6
571.3
612.1
687.1
761.4

208.2
219.4
237.8
256.2
295.6

358.2
443.9
513.1
569.4
621.9

258.3
260.4
283.9
337.8
412.5

81.2
96.9
115.7
128.6
155.7

1979
1980
1981
1982
1983

3603.0
3953.5
4361.7
4783.4
5359.2

1276.1
1396.0
1507.2
1576.4
1732.0

826.7
926.5
998.2
1031.1
1116.2

354.6
358.0
377.9
396.7
444.9

1347.0
1478.1
1662.0
1811.4
1999.1

843.8
910.2
1027.3
1117.4
1230.4

322.2
344.4
372.1
413.8
461.1

657.7
735.0
820.5
981.8
1167.0

504.9
578.1
682.4
778.1
882.7

168.5
193.4
214.0
208.1
224.1

1984
1985
1986
1987
1988

6146.2
7127.3
7970.6
8675.4
9455.7

1943.3
2270.2
2529.8
2747.9
3035.6

1242.8
1442.0
1640.9
1820.7
2046.1

526.6
610.6
666.4
698.6
745.2

2325.1
2589.3
2882.8
3135.2
3422.3

1438.3
1617.9
1840.8
2034.5
2234.3

513.6
677.9
752.1
842.6
893.0

1364.2
1589.9
1805.9
1949.8
2104.9

1052.4
1257.3
1593.6
1895.5
2145.8

232.8
242.5
251.9
259.0
269.8

1989
1990
1991
1992
1993

10156.7
10839.4
11306.1
11821.7
12400.2

3329.0
3589.3
3777.1
3976.0
4213.5

2269.4
2497.1
2674.3
2845.6
3004.3

809.3
824.4
815.6
824.8
886.2

3636.1
3764.6
3674.1
3670.3
3697.1

2401.3
2535.8
2480.7
2506.6
2551.6

940.4
987.4
1078.6
1095.1
1153.1

2251.2
2498.1
2776.4
3080.3
3336.5

2399.3
2613.6
2769.6
3024.1
3321.0

287.9
318.2
350.4
372.4
468.2

1994
1995
1996
1997
1998

12975.3
13657.1
14369.9
15131.5
16159.7

4532.9
4855.0
5182.3
5485.8
5911.8

3170.5
3324.7
3530.1
3746.6
4047.8

1021.0
1168.8
1273.8
1344.9
1442.1

3842.8
4118.5
4374.4
4765.1
5352.1

2684.5
2911.3
3095.0
3384.7
3781.6

1107.3
1046.8
1031.5
1075.9
1143.7

3492.3
3636.7
3781.7
3804.8
3752.2

3791.1
4233.2
4746.9
5298.9
6323.8

443.1
567.6
657.2
723.6
783.2

1999
2000
2001
2002
2003

17230.5
18091.2
19212.1
20598.8
22318.7

6408.4
6999.5
7649.4
8463.2
9451.8

4424.5
4801.7
5286.4
5970.3
6825.0

1556.6
1748.6
1899.6
2013.0
2117.0

5958.9
6508.9
6879.8
7051.3
7266.3

4189.0
4530.8
4729.1
4744.6
4855.5

1182.3
1197.7
1303.4
1447.3
1567.6

3681.0
3385.1
3379.5
3637.0
4033.1

7342.3
8124.0
9183.0
10055.4
11050.8

748.2
814.5
862.9
1072.3
1244.5

2004
2005

24333.0
26647.1

10560.1
11798.7

7801.6
8879.3

2233.9
2325.3

7695.1
8292.4

5033.2
5312.4

1682.8
1854.1

4395.0
4701.9

11946.0
12928.3

1424.8
1466.0

2000 -- Q1
Q2
Q3
Q4

17466.2
17680.9
17866.8
18091.2

6543.1
6696.8
6848.8
6999.5

4519.3
4620.2
4710.3
4801.7

1590.9
1636.9
1695.5
1748.6

6112.7
6286.4
6381.9
6508.9

4292.8
4402.9
4457.2
4530.8

1183.2
1180.7
1187.5
1197.7

3627.3
3517.0
3448.5
3385.1

7505.9
7714.1
7903.5
8124.0

780.4
776.5
796.0
814.5

2001 -- Q1
Q2
Q3
Q4

18354.2
18581.1
18895.7
19212.1

7156.8
7330.9
7475.2
7649.4

4913.1
5048.6
5164.3
5286.4

1794.0
1828.0
1847.5
1899.6

6586.4
6703.5
6800.7
6879.8

4566.7
4637.2
4694.6
4729.1

1223.3
1246.2
1267.5
1303.4

3387.7
3300.5
3352.3
3379.5

8472.8
8688.3
8959.6
9183.0

871.9
873.2
849.0
862.9

2002 -- Q1
Q2
Q3
Q4

19515.1
19847.1
20179.4
20598.8

7841.4
8022.9
8214.4
8463.2

5438.6
5584.4
5763.0
5970.3

1932.4
1968.4
1992.3
2013.0

6940.9
6970.4
6998.7
7051.3

4752.7
4742.9
4731.0
4744.6

1322.6
1360.1
1399.7
1447.3

3410.1
3493.6
3566.6
3637.0

9402.8
9605.8
9795.8
10055.4

893.2
912.1
915.3
1072.3

2003 -- Q1
Q2
Q3
Q4

20957.4
21503.5
21917.0
22318.7

8694.6
8970.8
9221.4
9451.8

6168.1
6404.9
6631.4
6825.0

2037.8
2069.4
2097.6
2117.0

7112.7
7178.7
7222.0
7266.3

4780.3
4823.2
4837.5
4855.5

1470.2
1512.4
1537.7
1567.6

3679.9
3841.6
3936.0
4033.1

10320.4
10554.6
10814.1
11050.8

1075.4
1115.8
1077.7
1244.5

2004 -- Q1
Q2
Q3
Q4

22821.7
23275.7
23787.7
24333.0

9715.5
9985.6
10263.0
10560.1

7047.0
7282.4
7551.2
7801.6

2148.7
2170.1
2201.5
2233.9

7359.6
7434.5
7560.4
7695.1

4905.4
4919.4
4972.4
5033.2

1599.9
1616.4
1651.0
1682.8

4146.7
4239.2
4313.2
4395.0

11241.1
11471.1
11692.8
11946.0

1273.8
1267.9
1293.2
1424.8

2005 -- Q1
Q2
Q3
Q4

24895.3
25407.0
26020.6
26647.1

10812.5
11134.6
11465.4
11798.7

8015.5
8282.9
8588.8
8879.3

2258.3
2286.7
2312.4
2325.3

7820.9
7972.5
8135.3
8292.4

5105.0
5167.9
5246.1
5312.4

1724.5
1756.1
1810.3
1854.1

4537.4
4543.7
4609.6
4701.9

12123.2
12416.6
12536.5
12928.3

1438.8
1459.9
1481.1
1466.0

2006 -- Q1
Q2
Q3

27277.4
27736.1
28198.1

12083.6
12361.3
12571.7

9122.2
9329.2
9497.4

2337.7
2376.6
2410.6

8488.6
8667.8
8835.2

5426.3
5532.3
5629.4

1870.4
1901.4
1945.4

4834.7
4805.7
4845.7

13203.2
13551.2
13742.1

1493.4
1518.8
1621.9

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

Total

State and
local
governments

Foreign

9

Z.1, December 7, 2006

F.1 Total Net Borrowing and Lending in Credit Markets (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

2352.2

2728.6

3003.3

3435.6

3014.7

3304.5

3312.5

4110.8

3756.3

3328.8

3024.0

1

1386.7

1687.5

1999.5

2314.1

2249.3

2046.5

2454.5

2506.1

2534.0

1835.1

1847.7

2

813.8
15.6
148.0
7.8
143.9
257.6

978.4
88.6
96.5
7.7
120.3
396.0

1093.5
177.7
239.6
11.5
115.3
361.9

1238.6
279.3
305.4
12.6
171.3
306.9

1009.8
287.2
211.8
4.4
166.5
569.7

1288.4
251.7
336.7
18.0
126.5
25.1

1322.9
313.0
316.3
21.6
216.8
263.9

1333.4
265.3
356.9
6.4
175.3
368.9

1139.7
468.5
300.3
28.8
65.2
531.5

1110.6
423.8
268.1
25.0
123.7
-116.1

841.6
388.3
258.0
23.5
176.3
160.1

3
4
5
6
7
8

9

Rest of the world

92.9

31.7

123.5

84.7

56.2

84.5

84.7

113.3

109.3

101.6

412.7

9

10

Financial sectors

872.5

1009.4

880.3

1036.8

709.1

1173.5

773.3

1491.3

1113.0

1392.0

763.5

10

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

77.7
18.1
0.1
59.5

85.1
36.8
0.0
48.2

149.3
61.5
-0.1
87.9

47.1
25.2
0.5
21.4

82.8
31.2
0.1
51.5

61.2
29.4
-0.3
32.1

62.5
25.6
0.3
36.6

195.0
81.9
-0.2
113.4

48.4
15.4
-0.1
33.1

11
12
13
14

11
12
13
14

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

15
16

Savings institutions
Credit unions

-23.4
2.0

6.1
2.2

64.4
2.3

16.2
3.3

-4.9
1.5

49.4
3.1

6.9
0.3

13.3
8.1

9.6
-0.2

-24.7
6.8

41.1
2.2

15
16

17
18
19
20

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

2.0
219.8
326.8
182.8

2.9
243.7
330.5
211.1

3.0
65.0
53.0
332.1

0.4
-84.2
134.8
661.0

-1.6
-209.6
47.3
427.0

2.3
-84.2
136.6
691.5

0.4
-243.9
163.4
720.3

0.6
200.9
191.8
805.3

2.8
144.8
327.3
305.0

1.3
314.3
306.4
377.1

2.4
-191.1
280.8
379.4

17
18
19
20

21
22
23
24

Finance companies
REITs
Brokers and dealers
Funding corporations

66.2
24.5
-1.7
23.7

111.0
31.9
6.4
14.4

134.4
98.4
15.2
34.6

33.4
58.5
0.1
128.1

108.7
73.0
11.2
107.1

-27.2
92.8
-5.2
267.1

-150.2
66.0
28.0
99.4

202.2
2.4
-33.4
38.9

22.5
66.6
35.1
137.0

66.2
59.3
6.5
83.7

-39.6
24.7
5.0
210.3

21
22
23
24

2352.2

2728.6

3003.3

3435.6

3014.7

3304.5

3312.5

4110.8

3756.3

3328.8

3024.0

25

177.1

175.6

320.6

354.9

-35.0

423.8

571.6

459.2

315.8

16.0

57.9

26

56.3
25.8
-0.8
86.2
9.5

121.9
-3.2
1.2
58.3
-2.7

205.6
35.5
11.7
64.5
3.3

213.2
30.9
13.0
100.5
-2.7

-185.9
28.1
9.2
112.6
0.9

287.4
36.3
14.1
92.2
-6.2

436.3
3.2
13.7
124.7
-6.3

315.0
56.0
14.8
72.5
0.8

232.5
56.3
11.2
10.7
5.1

-107.1
43.9
8.2
61.5
9.4

-36.1
12.7
9.5
79.7
-7.9

27
28
29
30
31

25
26
27
28
29
30
31

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

32

Rest of the world

430.5

516.3

772.9

847.8

794.6

714.6

846.2

1035.9

745.3

818.6

769.5

32

33

Financial sectors

1744.6

2036.7

1909.8

2232.9

2255.1

2166.1

1894.8

2615.7

2695.2

2494.2

2196.6

33

34
35
36
37
38
39
40
41

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

77.7
404.4
393.8
6.2
3.1
1.3
33.4
44.2

37.2
299.5
323.3
-43.0
8.6
10.6
126.0
51.2

51.2
582.2
548.0
20.3
-0.0
13.9
172.8
39.8

26.4
646.6
498.5
142.2
-4.2
10.2
131.2
36.2

2.0
965.6
745.0
218.0
-9.4
12.0
2.1
45.8

31.8
591.4
428.0
119.7
29.4
14.4
233.6
44.3

56.9
649.2
514.9
174.8
-46.0
5.5
150.6
21.4

14.9
380.4
306.1
56.2
9.4
8.8
138.6
33.2

63.0
876.8
792.5
73.4
6.8
4.1
82.1
55.5

35.3
813.7
654.6
175.3
-8.0
-8.2
142.4
36.5

20.3
115.6
15.2
102.6
0.7
-3.0
260.0
28.5

34
35
36
37
38
39
40
41

42
43
44
45
46

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

39.9
233.0
-8.6
-50.7
12.7

67.0
180.6
69.2
11.2
6.0

73.6
173.0
-0.3
27.2
4.7

66.9
110.3
12.5
-2.8
7.7

89.0
198.7
-2.9
60.0
8.5

49.2
81.3
0.7
-23.6
11.4

107.4
94.3
17.4
-54.5
8.1

22.1
66.9
34.7
6.7
3.0

60.1
134.1
7.5
-9.1
5.4

48.3
81.1
48.0
59.4
17.8

42.7
109.8
38.9
-42.5
7.7

42
43
44
45
46

47
48
49
50
51
52
53

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

-17.7
138.7
8.6
3.7
224.1
326.8
189.3

-95.9
138.0
36.2
0.7
236.5
330.5
217.6

-124.9
116.6
11.2
3.8
46.2
53.0
333.2

-10.1
124.1
1.5
6.8
-65.4
134.8
642.0

-169.6
193.0
6.4
11.7
-54.8
47.3
423.2

-118.5
127.3
4.0
3.5
-88.8
136.6
677.8

12.7
83.8
-0.8
7.1
-263.5
163.4
698.7

235.0
92.2
-3.4
4.8
145.3
191.8
768.1

95.3
238.6
10.1
3.0
64.7
327.3
292.4

148.9
157.8
18.5
9.1
144.8
306.4
358.5

375.9
156.0
-8.9
2.8
-80.5
280.8
346.6

47
48
49
50
51
52
53

54
55
56
57

Finance companies
REITs
Brokers and dealers
Funding corporations

103.7
21.5
28.4
-68.5

122.7
28.1
79.6
94.8

214.9
87.9
-29.2
73.0

117.1
66.9
91.1
89.3

81.8
37.6
75.7
234.1

18.0
120.1
230.6
35.4

112.0
89.1
-215.3
156.9

256.5
20.8
273.3
-69.4

98.1
40.5
-51.5
301.4

69.5
57.7
53.9
-113.5

156.0
26.8
191.5
168.7

54
55
56
57

(1) Excludes corporate equities and mutual fund shares.

10

Z.1, December 7, 2006

F.2 Credit Market Borrowing by Nonfinancial Sectors
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

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

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1386.7

1687.5

1999.5

2314.1

2249.3

2046.5

2454.5

2506.1

2534.0

1835.1

1847.7

1

1386.7
-57.9
257.1
0.5
159.4
132.3
-106.6
15.7

1687.5
-35.1
398.4
-2.4
137.6
158.3
-77.7
5.5

1999.5
16.8
362.5
-0.6
130.5
77.7
12.5
20.4

2314.1
-7.9
307.3
-0.4
194.7
59.9
136.9
77.3

2249.3
49.8
570.4
-0.7
188.2
34.3
108.4
76.3

2046.5
5.8
26.5
-1.4
147.4
30.1
212.2
73.6

2454.5
2.8
264.2
-0.4
237.6
99.6
39.5
40.3

2506.1
-89.9
368.1
0.8
205.3
75.5
187.7
119.2

2534.0
42.1
532.5
-1.0
77.6
213.5
263.7
48.3

1835.1
40.1
-116.4
0.2
160.5
207.3
128.5
90.4

1847.7
-14.3
161.1
-1.0
195.5
119.6
155.0
67.4

2
3
4
5
6
7
8
9

872.8
734.0
36.8
94.3
7.6
113.4

999.0
800.8
70.3
119.8
8.0
104.0

1262.8
1054.8
48.6
151.4
8.1
116.9

1454.9
1134.9
72.0
241.8
6.2
91.3

1125.1
901.3
51.0
167.6
5.3
97.4

1438.7
1135.7
80.3
211.1
11.5
113.6

1667.8
1322.5
65.0
271.9
8.5
102.9

1588.0
1180.2
91.8
316.6
-0.5
51.4

1307.7
1025.2
52.7
219.4
10.4
49.5

1168.5
872.1
43.5
237.4
15.5
155.9

1028.6
685.9
36.4
288.6
17.7
135.8

10
11
12
13
14
15

1386.7
813.8
171.4
15.6
148.0
7.8
143.9
257.6

1687.5
978.4
192.8
88.6
96.5
7.7
120.3
396.0

1999.5
1093.5
428.8
177.7
239.6
11.5
115.3
361.9

2314.1
1238.6
597.3
279.3
305.4
12.6
171.3
306.9

2249.3
1009.8
503.3
287.2
211.8
4.4
166.5
569.7

2046.5
1288.4
606.4
251.7
336.7
18.0
126.5
25.1

2454.5
1322.9
650.9
313.0
316.3
21.6
216.8
263.9

2506.1
1333.4
628.5
265.3
356.9
6.4
175.3
368.9

2534.0
1139.7
797.6
468.5
300.3
28.8
65.2
531.5

1835.1
1110.6
716.9
423.8
268.1
25.0
123.7
-116.1

1847.7
841.6
669.8
388.3
258.0
23.5
176.3
160.1

16
17
18
19
20
21
22
23

24

Foreign borrowing in U.S.

92.9

31.7

123.5

84.7

56.2

84.5

84.7

113.3

109.3

101.6

412.7

24

25
26
27
28

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

58.3
31.6
5.3
-2.3

12.9
28.7
-7.7
-2.1

62.8
61.8
2.5
-3.6

38.5
38.0
12.9
-4.6

6.2
41.3
12.1
-3.4

10.0
84.4
-5.3
-4.6

78.5
8.5
5.2
-7.4

59.1
17.9
39.5
-3.1

62.6
50.6
7.6
-11.5

-58.9
139.1
28.2
-6.9

249.3
176.7
-5.2
-8.1

25
26
27
28

1479.7

1719.2

2123.0

2398.8

2305.5

2131.0

2539.2

2619.5

2643.3

1936.7

2260.4

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

872.5

1009.4

880.3

1036.8

709.1

1173.5

773.3

1491.3

1113.0

1392.0

763.5

1

-63.8
219.8
326.8
353.6
21.1
6.8
8.2

-52.9
243.7
330.5
455.7
-7.2
31.2
8.3

55.1
65.0
53.0
573.2
33.5
74.1
26.3

236.1
-84.2
134.8
683.5
9.2
44.3
13.1

180.1
-209.6
47.3
613.0
16.8
38.8
22.7

301.5
-84.2
136.6
757.2
-44.3
87.4
19.3

243.5
-243.9
163.4
535.9
29.4
25.2
19.9

219.3
200.9
191.8
828.0
35.0
25.9
-9.6

261.4
144.8
327.3
330.3
9.7
16.7
22.9

308.5
314.3
306.4
439.0
-35.2
44.6
14.5

316.2
-191.1
280.8
342.9
-20.2
29.0
6.1

2
3
4
5
6
7
8

872.5

1009.4

880.3

1036.8

709.1

1173.5

773.3

1491.3

1113.0

1392.0

763.5

9

49.7
29.9
-0.4
20.3

49.2
13.9
-0.1
35.4

77.7
18.1
0.1
59.5

85.1
36.8
0.0
48.2

149.3
61.5
-0.1
87.9

47.1
25.2
0.5
21.4

82.8
31.2
0.1
51.5

61.2
29.4
-0.3
32.1

62.5
25.6
0.3
36.6

195.0
81.9
-0.2
113.4

48.4
15.4
-0.1
33.1

10
11
12
13

10
11
12
13

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

14
15

Savings institutions
Credit unions

-23.4
2.0

6.1
2.2

64.4
2.3

16.2
3.3

-4.9
1.5

49.4
3.1

6.9
0.3

13.3
8.1

9.6
-0.2

-24.7
6.8

41.1
2.2

14
15

16
17
18
19

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

2.0
219.8
326.8
182.8

2.9
243.7
330.5
211.1

3.0
65.0
53.0
332.1

0.4
-84.2
134.8
661.0

-1.6
-209.6
47.3
427.0

2.3
-84.2
136.6
691.5

0.4
-243.9
163.4
720.3

0.6
200.9
191.8
805.3

2.8
144.8
327.3
305.0

1.3
314.3
306.4
377.1

2.4
-191.1
280.8
379.4

16
17
18
19

20
21
22
23

Finance companies
REITs
Brokers and dealers
Funding corporations

66.2
24.5
-1.7
23.7

111.0
31.9
6.4
14.4

134.4
98.4
15.2
34.6

33.4
58.5
0.1
128.1

108.7
73.0
11.2
107.1

-27.2
92.8
-5.2
267.1

-150.2
66.0
28.0
99.4

202.2
2.4
-33.4
38.9

22.5
66.6
35.1
137.0

66.2
59.3
6.5
83.7

-39.6
24.7
5.0
210.3

20
21
22
23

11

Z.1, December 7, 2006

F.4 Credit Market Borrowing, All Sectors, by Instrument
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

1
2
3
4
5
6
7
8
9
10

Total

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

2352.2

2728.6

3003.3

3435.6

3014.7

3304.5

3312.5

4110.8

3756.3

3328.8

3024.0

1

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

-63.5
257.1
547.2
159.4
517.5

-75.1
398.4
571.9
137.6
642.7

134.7
362.5
117.5
130.5
712.7

266.7
307.3
50.2
194.7
781.4

236.2
570.4
-163.0
188.2
688.6

317.3
26.5
51.1
147.4
871.7

324.8
264.2
-80.9
237.6
644.0

188.5
368.1
393.5
205.3
921.4

366.1
532.5
471.1
77.6
594.3

289.7
-116.4
621.0
160.5
785.4

551.1
161.1
88.7
195.5
639.2

2
3
4
5
6

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

-80.2
20.2
881.1
113.4

-92.6
34.5
1007.3
104.0

48.5
90.9
1289.1
116.9

159.0
117.0
1468.0
91.3

137.3
111.8
1147.8
97.4

162.6
156.4
1458.0
113.6

74.0
58.1
1687.7
102.9

262.2
141.9
1578.4
51.4

281.0
53.5
1330.6
49.5

121.5
128.1
1183.0
155.9

129.5
88.3
1034.7
135.8

7
8
9
10

227.4

427.3

364.7

106.8

355.8

112.4

-103.9

63.0

109.4

-191.6

-334.4

11

46.4
-41.6

138.7
-42.0

66.5
-126.6

-153.4
-363.4

-33.5
-264.3

-126.9
-300.1

-305.5
-469.9

-147.6
-419.2

-395.1
-570.0

-467.0
-614.8

-565.9
-579.6

12
13

17.0
71.0
181.1

118.0
62.7
288.6

84.8
108.3
298.2

142.1
67.9
260.2

160.2
70.6
389.3

98.5
74.8
239.2

138.7
25.7
201.6

171.2
100.4
210.6

164.2
10.6
504.6

69.7
78.1
275.4

32.9
-19.2
231.5

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

2352.2

2728.6

3003.3

3435.6

3014.7

3304.5

3312.5

4110.8

3756.3

3328.8

3024.0

1

3.2
0.0
1.0
21.0

-0.9
0.0
0.6
36.6

-3.2
0.0
0.7
89.9

-9.6
0.0
0.8
86.8

-14.5
0.0
0.8
420.0

2.8
0.0
1.1
-210.5

-7.2
0.0
0.9
91.2

-19.5
0.0
0.3
46.6

-2.3
0.0
0.6
229.1

2.0
0.0
0.8
239.7

2.1
0.0
1.0
96.4

2
3
4
5

6
7
8
9
10

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

17.4
-8.3
325.4
50.0
-16.7

-14.2
80.1
305.8
61.8
-207.5

19.2
89.8
282.9
246.6
-136.5

6.6
3.2
314.9
271.1
127.0

1.6
43.9
232.9
263.7
-71.7

73.1
-31.6
259.9
251.1
11.7

-36.7
-44.4
482.8
376.1
216.7

-11.5
44.7
283.9
193.7
351.4

-36.4
67.9
227.6
375.5
133.1

-139.3
21.9
304.7
300.0
222.6

-18.5
-81.9
256.9
389.3
438.5

6
7
8
9
10

11
12
13
14

Security RPs
Corporate equities
Mutual fund shares
Trade payables

106.6
46.4
181.1
87.9

227.2
138.7
288.6
25.0

83.2
66.5
298.2
189.5

354.9
-153.4
260.2
239.5

560.7
-33.5
389.3
209.6

387.9
-126.9
239.2
262.2

298.3
-305.5
201.6
312.6

172.6
-147.6
210.6
173.7

512.3
-395.1
504.6
147.6

239.1
-467.0
275.4
333.1

606.3
-565.9
231.5
207.6

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension fund reserves
Taxes payable

-87.0
60.1
186.5
22.2

132.5
66.8
200.3
-1.0

166.6
33.1
241.4
27.7

-7.7
16.1
152.6
27.6

3.7
15.2
89.2
37.0

73.1
18.1
160.9
7.6

20.8
20.0
136.8
14.9

-128.5
10.9
223.5
51.0

244.3
3.3
62.8
31.2

194.1
19.2
167.2
-5.2

137.3
17.0
124.0
21.6

15
16
17
18

19
20

Noncorporate proprietors’ equity
Miscellaneous

-82.7
540.8

20.2
544.5

-56.1
1618.7

-63.4
715.1

-43.8
356.8

-86.5
1448.9

-93.3
1045.4

-30.2
9.4

-69.8
974.8

-63.3
1040.6

-58.9
1012.4

19
20

3807.1

4633.5

6261.3

5777.9

5475.5

6046.8

6043.7

5545.7

6767.2

6014.3

5840.6

21

21

Total financial sources

22
23
24
25
26
27

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

-0.6
21.5
7.2
36.0
2.3
-58.7

-0.3
53.5
-4.4
-24.0
-42.6
-73.3

-0.3
62.0
15.0
-139.3
-14.5
265.3

0.7
45.3
9.6
131.0
-28.3
-41.7

0.4
384.9
33.6
422.3
-87.0
-701.4

0.8
-243.3
-37.4
162.5
-23.5
443.6

1.7
22.6
1.4
-127.4
9.4
-221.4

-0.1
17.1
41.0
66.8
-12.3
312.4

-4.8
242.6
25.3
292.9
-89.3
-413.5

0.3
268.7
10.1
254.4
-18.0
-403.6

0.6
124.3
-9.3
259.6
3.1
-110.6

22
23
24
25
26
27

28
29
30

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

-1.6
-0.7
165.8

-8.9
-0.0
39.6

27.9
-0.2
-6.1

-6.6
-0.1
-19.2

-18.8
-0.4
57.1

-11.9
-0.3
29.2

23.0
0.5
-26.7

-18.7
-0.0
-136.2

4.3
-0.0
106.8

-15.6
0.1
74.7

35.2
-0.1
-71.9

28
29
30

31

Totals identified to sectors
as assets

3635.8

4693.9

6051.5

5687.1

5384.8

5727.2

6360.6

5275.7

6602.9

5843.3

5609.7

31

12

Z.1, December 7, 2006

F.6 Distribution of Gross Domestic Product (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

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

2003

2004

2005
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

10469.6

10960.8

11712.5

12455.8

12173.2

12346.1

12573.5

12730.5

13008.4

13197.3

13327.1

1

7350.7

7703.6

8211.5

8742.4

8519.7

8674.6

8847.3

8927.8

9079.2

9228.1

9349.1

2

923.9
2079.6
4347.2

942.7
2190.2
4570.8

986.3
2345.2
4880.1

1033.1
2539.3
5170.0

1013.1
2450.2
5056.4

1042.3
2508.6
5123.7

1057.3
2584.9
5205.1

1019.6
2613.5
5294.7

1064.1
2658.2
5356.8

1061.8
2721.4
5444.9

1074.4
2744.9
5529.8

3
4
5

1582.1

1664.1

1888.0

2057.4

2013.5

2009.1

2052.6

2154.5

2214.8

2237.1

2239.4

6

1570.2

1649.8

1830.6

2036.1

1954.1

2016.7

2067.9

2105.8

2167.7

2174.8

2172.2

7

1066.3
84.9
730.8
114.0
28.7
108.0

1077.4
91.2
743.5
115.8
28.4
98.6

1155.3
96.8
782.4
115.8
31.9
128.3

1265.7
100.9
867.7
138.3
34.4
124.4

1230.0
100.0
838.2
118.0
33.8
139.9

1251.8
100.3
856.4
122.5
34.2
138.4

1276.7
100.7
876.9
129.6
34.7
134.8

1304.3
102.5
899.3
183.0
34.9
84.5

1359.2
107.1
936.7
136.9
36.4
142.2

1384.3
110.5
953.4
154.8
36.7
128.8

1420.5
114.1
977.9
189.8
37.5
101.2

8
9
10
11
12
13

503.9
427.7
3.7
68.0
4.5

572.4
492.7
4.0
76.0
-0.4

675.3
574.0
4.5
89.1
7.7

770.4
663.5
5.1
102.5
-0.6

724.1
619.7
4.7
97.4
2.3

764.9
664.7
5.0
100.8
-5.6

791.2
677.3
5.2
104.2
4.6

801.5
692.4
5.3
107.5
-3.7

808.5
688.3
5.3
110.8
4.0

790.6
672.9
5.2
114.2
-1.7

751.6
616.2
4.9
117.5
13.0

14
15
16
17
18

11.9
13.6
0.7
-2.5

14.3
13.2
0.7
0.4

57.3
46.5
2.4
8.4

21.3
19.9
1.0
0.3

59.4
55.6
2.9
0.8

-7.6
-0.8
-0.0
-6.7

-15.3
-15.8
-0.8
1.3

48.6
40.7
2.1
5.8

47.2
39.7
2.1
5.4

62.3
56.9
3.0
2.3

67.2
61.6
3.2
2.4

19
20
21
22

23

Net U.S. exports of goods and services

-424.4

-499.4

-613.2

-716.7

-676.2

-686.4

-728.8

-775.4

-765.2

-781.8

-802.2

23

24
25

Exports
- Imports

1005.9
1430.3

1040.8
1540.2

1178.1
1791.4

1303.1
2019.8

1254.0
1930.2

1293.8
1980.2

1312.4
2041.2

1352.4
2127.8

1405.4
2170.6

1448.1
2229.8

1486.7
2288.9

24
25

26

Government consumption expenditures and
gross investment

1961.1

2092.5

2226.2

2372.8

2316.2

2348.9

2402.4

2423.6

2479.6

2513.9

2540.8

26

1616.9
591.5
1025.3

1736.5
662.7
1073.8

1854.8
724.5
1130.3

1975.7
768.6
1207.2

1932.6
758.0
1174.6

1953.6
760.8
1192.8

2002.1
784.3
1217.8

2014.5
771.1
1243.4

2059.7
803.6
1256.2

2083.0
802.3
1280.7

2106.8
808.8
1298.0

27
28
29

344.3
88.1
256.1

356.0
93.7
262.2

371.4
101.4
270.0

397.1
109.8
287.3

383.6
104.8
278.7

395.3
107.6
287.7

400.3
111.5
288.7

409.1
115.1
294.0

419.9
118.2
301.7

430.9
117.4
313.5

434.1
117.9
316.1

30
31
32

30.6
305.7
275.0

56.8
336.8
280.0

46.3
410.2
363.9

31.9
513.3
481.5

34.3
472.2
437.9

28.4
489.0
460.6

52.2
527.2
475.0

12.5
564.9
552.4

29.1
603.3
574.3

22.7
661.4
638.6

14.2
676.6
662.4

33
34
35

10500.2

11017.6

11758.7

12487.7

12207.5

12374.6

12625.7

12743.0

13037.4

13220.1

13341.2

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, December 7, 2006

F.7 Distribution of National Income (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

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

2003

2004

2005
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

9229.3

9632.3

10255.9

10811.8

10702.3

10795.4

10643.2

11106.2

11551.3

11611.5

11764.8

1

6091.2
5725.9
365.2
0.0

6325.4
5928.3
382.1
15.0

6650.3
6258.2
407.1
-15.0

7030.3
6598.0
432.3
0.0

6889.6
6465.5
424.1
0.0

6953.7
6525.9
427.7
0.0

7093.6
6657.3
436.3
0.0

7184.4
6743.1
441.3
0.0

7400.3
6941.6
458.7
0.0

7425.5
6966.6
458.9
0.0

7510.9
7047.9
463.0
0.0

2
3
4
5

768.4
757.8
10.6

811.3
782.1
29.2

911.1
874.9
36.2

970.7
940.4
30.2

952.8
918.9
33.9

965.8
937.1
28.7

967.3
937.7
29.7

996.8
968.1
28.7

1008.3
984.4
23.9

1011.9
994.3
17.5

1013.9
993.1
20.8

6
7
8

152.9

133.0

127.1

72.8

118.5

102.8

-11.5

81.5

76.8

71.4

73.4

9

886.3

993.1

1182.6

1330.7

1320.0

1342.9

1266.3

1393.5

1569.1

1591.8

1658.0

10

766.2

894.5

1104.5

1486.1

1453.1

1487.4

1444.9

1559.1

1717.7

1752.6

1820.5

11

12
13
14
15
16

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

768.4
336.4
-0.1
155.8
276.4

908.1
424.3
1.1
165.5
317.3

1144.3
622.5
1.3
176.3
344.2

1518.7
931.3
1.3
197.0
389.0

1492.3
874.2
1.3
183.0
433.7

1508.3
930.1
1.3
185.2
391.7

1475.8
933.5
1.4
223.4
317.4

1598.3
987.3
1.4
196.3
413.3

1740.6
1049.4
1.3
226.1
463.9

1811.5
1062.2
1.2
239.9
508.2

1857.8
1112.5
1.1
237.1
507.1

12
13
14
15
16

17
18
19
20

Less:
Taxes on corporate income
Domestic nonfinancial
Farm
Domestic financial

192.6
96.6
0.5
95.6

243.3
135.1
0.5
107.6

300.1
184.8
0.5
114.8

399.3
250.9
0.5
147.9

400.9
237.9
0.5
162.5

392.8
244.4
0.5
147.9

378.9
255.3
0.5
123.1

424.6
265.9
0.5
158.2

456.9
280.3
0.6
176.1

476.1
282.7
0.6
192.8

491.1
297.1
0.7
193.4

17
18
19
20

21
22
23
24
25
26

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

575.8
399.2
252.7
2.1
47.9
96.5

664.8
424.7
290.6
2.1
32.0
100.1

844.2
539.5
364.7
2.2
46.8
125.8

1119.4
576.9
226.2
2.3
238.2
110.2

1091.3
554.3
362.4
2.2
83.8
105.9

1115.5
568.2
300.7
2.2
156.7
108.6

1096.9
584.0
124.0
2.3
346.1
111.6

1173.7
601.0
117.7
2.3
366.1
114.8

1283.7
615.7
375.3
2.4
87.6
150.5

1335.4
631.1
390.4
2.5
81.8
156.5

1366.6
650.4
395.9
2.5
93.2
158.8

21
22
23
24
25
26

27
28
29
30
31

Undistributed profits
Domestic nonfinancial
Farm
Rest of the world
Domestic financial

176.6
-13.0
-2.6
108.0
84.3

240.0
-1.4
-1.5
133.5
109.6

304.7
73.1
-1.4
129.4
103.6

542.5
454.2
-1.4
-41.2
130.9

537.0
273.9
-1.4
99.2
165.3

547.4
385.0
-1.4
28.5
135.2

513.0
554.2
-1.3
-122.7
82.8

572.7
603.7
-1.5
-169.8
140.3

668.0
393.8
-1.7
138.5
137.4

704.3
389.2
-1.8
158.1
158.9

716.3
419.5
-2.1
143.9
155.0

27
28
29
30
31

32

Inventory valuation adjustment

-2.2

-13.6

-39.8

-32.6

-39.2

-21.0

-30.9

-39.2

-22.9

-58.9

-37.2

32

33
34
35
36

Capital consumption adjustment
Domestic nonfinancial
Farm
Domestic financial

120.1
94.5
0.8
24.8

98.7
80.3
0.0
18.3

78.1
68.6
0.0
9.5

-155.4
-135.8
0.0
-19.6

-133.1
-116.9
0.0
-16.2

-144.5
-126.2
0.0
-18.4

-178.6
-157.3
0.0
-21.3

-165.6
-143.0
0.0
-22.5

-148.6
-126.8
0.0
-21.8

-160.8
-136.5
0.0
-24.3

-162.6
-137.2
0.0
-25.4

33
34
35
36

37

Net interest and miscellaneous payments

520.9

524.7

485.1

483.4

483.7

477.1

482.9

490.0

514.8

513.2

503.8

37

38
39
40
41

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

762.8
38.4
84.3
0.9

807.2
47.9
83.8
1.7

864.0
44.7
85.5
-5.0

922.4
57.3
74.2
-15.4

901.6
52.3
97.6
-9.1

920.2
55.6
99.9
-11.3

930.2
58.1
0.2
-27.7

937.3
63.1
99.1
-13.3

952.5
55.1
93.8
-9.2

966.4
52.3
93.1
-9.4

973.3
52.0
93.4
-10.0

38
39
40
41

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

National Income, from line 1 above

9229.3

9632.3

10255.9

10811.8

10702.3

10795.4

10643.2

11106.2

11551.3

11611.5

11764.8

42

43
44
45

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

1080.3
211.6
-21.0

1118.3
218.2
48.8

1205.4
230.8
66.7

1352.6
252.2
71.1

1225.7
242.1
37.4

1244.9
246.2
88.1

1632.3
265.7
84.5

1307.5
255.0
74.3

1288.9
259.1
-61.9

1309.8
262.9
35.8

1314.6
266.4
-4.5

43
44
45

46

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

30.6

56.8

46.3

31.9

34.3

28.4

52.2

12.5

29.1

22.7

14.2

46

47

Equals:
Gross Domestic Product

10469.6

10960.8

11712.5

12455.8

12173.2

12346.1

12573.5

12730.5

13008.4

13197.3

13327.1

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, December 7, 2006

F.8 Saving and Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

1489.1

1459.0

1543.6

1612.0

1608.4

1565.0

1653.5

1621.2

1880.5

1789.7

1804.5

1

2

Net saving

197.1

122.5

107.5

7.2

140.5

74.0

-244.5

58.7

332.4

216.9

223.5

2

479.2

515.0

502.3

319.7

417.2

351.1

170.9

339.5

466.7

353.9

395.2

3

3

Net private saving

4

Personal saving

184.7

174.9

174.3

-34.8

52.5

-30.8

-132.6

-28.5

-29.7

-130.8

-121.3

4

5
6
7
8
9

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

294.5
176.6
-2.2
120.1
0.0

325.1
240.0
-13.6
98.7
15.0

343.0
304.7
-39.8
78.1
-15.0

354.5
542.5
-32.6
-155.4
0.0

364.7
537.0
-39.2
-133.1
0.0

381.9
547.4
-21.0
-144.5
0.0

303.5
513.0
-30.9
-178.6
0.0

367.9
572.7
-39.2
-165.6
0.0

496.4
668.0
-22.9
-148.6
0.0

484.6
704.3
-58.9
-160.8
0.0

516.5
716.3
-37.2
-162.6
0.0

5
6
7
8
9

-282.1

-392.5

-394.9

-312.5

-276.6

-277.1

-415.4

-280.8

-134.3

-136.9

-171.7

10

-247.9
-34.2

-372.1
-20.4

-382.0
-12.9

-309.2
-3.3

-287.6
10.9

-289.6
12.4

-396.0
-19.3

-263.6
-17.2

-147.0
12.7

-163.1
26.1

-169.7
-2.0

11
12

10
11
12

Net government saving
Federal
State and local

13

Consumption of fixed captal

1292.0

1336.5

1436.2

1604.8

1467.8

1491.1

1898.0

1562.5

1548.0

1572.8

1581.0

13

14
15
16

Private
Domestic business
Households and institutions

1080.3
893.6
186.8

1118.3
916.6
201.7

1205.4
969.5
235.9

1352.6
1059.1
293.5

1225.7
990.1
235.6

1244.9
1004.5
240.4

1632.3
1197.6
434.7

1307.5
1044.4
263.1

1288.9
1035.1
253.8

1309.8
1050.4
259.5

1314.6
1053.1
261.5

14
15
16

17
18
19

Government
Federal
State and local

211.6
88.9
122.7

218.2
90.4
127.8

230.8
94.1
136.7

252.2
99.0
153.2

242.1
97.5
144.7

246.2
98.2
147.9

265.7
99.8
165.9

255.0
100.7
154.3

259.1
102.4
156.7

262.9
103.7
159.2

266.4
105.0
161.4

17
18
19

1468.1

1507.8

1610.3

1683.1

1645.7

1653.1

1737.9

1695.4

1818.6

1825.5

1800.0

20

1926.4

2020.0

2259.4

2454.5

2397.1

2404.4

2452.9

2563.6

2634.7

2668.0

2673.5

21

1582.1
1570.2
1066.3
503.9
11.9

1664.1
1649.8
1077.4
572.4
14.3

1888.0
1830.6
1155.3
675.3
57.3

2057.4
2036.1
1265.7
770.4
21.3

2013.5
1954.1
1230.0
724.1
59.4

2009.1
2016.7
1251.8
764.9
-7.6

2052.6
2067.9
1276.7
791.2
-15.3

2154.5
2105.8
1304.3
801.5
48.6

2214.8
2167.7
1359.2
808.5
47.2

2237.1
2174.8
1384.3
790.6
62.3

2239.4
2172.2
1420.5
751.6
67.2

22
23
24
25
26

344.3

356.0

371.4

397.1

383.6

395.3

400.3

409.1

419.9

430.9

434.1

27

1.4

3.2

2.3

4.4

10.8

2.4

2.2

2.1

7.0

3.5

8.8

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

-459.7

-515.5

-651.3

-775.8

-762.1

-753.6

-717.2

-870.2

-823.1

-846.1

-882.3

29

30

Statistical discrepancy (line 20 less line 1)

-21.0

48.8

66.7

71.1

37.4

88.1

84.5

74.3

-61.9

35.8

-4.5

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

29.0

11.2

13.5

11.9

4.6

13.8

14.0

15.3

12.4

14.4

6.6

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

-23.1
25.3
3.6
0.2
44.6
0.0

-40.4
22.0
14.8
1.9
45.5
0.2

-38.4
24.6
16.1
0.7
46.3
0.0

-42.0
25.0
15.9
2.3
48.7
0.0

-47.7
23.9
15.9
8.7
47.0
0.0

-41.4
24.8
15.9
0.4
49.9
0.0

-40.4
24.9
15.9
0.2
49.2
0.0

-38.5
26.3
16.1
0.1
48.7
0.0

-43.2
28.8
16.4
4.9
50.7
0.0

-41.6
27.7
16.6
1.4
51.2
0.0

-51.4
26.5
16.8
7.8
53.3
0.0

2
3
4
5
6
7

8
9
10

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

52.1
7.4
44.6

51.6
6.1
45.5

51.9
5.7
46.3

53.9
5.2
48.7

52.3
5.4
47.0

55.2
5.3
49.9

54.4
5.2
49.2

53.8
5.1
48.7

55.6
4.9
50.7

56.0
4.8
51.2

58.0
4.7
53.3

8
9
10

11
12
13

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

1.4
0.2
-1.2

3.4
1.9
-1.5

2.2
0.7
-1.6

4.3
2.3
-1.9

10.7
8.7
-1.9

2.4
0.4
-1.9

2.1
0.2
-1.9

2.0
0.1
-1.9

6.9
4.9
-2.0

3.4
1.4
-2.0

9.8
7.8
-2.0

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

-10.9
10.6
0.3
0.1

-10.8
10.9
-0.2
0.2

-11.0
11.0
0.0
-0.0

-10.9
11.6
-0.6
-0.1

-11.5
11.3
0.3
-0.1

-10.9
11.5
-0.6
-0.0

-9.2
11.6
-2.3
-0.1

-11.8
11.8
0.0
-0.0

-12.0
12.0
0.2
-0.2

-9.7
12.2
-2.3
-0.1

-14.1
12.3
0.8
1.0

14
15
16
17

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

15

Z.1, December 7, 2006

F.10 Derivation of Measures of Personal Saving (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Net acquisition of financial assets

635.0

985.3

1206.2

946.8

939.8

950.9

1097.8

798.5

1006.8

448.4

523.1

1

2
3
4
5

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

1.3
0.4
338.5
-40.9

2.2
-54.0
379.0
-118.3

5.4
60.5
387.0
-47.9

5.2
20.3
441.3
63.2

25.2
245.3
575.3
-40.3

-12.6
-60.3
318.4
41.9

5.5
-128.8
599.7
131.3

2.8
25.1
271.6
119.7

13.7
66.1
518.3
109.8

14.4
-19.3
278.4
157.8

11.5
29.2
505.2
239.2

2
3
4
5

6

Securities

25.5

350.1

190.7

18.2

-120.0

168.2

44.6

-20.1

-110.3

-529.3

-574.8

6

13.1
4.5
-110.1
-157.7
97.4
198.1
-145.4
125.6

-4.5
8.9
21.8
144.4
28.4
-87.4
-2.0
240.5

30.2
0.6
71.9
83.0
33.7
-18.5
-259.1
249.0

28.1
0.7
-105.2
221.3
75.5
-11.8
-456.3
266.0

5.2
-0.2
66.7
-78.6
33.4
-219.0
-321.6
394.1

57.3
0.3
-226.8
286.6
77.5
87.4
-354.7
240.6

27.4
-1.1
18.4
454.0
102.2
-169.3
-600.5
213.5

22.7
3.8
-279.3
223.1
88.8
253.6
-548.4
215.6

20.4
3.8
578.6
-38.0
-26.9
-312.7
-862.9
527.3

25.9
-2.7
-206.0
54.9
95.8
-85.0
-690.5
278.2

21.8
-4.8
-155.0
172.9
58.4
-138.9
-756.6
227.4

7
8
9
10
11
12
13
14

60.1
186.5

66.8
200.3

33.1
241.4

16.1
152.6

15.2
89.2

18.1
160.9

20.0
136.8

10.9
223.5

3.3
62.8

19.2
167.2

17.0
124.0

15
16

63.5

159.4

336.0

230.0

149.9

316.3

288.6

165.0

343.1

359.8

171.8

17

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

17

Miscellaneous and other assets

18
19
20
21
22

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

1571.9
495.7
227.5
850.4
-1.7

1680.3
568.7
235.3
875.1
1.1

1828.7
663.2
244.6
910.2
10.8

1991.6
766.0
273.6
950.6
1.4

1906.0
717.1
251.8
933.2
3.8

1975.3
765.5
257.0
959.5
-6.8

2019.4
781.4
265.0
972.6
0.5

2065.6
799.9
320.5
937.2
7.9

2065.1
799.2
280.3
978.1
7.4

2070.5
787.1
302.0
976.0
5.3

2068.4
733.8
341.4
987.6
5.7

18
19
20
21
22

23
24
25
26

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

1007.9
181.7
181.1
645.2

1057.5
195.9
192.3
669.4

1141.8
233.5
206.3
702.0

1274.7
337.3
197.0
740.4

1163.7
277.0
162.2
724.5

1191.3
281.5
173.6
736.2

1493.6
495.7
250.8
747.0

1250.2
294.9
201.5
753.8

1203.6
287.9
178.9
736.9

1230.4
294.5
188.7
747.3

1248.4
293.7
197.3
757.4

23
24
25
26

27

Net investment in tangible assets (4)

564.0

622.7

686.9

716.9

742.3

784.0

525.9

815.4

861.4

840.1

820.0

27

314.0
46.4
205.2
-1.7

372.9
43.0
205.7
1.1

429.7
38.2
208.2
10.8

428.7
76.6
210.2
1.4

440.2
89.6
208.7
3.8

484.0
83.4
223.3
-6.8

285.8
14.1
225.5
0.5

505.0
119.0
183.4
7.9

511.3
101.4
241.3
7.4

492.6
113.4
228.7
5.3

440.1
144.1
230.2
5.7

28
29
30
31

988.5

1121.5

1556.1

1615.9

1335.0

1738.6

1683.4

1706.6

1625.7

1436.4

1284.4

32

733.3
105.1
113.4
1.0
-48.2
83.8

799.1
153.5
104.0
-0.7
34.3
31.3

1050.7
165.8
116.9
1.6
81.5
139.7

1128.2
240.3
91.3
0.8
-31.7
187.0

896.1
169.5
97.4
-1.6
8.2
165.3

1128.5
254.7
113.6
2.8
-10.2
249.2

1315.9
230.3
102.9
-1.2
-22.0
57.6

1172.4
306.9
51.4
3.0
-102.8
275.7

1017.0
209.3
49.5
2.8
68.6
278.4

864.5
237.1
155.9
6.2
-22.5
195.3

679.5
209.1
135.8
-1.8
41.7
220.1

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)

-30.4

-14.8

-15.7

-16.2

-15.3

-16.2

-16.1

-17.3

-19.3

-17.9

-16.4

39

40

Personal saving, with consumer durables (FOF)

240.9

501.3

352.7

64.0

362.4

12.4

-43.6

-75.3

261.9

-130.1

75.1

40

41

Less net investment in consumer durables

205.2

205.7

208.2

210.2

208.7

223.3

225.5

183.4

241.3

228.7

230.2

41

42

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

35.6

295.5

144.5

-146.3

153.7

-210.9

-269.1

-258.8

20.6

-358.9

-155.1

42

43

Personal saving (NIPA, excludes consumer durables)

184.7

174.9

174.3

-34.8

52.5

-30.8

-132.6

-28.5

-29.7

-130.8

-121.3

43

44

Difference

-149.1

120.7

-29.8

-111.4

101.2

-180.1

-136.5

-230.3

50.3

-228.1

-33.8

44

45

Memo:
Disposable personal income

7830.1

8162.5

8681.6

9036.1

8890.9

8969.7

9047.7

9236.1

9388.8

9446.2

9588.4

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)

3.1
0.5
2.4
-1.9

6.1
3.6
2.1
1.5

4.1
1.7
2.0
-0.3

0.7
-1.6
-0.4
-1.2

4.1
1.7
0.6
1.1

0.1
-2.4
-0.3
-2.0

-0.5
-3.0
-1.5
-1.5

-0.8
-2.8
-0.3
-2.5

2.8
0.2
-0.3
0.5

-1.4
-3.8
-1.4
-2.4

0.8
-1.6
-1.3
-0.4

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, December 7, 2006

F.100 Households and Nonprofit Organizations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

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)

2003

2004

2005
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

8881.9
1051.8
7830.1
7645.3
184.7

9163.6
1001.1
8162.5
7987.7
174.9

9731.4
1049.8
8681.6
8507.2
174.3

10239.2
1203.1
9036.1
9070.9
-34.8

10048.8
1157.9
8890.9
8838.5
52.5

10161.5
1191.8
8969.7
9000.4
-30.8

10262.7
1215.0
9047.7
9180.3
-132.6

10483.7
1247.6
9236.1
9264.5
-28.5

10721.4
1332.6
9388.8
9418.5
-29.7

10807.3
1361.0
9446.2
9577.0
-130.8

10954.0
1365.6
9588.4
9709.7
-121.3

1
2
3
4
5

-1.7
205.2
834.0
-30.4

-0.6
205.7
873.2
-14.8

0.0
208.2
940.2
-15.7

0.7
210.2
1036.3
-16.2

4.5
208.7
962.5
-15.3

-0.0
223.3
979.0
-16.2

-3.7
225.5
1184.5
-16.1

1.9
183.4
1019.3
-17.3

4.0
241.3
992.9
-19.3

-1.7
228.7
1009.0
-17.9

-2.7
230.2
1021.2
-16.4

6
7
8
9

10

= Gross saving and net capital transfers

1191.8

1238.5

1307.0

1196.2

1212.9

1155.3

1257.6

1158.8

1189.2

1087.4

1111.0

10

11

Gross investment

1046.2

1361.3

1278.6

1085.4

1310.9

976.7

1126.1

928.1

1237.2

862.8

1081.9

11

12
13
14
15

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential

1363.0
427.7
850.4
84.9

1459.0
492.7
875.1
91.2

1581.0
574.0
910.2
96.8

1715.0
663.5
950.6
100.9

1652.9
619.7
933.2
100.0

1724.5
664.7
959.5
100.3

1750.5
677.3
972.6
100.7

1732.2
692.4
937.2
102.5

1773.5
688.3
978.1
107.1

1759.4
672.9
976.0
110.5

1717.9
616.2
987.6
114.1

12
13
14
15

16

Net financial investment

-316.7

-97.7

-302.4

-629.6

-342.0

-747.8

-624.4

-804.1

-536.3

-896.6

-636.0

16

17

Net acquisition of financial assets

468.9

920.7

876.1

580.3

679.1

535.2

675.4

431.5

675.0

193.9

249.8

17

18
19
20
21

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

1.3
-2.6
324.1
-43.2

2.2
-58.8
335.1
-110.1

5.4
32.2
337.2
-56.4

5.2
-10.5
386.2
53.8

25.2
223.3
536.3
-47.0

-12.6
-93.9
258.2
31.7

5.5
-161.4
541.4
121.4

2.8
-10.0
208.7
109.1

13.7
39.0
470.9
101.8

14.4
-39.4
243.9
152.0

11.5
6.1
465.1
232.4

18
19
20
21

22

Credit market instruments

56.3

121.9

205.6

213.2

-185.9

287.4

436.3

315.0

232.5

-107.1

-36.1

22

13.1
-105.6
4.5
-110.1
-157.7
97.6
198.1
10.9

-4.5
28.7
8.9
19.8
144.4
29.0
-87.4
11.6

30.2
65.3
0.6
64.7
83.0
33.2
-18.5
12.4

28.1
-112.4
0.7
-113.1
221.3
75.0
-11.8
13.0

5.2
61.0
-0.2
61.1
-78.6
33.1
-219.0
12.5

57.3
-235.1
0.3
-235.4
286.6
77.0
87.4
14.2

27.4
9.0
-1.1
10.1
454.0
101.7
-169.3
13.5

22.7
-284.6
3.8
-288.3
223.1
88.3
253.6
11.9

20.4
575.7
3.8
571.8
-38.0
-27.3
-312.7
14.4

25.9
-213.6
-2.7
-210.9
54.9
95.5
-85.0
15.1

21.8
-165.6
-4.8
-160.8
172.9
58.1
-138.9
15.5

23
24
25
26
27
28
29
30

-145.4
125.6
-41.6
60.1
186.5
-82.7
30.6

-2.0
240.5
62.7
66.8
200.3
20.2
42.0

-259.1
249.0
103.0
33.1
241.4
-56.1
40.9

-456.3
266.0
-10.9
16.1
152.6
-63.4
28.4

-321.6
394.1
-35.8
15.2
89.2
-43.8
29.9

-354.7
240.6
55.2
18.1
160.9
-86.5
30.9

-600.5
213.5
-19.2
20.0
136.8
-93.3
74.7

-548.4
215.6
-43.7
10.9
223.5
-30.2
-21.7

-862.9
527.3
124.6
3.3
62.8
-69.8
31.8

-690.5
278.2
190.8
19.2
167.2
-63.3
28.5

-756.6
227.4
-5.7
17.0
124.0
-58.9
23.8

31
32
33
34
35
36
37

785.7

1018.4

1178.6

1209.9

1021.1

1283.0

1299.8

1235.7

1211.3

1090.5

885.8

38

813.8

978.4

1093.5

1238.6

1009.8

1288.4

1322.9

1333.4

1139.7

1110.6

841.6

39

683.9
113.4
12.9
-22.6
0.2
26.0

854.8
104.0
14.1
-2.6
-1.6
9.7

961.8
116.9
10.3
-15.7
0.4
19.9

1077.7
91.3
16.5
23.7
-0.0
29.4

855.3
97.4
15.7
18.2
-2.5
25.5

1069.9
113.6
14.6
53.6
2.1
34.7

1223.6
102.9
14.9
-30.6
-1.9
14.0

1161.9
51.4
20.7
53.7
2.3
43.4

971.4
49.5
9.3
74.8
2.4
32.4

828.1
155.9
29.9
51.7
6.2
38.8

672.7
135.8
16.6
6.3
-1.3
11.5

40
41
42
43
44
45

-48.2
19.1

34.3
4.8

81.5
2.0

-31.7
2.0

8.2
2.0

-10.2
2.0

-22.0
2.0

-102.8
2.0

68.6
2.0

-22.5
2.0

41.7
2.0

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

0.9

0.9

1.6

1.0

1.1

2.8

-3.1

3.1

0.9

0.5

0.5

48

145.6

-122.8

28.4

110.7

-98.1

178.7

131.5

230.8

-48.1

224.6

29.0

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 22.

17

Z.1, December 7, 2006

F.101 Nonfinancial Business (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Income before taxes

1164.3

1289.7

1581.1

1941.0

1890.5

1951.1

1894.7

2027.7

2098.8

2112.3

2165.3

1

2

Gross saving and net capital transfers

983.5

1014.0

1091.7

1223.1

1098.6

1180.9

1371.6

1241.4

1297.5

1284.9

1331.8

2

3

Gross investment

954.6

1001.9

1201.0

1191.3

1063.1

1096.2

1351.3

1254.5

1334.3

1336.8

1405.0

3

4

946.0

971.1

1070.1

1158.4

1140.1

1100.5

1126.0

1266.9

1261.2

1316.9

1380.9

4

5
6
7

Fixed investment
Residential
Nonresidential

945.1
71.7
873.4

967.6
80.0
887.6

1023.8
93.6
930.2

1147.9
107.5
1040.4

1092.3
102.2
990.1

1118.9
105.8
1013.1

1150.5
109.3
1041.2

1230.1
112.8
1117.3

1226.1
116.2
1109.9

1264.4
119.4
1145.0

1327.7
122.5
1205.3

5
6
7

8
9

Change in inventories
Nonproduced nonfinancial assets

11.9
-10.9

14.3
-10.8

57.3
-11.0

21.3
-10.9

59.4
-11.5

-7.6
-10.9

-15.3
-9.2

48.6
-11.8

47.2
-12.0

62.3
-9.7

67.2
-14.1

8
9

10

Capital expenditures

8.5

30.8

131.0

32.9

-77.0

-4.3

225.3

-12.4

73.1

19.9

24.2

10

11

Net acquisition of financial assets

212.9

171.9

1062.5

700.5

622.5

747.2

745.1

687.1

657.5

616.8

727.5

11

12
13
14
15
16

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

5.1
-31.8
24.6
30.2
2.2

17.6
56.5
115.3
-46.8
-0.2

15.6
-5.9
107.5
36.2
0.4

20.1
-6.5
100.7
45.2
8.5

6.4
-58.1
101.7
-3.5
-0.9

-7.1
2.6
-4.5
33.6
9.1

16.3
4.4
102.0
60.2
12.4

64.8
25.3
203.4
90.5
13.3

-37.5
-44.4
58.6
21.3
-17.1

27.4
-207.1
-3.8
75.2
5.9

-3.1
-141.3
24.9
117.4
20.4

12
13
14
15
16

17

Credit market instruments

25.1

-2.0

47.2

43.9

37.3

50.5

16.9

70.9

67.5

52.1

22.2

17

4.6
14.5
-0.7
2.7
2.3
1.6

10.9
3.5
-4.8
2.6
2.0
-16.2

19.3
7.4
0.1
0.1
20.3
0.0

11.7
11.8
1.4
-1.9
20.7
0.1

-0.4
4.7
-0.3
2.6
19.4
11.3

0.5
18.5
3.6
-11.7
21.1
18.4

22.6
-2.4
-4.0
3.2
21.0
-23.5

24.2
26.5
6.5
-1.8
21.4
-5.9

28.0
-1.1
-2.9
8.4
20.1
15.0

30.1
-3.3
-3.0
-0.7
19.1
9.9

30.5
10.3
1.7
-3.5
19.5
-36.4

18
19
20
21
22
23

0.5
-79.4
236.4

11.3
-41.5
61.7

2.0
179.3
680.2

7.4
214.3
266.9

7.4
127.4
404.8

7.4
176.6
478.9

7.4
284.1
241.5

7.4
269.2
-57.6

7.4
16.6
585.3

7.4
202.2
457.5

7.4
215.5
464.2

24
25
26

204.4

141.1

931.6

667.6

699.5

751.4

519.8

699.5

584.5

596.9

703.3

27

171.4

192.8

428.8

597.3

503.3

606.4

650.9

628.5

797.6

716.9

669.8

28

18
19
20
21
22
23
24
25
26
27
28

Net financial investment

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

-57.9
3.1
132.3

-35.1
3.5
158.3

16.8
5.1
77.7

-7.9
7.4
59.9

49.8
6.3
34.3

5.8
6.7
30.1

2.8
6.5
99.6

-89.9
9.9
75.5

42.1
3.8
213.5

40.1
7.6
207.3

-14.3
3.2
119.6

29
30
31

32
33
34

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

-84.0
15.0
163.0

-75.2
6.8
134.5

28.2
19.8
281.1

113.2
76.9
347.8

90.2
78.4
244.3

158.6
71.1
334.1

70.1
41.7
430.2

133.9
116.3
382.7

188.9
45.3
304.0

76.8
83.5
301.5

148.8
68.0
344.4

32
33
34

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

-41.6
46.3
13.4
98.2

-42.0
-78.5
-12.1
56.3

-126.6
130.6
14.3
537.2

-363.4
178.5
13.4
302.3

-264.3
170.5
22.4
314.4

-300.1
199.3
-0.8
332.1

-469.9
218.8
-2.2
210.5

-419.2
125.5
34.3
352.4

-570.0
122.0
12.5
295.9

-614.8
202.4
-20.3
374.6

-579.6
160.6
4.3
496.4

35
36
37
38

39

Proprietors’ net investment

-83.3

24.7

-52.7

-60.6

-46.8

-85.6

-88.3

-21.9

-73.6

-61.9

-48.2

39

28.9

12.2

-109.3

31.8

35.5

84.7

20.3

-13.1

-36.8

-51.9

-73.3

40

40

Discrepancy

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

18

Z.1, December 7, 2006

F.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

1
2
3
4
5
6
7
8
9
10

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

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

336.4
96.6
252.7
733.9
720.9
92.6
-2.2
0.0
811.3

424.3
135.1
290.6
733.4
732.0
112.7
-13.6
0.2
831.3

622.5
184.8
364.7
750.2
823.2
108.0
-39.8
0.0
891.5

931.3
250.9
226.2
598.8
1053.0
-34.3
-32.6
0.0
986.2

874.2
237.9
362.4
581.7
855.6
82.3
-39.2
0.0
898.8

930.1
244.4
300.7
582.2
967.3
23.8
-21.0
0.0
970.1

933.5
255.3
124.0
642.2
1196.4
-101.7
-30.9
0.0
1063.9

987.3
265.9
117.7
589.2
1192.9
-141.7
-39.2
0.0
1012.0

1049.4
280.3
375.3
601.9
995.7
115.7
-22.9
0.0
1088.5

1062.2
282.7
390.4
602.9
992.1
132.1
-58.9
0.0
1065.3

1112.5
297.1
395.9
604.2
1023.6
120.1
-37.2
0.0
1106.6

1
2
3
4
5
6
7
8
9

Gross investment

782.4

819.1

1000.8

954.3

863.3

885.3

1043.6

1025.1

1125.4

1117.2

1179.8

10

737.1
734.4
13.6
-10.9

749.9
747.5
13.2
-10.8

822.4
786.9
46.5
-11.0

881.8
872.8
19.9
-10.9

887.0
843.0
55.6
-11.5

849.7
861.4
-0.8
-10.9

857.2
882.1
-15.8
-9.2

933.5
904.6
40.7
-11.8

969.7
942.0
39.7
-12.0

1005.8
958.6
56.9
-9.7

1030.3
982.9
61.6
-14.1

11
12
13
14

45.2

69.2

178.4

72.5

-23.8

35.6

186.4

91.6

155.6

111.4

149.5

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

130.1

82.6

785.2

394.7

408.6

417.1

410.9

342.1

399.3

424.3

502.4

16

17
18
19
20
21

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

5.1
-34.9
10.2
27.8
2.2

17.6
51.7
71.5
-38.5
-0.2

15.6
-34.2
57.7
27.7
0.4

20.1
-37.3
45.6
35.8
8.5

6.4
-80.1
62.7
-10.2
-0.9

-7.1
-31.0
-64.6
23.4
9.1

16.3
-28.2
43.7
50.3
12.4

64.8
-9.7
140.5
79.8
13.3

-37.5
-71.5
11.1
13.2
-17.1

27.4
-227.1
-38.3
69.4
5.9

-3.1
-164.5
-15.2
110.6
20.4

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

4.6
14.5
-0.7
2.8
2.9
1.6
-98.3
0.5

10.9
1.4
-4.8
3.3
2.2
-16.2
-17.3
11.3

19.3
0.2
0.1
-0.4
16.1
0.0
125.4
2.0

11.7
3.9
1.4
-2.4
16.1
0.1
154.7
7.4

-0.4
-0.9
-0.3
2.3
16.1
11.3
85.2
7.4

0.5
9.9
3.6
-12.2
16.1
18.4
111.6
7.4

22.6
-10.8
-4.0
2.7
16.1
-23.5
221.1
7.4

24.2
17.5
6.5
-2.4
16.1
-5.9
201.2
7.4

28.0
-7.9
-2.9
7.9
16.1
15.0
-34.7
7.4

30.1
-8.2
-3.0
-1.0
16.1
9.9
164.9
7.4

30.5
4.6
1.7
-3.8
16.1
-36.4
172.0
7.4

22
23
24
25
26
27
28
29

30
31
32
33
34
35

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

191.7
129.7
17.4
0.0
24.7
19.8

-10.3
122.9
18.4
0.0
13.7
-165.4

555.1
219.8
18.9
0.0
41.3
275.0

128.9
-8.5
20.7
0.0
-52.7
169.4

310.0
76.2
11.2
0.0
-6.3
229.0

332.0
137.1
14.9
0.0
13.7
166.4

84.8
-147.7
42.8
0.0
22.3
167.3

-211.3
-99.4
13.8
0.0
-240.6
115.0

472.1
209.7
4.6
0.0
11.8
246.0

371.0
155.6
12.0
0.0
16.9
186.5

362.1
162.3
6.6
0.0
18.3
174.9

30
31
32
33
34
35

84.9

13.4

606.8

322.2

432.4

381.4

224.4

250.5

243.7

312.9

352.9

36

-26.0
-41.6
15.6
-57.9
3.1
132.3
-108.2

46.6
-42.0
88.6
-35.1
3.5
158.3
-85.9

51.1
-126.6
177.7
16.8
5.1
77.7
14.6

-84.1
-363.4
279.3
-7.9
7.4
59.9
62.1

22.9
-264.3
287.2
49.8
6.3
34.3
56.9

-48.4
-300.1
251.7
5.8
6.7
30.1
91.0

-156.9
-469.9
313.0
2.8
6.5
99.6
42.3

-153.9
-419.2
265.3
-89.9
9.9
75.5
58.4

-101.5
-570.0
468.5
42.1
3.8
213.5
110.3

-191.0
-614.8
423.8
40.1
7.6
207.3
42.8

-191.3
-579.6
388.3
-14.3
3.2
119.6
88.0

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

12.0
1.7
3.4
-0.3
0.3
10.1
-3.3
34.4

1.5
5.0
-2.1
0.7
-0.2
-0.8
-1.1
46.4

17.2
0.7
8.8
0.5
-0.4
6.3
1.4
46.3

71.4
1.9
24.9
0.8
0.0
60.6
-16.8
86.4

80.3
-2.4
-17.4
0.4
-0.0
92.8
6.9
59.6

62.6
8.7
22.8
1.0
0.0
59.2
-29.1
55.5

40.1
-2.6
29.0
0.9
1.3
30.3
-18.7
121.7

102.6
4.1
65.1
0.8
-1.2
60.0
-26.3
108.7

17.4
1.9
9.9
0.9
0.2
1.7
2.8
81.4

59.0
6.9
43.4
0.8
0.2
1.3
6.4
66.9

51.7
4.1
22.1
0.9
0.5
39.5
-15.5
140.0

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

19.7
11.9
79.3
27.5
1.5
50.3

-54.7
-11.7
33.2
23.9
-0.2
9.4

101.6
6.8
447.3
28.6
-3.1
421.8

148.2
5.1
253.0
42.9
-1.9
212.0

149.3
16.5
243.8
44.3
-4.6
204.1

166.2
-9.8
273.5
34.7
-6.4
245.2

186.7
-11.0
205.7
44.3
9.3
152.1

90.7
24.8
288.9
48.2
-5.9
246.6

79.5
5.4
260.3
110.3
-2.0
152.0

167.0
-25.5
362.4
91.2
-2.0
273.1

122.1
-1.8
423.9
61.2
-1.9
364.6

52
53
54
55
56
57

58

Discrepancy

28.9

12.2

-109.3

31.8

35.5

84.7

20.3

-13.1

-36.8

-51.9

-73.3

58

59

Memo:
Financing gap (6)

18.4

31.5

38.9

-138.6

70.6

-96.6

-308.4

-220.2

-3.1

72.6

43.9

59

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

19

Z.1, December 7, 2006

F.103 Nonfarm Noncorporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1
2

Net income with IVA and CCAdj
Gross saving = capital consumption

817.4
151.5

836.2
161.4

922.4
177.3

979.5
212.4

982.4
177.6

992.2
188.1

931.5
278.3

1011.8
205.4

1025.5
185.4

1032.6
195.7

1032.0
201.5

1
2

3

Gross investment

151.5

161.4

177.3

212.4

177.6

188.1

278.3

205.4

185.4

195.7

201.5

3

4
5
6

Capital expenditures
Fixed investment (1)
Change in inventories

182.7
182.0
0.7

192.4
191.7
0.7

207.4
204.9
2.4

241.8
240.8
1.0

218.4
215.5
2.9

223.3
223.3
-0.0

232.9
233.7
-0.8

292.7
290.5
2.1

249.8
247.7
2.1

272.0
269.0
3.0

310.6
307.3
3.2

4
5
6

7

Net financial investment

-31.2

-31.1

-30.1

-29.5

-40.8

-35.1

45.4

-87.3

-64.4

-76.3

-109.1

7

8

Net acquisition of financial assets

78.2

84.0

271.7

300.4

211.1

326.1

323.1

341.2

255.9

188.5

219.9

8

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

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

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

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

27.3
49.8
8.5
7.1
0.4
4.1
0.0
53.9
120.5
3.5
0.3
116.6

30.1
55.1
9.3
7.9
0.5
4.6
0.0
59.6
133.2
4.9
-0.6
128.9

21.3
39.0
6.6
5.6
0.3
3.2
0.0
42.2
92.7
2.6
-1.3
91.3

32.9
60.2
10.2
8.6
0.5
5.0
0.0
65.1
143.6
3.5
-0.8
140.8

31.9
58.3
9.9
8.4
0.5
4.9
0.0
63.1
146.2
10.1
-0.3
136.4

34.4
62.9
10.7
9.0
0.5
5.3
0.0
68.0
150.4
3.3
-0.0
147.2

25.9
47.4
8.0
6.8
0.4
4.0
0.0
51.3
112.0
1.1
-0.0
111.0

18.9
34.5
5.9
4.9
0.3
3.0
0.0
37.3
83.7
2.8
0.0
80.8

22.0
40.1
6.8
5.8
0.3
3.4
0.0
43.4
98.0
3.9
0.2
94.0

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

109.4

115.0

301.8

329.8

251.9

361.2

277.7

428.5

320.3

264.8

329.0

21

148.0
25.1
1.9
121.0
26.0
1.5
18.9
-85.0

96.5
11.1
5.2
80.2
-24.5
-0.4
23.1
20.3

239.6
11.4
1.5
226.7
28.1
7.5
89.9
-63.3

305.4
48.9
1.3
255.3
31.0
8.3
49.4
-64.3

211.8
36.0
-3.6
179.4
22.0
5.9
70.6
-58.4

336.7
65.0
4.6
267.1
33.9
9.1
58.7
-77.1

316.3
21.8
-5.5
300.0
32.8
8.8
4.8
-85.0

356.9
72.6
9.7
274.5
35.4
9.5
63.5
-36.7

300.3
76.0
12.2
212.1
26.7
7.2
35.6
-49.5

268.1
29.1
19.9
219.1
19.4
5.2
12.2
-40.2

258.0
57.2
14.1
186.7
22.6
6.1
72.5
-30.2

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

10.6
-1.8
22.5
4.2
18.3

29.2
-1.5
22.9
4.4
18.5

36.2
-1.4
24.3
4.6
19.7

30.2
-1.4
26.0
5.0
21.0

33.9
-1.4
23.6
4.7
18.9

28.7
-1.4
24.1
4.8
19.3

29.7
-1.3
30.8
5.4
25.4

28.7
-1.5
25.6
4.9
20.6

23.9
-1.7
25.3
4.9
20.4

17.5
-1.8
25.7
5.0
20.7

20.8
-2.1
25.8
5.0
20.8

1
2
3
4
5

6

Gross saving

20.7

21.4

22.9

24.6

22.2

22.7

29.5

24.1

23.6

23.9

23.7

6

7

Gross investment

20.7

21.4

22.9

24.6

22.2

22.7

29.5

24.1

23.6

23.9

23.7

7

8
9
10

Capital expenditures
Fixed investment (2)
Change in inventories

26.2
28.7
-2.5

28.8
28.4
0.4

40.3
31.9
8.4

34.7
34.4
0.3

34.7
33.8
0.8

27.5
34.2
-6.7

36.0
34.7
1.3

40.7
34.9
5.8

41.7
36.4
5.4

39.1
36.7
2.3

40.0
37.5
2.4

8
9
10

11

Net financial investment

-5.5

-7.4

-17.3

-10.1

-12.4

-4.8

-6.5

-16.6

-18.2

-15.2

-16.2

11

12

Net acquisition of financial assets

4.6

5.3

5.6

5.5

2.8

4.0

11.1

3.9

2.3

4.0

5.2

12

13
14
15
16

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

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
4.8
4.7
0.1

0.7
2.1
2.5
-0.4

0.7
3.4
3.4
-0.0

0.7
10.5
9.7
0.8

0.7
3.2
3.1
0.1

1.2
1.2
1.0
0.1

1.2
2.8
2.7
0.1

1.2
4.0
3.7
0.3

13
14
15
16

10.2

12.7

23.0

15.5

15.2

8.8

17.7

20.5

20.5

19.2

21.4

17

7.8
-0.9
1.1
7.6
0.6
1.7

7.7
-0.4
0.1
8.0
0.7
4.4

11.5
2.2
1.2
8.1
0.9
10.6

12.6
2.2
4.2
6.2
-0.7
3.7

4.4
-2.7
1.8
5.3
-0.7
11.6

18.0
2.6
3.9
11.5
-0.7
-8.5

21.6
6.1
7.1
8.5
-0.7
-3.3

6.4
2.9
4.0
-0.5
-0.7
14.8

28.8
2.6
15.7
10.4
15.8
-24.1

25.0
4.9
4.6
15.5
15.9
-21.7

23.5
3.5
2.2
17.7
15.9
-18.0

18
19
20
21
22
23

17
18
19
20
21
22
23

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

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

20

Z.1, December 7, 2006

F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

1

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1410.1

1494.2

1592.6

1700.6

1672.2

1702.9

1697.8

1729.6

1755.4

1795.5

1805.0

1

221.3
675.5
32.2
15.8
78.2
384.7
2.5

226.6
717.5
35.3
19.8
72.9
422.7
-0.6

248.4
769.4
43.1
24.2
73.3
438.0
-3.8

275.2
821.2
58.0
25.3
75.3
456.1
-10.5

266.7
803.8
58.7
25.3
74.4
448.7
-5.4

280.9
817.5
57.1
25.3
75.0
453.8
-6.8

274.0
827.9
54.7
25.3
75.6
462.0
-21.7

279.3
835.7
61.3
25.2
76.3
459.8
-7.9

293.4
851.4
66.4
24.8
76.7
450.5
-7.8

311.1
863.3
68.8
24.7
77.4
458.3
-8.2

298.6
872.3
70.9
24.7
78.1
468.8
-8.5

2
3
4
5
6
7
8

Current expenditures, NIPA basis

1444.3

1514.5

1605.5

1703.9

1661.2

1690.5

1717.2

1746.8

1742.7

1769.4

1807.0

9

10
11
12
13
14

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

1025.3
332.0
86.0
0.9
0.0

1073.8
353.0
87.7
0.1
0.0

1130.3
382.9
91.8
0.4
0.0

1207.2
402.3
94.2
0.4
0.0

1174.6
393.4
92.8
0.4
0.0

1192.8
403.8
93.5
0.4
0.0

1217.8
404.5
94.5
0.4
0.0

1243.4
407.3
95.8
0.4
0.0

1256.2
390.4
95.8
0.4
0.0

1280.7
391.7
96.6
0.4
0.0

1298.0
411.0
97.6
0.4
0.0

10
11
12
13
14

15

Net state and local govt. saving, NIPA basis

-34.2

-20.4

-12.9

-3.3

10.9

12.4

-19.3

-17.2

12.7

26.1

-2.0

15

16
17

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

122.7
52.1

127.8
51.6

136.7
51.9

153.2
53.9

144.7
52.3

147.9
55.2

165.9
54.4

154.3
53.8

156.7
55.6

159.2
56.0

161.4
58.0

16
17

18

= Gross saving and net capital transfers

140.7

159.0

175.7

203.8

207.9

215.5

201.0

190.9

225.0

241.4

217.4

18

19

Gross investment

171.1

202.7

229.7

236.8

249.5

253.5

227.1

216.9

248.0

276.1

253.9

19

287.3
11.6

278.7
11.3

287.7
11.5

288.7
11.6

294.0
11.8

301.7
12.0

313.5
12.2

316.1
12.3

20
21

2
3
4
5
6
7
8
9

Current receipts, NIPA basis

2003

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

20
21

Fixed investment
Nonproduced nonfinancial assets

256.1
10.6

262.2
10.9

270.0
11.0

22

Net financial investment

-95.6

-70.4

-51.3

-62.1

-40.5

-45.7

-73.2

-88.9

-65.7

-49.6

-74.5

22

76.6

79.1

94.8

142.5

158.2

113.8

177.2

121.0

34.7

110.5

138.5

23

5.2
8.8
1.6
-16.3

3.5
8.0
4.0
7.9

-4.6
6.9
3.4
6.7

8.5
29.5
2.6
5.1

40.4
60.2
2.6
5.1

8.8
-1.1
0.9
1.8

-24.1
28.9
3.9
7.7

8.7
30.1
3.0
5.9

-4.1
11.5
2.3
4.5

3.0
10.4
3.0
5.9

11.2
34.5
5.8
11.3

24
25
26
27

86.2

58.3

64.5

100.5

112.6

92.2

124.7

72.5

10.7

61.5

79.7

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

14.3
26.2
41.7

10.3
9.5
22.5

8.8
23.2
19.1

6.7
68.8
14.6

6.7
80.9
14.6

2.3
81.2
5.1

10.1
77.1
22.0

7.7
36.1
16.8

5.9
-1.2
0.9

7.8
24.9
16.9

14.9
15.7
32.3

29
30
31

32
33
34

Municipal securities
Corporate and foreign bonds
Mortgages

0.1
9.1
-5.3

0.3
7.1
8.5

0.2
6.0
7.2

0.2
4.6
5.5

0.2
4.6
5.5

0.1
1.6
1.9

0.3
7.0
8.3

0.2
5.3
6.3

0.2
0.1
4.9

0.2
5.3
6.4

0.4
10.2
6.2

32
33
34

10.3
2.1

-17.0
-5.2

-4.8
-1.5

-0.7
-0.2

13.5
4.1

-6.2
-1.9

-7.3
-2.2

-2.8
-0.9

-15.8
-4.8

12.7
3.9

-6.9
-2.1

35
36

2.6
4.8
-28.5

8.1
7.8
3.7

6.9
25.3
-8.0

5.3
42.8
-50.8

5.3
40.4
-126.0

1.8
42.5
-25.0

7.9
40.2
-2.5

6.0
48.0
-49.5

4.6
51.2
-25.4

6.1
52.1
-48.1

11.6
55.5
-62.2

37
38
39

172.3

149.4

146.1

204.6

198.7

159.5

250.4

209.9

100.3

160.1

213.0

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

143.9

120.3

115.3

171.3

166.5

126.5

216.8

175.3

65.2

123.7

176.3

41

42
43
44
45

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

143.4
25.2
118.2
0.5

120.0
10.4
109.6
0.3

115.1
-5.9
121.0
0.2

170.8
5.7
165.1
0.5

166.2
4.5
161.7
0.3

126.1
-20.7
146.8
0.4

216.2
12.8
203.4
0.6

174.7
26.3
148.4
0.6

64.5
0.3
64.3
0.6

123.0
-8.2
131.1
0.7

175.7
-7.3
183.0
0.6

42
43
44
45

28.4

29.2

30.8

33.3

32.2

32.9

33.6

34.6

35.2

36.3

36.7

46

-30.5

-43.7

-54.0

-32.9

-41.6

-38.0

-26.2

-26.0

-23.0

-34.7

-36.5

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, December 7, 2006

F.106 Federal Government
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

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

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1853.2

1879.9

2001.0

2246.7

2214.5

2240.3

2182.4

2349.8

2490.9

2523.2

2562.2

1

830.5
87.3
150.5
7.3
734.3
20.2
24.8
-1.6

774.5
89.7
197.8
8.9
758.9
22.9
25.0
2.3

801.4
94.6
244.5
9.7
802.2
22.1
27.7
-1.2

927.9
101.1
326.4
10.8
855.3
22.9
7.1
-4.9

891.2
97.9
327.6
11.3
838.3
22.8
29.1
-3.7

910.9
102.7
321.4
9.3
846.1
23.8
30.5
-4.5

941.0
102.4
309.5
11.4
863.2
22.8
-61.7
-6.0

968.4
101.6
347.1
11.4
873.8
22.3
30.6
-5.4

1039.2
101.1
374.3
10.4
911.9
23.3
32.2
-1.4

1049.9
103.0
389.4
10.9
914.1
24.2
32.8
-1.1

1067.0
100.9
402.1
11.7
923.3
25.1
33.6
-1.5

2
3
4
5
6
7
8
9

10

Current expenditures, NIPA basis

2101.1

2252.1

2383.0

2555.9

2502.0

2529.9

2578.5

2613.3

2637.9

2686.2

2731.9

10

11
12
13
14
15
16

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

591.5
919.6
323.4
229.1
37.5
0.0

662.7
966.5
362.2
212.9
47.8
0.0

724.5
1018.4
374.9
220.9
44.3
0.0

768.6
1081.7
395.0
253.8
56.9
0.0

758.0
1065.9
395.2
230.9
51.9
0.0

760.8
1076.4
385.4
252.1
55.2
0.0

784.3
1087.8
393.5
255.2
57.7
0.0

771.1
1096.7
405.7
277.1
62.7
0.0

803.6
1148.8
373.3
257.5
54.7
0.0

802.3
1166.4
380.3
285.4
51.9
0.0

808.8
1175.6
391.1
304.9
51.6
0.0

11
12
13
14
15
16

17

Net federal government saving, NIPA basis

-247.9

-372.1

-382.0

-309.2

-287.6

-289.6

-396.0

-263.6

-147.0

-163.1

-169.7

17

18
19
20

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

88.9
-1.7
-23.1

90.4
-0.6
-40.4

94.1
0.0
-38.4

99.0
0.7
-42.0

97.5
4.5
-47.7

98.2
-0.0
-41.4

99.8
-3.7
-40.4

100.7
1.9
-38.5

102.4
4.0
-43.2

103.7
-1.7
-41.6

105.0
-2.7
-51.4

18
19
20

21

= Gross saving and net capital transfers

-180.5

-321.5

-326.4

-252.8

-242.3

-232.7

-333.0

-203.4

-91.7

-99.2

-113.4

21

22

Gross investment

-173.8

-373.6

-330.3

-239.0

-434.3

-28.7

-270.5

-222.6

-443.5

229.7

-122.1

22

88.1
0.3

93.7
-0.2

101.4
0.0

109.8
-0.6

104.8
0.3

107.6
-0.6

111.5
-2.3

115.1
0.0

118.2
0.2

117.4
-2.3

117.9
0.8

23
24

-262.2

-467.1

-431.7

-348.2

-539.4

-135.7

-379.7

-337.8

-561.8

114.7

-240.8

25

24.8

33.9

-2.9

15.0

92.2

-33.6

-51.3

52.7

-0.3

57.1

-21.4

26

3.4
-17.1
17.1

-1.8
9.2
-25.2

-3.1
-31.0
-0.0

-14.4
12.2
-1.0

-21.6
39.9
-0.1

2.9
-31.1
-2.8

-19.4
-9.7
1.5

-19.5
49.5
-2.5

-2.3
-64.0
0.4

1.9
77.7
0.2

2.1
2.8
13.0

27
28
29

23
24

Fixed investment
Nonproduced nonfinancial assets

25

Net financial investment

26

Net acq. of financial assets

27
28
29

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

30
31
32
33
34

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

9.5
0.0
-3.7
0.5
12.7

-2.7
0.0
-1.5
-2.5
1.3

3.3
0.0
-2.6
1.6
4.3

-2.7
0.0
-8.8
2.4
3.8

0.9
0.0
-10.2
1.1
10.0

-6.2
0.0
-9.3
0.6
2.6

-6.3
0.0
-10.4
3.8
0.3

0.8
0.0
-5.3
4.0
2.1

5.1
0.0
-7.4
1.8
10.7

9.4
0.0
-0.8
6.9
3.3

-7.9
0.0
-1.0
3.3
-10.2

30
31
32
33
34

35
36
37

Trade receivables
Taxes receivable
Miscellaneous assets

-3.3
15.2
0.0

19.1
33.9
1.4

10.5
16.9
0.6

9.1
13.2
-1.4

-6.4
83.6
-4.1

16.2
-11.4
-1.2

18.8
-34.7
-1.5

7.8
15.3
1.2

-15.5
69.2
6.9

6.3
-39.3
0.9

6.7
-37.0
-1.1

35
36
37

286.9

501.0

428.8

363.2

631.7

102.2

328.4

390.4

561.5

-57.6

219.4

38

0.0
1.0

0.0
0.6

0.0
0.7

0.0
0.8

0.0
0.8

0.0
1.1

0.0
0.9

0.0
0.3

0.0
0.6

0.0
0.8

0.0
1.0

39
40

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

569.7
-0.2
570.6
-0.7
0.0

25.1
0.3
26.2
-1.4
0.0

263.9
-1.1
265.3
-0.4
0.0

368.9
3.8
364.3
0.8
0.0

531.5
3.8
528.7
-1.0
0.0

-116.1
-2.7
-113.7
0.2
0.0

160.1
-4.8
165.9
-1.0
0.0

41
42
43
44
45

0.8
1.6
26.0
24.5
1.5

72.6
1.1
30.7
24.7
6.0

14.8
1.1
50.3
40.9
9.3

12.4
1.1
41.9
40.0
1.9

15.1
0.0
46.1
42.1
4.0

15.4
1.7
58.9
33.8
25.1

15.4
0.3
48.0
40.9
7.1

3.9
2.6
14.7
43.1
-28.4

7.9
0.3
21.2
32.5
-11.3

20.2
2.2
35.4
18.7
16.7

9.6
0.5
48.2
43.2
5.0

46
47
48
49
50

-6.7

52.1

3.9

-13.8

192.0

-204.0

-62.5

19.3

351.8

-329.0

8.7

51

-1.6

-24.8

-3.1

4.6

21.0

-45.8

14.8

28.3

-59.4

62.2

51.0

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, December 7, 2006

F.107 Rest of the World
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

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

1769.9
1430.3
275.0
64.5

1889.8
1540.2
280.0
69.7

2237.4
1791.4
363.9
82.1

2587.9
2019.8
481.5
86.6

2477.5
1930.2
437.9
109.4

2534.1
1980.2
460.6
93.3

2554.5
2041.2
475.0
38.4

2785.4
2127.8
552.4
105.2

2824.8
2170.6
574.3
79.9

2952.0
2229.8
638.6
83.5

3036.8
2288.9
662.4
85.5

1
2
3
4

5
6
7

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

1311.6
1005.9
305.7

1377.6
1040.8
336.8

1588.3
1178.1
410.2

1816.5
1303.1
513.3

1726.2
1254.0
472.2

1782.8
1293.8
489.0

1839.6
1312.4
527.2

1917.3
1352.4
564.9

2008.7
1405.4
603.3

2109.5
1448.1
661.4

2163.3
1486.7
676.6

5
6
7

8
9

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

1.4
459.7

3.4
515.6

2.2
651.3

4.3
775.7

10.7
762.0

2.4
753.6

2.1
717.0

2.0
870.2

6.9
823.0

3.4
846.0

9.8
883.3

8
9

Gross investment
Nonproduced nonfinancial assets

501.8
0.1

535.2
0.2

580.1
-0.0

781.0
-0.1

536.1
-0.1

596.9
-0.0

1022.5
-0.1

968.7
-0.0

678.9
-0.2

612.6
-0.1

884.5
1.0

10
11

10
11
12
13

Net financial investment
Net acquisition of financial assets

501.7

535.0

580.2

781.1

536.2

596.9

1022.6

968.7

679.1

612.7

883.5

12

771.2

824.0

1320.6

1045.5

805.7

1001.2

1505.4

869.8

1469.9

1312.2

1439.3

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

-0.5
4.2
20.9
31.7
39.1

0.6
-9.7
28.9
-9.1
270.1

-0.4
8.4
42.4
72.9
204.9

4.5
-6.6
45.0
41.6
47.4

6.9
-57.7
-59.5
-191.4
5.8

-0.4
113.7
135.5
259.4
60.4

11.9
-22.4
74.1
102.5
200.8

-0.3
-59.8
29.7
-4.2
-77.2

-0.3
-50.2
75.2
98.3
223.2

-0.2
-145.5
63.8
219.3
1.5

-0.3
14.2
40.1
104.1
143.6

14
15
16
17
18

19
20
21
22
23
24
25
26
27
28
29

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

430.5
18.1
138.9
60.5
78.4
112.3
30.5
81.8
3.5
147.5
10.1

516.3
9.2
276.0
184.9
91.0
3.1
39.9
-36.8
8.0
220.8
-0.8

772.9
44.8
346.8
263.3
83.4
109.0
41.7
67.4
6.5
259.5
6.3

847.8
8.6
287.1
71.7
215.4
157.1
84.7
72.4
4.0
330.4
60.6

794.6
-21.0
379.0
36.9
342.1
101.5
95.1
6.4
4.0
238.2
92.8

714.6
42.7
124.8
67.6
57.2
157.2
77.7
79.5
4.0
326.7
59.2

846.2
-10.6
242.4
32.9
209.5
207.0
70.9
136.1
4.0
373.1
30.3

1035.9
23.3
402.3
149.7
252.6
162.5
95.1
67.4
4.0
383.8
60.0

745.3
-44.4
130.3
168.6
-38.3
263.7
96.3
167.4
4.0
390.1
1.7

818.6
171.3
10.9
-35.6
46.5
234.0
121.8
112.2
4.0
397.1
1.3

769.5
6.1
163.2
199.1
-35.9
212.8
89.8
123.0
4.0
343.9
39.5

19
20
21
22
23
24
25
26
27
28
29

30
31
32
33
34
35

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

54.1
2.6
0.0
188.7
84.4
104.3

34.0
1.5
0.0
-8.5
64.0
-72.5

61.8
-1.1
0.0
158.9
133.2
25.7

86.6
7.8
0.0
-28.6
109.8
-138.3

71.1
11.4
0.0
224.7
122.2
102.5

53.0
13.0
0.0
-347.9
33.0
-380.9

126.3
6.5
0.0
159.5
177.8
-18.3

96.0
0.3
0.0
-150.6
106.0
-256.6

223.6
13.8
0.0
141.0
181.1
-40.1

16.8
16.9
0.0
320.9
193.7
127.3

97.8
8.1
0.0
262.1
181.4
80.7

30
31
32
33
34
35

269.5

288.9

740.4

264.4

269.5

404.4

482.7

-98.9

790.8

699.5

555.8

36

3.2
21.0

-0.9
36.6

-3.2
89.9

-9.6
86.8

-14.5
420.0

2.8
-210.5

-7.2
91.2

-19.5
46.6

-2.3
229.1

2.0
239.7

2.1
96.4

37
38

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

31.7
12.9
28.7
-7.7
-0.5
-1.5
-5.7
-2.1
0.0

123.5
62.8
61.8
2.5
0.9
2.8
-1.3
-3.7
0.1

84.7
38.5
38.0
12.9
-2.8
3.1
12.6
-4.6
-0.0

56.2
6.2
41.3
12.1
0.9
1.4
9.9
-3.7
0.4

84.5
10.0
84.4
-5.3
-1.9
-1.8
-1.6
-4.9
0.3

84.7
78.5
8.5
5.2
-9.7
9.9
5.0
-6.9
-0.5

113.3
59.1
17.9
39.5
-0.6
2.9
37.2
-2.9
-0.3

109.3
62.6
50.6
7.6
-1.8
-1.8
11.2
-11.6
0.1

101.6
-58.9
139.1
28.2
1.6
7.3
19.3
-6.6
-0.3

412.7
249.3
176.7
-5.2
-1.1
-4.9
0.8
-7.3
-0.7

39
40
41
42
43
44
45
46
47

17.0
-4.9
0.0
140.4
1.5
0.1
154.5
-15.7

118.0
6.1
0.0
97.4
1.4
0.2
149.9
-54.1

84.8
3.5
0.0
442.0
2.0
-0.0
244.1
195.9

142.1
6.3
0.0
-45.9
1.3
-2.2
9.1
-54.1

160.2
-5.9
0.0
-346.5
1.5
-8.1
125.0
-464.9

98.5
12.2
0.0
416.9
1.4
-0.4
135.8
280.1

138.7
2.2
0.0
173.1
1.2
-0.2
-121.4
293.5

171.2
16.6
0.0
-427.2
1.0
0.0
-103.2
-325.0

164.2
8.9
0.0
281.7
7.4
-0.0
245.0
29.3

69.7
20.0
0.0
266.4
0.6
0.0
188.4
77.3

32.9
21.5
0.0
-9.8
1.3
0.1
213.4
-224.7

48
49
50
51
52
53
54
55

-42.0

-19.6

71.2

-5.3

225.9

156.8

-305.5

-98.5

144.1

233.4

-1.3

56

-424.4
30.6
64.5
-458.3

-499.4
56.8
69.7
-512.3

-613.2
46.3
82.1
-649.0

-716.7
31.9
86.6
-771.4

-676.2
34.3
109.4
-751.3

-686.4
28.4
93.3
-751.3

-728.8
52.2
38.4
-714.9

-775.4
12.5
105.2
-868.2

-765.2
29.1
79.9
-816.1

-781.8
22.7
83.5
-842.6

-802.2
14.2
85.5
-873.5

57
58
59
60

36
37
38

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

39
40
41
42
43
44
45
46
47

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

48
49
50
51
52
53
54
55

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

56
57
58
59
60

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

23

Z.1, December 7, 2006

F.108 Monetary Authority (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

0.3

-0.8

3.1

6.2

5.7

6.2

6.3

6.8

6.8

7.4

7.3

1

2

Fixed nonresidential investment

2.1

2.1

2.6

2.8

2.8

2.8

2.8

2.8

2.9

3.0

3.0

2

3

Net acquisition of financial assets

70.7

43.2

44.4

37.4

28.7

35.3

23.9

61.5

30.2

40.4

-17.5

3

0.3
0.0
1.6

0.3
0.0
0.9

0.3
0.0
1.0

0.3
0.0
0.1

0.3
0.0
0.4

0.3
0.0
0.3

0.3
0.0
-0.7

0.4
0.0
0.4

0.3
0.0
5.4

0.3
0.0
0.4

0.3
0.0
0.4

4
5
6

0.4
0.0
-10.8

-0.7
0.0
4.3

1.2
-0.0
-10.8

-0.0
0.0
13.8

-9.4
0.0
43.1

1.7
0.7
3.4

2.7
2.7
-34.8

4.8
-3.4
43.3

-7.0
2.0
-32.0

-0.7
-1.1
2.3

-0.2
0.1
-37.6

7
8
9

77.7

37.2

51.2

26.4

2.0

31.8

56.9

14.9

63.0

35.3

20.3

10

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
2.0
0.0
0.0

0.0
31.8
0.0
0.0

0.0
56.9
0.0
0.0

0.0
14.9
0.0
0.0

0.0
63.0
0.0
0.0

0.0
35.3
0.0
0.0

0.0
20.3
0.0
0.0

11
12
13
14

1.4

1.3

1.5

-3.2

-7.7

-2.9

-3.2

1.1

-1.4

3.9

-0.7

15

4
5
6

Gold and foreign exchange
SDR certificates
Treasury currency

7
8
9

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

10
11
12
13
14
15
16

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

69.6

42.8

41.7

36.1

27.2

31.9

20.3

64.9

24.4

37.8

-18.7

16

17
18

Depository institution reserves
Vault cash of commercial banks

5.1
0.5

0.5
0.1

1.0
-6.4

-5.0
8.5

-3.7
38.7

-11.6
5.9

-5.6
-15.4

0.9
5.0

-1.5
-5.0

-4.5
2.5

-14.8
-8.5

17
18

19
20
21
22

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

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

37.1
0.1
-0.1
37.1

29.2
-1.4
-0.0
30.6

11.4
-4.2
0.2
15.4

17.2
-6.1
-0.2
23.4

42.6
-0.4
0.2
42.8

45.4
5.0
-0.3
40.7

38.0
1.6
0.1
36.4

16.9
-1.4
0.2
18.0

5.5
0.1
-0.2
5.6

19
20
21
22

23
24
25

Miscellaneous liabilities
Federal Reserve Bank stock
Other

22.6
1.0
21.5

4.3
0.5
3.8

9.9
3.1
6.9

3.4
1.6
1.7

-19.2
2.6
-21.8

20.4
1.5
18.9

-1.3
1.5
-2.8

13.5
0.9
12.6

-7.1
0.9
-8.0

22.9
4.8
18.1

-1.0
0.4
-1.3

23
24
25

-2.8

-3.4

-2.3

2.2

1.4

-0.0

-0.1

7.4

-1.9

1.8

3.0

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, December 7, 2006

F.109 Commercial Banking (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

93.3

86.3

70.4

78.4

73.2

73.4

94.9

72.1

67.0

76.0

74.4

1

2

Fixed nonresidential investment

18.9

19.0

22.4

24.0

23.8

23.9

24.1

24.4

25.4

25.9

26.6

2

3

Net acquisition of financial assets

476.6

506.9

747.5

762.9

1034.3

785.0

826.6

405.7

853.3

907.8

127.2

3

4
5
6

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

0.5
4.5
-0.3

0.1
-0.0
-0.0

-6.4
1.1
1.0

8.5
-4.5
-0.5

38.7
-2.4
0.5

5.9
-11.8
0.7

-15.4
-5.3
-2.1

5.0
1.5
-0.9

-5.0
-0.6
-1.4

2.5
-4.3
-0.3

-8.5
-14.1
-0.7

4
5
6

7

Total bank credit

408.3

331.3

563.5

679.7

990.8

619.2

711.2

397.7

925.0

841.9

226.5

7

43.2
140.5

3.0
83.6

-22.8
96.9

-13.0
-6.8

36.0
95.5

-44.9
-63.3

11.8
-55.4

-54.8
-4.0

-30.5
154.4

39.6
162.2

0.3
-249.1

8
9

1.5
-3.2

10.8
44.6

8.3
77.3

16.9
126.5

20.6
255.9

8.1
186.0

17.5
115.5

21.4
-51.4

12.2
95.2

3.7
138.2

22.0
24.1

10
11

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
159.0
361.2
2.8
34.9

588.5
0.0
137.3
425.4
-5.5
31.3

533.3
0.0
162.6
325.6
16.9
28.2

621.0
0.0
74.0
403.3
81.6
62.0

488.8
0.0
262.2
290.6
-82.0
18.0

696.3
0.0
281.0
319.6
44.7
51.1

496.0
0.0
121.5
346.2
2.4
25.9

419.8
0.0
129.5
143.0
45.9
101.3

12
13
14
15
16
17

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-1.8

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-1.2
-1.0

1.9
-4.6

-2.9
5.2

0.5
8.9

18
19

-0.0
63.6

-0.2
175.7

-0.4
188.6

0.0
79.5

0.3
6.4

0.4
170.6

0.8
137.3

-1.5
3.8

0.2
-64.9

-0.1
68.0

-0.3
-75.8

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

500.3

466.0

935.9

715.7

783.1

854.4

737.3

487.8

707.3

845.5

454.2

22

23
24
25
26

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

11.9
0.4
7.2
4.2

-14.9
-0.7
-4.4
-9.7

24.6
1.2
15.0
8.4

3.1
-0.0
9.6
-6.6

-33.4
-9.3
33.6
-57.7

78.8
2.5
-37.4
113.7

-15.6
5.4
1.4
-22.4

-17.4
1.4
41.0
-59.8

-29.9
-5.0
25.3
-50.2

-137.2
-1.8
10.1
-145.5

4.8
-0.1
-9.3
14.2

23
24
25
26

27
28
29
30

Checkable deposits
Federal government
Rest of the world
Private domestic

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
12.2
19.6

44.6
-3.2
27.6
20.2

-36.9
7.0
26.0
-69.8

17.7
25.3
-64.0
56.5

-49.8
-36.9
121.2
-134.1

-104.8
13.7
53.4
-171.9

-10.6
25.8
-6.6
-29.8

15.4
-61.3
67.4
9.4

-2.0
63.4
59.1
-124.5

-53.5
37.9
35.8
-127.1

27
28
29
30

31
32
33

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

269.4
-2.8
115.5

230.4
18.8
67.6

281.8
186.3
4.1

268.5
229.8
116.6

216.6
210.9
163.1

195.5
179.4
122.0

404.0
337.1
119.7

258.0
191.7
61.6

122.2
320.7
131.4

189.6
292.6
145.2

157.1
312.4
95.2

31
32
33

34

Credit market instruments

49.7

49.2

77.7

85.1

149.3

47.1

82.8

61.2

62.5

195.0

48.4

34

-2.5
22.0
30.2

-6.3
46.9
8.5

10.6
58.3
8.8

4.0
56.7
24.4

27.1
79.3
42.9

-7.3
30.8
23.7

22.5
38.2
22.1

-26.1
78.4
8.9

6.6
47.2
8.7

47.7
90.6
56.8

5.1
41.3
2.0

35
36
37

-10.7
2.6
121.9

-2.4
2.9
83.6

17.6
3.2
296.0

-13.8
3.4
59.9

-22.1
3.3
77.7

11.3
3.4
266.7

-25.0
3.5
-64.3

-19.4
3.5
-40.7

-26.6
3.6
107.9

-13.5
3.7
172.1

-10.4
3.7
-103.5

38
39
40

98.1

26.4

236.4

7.1

-201.7

118.9

-18.5

129.8

-104.4

-12.2

374.8

41

404.4

299.5

582.2

646.6

965.6

591.4

649.2

380.4

876.8

813.7

115.6

42

35
36
37
38
39
40
41

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

42

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table F.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers’ liability on acceptances (line 20).

25

Z.1, December 7, 2006

F.110 U.S.-Chartered Commercial Banks
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

19.8

13.9

7.3

-9.7

2.7

-6.5

-6.1

-28.8

-8.6

6.2

-10.5

1

2

Fixed nonresidential investment

12.5

12.2

14.1

14.8

14.8

14.8

14.8

14.9

15.5

15.8

16.3

2

3

Net acquisition of financial assets

389.0

406.1

584.9

508.2

726.4

364.7

517.3

424.2

652.3

626.6

98.3

3

4

Vault cash and reserves at Federal Reserve

5

Total bank credit

4.4

0.5

-5.2

3.9

36.4

-7.7

-19.6

6.5

-5.8

-1.8

-21.6

4

391.9

331.9

557.9

490.2

735.6

384.1

535.6

305.5

814.4

620.9

92.8

5

6
7
8
9
10

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

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
-3.4
-2.7
-4.4
3.8

27.7
102.2
77.0
30.3
-5.1

-27.2
-94.4
-64.7
-25.7
-3.9

12.3
-24.1
-4.4
-17.9
-1.7

-53.1
2.8
-18.7
-4.4
25.9

-22.2
178.8
178.4
-3.3
3.7

31.2
133.5
162.4
12.1
-41.0

-7.8
-240.6
-248.4
4.3
3.4

6
7
8
9
10

11
12
13
14
15

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

1.5
-0.8
-13.3
8.1
4.4

10.7
41.6
0.2
25.2
16.2

8.5
58.4
6.7
13.4
38.3

16.7
47.3
5.1
40.2
2.0

20.6
101.1
13.2
56.6
31.2

8.1
91.0
12.6
47.8
30.6

17.7
37.5
-3.4
27.1
13.8

20.7
-40.6
-2.2
29.3
-67.6

11.7
55.3
4.1
27.2
24.1

3.2
54.5
4.0
18.2
32.4

20.9
47.2
8.1
-28.2
67.4

11
12
13
14
15

16
17
18
19
20
21

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

239.0
0.0
-58.1
265.7
34.1
-2.7

191.3
0.0
-69.0
195.2
52.8
12.3

421.7
0.0
42.8
333.4
34.9
10.6

441.5
0.0
90.1
355.1
2.8
-6.5

489.8
0.0
82.0
416.6
-5.5
-3.2

406.5
0.0
112.3
321.3
16.9
-44.1

491.5
0.0
4.6
384.5
81.6
20.7

378.0
0.0
161.5
298.0
-82.0
0.5

593.4
0.0
215.8
308.4
44.7
24.5

396.2
0.0
102.9
326.9
2.4
-36.0

263.7
0.0
3.7
145.9
45.9
68.2

16
17
18
19
20
21

22
23

Corporate equities
Mutual fund shares

-0.6
1.7

2.3
-6.2

-0.2
-0.9

-0.0
-1.8

-0.9
-4.9

4.3
-4.3

-2.3
3.1

-1.2
-1.0

1.9
-4.6

-2.9
5.2

0.5
8.9

22
23

0.3
-7.6

-0.2
73.9

-0.5
32.7

-0.0
14.1

0.4
-45.9

-0.2
-11.4

0.8
0.5

-1.2
113.4

0.0
-156.3

0.0
7.5

0.0
27.0

24
25

476.6

427.6

824.8

536.2

533.5

502.5

515.0

593.8

567.6

619.5

497.5

26

57.2
0.4
0.0
20.9
35.9

-20.6
-0.7
0.0
-66.4
46.6

96.9
1.2
-0.0
40.3
55.4

20.4
-0.0
0.0
-1.2
21.6

-45.7
-9.4
0.0
-1.7
-34.6

90.4
1.7
0.7
47.4
40.6

68.0
2.7
2.7
-48.5
111.1

-31.2
4.8
-3.4
-2.0
-30.6

-17.4
-7.0
2.0
7.3
-19.8

-4.9
-0.7
-1.1
-18.2
15.1

146.5
-0.2
0.1
-17.4
164.0

27
28
29
30
31

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

-55.6
-16.4
-0.3
-38.9

28.4
-0.9
12.6
16.7

43.7
-3.2
28.1
18.8

-36.8
7.0
25.8
-69.6

7.4
25.3
-76.5
58.7

-41.3
-36.9
133.5
-137.9

-101.6
13.7
52.7
-168.0

-11.7
25.8
-6.3
-31.2

14.9
-61.3
68.5
7.7

-1.8
63.4
58.2
-123.5

-47.7
37.9
36.5
-122.1

32
33
34
35

36
37
38

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

273.6
24.3
73.6

228.2
2.9
68.5

281.0
115.4
10.1

263.1
166.7
82.6

205.4
128.3
225.1

191.7
127.0
88.6

400.0
207.3
67.4

255.2
204.1
-50.6

115.4
115.3
199.6

187.7
244.7
126.2

133.3
61.0
-20.8

36
37
38

39
40
41
42
43

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

0.3
-0.6
30.2
4.7
2.6

-0.2
5.5
8.5
7.2
2.9

-0.4
9.7
8.8
5.9
3.2

-0.0
12.5
24.4
6.2
3.4

0.4
18.2
42.9
7.2
3.3

-0.2
1.8
23.7
9.0
3.4

0.9
8.3
22.1
9.3
3.5

-1.1
21.6
8.9
-0.7
3.5

0.0
16.9
8.7
4.7
3.6

0.0
25.1
56.8
8.6
3.7

0.0
13.4
2.0
6.3
3.7

39
40
41
42
43

44
45
46

Miscellaneous liabilities
Investment by bank holding companies
Other

66.3
53.1
13.1

96.2
50.5
45.7

250.4
167.2
83.2

-6.2
40.0
-46.2

-59.1
-14.7
-44.4

8.5
91.8
-83.4

-170.1
7.0
-177.1

195.8
75.8
120.0

105.9
70.3
35.6

-26.6
60.8
-87.4

199.6
129.0
70.7

44
45
46

95.0

23.2

233.0

3.5

-205.1

116.6

-23.2

125.8

-108.9

-16.8

372.4

47

393.8

323.3

548.0

498.5

745.0

428.0

514.9

306.1

792.5

654.6

15.2

48

47

Discrepancy
Memo:

48

Credit market funds advanced (2)

(1) Included in other loans and advances (table F.216).
(2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers’ liability on acceptances (line 24).

26

Z.1, December 7, 2006

F.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

5.5

5.7

6.5

7.2

6.9

7.0

7.5

7.4

7.4

7.5

7.6

1

2

Fixed nonresidential investment

6.0

6.3

7.9

8.8

8.6

8.7

8.8

9.0

9.4

9.6

9.9

2

3

Net acquisition of financial assets

9.2

-34.8

-129.2

149.9

357.3

214.3

219.4

-191.4

114.4

133.2

-131.0

3

4

Reserves at Federal Reserve

5

Total bank credit

6
7
8
9

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

10
11
12
13
14

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

15

Corporate equities

16
17

Customers’ liab. on acceptances (2)
Miscellaneous assets

0.6

-0.4

-0.1

0.2

-0.1

1.8

-1.0

0.0

0.1

-0.1

-1.0

4

12.0

-19.8

-8.3

183.5

252.6

191.4

216.1

74.1

99.7

237.3

135.9

5

12.9
10.9
0.0
0.3

-6.5
-7.1
0.0
1.3

-4.1
0.6
0.0
17.7

-2.1
-2.3
0.0
83.5

9.1
-9.3
0.0
158.9

-18.7
27.9
0.0
59.7

0.1
-27.0
0.0
120.6

1.1
-0.6
0.0
-5.3

-14.9
-26.9
0.0
41.4

9.7
29.0
0.0
83.9

11.7
-1.3
0.0
-32.6

6
7
8
9

-12.0
0.0
-18.6
1.1
5.5

-7.5
0.0
-29.0
-1.8
23.2

-22.4
0.0
6.4
-0.3
-28.5

104.5
0.0
60.6
2.5
41.4

93.9
0.0
59.3
0.1
34.5

122.5
0.0
48.5
1.7
72.3

122.5
0.0
70.1
11.1
41.3

78.9
0.0
64.4
-3.0
17.5

100.1
0.0
65.0
8.6
26.5

114.7
0.0
46.2
6.6
61.9

158.2
0.0
124.5
0.6
33.0

10
11
12
13
14

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

15

-0.4
-3.1

-0.0
-14.6

0.1
-120.9

0.1
-33.9

-0.1
104.8

0.6
20.5

0.0
4.3

-0.3
-265.2

0.2
14.4

-0.1
-103.8

-0.3
-265.7

16
17

18

Net increase in liabilities

13.6

-30.0

-124.0

155.6

362.8

219.9

225.1

-185.5

120.4

139.3

-124.8

18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

-42.3
-32.3
-10.0

-6.0
-12.2
6.3

-74.0
-72.6
-1.5

9.0
-8.8
17.8

109.7
46.1
63.5

1.5
89.2
-87.7

-89.1
-151.6
62.5

13.8
-18.9
32.8

-3.5
1.2
-4.8

-110.6
-90.1
-20.5

-102.2
-105.0
2.8

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

-0.7
-2.3
-25.1

1.0
0.9
14.6

-0.7
-0.8
69.3

0.1
0.5
58.2

10.3
5.3
76.6

-11.8
-2.1
46.4

1.5
-1.1
124.8

0.4
0.1
-15.0

-0.8
2.9
201.6

0.5
1.2
47.2

-2.0
24.3
252.1

22
23
24

25
26

Federal funds and security RPs (net)
Acceptance liabilities

39.5
-0.4

-1.9
-0.1

-4.7
0.1

34.2
0.0

-60.5
-0.1

26.7
0.5

54.8
0.1

115.7
-0.3

-65.7
0.3

19.4
-0.2

118.1
-0.1

25
26

27
28
29
30

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

44.8
2.1
19.1
23.6

-38.6
4.2
7.2
-50.0

-113.2
17.9
32.7
-163.8

53.6
10.2
21.0
22.3

221.5
21.1
5.5
194.8

158.9
8.8
62.5
87.5

134.2
5.8
20.1
108.3

-300.2
5.2
-4.0
-301.4

-14.3
20.9
96.5
-131.7

181.9
9.9
8.3
163.7

-415.0
12.8
-12.7
-415.1

27
28
29
30

3.9

4.3

3.9

4.1

3.8

4.0

4.5

4.2

4.0

4.0

3.9

31

6.2

-43.0

20.3

142.2

218.0

119.7

174.8

56.2

73.4

175.3

102.6

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, December 7, 2006

F.112 Bank Holding Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

67.9

66.6

56.4

80.7

63.5

72.7

93.3

93.3

68.1

62.1

77.2

1

2

Fixed nonresidential investment

0.4

0.3

0.2

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

2

3

Net acquisition of financial assets

83.4

127.3

275.8

95.1

-63.1

192.5

85.6

165.3

80.5

147.0

173.7

3

3.1

8.6

-0.0

-4.2

-9.4

29.4

-46.0

9.4

6.8

-8.0

0.7

4

0.1
4.5
-2.4
0.9

1.4
0.9
1.3
5.0

-0.8
1.9
1.3
-2.5

-0.9
-2.3
-3.7
2.7

-1.6
0.3
-3.3
-4.9

3.2
-3.1
34.4
-5.1

0.1
-5.1
-41.8
0.8

-5.1
-1.4
-4.1
20.0

6.2
3.0
-0.6
-1.8

-0.1
4.6
1.6
-14.0

-1.9
-2.3
9.5
-4.6

5
6
7
8

80.3
53.1
-0.2
27.3

118.7
50.5
45.7
22.4

275.9
167.2
76.2
32.4

99.2
40.0
43.0
16.2

-53.6
-14.7
-60.9
21.9

163.0
91.8
33.6
37.6

131.6
7.0
121.4
3.3

155.9
75.8
78.0
2.1

73.7
70.3
-34.4
37.8

155.0
60.8
44.0
50.2

173.0
129.0
34.7
9.4

9
10
11
12

4
5
6
7
8
9
10
11
12

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

13

Net increase in liabilities

15.7

61.0

219.6

14.6

-126.4

120.0

-7.5

72.2

12.7

85.1

96.8

13

14
15
16

Net interbank liabilities
To domestic banks
To foreign banks

-3.0
-3.6
0.6

11.6
55.8
-44.1

1.7
-23.8
25.6

-26.3
-6.9
-19.4

-97.4
-28.2
-69.2

-13.1
2.9
-16.0

5.5
-12.6
18.1

-0.0
10.2
-10.2

-8.9
22.7
-31.6

-21.7
48.8
-70.5

-39.6
5.3
-44.8

14
15
16

17

Federal funds and security RPs (net)

2.4

0.9

-1.3

-0.2

-1.5

6.7

-2.5

-3.5

-2.5

-0.4

-2.2

17

18
19
20

Credit market instruments
Commercial paper
Corporate bonds

20.3
-2.3
22.6

35.4
-6.0
41.4

59.5
10.8
48.7

48.2
4.0
44.2

87.9
26.8
61.1

21.4
-7.6
29.0

51.5
21.6
29.9

32.1
-24.7
56.7

36.6
6.3
30.3

113.4
47.8
65.5

33.1
5.3
27.8

18
19
20

21
22
23
24

Corporate equity issues
Miscellaneous liabilities
Equity, etc.
Other

-15.4
11.5
-44.0
55.4

-9.6
22.6
-37.5
60.1

11.7
148.0
129.4
18.6

-20.0
12.8
48.4
-35.6

-29.4
-86.1
-121.8
35.7

2.3
102.7
47.4
55.2

-34.4
-27.7
257.1
-284.7

-18.8
62.4
11.1
51.3

-31.3
18.8
-25.9
44.7

-22.2
16.0
-31.8
47.9

-16.8
122.2
66.5
55.7

21
22
23
24

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

25

25

Discrepancy

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

Gross saving

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

1

2

Fixed nonresidential investment

0.1

0.1

0.1

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

2

3

Net acquisition of financial assets

-5.0

8.4

15.9

9.8

13.7

13.5

4.3

7.6

6.0

0.9

-13.8

3

4

Checkable deposits and currency

-0.3

-0.0

1.0

-0.5

0.5

0.7

-2.1

-0.9

-1.4

-0.3

-0.7

4

5

Credit market instruments

6
7
8
9
10
11
12
13
14

1.3

10.6

13.9

10.2

12.0

14.4

5.5

8.8

4.1

-8.2

-3.0

5

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

0.3
3.9
0.0
-0.3

1.0
4.7
0.1
0.4

1.4
4.7
-0.2
-0.2

0.1
1.2
0.2
-0.5

0.8
2.4
0.1
-0.8

-2.1
6.3
0.0
0.9

-0.6
0.8
-0.1
-0.8

2.4
-4.8
0.7
-1.4

0.4
-0.4
0.5
-0.9

-1.2
-4.9
0.4
-1.8

-1.7
-4.9
1.1
-0.0

6
7
8
9

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

-4.3
1.5
0.2

0.3
2.5
1.6

1.8
3.4
3.1

5.6
0.7
2.9

0.9
19.1
-10.4

6.8
-0.3
2.8

-1.4
0.8
7.0

16.2
-16.6
12.2

1.9
-2.2
4.7

-13.5
9.4
3.2

6.0
-4.4
0.8

10
11
12

-6.0

-2.2

0.9

0.1

1.2

-1.5

0.9

-0.2

3.3

9.4

-10.1

13

-5.7

7.5

15.5

9.3

13.2

12.0

4.7

7.4

6.6

1.5

-15.3

14

Miscellaneous assets
Net increase in liabilities

15
16
17

Checkable deposits
Small time and savings deposits
Large time deposits

-1.1
-1.9
-1.9

1.5
1.3
1.3

1.6
1.6
1.6

-0.2
4.9
4.9

0.0
5.9
5.9

3.3
6.0
6.0

-4.8
5.1
5.1

0.8
2.7
2.7

1.3
3.8
3.8

-0.7
0.7
0.7

-3.8
-0.6
-0.6

15
16
17

18

Miscellaneous liabilities

-0.7

3.4

10.8

-0.3

1.4

-3.2

-0.8

1.3

-2.4

0.7

-10.3

18

-0.7

-0.9

-0.4

-0.5

-0.4

-1.6

0.3

-0.2

0.5

0.6

-1.6

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, December 7, 2006

F.114 Savings Institutions (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

12.2

9.7

7.1

7.5

6.6

8.1

7.5

7.7

7.0

7.3

7.1

1

2

Fixed nonresidential investment

2.3

2.2

2.6

2.6

2.7

2.6

2.6

2.6

2.7

2.7

2.8

2

3

Net acquisition of financial assets

58.8

113.5

184.8

141.4

-80.1

243.7

185.5

216.6

63.1

192.4

274.6

3

4
5
6
7

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

0.6
3.8
0.4
-0.3

0.5
0.0
0.0
-7.7

-0.1
-3.5
0.6
-3.2

-0.5
2.4
-0.5
-0.1

-1.3
3.6
-1.6
1.1

0.2
3.5
-0.1
1.0

-0.4
2.5
0.4
21.4

-0.6
-0.1
-0.7
-23.9

-0.9
-10.6
2.7
19.3

-0.2
-1.4
6.4
7.6

-0.8
1.5
6.0
18.9

4
5
6
7

8

Credit market instruments

33.4

126.0

172.8

131.2

2.1

233.6

150.6

138.6

82.1

142.4

260.0

8

9
10
11
12
13
14

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

0.0
-2.2
14.7
17.0
0.0
-2.3

0.0
3.0
22.6
5.4
0.0
17.1

0.0
-3.9
-13.6
5.7
-1.4
-18.0

0.0
4.0
-12.8
-3.5
-12.2
2.9

0.0
-3.2
-5.9
-10.5
6.0
-1.4

0.0
5.6
-8.9
-14.5
-6.4
11.9

0.0
-1.3
-17.1
-1.0
-12.1
-4.0

0.0
14.7
-19.3
11.8
-36.3
5.2

0.0
-8.0
-9.1
-15.5
5.2
1.3

0.0
-9.7
-23.6
-16.2
-4.9
-2.5

0.0
-0.1
120.2
63.0
57.7
-0.5

9
10
11
12
13
14

15
16
17
18
19

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

1.0
-4.0
-2.6
0.0
-1.4

0.8
-8.8
0.1
0.0
-8.9

0.8
-12.2
-2.5
-5.3
-4.4

1.5
21.1
-0.6
18.1
3.6

1.0
13.2
-4.7
18.9
-1.0

3.0
7.4
-1.7
10.2
-1.1

1.5
43.0
9.4
24.9
8.7

0.7
21.0
-5.3
18.4
7.9

3.2
24.6
5.2
23.0
-3.7

1.2
10.9
1.4
5.2
4.3

3.3
-0.2
-1.0
4.1
-3.3

15
16
17
18
19

20
21
22

Other loans and advances
Mortgages
Consumer credit

3.3
23.0
-2.4

10.0
89.2
9.1

1.3
186.8
13.4

3.9
95.7
17.8

-4.9
3.9
-2.0

17.5
196.2
12.9

-5.2
108.1
21.5

8.2
74.6
38.8

3.8
111.7
-44.1

13.8
134.4
15.4

8.3
111.1
17.2

20
21
22

2.0
19.0

-1.0
-4.3

-1.1
19.3

-1.0
9.9

-1.7
-82.3

-0.9
6.4

-1.1
12.0

-0.1
103.4

-3.0
-26.6

-0.9
38.5

-0.7
-10.2

23
24

23
24

Corporate equities
Miscellaneous assets

25

Net increase in liabilities

53.7

105.8

168.8

118.8

-100.9

216.3

156.6

202.9

31.5

153.2

256.8

25

26
27
28
29

Deposits
Checkable
Small time and savings
Large time

66.7
1.8
20.9
44.0

84.5
5.3
47.0
32.2

40.0
0.5
-14.4
54.0

77.0
3.9
34.3
38.8

61.5
1.4
13.7
46.5

127.8
3.6
58.6
65.5

93.9
5.7
42.0
46.3

24.7
5.0
22.7
-3.0

143.7
6.8
86.8
50.2

126.3
8.0
101.2
17.1

111.0
-1.9
46.8
66.1

26
27
28
29

30

Security RPs

-15.0

20.1

4.7

-3.6

-46.3

5.1

29.7

-2.7

-6.5

25.0

-5.8

30

31
32
33
34

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

-23.4
-0.2
4.2
-27.4

6.1
1.7
-13.2
17.6

64.4
2.5
1.9
60.0

16.2
1.0
-1.1
16.2

-4.9
-0.4
-0.5
-4.0

49.4
0.7
-9.5
58.3

6.9
-0.6
5.1
2.4

13.3
4.4
0.6
8.3

9.6
-0.8
5.1
5.3

-24.7
4.7
-9.0
-20.4

41.1
3.4
15.2
22.4

31
32
33
34

35
36
37
38

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

-0.2
25.6
0.9
24.7

-0.2
-4.6
1.0
-5.6

0.6
59.1
1.2
57.9

0.7
28.4
1.3
27.1

-0.2
-110.9
1.2
-112.2

0.2
33.8
1.3
32.5

1.1
25.0
1.3
23.7

1.9
165.7
1.3
164.3

1.5
-116.9
1.4
-118.3

-0.8
27.5
1.4
26.0

0.3
110.2
1.4
108.8

35
36
37
38

4.9

-0.2

-11.5

-17.8

-16.7

-21.9

-24.0

-8.5

-27.2

-34.6

-13.5

39

39

Discrepancy

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

29

Z.1, December 7, 2006

F.115 Credit Unions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

7.4

7.5

7.9

8.4

8.2

8.3

8.5

8.5

8.5

8.6

8.4

1

2

Fixed nonresidential investment

1.7

1.8

2.2

2.4

2.4

2.4

2.4

2.5

2.6

2.6

2.7

2

3

Net acquisition of financial assets

58.5

53.2

37.5

30.9

28.2

27.3

50.9

17.4

31.1

7.6

47.8

3

4
5
6

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

1.6
1.6
-0.8

3.2
2.5
-0.1

-1.4
-0.7
2.6

-2.0
-4.5
2.6

-17.7
-5.2
-6.0

-7.6
-4.2
-0.1

9.9
-4.5
8.6

7.2
-4.1
7.8

-0.2
-8.7
-0.0

-6.2
-4.7
-0.1

10.8
-4.3
-9.8

4
5
6

7

Credit market instruments

44.2

51.2

39.8

36.2

45.8

44.3

21.4

33.2

55.5

36.5

28.5

7

8
9
10

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

1.2
0.4
18.2

-2.0
1.3
18.6

0.2
-0.1
-0.5

-0.6
-1.2
-7.6

0.6
-2.4
4.1

-2.5
0.4
-1.5

-2.0
-2.1
-27.3

1.6
-0.8
-5.6

4.0
1.1
13.5

-2.1
-1.1
-3.3

2.2
3.4
-21.0

8
9
10

11
12

Home mortgages
Consumer credit

18.2
6.2

23.2
10.1

30.6
9.5

32.4
13.2

28.6
14.9

38.0
9.9

27.0
25.8

35.9
2.1

33.0
3.8

39.0
4.0

34.4
9.5

11
12

13
14

Mutual fund shares
Miscellaneous assets

-0.2
12.1

0.5
-4.1

-0.9
-1.8

-1.0
-0.3

-1.3
12.5

-1.1
-4.1

-1.4
16.8

-0.3
-26.5

0.4
-15.8

-0.9
-17.1

0.0
22.6

13
14

15

Net increase in liabilities

53.4

49.2

33.7

27.5

24.9

22.1

48.0

15.0

26.8

4.6

44.6

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

49.5
5.7
35.1
8.7

45.3
6.0
28.5
10.8

29.5
7.6
15.5
6.4

21.6
7.0
12.1
2.5

22.4
13.4
2.6
6.4

9.4
-2.6
5.8
6.2

41.6
12.2
36.8
-7.3

13.0
4.8
3.2
4.9

31.0
7.7
18.7
4.6

3.0
-1.1
13.8
-9.7

31.8
-32.1
53.0
10.8

16
17
18
19

20
21

Other loans and advances
Miscellaneous liabilities

2.0
1.9

2.2
1.7

2.3
1.9

3.3
2.6

1.5
1.0

3.1
9.5

0.3
6.1

8.1
-6.1

-0.2
-3.9

6.8
-5.3

2.2
10.6

20
21

0.6

1.8

1.9

2.5

2.5

0.6

3.2

3.6

1.7

3.0

2.4

22

22

Discrepancy

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

Gross saving

11.8

28.1

29.3

-1.7

35.7

37.5

-83.9

3.8

34.9

40.9

40.0

1

2

Fixed nonresidential investment

4.5

4.4

5.9

7.3

6.8

7.1

7.5

7.7

8.0

8.0

8.1

2

3

Net acquisition of financial assets

85.0

88.3

79.6

72.6

117.3

52.4

121.6

-0.8

94.7

67.3

76.5

3

4
5

Checkable deposits and currency
Security RPs

12.8
14.2

8.6
8.5

-8.7
10.2

-4.8
5.9

-7.2
10.7

-3.1
-3.6

-0.8
11.1

-8.3
5.3

30.7
-19.0

31.7
-27.3

7.2
16.2

4
5

6

Credit market instruments

39.9

67.0

73.6

66.9

89.0

49.2

107.4

22.1

60.1

48.3

42.7

6

9.2
19.0

3.5
2.2

6.6
-3.3

-2.0
5.8

0.9
9.7

-3.6
3.1

1.5
11.9

-6.9
-1.6

5.4
9.3

4.3
7.4

0.3
6.6

7
8

9.2
2.4
0.1

41.2
20.0
0.1

43.6
26.4
0.3

45.4
17.5
0.3

52.5
25.7
0.2

38.0
11.4
0.2

62.2
31.2
0.5

28.8
1.5
0.3

24.6
20.7
0.1

19.6
16.5
0.4

17.6
17.9
0.3

9
10
11

-1.1
4.9
14.3

-2.7
4.5
2.3

-3.5
0.3
7.6

-5.8
2.4
8.0

-1.0
10.4
15.4

-4.6
11.0
3.5

-6.0
-0.2
10.0

-11.5
-11.4
3.0

8.2
8.1
6.6

-2.5
7.7
9.5

-2.9
4.3
9.2

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

61.2

57.4

45.4

52.1

39.4

28.0

104.3

36.8

22.4

34.9

33.6

15

16
17
18

Corporate equity issues
Taxes payable
Miscellaneous liabilities

6.2
3.2
51.8

4.1
3.7
49.6

-4.0
4.2
45.1

-2.8
4.7
50.3

-3.6
4.5
38.5

-5.0
4.6
28.4

-4.4
4.7
104.0

1.6
4.9
30.3

-5.9
5.0
23.3

-6.9
5.1
36.7

-2.5
5.2
30.9

16
17
18

-16.4

-7.1

-10.9

-29.5

-49.0

6.0

-108.7

33.7

-45.4

0.5

-11.0

19

19

Discrepancy

30

Z.1, December 7, 2006

F.117 Life Insurance Companies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Q2

Q3

Q4

Q1

2006
Q2

Q3

-2.4

-7.5

-1.7

-0.9

-0.7

-1.4

-0.5

-0.8

-1.3

-0.7

-1.0

1

2.8

2.6

2.7

1.8

2.2

1.9

1.6

1.3

1.4

1.4

1.4

2

Net acquisition of financial assets

279.8

258.2

264.4

185.3

297.2

149.2

195.6

99.4

194.6

175.3

177.8

3

4
5

Checkable deposits and currency
Money market fund shares

-1.6
-13.5

12.0
-8.3

6.0
-30.7

-5.5
-7.1

-24.5
-28.5

20.9
-24.3

4.7
1.7

-23.3
22.4

5.7
33.4

-0.4
49.8

-0.4
63.7

4
5

6

Credit market instruments

233.0

180.6

173.0

110.3

198.7

81.3

94.3

66.9

134.1

81.1

109.8

6

14.7
24.8
77.4

-18.2
-6.6
18.0

-7.6
6.6
8.2

-8.0
12.7
11.4

-9.4
10.0
38.6

-15.7
13.8
4.6

-17.1
14.7
7.6

10.0
12.2
-5.3

-12.1
4.7
19.5

11.9
1.8
6.2

8.5
3.0
13.6

7
8
9

1.2
106.8
1.0
7.0

6.2
171.0
-0.7
10.9

4.0
147.8
1.6
12.4

2.4
78.9
0.8
12.1

4.1
143.9
-1.5
13.0

2.0
60.7
2.9
13.0

2.3
77.4
-1.2
10.5

1.1
33.7
3.0
12.1

1.8
99.6
2.8
17.9

0.5
27.2
6.2
27.4

1.3
73.3
-1.8
11.9

10
11
12
13

52.7
2.6

45.5
0.5

51.5
12.8

65.9
-9.9

73.8
-10.0

42.9
-10.0

82.4
-10.0

64.4
-9.6

66.4
2.0

68.9
2.0

70.0
2.0

14
15

7
8
9
10
11
12
13
14
15
16

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

6.7

27.9

51.9

31.7

87.6

38.3

22.4

-21.4

-47.0

-26.0

-67.3

16

17

Net increase in liabilities

259.7

230.0

228.0

173.9

285.5

155.6

173.3

81.2

194.4

145.7

143.9

17

18
19
20
21

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

-6.5
2.0
58.5
147.5

-3.9
2.9
65.7
144.2

-17.3
3.0
32.0
202.5

-8.0
0.4
14.9
149.9

-13.8
-1.6
15.2
153.8

-5.0
2.3
16.4
147.2

-5.6
0.4
19.7
128.1

-7.4
0.6
8.3
170.5

-23.1
2.8
3.0
165.6

-29.4
1.3
17.0
89.3

-8.0
2.4
16.4
117.0

18
19
20
21

22
23

Taxes payable
Miscellaneous liabilities

2.4
55.8

2.8
18.4

3.2
4.6

3.6
13.0

3.4
128.5

3.5
-8.8

3.6
26.9

3.7
-94.5

3.8
42.2

3.9
63.6

4.0
12.0

22
23

-25.4

-38.4

-40.8

-14.1

-14.7

3.1

-24.5

-20.4

-2.9

-31.7

-36.3

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

0.7

0.7

0.8

0.7

0.8

0.8

0.8

0.8

0.8

0.8

1

2

Fixed nonresidential investment

0.3

0.2

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.4

0.4

2

3

Net acquisition of financial assets

-14.4

-6.6

-14.4

-48.1

-111.2

-28.3

-33.5

-19.3

-138.2

-8.6

-12.7

3

4
5
6
7

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

0.3
-3.9
9.4
1.3

0.2
3.0
-0.2
1.4

0.1
-4.6
0.6
1.6

0.3
6.2
1.9
1.7

0.2
-6.2
1.3
3.2

0.7
15.7
1.1
9.5

0.4
14.4
2.2
1.4

-0.1
0.8
2.8
-7.3

0.5
-2.7
3.4
2.3

0.9
2.0
3.1
-14.1

0.5
2.8
3.5
1.3

4
5
6
7

8

Credit market instruments

-8.6

69.2

-0.3

12.5

-2.9

0.7

17.4

34.7

7.5

48.0

38.9

8

2.2
-3.4
-19.4

-3.2
13.3
38.3

0.3
-4.1
11.3

2.2
3.0
-1.4

2.8
6.4
-9.5

4.2
2.0
-19.8

1.3
5.9
-3.9

0.3
-2.3
27.6

2.1
1.4
11.3

4.5
3.1
21.6

2.7
4.5
21.4

9
10
11

11.4
0.6

20.9
-0.1

-7.7
-0.2

8.9
-0.2

-2.4
-0.3

14.4
-0.1

14.2
-0.1

9.5
-0.3

-7.1
-0.2

19.1
-0.3

10.6
-0.3

12
13

-69.5
34.8

-101.0
39.9

-11.0
36.2

-53.0
-0.1

-98.7
0.6

-29.0
8.7

-36.2
-6.8

-48.3
-2.7

-89.4
-21.9

-42.0
-19.8

-16.0
-11.7

14
15

9
10
11

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

12
13

Corporate and foreign bonds
Mortgages

14
15

Corporate equities
Mutual fund shares

16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

21.8
14.0
1.5
6.2

-19.1
-18.1
-0.2
-0.8

-36.9
-37.3
-3.1
3.5

-17.4
-9.2
-1.9
-6.4

-8.6
9.2
-4.6
-13.1

-35.8
-21.1
-6.4
-8.4

-26.2
-25.6
9.3
-9.9

0.8
0.7
-5.9
5.9

-37.9
-24.3
-2.0
-11.6

13.3
24.7
-2.0
-9.5

-32.0
-21.0
-1.9
-9.1

16
17
18
19

20

Pension fund reserves (liabilities) (3)

-14.8

-7.0

-14.8

-48.5

-111.6

-28.7

-34.0

-19.8

-138.7

-9.0

-13.1

20

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

31

Z.1, December 7, 2006

F.119 State and Local Government Employee Retirement Funds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

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

8.5

14.9

-1.1

-3.5

-9.2

-5.2

-14.7

15.2

-11.0

53.5

-38.3

3

4
5
6
7

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

1.5
-0.1
0.1
-6.9

4.3
-0.3
-2.9
-5.0

0.4
0.3
-3.1
-5.3

0.6
-0.2
0.3
0.0

-5.1
0.2
-6.0
-6.5

-0.9
-1.1
4.1
2.9

7.3
1.4
2.3
4.7

1.0
-1.4
0.8
-1.0

-1.7
2.4
0.8
1.9

1.9
-3.1
-2.0
-0.2

-0.7
2.5
1.8
1.0

4
5
6
7

8

Credit market instruments

-50.7

11.2

27.2

-2.8

60.0

-23.6

-54.5

6.7

-9.1

59.4

-42.5

8

-3.2
3.8
11.8

-9.0
-10.9
55.7

-9.5
-17.5
44.2

0.2
-1.0
-1.6

-2.7
-13.3
76.8

2.3
11.9
-39.6

0.2
0.1
-42.7

1.1
-2.7
-1.0

4.5
-2.1
-3.6

-3.3
12.9
24.2

3.6
-8.9
-20.0

9
10
11

-0.8
-62.4
0.1

0.1
-24.1
-0.7

0.7
10.2
-0.9

0.1
-0.4
-0.1

-2.7
-1.8
3.8

1.2
0.3
0.3

0.3
-7.7
-4.7

1.5
7.6
0.1

1.0
-8.2
-0.6

0.1
25.4
0.2

0.6
-17.0
-0.7

12
13
14

50.2
13.9

-0.6
7.3

-22.6
1.6

-3.0
-0.2

-4.7
-0.8

-5.9
-0.2

2.0
-2.0

-3.3
2.1

7.7
-1.2

-3.9
-0.5

0.3
-0.3

15
16

0.4

0.9

0.5

1.9

-46.3

19.5

24.2

10.3

-11.9

2.0

-0.3

17

8.5

14.9

-1.1

-3.5

-9.2

-5.2

-14.7

15.2

-11.0

53.5

-38.3

18

57.6

46.8

33.4

58.4

1

9
10
11

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

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

15
16

Corporate equities
Mutual fund shares

17

Miscellaneous assets

18

Pension fund reserves (liabilities) (1)

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

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

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

45.4

48.2

54.7

54.7

56.2

47.7

57.3

12.7

6.0

4.7

7.7

8.5

11.4

8.1

3.0

5.4

17.8

7.7

2

9.6
1.9
1.2

5.1
0.5
0.4

5.4
-0.5
-0.3

7.7
0.0
-0.0

8.8
-0.2
-0.1

10.8
0.4
0.2

7.8
0.2
0.1

3.5
-0.3
-0.2

5.9
-0.3
-0.2

18.2
-0.2
-0.2

6.9
0.5
0.2

3
4
5

8.2
24.5

17.5
24.7

9.1
40.9

7.0
40.0

5.5
42.1

2.5
33.8

8.3
40.9

11.5
43.1

8.9
32.5

-3.1
18.7

7.5
43.2

6
7

45.4

48.2

54.7

54.7

56.2

47.7

57.3

57.6

46.8

33.4

58.4

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, December 7, 2006

F.121 Money Market Mutual Funds (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Net acquisition of financial assets

-16.7

-207.5

-136.5

127.0

-71.7

11.7

216.7

351.4

133.1

222.6

438.5

1

2
3
4
5

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

-6.8
-6.8
-23.9
47.1

-36.6
-0.7
-53.3
-20.8

7.0
2.7
0.4
-18.7

16.2
-1.4
16.6
112.0

3.5
-9.5
9.8
48.5

52.6
-14.1
-28.3
148.2

46.8
22.6
68.1
118.2

-38.1
-4.7
16.6
133.0

10.3
3.1
-26.5
-37.2

-70.7
63.1
106.4
13.5

-36.3
-43.9
20.2
161.1

2
3
4
5

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

-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

-169.6
3.3
4.9
-154.5
21.7
-45.0

-118.5
90.2
-9.8
-154.6
22.2
-66.5

12.7
103.6
-8.3
-151.4
17.6
51.2

235.0
148.2
-25.4
31.0
31.5
49.7

95.3
-9.3
-31.0
44.1
35.1
56.4

148.9
63.1
22.8
3.0
-9.2
69.1

375.9
265.5
-26.9
-100.7
61.1
176.8

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Miscellaneous assets
Net share issues (liabilities)

-8.6

-0.2

-2.9

-6.2

45.6

-28.3

-51.7

9.6

88.1

-38.6

-38.5

12

-16.7

-207.5

-136.5

127.0

-71.7

11.7

216.7

351.4

133.1

222.6

438.5

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

-21.6

2.5

2.0

12.1

3.4

2.9

17.6

24.6

28.3

31.7

31.3

1

2

Net acquisition of financial assets

181.1

288.6

298.2

260.2

389.3

239.2

201.6

210.6

504.6

275.4

231.5

2

3

Security RPs

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

10
11

Corporate equities
Miscellaneous assets

10.9

12.9

18.1

2.8

46.0

-17.2

-18.5

0.9

46.7

26.6

5.2

3

138.7
-7.7
17.2
54.0
24.3
50.9

138.0
13.1
9.3
25.2
12.9
77.4

116.6
18.0
4.8
15.2
4.1
74.5

124.1
2.9
6.6
20.8
17.4
76.4

193.0
53.1
10.0
31.2
26.9
71.8

127.3
-1.6
3.9
12.2
18.5
94.3

83.8
-23.1
-1.8
-5.5
28.0
86.1

92.2
-16.7
14.4
45.1
-4.0
53.5

238.6
50.7
6.5
20.3
39.2
121.9

157.8
46.0
1.0
3.0
26.8
81.0

156.0
1.2
5.3
16.7
28.0
104.8

4
5
6
7
8
9

31.4
0.0

136.8
1.0

158.5
5.1

129.6
3.7

145.3
5.0

130.1
-0.9

129.1
7.2

114.0
3.5

204.5
14.7

94.3
-3.4

70.3
-0.0

10
11

12

Net share issues (liabilities)

181.1

288.6

298.2

260.2

389.3

239.2

201.6

210.6

504.6

275.4

231.5

12

13

Discrepancy

-21.6

2.5

2.0

12.1

3.4

2.9

17.6

24.6

28.3

31.7

31.3

13

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

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

Net acquisition of financial assets

2
3
4
5

Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds

6

Corporate equities

7

Net share issues (liabilities)

18.1

43.9

32.8

20.0

40.6

26.1

16.6

-3.1

5.5

20.7

-11.6

1

8.6
-2.8
11.3
0.1

36.2
1.4
3.2
31.6

11.2
2.4
-0.1
8.9

1.5
0.3
0.2
1.0

6.4
0.6
1.1
4.7

4.0
1.7
2.5
-0.3

-0.8
-1.0
-1.7
1.9

-3.4
-0.1
-1.1
-2.2

10.1
-1.2
-0.0
11.4

18.5
0.2
3.1
15.2

-8.9
0.3
-2.9
-6.3

2
3
4
5

9.4

7.6

21.7

18.5

34.2

22.0

17.4

0.3

-4.6

2.2

-2.7

6

18.1

43.9

32.8

20.0

40.6

26.1

16.6

-3.1

5.5

20.7

-11.6

7

45.3

15.8

55.0

53.9

35.7

40.6

12.6

126.7

30.5

88.9

17.1

8

3.7
2.0
1.8

0.7
0.1
0.6

3.8
2.8
1.0

6.8
4.8
1.9

11.7
9.3
2.4

3.5
2.1
1.4

7.1
4.5
2.6

4.8
3.3
1.5

3.0
1.4
1.6

9.1
7.1
2.1

2.8
1.1
1.7

9
10
11

41.6

15.1

51.2

47.1

24.0

37.1

5.5

121.9

27.5

79.7

14.3

12

45.3

15.8

55.0

53.9

35.7

40.6

12.6

126.7

30.5

88.9

17.1

13

Exchange-traded funds
8

Net acquisition of financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Net share issues (liabilities)

33

Z.1, December 7, 2006

F.124 Government-Sponsored Enterprises (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

3.1

3.2

3.5

4.1

4.6

4.1

3.9

3.7

3.9

4.0

3.9

1

2

Fixed nonresidential investment

0.5

0.5

0.6

0.6

0.6

0.6

0.6

0.5

0.6

0.6

0.6

2

3

Net acquisition of financial assets

240.0

236.5

84.5

-65.0

-195.9

-80.3

-188.6

204.8

33.6

199.4

-105.9

3

4
5
6

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

8.1
-5.1
-9.1

12.0
-8.5
-20.0

10.1
9.0
15.8

-25.7
11.6
24.2

-62.9
-7.1
-11.6

-42.5
19.8
10.0

0.2
2.7
92.6

2.4
30.9
5.7

0.3
-3.6
26.6

1.2
27.7
-37.0

-0.1
-22.6
15.0

4
5
6

7

Credit market instruments

224.1

236.5

46.2

-65.4

-54.8

-88.8

-263.5

145.3

64.7

144.8

-80.5

7

-23.5
12.1
131.7

-2.4
-12.3
88.8

-2.0
-0.6
-130.3

2.2
0.2
-163.6

2.5
0.7
-185.4

3.5
-1.9
-227.9

-3.0
1.0
-300.0

5.8
1.0
58.9

0.7
1.5
-20.0

5.0
1.3
39.6

-4.6
0.9
-94.9

8
9
10

8
9
10

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

11
12

Municipal securities
Corporate and foreign bonds

4.0
33.5

5.0
36.6

0.2
110.8

-0.8
48.0

5.6
60.6

-1.8
55.1

-10.9
29.3

4.0
47.0

5.0
25.9

6.3
36.7

3.7
-13.3

11
12

13
14
15
16

Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans

8.9
-0.4
2.0
7.2

31.1
-0.1
0.0
31.2

73.5
-0.3
-0.2
74.1

49.7
0.0
5.4
44.3

47.6
0.0
8.8
38.8

89.6
0.0
2.3
87.4

30.3
0.0
5.1
25.2

31.4
0.0
5.5
25.9

38.5
0.0
21.9
16.7

53.1
0.0
8.5
44.6

34.4
0.0
5.4
29.0

13
14
15
16

17
18
19
20
21

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

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

-1.2
-14.7
11.9
1.7
0.0

13.6
0.3
11.3
2.0
0.0

-5.5
-18.0
7.2
5.3
0.0

-10.2
-28.8
16.0
2.7
0.0

-2.8
-12.4
12.9
-3.3
0.0

13.1
7.0
3.9
2.2
0.0

2.8
-4.7
2.1
5.4
0.0

-6.7
-11.7
1.0
4.1
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

22.0

16.5

3.4

-9.6

-59.4

21.3

-20.6

20.4

-54.4

62.7

-17.7

22

247.6

217.2

63.9

-82.2

-224.4

-77.5

-226.2

199.2

51.1

266.7

-137.3

23

219.8
219.8
0.0

243.7
243.7
0.0

65.0
65.0
0.0

-84.2
-84.2
0.0

-209.6
-209.6
0.0

-84.2
-84.2
0.0

-243.9
-243.9
0.0

200.9
200.9
0.0

144.8
144.8
0.0

314.3
314.3
0.0

-191.1
-191.1
0.0

24
25
26

27.7

-26.6

-1.1

2.0

-14.8

6.7

17.7

-1.7

-93.8

-47.6

53.9

27

10.2

-16.7

-17.7

-13.7

-24.5

6.3

-34.2

-2.5

20.9

70.8

-28.1

28

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, 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

326.8

330.5

53.0

134.8

47.3

136.6

163.4

191.8

327.3

306.4

280.8

1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

315.2
12.9
0.0
-1.3

303.2
26.6
0.0
0.6

49.6
3.6
0.0
-0.1

129.7
5.1
0.0
-0.1

45.0
2.6
0.0
-0.2

133.4
3.3
0.0
-0.0

156.2
7.3
0.0
-0.2

184.4
7.4
0.0
0.0

315.2
10.3
0.0
1.8

295.5
8.8
0.0
2.1

265.5
10.1
0.0
5.2

2
3
4
5

326.8

330.5

53.0

134.8

47.3

136.6

163.4

191.8

327.3

306.4

280.8

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, December 7, 2006

F.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Gross saving

2

Fixed nonresidential investment

3

Net acquisition of financial assets

Q2

Q3

Q4

Q1

2006
Q2

Q3

0.7

0.7

0.6

0.5

0.5

0.5

0.5

0.5

0.5

0.4

0.4

1

-0.4

0.4

-0.2

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

-0.1

2

183.8

211.3

332.9

661.7

427.7

692.1

720.9

805.9

305.6

377.6

379.9

3

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

0.4
71.4
-3.3

1.9
67.7
-1.1

5.2
-100.0
1.4

19.7
-76.0
-16.8

8.2
-103.3
6.9

20.8
-30.4
-29.1

22.6
-105.7
-18.7

27.0
-64.5
-26.3

22.2
-107.0
2.8

40.1
-54.6
6.4

31.0
-65.3
-15.5

4
5
6

7
8
9
10

Mortgages (2)
Home
Multifamily residential
Commercial

84.6
54.3
5.4
25.0

171.6
121.1
7.9
42.6

450.5
398.3
6.4
45.8

685.5
573.4
16.5
95.6

481.3
396.9
6.8
77.7

672.1
572.3
17.1
82.7

809.2
716.8
10.3
82.1

779.4
607.8
31.7
139.8

322.6
242.3
7.3
73.0

276.7
216.0
8.7
52.0

320.4
204.5
12.3
103.6

7
8
9
10

11
12

Consumer credit
Trade credit

36.1
-5.4

-22.4
-6.3

-24.0
-0.3

29.5
19.7

29.9
4.6

44.4
14.3

-8.7
22.2

52.5
37.8

51.7
13.2

89.9
19.1

75.9
33.3

11
12

182.8

211.1

332.1

661.0

427.0

691.5

720.3

805.3

305.0

377.1

379.4

13

-40.1
222.9

-43.0
254.1

-8.0
340.1

146.8
514.2

83.7
343.3

127.4
564.1

141.4
578.8

234.7
570.6

127.0
177.9

201.8
175.2

79.4
300.0

14
15

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

-1.1
7.5

-0.2
15.7

-0.7
51.9

-0.6
32.8

-0.7
40.2

-0.6
16.8

-0.6
31.6

-0.6
42.6

-0.6
16.7

-0.5
22.0

-0.5
4.9

17
18

4
5
6

13
14
15

Net increase in liabilities
Commercial paper
Corporate bonds

16

Discrepancy

17
18

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.128.

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

Gross saving

78.5

78.4

70.6

55.3

63.2

61.3

50.2

46.5

65.3

66.7

64.9

1

2

Fixed nonresidential investment

40.1

32.1

37.7

40.2

39.8

40.1

40.5

40.5

42.1

42.3

43.1

2

3

Net acquisition of financial assets

141.6

233.7

178.5

98.8

82.3

58.1

15.2

239.7

144.0

-41.7

42.4

3

4

Checkable deposits and currency

3.1

3.3

3.5

3.7

3.6

3.7

3.7

3.8

3.8

3.9

3.9

4

5

Credit market instruments

103.7

122.7

214.9

117.1

81.8

18.0

112.0

256.5

98.1

69.5

156.0

5

3.8
72.4
27.5

-2.3
39.5
85.5

9.8
105.8
99.3

27.6
65.3
24.2

-19.3
62.5
38.6

25.3
-15.8
8.5

32.2
74.0
5.8

72.3
140.3
43.8

11.0
119.4
-32.3

48.2
-9.6
30.9

24.6
97.6
33.8

6
7
8

34.8

107.7

-39.9

-21.9

-3.1

36.4

-100.5

-20.6

42.1

-115.1

-117.5

9

135.4

239.7

189.4

63.4

57.2

9.4

34.6

152.4

130.7

4.8

31.1

10

66.2

111.0

134.4

33.4

108.7

-27.2

-150.2

202.2

22.5

66.2

-39.6

11

-14.6
64.0
16.8

-2.7
107.9
5.7

30.2
74.1
30.0

-15.3
43.6
5.1

-22.9
128.4
3.2

-53.7
62.7
-36.1

-21.8
-151.5
23.1

37.1
134.9
30.2

-0.9
24.3
-1.0

2.9
85.0
-21.7

29.9
-34.2
-35.3

12
13
14

6
7
8
9
10
11
12
13
14

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

15

Taxes payable

16
17
18
19

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

20

Discrepancy

21

Memo:
Consumer leases not included above (2)

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

1.4

1.6

1.8

2.0

2.0

2.0

2.1

2.1

2.2

2.2

2.3

15

67.8
-3.5
23.1
48.3

127.1
21.7
23.2
82.2

53.2
12.2
54.9
-13.8

28.0
2.1
25.5
0.4

-53.4
4.8
-13.2
-45.0

34.5
4.6
22.2
7.7

182.7
2.7
44.1
135.9

-51.9
-3.9
48.9
-96.8

106.1
-0.9
23.6
83.4

-63.6
-2.3
33.9
-95.2

68.4
-2.3
36.7
34.0

16
17
18
19

32.2

52.2

43.8

-20.4

-1.7

-27.6

29.1

-81.2

10.0

71.0

10.4

20

-17.6

-10.7

-4.9

11.2

7.3

16.8

8.7

12.0

25.6

24.2

17.4

21

35

Z.1, December 7, 2006

F.128 Real Estate Investment Trusts (REITs)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

6.1

2.1

5.0

-5.9

23.2

-8.3

-7.6

-31.0

-14.7

-22.7

-28.7

1

2
3

Fixed nonresidential investment
Multifamily residential investment

24.4
4.5

22.7
-0.4

38.9
7.7

29.3
-0.6

45.6
2.3

43.5
-5.6

39.2
4.6

-11.2
-3.7

42.5
4.0

28.1
-1.7

-1.7
13.0

2
3

4

Net acquisition of financial assets

23.6

36.3

102.3

77.2

54.0

137.4

101.4

16.1

65.6

68.9

36.1

4

5

Checkable deposits and currency

-0.1

3.9

3.2

1.6

4.4

4.8

5.2

-8.2

4.0

-3.5

9.7

5

6

Credit market instruments

21.5

28.1

87.9

66.9

37.6

120.1

89.1

20.8

40.5

57.7

26.8

6

7.4
2.3

-1.9
10.1

16.1
17.3

1.3
25.1

-1.1
8.6

13.2
47.4

0.9
28.2

-8.0
16.1

1.6
13.3

30.0
15.7

17.5
11.0

7
8

11.8
11.4
-0.2
0.5

19.8
17.7
0.1
1.9

54.5
51.1
-0.0
3.5

40.6
30.8
0.2
9.5

30.1
27.1
0.1
2.9

59.4
49.1
-0.3
10.6

60.0
45.0
0.3
14.8

12.7
2.2
0.7
9.8

25.7
17.0
1.9
6.7

12.0
10.9
-0.3
1.4

-1.7
-16.8
0.9
14.2

9
10
11
12

2.2

4.4

11.2

8.8

12.0

12.5

7.1

3.5

21.2

14.6

-0.4

13

50.6

52.7

152.6

108.9

88.2

171.5

147.2

28.8

102.8

99.6

69.9

14

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

15

Security RPs

15.1

5.9

25.0

33.0

15.9

45.3

51.5

19.1

8.6

16.3

7.4

15

16

Credit market instruments

24.5

31.9

98.4

58.5

73.0

92.8

66.0

2.4

66.6

59.3

24.7

16

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
40.3
5.2
13.1

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
7.8
4.2
-9.6

0.0
38.1
5.6
22.9

0.0
49.3
-4.5
14.5

0.0
18.8
-0.1
6.1

17
18
19
20

8.4
2.6

13.3
1.6

21.5
7.7

16.1
1.4

10.7
-11.5

20.1
13.4

23.7
6.1

9.9
-2.6

18.2
9.4

17.2
6.9

15.5
22.4

21
22

4.2

-3.8

8.7

-2.9

9.6

-12.1

-5.6

-3.4

-24.0

-18.4

-6.1

23

7.5
-0.3
7.2
-0.0
0.6

15.7
0.0
15.9
-0.0
-0.1

51.9
0.0
50.4
-0.0
1.5

32.8
0.0
28.5
0.1
4.3

40.2
0.0
39.1
0.4
0.7

16.8
0.0
15.7
-0.2
1.2

31.6
0.0
27.2
-0.0
4.3

42.6
0.0
31.7
-0.0
10.9

16.7
0.0
10.7
0.5
5.4

22.0
0.0
8.0
-0.0
14.0

4.9
0.0
-4.5
-0.1
9.5

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, December 7, 2006

F.129 Security Brokers and Dealers
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Gross saving

12.6

14.9

20.0

23.3

29.6

9.8

28.5

25.5

24.7

27.3

26.8

1

2

Fixed nonresidential investment

10.9

10.5

12.4

13.2

13.1

13.2

13.3

13.3

13.8

13.9

14.2

2

3

Net acquisition of financial assets

-130.2

277.6

231.9

299.3

461.9

536.1

228.3

-29.3

617.6

603.2

600.6

3

4

Checkable deposits and currency

-2.9

2.9

15.7

-7.3

-8.2

-7.5

-4.9

-8.8

28.0

48.5

-23.6

4

5

Credit market instruments

28.4

79.6

-29.2

91.1

75.7

230.6

-215.3

273.3

-51.5

53.9

191.5

5

-4.7
-13.7
14.1
2.0
30.7

5.9
41.7
-8.1
3.8
36.4

-1.3
-82.4
23.5
7.1
23.9

7.6
-6.5
-6.3
11.0
85.2

9.5
-34.1
3.6
17.5
79.0

48.3
-7.6
111.0
-15.7
94.6

5.3
-174.2
-71.4
11.5
13.5

-32.7
189.7
-68.3
30.7
153.8

44.3
-211.4
113.5
-29.7
31.7

3.7
-112.3
102.7
9.3
50.4

5.2
96.1
23.4
1.7
65.1

6
7
8
9
10

3.2
-48.2
-110.8

4.1
34.3
156.6

15.2
81.5
148.6

11.8
-31.7
235.5

27.9
8.2
358.3

-17.6
-10.2
340.8

-23.1
-22.0
493.7

59.9
-102.8
-250.9

31.7
68.6
540.8

4.3
-22.5
519.0

-40.7
41.7
431.6

11
12
13

-118.7

257.6

232.5

292.8

476.4

516.6

219.8

-41.4

590.0

600.8

569.8

14

-9.0
-1.7
10.2

133.7
6.4
-8.0

49.3
15.2
2.6

208.9
0.1
2.5

428.0
11.2
23.2

215.6
-5.2
-13.2

97.4
28.0
7.9

94.6
-33.4
-7.7

378.7
35.1
11.9

52.6
6.5
1.2

509.4
5.0
-19.2

15
16
17

-1.8
-38.9
-41.6
2.8
-0.5

-9.2
98.2
62.7
35.5
0.4

7.8
85.1
103.0
-17.9
0.4

7.0
24.0
-10.9
34.9
-0.3

-4.3
-4.5
-35.8
31.3
1.7

0.3
83.4
55.2
28.2
-5.4

40.7
42.8
-19.2
62.0
2.2

-8.9
-25.7
-43.7
18.0
0.6

-28.4
175.7
124.6
51.1
2.5

52.1
216.7
190.8
25.9
1.0

-22.8
95.6
-5.7
101.3
1.8

18
19
20
21
22

-77.6
1.7
50.2
-129.5

40.7
4.8
54.2
-18.3

75.4
7.6
112.7
-45.0

53.4
-0.7
124.4
-70.3

18.2
-6.4
90.5
-65.9

242.1
-1.9
219.8
24.2

5.8
-1.4
304.0
-296.7

-52.5
6.9
-116.6
57.2

10.7
-2.3
18.7
-5.7

272.1
2.3
151.7
118.2

10.8
-2.1
317.7
-304.7

23
24
25
26

0.6

-4.5

-3.3

-2.8

3.0

-0.9

-5.0

-8.3

3.8

-1.4

-10.7

27

13.2

-15.6

8.3

3.7

31.0

-22.9

6.7

0.1

-16.8

11.0

-18.2

28

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

15
16
17

Security RPs (net)
Corporate bonds
Corporate equity issues

18
19
20
21
22

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

23
24
25
26

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

27
28

Proprietors’ net investment
Discrepancy

F.130 Funding Corporations (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

-1.0

77.8

70.4

301.7

394.7

258.5

407.6

145.8

434.3

-37.7

472.7

1

30.4

9.3

-35.4

24.9

122.9

-29.9

-58.5

13.9

2

2

Money market fund shares

-1.2

-43.2

-86.6

3

Credit market instruments

-68.5

94.8

73.0

89.3

234.1

35.4

156.9

-69.4

301.4

-113.5

168.7

3

-54.2
-14.4

39.8
54.9

87.5
-14.5

118.6
-29.4

185.8
48.3

85.7
-50.3

210.0
-53.1

-7.0
-62.4

271.3
30.1

-74.0
-39.5

193.6
-24.9

4
5

68.7
19.1
49.7

26.2
7.2
19.0

83.9
32.7
51.2

182.0
21.0
160.9

151.3
5.5
145.7

258.5
62.5
196.0

225.8
20.1
205.7

92.3
-4.0
96.3

162.8
96.5
66.3

134.3
8.3
126.0

290.1
-12.7
302.8

6
7
8

-1.0

77.8

70.4

301.7

394.7

258.5

407.6

145.8

434.3

-37.7

472.7

9

23.7

14.4

34.6

128.1

107.1

267.1

99.4

38.9

137.0

83.7

210.3

10

-6.7
30.5

-1.0
15.4

22.4
12.2

100.6
27.6

92.2
14.9

235.2
32.0

101.3
-1.9

-26.5
65.4

128.6
8.3

56.1
27.6

201.7
8.6

11
12

-24.7
45.0
-2.9
-66.8

63.3
11.8
102.6
-51.0

35.8
49.3
86.9
-100.4

173.5
53.8
191.5
-71.8

287.6
44.2
230.4
13.0

-8.6
-8.6
311.8
-311.7

308.2
126.4
355.1
-173.3

106.8
53.3
-131.5
185.0

297.3
25.8
236.6
35.0

-121.4
50.6
459.2
-631.2

262.4
79.8
336.0
-153.4

13
14
15
16

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

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

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

37

Z.1, December 7, 2006

F.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position

Q2

Q3

Q4

Q1

2006
Q2

Q3

3.7

-1.5

-2.8

-14.1

-21.3

3.2

-19.1

-19.2

-2.0

2.3

2.4

1

0.5

-0.6

0.4

-4.5

-6.9

0.4

-11.9

0.3

0.3

0.2

0.3

2

0.5
-0.0

-0.6
0.0

0.4
0.0

-4.5
-0.0

-6.9
-0.0

0.4
0.0

-11.9
0.0

0.3
0.0

0.3
0.0

0.2
-0.0

0.3
0.0

3
4

3.2

-0.9

-3.2

-9.6

-14.5

2.8

-7.2

-19.5

-2.3

2.0

2.1

5

Official foreign currency holdings
Treasury
Monetary authority

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.5
0.3
0.3

0.6
0.3
0.3

0.7
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

0.6
0.3
0.3

6
7
8

Net IMF position
Federal government
Monetary authority

2.6
2.6
0.0

-1.5
-1.5
0.0

-3.8
-3.8
0.0

-10.2
-10.2
0.0

-15.1
-15.1
0.0

2.3
2.3
0.0

-7.8
-7.8
0.0

-20.2
-20.2
0.0

-2.9
-2.9
0.0

1.4
1.4
0.0

1.5
1.5
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

1.0
1.6

0.6
0.9

0.7
1.0

0.8
0.1

0.8
0.4

1.1
0.3

0.9
-0.7

0.3
0.4

0.6
5.4

0.8
0.4

1.0
0.4

3
4

5

Discrepancy (seigniorage)

-0.6

-0.3

-0.3

0.7

0.4

0.8

1.7

-0.1

-4.8

0.3

0.6

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

21.0

36.6

89.9

86.8

420.0

-210.5

91.2

46.6

229.1

239.7

96.4

1

1.3
5.1
-6.8

2.2
17.6
-36.6

5.4
15.6
7.0

5.2
20.1
16.2

25.2
6.4
3.5

-12.6
-7.1
52.6

5.5
16.3
46.8

2.8
64.8
-38.1

13.7
-37.5
10.3

14.4
27.4
-70.7

11.5
-3.1
-36.3

2
3
4

21.5

53.5

62.0

45.3

384.9

-243.3

22.6

17.1

242.6

268.7

124.3

5

38

Z.1, December 7, 2006

F.203 Net Interbank Transactions
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

17.4

-14.2

19.2

6.6

1.6

73.1

-36.7

-11.5

-36.4

-139.3

-18.5

1

5.6
5.1
0.5

0.6
0.5
0.1

-5.4
1.0
-6.4

3.5
-5.0
8.5

35.0
-3.7
38.7

-5.7
-11.6
5.9

-21.0
-5.6
-15.4

5.9
0.9
5.0

-6.5
-1.5
-5.0

-2.0
-4.5
2.5

-23.3
-14.8
-8.5

2
3
4

11.9
0.4

-14.9
-0.7

24.6
1.2

3.1
-0.0

-33.4
-9.3

78.8
2.5

-15.6
5.4

-17.4
1.4

-29.9
-5.0

-137.2
-1.8

4.8
-0.1

5
6

4.2

-9.7

8.4

-6.6

-57.7

113.7

-22.4

-59.8

-50.2

-145.5

14.2

7

8
9
10
11

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

13.9
46.1
-0.9
-47.0

-12.7
43.6
109.7
66.0

14.0
60.7
33.8
-26.8

-19.0
9.0
21.3
12.3

-59.7
-47.2
-93.7
-46.5

64.6
2.0
136.6
134.6

-27.1
106.7
74.1
-32.6

-53.8
-25.6
-31.8
-6.2

-39.7
-7.6
71.9
79.5

-150.3
10.9
80.7
69.8

13.8
163.5
37.1
-126.4

8
9
10
11

12
13
14

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

-32.8
13.0
45.8

-12.2
21.1
33.3

-72.2
77.0
149.2

-8.6
59.6
68.2

56.7
-27.7
-84.4

78.6
74.9
-3.7

-151.9
2.0
153.9

-17.9
189.1
207.1

-0.5
172.7
173.2

-90.7
49.6
140.3

-104.8
224.7
329.5

12
13
14

15
16
17

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

0.6
2.0
1.4

-44.1
-40.2
3.9

25.6
19.8
-5.8

-19.4
9.2
28.6

-69.2
20.4
89.6

-16.0
4.1
20.1

18.1
0.9
-17.2

-10.2
11.6
21.8

-31.6
0.4
32.1

-70.5
-53.7
16.9

-44.8
-12.5
32.3

15
16
17

18
19
20

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

9.7
10.2
-0.6

-2.9
-3.0
0.0

5.6
5.3
0.3

-12.4
-12.6
0.2

-2.0
-12.6
10.6

-49.1
-38.6
-10.5

-4.7
-4.4
-0.3

6.1
5.0
1.0

10.5
12.2
-1.7

-4.8
-4.2
-0.6

-0.4
-0.5
0.2

18
19
20

7.2

-4.4

15.0

9.6

33.6

-37.4

1.4

41.0

25.3

10.1

-9.3

21

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

-1.2
1.9
-7.3
-0.4
9.6

-1.7
0.6
-33.2
0.2
33.6

47.4
-19.9
17.0
0.6
-37.4

-48.5
-9.0
-9.6
-0.7
1.4

-2.0
35.8
-3.4
-1.8
41.0

7.3
24.6
-0.6
-0.0
25.3

-18.2
26.7
14.9
1.7
10.1

-17.4
15.8
28.0
-2.9
-9.3

22
23
24
25
26

0.9
-2.6

7.5
55.7

25.4
-23.6

10.5
-7.3

30.3
-27.9

-70.7
3.4

52.8
-13.3

29.4
8.4

-5.4
22.7

-5.6
50.5

30.8
2.4

27
28

-10.0
0.9
10.9

6.3
7.5
1.3

-1.5
25.4
26.8

17.8
10.5
-7.3

63.5
30.3
-33.2

-87.7
-70.7
17.0

62.5
52.8
-9.6

32.8
29.4
-3.4

-4.8
-5.4
-0.6

-20.5
-5.6
14.9

2.8
30.8
28.0

29
30
31

-3.6
-2.6
1.0

55.8
55.7
-0.1

-23.8
-23.6
0.2

-6.9
-7.3
-0.4

-28.2
-27.9
0.2

2.9
3.4
0.6

-12.6
-13.3
-0.7

10.2
8.4
-1.8

22.7
22.7
-0.0

48.8
50.5
1.7

5.3
2.4
-2.9

32
33
34

21
22
23
24
25
26

27
28

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

29
30
31

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

32
33
34

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

35

10.2

-9.8

4.2

-3.0

-32.0

110.5

-38.1

-52.5

-61.7

-149.4

-9.2

35

36

Net change in assets
Rest of the world

4.2

-9.7

8.4

-6.6

-57.7

113.7

-22.4

-59.8

-50.2

-145.5

14.2

36

37

Domestic

6.0

-0.1

-4.2

3.5

25.7

-3.3

-15.7

7.4

-11.5

-3.8

-23.4

37

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

0.4
0.4
0.0

-0.7
-0.7
0.0

1.2
1.2
-0.0

-0.0
-0.0
0.0

-9.3
-9.4
0.0

2.5
1.7
0.7

5.4
2.7
2.7

1.4
4.8
-3.4

-5.0
-7.0
2.0

-1.8
-0.7
-1.1

-0.1
-0.2
0.1

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

5.0
4.5
0.5

0.1
-0.0
0.1

-5.3
1.1
-6.4

4.1
-4.5
8.5

36.3
-2.4
38.7

-5.9
-11.8
5.9

-20.6
-5.3
-15.4

6.6
1.5
5.0

-5.7
-0.6
-5.0

-1.8
-4.3
2.5

-22.5
-14.1
-8.5

41
42
43

44
45

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

0.6

0.5

-0.1

-0.5

-1.3

0.2

-0.4

-0.6

-0.9

-0.2

-0.8

44

7.2

-4.4

15.0

9.6

33.6

-37.4

1.4

41.0

25.3

10.1

-9.3

45

39

Z.1, December 7, 2006

F.204 Checkable Deposits and Currency
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Net change in liabilities

2
3
4
5

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

6
7
8
9

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

-8.3

80.1

89.8

3.2

43.9

-31.6

-44.4

44.7

67.9

21.9

-81.9

1

41.5
-2.3
0.0
43.7

37.9
1.3
0.1
36.6

37.1
0.1
-0.1
37.1

29.2
-1.4
-0.0
30.6

11.4
-4.2
0.2
15.4

17.2
-6.1
-0.2
23.4

42.6
-0.4
0.2
42.8

45.4
5.0
-0.3
40.7

38.0
1.6
0.1
36.4

16.9
-1.4
0.2
18.0

5.5
0.1
-0.2
5.6

2
3
4
5

-57.3
-16.4
-0.6
-40.3

30.9
-0.9
12.2
19.6

44.6
-3.2
27.6
20.2

-36.9
7.0
26.0
-69.8

17.7
25.3
-64.0
56.5

-49.8
-36.9
121.2
-134.1

-104.8
13.7
53.4
-171.9

-10.6
25.8
-6.6
-29.8

15.4
-61.3
67.4
9.4

-2.0
63.4
59.1
-124.5

-53.5
37.9
35.8
-127.1

6
7
8
9

5.3
6.0

0.5
7.6

3.9
7.0

1.4
13.4

3.6
-2.6

5.7
12.2

5.0
4.8

6.8
7.7

8.0
-1.1

-1.9
-32.1

10
11

10
11

Savings institutions
Credit unions

1.8
5.7

12

Net change in assets

-8.3

80.1

89.8

3.2

43.9

-31.6

-44.4

44.7

67.9

21.9

-81.9

12

13

Household sector

-2.6

-58.8

32.2

-10.5

223.3

-93.9

-161.4

-10.0

39.0

-39.4

6.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

-31.8
-34.9
2.6
0.5

56.5
51.7
4.1
0.7

-5.9
-34.2
27.3
1.0

-6.5
-37.3
30.1
0.7

-58.1
-80.1
21.3
0.7

2.6
-31.0
32.9
0.7

4.4
-28.2
31.9
0.7

25.3
-9.7
34.4
0.7

-44.4
-71.5
25.9
1.2

-207.1
-227.1
18.9
1.2

-141.3
-164.5
22.0
1.2

14
15
16
17

18
19

State and local governments
Federal government

5.2
-17.1

3.5
9.2

-4.6
-31.0

8.5
12.2

40.4
39.9

8.8
-31.1

-24.1
-9.7

8.7
49.5

-4.1
-64.0

3.0
77.7

11.2
2.8

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

20.9
-0.6
21.5

28.9
12.3
16.6

42.4
27.5
14.8

45.0
26.0
19.0

-59.5
-63.8
4.3

135.5
121.1
14.4

74.1
53.6
20.5

29.7
-6.9
36.6

75.2
67.4
7.7

63.8
59.3
4.5

40.1
35.6
4.5

20
21
22

23

Financial sectors

19.5

49.7

29.1

-38.8

-122.9

-41.4

48.8

-39.9

62.1

139.3

-35.9

23

24
25
26

Commercial banking
Savings institutions
Credit unions

-0.3
3.8
1.6

-0.0
0.0
3.2

1.0
-3.5
-1.4

-0.5
2.4
-2.0

0.5
3.6
-17.7

0.7
3.5
-7.6

-2.1
2.5
9.9

-0.9
-0.1
7.2

-1.4
-10.6
-0.2

-0.3
-1.4
-6.2

-0.7
1.5
10.8

24
25
26

27
28
29
30

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

12.8
-1.6
0.3
1.5

8.6
12.0
0.2
4.3

-8.7
6.0
0.1
0.4

-4.8
-5.5
0.3
0.6

-7.2
-24.5
0.2
-5.1

-3.1
20.9
0.7
-0.9

-0.8
4.7
0.4
7.3

-8.3
-23.3
-0.1
1.0

30.7
5.7
0.5
-1.7

31.7
-0.4
0.9
1.9

7.2
-0.4
0.5
-0.7

27
28
29
30

31
32
33
34
35

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

-6.8
8.1
3.1
-0.1
-2.9

-0.7
12.0
3.3
3.9
2.9

2.7
10.1
3.5
3.2
15.7

-1.4
-25.7
3.7
1.6
-7.3

-9.5
-62.9
3.6
4.4
-8.2

-14.1
-42.5
3.7
4.8
-7.5

22.6
0.2
3.7
5.2
-4.9

-4.7
2.4
3.8
-8.2
-8.8

3.1
0.3
3.8
4.0
28.0

63.1
1.2
3.9
-3.5
48.5

-43.9
-0.1
3.9
9.7
-23.6

31
32
33
34
35

-2.3

-8.9

27.7

-6.7

-19.2

-12.2

23.5

-18.7

4.3

-15.6

35.1

36

36

Mail float

40

Z.1, December 7, 2006

F.205 Time and Savings Deposits
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2

Net change in liabilities
Small time and savings deposits

Q2

Q3

Q4

Q1

2006
Q2

Q3

375.3

367.6

529.5

586.0

496.6

511.0

858.9

477.6

603.1

604.6

646.2

1

325.4

305.8

282.9

314.9

232.9

259.9

482.8

283.9

227.6

304.7

256.9

2

269.4
273.6
-2.3
-1.9

230.4
228.2
0.9
1.3

281.8
281.0
-0.8
1.6

268.5
263.1
0.5
4.9

216.6
205.4
5.3
5.9

195.5
191.7
-2.1
6.0

404.0
400.0
-1.1
5.1

258.0
255.2
0.1
2.7

122.2
115.4
2.9
3.8

189.6
187.7
1.2
0.7

157.1
133.3
24.3
-0.6

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

20.9
35.1

47.0
28.5

-14.4
15.5

34.3
12.1

13.7
2.6

58.6
5.8

42.0
36.8

22.7
3.2

86.8
18.7

101.2
13.8

46.8
53.0

7
8

9

Large time deposits (1)

50.0

61.8

246.6

271.1

263.7

251.1

376.1

193.7

375.5

300.0

389.3

9

-2.8
24.3
-25.1
-1.9

18.8
2.9
14.6
1.3

186.3
115.4
69.3
1.6

229.8
166.7
58.2
4.9

210.9
128.3
76.6
5.9

179.4
127.0
46.4
6.0

337.1
207.3
124.8
5.1

191.7
204.1
-15.0
2.7

320.7
115.3
201.6
3.8

292.6
244.7
47.2
0.7

312.4
61.0
252.1
-0.6

10
11
12
13

44.0
8.7

32.2
10.8

54.0
6.4

38.8
2.5

46.5
6.4

65.5
6.2

46.3
-7.3

-3.0
4.9

50.2
4.6

17.1
-9.7

66.1
10.8

14
15

10
11
12
13

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

14
15

Savings institutions
Credit unions

16

Net change in assets

375.3

367.6

529.5

586.0

496.6

511.0

858.9

477.6

603.1

604.6

646.2

16

17

Household sector

324.1

335.1

337.2

386.2

536.3

258.2

541.4

208.7

470.9

243.9

465.1

17

18
19
20

Nonfinancial business
Corporate
Nonfarm noncorporate

24.6
10.2
14.5

115.3
71.5
43.8

107.5
57.7
49.8

100.7
45.6
55.1

101.7
62.7
39.0

-4.5
-64.6
60.2

102.0
43.7
58.3

203.4
140.5
62.9

58.6
11.1
47.4

-3.8
-38.3
34.5

24.9
-15.2
40.1

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

8.8
17.1
31.7

8.0
-25.2
-9.1

6.9
-0.0
72.9

29.5
-1.0
41.6

60.2
-0.1
-191.4

-1.1
-2.8
259.4

28.9
1.5
102.5

30.1
-2.5
-4.2

11.5
0.4
98.3

10.4
0.2
219.3

34.5
13.0
104.1

21
22
23

24

Financial sectors

-30.9

-56.6

5.1

29.1

-10.1

1.9

82.5

42.2

-36.4

134.8

4.6

24

0.4
1.6

0.0
2.5

0.6
-0.7

-0.5
-4.5

-1.6
-5.2

-0.1
-4.2

0.4
-4.5

-0.7
-4.1

2.7
-8.7

6.4
-4.7

6.0
-4.3

25
26

-3.9
-0.1
-23.9
-5.1

3.0
-0.3
-53.3
-8.5

-4.6
0.3
0.4
9.0

6.2
-0.2
16.6
11.6

-6.2
0.2
9.8
-7.1

15.7
-1.1
-28.3
19.8

14.4
1.4
68.1
2.7

0.8
-1.4
16.6
30.9

-2.7
2.4
-26.5
-3.6

2.0
-3.1
106.4
27.7

2.8
2.5
20.2
-22.6

27
28
29
30

25
26

Savings institutions
Credit unions

27
28
29
30

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

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

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

Net issues

-16.7

-207.5

-136.5

127.0

-71.7

11.7

216.7

351.4

133.1

222.6

438.5

1

2

Net purchases

3
4
5
6
7
8
9
10

-16.7

-207.5

-136.5

127.0

-71.7

11.7

216.7

351.4

133.1

222.6

438.5

2

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

-43.2
27.8
2.3
1.6

-110.1
-38.5
-8.2
4.0

-56.4
27.7
8.5
3.4

53.8
35.8
9.3
2.6

-47.0
-10.2
6.6
2.6

31.7
23.4
10.2
0.9

121.4
50.3
9.9
3.9

109.1
79.8
10.7
3.0

101.8
13.2
8.0
2.3

152.0
69.4
5.9
3.0

232.4
110.6
6.8
5.8

3
4
5
6

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

-13.5
9.4
0.1
-1.2

-8.3
-0.2
-2.9
-43.2

-30.7
0.6
-3.1
-86.6

-7.1
1.9
0.3
30.4

-28.5
1.3
-6.0
9.3

-24.3
1.1
4.1
-35.4

1.7
2.2
2.3
24.9

22.4
2.8
0.8
122.9

33.4
3.4
0.8
-29.9

49.8
3.1
-2.0
-58.5

63.7
3.5
1.8
13.9

7
8
9
10

41

Z.1, December 7, 2006

F.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Q3

Q4

Q1

2006
Q2

Q3

106.6

227.2

83.2

354.9

560.7

387.9

298.3

172.6

512.3

239.1

606.3

1

2
3
4
5

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

115.5
73.6
39.5
2.4

67.6
68.5
-1.9
0.9

4.1
10.1
-4.7
-1.3

116.6
82.6
34.2
-0.2

163.1
225.1
-60.5
-1.5

122.0
88.6
26.7
6.7

119.7
67.4
54.8
-2.5

61.6
-50.6
115.7
-3.5

131.4
199.6
-65.7
-2.5

145.2
126.2
19.4
-0.4

95.2
-20.8
118.1
-2.2

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

-15.0
15.1
-9.0

20.1
5.9
133.7

4.7
25.0
49.3

-3.6
33.0
208.9

-46.3
15.9
428.0

5.1
45.3
215.6

29.7
51.5
97.4

-2.7
19.1
94.6

-6.5
8.6
378.7

25.0
16.3
52.6

-5.8
7.4
509.4

6
7
8

70.6

251.2

222.5

223.8

138.3

225.5

425.7

105.8

219.4

-15.3

346.6

9

9

Net change in liabilities

Q2

Net change in assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

2.2
-16.3
39.1

-0.2
7.9
270.1

0.4
6.7
204.9

8.5
5.1
47.4

-0.9
5.1
5.8

9.1
1.8
60.4

12.4
7.7
200.8

13.3
5.9
-77.2

-17.1
4.5
223.2

5.9
5.9
1.5

20.4
11.3
143.6

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

45.7
-10.8
-0.3
-0.8

-26.6
4.3
-7.7
-0.1

10.4
-10.8
-3.2
2.6

162.8
13.8
-0.1
2.6

128.3
43.1
1.1
-6.0

154.2
3.4
1.0
-0.1

204.8
-34.8
21.4
8.6

163.8
43.3
-23.9
7.8

8.7
-32.0
19.3
-0.0

-28.7
2.3
7.6
-0.1

171.3
-37.6
18.9
-9.8

13
14
15
16

14.2
1.3
-6.9
47.1
10.9
-9.1

8.5
1.4
-5.0
-20.8
12.9
-20.0

10.2
1.6
-5.3
-18.7
18.1
15.8

5.9
1.7
0.0
112.0
2.8
24.2

10.7
3.2
-6.5
48.5
46.0
-11.6

-3.6
9.5
2.9
148.2
-17.2
10.0

11.1
1.4
4.7
118.2
-18.5
92.6

5.3
-7.3
-1.0
133.0
0.9
5.7

-19.0
2.3
1.9
-37.2
46.7
26.6

-27.3
-14.1
-0.2
13.5
26.6
-37.0

16.2
1.3
1.0
161.1
5.2
15.0

17
18
19
20
21
22

36.0

-24.0

-139.3

131.0

422.3

162.5

-127.4

66.8

292.9

254.4

259.6

23

17
18
19
20
21
22
23

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

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

-63.5

-75.1

134.7

266.7

236.2

317.3

324.8

188.5

366.1

289.7

551.1

1

-63.3

-74.9

135.0

266.7

235.9

317.0

323.9

189.9

365.8

289.9

551.3

2

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

-57.9
58.3
-0.2
58.5

-35.1
12.9
-3.7
16.5

16.8
62.8
-2.2
65.0

-7.9
38.5
15.7
22.8

49.8
6.2
-0.2
6.4

5.8
10.0
-14.6
24.6

2.8
78.5
14.9
63.6

-89.9
59.1
62.6
-3.5

42.1
62.6
-34.0
96.6

40.1
-58.9
10.0
-68.9

-14.3
249.3
-4.2
253.5

3
4
5
6

7
8
9
10
11
12

Financial sectors
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

-63.7
-2.3
-40.1
-14.6
0.0
-6.7

-52.7
-6.0
-43.0
-2.7
0.0
-1.0

55.4
10.8
-8.0
30.2
0.0
22.4

236.1
4.0
146.8
-15.3
0.0
100.6

179.9
26.8
83.7
-22.9
0.0
92.2

301.3
-7.6
127.4
-53.7
0.0
235.2

242.5
21.6
141.4
-21.8
0.0
101.3

220.7
-24.7
234.7
37.1
0.0
-26.5

261.1
6.3
127.0
-0.9
0.0
128.6

308.7
47.8
201.8
2.9
0.0
56.1

316.3
5.3
79.4
29.9
0.0
201.7

7
8
9
10
11
12

13

Bankers acceptances (1)

-0.2

-0.2

-0.3

0.0

0.3

0.2

0.9

-1.4

0.3

-0.2

-0.1

13

14

Net purchases, by sector

-63.5

-75.1

134.7

266.7

236.2

317.3

324.8

188.5

366.1

289.7

551.1

14

13.1
4.6
14.3
18.1

-4.5
10.9
10.3
9.2

30.2
19.3
8.8
44.8

28.1
11.7
6.7
8.6

5.2
-0.4
6.7
-21.0

57.3
0.5
2.3
42.7

27.4
22.6
10.1
-10.6

22.7
24.2
7.7
23.3

20.4
28.0
5.9
-44.4

25.9
30.1
7.8
171.3

21.8
30.5
14.9
6.1

15
16
17
18

0.0
0.0
0.0
1.2

0.0
0.0
0.0
-2.0

0.0
0.0
0.0
0.2

0.0
0.0
0.0
-0.6

0.0
0.0
0.0
0.6

0.0
0.0
0.0
-2.5

0.0
0.0
0.0
-2.0

0.0
0.0
0.0
1.6

0.0
0.0
0.0
4.0

0.0
0.0
0.0
-2.1

0.0
0.0
0.0
2.2

19
20
21
22

14.7
2.2
-3.2

-18.2
-3.2
-9.0

-7.6
0.3
-9.5

-8.0
2.2
0.2

-9.4
2.8
-2.7

-15.7
4.2
2.3

-17.1
1.3
0.2

10.0
0.3
1.1

-12.1
2.1
4.5

11.9
4.5
-3.3

8.5
2.7
3.6

23
24
25

-38.6
-7.7
-23.5
-4.7
-54.2

-125.2
13.1
-2.4
5.9
39.8

-54.1
18.0
-2.0
-1.3
87.5

86.3
2.9
2.2
7.6
118.6

3.3
53.1
2.5
9.5
185.8

90.2
-1.6
3.5
48.3
85.7

103.6
-23.1
-3.0
5.3
210.0

148.2
-16.7
5.8
-32.7
-7.0

-9.3
50.7
0.7
44.3
271.3

63.1
46.0
5.0
3.7
-74.0

265.5
1.2
-4.6
5.2
193.6

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, December 7, 2006

F.209 Treasury Securities
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

257.1

398.4

362.5

307.3

570.4

26.5

264.2

368.1

532.5

-116.4

161.1

1

4.5
252.5

8.9
389.5

0.6
361.9

0.7
306.6

-0.2
570.6

0.3
26.2

-1.1
265.3

3.8
364.3

3.8
528.7

-2.7
-113.7

-4.8
165.9

2
3

257.1

398.4

362.5

307.3

570.4

26.5

264.2

368.1

532.5

-116.4

161.1

4

-105.6
4.5
-110.1

28.7
8.9
19.8

65.3
0.6
64.7

-112.4
0.7
-113.1

61.0
-0.2
61.1

-235.1
0.3
-235.4

9.0
-1.1
10.1

-284.6
3.8
-288.3

575.7
3.8
571.8

-213.6
-2.7
-210.9

-165.6
-4.8
-160.8

5
6
7

14.5
0.0
26.2

1.4
2.0
9.5

0.2
7.1
23.2

3.9
7.9
68.8

-0.9
5.6
80.9

9.9
8.6
81.2

-10.8
8.4
77.1

17.5
9.0
36.1

-7.9
6.8
-1.2

-8.2
4.9
24.9

4.6
5.8
15.7

8
9
10

138.9
77.7

276.0
37.3

346.8
51.2

287.1
26.4

379.0
2.0

124.8
31.8

242.4
56.9

402.3
14.9

130.3
63.0

10.9
35.3

163.2
20.3

11
12

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

11
12

Rest of the world
Monetary authority

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

43.2
29.9
12.9
0.1
0.3

3.0
7.1
-6.5
1.4
1.0

-22.8
-19.2
-4.1
-0.8
1.4

-13.0
-10.1
-2.1
-0.9
0.1

36.0
27.7
9.1
-1.6
0.8

-44.9
-27.2
-18.7
3.2
-2.1

11.8
12.3
0.1
0.1
-0.6

-54.8
-53.1
1.1
-5.1
2.4

-30.5
-22.2
-14.9
6.2
0.4

39.6
31.2
9.7
-0.1
-1.2

0.3
-7.8
11.7
-1.9
-1.7

13
14
15
16
17

18
19

Savings institutions
Credit unions

-2.2
0.4

3.0
1.3

-3.9
-0.1

4.0
-1.2

-3.2
-2.4

5.6
0.4

-1.3
-2.1

14.7
-0.8

-8.0
1.1

-9.7
-1.1

-0.1
3.4

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

9.2
24.8
-3.4
3.8
9.6

3.5
-6.6
13.3
-10.9
5.1

6.6
6.6
-4.1
-17.5
5.4

-2.0
12.7
3.0
-1.0
7.7

0.9
10.0
6.4
-13.3
8.8

-3.6
13.8
2.0
11.9
10.8

1.5
14.7
5.9
0.1
7.8

-6.9
12.2
-2.3
-2.7
3.5

5.4
4.7
1.4
-2.1
5.9

4.3
1.8
3.1
12.9
18.2

0.3
3.0
4.5
-8.9
6.9

20
21
22
23
24

25
26
27
28
29
30
31

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

4.7
17.2
-2.8
2.0
12.1
0.4
-13.7

-10.2
9.3
1.4
0.1
-12.3
1.9
41.7

-33.9
4.8
2.4
2.8
-0.6
5.2
-82.4

-9.6
6.6
0.3
4.8
0.2
19.7
-6.5

4.9
10.0
0.6
9.3
0.7
8.2
-34.1

-9.8
3.9
1.7
2.1
-1.9
20.8
-7.6

-8.3
-1.8
-1.0
4.5
1.0
22.6
-174.2

-25.4
14.4
-0.1
3.3
1.0
27.0
189.7

-31.0
6.5
-1.2
1.4
1.5
22.2
-211.4

22.8
1.0
0.2
7.1
1.3
40.1
-112.3

-26.9
5.3
0.3
1.1
0.9
31.0
96.1

25
26
27
28
29
30
31

257.6

396.0

361.9

306.9

569.7

25.1

263.9

368.9

531.5

-116.1

160.1

32

Memo:
32

Federal government borrowing (1)

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

43

Z.1, December 7, 2006

F.210 Agency- and GSE-backed Securities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2
3
4
5
6
7
8

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

547.2

571.9

117.5

50.2

-163.0

51.1

-80.9

393.5

471.1

621.0

88.7

1

0.5
219.8
326.8

-2.4
243.7
330.5

-0.6
65.0
53.0

-0.4
-84.2
134.8

-0.7
-209.6
47.3

-1.4
-84.2
136.6

-0.4
-243.9
163.4

0.8
200.9
191.8

-1.0
144.8
327.3

0.2
314.3
306.4

-1.0
-191.1
280.8

2
3
4

547.2

571.9

117.5

50.2

-163.0

51.1

-80.9

393.5

471.1

621.0

88.7

5

-157.7
-0.7
41.7

144.4
-4.8
22.5

83.0
0.1
19.1

221.3
1.4
14.6

-78.6
-0.3
14.6

286.6
3.6
5.1

454.0
-4.0
22.0

223.1
6.5
16.8

-38.0
-2.9
0.9

54.9
-3.0
16.9

172.9
1.7
32.3

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
112.3
0.0

0.0
3.1
-0.0

0.0
109.0
0.0

0.0
157.1
0.0

0.0
101.5
0.0

0.0
157.2
0.0

0.0
207.0
0.0

0.0
162.5
0.0

0.0
263.7
0.0

0.0
234.0
0.0

0.0
212.8
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

140.5
121.1
10.9
4.5
3.9

83.6
85.1
-7.1
0.9
4.7

96.9
89.7
0.6
1.9
4.7

-6.8
-3.4
-2.3
-2.3
1.2

95.5
102.2
-9.3
0.3
2.4

-63.3
-94.4
27.9
-3.1
6.3

-55.4
-24.1
-27.0
-5.1
0.8

-4.0
2.8
-0.6
-1.4
-4.8

154.4
178.8
-26.9
3.0
-0.4

162.2
133.5
29.0
4.6
-4.9

-249.1
-240.6
-1.3
-2.3
-4.9

12
13
14
15
16

17
18

Savings institutions
Credit unions

14.7
18.2

22.6
18.6

-13.6
-0.5

-12.8
-7.6

-5.9
4.1

-8.9
-1.5

-17.1
-27.3

-19.3
-5.6

-9.1
13.5

-23.6
-3.3

120.2
-21.0

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

19.0
77.4
-19.4
11.8
1.9

2.2
18.0
38.3
55.7
0.5

-3.3
8.2
11.3
44.2
-0.5

5.8
11.4
-1.4
-1.6
0.0

9.7
38.6
-9.5
76.8
-0.2

3.1
4.6
-19.8
-39.6
0.4

11.9
7.6
-3.9
-42.7
0.2

-1.6
-5.3
27.6
-1.0
-0.3

9.3
19.5
11.3
-3.6
-0.3

7.4
6.2
21.6
24.2
-0.2

6.6
13.6
21.4
-20.0
0.5

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

8.7
54.0
131.7

-4.6
25.2
88.8

-61.1
15.2
-130.3

-107.4
20.8
-163.6

-154.5
31.2
-185.4

-154.6
12.2
-227.9

-151.4
-5.5
-300.0

31.0
45.1
58.9

44.1
20.3
-20.0

3.0
3.0
39.6

-100.7
16.7
-94.9

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

71.4
7.4
14.1

67.7
-1.9
-8.1

-100.0
16.1
23.5

-76.0
1.3
-6.3

-103.3
-1.1
3.6

-30.4
13.2
111.0

-105.7
0.9
-71.4

-64.5
-8.0
-68.3

-107.0
1.6
113.5

-54.6
30.0
102.7

-65.3
17.5
23.4

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, December 7, 2006

F.211 Municipal Securities and Loans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

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

Q2

Q3

Q4

Q1

2006
Q2

Q3

159.4

137.6

130.5

194.7

188.2

147.4

237.6

205.3

77.6

160.5

195.5

1

143.4
25.2
118.2

120.0
10.4
109.6

115.1
-5.9
121.0

170.8
5.7
165.1

166.2
4.5
161.7

126.1
-20.7
146.8

216.2
12.8
203.4

174.7
26.3
148.4

64.5
0.3
64.3

123.0
-8.2
131.1

175.7
-7.3
183.0

2
3
4

12.9

14.1

10.3

16.5

15.7

14.6

14.9

20.7

9.3

29.9

16.6

5

3.1

3.5

5.1

7.4

6.3

6.7

6.5

9.9

3.8

7.6

3.2

6

159.4

137.6

130.5

194.7

188.2

147.4

237.6

205.3

77.6

160.5

195.5

7

97.6
2.8
-0.1
0.1
3.5

29.0
3.3
-0.7
0.3
8.0

33.2
-0.4
0.4
0.2
6.5

75.0
-2.4
0.5
0.2
4.0

33.1
2.3
0.3
0.2
4.0

77.0
-12.2
0.5
0.1
4.0

101.7
2.7
0.5
0.3
4.0

88.3
-2.4
0.5
0.2
4.0

-27.3
7.9
0.4
0.2
4.0

95.5
-1.0
0.3
0.2
4.0

58.1
-3.8
0.3
0.4
4.0

8
9
10
11
12

1.5
1.0

10.8
0.8

8.3
0.8

16.9
1.5

20.6
1.0

8.1
3.0

17.5
1.5

21.4
0.7

12.2
3.2

3.7
1.2

22.0
3.3

13
14

8
9
10
11
12

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

13
14

Commercial banking
Savings institutions

15
16
17

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

9.2
1.2
-0.8

41.2
6.2
0.1

43.6
4.0
0.7

45.4
2.4
0.1

52.5
4.1
-2.7

38.0
2.0
1.2

62.2
2.3
0.3

28.8
1.1
1.5

24.6
1.8
1.0

19.6
0.5
0.1

17.6
1.3
0.6

15
16
17

18
19
20
21
22

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

1.8
24.3
11.3
4.0
2.0

13.6
12.9
3.2
5.0
3.8

21.8
4.1
-0.1
0.2
7.1

23.2
17.4
0.2
-0.8
11.0

21.7
26.9
1.1
5.6
17.5

22.2
18.5
2.5
-1.8
-15.7

17.6
28.0
-1.7
-10.9
11.5

31.5
-4.0
-1.1
4.0
30.7

35.1
39.2
-0.0
5.0
-29.7

-9.2
26.8
3.1
6.3
9.3

61.1
28.0
-2.9
3.7
1.7

18
19
20
21
22

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

F.212 Corporate and Foreign Bonds
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8
9
10
11
12

Net issues

517.5

642.7

712.7

781.4

688.6

871.7

644.0

921.4

594.3

785.4

639.2

1

Nonfinancial corporate business
Rest of the world (1)

132.3
31.6

158.3
28.7

77.7
61.8

59.9
38.0

34.3
41.3

30.1
84.4

99.6
8.5

75.5
17.9

213.5
50.6

207.3
139.1

119.6
176.7

2
3

Financial sectors
Commercial banking
Savings institutions
ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

353.6
22.0
-0.2
222.9
64.0
16.2
-1.7
30.5

455.7
46.9
1.7
254.1
107.9
23.3
6.4
15.4

573.2
58.3
2.5
340.1
74.1
70.6
15.2
12.2

683.5
56.7
1.0
514.2
43.6
40.3
0.1
27.6

613.0
79.3
-0.4
343.3
128.4
36.2
11.2
14.9

757.2
30.8
0.7
564.1
62.7
72.2
-5.2
32.0

535.9
38.2
-0.6
578.8
-151.5
44.9
28.0
-1.9

828.0
78.4
4.4
570.6
134.9
7.8
-33.4
65.4

330.3
47.2
-0.8
177.9
24.3
38.1
35.1
8.3

439.0
90.6
4.7
175.2
85.0
49.3
6.5
27.6

342.9
41.3
3.4
300.0
-34.2
18.8
5.0
8.6

4
5
6
7
8
9
10
11

517.5

642.7

712.7

781.4

688.6

871.7

644.0

921.4

594.3

785.4

639.2

12

198.1
9.1
147.5

-87.4
7.1
220.8

-18.5
6.0
259.5

-11.8
4.6
330.4

-219.0
4.6
238.2

87.4
1.6
326.7

-169.3
7.0
373.1

253.6
5.3
383.8

-312.7
0.1
390.1

-85.0
5.3
397.1

-138.9
10.2
343.9

13
14
15

-3.2
-4.0

44.6
-8.8

77.3
-12.2

126.5
21.1

255.9
13.2

186.0
7.4

115.5
43.0

-51.4
21.0

95.2
24.6

138.2
10.9

24.1
-0.2

16
17

2.4
106.8
11.4
-62.4
1.2

20.0
171.0
20.9
-24.1
0.4

26.4
147.8
-7.7
10.2
-0.3

17.5
78.9
8.9
-0.4
-0.0

25.7
143.9
-2.4
-1.8
-0.1

11.4
60.7
14.4
0.3
0.2

31.2
77.4
14.2
-7.7
0.1

1.5
33.7
9.5
7.6
-0.2

20.7
99.6
-7.1
-8.2
-0.2

16.5
27.2
19.1
25.4
-0.2

17.9
73.3
10.6
-17.0
0.2

18
19
20
21
22

5.6
50.9
0.1
1.8

30.5
77.4
31.6
0.6

2.3
74.5
8.9
1.0

-2.7
76.4
1.0
1.9

-45.0
71.8
4.7
2.4

-66.5
94.3
-0.3
1.4

51.2
86.1
1.9
2.6

49.7
53.5
-2.2
1.5

56.4
121.9
11.4
1.6

69.1
81.0
15.2
2.1

176.8
104.8
-6.3
1.7

23
24
25
26

33.5
2.3
30.7
-14.4

36.6
10.1
36.4
54.9

110.8
17.3
23.9
-14.5

48.0
25.1
85.2
-29.4

60.6
8.6
79.0
48.3

55.1
47.4
94.6
-50.3

29.3
28.2
13.5
-53.1

47.0
16.1
153.8
-62.4

25.9
13.3
31.7
30.1

36.7
15.7
50.4
-39.5

-13.3
11.0
65.1
-24.9

27
28
29
30

Net purchases

13
14
15

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

16
17

Commercial banking
Savings institutions

18
19
20
21
22

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

23
24
25
26

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

27
28
29
30

Government-sponsored enterprises
REITs
Brokers and dealers
Funding corporations

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

45

Z.1, December 7, 2006

F.213 Corporate Equities (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Net issues

2

Nonfinancial corporate business

3

Rest of the world (2)

4
5
6
7
8
9
10
11
12

Financial sectors
Commercial banking
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

Q2

Q3

Q4

Q1

2006
Q2

Q3

46.4

138.7

66.5

-153.4

-33.5

-126.9

-305.5

-147.6

-395.1

-467.0

-565.9

1

-41.6

-42.0

-126.6

-363.4

-264.3

-300.1

-469.9

-419.2

-570.0

-614.8

-579.6

2

17.0

118.0

84.8

142.1

160.2

98.5

138.7

171.2

164.2

69.7

32.9

3

71.0
-10.7
6.2
-6.5
18.1
45.3
8.4
10.2

62.7
-2.4
4.1
-3.9
43.9
15.8
13.3
-8.0

108.3
17.6
-4.0
-17.3
32.8
55.0
21.5
2.6

67.9
-13.8
-2.8
-8.0
20.0
53.9
16.1
2.5

70.6
-22.1
-3.6
-13.8
40.6
35.7
10.7
23.2

74.8
11.3
-5.0
-5.0
26.1
40.6
20.1
-13.2

25.7
-25.0
-4.4
-5.6
16.6
12.6
23.7
7.9

100.4
-19.4
1.6
-7.4
-3.1
126.7
9.9
-7.7

10.6
-26.6
-5.9
-23.1
5.5
30.5
18.2
11.9

78.1
-13.5
-6.9
-29.4
20.7
88.9
17.2
1.2

-19.2
-10.4
-2.5
-8.0
-11.6
17.1
15.5
-19.2

4
5
6
7
8
9
10
11

46.4

138.7

66.5

-153.4

-33.5

-126.9

-305.5

-147.6

-395.1

-467.0

-565.9

12

-145.4
10.3
54.1

-2.0
-17.0
34.0

-259.1
-4.8
61.8

-456.3
-0.7
86.6

-321.6
13.5
71.1

-354.7
-6.2
53.0

-600.5
-7.3
126.3

-548.4
-2.8
96.0

-862.9
-15.8
223.6

-690.5
12.7
16.8

-756.6
-6.9
97.8

13
14
15

-0.6
2.0

2.3
-1.0

-0.2
-1.1

-0.0
-1.0

-0.9
-1.7

4.3
-0.9

-2.3
-1.1

-1.2
-0.1

1.9
-3.0

-2.9
-0.9

0.5
-0.7

16
17

-1.1
52.7
-69.5
50.2
8.2

-2.7
45.5
-101.0
-0.6
17.5

-3.5
51.5
-11.0
-22.6
9.1

-5.8
65.9
-53.0
-3.0
7.0

-1.0
73.8
-98.7
-4.7
5.5

-4.6
42.9
-29.0
-5.9
2.5

-6.0
82.4
-36.2
2.0
8.3

-11.5
64.4
-48.3
-3.3
11.5

8.2
66.4
-89.4
7.7
8.9

-2.5
68.9
-42.0
-3.9
-3.1

-2.9
70.0
-16.0
0.3
7.5

18
19
20
21
22

31.4
9.4
41.6
3.2

136.8
7.6
15.1
4.1

158.5
21.7
51.2
15.2

129.6
18.5
47.1
11.8

145.3
34.2
24.0
27.9

130.1
22.0
37.1
-17.6

129.1
17.4
5.5
-23.1

114.0
0.3
121.9
59.9

204.5
-4.6
27.5
31.7

94.3
2.2
79.7
4.3

70.3
-2.7
14.3
-40.7

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

181.1

288.6

298.2

260.2

389.3

239.2

201.6

210.6

504.6

275.4

231.5

1

2

Net purchases

181.1

288.6

298.2

260.2

389.3

239.2

201.6

210.6

504.6

275.4

231.5

2

125.6
0.5
2.1

240.5
11.3
-5.2

249.0
2.0
-1.5

266.0
7.4
-0.2

394.1
7.4
4.1

240.6
7.4
-1.9

213.5
7.4
-2.2

215.6
7.4
-0.9

527.3
7.4
-4.8

278.2
7.4
3.9

227.4
7.4
-2.1

3
4
5

3
4
5

Household sector
Nonfinancial corporate business
State and local governments

6
7

Commercial banking
Credit unions

1.7
-0.2

-6.2
0.5

-0.9
-0.9

-1.8
-1.0

-4.9
-1.3

-4.3
-1.1

3.1
-1.4

-1.0
-0.3

-4.6
0.4

5.2
-0.9

8.9
0.0

6
7

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

2.6
34.8
13.9

0.5
39.9
7.3

12.8
36.2
1.6

-9.9
-0.1
-0.2

-10.0
0.6
-0.8

-10.0
8.7
-0.2

-10.0
-6.8
-2.0

-9.6
-2.7
2.1

2.0
-21.9
-1.2

2.0
-19.8
-0.5

2.0
-11.7
-0.3

8
9
10

8
9
10

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

46

Z.1, December 7, 2006

F.215 Bank Loans Not Elsewhere Classified
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Total loans by commercial
banking, flow of funds basis

225.2

193.2

405.0

557.9

588.5

533.3

621.0

488.8

696.3

496.0

419.8

1

2
3
4
5

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

0.0
268.5
34.1
2.8

0.0
197.5
52.8
35.5

0.0
339.5
34.9
-17.9

0.0
361.2
2.8
34.9

0.0
425.4
-5.5
31.3

0.0
325.6
16.9
28.2

0.0
403.3
81.6
62.0

0.0
290.6
-82.0
18.0

0.0
319.6
44.7
51.1

0.0
346.2
2.4
25.9

0.0
143.0
45.9
101.3

2
3
4
5

6

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

-80.2

-92.6

48.5

159.0

137.3

162.6

74.0

262.2

281.0

121.5

129.5

6

-58.1
-18.6
0.9
-4.3

-69.0
-29.0
5.0
0.3

42.8
6.4
-2.5
1.8

90.1
60.6
2.7
5.6

82.0
59.3
-4.9
0.9

112.3
48.5
-5.1
6.8

4.6
70.1
0.8
-1.4

161.5
64.4
20.0
16.2

215.8
65.0
-1.8
1.9

102.9
46.2
-14.0
-13.5

3.7
124.5
-4.6
6.0

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.

-80.2

-92.6

48.5

159.0

137.3

162.6

74.0

262.2

281.0

121.5

129.5

12

13

Net change in liabilities

-80.2

-92.6

48.5

159.0

137.3

162.6

74.0

262.2

281.0

121.5

129.5

13

-101.2

-85.5

15.0

149.8

120.5

206.9

44.7

227.1

271.3

156.7

149.8

14

-22.6
-108.2
25.1
-0.9

-2.6
-85.9
11.1
-0.4

-15.7
14.6
11.4
2.2

23.7
62.1
48.9
2.2

18.2
56.9
36.0
-2.7

53.6
91.0
65.0
2.6

-30.6
42.3
21.8
6.1

53.7
58.4
72.6
2.9

74.8
110.3
76.0
2.6

51.7
42.8
29.1
4.9

6.3
88.0
57.2
3.5

15
16
17
18

5.3
0.8
-0.8
5.3

-7.7
-0.5
-1.5
-5.7

2.5
0.9
2.8
-1.3

12.9
-2.8
3.1
12.6

12.1
0.9
1.4
9.9

-5.3
-1.9
-1.8
-1.6

5.2
-9.7
9.9
5.0

39.5
-0.6
2.9
37.2

7.6
-1.8
-1.8
11.2

28.2
1.6
7.3
19.3

-5.2
-1.1
-4.9
0.8

19
20
21
22

21.1

-7.2

33.5

9.2

16.8

-44.3

29.4

35.0

9.7

-35.2

-20.2

23

4.2
16.8
0.1

-13.2
5.7
0.3

1.9
30.0
1.5

-1.1
5.1
5.2

-0.5
3.2
14.1

-9.5
-36.1
1.3

5.1
23.1
1.1

0.6
30.2
4.2

5.1
-1.0
5.6

-9.0
-21.7
-4.5

15.2
-35.3
-0.1

24
25
26

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

Financial sectors
Savings institutions
Finance companies
REITs

47

Z.1, December 7, 2006

F.216 Other Loans and Advances
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Total other loans and advances

20.2

34.5

90.9

117.0

111.8

156.4

58.1

141.9

53.5

128.1

88.3

1

2
3
4
5
6
7
8
9

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

-3.6
-0.8
-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

-2.6
-0.9
0.5
1.5
-0.3
0.2
-3.7
0.0

-8.8
-0.8
0.8
-4.4
-0.3
0.5
-4.6
0.0

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

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

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

-5.3
-0.7
0.8
-2.9
-0.2
0.6
-2.9
0.0

-7.3
-0.4
0.9
3.2
-0.2
0.6
-11.6
0.0

-0.8
-0.0
0.8
4.4
-0.1
0.7
-6.6
0.0

-0.9
0.6
0.9
4.4
-0.1
0.6
-7.3
0.0

2
3
4
5
6
7
8
9

10
11

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

10.1
10.1

-0.8
-0.8

6.3
6.3

60.6
60.6

92.8
92.8

59.2
59.2

30.3
30.3

60.0
60.0

1.7
1.7

1.3
1.3

39.5
39.5

10
11

12
13
14

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

-0.0
0.3
-0.4

-0.2
-0.2
0.0

-0.4
-0.4
0.1

0.0
0.0
-0.0

0.3
-0.0
0.4

0.4
0.0
0.3

0.8
1.3
-0.5

-1.5
-1.2
-0.3

0.2
0.2
0.1

-0.1
0.2
-0.3

-0.3
0.5
-0.7

12
13
14

15
16
17

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

3.3
1.7
1.7

10.0
5.0
5.0

1.3
0.7
0.7

3.9
1.9
1.9

-4.9
-2.4
-2.4

17.5
8.7
8.7

-5.2
-2.6
-2.6

8.2
4.1
4.1

3.8
1.9
1.9

13.8
6.9
6.9

8.3
4.1
4.1

15
16
17

18
19
20

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

1.0
-0.1
1.0

-0.7
-0.1
-0.7

1.6
-0.1
1.6

0.8
-0.0
0.8

-1.6
-0.0
-1.5

2.8
-0.0
2.9

-1.2
-0.0
-1.2

3.0
-0.0
3.0

2.8
-0.0
2.8

6.2
-0.0
6.2

-1.8
-0.0
-1.8

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)

8.9
0.1
0.6
1.4
30.2
-27.4
2.0
2.0

31.1
-0.1
-0.3
0.3
8.5
17.6
2.2
2.9

73.5
-0.3
-1.7
1.5
8.8
60.0
2.3
3.0

49.7
0.0
1.0
4.5
24.4
16.2
3.3
0.4

47.6
0.0
6.7
2.1
42.9
-4.0
1.5
-1.6

89.6
0.0
-1.9
4.2
23.7
58.3
3.1
2.3

30.3
0.0
-2.2
7.3
22.1
2.4
0.3
0.4

31.4
0.0
1.3
4.2
8.9
8.3
8.1
0.6

38.5
0.0
6.0
15.9
8.7
5.3
-0.2
2.8

53.1
0.0
3.9
4.7
56.8
-20.4
6.8
1.3

34.4
0.0
3.1
2.3
2.0
22.4
2.2
2.4

21
22
23
24
25
26
27
28

29
30

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

-3.3
-3.3

-1.1
-1.1

1.4
1.4

-16.8
-16.8

6.9
6.9

-29.1
-29.1

-18.7
-18.7

-26.3
-26.3

2.8
2.8

6.4
6.4

-15.5
-15.5

29
30

31
32
33

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

3.8
3.4
0.4

-2.3
-2.1
-0.2

9.8
8.8
1.0

27.6
24.9
2.8

-19.3
-17.4
-1.9

25.3
22.8
2.5

32.2
29.0
3.2

72.3
65.1
7.2

11.0
9.9
1.1

48.2
43.4
4.8

24.6
22.1
2.5

31
32
33

48

Z.1, December 7, 2006

F.217 Total Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Net change in mortgages

881.1

1007.3

1289.1

1468.0

1147.8

1458.0

1687.7

1578.4

1330.6

1183.0

1034.7

1

2
3
4
5

Home
Multifamily residential
Commercial
Farm

734.0
38.5
100.9
7.6

800.8
70.9
127.6
8.0

1054.8
53.3
172.9
8.1

1134.9
71.0
255.9
6.2

901.3
52.0
189.3
5.3

1135.7
75.1
235.6
11.5

1322.5
71.4
285.4
8.5

1180.2
85.5
313.2
-0.5

1025.2
55.9
239.1
10.4

872.1
39.9
255.5
15.5

685.9
43.2
287.9
17.7

2
3
4
5

6

881.1

1007.3

1289.1

1468.0

1147.8

1458.0

1687.7

1578.4

1330.6

1183.0

1034.7

6

Household sector

709.8

864.4

981.7

1107.1

880.9

1104.6

1237.6

1205.3

1003.7

867.0

684.2

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

163.0
34.4
121.0
7.6

134.5
46.4
80.2
8.0

281.1
46.3
226.7
8.1

347.8
86.4
255.3
6.2

244.3
59.6
179.4
5.3

334.1
55.5
267.1
11.5

430.2
121.7
300.0
8.5

382.7
108.7
274.5
-0.5

304.0
81.4
212.1
10.4

301.5
66.9
219.1
15.5

344.4
140.0
186.7
17.7

8
9
10
11

12
13

Federal government
REITs

0.0
8.2

0.0
8.3

0.0
26.3

0.0
13.1

0.0
22.7

0.0
19.3

0.0
19.9

0.0
-9.6

0.0
22.9

0.0
14.5

0.0
6.1

12
13

14

Net change in assets

881.1

1007.3

1289.1

1468.0

1147.8

1458.0

1687.7

1578.4

1330.6

1183.0

1034.7

14

7

Net borrowing

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

10.9
2.9
-0.6

11.6
2.2
-0.2

12.4
16.1
4.1

13.0
16.1
4.6

12.5
16.1
3.2

14.2
16.1
5.0

13.5
16.1
4.9

11.9
16.1
5.3

14.4
16.1
4.0

15.1
16.1
3.0

15.5
16.1
3.4

15
16
17

18
19

State and local governments
Federal government

-5.3
0.5

8.5
-2.5

7.2
1.6

5.5
2.4

5.5
1.1

1.9
0.6

8.3
3.8

6.3
4.0

4.9
1.8

6.4
6.9

6.2
3.3

18
19

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

268.5
23.0
18.2

197.5
89.2
23.2

339.5
186.8
30.6

361.2
95.7
32.4

425.4
3.9
28.6

325.6
196.2
38.0

403.3
108.1
27.0

290.6
74.6
35.9

319.6
111.7
33.0

346.2
134.4
39.0

143.0
111.1
34.4

20
21
22

23
24
25
26

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

0.1
7.0
0.6
0.1

0.1
10.9
-0.1
-0.7

0.3
12.4
-0.2
-0.9

0.3
12.1
-0.2
-0.1

0.2
13.0
-0.3
3.8

0.2
13.0
-0.1
0.3

0.5
10.5
-0.1
-4.7

0.3
12.1
-0.3
0.1

0.1
17.9
-0.2
-0.6

0.4
27.4
-0.3
0.2

0.3
11.9
-0.3
-0.7

23
24
25
26

27
28
29

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

59.8
326.8
84.6

106.0
330.5
171.6

15.1
53.0
450.5

-1.2
134.8
685.5

13.6
47.3
481.3

-5.5
136.6
672.1

-10.2
163.4
809.2

-2.8
191.8
779.4

13.1
327.3
322.6

2.8
306.4
276.7

-6.7
280.8
320.4

27
28
29

30
31

Finance companies
REITs

72.4
11.8

39.5
19.8

105.8
54.5

65.3
40.6

62.5
30.1

-15.8
59.4

74.0
60.0

140.3
12.7

119.4
25.7

-9.6
12.0

97.6
-1.7

30
31

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

49

Z.1, December 7, 2006

F.218 Home Mortgages (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

Q3

Q4

Q1

2006
Q2

Q3

734.0

800.8

1054.8

1134.9

901.3

1135.7

1322.5

1180.2

1025.2

872.1

685.9

1

683.9
0.7
49.5

854.8
1.8
-55.7

961.8
4.1
88.9

1077.7
6.7
50.5

855.3
5.2
40.7

1069.9
7.3
58.6

1223.6
6.6
92.2

1161.9
7.8
10.5

971.4
8.2
45.6

828.1
7.6
36.3

672.7
6.4
6.8

2
3
4

734.0

800.8

1054.8

1134.9

901.3

1135.7

1322.5

1180.2

1025.2

872.1

685.9

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

8.7
1.9
-0.2

9.5
1.2
-0.1

10.4
15.1
1.5

11.3
15.1
1.7

11.0
15.1
1.2

11.2
15.1
1.8

11.5
15.1
1.8

11.7
15.1
1.9

12.0
15.1
1.5

12.2
15.1
1.1

12.5
15.1
1.2

6
7
8

9
10

State and local governments
Federal government

-2.7
-0.9

4.3
-0.9

3.7
-0.5

2.8
-0.4

2.8
-0.5

1.0
-0.2

4.2
-0.6

3.2
-0.4

2.5
-0.1

3.3
0.9

3.2
-0.2

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

198.3
10.7
18.2

124.9
71.7
23.2

221.0
171.7
30.6

204.7
80.5
32.4

310.1
-5.1
28.6

174.0
170.3
38.0

202.7
96.9
27.0

132.1
59.7
35.9

171.1
93.9
33.0

187.1
113.3
39.0

-4.6
87.1
34.4

11
12
13

14
15
16

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

-0.3
-1.8
-0.0

-0.3
-1.1
-0.5

0.6
-0.2
0.5

-0.4
-0.0
0.2

0.1
-0.1
2.3

0.2
-0.0
0.1

0.2
-0.0
-1.7

-2.1
-0.0
0.0

0.2
-0.0
-0.2

0.5
-0.0
0.1

0.2
-0.0
-0.3

14
15
16

17
18
19

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

45.5
315.2
54.3

92.2
303.2
121.1

-0.4
49.6
398.3

-14.7
129.7
573.4

0.3
45.0
396.9

-18.0
133.4
572.3

-28.8
156.2
716.8

-12.4
184.4
607.8

7.0
315.2
242.3

-4.7
295.5
216.0

-11.7
265.5
204.5

17
18
19

20
21

Finance companies
REITs

76.0
11.4

34.6
17.7

101.8
51.1

67.8
30.8

66.5
27.1

-12.6
49.1

76.3
45.0

140.9
2.2

114.7
17.0

-18.1
10.9

95.6
-16.8

20
21

62.2
44.7
0.6
3.0
3.0
10.9

92.3
62.7
17.1
3.7
0.7
8.0

185.0
117.6
25.6
12.2
9.9
19.7

135.3
65.5
30.4
12.0
13.1
14.3

113.8
69.9
20.0
6.9
10.5
6.6

188.8
119.2
37.1
15.0
8.7
8.7

118.5
39.0
33.5
15.9
17.0
13.1

120.1
33.7
31.2
10.3
16.2
28.6

92.7
26.4
32.5
8.2
11.3
14.5

177.1
108.3
40.5
15.6
5.1
7.6

122.9
25.4
55.8
21.9
4.8
15.1

22
23
24
25
26
27

6
7
8

22
23
24
25
26
27

Net change in assets

Q2

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

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

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

Net borrowing

38.5

70.9

53.3

71.0

52.0

75.1

71.4

85.5

55.9

39.9

43.2

1

1.5
35.4

1.6
68.7

1.8
46.8

2.0
70.0

1.9
49.1

2.0
78.3

2.1
62.9

2.1
89.7

2.1
50.6

2.1
41.4

2.0
34.4

2
3

Federal government
REITs

0.0
1.7

0.0
0.6

0.0
4.7

0.0
-1.0

0.0
1.0

0.0
-5.2

0.0
6.4

0.0
-6.2

0.0
3.1

0.0
-3.6

0.0
6.8

4
5

Net change in assets

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

38.5

70.9

53.3

71.0

52.0

75.1

71.4

85.5

55.9

39.9

43.2

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.0
0.0
-0.2

0.0
0.0
-0.1

0.0
0.0
1.4

0.0
0.0
1.5

0.0
0.0
1.1

0.0
0.0
1.7

0.0
0.0
1.6

0.0
0.0
1.8

0.1
0.0
1.3

0.1
0.0
1.0

0.1
0.0
1.1

7
8
9

10
11

State and local governments
Federal government

-2.1
0.5

3.4
0.2

2.9
0.4

2.2
-0.0

2.2
0.7

0.8
-0.7

3.3
-0.4

2.5
0.4

1.9
-1.0

2.6
-0.2

2.5
-0.1

10
11

12
13

Commercial banking
Savings institutions

9.3
4.1

10.7
9.3

14.4
9.5

20.9
10.7

14.0
11.4

24.8
19.0

26.2
6.7

18.6
5.7

21.1
7.8

6.6
8.4

9.4
4.9

12
13

14
15
16

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

1.2
0.5
-0.0

1.7
0.3
-0.5

1.9
0.0
0.4

2.0
-0.0
-0.1

1.0
-0.1
0.8

2.0
-0.0
0.1

1.5
-0.0
-1.4

3.4
-0.1
0.0

1.5
-0.1
-0.2

4.1
-0.1
0.1

1.7
-0.1
-0.2

14
15
16

17
18
19

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

8.5
12.9
5.4

10.9
26.6
7.9

12.4
3.6
6.4

11.9
5.1
16.5

11.3
2.6
6.8

7.2
3.3
17.1

16.0
7.3
10.3

12.9
7.4
31.7

3.9
10.3
7.3

2.1
8.8
8.7

1.0
10.1
12.3

17
18
19

20
21

Finance companies
REITs

-1.3
-0.2

0.1
0.1

-0.1
-0.0

0.0
0.2

-0.1
0.1

-0.1
-0.3

-0.0
0.3

0.3
0.7

0.0
1.9

-1.8
-0.3

-0.5
0.9

20
21

7
8
9

50

Z.1, December 7, 2006

F.220 Commercial Mortgages
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

1
2
3
4
5
6

Net borrowing
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

100.9

127.6

172.9

255.9

189.3

235.6

285.4

313.2

239.1

255.5

287.9

1

26.0
32.2
36.1
6.6

9.7
43.0
67.2
7.7

19.9
40.4
91.1
21.5

29.4
77.7
134.8
14.1

25.5
52.5
89.6
21.6

34.7
46.2
130.2
24.5

14.0
113.0
144.8
13.5

43.4
98.9
174.4
-3.4

32.4
71.1
115.9
19.7

38.8
57.2
141.4
18.1

11.5
131.7
145.5
-0.7

2
3
4
5

100.9

127.6

172.9

255.9

189.3

235.6

285.4

313.2

239.1

255.5

287.9

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

0.7
1.0
-0.2

0.6
1.0
-0.0

0.6
1.0
1.1

0.7
1.0
1.2

0.6
1.0
0.8

0.7
1.0
1.3

0.7
1.0
1.2

0.7
1.0
1.3

0.7
1.0
1.0

0.7
1.0
0.7

0.7
1.0
0.9

7
8
9

10
11

State and local governments
Federal government

-0.4
1.2

0.7
-1.6

0.6
1.8

0.4
2.8

0.4
0.8

0.2
1.6

0.7
4.9

0.5
4.2

0.4
3.0

0.5
6.2

0.5
3.6

10
11

12
13

Commercial banking
Savings institutions

58.3
8.2

59.3
8.2

100.2
5.6

132.6
4.5

99.2
-2.5

123.6
6.9

170.7
4.4

136.9
9.1

123.6
9.8

148.5
12.7

133.1
18.8

12
13

14
15
16
17

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

0.1
6.7
2.0
0.2

0.1
8.9
0.8
0.3

0.3
10.1
0.0
-1.8

0.3
10.2
-0.1
-0.2

0.2
11.6
-0.2
0.7

0.2
10.0
-0.0
0.1

0.5
8.3
-0.1
-1.6

0.3
10.7
-0.2
0.0

0.1
15.6
-0.1
-0.2

0.4
21.4
-0.2
0.1

0.3
9.4
-0.2
-0.3

14
15
16
17

18
19

Agency- and GSE-backed mortgage pools
ABS issuers

0.0
25.0

0.0
42.6

0.0
45.8

0.0
95.6

0.0
77.7

0.0
82.7

0.0
82.1

0.0
139.8

0.0
73.0

0.0
52.0

0.0
103.6

18
19

20
21

Finance companies
REITs

-2.3
0.5

4.8
1.9

4.1
3.5

-2.5
9.5

-3.9
2.9

-3.1
10.6

-2.2
14.8

-0.9
9.8

4.7
6.7

10.3
1.4

2.4
14.2

20
21

7
8
9

Net change in assets

2003

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

Net borrowing (Farm business)

7.6

8.0

8.1

6.2

5.3

11.5

8.5

-0.5

10.4

15.5

17.7

1

2

Net change in assets

7.6

8.0

8.1

6.2

5.3

11.5

8.5

-0.5

10.4

15.5

17.7

2

3
4

Household sector
Nonfarm noncorporate business

1.4
-0.0

1.5
-0.0

1.3
0.2

1.0
0.2

0.8
0.1

2.3
0.2

1.4
0.2

-0.6
0.2

1.7
0.2

2.2
0.2

2.3
0.2

3
4

5
6

State and local governments
Federal government

-0.1
-0.3

0.1
-0.3

0.1
-0.2

0.1
-0.0

0.1
0.1

0.0
-0.1

0.1
0.0

0.1
-0.1

0.0
-0.1

0.1
0.0

0.1
-0.1

5
6

7
8

Commercial banking
Savings institutions

2.5
0.0

2.6
0.1

3.9
-0.0

3.0
0.0

2.2
-0.0

3.2
0.0

3.8
0.0

3.0
0.0

3.8
0.2

4.0
0.1

5.1
0.3

7
8

9
10

Life insurance companies
State and local govt. retirement funds

-0.6
0.0

0.5
0.0

-0.3
0.0

0.4
0.0

0.3
0.0

0.7
0.0

0.5
0.0

0.1
0.0

0.6
0.0

1.4
0.0

0.6
0.0

9
10

11
12

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

5.8
-1.3

2.9
0.6

3.2
-0.1

1.7
-0.1

2.0
-0.2

5.3
-0.0

2.7
-0.2

-3.3
0.0

2.2
1.8

5.4
2.1

4.1
5.2

11
12

51

Z.1, December 7, 2006

F.222 Consumer Credit
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

1

Net change in liabilities (Households)

113.4

104.0

116.9

91.3

97.4

113.6

102.9

51.4

49.5

155.9

135.8

1

2

Net change in assets

113.4

104.0

116.9

91.3

97.4

113.6

102.9

51.4

49.5

155.9

135.8

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

1.6
0.0
12.7

-16.2
0.0
1.3

0.0
0.0
4.3

0.1
0.0
3.8

11.3
0.0
10.0

18.4
0.0
2.6

-23.5
0.0
0.3

-5.9
0.0
2.1

15.0
0.0
10.7

9.9
0.0
3.3

-36.4
0.0
-10.2

3
4
5

6
7
8

Commercial banking
Savings institutions
Credit unions

34.1
-2.4
6.2

52.8
9.1
10.1

34.9
13.4
9.5

2.8
17.8
13.2

-5.5
-2.0
14.9

16.9
12.9
9.9

81.6
21.5
25.8

-82.0
38.8
2.1

44.7
-44.1
3.8

2.4
15.4
4.0

45.9
17.2
9.5

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

-2.5
36.1
27.5

-16.3
-22.4
85.5

-20.6
-24.0
99.3

0.0
29.5
24.2

0.0
29.9
38.6

0.0
44.4
8.5

0.0
-8.7
5.8

0.0
52.5
43.8

0.0
51.7
-32.3

0.0
89.9
30.9

0.0
75.9
33.8

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

87.9

25.0

189.5

239.5

209.6

262.2

312.6

173.7

147.6

333.1

207.6

1

2

Household sector

19.1

4.8

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2.0

2

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

19.7
26.0
0.6

-54.7
-24.5
0.7

101.6
28.1
0.9

148.2
31.0
-0.7

149.3
22.0
-0.7

166.2
33.9
-0.7

186.7
32.8
-0.7

90.7
35.4
-0.7

79.5
26.7
15.8

167.0
19.4
15.9

122.1
22.6
15.9

3
4
5

6
7

State and local governments
Federal government

28.4
0.8

29.2
72.6

30.8
14.8

33.3
12.4

32.2
15.1

32.9
15.4

33.6
15.4

34.6
3.9

35.2
7.9

36.3
20.2

36.7
9.6

6
7

8
9

Rest of the world
Brokers and dealers

-4.9
-1.8

6.1
-9.2

3.5
7.8

6.3
7.0

-5.9
-4.3

12.2
0.3

2.2
40.7

16.6
-8.9

8.9
-28.4

20.0
52.1

21.5
-22.8

8
9

10

Net change in trade receivables

-78.0

-14.6

195.6

258.7

152.6

233.0

339.3

309.8

40.8

258.4

279.5

10

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

-98.3
18.9

-17.3
-24.2

125.4
53.9

154.7
59.6

85.2
42.2

111.6
65.1

221.1
63.1

201.2
68.0

-34.7
51.3

164.9
37.3

172.0
43.4

11
12

13
14
15

State and local governments
Federal government
Rest of the world

2.6
-3.3
2.6

8.1
19.1
1.5

6.9
10.5
-1.1

5.3
9.1
7.8

5.3
-6.4
11.4

1.8
16.2
13.0

7.9
18.8
6.5

6.0
7.8
0.3

4.6
-15.5
13.8

6.1
6.3
16.9

11.6
6.7
8.1

13
14
15

16
17

Property-casualty insurance companies
ABS issuers

4.9
-5.4

4.5
-6.3

0.3
-0.3

2.4
19.7

10.4
4.6

11.0
14.3

-0.2
22.2

-11.4
37.8

8.1
13.2

7.7
19.1

4.3
33.3

16
17

165.8

39.6

-6.1

-19.2

57.1

29.2

-26.7

-136.2

106.8

74.7

-71.9

18

18

Discrepancy

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

-87.0

132.5

166.6

-7.7

3.7

73.1

20.8

-128.5

244.3

194.1

137.3

1

2
3

Net change in liabilities
Household sector
Rest of the world

-48.2
0.0

34.3
0.0

81.5
0.0

-31.7
0.0

8.2
0.0

-10.2
0.0

-22.0
0.0

-102.8
0.0

68.6
0.0

-22.5
0.0

41.7
0.0

2
3

4
5
6
7

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

-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

-4.5
-35.8
-3.2
34.5

83.4
55.2
-44.1
72.3

42.8
-19.2
20.7
41.3

-25.7
-43.7
0.5
17.5

175.7
124.6
24.5
26.5

216.7
190.8
-36.0
61.9

95.6
-5.7
68.2
33.0

4
5
6
7

8

Net change in assets

-87.0

132.5

166.6

-7.7

3.7

73.1

20.8

-128.5

244.3

194.1

137.3

8

9
10

Household sector
Rest of the world

-41.6
0.0

62.7
0.0

103.0
0.0

-10.9
0.0

-35.8
0.0

55.2
0.0

-19.2
0.0

-43.7
0.0

124.6
0.0

190.8
0.0

-5.7
0.0

9
10

11
12

Commercial banking
Brokers and dealers

2.8
-48.2

35.5
34.3

-17.9
81.5

34.9
-31.7

31.3
8.2

28.2
-10.2

62.0
-22.0

18.0
-102.8

51.1
68.6

25.9
-22.5

101.3
41.7

11
12

52

Z.1, December 7, 2006

F.225 Life Insurance and Pension Fund Reserves
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

Life insurance reserves:
1
2
3
4

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

60.1

66.8

33.1

16.1

15.2

18.1

20.0

10.9

3.3

19.2

17.0

1

1.6
58.5

1.1
65.7

1.1
32.0

1.1
14.9

0.0
15.2

1.7
16.4

0.3
19.7

2.6
8.3

0.3
3.0

2.2
17.0

0.5
16.4

2
3

60.1

66.8

33.1

16.1

15.2

18.1

20.0

10.9

3.3

19.2

17.0

4

186.5

200.3

241.4

152.6

89.2

160.9

136.8

223.5

62.8

167.2

124.0

5

147.5
-14.8
8.5
45.4

144.2
-7.0
14.9
48.2

202.5
-14.8
-1.1
54.7

149.9
-48.5
-3.5
54.7

153.8
-111.6
-9.2
56.2

147.2
-28.7
-5.2
47.7

128.1
-34.0
-14.7
57.3

170.5
-19.8
15.2
57.6

165.6
-138.7
-11.0
46.8

89.3
-9.0
53.5
33.4

117.0
-13.1
-38.3
58.4

6
7
8
9

186.5

200.3

241.4

152.6

89.2

160.9

136.8

223.5

62.8

167.2

124.0

10

Pension fund reserves:
5
6
7
8
9
10

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

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

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

Net change in taxes payable by all
businesses

22.2

-1.0

27.7

27.6

37.0

7.6

14.9

51.0

31.2

-5.2

21.6

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

11.9
1.5

-11.7
-0.4

6.8
7.5

5.1
8.3

16.5
5.9

-9.8
9.1

-11.0
8.8

24.8
9.5

5.4
7.2

-25.5
5.2

-1.8
6.1

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

2.6
-0.2

2.9
-0.2

3.2
0.6

3.4
0.7

3.3
-0.2

3.4
0.2

3.5
1.1

3.5
1.9

3.6
1.5

3.7
-0.8

3.7
0.3

4
5

6
7

Property-casualty insurance companies
Life insurance companies

3.2
2.4

3.7
2.8

4.2
3.2

4.7
3.6

4.5
3.4

4.6
3.5

4.7
3.6

4.9
3.7

5.0
3.8

5.1
3.9

5.2
4.0

6
7

8
9

Finance companies
Brokers and dealers

1.4
-0.5

1.6
0.4

1.8
0.4

2.0
-0.3

2.0
1.7

2.0
-5.4

2.1
2.2

2.1
0.6

2.2
2.5

2.2
1.0

2.3
1.8

8
9

19.9

41.7

42.2

55.9

124.0

31.0

5.5

63.3

120.4

12.8

18.5

10

4.8
15.2

7.8
33.9

25.3
16.9

42.8
13.2

40.4
83.6

42.5
-11.4

40.2
-34.7

48.0
15.3

51.2
69.2

52.1
-39.3

55.5
-37.0

11
12

2.3

-42.6

-14.5

-28.3

-87.0

-23.5

9.4

-12.3

-89.3

-18.0

3.1

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

-82.7

20.2

-56.1

-63.4

-43.8

-86.5

-93.3

-30.2

-69.8

-63.3

-58.9

1

-85.0
1.7
0.6

20.3
4.4
-4.5

-63.3
10.6
-3.3

-64.3
3.7
-2.8

-58.4
11.6
3.0

-77.1
-8.5
-0.9

-85.0
-3.3
-5.0

-36.7
14.8
-8.3

-49.5
-24.1
3.8

-40.2
-21.7
-1.4

-30.2
-18.0
-10.7

2
3
4

53

Z.1, December 7, 2006

F.228 Total Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Net change in liabilities

Q2

Q3

Q4

Q1

2006
Q2

Q3

540.8

544.5

1618.7

715.1

356.8

1448.9

1045.4

9.4

974.8

1040.6

1012.4

1

0.9
79.3
18.9

0.9
33.2
23.1

1.6
447.3
89.9

1.0
253.0
49.4

1.1
243.8
70.6

2.8
273.5
58.7

-3.1
205.7
4.8

3.1
288.9
63.5

0.9
260.3
35.6

0.5
362.4
12.2

0.5
423.9
72.5

2
3
4

Federal government
Rest of the world

26.0
140.4

30.7
97.4

50.3
442.0

41.9
-45.9

46.1
-346.5

58.9
416.9

48.0
173.1

14.7
-427.2

21.2
281.7

35.4
266.4

48.2
-9.8

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

22.6
121.9
25.6
1.9

4.3
83.6
-4.6
1.7

9.9
296.0
59.1
1.9

3.4
59.9
28.4
2.6

-19.2
77.7
-110.9
1.0

20.4
266.7
33.8
9.5

-1.3
-64.3
25.0
6.1

13.5
-40.7
165.7
-6.1

-7.1
107.9
-116.9
-3.9

22.9
172.1
27.5
-5.3

-1.0
-103.5
110.2
10.6

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

51.8
55.8

49.6
18.4

45.1
4.6

50.3
13.0

38.5
128.5

28.4
-8.8

104.0
26.9

30.3
-94.5

23.3
42.2

36.7
63.6

30.9
12.0

11
12

13
14

Government-sponsored enterprises
Finance companies

27.7
67.8

-26.6
127.1

-1.1
53.2

2.0
28.0

-14.8
-53.4

6.7
34.5

17.7
182.7

-1.7
-51.9

-93.8
106.1

-47.6
-63.6

53.9
68.4

13
14

15
16
17

REITs
Brokers and dealers
Funding corporations

2.6
-77.6
-24.7

1.6
40.7
63.3

7.7
75.4
35.8

1.4
53.4
173.5

-11.5
18.2
287.6

13.4
242.1
-8.6

6.1
5.8
308.2

-2.6
-52.5
106.8

9.4
10.7
297.3

6.9
272.1
-121.4

22.4
10.8
262.4

15
16
17

599.5

617.7

1353.3

756.8

1058.2

1005.3

1266.7

-303.1

1388.3

1444.2

1123.0

18

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

5
6

18

Net change in assets

19
20
21
22

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

30.6
191.7
40.7
4.1

42.0
-10.3
67.3
4.6

40.9
555.1
120.5
4.6

28.4
128.9
133.2
4.8

29.9
310.0
92.7
2.1

30.9
332.0
143.6
3.4

74.7
84.8
146.2
10.5

-21.7
-211.3
150.4
3.2

31.8
472.1
112.0
1.2

28.5
371.0
83.7
2.8

23.8
362.1
98.0
4.0

19
20
21
22

23
24
25

State and local governments
Federal government
Rest of the world

-28.5
0.0
188.7

3.7
1.4
-8.5

-8.0
0.6
158.9

-50.8
-1.4
-28.6

-126.0
-4.1
224.7

-25.0
-1.2
-347.9

-2.5
-1.5
159.5

-49.5
1.2
-150.6

-25.4
6.9
141.0

-48.1
0.9
320.9

-62.2
-1.1
262.1

23
24
25

26
27
28
29

Monetary authority
Commercial banking
Savings institutions
Credit unions

1.4
63.6
19.0
12.1

1.3
175.7
-4.3
-4.1

1.5
188.6
19.3
-1.8

-3.2
79.5
9.9
-0.3

-7.7
6.4
-82.3
12.5

-2.9
170.6
6.4
-4.1

-3.2
137.3
12.0
16.8

1.1
3.8
103.4
-26.5

-1.4
-64.9
-26.6
-15.8

3.9
68.0
38.5
-17.1

-0.7
-75.8
-10.2
22.6

26
27
28
29

30
31
32
33
34

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

14.3
6.7
21.8
0.4
24.5

2.3
27.9
-19.1
0.9
24.7

7.6
51.9
-36.9
0.5
40.9

8.0
31.7
-17.4
1.9
40.0

15.4
87.6
-8.6
-46.3
42.1

3.5
38.3
-35.8
19.5
33.8

10.0
22.4
-26.2
24.2
40.9

3.0
-21.4
0.8
10.3
43.1

6.6
-47.0
-37.9
-11.9
32.5

9.5
-26.0
13.3
2.0
18.7

9.2
-67.3
-32.0
-0.3
43.2

30
31
32
33
34

35
36
37

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-8.6
0.0
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
3.7
-9.6

45.6
5.0
-59.4

-28.3
-0.9
21.3

-51.7
7.2
-20.6

9.6
3.5
20.4

88.1
14.7
-54.4

-38.6
-3.4
62.7

-38.5
-0.0
-17.7

35
36
37

38
39
40
41

Finance companies
REITs
Brokers and dealers
Funding corporations

34.8
2.2
-110.8
68.7

107.7
4.4
156.6
26.2

-39.9
11.2
148.6
83.9

-21.9
8.8
235.5
182.0

-3.1
12.0
358.3
151.3

36.4
12.5
340.8
258.5

-100.5
7.1
493.7
225.8

-20.6
3.5
-250.9
92.3

42.1
21.2
540.8
162.8

-115.1
14.6
519.0
134.3

-117.5
-0.4
431.6
290.1

38
39
40
41

-58.7

-73.3

265.3

-41.7

-701.4

443.6

-221.4

312.4

-413.5

-403.6

-110.6

42

42

Discrepancy

54

Z.1, December 7, 2006

F.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

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

Liab.: Rest of the world
Equity
Reinvested earnings
Intercompany accounts

154.5
42.7
85.3
26.5

149.9
35.5
121.0
-6.6

244.1
81.4
157.3
5.4

9.1
39.7
-11.2
-19.4

125.0
43.1
113.4
-31.5

135.8
42.5
87.4
5.9

-121.4
13.1
-123.2
-11.3

-103.2
60.1
-122.6
-40.7

245.0
49.0
175.8
20.1

188.4
12.2
201.0
-24.8

213.4
26.1
171.9
15.5

1
2
3
4

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

129.7
2.9
14.3
2.0
5.8
-0.3

122.9
6.4
2.3
3.1
13.0
2.1

219.8
6.0
7.6
1.6
4.1
4.9

-8.5
0.2
8.0
1.4
3.4
4.6

76.2
2.9
15.4
2.4
24.8
3.3

137.1
-0.3
3.5
-2.7
1.3
-3.1

-147.7
3.6
10.0
5.0
6.2
1.6

-99.4
-5.4
3.0
1.1
-18.9
16.4

209.7
10.1
6.6
2.3
12.7
3.7

155.6
5.0
9.5
2.2
10.1
6.1

162.3
13.8
9.2
1.6
24.7
1.8

5
6
7
8
9
10

27.5
0.1
2.1
7.7
3.7
-3.5
1.7
45.0

23.9
-0.2
4.2
3.0
-5.2
21.7
4.8
11.8

28.6
0.1
17.9
-2.7
20.1
12.2
7.6
49.3

42.9
0.1
10.2
-2.0
3.4
2.1
-0.7
53.8

44.3
0.3
21.1
10.3
3.6
4.8
-6.4
44.2

34.7
0.2
8.8
-9.4
4.6
4.6
-1.9
-8.6

44.3
-0.3
5.8
-4.4
4.8
2.7
-1.4
126.4

48.2
0.1
5.2
-4.5
0.7
-3.9
6.9
53.3

110.3
0.1
20.9
11.6
15.6
-0.9
-2.3
25.8

91.2
-0.0
9.9
6.3
35.8
-2.3
2.3
50.6

61.2
0.2
12.8
9.0
22.9
-2.3
-2.1
79.8

11
12
13
14
15
16
17
18

84.4
105.3
1.6
-22.6

64.0
93.4
14.5
-44.0

133.2
74.1
55.6
3.5

109.8
57.7
58.9
-6.9

122.2
62.5
42.6
17.0

33.0
42.2
87.6
-96.9

177.8
65.6
28.6
83.6

106.0
60.7
76.7
-31.4

181.1
96.9
101.1
-16.9

193.7
75.4
107.1
11.2

181.4
93.4
112.7
-24.6

19
20
21
22

1.5
1.5

1.4
1.4

2.0
2.0

1.3
1.3

1.5
1.5

1.4
1.4

1.2
1.2

1.0
1.0

7.4
7.4

0.6
0.6

1.3
1.3

23
24

1.0
1.0

0.5
0.5

3.1
3.1

1.6
1.6

2.6
2.6

1.5
1.5

1.5
1.5

0.9
0.9

0.9
0.9

4.8
4.8

0.4
0.4

25
26

2.0

3.2

2.9

1.5

-0.4

3.1

3.2

-0.1

2.3

0.1

0.4

27

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
-0.6
0.1
0.0
0.8
1.1
0.1
-0.1

0.0
-1.3
-0.4
0.0
2.7
-1.2
-0.0
-0.2

0.0
-0.8
-0.0
0.0
0.1
3.8
0.2
-0.2

0.0
-0.3
0.8
0.0
0.8
1.7
0.3
-0.0

0.0
-0.0
0.1
0.0
-0.1
0.1
-0.0
-0.1

0.0
-0.0
0.1
0.0
1.2
0.9
0.2
-0.0

0.0
0.0
0.1
0.0
0.6
-0.1
-0.1
-0.4

0.0
0.2
0.3
0.0
-2.5
2.0
0.3
0.2

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

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

53.1
0.9
-1.6
0.5

50.5
1.0
9.4
35.2

167.2
1.2
13.6
61.5

40.0
1.3
78.2
-36.5

-14.7
1.2
-6.9
-55.3

91.8
1.3
8.5
23.8

7.0
1.3
21.7
98.3

75.8
1.3
289.5
-212.9

70.3
1.4
11.8
-47.6

60.8
1.4
16.9
25.7

129.0
1.4
18.3
14.9

36
37
38
39

40

Asset: Bank holding companies

53.0

96.2

243.5

83.0

-75.6

125.4

128.3

153.8

35.9

104.8

163.6

40

24.7
24.7

13.7
13.7

41.3
41.3

-52.7
-52.7

-6.3
-6.3

13.7
13.7

22.3
22.3

-240.6
-240.6

11.8
11.8

16.9
16.9

18.3
18.3

41
42

NFC investment in finance company subs.:
41
42

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

43
44

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

19.1
49.7

7.2
19.0

32.7
51.2

21.0
160.9

5.5
145.7

62.5
196.0

20.1
205.7

-4.0
96.3

96.5
66.3

8.3
126.0

-12.7
302.8

43
44

45

Asset: Funding corporations

68.7

26.2

83.9

182.0

151.3

258.5

225.8

92.3

162.8

134.3

290.1

45

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

55

Z.1, December 7, 2006

F.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

0.1
0.1

0.2
0.2

-0.0
-0.0

-2.2
-2.2

-8.1
-8.1

-0.4
-0.4

-0.2
-0.2

0.0
0.0

-0.0
-0.0

0.0
0.0

0.1
0.1

1
2

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

3
4

1.9
1.9

-7.1
-7.1

-2.2
-2.2

0.8
0.8

-0.5
-0.5

-1.5
-1.5

5.3
5.3

-0.3
-0.3

9.8
9.8

-11.7
-11.7

-1.6
-1.6

5
6

0.9
0.9

0.9
0.9

1.6
1.6

1.0
1.0

1.1
1.1

2.8
2.8

-3.1
-3.1

3.1
3.1

0.9
0.9

0.5
0.5

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

10.2
10.1
0.1
0.0

13.9
10.9
-0.0
3.0

11.4
9.8
1.2
0.5

9.5
7.9
1.0
0.6

6.8
4.9
1.8
0.1

4.4
3.5
0.4
0.4

18.6
17.8
1.2
-0.4

8.0
5.5
0.4
2.1

26.9
13.7
2.0
11.3

15.6
12.4
1.2
2.1

15.9
12.6
1.2
2.1

9
10
11
12

13

Asset: Household sector

10.2

13.9

11.4

9.5

6.8

4.4

18.6

8.0

26.9

15.6

15.9

13

Policy payables:
14

Liab.: Property-casualty insurance companies

44.1

46.6

47.9

52.3

28.2

37.8

108.4

34.9

11.7

30.4

21.9

14

15
16
17
18

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

18.5
17.4
4.2
4.0

19.5
18.4
4.4
4.2

21.1
18.9
3.5
4.4

22.1
20.7
4.9
4.7

11.9
11.2
2.6
2.5

15.9
14.9
3.5
3.4

45.8
42.8
10.1
9.7

14.7
13.8
3.3
3.1

4.9
4.6
1.1
1.0

12.8
12.0
2.8
2.7

7.7
6.6
3.9
3.7

15
16
17
18

14.0
14.0

-18.1
-18.1

-37.3
-37.3

-9.2
-9.2

9.2
9.2

-21.1
-21.1

-25.6
-25.6

0.7
0.7

-24.3
-24.3

24.7
24.7

-21.0
-21.0

19
20

1.5
1.5

-0.2
-0.2

-3.1
-3.1

-1.9
-1.9

-4.6
-4.6

-6.4
-6.4

9.3
9.3

-5.9
-5.9

-2.0
-2.0

-2.0
-2.0

-1.9
-1.9

21
22

-2.9
-2.9

102.6
102.6

86.9
86.9

191.5
191.5

230.4
230.4

311.8
311.8

355.1
355.1

-131.5
-131.5

236.6
236.6

459.2
459.2

336.0
336.0

23
24

24.5
24.5

24.7
24.7

40.9
40.9

40.0
40.0

42.1
42.1

33.8
33.8

40.9
40.9

43.1
43.1

32.5
32.5

18.7
18.7

43.2
43.2

25
26

1.9
1.9

8.6
8.6

8.4
8.4

-3.1
-3.1

11.2
11.2

10.5
10.5

10.3
10.3

-44.4
-44.4

0.0
0.0

0.0
0.0

0.1
0.1

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, December 7, 2006

F.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

Net change in liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

Federal government
Rest of the world
Monetary authority

Q2

Q3

Q4

Q1

2006
Q2

Q3

54.7

17.3

710.3

101.1

-279.2

504.8

87.5

91.5

35.6

-138.7

-249.9

1

50.3
18.7

9.4
23.3

421.8
89.8

212.0
49.3

204.1
70.3

245.2
58.4

152.1
5.1

246.6
63.3

152.0
35.5

273.1
12.2

364.6
72.4

2
3

-0.4
-15.7
21.5

-2.6
-54.1
3.8

1.0
195.9
6.9

5.0
-54.1
1.7

-7.2
-464.9
-21.8

14.6
280.1
18.9

-3.2
293.5
-2.8

16.0
-325.0
12.6

-11.3
29.3
-8.0

16.7
77.3
18.1

4.8
-224.7
-1.3

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

47.5
13.1
23.6
11.5
-0.7

21.7
45.7
-50.0
22.6
3.4

78.2
83.2
-163.8
148.0
10.8

-11.4
-46.2
22.3
12.8
-0.3

65.7
-44.4
194.8
-86.1
1.4

103.6
-83.4
87.5
102.7
-3.2

-97.2
-177.1
108.3
-27.7
-0.8

-117.7
120.0
-301.4
62.4
1.3

-79.7
35.6
-131.7
18.8
-2.4

93.1
-87.4
163.7
16.0
0.7

-232.5
70.7
-415.1
122.2
-10.3

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

24.7
1.9
27.8
23.8

-5.6
1.7
27.8
-22.7

57.9
1.9
10.3
-1.9

27.1
2.6
9.3
-0.2

-112.2
1.0
108.9
-13.8

32.5
9.5
3.2
5.1

23.7
6.1
29.1
9.1

164.3
-6.1
-104.0
-1.4

-118.3
-3.9
23.9
-105.8

26.0
-5.3
-12.5
-36.1

108.8
10.6
-5.9
55.0

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

48.3
2.6
-129.5
-66.8

82.2
1.6
-18.3
-51.0

-13.8
7.7
-45.0
-100.4

0.4
1.4
-70.3
-71.8

-45.0
-11.5
-65.9
13.0

7.7
13.4
24.2
-311.7

135.9
6.1
-296.7
-173.3

-96.8
-2.6
57.2
185.0

83.4
9.4
-5.7
35.0

-95.2
6.9
118.2
-631.2

34.0
22.4
-304.7
-153.4

16
17
18
19

113.4

90.5

445.0

142.8

422.2

61.2

308.9

-221.0

449.1

264.9

-139.3

20

20

Net change in assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

19.8
36.5
-28.5

-165.4
62.6
3.7

275.0
116.6
-8.0

169.4
128.9
-50.8

229.0
91.3
-126.0

166.4
140.8
-25.0

167.3
136.4
-2.5

115.0
147.2
-49.5

246.0
111.0
-25.4

186.5
80.8
-48.1

174.9
94.0
-62.2

21
22
23

24
25
26

Federal government
Rest of the world
Monetary authority

-1.6
104.3
1.4

-0.2
-72.5
1.3

-1.4
25.7
1.5

-0.5
-138.3
-3.2

2.5
102.5
-7.7

-2.2
-380.9
-2.9

-2.5
-18.3
-3.2

0.2
-256.6
1.1

-0.5
-40.1
-1.4

0.2
127.3
3.9

-2.6
80.7
-0.7

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

4.3
-13.9
-3.1
27.3
-6.0

71.5
65.9
-14.6
22.4
-2.2

-64.6
22.9
-120.9
32.4
0.9

-6.1
11.5
-33.9
16.2
0.1

73.9
-54.0
104.8
21.9
1.2

43.8
-12.8
20.5
37.6
-1.5

3.1
-5.3
4.3
3.3
0.9

-145.3
118.0
-265.2
2.1
-0.2

-113.0
-168.5
14.4
37.8
3.3

-47.2
-2.9
-103.8
50.2
9.4

-251.2
15.3
-265.7
9.4
-10.1

27
28
29
30
31

32
33

Savings institutions
Credit unions

18.0
11.8

2.4
-4.3

20.5
-2.1

8.0
-0.4

-80.6
12.5

4.1
-4.2

5.0
16.5

103.5
-26.5

-37.2
-16.0

50.4
-17.0

-10.7
22.3

32
33

34
35
36

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

3.6
6.2
0.4

23.3
-0.8
0.9

48.1
3.5
0.5

29.5
-6.4
1.9

84.3
-13.1
-46.3

38.4
-8.4
19.5

20.6
-9.9
24.2

-25.5
5.9
10.3

-50.2
-11.6
-11.9

-28.2
-9.5
2.0

-69.6
-9.1
-0.3

34
35
36

37
38
39

Money market mutual funds
Mutual funds
Government-sponsored enterprises

-8.6
0.0
22.0

-0.2
1.0
16.5

-2.9
5.1
3.4

-6.2
3.7
-9.6

45.6
5.0
-59.4

-28.3
-0.9
21.3

-51.7
7.2
-20.6

9.6
3.5
20.4

88.1
14.7
-54.4

-38.6
-3.4
62.7

-38.5
-0.0
-17.7

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

29.1
2.2
-107.6

94.7
4.4
51.9

-44.0
11.2
56.8

-25.3
8.8
39.4

-27.9
12.0
124.5

35.1
12.5
32.1

-106.7
7.1
137.0

-1.7
3.5
-135.9

29.4
21.2
300.5

-125.2
14.6
53.6

-142.1
-0.4
93.9

40
41
42

-58.7

-73.3

265.3

-41.7

-701.4

443.6

-221.4

312.4

-413.5

-403.6

-110.6

43

43

Discrepancy

57

Z.1, December 7, 2006

F.11 Sector Discrepancies
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

2003

2004

2005

2005
Q1

1

All sectors

Q2

Q3

Q4

Q1

2006
Q2

Q3

192.3

-124.2

158.1

19.8

53.3

231.6

-401.4

195.7

226.2

135.3

235.4

1

2
3

Household sector
Nonfinancial corporate business

145.6
28.9

-122.8
12.2

28.4
-109.3

110.7
31.8

-98.1
35.5

178.7
84.7

131.5
20.3

230.8
-13.1

-48.1
-36.8

224.6
-51.9

29.0
-73.3

2
3

4
5
6

State and local governments
Federal government
Rest of the world

-30.5
-6.7
-42.0

-43.7
52.1
-19.6

-54.0
3.9
71.2

-32.9
-13.8
-5.3

-41.6
192.0
225.9

-38.0
-204.0
156.8

-26.2
-62.5
-305.5

-26.0
19.3
-98.5

-23.0
351.8
144.1

-34.7
-329.0
233.4

-36.5
8.7
-1.3

4
5
6

7

Financial sectors

97.0

-2.3

218.0

-70.7

-260.5

53.3

-159.0

83.3

-161.7

92.9

308.7

7

8
9

Monetary authority
Commercial banking

-2.8
98.1

-3.4
26.4

-2.3
236.4

2.2
7.1

1.4
-201.7

-0.0
118.9

-0.1
-18.5

7.4
129.8

-1.9
-104.4

1.8
-12.2

3.0
374.8

8
9

10
11

Savings institutions
Credit unions

4.9
0.6

-0.2
1.8

-11.5
1.9

-17.8
2.5

-16.7
2.5

-21.9
0.6

-24.0
3.2

-8.5
3.6

-27.2
1.7

-34.6
3.0

-13.5
2.4

10
11

12
13

Property-casualty insurance companies
Life insurance companies

-16.4
-25.4

-7.1
-38.4

-10.9
-40.8

-29.5
-14.1

-49.0
-14.7

6.0
3.1

-108.7
-24.5

33.7
-20.4

-45.4
-2.9

0.5
-31.7

-11.0
-36.3

12
13

14
15

Mutual funds
Government-sponsored enterprises

-21.6
10.2

2.5
-16.7

2.0
-17.7

12.1
-13.7

3.4
-24.5

2.9
6.3

17.6
-34.2

24.6
-2.5

28.3
20.9

31.7
70.8

31.3
-28.1

14
15

16
17
18
19

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

0.0
32.2
4.2
13.2

0.0
52.2
-3.8
-15.6

0.0
43.8
8.7
8.3

0.0
-20.4
-2.9
3.7

0.0
-1.7
9.6
31.0

0.0
-27.6
-12.1
-22.9

0.0
29.1
-5.6
6.7

0.0
-81.2
-3.4
0.1

0.0
10.0
-24.0
-16.8

0.0
71.0
-18.4
11.0

0.0
10.4
-6.1
-18.2

16
17
18
19

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

All types

192.3

-124.2

158.1

19.8

53.3

231.6

-401.4

195.7

226.2

135.3

235.4

1

2
3

Treasury currency
Foreign deposits

-0.6
21.5

-0.3
53.5

-0.3
62.0

0.7
45.3

0.4
384.9

0.8
-243.3

1.7
22.6

-0.1
17.1

-4.8
242.6

0.3
268.7

0.6
124.3

2
3

4
5

Net interbank transactions
Security RPs

7.2
36.0

-4.4
-24.0

15.0
-139.3

9.6
131.0

33.6
422.3

-37.4
162.5

1.4
-127.4

41.0
66.8

25.3
292.9

10.1
254.4

-9.3
259.6

4
5

6
7

Mail floats:
Federal government
Other

-1.6
-0.7

-8.9
-0.0

27.9
-0.2

-6.6
-0.1

-18.8
-0.4

-11.9
-0.3

23.0
0.5

-18.7
-0.0

4.3
-0.0

-15.6
0.1

35.2
-0.1

6
7

8
9

Trade credit
Taxes payable

165.8
2.3

39.6
-42.6

-6.1
-14.5

-19.2
-28.3

57.1
-87.0

29.2
-23.5

-26.7
9.4

-136.2
-12.3

106.8
-89.3

74.7
-18.0

-71.9
3.1

8
9

10

Miscellaneous

-58.7

-73.3

265.3

-41.7

-701.4

443.6

-221.4

312.4

-413.5

-403.6

-110.6

10

11

Nonfinancial

21.0

-63.8

-51.7

-71.1

-37.4

-88.1

-84.5

-74.3

61.9

-35.8

4.5

11

-21.0
0.0

48.8
15.0

66.7
-15.0

71.1
0.0

37.4
0.0

88.1
0.0

84.5
0.0

74.3
0.0

-61.9
0.0

35.8
0.0

-4.5
0.0

12
13

12
13

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

58

Z.1, December 7, 2006

L.1 Credit Market Debt Outstanding (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6
7
8

Total credit market debt owed by:
Domestic nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business
State and local governments
Federal government

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

29257.9

31726.6

34614.0

37703.7

38372.8

39181.3

39941.3

41041.4

41891.5

42712.0

43467.4

1

19212.1

20598.8

22318.7

24333.0

24840.0

25337.6

25967.4

26647.1

27218.4

27673.7

28146.7

2

7649.4
4729.1
1958.7
192.1
1303.4
3379.5

8463.2
4744.6
2106.7
200.0
1447.3
3637.0

9451.8
4855.5
2203.2
207.6
1567.6
4033.1

10560.1
5033.2
2442.8
219.1
1682.8
4395.0

10740.9
5094.4
2495.9
216.2
1732.9
4559.7

11073.2
5167.8
2580.2
224.1
1775.5
4516.8

11447.6
5227.8
2658.0
230.8
1813.5
4589.6

11798.7
5312.4
2748.3
231.7
1854.1
4701.9

12011.6
5409.6
2823.4
234.8
1881.0
4858.0

12298.2
5535.4
2890.6
244.3
1922.0
4783.2

12555.1
5609.1
2953.8
251.8
1950.4
4826.6

3
4
5
6
7
8

9

Rest of the world

862.9

1072.3

1244.5

1424.8

1439.5

1462.0

1482.6

1466.0

1498.3

1519.6

1624.1

9

10

Financial sectors

9183.0

10055.4

11050.8

11946.0

12093.2

12381.7

12491.3

12928.3

13174.7

13518.7

13696.6

10

11
12
13
14

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

562.1
294.9
1.1
266.1

611.8
324.8
0.7
286.4

661.0
338.7
0.6
321.8

738.8
356.7
0.7
381.3

776.3
372.3
0.6
403.3

792.0
382.7
0.8
408.6

810.6
388.3
0.8
421.5

823.9
393.6
0.8
429.5

837.0
397.6
0.8
438.7

889.6
421.9
0.7
467.0

899.4
423.4
0.7
475.3

11
12
13
14

15
16

Savings institutions
Credit unions

285.7
4.9

262.3
6.9

268.3
9.1

332.8
11.4

324.3
11.8

344.1
12.5

344.3
12.6

348.9
14.7

343.0
14.6

346.5
16.3

354.0
16.8

15
16

17
18
19
20

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

3.1
2130.6
2831.8
1696.5

5.1
2350.4
3158.6
1879.2

8.0
2594.1
3489.1
2076.3

11.1
2659.2
3542.2
2408.4

10.7
2606.8
3547.1
2510.3

11.2
2585.7
3567.9
2687.5

11.3
2524.8
3616.6
2859.7

11.5
2575.0
3677.0
3069.5

12.2
2611.2
3752.4
3141.6

12.5
2689.8
3813.3
3240.9

13.1
2642.0
3892.3
3326.9

17
18
19
20

21
22
23
24

Finance companies
REITs
Brokers and dealers
Funding corporations

818.1
171.2
42.3
636.6

884.3
195.7
40.6
660.4

995.3
227.7
47.0
674.8

1129.7
340.9
62.2
709.4

1144.0
359.2
65.0
737.9

1143.9
382.4
63.7
790.7

1038.6
398.9
70.7
803.2

1108.6
399.5
62.4
837.5

1101.0
416.1
71.1
874.6

1124.0
430.9
72.8
882.1

1121.6
437.1
74.0
919.3

21
22
23
24

29257.9

31726.6

34614.0

37703.7

38372.8

39181.3

39941.3

41041.4

41891.5

42712.0

43467.4

25

3694.3

3894.8

4280.6

4613.9

4598.3

4722.8

4765.9

5034.0

5112.6

5132.1

5121.3

26

2117.7
243.6
73.1
981.2
278.7

2197.5
269.4
72.4
1067.4
288.2

2529.6
266.3
73.6
1125.6
285.6

2747.9
301.7
85.3
1190.2
288.8

2707.9
295.3
87.6
1218.7
288.8

2802.5
299.6
91.1
1244.9
284.6

2796.7
312.8
94.5
1273.7
288.3

3026.4
332.6
98.2
1290.7
286.1

3098.6
332.0
101.0
1293.9
287.1

3092.1
337.4
103.1
1312.8
286.8

3041.0
354.2
105.5
1330.5
290.2

27
28
29
30
31

25
26
27
28
29
30
31

Total credit market assets held by:
Domestic nonfinancial sectors
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments
Federal government

32

Rest of the world

3213.2

3736.8

4169.3

4981.1

5173.5

5361.2

5572.3

5672.0

5851.7

6066.1

6256.4

32

33

Financial sectors

22350.4

24095.0

26164.1

28108.7

28601.0

29097.4

29603.1

30335.4

30927.1

31513.8

32089.7

33

34
35
36
37
38
39
40
41

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

551.7
5210.5
4610.1
510.7
24.7
65.0
1133.2
421.2

629.4
5614.9
5003.9
516.9
27.8
66.3
1166.6
465.4

666.7
5960.8
5361.7
485.8
36.4
76.9
1292.6
516.6

717.8
6543.0
5909.7
506.1
36.4
90.8
1485.4
556.4

717.3
6745.2
6054.3
563.1
34.0
93.8
1496.3
565.8

724.7
6909.7
6178.8
592.1
41.4
97.4
1550.2
579.0

736.4
7084.1
6327.3
628.2
29.9
98.8
1588.8
585.9

744.2
7189.6
6408.2
648.3
32.2
101.0
1616.6
592.6

758.5
7366.0
6560.7
669.5
33.9
102.0
1648.8
604.1

766.4
7586.6
6741.8
713.0
31.9
99.9
1679.5
615.6

768.9
7631.1
6769.8
730.0
32.1
99.2
1744.5
624.4

34
35
36
37
38
39
40
41

42
43
44
45
46

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

518.4
2074.8
585.8
689.4
44.8

558.3
2307.8
577.3
638.7
57.6

625.2
2488.3
646.5
649.9
63.6

698.8
2661.4
646.1
677.1
68.2

721.1
2714.2
645.4
692.1
70.4

733.4
2733.2
645.6
686.2
73.2

760.3
2760.6
649.9
672.6
75.2

765.8
2765.4
658.6
674.3
76.0

780.8
2803.0
660.5
672.0
77.3

792.9
2821.6
672.5
686.9
81.8

803.6
2852.4
682.2
676.2
83.7

42
43
44
45
46

47
48
49
50
51
52
53

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

1584.9
1229.7
108.5
0.0
2099.1
2831.8
1601.5

1567.1
1368.4
117.1
3.7
2323.2
3158.6
1790.7

1471.3
1506.4
153.3
4.5
2559.7
3489.1
1994.3

1346.3
1623.0
164.5
8.2
2605.9
3542.2
2327.5

1294.3
1669.3
166.1
11.2
2581.4
3547.1
2428.5

1245.1
1697.3
167.1
12.0
2571.2
3567.9
2602.2

1241.8
1719.6
166.9
13.8
2503.2
3616.6
2769.0

1336.2
1747.1
166.0
15.0
2540.5
3677.0
2969.5

1347.7
1805.7
168.5
15.7
2545.2
3752.4
3038.4

1370.9
1840.2
173.2
18.0
2595.2
3813.3
3133.1

1452.9
1880.2
170.9
18.7
2571.7
3892.3
3210.9

47
48
49
50
51
52
53

54
55
56
57

Finance companies
REITs
Brokers and dealers
Funding corporations

978.6
48.0
316.0
322.6

1082.3
69.4
344.4
254.1

1205.0
97.5
424.1
348.8

1420.0
200.1
394.9
421.8

1423.1
209.5
440.0
462.7

1441.7
239.5
457.3
460.9

1465.2
261.8
432.0
499.5

1537.1
267.0
486.0
511.1

1543.0
277.1
497.2
565.0

1575.5
291.6
470.0
529.1

1609.0
298.3
546.1
571.6

54
55
56
57

(1) Excludes corporate equities and mutual fund shares.

59

Z.1, December 7, 2006

L.2 Credit Market Debt Owed by Nonfinancial Sectors
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

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

Domestic
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

Q2

Q3

Q4

Q1

2006
Q2

Q3

19212.1

20598.8

22318.7

24333.0

24840.0

25337.6

25967.4

26647.1

27218.4

27673.7

28146.7

1

19212.1
177.9
3352.7
26.8
1603.5
2578.0
1239.4
934.2

20598.8
119.9
3609.8
27.3
1762.9
2710.3
1132.8
949.9

22318.7
84.8
4008.2
24.9
1900.5
2868.6
1087.5
955.4

24333.0
101.6
4370.7
24.3
2031.0
2946.3
1100.0
975.8

24840.0
115.3
4535.6
24.1
2085.7
2954.9
1118.3
988.6

25337.6
114.4
4493.1
23.7
2134.2
2962.4
1170.6
1018.2

25967.4
119.6
4566.0
23.6
2176.1
2987.3
1183.8
1015.6

26647.1
93.8
4678.0
23.8
2225.6
3006.2
1237.0
1053.1

27218.4
100.4
4834.4
23.6
2254.9
3059.6
1293.0
1055.0

27673.7
115.4
4759.6
23.6
2305.7
3111.4
1325.0
1089.5

28146.7
114.2
4803.2
23.4
2337.5
3141.3
1368.3
1091.8

2
3
4
5
6
7
8
9

7400.0
5639.5
427.1
1215.4
118.0
1899.6

8272.9
6373.5
464.0
1309.8
125.6
2013.0

9271.8
7174.3
534.3
1429.6
133.6
2117.0

10549.4
8243.9
582.8
1581.0
141.7
2233.9

10801.7
8445.0
595.6
1618.1
143.0
2215.8

11180.9
8745.2
615.7
1673.8
146.2
2240.1

11607.2
9087.8
631.9
1739.2
148.3
2288.1

12004.3
9378.8
654.9
1822.8
147.9
2325.3

12303.6
9612.3
668.0
1872.9
150.5
2293.9

12614.8
9845.7
678.9
1935.5
154.7
2328.8

12880.8
10028.9
688.0
2004.7
159.1
2386.2

10
11
12
13
14
15

19212.1
7649.4
6879.8
4729.1
1958.7
192.1
1303.4
3379.5

20598.8
8463.2
7051.3
4744.6
2106.7
200.0
1447.3
3637.0

22318.7
9451.8
7266.3
4855.5
2203.2
207.6
1567.6
4033.1

24333.0
10560.1
7695.1
5033.2
2442.8
219.1
1682.8
4395.0

24840.0
10740.9
7806.5
5094.4
2495.9
216.2
1732.9
4559.7

25337.6
11073.2
7972.1
5167.8
2580.2
224.1
1775.5
4516.8

25967.4
11447.6
8116.6
5227.8
2658.0
230.8
1813.5
4589.6

26647.1
11798.7
8292.4
5312.4
2748.3
231.7
1854.1
4701.9

27218.4
12011.6
8467.8
5409.6
2823.4
234.8
1881.0
4858.0

27673.7
12298.2
8670.3
5535.4
2890.6
244.3
1922.0
4783.2

28146.7
12555.1
8814.7
5609.1
2953.8
251.8
1950.4
4826.6

16
17
18
19
20
21
22
23

24

Foreign credit market debt
held in U.S.

862.9

1072.3

1244.5

1424.8

1439.5

1462.0

1482.6

1466.0

1498.3

1519.6

1624.1

24

25
26
27
28

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

196.0
557.1
63.2
46.6

254.2
705.2
68.6
44.3

267.1
874.4
60.9
42.2

329.9
993.0
63.3
38.6

332.3
1003.3
66.3
37.7

336.2
1024.4
65.0
36.4

355.0
1026.5
66.3
34.7

368.4
987.5
76.2
34.0

389.0
1000.2
78.1
31.1

370.1
1035.0
85.1
29.4

433.6
1079.1
83.8
27.5

25
26
27
28

20075.0

21671.2

23563.2

25757.8

26279.6

26799.6

27450.0

28113.2

28716.7

29193.3

29770.9

29

29

Domestic and foreign

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

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

10
11
12
13

Commercial banks
Bank holding companies
Savings institutions
Credit unions

14
15
16
17

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

18
19
20
21

Brokers and dealers
Finance companies
REITs
Funding corporations

9183.0

10055.4

11050.8

11946.0

12093.2

12381.7

12491.3

12928.3

13174.7

13518.7

13696.6

1

1197.3
2130.6
2831.8
2352.4
121.7
463.7
85.6

1133.5
2350.4
3158.6
2706.0
142.8
470.5
93.8

1080.5
2594.1
3489.1
3147.7
135.6
501.7
102.1

1135.7
2659.2
3542.2
3735.7
169.1
575.8
128.4

1158.6
2606.8
3547.1
3899.4
168.8
578.6
134.0

1218.0
2585.7
3567.9
4096.1
163.3
611.9
138.8

1269.5
2524.8
3616.6
4148.4
173.8
614.5
143.8

1371.8
2575.0
3677.0
4364.7
178.3
620.1
141.4

1411.9
2611.2
3752.4
4459.0
176.3
616.9
147.1

1475.4
2689.8
3813.3
4575.0
172.9
641.5
150.8

1542.6
2642.0
3892.3
4652.2
171.6
643.7
152.3

2
3
4
5
6
7
8

9183.0

10055.4

11050.8

11946.0

12093.2

12381.7

12491.3

12928.3

13174.7

13518.7

13696.6

9

296.0
266.1
285.7
4.9

325.5
286.4
262.3
6.9

339.3
321.8
268.3
9.1

357.5
381.3
332.8
11.4

373.0
403.3
324.3
11.8

383.4
408.6
344.1
12.5

389.1
421.5
344.3
12.6

394.3
429.5
348.9
14.7

398.4
438.7
343.0
14.6

422.6
467.0
346.5
16.3

424.1
475.3
354.0
16.8

10
11
12
13

3.1
2130.6
2831.8
1696.5

5.1
2350.4
3158.6
1879.2

8.0
2594.1
3489.1
2076.3

11.1
2659.2
3542.2
2408.4

10.7
2606.8
3547.1
2510.3

11.2
2585.7
3567.9
2687.5

11.3
2524.8
3616.6
2859.7

11.5
2575.0
3677.0
3069.5

12.2
2611.2
3752.4
3141.6

12.5
2689.8
3813.3
3240.9

13.1
2642.0
3892.3
3326.9

14
15
16
17

42.3
818.1
171.2
636.6

40.6
884.3
195.7
660.4

47.0
995.3
227.7
674.8

62.2
1129.7
340.9
709.4

65.0
1144.0
359.2
737.9

63.7
1143.9
382.4
790.7

70.7
1038.6
398.9
803.2

62.4
1108.6
399.5
837.5

71.1
1101.0
416.1
874.6

72.8
1124.0
430.9
882.1

74.0
1121.6
437.1
919.3

18
19
20
21

60

Z.1, December 7, 2006

L.4 Credit Market Debt, All Sectors, by Instrument
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6
7
8
9
10

11
12

Total

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

29257.9

31726.6

34614.0

37703.7

38372.8

39181.3

39941.3

41041.4

41891.5

42712.0

43467.4

1

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

1571.1
3352.7
4989.1
1603.5
5487.4

1507.6
3609.8
5536.3
1762.9
6121.5

1432.5
4008.2
6108.1
1900.5
6890.6

1567.2
4370.7
6225.6
2031.0
7675.0

1606.2
4535.6
6177.9
2085.7
7857.6

1668.5
4493.1
6177.3
2134.2
8082.9

1744.1
4566.0
6165.0
2176.1
8162.1

1833.9
4678.0
6275.8
2225.6
8358.4

1901.3
4834.4
6387.2
2254.9
8518.7

1960.9
4759.6
6526.7
2305.7
8721.3

2090.4
4803.2
6557.7
2337.5
8872.6

2
3
4
5
6

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

1424.3
1444.5
7485.6
1899.6

1344.2
1464.7
8366.6
2013.0

1283.9
1499.2
9373.9
2117.0

1332.4
1590.2
10677.8
2233.9

1353.5
1604.8
10935.7
2215.8

1398.9
1666.5
11319.7
2240.1

1423.9
1664.8
11751.1
2288.1

1491.4
1707.2
12145.8
2325.3

1547.3
1702.9
12450.8
2293.9

1583.0
1760.4
12765.5
2328.8

1623.7
1763.0
13033.1
2386.2

7
8
9
10

15310.6
4135.4

11900.5
3638.4

15618.5
4654.2

17389.3
5436.3

17002.3
5471.6

17185.9
5595.7

17914.7
5874.4

18277.0
6048.9

19140.8
6464.1

18668.9
6420.0

19306.3
6625.8

11
12

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

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

1

Total credit market debt
(from table L.4)

29257.9

31726.6

34614.0

37703.7

38372.8

39181.3

39941.3

41041.4

41891.5

42712.0

43467.4

1

2
3
4
5
6

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

46.8
2.2
24.5
810.1
191.4

55.8
2.2
25.5
831.1
206.0

62.3
2.2
26.0
867.8
193.3

62.2
2.2
26.7
957.7
212.2

56.3
2.2
26.9
1062.7
196.6

54.3
2.2
27.2
1010.0
207.6

52.0
2.2
27.4
1032.9
204.3

45.9
2.2
27.5
1044.5
220.3

46.0
2.2
27.6
1101.8
198.1

48.3
2.2
27.8
1161.7
154.5

46.5
2.2
28.1
1185.8
151.3

2
3
4
5
6

7
8
9
10
11

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

1360.2
3370.5
1121.0
2240.6
1233.7

1351.9
3695.9
1171.0
2223.9
1340.3

1432.0
4001.7
1232.8
2016.4
1567.5

1521.8
4284.6
1504.9
1879.8
1650.7

1499.7
4376.0
1575.4
1841.0
1782.8

1514.6
4408.5
1637.1
1831.5
1911.3

1481.9
4523.7
1738.0
1876.7
1983.9

1525.0
4599.4
1776.0
2006.9
2005.6

1508.6
4688.7
1876.1
2014.1
2127.7

1538.5
4733.0
1949.0
2067.4
2221.8

1493.4
4791.4
2053.7
2166.5
2371.4

7
8
9
10
11

12
13
14
15

Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves

4135.4
825.9
880.0
8766.4

3638.4
738.8
920.9
8068.0

4654.2
871.3
1013.2
9672.7

5436.3
1037.9
1060.4
10636.8

5471.6
1051.5
1059.4
10461.7

5595.7
1064.5
1067.2
10666.5

5874.4
1068.0
1077.7
10954.2

6048.9
1030.2
1082.6
11176.7

6464.1
1105.2
1091.6
11393.8

6420.0
1147.9
1092.6
11271.4

6625.8
1180.7
1103.1
11633.8

12
13
14
15

16
17
18

Trade payables
Taxes payable
Miscellaneous

2372.3
219.2
11281.6

2460.2
241.4
11976.1

2485.2
240.5
12431.7

2674.6
268.1
13877.4

2721.6
285.0
13895.1

2783.4
287.7
14106.8

2867.6
295.8
13878.6

2914.2
295.7
13982.4

2950.5
311.6
13807.0

3030.0
311.8
13807.1

3087.5
321.1
14043.7

16
17
18

19

Total liabilities

68139.7

70674.1

77384.5

84798.0

85738.2

87357.6

88880.3

90825.3

92606.1

93697.0

95753.3

19

20
21
22

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

21.8
15310.6
4805.7

23.2
11900.5
4970.0

23.7
15618.5
5399.6

24.6
17389.3
5957.7

22.6
17002.3
6133.1

22.3
17185.9
6357.7

19.3
17914.7
6555.0

19.3
18277.0
6739.9

19.4
19140.8
6942.3

19.7
18668.9
7055.0

19.7
19306.3
7140.9

20
21
22

23
24
25

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

-8.6
630.9
11.1

-9.1
652.5
15.5

-9.5
705.9
12.6

-9.7
767.9
27.3

-9.6
864.1
35.7

-9.4
803.3
23.3

-9.0
808.9
27.5

-9.1
813.2
38.5

-10.3
873.9
44.0

-10.2
941.0
44.4

-10.0
972.1
45.5

23
24
25

390.6
93.3
-3450.2

426.6
126.3
-3269.9

402.6
69.3
-3026.9

258.8
96.2
-2878.7

361.1
91.9
-3117.5

427.7
97.0
-3104.3

413.5
80.8
-3451.4

389.8
95.4
-3378.6

461.9
93.1
-3599.6

551.3
74.3
-3853.0

636.6
56.7
-3827.7

26
27
28

26
27
28

Security RPs
Taxes payable
Miscellaneous

29
30
31

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

-12.3
21.6
-140.5

-11.7
20.9
25.3

-17.9
20.8
64.9

11.2
20.6
58.9

4.9
16.4
-3.5

1.7
19.6
-34.9

2.8
12.4
-19.6

1.8
20.6
39.7

1.5
16.4
-11.3

1.5
19.7
-29.3

2.7
12.4
-24.8

29
30
31

32

Totals identified to sectors as assets

90742.0

89591.5

100204.4

109817.1

110652.5

112699.3

115503.3

117850.0

120838.9

121700.8

124356.7

32

61

Z.1, December 7, 2006

L.10 Assets and Liabilities of the Personal Sector (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4
5

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

6

Securities

7
8
9
10

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

11
12
13
14

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

28213.4

25831.4

29964.5

32586.0

32468.5

32863.5

33665.4

34468.4

35455.4

35234.3

35951.2

1

48.7
532.8
3586.9
1172.2

49.9
533.3
3925.4
1131.3

52.1
479.2
4304.3
1012.9

57.5
539.7
4716.8
965.0

63.8
582.7
4891.1
934.0

60.7
563.8
4942.7
932.0

62.0
518.6
5096.1
955.9

62.7
559.6
5158.0
1028.2

66.2
554.1
5319.3
1029.6

69.8
547.9
5359.3
1066.7

72.6
541.3
5489.3
1116.0

2
3
4
5

11149.7

9064.2

11127.8

11968.7

11797.6

11872.9

12169.5

12529.6

13043.2

12778.8

12902.3

6

97.3
190.3
297.5
402.6

110.4
194.9
136.0
243.9

105.9
203.8
281.7
388.5

136.1
204.4
410.3
435.3

137.4
204.2
413.8
418.4

151.7
204.2
362.1
486.5

158.6
203.6
355.4
592.9

164.2
205.1
402.0
638.8

169.3
205.9
535.3
634.5

175.8
205.2
493.0
641.0

181.3
203.6
440.0
678.6

7
8
9
10

584.6
466.4
6376.8
2734.2

682.0
740.3
4536.2
2420.5

710.4
739.0
5613.1
3085.4

744.1
712.6
5715.2
3610.7

758.9
668.4
5485.9
3710.5

792.5
697.6
5396.7
3781.7

803.6
573.5
5489.5
3992.5

819.6
687.0
5491.6
4121.4

821.5
620.5
5551.9
4504.3

857.5
605.5
5296.4
4504.4

858.9
562.2
5341.5
4636.2

11
12
13
14

15
16
17
18

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

842.2
1558.5
4094.7
3151.0

881.6
1604.9
3589.2
2913.2

972.7
1803.2
4517.2
3392.8

1018.8
2027.9
4965.5
3685.1

1017.8
2055.9
4803.5
3643.8

1025.2
2099.5
4920.7
3688.3

1035.6
2152.2
5066.5
3777.5

1039.9
2197.4
5159.5
3862.5

1048.9
2281.9
5205.5
3949.1

1049.2
2287.2
5107.3
3920.2

1059.7
2345.0
5262.4
4069.9

15
16
17
18

19

Miscellaneous and other assets

2076.8

2138.4

2302.2

2641.1

2678.3

2757.7

2831.4

2871.0

2957.6

3047.8

3092.8

19

11100.8

12089.0

13220.5

14791.3

15049.6

15498.0

15962.6

16406.2

16736.6

17108.1

17475.9

20

20

Total liabilities

21
22
23

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

5623.3
1358.0
1899.6

6356.6
1463.2
2013.0

7155.7
1606.5
2117.0

8221.2
1772.3
2233.9

8421.0
1813.1
2215.8

8719.3
1875.6
2240.1

9060.3
1937.5
2288.1

9349.4
2012.6
2325.3

9580.8
2063.1
2293.9

9812.3
2120.8
2328.8

9993.9
2178.1
2386.2

21
22
23

24
25
26

Policy loans
Security credit
Other liabilities (3)

105.0
196.4
1918.5

106.0
148.2
2002.0

105.2
182.5
2053.5

106.8
264.0
2193.1

106.4
266.1
2227.2

107.1
263.5
2292.3

106.8
258.0
2311.8

107.6
232.3
2379.1

108.3
249.5
2441.0

109.8
243.8
2492.6

109.3
254.3
2554.1

24
25
26

(1) Combined statement for household sector, nonfarm noncorporate business, and farm business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15, 16, 17, and 18).
(3) Includes corporate farms.

62

Z.1, December 7, 2006

L.100 Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6
7

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

31366.8

29067.5

33541.1

36443.8

36447.8

36984.7

37900.2

38802.3

39925.4

39768.9

40516.1

1

4842.3

5121.7

5290.1

5633.9

5809.5

5811.2

5919.5

6068.2

6208.2

6267.6

6425.5

2

48.7
348.3
3332.1
1113.2

49.9
345.6
3656.2
1070.0

52.1
286.8
3991.3
959.8

57.5
319.0
4353.9
903.5

63.8
356.5
4518.5
870.8

60.7
329.1
4555.0
866.3

62.0
275.8
4693.9
887.7

62.7
308.1
4740.1
957.3

66.2
295.8
4889.5
956.7

69.8
284.6
4920.8
992.4

72.6
272.1
5040.8
1039.9

3
4
5
6

2117.7

2197.5

2529.6

2747.9

2707.9

2802.5

2796.7

3026.4

3098.6

3092.1

3041.0

7

8
9
10
11
12

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

97.3
445.0
190.3
254.6
402.6

110.4
288.0
194.9
93.1
243.9

105.9
440.6
203.8
236.8
388.5

136.1
562.7
204.4
358.3
435.3

137.4
564.6
204.2
360.4
418.4

151.7
510.7
204.2
306.5
486.5

158.6
501.3
203.6
297.7
592.9

164.2
547.2
205.1
342.1
638.8

169.3
679.6
205.9
473.7
634.5

175.8
635.3
205.2
430.2
641.0

181.3
579.4
203.6
375.8
678.6

8
9
10
11
12

13
14
15

Municipal securities
Corporate and foreign bonds
Mortgages

581.1
466.4
125.4

678.7
740.3
136.2

707.7
739.0
147.9

740.9
712.6
160.2

755.7
668.4
163.4

789.1
697.6
166.9

800.1
573.5
170.3

816.0
687.0
173.3

817.8
620.5
176.9

853.8
605.5
180.6

855.0
562.2
184.5

13
14
15

16
17
18
19
20
21
22

Corporate equities (2)
Mutual fund shares
Security credit
Life insurance reserves
Pension fund reserves
Equity in noncorporate business
Miscellaneous assets

6376.8
2734.2
454.3
880.0
8766.4
4805.7
389.4

4536.2
2420.5
412.7
920.9
8068.0
4970.0
420.0

5613.1
3085.4
475.4
1013.2
9672.7
5399.6
462.0

5715.2
3610.7
578.3
1060.4
10636.8
5957.7
502.8

5485.9
3710.5
569.4
1059.4
10461.7
6133.1
510.3

5396.7
3781.7
583.2
1067.2
10666.5
6357.7
518.0

5489.5
3992.5
578.4
1077.7
10954.2
6555.0
536.7

5491.6
4121.4
567.4
1082.6
11176.7
6739.9
528.1

5551.9
4504.3
598.6
1091.6
11393.8
6942.3
536.1

5296.4
4504.4
646.3
1092.6
11271.4
7055.0
543.2

5341.5
4636.2
644.9
1103.1
11633.8
7140.9
549.2

16
17
18
19
20
21
22

7997.7

8783.4

9812.0

11005.4

11189.0

11520.0

11888.6

12214.2

12444.9

12726.6

12994.5

23

7649.4

8463.2

9451.8

10560.1

10740.9

11073.2

11447.6

11798.7

12011.6

12298.2

12555.1

24

5286.4
1899.6
151.3

5970.3
2013.0
164.2

6825.0
2117.0
178.3

7801.6
2233.9
188.6

7991.3
2215.8
192.4

8275.0
2240.1
196.7

8592.9
2288.1
199.1

8879.3
2325.3
205.1

9099.3
2293.9
207.3

9321.7
2328.8
215.4

9501.7
2386.2
218.3

25
26
27

43.5
120.3
148.2

21.0
120.6
174.1

38.8
119.0
173.6

23.1
119.4
193.4

24.4
118.8
198.3

36.8
119.3
205.4

35.3
118.8
213.3

46.8
119.4
222.8

61.9
120.0
229.2

73.9
121.5
236.9

82.8
121.2
244.8

28
29
30

196.4
132.9

148.2
152.0

182.5
156.8

264.0
158.8

266.1
159.3

263.5
159.8

258.0
160.3

232.3
160.8

249.5
161.3

243.8
161.8

254.3
162.3

31
32

19.1

20.0

20.9

22.5

22.7

23.5

22.7

22.4

22.6

22.7

22.8

33

23
24

Total liabilities
Credit market instruments

25
26
27

Home mortgages (3)
Consumer credit
Municipal securities

28
29
30

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

31
32
33

Security credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17) and life insurance and pension reserves (lines 19 and 20).
(3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.

63

Z.1, December 7, 2006

L.101 Nonfinancial Business (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

11545.1

11670.8

11927.0

13029.2

13145.1

13351.0

13546.1

13749.4

13905.4

14060.7

14257.1

1

2
3
4
5
6

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

15.5
366.5
535.8
360.9
4.0

20.6
334.7
560.5
391.1
6.2

38.1
391.1
675.8
344.3
6.0

53.7
385.3
783.3
380.5
6.4

55.3
369.7
808.7
379.6
6.2

53.5
380.8
807.6
388.0
8.5

57.6
385.5
833.1
403.0
11.6

73.8
378.8
884.0
425.7
14.9

64.4
369.6
898.6
431.0
10.6

71.3
328.0
897.7
449.8
12.1

70.5
295.8
903.9
479.1
17.2

2
3
4
5
6

7

Credit market instruments

316.7

341.8

339.8

387.0

382.9

390.7

407.3

430.9

433.0

440.5

459.6

7

60.2
59.7
17.5
32.8
73.4
73.1

64.8
74.2
16.9
35.5
75.7
74.7

75.7
77.6
12.1
38.1
77.8
58.5

95.0
85.0
12.2
38.2
98.1
58.5

88.0
86.2
12.1
38.8
102.9
54.8

87.4
90.8
13.0
35.9
108.2
55.3

98.0
90.2
12.0
36.7
113.4
56.9

106.8
96.8
13.7
36.2
118.8
58.6

106.5
96.6
12.9
38.3
123.8
54.9

113.2
95.7
12.2
38.2
128.6
52.6

126.1
98.3
12.6
37.3
133.5
51.9

8
9
10
11
12
13

112.5
2161.8
7671.3

94.6
2082.5
7838.9

124.8
2040.9
7966.1

139.8
2220.3
8672.9

139.8
2320.9
8682.0

143.3
2399.4
8779.1

151.2
2457.1
8839.6

156.3
2434.6
8950.4

165.3
2513.5
9019.3

164.3
2596.3
9100.8

170.2
2636.1
9224.7

14
15
16

12912.5

13228.4

13275.8

14133.0

14283.9

14457.0

14561.0

14698.9

14808.0

14930.7

15071.9

17

8
9
10
11
12
13
14
15
16
17
18

Total financial assets

2002

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

6879.8

7051.3

7266.3

7695.1

7806.5

7972.1

8116.6

8292.4

8467.8

8670.3

8814.7

18

19
20
21

Commercial paper
Municipal securities
Corporate bonds

177.9
157.7
2578.0

119.9
160.8
2710.3

84.8
164.2
2868.6

101.6
169.4
2946.3

115.3
170.4
2954.9

114.4
172.1
2962.4

119.6
173.6
2987.3

93.8
176.7
3006.2

100.4
177.1
3059.6

115.4
179.0
3111.4

114.2
179.7
3141.3

19
20
21

22
23
24

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

1195.9
804.9
1965.5

1111.9
819.9
2128.5

1048.7
826.7
2273.2

1076.9
846.5
2554.3

1094.0
859.9
2612.1

1133.8
888.9
2700.5

1148.5
886.6
2801.0

1190.2
923.4
2902.2

1231.1
924.5
2975.1

1251.1
957.3
3056.1

1285.4
959.8
3134.3

22
23
24

1714.0
149.7
4169.0

1760.3
163.1
4253.7

1681.8
151.0
4176.8

1812.3
165.3
4460.3

1847.3
178.4
4451.6

1892.2
179.1
4413.6

1952.7
182.9
4308.8

1990.9
178.7
4237.0

2018.6
189.9
4131.7

2064.4
186.3
4009.7

2109.7
191.2
3956.2

25
26
27

25
26
27

Credit market instruments

Trade payables
Taxes payable
Miscellaneous liabilities

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

64

Z.1, December 7, 2006

L.102 Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

9898.9

9941.8

10108.8

10933.7

10996.1

11119.4

11231.1

11348.0

11439.5

11546.7

11686.8

1

15.5
181.9
281.1
301.9
4.0

20.6
147.0
291.3
329.7
6.2

38.1
198.7
362.8
291.2
6.0

53.7
164.6
420.5
319.0
6.4

55.3
143.4
436.1
316.4
6.2

53.5
146.2
420.0
322.3
8.5

57.6
142.8
430.9
334.8
11.6

73.8
127.3
466.0
354.8
14.9

64.4
111.3
468.8
358.1
10.6

71.3
64.7
459.2
375.4
12.1

70.5
26.7
455.4
403.1
17.2

2
3
4
5
6

7
8
9
10
11
12
13
14

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

60.2
16.9
17.5
29.3
46.6
73.1
1817.9
112.5

64.8
31.4
16.9
32.1
49.6
74.7
1719.6
94.6

75.7
32.8
12.1
35.4
51.8
58.5
1702.4
124.8

95.0
33.0
12.2
35.0
67.9
58.5
1827.8
139.8

88.0
32.8
12.1
35.6
71.9
54.8
1917.9
139.8

87.4
35.3
13.0
32.6
76.0
55.3
1980.1
143.3

98.0
32.6
12.0
33.2
80.0
56.9
2022.1
151.2

106.8
36.9
13.7
32.6
84.0
58.6
1982.5
156.3

106.5
35.0
12.9
34.6
88.1
54.9
2048.6
165.3

113.2
32.9
12.2
34.4
92.1
52.6
2122.0
164.3

126.1
34.0
12.6
33.4
96.2
51.9
2151.0
170.2

7
8
9
10
11
12
13
14

15
16
17
18
19
20

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

6940.5
1462.7
200.8
0.0
100.1
5176.9

7063.3
1583.9
218.2
0.0
124.8
5136.4

7118.5
1723.9
236.6
0.0
138.6
5019.4

7700.2
1998.2
255.5
0.0
179.9
5266.6

7685.6
2020.3
258.3
0.0
178.3
5228.8

7746.0
2059.5
262.0
0.0
181.7
5242.7

7767.3
2028.9
272.7
0.0
187.3
5278.4

7839.7
2048.4
276.2
0.0
156.1
5359.0

7880.3
2106.4
277.3
0.0
159.1
5337.5

7940.2
2150.1
280.3
0.0
163.3
5346.5

8038.6
2198.2
282.0
0.0
167.9
5390.5

15
16
17
18
19
20

9809.5

9922.8

9867.4

10347.1

10423.3

10479.0

10487.0

10506.9

10516.4

10549.1

10590.4

21

21

Total liabilities

22

Credit market instruments

4729.1

4744.6

4855.5

5033.2

5094.4

5167.8

5227.8

5312.4

5409.6

5535.4

5609.1

22

23
24
25
26

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

177.9
157.7
2578.0
743.7

119.9
160.8
2710.3
635.5

84.8
164.2
2868.6
561.6

101.6
169.4
2946.3
576.2

115.3
170.4
2954.9
587.7

114.4
172.1
2962.4
608.3

119.6
173.6
2987.3
615.3

93.8
176.7
3006.2
638.4

100.4
177.1
3059.6
662.5

115.4
179.0
3111.4
671.8

114.2
179.7
3141.3
689.9

23
24
25
26

27
28
29
30
31
32
33
34

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

653.1
21.5
396.2
7.4
4.1
115.7
108.3
418.7

665.0
23.1
399.6
7.0
4.4
125.8
105.0
453.1

666.5
28.1
397.6
7.8
4.2
125.0
103.9
509.6

683.7
28.8
406.4
8.3
3.8
131.2
105.3
556.0

698.6
28.2
403.1
8.4
3.8
148.2
107.0
567.6

724.7
30.4
410.1
8.6
3.9
172.0
99.7
585.9

722.6
29.7
405.9
8.8
4.0
179.1
95.0
609.4

755.1
30.8
431.3
9.0
3.8
191.8
88.5
642.3

750.3
31.2
434.5
9.3
0.5
185.6
89.2
659.7

776.1
33.0
446.8
9.5
0.5
195.7
90.7
681.7

775.3
34.0
440.6
9.7
0.5
203.5
86.9
708.7

27
28
29
30
31
32
33
34

1437.7
81.0
3561.7
1232.6
48.4
2280.7

1457.4
93.0
3627.9
1167.7
49.9
2410.3

1402.7
81.2
3528.0
1192.6
49.8
2285.6

1504.3
88.0
3721.6
1238.1
46.6
2436.8

1533.9
99.7
3695.3
1251.5
45.5
2398.3

1570.6
98.1
3642.6
1248.2
43.9
2350.5

1623.0
99.7
3536.6
1249.1
46.2
2241.2

1652.5
93.1
3448.9
1309.6
44.8
2094.5

1669.6
102.5
3334.6
1340.5
44.3
1949.9

1706.5
97.6
3209.6
1352.1
43.8
1813.8

1742.2
101.0
3138.0
1354.2
43.3
1740.5

35
36
37
38
39
40

380.2
10804.8

262.2
7839.3

299.7
10043.6

323.5
10807.0

383.9
10608.8

409.6
10610.9

399.1
10984.0

330.0
10876.3

379.0
11255.9

415.5
10780.1

408.8
11009.0

41
42

35
36
37
38
39
40

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

41
42

Trade receivables net of payables
Market value of equities

43
44

Securities and mortgages
Loans and short-term paper

3154.4
1574.7

3324.1
1420.5

3542.4
1313.0

3671.6
1361.5

3692.8
1401.6

3720.4
1447.3

3770.3
1457.5

3825.2
1487.2

3896.4
1513.2

3972.1
1563.3

4029.7
1579.4

43
44

45
46

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

3093.4
1020.8

2970.9
1034.6

2796.9
1177.7

2953.8
1279.2

3035.2
1265.9

3116.0
1262.1

3180.2
1304.7

3232.8
1383.1

3285.4
1367.6

3367.4
1339.7

3422.7
1349.2

45
46

47
48

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

66.7
33.3

70.1
29.9

73.0
27.0

72.9
27.1

72.5
27.5

72.0
28.0

72.1
27.9

72.0
28.0

72.0
28.0

71.8
28.2

71.8
28.2

47
48

49

Liquid assets/short-term liabilities

33.0

34.8

42.1

43.3

41.7

40.5

41.0

42.8

41.6

39.8

39.4

49

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

65

Z.1, December 7, 2006

L.103 Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4

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

5
6
7
8

Treasury securities
Municipal securities
Mortgages
Consumer credit

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

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1578.8

1657.0

1741.0

2012.7

2065.5

2147.0

2227.7

2313.0

2377.0

2424.1

2479.1

1

164.5
254.7
59.0

167.1
269.2
61.3

171.2
313.0
53.1

198.5
362.8
61.5

203.8
372.6
63.2

212.0
387.6
65.7

220.0
402.2
68.2

228.6
417.9
70.9

235.1
429.8
72.9

239.8
438.4
74.4

245.3
448.5
76.1

2
3
4

42.8
3.5
26.8
0.0

42.8
3.4
26.2
0.0

44.9
2.7
26.0
0.0

52.0
3.1
30.2
0.0

53.4
3.2
31.0
0.0

55.6
3.3
32.2
0.0

57.6
3.5
33.4
0.0

59.9
3.6
34.7
0.0

61.6
3.7
35.7
0.0

62.8
3.8
36.5
0.0

64.3
3.9
37.3
0.0

5
6
7
8

343.9
683.6
48.3
1.8
633.5

362.8
724.2
52.5
1.8
670.0

338.6
791.5
56.9
2.1
732.6

392.5
912.1
60.5
2.4
849.2

403.0
935.3
61.1
2.1
872.1

419.3
971.1
62.0
1.9
907.3

435.1
1007.7
64.5
1.8
941.4

452.1
1045.3
65.3
1.8
978.2

464.9
1073.3
65.6
1.8
1005.9

474.2
1094.2
66.3
1.8
1026.1

485.1
1118.7
67.3
1.8
1049.6

9
10
11
12
13

2889.7

3083.7

3178.3

3543.4

3621.1

3730.8

3820.2

3937.5

4030.1

4106.5

4195.0

14

1958.7

2106.7

2203.2

2442.8

2495.9

2580.2

2658.0

2748.3

2823.4

2890.6

2953.8

15

405.3
124.6
1428.8

430.4
126.5
1549.8

441.5
131.7
1629.9

453.0
133.2
1856.7

462.0
132.4
1901.5

478.2
133.7
1968.3

483.7
131.1
2043.3

501.8
134.5
2111.9

520.8
137.6
2165.0

528.1
142.8
2219.7

542.4
145.0
2266.4

16
17
18

255.0
68.7
607.3

281.0
70.2
625.9

256.5
69.7
648.8

284.6
77.3
738.7

290.1
78.7
756.4

298.5
81.0
771.0

306.7
83.2
772.2

315.6
85.6
788.1

322.3
87.4
797.0

327.1
88.7
800.1

332.8
90.2
818.2

19
20
21

(1) Equity in the Farm Credit System.

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

67.3

71.9

77.3

82.9

83.6

84.6

87.3

88.3

88.9

89.9

91.2

1

2

Checkable deposits and currency

20.0

20.6

21.2

22.3

22.4

22.6

22.8

22.9

23.2

23.5

23.8

2

3
4
5

Miscellaneous assets
Insurance receivables
Equity investment in GSEs (2)

47.3
45.3
2.0

51.4
49.3
2.1

56.0
53.5
2.5

60.6
57.9
2.7

61.1
58.5
2.6

62.0
59.3
2.6

64.6
61.8
2.8

65.4
62.5
2.8

65.7
62.8
2.9

66.4
63.5
2.9

67.4
64.4
3.0

3
4
5

213.4

221.9

230.2

242.6

239.5

247.2

253.8

254.5

261.5

275.0

286.5

6

192.1

200.0

207.6

219.1

216.2

224.1

230.8

231.7

234.8

244.3

251.8

7

46.9
27.3
118.0

46.0
28.4
125.6

45.5
28.5
133.6

47.7
29.6
141.7

44.3
29.0
143.0

47.2
30.6
146.2

49.5
32.9
148.3

50.0
33.8
147.9

47.8
36.6
150.5

51.2
38.4
154.7

53.1
39.6
159.1

8
9
10

21.3

21.9

22.6

23.5

23.3

23.1

22.9

22.8

26.7

30.7

34.7

11

6
7
8
9
10
11

Total financial assets

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

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

66

Z.1, December 7, 2006

L.105 State and Local Governments (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1748.2

1799.9

1908.2

2015.3

2051.9

2086.0

2132.0

2163.3

2178.7

2207.0

2244.2

1

2
3
4
5

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

36.3
129.8
57.1
131.9

41.5
138.7
58.7
115.6

44.9
146.7
62.7
123.5

40.3
153.6
66.1
130.2

49.5
168.6
66.8
131.4

50.1
168.2
67.0
131.9

40.5
174.5
68.0
133.8

48.8
183.1
68.7
135.3

47.4
185.9
69.3
136.4

45.9
188.3
70.0
137.9

44.9
196.1
71.5
140.7

2
3
4
5

6

Credit market instruments

7
8
9
10
11
12

Total financial assets

2002

981.2

1067.4

1125.6

1190.2

1218.7

1244.9

1273.7

1290.7

1293.9

1312.8

1330.5

6

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

136.9
328.4
287.0

151.3
354.7
328.8

161.6
364.2
351.2

170.4
387.4
370.3

172.1
408.0
374.0

172.7
431.5
375.2

175.2
448.4
380.7

177.1
456.2
384.9

178.6
456.5
385.1

180.6
466.2
389.4

184.3
468.0
397.4

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

4.0
95.1
129.7

4.1
104.2
124.4

4.4
111.3
132.9

4.6
117.3
140.1

4.7
118.5
141.5

4.7
118.9
142.0

4.7
120.6
144.0

4.8
122.0
145.6

4.8
122.0
146.8

4.9
123.3
148.4

5.0
125.9
150.0

10
11
12

88.0
28.1

79.3
24.3

84.7
25.9

89.3
27.3

90.2
27.6

90.5
27.7

91.8
28.1

92.8
28.4

93.6
28.6

94.6
28.9

96.5
29.5

13
14

115.9
46.1
133.9

118.4
50.8
105.4

126.5
68.4
99.3

133.4
89.0
96.0

134.7
97.7
66.8

135.2
107.7
63.0

137.2
116.7
67.8

138.7
126.4
50.6

139.8
139.0
44.8

141.3
155.6
31.6

144.2
170.3
19.9

15
16
17

1665.3

1837.6

1987.0

2133.1

2191.3

2242.0

2288.5

2337.7

2373.4

2423.4

2461.0

18

13
14

Corporate equities
Mutual fund shares

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

18

Total liabilities

19

Credit market instruments

1303.4

1447.3

1567.6

1682.8

1732.9

1775.5

1813.5

1854.1

1881.0

1922.0

1950.4

19

20
21
22
23

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

1294.5
70.5
1224.0
8.9

1437.9
95.7
1342.2
9.4

1557.9
106.1
1451.8
9.7

1673.0
100.2
1572.8
9.9

1723.0
101.9
1621.1
9.9

1765.4
91.4
1674.0
10.0

1803.4
95.7
1707.7
10.2

1843.8
105.9
1737.9
10.3

1870.5
106.9
1763.7
10.5

1911.3
98.8
1812.4
10.7

1939.5
98.2
1841.3
10.8

20
21
22
23

361.9

390.3

419.5

450.3

458.3

466.5

474.9

483.6

492.4

501.5

510.6

24

24

Trade payables

(1) Data for employee retirement funds are shown in table L.119.

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

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8
9
10
11
12
13

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

14
15

SDR certificates
Treasury currency

16

Credit market instruments

17
18
19
20
21
22
23
24
25

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

614.8

611.3

653.0

614.5

618.5

617.0

634.1

605.4

583.5

627.2

648.6

1

43.1
66.9
10.5

51.1
47.5
27.6

55.1
54.1
2.4

54.5
21.9
2.4

47.5
20.8
2.4

46.1
33.5
1.7

40.9
34.8
2.1

35.3
36.8
1.4

35.1
8.4
1.5

36.8
45.7
1.6

35.3
51.2
4.8

2
3
4

278.7

288.2

285.6

288.8

288.8

284.6

288.3

286.1

287.1

286.8

290.2

5

0.0
122.8
75.8
80.1

0.0
119.2
76.3
92.8

0.0
117.7
73.8
94.1

0.0
115.0
75.4
98.4

0.0
112.5
75.7
100.6

0.0
110.2
75.8
98.6

0.0
107.5
76.8
103.9

0.0
106.2
77.8
102.1

0.0
104.4
78.2
104.5

0.0
104.2
80.0
102.6

0.0
103.9
80.8
105.4

6
7
8
9

35.5
79.8
100.3

32.2
64.3
100.3

51.3
102.8
101.7

61.8
82.9
102.3

62.5
95.3
101.2

67.2
83.0
100.9

69.3
98.2
100.6

70.9
74.0
100.9

69.3
79.5
102.6

71.7
81.9
102.8

70.5
94.1
102.5

10
11
12

4293.9

4581.0

5084.4

5512.0

5674.0

5635.3

5729.2

5856.9

6003.3

5939.8

6001.3

13

2.2
24.5

2.2
25.5

2.2
26.0

2.2
26.7

2.2
26.9

2.2
27.2

2.2
27.4

2.2
27.5

2.2
27.6

2.2
27.8

2.2
28.1

14
15

3379.5

3637.0

4033.1

4395.0

4559.7

4516.8

4589.6

4701.9

4858.0

4783.2

4826.6

16

190.3
3162.4
26.8
0.0

194.9
3414.9
27.3
0.0

203.8
3804.4
24.9
0.0

204.4
4166.3
24.3
0.0

204.2
4331.4
24.1
0.0

204.2
4289.0
23.7
0.0

203.6
4362.4
23.6
0.0

205.1
4472.9
23.8
0.0

205.9
4628.5
23.6
0.0

205.2
4554.4
23.6
0.0

203.6
4599.6
23.4
0.0

17
18
19
20

78.0
37.8
772.0
765.8
6.2

78.8
39.4
798.2
790.3
7.9

151.4
40.5
831.3
815.0
16.3

166.2
41.6
880.3
855.9
24.4

172.1
41.6
871.6
844.3
27.2

177.1
42.0
869.9
840.1
29.8

181.3
42.1
886.5
854.2
32.4

178.6
42.7
904.0
882.9
21.1

182.8
42.8
889.9
868.8
21.2

188.9
43.3
894.3
873.3
21.0

191.7
43.5
909.3
888.2
21.1

21
22
23
24
25

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

67

Z.1, December 7, 2006

L.107 Rest of the World
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

7309.1

7848.0

8588.8

10111.9

10428.4

10643.8

10996.3

11029.4

11374.6

11603.7

11946.3

1

115.5
305.7
120.6
151.1

119.7
326.6
152.3
190.1

110.0
355.5
143.2
460.2

118.3
397.9
216.0
665.1

95.1
383.0
168.2
666.6

116.6
416.9
233.0
681.7

113.0
435.4
258.6
731.9

111.8
443.3
257.6
712.5

93.3
462.1
282.2
768.4

47.2
478.1
337.0
768.7

49.1
488.1
363.0
804.6

2
3
4
5

3213.2

3736.8

4169.3

4981.1

5173.5

5361.2

5572.3

5672.0

5851.7

6066.1

6256.4

6

7

Open market paper

108.4

126.6

135.8

180.6

175.3

186.0

183.4

189.2

178.1

220.9

222.5

7

8
9
10

Treasury securities
Official
Private

1095.2
720.1
375.1

1285.5
812.0
473.5

1513.5
986.3
527.2

1803.5
1241.3
562.3

1898.3
1250.5
647.8

1929.5
1267.4
662.1

1990.1
1275.6
714.5

1993.8
1288.9
704.9

2026.3
1331.0
695.3

2029.1
1322.1
706.9

2069.9
1371.9
698.0

8
9
10

11
12
13

Agency- and GSE-backed securities
Official
Private

534.7
126.9
407.8

648.0
158.4
489.7

653.1
200.2
452.9

778.3
258.0
520.2

803.7
281.8
521.8

843.0
301.2
541.7

894.7
319.0
575.8

953.1
360.5
592.6

1019.0
384.6
634.4

1077.5
415.0
662.5

1130.7
437.5
693.2

11
12
13

14
15
16

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

8.0
1351.1
115.7

11.5
1539.4
125.8

19.5
1722.4
125.0

26.0
2061.5
131.2

27.0
2121.0
148.2

28.0
2202.7
172.0

29.0
2296.0
179.1

30.0
2314.1
191.8

31.0
2411.6
185.6

32.0
2510.9
195.7

33.0
2596.9
203.5

14
15
16

17
18
19

U.S. corporate equities
Trade receivables
Security credit

1572.7
41.6
0.0

1335.8
44.2
0.0

1839.5
45.7
0.0

2123.3
44.6
0.0

2111.1
47.5
0.0

2127.6
50.7
0.0

2265.3
52.3
0.0

2302.6
52.4
0.0

2500.9
55.9
0.0

2485.6
60.1
0.0

2601.5
62.1
0.0

17
18
19

20
21
22

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

1788.8
1518.5
270.3

1942.5
1500.0
442.6

1465.4
1577.0
-111.5

1565.5
1727.1
-161.5

1783.5
1758.2
25.3

1656.0
1768.4
-112.3

1567.4
1815.1
-247.7

1477.2
1874.3
-397.1

1360.2
1920.1
-559.9

1360.9
1970.6
-609.7

1321.4
2018.3
-696.9

20
21
22

23

Total liabilities

3747.0

4282.8

4514.7

5436.2

5531.7

5628.9

5376.4

5546.2

5505.8

5660.5

5895.3

23

24
25

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

46.8
810.1

55.8
831.1

62.3
867.8

62.2
957.7

56.3
1062.7

54.3
1010.0

52.0
1032.9

45.9
1044.5

46.0
1101.8

48.3
1161.7

46.5
1185.8

24
25

26

Credit market instruments

862.9

1072.3

1244.5

1424.8

1439.5

1462.0

1482.6

1466.0

1498.3

1519.6

1624.1

26

196.0
557.1

254.2
705.2

267.1
874.4

329.9
993.0

332.3
1003.3

336.2
1024.4

355.0
1026.5

368.4
987.5

389.0
1000.2

370.1
1035.0

433.6
1079.1

27
28

63.2
4.3
5.9
53.1
46.1
0.5

68.6
5.1
5.1
58.4
44.1
0.2

60.9
4.6
3.7
52.7
42.0
0.2

63.3
5.5
6.5
51.4
38.3
0.3

66.3
5.7
6.8
53.8
37.4
0.3

65.0
5.2
6.4
53.4
36.2
0.2

66.3
2.8
8.9
54.7
34.4
0.3

76.2
2.6
9.6
64.0
33.7
0.2

78.1
2.2
9.1
66.8
30.8
0.2

85.1
2.6
11.0
71.6
29.2
0.2

83.8
2.3
9.7
71.8
27.3
0.2

29
30
31
32
33
34

46.4
0.0

41.4
0.0

47.5
0.0

51.0
0.0

49.6
0.0

52.6
0.0

53.1
0.0

57.3
0.0

59.5
0.0

64.5
0.0

69.9
0.0

35
36

1980.8
37.1
2.5
1693.1
248.1

2282.0
38.6
2.6
1867.0
373.8

2292.7
40.0
2.8
2059.9
190.0

2940.5
42.0
2.8
2399.2
496.6

2923.6
42.3
0.7
2433.8
446.7

3049.9
42.7
0.6
2472.7
533.9

2755.9
43.0
0.6
2448.5
263.9

2932.4
43.2
0.6
2453.9
434.7

2800.2
45.1
0.6
2521.1
233.5

2866.4
45.3
0.6
2572.9
247.7

2969.0
45.6
0.6
2633.5
289.3

37
38
39
40
41

1612.7

1374.7

2079.4

2560.4

2594.3

2588.2

2911.1

3086.5

3397.1

3406.2

3524.3

42

27
28

Commercial paper
Bonds

29
30
31
32
33
34

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

35
36

Trade payables
Security debt

37
38
39
40
41

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

42

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

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

68

Z.1, December 7, 2006

L.108 Monetary Authority (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

683.0

753.6

796.9

841.3

834.7

845.7

849.0

878.7

872.8

885.8

878.6

1

2
3
4

Gold and foreign exchange
SDR certificates
Treasury currency

25.5
2.2
33.0

27.9
2.2
34.6

30.8
2.2
35.5

32.3
2.2
36.4

31.5
2.2
36.5

30.5
2.2
36.6

30.3
2.2
36.4

29.9
2.2
36.5

30.3
2.2
37.9

31.1
2.2
38.0

30.9
2.2
38.1

2
3
4

5
6
7

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

-0.0
0.0
50.3

0.4
0.0
39.5

-0.3
0.1
43.8

0.9
0.0
33.0

-1.4
0.1
31.0

-1.0
0.2
34.5

-0.3
0.9
25.8

0.9
0.1
46.8

-0.9
0.6
26.8

-1.0
0.3
31.3

-1.1
0.3
21.5

5
6
7

8

Credit market instruments

551.7

629.4

666.7

717.8

717.3

724.7

736.4

744.2

758.5

766.4

768.9

8

0.0
551.7
0.0
0.0

0.0
629.4
0.0
0.0

0.0
666.7
0.0
0.0

0.0
717.8
0.0
0.0

0.0
717.3
0.0
0.0

0.0
724.7
0.0
0.0

0.0
736.4
0.0
0.0

0.0
744.2
0.0
0.0

0.0
758.5
0.0
0.0

0.0
766.4
0.0
0.0

0.0
768.9
0.0
0.0

9
10
11
12

20.3

19.6

18.2

18.6

17.5

17.9

17.3

18.1

17.5

17.6

17.8

13

675.7

745.3

788.0

829.7

822.7

832.8

835.2

865.8

858.4

870.8

863.3

14

9
10
11
12
13
14

Total financial assets

2002

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

15
16

Depository institution reserves
Vault cash of commercial banks

17.5
47.3

22.5
47.8

23.1
47.9

24.0
41.5

25.0
42.1

23.1
45.3

21.9
41.2

19.0
50.1

21.0
40.0

21.0
42.6

17.3
40.1

15
16

17
18
19
20

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

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

682.5
6.0
0.2
676.3

719.7
6.2
0.1
713.3

718.2
5.5
0.2
712.5

724.1
4.6
0.2
719.4

730.1
4.6
0.2
725.3

748.8
4.8
0.1
743.9

754.6
5.7
0.1
748.8

760.4
5.7
0.2
754.5

756.3
5.6
0.1
750.5

17
18
19
20

21
22
23

Miscellaneous liabilities
Federal Reserve Bank stock
Other

7.7
7.4
0.4

30.3
8.4
21.9

34.5
8.8
25.7

44.4
11.9
32.5

37.4
12.6
24.9

40.2
12.9
27.3

42.0
13.3
28.7

47.8
13.5
34.3

42.8
13.8
29.1

46.8
15.0
31.8

49.6
15.1
34.5

21
22
23

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

69

Z.1, December 7, 2006

L.109 Commercial Banking (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Checkable deposits and currency

5

Total bank credit

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

6829.1

7329.4

7843.3

8563.6

8794.8

9012.1

9237.1

9324.1

9510.9

9763.4

9802.9

1

47.3
15.2
2.8

47.8
19.7
2.5

47.9
19.7
2.5

41.5
20.8
3.5

42.1
22.1
3.6

45.3
20.1
3.8

41.2
19.0
3.3

50.1
16.3
3.0

40.0
18.5
2.7

42.6
18.5
2.6

40.1
15.1
2.5

2
3
4

5411.3

5811.4

6202.0

6772.8

6993.3

7159.9

7352.1

7457.4

7667.7

7889.0

7962.6

5

6
7

Treasury securities
Agency- and GSE-backed securities

162.7
777.4

205.8
917.9

132.9
999.5

110.1
1096.4

126.0
1120.2

109.8
1104.4

108.9
1090.6

97.1
1089.6

97.0
1128.2

101.1
1168.7

97.3
1106.5

6
7

8
9

Municipal securities
Corporate and foreign bonds

120.2
363.1

121.7
359.9

132.5
482.5

140.8
559.7

145.3
623.7

147.8
670.2

153.7
699.1

157.7
686.2

160.3
710.0

161.7
744.6

168.8
750.6

8
9

3957.8
0.0
1424.3
1789.8
568.4
175.2

4183.0
0.0
1344.2
2058.3
602.6
177.9

4422.6
0.0
1283.9
2255.8
669.4
213.5

4827.6
0.0
1332.4
2595.3
704.3
195.6

4942.0
0.0
1353.5
2689.4
683.1
216.1

5091.1
0.0
1398.9
2790.5
684.0
217.8

5259.2
0.0
1423.9
2895.4
708.2
231.6

5385.5
0.0
1491.4
2956.6
707.0
230.4

5526.8
0.0
1547.3
3024.9
697.5
257.1

5667.6
0.0
1583.0
3132.0
694.7
257.8

5788.8
0.0
1623.7
3172.9
710.6
281.6

10
11
12
13
14
15

8.9
21.3

3.5
19.6

15.1
17.1

20.3
18.0

19.4
16.6

20.9
15.6

23.4
17.3

24.0
17.3

28.1
17.3

26.8
18.4

29.3
21.3

16
17

4.6
1347.9

4.6
1443.4

4.4
1566.8

4.0
1720.9

4.0
1729.7

4.1
1778.9

4.3
1817.1

4.0
1793.2

0.7
1781.2

0.7
1809.9

0.7
1782.1

18
19

6770.4

7330.8

7835.6

8608.7

8813.3

9028.3

9163.9

9268.8

9456.6

9691.9

9794.7

20

10
11
12
13
14
15

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

16
17

Corporate equities
Mutual fund shares

18
19
20

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

21
22
23
24

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

126.6
0.0
11.1
115.5

135.7
0.5
15.5
119.7

122.3
-0.3
12.6
110.0

146.6
1.0
27.3
118.3

129.5
-1.4
35.7
95.1

139.2
-0.7
23.3
116.6

141.2
0.6
27.5
113.0

151.2
1.0
38.5
111.8

137.1
-0.3
44.0
93.3

90.9
-0.7
44.4
47.2

93.9
-0.8
45.5
49.1

21
22
23
24

25
26
27
28

Checkable deposits
Federal government
Rest of the world
Private domestic

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

602.4
30.2
37.4
534.8

647.0
26.9
65.0
555.0

622.6
20.2
49.0
553.4

631.3
30.6
79.3
521.4

588.1
33.0
92.7
462.5

610.1
33.9
91.0
485.2

584.4
4.2
107.9
472.3

606.7
41.5
122.7
442.6

574.2
48.3
131.6
394.3

25
26
27
28

29
30
31

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

2478.1
918.1
786.5

2747.6
915.3
902.0

2977.9
934.1
969.5

3259.7
1120.4
973.7

3338.4
1177.8
1019.1

3367.7
1221.5
1075.8

3466.3
1312.7
1102.0

3528.3
1350.2
1090.3

3583.2
1436.6
1131.1

3612.3
1507.7
1196.0

3649.1
1593.1
1216.2

29
30
31

32

Credit market instruments

562.1

611.8

661.0

738.8

776.3

792.0

810.6

823.9

837.0

889.6

899.4

32

55.4
310.2
196.6

52.9
332.2
226.8

46.6
379.1
235.3

57.2
437.4
244.1

63.9
457.3
255.1

62.1
465.0
265.0

67.7
474.5
268.4

61.2
494.1
268.5

59.5
505.9
271.6

71.4
528.6
289.6

72.7
538.9
287.8

33
34
35

13.5
1256.6

16.2
1430.8

19.1
1549.2

22.2
1700.3

23.0
1726.7

23.9
1776.9

24.8
1718.3

25.6
1689.3

26.5
1720.7

27.4
1761.3

28.4
1740.5

36
37

5210.5

5614.9

5960.8

6543.0

6745.2

6909.7

7084.1

7189.6

7366.0

7586.6

7631.1

38

33
34
35
36
37

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

38

Credit market funds advanced (4)

(1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the
same as branches in foreign countries.
(2) Included in other loans and advances (table L.216).
(3) Floats and discrepancies in interbank transactions.
(4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers’ liability on acceptances (line 18).

70

Z.1, December 7, 2006

L.110 U.S.-Chartered Commercial Banks
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

5014.5

5427.2

5840.3

6398.1

6560.4

6671.1

6816.5

6903.9

7067.9

7250.1

7285.1

1

61.9

66.3

66.8

61.6

63.5

64.3

59.3

65.5

57.6

60.2

54.5

2

4718.6

5102.3

5481.6

6046.8

6188.3

6302.3

6459.9

6541.9

6707.7

6879.8

6930.2

3

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

56.5
700.2
350.6
168.2
181.4

86.4
821.3
434.9
159.1
227.4

93.5
906.4
491.5
161.4
253.5

74.2
996.1
581.7
156.7
257.7

88.1
1021.7
600.9
164.3
256.4

76.3
998.1
584.8
157.9
255.4

75.5
992.1
583.7
153.4
255.0

64.2
992.7
579.0
152.3
261.5

66.1
1037.4
623.6
151.5
262.4

68.1
1070.8
664.2
154.5
252.1

62.3
1010.7
602.1
155.6
253.0

4
5
6
7
8

9
10
11
12
13

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

119.7
265.1
25.3
59.3
180.5

121.2
264.3
12.0
67.4
185.0

131.9
306.0
12.2
92.6
201.2

140.4
364.4
18.9
106.0
239.5

145.0
389.6
22.2
120.1
247.3

147.5
412.4
25.3
132.1
255.0

153.4
421.8
24.5
138.8
258.4

157.2
411.6
23.9
146.2
241.5

159.7
425.5
24.9
153.0
247.6

161.0
439.1
25.9
157.5
255.6

167.8
450.9
28.0
150.4
272.5

9
10
11
12
13

14
15
16
17
18
19

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

3546.9
0.0
1143.8
1752.8
568.4
81.9

3785.9
0.0
1085.7
2018.5
602.6
79.2

4011.7
0.0
1037.2
2213.6
669.4
91.5

4433.4
0.0
1080.0
2547.0
704.3
102.2

4507.9
0.0
1084.6
2638.8
683.1
101.3

4631.5
0.0
1118.4
2738.9
684.0
90.3

4776.5
0.0
1133.7
2839.1
708.2
95.5

4874.8
0.0
1170.1
2902.1
707.0
95.6

4973.7
0.0
1206.8
2967.6
697.5
101.8

5095.5
0.0
1238.1
3070.0
694.7
92.8

5187.9
0.0
1256.0
3111.6
710.6
109.8

14
15
16
17
18
19

20
21

Corporate equities
Mutual fund shares

8.9
21.3

3.5
19.6

15.1
17.1

20.3
18.0

19.4
16.6

20.9
15.6

23.4
17.3

24.0
17.3

28.1
17.3

26.8
18.4

29.3
21.3

20
21

3.6
230.4

3.9
254.7

3.8
288.2

3.3
286.3

3.4
305.2

3.4
301.1

3.6
293.7

3.3
293.2

0.0
302.5

0.0
310.1

0.0
300.4

22
23

2

Vault cash and reserves at Federal Reserve

3

Total bank credit

4
5
6
7
8

22
23
24

Customers’ liab. on acceptances (1)
Miscellaneous assets

5455.3

5948.2

6377.1

7168.5

7288.2

7425.5

7567.7

7697.6

7847.6

8018.5

8151.4

24

25
26
27
28
29

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

138.2
-0.0
0.0
-17.7
155.9

192.6
0.4
0.0
0.3
191.8

173.5
-0.3
0.1
-64.6
238.4

270.2
0.9
0.0
-24.5
293.8

251.5
-1.4
0.1
-32.5
285.3

264.2
-1.0
0.2
-19.1
284.1

284.9
-0.3
0.9
-29.4
313.7

292.1
0.9
0.1
-24.3
315.4

277.2
-0.9
0.6
-32.8
310.4

266.5
-1.0
0.3
-32.9
300.2

307.3
-1.1
0.3
-36.7
344.8

25
26
27
28
29

30
31
32
33

Checkable deposits
Federal government
Rest of the world
Private domestic

608.2
47.5
22.6
538.2

552.7
31.1
22.3
499.3

581.0
30.2
34.9
516.0

624.8
26.9
63.0
534.8

597.8
20.2
43.9
533.7

608.7
30.6
77.2
500.8

566.3
33.0
90.4
442.9

588.0
33.9
88.8
465.2

562.1
4.2
106.0
451.9

584.5
41.5
120.5
422.5

553.4
48.3
129.7
375.4

30
31
32
33

34
35
36

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

2448.3
528.4
663.9

2722.0
552.7
737.4

2950.2
555.7
806.0

3231.2
671.1
816.1

3307.0
707.8
872.1

3335.4
738.4
911.3

3433.0
797.2
931.0

3494.3
837.7
898.7

3547.6
872.8
951.1

3576.2
931.9
1000.9

3607.0
954.4
999.5

34
35
36

37
38
39
40

Acceptance liabilities
Corporate bonds
Other loans and advances
Taxes payable

3.7
94.7
196.6
13.5

3.9
94.1
226.8
16.2

3.8
99.6
235.3
19.1

3.4
109.3
244.1
22.2

3.4
113.8
255.1
23.0

3.4
114.3
265.0
23.9

3.6
116.3
268.4
24.8

3.3
121.7
268.5
25.6

0.0
126.0
271.6
26.5

0.0
132.2
289.6
27.4

0.0
135.6
287.8
28.4

37
38
39
40

41
42
43

Miscellaneous liabilities
Investment by bank holding companies
Other

759.8
586.1
173.7

849.8
639.2
210.6

953.0
689.8
263.2

1176.2
857.0
319.2

1156.5
853.3
303.2

1160.9
876.3
284.7

1142.2
878.0
264.2

1167.6
897.0
270.6

1212.7
914.5
298.2

1209.3
929.7
279.5

1278.0
962.0
316.0

41
42
43

4610.1

5003.9

5361.7

5909.7

6054.3

6178.8

6327.3

6408.2

6560.7

6741.8

6769.8

44

Memo:
44

Credit market funds advanced (2)

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

71

Z.1, December 7, 2006

L.111 Foreign Banking Offices in U.S. (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1

Total financial assets

Q2

Q3

Q4

2006
Q2

Q1

Q3

791.9

801.1

766.2

637.0

718.3

773.4

830.4

786.9

811.7

845.0

809.6

1

0.6

1.2

0.9

0.7

0.7

1.1

0.9

0.9

0.9

0.9

0.7

2

603.0

615.0

607.1

598.8

677.2

718.9

763.5

782.4

824.1

877.3

901.1

3

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

103.8
50.7
0.0
81.3

116.7
61.6
0.0
81.6

34.2
52.5
0.0
160.9

30.0
53.1
0.0
178.5

32.3
50.8
0.0
218.3

27.6
57.8
0.0
233.2

27.7
51.0
0.0
263.3

27.9
50.9
0.0
262.0

24.2
44.1
0.0
272.4

26.6
51.4
0.0
293.3

29.5
51.1
0.0
285.2

4
5
6
7

8
9
10
11
12

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

367.2
0.0
256.1
17.9
93.3

355.2
0.0
237.5
19.0
98.7

359.6
0.0
220.4
17.2
121.9

337.1
0.0
226.8
16.9
93.4

375.9
0.0
244.2
16.9
114.7

400.3
0.0
255.4
17.4
127.5

421.5
0.0
265.3
20.1
136.1

441.6
0.0
287.4
19.4
134.8

483.4
0.0
306.5
21.5
155.3

506.0
0.0
317.8
23.2
165.0

535.3
0.0
340.2
23.3
171.8

8
9
10
11
12

13

Corporate equities

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

13

1.0
187.2

0.6
184.2

0.6
157.6

0.7
36.8

0.6
39.7

0.7
52.7

0.8
65.2

0.8
2.8

0.7
-14.0

0.7
-33.9

0.7
-92.8

14
15

2

Reserves at Federal Reserve

3

Total bank credit

4
5
6
7

14
15
16

Customers’ liab. on acceptances (2)
Miscellaneous assets

824.8

838.4

808.4

684.5

767.2

823.7

882.1

840.1

866.4

901.2

867.4

16

17
18
19

Total liabilities
Net interbank liabilities
To foreign banks
To domestic banks

-9.3
-50.9
41.6

-51.6
-83.1
31.5

-57.5
-95.3
37.8

-131.6
-167.9
36.3

-105.7
-165.4
59.7

-105.4
-138.6
33.2

-125.5
-176.4
50.8

-122.6
-176.7
54.1

-119.7
-182.2
62.5

-149.7
-200.6
50.8

-177.6
-232.0
54.4

17
18
19

20
21
22

Checkable deposits
Small time and savings deposits
Large time deposits

9.1
11.6
371.5

8.4
9.4
346.4

9.4
10.3
361.0

8.7
9.5
430.3

11.3
10.8
449.5

8.3
10.3
461.1

8.7
10.0
492.3

8.8
10.0
488.5

8.6
10.8
538.9

8.8
11.1
550.7

8.3
17.2
613.7

20
21
22

23
24

Federal funds and security RPs (net)
Acceptance liabilities

123.9
1.1

163.4
0.7

161.5
0.6

156.8
0.7

146.5
0.6

162.3
0.8

169.5
0.8

190.9
0.8

179.9
0.8

195.1
0.7

217.3
0.7

23
24

25
26
27
28

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

316.9
67.2
108.7
141.0

361.8
73.3
127.8
160.7

323.2
85.2
135.0
102.9

210.0
122.7
167.7
-80.4

254.1
128.0
169.1
-43.0

286.3
130.2
184.8
-28.6

326.4
131.6
189.8
5.0

263.6
130.9
188.8
-56.1

247.1
136.2
212.9
-101.9

284.6
138.6
215.0
-69.1

187.9
141.8
211.8
-165.8

25
26
27
28

510.7

516.9

485.8

506.1

563.1

592.1

628.2

648.3

669.5

713.0

730.0

29

Memo:
29

Credit market funds advanced (3)

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank.
(2) Included in other loans and advances (table L.216).
(3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers’ liability on acceptances (line 14).

72

Z.1, December 7, 2006

L.112 Bank Holding Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6
7
8
9
10
11

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

942.4

1025.8

1153.1

1429.0

1413.2

1461.3

1482.7

1524.0

1520.5

1557.2

1600.7

1

24.7

27.8

36.4

36.4

34.0

41.4

29.9

32.2

33.9

31.9

32.1

2

1.2
6.2
15.3
1.9

1.3
10.7
12.9
2.9

2.7
11.6
14.2
7.9

2.0
13.5
15.5
5.3

1.6
13.6
14.7
4.1

2.4
12.8
23.3
2.9

2.4
11.6
12.9
3.1

1.1
11.2
11.8
8.1

2.7
11.9
11.7
7.6

2.6
13.1
12.1
4.1

2.2
12.5
14.5
3.0

3
4
5
6

917.8
586.1
219.5
112.2

998.1
639.2
219.3
139.5

1116.7
689.8
265.0
161.9

1392.6
857.0
341.3
194.4

1379.2
853.3
326.0
199.9

1420.0
876.3
334.4
209.2

1452.9
878.0
364.8
210.1

1491.8
897.0
384.3
210.6

1486.6
914.5
352.0
220.1

1525.3
929.7
363.0
232.6

1568.6
962.0
371.7
234.9

7
8
9
10

413.4

473.1

571.5

661.7

660.6

678.7

612.6

627.9

637.5

666.7

674.3

11

-2.3
-12.8
10.4

-5.3
-16.4
11.1

6.3
39.4
-33.1

8.0
15.5
-7.5

-16.3
8.5
-24.8

-19.6
9.2
-28.8

-18.2
6.1
-24.3

-18.3
8.6
-26.9

-20.5
14.3
-34.8

-25.9
26.5
-52.4

-35.8
27.8
-63.6

12
13
14

-1.2

1.2

2.1

0.8

0.4

2.1

1.5

0.6

0.0

-0.1

-0.6

15

12
13
14

Net interbank liabilities
To domestic banks
To foreign banks

15

Federal funds and security RPs (net)

16
17
18

Credit market instruments
Commercial paper
Corporate bonds

266.1
50.6
215.5

286.4
48.3
238.1

321.8
42.3
279.5

381.3
53.1
328.2

403.3
59.8
343.5

408.6
57.9
350.7

421.5
63.3
358.2

429.5
57.1
372.4

438.7
58.7
379.9

467.0
70.7
396.3

475.3
72.0
403.3

16
17
18

19

Miscellaneous liabilities

150.8

190.9

241.4

271.6

273.2

287.6

207.8

216.0

219.3

225.7

235.5

19

99.5

102.9

106.3

107.4

109.3

110.8

111.0

107.6

1

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

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

80.2

75.2

83.6

2.8

2.5

2.5

3.5

3.6

3.8

3.3

3.0

2.7

2.6

2.5

2

65.0

66.3

76.9

90.8

93.8

97.4

98.8

101.0

102.0

99.9

99.2

3

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

1.2
20.3
0.5
1.4

1.5
24.2
0.5
1.1

2.5
28.9
0.6
1.4

3.8
33.6
0.3
1.3

4.0
34.2
0.4
1.1

3.5
35.8
0.4
1.3

3.3
36.0
0.3
1.1

3.9
34.8
0.5
0.8

4.0
34.7
0.6
0.5

3.7
33.4
0.8
0.1

3.3
32.2
1.0
0.1

4
5
6
7

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

22.5
8.2
11.0

18.2
9.7
11.2

18.5
12.2
12.8

20.3
15.6
15.9

20.5
20.3
13.3

22.2
20.3
14.0

21.9
20.5
15.7

25.9
16.3
18.8

26.4
15.8
20.0

23.0
18.1
20.8

24.5
17.0
21.0

8
9
10

12.5

6.4

4.3

5.2

5.5

5.1

5.4

5.3

6.1

8.5

5.9

11

Miscellaneous assets

76.8

71.1

78.6

94.0

97.4

100.3

101.5

103.4

105.0

105.4

101.6

12

13
14
15

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

11.5
18.1
18.1

10.4
16.2
16.2

11.9
17.5
17.5

13.5
19.0
19.0

13.5
20.5
20.5

14.3
22.0
22.0

13.1
23.3
23.3

13.3
23.9
23.9

13.6
24.9
24.9

13.5
25.1
25.1

12.5
24.9
24.9

13
14
15

16

Miscellaneous liabilities

29.0

28.3

31.7

42.5

42.8

42.0

41.8

42.2

41.6

41.7

39.2

16

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

73

Z.1, December 7, 2006

L.114 Savings Institutions (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

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

13
14
15
16
17

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

18
19
20

Other loans and advances
Mortgages
Consumer credit

21
22
23

Corporate equities
Miscellaneous assets
Total liabilities

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1291.4

1349.5

1465.4

1649.0

1648.8

1702.7

1749.7

1789.4

1828.8

1870.2

1938.4

1

2.3
21.0
2.2
20.3

2.8
24.8
2.6
20.0

3.4
24.8
2.6
12.3

3.3
21.3
3.2
9.1

2.9
22.2
2.8
9.4

3.0
23.1
2.8
9.7

2.9
23.7
2.9
15.0

2.7
23.7
2.7
9.0

2.5
21.0
3.4
13.9

2.5
20.7
5.0
15.8

2.3
21.1
6.5
20.5

2
3
4
5

1133.2

1166.6

1292.6

1485.4

1496.3

1550.2

1588.8

1616.6

1648.8

1679.5

1744.5

6

0.0
11.4
161.4
115.7
0.0
45.7

0.0
9.2
176.2
132.7
0.0
43.5

0.0
12.2
198.7
138.1
0.0
60.6

0.0
8.4
205.1
119.5
43.0
42.6

0.0
7.6
203.6
116.9
44.5
42.3

0.0
9.0
201.4
113.3
42.9
45.2

0.0
8.7
197.1
113.0
39.9
44.2

0.0
12.3
192.3
116.0
30.8
45.5

0.0
10.3
190.0
112.1
32.1
45.9

0.0
7.9
184.1
108.1
30.8
45.2

0.0
7.9
214.2
123.8
45.3
45.1

7
8
9
10
11
12

4.5
83.9
13.2
0.0
70.7

5.5
79.9
10.6
0.0
69.3

6.3
71.1
10.7
0.0
60.4

7.1
58.9
8.2
40.5
10.2

7.3
62.2
7.1
45.2
10.0

8.1
64.0
6.6
47.7
9.7

8.4
74.8
9.0
54.0
11.8

8.6
80.0
7.7
58.6
13.8

9.4
86.2
9.0
64.3
12.9

9.7
88.9
9.3
65.6
14.0

10.5
88.9
9.1
66.7
13.1

13
14
15
16
17

42.9
758.0
71.1

46.2
781.0
68.7

56.3
870.2
77.9

57.6
1057.0
91.3

56.4
1068.4
90.8

60.8
1112.9
94.0

59.5
1140.9
99.4

61.5
1152.7
109.1

62.5
1192.4
98.1

65.9
1221.0
101.9

68.0
1248.8
106.2

18
19
20

27.9
84.5

29.1
103.6

30.4
99.2

28.2
98.5

27.1
88.0

26.1
87.8

26.1
90.4

26.2
108.4

26.2
113.0

25.7
121.1

25.0
118.6

21
22

1256.5

1310.2

1418.5

1587.3

1582.6

1630.3

1670.0

1706.1

1736.9

1768.7

1833.0

23

773.3
73.5
531.0
168.8

840.1
75.3
551.9
212.9

924.5
80.6
598.8
245.1

989.9
81.1
584.4
324.4

1002.9
81.4
585.4
336.1

1024.6
82.3
589.9
352.4

1050.3
83.7
602.5
364.0

1066.9
85.0
618.7
363.3

1099.9
86.7
637.4
375.8

1120.6
88.7
651.8
380.1

1150.4
88.2
665.6
396.6

24
25
26
27

72.4

57.4

77.5

82.2

70.6

71.9

79.3

78.7

77.0

83.3

81.9

28

24
25
26
27

Deposits
Checkable
Small time and savings
Large time

28

Security RPs

29
30
31
32

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

285.7
3.6
23.0
259.1

262.3
3.4
27.2
231.7

268.3
5.1
13.9
249.3

332.8
7.6
15.9
309.3

324.3
7.5
15.7
301.1

344.1
7.7
13.4
323.1

344.3
7.5
14.6
322.1

348.9
8.7
14.8
325.5

343.0
8.5
16.1
318.4

346.5
9.6
13.8
323.0

354.0
10.5
17.6
325.9

29
30
31
32

33
34
35
36

Taxes payable
Miscellaneous liabilities
Investment by parent
Other

1.7
123.3
7.4
115.9

1.5
148.9
8.3
140.6

1.3
146.9
9.3
137.6

1.9
180.6
10.5
170.1

1.8
183.0
10.8
172.2

1.9
187.8
11.1
176.7

2.1
194.0
11.4
182.5

2.6
209.0
11.8
197.2

3.0
214.0
12.1
201.9

2.8
215.6
12.5
203.1

2.9
243.9
12.8
231.0

33
34
35
36

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

74

Z.1, December 7, 2006

L.115 Credit Unions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

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

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

505.5

564.0

617.2

654.7

672.1

677.2

685.2

685.7

703.3

703.7

710.8

1

36.8
23.0
2.5

38.4
24.6
1.7

41.5
27.1
1.6

40.2
26.4
4.1

43.7
25.8
5.5

37.5
24.9
2.9

37.3
23.7
6.9

38.1
21.9
6.7

47.3
20.3
9.2

40.2
19.4
6.8

40.3
18.2
6.1

2
3
4

421.2

465.4

516.6

556.4

565.8

579.0

585.9

592.6

604.1

615.6

624.4

5

2.4
7.4
80.6

3.6
7.8
98.8

1.6
9.1
117.4

1.9
9.0
116.9

2.0
8.4
121.1

1.4
8.5
118.9

0.9
8.0
110.1

1.3
7.8
109.3

2.3
8.1
115.7

1.8
7.8
113.2

2.3
8.6
106.0

6
7
8

9
10

Home mortgages
Consumer credit

141.3
189.6

159.4
195.7

182.6
205.9

213.2
215.4

217.6
216.7

228.9
221.3

237.4
229.5

245.6
228.6

250.7
227.3

262.5
230.4

272.9
234.6

9
10

11
12

Mutual fund shares
Miscellaneous assets

3.7
18.3

3.5
30.4

4.1
26.3

3.1
24.5

2.8
28.5

2.6
30.3

2.2
29.2

2.2
24.2

2.3
20.2

2.0
19.7

2.0
19.7

11
12

458.9

512.3

561.5

595.2

611.8

615.5

622.8

622.7

639.3

638.9

645.3

13

450.2
54.7
361.3
34.1

499.7
60.5
396.4
42.8

545.0
66.5
424.9
53.6

574.5
74.1
440.4
60.0

591.3
77.5
452.3
61.6

590.9
76.8
451.0
63.1

596.0
79.9
454.8
61.3

596.1
81.1
452.5
62.5

614.8
83.0
468.1
63.7

612.8
82.7
468.8
61.2

615.4
74.7
476.7
64.0

14
15
16
17

4.9
3.8

6.9
5.7

9.1
7.4

11.4
9.3

11.8
8.7

12.5
12.1

12.6
14.2

14.7
11.9

14.6
9.9

16.3
9.8

16.8
13.0

18
19

13

Total liabilities

14
15
16
17

Shares/deposits
Checkable
Small time and savings
Large time

18
19

Other loans and advances
Miscellaneous liabilities

L.116 Property-Casualty Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency
Security RPs

4

Credit market instruments

5
6

Treasury securities
Agency- and GSE-backed securities

7
8
9

Municipal securities
Corporate and foreign bonds
Commercial mortgages

10
11
12
13
14
15

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

859.9

939.8

1059.7

1160.9

1184.6

1201.7

1239.1

1250.4

1278.1

1293.0

1320.2

1

13.1
30.2

25.9
44.4

34.6
52.8

25.9
63.1

24.0
65.7

23.3
64.8

23.1
67.6

21.0
68.9

28.7
64.2

36.6
57.4

38.4
61.4

2
3

518.4

558.3

625.2

698.8

721.1

733.4

760.3

765.8

780.8

792.9

803.6

4

52.0
94.2

61.2
113.2

64.7
115.4

71.3
112.1

71.5
114.6

70.6
115.3

70.9
118.3

69.2
117.9

70.6
120.3

71.7
122.1

71.7
123.8

5
6

173.8
196.4
1.9

183.0
198.9
2.0

224.2
218.9
2.1

267.8
245.3
2.4

280.9
251.7
2.5

290.4
254.6
2.5

306.0
262.4
2.7

313.2
262.8
2.7

319.3
267.9
2.7

324.2
272.0
2.9

328.6
276.5
2.9

7
8
9

173.9
69.9
54.4

152.3
74.8
84.1

182.7
79.3
85.0

201.8
79.6
91.6

196.0
82.2
95.5

198.8
85.0
96.4

204.3
84.9
98.9

205.3
82.1
107.3

211.4
84.1
108.9

208.8
86.0
111.3

216.1
87.1
113.6

10
11
12

597.0

641.3

696.5

744.3

755.1

763.3

790.5

800.7

807.8

818.2

827.3

13

22.4
574.6

25.6
615.7

29.3
667.2

33.5
710.8

34.6
720.4

35.8
727.5

37.0
753.5

38.2
762.5

39.4
768.3

40.7
777.5

42.0
785.2

14
15

75

Z.1, December 7, 2006

L.117 Life Insurance Companies
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3

Checkable deposits and currency
Money market fund shares

4

Credit market instruments

5
6
7
8
9
10
11

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

12
13

Corporate equities
Mutual fund shares

14

Miscellaneous assets

15

Total liabilities

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

3224.6

3335.0

3772.8

4130.3

4175.9

4235.3

4323.2

4350.7

4466.6

4478.4

4577.9

1

36.8
173.3

35.3
159.8

47.3
151.4

53.3
120.7

47.2
113.6

52.4
107.5

53.6
108.0

47.7
113.6

49.2
121.9

49.1
134.4

48.9
150.3

2
3

2074.8

2307.8

2488.3

2661.4

2714.2

2733.2

2760.6

2765.4

2803.0

2821.6

2852.4

4

59.3
53.7
253.5

74.0
78.5
330.9

55.9
71.8
348.9

48.2
78.5
357.1

50.6
81.0
366.8

45.2
84.4
367.9

44.9
88.1
369.9

40.2
91.2
368.5

42.8
92.3
373.4

44.0
92.8
375.0

49.6
93.5
378.4

5
6
7

18.7
1342.4
104.1
243.0

19.9
1449.3
105.1
250.0

26.1
1620.2
104.5
260.9

30.1
1768.0
106.1
273.3

31.1
1804.0
105.7
275.0

31.6
1819.2
106.4
278.4

32.2
1838.5
106.1
280.9

32.5
1840.7
106.9
285.5

32.9
1865.6
107.6
288.3

33.1
1872.4
109.1
295.3

33.4
1890.7
108.7
298.1

8
9
10
11

811.3
88.3

708.9
76.6

919.3
91.7

1053.9
114.4

1042.0
110.5

1074.8
109.3

1128.2
109.2

1161.8
109.0

1236.4
114.7

1225.6
112.9

1292.5
115.7

12
13

40.1

46.8

74.7

126.6

148.5

158.1

163.7

153.1

141.4

134.9

118.0

14

3034.8

3140.4

3539.4

3869.7

3914.7

3976.4

4058.9

4088.4

4202.6

4217.6

4303.5

15

16
17
18

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

3.1
842.2
1558.5

5.1
881.6
1604.9

8.0
972.7
1803.2

11.1
1018.8
2027.9

10.7
1017.8
2055.9

11.2
1025.2
2099.5

11.3
1035.6
2152.2

11.5
1039.9
2197.4

12.2
1048.9
2281.9

12.5
1049.2
2287.2

13.1
1059.7
2345.0

16
17
18

19
20

Taxes payable
Miscellaneous liabilities

19.7
611.2

22.1
626.7

24.9
730.6

28.1
783.9

28.9
801.4

29.8
810.6

30.7
829.0

31.6
808.0

32.6
827.0

33.6
835.1

34.6
851.2

19
20

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

L.118 Private Pension Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11

4048.2

3547.2

4475.7

4924.8

4763.4

4880.9

5027.1

5120.3

5166.5

5068.6

5223.9

1

9.9
61.3
75.1
17.7

10.2
57.4
84.5
19.0

10.3
60.4
84.3
20.5

10.5
55.8
84.9
26.5

10.5
54.3
85.2
27.3

10.7
58.2
85.5
29.7

10.8
61.8
86.0
30.0

10.8
62.0
86.7
28.2

10.9
61.3
87.6
28.8

11.1
61.8
88.3
25.3

11.2
62.5
89.2
25.6

2
3
4
5

585.8

577.3

646.5

646.1

645.4

645.6

649.9

658.6

660.5

672.5

682.2

6

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

27.0
104.0
202.5

29.2
100.6
183.2

26.0
113.9
221.4

26.4
109.8
232.8

27.1
111.4
230.4

28.1
111.9
225.5

28.5
113.4
224.5

28.5
112.8
231.4

29.0
113.2
234.2

30.2
114.0
239.6

30.8
115.1
245.0

7
8
9

Corporate and foreign bonds
Mortgages

242.5
9.8

253.9
10.3

274.8
10.2

267.1
10.0

266.5
9.9

270.1
9.9

273.7
9.9

276.1
9.8

274.3
9.8

279.1
9.7

281.7
9.6

10
11

1908.6
962.9

1558.6
831.9

2081.8
1097.2

2329.2
1292.2

2240.4
1237.5

2299.9
1286.1

2379.0
1339.2

2416.7
1376.0

2452.3
1384.9

2385.7
1348.1

2474.9
1397.4

12
13

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

426.8
275.8
48.4
102.6

408.4
249.6
49.9
108.9

474.8
317.0
49.8
108.0

479.6
328.4
46.6
104.5

462.8
316.0
45.5
101.3

465.3
322.2
43.9
99.2

470.4
327.5
46.2
96.7

481.3
338.4
44.8
98.2

480.3
340.8
44.3
95.2

475.8
339.1
43.8
92.9

480.9
347.0
43.3
90.6

14
15
16
17

18

Pension fund reserves (liabilities) (3)

4094.7

3589.2

4517.2

4965.5

4803.5

4920.7

5066.5

5159.5

5205.5

5107.3

5262.4

18

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

76

Z.1, December 7, 2006

L.119 State and Local Government Employee Retirement Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

2206.6

1930.5

2344.0

2572.0

2540.8

2585.0

2652.7

2701.5

2795.5

2761.4

2888.7

1

11.4
1.8
15.4
34.0

12.9
1.7
15.5
27.1

17.2
1.4
12.6
22.0

17.6
1.8
9.6
16.7

16.3
1.8
8.1
15.0

16.1
1.5
9.1
15.8

17.9
1.9
9.7
16.9

18.2
1.6
9.8
16.7

17.7
2.2
10.0
17.2

18.2
1.4
9.5
17.1

18.0
2.0
10.0
17.4

2
3
4
5

689.4

638.7

649.9

677.1

692.1

686.2

672.6

674.3

672.0

686.9

676.2

6

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

51.3
155.1
180.7

48.0
158.9
192.6

39.1
147.9
248.3

29.6
130.4
292.5

28.9
127.1
311.7

29.5
130.1
301.8

29.5
130.1
291.1

29.8
129.4
290.9

30.9
128.9
290.0

30.1
132.1
296.0

31.0
129.9
291.0

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

1.7
279.7
21.0

0.9
217.3
21.1

1.0
193.2
20.4

1.7
203.4
19.5

1.0
202.9
20.5

1.3
203.0
20.5

1.4
201.1
19.4

1.7
203.0
19.4

2.0
200.9
19.3

2.0
207.3
19.3

2.2
203.0
19.1

10
11
12

1260.4
184.3

1056.8
167.4

1421.5
208.0

1607.0
230.5

1581.0
226.2

1621.7
229.5

1687.9
234.7

1729.0
238.3

1819.0
246.7

1776.2
240.9

1900.5
253.5

13
14

10.0

10.4

11.3

11.8

0.2

5.1

11.2

13.7

10.8

11.3

11.2

15

2253.5

1980.0

2393.9

2620.0

2588.0

2631.2

2697.8

2745.3

2838.0

2802.3

2927.9

16

13
14

Corporate equities
Mutual fund shares

15

Miscellaneous assets

16

2002

Pension fund reserves (liabilities) (1)

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

L.120 Federal Government Retirement Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8

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

859.7

893.8

958.5

1023.5

1014.2

1015.1

1037.6

1074.5

1068.4

1074.6

1098.5

1

44.8

57.6

63.6

68.2

70.4

73.2

75.2

76.0

77.3

81.8

83.7

2

40.6
2.6
1.6

50.2
4.6
2.8

55.3
5.1
3.2

60.6
4.6
3.0

62.9
4.6
2.9

65.6
4.7
3.0

67.5
4.7
3.0

68.4
4.6
3.0

69.9
4.6
2.9

74.4
4.5
2.9

76.2
4.6
2.9

3
4
5

49.1
765.8

45.9
790.3

79.9
815.0

99.3
855.9

99.5
844.3

101.8
840.1

108.2
854.2

115.6
882.9

122.3
868.8

119.5
873.3

126.6
888.2

6
7

859.7

893.8

958.5

1023.5

1014.2

1015.1

1037.6

1074.5

1068.4

1074.6

1098.5

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.

77

Z.1, December 7, 2006

L.121 Money Market Mutual Funds (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

2240.6

2223.9

2016.4

1879.8

1841.0

1831.5

1876.7

2006.9

2014.1

2067.4

2166.5

1

115.0
5.4
244.0
226.2

108.1
-1.4
220.2
273.4

71.5
-2.1
166.8
252.6

78.5
0.6
167.2
234.0

79.4
-5.8
176.4
251.2

92.5
-10.7
163.7
293.7

104.3
-2.8
179.6
301.8

94.7
-0.9
183.8
345.9

97.3
-4.3
183.5
341.4

79.6
10.0
205.7
351.8

70.5
1.7
209.5
368.2

2
3
4
5

1584.9

1567.1

1471.3

1346.3

1294.3

1245.1

1241.8

1336.2

1347.7

1370.9

1452.9

6

623.7
137.5
324.4
276.7
222.5

585.2
142.2
333.1
278.5
228.1

459.9
132.1
328.6
292.1
258.7

405.8
98.2
267.5
313.8
261.0

408.3
102.5
212.7
321.1
249.7

430.6
88.8
168.9
323.6
233.1

441.3
85.6
145.6
323.5
245.9

492.2
88.6
160.1
337.1
258.3

489.8
84.8
153.3
347.5
272.4

507.9
79.6
150.4
343.3
289.7

555.9
71.1
138.9
353.2
333.9

7
8
9
10
11

65.1

56.5

56.2

53.3

45.5

47.1

52.0

47.1

48.4

49.4

63.7

12

2240.6

2223.9

2016.4

1879.8

1841.0

1831.5

1876.7

2006.9

2014.1

2067.4

2166.5

13

6048.9

6464.1

6420.0

6625.8

1

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

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

Total financial assets

2

Security RPs

3

Credit market instruments

4
5
6
7
8
9
10
11

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

4135.4

3638.4

4654.2

5436.3

5471.6

5595.7

5874.4

70.7

81.6

94.5

112.6

124.1

119.8

115.2

115.4

127.1

133.7

135.1

2

1229.7

1368.4

1506.4

1623.0

1669.3

1697.3

1719.6

1747.1

1805.7

1840.2

1880.2

3

70.7
117.6
368.3
253.0
420.0

63.1
134.8
422.4
277.3
470.9

76.2
144.2
447.5
290.2
548.3

94.2
149.0
462.7
294.3
622.8

105.6
151.5
470.5
301.0
640.7

101.4
152.5
473.5
305.7
664.3

96.9
152.1
472.2
312.7
685.8

97.1
155.7
483.4
311.7
699.2

108.7
157.3
488.5
321.5
729.7

115.3
157.5
489.2
328.2
749.9

116.7
158.9
493.4
335.2
776.1

4
5
6
7
8

2834.0
0.9

2187.4
0.9

3051.3
2.0

3693.6
7.0

3669.9
8.3

3770.6
8.0

4029.8
9.8

4175.7
10.7

4517.0
14.4

4432.5
13.5

4597.0
13.5

9
10

4135.4

3638.4

4654.2

5436.3

5471.6

5595.7

5874.4

6048.9

6464.1

6420.0

6625.8

11

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

L.123 Closed-End and Exchange-Traded Funds
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Closed-end funds
1
2
3
4
5
6
7

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

139.5

150.8

205.6

246.0

253.9

262.2

269.6

270.8

277.5

280.1

281.4

1

108.5
6.7
74.7
27.1

117.1
3.9
86.0
27.1

153.3
5.3
89.3
58.8

164.5
7.7
89.1
67.6

166.1
7.8
89.4
68.8

167.1
8.3
90.1
68.7

166.9
8.0
89.6
69.2

166.0
8.0
89.4
68.7

168.5
7.7
89.4
71.5

173.2
7.7
90.1
75.3

170.9
7.8
89.4
73.7

2
3
4
5

31.1

33.7

52.3

81.5

87.8

95.1

102.8

104.7

108.9

107.0

110.4

6

139.5

150.8

205.6

246.0

253.9

262.2

269.6

270.8

277.5

280.1

281.4

7

83.0

102.0

150.8

225.9

228.6

242.3

259.3

296.0

321.6

335.6

350.3

8

0.0
0.0
0.0

3.7
2.0
1.8

4.5
2.1
2.4

8.2
4.9
3.3

11.2
7.2
3.9

12.0
7.7
4.3

13.8
8.9
4.9

15.0
9.7
5.3

15.7
10.0
5.7

18.0
11.8
6.2

18.7
12.1
6.6

9
10
11

83.0

98.2

146.3

217.7

217.4

230.2

245.5

281.0

305.8

317.5

331.6

12

83.0

102.0

150.8

225.9

228.6

242.3

259.3

296.0

321.6

335.6

350.3

13

Exchange-traded funds
8

Total financial assets

9
10
11

Credit market instruments
Treasury securities
Corporate and foreign bonds

12

Corporate equities

13

Total shares outstanding (liabilities)

78

Z.1, December 7, 2006

L.124 Government-Sponsored Enterprises (GSEs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2
3
4

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

5

Credit market instruments

6
7
8

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

2309.4

2549.4

2785.9

2870.4

2821.5

2801.4

2754.2

2805.4

2813.8

2863.7

2837.2

1

6.7
30.3
104.4

14.8
25.3
95.3

26.8
16.7
75.3

36.9
25.7
91.1

21.2
23.9
88.2

10.5
28.9
90.7

10.6
29.6
113.9

11.2
37.3
115.3

11.3
36.4
122.0

11.6
43.3
112.7

11.5
37.7
116.5

2
3
4

2099.1

2323.2

2559.7

2605.9

2581.4

2571.2

2503.2

2540.5

2545.2

2595.2

2571.7

5

33.8
13.6
1017.8

10.4
25.7
1149.5

8.0
13.5
1238.3

6.0
12.9
1108.0

6.6
13.0
1061.7

7.5
12.6
1004.7

6.7
12.8
929.7

8.2
13.1
944.4

8.4
13.4
939.4

9.6
13.8
949.3

8.4
14.0
925.6

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

35.4
155.7

39.4
189.3

44.4
225.8

44.6
336.6

46.0
351.8

45.6
365.5

42.9
372.9

43.9
384.6

45.1
391.1

46.7
400.3

47.6
396.9

9
10

11
12
13
14

Other loans and advances
Sallie Mae
Farm Credit System
FHLB

505.9
0.8
41.8
463.3

514.7
0.4
43.8
470.5

545.8
0.3
43.8
501.7

619.4
0.0
43.6
575.8

623.2
0.0
44.6
578.6

657.8
0.0
45.9
611.9

662.2
0.0
47.7
614.5

669.1
0.0
49.0
620.1

670.2
0.0
53.3
616.9

697.6
0.0
56.1
641.5

701.8
0.0
58.1
643.7

11
12
13
14

15
16
17
18
19

Mortgages
Home
Multifamily residential
Farm
Consumer credit (2)

297.5
225.6
33.2
38.7
39.4

357.3
271.1
41.7
44.5
36.9

463.3
363.3
52.6
47.4
20.6

478.4
362.9
65.0
50.6
0.0

479.0
360.2
67.8
51.1
0.0

477.6
355.6
69.6
52.4
0.0

476.0
349.3
73.6
53.1
0.0

477.2
348.1
76.8
52.2
0.0

477.6
347.0
77.8
52.8
0.0

478.0
345.5
78.3
54.1
0.0

477.3
343.6
78.6
55.1
0.0

15
16
17
18
19

68.9

90.9

107.4

110.7

106.8

100.0

97.1

101.2

99.0

100.9

99.8

20

2272.0

2519.6

2736.7

2800.6

2744.6

2725.2

2668.6

2718.4

2731.2

2797.9

2763.6

21

2130.6
2130.6
0.0

2350.4
2350.4
0.0

2594.1
2594.1
0.0

2659.2
2659.2
0.0

2606.8
2606.8
0.0

2585.7
2585.7
0.0

2524.8
2524.8
0.0

2575.0
2575.0
0.0

2611.2
2611.2
0.0

2689.8
2689.8
0.0

2642.0
2642.0
0.0

22
23
24

141.5

169.2

142.6

141.5

137.8

139.5

143.9

143.5

120.0

108.1

121.6

25

20
21

Miscellaneous assets
Total liabilities

22
23
24

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

25

Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing
Corporation, 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.

L.125 Agency- and GSE-backed Mortgage Pools (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2831.8

3158.6

3489.1

3542.2

3547.1

3567.9

3616.6

3677.0

3752.4

3813.3

3892.3

1

2
3
4
5

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

2748.5
81.6
0.0
1.7

3063.7
94.5
0.0
0.4

3366.9
121.2
0.0
1.0

3416.5
124.7
0.0
0.9

3420.8
125.4
0.0
0.9

3440.8
126.2
0.0
0.9

3487.8
128.0
0.0
0.8

3546.2
129.9
0.0
0.8

3618.7
132.5
0.0
1.3

3676.8
134.7
0.0
1.8

3752.0
137.2
0.0
3.1

2
3
4
5

6

Total pool securities (liabilities)(2)

2831.8

3158.6

3489.1

3542.2

3547.1

3567.9

3616.6

3677.0

3752.4

3813.3

3892.3

6

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

79

Z.1, December 7, 2006

L.126 Issuers of Asset-Backed Securities (ABSs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1689.6

1873.5

2070.8

2403.6

2505.7

2683.0

2855.4

3065.3

3137.5

3237.0

3323.1

1

2
3
4

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

0.5
183.8
108.3

0.9
255.2
105.0

2.8
322.9
103.9

8.0
222.9
105.3

10.1
200.3
107.0

15.3
189.9
99.7

20.9
166.0
95.0

27.7
146.9
88.5

33.3
123.3
89.2

43.3
106.5
90.7

51.0
93.0
86.9

2
3
4

5
6
7
8

Mortgages (2)
Home
Multifamily residential
Commercial

710.8
434.1
53.4
223.4

795.4
488.3
58.7
248.4

967.0
609.4
66.6
291.0

1417.5
1007.7
73.0
336.8

1534.7
1106.9
74.7
353.0

1705.5
1250.0
79.0
376.5

1905.3
1429.2
81.6
394.6

2103.1
1581.2
89.5
432.4

2180.6
1641.7
91.3
447.5

2252.9
1695.7
93.5
463.6

2330.2
1746.9
96.6
486.8

5
6
7
8

Consumer credit
Trade receivables

598.0
88.2

634.1
82.7

597.7
76.5

573.8
76.1

576.4
77.3

591.8
80.8

581.7
86.4

603.3
95.8

612.1
99.1

639.7
103.9

649.8
112.2

9
10

1696.5

1879.2

2076.3

2408.4

2510.3

2687.5

2859.7

3069.5

3141.6

3240.9

3326.9

11

602.6
1093.8

562.5
1316.7

519.5
1556.8

511.5
1896.9

517.1
1993.2

545.8
2141.7

581.6
2278.1

658.3
2411.1

674.3
2467.3

723.5
2517.4

743.1
2583.8

12
13

6.8
6.8

5.7
14.3

5.5
30.0

4.8
81.9

4.6
91.9

4.5
96.1

4.3
104.0

4.2
114.7

4.0
118.8

3.9
124.3

3.7
125.6

14
15

9
10
11
12
13

14
15

Total financial assets

2002

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

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a tangible asset.
(4) Included in table L.128.

L.127 Finance Companies (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

Other loans and advances
Mortgages
Consumer credit
Miscellaneous assets
Total liabilities
Credit market instruments
Open market paper
Corporate bonds
Bank loans n.e.c.

13

Taxes payable

14
15
16
17

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

18

Memo:
Consumer leases not included above (2)

1304.2

1445.9

1679.6

1858.1

1842.6

1868.8

1777.3

1856.9

1853.7

1856.7

1871.6

1

30.8

33.8

37.1

40.6

41.5

42.4

43.3

44.2

45.2

46.2

47.2

2

978.6

1082.3

1205.0

1420.0

1423.1

1441.7

1465.2

1537.1

1543.0

1575.5

1609.0

3

440.2
258.4
280.0

444.0
330.8
307.5

441.7
370.3
393.0

451.5
476.1
492.3

447.9
481.9
493.4

455.6
491.1
495.1

451.0
505.8
508.4

479.2
541.4
516.5

482.8
560.6
499.6

496.4
572.3
506.8

489.6
591.7
527.8

4
5
6

294.9

329.7

437.4

397.5

378.0

384.7

268.8

275.6

265.5

235.1

215.4

7

1299.9

1435.3

1675.0

1864.4

1842.6

1856.7

1796.5

1828.3

1821.8

1836.4

1848.5

8

818.1

884.3

995.3

1129.7

1144.0

1143.9

1038.6

1108.6

1101.0

1124.0

1121.6

9

162.4
571.3
84.4

147.8
635.3
101.2

145.1
743.2
107.0

175.3
817.4
137.0

161.2
849.5
133.3

148.8
865.1
129.9

146.0
753.8
138.8

160.0
806.5
142.1

151.0
812.6
137.4

152.7
833.8
137.5

164.0
825.3
132.4

10
11
12

10.2

11.6

13.2

15.0

15.5

16.0

16.5

17.1

17.6

18.2

18.7

13

471.6
68.6
156.6
246.3

539.4
49.9
179.7
309.8

666.4
68.1
202.9
395.4

719.7
64.4
257.8
397.6

683.1
65.6
254.5
363.1

696.8
66.7
260.0
370.1

741.4
67.4
271.0
402.9

702.7
75.5
312.2
314.9

703.2
75.3
318.1
309.7

694.3
74.7
326.6
292.9

708.1
74.2
335.8
298.1

14
15
16
17

107.4

89.8

79.0

74.1

75.9

80.1

82.3

85.3

91.7

97.8

102.1

18

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

80

Z.1, December 7, 2006

L.128 Real Estate Investment Trusts (REITs)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

76.4

100.0

136.2

253.3

266.8

301.1

326.5

330.5

346.9

364.2

373.2

1

5.5

5.4

9.3

12.5

13.6

14.8

16.1

14.1

15.1

14.2

16.6

2

48.0

69.4

97.5

200.1

209.5

239.5

261.8

267.0

277.1

291.6

298.3

3

4
5

Agency- and GSE-backed securities
Corporate and foreign bonds

22.0
7.9

29.4
10.2

27.5
20.4

43.6
37.6

43.4
39.8

46.7
51.6

46.9
58.7

44.9
62.7

45.3
66.0

52.8
70.0

57.1
72.7

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

18.0
8.7
1.8
7.6

29.8
20.1
1.5
8.1

49.6
37.8
1.7
10.0

118.8
103.7
1.6
13.5

126.4
110.5
1.7
14.2

141.2
122.7
1.6
16.9

156.2
134.0
1.7
20.6

159.4
134.5
1.8
23.0

165.8
138.8
2.3
24.7

168.8
141.5
2.2
25.1

168.4
137.3
2.5
28.6

6
7
8
9

10

22.9

25.1

29.5

40.7

43.7

46.8

48.6

49.4

54.7

58.4

58.3

10

11

Total liabilities

230.9

273.1

312.5

458.5

477.9

515.8

546.6

551.4

572.5

593.1

606.7

11

12

Security RPs

21.6

36.7

42.6

67.7

71.6

83.0

95.8

100.6

102.8

106.8

108.7

12

13

Credit market instruments

171.2

195.7

227.7

340.9

359.2

382.4

398.9

399.5

416.1

430.9

437.1

13

0.0
71.4
14.3
85.6

0.0
87.6
14.4
93.8

0.0
110.9
14.7
102.1

0.0
196.4
16.2
128.4

0.0
205.4
19.7
134.0

0.0
223.5
20.1
138.8

0.0
234.7
20.4
143.8

0.0
236.7
21.4
141.4

0.0
246.2
22.8
147.1

0.0
258.5
21.7
150.8

0.0
263.2
21.6
152.3

14
15
16
17

38.0

40.6

42.3

49.9

47.1

50.4

51.9

51.3

53.6

55.3

60.9

18

6.8
0.3
5.5
0.1
0.8

14.3
0.0
12.7
0.1
1.4

30.0
0.0
28.6
0.1
1.3

81.9
0.0
79.0
0.1
2.8

91.9
0.0
88.8
0.2
3.0

96.1
0.0
92.7
0.1
3.3

104.0
0.0
99.5
0.1
4.4

114.7
0.0
107.4
0.1
7.1

118.8
0.0
110.1
0.2
8.5

124.3
0.0
112.1
0.2
12.0

125.6
0.0
111.0
0.2
14.3

19
20
21
22
23

14
15
16
17
18

19
20
21
22
23

Miscellaneous assets

Open market paper
Corporate bonds
Bank loans n.e.c.
Mortgages
Miscellaneous liabilities
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

81

Z.1, December 7, 2006

L.129 Security Brokers and Dealers
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total financial assets

2

Checkable deposits and currency

3

Credit market instruments

4
5
6
7
8
9
10
11
12

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1465.6

1335.4

1613.0

1844.9

1950.0

2050.7

2125.8

2144.1

2288.1

2402.6

2570.9

1

47.1

44.2

47.2

62.9

60.8

59.0

57.7

55.5

62.5

74.7

68.8

2

316.0

344.4

424.1

394.9

440.0

457.3

432.0

486.0

497.2

470.0

546.1

3

48.2
9.8
77.8
19.0
161.3

43.5
-3.9
91.8
21.0
192.0

49.4
37.8
83.7
24.9
228.3

48.0
-44.6
107.3
32.0
252.2

50.4
-26.9
108.2
36.3
272.0

62.5
-69.1
135.9
32.4
295.6

63.8
-84.2
118.1
35.3
299.0

55.6
-51.1
101.0
43.0
337.5

66.7
-79.8
129.4
35.6
345.4

67.6
-148.6
155.1
37.9
358.0

68.9
-96.3
160.9
38.3
374.3

4
5
6
7
8

85.1
196.4
821.0

74.9
148.2
723.7

100.5
182.5
858.8

129.1
264.0
994.0

134.6
266.1
1048.5

131.1
263.5
1139.8

132.9
258.0
1245.2

150.0
232.3
1220.4

167.2
249.5
1311.7

166.9
243.8
1447.1

162.9
254.3
1538.9

9
10
11

1440.8

1315.9

1589.9

1822.4

1924.6

2023.9

2096.1

2116.0

2249.1

2363.0

2531.2

12

13
14

Security RPs (net)
Corporate bonds

353.2
42.3

344.2
40.6

477.9
47.0

527.1
62.2

621.4
65.0

680.7
63.7

706.7
70.7

736.0
62.4

816.8
71.1

835.7
72.8

964.6
74.0

13
14

15
16
17
18
19

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

39.2
629.5
454.3
175.2
1.9

37.4
590.6
412.7
177.9
1.3

28.2
688.8
475.4
213.5
1.8

36.0
773.9
578.3
195.6
2.2

35.0
785.4
569.4
216.1
2.6

35.0
800.9
583.2
217.8
1.3

45.2
809.9
578.4
231.6
1.8

43.0
797.9
567.4
230.4
1.9

35.9
855.7
598.6
257.1
2.6

48.9
904.1
646.3
257.8
2.8

43.2
926.5
644.9
281.6
3.3

15
16
17
18
19

20
21
22
23

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

374.6
72.2
653.3
-350.8

301.7
78.6
703.5
-480.3

346.3
87.3
757.7
-498.7

420.9
94.1
870.4
-543.7

415.1
92.5
893.0
-570.5

442.3
92.0
948.0
-597.7

461.7
91.7
1024.0
-654.0

474.8
93.9
994.8
-614.0

467.0
93.3
975.8
-602.2

498.7
93.9
1013.7
-608.9

519.6
93.3
1093.1
-666.9

20
21
22
23

L.130 Funding Corporations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

1374.5

1373.6

1451.3

1521.7

1602.8

1656.7

1758.0

1823.4

1910.5

1893.6

2012.1

1

2

Money market fund shares

445.6

444.4

401.2

314.6

317.0

308.1

314.3

345.1

337.6

323.0

326.5

2

3

Credit market instruments

322.6

254.1

348.8

421.8

462.7

460.9

499.5

511.1

565.0

529.1

571.6

3

251.8
70.8

197.6
56.4

237.5
111.3

325.0
96.8

353.8
108.9

364.5
96.3

416.5
83.1

443.6
67.5

490.0
75.0

464.0
65.1

512.7
58.9

4
5

606.4
108.7
497.6

675.1
127.8
547.3

701.3
135.0
566.3

785.3
167.7
617.5

823.1
169.1
654.0

887.7
184.8
703.0

944.2
189.8
754.4

967.2
188.8
778.5

1007.9
212.9
795.0

1041.5
215.0
826.5

1114.0
211.8
902.2

6
7
8

1374.5

1373.6

1451.3

1521.7

1602.8

1656.7

1758.0

1823.4

1910.5

1893.6

2012.1

9

636.6

660.4

674.8

709.4

737.9

790.7

803.2

837.5

874.6

882.1

919.3

10

377.0
259.7

370.2
290.1

369.3
305.5

391.7
317.7

416.4
321.5

461.3
329.5

474.2
329.0

492.2
345.3

527.2
347.4

527.8
354.3

562.8
356.5

11
12

737.9
-30.3
578.3
189.9

713.2
14.7
575.4
123.1

776.5
26.5
678.0
72.0

812.3
75.9
764.8
-28.4

864.9
85.2
822.4
-42.8

866.0
97.0
900.4
-131.4

954.9
141.0
989.2
-175.3

985.9
129.7
956.3
-100.1

1035.9
133.3
1015.4
-112.8

1011.4
159.4
1130.2
-278.2

1092.8
194.7
1214.2
-316.2

13
14
15
16

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

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

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

82

Z.1, December 7, 2006

L.200 Gold and Official Foreign Exchange Holdings (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1
2
3
4
5
6
7
8
9
10
11

Total U.S. reserves
U.S. gold stock and SDRs
Federal govt.: Exchange Stab. Fund
Monetary authority (2)
U.S. foreign exchange position

Q2

Q3

Q4

2006
Q2

Q1

Q3

68.7

79.0

85.9

86.8

78.9

76.6

71.3

65.1

65.4

67.9

66.2

1

21.8

23.2

23.7

24.6

22.6

22.3

19.3

19.3

19.4

19.7

19.7

2

10.8
11.0

12.2
11.0

12.6
11.0

13.6
11.0

11.6
11.0

11.2
11.0

8.2
11.0

8.2
11.0

8.3
11.0

8.6
11.0

8.7
11.0

3
4

46.8

55.8

62.3

62.2

56.3

54.3

52.0

45.9

46.0

48.3

46.5

5

Official foreign currency holdings
Treasury
Monetary authority

29.0
14.4
14.6

33.8
16.9
16.9

39.7
19.9
19.9

42.7
21.4
21.4

41.1
20.5
20.5

39.0
19.5
19.5

38.7
19.4
19.4

37.8
18.9
18.9

38.6
19.3
19.3

40.4
20.2
20.2

39.9
19.9
20.0

6
7
8

Net IMF position
Federal government
Monetary authority

17.9
17.9
-0.1

22.0
22.1
-0.1

22.5
22.6
-0.1

19.5
19.6
-0.1

15.3
15.4
-0.1

15.3
15.4
-0.1

13.2
13.3
-0.1

8.0
8.1
-0.1

7.4
7.5
-0.1

7.9
8.0
-0.1

6.6
6.7
-0.1

9
10
11

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

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

Liab: Federal government
Asset: Monetary authority

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

2.2
2.2

1
2

Treasury currency:
3
4

Liab: Federal government
Asset: Monetary authority

24.5
33.0

25.5
34.6

26.0
35.5

26.7
36.4

26.9
36.5

27.2
36.6

27.4
36.4

27.5
36.5

27.6
37.9

27.8
38.0

28.1
38.1

3
4

5

Discrepancy (seigniorage)

-8.6

-9.1

-9.5

-9.7

-9.6

-9.4

-9.0

-9.1

-10.3

-10.2

-10.0

5

L.202 U.S. Deposits in Foreign Countries
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2
3
4
5

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

810.1

831.1

867.8

957.7

1062.7

1010.0

1032.9

1044.5

1101.8

1161.7

1185.8

1

48.7
15.5
115.0

49.9
20.6
108.1

52.1
38.1
71.5

57.5
53.7
78.5

63.8
55.3
79.4

60.7
53.5
92.5

62.0
57.6
104.3

62.7
73.8
94.7

66.2
64.4
97.3

69.8
71.3
79.6

72.6
70.5
70.5

2
3
4

630.9

652.5

705.9

767.9

864.1

803.3

808.9

813.2

873.9

941.0

972.1

5

83

Z.1, December 7, 2006

L.203 Net Interbank Transactions
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Total liabilities

2
3
4

Monetary authority
Depository institution reserves
Vault cash

5
6

Commercial banking
To monetary authority

7

To banks in foreign countries, net

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

191.4

206.0

193.3

212.2

196.6

207.6

204.3

220.3

198.1

154.5

151.3

1

64.8
17.5
47.3

70.4
22.5
47.8

71.0
23.1
47.9

65.6
24.0
41.5

67.1
25.0
42.1

68.4
23.1
45.3

63.1
21.9
41.2

69.1
19.0
50.1

61.0
21.0
40.0

63.6
21.0
42.6

57.4
17.3
40.1

2
3
4

126.6
0.0

135.7
0.5

122.3
-0.3

146.6
1.0

129.5
-1.4

139.2
-0.7

141.2
0.6

151.2
1.0

137.1
-0.3

90.9
-0.7

93.9
-0.8

5
6

115.5

119.7

110.0

118.3

95.1

116.6

113.0

111.8

93.3

47.2

49.1

7

8
9
10
11

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

127.3
167.0
324.8
157.8

141.1
213.1
323.9
110.8

128.5
256.7
433.6
176.9

142.4
317.4
467.4
150.0

118.7
305.8
444.0
138.2

127.9
294.9
478.2
183.3

123.2
323.4
496.7
173.3

123.5
326.4
488.7
162.4

107.6
324.4
506.7
182.3

60.3
313.2
526.9
213.7

62.1
357.6
536.2
178.5

8
9
10
11

12
13
14

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

-50.2
163.3
213.5

-83.0
176.2
259.3

-95.2
197.4
292.6

-167.4
274.3
441.8

-162.3
267.4
429.7

-138.1
286.1
424.3

-175.9
286.6
462.5

-176.0
333.9
509.9

-182.0
377.1
559.0

-200.5
389.5
589.9

-231.9
445.7
677.5

12
13
14

15
16
17

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

10.4
51.4
41.0

11.1
53.4
42.4

-33.1
13.2
46.3

-7.5
33.0
40.5

-24.8
38.1
62.9

-28.8
39.1
67.9

-24.3
39.3
63.7

-26.9
42.2
69.1

-34.8
42.3
77.1

-52.4
28.9
81.3

-63.6
25.8
89.4

15
16
17

11.8
11.1
0.7

21.4
21.3
0.1

18.5
18.3
0.1

24.1
23.6
0.5

23.6
20.5
3.1

11.3
10.8
0.5

10.2
9.7
0.4

11.7
11.0
0.7

14.3
14.0
0.3

13.1
13.0
0.1

13.0
12.9
0.1

18
19
20

11.1

15.5

12.6

27.3

35.7

23.3

27.5

38.5

44.0

44.4

45.5

21

-17.7
59.7
47.9
0.7
11.1

0.3
76.0
58.8
1.7
15.5

-64.6
74.2
60.0
1.6
12.6

-24.5
116.1
86.9
1.8
27.3

-32.5
115.2
77.6
1.9
35.7

-19.1
110.1
84.7
2.0
23.3

-29.4
109.8
80.4
1.9
27.5

-24.3
119.4
79.6
1.4
38.5

-32.8
122.8
77.3
1.4
44.0

-32.9
131.6
85.3
1.8
44.4

-36.7
136.4
89.8
1.1
45.5

22
23
24
25
26

89.5
-12.1

90.3
-14.7

97.9
41.0

123.2
17.4

137.3
10.4

118.0
11.3

131.2
7.9

133.7
10.0

139.9
15.7

136.2
28.3

144.1
28.9

27
28

41.6
89.5
47.9

31.5
90.3
58.8

37.8
97.9
60.0

36.3
123.2
86.9

59.7
137.3
77.6

33.2
118.0
84.7

50.8
131.2
80.4

54.1
133.7
79.6

62.5
139.9
77.3

50.8
136.2
85.3

54.4
144.1
89.8

29
30
31

-12.8
-12.1
0.7

-16.4
-14.7
1.7

39.4
41.0
1.6

15.5
17.4
1.8

8.5
10.4
1.9

9.2
11.3
2.0

6.1
7.9
1.9

8.6
10.0
1.4

14.3
15.7
1.4

26.5
28.3
1.8

27.8
28.9
1.1

32
33
34

180.3

190.5

180.7

184.9

160.9

184.3

176.7

181.9

154.1

110.0

105.8

35

115.5

119.7

110.0

118.3

95.1

116.6

113.0

111.8

93.3

47.2

49.1

36

64.8

70.8

70.7

66.5

65.8

67.7

63.7

70.1

60.7

62.8

56.6

37

18
19
20
21
22
23
24
25
26

27
28

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

29
30
31

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

32
33
34

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

35

Total assets

36

Rest of the world

37

Domestic

38
39
40

Monetary authority
Federal Reserve float
Loans to member banks

0.0
-0.0
0.0

0.5
0.4
0.0

-0.3
-0.3
0.1

1.0
0.9
0.0

-1.4
-1.4
0.1

-0.7
-1.0
0.2

0.6
-0.3
0.9

1.0
0.9
0.1

-0.3
-0.9
0.6

-0.7
-1.0
0.3

-0.8
-1.1
0.3

38
39
40

41
42
43

Commercial banking
Reserves at Federal Reserve
Vault cash

62.6
15.2
47.3

67.5
19.7
47.8

67.6
19.7
47.9

62.3
20.8
41.5

64.2
22.1
42.1

65.5
20.1
45.3

60.2
19.0
41.2

66.4
16.3
50.1

58.5
18.5
40.0

61.1
18.5
42.6

55.1
15.1
40.1

41
42
43

44
45

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

2.3

2.8

3.4

3.3

2.9

3.0

2.9

2.7

2.5

2.5

2.3

44

11.1

15.5

12.6

27.3

35.7

23.3

27.5

38.5

44.0

44.4

45.5

45

84

Z.1, December 7, 2006

L.204 Checkable Deposits and Currency
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1360.2

1351.9

1432.0

1521.8

1499.7

1514.6

1481.9

1525.0

1508.6

1538.5

1493.4

1

2
3
4
5

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

603.1
7.1
0.1
596.0

644.6
4.8
0.1
639.7

682.5
6.0
0.2
676.3

719.7
6.2
0.1
713.3

718.2
5.5
0.2
712.5

724.1
4.6
0.2
719.4

730.1
4.6
0.2
725.3

748.8
4.8
0.1
743.9

754.6
5.7
0.1
748.8

760.4
5.7
0.2
754.5

756.3
5.6
0.1
750.5

2
3
4
5

6
7
8
9

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

628.8
47.5
25.8
555.6

571.5
31.1
25.2
515.3

602.4
30.2
37.4
534.8

647.0
26.9
65.0
555.0

622.6
20.2
49.0
553.4

631.3
30.6
79.3
521.4

588.1
33.0
92.7
462.5

610.1
33.9
91.0
485.2

584.4
4.2
107.9
472.3

606.7
41.5
122.7
442.6

574.2
48.3
131.6
394.3

6
7
8
9

73.5
54.7

75.3
60.5

80.6
66.5

81.1
74.1

81.4
77.5

82.3
76.8

83.7
79.9

85.0
81.1

86.7
83.0

88.7
82.7

88.2
74.7

10
11

10
11
12

Total liabilities

2002

Savings institutions
Credit unions

1360.2

1351.9

1432.0

1521.8

1499.7

1514.6

1481.9

1525.0

1508.6

1538.5

1493.4

12

13

Total assets
Household sector

348.3

345.6

286.8

319.0

356.5

329.1

275.8

308.1

295.8

284.6

272.1

13

14
15
16
17

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

366.5
181.9
164.5
20.0

334.7
147.0
167.1
20.6

391.1
198.7
171.2
21.2

385.3
164.6
198.5
22.3

369.7
143.4
203.8
22.4

380.8
146.2
212.0
22.6

385.5
142.8
220.0
22.8

378.8
127.3
228.6
22.9

369.6
111.3
235.1
23.2

328.0
64.7
239.8
23.5

295.8
26.7
245.3
23.8

14
15
16
17

18
19

State and local governments
Federal government

36.3
66.9

41.5
47.5

44.9
54.1

40.3
21.9

49.5
20.8

50.1
33.5

40.5
34.8

48.8
36.8

47.4
8.4

45.9
45.7

44.9
51.2

18
19

20
21
22

Rest of the world
Checkable deposits
Currency

305.7
25.9
279.8

326.6
25.3
301.3

355.5
37.6
317.9

397.9
65.2
332.7

383.0
49.2
333.8

416.9
79.5
337.4

435.4
92.9
342.5

443.3
91.1
352.2

462.1
108.0
354.1

478.1
122.8
355.2

488.1
131.7
356.3

20
21
22

23

Financial sectors

227.3

246.8

296.5

325.6

298.9

282.9

294.6

286.8

307.3

335.0

326.2

23

24
25
26

Commercial banking
Savings institutions
Credit unions

2.8
21.0
36.8

2.5
24.8
38.4

2.5
24.8
41.5

3.5
21.3
40.2

3.6
22.2
43.7

3.8
23.1
37.5

3.3
23.7
37.3

3.0
23.7
38.1

2.7
21.0
47.3

2.6
20.7
40.2

2.5
21.1
40.3

24
25
26

27
28
29
30

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

13.1
36.8
9.9
11.4

25.9
35.3
10.2
12.9

34.6
47.3
10.3
17.2

25.9
53.3
10.5
17.6

24.0
47.2
10.5
16.3

23.3
52.4
10.7
16.1

23.1
53.6
10.8
17.9

21.0
47.7
10.8
18.2

28.7
49.2
10.9
17.7

36.6
49.1
11.1
18.2

38.4
48.9
11.2
18.0

27
28
29
30

31
32
33
34
35

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

5.4
6.7
30.8
5.5
47.1

-1.4
14.8
33.8
5.4
44.2

-2.1
26.8
37.1
9.3
47.2

0.6
36.9
40.6
12.5
62.9

-5.8
21.2
41.5
13.6
60.8

-10.7
10.5
42.4
14.8
59.0

-2.8
10.6
43.3
16.1
57.7

-0.9
11.2
44.2
14.1
55.5

-4.3
11.3
45.2
15.1
62.5

10.0
11.6
46.2
14.2
74.7

1.7
11.5
47.2
16.6
68.8

31
32
33
34
35

9.2

9.2

2.9

31.8

21.3

21.4

15.2

22.4

17.9

21.3

15.0

36

36

Mail float

85

Z.1, December 7, 2006

L.205 Time and Savings Deposits
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1
2

Total liabilities
Small time and savings deposits

Q2

Q3

Q4

Q1

2006
Q2

Q3

4491.5

4866.9

5234.5

5789.4

5951.5

6045.6

6261.7

6375.4

6564.8

6682.0

6845.1

1

3370.5

3695.9

4001.7

4284.6

4376.0

4408.5

4523.7

4599.4

4688.7

4733.0

4791.4

2

2478.1
2448.3
11.6
18.1

2747.6
2722.0
9.4
16.2

2977.9
2950.2
10.3
17.5

3259.7
3231.2
9.5
19.0

3338.4
3307.0
10.8
20.5

3367.7
3335.4
10.3
22.0

3466.3
3433.0
10.0
23.3

3528.3
3494.3
10.0
23.9

3583.2
3547.6
10.8
24.9

3612.3
3576.2
11.1
25.1

3649.1
3607.0
17.2
24.9

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

531.0
361.3

551.9
396.4

598.8
424.9

584.4
440.4

585.4
452.3

589.9
451.0

602.5
454.8

618.7
452.5

637.4
468.1

651.8
468.8

665.6
476.7

7
8

9

Large time deposits (1)

1121.0

1171.0

1232.8

1504.9

1575.4

1637.1

1738.0

1776.0

1876.1

1949.0

2053.7

9

10
11
12
13

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

918.1
528.4
371.5
18.1

915.3
552.7
346.4
16.2

934.1
555.7
361.0
17.5

1120.4
671.1
430.3
19.0

1177.8
707.8
449.5
20.5

1221.5
738.4
461.1
22.0

1312.7
797.2
492.3
23.3

1350.2
837.7
488.5
23.9

1436.6
872.8
538.9
24.9

1507.7
931.9
550.7
25.1

1593.1
954.4
613.7
24.9

10
11
12
13

14
15

Savings institutions
Credit unions

168.8
34.1

212.9
42.8

245.1
53.6

324.4
60.0

336.1
61.6

352.4
63.1

364.0
61.3

363.3
62.5

375.8
63.7

380.1
61.2

396.6
64.0

14
15

16

Total assets

4491.5

4866.9

5234.5

5789.4

5951.5

6045.6

6261.7

6375.4

6564.8

6682.0

6845.1

16

3332.1

3656.2

3991.3

4353.9

4518.5

4555.0

4693.9

4740.1

4889.5

4920.8

5040.8

17

Nonfinancial business
Corporate
Nonfarm noncorporate

535.8
281.1
254.7

560.5
291.3
269.2

675.8
362.8
313.0

783.3
420.5
362.8

808.7
436.1
372.6

807.6
420.0
387.6

833.1
430.9
402.2

884.0
466.0
417.9

898.6
468.8
429.8

897.7
459.2
438.4

903.9
455.4
448.5

18
19
20

21
22
23

State and local governments
Federal government
Rest of the world

129.8
10.5
120.6

138.7
27.6
152.3

146.7
2.4
143.2

153.6
2.4
216.0

168.6
2.4
168.2

168.2
1.7
233.0

174.5
2.1
258.6

183.1
1.4
257.6

185.9
1.5
282.2

188.3
1.6
337.0

196.1
4.8
363.0

21
22
23

24

Financial sectors

362.6

331.7

275.1

280.2

285.1

280.0

299.5

309.3

307.1

336.6

336.4

24

2.2
23.0

2.6
24.6

2.6
27.1

3.2
26.4

2.8
25.8

2.8
24.9

2.9
23.7

2.7
21.9

3.4
20.3

5.0
19.4

6.5
18.2

25
26

61.3
1.8
244.0
30.3

57.4
1.7
220.2
25.3

60.4
1.4
166.8
16.7

55.8
1.8
167.2
25.7

54.3
1.8
176.4
23.9

58.2
1.5
163.7
28.9

61.8
1.9
179.6
29.6

62.0
1.6
183.8
37.3

61.3
2.2
183.5
36.4

61.8
1.4
205.7
43.3

62.5
2.0
209.5
37.7

27
28
29
30

17

Household sector

18
19
20

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.

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

Total assets

2
3
4
5

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

6
7
8
9

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

2240.6

2223.9

2016.4

1879.8

1841.0

1831.5

1876.7

2006.9

2014.1

2067.4

2166.5

1

1113.2
301.9
59.0
57.1

1070.0
329.7
61.3
58.7

959.8
291.2
53.1
62.7

903.5
319.0
61.5
66.1

870.8
316.4
63.2
66.8

866.3
322.3
65.7
67.0

887.7
334.8
68.2
68.0

957.3
354.8
70.9
68.7

956.7
358.1
72.9
69.3

992.4
375.4
74.4
70.0

1039.9
403.1
76.1
71.5

2
3
4
5

173.3
75.1
15.4
445.6

159.8
84.5
15.5
444.4

151.4
84.3
12.6
401.2

120.7
84.9
9.6
314.6

113.6
85.2
8.1
317.0

107.5
85.5
9.1
308.1

108.0
86.0
9.7
314.3

113.6
86.7
9.8
345.1

121.9
87.6
10.0
337.6

134.4
88.3
9.5
323.0

150.3
89.2
10.0
326.5

6
7
8
9

86

Z.1, December 7, 2006

L.207 Federal Funds and Security Repurchase Agreements
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1

Q3

Q4

2006
Q2

Q1

Q3

1233.7

1340.3

1567.5

1650.7

1782.8

1911.3

1983.9

2005.6

2127.7

2221.8

2371.4

1

2
3
4
5

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

786.5
663.9
123.9
-1.2

902.0
737.4
163.4
1.2

969.5
806.0
161.5
2.1

973.7
816.1
156.8
0.8

1019.1
872.1
146.5
0.4

1075.8
911.3
162.3
2.1

1102.0
931.0
169.5
1.5

1090.3
898.7
190.9
0.6

1131.1
951.1
179.9
0.0

1196.0
1000.9
195.1
-0.1

1216.2
999.5
217.3
-0.6

2
3
4
5

6
7
8

Savings institutions
REITs
Brokers and dealers (net)

72.4
21.6
353.2

57.4
36.7
344.2

77.5
42.6
477.9

82.2
67.7
527.1

70.6
71.6
621.4

71.9
83.0
680.7

79.3
95.8
706.7

78.7
100.6
736.0

77.0
102.8
816.8

83.3
106.8
835.7

81.9
108.7
964.6

6
7
8

843.1

913.8

1165.0

1391.9

1421.7

1483.6

1570.4

1615.7

1665.8

1670.5

1734.8

9

9

Total liabilities

Q2

Total assets

10
11
12

Nonfinancial corporate business
State and local governments
Rest of the world

4.0
131.9
151.1

6.2
115.6
190.1

6.0
123.5
460.2

6.4
130.2
665.1

6.2
131.4
666.6

8.5
131.9
681.7

11.6
133.8
731.9

14.9
135.3
712.5

10.6
136.4
768.4

12.1
137.9
768.7

17.2
140.7
804.6

10
11
12

13
14
15
16

Financial sectors
Monetary authority
Savings institutions
Credit unions

556.2
50.3
20.3
2.5

601.9
39.5
20.0
1.7

575.3
43.8
12.3
1.6

590.2
33.0
9.1
4.1

617.5
31.0
9.4
5.5

661.6
34.5
9.7
2.9

693.1
25.8
15.0
6.9

753.0
46.8
9.0
6.7

750.4
26.8
13.9
9.2

751.8
31.3
15.8
6.8

772.2
21.5
20.5
6.1

13
14
15
16

17
18
19
20
21
22

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

30.2
17.7
34.0
226.2
70.7
104.4

44.4
19.0
27.1
273.4
81.6
95.3

52.8
20.5
22.0
252.6
94.5
75.3

63.1
26.5
16.7
234.0
112.6
91.1

65.7
27.3
15.0
251.2
124.1
88.2

64.8
29.7
15.8
293.7
119.8
90.7

67.6
30.0
16.9
301.8
115.2
113.9

68.9
28.2
16.7
345.9
115.4
115.3

64.2
28.8
17.2
341.4
127.1
122.0

57.4
25.3
17.1
351.8
133.7
112.7

61.4
25.6
17.4
368.2
135.1
116.5

17
18
19
20
21
22

390.6

426.6

402.6

258.8

361.1

427.7

413.5

389.8

461.9

551.3

636.6

23

23

Discrepancy--unallocated assets

L.208 Open Market Paper
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6

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

1571.1

1507.6

1432.5

1567.2

1606.2

1668.5

1744.1

1833.9

1901.3

1960.9

2090.4

1

1566.4

1503.0

1428.1

1563.1

1602.1

1664.4

1739.7

1829.8

1900.5

1960.2

2089.7

2

177.9
196.0
19.4
176.6

119.9
254.2
19.2
235.1

84.8
267.1
15.5
251.6

101.6
329.9
13.3
316.6

115.3
332.3
14.0
318.2

114.4
336.2
11.9
324.4

119.6
355.0
14.8
340.3

93.8
368.4
29.0
339.4

100.4
389.0
25.5
363.5

115.4
370.1
23.8
346.3

114.2
433.6
23.9
409.7

3
4
5
6

7
8
9
10
11
12

Financial business
Commercial banking
ABS issuers
Finance companies
REITs
Funding corporations

1192.5
50.6
602.6
162.4
0.0
377.0

1128.8
48.3
562.5
147.8
0.0
370.2

1076.2
42.3
519.5
145.1
0.0
369.3

1131.6
53.1
511.5
175.3
0.0
391.7

1154.5
59.8
517.1
161.2
0.0
416.4

1213.8
57.9
545.8
148.8
0.0
461.3

1265.1
63.3
581.6
146.0
0.0
474.2

1367.7
57.1
658.3
160.0
0.0
492.2

1411.1
58.7
674.3
151.0
0.0
527.2

1474.7
70.7
723.5
152.7
0.0
527.8

1541.9
72.0
743.1
164.0
0.0
562.8

7
8
9
10
11
12

13

Bankers acceptances (1)

4.8

4.6

4.4

4.1

4.1

4.1

4.4

4.1

0.8

0.7

0.7

13

1571.1

1507.6

1432.5

1567.2

1606.2

1668.5

1744.1

1833.9

1901.3

1960.9

2090.4

14

97.3
60.2
136.9
108.4

110.4
64.8
151.3
126.6

105.9
75.7
161.6
135.8

136.1
95.0
170.4
180.6

137.4
88.0
172.1
175.3

151.7
87.4
172.7
186.0

158.6
98.0
175.2
183.4

164.2
106.8
177.1
189.2

169.3
106.5
178.6
178.1

175.8
113.2
180.6
220.9

181.3
126.1
184.3
222.5

15
16
17
18

0.0
0.0
0.0
2.4

0.0
0.0
0.0
3.6

0.0
0.0
0.0
1.6

0.0
0.0
0.0
1.9

0.0
0.0
0.0
2.0

0.0
0.0
0.0
1.4

0.0
0.0
0.0
0.9

0.0
0.0
0.0
1.3

0.0
0.0
0.0
2.3

0.0
0.0
0.0
1.8

0.0
0.0
0.0
2.3

19
20
21
22

59.3
27.0
51.3

74.0
29.2
48.0

55.9
26.0
39.1

48.2
26.4
29.6

50.6
27.1
28.9

45.2
28.1
29.5

44.9
28.5
29.5

40.2
28.5
29.8

42.8
29.0
30.9

44.0
30.2
30.1

49.6
30.8
31.0

23
24
25

623.7
70.7
33.8
48.2
251.8

585.2
63.1
10.4
43.5
197.6

459.9
76.2
8.0
49.4
237.5

405.8
94.2
6.0
48.0
325.0

408.3
105.6
6.6
50.4
353.8

430.6
101.4
7.5
62.5
364.5

441.3
96.9
6.7
63.8
416.5

492.2
97.1
8.2
55.6
443.6

489.8
108.7
8.4
66.7
490.0

507.9
115.3
9.6
67.6
464.0

555.9
116.7
8.4
68.9
512.7

26
27
28
29
30

14

Holdings, by sector

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.

87

Z.1, December 7, 2006

L.209 Treasury Securities
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

3352.7

3609.8

4008.2

4370.7

4535.6

4493.1

4566.0

4678.0

4834.4

4759.6

4803.2

1

190.3
3162.4

194.9
3414.9

203.8
3804.4

204.4
4166.3

204.2
4331.4

204.2
4289.0

203.6
4362.4

205.1
4472.9

205.9
4628.5

205.2
4554.4

203.6
4599.6

2
3

3352.7

3609.8

4008.2

4370.7

4535.6

4493.1

4566.0

4678.0

4834.4

4759.6

4803.2

4

Household sector
Savings bonds
Other Treasury issues

445.0
190.3
254.6

288.0
194.9
93.1

440.6
203.8
236.8

562.7
204.4
358.3

564.6
204.2
360.4

510.7
204.2
306.5

501.3
203.6
297.7

547.2
205.1
342.1

679.6
205.9
473.7

635.3
205.2
430.2

579.4
203.6
375.8

5
6
7

8
9
10

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

16.9
42.8
328.4

31.4
42.8
354.7

32.8
44.9
364.2

33.0
52.0
387.4

32.8
53.4
408.0

35.3
55.6
431.5

32.6
57.6
448.4

36.9
59.9
456.2

35.0
61.6
456.5

32.9
62.8
466.2

34.0
64.3
468.0

8
9
10

11
12

Rest of the world
Monetary authority

1095.2
551.7

1285.5
629.4

1513.5
666.7

1803.5
717.8

1898.3
717.3

1929.5
724.7

1990.1
736.4

1993.8
744.2

2026.3
758.5

2029.1
766.4

2069.9
768.9

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

162.7
56.5
103.8
1.2
1.2

205.8
86.4
116.7
1.3
1.5

132.9
93.5
34.2
2.7
2.5

110.1
74.2
30.0
2.0
3.8

126.0
88.1
32.3
1.6
4.0

109.8
76.3
27.6
2.4
3.5

108.9
75.5
27.7
2.4
3.3

97.1
64.2
27.9
1.1
3.9

97.0
66.1
24.2
2.7
4.0

101.1
68.1
26.6
2.6
3.7

97.3
62.3
29.5
2.2
3.3

13
14
15
16
17

18
19

Savings institutions
Credit unions

11.4
7.4

9.2
7.8

12.2
9.1

8.4
9.0

7.6
8.4

9.0
8.5

8.7
8.0

12.3
7.8

10.3
8.1

7.9
7.8

7.9
8.6

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

52.0
53.7
104.0
155.1
40.6

61.2
78.5
100.6
158.9
50.2

64.7
71.8
113.9
147.9
55.3

71.3
78.5
109.8
130.4
60.6

71.5
81.0
111.4
127.1
62.9

70.6
84.4
111.9
130.1
65.6

70.9
88.1
113.4
130.1
67.5

69.2
91.2
112.8
129.4
68.4

70.6
92.3
113.2
128.9
69.9

71.7
92.8
114.0
132.1
74.4

71.7
93.5
115.1
129.9
76.2

20
21
22
23
24

25
26
27
28
29
30
31

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

137.5
117.6
6.7
0.0
13.6
0.5
9.8

142.2
134.8
3.9
2.0
25.7
0.9
-3.9

132.1
144.2
5.3
2.1
13.5
2.8
37.8

98.2
149.0
7.7
4.9
12.9
8.0
-44.6

102.5
151.5
7.8
7.2
13.0
10.1
-26.9

88.8
152.5
8.3
7.7
12.6
15.3
-69.1

85.6
152.1
8.0
8.9
12.8
20.9
-84.2

88.6
155.7
8.0
9.7
13.1
27.7
-51.1

84.8
157.3
7.7
10.0
13.4
33.3
-79.8

79.6
157.5
7.7
11.8
13.8
43.3
-148.6

71.1
158.9
7.8
12.1
14.0
51.0
-96.3

25
26
27
28
29
30
31

3379.5

3637.0

4033.1

4395.0

4559.7

4516.8

4589.6

4701.9

4858.0

4783.2

4826.6

32

2
3
4
5
6
7

Total liabilities

2002

Savings bonds
Other Treasury issues
Total assets

Memo:
32

Federal government debt (1)

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

88

Z.1, December 7, 2006

L.210 Agency- and GSE-backed Securities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5

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

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

4989.1

5536.3

6108.1

6225.6

6177.9

6177.3

6165.0

6275.8

6387.2

6526.7

6557.7

1

26.8
2130.6
2831.8

27.3
2350.4
3158.6

24.9
2594.1
3489.1

24.3
2659.2
3542.2

24.1
2606.8
3547.1

23.7
2585.7
3567.9

23.6
2524.8
3616.6

23.8
2575.0
3677.0

23.6
2611.2
3752.4

23.6
2689.8
3813.3

23.4
2642.0
3892.3

2
3
4

4989.1

5536.3

6108.1

6225.6

6177.9

6177.3

6165.0

6275.8

6387.2

6526.7

6557.7

5

Household sector
Nonfinancial corporate business
State and local governments

402.6
17.5
287.0

243.9
16.9
328.8

388.5
12.1
351.2

435.3
12.2
370.3

418.4
12.1
374.0

486.5
13.0
375.2

592.9
12.0
380.7

638.8
13.7
384.9

634.5
12.9
385.1

641.0
12.2
389.4

678.6
12.6
397.4

6
7
8

9
10
11

Federal government
Rest of the world
Monetary authority

0.0
534.7
0.0

0.0
648.0
0.0

0.0
653.1
0.0

0.0
778.3
0.0

0.0
803.7
0.0

0.0
843.0
0.0

0.0
894.7
0.0

0.0
953.1
0.0

0.0
1019.0
0.0

0.0
1077.5
0.0

0.0
1130.7
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

777.4
700.2
50.7
6.2
20.3

917.9
821.3
61.6
10.7
24.2

999.5
906.4
52.5
11.6
28.9

1096.4
996.1
53.1
13.5
33.6

1120.2
1021.7
50.8
13.6
34.2

1104.4
998.1
57.8
12.8
35.8

1090.6
992.1
51.0
11.6
36.0

1089.6
992.7
50.9
11.2
34.8

1128.2
1037.4
44.1
11.9
34.7

1168.7
1070.8
51.4
13.1
33.4

1106.5
1010.7
51.1
12.5
32.2

12
13
14
15
16

17
18

Savings institutions
Credit unions

161.4
80.6

176.2
98.8

198.7
117.4

205.1
116.9

203.6
121.1

201.4
118.9

197.1
110.1

192.3
109.3

190.0
115.7

184.1
113.2

214.2
106.0

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

94.2
253.5
202.5
180.7
2.6

113.2
330.9
183.2
192.6
4.6

115.4
348.9
221.4
248.3
5.1

112.1
357.1
232.8
292.5
4.6

114.6
366.8
230.4
311.7
4.6

115.3
367.9
225.5
301.8
4.7

118.3
369.9
224.5
291.1
4.7

117.9
368.5
231.4
290.9
4.6

120.3
373.4
234.2
290.0
4.6

122.1
375.0
239.6
296.0
4.5

123.8
378.4
245.0
291.0
4.6

19
20
21
22
23

24
25
26

Money market mutual funds
Mutual funds
Government-sponsored enterprises

324.4
368.3
1017.8

333.1
422.4
1149.5

328.6
447.5
1238.3

267.5
462.7
1108.0

212.7
470.5
1061.7

168.9
473.5
1004.7

145.6
472.2
929.7

160.1
483.4
944.4

153.3
488.5
939.4

150.4
489.2
949.3

138.9
493.4
925.6

24
25
26

27
28
29

ABS issuers
REITs
Brokers and dealers

183.8
22.0
77.8

255.2
29.4
91.8

322.9
27.5
83.7

222.9
43.6
107.3

200.3
43.4
108.2

189.9
46.7
135.9

166.0
46.9
118.1

146.9
44.9
101.0

123.3
45.3
129.4

106.5
52.8
155.1

93.0
57.1
160.9

27
28
29

6
7
8

Total assets

2002

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total debt of the federal government, which is shown in table L.209, line 32.

89

Z.1, December 7, 2006

L.211 Municipal Securities and Loans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1

Total liabilities

2
3
4

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

5
6

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

7

Total assets

Q2

Q3

Q4

Q1

2006
Q2

Q3

1603.5

1762.9

1900.5

2031.0

2085.7

2134.2

2176.1

2225.6

2254.9

2305.7

2337.5

1

1294.5
70.5
1224.0

1437.9
95.7
1342.2

1557.9
106.1
1451.8

1673.0
100.2
1572.8

1723.0
101.9
1621.1

1765.4
91.4
1674.0

1803.4
95.7
1707.7

1843.8
105.9
1737.9

1870.5
106.9
1763.7

1911.3
98.8
1812.4

1939.5
98.2
1841.3

2
3
4

151.3
157.7

164.2
160.8

178.3
164.2

188.6
169.4

192.4
170.4

196.7
172.1

199.1
173.6

205.1
176.7

207.3
177.1

215.4
179.0

218.3
179.7

5
6

1603.5

1762.9

1900.5

2031.0

2085.7

2134.2

2176.1

2225.6

2254.9

2305.7

2337.5

7

8
9
10
11
12

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

581.1
29.3
3.5
4.0
8.0

678.7
32.1
3.4
4.1
11.5

707.7
35.4
2.7
4.4
19.5

740.9
35.0
3.1
4.6
26.0

755.7
35.6
3.2
4.7
27.0

789.1
32.6
3.3
4.7
28.0

800.1
33.2
3.5
4.7
29.0

816.0
32.6
3.6
4.8
30.0

817.8
34.6
3.7
4.8
31.0

853.8
34.4
3.8
4.9
32.0

855.0
33.4
3.9
5.0
33.0

8
9
10
11
12

13
14
15
16
17

Commercial banking
Savings institutions
Property-casualty insurance companies
Life insurance companies
State and local govt. retirement funds

120.2
4.5
173.8
18.7
1.7

121.7
5.5
183.0
19.9
0.9

132.5
6.3
224.2
26.1
1.0

140.8
7.1
267.8
30.1
1.7

145.3
7.3
280.9
31.1
1.0

147.8
8.1
290.4
31.6
1.3

153.7
8.4
306.0
32.2
1.4

157.7
8.6
313.2
32.5
1.7

160.3
9.4
319.3
32.9
2.0

161.7
9.7
324.2
33.1
2.0

168.8
10.5
328.6
33.4
2.2

13
14
15
16
17

18
19
20
21
22

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

276.7
253.0
74.7
35.4
19.0

278.5
277.3
86.0
39.4
21.0

292.1
290.2
89.3
44.4
24.9

313.8
294.3
89.1
44.6
32.0

321.1
301.0
89.4
46.0
36.3

323.6
305.7
90.1
45.6
32.4

323.5
312.7
89.6
42.9
35.3

337.1
311.7
89.4
43.9
43.0

347.5
321.5
89.4
45.1
35.6

343.3
328.2
90.1
46.7
37.9

353.2
335.2
89.4
47.6
38.3

18
19
20
21
22

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

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

5487.4

6121.5

6890.6

7675.0

7857.6

8082.9

8162.1

8358.4

8518.7

8721.3

8872.6

1

2
3

Nonfinancial corporate business
Rest of the world (1)

2578.0
557.1

2710.3
705.2

2868.6
874.4

2946.3
993.0

2954.9
1003.3

2962.4
1024.4

2987.3
1026.5

3006.2
987.5

3059.6
1000.2

3111.4
1035.0

3141.3
1079.1

2
3

4
5
6

Financial sectors
Commercial banking
Savings institutions

2352.4
310.2
3.6

2706.0
332.2
3.4

3147.7
379.1
5.1

3735.7
437.4
7.6

3899.4
457.3
7.5

4096.1
465.0
7.7

4148.4
474.5
7.5

4364.7
494.1
8.7

4459.0
505.9
8.5

4575.0
528.6
9.6

4652.2
538.9
10.5

4
5
6

7
8
9
10
11

ABS issuers
Finance companies
REITs
Brokers and dealers
Funding corporations

1093.8
571.3
71.4
42.3
259.7

1316.7
635.3
87.6
40.6
290.1

1556.8
743.2
110.9
47.0
305.5

1896.9
817.4
196.4
62.2
317.7

1993.2
849.5
205.4
65.0
321.5

2141.7
865.1
223.5
63.7
329.5

2278.1
753.8
234.7
70.7
329.0

2411.1
806.5
236.7
62.4
345.3

2467.3
812.6
246.2
71.1
347.4

2517.4
833.8
258.5
72.8
354.3

2583.8
825.3
263.2
74.0
356.5

7
8
9
10
11

12

Total liabilities

5487.4

6121.5

6890.6

7675.0

7857.6

8082.9

8162.1

8358.4

8518.7

8721.3

8872.6

12

13
14
15

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

466.4
95.1
1351.1

740.3
104.2
1539.4

739.0
111.3
1722.4

712.6
117.3
2061.5

668.4
118.5
2121.0

697.6
118.9
2202.7

573.5
120.6
2296.0

687.0
122.0
2314.1

620.5
122.0
2411.6

605.5
123.3
2510.9

562.2
125.9
2596.9

13
14
15

16
17
18
19
20
21
22

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

363.1
83.9
196.4
1342.4
242.5
279.7
1.6

359.9
79.9
198.9
1449.3
253.9
217.3
2.8

482.5
71.1
218.9
1620.2
274.8
193.2
3.2

559.7
58.9
245.3
1768.0
267.1
203.4
3.0

623.7
62.2
251.7
1804.0
266.5
202.9
2.9

670.2
64.0
254.6
1819.2
270.1
203.0
3.0

699.1
74.8
262.4
1838.5
273.7
201.1
3.0

686.2
80.0
262.8
1840.7
276.1
203.0
3.0

710.0
86.2
267.9
1865.6
274.3
200.9
2.9

744.6
88.9
272.0
1872.4
279.1
207.3
2.9

750.6
88.9
276.5
1890.7
281.7
203.0
2.9

16
17
18
19
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
REITs
Brokers and dealers
Funding corporations

222.5
420.0
27.1
0.0
155.7
7.9
161.3
70.8

228.1
470.9
27.1
1.8
189.3
10.2
192.0
56.4

258.7
548.3
58.8
2.4
225.8
20.4
228.3
111.3

261.0
622.8
67.6
3.3
336.6
37.6
252.2
96.8

249.7
640.7
68.8
3.9
351.8
39.8
272.0
108.9

233.1
664.3
68.7
4.3
365.5
51.6
295.6
96.3

245.9
685.8
69.2
4.9
372.9
58.7
299.0
83.1

258.3
699.2
68.7
5.3
384.6
62.7
337.5
67.5

272.4
729.7
71.5
5.7
391.1
66.0
345.4
75.0

289.7
749.9
75.3
6.2
400.3
70.0
358.0
65.1

333.9
776.1
73.7
6.6
396.9
72.7
374.3
58.9

23
24
25
26
27
28
29
30

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

90

Z.1, December 7, 2006

L.213 Corporate Equities (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

Issues at market value

2

Nonfinancial corporate business

3
4

Rest of the world (2)
Financial corporations

5

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

15310.6

11900.5

15618.5

17389.3

17002.3

17185.9

17914.7

18277.0

19140.8

18668.9

19306.3

1

10804.8

7839.3

10043.6

10807.0

10608.8

10610.9

10984.0

10876.3

11255.9

10780.1

11009.0

2

1612.7
2893.2

1374.7
2686.5

2079.4
3495.5

2560.4
4021.9

2594.3
3799.2

2588.2
3986.9

2911.1
4019.6

3086.5
4314.3

3397.1
4487.8

3406.2
4482.6

3524.3
4773.0

3
4

15310.6

11900.5

15618.5

17389.3

17002.3

17185.9

17914.7

18277.0

19140.8

18668.9

19306.3

5

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

6376.8
88.0
1572.7

4536.2
79.3
1335.8

5613.1
84.7
1839.5

5715.2
89.3
2123.3

5485.9
90.2
2111.1

5396.7
90.5
2127.6

5489.5
91.8
2265.3

5491.6
92.8
2302.6

5551.9
93.6
2500.9

5296.4
94.6
2485.6

5341.5
96.5
2601.5

6
7
8

9
10
11
12
13
14
15

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

8.9
27.9
173.9
811.3
1908.6
1260.4
49.1

3.5
29.1
152.3
708.9
1558.6
1056.8
45.9

15.1
30.4
182.7
919.3
2081.8
1421.5
79.9

20.3
28.2
201.8
1053.9
2329.2
1607.0
99.3

19.4
27.1
196.0
1042.0
2240.4
1581.0
99.5

20.9
26.1
198.8
1074.8
2299.9
1621.7
101.8

23.4
26.1
204.3
1128.2
2379.0
1687.9
108.2

24.0
26.2
205.3
1161.8
2416.7
1729.0
115.6

28.1
26.2
211.4
1236.4
2452.3
1819.0
122.3

26.8
25.7
208.8
1225.6
2385.7
1776.2
119.5

29.3
25.0
216.1
1292.5
2474.9
1900.5
126.6

9
10
11
12
13
14
15

16
17
18
19

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

2834.0
31.1
83.0
85.1

2187.4
33.7
98.2
74.9

3051.3
52.3
146.3
100.5

3693.6
81.5
217.7
129.1

3669.9
87.8
217.4
134.6

3770.6
95.1
230.2
131.1

4029.8
102.8
245.5
132.9

4175.7
104.7
281.0
150.0

4517.0
108.9
305.8
167.2

4432.5
107.0
317.5
166.9

4597.0
110.4
331.6
162.9

16
17
18
19

13316.1

10163.3

13042.1

14178.6

13752.7

13921.6

14294.8

14425.6

14922.3

14435.6

14931.7

20

6
7
8

Holdings at market value

2002

Memo:
20

Market value of domestic corporations (4)

(1) Excludes mutual fund shares shown on table L.214.
(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Sum of lines 2 and 4 less the sum of lines 9, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations.

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

Shares at market value

4135.4

3638.4

4654.2

5436.3

5471.6

5595.7

5874.4

6048.9

6464.1

6420.0

6625.8

1

2

Holdings at market value

4135.4

3638.4

4654.2

5436.3

5471.6

5595.7

5874.4

6048.9

6464.1

6420.0

6625.8

2

2734.2
112.5
28.1

2420.5
94.6
24.3

3085.4
124.8
25.9

3610.7
139.8
27.3

3710.5
139.8
27.6

3781.7
143.3
27.7

3992.5
151.2
28.1

4121.4
156.3
28.4

4504.3
165.3
28.6

4504.4
164.3
28.9

4636.2
170.2
29.5

3
4
5

21.3
3.7

19.6
3.5

17.1
4.1

18.0
3.1

16.6
2.8

15.6
2.6

17.3
2.2

17.3
2.2

17.3
2.3

18.4
2.0

21.3
2.0

6
7

88.3
962.9
184.3

76.6
831.9
167.4

91.7
1097.2
208.0

114.4
1292.2
230.5

110.5
1237.5
226.2

109.3
1286.1
229.5

109.2
1339.2
234.7

109.0
1376.0
238.3

114.7
1384.9
246.7

112.9
1348.1
240.9

115.7
1397.4
253.5

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.

91

Z.1, December 7, 2006

L.215 Bank Loans Not Elsewhere Classified
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1

Total loans by commercial
banking, flow of funds basis

3957.8

4183.0

4422.6

4827.6

4942.0

5091.1

5259.2

5385.5

5526.8

5667.6

5788.8

1

2
3
4
5

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

0.0
1789.8
568.4
175.2

0.0
2058.3
602.6
177.9

0.0
2255.8
669.4
213.5

0.0
2595.3
704.3
195.6

0.0
2689.4
683.1
216.1

0.0
2790.5
684.0
217.8

0.0
2895.4
708.2
231.6

0.0
2956.6
707.0
230.4

0.0
3024.9
697.5
257.1

0.0
3132.0
694.7
257.8

0.0
3172.9
710.6
281.6

2
3
4
5

6

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

1424.3

1344.2

1283.9

1332.4

1353.5

1398.9

1423.9

1491.4

1547.3

1583.0

1623.7

6

1143.8
256.1
1.9
22.5

1085.7
237.5
2.9
18.2

1037.2
220.4
7.9
18.5

1080.0
226.8
5.3
20.3

1084.6
244.2
4.1
20.5

1118.4
255.4
2.9
22.2

1133.7
265.3
3.1
21.9

1170.1
287.4
8.1
25.9

1206.8
306.5
7.6
26.4

1238.1
317.8
4.1
23.0

1256.0
340.2
3.0
24.5

7
8
9
10

7
8
9
10

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

11

+ Loans from Federal Reserve banks

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

12

= Total bank loans n.e.c.

1424.3

1344.2

1283.9

1332.4

1353.5

1398.9

1423.9

1491.4

1547.3

1583.0

1623.7

12

13

Total liabilities

1424.3

1344.2

1283.9

1332.4

1353.5

1398.9

1423.9

1491.4

1547.3

1583.0

1623.7

13

1302.7

1201.4

1148.4

1163.3

1184.7

1235.6

1250.1

1313.2

1371.1

1410.1

1452.1

14

43.5
743.7
405.3
46.9

21.0
635.5
430.4
46.0

38.8
561.6
441.5
45.5

23.1
576.2
453.0
47.7

24.4
587.7
462.0
44.3

36.8
608.3
478.2
47.2

35.3
615.3
483.7
49.5

46.8
638.4
501.8
50.0

61.9
662.5
520.8
47.8

73.9
671.8
528.1
51.2

82.8
689.9
542.4
53.1

15
16
17
18

63.2
4.3
5.9
53.1

68.6
5.1
5.1
58.4

60.9
4.6
3.7
52.7

63.3
5.5
6.5
51.4

66.3
5.7
6.8
53.8

65.0
5.2
6.4
53.4

66.3
2.8
8.9
54.7

76.2
2.6
9.6
64.0

78.1
2.2
9.1
66.8

85.1
2.6
11.0
71.6

83.8
2.3
9.7
71.8

19
20
21
22

121.7

142.8

135.6

169.1

168.8

163.3

173.8

178.3

176.3

172.9

171.6

23

23.0
84.4
14.3

27.2
101.2
14.4

13.9
107.0
14.7

15.9
137.0
16.2

15.7
133.3
19.7

13.4
129.9
20.1

14.6
138.8
20.4

14.8
142.1
21.4

16.1
137.4
22.8

13.8
137.5
21.7

17.6
132.4
21.6

24
25
26

14

Nonfinancial sectors

15
16
17
18

Households
Corporate business
Nonfarm noncorporate business
Farm business

19
20
21
22

Rest of the world
Foreign official institutions
Foreign banks
Other foreign

23
24
25
26

Financial sectors
Savings institutions
Finance companies
REITs

92

Z.1, December 7, 2006

L.216 Other Loans and Advances
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1

Total other loans and advances

1444.5

1464.7

1499.2

1590.2

1604.8

1666.5

1664.8

1707.2

1702.9

1760.4

1763.0

1

2
3
4
5
6
7
8
9

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

122.0
15.0
7.4
39.6
5.0
8.9
46.1
0.0

118.3
14.2
7.0
38.9
4.7
9.4
44.1
0.0

116.9
13.5
7.8
39.6
4.5
9.7
42.0
0.0

114.3
12.6
8.3
41.1
4.2
9.9
38.3
0.0

111.8
12.4
8.4
39.6
4.1
9.9
37.4
0.0

109.5
12.2
8.6
38.5
4.0
10.0
36.2
0.0

106.9
12.0
8.8
37.5
3.9
10.2
34.4
0.0

105.6
11.8
9.0
36.7
3.9
10.3
33.7
0.0

103.7
11.7
9.3
37.6
3.9
10.5
30.8
0.0

103.5
11.7
9.5
38.6
3.8
10.7
29.2
0.0

103.3
11.9
9.7
39.7
3.8
10.8
27.3
0.0

2
3
4
5
6
7
8
9

10
11

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

115.7
115.7

125.8
125.8

125.0
125.0

131.2
131.2

148.2
148.2

172.0
172.0

179.1
179.1

191.8
191.8

185.6
185.6

195.7
195.7

203.5
203.5

10
11

12
13
14

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

4.6
4.1
0.5

4.6
4.4
0.2

4.4
4.2
0.2

4.0
3.8
0.3

4.0
3.8
0.3

4.1
3.9
0.2

4.3
4.0
0.3

4.0
3.8
0.2

0.7
0.5
0.2

0.7
0.5
0.2

0.7
0.5
0.2

12
13
14

15
16
17

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

42.9
21.5
21.5

46.2
23.1
23.1

56.3
28.1
28.1

57.6
28.8
28.8

56.4
28.2
28.2

60.8
30.4
30.4

59.5
29.7
29.7

61.5
30.8
30.8

62.5
31.2
31.2

65.9
33.0
33.0

68.0
34.0
34.0

15
16
17

18
19
20

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

105.0
0.9
104.1

106.0
0.8
105.1

105.2
0.8
104.5

106.8
0.7
106.1

106.4
0.7
105.7

107.1
0.7
106.4

106.8
0.7
106.1

107.6
0.7
106.9

108.3
0.7
107.6

109.8
0.7
109.1

109.3
0.6
108.7

18
19
20

21
22
23
24
25
26
27
28

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

505.9
0.4
19.5
22.3
196.6
259.1
4.9
3.1

514.7
0.4
20.1
23.7
226.8
231.7
6.9
5.1

545.8
0.3
19.8
24.0
235.3
249.3
9.1
8.0

619.4
0.0
18.1
25.5
244.1
309.3
11.4
11.1

623.2
0.0
19.8
24.9
255.1
301.1
11.8
10.7

657.8
0.0
19.3
26.6
265.0
323.1
12.5
11.2

662.2
0.0
18.8
29.0
268.4
322.1
12.6
11.3

669.1
0.0
19.1
29.9
268.5
325.5
14.7
11.5

670.2
0.0
20.6
32.7
271.6
318.4
14.6
12.2

697.6
0.0
21.5
34.6
289.6
323.0
16.3
12.5

701.8
0.0
22.3
35.8
287.8
325.9
16.8
13.1

21
22
23
24
25
26
27
28

29
30

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

108.3
108.3

105.0
105.0

103.9
103.9

105.3
105.3

107.0
107.0

99.7
99.7

95.0
95.0

88.5
88.5

89.2
89.2

90.7
90.7

86.9
86.9

29
30

31
32
33

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

440.2
396.2
44.0

444.0
399.6
44.4

441.7
397.6
44.2

451.5
406.4
45.2

447.9
403.1
44.8

455.6
410.1
45.6

451.0
405.9
45.1

479.2
431.3
47.9

482.8
434.5
48.3

496.4
446.8
49.6

489.6
440.6
49.0

31
32
33

93

Z.1, December 7, 2006

L.217 Total Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6

Total mortgages
Home
Multifamily residential
Commercial
Farm

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

7485.6

8366.6

9373.9

10677.8

10935.7

11319.7

11751.1

12145.8

12450.8

12765.5

13033.1

1

5639.5
446.2
1282.0
118.0

6373.5
484.7
1382.9
125.6

7174.3
555.5
1510.5
133.6

8243.9
608.8
1683.3
141.7

8445.0
621.8
1725.9
143.0

8745.2
640.6
1787.7
146.2

9087.8
658.4
1856.5
148.3

9378.8
679.8
1939.2
147.9

9612.3
693.8
1994.3
150.5

9845.7
703.8
2061.4
154.7

10028.9
714.6
2130.4
159.1

2
3
4
5

7485.6

8366.6

9373.9

10677.8

10935.7

11319.7

11751.1

12145.8

12450.8

12765.5

13033.1

6

Household sector

5434.5

6144.4

6998.6

7995.1

8189.6

8480.4

8806.3

9102.2

9328.5

9558.6

9746.5

7

8
9
10
11

Nonfinancial business
Corporate
Nonfarm noncorporate
Farm

1965.5
418.7
1428.8
118.0

2128.5
453.1
1549.8
125.6

2273.2
509.6
1629.9
133.6

2554.3
556.0
1856.7
141.7

2612.1
567.6
1901.5
143.0

2700.5
585.9
1968.3
146.2

2801.0
609.4
2043.3
148.3

2902.2
642.3
2111.9
147.9

2975.1
659.7
2165.0
150.5

3056.1
681.7
2219.7
154.7

3134.3
708.7
2266.4
159.1

8
9
10
11

12
13

Federal government
REITs

0.0
85.6

0.0
93.8

0.0
102.1

0.0
128.4

0.0
134.0

0.0
138.8

0.0
143.8

0.0
141.4

0.0
147.1

0.0
150.8

0.0
152.3

12
13

7485.6

8366.6

9373.9

10677.8

10935.7

11319.7

11751.1

12145.8

12450.8

12765.5

13033.1

14

7

14

Total liabilities

2002

Total assets

15
16
17

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

125.4
46.6
26.8

136.2
49.6
26.2

147.9
51.8
26.0

160.2
67.9
30.2

163.4
71.9
31.0

166.9
76.0
32.2

170.3
80.0
33.4

173.3
84.0
34.7

176.9
88.1
35.7

180.6
92.1
36.5

184.5
96.2
37.3

15
16
17

18
19

State and local governments
Federal government

129.7
75.8

124.4
76.3

132.9
73.8

140.1
75.4

141.5
75.7

142.0
75.8

144.0
76.8

145.6
77.8

146.8
78.2

148.4
80.0

150.0
80.8

18
19

20
21
22

Commercial banking
Savings institutions (1)
Credit unions

1789.8
758.0
141.3

2058.3
781.0
159.4

2255.8
870.2
182.6

2595.3
1057.0
213.2

2689.4
1068.4
217.6

2790.5
1112.9
228.9

2895.4
1140.9
237.4

2956.6
1152.7
245.6

3024.9
1192.4
250.7

3132.0
1221.0
262.5

3172.9
1248.8
272.9

20
21
22

23
24
25
26

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

1.9
243.0
9.8
21.0

2.0
250.0
10.3
21.1

2.1
260.9
10.2
20.4

2.4
273.3
10.0
19.5

2.5
275.0
9.9
20.5

2.5
278.4
9.9
20.5

2.7
280.9
9.9
19.4

2.7
285.5
9.8
19.4

2.7
288.3
9.8
19.3

2.9
295.3
9.7
19.3

2.9
298.1
9.6
19.1

23
24
25
26

27
28
29

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

297.5
2831.8
710.8

357.3
3158.6
795.4

463.3
3489.1
967.0

478.4
3542.2
1417.5

479.0
3547.1
1534.7

477.6
3567.9
1705.5

476.0
3616.6
1905.3

477.2
3677.0
2103.1

477.6
3752.4
2180.6

478.0
3813.3
2252.9

477.3
3892.3
2330.2

27
28
29

30
31

Finance companies
REITs

258.4
18.0

330.8
29.8

370.3
49.6

476.1
118.8

481.9
126.4

491.1
141.2

505.8
156.2

541.4
159.4

560.6
165.8

572.3
168.8

591.7
168.4

30
31

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

94

Z.1, December 7, 2006

L.218 Home Mortgages (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1
2
3
4
5

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

Q3

Q4

2006
Q2

Q1

Q3

5639.5

6373.5

7174.3

8243.9

8445.0

8745.2

9087.8

9378.8

9612.3

9845.7

10028.9

1

5286.4
16.2
336.9

5970.3
16.9
386.4

6825.0
18.6
330.7

7801.6
22.7
419.5

7991.3
24.0
429.7

8275.0
25.8
444.4

8592.9
27.5
467.4

8879.3
29.4
470.0

9099.3
31.5
481.4

9321.7
33.4
490.5

9501.7
35.0
492.2

2
3
4

5639.5

6373.5

7174.3

8243.9

8445.0

8745.2

9087.8

9378.8

9612.3

9845.7

10028.9

5

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

94.9
23.0
9.9

103.6
24.9
9.6

113.1
26.1
9.6

123.5
41.2
11.1

126.2
45.0
11.4

129.0
48.8
11.9

131.9
52.6
12.3

134.8
56.4
12.8

137.8
60.2
13.2

140.9
64.0
13.4

144.0
67.7
13.7

6
7
8

9
10

State and local governments
Federal government

66.2
17.1

63.4
16.2

67.8
15.3

71.4
14.8

72.2
14.7

72.4
14.7

73.5
14.5

74.3
14.4

74.9
14.4

75.7
14.6

76.5
14.6

9
10

11
12
13

Commercial banking
Savings institutions
Credit unions

1023.9
620.4
141.3

1222.2
631.1
159.4

1347.0
702.8
182.6

1568.0
874.5
213.2

1633.2
883.7
217.6

1696.0
921.7
228.9

1750.9
946.9
237.4

1772.7
955.0
245.6

1804.0
990.2
250.7

1870.9
1013.5
262.5

1875.0
1035.3
272.9

11
12
13

14
15
16

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

4.9
4.6
6.9

4.7
2.8
6.8

4.4
1.7
6.3

5.0
1.4
6.8

5.0
1.4
7.4

5.1
1.4
7.4

5.1
1.4
7.0

4.6
1.4
7.0

4.6
1.4
6.9

4.7
1.4
6.9

4.8
1.4
6.9

14
15
16

17
18
19

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

225.6
2748.5
434.1

271.1
3063.7
488.3

363.3
3366.9
609.4

362.9
3416.5
1007.7

360.2
3420.8
1106.9

355.6
3440.8
1250.0

349.3
3487.8
1429.2

348.1
3546.2
1581.2

347.0
3618.7
1641.7

345.5
3676.8
1695.7

343.6
3752.0
1746.9

17
18
19

20
21

Finance companies
REITs

209.7
8.7

285.6
20.1

320.2
37.8

422.0
103.7

428.8
110.5

438.8
122.7

454.1
134.0

489.8
134.5

507.9
138.8

517.4
141.5

536.3
137.3

20
21

439.0
258.6
77.9
44.9
12.5
45.0

501.1
303.3
78.5
48.0
15.4
56.0

593.4
366.0
95.6
51.7
16.1
64.0

778.4
483.6
121.2
63.9
26.1
83.7

806.8
501.0
126.2
65.6
28.7
85.3

854.1
530.8
135.5
69.3
30.9
87.5

883.7
540.6
143.8
73.3
35.1
90.8

913.7
549.0
151.6
75.9
39.2
98.0

936.9
555.6
159.8
77.9
42.0
101.6

981.1
582.7
169.9
81.8
43.3
103.5

1011.9
589.0
183.8
87.3
44.5
107.3

22
23
24
25
26
27

6
7
8

22
23
24
25
26
27

Total assets

Q2

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

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

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

Total liabilities

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5

Federal government
REITs

6
7
8
9

Total assets
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

446.2

484.7

555.5

608.8

621.8

640.6

658.4

679.8

693.8

703.8

714.6

1

27.3
399.8

28.8
435.1

30.4
503.8

32.4
550.4

32.9
562.7

33.4
582.2

33.9
598.0

34.4
620.4

35.0
633.1

35.5
643.4

36.1
652.0

2
3

0.0
19.0

0.0
20.7

0.0
21.3

0.0
26.0

0.0
26.2

0.0
24.9

0.0
26.5

0.0
25.0

0.0
25.8

0.0
24.9

0.0
26.6

4
5

446.2

484.7

555.5

608.8

621.8

640.6

658.4

679.8

693.8

703.8

714.6

6

1.4
0.9
9.0

1.4
0.9
8.8

1.5
1.0
8.7

1.5
1.0
10.1

1.5
1.0
10.4

1.5
1.0
10.8

1.5
1.1
11.2

1.5
1.1
11.6

1.6
1.1
12.0

1.6
1.1
12.2

1.6
1.1
12.5

7
8
9

10
11

State and local governments
Federal government

51.9
13.7

49.7
14.3

53.1
14.5

56.0
15.0

56.6
15.1

56.8
15.0

57.6
14.8

58.2
14.9

58.7
14.7

59.4
14.6

60.0
14.6

10
11

12
13

Commercial banking
Savings institutions

84.9
64.6

94.2
68.6

104.9
77.9

119.3
87.4

122.8
90.3

129.0
95.0

135.6
96.7

140.2
98.2

145.5
100.1

147.1
102.2

149.5
103.4

12
13

14
15
16

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

35.6
1.4
6.0

36.8
1.9
6.0

38.6
2.2
5.5

40.5
2.2
5.9

40.7
2.1
6.1

41.2
2.1
6.2

41.6
2.1
5.8

42.4
2.1
5.8

42.8
2.1
5.8

43.9
2.1
5.8

44.3
2.1
5.7

14
15
16

17
18
19

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

33.2
81.6
53.4

41.7
94.5
58.7

52.6
121.2
66.6

65.0
124.7
73.0

67.8
125.4
74.7

69.6
126.2
79.0

73.6
128.0
81.6

76.8
129.9
89.5

77.8
132.5
91.3

78.3
134.7
93.5

78.6
137.2
96.6

17
18
19

20
21

Finance companies
REITs

6.8
1.8

5.5
1.5

5.7
1.7

5.6
1.6

5.6
1.7

5.5
1.6

5.5
1.7

5.6
1.8

5.6
2.3

5.2
2.2

5.0
2.5

20
21

95

Z.1, December 7, 2006

L.220 Commercial Mortgages
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
REITs

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1282.0

1382.9

1510.5

1683.3

1725.9

1787.7

1856.5

1939.2

1994.3

2061.4

2130.4

1

148.2
375.2
692.1
66.5

174.1
407.4
728.3
73.1

173.6
460.6
795.5
80.8

193.4
500.8
886.7
102.4

198.3
510.6
909.1
107.8

205.4
526.7
941.7
113.9

213.3
548.0
977.9
117.3

222.8
578.5
1021.5
116.4

229.2
593.3
1050.4
121.4

236.9
612.8
1085.8
125.9

244.8
637.7
1122.2
125.7

2
3
4
5

1282.0

1382.9

1510.5

1683.3

1725.9

1787.7

1856.5

1939.2

1994.3

2061.4

2130.4

6

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

7.9
22.7
6.9

8.6
23.7
6.7

9.2
24.7
6.7

9.9
25.6
7.7

10.0
25.9
7.9

10.2
26.1
8.3

10.4
26.4
8.6

10.5
26.6
8.9

10.7
26.8
9.2

10.9
27.1
9.3

11.0
27.3
9.6

7
8
9

10
11

State and local governments
Federal government

10.4
41.0

10.0
42.1

10.6
40.5

11.2
42.4

11.3
42.6

11.4
43.0

11.5
44.2

11.6
45.2

11.7
46.0

11.9
47.5

12.0
48.4

10
11

12
13

Commercial banking
Savings institutions

645.6
72.5

704.0
80.7

763.3
88.9

863.5
94.5

888.3
93.9

919.2
95.6

961.9
96.7

996.1
99.0

1027.0
101.4

1064.1
104.6

1097.4
109.3

12
13

14
15
16
17

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

1.9
188.4
3.7
8.1

2.0
195.0
5.7
8.3

2.1
203.9
6.4
8.6

2.4
214.1
6.4
6.8

2.5
215.4
6.4
7.0

2.5
218.1
6.4
7.0

2.7
220.0
6.4
6.6

2.7
224.3
6.3
6.6

2.7
226.5
6.3
6.5

2.9
232.0
6.2
6.6

2.9
234.2
6.2
6.5

14
15
16
17

18
19

Agency- and GSE-backed mortgage pools
ABS issuers

0.0
223.4

0.0
248.4

0.0
291.0

0.0
336.8

0.0
353.0

0.0
376.5

0.0
394.6

0.0
432.4

0.0
447.5

0.0
463.6

0.0
486.8

18
19

20
21

Finance companies
REITs

41.9
7.6

39.6
8.1

44.4
10.0

48.5
13.5

47.5
14.2

46.7
16.9

46.2
20.6

46.0
23.0

47.1
24.7

49.7
25.1

50.3
28.6

20
21

7
8
9

Total assets

2002

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

Total liabilities (Farm business)

118.0

125.6

133.6

141.7

143.0

146.2

148.3

147.9

150.5

154.7

159.1

1

2

Total assets

118.0

125.6

133.6

141.7

143.0

146.2

148.3

147.9

150.5

154.7

159.1

2

21.2
1.1

22.7
1.0

24.1
1.0

25.4
1.2

25.6
1.2

26.2
1.3

26.5
1.3

26.4
1.4

26.8
1.4

27.4
1.5

27.9
1.6

3
4

1.3
4.0

1.2
3.7

1.3
3.4

1.4
3.2

1.4
3.3

1.4
3.2

1.4
3.2

1.5
3.2

1.5
3.2

1.5
3.2

1.5
3.2

5
6

3
4

Household sector
Nonfarm noncorporate business

5
6

State and local governments
Federal government

7
8

Commercial banking
Savings institutions

35.5
0.5

38.0
0.6

40.6
0.6

44.6
0.6

45.0
0.6

46.2
0.6

47.1
0.6

47.6
0.6

48.5
0.7

49.9
0.7

51.1
0.8

7
8

9
10

Life insurance companies
State and local govt. retirement funds

14.1
0.0

13.5
0.0

14.0
0.0

13.8
0.0

13.9
0.0

14.0
0.0

14.2
0.0

14.2
0.0

14.3
0.0

14.7
0.0

14.8
0.0

9
10

11
12

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

38.7
1.7

44.5
0.4

47.4
1.0

50.6
0.9

51.1
0.9

52.4
0.9

53.1
0.8

52.2
0.8

52.8
1.3

54.1
1.8

55.1
3.1

11
12

96

Z.1, December 7, 2006

L.222 Consumer Credit
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

1

Total liabilities (Households)

1899.6

2013.0

2117.0

2233.9

2215.8

2240.1

2288.1

2325.3

2293.9

2328.8

2386.2

1

2

Total assets

1899.6

2013.0

2117.0

2233.9

2215.8

2240.1

2288.1

2325.3

2293.9

2328.8

2386.2

2

73.1
0.0
80.1

74.7
0.0
92.8

58.5
0.0
94.1

58.5
0.0
98.4

54.8
0.0
100.6

55.3
0.0
98.6

56.9
0.0
103.9

58.6
0.0
102.1

54.9
0.0
104.5

52.6
0.0
102.6

51.9
0.0
105.4

3
4
5

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Federal government

6
7
8

Commercial banking
Savings institutions
Credit unions

568.4
71.1
189.6

602.6
68.7
195.7

669.4
77.9
205.9

704.3
91.3
215.4

683.1
90.8
216.7

684.0
94.0
221.3

708.2
99.4
229.5

707.0
109.1
228.6

697.5
98.1
227.3

694.7
101.9
230.4

710.6
106.2
234.6

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

39.4
598.0
280.0

36.9
634.1
307.5

20.6
597.7
393.0

0.0
573.8
492.3

0.0
576.4
493.4

0.0
591.8
495.1

0.0
581.7
508.4

0.0
603.3
516.5

0.0
612.1
499.6

0.0
639.7
506.8

0.0
649.8
527.8

9
10
11

9
10
11

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

Total trade payables

2

Household sector

3
4
5

Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

6
7

State and local governments
Federal government

8
9

Rest of the world
Brokers and dealers

10

Total trade receivables

11
12

Nonfinancial corporate business
Nonfarm noncorporate business

13
14
15

State and local governments
Federal government
Rest of the world

16
17

Property-casualty insurance companies
ABS issuers

18

Discrepancy

2372.3

2460.2

2485.2

2674.6

2721.6

2783.4

2867.6

2914.2

2950.5

3030.0

3087.5

1

132.9

152.0

156.8

158.8

159.3

159.8

160.3

160.8

161.3

161.8

162.3

2

1437.7
255.0
21.3

1457.4
281.0
21.9

1402.7
256.5
22.6

1504.3
284.6
23.5

1533.9
290.1
23.3

1570.6
298.5
23.1

1623.0
306.7
22.9

1652.5
315.6
22.8

1669.6
322.3
26.7

1706.5
327.1
30.7

1742.2
332.8
34.7

3
4
5

361.9
78.0

390.3
78.8

419.5
151.4

450.3
166.2

458.3
172.1

466.5
177.1

474.9
181.3

483.6
178.6

492.4
182.8

501.5
188.9

510.6
191.7

6
7

46.4
39.2

41.4
37.4

47.5
28.2

51.0
36.0

49.6
35.0

52.6
35.0

53.1
45.2

57.3
43.0

59.5
35.9

64.5
48.9

69.9
43.2

8
9

2512.8

2434.8

2420.2

2615.8

2725.0

2818.3

2887.2

2874.4

2961.8

3059.3

3112.3

10

1817.9
343.9

1719.6
362.8

1702.4
338.6

1827.8
392.5

1917.9
403.0

1980.1
419.3

2022.1
435.1

1982.5
452.1

2048.6
464.9

2122.0
474.2

2151.0
485.1

11
12

115.9
35.5
41.6

118.4
32.2
44.2

126.5
51.3
45.7

133.4
61.8
44.6

134.7
62.5
47.5

135.2
67.2
50.7

137.2
69.3
52.3

138.7
70.9
52.4

139.8
69.3
55.9

141.3
71.7
60.1

144.2
70.5
62.1

13
14
15

69.9
88.2

74.8
82.7

79.3
76.5

79.6
76.1

82.2
77.3

85.0
80.8

84.9
86.4

82.1
95.8

84.1
99.1

86.0
103.9

87.1
112.2

16
17

-140.5

25.3

64.9

58.9

-3.5

-34.9

-19.6

39.7

-11.3

-29.3

-24.8

18

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

825.9

738.8

871.3

1037.9

1051.5

1064.5

1068.0

1030.2

1105.2

1147.9

1180.7

1

2
3

Household sector
Rest of the world

196.4
0.0

148.2
0.0

182.5
0.0

264.0
0.0

266.1
0.0

263.5
0.0

258.0
0.0

232.3
0.0

249.5
0.0

243.8
0.0

254.3
0.0

2
3

4
5
6
7

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

629.5
454.3
81.9
93.3

590.6
412.7
79.2
98.7

688.8
475.4
91.5
121.9

773.9
578.3
102.2
93.4

785.4
569.4
101.3
114.7

800.9
583.2
90.3
127.5

809.9
578.4
95.5
136.1

797.9
567.4
95.6
134.8

855.7
598.6
101.8
155.3

904.1
646.3
92.8
165.0

926.5
644.9
109.8
171.8

4
5
6
7

825.9

738.8

871.3

1037.9

1051.5

1064.5

1068.0

1030.2

1105.2

1147.9

1180.7

8

8

Total liabilities

Total assets

9
10

Household sector
Rest of the world

454.3
0.0

412.7
0.0

475.4
0.0

578.3
0.0

569.4
0.0

583.2
0.0

578.4
0.0

567.4
0.0

598.6
0.0

646.3
0.0

644.9
0.0

9
10

11
12

Commercial banking
Brokers and dealers

175.2
196.4

177.9
148.2

213.5
182.5

195.6
264.0

216.1
266.1

217.8
263.5

231.6
258.0

230.4
232.3

257.1
249.5

257.8
243.8

281.6
254.3

11
12

97

Z.1, December 7, 2006

L.225 Life Insurance and Pension Fund Reserves
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

Life insurance reserves:
1

Total liabilities

880.0

920.9

1013.2

1060.4

1059.4

1067.2

1077.7

1082.6

1091.6

1092.6

1103.1

1

2
3

Federal government
Life insurance companies

37.8
842.2

39.4
881.6

40.5
972.7

41.6
1018.8

41.6
1017.8

42.0
1025.2

42.1
1035.6

42.7
1039.9

42.8
1048.9

43.3
1049.2

43.5
1059.7

2
3

4

Total assets (Households)

880.0

920.9

1013.2

1060.4

1059.4

1067.2

1077.7

1082.6

1091.6

1092.6

1103.1

4

8766.4

8068.0

9672.7

10636.8

10461.7

10666.5

10954.2

11176.7

11393.8

11271.4

11633.8

5

Pension fund reserves:
5

Total liabilities

6
7

Life insurance companies
Private pension funds (1)

1558.5
4094.7

1604.9
3589.2

1803.2
4517.2

2027.9
4965.5

2055.9
4803.5

2099.5
4920.7

2152.2
5066.5

2197.4
5159.5

2281.9
5205.5

2287.2
5107.3

2345.0
5262.4

6
7

8
9

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

2253.5
859.7

1980.0
893.8

2393.9
958.5

2620.0
1023.5

2588.0
1014.2

2631.2
1015.1

2697.8
1037.6

2745.3
1074.5

2838.0
1068.4

2802.3
1074.6

2927.9
1098.5

8
9

8766.4

8068.0

9672.7

10636.8

10461.7

10666.5

10954.2

11176.7

11393.8

11271.4

11633.8

10

10

Total assets (Households) (3)

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

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

Total taxes payable by all businesses

219.2

241.4

240.5

268.1

285.0

287.7

295.8

295.7

311.6

311.8

321.1

1

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

81.0
68.7

93.0
70.2

81.2
69.7

88.0
77.3

99.7
78.7

98.1
81.0

99.7
83.2

93.1
85.6

102.5
87.4

97.6
88.7

101.0
90.2

2
3

4
5

U.S.-chartered commercial banks
Savings institutions

13.5
1.7

16.2
1.5

19.1
1.3

22.2
1.9

23.0
1.8

23.9
1.9

24.8
2.1

25.6
2.6

26.5
3.0

27.4
2.8

28.4
2.9

4
5

6
7

Property-casualty insurance companies
Life insurance companies

22.4
19.7

25.6
22.1

29.3
24.9

33.5
28.1

34.6
28.9

35.8
29.8

37.0
30.7

38.2
31.6

39.4
32.6

40.7
33.6

42.0
34.6

6
7

8
9

Finance companies
Brokers and dealers

10.2
1.9

11.6
1.3

13.2
1.8

15.0
2.2

15.5
2.6

16.0
1.3

16.5
1.8

17.1
1.9

17.6
2.6

18.2
2.8

18.7
3.3

8
9

125.9

115.1

171.1

171.9

193.0

190.6

214.9

200.3

218.5

237.5

264.4

10

46.1
79.8

50.8
64.3

68.4
102.8

89.0
82.9

97.7
95.3

107.7
83.0

116.7
98.2

126.4
74.0

139.0
79.5

155.6
81.9

170.3
94.1

11
12

93.3

126.3

69.3

96.2

91.9

97.0

80.8

95.4

93.1

74.3

56.7

13

10
11
12
13

Total business taxes receivable
State and local governments
Federal government
Discrepancy

L.227 Proprietors’ Equity in Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4

Total household equity
Nonfarm noncorporate business
Farm business
Brokers and dealers

4805.7

4970.0

5399.6

5957.7

6133.1

6357.7

6555.0

6739.9

6942.3

7055.0

7140.9

1

3823.4
976.1
6.2

3938.9
1026.1
5.0

4296.8
1098.1
4.8

4679.1
1274.2
4.4

4799.9
1328.3
4.8

4987.5
1365.2
5.0

5134.5
1415.3
5.2

5267.9
1467.3
4.6

5442.4
1493.5
6.4

5538.7
1510.0
6.4

5607.8
1527.4
5.7

2
3
4

98

Z.1, December 7, 2006

L.228 Total Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

11281.6

11976.1

12431.7

13877.4

13895.1

14106.8

13878.6

13982.4

13807.0

13807.1

14043.7

1

2
3
4

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business

19.1
3561.7
607.3

20.0
3627.9
625.9

20.9
3528.0
648.8

22.5
3721.6
738.7

22.7
3695.3
756.4

23.5
3642.6
771.0

22.7
3536.6
772.2

22.4
3448.9
788.1

22.6
3334.6
797.0

22.7
3209.6
800.1

22.8
3138.0
818.2

2
3
4

5
6

Federal government
Rest of the world

772.0
1980.8

798.2
2282.0

831.3
2292.7

880.3
2940.5

871.6
2923.6

869.9
3049.9

886.5
2755.9

904.0
2932.4

889.9
2800.2

894.3
2866.4

909.3
2969.0

5
6

7
8
9
10

Monetary authority
Commercial banking
Savings institutions
Credit unions

7.7
1256.6
123.3
3.8

30.3
1430.8
148.9
5.7

34.5
1549.2
146.9
7.4

44.4
1700.3
180.6
9.3

37.4
1726.7
183.0
8.7

40.2
1776.9
187.8
12.1

42.0
1718.3
194.0
14.2

47.8
1689.3
209.0
11.9

42.8
1720.7
214.0
9.9

46.8
1761.3
215.6
9.8

49.6
1740.5
243.9
13.0

7
8
9
10

11
12

Property-casualty insurance companies
Life insurance companies

574.6
611.2

615.7
626.7

667.2
730.6

710.8
783.9

720.4
801.4

727.5
810.6

753.5
829.0

762.5
808.0

768.3
827.0

777.5
835.1

785.2
851.2

11
12

13
14

Government-sponsored enterprises
Finance companies

141.5
471.6

169.2
539.4

142.6
666.4

141.5
719.7

137.8
683.1

139.5
696.8

143.9
741.4

143.5
702.7

120.0
703.2

108.1
694.3

121.6
708.1

13
14

15
16
17

REITs
Brokers and dealers
Funding corporations

38.0
374.6
737.9

40.6
301.7
713.2

42.3
346.3
776.5

49.9
420.9
812.3

47.1
415.1
864.9

50.4
442.3
866.0

51.9
461.7
954.9

51.3
474.8
985.9

53.6
467.0
1035.9

55.3
498.7
1011.4

60.9
519.6
1092.8

15
16
17

14731.8

15246.1

15458.5

16756.1

17012.6

17211.2

17329.9

17361.0

17406.6

17660.1

17871.4

18

18

Total liabilities

2002

Total assets

19
20
21
22

Household sector
Nonfinancial corporate business
Nonfarm noncorporate business
Farm business

389.4
6940.5
683.6
47.3

420.0
7063.3
724.2
51.4

462.0
7118.5
791.5
56.0

502.8
7700.2
912.1
60.6

510.3
7685.6
935.3
61.1

518.0
7746.0
971.1
62.0

536.7
7767.3
1007.7
64.6

528.1
7839.7
1045.3
65.4

536.1
7880.3
1073.3
65.7

543.2
7940.2
1094.2
66.4

549.2
8038.6
1118.7
67.4

19
20
21
22

23
24
25

State and local governments
Federal government
Rest of the world

133.9
100.3
1788.8

105.4
100.3
1942.5

99.3
101.7
1465.4

96.0
102.3
1565.5

66.8
101.2
1783.5

63.0
100.9
1656.0

67.8
100.6
1567.4

50.6
100.9
1477.2

44.8
102.6
1360.2

31.6
102.8
1360.9

19.9
102.5
1321.4

23
24
25

26
27
28
29

Monetary authority
Commercial banking
Savings institutions
Credit unions

20.3
1347.9
84.5
18.3

19.6
1443.4
103.6
30.4

18.2
1566.8
99.2
26.3

18.6
1720.9
98.5
24.5

17.5
1729.7
88.0
28.5

17.9
1778.9
87.8
30.3

17.3
1817.1
90.4
29.2

18.1
1793.2
108.4
24.2

17.5
1781.2
113.0
20.2

17.6
1809.9
121.1
19.7

17.8
1782.1
118.6
19.7

26
27
28
29

30
31
32
33
34

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

54.4
40.1
426.8
10.0
765.8

84.1
46.8
408.4
10.4
790.3

85.0
74.7
474.8
11.3
815.0

91.6
126.6
479.6
11.8
855.9

95.5
148.5
462.8
0.2
844.3

96.4
158.1
465.3
5.1
840.1

98.9
163.7
470.4
11.2
854.2

107.3
153.1
481.3
13.7
882.9

108.9
141.4
480.3
10.8
868.8

111.3
134.9
475.8
11.3
873.3

113.6
118.0
480.9
11.2
888.2

30
31
32
33
34

35
36
37

Money market mutual funds
Mutual funds
Government-sponsored enterprises

65.1
0.9
68.9

56.5
0.9
90.9

56.2
2.0
107.4

53.3
7.0
110.7

45.5
8.3
106.8

47.1
8.0
100.0

52.0
9.8
97.1

47.1
10.7
101.2

48.4
14.4
99.0

49.4
13.5
100.9

63.7
13.5
99.8

35
36
37

38
39
40
41

Finance companies
REITs
Brokers and dealers
Funding corporations

294.9
22.9
821.0
606.4

329.7
25.1
723.7
675.1

437.4
29.5
858.8
701.3

397.5
40.7
994.0
785.3

378.0
43.7
1048.5
823.1

384.7
46.8
1139.8
887.7

268.8
48.6
1245.2
944.2

275.6
49.4
1220.4
967.2

265.5
54.7
1311.7
1007.9

235.1
58.4
1447.1
1041.5

215.4
58.3
1538.9
1114.0

38
39
40
41

-3450.2

-3269.9

-3026.9

-2878.7

-3117.5

-3104.3

-3451.4

-3378.6

-3599.6

-3853.0

-3827.7

42

42

Discrepancy

99

Z.1, December 7, 2006

L.229 Identified Miscellaneous Financial Claims - Part I
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

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

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

1693.1
1462.7
49.6
54.4
18.2
93.9
14.3

1867.0
1583.9
49.9
84.1
24.5
111.7
12.9

2059.9
1723.9
56.3
85.0
27.9
151.3
15.4

2399.2
1998.2
78.2
91.6
30.1
181.0
20.1

2433.8
2020.3
79.3
95.5
30.7
187.2
21.0

2472.7
2059.5
79.1
96.4
30.0
187.5
20.2

2448.5
2028.9
79.8
98.9
31.2
189.0
20.6

2453.9
2048.4
69.8
107.3
35.1
169.3
24.0

2521.1
2106.4
72.7
108.9
35.7
172.5
24.9

2572.9
2150.1
73.9
111.3
36.2
175.0
26.4

2633.5
2198.2
77.0
113.6
36.7
181.1
26.9

1
2
3
4
5
6
7

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

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

1232.6
2.9
67.2
66.4
38.8
68.6
72.2
-30.3

1167.7
2.8
73.3
63.3
49.6
49.9
78.6
14.7

1192.6
2.4
85.2
68.2
46.6
68.1
87.3
26.5

1238.1
2.5
122.7
63.9
65.5
64.4
94.1
75.9

1251.5
2.5
128.0
66.5
66.4
65.6
92.5
85.2

1248.2
2.6
130.2
64.2
67.5
66.7
92.0
97.0

1249.1
2.5
131.6
63.0
68.7
67.4
91.7
141.0

1309.6
2.6
130.9
63.3
68.7
75.5
93.9
129.7

1340.5
2.6
136.2
66.2
72.6
75.3
93.3
133.3

1352.1
2.6
138.6
67.8
81.5
74.7
93.9
159.4

1354.2
2.7
141.8
70.1
87.3
74.2
93.3
194.7

8
9
10
11
12
13
14
15

16

Asset: Rest of the world

1518.5

1500.0

1577.0

1727.1

1758.2

1768.4

1815.1

1874.3

1920.1

1970.6

2018.3

16

37.1
37.1

38.6
38.6

40.0
40.0

42.0
42.0

42.3
42.3

42.7
42.7

43.0
43.0

43.2
43.2

45.1
45.1

45.3
45.3

45.6
45.6

17
18

7.4
7.4

8.4
8.4

8.8
8.8

11.9
11.9

12.6
12.6

12.9
12.9

13.3
13.3

13.5
13.5

13.8
13.8

15.0
15.0

15.1
15.1

19
20

Federal government equity in IBRD, etc.:
17
18

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

19
20

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

21

Liab.: Government-sponsored enterprises

37.1

39.1

42.3

45.2

45.1

45.9

46.7

46.7

47.3

47.3

47.4

21

22
23
24
25
26
27
28
29

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

0.0
1.8
2.0
0.0
15.2
17.0
0.9
0.3

0.0
1.8
2.1
0.0
17.5
16.0
1.2
0.5

0.0
2.1
2.5
0.0
18.7
16.4
1.4
1.1

0.0
2.4
2.7
0.0
19.3
17.4
1.7
1.7

0.0
2.1
2.6
0.0
20.0
17.1
1.7
1.7

0.0
1.9
2.6
0.0
20.0
18.1
1.7
1.6

0.0
1.8
2.8
0.0
20.2
18.5
1.8
1.6

0.0
1.8
2.8
0.0
20.2
18.5
1.8
1.6

0.0
1.8
2.9
0.0
20.5
18.7
1.8
1.6

0.0
1.8
2.9
0.0
20.6
18.7
1.8
1.5

0.0
1.8
3.0
0.0
20.0
19.2
1.9
1.5

22
23
24
25
26
27
28
29

BHC investment in subsidiaries:
30
31
32
33

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

586.1
7.4
56.5
155.6

639.2
8.3
54.9
156.1

689.8
9.3
64.3
191.4

857.0
10.5
77.9
252.9

853.3
10.8
76.2
239.1

876.3
11.1
78.3
245.0

878.0
11.4
83.7
269.6

897.0
11.8
156.1
216.4

914.5
12.1
159.1
180.8

929.7
12.5
163.3
187.2

962.0
12.8
167.9
190.9

30
31
32
33

34

Asset: Bank holding companies

805.6

858.5

954.8

1198.2

1179.3

1210.7

1242.8

1281.2

1266.5

1292.7

1333.6

34

100.1
100.1

124.8
124.8

138.6
138.6

179.9
179.9

178.3
178.3

181.7
181.7

187.3
187.3

156.1
156.1

159.1
159.1

163.3
163.3

167.9
167.9

35
36

NFC inv. in finance company subs.:
35
36

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

37
38

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

108.7
497.6

127.8
547.3

135.0
566.3

167.7
617.5

169.1
654.0

184.8
703.0

189.8
754.4

188.8
778.5

212.9
795.0

215.0
826.5

211.8
902.2

37
38

39

Asset: Funding corporations

606.4

675.1

701.3

785.3

823.1

887.7

944.2

967.2

1007.9

1041.5

1114.0

39

100

Z.1, December 7, 2006

L.230 Identified Miscellaneous Financial Claims - Part II
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

Q2

Q3

Q4

2006
Q2

Q1

Q3

Nonofficial foreign currencies:
1
2

Liab.: Rest of the world
Asset: Federal government

2.5
2.5

2.6
2.6

2.8
2.8

2.8
2.8

0.7
0.7

0.6
0.6

0.6
0.6

0.6
0.6

0.6
0.6

0.6
0.6

0.6
0.6

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

25.7
25.7

27.6
27.6

20.5
20.5

18.3
18.3

18.2
18.2

17.8
17.8

19.1
19.1

19.1
19.1

21.5
21.5

18.6
18.6

18.2
18.2

5
6

19.1
19.1

20.0
20.0

20.9
20.9

22.5
22.5

22.7
22.7

23.5
23.5

22.7
22.7

22.4
22.4

22.6
22.6

22.7
22.7

22.8
22.8

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

175.4
100.5
40.4
34.4

185.6
110.6
40.6
34.5

199.5
121.5
40.5
37.5

211.0
131.3
41.7
38.0

212.7
132.5
42.2
38.0

213.8
133.4
42.3
38.1

218.4
137.9
42.6
38.0

217.3
138.3
42.7
36.3

224.0
141.7
43.2
39.1

227.9
144.8
43.5
39.6

231.9
148.0
43.8
40.2

9
10
11
12

13

Asset: Household sector

175.4

185.6

199.5

211.0

212.7

213.8

218.4

217.3

224.0

227.9

231.9

13

Policy payables:
14

Liab.: Property-casualty insurance companies

508.2

552.4

599.0

646.9

653.9

663.4

690.5

699.2

702.1

709.7

715.2

14

15
16
17
18

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

214.0
200.8
48.3
45.3

232.4
218.2
52.5
49.3

252.0
236.6
56.9
53.5

273.0
255.5
60.5
57.9

276.0
258.3
61.1
58.5

280.0
262.0
62.0
59.3

291.4
272.7
64.5
61.8

295.1
276.2
65.3
62.5

296.4
277.3
65.6
62.8

299.6
280.3
66.3
63.5

301.5
282.0
67.3
64.4

15
16
17
18

275.8
275.8

249.6
249.6

317.0
317.0

328.4
328.4

316.0
316.0

322.2
322.2

327.5
327.5

338.4
338.4

340.8
340.8

339.1
339.1

347.0
347.0

19
20

48.4
48.4

49.9
49.9

49.8
49.8

46.6
46.6

45.5
45.5

43.9
43.9

46.2
46.2

44.8
44.8

44.3
44.3

43.8
43.8

43.3
43.3

21
22

578.3
578.3

575.4
575.4

678.0
678.0

764.8
764.8

822.4
822.4

900.4
900.4

989.2
989.2

956.3
956.3

1015.4
1015.4

1130.2
1130.2

1214.2
1214.2

23
24

765.8
765.8

790.3
790.3

815.0
815.0

855.9
855.9

844.3
844.3

840.1
840.1

854.2
854.2

882.9
882.9

868.8
868.8

873.3
873.3

888.2
888.2

25
26

0.0
0.0

1.9
1.9

10.5
10.5

18.8
18.8

21.6
21.6

24.3
24.3

26.8
26.8

15.7
15.7

15.7
15.7

15.7
15.7

15.8
15.8

27
28

Unallocated insurance company contracts:
19
20

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

21
22

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

23
24

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

25
26

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

27
28

Liab.: Federal government
Asset: Household sector

101

Z.1, December 7, 2006

L.231 Unidentified Miscellaneous Financial Claims
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004

2005
Q1

1

Total liabilities

Q2

Q3

Q4

Q1

2006
Q2

Q3

4077.2

4409.3

4196.2

4572.6

4464.2

4434.1

3942.6

3949.6

3570.4

3276.9

3171.1

1

2280.7
604.3

2410.3
623.1

2285.6
646.4

2436.8
736.2

2398.3
753.8

2350.5
768.4

2241.2
769.7

2094.5
785.5

1949.9
794.4

1813.8
797.5

1740.5
815.5

2
3

Federal government
Rest of the world
Monetary authority

6.2
248.1
0.4

6.0
373.8
21.9

5.8
190.0
25.7

5.6
496.6
32.5

5.6
446.7
24.9

5.5
533.9
27.3

5.6
263.9
28.7

5.4
434.7
34.3

5.4
233.5
29.1

5.3
247.7
31.8

5.3
289.3
34.5

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

494.5
173.7
141.0
150.8
29.0

590.4
210.6
160.7
190.9
28.3

639.2
263.2
102.9
241.4
31.7

552.9
319.2
-80.4
271.6
42.5

576.3
303.2
-43.0
273.2
42.8

585.6
284.7
-28.6
287.6
42.0

518.8
264.2
5.0
207.8
41.8

472.6
270.6
-56.1
216.0
42.2

457.1
298.2
-101.9
219.3
41.6

478.0
279.5
-69.1
225.7
41.7

424.9
316.0
-165.8
235.5
39.2

7
8
9
10
11

12
13
14
15

Savings institutions
Credit unions
Life insurance companies
Government-sponsored enterprises

115.9
3.8
121.2
78.7

140.6
5.7
141.9
102.5

137.6
7.4
167.5
79.8

170.1
9.3
179.1
77.9

172.2
8.7
206.3
74.5

176.7
12.1
207.1
75.8

182.5
14.2
214.4
78.0

197.2
11.9
183.7
77.7

201.9
9.9
189.6
51.2

203.1
9.8
186.5
42.2

231.0
13.0
185.0
56.0

12
13
14
15

16
17
18
19

Finance companies
REITs
Brokers and dealers
Funding corporations

246.3
38.0
-350.8
189.9

309.8
40.6
-480.3
123.1

395.4
42.3
-498.7
72.0

397.6
49.9
-543.7
-28.4

363.1
47.1
-570.5
-42.8

370.1
50.4
-597.7
-131.4

402.9
51.9
-654.0
-175.3

314.9
51.3
-614.0
-100.1

309.7
53.6
-602.2
-112.8

292.9
55.3
-608.9
-278.2

298.1
60.9
-666.9
-316.2

16
17
18
19

7527.4

7679.2

7223.0

7451.3

7581.7

7538.5

7394.0

7328.2

7170.0

7129.8

6998.8

20

5176.9
633.5
133.9

5136.4
670.0
105.4

5019.4
732.6
99.3

5266.6
849.2
96.0

5228.8
872.1
66.8

5242.7
907.3
63.0

5278.4
941.4
67.8

5359.0
978.2
50.6

5337.5
1005.9
44.8

5346.5
1026.1
31.6

5390.5
1049.6
19.9

21
22
23

2
3

Nonfinancial corporate business
Nonfarm noncorporate business

4
5
6

20

Total assets

21
22
23

Nonfinancial corporate business
Nonfarm noncorporate business
State and local governments

24
25
26

Federal government
Rest of the world
Monetary authority

60.7
270.3
20.3

59.1
442.6
19.6

58.9
-111.5
18.2

57.5
-161.5
18.6

58.2
25.3
17.5

57.6
-112.3
17.9

57.0
-247.7
17.3

57.1
-397.1
18.1

56.9
-559.9
17.5

57.0
-609.7
17.6

56.3
-696.9
17.8

24
25
26

27
28
29
30
31

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

470.1
158.2
187.2
112.2
12.5

509.0
178.9
184.2
139.5
6.4

528.2
204.3
157.6
161.9
4.3

413.2
176.9
36.8
194.4
5.2

438.5
193.4
39.7
199.9
5.5

456.1
189.0
52.7
209.2
5.1

461.1
180.4
65.2
210.1
5.4

408.4
189.7
2.8
210.6
5.3

407.8
195.6
-14.0
220.1
6.1

407.7
200.6
-33.9
232.6
8.5

336.4
188.3
-92.8
234.9
5.9

27
28
29
30
31

32
33

Savings institutions
Credit unions

41.9
17.4

59.9
29.2

62.3
24.9

62.8
22.8

52.7
26.8

51.9
28.6

52.8
27.5

70.8
22.4

72.7
18.4

83.8
17.9

81.2
17.9

32
33

34
35
36

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

2.5
102.6
10.0

1.8
108.9
10.4

24.8
108.0
11.3

72.3
104.5
11.8

93.4
101.3
0.2

103.0
99.2
5.1

108.2
96.7
11.2

94.0
98.2
13.7

81.5
95.2
10.8

74.4
92.9
11.3

57.0
90.6
11.2

34
35
36

37
38
39

Mutual funds
Money market mutual funds
Government-sponsored enterprises

0.9
65.1
68.9

0.9
56.5
90.9

2.0
56.2
107.4

7.0
53.3
110.7

8.3
45.5
106.8

8.0
47.1
100.0

9.8
52.0
97.1

10.7
47.1
101.2

14.4
48.4
99.0

13.5
49.4
100.9

13.5
63.7
99.8

37
38
39

40
41
42

Finance companies
REITs
Brokers and dealers

200.9
22.9
228.4

218.1
25.1
135.4

286.1
29.5
165.4

216.6
40.7
209.0

190.8
43.7
205.1

197.2
46.8
219.2

79.7
48.6
235.4

106.3
49.4
240.1

93.1
54.7
271.3

60.1
58.4
290.5

34.3
58.3
297.8

40
41
42

-3450.2

-3269.9

-3026.9

-2878.7

-3117.5

-3104.3

-3451.4

-3378.6

-3599.6

-3853.0

-3827.7

43

43

Discrepancy

102

Z.1, December 7, 2006

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2
3
4
5
6
7
8

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

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

48383.9

47596.2

53780.0

58967.7

59574.5

60865.1

62449.9

63975.4

65705.9

66014.4

67058.2

1

17017.2

18528.8

20238.8

22523.9

23126.7

23880.5

24549.8

25173.1

25780.4

26245.4

26542.1

2

13718.3
12478.5
1239.8

15087.1
13777.1
1310.0

16675.0
15260.7
1414.3

18759.0
17190.1
1568.9

19300.6
17693.5
1607.2

19997.8
18311.1
1686.7

20638.6
18908.0
1730.6

21222.6
19446.7
1775.8

21770.3
19926.1
1844.1

22177.6
20286.3
1891.2

22419.3
20480.8
1938.5

3
4
5

154.7
3144.2

168.7
3273.0

183.4
3380.3

198.1
3566.8

203.9
3622.2

209.2
3673.4

207.4
3703.8

212.5
3738.0

219.3
3790.9

225.6
3842.2

231.5
3891.3

6
7

31366.8

29067.5

33541.1

36443.8

36447.8

36984.7

37900.2

38802.3

39925.4

39768.9

40516.1

8

9
10
11
12
13

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

4842.3
48.7
348.3
3332.1
1113.2

5121.7
49.9
345.6
3656.2
1070.0

5290.1
52.1
286.8
3991.3
959.8

5633.9
57.5
319.0
4353.9
903.5

5809.5
63.8
356.5
4518.5
870.8

5811.2
60.7
329.1
4555.0
866.3

5919.5
62.0
275.8
4693.9
887.7

6068.2
62.7
308.1
4740.1
957.3

6208.2
66.2
295.8
4889.5
956.7

6267.6
69.8
284.6
4920.8
992.4

6425.5
72.6
272.1
5040.8
1039.9

9
10
11
12
13

14
15
16
17
18
19
20
21
22

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

2117.7
97.3
445.0
190.3
254.6
402.6
581.1
466.4
125.4

2197.5
110.4
288.0
194.9
93.1
243.9
678.7
740.3
136.2

2529.6
105.9
440.6
203.8
236.8
388.5
707.7
739.0
147.9

2747.9
136.1
562.7
204.4
358.3
435.3
740.9
712.6
160.2

2707.9
137.4
564.6
204.2
360.4
418.4
755.7
668.4
163.4

2802.5
151.7
510.7
204.2
306.5
486.5
789.1
697.6
166.9

2796.7
158.6
501.3
203.6
297.7
592.9
800.1
573.5
170.3

3026.4
164.2
547.2
205.1
342.1
638.8
816.0
687.0
173.3

3098.6
169.3
679.6
205.9
473.7
634.5
817.8
620.5
176.9

3092.1
175.8
635.3
205.2
430.2
641.0
853.8
605.5
180.6

3041.0
181.3
579.4
203.6
375.8
678.6
855.0
562.2
184.5

14
15
16
17
18
19
20
21
22

23
24
25
26
27
28
29

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

6376.8
2734.2
454.3
880.0
8766.4
4805.7
389.4

4536.2
2420.5
412.7
920.9
8068.0
4970.0
420.0

5613.1
3085.4
475.4
1013.2
9672.7
5399.6
462.0

5715.2
3610.7
578.3
1060.4
10636.8
5957.7
502.8

5485.9
3710.5
569.4
1059.4
10461.7
6133.1
510.3

5396.7
3781.7
583.2
1067.2
10666.5
6357.7
518.0

5489.5
3992.5
578.4
1077.7
10954.2
6555.0
536.7

5491.6
4121.4
567.4
1082.6
11176.7
6739.9
528.1

5551.9
4504.3
598.6
1091.6
11393.8
6942.3
536.1

5296.4
4504.4
646.3
1092.6
11271.4
7055.0
543.2

5341.5
4636.2
644.9
1103.1
11633.8
7140.9
549.2

23
24
25
26
27
28
29

7997.7

8783.4

9812.0

11005.4

11189.0

11520.0

11888.6

12214.2

12444.9

12726.6

12994.5

30

7649.4
5286.4
1899.6
151.3
43.5
120.3
148.2

8463.2
5970.3
2013.0
164.2
21.0
120.6
174.1

9451.8
6825.0
2117.0
178.3
38.8
119.0
173.6

10560.1
7801.6
2233.9
188.6
23.1
119.4
193.4

10740.9
7991.3
2215.8
192.4
24.4
118.8
198.3

11073.2
8275.0
2240.1
196.7
36.8
119.3
205.4

11447.6
8592.9
2288.1
199.1
35.3
118.8
213.3

11798.7
8879.3
2325.3
205.1
46.8
119.4
222.8

12011.6
9099.3
2293.9
207.3
61.9
120.0
229.2

12298.2
9321.7
2328.8
215.4
73.9
121.5
236.9

12555.1
9501.7
2386.2
218.3
82.8
121.2
244.8

31
32
33
34
35
36
37

196.4
132.9

148.2
152.0

182.5
156.8

264.0
158.8

266.1
159.3

263.5
159.8

258.0
160.3

232.3
160.8

249.5
161.3

243.8
161.8

254.3
162.3

38
39

19.1

20.0

20.9

22.5

22.7

23.5

22.7

22.4

22.6

22.7

22.8

40

40386.2

38812.9

43968.0

47962.4

48385.5

49345.2

50561.3

51761.2

53260.9

53287.8

54063.7

41

9141.9
8760.7
235.3
145.9
866.6

9765.6
9369.3
244.9
151.3
907.3

10657.4
10239.3
259.7
158.5
957.8

11876.2
11427.1
279.2
169.9
1059.7

12045.8
11594.2
280.5
171.1
1083.8

12267.0
11811.1
283.1
172.9
1102.2

12551.7
12088.9
287.4
175.5
1127.1

12856.9
12386.6
292.0
178.3
1165.6

13092.7
12617.6
294.9
180.2
1194.5

13294.6
12815.7
297.1
181.7
1219.9

13383.7
12905.0
297.0
181.7
1230.7

42
43
44
45
46

7486.8

7830.1

8162.5

8681.6

8890.9

8969.7

9047.7

9236.1

9388.8

9446.2

9588.4

47

539.4

495.7

538.7

552.5

544.2

550.1

558.8

560.4

567.3

564.1

563.8

48

7192.1

7806.9

8435.7

9388.4

9702.1

10036.1

10315.1

10567.4

10826.8

10964.6

10979.1

49

57.6

56.7

55.3

54.6

54.8

54.8

54.6

54.3

54.3

54.0

53.6

50

30

Liabilities

31
32
33
34
35
36
37

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

38
39

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

40
41

Net worth

42
43
44
45
46

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

47
48
49
50

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

(1) Sector includes farm households.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.
(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.
(8) Liabilities of nonprofit organizations.
(9) Line 4 less line 32.
(10) Line 49 divided by line 4.

103

Z.1, December 7, 2006

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

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

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

19125.3

19474.1

20065.1

21670.7

21928.0

22390.7

22704.3

23038.0

23441.2

23818.4

24186.2

1

9226.4

9532.3

9956.3

10737.0

10931.9

11271.3

11473.3

11690.0

12001.7

12271.8

12499.4

2

4793.5
3167.3
1265.6

5035.6
3193.3
1303.4

5360.7
3250.3
1345.3

5902.9
3356.7
1477.5

6024.3
3400.4
1507.2

6322.1
3435.8
1513.4

6484.4
3449.9
1538.9

6637.2
3484.0
1568.8

6881.2
3537.7
1582.8

7051.3
3585.4
1635.1

7227.3
3625.6
1646.4

3
4
5

9898.9

9941.8

10108.8

10933.7

10996.1

11119.4

11231.1

11348.0

11439.5

11546.7

11686.8

6

15.5
181.9
281.1
301.9
4.0
60.2
16.9
17.5
29.3
46.6
73.1
1817.9
112.5
6940.5

20.6
147.0
291.3
329.7
6.2
64.8
31.4
16.9
32.1
49.6
74.7
1719.6
94.6
7063.3

38.1
198.7
362.8
291.2
6.0
75.7
32.8
12.1
35.4
51.8
58.5
1702.4
124.8
7118.5

53.7
164.6
420.5
319.0
6.4
95.0
33.0
12.2
35.0
67.9
58.5
1827.8
139.8
7700.2

55.3
143.4
436.1
316.4
6.2
88.0
32.8
12.1
35.6
71.9
54.8
1917.9
139.8
7685.6

53.5
146.2
420.0
322.3
8.5
87.4
35.3
13.0
32.6
76.0
55.3
1980.1
143.3
7746.0

57.6
142.8
430.9
334.8
11.6
98.0
32.6
12.0
33.2
80.0
56.9
2022.1
151.2
7767.3

73.8
127.3
466.0
354.8
14.9
106.8
36.9
13.7
32.6
84.0
58.6
1982.5
156.3
7839.7

64.4
111.3
468.8
358.1
10.6
106.5
35.0
12.9
34.6
88.1
54.9
2048.6
165.3
7880.3

71.3
64.7
459.2
375.4
12.1
113.2
32.9
12.2
34.4
92.1
52.6
2122.0
164.3
7940.2

70.5
26.7
455.4
403.1
17.2
126.1
34.0
12.6
33.4
96.2
51.9
2151.0
170.2
8038.6

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

9809.5

9922.8

9867.4

10347.1

10423.3

10479.0

10487.0

10506.9

10516.4

10549.1

10590.4

21

22
23
24
25
26
27
28

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

4729.1
177.9
157.7
2578.0
743.7
653.1
418.7

4744.6
119.9
160.8
2710.3
635.5
665.0
453.1

4855.5
84.8
164.2
2868.6
561.6
666.5
509.6

5033.2
101.6
169.4
2946.3
576.2
683.7
556.0

5094.4
115.3
170.4
2954.9
587.7
698.6
567.6

5167.8
114.4
172.1
2962.4
608.3
724.7
585.9

5227.8
119.6
173.6
2987.3
615.3
722.6
609.4

5312.4
93.8
176.7
3006.2
638.4
755.1
642.3

5409.6
100.4
177.1
3059.6
662.5
750.3
659.7

5535.4
115.4
179.0
3111.4
671.8
776.1
681.7

5609.1
114.2
179.7
3141.3
689.9
775.3
708.7

22
23
24
25
26
27
28

29
30
31

Trade payables
Taxes payable
Miscellaneous liabilities

1437.7
81.0
3561.7

1457.4
93.0
3627.9

1402.7
81.2
3528.0

1504.3
88.0
3721.6

1533.9
99.7
3695.3

1570.6
98.1
3642.6

1623.0
99.7
3536.6

1652.5
93.1
3448.9

1669.6
102.5
3334.6

1706.5
97.6
3209.6

1742.2
101.0
3138.0

29
30
31

32

Net worth (market value)

9315.8

9551.3

10197.7

11323.6

11504.7

11911.8

12217.3

12531.1

12924.8

13269.3

13595.8

32

105.0
4216.9

110.1
4363.8

116.1
4519.2

126.1
4916.1

127.6
5033.7

129.5
5125.3

132.5
5259.9

135.3
5447.7

137.4
5589.6

139.2
5716.6

139.8
5775.8

33
34

10804.8
50.8
43.8
116.0

7839.3
49.7
60.5
82.1

10043.6
47.6
48.3
98.5

10807.0
44.4
46.6
95.4

10608.8
44.3
48.0
92.2

10610.9
43.4
48.7
89.1

10984.0
42.8
47.6
89.9

10876.3
42.4
48.8
86.8

11255.9
41.9
48.1
87.1

10780.1
41.7
51.3
81.2

11009.0
41.3
51.0
81.0

35
36
37
38

16727.7

16952.3

17293.0

18413.1

18606.3

18814.1

19002.3

19194.2

19424.1

19648.7

19915.3

39

6828.8
2644.2
2975.0
1209.5

7010.4
2765.4
3013.5
1231.6

7184.1
2864.7
3050.3
1269.2

7479.4
2979.2
3108.9
1391.3

7610.2
3012.1
3133.0
1465.1

7694.7
3047.0
3160.3
1487.4

7771.2
3080.2
3176.7
1514.3

7846.2
3119.8
3208.4
1518.0

7984.6
3161.7
3247.1
1575.8

8102.0
3208.9
3283.3
1609.8

8228.5
3260.6
3321.7
1646.2

40
41
42
43

33
34
35
36
37
38

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

39
40
41
42
43

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

44

Net worth (historical cost) (9)

6918.2

7029.4

7425.6

8066.0

8183.0

8335.2

8515.3

8687.3

8907.7

9099.5

9324.9

44

45
46
47

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

44.3
2408.8
68.4

46.8
2514.7
67.5

49.6
2623.4
65.4

52.7
2736.5
62.4

53.6
2768.2
62.3

54.5
2800.6
62.0

55.4
2830.7
61.4

56.3
2867.1
61.2

57.3
2906.8
60.7

58.2
2950.9
60.8

59.1
2998.6
60.2

45
46
47

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

104

Z.1, December 7, 2006

B.103 Balance Sheet of Nonfarm Noncorporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2001

1
2

Assets
Tangible assets

2002

2003

2004
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

6713.1

7022.7

7475.0

8222.5

8421.0

8718.3

8954.7

9205.5

9472.5

9645.2

9802.7

1

5134.2

5365.7

5734.0

6209.8

6355.5

6571.3

6726.9

6892.4

7095.5

7221.1

7323.7

2

4690.2
3524.1
1166.1

4906.8
3713.5
1193.3

5258.2
4021.8
1236.4

5707.7
4390.4
1317.3

5844.2
4515.1
1329.1

6053.6
4667.7
1385.9

6203.8
4780.9
1423.0

6362.6
4902.2
1460.4

6556.7
5052.2
1504.5

6672.6
5133.4
1539.2

6768.2
5194.6
1573.6

3
4
5

377.4
39.8
337.6

390.2
40.4
349.8

405.0
40.3
364.7

424.3
41.9
382.5

432.0
43.4
388.6

438.1
44.5
393.7

442.1
44.8
397.3

447.3
45.4
401.9

455.4
46.6
408.8

462.4
47.3
415.1

468.8
48.3
420.5

6
7
8

3
4
5

Real estate (1)
Residential
Nonresidential

6
7
8

Equipment and software (2)
Residential (3)
Nonresidential

9

Inventories (2)

66.6

68.6

70.8

77.8

79.3

79.7

81.0

82.6

83.3

86.1

86.7

9

10

Financial assets

1578.8

1657.0

1741.0

2012.7

2065.5

2147.0

2227.7

2313.0

2377.0

2424.1

2479.1

10

164.5
254.7
59.0

167.1
269.2
61.3

171.2
313.0
53.1

198.5
362.8
61.5

203.8
372.6
63.2

212.0
387.6
65.7

220.0
402.2
68.2

228.6
417.9
70.9

235.1
429.8
72.9

239.8
438.4
74.4

245.3
448.5
76.1

11
12
13

42.8
3.5
26.8
0

42.8
3.4
26.2
0

44.9
2.7
26.0
0

52.0
3.1
30.2
0

53.4
3.2
31.0
0

55.6
3.3
32.2
0

57.6
3.5
33.4
0

59.9
3.6
34.7
0

61.6
3.7
35.7
0

62.8
3.8
36.5
0

64.3
3.9
37.3
0

14
15
16
17

343.9
683.6
48.3
1.8
633.5

362.8
724.2
52.5
1.8
670.0

338.6
791.5
56.9
2.1
732.6

392.5
912.1
60.5
2.4
849.2

403.0
935.3
61.1
2.1
872.1

419.3
971.1
62.0
1.9
907.3

435.1
1007.7
64.5
1.8
941.4

452.1
1045.3
65.3
1.8
978.2

464.9
1073.3
65.6
1.8
1005.9

474.2
1094.2
66.3
1.8
1026.1

485.1
1118.7
67.3
1.8
1049.6

18
19
20
21
22

11
12
13

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

14
15
16
17

Treasury securities
Municipal securities
Mortgages
Consumer credit

18
19
20
21
22

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

23
24
25
26
27
28
29
30
31

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

2889.7

3083.7

3178.3

3543.4

3621.1

3730.8

3820.2

3937.5

4030.1

4106.5

4195.0

23

1958.7

2106.7

2203.2

2442.8

2495.9

2580.2

2658.0

2748.3

2823.4

2890.6

2953.8

24

405.3
124.6
1428.8

430.4
126.5
1549.8

441.5
131.7
1629.9

453.0
133.2
1856.7

462.0
132.4
1901.5

478.2
133.7
1968.3

483.7
131.1
2043.3

501.8
134.5
2111.9

520.8
137.6
2165.0

528.1
142.8
2219.7

542.4
145.0
2266.4

25
26
27

255.0
68.7
607.3

281.0
70.2
625.9

256.5
69.7
648.8

284.6
77.3
738.7

290.1
78.7
756.4

298.5
81.0
771.0

306.7
83.2
772.2

315.6
85.6
788.1

322.3
87.4
797.0

327.1
88.7
800.1

332.8
90.2
818.2

28
29
30

3823.4

3938.9

4296.8

4679.1

4799.9

4987.5

5134.5

5267.9

5442.4

5538.7

5607.8

31

2217.9
959.8

2317.4
985.6

2451.2
1008.0

2657.5
1092.9

2676.3
1113.4

2703.7
1127.8

2765.8
1152.6

2807.9
1187.4

2833.1
1211.7

2851.2
1232.3

2845.9
1237.8

32
33

51.2

53.5

51.3

52.2

52.0

51.7

51.8

52.2

51.9

52.2

52.7

34

Memo:

32
33

Replacement-cost value of structures:
Residential
Nonresidential

34

Debt/net worth (percent) (6)

(1) At market value.
(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 23. Included in table B.100, line 28.
(6) Line 24 divided by line 31.

105

Z.1, December 7, 2006

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted
2001

1
2

Change in net worth (1)
Net investment

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

-997.1

-1573.4

5155.1

3994.4

423.1

959.7

1216.2

1199.9

1499.7

26.9

775.9

1

320.5

212.3

488.1

338.4

102.1

-30.2

-96.2

73.4

82.2

-53.0

-73.6

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

493.9
1293.0
799.1

529.0
1363.0
834.0

585.8
1459.0
873.2

640.8
1581.0
940.2

151.0
391.6
240.6

189.7
434.4
244.7

156.5
452.6
296.1

181.6
436.4
254.8

172.3
420.5
248.2

191.9
444.2
252.3

191.0
446.2
255.3

3
4
5

6
7
8

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

-173.4
435.4
608.8

-316.7
468.9
785.7

-97.7
920.7
1018.4

-302.4
876.1
1178.6

-48.8
134.8
183.6

-219.8
111.1
330.9

-252.7
115.9
368.7

-108.2
218.5
326.7

-90.1
140.7
230.7

-244.9
36.7
281.6

-264.6
3.3
267.9

6
7
8

-1229.5

-1710.4

4563.3

3663.2

320.1

998.8

1416.4

1006.9

1428.3

90.2

864.0

9

788.7
-1183.7
-276.3
111.7

1081.2
-1695.2
-439.2
246.9

1220.5
1078.9
424.4
409.5

1674.8
361.2
276.2
614.1

451.0
-136.9
-8.8
194.9

572.9
2.5
11.8
244.0

543.3
233.7
165.4
218.8

458.5
133.4
76.3
187.9

445.8
287.7
240.4
222.5

283.4
-80.2
-67.2
122.1

120.1
225.2
83.0
102.1

10
11
12
13

-669.9

-904.2

1429.9

736.8

-180.1

167.6

255.1

150.9

231.9

-168.0

333.5

14

-65.8

-76.5

-98.2

-22.0

3.9

-4.7

-26.6

-11.9

-7.0

-5.5

-8.8

15

9
10
11
12
13
14

15

Holding gains on assets
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Holding gains on assets
at current cost (2)

16
17

Consumer durable goods
Equipment and software

-65.1
-0.7

-76.5
-0.1

-98.4
0.2

-21.7
-0.3

3.2
0.6

-4.7
-0.0

-26.0
-0.6

-11.6
-0.3

-7.5
0.5

-5.8
0.3

-8.5
-0.3

16
17

18

Other volume changes (3)

-22.3

1.3

201.9

14.8

-3.0

-4.2

-77.4

131.5

-3.8

-4.7

-5.6

18

40386.2
7486.8

38812.9
7830.1

43968.0
8162.5

47962.4
8681.6

48385.5
8890.9

49345.2
8969.7

50561.3
9047.7

51761.2
9236.1

53260.9
9388.8

53287.8
9446.2

54063.7
9588.4

19
20

Memo:
19
20

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18).
(2) Calculated as change in amount outstanding less net purchases during period.
(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.
(4) Table B.100, line 41.

106

Z.1, December 7, 2006

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
2001

1
2

Change in net worth (1)
Net investment

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

-89.3

235.5

646.5

1125.9

181.1

407.1

305.5

313.8

393.7

344.5

326.4

1

191.3

114.5

148.4

243.5

-41.4

-10.3

-54.4

5.7

-66.7

-33.2

-18.0

2

3
4
5
6
7

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

157.0
802.6
642.8
11.3
-8.6

110.9
737.1
639.4
-2.2
-10.9

121.2
749.9
653.1
-13.6
-10.8

191.7
822.4
681.6
-39.8
-11.0

59.5
221.8
174.6
-9.5
-2.9

44.0
212.4
177.1
-5.9
-2.7

22.9
214.3
199.9
-6.2
-2.3

64.2
233.4
183.1
-10.9
-3.0

66.2
242.4
182.2
-3.0
-3.0

80.9
251.5
184.9
-11.9
-2.4

95.3
257.6
185.4
-19.5
-3.5

3
4
5
6
7

8
9
10

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

82.4
177.6
95.2

45.2
130.1
84.9

69.2
82.6
13.4

178.4
785.2
606.8

-34.8
73.3
108.1

20.7
116.1
95.4

40.2
96.3
56.1

46.3
109.0
62.6

9.6
70.5
60.9

39.6
117.8
78.2

31.6
119.8
88.2

8
9
10

11

Net corporate equity issues

-48.1

-41.6

-42.0

-126.6

-66.1

-75.0

-117.5

-104.8

-142.5

-153.7

-144.9

11

-144.3

157.9

301.9

506.2

105.4

284.3

158.6

138.7

231.6

142.8

151.3

12

-130.5
-13.8

176.3
-18.4

283.0
18.9

493.3
13.0

107.3
-1.9

282.7
1.7

152.5
6.1

135.5
3.2

224.4
7.2

145.6
-2.8

147.3
4.0

13
14

12
13
14

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

15

Holding gains on assets less
liabilities at current cost (2)

-61.0

91.7

51.3

136.2

28.4

11.8

25.0

45.6

20.6

42.1

-17.4

15

16
17
18
19

Equipment and software
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

-21.9
-26.6
21.0
33.5

-14.3
22.0
-8.4
-92.4

20.2
15.1
17.0
1.0

52.8
45.9
54.5
17.0

22.1
6.3
0
-0.0

11.2
0.6
0
-0.0

1.8
23.2
0
0.0

6.7
8.8
58.7
28.6

19.4
1.2
0
-0.0

15.9
26.2
0
0.0

6.2
-23.6
-0.0
-0.0

16
17
18
19

20

Other volume changes (4)

-75.4

-128.7

144.8

240.0

88.6

121.2

176.3

123.8

208.3

192.8

210.6

20

9315.8

9551.3

10197.7

11323.6

11504.7

11911.8

12217.3

12531.1

12924.8

13269.3

13595.8

21

Memo:
21

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20).
(2) Calculated as change in amount outstanding less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities.
(5) Table B.102, line 32.

107

Z.1, December 7, 2006

R.103 Change in Net Worth of Nonfarm Noncorporate Business
Billions of dollars; not seasonally adjusted
2001

1
2

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

2002

2003

2004

2005
Q1

Q2

Q3

Q4

Q1

2006
Q2

Q3

61.9

115.5

357.8

382.3

120.9

187.6

147.0

133.5

174.5

96.3

69.1

1

-16.1

-85.0

20.3

-63.3

-27.2

-13.7

-18.0

-5.5

-19.0

-0.4

-7.4

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

44.6
193.9
149.3

31.2
182.7
151.5

31.1
192.4
161.4

30.1
207.4
177.3

-2.3
42.1
44.4

14.6
61.6
47.0

-9.4
60.2
69.6

26.6
77.9
51.3

9.5
55.9
46.3

28.9
77.8
48.9

26.1
76.5
50.4

3
4
5

6

Net acquisition of financial assets

155.9

78.2

84.0

271.7

52.8

81.5

80.8

85.3

64.0

47.1

55.0

6

162.2
-4.9
4.0
55.3

148.0
26.0
1.5
18.9

96.5
-24.5
-0.4
23.1

239.6
28.1
7.5
89.9

53.1
5.5
1.5
17.6

84.3
8.5
2.3
14.7

77.8
8.2
2.2
1.2

90.2
8.9
2.4
15.9

75.2
6.7
1.8
8.9

67.2
4.9
1.3
3.1

63.2
5.7
1.5
18.1

7
8
9
10

7
8
9
10

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

11

Holding gains on real estate (3)

12
13

Residential
Nonresidential

86.1

211.6

350.2

452.5

145.0

213.9

160.7

151.2

200.4

114.1

84.3

11

121.7
-35.6

171.4
40.2

284.7
65.5

341.2
111.3

121.5
23.5

150.8
63.1

127.6
33.2

121.6
29.5

150.4
50.0

80.8
33.3

59.8
24.5

12
13

14

Holding gains on assets at current cost (3)

-4.3

-5.8

-8.0

-1.4

0.3

-12.9

6.1

-6.7

-0.7

-11.6

-1.6

14

15
16
17

Residential equipment and software
Nonresidential equipment and software
Inventories

-0.0
-2.2
-2.0

-0.6
-6.5
1.3

-1.4
-8.1
1.5

-0.4
-5.5
4.5

1.0
-1.5
0.8

0.4
-13.7
0.3

0.2
4.4
1.5

-0.1
-7.6
1.0

0.4
-1.4
0.2

-0.0
-13.6
2.0

0.2
-1.6
-0.2

15
16
17

-3.9

-5.3

-4.7

-5.4

2.7

0.2

-1.8

-5.6

-6.2

-5.8

-6.3

18

3823.4

3938.9

4296.8

4679.1

4799.9

4987.5

5134.5

5267.9

5442.4

5538.7

5607.8

19

18

Other volume changes (4)
Memo:

19

Net worth outstanding (5)

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

108

Z.1, December 7, 2006

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

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

1

Net financial investment

53.5

42.1

21.7

8.8

23.3

11.1

52.5

48.5

83.6

9.2

1.5

-6.0

39.6

1

2

Net acquisition of financial assets

70.9

75.8

53.8

46.4

53.0

45.2

76.5

84.9

120.0

47.4

55.0

28.8

108.1

2

3
4
5
6

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

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3.1
1.1
7.1
1.3

2.3
0.6
3.8
0.7

5.1
0.8
4.5
0.8

3
4
5
6

7

Credit market instruments

54.9

21.9

22.2

-17.6

10.9

25.5

16.6

38.8

36.7

23.1

36.4

46.7

32.6

7

38.2
6.4
4.5
0.0
6.6
-0.8

-5.7
13.8
2.6
0.5
9.7
0.9

5.8
4.8
4.6
-0.5
8.2
-0.7

-35.2
6.1
3.6
0.0
7.9
-0.1

-5.8
6.8
3.1
0.2
5.6
0.9

12.4
5.1
2.3
0.3
4.5
0.9

4.7
6.4
2.9
0.4
2.4
-0.1

2.0
16.4
7.6
0.1
11.9
0.9

4.1
13.9
6.4
0.0
11.7
0.6

1.3
8.9
4.1
-0.1
8.3
0.6

3.0
11.6
5.4
0.1
15.4
0.9

4.7
17.5
8.1
0.1
15.4
0.8

12.4
5.4
2.5
0.0
10.5
1.7

8
9
10
11
12
13

5.2
-1.0

16.1
2.6

15.0
1.2

-18.6
-3.3

18.6
0.7

8.9
-0.7

45.1
1.5

-10.4
1.3

21.0
2.4

-30.6
-1.0

-40.7
0.4

-67.4
-3.3

15.4
-1.0

14
15

2.8
2.8

2.8
2.8

2.6
2.6

2.0
2.0

1.1
1.1

0.8
1.8

2.0
2.1

1.5
1.6

3.4
3.5

3.7
2.6

4.6
4.6

1.1
1.1

4.3
4.3

16
17

-0.1
18.6

-3.9
21.0

-6.0
24.5

15.2
20.5

10.6
1.2

7.0
15.0

0.2
10.1

10.2
38.0

8.4
24.4

9.7
38.3

12.5
24.7

12.0
31.2

16.3
25.0

18
19

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

53.5

34.7

68.5

20

7.5

11.7

11.8

14.3

10.0

13.8

2.4

-0.6

11.0

10.6

23.4

13.5

19.3

21

8
9
10
11
12
13

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

14
15

Corporate equities
Mutual fund shares

16
17

Security credit
Trade receivables (2)

18
19

Equity in noncorporate business
Miscellaneous assets (2)

20
21

Net increase in liabilities
Credit market instruments

22
23
24
25

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

1.5
0.2
-0.0
5.8

3.2
-5.2
-0.0
13.8

3.0
-1.1
0.3
9.7

3.8
-2.8
0.4
12.9

2.4
2.4
-0.2
5.4

1.1
5.0
0.1
7.7

3.2
6.4
0.1
-7.4

0.2
8.9
-0.1
-9.6

6.1
0.2
0.0
4.7

7.1
4.8
-0.2
-1.2

11.8
1.2
-0.1
10.5

10.4
-6.8
0.1
9.8

5.8
-0.3
-0.3
14.1

22
23
24
25

26
27

Trade payables
Miscellaneous liabilities (2)

2.4
7.4

16.2
5.8

9.3
10.9

9.4
13.8

5.9
13.8

6.0
14.3

5.2
16.5

7.9
29.1

8.0
17.3

8.9
18.7

8.7
21.4

4.1
17.0

3.8
45.4

26
27

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

109

Z.1, December 7, 2006

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

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12

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

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

590.7

710.5

742.1

828.1

890.2

957.1

1025.5

1214.0

1414.1

1607.3

1793.9

1974.7

2003.8

1

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

38.1
10.0
59.8
10.9

40.4
10.6
63.6
11.6

45.5
11.4
68.1
12.5

2
3
4
5

229.3

251.2

273.4

255.9

266.8

292.3

308.9

347.7

384.4

407.6

443.9

490.6

523.2

6

93.6
55.7
26.3
0.1
51.1
2.6

87.9
69.5
28.9
0.6
60.8
3.5

93.7
74.3
33.5
0.1
69.0
2.8

58.5
80.3
37.1
0.2
77.0
2.8

52.7
87.1
40.3
0.4
82.6
3.7

65.0
92.2
42.6
0.8
87.1
4.6

69.7
98.5
45.5
1.1
89.5
4.5

71.7
114.9
53.1
1.2
101.4
5.3

75.8
128.8
59.5
1.3
113.1
6.0

77.1
137.6
63.6
1.2
121.4
6.6

80.2
149.2
69.0
1.3
136.8
7.4

84.9
166.8
77.1
1.5
152.2
8.3

97.3
172.2
79.6
1.5
162.6
10.0

7
8
9
10
11
12

145.8
10.2

203.0
15.8

197.5
15.3

214.6
15.9

241.1
17.7

270.2
18.5

308.2
19.0

397.1
24.6

494.7
30.4

604.9
34.5

692.0
38.7

769.3
42.7

708.6
38.8

13
14

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

25.7
25.7

28.5
28.5

31.1
31.1

33.1
33.1

34.3
34.3

35.0
36.1

37.1
38.1

38.6
39.7

42.0
43.2

45.8
45.8

50.3
50.3

51.5
51.5

55.8
55.8

15
16

17
18

Equity in noncorporate business
Miscellaneous assets (2)

26.1
92.0

22.2
112.9

16.2
137.4

31.4
158.0

42.0
159.2

49.0
174.2

49.2
184.3

59.4
222.2

67.8
246.7

77.5
285.0

90.0
309.7

102.0
340.9

118.3
365.9

17
18

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

609.3

644.1

712.5

19

154.4

166.1

177.9

192.3

202.3

216.1

218.5

217.9

228.9

239.5

262.9

276.4

295.7

20

19
20

Liabilities
Credit market instruments

21
22
23
24

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

79.6
15.5
0.3
59.0

82.7
10.3
0.3
72.8

85.7
9.2
0.5
82.5

89.5
6.4
0.9
95.5

91.9
8.8
0.7
100.9

93.0
13.8
0.8
108.5

96.1
19.9
0.9
101.5

96.4
28.8
0.8
91.9

102.4
29.0
0.9
96.6

109.6
34.1
0.7
95.1

121.3
35.3
0.6
105.6

131.7
31.4
0.7
112.5

137.5
31.1
0.4
126.6

21
22
23
24

25
26

Trade payables
Miscellaneous liabilities (2)

41.3
58.2

57.4
63.9

66.8
74.8

76.2
88.6

82.1
102.5

88.1
116.8

93.2
133.3

101.1
162.4

109.1
179.7

118.0
198.4

126.8
219.7

130.9
236.8

134.7
282.1

25
26

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

110

Z.1, December 7, 2006

F.106.c Consolidated Statement for Federal, State, and Local Governments (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2002

1
2
3
4
5
6
7
8
9

2003

2004

2005
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

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

2958.7
1051.8
762.8
182.6
7.3
750.0
98.4
104.9
0.9

3035.6
1001.1
807.2
233.1
8.9
778.6
95.8
109.2
1.7

3244.5
1049.8
864.0
287.6
9.7
826.4
95.4
116.6
-5.0

3586.3
1203.1
922.4
384.4
10.8
880.6
98.3
102.1
-15.4

3530.8
1157.9
901.6
386.3
11.3
863.6
97.3
121.9
-9.1

3583.4
1191.8
920.2
378.6
9.3
871.5
98.8
124.5
-11.3

3518.4
1215.0
930.2
364.2
11.4
888.5
98.4
38.4
-27.7

3712.5
1247.6
937.3
408.4
11.4
898.9
98.5
123.6
-13.3

3895.1
1332.6
952.5
440.7
10.4
936.7
100.0
131.4
-9.2

3961.6
1361.0
966.4
458.2
10.9
938.8
101.6
134.1
-9.4

4001.6
1365.6
973.3
473.1
11.7
948.0
103.1
136.9
-10.0

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16

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

3240.8
1616.9
1251.6
18.8
315.1
38.4
0.0

3428.1
1736.5
1319.5
23.6
300.6
47.9
0.0

3639.4
1854.8
1401.4
25.9
312.7
44.7
0.0

3898.8
1975.7
1484.0
33.9
348.0
57.3
0.0

3807.4
1932.6
1459.3
39.4
323.8
52.3
0.0

3860.6
1953.6
1480.2
25.6
345.6
55.6
0.0

3933.8
2002.1
1492.3
31.6
349.6
58.1
0.0

3993.3
2014.5
1504.0
38.9
372.9
63.1
0.0

4029.3
2059.7
1539.2
22.0
353.3
55.1
0.0

4098.6
2083.0
1558.0
23.2
382.0
52.3
0.0

4173.3
2106.8
1586.6
25.5
402.5
52.0
0.0

10
11
12
13
14
15
16

17
18
19
20

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

-282.1
211.6
-1.7
29.0

-392.5
218.2
-0.6
11.2

-394.9
230.8
0.0
13.5

-312.5
252.2
0.7
11.9

-276.6
242.1
4.5
4.6

-277.1
246.2
-0.0
13.8

-415.4
265.7
-3.7
14.0

-280.8
255.0
1.9
15.3

-134.3
259.1
4.0
12.4

-136.9
262.9
-1.7
14.4

-171.7
266.4
-2.7
6.6

17
18
19
20

21

= Gross saving and net capital transfers

-39.8

-162.5

-150.7

-49.0

-34.4

-17.2

-132.0

-12.5

133.3

142.1

104.0

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

-2.6
344.3
10.9

-170.8
356.0
10.7

-100.6
371.4
11.1

-2.3
397.1
10.9

-184.8
383.6
11.6

224.7
395.3
10.9

-43.3
400.3
9.3

-5.7
409.1
11.8

-195.4
419.9
12.2

505.8
430.9
9.8

131.8
434.1
13.1

22
23
24

25
26
27
28
29
30
31

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

-357.8
74.7
3.4
-12.0
25.9
1.6
-16.3

-537.4
103.2
-1.8
12.7
-17.2
4.0
7.9

-483.0
68.5
-3.1
-35.7
6.9
3.4
6.7

-410.2
88.2
-14.4
20.6
28.5
2.6
5.1

-579.9
169.2
-21.6
80.4
60.1
2.6
5.1

-181.4
-1.3
2.9
-22.3
-3.9
0.9
1.8

-452.9
48.2
-19.4
-33.8
30.4
3.9
7.7

-426.7
136.9
-19.5
58.2
27.5
3.0
5.9

-627.5
34.9
-2.3
-68.2
11.9
2.3
4.5

65.1
141.9
1.9
80.7
10.5
3.0
5.9

-315.3
100.8
2.1
14.0
47.5
5.8
11.3

25
26
27
28
29
30
31

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

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

69.0
14.3
41.7
0.1
9.1
-4.8
12.7
-4.2
10.3
2.1
-0.7
19.9
-28.5

45.8
10.3
22.5
0.3
7.1
6.0
1.3
-1.7
-17.0
-5.2
27.2
41.7
5.1

44.4
8.8
19.1
0.2
6.0
8.8
4.3
-2.8
-4.8
-1.5
17.4
42.2
-7.4

28.5
6.7
14.6
0.2
4.6
7.9
3.8
-9.3
-0.7
-0.2
14.4
55.9
-52.2

32.3
6.7
14.6
0.2
4.6
6.6
10.0
-10.5
13.5
4.1
-1.1
124.0
-130.2

4.4
2.3
5.1
0.1
1.6
2.5
2.6
-9.7
-6.2
-1.9
18.1
31.0
-26.2

40.7
10.1
22.0
0.3
7.0
12.1
0.3
-11.0
-7.3
-2.2
26.7
5.5
-4.1

36.6
7.7
16.8
0.2
5.3
10.4
2.1
-5.9
-2.8
-0.9
13.9
63.3
-48.3

16.4
5.9
0.9
0.2
0.1
6.6
10.7
-8.0
-15.8
-4.8
-10.9
120.4
-18.5

45.2
7.8
16.9
0.2
5.3
13.3
3.3
-1.6
12.7
3.9
12.4
12.8
-47.2

55.5
14.9
32.3
0.4
10.2
9.5
-10.2
-1.6
-6.9
-2.1
18.4
18.5
-63.3

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

432.5
0.0
1.0
374.8
4.5
226.3
0.5
143.4
0.0
29.2
1.6
26.0

640.6
0.0
0.6
506.5
8.9
380.0
-2.4
120.0
0.0
101.8
1.1
30.7

551.5
0.0
0.7
453.8
0.6
338.8
-0.6
115.1
0.0
45.6
1.1
50.3

498.5
0.0
0.8
408.9
0.7
237.8
-0.4
170.8
0.0
45.8
1.1
41.9

749.2
0.0
0.8
655.0
-0.2
489.7
-0.7
166.2
0.0
47.3
0.0
46.1

180.1
0.0
1.1
70.1
0.3
-55.0
-1.4
126.1
0.0
48.4
1.7
58.9

501.1
0.0
0.9
403.0
-1.1
188.2
-0.4
216.2
0.0
49.0
0.3
48.0

563.6
0.0
0.3
507.5
3.8
328.2
0.8
174.7
0.0
38.5
2.6
14.7

662.4
0.0
0.6
597.2
3.8
529.8
-1.0
64.5
0.0
43.1
0.3
21.2

76.8
0.0
0.8
-18.1
-2.7
-138.6
0.2
123.0
0.0
56.5
2.2
35.4

416.1
0.0
1.0
320.1
-4.8
150.2
-1.0
175.7
0.0
46.3
0.5
48.2

45
46
47
48
49
50
51
52
53
54
55
56

-37.2

8.3

-50.1

-46.7

150.4

-241.9

-88.7

-6.7

328.8

-363.7

-27.8

57

-626.4
278.2
-348.1

-748.4
221.2
-527.2

-766.3
282.7
-483.6

-709.5
298.4
-411.1

-660.2
78.7
-581.5

-672.4
490.2
-182.3

-815.6
362.3
-453.4

-689.9
262.6
-427.4

-554.1
-75.1
-629.3

-567.8
631.9
64.1

-605.7
290.1
-315.7

58
59
60

45
46
47
48
49
50
51
52
53
54
55
56

Net increase in liabilities
SDR certificates
Treasury currency
Credit market instruments
Savings bonds
Other Treasury securities (6)
Budget agency securities
Municipal securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (7)

57

Discrepancy

58
59
60

Memo:
Net govt. saving less fixed investment (8)
Adjustment between NIPA and FOF (9)
Items to be financed (10)

(1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce.
(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.
Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.
(3) Table F.9, line 1.
(4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(5) Excludes loans to state and local governments.
(6) Excludes Treasury securities owed to state and local governments.
(7) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.
(8) Line 17 less line 23.
(9) Line 18 plus line 20 less sum of lines 19, 24, and 56.
(10) Line 57 plus line 58.

111

Z.1, December 7, 2006

L.106.c Consolidated Statement for Federal, State, and Local Governments
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2002

1

2004

2005
Q1

Q2

2005
Q3

Q4

Q1

2006
Q2

Q3

2047.1

2187.3

2232.6

2302.1

2252.6

2261.5

2307.6

2302.1

2295.3

2357.3

2414.0

1

2
3
4
5
6

Gold, SDRs, and official foreign exchange
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs

51.1
89.0
166.3
58.7
115.6

55.1
99.1
149.1
62.7
123.5

54.5
62.2
156.0
66.1
130.2

35.3
85.6
184.5
68.7
135.3

47.5
70.3
171.0
66.8
131.4

46.1
83.5
169.9
67.0
131.9

40.9
75.3
176.5
68.0
133.8

35.3
85.6
184.5
68.7
135.3

35.1
55.8
187.5
69.3
136.4

36.8
91.6
189.9
70.0
137.9

35.3
96.1
200.9
71.5
140.7

2
3
4
5
6

7

Credit market instruments

991.5

1037.3

1081.7

1110.2

1089.6

1088.0

1103.4

1110.2

1114.0

1122.6

1141.9

7

151.3
328.8
4.1
104.2
200.7
92.8
109.7

161.6
351.2
4.4
111.3
206.7
94.1
108.0

170.4
370.3
4.6
117.3
215.5
98.4
105.2

177.1
384.9
4.8
122.0
223.4
102.1
95.9

172.1
374.0
4.7
118.5
217.2
100.6
102.6

172.7
375.2
4.7
118.9
217.8
98.6
100.1

175.2
380.7
4.7
120.6
220.8
103.9
97.4

177.1
384.9
4.8
122.0
223.4
102.1
95.9

178.6
385.1
4.8
122.0
225.1
104.5
93.9

180.6
389.4
4.9
123.3
228.4
102.6
93.5

184.3
397.4
5.0
125.9
230.8
105.4
93.1

8
9
10
11
12
13
14

79.3
24.3

84.7
25.9

89.3
27.3

92.8
28.4

90.2
27.6

90.5
27.7

91.8
28.1

92.8
28.4

93.6
28.6

94.6
28.9

96.5
29.5

15
16

150.6
115.1
205.7

177.8
171.1
201.0

195.2
171.9
198.2

209.5
200.3
151.5

197.2
193.0
168.0

202.4
190.6
163.9

206.5
214.9
168.3

209.5
200.3
151.5

209.2
218.5
147.4

213.0
237.5
134.4

214.8
264.4
122.4

17
18
19

6054.6

6697.5

7247.8

7728.0

7447.4

7435.8

7559.1

7728.0

7909.7

7886.4

7983.5

20

2.2
25.5

2.2
26.0

2.2
26.7

2.2
27.5

2.2
26.9

2.2
27.2

2.2
27.4

2.2
27.5

2.2
27.6

2.2
27.8

2.2
28.1

21
22

4720.3
194.9
3060.2
27.3
1437.9
0.0

5226.8
203.8
3440.2
24.9
1557.9
0.0

5680.6
204.4
3778.9
24.3
1673.0
0.0

6089.4
205.1
4016.7
23.8
1843.8
0.0

5874.7
204.2
3923.4
24.1
1723.0
0.0

5850.8
204.2
3857.5
23.7
1765.4
0.0

5944.6
203.6
3914.0
23.6
1803.4
0.0

6089.4
205.1
4016.7
23.8
1843.8
0.0

6272.1
205.9
4172.0
23.6
1870.5
0.0

6228.3
205.2
4088.2
23.6
1911.3
0.0

6298.1
203.6
4131.6
23.4
1939.5
0.0

23
24
25
26
27
28

469.1
39.4
798.2

570.8
40.5
831.3

616.4
41.6
880.3

662.2
42.7
904.0

630.5
41.6
871.6

643.7
42.0
869.9

656.3
42.1
886.5

662.2
42.7
904.0

675.1
42.8
889.9

690.4
43.3
894.3

702.4
43.5
909.3

29
30
31

8
9
10
11
12
13
14

Total financial assets

2003

Open market paper
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (2)

15
16

Corporate equities
Mutual fund shares

17
18
19

Trade receivables
Taxes receivable
Miscellaneous assets

20

Total liabilities

21
22

SDR certificates
Treasury currency

23
24
25
26
27
28

Credit market instruments
Savings bonds
Other Treasury securities (3)
Budget agency securities
Municipal securities
Multifamily residential mortgages

29
30
31

Trade payables
Insurance reserves
Miscellaneous liabilities (4)

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.
(4) Includes nonmarketable government securities held by civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, and foreign service
retirement and disability fund.

112

Z.1, December 7, 2006

F.118.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

1

Net acquisition of financial assets

47.8

45.2

-21.9

-35.9

-43.2

-46.5

-66.6

-75.3

-63.2

-48.8

-20.4

-54.1

-88.3

1

2
3
4
5

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

-0.0
6.4
0.0
-0.0

0.8
13.1
0.0
-4.2

0.3
8.3
0.0
-0.4

0.2
14.3
0.0
3.0

0.4
16.8
0.0
0.1

0.6
16.4
0.0
0.0

0.2
-19.7
0.0
-0.3

1.2
-23.7
0.0
-9.0

0.6
-35.1
0.0
-1.5

-0.2
-5.5
0.0
-0.6

0.1
2.3
0.0
1.1

0.1
-4.8
0.0
0.4

0.1
5.6
0.0
0.7

2
3
4
5

6

Credit market instruments

7
8
9
10
11

22.9

35.6

21.8

-11.2

37.3

-23.7

89.0

-123.7

-19.6

-36.5

73.3

-10.5

1.8

6

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

-0.0
-5.6
15.9

-4.2
10.1
30.7

-0.4
1.6
3.2

3.0
-5.1
-12.3

0.1
3.2
7.1

0.1
-20.6
-18.2

0.4
18.6
30.4

-7.4
-11.7
-37.3

-0.3
-0.4
1.8

-1.4
-12.7
-17.9

-0.9
14.3
35.6

-0.3
-6.9
7.7

0.6
1.4
-3.9

7
8
9

Corporate and foreign bonds
Mortgages

14.0
-1.4

2.7
-3.7

17.4
0.1

3.1
0.0

26.5
0.5

15.4
-0.4

39.6
0.0

-66.1
-1.3

-21.3
0.6

-4.7
0.2

24.3
-0.1

-10.8
-0.1

3.9
-0.2

10
11

6.8
4.4

-3.8
3.7

-60.8
14.1

-63.1
7.6

-105.3
7.3

-52.5
7.8

-128.9
5.9

85.1
41.7

39.6
-17.6

-5.9
-5.8

-67.0
-16.8

-23.7
7.3

-66.6
-14.6

12
13

7.3
-0.6
7.4
0.6

0.1
-5.1
6.2
-1.0

-5.2
-5.6
1.6
-1.3

13.4
2.7
1.6
9.0

0.3
-5.3
5.4
0.2

4.9
-3.4
8.0
0.3

-12.8
-14.2
-7.5
8.9

-47.0
-5.2
-17.4
-24.4

-29.6
-1.0
-25.8
-2.8

5.7
12.8
-4.5
-2.6

-13.4
-10.7
-0.0
-2.6

-23.0
-26.6
-2.0
5.5

-15.4
-12.0
-1.9
-1.5

14
15
16
17

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.118.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

51.4

40.4

54.9

39.6

27.4

88.1

51.8

51.9

31.1

34.4

13.8

39.7

40.3

1

2
3
4
5

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

0.2
-9.9
6.5
0.9

0.1
-6.3
5.3
-2.0

0.6
-0.2
6.3
0.7

0.6
-5.4
11.2
1.9

1.0
-5.8
13.4
1.1

-1.4
13.3
2.3
1.1

1.1
-19.6
12.1
2.3

2.1
0.8
4.2
3.9

-1.4
-1.3
-6.1
-7.4

0.5
1.6
9.4
2.0

0.1
0.7
-0.2
0.3

0.1
0.2
0.6
1.1

0.2
0.6
1.9
1.0

2
3
4
5

6

Credit market instruments

13.3

4.1

-4.9

5.1

7.1

16.6

18.2

-1.3

-16.4

27.9

-4.1

10.1

10.6

6

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

0.7
1.2
-1.8

-2.0
6.7
10.2

1.3
-1.9
-1.6

3.0
0.3
1.0

1.5
-1.2
-0.9

3.0
7.4
1.0

5.6
-1.9
9.1

1.3
1.8
4.4

-8.0
-7.2
3.4

3.6
9.3
-1.5

-2.3
-1.1
2.7

0.6
2.9
3.6

1.5
1.6
2.5

7
8
9

Corporate and foreign bonds
Mortgages

13.2
-0.2

-9.3
-1.4

-3.4
0.7

0.2
0.7

7.6
0.3

5.0
0.2

3.5
1.8

-10.2
1.5

-1.8
-2.8

16.1
0.4

-3.4
-0.0

3.2
-0.1

5.0
0.0

10
11

13.4
22.4

4.1
20.1

-30.2
57.8

-28.4
38.0

-45.4
48.0

21.0
45.8

-51.5
93.5

-22.3
75.6

64.3
26.1

-63.6
40.6

-34.0
56.7

12.7
28.8

13.5
14.5

12
13

4.6
12.9
4.9
-13.2

15.0
8.9
5.5
0.6

24.7
13.4
3.8
7.6

16.7
2.1
3.8
10.8

7.9
-4.6
3.0
9.6

-10.7
-20.1
4.8
4.5

-4.2
-4.3
-10.8
10.9

-11.1
-30.4
-1.7
21.0

-26.7
12.9
1.2
-40.7

16.0
1.2
6.0
8.8

-5.7
-7.3
-0.1
1.8

-13.9
-10.8
-1.1
-2.0

-2.0
2.8
0.0
-4.9

14
15
16
17

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Total held at:

86.7

85.6

122.2

132.8

151.8

191.5

219.7

239.8

182.9

194.8

212.4

242.3

282.1

1

2
3
4

Commercial banking
Saving institutions
Credit unions

-2.9
-9.1
-0.3

-1.1
-6.3
-0.0

6.5
-1.9
1.2

0.7
-3.9
0.9

0.1
-6.0
1.2

-0.5
-5.3
0.3

-3.4
-3.1
0.9

8.9
-2.3
0.4

3.1
-1.8
3.2

5.4
-0.7
3.4

0.4
1.3
3.5

2.0
-1.5
0.9

7.3
0.1
1.6

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

12.6
5.0
59.8
21.6

13.2
13.7
10.6
55.5

11.2
12.9
64.2
28.1

10.3
12.8
49.9
62.0

47.5
3.0
95.4
10.6

24.6
25.0
89.5
57.8

40.8
24.0
93.2
67.2

19.5
7.0
47.7
158.5

26.6
26.0
33.0
92.8

82.2
18.0
18.3
68.2

5.2
-19.0
108.7
112.3

29.7
-18.0
70.2
159.1

15.0
9.0
70.1
179.0

5
6
7
8

(1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4)
include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6).

113

Z.1, December 7, 2006

L.118.b Private Pension Funds: Defined Benefit Plans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1

Total financial assets

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

1195.1

1276.0

1466.1

1590.2

1763.5

1907.7

2074.6

1979.0

1810.2

1584.3

1979.5

2128.2

2149.3

1

1.0
54.1
0.0
15.8

1.8
67.1
0.0
11.6

2.1
75.4
0.0
11.2

2.2
89.7
0.0
14.2

2.6
106.4
0.0
14.2

3.2
122.9
0.0
14.3

3.4
103.2
0.0
14.0

4.7
79.5
0.0
4.9

5.3
44.3
0.0
3.5

5.1
38.8
0.0
2.8

5.1
41.1
0.0
3.9

5.2
36.3
0.0
4.4

5.3
42.0
0.0
5.1

2
3
4
5

402.7

438.3

460.1

448.9

486.3

462.6

551.6

427.9

408.3

371.8

445.1

434.7

436.5

6

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

15.8
68.1
151.7

11.6
78.2
182.4

11.2
79.7
185.6

14.2
74.7
173.3

14.2
77.9
180.4

14.4
57.2
162.2

14.8
75.9
192.6

7.4
64.2
155.3

7.1
63.9
157.1

5.7
51.2
139.2

4.8
65.5
174.8

4.5
58.6
182.5

5.1
60.0
178.5

7
8
9

Corporate and foreign bonds
Mortgages

158.7
8.5

161.4
4.7

178.8
4.8

181.9
4.9

208.4
5.4

223.8
5.0

263.3
5.0

197.2
3.7

175.9
4.4

171.3
4.6

195.6
4.5

184.7
4.4

188.6
4.2

10
11

12
13

Corporate equities
Mutual fund shares

555.6
22.3

559.9
39.0

688.8
68.5

764.3
91.0

844.0
122.3

949.1
156.6

1006.3
199.0

1076.0
236.4

1060.7
180.8

887.6
163.8

1155.8
197.4

1290.2
233.6

1312.8
233.4

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (1)
Contributions receivable
Other

143.5
69.7
38.0
35.8

158.2
79.2
44.2
34.8

160.1
80.7
45.8
33.5

179.9
89.9
47.5
42.5

187.7
92.0
52.8
42.8

199.1
95.1
60.9
43.1

197.2
91.9
53.4
52.0

149.7
86.1
36.0
27.6

107.4
72.4
10.2
24.8

114.4
86.4
5.7
22.2

131.0
105.7
5.7
19.6

123.9
95.0
3.7
25.2

114.3
88.8
1.8
23.7

14
15
16
17

(1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.118.c Private Pension Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

1090.3

1160.2

1432.7

1634.2

1949.3

2236.2

2519.2

2488.6

2238.0

1962.9

2496.2

2796.7

2971.0

1

2.2
41.3
26.3
12.6

2.3
35.0
31.6
10.6

2.8
34.8
37.9
11.3

3.4
29.4
49.1
13.2

4.3
23.7
62.5
14.3

2.9
37.0
64.8
15.4

4.0
17.4
76.9
17.7

6.1
18.2
81.1
21.6

4.7
17.0
75.1
14.2

5.1
18.6
84.5
16.2

5.2
19.3
84.3
16.5

5.3
19.5
84.9
22.1

5.5
20.0
86.7
23.1

2
3
4
5

149.1

153.2

148.3

153.4

160.5

177.2

195.3

194.0

177.5

205.4

201.3

211.5

222.1

6

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

14.4
36.3
18.9

12.4
43.0
29.1

13.7
41.0
27.5

16.6
41.3
28.5

18.1
40.1
27.5

21.1
47.5
28.6

26.6
45.6
37.7

27.9
47.4
42.1

19.9
40.2
45.4

23.6
49.5
44.0

21.3
48.4
46.7

21.9
51.3
50.3

23.4
52.8
52.8

7
8
9

Corporate and foreign bonds
Mortgages

75.0
4.5

65.7
3.1

62.3
3.8

62.5
4.4

70.1
4.7

75.1
4.9

78.6
6.7

68.4
8.2

66.6
5.4

82.6
5.8

79.3
5.8

82.4
5.6

87.4
5.6

10
11

2
3
4
5

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

6

Credit market instruments

7
8
9
10
11
12
13

Corporate equities
Mutual fund shares

458.7
119.9

453.8
166.9

568.0
288.5

638.8
381.6

759.7
537.8

920.1
633.3

959.9
857.5

894.6
895.3

848.0
782.1

670.9
668.1

926.1
899.7

1039.0
1058.6

1103.9
1142.6

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

280.3
198.2
28.6
53.6

307.0
218.7
34.1
54.2

341.1
241.4
37.9
61.8

365.4
251.1
41.7
72.6

386.5
259.7
44.7
82.1

385.4
249.2
49.6
86.7

390.4
254.1
38.7
97.6

377.6
222.0
37.0
118.6

319.5
203.4
38.2
77.9

294.0
163.2
44.2
86.6

343.7
211.3
44.1
88.4

355.8
233.5
43.0
79.3

367.0
249.6
43.0
74.5

14
15
16
17

(1) Includes 401(k) type plans.
(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

L.225.i Individual Retirement Accounts (IRAs) (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total held at:

993.0

1056.0

1288.0

1467.0

1728.0

2150.0

2651.0

2629.0

2619.0

2533.0

2991.0

3336.0

3667.0

1

2
3
4

Commercial banking
Saving institutions
Credit unions

145.8
85.1
31.8

144.7
78.9
31.8

151.1
76.9
33.0

151.9
73.0
33.8

152.0
67.0
35.0

151.5
61.8
35.3

148.1
58.7
36.2

157.0
56.4
36.7

160.1
54.6
39.9

165.6
53.8
43.3

166.0
55.1
46.8

168.0
53.7
47.7

175.3
53.8
49.3

2
3
4

5
6
7
8

Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

69.5
47.6
263.1
350.2

78.7
61.3
273.9
386.8

94.3
74.2
380.3
478.1

110.3
87.0
482.0
528.9

160.0
90.0
656.0
568.0

190.1
115.0
821.0
775.3

245.5
139.0
1081.0
942.5

245.5
146.0
1047.0
940.4

251.0
172.0
961.3
980.1

308.3
190.0
822.0
950.0

338.4
171.0
1095.0
1118.6

376.0
153.0
1279.0
1258.7

407.0
162.0
1432.0
1387.6

5
6
7
8

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories
(lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund
sector (line 6).

114

Flow of Funds Matrix for 2005

Z.1, December 7, 2006

(Billions of dollars; All Sectors -- Flows)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

S

U

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

Memo:
National
Saving and
Investment

(18)

1
2
3

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

----

1196.2
1036.3
159.9

----

1223.1
973.1
250.1

----

203.8
153.2
50.6

----

-252.8
99.0
-351.9

----

2370.3
2261.6
108.7

----

775.7
-775.7

----

188.1
83.6
104.4

----

3334.0
2345.2
988.8

----

2558.3
2345.2
213.1

4
5
6
7
8
9
10

Gross investment (5 plus 11)
Capital expenditures
Consumer durables
Residential
Nonresidential
Inventory change
Nonproduced nonfinancial assets

1085.4
1715.0
950.6
663.5
100.9
---

--------

1191.3
1158.4
-107.5
1040.4
21.3
-10.9

--------

236.8
298.8
--287.3
-11.6

--------

-239.0
109.1
--109.8
--0.6

--------

2274.4
3281.4
950.6
771.1
1538.4
21.3
0.1

--------

781.0
-0.1
-----0.1

--------

258.8
123.8
--0.6
124.4
---

--------

3314.3
3405.1
950.6
770.4
1662.8
21.3
--

--------

19.8
-71.1
------

2624.0
3405.1
1033.1
770.4
1662.8
21.3
--

11
12
13

Net financial investment
Financial uses
Financial sources

-629.6
580.3
--

--1209.9

32.9
700.5
--

--667.6

-62.1
142.5
--

--204.6

-348.2
15.0
--

--363.2

-1006.9
1438.3
--

--2445.2

781.1
1045.5
--

--264.4

135.0
3203.2
--

--3068.2

-90.8
5687.1
--

--5777.9

90.8
90.8
--

-781.1
264.4
1045.5

---5.2
--10.5
386.2
53.8
--

----------

---20.1
--6.5
100.7
45.2
8.5

----------

-----8.5
29.5
2.6
5.1

----------

-14.4
----12.2
-1.0
---

-0.0
0.8
-------

-14.4
--25.3
-3.7
515.4
101.6
13.6

-0.0
0.8
-------

4.5
----6.6
45.0
41.6
-47.4

-9.6
--86.8
------

0.3
0.0
0.1
16.2
3.5
-38.8
29.1
25.4
162.8

----6.6
3.2
586.0
127.0
354.9

-9.6
0.0
0.1
41.5
-3.0
9.8
586.0
127.0
223.8

-9.6
0.0
0.8
86.8
6.6
3.2
586.0
127.0
354.9

--0.7
45.3
9.6
-6.7
--131.0

----------

14
15
16
17
18
19
20
21
22

Gold and off. fgn. exchange
SDR certificates
Treasury currency
Foreign deposits
Interbank claims
Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

23
24
25
26
27
28
29
30
31
32

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

213.2
28.1
-112.4
221.3
75.0
-11.8
--13.0
--

1238.6
---16.5
-23.7
-0.0
1107.1
91.3

43.9
11.7
11.8
1.4
-1.9
---20.7
0.1

597.3
-7.9
--7.4
59.9
113.2
76.9
347.8
--

100.5
6.7
68.8
14.6
0.2
4.6
--5.5
--

171.3
---170.8
--0.5
---

-2.7
--0.0
----8.8
2.4
3.8

306.9
-307.3
-0.4
----0.0
--

354.9
46.6
-31.8
237.3
73.3
-7.2
--8.8
41.7
3.8

2314.1
-7.9
307.3
-0.4
194.7
59.9
136.9
77.3
1454.9
91.3

847.8
8.6
287.1
157.1
4.0
330.4
-60.6
---

84.7
38.5
---38.0
12.9
-4.6
---

2232.9
211.5
52.0
-344.2
117.4
458.2
159.0
65.3
1426.3
87.5

1036.8
236.1
-50.6
-683.5
9.2
44.3
13.1
--

3435.6
266.7
307.3
50.2
194.7
781.4
159.0
117.0
1468.0
91.3

3435.6
266.7
307.3
50.2
194.7
781.4
159.0
117.0
1468.0
91.3

-----------

-----------

33
34
35
36

Corporate equities
Mutual fund shares
Trade credit
Security credit

-456.3
266.0
--10.9

--2.0
-31.7

-7.4
214.3
--

-363.4
-178.5
--

-0.7
-0.2
5.3
--

--33.3
--

--9.1
--

--12.4
--

-457.0
273.1
228.7
-10.9

-363.4
-226.3
-31.7

86.6
-7.8
0.0

142.1
-6.3
0.0

217.0
-13.0
22.2
3.2

67.9
260.2
7.0
24.0

-153.4
260.2
258.7
-7.7

-153.4
260.2
239.5
-7.7

---19.2
--

-----

37
38
39
40
41

Life insurance reserves
Pension fund reserves
Taxes payable
Equity in noncorp. business
Miscellaneous

16.1
152.6
--63.4
28.4

----1.0

----266.9

--13.4
-60.6
302.3

--42.8
--50.8

------

--13.2
--1.4

1.1
---41.9

16.1
152.6
55.9
-63.4
243.2

1.1
-13.4
-60.6
345.2

-----28.6

-----45.9

----542.2

14.9
152.6
14.2
-2.8
415.8

16.1
152.6
55.9
-63.4
756.8

16.1
152.6
27.6
-63.4
715.1

---28.3
--41.7

------

42

Sector discrepancies (1 less 4)

110.7

--

31.8

--

-32.9

--

-13.8

--

95.8

--

-5.3

--

-70.7

--

19.8

--

19.8

-65.7

General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.

Flow of Funds Matrix for 2005

Z.1, December 7, 2006

(Billions of dollars; All Sectors -- Assets and Liabilities)

Households
and Nonprofit
Organizations

State
and Local
Governments

Nonfinancial
Business

Domestic
Nonfinancial
Sectors

Federal
Government

Rest of
the World

Financial
Sectors

Instrument
Discrepancy

All
Sectors

A

L

A

L

A

L

A

L

A

L

A

L

A

L

A

L

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

(13)

(14)

(15)

(16)

(17)

1
2
3

Total financial assets
Total liabilities and equity
Total liabilities

38802.3
---

-12214.2
12214.2

13749.4
---

-32310.4
14698.9

2163.3
---

-2337.7
2337.7

605.4
---

-5856.9
5856.9

55320.3
---

-52719.2
35107.7

11029.4
---

-8632.6
5546.2

51500.3
---

-54490.4
50171.4

117850.0
---

-115842.1
90825.3

-2007.9
---

4
5
6
7
8
9
10

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

-----62.7
--

--------

-----73.8
--

--------

--------

--------

8.2
8.1
18.9
-----

---2.2
27.5
---

8.2
8.1
18.9
--136.5
--

---2.2
27.5
---

------111.8

-8.0
37.8
--1044.5
--

11.0
-0.1
18.9
2.2
36.5
94.7
70.1

------220.3

19.3
8.0
37.8
2.2
36.5
231.3
181.9

-8.0
37.8
2.2
27.5
1044.5
220.3

-19.3
----9.1
813.2
38.5

11
12
13
14

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

308.1
4740.1
957.3
--

-----

378.8
884.0
425.7
14.9

-----

48.8
183.1
68.7
135.3

-----

36.8
1.4
---

-----

772.5
5808.6
1451.7
150.2

-----

443.3
257.6
-712.5

-----

286.8
309.3
555.2
753.0

1525.0
6375.4
2006.9
2005.6

1502.6
6375.4
2006.9
1615.7

1525.0
6375.4
2006.9
2005.6

22.4
--389.8

15
16
17
18
19
20
21
22
23
24

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

3026.4
164.2
547.2
638.8
816.0
687.0
--173.3
--

11798.7
---205.1
-46.8
119.4
9102.2
2325.3

430.9
106.8
96.8
13.7
36.2
---118.8
58.6

8292.4
93.8
--176.7
3006.2
1190.2
923.4
2902.2
--

1290.7
177.1
456.2
384.9
4.8
122.0
--145.6
--

1854.1
---1843.8
--10.3
---

286.1
--0.0
---106.2
77.8
102.1

4701.9
-4678.0
23.8
----0.0
--

5034.0
448.1
1100.2
1037.4
857.0
808.9
-106.2
515.5
160.7

26647.1
93.8
4678.0
23.8
2225.6
3006.2
1237.0
1053.1
12004.3
2325.3

5672.0
189.2
1993.8
953.1
30.0
2314.1
-191.8
---

1466.0
368.4
---987.5
76.2
34.0
---

30335.4
1196.6
1584.0
4285.3
1338.6
5235.4
1491.4
1409.2
11630.3
2164.6

12928.3
1371.8
-6251.9
-4364.7
178.3
620.1
141.4
--

41041.4
1833.9
4678.0
6275.8
2225.6
8358.4
1491.4
1707.2
12145.8
2325.3

41041.4
1833.9
4678.0
6275.8
2225.6
8358.4
1491.4
1707.2
12145.8
2325.3

-----------

25
26
27
28

Corporate equities
Mutual fund shares
Trade credit
Security credit

5491.6
4121.4
-567.4

--160.8
232.3

-156.3
2434.6
--

10876.3
-1990.9
--

92.8
28.4
138.7
--

--483.6
--

--70.9
--

--178.6
--

5584.4
4306.1
2644.1
567.4

10876.3
-2813.9
232.3

2302.6
-52.4
0.0

3086.5
-57.3
0.0

10390.0
1742.7
177.9
462.8

4314.3
6048.9
43.0
797.9

18277.0
6048.9
2874.4
1030.2

18277.0
6048.9
2914.2
1030.2

--39.7
--

29
30
31
32
33

Life insurance reserves
Pension fund reserves
Taxes payable
Equity in noncorp. business
Miscellaneous

1082.6
11176.7
-6739.9
528.1

----22.4

----8950.4

--178.7
6735.2
4237.0

--126.4
-50.6

------

--74.0
-100.9

42.7
---904.0

1082.6
11176.7
200.3
6739.9
9630.0

42.7
-178.7
6735.2
5163.3

----1477.2

----2932.4

----6253.8

1039.9
11176.7
117.1
4.6
5886.6

1082.6
11176.7
200.3
6739.9
17361.0

1082.6
11176.7
295.7
6739.9
13982.4

--95.4
--3378.6

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is
the sum of corporate equities (line 25) and equity in noncorporate business (line 32). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention,
such instruments are financial assets without corresponding liabilities.

115

116

Z.1, December 7, 2006

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1994

1

Assets

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

29571.8

32614.1

35549.5

39535.2

43382.1

48875.9

48772.2

48383.9

47596.2

53780.0

58967.7

63975.4

1

2

Tangible assets

10750.9

11227.6

11751.1

12366.3

13389.2

14526.2

15806.8

17017.2

18528.8

20238.8

22523.9

25173.1

2

3

Financial assets

18821.0

21386.6

23798.5

27169.0

29992.9

34349.8

32965.4

31366.8

29067.5

33541.1

36443.8

38802.3

3

4
5

Deposits
Credit market instruments

3145.7
2183.3

3332.4
2182.0

3475.9
2344.0

3641.7
2265.0

3844.7
2336.6

4028.1
2445.7

4349.6
2237.7

4842.3
2117.7

5121.7
2197.5

5290.1
2529.6

5633.9
2747.9

6068.2
3026.4

4
5

6

Equity shares at market value

5680.2

7624.8

9195.6

11832.2

13729.5

17270.9

15337.1

13088.9

9984.8

12988.0

14271.5

14830.4

6

7

Directly held

3249.0

4368.5

5154.6

6697.9

7559.7

9711.4

8036.2

6376.8

4536.2

5613.1

5715.2

5491.6

7

8

Indirectly held

2431.2

3256.3

4041.0

5134.3

6169.7

7559.5

7301.0

6712.1

5448.5

7374.9

8556.3

9338.8

8

199.6
1135.9
578.6
557.3
543.2
6.2
546.3

274.7
1505.2
726.7
778.5
738.3
11.5
726.6

373.3
1724.3
821.4
902.8
892.5
18.8
1032.2

510.5
2088.7
926.6
1162.2
1114.4
29.9
1390.7

665.4
2466.4
1057.8
1408.6
1268.4
43.0
1726.6

904.4
2803.6
1154.3
1649.3
1512.5
56.9
2282.0

882.8
2854.1
1248.0
1606.0
1428.5
56.6
2079.0

806.5
2596.1
1184.6
1411.5
1386.6
49.1
1873.8

692.5
2097.5
986.1
1111.4
1157.4
45.9
1455.2

887.3
2827.0
1285.2
1541.8
1557.8
79.9
2022.8

1028.9
3211.2
1448.9
1762.3
1763.6
99.3
2453.3

1132.5
3352.1
1473.9
1878.2
1893.5
115.6
2845.1

9
10
11
12
13
14
15

9
10
11
12
13
14
15

Life insurance companies
Private pension funds
Defined benefit plans
Defined contribution plans
State and local govt. retirement funds
Federal government retirement funds
Mutual funds

16

Other

7811.8

8247.4

8782.9

9430.1

10082.2

10605.1

11041.0

11317.8

11763.5

12733.4

13790.5

14877.3

16

17

Liabilities

4718.0

5052.2

5404.2

5753.6

6208.5

6786.6

7388.9

7997.7

8783.4

9812.0

11005.4

12214.2

17

18

Net worth

24853.9

27562.0

30145.4

33781.6

37173.6

42089.3

41383.3

40386.2

38812.9

43968.0

47962.4

51761.2

18

4558.3

6159.8

7481.7

9791.2

11403.3

14604.1

12660.6

10517.7

7834.4

10127.2

11039.7

11443.4

19

19.2
30.2

23.4
35.7

25.9
38.6

29.9
43.6

31.6
45.8

35.3
50.3

31.4
46.5

27.1
41.7

21.0
34.4

24.2
38.7

24.2
39.2

23.2
38.2

20
21

Memo:
19

20
21

Equity shares excluding defined benefit plans
(line 6 minus lines 12, 14 and part of line 15)
Equity shares (line 6) as a percent of
Total assets (line 1)
Financial assets (line 3)

(1) Estimates of equity shares (lines 7 through 15 could differ from other sources owing to alternative definitions of ownership of equity by households.
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.